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SEI GLOBAL INVESTMENTS FUND PLC

Unaudited Condensed Financial Statements for the half year ended 31 December 2019

SEI Global Investments Fund plc Unaudited Condensed Financial Statements for the half year ended 31 December 2019

CONTENTS PAGE Directory 3 General Information 4 Investment Adviser’s Report The SEI Global Select Equity Fund 6 Portfolio of Investments The SEI Global Select Equity Fund 9 Condensed Income Statement 31 Condensed Statement of Financial Position 32 Condensed Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders 34 Notes to the Condensed Financial Statements 36 Appendix I – Remuneration Disclosures 45 Appendix II – Statement of Changes in Composition of Portfolio 46 Appendix III – Securities Financing Transactions Regulation 47

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DIRECTORY

Board of Directors at 31 December 2019

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

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

CRO Number 343752

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GENERAL INFORMATION Structure The following information is derived from and should be read in conjunction with the full text and definitions section of the Prospectus. SEI Global Investments Fund plc (the “Company”) was incorporated on 30 May 2001 and is an umbrella fund established as an open-ended investment company with variable capital under the laws of Ireland as a public limited company pursuant to the Companies Act 2014. It operates pursuant to the European Communities (Undertaking for Collective Investment in Transferable Securities) Regulation, 2011 (the “UCITS Regulations”). Its share capital is divided into a number of classes, each representing interests in a fund, except for the Subscriber Shares that will not entitle the holders to participate in the assets of any fund. At 31 December 2019, the Company comprised of one separate portfolio of investment (“Fund”), which is represented by a separate series of Redeemable Participating Shares. This Fund is The SEI Global Select Equity Fund. As the Company is availing of the provisions of the Companies Act 2014, each Fund has segregated liability from any other Fund and the Company is not liable as a whole to third parties for the liability of each Fund. A copy of the Prospectus, Addendum and Key Investor Information Document (“KIID”) can be obtained by contacting the Administrator at its registered office. Distribution Policy The Articles of Association empower the Company in General Meetings to declare dividends in respect of any Shares provided that no dividend shall exceed the amount recommended by the Directors. The Articles of Association also empower the Directors to declare interim dividends. The Directors have determined to reinvest all net income and net realised capital gains of the Company attributable to the Accumulating Class Shares. Accordingly, no dividends will be paid in respect of such Shares and all net income and net realised capital gains of the Company attributable to such Shares will be reflected in the Net Asset Value per Share of those Shares. The U.S.$ Institutional Class, Sterling Institutional Class, Hedged Euro Institutional Class, U.S.$ Institutional C Class, Euro Institutional Class, Hedged Sterling Institutional Class and Hedged U.S.$ Institutional Class are designated as accumulating Share Classes. The Directors expect that all or substantially all of the net investment income of the relevant Funds attributable to the Sterling Institutional Distributing Class will be calculated as of the last Dealing Day of each calendar quarter and declared as a dividend to eligible Shareholders on the Fund’s register of Shareholders on the Record Date. Any such dividend will be distributed to the relevant Shareholders normally within ten Dealing Days from the last calendar Dealing Day of the relevant calendar quarter. The Articles of Association empower the Directors to declare dividends in respect of any Shares out of net income (including interest income) and the excess of realised and unrealised capital gains over realised and unrealised losses in respect of investments of the Company. Net realised and unrealised capital gains of the relevant Funds attributable to the Distributing Class Shares are expected to be retained by the relevant Fund which will result in an increase in the Net Asset Value per Share. The Directors, nevertheless, reserve the right to declare dividends in respect of such realised and unrealised capital gains less realised and unrealised capital losses at their sole discretion. The Directors may from time to time, and in their sole discretion, determine that the Company shall, on behalf of one or more Funds, apply an equalisation formula in respect to any Distributing Class Shares for any period in which it is expected that significant subscriptions or redemptions of Shares in the relevant Fund during that period might have a significant impact on the net investment income of the relevant Fund which could otherwise be available for distribution on the last Dealing Day of the relevant period. Prices There is currently a single price for buying and selling Shares in the Company and/or switching Shares between Funds. This is represented by the Net Asset Value per Share. The Company reserves the right to impose, or to authorise the Manager to impose a redemption charge on the redemption of Shares to a maximum of 3% of the Net Asset Value of the Shares to be redeemed in circumstances where the value of the Shares being redeemed equals 5% or more of the Net Asset Value of the relevant Fund, or where the value of the Shares being redeemed on a Dealing Day, when aggregated with the value of any Shares redeemed by the Shareholder from the same Fund within the prior two month period from the relevant Dealing Day equals 5% or more of the Net Asset Value of the relevant Fund of the Company. The Company reserves the right to impose, or to authorise the Manager to impose a sales charge and a switching charge in such an amount as may be specified in the Prospectus.

During the financial half year ended 31 December 2019 (referred to herein as the “half year end”, “half year ended”, “period end” or “period ended”) and year ended 30 June 2019, no charges have been imposed on subscription monies, the redemption of Shares or Shares acquired as a result of switching between Funds. Minimum Subscription The minimum initial subscription to the Company in respect of any Fund or Share Class will be specified in the Prospectus and may be varied or waived by the Directors at their absolute discretion.

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

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THE SEI GLOBAL SELECT EQUITY FUND – INVESTMENT ADVISER’S REPORT

The SEI Global Select Equity Fund is comprised of eight classes of Shares. The Fund was launched on 06 August 2008. The functional currency of The SEI Global Select Equity Fund is U.S. Dollar (US$).

Objective

The investment objective of The SEI Global Select Equity Fund is capital appreciation through investment in equity markets globally.

Investment Approach Statement

The Fund uses a multi-manager approach, relying on a number of sub-advisers with differing investment approaches to manage portions of the Fund’s portfolio, under the general supervision of SEI Investments Management Corporation (SIMC). The Fund utilised the following sub-advisers as at 31 December 2019:

AS Trigon Asset Management Fiera Capital Corporation Fondsmaeglerselskabet Maj Invest A/S INTECH Investment Management LLC Jupiter Asset Management Ltd Lazard Asset Management LLC LSV Asset Management* Metropole Gestion Poplar Forest Capital LLC Rhicon Currency Management Pte LTD Towle & Co.

*LSV Asset Management is a partially-owned indirect subsidiary of SEI Investments Company. For this service, LSV Asset Management is entitled to receive a fee from SIMC.

The following managers were hired during the period:

None

The following managers were terminated during the period:

None

Return vs. Reference Index

For the six-month reporting period ending at 31 December 2019, the Fund’s USD Institutional shares returned 7.94%. The Fund’s reference index - the Morgan Stanley Capital International (“MSCI”) World Index (Net) (USD) - returned 9.14%.

Fund Attribution

Supported by increasingly accommodative Central Bank policies, equity markets advanced in the second half of 2019. The MSCI World Index closed the year near its all-time high after a healthy performance during the reporting period. It was a volatile period for global equities; investor sentiment was sensitive to the United States-China trade war developments and concerns surrounding decelerating global growth, which caused rapid swings in established market trends. Amid a fragile economic climate, defensive and higher-quality mega-cap businesses, characterised by more stable earnings growth, were favoured by many investors at the beginning of the period. Cyclical sectors and small-cap names later led when equities rallied in response to easing macroeconomic and trade-deal uncertainty. Market dynamics were largely driven by mega-cap technology names, which rendered sky-high valuation readings and strongly outperformed the broader market. Cheaper stocks, by contrast, struggled in an environment where sales and earnings growth was rewarded, ending the period lagging the broader market, despite the rotation into value in the middle of the period.

Sector-wise, the picture was mixed; health care, typically a “safe-haven” sector, performed strongly side-by-side with the more volatile information technology sector, while energy, industrials and consumer staples lagged during the period.

The Fund underperformed its benchmark over a 6-month period in a challenging environment for actively managed strategies. Underperformance was predominantly attributed to a structural underweight to mega-cap names in a concentrated market rally, style headwinds to value investing in the beginning of the reporting period, and some stock-specific disappointments.

The Fund’s global managers, Lazard Asset Management LLC and INTECH Investment Management LLC underperformed due to momentum headwinds. Both managers struggled to find persistent trends in a rapidly shifting market and posted negative benchmark-relative returns. Lazard Asset Management LLC additionally suffered from poor off-benchmark security selection. By contrast, Fondsmaeglerselskabet Maj Invest A/S posted strong excess returns, benefitting from a combination of value and lower-risk properties in its portfolio, with the former driving returns in September, and the latter providing protection at the beginning of the period.

Local managers, being value-oriented by Fund construction, had mixed performance. Metropole Gestion, Towle & Co. and Poplar Forest Capital LLC were the largest detractors. While a value bias was not particularly detrimental, both Towle & Co. and Poplar Forest Capital LLC underperformed on the back of greater diversity levels and an unfavourable overweight to and poor selection within the energy sector. As for Metropole Gestion, stock-specific disappointments in media and information technology hurt the manager’s performance. On the positive side, Jupiter Asset Management Ltd outperformed, benefitting from a diversity rally in the United Kingdom market amid a reduction in near-term political uncertainty following the Conservative Party’s general election victory. The manager’s favourable sector positioning and positive stock selection in the financials and industrials sectors also contributed. Arcus also contributed to Fund performance thanks to a contrarian value rebound in Japan.

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THE SEI GLOBAL SELECT EQUITY FUND – INVESTMENT ADVISER’S REPORT (continued)

Fund Attribution (continued)

Rhicon Currency Management Pte LTD, the Fund’s currency specialist, struggled in an environment of low currency volatility and detracted over the period.

The Fund used equity-index and currency futures for cash equitisation and risk management purposes. Currency options, forwards, and futures were utilised for return-seeking purposes.

January 2020

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INVESTMENT ADVISER’S REPORT (continued)

Important Information: The opinions and views contained in this document are solely those of SEI and are subject to change; descriptions relating to organisational structure, teams and investment processes herein may differ significantly from those prescribed by underlying managers regarding their own investment houses and investments. Past performance is not a guarantee of future performance. Investment in the range of SEI’s Funds is intended as a long-term investment. The value of an investment and any income from it can go down as well as up. Investors may not get back the original amount invested. Additionally, this investment may not be suitable for everyone. If you should have any doubt whether it is suitable for you, you should obtain expert advice. No offer of any security is made hereby. Recipients of this information who intend to apply for Shares in any SEI Fund are reminded that any such application may be made solely on the basis of the information contained in the Prospectus and the most recent Key Investor Information Document (“KIID”). This material represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice regarding the Funds or any stock in particular, nor should it be construed as a recommendation to purchase or sell a security, including futures contracts. If the investment is withdrawn in the early years it may not return the full amount invested. In addition to the normal risks associated with equity investing, international investments may involve risk of capital loss from unfavourable fluctuation in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations. Narrowly focused investments and smaller companies typically exhibit higher volatility. Products of companies in which technology funds invest may be subject to severe competition and rapid obsolescence. SEI Funds may use derivative instruments such as futures, forward currency contracts, options, swaps, contracts for difference, credit derivatives, caps and floors. These instruments may be used for hedging purposes and/or investment purposes. While considerable care has been taken to ensure the information contained within this document is accurate and up-to-date, no warranty is given as to the accuracy or completeness of any information and no liability is accepted for any errors or omissions in such information or any action taken on the basis of this information. This information is issued by SEI Investments (Europe) Limited, 4th Floor, Time & Life Building, 1 Bruton Street, London W1J 6TL which is authorised and regulated by the Financial Services Authority. Please refer to our latest Full Prospectus (which includes information in relation to the use of derivatives and the risks associated with the use of derivative instruments), Key Investor Information Document (“KIID”) and latest Annual or Interim Short Reports for more information on our Funds. This information can be obtained by contacting your Financial Adviser or using the contact details shown above.

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SEI Global Investments Fund plc Unaudited Condensed Financial Statements for the half year ended 31 December 2019 THE SEI GLOBAL SELECT EQUITY FUND PORTFOLIO OF INVESTMENTS AS AT 31 DECEMBER 2019

Nominal Security Currency

Code Value US$ Fund % EQUITIES

Australia - 0.77% (30 June 2019: 0.78%) 99,345 AGL ENERGY LTD* AUD 1,433,696 0.09% 2,164 APA GROUP* AUD 16,885 0.00% 7,009 ARISTOCRAT LEISURE LTD* AUD 165,891 0.01% 3,350 ASX LTD* AUD 184,646 0.01%

11,547 ATLASSIAN CORP PLC CLASS A* USD 1,389,566 0.09% 13,992 BHP GROUP LTD* AUD 382,805 0.02% 73,548 BRAVURA SOLUTIONS LTD* AUD 268,843 0.02% 57,901 COCA-COLA AMATIL LTD* AUD 450,161 0.03% 5,191 CSL LTD* AUD 1,006,252 0.06%

63,620 EML PAYMENTS LTD* AUD 203,036 0.01% 104,565 FORTESCUE METALS GROUP LTD* AUD 785,757 0.05%

25,445 INSURANCE AUSTRALIA GROUP LTD* AUD 137,011 0.01% 49,831 JB HI-FI LTD* AUD 1,319,531 0.08%

708 MACQUARIE GROUP LTD* AUD 68,606 0.00% 2,427 MAGELLAN FINANCIAL GROUP LTD* AUD 97,160 0.01%

14,747 NEWCREST MINING LTD* AUD 313,584 0.02% 23,520 SANTOS LTD* AUD 135,243 0.01% 77,186 SERVICE STREAM LTD* AUD 144,326 0.01%

1,836,998 SOUTH32 LTD* GBP 3,431,325 0.22% 2,644 TREASURY WINE ESTATES LTD* AUD 30,184 0.00%

12,019 WOOLWORTHS GROUP LTD* AUD 305,507 0.02%

Austria - 0.14% (30 June 2019: 0.16%) 7,962 IMMOFINANZ AG* EUR 213,603 0.01%

83,004 RAIFFEISEN BANK INTERNATIONAL AG* EUR 2,086,121 0.13% 971 VERBUND AG CLASS A* EUR 48,764 0.00%

Belgium - 0.11% (30 June 2019: 0.14%) 22,047 AGEAS* EUR 1,303,707 0.08%

528 BARCO NV* EUR 129,797 0.01% 1,055 PROXIMUS SADP* EUR 30,222 0.00% 4,605 UCB SA* EUR 366,465 0.02%

Bermuda - 0.03% (30 June 2019: 0.00%) 5,591 ARCH CAPITAL GROUP LTD* USD 239,798 0.02%

981 RENAISSANCERE HOLDINGS LTD* USD 192,296 0.01%

Canada - 1.34% (30 June 2019: 1.65%) 600 AGNICO EAGLE MINES LTD* CAD 37,006 0.00%

3,000 AIR CANADA CLASS B* CAD 112,227 0.01% 1,700 ALTAGAS LTD* CAD 25,931 0.00%

14,175 BALLARD POWER SYSTEMS INC* CAD 101,441 0.01% 17,075 BANK OF MONTREAL* CAD 1,325,198 0.09% 21,932 BCE INC* CAD 1,017,491 0.07% 22,031 BRP INC* CAD 1,005,093 0.06% 12,498 CANADIAN IMPERIAL BANK OF COMMERCE* CAD 1,041,511 0.07% 54,311 CANADIAN NATIONAL RAILWAY CO* CAD 4,919,923 0.32% 10,393 CANADIAN TIRE CORP LTD CLASS A* CAD 1,120,093 0.07% 4,000 CGI INC CLASS A* CAD 335,207 0.02% 7,654 COGECO COMMUNICATIONS INC* CAD 668,157 0.04%

300 CONSTELLATION SOFTWARE INC/CANADA* CAD 291,766 0.02% 1,700 EMERA INC* CAD 73,139 0.01%

12,808 ENBRIDGE INC* CAD 509,950 0.03% 5,364 EQUITABLE GROUP INC* CAD 452,326 0.03% 8,306 GENWORTH MI CANADA INC* CAD 363,946 0.02%

14,696 GREAT-WEST LIFECO INC* CAD 376,937 0.02% 16,399 HOME CAPITAL GROUP INC CLASS B* CAD 416,820 0.03%

500 IA FINANCIAL CORP INC* CAD 27,503 0.00% 200 INTACT FINANCIAL CORP* CAD 21,657 0.00%

71,942 IVANHOE MINES LTD CLASS A* CAD 235,784 0.02% 7,874 KIRKLAND LAKE GOLD LTD* CAD 347,567 0.02%

21,498 LOBLAW COS LTD* CAD 1,110,776 0.07% 2,193 LULULEMON ATHLETICA INC* USD 508,052 0.03%

9

SEI Global Investments Fund plc Unaudited Condensed Financial Statements for the half year ended 31 December 2019 THE SEI GLOBAL SELECT EQUITY FUND PORTFOLIO OF INVESTMENTS AS AT 31 DECEMBER 2019 (continued)


Code Value US$ Fund %

Canada - 1.34% (30 June 2019: 1.65%) (continued) 4,351 MAGNA INTERNATIONAL INC* CAD 238,872 0.02%

56,666 PAN AMERICAN SILVER CORP RIGHTS* CAD 0 0.00% 1,500 POWER CORP OF CANADA* CAD 38,693 0.00%

10,534 RITCHIE BROS AUCTIONEERS INC* CAD 452,635 0.03% 1,500 SHOPIFY INC CLASS A* CAD 597,224 0.04% 1,000 SUN LIFE FINANCIAL INC* CAD 45,660 0.00% 1,000 TC ENERGY CORP* CAD 53,333 0.00%

47,632 TELUS CORP* CAD 1,846,859 0.12% 16,765 TORONTO-DOMINION BANK* CAD 941,573 0.06% 1,800 WSP GLOBAL INC* CAD 123,082 0.01%

Chile - 0.00% (30 June 2019: 0.00%) 2,656 ANTOFAGASTA PLC* GBP 32,258 0.00%

China - 0.03% (30 June 2019: 0.10%) 128,000 MINTH GROUP LTD* HKD 451,757 0.03%

Croatia - 0.14% (30 June 2019: 0.13%) 4,663 ATLANTIC GRUPA DD* HRK 914,452 0.06%

45,950 HRVATSKI TELEKOM DD* HRK 1,213,041 0.08% 1,700 LEDO DD* HRK 0 0.00%

Czech Republic - 0.20% (30 June 2019: 0.14%) 56,055 CEZ A/S* CZK 1,261,454 0.08% 52,514 KOMERCNI BANKA A/S* CZK 1,923,998 0.12%

Denmark - 0.12% (30 June 2019: 0.44%) 151 CARLSBERG A/S CLASS B* DKK 22,542 0.00%

1,603 COLOPLAST A/S CLASS B* DKK 198,996 0.01% 10,539 NOVO NORDISK A/S CLASS B* DKK 612,123 0.04% 2,465 ORSTED A/S 144A* DKK 255,128 0.02%

17,055 PANDORA A/S* DKK 742,439 0.05%

Estonia - 0.09% (30 June 2019: 0.09%) 1,265,424 TALLINK GROUP A/S* EUR 1,386,348 0.09%

Finland - 0.24% (30 June 2019: 0.34%) 1,290 ELISA OYJ* EUR 71,315 0.00% 2,480 FORTUM OYJ* EUR 61,244 0.00%

10,061 METSO OYJ* EUR 397,304 0.03% 878,357 NOKIA OYJ* EUR 3,249,709 0.21%

France - 4.04% (30 June 2019: 3.86%) 542 AIRBUS SE* EUR 79,383 0.01%

1,357 AMUNDI SA 144A* EUR 106,474 0.01% 174,027 AXA SA* EUR 4,905,120 0.31%

88,850 BNP PARIBAS SA* EUR 5,268,929 0.34% 35,919 CAPGEMINI SE* EUR 4,390,775 0.28%

270,372 CARREFOUR SA* EUR 4,537,221 0.29% 144,728 CIE DE SAINT-GOBAIN* EUR 5,929,679 0.38%

34,072 CIE GENERALE DES ETABLISSEMENTS MICHELIN SCA* EUR 4,172,600 0.27% 313 DASSAULT SYSTEMES SE* EUR 51,489 0.00%

3,194 EDENRED* EUR 165,281 0.01% 484 EIFFAGE SA* EUR 55,416 0.00%

83,258 ENGIE SA* EUR 1,345,783 0.09% 557 HERMES INTERNATIONAL* EUR 416,530 0.03%

1,369 INGENICO GROUP SA* EUR 148,753 0.01% 812 KERING SA* EUR 533,392 0.03%

1,085 LEGRAND SA* EUR 88,469 0.01% 268 LVMH MOET HENNESSY LOUIS VUITTON SE* EUR 124,604 0.01%

182,952 ORANGE SA* EUR 2,694,367 0.17% 100,136 PUBLICIS GROUPE SA* EUR 4,536,564 0.29%

212 REMY COINTREAU SA* EUR 26,058 0.00% 315 SAFRAN SA* EUR 48,671 0.00%

91,743 SANOFI* EUR 9,229,227 0.59%

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France - 4.04% (30 June 2019: 3.86%) (continued) 160 SARTORIUS STEDIM BIOTECH* EUR 26,527 0.00%

51,829 SCHNEIDER ELECTRIC SE* EUR 5,323,252 0.34% 7,206 SOCIETE BIC SA* EUR 501,503 0.03% 6,642 SUEZ* EUR 100,539 0.01%

606 TELEPERFORMANCE* EUR 147,883 0.01% 148,348 TOTAL SA* EUR 8,192,813 0.52%

1,573 VEOLIA ENVIRONNEMENT SA* EUR 41,865 0.00% 496 VINCI SA* EUR 55,119 0.00%

Germany - 1.65% (30 June 2019: 1.69%) 133 ADIDAS AG* EUR 43,265 0.00%

32,860 ALLIANZ SE* EUR 8,055,779 0.52% 51,195 BAYERISCHE MOTOREN WERKE AG* EUR 4,203,071 0.27%

334 BEIERSDORF AG* EUR 39,985 0.00% 26,542 DAIMLER AG CLASS REGISTERED* EUR 1,470,900 0.09%

424 DEUTSCHE POST AG* EUR 16,187 0.00% 573 ECKERT & ZIEGLER STRAHLEN- UND MEDIZINTECHNIK AG* EUR 122,592 0.01%

76,002 ENCAVIS AG* EUR 801,082 0.05% 12,776 FRAPORT AG FRANKFURT AIRPORT SERVICES WORLDWIDE* EUR 1,086,797 0.07%

741 HANNOVER RUECK SE* EUR 143,314 0.01% 954 LANXESS AG* EUR 64,059 0.00%

14,675 MERCK KGAA* EUR 1,735,449 0.11% 1,029 MTU AERO ENGINES AG* EUR 294,076 0.02% 4,559 MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT AG IN MUENCHEN* EUR 1,345,754 0.09%

10,057 PORSCHE AUTOMOBIL HOLDING SE PFD* EUR 752,298 0.05% 1,554 PUMA SE* EUR 119,227 0.01% 8,169 RWE AG* EUR 250,791 0.02%

252 SARTORIUS AG PFD* EUR 53,972 0.00% 154 SYMRISE AG CLASS A* EUR 16,215 0.00%

7,146 TALANX AG* EUR 354,396 0.02% 25,910 UNIPER SE* EUR 858,268 0.06% 19,337 VOLKSWAGEN AG CLASS PREFERENCE PFD* EUR 3,825,393 0.25%

283 ZALANDO SE 144A* EUR 14,352 0.00%

Hong Kong - 0.21% (30 June 2019: 0.34%) 47,000 GALAXY ENTERTAINMENT GROUP LTD* HKD 346,236 0.02% 42,000 HANG LUNG PROPERTIES LTD* HKD 92,174 0.01%

176,000 HKT TRUST & HKT LTD CLASS MISCELLA* HKD 248,015 0.02% 19,700 HONG KONG & CHINA GAS CO LTD* HKD 38,481 0.00%

138,514 KERRY PROPERTIES LTD* HKD 439,979 0.03% 118,000 MELCO INTERNATIONAL DEVELOPMENT LTD* HKD 331,656 0.02%

32,218 SUN HUNG KAI PROPERTIES LTD* HKD 493,286 0.03% 28,000 TECHTRONIC INDUSTRIES CO LTD* HKD 228,368 0.02% 16,000 VITASOY INTERNATIONAL HOLDINGS LTD* HKD 58,010 0.00%

765,000 WH GROUP LTD 144A* HKD 790,350 0.05% 64,286 YUE YUEN INDUSTRIAL HOLDINGS LTD* HKD 189,761 0.01%

Hungary - 0.34% (30 June 2019: 0.29%) 1,328,328 MAGYAR TELEKOM TELECOMMUNICATIONS PLC* HUF 2,010,848 0.13%

97,138 MOL HUNGARIAN OIL & GAS PLC* HUF 969,339 0.06% 108,635 RICHTER GEDEON NYRT* HUF 2,365,405 0.15%

Ireland - 0.30% (30 June 2019: 0.43%) 441 ACCENTURE PLC CLASS A* USD 92,861 0.01%

36,154 APTIV PLC* USD 3,433,546 0.22% 1,124 CRH PLC* EUR 45,004 0.00% 4,379 JAMES HARDIE INDUSTRIES PLC* AUD 85,790 0.01% 8,806 MEDTRONIC PLC* USD 999,007 0.06%

219 PERRIGO CO PLC* USD 11,314 0.00%

Israel - 0.35% (30 June 2019: 0.40%) 880 AZRIELI GROUP LTD* ILS 64,331 0.00%

177,405 BANK LEUMI LE-ISRAEL BM* ILS 1,291,243 0.08% 4,164 CYBERARK SOFTWARE LTD* USD 485,439 0.03%

523 ELBIT SYSTEMS LTD* ILS 81,403 0.01%

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Israel - 0.35% (30 June 2019: 0.40%) (continued) 213,581 ENLIGHT RENEWABLE ENERGY LTD* ILS 268,368 0.02% 116,487 INDUSTRIAL BUILDINGS CORP LTD* ILS 318,029 0.02% 331,811 ISRAEL DISCOUNT BANK LTD CLASS A* ILS 1,538,012 0.10%

35,087 MIZRAHI TEFAHOT BANK LTD* ILS 934,560 0.06% 1,358 NICE LTD* ILS 210,580 0.01%

54,127 SHIKUN & BINUI LTD* ILS 249,009 0.02% 104 WIXCOM LTD* USD 12,728 0.00%

Italy - 1.08% (30 June 2019: 0.77%) 379,139 A2A SPA* EUR 711,575 0.05%

19,959 ASTM SPA* EUR 604,011 0.04% 672 ATLANTIA SPA* EUR 15,682 0.00%

1,117,716 ENEL SPA* EUR 8,872,787 0.57% 1,342 FERRARI NV* EUR 222,796 0.01%

2,272,794 INTESA SANPAOLO SPA* EUR 5,991,520 0.38% 4,037 LEONARDO SPA* EUR 47,355 0.00%

18,639 MEDIOBANCA BANCA DI CREDITO FINANZIARIO SPA* EUR 205,331 0.01% 10,521 POSTE ITALIANE SPA 144A* EUR 119,515 0.01% 2,221 RECORDATI SPA* EUR 93,665 0.01%

Japan - 3.81% (30 June 2019: 3.88%) 3,800 ADVANTEST CORP* JPY 215,395 0.01% 2,100 AMADA HOLDINGS CO LTD* JPY 24,155 0.00%

17,297 AOZORA BANK LTD* JPY 460,151 0.03% 122,089 ASAHI GROUP HOLDINGS LTD* JPY 5,598,069 0.36%

1,900 ASAHI INTECC CO LTD* JPY 55,947 0.00% 44,836 ASTELLAS PHARMA INC* JPY 771,502 0.05% 14,600 AZBIL CORP* JPY 414,456 0.03% 18,329 BRIDGESTONE CORP* JPY 686,442 0.04% 23,995 CANON INC* JPY 659,412 0.04% 14,912 CENTRAL JAPAN RAILWAY CO* JPY 3,018,734 0.19% 19,900 CREATE RESTAURANTS HOLDINGS INC* JPY 343,157 0.02% 9,600 DAIICHI SANKYO CO LTD* JPY 638,498 0.04%

10,300 DAIO PAPER CORP* JPY 141,693 0.01% 49,953 DAITO TRUST CONSTRUCTION CO LTD* JPY 6,196,133 0.40% 61,834 DCM HOLDINGS CO LTD* JPY 604,830 0.04%

200 DISCO CORP* JPY 47,665 0.00% 19,420 DOUTOR NICHIRES HOLDINGS CO LTD* JPY 387,068 0.03% 11,800 DTS CORP* JPY 276,446 0.02%

200 FAST RETAILING CO LTD* JPY 119,623 0.01% 30,424 FUJIFILM HOLDINGS CORP* JPY 1,464,149 0.09%

900 GMO PAYMENT GATEWAY INC* JPY 61,946 0.00% 1,100 GOLDWIN INC* JPY 81,178 0.01%

10,350 GUNGHO ONLINE ENTERTAINMENT INC* JPY 220,571 0.01% 100 HIKARI TSUSHIN INC* JPY 25,240 0.00% 400 HIROSE ELECTRIC CO LTD* JPY 51,640 0.00%

1,700 HITACHI CHEMICAL CO LTD* JPY 71,567 0.00% 1,400 HITACHI HIGH-TECHNOLOGIES CORP* JPY 99,710 0.01% 2,400 HOYA CORP* JPY 230,780 0.02%

29,800 INFOMART CORP* JPY 270,099 0.02% 54,882 ITOCHU CORP* JPY 1,279,959 0.08% 1,100 ITOCHU TECHNO-SOLUTIONS CORP* JPY 31,125 0.00%

50,651 JAPAN AIRLINES CO LTD* JPY 1,583,282 0.10% 95,266 JAPAN TOBACCO INC* JPY 2,132,367 0.14% 23,800 KADOKAWA DWANGO CORP* JPY 457,932 0.03% 95,036 KDDI CORP* JPY 2,844,727 0.18% 21,500 KOBE BUSSAN CO LTD* JPY 741,891 0.05%

300 KOSE CORP* JPY 44,168 0.00% 4,600 KOTOBUKI SPIRITS CO LTD* JPY 340,741 0.02%

28,540 KURARAY CO LTD* JPY 349,545 0.02% 500 KYOCERA CORP* JPY 34,415 0.00%

7,800 M3 INC* JPY 237,212 0.02% 17,500 MITSUBISHI CORP* JPY 466,989 0.03% 29,100 MITSUI & CO LTD* JPY 521,082 0.03%

797,313 MIZUHO FINANCIAL GROUP INC* JPY 1,234,761 0.08% 2,400 NABTESCO CORP* JPY 72,105 0.01%

12




Japan - 3.81% (30 June 2019: 3.88%) (continued) 18,957 NIPPON FLOUR MILLS CO LTD* JPY 294,798 0.02% 3,200 NIPPON PAINT HOLDINGS CO LTD* JPY 166,073 0.01%

340,537 NIPPON TELEGRAPH & TELEPHONE CORP* JPY 8,639,149 0.55% 7,526 NISSHIN OILLIO GROUP LTD* JPY 262,119 0.02%

26,600 NOMURA CO LTD* JPY 356,135 0.02% 7,400 NOMURA RESEARCH INSTITUTE LTD* JPY 159,201 0.01%

16,000 NS SOLUTIONS CORP* JPY 530,021 0.03% 25,978 NTT DOCOMO INC* JPY 726,217 0.05% 1,200 OBIC CO LTD* JPY 162,981 0.01% 1,600 OMRON CORP* JPY 94,520 0.01%

500 ORACLE CORP JAPAN* JPY 45,779 0.00% 5,200 ORIENTAL LAND CO LTD/JAPAN* JPY 711,994 0.05%

300 PEPTIDREAM INC* JPY 15,459 0.00% 1,500 RAKUTEN INC* JPY 12,905 0.00%

19,700 RECRUIT HOLDINGS CO LTD* JPY 743,044 0.05% 80,700 RENESAS ELECTRONICS CORP* JPY 556,936 0.04% 6,115 SAWAI PHARMACEUTICAL CO LTD* JPY 389,358 0.03% 7,700 SEKISUI HOUSE LTD* JPY 165,337 0.01%

35,955 SENKO GROUP HOLDINGS CO LTD* JPY 308,685 0.02% 8,200 SHIN-ETSU CHEMICAL CO LTD* JPY 909,979 0.06% 7,100 SHIONOGI & CO LTD* JPY 442,104 0.03% 1,700 SHISEIDO CO LTD* JPY 121,734 0.01%

400 SMC CORP/JAPAN* JPY 185,102 0.01% 600 SONY FINANCIAL HOLDINGS INC* JPY 14,509 0.00%

2,300 SUMCO CORP* JPY 38,646 0.00% 5,200 SUMITOMO REALTY & DEVELOPMENT CO LTD* JPY 182,401 0.01%

400 TAIYO NIPPON SANSO CORP* JPY 8,937 0.00% 12,800 TAIYO YUDEN CO LTD* JPY 395,160 0.03% 58,201 TEIJIN LTD* JPY 1,095,209 0.07% 2,300 THK CO LTD* JPY 62,815 0.00% 9,000 TIS INC* JPY 532,505 0.03%

43,600 TODA CORP* JPY 291,268 0.02% 1,900 TOKYO ELECTRON LTD* JPY 418,288 0.03% 1,500 TOYOTA INDUSTRIES CORP* JPY 87,371 0.01%

25,725 TOYOTA MOTOR CORP* JPY 1,826,020 0.12% 300 TSURUHA HOLDINGS INC* JPY 38,703 0.00% 800 USS CO LTD* JPY 15,209 0.00%

10,660 WEST JAPAN RAILWAY CO* JPY 926,034 0.06% 58,755 YAMAGUCHI FINANCIAL GROUP INC* JPY 402,239 0.03% 4,800 YASKAWA ELECTRIC CORP* JPY 184,182 0.01%

49,400 YOKOGAWA ELECTRIC CORP* JPY 876,859 0.06% 15,800 ZENSHO HOLDINGS CO LTD* JPY 358,962 0.02%

Kazakhstan - 0.07% (30 June 2019: 0.06%) 83,997 HALYK SAVINGS BANK OF KAZAKHSTAN JSC SPONSORED GDR* USD 1,121,360 0.07%

Luxembourg - 0.10% (30 June 2019: 0.01%) 92,801 ARCELORMITTAL* EUR 1,629,405 0.10%

Netherlands - 1.11% (30 June 2019: 1.41%) 3,882 ASML HOLDING NV* EUR 1,149,085 0.07%

306 HEINEKEN NV* EUR 32,604 0.00% 276,948 KONINKLIJKE AHOLD DELHAIZE NV* EUR 6,930,950 0.44%

1,682 KONINKLIJKE DSM NV* EUR 219,202 0.01% 976 KONINKLIJKE PHILIPS NV* EUR 47,679 0.00%

12,768 NN GROUP NV* EUR 484,693 0.03% 203,145 ROYAL DUTCH SHELL PLC CLASS A* EUR 5,966,419 0.38%

9,553 SIGNIFY NV 144A* EUR 298,756 0.02% 35,027 WOLTERS KLUWER NV* EUR 2,556,447 0.16%

New Zealand - 0.02% (30 June 2019: 0.00%) 2,886 A2 MILK CO LTD* NZD 29,245 0.00%

44,754 INFRATIL LTD* NZD 152,174 0.01% 23,632 MERIDIAN ENERGY LTD* NZD 79,717 0.01%

13




Norway - 0.00% (30 June 2019: 0.12%) 2,828 GJENSIDIGE FORSIKRING ASA* NOK 59,297 0.00%

Poland - 1.69% (30 June 2019: 1.50%) 136,864 ALIOR BANK SA* PLN 1,036,427 0.07% 196,903 AMBRA SA* PLN 889,035 0.06% 154,944 BANK HANDLOWY W WARSZAWIE SA* PLN 2,119,214 0.14% 229,391 BANK POLSKA KASA OPIEKI SA* PLN 6,084,104 0.39%

76,284 CCC SA* PLN 2,215,626 0.14% 248,534 GETBACK SA* PLN 0 0.00%

89,585 GLOBE TRADE CENTRE SA* PLN 228,971 0.02% 84,072 GRUPA AZOTY SA* PLN 649,969 0.04% 39,000 GRUPA LOTOS SA* PLN 860,671 0.06%

638,980 PGE POLSKA GRUPA ENERGETYCZNA SA* PLN 1,342,983 0.09% 1,268,116 POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA* PLN 1,449,161 0.09%

318,552 POWSZECHNA KASA OSZCZEDNOSCI BANK POLSKI SA* PLN 2,898,451 0.19% 588,288 POWSZECHNY ZAKLAD UBEZPIECZEN SA* PLN 6,217,931 0.40%

Portugal - 0.01% (30 June 2019: 0.00%) 5,374 JERONIMO MARTINS SGPS SA* EUR 88,464 0.01%

Romania - 0.38% (30 June 2019: 0.75%) 933,109 BRD-GROUPE SOCIETE GENERALE SA* RON 3,466,456 0.22%

23,497,228 OMV PETROM SA* RON 2,463,328 0.16%

Russia - 0.77% (30 June 2019: 0.70%) 505,233 DETSKY MIR PJSC* USD 813,432 0.05%

6,468 EVRAZ PLC* GBP 34,617 0.00% 97,020 GLOBALTRANS INVESTMENT PLC SPONSORED GDR* USD 858,627 0.06% 70,000 GLOBALTRANS INVESTMENT PLC SPONSORED GDR* USD 619,500 0.04%

181,438 MD MEDICAL GROUP INVESTMENTS PLC SPONSORED GDR* USD 903,561 0.06% 210,000 MOBILE TELESYSTEMS PJSC* USD 1,081,761 0.07% 600,232 PROTEK PJSC* USD 969,281 0.06% 500,000 SBERBANK OF RUSSIA PJSC* USD 2,050,756 0.13%

4,000,000 SISTEMA PJSFC* USD 981,208 0.06% 2,150,000,000 TGC-1 PJSC CLASS 1* USD 445,050 0.03%

3,900,000 UNITED CO RUSAL PLCα USD 1,933,948 0.12% 40,727 X5 RETAIL GROUP NV GDR SPONSORED GDR* USD 1,405,082 0.09%

273 X5 RETAIL GROUP NV SPONSORED GDR* USD 9,419 0.00%

Singapore - 0.22% (30 June 2019: 0.26%) 118,600 BEST WORLD INTERNATIONAL LTD* SGD 119,954 0.01%

5,700 COMFORTDELGRO CORP LTD* SGD 10,089 0.00% 57,753 DBS GROUP HOLDINGS LTD* SGD 1,111,549 0.07% 82,525 OVERSEA-CHINESE BANKING CORP LTD* SGD 673,878 0.04% 8,803 SEA LTD SPONSORED ADR* USD 354,057 0.02%

67,007 UNITED OVERSEAS BANK LTD* SGD 1,316,073 0.08% 4,300 WILMAR INTERNATIONAL LTD* SGD 13,175 0.00%

Slovenia - 0.59% (30 June 2019: 0.65%) 49,614 KRKA DD NOVO MESTO* EUR 4,076,634 0.26% 70,192 LUKA KOPER* EUR 1,780,666 0.11% 64,449 NOVA LJUBLJANSKA BANKA DD GDR* EUR 872,469 0.06% 23,616 TELEKOM SLOVENIJE DD* EUR 1,442,087 0.09% 27,084 ZAVAROVALNICA TRIGLAV DD* EUR 1,012,380 0.07%

South Korea - 0.51% (30 June 2019: 0.44%) 6,613 SAMSUNG ELECTRONICS CO LTD SPONSORED GDR 144A* USD 7,977,202 0.51%

Spain - 0.59% (30 June 2019: 0.53%) 1,250,674 BANCO SANTANDER SA* EUR 5,236,480 0.34%

4,654 CELLNEX TELECOM SA 144A* EUR 200,449 0.01% 12,962 EBRO FOODS SA* EUR 280,664 0.02% 44,208 ENDESA SA* EUR 1,180,541 0.08% 7,556 FERROVIAL SA* EUR 228,749 0.02%

74,159 IBERDROLA SA* EUR 764,175 0.05%

14




Spain - 0.59% (30 June 2019: 0.53%) (continued) 67,650 REPSOL SA* EUR 1,057,803 0.07% 67,650 REPSOL SA RIGHTS* EUR 32,121 0.00%

Sweden - 0.91% (30 June 2019: 0.67%) 4,290 ASSA ABLOY AB CLASS B* SEK 100,364 0.01% 1,296 ATLAS COPCO AB CLASS A* SEK 51,723 0.00%

19,874 EMBRACER GROUP AB CLASS B* SEK 150,270 0.01% 1,313 EPIROC AB CLASS A* SEK 16,039 0.00%

34,685 EVOLUTION GAMING GROUP AB 144A* SEK 1,044,880 0.07% 1,153 HENNES & MAURITZ AB CLASS B* SEK 23,461 0.00% 1,560 L E LUNDBERGFORETAGEN AB CLASS B* SEK 68,492 0.00%

11,809 LINDAB INTERNATIONAL AB* SEK 150,876 0.01% 10,856 LUNDIN PETROLEUM AB* SEK 369,132 0.02%

195,635 SKANDINAVISKA ENSKILDA BANKEN AB CLASS A* SEK 1,840,771 0.12% 184,785 SKF AB CLASS B* SEK 3,738,708 0.24%

1,453 TELE2 AB CLASS B* SEK 21,086 0.00% 384,861 TELEFONAKTIEBOLAGET LM ERICSSON CLASS B* SEK 3,353,182 0.22% 763,003 TELIA CO AB* SEK 3,280,709 0.21%

Switzerland - 1.32% (30 June 2019: 1.84%) 714 ADECCO GROUP AG* CHF 45,140 0.00% 103 BALOISE HOLDING AG* CHF 18,614 0.00% 77 BELIMO HOLDING AG* CHF 579,677 0.04% 24 CHOCOLADEFABRIKEN LINDT & SPRUENGLI AG* CHF 186,255 0.01%

383 COCA-COLA HBC AG* GBP 13,014 0.00% 321,719 CREDIT SUISSE GROUP AG* CHF 4,353,923 0.28%

73 GIVAUDAN SA* CHF 228,495 0.02% 10,352 LANDIS+GYR GROUP AG* CHF 1,076,518 0.07%

650 LONZA GROUP AG* CHF 237,084 0.02% 358 PARTNERS GROUP HOLDING AG* CHF 328,073 0.02%

7,896 PSP SWISS PROPERTY AG* CHF 1,089,385 0.07% 12,648 ROCHE HOLDING AG* CHF 4,101,253 0.26% 41,293 SIG COMBIBLOC GROUP AG* CHF 659,255 0.04%

872 SIKA AG* CHF 163,756 0.01% 999 SONOVA HOLDING AG* CHF 228,511 0.02%

2,312 STMICROELECTRONICS NV* EUR 62,207 0.00% 6,683 SWATCH GROUP AG* CHF 1,863,399 0.12% 3,670 SWISS LIFE HOLDING AG* CHF 1,841,150 0.12%

346 SWISS PRIME SITE AG* CHF 39,983 0.00% 9,673 SWISS RE AG* CHF 1,085,801 0.07% 1,185 TEMENOS AG* CHF 187,476 0.01% 1,501 VALIANT HOLDING AG* CHF 152,481 0.01% 4,829 ZURICH INSURANCE GROUP AG* CHF 1,980,406 0.13%

Turkey - 0.42% (30 June 2019: 0.45%) 585,108 ARCELIK A/S* TRY 2,049,009 0.13% 283,523 KORDSA TEKNIK TEKSTIL AS* TRY 623,169 0.04% 400,000 TURK HAVA YOLLARI AO* TRY 971,937 0.06% 200,215 TURK TRAKTOR VE ZIRAAT MAKINELERI A/S* TRY 1,863,873 0.12%

1,207,000 TURKIYE VAKIFLAR BANKASI TAO CLASS D* TRY 1,117,555 0.07%

United Kingdom - 0.30% (30 June 2019: 0.00%) 1,772,542 CONVATEC GROUP PLC 144A* GBP 4,659,954 0.30%

United Kingdom - 10.41% (30 June 2019: 8.64%) 22,868 3I GROUP PLC* GBP 332,632 0.02%

114,572 ANGLO AMERICAN PLC* GBP 3,298,167 0.21% 60 AON PLC* USD 12,497 0.00%

418,965 ASHMORE GROUP PLC* GBP 2,875,021 0.18% 1,860 ASHTEAD GROUP PLC* GBP 59,482 0.00%

1,095,753 AVIVA PLC* GBP 6,077,847 0.39% 580,105 BABCOCK INTERNATIONAL GROUP PLC* GBP 4,836,900 0.31% 218,280 BAE SYSTEMS PLC* GBP 1,633,215 0.10%

2,336,533 BARCLAYS PLC* GBP 5,560,437 0.36% 2,292 BARRATT DEVELOPMENTS PLC* GBP 22,669 0.00%

15




United Kingdom - 10.41% (30 June 2019: 8.64%) (continued) 1,260,458 BP PLC* GBP 7,874,739 0.50% 1,772,542 BT GROUP PLC CLASS A* GBP 4,518,829 0.29%

2,535 BURBERRY GROUP PLC* GBP 74,049 0.01% 233,219 CNH INDUSTRIAL NV* EUR 2,562,906 0.16%

2,255,963 COBHAM PLC* GBP 4,908,754 0.31% 898 COCA-COLA EUROPEAN PARTNERS PLC* USD 45,690 0.00%

1,072 COMPASS GROUP PLC* GBP 26,840 0.00% 8,344 EXPERIAN PLC* GBP 282,091 0.02%

397 FERGUSON PLC* GBP 36,026 0.00% 328,833 FIAT CHRYSLER AUTOMOBILES NV* USD 4,830,550 0.31% 603,305 GLAXOSMITHKLINE PLC* GBP 14,218,270 0.91%

6,165 HALMA PLC* GBP 172,815 0.01% 1,509 HARGREAVES LANSDOWN PLC* GBP 38,682 0.00%

74,213 HSBC HOLDINGS PLC* GBP 581,918 0.04% 664 IHS MARKIT LTD* USD 50,032 0.00%

276,278 IMPERIAL BRANDS PLC* GBP 6,840,527 0.44% 8,910 INFORMA PLC* GBP 101,156 0.01%

1,933,683 ITV PLC* GBP 3,868,085 0.25% 53,806 J SAINSBURY PLC* GBP 163,872 0.01%

1,796,875 KINGFISHER PLC* GBP 5,165,490 0.33% 8,874 LINDE PLC* USD 1,889,275 0.12% 4,989 LONDON STOCK EXCHANGE GROUP PLC* GBP 512,211 0.03%

1,071,582 MARKS & SPENCER GROUP PLC* GBP 3,030,801 0.19% 355,451 MEGGITT PLC* GBP 3,092,761 0.20%

64,269 NEXT PLC* GBP 5,975,193 0.38% 10,277 OCADO GROUP PLC* GBP 174,129 0.01%

888,110 PEARSON PLC* GBP 7,494,459 0.48% 886,271 QINETIQ GROUP PLC* GBP 4,200,886 0.27%

9,675 RENTOKIL INITIAL PLC* GBP 58,061 0.00% 33,804 RIO TINTO PLC* GBP 2,016,518 0.13%

934,613 ROYAL BANK OF SCOTLAND GROUP PLC* GBP 2,975,224 0.19% 3,937 SAGE GROUP PLC* GBP 39,064 0.00% 2,527 SCHRODERS PLC* GBP 111,610 0.01% 6,740 SMITH & NEPHEW PLC* GBP 163,621 0.01%

241,710 SMITHS GROUP PLC* GBP 5,401,871 0.35% 1,092 SPIRAX-SARCO ENGINEERING PLC* GBP 128,605 0.01%

676,789 STANDARD CHARTERED PLC* GBP 6,387,208 0.41% 828,985 STANDARD LIFE ABERDEEN PLC* GBP 3,603,188 0.23% 587,207 STOCK SPIRITS GROUP PLC* GBP 1,606,369 0.10% 108,703 TATE & LYLE PLC* GBP 1,094,724 0.07%

61,597 TECHNIPFMC PLC* EUR 1,307,486 0.08% 1,317,263 TESCO PLC* GBP 4,453,352 0.29% 1,063,525 TP ICAP PLC* GBP 5,758,196 0.37% 4,360,168 VODAFONE GROUP PLC* GBP 8,477,052 0.54%

34,382 WH SMITH PLC* GBP 1,184,250 0.08% 148 WILLIS TOWERS WATSON PLC* USD 29,887 0.00%

266,175 WM MORRISON SUPERMARKETS PLC* GBP 704,524 0.05% 705,589 WPP PLC* GBP 9,968,891 0.64%

United States - 41.67% (30 June 2019: 43.46%) 18,452 ABBVIE INC* USD 1,633,740 0.10%

79 ABIOMED INC* USD 13,477 0.00% 24,729 ACADIA PHARMACEUTICALS INC* USD 1,057,907 0.07%

172,048 ADIENT PLC* USD 3,656,015 0.23% 790 ADOBE INC* USD 260,550 0.02%

42,271 ADVANCE AUTO PARTS INC* USD 6,770,180 0.43% 203,320 AFLAC INC* USD 10,755,631 0.69%

2,307 AIR PRODUCTS & CHEMICALS INC* USD 542,122 0.04% 3,695 AKAMAI TECHNOLOGIES INC* USD 319,174 0.02% 3,328 ALEXION PHARMACEUTICALS INC* USD 359,923 0.02% 1,227 ALLIANT ENERGY CORP* USD 67,141 0.00%

25,490 ALLISON TRANSMISSION HOLDINGS INC* USD 1,231,686 0.08% 29,617 ALLSTATE CORP* USD 3,330,440 0.21%

386,946 ALLY FINANCIAL INC* USD 11,825,064 0.76% 3,125 ALPHABET INC CLASS A* USD 4,185,594 0.27% 3,095 ALTICE USA INC CLASS A* USD 84,617 0.01%

16




United States - 41.67% (30 June 2019: 43.46%) (continued) 46,077 ALTRIA GROUP INC* USD 2,299,689 0.15% 1,883 AMBARELLA INC* USD 114,034 0.01%

35,686 AMDOCS LTD* USD 2,576,193 0.17% 1,657 AMEREN CORP* USD 127,258 0.01%

143,180 AMERICAN AIRLINES GROUP INC* USD 4,106,402 0.26% 8,432 AMERICAN FINANCIAL GROUP INC/OH* USD 924,563 0.06%

140,983 AMERICAN INTERNATIONAL GROUP INC* USD 7,236,663 0.46% 1,434 AMERICAN WATER WORKS CO INC* USD 176,167 0.01%

223 AMERIPRISE FINANCIAL INC* USD 37,147 0.00% 84,717 AMERISOURCEBERGEN CORP CLASS A* USD 7,202,642 0.46% 3,738 AMETEK INC* USD 372,828 0.02% 9,345 AMGEN INC* USD 2,252,847 0.14%

290 AMPHENOL CORP CLASS A* USD 31,387 0.00% 17,384 ANALOG DEVICES INC* USD 2,065,915 0.13% 1,345 ANSYS INC* USD 346,216 0.02% 5,814 APPLE INC* USD 1,707,155 0.11% 2,760 APPLIED MATERIALS INC* USD 168,470 0.01% 8,275 ARCONIC INC* USD 254,622 0.02% 5,410 ARCOSA INC* USD 241,015 0.02%

534 ASSURANT INC* USD 69,997 0.00% 400,177 AT&T INC* USD 15,638,911 1.00% 206,964 ATLAS AIR WORLDWIDE HOLDINGS INC* USD 5,706,003 0.37%

843 ATMOS ENERGY CORP* USD 94,298 0.01% 582 AUTOMATIC DATA PROCESSING INC* USD 99,231 0.01%

9,611 AUTOZONE INC* USD 11,449,695 0.73% 462 AVERY DENNISON CORP* USD 60,439 0.00%

281,904 AXA EQUITABLE HOLDINGS INC* USD 6,985,586 0.45% 222,774 BAKER HUGHES CO CLASS A* USD 5,709,708 0.37%

6,411 BALL CORP* USD 414,599 0.03% 223,212 BANK OF AMERICA CORP* USD 7,861,535 0.50%

1,623 BAXTER INTERNATIONAL INC* USD 135,715 0.01% 120,733 BEAZER HOMES USA INC* USD 1,705,958 0.11%

10,799 BECTON DICKINSON AND CO* USD 2,937,004 0.19% 13,321 BERKSHIRE HATHAWAY INC CLASS B* USD 3,017,135 0.19% 20,876 BEST BUY CO INC* USD 1,832,913 0.12% 3,204 BEYOND MEAT INC* USD 242,222 0.02%

992 BOEING CO* USD 323,154 0.02% 183 BOOZ ALLEN HAMILTON HOLDING CORP CLASS A* USD 13,017 0.00%

4,410 BRINKER INTERNATIONAL INC* USD 185,234 0.01% 46,192 BRISTOL-MYERS SQUIBB CO* USD 2,965,054 0.19% 2,194 BROADCOM INC* USD 693,348 0.04% 2,702 BROADRIDGE FINANCIAL SOLUTIONS INC* USD 333,805 0.02% 5,253 BROWN-FORMAN CORP CLASS B* USD 355,103 0.02%

57,974 BUCKLE INC* USD 1,567,617 0.10% 149,992 BUILDERS FIRSTSOURCE INC* USD 3,811,292 0.24%

191 CABLE ONE INC* USD 284,298 0.02% 4,440 CACI INTERNATIONAL INC CLASS A* USD 1,110,013 0.07% 4,469 CADENCE DESIGN SYSTEMS INC* USD 309,970 0.02%

319 CAMPBELL SOUP CO* USD 15,765 0.00% 2,520 CAPITAL ONE FINANCIAL CORP* USD 259,333 0.02%

578 CARMAX INC* USD 50,673 0.00% 69,508 CARNIVAL CORP* USD 3,533,094 0.23% 10,630 CARNIVAL PLC* GBP 513,134 0.03%

710 CBRE GROUP INC CLASS A* USD 43,516 0.00% 11,452 CDK GLOBAL INC* USD 626,190 0.04% 1,236 CDW CORP/DE* USD 176,550 0.01%

270 CELANESE CORP CLASS A* USD 33,242 0.00% 16,179 CENTERSTATE BANK CORP* USD 404,151 0.03%

262,823 CENTURYLINK INC* USD 3,471,895 0.22% 79,431 CH ROBINSON WORLDWIDE INC* USD 6,211,479 0.40% 18,488 CHARLES SCHWAB CORP* USD 879,289 0.06%

143 CHARTER COMMUNICATIONS INC CLASS A* USD 69,366 0.00% 543 CHIPOTLE MEXICAN GRILL INC CLASS A* USD 454,551 0.03%

2,189 CINCINNATI FINANCIAL CORP* USD 230,173 0.02% 1,117 CINTAS CORP* USD 300,562 0.02%

41,980 CISCO SYSTEMS INC* USD 2,013,377 0.13%

17




United States - 41.67% (30 June 2019: 43.46%) (continued) 13,590 CME GROUP INC CLASS A* USD 2,727,785 0.17% 1,122 CMS ENERGY CORP* USD 70,506 0.00%

20,897 COLGATE-PALMOLIVE CO* USD 1,438,549 0.09% 84,591 COMCAST CORP CLASS A* USD 3,804,051 0.24% 3,156 COMTECH TELECOMMUNICATIONS CORP* USD 112,006 0.01%

173,301 CONAGRA BRANDS INC* USD 5,933,833 0.38% 489 CONSOLIDATED EDISON INC* USD 44,240 0.00% 214 CONSTELLATION BRANDS INC CLASS A* USD 40,606 0.00%

5,394 COPART INC* USD 490,530 0.03% 645 COSTAR GROUP INC* USD 385,903 0.03% 639 COSTCO WHOLESALE CORP* USD 187,815 0.01%

3,211 CROWN HOLDINGS INC* USD 232,926 0.02% 3,169 CSX CORP* USD 229,309 0.02%

233 CUMMINS INC* USD 41,698 0.00% 3,671 CVR ENERGY INC* USD 148,419 0.01%

100,231 CVS HEALTH CORP* USD 7,446,165 0.48% 218,741 DANA INC* USD 3,981,090 0.26%

8,925 DARDEN RESTAURANTS INC* USD 972,948 0.06% 3,607 DELL TECHNOLOGIES INC CLASS C* USD 185,364 0.01%

163,634 DESIGNER BRANDS INC CLASS A* USD 2,575,604 0.17% 157,668 DEVON ENERGY CORP* USD 4,094,633 0.26%

5,141 DISCOVERY INC CLASS C* USD 156,749 0.01% 4,528 DISH NETWORK CORP CLASS A* USD 160,608 0.01% 1,958 DOCUSIGN INC CLASS A* USD 145,107 0.01% 4,140 DOLLAR GENERAL CORP* USD 645,757 0.04% 1,245 DOLLAR TREE INC* USD 117,092 0.01%

762 DR HORTON INC* USD 40,195 0.00% 459 DTE ENERGY CO* USD 59,610 0.00%

5,179 DUPONT DE NEMOURS INC* USD 332,492 0.02% 158,558 DXC TECHNOLOGY CO* USD 5,960,214 0.38% 109,165 E*TRADE FINANCIAL CORP* USD 4,952,802 0.32%

6,249 EASTMAN CHEMICAL CO* USD 495,312 0.03% 7,953 ECOLAB INC* USD 1,534,849 0.10% 7,541 EDWARDS LIFESCIENCES CORP* USD 1,759,240 0.11%

59,583 ELI LILLY & CO* USD 7,830,961 0.50% 14,896 ENTERGY CORP* USD 1,784,490 0.11%

973 EPAM SYSTEMS INC* USD 206,432 0.01% 1,727 EQUIFAX INC* USD 241,987 0.02%

604 ERIE INDEMNITY CO CLASS A* USD 100,264 0.01% 2,095 ESTEE LAUDER COS INC CLASS A* USD 432,701 0.03% 1,924 EXACT SCIENCES CORP* USD 177,932 0.01%

79,416 EXELON CORP* USD 3,620,566 0.23% 1,369 FACEBOOK INC CLASS A* USD 280,987 0.02% 5,176 FACTSET RESEARCH SYSTEMS INC* USD 1,388,721 0.09%

78,897 FASTENAL CO* USD 2,915,244 0.19% 1,128 FIDELITY NATIONAL FINANCIAL INC* USD 51,155 0.00%

16,192 FIRSTENERGY CORP* USD 786,929 0.05% 6,770 FISERV INC* USD 782,815 0.05%

629 FLEETCOR TECHNOLOGIES INC* USD 180,976 0.01% 376,727 FLEX LTD* USD 4,754,298 0.30%

974 FLIR SYSTEMS INC* USD 50,716 0.00% 784 FLOWSERVE CORP* USD 39,020 0.00%

226,099 FLUOR CORP* USD 4,268,758 0.27% 9,350 FMC CORP* USD 933,317 0.06%

691 FORTUNE BRANDS HOME & SECURITY INC* USD 45,150 0.00% 548 GARTNER INC* USD 84,447 0.01% 747 GENERAL DYNAMICS CORP* USD 131,733 0.01%

146,193 GENERAL ELECTRIC CO* USD 1,631,514 0.10% 4,495 GENERAL MILLS INC* USD 240,752 0.02%

149,654 GENERAL MOTORS CO* USD 5,477,325 0.35% 162,652 GENTEX CORP* USD 4,713,643 0.30%

11,392 GILEAD SCIENCES INC* USD 740,259 0.05% 13,698 GLOBAL PAYMENTS INC* USD 2,500,707 0.16%

224 GLOBE LIFE INC* USD 23,576 0.00% 33,584 GOLDMAN SACHS GROUP INC* USD 7,721,974 0.49%

254,628 GOODYEAR TIRE & RUBBER CO* USD 3,960,740 0.25%

18




United States - 41.67% (30 June 2019: 43.46%) (continued) 36,779 GRACO INC* USD 1,912,508 0.12% 29,457 GROUP 1 AUTOMOTIVE INC* USD 2,945,662 0.19%

132,135 H&R BLOCK INC* USD 3,102,529 0.20% 33,923 HARTFORD FINANCIAL SERVICES GROUP INC* USD 2,061,518 0.13% 6,715 HCA HEALTHCARE INC* USD 992,510 0.06%

895 HEICO CORP* USD 102,164 0.01% 1,751 HEICO CORP CLASS A* USD 156,767 0.01% 1,427 HERSHEY CO* USD 209,740 0.01% 1,522 HESS CORP* USD 101,685 0.01%

370,550 HEWLETT PACKARD ENTERPRISE CO* USD 5,876,920 0.38% 621 HOLOGIC INC* USD 32,422 0.00%

3,085 HONEYWELL INTERNATIONAL INC* USD 546,045 0.04% 6,593 HUNTINGTON INGALLS INDUSTRIES INC* USD 1,654,069 0.11%

164,619 HUNTSMAN CORP* USD 3,977,191 0.25% 88 IAC/INTERACTIVECORP* USD 21,922 0.00%

400 IDEX CORP* USD 68,800 0.00% 1,436 IDEXX LABORATORIES INC* USD 374,983 0.02% 7,669 INGREDION INC* USD 712,879 0.05%

70 INSULET CORP* USD 11,984 0.00% 193,753 INTEL CORP* USD 11,596,088 0.74%

30,792 INTERCONTINENTAL EXCHANGE INC* USD 2,849,800 0.18% 65,360 INTERNATIONAL BUSINESS MACHINES CORP* USD 8,760,901 0.56% 9,232 INTUIT INC* USD 2,418,138 0.16%

983 INTUITIVE SURGICAL INC* USD 581,100 0.04% 13,706 JACK HENRY & ASSOCIATES INC* USD 1,996,553 0.13% 2,656 JACOBS ENGINEERING GROUP INC* USD 238,588 0.02%

18,493 JM SMUCKER CO* USD 1,925,726 0.12% 8,085 JOHN B SANFILIPPO & SON INC* USD 737,999 0.05%

46,992 JOHNSON & JOHNSON* USD 6,854,769 0.44% 4,643 JOHNSON CONTROLS INTERNATIONAL PLC* USD 189,017 0.01%

16,909 KELLOGG CO* USD 1,169,409 0.08% 11,860 KEURIG DR PEPPER INC* USD 343,347 0.02% 28,180 KEYSIGHT TECHNOLOGIES INC* USD 2,892,113 0.19% 6,384 KIMBERLY-CLARK CORP* USD 878,087 0.06%

918 KINDER MORGAN INC/DE* USD 19,434 0.00% 2,117 KKR & CO INC CLASS MISCELLA* USD 61,753 0.00% 4,702 KLA-TENCOR CORP* USD 837,755 0.05%

109,406 KOHL'S CORP* USD 5,574,214 0.36% 16,289 KOPPERS HOLDINGS INC* USD 622,566 0.04% 16,564 KRAFT HEINZ CO* USD 532,201 0.03%

322,952 KROGER CO* USD 9,362,385 0.60% 11,565 L3HARRIS TECHNOLOGIES INC* USD 2,288,367 0.15%

175 LABORATORY CORP OF AMERICA HOLDINGS* USD 29,605 0.00% 808 LAM RESEARCH CORP* USD 236,259 0.02%

15,193 LEGGETT & PLATT INC* USD 772,260 0.05% 2,509 LEIDOS HOLDINGS INC* USD 245,606 0.02%

977 LIBERTY BROADBAND CORP CLASS C* USD 122,858 0.01% 383 LIBERTY MEDIA CORP-LIBERTY FORMULA ONE CLASS C* USD 17,605 0.00%

106,550 LINCOLN NATIONAL CORP* USD 6,287,513 0.40% 456 LIVE NATION ENTERTAINMENT INC* USD 32,590 0.00% 138 LOCKHEED MARTIN CORP* USD 53,734 0.00%

15,571 LOWE'S COS INC* USD 1,864,783 0.12% 8,423 LYFT INC CLASS A* USD 362,357 0.02%

49,016 M/I HOMES INC* USD 1,928,774 0.12% 798 MARKETAXESS HOLDINGS INC* USD 302,530 0.02%

2,739 MARTIN MARIETTA MATERIALS INC* USD 765,934 0.05% 11,860 MARVELL TECHNOLOGY GROUP LTD* USD 315,002 0.02% 14,751 MASTERCARD INC CLASS A* USD 4,404,501 0.28%

984 MCCORMICK & CO INC/MD CLASS VTG* USD 167,014 0.01% 113,517 MERCK & CO INC* USD 10,324,373 0.66% 262,947 MERITOR INC* USD 6,886,591 0.44%

1,963 METTLER-TOLEDO INTERNATIONAL INC* USD 1,557,209 0.10% 4,256 MICRON TECHNOLOGY INC* USD 228,888 0.02%

30,782 MICROSOFT CORP* USD 4,854,321 0.31% 11,481 MIDDLEBY CORP* USD 1,257,399 0.08% 15,728 MOLSON COORS BREWING CO CLASS B* USD 847,722 0.05%

19




United States - 41.67% (30 June 2019: 43.46%) (continued) 648 MONDELEZ INTERNATIONAL INC CLASS A* USD 35,692 0.00%

20,265 MOODY'S CORP* USD 4,811,114 0.31% 41,644 MORGAN STANLEY* USD 2,128,841 0.14% 2,013 MOTOROLA SOLUTIONS INC* USD 324,375 0.02%

67,547 MSC INDUSTRIAL DIRECT CO INC CLASS A* USD 5,300,414 0.34% 11,630 MSCI INC CLASS A* USD 3,002,633 0.19% 95,219 MURPHY OIL CORP* USD 2,551,883 0.16% 1,842 NASDAQ INC* USD 197,278 0.01%

21,440 NATIONAL FUEL GAS CO* USD 997,826 0.06% 130 NETAPP INC* USD 8,093 0.00% 635 NETFLIX INC* USD 205,467 0.01%

25,161 NEW MOUNTAIN FINANCE CORP* USD 345,716 0.02% 247,484 NEWELL BRANDS INC* USD 4,756,634 0.30%

7,764 NEXTERA ENERGY INC* USD 1,880,130 0.12% 21,997 NIKE INC CLASS B* USD 2,228,516 0.14%

109 NISOURCE INC* USD 3,035 0.00% 240,337 NOBLE ENERGY INC* USD 5,969,962 0.38%

5,680 NORTHROP GRUMMAN CORP* USD 1,953,671 0.13% 581 NVIDIA CORP* USD 136,709 0.01% 127 NVR INC* USD 483,668 0.03%

4,344 OCCIDENTAL PETROLEUM CORP* USD 179,016 0.01% 1,321 OKTA INC CLASS A* USD 152,404 0.01% 1,029 OLD DOMINION FREIGHT LINE INC* USD 195,284 0.01% 4,564 ONEOK INC* USD 345,358 0.02%

99,025 ORACLE CORP* USD 5,246,339 0.34% 14,204 O'REILLY AUTOMOTIVE INC* USD 6,224,976 0.40% 58,967 PACKAGING CORP OF AMERICA* USD 6,603,744 0.42% 41,944 PARKER-HANNIFIN CORP* USD 8,632,999 0.55%

176 PAYCHEX INC* USD 14,971 0.00% 968 PAYCOM SOFTWARE INC* USD 256,288 0.02%

3,946 PAYPAL HOLDINGS INC* USD 426,839 0.03% 151,311 PBF ENERGY INC CLASS A* USD 4,746,621 0.30%

40,086 PEPSICO INC* USD 5,478,554 0.35% 150,915 PFIZER INC* USD 5,912,837 0.38%

20,619 PHILLIPS 66* USD 2,297,140 0.15% 14,098 PINNACLE WEST CAPITAL CORP* USD 1,267,842 0.08% 9,237 PNC FINANCIAL SERVICES GROUP INC* USD 1,474,510 0.09% 2,337 PRINCIPAL FINANCIAL GROUP INC* USD 128,535 0.01%

11,823 PROCTER & GAMBLE CO* USD 1,476,693 0.09% 30,078 PROGRESSIVE CORP* USD 2,177,346 0.14% 9,706 PROOFPOINT INC* USD 1,114,055 0.07%

21,641 PUBLIC SERVICE ENTERPRISE GROUP INC* USD 1,277,900 0.08% 22,478 PULTEGROUP INC* USD 872,130 0.06%

116 QORVO INC* USD 13,483 0.00% 71,701 QUALCOMM INC* USD 6,326,182 0.41% 22,560 RALPH LAUREN CORP CLASS A* USD 2,644,440 0.17% 15,330 RAMBUS INC* USD 211,171 0.01% 12,041 RAYTHEON CO* USD 2,645,829 0.17% 2,098 REGIONS FINANCIAL CORP* USD 36,002 0.00%

47,893 RELIANCE STEEL & ALUMINUM CO* USD 5,735,667 0.37% 128,675 RENEWABLE ENERGY GROUP INC* USD 3,467,804 0.22%

12,110 REPUBLIC SERVICES INC CLASS A* USD 1,085,397 0.07% 2,161 RESMED INC* USD 334,890 0.02%

733 RINGCENTRAL INC CLASS A* USD 123,635 0.01% 4,774 ROCKWELL AUTOMATION INC* USD 967,547 0.06% 1,710 ROKU INC CLASS A* USD 228,969 0.02%

57,046 ROLLINS INC* USD 1,891,645 0.12% 354 ROPER TECHNOLOGIES INC* USD 125,397 0.01%

6,646 ROSS STORES INC* USD 773,727 0.05% 4,355 S&P GLOBAL INC* USD 1,189,133 0.08%

443 SALESFORCE.COM INC* USD 72,050 0.01% 30,035 SALLY BEAUTY HOLDINGS INC* USD 548,140 0.04% 18,096 SCHULMAN INC CVR† USD 0 0.00% 14,238 SCOTTS MIRACLE-GRO CO CLASS A* USD 1,511,791 0.10% 24,952 SEALED AIR CORP* USD 993,838 0.06%

369 SEMPRA ENERGY* USD 55,896 0.00%

20




United States - 41.67% (30 June 2019: 43.46%) (continued) 1,278 SERVICENOW INC* USD 360,805 0.02% 4,920 SHERWIN-WILLIAMS CO* USD 2,871,017 0.18%

34,277 SIMPSON MANUFACTURING CO INC* USD 2,750,044 0.18% 13,832 SNAP INC CLASS A* USD 225,877 0.01% 1,692 SOUTHERN CO* USD 107,780 0.01%

133,913 SOUTHWEST AIRLINES CO* USD 7,228,602 0.46% 1,052 SS&C TECHNOLOGIES HOLDINGS INC* USD 64,593 0.00%

434 STARBUCKS CORP* USD 38,157 0.00% 857 STERIS PLC* USD 130,624 0.01%

8,178 SYKES ENTERPRISES INC* USD 302,497 0.02% 10,840 SYNNEX CORP* USD 1,396,192 0.09% 6,152 SYNOPSYS INC* USD 856,358 0.06% 1,904 SYSCO CORP* USD 162,868 0.01% 2,524 T ROWE PRICE GROUP INC* USD 307,524 0.02%

538 TAKE-TWO INTERACTIVE SOFTWARE INC* USD 65,867 0.00% 136,706 TAPESTRY INC* USD 3,686,973 0.24%

39,906 TARGET CORP* USD 5,116,301 0.33% 155,296 TAYLOR MORRISON HOME CORP CLASS A* USD 3,394,774 0.22%

839 TELEDYNE TECHNOLOGIES INC* USD 290,747 0.02% 262,495 TENNECO INC CLASS A* USD 3,438,686 0.22%

731 TEXAS PACIFIC LAND TRUST* USD 571,072 0.04% 2,502 THERMO FISHER SCIENTIFIC INC* USD 812,825 0.05%

66,110 TJX COS INC* USD 4,036,677 0.26% 130 TRACTOR SUPPLY CO* USD 12,147 0.00% 403 TRANSDIGM GROUP INC* USD 225,680 0.01%

3,907 TRANSUNION* USD 334,478 0.02% 116,098 TRINSEO SA* USD 4,319,993 0.28%

37,545 TRUIST FINANCIAL CORP* USD 2,114,545 0.14% 25,459 TYSON FOODS INC CLASS A* USD 2,317,787 0.15% 3,378 UBIQUITI INC* USD 638,374 0.04%

34,181 UNION PACIFIC CORP* USD 6,179,530 0.40% 26,984 UNITED PARCEL SERVICE INC CLASS B* USD 3,158,780 0.20% 15,786 UNITED TECHNOLOGIES CORP* USD 2,364,111 0.15% 37,164 UNITEDHEALTH GROUP INC* USD 10,925,552 0.70% 7,565 UNIVERSAL HEALTH SERVICES INC CLASS B* USD 1,085,251 0.07%

38,471 US BANCORP* USD 2,280,946 0.15% 12,917 VALERO ENERGY CORP* USD 1,209,714 0.08% 11,353 VARIAN MEDICAL SYSTEMS INC* USD 1,612,240 0.10% 11,873 VEEVA SYSTEMS INC CLASS A* USD 1,670,056 0.11% 1,514 VERISIGN INC* USD 291,718 0.02% 2,956 VERISK ANALYTICS INC CLASS A* USD 441,449 0.03%

105,726 VERIZON COMMUNICATIONS INC* USD 6,491,591 0.42% 5,053 VF CORP* USD 503,582 0.03%

88,683 VIACOMCBS INC CLASS B* USD 3,722,013 0.24% 1,484 VMWARE INC CLASS A* USD 225,256 0.01% 1,480 VOYA FINANCIAL INC* USD 90,250 0.01%

810 VULCAN MATERIALS CO* USD 116,632 0.01% 17,851 WALGREENS BOOTS ALLIANCE INC* USD 1,052,472 0.07% 17,896 WALMART INC* USD 2,126,762 0.14% 2,118 WASTE CONNECTIONS INC* USD 192,293 0.01%

31,907 WASTE MANAGEMENT INC* USD 3,636,126 0.23% 1,474 WEC ENERGY GROUP INC* USD 135,947 0.01% 1,045 WELLCARE HEALTH PLANS INC* USD 345,069 0.02%

31,097 WELLS FARGO & CO* USD 1,672,994 0.11% 4,706 WEST PHARMACEUTICAL SERVICES INC* USD 707,453 0.05% 3,837 WESTERN DIGITAL CORP* USD 243,534 0.02%

203,713 WESTERN UNION CO* USD 5,455,445 0.35% 14,825 WHIRLPOOL CORP* USD 2,187,115 0.14% 2,827 WR BERKLEY CORP* USD 195,346 0.01% 4,416 XCEL ENERGY INC* USD 280,372 0.02% 2,655 XEROX HOLDINGS CORP* USD 97,890 0.01% 7,252 XPERI CORP* USD 134,162 0.01% 3,974 ZEBRA TECHNOLOGIES CORP CLASS A* USD 1,015,119 0.07%

17,910 ZIONS BANCORP NA* USD 929,909 0.06%

21




United States - 41.67% (30 June 2019: 43.46%) (continued) 2,415 ZOETIS INC CLASS A* USD 319,625 0.02%

Total Equities 1,188,561,259 76.08% Financial Equity Assets at Fair Value Through Profit or Loss 1,188,561,259 76.08% Financial Equity Liabilities at Fair Value Through Profit or Loss – – INVESTMENT FUNDS

Australia - 0.14% (30 June 2019: 0.25%) 66,659 CHARTER HALL GROUP AUD 519,186 0.03% 1,957 GOODMAN GROUP AUD 18,393 0.00%

397,797 MIRVAC GROUP CLASS REIT AUD 889,227 0.06% 225,360 STOCKLAND AUD 731,886 0.05%

France - 0.26% (30 June 2019: 0.19%) 105,388 KLEPIERRE SA EUR 4,004,379 0.26%

Japan - 0.01% (30 June 2019: 0.03%) 13 DAIWA HOUSE REIT INVESTMENT CORP CLASS REIT JPY 33,925 0.00% 12 JAPAN PRIME REALTY INVESTMENT CORP CLASS REIT JPY 52,616 0.00%

6 NIPPON BUILDING FUND INC CLASS REIT JPY 43,892 0.00% 27 NIPPON PROLOGIS REIT INC CLASS REIT JPY 68,671 0.00% 91 NOMURA REAL ESTATE MASTER FUND INC CLASS REIT JPY 155,414 0.01%

Luxembourg - 16.30% (30 June 2019: 15.02%) 1,148,961 ARCUS JAPAN FUND JPY 248,790,893 15.93%

133,664 TRIGON - NEW EUROPE FUND/LUXEMBOURG EUR 5,699,929 0.37%

Romania - 0.20% (30 June 2019: 0.23%) 11,006,146 FONDUL PROPRIETATEA SA RON 3,123,336 0.20%

Singapore - 0.11% (30 June 2019: 0.04%) 27,800 CAPITALAND COMMERCIAL TRUST SGD 41,142 0.00%

355,173 CAPITALAND MALL TRUST SGD 649,780 0.04% 683,000 KEPPEL DC REIT CLASS REIT SGD 1,056,513 0.07%

United Kingdom - 0.02% (30 June 2019: 0.02%) 23,733 SEGRO PLC GBP 282,082 0.02%

United States - 0.76% (30 June 2019: 0.73%) 182 ALEXANDRIA REAL ESTATE EQUITIES INC USD 29,407 0.00% 356 AMERICAN TOWER CORP CLASS A USD 81,816 0.01%

84,977 ANNALY CAPITAL MANAGEMENT INC USD 800,486 0.05% 59,532 ARBOR REALTY TRUST INC USD 854,283 0.05%

477 CAMDEN PROPERTY TRUST USD 50,610 0.00% 27,120 CHIMERA INVESTMENT CORP USD 557,583 0.04% 4,743 CROWN CASTLE INTERNATIONAL CORP USD 674,217 0.04%

78 DIGITAL REALTY TRUST INC USD 9,340 0.00% 836 DUKE REALTY CORP USD 28,984 0.00% 228 EQUINIX INC USD 133,084 0.01%

1,112 EQUITY LIFESTYLE PROPERTIES INC USD 78,274 0.01% 1,529 EQUITY RESIDENTIAL USD 123,727 0.01%

369 ESSEX PROPERTY TRUST INC USD 111,017 0.01% 2,366 EXTRA SPACE STORAGE INC USD 249,897 0.02%

30,110 GAMING AND LEISURE PROPERTIES INC USD 1,296,228 0.08% 6,355 INNOVATIVE INDUSTRIAL PROPERTIES INC CLASS A USD 482,154 0.03% 6,776 INVITATION HOMES INC USD 203,077 0.01% 4,739 KIMCO REALTY CORP USD 98,145 0.01%

150,833 MFA FINANCIAL INC CLASS REIT USD 1,153,874 0.07% 1,905 MID-AMERICA APARTMENT COMMUNITIES INC USD 251,193 0.02% 1,150 NATIONAL RETAIL PROPERTIES INC CLASS REIT USD 61,663 0.00%

21,872 PIEDMONT OFFICE REALTY TRUST INC CLASS A USD 486,438 0.03%

22




United States - 0.76% (30 June 2019: 0.73%) (continued) 1,678 PROLOGIS INC USD 149,577 0.01%

172 REALTY INCOME CORP CLASS REIT USD 12,664 0.00% 1,235 SBA COMMUNICATIONS CORP CLASS A USD 297,623 0.02%

23,472 STARWOOD PROPERTY TRUST INC USD 583,512 0.04% 1,435 SUN COMMUNITIES INC USD 215,393 0.01%

32,053 TANGER FACTORY OUTLET CENTERS INC USD 472,146 0.03% 41,681 TWO HARBORS INVESTMENT CORP USD 609,381 0.04%

164,396 VEREIT INC USD 1,519,020 0.10% 412 WELLTOWER INC USD 33,693 0.00%

1,619 WP CAREY INC USD 129,585 0.01% Total Investment Funds± 277,999,355 17.80% Financial Investment Fund Assets at Fair Value Through Profit or Loss 277,999,355 17.80% Financial Investment Fund Liabilities at Fair Value Through Profit or Loss – –

CONTRACTS FOR DIFFERENCES - 0.16% (30 June 2019: 0.38%)

Nominal Counterparty; Referenced obligation Value US$ Fund %

202,695 Morgan Stanley (14,655) 0.00%

AAREAL BANK AG 157,896 Morgan Stanley (19,096) 0.00%

ABCAM PLC (916,848) Morgan Stanley 90,321 0.01%

ACTIVISION BLIZZARD INC 124,464 Morgan Stanley (495) 0.00%

ADELAIDE BRIGHTON LTD 109,241 Morgan Stanley (18,822) 0.00%

AF POYRY AB 276,897 Morgan Stanley (3,682) 0.00%

AIN PHARMACIEZ INC 157,152 Morgan Stanley (28,528) 0.00%

AJ BELL PLC (798,036) Morgan Stanley 13,933 0.00%

ALCON INC (200,000) Morgan Stanley (8,608) 0.00%

ALTAREA 411,231 Morgan Stanley 105,899 0.01%

AMP LTD 113,288 Morgan Stanley 33,238 0.00%

ANGIODYNAMICS INC 76,037 Morgan Stanley (5,182) 0.00%

APPLUS SERVICES SA 614,107 Morgan Stanley (18,691) 0.00%

AQUA AMERICA INC 66,424 Morgan Stanley (1,356) 0.00%

ARB CORP LTD 530,223 Morgan Stanley 13,799 0.00%

ASHLAND GLOBAL HOLDINGS INC (498,798) Morgan Stanley 49,870 0.00%

ASHMORE GROUP PLC (358,990) Morgan Stanley 62,060 0.01%

AVAST PLC 174,554 Morgan Stanley (14,218) 0.00%

BANK HAPOALIM BM 296,963 Morgan Stanley 63,926 0.01%

BANK OF QUEENSLAND LTD 165,986 Morgan Stanley (709) 0.00%

BEZEQ THE ISRAELI TELECOMUNICATION CORP LTD

23



160,605 Morgan Stanley 16,714 0.00%

BGC PARTNERS INC-CL A (892,235) Morgan Stanley 248,395 0.02%

BIOGEN INC 341,240 Morgan Stanley (20,074) 0.00%

BIO-TECHNE CORP (1,081,762) Morgan Stanley 1,858 0.00%

BNP PARIBAS (91,468) Morgan Stanley (4,228) 0.00%

BP PLC 658,710 Morgan Stanley (35,355) 0.00%

BRINK'S CO (1,023,854) Morgan Stanley (7,037) 0.00%

CADENCE DESIGN SYS INC 70,460 Morgan Stanley 8,862 0.00%

CAFE DE CORAL HOLDINGS LTD 275,208 Morgan Stanley (11,098) 0.00%

CALERES INC 495,332 Morgan Stanley 14,347 0.00%

CANTEL MEDICAL CORP 193,552 Morgan Stanley (60,442) (0.01%)

CAVCO INDUSTRIES INC 482,884 Morgan Stanley (35,702) 0.00%

CDK GLOBAL INC 212,300 Morgan Stanley 1,033 0.00%

CEMBRA MONEY BANK AG 149,629 Morgan Stanley (6,197) 0.00%

CFD LAURENTIAN BANK OF CANADA (69,979) Morgan Stanley 36,229 0.00%

CGG SA 126,973 Morgan Stanley 16,166 0.00%

CHUGOKU BANK LTD 278,365 Morgan Stanley (45,290) (0.01%)

CHURCHILL DOWNS INC (1,076,426) Morgan Stanley 160,032 0.01%

CITIGROUP INC 207,940 Morgan Stanley 4,683 0.00%

CITIZEN WATCH CO LTD 443,781 Morgan Stanley (4,338) 0.00%

CNO FINANCIAL GROUP INC (109,486) Morgan Stanley 453 0.00%

CNP ASSURANCES (262,049) Morgan Stanley 98,019 0.01%

COMPUTACENTER PLC (606,179) Morgan Stanley (13,561) 0.00%

CONOCOPHILLIPS 273,471 Morgan Stanley (8,622) 0.00%

COOPER COS INC 218,662 Morgan Stanley 118,481 0.01%

COSTA GROUP HOLDINGS LTD (973,293) Morgan Stanley 108,626 0.01%

COSTCO WHOLESALE CORP 430,675 Morgan Stanley (28,262) 0.00%

CRANE CO (957,493) Morgan Stanley 38,092 0.00%

CTS EVENTIM AG & CO KGAA 554,373 Morgan Stanley 52,932 0.00%

CUBIC CORP (240,468) Morgan Stanley 84,151 0.01%

CVS GROUP PLC 98,595 Morgan Stanley 5,745 0.00%

DAIDO STEEL CO LTD (1,969,354) Morgan Stanley 79,161 0.01%

DAIICHI SANKYO CO LTD (856,005) Morgan Stanley 16,376 0.00%

DART GROUP PLC 316,406 Morgan Stanley (4,758) 0.00%

DIC CORPORATION

24



(1,693,284) Morgan Stanley 2,531 0.00%

DOLLAR GENERAL CORP (3,011,124) Morgan Stanley 55,783 0.00%

DOMINION ENERGY INC 404,229 Morgan Stanley (35,354) 0.00%

DONALDSON CO INC (681,213) Morgan Stanley 139,974 0.01%

DOWA HOLDINGS CO LTD 368,123 Morgan Stanley 43,957 0.00%

EMPIRE STATE REALTY TRUST-A 369,252 Morgan Stanley 26,533 0.00%

EN-JAPAN INC (796,601) Morgan Stanley 146,048 0.01%

ESTEE LAUDER COMPANIES-CLASS A 354,273 Morgan Stanley 10,171 0.00%

EXPEDIA GROUP INC (471,084) Morgan Stanley (30,860) 0.00%

EXTRA SPACE STORAGE INC 388,781 Morgan Stanley (34,456) 0.00%

FABEGE AB 129,318 Morgan Stanley (4,367) 0.00%

FIRSTSERVICE CORP 107,716 Morgan Stanley (13,751) 0.00%

FORTUNE BRANDS HOME & SECURITY (637,640) Morgan Stanley 28,043 0.00%

FUTURE PLC 145,561 Morgan Stanley 43,651 0.00%

G8 EDUCATION LTD (896,340) Morgan Stanley 2,170 0.00%

GAZTRANSPORT ET TECHNIGAZ SA 210,937 Morgan Stanley (33,607) 0.00%

GENTHERM INC 257,352 Morgan Stanley (18,378) 0.00%

GERRESHEIMER AG 109,139 Morgan Stanley (1,830) 0.00%

GETTY REALTY CORP (1,501,501) Morgan Stanley 76,149 0.01%

GILEAD SCIENCES INC 588,704 Morgan Stanley 24,306 0.00%

GMO PAYMENT GATEWAY INC 239,356 Morgan Stanley (37,794) 0.00%

GRUBHUB INC (1,500,316) Morgan Stanley 64,381 0.01%

GS YUASA CORP 136,054 Morgan Stanley 2,826 0.00%

H20 RETAILING CORPORATION 534,802 Morgan Stanley 177,731 0.01%

HAMMERSON PLC 175,372 Morgan Stanley (4,647) 0.00%

HANWA CO LTD (2,668,759) Morgan Stanley 6,904 0.00%

HERMES INTERNATIONAL 114,563 Morgan Stanley (8,510) 0.00%

HISAMITSU PHARMACEUTICAL 164,630 Morgan Stanley 5,642 0.00%

HOKKAIDO ELECTRIC POWER (1,400,004) Morgan Stanley (25,522) 0.00%

HONDA MOTOR CO LTD 439,890 Morgan Stanley (5,272) 0.00%

HORIBA LTD 273,807 Morgan Stanley (30,015) 0.00%

HOWDEN JOINERY GROUP PLC (1,790,540) Morgan Stanley 150,978 0.01%

IA FINANCIAL CORP INC 166,516 Morgan Stanley 29,919 0.00%

INTERACTIVE BROKERS GRO-CLASS A (967,519) Morgan Stanley 24,105 0.00%

INTERMEDIATE CAPITAL GROUP PLC

25



137,622 Morgan Stanley (8,217) 0.00%

IRESS LTD 155,440 Morgan Stanley (2,830) 0.00%

JAFCO CO LTD (3,013,239) Morgan Stanley 741,500 0.05%

JPMORGAN CHASE & CO 174,238 Morgan Stanley 18,008 0.00%

KONINKLIJKE BAM GROEP NV 149,081 Morgan Stanley (36,301) 0.00%

LINAMAR CORP 212,183 Morgan Stanley (22,992) 0.00%

LINDSAY CORP 267,256 Morgan Stanley (23,220) 0.00%

LINK ADMINISTRATION HOLD (2,783,609) Morgan Stanley 231,361 0.02%

LOCKHEED MARTIN CORP (972,005) Morgan Stanley 19,139 0.00%

LONDONMETRIC PROPERTY PL (274,770) Morgan Stanley 82,616 0.01%

L'OREAL (469,717) Morgan Stanley 16,610 0.00%

LVMH MOET HENNESSY LOUIS 378,979 Morgan Stanley 8,563 0.00%

MABUCHI MOTOR CO LTD 133,406 Morgan Stanley (46,411) (0.01%)

MACNICA FUJI ELECTRONICS (544,953) Morgan Stanley 1,095 0.00%

MARSHALLS PLC 178,643 Morgan Stanley 46,803 0.00%

MATTHEWS INTL CORP-CLASS A 271,273 Morgan Stanley 6,864 0.00%

MERCURY GENERAL CORP (159,019) Morgan Stanley 15,800 0.00%

MITCHELLS & BUTLERS PLC 339,438 Morgan Stanley (3,346) 0.00%

MITSUI CHEMICALS INC 145,220 Morgan Stanley (11,993) 0.00%

MYOKARDIA INC 482,527 Morgan Stanley 21,959 0.00%

MYRIAD GENETICS INC 603,461 Morgan Stanley (15,750) 0.00%

NEW JERSEY RESOURCES CORP 151,447 Morgan Stanley (3,263) 0.00%

NFI GROUP INC 234,528 Morgan Stanley (2,244) 0.00%

NIPPON TELEVISION HOLDINSG INC 121,576 Morgan Stanley 996 0.00%

NISHI-NIPPON RAILROAD CO 531,103 Morgan Stanley 48,793 0.00%

NISSHIN SEIFUN GROUP INC (1,740,691) Morgan Stanley 594 0.00%

NN GROUP NV (452,313) Morgan Stanley (49,276) (0.01%)

NOF CORP 556,992 Morgan Stanley (35,909) 0.00%

NORDSON CORP 260,238 Morgan Stanley (16,102) 0.00%

NORTHWEST NATURAL HOLDING CO 646,935 Morgan Stanley (460) 0.00%

NORTHWESTERN CORP 236,196 Morgan Stanley (2,217) 0.00%

NTN CORP 300,300 Morgan Stanley 33,449 0.00%

OKUMA CORP 159,366 Morgan Stanley 4,624 0.00%

OTTER TAIL CORP 143,819 Morgan Stanley 8,811 0.00%

PALTAC CORPORATION

26



126,780 Morgan Stanley (40,005) 0.00%

PENDAL GROUP LTD 155,837 Morgan Stanley (11,929) 0.00%

PERPETUAL LTD 404,234 Morgan Stanley 12,164 0.00%

POLA ORBIS HOLDINGS INC 603,845 Morgan Stanley 288,858 0.02%

REALOGY HOLDINGS CORP 190,750 Morgan Stanley (13,163) 0.00%

RENASANT CORP 161,239 Morgan Stanley (1,040) 0.00%

RENISHAW PLC 196,701 Morgan Stanley (43,424) (0.01%)

ROCKWOOL INTL A (243,549) Morgan Stanley (76,421) (0.01%)

S.O.I.T.E.C. 349,811 Morgan Stanley (41,682) (0.01%)

SALVATORE FERRAGAMO SPA (1,328,506) Morgan Stanley 55,949 0.00%

SBM OFFSHORE NV 229,708 Morgan Stanley (54,161) (0.01%)

SEEK LTD 387,145 Morgan Stanley 41,164 0.00%

SENIOR HOUSING PROP TRUST 395,408 Morgan Stanley (3,512) 0.00%

SENSIENT TECHNOLOGIES CORP 169,600 Morgan Stanley 2,450 0.00%

SHANGRI-LA ASIA LTD 232,578 Morgan Stanley 2,903 0.00%

SHIMAMURA CO LTD 126,680 Morgan Stanley (45,257) (0.01%)

SIEGFRIED HOLDING AG-REG 305,192 Morgan Stanley (2,905) 0.00%

SILGAN HOLDINGS INC 161,372 Morgan Stanley (21,180) 0.00%

SINGAPORE PRESS HOLDINGS 422,455 Morgan Stanley 9,428 0.00%

SIX FLAGS ENTERTAINMENT CORP 190,115 Morgan Stanley (40,304) 0.00%

SKECHERS USA INC-CLASS A 276,582 Morgan Stanley (556) 0.00%

SNAP-ON INC (291,831) Morgan Stanley 100,929 0.01%

SOFTCAT PLC 77,970 Morgan Stanley (4,723) 0.00%

SPIN MASTER CORP-SUB VTG 383,079 Morgan Stanley (10,391) 0.00%

SPIRAX-SARCO ENGINEERING 606,789 Morgan Stanley 4,291 0.00%

SPIRE INC 162,810 Morgan Stanley 3,714 0.00%

STANDEX INTERNATIONAL CORP 315,568 Morgan Stanley 17,842 0.00%

SUMITOMO RUBBER INDUSTRIES LTD 557,807 Morgan Stanley (16,669) 0.00%

SYNOVUS FINANCIAL CORP 372,546 Morgan Stanley 12,084 0.00%

TAKASHIMAYA CO LTD 122,777 Morgan Stanley (17,159) 0.00%

TALEND SA - ADR 510,772 Morgan Stanley (23,647) 0.00%

TEIJIN LTD 415,037 Morgan Stanley 7,791 0.00%

TOYO TIRE & RUBBER CO LTD 68,809 Morgan Stanley (12,686) 0.00%

TRANSCONTINENTAL INC-CL 767,869 Morgan Stanley (35,031) 0.00%

TRINET GROUP INC

27



158,968 Morgan Stanley (888) 0.00%

TRUSCO NAKAYAMA CORP 74,460 Morgan Stanley (14,452) 0.00%

TSUBAKIMOTO CHAIN CO 270,561 Morgan Stanley (36,399) 0.00%

TTM TECHNOLOGIES 585,440 Morgan Stanley (29,820) 0.00%

UGI CORP 135,811 Morgan Stanley (15,243) 0.00%

UNITED DRUG PLC 171,105 Morgan Stanley (8,227) 0.00%

UNIVERSAL INSURANCE HOLDINGS 349,357 Morgan Stanley (6,943) 0.00%

VARONIS SYSTEMS INC 629,746 Morgan Stanley (103,276) (0.01%)

VERINT SYSTEMS INC 91,302 Morgan Stanley (24,111) 0.00%

VERITEX HOLDINGS INC (228,765) Morgan Stanley 44,922 0.00%

VERTEX PHARMACEUTICALS INC 208,002 Morgan Stanley (37,150) 0.00%

VESUVIUS PLC 167,530 Morgan Stanley (75,474) (0.01%)

VICTREX PLC 407,936 Morgan Stanley 23,120 0.00%

VIRTU FINANCIAL INC-CLASS A 311,600 Morgan Stanley 14,300 0.00%

VITASOY INTL HOLDINGS LT (1,001,100) Morgan Stanley 13,896 0.00%

WALGREENS BOOTS ALLIANCE INC 265,751 Morgan Stanley (72,871) (0.01%)

WEST FRASER TIMBER CO LT 761,880 Morgan Stanley (123,342) (0.01%)

WEYERHAEUSER CO 96,985 Morgan Stanley (38,412) 0.00%

WH SMITH PLC 209,594 Morgan Stanley 9,131 0.00%

WILLIAM HILL PLC 413,078 Morgan Stanley 13,665 0.00%

WISETECH GLOBAL LTD 59,092 Morgan Stanley 9,124 0.00%

Z ENERGY LTD Total Contracts for Differences∞ 2,514,160 0.16% Financial Contracts for Differences Assets at Fair Value Through Profit or Loss 4,600,513 0.29%Financial Contracts for Differences Liabilities at Fair Value Through Profit or Loss (2,086,353) (0.13%)

Investments 1,469,074,774 94.04%

FORWARD FOREIGN CURRENCY CONTRACTS 0.01% (30 June 2019: 0.03%)

Maturity Date

Amount Bought

Amount Sold Counterparty

Unrealised Gain/(Loss)

US$ Fund % The SEI Global Select Equity Fund Hedged Euro Institutional Class 30/01/2020 417,090 EUR (677,527) AUD Brown Brothers Harriman (7,585) 0.00% 30/01/2020 621,025 EUR (912,086) CAD Brown Brothers Harriman (5,146) 0.00% 30/01/2020 559,505 EUR (611,985) CHF Brown Brothers Harriman (4,089) 0.00% 30/01/2020 110,173 EUR (823,121) DKK Brown Brothers Harriman 2 0.00% 30/01/2020 998,714 EUR (841,774) GBP Brown Brothers Harriman 6,956 0.00% 30/01/2020 195,379 EUR (1,699,817) HKD Brown Brothers Harriman 1,604 0.00% 30/01/2020 1,540,945 EUR (185,275,185) JPY Brown Brothers Harriman 25,181 0.00%

28


Maturity Date

Amount Bought

Amount Sold Counterparty


US$ Fund % The SEI Global Select Equity Fund Hedged Euro Institutional Class (continued) 30/01/2020 35,689 EUR (362,438) NOK Brown Brothers Harriman (1,118) 0.00% 30/01/2020 16,330 EUR (27,608) NZD Brown Brothers Harriman (271) 0.00% 30/01/2020 158,108 EUR (1,668,577) SEK Brown Brothers Harriman (703) 0.00% 30/01/2020 79,252 EUR (119,587) SGD Brown Brothers Harriman 162 0.00% 30/01/2020 11,798,929 EUR (13,108,493) USD Brown Brothers Harriman 158,598 0.01% 173,591 0.01% The SEI Global Select Equity Fund Hedged Sterling Institutional Class 30/01/2020 406,838 GBP (784,171) AUD Brown Brothers Harriman (12,210) 0.00% 30/01/2020 605,828 GBP (1,055,648) CAD Brown Brothers Harriman (10,968) 0.00% 30/01/2020 545,641 GBP (708,313) CHF Brown Brothers Harriman (9,476) 0.00% 30/01/2020 107,443 GBP (952,681) DKK Brown Brothers Harriman (930) 0.00% 30/01/2020 1,915,069 GBP (2,273,057) EUR Brown Brothers Harriman (16,899) 0.00% 30/01/2020 190,608 GBP (1,967,360) HKD Brown Brothers Harriman 299 0.00% 30/01/2020 1,502,293 GBP (214,436,420) JPY Brown Brothers Harriman 15,509 0.00% 30/01/2020 34,820 GBP (419,490) NOK Brown Brothers Harriman (1,578) 0.00% 30/01/2020 15,927 GBP (31,953) NZD Brown Brothers Harriman (449) 0.00% 30/01/2020 154,179 GBP (1,931,215) SEK Brown Brothers Harriman (2,169) 0.00% 30/01/2020 77,308 GBP (138,410) SGD Brown Brothers Harriman (457) 0.00% 30/01/2020 11,511,186 GBP (15,171,711) USD Brown Brothers Harriman 89,984 0.01% 50,656 0.01% The SEI Global Select Equity Fund Hedged U.S.$ Institutional Class 30/01/2020 374,969 USD (548,831) AUD Brown Brothers Harriman (11,099) 0.00% 30/01/2020 559,022 USD (739,560) CAD Brown Brothers Harriman (11,383) 0.00% 30/01/2020 501,761 USD (494,277) CHF Brown Brothers Harriman (9,678) 0.00% 30/01/2020 99,169 USD (667,157) DKK Brown Brothers Harriman (1,241) 0.00% 30/01/2020 1,767,712 USD (1,591,468) EUR Brown Brothers Harriman (21,822) (0.01%) 30/01/2020 900,297 USD (683,269) GBP Brown Brothers Harriman (5,595) 0.00% 30/01/2020 176,161 USD (1,379,857) HKD Brown Brothers Harriman (876) 0.00% 30/01/2020 1,381,891 USD (149,577,217) JPY Brown Brothers Harriman 3,385 0.00% 30/01/2020 32,073 USD (293,594) NOK Brown Brothers Harriman (1,343) 0.00% 30/01/2020 14,659 USD (22,341) NZD Brown Brothers Harriman (419) 0.00% 30/01/2020 142,612 USD (1,355,819) SEK Brown Brothers Harriman (2,421) 0.00% 30/01/2020 71,257 USD (96,854) SGD Brown Brothers Harriman (787) 0.00% (63,279) (0.01%) Total Forward Foreign Currency Contracts∞ 160,968 0.01% Financial Forward Foreign Currency Contract Assets at Fair Value Through Profit or Loss 301,680 0.02% Financial Forward Foreign Currency Contract Liabilities at Fair Value Through Profit or Loss (140,712) (0.01%)

FUTURES 0.31% (30 June 2019: 0.27%)

Number of Contracts Description Counterparty


US$ Fund %

316 AUD USD Currency Futures March 2020 JP Morgan 649,800 0.04%(979) British Pounds Currency Futures March 2020 JP Morgan (255,912) (0.02%)429 Canadian Dollar Currency Futures March 2020 JP Morgan 622,885 0.04%212 CHF Currency Futures March 2020 JP Morgan 410,475 0.02%(492) Euro FX Currency Futures March 2020 JP Morgan (664,700) (0.04%)(1,082) Euro Stoxx 50 Futures March 2020 JP Morgan 106,637 0.01%(922) FTSE 100 Index Futures March 2020 JP Morgan (502,134) (0.03%)67 Hang Seng Index Futures January 2020 JP Morgan 106,840 0.01%(1,536) Japanese Yen Currency Futures March 2020 JP Morgan 154,129 0.01%154 MSCI Singapore Index ETS Futures January 2020 JP Morgan 4,867 0.00%13 Norwegian Krone Futures March 2020 JP Morgan 125,490 0.01%(84) OMXS30 Index Futures January 2020 JP Morgan 19,738 0.00%1,925 S&P 500 E-Mini Futures March 2020 JP Morgan 5,326,710 0.34%

29


Number of Contracts Description Counterparty


US$ Fund % 221 S&P TSX 60 Index Futures March 2020 JP Morgan 12,102 0.00%212 SPI 200 Futures March 2020 JP Morgan (703,653) (0.05%)(9) Swedish Krona Currency Futures March 2020 JP Morgan (16,550) 0.00%(119) Swiss Market Index Futures March 2020 JP Morgan (106,305) (0.01%)(1,041) Topix Index Futures March 2020 JP Morgan (390,007) (0.02%) Total FuturesΦ 4,900,412 0.31% Financial Future Assets at Fair Value Through Profit or Loss 7,539,673 0.48%Financial Future Liabilities at Fair Value Through Profit or Loss (2,639,261) (0.17%)

Total Financial Assets at Fair Value Through Profit or Loss 1,479,002,480 94.67%Total Financial Liabilities at Fair Value Through Profit or Loss (4,866,326) (0.31%)

Portfolio Analysis Total Assets % * Transferable securities admitted to an official stock exchange listing 1,186,627,311 74.42%α Transferable securities traded on a regulated market 1,933,948 0.12%± UCITS and non-UCITS investment schemes 277,999,355 17.43%Φ Financial derivative instruments dealt in on a regulated market 4,900,412 0.31%∞ Centrally Cleared and OTC financial derivative instruments 2,675,128 0.17% Total Investments 1,474,136,154 92.45%

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

30

SEI Global Investments Fund plc Unaudited Condensed Financial Statements for the half year ended 31 December 2019 CONDENSED INCOME STATEMENT

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

Global Select Equity FundUS$

Period From1 July 2019 to

Global Select Equity Fund US$

Period From 1 July 2018 to

Note 31 December 2019 31 December 2018 Income - Continuing Activities Income from Financial Assets at Fair Value through Profit or Loss 1(b) 15,969,111 14,948,213 Bank Interest Income 472,765 385,690 Net Gains/(Losses) on Financial Assets and Financial Liabilities at Fair Value through Profit or Loss 1(b) 109,617,430 (214,716,076) 126,059,306 (199,382,173) Expenses - Continuing Activities Management Fee 906,757 1,136,805 Transaction Fees 53,363 63,984 Operational Expenses 44,585 97,442 Total Operating Expenses 1,004,705 1,298,231 Expense Reimbursement (104,053) (196,026) Net Expenses 900,652 1,102,205 Net Income/(Loss) before Finance Costs 125,158,654 (200,484,378) Finance Costs 2 (430,125) (379,052) Profit/(Loss) for the Period 124,728,529 (200,863,430) Withholding Tax (3,063,717) (2,841,267) Increase/(Decrease) in Assets for the Period Attributable to Redeemable Participating Shareholders 121,664,812 (203,704,697) Income and expenses arose solely from continuing operations. There were no recognised gains and losses other than those dealt with in the condensed income statement.

31

SEI Global Investments Fund plc Unaudited Condensed Financial Statements for the half year ended 31 December 2019 CONDENSED STATEMENT OF FINANCIAL POSITION


Global Select Equity

FundGlobal Select Equity

Fund US$ US$ As at As at Note 31 December 2019 30 June 2019 Current Assets Financial Assets at Fair Value through Profit or Loss 1(b) 1,479,002,480 1,436,322,097 Cash at Bank 53,566,695 49,448,866 Receivable for Investments Sold 189,342 2,869,026 Receivable for Shares Created 12,536 31,739 Accrued Income Receivable 2,061,150 3,366,722 Receivable from Broker Margin Accounts 54,599,608 40,271,896 Cash Collateral 7 5,054,783 6,492,635 Other Assets 22,951 22,131 Total Assets 1,594,509,545 1,538,825,112 Liabilities Due Within One Year Financial Liabilities at Fair Value through Profit or Loss 1(b) 4,866,326 4,681,846 Bank Overdraft 66 34 Payable for Investments Purchased 1,328,235 3,928,973 Payable for Shares Redeemed 52,189 8,219 Payable on Broker Margin Accounts 25,537,418 13,367,224 Accrued Expenses Payable and Other Payables 487,969 546,320 Total Liabilities (excluding Net Assets Attributable to Redeemable Participating Shareholders) 32,272,203 22,532,616 Net Assets Attributable to Redeemable Participating Shareholders (at Last Traded Market Prices) 1,562,237,342 1,516,292,496

32

SEI Global Investments Fund plc Unaudited Condensed Financial Statements for the half year ended 31 December 2019 CONDENSED STATEMENT OF FINANCIAL POSITION (continued)


31 December 2019 30 June 2019 30 June 2018

Net Assets

Net AssetValue per

Share Net Assets

Net AssetValue per

Share Net Assets

Net AssetValue per

Share Global Select Equity Fund Euro Institutional Class US$6,227 EUR12.41 US$5,769 EUR11.33 US$5,844 EUR11.20Hedged Euro Institutional Class US$20,767,123 EUR14.52 US$19,721,135 EUR13.59 US$14,160,030 EUR14.04Hedged Sterling Institutional Class US$23,909,903 GBP13.87 US$35,384,500 GBP12.93 US$37,398,314 GBP13.22Hedged U.S.$ Institutional Class US$16,633,720 US$12.43 US$16,020,176 US$11.48 US$16,562,224 US$11.49Sterling Institutional Class US$825,004,018 GBP25.26 US$773,402,785 GBP24.36 US$807,511,830 GBP23.79Sterling Institutional Distributing Class US$35,320,903 GBP20.53 US$32,732,279 GBP20.07 US$33,579,054 GBP19.95U.S.$ Institutional C Class US$10,352,333 US$14.13 US$14,879,288 US$13.15 US$55,112,347 US$13.43U.S.$ Institutional Class US$630,243,115 US$22.85 US$624,146,564 US$21.17 US$663,112,160 US$21.45

33

SEI Global Investments Fund plc Unaudited Condensed Financial Statements for the half year ended 31 December 2019 CONDENSED STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO REDEEMABLE PARTICIPATING SHAREHOLDERS






Note 31 December 2019 31 December 2018Net Assets Attributable to Redeemable Participating Shareholders at beginning of Period 1,516,292,496 1,627,441,803Proceeds from Redeemable Participating Shares Issued 108,572,527 47,539,958Cost of Redeemable Participating Shares Redeemed (184,292,493) (109,840,062) 1,440,572,530 1,565,141,699 Increase/(Decrease) in Assets for the Period Attributable to Redeemable Participating Shareholders 121,664,812 (203,704,697) Net Assets Attributable to Redeemable Participating Shareholders at end of Period 1,562,237,342 1,361,437,002

34

SEI Global Investments Fund plc Unaudited Condensed Financial Statements for the half year ended 31 December 2019 CONDENSED STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO REDEEMABLE PARTICIPATING SHAREHOLDERS (continued)


The number of Redeemable Participating Shares issued and redeemed during the year ended 31 December 2019 were as follows:

Shares in Issueat 1 July 2019

SharesIssued

SharesRedeemed

Shares in Issueat 31 December 2019

Global Select Equity Fund Euro Institutional Class 447 – – 447Hedged Euro Institutional Class 1,274,540 – – 1,274,540Hedged Sterling Institutional Class 2,150,645 238,409 (1,087,407) 1,301,647Hedged U.S.$ Institutional Class 1,395,052 – (57,094) 1,337,958Sterling Institutional Class 24,946,683 2,558,583 (2,850,902) 24,654,364Sterling Institutional Distributing Class 1,281,665 16,856 – 1,298,521U.S.$ Institutional C Class 1,131,470 264,900 (663,900) 732,470U.S.$ Institutional Class 29,479,950 1,342,566 (3,240,078) 27,582,438

The number of Redeemable Participating Shares issued and redeemed during the year ended 30 June 2019 were as follows:

Shares in Issueat 1 July 2018

SharesIssued

SharesRedeemed

Shares in Issueat 30 June 2019

Global Select Equity Fund Euro Institutional Class 447 – – 447Hedged Euro Institutional Class 863,540 411,000 – 1,274,540Hedged Sterling Institutional Class 2,142,975 60,015 (52,345) 2,150,645Hedged U.S.$ Institutional Class 1,440,849 – (45,797) 1,395,052Sterling Institutional Class 25,712,890 2,102,307 (2,868,514) 24,946,683Sterling Institutional Distributing Class 1,274,931 34,358 (27,624) 1,281,665U.S.$ Institutional C Class 4,103,060 3,332 (2,974,922) 1,131,470U.S.$ Institutional Class 30,919,094 3,160,065 (4,599,209) 29,479,950

35


NOTES TO THE CONDENSED FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 31 DECEMBER 2019

1. Accounting Policies

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

a) Basis of Presentation of Financial Statements The financial statements are prepared in accordance with accounting standards generally accepted in Ireland, comprising the Companies Act 2014 and the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, (the “UCITS Regulations”). Accounting standards generally accepted in Ireland in preparing financial statements giving a true and fair view are those published by the Institute of Chartered Accountants in Ireland and issued by the Financial Reporting Council (“FRC”). The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (“FRS 102”) is effective for accounting periods beginning on or after 01 July 2015. FRS 104 “Interim financial reporting” (“FRS 104”) is effective for interim reporting periods commencing on or after 01 January 2015. These unaudited condensed financial statements have been prepared in accordance with the standard for interim financial statements, FRS 104, and should be read in conjunction with the audited financial statements for the year ended 30 June 2019. For the audited financial statements for the year ended 30 June 2019, securities which were quoted, listed or traded on an exchange were valued for financial reporting purposes at the current bid or ask price, at the valuation point. These reclassifications have had no impact on reported Shareholder dealing net assets. The format and certain wordings of the financial statements have been adapted from those contained in the Companies Act 2014 so that, in the opinion of the Directors, they more appropriately reflect the nature of the Company’s business as an investment Fund. The Company has availed of the exemption available to open-ended investments funds under FRS 102 not to prepare a cash flow statement.

The financial statements are prepared under the historical cost convention as modified by the revaluation of financial assets and financial liabilities held at fair value through profit or loss. The financial statements are based on the valuations prepared at 4.00pm Eastern Time on 31 December 2019 (“Valuation Point”). The Administrator operates T+1 trading, therefore, investment transactions and capital transactions included in the valuations are up to close of business on 30 December 2019.

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

36


NOTES TO THE CONDENSED FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 31 DECEMBER 2019 (continued)

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

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

c) Foreign Exchange Translation Functional and Presentation Currency The functional and presentation currency of The SEI Global Select Equity Fund is US Dollar (US$). This is considered to be the currency of the primary economic environment of the Fund. The presentation currency of The SEI Global Investments Fund plc is the US Dollar (US$). Transactions and Balances Assets and liabilities denominated in currencies other than the functional currency of the Fund are translated into the functional currency at the exchange rates ruling at the Condensed Statement of Financial Position date. Transactions in currencies other than the functional currency of the Fund are translated into the functional currency at the exchange rates ruling at the dates of the transactions. Gains and losses on foreign exchange transactions are recognised in the Condensed Income Statement in determining the result for the half year ended 31 December 2019 and 31 December 2018. Proceeds from subscriptions and amounts paid on redemption of Redeemable Participating Shares are translated at the rates prevailing at the dates of the transactions. The Condensed Statement of Financial Position is translated using exchange rates at the period end and the Condensed Income Statement and Condensed Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders are translated at an average rate over the period for inclusion in the combined financial statements of the Company. The resulting notional currency gain/(loss) and the notional currency gain/(loss) on retranslation of the opening net assets is included in the Condensed Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders. The method of translation has no effect on the value of net assets allocated to the individual Fund.

d) Collateral

Securitised collateral which is provided to the broker is annotated on the relevant security in the Portfolio of Investments. Securitised collateral which is provided to the Fund is disclosed in Note 7. Cash collateral which is provided to the broker is recorded as an asset to the Fund and included under “Cash Collateral”, and is valued at its fair value on the Condensed Statement of Financial Position.

37



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

Cash collateral held is unrestricted and held in a segregated account in the individual Fund’s name. A related liability to repay the collateral is recorded as a liability on the Condensed Statement of Financial Position under “Cash Collateral Payable” and is also valued at its fair value and disclosed in Note 7. All types of collateral are treated in line with the reporting requirements of FRS 102 and are governed by the terms and conditions of individual ISDA Master Agreements.

2. Finance Costs

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

Global Select Equity Fund

31 December 2019

US$31 December 2018

US$ Distribution (431,021) (365,711) Add: Income deducted/received on cancellation/issue of shares 896 835 Net Distribution for the period (430,125) (364,876) Interest – (14,176) Total Finance Costs (430,125) (379,052)

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

4. Exchange Rates The US$ exchange rates at 31 December 2019 and 30 June 2019 used in this report, are as follows:

31 December 2019 30 June 2019 31 December 2019 30 June 2019

AUD 1.4226 1.4250 INR 71.3782 -

CAD 1.2968 1.3068 JPY 108.6750 107.7400

CHF 0.9684 0.9750 MXN 18.8840 19.2117 CNH 6.9652 - NOK 8.7873 8.5261

CZK 22.6406 22.3429 NZD 1.4823 1.4889

DKK 6.6570 6.5540 PLN 3.7873 3.7292

EUR 0.8909 0.8781 RON 4.2639 4.1538

GBP 0.7549 0.7857 RUB 62.1113 63.0750

HKD 7.7918 7.8125 SEK 9.3611 9.2782

HRK 6.6290 6.4966 SGD 1.3447 1.3530

HUF 294.6192 283.4344 TRY 5.9510 5.7840

ILS 3.4540 3.5666 ZAR 13.9835 14.1013

38



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

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

The Company seeks to control the active management risk of the Fund with its multi-manager structure. The Portfolio Managers of each Fund utilise a variety of investment strategies. By diversifying Portfolio Managers, the Investment Adviser seeks to control the active management risk of the Fund. The Investment Adviser utilises various analytical techniques; and its qualitative judgement, to determine the appropriate allocation of assets to each Portfolio Manager. The Investment Adviser periodically monitors the diversification benefits of the Fund’s multi-manager structure.

a) Market Price Risk The Company takes positions in financial instruments, including derivatives, to take advantage of short-term market movements in equity and fixed income markets. The Fund may buy or sell call or put options, financial futures, and other derivative instruments within limits defined in the Prospectus. The Company’s equity, debt, and derivative financial instruments are susceptible to market price risk arising from uncertainties about future prices of the instruments. All security investments present a risk of loss of capital. Except for written options, the maximum risk resulting from financial instruments is determined by the fair value of the financial instruments.

As at 31 December 2019, the Company’s market risk is affected by three main components: changes in actual market prices, foreign currency movements and interest rate movements. To measure market price risk, the Investment Adviser computes the VaR for each Fund. The VaR methodology and limitations are described below. VaR Methodology VaR is a method of assessing risk that reflects the interdependencies between market price risk, currency risk and interest rate risk for the financial instruments held by the Fund. Absolute VaR measures the maximum loss that is not expected to be exceeded with a particular level of confidence over a particular period of time. For example, if a Fund has an absolute VaR of 5%, this implies that the maximum expected loss over a one-day period is 5% with a 99% level of confidence. The Investment Adviser calculates the relatvie VaR for each Fund on a daily basis with a 99% level of confidence over a one-day time horizon. The Investment Adviser utilises a commercially available risk management system for calculating the relative VaR for each Fund. The risk management system employs a factor model approach to calculate VaR and Relative VaR. The factor model identifies the common sources of risk, or “factors,” that systematically affect asset returns. The system applies the factor exposures for the current holdings of each Fund, the volatility of the risk factors, the correlations between the risk factors, and the residual unsystematic risk of each security to estimate the risk of the Fund over a one-day holding period. The historical period for calculating the correlations and volatilities is two years. The one-tail confidence level is 99%. VaR Limitations The VaR methodology used by the Investment Adviser is subject to several limitations. First, VaR is based on a model of stock price returns which uses risk factors. To the extent that there are missing risk factors, mis-specified risk factors, or risk factors which are not predictive, the VaR may not be indicative of future risk. Also, the returns to various risk factors are not directly observable in the market, and must be estimated using statistical techniques. To the extent that these estimates may be imprecise, the VaR may not be indicative of future risk. In addition, the co-variance between the risk factors is estimated over a particular historical time period. To the extent that the future time period may be different from the historical time period, the VaR may not be indicative of future risk. For these reasons, VaR may be more useful as a relative measure of risk among Funds, rather than as an absolute measure of risk.

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

39



5. Risk Management Disclosures (continued)

b) Currency Risk Currency risk arises on financial instruments that are denominated in a foreign currency, i.e. in a currency other than the functional currency in which they are measured. For the purpose of FRS 104, currency risk does not arise from financial instruments that are non-monetary items or from financial instruments denominated in the functional currency. FRS 104 considers the foreign exchange exposure relating to non-monetary assets and liabilities to be a component of market price risk not foreign currency risk. The Company attempts to manage currency risk through its investment policies and investment restrictions as specified in the Company’s Prospectus and by evaluating each Portfolio Manager’s currency risk management capabilities as a criterion for appointment, where appropriate. In addition, the Portfolio Manager performs stress tests to measure the impact of currency fluctuations on the Company’s Fund. The Portfolio Manager may seek to hedge these risks by investing in currencies, currency futures contracts and options on currency futures contracts, as specified in the Company’s Prospectus.

c) Interest Rate Risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company has one Fund at 31 December 2019 (30 June 2019: one Fund). The majority of the assets and liabilities of the Fund are invested in equity securities and are non-interest bearing. As a result, this Fund is not subject to significant amounts of risk due to fluctuations in the prevailing levels of market interest rates. Any excess cash and cash equivalents are invested at short-term market interest rates. The cash reserves are generally equitised using futures or swaps in order to obtain equity market exposure. The Fund did not invest in any swaps as at the half year end.

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

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

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

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

All broker transactions in listed securities are settled upon delivery to the Company’s Depositary. The risk of default is considered minimal, as delivery of securities sold is only made once the Company’s Depositary has received payment from the broker. Payment to a broker is made on a purchase once the securities have been received by the Company’s Depositary. The trade will fail if either party fails to meet its obligation. The Fund limit its exposure to credit losses on derivative instruments by limiting their exposure to counterparties in accordance with the investment restrictions specified in the Company’s Prospectus. Counterparties must be subject to prudential supervision and meet certain requirements as specified by the Central Bank. The Investment Adviser requires each Portfolio Manager to complete a quarterly questionnaire to verify compliance with the investment restrictions on counterparties.

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

40



5. Risk Management Disclosures (continued) d) Credit Risk (continued)

basis. A Fund’s overall exposure to credit risk on derivative instruments subject to a master netting arrangement can change substantially within a short period, as it is affected by each transaction subject to the arrangement.

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

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

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

f) Fair Value Estimation

FRS 102 on “Fair Value Disclosure” requires disclosure relating to the fair value hierarchy in which fair value measurements are categorised for assets and liabilities. The disclosures are based on a three-level fair value hierarchy for the inputs used in valuation techniques to measure fair value. Amendments were made to this FRS, revising the disclosure requirements for financial institutions. An entity shall apply these amendments for accounting periods beginning on or after 01 January 2017. This amendment has been adopted in the preparation of these financial statements.

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

The fair value hierarchy has the following levels:

(i) Level 1: Investments, whose values are based on quoted market prices in active markets, and therefore classified within Level 1,

include active listed equities, exchange traded investment funds and REITs. Quoted prices for these instruments are not adjusted.

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

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

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

The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement of the instrument in its entirety. For this purpose, the significance of an input is assessed against the fair value measurement of the instrument in its entirety.

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

41



5. Risk Management Disclosures (continued) f) Fair Value Estimation (continued)

The tables below provide an analysis within the fair value hierarchy of the Company’s financial assets and financial liabilities, measured at fair value at 31 December 2019 and 30 June 2019:

The SEI Global Select Equity Fund Level 1 Level 2 Level 3 Total31 December 2019 Fair Value

US$ US$ US$ US$Financial Assets at Fair Value Through Profit or Loss Equities 1,182,099,817 6,341,488 119,954 1,188,561,259Investment Funds 23,508,533 254,490,822 – 277,999,355Contracts for Differences – 4,600,513 – 4,600,513Forward Foreign Currency Contracts – 301,680 – 301,680Futures Contracts 7,539,673 – – 7,539,673

1,213,148,023 265,734,503 119,954 1,479,002,480

Financial Liabilities at Fair Value Through Profit or Loss Contracts for Differences – (2,086,353) – (2,086,353)Forward Foreign Currency Contracts – (140,712) – (140,712)Futures Contracts (2,639,261) – – (2,639,261)

(2,639,261) (2,227,065) – (4,866,326)

The SEI Global Select Equity Fund

30 June 2019 Level 1 Level 2 Level 3Total

Fair Value US$ US$ US$ US$Financial Assets at Fair Value Through Profit or Loss Equities 1,163,966,921 5,468,630 119,218 1,169,554,769Investment Funds 23,966,730 227,768,839 – 251,735,569Options – 4,812 – 4,812Contracts for Difference – 8,472,388 – 8,472,388Forward Foreign Currency Contracts – 622,024 – 622,024Futures Contracts 5,932,535 – – 5,932,535

1,193,866,186 242,336,693 119,218 1,436,322,097

Financial Liabilities at Fair Value Through Profit or Loss Contracts for Difference – (2,759,811) – (2,759,811)Forward Foreign Currency Contracts – (191,369) – (191,369)Futures Contracts (1,730,666) – – (1,730,666)

(1,730,666) (2,951,180) – (4,681,846)

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6. Efficient Portfolio Management The Company may employ investment techniques and use financial derivative instruments (such as futures contracts, forward foreign currency contracts, options and swaps) for efficient portfolio management of the assets of any Fund including hedging against market movements, currency exchange or interest rate risks subject to the conditions and within the limits laid down by the Central Bank and the Prospectus. The efficient portfolio management purposes for which the Company intends to employ financial derivative instruments and such investment techniques are the reductions of risk, reduction of cost and the generation of additional capital or income for the relevant Fund with an appropriate level of risk, taking into account the risk profile of the Fund and the general Central Bank UCITS Regulations. Any such investment technique or use of financial derivative instruments must be one which is reasonably believed by the Investment Adviser or Portfolio Managers to be economically appropriate in that they are realised in a cost-effective way. The Company engaged in securities lending during the half year ended 31 December 2019 and 30 June 2019, details of which are included in a separate Note. Direct and indirect costs associated with efficient portfolio management techniques are not readily identifiable.

7. Collateral

Cash received as collateral is recorded as an asset on the Condensed Statement of Financial Position and is valued at its fair value. A related liability to repay the collateral is recorded as a liability on the Condensed Statement of Financial Position and is also valued at its fair value in line with the requirement of FRS 102. There was no cash provided to the Fund as at 31 December 2019 and 30 June 2019. There was no securities provided to the Fund as collateral as at 31 December 2019 and 30 June 2019.

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

During the half year ended 31 December 2019 and year ended 30 June 2019, the Company engaged in approved stock lending transactions whereby it may lend securities to a counterparty in return for which it agreed that securities of the same kind and amount should be transferred back to the Company at a later date. The agreement has the substance of a loan of the Company's securities in return for collateral. The Company receives a fee in return for this loan of its securities, which is included in the Condensed Income Statement within “Income from Financial Assets at Fair Value through Profit or Loss”. Securities on loan to a counterparty under the stock lending arrangements have been included in the Portfolios of Investments and the Condensed Statement of Financial Position and have been valued in accordance with the accounting policies. Cash received as collateral is recorded as an asset on the Condensed Statement of Financial Position under “Securities lending Collateral Invested” and is valued at its fair value. A related liability to repay the collateral is recorded as a liability on the Condensed Statement of Financial Position under “Collateral Payable on Securities lending” and is also valued at its fair value.

Non-Cash collateral is accepted by Brown Brothers Harriman & Co. (as securities lending agent) in the form of G-10 sovereign debt which has been cleared through Euroclear or through the Federal Book Entry System.

The aggregate value of securities on loan and the value of collateral held by the Fund as at 31 December 2019 and 30 June 2019 are as follows:

31 December 2019 30 June 2019

Value of Value of Value of Value of

Securities Securities Collateral Securities Collateral

Fund Name Lending Agent on Loan Held on Loan Held

The SEI Global Select Equity Fund Brown Brothers Harriman US$3,779,207 US$4,350,464 US$2,747,343 US$2,907,977

Securities lending income and associated costs during the year ended 31 December 2019 are:

Securities Gross

Fund Name Lending Agent Earnings Costs

The SEI Global Select Equity Fund Brown Brothers Harriman US$13,284 US$1,993 Securities lending income and associated costs during the year ended 30 June 2019 are:

Securities Gross

Fund Name Lending Agent Earnings Costs The SEI Global Select Equity Fund Brown Brothers Harriman US$62,425 US$9,364

9. Comparative Figures

The comparative figures stated in the financial statements are those for the half year ended 31 December 2018 for the Condensed Income Statement, the Condensed Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders and their respective notes and as at 30 June 2019 for the Condensed Statement of Financial Position and notes to the Condensed Statement of Financial Position.

43



10. Connected Persons

In compliance with UCITS Regulations, the Directors confirm that for the half year ended 31 December 2019, all transactions carried out with connected persons were on an arms length basis and in the best interests of Shareholders.

11. Related Persons

The Manager, Investment Adviser, Administrator and Distributor are related persons as defined by FRS 102.

None of the Directors or the Company Secretary, at the date of this report, holds or held, on the date of his appointment or during the half year ended 31 December 2019, any beneficial interest in the Shares of the Company.

Michael Jackson is a partner in the firm of Matheson, who act as legal advisers to the Company. During the half year ended 31 December 2019, Matheson were paid fees of US$14,558 (30 June 2019: US$33,770) for services to the Company.

The significant Shareholders of the Company at 31 December 2019 and 30 June 2019 were as follows:

% Held % Held

31 December 2019 30 June 2019

The SEI Global Select Equity Fund

SEI Global Nominee Ltd. 91.20 93.40

12. Approval of Financial Statements The Board of Directors approved the unaudited condensed financial statements on 27 February 2020.

44


APPENDIX

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

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

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

Variable Remuneration

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

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

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

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

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

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

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

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

45


APPENDIX (continued)

THE SEI GLOBAL SELECT EQUITY FUND Appendix II - Statement of Changes in Composition of Portfolio

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

Major Purchases Nominal Cost US$

AT&T INC 205,279 7,082,009

CH ROBINSON WORLDWIDE INC 81,055 6,819,045

FLUOR CORP 245,363 4,455,333

DXC TECHNOLOGY CO 130,223 4,422,503

AMERICAN AIRLINES GROUP INC 153,092 4,376,493

VISA INC 24,221 4,200,965

AUTOZONE INC 3,670 4,175,116

PEPSICO INC 31,240 4,163,020

ATLAS AIR WORLDWIDE HOLDINGS INC 152,814 3,950,739

E*TRADE FINANCIAL CORP 92,065 3,947,803

MONDELEZ INTERNATIONAL INC 67,728 3,688,133

TELIA CO AB 804,129 3,619,590

INTERCONTINENTAL EXCHANGE INC 37,505 3,518,636

FASTENAL CO 95,033 3,451,928

SIMPSON MANUFACTURING CO INC 41,750 3,404,693

VIACOM INC 153,353 3,356,560

MICROSOFT CORP 22,056 3,336,743

CARNIVAL CORP 74,124 3,262,064

ANGLO AMERICAN PLC 115,512 3,219,985

SYNNEX CORP 32,216 3,194,036

Major Sales Nominal Proceeds US$

CIGNA CORP 33,408 6,259,240

ZIMMER BIOMET HOLDINGS INC 46,195 5,902,977

CITIGROUP INC 79,904 5,405,491

NOVARTIS AG 59,065 5,121,341

MTU AERO ENGINES AG 18,608 5,025,939

GENERAL MILLS INC 88,901 4,752,199

RELIANCE STEEL & ALUMINUM CO 39,683 4,499,309

VISA INC 25,272 4,466,860

DAVITA INC 67,185 4,245,939

AMERICAN INTERNATIONAL GROUP INC 75,298 4,046,913

THERMO FISHER SCIENTIFIC INC 13,578 3,978,050

GROUP 1 AUTOMOTIVE INC 42,491 3,896,176

BRD-GROUPE SOCIETE GENERALE SA 1,186,658 3,873,904

ELI LILLY & CO 32,788 3,780,154

STRYKER CORP 18,058 3,778,856

CISCO SYSTEMS INC 75,102 3,718,336

MONDELEZ INTERNATIONAL INC 67,080 3,683,632

ALLY FINANCIAL INC 113,557 3,654,386

CARLSBERG A/S 23,344 3,391,468

CBRE GROUP INC 61,299 3,296,788

46



Appendix III – Securities Financing Transactions Regulations Securities Financing Transaction Regulation (“SFTR”) introduces reporting requirements for securities financing transactions (“SFTs”) and total return swaps. A Securities Financing Transaction (SFT) is defined as per Article 3(11) of the SFTR as: a repurchase/reverse repurchase agreement, securities or commodities lending and securities or commodities borrowing, a buy-sell back transaction or sell-buy back transaction, or a margin lending transaction. As 31 December 2019 the Fund held the following types of SFTs: securities lending. All amounts shown represent Market Value. Global Data The amount of assets across all SFTs as at 31 December 2019 is as follows: The SEI Global Select Equity Fund

Type of asset Amount % of NAV % of lendable assets Securities lending US$3,779,207 0.24% 1.14%

Data on reuse of collateral There was no re-use of collateral during the period ended 31 December 2019. There was no cash collateral reinvestment during the period ended 31 December 2019. Concentration data The ten largest issuers for collateral securities and commodities received across all SFTs as at 31 December 2019 is as follows: The SEI Global Select Equity Fund

# Collateral Issuers Amount

1 UK Government US$3,001,850 2 Dutch Government US$1,348,600 3 German Government US$14

The ten largest counterparties across all SFTs as at 31 December 2019 is as follows: The SEI Global Select Equity Fund

Type of asset # Counterparty Amount Securities lending 1 Citigroup Global Markets Limited US$2,858,893

2 Credit Suisse US$920,314 Safekeeping of collateral received One Custodian held collateral received as at 31 December 2019 as follows: The SEI Global Select Equity Fund

Custodian Type of collateral Amount CREST Security collateral US$3,001,850

Euroclear Security collateral US$1,348,614 Safekeeping of collateral granted There was no collateral granted for securities lending transactions.

47



Appendix III – Securities Financing Transactions Regulation (continued) Return/Cost Return and cost for each type of SFTs for the period ended 31 December 2019 is as follows: The SEI Global Select Equity Fund

Return: Amount % overall returns To Fund US$11,291 85%

To Manager - -

To 3rd Party US$1,993 15%

There were no costs associated with SFTs for the period ended 31 December 2019. Aggregate transaction data The maturity of SFTs as at 31 December 2019 is as follows: The SEI Global Select Equity Fund

Maturity Amount Less than one day -

One day to one week - One week to one month -

One month to three months - Three months to one year -

Above one year - Open maturity US$3,779,207

The settlement and clearing mechanisms for SFTs as at 31 December 2019 are as follows: The SEI Global Select Equity Fund

Settlement and clearing mechanism

Amount

Bilateral - Tri-party US$3,779,207

Centrally Cleared -

48



Appendix III – Securities Financing Transactions Regulation (continued) Aggregate transaction data (continued) The aggregate transaction data for collateral positions (including cash) received across all SFTs as at 31 December 2019 is as follows: The SEI Global Select Equity Fund

Counterparty Type of collateral Amount Quality* Maturity tenor (collateral)

Currency of collateral

Country of counterparty establishment

Citigroup Global Markets Limited United Kingdom Gilt 1.75%, 07/09/2037 US$3,001,850 AA >1 year GBP United States Credit Suisse Netherlands Government Bond 0.50%, 15/01/2040 US$1,348,586 AAA >1 year EUR Switzerland Credit Suisse German Government Bond 3.25%, 04/07/2042 US$14 AAA >1 year EUR Switzerland Credit Suisse Netherlands Government Bond 2.75%, 15/01/2047 US$14 AAA >1 year EUR Switzerland

*Standard and Poor’s long term issue credit rating

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