semiannual report - vanguard investments common

Semiannual Report | 30 June 2021

Vanguard Investments Common Contractual Fund

Contents

Tracking Error 1

Vanguard FTSE Developed Europe ex UK Common Contractual Fund 2

Vanguard FTSE Developed World Common Contractual Fund 11

Vanguard FTSE Developed World ex UK Common Contractual Fund 37

Notes to the Financial Statements 59

Additional Information From the Manager 65

Directory Inside Back Cover

Tracking Error

1

Each Sub-Fund listed in the table employs a “passive” investment strategy designed to replicate the performance of its benchmark Index. The Sub-Funds attempt to replicate the Index by investing all, or substantially all, of their assets in the securities that make up the Index, holding each in approximately the same proportion as its weighting in the Index. Tracking error measures the volatility of the return difference between the Sub-Fund and the Index. It is calculated as the standard deviation of the tracking difference between the Sub-Fund and the Index (gross of fees for the trailing 36-month period, or since the Sub-Fund’s inception if it does not have 36 months of performance history).

test For the period endingtest 30 June 2021

test RealisedSun-Fund Tracking Error

Vanguard FTSE Developed Europe ex UK Common Contractual Fund 0.110%

Vanguard FTSE Developed World Common Contractual Fund 0.074

Vanguard FTSE Developed World Common Contractual Fund GBP-Hedged 0.130

Vanguard FTSE Developed World ex UK Common Contractual Fund 0.045

Vanguard FTSE Developed Europe ex UK Common Contractual Fund

2

Investment ObjectiveThe Sub-Fund seeks to track the performance of the FTSE Developed Europe ex UK Index, a widely recognised benchmark of stock market performance of European countries that is composed of the stocks of large- and mid-capitalisation companies in developed markets in Europe excluding the UK.

Performance SummaryThe Performance Summary does not form part of the financial statements.

• As the six months ended 30 June came to a close, macroeconomic indicators signalled a faster global economic rebound than many had expected after the sharpest contraction in modern history. Yet the recovery has been uneven. Countries that have contained the virus more successfully, whether through vaccinations, lockdowns, or both, generally have fared better economically. And the COVID-19 pandemic remained far from over, with new variants of the virus surfacing where vaccination rates have lagged and the human toll continuing to mount, especially in less developed economies.

• Swift and extensive support from governments and central banks has been a key to the rebound. So far in 2021, it has included fiscal stimulus – including the $1.9 trillion American Rescue Plan in the United States and the €673 billion Recovery and Resilience Facility in Europe – and pledges by a number of central banks to keep rates low for some time.

• Fixed income prices worldwide generally fell and longer-term yields rose amid concerns about inflation, resulting in negative returns for the six months ended 30 June.

• Stock markets continued the rally that began in 2020, bolstered by reopening economies, more consumer spending and rising corporate profits. Returns in the United States and Europe outpaced those in emerging markets and the Pacific.

• For the period, the Sub-Fund’s benchmark index returned 11.03%. Utilities was the only sector with a negative return. Among the others, industrials, financials and consumer discretionary contributed most to the index’s return overall. Real estate and energy contributed the least.

• Among markets, France, the largest weighting in the index, contributed most to its return. Germany, Switzerland, the Netherlands and Sweden were also strong performers. Portugal was the only market with a negative return.

All returns in the commentary above are in British pounds.

Benchmark: FTSE Developed Europe ex UK Index

Total ReturnsPeriods Ended 30 June 2021

(Annualised for periods over one year)Six Months Five Years Since Inception1

Institutional B GBP Accumulation Units - UK Life Insurance Co. 10.71 % 11.75 % 12.49 %

Benchmark 11.03 12.16 12.82

Tracking Difference* -0.32

All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the Sub-Fund. For performance data current to the most recent month-end, which may be higher or lower than that cited, visit our website at http://global.vanguard.com. Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s units, when sold, could be worth more or less than their original cost.* The tracking difference between the Sub-Fund return and the Index return over a stated period of time can be attributed to a number of factors, including, without limitation, small differences in

weightings, trading activity, swing pricing, transaction costs, and differences in the valuation and withholding tax treatment between the Sub-Fund and the Index vendor.1 Since-inception returns: 7 March 2016.

Significant Portfolio ChangesFor the Period Ended 30 June 2021

3


The Central Bank of Ireland requires a schedule of material changes in the composition of the portfolio during the period. These are defined as aggregate purchases of a security exceeding 1% of the total value of purchases for the period and aggregate disposals greater than 1% of the total value of sales. At a minimum, the largest 20 purchases and 20 sales must be shown; all purchases and sales must be shown if there are fewer than 20. A full listing of the portfolio changes for the period is available, upon request, at no extra cost from the Administrator.

SharesCost

GBP (£)

Purchases

Nestle SA 33,417 2,854,013Roche Holding AG 7,211 1,817,434ASML Holding NV 3,957 1,672,687Novartis AG 22,951 1,505,091LVMH Moet Hennessy

Louis Vuitton SE 2,708 1,341,162Cellnex Telecom SA 31,775 1,233,539SAP SE 10,867 1,053,842Siemens AG 8,132 953,953Novo Nordisk A/S Class B 17,519 929,972Adyen NV 539 884,213TotalEnergies SE 26,113 846,867Sanofi 11,471 829,574Allianz SE 4,453 789,998L’Oreal SA (Prime De Fidelite) 4,912 772,176Air Liquide SA (Prime De Fidelite) 9,304 724,107Schneider Electric SE 6,007 671,609L'Oreal SA 2,056 566,059Daimler AG 9,393 542,173Indutrade AB 28,993 511,881Iberdrola SA 59,225 506,676

SharesProceeds

GBP (£)

Sales

Nestle SA 6,364 545,885Novartis AG 7,925 493,794ASML Holding NV 902 420,250Roche Holding AG 1,600 393,696Sartorius AG - Preference Shares 1,037 366,461Zalando SE 4,372 355,616Siemens AG 3,001 353,362Iberdrola SA 34,724 325,275LVMH Moet Hennessy

Louis Vuitton SE 567 311,715Natixis SA 89,021 305,420ABB Ltd. 12,570 289,715SAP SE 2,757 269,517Allianz SE 1,413 262,571ISS A/S 18,400 250,197Vinci SA 2,885 223,594Novo Nordisk A/S Class B 3,607 199,755Koninklijke Ahold Delhaize NV 9,613 199,230TotalEnergies SE 5,647 189,752Sanofi 2,486 184,281L'Oreal SA 550 170,868

Financial StatementsStatement of Investments30 June 2021

4


.Number of

SharesFair Value

GBP (£)% of Total

Net EquityEquities 98.62% (2020: 99.03%)Austria 0.43% (2020: 0.41%)Erste Group Bank AG 30,112 798,849 0.12%OMV AG 14,717 608,053 0.09%Verbund AG 7,090 471,600 0.07%Voestalpine AG 11,773 344,744 0.05%ANDRITZ AG 7,473 303,565 0.05%Raiffeisen Bank International AG 13,790 226,860 0.04%Telekom Austria AG Class A 14,743 90,667 0.01%test test 2,844,338 0.43%Belgium 2.04% (2020: 2.07%)Anheuser-Busch InBev SA 88,055 4,629,020 0.69%KBC Group NV 28,950 1,586,700 0.24%Argenx SE 5,399 1,193,365 0.18%UCB SA 12,722 959,812 0.14%Umicore SA 21,636 952,006 0.14%Groupe Bruxelles Lambert SA 11,063 897,275 0.14%Ageas SA 18,426 738,695 0.11%Solvay SA 7,229 664,069 0.10%Sofina SA 1,588 496,607 0.08%Warehouses de Pauw CVA REIT 14,633 402,636 0.06%Ackermans & van Haaren NV 2,348 287,387 0.04%Elia Group SA 3,685 278,932 0.04%Etablissements Franz Colruyt NV 5,264 214,148 0.03%Proximus SADP 15,000 209,455 0.03%Telenet Group Holding NV 4,692 127,816 0.02%test test 13,637,923 2.04%Denmark 4.90% (2020: 5.02%)Novo Nordisk A/S Class B 169,917 10,295,306 1.54%DSV PANALPINA A/S 20,664 3,492,973 0.52%Vestas Wind Systems A/S 106,081 3,010,009 0.45%Orsted A/S 19,820 2,011,327 0.30%Genmab A/S 6,214 1,846,342 0.28%Coloplast A/S Class B 14,006 1,653,473 0.25%Carlsberg A/S Class B 10,329 1,404,051 0.21%AP Moller-Maersk A/S Class B 611 1,280,182 0.19%Novozymes A/S Class B 20,963 1,141,517 0.17%Pandora A/S 10,253 1,000,971 0.15%Danske Bank A/S 69,248 884,199 0.13%AP Moller-Maersk A/S Class A 436 880,075 0.13%GN Store Nord A/S 13,676 866,333 0.13%Chr Hansen Holding A/S 10,960 716,785 0.11%Tryg A/S 31,931 564,611 0.08%Ambu A/S Class B 18,127 501,384 0.07%Demant A/S 10,881 439,270 0.07%SimCorp A/S 4,142 371,884 0.06%ROCKWOOL International A/S Class B 684 240,709 0.04%

H Lundbeck A/S 6,085 139,742 0.02%test test 32,741,143 4.90%Finland 2.79% (2020: 2.79%)Nordea Bank Abp 373,401 3,010,250 0.45%Kone OYJ Class B 41,321 2,443,360 0.37%Nokia OYJ 592,315 2,302,184 0.34%Neste OYJ 43,749 1,954,270 0.29%Sampo OYJ Class A 53,201 1,769,135 0.27%UPM-Kymmene OYJ 56,270 1,537,205 0.23%Fortum OYJ 45,601 909,374 0.14%Stora Enso OYJ Class R 60,711 799,842 0.12%Kesko OYJ Class B 28,136 749,324 0.11%Elisa OYJ 14,901 643,134 0.10%Wartsila OYJ Abp 50,789 541,267 0.08%Metso Outotec OYJ 62,851 523,560 0.08%Nokian Renkaat OYJ 14,164 412,328 0.06%Kojamo OYJ 20,667 341,590 0.05%Orion OYJ Class B 10,793 336,042 0.05%

.Number of

SharesFair Value

GBP (£)% of Total

Net EquityHuhtamaki OYJ 9,767 333,251 0.05%test test 18,606,116 2.79%France 21.59% (2020: 21.52%)LVMH Moet Hennessy Louis Vuitton SE 26,213 14,951,466 2.24%

Sanofi 114,241 8,658,110 1.30%TotalEnergies SE 254,923 8,407,188 1.26%Schneider Electric SE 55,621 6,354,603 0.95%Airbus SE 58,482 5,386,306 0.81%BNP Paribas SA 113,758 5,156,706 0.77%Kering SA 7,722 4,895,952 0.73%EssilorLuxottica SA 30,983 4,154,162 0.62%Vinci SA 51,884 3,997,164 0.60%AXA SA 202,084 3,685,026 0.55%Safran SA 36,599 3,655,248 0.55%Pernod Ricard SA 21,939 3,541,456 0.53%L’Oreal SA (Prime De Fidelite) 10,787 3,488,088 0.52%Hermes International 3,251 3,418,636 0.51%Danone SA 63,107 3,222,247 0.48%L’Oreal SA (XPAR) 9,219 2,981,059 0.45%Air Liquide SA (Prime De Fidelite) 20,731 2,630,223 0.39%Dassault Systemes SE 13,996 2,458,551 0.37%Cie de Saint-Gobain 50,057 2,395,337 0.36%Capgemini SE 16,507 2,297,905 0.34%Air Liquide SA (XPAR) 17,677 2,242,750 0.34%Legrand SA 28,097 2,145,806 0.32%Cie Generale des Etablissements Michelin SCA 18,407 2,132,176 0.32%

Vivendi SE 78,445 1,914,898 0.29%Teleperformance 6,110 1,786,020 0.27%STMicroelectronics NV 66,560 1,759,508 0.26%Societe Generale SA 81,599 1,732,230 0.26%Worldline SA 25,548 1,725,651 0.26%Orange SA 201,082 1,659,181 0.25%Credit Agricole SA 123,239 1,248,370 0.19%Veolia Environnement SA 53,972 1,182,319 0.18%Alstom SA 31,026 1,128,066 0.17%Publicis Groupe SA 23,496 1,090,679 0.16%Edenred 26,003 1,073,011 0.16%Eurofins Scientific SE 12,807 1,057,508 0.16%L’Oreal SA - EUR 3,119 1,008,561 0.15%Sartorius Stedim Biotech 2,536 877,032 0.13%Carrefour SA 61,494 868,176 0.13%Thales SA 10,647 791,939 0.12%Air Liquide SA 6,187 784,969 0.12%Engie SA (Prime De Fidelite) 73,324 726,396 0.11%L’Oreal SA 2,170 701,692 0.10%Suez SA 39,794 684,349 0.10%Euronext NV 8,640 680,302 0.10%Bureau Veritas SA 29,364 671,209 0.10%Arkema SA 6,954 629,860 0.09%Engie SA (XPAR) 63,384 627,924 0.09%Gecina SA REIT 5,435 604,157 0.09%Bouygues SA 21,999 587,014 0.09%Eiffage SA 7,786 569,785 0.09%Renault SA 19,245 564,286 0.08%Valeo SA 24,924 546,417 0.08%Getlink SE 47,718 533,301 0.08%Air Liquide SA - EUR 4,201 532,997 0.08%Accor SA 19,570 523,878 0.08%Ubisoft Entertainment SA 9,836 497,587 0.07%Rexel SA 31,477 477,333 0.07%Orpea SA 5,158 468,293 0.07%Atos SE 9,916 438,355 0.07%Bollore SA 102,615 398,532 0.06%La Francaise des Jeux SAEM 9,124 386,440 0.06%

5


.Number of

SharesFair Value

GBP (£)% of Total

Net EquityRemy Cointreau SA 2,547 383,836 0.06%BioMerieux 4,522 380,802 0.06%SCOR SE 16,340 373,363 0.06%Amundi SA 5,865 372,762 0.06%Klepierre SA REIT 19,735 366,641 0.05%SOITEC 2,193 352,684 0.05%Faurecia SE (XPAR) 9,743 347,474 0.05%Covivio REIT 5,219 322,662 0.05%Rubis SCA 9,814 316,252 0.05%TechnipFMC plc 47,178 305,434 0.05%Aeroports de Paris 2,989 283,163 0.04%Wendel SE 2,878 281,411 0.04%Ipsen SA 3,677 275,582 0.04%Sodexo SA (XPAR) 3,964 266,764 0.04%ICADE REIT 3,509 219,259 0.03%Electricite de France SA (Prime De Fidelite) 22,119 217,892 0.03%

Engie SA (Prime De Fidelite 2023) 21,838 216,342 0.03%Dassault Aviation SA 248 213,778 0.03%CNP Assurances 16,123 195,957 0.03%Electricite de France SA (XPAR) 18,702 184,232 0.03%Iliad SA 1,701 179,017 0.03%Eurazeo SE 2,833 178,113 0.03%SEB SA (Prime de Fidelite) 1,312 171,275 0.03%Engie SA 15,753 156,060 0.02%JCDecaux SA 7,609 152,326 0.02%Imerys SA 4,231 142,765 0.02%SEB SA (XPAR) 1,030 134,461 0.02%Cie Plastic Omnium SA 5,609 127,586 0.02%Casino Guichard Perrachon SA 5,548 126,865 0.02%Technip Energies NV 12,711 126,796 0.02%Sodexo SA - EU 1,841 123,893 0.02%Eurazeo SE (XPAR) 1,755 110,338 0.02%Faurecia SE 3,086 109,980 0.02%ALD SA 8,470 91,392 0.01%Sodexo SA 1,288 86,678 0.01%Neoen SA 2,652 84,936 0.01%SEB SA - EUR 513 66,970 0.01%Electricite de France SA - EUR 6,787 66,858 0.01%Sodexo SA - PF 952 64,066 0.01%Sodexo SA (Prime De Fidelite 2022) 851 57,270 0.01%

Electricite de France SA 5,416 53,353 0.01%SEB SA 276 36,030 0.01%Sodexo SA - EUR 384 25,842 0.00%test test 144,143,550 21.59%Germany 18.77% (2020: 19.40%)SAP SE 116,576 11,916,753 1.78%Siemens AG 79,022 9,055,238 1.36%Allianz SE 43,180 7,785,038 1.17%Daimler AG 88,358 5,715,053 0.86%BASF SE 96,119 5,459,386 0.82%Adidas AG 20,122 5,406,393 0.81%Deutsche Telekom AG 339,228 5,197,173 0.78%Deutsche Post AG 102,843 5,096,801 0.76%Bayer AG 103,310 4,551,062 0.68%Infineon Technologies AG 136,955 3,991,010 0.60%Volkswagen AG - Preference Shares 19,183 3,479,944 0.52%

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 14,732 2,919,531 0.44%

Vonovia SE 59,469 2,767,680 0.41%Bayerische Motoren Werke AG 33,664 2,586,269 0.39%Deutsche Boerse AG 19,317 2,442,208 0.37%Deutsche Bank AG 214,952 2,013,674 0.30%E.ON SE 227,918 1,909,544 0.29%Delivery Hero SE 19,787 1,890,647 0.28%Merck KGaA 13,622 1,888,696 0.28%RWE AG 66,344 1,738,434 0.26%Fresenius SE & Co. KGaA 42,548 1,607,572 0.24%Deutsche Wohnen SE 36,099 1,598,920 0.24%

.Number of

SharesFair Value

GBP (£)% of Total

Net EquityHenkel AG & Co. KGaA - Preference Shares 18,365 1,405,396 0.21%

Symrise AG Class A 13,340 1,349,010 0.20%Siemens Healthineers AG 29,121 1,293,343 0.19%Fresenius Medical Care AG & Co. KGaA 21,337 1,286,572 0.19%

Porsche Automobil Holding SE - Preference Shares 16,193 1,256,960 0.19%

Continental AG 11,442 1,224,791 0.18%Zalando SE (XETR) 13,564 1,183,771 0.18%Brenntag SE 16,381 1,100,701 0.16%HelloFresh SE 15,544 1,093,256 0.16%MTU Aero Engines AG 5,609 999,234 0.15%HeidelbergCement AG 15,692 977,417 0.15%Sartorius AG - Preference Shares 2,586 974,839 0.15%Beiersdorf AG 10,560 919,338 0.14%Puma SE 10,529 903,545 0.14%Covestro AG 19,064 893,123 0.13%Siemens Energy AG 39,878 874,600 0.13%QIAGEN NV 23,369 824,612 0.12%Zalando SE 9,371 818,983 0.12%Volkswagen AG (XETR) 3,402 808,859 0.12%LEG Immobilien SE 7,486 782,385 0.12%Hannover Rueck SE 6,355 768,564 0.11%Aroundtown SA 127,607 721,501 0.11%Henkel AG & Co. KGaA (XETR) 10,655 708,730 0.11%KION Group AG 8,212 633,924 0.09%Knorr-Bremse AG 6,879 570,201 0.09%Commerzbank AG 110,693 567,858 0.08%Scout24 AG 9,069 553,996 0.08%Carl Zeiss Meditec AG 3,816 535,309 0.08%GEA Group AG 17,147 501,520 0.08%Evotec SE 15,169 498,962 0.07%Evonik Industries AG 20,143 487,558 0.07%LANXESS AG 9,216 459,424 0.07%TeamViewer AG 16,345 445,397 0.07%Bayerische Motoren Werke AG - Preference Shares 6,181 400,533 0.06%

Bechtle AG 2,793 375,512 0.06%thyssenkrupp AG 49,259 369,691 0.06%United Internet AG 11,359 337,200 0.05%Rheinmetall AG 4,508 322,397 0.05%Nemetschek SE 5,673 314,820 0.05%CTS Eventim AG & Co. KGaA 6,181 280,559 0.04%Deutsche Lufthansa AG 31,225 252,236 0.04%Fuchs Petrolub SE - Preference Shares 7,033 248,050 0.04%

Uniper SE 9,220 245,233 0.04%ProSiebenSat.1 Media SE 16,515 237,976 0.04%Hella GmbH & Co. KGaA 4,474 221,267 0.03%Rational AG 336 218,854 0.03%Auto1 Group SE 6,972 215,640 0.03%Fraport AG Frankfurt Airport Services Worldwide 3,838 188,364 0.03%

Wacker Chemie AG 1,512 169,825 0.03%Varta AG 1,478 167,655 0.02%RTL Group SA 3,870 166,135 0.02%Talanx AG 5,441 159,886 0.02%Fielmann AG 2,671 150,058 0.02%Telefonica Deutschland Holding AG 73,300 140,265 0.02%

DWS Group GmbH & Co. KGaA 3,558 116,761 0.02%METRO AG 12,822 114,596 0.02%Hochtief AG 2,062 114,394 0.02%Traton SE 4,904 112,223 0.02%1&1 AG 4,831 106,989 0.02%Fuchs Petrolub SE (XETR) 3,588 100,634 0.01%test test 125,288,458 18.77%Ireland 0.47% (2020: 0.47%)Kerry Group plc Class A 16,237 1,636,398 0.25%Kingspan Group plc 15,970 1,096,097 0.16%Glanbia plc 20,138 236,464 0.04%

6


.Number of

SharesFair Value

GBP (£)% of Total

Net EquityAIB Group plc 80,119 149,465 0.02%test test 3,118,424 0.47%Italy 5.05% (2020: 4.94%)Enel SpA 817,096 5,513,503 0.83%Intesa Sanpaolo SpA 1,744,498 3,484,112 0.52%Stellantis NV 212,042 3,014,720 0.45%Eni SpA 264,117 2,341,501 0.35%Assicurazioni Generali SpA 135,368 1,964,544 0.29%UniCredit SpA 228,723 1,959,644 0.29%Ferrari NV 12,779 1,906,631 0.29%CNH Industrial NV 104,285 1,237,503 0.18%Moncler SpA 22,597 1,109,420 0.17%Snam SpA 234,338 977,244 0.15%FinecoBank Banca Fineco SpA 64,621 817,267 0.12%Terna SPA 148,360 796,339 0.12%Prysmian SpA 27,735 721,516 0.11%Nexi SpA 45,511 717,866 0.11%Atlantia SpA 51,123 666,289 0.10%Mediobanca Banca di Credito Finanziario SpA 77,609 653,686 0.10%

EXOR NV 10,818 625,392 0.09%Davide Campari-Milano NV 52,037 505,024 0.08%Amplifon SpA 13,592 484,162 0.07%Poste Italiane SpA 47,459 456,727 0.07%Recordati Industria Chimica e Farmaceutica SpA 10,110 417,535 0.06%

Tenaris SA 50,197 393,953 0.06%Telecom Italia SpA 1,105,328 392,498 0.06%DiaSorin SpA 2,346 321,249 0.05%Infrastrutture Wireless Italiane SpA 37,076 302,935 0.04%

Hera SpA 83,764 249,665 0.04%Telecom Italia SpA (Non CVA) 663,058 249,553 0.04%Italgas SpA 52,569 248,263 0.04%Leonardo SpA 41,786 244,075 0.04%A2A SpA 157,746 232,787 0.03%Pirelli & C SpA 51,668 216,443 0.03%Banca Mediolanum SpA 30,604 215,037 0.03%Buzzi Unicem SpA 9,933 190,501 0.03%UnipolSai Assicurazioni SpA 41,924 88,028 0.01%test test 33,715,612 5.05%Netherlands 8.78% (2020: 8.24%)ASML Holding NV 41,613 20,912,114 3.13%Adyen NV 3,037 5,377,806 0.81%ING Groep NV 410,666 3,923,913 0.59%Koninklijke Philips NV 95,216 3,418,241 0.51%Prosus NV 45,442 3,249,861 0.49%Koninklijke DSM NV 17,476 2,354,103 0.35%Koninklijke Ahold Delhaize NV 104,613 2,258,021 0.34%Heineken NV 25,023 2,210,660 0.33%Wolters Kluwer NV 27,438 1,992,869 0.30%Akzo Nobel NV 19,579 1,761,617 0.26%ArcelorMittal SA 73,372 1,639,709 0.25%ASM International NV 5,019 1,198,052 0.18%NN Group NV 31,362 1,071,150 0.16%Unibail-Rodamco-Westfield REIT 14,251 897,806 0.13%Heineken Holding NV 11,234 825,773 0.12%Koninklijke KPN NV 350,260 789,216 0.12%IMCD NV 5,934 684,820 0.10%Randstad NV 11,513 636,735 0.10%Signify NV 13,299 608,896 0.09%Aegon NV 183,801 548,937 0.08%ASR Nederland NV 14,282 399,716 0.06%Aalberts NV 9,877 382,413 0.06%ABN AMRO Bank NV GDR 42,950 374,211 0.06%InPost SA 20,516 299,571 0.04%Galapagos NV 4,907 246,006 0.04%JDE Peet's NV 8,885 235,255 0.03%Koninklijke Vopak NV 6,596 215,721 0.03%GrandVision NV 5,088 123,067 0.02%test test 58,636,259 8.78%

.Number of

SharesFair Value

GBP (£)% of Total

Net EquityNorway 1.44% (2020: 1.37%)DNB A.S.A 107,903 1,716,589 0.26%Equinor A.S.A 101,345 1,555,055 0.23%Telenor A.S.A 67,170 821,769 0.12%Mowi A.S.A 44,331 819,140 0.12%Yara International A.S.A 17,930 686,971 0.10%Norsk Hydro A.S.A 142,521 661,135 0.10%Orkla A.S.A 79,733 592,007 0.09%TOMRA Systems A.S.A 12,177 487,509 0.07%Adevinta A.S.A Class B 25,335 352,918 0.05%Schibsted A.S.A Class B 9,918 299,580 0.05%Schibsted A.S.A Class A 8,145 286,160 0.04%Gjensidige Forsikring A.S.A 17,116 274,170 0.04%Aker BP A.S.A 11,682 269,674 0.04%Salmar A.S.A 5,322 254,963 0.04%Scatec A.S.A 12,689 246,456 0.04%Leroy Seafood Group A.S.A 26,160 165,982 0.03%Aker A.S.A Class A 2,485 133,244 0.02%test test 9,623,322 1.44%Poland 0.62% (2020: 0.65%)Powszechna Kasa Oszczednosci Bank Polski SA 88,645 641,221 0.10%

KGHM Polska Miedz SA 14,363 512,526 0.08%Allegro.eu SA 40,478 502,526 0.07%Polski Koncern Naftowy ORLEN SA 32,401 473,549 0.07%

Powszechny Zaklad Ubezpieczen SA 58,586 409,660 0.06%

Bank Polska Kasa Opieki SA 15,932 284,937 0.04%LPP SA 112 276,220 0.04%Dino Polska SA 4,871 259,128 0.04%CD Projekt SA 6,969 245,465 0.04%Polskie Gornictwo Naftowe i Gazownictwo SA 186,898 240,085 0.04%

Cyfrowy Polsat SA 29,050 166,564 0.02%Santander Bank Polska SA 2,954 143,294 0.02%test test 4,155,175 0.62%Portugal 0.35% (2020: 0.40%)EDP - Energias de Portugal SA 298,613 1,141,043 0.17%Galp Energia SGPS SA 53,480 421,737 0.07%EDP Renovaveis SA 25,331 418,677 0.06%Jeronimo Martins SGPS SA 25,486 335,767 0.05%test test 2,317,224 0.35%Spain 4.92% (2020: 5.08%)Iberdrola SA 605,109 5,319,893 0.80%Banco Santander SA 1,799,450 4,988,346 0.75%Banco Bilbao Vizcaya Argentaria SA 699,805 3,135,036 0.47%

Cellnex Telecom SA 63,911 2,957,964 0.44%Industria de Diseno Textil SA 110,366 2,817,174 0.42%Amadeus IT Group SA 44,763 2,285,217 0.34%Telefonica SA (XMAD) 530,819 1,782,931 0.27%Repsol SA 142,045 1,295,835 0.19%Ferrovial SA 49,632 1,052,339 0.16%CaixaBank SA 466,026 1,032,476 0.15%Aena SME SA 7,463 877,919 0.13%Grifols SA 35,278 695,646 0.10%Red Electrica Corp. SA 44,991 602,385 0.09%Endesa SA 33,004 581,167 0.09%Naturgy Energy Group SA 31,193 580,848 0.09%Siemens Gamesa Renewable Energy SA 23,310 563,215 0.08%

ACS Actividades de Construccion y Servicios SA 23,195 449,623 0.07%

Enagas SA 25,911 432,709 0.07%Merlin Properties Socimi SA REIT 35,546 266,408 0.04%Acciona SA 2,397 260,695 0.04%Bankinter SA 70,167 254,095 0.04%Inmobiliaria Colonial Socimi SA REIT 32,933 241,373 0.04%

Mapfre SA 107,132 162,920 0.02%

7


.Number of

SharesFair Value

GBP (£)% of Total

Net EquityLinea Directa Aseguradora SA Compania de Seguros y Reaseguros 70,232 107,437 0.02%

Zardoya Otis SA 18,495 92,167 0.01%ACS Actividades de Construccion y Servicios SA - Rights Issue 7/7/2021 23,195 23,605 0.00%

test test 32,859,423 4.92%Sweden 7.47% (2020: 7.07%)Investor AB Class B 189,473 3,188,583 0.48%Atlas Copco AB Class A 66,502 2,932,496 0.44%Telefonaktiebolaget LM Ericsson Class B 316,027 2,903,973 0.44%

Volvo AB Class B 160,289 2,798,720 0.42%Assa Abloy AB Class B 96,392 2,111,372 0.32%Sandvik AB 113,256 2,094,673 0.31%Hexagon AB Class B 187,889 2,009,962 0.30%Evolution AB 16,739 1,954,906 0.29%H&M Hennes & Mauritz AB Class B 92,323 1,580,686 0.24%

Essity AB Class B 64,170 1,550,873 0.23%Atlas Copco AB Class B 39,616 1,496,977 0.22%Swedbank AB Class A 105,914 1,432,203 0.21%Skandinaviska Enskilda Banken AB Class A 151,989 1,422,920 0.21%

Svenska Handelsbanken AB Class A 155,618 1,273,727 0.19%

Epiroc AB Class A 65,003 1,073,245 0.16%Swedish Match AB 162,072 1,010,720 0.15%Nibe Industrier AB Class B 126,757 969,782 0.15%Investor AB Class A 54,963 914,469 0.14%Telia Co. AB 271,440 871,012 0.13%Alfa Laval AB 32,565 832,050 0.12%Boliden AB 28,422 793,922 0.12%Svenska Cellulosa AB SCA Class B 63,039 749,207 0.11%

SKF AB Class B 40,544 749,175 0.11%Kinnevik AB Class B 25,240 737,999 0.11%Skanska AB Class B 38,012 728,498 0.11%Sinch AB 53,332 660,072 0.10%EQT AB 24,118 642,404 0.10%Getinge AB Class B 23,280 640,220 0.10%Industrivarden AB Class A 21,496 607,382 0.09%Epiroc AB Class B 39,091 558,236 0.08%Tele2 AB Class B 55,841 552,853 0.08%Indutrade AB 29,002 538,852 0.08%Castellum AB 28,393 527,296 0.08%Lundin Energy AB 19,640 504,975 0.08%Fastighets AB Balder Class B 10,746 488,804 0.07%Electrolux AB 23,871 480,159 0.07%Industrivarden AB Class C 17,583 467,295 0.07%Trelleborg AB Class B 25,195 421,756 0.06%Husqvarna AB Class B 43,328 418,864 0.06%Lifco AB Class B 23,800 401,734 0.06%Elekta AB Class B 37,576 393,688 0.06%Sagax AB Class B 18,012 387,967 0.06%Securitas AB Class B 32,293 368,735 0.06%Volvo AB Class A 20,418 365,684 0.06%L E Lundbergforetagen AB Class B 7,775 364,607 0.05%

Investment AB Latour Class B 14,630 346,385 0.05%Holmen AB Class B 10,127 331,144 0.05%Sweco AB Class B 21,181 280,201 0.04%ICA Gruppen AB 8,176 274,697 0.04%Swedish Orphan Biovitrum AB 19,242 253,653 0.04%Saab AB Class B 9,331 180,411 0.03%Sagax AB Class D 15,877 44,969 0.01%Svenska Handelsbanken AB Class B 4,784 41,826 0.01%

Kinnevik AB Class A 1,244 41,100 0.01%Telefonaktiebolaget LM Ericsson Class A 4,159 38,161 0.01%

.Number of

SharesFair Value

GBP (£)% of Total

Net EquitySvenska Cellulosa AB SCA Class A 2,144 25,708 0.00%

Husqvarna AB Class A 1,767 17,262 0.00%Skandinaviska Enskilda Banken AB Class C 1,742 16,220 0.00%

test test 49,865,470 7.47%Switzerland 19.00% (2020: 19.60%)Nestle SA 296,328 26,808,287 4.02%Roche Holding AG (XSWX) 72,923 19,909,037 2.98%Novartis AG 222,802 14,676,060 2.20%Cie Financiere Richemont SA Class A 53,687 4,717,277 0.71%

Zurich Insurance Group AG 15,622 4,537,243 0.68%ABB Ltd. 178,176 4,382,751 0.66%Lonza Group AG 7,793 3,995,800 0.60%UBS Group AG 346,615 3,817,467 0.57%Sika AG 14,891 3,536,042 0.53%Givaudan SA 970 3,268,235 0.49%Partners Group Holding AG 2,360 2,586,293 0.39%Alcon, Inc. 48,156 2,449,595 0.37%Holcim Ltd. 53,589 2,327,325 0.35%Geberit AG 3,701 2,017,961 0.30%Swiss Re AG 30,361 1,978,066 0.30%Credit Suisse Group AG 252,094 1,895,749 0.28%Sonova Holding AG 5,583 1,511,589 0.23%SGS SA 621 1,381,471 0.21%Logitech International SA 15,564 1,356,606 0.20%Kuehne + Nagel International AG 5,299 1,315,035 0.20%Straumann Holding AG 1,067 1,219,752 0.18%Swiss Life Holding AG 3,337 1,169,450 0.18%Swisscom AG 2,650 1,092,480 0.16%Julius Baer Group Ltd. 22,526 1,060,660 0.16%Schindler Holding AG (XSWX) 4,295 947,743 0.14%Chocoladefabriken Lindt & Spruengli AG 122 875,115 0.13%

Roche Holding AG 2,802 824,977 0.12%Adecco Group AG 15,963 785,561 0.12%Temenos AG 6,476 755,744 0.11%Chocoladefabriken Lindt & Spruengli AG (XSWX) 10 754,814 0.11%

Swatch Group AG 3,022 751,848 0.11%SIG Combibloc Group AG 35,344 695,952 0.10%VAT Group AG 2,688 644,808 0.10%Barry Callebaut AG 371 622,689 0.09%Swiss Prime Site AG 7,857 563,282 0.08%EMS-Chemie Holding AG 748 531,578 0.08%Baloise Holding AG 4,687 528,108 0.08%Vifor Pharma AG 5,418 505,271 0.08%Georg Fischer AG 428 458,839 0.07%Tecan Group AG 1,232 439,551 0.07%Schindler Holding AG 2,006 424,779 0.06%PSP Swiss Property AG 4,412 404,041 0.06%ams AG 25,240 366,140 0.05%Clariant AG 23,736 340,335 0.05%Helvetia Holding AG 3,672 285,202 0.04%Flughafen Zurich AG 2,012 240,537 0.04%Swatch Group AG (Registered Share) 4,758 227,530 0.03%

DKSH Holding AG 3,846 212,918 0.03%Banque Cantonale Vaudoise 3,005 193,714 0.03%Sulzer AG 1,824 181,290 0.03%OC Oerlikon Corp. AG 19,186 152,764 0.02%BKW AG 1,785 133,340 0.02%test test 126,858,701 19.00%Financial Assets at Fair Value Through Profit or Loss 658,411,138 98.62%

8


testNumber of Contracts

Notional Amount

Unrealised Gain/(Loss)

GBP (£)% of Total

Net EquityFinancial Derivative Instruments (0.01%) (2020: 0.01%)Futures (0.01%) (2020: 0.01%)Swiss Market Index 17 September 2021 14 CHF1,673,460 (797 ) (0.00 %)Euro Stoxx 600 Index 17 September 2021 195 €4,445,370 (37,092 ) (0.00 %)Euro Stoxx 50 Index 17 September 2021 83 €3,426,418 (46,783 ) (0.01 %)Net Unrealised Gain/(Loss) on Futures Contracts test test (84,672 ) (0.01 %)

CurrencyBuy

Amount Currency(Sell)

Amount CounterpartySettlement

Date


GBP (£)% of Total

Net EquityForward Foreign Currency Exchange Contracts 0.00% (2020: (0.00%))GBP 6,545,865 EUR (7,608,693) BNP Paribas 15/9/21 10,484 0.00 %EUR 1,567,808 CHF (1,708,364) BNP Paribas 15/9/21 9,264 0.00 %EUR 1,656,603 CHF (1,811,542) BNP Paribas 15/9/21 4,762 0.00 %EUR 80,050 SEK (805,903) Goldman Sachs International 15/9/21 379 0.00 %CHF 480,880 EUR (438,278) JPMorgan Chase Bank 15/9/21 2 0.00 %EUR 11,097 DKK (82,527) Citibank NA 15/9/21 — 0.00 %CHF 119,670 EUR (109,209) BNP Paribas 15/9/21 (121 ) (0.00 %)CHF 119,290 EUR (108,961) BNP Paribas 15/9/21 (205 ) (0.00 %)CHF 119,710 EUR (109,624) Citibank NA 15/9/21 (446 ) (0.00 %)CHF 118,250 EUR (108,701) Bank of America 15/9/21 (796 ) (0.00 %)CHF 185,768 GBP (146,682) Morgan Stanley 15/9/21 (1,254 ) (0.00 %)CHF 834,050 EUR (765,653) BNP Paribas 15/9/21 (4,716 ) (0.00 %)EUR 7,277,573 GBP (6,263,233) Morgan Stanley 15/9/21 (12,263 ) (0.00 %)Net Unrealised Gain/(Loss) on Forward Foreign Currency Exchange Contracts 5,090 0.00 %Total Forward Foreign Currency Exchange Contracts 5,090 0.00 %Total Financial Derivative Instruments (79,582 ) (0.01 %)

Fair Value GBP (£)

% of Total Net Equity

Other Assets and Liabilities 9,310,991 1.39 %Net Equity Attributable to Holders of Redeemable Units ("Net Equity") 667,642,547 100.00 %

Analysis of Total Net Equity GBP (£)


(a) Transferable securities admitted to an official stock exchange listing 656,443,083 98.33 (b) Transferable securities dealt in on another regulated market 688,012 0.10 (c) Transferable securities other than those admitted to an official stock exchange listing or dealt in on another regulated

market 1,280,043 0.19 (d) Financial derivative instruments (79,582 ) (0.01 )(e) Other assets and liabilities 9,310,991 1.39 Total Net Equity 667,642,547 100.00

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

9


Statement of Assets and Liabilities

GBP (£) GBP (£)As at 30 June 2021 As at 31 December 2020

Current AssetsFinancial Assets at Fair Value Through Profit or Loss 658,411,138 551,751,158Financial Derivative Instruments 24,891 110,058Cash 3,650,088 1,344,566Receivables:

Futures Margin Cash 595,262 414,773Cash Collateral — 384,263Interest and Dividends 4,230,941 3,081,381Capital Units Issued 605,891 206,874Investment Sold 305,420 —

Total Current Assets 667,823,631 557,293,073EquityNet Equity Attributable to Holders of Redeemable Units ("Net Equity") 667,642,547 557,145,066

Net Equity 667,642,547 557,145,066

Current LiabilitiesFinancial Derivative Instruments 104,473 48,951Bank Overdraft 38 15,730Unrealised Depreciation on Spot Currency Contracts 62 —Payables and Other Liabilities:

Investments Purchased 17 —Management Fees Payable 76,494 65,525Capital Units Redeemed — 17,801

Total Current Liabilities 181,084 148,007Total Equity and Liabilities 667,823,631 557,293,073

Net Equity Value Per Unit

As at 30 June 2021

As at 31 December 2020


Institutional B GBP Accumulation Units - UK Life Insurance Co.Net Equity Attributable to Holders of Redeemable Units £667,642,547 £557,145,066 £437,293,767Number of Units Outstanding 3,569,421 3,290,203 2,794,627Net Equity Value Per Unit1 £187.05 £169.33 £156.48

1 The net equity value per unit shown may diverge from the net equity value per unit used for dealing purposes because of any adjustments for swing pricing and trade date accounting.

10



Statement of Operations

GBP (£) GBP (£)Six Months Ended Six Months Ended

30 June 2021 30 June 2020

Investment IncomeDividend Income 12,076,184 7,626,435Interest Income — 9Net Gain/(Loss) on Financial Instruments 51,464,192 (15,088,987)

Total Investment Income/(Loss) 63,540,376 (7,462,543)

ExpensesManagement Fees 425,355 299,644Transaction Fees and Commissions 75,202 88,132

Total Expenses 500,557 387,776

Finance CostInterest Expense 12,322 10,222

Total Finance Cost 12,322 10,222

Net Investment Income/(Loss) 63,027,497 (7,860,541)

Foreign Withholding Tax (792,220) (484,049)

Net Increase/(Decrease) in Net Equity 62,235,277 (8,344,590)

Statement of Changes in Equity


30 June 2021 30 June 2020

Increase/(Decrease) in Net Equity

Net Increase/(Decrease) in Net Equity 62,235,277 (8,344,590)

Capital TransactionsSubscriptions 73,128,936 63,172,378Redemptions (24,866,732) (28,909,694)

Total Capital Transactions 48,262,204 34,262,684

Total Increase for the Period 110,497,481 25,918,094

Net Equity

Beginning of Period 557,145,066 437,293,767

End of Period 667,642,547 463,211,861

Vanguard FTSE Developed World Common Contractual Fund

11

Investment ObjectiveThe Sub-Fund seeks to track the performance of the FTSE Developed Index, a widely recognised benchmark of the market performance of stocks of large- and mid-capitalisation companies in global developed markets.





• Stock markets continued the rally that began in 2020, bolstered by reopening economies, more consumer spending and rising corporate profits. Returns in the United States and Europe outpaced those in emerging markets and the Pacific.

• In this environment, the Sub-Fund’s benchmark returned 11.94% for the six months ended 30 June 2021. Technology, financials and industrials contributed the most to return. Utilities, consumer staples and telecommunications contributed the least.

• The United States, which makes up more than 60% of the fund’s index, returned more than 14% for the period and made the strongest contribution to performance.

Benchmark returns in the commentary above are in British pounds.

Benchmark: FTSE Developed Index



Institutional B GBP Accumulation Units - UK Charity 11.77 % 14.27 % 13.21 %

Benchmark 11.94 14.66 13.56


Institutional B GBP Accumulation Units - UK Life Insurance Co. 11.77 % — 12.29 %

Benchmark 11.94 — 12.78


Institutional B GBP Distributing Units - UK Charity 11.79 % — 12.16 %

Benchmark 11.94 — 12.48


Institutional B GBP-Hedged Accumulation Units - UK Charity 14.33 % 13.73 % 10.45 %

Benchmark2 14.46 14.20 10.85


Institutional B GBP-Hedged Accumulation Units - UK Life Insurance Co. 14.34 % — 13.11 %

Benchmark2 14.46 — 13.51



weightings, trading activity, swing pricing, transaction costs, and differences in the valuation and withholding tax treatment between the Sub-Fund and the Index vendor.1 Since-inception returns: Institutional B GBP Accumulation Units - UK Charity, 5 February 2015; Institutional B GBP Accumulation Units - UK Life Insurance Co., 20 July 2018; Institutional B GBP

Distributing Units - UK Charity, 25 April 2017; Institutional B GBP-Hedged Accumulation Units - UK Charity, 5 February 2015; Institutional B GBP-Hedged Accumulation Units - UK Life Insurance Co., 29 July 2016.

2 FTSE Developed Index GBP-Hedged through 30 November 2015; FTSE Developed Index 100% GBP-Hedged thereafter.


12



SharesCost

GBP (£)

Purchases

Apple, Inc. 69,792 6,712,778Microsoft Corp. 33,207 6,108,406Amazon.com, Inc. 2,052 4,983,923Facebook, Inc. Class A 10,551 2,400,978Alphabet, Inc. Class C 1,421 2,350,709Alphabet, Inc. Class A 1,169 1,923,465Tesla, Inc. 3,555 1,816,049JPMorgan Chase & Co. 12,860 1,405,536Johnson & Johnson 11,576 1,344,877NVIDIA Corp. 2,708 1,314,599Visa, Inc. Class A 7,407 1,213,056UnitedHealth Group, Inc. 4,091 1,122,821Walt Disney Co. 7,902 1,041,854Home Depot, Inc. 4,693 1,037,825Mastercard, Inc. Class A 3,861 1,037,322PayPal Holdings, Inc. 5,177 1,031,195Procter & Gamble Co. 10,399 1,008,487Berkshire Hathaway, Inc. Class B 5,074 990,301Bank of America Corp. 32,750 921,622Adobe, Inc. 2,135 818,419

SharesProceeds

GBP (£)

Sales

Apple, Inc. 30,322 2,803,759Microsoft Corp. 8,771 1,578,079Amazon.com, Inc. 495 1,191,519Alphabet, Inc. Class C 596 1,023,161Facebook, Inc. Class A 3,361 743,070Alphabet, Inc. Class A 328 545,189JPMorgan Chase & Co. 4,096 448,526Johnson & Johnson 3,440 402,946Bank of America Corp. 13,824 391,453Berkshire Hathaway, Inc. Class B 1,935 374,452Tesla, Inc. 731 365,211Mastercard, Inc. Class A 1,323 360,425UnitedHealth Group, Inc. 1,265 353,780Visa, Inc. Class A 2,109 342,198Zalando SE 3,820 311,477Home Depot, Inc. 1,365 308,145Berkshire Hathaway, Inc. Class A 1 296,899NVIDIA Corp. 700 296,630PayPal Holdings, Inc. 1,557 295,551Nestle SA 3,433 287,499


13


.Number of

SharesFair Value

GBP (£)% of Total

Net AssetsEquities 99.37% (2020: 97.30%)Australia 2.22% (2020: 2.34%)Commonwealth Bank of Australia 41,810 2,259,870 0.22%

BHP Group Ltd. 69,622 1,830,133 0.18%CSL Ltd. 10,711 1,653,227 0.16%Westpac Banking Corp. 86,619 1,209,955 0.12%National Australia Bank Ltd. 78,321 1,111,422 0.11%Australia & New Zealand Banking Group Ltd. 67,375 1,026,468 0.10%

Wesfarmers Ltd. 26,943 861,790 0.08%Macquarie Group Ltd. 7,777 658,416 0.06%Rio Tinto Ltd. 8,861 607,326 0.06%Woolworths Group Ltd. 29,237 603,348 0.06%Transurban Group 65,493 504,392 0.05%Goodman Group REIT 43,373 496,945 0.05%Fortescue Metals Group Ltd. 37,966 479,583 0.05%Aristocrat Leisure Ltd. 14,956 348,787 0.03%Afterpay Ltd. 5,227 334,293 0.03%Amcor plc 37,315 305,556 0.03%Coles Group Ltd. 30,994 286,674 0.03%Woodside Petroleum Ltd. 22,977 276,191 0.03%Newcrest Mining Ltd. 20,141 275,566 0.03%James Hardie Industries plc 10,887 266,739 0.03%Sonic Healthcare Ltd. 11,886 247,022 0.02%Xero Ltd. 3,033 225,050 0.02%Brambles Ltd. 35,995 222,862 0.02%QBE Insurance Group Ltd. 36,657 214,065 0.02%Telstra Corp., Ltd. 95,111 193,547 0.02%Cochlear Ltd. 1,419 193,278 0.02%ASX Ltd. 4,425 186,105 0.02%South32 Ltd. 116,615 184,923 0.02%Suncorp Group Ltd. 30,647 184,277 0.02%Scentre Group REIT 119,632 177,405 0.02%Insurance Australia Group Ltd. 56,601 158,067 0.02%Santos Ltd. 40,024 153,580 0.01%Seek Ltd. 8,494 152,347 0.01%Tabcorp Holdings Ltd. 53,648 150,401 0.01%Mirvac Group REIT 86,636 136,915 0.01%Stockland REIT 53,825 135,750 0.01%Dexus REIT 23,328 134,713 0.01%Northern Star Resources Ltd. 25,407 134,481 0.01%Ramsay Health Care Ltd. 3,946 134,438 0.01%APA Group 27,411 132,033 0.01%BlueScope Steel Ltd. 10,786 128,192 0.01%Boral Ltd. 30,202 120,141 0.01%Computershare Ltd. 12,884 117,844 0.01%GPT Group REIT 42,744 113,355 0.01%Medibank Pvt Ltd. 64,562 110,416 0.01%Oil Search Ltd. 52,579 108,419 0.01%Magellan Financial Group Ltd. 3,718 108,379 0.01%Sydney Airport 33,946 106,374 0.01%Evolution Mining Ltd. 42,975 104,664 0.01%Origin Energy Ltd. 42,739 104,320 0.01%Treasury Wine Estates Ltd. 15,784 99,776 0.01%Endeavour Group Ltd. 29,237 99,529 0.01%Domino's Pizza Enterprises Ltd. 1,521 99,202 0.01%

REA Group Ltd. 1,066 97,519 0.01%Lendlease Corp., Ltd. 15,473 95,968 0.01%OZ Minerals Ltd. 7,810 95,020 0.01%Atlas Arteria Ltd. 26,365 90,894 0.01%JB Hi-Fi Ltd. 3,166 86,668 0.01%Mineral Resources Ltd. 2,888 83,981 0.01%Charter Hall Group REIT 9,896 83,123 0.01%Bendigo & Adelaide Bank Ltd. 14,140 80,277 0.01%

.Number of

SharesFair Value

GBP (£)% of Total

Net AssetsAmpol Ltd. 5,220 79,697 0.01%Vicinity Centres REIT 92,617 77,444 0.01%Aurizon Holdings Ltd. 37,557 75,614 0.01%ALS Ltd. 10,394 73,355 0.01%Reece Ltd. 5,487 70,113 0.01%Bank of Queensland Ltd. 13,458 66,354 0.01%carsales.com Ltd. 6,127 65,524 0.01%NEXTDC Ltd. 9,760 62,647 0.01%Ansell Ltd. 2,624 61,790 0.01%AGL Energy Ltd. 13,212 58,634 0.01%Orica Ltd. 8,144 58,533 0.01%Incitec Pivot Ltd. 45,258 58,296 0.01%Qube Holdings Ltd. 32,894 56,434 0.01%IGO Ltd. 13,232 54,641 0.01%AMP Ltd. 88,040 53,604 0.01%Star Entertainment Group Ltd. 26,544 53,010 0.01%Alumina Ltd. 58,584 52,157 0.01%Harvey Norman Holdings Ltd. 17,274 51,232 0.01%Challenger Ltd. 17,020 49,834 0.01%Metcash Ltd. 21,640 46,730 0.00%Crown Resorts Ltd. 7,124 45,920 0.00%Worley Ltd. 7,016 45,414 0.00%Vocus Group Ltd. 14,183 42,218 0.00%Qantas Airways Ltd. 16,598 41,861 0.00%Altium Ltd. 2,074 41,184 0.00%Downer EDI Ltd. 13,586 41,103 0.00%Iluka Resources Ltd. 8,011 39,671 0.00%Perpetual Ltd. 1,728 37,455 0.00%Cleanaway Waste Management Ltd. 25,879 36,976 0.00%

Seven Group Holdings Ltd. 3,206 35,310 0.00%IDP Education Ltd. 2,620 34,797 0.00%AusNet Services Ltd. 35,485 33,609 0.00%Flight Centre Travel Group Ltd. 3,978 31,971 0.00%CSR Ltd. 10,018 31,230 0.00%Washington H Soul Pattinson & Co., Ltd. 1,690 30,851 0.00%

Sims Ltd. 3,381 30,375 0.00%Orora Ltd. 16,330 29,431 0.00%WiseTech Global Ltd. 1,676 28,963 0.00%IOOF Holdings Ltd. 12,444 28,758 0.00%Shopping Centres Australasia Property Group REIT 19,307 26,332 0.00%

Platinum Asset Management Ltd. 9,234 24,538 0.00%

Beach Energy Ltd. 35,489 23,817 0.00%TPG Telecom Ltd. 6,868 23,269 0.00%CIMIC Group Ltd. 1,979 21,186 0.00%Deterra Royalties Ltd. 8,011 19,510 0.00%Adbri Ltd. 9,494 17,830 0.00%Appen Ltd. 2,406 17,709 0.00%Nufarm Ltd. 6,852 16,984 0.00%Whitehaven Coal Ltd. 14,504 15,229 0.00%Domain Holdings Australia Ltd. 2,901 8,102 0.00%test test 23,109,247 2.22%Austria 0.06% (2020: 0.06%)Erste Group Bank AG 6,398 169,734 0.02%OMV AG 3,192 131,882 0.01%Verbund AG 1,792 119,197 0.01%Voestalpine AG 3,034 88,843 0.01%ANDRITZ AG 1,486 60,364 0.01%Raiffeisen Bank International AG 3,117 51,278 0.00%

Telekom Austria AG Class A 2,242 13,788 0.00%test test 635,086 0.06%

14


.Number of

SharesFair Value

GBP (£)% of Total

Net AssetsBelgium 0.30% (2020: 0.30%)Anheuser-Busch InBev SA 20,374 1,071,054 0.10%KBC Group NV 6,473 354,774 0.03%Argenx SE 1,204 266,125 0.03%Umicore SA 5,289 232,721 0.02%UCB SA 3,007 226,863 0.02%Groupe Bruxelles Lambert SA 2,489 201,873 0.02%Ageas SA 4,587 183,892 0.02%Solvay SA 1,613 148,173 0.02%Sofina SA 395 123,526 0.01%Warehouses de Pauw CVA REIT 2,927 80,538 0.01%

Ackermans & van Haaren NV 517 63,279 0.01%Elia Group SA 723 54,727 0.01%Proximus SADP 3,127 43,665 0.00%Etablissements Franz Colruyt NV 1,051 42,757 0.00%

Telenet Group Holding NV 871 23,727 0.00%test test 3,117,694 0.30%Canada 2.83% (2020: 2.58%)Shopify, Inc. Class A 2,729 2,905,184 0.28%Royal Bank of Canada 34,405 2,515,733 0.24%Toronto-Dominion Bank 43,925 2,219,079 0.21%Enbridge, Inc. 48,971 1,410,538 0.14%Bank of Nova Scotia 29,330 1,373,794 0.13%Brookfield Asset Management, Inc. Class A 32,439 1,220,748 0.12%

Bank of Montreal 15,626 1,148,961 0.11%Canadian National Railway Co. 14,354 1,102,244 0.11%Canadian Pacific Railway Ltd. 16,143 899,397 0.09%Canadian Imperial Bank of Commerce 10,630 867,287 0.08%

TC Energy Corp. 24,076 858,500 0.08%Canadian Natural Resources Ltd. 28,238 742,806 0.07%

Manulife Financial Corp. 47,726 672,886 0.06%Barrick Gold Corp. 42,119 625,475 0.06%Suncor Energy, Inc. 36,139 618,750 0.06%Nutrien Ltd. 13,859 593,132 0.06%Waste Connections, Inc. 6,207 538,519 0.05%Sun Life Financial, Inc. 14,377 534,339 0.05%Constellation Software, Inc. 472 525,284 0.05%Alimentation Couche-Tard, Inc. Class B 19,286 501,369 0.05%

Franco-Nevada Corp. 4,537 473,424 0.05%Magna International, Inc. 6,879 459,935 0.04%National Bank of Canada 7,974 433,493 0.04%CGI, Inc. 5,403 357,127 0.03%Fortis, Inc. 10,973 353,061 0.03%Wheaton Precious Metals Corp. 10,740 339,810 0.03%

Intact Financial Corp. 3,442 339,539 0.03%Rogers Communications, Inc. Class B 8,585 327,271 0.03%

Restaurant Brands International, Inc. (XTSE) 6,847 318,236 0.03%

Pembina Pipeline Corp. 13,557 311,934 0.03%Thomson Reuters Corp. 4,072 290,351 0.03%Power Corp. of Canada 12,752 289,624 0.03%Agnico Eagle Mines Ltd. 5,881 258,851 0.03%BCE, Inc. 7,236 257,431 0.03%Dollarama, Inc. 7,164 237,889 0.02%Shaw Communications, Inc. Class B 10,679 222,019 0.02%

Metro, Inc. 6,146 212,246 0.02%Cenovus Energy, Inc. 30,971 212,107 0.02%Teck Resources Ltd. Class B 11,997 195,834 0.02%Fairfax Financial Holdings Ltd. 601 190,987 0.02%Loblaw Cos Ltd. 3,801 168,960 0.02%Bausch Health Cos, Inc. 7,837 164,667 0.02%Canadian Tire Corp., Ltd. Class A 1,434 163,254 0.02%

Telus Corp., Ltd. 9,416 152,990 0.02%

.Number of

SharesFair Value

GBP (£)% of Total

Net AssetsHydro One Ltd. 7,903 138,440 0.01%Great-West Lifeco, Inc. 6,142 130,555 0.01%Saputo, Inc. 5,657 122,618 0.01%George Weston Ltd. 1,608 109,722 0.01%Canopy Growth Corp. 6,301 109,460 0.01%Imperial Oil Ltd. 4,914 106,484 0.01%Canadian Utilities Ltd. Class A 2,739 55,110 0.01%IGM Financial, Inc. 1,607 40,944 0.00%Telus Corp. 1,604 26,062 0.00%Restaurant Brands International, Inc. 558 25,890 0.00%

Brookfield Asset Management Reinsurance Partners Ltd. Class A 211 8,356 0.00%

test test 29,478,706 2.83%Denmark 0.73% (2020: 0.74%)Novo Nordisk A/S Class B 39,020 2,364,230 0.23%DSV PANALPINA A/S 4,809 812,897 0.08%Vestas Wind Systems A/S 24,790 703,407 0.07%Orsted A/S 4,475 454,121 0.04%Genmab A/S 1,410 418,948 0.04%Coloplast A/S Class B 3,156 372,580 0.04%Carlsberg A/S Class B 2,394 325,423 0.03%AP Moller-Maersk A/S Class B 141 295,427 0.03%Novozymes A/S Class B 4,688 255,280 0.02%Pandora A/S 2,320 226,495 0.02%Danske Bank A/S 17,139 218,841 0.02%AP Moller-Maersk A/S Class A 104 209,926 0.02%GN Store Nord A/S 3,017 191,118 0.02%Chr Hansen Holding A/S 2,461 160,950 0.02%Tryg A/S 7,816 138,204 0.01%Demant A/S 2,837 114,531 0.01%Ambu A/S Class B 4,002 110,693 0.01%SimCorp A/S 1,050 94,273 0.01%ROCKWOOL International A/S Class B 182 64,048 0.01%

H Lundbeck A/S 1,089 25,009 0.00%test test 7,556,401 0.73%Finland 0.41% (2020: 0.42%)Nordea Bank Abp 87,819 707,971 0.07%Kone OYJ Class B 9,650 570,616 0.05%Nokia OYJ 136,791 531,673 0.05%Neste OYJ 10,264 458,493 0.04%Sampo OYJ Class A 12,012 399,445 0.04%UPM-Kymmene OYJ 12,896 352,298 0.03%Fortum OYJ 10,781 214,995 0.02%Stora Enso OYJ Class R 14,781 194,733 0.02%Kesko OYJ Class B 6,807 181,285 0.02%Elisa OYJ 3,530 152,356 0.01%Wartsila OYJ Abp 10,973 116,941 0.01%Metso Outotec OYJ 13,631 113,549 0.01%Nokian Renkaat OYJ 3,633 105,760 0.01%Kojamo OYJ 4,647 76,807 0.01%Orion OYJ Class B 2,170 67,564 0.01%Huhtamaki OYJ 1,949 66,500 0.01%test test 4,310,986 0.41%France 3.19% (2020: 3.16%)LVMH Moet Hennessy Louis Vuitton SE 6,017 3,431,998 0.33%

Sanofi 26,353 1,997,244 0.19%TotalEnergies SE 59,025 1,946,605 0.19%Schneider Electric SE 12,720 1,453,238 0.14%Airbus SE 13,478 1,241,350 0.12%BNP Paribas SA 26,279 1,191,240 0.11%Kering SA 1,773 1,124,129 0.11%L’Oreal SA (Prime De Fidelite) 3,322 1,074,203 0.10%EssilorLuxottica SA 7,179 962,551 0.09%Vinci SA 11,939 919,785 0.09%Safran SA 8,486 847,521 0.08%AXA SA 45,799 835,150 0.08%Pernod Ricard SA 5,102 823,579 0.08%

15


.Number of

SharesFair Value

GBP (£)% of Total

Net AssetsAir Liquide SA (Prime De Fidelite) 6,387 810,344 0.08%

Hermes International 740 778,158 0.08%Danone SA 14,587 744,813 0.07%L’Oreal SA (XPAR) 2,162 699,105 0.07%Dassault Systemes SE 3,219 565,453 0.05%Cie de Saint-Gobain 11,602 555,181 0.05%Capgemini SE 3,828 532,888 0.05%Air Liquide SA (XPAR) 4,153 526,907 0.05%Legrand SA 6,535 499,087 0.05%Cie Generale des Etablissements Michelin SCA 4,269 494,500 0.05%

Vivendi SE 18,177 443,713 0.04%STMicroelectronics NV 15,818 418,148 0.04%Worldline SA 6,019 406,556 0.04%Teleperformance 1,364 398,712 0.04%Orange SA 47,609 392,834 0.04%Societe Generale SA 18,431 391,264 0.04%Credit Agricole SA 28,574 289,445 0.03%Veolia Environnement SA 12,476 273,301 0.03%Alstom SA 7,026 255,457 0.03%Publicis Groupe SA 5,485 254,613 0.02%Edenred 6,081 250,932 0.02%Eurofins Scientific SE 2,967 244,993 0.02%Engie SA (Prime De Fidelite) 22,088 218,818 0.02%Sartorius Stedim Biotech 604 208,883 0.02%Carrefour SA 14,448 203,978 0.02%Thales SA 2,323 172,788 0.02%Arkema SA 1,731 156,786 0.02%Engie SA 15,666 155,198 0.02%Euronext NV 1,902 149,761 0.01%Bureau Veritas SA 6,546 149,630 0.01%Suez SA 8,642 148,619 0.01%Renault SA 4,832 141,680 0.01%Gecina SA REIT 1,266 140,729 0.01%Bouygues SA 5,105 136,220 0.01%Accor SA 4,864 130,207 0.01%Eiffage SA 1,746 127,773 0.01%Getlink SE 10,856 121,328 0.01%Rexel SA 7,737 117,328 0.01%Valeo SA 5,351 117,312 0.01%Atos SE 2,592 114,584 0.01%Ubisoft Entertainment SA 2,166 109,574 0.01%Orpea SA 1,158 105,134 0.01%Remy Cointreau SA 672 101,271 0.01%SCOR SE 4,405 100,653 0.01%Amundi SA 1,551 98,577 0.01%Bollore SA 25,330 98,375 0.01%L’Oreal SA 302 97,655 0.01%SOITEC 582 93,599 0.01%Klepierre SA REIT 4,981 92,538 0.01%BioMerieux 1,096 92,295 0.01%Faurecia SE (XPAR) 2,478 88,375 0.01%Rubis SCA 2,660 85,717 0.01%La Francaise des Jeux SAEM 2,004 84,878 0.01%Air Liquide SA 627 79,550 0.01%Covivio REIT 1,061 65,596 0.01%Electricite de France SA (Prime De Fidelite) 6,597 64,986 0.01%

ICADE REIT 939 58,673 0.01%Wendel SE 581 56,810 0.01%Aeroports de Paris 599 56,746 0.01%TechnipFMC plc (EUR) 8,623 55,826 0.01%Dassault Aviation SA 63 54,307 0.01%SEB SA (Prime De Fidelite) 415 54,176 0.01%Ipsen SA 711 53,288 0.01%Sodexo SA (XPAR) 743 50,001 0.01%Imerys SA 1,393 47,004 0.01%Eurazeo SE 688 43,255 0.00%CNP Assurances 3,116 37,872 0.00%Electricite de France SA (XPAR) 3,445 33,936 0.00%

.Number of

SharesFair Value

GBP (£)% of Total

Net AssetsIliad SA 290 30,520 0.00%Engie SA - EUR 3,044 30,156 0.00%SEB SA (XPAR) 228 29,764 0.00%JCDecaux SA 1,362 27,266 0.00%Faurecia SE 761 27,121 0.00%Sodexo SA - EUR 395 26,582 0.00%Cie Plastic Omnium SA 1,142 25,977 0.00%Casino Guichard Perrachon SA 1,052 24,056 0.00%Technip Energies NV 2,363 23,572 0.00%Sodexo SA - EU 345 23,217 0.00%Sodexo SA 292 19,651 0.00%ALD SA 1,723 18,591 0.00%Eurazeo SE (XPAR) 295 18,547 0.00%Neoen SA 518 16,590 0.00%Sodexo SA (Prime De Fidelite 2022) 178 11,979 0.00%

Electricite de France SA - EUR 953 9,388 0.00%TechnipFMC plc 1,317 8,491 0.00%Electricite de France SA 486 4,788 0.00%test test 33,223,542 3.19%Germany 2.77% (2020: 2.85%)SAP SE 26,794 2,738,964 0.26%Siemens AG 18,184 2,083,729 0.20%Allianz SE 9,916 1,787,782 0.17%Daimler AG 20,303 1,313,211 0.13%BASF SE 22,025 1,250,980 0.12%adidas AG 4,640 1,246,679 0.12%Deutsche Telekom AG 77,795 1,191,865 0.11%Deutsche Post AG 23,561 1,167,661 0.11%Bayer AG 23,908 1,053,207 0.10%Infineon Technologies AG 31,784 926,218 0.09%Volkswagen AG - Preference Shares 4,389 796,199 0.08%

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 3,426 678,951 0.07%

Vonovia SE 13,764 640,575 0.06%Deutsche Boerse AG 4,535 573,350 0.06%Bayerische Motoren Werke AG 7,331 563,211 0.05%Deutsche Bank AG 50,179 470,078 0.05%E.ON SE 53,783 450,605 0.04%Merck KGaA 3,225 447,148 0.04%Delivery Hero SE 4,614 440,868 0.04%Zalando SE 4,964 433,831 0.04%RWE AG 14,796 387,705 0.04%Deutsche Wohnen SE 8,626 382,068 0.04%Fresenius SE & Co. KGaA 9,672 365,433 0.04%Symrise AG Class A 3,079 311,364 0.03%Siemens Healthineers AG 6,771 300,719 0.03%Henkel AG & Co. KGaA - Preference Shares 3,903 298,680 0.03%

Porsche Automobil Holding SE - Preference Shares 3,761 291,942 0.03%

Fresenius Medical Care AG & Co. KGaA 4,742 285,932 0.03%

Continental AG 2,627 281,203 0.03%HelloFresh SE 3,587 252,285 0.02%Brenntag SE 3,561 239,277 0.02%MTU Aero Engines AG 1,294 230,524 0.02%Beiersdorf AG 2,548 221,825 0.02%Puma SE 2,565 220,115 0.02%Sartorius AG - Preference Shares 564 212,610 0.02%

HeidelbergCement AG 3,380 210,532 0.02%Siemens Energy AG 9,271 203,331 0.02%Volkswagen AG (XETR) 808 192,110 0.02%Covestro AG 4,085 191,377 0.02%Henkel AG & Co. KGaA (XETR) 2,705 179,926 0.02%QIAGEN NV 5,084 179,397 0.02%Hannover Rueck SE 1,433 173,305 0.02%LEG Immobilien SE 1,625 169,834 0.02%Aroundtown SA 29,546 167,056 0.02%

16


.Number of

SharesFair Value

GBP (£)% of Total

Net AssetsKION Group AG 2,045 157,863 0.02%Knorr-Bremse AG 1,693 140,333 0.01%Carl Zeiss Meditec AG 963 135,090 0.01%Evotec SE 3,912 128,680 0.01%Bayerische Motoren Werke AG - Preference Shares 1,928 124,936 0.01%

Commerzbank AG 23,698 121,571 0.01%Scout24 AG 1,926 117,653 0.01%LANXESS AG 2,353 117,299 0.01%Evonik Industries AG 4,777 115,627 0.01%GEA Group AG 3,753 109,769 0.01%TeamViewer AG 3,640 99,189 0.01%Rheinmetall AG 1,226 87,679 0.01%Nemetschek SE 1,509 83,741 0.01%thyssenkrupp AG 10,704 80,334 0.01%Bechtle AG 569 76,501 0.01%United Internet AG 2,373 70,444 0.01%ProSiebenSat.1 Media SE 4,342 62,567 0.01%Uniper SE 2,213 58,861 0.01%Deutsche Lufthansa AG 7,004 56,578 0.01%CTS Eventim AG & Co. KGaA 1,203 54,605 0.01%Auto1 Group SE 1,682 52,023 0.01%Fuchs Petrolub SE - Preference Shares 1,376 48,531 0.01%

Fraport AG Frankfurt Airport Services Worldwide 960 47,116 0.00%

Fuchs Petrolub SE (XETR) 1,653 46,362 0.00%Rational AG 68 44,292 0.00%Talanx AG 1,466 43,079 0.00%Hella GmbH & Co. KGaA 855 42,285 0.00%Varta AG 363 41,176 0.00%Wacker Chemie AG 303 34,032 0.00%RTL Group SA 744 31,939 0.00%METRO AG 3,478 31,084 0.00%Traton SE 1,356 31,031 0.00%DWS Group GmbH & Co. KGaA 864 28,353 0.00%

Hochtief AG 459 25,464 0.00%Zalando SE (EUR) 288 25,135 0.00%Fielmann AG 443 24,888 0.00%Telefonica Deutschland Holding AG 12,684 24,272 0.00%

1&1 AG 905 20,042 0.00%test test 28,844,086 2.77%Hong Kong 1.03% (2020: 1.09%)AIA Group Ltd. 285,400 2,557,367 0.25%Hong Kong Exchanges & Clearing Ltd. 30,000 1,289,218 0.12%

Techtronic Industries Co., Ltd. 30,000 377,740 0.04%Sun Hung Kai Properties Ltd. 35,000 376,022 0.04%CK Hutchison Holdings Ltd. 65,472 367,809 0.04%Link REIT 51,800 361,949 0.04%Galaxy Entertainment Group Ltd. 50,000 288,551 0.03%

Hong Kong & China Gas Co., Ltd. 256,551 287,298 0.03%

CLP Holdings Ltd. 38,000 270,992 0.03%CK Asset Holdings Ltd. 50,344 250,567 0.02%Hang Seng Bank Ltd. 17,300 249,155 0.02%Jardine Matheson Holdings Ltd. 4,700 216,647 0.02%

BOC Hong Kong Holdings Ltd. 85,500 209,198 0.02%Wharf Real Estate Investment Co., Ltd. 42,000 176,084 0.02%

Sands China Ltd. 54,800 166,395 0.02%Power Assets Holdings Ltd. 34,500 152,649 0.02%MTR Corp., Ltd. 37,000 148,593 0.02%Xinyi Glass Holdings Ltd. 48,000 141,067 0.01%Lenovo Group Ltd. 170,000 140,965 0.01%New World Development Co., Ltd. 35,500 133,010 0.01%

WH Group Ltd. 200,299 129,821 0.01%

.Number of

SharesFair Value

GBP (£)% of Total

Net AssetsHenderson Land Development Co., Ltd. 33,189 113,411 0.01%

ESR Cayman Ltd. 46,138 112,246 0.01%Hongkong Land Holdings Ltd. 31,200 107,097 0.01%Wharf Holdings Ltd. 36,000 98,948 0.01%Budweiser Brewing Co. APAC Ltd. 42,100 95,777 0.01%

Hang Lung Properties Ltd. 51,000 89,315 0.01%AAC Technologies Holdings, Inc. 15,900 85,780 0.01%

Sino Land Co., Ltd. 74,000 84,106 0.01%SITC International Holdings Co., Ltd. 27,000 81,356 0.01%

Chow Tai Fook Jewellery Group Ltd. 44,400 73,139 0.01%

ASM Pacific Technology Ltd. 7,218 70,509 0.01%Swire Pacific Ltd. Class A 14,000 68,444 0.01%Microport Scientific Corp. 10,000 64,674 0.01%Minth Group Ltd. 18,000 61,675 0.01%Prada SpA 10,500 57,476 0.01%CK Infrastructure Holdings Ltd. 13,000 55,890 0.01%Want Want China Holdings Ltd. 109,400 55,872 0.01%

Tingyi Cayman Islands Holding Corp. 37,800 54,405 0.01%

Man Wah Holdings Ltd. 29,600 51,288 0.01%Swire Properties Ltd. 20,600 44,282 0.01%Vitasoy International Holdings Ltd. 16,000 42,862 0.01%

PCCW Ltd. 100,049 37,811 0.00%JS Global Lifestyle Co., Ltd. 18,500 37,535 0.00%Samsonite International SA 24,900 36,717 0.00%Bank of East Asia Ltd. 26,000 34,814 0.00%Hysan Development Co., Ltd. 12,000 34,487 0.00%Wynn Macau Ltd. 28,400 32,226 0.00%Hang Lung Group Ltd. 17,000 31,255 0.00%Kerry Properties Ltd. 12,500 29,714 0.00%Huabao International Holdings Ltd. 17,000 29,551 0.00%

SJM Holdings Ltd. 37,000 29,135 0.00%Uni-President China Holdings Ltd. 34,900 27,773 0.00%

BOC Aviation Ltd. 4,400 26,761 0.00%L'Occitane International SA 9,250 24,393 0.00%Lee & Man Paper Manufacturing Ltd. 39,000 21,402 0.00%

Yue Yuen Industrial Holdings Ltd. 12,000 21,372 0.00%

VTech Holdings Ltd. 2,800 21,255 0.00%Melco International Development Ltd. 16,000 21,186 0.00%

NagaCorp Ltd. 30,000 20,865 0.00%Vinda International Holdings Ltd. 9,000 19,973 0.00%

NWS Holdings Ltd. 26,000 19,942 0.00%Kerry Logistics Network Ltd. 9,000 19,681 0.00%Dairy Farm International Holdings Ltd. 6,100 18,651 0.00%

Sun Art Retail Group Ltd. 33,500 17,980 0.00%MGM China Holdings Ltd. 14,800 16,161 0.00%Nexteer Automotive Group Ltd. 16,000 16,046 0.00%

United Energy Group Ltd. 150,000 15,600 0.00%Shangri-La Asia Ltd. 22,000 15,526 0.00%Cathay Pacific Airways Ltd. 24,545 14,951 0.00%Towngas China Co., Ltd. 26,000 13,858 0.00%Shun Tak Holdings Ltd. 58,000 13,464 0.00%MMG Ltd. 40,000 12,703 0.00%Champion REIT 31,000 12,579 0.00%Dah Sing Financial Holdings Ltd. 4,000 9,861 0.00%

First Pacific Co., Ltd. 38,000 9,351 0.00%

17


.Number of

SharesFair Value

GBP (£)% of Total

Net AssetsHaitong International Securities Group Ltd. 45,000 8,942 0.00%

Cafe de Coral Holdings Ltd. 6,000 8,892 0.00%Johnson Electric Holdings Ltd. 4,500 8,378 0.00%China Travel International Investment Hong Kong Ltd. 58,000 6,948 0.00%

Shui On Land Ltd. 35,200 4,118 0.00%Lifestyle International Holdings Ltd. 6,500 3,597 0.00%

FIT Hon Teng Ltd. 15,000 2,967 0.00%test test 10,668,070 1.03%Ireland 0.07% (2020: 0.07%)Kerry Group plc Class A 3,684 371,281 0.04%Kingspan Group plc 3,641 249,899 0.02%Glanbia plc 3,985 46,793 0.01%AIB Group plc 15,433 28,791 0.00%test test 696,764 0.07%Israel 0.17% (2020: 0.15%)Nice Ltd. 1,553 275,746 0.03%Bank Leumi Le-Israel BM 33,841 185,914 0.02%Bank Hapoalim BM 30,424 176,230 0.02%Teva Pharmaceutical Industries Ltd. 22,687 164,141 0.02%

Israel Discount Bank Ltd. Class A 25,819 89,116 0.01%

Mizrahi Tefahot Bank Ltd. 3,862 85,620 0.01%ICL Group Ltd. 14,847 73,255 0.01%Tower Semiconductor Ltd. 2,711 57,817 0.01%Enlight Renewable Energy Ltd. 30,615 47,010 0.01%Elbit Systems Ltd. 487 45,396 0.01%Azrieli Group Ltd. 861 43,872 0.01%Nova Measuring Instruments Ltd. 571 42,348 0.01%

Mivne Real Estate KD Ltd. 16,764 34,918 0.00%Shikun & Binui Ltd. 7,135 32,962 0.00%Bezeq The Israeli Telecommunication Corp., Ltd. 35,421 27,790 0.00%

Ashtrom Group Ltd. 1,685 26,872 0.00%Gav-Yam Lands Corp., Ltd. 3,614 24,988 0.00%Phoenix Holdings Ltd. 3,763 24,986 0.00%Big Shopping Centers Ltd. 260 23,707 0.00%Maytronics Ltd. 1,512 23,117 0.00%First International Bank Of Israel Ltd. 970 22,363 0.00%

Electra Ltd. 51 20,598 0.00%Amot Investments Ltd. 3,929 18,429 0.00%Shufersal Ltd. 3,101 17,805 0.00%Strauss Group Ltd. 879 17,764 0.00%OPC Energy Ltd. 2,429 16,950 0.00%Energix-Renewable Energies Ltd. 5,797 16,225 0.00%

Paz Oil Co., Ltd. 185 16,135 0.00%Sapiens International Corp. NV 821 15,954 0.00%Melisron Ltd. 291 14,345 0.00%Alony Hetz Properties & Investments Ltd. 1,375 13,718 0.00%

Airport City Ltd. 1,083 13,045 0.00%Harel Insurance Investments & Financial Services Ltd. 1,814 12,703 0.00%

Gazit-Globe Ltd. 1,805 9,421 0.00%Shapir Engineering & Industry Ltd. 1,169 6,417 0.00%

test test 1,737,677 0.17%Italy 0.74% (2020: 0.72%)Enel SpA 188,354 1,270,953 0.12%Intesa Sanpaolo SpA 405,817 810,498 0.08%Stellantis NV 49,334 701,409 0.07%Eni SpA 61,139 542,021 0.05%Assicurazioni Generali SpA 31,548 457,844 0.04%Ferrari NV 3,015 449,839 0.04%UniCredit SpA 52,455 449,422 0.04%CNH Industrial NV 23,116 274,307 0.03%

.Number of

SharesFair Value

GBP (£)% of Total

Net AssetsMoncler SpA 5,037 247,296 0.02%Snam SpA 53,057 221,260 0.02%FinecoBank Banca Fineco SpA 14,648 185,254 0.02%Nexi SpA 11,063 174,502 0.02%Terna SPA 32,445 174,152 0.02%Prysmian SpA 6,175 160,641 0.02%Atlantia SpA 11,636 151,653 0.01%Mediobanca Banca di Credito Finanziario SpA 17,841 150,271 0.01%

EXOR NV 2,341 135,334 0.01%Poste Italiane SpA 11,660 112,211 0.01%Recordati Industria Chimica e Farmaceutica SpA 2,658 109,773 0.01%

Davide Campari-Milano NV 11,265 109,328 0.01%Amplifon SpA 2,786 99,240 0.01%Tenaris SA 11,029 86,557 0.01%Infrastrutture Wireless Italiane SpA 9,026 73,748 0.01%

Telecom Italia SpA 204,994 72,793 0.01%DiaSorin SpA 490 67,098 0.01%Telecom Italia SpA (Non CVA) 172,989 65,108 0.01%A2A SpA 38,100 56,225 0.01%Banca Mediolanum SpA 7,832 55,031 0.01%Hera SpA 17,644 52,589 0.01%Italgas SpA 10,150 47,935 0.00%Leonardo SpA 8,035 46,933 0.00%Pirelli & C SpA 8,923 37,379 0.00%Buzzi Unicem SpA 1,813 34,771 0.00%UnipolSai Assicurazioni SpA 13,254 27,829 0.00%test test 7,711,204 0.74%Japan 7.27% (2020: 8.20%)Toyota Motor Corp. 57,800 3,661,548 0.35%Sony Group Corp. 29,100 2,053,228 0.20%SoftBank Group Corp. 32,000 1,623,185 0.16%Keyence Corp. 4,300 1,572,956 0.15%Mitsubishi UFJ Financial Group, Inc. 293,900 1,150,644 0.11%

Shin-Etsu Chemical Co., Ltd. 9,400 1,139,439 0.11%Recruit Holdings Co., Ltd. 31,662 1,129,909 0.11%Tokyo Electron Ltd. 3,500 1,097,868 0.11%Nintendo Co., Ltd. 2,500 1,053,961 0.10%Honda Motor Co., Ltd. 40,500 937,996 0.09%Nidec Corp. 11,000 923,969 0.09%Hitachi Ltd. 21,900 908,839 0.09%KDDI Corp. 40,200 908,755 0.09%Takeda Pharmaceutical Co., Ltd. 36,600 888,024 0.09%

Daikin Industries Ltd. 6,300 850,391 0.08%Hoya Corp. 8,500 816,844 0.08%FANUC Corp. 4,600 804,136 0.08%Sumitomo Mitsui Financial Group, Inc. 31,200 779,599 0.08%

Murata Manufacturing Co., Ltd. 13,700 758,117 0.07%

Daiichi Sankyo Co., Ltd. 45,000 702,983 0.07%Fast Retailing Co., Ltd. 1,200 654,728 0.06%ITOCHU Corp. 31,200 651,362 0.06%Mizuho Financial Group, Inc. 61,260 634,466 0.06%Mitsui & Co., Ltd. 38,400 626,435 0.06%Seven & i Holdings Co., Ltd. 17,900 618,587 0.06%Fujitsu Ltd. 4,500 610,652 0.06%SoftBank Corp. 63,403 601,233 0.06%SMC Corp. 1,400 599,626 0.06%Astellas Pharma, Inc. 43,500 549,004 0.05%Mitsubishi Corp. 27,700 547,209 0.05%M3, Inc. 10,074 533,213 0.05%Nippon Telegraph & Telephone Corp. 28,100 530,637 0.05%

Denso Corp. 10,600 524,126 0.05%Kao Corp. 11,300 503,889 0.05%Tokio Marine Holdings, Inc. 15,100 503,206 0.05%Mitsubishi Electric Corp. 47,700 501,806 0.05%

18


.Number of

SharesFair Value

GBP (£)% of Total

Net AssetsShiseido Co., Ltd. 9,400 501,096 0.05%Oriental Land Co., Ltd. 4,600 475,069 0.05%Central Japan Railway Co. 4,200 461,707 0.04%Terumo Corp. 15,400 452,318 0.04%FUJIFILM Holdings Corp. 8,300 446,139 0.04%Bridgestone Corp. 13,400 441,920 0.04%Chugai Pharmaceutical Co., Ltd. 15,300 439,399 0.04%

Eisai Co., Ltd. 6,100 434,779 0.04%East Japan Railway Co. 8,400 434,416 0.04%Panasonic Corp. 51,100 428,559 0.04%Sysmex Corp. 4,600 396,141 0.04%Komatsu Ltd. 21,600 389,009 0.04%Kubota Corp. 26,500 388,478 0.04%Canon, Inc. 23,400 383,642 0.04%Japan Tobacco, Inc. 28,000 383,340 0.04%Mitsui Fudosan Co., Ltd. 22,400 376,015 0.04%ORIX Corp. 29,500 360,766 0.04%Olympus Corp. 24,584 354,135 0.03%Asahi Group Holdings Ltd. 10,335 350,009 0.03%Kyocera Corp. 7,800 349,496 0.03%Dai-ichi Life Holdings, Inc. 25,800 342,364 0.03%Daiwa House Industry Co., Ltd. 15,700 341,596 0.03%

Toshiba Corp. 10,700 335,425 0.03%Suzuki Motor Corp. 10,600 325,098 0.03%Aeon Co., Ltd. 16,400 319,379 0.03%Mitsubishi Estate Co., Ltd. 27,000 316,453 0.03%Shimano, Inc. 1,800 309,436 0.03%Otsuka Holdings Co., Ltd. 10,000 300,563 0.03%Advantest Corp. 4,600 300,407 0.03%Nomura Holdings, Inc. 74,000 274,123 0.03%Unicharm Corp. 9,200 268,295 0.03%Shionogi & Co., Ltd. 7,000 264,466 0.03%Kirin Holdings Co., Ltd. 18,200 257,186 0.03%Lasertec Corp. 1,800 253,538 0.02%Secom Co., Ltd. 4,600 253,410 0.02%Toyota Industries Corp. 4,000 250,785 0.02%Asahi Kasei Corp. 31,400 250,026 0.02%Sumitomo Corp. 25,700 249,490 0.02%Omron Corp. 4,300 247,151 0.02%Nippon Steel Corp. 20,039 244,933 0.02%NEC Corp. 6,500 242,564 0.02%TDK Corp. 2,700 237,626 0.02%MS&AD Insurance Group Holdings, Inc. 11,300 236,500 0.02%

Z Holdings Corp. 65,000 236,119 0.02%Nitori Holdings Co., Ltd. 1,800 230,873 0.02%Sumitomo Realty & Development Co., Ltd. 8,900 230,514 0.02%

ENEOS Holdings, Inc. 75,750 229,752 0.02%Marubeni Corp. 35,800 225,643 0.02%Bandai Namco Holdings, Inc. 4,400 221,265 0.02%Ajinomoto Co., Inc. 11,500 216,377 0.02%Obic Co., Ltd. 1,600 216,181 0.02%Yaskawa Electric Corp. 5,900 209,011 0.02%Nitto Denko Corp. 3,800 205,521 0.02%Subaru Corp. 14,200 203,024 0.02%Sompo Holdings, Inc. 7,500 200,908 0.02%Kikkoman Corp. 4,200 200,850 0.02%Sekisui House Ltd. 13,500 200,678 0.02%SG Holdings Co., Ltd. 10,300 195,747 0.02%Sumitomo Mitsui Trust Holdings, Inc. 8,500 195,643 0.02%

Japan Exchange Group, Inc. 12,100 194,984 0.02%Toyota Tsusho Corp. 5,600 191,807 0.02%Mitsubishi Chemical Holdings Corp. 30,600 186,360 0.02%

Japan Post Holdings Co., Ltd. 31,309 185,939 0.02%Makita Corp. 5,400 184,252 0.02%Nippon Paint Holdings Co., Ltd. 18,600 182,992 0.02%

.Number of

SharesFair Value

GBP (£)% of Total

Net AssetsMINEBEA MITSUMI, Inc. 9,500 182,155 0.02%Sumitomo Electric Industries Ltd. 16,800 179,641 0.02%

Renesas Electronics Corp. 22,556 176,735 0.02%Pan Pacific International Holdings Corp. 11,700 176,020 0.02%

West Japan Railway Co. 4,200 173,558 0.02%Shimadzu Corp. 6,100 170,927 0.02%NTT Data Corp. 15,100 170,723 0.02%Nissan Motor Co., Ltd. 46,800 168,326 0.02%Toray Industries, Inc. 34,800 167,803 0.02%Rakuten Group, Inc. 20,200 165,260 0.02%Ono Pharmaceutical Co., Ltd. 10,200 164,966 0.02%MISUMI Group, Inc. 6,600 161,901 0.02%Kyowa Kirin Co., Ltd. 6,200 159,370 0.02%Nippon Building Fund, Inc. REIT 35 158,241 0.02%

Nexon Co., Ltd. 9,600 155,074 0.02%Disco Corp. 700 155,044 0.02%Yamato Holdings Co., Ltd. 7,500 154,620 0.02%Resona Holdings, Inc. 55,116 153,613 0.02%Yamaha Corp. 3,900 153,426 0.02%Daifuku Co., Ltd. 2,300 151,404 0.02%Daiwa Securities Group, Inc. 37,500 149,262 0.01%Nomura Research Institute Ltd. 6,200 148,651 0.01%

Sumitomo Metal Mining Co., Ltd. 5,200 146,726 0.01%

MEIJI Holdings Co., Ltd. 3,300 143,170 0.01%Chubu Electric Power Co., Inc. 15,700 139,097 0.01%Tokyo Gas Co., Ltd. 10,100 138,178 0.01%Yamaha Motor Co., Ltd. 7,000 137,919 0.01%CyberAgent, Inc. 8,800 136,927 0.01%Hamamatsu Photonics KK 3,100 135,505 0.01%Dentsu Group, Inc. 5,200 134,852 0.01%Mitsubishi Heavy Industries Ltd. 6,300 134,361 0.01%

Yakult Honsha Co., Ltd. 3,273 134,312 0.01%AGC, Inc. 4,400 133,769 0.01%Japan Real Estate Investment Corp. REIT 30 133,678 0.01%

Osaka Gas Co., Ltd. 9,900 133,633 0.01%T&D Holdings, Inc. 13,900 130,223 0.01%Aisin Corp. 4,200 130,155 0.01%Odakyu Electric Railway Co., Ltd. 7,100 129,976 0.01%

Sumitomo Chemical Co., Ltd. 33,700 129,498 0.01%Nippon Yusen KK 3,500 128,557 0.01%Keio Corp. 3,000 127,806 0.01%TOTO Ltd. 3,400 127,545 0.01%Isuzu Motors Ltd. 13,200 126,334 0.01%Japan Metropolitan Fund Invest REIT 159 124,894 0.01%

Tokyu Corp. 12,400 122,237 0.01%Nippon Prologis, Inc. REIT 53 122,231 0.01%Koito Manufacturing Co., Ltd. 2,700 121,719 0.01%Nomura Real Estate Master Fund, Inc. REIT 104 120,841 0.01%

Nissan Chemical Corp. 3,400 120,669 0.01%Rohm Co., Ltd. 1,800 120,604 0.01%GLP J-Reit REIT 96 120,001 0.01%Ricoh Co., Ltd. 14,500 117,965 0.01%Kintetsu Group Holdings Co., Ltd. 4,600 117,042 0.01%

Mitsui Chemicals, Inc. 4,600 115,091 0.01%Taiyo Yuden Co., Ltd. 3,200 114,615 0.01%Kansai Electric Power Co., Inc. 16,400 113,361 0.01%Ibiden Co., Ltd. 2,900 113,329 0.01%Daito Trust Construction Co., Ltd. 1,400 110,974 0.01%

Trend Micro, Inc. 2,900 110,113 0.01%Hankyu Hanshin Holdings, Inc. 4,900 109,490 0.01%Nihon M&A Center, Inc. 5,800 109,016 0.01%

19


.Number of

SharesFair Value

GBP (£)% of Total

Net AssetsFuji Electric Co., Ltd. 3,205 108,521 0.01%Inpex Corp. 19,900 107,628 0.01%Tobu Railway Co., Ltd. 5,700 106,801 0.01%Lixil Corp. 5,600 104,964 0.01%Daiwa House Investment Corp. REIT Class A 49 104,695 0.01%

Mitsui OSK Lines Ltd. 3,000 104,515 0.01%Nissin Foods Holdings Co., Ltd. 2,000 104,385 0.01%

Mazda Motor Corp. 15,300 104,210 0.01%Kajima Corp. 11,300 103,727 0.01%SUMCO Corp. 5,739 102,028 0.01%JFE Holdings, Inc. 12,000 101,854 0.01%Santen Pharmaceutical Co., Ltd. 10,200 101,814 0.01%

SBI Holdings, Inc. 5,900 101,157 0.01%JSR Corp. 4,600 100,836 0.01%Orix JREIT, Inc. REIT 72 100,429 0.01%Taisei Corp. 4,200 99,740 0.01%Capcom Co., Ltd. 4,600 97,535 0.01%MonotaRO Co., Ltd. 5,600 96,086 0.01%Konami Holdings Corp. 2,200 95,734 0.01%TIS, Inc. 5,100 94,395 0.01%Azbil Corp. 3,100 93,134 0.01%Sekisui Chemical Co., Ltd. 7,500 92,919 0.01%Brother Industries Ltd. 6,300 91,122 0.01%Dai Nippon Printing Co., Ltd. 5,900 90,418 0.01%Idemitsu Kosan Co., Ltd. 5,053 88,448 0.01%Stanley Electric Co., Ltd. 4,200 88,094 0.01%GMO Payment Gateway, Inc. 932 87,984 0.01%TOPPAN, Inc. 7,300 85,012 0.01%NH Foods Ltd. 3,000 84,552 0.01%Advance Residence Investment Corp. REIT 35 84,487 0.01%

Otsuka Corp. 2,200 83,678 0.01%Obayashi Corp. 14,500 83,531 0.01%United Urban Investment Corp. REIT 79 82,825 0.01%

Nippon Express Co., Ltd. 1,500 82,790 0.01%Miura Co., Ltd. 2,600 81,675 0.01%Kobayashi Pharmaceutical Co., Ltd. 1,300 80,487 0.01%

Hoshizaki Corp. 1,300 80,063 0.01%Kurita Water Industries Ltd. 2,300 79,978 0.01%Hulic Co., Ltd. 9,700 79,104 0.01%BayCurrent Consulting, Inc. 300 78,093 0.01%Oji Holdings Corp. 18,700 77,836 0.01%Hirose Electric Co., Ltd. 720 76,331 0.01%Industrial & Infrastructure Fund Investment Corp. REIT Class A 55 76,035 0.01%

Ryohin Keikaku Co., Ltd. 5,000 76,005 0.01%Tsuruha Holdings, Inc. 900 75,803 0.01%Kansai Paint Co., Ltd. 4,100 75,725 0.01%Asahi Intecc Co., Ltd. 4,300 74,510 0.01%Tokyu Fudosan Holdings Corp. 17,000 74,087 0.01%Tosoh Corp. 5,900 73,751 0.01%Tohoku Electric Power Co., Inc. 12,700 72,084 0.01%Toho Co., Ltd. 2,400 71,712 0.01%Tokyo Electric Power Co. Holdings, Inc. 33,300 71,693 0.01%

Yokogawa Electric Corp. 6,600 71,478 0.01%Aozora Bank Ltd. 4,400 71,334 0.01%Nabtesco Corp. 2,600 71,243 0.01%Suntory Beverage & Food Ltd. 2,600 70,903 0.01%Casio Computer Co., Ltd. 5,800 70,268 0.01%Seiko Epson Corp. 5,500 70,114 0.01%Nagoya Railroad Co., Ltd. 5,200 70,089 0.01%Marui Group Co., Ltd. 5,100 69,473 0.01%ZOZO, Inc. 2,800 68,959 0.01%Rinnai Corp. 1,000 68,959 0.01%Kose Corp. 600 68,424 0.01%

.Number of

SharesFair Value

GBP (£)% of Total

Net AssetsEbara Corp. 1,900 67,805 0.01%Hisamitsu Pharmaceutical Co., Inc. 1,900 67,805 0.01%

Toho Gas Co., Ltd. 1,900 67,433 0.01%Keisei Electric Railway Co., Ltd. 2,900 67,071 0.01%

THK Co., Ltd. 3,100 67,044 0.01%Asics Corp. 3,600 66,044 0.01%Food & Life Cos Ltd. 2,100 65,694 0.01%NGK Insulators Ltd. 5,400 65,669 0.01%Shimizu Corp. 11,800 65,590 0.01%Sojitz Corp. 30,000 65,567 0.01%Hitachi Metals Ltd. 4,700 65,128 0.01%Open House Co., Ltd. 1,900 64,706 0.01%Showa Denko KK 3,000 64,588 0.01%ANA Holdings, Inc. 3,773 64,295 0.01%PeptiDream, Inc. 1,800 64,001 0.01%Lion Corp. 5,200 63,847 0.01%Hikari Tsushin, Inc. 500 63,642 0.01%Japan Airlines Co., Ltd. 4,060 63,597 0.01%Iida Group Holdings Co., Ltd. 3,400 63,440 0.01%Nippon Shinyaku Co., Ltd. 1,100 63,225 0.01%Concordia Financial Group Ltd. 23,774 63,127 0.01%Japan Post Bank Co., Ltd. 10,130 61,661 0.01%Ito En Ltd. 1,400 60,191 0.01%Shizuoka Bank Ltd. 10,700 59,965 0.01%Skylark Holdings Co., Ltd. 5,883 59,222 0.01%Kakaku.com, Inc. 2,700 59,098 0.01%Denka Co., Ltd. 2,400 57,855 0.01%Square Enix Holdings Co., Ltd. 1,600 57,516 0.01%SCREEN Holdings Co., Ltd. 800 57,307 0.01%Nankai Electric Railway Co., Ltd. 3,700 57,282 0.01%

USS Co., Ltd. 4,500 56,896 0.01%Mitsubishi Gas Chemical Co., Inc. 3,700 56,871 0.01%

Chiba Bank Ltd. 12,900 56,303 0.01%Nisshin Seifun Group, Inc. 5,300 56,188 0.01%Haseko Corp. 5,600 55,606 0.01%Koei Tecmo Holdings Co., Ltd. 1,560 55,162 0.01%Pigeon Corp. 2,700 55,135 0.01%NSK Ltd. 9,000 55,135 0.01%Hakuhodo DY Holdings, Inc. 4,900 55,113 0.01%LaSalle Logiport REIT 45 55,076 0.01%Tokai Carbon Co., Ltd. 5,500 54,972 0.01%Tokyo Century Corp. 1,400 54,528 0.01%Nikon Corp. 7,000 54,117 0.01%Taiheiyo Cement Corp. 3,400 54,057 0.01%Japan Prime Realty Investment Corp. REIT 19 53,921 0.01%

Yamada Holdings Co., Ltd. 16,100 53,884 0.01%Itochu Techno-Solutions Corp. 2,400 53,863 0.01%Kyushu Electric Power Co., Inc. 9,600 53,549 0.01%Kyowa Exeo Corp. 3,000 53,530 0.01%Toyo Suisan Kaisha Ltd. 1,900 52,992 0.01%NOF Corp. 1,400 52,884 0.01%Japan Post Insurance Co., Ltd. 3,931 52,677 0.01%Kaneka Corp. 1,800 52,551 0.01%Kyushu Railway Co. 3,194 52,220 0.01%Iwatani Corp. 1,200 52,140 0.01%Mitsubishi HC Capital, Inc. 13,390 51,977 0.01%TechnoPro Holdings, Inc. 3,000 51,436 0.01%Ulvac, Inc. 1,400 51,423 0.01%JTEKT Corp. 6,900 51,273 0.01%Medipal Holdings Corp. 3,700 51,223 0.01%Matsumotokiyoshi Holdings Co., Ltd. 1,600 51,201 0.01%

Kenedix Office Investment Corp. REIT Class A 10 51,083 0.01%

Sekisui House, Inc. REIT 85 51,018 0.01%Bank of Kyoto Ltd. 1,500 49,322 0.01%Nifco, Inc. 1,800 49,263 0.01%

20


.Number of

SharesFair Value

GBP (£)% of Total

Net AssetsMorinaga Milk Industry Co., Ltd. 1,300 49,107 0.01%

Sharp Corp. 4,100 49,030 0.01%Mori Hills Investment Corp. REIT Class A 45 48,911 0.01%

Kuraray Co., Ltd. 7,000 48,728 0.01%Keikyu Corp. 5,500 48,728 0.01%Sumitomo Dainippon Pharma Co., Ltd. 3,200 48,602 0.01%

Ube Industries Ltd. 3,300 48,420 0.01%Activia Properties, Inc. REIT 14 48,043 0.01%Japan Logistics Fund, Inc. REIT 22 47,939 0.01%Welcia Holdings Co., Ltd. 2,000 47,365 0.01%Fukuoka Financial Group, Inc. 3,700 46,806 0.01%Hitachi Construction Machinery Co., Ltd. 2,100 46,513 0.01%

Sohgo Security Services Co., Ltd. 1,400 46,216 0.01%

COMSYS Holdings Corp. 2,300 46,141 0.01%Sumitomo Heavy Industries Ltd. 2,300 45,916 0.01%

Persol Holdings Co., Ltd. 3,200 45,825 0.01%Tokyo Ohka Kogyo Co., Ltd. 1,000 45,734 0.01%Amada Co., Ltd. 6,200 45,424 0.00%Kawasaki Heavy Industries Ltd. 2,900 44,934 0.00%

IHI Corp. 2,600 44,713 0.00%Nomura Real Estate Holdings, Inc. 2,400 44,123 0.00%

Sumitomo Rubber Industries Ltd. 4,400 44,006 0.00%

Keihan Holdings Co., Ltd. 2,000 43,842 0.00%Hino Motors Ltd. 6,800 43,343 0.00%NGK Spark Plug Co., Ltd. 4,000 42,954 0.00%Cosmos Pharmaceutical Corp. 400 42,537 0.00%Sugi Holdings Co., Ltd. 800 42,276 0.00%Seibu Holdings, Inc. 4,962 42,149 0.00%Teijin Ltd. 3,800 41,972 0.00%Nichirei Corp. 2,200 41,896 0.00%Nippon Accommodations Fund, Inc. REIT Class A 10 41,819 0.00%

Tokyo Tatemono Co., Ltd. 4,000 41,336 0.00%Chugoku Electric Power Co., Inc. 6,200 41,015 0.00%

Nippon Sanso Holdings Corp. 2,700 40,109 0.00%Alfresa Holdings Corp. 3,700 40,047 0.00%Anritsu Corp. 2,900 39,183 0.00%Kewpie Corp. 2,400 39,035 0.00%Mitsubishi Materials Corp. 2,700 39,017 0.00%Air Water, Inc. 3,500 39,001 0.00%Oracle Corp. Japan 700 38,818 0.00%Mitsui Fudosan Logistics Park, Inc. REIT 10 38,622 0.00%

NET One Systems Co., Ltd. 1,600 38,257 0.00%Kagome Co., Ltd. 2,000 38,244 0.00%Horiba Ltd. 800 37,579 0.00%Electric Power Development Co., Ltd. 3,600 37,226 0.00%

Shinko Electric Industries Co., Ltd. 1,400 37,128 0.00%

Rohto Pharmaceutical Co., Ltd. 1,900 37,001 0.00%Konica Minolta, Inc. 9,100 36,453 0.00%Sega Sammy Holdings, Inc. 3,800 36,146 0.00%Shinsei Bank Ltd. 3,799 36,112 0.00%Isetan Mitsukoshi Holdings Ltd. 7,100 35,852 0.00%

Sumitomo Forestry Co., Ltd. 2,700 35,846 0.00%DeNA Co., Ltd. 2,300 35,428 0.00%Zensho Holdings Co., Ltd. 1,900 35,365 0.00%Takara Holdings, Inc. 3,900 35,240 0.00%Coca-Cola Bottlers Japan Holdings, Inc. 3,100 35,110 0.00%

.Number of

SharesFair Value

GBP (£)% of Total

Net AssetsTaisho Pharmaceutical Holdings Co., Ltd. 900 34,936 0.00%

SMS Co., Ltd. 1,600 34,708 0.00%SCSK Corp. 800 34,551 0.00%Pola Orbis Holdings, Inc. 1,800 34,455 0.00%Ushio, Inc. 2,600 34,434 0.00%K's Holdings Corp. 4,100 34,158 0.00%Goldwin, Inc. 800 34,082 0.00%House Foods Group, Inc. 1,500 33,224 0.00%Relo Group, Inc. 2,000 33,142 0.00%Kinden Corp. 2,800 33,137 0.00%Sanwa Holdings Corp. 3,700 32,926 0.00%Mabuchi Motor Co., Ltd. 1,200 32,881 0.00%Fancl Corp. 1,400 32,881 0.00%Yokohama Rubber Co., Ltd. 2,100 32,594 0.00%Japan Airport Terminal Co., Ltd. 1,000 32,555 0.00%Ezaki Glico Co., Ltd. 1,200 32,412 0.00%Sundrug Co., Ltd. 1,400 32,242 0.00%Daicel Corp. 5,400 32,200 0.00%Mitsubishi Logistics Corp. 1,500 32,196 0.00%Toyo Tire Corp. 2,100 32,169 0.00%Alps Alpine Co., Ltd. 4,200 32,141 0.00%Suzuken Co., Ltd. 1,500 31,854 0.00%Zeon Corp. 3,100 31,085 0.00%Nippo Corp. 1,500 30,973 0.00%Toyo Seikan Group Holdings Ltd. 3,100 30,681 0.00%

Nippon Electric Glass Co., Ltd. 1,800 30,650 0.00%Lawson, Inc. 900 30,180 0.00%SHO-BOND Holdings Co., Ltd. 1,000 30,174 0.00%Justsystems Corp. 700 29,867 0.00%Tsumura & Co. 1,300 29,642 0.00%GS Yuasa Corp. 1,600 29,593 0.00%DIC Corp. 1,600 29,280 0.00%Credit Saison Co., Ltd. 3,300 29,151 0.00%Sawai Group Holdings Co., Ltd. 900 29,065 0.00%

Mebuki Financial Group, Inc. 19,000 29,006 0.00%Nihon Kohden Corp. 1,400 28,954 0.00%Penta-Ocean Construction Co., Ltd. 5,700 28,746 0.00%

J Front Retailing Co., Ltd. 4,400 28,275 0.00%Sankyu, Inc. 900 28,272 0.00%Kotobuki Spirits Co., Ltd. 600 28,106 0.00%Zenkoku Hosho Co., Ltd. 900 28,037 0.00%Aica Kogyo Co., Ltd. 1,100 28,024 0.00%Shimamura Co., Ltd. 400 27,819 0.00%JGC Holdings Corp. 4,100 27,685 0.00%Benefit One, Inc. 1,200 27,362 0.00%DMG Mori Co., Ltd. 2,100 27,319 0.00%Hitachi Transport System Ltd. 900 27,039 0.00%Seino Holdings Co., Ltd. 2,900 26,942 0.00%Kobe Steel Ltd. 5,700 26,514 0.00%Kamigumi Co., Ltd. 1,800 26,458 0.00%Nishi-Nippon Railroad Co., Ltd. 1,500 26,344 0.00%Park24 Co., Ltd. 2,000 26,331 0.00%Mitsubishi Motors Corp. 12,900 26,258 0.00%Nagase & Co., Ltd. 2,400 25,961 0.00%RENOVA, Inc. 900 25,688 0.00%Amano Corp. 1,400 25,583 0.00%Yamazaki Baking Co., Ltd. 2,500 25,542 0.00%Takashimaya Co., Ltd. 3,200 25,219 0.00%Daiwa Office Investment Corp. REIT Class A 5 25,215 0.00%

Calbee, Inc. 1,500 25,072 0.00%Daido Steel Co., Ltd. 700 25,072 0.00%ABC-Mart, Inc. 600 24,935 0.00%TS Tech Co., Ltd. 2,200 24,615 0.00%Aeon Mall Co., Ltd. 2,200 24,558 0.00%Nippon Shokubai Co., Ltd. 700 24,387 0.00%Sotetsu Holdings, Inc. 1,700 24,278 0.00%Bic Camera, Inc. 3,300 24,091 0.00%

21


.Number of

SharesFair Value

GBP (£)% of Total

Net AssetsDaio Paper Corp. 2,000 23,995 0.00%Nihon Unisys Ltd. 1,100 23,969 0.00%Ship Healthcare Holdings, Inc. 1,400 23,684 0.00%Toyoda Gosei Co., Ltd. 1,300 23,196 0.00%Dowa Holdings Co., Ltd. 800 22,834 0.00%Ain Holdings, Inc. 500 22,606 0.00%PALTAC Corp. 600 22,547 0.00%Toda Corp. 4,500 22,459 0.00%AEON Financial Service Co., Ltd. 2,600 22,204 0.00%

Mitsui Mining & Smelting Co., Ltd. 1,100 22,103 0.00%

Nippon Kayaku Co., Ltd. 3,200 21,921 0.00%GMO internet, Inc. 1,100 21,745 0.00%Rengo Co., Ltd. 3,600 21,725 0.00%Benesse Holdings, Inc. 1,200 21,631 0.00%FP Corp. 800 21,529 0.00%Iyo Bank Ltd. 6,000 21,373 0.00%OKUMA Corp. 600 21,255 0.00%Acom Co., Ltd. 6,700 21,156 0.00%Toshiba TEC Corp. 700 20,870 0.00%Fuji Kyuko Co., Ltd. 600 20,825 0.00%NHK Spring Co., Ltd. 3,500 20,825 0.00%Hirogin Holdings, Inc. 5,300 20,228 0.00%Cosmo Energy Holdings Co., Ltd. 1,200 19,940 0.00%

Mani, Inc. 1,200 19,932 0.00%Furukawa Electric Co., Ltd. 1,100 19,857 0.00%Chugoku Bank Ltd. 3,600 19,823 0.00%Nipro Corp. 2,300 19,702 0.00%Kyushu Financial Group, Inc. 7,700 19,692 0.00%Hachijuni Bank Ltd. 8,400 19,619 0.00%Sapporo Holdings Ltd. 1,300 19,609 0.00%JCR Pharmaceuticals Co., Ltd. 800 19,520 0.00%Daiichikosho Co., Ltd. 700 19,478 0.00%Tokuyama Corp. 1,300 19,185 0.00%Izumi Co., Ltd. 700 19,089 0.00%Elecom Co., Ltd. 1,400 19,016 0.00%As One Corp. 200 18,933 0.00%Maeda Corp. 3,000 18,848 0.00%Maruichi Steel Tube Ltd. 1,100 18,723 0.00%H.U. Group Holdings, Inc. 1,000 18,685 0.00%Kaken Pharmaceutical Co., Ltd. 600 18,633 0.00%Kyudenko Corp. 800 18,607 0.00%Kobe Bussan Co., Ltd. 800 18,267 0.00%IR Japan Holdings Ltd. 200 18,254 0.00%Kokuyo Co., Ltd. 1,600 18,111 0.00%NOK Corp. 2,000 17,980 0.00%Yamaguchi Financial Group, Inc. 4,300 17,786 0.00%

OSG Corp. 1,400 17,591 0.00%Seven Bank Ltd. 11,400 17,552 0.00%Maruwa Unyu Kikan Co., Ltd. 1,700 17,513 0.00%Fujitsu General Ltd. 900 17,304 0.00%Yamato Kogyo Co., Ltd. 700 16,783 0.00%OBIC Business Consultants Co., Ltd. 400 16,754 0.00%

Shochiku Co., Ltd. 200 16,715 0.00%Sankyo Co., Ltd. 900 16,658 0.00%Yaoko Co., Ltd. 400 16,623 0.00%Toyota Boshoku Corp. 1,100 16,484 0.00%Morinaga & Co., Ltd. 700 16,212 0.00%Fukuyama Transporting Co., Ltd. 600 16,147 0.00%

Sumitomo Bakelite Co., Ltd. 500 16,017 0.00%Gunma Bank Ltd. 7,000 15,984 0.00%Kusuri no Aoki Holdings Co., Ltd. 300 15,853 0.00%

Shikoku Electric Power Co., Inc. 3,200 15,783 0.00%

Fuji Oil Holdings, Inc. 900 15,519 0.00%

.Number of

SharesFair Value

GBP (£)% of Total

Net AssetsNEC Networks & System Integration Corp. 1,300 14,885 0.00%

Maeda Road Construction Co., Ltd. 1,000 14,235 0.00%

Resorttrust, Inc. 1,200 14,202 0.00%Fuyo General Lease Co., Ltd. 300 13,740 0.00%Takara Bio, Inc. 700 13,541 0.00%Ariake Japan Co., Ltd. 300 13,485 0.00%Itoham Yonekyu Holdings, Inc. 2,800 13,061 0.00%Nippon Paper Industries Co., Ltd. 1,600 12,985 0.00%

Japan Aviation Electronics Industry Ltd. 1,000 12,807 0.00%

GungHo Online Entertainment, Inc. 880 12,694 0.00%

Lintec Corp. 800 12,578 0.00%Hokuriku Electric Power Co. 3,000 11,861 0.00%Kyoritsu Maintenance Co., Ltd. 500 11,809 0.00%Canon Marketing Japan, Inc. 700 11,796 0.00%ASKUL Corp. 1,000 11,300 0.00%Noevir Holdings Co., Ltd. 300 11,039 0.00%Nippon Television Holdings, Inc. 1,300 10,915 0.00%

Orient Corp. 10,900 10,382 0.00%Heiwa Corp. 800 10,266 0.00%Kandenko Co., Ltd. 1,800 10,181 0.00%Mochida Pharmaceutical Co., Ltd. 400 9,499 0.00%

NS Solutions Corp. 400 9,342 0.00%Ichigo, Inc. 3,900 8,956 0.00%Fuji Media Holdings, Inc. 1,100 8,856 0.00%Megmilk Snow Brand Co., Ltd. 600 8,275 0.00%Tokai Rika Co., Ltd. 700 8,134 0.00%SKY Perfect JSAT Holdings, Inc. 2,800 7,398 0.00%

Matsui Securities Co., Ltd. 1,300 6,870 0.00%TBS Holdings, Inc. 600 6,678 0.00%Mitsubishi Shokuhin Co., Ltd. 300 5,498 0.00%TV Asahi Holdings Corp. 400 4,596 0.00%test test 75,728,091 7.27%Netherlands 1.30% (2020: 1.22%)ASML Holding NV 9,565 4,806,776 0.46%Adyen NV 699 1,237,763 0.12%ING Groep NV 94,639 904,275 0.09%Koninklijke Philips NV 22,316 801,141 0.08%Prosus NV 10,609 758,720 0.07%Koninklijke DSM NV 4,043 544,612 0.05%Heineken NV 5,915 522,562 0.05%Koninklijke Ahold Delhaize NV 23,568 508,704 0.05%Wolters Kluwer NV 6,341 460,558 0.04%Akzo Nobel NV 4,390 394,989 0.04%ArcelorMittal SA 16,806 375,579 0.04%ASM International NV 1,162 277,373 0.03%NN Group NV 7,502 256,226 0.02%Unibail-Rodamco-Westfield REIT 3,297 207,709 0.02%

Heineken Holding NV 2,533 186,192 0.02%Koninklijke KPN NV 75,479 170,072 0.02%IMCD NV 1,413 163,069 0.02%Randstad NV 2,499 138,209 0.01%Signify NV 2,881 131,907 0.01%Aegon NV 40,649 121,402 0.01%Aalberts NV 2,372 91,838 0.01%ASR Nederland NV 3,079 86,173 0.01%ABN AMRO Bank NV GDR 9,275 80,810 0.01%InPost SA 5,430 79,288 0.01%Koninklijke Vopak NV 2,112 69,073 0.01%Galapagos NV 1,038 52,039 0.00%JDE Peet's NV 1,844 48,825 0.00%Just Eat Takeaway.com NV (XAMS) 529 35,722 0.00%

22


.Number of

SharesFair Value

GBP (£)% of Total

Net AssetsGrandVision NV 1,063 25,712 0.00%test test 13,537,318 1.30%New Zealand 0.08% (2020: 0.11%)Fisher & Paykel Healthcare Corp., Ltd. 13,042 204,616 0.02%

Auckland International Airport Ltd. 27,087 99,278 0.01%

Spark New Zealand Ltd. 40,218 97,324 0.01%Contact Energy Ltd. 20,076 83,804 0.01%Meridian Energy Ltd. 25,960 69,757 0.01%Fletcher Building Ltd. 17,568 66,603 0.01%Ryman Healthcare Ltd. 9,860 65,268 0.01%a2 Milk Co., Ltd. 15,170 49,252 0.00%Mercury NZ Ltd. 13,401 45,063 0.00%Infratil Ltd. 10,921 42,395 0.00%SKYCITY Entertainment Group Ltd. 13,829 24,471 0.00%

Kiwi Property Group Ltd. 38,763 22,767 0.00%Air New Zealand Ltd. 7,268 5,679 0.00%test test 876,277 0.08%Norway 0.21% (2020: 0.20%)DNB A.S.A 24,341 387,232 0.04%Equinor A.S.A 23,164 355,432 0.03%Telenor A.S.A 15,856 193,985 0.02%Mowi A.S.A 10,147 187,494 0.02%Yara International A.S.A 3,955 151,532 0.01%Norsk Hydro A.S.A 32,531 150,907 0.01%Orkla A.S.A 20,259 150,421 0.01%TOMRA Systems A.S.A 2,792 111,778 0.01%Adevinta A.S.A Class B 5,458 76,030 0.01%Schibsted A.S.A Class A 2,161 75,923 0.01%Salmar A.S.A 1,580 75,694 0.01%Schibsted A.S.A Class B 2,232 67,419 0.01%Aker BP A.S.A 2,824 65,191 0.01%Gjensidige Forsikring A.S.A 3,455 55,343 0.01%Scatec A.S.A 2,484 48,246 0.00%Leroy Seafood Group A.S.A 5,135 32,581 0.00%Aker A.S.A Class A 545 29,223 0.00%test test 2,214,431 0.21%Poland 0.09% (2020: 0.09%)Powszechna Kasa Oszczednosci Bank Polski SA 21,609 156,310 0.01%

Polski Koncern Naftowy ORLEN SA 8,266 120,810 0.01%

Allegro.eu SA 9,654 119,852 0.01%KGHM Polska Miedz SA 3,063 109,299 0.01%Powszechny Zaklad Ubezpieczen SA 12,142 84,903 0.01%

Polskie Gornictwo Naftowe i Gazownictwo SA 52,222 67,083 0.01%

LPP SA 27 66,589 0.01%Bank Polska Kasa Opieki SA 3,495 62,507 0.01%Dino Polska SA 1,163 61,869 0.01%CD Projekt SA 1,259 44,345 0.00%Cyfrowy Polsat SA 4,775 27,379 0.00%Santander Bank Polska SA 543 26,340 0.00%test test 947,286 0.09%Portugal 0.05% (2020: 0.06%)EDP - Energias de Portugal SA 70,469 269,272 0.02%Galp Energia SGPS SA 13,361 105,363 0.01%EDP Renovaveis SA 5,283 87,319 0.01%Jeronimo Martins SGPS SA 5,011 66,018 0.01%test test 527,972 0.05%Singapore 0.34% (2020: 0.36%)DBS Group Holdings Ltd. 41,500 663,861 0.07%Oversea-Chinese Banking Corp., Ltd. 82,500 529,040 0.05%

United Overseas Bank Ltd. 30,300 419,822 0.04%Singapore Telecommunications Ltd. 173,500 213,207 0.02%

Ascendas REIT 91,920 145,512 0.02%CapitaLand Ltd. 63,400 126,221 0.01%Singapore Exchange Ltd. 21,000 125,988 0.01%

.Number of

SharesFair Value

GBP (£)% of Total

Net AssetsCapitaLand Integrated Commercial Trust REIT 106,374 119,302 0.01%

Wilmar International Ltd. 45,983 111,039 0.01%Mapletree Industrial Trust REIT 59,994 91,109 0.01%Keppel Corp., Ltd. 30,700 90,114 0.01%Singapore Technologies Engineering Ltd. 40,200 83,484 0.01%

Mapletree Logistics Trust REIT 75,484 83,038 0.01%Singapore Airlines Ltd. 31,180 81,149 0.01%Genting Singapore Ltd. 131,000 58,698 0.01%Venture Corp., Ltd. 5,100 52,573 0.01%Mapletree Commercial Trust REIT 42,590 49,366 0.01%

NetLink NBN Trust 88,400 45,065 0.01%Frasers Logistics & Commercial Trust REIT 57,700 44,587 0.01%

City Developments Ltd. 9,700 37,946 0.00%ComfortDelGro Corp., Ltd. 42,000 36,962 0.00%UOL Group Ltd. 9,400 36,823 0.00%Keppel DC REIT 27,400 36,612 0.00%Suntec REIT 39,100 30,634 0.00%Singapore Press Holdings Ltd. 33,100 30,373 0.00%SATS Ltd. 12,500 26,362 0.00%Keppel REIT 40,200 25,455 0.00%Mapletree North Asia Commercial Trust REIT 42,700 23,830 0.00%

Sembcorp Industries Ltd. 19,000 21,819 0.00%Jardine Cycle & Carriage Ltd. 1,644 18,844 0.00%Ascott Residence Trust 33,100 17,762 0.00%Olam International Ltd. 18,400 15,798 0.00%Hutchison Port Holdings Trust 92,800 15,057 0.00%Golden Agri-Resources Ltd. 111,100 13,712 0.00%Sembcorp Marine Ltd. 200,109 12,886 0.00%Singapore Post Ltd. 25,300 9,707 0.00%Wing Tai Holdings Ltd. 7,500 7,244 0.00%SIA Engineering Co., Ltd. 5,900 6,807 0.00%StarHub Ltd. 7,700 5,041 0.00%Olam International Ltd. - Rights Issue 19/7/2021 2,760 518 0.00%

test test 3,563,367 0.34%South Korea 1.87% (2020: 1.97%)Samsung Electronics Co., Ltd. 110,894 5,730,636 0.55%SK Hynix, Inc. 12,265 1,001,380 0.10%Samsung Electronics Co., Ltd. - Preference Shares 19,100 901,409 0.09%

NAVER Corp. 3,116 833,058 0.08%Kakao Corp. 6,292 656,746 0.06%LG Chem Ltd. - KRW 1,084 590,024 0.06%Samsung SDI Co., Ltd. 1,195 534,127 0.05%Hyundai Motor Co. 3,016 462,549 0.05%Celltrion, Inc. 2,485 427,260 0.04%Kia Corp. 6,005 344,542 0.03%POSCO 1,515 337,608 0.03%KB Financial Group, Inc. 9,421 336,630 0.03%Shinhan Financial Group Co., Ltd. 12,516 325,396 0.03%

Hyundai Mobis Co., Ltd. 1,432 267,761 0.03%LG Electronics, Inc. 2,441 255,568 0.03%SK Innovation Co., Ltd. 1,196 226,313 0.02%LG Household & Health Care Ltd. 197 222,276 0.02%

Hana Financial Group, Inc. 6,961 205,269 0.02%NCSoft Corp. 381 200,060 0.02%Samsung C&T Corp. 2,017 176,303 0.02%HMM Co., Ltd. 6,256 175,866 0.02%Samsung Biologics Co., Ltd. 300 161,562 0.02%Samsung Electro-Mechanics Co., Ltd. 1,359 154,033 0.02%

SK Holdings Co., Ltd. 769 139,112 0.01%LG Corp. 2,030 133,242 0.01%KT&G Corp. 2,389 129,116 0.01%Samsung Fire & Marine Insurance Co., Ltd. 903 127,502 0.01%

23


.Number of

SharesFair Value

GBP (£)% of Total

Net AssetsCelltrion Healthcare Co., Ltd. 1,573 116,542 0.01%SK Telecom Co., Ltd. 565 115,776 0.01%Korea Electric Power Corp. 6,480 103,115 0.01%Samsung SDS Co., Ltd. 832 98,564 0.01%HYBE Co., Ltd. 478 89,531 0.01%Woori Financial Group, Inc. 11,908 87,310 0.01%Korean Air Lines Co., Ltd. 4,085 82,399 0.01%Doosan Heavy Industries & Construction Co., Ltd. 5,163 78,852 0.01%

Korea Shipbuilding & Offshore Engineering Co., Ltd. 879 75,425 0.01%

Amorepacific Corp. - Preference Shares 1,334 75,258 0.01%

LG Display Co., Ltd. 4,553 71,431 0.01%Hyundai Motor Co. - Preference Shares 964 71,298 0.01%

Hyundai Motor Co. - Preference Shares 929 68,412 0.01%

Samsung Life Insurance Co., Ltd. 1,271 64,949 0.01%

Amorepacific Corp. 385 62,127 0.01%Hanwha Solutions Corp. 2,177 62,105 0.01%LG Innotek Co., Ltd. 422 60,261 0.01%Korea Zinc Co., Ltd. 214 59,131 0.01%SKC Co., Ltd. 558 56,635 0.01%Samsung Securities Co., Ltd. 1,913 55,064 0.01%Hankook Tire & Technology Co., Ltd. 1,657 54,857 0.01%

Hyundai Steel Co. 1,591 54,710 0.01%Coway Co., Ltd. 1,083 54,579 0.01%Hyundai Engineering & Construction Co., Ltd. 1,450 54,132 0.01%

S-Oil Corp. 817 53,625 0.01%Korea Investment Holdings Co., Ltd. 801 52,831 0.01%

Hyundai Heavy Industries Holdings Co., Ltd. 1,145 51,911 0.01%

Samsung Engineering Co., Ltd. 3,387 51,836 0.01%GS Retail Co., Ltd. 2,093 51,801 0.01%Hyundai Glovis Co., Ltd. 387 51,794 0.01%Mirae Asset Securities Co., Ltd. 8,513 51,406 0.01%

Kumho Petrochemical Co., Ltd. 364 51,047 0.01%Lotte Chemical Corp. 297 49,924 0.01%LG Chem Ltd. - Preference Shares 203 49,852 0.01%

POSCO Chemical Co., Ltd. 519 47,858 0.01%Cheil Worldwide, Inc. 2,735 44,047 0.01%Samsung Heavy Industries Co., Ltd. 9,653 41,477 0.01%

Yuhan Corp. 1,023 41,336 0.01%E-MART, Inc. 400 40,983 0.01%Shin Poong Pharmaceutical Co., Ltd. 743 40,917 0.01%

SK Biopharmaceuticals Co., Ltd. 517 40,721 0.01%

LG Uplus Corp. 4,092 40,222 0.00%Kangwon Land, Inc. 2,324 40,032 0.00%Hotel Shilla Co., Ltd. 633 39,319 0.00%Hyundai Mipo Dockyard Co., Ltd. 700 39,177 0.00%

Fila Holdings Corp. 1,041 38,797 0.00%Hanon Systems 3,574 37,877 0.00%Seegene, Inc. 714 37,812 0.00%Celltrion Pharm, Inc. 375 37,749 0.00%Doosan Infracore Co., Ltd. 4,064 37,605 0.00%Mando Corp. 867 36,920 0.00%Industrial Bank of Korea 5,472 36,792 0.00%HLB, Inc. 1,710 36,573 0.00%DB Insurance Co., Ltd. 1,006 35,302 0.00%Orion Corp. 458 34,754 0.00%SK Chemicals Co., Ltd. 208 34,630 0.00%

.Number of

SharesFair Value

GBP (£)% of Total

Net AssetsSamsung SDI Co., Ltd. - Preference Shares 119 33,339 0.00%

Daewoo Engineering & Construction Co., Ltd. 6,531 33,248 0.00%

OCI Co., Ltd. 439 33,031 0.00%DL E&C Co., Ltd. 361 32,826 0.00%Hyundai Wia Corp. 502 32,628 0.00%CJ CheilJedang Corp. - Preference Shares 229 30,795 0.00%

Hanmi Pharm Co., Ltd. 143 30,630 0.00%Korea Aerospace Industries Ltd. 1,429 30,106 0.00%

BNK Financial Group, Inc. 6,042 29,908 0.00%Alteogen, Inc. 556 29,800 0.00%GS Engineering & Construction Corp. 1,075 29,532 0.00%

Netmarble Corp. 341 29,260 0.00%CJ CheilJedang Corp. 98 28,930 0.00%LG Electronics, Inc. - Preference Shares 548 27,617 0.00%

Green Cross Corp. 127 26,715 0.00%GS Holdings Corp. 891 26,388 0.00%Shinsegae, Inc. 144 26,326 0.00%KCC Corp. 119 26,176 0.00%Hanjin Kal Corp. 608 25,696 0.00%Hanwha Aerospace Co., Ltd. 842 25,341 0.00%NH Investment & Securities Co., Ltd. 3,020 24,947 0.00%

Amorepacific Group 582 23,852 0.00%SSANGYONG C&E Co., Ltd. 4,434 23,708 0.00%Hyundai Marine & Fire Insurance Co., Ltd. 1,447 23,628 0.00%

Hanwha Corp. 1,150 23,381 0.00%CJ ENM Co., Ltd. 199 23,282 0.00%Doosan Bobcat, Inc. 755 23,207 0.00%CJ Corp. 316 21,652 0.00%S-1 Corp. 409 21,450 0.00%LG Household & Health Care Ltd. - Preference Shares 43 21,065 0.00%

HDC Hyundai Development Co.-Engineering & Construction Class E 1,039 20,958 0.00%

Daewoo Shipbuilding & Marine Engineering Co., Ltd. 891 20,426 0.00%

Hyundai Department Store Co., Ltd. 361 20,204 0.00%

DGB Financial Group, Inc. 3,384 20,153 0.00%Dongsuh Cos, Inc. 1,026 20,039 0.00%KEPCO Plant Service & Engineering Co., Ltd. 687 18,851 0.00%

Lotte Shopping Co., Ltd. 249 18,416 0.00%CJ Logistics Corp. 162 18,362 0.00%SK Networks Co., Ltd. 4,703 18,130 0.00%Lotte Corp. 679 17,479 0.00%Posco International Corp. 1,030 15,368 0.00%DL Holdings Co., Ltd. 288 14,754 0.00%Paradise Co., Ltd. 1,178 13,654 0.00%MedyTox, Inc. 89 13,507 0.00%LS Corp. 268 12,150 0.00%Korea Gas Corp. 510 12,051 0.00%Helixmith Co., Ltd. 591 11,997 0.00%BGF retail Co., Ltd. 103 11,839 0.00%LOTTE Fine Chemical Co., Ltd. 279 11,792 0.00%NongShim Co., Ltd. 51 10,238 0.00%Hite Jinro Co., Ltd. 421 10,164 0.00%NHN Corp. 187 9,987 0.00%Hanwha Life Insurance Co., Ltd. 3,909 9,399 0.00%

Hanmi Science Co., Ltd. 172 8,426 0.00%Hanssem Co., Ltd. 125 8,205 0.00%SillaJen, Inc. 1,011 7,834 0.00%Samsung Card Co., Ltd. 334 7,336 0.00%LX Holdings Corp. 984 7,089 0.00%

24


.Number of

SharesFair Value

GBP (£)% of Total

Net AssetsOttogi Corp. 20 6,967 0.00%Hanwha Corp. (XKRX) - Preference Shares 625 6,183 0.00%

Solus Advanced Materials Co., Ltd. 161 5,320 0.00%

test test 19,430,480 1.87%Spain 0.73% (2020: 0.74%)Iberdrola SA 139,526 1,226,661 0.12%Banco Santander SA 415,174 1,150,925 0.11%Banco Bilbao Vizcaya Argentaria SA 162,673 728,754 0.07%

Cellnex Telecom SA 14,904 689,795 0.07%Industria de Diseno Textil SA 25,206 643,402 0.06%Amadeus IT Group SA 10,419 531,905 0.05%Telefonica SA 125,356 421,050 0.04%Repsol SA 31,819 290,275 0.03%Ferrovial SA 12,158 257,784 0.03%CaixaBank SA 103,734 229,822 0.02%Aena SME SA 1,748 205,628 0.02%Grifols SA 7,780 153,414 0.02%Red Electrica Corp. SA 11,451 153,317 0.01%Siemens Gamesa Renewable Energy SA 5,932 143,329 0.01%

Naturgy Energy Group SA 7,395 137,703 0.01%Endesa SA 7,273 128,070 0.01%ACS Actividades de Construccion y Servicios SA 6,480 125,611 0.01%

Enagas SA 5,725 95,606 0.01%Bankinter SA 17,204 62,301 0.01%Merlin Properties Socimi SA REIT 7,759 58,152 0.01%

Inmobiliaria Colonial Socimi SA REIT 6,969 51,077 0.01%

Acciona SA 450 48,941 0.00%Mapfre SA 19,140 29,107 0.00%Linea Directa Aseguradora SA Compania de Seguros y Reaseguros 17,204 26,318 0.00%


test test 7,611,033 0.73%Sweden 1.10% (2020: 1.04%)Investor AB Class B 40,906 688,395 0.07%Atlas Copco AB Class A 15,365 677,540 0.07%Telefonaktiebolaget LM Ericsson Class B 71,862 660,340 0.06%

Volvo AB Class B 36,438 636,224 0.06%Assa Abloy AB Class B 22,675 496,674 0.05%Sandvik AB 26,562 491,265 0.05%Hexagon AB Class B 42,833 458,211 0.04%Evolution AB 3,786 442,157 0.04%H&M Hennes & Mauritz AB Class B 21,058 360,539 0.03%

Essity AB Class B 14,886 359,768 0.03%Atlas Copco AB Class B 8,919 337,024 0.03%Swedbank AB Class A 24,051 325,225 0.03%Skandinaviska Enskilda Banken AB Class A 31,896 298,610 0.03%

Svenska Handelsbanken AB Class A 33,711 275,923 0.03%

Epiroc AB Class A 15,422 254,628 0.02%Investor AB Class A 15,145 251,981 0.02%Swedish Match AB 37,808 235,780 0.02%Nibe Industrier AB Class B 28,900 221,106 0.02%Telia Co. AB 61,933 198,734 0.02%Boliden AB 7,006 195,701 0.02%Alfa Laval AB 7,469 190,836 0.02%Kinnevik AB Class B 6,382 186,605 0.02%Industrivarden AB Class A 6,103 172,444 0.02%Svenska Cellulosa AB SCA Class B 14,139 168,039 0.02%

.Number of

SharesFair Value

GBP (£)% of Total

Net AssetsSKF AB Class B 8,868 163,863 0.02%Skanska AB Class B 8,546 163,784 0.02%Getinge AB Class B 5,760 158,405 0.02%EQT AB 5,484 146,071 0.01%Tele2 AB Class B 14,352 142,092 0.01%Sinch AB 11,480 142,084 0.01%Castellum AB 7,153 132,841 0.01%Indutrade AB 6,787 126,101 0.01%Epiroc AB Class B 8,423 120,284 0.01%Lundin Energy AB 4,400 113,131 0.01%Fastighets AB Balder Class B 2,405 109,396 0.01%Electrolux AB 5,397 108,559 0.01%Elekta AB Class B 10,013 104,907 0.01%Trelleborg AB Class B 6,110 102,279 0.01%Securitas AB Class B 8,594 98,130 0.01%Husqvarna AB Class B 9,548 92,303 0.01%Lifco AB Class B 5,335 90,053 0.01%Volvo AB Class A 4,947 88,600 0.01%Sagax AB Class B 4,095 88,204 0.01%Industrivarden AB Class C 3,313 88,048 0.01%Investment AB Latour Class B 3,218 76,190 0.01%Holmen AB Class B 2,283 74,652 0.01%L E Lundbergforetagen AB Class B 1,529 71,702 0.01%

Sweco AB Class B 4,660 61,647 0.01%ICA Gruppen AB 1,648 55,370 0.01%Swedish Orphan Biovitrum AB 3,823 50,396 0.00%Saab AB Class B 2,073 40,081 0.00%Svenska Handelsbanken AB Class B 3,055 26,710 0.00%

Skandinaviska Enskilda Banken AB Class C 2,633 24,516 0.00%

Svenska Cellulosa AB SCA Class A 1,767 21,188 0.00%

Kinnevik AB Class A 178 5,881 0.00%Telefonaktiebolaget LM Ericsson Class A 488 4,478 0.00%


Zurich Insurance Group AG 3,583 1,040,644 0.10%ABB Ltd. 40,957 1,007,455 0.10%Lonza Group AG 1,791 918,321 0.09%UBS Group AG 80,193 883,211 0.09%Sika AG 3,455 820,430 0.08%Givaudan SA 221 744,619 0.07%Partners Group Holding AG 535 586,300 0.06%Alcon, Inc. 10,971 558,072 0.05%Holcim Ltd. 12,420 539,390 0.05%Geberit AG 841 458,553 0.04%Swiss Re AG 6,910 450,197 0.04%Credit Suisse Group AG 59,758 449,381 0.04%Sonova Holding AG 1,299 351,702 0.03%Logitech International SA 3,586 312,567 0.03%SGS SA 139 309,218 0.03%Kuehne + Nagel International AG 1,220 302,763 0.03%

Straumann Holding AG 252 288,076 0.03%Roche Holding AG 915 269,398 0.03%Swiss Life Holding AG 745 261,085 0.03%Swisscom AG 609 251,064 0.02%Julius Baer Group Ltd. 5,325 250,733 0.02%Chocoladefabriken Lindt & Spruengli AG (XSWX) 3 226,444 0.02%

Schindler Holding AG (XSWX) 851 187,783 0.02%Temenos AG 1,537 179,367 0.02%Chocoladefabriken Lindt & Spruengli AG 25 179,327 0.02%

25


.Number of

SharesFair Value

GBP (£)% of Total

Net AssetsAdecco Group AG 3,595 176,915 0.02%SIG Combibloc Group AG 8,215 161,760 0.02%VAT Group AG 674 161,682 0.02%Barry Callebaut AG 86 144,343 0.01%Swiss Prime Site AG 1,963 140,731 0.01%Swatch Group AG 535 133,104 0.01%EMS-Chemie Holding AG 184 130,763 0.01%Vifor Pharma AG 1,304 121,608 0.01%Schindler Holding AG 570 120,700 0.01%Georg Fischer AG 108 115,782 0.01%Baloise Holding AG 984 110,872 0.01%Tecan Group AG 310 110,601 0.01%PSP Swiss Property AG 1,083 99,179 0.01%Clariant AG 5,796 83,105 0.01%Swatch Group AG (Registerd Shares) 1,690 80,817 0.01%

ams AG 5,424 78,682 0.01%DKSH Holding AG 1,162 64,329 0.01%Helvetia Holding AG 713 55,378 0.01%Flughafen Zurich AG 462 55,233 0.01%Banque Cantonale Vaudoise 628 40,483 0.00%Sulzer AG 324 32,203 0.00%OC Oerlikon Corp. AG 4,041 32,176 0.00%BKW AG 324 24,203 0.00%test test 29,213,162 2.81%United Kingdom 4.51% (2020: 4.48%)AstraZeneca plc 31,777 2,763,646 0.27%Unilever plc 62,982 2,670,437 0.26%HSBC Holdings plc 494,705 2,069,351 0.20%Diageo plc 55,367 1,932,862 0.19%GlaxoSmithKline plc 119,638 1,701,252 0.16%Rio Tinto plc 26,325 1,581,080 0.15%British American Tobacco plc 55,377 1,551,664 0.15%BP plc 482,095 1,519,322 0.15%Royal Dutch Shell plc Class A 99,613 1,443,990 0.14%Royal Dutch Shell plc Class B 89,387 1,253,742 0.12%BHP Group plc 50,532 1,083,911 0.10%Reckitt Benckiser Group plc 15,311 986,028 0.10%Glencore plc 291,833 903,953 0.09%Prudential plc 63,577 875,455 0.08%RELX plc 45,509 870,132 0.08%Anglo American plc 29,881 862,963 0.08%Vodafone Group plc 683,815 832,750 0.08%Lloyds Banking Group plc 1,736,108 809,634 0.08%National Grid plc 87,124 800,321 0.08%Barclays plc 417,462 712,274 0.07%London Stock Exchange Group plc 8,853 705,584 0.07%

CRH plc 19,023 698,334 0.07%Compass Group plc 42,437 641,647 0.06%Experian plc 22,408 626,752 0.06%Ashtead Group plc 10,865 583,668 0.06%Ferguson plc 5,411 548,134 0.05%Flutter Entertainment plc 4,046 538,725 0.05%Tesco plc 189,044 421,001 0.04%BT Group plc 216,060 417,968 0.04%BAE Systems plc 79,934 417,735 0.04%SSE plc 26,071 392,629 0.04%Legal & General Group plc 148,130 381,583 0.04%Aviva plc 93,361 378,952 0.04%Imperial Brands plc 22,148 345,177 0.03%Smith & Nephew plc 21,119 331,252 0.03%Segro plc REIT 29,839 327,185 0.03%Standard Chartered plc 62,238 288,037 0.03%WPP plc 29,359 286,015 0.03%Just Eat Takeaway.com NV 3,956 267,623 0.03%3i Group plc 22,094 259,605 0.03%Croda International plc 3,378 249,904 0.02%Natwest Group plc 121,982 247,501 0.02%Next plc 3,142 246,333 0.02%Spirax-Sarco Engineering plc 1,782 241,728 0.02%

.Number of

SharesFair Value

GBP (£)% of Total

Net AssetsSmurfit Kappa Group plc 6,148 241,248 0.02%Ocado Group plc 11,842 240,156 0.02%Entain plc 13,658 238,400 0.02%Halma plc 8,871 238,186 0.02%Rentokil Initial plc 47,180 232,786 0.02%InterContinental Hotels Group plc 4,686 224,131 0.02%

Intertek Group plc 4,021 222,361 0.02%Persimmon plc 7,237 213,202 0.02%Mondi plc 11,106 211,847 0.02%Kingfisher plc 54,887 201,051 0.02%Bunzl plc 8,374 200,976 0.02%Associated British Foods plc 8,919 199,340 0.02%Burberry Group plc 9,121 187,528 0.02%Melrose Industries plc 122,203 186,848 0.02%Rolls-Royce Holdings plc 186,670 183,067 0.02%Barratt Developments plc 26,059 180,849 0.02%Sage Group plc 26,060 178,563 0.02%St James's Place plc 11,975 176,512 0.02%Informa plc 34,333 170,086 0.02%Whitbread plc 5,280 165,845 0.02%Admiral Group plc 5,144 162,499 0.02%United Utilities Group plc 16,618 161,826 0.02%Smiths Group plc 9,938 157,617 0.02%Auto Trader Group plc 24,760 156,582 0.02%Severn Trent plc 6,051 151,396 0.01%M&G plc 65,872 150,583 0.01%Taylor Wimpey plc 93,219 147,985 0.01%Pearson plc 17,508 145,106 0.01%Rightmove plc 21,737 141,291 0.01%WM Morrison Supermarkets plc 58,502 138,884 0.01%

Hargreaves Lansdown plc 8,709 138,255 0.01%Johnson Matthey plc 4,459 138,140 0.01%Intermediate Capital Group plc 6,453 136,739 0.01%DCC plc 2,306 136,607 0.01%Antofagasta plc 9,113 131,683 0.01%Standard Life Aberdeen plc 48,194 130,558 0.01%Berkeley Group Holdings plc 2,833 130,460 0.01%DS Smith plc 30,141 126,683 0.01%Polymetal International plc 8,096 125,893 0.01%B&M European Value Retail SA 21,687 124,440 0.01%Howden Joinery Group plc 14,927 122,969 0.01%British Land Co. plc REIT 24,461 121,547 0.01%Coca-Cola HBC AG 4,583 120,991 0.01%IMI plc 7,007 120,731 0.01%J Sainsbury plc 43,820 118,533 0.01%AVEVA Group plc 3,178 117,618 0.01%Land Securities Group plc REIT 16,784 113,393 0.01%Hikma Pharmaceuticals plc 4,529 110,191 0.01%ITV plc 86,298 108,045 0.01%JD Sports Fashion plc 11,407 104,899 0.01%Weir Group plc 5,613 103,756 0.01%Pennon Group plc 8,837 100,521 0.01%Travis Perkins plc 5,858 99,674 0.01%Bellway plc 3,037 98,460 0.01%Tate & Lyle plc 13,001 96,441 0.01%Evraz plc 15,018 90,078 0.01%Schroders plc 2,549 89,266 0.01%Phoenix Group Holdings plc 13,036 87,680 0.01%ConvaTec Group plc 36,298 87,333 0.01%Direct Line Insurance Group plc 30,242 86,734 0.01%

Derwent London plc REIT 2,581 85,844 0.01%Meggitt plc 18,114 82,908 0.01%THG plc 13,363 82,316 0.01%Centrica plc 134,917 69,995 0.01%Avast plc 12,848 63,289 0.01%Hiscox Ltd. 7,013 58,615 0.01%HomeServe plc 5,835 55,812 0.01%TUI AG 14,464 53,039 0.01%

26


.Number of

SharesFair Value

GBP (£)% of Total

Net AssetsQuilter plc 34,859 52,149 0.01%International Consolidated Airlines Group SA 27,226 47,161 0.00%

Dr. Martens plc 10,301 45,695 0.00%Renishaw plc 787 39,098 0.00%easyJet plc 4,171 37,155 0.00%Ashmore Group plc 9,146 35,047 0.00%Fresnillo plc 3,683 28,492 0.00%Wickes Group plc 6,564 16,161 0.00%NMC Health plc 1,779 — 0.00%test test 46,945,684 4.51%United States 64.49% (2020: 61.47%)Apple, Inc. 379,595 37,266,938 3.58%Microsoft Corp. 182,159 35,541,169 3.41%Amazon.com, Inc. 10,495 26,043,070 2.50%Facebook, Inc. Class A 57,855 14,677,572 1.41%Alphabet, Inc. Class A 7,164 12,605,013 1.21%Alphabet, Inc. Class C 6,953 12,593,519 1.21%Tesla, Inc. 18,764 9,201,356 0.88%NVIDIA Corp. 14,462 8,342,896 0.80%JPMorgan Chase & Co. 72,656 8,055,715 0.77%Johnson & Johnson 63,678 7,530,967 0.72%Visa, Inc. Class A 40,871 6,929,531 0.67%UnitedHealth Group, Inc. 22,716 6,512,237 0.63%Berkshire Hathaway, Inc. Class B 31,835 6,328,432 0.61%

PayPal Holdings, Inc. 28,402 5,971,036 0.57%Home Depot, Inc. 25,998 5,960,773 0.57%Procter & Gamble Co. 58,717 5,701,481 0.55%Mastercard, Inc. Class A 21,143 5,610,130 0.54%Walt Disney Co. 43,907 5,507,452 0.53%Bank of America Corp. 182,198 5,355,441 0.51%Adobe, Inc. 11,515 4,905,521 0.47%Exxon Mobil Corp. 102,368 4,626,381 0.44%Comcast Corp. Class A 110,364 4,499,082 0.43%Verizon Communications, Inc. 100,089 4,024,636 0.39%Netflix, Inc. 10,444 4,016,500 0.39%Intel Corp. 97,762 3,970,546 0.38%Cisco Systems, Inc. 102,273 3,905,210 0.38%Pfizer, Inc. 135,007 3,810,611 0.37%Salesforce.com, Inc. 21,404 3,770,203 0.36%Coca-Cola Co. 93,729 3,636,418 0.35%AT&T, Inc. 172,887 3,573,189 0.34%PepsiCo, Inc. 33,385 3,549,398 0.34%Abbott Laboratories 41,944 3,538,940 0.34%Chevron Corp. 46,816 3,506,389 0.34%Walmart, Inc. 34,603 3,488,747 0.34%Thermo Fisher Scientific, Inc. 9,490 3,473,120 0.33%AbbVie, Inc. 42,686 3,454,097 0.33%Merck & Co., Inc. 61,308 3,425,060 0.33%Eli Lilly & Co. 20,504 3,402,153 0.33%NIKE, Inc. Class B 29,960 3,344,277 0.32%Broadcom, Inc. 9,632 3,321,085 0.32%Accenture plc Class A 15,282 3,261,931 0.31%Wells Fargo & Co. 100,057 3,219,545 0.31%Texas Instruments, Inc. 22,260 3,095,564 0.30%Costco Wholesale Corp. 10,666 3,061,043 0.29%McDonald's Corp. 18,033 3,002,943 0.29%Danaher Corp. 15,301 2,984,616 0.29%Medtronic plc 32,236 2,891,174 0.28%QUALCOMM, Inc. 27,241 2,794,231 0.27%Philip Morris International, Inc. 37,544 2,658,701 0.26%Linde plc 12,600 2,619,677 0.25%United Parcel Service, Inc. Class B 17,450 2,610,013 0.25%

Honeywell International, Inc. 16,727 2,599,820 0.25%Bristol-Myers Squibb Co. 54,061 2,585,119 0.25%NextEra Energy, Inc. 47,394 2,529,138 0.24%Citigroup, Inc. 50,136 2,519,273 0.24%Union Pacific Corp. 15,967 2,516,354 0.24%Amgen, Inc. 13,901 2,433,151 0.23%Lowe's Cos, Inc. 17,358 2,430,020 0.23%

.Number of

SharesFair Value

GBP (£)% of Total

Net AssetsBerkshire Hathaway, Inc. Class A 8 2,394,750 0.23%

Oracle Corp. 42,062 2,355,314 0.23%Starbucks Corp. 28,447 2,304,562 0.22%International Business Machines Corp. 21,592 2,258,697 0.22%

Applied Materials, Inc. 22,096 2,257,881 0.22%Raytheon Technologies Corp. 36,713 2,232,909 0.21%Boeing Co. 12,997 2,215,498 0.21%Morgan Stanley 33,568 2,182,997 0.21%Intuit, Inc. 6,144 2,173,816 0.21%BlackRock, Inc. Class A 3,449 2,166,351 0.21%American Tower Corp. REIT 10,921 2,149,784 0.21%Goldman Sachs Group, Inc. 7,985 2,135,744 0.21%Target Corp. 11,980 2,088,876 0.20%Caterpillar, Inc. 13,228 2,047,302 0.20%General Electric Co. 211,062 1,990,835 0.19%Charles Schwab Corp. 37,890 1,990,817 0.19%3M Co. 13,954 1,971,291 0.19%Advanced Micro Devices, Inc. 29,277 1,916,823 0.18%ServiceNow, Inc. 4,762 1,912,389 0.18%CVS Health Corp. 31,802 1,909,450 0.18%Intuitive Surgical, Inc. 2,844 1,886,942 0.18%American Express Co. 15,727 1,858,161 0.18%S&P Global, Inc. 5,825 1,721,708 0.17%Deere & Co. 6,791 1,705,071 0.16%Square, Inc. Class A 9,451 1,690,234 0.16%Micron Technology, Inc. 27,112 1,659,918 0.16%Charter Communications, Inc. Class A 3,184 1,647,382 0.16%

Anthem, Inc. 5,908 1,627,842 0.16%Lockheed Martin Corp. 6,007 1,622,284 0.16%Lam Research Corp. 3,440 1,615,587 0.16%Stryker Corp. 8,327 1,560,975 0.15%Booking Holdings, Inc. 993 1,560,028 0.15%Zoetis, Inc. Class A 11,481 1,557,432 0.15%Prologis, Inc. REIT 17,827 1,556,697 0.15%Fidelity National Information Services, Inc. 14,979 1,535,275 0.15%

Altria Group, Inc. 44,885 1,517,422 0.15%Mondelez International, Inc. Class A 33,614 1,509,200 0.14%

Gilead Sciences, Inc. 30,369 1,492,498 0.14%T-Mobile US, Inc. 14,224 1,490,202 0.14%Crown Castle International Corp. REIT 10,422 1,480,590 0.14%

Zoom Video Communications, Inc. Class A 5,164 1,470,960 0.14%

Automatic Data Processing, Inc. 10,250 1,460,442 0.14%

Uber Technologies, Inc. 39,035 1,435,065 0.14%ConocoPhillips 32,681 1,425,360 0.14%General Motors Co. 33,237 1,408,384 0.14%Cigna Corp. 8,256 1,407,991 0.14%TJX Cos, Inc. 29,249 1,404,129 0.13%PNC Financial Services Group, Inc. 10,239 1,399,805 0.13%

Moderna, Inc. 8,180 1,398,039 0.13%CME Group, Inc. Class A 8,671 1,333,072 0.13%US Bancorp 32,482 1,326,499 0.13%Duke Energy Corp. 18,587 1,315,848 0.13%Truist Financial Corp. 32,579 1,292,165 0.12%Activision Blizzard, Inc. 18,651 1,287,426 0.12%Equinix, Inc. REIT 2,166 1,262,550 0.12%MercadoLibre, Inc. 1,106 1,260,969 0.12%FedEx Corp. 5,906 1,260,801 0.12%Estee Lauder Cos, Inc. Class A 5,525 1,256,164 0.12%CSX Corp. 54,294 1,252,125 0.12%Chubb Ltd. 10,859 1,241,968 0.12%Becton Dickinson & Co. 6,965 1,240,812 0.12%Marsh & McLennan Cos, Inc. 12,240 1,240,329 0.12%Illumina, Inc. 3,522 1,214,477 0.12%

27


.Number of

SharesFair Value

GBP (£)% of Total

Net AssetsIllinois Tool Works, Inc. 7,531 1,209,565 0.12%Capital One Financial Corp. 10,799 1,196,869 0.11%Colgate-Palmolive Co. 20,123 1,180,650 0.11%Sherwin-Williams Co. 5,871 1,154,471 0.11%Intercontinental Exchange, Inc. 13,440 1,150,062 0.11%Autodesk, Inc. 5,320 1,138,159 0.11%Norfolk Southern Corp. 5,969 1,131,084 0.11%Twilio, Inc. Class A 3,919 1,130,962 0.11%Edwards Lifesciences Corp. 14,902 1,117,193 0.11%Southern Co. 25,622 1,116,932 0.11%Fiserv, Inc. 14,483 1,113,354 0.11%Air Products & Chemicals, Inc. 5,340 1,105,662 0.11%Analog Devices, Inc. 8,874 1,095,251 0.11%Boston Scientific Corp. 34,142 1,066,091 0.10%Dominion Energy, Inc. 19,637 1,041,822 0.10%Moody's Corp. 3,932 1,038,590 0.10%Waste Management, Inc. 10,248 1,030,269 0.10%Ford Motor Co. 94,797 1,020,638 0.10%Progressive Corp. 14,164 1,005,994 0.10%Eaton Corp. plc 9,541 1,005,221 0.10%Humana, Inc. 3,126 997,628 0.10%NXP Semiconductors NV 6,665 995,689 0.10%Emerson Electric Co. 14,423 982,474 0.09%Global Payments, Inc. 7,089 961,900 0.09%Regeneron Pharmaceuticals, Inc. 2,434 956,960 0.09%

Northrop Grumman Corp. 3,672 956,727 0.09%Freeport-McMoRan, Inc. 35,493 951,377 0.09%Aon plc Class A 5,424 948,408 0.09%DocuSign, Inc. Class A 4,622 946,598 0.09%IDEXX Laboratories, Inc. 2,060 944,151 0.09%Twitter, Inc. 18,930 938,105 0.09%HCA Healthcare, Inc. 6,296 932,981 0.09%Dollar General Corp. 5,795 906,673 0.09%Biogen, Inc. 3,632 903,613 0.09%Ecolab, Inc. 6,067 903,378 0.09%Vertex Pharmaceuticals, Inc. 6,335 899,152 0.09%Roku, Inc. Class A 2,799 889,334 0.09%Newmont Corp. 19,487 883,077 0.08%KLA Corp. 3,722 872,323 0.08%Roper Technologies, Inc. 2,561 863,393 0.08%EOG Resources, Inc. 14,301 857,421 0.08%Johnson Controls International plc 17,203 845,945 0.08%

Align Technology, Inc. 1,924 844,593 0.08%eBay, Inc. 16,630 842,233 0.08%Marvell Technology, Inc. 19,636 832,056 0.08%Dow, Inc. 18,251 827,198 0.08%General Dynamics Corp. 6,140 826,002 0.08%IQVIA Holdings, Inc. 4,655 816,866 0.08%Workday, Inc. Class A 4,502 800,633 0.08%Schlumberger NV 34,303 794,062 0.08%Public Storage REIT 3,623 791,929 0.08%Kimberly-Clark Corp. 8,210 785,299 0.08%T Rowe Price Group, Inc. 5,475 779,813 0.07%L3Harris Technologies, Inc. 4,991 777,929 0.07%Agilent Technologies, Inc. 7,223 774,440 0.07%Match Group, Inc. 6,612 773,728 0.07%TE Connectivity Ltd. 7,874 762,984 0.07%Exelon Corp. 23,693 761,518 0.07%Pinterest, Inc. Class A 13,409 761,394 0.07%MSCI, Inc. Class A 1,948 758,775 0.07%Ross Stores, Inc. 8,570 756,758 0.07%Chipotle Mexican Grill, Inc. Class A 680 751,501 0.07%

MetLife, Inc. 17,605 751,199 0.07%Veeva Systems, Inc. Class A 3,258 750,747 0.07%Trane Technologies plc 5,707 750,549 0.07%Simon Property Group, Inc. REIT 7,942 747,866 0.07%

IHS Markit Ltd. 9,124 741,395 0.07%Lululemon Athletica, Inc. 2,795 738,386 0.07%

.Number of

SharesFair Value

GBP (£)% of Total

Net AssetsSempra Energy 7,707 737,242 0.07%Digital Realty Trust, Inc. REIT 6,704 736,488 0.07%Carrier Global Corp. 21,036 735,130 0.07%Centene Corp. 13,771 731,699 0.07%Electronic Arts, Inc. 7,002 728,729 0.07%Aptiv plc 6,404 727,637 0.07%Dexcom, Inc. 2,361 727,403 0.07%Baxter International, Inc. 12,277 725,447 0.07%American Electric Power Co., Inc. 11,931 722,812 0.07%

DuPont de Nemours, Inc. 12,999 721,802 0.07%Alexion Pharmaceuticals, Inc. 5,414 718,574 0.07%Synopsys, Inc. 3,599 716,945 0.07%American International Group, Inc. 21,044 716,136 0.07%

Bank of New York Mellon Corp. 19,548 714,989 0.07%Prudential Financial, Inc. 9,654 706,489 0.07%Crowdstrike Holdings, Inc. Class A 3,802 706,058 0.07%

PPG Industries, Inc. 5,792 701,121 0.07%Amphenol Corp. Class A 14,204 700,213 0.07%O'Reilly Automotive, Inc. 1,691 693,094 0.07%Allstate Corp. 7,359 688,988 0.07%Marathon Petroleum Corp. 15,541 675,793 0.06%Constellation Brands, Inc. Class A 3,971 674,386 0.06%

Cadence Design Systems, Inc. 6,753 672,037 0.06%Parker-Hannifin Corp. 3,089 670,794 0.06%Microchip Technology, Inc. 6,041 664,741 0.06%Walgreens Boots Alliance, Inc. 17,594 660,520 0.06%Travelers Cos, Inc. 6,127 658,961 0.06%Phillips 66 10,660 657,496 0.06%HP, Inc. 30,118 654,399 0.06%Spotify Technology SA 3,305 653,040 0.06%International Flavors & Fragrances, Inc. 6,086 649,592 0.06%

Marriott International, Inc. Class A 6,615 643,993 0.06%

General Mills, Inc. 14,886 643,554 0.06%Sysco Corp. 11,773 641,755 0.06%Aflac, Inc. 16,550 636,722 0.06%ResMed, Inc. 3,538 629,324 0.06%Cognizant Technology Solutions Corp. Class A 12,477 627,764 0.06%

Motorola Solutions, Inc. 4,013 627,547 0.06%Discover Financial Services 7,488 627,249 0.06%Xcel Energy, Inc. 13,184 624,735 0.06%Otis Worldwide Corp. 10,557 623,127 0.06%Cummins, Inc. 3,588 622,253 0.06%Kinder Morgan, Inc. 48,105 621,650 0.06%Palo Alto Networks, Inc. 2,304 620,586 0.06%Welltower, Inc. REIT 10,148 611,646 0.06%Yum! Brands, Inc. 7,341 611,124 0.06%Atlassian Corp. plc Class A 3,203 607,223 0.06%Xilinx, Inc. 5,959 604,280 0.06%Paychex, Inc. 7,765 602,856 0.06%SBA Communications Corp. REIT Class A 2,567 596,517 0.06%

Monster Beverage Corp. 9,025 596,156 0.06%Cintas Corp. 2,147 593,254 0.06%Pioneer Natural Resources Co. 5,115 590,031 0.06%Archer-Daniels-Midland Co. 13,511 589,468 0.06%Zimmer Biomet Holdings, Inc. 5,065 586,747 0.06%Stanley Black & Decker, Inc. 3,966 583,188 0.06%Trade Desk, Inc. Class A 10,241 582,615 0.06%CoStar Group, Inc. 9,654 581,663 0.06%AutoZone, Inc. 536 578,248 0.06%KKR & Co., Inc. 13,267 575,570 0.06%Rockwell Automation, Inc. 2,815 573,475 0.06%TransDigm Group, Inc. 1,222 568,419 0.05%Hilton Worldwide Holdings, Inc. 6,596 566,323 0.05%

28


.Number of

SharesFair Value

GBP (£)% of Total

Net AssetsFortinet, Inc. 3,229 565,418 0.05%Peloton Interactive, Inc. Class A 6,238 562,711 0.05%

Corteva, Inc. 17,559 562,592 0.05%First Republic Bank 4,190 560,802 0.05%Williams Cos, Inc. 29,633 560,734 0.05%Valero Energy Corp. 9,964 554,354 0.05%Mettler-Toledo International, Inc. 546 547,555 0.05%

Corning, Inc. 18,434 542,771 0.05%Okta, Inc. Class A 3,017 541,437 0.05%McKesson Corp. 3,882 536,431 0.05%AMETEK, Inc. 5,590 535,257 0.05%Public Service Enterprise Group, Inc. 12,444 533,314 0.05%

Skyworks Solutions, Inc. 3,890 533,020 0.05%Willis Towers Watson plc 3,181 532,399 0.05%PACCAR, Inc. 8,279 527,833 0.05%ANSYS, Inc. 2,072 525,972 0.05%SVB Financial Group 1,312 522,122 0.05%Fastenal Co. 13,953 521,917 0.05%AvalonBay Communities, Inc. REIT 3,409 516,304 0.05%

Ameriprise Financial, Inc. 2,881 513,706 0.05%DR Horton, Inc. 7,866 510,408 0.05%Arthur J Gallagher & Co. 5,007 509,438 0.05%CBRE Group, Inc. Class A 8,156 505,287 0.05%Best Buy Co., Inc. 6,090 504,257 0.05%WEC Energy Group, Inc. 7,822 502,307 0.05%American Water Works Co., Inc. 4,467 501,752 0.05%

Zebra Technologies Corp. Class A 1,286 496,910 0.05%

Kroger Co. 17,690 496,371 0.05%Verisk Analytics, Inc. Class A 3,937 495,596 0.05%Maxim Integrated Products, Inc. 6,513 492,784 0.05%

Equifax, Inc. 2,853 492,275 0.05%Eversource Energy 8,491 491,078 0.05%Synchrony Financial 14,185 489,575 0.05%Keysight Technologies, Inc. 4,373 488,797 0.05%EPAM Systems, Inc. 1,307 487,116 0.05%Copart, Inc. 5,056 486,276 0.05%Nucor Corp. 7,114 484,442 0.05%Equity Residential REIT 8,641 484,424 0.05%Yum China Holdings, Inc. 10,175 483,325 0.05%State Street Corp. 8,244 482,560 0.05%Dell Technologies, Inc. Class C 6,599 482,064 0.05%Laboratory Corp. of America Holdings 2,393 475,925 0.05%

Alexandria Real Estate Equities, Inc. REIT 3,581 472,629 0.05%

HubSpot, Inc. 1,096 471,074 0.05%West Pharmaceutical Services, Inc. 1,812 470,412 0.05%

Cloudflare, Inc. Class A 6,074 468,855 0.05%Ball Corp. 7,936 466,992 0.04%Kraft Heinz Co. 15,942 465,832 0.04%LyondellBasell Industries NV Class A 6,261 461,030 0.04%

Fifth Third Bancorp 16,773 459,997 0.04%Occidental Petroleum Corp. 20,076 458,504 0.04%Weyerhaeuser Co. REIT 18,469 452,835 0.04%Realty Income Corp. REIT 9,264 452,010 0.04%VF Corp. 7,675 449,087 0.04%ViacomCBS, Inc. Class B 13,905 446,219 0.04%Old Dominion Freight Line, Inc. 2,422 445,206 0.04%Consolidated Edison, Inc. 8,549 444,496 0.04%Teladoc Health, Inc. 3,594 443,192 0.04%Keurig Dr Pepper, Inc. 17,369 440,143 0.04%Lennar Corp. Class A 6,128 438,907 0.04%Etsy, Inc. 3,005 438,561 0.04%

.Number of

SharesFair Value

GBP (£)% of Total

Net AssetsKansas City Southern 2,138 438,346 0.04%DoorDash, Inc. Class A 3,355 436,704 0.04%Hershey Co. 3,487 432,512 0.04%Liberty Broadband Corp. Class C 3,440 428,964 0.04%

RingCentral, Inc. Class A 1,971 428,540 0.04%CDW Corp. 3,368 427,685 0.04%DTE Energy Co. 4,561 425,906 0.04%International Paper Co. 9,742 425,242 0.04%Datadog, Inc. Class A 5,527 424,798 0.04%Enphase Energy, Inc. 3,190 423,991 0.04%ONEOK, Inc. 10,445 416,535 0.04%Northern Trust Corp. 5,022 415,645 0.04%Hess Corp. 6,585 413,136 0.04%Wayfair, Inc. Class A 1,871 411,588 0.04%Republic Services, Inc. Class A 5,215 411,424 0.04%Carvana Co. Class A 1,886 410,290 0.04%Novocure Ltd. 2,531 410,286 0.04%Cerner Corp. 7,244 410,077 0.04%Vulcan Materials Co. 3,271 408,621 0.04%Yandex NV Class A 7,922 404,641 0.04%Fortive Corp. 8,006 403,793 0.04%Splunk, Inc. 3,881 403,269 0.04%United Rentals, Inc. 1,773 400,386 0.04%Teradyne, Inc. 4,113 399,525 0.04%Slack Technologies, Inc. Class A 12,343 398,319 0.04%

Expedia Group, Inc. 3,456 398,137 0.04%Dollar Tree, Inc. 5,527 398,054 0.04%VeriSign, Inc. 2,372 393,064 0.04%Carnival Corp. 21,070 391,406 0.04%Western Digital Corp. 7,599 389,074 0.04%Qorvo, Inc. 2,745 387,154 0.04%Garmin Ltd. 3,685 386,995 0.04%Tractor Supply Co. 2,866 386,053 0.04%Arista Networks, Inc. 1,474 385,991 0.04%Exact Sciences Corp. 4,190 384,373 0.04%PPL Corp. 19,141 384,283 0.04%Clorox Co. 2,967 383,932 0.04%Invitation Homes, Inc. REIT 13,869 375,954 0.04%Martin Marietta Materials, Inc. 1,482 375,229 0.04%McCormick & Co., Inc. 5,948 375,187 0.04%Hartford Financial Services Group, Inc. 8,411 374,301 0.04%

Dover Corp. 3,461 372,481 0.04%Huntington Bancshares, Inc. 36,221 372,214 0.04%Trimble, Inc. 6,208 370,233 0.04%Edison International 8,913 369,581 0.04%Ventas, Inc. REIT 8,892 369,544 0.04%Horizon Therapeutics plc 5,403 369,369 0.04%Avantor, Inc. 14,255 367,092 0.04%CarMax, Inc. 3,907 366,470 0.04%WW Grainger, Inc. 1,130 365,891 0.04%Xylem, Inc. 4,270 365,877 0.04%Take-Two Interactive Software, Inc. 2,848 365,165 0.04%

Extra Space Storage, Inc. REIT 3,069 364,487 0.04%Burlington Stores, Inc. 1,577 362,925 0.03%Seagen, Inc. 3,167 362,879 0.03%Tyson Foods, Inc. Class A 6,801 359,987 0.03%Caesars Entertainment, Inc. 4,940 359,519 0.03%Church & Dwight Co., Inc. 5,834 357,983 0.03%Waters Corp. 1,431 356,052 0.03%Expeditors International of Washington, Inc. 3,908 355,657 0.03%

FleetCor Technologies, Inc. 1,944 355,000 0.03%TransUnion 4,481 353,840 0.03%STERIS plc 2,373 353,392 0.03%FirstEnergy Corp. 12,997 351,285 0.03%Citizens Financial Group, Inc. 10,661 351,036 0.03%Regions Financial Corp. 24,231 349,477 0.03%Cheniere Energy, Inc. 5,581 349,099 0.03%

29


.Number of

SharesFair Value

GBP (£)% of Total

Net AssetsCoupa Software, Inc. 1,796 349,059 0.03%Gartner, Inc. 1,999 348,654 0.03%Halliburton Co. 21,110 347,545 0.03%Ameren Corp. 5,995 345,727 0.03%Essex Property Trust, Inc. REIT 1,581 344,999 0.03%KeyCorp 23,311 344,445 0.03%Mid-America Apartment Communities, Inc. REIT 2,802 343,466 0.03%

Nasdaq, Inc. 2,677 340,827 0.03%Entergy Corp. 4,694 340,533 0.03%Zillow Group, Inc. Class C 3,786 338,575 0.03%Insulet Corp. 1,651 336,796 0.03%Ulta Beauty, Inc. 1,352 335,918 0.03%Albemarle Corp. 2,795 335,916 0.03%Alnylam Pharmaceuticals, Inc. 2,805 334,589 0.03%Cooper Cos, Inc. 1,170 334,421 0.03%Teleflex, Inc. 1,131 333,142 0.03%Sun Communities, Inc. REIT 2,680 332,937 0.03%Royal Caribbean Cruises Ltd. 5,499 330,844 0.03%Teledyne Technologies, Inc. 1,102 330,823 0.03%Tyler Technologies, Inc. 1,004 329,430 0.03%Hewlett Packard Enterprise Co. 31,377 328,093 0.03%Akamai Technologies, Inc. 3,850 326,641 0.03%Ingersoll Rand, Inc. 9,351 326,513 0.03%Darden Restaurants, Inc. 3,149 324,756 0.03%Broadridge Financial Solutions, Inc. 2,761 322,631 0.03%

M&T Bank Corp. 3,072 321,954 0.03%MongoDB, Inc. Class A 1,222 321,463 0.03%Healthpeak Properties, Inc. REIT 13,201 320,719 0.03%

NetApp, Inc. 5,307 317,647 0.03%Viatris, Inc. 30,291 317,393 0.03%Paycom Software, Inc. 1,177 317,010 0.03%Seagate Technology Holdings plc 4,936 315,161 0.03%

Zendesk, Inc. 2,940 314,184 0.03%Plug Power, Inc. 12,444 314,084 0.03%Domino's Pizza, Inc. 934 313,345 0.03%Pool Corp. 932 313,198 0.03%Quest Diagnostics, Inc. 3,261 312,954 0.03%Genuine Parts Co. 3,424 312,597 0.03%Duke Realty Corp. REIT 9,060 312,301 0.03%CMS Energy Corp. 7,347 311,851 0.03%Boston Properties, Inc. REIT 3,761 307,997 0.03%Zscaler, Inc. 1,934 307,945 0.03%Avery Dennison Corp. 2,038 307,927 0.03%Ally Financial, Inc. 8,638 307,348 0.03%AmerisourceBergen Corp. Class A 3,705 306,243 0.03%

Catalent, Inc. 3,890 305,264 0.03%Cincinnati Financial Corp. 3,640 305,175 0.03%IDEX Corp. 1,916 303,918 0.03%Baker Hughes Co. Class A 18,422 302,893 0.03%Lyft, Inc. Class A 7,026 302,280 0.03%Principal Financial Group, Inc. 6,663 301,750 0.03%Las Vegas Sands Corp. 8,051 301,557 0.03%Conagra Brands, Inc. 11,613 300,730 0.03%MarketAxess Holdings, Inc. 878 299,712 0.03%PerkinElmer, Inc. 2,669 299,158 0.03%AES Corp. 15,707 298,577 0.03%Omnicom Group, Inc. 5,245 297,521 0.03%Cardinal Health, Inc. 7,193 295,667 0.03%Diamondback Energy, Inc. 4,375 295,085 0.03%Hologic, Inc. 5,960 294,540 0.03%Monolithic Power Systems, Inc. 1,083 294,535 0.03%

Unity Software, Inc. 3,688 290,263 0.03%SS&C Technologies Holdings, Inc. 5,472 289,049 0.03%

MGM Resorts International 9,483 288,586 0.03%Jacobs Engineering Group, Inc. 3,024 287,375 0.03%

.Number of

SharesFair Value

GBP (£)% of Total

Net AssetsCelanese Corp. Class A 2,671 283,145 0.03%Eastman Chemical Co. 3,378 281,772 0.03%Elanco Animal Health, Inc. 11,014 281,089 0.03%Wix.com Ltd. 1,341 280,926 0.03%NVR, Inc. 78 277,657 0.03%Markel Corp. 316 273,138 0.03%StoneCo Ltd. Class A 5,574 272,650 0.03%DraftKings, Inc. Class A 7,267 272,401 0.03%Kellogg Co. 5,907 272,326 0.03%Incyte Corp. 4,446 272,108 0.03%Lumen Technologies, Inc. 27,302 268,157 0.03%BioMarin Pharmaceutical, Inc. 4,441 267,158 0.03%Masco Corp. 6,243 266,612 0.03%Raymond James Financial, Inc. 2,845 265,687 0.03%PTC, Inc. 2,592 264,284 0.03%Farfetch Ltd. Class A 7,182 263,725 0.03%UDR, Inc. REIT 7,374 263,065 0.03%Arch Capital Group Ltd. 9,332 261,581 0.03%Citrix Systems, Inc. 3,054 260,428 0.03%Westinghouse Air Brake Technologies Corp. 4,440 260,342 0.02%

GoDaddy, Inc. Class A 4,057 259,066 0.02%PG&E Corp. 34,944 255,522 0.02%NortonLifeLock, Inc. 12,935 255,398 0.02%Textron, Inc. 5,260 255,167 0.02%FMC Corp. 3,244 254,125 0.02%Evergy, Inc. 5,793 253,117 0.02%LKQ Corp. 7,132 252,014 0.02%Fair Isaac Corp. 681 250,581 0.02%PulteGroup, Inc. 6,399 249,647 0.02%SolarEdge Technologies, Inc. 1,212 247,600 0.02%JB Hunt Transport Services, Inc. 2,118 246,823 0.02%

Leidos Holdings, Inc. 3,357 246,104 0.02%Fortune Brands Home & Security, Inc. 3,408 245,075 0.02%

Brown-Forman Corp. Class B 4,457 242,344 0.02%Westrock Co. 6,407 242,336 0.02%Alliant Energy Corp. 5,980 240,459 0.02%Bio-Rad Laboratories, Inc. Class A 517 240,209 0.02%

Hormel Foods Corp. 6,959 238,373 0.02%Wynn Resorts Ltd. 2,654 235,409 0.02%Royalty Pharma plc Class A 7,961 235,322 0.02%CenterPoint Energy, Inc. 13,273 234,888 0.02%JM Smucker Co. 2,497 234,358 0.02%ABIOMED, Inc. 1,032 233,958 0.02%VMware, Inc. Class A 1,996 232,562 0.02%DENTSPLY SIRONA, Inc. 5,097 232,484 0.02%Packaging Corp. of America 2,386 231,477 0.02%Howmet Aerospace, Inc. 9,481 230,820 0.02%Vail Resorts, Inc. 1,003 229,286 0.02%CH Robinson Worldwide, Inc. 3,359 228,205 0.02%Advance Auto Parts, Inc. 1,531 227,679 0.02%Brown & Brown, Inc. 5,874 226,751 0.02%XPO Logistics, Inc. 2,233 226,247 0.02%Cboe Global Markets, Inc. 2,592 224,863 0.02%Allegion plc 2,243 224,235 0.02%Jack Henry & Associates, Inc. 1,876 224,127 0.02%FactSet Research Systems, Inc. 923 223,618 0.02%

Whirlpool Corp. 1,426 222,903 0.02%WP Carey, Inc. REIT 4,100 222,666 0.02%Iron Mountain, Inc. REIT 7,270 221,765 0.02%Equity LifeStyle Properties, Inc. REIT 4,055 220,251 0.02%

Atmos Energy Corp. 3,169 219,821 0.02%Check Point Software Technologies Ltd. 2,611 219,582 0.02%

Hasbro, Inc. 3,186 216,451 0.02%IAC/InterActiveCorp 1,908 214,851 0.02%Fidelity National Financial, Inc. 6,776 214,514 0.02%

30


.Number of

SharesFair Value

GBP (£)% of Total

Net AssetsHost Hotels & Resorts, Inc. REIT 17,541 214,282 0.02%

Lamb Weston Holdings, Inc. 3,721 212,414 0.02%Annaly Capital Management, Inc. REIT 32,999 211,315 0.02%

Ceridian HCM Holding, Inc. 2,991 211,270 0.02%Masimo Corp. 1,182 210,522 0.02%Interpublic Group of Cos, Inc. 9,013 205,907 0.02%Lincoln National Corp. 4,607 205,682 0.02%Equitable Holdings, Inc. 9,478 203,818 0.02%Live Nation Entertainment, Inc. 3,186 203,263 0.02%Snap-on, Inc. 1,274 201,762 0.02%Bunge Ltd. 3,524 201,499 0.02%Fox Corp. Class A 7,546 201,343 0.02%Coca-Cola Europacific Partners plc 4,718 198,900 0.02%

Loews Corp. 5,065 197,713 0.02%Mohawk Industries, Inc. 1,433 195,672 0.02%News Corp. Class A 10,605 195,398 0.02%Regency Centers Corp. REIT 4,177 194,557 0.02%Universal Health Services, Inc. Class B 1,838 194,046 0.02%

Steel Dynamics, Inc. 4,561 192,840 0.02%F5 Networks, Inc. 1,404 192,674 0.02%WR Berkley Corp. 3,562 190,622 0.02%BorgWarner, Inc. 5,432 188,614 0.02%Clarivate plc 9,485 186,458 0.02%DISH Network Corp. Class A 6,168 185,747 0.02%Henry Schein, Inc. 3,449 184,600 0.02%Amdocs Ltd. 3,252 181,748 0.02%Lear Corp. 1,438 180,676 0.02%Pentair plc 3,742 179,855 0.02%Robert Half International, Inc. 2,832 179,719 0.02%Assurant, Inc. 1,576 176,989 0.02%Everest Re Group Ltd. 969 176,079 0.02%VEREIT, Inc. REIT 5,207 175,281 0.02%Liberty Global plc Class C 8,819 173,938 0.02%CF Industries Holdings, Inc. 4,882 173,635 0.02%Jazz Pharmaceuticals plc 1,343 173,311 0.02%NiSource, Inc. 9,719 172,835 0.02%Globe Life, Inc. 2,497 170,488 0.02%Comerica, Inc. 3,337 170,375 0.02%Newell Brands, Inc. 8,697 169,086 0.02%NRG Energy, Inc. 5,874 169,057 0.02%Molson Coors Beverage Co. Class B 4,286 168,572 0.02%

Nielsen Holdings plc 9,380 164,439 0.02%Sensata Technologies Holding plc 3,949 163,462 0.02%

Pinnacle West Capital Corp. 2,767 162,444 0.02%Western Union Co. 9,753 161,694 0.02%Aramark 6,029 160,649 0.02%Flex Ltd. 12,302 159,508 0.02%Vistra Corp. 11,997 159,274 0.02%Kimco Realty Corp. REIT 10,637 158,861 0.02%

.Number of

SharesFair Value

GBP (£)% of Total

Net AssetsSouthwest Airlines Co. 4,103 157,114 0.02%Juniper Networks, Inc. 7,762 154,098 0.01%Alleghany Corp. 319 153,029 0.01%Federal Realty Investment Trust REIT 1,769 149,817 0.01%

DaVita, Inc. 1,714 148,941 0.01%Zions Bancorp NA 3,936 148,363 0.01%Franklin Resources, Inc. 6,444 147,542 0.01%Zillow Group, Inc. Class A 1,620 145,528 0.01%Huntington Ingalls Industries, Inc. 970 145,336 0.01%

Campbell Soup Co. 4,394 144,745 0.01%HEICO Corp. 1,427 142,998 0.01%Vornado Realty Trust REIT 4,229 141,749 0.01%AGNC Investment Corp. REIT 11,619 141,017 0.01%Discovery, Inc. Class C 6,829 140,845 0.01%Autoliv, Inc. 1,955 140,305 0.01%Rollins, Inc. 5,516 136,836 0.01%Arrow Electronics, Inc. 1,671 136,806 0.01%IPG Photonics Corp. 878 135,553 0.01%Credicorp Ltd. 1,536 134,958 0.01%HEICO Corp. Class A 1,486 134,691 0.01%Gentex Corp. 5,593 133,301 0.01%Commerce Bancshares, Inc. 2,421 129,491 0.01%Organon & Co. 5,663 124,229 0.01%RenaissanceRe Holdings Ltd. 1,120 120,351 0.01%Altice USA, Inc. Class A 4,900 120,141 0.01%Sarepta Therapeutics, Inc. 2,058 117,066 0.01%Voya Financial, Inc. 2,672 116,788 0.01%Cabot Oil & Gas Corp. 9,194 109,463 0.01%SEI Investments Co. 2,436 108,440 0.01%Delta Air Lines, Inc. 3,509 108,329 0.01%Discovery, Inc. Class A 4,924 107,982 0.01%Liberty Broadband Corp. Class A 884 106,721 0.01%

Southern Copper Corp. 2,264 105,812 0.01%Liberty Media Corp.-Liberty SiriusXM Class C 3,129 105,534 0.01%

Liberty Media Corp.-Liberty SiriusXM Class A 2,951 99,913 0.01%

Perrigo Co. plc 2,907 96,956 0.01%Vimeo, Inc. 2,724 96,628 0.01%Sirius XM Holdings, Inc. 19,068 90,479 0.01%Fox Corp. Class B 3,444 87,398 0.01%Liberty Global plc Class A 4,008 79,484 0.01%United Airlines Holdings, Inc. 1,649 62,240 0.01%Lennar Corp. Class B 1,060 61,863 0.01%American Airlines Group, Inc. 3,510 53,332 0.01%Avangrid, Inc. 1,164 43,439 0.00%Westlake Chemical Corp. 638 40,975 0.00%Ubiquiti, Inc. 179 40,235 0.00%News Corp. Class B 2,154 37,326 0.00%Santander Consumer USA Holdings, Inc. 1,387 35,548 0.00%

CNA Financial Corp. 577 18,874 0.00%test test 671,447,918 64.49%Financial Assets at Fair Value Through Profit or Loss 1,034,608,177 99.37%


Notional Amount


GBP (£)% of Total

Net AssetsFinancial Derivative Instruments (0.67%) (2020: 0.67%)Futures 0.00% (2020: 0.01%)S&P 500 E-mini 17 September 2021 27 $5,769,600 6,544 0.00 %FTSE 100 Index 17 September 2021 1 £69,463 343 0.00 %Euro Stoxx 50 Index 17 September 2021 1 €40,955 (283 ) (0.00 %)Topix Index 9 September 2021 6 ¥117,031,264 (2,944 ) (0.00 %)Net Unrealised Gain/(Loss) on Futures Contracts test test 3,660 0.00 %

31


CurrencyBuy



Date


GBP (£)% of Total

Net AssetsForward Foreign Currency Exchange Contracts (0.00%) (2020: 0.02%)USD 3,220,172 JPY (351,720,000) BNP Paribas 15/9/21 26,018 0.00 %USD 691,609 JPY (75,030,000) BNP Paribas 2/7/21 9,244 0.00 %USD 368,020 CHF (329,787) Standard Chartered Bank 15/9/21 7,178 0.00 %USD 250,410 EUR (204,950) BNP Paribas 15/9/21 4,512 0.00 %USD 150,457 AUD (194,304) Morgan Stanley 15/9/21 3,305 0.00 %USD 298,378 GBP (212,460) BNP Paribas 15/9/21 2,677 0.00 %USD 337,149 KRW (375,907,779) Citibank NA 15/9/21 2,485 0.00 %USD 149,972 EUR (123,660) BNP Paribas 15/9/21 1,917 0.00 %USD 393,078 EUR (328,680) Citibank NA 15/9/21 1,102 0.00 %USD 98,137 GBP (70,230) BNP Paribas 15/9/21 529 0.00 %USD 49,180 EUR (41,115) BNP Paribas 15/9/21 145 0.00 %EUR 163,760 USD (195,113) BNP Paribas 15/9/21 (21 ) (0.00 %)EUR 284,340 USD (338,795) BNP Paribas 15/9/21 (48 ) (0.00 %)EUR 41,410 USD (49,406) BNP Paribas 15/9/21 (54 ) (0.00 %)GBP 138,690 USD (192,470) BNP Paribas 15/9/21 (85 ) (0.00 %)USD 176,283 JPY (19,530,000) BNP Paribas 15/9/21 (375 ) (0.00 %)EUR 124,110 USD (148,385) Citibank NA 15/9/21 (386 ) (0.00 %)JPY 19,410,000 USD (176,430) BNP Paribas 15/9/21 (514 ) (0.00 %)GBP 142,290 USD (198,501) Citibank NA 15/9/21 (833 ) (0.00 %)USD 775,946 GBP (561,600) Citibank NA 15/9/21 (2,127 ) (0.00 %)JPY 39,030,000 USD (356,551) JPMorgan Chase Bank 15/9/21 (2,319 ) (0.00 %)USD 877,399 JPY (97,325,000) Citibank NA 15/9/21 (2,650 ) (0.00 %)EUR 164,440 USD (199,606) BNP Paribas 15/9/21 (2,677 ) (0.00 %)USD 1,605,954 EUR (1,352,175) Citibank NA 15/9/21 (3,506 ) (0.00 %)JPY 18,840,000 USD (175,672) Citibank NA 2/7/21 (3,770 ) (0.00 %)JPY 56,190,000 USD (519,665) BNP Paribas 2/7/21 (8,162 ) (0.00 %)EUR 472,548 USD (575,029) Standard Chartered Bank 15/9/21 (8,719 ) (0.00 %)GBP 556,716 USD (785,565) State Street Bank & Trust Co. 15/9/21 (9,693 ) (0.00 %)JPY 245,723,151 USD (2,243,125) Bank of America 15/9/21 (13,423 ) (0.00 %)Net Unrealised Gain/(Loss) on Forward Foreign Currency Exchange Contracts (250 ) (0.00 %) Hedge Share Class Forward Foreign Currency Exchange Contracts (0.67%) (2020: 0.64%)GBP 270,878,651 USD (374,237,818) Toronto-Dominion Bank 3/8/21 1,024,281 0.10 %GBP 36,418,140 USD (50,314,209) Toronto-Dominion Bank 3/8/21 137,709 0.01 %GBP 37,310,125 EUR (43,403,180) Morgan Stanley 2/7/21 82,360 0.01 %GBP 11,957,900 CAD (20,457,468) Toronto-Dominion Bank 3/8/21 45,469 0.01 %GBP 8,865,920 AUD (16,303,736) Morgan Stanley 2/7/21 42,130 0.00 %GBP 9,591,479 AUD (17,648,188) BNP Paribas 4/8/21 39,289 0.00 %GBP 9,978,134 USD (13,785,632) Morgan Stanley 3/8/21 37,628 0.00 %GBP 10,389,532 CHF (13,248,995) Morgan Stanley 2/7/21 37,016 0.00 %GBP 40,854,608 EUR (47,564,692) Morgan Stanley 3/8/21 33,554 0.00 %KRW 12,679,495,499 GBP (8,089,565) Morgan Stanley 2/7/21 29,821 0.00 %GBP 10,813,347 CAD (18,522,020) Morgan Stanley 2/7/21 26,864 0.00 %GBP 11,820,105 CHF (15,082,926) BNP Paribas 3/8/21 25,354 0.00 %GBP 4,375,226 HKD (46,939,459) BNP Paribas 3/8/21 16,659 0.00 %GBP 5,331,762 EUR (6,202,484) Morgan Stanley 2/7/21 11,770 0.00 %JPY 4,862,611,809 GBP (31,713,965) BNP Paribas 2/7/21 9,986 0.00 %SEK 54,760,655 GBP (4,635,077) BNP Paribas 2/7/21 8,663 0.00 %GBP 8,126,069 KRW (12,679,495,499) Morgan Stanley 2/7/21 6,683 0.00 %GBP 1,624,378 CAD (2,778,971) Toronto-Dominion Bank 3/8/21 6,177 0.00 %GBP 1,266,975 AUD (2,329,867) Morgan Stanley 2/7/21 6,020 0.00 %GBP 2,712,628 DKK (23,470,597) Morgan Stanley 2/7/21 5,435 0.00 %GBP 382,771 NZD (748,653) Morgan Stanley 2/7/21 5,340 0.00 %GBP 1,296,005 AUD (2,384,631) BNP Paribas 4/8/21 5,309 0.00 %GBP 1,484,705 CHF (1,893,333) Morgan Stanley 2/7/21 5,290 0.00 %GBP 1,484,949 SGD (2,757,949) BNP Paribas 3/8/21 5,209 0.00 %GBP 5,500,709 EUR (6,404,163) Morgan Stanley 3/8/21 4,518 0.00 %KRW 1,680,941,332 GBP (1,072,447) Morgan Stanley 2/7/21 3,953 0.00 %GBP 1,545,269 CAD (2,646,869) Morgan Stanley 2/7/21 3,839 0.00 %GBP 1,547,880 CHF (1,975,157) BNP Paribas 3/8/21 3,320 0.00 %GBP 339,895 PLN (1,773,691) Morgan Stanley 2/7/21 3,146 0.00 %GBP 1,298,165 EUR (1,510,162) Morgan Stanley 2/7/21 2,869 0.00 %GBP 708,972 ILS (3,190,933) BNP Paribas 3/8/21 2,823 0.00 %GBP 503,073 AUD (924,420) BNP Paribas 2/7/21 2,765 0.00 %NOK 10,810,199 GBP (909,368) BNP Paribas 2/7/21 2,727 0.00 %GBP 3,000,078 DKK (25,974,741) BNP Paribas 3/8/21 2,434 0.00 %GBP 618,152 HKD (6,631,823) BNP Paribas 3/8/21 2,354 0.00 %GBP 472,916 CHF (603,072) Citibank NA 2/7/21 1,687 0.00 %GBP 564,726 CAD (967,318) Citibank NA 2/7/21 1,399 0.00 %

32


CurrencyBuy



Date


GBP (£)% of Total

Net AssetsGBP 356,160 CAD (609,331) Morgan Stanley 3/8/21 1,345 0.00 %JPY 652,954,289 GBP (4,258,569) BNP Paribas 2/7/21 1,341 0.00 %GBP 322,918 AUD (594,168) Morgan Stanley 4/8/21 1,321 0.00 %GBP 565,109 CAD (968,130) BNP Paribas 2/7/21 1,309 0.00 %GBP 385,989 NZD (763,230) BNP Paribas 3/8/21 1,269 0.00 %SEK 7,540,562 GBP (638,252) BNP Paribas 2/7/21 1,193 0.00 %GBP 228,413 AUD (420,032) Citibank NA 2/7/21 1,086 0.00 %GBP 1,218,764 EUR (1,418,937) Morgan Stanley 3/8/21 1,001 0.00 %GBP 423,409 CHF (540,268) Morgan Stanley 3/8/21 923 0.00 %GBP 1,077,286 KRW (1,680,941,332) Morgan Stanley 2/7/21 886 0.00 %GBP 387,645 DKK (3,354,040) Morgan Stanley 2/7/21 777 0.00 %GBP 54,699 NZD (106,985) Morgan Stanley 2/7/21 763 0.00 %GBP 208,160 SGD (386,609) BNP Paribas 3/8/21 730 0.00 %GBP 192,800 USD (266,369) Morgan Stanley 3/8/21 727 0.00 %GBP 398,385 PLN (2,095,125) BNP Paribas 3/8/21 581 0.00 %GBP 48,572 PLN (253,467) Morgan Stanley 2/7/21 450 0.00 %GBP 98,162 ILS (441,805) BNP Paribas 3/8/21 391 0.00 %GBP 173,367 EUR (201,679) Morgan Stanley 2/7/21 383 0.00 %GBP 95,575 HKD (1,025,365) Morgan Stanley 3/8/21 364 0.00 %NOK 1,423,069 GBP (119,710) BNP Paribas 2/7/21 359 0.00 %GBP 824,030 NOK (9,762,249) Morgan Stanley 2/7/21 354 0.00 %GBP 35,277 PLN (184,092) Citibank NA 2/7/21 326 0.00 %GBP 400,602 DKK (3,468,420) BNP Paribas 3/8/21 325 0.00 %GBP 64,164 CHF (81,824) Citibank NA 2/7/21 229 0.00 %GBP 961,973 CHF (1,230,859) BNP Paribas 2/7/21 203 0.00 %GBP 98,693 DKK (853,945) Citibank NA 2/7/21 196 0.00 %GBP 77,122 CAD (132,102) Citibank NA 2/7/21 191 0.00 %GBP 51,286 NZD (101,411) BNP Paribas 3/8/21 169 0.00 %GBP 29,780 AUD (54,763) Citibank NA 2/7/21 142 0.00 %GBP 26,346 NZD (52,023) BNP Paribas 2/7/21 118 0.00 %GBP 33,832 SGD (62,837) Morgan Stanley 3/8/21 118 0.00 %GBP 142,090 DKK (1,230,244) Morgan Stanley 3/8/21 113 0.00 %GBP 48,116 CHF (61,396) Morgan Stanley 3/8/21 105 0.00 %GBP 22,232 ILS (100,060) Morgan Stanley 3/8/21 89 0.00 %GBP 207,156 KRW (323,452,134) BNP Paribas 3/8/21 87 0.00 %GBP 53,082 PLN (279,159) BNP Paribas 3/8/21 77 0.00 %GBP 117,757 NOK (1,395,063) Morgan Stanley 2/7/21 51 0.00 %GBP 4,923 PLN (25,692) Citibank NA 2/7/21 45 0.00 %GBP 12,770 NZD (25,251) Morgan Stanley 3/8/21 42 0.00 %GBP 26,102 PLN (137,342) BNP Paribas 2/7/21 26 0.00 %GBP 13,219 DKK (114,380) Citibank NA 2/7/21 26 0.00 %SEK 148,474 GBP (12,570) Morgan Stanley 3/8/21 24 0.00 %GBP 9,030 PLN (47,489) Morgan Stanley 3/8/21 13 0.00 %GBP 18,396 NOK (217,945) Citibank NA 2/7/21 7 0.00 %GBP 8,994 DKK (77,871) Morgan Stanley 3/8/21 7 0.00 %JPY 2,310,968 GBP (15,075) Morgan Stanley 3/8/21 5 0.00 %GBP 8,999 KRW (14,050,577) BNP Paribas 3/8/21 4 0.00 %GBP 694 NZD (1,371) Morgan Stanley 3/8/21 2 0.00 %GBP 2,364 NOK (28,006) Citibank NA 2/7/21 1 0.00 %GBP 27 PLN (140) Morgan Stanley 3/8/21 — 0.00 %GBP 95 SGD (178) Citibank NA 2/7/21 (1 ) (0.00 %)GBP 1,002 NOK (11,915) Morgan Stanley 3/8/21 (3 ) (0.00 %)KRW 9,116,715 GBP (5,843) BNP Paribas 2/7/21 (5 ) (0.00 %)GBP 16,401 SEK (193,482) Citibank NA 2/7/21 (6 ) (0.00 %)ILS 12,810 GBP (2,846) Morgan Stanley 3/8/21 (11 ) (0.00 %)EUR 18,929 GBP (16,259) Morgan Stanley 3/8/21 (13 ) (0.00 %)AUD 6,659 GBP (3,619) Morgan Stanley 4/8/21 (15 ) (0.00 %)GBP 3,845 SGD (7,215) Citibank NA 2/7/21 (26 ) (0.00 %)SGD 18,907 GBP (10,180) Morgan Stanley 3/8/21 (36 ) (0.00 %)NZD 5,575 GBP (2,850) Citibank NA 2/7/21 (40 ) (0.00 %)KRW 89,747,454 GBP (57,518) BNP Paribas 2/7/21 (47 ) (0.00 %)GBP 20,416 ILS (92,487) BNP Paribas 2/7/21 (47 ) (0.00 %)GBP 124,639 SEK (1,470,348) Citibank NA 2/7/21 (48 ) (0.00 %)GBP 16,668 NOK (198,126) Morgan Stanley 3/8/21 (50 ) (0.00 %)GBP 39,827 HKD (429,497) BNP Paribas 6/7/21 (55 ) (0.00 %)GBP 24,953 SGD (46,605) BNP Paribas 2/7/21 (57 ) (0.00 %)GBP 5,768 KRW (9,116,715) BNP Paribas 2/7/21 (70 ) (0.00 %)CAD 32,820 GBP (19,184) Morgan Stanley 3/8/21 (72 ) (0.00 %)PLN 279,159 GBP (53,080) BNP Paribas 2/7/21 (80 ) (0.00 %)GBP 5,241 ILS (24,142) Citibank NA 2/7/21 (101 ) (0.00 %)

33


CurrencyBuy



Date


GBP (£)% of Total

Net AssetsGBP 69,912 NOK (830,004) BNP Paribas 2/7/21 (119 ) (0.00 %)HKD 379,396 GBP (35,364) Morgan Stanley 3/8/21 (135 ) (0.00 %)GBP 190,190 DKK (1,650,199) BNP Paribas 2/7/21 (150 ) (0.00 %)NZD 101,411 GBP (51,294) BNP Paribas 2/7/21 (168 ) (0.00 %)GBP 9,819 HKD (108,051) Citibank NA 6/7/21 (214 ) (0.00 %)GBP 622,807 SEK (7,347,080) Morgan Stanley 2/7/21 (231 ) (0.00 %)GBP 158,960 SEK (1,877,575) BNP Paribas 2/7/21 (259 ) (0.00 %)NZD 37,446 GBP (19,146) Citibank NA 2/7/21 (267 ) (0.00 %)GBP 839,705 JPY (128,728,257) Morgan Stanley 3/8/21 (287 ) (0.00 %)GBP 164,827 SEK (1,946,947) Morgan Stanley 3/8/21 (312 ) (0.00 %)DKK 3,468,420 GBP (400,397) BNP Paribas 2/7/21 (336 ) (0.00 %)GBP 119,720 NOK (1,423,069) BNP Paribas 3/8/21 (360 ) (0.00 %)ILS 441,805 GBP (98,147) BNP Paribas 2/7/21 (396 ) (0.00 %)KRW 890,804,360 GBP (570,901) BNP Paribas 2/7/21 (469 ) (0.00 %)PLN 2,095,125 GBP (398,373) BNP Paribas 2/7/21 (598 ) (0.00 %)GBP 56,781 KRW (89,747,454) BNP Paribas 2/7/21 (689 ) (0.00 %)SGD 386,609 GBP (208,195) BNP Paribas 2/7/21 (734 ) (0.00 %)GBP 38,153 ILS (175,760) Citibank NA 2/7/21 (735 ) (0.00 %)KRW 1,671,824,617 GBP (1,071,443) Morgan Stanley 2/7/21 (881 ) (0.00 %)GBP 638,389 SEK (7,540,562) BNP Paribas 3/8/21 (1,199 ) (0.00 %)NZD 763,230 GBP (386,045) BNP Paribas 2/7/21 (1,265 ) (0.00 %)GBP 205,946 SGD (386,431) Morgan Stanley 2/7/21 (1,420 ) (0.00 %)GBP 85,157 JPY (13,275,805) Citibank NA 2/7/21 (1,455 ) (0.00 %)GBP 2,272,636 EUR (2,651,350) BNP Paribas 2/7/21 (1,479 ) (0.00 %)GBP 4,259,153 JPY (652,954,289) BNP Paribas 3/8/21 (1,578 ) (0.00 %)GBP 4,358,221 SEK (51,412,732) Morgan Stanley 2/7/21 (1,614 ) (0.00 %)GBP 78,014 HKD (858,495) Citibank NA 6/7/21 (1,703 ) (0.00 %)GBP 90,666 ILS (417,663) Morgan Stanley 2/7/21 (1,745 ) (0.00 %)HKD 6,631,823 GBP (618,173) BNP Paribas 6/7/21 (2,367 ) (0.00 %)DKK 25,974,741 GBP (2,998,544) BNP Paribas 2/7/21 (2,514 ) (0.00 %)GBP 909,440 NOK (10,810,199) BNP Paribas 3/8/21 (2,732 ) (0.00 %)ILS 3,190,933 GBP (708,868) BNP Paribas 2/7/21 (2,858 ) (0.00 %)CHF 1,975,157 GBP (1,546,777) BNP Paribas 2/7/21 (3,426 ) (0.00 %)GBP 566,683 KRW (890,804,360) BNP Paribas 2/7/21 (3,749 ) (0.00 %)GBP 1,072,206 KRW (1,680,941,332) Morgan Stanley 3/8/21 (3,908 ) (0.00 %)EUR 6,404,163 GBP (5,497,596) Morgan Stanley 2/7/21 (4,619 ) (0.00 %)SGD 2,757,949 GBP (1,485,204) BNP Paribas 2/7/21 (5,234 ) (0.00 %)AUD 2,384,631 GBP (1,295,924) BNP Paribas 2/7/21 (5,332 ) (0.00 %)CAD 2,778,971 GBP (1,624,512) Toronto-Dominion Bank 2/7/21 (6,150 ) (0.00 %)KRW 11,698,943,685 GBP (7,497,650) Morgan Stanley 2/7/21 (6,166 ) (0.00 %)GBP 4,636,073 SEK (54,760,655) BNP Paribas 3/8/21 (8,707 ) (0.00 %)GBP 1,441,151 SGD (2,704,129) Morgan Stanley 2/7/21 (9,938 ) (0.00 %)GBP 1,838,501 JPY (283,346,435) BNP Paribas 2/7/21 (10,067 ) (0.00 %)GBP 467,081 USD (662,284) Morgan Stanley 2/7/21 (10,516 ) (0.00 %)GBP 660,569 JPY (102,980,912) Citibank NA 2/7/21 (11,284 ) (0.00 %)GBP 31,718,309 JPY (4,862,611,809) BNP Paribas 3/8/21 (11,749 ) (0.00 %)GBP 634,451 ILS (2,922,686) Morgan Stanley 2/7/21 (12,208 ) (0.00 %)GBP 592,839 HKD (6,523,772) Morgan Stanley 6/7/21 (12,934 ) (0.00 %)GBP 1,055,240 KRW (1,671,824,617) Morgan Stanley 2/7/21 (15,322 ) (0.00 %)HKD 46,939,459 GBP (4,375,375) BNP Paribas 6/7/21 (16,753 ) (0.00 %)GBP 15,391,279 USD (21,376,798) Bank of America 2/7/21 (24,311 ) (0.00 %)CHF 15,082,926 GBP (11,811,681) BNP Paribas 2/7/21 (26,165 ) (0.00 %)GBP 8,087,749 KRW (12,679,495,499) Morgan Stanley 3/8/21 (29,477 ) (0.00 %)EUR 47,564,692 GBP (40,831,482) Morgan Stanley 2/7/21 (34,307 ) (0.00 %)AUD 17,648,188 GBP (9,590,885) BNP Paribas 2/7/21 (39,460 ) (0.00 %)CAD 20,457,468 GBP (11,958,886) Toronto-Dominion Bank 2/7/21 (45,275 ) (0.00 %)GBP 4,103,189 JPY (639,678,484) Morgan Stanley 2/7/21 (70,109 ) (0.01 %)GBP 3,816,330 USD (5,411,248) Morgan Stanley 2/7/21 (85,918 ) (0.01 %)GBP 4,148,517 HKD (45,651,466) Morgan Stanley 6/7/21 (90,506 ) (0.01 %)GBP 7,384,266 KRW (11,698,943,685) Morgan Stanley 2/7/21 (107,219 ) (0.01 %)USD 50,314,209 GBP (36,421,303) Toronto-Dominion Bank 2/7/21 (137,890 ) (0.01 %)GBP 28,712,927 JPY (4,476,284,462) Morgan Stanley 2/7/21 (490,602 ) (0.05 %)GBP 35,017,670 USD (49,651,925) Citibank NA 2/7/21 (788,146 ) (0.07 %)USD 374,237,818 GBP (270,902,181) Toronto-Dominion Bank 2/7/21 (1,025,627 ) (0.10 %)GBP 245,043,496 USD (347,449,771) Citibank NA 2/7/21 (5,515,219 ) (0.53 %)Net Unrealised Gain/(Loss) on Hedge Share Class Forward Foreign Currency Exchange Contracts (6,988,201 ) (0.67 %)Total Forward Foreign Currency Exchange Contracts (6,988,451 ) (0.67 %)Total Financial Derivative Instruments (6,984,791 ) (0.67 %)

34


Fair Value GBP (£)

% of Total Net Assets

Other Assets and Liabilities 13,493,569 1.30 %Net Assets Attributable to Holders of Redeemable Units ("Net Assets") 1,041,116,955 100.00 %

Analysis of Total Net Assets GBP (£)

% of Total Net Assets

(a) Transferable securities admitted to an official stock exchange listing 1,031,274,345 99.05 (b) Transferable securities dealt in on another regulated market 3,161,191 0.30 (c) Transferable securities other than those admitted to an official stock exchange listing or dealt in on another regulated

market 172,641 0.02 (d) Financial derivative instruments (6,984,791 ) (0.67 )(e) Other assets and liabilities 13,493,569 1.30 Total Net Assets 1,041,116,955 100.00


35




Current AssetsFinancial Assets at Fair Value Through Profit or Loss 1,034,608,177 805,376,599 Financial Derivative Instruments 1,778,143 6,679,022 Cash 3,071,395 18,601,886 Unrealised Appreciation on Spot Currency Contracts 33,771 — Receivables:

Futures Margin Cash 487,558 1,088,159 Cash Collateral 7,889,233 1,353,338 Interest and Dividends 1,657,268 1,342,326 Capital Units Issued 32,653,342 103,615 Investment Sold 741,689 871,376

Total Current Assets 1,082,920,576 835,416,321

Current LiabilitiesFinancial Derivative Instruments 8,762,934 1,124,139 Bank Overdraft 566 192,127 Payables and Other Liabilities:

Cash Collateral — 4,208,597 Investments Purchased 31,864,770 739,515 Management Fees Payable 205,977 180,654 Capital Units Redeemed 746,252 983,935 Distribution Payable 223,122 255,960

Total Current Liabilities 41,803,621 7,684,927

Net Assets Attributable to Holders of Redeemable Units ("Net Assets") 1,041,116,955 827,731,394

Net Asset Value Per Unit

As at 30 June 2021



Institutional B GBP Accumulation Units - UK CharityNet Assets Attributable to Holders of Redeemable Units £68,153,027 £61,864,493 £47,092,525 Number of Units Outstanding 309,260 313,359 268,203 Net Asset Value Per Unit1 £220.37 £197.42 £175.59

Institutional B GBP Accumulation Units - UK Life Insurance Co.Net Assets Attributable to Holders of Redeemable Units £388,957,981 £311,899,463 £254,407,980 Number of Units Outstanding 2,773,036 2,482,294 2,276,510 Net Asset Value Per Unit1 £140.26 £125.65 £111.75

Institutional B GBP Distributing Units - UK CharityNet Assets Attributable to Holders of Redeemable Units £94,315,956 £84,977,090 £67,255,469 Number of Units Outstanding 634,866 634,413 554,770 Net Asset Value Per Unit1 £148.56 £133.95 £121.33

Institutional B GBP-Hedged Accumulation Units - UK CharityNet Assets Attributable to Holders of Redeemable Units £56,471,458 £50,056,381 £44,702,254 Number of Units Outstanding 299,290 304,115 303,610 Net Asset Value Per Unit1 £188.68 £164.60 £147.24

Institutional B GBP-Hedged Accumulation Units - UK Life Insurance Co. Net Assets Attributable to Holders of Redeemable Units £433,218,533 £318,933,967 £349,114,658 Number of Units Outstanding 2,365,069 1,996,056 2,441,099 Net Asset Value Per Unit1 £183.17 £159.78 £143.02

1 The net asset value per unit shown may diverge from the net asset value per unit used for dealing purposes because of any adjustments for swing pricing and trade date accounting.

36





30 June 2021 30 June 2020

Investment IncomeDividend Income 9,617,219 8,775,704 Interest Income 256 2,793 Net Gain on Financial Instruments 101,737,749 34,203,046

Total Investment Income/(Loss) 111,355,224 (25,424,549 )

ExpensesManagement Fees 1,158,142 930,675 Transaction Fees and Commissions 97,993 78,328

Total Expenses 1,256,135 1,009,003

Finance CostInterest Expense 6,554 23,855 Distribution 598,818 651,104 Income Equalisation (33 ) 81,769


Net Investment Income/(Loss) 109,493,750 (27,190,280 )

Foreign Withholding Tax (471,343 ) (383,689 )

Net Increase/(Decrease) in Net Assets 109,022,407 (27,573,969 )

Statement of Changes in Net Assets Attributable to Holders of Redeemable Units


30 June 2021 30 June 2020

Increase/(Decrease) in Net Assets

Net Increase/(Decrease) in Net Assets 109,022,407 (27,573,969 )

Capital TransactionsSubscriptions 201,387,628 136,945,432 Redemptions (97,024,474 ) (170,898,342 )

Total Capital Transactions 104,363,154 (33,952,910 )

Total Increase/(Decrease) for the Period 213,385,561 (61,526,879 )

Net Assets

Beginning of Period 827,731,394 762,572,886

End of Period 1,041,116,955 701,046,007

Vanguard FTSE Developed World ex UK Common Contractual Fund

37

Investment ObjectiveThe Sub-Fund seeks to track the performance of the FTSE Developed ex UK Index, a widely recognised benchmark composed of the stocks of large- and mid-capitalisation companies in global developed markets excluding the UK.





• Stock markets continued the rally that began in 2020, bolstered by reopening economies, more consumer spending and rising corporate profits. Returns in the United States and Europe outpaced those in emerging markets and especially the Pacific.

• In this environment, the Sub-Fund’s benchmark index returned 11.99% for the half year.

• Stocks in the index performed well generally, with all sectors except utilities advancing. Performance benefited in particular from double-digit returns from five sectors, notably energy and financials.

• US stocks, which accounted for approximately two-thirds of the index, generated most of the benchmark’s return.

Benchmark returns in the commentary above are in British pounds.

Benchmark: FTSE Developed ex UK Index



Institutional B GBP Accumulation Units - UK Life Insurance Co. 11.81 % 14.87 % 16.20 %

Benchmark 11.99 15.22 16.50



weightings, trading activity, swing pricing, transaction costs, and differences in the valuation and withholding tax treatment between the Sub-Fund and the Index vendor.1 Since-inception returns: 7 March 2016.


38



SharesCost

GBP (£)

Purchases

Apple, Inc. 36,141 3,436,270Microsoft Corp. 17,141 3,101,285Amazon.com, Inc. 1,220 2,945,151Alphabet, Inc. Class C 763 1,258,344Facebook, Inc. Class A 5,513 1,178,142Tesla, Inc. 1,986 1,035,601Roku, Inc. Class A 3,892 984,653Pinterest, Inc. Class A 18,485 983,935Alphabet, Inc. Class A 583 900,643Crowdstrike Holdings, Inc. Class A 5,428 773,668JPMorgan Chase & Co. 6,902 757,428Peloton Interactive, Inc. Class A 9,021 709,887NVIDIA Corp. 1,526 670,029Johnson & Johnson 5,826 660,978Samsung Electronics Co., Ltd. 11,743 630,833Visa, Inc. Class A 3,851 609,426Wells Fargo & Co. 19,891 580,238DoorDash, Inc. Class A 4,671 562,706Home Depot, Inc. 2,542 555,735Walt Disney Co. 4,107 554,847

SharesProceeds

GBP (£)

Sales

Apple, Inc. 50,542 4,725,467Microsoft Corp. 15,759 2,980,741Amazon.com, Inc. 913 2,218,874Alphabet, Inc. Class A 865 1,518,478Facebook, Inc. Class A 5,852 1,419,789Alphabet, Inc. Class C 727 1,257,131JPMorgan Chase & Co. 7,433 818,229Johnson & Johnson 5,915 696,479Bank of America Corp. 23,994 691,448NVIDIA Corp. 1,271 681,041Tesla, Inc. 1,385 674,304UnitedHealth Group, Inc. 2,163 615,915Visa, Inc. Class A 3,644 608,320Mastercard, Inc. Class A 2,240 598,180Berkshire Hathaway, Inc. Class B 2,847 558,983PayPal Holdings, Inc. 2,728 556,167Home Depot, Inc. 2,460 550,054Adobe, Inc. 1,275 511,866Walt Disney Co. 3,877 499,158Procter & Gamble Co. 5,153 496,380


39


.Number of

SharesFair Value

GBP (£)% of Total

Net EquityEquities 98.96% (2020: 99.08%)Australia 2.43% (2020: 2.50%)Commonwealth Bank of Australia 58,113 3,141,062 0.24%

BHP Group Ltd. 96,043 2,524,655 0.19%CSL Ltd. 14,891 2,298,404 0.17%Westpac Banking Corp. 120,123 1,677,963 0.13%National Australia Bank Ltd. 107,764 1,529,236 0.12%Australia & New Zealand Banking Group Ltd. 93,034 1,417,386 0.11%

Wesfarmers Ltd. 36,745 1,175,314 0.09%Macquarie Group Ltd. 10,615 898,686 0.07%Woolworths Group Ltd. 41,319 852,677 0.06%Rio Tinto Ltd. 11,860 812,875 0.06%Transurban Group 91,112 701,695 0.05%Goodman Group REIT 58,161 666,378 0.05%Fortescue Metals Group Ltd. 51,364 648,825 0.05%Aristocrat Leisure Ltd. 21,208 494,589 0.04%Afterpay Ltd. 7,450 476,466 0.04%Amcor plc 49,325 403,900 0.03%Newcrest Mining Ltd. 28,559 390,740 0.03%Woodside Petroleum Ltd. 31,748 381,622 0.03%Coles Group Ltd. 40,471 374,330 0.03%James Hardie Industries plc 14,893 364,889 0.03%Sonic Healthcare Ltd. 15,402 320,093 0.02%Cochlear Ltd. 2,248 306,193 0.02%Xero Ltd. 4,092 303,628 0.02%Brambles Ltd. 47,231 292,430 0.02%Telstra Corp., Ltd. 138,931 282,719 0.02%QBE Insurance Group Ltd. 47,803 279,155 0.02%South32 Ltd. 169,993 269,567 0.02%Suncorp Group Ltd. 42,325 254,495 0.02%Scentre Group REIT 171,362 254,117 0.02%ASX Ltd. 5,926 249,234 0.02%Insurance Australia Group Ltd. 81,293 227,024 0.02%Santos Ltd. 58,229 223,436 0.02%Northern Star Resources Ltd. 40,958 216,793 0.02%Tabcorp Holdings Ltd. 74,873 209,905 0.02%BlueScope Steel Ltd. 17,580 208,939 0.02%Seek Ltd. 11,597 208,001 0.02%Dexus REIT 35,802 206,747 0.02%Ramsay Health Care Ltd. 5,880 200,328 0.02%APA Group 40,099 193,149 0.01%Mirvac Group REIT 118,511 187,288 0.01%Stockland REIT 72,411 182,624 0.01%Computershare Ltd. 19,560 178,905 0.01%GPT Group REIT 61,390 162,803 0.01%Lendlease Corp., Ltd. 25,821 160,150 0.01%Medibank Pvt Ltd. 93,184 159,366 0.01%Boral Ltd. 38,550 153,349 0.01%Oil Search Ltd. 73,809 152,196 0.01%REA Group Ltd. 1,619 148,108 0.01%Mineral Resources Ltd. 5,086 147,898 0.01%Endeavour Group Ltd. 43,324 147,485 0.01%Origin Energy Ltd. 59,959 146,352 0.01%Domino's Pizza Enterprises Ltd. 2,226 145,183 0.01%

OZ Minerals Ltd. 11,854 144,221 0.01%Treasury Wine Estates Ltd. 22,707 143,539 0.01%Sydney Airport 43,686 136,895 0.01%Magellan Financial Group Ltd. 4,301 125,373 0.01%Charter Hall Group REIT 14,869 124,894 0.01%Aurizon Holdings Ltd. 61,410 123,637 0.01%Evolution Mining Ltd. 49,915 121,566 0.01%Ampol Ltd. 7,460 113,896 0.01%ALS Ltd. 16,067 113,392 0.01%

.Number of

SharesFair Value

GBP (£)% of Total

Net EquityReece Ltd. 8,823 112,741 0.01%Bendigo & Adelaide Bank Ltd. 19,689 111,781 0.01%Bank of Queensland Ltd. 22,427 110,575 0.01%Ansell Ltd. 4,632 109,075 0.01%Vicinity Centres REIT 124,866 104,410 0.01%Atlas Arteria Ltd. 29,429 101,457 0.01%Orica Ltd. 13,928 100,105 0.01%JB Hi-Fi Ltd. 3,571 97,755 0.01%AGL Energy Ltd. 20,501 90,982 0.01%NEXTDC Ltd. 13,839 88,830 0.01%carsales.com Ltd. 8,172 87,394 0.01%Washington H Soul Pattinson & Co., Ltd. 4,191 76,507 0.01%

IGO Ltd. 18,449 76,184 0.01%Star Entertainment Group Ltd. 38,041 75,971 0.01%Incitec Pivot Ltd. 57,563 74,146 0.01%Iluka Resources Ltd. 14,505 71,830 0.01%Harvey Norman Holdings Ltd. 23,917 70,934 0.01%Qube Holdings Ltd. 41,005 70,350 0.01%Cleanaway Waste Management Ltd. 48,412 69,171 0.01%

Challenger Ltd. 23,156 67,800 0.01%AMP Ltd. 110,116 67,046 0.01%Alumina Ltd. 72,615 64,649 0.01%Qantas Airways Ltd. 25,371 63,987 0.00%Crown Resorts Ltd. 9,860 63,556 0.00%Worley Ltd. 9,557 61,862 0.00%AusNet Services Ltd. 64,507 61,096 0.00%Downer EDI Ltd. 20,148 60,955 0.00%Metcash Ltd. 27,637 59,680 0.00%Altium Ltd. 2,912 57,824 0.00%Orora Ltd. 32,059 57,778 0.00%Shopping Centres Australasia Property Group REIT 36,659 49,998 0.00%

TPG Telecom Ltd. 14,518 49,187 0.00%Vocus Group Ltd. 16,335 48,624 0.00%Flight Centre Travel Group Ltd. 6,045 48,584 0.00%IDP Education Ltd. 3,625 48,145 0.00%Perpetual Ltd. 2,214 47,990 0.00%CSR Ltd. 13,648 42,546 0.00%Sims Ltd. 4,685 42,091 0.00%WiseTech Global Ltd. 2,305 39,833 0.00%Platinum Asset Management Ltd. 14,927 39,666 0.00%

Seven Group Holdings Ltd. 3,545 39,043 0.00%IOOF Holdings Ltd. 15,559 35,957 0.00%Deterra Royalties Ltd. 14,505 35,326 0.00%Whitehaven Coal Ltd. 32,649 34,280 0.00%Beach Energy Ltd. 47,233 31,698 0.00%CIMIC Group Ltd. 2,684 28,733 0.00%Adbri Ltd. 13,163 24,720 0.00%Appen Ltd. 3,030 22,302 0.00%Nufarm Ltd. 8,496 21,059 0.00%Domain Holdings Australia Ltd. 4,624 12,913 0.00%test test 32,285,891 2.43%Austria 0.06% (2020: 0.07%)Erste Group Bank AG 8,730 231,601 0.02%OMV AG 4,260 176,008 0.01%Verbund AG 2,242 149,129 0.01%Voestalpine AG 3,318 97,159 0.01%ANDRITZ AG 2,077 84,371 0.01%Raiffeisen Bank International AG 3,901 64,176 0.00%

Telekom Austria AG Class A 3,405 20,940 0.00%test test 823,384 0.06%

40


.Number of

SharesFair Value

GBP (£)% of Total

Net EquityBelgium 0.32% (2020: 0.33%)Anheuser-Busch InBev SA 26,684 1,402,769 0.11%KBC Group NV 8,763 480,285 0.04%Argenx SE 1,658 366,475 0.03%Umicore SA 6,855 301,627 0.02%UCB SA 3,866 291,671 0.02%Groupe Bruxelles Lambert SA 3,312 268,623 0.02%Ageas SA 5,768 231,238 0.02%Solvay SA 2,226 204,484 0.01%Sofina SA 533 166,682 0.01%Warehouses de Pauw CVA REIT 5,048 138,899 0.01%

Elia Group SA 1,034 78,267 0.01%Etablissements Franz Colruyt NV 1,820 74,041 0.01%

Proximus SADP 5,283 73,770 0.01%Ackermans & van Haaren NV 585 71,602 0.00%Telenet Group Holding NV 1,335 36,367 0.00%test test 4,186,800 0.32%Canada 2.93% (2020: 2.74%)Shopify, Inc. Class A 3,700 3,938,872 0.30%Royal Bank of Canada 45,614 3,335,347 0.25%Toronto-Dominion Bank 58,233 2,941,916 0.22%Enbridge, Inc. (XTSE) 64,715 1,864,020 0.14%Bank of Nova Scotia 38,848 1,819,610 0.14%Brookfield Asset Management, Inc. Class A 42,650 1,605,009 0.12%

Bank of Montreal 20,545 1,510,649 0.11%Canadian National Railway Co. 18,827 1,445,725 0.11%Canadian Pacific Railway Ltd. 20,944 1,166,882 0.09%Canadian Imperial Bank of Commerce 13,729 1,120,131 0.08%

TC Energy Corp. 30,905 1,102,008 0.08%Canadian Natural Resources Ltd. 37,434 984,709 0.07%

Manulife Financial Corp. 62,501 881,198 0.07%Barrick Gold Corp. 57,167 848,940 0.06%Suncor Energy, Inc. 47,730 817,204 0.06%Nutrien Ltd. 18,415 788,119 0.06%Waste Connections, Inc. 8,380 727,049 0.06%Sun Life Financial, Inc. 18,629 692,369 0.05%Constellation Software, Inc. 611 679,976 0.05%Alimentation Couche-Tard, Inc. Class B 25,282 657,245 0.05%

Franco-Nevada Corp. 5,954 621,284 0.05%Magna International, Inc. 8,959 599,006 0.05%National Bank of Canada 10,701 581,742 0.04%Fortis, Inc. 14,780 475,552 0.04%CGI, Inc. 6,946 459,116 0.04%Wheaton Precious Metals Corp. 14,149 447,669 0.03%

Intact Financial Corp. 4,476 441,539 0.03%Restaurant Brands International, Inc. 9,440 438,754 0.03%

Rogers Communications, Inc. Class B 10,893 415,255 0.03%

Power Corp. of Canada 17,846 405,319 0.03%Pembina Pipeline Corp. 17,514 402,980 0.03%Thomson Reuters Corp. 5,460 389,321 0.03%Agnico Eagle Mines Ltd. 7,596 334,336 0.03%BCE, Inc. 9,248 329,010 0.03%Dollarama, Inc. 9,836 326,616 0.03%Shaw Communications, Inc. Class B 14,366 298,673 0.02%

Cenovus Energy, Inc. 42,995 294,454 0.02%Metro, Inc. 8,184 282,626 0.02%Fairfax Financial Holdings Ltd. 845 268,526 0.02%Teck Resources Ltd. Class B 14,874 242,797 0.02%Loblaw Cos Ltd. 5,368 238,616 0.02%Bausch Health Cos, Inc. 10,366 217,806 0.02%Telus Corp., Ltd. 13,286 215,869 0.02%Hydro One Ltd. 10,836 189,818 0.01%

.Number of

SharesFair Value

GBP (£)% of Total

Net EquityCanadian Tire Corp., Ltd. Class A 1,665 189,553 0.01%

Great-West Lifeco, Inc. 8,908 189,350 0.01%Saputo, Inc. 7,345 159,206 0.01%Canopy Growth Corp. 8,540 148,355 0.01%Imperial Oil Ltd. 6,788 147,093 0.01%George Weston Ltd. 2,112 144,113 0.01%Canadian Utilities Ltd. Class A 4,024 80,965 0.01%IGM Financial, Inc. 1,918 48,867 0.00%Brookfield Asset Management Reinsurance Partners Ltd. Class A 312 12,355 0.00%

test test 38,963,519 2.93%Denmark 0.75% (2020: 0.79%)Novo Nordisk A/S Class B 51,454 3,117,608 0.23%DSV PANALPINA A/S 6,241 1,054,958 0.08%Vestas Wind Systems A/S 32,623 925,665 0.07%Orsted A/S 6,117 620,751 0.05%Genmab A/S 1,899 564,243 0.04%Coloplast A/S Class B 4,210 497,010 0.04%Carlsberg A.S. Class B 3,093 420,440 0.03%AP Moller-Maersk A/S Class B 175 366,664 0.03%Novozymes A/S Class B 6,204 337,832 0.03%Pandora A/S 3,027 295,517 0.02%AP Moller-Maersk A/S Class A 139 280,574 0.02%Danske Bank A/S 21,970 280,526 0.02%GN Store Nord A.S. 4,140 262,256 0.02%Chr Hansen Holding A/S 3,366 220,137 0.02%Tryg A/S 10,433 184,479 0.01%Ambu A/S Class B 5,455 150,883 0.01%Demant A/S 3,706 149,613 0.01%SimCorp A/S 1,410 126,595 0.01%ROCKWOOL International A/S Class B 239 84,108 0.01%

H Lundbeck A/S 1,638 37,617 0.00%test test 9,977,476 0.75%Finland 0.43% (2020: 0.44%)Nordea Bank Abp 114,270 921,211 0.07%Kone OYJ Class B 12,680 749,784 0.06%Nokia OYJ 180,301 700,786 0.05%Neste OYJ 13,227 590,851 0.04%Sampo OYJ Class A 15,936 529,932 0.04%UPM-Kymmene OYJ 16,616 453,922 0.03%Fortum OYJ 12,828 255,816 0.02%Kesko OYJ Class B 8,981 239,184 0.02%Stora Enso OYJ Class R 17,222 226,892 0.02%Elisa OYJ 4,733 204,278 0.02%Metso Outotec OYJ 21,212 176,700 0.01%Wartsila OYJ Abp 15,536 165,570 0.01%Nokian Renkaat OYJ 4,439 129,224 0.01%Huhtamaki OYJ 3,312 113,006 0.01%Kojamo OYJ 6,601 109,103 0.01%Orion OYJ Class B 3,376 105,112 0.01%test test 5,671,371 0.43%France 3.30% (2020: 3.37%)LVMH Moet Hennessy Louis Vuitton SE 7,955 4,537,402 0.34%

Sanofi 34,884 2,643,793 0.20%TotalEnergies SE 77,819 2,566,418 0.19%Schneider Electric SE 16,796 1,918,914 0.15%Airbus SE 17,760 1,635,731 0.12%BNP Paribas SA 34,580 1,567,528 0.12%L’Oreal SA (Prime De Fidelite) 4,619 1,493,601 0.11%Kering SA 2,339 1,482,988 0.11%EssilorLuxottica SA 9,390 1,258,999 0.10%Vinci SA 15,611 1,202,677 0.09%Air Liquide SA (Prime De Fidelite) 8,873 1,125,752 0.09%

AXA SA 60,762 1,108,002 0.08%Safran SA 11,004 1,099,001 0.08%Pernod Ricard SA 6,785 1,095,254 0.08%Hermes International 971 1,021,069 0.08%

41


.Number of

SharesFair Value

GBP (£)% of Total

Net EquityDanone SA 18,758 957,784 0.07%Dassault Systemes SE 4,245 745,681 0.06%Cie de Saint-Gobain 15,385 736,206 0.06%L’Oreal SA (XPAR) 2,248 726,914 0.06%Capgemini SE 5,016 698,267 0.05%Legrand SA 8,640 659,849 0.05%Cie Generale des Etablissements Michelin SCA 5,630 652,151 0.05%

Vivendi SE 23,622 576,630 0.04%Air Liquide SA (XPAR) 4,333 549,745 0.04%Teleperformance 1,845 539,314 0.04%STMicroelectronics NV 20,019 529,201 0.04%Worldline SA 7,806 527,260 0.04%Societe Generale SA 23,939 508,191 0.04%Orange SA 60,827 501,900 0.04%Credit Agricole SA 37,185 376,672 0.03%Veolia Environnement SA 16,032 351,200 0.03%Alstom SA 9,630 350,135 0.03%Publicis Groupe SA 7,249 336,497 0.03%Edenred 8,027 331,233 0.03%Engie SA (Prime De Fidelite) 32,229 319,282 0.02%Eurofins Scientific SE 3,819 315,345 0.02%Carrefour SA 19,228 271,462 0.02%Sartorius Stedim Biotech 769 265,945 0.02%Thales SA 3,194 237,574 0.02%Suez SA 13,091 225,130 0.02%Euronext NV 2,832 222,988 0.02%Bureau Veritas SA 8,686 198,547 0.02%Eiffage SA 2,528 185,001 0.01%Bouygues SA 6,861 183,077 0.01%Gecina SA REIT 1,643 182,637 0.01%Arkema SA 1,996 180,788 0.01%Accor SA 6,356 170,146 0.01%Valeo SA 7,535 165,192 0.01%Getlink SE 14,370 160,600 0.01%Rexel SA 10,412 157,893 0.01%Renault SA 5,384 157,865 0.01%Ubisoft Entertainment SA 3,101 156,874 0.01%Engie SA (XPAR) 15,325 151,820 0.01%Bollore SA 36,337 141,124 0.01%Orpea SA 1,548 140,542 0.01%Atos SE 3,011 133,107 0.01%L’Oreal SA - EUR 411 132,901 0.01%SOITEC 786 126,406 0.01%Remy Cointreau SA 828 124,781 0.01%Amundi SA 1,933 122,856 0.01%Klepierre SA REIT 6,587 122,375 0.01%L’Oreal SA 378 122,230 0.01%Air Liquide SA 944 119,769 0.01%La Francaise des Jeux SAEM 2,788 118,083 0.01%BioMerieux 1,397 117,643 0.01%Faurecia SE (XPAR) 3,229 115,159 0.01%SCOR SE 4,801 109,701 0.01%Covivio REIT 1,746 107,945 0.01%Aeroports de Paris 1,080 102,314 0.01%Electricite de France SA (Prime De Fidelite) 9,800 96,539 0.01%

Rubis SCA 2,925 94,257 0.01%Wendel SE 847 82,820 0.01%Air Liquide SA - EUR 641 81,326 0.01%Ipsen SA 1,007 75,472 0.01%SEB SA (Prime De Fidelite) 551 71,930 0.01%Sodexo SA 969 65,210 0.01%TechnipFMC plc - EUR 9,153 59,257 0.01%ICADE REIT 940 58,736 0.01%Eurazeo SE 909 57,150 0.01%CNP Assurances 4,634 56,321 0.00%Iliad SA 535 56,305 0.00%Dassault Aviation SA 64 55,168 0.00%Electricite de France SA (XPAR) 5,185 51,077 0.00%Sodexo SA (XPAR) 672 45,223 0.00%

.Number of

SharesFair Value

GBP (£)% of Total

Net EquityFaurecia SE 1,145 40,806 0.00%SEB SA (XPAR) 293 38,250 0.00%Imerys SA 1,102 37,184 0.00%JCDecaux SA 1,822 36,475 0.00%Engie SA (Prime De Fidelite 2023) 3,625 35,912 0.00%

Casino Guichard Perrachon SA 1,550 35,443 0.00%Technip Energies NV 3,395 33,866 0.00%TechnipFMC plc 5,127 33,054 0.00%Sodexo SA - EU 477 32,100 0.00%Cie Plastic Omnium SA 1,387 31,550 0.00%ALD SA 2,697 29,101 0.00%Neoen SA 812 26,006 0.00%Eurazeo SE (XPAR) 390 24,520 0.00%Electricite de France SA - EUR 2,296 22,618 0.00%Engie SA - EUR 1,912 18,941 0.00%SEB SA 130 16,971 0.00%Sodexo SA Act.Port. 202 13,594 0.00%Sodexo SA (Prime De Fidelite 2022) 149 10,027 0.00%

Sodexo SA - EUR 76 5,114 0.00%test test 43,805,384 3.30%Germany 2.86% (2020: 3.04%)SAP SE 35,433 3,622,069 0.27%Siemens AG 24,000 2,750,193 0.21%Allianz SE 13,163 2,373,193 0.18%Daimler AG 26,762 1,730,983 0.13%BASF SE 29,094 1,652,487 0.12%adidas AG 6,104 1,640,027 0.12%Deutsche Telekom AG 102,439 1,569,426 0.12%Deutsche Post AG 30,982 1,535,438 0.12%Bayer AG 31,225 1,375,539 0.10%Infineon Technologies AG 41,120 1,198,279 0.09%Volkswagen AG - Preference Shares 5,646 1,024,228 0.08%

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 4,556 902,891 0.07%

Vonovia SE 17,595 818,869 0.06%Bayerische Motoren Werke AG 10,189 782,780 0.06%Deutsche Boerse AG 5,931 749,844 0.06%Deutsche Bank AG 65,223 611,010 0.05%E.ON SE 69,022 578,281 0.04%Delivery Hero SE 5,994 572,727 0.04%Merck KGaA 4,046 560,979 0.04%RWE AG 19,982 523,595 0.04%Deutsche Wohnen SE 11,262 498,824 0.04%Fresenius SE & Co. KGaA 13,027 492,193 0.04%Zalando SE (XETR) 5,127 447,449 0.03%Henkel AG & Co. KGaA - Preference Shares 5,704 436,503 0.03%

Fresenius Medical Care AG & Co. KGaA 6,641 400,437 0.03%

Symrise AG Class A 3,939 398,332 0.03%Siemens Healthineers AG 8,472 376,265 0.03%Porsche Automobil Holding SE - Preference Shares 4,793 372,050 0.03%

Continental AG 3,404 364,376 0.03%Brenntag SE 5,131 344,771 0.03%HelloFresh SE 4,758 334,644 0.03%Sartorius AG - Preference Shares 835 314,768 0.02%

MTU Aero Engines AG 1,733 308,731 0.02%HeidelbergCement AG 4,633 288,578 0.02%Beiersdorf AG 3,302 287,467 0.02%Covestro AG 5,919 277,297 0.02%Volkswagen AG (XETR) 1,131 268,906 0.02%Siemens Energy AG 11,914 261,297 0.02%Puma SE 3,040 260,877 0.02%LEG Immobilien SE 2,467 257,834 0.02%QIAGEN NV 6,736 237,690 0.02%Hannover Rueck SE 1,956 236,556 0.02%

42


.Number of

SharesFair Value

GBP (£)% of Total

Net EquityHenkel AG & Co. KGaA (XETR) 3,107 206,666 0.02%Aroundtown SA 35,987 203,474 0.02%KION Group AG 2,436 188,046 0.01%Commerzbank AG 35,024 179,674 0.01%Carl Zeiss Meditec AG 1,279 179,418 0.01%Scout24 AG 2,891 176,602 0.01%Knorr-Bremse AG 2,112 175,064 0.01%GEA Group AG 5,539 162,006 0.01%Evonik Industries AG 6,561 158,808 0.01%Evotec SE 4,466 146,903 0.01%Zalando SE 1,605 140,270 0.01%LANXESS AG 2,705 134,846 0.01%Bayerische Motoren Werke AG - Preference Shares 2,047 132,647 0.01%

TeamViewer AG 4,421 120,471 0.01%thyssenkrupp AG 15,773 118,377 0.01%United Internet AG 3,985 118,297 0.01%Bechtle AG 879 118,179 0.01%Nemetschek SE 1,914 106,216 0.01%Deutsche Lufthansa AG 10,892 87,986 0.01%CTS Eventim AG & Co. KGaA 1,929 87,558 0.01%Rheinmetall AG 1,155 82,602 0.01%Fuchs Petrolub SE - Preference Shares 2,163 76,288 0.01%

Auto1 Group SE 2,356 72,870 0.01%Uniper SE 2,629 69,926 0.01%Rational AG 103 67,089 0.01%Fraport AG Frankfurt Airport Services Worldwide 1,362 66,845 0.01%

RTL Group SA 1,530 65,681 0.01%ProSiebenSat.1 Media SE 4,296 61,904 0.00%Talanx AG 2,098 61,651 0.00%Hella GmbH & Co. KGaA 1,197 59,199 0.00%Varta AG 443 50,251 0.00%Wacker Chemie AG 383 43,018 0.00%Fuchs Petrolub SE (XETR) 1,366 38,313 0.00%Fielmann AG 651 36,574 0.00%Telefonica Deutschland Holding AG 18,417 35,242 0.00%

METRO AG 3,877 34,650 0.00%Traton SE 1,490 34,097 0.00%DWS Group GmbH & Co. KGaA 975 31,996 0.00%

Hochtief AG 548 30,402 0.00%1&1 AG 1,371 30,363 0.00%test test 38,029,152 2.86%Hong Kong 1.13% (2020: 1.16%)AIA Group Ltd. 396,852 3,556,048 0.27%Hong Kong Exchanges & Clearing Ltd. 41,562 1,786,082 0.13%

Techtronic Industries Co., Ltd. 41,022 516,521 0.04%Sun Hung Kai Properties Ltd. 45,812 492,180 0.04%CK Hutchison Holdings Ltd. 85,824 482,143 0.04%Link REIT 67,790 473,679 0.04%Galaxy Entertainment Group Ltd. 70,683 407,913 0.03%

Hong Kong & China Gas Co., Ltd. 345,932 387,391 0.03%

CLP Holdings Ltd. 52,916 377,364 0.03%CK Asset Holdings Ltd. 75,572 376,129 0.03%Hang Seng Bank Ltd. 23,704 341,386 0.03%Jardine Matheson Holdings Ltd. 6,974 321,467 0.02%

BOC Hong Kong Holdings Ltd. 119,218 291,698 0.02%Sands China Ltd. 85,645 260,053 0.02%Wharf Real Estate Investment Co., Ltd. 52,459 219,933 0.02%

MTR Corp., Ltd. 52,317 210,107 0.02%Lenovo Group Ltd. 248,000 205,643 0.02%Xinyi Glass Holdings Ltd. 69,812 205,171 0.02%Power Assets Holdings Ltd. 46,247 204,625 0.02%WH Group Ltd. 313,507 203,196 0.02%

.Number of

SharesFair Value

GBP (£)% of Total

Net EquityNew World Development Co., Ltd. 47,760 178,945 0.01%

ESR Cayman Ltd. 61,228 148,958 0.01%Henderson Land Development Co., Ltd. 42,732 146,020 0.01%

Hongkong Land Holdings Ltd. 41,405 142,127 0.01%Wharf Holdings Ltd. 50,459 138,689 0.01%AAC Technologies Holdings, Inc. 23,903 128,956 0.01%

Sino Land Co., Ltd. 112,293 127,628 0.01%SITC International Holdings Co., Ltd. 41,000 123,541 0.01%

Budweiser Brewing Co. APAC Ltd. 50,700 115,342 0.01%

Hang Lung Properties Ltd. 64,661 113,239 0.01%Prada SpA 19,391 106,144 0.01%Tingyi Cayman Islands Holding Corp. 70,352 101,256 0.01%

Chow Tai Fook Jewellery Group Ltd. 60,865 100,261 0.01%

ASM Pacific Technology Ltd. 9,891 96,620 0.01%Want Want China Holdings Ltd. 182,233 93,068 0.01%

Microport Scientific Corp. 14,000 90,544 0.01%Minth Group Ltd. 24,000 82,234 0.01%Swire Properties Ltd. 37,861 81,387 0.01%CK Infrastructure Holdings Ltd. 18,425 79,214 0.01%Man Wah Holdings Ltd. 43,600 75,546 0.01%Hysan Development Co., Ltd. 25,949 74,575 0.01%Swire Pacific Ltd. Class A 13,558 66,284 0.01%Hang Lung Group Ltd. 35,000 64,349 0.01%Vitasoy International Holdings Ltd. 24,000 64,294 0.01%

SJM Holdings Ltd. 74,891 58,971 0.00%JS Global Lifestyle Co., Ltd. 28,500 57,824 0.00%Kerry Logistics Network Ltd. 24,673 53,954 0.00%Bank of East Asia Ltd. 38,972 52,183 0.00%Samsonite International SA 34,414 50,745 0.00%Wynn Macau Ltd. 41,014 46,539 0.00%PCCW Ltd. 119,541 45,178 0.00%BOC Aviation Ltd. 7,300 44,399 0.00%Swire Pacific Ltd. Class B 52,500 42,558 0.00%Huabao International Holdings Ltd. 23,000 39,980 0.00%

Yue Yuen Industrial Holdings Ltd. 21,813 38,849 0.00%

Kerry Properties Ltd. 15,371 36,539 0.00%L'Occitane International SA 13,683 36,084 0.00%Sun Art Retail Group Ltd. 60,500 32,471 0.00%NagaCorp Ltd. 46,000 31,993 0.00%Lee & Man Paper Manufacturing Ltd. 57,000 31,280 0.00%

Melco International Development Ltd. 23,391 30,973 0.00%

NWS Holdings Ltd. 39,563 30,345 0.00%VTech Holdings Ltd. 3,931 29,840 0.00%Dairy Farm International Holdings Ltd. 9,500 29,047 0.00%

Vinda International Holdings Ltd. 11,000 24,412 0.00%

United Energy Group Ltd. 234,000 24,336 0.00%Nexteer Automotive Group Ltd. 24,000 24,068 0.00%

Towngas China Co., Ltd. 40,877 21,787 0.00%MGM China Holdings Ltd. 19,808 21,630 0.00%Cathay Pacific Airways Ltd. 33,452 20,377 0.00%Shangri-La Asia Ltd. 28,449 20,077 0.00%Uni-President China Holdings Ltd. 24,408 19,423 0.00%

Champion REIT 45,621 18,512 0.00%MMG Ltd. 56,000 17,784 0.00%First Pacific Co., Ltd. 68,542 16,866 0.00%

43


.Number of

SharesFair Value

GBP (£)% of Total

Net EquityHaitong International Securities Group Ltd. 68,023 13,517 0.00%

Johnson Electric Holdings Ltd. 6,720 12,511 0.00%FIH Mobile Ltd. 80,749 9,597 0.00%Cafe de Coral Holdings Ltd. 6,284 9,313 0.00%Shun Tak Holdings Ltd. 35,147 8,159 0.00%Shui On Land Ltd. 65,736 7,691 0.00%Dah Sing Financial Holdings Ltd. 2,851 7,029 0.00%

FIT Hon Teng Ltd. 30,000 5,933 0.00%China Travel International Investment Hong Kong Ltd. 48,886 5,856 0.00%

Dah Sing Banking Group Ltd. 6,835 5,439 0.00%Guotai Junan International Holdings Ltd. 45,876 5,282 0.00%

Lifestyle International Holdings Ltd. 8,601 4,760 0.00%

Hutchison Telecommunications Hong Kong Holdings Ltd. 23,826 3,385 0.00%

Brightoil Petroleum Holdings Ltd. 21,982 408 0.00%

test test 15,005,854 1.13%Ireland 0.07% (2020: 0.07%)Kerry Group plc Class A 4,824 486,173 0.04%Kingspan Group plc 4,992 342,624 0.02%Glanbia plc 7,742 90,908 0.01%AIB Group plc 21,056 39,281 0.00%test test 958,986 0.07%Israel 0.17% (2020: 0.16%)Nice Ltd. 2,061 365,945 0.03%Bank Leumi Le-Israel BM 42,005 230,766 0.02%Teva Pharmaceutical Industries Ltd. 29,684 214,765 0.02%

Bank Hapoalim BM 33,872 196,202 0.02%Israel Discount Bank Ltd. Class A 36,859 127,222 0.01%

ICL Group Ltd. 24,914 122,925 0.01%Mizrahi Tefahot Bank Ltd. 4,518 100,163 0.01%Elbit Systems Ltd. 798 74,385 0.01%Nova Measuring Instruments Ltd. 809 59,999 0.01%

Tower Semiconductor Ltd. 2,611 55,684 0.01%Azrieli Group Ltd. 1,003 51,108 0.01%Bezeq The Israeli Telecommunication Corp., Ltd. 61,766 48,460 0.01%

Mivne Real Estate KD Ltd. 20,271 42,222 0.00%Shikun & Binui Ltd. 8,835 40,816 0.00%First International Bank Of Israel Ltd. 1,673 38,571 0.00%

Big Shopping Centers Ltd. 408 37,201 0.00%Maytronics Ltd. 2,370 36,234 0.00%Gav-Yam Lands Corp., Ltd. 5,025 34,744 0.00%Electra Ltd. 80 32,310 0.00%Enlight Renewable Energy Ltd. 20,752 31,865 0.00%Alony Hetz Properties & Investments Ltd. 3,001 29,939 0.00%

OPC Energy Ltd. 3,807 26,567 0.00%Shapir Engineering & Industry Ltd. 4,789 26,288 0.00%

Sapiens International Corp. NV 1,287 25,010 0.00%Phoenix Holdings Ltd. 3,730 24,767 0.00%Airport City Ltd. 2,005 24,151 0.00%Energix-Renewable Energies Ltd. 8,497 23,782 0.00%

Shufersal Ltd. 4,125 23,684 0.00%Paz Oil Co., Ltd. 255 22,241 0.00%Strauss Group Ltd. 1,049 21,200 0.00%Melisron Ltd. 347 17,106 0.00%Amot Investments Ltd. 3,179 14,911 0.00%Harel Insurance Investments & Financial Services Ltd. 2,125 14,881 0.00%

.Number of

SharesFair Value

GBP (£)% of Total

Net EquityGazit-Globe Ltd. 1,620 8,455 0.00%test test 2,244,569 0.17%Italy 0.77% (2020: 0.77%)Enel SpA 248,179 1,674,633 0.13%Intesa Sanpaolo SpA 537,350 1,073,196 0.08%Stellantis NV 63,985 909,711 0.07%Eni SpA 79,432 704,196 0.05%UniCredit SpA 69,288 593,643 0.04%Assicurazioni Generali SpA 39,692 576,035 0.04%Ferrari NV 3,757 560,546 0.04%CNH Industrial NV 29,607 351,333 0.03%Moncler SpA 6,682 328,059 0.02%Snam SpA 70,899 295,665 0.02%FinecoBank Banca Fineco SpA 19,697 249,109 0.02%Nexi SpA 14,752 232,690 0.02%Terna SPA 42,596 228,639 0.02%Prysmian SpA 8,704 226,431 0.02%Atlantia SpA 16,625 216,675 0.02%Mediobanca Banca di Credito Finanziario SpA 24,506 206,409 0.02%

EXOR NV 3,518 203,377 0.01%Poste Italiane SpA 16,124 155,171 0.01%Davide Campari-Milano NV 15,504 150,468 0.01%Amplifon SpA 3,981 141,808 0.01%Tenaris SA 14,840 116,466 0.01%Recordati Industria Chimica e Farmaceutica SpA 2,747 113,449 0.01%

DiaSorin SpA 793 108,589 0.01%Telecom Italia SpA (Non CVA) 284,984 107,259 0.01%Italgas SpA 18,550 87,604 0.01%Infrastrutture Wireless Italiane SpA 10,481 85,636 0.01%

Hera SpA 27,058 80,648 0.01%Buzzi Unicem SpA 3,866 74,145 0.01%Pirelli & C SpA 17,652 73,946 0.01%Leonardo SpA 12,304 71,869 0.00%Telecom Italia SpA 201,558 71,572 0.00%Banca Mediolanum SpA 9,754 68,536 0.00%A2A SpA 43,205 63,758 0.00%UnipolSai Assicurazioni SpA 11,705 24,577 0.00%test test 10,225,848 0.77%Japan 7.96% (2020: 8.75%)Toyota Motor Corp. 80,800 5,118,565 0.39%Sony Group Corp. 40,689 2,870,921 0.22%SoftBank Group Corp. 44,510 2,257,749 0.17%Keyence Corp. 5,900 2,158,242 0.16%Mitsubishi UFJ Financial Group, Inc. 406,421 1,591,173 0.12%

Shin-Etsu Chemical Co., Ltd. 13,073 1,584,669 0.12%Recruit Holdings Co., Ltd. 43,851 1,564,892 0.12%Tokyo Electron Ltd. 4,876 1,529,487 0.12%Nintendo Co., Ltd. 3,465 1,460,790 0.11%Honda Motor Co., Ltd. 55,849 1,293,485 0.10%Nidec Corp. 15,262 1,281,966 0.10%Hitachi Ltd. 30,320 1,258,265 0.10%KDDI Corp. 54,573 1,233,669 0.09%Takeda Pharmaceutical Co., Ltd. 50,275 1,219,820 0.09%

Daikin Industries Ltd. 8,694 1,173,540 0.09%FANUC Corp. 6,336 1,107,609 0.08%Hoya Corp. 11,520 1,107,064 0.08%Sumitomo Mitsui Financial Group, Inc. 42,897 1,071,873 0.08%

Murata Manufacturing Co., Ltd. 18,694 1,034,471 0.08%

Daiichi Sankyo Co., Ltd. 62,891 982,474 0.07%ITOCHU Corp. 44,169 922,115 0.07%Fast Retailing Co., Ltd. 1,674 913,346 0.07%Mitsui & Co., Ltd. 53,806 877,759 0.07%Seven & i Holdings Co., Ltd. 25,096 867,266 0.07%Mizuho Financial Group, Inc. 83,618 866,027 0.07%SoftBank Corp. 89,407 847,821 0.06%

44


.Number of

SharesFair Value

GBP (£)% of Total

Net EquityFujitsu Ltd. 6,099 827,637 0.06%SMC Corp. 1,916 820,631 0.06%Mitsubishi Corp. 39,095 772,316 0.06%Astellas Pharma, Inc. 60,583 764,605 0.06%Nippon Telegraph & Telephone Corp. 39,482 745,573 0.06%

Denso Corp. 14,702 726,952 0.06%M3, Inc. 13,482 713,598 0.05%Tokio Marine Holdings, Inc. 21,096 703,022 0.05%Kao Corp. 15,473 689,971 0.05%Shiseido Co., Ltd. 12,578 670,509 0.05%Mitsubishi Electric Corp. 63,419 667,170 0.05%Central Japan Railway Co. 5,759 633,089 0.05%Bridgestone Corp. 19,171 632,242 0.05%FUJIFILM Holdings Corp. 11,734 630,722 0.05%Oriental Land Co., Ltd. 6,003 619,965 0.05%Terumo Corp. 21,088 619,382 0.05%Eisai Co., Ltd. 8,674 618,242 0.05%Chugai Pharmaceutical Co., Ltd. 21,519 618,002 0.05%

East Japan Railway Co. 11,549 597,270 0.05%Panasonic Corp. 68,039 570,621 0.04%Canon, Inc. 32,727 536,558 0.04%Komatsu Ltd. 29,287 527,449 0.04%Japan Tobacco, Inc. 38,140 522,165 0.04%Sysmex Corp. 6,032 519,461 0.04%Olympus Corp. 35,996 518,527 0.04%Kubota Corp. 34,968 512,615 0.04%Mitsui Fudosan Co., Ltd. 30,520 512,321 0.04%ORIX Corp. 39,447 482,411 0.04%Asahi Group Holdings Ltd. 13,977 473,350 0.04%Aeon Co., Ltd. 23,556 458,737 0.03%Kyocera Corp. 10,158 455,152 0.03%Toshiba Corp. 14,475 453,764 0.03%Daiwa House Industry Co., Ltd. 20,531 446,708 0.03%

Dai-ichi Life Holdings, Inc. 33,371 442,831 0.03%Suzuki Motor Corp. 14,326 439,373 0.03%Shimano, Inc. 2,506 430,804 0.03%Mitsubishi Estate Co., Ltd. 36,374 426,320 0.03%Otsuka Holdings Co., Ltd. 13,742 413,034 0.03%Advantest Corp. 6,307 411,884 0.03%Nomura Holdings, Inc. 104,487 387,057 0.03%Secom Co., Ltd. 6,712 369,758 0.03%Unicharm Corp. 12,648 368,848 0.03%Lasertec Corp. 2,600 366,221 0.03%Sumitomo Corp. 37,072 359,887 0.03%Kirin Holdings Co., Ltd. 25,026 353,645 0.03%Toyota Industries Corp. 5,521 346,146 0.03%Sumitomo Realty & Development Co., Ltd. 13,281 343,985 0.03%

Asahi Kasei Corp. 43,148 343,571 0.03%Omron Corp. 5,920 340,263 0.03%Z Holdings Corp. 92,044 334,359 0.03%NEC Corp. 8,781 327,686 0.03%TDK Corp. 3,689 324,667 0.02%Bandai Namco Holdings, Inc. 6,434 323,549 0.02%Shionogi & Co., Ltd. 8,556 323,253 0.02%Nippon Steel Corp. 25,471 311,327 0.02%MS&AD Insurance Group Holdings, Inc. 14,846 310,714 0.02%

Nitori Holdings Co., Ltd. 2,412 309,370 0.02%Marubeni Corp. 48,479 305,558 0.02%ENEOS Holdings, Inc. 99,813 302,736 0.02%Japan Exchange Group, Inc. 18,689 301,162 0.02%Yaskawa Electric Corp. 8,477 300,303 0.02%Ajinomoto Co., Inc. 15,863 298,468 0.02%Sompo Holdings, Inc. 10,972 293,915 0.02%Obic Co., Ltd. 2,174 293,736 0.02%Kikkoman Corp. 5,991 286,498 0.02%Subaru Corp. 19,853 283,848 0.02%Sekisui House Ltd. 19,023 282,778 0.02%

.Number of

SharesFair Value

GBP (£)% of Total

Net EquitySumitomo Mitsui Trust Holdings, Inc. 12,128 279,149 0.02%

Japan Post Holdings Co., Ltd. 45,641 271,055 0.02%Nitto Denko Corp. 5,000 270,422 0.02%Shimadzu Corp. 9,541 267,347 0.02%SG Holdings Co., Ltd. 13,800 262,263 0.02%Toyota Tsusho Corp. 7,604 260,447 0.02%Makita Corp. 7,572 258,363 0.02%MINEBEA MITSUMI, Inc. 13,216 253,406 0.02%Pan Pacific International Holdings Corp. 16,824 253,108 0.02%

Sumitomo Electric Industries Ltd. 23,545 251,765 0.02%

Mitsubishi Chemical Holdings Corp. 41,107 250,350 0.02%

West Japan Railway Co. 5,815 240,295 0.02%Nippon Paint Holdings Co., Ltd. 24,245 238,529 0.02%

Nissan Motor Co., Ltd. 65,228 234,606 0.02%Kyowa Kirin Co., Ltd. 9,005 231,472 0.02%Ono Pharmaceutical Co., Ltd. 13,900 224,807 0.02%MISUMI Group, Inc. 9,114 223,571 0.02%Toray Industries, Inc. 46,100 222,291 0.02%Rakuten Group, Inc. 27,127 221,931 0.02%Resona Holdings, Inc. 78,886 219,861 0.02%NTT Data Corp. 19,145 216,457 0.02%Sumitomo Metal Mining Co., Ltd. 7,634 215,405 0.02%

Nexon Co., Ltd. 13,298 214,810 0.02%Yamato Holdings Co., Ltd. 10,221 210,716 0.02%Daifuku Co., Ltd. 3,200 210,649 0.02%Tokyo Gas Co., Ltd. 15,359 210,126 0.02%Japan Real Estate Investment Corp. REIT 47 209,429 0.02%

Mitsubishi Heavy Industries Ltd. 9,814 209,305 0.02%

Nippon Yusen KK 5,595 205,507 0.02%Renesas Electronics Corp. 25,926 203,140 0.02%Daiwa Securities Group, Inc. 51,007 203,025 0.02%Rohm Co., Ltd. 2,994 200,604 0.02%CyberAgent, Inc. 12,888 200,536 0.02%Nippon Building Fund, Inc. REIT 44 198,932 0.02%

Chubu Electric Power Co., Inc. 22,260 197,216 0.02%AGC, Inc. 6,472 196,762 0.02%Disco Corp. 887 196,463 0.02%Yamaha Corp. 4,982 195,992 0.02%Hamamatsu Photonics KK 4,447 194,384 0.02%Yamaha Motor Co., Ltd. 9,852 194,111 0.01%Japan Metropolitan Fund Invest REIT 246 193,232 0.01%

Sumitomo Chemical Co., Ltd. 48,872 187,799 0.01%MEIJI Holdings Co., Ltd. 4,312 187,076 0.01%Nomura Real Estate Master Fund, Inc. REIT 161 187,071 0.01%

Nomura Research Institute Ltd. 7,800 187,012 0.01%

Nippon Prologis, Inc. REIT 81 186,807 0.01%Aisin Corp. 6,026 186,741 0.01%Odakyu Electric Railway Co., Ltd. 10,157 185,939 0.01%

Yakult Honsha Co., Ltd. 4,513 185,197 0.01%GLP J-Reit REIT 147 183,751 0.01%Dentsu Group, Inc. 7,052 182,880 0.01%Ricoh Co., Ltd. 22,405 182,276 0.01%Osaka Gas Co., Ltd. 13,457 181,646 0.01%TOTO Ltd. 4,840 181,564 0.01%T&D Holdings, Inc. 19,325 181,047 0.01%Koito Manufacturing Co., Ltd. 3,897 175,682 0.01%Isuzu Motors Ltd. 18,068 172,925 0.01%Tokyu Corp. 17,249 170,038 0.01%Keio Corp. 3,889 165,680 0.01%Mitsui Chemicals, Inc. 6,581 164,655 0.01%

45


.Number of

SharesFair Value

GBP (£)% of Total

Net EquityTaiyo Yuden Co., Ltd. 4,521 161,929 0.01%Nissan Chemical Corp. 4,523 160,525 0.01%Daito Trust Construction Co., Ltd. 2,012 159,486 0.01%

Lixil Corp. 8,468 158,721 0.01%Hankyu Hanshin Holdings, Inc. 7,100 158,649 0.01%Kansai Electric Power Co., Inc. 22,812 157,682 0.01%Inpex Corp. 28,723 155,347 0.01%Nihon M&A Center, Inc. 8,200 154,126 0.01%Fuji Electric Co., Ltd. 4,494 152,166 0.01%TIS, Inc. 8,100 149,921 0.01%Trend Micro, Inc. 3,854 146,336 0.01%Kintetsu Group Holdings Co., Ltd. 5,743 146,124 0.01%

Kajima Corp. 15,839 145,392 0.01%Taisei Corp. 5,964 141,630 0.01%Konami Holdings Corp. 3,250 141,425 0.01%Mitsui OSK Lines Ltd. 4,045 140,922 0.01%Nippon Express Co., Ltd. 2,553 140,909 0.01%JFE Holdings, Inc. 16,133 136,934 0.01%Dai Nippon Printing Co., Ltd. 8,886 136,178 0.01%Azbil Corp. 4,492 134,954 0.01%Obayashi Corp. 23,136 133,281 0.01%SUMCO Corp. 7,483 133,033 0.01%MonotaRO Co., Ltd. 7,652 131,295 0.01%SBI Holdings, Inc. 7,652 131,195 0.01%Sekisui Chemical Co., Ltd. 10,460 129,591 0.01%Kansai Paint Co., Ltd. 6,929 127,976 0.01%Idemitsu Kosan Co., Ltd. 7,274 127,324 0.01%Daiwa House Investment Corp. REIT Class A 59 126,061 0.01%

Ibiden Co., Ltd. 3,214 125,600 0.01%Kurita Water Industries Ltd. 3,566 124,001 0.01%Kobayashi Pharmaceutical Co., Ltd. 2,000 123,827 0.01%

Oji Holdings Corp. 29,743 123,801 0.01%JSR Corp. 5,612 123,020 0.01%Lion Corp. 9,847 120,904 0.01%Nissin Foods Holdings Co., Ltd. 2,316 120,878 0.01%

GMO Payment Gateway, Inc. 1,276 120,458 0.01%Otsuka Corp. 3,154 119,963 0.01%Mazda Motor Corp. 17,543 119,487 0.01%Capcom Co., Ltd. 5,632 119,416 0.01%Concordia Financial Group Ltd. 44,495 118,147 0.01%Tobu Railway Co., Ltd. 6,256 117,219 0.01%Santen Pharmaceutical Co., Ltd. 11,710 116,887 0.01%

Brother Industries Ltd. 8,032 116,174 0.01%Nabtesco Corp. 4,219 115,605 0.01%Keisei Electric Railway Co., Ltd. 4,977 115,107 0.01%

NGK Insulators Ltd. 9,464 115,090 0.01%Hoshizaki Corp. 1,859 114,490 0.01%Hirose Electric Co., Ltd. 1,076 114,073 0.01%Tosoh Corp. 9,104 113,801 0.01%Food & Life Cos Ltd. 3,600 112,618 0.01%Stanley Electric Co., Ltd. 5,266 110,454 0.01%Chiba Bank Ltd. 25,203 110,001 0.01%Asahi Intecc Co., Ltd. 6,344 109,928 0.01%NH Foods Ltd. 3,866 108,959 0.01%Kose Corp. 953 108,681 0.01%Toho Gas Co., Ltd. 3,053 108,354 0.01%Ryohin Keikaku Co., Ltd. 7,100 107,927 0.01%TOPPAN, Inc. 9,264 107,883 0.01%Orix JREIT, Inc. REIT 77 107,403 0.01%NSK Ltd. 17,414 106,680 0.01%PeptiDream, Inc. 3,000 106,668 0.01%SCREEN Holdings Co., Ltd. 1,459 104,514 0.01%BayCurrent Consulting, Inc. 400 104,124 0.01%Seiko Epson Corp. 8,112 103,412 0.01%ZOZO, Inc. 4,175 102,823 0.01%

.Number of

SharesFair Value

GBP (£)% of Total

Net EquityIndustrial & Infrastructure Fund Investment Corp. REIT Class A 74 102,301 0.01%

Sumitomo Dainippon Pharma Co., Ltd. 6,722 102,094 0.01%

Toho Co., Ltd. 3,412 101,951 0.01%Tokyo Electric Power Co. Holdings, Inc. 47,076 101,352 0.01%

Suntory Beverage & Food Ltd. 3,714 101,283 0.01%Hulic Co., Ltd. 12,392 101,058 0.01%Ebara Corp. 2,820 100,636 0.01%Hitachi Metals Ltd. 7,155 99,148 0.01%Tsuruha Holdings, Inc. 1,177 99,133 0.01%United Urban Investment Corp. REIT 92 96,454 0.01%

Yokogawa Electric Corp. 8,884 96,213 0.01%Kakaku.com, Inc. 4,357 95,367 0.01%Shimizu Corp. 17,115 95,134 0.01%Mitsubishi HC Capital, Inc. 24,369 94,596 0.01%Hikari Tsushin, Inc. 741 94,318 0.01%Miura Co., Ltd. 3,000 94,240 0.01%Sekisui House, Inc. REIT 157 94,233 0.01%Haseko Corp. 9,414 93,477 0.01%Kyushu Electric Power Co., Inc. 16,595 92,568 0.01%Marui Group Co., Ltd. 6,783 92,400 0.01%Hisamitsu Pharmaceutical Co., Inc. 2,586 92,286 0.01%

Tokyu Fudosan Holdings Corp. 21,166 92,243 0.01%COMSYS Holdings Corp. 4,564 91,561 0.01%ANA Holdings, Inc. 5,328 90,794 0.01%Square Enix Holdings Co., Ltd. 2,518 90,516 0.01%Showa Denko KK 4,200 90,423 0.01%Ito En Ltd. 2,084 89,599 0.01%Asics Corp. 4,876 89,453 0.01%Advance Residence Investment Corp. REIT 37 89,314 0.01%

Nagoya Railroad Co., Ltd. 6,577 88,649 0.01%Open House Co., Ltd. 2,600 88,544 0.01%Kuraray Co., Ltd. 12,701 88,414 0.01%Nifco, Inc. 3,204 87,688 0.01%Sumitomo Heavy Industries Ltd. 4,365 87,141 0.01%

Mitsubishi Gas Chemical Co., Inc. 5,646 86,783 0.01%

Iida Group Holdings Co., Ltd. 4,630 86,390 0.01%Denka Co., Ltd. 3,528 85,047 0.01%Nippon Shinyaku Co., Ltd. 1,476 84,836 0.01%Kyushu Railway Co. 5,180 84,689 0.01%Shizuoka Bank Ltd. 15,096 84,600 0.01%Amada Co., Ltd. 11,448 83,874 0.01%USS Co., Ltd. 6,589 83,309 0.01%Nomura Real Estate Holdings, Inc. 4,490 82,548 0.01%

Sohgo Security Services Co., Ltd. 2,498 82,463 0.01%

Toyo Suisan Kaisha Ltd. 2,939 81,970 0.01%Japan Post Bank Co., Ltd. 13,369 81,376 0.01%Tohoku Electric Power Co., Inc. 14,325 81,308 0.01%Teijin Ltd. 7,281 80,420 0.01%Nisshin Seifun Group, Inc. 7,565 80,201 0.01%Tokai Carbon Co., Ltd. 8,000 79,959 0.01%Sojitz Corp. 36,506 79,786 0.01%Nichirei Corp. 4,189 79,774 0.01%Skylark Holdings Co., Ltd. 7,890 79,426 0.01%Hakuhodo DY Holdings, Inc. 7,039 79,171 0.01%Keikyu Corp. 8,934 79,152 0.01%Koei Tecmo Holdings Co., Ltd. 2,236 79,066 0.01%Bank of Kyoto Ltd. 2,390 78,586 0.01%Welcia Holdings Co., Ltd. 3,308 78,341 0.01%Yamada Holdings Co., Ltd. 23,240 77,781 0.01%Tokyo Century Corp. 1,990 77,508 0.01%Rinnai Corp. 1,115 76,890 0.01%

46


.Number of

SharesFair Value

GBP (£)% of Total

Net EquityNGK Spark Plug Co., Ltd. 7,127 76,534 0.01%Casio Computer Co., Ltd. 6,288 76,180 0.01%Japan Post Insurance Co., Ltd. 5,668 75,954 0.01%Fukuoka Financial Group, Inc. 5,969 75,509 0.01%Nikon Corp. 9,733 75,246 0.01%Sumitomo Forestry Co., Ltd. 5,641 74,892 0.01%Pigeon Corp. 3,650 74,534 0.01%THK Co., Ltd. 3,375 72,992 0.01%Mori Hills Investment Corp. REIT Class A 67 72,823 0.01%

Rohto Pharmaceutical Co., Ltd. 3,737 72,776 0.01%Zensho Holdings Co., Ltd. 3,900 72,591 0.01%Persol Holdings Co., Ltd. 5,062 72,489 0.01%NET One Systems Co., Ltd. 3,000 71,732 0.01%Itochu Techno-Solutions Corp. 3,170 71,144 0.01%Hitachi Construction Machinery Co., Ltd. 3,204 70,966 0.01%

Nippon Sanso Holdings Corp. 4,704 69,879 0.01%Sharp Corp. 5,829 69,707 0.01%Keihan Holdings Co., Ltd. 3,172 69,533 0.01%Mitsui Fudosan Logistics Park, Inc. REIT 18 69,520 0.01%

Ube Industries Ltd. 4,724 69,313 0.01%Japan Prime Realty Investment Corp. REIT 24 68,111 0.01%

Matsumotokiyoshi Holdings Co., Ltd. 2,114 67,649 0.01%

Anritsu Corp. 4,900 66,205 0.01%Kawasaki Heavy Industries Ltd. 4,262 66,038 0.01%

Konica Minolta, Inc. 16,305 65,314 0.01%Iwatani Corp. 1,500 65,175 0.01%NOF Corp. 1,700 64,216 0.01%Alfresa Holdings Corp. 5,928 64,161 0.01%Tokyo Ohka Kogyo Co., Ltd. 1,400 64,027 0.01%Shimamura Co., Ltd. 917 63,774 0.01%Aozora Bank Ltd. 3,925 63,633 0.01%Shinsei Bank Ltd. 6,664 63,345 0.01%Oracle Corp. Japan 1,136 62,996 0.01%Ushio, Inc. 4,755 62,974 0.01%Kewpie Corp. 3,870 62,944 0.01%Kyowa Exeo Corp. 3,500 62,452 0.01%LaSalle Logiport REIT 51 62,420 0.01%Sundrug Co., Ltd. 2,710 62,411 0.01%Kagome Co., Ltd. 3,254 62,223 0.01%Activia Properties, Inc. REIT 18 61,770 0.01%Tsumura & Co. 2,705 61,678 0.01%Air Water, Inc. 5,534 61,666 0.01%Japan Airlines Co., Ltd. 3,929 61,545 0.00%Daiwa Office Investment Corp. REIT Class A 12 60,517 0.00%

IHI Corp. 3,446 59,262 0.00%Toyoda Gosei Co., Ltd. 3,310 59,061 0.00%Japan Logistics Fund, Inc. REIT 27 58,834 0.00%Lawson, Inc. 1,752 58,751 0.00%Chugoku Electric Power Co., Inc. 8,810 58,282 0.00%

Sumitomo Rubber Industries Ltd. 5,824 58,248 0.00%

Tokyo Tatemono Co., Ltd. 5,634 58,222 0.00%Sega Sammy Holdings, Inc. 6,109 58,109 0.00%JTEKT Corp. 7,818 58,095 0.00%Sugi Holdings Co., Ltd. 1,090 57,601 0.00%Medipal Holdings Corp. 4,125 57,107 0.00%DeNA Co., Ltd. 3,701 57,008 0.00%SCSK Corp. 1,316 56,837 0.00%Cosmos Pharmaceutical Corp. 534 56,787 0.00%Morinaga Milk Industry Co., Ltd. 1,500 56,661 0.00%

Nihon Unisys Ltd. 2,600 56,655 0.00%Kenedix Office Investment Corp. REIT Class A 11 56,192 0.00%

.Number of

SharesFair Value

GBP (£)% of Total

Net EquityIsetan Mitsukoshi Holdings Ltd. 10,850 54,788 0.00%

Nippon Accommodations Fund, Inc. REIT Class A 13 54,365 0.00%

SHO-BOND Holdings Co., Ltd. 1,800 54,313 0.00%Hino Motors Ltd. 8,470 53,988 0.00%Penta-Ocean Construction Co., Ltd. 10,700 53,961 0.00%

Kaneka Corp. 1,842 53,777 0.00%Alps Alpine Co., Ltd. 6,935 53,072 0.00%Mabuchi Motor Co., Ltd. 1,916 52,500 0.00%Taiheiyo Cement Corp. 3,300 52,467 0.00%Seibu Holdings, Inc. 6,142 52,172 0.00%Hirogin Holdings, Inc. 13,585 51,848 0.00%Horiba Ltd. 1,100 51,671 0.00%Tokuyama Corp. 3,500 51,651 0.00%TechnoPro Holdings, Inc. 3,000 51,436 0.00%Relo Group, Inc. 3,100 51,370 0.00%House Foods Group, Inc. 2,313 51,231 0.00%Electric Power Development Co., Ltd. 4,929 50,969 0.00%

Sankyu, Inc. 1,600 50,261 0.00%Mitsubishi Materials Corp. 3,478 50,260 0.00%GS Yuasa Corp. 2,677 49,513 0.00%Yokohama Rubber Co., Ltd. 3,183 49,402 0.00%Daicel Corp. 8,260 49,254 0.00%Sanwa Holdings Corp. 5,533 49,237 0.00%JCR Pharmaceuticals Co., Ltd. 2,000 48,800 0.00%Nippo Corp. 2,296 47,409 0.00%NOK Corp. 5,266 47,342 0.00%Takara Holdings, Inc. 5,217 47,140 0.00%Fancl Corp. 2,000 46,973 0.00%DMG Mori Co., Ltd. 3,606 46,910 0.00%Coca-Cola Bottlers Japan Holdings, Inc. 4,136 46,843 0.00%

Nihon Kohden Corp. 2,257 46,678 0.00%Suzuken Co., Ltd. 2,198 46,676 0.00%Nankai Electric Railway Co., Ltd. 2,982 46,166 0.00%

Taisho Pharmaceutical Holdings Co., Ltd. 1,184 45,961 0.00%

Amano Corp. 2,500 45,685 0.00%Zenkoku Hosho Co., Ltd. 1,466 45,669 0.00%Kobe Bussan Co., Ltd. 2,000 45,668 0.00%Hitachi Transport System Ltd. 1,515 45,516 0.00%Acom Co., Ltd. 14,324 45,230 0.00%Shinko Electric Industries Co., Ltd. 1,700 45,085 0.00%

J Front Retailing Co., Ltd. 6,939 44,591 0.00%Credit Saison Co., Ltd. 5,046 44,574 0.00%Japan Airport Terminal Co., Ltd. 1,368 44,535 0.00%Daiichikosho Co., Ltd. 1,600 44,520 0.00%Ship Healthcare Holdings, Inc. 2,600 43,984 0.00%Mebuki Financial Group, Inc. 28,500 43,509 0.00%Kobe Steel Ltd. 9,252 43,037 0.00%Park24 Co., Ltd. 3,259 42,907 0.00%JGC Holdings Corp. 6,347 42,857 0.00%Goldwin, Inc. 1,000 42,602 0.00%Fujitsu General Ltd. 2,200 42,298 0.00%Sapporo Holdings Ltd. 2,800 42,234 0.00%Toyo Seikan Group Holdings Ltd. 4,163 41,201 0.00%

Benefit One, Inc. 1,800 41,043 0.00%Aica Kogyo Co., Ltd. 1,600 40,762 0.00%Ulvac, Inc. 1,100 40,404 0.00%RENOVA, Inc. 1,400 39,960 0.00%Toyo Tire Corp. 2,602 39,859 0.00%Hachijuni Bank Ltd. 17,027 39,768 0.00%Sotetsu Holdings, Inc. 2,781 39,716 0.00%Nishi-Nippon Railroad Co., Ltd. 2,258 39,657 0.00%Seino Holdings Co., Ltd. 4,251 39,493 0.00%SMS Co., Ltd. 1,800 39,046 0.00%

47


.Number of

SharesFair Value

GBP (£)% of Total

Net EquityMitsubishi Logistics Corp. 1,817 39,000 0.00%Daido Steel Co., Ltd. 1,083 38,790 0.00%Kinden Corp. 3,271 38,711 0.00%Nagase & Co., Ltd. 3,563 38,541 0.00%DIC Corp. 2,100 38,430 0.00%Justsystems Corp. 900 38,401 0.00%K's Holdings Corp. 4,600 38,324 0.00%Kamigumi Co., Ltd. 2,566 37,717 0.00%TS Tech Co., Ltd. 3,356 37,549 0.00%Ezaki Glico Co., Ltd. 1,385 37,408 0.00%Nippon Kayaku Co., Ltd. 5,360 36,717 0.00%IR Japan Holdings Ltd. 400 36,509 0.00%Zeon Corp. 3,622 36,320 0.00%Ain Holdings, Inc. 800 36,169 0.00%OSG Corp. 2,849 35,799 0.00%Pola Orbis Holdings, Inc. 1,848 35,374 0.00%Rengo Co., Ltd. 5,842 35,255 0.00%Yamaguchi Financial Group, Inc. 8,431 34,873 0.00%

FP Corp. 1,292 34,770 0.00%Mitsubishi Motors Corp. 17,032 34,669 0.00%Yamazaki Baking Co., Ltd. 3,382 34,553 0.00%Shochiku Co., Ltd. 412 34,432 0.00%Calbee, Inc. 2,032 33,964 0.00%Lintec Corp. 2,152 33,836 0.00%PALTAC Corp. 900 33,821 0.00%Cosmo Energy Holdings Co., Ltd. 2,029 33,715 0.00%

GMO internet, Inc. 1,700 33,605 0.00%Nippon Electric Glass Co., Ltd. 1,967 33,494 0.00%Mochida Pharmaceutical Co., Ltd. 1,406 33,389 0.00%

Sawai Group Holdings Co., Ltd. 1,018 32,875 0.00%

Kotobuki Spirits Co., Ltd. 700 32,790 0.00%Takashimaya Co., Ltd. 4,092 32,249 0.00%Furukawa Electric Co., Ltd. 1,778 32,097 0.00%Toda Corp. 6,370 31,792 0.00%Benesse Holdings, Inc. 1,741 31,383 0.00%OKUMA Corp. 870 30,820 0.00%Dowa Holdings Co., Ltd. 1,075 30,683 0.00%Kaken Pharmaceutical Co., Ltd. 984 30,558 0.00%Kandenko Co., Ltd. 5,400 30,544 0.00%Bic Camera, Inc. 4,007 29,253 0.00%Sumitomo Bakelite Co., Ltd. 900 28,830 0.00%Daio Paper Corp. 2,400 28,795 0.00%Izumi Co., Ltd. 1,054 28,743 0.00%Nippon Shokubai Co., Ltd. 825 28,742 0.00%Maruichi Steel Tube Ltd. 1,688 28,732 0.00%As One Corp. 300 28,399 0.00%Mitsui Mining & Smelting Co., Ltd. 1,400 28,132 0.00%

Fuji Kyuko Co., Ltd. 800 27,766 0.00%ABC-Mart, Inc. 667 27,719 0.00%Sankyo Co., Ltd. 1,469 27,189 0.00%Toshiba TEC Corp. 900 26,833 0.00%Kyudenko Corp. 1,100 25,584 0.00%Morinaga & Co., Ltd. 1,100 25,476 0.00%AEON Financial Service Co., Ltd. 2,952 25,210 0.00%

Mani, Inc. 1,500 24,915 0.00%Seven Bank Ltd. 16,159 24,880 0.00%Maruwa Unyu Kikan Co., Ltd. 2,400 24,724 0.00%Fukuyama Transporting Co., Ltd. 906 24,382 0.00%

Iyo Bank Ltd. 6,826 24,315 0.00%Aeon Mall Co., Ltd. 2,172 24,245 0.00%H.U. Group Holdings, Inc. 1,291 24,122 0.00%Gunma Bank Ltd. 10,329 23,585 0.00%Kyushu Financial Group, Inc. 9,021 23,071 0.00%Shikoku Electric Power Co., Inc. 4,665 23,009 0.00%

.Number of

SharesFair Value

GBP (£)% of Total

Net EquityFuyo General Lease Co., Ltd. 500 22,899 0.00%Nipro Corp. 2,622 22,460 0.00%Chugoku Bank Ltd. 4,076 22,444 0.00%Nippon Paper Industries Co., Ltd. 2,695 21,872 0.00%

NEC Networks & System Integration Corp. 1,900 21,754 0.00%

Kokuyo Co., Ltd. 1,900 21,507 0.00%Takara Bio, Inc. 1,100 21,278 0.00%Kusuri no Aoki Holdings Co., Ltd. 400 21,138 0.00%

NHK Spring Co., Ltd. 3,536 21,039 0.00%Yaoko Co., Ltd. 500 20,779 0.00%Fuji Oil Holdings, Inc. 1,200 20,692 0.00%Heiwa Corp. 1,496 19,198 0.00%Yamato Kogyo Co., Ltd. 795 19,061 0.00%Elecom Co., Ltd. 1,400 19,016 0.00%Maeda Corp. 3,000 18,848 0.00%Ariake Japan Co., Ltd. 400 17,980 0.00%Toyota Boshoku Corp. 1,163 17,428 0.00%Hokuriku Electric Power Co. 4,392 17,364 0.00%Fuji Media Holdings, Inc. 2,100 16,906 0.00%Itoham Yonekyu Holdings, Inc. 3,600 16,793 0.00%OBIC Business Consultants Co., Ltd. 400 16,754 0.00%

Megmilk Snow Brand Co., Ltd. 1,200 16,550 0.00%Kyoritsu Maintenance Co., Ltd. 700 16,532 0.00%Japan Aviation Electronics Industry Ltd. 1,269 16,252 0.00%

Resorttrust, Inc. 1,249 14,781 0.00%NS Solutions Corp. 632 14,761 0.00%Canon Marketing Japan, Inc. 856 14,425 0.00%GungHo Online Entertainment, Inc. 990 14,280 0.00%

Maeda Road Construction Co., Ltd. 893 12,712 0.00%

Orient Corp. 12,261 11,679 0.00%ASKUL Corp. 1,000 11,300 0.00%Noevir Holdings Co., Ltd. 300 11,039 0.00%Tokai Rika Co., Ltd. 940 10,922 0.00%Ichigo, Inc. 4,700 10,793 0.00%Matsui Securities Co., Ltd. 1,963 10,373 0.00%Nippon Television Holdings, Inc. 1,200 10,076 0.00%

TBS Holdings, Inc. 661 7,357 0.00%SKY Perfect JSAT Holdings, Inc. 2,448 6,468 0.00%

TV Asahi Holdings Corp. 423 4,860 0.00%test test 105,756,329 7.96%Netherlands 1.34% (2020: 1.30%)ASML Holding NV 12,633 6,348,563 0.48%Adyen NV 920 1,629,101 0.12%ING Groep NV 123,600 1,180,998 0.09%Koninklijke Philips NV 28,636 1,028,028 0.08%Prosus NV 13,979 999,732 0.07%Koninklijke DSM NV 5,178 697,502 0.05%Koninklijke Ahold Delhaize NV 31,349 676,653 0.05%Heineken NV 7,628 673,897 0.05%Wolters Kluwer NV 8,187 594,636 0.04%ArcelorMittal SA 23,363 522,114 0.04%Akzo Nobel NV 5,779 519,964 0.04%ASM International NV 1,612 384,790 0.03%NN Group NV 9,118 311,420 0.02%Unibail-Rodamco-Westfield REIT 4,618 290,932 0.02%

Heineken Holding NV 3,561 261,757 0.02%Koninklijke KPN NV 108,338 244,110 0.02%IMCD NV 1,803 208,077 0.02%Randstad NV 3,711 205,240 0.02%Signify NV 4,061 185,933 0.01%Aegon NV 55,190 164,829 0.01%Aalberts NV 3,501 135,550 0.01%

48


.Number of

SharesFair Value

GBP (£)% of Total

Net EquityASR Nederland NV 4,682 131,037 0.01%ABN AMRO Bank NV GDR 14,639 127,546 0.01%InPost SA 5,155 75,272 0.01%Galapagos NV 1,498 75,100 0.01%JDE Peet's NV 2,763 73,158 0.01%Koninklijke Vopak NV 2,037 66,620 0.00%GrandVision NV 1,417 34,274 0.00%test test 17,846,833 1.34%New Zealand 0.10% (2020: 0.12%)Fisher & Paykel Healthcare Corp., Ltd. 18,320 287,423 0.02%

Auckland International Airport Ltd. 40,953 150,099 0.01%

Spark New Zealand Ltd. 58,327 141,146 0.01%Meridian Energy Ltd. 42,480 114,148 0.01%Contact Energy Ltd. 23,862 99,608 0.01%Ryman Healthcare Ltd. 14,394 95,280 0.01%Fletcher Building Ltd. 24,928 94,507 0.01%Mercury NZ Ltd. 24,021 80,774 0.01%a2 Milk Co., Ltd. 22,884 74,298 0.01%Infratil Ltd. 14,870 57,724 0.00%SKYCITY Entertainment Group Ltd. 19,807 35,049 0.00%

Kiwi Property Group Ltd. 52,333 30,737 0.00%Air New Zealand Ltd. 9,963 7,785 0.00%test test 1,268,578 0.10%Norway 0.22% (2020: 0.21%)DNB A.S.A 31,537 501,711 0.04%Equinor A.S.A 31,732 486,901 0.04%Telenor A.S.A 22,294 272,748 0.02%Mowi A.S.A 14,424 266,524 0.02%Yara International A.S.A 5,424 207,815 0.02%Norsk Hydro A.S.A 43,349 201,090 0.02%Orkla A.S.A 23,639 175,517 0.01%Schibsted A.S.A Class A 3,967 139,373 0.01%TOMRA Systems A.S.A 3,333 133,437 0.01%Adevinta A.S.A Class B 7,369 102,651 0.01%Gjensidige Forsikring A.S.A 5,471 87,636 0.01%Aker BP A.S.A 3,278 75,671 0.01%Scatec A.S.A 3,407 66,173 0.00%Salmar A.S.A 1,299 62,232 0.00%Schibsted A.S.A Class B 1,688 50,987 0.00%Leroy Seafood Group A.S.A 7,059 44,789 0.00%Aker A.S.A Class A 442 23,700 0.00%test test 2,898,955 0.22%Poland 0.10% (2020: 0.10%)Powszechna Kasa Oszczednosci Bank Polski SA 28,360 205,144 0.02%

KGHM Polska Miedz SA 4,659 166,251 0.01%Polski Koncern Naftowy ORLEN SA 9,639 140,876 0.01%

Allegro.eu SA 10,741 133,347 0.01%Powszechny Zaklad Ubezpieczen SA 18,626 130,242 0.01%

LPP SA 42 103,583 0.01%Bank Polska Kasa Opieki SA 4,791 85,685 0.01%CD Projekt SA 2,039 71,818 0.01%Dino Polska SA 1,348 71,711 0.01%Polskie Gornictwo Naftowe i Gazownictwo SA 48,646 62,490 0.00%

Cyfrowy Polsat SA 7,664 43,943 0.00%Santander Bank Polska SA 795 38,564 0.00%test test 1,253,654 0.10%Portugal 0.05% (2020: 0.06%)EDP - Energias de Portugal SA 86,798 331,668 0.02%EDP Renovaveis SA 7,816 129,185 0.01%Jeronimo Martins SGPS SA 8,766 115,488 0.01%Galp Energia SGPS SA 14,569 114,889 0.01%test test 691,230 0.05%Singapore 0.38% (2020: 0.39%)DBS Group Holdings Ltd. 58,625 937,803 0.07%

.Number of

SharesFair Value

GBP (£)% of Total

Net EquityOversea-Chinese Banking Corp., Ltd. 113,302 726,561 0.06%

United Overseas Bank Ltd. 41,340 572,787 0.04%Singapore Telecommunications Ltd. 260,625 320,271 0.03%

Ascendas REIT 119,908 189,818 0.02%CapitaLand Ltd. 87,036 173,276 0.01%CapitaLand Integrated Commercial Trust REIT 151,742 170,184 0.01%

Wilmar International Ltd. 70,070 169,204 0.01%Singapore Exchange Ltd. 25,341 152,031 0.01%Keppel Corp., Ltd. 44,694 131,191 0.01%Singapore Airlines Ltd. 44,240 115,139 0.01%Mapletree Logistics Trust REIT 91,811 100,999 0.01%Genting Singapore Ltd. 219,915 98,539 0.01%Venture Corp., Ltd. 9,532 98,260 0.01%Mapletree Industrial Trust REIT 63,886 97,019 0.01%Singapore Technologies Engineering Ltd. 46,065 95,664 0.01%

Mapletree Commercial Trust REIT 71,955 83,403 0.01%

Frasers Logistics & Commercial Trust REIT 101,400 78,355 0.01%

Suntec REIT 86,312 67,622 0.01%NetLink NBN Trust 119,400 60,869 0.01%UOL Group Ltd. 15,089 59,109 0.01%Singapore Press Holdings Ltd. 58,587 53,761 0.00%ComfortDelGro Corp., Ltd. 60,812 53,518 0.00%City Developments Ltd. 13,269 51,908 0.00%SATS Ltd. 21,000 44,287 0.00%Keppel DC REIT 32,800 43,827 0.00%Ascott Residence Trust 68,200 36,598 0.00%Keppel REIT 50,900 32,230 0.00%Mapletree North Asia Commercial Trust REIT 57,500 32,090 0.00%

Olam International Ltd. 33,800 29,020 0.00%Sembcorp Industries Ltd. 25,208 28,948 0.00%Jardine Cycle & Carriage Ltd. 2,422 27,761 0.00%Golden Agri-Resources Ltd. 157,885 19,487 0.00%Hutchison Port Holdings Trust 118,943 19,299 0.00%Singapore Post Ltd. 48,117 18,462 0.00%Sembcorp Marine Ltd. 220,042 14,170 0.00%StarHub Ltd. 11,286 7,389 0.00%Wing Tai Holdings Ltd. 7,185 6,940 0.00%SIA Engineering Co., Ltd. 4,267 4,923 0.00%Olam International Ltd. - Rights Issue 19/7/2021 5,070 952 0.00%

test test 5,023,674 0.38%South Korea 2.05% (2020: 2.10%)Samsung Electronics Co., Ltd. 156,052 8,064,252 0.61%SK Hynix, Inc. 17,234 1,407,076 0.11%Samsung Electronics Co., Ltd. - Preference Shares 25,228 1,190,616 0.09%

NAVER Corp. 4,380 1,170,986 0.09%Kakao Corp. 9,000 939,402 0.07%LG Chem Ltd. - KRW 1,489 810,466 0.06%Samsung SDI Co., Ltd. (XKRX) 1,700 759,846 0.06%Hyundai Motor Co. 4,536 695,665 0.05%Celltrion, Inc. 3,418 587,676 0.04%POSCO 2,208 492,039 0.04%Kia Corp. 8,525 489,129 0.04%KB Financial Group, Inc. 12,678 453,008 0.03%Shinhan Financial Group Co., Ltd. 16,965 441,064 0.03%

Hyundai Mobis Co., Ltd. 2,018 377,333 0.03%LG Electronics, Inc. 3,459 362,151 0.03%SK Innovation Co., Ltd. 1,775 335,875 0.03%LG Household & Health Care Ltd. 281 317,054 0.02%

NCSoft Corp. 595 312,430 0.02%Hana Financial Group, Inc. 9,417 277,692 0.02%HMM Co., Ltd. 9,149 257,193 0.02%Samsung C&T Corp. 2,756 240,898 0.02%

49


.Number of

SharesFair Value

GBP (£)% of Total

Net EquitySamsung Biologics Co., Ltd. 443 238,573 0.02%Samsung Electro-Mechanics Co., Ltd. 1,852 209,911 0.02%

SK Holdings Co., Ltd. 1,133 204,960 0.02%KT&G Corp. 3,615 195,376 0.02%Celltrion Healthcare Co., Ltd. 2,632 195,003 0.02%LG Corp. 2,760 181,157 0.01%SK Telecom Co., Ltd. 819 167,824 0.01%Amorepacific Corp. (XKRX) 944 152,333 0.01%Hyundai Motor Co. - Preference Shares 1,926 141,832 0.01%

HYBE Co., Ltd. 755 141,415 0.01%Korea Shipbuilding & Offshore Engineering Co., Ltd. 1,624 139,352 0.01%

LG Display Co., Ltd. 8,806 138,155 0.01%Samsung SDS Co., Ltd. 1,140 135,051 0.01%Korea Electric Power Corp. 8,359 133,015 0.01%Samsung Fire & Marine Insurance Co., Ltd. 934 131,879 0.01%

Woori Financial Group, Inc. 17,038 124,924 0.01%Korean Air Lines Co., Ltd. 5,654 114,048 0.01%Doosan Heavy Industries & Construction Co., Ltd. 7,374 112,619 0.01%

Hanwha Solutions Corp. 3,459 98,678 0.01%Samsung Life Insurance Co., Ltd. 1,905 97,346 0.01%

Coway Co., Ltd. 1,862 93,837 0.01%Lotte Chemical Corp. 555 93,292 0.01%E-MART, Inc. 824 84,425 0.01%SKC Co., Ltd. 830 84,242 0.01%POSCO Chemical Co., Ltd. 881 81,238 0.01%Kumho Petrochemical Co., Ltd. 567 79,515 0.01%Korea Zinc Co., Ltd. 286 79,026 0.01%S-Oil Corp. 1,183 77,648 0.01%Hyundai Engineering & Construction Co., Ltd. 1,998 74,591 0.01%

Korea Investment Holdings Co., Ltd. 1,102 72,684 0.01%

Samsung Engineering Co., Ltd. 4,699 71,916 0.01%Hankook Tire & Technology Co., Ltd. 2,163 71,609 0.01%

Hyundai Steel Co. 2,051 70,528 0.01%CJ CheilJedang Corp. (XKRX) 238 70,259 0.01%Hotel Shilla Co., Ltd. 1,116 69,320 0.01%Hyundai Glovis Co., Ltd. 501 67,051 0.01%Mirae Asset Securities Co., Ltd. (XKRX) - Preference Shares 21,899 66,890 0.01%

Hyundai Heavy Industries Holdings Co., Ltd. 1,445 65,512 0.01%

LG Uplus Corp. 6,590 64,776 0.01%LG Chem Ltd. - Preference Shares 250 61,394 0.01%

LG Electronics, Inc. - Preference Shares 1,211 61,030 0.01%

LG Innotek Co., Ltd. 423 60,404 0.01%Fila Holdings Corp. 1,605 59,816 0.01%Shin Poong Pharmaceutical Co., Ltd. 1,078 59,366 0.01%

Celltrion Pharm, Inc. 588 59,190 0.01%Samsung Securities Co., Ltd. 2,025 58,288 0.01%Doosan Infracore Co., Ltd. 6,212 57,481 0.01%HLB, Inc. 2,666 57,020 0.01%Yuhan Corp. 1,410 56,973 0.01%SK Biopharmaceuticals Co., Ltd. 720 56,710 0.00%

Hanon Systems 5,060 53,625 0.00%Seegene, Inc. 980 51,898 0.00%Samsung Heavy Industries Co., Ltd. 11,887 51,076 0.00%

Kangwon Land, Inc. 2,923 50,350 0.00%SK Chemicals Co., Ltd. 298 49,615 0.00%Mando Corp. 1,115 47,481 0.00%

.Number of

SharesFair Value

GBP (£)% of Total

Net EquityIndustrial Bank of Korea 7,021 47,207 0.00%Hanmi Pharm Co., Ltd. 218 46,695 0.00%Alteogen, Inc. 867 46,469 0.00%Orion Corp. 611 46,364 0.00%DB Insurance Co., Ltd. 1,310 45,970 0.00%Samsung SDI Co., Ltd. - Preference Shares 155 43,424 0.00%

Netmarble Corp. 505 43,333 0.00%GS Engineering & Construction Corp. 1,536 42,196 0.00%

LG Household & Health Care Ltd. - Preference Shares 84 41,149 0.00%

Doosan Bobcat, Inc. 1,334 41,003 0.00%BNK Financial Group, Inc. 8,018 39,689 0.00%GS Holdings Corp. 1,311 38,827 0.00%Hanjin Kal Corp. 915 38,671 0.00%Lotte Corp. 1,493 38,433 0.00%Korea Aerospace Industries Ltd. 1,816 38,259 0.00%

Green Cross Corp. 179 37,654 0.00%KCC Corp. 169 37,174 0.00%Amorepacific Group 894 36,639 0.00%SSANGYONG C&E Co., Ltd. 6,814 36,434 0.00%DL E&C Co., Ltd. 399 36,281 0.00%OCI Co., Ltd. 465 34,988 0.00%CJ ENM Co., Ltd. 296 34,630 0.00%Hite Jinro Co., Ltd. 1,378 33,267 0.00%Shinsegae, Inc. 177 32,359 0.00%Daewoo Shipbuilding & Marine Engineering Co., Ltd. 1,363 31,246 0.00%

Hanwha Aerospace Co., Ltd. 1,027 30,909 0.00%Hyundai Mipo Dockyard Co., Ltd. 550 30,782 0.00%

Cheil Worldwide, Inc. 1,886 30,374 0.00%S-1 Corp. 567 29,736 0.00%CJ CheilJedang Corp. - Preference Shares 217 29,181 0.00%

Hanwha Corp. 1,368 27,813 0.00%NH Investment & Securities Co., Ltd. 3,348 27,657 0.00%

Amorepacific Corp. - Preference Shares 489 27,587 0.00%

HDC Hyundai Development Co.-Engineering & Construction Class E 1,351 27,251 0.00%

Hyundai Marine & Fire Insurance Co., Ltd. 1,624 26,518 0.00%

DGB Financial Group, Inc. 4,175 24,863 0.00%CJ Logistics Corp. 203 23,009 0.00%Hyundai Department Store Co., Ltd. 411 23,003 0.00%

CJ Corp. 334 22,885 0.00%Lotte Shopping Co., Ltd. 305 22,558 0.00%Samsung Fire & Marine Insurance Co., Ltd. - Preference Shares 202 21,408 0.00%

Posco International Corp. 1,425 21,261 0.00%MedyTox, Inc. 140 21,247 0.00%SK Networks Co., Ltd. 5,249 20,235 0.00%Hanmi Science Co., Ltd. 406 19,889 0.00%Hyundai Wia Corp. 303 19,694 0.00%BGF retail Co., Ltd. 171 19,655 0.00%Mirae Asset Securities Co., Ltd. 3,221 19,450 0.00%

Daewoo Engineering & Construction Co., Ltd. 3,737 19,024 0.00%

Helixmith Co., Ltd. 916 18,594 0.00%GS Retail Co., Ltd. 720 17,820 0.00%Hanssem Co., Ltd. 255 16,737 0.00%Korea Gas Corp. 708 16,729 0.00%DL Holdings Co., Ltd. 319 16,342 0.00%NHN Corp. 304 16,235 0.00%

50


.Number of

SharesFair Value

GBP (£)% of Total

Net EquityHanwha Life Insurance Co., Ltd. 6,280 15,101 0.00%

Ottogi Corp. 43 14,979 0.00%LS Corp. 327 14,825 0.00%LOTTE Fine Chemical Co., Ltd. 335 14,158 0.00%Samsung Card Co., Ltd. 615 13,508 0.00%Solus Advanced Materials Co., Ltd. 354 11,697 0.00%

NongShim Co., Ltd. 58 11,644 0.00%Dongsuh Cos, Inc. 594 11,601 0.00%KEPCO Plant Service & Engineering Co., Ltd. 408 11,195 0.00%

SillaJen, Inc. 1,387 10,747 0.00%Paradise Co., Ltd. 853 9,887 0.00%LX Holdings Corp. 1,338 9,639 0.00%Lotte Chilsung Beverage Co., Ltd. 70 6,500 0.00%

test test 27,257,666 2.05%Spain 0.75% (2020: 0.80%)Iberdrola SA 184,067 1,618,248 0.12%Banco Santander SA 546,459 1,514,866 0.11%Banco Bilbao Vizcaya Argentaria SA 208,494 934,026 0.07%

Cellnex Telecom SA 19,737 913,479 0.07%Industria de Diseno Textil SA 33,995 867,748 0.07%Amadeus IT Group SA 13,702 699,507 0.05%Telefonica SA 159,569 535,965 0.04%Repsol SA 42,665 389,220 0.03%Ferrovial SA 15,593 330,616 0.03%CaixaBank SA 142,235 315,120 0.02%Aena SME SA 2,385 280,562 0.02%Red Electrica Corp. SA 13,700 183,429 0.01%Endesa SA 10,359 182,412 0.01%Siemens Gamesa Renewable Energy SA 7,192 173,773 0.01%

Naturgy Energy Group SA 9,185 171,035 0.01%ACS Actividades de Construccion y Servicios SA 6,992 135,536 0.01%

Grifols SA 6,378 125,768 0.01%Enagas SA 7,220 120,573 0.01%Bankinter SA 25,111 90,934 0.01%Grifols SA - Preference Shares Class B 7,100 90,495 0.01%

Acciona SA 809 87,986 0.01%Inmobiliaria Colonial Socimi SA REIT 10,648 78,041 0.01%

Merlin Properties Socimi SA REIT 7,367 55,214 0.01%

Mapfre SA 30,506 46,392 0.00%Linea Directa Aseguradora SA Compania de Seguros y Reaseguros 25,111 38,413 0.00%


test test 10,016,793 0.75%Sweden 1.14% (2020: 1.11%)Investor AB Class B 58,652 987,037 0.07%Atlas Copco AB Class A 21,311 939,737 0.07%Volvo AB Class B 50,839 887,672 0.07%Telefonaktiebolaget LM Ericsson Class B 94,705 870,244 0.07%

Assa Abloy AB Class B 29,440 644,854 0.05%Sandvik AB 34,392 636,081 0.05%Hexagon AB Class B 56,910 608,801 0.05%Evolution AB 5,078 593,047 0.04%H&M Hennes & Mauritz AB Class B 28,135 481,707 0.04%

Essity AB Class B 19,309 466,664 0.04%Swedbank AB Class A 31,766 429,550 0.03%Skandinaviska Enskilda Banken AB Class A 44,233 414,109 0.03%

.Number of

SharesFair Value

GBP (£)% of Total

Net EquityAtlas Copco AB Class B 10,061 380,177 0.03%Svenska Handelsbanken AB Class A 41,789 342,041 0.03%

Epiroc AB Class A 19,073 314,908 0.02%Swedish Match AB 49,160 306,574 0.02%Nibe Industrier AB Class B 38,959 298,064 0.02%Investor AB Class A 16,848 280,315 0.02%Telia Co. AB 82,338 264,211 0.02%Alfa Laval AB 9,647 246,485 0.02%SKF AB Class B 12,721 235,060 0.02%Boliden AB 8,382 234,137 0.02%Kinnevik AB Class B 7,671 224,294 0.02%Svenska Cellulosa AB SCA Class B 18,663 221,806 0.02%

Sinch AB 17,470 216,220 0.02%Skanska AB Class B 10,448 200,235 0.01%Getinge AB Class B 7,097 195,174 0.01%EQT AB 7,323 195,055 0.01%Industrivarden AB Class C 7,111 188,986 0.01%Indutrade AB 9,225 171,399 0.01%Lundin Energy AB 6,533 167,974 0.01%Epiroc AB Class B 11,585 165,439 0.01%Industrivarden AB Class A 5,612 158,570 0.01%Tele2 AB Class B 15,981 158,220 0.01%Castellum AB 8,413 156,241 0.01%Fastighets AB Balder Class B 3,184 144,831 0.01%Trelleborg AB Class B 8,589 143,777 0.01%Husqvarna AB Class B 14,090 136,212 0.01%Lifco AB Class B 8,040 135,712 0.01%Electrolux AB 6,538 131,510 0.01%Elekta AB Class B 11,555 121,063 0.01%Holmen AB Class B 3,404 111,308 0.01%Securitas AB Class B 9,688 110,622 0.01%Sagax AB Class B 5,006 107,826 0.01%Investment AB Latour Class B 4,362 103,276 0.01%L E Lundbergforetagen AB Class B 2,178 102,137 0.01%

Sweco AB Class B 6,453 85,366 0.01%Volvo AB Class A 4,623 82,798 0.01%ICA Gruppen AB 2,313 77,712 0.01%Swedish Orphan Biovitrum AB 5,480 72,239 0.01%Saab AB Class B 2,676 51,739 0.00%Svenska Handelsbanken AB Class B 4,095 35,802 0.00%

Telefonaktiebolaget LM Ericsson Class A 3,811 34,968 0.00%

Kinnevik AB Class A 529 17,477 0.00%Skandinaviska Enskilda Banken AB Class C 1,724 16,052 0.00%


Zurich Insurance Group AG 4,752 1,380,168 0.10%ABB Ltd. 53,561 1,317,487 0.10%Lonza Group AG 2,334 1,196,740 0.09%UBS Group AG 103,245 1,137,095 0.09%Sika AG 4,481 1,064,066 0.08%Givaudan SA 298 1,004,056 0.08%Partners Group Holding AG 723 792,326 0.06%Alcon, Inc. 14,917 758,796 0.06%Holcim Ltd. 16,269 706,549 0.05%Geberit AG 1,095 597,046 0.04%Swiss Re AG 9,023 587,862 0.04%Credit Suisse Group AG 76,680 576,634 0.04%Sonova Holding AG 1,745 472,456 0.04%SGS SA 193 429,346 0.03%Logitech International SA 4,473 389,880 0.03%

51


.Number of

SharesFair Value

GBP (£)% of Total

Net EquityKuehne + Nagel International AG 1,522 377,710 0.03%

Swiss Life Holding AG 1,058 370,775 0.03%Straumann Holding AG 316 361,239 0.03%Julius Baer Group Ltd. 7,231 340,479 0.03%Swisscom AG 800 329,805 0.02%Chocoladefabriken Lindt & Spruengli AG 43 308,442 0.02%

Schindler Holding AG (XSWX) 1,225 270,311 0.02%Adecco Group AG 5,195 255,653 0.02%Temenos AG 1,991 232,348 0.02%SIG Combibloc Group AG 11,021 217,012 0.02%Roche Holding AG 689 202,858 0.02%VAT Group AG 839 201,263 0.02%Swatch Group AG 755 187,838 0.01%Barry Callebaut AG 105 176,233 0.01%Swiss Prime Site AG 2,351 168,547 0.01%Baloise Holding AG 1,488 167,661 0.01%EMS-Chemie Holding AG 227 161,321 0.01%Vifor Pharma AG 1,629 151,917 0.01%Chocoladefabriken Lindt & Spruengli AG (XSWX) 2 150,963 0.01%

Schindler Holding AG 677 143,358 0.01%PSP Swiss Property AG 1,452 132,971 0.01%Georg Fischer AG 123 131,863 0.01%Swatch Group AG (Registered Share) 2,614 125,003 0.01%

Tecan Group AG 326 116,310 0.01%ams AG 7,845 113,802 0.01%Clariant AG 7,393 106,003 0.01%Helvetia Holding AG 1,356 105,320 0.01%Flughafen Zurich AG 684 81,773 0.01%Banque Cantonale Vaudoise 1,051 67,752 0.01%DKSH Holding AG 1,146 63,444 0.00%BKW AG 780 58,266 0.00%OC Oerlikon Corp. AG 4,800 38,219 0.00%Sulzer AG 359 35,682 0.00%test test 38,500,272 2.90%United States 66.75% (2020: 65.62%)Apple, Inc. 501,046 49,190,454 3.70%Microsoft Corp. 240,500 46,924,122 3.53%Amazon.com, Inc. 13,850 34,368,415 2.59%Facebook, Inc. Class A 76,348 19,369,169 1.46%Alphabet, Inc. Class C 9,376 16,982,142 1.28%Alphabet, Inc. Class A 9,251 16,277,077 1.23%Tesla, Inc. 24,750 12,136,727 0.91%NVIDIA Corp. 19,082 11,008,100 0.83%JPMorgan Chase & Co. 96,038 10,648,188 0.80%Johnson & Johnson 84,122 9,948,805 0.75%Visa, Inc. Class A 54,056 9,165,000 0.69%UnitedHealth Group, Inc. 30,032 8,609,592 0.65%Berkshire Hathaway, Inc. Class B 42,238 8,396,428 0.63%

PayPal Holdings, Inc. 37,486 7,880,792 0.59%Home Depot, Inc. 34,317 7,868,138 0.59%Procter & Gamble Co. 77,671 7,541,934 0.57%Mastercard, Inc. Class A 27,938 7,413,130 0.56%Walt Disney Co. 57,948 7,268,678 0.55%Bank of America Corp. 240,707 7,075,227 0.53%Adobe, Inc. 15,221 6,484,319 0.49%Exxon Mobil Corp. 135,204 6,110,359 0.46%Comcast Corp. Class A 145,583 5,934,814 0.45%Verizon Communications, Inc. 132,313 5,320,381 0.40%Netflix, Inc. 13,779 5,299,057 0.40%Intel Corp. 129,166 5,246,001 0.39%Cisco Systems, Inc. 134,992 5,154,559 0.39%Pfizer, Inc. 178,206 5,029,915 0.38%Salesforce.com, Inc. 28,272 4,979,966 0.37%Coca-Cola Co. 123,874 4,805,957 0.36%AT&T, Inc. 228,113 4,714,588 0.35%PepsiCo, Inc. 44,084 4,686,885 0.35%Abbott Laboratories 55,383 4,672,828 0.35%

.Number of

SharesFair Value

GBP (£)% of Total

Net EquityChevron Corp. 61,940 4,639,135 0.35%Walmart, Inc. 45,796 4,617,249 0.35%Thermo Fisher Scientific, Inc. 12,539 4,588,983 0.35%AbbVie, Inc. 56,336 4,558,637 0.34%Merck & Co., Inc. 80,858 4,517,249 0.34%Eli Lilly & Co. 27,037 4,486,149 0.34%NIKE, Inc. Class B 39,513 4,410,628 0.33%Broadcom, Inc. 12,757 4,398,575 0.33%Accenture plc Class A 20,317 4,336,647 0.33%Wells Fargo & Co. 131,969 4,246,381 0.32%Texas Instruments, Inc. 29,545 4,108,645 0.31%Costco Wholesale Corp. 14,084 4,041,977 0.30%McDonald's Corp. 23,920 3,983,274 0.30%Danaher Corp. 20,207 3,941,582 0.30%Berkshire Hathaway, Inc. Class A 13 3,891,469 0.29%

Medtronic plc 42,785 3,837,290 0.29%QUALCOMM, Inc. 36,022 3,694,937 0.28%Philip Morris International, Inc. 49,504 3,505,656 0.26%Linde plc 16,656 3,462,963 0.26%United Parcel Service, Inc. Class B 23,095 3,454,340 0.26%

Honeywell International, Inc. 22,191 3,449,071 0.26%Bristol-Myers Squibb Co. 71,339 3,411,328 0.26%Union Pacific Corp. 21,219 3,344,054 0.25%NextEra Energy, Inc. 62,531 3,336,911 0.25%Citigroup, Inc. 66,206 3,326,772 0.25%Amgen, Inc. 18,331 3,208,553 0.24%Lowe's Cos, Inc. 22,891 3,204,608 0.24%Oracle Corp. 55,590 3,112,832 0.23%Starbucks Corp. 37,679 3,052,469 0.23%International Business Machines Corp. 28,548 2,986,351 0.22%

Applied Materials, Inc. 29,202 2,984,008 0.22%Raytheon Technologies Corp. 48,618 2,956,979 0.22%Boeing Co. 17,099 2,914,734 0.22%Morgan Stanley 44,311 2,881,637 0.22%Intuit, Inc. 8,130 2,876,485 0.22%BlackRock, Inc. Class A 4,559 2,863,553 0.22%American Tower Corp. REIT 14,414 2,837,376 0.21%Goldman Sachs Group, Inc. 10,539 2,818,861 0.21%Target Corp. 15,832 2,760,524 0.21%Caterpillar, Inc. 17,462 2,702,599 0.20%General Electric Co. 278,722 2,629,036 0.20%Charles Schwab Corp. 49,977 2,625,892 0.20%3M Co. 18,477 2,610,258 0.20%Advanced Micro Devices, Inc. 38,626 2,528,921 0.19%CVS Health Corp. 42,081 2,526,620 0.19%ServiceNow, Inc. 6,280 2,522,009 0.19%Intuitive Surgical, Inc. 3,755 2,491,374 0.19%American Express Co. 20,783 2,455,532 0.18%S&P Global, Inc. 7,677 2,269,108 0.17%Deere & Co. 8,965 2,250,915 0.17%Square, Inc. Class A 12,448 2,226,223 0.17%Micron Technology, Inc. 35,797 2,191,653 0.16%Charter Communications, Inc. Class A 4,194 2,169,950 0.16%

Anthem, Inc. 7,820 2,154,659 0.16%Lockheed Martin Corp. 7,956 2,148,642 0.16%Lam Research Corp. 4,547 2,135,487 0.16%Stryker Corp. 11,072 2,075,551 0.16%Booking Holdings, Inc. 1,310 2,058,042 0.15%Prologis, Inc. REIT 23,558 2,057,142 0.15%Zoetis, Inc. Class A 15,129 2,052,294 0.15%Fidelity National Information Services, Inc. 19,860 2,035,553 0.15%

Mondelez International, Inc. Class A 44,470 1,996,612 0.15%

Altria Group, Inc. 58,900 1,991,225 0.15%T-Mobile US, Inc. 18,772 1,966,681 0.15%Gilead Sciences, Inc. 39,982 1,964,934 0.15%

52


.Number of

SharesFair Value

GBP (£)% of Total

Net EquityCrown Castle International Corp. REIT 13,761 1,954,941 0.15%

Zoom Video Communications, Inc. Class A 6,802 1,937,542 0.15%

Automatic Data Processing, Inc. 13,592 1,936,617 0.15%

Uber Technologies, Inc. 51,455 1,891,668 0.14%ConocoPhillips 43,078 1,878,818 0.14%Cigna Corp. 10,925 1,863,167 0.14%General Motors Co. 43,799 1,855,938 0.14%PNC Financial Services Group, Inc. 13,498 1,845,353 0.14%

TJX Cos, Inc. 38,392 1,843,049 0.14%Moderna, Inc. 10,774 1,841,377 0.14%CME Group, Inc. Class A 11,442 1,759,083 0.13%US Bancorp 42,871 1,750,764 0.13%Duke Energy Corp. 24,535 1,736,930 0.13%Truist Financial Corp. 42,949 1,703,465 0.13%Activision Blizzard, Inc. 24,587 1,697,171 0.13%FedEx Corp. 7,797 1,664,488 0.13%MercadoLibre, Inc. 1,459 1,663,430 0.13%Equinix, Inc. REIT 2,851 1,661,833 0.13%CSX Corp. 72,041 1,661,406 0.13%Estee Lauder Cos, Inc. Class A 7,276 1,654,271 0.12%Becton Dickinson & Co. 9,214 1,641,470 0.12%Marsh & McLennan Cos, Inc. 16,184 1,639,991 0.12%Chubb Ltd. 14,309 1,636,553 0.12%Illinois Tool Works, Inc. 10,004 1,606,758 0.12%Illumina, Inc. 4,648 1,602,751 0.12%Capital One Financial Corp. 14,271 1,581,676 0.12%Colgate-Palmolive Co. 26,581 1,559,552 0.12%Intercontinental Exchange, Inc. 17,696 1,514,248 0.11%Sherwin-Williams Co. 7,700 1,514,124 0.11%Norfolk Southern Corp. 7,968 1,509,881 0.11%Autodesk, Inc. 6,995 1,496,507 0.11%Twilio, Inc. Class A 5,142 1,483,901 0.11%Southern Co. 33,798 1,473,346 0.11%Edwards Lifesciences Corp. 19,575 1,467,525 0.11%Fiserv, Inc. 19,007 1,461,128 0.11%Air Products & Chemicals, Inc. 7,049 1,459,515 0.11%Analog Devices, Inc. 11,652 1,438,119 0.11%Boston Scientific Corp. 44,703 1,395,861 0.11%Dominion Energy, Inc. 25,777 1,367,573 0.10%Moody's Corp. 5,150 1,360,310 0.10%Waste Management, Inc. 13,486 1,355,797 0.10%Ford Motor Co. 123,559 1,330,306 0.10%NXP Semiconductors NV 8,903 1,330,025 0.10%Eaton Corp. plc 12,586 1,326,036 0.10%Progressive Corp. 18,543 1,317,012 0.10%Humana, Inc. 4,097 1,307,512 0.10%Emerson Electric Co. 18,900 1,287,441 0.10%Freeport-McMoRan, Inc. 47,407 1,270,728 0.10%Global Payments, Inc. 9,226 1,251,867 0.09%Northrop Grumman Corp. 4,784 1,246,455 0.09%Regeneron Pharmaceuticals, Inc. 3,156 1,240,824 0.09%

DocuSign, Inc. Class A 5,999 1,228,612 0.09%Aon plc Class A 7,021 1,227,650 0.09%IDEXX Laboratories, Inc. 2,664 1,220,979 0.09%Twitter, Inc. 24,588 1,218,495 0.09%HCA Healthcare, Inc. 8,180 1,212,164 0.09%Newmont Corp. 26,291 1,191,409 0.09%Dollar General Corp. 7,524 1,177,188 0.09%Ecolab, Inc. 7,899 1,176,163 0.09%Biogen, Inc. 4,709 1,171,562 0.09%Vertex Pharmaceuticals, Inc. 8,194 1,163,008 0.09%Roku, Inc. Class A 3,619 1,149,875 0.09%KLA Corp. 4,899 1,148,176 0.09%Align Technology, Inc. 2,549 1,118,953 0.08%eBay, Inc. 22,017 1,115,060 0.08%Roper Technologies, Inc. 3,292 1,109,836 0.08%Marvell Technology, Inc. 26,148 1,107,995 0.08%

.Number of

SharesFair Value

GBP (£)% of Total

Net EquityEOG Resources, Inc. 18,398 1,103,057 0.08%Johnson Controls International plc 22,420 1,102,488 0.08%

Dow, Inc. 24,197 1,096,691 0.08%General Dynamics Corp. 8,005 1,076,897 0.08%IQVIA Holdings, Inc. 6,027 1,057,626 0.08%Agilent Technologies, Inc. 9,850 1,056,103 0.08%Public Storage REIT 4,763 1,041,114 0.08%Workday, Inc. Class A 5,777 1,027,379 0.08%Match Group, Inc. 8,745 1,023,330 0.08%Veeva Systems, Inc. Class A 4,419 1,018,279 0.08%TE Connectivity Ltd. 10,501 1,017,538 0.08%Trane Technologies plc 7,734 1,017,127 0.08%Schlumberger NV 43,910 1,016,450 0.08%Exelon Corp. 31,613 1,016,075 0.08%MSCI, Inc. Class A 2,606 1,015,075 0.08%Kimberly-Clark Corp. 10,570 1,011,037 0.08%MetLife, Inc. 23,579 1,006,108 0.08%Pinterest, Inc. Class A 17,701 1,005,103 0.08%T Rowe Price Group, Inc. 7,055 1,004,855 0.08%L3Harris Technologies, Inc. 6,395 996,766 0.08%Simon Property Group, Inc. REIT 10,578 996,088 0.07%

Chipotle Mexican Grill, Inc. Class A 900 994,634 0.07%

Centene Corp. 18,660 991,468 0.07%Aptiv plc 8,692 987,605 0.07%Carrier Global Corp. 28,094 981,781 0.07%American Electric Power Co., Inc. 16,137 977,623 0.07%

Lululemon Athletica, Inc. 3,696 976,414 0.07%Synopsys, Inc. 4,900 976,113 0.07%Electronic Arts, Inc. 9,293 967,164 0.07%Ross Stores, Inc. 10,920 964,271 0.07%Sempra Energy 10,077 963,953 0.07%Crowdstrike Holdings, Inc. Class A 5,185 962,891 0.07%

Dexcom, Inc. 3,124 962,477 0.07%Digital Realty Trust, Inc. REIT 8,750 961,257 0.07%Bank of New York Mellon Corp. 25,938 948,709 0.07%Alexion Pharmaceuticals, Inc. 7,142 947,923 0.07%IHS Markit Ltd. 11,647 946,408 0.07%American International Group, Inc. 27,742 944,072 0.07%

Baxter International, Inc. 15,853 936,753 0.07%Amphenol Corp. Class A 18,910 932,204 0.07%DuPont de Nemours, Inc. 16,658 924,977 0.07%Prudential Financial, Inc. 12,613 923,031 0.07%PPG Industries, Inc. 7,624 922,885 0.07%O'Reilly Automotive, Inc. 2,238 917,294 0.07%Marathon Petroleum Corp. 20,823 905,478 0.07%Cadence Design Systems, Inc. 8,909 886,596 0.07%Constellation Brands, Inc. Class A 5,218 886,161 0.07%

Allstate Corp. 9,451 884,851 0.07%Microchip Technology, Inc. 8,039 884,597 0.07%Parker-Hannifin Corp. 4,063 882,304 0.07%Travelers Cos, Inc. 8,165 878,148 0.07%Phillips 66 14,169 873,927 0.07%International Flavors & Fragrances, Inc. 8,067 861,035 0.06%

HP, Inc. 39,621 860,879 0.06%Spotify Technology SA 4,335 856,559 0.06%General Mills, Inc. 19,754 854,008 0.06%Sysco Corp. 15,644 852,766 0.06%Marriott International, Inc. Class A 8,653 842,399 0.06%

Walgreens Boots Alliance, Inc. 22,356 839,297 0.06%Cognizant Technology Solutions Corp. Class A 16,425 826,402 0.06%

Cummins, Inc. 4,743 822,560 0.06%Motorola Solutions, Inc. 5,239 819,267 0.06%

53


.Number of

SharesFair Value

GBP (£)% of Total

Net EquityKinder Morgan, Inc. 63,172 816,357 0.06%Palo Alto Networks, Inc. 3,028 815,597 0.06%Welltower, Inc. REIT 13,454 810,907 0.06%Atlassian Corp. plc Class A 4,270 809,505 0.06%Xcel Energy, Inc. 16,991 805,133 0.06%Aflac, Inc. 20,907 804,347 0.06%ResMed, Inc. 4,520 803,997 0.06%Pioneer Natural Resources Co. 6,941 800,665 0.06%Yum! Brands, Inc. 9,572 796,850 0.06%Xilinx, Inc. 7,848 795,836 0.06%Discover Financial Services 9,493 795,202 0.06%Paychex, Inc. 10,237 794,776 0.06%Monster Beverage Corp. 12,016 793,730 0.06%Trade Desk, Inc. Class A 13,889 790,152 0.06%Otis Worldwide Corp. 13,368 789,047 0.06%SBA Communications Corp. REIT Class A 3,375 784,279 0.06%

Cintas Corp. 2,826 780,874 0.06%Archer-Daniels-Midland Co. 17,705 772,447 0.06%Peloton Interactive, Inc. Class A 8,559 772,081 0.06%

Zimmer Biomet Holdings, Inc. 6,636 768,737 0.06%Corteva, Inc. 23,958 767,617 0.06%Stanley Black & Decker, Inc. 5,219 767,438 0.06%TransDigm Group, Inc. 1,637 761,458 0.06%CoStar Group, Inc. 12,615 760,066 0.06%Fortinet, Inc. 4,330 758,211 0.06%AutoZone, Inc. 698 753,017 0.06%First Republic Bank 5,625 752,867 0.06%KKR & Co., Inc. 17,318 751,317 0.06%Rockwell Automation, Inc. 3,664 746,434 0.06%Williams Cos, Inc. 39,229 742,316 0.06%Hilton Worldwide Holdings, Inc. 8,623 740,358 0.06%

Skyworks Solutions, Inc. 5,348 732,800 0.06%Valero Energy Corp. 13,118 729,829 0.05%Mettler-Toledo International, Inc. 723 725,059 0.05%

ANSYS, Inc. 2,839 720,672 0.05%Okta, Inc. Class A 3,955 709,772 0.05%Corning, Inc. 23,897 703,623 0.05%AMETEK, Inc. 7,332 702,057 0.05%McKesson Corp. 5,056 698,659 0.05%PACCAR, Inc. 10,898 694,809 0.05%SVB Financial Group 1,739 692,051 0.05%Willis Towers Watson plc 4,125 690,395 0.05%Public Service Enterprise Group, Inc. 16,044 687,600 0.05%

AvalonBay Communities, Inc. REIT 4,533 686,537 0.05%

DR Horton, Inc. 10,553 684,762 0.05%Fastenal Co. 18,248 682,573 0.05%Kroger Co. 24,221 679,627 0.05%CBRE Group, Inc. Class A 10,765 666,922 0.05%Equity Residential REIT 11,831 663,259 0.05%WEC Energy Group, Inc. 10,302 661,566 0.05%Nucor Corp. 9,662 657,952 0.05%Zebra Technologies Corp. Class A 1,700 656,879 0.05%

Copart, Inc. 6,829 656,799 0.05%Best Buy Co., Inc. 7,922 655,949 0.05%Yum China Holdings, Inc. 13,761 653,665 0.05%Ameriprise Financial, Inc. 3,658 652,251 0.05%American Water Works Co., Inc. 5,791 650,470 0.05%

Equifax, Inc. 3,760 648,774 0.05%EPAM Systems, Inc. 1,739 648,121 0.05%Keysight Technologies, Inc. 5,789 647,072 0.05%Maxim Integrated Products, Inc. 8,540 646,150 0.05%

Dell Technologies, Inc. Class C 8,794 642,412 0.05%Arthur J Gallagher & Co. 6,310 642,012 0.05%

.Number of

SharesFair Value

GBP (£)% of Total

Net EquityVerisk Analytics, Inc. Class A 5,069 638,094 0.05%Eversource Energy 10,949 633,237 0.05%State Street Corp. 10,803 632,350 0.05%Synchrony Financial 18,165 626,939 0.05%Fifth Third Bancorp 22,826 625,999 0.05%Laboratory Corp. of America Holdings 3,117 619,916 0.05%

West Pharmaceutical Services, Inc. 2,375 616,572 0.05%

Cloudflare, Inc. Class A 7,955 614,050 0.05%Old Dominion Freight Line, Inc. 3,338 613,583 0.05%Occidental Petroleum Corp. 26,856 613,348 0.05%LyondellBasell Industries NV Class A 8,273 609,184 0.05%

Alexandria Real Estate Equities, Inc. REIT 4,614 608,967 0.05%

Liberty Broadband Corp. Class C 4,848 604,540 0.05%

HubSpot, Inc. 1,405 603,886 0.05%VF Corp. 10,317 603,679 0.05%Kraft Heinz Co. 20,572 601,123 0.05%Realty Income Corp. REIT 12,311 600,680 0.05%Lennar Corp. Class A 8,363 598,985 0.05%Ball Corp. 10,073 592,743 0.04%ViacomCBS, Inc. Class B 18,464 592,520 0.04%Etsy, Inc. 4,039 589,466 0.04%Kansas City Southern 2,869 588,221 0.04%Weyerhaeuser Co. REIT 23,910 586,241 0.04%ONEOK, Inc. 14,571 581,075 0.04%Hershey Co. 4,676 579,990 0.04%Teladoc Health, Inc. 4,649 573,288 0.04%CDW Corp. 4,493 570,543 0.04%DoorDash, Inc. Class A 4,374 569,342 0.04%DTE Energy Co. 6,056 565,509 0.04%International Paper Co. 12,891 562,697 0.04%Consolidated Edison, Inc. 10,764 559,663 0.04%Keurig Dr Pepper, Inc. 22,015 557,876 0.04%Hess Corp. 8,889 557,686 0.04%Enphase Energy, Inc. 4,152 551,853 0.04%RingCentral, Inc. Class A 2,537 551,601 0.04%Datadog, Inc. Class A 7,153 549,770 0.04%Cerner Corp. 9,698 548,996 0.04%VeriSign, Inc. 3,231 535,409 0.04%Northern Trust Corp. 6,448 533,668 0.04%Dollar Tree, Inc. 7,395 532,587 0.04%Splunk, Inc. 5,101 530,038 0.04%Carvana Co. Class A 2,433 529,288 0.04%Vulcan Materials Co. 4,236 529,172 0.04%Republic Services, Inc. Class A 6,640 523,845 0.04%Arista Networks, Inc. 1,992 521,638 0.04%Wayfair, Inc. Class A 2,368 520,919 0.04%Hartford Financial Services Group, Inc. 11,674 519,509 0.04%

Novocure Ltd. 3,198 518,409 0.04%Yandex NV Class A 10,096 515,684 0.04%Fortive Corp. 10,224 515,661 0.04%Teradyne, Inc. 5,292 514,049 0.04%Clorox Co. 3,951 511,262 0.04%United Rentals, Inc. 2,257 509,685 0.04%Martin Marietta Materials, Inc. 2,005 507,648 0.04%Edison International 12,238 507,453 0.04%Slack Technologies, Inc. Class A 15,643 504,813 0.04%

Expedia Group, Inc. 4,381 504,698 0.04%Garmin Ltd. 4,798 503,882 0.04%Seagen, Inc. 4,385 502,439 0.04%McCormick & Co., Inc. 7,915 499,261 0.04%Western Digital Corp. 9,740 498,695 0.04%Xylem, Inc. 5,807 497,575 0.04%Carnival Corp. 26,774 497,367 0.04%Avantor, Inc. 19,261 496,005 0.04%Ventas, Inc. REIT 11,928 495,717 0.04%

54


.Number of

SharesFair Value

GBP (£)% of Total

Net EquityExact Sciences Corp. 5,395 494,915 0.04%Extra Space Storage, Inc. REIT 4,144 492,158 0.04%Qorvo, Inc. 3,485 491,524 0.04%STERIS plc 3,273 487,421 0.04%PPL Corp. 24,255 486,954 0.04%CarMax, Inc. 5,173 485,218 0.04%Expeditors International of Washington, Inc. 5,315 483,704 0.04%

Waters Corp. 1,943 483,445 0.04%Tyson Foods, Inc. Class A 9,123 482,893 0.04%Burlington Stores, Inc. 2,096 482,366 0.04%Dover Corp. 4,476 481,718 0.04%Tractor Supply Co. 3,569 480,748 0.04%Church & Dwight Co., Inc. 7,831 480,522 0.04%Invitation Homes, Inc. REIT 17,659 478,692 0.04%TransUnion 6,039 476,866 0.04%Trimble, Inc. 7,993 476,686 0.04%Nasdaq, Inc. 3,726 474,382 0.04%Coupa Software, Inc. 2,428 471,890 0.04%Halliburton Co. 28,594 470,759 0.04%Huntington Bancshares, Inc. 45,642 469,026 0.04%Cheniere Energy, Inc. 7,477 467,697 0.04%Horizon Therapeutics plc 6,798 464,737 0.03%FirstEnergy Corp. 17,109 462,425 0.03%Citizens Financial Group, Inc. 14,042 462,362 0.03%KeyCorp 31,259 461,886 0.03%WW Grainger, Inc. 1,424 461,088 0.03%Take-Two Interactive Software, Inc. 3,592 460,559 0.03%

FleetCor Technologies, Inc. 2,515 459,273 0.03%Gartner, Inc. 2,625 457,837 0.03%Mid-America Apartment Communities, Inc. REIT 3,731 457,341 0.03%

Entergy Corp. 6,297 456,824 0.03%Regions Financial Corp. 31,567 455,282 0.03%Essex Property Trust, Inc. REIT 2,082 454,326 0.03%Caesars Entertainment, Inc. 6,223 452,892 0.03%Ameren Corp. 7,836 451,897 0.03%Albemarle Corp. 3,725 447,688 0.03%Darden Restaurants, Inc. 4,313 444,799 0.03%Cooper Cos, Inc. 1,549 442,750 0.03%M&T Bank Corp. 4,224 442,687 0.03%Ulta Beauty, Inc. 1,768 439,278 0.03%Alnylam Pharmaceuticals, Inc. 3,682 439,201 0.03%Ally Financial, Inc. 12,252 435,937 0.03%Hewlett Packard Enterprise Co. 41,294 431,790 0.03%MongoDB, Inc. Class A 1,637 430,635 0.03%Healthpeak Properties, Inc. REIT 17,652 428,857 0.03%

Domino's Pizza, Inc. 1,278 428,753 0.03%Teleflex, Inc. 1,455 428,578 0.03%Akamai Technologies, Inc. 5,044 427,942 0.03%Paycom Software, Inc. 1,582 426,092 0.03%Teledyne Technologies, Inc. 1,411 423,585 0.03%Sun Communities, Inc. REIT 3,392 421,389 0.03%Broadridge Financial Solutions, Inc. 3,601 420,788 0.03%

Zendesk, Inc. 3,901 416,881 0.03%Boston Properties, Inc. REIT 5,079 415,931 0.03%Duke Realty Corp. REIT 12,050 415,367 0.03%Insulet Corp. 2,035 415,130 0.03%Hologic, Inc. 8,397 414,975 0.03%Seagate Technology Holdings plc 6,481 413,808 0.03%

Genuine Parts Co. 4,524 413,023 0.03%Tyler Technologies, Inc. 1,256 412,115 0.03%Quest Diagnostics, Inc. 4,279 410,651 0.03%Pool Corp. 1,217 408,972 0.03%Royal Caribbean Cruises Ltd. 6,779 407,855 0.03%Ingersoll Rand, Inc. 11,673 407,591 0.03%Diamondback Energy, Inc. 6,043 407,588 0.03%NetApp, Inc. 6,757 404,436 0.03%

.Number of

SharesFair Value

GBP (£)% of Total

Net EquityZillow Group, Inc. Class C 4,508 403,142 0.03%Conagra Brands, Inc. 15,461 400,378 0.03%Principal Financial Group, Inc. 8,838 400,250 0.03%Catalent, Inc. 5,076 398,334 0.03%Celanese Corp. Class A 3,737 396,148 0.03%AES Corp. 20,731 394,079 0.03%MarketAxess Holdings, Inc. 1,147 391,537 0.03%PerkinElmer, Inc. 3,488 390,957 0.03%Las Vegas Sands Corp. 10,434 390,814 0.03%Cincinnati Financial Corp. 4,660 390,691 0.03%Viatris, Inc. 36,929 386,946 0.03%Plug Power, Inc. 15,306 386,320 0.03%MGM Resorts International 12,658 385,208 0.03%Cardinal Health, Inc. 9,304 382,439 0.03%Avery Dennison Corp. 2,531 382,415 0.03%Raymond James Financial, Inc. 4,084 381,393 0.03%CMS Energy Corp. 8,978 381,081 0.03%NVR, Inc. 107 380,888 0.03%Jacobs Engineering Group, Inc. 4,005 380,601 0.03%AmerisourceBergen Corp. Class A 4,601 380,303 0.03%

Zscaler, Inc. 2,388 380,234 0.03%IDEX Corp. 2,379 377,360 0.03%SS&C Technologies Holdings, Inc. 7,102 375,151 0.03%

Lyft, Inc. Class A 8,705 374,515 0.03%Markel Corp. 432 373,404 0.03%Omnicom Group, Inc. 6,582 373,361 0.03%Elanco Animal Health, Inc. 14,626 373,270 0.03%Baker Hughes Co. Class A 22,667 372,689 0.03%Eastman Chemical Co. 4,462 372,193 0.03%Monolithic Power Systems, Inc. 1,363 370,684 0.03%

Kellogg Co. 8,009 369,233 0.03%BioMarin Pharmaceutical, Inc. 6,109 367,500 0.03%Textron, Inc. 7,478 362,764 0.03%PTC, Inc. 3,529 359,822 0.03%Masco Corp. 8,375 357,660 0.03%Lumen Technologies, Inc. 36,391 357,428 0.03%Arch Capital Group Ltd. 12,691 355,736 0.03%Farfetch Ltd. Class A 9,604 352,661 0.03%Unity Software, Inc. 4,475 352,204 0.03%SolarEdge Technologies, Inc. 1,724 352,197 0.03%Incyte Corp. 5,735 350,998 0.03%DraftKings, Inc. Class A 9,357 350,744 0.03%Westinghouse Air Brake Technologies Corp. 5,914 346,771 0.03%

CenterPoint Energy, Inc. 19,419 343,652 0.03%StoneCo Ltd. Class A 6,988 341,816 0.03%NortonLifeLock, Inc. 17,280 341,189 0.03%UDR, Inc. REIT 9,538 340,265 0.03%Wix.com Ltd. 1,621 339,584 0.03%ABIOMED, Inc. 1,487 337,108 0.03%Fair Isaac Corp. 916 337,051 0.03%PG&E Corp. 45,644 333,764 0.03%DENTSPLY SIRONA, Inc. 7,285 332,283 0.02%GoDaddy, Inc. Class A 5,192 331,544 0.02%JM Smucker Co. 3,531 331,405 0.02%Citrix Systems, Inc. 3,846 327,965 0.02%Fortune Brands Home & Security, Inc. 4,558 327,774 0.02%

Alliant Energy Corp. 8,128 326,832 0.02%JB Hunt Transport Services, Inc. 2,799 326,183 0.02%

Westrock Co. 8,599 325,245 0.02%Evergy, Inc. 7,324 320,012 0.02%LKQ Corp. 9,047 319,682 0.02%Howmet Aerospace, Inc. 13,091 318,708 0.02%Bio-Rad Laboratories, Inc. Class A 682 316,872 0.02%

Leidos Holdings, Inc. 4,294 314,796 0.02%FMC Corp. 3,990 312,565 0.02%

55


.Number of

SharesFair Value

GBP (£)% of Total

Net EquityHormel Foods Corp. 9,023 309,074 0.02%Equity LifeStyle Properties, Inc. REIT 5,683 308,678 0.02%

Vail Resorts, Inc. 1,347 307,925 0.02%WP Carey, Inc. REIT 5,622 305,324 0.02%PulteGroup, Inc. 7,817 304,968 0.02%Brown & Brown, Inc. 7,896 304,805 0.02%Brown-Forman Corp. Class B 5,592 304,058 0.02%Annaly Capital Management, Inc. REIT 46,909 300,391 0.02%

Cboe Global Markets, Inc. 3,440 298,429 0.02%Jack Henry & Associates, Inc. 2,482 296,526 0.02%Masimo Corp. 1,661 295,835 0.02%Royalty Pharma plc Class A 9,991 295,328 0.02%CH Robinson Worldwide, Inc. 4,340 294,852 0.02%FactSet Research Systems, Inc. 1,206 292,181 0.02%

Allegion plc 2,909 290,816 0.02%Whirlpool Corp. 1,859 290,587 0.02%Advance Auto Parts, Inc. 1,951 290,139 0.02%Fidelity National Financial, Inc. 9,122 288,783 0.02%Host Hotels & Resorts, Inc. REIT 23,627 288,629 0.02%

Ceridian HCM Holding, Inc. 4,084 288,475 0.02%Steel Dynamics, Inc. 6,811 287,971 0.02%VMware, Inc. Class A 2,464 287,091 0.02%Wynn Resorts Ltd. 3,211 284,815 0.02%Packaging Corp. of America 2,916 282,894 0.02%Hasbro, Inc. 4,153 282,148 0.02%XPO Logistics, Inc. 2,772 280,858 0.02%BorgWarner, Inc. 7,993 277,539 0.02%IAC/InterActiveCorp 2,460 277,009 0.02%Interpublic Group of Cos, Inc. 12,084 276,066 0.02%Lamb Weston Holdings, Inc. 4,836 276,064 0.02%Clarivate plc 13,927 273,779 0.02%F5 Networks, Inc. 1,974 270,897 0.02%Iron Mountain, Inc. REIT 8,826 269,229 0.02%Check Point Software Technologies Ltd. 3,177 267,182 0.02%

Atmos Energy Corp. 3,851 267,129 0.02%Pentair plc 5,545 266,513 0.02%Loews Corp. 6,820 266,220 0.02%Live Nation Entertainment, Inc. 4,170 266,042 0.02%Regency Centers Corp. REIT 5,654 263,353 0.02%Lincoln National Corp. 5,808 259,301 0.02%Fox Corp. Class A 9,705 258,949 0.02%Coca-Cola Europacific Partners plc 6,116 257,836 0.02%

Snap-on, Inc. 1,627 257,666 0.02%W R Berkley Corp. 4,778 255,697 0.02%CF Industries Holdings, Inc. 7,188 255,652 0.02%VEREIT, Inc. REIT 7,481 251,830 0.02%Henry Schein, Inc. 4,690 251,022 0.02%Lear Corp. 1,997 250,910 0.02%Liberty Global plc Class C 12,656 249,615 0.02%Equitable Holdings, Inc. 11,588 249,192 0.02%Newell Brands, Inc. 12,305 239,232 0.02%Molson Coors Beverage Co. Class B 6,024 236,929 0.02%

News Corp. Class A 12,850 236,762 0.02%Universal Health Services, Inc. Class B 2,232 235,642 0.02%

Bunge Ltd. 4,107 234,834 0.02%Zillow Group, Inc. Class A 2,582 231,946 0.02%Jazz Pharmaceuticals plc 1,791 231,124 0.02%NRG Energy, Inc. 7,994 230,072 0.02%Mohawk Industries, Inc. 1,683 229,809 0.02%Comerica, Inc. 4,486 229,039 0.02%Franklin Resources, Inc. 9,973 228,343 0.02%HEICO Corp. 2,230 223,466 0.02%NiSource, Inc. 12,456 221,508 0.02%Assurant, Inc. 1,962 220,338 0.02%

.Number of

SharesFair Value

GBP (£)% of Total

Net EquityDISH Network Corp. Class A 7,310 220,138 0.02%AGNC Investment Corp. REIT 18,068 219,286 0.02%Vistra Corp. 16,348 217,038 0.02%Campbell Soup Co. 6,581 216,788 0.02%Federal Realty Investment Trust REIT 2,555 216,384 0.02%

Everest Re Group Ltd. 1,178 214,057 0.02%Sensata Technologies Holding plc 5,136 212,596 0.02%

Amdocs Ltd. 3,796 212,151 0.02%Pinnacle West Capital Corp. 3,604 211,583 0.02%Flex Ltd. 16,281 211,100 0.02%Discovery, Inc. Class C 10,224 210,865 0.02%Kimco Realty Corp. REIT 13,982 208,817 0.02%Western Union Co. 12,393 205,463 0.02%Nielsen Holdings plc 11,610 203,533 0.02%Robert Half International, Inc. 3,198 202,945 0.02%Globe Life, Inc. 2,953 201,623 0.02%Credicorp Ltd. 2,291 201,295 0.02%Vornado Realty Trust REIT 6,004 201,245 0.02%DaVita, Inc. 2,304 200,211 0.02%Autoliv, Inc. 2,786 199,944 0.02%Alleghany Corp. 415 199,081 0.01%Zions Bancorp NA 5,233 197,252 0.01%Juniper Networks, Inc. 9,834 195,233 0.01%Aramark 7,304 194,622 0.01%Southwest Airlines Co. 5,078 194,449 0.01%Arrow Electronics, Inc. 2,332 190,922 0.01%Organon & Co. 8,548 187,517 0.01%Huntington Ingalls Industries, Inc. 1,218 182,494 0.01%

IPG Photonics Corp. 1,178 181,869 0.01%Gentex Corp. 7,576 180,563 0.01%RenaissanceRe Holdings Ltd. 1,650 177,303 0.01%Commerce Bancshares, Inc. 3,303 176,667 0.01%Rollins, Inc. 7,083 175,709 0.01%Delta Air Lines, Inc. 5,680 175,352 0.01%Altice USA, Inc. Class A 6,767 165,918 0.01%Liberty Media Corp.-Liberty SiriusXM Class C 4,829 162,870 0.01%

Fox Corp. Class B 6,020 152,768 0.01%HEICO Corp. Class A 1,639 148,558 0.01%Sirius XM Holdings, Inc. 30,690 145,626 0.01%Voya Financial, Inc. 3,325 145,329 0.01%Southern Copper Corp. 3,070 143,482 0.01%Vimeo, Inc. 3,993 141,643 0.01%Perrigo Co. plc 4,190 139,747 0.01%Sarepta Therapeutics, Inc. 2,450 139,364 0.01%SEI Investments Co. 3,038 135,239 0.01%Cabot Oil & Gas Corp. 11,321 134,787 0.01%Discovery, Inc. Class A 5,726 125,570 0.01%Liberty Media Corp.-Liberty SiriusXM Class A 3,355 113,591 0.01%

Liberty Broadband Corp. Class A 757 91,389 0.01%

United Airlines Holdings, Inc. 2,233 84,283 0.01%Avangrid, Inc. 2,127 79,377 0.01%News Corp. Class B 4,383 75,953 0.01%Liberty Global plc Class A 3,700 73,376 0.01%American Airlines Group, Inc. 4,822 73,267 0.01%Westlake Chemical Corp. 943 60,564 0.00%Santander Consumer USA Holdings, Inc. 2,278 58,383 0.00%

Ubiquiti, Inc. 258 57,993 0.00%Lennar Corp. Class B 900 52,525 0.00%CNA Financial Corp. 1,045 34,183 0.00%test test 886,577,749 66.75%Financial Assets at Fair Value Through Profit or Loss 1,314,373,482 98.96%

56



Notional Amount


GBP (£)% of Total

Net EquityFinancial Derivative Instruments 0.00% (2020: 0.01%)Futures 0.00% (2020: 0.01%)S&P 500 E-mini 17 September 2021 88 $18,643,018 137,868 0.01 %Topix Index 9 September 2021 16 ¥313,900,077 (19,703 ) (0.00 %)Euro Stoxx 50 Index 17 September 2021 91 €3,749,505 (45,142 ) (0.01 %)Net Unrealised Gain/(Loss) on Futures Contracts test test 73,023 0.00 %

CurrencyBuy



Date


GBP (£)% of Total

Net EquityForward Foreign Currency Exchange Contracts (0.00%) (2020: 0.00%)USD 801,821 EUR (660,640) BNP Paribas 15/9/21 10,682 0.00 %USD 492,700 CHF (441,514) Standard Chartered Bank 15/9/21 9,610 0.00 %USD 500,819 EUR (409,900) BNP Paribas 15/9/21 9,023 0.00 %USD 287,098 GBP (203,519) State Street Bank & Trust Co. 15/9/21 3,484 0.00 %USD 359,479 JPY (39,290,000) BNP Paribas 15/9/21 2,733 0.00 %USD 150,016 EUR (123,000) JPMorgan Chase Bank 15/9/21 2,515 0.00 %USD 173,663 JPY (18,840,000) BNP Paribas 2/7/21 2,321 0.00 %USD 538,616 JPY (59,175,000) BNP Paribas 15/9/21 2,098 0.00 %JPY 209,842,263 USD (1,898,434) JPMorgan Chase Bank 15/9/21 900 0.00 %GBP 207,506 USD (287,098) Morgan Stanley 15/9/21 502 0.00 %USD 49,406 EUR (41,410) BNP Paribas 15/9/21 54 0.00 %USD 96,799 EUR (81,240) BNP Paribas 15/9/21 14 0.00 %EUR 40,940 USD (48,778) BNP Paribas 15/9/21 (6 ) (0.00 %)EUR 40,680 USD (48,631) JPMorgan Chase Bank 15/9/21 (122 ) (0.00 %)EUR 82,220 USD (99,803) BNP Paribas 15/9/21 (1,338 ) (0.00 %)EUR 123,660 USD (149,972) BNP Paribas 15/9/21 (1,917 ) (0.00 %)JPY 18,840,000 USD (175,672) Citibank NA 2/7/21 (3,770 ) (0.00 %)JPY 164,361,611 USD (1,500,403) Bank of America 15/9/21 (8,979 ) (0.00 %)EUR 2,984,902 USD (3,632,233) Standard Chartered Bank 15/9/21 (55,075 ) (0.00 %)Net Unrealised Gain/(Loss) on Forward Foreign Currency Exchange Contracts (27,271 ) (0.00 %)Total Forward Foreign Currency Exchange Contracts (27,271 ) (0.00 %)Total Financial Derivative Instruments 45,752 0.00 %

Fair Value GBP (£)


Other Assets and Liabilities 13,816,416 1.04 %Net Equity Attributable to Holders of Redeemable Units ("Net Equity") 1,328,235,650 100.00 %

Analysis of Total Net Equity GBP (£)


(a) Transferable securities admitted to an official stock exchange listing 1,309,825,485 98.62 (b) Transferable securities dealt in on another regulated market 4,266,510 0.32 (c) Transferable securities other than those admitted to an official stock exchange listing or dealt in on another regulated

market 281,487 0.02 (d) Financial derivative instruments 45,752 0.00 (e) Other assets and liabilities 13,816,416 1.04 Total Net Equity 1,328,235,650 100.00


57




Current AssetsFinancial Assets at Fair Value Through Profit or Loss 1,314,373,482 1,164,166,629 Financial Derivative Instruments 181,803 322,918 Cash 11,340,610 6,787,026 Receivables:

Futures Margin Cash 911,655 604,061 Cash Collateral — 673,376 Interest and Dividends 2,532,077 2,208,656 Capital Units Issued 21,298 617,215 Investment Sold 35,746,261 1,035,074

Total Current Assets 1,365,107,186 1,176,414,955 EquityNet Equity Attributable to Holders of Redeemable Units ("Net Equity") 1,328,235,650 1,174,979,487

Net Equity 1,328,235,650 1,174,979,487

Current LiabilitiesFinancial Derivative Instruments 136,051 225,042 Bank Overdraft 2 114,004 Unrealised Depreciation on Spot Currency Contracts 10,552 — Payables and Other Liabilities:

Investments Purchased 21,463 896,637 Management Fees Payable 226,022 199,785 Capital Units Redeemed 36,477,446 —

Total Current Liabilities 36,871,536 1,435,468 Total Equity and Liabilities 1,365,107,186 1,176,414,955

Net Equity Value Per Unit

As at 30 June 2021



Institutional B GBP Accumulation Units - UK Life Insurance Co.Net Equity Attributable to Holders of Redeemable Units £1,328,235,650 £1,174,979,487 £989,627,800 Number of Units Outstanding 6,004,151 5,931,105 5,686,643 Net Equity Value Per Unit1 £221.22 £198.10 £174.03

1 The net equity value per unit shown may diverge from the net equity value per unit used for dealing purposes because of any adjustments for swing pricing and trade date accounting.

58





30 June 2021 30 June 2020

Investment IncomeDividend Income 12,976,599 11,316,546 Interest Income 298 7,306 Net Gain on Financial Instruments 129,721,820 5,551,819

Total Investment Income 142,698,717 16,875,671

ExpensesManagement Fees 1,268,854 956,750 Transaction Fees and Commissions 37,021 21,744

Total Expenses 1,305,875 978,494

Finance CostInterest Expense 7,187 8,307


Net Investment Income 141,385,655 15,888,870

Foreign Withholding Tax (635,321 ) (470,682 )

Net Increase in Net Equity 140,750,334 15,418,188

Statement of Changes in Equity


30 June 2021 30 June 2020

Increase in Net Equity

Net Increase in Net Equity 140,750,334 15,418,188

Capital TransactionsSubscriptions 133,349,989 36,717,770 Redemptions (120,844,160 ) (28,775,722 )

Total Capital Transactions 12,505,829 7,942,048

Total Increase for the Period 153,256,163 23,360,236

Net Equity

Beginning of Period 1,174,979,487 989,627,800

End of Period 1,328,235,650 1,012,988,036

Notes to the Financial Statements

59


1. General Information. Vanguard Investments Common Contractual Fund (the “Fund”) is a common contractual fund constituted by a Deed of Constitution governed by the laws of Ireland. The Fund is constituted as an umbrella fund insofar as the units of the Fund (the “Units”) will be divided into different series of Units with each series of Units representing a separate investment portfolio of assets which will constitute a separate sub-fund (each a “Sub-Fund”, collectively “Sub-Funds”). Units of any particular series may be divided into different classes to accommodate different subscription and redemption provisions, other charges, dividends and fee arrangements, including different total ongoing charges figures.

The Fund was authorised by the Central Bank of Ireland (the “Central Bank”) on 16 January 2015 as an Undertaking for Collective Investment in Transferable Securities (UCITS) under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2020 (the “UCITS Regulations”).

Vanguard Group (Ireland) Limited (the “Manager”) acts as manager to the Sub-Funds. The registered office of the Manager is 70 Sir John Rogerson’s Quay, Dublin D02 HD32, Ireland.

At 30 June 2021 three Sub-Funds were in issue:

Commenced OperationsVanguard FTSE Developed Europe ex UK Common Contractual Fund 07 March 2016Vanguard FTSE Developed World Common Contractual Fund 05 February 2015Vanguard FTSE Developed World ex UK Common Contractual Fund 07 March 2016

2. Basis of Preparation. These unaudited interim financial statements have been prepared in accordance with Financial Reporting Standard 102 (“FRS”) 102 and FRS 104, the Financial Reporting Standard applicable in the UK and the Republic of Ireland, the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019 (the "CBI UCITS Regulations") and 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 Sub-Funds have availed of the exemption contained in FRS 102, Section 7.1A, Cash Flow Statements, and have presented a Statement of Changes in Equity or Statement of Changes in Net Assets to Holders of Redeemable Units, as applicable, in place of a cash flow statement. In the opinion of the Directors of the Manager (the “Directors”), this information also satisfies the requirement of FRS 102, Section 10.4, Reporting Financial Performance, in relation to a reconciliation of movements in Unitholders’ Equity or Net Assets.

These financial statements have been prepared on a going concern basis, subject to the historical cost convention, as modified by the revaluation of financial assets and liabilities at fair value through profit or loss (“FVTPL”).

Functional and Presentation Currency. Items included in each Sub-Fund’s financial statements are measured using the currency of the primary economic environment in which it operates (“the functional currency”). Each Sub-Fund’s financial statements are presented in British pounds (£), being both the functional and presentation currency of each Sub-Fund.

3. Significant Accounting Policies. These financial statements have been prepared under the historical cost convention as modified by the revaluation of certain financial assets and financial liabilities held at FVTPL.

The unaudited financial statements should be read in conjunction with the relevant Sub-Fund’s annual audited financial statements for the year ended 31 December 2020, which have been prepared in accordance with FRS 102.

There have been no changes to the significant accounting policies adopted by the Sub-Fund since the last audited financial statements on 31 December 2020, and the accounting policies have been consistently applied to all periods presented, unless otherwise stated.

4. Fair Value Hierarchy. The Sub-Funds classify financial instruments measured at fair value using a three-level hierarchy. Instruments are categorised in their entirety based on the lowest level input that is significant to the fair value measurement. Assessing the significance and observability of a particular input requires significant judgement specific to an asset or liability. Inputs are considered to be observable when they are readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 - Significant unobservable inputs (including the Manager’s own assumptions used to determine the fair value of investments).

Fair Value Measurement as at 30 June 2021:


Level 1 GBP (£)

Level 2 GBP (£)

Level 3 GBP (£)

Total GBP (£)

Financial Assets at Fair Value Through Profit or Loss

Equities 644,759,216 13,651,922 — 658,411,138

Forward Currency Exchange Contracts — 24,891 — 24,891

Financial Liabilities at Fair Value Through Profit or Loss

Futures (84,672) — — (84,672)

Forward Currency Exchange Contracts — (19,801) — (19,801)

644,674,544 13,657,012 — 658,331,556

60


Vanguard FTSE Developed World Common Contractual FundLevel 1 GBP (£)

Level 2 GBP (£)

Level 3 GBP (£)

Total GBP (£)


Equities 1,031,312,394 3,208,126 87,657 1,034,608,177

Futures 6,887 — — 6,887

Forward Currency Exchange Contracts — 1,771,256 — 1,771,256


Futures (3,227) — — (3,227)

Forward Currency Exchange Contracts — (8,759,707) — (8,759,707)

1,031,316,054 (3,780,325) 87,657 1,027,623,386


Level 1 GBP (£)

Level 2 GBP (£)

Level 3 GBP (£)

Total GBP (£)


Equities 1,309,983,064 4,273,158 117,260 1,314,373,482

Futures 137,868 — — 137,868



Futures (64,845) — — (64,845)


1,310,056,087 4,245,887 117,260 1,314,419,234

Fair Value Measurement as at 31 December 2020:

Vanguard FTSE Developed Europe ex UK Common Contractual FundLevel 1 GBP (£)

Level 2 GBP (£)

Level 3 GBP (£)

Total GBP (£)


Equities 542,829,832 8,921,326 — 551,751,158


Futures 66,119 — — 66,119



542,895,951 8,916,314 — 551,812,265

Vanguard FTSE Developed World Common Contractual FundLevel 1 GBP (£)

Level 2 GBP (£)

Level 3 GBP (£)

Total GBP (£)


Equities 802,802,129 2,528,330 46,140 805,376,599

Forward Currency Exchange Contracts — 6,563,797 — 6,563,797

Futures 115,225 — — 115,225


Forward Currency Exchange Contracts — (1,109,283) — (1,109,283)

Futures (14,856) — — (14,856)

802,902,498 7,982,844 46,140 810,931,482

Vanguard FTSE Developed World ex UK Common Contractual FundLevel 1 GBP (£)

Level 2 GBP (£)

Level 3 GBP (£)

Total GBP (£)


Equities 1,160,443,459 3,668,713 54,457 1,164,166,629


Futures 74,900 — — 74,900



1,160,518,359 3,691,689 54,457 1,164,264,505

61


5. Units. The number of units in issue for each class at 30 June 2021 is noted in the Net Asset/ Net Equity Value Per Unit table. Units are redeemable at the unitholders’ option and are classified as equity. The movement in capital terms on a unit class basis is broken out in the Statement of Changes in Equity/Net Assets Attributable to Holders of Redeemable Units.

The movement of units during the period ended 30 June 2021 is broken out below:


30 June 2021

Institutional B GBP Accumulation Units

- UK Life Insurance Co.Balance at Beginning of the Period 3,290,203Units Issued During the Period 418,356Units Redeemed During the Period (139,138)Balance at End of the Period 3,569,421


30 June 2021


- UK Charity

Institutional BGBP-Hedged

Accumulation Units- UK Charity


Accumulation Units - UK Life Insurance Co.

Balance at Beginning of the Period 313,359 2,482,294 634,413Units Issued During the Period 245 625,955 453Units Redeemed During the Period (4,344) (335,213) —Balance at End of the Period 309,260 2,773,036 634,866


30 June 2021

Institutional B GBP Distributing Units

- UK Charity


- UK Life Insurance Co.Balance at Beginning of the Period 304,115 1,996,056Units Issued During the Period 265 658,457Units Redeemed During the Period (5,090) (289,444)Balance at End of the Period 299,290 2,365,069


30 June 2021


- UK Life Insurance Co.Balance at Beginning of the Period 5,931,105Units Issued During the Period 632,301Units Redeemed During the Period (559,255)Balance at End of the Period 6,004,151

The movement of units during the year ended 31 December 2020 is broken out below:


31 December 2020


- UK Life Insurance Co.Balance at Beginning of the Year 2,794,627Units Issued During the Year 911,875Units Redeemed During the Year (416,299)Balance at End of the Year 3,290,203


31 December 2020


- UK Charity


Accumulation Units- UK Charity


Accumulation Units - UK Life Insurance Co.

Balance at Beginning of the Year 268,203 303,610 2,441,099Units Issued During the Year 45,156 505 398,161Units Redeemed During the Year — — (843,204)Balance at End of the Year 313,359 304,115 1,996,056


31 December 2020

Institutional B GBP Distributing Units

- UK Charity


- UK Life Insurance Co.Balance at Beginning of the Year 554,770 2,276,510Units Issued During the Year 79,675 1,461,464Units Redeemed During the Year (32) (1,255,680)Balance at End of the Year 634,413 2,482,294

62



31 December 2020


- UK Life Insurance Co.Balance at Beginning of the Year 5,686,643Units Issued During the Year 618,020Units Redeemed During the Year (373,558)Balance at End of the Year 5,931,105

6. Distributions.

Dividends were distributed during the period ended 30 June 2021 as follows:

Ex-Dividend DateVanguard FTSE Developed World Common Contractual Fund 31 March 2021 30 June 2021Institutional B GBP Distributing Units – UK Charity £0.5920 £0.3514

Dividends were distributed during the period ended 30 June 2020 as follows:

Ex-Dividend DateVanguard FTSE Developed World Common Contractual Fund 31 March 2020 30 June 2020Institutional B GBP Distributing Units – UK Charity £0.6238 £0.5469

7. Related Party Transactions.

Manager. Vanguard Group (Ireland) Limited is the Manager of the Sub-Funds and acts as a principal in respect of all transactions of units in the Sub-Funds. For its services, the Manager receives a fixed single fee per unit class (the “Management Charge”) calculated on a daily basis and paid monthly. Out of the fees received, the Manager pays for any sub-advisers as well as the costs of administration, including audit, depositary, legal, registration and regulatory fees associated with the Sub-Funds. As a result, the Manager anticipates the ongoing charges figure (“OCF”) of each unit class will closely track the Management Charge. In the event that the costs and expenses of any Sub-Fund exceed the OCF, the Manager will be responsible for discharging any excess out of its own assets. The Manager, in its sole discretion, may voluntarily waive all or part of its fee, and any such waiver could be discontinued at any time and without notice.

Any amounts due from or to the Manager at the end of the period are disclosed in the Statement of Assets and Liabilities. Amounts paid to the Manager in respect to fees for the period are disclosed in the Statement of Operations.

Annual Management Charge per unit class as at 30 June 2021 and 31 December 2020:

Institutional UnitsInstitutional

Hedged UnitsVanguard FTSE Developed Europe ex UK Common Contractual Fund 0.14% —Vanguard FTSE Developed World Common Contractual Fund 0.25% 0.27%Vanguard FTSE Developed World ex UK Common Contractual Fund 0.20% —

Directors’ Fees. The aggregate emolument of the Directors paid by the Manager out of the OCF on behalf of the Sub-Funds and other funds managed by the Manager (including expenses) for the period ended 30 June 2021 was £136,734 (30 June 2020: £178,300), with £0 outstanding at 30 June 2021 (30 June 2020: Nil).

The company had seven Directors as at 30 June 2021, three of whom were independent. The interests of the Directors in related parties are as follows:

Mr Sean P. Hagerty is Managing Director of Vanguard Asset Management, Limited; Mr Michael S. Miller retired as a Managing Director of The Vanguard Group, Inc., in 2015; Ms Robyn Laidlaw is Head of Distribution, Europe; Ms Tara Doyle is a partner in the legal advisory firm acting as the Manager’s Secretary and serving the activities of the Manager. Mr. Richard Wane, Managing Director, Ireland, resigned as a Director with effect from 31 March 2021 and Ann Stock, Managing Director, Ireland, was appointed as a Director with effect from 1 April 2021.

Investment Manager. Vanguard Global Advisers, LLC, is the Investment Manager of the Fund and is compensated by the Manager. The Investment Manager or the Manager, at their discretion, may appoint other companies from within the Vanguard Group of Companies to provide investment management and advisory services with respect to the Sub-Funds.

Inter-Fund Trading. The table below details the inter-fund trades between the Sub-Funds and other funds also managed by the Investment Manager during periods ended 30 June 2021 and 30 June 2020. There were no amounts outstanding between these parties as at 30 June 2021 and 30 June 2020.

During the period ended 30 June 2021:

Sub-Funds Bought SoldVanguard FTSE Developed World Common Contractual Fund £19,359,313 £7,631,210Vanguard FTSE Developed World ex UK Common Contractual Fund £9,319,594 £3,641,122

During the period ended 30 June 2020:

Sub-Funds Bought SoldVanguard FTSE Developed World Common Contractual Fund £3,377,764 £1,931,196Vanguard FTSE Developed World ex UK Common Contractual Fund £1,149,573 £838,644

63


8. Credit Facility. The Sub-Funds and certain other funds managed by the Manager or its affiliates participate in an annually renewable USD $4.3 billion (2020: USD $4.3 billion) committed credit facility. Each participating Sub-Fund is individually liable for its borrowings under the credit facility. Borrowings may be utilised for temporary or emergency purposes, and are subject to the Sub-Fund’s regulatory and contractual borrowing restrictions. Participating Sub-Funds are allocated an annual commitment fee of 0.10% of the undrawn amount of the facility as well as certain administrative fees. Any fees allocated to the Sub-Funds are paid by the Manager. Interest and direct borrowing costs associated with draws on the credit facility borrowings are charged to the Sub-Funds and recorded in the Statement of Operations.

Any borrowings under this facility denominated in euros bear interest at the Euro Interbank Offered Rate plus an applicable margin, while borrowings under this facility in denominations other than euros bear interest at a rate equal to the higher of the one-month London Interbank Offered Rate (or an acceptable alternate rate, if necessary), federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.

The Sub-Funds did not have any borrowings outstanding at 30 June 2021 or at any time during the period then ended (31 December 2020: Nil).

9. Taxation. The Sub-Funds do not have a separate legal personality and are transparent for tax purposes. Each of the Sub-Funds is a common contractual fund (“CCF”) within the meaning of Section 739(1) of the Taxes Consolidation Act, 1997 (“TCA”), in which the unitholders by contractual arrangement participate and share in the property of the Sub-Fund as co-owners. Therefore, the Sub-Fund is not chargeable to Irish tax on its relevant income or relevant gains (“relevant profits”). Instead, the relevant profits of the Sub-Fund are treated as arising or, as the case may be, accruing to each unitholder of the Sub-Fund in proportion to the value of the units beneficially owned by the unitholder, as if the relevant profits had arisen, or as the case may be, accrued to the unitholders in the CCF without passing through the hands of the CCF. This tax treatment is subject to each of the units of the Sub-Fund being:

(a) a pension fund; or

(b) beneficially owned by a person (other than an individual); or

(c) a custodian or trustee holding units of the Fund or of a Sub-Fund for the benefit of such person(s) as referred to in (a) or (b).

No stamp duty, documentary, transfer or registration tax is payable by a Sub-Fund on the issue, transfer, redemption, repurchase or cancellation of or subscription for units in the Sub-Fund. Where any subscription for or redemption of units is satisfied by in-specie transfer of any Irish situate securities, property or other types of assets, Irish stamp duty may arise on the transfer of such assets.

10. Efficient Portfolio Management. The Sub-Funds may employ investment techniques and use financial derivative instruments (such as futures contracts, forward foreign currency contracts, options and swaps) for efficient portfolio management purposes including hedging against market price movements, and foreign currency, interest rate and liquidity risks. Any such technique or instrument must be one which (alone or in combination with one or more other techniques or instruments) is believed by the Investment Manager to be economically appropriate to the efficient portfolio management of the Sub-Fund; i.e. the use of a technique or instrument may only be undertaken for the purposes of one or more of the following:

(a) a reduction in risk,

(b) a reduction in costs,

(c) an increase in capital or income returns to the Sub-Fund.

Futures and forward foreign currency exchange contracts at the period end are disclosed on each Sub-Fund’s Statement of Investments. Realised and unrealised gains or losses arising from financial derivative transactions are accounted for through the Statement of Operations as Net Gain/(Loss) on Financial Instruments.

11. Collateral.

Cash Collateral. Cash collateral pledged or received is disclosed on the Statement of Assets and Liabilities and is valued at its fair value. A corresponding liability to repay cash collateral received (if any) is recorded as a liability on the Statement of Assets and Liabilities and is also valued at its fair value.

The counterparties for Cash Collateral are BNP Paribas, Citibank NA and Morgan Stanley (31 December 2020: Citibank NA, HSBC and Morgan Stanley).

Securities Collateral. The Sub-Funds did not have securities collateral posted for financial derivative instruments as at 30 June 2021.

The table below lists collateral posted for financial derivative instruments as at 31 December 2020 which relate to forward foreign currency exchange contracts.

Collateral Held by the Sub-Funds as at 31 December 2020

Sub-Fund Collateral Name Amount Market Value as at

31 December 2020

FTSE Developed World Common Contractual Fund U.S. Treasury Bond 15/8/47 $44,000 £40,730

FTSE Developed World ex UK Common Contractual Fund U.S. Treasury Bond 15/2/45 $114,000 £100,313

The counterparties for Securities Collateral are BNP Paribas and JPMorgan Chase.

64


12. Exchange Rates.

The principal exchange rates at 30 June 2021 to one British pound used in the preparation of the financial statements were:

CurrencyExchange

Rate to GBPCurrency

Exchange Rate to GBP

AUD Australian Dollar 1.8477 KRW South Korean Won 1,561.6322

CAD Canadian Dollar 1.7172 NOK Norwegian Krone 11.8521

CHF Swiss Franc 1.2798 NZD New Zealand Dollar 1.9836

DKK Danish Krone 8.6697 PLN Polish Zloty 5.2671

EUR Euro 1.1659 SEK Swedish Krona 11.7924

HKD Hong Kong Dollar 10.7693 SGD Singapore Dollar 1.8635

ILS Israeli Shekel 4.5197 USD US Dollar 1.3867

JPY Japanese Yen 153.2789

The principal exchange rates at 31 December 2020 to one British pound used in the preparation of the financial statements were:

CurrencyExchange

Rate to GBPCurrency

Exchange Rate to GBP

AUD Australian Dollar 1.7690 KRW South Korean Won 1,484.1583

CAD Canadian Dollar 1.7412 NOK Norwegian Krone 11.6579

CHF Swiss Franc 1.2031 NZD New Zealand Dollar 1.8904

DKK Danish Krone 8.2856 PLN Polish Zloty 5.0772

EUR Euro 1.1135 SEK Swedish Krona 11.1663

HKD Hong Kong Dollar 10.5928 SGD Singapore Dollar 1.8063

ILS Israeli Shekel 4.3915 USD US Dollar 1.3663

JPY Japanese Yen 140.8195

13. Soft Commission Arrangements and Directed Brokerage. There were no soft commission arrangements by the Manager on behalf of the Sub-Funds for the period ended 30 June 2021 or year ended 31 December 2020. There were no directed brokerage services established for the period ended 30 June 2021 or year ended 31 December 2020.

14. Contingent Liabilities. There were no contingent liabilities as at 30 June 2021 or as at 31 December 2020.

15. Segregated Liabilities. Each Sub-Fund is treated as bearing its own liabilities.

16. Unitholder Concentration. Unitholders owning greater than 25% of the net assets of a Sub-Fund may further expose that Sub-Fund to concentration risks that could impact liquidity should one or more of these unitholders submit redemption requests. At 30 June 2021, FTSE Developed Europe ex UK Common Contractual Fund and FTSE Developed World ex UK Common Contractual Fund each had 1 unitholder owning 100% of net assets. The FTSE Developed World Common Contractual Fund had 2 unitholders with combined ownership of 79% of net assets (2020: FTSE Developed Europe ex UK Common Contractual Fund and FTSE Developed World ex UK Common Contractual Fund each had 1 unitholder owning 100% of net assets. The FTSE Developed World Common Contractual Fund had 2 unitholders with combined ownership of 76% of net assets).

Subsequent to 30 June 2021, the unitholder in FTSE Developed World ex UK Common Contractual Fund redeemed £544,648,770.

17. Events During the Period. Richard Wane resigned as a Director with effect from 31 March 2021 and Ann Stock was appointed as a Director with effect from 1 April 2021.

An application was made to the Central Bank seeking the Central Bank’s approval of (i) the change of depositary from State Street Custodial Services (Ireland) Limited to Brown Brothers Harriman Trustee Services (Ireland) Limited; and (ii) the change of administrator from State Street Fund Services (Ireland) Limited to Brown Brothers Harriman Fund Administration Services (Ireland) Limited. The change took place on 10 May 2021.

18. Events Since the Statement of Assets and Liabilities Date. Karin A. Risi was appointed as a Director on 22 July 2021.

19. Approval of Financial Statements. The financial statements were approved by the Directors on 26 August 2021.

Additional Information From the Manager

65

Connected Persons TransactionsTransactions carried out with the Fund by the Investment Manager, Manager, Depositary, Investment Adviser and/or associated or group companies of these (“Connected Persons”) during the period ended 30 June 2021 were carried out as if negotiated at arm’s length and were in the best interests of the Fund's Unitholders. The Directors of the Fund are satisfied that there are arrangements (evidenced by written procedures) in place to ensure that all transactions entered into by the Fund with Connected Persons are carried out as if negotiated at arm’s length and in the best interests of the Fund’s Unitholders.

Potential Implications of BrexitThe United Kingdom is no longer a member state of the European Union. Despite the negotiation of the UK-EU Trade and Cooperation Agreement in December 2020, the future economic and political relationship between the United Kingdom and the European Union (and between the United Kingdom and other countries) remains uncertain and subject to further negotiation in many respects, and a period of economic and political uncertainty may therefore continue in the United Kingdom and the European Union.

Political and economic uncertainty may lead to speculation and subsequent market volatility, particularly for assets denominated in British pounds. Vanguard continues to encourage investors to follow its core investing principles, including maintaining long-term discipline. The implications of Brexit extend beyond the UK economy and financial markets, affecting multinational organisations globally. The relevant regulatory authorities in the United Kingdom may in the future make changes to their rules which deviate from the standards applicable in the European Union. This could result in changes being made to the rules applicable in the European Union.

The nature and extent of the impact of these factors on the Funds are uncertain, but may be adverse. Vanguard remains committed to safeguarding our investors' assets and their long-term interests and has devoted significant resources to developing plans to manage the impact of Brexit.

Coronavirus (COVID-19)Market disruptions associated with the COVID-19 pandemic have had a global impact, and uncertainty exists as to the long-term implications. Such disruptions can adversely affect assets of the Sub-Funds and thus performance of the Sub-Funds. Vanguard continues to encourage investors to follow its core investment principles, including maintaining long-term discipline. Vanguard is committed to safeguarding the assets of investors and their long-term interests.

Board of Directors1

Peter Blessing2 (Irish)William Slattery2 (Irish)Michael S. Miller (American)Sean P. Hagerty (American)Tara Doyle2 (Irish)Robyn Laidlaw (New Zealander)Ann Stock3 (British)Karin A. Risi4 (American)

ManagerVanguard Group (Ireland) Limited70 Sir John Rogerson’s QuayDublin 2Ireland

Depositary Brown Brothers Harriman Trustee Services(Ireland) Limited30 Herbert StreetDublin 2Ireland

DistributorVanguard Asset Management, Limited4th FloorThe Walbrook Building25 WalbrookLondonEC4N 8AFUnited Kingdom

Investment Manager Vanguard Global Advisers, LLC100 Vanguard BoulevardMalvem, PA 19355U.S.A

Administrator Brown Brothers Harriman Fund Administration Services (Ireland) Limited30 Herbert StreetDublin 2Ireland

Legal Advisers as to Matters of Irish LawMatheson70 Sir John Rogerson’s QuayDublin 2Ireland

Independent AuditorsPricewaterhouseCoopersChartered Accountants & Registered AuditorsOne Spencer DockNorth Wall QuayDublin 1Ireland

Secretary for the Fund and the ManagerMatsack Trust Limited 70 Sir John Rogerson’s QuayDublin 2Ireland

1 Richard Wane resigned as a Director of the Company on 31 March 2021.2 Served in an independent non-executive capacity during the period.3 Ann Stock was appointed as a Director on 1 April 2021.4 Karin A. Risi was appointed as a Director on 22 July 2021.

Connect with Vanguard® > vanguard.com

Brown Brothers Harriman Fund Administration Services (Ireland) Limited 30 Herbert StreetDublin 2Ireland

Investor Information and Services (Ireland)Fax: 353-1-612-3067Phone: 353-1-612-3226

World Wide Webhttp://global.vanguard.com

© 2021 Vanguard Group (Ireland) Limited.All rights reserved.

VICCF 082021

This report is intended for the fund’s unitholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current fund prospectus.

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