sei global investments fund plc unaudited ...sei global investments fund plc (the “company”) was...

SEI GLOBAL INVESTMENTS FUND PLC

Unaudited Condensed Financial Statements for the half year ended 31 December 2018

SEI Global Investments Fund plc Unaudited Condensed Financial Statements for the half year ended 31 December 2018

CONTENTS PAGE Directory 3 General Information 4 Investment Adviser’s Report The SEI Global Select Equity Fund 6 Portfolio of Investments The SEI Global Select Equity Fund 9 Condensed Income Statement 33 Condensed Statement of Financial Position 34 Condensed Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders 36 Notes to the Condensed Financial Statements 38 Appendix I – Remuneration Disclosures 46 Appendix II – Statement of Changes in Composition of Portfolio 47 Appendix III – Securities Financing Transactions Regulation 48

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DIRECTORY

Board of Directors at 31 December 2018

Michael Jackson (Chairman) (Irish) Kevin Barr (American) Robert A. Nesher (American) Desmond Murray* (Irish) Jeffrey Klauder (American)

*Director, independent of the Investment Adviser

Manager SEI Investments Global, Limited 2nd Floor Styne House Upper Hatch Street Dublin 2 Ireland

Investment Adviser SEI Investments Management Corporation 1 Freedom Valley Drive Oaks, Pennsylvania 19456 U.S.A. Depositary Brown Brothers Harriman Trustee Services (Ireland) Limited 30 Herbert Street Dublin 2 Ireland Administrator SEI Investments – Global Fund Services Limited 2nd Floor Styne House Upper Hatch Street Dublin 2 Ireland Distributor SEI Investments (Europe) Limited 1st Floor Alphabeta 14-18 Finsbury Square London EC2A 1BR England Independent Auditors PricewaterhouseCoopers One Spencer Dock North Wall Quay Dublin 1 Ireland Legal Advisers as to Irish Law Matheson 70 Sir John Rogerson’s Quay Dublin 2 Ireland Company Secretary Matsack Trust Limited 70 Sir John Rogerson’s Quay Dublin 2 Ireland Registered Office 2nd Floor Styne House Upper Hatch Street Dublin 2 Ireland

CRO Number 343752

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GENERAL INFORMATION Structure The following information is derived from and should be read in conjunction with the full text and definitions section of the Prospectus. SEI Global Investments Fund plc (the “Company”) was incorporated on 30 May 2001 and is an umbrella fund established as an open-ended investment company with variable capital under the laws of Ireland as a public limited company pursuant to the Companies Act 2014. It operates pursuant to the European Communities (Undertaking for Collective Investment in Transferable Securities) Regulation, 2011 (the “UCITS Regulations”). Its share capital is divided into a number of classes, each representing interests in a fund, except for the Subscriber Shares that will not entitle the holders to participate in the assets of any fund. At 31 December 2018, the Company comprised of one separate portfolio of investment (“Fund”), which is represented by a separate series of Redeemable Participating Shares. This Fund is The SEI Global Select Equity Fund. As the Company is availing of the provisions of the Companies Act 2014, each Fund has segregated liability from any other Fund and the Company is not liable as a whole to third parties for the liability of each Fund. A copy of the Prospectus, Addendum and Key Investor Information Document (“KIID”) can be obtained by contacting the Administrator at its registered office. Distribution Policy The Articles of Association empower the Company in General Meetings to declare dividends in respect of any Shares provided that no dividend shall exceed the amount recommended by the Directors. The Articles of Association also empower the Directors to declare interim dividends. The Directors have determined to reinvest all net income and net realised capital gains of the Company attributable to the Accumulating Class Shares. Accordingly, no dividends will be paid in respect of such Shares and all net income and net realised capital gains of the Company attributable to such Shares will be reflected in the Net Asset Value per Share of those Shares. The U.S.$ Institutional Class, Sterling Institutional Class, Hedged Euro Institutional Class, U.S.$ Institutional C Class, Euro Institutional Class, Hedged Sterling Institutional Class and Hedged U.S.$ Institutional Class are designated as accumulating Share Classes. The Directors expect that all or substantially all of the net investment income of the relevant Funds attributable to the Sterling Institutional Distributing Class will be calculated as of the last Dealing Day of each calendar quarter and declared as a dividend to eligible Shareholders on the Fund’s register of Shareholders on the Record Date. Any such dividend will be distributed to the relevant Shareholders normally within ten Dealing Days from the last calendar Dealing Day of the relevant calendar quarter. The Articles of Association empower the Directors to declare dividends in respect of any Shares out of net income (including interest income) and the excess of realised and unrealised capital gains over realised and unrealised losses in respect of investments of the Company. Net realised and unrealised capital gains of the relevant Funds attributable to the Distributing Class Shares are expected to be retained by the relevant Fund which will result in an increase in the Net Asset Value per Share. The Directors, nevertheless, reserve the right to declare dividends in respect of such realised and unrealised capital gains less realised and unrealised capital losses at their sole discretion. The Directors may from time to time, and in their sole discretion, determine that the Company shall, on behalf of one or more Funds, apply an equalisation formula in respect to any Distributing Class Shares for any period in which it is expected that significant subscriptions or redemptions of Shares in the relevant Fund during that period might have a significant impact on the net investment income of the relevant Fund which could otherwise be available for distribution on the last Dealing Day of the relevant period. Prices There is currently a single price for buying and selling Shares in the Company and/or switching Shares between Funds. This is represented by the Net Asset Value per Share. The Company reserves the right to impose, or to authorise the Manager to impose a redemption charge on the redemption of Shares to a maximum of 3% of the Net Asset Value of the Shares to be redeemed in circumstances where the value of the Shares being redeemed equals 5% or more of the Net Asset Value of the relevant Fund, or where the value of the Shares being redeemed on a Dealing Day, when aggregated with the value of any Shares redeemed by the Shareholder from the same Fund within the prior two month period from the relevant Dealing Day equals 5% or more of the Net Asset Value of the relevant Fund of the Company. The Company reserves the right to impose, or to authorise the Manager to impose a sales charge and a switching charge in such an amount as may be specified in the Prospectus.

During the financial half year ended 31 December 2018 (referred to herein as the “half year end”, “half year ended”, “period end” or “period ended”) and year ended 30 June 2018, no charges have been imposed on subscription monies, the redemption of Shares or Shares acquired as a result of switching between Funds. Minimum Subscription The minimum initial subscription to the Company in respect of any Fund or Share Class will be specified in the Prospectus and may be varied or waived by the Directors at their absolute discretion.

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GENERAL INFORMATION (continued) Dealing A Dealing Day is in the case of The SEI Global Select Equity Fund every Business Day on which the New York Stock Exchange is open for business except 24 December. A Business Day is defined as any day on which banks in Dublin or London are open for normal banking business, excluding Saturdays and Sundays and such other day or days as may be determined by the Directors. If the aggregate redemption requests on any Dealing Day equal or exceed 10% or more of the outstanding Shares of any Series in issue or deemed to be in issue, the Directors may elect to restrict the total number of Shares to be redeemed to 10% of the outstanding Shares in issue in that Series on that Dealing Day, in which case all redemption requests will be reduced pro rata to the size of the request. The balance of the Shares in respect of which redemption requests have been received shall be redeemed on the next succeeding Dealing Day, subject to the same 10% restriction, and in priority to redemption requests received in respect of the next Dealing Day.

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THE SEI GLOBAL SELECT EQUITY FUND – INVESTMENT ADVISER’S REPORT The SEI Global Select Equity Fund is comprised of eight classes of Shares. The Fund was launched on 06 August 2008. The functional currency of The SEI Global Select Equity Fund is US Dollar (US$). Objective The investment objective of The SEI Global Select Equity Fund is capital appreciation through investment in equity markets globally. Investment Approach Statement The Fund uses a multi-manager approach, relying on a number of sub-advisers with differing investment approaches to manage portions of the Fund’s portfolio, under the general supervision of SEI Investments Management Corporation (SIMC). The Fund utilised the following sub-advisers as of 31 December 2018: Arcus AS Trigon Asset Management Fiera Capital Corporation Fondsmaeglerselskabet Maj Invest A/S INTECH Investment Management LLC Jupiter Asset Management Ltd Lazard Asset Management LLC LSV Asset Management* Metropole Gestion Poplar Forest Capital, LLC Rhicon Currency Management Pte LTD Towle & Co *LSV Asset Management is a partially-owned indirect subsidiary of SEI Investments Company. For this service, LSV Asset Management is entitled to receive a fee from SIMC. LSV Asset Management’s mandate was changed during the period; LSV Asset Management US Large Cap Value was replaced by LSV Asset Management Global Managed Volatility (November 2018) The following managers were hired during the period: Fiera Capital Corporation (US Equity) (July 2018) Poplar Forest Capital, LLC (U.S. Value) (October 2018) The following managers were terminated during the period: None Fund Attribution Beta: The six-month fiscal period ending 31 December 2018 was a period of changing market environments. In the third quarter of 2018, global equities trended higher, but regional markets performed differently than the US. Global growth was almost entirely supported by the concentrated outperformance of US large-cap names in information technology and healthcare, while non-US equities bitterly suffered from rising tensions associated with US-China trade wars, concerns about the political situation in Italy and a deepening economic crisis in Turkey. Given the political environment, emerging markets faced the greatest challenge, as the downturn was coupled with an emerging-market currency crisis. October marked a reversal with a dramatic selloff across global equity markets, including the US. Fear of an economic recession, slowing earnings growth and historically rich equity valuations, increasing bond yields and monetary policy tightening, along with the political uncertainty around Brexit and US-China trade tensions all contributed to investor anxiety. In the risk-off environment, low-volatility securities benefitted from strong tailwinds, and more defensive areas of the market significantly outperformed their cyclical peers. Alpha: The Fund underperformed the MSCI World Index (USD) benchmark over the fiscal period. An unfavourable market environment, along with poor security selection, drove weak performance for local value managers, whose portfolios tended to be more cyclical than the market and have a higher small-cap tilt. The introduction of LSV’s Global Managed Volatility strategy improved the Fund’s alpha source positioning and partially mitigated the negative impact of higher-volatility exposure.

From a sector perspective, the Fund’s focus on cheaper names in cyclical areas of the market, mainly the consumer discretionary, financials and industrials sectors, was detrimental to Fund performance. An underweight to defensive sectors, such as consumer staples, utilities and real-estate investment trusts, also detracted.

Managers: Global managers underperformed mainly due to momentum headwinds. Both Intech and Lazard struggled, particularly in the last quarter when the market was overwhelmed by risk-off sentiment and momentum gains were wiped off. Supported by alpha source tailwinds, LSV, in contrast, posted strong returns, but the manager’s positive contribution was insufficiently small to make a tangible impact at the Fund level.

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THE SEI GLOBAL SELECT EQUITY FUND – INVESTMENT ADVISER’S REPORT (continued) Fund Attribution (continued) Managers: (continued) Value-oriented by Fund construction, all local managers detracted. Underperformance was attributed to high exposure to cyclical areas of the market and a lack of alpha source support. Towle was the worst-performing manager; its small-cap bias, high-volatility profile and poor security selection all detracted. Poplar faced similar headwinds due to its cyclical allocations in the US market; however, it fared slightly better than Towle due to the avoidance of small-cap names. Metropole suffered from exposure to the struggling Italian financials sector and poor security selection in information technology. On the positive side, Trigon posted strong returns and outperformed the Fund benchmark due to favourable country allocations, notably Poland. Weakened by unfavourable exchange rate movements, Rhicon, the Fund’s currency specialist, posted negative returns. . Derivatives: The Fund used equity index and currency futures for cash equitisation and risk management purposes. Currency options, forwards and futures have been utilised for return-seeking objectives.

January 2019

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INVESTMENT ADVISER’S REPORT (continued)

Important Information: The opinions and views contained in this document are solely those of SEI and are subject to change; descriptions relating to organisational structure, teams and investment processes herein may differ significantly from those prescribed by underlying managers regarding their own investment houses and investments. Past performance is not a guarantee of future performance. Investment in the range of SEI’s Funds is intended as a long-term investment. The value of an investment and any income from it can go down as well as up. Investors may not get back the original amount invested. Additionally, this investment may not be suitable for everyone. If you should have any doubt whether it is suitable for you, you should obtain expert advice. No offer of any security is made hereby. Recipients of this information who intend to apply for Shares in any SEI Fund are reminded that any such application may be made solely on the basis of the information contained in the Prospectus and the most recent Key Investor Information Document (“KIID”). This material represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice regarding the Funds or any stock in particular, nor should it be construed as a recommendation to purchase or sell a security, including futures contracts. If the investment is withdrawn in the early years it may not return the full amount invested. In addition to the normal risks associated with equity investing, international investments may involve risk of capital loss from unfavourable fluctuation in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations. Narrowly focused investments and smaller companies typically exhibit higher volatility. Products of companies in which technology funds invest may be subject to severe competition and rapid obsolescence. SEI Funds may use derivative instruments such as futures, forward currency contracts, options, swaps, contracts for difference, credit derivatives, caps and floors. These instruments may be used for hedging purposes and/or investment purposes. While considerable care has been taken to ensure the information contained within this document is accurate and up-to-date, no warranty is given as to the accuracy or completeness of any information and no liability is accepted for any errors or omissions in such information or any action taken on the basis of this information. This information is issued by SEI Investments (Europe) Limited, 1st Floor, Alphabeta, 14-18 Finsbury Square, London EC2A 1BR which is authorised and regulated by the Financial Services Authority. Please refer to our latest Full Prospectus (which includes information in relation to the use of derivatives and the risks associated with the use of derivative instruments), Key Investor Information Document (“KIID”) and latest Annual or Interim Short Reports for more information on our Funds. This information can be obtained by contacting your Financial Adviser or using the contact details shown above.

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THE SEI GLOBAL SELECT EQUITY FUND

PORTFOLIO OF INVESTMENTS AS AT 31 DECEMBER 2018

Nominal SecurityCurrency

Code Value US$ Fund %

EQUITIES

Australia - 0.79% (30 June 2018: 0.78%)60,405 AGL ENERGY LTD* AUD 876,018 0.06%12,879 ALUMINA LTD* AUD 20,854 0.00%19,279 ARISTOCRAT LEISURE LTD* AUD 296,422 0.02%20,432 ATLASSIAN CORP PLC CLASS A* USD 1,818,039 0.13%

658,356 AURELIA METALS LTD* AUD 315,168 0.02%4,974 BLUESCOPE STEEL LTD* AUD 38,379 0.00%

28,511 CIMIC GROUP LTD* AUD 871,314 0.06%103,312 COCA-COLA AMATIL LTD* AUD 595,672 0.04%

1,539 COCHLEAR LTD* AUD 188,055 0.01%1,213 COMPUTERSHARE LTD* AUD 14,679 0.00%2,395 CSL LTD* AUD 312,195 0.02%

708 DOMINO'S PIZZA ENTERPRISES LTD* AUD 20,261 0.00%135,415 INGHAMS GROUP LTD* AUD 393,722 0.03%

43,812 INSURANCE AUSTRALIA GROUP LTD* AUD 215,906 0.02%30,774 LENDLEASE GROUP* AUD 251,960 0.02%

2,430 MACQUARIE GROUP LTD* AUD 185,870 0.01%637 REA GROUP LTD* AUD 33,176 0.00%

22,587 SANTOS LTD* AUD 87,139 0.01%440 SEEK LTD* AUD 5,241 0.00%

1,449,120 SOUTH32 LTD* GBP 3,395,901 0.25%14,830 TREASURY WINE ESTATES LTD* AUD 154,517 0.01%52,781 WASHINGTON H SOUL PATTINSON & CO LTD* AUD 924,858 0.07%43,633 WHITEHAVEN COAL LTD* AUD 132,700 0.01%

Austria - 0.19% (30 June 2018: 0.16%)40 ERSTE GROUP BANK AG* EUR 1,328 0.00%

99,411 RAIFFEISEN BANK INTERNATIONAL AG* EUR 2,522,845 0.19%

Belgium - 0.15% (30 June 2018: 0.10%)20,936 AGEAS* EUR 940,546 0.07%

1,455 COLRUYT SA* EUR 103,523 0.01%7,529 UCB SA* EUR 613,675 0.05%5,543 UMICORE SA* EUR 220,890 0.02%

Bermuda - 0.14% (30 June 2018: 0.16%)13,637 AXIS CAPITAL HOLDINGS LTD* USD 704,218 0.05%

5,712 EVEREST RE GROUP LTD* USD 1,243,896 0.09%

Canada - 1.41% (30 June 2018: 0.77%)15,531 ARITZIA INC* CAD 186,490 0.01%14,765 BANK OF MONTREAL* CAD 964,192 0.07%21,215 BCE INC* CAD 837,688 0.06%10,926 BRP INC* CAD 282,710 0.02%

4,000 CAE INC* CAD 73,481 0.01%5,540 CANADA GOOSE HOLDINGS INC* CAD 242,076 0.02%

12,090 CANADIAN IMPERIAL BANK OF COMMERCE* CAD 900,044 0.07%39,540 CANADIAN NATIONAL RAILWAY CO* CAD 2,927,147 0.22%

500 CANADIAN PACIFIC RAILWAY LTD* CAD 88,681 0.01%9,354 CANADIAN TIRE CORP LTD CLASS A* CAD 977,547 0.07%6,200 CGI GROUP INC CLASS A* CAD 379,045 0.03%

10,782 COLLIERS INTERNATIONAL GROUP INC* CAD 594,360 0.04%500 CONSTELLATION SOFTWARE INC/CANADA* CAD 319,908 0.02%

22,673 CRONOS GROUP INC* USD 235,572 0.02%100 FAIRFAX FINANCIAL HOLDINGS LTD* CAD 44,002 0.00%

1,962 GEORGE WESTON LTD* CAD 129,357 0.01%12,300 HUSKY ENERGY INC* CAD 127,071 0.01%88,603 LARGO RESOURCES LTD* CAD 183,589 0.01%19,508 LOBLAW COS LTD* CAD 872,863 0.06%

8,494 LULULEMON ATHLETICA INC* USD 1,032,955 0.08%4,208 MAGNA INTERNATIONAL INC* CAD 190,940 0.01%2,100 METHANEX CORP* CAD 100,956 0.01%

21,073 MTY FOOD GROUP INC* CAD 935,618 0.07%1,800 NATIONAL BANK OF CANADA* CAD 73,869 0.01%

600 OPEN TEXT CORP* CAD 19,549 0.00%

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PORTFOLIO OF INVESTMENTS AS AT 31 DECEMBER 2018 (continued)

Nominal Security Currency


Canada - 1.41% (30 June 2018: 0.77%) (continued)19,899 ROGERS COMMUNICATIONS INC CLASS B* CAD 1,019,271 0.08%32,290 RUSSEL METALS INC* CAD 504,280 0.04%

200 SHOPIFY INC CLASS A* CAD 27,645 0.00%8,381 SUNCOR ENERGY INC* CAD 233,978 0.02%

28,417 TELUS CORP* CAD 941,462 0.07%33,547 TFI INTERNATIONAL INC* CAD 867,044 0.06%

9,154 TMX GROUP LTD* CAD 474,055 0.03%43,264 TORONTO-DOMINION BANK* CAD 2,149,563 0.16%

3,000 WSP GLOBAL INC* CAD 128,870 0.01%

China - 0.12% (30 June 2018: 0.07%)475,000 EVERGRANDE HEALTH INDUSTRY GROUP LTD* HKD 624,892 0.05%996,900 YANGZIJIANG SHIPBUILDING HOLDINGS LTD* SGD 914,252 0.07%

Croatia - 0.11% (30 June 2018: 0.09%)9,072 ADRIS GRUPA DD PFD* HRK 583,737 0.04%2,963 ATLANTIC GRUPA DD* HRK 530,356 0.04%

15,000 HRVATSKI TELEKOM DD* HRK 347,185 0.03%1,700 LEDO DD* HRK 0 0.00%

Czech Republic - 0.15% (30 June 2018: 0.13%)54,786 KOMERCNI BANKA A/S* CZK 2,061,097 0.15%

Denmark - 0.55% (30 June 2018: 0.86%)22,087 AMBU A/S CLASS B* DKK 529,848 0.04%29,022 CARLSBERG A/S CLASS B* DKK 3,079,213 0.23%

1,819 CHR HANSEN HOLDING A/S* DKK 160,668 0.01%2,268 COLOPLAST A/S CLASS B* DKK 210,195 0.02%

20,622 DANSKE BANK A/S* DKK 407,197 0.03%1,931 H LUNDBECK A/S* DKK 84,423 0.01%1,635 ORSTED A/S 144A* DKK 109,126 0.01%

12,416 PANDORA A/S* DKK 504,597 0.04%1,714 ROCKWOOL INTERNATIONAL A/S CLASS B* DKK 446,358 0.03%

24,309 ROYAL UNIBREW A/S* DKK 1,672,001 0.12%3,357 WILLIAM DEMANT HOLDING A/S* DKK 95,085 0.01%

Estonia - 0.11% (30 June 2018: 0.10%)1,265,424 TALLINK GROUP A/S* EUR 1,468,268 0.11%

Finland - 0.39% (30 June 2018: 0.53%)2,225 ELISA OYJ* EUR 91,770 0.01%

12,753 FORTUM OYJ* EUR 278,451 0.02%152,757 METSO OYJ* EUR 3,998,888 0.29%

3,687 NESTE OYJ* EUR 283,909 0.02%19,154 STORA ENSO OYJ CLASS R* EUR 220,820 0.02%14,290 UPM-KYMMENE OYJ* EUR 361,834 0.03%

France - 5.06% (30 June 2018: 7.22%)846 AEROPORTS DE PARIS* EUR 160,056 0.01%517 ALSTOM SA* EUR 20,845 0.00%

58,011 ATOS SE* EUR 4,740,252 0.35%120,372 BNP PARIBAS SA* EUR 5,431,892 0.40%

30,444 CAPGEMINI SE* EUR 3,020,849 0.22%351,314 CARREFOUR SA* EUR 5,987,922 0.44%166,273 CIE DE SAINT-GOBAIN* EUR 5,543,527 0.41%

55,221 CIE GENERALE DES ETABLISSEMENTS MICHELIN SCA CLASS B* EUR 5,473,001 0.40%77 DASSAULT AVIATION SA* EUR 106,507 0.01%

3,292 DASSAULT SYSTEMES SE* EUR 390,249 0.03%4,945 EDENRED* EUR 181,514 0.01%1,129 EIFFAGE SA* EUR 94,163 0.01%

16,208 ELECTRICITE DE FRANCE SA* EUR 255,689 0.02%944 HERMES INTERNATIONAL* EUR 523,164 0.04%

43,525 INGENICO GROUP SA* EUR 2,464,910 0.18%1,102 IPSEN SA* EUR 142,163 0.01%1,752 KERING SA* EUR 824,352 0.06%

318 LVMH MOET HENNESSY LOUIS VUITTON SE* EUR 93,861 0.01%232,029 ORANGE SA* EUR 3,754,529 0.28%

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France - 5.06% (30 June 2018: 7.22%) (continued)875 PEUGEOT SA* EUR 18,650 0.00%

116,792 PUBLICIS GROUPE SA* EUR 6,686,241 0.49%404 SAFRAN SA* EUR 48,677 0.00%

111,609 SANOFI* EUR 9,653,129 0.71%58,681 SCHNEIDER ELECTRIC SE* EUR 4,006,058 0.29%

165,303 SOCIETE GENERALE SA* EUR 5,257,022 0.39%1,202 TELEPERFORMANCE* EUR 191,820 0.01%

486 THALES SA* EUR 56,668 0.00%71,181 TOTAL SA* EUR 3,757,706 0.28%

665 UBISOFT ENTERTAINMENT SA* EUR 53,579 0.00%

Germany - 1.63% (30 June 2018: 1.85%)2,777 ALLIANZ SE* EUR 555,903 0.04%

45,757 BAYERISCHE MOTOREN WERKE AG* EUR 3,698,088 0.27%2,833 DELIVERY HERO SE 144A* EUR 105,253 0.01%1,388 DEUTSCHE WOHNEN SE* EUR 63,468 0.00%

18,800 EVONIK INDUSTRIES AG* EUR 468,503 0.03%426 HANNOVER RUECK SE* EUR 57,318 0.00%605 HUGO BOSS AG* EUR 37,291 0.00%

47,875 MERCK KGAA* EUR 4,924,402 0.36%20,054 MTU AERO ENGINES AG* EUR 3,631,267 0.27%

3,630 MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT AG IN MUENCHEN* EUR 790,669 0.06%7,577 NEMETSCHEK SE* EUR 829,353 0.06%

32 PUMA SE* EUR 15,620 0.00%10,613 RWE AG* EUR 230,088 0.02%

1,163 SARTORIUS AG PFD* EUR 144,781 0.01%3,467 SIXT SE* EUR 274,260 0.02%2,071 SIXT SE PFD* EUR 113,638 0.01%

12,234 TAG IMMOBILIEN AG* EUR 278,454 0.02%6,913 TALANX AG* EUR 235,481 0.02%

199,193 THYSSENKRUPP AG* EUR 3,411,053 0.25%893 TUI AG* GBP 12,801 0.00%

30,376 UNIPER SE* EUR 784,770 0.06%5,356 VONOVIA SE* EUR 242,398 0.02%8,724 WIRECARD AG* EUR 1,324,393 0.10%

Hong Kong - 0.30% (30 June 2018: 0.36%)476,000 CITIC TELECOM INTERNATIONAL HOLDINGS LTD* HKD 167,191 0.01%

69,930 CLP HOLDINGS LTD* HKD 790,462 0.06%8,600 DAIRY FARM INTERNATIONAL HOLDINGS LTD* USD 77,830 0.01%

15,000 GALAXY ENTERTAINMENT GROUP LTD* HKD 95,410 0.01%61,000 HK ELECTRIC INVESTMENTS & HK ELECTRIC INVESTMENTS LTD* HKD 61,550 0.00%

131,000 HKT TRUST & HKT LTD CLASS MISCELLA* HKD 188,736 0.01%16,000 HONG KONG & CHINA GAS CO LTD* HKD 33,106 0.00%

133,984 KERRY PROPERTIES LTD* HKD 457,775 0.03%334,000 NEWOCEAN ENERGY HOLDINGS LTD* HKD 108,356 0.01%216,000 SMARTONE TELECOMMUNICATIONS HOLDINGS LTD* HKD 239,468 0.02%

42,155 SUN HUNG KAI PROPERTIES LTD* HKD 600,878 0.04%11,500 SWIRE PACIFIC LTD CLASS A* HKD 121,472 0.01%13,200 SWIRE PROPERTIES LTD* HKD 46,364 0.00%

260,000 VITASOY INTERNATIONAL HOLDINGS LTD* HKD 991,270 0.07%5,000 WHARF REAL ESTATE INVESTMENT CO LTD* HKD 29,919 0.00%

62,184 YUE YUEN INDUSTRIAL HOLDINGS LTD* HKD 198,957 0.01%80,000 ZHAOBANGJI PROPERTIES HOLDINGS LTD* HKD 102,997 0.01%

Hungary - 0.42% (30 June 2018: 0.15%)1,328,328 MAGYAR TELEKOM TELECOMMUNICATIONS PLC* HUF 2,082,701 0.15%

134,138 MOL HUNGARIAN OIL & GAS PLC* HUF 1,471,260 0.11%112,441 RICHTER GEDEON NYRT* HUF 2,175,672 0.16%

Ireland - 0.51% (30 June 2018: 0.56%)34,410 APTIV PLC* USD 2,118,600 0.16%

1,194 KERRY GROUP PLC CLASS A* EUR 118,066 0.01%173,282 SMURFIT KAPPA GROUP PLC* EUR 4,607,509 0.34%

Isle of Man - 0.00% (30 June 2018: 0.01%)1,809 GVC HOLDINGS PLC* GBP 15,529 0.00%

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Israel - 0.19% (30 June 2018: 0.11%)94,953 BANK HAPOALIM BM* ILS 600,962 0.04%

137,532 BANK LEUMI LE-ISRAEL BM* ILS 831,796 0.06%142 CHECK POINT SOFTWARE TECHNOLOGIES LTD* USD 14,576 0.00%

21,421 ISRAEL CHEMICALS LTD* ILS 121,529 0.01%31,222 MIZRAHI TEFAHOT BANK LTD* ILS 527,560 0.04%

1,574 NICE LTD* ILS 169,415 0.01%7,747 ORBOTECH LTD* USD 438,015 0.03%

Italy - 1.19% (30 June 2018: 1.78%)18,186 ACEA SPA* EUR 249,680 0.02%

8,850 BIO ON SPA* EUR 574,639 0.04%8,230 DIASORIN SPA* EUR 665,154 0.05%1,886 ENI SPA* EUR 29,640 0.00%

30,836 ERG SPA* EUR 581,628 0.04%1,418 FERRARI NV* EUR 140,669 0.01%

2,755,142 INTESA SANPAOLO SPA* EUR 6,109,480 0.45%24,371 ITALGAS SPA* EUR 139,187 0.01%

381,378 JUVENTUS FOOTBALL CLUB SPA* EUR 463,003 0.03%5,335 MONCLER SPA* EUR 176,436 0.01%

10,764 POSTE ITALIANE SPA 144A* EUR 85,937 0.01%4,320,749 TELECOM ITALIA SPA/MILANO* EUR 2,387,146 0.18%

406,013 UNICREDIT SPA* EUR 4,592,142 0.34%

Japan - 3.64% (30 June 2018: 2.11%)43,500 AEON CO LTD* JPY 852,238 0.06%16,732 AOZORA BANK LTD* JPY 499,445 0.04%88,026 ASAHI GROUP HOLDINGS LTD* JPY 3,425,066 0.25%

4,000 ASICS CORP* JPY 51,224 0.00%37,962 ASTELLAS PHARMA INC* JPY 484,932 0.04%23,210 CANON INC* JPY 634,869 0.05%

6,600 CASIO COMPUTER CO LTD* JPY 78,443 0.01%21,093 CENTRAL JAPAN RAILWAY CO* JPY 4,453,633 0.33%14,600 CENTRAL SECURITY PATROLS CO LTD* JPY 656,045 0.05%10,900 CHUBU ELECTRIC POWER CO INC* JPY 155,232 0.01%

2,600 CHUGAI PHARMACEUTICAL CO LTD* JPY 151,192 0.01%7,500 CHUGOKU ELECTRIC POWER CO INC* JPY 97,617 0.01%9,300 COMSYS HOLDINGS CORP* JPY 227,425 0.02%2,900 CYBERAGENT INC* JPY 112,204 0.01%

14,100 DAIICHI SANKYO CO LTD* JPY 451,215 0.03%33,033 DAITO TRUST CONSTRUCTION CO LTD* JPY 4,520,707 0.33%59,812 DCM HOLDINGS CO LTD* JPY 625,298 0.05%18,785 DOUTOR NICHIRES HOLDINGS CO LTD* JPY 343,808 0.03%

2,700 EISAI CO LTD* JPY 209,228 0.02%1,500 FAMILYMART UNY HOLDINGS CO LTD* JPY 190,175 0.01%8,900 FANCL CORP* JPY 227,702 0.02%

200 FAST RETAILING CO LTD* JPY 102,757 0.01%6,000 HAKUHODO DY HOLDINGS INC* JPY 86,132 0.01%

600 HIKARI TSUSHIN INC* JPY 93,898 0.01%500 HISAMITSU PHARMACEUTICAL CO INC* JPY 27,663 0.00%

21,500 HOOSIERS HOLDINGS* JPY 123,260 0.01%300 HOSHIZAKI CORP* JPY 18,266 0.00%300 IDEMITSU KOSAN CO LTD* JPY 9,871 0.00%800 IHI CORP* JPY 22,094 0.00%

321,631 ITOCHU CORP* JPY 5,473,135 0.40%32,046 JAPAN AIRLINES CO LTD* JPY 1,136,512 0.08%11,600 JAPAN MEAT CO LTD* JPY 178,893 0.01%43,300 JFE HOLDINGS INC* JPY 693,416 0.05%

104,151 JXTG HOLDINGS INC* JPY 547,452 0.04%24,900 KAMAKURA SHINSHO LTD* JPY 319,775 0.02%

1,300 KANSAI ELECTRIC POWER CO INC* JPY 19,551 0.00%45,466 KDDI CORP* JPY 1,087,400 0.08%

2,400 KEIHAN HOLDINGS CO LTD* JPY 97,890 0.01%1,800 KEIO CORP* JPY 104,835 0.01%

34,300 KH NEOCHEM CO LTD* JPY 719,670 0.05%3,700 KIKKOMAN CORP* JPY 199,307 0.01%

12






Japan - 3.64% (30 June 2018: 2.11%) (continued)15,700 KIRIN HOLDINGS CO LTD* JPY 328,911 0.02%

700 KOSE CORP* JPY 110,122 0.01%42,675 KURARAY CO LTD* JPY 602,898 0.04%

3,100 KYUSHU ELECTRIC POWER CO INC* JPY 36,986 0.00%12,800 M3 INC* JPY 171,966 0.01%

2,000 MARUI GROUP CO LTD* JPY 38,883 0.00%9,900 MITSUBISHI CORP* JPY 272,506 0.02%

35,400 MITSUI & CO LTD* JPY 545,447 0.04%771,238 MIZUHO FINANCIAL GROUP INC* JPY 1,197,119 0.09%

4,975 NEC NETWORKS & SYSTEM INTEGRATION CORP* JPY 110,680 0.01%800 NGK SPARK PLUG CO LTD* JPY 15,983 0.00%

40,937 NIPPON FLOUR MILLS CO LTD* JPY 685,051 0.05%1,800 NIPPON PAINT HOLDINGS CO LTD* JPY 61,687 0.00%

43,789 NIPPON TELEGRAPH & TELEPHONE CORP* JPY 1,788,836 0.13%3,000 NISSAN CHEMICAL CORP* JPY 157,499 0.01%

189,371 NISSAN MOTOR CO LTD* JPY 1,519,424 0.11%7,280 NISSHIN OILLIO GROUP LTD* JPY 208,015 0.02%1,200 NISSHIN SEIFUN GROUP INC* JPY 24,839 0.00%

900 NITORI HOLDINGS CO LTD* JPY 112,628 0.01%10,716 NTT DOCOMO INC* JPY 241,489 0.02%

1,800 OBIC CO LTD* JPY 139,288 0.01%15,800 OISIX RA DAICHI INC* JPY 261,953 0.02%

700 ONO PHARMACEUTICAL CO LTD* JPY 14,323 0.00%2,800 ORIENTAL LAND CO LTD/JAPAN* JPY 282,131 0.02%

32,090 OSAKA GAS CO LTD* JPY 587,598 0.04%1,100 OTSUKA CORP* JPY 30,278 0.00%7,332 PARAMOUNT BED HOLDINGS CO LTD* JPY 304,396 0.02%3,700 PARK24 CO LTD* JPY 81,375 0.01%

10,100 RECRUIT HOLDINGS CO LTD* JPY 245,101 0.02%28,700 RENOVA INC* JPY 208,746 0.02%13,900 SANKYU INC* JPY 630,292 0.05%

5,915 SAWAI PHARMACEUTICAL CO LTD* JPY 281,947 0.02%1,800 SEC CARBON LTD* JPY 146,671 0.01%1,300 SEGA SAMMY HOLDINGS INC* JPY 18,200 0.00%

12,784 SEKISUI CHEMICAL CO LTD* JPY 190,042 0.01%34,780 SENKO GROUP HOLDINGS CO LTD* JPY 264,060 0.02%

108,113 SENSHU IKEDA HOLDINGS INC* JPY 295,620 0.02%8,100 SHIONOGI & CO LTD* JPY 462,973 0.03%2,200 SHISEIDO CO LTD* JPY 138,198 0.01%

15,200 SHOWA DENKO KK* JPY 453,028 0.03%3,000 SHOWA SHELL SEKIYU KK* JPY 42,136 0.00%

88,900 SOJITZ CORP* JPY 309,527 0.02%24,900 SONY FINANCIAL HOLDINGS INC* JPY 466,386 0.03%

125,400 SOURCENEXT CORP* JPY 621,771 0.05%2,900 SUMITOMO DAINIPPON PHARMA CO LTD* JPY 92,380 0.01%

11,700 SUMITOMO MITSUI TRUST HOLDINGS INC* JPY 428,906 0.03%15,141 SUMITOMO OSAKA CEMENT CO LTD* JPY 622,395 0.05%

3,300 SYSMEX CORP* JPY 158,691 0.01%1,000 TAISHO PHARMACEUTICAL HOLDINGS CO LTD* JPY 100,533 0.01%

56,298 TEIJIN LTD* JPY 901,569 0.07%1,900 TERUMO CORP* JPY 107,785 0.01%1,600 TOHO GAS CO LTD* JPY 67,593 0.01%

12,800 TOKAI CARBON CO LTD* JPY 145,599 0.01%800 TOKYO CENTURY CORP* JPY 35,219 0.00%

3,600 TOKYU CORP* JPY 58,898 0.00%3,000 TOYO SEIKAN GROUP HOLDINGS LTD* JPY 68,960 0.01%

53,400 VALUECOMMERCE CO LTD* JPY 596,713 0.04%15,358 WEST JAPAN RAILWAY CO* JPY 1,086,388 0.08%56,833 YAMAGUCHI FINANCIAL GROUP INC* JPY 546,497 0.04%

2,700 YAMAHA CORP* JPY 115,171 0.01%8,000 YAMATO HOLDINGS CO LTD* JPY 220,499 0.02%

Netherlands - 1.28% (30 June 2018: 1.19%)4,089 AMG ADVANCED METALLURGICAL GROUP NV* EUR 131,723 0.01%4,988 ARGENX SE SPONSORED ADR* USD 479,197 0.04%7,067 ASML HOLDING NV* EUR 1,108,066 0.08%

147,125 ING GROEP NV* EUR 1,582,630 0.12%

13






Netherlands - 1.28% (30 June 2018: 1.19%) (continued)72,001 KONINKLIJKE AHOLD DELHAIZE NV* EUR 1,816,938 0.13%

1,910 KONINKLIJKE DSM NV* EUR 155,983 0.01%41,141 KONINKLIJKE VOPAK NV* EUR 1,866,164 0.14%14,964 NN GROUP NV* EUR 595,292 0.04%

1,142 QIAGEN NV* EUR 38,747 0.00%778 ROYAL DUTCH SHELL PLC GBP CLASS A* GBP 22,864 0.00%

210,266 ROYAL DUTCH SHELL PLC CLASS A* EUR 6,166,591 0.45%2,214 ROYAL DUTCH SHELL PLC CLASS B* GBP 65,982 0.00%9,241 SIGNIFY NV 144A* EUR 216,237 0.02%

54,870 WOLTERS KLUWER NV* EUR 3,240,373 0.24%

New Zealand - 0.02% (30 June 2018: 0.11%)10,251 A2 MILK CO LTD* NZD 76,643 0.01%

7,489 FISHER & PAYKEL HEALTHCARE CORP LTD* NZD 65,283 0.00%11,706 RYMAN HEALTHCARE LTD* NZD 84,303 0.01%

Norway - 0.22% (30 June 2018: 0.24%)11,377 AKER ASA CLASS A* NOK 607,008 0.04%

3,577 AKER BP ASA* NOK 90,053 0.01%77,567 EQUINOR ASA* NOK 1,645,997 0.12%62,676 LEROY SEAFOOD GROUP ASA* NOK 477,278 0.04%

6,172 MARINE HARVEST ASA* NOK 130,223 0.01%

Poland - 1.34% (30 June 2018: 1.29%)182,283 AGORA SA* PLN 485,215 0.04%

83,991 ALIOR BANK SA* PLN 1,188,294 0.09%234,417 AMBRA SA* PLN 792,466 0.06%191,092 BANK POLSKA KASA OPIEKI SA* PLN 5,544,427 0.41%492,962 BORYSZEW SA* PLN 616,736 0.05%

37,180 BUDIMEX SA* PLN 1,124,282 0.08%257,723 CYFROWY POLSAT SA* PLN 1,547,676 0.11%248,534 GETBACK SA* PLN 0 0.00%400,288 POWSZECHNY ZAKLAD UBEZPIECZEN SA* PLN 4,677,618 0.34%185,719 TORPOL SA* PLN 215,047 0.02%196,015 WARSAW STOCK EXCHANGE* PLN 1,912,278 0.14%

Portugal - 0.03% (30 June 2018: 0.02%)63,823 ALTRI SGPS SA* EUR 423,164 0.03%

2,172 GALP ENERGIA SGPS SA CLASS B* EUR 34,252 0.00%

Romania - 0.74% (30 June 2018: 0.82%)1,927,979 BRD-GROUPE SOCIETE GENERALE SA* RON 5,397,451 0.40%

39,559,228 OMV PETROM SA* RON 2,904,695 0.21%124,049 SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA* RON 846,876 0.06%452,145 SOCIETATEA NATIONALA NUCLEARELECTRICA SA* RON 906,044 0.07%

Russia - 0.57% (30 June 2018: 0.67%)167,020 GLOBALTRANS INVESTMENT PLC SPONSORED GDR* USD 1,513,201 0.11%700,232 PROTEK PJSC* USD 787,316 0.06%875,000 SBERBANK OF RUSSIA PJSC* USD 2,349,814 0.17%

5,218,200 SISTEMA PJSFC* USD 601,685 0.04%2,500,000,000 TGC-1 PJSC CLASS 1* USD 287,500 0.02%

63,943 X5 RETAIL GROUP NV REG SPONSORED GDR* USD 1,584,508 0.12%27,000 X5 RETAIL GROUP NV SPONSORED GDR* USD 669,060 0.05%

Singapore - 0.22% (30 June 2018: 0.16%)28,000 COMFORTDELGRO CORP LTD* SGD 44,167 0.00%61,664 DBS GROUP HOLDINGS LTD* SGD 1,071,772 0.08%79,827 OVERSEA-CHINESE BANKING CORP LTD* SGD 659,463 0.05%64,194 UNITED OVERSEAS BANK LTD* SGD 1,157,185 0.09%

Slovenia - 0.66% (30 June 2018: 0.60%)59,614 KRKA DD NOVO MESTO* EUR 3,938,940 0.29%70,192 LUKA KOPER* EUR 2,086,240 0.15%38,849 NOVA LJUBLJANSKA BANKA DD GDR* EUR 577,777 0.04%21,577 TELEKOM SLOVENIJE DD* EUR 1,455,279 0.11%27,084 ZAVAROVALNICA TRIGLAV DD* EUR 938,121 0.07%

14






South Korea - 0.37% (30 June 2018: 0.00%)5,854 SAMSUNG ELECTRONICS CO LTD SPONSORED GDR 144A* USD 5,075,689 0.37%

Spain - 0.68% (30 June 2018: 0.95%)4,304 AMADEUS IT GROUP SA CLASS A* EUR 299,340 0.02%

1,374,380 BANCO SANTANDER SA* EUR 6,242,069 0.46%12,538 EBRO FOODS SA* EUR 249,964 0.02%75,084 ENCE ENERGIA Y CELULOSA SA* EUR 470,790 0.03%56,775 ENDESA SA* EUR 1,306,490 0.10%25,387 ERCROS SA* EUR 90,372 0.01%

8,596 NATURGY ENERGY GROUP SA* EUR 218,738 0.02%71,453 SOLARIA ENERGIA Y MEDIO AMBIENTE SA* EUR 323,867 0.02%

Sweden - 0.35% (30 June 2018: 0.48%)1,872 ASSA ABLOY AB CLASS B* SEK 33,393 0.00%6,414 AVANZA BANK HOLDING AB* SEK 306,453 0.02%2,010 BIOGAIA AB CLASS B* SEK 71,981 0.01%5,550 LUNDIN PETROLEUM AB* SEK 138,596 0.01%5,242 ONCOPEPTIDES AB 144A* SEK 77,691 0.01%

29,800 SKANDINAVISKA ENSKILDA BANKEN AB CLASS A* SEK 289,400 0.02%6,606 SWEDISH MATCH AB* SEK 260,117 0.02%

404,915 TELEFONAKTIEBOLAGET LM ERICSSON CLASS B* SEK 3,558,711 0.26%

Switzerland - 1.63% (30 June 2018: 1.69%)327,795 ABB LTD* CHF 6,216,397 0.46%

2,039 ALSO HOLDING AG* CHF 230,422 0.02%31 CHOCOLADEFABRIKEN LINDT & SPRUENGLI AG* CHF 191,824 0.01%

3 CHOCOLADEFABRIKEN LINDT & SPRUENGLI AG REG* CHF 223,068 0.02%1,443 FERGUSON PLC* GBP 92,203 0.01%2,275 GARRETT MOTION INC* USD 28,073 0.00%

57 GIVAUDAN SA* CHF 131,601 0.01%475 LONZA GROUP AG* CHF 122,725 0.01%540 PARTNERS GROUP HOLDING AG* CHF 326,476 0.02%

11,309 ROCHE HOLDING AG* CHF 2,792,206 0.21%48 SGS SA* CHF 107,608 0.01%

2,047 SIKA AG* CHF 258,730 0.02%1,197 SONOVA HOLDING AG* CHF 195,007 0.01%

13,650 SWATCH GROUP AG* CHF 3,969,755 0.29%2,227 SWISS LIFE HOLDING AG* CHF 855,395 0.06%1,371 SWISS PRIME SITE AG* CHF 110,634 0.01%

12,495 SWISS RE AG* CHF 1,142,234 0.08%9,639 SWISSQUOTE GROUP HOLDING SA* CHF 442,448 0.03%1,811 TEMENOS AG* CHF 216,593 0.02%1,451 VALIANT HOLDING AG* CHF 159,019 0.01%1,644 VIFOR PHARMA AG* CHF 178,275 0.01%

1,593,670 WEATHERFORD INTERNATIONAL PLC* USD 890,861 0.07%57,372 WIZZ AIR HOLDINGS PLC 144A* GBP 2,047,393 0.15%

4,266 ZURICH INSURANCE GROUP AG* CHF 1,268,405 0.09%

Turkey - 0.31% (30 June 2018: 0.16%)217,773 AKSIGORTA AS* TRY 149,824 0.01%500,000 ARCELIK A/S* TRY 1,484,050 0.11%

27,958 COCA-COLA ICECEK A/S* TRY 162,286 0.01%755,000 ENERJISA ENERJI AS 144A* TRY 723,792 0.05%978,823 KORDSA TEKNIK TEKSTIL AS* TRY 1,799,449 0.13%

United Arab Emirates - 0.01% (30 June 2018: 0.00%)2,033 NMC HEALTH PLC* GBP 70,841 0.01%

United Kingdom - 9.37% (30 June 2018: 8.52%)223 3I GROUP PLC* GBP 2,197 0.00%

2,533 ADMIRAL GROUP PLC* GBP 66,036 0.01%216,097 AGGREKO PLC* GBP 2,016,268 0.15%

6,066 ANGLO AMERICAN PLC* GBP 135,029 0.01%521,175 ASHMORE GROUP PLC* GBP 2,426,735 0.18%

4,542 ASHTEAD GROUP PLC* GBP 94,695 0.01%

15






United Kingdom - 9.37% (30 June 2018: 8.52%) (continued)14,847 AUTO TRADER GROUP PLC 144A* GBP 85,999 0.01%

813,541 AVIVA PLC* GBP 3,890,651 0.29%368,636 BABCOCK INTERNATIONAL GROUP PLC* GBP 2,297,236 0.17%209,731 BAE SYSTEMS PLC* GBP 1,226,586 0.09%

1,271,157 BARCLAYS PLC* GBP 2,436,838 0.18%1,160,657 BP PLC* GBP 7,331,198 0.54%

38,738 BRITVIC PLC* GBP 394,451 0.03%1,233,023 BT GROUP PLC CLASS A* GBP 3,739,069 0.27%

2,900 BUNZL PLC* GBP 87,498 0.01%12,419 BURBERRY GROUP PLC* GBP 274,501 0.02%

1,779,620 CENTRICA PLC* GBP 3,057,542 0.22%470,716 CNH INDUSTRIAL NV* EUR 4,222,998 0.31%

1,233,023 COBHAM PLC* GBP 1,534,573 0.11%3,746 CRODA INTERNATIONAL PLC* GBP 223,517 0.02%

149,799 DAILY MAIL & GENERAL TRUST PLC* GBP 1,097,005 0.08%30,493 DELPHI TECHNOLOGIES PLC* USD 436,657 0.03%

128,243 DIRECT LINE INSURANCE GROUP PLC* GBP 520,535 0.04%3,072 EXPERIAN PLC* GBP 74,533 0.01%

419,732 FIAT CHRYSLER AUTOMOBILES NV* USD 6,069,327 0.45%1,779,620 FIRSTGROUP PLC* GBP 1,890,281 0.14%

559,665 GLAXOSMITHKLINE PLC* GBP 10,629,122 0.78%1,398,273 GVC HOLDINGS PLC CVR† GBP 0 0.00%

521,175 HALFORDS GROUP PLC* GBP 1,692,608 0.12%9,002 HARGREAVES LANSDOWN PLC* GBP 211,987 0.02%

93,097 HSBC HOLDINGS PLC* GBP 767,021 0.06%217,029 IMPERIAL BRANDS PLC* GBP 6,570,230 0.48%

31,057 INCHCAPE PLC* GBP 218,143 0.02%8,936 INFORMA PLC* GBP 71,722 0.01%2,918 INTERTEK GROUP PLC* GBP 178,386 0.01%

15,228 J D WETHERSPOON PLC* GBP 215,857 0.02%76,272 J SAINSBURY PLC* GBP 257,422 0.02%

1,196,334 KINGFISHER PLC* GBP 3,161,574 0.23%8,182 LINDE PLC* USD 1,276,686 0.09%5,867 LONDON STOCK EXCHANGE GROUP PLC* GBP 303,521 0.02%

851,676 MARKS & SPENCER GROUP PLC* GBP 2,681,363 0.20%252,951 MEGGITT PLC* GBP 1,517,368 0.11%

5,509 MICHAEL KORS HOLDINGS LTD* USD 208,901 0.02%1,350 MONDI PLC* GBP 28,086 0.00%

11,688 MYOVANT SCIENCES LTD* USD 191,800 0.01%51,293 NEXT PLC* GBP 2,607,209 0.19%

675,189 PEARSON PLC* GBP 8,069,498 0.59%225 PERSIMMON PLC* GBP 5,531 0.00%

762,694 QINETIQ GROUP PLC* GBP 2,781,997 0.20%1,016,926 ROYAL BANK OF SCOTLAND GROUP PLC* GBP 2,806,605 0.21%

31,894 ROYAL MAIL PLC* GBP 110,528 0.01%3,440 SMITH & NEPHEW PLC* GBP 64,141 0.00%

194,487 SMITHS GROUP PLC* GBP 3,378,611 0.25%37,122 SSE PLC* GBP 511,322 0.04%

533,886 STANDARD CHARTERED PLC* GBP 4,142,980 0.30%587,207 STOCK SPIRITS GROUP PLC* GBP 1,555,563 0.11%105,148 TATE & LYLE PLC* GBP 883,852 0.07%203,910 TECHNIPFMC PLC* EUR 4,114,208 0.30%

1,272,639 TESCO PLC* GBP 3,081,203 0.23%838,964 TP ICAP PLC* GBP 3,216,198 0.24%

2,602,692 VODAFONE GROUP PLC* GBP 5,068,311 0.37%119,292 WH SMITH PLC* GBP 2,613,199 0.19%

67,092 WM MORRISON SUPERMARKETS PLC* GBP 182,219 0.01%584,827 WPP PLC* GBP 6,305,773 0.46%

United States - 41.37% (30 June 2018: 43.91%)8,680 3M CO* USD 1,653,942 0.12%

105,257 ABBOTT LABORATORIES* USD 7,613,248 0.56%11,048 ABBVIE INC* USD 1,018,559 0.07%

1,330 ABIOMED INC* USD 432,303 0.03%161,076 ADIENT PLC* USD 2,425,809 0.18%

12,097 ADOBE INC* USD 2,736,825 0.20%44,708 ADVANCE AUTO PARTS INC* USD 7,039,765 0.52%

16






United States - 41.37% (30 June 2018: 43.91%) (continued)33,942 ADVANCED MICRO DEVICES INC* USD 626,569 0.05%

5,643 AES CORP/VA* USD 81,598 0.01%126,654 AFLAC INC* USD 5,770,361 0.42%

3,387 AKAMAI TECHNOLOGIES INC* USD 206,878 0.02%2,300 ALIGN TECHNOLOGY INC* USD 481,689 0.04%1,352 ALLIANT ENERGY CORP* USD 57,122 0.00%

18,944 ALLISON TRANSMISSION HOLDINGS INC* USD 831,847 0.06%32,187 ALLSTATE CORP* USD 2,659,640 0.20%

494,551 ALLY FINANCIAL INC* USD 11,206,518 0.82%2,082 ALPHABET INC CLASS A* USD 2,175,513 0.16%

44,570 ALTRIA GROUP INC* USD 2,201,307 0.16%2,774 AMAZON.COM INC* USD 4,166,465 0.31%

34,519 AMDOCS LTD* USD 2,022,138 0.15%39,791 AMEREN CORP* USD 2,595,571 0.19%

9,305 AMERICAN EXPRESS CO* USD 886,953 0.07%188,912 AMERICAN INTERNATIONAL GROUP INC* USD 7,445,026 0.55%

800 AMERICAN WATER WORKS CO INC* USD 72,616 0.01%100,319 AMERISOURCEBERGEN CORP CLASS A* USD 7,463,770 0.55%

8,026 AMETEK INC* USD 543,360 0.04%8,084 AMGEN INC* USD 1,573,692 0.12%

813 AMPHENOL CORP CLASS A* USD 65,869 0.00%4,327 ANADARKO PETROLEUM CORP* USD 189,696 0.01%

17,367 ANALOG DEVICES INC* USD 1,490,573 0.11%1,640 ANSYS INC* USD 234,422 0.02%

338,418 ANTERO RESOURCES CORP* USD 3,177,745 0.23%13,235 ANTHEM INC* USD 3,475,908 0.26%18,726 APPLE INC* USD 2,953,895 0.22%52,213 ARCHER-DANIELS-MIDLAND CO* USD 2,139,167 0.16%

1,462 ARISTA NETWORKS INC* USD 308,043 0.02%163,395 AT&T INC* USD 4,663,282 0.34%

89,505 ATLAS AIR WORLDWIDE HOLDINGS INC* USD 3,776,223 0.28%749 ATMOS ENERGY CORP* USD 69,447 0.01%146 AUTOMATIC DATA PROCESSING INC* USD 19,144 0.00%

3,967 AUTOZONE INC* USD 3,325,780 0.24%195,643 AXA EQUITABLE HOLDINGS INC* USD 3,253,550 0.24%229,648 BAKER HUGHES A GE CO CLASS A* USD 4,937,423 0.36%303,229 BANK OF AMERICA CORP* USD 7,471,567 0.55%

3,800 BAUSCH HEALTH COS INC* CAD 70,252 0.01%22,632 BB&T CORP* USD 980,419 0.07%

144,560 BEAZER HOMES USA INC* USD 1,370,431 0.10%10,205 BECTON DICKINSON AND CO* USD 2,299,336 0.17%

4,555 BED BATH & BEYOND INC* USD 51,566 0.00%3 BERKSHIRE HATHAWAY INC CLASS A* USD 918,000 0.07%

15,488 BERKSHIRE HATHAWAY INC CLASS B* USD 3,162,362 0.23%8,441 BEST BUY CO INC* USD 447,035 0.03%2,446 BOEING CO* USD 788,835 0.06%4,266 BRINKER INTERNATIONAL INC* USD 187,623 0.01%

17,418 BRISTOL-MYERS SQUIBB CO* USD 905,388 0.07%3,300 BROADRIDGE FINANCIAL SOLUTIONS INC* USD 317,625 0.02%4,935 BROWN-FORMAN CORP CLASS B* USD 234,807 0.02%

205,443 BUILDERS FIRSTSOURCE INC* USD 2,241,379 0.16%3,748 BURLINGTON STORES INC* USD 609,687 0.04%7,378 CAPITAL ONE FINANCIAL CORP* USD 557,677 0.04%

23,963 CARGURUS INC CLASS A* USD 808,272 0.06%10,282 CARNIVAL PLC* GBP 492,772 0.04%

8,255 CATERPILLAR INC* USD 1,048,963 0.08%6,861 CBOE GLOBAL MARKETS INC* USD 671,212 0.05%

41,812 CBRE GROUP INC CLASS A* USD 1,674,152 0.12%249 CDW CORP/DE* USD 20,181 0.00%

15,442 CELANESE CORP CLASS A* USD 1,389,317 0.10%4,710 CENTENE CORP* USD 543,063 0.04%

214,455 CENTURYLINK INC* USD 3,248,991 0.24%600 CF INDUSTRIES HOLDINGS INC* USD 26,106 0.00%

3,500 CH ROBINSON WORLDWIDE INC* USD 294,315 0.02%3,576 CHENIERE ENERGY INC* USD 211,663 0.02%

14,302 CHEVRON CORP* USD 1,555,945 0.11%2,082 CHILDREN'S PLACE INC* USD 187,607 0.01%

17






United States - 41.37% (30 June 2018: 43.91%) (continued)14,993 CHURCH & DWIGHT CO INC* USD 985,940 0.07%37,697 CIGNA CORP* USD 7,159,449 0.53%

806 CINTAS CORP* USD 135,400 0.01%196,318 CISCO SYSTEMS INC* USD 8,506,466 0.62%125,910 CITIGROUP INC* USD 6,554,861 0.48%

1,225 CITRIX SYSTEMS INC* USD 125,513 0.01%16,169 CME GROUP INC CLASS A* USD 3,041,656 0.22%

670 CMS ENERGY CORP* USD 33,265 0.00%37,686 CNA FINANCIAL CORP* USD 1,663,854 0.12%20,876 COLGATE-PALMOLIVE CO* USD 1,242,543 0.09%66,027 COMCAST CORP CLASS A* USD 2,248,225 0.17%

1,729 COMERICA INC* USD 118,765 0.01%5,883 COMFORT SYSTEMS USA INC* USD 256,969 0.02%4,458 CONOCOPHILLIPS* USD 277,956 0.02%

919 CONSOLIDATED EDISON INC* USD 70,267 0.01%303 CONSTELLATION BRANDS INC CLASS A* USD 48,728 0.00%

2,900 CONTINENTAL RESOURCES INC/OK* USD 116,551 0.01%2,545 COOPER-STANDARD HOLDINGS INC* USD 158,108 0.01%5,493 COPART INC* USD 262,456 0.02%1,540 COSTAR GROUP INC* USD 519,504 0.04%

538 COSTCO WHOLESALE CORP* USD 109,596 0.01%269,529 COTY INC CLASS A* USD 1,768,107 0.13%

7,760 CSX CORP* USD 482,129 0.04%74,176 CVS HEALTH CORP* USD 4,860,041 0.36%

524 DARDEN RESTAURANTS INC* USD 52,327 0.00%54,124 DAVITA INC* USD 2,785,226 0.20%

2,202 DELL TECHNOLOGIES INC CLASS C* USD 107,612 0.01%126,907 DEVON ENERGY CORP* USD 2,860,478 0.21%

4,893 DOLLAR GENERAL CORP* USD 528,835 0.04%3,568 DOLLAR TREE INC* USD 322,262 0.02%1,055 DOMINO'S PIZZA INC* USD 261,629 0.02%1,300 DTE ENERGY CO* USD 143,390 0.01%

46,195 DXC TECHNOLOGY CO* USD 2,456,209 0.18%21,028 E*TRADE FINANCIAL CORP* USD 922,709 0.07%

6,045 EASTMAN CHEMICAL CO* USD 441,939 0.03%8,127 ECOLAB INC* USD 1,197,491 0.09%

17,021 EDISON INTERNATIONAL* USD 966,283 0.07%1,195 EDWARDS LIFESCIENCES CORP* USD 183,038 0.01%

700 ELECTRONIC ARTS INC* USD 55,237 0.00%99,801 ELI LILLY & CO* USD 11,549,020 0.85%11,856 ENOVA INTERNATIONAL INC* USD 230,718 0.02%28,745 ENTERGY CORP* USD 2,474,044 0.18%

1,300 EOG RESOURCES INC* USD 113,373 0.01%25,669 ESSENDANT INC* USD 322,916 0.02%

3,579 ESTEE LAUDER COS INC CLASS A* USD 465,628 0.03%345 EVERGY INC* USD 19,586 0.00%

80,719 EXELON CORP* USD 3,640,406 0.27%25,727 EXXON MOBIL CORP* USD 1,754,307 0.13%

6,307 F5 NETWORKS INC* USD 1,021,914 0.08%4,817 FACTSET RESEARCH SYSTEMS INC* USD 964,059 0.07%1,294 FASTENAL CO* USD 67,663 0.01%2,964 FEDEX CORP* USD 478,182 0.04%2,993 FIFTH THIRD BANCORP* USD 70,425 0.01%7,386 FIRST DATA CORP CLASS A* USD 124,897 0.01%

576 FIRST REPUBLIC BANK/CA* USD 50,054 0.00%39,324 FIRSTENERGY CORP* USD 1,476,634 0.11%

2,018 FIVE BELOW INC* USD 206,482 0.02%511 FLEETCOR TECHNOLOGIES INC* USD 94,903 0.01%

392,626 FLEX LTD* USD 2,987,885 0.22%2,400 FLIR SYSTEMS INC* USD 104,496 0.01%2,324 FLOWSERVE CORP* USD 88,358 0.01%5,057 FLUOR CORP* USD 162,835 0.01%3,700 FORTINET INC* USD 260,591 0.02%

208,568 FREEPORT-MCMORAN INC* USD 2,150,333 0.16%607 FRESH DEL MONTE PRODUCE INC* USD 17,171 0.00%

1,631 FTI CONSULTING INC* USD 108,690 0.01%335 GARTNER INC* USD 42,826 0.00%

18






United States - 41.37% (30 June 2018: 43.91%) (continued)1,738 GENERAL DYNAMICS CORP* USD 273,231 0.02%

132,715 GENERAL MOTORS CO* USD 4,439,320 0.33%97,015 GENTEX CORP* USD 1,960,667 0.14%

5,813 GILEAD SCIENCES INC* USD 363,632 0.03%4,608 GODADDY INC CLASS A* USD 302,377 0.02%

20,810 GOLDMAN SACHS GROUP INC* USD 3,476,242 0.26%198,047 GOODYEAR TIRE & RUBBER CO* USD 4,042,133 0.30%

36,742 GRACO INC* USD 1,537,658 0.11%69,687 GROUP 1 AUTOMOTIVE INC* USD 3,673,890 0.27%

1,664 HAEMONETICS CORP* USD 166,483 0.01%646 HARRIS CORP* USD 86,984 0.01%

15,373 HCA HEALTHCARE INC* USD 1,913,167 0.14%25,868 HEIDRICK & STRUGGLES INTERNATIONAL INC* USD 806,823 0.06%

1,006 HENRY SCHEIN INC* USD 78,991 0.01%3,116 HESS CORP* USD 126,198 0.01%

436,197 HEWLETT PACKARD ENTERPRISE CO* USD 5,762,161 0.42%13,129 HMS HOLDINGS CORP* USD 369,319 0.03%

5,200 HOLLYFRONTIER CORP* USD 265,824 0.02%18,432 HOME DEPOT INC* USD 3,166,986 0.23%

3,758 HONEYWELL INTERNATIONAL INC* USD 496,507 0.04%2,742 HORMEL FOODS CORP* USD 117,029 0.01%

29,300 HP INC* USD 599,478 0.04%4,765 HUMANA INC* USD 1,365,077 0.10%1,800 HUNTINGTON BANCSHARES INC/OH* USD 21,456 0.00%6,377 HUNTINGTON INGALLS INDUSTRIES INC* USD 1,213,694 0.09%

142,638 HUNTSMAN CORP* USD 2,751,492 0.20%2,195 IAC/INTERACTIVECORP* USD 401,773 0.03%1,285 IDEXX LABORATORIES INC* USD 239,036 0.02%4,843 ILLUMINA INC* USD 1,452,561 0.11%

10,450 INDEPENDENT BANK CORP/ROCKLAND MA* USD 734,739 0.05%7,419 INGREDION INC* USD 678,067 0.05%4,319 INSPERITY INC* USD 403,222 0.03%

149,853 INTEL CORP* USD 7,032,599 0.52%72,291 INTERNATIONAL BUSINESS MACHINES CORP* USD 8,217,304 0.60%

1,873 INTUIT INC* USD 368,700 0.03%2,000 INTUITIVE SURGICAL INC* USD 957,840 0.07%1,465 JACK HENRY & ASSOCIATES INC* USD 185,352 0.01%1,816 JB HUNT TRANSPORT SERVICES INC* USD 168,961 0.01%

11,053 JEFFERIES FINANCIAL GROUP INC* USD 191,880 0.01%11,164 JM SMUCKER CO* USD 1,043,738 0.08%53,190 JOHNSON & JOHNSON* USD 6,864,219 0.50%

436 JONES LANG LASALLE INC* USD 55,198 0.00%21,981 KELLOGG CO* USD 1,253,151 0.09%28,562 KEYSIGHT TECHNOLOGIES INC* USD 1,773,129 0.13%

4,150 KFORCE INC* USD 128,318 0.01%14,765 KIMBERLY-CLARK CORP* USD 1,682,329 0.12%

4,642 KLA-TENCOR CORP* USD 415,421 0.03%17,119 KOHL'S CORP* USD 1,135,652 0.08%

156,456 KROGER CO* USD 4,302,550 0.32%165 L3 TECHNOLOGIES INC* USD 28,654 0.00%

19,163 LAMB WESTON HOLDINGS INC* USD 1,409,630 0.10%141,720 LINCOLN NATIONAL CORP* USD 7,271,639 0.53%

15,374 LOWE'S COS INC* USD 1,419,903 0.10%12,379 M&T BANK CORP* USD 1,771,806 0.13%59,380 M/I HOMES INC* USD 1,248,159 0.09%

9,421 MACY'S INC* USD 280,557 0.02%3,133 MARATHON OIL CORP* USD 44,927 0.00%7,710 MARATHON PETROLEUM CORP* USD 454,967 0.03%

16,373 MARCUS & MILLICHAP INC* USD 562,085 0.04%2,201 MARRIOTT INTERNATIONAL INC/MD CLASS A* USD 238,941 0.02%

16,759 MASTERCARD INC CLASS A* USD 3,161,567 0.23%2,529 MCCORMICK & CO INC/MD CLASS VTG* USD 352,138 0.03%

461,854 MCDERMOTT INTERNATIONAL INC* USD 3,020,526 0.22%5,464 MEDIFAST INC* USD 683,109 0.05%

102,181 MERCK & CO INC* USD 7,807,664 0.57%274,955 MERITOR INC* USD 4,649,492 0.34%

69,934 METLIFE INC* USD 2,871,491 0.21%

19






United States - 41.37% (30 June 2018: 43.91%) (continued)2,589 METTLER-TOLEDO INTERNATIONAL INC* USD 1,464,514 0.11%8,753 MICRON TECHNOLOGY INC* USD 277,733 0.02%

33,790 MICROSOFT CORP* USD 3,432,050 0.25%10,984 MIDDLEBY CORP* USD 1,128,384 0.08%15,213 MOLSON COORS BREWING CO CLASS B* USD 854,381 0.06%23,237 MOODY'S CORP* USD 3,254,152 0.24%

2,168 MORGAN STANLEY* USD 85,961 0.01%1,998 MORNINGSTAR INC* USD 219,460 0.02%

11,803 MOTOROLA SOLUTIONS INC* USD 1,357,856 0.10%99,370 MSC INDUSTRIAL DIRECT CO INC CLASS A* USD 7,643,536 0.56%16,114 MSCI INC CLASS A* USD 2,375,752 0.17%

2,900 NASDAQ INC* USD 236,553 0.02%6,031 NATIONAL OILWELL VARCO INC* USD 154,997 0.01%9,176 NETAPP INC* USD 547,532 0.04%2,621 NETFLIX INC* USD 701,537 0.05%

24,338 NEW MOUNTAIN FINANCE CORP* USD 306,178 0.02%277,410 NEWELL BRANDS INC* USD 5,157,047 0.38%

14,909 NEXTERA ENERGY INC* USD 2,591,482 0.19%63,518 NII HOLDINGS INC* USD 280,114 0.02%21,975 NIKE INC CLASS B* USD 1,629,223 0.12%

3,516 NISOURCE INC* USD 89,131 0.01%234,633 NOBLE ENERGY INC* USD 4,401,710 0.32%

4,263 NORDSTROM INC* USD 198,698 0.01%2,638 NORTHROP GRUMMAN CORP* USD 646,046 0.05%3,095 NVIDIA CORP* USD 413,182 0.03%

56,846 OCCIDENTAL PETROLEUM CORP* USD 3,489,216 0.26%1,482,860 OFFICE DEPOT INC* USD 3,825,780 0.28%

3,072 OGE ENERGY CORP* USD 120,392 0.01%1,900 OLD DOMINION FREIGHT LINE INC* USD 234,631 0.02%3,644 ONEOK INC* USD 196,594 0.01%

65,306 ORACLE CORP* USD 2,948,552 0.22%13,265 O'REILLY AUTOMOTIVE INC* USD 4,567,621 0.34%33,105 PACKAGING CORP OF AMERICA* USD 2,762,971 0.20%

4,221 PALO ALTO NETWORKS INC* USD 795,025 0.06%7,200 PAYPAL HOLDINGS INC* USD 605,448 0.04%

58,588 PBF ENERGY INC CLASS A* USD 1,914,076 0.14%19,030 PEPSICO INC* USD 2,102,424 0.15%

101,721 PFIZER INC* USD 4,440,128 0.33%10,788 PG&E CORP* USD 256,219 0.02%25,198 PHILLIPS 66* USD 2,170,836 0.16%

117,911 PIER 1 IMPORTS INC* USD 36,057 0.00%16,153 PINNACLE WEST CAPITAL CORP* USD 1,376,264 0.10%

900 PLAINS GP HOLDINGS LP CLASS A* USD 18,090 0.00%37,192 PNC FINANCIAL SERVICES GROUP INC* USD 4,348,160 0.32%55,157 PROGRESSIVE CORP* USD 3,327,622 0.24%

182,152 PROPETRO HOLDING CORP* USD 2,244,118 0.16%38,764 PUBLIC SERVICE ENTERPRISE GROUP INC* USD 2,017,687 0.15%

691 PVH CORP* USD 64,228 0.00%138,301 QUALCOMM INC* USD 7,870,728 0.58%

23,210 RALPH LAUREN CORP CLASS A* USD 2,401,273 0.18%3,910 RAYTHEON CO* USD 599,599 0.04%4,439 RED HAT INC* USD 779,666 0.06%

14,650 REGIONS FINANCIAL CORP* USD 196,017 0.01%92,248 RELIANCE STEEL & ALUMINUM CO* USD 6,565,315 0.48%23,364 RENEWABLE ENERGY GROUP INC* USD 600,455 0.04%17,251 REPUBLIC SERVICES INC CLASS A* USD 1,243,655 0.09%

271 RESMED INC* USD 30,859 0.00%3,954 ROBERT HALF INTERNATIONAL INC* USD 226,169 0.02%4,493 ROLLINS INC* USD 162,197 0.01%2,144 ROPER TECHNOLOGIES INC* USD 571,419 0.04%

10,041 ROSETTA STONE INC* USD 164,672 0.01%15,670 ROSS STORES INC* USD 1,303,744 0.10%

328,343 RR DONNELLEY & SONS CO* USD 1,300,237 0.10%1,800 S&P GLOBAL INC* USD 305,892 0.02%4,785 SALESFORCE.COM INC* USD 655,401 0.05%

29,053 SALLY BEAUTY HOLDINGS INC* USD 495,351 0.04%6,334 SCANA CORP* USD 302,642 0.02%

20






United States - 41.37% (30 June 2018: 43.91%) (continued)18,096 SCHULMAN INC CVR† USD 0 0.00%

583 SEAGATE TECHNOLOGY PLC* USD 22,498 0.00%272 SEATTLE GENETICS INC* USD 15,412 0.00%

4,693 SERVICENOW INC* USD 835,589 0.06%5,000 SHERWIN-WILLIAMS CO* USD 1,967,293 0.14%

42,086 SIRIUS XM HOLDINGS INC* USD 240,311 0.02%46,024 SONIC AUTOMOTIVE INC CLASS A* USD 633,297 0.05%18,771 SONOCO PRODUCTS CO* USD 997,294 0.07%82,645 SOUTHWEST AIRLINES CO* USD 3,841,355 0.28%

723,729 SOUTHWESTERN ENERGY CO* USD 2,467,917 0.18%845 SPLUNK INC* USD 88,598 0.01%

9,452 SQUARE INC CLASS A* USD 530,163 0.04%300 SS&C TECHNOLOGIES HOLDINGS INC* USD 13,533 0.00%

19,552 SUNTRUST BANKS INC* USD 986,190 0.07%2,841 SVB FINANCIAL GROUP* USD 539,563 0.04%7,910 SYKES ENTERPRISES INC* USD 195,623 0.01%

301 SYNOPSYS INC* USD 25,356 0.00%2,014 SYSCO CORP* USD 126,197 0.01%3,716 T ROWE PRICE GROUP INC* USD 343,061 0.03%

151 TAKE-TWO INTERACTIVE SOFTWARE INC* USD 15,544 0.00%162,641 TAPESTRY INC* USD 5,489,121 0.40%

2,736 TARGA RESOURCES CORP* USD 98,551 0.01%33,424 TARGET CORP* USD 2,208,991 0.16%

139,303 TAYLOR MORRISON HOME CORP CLASS A* USD 2,214,918 0.16%610 TD AMERITRADE HOLDING CORP* USD 29,866 0.00%

149,017 TENNECO INC CLASS A* USD 4,081,567 0.30%29,373 TEXAS INSTRUMENTS INC* USD 2,775,749 0.20%

1,200 TEXTRON INC* USD 55,188 0.00%16,131 THERMO FISHER SCIENTIFIC INC* USD 3,609,956 0.27%

9,880 TIFFANY & CO* USD 795,446 0.06%49,921 TJX COS INC* USD 2,233,471 0.16%

7,234 TOTAL SYSTEM SERVICES INC* USD 588,052 0.04%434 TRACTOR SUPPLY CO* USD 36,213 0.00%535 TRANSDIGM GROUP INC* USD 181,932 0.01%

5,400 TRANSUNION* USD 306,720 0.02%5,611 TRAVELERS COS INC* USD 671,918 0.05%

120,516 TRINSEO SA* USD 5,517,239 0.41%159,569 TRIUMPH GROUP INC* USD 1,835,042 0.13%

18,066 TURNING POINT BRANDS INC* USD 491,757 0.04%47,956 TUTOR PERINI CORP* USD 765,856 0.06%38,074 TWENTY-FIRST CENTURY FOX INC CLASS A* USD 1,832,121 0.13%

3,978 TWENTY-FIRST CENTURY FOX INC CLASS B* USD 190,069 0.01%4,289 TWITTER INC* USD 123,266 0.01%

21,518 TYSON FOODS INC CLASS A* USD 1,149,087 0.08%1,794 UGI CORP* USD 95,710 0.01%2,410 UNDER ARMOUR INC CLASS A* USD 42,585 0.00%6,248 UNDER ARMOUR INC CLASS C* USD 101,030 0.01%

36,246 UNION PACIFIC CORP* USD 5,010,219 0.37%292,993 UNISYS CORP* USD 3,407,506 0.25%

1,240 UNITED CONTINENTAL HOLDINGS INC* USD 103,825 0.01%185,054 UNITED NATURAL FOODS INC* USD 1,959,725 0.14%

4,056 UNITED RENTALS INC* USD 415,862 0.03%6,931 UNITED STATES CELLULAR CORP* USD 360,204 0.03%

18,534 UNITED TECHNOLOGIES CORP* USD 1,973,467 0.15%29,406 UNITEDHEALTH GROUP INC* USD 7,325,744 0.54%

3,895 UNIVERSAL CORP/VA* USD 210,914 0.02%19,012 UNIVERSAL INSURANCE HOLDINGS INC* USD 720,935 0.05%12,470 UNIVERSAL LOGISTICS HOLDINGS INC* USD 225,582 0.02%70,751 US BANCORP* USD 3,233,342 0.24%

8,644 USANA HEALTH SCIENCES INC* USD 1,017,658 0.07%509 VAIL RESORTS INC* USD 107,307 0.01%

18,099 VALERO ENERGY CORP* USD 1,356,907 0.10%9,388 VARIAN MEDICAL SYSTEMS INC* USD 1,063,707 0.08%2,031 VEEVA SYSTEMS INC CLASS A* USD 181,409 0.01%2,967 VERISIGN INC* USD 439,976 0.03%1,941 VERISK ANALYTICS INC CLASS A* USD 211,647 0.02%

116,450 VERIZON COMMUNICATIONS INC* USD 6,546,821 0.48%

21






United States - 41.37% (30 June 2018: 43.91%) (continued)11,307 VF CORP* USD 806,641 0.06%

1,450 VIRTUS INVESTMENT PARTNERS INC* USD 115,174 0.01%4,832 VISA INC CLASS A* USD 637,534 0.05%9,400 VISTRA ENERGY CORP* USD 215,166 0.02%

167 VMWARE INC CLASS A* USD 22,901 0.00%116,028 W&T OFFSHORE INC* USD 478,035 0.04%

2,598 WABTEC CORP* USD 182,510 0.01%34,317 WALGREENS BOOTS ALLIANCE INC* USD 2,344,866 0.17%30,485 WALMART INC* USD 2,839,634 0.21%

5,177 WALT DISNEY CO* USD 567,676 0.04%3,832 WASTE CONNECTIONS INC* USD 284,526 0.02%

17,994 WASTE MANAGEMENT INC* USD 1,601,290 0.12%156,352 WESTERN UNION CO* USD 2,667,371 0.20%

561 WORKDAY INC CLASS A* USD 89,580 0.01%1,123 WORLDPAY INC CLASS A* USD 85,831 0.01%

394 WR BERKLEY CORP* USD 29,121 0.00%941 WW GRAINGER INC* USD 265,701 0.02%

3,344 XCEL ENERGY INC* USD 164,759 0.01%371 XPO LOGISTICS INC* USD 21,162 0.00%241 XYLEM INC/NY* USD 16,080 0.00%

2,258 ZILLOW GROUP INC CLASS C* USD 71,308 0.01%63,952 ZIMMER BIOMET HOLDINGS INC* USD 6,633,090 0.49%17,900 ZIONS BANCORP NA* USD 729,234 0.05%

1,279 ZOETIS INC CLASS A* USD 109,406 0.01%

Total Equities 1,037,700,522 76.22%

Financial Equity Assets at Fair Value Through Profit or Loss 1,037,700,522 76.22%Financial Equity Liabilities at Fair Value Through Profit or Loss – –

INVESTMENT FUNDS

Australia - 0.21% (30 June 2018: 0.06%)132,842 GOODMAN GROUP AUD 994,126 0.07%735,882 SHOPPING CENTRES AUSTRALASIA PROPERTY GROUP CLASS MISCELLA AUD 1,321,055 0.10%217,990 STOCKLAND AUD 540,198 0.04%

Canada - 0.04% (30 June 2018: 0.00%)56,744 INTERRENT REAL ESTATE INVESTMENT TRUST CAD 542,180 0.04%

3,600 RIOCAN REAL ESTATE INVESTMENT TRUST CAD 62,732 0.00%

France - 0.00% (30 June 2018: 0.05%)102 GECINA SA EUR 13,176 0.00%

Japan - 0.03% (30 June 2018: 0.00%)16 JAPAN PRIME REALTY INVESTMENT CORP CLASS REIT JPY 60,812 0.00%15 JAPAN REAL ESTATE INVESTMENT CORP CLASS REIT JPY 84,218 0.01%25 NIPPON BUILDING FUND INC CLASS REIT JPY 157,453 0.01%47 NOMURA REAL ESTATE MASTER FUND INC CLASS REIT JPY 61,858 0.00%51 UNITED URBAN INVESTMENT CORP CLASS REIT JPY 79,116 0.01%

Luxembourg - 15.76% (30 June 2018: 14.54%)1,148,961 ARCUS JAPAN FUND JPY 209,612,208 15.40%

133,644 TRIGON - NEW EUROPE FUND/LUXEMBOURG EUR 4,956,009 0.36%

Romania - 0.22% (30 June 2018: 0.16%)13,888,538 FONDUL PROPRIETATEA SA/FUND RON 3,011,610 0.22%

Singapore - 0.03% (30 June 2018: 0.01%)279,393 CAPITALAND MALL TRUST SGD 463,264 0.03%

United Kingdom - 0.02% (30 June 2018: 0.04%)28,793 SEGRO PLC GBP 215,844 0.02%

United States - 0.67% (30 June 2018: 1.05%)24,791 ALEXANDRIA REAL ESTATE EQUITIES INC USD 2,856,915 0.21%

22






United States - 0.67% (30 June 2018: 1.05%) (continued)82,198 ANNALY CAPITAL MANAGEMENT INC USD 807,188 0.06%26,233 CHIMERA INVESTMENT CORP USD 467,470 0.03%

2,251 EXTRA SPACE STORAGE INC USD 203,671 0.01%12,133 GETTY REALTY CORP USD 356,834 0.03%

7,740 INNOVATIVE INDUSTRIAL PROPERTIES INC CLASS A USD 351,319 0.02%95,445 MFA FINANCIAL INC CLASS REIT USD 637,572 0.05%

181 MID-AMERICA APARTMENT COMMUNITIES INC USD 17,322 0.00%1,140 NATIONAL RETAIL PROPERTIES INC CLASS REIT USD 55,301 0.00%

21,157 PIEDMONT OFFICE REALTY TRUST INC CLASS A USD 360,515 0.03%503 SBA COMMUNICATIONS CORP CLASS A USD 81,431 0.01%

36,399 SENIOR HOUSING PROPERTIES TRUST USD 426,599 0.03%31,873 STARWOOD PROPERTY TRUST INC USD 628,213 0.05%31,005 TANGER FACTORY OUTLET CENTERS INC USD 626,924 0.05%40,318 TWO HARBORS INVESTMENT CORP USD 517,686 0.04%88,807 VEREIT INC USD 634,971 0.05%

Total Investment Funds± 231,205,790 16.98%

Financial Investment Fund Assets at Fair Value Through Profit or Loss 231,205,790 16.98%Financial Investment Fund Liabilities at Fair Value Through Profit or Loss – –

CONTRACTS FOR DIFFERENCES - 0.24% (30 June 2018: 0.21%)

NominalCounterparty;Referenced obligation Value US$ Fund %

278,465 Morgan Stanley 54,396 0.00%AAON INC

232,817 Morgan Stanley 105,853 0.01%ADAMAS PHARMACEUTICALS INC

(417,435) Morgan Stanley (8,049) 0.00%ADMIRAL GROUP PLC

(337,611) Morgan Stanley (9,307) 0.00%ADVANCE AUTO PARTS INC

(243,572) Morgan Stanley (49,299) 0.00%ALTAREA

219,555 Morgan Stanley 19,053 0.00%ALTISOURCE RESIDENTIAL CORP

310,767 Morgan Stanley 10,196 0.00%ALTIUM LIMITED

146,363 Morgan Stanley 42,691 0.00%AMAG PHARMACEUTICALS INC

261,598 Morgan Stanley 102,701 0.01%AMKOR TECHNOLOGY INC

230,253 Morgan Stanley (3,524) 0.00%AMP LIMITED

323,180 Morgan Stanley 102,111 0.01%APOGEE ENTERPRISES INC

149,230 Morgan Stanley 18,828 0.00%APPFOLIO INC

316,169 Morgan Stanley 32,748 0.00%ARGAN INC

118,950 Morgan Stanley 33,515 0.00%ARROW GLOBAL GROUP PLC

304,168 Morgan Stanley 121,157 0.01%ASTEC INDUSTRIES INC

160,447 Morgan Stanley 32,856 0.00%AUSTRALIAN AGRICULTURAL CO LTD

(1,178,543) Morgan Stanley (128,159) (0.01%)AVEVA GROUP PLC

(1,312,016) Morgan Stanley (206,774) (0.02%)AXFOOD AB

23




Nominal Counterparty;Referenced obligation Value US$ Fund %

346,079 Morgan Stanley 193,538 0.02%BGC PARTNERS INC

131,742 Morgan Stanley 39,748 0.00%BIG LOTS INC

1,048,754 Morgan Stanley 142,863 0.01%BIO-RAD LABORATORIES INC

152,315 Morgan Stanley 26,349 0.00%BIOSANTE PHARMACEUTICALS INC

447,298 Morgan Stanley 176,576 0.01%BLACKBAUD INC

(363,865) Morgan Stanley 37,880 0.00%BOSTON SCIENTIFIC CORPORATION

(371,264) Morgan Stanley (13,255) 0.00%BP PLC

151,071 Morgan Stanley 9,969 0.00%BREVILLE GROUP LIMITED

398,299 Morgan Stanley 152,170 0.01%BUZZI UNICEM S.P.A

(326,512) Morgan Stanley (16,046) 0.00%BWP TRUST

150,572 Morgan Stanley (8,112) 0.00%CAI INTERNATIONAL INC

405,980 Morgan Stanley 94,813 0.01%CALERES INC

182,560 Morgan Stanley 25,134 0.00%CANADIAN WESTERN BANK

264,054 Morgan Stanley 21,634 0.00%CARD FACTORY PLC

132,963 Morgan Stanley 22,041 0.00%CARTER'S INC

505,647 Morgan Stanley 250,162 0.02%CBL & ASSOCIATES PROPERTIES INC

(1,103,529) Morgan Stanley (258,284) (0.02%)CENTURY TOKYO LEASING CORPORATION

298,487 Morgan Stanley 32,357 0.00%CHALLENGER LIMITED

150,945 Morgan Stanley 13,954 0.00%CHESAPEAKE UTILITIES CORPORATION

122,498 Morgan Stanley 41,498 0.00%CHUY'S HOLDINGS INC

(794,064) Morgan Stanley (232,648) (0.02%)CITIGROUP INC

(1,852,837) Morgan Stanley (150,464) (0.01%)CITRIX SYSTEMS INC

120,726 Morgan Stanley 41,158 0.00%CLEARWATER PAPER CORPORATION

176,218 Morgan Stanley 50,454 0.00%COLOPL INC

208,137 Morgan Stanley 14,913 0.00%COMMVAULT SYSTEMS INC

(358,547) Morgan Stanley (17,555) 0.00%CONOCOPHILLIPS

580,563 Morgan Stanley 60,071 0.01%CORCEPT THERAPEUTICS INC

(1,306,970) Morgan Stanley (120,359) (0.01%)COSTCO WHOLESALE CORPORATION

(486,566) Morgan Stanley (65,474) (0.01%)CUSHMAN & WAKEFIELD PLC

(627,377) Morgan Stanley (37,139) 0.00%DAIFUKU CO LTD

(548,826) Morgan Stanley 123,320 0.01%DAINIPPON SUMITOMO PHARMA CO LTD

157,259 Morgan Stanley 129,665 0.01%DEBENHAMS PLC

204,612 Morgan Stanley 84,733 0.01%DIEBOLD INCORPORATED

168,539 Morgan Stanley 15,821 0.00%DIME COMMUNITY BANCSHARES INC

24





634,178 Morgan Stanley 568,543 0.04%DISTRIBUIDORA INTERNACIONAL DE ALIMENTACION SA

437,543 Morgan Stanley (18,122) 0.00%DOLLAR TREE STORES INC

100,975 Morgan Stanley 11,980 0.00%DOMAIN HOLDINGS AUSTRALIA LIMITED

307,687 Morgan Stanley 62,749 0.01%DOMINO'S PIZZA ENTERPRISES LIMITED

260,652 Morgan Stanley 1,262 0.00%ECHOSTAR CORP

124,099 Morgan Stanley 10,498 0.00%ECLIPX GROUP LIMITED

572,721 Morgan Stanley 58,634 0.01%EMPIRE STATE REALTY TRUST INC

169,004 Morgan Stanley 14,280 0.00%ENCORE CAPITAL GROUP INC

(289,412) Morgan Stanley (62,191) (0.01%)EN-JAPAN INC

204,123 Morgan Stanley 86,028 0.01%ENSCO PLC

165,417 Morgan Stanley 85,079 0.01%ESPRIT HOLDINGS LIMITED

170,596 Morgan Stanley 44,687 0.00%ETHAN ALLEN INTERIORS INC

(162,947) Morgan Stanley (53,505) 0.00%EXP WORLD HOLDINGS INC

(1,005,196) Morgan Stanley (16,652) 0.00%FEVERTREE DRINKS PLC

254,367 Morgan Stanley 16,089 0.00%FINANCIAL PRODUCTS GROUP CO LTD

245,537 Morgan Stanley 28,616 0.00%FIRST COMMONWEALTH FINANCIAL CORPORATION

918,978 Morgan Stanley 100,188 0.01%FLEXTRONICS INTERNATIONAL LTD

78,278 Morgan Stanley 4,361 0.00%FONTERRA SHAREHOLDERS FUND

209,281 Morgan Stanley 87,974 0.01%FRESH DEL MONTE PRODUCE INC

(1,513,241) Morgan Stanley (387,758) (0.03%)FUKUOKA FINANCIAL GROUP INC

(193,865) Morgan Stanley (5,644) 0.00%GAZTRANSPORT ET TECHNIGAZ

77,553 Morgan Stanley (1,243) 0.00%GILDAN ACTIVEWEAR INC

(1,494,737) Morgan Stanley (166,550) (0.01%)GILEAD SCIENCES INC

128,272 Morgan Stanley 12,782 0.00%GOLDEN AGRI-RESOURCES LTD

625,309 Morgan Stanley 196,160 0.02%GOVERNMENT PROPERTIES INCOME TRUST

763,066 Morgan Stanley 52,293 0.00%GRAPHIC PACKAGING CORPORATION

(232,723) Morgan Stanley (3,362) 0.00%GREAT CANADIAN GAMING CORPORATION

(1,022,865) Morgan Stanley (52,198) 0.00%GREGGS PLC

(133,624) Morgan Stanley (36,527) 0.00%GW PHARMACEUTICALS PLC

555,869 Morgan Stanley 43,316 0.00%H.B. FULLER COMPANY

(2,238,406) Morgan Stanley 65,421 0.01%HALMA PLC

652,452 Morgan Stanley 206,284 0.02%HAMMERSON PLC

171,711 Morgan Stanley 32,598 0.00%HANG LUNG PROPERTIES LIMITED

165,063 Morgan Stanley 37,506 0.00%HANMI FINANCIAL CORPORATION

25





164,166 Morgan Stanley 1,720 0.00%HANWA CO LTD

370,158 Morgan Stanley 63,814 0.01%HASEKO CORPORATION

900,101 Morgan Stanley 30,003 0.00%HEALTHCARE SERVICES GROUP INC

220,031 Morgan Stanley 3,506 0.00%HEARTLAND EXPRESS INC

100,993 Morgan Stanley 34,057 0.00%HEIDELBERGER DRUCKMASCHINEN AG

(3,115,482) Morgan Stanley (371,088) (0.03%)HERMES INTERNATIONAL

(488,018) Morgan Stanley (58,022) (0.01%)HIKMA PHARMACEUTICALS PLC

181,518 Morgan Stanley 16,519 0.00%HITACHI ZOSEN CORPORATION

(2,339,325) Morgan Stanley (236,681) (0.02%)HONDA MOTOR CO LTD

428,351 Morgan Stanley 88,076 0.01%HOPE BANCORP INC

236,580 Morgan Stanley 56,789 0.01%HUHTAMAKI OYJ

(186,891) Morgan Stanley (83,595) (0.01%)HUNTING PLC

88,432 Morgan Stanley 22,140 0.00%HUTCHISON PORT HOLDINGS TRUST

116,894 Morgan Stanley 2,708 0.00%HYSAN DEVELOPMENT COMPANY LIMITED

173,536 Morgan Stanley 59,404 0.01%ICHOR HOLDINGS LTD

(834,395) Morgan Stanley (155,216) (0.01%)INFORMA SWITZERLAND LIMITED

115,694 Morgan Stanley (16,263) 0.00%INTEGRAFIN HOLDINGS PLC

(620,190) Morgan Stanley 25,333 0.00%INTEGRATED DEVICE TECHNOLOGY INC

(226,137) Morgan Stanley (11,151) 0.00%INTEL CORPORATION

(390,402) Morgan Stanley (9,383) 0.00%INTERCONTINENTAL EXCHANGE INC

108,457 Morgan Stanley 10,581 0.00%INVOCARE LIMITED

239,991 Morgan Stanley 59,955 0.01%IOOF HOLDINGS LTD

(877,851) Morgan Stanley (199,288) (0.02%)IPSEN

338,058 Morgan Stanley 35,402 0.00%ITRON INC

361,489 Morgan Stanley 11,148 0.00%J & J SNACK FOODS CORP

(1,747,083) Morgan Stanley (130,344) (0.01%)JOHNSON & JOHNSON

222,050 Morgan Stanley 15,357 0.00%JOWA HOLDINGS COMPANY LIMITED

(2,193,196) Morgan Stanley (305,127) (0.02%)JPMORGAN CHASE & CO

175,868 Morgan Stanley 34,209 0.00%KADANT INC

153,841 Morgan Stanley 20,814 0.00%KAKEN PHARMACEUTICAL CO LTD

281,717 Morgan Stanley 14,407 0.00%KAMIGUMI CO LTD

(167,789) Morgan Stanley (27,574) 0.00%KERING

336,356 Morgan Stanley 28,109 0.00%KONINKLIJKE BOSKALIS WESTMINSTER NV

319,936 Morgan Stanley 36,878 0.00%LAURENTIAN BANK OF CANADA

26





121,423 Morgan Stanley 38,501 0.00%LENZING AKTIENGESELLSCHAFT

300,962 Morgan Stanley 2,807 0.00%LEXINGTON REALTY TRUST

(2,211,670) Morgan Stanley (544,273) (0.04%)LOCKHEED MARTIN CORPORATION

120,938 Morgan Stanley (6,763) 0.00%LO-Q PLC

(367,031) Morgan Stanley 9,004 0.00%LVMH MOET HENNESSY LOUIS VUITTON

331,834 Morgan Stanley 21,294 0.00%MACQUARIE INFRASTRUCTURE COMPANY LLC

156,573 Morgan Stanley 31,850 0.00%MAN WAH HOLDINGS LTD

217,588 Morgan Stanley 46,700 0.00%MATTHEWS INTERNATIONAL CORPORATION

388,926 Morgan Stanley 239,858 0.02%MAXAR TECHNOLOGIES LTD

496,801 Morgan Stanley 43,213 0.00%MAXLINEAR INC

(984,066) Morgan Stanley (45,398) 0.00%MCDONALD'S HOLDINGS COMPANY (JAPAN) LIMITED

879,305 Morgan Stanley 32,914 0.00%MEDIDATA SOLUTIONS INC

351,341 Morgan Stanley 14,510 0.00%MEREDITH CORPORATION

266,285 Morgan Stanley 112,914 0.01%METRO BANK PLC

170,522 Morgan Stanley 64,661 0.01%MIMASU SEMICONDUCTOR INDUSTRY CO LTD

295,996 Morgan Stanley 16,090 0.00%MINERAL RESOURCES LIMITED

413,989 Morgan Stanley 52,784 0.00%MINTH GROUP LIMITED

563,449 Morgan Stanley (15,835) 0.00%MITSUBISHI TANABE PHARMA CORPORATION

99,094 Morgan Stanley 42,303 0.00%MITSUI HIGH-TEC INC

633,976 Morgan Stanley 289,877 0.02%MIXI INC

310,695 Morgan Stanley 11,777 0.00%MOOG INC

128,696 Morgan Stanley 31,984 0.00%MOTORCAR PARTS OF AMERICA INC

170,454 Morgan Stanley 3,547 0.00%MUELLER INDUSTRIES INC

99,843 Morgan Stanley 20,535 0.00%NATIONAL COMMERCE CORP

(582,916) Morgan Stanley (2,755) 0.00%NATIONAL EXPRESS GROUP PLC

351,783 Morgan Stanley (4,750) 0.00%NATUS MEDICAL INC

277,721 Morgan Stanley (417) 0.00%NAVIGANT CONSULTING INC

(534,246) Morgan Stanley (74,250) (0.01%)NETAPP INC

(13,687) Morgan Stanley (109,770) (0.01%)NEWMARK GROUP INC-CLASS A

194,870 Morgan Stanley 85,786 0.01%NIPPON DENKO CO LTD

478,877 Morgan Stanley (71,375) (0.01%)NIPPON MEAT PACKERS INC

107,751 Morgan Stanley 27,885 0.00%NISSEI ASB MACHINE CO LTD

143,633 Morgan Stanley 37,205 0.00%NISSHA PRINTING CO LTD

(326,386) Morgan Stanley (103,792) (0.01%)NMC HEALTH PLC

27





151,383 Morgan Stanley 3,409 0.00%NOEVIR HOLDINGS CO LTD

291,709 Morgan Stanley 4,145 0.00%NVR INC

37,797 Morgan Stanley 9,251 0.00%OBARA GROUP INCORPORATED

(200,174) Morgan Stanley (35,056) 0.00%OCADO GROUP PLC

133,066 Morgan Stanley 22,639 0.00%ONWARD KASHIYAMA CO LTD

341,698 Morgan Stanley (9,211) 0.00%ORACLE CORPORATION JAPAN

378,848 Morgan Stanley 218,218 0.02%OWENS & MINOR INC

(345,009) Morgan Stanley (98,778) (0.01%)OXFORD BIOMEDICA PLC

140,754 Morgan Stanley (2,337) 0.00%PC CONNECTION INC

233,197 Morgan Stanley 93,845 0.01%PENNSYLVANIA REAL ESTATE INVESTMENT TRUST

182,169 Morgan Stanley 18,838 0.00%PERPETUAL LIMITED

119,561 Morgan Stanley 56,014 0.01%PETMED EXPRESS INC

297,219 Morgan Stanley 186,203 0.01%PEYTO EXPLORATION & DEVELOPMENT CORP

672,378 Morgan Stanley 61,427 0.01%PHYSICIANS REALTY TRUST

125,383 Morgan Stanley 11,815 0.00%PLATINUM INVESTMENT MANAGEMENT LIMITED

303,931 Morgan Stanley (19,001) 0.00%POINT INC

230,492 Morgan Stanley 10,293 0.00%POWER INTEGRATIONS INC

239,137 Morgan Stanley 49,292 0.00%PRAIRIESKY ROYALTY LTD

488,778 Morgan Stanley 76,952 0.01%PROGRESS SOFTWARE CORPORATION

165,069 Morgan Stanley 85,275 0.01%R. R. DONNELLEY & SONS COMPANY

735,488 Morgan Stanley 153,661 0.01%REALOGY HOLDINGS CORP

350,362 Morgan Stanley 159,395 0.01%RED ROBIN GOURMET BURGERS INC

518,387 Morgan Stanley 36,188 0.00%REDFIN CORPORATION

138,057 Morgan Stanley 73,817 0.01%REV GROUP INC

305,664 Morgan Stanley 108,832 0.01%ROGERS CORPORATION

128,962 Morgan Stanley 20,049 0.00%ROLLINS INC

(329,330) Morgan Stanley (108,107) (0.01%)ROTORK PLC

951,201 Morgan Stanley 63,647 0.01%SANDERSON FARMS INC

(1,260,525) Morgan Stanley (181,102) (0.01%)SARTORIUS STEDIM BIOTECH S.A.

416,843 Morgan Stanley (98,608) (0.01%)SCANA CORPORATION

226,744 Morgan Stanley 38,854 0.00%SEACOAST BANKING CORPORATION OF FLORIDA

131,012 Morgan Stanley 15,731 0.00%SERIA CO LTD

(168,702) Morgan Stanley (17,605) 0.00%SES SA

170,266 Morgan Stanley (1,600) 0.00%SHANGRI-LA ASIA LIMITED

28





102,778 Morgan Stanley (14,070) 0.00%SHIMA SEIKI MFG. LTD

470,133 Morgan Stanley 41,386 0.00%SHIMAMURA CO LTD

100,583 Morgan Stanley 3,605 0.00%SHOCHIKU CO LTD

1,360,692 Morgan Stanley 181,461 0.01%SIGNATURE BANK

300,551 Morgan Stanley 5,113 0.00%SLEEP NUMBER CORPORATION

(215,150) Morgan Stanley (51,288) 0.00%SOFTCAT PLC

158,062 Morgan Stanley 20,584 0.00%SOUTHSIDE BANCSHARES INC

124,519 Morgan Stanley 29,599 0.00%SPIN MASTER CORP

196,779 Morgan Stanley 107,400 0.01%SPIRE HEALTHCARE GROUP PLC

(807,602) Morgan Stanley (58,106) (0.01%)SSP GROUP PLC

200,715 Morgan Stanley 77,281 0.01%SUN HYDRAULICS CORPORATION

154,914 Morgan Stanley 63,299 0.01%SUPERGROUP PLC

228,970 Morgan Stanley 47,646 0.00%SURUGA BANK LTD

(1,026,432) Morgan Stanley (143,546) (0.01%)SUZUKI MOTOR CORPORATION

889,901 Morgan Stanley 63,385 0.01%SYDNEY AIRPORT HOLDINGS LIMITED

(1,590,225) Morgan Stanley (249,416) (0.02%)SYNCHRONY FINANCIAL

(4,318,084) Morgan Stanley (705,117) (0.05%)THE BOEING COMPANY

403,612 Morgan Stanley 62,571 0.01%THE BUCKLE INC

250,383 Morgan Stanley 75,486 0.01%THE CHUGOKU BANK LTD

90,200 Morgan Stanley 9,642 0.00%THE FURUKAWA ELECTRIC COMPANY LIMITED

475,214 Morgan Stanley 124,165 0.01%THE HACHIJUNI BANK LTD

204,805 Morgan Stanley 75,287 0.01%THE IYO BANK LTD

(256,083) Morgan Stanley (34,155) 0.00%THE ROYAL BANK OF SCOTLAND GROUP PLC

(2,659,481) Morgan Stanley (21,822) 0.00%THE SOUTHERN COMPANY

126,233 Morgan Stanley 41,216 0.00%THOMAS COOK GROUP PLC

240,614 Morgan Stanley 30,676 0.00%TOKYO OHKA KOGYO CO LTD

159,915 Morgan Stanley 39,269 0.00%TOKYO TY FINANCIAL GROUP INC

183,409 Morgan Stanley 130,271 0.01%TOWA CORPORATION

175,016 Morgan Stanley 56,430 0.01%TOWER SEMICONDUCTOR LTD

197,715 Morgan Stanley 37,915 0.00%TRUEBLUE INC

195,782 Morgan Stanley 8,144 0.00%TSUBAKI NAKASHIMA CO LTD

842,171 Morgan Stanley 215,402 0.02%TSURUHA HOLDINGS INC

249,897 Morgan Stanley 32,673 0.00%TUTOR PERINI CORPORATION

198,070 Morgan Stanley 116,221 0.01%U-BLOX HOLDING AG

29





415,238 Morgan Stanley 153,160 0.01%ULTRA CLEAN HOLDINGS INC

164,633 Morgan Stanley 20,489 0.00%ULTRA ELECTRONICS HOLDINGS PLC

235,610 Morgan Stanley 22,053 0.00%UNITED DRUG PLC

270,772 Morgan Stanley 68,047 0.01%VAREX IMAGING CORPORATION

241,116 Morgan Stanley 32,405 0.00%VERITEX HOLDINGS INC

(298,550) Morgan Stanley (39,751) 0.00%VIACOM INC

121,748 Morgan Stanley 329 0.00%VIAD CORP

580,925 Morgan Stanley 40,923 0.00%WATSCO INC

(234,907) Morgan Stanley (36,671) 0.00%WESTSHORE TERMINALS INVESTMENT CORPORATION

(1,146,728) Morgan Stanley (44,049) 0.00%WHITBREAD PLC

255,291 Morgan Stanley 62,216 0.01%WILLIAM HILL PLC

119,733 Morgan Stanley (24,244) 0.00%YUE YUEN INDUSTRIAL (HOLDINGS) LIMITED

Total Contracts for DifferenceΦ 3,221,771 0.24%

Financial Contracts for Difference Assets at Fair Value Through Profit or Loss 9,926,721 0.73%Financial Contracts for Difference Liabilities at Fair Value Through Profit or Loss (6,704,950) (0.49%)

Number of Contracts Description

Expiry Date/Strike Price

ContractValue US$ Fund %

OPTIONS

Put Options - 0.00% (30 June 2018: 0.00%)27,578,125 Currency Option with Citibank January 19/0.70 27,705 0.00%

for the right to sell AUD/USD at thestrike price of 0.70, expiring January 2019

Total OptionsΦ 27,705 0.00%

Financial Option Assets at Fair Value Through Profit or Loss 27,705 –Financial Option Liabilities at Fair Value Through Profit or Loss – –

Investments 1,272,155,788 93.44%

FORWARD FOREIGN CURRENCY CONTRACTS 0.04% (30 June 2018: 0.01%)

Maturity Date

Amount Bought

Amount Sold Counterparty

Unrealised Gain/(Loss)

US$ Fund %

The SEI Global Select Equity Fund Hedged Euro Institutional Class30/01/2019 246,659 EUR (389,158) AUD Brown Brothers Harriman 8,494 0.00%30/01/2019 355,198 EUR (541,291) CAD Brown Brothers Harriman 10,382 0.00%30/01/2019 305,236 EUR (342,713) CHF Brown Brothers Harriman 1,200 0.00%30/01/2019 60,046 EUR (448,166) DKK Brown Brothers Harriman (23) 0.00%30/01/2019 604,970 EUR (547,740) GBP Brown Brothers Harriman (5,350) 0.00%30/01/2019 120,320 EUR (1,068,678) HKD Brown Brothers Harriman 1,260 0.00%30/01/2019 854,117 EUR (109,732,471) JPY Brown Brothers Harriman (23,599) 0.00%30/01/2019 26,603 EUR (258,631) NOK Brown Brothers Harriman 576 0.00%30/01/2019 8,580 EUR (14,168) NZD Brown Brothers Harriman 326 0.00%30/01/2019 92,893 EUR (956,762) SEK Brown Brothers Harriman (1,717) 0.00%

30




Maturity Date

Amount Bought

Amount Sold Counterparty


US$ Fund %

The SEI Global Select Equity Fund Hedged Euro Institutional Class (continued)30/01/2019 45,693 EUR (71,313) SGD Brown Brothers Harriman 6 0.00%30/01/2019 6,587,203 EUR (7,492,403) USD Brown Brothers Harriman 55,658 0.01%

47,213 0.01%

The SEI Global Select Equity Fund Hedged Sterling Institutional Class30/01/2019 568,643 GBP (990,134) AUD Brown Brothers Harriman 27,742 0.00%30/01/2019 818,793 GBP (1,377,212) CAD Brown Brothers Harriman 35,145 0.01%30/01/2019 703,355 GBP (871,958) CHF Brown Brothers Harriman 10,205 0.00%30/01/2019 138,366 GBP (1,140,263) DKK Brown Brothers Harriman 1,351 0.00%30/01/2019 2,541,473 GBP (2,807,170) EUR Brown Brothers Harriman 24,672 0.00%30/01/2019 277,371 GBP (2,719,044) HKD Brown Brothers Harriman 6,174 0.00%30/01/2019 1,968,830 GBP (279,189,780) JPY Brown Brothers Harriman (39,216) (0.01%)30/01/2019 61,338 GBP (658,031) NOK Brown Brothers Harriman 2,135 0.00%30/01/2019 19,778 GBP (36,049) NZD Brown Brothers Harriman 1,039 0.00%30/01/2019 213,985 GBP (2,434,273) SEK Brown Brothers Harriman (2,284) 0.00%30/01/2019 105,316 GBP (181,442) SGD Brown Brothers Harriman 1,117 0.00%30/01/2019 15,185,435 GBP (19,062,859) USD Brown Brothers Harriman 304,292 0.02%

372,372 0.02%

The SEI Global Select Equity Fund Hedged U.S.$ Institutional Class30/01/2019 340,155 USD (472,031) AUD Brown Brothers Harriman 7,648 0.00%30/01/2019 489,958 USD (656,563) CAD Brown Brothers Harriman 8,887 0.00%30/01/2019 421,072 USD (415,696) CHF Brown Brothers Harriman (1,721) 0.00%30/01/2019 82,832 USD (543,609) DKK Brown Brothers Harriman (655) 0.00%30/01/2019 1,522,153 USD (1,338,277) EUR Brown Brothers Harriman (11,361) 0.00%30/01/2019 833,981 USD (664,394) GBP Brown Brothers Harriman (13,390) 0.00%30/01/2019 165,972 USD (1,296,266) HKD Brown Brothers Harriman 270 0.00%30/01/2019 1,178,550 USD (133,100,955) JPY Brown Brothers Harriman (37,293) 0.00%30/01/2019 36,691 USD (313,709) NOK Brown Brothers Harriman 415 0.00%30/01/2019 11,831 USD (17,186) NZD Brown Brothers Harriman 301 0.00%30/01/2019 128,112 USD (1,160,514) SEK Brown Brothers Harriman (3,089) 0.00%30/01/2019 63,003 USD (86,501) SGD Brown Brothers Harriman (500) 0.00%

(50,488) 0.00%

Portfolio Hedges04/01/2019 1,836,848,572 JPY (16,546,875) USD Citibank 196,667 0.01%07/01/2019 1,828,780,647 JPY (16,546,875) USD Citibank 127,730 0.01%02/01/2019 12,462,042 USD (17,650,000) AUD Citibank 36,445 0.00%04/01/2019 68,256 USD (7,541,900) JPY Citibank (492) 0.00%04/01/2019 16,546,875 USD (1,829,306,672) JPY Citibank (127,919) (0.01%)

232,431 0.01%

Total Forward Foreign Currency Contracts∞ 601,528 0.04%

Financial Forward Foreign Currency Contract Assets at Fair Value Through Profit or Loss 870,137 0.06%Financial Forward Foreign Currency Contract Liabilities at Fair Value Through Profit or Loss (268,609) (0.02%)

FUTURES (0.04%) (30 June 2018: 0.10%)

Number of Contracts Description Counterparty


US$ Fund %

199 AUD USD Currency Futures March 2019 JP Morgan (358,500) (0.03%)(490) British Pounds Currency Futures March 2019 JP Morgan (212,538) (0.02%)364 Canadian Dollar Currency Futures March 2019 JP Morgan (548,660) (0.04%)167 CHF Currency Futures March 2019 JP Morgan 172,494 0.01%(588) Euro FX Currency Futures March 2019 JP Morgan (466,725) (0.03%)(1,685) Euro Stoxx 50 Futures March 2019 JP Morgan 1,101,105 0.08%(503) FTSE 100 Index Futures March 2019 JP Morgan (68,600) (0.01%)64 Hang Seng Index Futures January 2019 JP Morgan 142,639 0.01%(1,277) Japanese Yen Currency Futures March 2019 JP Morgan (4,692,269) (0.34%)

31




Number of Contracts Description Counterparty


US$ Fund %

148 MSCI Singapore Index ETS Futures January 2019 JP Morgan 36,317 0.00%2 Norwegian Krone Futures March 2019 JP Morgan (5,440) 0.00%(186) OMX Stockholm 30 Index January 2019 JP Morgan 78,628 0.01%2,071 S&P 500 E-Mini Futures March 2019 JP Morgan (4,810,828) (0.35%)224 S&P TSX 60 Index Futures March 2019 JP Morgan (127,376) (0.01%)215 SPI 200 Futures March 2019 JP Morgan 249,762 0.02%27 Swedish Krona Currency Futures March 2019 JP Morgan 104,100 0.01%(172) Swiss Market Index Futures March 2019 JP Morgan 249,700 0.02%(1,027) Topix Index Futures March 2019 JP Morgan 8,564,505 0.63%

Total FuturesΦ (591,686) (0.04%)

Financial Future Assets at Fair Value Through Profit or Loss 10,699,250 0.79%Financial Future Liabilities at Fair Value Through Profit or Loss (11,290,936) (0.83%)

Value US$ Fund %

Total Financial Assets at Fair Value Through Profit or Loss 1,290,430,125 94.78%Total Financial Liabilities at Fair Value Through Profit or Loss (18,264,495) (1.34%)

Portfolio Analysis Total Assets %

* Transferable securities admitted to an official stock exchange listing 1,037,700,522 74.81%± UCITS and non-UCITS investment schemes 231,205,790 16.67%Φ Financial derivative instruments dealt in on a regulated market (563,981) (0.04%)∞ Centrally cleared and OTC financial derivative instruments 3,823,299 0.28%† Other transferable securities including those which are unlisted 0 0.00%

Total Investments 1,272,165,630 91.72%

The above holdings represent a portion of the investments held at the pool level allocated to the Fund at period end date. The accompanying notes form an integral part of these financial statements.

32

SEI Global Investments Fund plc Unaudited Condensed Financial Statements for the half year ended 31 December 2018 CONDENSED INCOME STATEMENT

The accompanying notes form an integral part of the financial statements.

Global Select Equity Fund

US$ Period From

Global Select Equity Fund US$

Period From 1 July 2018 to 1 July 2017 to Note 31 December 2018 31 December 2017 Income - Continuing Activities Income from Financial Assets at Fair Value through Profit or Loss 1(b) 14,948,213 13,859,940 Bank Interest Income 385,690 104,400 Net Gains/(Losses) on Financial Assets and Financial Liabilities at Fair Value through Profit or Loss 1(b) (214,716,076) 185,936,811 (199,382,173) 199,901,151 Expenses - Continuing Activities Management Fee 1,136,805 1,165,278 Transaction Fees 63,984 45,416 Operational Expenses 97,442 76,742 Total Operating Expenses 1,298,231 1,287,436 Expense Reimbursement (196,026) (148,615) Net Expenses 1,102,205 1,138,821 Net Income/(Loss) before Finance Costs (200,484,378) 198,762,330 Finance Costs 2 (379,052) (346,060) Profit/(Loss) for the Period (200,863,430) 198,416,270 Withholding Tax (2,841,267) (2,927,589) Increase/(Decrease) in Assets for the Period Attributable to Redeemable Participating Shareholders (203,704,697) 195,488,681 Income and expenses arose solely from continuing operations. There were no recognised gains and losses other than those dealt with in the condensed income statement.

33

SEI Global Investments Fund plc Unaudited Condensed Financial Statements for the half year ended 31 December 2018 CONDENSED STATEMENT OF FINANCIAL POSITION


Global Select Equity

Fund Global Select Equity

Fund US$ US$ As at As at Note 31 December 2018 30 June 2018 Current Assets Financial Assets at Fair Value through Profit or Loss 1(b) 1,290,430,125 1,556,703,612 Cash at Bank 45,884,987 39,375,229 Receivable for Investments Sold 3,180,959 7,025,392 Receivable for Shares Created 113,467 – Accrued Income Receivable 1,636,121 2,493,029 Receivable from Broker Margin Accounts 36,767,911 46,874,001 Cash Collateral 7 8,940,099 9,344,734 Other Assets 26,864 30,756 Total Assets 1,386,980,533 1,661,846,753 Liabilities Due Within One Year Financial Liabilities at Fair Value through Profit or Loss 1(b) 18,264,495 10,812,540 Bank Overdraft 63 255,019 Payable for Investments Purchased 2,041,023 6,878,232 Payable for Shares Redeemed 12,607 386 Payable on Broker Margin Accounts 4,651,054 16,012,371 Accrued Expenses Payable and Other Payables 574,289 446,402 Liabilities (excluding Net Assets Attributable to Redeemable Participating Shareholders) 25,543,531 34,404,950 Net Assets Attributable to Redeemable Participating Shareholders (at Last Traded Market Prices) 1,361,437,002 1,627,441,803

34

SEI Global Investments Fund plc Unaudited Condensed Financial Statements for the half year ended 31 December 2018 CONDENSED STATEMENT OF FINANCIAL POSITION (continued)


31 December 2018 30 June 2018 30 June 2017

Net Assets

Net Asset Value per

Share Net Assets

Net Asset Value per

Share Net Assets

Net Asset Value per

Share Global Select Equity Fund Euro Institutional Class US$5,097 EUR9.97 US$5,844 EUR11.20 US$5,243 EUR10.28 Hedged Euro Institutional Class US$12,022,834 EUR12.18 US$14,160,030 EUR14.04 US$13,225,709 EUR12.86 Hedged Sterling Institutional Class US$30,874,442 GBP11.53 US$37,398,314 GBP13.22 US$47,702,237 GBP12.01 Hedged U.S.$ Institutional Class US$14,511,383 US$10.13 US$16,562,224 US$11.49 US$6,285 US$10.28 Sterling Institutional Class US$657,013,390 GBP21.51 US$807,511,830 GBP23.79 US$825,023,755 GBP21.69 Sterling Institutional Distributing Class US$28,924,822 GBP17.84 US$33,579,054 GBP19.95 US$32,553,308 GBP18.48 U.S.$ Institutional C Class US$29,935,438 US$11.66 US$55,112,347 US$13.43 US$49,727,988 US$12.15 U.S.$ Institutional Class US$588,149,596 US$18.71 US$663,112,160 US$21.45 US$649,661,975 US$19.24

35

SEI Global Investments Fund plc Unaudited Condensed Financial Statements for the half year ended 31 December 2018 CONDENSED STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO REDEEMABLE PARTICIPATING SHAREHOLDERS



US$ Period From

Global Select Equity Fund US$

Period From 1 July 2018 to 1 July 2017 to 31 December 2018 31 December 2017 Net Assets Attributable to Redeemable Participating Shareholders at beginning of Period 1,627,441,803 1,617,906,500 Proceeds from Redeemable Participating Shares Issued 47,539,958 123,468,097 Cost of Redeemable Participating Shares Redeemed (109,840,062) (158,628,599) 1,565,141,699 1,582,745,998 Increase/(Decrease) in Assets for the Period Attributable to Redeemable Participating Shareholders (203,704,697) 195,488,681 Net Assets Attributable to Redeemable Participating Shareholders at end of Period 1,361,437,002 1,778,234,679

36

SEI Global Investments Fund plc Unaudited Condensed Financial Statements for the half year ended 31 December 2018 CONDENSED STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO REDEEMABLE PARTICIPATING SHAREHOLDERS (continued)


The number of Redeemable Participating Shares issued and redeemed during the half year ended 31 December 2018 were as follows:

Shares in Issue at 1 July 2018

Shares Issued

Shares Redeemed

Shares in Issue at 31 December 2018

Global Select Equity Fund Euro Institutional Class 447 – – 447 Hedged Euro Institutional Class 863,540 – – 863,540 Hedged Sterling Institutional Class 2,142,975 12,566 (52,345) 2,103,196 Hedged U.S.$ Institutional Class 1,440,849 – (8,167) 1,432,682 Sterling Institutional Class 25,712,890 789,522 (2,517,148) 23,985,264 Sterling Institutional Distributing Class 1,274,931 25,588 (27,625) 1,272,894 U.S.$ Institutional C Class 4,103,060 2,110 (1,538,523) 2,566,647 U.S.$ Institutional Class 30,919,094 1,062,978 (541,055) 31,441,017

The number of Redeemable Participating Shares issued and redeemed during the year ended 30 June 2018 were as follows:

Shares in Issue at 1 July 2017

Shares Issued

Shares Redeemed

Shares in Issue at 30 June 2018

Global Select Equity Fund Euro Institutional Class 447 – – 447 Hedged Euro Institutional Class 901,642 – (38,102) 863,540 Hedged Sterling Institutional Class 3,057,796 247,146 (1,161,967) 2,142,975 Hedged U.S.$ Institutional Class 612 1,583,053 (142,816) 1,440,849 Sterling Institutional Class 29,279,483 3,323,225 (6,889,818) 25,712,890 Sterling Institutional Distributing Class 1,356,191 20,479 (101,739) 1,274,931 U.S.$ Institutional C Class 4,091,497 11,563 – 4,103,060 U.S.$ Institutional Class 33,762,014 2,311,903 (5,154,823) 30,919,094

37


NOTES TO THE CONDENSED FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 31 DECEMBER 2018

1. Accounting Policies

The significant accounting policies and estimation techniques adopted by the Company are as follows:

a) Basis of Presentation of Financial Statements The financial statements are prepared in accordance with accounting standards generally accepted in Ireland, comprising the Companies Act 2014 and the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, (the “UCITS Regulations”). Accounting standards generally accepted in Ireland in preparing financial statements giving a true and fair view are those published by the Institute of Chartered Accountants in Ireland and issued by the Financial Reporting Council (“FRC”). The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (“FRS 102”) is effective for accounting periods beginning on or after 01 July 2015. FRS 104 “Interim financial reporting” (“FRS 104”) is effective for interim reporting periods commencing on or after 01 January 2015. These unaudited condensed financial statements have been prepared in accordance with the standard for interim financial statements, FRS 104, and should be read in conjunction with the audited financial statements for the year ended 30 June 2018. For the audited financial statements for the year ended 30 June 2018, securities which were quoted, listed or traded on an exchange were valued for financial reporting purposes at the current bid or ask price, at the valuation point. These reclassifications have had no impact on reported Shareholder dealing net assets. The format and certain wordings of the financial statements have been adapted from those contained in the Companies Act 2014 so that, in the opinion of the Directors, they more appropriately reflect the nature of the Company’s business as an investment Fund. The Company has availed of the exemption available to open-ended investments funds under FRS 102 not to prepare a cash flow statement.

The financial statements are prepared under the historical cost convention as modified by the revaluation of financial assets and financial liabilities held at fair value through profit or loss. The financial statements are based on the valuations prepared at 4.00 pm Eastern Time on 31 December 2018 (“Valuation Point”). The Administrator operates T+1 trading, therefore, investment transactions and capital transactions included in the valuations are up to close of business on 28 December 2018.

b) Financial Assets and Financial Liabilities at Fair Value through Profit or Loss Realised Gains and Losses on Financial Assets and Financial Liabilities at Fair Value through Profit or Loss Realised gains and losses on financial assets and financial liabilities at fair value through profit or loss are calculated based on a FIFO book cost. The associated foreign exchange movement between the date of purchase and the date of sale on the sale of financial assets and financial liabilities is included in “Net Gains/(Losses) on Financial Assets and Financial Liabilities at Fair Value through Profit or Loss” in the Condensed Income Statement. Unlisted Securities The fair value of any instrument that is not listed or dealt with on a market shall be the probable realisation value of the investment, estimated with care and in good faith by the Directors in consultation with the Administrator or by a competent person, firm or corporation appointed for such purpose by the Depositary. The Fund may have investments in securities in respect of which there may be only a small number of counterparties or brokers prepared to make a market. The single broker prices used at the year end have been sourced from brokers who are market specialists in the respective instruments and are the best estimate of fair value as at the period end date. However, it may not always be possible to trade the securities held at the stated mark with the broker that provided the period end price. Had these investments been sold at the period end proceeds may have differed from this fair value and this difference could be material. Investment Funds Shares or units in open-ended investment funds are valued by reference to the latest available net asset value of the shares or units of the relevant investment funds priced by the underlying Administrator and provided by a vendor. Shares or units in closed ended investment funds are valued by reference to the latest available net asset value of the shares or units of the relevant investment funds priced by the underlying administrator and provided by a vendor. If such prices are unavailable and if appropriate in the opinion of the Directors, shares or units in investment funds are valued at the estimated net asset value of the shares or units as provided by the underlying Administrator. Exchange Traded Derivative Instruments Exchange traded derivative instruments are valued at the close of the regular trading session of the relevant exchange on the relevant Business Day at the settlement price for such instruments on such markets. If the settlement price of an exchange traded derivative instrument is not available, the value of such instrument shall be the probable realisation value estimated with care and in good faith by the Directors or the Administrator or other competent person approved for the purpose by the Depositary. Futures Contracts Upon entering into a futures contract, the Fund is required to deposit with its futures brokers, an amount of cash or US government obligations in accordance with the initial margin requirements of the brokers or exchange. Futures contracts are valued using quoted daily settlement prices established by the exchange on which they trade. The Fund and the broker agree to exchange an amount of cash equal to the daily fluctuations in the value of the futures contract (“variation margin”). For open futures contracts, changes in the value of the contract are recognised as unrealised gains or losses by “marking-to-market” the value of the contract at the statement of financial position date. When the contract is closed, the difference between the proceeds (or cost) of the closing transactions and the original transaction is recorded as a realised gain or loss in the Condensed Income Statement.

38


NOTES TO THE CONDENSED FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 31 DECEMBER 2018 (continued)

1. Accounting Policies (continued) b) Financial Assets and Financial Liabilities at Fair Value through Profit or Loss (continued)

Inflation-Indexed Bonds The Fund may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed-income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value, which is adjusted for inflation. Any increase in the principal amount of an inflation-indexed bond will be included in the Condensed Income Statement, even though investors do not receive their principal until maturity. Inflation-indexed bonds are valued using a pricing vendor. Warrants Where a warrant is purchased, the amount paid is recorded as an investment and is subsequently adjusted to the value of the warrant purchased. Warrants are expected to have similar characteristics as the underlying equity security. If the warrant is actively traded then the market price is used, otherwise the intrinsic value of the underlying equity price and the warrant strike price or modified black scholes derived value is used to arrive at an appropriate market value. Forward Foreign Currency Contracts The Fund may enter into three types of forward foreign currency contracts: class level hedging, foreign security hedging and security transaction hedging. The unrealised gain or loss on open forward exchange contracts is calculated by reference to the difference between the contracted rate and the rate to close out the contract. Realised gains or losses include net gains on contracts which have been settled or offset by other contracts. For foreign security hedges and security transaction level hedges, realised and unrealised gains and losses are allocated at fund level. For class level hedges the realised and unrealised gains and losses are allocated solely to the relevant share classes. Contracts for Differences The Fund may invest in contracts for differences. Contracts for differences are futures or options contracts which are settled through cash payments, rather than the physical delivery of the underlying assets or securities. The rate of return will be paid or received by the Fund and it will reflect the general composition of the assets of the Fund for a rate of return which will generally be at a fixed rate above or below LIBOR or another index. Contracts for differences are marked-to-market daily based upon quotations received from counterparties or valued using a pricing service and in other cases based upon calculations using valuation models. During the period that the contract for differences is open, changes in the value of the contract are recognised as unrealised gains or losses and by marking to market at each valuation date in order to reflect the value of the underlying security. Realised gains or losses at the closure of the contract are equal to the difference between the value of the contract for differences at the time it was opened (including any financial charges) and the value at the time it was closed. Dividends (net of withholding taxes) attributable to open contracts for differences are deemed to be dividends receivable at the end of the period. Payments received or made are recorded as realised gains or losses. The Company discloses outstanding contracts for differences at the half year ended in the Portfolio of Investments.

c) Foreign Exchange Translation Functional and Presentation Currency The functional and presentation currency of The SEI Global Select Equity Fund is US Dollar (US$). This is considered to be the currency of the primary economic environment of the Fund. The presentation currency of The SEI Global Investments Fund plc is the US Dollar (US$). Transactions and Balances Assets and liabilities denominated in currencies other than the functional currency of the Fund are translated into the functional currency at the exchange rates ruling at the Condensed Statement of Financial Position date. Transactions in currencies other than the functional currency of the Fund are translated into the functional currency at the exchange rates ruling at the dates of the transactions. Gains and losses on foreign exchange transactions are recognised in the Condensed Income Statement in determining the result for the half year ended 31 December 2018 and 31 December 2017. Proceeds from subscriptions and amounts paid on redemption of Redeemable Participating Shares are translated at the rates prevailing at the dates of the transactions. The Condensed Statement of Financial Position is translated using exchange rates at the period end and the Condensed Income Statement and Condensed Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders are translated at an average rate over the period for inclusion in the combined financial statements of the Company. The resulting notional currency gain/(loss) and the notional currency gain/(loss) on retranslation of the opening net assets is included in the Condensed Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders. The method of translation has no effect on the value of net assets allocated to the individual Fund.

d) Collateral

Securitised collateral which is provided to the broker is annotated on the relevant security in the Portfolio of Investments. Securitised collateral which is provided to the Fund is disclosed in Note 7. Cash collateral which is provided to the broker is recorded as an asset to the Fund and included under “Cash Collateral”, and is valued at its fair value on the Condensed Statement of Financial Position. Cash collateral held is unrestricted and held in a segregated account in the individual Fund’s name. A related liability to repay the collateral is recorded as a liability on the Condensed Statement of Financial Position under “Cash Collateral Payable” and is also valued at its fair value and disclosed in Note 7.

39



1. Accounting Policies (continued) d) Collateral (continued)

All types of collateral are treated in line with the reporting requirements of FRS 102 and are governed by the terms and conditions of individual ISDA Master Agreements.

2. Finance Costs

Distributions and Interest Distributions take account of income received on the creation of shares and income deducted on the cancellation of shares.


31 December 2018

US$31 December 2017

US$ Distribution (365,711) (327,819) Add: Income deducted/received on cancellation/issue of shares 835 – Net Distribution for the period (364,876) (327,819) Interest (14,176) (18,241) Total Finance Costs (379,052) (346,060)

3. Soft Commission Arrangements

The Portfolio Managers have not entered into soft commission arrangements with brokers in respect of which certain goods and services used to support the investment decision process may be received. Subject to compliance with the requirement to select brokers that provide best execution to the Company, or any such further requirements as may be imposed on the Company by the Central Bank, the Investment Adviser and Portfolio Managers, in managing the assets of the Fund, may direct a substantial portion of a Fund's brokerage to an affiliate of the Investment Adviser.

4. Exchange Rates The US$ exchange rates at 31 December 2018 and 30 June 2018 used in this report, are as follows:

31 December 2018 30 June 2018 31 December 2018 30 June 2018

AUD 1.4205 1.3535 ILS 3.7368 3.6606

CAD 1.3658 1.3155 JPY 109.7150 110.7650

CHF 0.9858 0.9930 KRW - 1,114.5000

CZK 22.5141 22.2817 NOK 8.6592 8.1504

DKK 6.5280 6.3815 NZD 1.4913 1.4770

EUR 0.8748 0.8565 PLN 3.7568 3.7440

GBP 0.7852 0.7574 RON 4.0721 3.9944

HKD 7.8294 7.8455 SEK 8.8659 8.9460

HRK 6.4807 6.3306 SGD 1.3630 1.3635

HUF 280.6281 281.8938 TRY 5.3199 4.5812

5. Risk Management Disclosures

In pursuing its investment objectives, the Company is exposed to a variety of financial risks: market risk (including price risk, currency risk and interest rate risk), credit risk and liquidity risk. The Company’s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Fund’s financial performance. The investment objectives of each Fund are specified in the Company’s Prospectus. To achieve its investment objectives, the Company invests in a variety of traded and over-the-counter debt, equity and money market securities. The Company also uses derivative financial instruments to moderate certain risk exposures and to facilitate certain portfolio transactions.

40



5. Risk Management Disclosures (continued)

Active Management Risk The Fund of the Company is “multi-managed”. Rather than managing the risk of individual securities directly, the Investment Adviser engages in extensive due diligence (“manager selection”) to determine appropriate Portfolio Managers for the Fund. The manager selection process encompasses conference calls, independent research and manager visits to determine the Portfolio Managers that the Investment Adviser believes to have superior security selection and risk management skills within their mandates. Each Portfolio Manager is responsible for managing its portion of the Fund in accordance with the investment policies and investment restrictions of the Fund as specified in the Company’s Prospectus. The Investment Adviser monitors each Portfolio Manager’s adherence to these policies through various reports, questionnaires, telephone conference calls and face-to-face meetings. The Investment Adviser meets with each Portfolio Manager at least semi-annually by conference call or in person. On-site meetings with each Portfolio Manager are conducted on an annual basis. The Company seeks to control the active management risk of the Fund with its multi-manager structure. The Portfolio Managers of each Fund utilise a variety of investment strategies. By diversifying Portfolio Managers, the Investment Adviser seeks to control the active management risk of the Fund. The Investment Adviser utilises various analytical techniques; and its qualitative judgement, to determine the appropriate allocation of assets to each Portfolio Manager. The Investment Adviser periodically monitors the diversification benefits of the Fund’s multi-manager structure.

a) Market Price Risk The Company takes positions in financial instruments, including derivatives, to take advantage of short-term market movements in equity and fixed income markets. The Fund may buy or sell call or put options, financial futures, and other derivative instruments within limits defined in the Prospectus. The Company’s equity, debt, and derivative financial instruments are susceptible to market price risk arising from uncertainties about future prices of the instruments. All security investments present a risk of loss of capital. Except for written options, the maximum risk resulting from financial instruments is determined by the fair value of the financial instruments. As at 31 December 2018, the Company’s market risk is affected by three main components: changes in actual market prices, foreign currency movements and interest rate movements. To measure market price risk, the Investment Adviser computes the VaR for each Fund. The VaR methodology and limitations are described below. VaR Methodology VaR is a method of assessing risk that reflects the interdependencies between market price risk, currency risk and interest rate risk for the financial instruments held by the Fund. Absolute VaR measures the maximum loss that is not expected to be exceeded with a particular level of confidence over a particular period of time. For example, if a Fund has an absolute VaR of 5%, this implies that the maximum expected loss over a one-day period is 5% with a 99% level of confidence. Daily, the Investment Adviser calculates the VaR for each Fund with a 99% level of confidence over a one-day time horizon. The Investment Adviser utilises a commercially available risk management system for calculating the relative VaR for each Fund. The risk management system employs a factor model approach to calculate VaR and Relative VaR. The factor model identifies the common sources of risk, or “factors,” that systematically affect asset returns. The system applies the factor exposures for the current holdings of each Fund, the volatility of the risk factors, the correlations between the risk factors, and the residual unsystematic risk of each security to estimate the risk of the Fund over a one-day holding period. The historical period for calculating the correlations and volatilities is two years. The one-tail confidence level is 99%. VaR Limitations The VaR methodology used by the Investment Adviser is subject to several limitations. First, VaR is based on a model of stock price returns which uses risk factors. To the extent that there are missing risk factors, mis-specified risk factors, or risk factors which are not predictive, the VaR may not be indicative of future risk. Also, the returns to various risk factors are not directly observable in the market, and must be estimated using statistical techniques. To the extent that these estimates may be imprecise, the VaR may not be indicative of future risk. In addition, the co-variance between the risk factors is estimated over a particular historical time period. To the extent that the future time period may be different from the historical time period, the VaR may not be indicative of future risk. For these reasons, VaR may be more useful as a relative measure of risk among Funds, rather than as an absolute measure of risk.

The Company attempts to manage market price risk through its investment policies as specified in the Company’s Prospectus and by evaluating each Portfolio Manager’s risk management capabilities as a criterion for appointment. Each Portfolio Manager has its own methodology for monitoring and managing market risk with respect to the assets managed by it, which is tailored to that Portfolio Manager’s own specific investment style and approach to risk management. The Investment Adviser monitors a Portfolio Manager’s adherence to the applicable investment policies through various reports, questionnaires, telephone conference calls and face-to-face meetings.

b) Currency Risk Currency risk arises on financial instruments that are denominated in a foreign currency, i.e. in a currency other than the functional currency in which they are measured. For the purpose of FRS 104, currency risk does not arise from financial instruments that are non-monetary items or from financial instruments denominated in the functional currency. FRS 104 considers the foreign exchange exposure relating to non-monetary assets and liabilities to be a component of market price risk not foreign currency risk.

41



5. Risk Management Disclosures (continued) b) Currency Risk (continued)

The Company attempts to manage currency risk through its investment policies and investment restrictions as specified in the Company’s Prospectus and by evaluating each Portfolio Manager’s currency risk management capabilities as a criterion for appointment, where appropriate. In addition, the Portfolio Manager performs stress tests to measure the impact of currency fluctuations on the Company’s Fund. The Portfolio Manager may seek to hedge these risks by investing in currencies, currency futures contracts and options on currency futures contracts, as specified in the Company’s Prospectus.

c) Interest Rate Risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company has one Fund at 31 December 2018 (30 June 2018: one Fund). The majority of the assets and liabilities of the Fund are invested in equity securities and are non-interest bearing. As a result, this Fund is not subject to significant amounts of risk due to fluctuations in the prevailing levels of market interest rates. Any excess cash and cash equivalents are invested at short-term market interest rates. The cash reserves are generally equitised using futures or swaps in order to obtain equity market exposure.

The Company attempts to manage interest rate risk through its investment policies and investment restrictions as specified in the Company’s Prospectus and by evaluating the Portfolio Manager’s interest rate risk management capabilities as a criterion for appointment, where appropriate. In addition, the Portfolio Manager performs stress tests to measure the impact of changes in interest rates on the Company’s Fund. The Portfolio Manager may seek to reduce these risks by modifying the allocation of capital to Portfolio Managers within this Fund.

d) Credit Risk Credit risk is the risk that the counterparty to a transaction or an issuer of a financial instrument will cause a financial loss to a Fund by failing to repay an obligation which may arise by purchasing debt instruments, placing deposits, and entering into derivative contracts. Credit risk is generally more significant for those Funds that invest primarily in debt instruments, or that use derivative contracts to a material degree. The Fund may have exposure to credit risk through its investments in other investment funds with themselves may have credit risk exposure. For cash accounts, funds deposited are liabilities of the banks, thus creating a debtor-creditor relationship between the bank and the Company. Cash accounts opened on the books of Brown Brothers Harriman & Co. (“BBH”) are obligations of BBH while cash accounts opened on the books of a third party cash correspondent bank, sub-custodian or a broker (collectively, “agency accounts”) are obligations of the agent. For safekeeping of security assets, BBH’s policy is to maintain segregated client security accounts on its books and on the books of its sub-custodians. While BBH is responsible for exercising reasonable care in the administration of agency cash accounts, it is not liable for their repayment in the event the sub-custodian, by reason of its bankruptcy, insolvency or otherwise, fails to make repayment.

BBH performs both initial and ongoing due diligence on the sub-custodians in its global custody network. Such reviews include an assessment of the sub-custodian’s financial strength and general reputation and standing and, at a minimum, meet the due diligence requirements established by applicable law. The financial analysis is focused on the sub-custodian bank’s capital adequacy, asset quality, financial flexibility and strength, management expertise, earnings, and liquidity as key indicators of its financial standing in the market. These reviews are not audits.

The Company may invest in debt instruments that may receive a credit rating from a well-known rating agency, or if unrated, may be assigned a credit rating using an approach which is consistent with that used by rating agencies.

All broker transactions in listed securities are settled upon delivery to the Company’s Depositary. The risk of default is considered minimal, as delivery of securities sold is only made once the Company’s Depositary has received payment from the broker. Payment to a broker is made on a purchase once the securities have been received by the Company’s Depositary. The trade will fail if either party fails to meet its obligation.

The Fund limits its exposure to credit losses on derivative instruments by limiting their exposure to counterparties in accordance with the investment restrictions specified in the Company’s Prospectus. Counterparties must be subject to prudential supervision and meet certain requirements as specified by the Central Bank. The Investment Adviser requires each Portfolio Manager to complete a quarterly questionnaire to verify compliance with the investment restrictions on counterparties.

The Fund also limits its exposure to credit losses on derivative instruments by entering into master netting arrangements with counterparties. Master netting arrangements do not result in an offset of Condensed Statement of Financial Position assets and liabilities, as transactions are usually settled on a gross basis. However, the credit risk associated with favourable contracts is reduced by a master netting arrangement to the extent that if an event of default occurs, all amounts with the counterparty are terminated and settled on a net basis. The Fund’s overall exposure to credit risk on derivative instruments subject to a master netting arrangement can change substantially within a short period, as it is affected by each transaction subject to the arrangement.

42




d) Credit Risk (continued)

The Company attempts to manage credit risk through its investment policies and investment restrictions as specified in the Company’s Prospectus and by evaluating each Portfolio Manager’s credit analysis capabilities as a criterion for appointment, where appropriate. Each Portfolio Manager that invests in debt instruments or derivative contracts has its own methodology for monitoring and managing credit risk with respect to the assets managed by it, which is tailored to that Portfolio Manager’s own specific investment style and approach to risk management. The Investment Adviser monitors a Portfolio Manager’s adherence to the Fund’s policies and restrictions through various reports, questionnaires, telephone conference calls and on-site meetings.

e) Liquidity Risk Liquidity risk is the risk that a Fund will encounter difficulty in meeting obligations associated with financial liabilities. Such obligations may arise from daily cash redemptions or from derivative contracts such as options, futures and swaps. The Company is exposed to daily cash redemptions of Redeemable Participating Shares. As specified in the Company’s Prospectus, it therefore invests a majority of its assets in investments that are traded in an active market and which can be readily liquidated. The Company may, from time to time, invest in derivative contracts traded over-the-counter, which are not traded in an organised market and may be illiquid. As a result, the Company may not be able to liquidate quickly its investments in these instruments at an amount close to their fair value to meet its liquidity requirements or to respond to specific events such as deterioration in the creditworthiness of any particular issuer. The Company limits the use of derivative instruments which are not readily marketable, as specified in the Company’s Prospectus.

To manage liquidity risk, the Company also reserves the right to limit the amount of Shares that may be redeemed by an individual Shareholder. If the aggregate redemption requests on any Dealing Day equal or exceed 10% or more of the outstanding Shares of any Series in issue or deemed to be in issue, the Directors may elect to restrict the total number of Shares to be redeemed to 10% of the outstanding Shares in issue in that Series on that Dealing Day, in which case all redemption requests will be reduced pro rata to the size of the request.

f) Fair Value Estimation

FRS 102 on “Fair Value Disclosure” requires disclosure relating to the fair value hierarchy in which fair value measurements are categorised for assets and liabilities. The disclosures are based on a three-level fair value hierarchy for the inputs used in valuation techniques to measure fair value. Amendments were made to this FRS, revising the disclosure requirements for financial institutions.

The Company has classified fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements.

The fair value hierarchy has the following levels:

(i) Level 1: Investments, whose values are based on quoted market prices in active markets, and therefore classified within Level 1, include active listed equities, exchange traded investment funds and REITs. Quoted prices for these instruments are not adjusted.

(ii) Level 2: Financial instruments that trade in markets that are not considered to be active but are valued based on quoted market

prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. These include investment funds, investment grade corporate bonds, U.S. Government Treasury Bills, certain non-U.S. sovereign obligations, listed equities and over-the-counter derivatives. As Level 2 investments include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information.

(iii) Level 3: Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently. These include

equities and a delisted equity which is no longer traded. Pricing inputs are unobservable for the investment and include situations where there is little, if any, market activity for the instrument. The inputs into the determination of fair value require significant management judgement or estimation. As observable prices are not available for these securities, the Fund has used valuation techniques to derive the fair value.

The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement of the instrument in its entirety. For this purpose, the significance of an input is assessed against the fair value measurement of the instrument in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement, considering factors specific to the financial asset or liability. The determination of what constitutes “observable” requires significant judgement by the Directors in consultation with the Investment Adviser. The Directors consider observable data to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.

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f) Fair Value Estimation (continued)

The tables below provide an analysis within the fair value hierarchy of the Company’s financial assets and financial liabilities, measured at fair value at 31 December 2018 and 30 June 2018:

The SEI Global Select Equity Fund Level 1 Level 2 Level 3 Total31 December 2018 Fair Value

US$ US$ US$ US$Financial Assets at Fair Value Through Profit or Loss Equities 1,033,674,207 4,026,315 – 1,037,700,522Investment Funds 16,637,573 214,568,217 – 231,205,790Options – 27,705 – 27,705Contracts for Differences – 9,926,721 – 9,926,721Forward Foreign Currency Contracts – 870,137 – 870,137Futures Contracts 10,699,250 – – 10,699,250

1,061,011,030 229,419,095 – 1,290,430,125

Financial Liabilities at Fair Value Through Profit or Loss Contracts for Differences – (6,704,950) – (6,704,950)Forward Foreign Currency Contracts – (268,609) – (268,609)Futures Contracts (11,290,936) – – (11,290,936)

(11,290,936) (6,973,559) – (18,264,495)

The SEI Global Select Equity Fund Level 1 Level 2 Level 3 Total30 June 2018 Fair Value

US$ US$ US$ US$Financial Assets at Fair Value Through Profit or Loss Equities 1,274,594,233 6,789,557 104,192 1,281,487,982Investment Funds 22,611,740 236,615,747 – 259,227,487Options – 47,424 – 47,424Warrants – – 0* 0Contracts for Differences – 7,430,181 – 7,430,181Forward Foreign Currency Contracts – 782,438 – 782,438Futures Contracts 7,728,100 – – 7,728,100

1,304,934,073 251,665,347 104,192 1,556,703,612

Financial Liabilities at Fair Value Through Profit or Loss Contracts for Differences – (4,054,884) – (4,054,884)Forward Foreign Currency Contracts – (670,218) – (670,218)Futures Contracts (6,087,438) – – (6,087,438)

(6,087,438) (4,725,102) – (10,812,540)

* Represents the interest in securities that were determined to have a value of zero as at 31 December 2018 and 30 June 2018.

6. Efficient Portfolio Management

The Company may employ investment techniques and use financial derivative instruments (such as futures contracts, forward foreign currency contracts, options and swaps) for efficient portfolio management of the assets of any Fund including hedging against market movements, currency exchange or interest rate risks subject to the conditions and within the limits laid down by the Central Bank and the Prospectus. The efficient portfolio management purposes for which the Company intends to employ financial derivative instruments and such investment techniques are the reductions of risk, reduction of cost and the generation of additional capital or income for the relevant Fund with an appropriate level of risk, taking into account the risk profile of the Fund and the general Central Bank UCITS Regulations. Any such investment technique or use of financial derivative instruments must be one which is reasonably believed by the Investment Adviser or Portfolio Managers to be economically appropriate in that they are realised in a cost-effective way. The Company engaged in securities lending during the half year ended 31 December 2018, details of which are included in Note 8. Direct and indirect costs associated with efficient portfolio management techniques are not readily identifiable.

7. Collateral

Cash received as collateral is recorded as an asset on the Condensed Statement of Financial Position and is valued at its fair value. A related liability to repay the collateral is recorded as a liability on the Condensed Statement of Financial Position and is also valued at its fair value in line with the requirement of FRS 102. There was no cash provided to the Fund as at 31 December 2018 and 30 June 2018. There was no securities provided to the Fund as collateral as at 31 December 2018 and 30 June 2018.

44



8. Securities Lending Collateral Invested/Collateral Payable on Securities Lending

During the half year ended 31 December 2018, the Company engaged in approved stock lending transactions whereby it may lend securities to a counterparty in return for which it agreed that securities of the same kind and amount should be transferred back to the Company at a later date. The agreement has the substance of a loan of the Company's securities in return for collateral. The Company receives a fee in return for this loan of its securities, which is included in the Condensed Income Statement within “Income from Financial Assets at Fair Value through Profit or Loss”. Securities on loan to a counterparty under the stock lending arrangements have been included in the Portfolios of Investments and the Condensed Statement of Financial Position and have been valued in accordance with the accounting policies. Cash received as collateral is recorded as an asset on the Condensed Statement of Financial Position under “Securities lending Collateral Invested” and is valued at its fair value. A related liability to repay the collateral is recorded as a liability on the Condensed Statement of Financial Position under “Collateral Payable on Securities lending” and is also valued at its fair value.

Non-Cash collateral is accepted by Brown Brothers Harriman & Co. (as securities lending agent) in the form of G-10 sovereign debt which has been cleared through Euroclear or through the Federal Book Entry System. There were no securities on loan and no collateral related as at 31 December 2018. Securities lending income and associated costs during the half year ended 31 December 2018 are:

Securities Gross

Fund Name Lending Agent Earnings Costs

The SEI Global Select Equity Fund Brown Brothers Harriman US$16,073 US$2,411

The aggregate value of securities on loan and the value of collateral held by the Fund as at 30 June 2018 are as follows:

Value of Value of

Securities Securities Collateral

Fund Name Lending Agent on Loan Held The SEI Global Select Equity Fund Brown Brothers Harriman US$7,341,845 US$7,795,302

Securities lending income and associated costs during the year ended 30 June 2018 are:

Securities Gross

Fund Name Lending Agent Earnings Costs

The SEI Global Select Equity Fund Brown Brothers Harriman US$76,330 US$11,449 9. Comparative Figures

The comparative figures stated in the financial statements are those for the half year ended 31 December 2017 for the Condensed Income Statement, the Condensed Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders and their respective notes and as at 30 June 2018 for the Condensed Statement of Financial Position and notes to the Condensed Statement of Financial Position.

10. Connected Persons

In compliance with UCITS Regulations, the Directors confirm that for the half year ended 31 December 2018, all transactions carried out with connected persons were on an arms length basis and in the best interests of Shareholders.

11. Related Persons The Manager, Investment Adviser, Administrator and Distributor are related persons as defined by FRS 104.

None of the Directors or the Company Secretary, at the date of this report, holds or held, on the date of his appointment or during the half year ended 31 December 2018, any beneficial interest in the Shares of the Company.

Michael Jackson is the managing partner in the firm of Matheson, who act as legal advisers to the Company. During the 31 August 2018 ended 31 December 2018, Matheson were paid fees of US$22,945 (30 June 2018: US$48,297) for services to the Company. The significant Shareholders of the Company at 31 December 2018 and 30 June 2018 were as follows:

% Held % Held

31 December 2018 30 June 2018

The SEI Global Select Equity Fund

SEI Global Nominee Ltd. 89.99 89.94 12. Approval of Financial Statements

The Board of Directors approved the annual report and audited financial statements on 26 February 2019.

45


APPENDIX

Appendix I – Remuneration Disclosures SEI Investments Global, Limited (the “Management Company”) has implemented a remuneration policy (the “Remuneration Policy”) which is in line with the provisions of the UCITS Regulations and in accordance with the European Securities and Markets Authority Guidelines on Sound Remuneration policies under the UCITS Directive (ESMA/2016/575) (“ESMA Guidelines”). The Remuneration Policy was adopted by the board of directors of the Management Company (the “Board”) on 19 December 2016. The Remuneration Policy is aligned with the business strategy, objectives, values and interests of the Management Company, the Fund and investors in the Fund and the policy includes measures to manage conflicts of interests.

The Management Company is controlled and managed by its Board, but does not currently have any employees. Accordingly, the identified staff for the purpose of the Remuneration Policy are the members of the Board. The Board has adopted the delegation model which leverages off the skills, experience, and knowledge of specialised staff employed by the service providers to the Management Company and the Fund who perform the day-to-day specific functions and are subject to the ongoing supervision and monitoring by the board. The Board considers that the extent of delegation by the Management Company of investment management functions does not exceed, by a substantial margin, the investment management functions performed by the Management Company itself.

The Remuneration Policy is aimed at ensuring that any relevant conflicts of interest can be managed appropriately at all times and sets out practices for those categories of staff, including senior management, risk takers, control functions, and any employees receiving total remuneration that takes them into the same remuneration bracket as senior management and risk takers, whose professional activities have a material impact on the risk profile of the Fund, that are consistent with and promote sound and effective risk management and do not encourage risk-taking which is inconsistent with the risk profiles of the Fund.

Variable Remuneration

The directors of the Management Company who are also employees of the SEI group of companies (the “SEI Group”) do not receive any remuneration in respect of their services as directors of the Management Company or the Fund. The other directors receive fixed remuneration in respect of their services which is set at a level determined by the Board as a whole and which is not performance related. The Management Company currently has seven directors of which two are not either employees or consultants of the SEI Group. None of the directors are currently in receipt of variable remuneration in respect of their services as directors of the Management Company or in respect of the Fund managed by the Management Company.

The Board has delegated certain activities in respect of the portfolio management and risk management of the Fund which it manages to SEI Investments Management Corporation (“SIMC”). In turn SIMC has also sub-delegated certain investment and risk management functions to certain other entities which provide sub-investment management services to the Fund. Where the Management Company has delegated or SIMC has sub-delegated investment management functions the Management Company is required to ensure that either:

(i) The entities to which investment management activities have been delegated are subject to regulatory requirements on remuneration that are equally as effective as those applicable under the UCITS Regulations and the ESMA Guidelines; or

(ii) A determination has been made that pursuant to the principle of proportionality it is appropriate that the entities to which investment management activities have been delegated do not need to adopt remuneration policies consistent with ESMA Guidelines; or

(iii) Appropriate contractual arrangements are put in place with entities to which investment management activities have been delegated in order to ensure that there is no circumvention of the remuneration rules set out in the ESMA Guidelines, subject to the application of the proportionality rules, set out in the ESMA Guidelines.

The ESMA Guidelines provide that when taking measures to comply with the requirements of the UCITS Regulations and the ESMA Guidelines, the Management Company should comply in a way and to the extent that is appropriate to its (a) size; (b) internal organisations; and (c) the nature, scope and complexity of its internal activities. The ESMA Guidelines outline that it is necessary to analyse (a) – (c) together, and not one single element, in isolation, when considering whether an entity may disapply the requirements set out in the UCITS Regulations, on the basis of the proportionality.

As outlined above, SIMC has appointed a number of third party entities to provided investment management and risk management services to the Fund. The Management Company shall ensure that the delegates of SIMC are subject to the requirements of (i), (ii) or (iii) above.

The Management Company does not pay any fixed or variable remuneration to identified staff of SIMC or the third party entities /portfolio managers.

46

SEI Global Investment Fund plcUnaudited Condensed Financial Statements for the half year ended 31 December 2018

APPENDIX (continued)


Appendix II - Statement of Changes in Composition of Portfolio

The following Statements of Changes in Composition of Portfolio reflect the aggregate purchases of a security exceeding one per cent of thetotal value of purchases and aggregate disposals greater than one per cent of the total sales for the year. At a minimum the largest 20 purchasesand 20 sales must be given.

Major Purchases Nominal Cost US$

ELI LILLY & CO 93,519 10,472,292

AMERISOURCEBERGEN CORP 108,051 9,891,551

QUALCOMM INC 148,960 9,728,278

LINCOLN NATIONAL CORP 151,337 9,711,855

AMERICAN INTERNATIONAL GROUP INC 206,410 9,545,932

BANK OF AMERICA CORP 331,812 9,438,801

ADVANCE AUTO PARTS INC 57,151 9,416,805

CITIGROUP INC 135,611 9,257,405

MSC INDUSTRIAL DIRECT CO INC 107,015 8,954,569

INTERNATIONAL BUSINESS MACHINES CORP 64,727 8,647,671

ZIMMER BIOMET HOLDINGS INC 68,876 8,589,788

ALLY FINANCIAL INC 315,771 8,228,831

RELIANCE STEEL & ALUMINUM CO 98,913 8,105,954

ABBOTT LABORATORIES 114,497 8,007,223

TAPESTRY INC 172,314 7,583,092

HEWLETT PACKARD ENTERPRISE CO 469,707 7,420,864

NOBLE ENERGY INC 247,801 7,060,796

BAKER HUGHES A GE CO 244,193 6,892,476

ANTERO RESOURCES CORP 364,492 6,374,087

METLIFE INC 138,565 6,262,061

Major Sales Nominal Proceeds US$

MASTERCARD INC 42,019 8,833,044

TOTAL SA 139,918 8,759,557

VEOLIA ENVIRONNEMENT SA 350,160 7,161,352

UNITEDHEALTH GROUP INC 24,126 6,574,315

PEARSON PLC 569,408 6,426,702

INTEL CORP 134,410 6,389,706

MORGAN STANLEY 137,491 6,386,985

BANK OF AMERICA CORP 210,050 6,237,086

SANOFI 71,439 6,229,316

BOEING CO/THE 17,247 6,145,503

CME GROUP INC 33,892 6,134,516

CISCO SYSTEMS INC 133,176 6,108,376

JPMORGAN CHASE & CO 53,932 6,081,417

JOHNSON & JOHNSON 41,651 6,050,157

AFLAC INC 129,300 5,752,517

MOODY'S CORP 35,376 5,651,054

ANALOG DEVICES INC 61,884 5,563,690

NORTHROP GRUMMAN CORP 17,385 5,294,728

UNITED TECHNOLOGIES CORP 40,602 5,274,601

VARIAN MEDICAL SYSTEMS INC 42,229 5,008,849

47


APPENDIX (continued)

Appendix III – Securities Financing Transactions Regulations Securities Financing Transaction Regulation (“SFTR”) introduces reporting requirements for securities financing transactions (“SFTs”) and total return swaps. A Securities Financing Transaction (SFT) is defined as per Article 3(11) of the SFTR as: a repurchase/reverse repurchase agreement, securities or commodities lending and securities or commodities borrowing, a buy-sell back transaction or sell-buy back transaction, or a margin lending transaction. As at 31 December 2018 the Fund held neither SFTs nor total return swaps but it has engaged into security lending transactions during the half year ended 31 December 2018. Return/Cost Return and cost for each type of SFTs for the period ended 31 December 2018 is as follows: The SEI Global Select Equity Fund

Return: Amount % overall returns To Fund US$13,662 85%

To Manager – –

To 3rd Party US$2,411 15%

There were no costs associated with SFTs for the period ended 31 December 2018.

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