hsbc index tracker funds investment

HSBC Index Tracker Investment FundsAnnual Report and Accounts

15 May 2021

2

Company

HSBC Index Tracker Investment

Funds Registered in England

with Company Number IC000075

Registered Office

8 Canada Square London E14 5HQ

Directors

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

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

HSBC Global Asset Management (UK) Limited - Directors

R.E.W. Apenbrink

P.G.P. Dew

M.G. McDonald

T.J. Palmer

J.R. Paterson

S. White

Company Information

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Directors’ Report 4

Market Review 5

Notes to the Company Financial Statements 9

HSBC Index Tracker Investment Funds

FTSE 100 Index Fund 13

FTSE All-Share Index Fund 32

FTSE 250 Index Fund 63

FTSE All-World Index Fund 86

European Index Fund 177

American Index Fund 204

Japan Index Fund 231

Pacific Index Fund 258

UK Gilt Index Fund 288

Sterling Corporate Bond Index Fund 306

Developed World Sustainable Equity Index Fund 338

Employee Remuneration Disclosure 376

Contracts for Difference 379

Statement of Authorised Corporate Director’s (ACD) Responsibilities 380

Statement of the Depositary’s Responsibilities 381

Independent Auditor’s Report 382

General Information 385

Important Notes 388

Important Changes to the Company and/or Fund Documentation 389

Other Information 391

Corporate Shareholders 392

Risk and Reward Profile 393

Directory 394

Quick Reference Guide 395

Contents

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We are pleased to present the Annual Report and Financial Statements for HSBC Index Tracker Investment Funds Open-Ended Investment Company (OEIC), (“the Company”), covering the year from 16 May 2020 to 15 May 2021.

HSBC OEICs are investment companies with variable capital under regulation 12 (Authorisation) of the OEIC Regulations. All Funds within the OEIC are classed as securities funds.

The ACD, HSBC Global Asset Management (UK) Limited, is incorporated in England and Wales under number 1917956 and authorised and regulated by the Financial Conduct Authority.

The Company is an umbrella company comprising various Funds, each of which is operated as a distinct Fund, with its own portfolio of investments.

Each Fund has the investment powers equivalent to those of a securities company.

Shareholders are not liable for the debts of the Company. A shareholder is not liable to make any further payment to the Company after the purchase price of the shares has been paid for.

Director’s Report

S. White

Director

T.J. Palmer

Director

For and on behalf of HSBC Global Asset Management (UK) Limited ACD

31 August 2021

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Welcome to the Annual Report for the HSBC Index Tracker Investment Funds Open-Ended Investment Company (OEIC). The report covers the year 16 May 2020 to 15 May 2021.

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

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

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

Market Overview

This was a strong period for global equities. Having plunged in the first quarter of 2020, owing to the onset of coronavirus, markets rallied substantially through the 12-month period to 15 May 2021.

Markets were underpinned by measures implemented by governments to support their respective economies, and by global central banks, which radically increased monetary support. The easing of restrictions on daily life and a recovery in business activity through the summer months boosted equity markets further. However, as autumn approached, there were signs of a potential second wave of the pandemic across many countries, especially in the West; consequently, lockdown restrictions were widely re-imposed at that time. The successful trials and gradual rollout of Covid-19 vaccines in the final two months of 2020 spurred an end-of-year rally in equities. The news of Joe Biden’s election as US president, albeit challenged by Donald Trump, and the very late agreement between the UK and the EU on a post-Brexit trade agreement lifted investors’ moods.

By the end of the period, optimism around a quick economic recovery from Covid-19 and confidence in the vaccines were waning somewhat as a third wave of the pandemic swept through much of Europe as well as Brazil and India, among other countries. Equities were also impacted by worries about rising long-term inflation, resulting from recovering economic growth and the impact of record levels of fiscal stimulus, which drove bond yields to levels not seen, in some cases, for 12 months or more. The 10-year US Treasury yield climbed to over 1.7%, having begun 2021 at 0.9%. Bond markets weakened over the period.

Nearly all countries fell into recession in the first two quarters of 2020, before recovering thereafter. The US contracted at its highest ever-recorded rate in the second quarter, before recovering by a record amount in the third quarter. Recessions were confirmed in the UK, Germany, France and Japan. The UK was also impacted by the uncertainties surrounding its future relationship with the EU, finally agreed late in 2020. Mainland China’s economy was one of the very few to recover to pre-pandemic levels by the end of the year. By the end of the period, economic data was clearly recovering across nearly all regions as the most severe restrictions of the lockdown were lifted.

Market Review

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UK Equities

UK equities recovered over the period but underperformed European and global markets. The weaker relative performance was largely due to the UK being harder hit than most other countries by the pandemic, in terms of higher death rates and economic impact. Uncertainty about the UK’s future relationship with the EU was another factor impacting the market. The UK government and the Bank of England (BoE) provided support to the economy. The UK’s furlough scheme was extended twice in order to support workers until the economy was fully re-opened.

A recession in the UK was confirmed as GDP fell by a record 19.5%, on a quarterly basis, in the second quarter of 2020 – the worst performance of any major developed economy – before recovering by 16.9% in the third quarter. GDP flattened in the fourth quarter, with just 1.3% growth achieved, and fell in the first quarter of 2021, by 1.5%. For 2020 as a whole, GDP fell 9.8%, the worst figure ever recorded. While unemployment remained close to generational lows of around 4.0% in the early months of the period, it began to grow through the summer months, reaching 5.1% in the three months to December, before falling marginally thereafter. UK inflation remained subdued, falling to a low of 0.2% in August, before ending the period at a 0.7% annual rate in March.

Brexit talks, which had drifted into the background during the height of the coronavirus in the first half of the period, became a much greater factor behind market movements in the final weeks of 2020, as negotiations became more tense and positions on each side seemed to become more entrenched. A deal was finally announced on Christmas Eve. However, tensions with the EU persisted over a number of issues, not least as the EU threatened to ban vaccines exports to the UK after a dispute with supplier AstraZeneca.

The good news on vaccines in the US and, subsequently, the approval of the UK’s Oxford/AstraZeneca vaccine cheered investors in the final months of 2020. The UK became the first country to administer a Covid-19 vaccine in December. UK equities rallied strongly in the final two months of 2020, recovering some of the relative ground lost to global equity markets. This rally continued into 2021, despite the renewed rise in coronavirus cases and deaths, and the re-imposition of a nationwide lockdown in early January. By the end of the period, Covid-19 case numbers and related deaths had fallen significantly, and restrictions were being eased.

US Equities

US equities surged over the period, quickly regaining the losses endured in the first few months of 2020 due to the spread of Covid-19. Major indices such as the S&P 500 and Dow Jones Industrial Average broke through to new all-time highs late in 2020, and again in the first few months of 2021. The US government and US Federal Reserve (Fed) were quick to introduce emergency measures, amounting to trillions of dollars of fiscal and monetary support.

Lockdown measures were eased during the summer months. However, in the autumn, there were worries about rising new cases of Covid-19 across the US, fuelling concern that a second lockdown might be required. The announcement of the Pfizer and Moderna Covid-19 vaccines at the beginning of November radically boosted sentiment, and equities rallied markedly. Joe Biden’s successful bid for the US presidency and the announcement of a further $900 billion of fiscal stimulus at the end of the 2020 were additional positive factors. A further fiscal package was unveiled in early 2021, totalling $1.9 trillion and featuring a $1400 cheque sent out to millions of people across the country.

In economic news, the US fell into recession in the first half of 2020. Second-quarter GDP fell 31.4% on an annualised basis – the worst figure ever recorded – as the full impact of Covid-19 was felt. GDP then recovered to grow by 33.4% in the second quarter, a record quarterly growth rate. The economy grew by 4.3% in the final quarter of the year, leaving it down 3.5% over the whole of 2020, the worst performance since 1946. It rose a further 6.4% in the first quarter of 2021. The unemployment rate fell steadily from a peak of 14.8% in April 2020 to 6.0% in March 2021, while consumer price inflation began to pick up, rising to 4.2% annual growth in April, its highest level since September 2008.

Regarding monetary policy, Fed chairman Jerome Powell stated in August that the Fed would, in setting its strategy, target average inflation rather than stick rigidly to its inflation target of 2%. This would potentially allow consumer inflation to rise higher for a period before interest rates were raised, allowing growth and inflation to recover. However, inflation fears abounded late in the period owing to expectations of a substantial economic recovery later in 2021 and in 2022. The 10-year US Treasury yield rose above 1.7% in early March, the highest level for 14 months and approximately double its level at the beginning of 2021.

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Europe (excluding UK) equities

European equities enjoyed a strong rally through the period. They were boosted early in the period by significant measures of support introduced by governments and central banks to combat the effects of the global pandemic. The EU committed €750 billion through its Recovery Fund to distribute to struggling economies while the European Central Bank (ECB) raised its bond-purchasing programme and extended its accommodative monetary policy. The ECB raised its monthly asset-purchasing budget by €500 billion in December, raising the total budget to €1.85 trillion and extending the programme by a further nine months to March 2022.

The easing of restrictions across Europe, in the spring and summer months, helped to boost markets and allow businesses and social activity to function more fully. However, a second wave of the pandemic returned in the autumn months. More troubling was the third wave in early 2021, featuring variant strains of the virus, forcing several countries to re-impose tight lockdown restrictions as new Covid-19 cases and death rates rose again. While vaccines were gradually administered throughout the continent, the rate of vaccination was notably slower in EU countries compared to the UK, which caused friction and some recriminations.

The European economy fell into recession as the severe economic implications of the coronavirus were felt across the region. Eurozone GDP fell by 11.6% in the second quarter of 2020 – the steepest drop since records began. Italy, France and Germany all fell into recession. Third-quarter GDP showed a rise of 12.5% over the quarter, the steepest rise since 1995, although growth weakened thereafter, with the eurozone economy falling back into recession in 2021.

Inflation within the eurozone picked up notably in 2021, rising by 1.6% year on year in April. The seasonally adjusted unemployment rate fell marginally from 8.7% in September to 8.1% in March, albeit still above the pre-pandemic rate of 7.1% in March 2020.

UK-EU trade negotiations simmered in the background, with the likelihood of a no-deal growing in the final months of the year as positions appeared to harden on both sides. However, a deal was announced on Christmas Eve, to the palpable relief of all those concerned. The euro strengthened further over the period, especially against the US dollar, despite a recovery in the dollar in 2021. Worries grew about the euro’s strength and its impact on export growth.

Japanese Equities

The Japanese market climbed through the period, albeit it was relatively weak compared to other Asian and global markets. The period started with a surge in equity prices as the government introduced special fiscal programmes to support the economy following the arrival of Covid-19.

Regarding the economy, GDP fell 8.1% over the second quarter of 2020 – the third consecutive quarter of decline – largely due to the impact of coronavirus. It recovered in the third quarter, rising 5.3% over the quarter, and then by 2.8% in the final quarter of 2020. The much-followed Bank of Japan (BoJ) Tankan survey – a quarterly indicator of economic sentiment across the economy – recovered during the period. Having fallen to an 11-year low of -34 in the second quarter of 2020, the headline large manufacturing diffusion index improved to +5 in the first quarter of 2021.

The BoJ maintained its loose monetary policy, targeting -0.1% short-term interest rates, while stating that the long-term inflation target of 2.0% was unlikely to be met in the near future. However, in March, the BoJ slightly widened its permitted range of interest rate movements and pulled back from its commitment to purchase ¥6 trillion of exchange-traded fund purchases on a monthly basis. Annual inflation began to drop into deflation in October, falling to -1.2% in December, before recovering to -0.2% in March.

The country was surprised when Prime Minister Shinzo Abe announced his resignation due to ill-health in late August, in the very week that he became Japan’s longest-serving prime minister. His successor Yoshihide Suga, however, settled investor nerves when he confirmed that he would continue Abe’s policy of fighting deflation and trying to stimulate growth, widely known as ‘Abenomics’.

The Japanese market was underpinned by the positive news on Covid-19 vaccines in late 2020 and the growing expectations of economic recovery and a return to normality. The market rallied strongly on the vaccine news, confirmation of Joe Biden’s US presidential election victory, and the further fiscal stimulus introduced in the US. The benchmark Nikkei index rose to a 30-year high of over 30,000 in February. However, Japan had to contend with an unexpected and sudden rise in coronavirus cases in Tokyo and neighbouring districts, which led to a further lockdown, and caused the market to sell off from its first-quarter highs.

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Asia (Excluding Japan) equities

Asian ex-Japan equities performed strongly over the period. The initial rally, early in the period, reflected the support measures implemented by governments across the region as well as increasingly accommodative monetary policy. Markets continued to rally throughout the period, despite some volatility at times when Covid-19 cases reignited in certain countries.

The South Korean and Taiwanese markets were the strongest performers. ASEAN markets, such as Thailand and Indonesia, more badly affected by Covid-19, were relatively weak over the period.

Mainland China was the first into the crisis and the first to emerge from it. It was one of the few countries to achieve any growth in 2020, albeit growth of only 2.3%, the lowest figure since the mid-70s. GDP grew 18.3% in the first quarter of 2021, as economic activity largely returned to normal. Hong Kong’s economy slumped into a technical recession for the first time since the global financial crisis, as the pro-democracy protests took their toll on business and leisure activity in the province, and China cracked down and introduced new security laws. As a result of this action, the US revoked Hong Kong’s favoured trading nation status.

Nearly all Asian markets suffered Covid-driven economic falls of varying magnitude. In India, GDP dropped by 25.9% in the second quarter – the largest such number ever recorded – before recovering by 23.7% in the third quarter, and a further 7.9% in the fourth quarter of 2020. The economic downturn reflected the high number of Covid-19 cases across the country, given the country’s vast population and difficulty in enforcing social distancing. South Korea’s GDP contracted by just 3.2% in the second quarter, albeit still the largest fall since 1998, before recovering over the following three quarters. GDP fell just 0.7% in Taiwan on the same basis, in the second quarter, before rising 4.3% in the third quarter and continuing to grow in the following two quarters. Central bank policy remained generally accommodative across the Asia Pacific region. The People’s Bank of China kept liquidity abundant in the money markets while keeping banks’ reserve requirements unchanged over the period. The Reserve Bank of India cut its benchmark repurchase rate to 4.0% in May and kept it unchanged at 4% thereafter.

Equities in the region recovered strongly into 2020’s year-end and through 2021, following the announcement of vaccines and their subsequent rollout, and in anticipation of a strong global and regional economic recovery in 2021. Covid-19-related cases and death rates continued to be far lower in the region compared to western countries, although they did flare up markedly in India at the end of the period.

UK Fixed Income

The UK bond market was weak over the period. The weakness was largely confined to 2021, which saw a substantial rise in bond yields owing to fears about the prospects of rising long-term inflation. UK bond markets produced a positive return in the first few months of the period, reflecting falling interest rates, economic recession and the widespread uncertainty caused by the global pandemic. The 10-year gilt yield fell to a new all-time low of below 0.1% in August. The uncertainties over the UK’s future trading relationship with the EU also kept yields low. Yields on UK corporate bonds followed government bond yields lower.

UK bonds produced a negative return in the second half of the period as bond yields rose. The rise in yields was particularly marked from early 2021, as long-term inflationary expectations rose around the world. The rise in inflationary expectations reflected the growing belief in a strong economic recovery in 2021, with lockdown restrictions expected to be eased further, and the huge amount of fiscal spending recently pledged by the US and other nations to mitigate the effects of the pandemic. The UK 10-year gilt yield touched 0.9% in mid-May, its highest in approximately two years and more than double its level at the beginning of 2021.

In November, the BoE increased its bond-purchasing programme by a further £150 billion per month to £895 billion. Andrew Bailey said that aggressive action was needed to reduce the risk of a sharp economic downturn. Media reports also suggested that the BoE was seriously considering introducing negative interest rates. However, by the end of the period, this prospect appeared to be less likely as bond yields rose. Global central banks, including the BoE, played down the likelihood of an imminent adjustment to policy towards the end of the period.

A recession in the UK was confirmed as GDP fell by a record 19.5%, on a quarterly basis, in the second quarter of 2020 – the worst performance of any major developed economy – before recovering by 16.9% in the third quarter. GDP flattened in the fourth quarter, with just 1.3% growth achieved, before it fell 1.5% in the first quarter of 2021. Annual consumer price inflation fell to just 0.2% in August – the lowest rate for nearly five years. The inflation rate ended the period at a 0.7% annual rate in March.

Generally greater risk appetite led to a preference from some investors for equities over bonds. Corporate and high yield bonds outperformed government bonds, taking their cue more from equity markets.

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

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for the year ended 15 May 2021

Accounting Policies

a. Basis of Accounting

The financial statements have been prepared under the historical cost basis, as modified by the revaluation of investments and in compliance with FRS102 and in accordance with the Statement of Recommended Practice (SORP) for Financial Statements of Authorised Funds issued by the Investment Association (“IA”) in May 2014. Unless otherwise stated all other accounting policies are consistent with those of the prior year.

The ACD has considered the impact of the emergence and spread of Covid-19 and potential implications on future operations of the sub-funds of reasonably possible downside scenarios. The ACD has undertaken a detailed assessment, and continues to monitor, the sub-funds’ ability to meet their liabilities as they fall due, including liquidity, declines in global capital markets and investor redemption levels. Based on this assessment, the sub-funds continue to be open for trading and the ACD is satisfied the sub-funds have adequate financial resources to continue in operation for at least the next 12 months and accordingly it is appropriate to adopt the going concern basis in preparing the financial statements.

b. Revenue

Dividends on equities and investment funds are recognised when the security is quoted ex-dividend.

Dividends on investment funds are accounted for on an accruals basis at an estimated rate based on available information. Interest on fixed interest securities is accounted for on an effective yield basis. Interest on deposits is accounted for on an accruals basis. Other revenue is accounted for on a receipts basis. The ordinary element of stocks received in lieu of cash dividends is recognised as revenue and, where applicable, is included in the distribution, except Pacific Index which recognises these as revenue but they are not included in the distribution.

Special dividends are treated as repayments of capital or revenue depending on the facts of each particular case.

Any reported revenue from an offshore fund in excess of any distributions is recognised as revenue after the end of the reporting period, no later than the date when the reporting fund makes this information available.

c. Expenses

All expenses, other than those relating to the purchase and sale of investments are charged to revenue when incurred.

Transaction charges are treated as capital.

Where a Fund has more than one share class, each share class may suffer different expenses. Consequently, the level of net revenue attributable to each share class will differ.

d. Taxation

Corporation tax is charged at 20% of the revenue liable to corporation tax less expenses.

Where overseas tax has been deducted from overseas revenue, that tax can, in some instances, be set off against corporation tax payable by the Fund by way of a double taxation refund.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay less or receive more tax.

Deferred tax assets are recognised only to the extent that the Authorised Corporate Director considers that it is more likely than not that there will be taxable profits from which the underlying timing differences can be deducted.

Notes to the Company Financial Statements

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e. Investments

Investments are initially recognised at fair value on the date the contract is entered into. The listed investments of the Company have been valued at bid prices at the closing valuation point on 14 May 2021. The valuation of unlisted investments is based on the Authorised Corporate Director’s assessment of their estimated realisable value. Suspended securities are valued initially at the suspended price but are subject to constant review. Revaluation gains or losses are recognised in the Statement of Total Return. Investments cease to be recognised on the date a contract for sale is entered into or when the Company’s interest in the investment is extinguished or terminated.

f. Exchange Rates

All transactions in foreign currencies are converted into sterling at the rates of exchange ruling at the date of such transactions. Foreign currency assets and liabilities at the end of the accounting period are translated at the exchange rates at the closing valuation point on 14 May 2021. Forward foreign currency contracts held at the end of the accounting year are valued at the price required to close out the contract at the balance sheet date.

Any gains or losses as a result of foreign currency transactions are applied to the capital of the Funds.

g. Distributions

Where the revenue from investments exceeds the expenses, a distribution will be made. Should expenses exceed revenue, there will be no distribution and the shortfall will be transferred to capital.

For the purpose of calculating the distribution, revenue on debt securities is computed as the higher of the amount determined on an accrual of coupon basis and an effective yield basis. A reconciliation of the net distribution to the net revenue of the Fund as reported in the Statement of Total Return is shown in note 7 of the sub-fund accounts.

The policies of the Funds are to determine the amount available for distribution, with distributions to shareholders: quarterly on 15 July, 15 October, 15 January and 15 April for UK Gilt Index and Sterling Corporate Bond Index; semi-annually on 15 July and 15 January for FTSE 100 Index and FTSE All-Share Index; and annually on 15 July for all other Funds within this OEIC.

h. Derivatives

Derivatives are initially recognised at fair value on the date the contract is entered into and are subsequently remeasured at fair value at the 14 May 2021. Where the fair value of the derivative is positive, it is carried as a derivative asset and where negative as a derivative liability.

The ACD monitors that any exposure is covered globally to ensure adequate cover from within the sub-fund is available to meet the sub-fund's total exposure, taking into account the value of the underlying investments, any reasonably foreseeable market movement, counterparty risk, and the time available to liquidate any positions. The ACD has adopted the commitment approach to determine the global market risk exposure in relation to the futures held.

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General Risk Management Process

The Risk Management Process is managed by the ACD and oversight of the investment managed functions is also carried out by the Depositary, State Street. There is an increased regulatory focus on the role of the ACD and how it protects the interests of investors by delivering good quality fairly priced products. The ACD protects investors by ensuring that it has oversight of key factors such as breaches, complaints and pricing whilst also challenging client initiatives and investment strategy.

The ACD manages conflicts and any investment management issues through the ACD Governance Committee (ACDGC) and the ACD Investment Sub Committee (ACDISC). Both the main ACDGC and the ACDISC have regular opportunities to challenge the appointed investment manager in order to demonstrate that no undue commercial pressure has been applied. Both the main ACDGC and the ACDISC meet quarterly and have been tasked with the responsibilities to challenge the biggest areas of risk. Operational Resilience plans are presented at annually alongside Best Execution Policy and Conflicts Policy.

The ACD has appointed HSBC Global Asset Management (UK) Limited (AMEU) as the investment manager. AMEU is organised by function with distinct separation of responsibilities between the investment teams, dealers, risk, compliance, product, sales and investment administration personnel.Risks specific to each of the underlying funds are primarily managed by the relevant Fund Manager. In addition, these teams are supported by a series of Executive Committees which are responsible for oversight and monitoring of the AMEU risk management process, the investment process, performance and operational processes. Those committees and their responsibilities are discussed below.

AMEU Board Risk Committee and the Risk Management Meeting (RMM)

The most senior risk management forum for the business is the AMEU Board Risk Committee; this meets quarterly. The Executive senior risk committee is the Risk Management Meeting (RMM), chaired by the AMEU Chief Risk Officer, and normally meets monthly. The RMM is responsible for all aspects of AMEU risk policy and control supported by a number of specialist committees. The RMM monitors and controls key business risks, including reviewing the internal control and assurance framework and risk profile, and considering the activities of Business Risk Internal Audit. In addition, the RMM considers reports from other committees that assess the nature and extent of risks.

Operational Risk Framework - Three Lines of Defence

AMEU operates a three lines of defence model. The first line (Business, Operations & Functional Management) owns the risk and is responsible for identifying, recording, reporting and managing risks, and ensuring that the right controls and assessments are in place to mitigate these risks. The second line includes Risk and Compliance specialists who set policy and guidelines for managing risk, and who provide challenge and guidance on effective risk management. The third line is Internal Audit which independently assures that the business is managing its risks effectively.

Pricing Valuation Committee (PVC)

The PVC normally meets on a monthly basis and its role is to ensure robust pricing policies across the Fund range are adhered to by the fund pricing agents and to provide oversight of any exception to these policies that might arise from time to time. The Committee reports into the RMM.

New Business Committee (NBC)

The NBC normally meets monthly and provides independent oversight of product development to ensure that the investment guidelines and risks in new products, or significant changes to existing products have been reviewed and challenged from the perspective of customers, the investment teams, the systems and risk management processes used to deal and monitor positions and the wider business strategy. This includes considering whether a product is consistent with the concept of ‘Treating Customers Fairly’.

The same approach applies where the use of new instruments is proposed (including derivatives), whether for a new or an existing product. All new products will in the first instance be considered by AMEU. Proposed changes to existing products will be considered significant when they materially alter the product characteristics. This may occur due to changes in the market or due to changing internal or external risks.

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The following details the broad categories of risk covered by both the ACDGC and ACDISC as well as the above mentioned AMEU executive committees:

Market Price Risk

Market price risk is the risk that the value of the investment holdings will fluctuate as a result of changes in market prices caused by factors other than interest rate or foreign currency movement. Market price risk arises mainly from uncertainty about future prices of financial instruments any underlying fund holds. It represents the potential loss the funds might suffer through holding market positions in the face of price movements. The fund’s investment portfolio is exposed to market price fluctuations which are monitored by the ACDISC with support from AMEU in pursuance of the Investment Objective and Policy as set out in the Instrument of Incorporation.

Adherence to investment guidelines and to investment and borrowing powers set out in the Instrument of Incorporation, the Prospectus and the rules of the FCA’s Collective Investment Schemes Sourcebook mitigates the risk of excessive exposure to any particular type of security or issuer.

There are inherent risks in investing in securities markets. Security prices are subject to market fluctuations and can move irrationally and be unpredictably affected by many and various factors including political and economic events, pandemics and market rumours. There can be no assurance that any appreciation in the value of investments will occur. The value of investments and the income derived from them may go down as well as up and investors may receive back less than the original amount invested.

Foreign Currency Risk

Foreign currency risk is the risk that the value of the investment holdings will fluctuate as a result of changes in foreign currency exchange rates.

A proportion of the underlying funds can be invested in overseas securities and the balance sheet can be affected by movements in foreign exchange rates. The AMEU investment management team may seek to manage exposure to currency movements by using forward exchange contracts or by hedging the sterling value of investments that are priced in other currencies. Revenue received in other currencies is converted to sterling on the date of receipt. Where applicable, the assets by value denominated in foreign currencies is disclosed in the Fund Financial Statements.

Interest Rate Risk

Interest rate risk is the risk that the value of the investment holdings will fluctuate as a result of changes in interest rates.

The investment manager can invest in fixed and floating rate securities. The value of the underlying funds may be affected by changes to interest rates relevant to particular securities or as a result of AMEU not being unable to secure similar returns on the expiry of contracts or sale of securities. The value of fixed interest securities may be affected by interest rate movements or the expectation of such movements in the future. Interest receivable on bank deposits or payable on bank overdraft positions will be affected by fluctuations in interest rates. Where applicable, the value of interest bearing assets is disclosed in the Fund Financial Statements.

Liquidity Risk

The fund’s assets comprise mainly of readily realisable securities. The main liability of the underlying funds is the redemption of any shares that investors wish to sell. Assets of the fund may need to be sold if insufficient cash is available to finance such redemptions.

Credit Risk

Certain transactions in securities that the fund enters into expose it to the risk that the counterparty will not deliver the investment for a purchase, or cash for a sale after the fund has fulfilled its responsibilities. The funds only buys and sells investments through brokers which have been approved by the Authorised Corporate Director as acceptable counterparties.

In current market conditions exposure to cash within the Fund could be at risk if the counter party fails. All cash is held at HSBC (HSBC is rated AA- by Standard and Poor's) and exposure is limited to a maximum 10% of the value of the Fund. All assets held within the Depositary are ring-fenced. The banks and Depositary used by the Company and the ACD are subject to regular review.

13FTSE 100 INDEX FUND

FTSE 100 Index Fund

Investment Objective

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

Investment Policy*

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

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

Investment Strategy*

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

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

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

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

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

Portfolio Activity

The FTSE 100 index was up 20.28% during the reporting period. The main driver of this performance was the Financials sector, contributing 6.11% of the index total return with a performance of 35.10%, followed by Basic Materials with a contribution of 5.97%. Basic Materials was also the sector with the highest absolute return of 68.18%. At the same time the Health Care sector as well as Technology contributed slightly negatively with -1.71% and -0.16% respectively.

During the first part of the period, the large cap UK equities slightly recovered first, before falling again amid rising Covid-19 cases and fears over new economic restrictions and the announcement of a further lockdown in the UK reaching a low end of October. Since then stock prices steadily increased first when the Bank of England extended their quantitative easing program, then a positive effect came from the last minute free trade agreement between the EU and UK and first approvals of vaccines. However, more and more the rising Covid-19 infections once more started to dampen investor sentiment, mainly in January. More recently though investors were encouraged again by the improving speed of the Covid-19 vaccine rollout, Central Bank support and the renewed optimism over the reopening of the economy, leading to higher prices.

14 FTSE 100 INDEX FUND

Investment Performance

During the year under review, the value of the shares in the Fund increased by 21.73% while the value of the FTSE 100 Index rose by 20.28%.

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

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

Tracking Error

Tracking error - 0.07% The tracking error is based on gross returns from our internal performance system for the year to 15.5.21.

Fund Particulars as at 17 May 2021

Retail Income

Retail Accumulation

Institutional Accumulation

Price 114.2p xd 239.1p 245.1p

Distribution payable (on 15 July 2021) per share net

1.658131p 3.523332p 3.917272p

Current net estimated yield 2.63% 2.64% 2.86%

Annual ACD charge 0.25% 0.25% 0.00%

Income C

AccumulationC

Income S

AccumulationS

Price 114.9p xd 241.2p 114.9p xd 242.1p


1.832438p 3.778610p 1.842868p 3.828920p

Current net estimated yield 2.87% 2.80% 2.89% 2.83%

Annual ACD charge 0.07% 0.07% 0.04% 0.04%


Portfolio Statement as at 15 May 2021

Security Holding Bid Totalvalue net£’000 assets

%CHANNEL ISLANDS - 2.28% (1.37%) Basic Materials - 2.08% (1.37%)

Glencore 5,865,562 19,040 1.79 Polymetal International 192,405 3,076 0.29 Total Basic Materials 22,116 2.08

Financials - 0.20% (0.00%) Pershing Square Holdings 85,016 2,181 0.20

Total Financials 2,181 0.20 Total Channel Islands 24,297 2.28

UNITED KINGDOM - 94.01% (93.89%) Oil & Gas - 8.74% (10.01%)

BP 10,787,281 33,824 3.18 Royal Dutch Shell A 2,231,970 31,672 2.98 Royal Dutch Shell B 2,017,027 27,480 2.58 Total Oil & Gas 92,976 8.74

Basic Materials - 9.66% (7.26%) Anglo American 668,872 21,842 2.05

Antofagasta 187,213 3,330 0.31 BHP Group 1,131,752 25,153 2.37 Croda International 73,229 4,783 0.45 Evraz Group 311,849 2,081 0.20 Fresnillo 99,744 883 0.08 Johnson Matthey 102,731 3,329 0.31 Mondi 263,485 5,106 0.48 Rio Tinto 590,583 36,232 3.41 Total Basic Materials 102,739 9.66

Industrials - 10.57% (9.46%) Ashtead Group 243,170 12,129 1.14

BAE Systems 1,747,728 9,179 0.86 Bunzl 183,036 4,221 0.40 CRH 426,808 15,403 1.45 DCC (London listed) 53,273 3,223 0.30 Experian Group 493,351 13,113 1.23 Ferguson 122,477 11,351 1.07 Halma 206,009 5,142 0.48 Intertek Group 87,744 5,159 0.48 Melrose Industries 2,627,209 4,260 0.40 Renishaw 18,587 1,018 0.10 Rentokil Initial 1,005,605 4,736 0.45 Rolls-Royce 4,060,664 4,370 0.41 Smith (DS) 692,298 2,919 0.27 Smiths Group 214,401 3,369 0.32 Smurfit Kappa Group 140,413 5,294 0.50 Spirax-Sarco Engineering 40,149 4,888 0.46 Weir Group 140,862 2,663 0.25 Total Industrials 112,437 10.57




%Consumer Goods - 18.62% (18.36%) Associated British Foods 188,040 4,323 0.41 Barratt Developments 550,624 4,232 0.40 Berkeley Group Holdings 62,506 2,950 0.28 British American Tobacco 1,241,513 35,098 3.30 Burberry Group 219,161 4,613 0.43 Coca-Cola HBC 106,830 2,681 0.25 Diageo 1,247,632 41,839 3.93 Imperial Brands 512,439 8,145 0.77 Just Eat Takeaway.com 64,448 4,013 0.38 Persimmon 172,568 5,431 0.51 Reckitt Benckiser 342,856 21,823 2.05 Taylor Wimpey 1,977,730 3,501 0.33 Unilever 1,382,779 59,377 5.58 Total Consumer Goods 198,026 18.62

Healthcare - 9.62% (13.75%) AstraZeneca 714,081 56,148 5.28 GlaxoSmithKline 2,681,102 36,742 3.45 Hikma Pharmaceuticals 90,885 2,150 0.20

#NMC Health 51,417 - 0.00 Smith & Nephew 477,160 7,279 0.69 Total Healthcare 102,319 9.62

Consumer Services - 10.21% (9.58%) B&M European Value Retail 484,738 2,716 0.25 Compass Group 969,053 14,919 1.40 Entain 315,313 4,911 0.46 Flutter Entertainment 89,015 11,300 1.06 Informa 813,332 4,561 0.43 InterContinental Hotels 99,257 4,938 0.46 International Consolidated Airlines 2,023,951 3,985 0.37 JD Sports Fashion 250,072 2,233 0.21 Kingfisher 1,145,275 4,248 0.40 Next 69,204 5,596 0.53 Ocado Group 263,988 5,244 0.49 Pearson 405,975 3,491 0.33 RELX 1,011,724 18,803 1.77 Sainsbury (J) 886,860 2,296 0.22 Tesco 4,144,444 9,570 0.90 Whitbread 110,212 3,504 0.33 WPP 645,530 6,338 0.60 Total Consumer Services 108,653 10.21




%Telecommunications - 2.65% (2.73%)

BT Group 4,730,314 7,649 0.72 Vodafone Group 14,570,214 20,503 1.93 Total Telecommunications 28,152 2.65

Utilities - 3.16% (4.10%) National Grid 1,929,007 18,057 1.70

Severn Trent 128,800 3,233 0.30 SSE 565,424 8,679 0.82 United Utilities 369,036 3,650 0.34 Total Utilities 33,619 3.16

Financials - 19.46% (17.71%) 3i Group 517,917 6,443 0.61

Admiral Group 112,430 3,310 0.31 Aviva 2,135,057 8,730 0.82 Barclays 9,399,458 16,985 1.60 British Land REIT 500,151 2,632 0.25 Hargreaves Lansdown 206,919 3,584 0.34

†HSBC Holdings (London listed) 11,082,169 49,726 4.67 Intermediate Capital 151,190 3,104 0.29 Land Securities 386,940 2,805 0.26 Legal & General 3,221,880 9,108 0.86 Lloyds Banking Group 38,250,750 18,456 1.74 London Stock Exchange Group 196,849 14,150 1.33 M&G 1,406,070 3,320 0.31 NatWest Group 2,786,328 5,379 0.51 Phoenix Group Holdings 292,750 2,153 0.20 Prudential 1,418,463 21,483 2.02 RSA Insurance Group 561,656 3,842 0.36 Schroders 60,400 2,139 0.20 Scottish Mortgage Investment Trust 781,731 8,834 0.83 Segro REIT 646,710 6,461 0.61 St.James's Place Capital 288,481 3,969 0.37 Standard Chartered 1,405,463 7,123 0.67 Standard Life Aberdeen 1,169,322 3,174 0.30 Total Financials 206,910 19.46

Technology - 1.19% (0.90%) Auto Trader Group 510,324 2,816 0.26

Avast 303,010 1,350 0.13 Aveva Group 62,051 1,984 0.19 Rightmove 468,665 2,708 0.25 Sage Group 590,124 3,819 0.36 Total Technology 12,677 1.19




%Futures - 0.13% (0.03%)

LIFFE FTSE 100 June 2021 583 1,419 0.13 Total Futures 1,419 0.13 Total United Kingdom 999,927 94.01 Portfolio of investments 1,024,224 96.29

Net other assets 39,438 3.71

Net assets 1,063,662 100.00 †related party #unlisted Figures in brackets denote the comparative percentage holdings as at 15 May 2020.

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


Comparative Tables

Retail IncomeChange in net assets per share

15.5.21 15.5.20 15.5.19

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

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

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

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

Retail AccumulationChange in net assets per share

15.5.21 15.5.20 15.5.19

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


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


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


Comparative Tables

Institutional AccumulationChange in net assets per share

15.5.21 15.5.20 15.5.19





Income CChange in net assets per share

15.5.21 15.5.20 15.5.19



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


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


Comparative Tables

Accumulation CChange in net assets per share

15.5.21 15.5.20 15.5.19





Income SChange in net assets per share

15.5.21 15.5.20 15.5.19





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


Comparative Tables

Accumulation SChange in net assets per share

15.5.21 15.5.20 15.5.19





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


Statement of Total Returnfor the year ended 15 May 2021

15.5.21 15.5.20Notes £’000 £’000 £’000 £’000

IncomeNet capital gains/(losses) 2 179,513 (170,850)Revenue 3 28,980 33,287

Expenses 4 (832) (1,231)Interest payable and similar charges (14) (1)Net revenue before taxation 28,134 32,055 Taxation 5 (137) (400)Net revenue after taxation 27,997 31,655 Total return/(deficit) before distributions 207,510 (139,195)Distributions 6 (28,018) (31,658)Change in net assets attributable to shareholders from investment activities 179,492 (170,853)

Statement of Change in Net Assets Attributable to Shareholdersfor the year ended 15 May 2021

15.5.21 15.5.20£’000 £’000 £’000 £’000

Opening net assets attributable to shareholders 779,657 781,555 Amounts receivable on creation of shares 234,007 213,198 Amounts payable on cancellation of shares (152,751) (69,217)

81,256 143,981 Dilution adjustment 973 854 Change in net assets attributable to shareholders frominvestment activities (see Statement of Total Return above) 179,492 (170,853)Retained distribution on accumulation shares 22,284 24,120 Closing net assets attributable to shareholders 1,063,662 779,657

Balance Sheet as at 15 May 2021

15.5.21 15.5.20Notes £’000 £’000 £’000 £’000

AssetsInvestments 1,024,224 742,713 Current assets

Debtors 8 7,692 5,278 Cash and bank balances 35,386 36,959

Total current assets 43,078 42,237 Total assets 1,067,302 784,950 LiabilitiesCreditors

Distribution payable on income shares (3,575) (3,753)Other creditors 9 (65) (1,540)

Total liabilities (3,640) (5,293)Net assets attributable to shareholders 1,063,662 779,657


Distribution Tables (pence per share) for the year ended 15 May 2021

Group 1: Shares purchased prior to 16 November 2020 Group 2: Shares purchased from 16 November 2020 to 15 May 2021

Net Equalisation Distribution Distributionincome payable paid

15.7.21 15.7.20

Retail IncomeGroup 1 1.658131 - 1.658131 1.712876Group 2 1.471321 0.186810 1.658131 1.712876

Retail AccumulationGroup 1 3.523332 - 3.523332 3.434245Group 2 2.849651 0.673681 3.523332 3.434245

Institutional AccumulationGroup 1 3.917272 - 3.917272 3.789838Group 2 2.848808 1.068464 3.917272 3.789838

Income CGroup 1 1.832438 - 1.832438 1.804527Group 2 1.093557 0.738881 1.832438 1.804527

Accumulation CGroup 1 3.778610 - 3.778610 3.595088Group 2 2.302908 1.475702 3.778610 3.595088

Income SGroup 1 1.842868 - 1.842868 1.855759Group 2 1.034539 0.808329 1.842868 1.855759

Accumulation SGroup 1 3.828920 - 3.828920 3.701948Group 2 1.857799 1.971121 3.828920 3.701948



Group 1: Shares purchased prior to 16 May 2020 Group 2: Shares purchased from 16 May 2020 to 15 November 2020

Net Equalisation Distribution Distributionincome paid paid

15.1.21 15.1.20









Notes to the Financial Statements for the year ended 15 May 2021

15.5.21 15.5.20£’000 £’000

1. Accounting PoliciesThe accounting policies are set out on pages 9 and 10.

2. Net Capital Gains/(Losses)The net capital gains/(losses) during the year comprise:Currency losses (3) (16)Transaction charges (3) (2)Capital special dividends 2,842 540 Gains/(losses) on derivative contracts 9,159 (5,747)Losses on forward foreign currency contracts (6) (75)Gains/(losses) on non-derivative securities 167,524 (165,550)Net capital gains/(losses) 179,513 (170,850)

3. RevenueUK dividends (net) 25,919 27,567 Property investment income 205 257 Overseas dividends 2,548 4,161 Deposit interest - 5 Bank interest - 23 Stock dividends 308 1,274 Total revenue 28,980 33,287

4. ExpensesPayable to the Authorised Corporate Director, associates ofthe Authorised Corporate Director and agents of either of them:Authorised Corporate Director's charge 592 772 Registration fee - 240 Safe custody fee 11 12

603 1,024 Payable to the Depositary, associates of the Depositary and agents of either of them:Depositary fee 81 74 Other expenses:Audit fee 7 5 Licence fee 139 125 Legal fee 1 - Report and accounts fee 1 1 Professional fee - 2

148 133 Total expenses 832 1,231


15.5.21 15.5.20£’000 £’000

5. Taxationa) Analysis of charge in year:

Overseas tax 137 400 Total tax for the year (note 5b) 137 400

b) Factors affecting taxation charge for the year:The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an open-ended investment company (20%). The differences are explained below:Net revenue before taxation 28,134 32,055 Corporation tax at 20% 5,627 6,411 Effects of:Revenue not subject to taxation (5,755) (6,601)Current year expenses not utilised 128 190 Irrecoverable overseas tax 137 397 Overseas tax on special dividends in capital - 3 Current tax charge for the year (note 5a) 137 400

c) Provision for deferred taxationAt 15 May 2021, there is a potential deferred tax asset of £11,595,470 (15.5.20: £11,467,337) in relation to surplus management expenses. It is unlikely the Fund will generate sufficient taxable profits in the near future to utilise these expenses and therefore no deferred tax asset has been recognised in the year or prior year.

6. DistributionsThe distributions take account of amounts received on the issue of shares and amounts deducted on the cancellation of shares, and comprise:Interim dividend distribution 12,098 19,154 Final dividend distribution 16,693 14,605

28,791 33,759 Add: Amounts deducted on cancellation of shares 813 646 Deduct: Amounts received on issue of shares (1,586) (2,747)Net distribution for the year 28,018 31,658

7. Movement Between Net Revenue and DistributionsNet revenue after taxation 27,997 31,655 Equalisation on conversions 21 1 Withholding tax on stock dividends - 2 Net distribution for the year 28,018 31,658

8. DebtorsAmounts receivable for creation of shares 3,357 1,008 Sales awaiting settlement 507 - Accrued revenue 3,343 3,810 Overseas tax recoverable 485 460 Total debtors 7,692 5,278

9. Other CreditorsAmounts payable for cancellation of shares 29 1,446 Accrued expenses 36 94 Total other creditors 65 1,540


10. Reconciliation of Shares

Retail IncomeRetail

AccumulationInstitutional

Accumulation

Opening shares issued at 16.5.20 13,282,203 38,106,680 78,727,999 Share movements 16.5.20 to 15.5.21Shares issued 869,787 2,756,430 73,271,071 Shares cancelled (1,043,801) (4,731,518) (33,781,643)Shares converted (13,021,517) (27,637,899) - Closing shares issued at 15.5.21 86,672 8,493,693 118,217,427

Income C

Accumulation C

Income S

Accumulation S

Opening shares issued at 16.5.20 193,689,128 177,450,477 1,632,783 4,849,628 Share movements 16.5.20 to 15.5.21Shares issued 8,404,224 28,917,126 53,929 54,304 Shares cancelled (20,969,227) (19,976,105) (680,828) (2,055,069)Shares converted 12,883,609 27,396,996 (4,048) - Closing shares issued at 15.5.21 194,007,734 213,788,494 1,001,836 2,848,863

11. Ultimate Controlling Party and Related Party Transactions

The Authorised Corporate Director (ACD) is regarded as a controlling party of the Fund by virtue of having the ability to act in concert in respect of Fund operations. The ultimate controlling party of the ACD is HSBC Group plc.

This entity and its subsidiaries are also related parties of the Fund.

At the year end, the ACD and its associates held the following of the Fund's shares in issue:

Retail Income

Retail Accumulation


Income C

Accumulation C

Income S

Accumulation S

% % % % % % %As at 15.5.21 - - 96.84 51.55 9.27 - - As at 15.5.20 - 0.24 92.24 53.76 10.34 - -

Details of all other material related party transactions during the year and any payment amounts outstanding at the

balance sheet date are disclosed in notes 8 and 9 to the financial statements and the Statement of Change in Net Assets Attributable to Shareholders and the Portfolio Statement.

The balance due from/to the ACD (including amounts due to associates and agents) at the year end was £3,256,546 (15.5.20: £598,532), further details of such amounts can be found in notes 8 and 9.

At the year end, the Fund held £49,725,692 (15.5.20: £41,047,621) in Authorised Investment Funds managed by HSBC and/or HSBC Holdings, the parent company of the ACD. During the year, transactions in Authorised Investment Funds managed by HSBC Holdings totalled £8,371,195 (15.5.20: £10,459,533).

Investments in related parties are disclosed in the Portfolio Statement.


12. Financial Instruments

The financial instrument risks and risk management policies are set out on pages 11 and 12.


A portion of the net assets of the Fund are denominated in currencies other than sterling with the effect that the balance sheet and total return can be significantly affected by currency movements.

Net currency monetary assets consist of:

Portfolio of investments

Net otherassets

Netassets

15.5.21 15.5.20 15.5.21 15.5.20 15.5.21 15.5.20 £'000 £'000 £'000 £'000 £'000 £'000

Sterling* 1,024,224 742,058 37,801 35,030 1,062,025 777,088 Euro - 655 402 391 402 1,046 United States dollar - - 1,235 1,523 1,235 1,523 Total 1,024,224 742,713 39,438 36,944 1,063,662 779,657

*No currency risk as base currency.

Interest Rate Risk

At the year end, 3.33% (15.5.20: 4.74%) of the Fund's assets by value were interest-bearing. Interest rates are based upon LIBOR (London Interbank Offered Rate).

13. Shareholders’ Funds

This Fund has a retail share class, an institutional share class, a C share class and an S share class.

The annual ACD charge on the retail share class is 0.25%, nil on the institutional share class, 0.07% on the C share class and 0.04% on the S share class.

The net asset value of the share class, the net asset value per share and the number of shares in each class are given in the Comparative Tables on pages 19 to 22. The distribution per share class is given in the Distribution Tables on pages 24 and 25. All share classes within the OEIC have the same rights on winding up.

14. Financial Derivatives

The Fund has used financial derivatives for hedging and meeting investment objectives including risk reduction and implementation of investment policies.

The use of derivatives can create additional counterparty risks. Details of the policy adopted by the ACD for managing counterparty and other risks are set out in the Notes to the Financial Statements. The types of derivatives held at the year end were index futures. Details of the individual contracts are shown on the Portfolio Statement on pages 15 to 18.

The economic exposure of future derivative contracts is equal to the market value. The value of exposure and the related counterparty are disclosed in the Portfolio Statement.

Eligible collateral types are approved by the ACD and may consist of cash, UK gilts, certificates of deposit, treasury bills, sovereign debt, eurosterling bonds and equities.

At 15 May 2021, there was no collateral held in respect of the above derivatives (15.5.20: £nil).

15. Contingent Liabilities and Commitments

At the year end, the Fund had no contingent liabilities or commitments (15.5.20: none).


16. Portfolio Transaction Costs

For the year ended 15 May 2021 Purchases Commissions Taxes Other Expenses£'000 £’000 % £’000 % £’000 %

Analysis of total purchases costsEquity transactions 179,342 29 0.02 863 0.48 - - Corporate actions 2,937 - - - - - - Total purchases before transaction costs 182,279 29 863 - Transaction costs 892

Total purchases after commission, tax and fees 183,171

Sales Commissions Taxes Other Expenses£'000 £’000 % £’000 % £’000 %

Analysis of total sales costsEquity transactions 70,439 12 0.02 - - - - Corporate actions 235 - - - - - - Total sales before transaction costs 70,674 12 - - Transaction costs (12) Total sales after commission, tax and fees 70,662

The Fund had paid £7,479 as commission on purchases and sales derivative transactions for the year ended 15.5.21.

Commissions, taxes and fees as % of average net assets: Commissions 0.00% Taxes 0.10% Other expenses 0.00%

At the balance sheet date the portfolio dealing spread was 0.03%, being the difference between the respective bid and offer prices for the Fund's investments.


Analysis of total purchases costsEquity transactions 154,336 10 0.01 369 0.24 379 0.25Corporate actions 1,522 - - - - - - Total purchases before transaction costs 155,858 10 369 379 Transaction costs 758



Analysis of total sales costsEquity transactions 18,350 1 0.01 - - - - Corporate actions 385 - - - - - - Total sales before transaction costs 18,735 1 - -Transaction costs (1) Total sales after commission, tax and fees 18,734





Portfolio transaction costs are incurred by the Fund when buying and selling underlying investments. These costs vary depending on the class of investment, country of exchange and method of execution.

These costs can be classified as either direct or indirect transaction costs:

Direct transaction costs: Broker commissions, fees and taxes. Indirect transaction costs: ‘Dealing spread’ – the difference between the buying and selling prices of the Fund’s underlying investments.

In order to protect existing investors from the effects of dilution, portfolio transaction costs incurred as a result of investors buying and selling shares in the Fund are recovered from those investors through a ‘dilution adjustment’ to the price they pay or receive.

17. Fair Value of Investments

FRS 102 requires an entity to classify fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy shall have the following classifications:

Level 1: unadjusted quoted prices in an active market for identical assets or liabilities that the entity can access at the measurement date.

Level 2: inputs other than quoted prices included within Level 1 that are observable (i.e. developed using market data) for the asset or liability, either directly or indirectly.

Level 3: inputs are unobservable (i.e. for which market data is unavailable) for the asset or liability.

For the year ended 15 May 2021Category 1 2 3 TotalInvestment Assets £'000 £'000 £'000 £'000Equities 1,022,805 - - 1,022,805 Derivatives 1,419 - - 1,419

1,024,224 - - 1,024,224

For the year ended 15 May 2020Category 1 2 3 TotalInvestment Assets £'000 £'000 £'000 £'000Equities 742,463 - - 742,463 Derivatives 250 - - 250

742,713 - - 742,713

18. Sensitivity Analysis

Price risk sensitivity:

If the price of investments at 15 May 2021 had increased or decreased by 10% with all other variables held constant, this would have increased or decreased the net assets attributable to shareholders by £102,422,385 (15.5.20: £74,271,261).

Currency risk sensitivity:

If the exchange rate at 15 May 2021 had increased or decreased by 10% with all other variables held constant, this would have increased or decreased the net assets attributable to shareholders by £163,631 (15.5.20: £256,838).

Interest rate risk sensitivity:

At the balance sheet date, the Fund did not have a significant exposure to interest rate risk, therefore no sensitivity analysis is disclosed (15.5.20: no significant exposure).

32 FTSE ALL-SHARE INDEX FUND

FTSE All-Share Index Fund


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

Investment Policy*

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



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

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




Portfolio Activity

FTSE All-Share Index was up 24.51% during the reporting period. It is the aggregation of the FTSE 100, FTSE 250 and FTSE small Cap indices, with the first two indices representing over 90% of the total index weight. Hence the performance of the FTSE 100 and 250 explain the majority of the performance of the FTSE All Share. Therefore, the main contributor to the index total return was the Financial sector with 7.88%, followed by the Basic Materials and the Industrials, contributing 5.09% and 4.91% respectively. The Basic Material sector was also the best performing sector with a return of 67.92% over the period. The Health Care sector was the only sector contributing negatively (-1.12%).

During the first part of the period, UK equities slightly recovered first, before falling again amid rising Covid-19 cases and fears over new economic restrictions and the announcement of a further lockdown in the UK reaching a low end of October. Since then stock prices steadily increased first when the Bank of England extended their quantitative easing program, then a positive effect came from the last minute free trade agreement between the EU and UK and first approvals of vaccines. However, more and more the rising Covid-19 infections once more started to dampen investor sentiment, mainly in January. More recently though investors were encouraged again by the improving speed of the Covid-19 vaccine rollout, Central Bank support and the renewed optimism over the reopening of the economy, leading to higher prices.

33FTSE ALL-SHARE INDEX FUND


During the year under review, the value of the shares in the Fund increased by 25.63% while the value of the FTSE All-Share Index rose by 24.51%.



Tracking Error



Retail Income

Retail Accumulation

Institutional Income


Price 337.2p xd 635.2p 341.1p xd 663.9p


4.653502p 8.995109p 5.138709p 9.835029p



Income C

AccumulationC

Price 341.1p xd 640.5p


5.074821p 9.379022p

Current net estimated yield 2.69% 2.63%

Annual ACD charge 0.04% 0.04%




%BERMUDA - 0.19% (0.18%) Financials - 0.19% (0.18%)

Hiscox 254,596 2,074 0.11 Lancashire 202,998 1,401 0.08 Total Financials 3,475 0.19 Total Bermuda 3,475 0.19 CAYMAN ISLANDS - 0.06% (0.04%) Financials - 0.06% (0.04%)

Dragon Capital Vietnam Enterprise Investments 166,730 1,065 0.06 Total Financials 1,065 0.06 Total Cayman Islands 1,065 0.06 CHANNEL ISLANDS - 6.00% (5.21%) Oil & Gas - 0.01% (0.03%)

Bluefield Solar Income Fund 140,000 174 0.01 Total Oil & Gas 174 0.01 Basic Materials - 1.75% (1.25%)

Centamin 821,717 964 0.05 Glencore 8,196,456 26,606 1.46 Polymetal International 269,482 4,308 0.24 Total Basic Materials 31,878 1.75 Industrials - 1.15% (1.27%)

Esken 273,083 102 0.01 Experian Group 700,084 18,608 1.02 International Workplace Group 588,768 2,175 0.12 Total Industrials 20,885 1.15 Consumer Services - 0.65% (0.49%)

PPHE Hotel Group 15,570 269 0.01 Wizz Air Holdings 58,744 2,767 0.15 WPP Group 902,055 8,856 0.49 Total Consumer Services 11,892 0.65 Financials - 2.44% (2.17%)

3i Infrastructure 453,378 1,358 0.07 Aberdeen Asian Income Fund 133,719 300 0.02 Alcentra European Floating Rate Income Fund 11,374 - 0.00 Apax Global Alpha 194,176 396 0.02 BH Macro 10,841 362 0.02 BMO Commercial Property Trust 395,256 327 0.02 Chrysalis Investments 399,041 770 0.04 City Merchants High Yield Trust 61,053 119 0.01 Ferguson NewCo 173,766 16,105 0.88 Foresight Solar Fund 449,530 445 0.02




% GCP Asset Backed Income Fund 334,741 329 0.02 GCP Infrastructure Investments 658,463 650 0.04 Genesis Emerging Markets Fund 98,823 869 0.05 HarbourVest Global Private Equity 67,704 1,374 0.08 Henderson Far East Income 39,653 128 0.01 Hipgnosis Songs Fund 830,231 1,013 0.06 International Public Partnership 1,222,971 2,084 0.11 JLEN Environmental Assets Group 370,262 390 0.02 JTC 65,502 440 0.02 Man Group 1,178,277 2,020 0.11 NB Global Floating Rate Income Fund 298,488 260 0.01 NB Private Equity Partners 36,477 476 0.03 NextEnergy Solar Fund 437,128 442 0.02 Pershing Square Holdings 121,483 3,116 0.17 Phoenix Spree REIT 88,062 322 0.02 Picton Property Income 404,358 346 0.02 Raven Property Group 214,321 64 0.00 Real Estate Credit Investments 115,020 165 0.01 Regional REIT 245,027 203 0.01 Renewables Infrastructure 1,567,988 1,994 0.11 Ruffer 134,497 385 0.02 Sanne Group 112,664 822 0.04 Schroder Oriental Income Fund 195,181 545 0.03 Schroder Real Estate Investment Trust 370,049 176 0.01 Sequoia Economic Infrastructure Income Fund 1,257,867 1,353 0.07 Sirius Real Estate 782,285 749 0.04 SME Credit Realisation Fund 86,088 60 0.00 Standard Life Investments Property Fund 276,365 187 0.01 Starwood European Real Estate Finance 313,879 280 0.02 Syncona 398,260 856 0.05 TP ICAP Group 497,295 1,112 0.06 TwentyFour Income 339,400 365 0.02 UK Commercial Property Trust 490,147 375 0.02 VinaCapital Vietnam Opportunity Fund 138,111 602 0.03 Total Financials 44,734 2.44 Total Channel Islands 109,563 6.00 GERMANY - 0.13% (0.06%) Consumer Services - 0.13% (0.06%)

TUI AG 562,972 2,380 0.13 Total Consumer Services 2,380 0.13 Total Germany 2,380 0.13




%GIBRALTAR - 0.06% (0.02%) Consumer Services - 0.06% (0.02%)

888 Holdings 290,830 1,141 0.06 Total Consumer Services 1,141 0.06 Total Gibraltar 1,141 0.06 IRELAND - 3.04% (2.48%) Industrials - 1.97% (1.69%)

CRH 596,415 21,525 1.18 DCC 78,891 4,773 0.26 Grafton Group 176,470 2,107 0.12 Smurfit Kappa Group 196,211 7,397 0.41 Total Industrials 35,802 1.97 Consumer Goods - 0.06% (0.06%)

C&C Group 235,567 685 0.04 Greencore Group 225,657 375 0.02 Total Consumer Goods 1,060 0.06 Consumer Services - 0.98% (0.70%)

Flutter Entertainment 124,389 15,791 0.87 UDG Healthcare 190,776 1,955 0.11 Total Consumer Services 17,746 0.98 Financials - 0.03% (0.03%)

+HSBC FTSE 250 ETF 28,690 611 0.03 Total Financials 611 0.03 Total Ireland 55,219 3.04 ISLE OF MAN - 0.43% (0.28%) Consumer Services - 0.38% (0.24%)

Entain PLC 440,613 6,863 0.38 Total Consumer Services 6,863 0.38 Financials - 0.00% (0.01%) Technology - 0.05% (0.03%)

Playtech 225,690 994 0.05 Total Technology 994 0.05 Total Isle of Man 7,857 0.43 ISRAEL - 0.05% (0.07%) Financials - 0.04% (0.07%)

Plus500 55,974 817 0.04 Total Financials 817 0.04




%Technology - 0.01% (0.00%)

BATM Advanced Communications 138,659 120 0.01 Total Technology 120 0.01 Total Israel 937 0.05 LUXEMBOURG - 0.26% (0.22%) Consumer Services - 0.26% (0.22%)

B&M European Value Retail 685,126 3,839 0.21 Bilfinger Berger Global Infrastructure 536,462 944 0.05 Total Consumer Services 4,783 0.26 Total Luxembourg 4,783 0.26 NETHERLANDS - 0.37% (0.54%) Industrials - 0.05% (0.03%)

RHI Magnesita 20,731 916 0.05 Total Industrials 916 0.05 Consumer Goods - 0.32% (0.51%)

Just Eat Takeaway.com 94,009 5,854 0.32 Total Consumer Goods 5,854 0.32 Total Netherlands 6,770 0.37 SINGAPORE - 0.03% (0.02%) Industrials - 0.03% (0.02%)

XP Power 11,110 539 0.03 Total Industrials 539 0.03 Total Singapore 539 0.03 SPAIN - 0.31% (0.14%) Consumer Services - 0.31% (0.14%)

International Consolidated Airlines Group 2,828,241 5,569 0.31 Total Consumer Services 5,569 0.31 Total Spain 5,569 0.31 SWITZERLAND - 0.22% (0.20%) Consumer Goods - 0.22% (0.20%)

Coca-Cola HBC AG 156,854 3,937 0.22 Total Consumer Goods 3,937 0.22 Total Switzerland 3,937 0.22 UNITED KINGDOM - 88.14% (88.29%) Oil & Gas - 7.48% (8.57%)

BP 15,073,998 47,265 2.60 Cairn Energy 369,194 611 0.03 Diversified Gas & Oil 555,504 660 0.04 Energean Oil & Gas 49,808 425 0.02




% EnQuest 1,143,817 196 0.01 Hunting 195,619 506 0.03 John Wood Group 514,896 1,396 0.08 Royal Dutch Shell A 3,139,916 44,555 2.45 Royal Dutch Shell B 2,818,565 38,400 2.11 Tullow Oil 569,521 308 0.02 Vesuvius 168,672 977 0.05 VIVO Energy 229,131 243 0.01 Volution 141,014 589 0.03 Total Oil & Gas 136,131 7.48 Basic Materials - 8.22% (6.40%)

Anglo American 934,672 30,522 1.68 Antofagasta 263,010 4,678 0.26 BHP Group 1,580,172 35,119 1.93 Croda International 103,340 6,750 0.37 Elementis 430,190 633 0.03 Evraz Group 444,156 2,963 0.16 Ferrexpo 219,003 1,034 0.06 Fresnillo 140,127 1,240 0.07 Hochschild Mining 106,751 201 0.01 Johnson Matthey 151,987 4,926 0.27 Mondi 368,190 7,136 0.39 Petropavlovsk 2,184,317 550 0.03 Rio Tinto 825,138 50,622 2.78 Synthomer 272,859 1,338 0.07 Treatt 16,355 194 0.01 Victrex 66,482 1,614 0.09 Zotefoams 39,839 161 0.01 Total Basic Materials 149,681 8.22 Industrials - 8.72% (7.70%)

Aggreko 149,568 1,290 0.07 Ashtead Group 339,803 16,949 0.93 Avon Rubber 22,286 682 0.04 Babcock International Group 249,179 719 0.04 BAE Systems 2,442,251 12,827 0.70 Balfour Beatty 570,053 1,784 0.10 Biffa 206,868 552 0.03 Bodycote International 161,644 1,320 0.07 Bunzl 255,772 5,898 0.32 Capita 1,243,971 525 0.03 Chemring Group 218,529 655 0.04 Clarkson 19,417 551 0.03 Clipper Logistics 52,263 362 0.02 CMC Markets 64,624 306 0.02




% Coats Group 1,171,700 677 0.04 Costain 81,703 47 0.00 De La Rue 112,074 199 0.01 Dialight 22,013 69 0.00 Diploma 92,796 2,550 0.14 Discoverie Group 81,261 622 0.03 Electrocomp 359,705 3,673 0.20 Equiniti Group 254,197 437 0.02 Essentra 214,456 664 0.04 Fisher (James) & Sons 24,805 249 0.01 Forterra 148,326 420 0.02 Genuit Group 170,141 920 0.05 Halma 292,837 7,309 0.40 Hays 1,198,611 2,003 0.11 Henry Boot 54,128 150 0.01 Hill & Smith Holdings 66,948 1,015 0.06 Homeserve 224,305 2,342 0.13 Howden Joinery Group 440,613 3,501 0.19 Ibstock 317,510 713 0.04 IMI 217,562 3,596 0.20 IntegraFin Holdings 198,323 1,073 0.06 Intertek Group 127,054 7,471 0.41 Keller 55,824 463 0.03 Kier Group 93,141 112 0.01 Kier Group rights 81,498 - 0.00 LXI REIT 441,175 596 0.03 Marshalls 167,993 1,226 0.07 Mears Group 82,275 153 0.01 Meggitt 602,056 3,003 0.17 Melrose Industries 3,719,086 6,030 0.33 Menzies (John) 51,347 164 0.01 Mitie Group 872,732 556 0.03 MJ Gleeson 31,828 265 0.01 Morgan Advanced Materials 215,891 723 0.04 Morgan Sindall 31,080 685 0.04 Norcros 32,366 91 0.01 Oxford Instruments 43,480 898 0.05 PageGroup 260,807 1,541 0.08 Paypoint 2,153 12 0.00 QinetiQ 466,527 1,553 0.09 Redde Northgate 99,558 385 0.02 Redrow 192,759 1,314 0.07 Renewi 458,124 222 0.01 Renishaw 21,614 1,183 0.07 Rentokil Initial 1,461,200 6,882 0.38 Ricardo 47,935 199 0.01




% Robert Walters 51,075 332 0.02 Rolls-Royce 5,815,235 6,258 0.34 Rotork 707,170 2,420 0.13 Royal Mail 708,354 3,676 0.20 RPS Group 169,337 157 0.01 Senior 314,446 335 0.02 Serco Group 994,854 1,354 0.07 Severfield 226,049 176 0.01 Signature Aviation 667,244 2,655 0.15 Smith (David S) 969,021 4,086 0.22 Smiths Group 301,204 4,733 0.26 Spectris 93,840 2,936 0.16 Spirax Sarco Engineering 56,874 6,924 0.38 Sthree 61,138 245 0.01 Travis Perkins 174,087 2,829 0.16 TT Electronics 121,829 302 0.02 Tyman 147,235 702 0.04 Ultra Electronics 52,839 1,082 0.06 Vitec Group 34,349 481 0.03 VP 14,138 119 0.01 Weir Group 208,094 3,934 0.22 Wincanton 82,678 347 0.02 Total Industrials 158,459 8.72 Consumer Goods - 16.09% (15.73%)

Associated British Foods 264,172 6,073 0.33 Aston Martin Lagonda Global Holdings 37,746 738 0.04 Bakkavor Group 118,839 156 0.01 Barr (AG) 62,021 323 0.02 Barratt Developments 806,028 6,195 0.34 Bellway 99,962 3,510 0.19 Berkeley Group 92,919 4,386 0.24 British American Tobacco 1,734,874 49,045 2.70 Britvic 222,301 2,047 0.11 Burberry Group 318,559 6,706 0.37 Countryside Properties 331,245 1,698 0.09 Cranswick 39,424 1,445 0.08 Crest Nicholson 117,202 501 0.03 Devro 123,903 265 0.01 DFS Furniture 157,006 425 0.02 Diageo 1,743,424 58,466 3.21 Dr. Martens 280,525 1,283 0.07 Galliford Try 81,060 99 0.01 Games Workshop 24,768 2,724 0.15 Headlam Group 56,690 265 0.01 Hilton Food Group 30,497 372 0.02




% Imperial Brands 716,076 11,382 0.63 McBride 137,015 119 0.01 McBride non cum redemption preference 1,507,165 2 0.00 Persimmon 241,145 7,589 0.42 Photo-Me International 185,703 129 0.01 Premier Foods 326,686 342 0.02 PZ Cussons 64,598 162 0.01 Reckitt Benckiser 479,359 30,511 1.68 SSP Group 471,234 1,521 0.08 Stock Spirits Group 141,844 401 0.02 Tate & Lyle 361,763 2,908 0.16 Taylor Wimpey 2,895,803 5,126 0.28 Ted Baker 33,774 70 0.00 TI Fluid Systems 220,284 628 0.03 Unilever 1,932,277 82,972 4.56 Vistry Group 177,055 2,294 0.13 Total Consumer Goods 292,878 16.09 Healthcare - 8.50% (12.09%)

AstraZeneca 997,848 78,461 4.31 ConvaTec Group 1,289,564 2,874 0.16 Dechra Pharmaceuticals 82,615 3,237 0.18 Genus 45,841 2,176 0.12 GlaxoSmithKline 3,746,535 51,343 2.82 Hikma Pharmaceuticals 127,681 3,021 0.17 Indivior 546,106 809 0.04 Mediclinic International 297,185 880 0.05 NMC Health 63,925 - 0.00 Oxford Biomedica 20,115 202 0.01 PureTech Health 66,261 239 0.01 Smith & Nephew 690,819 10,538 0.58 Spire Healthcare 192,175 370 0.02 Vectura Group 459,780 543 0.03 Total Healthcare 154,693 8.50 Consumer Services - 8.54% (8.13%)

4imprint Group 22,002 505 0.03 AO World 183,907 467 0.03 Ascential 324,329 1,144 0.06 Bloomsbury Publishing 65,569 194 0.01 Carnival (London listed) 102,017 1,627 0.09 Cineworld Group 758,416 679 0.04 Compass Group 1,354,141 20,847 1.15 Dignity 37,057 249 0.01 Dixons Carphone 813,414 1,095 0.06 Domino's Pizza 397,536 1,537 0.08 Dunelm 95,536 1,383 0.08 easyJet 235,897 2,393 0.13




% Euromoney Institutional Investors 80,759 788 0.04 Findel 51,686 144 0.01 FirstGroup 980,324 777 0.04 Frasers Group 143,970 831 0.05 Fuller Smith & Turner A 21,091 171 0.01 Future 71,593 1,713 0.09 Gamesys Group 77,927 1,465 0.08 Go-Ahead Group 33,836 442 0.02 Greggs 63,747 1,592 0.09 Gym Group 96,790 240 0.01 Halfords Group 135,526 528 0.03 Hostelworld 72,838 73 0.00 Hyve Group 166,734 193 0.01 Inchcape 297,377 2,361 0.13 Informa 1,136,539 6,374 0.35 InterContinental Hotels 138,700 6,900 0.38 ITV 3,004,522 3,856 0.21 JD Sports & Fashion 359,267 3,208 0.18 Kingfisher 1,631,841 6,052 0.33 Marks & Spencer 1,482,162 2,331 0.13 Marston's 191,605 191 0.01 Mitchells & Butlers 146,092 461 0.02 Moneysupermarket 394,208 1,068 0.06 Morrison (Wm) Supermarkets 1,714,700 3,150 0.17 Motorpoint Group 49,776 138 0.01 National Express 506,227 1,476 0.08 Next 96,705 7,820 0.43 Ocado Group 382,742 7,603 0.42 On The Beach Group 80,796 299 0.02 Pearson 595,805 5,123 0.28 Pendragon 916,589 171 0.01 Pets at Home Group 401,732 1,732 0.09 Rank Group 76,244 138 0.01 Reach 85,358 191 0.01 RELX 1,429,776 26,572 1.46 Restaurant Group 403,487 518 0.03 Saga 2,671 11 0.00 Sainsbury (J) 1,322,798 3,425 0.19 Stagecoach Group 604,531 533 0.03 Superdry 50,133 236 0.01 Tesco 5,803,542 13,400 0.74 Topps Tiles 87,675 60 0.00 Watches of Switzerland 159,338 1,117 0.06 Wetherspoon (JD) 57,223 774 0.04 Whitbread 161,045 5,120 0.28 WHSmith 95,159 1,642 0.09 Wickes Group 195,067 497 0.03 Total Consumer Services 155,625 8.54





Airtel Africa 616,138 495 0.03 BT Group 6,610,075 10,689 0.59 Helios Towers 308,326 507 0.03 Telecom Plus 45,135 567 0.03 Vodafone Group 20,360,218 28,651 1.57 Total Telecommunications 40,909 2.25 Utilities - 3.01% (3.52%)

Centrica 4,750,024 2,590 0.14 Contourglobal 131,360 255 0.01 Drax Group 238,536 1,026 0.06 National Grid 2,695,568 25,233 1.39 Pennon Group 319,242 3,333 0.18 Scottish & Southern Energy 790,116 12,128 0.67 Severn Trent 189,734 4,762 0.26 United Utilities 543,620 5,376 0.30 Total Utilities 54,703 3.01 Financials - 23.75% (22.14%)

3i Group 723,730 9,003 0.49 Aberdeen Diversified Income and Growth Trust 248,388 233 0.01 Aberdeen New Dawn Investment Trust 83,533 266 0.01 Aberdeen New India Investment Trust 88,945 464 0.03 Aberdeen Standard Asia Focus 14,211 176 0.01 Aberdeen Standard Equity Income Trust 36,811 138 0.01 Aberforth Smaller Companies 70,711 1,075 0.06 Aberforth Split Level Income Trust 162,709 139 0.01 Admiral Group 157,950 4,650 0.26 AJ Bell 219,220 948 0.05 Alliance Trust 262,486 2,512 0.14 Allied Minds 177,338 41 0.00 Amigo Holdings 99,164 23 0.00 Aptitude Software Group 28,340 181 0.01 Arrow Global Group 108,990 331 0.02 Artemis Alpha Trust 45,907 202 0.01 Ashmore Group 381,009 1,535 0.08 Asia Dragon Trust 115,807 577 0.03 Assura REIT 2,044,322 1,490 0.08 AVI Global Trust 87,136 844 0.05 Aviva 3,027,500 12,379 0.68 Baillie Gifford China Growth Trust 41,993 190 0.01 Baillie Gifford European Growth Trust 427,337 611 0.03 Baillie Gifford Japan Trust 66,709 686 0.04 Baillie Gifford Shin Nippon 211,887 474 0.03 Baillie Gifford UK Growth Fund 161,355 379 0.02




% Baillie Gifford US Growth Trust 230,922 674 0.04 Bank of Georgia 29,626 326 0.02 Bankers Investment Trust 1,050,410 1,174 0.06 Barclays 13,134,674 23,734 1.30 BB Healthcare Trust 389,386 700 0.04 Beazley 494,905 1,545 0.08 Big Yellow Group Real Estate Investment Trust 124,800 1,614 0.09 Biotech Growth Trust 36,202 471 0.03 BlackRock Greater Europe Investment Trust 64,271 366 0.02 BlackRock Latin American Investment Trust 30,847 116 0.01 BlackRock North American Income Trust 62,614 122 0.01 BlackRock Smaller Companies 34,621 662 0.04 Blackrock Throgmorton Trust 55,466 475 0.03 Blackrock World Mining Trust 132,449 862 0.05 BMO Capital & Income Investment Trust 123,507 395 0.02 BMO Global Smaller Companies 452,620 728 0.04 Brewin Dolphin 225,037 774 0.04 British Land Company 702,646 3,697 0.20 C C Japan Income And Growth Trust 101,195 142 0.01 Caledonia Investments 35,482 1,068 0.06 Capital & Counties Properties 626,410 1,096 0.06 Capital & Regional PLC 23,058 19 0.00 Capital Gearing Trust 6,644 318 0.02 Carr's Milling Industries 63,154 93 0.01 Chesnara 105,669 293 0.02 City of London Investment Group 26,839 148 0.01 City of London Investment Trust 334,729 1,310 0.07 Civitas Social Housing 472,816 553 0.03 Close Brothers 123,889 1,983 0.11 CLS Holdings 117,138 283 0.02 Custodian REIT 276,950 271 0.01 CYBG 1,030,849 2,055 0.11 Derwent London Real Estate Investment Trust 76,416 2,589 0.14 Direct Line Insurance 1,100,196 3,282 0.18 Diverse Income Trust 258,941 308 0.02 Dunedin Income Growth Investment Trust 179,067 552 0.03 Edinburgh Investment Trust 140,648 889 0.05 Edinburgh Worldwide Investment Trust 219,900 685 0.04 Electra Private Equity Fund 19,413 95 0.01 Empiric Student Property 440,097 387 0.02 EP Global Opportunities Trust 39,350 111 0.01 European Assets Trust 142,266 184 0.01 European Opportunities Trust 84,258 592 0.03 Fidelity Asian Values Investment Trust 47,904 221 0.01 Fidelity China Special Situations Trust 281,703 1,130 0.06 Fidelity European Values Investment Trust 323,039 955 0.05




% Fidelity Japanese Values Investment Trust 122,308 253 0.01 Fidelity Special Values Investment Trust 141,751 408 0.02 Finsbury Growth & Income 177,862 1,610 0.09 Foreign & Colonial Investment Trust 437,830 3,682 0.20 Foxtons Group 184,718 110 0.01 GCP Student Living 322,078 518 0.03 Georgia Capital 23,978 150 0.01 Grainger Trust 559,038 1,594 0.09 Great Portland REIT 196,073 1,400 0.08 Greencoat UK Wind 1,410,208 1,864 0.10 Hammerson REIT 3,304,121 1,188 0.06 Hargreaves Lansdown 299,066 5,180 0.28 Harworth Group 130,738 184 0.01 Helical 67,570 279 0.02 Henderson Diversified Income 142,177 124 0.01 Henderson European Focus Investment Trust 33,210 520 0.03 Henderson Eurotrust 15,894 232 0.01 Henderson High Income Trust 237,096 416 0.02 Henderson International Income Trust 138,686 227 0.01 Henderson Smaller Companies Investment Trust 54,215 677 0.04 Herald Investment Trust 55,616 1,185 0.06 HgCapital Trust 270,927 910 0.05

HICL Infrastructure 1,472,072 2,485 0.14 +HSBC (London Listed) 15,486,071 69,486 3.82

ICG Enterprise Trust 53,022 573 0.03 IG Group 276,128 2,391 0.13 Impax Environmental Markets 210,847 946 0.05 Intermediate Capital 227,048 4,661 0.26 International Personal Finance 143,950 196 0.01 Intu Properties 648,327 - 0.00 Invesco Asia Trust 45,821 166 0.01 Invesco Perpetual UK Smaller Companies Investment Trust 79,382 475 0.03 Invesco Select Trust 57,639 99 0.01 Investec 389,730 1,119 0.06 IP Group 775,313 932 0.05 John Laing Group 375,152 1,368 0.07 JPMorgan American Investment Trust 173,371 1,104 0.06 JPMorgan Asia Growth & Income 127,020 606 0.03 JPMorgan China Growth & Income 61,711 375 0.02 JPMorgan Claverhouse Investment Trust 73,331 535 0.03 JPMorgan Emerging Markets Investment Trust 999,990 1,292 0.07 JPMorgan European Investment Trust 143,998 492 0.03 JPMorgan European Investment Trust Income 91,171 136 0.01 JPMorgan European Smaller Companies Investment Trust 170,408 823 0.04 JPMorgan Global Emerging Markets Fund 223,131 321 0.02 JPMorgan Global Growth & Income trust 157,266 659 0.04 JPMorgan Indian Investment Trust 60,639 421 0.02




% JPMorgan Japanese Investment Trust 140,125 844 0.05 JPMorgan Mid Cap Investment Trust 26,326 379 0.02 JPMorgan Russian Securities 36,115 245 0.01 JPMorgan Smaller Companies Investment Trust 123,077 479 0.03 Jupiter Fund Management 371,202 1,001 0.06 Jupiter US Smaller Companies 16,169 216 0.01 Just Group 495,009 531 0.03 Keystone Investment Trust 50,765 143 0.01 Land Securities 572,899 4,154 0.23 Law Debenture 87,851 661 0.04 Legal & General 4,502,210 12,728 0.70 Lindsell Train 143 194 0.01 Liontrust Asset Management 36,549 557 0.03 Lloyds Banking Group 53,451,074 25,790 1.42 London Stock Exchange Group 274,838 19,755 1.09 Londonmetric Property 667,976 1,510 0.08 Lowland Investment Trust 18,167 247 0.01 LSL Property Services 55,187 246 0.01 M&G 2,009,191 4,744 0.26 Majedie Investment Trust 39,935 97 0.01 Martin Currie Global Portfolio 54,831 197 0.01 Merchants Trust 112,162 581 0.03 Metro Bank 116,322 128 0.01 Monks Investment Trust 183,204 2,378 0.13 Montanaro UK Smaller Companies Trust 125,589 191 0.01 Murray Income Trust 98,832 894 0.05 Murray International Trust 102,292 1,223 0.07 NatWest Group 3,894,147 7,518 0.41 Network International 276,479 1,066 0.06 NewRiver REIT 250,064 239 0.01 Ninety One PLC 256,364 633 0.03 Octopus Renewables Infrastructure Trust 156,581 173 0.01 OSB Group 296,634 1,405 0.08 Pacific Assets Trust 82,138 259 0.01 Pacific Horizon Trust 56,695 429 0.02 Pantheon International 45,588 1,190 0.07 Paragon Group 199,780 985 0.05 Personal Assets Trust 2,158 1,013 0.06 Phoenix Group Holdings 440,751 3,242 0.18 Polar Capital Global Healthcare Growth & Income Trust 91,440 231 0.01 Polar Capital Technology Trust 104,176 2,217 0.12 Primary Health Properties 1,003,218 1,507 0.08 Provident Financial 46,204 112 0.01 Prudential 1,982,021 30,018 1.65 Quilter 1,432,829 2,301 0.13 Rathbone Brothers 45,659 824 0.05 RIT Capital Partners 97,201 2,279 0.13




% Riverstone Energy 27,759 88 0.00 RSA Insurance Group 784,850 5,368 0.30 S&U 4,198 112 0.01 Sabre Insurance 187,511 493 0.03 Safestore Holdings REIT 158,352 1,447 0.08 Savills 102,229 1,171 0.06 Schroders 84,854 3,005 0.16 Schroder Asia Pacific Investment Trust 131,462 790 0.04 Schroder Asian Total Return Investment Company 70,331 336 0.02 Schroder Income Growth Investment Trust 87,374 269 0.01 Schroder Japan Growth Investment Trust 93,911 187 0.01 Schroder UK Mid Cap Fund 23,335 163 0.01 Schroder UK Public Private Trust 682,331 226 0.01 Scottish American Investment Trust 107,237 517 0.03 Scottish Investment Trust 57,206 458 0.02 Scottish Mortgage Investment Trust 1,111,100 12,555 0.69 Scottish Oriental Smaller Companies Trust 22,207 221 0.01 SDCL Energy Efficiency Income Trust 150,701 173 0.01 Securities Trust of Scotland 67,298 139 0.01 Segro Real Estate Investment Trust 903,704 9,028 0.50 Shaftesbury REIT 208,100 1,325 0.07 Smithson Investment Trust 109,885 1,822 0.10 St James's Place Capital 418,427 5,758 0.32 St Modwen Properties 144,956 774 0.04 Standard Chartered 1,963,975 9,953 0.55 Standard Life Aberdeen 1,633,995 4,435 0.24 Standard Life Aberdeen European REIT 104,670 121 0.01 Standard Life UK Smaller Companies 75,381 487 0.03 Target Healthcare REIT 289,019 332 0.02 TBC Bank Group 26,382 286 0.02 Temple Bar Investment Trust 48,299 549 0.03 Templeton Emerging Markets Investment Trust 196,516 1,946 0.11 The Mercantile Investment Trust 647,042 1,766 0.10 The North American Income Trust 177,880 480 0.03 TR European Growth Trust 47,952 693 0.04 TR Property Investment Trust 241,183 1,056 0.06 Triple Point Social Housing REIT 254,361 268 0.01 Tritax Big Box REIT 1,307,944 2,518 0.14 Tritax EuroBox 480,563 520 0.03 Troy Income & Growth Trust 576,462 430 0.02 U & I Group 93,406 86 0.00 Unite Group 245,909 2,735 0.15 Utilico Emerging Markets Trust 70,000 144 0.01 Witan Investment Trust 674,115 1,571 0.09 Workspace Group 103,081 902 0.05 Worldwide Healthcare Trust 49,503 1,790 0.10 Xps Pensions Group 111,911 143 0.01 Total Financials 431,356 23.75




%Technology - 1.57% (1.65%)

Allianz Technology 329,500 857 0.05 Auto Trader Group 742,153 4,095 0.22 Avast 448,954 2,001 0.11 Aveva Group 91,336 2,921 0.16 Bytes Technology Group 86,498 436 0.02 Computacenter 55,002 1,439 0.08 Ecofin Global Utilities & Infrastructure Trust 128,215 230 0.01 FDM Group 69,526 679 0.04 Kainos Group 35,306 494 0.03 Micro Focus International 194,305 941 0.05 NCC Group 302,530 889 0.05 Rightmove 695,702 4,020 0.22 Sage Group 829,045 5,366 0.29 Softcat 101,480 1,783 0.10 Spirent Communications 458,355 1,126 0.06 Trainline 350,297 1,540 0.08 Total Technology 28,817 1.57 Futures - 0.01% (-0.01%)

ICF FTSE 100 Index Future June 2021 157 2 0.00 ICF FTSE 250 Index Future June 2021 43 113 0.01 Total Futures 115 0.01 Total United Kingdom 1,603,367 88.14

Portfolio of investments 1,806,602 99.29


Net assets 1,819,456 100.00 +related party #unlisted Figures in brackets denote the comparative percentage holdings as at 15 May 2020.

Unless otherwise stated, all investments are listed equities. The counterparty for the futures is HSBC.


Comparative Tables


15.5.21 15.5.20 15.5.19

Opening net asset value per share 269.30p 337.90p 359.20p Return before operating charges* 78.68p (55.31p) (6.80p)Operating charges** (0.47p) (0.54p) (0.54p)Return after operating charges* 78.21p (55.85p) (7.34p)Distributions on income shares (8.51p) (12.75p) (13.96p)Closing net asset value per share 339.00p 269.30p 337.90p *after direct transaction costs of:*** 0.09p 0.43p 0.49p





15.5.21 15.5.20 15.5.19

Opening net asset value per share 493.80p 595.00p 608.20p Return before operating charges* 145.69p (100.25p) (12.29p)Operating charges** (0.89p) (0.95p) (0.91p)Return after operating charges* 144.80p (101.20p) (13.20p)Distributions on accumulation shares (16.08p) (22.02p) (22.47p)Retained distributions on accumulation shares 16.08p 22.02p 22.47p Closing net asset value per share 638.60p 493.80p 595.00p *after direct transaction costs of:*** 0.16p 0.77p 0.83p




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


Comparative Tables

Institutional IncomeChange in net assets per share

15.5.21 15.5.20 15.5.19

Opening net asset value per share 272.50p 341.80p 363.30p Return before operating charges* 79.82p (56.31p) (7.89p)Operating charges** (0.07p) (0.07p) (0.05p)Return after operating charges* 79.75p (56.38p) (7.94p)Distributions on income shares (9.25p) (12.92p) (13.56p)Closing net asset value per share 343.00p 272.50p 341.80p *after direct transaction costs of:*** 0.09p 0.44p 0.49p





15.5.21 15.5.20 15.5.19







Comparative Tables

Institutional A Income#Change in net assets per share

15.5.21 15.5.20 15.5.19

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


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


Institutional A Accumulation#Change in net assets per share

15.5.21 15.5.20 15.5.19

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


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


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


Comparative Tables


15.5.21 15.5.20 15.5.19

Opening net asset value per share 272.50p 341.70p 363.30pReturn before operating charges* 79.81p (56.18p) (7.97p)Operating charges** (0.19p) (0.20p) (0.19p)Return after operating charges* 79.62p (56.38p) (8.16p)Distributions on income shares (9.12p) (12.82p) (13.44p)Closing net asset value per share 343.00p 272.50p 341.70p *after direct transaction costs of:*** 0.09p 0.43p 0.49p





15.5.21 15.5.20 15.5.19



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





15.5.21 15.5.20Notes £’000 £’000 £’000 £’000


Expenses 4 (970) (960)Interest payable and similar charges (17) (3)Net revenue before taxation 50,605 65,327 Taxation 5 (263) (738)Net revenue after taxation 50,342 64,589 Total return/(deficit) before distributions 444,611 (268,162)Distributions 6 (50,357) (64,608)Change in net assets attributable to shareholders from investment activities 394,254 (332,770)


15.5.21 15.5.20£’000 £’000 £’000 £’000

Opening net assets attributable to shareholders 1,577,970 1,634,791 Amounts receivable on creation of shares 306,027 575,670 Amounts payable on cancellation of shares (488,180) (339,802)

(182,153) 235,868 Dilution adjustment 1,336 3,212 Change in net assets attributable to shareholders frominvestment activities (see Statement of Total Return above) 394,254 (332,770)Retained distribution on accumulation shares 28,049 36,869 Closing net assets attributable to shareholders 1,819,456 1,577,970


15.5.21 15.5.20Notes £’000 £’000 £’000 £’000

AssetsInvestments 1,806,602 1,542,625 Current assets


Total current assets 27,014 49,413 Total assets 1,833,616 1,592,038 LiabilitiesInvestment liabilities - (118)Creditors

Distribution payable on income shares (10,844) (12,735)Other creditors 9 (3,316) (1,215)

Total creditors (14,160) (13,950)Total liabilities (14,160) (14,068)Net assets attributable to shareholders 1,819,456 1,577,970



Group 1: Shares purchased prior to 16 November 2020 Group 2: Shares purchased from 16 November 2020 to 15 May 2021


15.7.21 15.7.20



Institutional IncomeGroup 1 5.138709 - 5.138709 4.977850Group 2 3.487197 1.651512 5.138709 4.977850


Institutional A Income*Group 1 N/A - N/A 4.789817Group 2 N/A N/A N/A 4.789817

Institutional A Accumulation*Group 1 N/A - N/A 8.705854Group 2 N/A N/A N/A 8.705854



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



Group 1: Shares purchased prior to 16 May 2020 Group 2: Shares purchased from 16 May 2020 to 15 November 2020


15.1.21 15.1.20





Institutional A IncomeGroup 1 3.900000 - 3.900000 7.720000Group 2 2.630000 1.270000 3.900000 7.720000

Institutional A AccumulationGroup 1 7.240000 - 7.240000 13.770000Group 2 4.070000 3.170000 7.240000 13.770000





15.5.21 15.5.20£’000 £’000


2. Net Capital Gains/(Losses)The net capital gains/(losses) during the year comprise:Currency losses (3) (21)Transaction charges (5) (9)Capital special dividends 4,331 1,725 Gains/(losses) on derivative contracts 10,943 (12,923)Losses on forward foreign currency contracts (10) (52)Gains/(losses) on non-derivative securities 379,013 (321,471)Net capital gains/(losses) 394,269 (332,751)

3. RevenueUK dividends (net) 44,822 54,235 Property investment income 813 1,105 Overseas dividends 5,280 8,548 Deposit interest - 10 Bank interest 1 51 Stock dividends 676 2,341 Total revenue 51,592 66,290

4. ExpensesPayable to the Authorised Corporate Director, associates ofthe Authorised Corporate Director and agents of either of them:Authorised Corporate Director's charge 604 604 Safe custody fee 22 25

626 629 Payable to the Depositary, associates of the Depositaryand agents of either of them:Depositary fee 149 151 Other expenses:Audit fee 7 5 Professional fee - 1 Report and accounts fee 1 2 License fee 187 172

195 180 Total expenses 970 960


15.5.21 15.5.20£’000 £’000


Overseas tax 263 738 Total tax for the year (note 5b) 263 738

b) Factors affecting taxation charge for the year:The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an open-ended investment company (20%). The differences are explained below:Net revenue before taxation 50,605 65,327 Corporation tax at 20% 10,121 13,065 Effects of:Revenue not subject to taxation (10,156) (13,020)Irrecoverable overseas tax 263 718 Overseas tax on special dividends in capital - 20 Excess management expenses unutilised /(utilised) 35 (44)Tax relief on overseas tax suffered - (1)Current tax charge for the year (note 5a) 263 738

c) Provision for deferred taxation At 15 May 2021, there is a potential deferred tax asset of £3,743,313 (15.5.20: £3,708,495) in relation to surplus management expenses. It is unlikely the Fund will generate sufficient taxable profits in the future to utilise these expenses and therefore no deferred tax asset has been recognised in the year or prior year.


49,396 68,070 Add: Amounts deducted on cancellation of shares 3,079 3,403 Deduct: Amounts received on issue of shares (2,118) (6,865)Net distribution for the year 50,357 64,608

7. Movement Between Net Revenue and DistributionsNet revenue after taxation 50,342 64,589 Equalisation on conversions 15 - Overseas tax on special dividends in capital - 19 Net distribution for the year 50,357 64,608

8. DebtorsAmounts receivable for creation of shares 508 1,859 Sales awaiting settlement 1,740 - Accrued revenue 6,003 7,146 Overseas tax recoverable 789 725 Total debtors 9,040 9,730

9. Other CreditorsAmounts payable for cancellation of shares 3,320 1,139 Accrued expenses (4) 76 Total other creditors 3,316 1,215



Retail IncomeRetail


IncomeInstitutional

Accumulation

Opening shares issued at 16.5.20 4,216,132 9,662,039 131,494,865 9,050,728 Share movements 16.5.20 to 15.5.21Shares issued 163,242 1,105,241 29,004,324 1,996,484 Shares cancelled (434,749) (1,622,679) (76,997,818) (7,878,130)Shares converted (3,814,210) (6,003,583) (88,831) - Closing shares issued at 15.5.21 130,415 3,141,018 83,412,540 3,169,082

Institutional A Income*

Institutional A Accumulation*

Income C

Accumulation C

Opening shares issued at 16.5.20 1,282,822 10,094,050 120,017,129 147,279,327 Share movements 16.5.20 to 15.5.21Shares issued 77,152 147,711 18,212,119 25,534,753 Shares cancelled (72,788) (489,693) (15,041,391) (25,344,779)Shares converted (1,287,186) (9,752,068) 5,909,726 15,435,711 Closing shares issued at 15.5.21 - - 129,097,583 162,905,012

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





Retail Income

Retail Accumulation



IncomeC

AccumulationC

% % % % % %As at 15.5.21 - - 24.69 36.48 5.21 3.91 As at 15.5.20 0.28 - 36.29 77.72 5.56 4.37

Details of all other material related party transactions during the year and any payment amounts outstanding at the balance sheet date are disclosed in notes 8 and 9 to the financial statements and the Statement of Change in Net Assets Attributable to Shareholders and the Portfolio Statement.

The balance due to/from the ACD (including amounts due to associates and agents) at the year end was £2,892,587 (15.5.20: £592,839), further details of such amounts can be found in notes 8 and 9.

At the year end, the Fund held £72,581,668 (15.5.20: £72,458,696) in Authorised Investment Funds managed by HSBC and HSBC Holdings, the parent company of the ACD. During the period, transactions in Authorised Investment Funds managed by HSBC and HSBC Holdings totalled £8,656,764 (15.5.20: £33,684,975).

There were no shares held by the Trustee or its associates.







Net currency monetary assets consist of:


Net otherassets

Netassets

15.5.21 15.5.20 15.5.21 15.5.20 15.5.21 15.5.20 £'000 £'000 £'000 £'000 £'000 £'000

Sterling* 1,806,602 1,542,507 10,301 32,188 1,816,903 1,574,695 Euro - - 620 598 620 598 United States dollar - - 1,933 2,677 1,933 2,677 Total 1,806,602 1,542,507 12,854 35,463 1,819,456 1,577,970


Interest Rate Risk



This Fund has a retail share class, an institutional share class and a C share class.

The annual ACD charge on the retail share class is 0.14%, nil on the institutional share class and 0.04% on the C share class.

The net asset value of the share class, the net asset value per share and the number of shares in each class are given in the Comparative Tables on pages 49 to 52. The distribution per share class is given in the Distribution Tables on pages 54 and 55.

All share classes within the OEIC have the same rights on winding up.



The use of derivatives can create additional counterparty risks. Details of the policy adopted by the ACD for managing counterparty and other risks are set out in the Notes to the Financial Statements. The types of derivatives held at the year end were index futures. Details of the individual contracts are shown on the Portfolio Statement on pages 34 to 48, and there is no counterparty exposure at the year end.









Analysis of total purchases costsEquity transactions 88,515 10 0.01 439 0.50 - - Corporate actions 7,439 - - - - - - Total purchases before transaction costs 95,954 10 439 - Transaction costs 449



Analysis of total sales costsEquity transactions 208,536 38 0.02 - - 1 - Corporate actions 3,030 - - - - - - Total sales before transaction costs 211,566 38 - 1 Transaction costs (39) Total sales after commission, tax and fees 211,527





Analysis of total purchases costsEquity transactions 435,452 82 0.02 2,068 0.47 3 - Corporate actions 3,240 - - - - - - Total purchases before transaction costs 438,692 82 2,068 3 Transaction costs 2,153

















For the year ended 15 May 2021Category 1 2 3 TotalInvestment Assets £'000 £'000 £'000 £'000Equities 1,805,876 - - 1,805,876 Pooled investment vehicles 611 - - 611 Derivatives 115 - - 115

1,806,602 - - 1,806,602

For the year ended 15 May 2020Category 1 2 3 TotalInvestment Assets £'000 £'000 £'000 £'000Equities 1,541,754 - 419 1,542,173 Pooled investment vehicles 426 - - 426 Derivatives 26 - - 26

1,542,206 - 419 1,542,625

Investment Liabilities £'000 £'000 £'000 £'000Derivatives (118) - - (118)

(118) - - (118)






If the exchange rate at 15 May 2021 had increased or decreased by 10% with all other variables held constant, this would have increased or decreased the net assets attributable to shareholders by £255,280 (15.5.20: £327,492).




FTSE 250 Index Fund


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

Investment Policy*

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








Portfolio Activity

FTSE 250 Index was up 40.37% during the reporting period. The main contributor to the total index return was the Financials sector with a contribution of 12.32%, followed by Industrials and Consumer Discretionary with a contribution of 9.78% and 9.29% respectively. The best performing sector was the Utilities sector with 68.79%. None of the sectors were negative, however the weakest sector was the Real Estate sector with a performance of 14.75%.

During the first part of the period, the mid cap UK equities were only slightly positive and more range-bound until the end of October as the positive sentiment after the first shock was limited to rising Covid-19 cases and fears over new economic restrictions and the announcement of a further lockdown in the UK. Since then stock prices steadily increased first when the Bank of England extended their quantitative easing program, then a positive effect came from the last minute free trade agreement between the EU and UK and first approvals of vaccines. However, more and more the rising Covid-19 infections once more started to dampen investor sentiment, mainly in January. More recently though investors were encouraged again by the improving speed of the Covid-19 vaccine rollout, Central Bank support and the renewed optimism over the reopening of the economy, leading to higher prices.



During the year under review, the value of the shares in the Fund increased by 40.99% while the value of the FTSE 250 Index increased by 40.37%.



Tracking Error



Retail Income

Retail Accumulation


Price 202.2p xd 319.9p 201.6p xd


2.895336p 4.697642p 3.424733p



Income C

AccumulationC

Income S

AccumulationS

Price 201.5p xd 322.8p 201.5p xd 324.2p


3.287338p 5.179105p 3.354251p 5.344134p






%BERMUDA - 1.02% (1.22%) Financials - 1.02% (1.22%)

Hiscox 1,250,430 10,189 0.63 Lancashire Holdings 901,865 6,223 0.39 Total Financials 16,412 1.02 Total Bermuda 16,412 1.02

CAYMAN ISLANDS - 0.29% (0.26%) Financials - 0.29% (0.26%)

Dragon Capital Vietnam Enterprise Investment ‘C’ 721,554 4,611 0.29 Total Financials 4,611 0.29 Total Cayman Islands 4,611 0.29

CHANNEL ISLANDS - 7.88% (9.67%) Oil & Gas - 0.00% (0.14%)

Basic Materials - 0.30% (0.65%) Centamin 4,035,796 4,734 0.30

Total Basic Materials 4,734 0.30

Industrials - 0.62% (0.48%) International workplace Group 2,681,736 9,909 0.62

Total Industrials 9,909 0.62

Consumer Services - 0.83% (0.68%) Wizz Air Holdings 283,580 13,357 0.83

Total Consumer Services 13,357 0.83

Financials - 6.13% (7.72%) 3i Infrastructure 2,226,728 6,669 0.42

Apax Global Alpha 965,285 1,969 0.12 Chrysalis Investments 1,795,951 3,466 0.22 Foresight Solar 2,262,851 2,242 0.14 GCP Infrastructure Investments 3,233,988 3,192 0.20 Genesis Emerging Markets Fund 453,507 3,986 0.25 HarbourVest Global Private Equity 298,325 6,056 0.38 Hipgnosis Songs Fund 4,008,913 4,891 0.30 International Public Partnership 6,006,522 10,235 0.64 JLEN Environmental Assets Group 2,002,588 2,107 0.13 JTC 389,848 2,616 0.16 Man Group 5,330,201 9,136 0.57 Renewables Infrastructure Group 7,800,719 9,922 0.62 Sanne Group 508,606 3,713 0.23 Schroder Oriental Income Fund 1,012,018 2,824 0.18 Sequoia Economic Infrastructure Income Fund 6,177,912 6,647 0.41 Sirius Real Estate 3,611,852 3,457 0.22 Syncona 1,745,494 3,753 0.23




% TP ICAP 2,946,069 6,587 0.41 UK Commercial Property REIT 2,746,914 2,101 0.13 VinaCapital Vietnam Opportunity Fund 634,946 2,768 0.17 Total Financials 98,337 6.13 Total Channel Islands 126,337 7.88

GIBRALTAR - 0.24% (0.00%) Consumer Services - 0.24% (0.00%)

888 Holdings 994,295 3,902 0.24 Total Consumer Services 3,902 0.24 Total Gibraltar 3,902 0.24

GERMANY - 0.72% (0.39%) Consumer Services - 0.72% (0.39%)

TUI 2,718,406 11,491 0.72 Total Consumer Services 11,491 0.72 Total Germany 11,491 0.72

IRELAND - 1.62% (1.38%) Consumer Goods - 0.41% (0.42%)

C&C 1,159,226 3,371 0.21 Greencore Group 1,960,045 3,256 0.20 Total Consumer Goods 6,627 0.41

Consumer Services - 0.60% (0.50%) UDG Healthcare 936,983 9,604 0.60


Industrials - 0.61% (0.46%) Grafton Group 811,699 9,692 0.61

Total Industrials 9,692 0.61 Total Ireland 25,923 1.62

ISRAEL - 0.34% (0.46%) Financials - 0.34% (0.46%)

Plus500 370,826 5,410 0.34 Total Financials 5,410 0.34 Total Israel 5,410 0.34

LUXEMBOURG - 0.27% (1.34%) Consumer Services - 0.00% (0.99%)

Financials - 0.27% (0.35%) Bilfinger Berger Global Infrastructure 2,479,263 4,363 0.27

Total Financials 4,363 0.27 Total Luxembourg 4,363 0.27




%NETHERLANDS - 0.30% (0.23%) Industrials - 0.30% (0.23%)

RHI Magnesita 109,152 4,820 0.30 Total Industrials 4,820 0.30 Total Netherlands 4,820 0.30

SINGAPORE - 0.17% (0.15%) Industrials - 0.17% (0.15%)

XP Power 56,376 2,737 0.17 Total Industrials 2,737 0.17 Total Singapore 2,737 0.17

UNITED KINGDOM - 84.10% (83.13%) Oil & Gas - 1.28% (0.89%)

Cairn Energy 1,831,663 3,033 0.19 Diversified Gas & Oil 2,534,282 3,011 0.19 Energean Oil & Gas 398,353 3,402 0.21 John Wood Group 2,486,267 6,740 0.42 Tullow Oil 5,213,876 2,817 0.18 Vivo Energy 1,429,537 1,515 0.09 Total Oil & Gas 20,518 1.28

Basic Materials - 1.68% (1.86%) Elementis 2,140,055 3,150 0.20

Ferrexpo 1,088,709 5,139 0.32 Hochschild Mining 1,176,701 2,215 0.14 Petropavlovsk 11,298,888 2,845 0.18 Synthomer 1,240,796 6,085 0.38 Victrex 306,006 7,430 0.46 Total Basic Materials 26,864 1.68

Industrials - 17.75% (18.95%) Aggreko 897,828 7,744 0.48

Avon Rubber 105,520 3,227 0.20 Babcock International Group 1,877,203 5,419 0.34 Balfour Beatty 2,558,266 8,007 0.50 Biffa 820,128 2,190 0.14 Bodycote International 699,502 5,711 0.36 Capita 6,174,324 2,606 0.16 Chemring Group 1,047,025 3,136 0.20 Clarkson 92,565 2,629 0.16 Coats Group 5,347,685 3,091 0.19 Diploma 453,331 12,458 0.78 Electrocomp 1,753,925 17,908 1.12 Essentra 1,119,105 3,464 0.22 Hays 5,787,701 9,671 0.60




% Hill & Smith Holdings 296,034 4,488 0.28 Homeserve 1,026,097 10,712 0.67 Howden Joinery Group 2,127,035 16,901 1.06 Ibstock 1,445,465 3,244 0.20 IMI 1,001,212 16,550 1.03 Marshalls 740,242 5,400 0.34 Meggitt 2,906,390 14,497 0.90 Mitie Group 4,320,486 2,752 0.17 Morgan Advanced Materials 1,054,496 3,533 0.22 Morgan Sindall 149,675 3,300 0.21 Redde Northgate 910,670 3,520 0.22 Oxford Instruments 198,049 4,090 0.26 PageGroup 1,164,209 6,880 0.43 Genuit Group 800,552 4,331 0.27 QinetiQ 2,094,889 6,972 0.43 Redrow 849,377 5,791 0.36 Rotork 3,246,382 11,109 0.69 Royal Mail 3,420,073 17,750 1.11 Serco Group 4,504,602 6,131 0.38 Signature Aviation 3,064,036 12,192 0.76 Spectris 432,442 13,531 0.84 Travis Perkins 840,581 13,659 0.85 Ultra Electronics Holdings 259,514 5,315 0.33 Vesuvius 793,877 4,597 0.29 Total Industrials 284,506 17.75

Consumer Goods - 7.23% (6.31%) Aston Martin Lagonda Global 250,429 4,898 0.30

Bellway 460,731 16,176 1.01 Britvic 992,830 9,144 0.57 Countryside Properties 1,926,762 9,875 0.62 Cranswick 193,627 7,098 0.44 Crest Nicholson 923,253 3,948 0.25 Dr. Martens 1,503,609 6,874 0.43 Games Workshop 121,646 13,381 0.83 Hilton Food Group 239,153 2,918 0.18 Premier Foods 2,634,641 2,756 0.17 PZ Cussons 702,749 1,760 0.11 SSP Group 2,911,057 9,394 0.59 Tate & Lyle 1,746,837 14,041 0.88 TI Fluid Systems 1,050,290 2,993 0.19 Vistry Group 820,462 10,629 0.66 Total Consumer Goods 115,885 7.23




%Healthcare - 3.47% (3.14%)

ConvaTec Group 6,051,566 13,489 0.84 Dechra Pharmaceuticals 390,880 15,315 0.96 Genus 242,790 11,523 0.72 Indivior 2,715,712 4,022 0.25 Mediclinic International 1,459,601 4,320 0.27 Oxford BioMedica 228,362 2,293 0.14 PureTech Health 577,185 2,081 0.13 Vectura Group 2,210,303 2,608 0.16 Total Healthcare 55,651 3.47

Consumer Services - 11.90% (10.19%) 4imprint 103,572 2,377 0.15

AO World 1,066,023 2,708 0.17 Ascential 1,472,697 5,196 0.32 Carnival (London listed) 492,605 7,856 0.49 Cineworld Group 3,764,958 3,369 0.21 Dixons Carphone 3,751,154 5,049 0.32 Domino's Pizza 1,751,869 6,773 0.42 Dunelm Group 421,394 6,102 0.38 easyJet 1,213,057 12,306 0.77 Euromoney Institutional Investors 396,639 3,871 0.24 FirstGroup 4,539,083 3,599 0.22 Frasers Group 696,140 4,017 0.25 Future 420,261 10,053 0.63 Gamesys Group 291,350 5,477 0.34 Greggs 371,004 9,268 0.58 Inchcape 1,460,542 11,597 0.72 ITV 13,904,678 17,847 1.11 Marks & Spencer 7,279,518 11,451 0.71 Mitchells & Butlers 1,131,421 3,568 0.22 Moneysupermarket.com 1,936,121 5,243 0.33 Morrison (Wm) Supermarkets 8,279,399 15,209 0.95 National Express 2,008,640 5,857 0.37 Pets at Home Group 1,770,195 7,633 0.48 Rank Group 764,332 1,388 0.09 Restaurant Group 2,382,418 3,059 0.19 Watches of Switzerland Group 732,940 5,138 0.32 Wetherspoon (JD) 317,754 4,296 0.27 WHSmith 467,365 8,067 0.50 Wickes Group 941,880 2,402 0.15 Total Consumer Services 190,776 11.90





Airtel Africa 3,828,054 3,078 0.19 Helios Towers 2,311,351 3,800 0.24 Telecom Plus 234,723 2,948 0.18 Total Telecommunications 9,826 0.61

Utilities - 2.24% (0.36%) Centrica 21,782,234 11,876 0.74

ContourGlobal 645,162 1,253 0.08 Drax Group 1,481,471 6,370 0.40 Pennon Group 1,567,930 16,369 1.02 Total Utilities 35,868 2.24

Financials - 34.73% (36.89%) Aberforth Smaller Companies Trust 334,063 5,078 0.32

AJ Bell 1,076,680 4,656 0.29 Alliance Trust 1,199,955 11,484 0.72 Allianz Technology Trust 1,591,033 4,137 0.26 Ashmore Group 1,701,450 6,853 0.43 Assura 9,846,250 7,178 0.45 AVI Global Trust 392,619 3,804 0.24 Baillie Gifford Japan Investment Trust 342,845 3,524 0.22 Baillie Gifford Shin Nippon 1,133,644 2,534 0.16 Baillie Gifford US Growth Trust 1,115,049 3,256 0.20 Bankers Investment Trust 4,772,383 5,336 0.33 BB Healthcare Trust 1,880,217 3,381 0.21 Beazley 2,236,159 6,979 0.44 Big Yellow Group REIT 601,828 7,782 0.49 BlackRock Smaller Companies 181,553 3,471 0.22 BlackRock World Mining Investment Trust 648,255 4,220 0.26 BMO Global Smaller Company 2,165,944 3,483 0.22 Brewin Dolphin 1,081,887 3,722 0.23 Caledonia Investments 121,256 3,650 0.23 Capital & Counties Properties 2,734,686 4,786 0.30 City of London Investment Trust 1,590,159 6,225 0.39 Civitas Social Housing 2,321,733 2,716 0.17 Close Brothers 561,928 8,996 0.56 CLS Holdings 582,314 1,406 0.09 CMC Markets 408,465 1,936 0.12 CYBG 4,625,268 9,220 0.58 Derwent London REIT 375,310 12,715 0.79 Direct Line Insurance 5,097,264 15,205 0.95 Edinburgh Investment Trust 640,832 4,050 0.25 Edinburgh Worldwide Investment Trust 1,422,204 4,430 0.28 Fidelity China Special Situations Trust 1,291,306 5,178 0.32 Fidelity European Values Investment Trust 1,536,592 4,541 0.28 Fidelity Special Values Investment Trust 760,257 2,190 0.14




%#Finablr 634,362 - -

Finsbury Growth & Income Investment Trust 831,832 7,528 0.47 Foreign & Colonial Investment Trust 2,002,469 16,841 1.05 GCP Student Living 1,698,901 2,732 0.17 Grainger Trust 2,469,814 7,044 0.44 Great Portland Real Estate Investment Trust 945,528 6,751 0.42 Greencoat UK Wind 7,370,696 9,744 0.61 Hammerson 15,893,845 5,714 0.36 Henderson Smaller Companies Investment Trust 278,771 3,479 0.22 Herald Investment Trust 245,177 5,222 0.33 HG Capital Trust 1,434,170 4,819 0.30

HICL Infrastructure 7,229,963 12,204 0.76 ICG Enterprise Trust 256,028 2,765 0.17 IG Group 1,356,182 11,745 0.73 Impax Environmental Markets 1,018,112 4,566 0.28 IntegraFin Holdings 974,048 5,270 0.33 Investec 2,477,194 7,114 0.44 IP Group 3,757,185 4,516 0.28 John Laing Group 1,842,531 6,718 0.42 JPMorgan American Investment Trust 742,176 4,728 0.29 JPMorgan Emerging Markets Investment Trust 4,480,388 5,789 0.36 JPMorgan European Smaller Companies Trust 595,049 2,874 0.18 JPMorgan Japanese Investment Trust 602,246 3,626 0.23 Jupiter European Opportunities Trust 381,413 2,681 0.17 Jupiter Fund Management 1,616,565 4,358 0.27 Just Group 3,838,025 4,114 0.26 Law Debenture 436,907 3,286 0.20 Liontrust Asset Management 218,293 3,327 0.21 Londonmetric Property 3,280,709 7,414 0.46 LXi REIT 2,169,206 2,933 0.18 Monks Investment Trust 864,033 11,215 0.70 Murray Income Trust 437,662 3,961 0.25 Murray International Trust 467,261 5,588 0.35 Network International 1,729,292 6,668 0.42 Ninety One 1,218,991 3,011 0.19 OSB Group 1,402,425 6,642 0.41 Pantheon International 200,878 5,243 0.33 Paragon Banking Group 944,679 4,659 0.29 Personal Assets Trust 10,956 5,144 0.32 Polar Capital Technology Trust 511,653 10,888 0.68 Primary Health Properties 4,844,211 7,276 0.45 Provident Financial 953,166 2,320 0.14 Quilter 6,522,444 10,475 0.65 Rathbone Brothers 210,858 3,804 0.24 RIT Capital Partners 477,394 11,195 0.70 Sabre Insurance Group 861,619 2,266 0.14 Safestore Holdings REIT 763,626 6,976 0.44




% Savills 493,633 5,652 0.35 Schroder Asia Pacific Fund 624,770 3,755 0.23 Scottish American Investment Trust 612,005 2,950 0.18 Shaftesbury REIT 1,038,184 6,608 0.41 Smithson Investment Trust 530,598 8,797 0.55 St. Modwen Properties 659,573 3,522 0.22 Temple Bar Investment Trust 249,446 2,834 0.18 Templeton Emerging Markets Investment Trust 882,389 8,736 0.55 The Mercantile Investment Trust 2,954,358 8,065 0.50 TR Property Investment Trust 1,184,549 5,188 0.32 Tritax Big Box REIT 6,368,558 12,259 0.76 Unite Group 1,187,413 13,204 0.82 Witan Investment Trust 2,949,388 6,872 0.43 Workspace Group REIT 497,092 4,352 0.27 Worldwide Healthcare Trust 234,205 8,466 0.53 Total Financials 556,615 34.73

Technology - 3.22% (3.91%) Bytes Technology Group 752,823 3,798 0.24

Computacenter 265,587 6,948 0.43 FDM Group 319,046 3,117 0.19 Kainos 207,310 2,900 0.18 Micro Focus International 1,227,825 5,946 0.37 NCC Group 982,696 2,889 0.18 Playtech 1,108,459 4,879 0.30 Softcat 461,905 8,116 0.51 Spirent Communications 2,251,174 5,529 0.35 Trainline 1,720,455 7,563 0.47 Total Technology 51,685 3.22 Futures - -0.01% (-0.05%)

ICF FTSE 250 Index June 2021 1,092 (91) (0.01) Total Futures (91) (0.01) Total United Kingdom 1,348,103 84.10

Portfolio of investments^ 1,554,109 96.95


Net assets 1,602,934 100.00 +related party #unlisted ^includes investment liabilities Figures in brackets denote the comparative percentage holdings as at 15 May 2020.

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


Comparative Tables


15.5.21 15.5.20 15.5.19






15.5.21 15.5.20 15.5.19







Comparative Tables


15.5.21 15.5.20 15.5.19






15.5.21 15.5.20 15.5.19



Other informationClosing net asset value £223,394,602 £151,771,342 £156,610,918Closing number of shares 111,223,129.00 108,054,141 89,570,072Operating charges - OCF 0.12% 0.12%† 0.17%Direct transaction costs 0.14% 0.21% 0.18%


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


Comparative Tables


15.5.21 15.5.20 15.5.19






15.5.21 15.5.20 15.5.19







Comparative Tables


15.5.21 15.5.20 15.5.19



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





15.5.21 15.5.20Notes £’000 £’000 £’000 £’000


Expenses 4 (1,401) (1,648)Interest payable and similar charges (20) - Net revenue before taxation 23,670 27,872 Taxation 5 (216) 160 Net revenue after taxation 23,454 28,032 Total return/(deficit) before distributions 445,088 (241,185)Distributions 6 (23,517) (27,737)Change in net assets attributable to shareholders from investment activities 421,571 (268,922)


15.5.21 15.5.20£’000 £’000 £’000 £’000

Opening net assets attributable to shareholders 993,279 1,102,641 Amounts receivable on creation of shares 337,466 470,512 Amounts payable on cancellation of shares (171,658) (337,467)

165,808 133,045 Dilution adjustment 1,416 3,713 Change in net assets attributable to shareholders frominvestment activities (see Statement of Total Return above) 421,571 (268,922)Retained distribution on accumulation shares 20,860 22,802 Closing net assets attributable to shareholders 1,602,934 993,279


15.5.21 15.5.20Notes £’000 £’000 £’000 £’000

AssetsInvestments 1,554,200 976,178 Current assets


Total current assets 54,717 41,202 Total assets 1,608,917 1,017,380 LiabilitiesInvestment liabilities (91) (479)Creditors

Distribution payable on income shares (5,271) (6,970)Other creditors 9 (621) (16,652)

Total creditors (5,892) (23,622)Total liabilities (5,983) (24,101)Net assets attributable to shareholders 1,602,934 993,279


Distribution Table (pence per share) for the year ended 15 May 2021

Group 1: Shares purchased prior to 16 May 2020 Group 2: Shares purchased from 16 May 2020 to 15 May 2021


15.7.21 15.7.20









15.5.21 15.5.20£’000 £’000


2. Net Capital Gains/(Losses)The net capital gains/(losses) during the year comprise:Transaction charges (2) (19)Capital special dividends 713 2,885 Gains/(losses) on derivative contracts 9,482 (2,518)Gains/(losses) on non-derivative securities 411,441 (269,565)Net capital gains/(losses) 421,634 (269,217)

3. RevenueUK dividends (net) 17,697 22,099 Unfranked dividends - 75 Property investment income 1,640 2,135 Overseas dividends 4,930 4,766 Interest on bonds and other debt securities 66 38 Deposit interest - 9 Bank interest - 31 Stock dividends 758 367 Total revenue 25,091 29,520

4. ExpensesPayable to the Authorised Corporate Director, associates ofthe Authorised Corporate Director and agents of either of them:Authorised Corporate Director's charge 1,109 1,068 Registration fee - 308 Safe custody fee 15 18

1,124 1,394 Payable to the Depositary, associates of the Depositary and agents of either of them:Depositary fee 111 105 Other expenses:Audit fee 7 5 Report and accounts fee 1 1 Licence fee 158 142 Professional fees - 1

166 149 Total expenses 1,401 1,648



15.5.21 15.5.20£’000 £’000


Overseas tax 216 200 Total current tax charge for the year (note 5b) 216 200 Deferred tax (note 5c) - (360)Total tax for the year (note 5b) 216 (160)

b) Factors affecting taxation charge for the year:The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an open-ended investment company (20%). The differences are explained below:Net revenue before taxation 23,670 27,872 Corporation tax at 20% 4,734 5,574 Effects of:Revenue not subject to taxation (4,677) (5,432)Utilisation of excess management expenses (57) (500)Irrecoverable overseas tax 216 200 Tax relief on overseas tax suffered - (2)Current tax charge for the year (note 5a) 216 (160)

c) Provision for deferred taxationProvision at start of year 360 - Deferred tax charge in profit and loss account for the year (note 5a) - 360 Provision at end of year (note 5a) 360 360

At 15 May 2021, there is a potential deferred tax asset of £733,862 (15.5.20: £790,998) in relation to surplus management expenses. Based on the judgement of the ACD, it is not probable that the Fund will generate sufficient taxable profits in the future to utilise these expenses and as such, a deferred tax asset has not been crystallised in respect of this portion of the surplus expenses.

6. DistributionsThe distributions take account of amounts received on the issue of shares and amounts deducted on the cancellation of shares, and comprise:Final dividend distribution 26,131 29,772


7. Movement Between Net Revenue and DistributionsNet revenue after taxation 23,454 28,032 Equalisation on conversions 63 - Withholding tax on stock dividends - 65 Deferred tax asset - (360)Net distribution for the year 23,517 27,737

8. DebtorsAmounts receivable for creation of shares 5,327 4,083 Sales awaiting settlement - 1,417 Accrued revenue 5,131 2,233 Overseas tax recoverable 210 106 Income tax recoverable - 2 Deferred tax 360 360 Total debtors 11,028 8,201


15.5.21 15.5.20£’000 £’000

9. Other CreditorsAmounts payable for cancellation of shares 511 16,453 Accrued expenses 110 199 Total other creditors 621 16,652


Retail Income

Retail Accumulation


Opening shares issued at 16.5.20 5,581,088 30,883,414 5,309,960 Share movements 16.5.20 to 15.5.21Shares issued 333,595 4,174,908 26,301 Shares cancelled (331,529) (5,367,360) (5,126,245)Shares converted (5,433,496) (25,348,241) (8,237)Closing shares issued at 15.5.21 149,658 4,342,721 201,779

Income C

Accumulation C

Income S

Accumulation S

Opening shares issued at 16.5.20 108,054,141 201,494,593 42,205,385 114,054,854 Share movements 16.5.20 to 15.5.21Shares issued 18,450,971 48,598,718 14,993,397 41,898,061 Shares cancelled (20,709,263) (29,518,710) (9,412,672) (7,748,811)Shares converted 5,427,280 17,821,110 7,485 7,282,919 Closing shares issued at 15.5.21 111,223,129 238,395,711 47,793,595 155,487,023





Retail Income

Retail Accumulation


IncomeC

AccumulationC

IncomeS

AccumulationS

% % % % % % %As at 15.5.21 - - 92.32 9.81 4.94 - -As at 15.5.20 - - 12.61 10.61 5.67 - -


The balance due from/to the ACD (including amounts due to associates and agents) at the year end was £4,653,244 (15.5.20: £12,630,839), further details of such amounts can be found in notes 8 and 9.

At the year end, the Fund held £12,204,178 (15.5.20: £10,555,965) in Authorised Investment Funds managed by HSBC and/or HSBC Holdings, the parent company of the ACD. During the period, transactions in Authorised Investment Funds managed by HSBC and/or HSBC Holdings totalled £1,988,774 (15.5.20: £4,428,720).







Net currency monetary assets and liabilities consist of:


Net otherassets

Netassets

15.5.21 15.5.20 15.5.21 15.5.20 15.5.21 15.5.20 £'000 £'000 £'000 £'000 £'000 £'000

Sterling* 1,554,109 975,699 48,038 17,272 1,602,147 992,971 Euro - - 33 27 33 27 United States dollar - - 754 281 754 281 Total 1,554,109 975,699 48,825 17,580 1,602,934 993,279


Interest Rate Risk At the year end, 2.73% (15.5.20: 3.32%) of the Fund's assets by value were interest-bearing. Interest rates are based upon LIBOR (London Interbank Offered Rate).




The net asset value of the share class, the net asset value per share and the number of shares in each class are given in the Comparative Tables on pages 73 to 76. The distribution per share class is given in the Distribution Table on page 78.



The Fund has used financial derivatives for hedging and meeting investment objectives including risk reduction and implementation of investment policies. The use of derivatives can create additional counterparty risks. Details of the policy adopted by the ACD for managing counterparty and other risks are set out in the Notes to the Financial Statements. The types of derivatives held at the year end were index futures.








Analysis of total purchases costsEquity transactions 376,203 24 0.01 1,702 0.45 1 - Corporate actions 6,283 - - - - - - Total purchases before transaction costs 382,486 24 1,702 1 Transaction costs 1,727



Analysis of total sales costsEquity transactions 212,788 24 0.01 - - - - Corporate actions 5,626 - - - - - - Total sales before transaction costs 218,414 24 - - Transaction costs (24) Total sales after commission, tax and fees 218,390





Analysis of total purchases costsEquity transactions 545,012 41 0.01 1,943 0.36 411 0.08Corporate actions 2,014 - - - - - - Total purchases before transaction costs 547,026 41 1,943 411 Transaction costs 2,395 Total purchases after commission, tax and fees 549,421



The Fund had paid £31,102 as commission on purchases and sales derivative transactions for the year ended ended 15.5.20.













For the year ended 15 May 2021Category 1 2 3 TotalInvestment Assets £'000 £'000 £'000 £'000Equities 1,554,200 - - 1,554,200

1,554,200 - - 1,554,200


(91) - - (91)

For the year ended 15 May 2020Category 1 2 3 TotalInvestment Assets £'000 £'000 £'000 £'000Equities 975,017 - 1,161 976,178

975,017 - 1,161 976,178


(479) - - (479)






At the balance sheet date, the Fund did not have a significant exposure to non-sterling currency, therefore no sensitivity analysis is disclosed (15.5.20: no significant exposure).



86 FTSE ALL-WORLD INDEX FUND

FTSE All-World Index Fund


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

Investment Policy*

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



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

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




Portfolio Activity

FTSE All-World index was up 25.59% over the reporting period. The main contributor to the index total return was the Technology sector with 6.55%, followed by the Financials sector with 5.52% and Industrials with 4.49%. In absolute terms the best performing sectors were Basic Materials (47.55%) and Financials (42.99%). No sector has performed negatively. From a country perspective, the main driver was the US with a contribution of 14.23% on its own.

Global equities reported steady gains throughout the reporting period and recovered quickly from the historic sell off due to the Covid-19 crisis in late February and March 2020. This was mainly on the back of positive sentiment in the US and Europe due to the fiscal stimuli and general political support and more recently a resurgence in economic activity as social restrictions are gradually being lifted and the inoculation campaign is moving on swiftly in parts of the world. Generally, the development was also supported by US data where labour markets have shown healthy sequential progress and early corporate earnings reports towards the end of the period were equally encouraging. Asian stocks’ performance was generally also positive based on removed uncertainty in the markets as well as the supportive policy actions in the Western world. However, towards the end of the period we have seen more mixed performances with falling Chinese equities in March and then the Covid-19 crisis in India leading to weakening investor sentiment.

87FTSE ALL-WORLD INDEX FUND


During the year under review, the value of the shares in the Fund increased by 25.26% while the value of the FTSE All-World Index rose by 25.59%.



Tracking Error





Income C

AccumulationC

Price 195.8p xd 225.3p 195.8p xd 223.3p


3.086719p 3.495385p 2.904373p 3.262740p



Income S

AccumulationS



2.921983p 3.286582p






%AUSTRALIA - 1.99% (1.86%)

ADBRI Limited 30,376 54 0.00 Afterpay Touch Group 7,453 354 0.01 AGL Energy 9,349 44 0.00 ALS 30,700 182 0.01 Altium 5,992 80 0.00 Alumina 145,610 145 0.01 AMP 231,653 139 0.01 Ampol 4,994 71 0.00 Ansell 7,595 171 0.01 APA 69,123 368 0.01 Aristocrat Leisure 40,566 828 0.03 ASX 12,302 505 0.02 Atlas Arteria 65,037 222 0.01 Aurizon Holdings 116,208 234 0.01 Ausnet Services 101,563 100 0.00 Australia and New Zealand Banking Group 170,247 2,573 0.10 Bank of Queensland 29,619 144 0.01 Beach Energy 97,405 68 0.00 Bendigo Bank 35,644 200 0.01 BHP Billiton 158,512 4,328 0.17 Bluescope Steel 30,445 360 0.01 Boral 66,218 245 0.01 Brambles 98,192 579 0.02 Carsales.Com 13,536 146 0.01 Challenger 32,379 88 0.00 Charter Hall Group 29,244 218 0.01 Cimic Group 5,514 61 0.00 Cleanaway Waste Management 74,718 116 0.01 Cochlear 3,575 425 0.02 Coles Group 61,952 558 0.02 Commonwealth Bank of Australia 87,472 4,655 0.18 Computershare 30,303 247 0.01 Crown 5,192 37 0.00 CSL 25,559 3,911 0.15 CSR 27,035 89 0.00 Deterra Royalties 25,651 62 0.00 Dexus 69,415 387 0.02 Domain Holdings Australia 12,331 30 0.00 Domino's Pizza 3,473 201 0.01 Downer EDI 39,742 119 0.01 Evolution Mining 66,828 179 0.01 Flight Centre 6,031 50 0.00 Fortescue Metals Group 101,070 1,268 0.05 General Property Group 123,157 313 0.01 Goodman Group 113,421 1,171 0.05




% Harvey Norman 39,975 113 0.00 IDP Education 7,239 84 0.00 Iluka Resources 25,651 118 0.01 Incitec Pivot 90,966 120 0.01 Insurance Australia 146,876 397 0.02 IOOF 22,919 45 0.00 JB Hi-Fi 7,177 187 0.01 Lend Lease 48,290 314 0.01 Macquarie Group 15,233 1,327 0.05 Magellan Financial Group 7,499 194 0.01 Medibank 155,164 254 0.01 Metcash 68,518 131 0.01 Mineral Resources 8,529 207 0.01 Mirvac Group 248,442 370 0.02 National Australia Bank 177,649 2,569 0.10 Newcrest Mining 54,429 826 0.03 Nextdc 28,560 164 0.01 Northern Star Resources 43,658 253 0.01 Nufarm 21,480 60 0.00 Orica 25,595 193 0.01 Origin Energy 98,799 219 0.01 Orora 54,779 92 0.00 OZ Minerals 19,709 273 0.01 Perpetual Trustees Australia 2,329 44 0.00 Platinum Asset Management 12,468 32 0.00 QBE Insurance Group 37,570 217 0.01 Qube Holdings 89,811 151 0.01 Ramsay Health Care 11,599 408 0.02 REA Group 2,690 219 0.01 Rio Tinto 21,371 1,478 0.06 Santos 103,943 399 0.02 Scentre Group 333,790 491 0.02 SEEK 21,989 344 0.01 Seven Group Holdings 8,054 88 0.00 Shopping Centres Australasia 37,669 50 0.00 Sims Metal Management 10,883 96 0.00 Sonic Healthcare 30,103 580 0.02 South32 289,515 468 0.02 Star Entertainment Group 46,853 104 0.00 Stockland Trust 160,643 407 0.02 Suncorp Group 80,132 454 0.02 Sydney Airport 2,595 8 0.00 Tabcorp Holdings 115,764 324 0.01 Telstra 159,062 302 0.01 Transurban 148,486 1,142 0.05 Vicinity Centres Real Estate Investment Trust 237,042 200 0.01




% Vocus Communications 33,842 102 0.00 Vodafone Hutchison 21,740 62 0.00 Washinton H. Soul Pattinson 5,162 85 0.00 Wesfarmers 62,811 1,875 0.07 Westpac Banking 192,665 2,699 0.11 Whitehaven Coal 45,049 34 0.00 Wisetech Global 4,408 63 0.00 Woodside Petroleum 62,579 779 0.03 Woolworths 79,846 1,786 0.07 Worleyparsons 19,407 121 0.01 Total Australia 50,447 1.99

AUSTRIA - 0.07% (0.04%) Ams AG 15,222 210 0.01

Andritz 4,198 168 0.01 Erste Bank 18,178 522 0.02 OMV 8,037 317 0.01 Raiffeisen International Bank 7,327 124 0.00 Telekom Austria 8,691 53 0.00 Verbund 3,746 236 0.01 Voestalpine 6,505 206 0.01 Total Austria 1,836 0.07

BAHRAIN - 0.01% (0.01%) Ahli United Bank 373,081 195 0.01

Total Bahrain 195 0.01

BELGIUM - 0.29% (0.23%) Ackermans 1,413 166 0.01

Ageas (BRU) 12,151 552 0.02 Anheuser-Busch InBev 47,294 2,538 0.10 Colruyt 2,834 123 0.01 Elia 2,232 173 0.01 Galapagos 3,231 175 0.01 Groupe Bruxelles Lambert 7,226 565 0.02 KBC Group 17,427 1,028 0.04 Proximus 7,927 116 0.00 Sofina 866 233 0.01 Solvay 4,055 395 0.02 Telenet Group 2,733 79 0.00 UCB 7,667 514 0.02 Umicore 13,029 561 0.02 Total Belgium 7,218 0.29




%BERMUDA - 0.26% (0.32%)

Alibaba Health Information Technology 270,437 526 0.02 Alibaba Pictures Group 812,205 75 0.00 Beijing Enterprises Water 344,085 94 0.01 Brightoil Petroleum 259,337 - 0.00

#Brilliance China Automative Holdings 158,170 84 0.00 Bunge 8,700 560 0.02 C K Infrastructure 35,160 159 0.01 Cosco Shipping 119,073 72 0.00 Credicorp (Nys) 5,046 522 0.02 Dairy Farm International Holdings (Singapore registered US$) 19,100 59 0.00 Everest 2,548 491 0.02 Haitong International Securities Group 163,377 34 0.00 HengTen Networks 106,000 73 0.00 Hiscox 15,636 127 0.01 Hong Kong Land (Singapore registered US$) 66,257 224 0.01 Hopson Development 35,219 102 0.01 Huabao International 47,000 35 0.00 IHS Markit 24,511 1,826 0.07 Jardine Matheson (Singapore registered US$) 12,942 595 0.03 Johnson Electric Holdings 23,650 42 0.00 Kunlun Energy 201,213 160 0.01 Luye Pharma Group 109,000 48 0.00 Pacific Century Premium Developments 25,468 2 0.00 Renaissancere Holdings 3,288 374 0.02 Shenzhen International Holdings 50,037 61 0.00 United Energy Group 424,000 55 0.00 Yue Yuen Industrial Holdings 40,203 70 0.00 Total Bermuda 6,470 0.26

BRAZIL - 0.68% (0.52%) Aliansce Sonae 8,100 30 0.00

Alpargatas preference 10,375 64 0.00 Ambev 275,856 639 0.03 Atacadao Distribuicao Com 22,100 61 0.00 Azul preference 5,800 31 0.00 B2W-Companhia Global Varejo 12,337 99 0.00 B3 Brasil Bolsa Balcao 125,592 907 0.04 Banco Bradesco 269,557 904 0.04 Banco Bradesco S.A 73,294 215 0.01 Banco BTG Pactual 19,300 292 0.01 Banco do Brasil 54,433 229 0.01 Banco Santander Brasil 22,400 119 0.01 Bb Seguridade Participacoes 38,081 120 0.01 Br Malls Participaoes 47,759 68 0.00 Bradespar 15,000 144 0.01




% Braskem 3,964 28 0.00 BRF 31,560 89 0.00 CCR 73,258 132 0.01 Centrais Eletricas Brasileiras 29,984 161 0.01 Centrais Eletricas Brasileiras B preference 17,516 94 0.00 Cia Brasileira de Distribuicao 8,940 44 0.00 Cia De Saneamento Do Para 50,800 142 0.01 Cia de Transmissao de Energia 10,000 34 0.00 Cia Energetica 68,605 113 0.01 Cia Energetica pref B 10,300 35 0.00 Cia Paranaense De Energi B 54,000 42 0.00 Cielo 63,215 31 0.00 Cogna Educacao 83,626 45 0.00 Companhia Energetica de Minas Gerais 5,919 12 0.00 Companhia Siderúrgica Nacional 9,400 60 0.00 Cosan 42,400 128 0.01 CPFL Energia 10,700 41 0.00 CVC Brasil Operadora E Agencia De Viagens 2,814 9 0.00 Cyrela Brazil Realty 16,200 52 0.00 Duratex 19,969 56 0.00 Energias Do Brasil 19,200 48 0.00 Energisa 12,300 75 0.00 Engie Brasil 11,240 61 0.00 Equatorial Energia 48,255 164 0.01 Fleury 14,733 52 0.00 Gerdau Preferred 58,080 271 0.01 Grendene 17,141 22 0.00 Hapvida Participacoes e Investimentos 41,000 81 0.00 Hypermarcas 22,558 103 0.00 IRB Brasil Resseguros 61,988 51 0.00 Itau Unibanco Banco preference 205,344 802 0.03 Itau Unibanco Holdings 32,600 112 0.01 Itausa Investimentos Itau 277,151 397 0.02 JBS 56,100 232 0.01 Klabin 36,688 133 0.01 Localiza Rent a Car 33,842 267 0.01 Lojas Americanas 11,924 29 0.00 Lojas Americanas preference 42,922 112 0.01 Lojas Renner 50,209 296 0.01 M. Dias Branco 4,600 16 0.00 Magazine Luiza 160,800 415 0.02 MultiPlan 17,600 57 0.00 Natura & Co 46,448 309 0.01 Neoenergia 9,700 22 0.00 Notre Dame Intermedica Participacoes 25,500 280 0.01 OdontoPrev 14,200 25 0.00




% Petrobras Distribuidora 78,000 262 0.01 Petroleo Brasileiro 233,802 807 0.03 Petroleo Brasileiro preference 298,673 1,057 0.04 Porto Seguro 6,100 44 0.00 Qualicorp 15,100 55 0.00 Raia Drogasil 64,365 225 0.01 Rede D'Or Sao Luiz 8,300 82 0.00 Rumo 126,721 358 0.01 Sabesp 19,298 110 0.00 Sao Martinho 9,000 39 0.00 Sendas Distribuidora 8,940 104 0.00 Sul America 6,295 28 0.00 Suzano Papel e Celulose 36,357 319 0.01 Taesa 14,600 79 0.00 Telefonica Brasil 23,452 136 0.01 TIM SA 51,427 85 0.00 TOTVS 29,700 124 0.01 Ultrapar Participacoes 47,892 129 0.01 Usinas Siderurgicas 8,600 24 0.00 Vale 196,736 2,933 0.12 Via Varejo 71,111 116 0.01 Weg 93,776 406 0.02 YDUQS 16,000 68 0.00 Total Brazil 17,292 0.68

CANADA - 2.55% (2.53%) Agnico Eagle Mines 8,056 401 0.02

Alimentation Couche-Tard 39,727 1,004 0.04 Bank of Montreal 36,829 2,599 0.10 Bank of Nova Scotia 69,629 3,258 0.13 Barrick Gold 73,438 1,253 0.05 Barrick Gold Corporation 38,085 613 0.02 Bausch Health 18,621 382 0.02 BCE 9,355 325 0.01 Brookfield Asset 80,008 2,747 0.11 Canadian Imperial Bank 22,107 1,719 0.07 Canadian National Railway 41,493 3,165 0.13 Canadian Natural Resources 66,496 1,623 0.06 Canadian Pacific Rail 37,620 2,141 0.08 Canadian Tire A 3,584 442 0.02 Canadian Utilities A 6,740 140 0.01 Cenovus Energy 57,816 330 0.01 CGI 12,405 790 0.03 Constellation Soft 1,206 1,221 0.05 Dollarama 19,526 607 0.02 Enbridge 103,242 2,855 0.11




% Fairfax 1,705 567 0.02 Fortis 18,266 589 0.02 Franco Nevada 11,808 1,253 0.05 Great West Lifeco 17,038 367 0.01 Hydro One 21,220 376 0.02 IGM Financial 5,536 145 0.01 Imperial Oil 13,570 309 0.01 Intact Financial 9,006 846 0.03 Loblaw 11,411 482 0.02 Magna International 15,281 1,046 0.04 Manulife 93,722 1,439 0.06 Metro 15,075 513 0.02 National Bank of Canada 21,200 1,138 0.05 Nutrien 35,986 1,545 0.06 Pembina Pipeline 34,650 784 0.03 Power Corporation of Canada 34,463 757 0.03 Restaurant Brands International 11,506 552 0.02 Rogers Communications B 23,058 836 0.03 Royal Bank of Canada 76,847 5,490 0.22 Saputo Group 16,151 373 0.01 Shaw Communications B 1,272 27 0.00 Shopify A 5,962 4,589 0.18 Silver Wheaton 28,291 909 0.04 Sun Life Financial 36,999 1,426 0.06 Suncor Energy 74,506 1,229 0.05 TC Energy Corporation 58,038 2,083 0.08 Teck Resources B 9,406 170 0.01 Telus 19,401 301 0.01 Thomson Reuters Corporation 5,781 389 0.02 Topicus.com 2,242 118 0.00 Toronto Dominion Bank 97,525 5,019 0.20 Waste Connections 13,478 1,159 0.05 Weston George 166 11 0.00 Total Canada 64,452 2.55

CAYMAN ISLANDS - 2.83% (2.79%) 3SBio 81,500 57 0.00

51 Jobs ADR 1,707 87 0.00 AAC Technologies Holdings 39,160 152 0.01 Airtac International 9,054 229 0.01 Alibaba Group Holdings ADR 99,259 14,760 0.58 Anta Sports 70,278 888 0.04 Autohome ADR 3,200 206 0.01 Autohome Class A 2,379 38 0.00 Baidu ADR 16,677 2,204 0.09 Baidu Class A 52,191 840 0.03




% Bilibili ADR 1,732 119 0.01 Bilibili Class Z 1,436 93 0.00 Bosideng International Holdings 174,000 63 0.00 Budweiser Brewing Company 67,001 168 0.01 Chailease Holdings 71,770 355 0.02 China Aoyuan Group 71,000 53 0.00 China Conch Venture 103,099 348 0.01 China East Education Holdings 28,000 44 0.00 China Evergrande Group 188,873 215 0.01 China Feihe 163,955 331 0.01 China Hongqiao Group 42,500 47 0.00

#China Huishan Diary Holdings 1,160,434 - 0.00 China Medical System Holdings 75,590 121 0.01 China Resources Cement 126,000 97 0.00 China Resources Land 174,931 567 0.02 Chow Tai Fook Jewel 54,200 65 0.00 CIFI Holdings Group 226,762 135 0.01 CK Asset Holdings 170,964 780 0.03 CK Hutchison Holdings 148,481 845 0.03 Country Garden 81,770 561 0.02 Country Garden Holdings 467,710 399 0.02 Dali Foods Group 137,000 59 0.00 ESR Cayman 96,145 206 0.01 Farfetch ‘A’ 13,527 402 0.02 FIH Mobile 154,000 15 0.00 Fit Hon Teng 66,000 13 0.00 GDS Holdings ADR 5,705 302 0.01 Geely Automobiles 334,344 537 0.02 Genscript Biotech Corporation 58,277 127 0.01 Greentown China Holdings 40,500 33 0.00 GSX Techedu 2,439 39 0.00 Haidilao International Holdings 32,704 131 0.01 Haitian International Holdings 46,000 126 0.01 Hansoh Pharmaceutical 60,000 165 0.01 Health And Happiness (H&H) 10,206 26 0.00 Huazhu Group ADR 10,199 409 0.02 Hutchison Telecommunications 68,000 9 0.00 Innovent Biologics 67,972 524 0.02 Iqiyi ADR 12,623 115 0.01 JD.com ADR 53,960 2,610 0.10 Jiayuan International Group 74,000 25 0.00 Jinxin Fertility 36,000 67 0.00 JOYY 2,367 147 0.01 KE Holdings 1,639 58 0.00 Kingboard Holdings 40,330 162 0.01 Kingdee International Software Group 141,000 306 0.01




% Kingsoft 58,319 299 0.01 KWG Living Group Holdings 33,500 21 0.00 KWG Property 67,000 70 0.00 Lee & Man Paper 98,000 64 0.00 Li Auto ADR 25,866 336 0.01 Logan Property Holdings 66,000 71 0.00 Meituan Dianping B 218,995 4,884 0.19 MGM China Holdings 48,800 49 0.00 Minth Group 40,000 106 0.01 Momo ADR 9,807 97 0.00 NagaCorp 86,000 61 0.00 NetEase ADR 21,408 1,600 0.06 New Oriental Education & Technology Group ADR 87,080 755 0.03 Nexteer Automotive Group 53,000 39 0.00 Nio 61,628 1,462 0.06 Oneconnect Financial ADR 2,811 30 0.00 Pinduoduo ADR 10,162 853 0.03 Ping An Healthcare & Technology 22,800 183 0.01 Sands China 152,838 463 0.02 Seazen Group 110,000 81 0.00 Shenzhou International Group 45,631 729 0.03 Shimao Group Holdings 84,500 162 0.01 Shui On Land 184,500 21 0.00 Silergy Corp 717 49 0.00 SITC International Holdings 72,360 177 0.01 Smoore International Holdings 14,000 66 0.00 StoneCo 4,097 172 0.01 Sunac China Holdings 156,541 416 0.02 Sunac Services Holdings 5,036 10 0.00 Sunny Optical Technology Group 44,000 678 0.03 TAL Education Group ADR 23,268 805 0.03 Tencent Holdings 328,615 17,510 0.69 Tencent Music Entertainment Group ADR 31,197 337 0.01 Times China Holdings 48,000 48 0.00 Tongcheng-Elong Holdings 52,581 84 0.00 Topsports International Holdings 311,000 329 0.01 TPK 20,464 25 0.00 Trip.com 53,696 1,367 0.06 Trip.com ADR 28,270 753 0.03 Uni-President China Holdings 64,000 50 0.00 Vipshop Holdings 27,405 491 0.02 Want Want China 311,608 164 0.01 Weibo Corporation ADR 2,907 101 0.01 WH Group 534,000 328 0.01 Wharf Real Estate Investment Company 90,188 361 0.02 Wuxi Biologics Cayman 194,984 1,880 0.08




% Wynn Macau 82,800 98 0.00 Xinyi Solar Holdings 251,021 255 0.01 Yihai International Holding 10,000 65 0.00 Zai Lab Limited 1,043 113 0.01 Zhen Ding Technology Holdings 37,499 86 0.00 Zhongsheng Group 40,000 217 0.01 ZTO Express 26,240 574 0.02 Total Cayman Islands 71,525 2.83

CHANNEL ISLANDS - 0.33% (0.25%) Amcor 106,041 922 0.04

Amdocs 8,439 466 0.02 APTIV 12,302 1,215 0.05 Experian Group 49,235 1,309 0.05 Ferguson 14,412 1,336 0.05 Glencore 552,444 1,793 0.07 Novocure 1,374 175 0.01 Polymetal International 21,418 342 0.01 WPP 78,846 774 0.03 Total Channel Islands 8,332 0.33

CHILE - 0.08% (0.06%) AES Gener 186,572 22 0.00

Aguas Andinas 183,204 36 0.00 Banco De Chile 2,474,946 190 0.01 Banco De Credito E Inversion 2,945 105 0.00 Banco Santander (Chile) 3,509,874 144 0.01 Cencosud 75,666 117 0.01 Cia Cervecerias Unidas 9,669 64 0.00 Colbun 466,205 53 0.00 ECL SA 27,859 20 0.00 Embotelladora Andina 13,577 23 0.00 Empresa Nacional De Telecomunications 8,881 35 0.00 Empresas CMPC 63,201 128 0.01 Empresas Copec 27,392 219 0.01 Enel Americas 1,980,719 206 0.01 Enel Chile 1,529,568 78 0.00 Itau Corpbanca 11,122,621 29 0.00 Parque Arauco 38,303 44 0.00 Plaza 15,186 18 0.00 SACI Falabella 40,565 138 0.01 Sociedad Química Y Minera 6,379 236 0.01 Total Chile 1,905 0.08




%CHINA - 1.57% (1.52%)

AECC Aviation Power 9,960 46 0.00 Agricultural Bank of China 1,954,264 545 0.02 Agricultural Bank of China A 440,300 159 0.01 Aier Eye Hospital 12,610 104 0.00 Air China 120,000 67 0.00 A-Living Services 21,000 68 0.00 All Winner Technology A 1,100 5 0.00 Aluminium Corporation of China 82,000 33 0.00 Angang Steel H 89,266 42 0.00 Anhui Anke Biotechnology Group A 7,200 14 0.00 Anhui Conch Cement 75,424 319 0.01 Anhui Conch Cement A 9,700 53 0.00 Anhui Expressway H 22,000 11 0.00 Anhui Gujing Distillery 7,700 73 0.00 Asymchem Laboratories 4,990 193 0.01 Avary Holding Shenzhen A 3,654 12 0.00 AVIC Aircraft 49,300 139 0.01 AVIC Electromechanical Systems 16,500 18 0.00 AVIC Helicopter 25,500 145 0.01 AVIC Shenyang Aircraft 8,800 68 0.00 AviChina Industry & Technology 132,000 61 0.00 Baic Motor Corporation H 27,500 7 0.00 Bank Of Beijing 65,900 36 0.00 Bank of China 4,796,570 1,368 0.05 Bank of China A 292,900 106 0.01 Bank of Communications 439,000 205 0.01 Bank of Communications A 167,900 92 0.00 Bank of Nanjing 9,600 10 0.00 Bank of Ningbo 13,600 64 0.00 Bank of Shanghai 34,300 32 0.00 Baoshan Iron & Steel 239,500 215 0.01 BBMG 133,000 19 0.00 Beijing Capital International Airport H 115,796 59 0.00 Beijing Jingneng Clean Energy 114,000 17 0.00 Beijing Orient National Communication Science & Technology 4,100 4 0.00 Beijing Oriental Yuhong 10,423 64 0.00 Beijing Ultrapower Software 228,100 117 0.01 Beijing Zhong Ke Sanhuan High-Tech 5,028 5 0.00 Betta Pharmaceuticals A 600 7 0.00 Bluestar Adisseo 4,413 6 0.00 BOE Technology Group 81,600 59 0.00 BOE Technology Group B 98,600 36 0.00 Bright Dairy Food 153,504 276 0.01 BYD 7,794 132 0.01 BYD Company 47,600 626 0.03




% Central China Securities H 66,000 9 0.00 CGN Power 633,781 105 0.00 Changchun High & New Technology 1,910 109 0.01 Changzhou Xingyu Automotive Lighting System 1,100 21 0.00 China Cinda Asset Management 536,000 78 0.00 China Citic Bank 592,781 227 0.01 China Coal Energy 112,000 46 0.00 China Communications Services 144,000 43 0.00 China Construction Bank 5,433,495 3,094 0.12 China Cosco Holdings 13,000 27 0.00 China Eastern Airlines 85,388 27 0.00 China Everbright Bank 202,000 60 0.00 China Everbright Bank A 124,100 53 0.00 China Fortune Land Development 16,293 9 0.00 China Galaxy Securities 209,500 92 0.00

#China Huarong Asset Management 670,000 62 0.00 China International Capital Corporation H 52,800 97 0.00 China International Marine Containers H 28,640 38 0.00 China International Travel Service 9,300 318 0.01 China Jushi 14,700 28 0.00 China Life Insurance 473,105 688 0.03 China Life Insurance A 12,600 49 0.00 China Longyuan Power 218,000 197 0.01 China Merchants Bank 180,804 1,092 0.04 China Merchants Bank A 40,700 247 0.01 China Merchants Energy Shipping 29,700 17 0.00 China Merchants Securities 77,220 78 0.00 China Merchants Securities 31,959 69 0.00 China Merchants Shekou Industrials A 38,200 49 0.00 China Minsheng Banking 359,460 137 0.01 China Minsheng Banking A 152,500 79 0.00 China Molybdenum 243,000 115 0.01 China National Buildings 344,000 331 0.01 China Oilfield Services H 120,000 84 0.00 China Pacific Insurance 100,052 256 0.01 China Pacific Insurance A 25,700 96 0.00 China Petroleum & Chemical A 162,400 79 0.00 China Petroleum & Chemical H 1,622,143 596 0.02 China Railway Group H 218,000 83 0.00 China Railway Signal And Communication H 107,000 30 0.00 China Reinsurance Group H 445,000 33 0.00 China Shenhua Energy 199,547 314 0.01 China Shenhua Energy C 38,300 84 0.00 China Shipping Container Lines Company 200,000 28 0.00 China Southern Airlines 103,688 49 0.00 China Tower 2,968,000 296 0.01




% China Vanke 100,300 241 0.01 China Vanke A 38,200 114 0.01 China Yangtze Power 55,800 121 0.01 China Zheshang Bank 31,741 14 0.00 Chongqing Changan Automobile 68,700 45 0.00 Chongqing Rural Commercial Bank 185,000 59 0.00 CITIC Securities A 40,200 113 0.01 CITIC Securities H 129,500 244 0.01 Contemporary Amperex 3,723 147 0.01 Cosco Shipping Energy 70,000 23 0.00 Cosco Shipping Holdings 170,000 250 0.01 CSC Engineering 171,600 95 0.00 CSC Financial 48,500 41 0.00 CSG Holdings 62,705 20 0.00 CSSC Offshore and Marine Engineern Group 14,000 9 0.00 Daqin Railway 65,813 51 0.00 Datang International Power Generation H 152,000 17 0.00 Deppon Logistics A 1,500 2 0.00 DFZQ H 44,000 20 0.00 Dong-E-E-Jiao A 55,000 207 0.01 Dongfang Electric 22,200 13 0.00 Dongfang Electrical Machinery 11,900 15 0.00 Dongfeng Motor Group 164,000 106 0.01 East Money Informa 25,200 96 0.00 ENN Ecological Holdings 10,700 21 0.00 Everbright Securities 16,497 10 0.00 Focus Media Information Technology A 64,700 71 0.00 Foshan Haitian Flavouring & Food Company 5,463 105 0.00 Fuyao Glass Industry Group H 121 - 0.00 GF Securities 82,300 140 0.01 GF Securities H 100,000 100 0.00 GigaDevice Semiconductor 1,990 38 0.00 Global Top E-Commerce A 6,897 2 0.00 Great Wall Motor 13,600 46 0.00 Great Wall Motor Company 196,016 316 0.01 Gree Electric Appliances 26,631 170 0.01 Guangdong Electric Power Development 52,000 11 0.00 Guangdong South New Media 15,880 89 0.00 Guangshen Railway H 78,400 12 0.00 Guangzhou Automobile Group 177,600 109 0.01 Guangzhou Baiyunshan Pharmaceutical 13,563 27 0.00 Guangzhou Baiyunshan Pharmaceutical Holdings A 6,200 21 0.00 Guangzhou Haige Communications A 10,100 11 0.00 Guangzhou R&F Properties H 67,200 61 0.00 Guangzhou Tinci Materials Technology A 4,008 28 0.00 Guizhou Xinbang Pharmaceutical A 7,300 9 0.00




% Guotai Junan Securities 41,512 43 0.00 Guotai Junan Securities A 39,800 77 0.00 Guoyuan Securities 159,200 141 0.01 Haier Smart Co Ltd 19,700 63 0.00 Haier Smart Home 111,601 302 0.01 Haitong International Securities 614,000 402 0.02 Haitong Securities 19,500 25 0.00 Hangzhou First Applied Material 1,800 17 0.00 Hangzhou Tigermed Consulting C 3,300 57 0.00 Harbin Boshi Automation 4,050 6 0.00 Heilongjiang Agriculture 7,800 14 0.00 Henan Shuanghui Investment & Development 9,500 39 0.00 Hua Xia Bank 47,900 34 0.00 Huadian Power International Corporation 106,819 24 0.00 Huagong Tech 55,500 124 0.01 Huaneng Power International 63,490 16 0.00 Huatai Securities A 37,800 69 0.00 Huatai Securities H 97,600 101 0.00 Huaxi Securities 109,900 118 0.01 Huaxin Cement 17,780 27 0.00 Hubei Biocause Pharmaceutical 254,400 114 0.01 Hytera Communications A 7,908 4 0.00 Iflytek 31,300 186 0.01 Industrial & Commercial Bank of China Class A 256,600 149 0.01 Industrial & Commercial Bank of China Class H 4,836,327 2,206 0.09 Inner Mongolia Yili Industrial Group 28,700 124 0.01 Inner Mongolia Yitai Coal 68,400 32 0.00 Jafron Biomedical A 3,192 35 0.00 Jiangsu Expressway 76,117 64 0.00 Jiangsu Hengli Highpressure Oil Cylinder 5,159 47 0.00 Jiangsu Hengrui Medicine 18,960 175 0.01 Jiangsu Yanghe Brewery 7,600 156 0.01 Jiangxi Copper H 77,735 129 0.01 Jinduicheng Molybdenum 209,500 146 0.01 Jizhong Energy Resources 343,116 152 0.01 JL Mag Rare-Earth 1,121 3 0.00 JPMF Guangdong 30,222 27 0.00 KingClean Electric 800 5 0.00 Kunwu Jiuding Investment Holdings 60,308 114 0.01 Kweichow Moutai 5,000 1,109 0.04 Lao Feng Xiang B 11,000 23 0.00 Legend Holdings H 25,400 27 0.00 Lens Technology A 6,771 19 0.00 Liaoning Port 653,900 126 0.01 Livzon Pharmaceutical Group H 7,689 29 0.00 Longi Green Energy Technology 11,800 125 0.01




% Luxshare Precision Industry 54,469 201 0.01 Luzhou Laojiao 3,600 98 0.01 Maanshan Iron & Steel H 92,000 34 0.00 Mango Excellent A 7,800 56 0.00 Metallurg Corporation of China 154,000 26 0.00 Midea Group 5,139 43 0.00 Muyuan Foods 8,500 94 0.00 Nanyang Topsec Technologies 5,100 10 0.00 NARI Technology Development 46,500 152 0.01 NavInfo 175,800 249 0.01 New China Life Insurance Co Ltd 9,232 52 0.00 New China Life Insurance 44,143 121 0.01 New Hope Liuhe 13,100 23 0.00 Ningxia Baofeng Energy 11,200 19 0.00 Offcn Education Technology 92,092 250 0.01 Pangang Group Vanadium Titanium & Resources 36,100 10 0.00 People's Insurance Company (Group) of China 466,199 116 0.01 PetroChina H 1,279,561 361 0.02 PICC Property & Casualty 395,847 275 0.01 Ping An Insurance 51,100 401 0.02 Ping An Insurance H 361,508 2,683 0.11 Poly Developments 37,100 56 0.00 Postal Saving Bank of China H 596,000 288 0.01 Qingdao Rural Commercial Bank Corporation 240,100 118 0.01 Realcan Pharmaceutical 7,103 3 0.00 Red Star Macalline Group 33,880 14 0.00 RiseSun Real Estate Development 192,504 129 0.01 Rongan Property 6,800 2 0.00 SAIC Motor Corporation 39,500 89 0.00 Sanan Optoelectronics 111,154 296 0.01 Sany Heavy Industry 35,400 114 0.01 SF Holding 11,239 78 0.00 Shaanxi Coal Industry 33,000 43 0.00 Shaanxi International Trust 341,000 125 0.01 Shan Xi Hua Yang Group New Energy 10,100 7 0.00 Shandong Chenming Paper 27,000 17 0.00 Shandong Chenming Paper Holdings 37,950 20 0.00 Shandong Gold Mining CNY 66,200 152 0.01 Shandong Gold Mining HKD 30,740 45 0.00 Shandong Himile Mechanical Science & Technology 3,400 11 0.00 Shandong Hi-Speed 10,000 8 0.00 Shandong Hualu Hengsheng Chemical A 7,201 30 0.00 Shandong Pharmaceutical Glass 26,900 117 0.01 Shandong Weigao Group Medical H 112,000 186 0.01 Shanghai 2345 Network Holding 519,400 117 0.01 Shanghai AJ Group 157,400 127 0.01




% Shanghai Baosight Software B 19,890 51 0.00 Shanghai Electric 194,000 44 0.00 Shanghai Fosun Pharmaceutical 8,000 43 0.00 Shanghai Huayi Group 15,800 6 0.00 Shanghai Industry Development 6,513 4 0.00 Shanghai International Airport 9,700 50 0.00 Shanghai International Port 230,300 122 0.01 Shanghai Jinjiang International 10,400 14 0.00 Shanghai Jinqiao Exp Process 95,300 128 0.01 Shanghai Jinqiao Export 18,200 12 0.00 Shanghai Lujiazui 64,800 41 0.00 Shanghai Mechanical & Electrical Company 15,400 14 0.00 Shanghai Pharmaceutical 8,013 19 0.00 Shanghai Pharmaceuticals Holdings 54,300 83 0.00 Shanghai Pudong Development Bank A 104,200 117 0.01 Shanghai Shibei Hi-Tech 30,300 6 0.00 Shanghai Waigaoqiao Free Trade Zone Group 13,100 9 0.00 Shanghai Zhenhua Port Machinery 73,680 13 0.00 Shanxi Lu'an Environmental Energy Development 12,500 14 0.00 Shennan Circuits 700 6 0.00 Shenwan Hongyuan 201,600 41 0.00 Shenwan Hongyuan Group 268,200 143 0.01 Shenzhen Expressway H 50,000 39 0.00 Shenzhen Kaifa Technology A 6,324 12 0.00 Shenzhen Mindray Bio-Medical Electronics 2,900 144 0.01 Shenzhen Zhongjin Lingnan Nonfemet 15,000 8 0.00 Siasun Robot & Automation 6,000 6 0.00 Sichuan Expressway H 58,000 10 0.00 Sichuan Maker Biotechnology A 1,800 9 0.00 Sichuan Swellfun 26,542 294 0.01 Sieyuan Electric 3,137 10 0.00 Sinopec Engineering 91,695 40 0.00 Sinopec Shanghai Petrochemical 230,763 42 0.00 Sinopharm Group H 61,637 144 0.01 Sinotrans 125,132 41 0.00 Skyworth Digital 2,400 2 0.00 Suning.Com 41,214 31 0.00 Suzhou Anjie Technology 3,051 5 0.00 Tangshan Jidong Cement A 5,792 9 0.00 Thunder Software Technology 1,696 24 0.00 Tianjin 712 Communication & Broadcasting 33,700 122 0.01 TongFu Microelectronics A 5,000 11 0.00 Travelsky Technology H 58,698 85 0.00 Tsingtao Brewery H 45,941 331 0.01 Tus Environmental Science And Technology Development 168,994 107 0.01 Universal Scientific Industrial (Shanghai) 3,638 6 0.00




% Walvax Biotechnology 6,600 50 0.00 Wangsu Science & Technology 181,800 115 0.01 Wanhua Chemical Group 16,500 188 0.01 Weichai Power HKD 119,000 180 0.01 Weichai Power CNY 25,752 50 0.00 Weifu High Technology Group 9,400 14 0.00 Wens Foodstuffs Group 8,000 12 0.00 Western Securities 143,500 137 0.01 Wingtech Technology 3,500 32 0.00 Wolong Electric 90,000 107 0.01 Wuliangye Yibin 15,000 475 0.02 WUS Printed Circuit Kunshan A 7,600 12 0.00 Wuxi Apptec 13,020 208 0.01 Xiamen Tungsten 6,000 12 0.00 Xinhu Zhongbao 416,400 148 0.01 Xinhua Winshare Publishing and Media 21,000 11 0.00 Xinjiang Goldwind Science & Technology 21,100 27 0.00 Xinjiang Goldwind Science & Technology H 35,264 39 0.00 Xinjiang Zhongtai Chemical 9,000 10 0.00 Yantai Changyu Pioneer 11,736 17 0.00 Yantai Eddie Precision 2,470 15 0.00 Yanzhou Coal Mining H 129,537 119 0.01 Yifan Pharmaceutical A 5,476 12 0.00 Yonghui Superstores 42,367 26 0.00 Yonyou Network Technology 14,382 51 0.00 Youzu Interactive A 2,247 4 0.00 Yunnan Baiyao Group 5,121 61 0.00 Zhaojin Mining Industry 50,500 36 0.00 Zhejiang Chint Electrics 5,500 19 0.00 Zhejiang Dahua Technology 49,000 125 0.01 Zhejiang Expressway H 93,806 57 0.00 Zhejiang Hisoar Pharmaceuticals 7,641 9 0.00 Zhejiang Jingsheng Mechanical 5,300 22 0.00 Zhejiang NHU Company Limited 9,512 42 0.00 Zhejiang Sanhua Intelligent Controls 17,779 40 0.00 Zhejiang Supor Cookware 18,700 157 0.01 Zhejiang Wanliyang A 5,760 5 0.00 Zhejiang Wanma 4,500 3 0.00 Zhongan Online P & C Insurance 7,000 26 0.00 Zhongjin Gold 155,400 159 0.01 Zhuzhou CRS Times Electric H 28,700 91 0.00 Zijin Mining Group H 372,000 397 0.02 Zoomlion Heavy Industry Science & Technology 85,600 71 0.00 ZTE A 8,300 27 0.00 ZTE H 169,400 297 0.01 Total China 39,634 1.57




%COLOMBIA - 0.03% (0.03%)

Bancolombia 35,833 199 0.01 Bancolombia preference 25,274 142 0.01 Cementos Argos 68,967 72 0.00 Corporacion Financiera Colombiana 5,222 31 0.00 Ecopetrol 268,514 123 0.01 Grupo Aval Acciones 257,418 55 0.00 Grupo De Inversiones Suramericana 14,294 55 0.00 Grupo De Inversiones Suramericana preference 5,034 17 0.00 Inversiones Argos 17,961 39 0.00 Total Colombia 733 0.03

CZECH REPUBLIC - 0.02% (0.01%) CEZ Group 8,946 184 0.01

Komercni Banka 4,244 98 0.01 Moneta Money Bank 34,082 88 0.00 O2 Czech Republic 2,754 25 0.00 Total Czech Republic 395 0.02

DENMARK - 0.63% (0.63%) A P Moller - Maersk 272 464 0.02

A P Moller - Maersk A/S 279 501 0.02 Ambu 10,526 283 0.01 Carlsberg B 6,432 834 0.03 Christian Hansen Holdings 6,529 413 0.02 Coloplast B 8,401 928 0.04 Danske Bank 42,305 569 0.02 DSV 12,092 1,910 0.07 Genmab 2,387 616 0.02 GN Store 7,559 415 0.02 Lundbeck 3,830 90 0.00 Novo Nordisk B 94,307 5,227 0.21 Novozymes 12,919 662 0.03 Orsted 7,888 774 0.03 Pandora 5,744 495 0.02 Rockwool International B 423 141 0.00 Simcorp 2,378 206 0.01 Tryg 14,852 247 0.01 Vestas Wind Systems 46,310 1,212 0.05 Total Denmark 15,987 0.63




%EGYPT - 0.01% (0.01%)

Commercial International Bank 84,318 227 0.01 Eastern Tobacco 52,130 28 0.00 Egyptian Kuwaiti Holdings 32,877 23 0.00 El Sewedy Electric 52,880 20 0.00 Global Telecom 121,729 - 0.00 Talaat Mostafa Group 56,515 15 0.00 Telecom Egypt 22,239 11 0.00 Total Egypt 324 0.01

FINLAND - 0.37% (0.32%) Elisa 1,727 72 0.00

Fortum 27,408 538 0.02 Huhtamaki 5,258 177 0.01 Kesko B 15,356 346 0.01 Kojamo Oyj 12,307 189 0.01 Kone B 21,760 1,250 0.05 Neste 26,415 1,156 0.05 Nokia 354,734 1,234 0.05 Nokian Renkaat 7,613 211 0.01 Nordea Bank 203,877 1,527 0.06 Orion 5,772 182 0.01 Outotec 2,583 21 0.00 Sampo 31,147 1,095 0.04 Stora Enso (registered) 36,474 491 0.02 UPM-Kymmene 20,575 579 0.02 Wartsila 30,964 283 0.01 Total Finland 9,351 0.37

FRANCE - 2.83% (2.56%) Accor 11,367 317 0.01

Air Liquide 26,992 3,303 0.13 Ald 4,439 52 0.00 Alstom 8,914 340 0.01 Amundi 3,217 199 0.01 Arkema 4,500 419 0.02 Atos 1,700 80 0.00 AXA 96,969 1,910 0.08 BioMerieux 2,557 208 0.01 BNP Paribas 62,551 3,073 0.12 Bollore 56,079 204 0.01 Bouygues 13,485 401 0.02 Bureau Veritas 17,453 374 0.02 Capgemini 9,979 1,324 0.05 Carrefour 37,062 544 0.02 Casino Guichard-Perrachon 1,152 27 0.00




% CNP Assurances 9,002 118 0.00 Credit Agricole 72,858 836 0.03 Danone 37,883 1,877 0.07 Dassault Aviation 131 110 0.00 Dassault Systemes 8,313 1,326 0.05 Edenred 15,797 625 0.02

#Edenred rights 15,797 - 0.00 Eiffage 4,757 387 0.02 Electricite de France 2,871 29 0.00 #Electricite de France rights 30,732 - 0.00 Engie 105,133 1,148 0.05 Essilor International 17,873 2,150 0.09 Eurazeo 2,779 171 0.01 Eurofins Scientific 7,210 513 0.02 Faurecia 1,511 58 0.00 Gecina 3,402 378 0.02 Getlink 28,748 333 0.01 Hermes International 1,483 1,364 0.05 Icade 1,819 111 0.00

#Icade rights 1,819 - 0.00 Iliad 974 124 0.01 Imerys 2,555 95 0.00 Ipsen Promesses 1,930 137 0.01 JC Decaux 4,780 96 0.00 Kering 4,220 2,569 0.10 L’Oreal 13,088 3,972 0.16 La Francaise des Jeux 5,868 221 0.01 Legrand Promesses 16,863 1,259 0.05 LVMH 13,525 7,304 0.29 Michelin 11,208 1,198 0.05 Natixis Banques Populaires 47,367 166 0.01 Orange 120,760 1,098 0.04 Orpea 3,107 289 0.01 Pernod-Ricard 12,022 1,816 0.07 Plastic Omnium 1,167 28 0.00 Publicis Groupe 12,945 618 0.02 Remy Cointreau 1,551 222 0.01 Renault 11,633 335 0.01 Rexel 18,681 282 0.01 Rubis 5,207 174 0.01 Safran 19,742 2,117 0.08 Saint Gobain Nederland 21,924 1,050 0.04 Sanofi 62,586 4,674 0.18 Sartorius Stedim Biotech 507 157 0.01 Schneider Electric 30,796 3,484 0.14 Scor Regroupe 8,818 210 0.01




% Skandinaviska Enskilda Banken 1,688 228 0.01 Societe Generale 48,831 1,097 0.04 Sodexo 5,712 415 0.02 Suez Environnement 20,601 354 0.01 Teleperformance 3,894 1,051 0.04 Thales 6,797 505 0.02 Total 130,320 4,462 0.18 Ubisoft Entertainment 5,797 272 0.01 Unibail-Rodamco 3,597 217 0.01 Valeo 13,390 298 0.01 Veolia Environnement 31,843 715 0.03 Vinci 26,352 2,165 0.09 Vivendi 34,459 861 0.03 Wendel 1,606 159 0.01 Worldline 14,550 950 0.04 Total France 71,753 2.83

GERMANY - 2.50% (2.32%) Adidas 11,088 2,757 0.11

Allianz (registered) 20,524 3,841 0.15 BASF 53,183 3,171 0.13 Bayer 56,161 2,762 0.11 Bechtle 1,736 229 0.01 Beiersdorf 6,301 525 0.02 BMW 14,752 1,061 0.04 BMW preference 3,127 189 0.01 Brenntag 8,767 571 0.02 Carl Zeiss Meditec 2,076 250 0.01 Commerzbank 4,356 24 0.00 Continental 3,501 346 0.01 Covestro 10,827 526 0.02 CTS Eventim 3,734 173 0.01 Daimler 49,322 3,136 0.12 Delivery Hero 8,899 802 0.03 Deutsche Bank 93,636 950 0.04 Deutsche Boerse 11,600 1,400 0.06 Deutsche Post 55,479 2,438 0.10 Deutsche Telekom 174,743 2,531 0.10 Deutsche Wohnen 13,209 492 0.02 Drillisch 3,044 70 0.00 DWS Group 2,308 74 0.00 E.On 136,841 1,251 0.05 Evonik Industries 12,137 309 0.01 Fielmann 1,608 89 0.00 Fraport 2,017 104 0.00 Fresenius 25,831 999 0.04 Fresenius Medical Care 13,290 767 0.03 Fuchs Petrolub 2,237 66 0.00




% Fuchs Petrolub PFD 3,944 142 0.01 GEA 978 30 0.00 Hannover Rueckversicherung 3,814 482 0.02 HeidelbergCement 9,395 607 0.02 Hella 2,964 132 0.01 HelloFresh 4,203 243 0.01 Henkel 6,439 457 0.02 Henkel preference 9,687 799 0.03 Hochtief 1,093 68 0.00 Infineon Technologies 72,171 1,964 0.08 KION Group 4,436 327 0.01 Knorr-Bremse 4,167 372 0.01 Lanxess 5,157 279 0.01 Leg Immobilien 4,544 454 0.02 Merck 8,215 993 0.04 Metro 9,554 82 0.00 MTU Aero Engines 3,482 644 0.03 Muenchener Ruecker 6,813 1,424 0.06 Nemetschek 3,321 164 0.01 Osram Licht 2,396 109 0.00 Porsche preference 8,501 625 0.03 ProSiebenSat.1 Media 12,992 197 0.01 Puma 3,891 302 0.01 Rational 202 133 0.01 Rheinmetall 2,725 202 0.01 RWE 36,398 1,006 0.04 SAP 64,832 6,365 0.25 Sartorius preference 2,173 781 0.03 Scout24 6,842 381 0.02 Siemens 39,082 4,866 0.19 Siemens Energy AG 24,613 532 0.02 Siemens Healthineers 13,502 541 0.02 Symrise 8,019 718 0.03 Talanx 2,529 77 0.00 TeamViewer 2,340 62 0.00 Telefonica Deutschland Holdings 43,192 96 0.00 ThyssenKrupp 26,378 219 0.01 Traton 2,846 67 0.00 Uniper 7,512 200 0.01 United Internet 6,638 201 0.01 Varta 898 91 0.00 Volkswagen 1,794 410 0.02 Volkswagen preference 9,064 1,641 0.07 Vonovia 26,575 1,167 0.05

#Vonovia rights 35,746 - 0.00 Wacker Chemie 947 103 0.00 Zalando 8,531 615 0.02 Total Germany 63,273 2.50




%GREECE - 0.03% (0.02%)

Alpha Bank 28,418 31 0.00 Eurobank Ergasias 119,367 80 0.00

#FF Group 1,842 - 0.00 Greek Organisation of Football Prognostics 14,597 156 0.01 Hellenic Petroleum 3,294 18 0.00 Hellenic Telecommunications Organization 13,702 173 0.01 Jumbo 6,897 98 0.01 Motor Oil 3,729 44 0.00 National Bank of Greece 28,758 63 0.00 Total Greece 663 0.03

HONG KONG - 1.08% (1.28%) Agile Group Holdings 90,000 99 0.01

AIA Group 634,450 5,920 0.23 Asm Pacific Technology 17,196 158 0.01 Bank of China (Hong Kong) Limited 225,678 605 0.02 Bank of East Asia 72,817 105 0.01 Beijing Enterprise Holdings 29,551 72 0.00 BYD Electronics 50,000 173 0.01 Café De Coral 20,987 31 0.00 Cathay Pacific Airways 56,739 33 0.00 China Everbright 58,872 50 0.00 China Everbright International 550,472 237 0.01 China Gas Holdings 178,217 437 0.02 China Jinmao Holdings Group 369,374 93 0.00 China Lesso 20,002 33 0.00 China Literature 12,800 88 0.00 China Mengniu Dairy 310,680 1,212 0.05 China Merchants Holdings International 84,098 96 0.00 China Overseas Land & Investments 232,496 393 0.02 China Power International Development 287,666 47 0.00 China Resources Beer (Holdings) 99,772 600 0.02 China Resources Gas Group 56,325 236 0.01 China Resources Pharmaceutical Group 94,000 44 0.00 China Resources Power 115,443 106 0.01 China State Construction International Holdings 119,000 61 0.00 China Taiping Insurance Holding 82,473 107 0.01 China Traditional Chinese Medicine Holdings 167,965 69 0.00 China Travel International 191,722 22 0.00 CITIC Pacific 568,559 450 0.02 CLP 91,074 661 0.03 CSPC Pharmaceutical 533,593 531 0.02 Dah Sing Banking 19,600 15 0.00 Dah Sing Finance Holdings 8,112 19 0.00 ENN Energy Holdings 46,027 580 0.02




% Far East Horizon 139,000 107 0.01 First Pacific 125,213 30 0.00 Fosun International 32,500 35 0.00 Galaxy Entertainment 136,904 790 0.03 Guangdong Investment 166,360 173 0.01 Guotai Junan International 125,000 16 0.00 Hang Lung Group 50,000 86 0.00 Hang Lung Properties 115,045 206 0.01 Hang Seng Bank 45,994 671 0.03 Henderson Land Developments 73,386 235 0.01 Hengan 40,867 189 0.01 Hong Kong & China Gas 574,313 691 0.03 Hong Kong Exchanges & Clearing 77,278 3,123 0.12 Hysan Development 35,000 90 0.00 Kerry Properties 38,970 91 0.00 Kingboard Laminates Holdings 22,000 35 0.00 Lenovo Group 420,357 349 0.01 Lifestyle International Holdings 25,500 14 0.00 Li-Ning 113,791 669 0.03 Link REIT 129,787 868 0.04 Longfor Group Holdings 109,718 453 0.02 Melco International Development 52,613 65 0.00 MMG 154,481 72 0.00 MTR 90,797 363 0.02 New World Development 84,420 311 0.01 Nine Dragons Paper Holdings 103,000 117 0.01 NWS Holdings 80,388 63 0.00 PCCW 235,817 93 0.00 Power Assets Holdings 86,719 394 0.02 Shanghai Industrial Holdings 24,835 27 0.00 Shangri-La Asia 72,000 45 0.00 Shenzhen Investment 220,512 53 0.00 Shougan Fushan Resources Group 258,000 48 0.00 Shun Tak 98,000 21 0.00 Sino Biopharmaceutical 607,510 471 0.02 Sino Land 182,894 194 0.01 Sino-Ocean Group Holdings 183,918 28 0.00 Sinotruk (Hong Kong) 35,500 59 0.00 SJM 123,000 97 0.00 Soho China 112,000 23 0.00 Sun Art Retail Group 145,000 79 0.00 Sun Hung Kai Properties 81,594 855 0.03 Swire Pacific A 45,602 245 0.01 Swire Pacific B 60,000 52 0.00 Swire Properties 59,765 124 0.01 Techtronic Industries 50,807 642 0.03




% Towngas China 60,387 28 0.00 Vitasoy International 46,000 125 0.01 VTech 10,745 66 0.00 Wharf Holdings 75,188 163 0.01 Xinyi Glass 6,000 14 0.00 Yuexiu Property 404,000 66 0.00 Total Hong Kong 27,307 1.08

HUNGARY - 0.03% (0.02%) Magyar Telekom Telecommunications 21,050 21 0.00

Mol Hungarian Oil & Gas 23,820 132 0.00 OTP Bank 14,536 513 0.02 Richter Gedeon Nyrt 7,906 162 0.01 Total Hungary 828 0.03

INDIA - 1.32% (0.00%) ABB India 3,102 42 0.00

ACC 3,972 72 0.00 Adani Enterprises 16,048 190 0.01 Adani Green Energy 23,931 252 0.01 Adani Ports 46,426 330 0.01 Adani Power 13,480 13 0.00 Aditya Birla Capital 31,701 37 0.00 Alkem Laboratories 1,751 51 0.00 Ambuja Cements 41,846 124 0.01 Ashok Leyland 79,496 86 0.00 Asian Paints 22,531 605 0.02 AU Small Finance Bank 9,122 84 0.00 Aurobindo Pharma 16,170 158 0.01 Avenue Supermarts 9,078 250 0.01 Axis Bank 125,717 834 0.03 Bajaj Auto Holdings 4,766 178 0.01 Bajaj Auto 1,629 55 0.00 Bajaj Finance 2,480 128 0.01 Bajaj Finserv 2,327 247 0.01 Balkrishna Industries 4,918 90 0.00 Bandhan Bank 48,131 131 0.01 Bank of Baroda 56,371 40 0.00 Bata India 2,785 37 0.00 Bayer Crop Science 721 38 0.00 Berger Paints 14,219 104 0.01 Bharat Electronics 51,076 71 0.00 Bharat Forge 13,359 84 0.00 Bharat Petroleum 61,086 262 0.01 Bharti Airtel 105,112 571 0.02 Biocon 22,436 84 0.00




% Bosch 2,315 309 0.01 Britannia Industries 5,381 182 0.01 Cadila Healthcare 14,988 90 0.00 Castrol India 29,565 37 0.00 Cholamandalam Investment and Finance 18,224 93 0.00 CIPLA 25,414 223 0.01 Coal India 101,895 145 0.01 Colgate-Palmolive 6,039 92 0.00 Container Corporation 14,693 82 0.00 Coromandel International 5,458 41 0.00 Cummins India 6,149 49 0.00 Dabur India 32,337 168 0.01 Dalmia Bharat 2,747 46 0.00 Divis Laboratories 6,316 246 0.01 DLF 36,239 88 0.00 Dr. Reddy's Laboratories 6,157 310 0.01 Eicher Motors 8,162 191 0.01 Emami Limited 9,662 47 0.00 Embassy Office Parks REIT 18,000 56 0.00 Exide Industries 20,222 36 0.00 Federal Bank 89,969 69 0.00 GAIL India 88,140 130 0.01 Gillette India 178 9 0.00 GlaxoSmithKline 2,583 38 0.00 Glenmark Pharmaceuticals 8,814 52 0.00 Godrej Consumer Products 22,229 183 0.01 Godrej Properties 4,282 51 0.00 Grasim Industries 21,493 285 0.01 Gujarat Gas 11,169 56 0.00 Havells India 14,651 142 0.01 HCL Technologies 66,189 584 0.02 HDFC Asset Management 3,285 89 0.00 HDFC Standard Life 39,390 256 0.01 Hero MotoCorp 6,968 190 0.01 Hindalco Industries 70,342 261 0.01 Hindustan Petroleum 41,294 102 0.01 Hindustan Unilever 54,072 1,245 0.05 Hindustan Zinc 14,164 43 0.00 Housing Development Finance Corporation 105,497 2,475 0.10 ICICI Bank 94,640 547 0.02 ICICI Lombard 12,220 174 0.01 ICICI Prudential Life Insurance 20,281 110 0.01 IDFC First Bank 169,547 89 0.00 Indiabulls Housing Finance 20,786 37 0.00 Indian Oil 144,419 141 0.01 Indian Railway Catering and Tourism Corporation 3,182 54 0.00




% Indraprastha Gas 21,350 106 0.01 Indus Towers 52,402 124 0.01 Info Edge 4,278 178 0.01 Infosys Technologies 219,101 2,793 0.11 InterGlobe Aviation 5,868 96 0.01 IPCA Laboratories 3,423 71 0.00 ITC 179,959 370 0.02 Jindal Steel & Power 24,123 97 0.00 JSW Steel 60,874 417 0.02 Jubilant FoodWorks 4,416 120 0.01 Kansai Nerolac Paints 7,890 43 0.00 L&T Finance Holdings 45,222 37 0.00 Larsen & Toubro Infotech 2,217 77 0.00 LIC Housing Finance 16,730 70 0.00 Lupin 14,065 161 0.01 Mahindra & Mahindra 45,759 329 0.01 Mahindra & Mahindra Financial Services 36,032 53 0.00 Marico 29,562 136 0.01 Maruti Suzuki India 7,720 504 0.02 Motherson Sumi Systems 65,760 146 0.01 Mphasis BFL 4,967 86 0.00 MRF 113 83 0.00 Muthoot Finance 5,871 66 0.00 National Hydro Power 139,236 35 0.00 Nestlé India 1,801 300 0.01 NMDC 50,668 91 0.00 NTPC 210,333 227 0.01 Oberoi Realty 6,265 32 0.00 Oil & Natural Gas 184,176 201 0.01 Oracle Financial Services 1,389 50 0.00 Page Industries 325 88 0.00 Petronet LNG 38,888 91 0.00 PI Industries 4,069 106 0.01 Pidilite Industries 8,355 153 0.01 Piramal Healthcare 6,816 108 0.01 Power Finance Corporation 54,760 60 0.00 Power Grid Corporation of India 127,712 283 0.01 Rajesh Exports 8,279 41 0.00 RBL Bank 26,978 49 0.00 Reliance Industries 175,134 3,286 0.13 Rural Electrification Corporation 48,529 65 0.00 SBI Card 8,353 78 0.00 SBI Life Insurance 21,572 204 0.01 Shree Cement 676 175 0.01 Shriram Transport Finance 11,379 146 0.01 Siemens 5,214 101 0.01




% SRF 1,295 79 0.00 State Bank of India 108,881 380 0.02 Steel Authority of India 60,471 74 0.00 Sun Pharmaceuticals 66,317 444 0.02 Tata Communications 4,146 44 0.00 Tata Consultancy Services 59,385 1,755 0.07 Tata Global Beverages 28,262 177 0.01 Tata Motors 85,220 258 0.01 Tata Power 95,843 94 0.00 Tata Steel 31,157 342 0.02 Tech Mahindra 32,478 300 0.01 Titan Industries 22,170 313 0.01 Torrent Pharmaceuticals 2,718 72 0.00 Torrent Power 10,110 42 0.00 Trent 11,059 83 0.00 TVS Motor Company 9,568 56 0.00 UltraTech Cement 6,979 430 0.02 United Breweries 1,003 12 0.00 United Spirits 17,584 96 0.01 UPL 32,718 236 0.01 Vedanta . 13,974 37 0.00 Vodafone Idea 489,754 41 0.00 Voltas 10,021 97 0.01 Whirlpool of India 1,857 38 0.00 Wipro 80,165 387 0.02 Zee Entertainment Enterprises 50,591 94 0.01 Total India 33,305 1.32

INDONESIA - 0.16% (0.16%) Adaro Energy 679,972 41 0.00

Astra Agro Lestari 26,100 13 0.00 Astra International 1,284,424 334 0.01 Bank Danamon 31,700 4 0.00 Bank Negra Indonesia 416,162 115 0.01 Bank of Central Asia 609,132 984 0.04 Bank of Mandiri 1,246,192 366 0.02 Bank Ratyat Indonesia 3,358,485 668 0.03 Barito Pacific 1,093,000 50 0.00 Bumi Serpong Damai 379,000 22 0.00 Charoen Pokphand Indon 413,802 138 0.01 Gudang Garam 26,289 46 0.00 Hanjaya Handala Sampoerna 495,100 32 0.00 Indah Kiat Paper & Pulp 175,200 88 0.00 Indocement Tungall Prak 86,216 54 0.00 Indofood CBP Sukses Makmur 151,100 64 0.00 Indofood Sukses Makmur 285,601 94 0.01




% Jasa Marga 116,800 24 0.00 Kalbe Farma 1,251,480 90 0.00 Media Nusantara Citra 278,400 13 0.00 Perusahaan Gas Negara 598,765 36 0.00 Surya Citra Media 280,700 20 0.00 Tambang Batubara Bukit Asam 262,500 30 0.00 Telekomunikasi Indonesia 2,945,691 467 0.02 Tower Bersama Infrastructure 524,000 69 0.00 Unilever Indonesia 325,120 91 0.00 United Tractor 85,804 92 0.01 Vale Indonesia 113,200 31 0.00 XL Axiata 191,200 19 0.00 Total Indonesia 4,095 0.16

IRELAND - 1.53% (1.43%) Accenture 36,104 7,386 0.29

AIB Group 44,485 98 0.00 Allegion 5,887 586 0.02 Aon 12,791 2,307 0.09 CRH 37,712 1,361 0.05 DCC 1,286 78 0.00 Eaton 22,592 2,376 0.09 Flutter Entertainment 9,697 1,231 0.05 Glanbia 11,171 132 0.01 James Hardie Industries 30,796 704 0.03 Jazz Pharmaceuticals 3,404 433 0.02 Johnson Controls 40,984 1,907 0.08 Kerry Group A 6,007 562 0.02 Kingspan Group 9,543 622 0.03 Linde 2,715 579 0.02 Linde 27,091 5,787 0.23 Medtronic 76,119 6,765 0.27 Pentair 10,367 506 0.02 Perrigo 7,226 235 0.01 Seagate Technology 12,401 862 0.04 Smurfit Kappa Group 15,734 593 0.02 Steris 5,031 706 0.03 Trane Technologies 13,716 1,793 0.07 Willis Towers Watson 5,772 1,085 0.04 Total Ireland 38,694 1.53

ISLE OF MAN - 0.01% (0.01%) Entain 14,225 222 0.01

NEPI Rockcastle 21,693 105 0.00 Total Isle Of Man 327 0.01




%ISRAEL - 0.16% (0.16%)

Airport City 4,711 55 0.00 Alony Hetz Properties & Investments 6,744 66 0.00 Amot Investments 6,355 29 0.00 Azrieli Group 2,438 122 0.01 Bank Hapoalim 65,174 381 0.02 Bank Leumi Le Israel 86,758 461 0.02 Bezeq Israeli Telecom 122,737 89 0.00 Check Point Software Technologies 6,276 530 0.02 First International Bank 2,780 60 0.00 Gazit-Globe 5,589 27 0.00 Harel Insurance Investments 6,301 46 0.00 ICL Group 38,822 187 0.01 Industrial Buildings 42,576 83 0.00 Israel Discount Bank 66,052 220 0.01 Maytronics 3,096 43 0.00 Melisron 759 33 0.00 Mizrahi Tefahot Bank 7,307 148 0.01 Nice Systems 3,957 635 0.03 Paz Oil 676 61 0.00 Phoenix Holdings 8,044 51 0.00 Shapir Engineering and Industry 6,968 35 0.00 Shikun & Binui 3,118 15 0.00 Shufersal 7,358 41 0.00 Strauss 2,175 44 0.00 Teva Pharmaceutical 62,388 465 0.02 Tower Semiconductor 6,567 122 0.01 Total Israel 4,049 0.16

ITALY - 0.57% (0.51%) A2A 97,563 144 0.01

Amplifon 6,576 190 0.01 Atlantia 29,932 409 0.02 Banca Mediolanum 16,227 110 0.00 Buzzi Unicem 6,038 123 0.00 Davide Campari-Milano 32,120 280 0.01 DiaSorin 1,478 176 0.01 Enel 453,279 3,202 0.13 ENI 153,954 1,381 0.05 Finecobank Banco Fineco 39,961 488 0.02 Fondiaria Sai 37,691 88 0.00 Generali 79,848 1,213 0.05 Hera 45,386 133 0.01 Infrastrutture Wireless 24,209 196 0.01 Intesa Sanpaolo 761,371 1,566 0.06 Italgas 31,107 148 0.01




% Leonardo 21,944 132 0.00 Mediobanca 55,289 463 0.02 Moncler 12,285 546 0.02 Nexi SpA 27,476 378 0.01 Pirelli 24,474 99 0.00 Poste Italiane 26,166 250 0.01 Prada 34,095 154 0.01 Prysmian 14,742 365 0.01 Recordati 5,373 204 0.01 Snam SpA 145,404 601 0.02 Telecom Italia 223,101 84 0.00 Telecom Italia RNC 342,049 139 0.01 Terna 89,664 481 0.02 Unicredit SpA 89,623 788 0.03 Total Italy 14,531 0.57

JAPAN - 6.72% (7.77%) ABC-Mart 1,640 63 0.00

Acom 23,966 70 0.00 Advance Residence Investment Corporation 59 131 0.01 Advantest 10,849 643 0.03 Aeon 44,381 862 0.03 Aeon Financial Service 7,571 62 0.00 Aeon Mall 7,482 82 0.00 Aica Kogyo 3,500 94 0.00 AIN Holdings 1,800 76 0.00 Air Water 10,000 120 0.01 Aisin Seiki 9,722 270 0.01 Ajinomoto 31,012 486 0.02 Alfresa Holdings 9,786 113 0.01 Alps Electric 12,466 93 0.00 Amada 18,267 133 0.01 Amano 4,253 79 0.00 ANA Holdings 6,300 100 0.00 Anritsu 7,600 103 0.00 Aozora Bank 7,868 127 0.01 Ariake Japan 1,200 52 0.00 Asahi Breweries 24,152 756 0.03 Asahi Glass 11,630 371 0.02 Asahi Intecc 10,600 198 0.01 Asahi Kasei 68,557 543 0.02 Asics Corporation 11,454 162 0.01 Askul 1,800 43 0.00 Astellas Pharma 99,845 1,084 0.04 Azbil 7,700 216 0.01 Bandai Namco Holdings 12,405 632 0.02




% Bank of Kyoto 4,100 141 0.01 Benefit One 3,400 63 0.00 Benesse 4,604 75 0.00 Bic Camera 10,000 73 0.00 Bridgestone 25,295 760 0.03 Brother Industries 15,967 221 0.01 Calbee 4,971 86 0.00 Canon 55,166 904 0.04 Canon Marketing Japan 2,400 40 0.00 Capcom 12,200 268 0.01 Casio Computer 12,319 141 0.01 Central Japan Railway 10,366 1,065 0.04 Century Tokyo Leasing Corporation 3,902 158 0.01 Chubu Electric Power 44,400 391 0.02 Chugai Pharmaceuticals 41,041 1,096 0.04 Chugoku Bank 10,385 59 0.00 Chugoku Electric Power 16,357 117 0.01 Coca-Cola West Japan 7,969 94 0.00 Comsys Holdings 6,500 148 0.01 Concordia Financial Group 65,500 179 0.01 Cosmo Energy Holdings 4,300 67 0.00 Cosmos Pharmaceutical 1,070 109 0.00 Credit Saison 10,325 85 0.00 CyberAgent 22,000 299 0.01 Dai Nippon Printing 16,600 250 0.01 Daicel Corporation 16,157 92 0.00 Daido Steel 2,300 85 0.00 Daifuku 6,094 381 0.02 Dai-ichi Mutual Life Insurance 42,544 564 0.02 Daiichi Sankyo 109,607 1,920 0.08 Daiichikosho 2,700 73 0.00 Daikin Industries 14,943 2,061 0.08 Daito Trust Construction 606 45 0.00 Daiwa House Industry 35,483 751 0.03 Daiwa Securities Group 88,448 349 0.01 Denka 5,000 138 0.01 Denso 28,877 1,336 0.05 Dentsu 12,371 268 0.01 DIC 5,300 101 0.00 Disco 1,829 380 0.02 DMG Mori 6,557 76 0.00 Dowa Mining 3,000 90 0.00 East Japan Railway 20,727 1,002 0.04 Ebara 5,700 170 0.01 Eisai 16,687 752 0.03 Electric Power Development 9,400 100 0.00




% ENEOS Holdings 190,400 572 0.02 Ezaki Glico 3,418 96 0.00 Fancl 3,900 85 0.00 Fanuc 9,264 1,502 0.06 Fast Retailing 2,542 1,432 0.06 FP 2,800 80 0.00 Fuji Electric 7,100 223 0.01 Fuji Media Holdings 2,600 20 0.00 Fuji Oil 2,900 55 0.00 Fujifilm Holdings 23,605 1,082 0.04 Fujitsu 12,200 1,329 0.05 Fujitsu General 2,700 47 0.00 Fukuoka Financial 8,300 107 0.00 Fukuyama Transport 2,200 62 0.00 Furukawa Electric 3,800 74 0.00 Fuyo General Lease 1,300 64 0.00 GLP J-REIT 129 149 0.01 GMO Internet 4,100 80 0.00 GMO Payment Gateway 1,100 87 0.00 Goldwin 2,000 80 0.00 GS Yuasa 4,900 90 0.00 GungHo Online Entertainment 2,000 26 0.00 Gunma Bank 6,191 15 0.00 H.U. Group Holdings 1,132 26 0.00 Hachijuni Bank 9,379 23 0.00 Hakuhodo DY Holdings 13,479 153 0.01 Hamamatsu Photonics 8,045 329 0.01 Hankyu 14,342 312 0.01 Haseko 15,787 159 0.01 Heiwa 3,500 44 0.00 Hino Motors 10,831 65 0.00 Hirogin Holdings 6,200 25 0.00 Hirose Electric 2,129 210 0.01 Hisamitsu Pharmaceutical 4,103 166 0.01 Hitachi 52,531 1,834 0.07 Hitachi Construction Machinery 6,682 153 0.01 Hitachi Metals 13,073 180 0.01 Hitachi Transport System 2,890 64 0.00 Hokuriku Electric Power 11,328 49 0.00 Honda Motor 95,323 2,056 0.08 Horiba 2,427 111 0.01 Hoshizaki Electric 3,298 208 0.01 House Foods 4,250 93 0.00 Hoya 19,701 1,666 0.07 Hulic 20,201 152 0.01 Ibiden 6,983 203 0.01




% Ichigo Group Holdings 11,600 26 0.00 Idemitsu Kosan 14,875 260 0.01 IHI Corporation 7,400 111 0.01 IIDA Group Holdings 9,100 160 0.01 Inpex 5,100 26 0.00 Isetan Mitsukoshi Holdings 20,305 97 0.00 Isuzu Motors 32,183 272 0.01 IT Holdings 13,800 232 0.01 Itochu 76,607 1,639 0.07 ITOCHU Techno-Solutions 6,400 148 0.01 Itoham Yonekyu 6,600 31 0.00 Iyo Bank 18,100 72 0.00 Izumi 2,496 68 0.00 J Front Retailing 15,578 102 0.00 Japan Airlines 6,600 96 0.00 Japan Airport Terminal 2,928 85 0.00 Japan Aviation Electronic 2,995 36 0.00 Japan Exchange Group 34,100 550 0.02 Japan Metropolitan Fund 310 213 0.01 Japan Post Bank 25,770 175 0.01 Japan Post Holdings 32,026 196 0.01 Japan Post Insurance 3,855 55 0.00 Japan REIT 41 172 0.01 Japan Tobacco 47,363 668 0.03 JCR Pharmaceuticals 3,600 77 0.00 JFE Holdings 7,589 76 0.00 JGC 12,298 82 0.00 JSR 10,509 226 0.01 JTEKT 12,893 90 0.00 Kagome 5,100 104 0.00 Kajima 28,526 279 0.01 Kakaku.com 7,500 144 0.01 Kaken Pharmaceutical 2,255 66 0.00 Kamigumi 5,900 84 0.00 Kandenko 7,700 46 0.00 Kaneka 1,200 36 0.00 Kansai Electric Power 46,171 323 0.01 Kansai Paint 11,500 210 0.01 Kao 29,673 1,312 0.05 KDDI 94,777 2,171 0.09 Keihan Electric Railway 5,500 124 0.01 Keikyu Corporation 15,800 144 0.01 Keio 7,300 331 0.01 Keisei Electric Railway 8,900 185 0.01 Kewpie 6,179 106 0.00 Keyence 10,279 3,442 0.14




% Kikkoman 11,641 519 0.02 Kinden 8,674 104 0.00 Kintetsu 11,400 287 0.01 Kirin Holdings 23,459 326 0.01 Kobayashi Pharmaceutical 3,900 249 0.01 Kobe Bussan 2,700 50 0.00 Kobe Steel 19,600 97 0.00 Koei Tecmo 4,700 145 0.01 Koito Manufacturing 6,482 290 0.01 Kokuyo 4,700 54 0.00 Komatsu 58,126 1,231 0.05 Konami 5,401 224 0.01 Konica Minolta 30,365 119 0.01 Kose 1,832 188 0.01 Kotobuki Spirits 1,200 47 0.00 K's Holdings 12,400 111 0.01 Kubota 69,833 1,181 0.05 Kuraray 19,789 148 0.01 Kurita Water Industries 6,236 188 0.01 Kusuri No Aoki 800 40 0.00 Kyocera 19,563 845 0.03 Kyoritsu Maintenance 1,600 35 0.00 Kyowa Exeo 6,412 121 0.01 Kyowa Hakko Kirin 15,844 337 0.01 Kyudenko 2,400 56 0.00 Kyushu Electric Power 26,082 154 0.01 Kyushu Financial Group 23,800 65 0.00 Kyushu Railway Company 9,100 146 0.01 Lasertec 1,300 149 0.01 Lawson 1,080 35 0.00 Lintec 3,100 49 0.00 Lion 15,469 212 0.01 LIXIL Group 14,922 285 0.01 Mabuchi Motor 3,212 90 0.00 Maeda 8,900 56 0.00 Maeda Road Construction 1,500 21 0.00 Makita 7,000 225 0.01 Mani 3,500 55 0.00 Marubeni 105,423 634 0.03 Marui 11,833 152 0.01 Maruichi Steel Tube 4,069 75 0.00 Matsui Securities 5,500 30 0.00 Matsumotokiyoshi 4,664 125 0.01 Mazda Motor 34,982 195 0.01 Mebuki Financial Group 21,048 34 0.00 Medipal Holdings 8,732 119 0.01




% Megmilk Snow Brand 2,800 42 0.00 Meiji Holdings 8,573 381 0.02 Minebea 27,307 486 0.02 Misumi 6,245 137 0.01 Mitsubishi 65,996 1,256 0.05 Mitsubishi Chemical Holdings 25,228 138 0.01 Mitsubishi Electric 105,941 1,118 0.04 Mitsubishi Estate 78,413 911 0.04 Mitsubishi Gas Chemical 11,310 185 0.01 Mitsubishi HC Capital 41,212 170 0.01 Mitsubishi Heavy Industries 18,200 381 0.02 Mitsubishi Materials 7,100 116 0.01 Mitsubishi Motors 35,524 70 0.00 Mitsubishi Shokuhin 800 15 0.00 Mitsubishi UFJ Financial Group 682,367 2,689 0.11 Mitsui & Company 90,530 1,407 0.06 Mitsui Chemicals 10,000 233 0.01 Mitsui Fudosan 36,578 576 0.02 Mitsui Mining & Smelting 3,600 79 0.00 Mitsui OSK Lines 6,900 197 0.01 Miura 6,400 227 0.01 Mizuho Financial Group 121,000 1,269 0.05 Mochida Pharmaceutical 1,580 38 0.00 Monotaro 13,400 215 0.01 Morinaga 2,600 59 0.00 Morinaga Milk Industry 2,300 96 0.00 MS & AD Insurance Group 14,321 310 0.01 Murata Manufacturing 35,162 1,886 0.08 Nabtesco 7,868 246 0.01 Nagase & Company 7,300 77 0.00 Nagoya Railroad 12,300 172 0.01 Nankai Electric Railway 6,200 94 0.00 NEC 15,900 535 0.02 Net One Systems 5,200 115 0.01 Nexon 25,006 455 0.02 NGK Insulators 15,058 192 0.01 NGK Spark Plug 9,477 101 0.00 NH Foods 5,800 178 0.01 NHK Spring 10,124 53 0.00 Nichirei 6,900 130 0.01 Nidec 27,638 2,146 0.09 Nihon Kohden 4,552 95 0.00 Nihon M&A Center 3,400 59 0.00 Nihon Unisys 4,300 90 0.00 Nikon 17,344 120 0.01 Nintendo 6,234 2,477 0.10




% Nippo Corporation 3,000 57 0.00 Nippon Building REIT 46 202 0.01 Nippon Electric Glass 5,066 88 0.00 Nippon Express 4,100 231 0.01 Nippon Kayaku 11,161 74 0.00 Nippon Paint 47,300 492 0.02 Nippon Paper Industries 6,300 58 0.00 Nippon Prologis REIT 67 148 0.01 Nippon Sanso 9,507 136 0.01 Nippon Shinyaku 3,234 150 0.01 Nippon Shokubai 2,126 77 0.00 Nippon Steel Corporation 28,042 397 0.02 Nippon Telegraph & Telephone 55,607 1,047 0.04 Nippon Television Network 1,700 14 0.00 Nippon Yusen KK 10,887 304 0.01 Nipro 6,745 57 0.00 Nishi-Nippon Railroad 5,000 86 0.00 Nissan Chemical Industries 7,799 305 0.01 Nissan Motor 127,787 443 0.02 Nisshin Seifun 14,416 172 0.01 Nissin Food Products 3,896 206 0.01 Nitori 4,691 593 0.02 Nitto Denko 10,203 567 0.02 Noevir Holdings 900 29 0.00 NOF 3,900 145 0.01 NOK 7,609 66 0.00 Nomura Holdings 117,503 440 0.02 Nomura Real Estate Master 278 298 0.01 Nomura REIT 7,600 136 0.01 Nomura Research Institute 15,915 330 0.01 NSK 24,965 168 0.01 NTT Data 40,000 438 0.02 Obayashi 44,185 277 0.01 Obic 4,229 563 0.02 Obic Business Consultants 1,000 39 0.00 Odakyu Electric Railway 19,300 362 0.01 Oji Holdings Corporation 55,864 256 0.01 Okuma 1,900 70 0.00 Olympus Optical 58,443 795 0.03 Omron 12,512 671 0.03 Ono Pharmaceutical 27,147 446 0.02 Open House 4,635 130 0.01 Oracle Japan 1,871 128 0.01 Orient 30,400 28 0.00 Oriental Land 11,836 1,172 0.05 Orix 51,540 620 0.03




% Osaka Gas 25,000 357 0.01 OSG 5,196 60 0.00 Otsuka Holdings 26,597 757 0.03 Paltac 2,100 77 0.00 Pan Pacific International Holdings 31,213 446 0.02 Panasonic 135,388 1,067 0.04 Park24 6,890 96 0.00 Penta-Ocean Construction 16,400 84 0.00 PeptiDream 5,482 171 0.01 Pola Orbis Holdings 4,800 87 0.00 Rakuten 11,848 100 0.00 Recruit Holdings 82,063 2,624 0.10 Relo Holdings 5,900 83 0.00 Renesas Electronics 39,247 301 0.01 Rengo 12,600 77 0.00 Resona 155,490 474 0.02 Resort Trust 4,148 44 0.00 Ricoh 45,735 366 0.02 Rinnai 2,331 163 0.01 Rohm 5,060 326 0.01 Rohto Pharmaceutical 5,528 100 0.00 Ryohin Keikaku 13,000 185 0.01 Sankyo 3,400 57 0.00 Sankyu 3,346 105 0.00 Santen Pharmaceuticals 20,407 190 0.01 Sanwa Holdings 11,296 98 0.00 Sapporo Breweries 4,200 60 0.00 Sawai Group Holdings 2,400 76 0.00 Screen Holdings 2,300 145 0.01 SCSK 2,632 103 0.00 Secom 13,227 747 0.03 Sega Sammy Holdings 12,800 117 0.01 Seino Holdings 10,063 101 0.00 Sekisui Chemical 19,922 249 0.01 Sekisui House 36,800 543 0.02 Seven & I Holdings 41,351 1,325 0.05 Seven Bank 43,700 66 0.00 SG Holdings 26,700 423 0.02 Sharp 9,300 116 0.01 Shikoku Electric Power 10,216 52 0.00 Shimadzu 17,014 418 0.02 Shimamura 478 33 0.00 Shimano 4,232 659 0.03 Shimizu 31,920 188 0.01 Shin-Etsu Chemical 22,969 2,680 0.11 Shinnittetsu Sumikin Solutions 1,800 36 0.00




% Shinsei Bank 11,793 124 0.01 Shionogi 17,273 641 0.03 SHIP Healthcare 5,000 89 0.00 Shiseido 23,803 1,157 0.05 Shizuoka Bank 7,497 44 0.00 Sho-Bond Holdings 3,000 91 0.00 Shochiku Film 700 56 0.00 Showa Denko KK 8,100 188 0.01 Sky Perfect JSAT 6,900 19 0.00 Skylark 10,800 114 0.01 SMC 3,168 1,291 0.05 SMS 3,346 64 0.00 Softbank 68,246 3,775 0.15 Softbank Corporation 173,933 1,612 0.06 Sohgo Securities Services 3,296 108 0.01 Sojitz Holdings 75,771 162 0.01 Sompo Japan Nipponkoa Holdings 21,600 605 0.02 So-net M3 26,800 1,236 0.05 Sony 63,801 4,229 0.17 Sotetsu Holdings 4,900 68 0.00 Square Enix 5,098 187 0.01 Stanley Electric 9,271 181 0.01 Subaru Corporation 38,912 517 0.02 Sugi Holdings 2,357 131 0.01 Sumco 14,900 236 0.01 Sumitomo 62,126 604 0.02 Sumitomo Bakelite 2,200 62 0.00 Sumitomo Chemical 85,633 319 0.01 Sumitomo Electric Industries 47,797 508 0.02 Sumitomo Heavy Industries 7,112 148 0.01 Sumitomo Metal Mining 13,045 412 0.02 Sumitomo Mitsui Financial Group 74,537 1,934 0.08 Sumitomo Mitsui Trust Holdings 23,200 582 0.02 Sumitomo Realty & Development 25,058 568 0.02 Sumitomo Rubber Industries 11,919 110 0.01 Sundrug 3,900 95 0.00 Sushiro Global Holdings 6,400 190 0.01 Suzuken 3,753 88 0.00 Suzuki Motor 25,008 688 0.03 Sysmex 12,026 832 0.03 T&D Holdings 3,826 35 0.00 Taiheiyo Cement 2,555 44 0.00 Taisei 12,657 332 0.01 Taisho Pharmaceuticals 2,400 103 0.00 Taiyo Yuden 7,620 235 0.01 Takara Bio 3,100 59 0.00




% Takara Holdings 11,575 105 0.00 Takashimaya 8,891 68 0.00 Takeda Pharmaceutical 84,524 2,050 0.08 TDK 7,600 667 0.03 Technopro 2,400 121 0.01 Teijin 11,700 139 0.01 Terumo 41,366 1,060 0.04 THK 7,671 176 0.01 Tobu Railway 13,325 247 0.01 Toda 13,129 67 0.00 Toho 7,210 201 0.01 Toho Gas 5,700 240 0.01 Tohoku Electric Power 26,547 164 0.01 Tokai Carbon 11,100 127 0.01 Tokai Rika 3,209 36 0.00 Tokio Marine Holdings 35,948 1,279 0.05 Tokuyama 3,900 59 0.00 Tokyo Broadcasting Systems 2,000 27 0.00 Tokyo Electric Power 87,577 194 0.01 Tokyo Electron 8,729 2,628 0.10 Tokyo Gas 26,900 399 0.02 Tokyo Tatemono 11,670 123 0.01 Tokyu 29,300 267 0.01 Tokyu Fudosan 38,000 150 0.01 Toppan Printing 18,000 213 0.01 Toray Industries 96,200 434 0.02 Toshiba 28,200 823 0.03 Toshiba Tec 1,620 45 0.00 Tosoh 18,000 241 0.01 TOTO 9,105 334 0.01 Toyo Seikan Group 8,697 73 0.00 Toyo Suisan Kaisha 5,184 157 0.01 Toyo Tire & Rubber 6,663 90 0.00 Toyoda Gosei 5,057 89 0.00 Toyota Boshoku 3,522 46 0.00 Toyota Industries 10,100 592 0.02 Toyota Motor 136,725 7,518 0.30 Toyota Tsusho 14,178 451 0.02 Trend Micro 7,430 262 0.01 TS Tech 6,800 65 0.00 Tsumura 4,373 99 0.00 Tsuruha Holdings 2,100 176 0.01 TV Asahi Corporation 1,200 15 0.00 Ube Industries 5,800 91 0.00 Ulvac 3,200 97 0.00 Unicharm 12,316 341 0.01




% Ushio 7,915 75 0.00 USS 12,187 152 0.01 Welcia 6,600 146 0.01 West Japan Railway 11,518 454 0.02 Yakult Honsha 7,821 286 0.01 Yamada Holdings 41,017 148 0.01 Yamaguchi Financial Group 3,500 15 0.00 Yamaha 9,175 364 0.02 Yamaha Motor 15,758 278 0.01 Yamato Holdings 23,379 453 0.02 Yamato Kogyo 1,900 43 0.00 Yamazaki Baking 2,722 31 0.00 Yaoko 1,400 61 0.00 Yaskawa Electric 14,227 446 0.02 Yokogawa Electric 13,699 162 0.01 Yokohama Rubber 6,721 92 0.00 Z Holdings 169,964 501 0.02 Zenkoku Hosho 3,300 98 0.00 Zensho Holdings 5,100 91 0.00 Zeon 9,700 106 0.00 ZOZO 6,900 159 0.01 Total Japan 170,116 6.72

KOREA - 1.70% (1.31%) Amorepacific 1,786 327 0.01

Amorepacific Group 1,861 87 0.00 Amorepacific preference 586 38 0.00 BGF Retail 404 45 0.00 BNK Financial Group 18,538 94 0.00 Celltrion 6,642 1,128 0.05 Celltrion Healthcare 4,301 308 0.01 Celltrion Pharm 1,175 98 0.00 Cheil Communications 4,593 66 0.00 CJ 798 54 0.00 CJ Cheil Jedang 482 138 0.01 CJ ENM 546 51 0.00 CJ Logistics 546 58 0.00 Daewoo Engineering & Construction 9,450 44 0.00 Daewoo Shipbuilding 2,692 62 0.00 Daum Kakao 15,935 1,092 0.04 DB Insurance 2,876 93 0.00 DGB Financial Group 9,662 57 0.00 DL E&C 981 86 0.00 DL Holdings 783 42 0.00 Dong Suh Companies 1,650 31 0.00 Doosan Bobcat 1,357 42 0.00




% Doosan Heavy Industries 11,336 88 0.00 Doosan Infracore 7,076 46 0.00 Doosan Solus 704 23 0.00 E-Mart 1,137 110 0.01 Fila Holdings 2,948 99 0.00 GS Engineering & Construction 3,377 92 0.00 GS Holdings 3,283 100 0.00 GS Retail 1,414 33 0.00 Hana Financial Holdings 16,634 480 0.02 Hanjin Kal Corp 1,820 68 0.00 Hankook Tire & Technology 4,217 127 0.01 Hanmi Pharmaceutical 413 85 0.00 Hanmi Science 934 39 0.00 Hanon Systems 10,684 108 0.01 Hanssem 639 42 0.00 Hanwha Life Insurance 15,486 38 0.00 Hanwha Solutions 5,543 153 0.01 Hanwha Techwin 1,937 53 0.00 HDC Hyundai Development 3,274 59 0.00 Helixmith 1,841 35 0.00 HiteJinro 1,708 38 0.00 HLB 4,818 97 0.00 Hotel Shilla 1,748 102 0.00 Hyudai Glovis 1,020 119 0.01 Hyundai Department Store 1,002 57 0.00 Hyundai Engineering & Construction 4,107 134 0.01 Hyundai Heavy Industries 2,892 270 0.01 Hyundai Heavy Industries 2,945 136 0.01 Hyundai Marine & Fire Insurance 4,012 62 0.00 Hyundai Mipo Dockyard 1,857 104 0.01 Hyundai Mobis 4,133 715 0.03 Hyundai Motor 8,967 1,289 0.05 Hyundai Motor PFD Series 2 2,035 145 0.01 Hyundai Motor preference 1,476 104 0.01 Hyundai Steel 4,233 149 0.01 Hyundai Wia 841 43 0.00 Industrial Bank of Korea 14,935 100 0.00 Kangwon Land 6,003 98 0.00 KB Financial 14,650 530 0.02 KCC 282 60 0.00 KEPCO Plant Service & Engineering 1,330 32 0.00 Kia Corporation 14,538 755 0.03 Korea Electric Power 14,305 215 0.01 Korea Gas 1,754 35 0.00 Korea Investment Holdings 2,454 163 0.01 Korea Zinc 626 181 0.01




% Korean Airlines 9,416 174 0.01 KT & G 7,002 362 0.02 Kumho Petrochemical 1,161 178 0.01

#LG 1,551 123 0.01 LG Chemicals 2,155 1,157 0.05 LG Chemicals preference 465 119 0.01 LG Display 3,235 45 0.00 LG Electronics 6,044 564 0.02 LG Electronics preference 1,087 49 0.00 LG Household & Healthcare 556 532 0.02 LG Household & Healthcare preference 140 63 0.00 LG Uplus 11,899 110 0.01 Lotte Chemical 831 147 0.01 Lotte Chilsung 190 20 0.00 Lotte Corporation 1,634 38 0.00 Lotte Shopping 719 52 0.00 LS Cable & System 1,329 60 0.00 Mando 2,135 88 0.00 Medy-Tox 248 28 0.00 Mirae Asset Daewoo preference 9,338 29 0.00 Mirae Asset Securities 24,620 156 0.01 Naver 7,411 1,594 0.06 NCSoft 998 522 0.02 Netmarble Games 1,078 86 0.00 NH Investments & Securities 8,416 70 0.00 Nhn Entertainment 785 36 0.00 Nongshim 157 30 0.00 OCI 1,063 78 0.00 Orion 1,348 103 0.01 Ottogi 69 24 0.00 Paradise 2,554 30 0.00 POSCO 2,700 645 0.03 POSCO Chemical 1,452 134 0.01 POSCO International 2,624 36 0.00 S1 Corporation 1,193 60 0.00 Samsung Biologics 754 449 0.02 Samsung C&T 4,904 430 0.02 Samsung Card 1,561 33 0.00 Samsung Electro-Mechanics 3,523 364 0.02 Samsung Electronics 265,008 13,333 0.53 Samsung Electronics preference 50,842 2,360 0.09 Samsung Engineering 9,410 112 0.01 Samsung Fine Chemicals 985 38 0.00 Samsung Fire & Marine Insurance Holdings 1,853 248 0.01 Samsung Fire & Marine Insurance 152 16 0.00 Samsung Heavy Industries 24,672 91 0.00




% Samsung Life Insurance 3,562 190 0.01 Samsung SDI 2,906 1,142 0.05 Samsung SDS 1,788 202 0.01 Samsung Securities 3,696 103 0.01 Shinhan Financial Group 30,008 778 0.03 Shinsegae 458 89 0.00

#SillaJen 2,972 - 0.00 SK Holdings 1,956 332 0.01 SK Hynix 27,830 2,074 0.08 SK Innovation 3,267 553 0.02 SK Networks 8,100 29 0.00 SK Telecommunications 1,279 255 0.01 SKC 1,070 86 0.00 S-Oil 2,314 140 0.01 Ssangyong Cement Industrial 5,816 28 0.00 Woongjin Coway 3,168 155 0.01 Woori Financial Group 30,228 211 0.01 Yuhan 2,976 118 0.01 Total Korea 43,153 1.70

KUWAIT - 0.08% (0.07%) Agility 67,978 170 0.01

Boubyan Bank 60,531 94 0.01 Boubyan Petrochemicals 25,000 54 0.00 Gulf Bank of Kuwait 98,829 53 0.00 Human Soft Holdings 6,328 54 0.00 Kuwait Finance House 275,814 474 0.02 Mabanee 35,490 62 0.00 Mobile Telephone System 118,945 169 0.01 National Bank of Kuwait 426,193 835 0.03 Total Kuwait 1,965 0.08

LIBERIA - 0.02% (0.01%) Royal Caribbean Cruises 7,838 469 0.02

Total Liberia 469 0.02

LUXEMBOURG - 0.11% (0.10%) Allegro.EU 23,007 229 0.01

ArcelorMittal 28,272 648 0.03 Aroundtown 76,426 441 0.02 B&M European Value Retail 48,265 270 0.01 L’Occitane International 24,533 57 0.00 RTL Group 2,432 100 0.00 Samsonite International 73,200 90 0.00 Spotify Technology 4,485 712 0.03 Tenaris 29,693 250 0.01 Total Luxembourg 2,797 0.11




%MALAYSIA - 0.22% (0.23%)

Airasia Berhad 98,000 14 0.00 Alliance Financial Group 62,195 27 0.00 AMMB Holdings 108,488 54 0.00 Astro Malaysia Holdings 99,800 18 0.00 Axiata Group 257,907 162 0.01 British American Tobacco 8,898 23 0.00 CIMB 498,692 359 0.01 Dialog Group 259,200 134 0.01 DiGi.Com 207,532 148 0.01 Fraser & Neave 5,600 27 0.00 Gamuda 128,303 73 0.00 Genting 129,334 107 0.00 Hap Seng Consolidated Berhad 42,300 58 0.00 Hartalega Holdings 97,200 159 0.01 Hong Leong Bank 35,599 108 0.01 Hong Leong Credit 12,240 35 0.00 IHH Healthcare (Malaysia) 168,400 158 0.01 IJM 207,000 64 0.00 IOI 179,529 127 0.01 IOI Properties Group 111,300 25 0.00 Kuala Lumpur Kepong 27,102 104 0.00 Malayan Banking 381,011 538 0.02 Malaysia Airports Holdings 57,746 54 0.00 Maxis 155,300 121 0.01 MISC Berhad 92,646 107 0.00 Nestle (Malaysia) 3,500 81 0.00 Petronas Chemical Group 159,200 221 0.01 Petronas Dagangan 22,145 73 0.00 Petronas Gas 44,005 119 0.01 PPB Group Berhad 38,060 121 0.01 Press Metal Berhad 241,800 223 0.01 Public Bank 983,280 700 0.03 QL Resources 61,050 63 0.00 RHB Capital 96,968 87 0.00 Sime Darby 212,661 81 0.00 Sime Darby Plantation 202,261 159 0.01 Sime Darby Property 212,661 23 0.00 Telekom Malaysia 55,500 54 0.00 Tenaga Nasional 272,825 463 0.02 Top Glove 286,800 264 0.01 Westports Holdings 56,600 43 0.00 YTL Corporation 274,005 32 0.00 Total Malaysia 5,611 0.22




%MAURITIUS- 0.00% (0.00%)

Golden Agri-Resources 409,708 53 0.00 Total Mauritius 53 0.00

MEXICO - 0.26% (0.21%) Alpek Sa De 20,900 17 0.00

America Movil 2,008,339 1,053 0.04 Arca Continental 22,031 86 0.00 Becle 36,600 62 0.00 Bimbo A 135,641 189 0.01 Cemex 957,297 567 0.02 Coca-Cola Femsa 33,214 115 0.01 Concentradora Fibra REIT 15,200 13 0.00 Controladora Nemak 172,167 18 0.00 El Puerto De Liverpool 12,683 37 0.00 Fibra Uno Administration 170,055 145 0.01 Fomento Econ Mexicano 57,575 337 0.01 Gruma B 11,505 85 0.00 Grupo Aeroport B 23,338 189 0.01 Grupo Aeroportuario Del Centro Norte 21,583 100 0.01 Grupo Aeroportuario del Sureste B 11,484 152 0.01 Grupo Carso 28,819 59 0.00 Grupo Elektra 3,666 210 0.01 Grupo Fin Banorte 167,720 737 0.03 Grupo Financiero Inbursa 143,605 99 0.00 Grupo Lala 30,000 15 0.00 Grupo Mexico B 210,489 756 0.03 Grupo Televisa 137,310 247 0.01 Industrias Bachoco 8,600 23 0.00 Industrias Peñoles 8,183 81 0.00 Infraestructura Energetica Nova 33,880 106 0.01 Kimberly - Clark de Mexico 54,259 68 0.00 Megacable 20,016 53 0.00 Orbia Advance Corporation 64,836 132 0.01 Promotora Y Op De Infra 14,268 78 0.00 Telesites Sab 89,793 60 0.00 Wal-Mart de Mexico 327,496 726 0.03 Total Mexico 6,615 0.26




%NETHERLANDS - 1.60% (1.49%)

Aalberts Industries 5,451 217 0.01 Adyen 1,482 2,170 0.09 Aegon 98,640 343 0.01 Airbus Group 30,761 2,634 0.10 Akzo Nobel 11,801 1,043 0.04 argenx 1,859 354 0.01 ASM International 2,674 531 0.02 ASML Holdings 22,315 10,148 0.40 CNH Industrial 33,916 408 0.02 Euronext 4,732 349 0.01 Exor Holdings 6,009 356 0.01 Ferrari New 7,502 1,054 0.04 GrandVision 3,180 73 0.00 Heineken 15,033 1,281 0.05 Heineken Holdings 6,676 488 0.02 IMCD Group 3,593 389 0.02 ING Groep 195,753 1,831 0.07 JDE Peet's N.V. 4,175 119 0.00 Just Eat Takeaway.com 3,947 246 0.01 Just Eat Takeaway.com NPV 2,947 184 0.01 Koninklijke Ahold Delhaize 47,490 960 0.04 Koninklijke DSM 10,972 1,398 0.06

#Koninklijke DSM rights 10,972 - 0.00 Koninklijke Philips 50,472 2,011 0.08

#Koninklijke Philips rights 57,492 - 0.00 KPN Koninklijke 210,242 507 0.02 Lyondell Basell Industries 14,723 1,192 0.05 NN Group 20,713 778 0.03 NXP Semiconductors 14,091 1,922 0.08 Prosus 27,308 1,977 0.08 Qiagen 13,944 463 0.02 Randstad 6,794 363 0.01 Signify 7,234 315 0.01 Stellantis 99,954 1,279 0.05 STMicroelectronics 40,101 1,008 0.04 Vopak 3,756 124 0.01 Wolters Kluwer certificates 17,952 1,208 0.05

#Wolters Kluwer certificates rights 17,952 - 0.00 Yandex 17,999 811 0.03 Total Netherlands 40,534 1.60




%NEW ZEALAND - 0.10% (0.09%)

A2 Milk 46,266 143 0.00 Air New Zealand 27,180 23 0.00 Auckland International Airport 53,724 203 0.01 Contact Energy 40,645 158 0.01 Fisher & Paykel Healthcare 35,969 607 0.02 Fletcher Building 48,263 181 0.01 Kiwi Property Group 94,704 59 0.00 Mercury 43,722 146 0.01 Ryman Healthcare 23,266 175 0.01 Sky City Entertainment Group 42,559 76 0.00 Spark New Zealand 107,339 246 0.01 Xero 9,200 569 0.02 Total New Zealand 2,586 0.10

NORWAY - 0.21% (0.17%) Adevinta B 4,719 56 0.00

Aker 1,600 85 0.00 Aker BP ASA 6,130 130 0.00 Den Norske Bank 58,926 926 0.04 Equinor 62,224 956 0.04 Gjensidige Forsikring 9,416 154 0.01 Leroy Seafood Group 14,530 93 0.00 Marine Harvest 27,016 491 0.02 Norsk Hydro 75,661 351 0.01 Orkla 48,497 350 0.01 Salmar 2,938 146 0.01 Schibsted 5,211 171 0.01 Schibsted B 5,544 160 0.01 Telenor 41,114 524 0.02 Tomra Systems 7,378 248 0.01 Yara International 10,881 417 0.02 Total Norway 5,258 0.21

PAKISTAN - 0.00% (0.00%) Fauji Fertilizer 36,500 18 0.00

Habib Bank 37,400 22 0.00 Oil & Gas Development 35,700 15 0.00 Pakistan Petroleum 37,812 15 0.00 Total Pakistan 70 0.00

PANAMA - 0.00% (0.02%) Carnival 5,369 104 0.00

Total Panama 104 0.00




%PAPUA NEW GUINEA - 0.01% (0.00%)

Oil Search 139,879 291 0.01 Total Papua New Guinea 291 0.01

PHILIPPINES - 0.10% (0.13%) AboitizPower 101,200 33 0.00

Alliance Global 232,441 35 0.00 Ayala 22,472 240 0.01 Ayala Land 538,734 250 0.01 Bank of the Philippines 101,027 121 0.01 BDO Unibank 126,259 197 0.01 Bloomberry Resorts 772,872 69 0.00 DMCI Holdings 230,740 18 0.00 Globe Telecom 1,560 42 0.00 GT Capital Holdings 6,454 49 0.00 International Container Terminal Services 56,480 116 0.01 JG Summit Holdings 170,709 125 0.01 Jollibee Foods 23,094 57 0.00 LT Group 148,939 29 0.00 Manila Electric 17,100 69 0.00 Megaworld 781,248 30 0.00 Metro Pacific Investment 802,000 43 0.00 Metropolitan Bank & Trust 113,767 74 0.00 Philippine Long Distance 6,623 123 0.01 San Miguel 20,580 35 0.00 San Miguel Food 37,670 38 0.00 Semirara Mining & Power 66,400 12 0.00 SM Investments 30,641 410 0.02 SM Prime Holdings 508,027 247 0.01 Universal Robina 50,034 101 0.00 Total Philippines 2,563 0.10

POLAND - 0.07% (0.06%) Cyfrowy Polsat 16,882 93 0.00

Dino Polska 2,718 140 0.01 KGHM 7,741 312 0.01 LPP 53 105 0.00 Pekao 8,877 144 0.01 PKO Bank Polski 47,960 314 0.01 Polish Oil & Gas 109,627 130 0.01 Polski Koncern Naftowy 17,466 254 0.01 PZU Group 31,531 206 0.01 Santander Bank Polska 1,680 73 0.00 Total Poland 1,771 0.07




%PORTUGAL - 0.04% (0.04%)

Energias de Portugal 174,188 682 0.02 Galp Energia 28,963 258 0.01 Jeronimo Martins 13,815 188 0.01 Total Portugal 1,128 0.04

QATAR - 0.10% (0.11%) Barwa Real Estate 127,170 80 0.00

Doha Bank 87,580 46 0.00 Ezdan Real Estate 98,845 34 0.00 Industries of Qatar 126,412 331 0.01 Masraf Al Rayan 208,540 182 0.01 Mesaieed Petrochemical Holdings 245,950 92 0.01 Ooredoo QSC 52,320 72 0.00 Qatar Aluminum Manufacturing 173,010 55 0.00 Qatar Fuel 27,650 98 0.01 Qatar Gas Transport 176,830 108 0.01 Qatar Insurance 88,670 43 0.00 Qatar International Islamic Bank 47,167 86 0.00 Qatar Islamic Bank 65,230 220 0.01 Qatar National Bank 266,596 932 0.04 United Development 83,360 26 0.00 Vodafone Qatar 88,405 30 0.00 Total Qatar 2,435 0.10

RUSSIA - 0.37% (0.38%) Aeroflot 32,819 21 0.00

Alrosa 138,970 151 0.01 Bashneft OAO 1,288 15 0.00 Federal Grid 13,830,000 29 0.00 Gazprom 443,442 1,058 0.04 Inter RAO 2,348,956 114 0.01 Lukoil ADR 22,745 1,320 0.05 Magnit 4,100 202 0.01 Magnitogorsk Iron and Steel 36,300 22 0.00 MMC Norilsk ADR 33,088 869 0.03 Mobile Telesystems ADR 27,183 171 0.01 Moscow Exchange Micex 93,296 156 0.01 Mosenergo 285,407 6 0.00 Novatek OAO GDR 6,798 894 0.04 Novolipetsk Steel 57,213 147 0.01 OAO Gazprom ADR 110,575 524 0.02 PhosAgro 2,335 96 0.00 Polyus Gold 1,739 249 0.01 Rosneft Oil Company 15,140 79 0.00 Rosseti 1,858,214 25 0.00




% Rostelecom 44,983 44 0.00 RusHydro 7,223,353 58 0.00 Sberbank of Russia ADR 162,001 1,875 0.07 Severstal 3,918 66 0.00 Sistema 157,600 49 0.00 Surgutneftegaz 405,508 138 0.01 Surgutneftegaz prefrence 437,100 188 0.01 Tatneft ADR 16,394 472 0.02 Tatneft preference 7,910 36 0.00 Transneft 88 118 0.00 Unipro 580,000 16 0.00 VTB Bank 317,988,524 153 0.01 Total Russia 9,361 0.37

SAUDI ARABIA - 0.37% (0.29%) Abdullah Al Othaim Markets 2,279 56 0.00

Advanced Petrochemicals 2,908 44 0.00 Al Mouwasat Medical Services 2,480 87 0.00 Al Rajhi Bank 67,895 1,281 0.05 Alinma Bank 51,078 189 0.01 Almarai 14,476 150 0.01 Arab National Bank 33,194 138 0.01 Arabian Centres 7,018 34 0.00 Bank Albilad 18,988 133 0.01 Bank Al-Jazira 11,019 39 0.00 Banque Saudi Fransi 30,517 207 0.01 Bupa Arabia for Cooperative 1,703 37 0.00 Dar Al Arkan REIT 14,512 29 0.00 Emaar Economic City 40,452 82 0.00 Etihad Etisalat 19,494 117 0.01 Jarir Marketing 3,038 122 0.01 National Industrialization 8,988 32 0.00 National Petrochemical 8,099 75 0.00 Qassim Cement 2,974 47 0.00 Rabigh Refining and Petrochemicals 21,369 86 0.00 Riyad Bank 78,606 363 0.02 SABIC Agri-Nutrients 5,996 116 0.01 Saudi Airlines Catering 2,402 37 0.00 Saudi Arabian Mining 20,244 213 0.01 Saudi Arabian Oil Company 156,343 1,058 0.04 Saudi Basic Industries 48,020 1,114 0.04 Saudi British Bank 50,641 283 0.01 Saudi Cement 5,056 62 0.00 Saudi Electricity 49,429 223 0.01 Saudi Ground Services 6,022 43 0.00 Saudi Industrial Investment Group 6,047 41 0.00




% Saudi International Petrochemical 9,854 51 0.00 Saudi Kayan Petrochemical 20,156 66 0.00 Saudi Telecom 40,461 928 0.04 Savola Group 16,068 121 0.01 Southern Province Cement 4,338 70 0.00 The Company for Cooperative Insurance 5,877 86 0.00 The Saudi National Bank 128,531 1,314 0.05 Yanbu Cement 4,881 39 0.00 Yanbu National Petro 14,172 190 0.01 Total Saudi Arabia 9,403 0.37

SINGAPORE - 0.33% (0.36%) Ascendas REIT 187,656 286 0.01

Ascott REIT 112,500 59 0.00 BOC Aviation 13,600 85 0.00 Capitaland 148,690 277 0.01 CapitaLand Mall Trust 261,540 276 0.01 City Developments 29,807 115 0.01 ComfortDelGro 116,179 98 0.01 DBS 85,955 1,339 0.05 Flex 7,923 99 0.00 Genting Singapore 325,485 136 0.01 Hutchison Port 328,900 51 0.00 Jardine Cycle & Carriage 6,505 75 0.00 Keppel 81,096 220 0.01 Keppel REIT 117,762 73 0.00 Mapletree Commercial Trust 125,057 132 0.01 Mapletree Industial Trust 74,500 106 0.01 Mapletree Logistics REIT 274,031 277 0.01 Mapletree North Asia Commercial Trust 120,064 64 0.00 Olam International 34,300 30 0.00 Overseas-Chinese Banking 155,782 972 0.04 SATS 41,300 81 0.00 Sembcorp Industries 60,613 62 0.00 Sembcorp Marine 626,188 59 0.00 SIA Engineering 16,700 18 0.00 Singapore Airlines 72,125 173 0.01 Singapore Exchange 46,555 250 0.01 Singapore Post 97,900 36 0.00 Singapore Press Holdings 90,481 76 0.00 Singapore Technologies Engineering 138,100 272 0.01 Singapore Telecommunications 472,523 584 0.02 Starhub 28,900 19 0.00 Suntec REIT 130,253 99 0.01 United Overseas Bank 77,057 1,041 0.04 UOL Group 31,750 121 0.01




% Venture Corporation 16,042 155 0.01 Wilmar International 110,236 277 0.01 Wing Tai Holdings 21,100 20 0.00 Yangzijiang Shipbuilding 138,400 103 0.01 Yanlord Land 35,100 25 0.00 Total Singapore 8,241 0.33

SOUTH AFRICA - 0.52% (0.44%) Absa Group 39,800 249 0.01

African Rainbow Minerals 5,466 76 0.00 Anglo American Platinum 3,425 304 0.01 Anglogold 26,338 439 0.02 Aspen Pharmacare 21,086 174 0.01 AVI 21,018 76 0.00 Barloworld Limited 12,318 60 0.00 Bid Corporation 20,996 297 0.01 Bidvest Group 18,785 165 0.01 Capitec Bank Holdings 1,339 106 0.01 Clicks Group 15,759 204 0.01 Coronation Fund Managers 16,264 45 0.00 Dis-Chem Pharmacies 26,137 36 0.00 Discovery Holdings 19,448 141 0.01 Distell Group Holdings 4,387 30 0.00 Exxaro Resources 14,235 115 0.01 FirstRand 287,588 769 0.03 Fortress REIT A 75,890 55 0.00 Fortress REIT B 59,211 11 0.00 Gold Fields 51,614 405 0.02 Growthpoint Properties 207,220 150 0.01 Harmony Gold Mining 28,419 98 0.00 Impala Platinum 38,150 494 0.02 Investec 18,312 51 0.00 Kumba Iron Ore 2,780 96 0.00 Liberty 7,644 24 0.00 Life Healthcare 78,414 80 0.00 Mommet 68,690 72 0.00 Mr. Price Group 14,093 139 0.01 MTN Group 101,249 488 0.02 MultiChoice Group 22,848 143 0.01 Naspers Limited N 24,864 3,767 0.15 Nedbank 22,390 163 0.01 Network Healthcare 82,803 62 0.00 Ninety One 9,156 22 0.00 Northam Platinum 23,137 275 0.01 Pepkor Holdings 45,527 41 0.00 Pick n Pay Stores 21,092 59 0.00 PSG Group Limited 9,234 36 0.00




% Rand Merchant Investment 44,590 72 0.00 Redefine Properties REIT 340,267 74 0.00 Remgro 32,683 178 0.01 Resilient Property Income REIT 21,052 52 0.00 Sanlam 111,008 328 0.01 Santam 2,694 35 0.00 Sappi 31,524 70 0.00 Sasol 31,263 372 0.02 Shoprite Holdings 26,520 194 0.01 Sibanye-Stillwater 173,717 558 0.02 Spar Group 11,824 111 0.01 Standard Bank 81,328 498 0.02 Telkom 18,407 36 0.00 The Foschini Group 20,199 119 0.01 Tiger Brands 9,129 99 0.00 Truworths International 24,257 63 0.00 Vodacom Group 35,711 226 0.01 Total South Africa 13,102 0.52

SPAIN - 0.69% (0.62%) Acciona (registered) 1,389 162 0.01

Actividades de Construccion y Servicios 18,331 420 0.02 Aena 4,446 563 0.02 Amadeus IT 23,595 1,253 0.05 Banco Santander 919,359 2,655 0.10 Bankinter (registered) 38,552 159 0.01 BBV Argentaria 318,401 1,379 0.05 CaixaBank 274,984 673 0.03 Cellnex Telecom 30,234 1,185 0.05 Corporacion Mapfre (registered) 56,028 92 0.00 EDP Renovaveis 14,413 227 0.01 Enagas 15,809 258 0.01 Endesa 20,131 400 0.02 Ferrovial 30,757 653 0.03

#Ferrovial SA rights 30,757 5 0.00 Gamesa 1,096 24 0.00 Grifols A 21,018 428 0.02 Iberdrola 350,278 3,403 0.13 Industria de Diseño Textil 56,698 1,545 0.06 Inmobiliaria Colonial 17,925 138 0.00 Linea Directa Aseguradora 10,184 14 0.00 Naturgy Energy 18,942 355 0.01 Red Electrica de Espana 23,650 329 0.01 Repsol 51,445 492 0.02 Telefonica 210,556 727 0.03 Zardoya Otis 10,062 48 0.00 Total Spain 17,587 0.69




%SWEDEN - 1.05% (0.76%)

Alfa Laval 18,814 484 0.02 Assa Abloy B 58,260 1,262 0.05 Atlas Copco A 39,776 1,769 0.07 Atlas Copco B 20,951 796 0.03 Biovitrum 10,763 132 0.01 Boliden 16,892 501 0.02 Boliden redemption shares 16,892 9 0.00 Castellum AB 15,276 276 0.01 Electrolux B 13,452 272 0.01 Elekta B 20,165 193 0.01 Epiroc AB 34,502 573 0.02 Epiroc AB NPV 3,962 59 0.00 Epiroc AB A redemption 34,502 9 0.00 Epiroc AB B redemption 3,962 1 0.00 EQT AB 1,472 33 0.00 Ericsson (L.M.) Telefonatkie A 1,884 18 0.00 Ericsson (L.M.) Telefonatkie B 145,468 1,364 0.05 Essity Aktiebolag B 38,367 956 0.04 Evolution Gaming Group 9,869 1,201 0.05 Fastighets Balder B 6,157 264 0.01 Getinge B 13,390 318 0.01 Hennes & Mauritz B free 57,588 1,035 0.04 Hexagon 16,149 1,110 0.04 Holmen AB 6,066 206 0.01 Husqvarna B 25,800 263 0.01 ICA Gruppen 4,849 165 0.01 Industivarden A 11,784 327 0.01 Industivarden C 9,478 247 0.01 Indutrade AB 16,763 302 0.01 Investor A 7,470 464 0.02 Investor B Free 26,126 1,624 0.06

#Kinnevik AB 6,006 210 0.01 Latour Investment B 7,818 172 0.01 Lifco AB 14,320 205 0.01 Lundbergs B 4,863 198 0.01 Lundin Energy 9,757 231 0.01 Nibe Industrier 16,611 444 0.02 Sandvik 68,407 1,353 0.05 SCA B 33,427 424 0.02 Sinch AB 58 6 0.00 Skandinaviska Enskilda Banken 971 9 0.00 Skandinaviska Enskilda Banken A 91,130 853 0.03 Skanska AB 22,632 458 0.02 SKF B 22,849 447 0.02 Svenska Handelsbanken AB 51,939 441 0.02




% Svenska Handelsbanken B 2,893 26 0.00 Sweco AB 11,433 145 0.01 Swedbank A 63,616 834 0.03 Swedish Match AB 111,650 723 0.03 Tele2 B 33,867 321 0.01 Telia Company 162,187 506 0.02 Trelleborg B 15,290 290 0.01 Volvo 12,562 241 0.01 Volvo B 90,538 1,701 0.07 Total Sweden 26,471 1.05

SWITZERLAND - 2.67% (3.07%) ABB (registered) 86,672 2,093 0.08

Adecco 9,746 468 0.02 Alcon 28,978 1,411 0.06 Baloise Holdings 2,947 350 0.01 Banque Cantonale Vaudoise 1,590 109 0.00 Barry Callebaut 196 310 0.01 Chocoladefabriken Lindt & Sprüngli 7 489 0.02 Chubb 26,055 3,147 0.12 CIE Financiere Richemont A 31,487 2,335 0.09

#Cie Financiere Richemont A warrants 22/11/2023 62,974 19 0.00 Clariant (registered) 11,349 174 0.01 Coca-Cola HBC 12,345 310 0.01 Credit Suisse 71,738 525 0.02

#Credit Suisse rights 151,623 - 0.00 DKSH Holdings 2,257 127 0.01 EMS Chemie 402 255 0.01 Garmin 9,427 939 0.04 Geberit 2,293 1,119 0.04 Georg Fischer 276 268 0.01 Givaudan (registered) 570 1,715 0.07 Helvetia Holdings 1,845 151 0.01 Holcim 31,577 1,342 0.05 Julius Baer Group 12,711 593 0.02 Kuehne & Nagel 3,186 709 0.03 Lindt & Sprüngli 60 390 0.02 Logitech R 9,291 687 0.03 Lonza Group 3,532 1,567 0.06 Nestlé 152,257 13,029 0.52 Novartis (registered) 113,851 7,205 0.28 OC Oerlikon 10,971 89 0.00 Partners Group 1,381 1,411 0.06 PSP Swiss Property 2,224 201 0.01 Roche Holdings 38,121 9,093 0.36 Roche Holdings B 1,689 433 0.02




% Schindler Holdings 1,198 238 0.01 Schindler participation certificates 2,580 528 0.02 SGS Surveillance 350 752 0.03 Sig Combibloc Group 4,940 88 0.00 Sika 7,978 1,717 0.07 Sonova 3,420 687 0.03 Straumann Holdings 637 665 0.03 Sulzer (registered) 1,142 95 0.00 Swiss Life 2,179 787 0.03 Swiss Prime Site 4,770 337 0.01 Swiss Reinsurance (registered) 16,829 1,166 0.05 Swisscom (registered) 865 342 0.01 TE Connectivity 18,247 1,738 0.07 Temenos Group 958 100 0.00 The Swatch Group (registered) 2,548 114 0.00 The Swatch Group B 1,653 377 0.02 UBS 162,783 1,778 0.07 VAT Group 1,620 322 0.01 Vifor Pharma 2,919 289 0.01 Zurich Insurance Group 8,025 2,410 0.10 Total Switzerland 67,593 2.67

TAIWAN - 1.73% (1.44%) Accton Technology 34,000 233 0.01

Acer 189,000 141 0.01 Advantech 23,424 192 0.01 ASE Technology Holdings 214,012 567 0.02 Asia Cement 148,000 184 0.01 Asustek Computer 40,794 392 0.02 AU Optronics 559,518 310 0.01 Capital Securities 120,910 49 0.00 Catcher Technology 60,961 275 0.01 Cathay Financial 525,586 686 0.03 Chang Hwa Commercial Bank 369,301 156 0.01 Cheng Shin Rubber Industry 104,481 117 0.00 Chicony Electronics 39,151 78 0.00 China Airlines 147,047 56 0.00 China Development Financial 788,450 241 0.01 China Life Insurance 170,464 102 0.00 China Motor Corporation 14,400 24 0.00 China Steel 783,451 691 0.03 Chunghwa Telecom 241,901 693 0.03 Compal Electronics 264,670 152 0.01 CTBC Financial Holdings 1,153,473 642 0.03 Delta Electronic Industry 129,290 873 0.03 E.SUN Financial Holdings 756,161 490 0.02




% Eclat Textile 12,958 192 0.01 Ennostar 24,500 38 0.00 Eternal Materials 53,500 48 0.00 Eva Airways 145,797 54 0.00 Evergreen Marine Corporation 184,330 327 0.01 Far Eastern International Bank 119,163 32 0.00 Far Eastern New Century Corporation 223,359 174 0.01 Far EasTone Telecommunications 91,295 150 0.01 Feng Tay Enterprises 25,996 129 0.01 First Financial 642,852 353 0.01 Formosa Chemicals & Fibre 218,040 457 0.02 Formosa Petrochemical 77,919 191 0.01 Formosa Plastics 269,773 652 0.03 Formosa Taffeta 68,000 52 0.00 Foxconn Technology 73,161 113 0.00 Fubon Financial 466,812 822 0.03 Genius Electronic Optical 14,000 145 0.01 Giant Manufacturing 6,800 56 0.00 GlobalWafers 3,300 60 0.00 Hiwin Technologies 16,396 137 0.01 Hon Hai Precision Industry 711,508 1,875 0.07 Hotai Motor Company 18,000 244 0.01 HTC 47,000 41 0.00 Hua Nan Financial 539,874 246 0.01 Innolux Corporation 489,000 259 0.01 Inventec 196,257 124 0.00 Largan Precision 6,739 487 0.02 Lite-On Technology 120,679 189 0.01 MediaTek 91,351 2,072 0.08 Mega Financial Holdings 691,461 555 0.02 Micro-Star International 43,228 186 0.01 Nan Ya Plastics 359,000 731 0.03 Nanya Technology 17,000 31 0.00 Novatek Microelectronics 32,887 400 0.02 OBI Pharma 6,881 21 0.00 Pegatron 114,000 204 0.01 Pou Chen 150,984 120 0.00 President Chain Store 31,671 217 0.01 Quanta Computer 150,544 344 0.01 Realtek Semiconductor 10,824 124 0.00 Shanghai Commercial & Savings Bank 180,000 194 0.01 Shin Kong Financial 749,142 176 0.01 SinoPac 595,641 198 0.01 Synnex Technology International 87,877 126 0.01 Taishin Financial 586,358 210 0.01 Taiwan Business Bank 302,889 74 0.00




% Taiwan Cement 321,679 404 0.02 Taiwan Cooperative Financials 541,044 284 0.01 Taiwan Fertilizer 48,000 68 0.00 Taiwan Glass Industrial 87,000 63 0.00 Taiwan High Speed Rail 119,000 87 0.00 Taiwan Mobile 103,138 260 0.01 Taiwan Secom 15,000 35 0.00 Taiwan Semiconductor Manufacturing 1,330,958 18,753 0.74 Teco Electric & Machinery 118,661 94 0.00 Transcend Information 15,000 26 0.00 U-Ming Marine Transport 30,000 36 0.00 Unimcron Technology 86,494 208 0.01 Uni-President Enterprises 304,795 572 0.02 United Microelectronics 454,979 540 0.02 Vanguard International Semiconductor 58,461 156 0.01 Walsin Lihwa 199,000 116 0.00 Wan Hai Lines 52,000 108 0.00 WIN Semiconductors 26,000 199 0.01 Wistron 185,767 139 0.01 Yageo Corporation 26,000 290 0.01 Yuanta Financial 740,480 456 0.02 Yulon Motor 31,594 31 0.00 Yulon Nissan Motor 2,000 13 0.00 Total Taiwan 43,912 1.73

THAILAND - 0.25% (0.35%) Advanced Info 70,991 271 0.01

Airports of Thailand 272,551 367 0.02 Asset World Corporation 393,400 41 0.00 Bangkok Bank 40,792 107 0.00 Bangkok Dusit Medical Services 565,964 270 0.01 Bangkok Expressway and Metro 1,107,699 188 0.01 Bangkok Life Assurance 27,700 20 0.00 Banpu 281,428 76 0.00 Berli Jucker 66,126 50 0.00 BTS Group Holdings 485,816 95 0.00 Bumrungrad Hospital 21,305 61 0.00 Central Pattana 167,413 191 0.01 Central Retail Corporation 175,175 126 0.01 Charoen Pokphand Foods 205,783 133 0.01 CP All 331,304 429 0.02 Delta Electronics 15,479 167 0.01 Digital Telecommunication Infrastructure 296,510 80 0.00 Electricity Generating 17,568 68 0.00 Energy Absolute 94,200 127 0.01 Global Power Synergy 37,638 59 0.00




% Gulf Energy Development 366,575 272 0.01 Home Product Center 318,682 97 0.00 Indorama Ventures 112,662 118 0.01 Intouch Holdings 107,400 156 0.01 IRPC 688,190 63 0.00 Kasikornbank 74,131 203 0.01 Land and Houses 431,869 76 0.00 Minor International 248,659 165 0.01 Muangthai Capital 36,900 47 0.00 Osotspa 77,860 62 0.00 PTT 615,800 561 0.02 PTT Exploration & Production 77,687 208 0.01 PTT Global Chemical 115,203 175 0.01 Ratch Group 51,753 59 0.00 Siam Cement 53,400 558 0.02 Siam Commercial Bank 162,141 360 0.02 Srisawad Corporation 37,100 60 0.00

#Srisawad Corporation warrants 23/6/2025 1,484 1 0.00 Thai Oil 57,913 77 0.00 Thai Union Group 159,196 66 0.00 Total Access Communications 36,000 25 0.00 True Corporation 707,385 49 0.00 Total Thailand 6,384 0.25

TURKEY - 0.04% (0.05%) Akbank 150,489 64 0.00

Anadolu Efes Biracilik 11,193 24 0.00 Arcelik 9,835 27 0.00 Aselsan Elektronik Sanayi 33,380 42 0.00 Bim Birlesik Magazalar 25,222 137 0.01 Coca-Cola Icecek 3,496 24 0.00 Enka Insaat 37,269 26 0.00 Eregli Demir Celik Fabrik 89,266 150 0.01 Ford Otomotiv Sanayi 3,372 50 0.00 Garanti Bankasi 118,283 76 0.00 KOC Holdings 48,268 77 0.01 Koza Altin Isletmeleri 3,763 40 0.00 Petkim Petrokimya 80,890 44 0.00 Sabanci Holdings 50,283 35 0.00 Tav Havalimanlari 12,421 25 0.00 Tekfen Holdings 9,433 12 0.00 Tofas Turk Otomobil Fabrikasi 6,540 16 0.00 Tupras-Turkiye Petrol Rafine 6,962 58 0.00 Turk Hava Yollari 36,445 41 0.00 Turk Telekomunikasyon 28,154 16 0.00 Turkcell Iletisim Hizmetleri 60,982 78 0.01




% Turkiye Is Bankasi C 92,636 39 0.00 Turkiye Sise Ve Cam Fabrikalari 32,434 21 0.00 Turkiye Vakiflar Bankasi 71,013 20 0.00 Yapi Ve Kredi Bankasi 82,418 15 0.00 Total Turkey 1,157 0.04

UNITED ARAB EMIRATES - 0.10% (0.09%) Abu Dhabi Commercial Bank 178,672 215 0.01

Abu Dhabi Islamic Bank 49,800 49 0.00 Air Arabia 122,628 31 0.00 Aldar Properties 256,962 177 0.01 DAMAC Properties 83,408 20 0.00 Dana Gas 173,465 26 0.00 Dubai Financial Market 86,616 18 0.00 Dubai Investment 138,962 43 0.00 Dubai Islamic Bank 93,289 82 0.00 Emaar Development 45,259 26 0.00 Emaar Malls Group 130,550 50 0.00 Emaar Properties 199,078 154 0.01 Emirates NBD 155,157 373 0.02 Emirates Telecommunications 114,414 477 0.02 National Bank of Abu Dhabi 277,731 783 0.03 Total United Arab Emirates 2,524 0.10

UNITED KINGDOM - 4.02% (4.04%) 3i Group 32,021 398 0.02

Admiral Group 13,068 385 0.02 Anglo American 52,602 1,718 0.07 Antofagasta 23,319 415 0.02 Ashmore Group 25,279 102 0.00 Ashtead Group 28,294 1,411 0.06 Associated British Foods 22,088 508 0.02 AstraZeneca 68,695 5,401 0.21 Atlassian Corporation 7,267 1,108 0.04 Auto Trader Group 52,177 288 0.01 Avast 34,429 153 0.01 Aveva Group 6,396 205 0.01 Aviva 248,121 1,015 0.04 BAE Systems 218,732 1,149 0.05 Barclays 845,414 1,528 0.06 Barratt Developments 63,949 492 0.02 Bellway 6,978 245 0.01 Berkeley Group Holdings 6,749 319 0.01 BHP Group 124,088 2,758 0.11 BP 1,154,817 3,621 0.14 British American Tobacco 121,822 3,444 0.14




% British Land REIT 54,495 287 0.01 BT Group 482,513 780 0.03 Bunzl 21,367 493 0.02 Burberry Group 22,961 483 0.02 Centrica 368,347 201 0.01 Coca-Cola European Partners 10,265 439 0.02 Compass Group 102,530 1,578 0.06 ConvaTec Group 85,222 190 0.01 Croda International 7,890 515 0.02 Derwent London REIT 5,680 192 0.01 Diageo 127,069 4,261 0.17 Direct Line Insurance 77,469 231 0.01 Evraz Group 36,428 243 0.01 GlaxoSmithKline 283,671 3,887 0.15 Halma 22,727 567 0.02 Hargreaves Lansdown 20,493 355 0.01 Hikma Pharmaceuticals 13,609 322 0.01 HomeServe 18,524 193 0.01 Howden Joinery Group 32,940 262 0.01

+HSBC Holdings 1,042,040 4,676 0.18 IMI 16,094 266 0.01 Imperial Brands 51,528 819 0.03 Informa 41,607 233 0.01 InterContinental Hotels 11,557 575 0.02 Intermediate Capital 17,655 362 0.01 Intertek Group 10,195 599 0.02 ITV 2,706 3 0.00 JD Sports Fashion 20,667 185 0.01 Johnson Matthey 10,691 346 0.01 Kingfisher 133,243 494 0.02 Land Securities 45,273 328 0.01 Legal & General 239,646 677 0.03 Liberty Global 11,334 228 0.01 Liberty Global C 27,484 551 0.02 Lloyds Banking Group 3,900,896 1,882 0.07 London Stock Exchange Group 19,875 1,429 0.06 M&G 137,835 325 0.01 Melrose Industries 303,652 492 0.02 Mondi 28,107 545 0.02 Mondi plc 2,678 52 0.00 Morrison (Wm) Supermarkets 122,323 225 0.01 National Grid 196,053 1,835 0.07 NatWest Group 1,481,677 2,860 0.11 Next 7,484 605 0.02 Nielsen 22,540 448 0.02

#NMC Health 4,878 - 0.00




% Ocado Group 28,747 571 0.02 Pearson 45,027 387 0.02 Pennon Group 23,745 248 0.01 Persimmon 9,798 308 0.01 Phoenix Group Holdings 29,819 219 0.01 Prudential 156,484 2,370 0.09 Quilter 123,451 198 0.01 Reckitt Benckiser 33,495 2,132 0.08 RELX 117,423 2,182 0.09 Renishaw 717 39 0.00 Rentokil Initial 125,708 592 0.02 Rightmove 55,520 321 0.01 Rio Tinto 60,993 3,742 0.15 Rolls-Royce 111,043 120 0.00 Royal Dutch Shell A 240,156 3,408 0.13 Royal Dutch Shell B 214,333 2,920 0.12 Royalty Pharma 19,185 555 0.02 RSA Insurance Group 57,687 395 0.02 Sage Group 65,451 424 0.02 Sainsbury (J) 103,155 267 0.01 Schroders 6,331 224 0.01 Segro REIT 75,141 751 0.03 Sensata Technologies Holdings 9,535 393 0.02 Severn Trent 15,094 379 0.02 Smith & Nephew 55,606 848 0.03 Smith (DS) 80,481 339 0.01 Smiths Group 25,045 394 0.02 Spirax-Sarco Engineering 4,666 568 0.02 SSE 65,774 1,010 0.04 St. James’s Place Capital 29,368 404 0.02 Standard Chartered 96,313 488 0.02 Standard Life Aberdeen 26,642 72 0.00 Tate & Lyle 26,386 212 0.01 Taylor Wimpey 228,542 405 0.02 Tesco 501,930 1,159 0.05 THG Holdings 36,976 229 0.01 Travis Perkins 12,769 207 0.01 Unilever 79,452 3,412 0.13 Unilever ordinary shares 58,512 2,513 0.10 United Utilities 43,348 429 0.02 Vodafone Group 1,486,226 2,091 0.08 Weir Group 14,571 275 0.01 Whitbread 12,739 405 0.02 Wickes Group 14,308 36 0.00 Total United Kingdom 101,823 4.02




%UNITED STATES - 54.55% (54.48%)

3M 31,966 4,636 0.18 Abbott Laboratories 94,566 7,943 0.31 Abbvie 96,381 7,963 0.31 Abiomed 2,813 536 0.02 Activision 44,481 2,947 0.12 Adobe 27,065 9,343 0.37 Advance Auto Parts 3,925 565 0.02 Advanced Micro Devices 64,045 3,389 0.13 AES 26,103 470 0.02 Aflac 41,041 1,644 0.06 Agilent Technologies 17,549 1,634 0.06 AGNC Investment REIT 34,294 442 0.02 Air Products & Chemicals 11,858 2,534 0.10 Akamai Technologies 9,570 769 0.03 Albemarle Corporation 6,928 805 0.03 Alexandria Real Estate Equities 7,691 949 0.04 Alexion Pharmaceuticals 11,775 1,450 0.06 Align Technology 3,850 1,553 0.06 Alleghany Corporation 817 417 0.02 Alliant Energy 15,240 614 0.02 Allstate 14,973 1,480 0.06 Ally Financial 22,356 857 0.03 Alnylam Pharmaceuticals 4,665 449 0.02 Alphabet A 16,739 27,060 1.07 Alphabet C 16,217 26,646 1.05 Altice USA 13,500 362 0.01 Altria Group 106,927 3,816 0.15 Amazon.com 23,199 53,046 2.10 Ameren 12,119 720 0.03 American Electric Power 26,139 1,610 0.06 American Express 37,860 4,223 0.17 American International Group 49,521 1,824 0.07 American Tower 25,286 4,427 0.17 American Water Works 11,425 1,239 0.05 Ameriprise Financial 7,234 1,326 0.05 AmerisourceBergen 5,119 423 0.02 Ametek 14,651 1,397 0.06 Amgen 31,870 5,686 0.22 Amphenol Corporation A 34,764 1,638 0.06 Analog Devices 21,926 2,328 0.09 Annaly Mortgage Management 90,634 587 0.02 Ansys 4,742 1,099 0.04 Anthem 13,358 3,733 0.15 Apple 869,527 78,651 3.11 Applied Materials 48,798 4,322 0.17




% Aramark 16,431 456 0.02 Arch Capital Group 23,901 682 0.03 Archer Daniels Midland 31,809 1,527 0.06 Arconic 24,876 587 0.02 Arista Networks 3,761 871 0.03 Arrow Electronics 4,091 346 0.01 Assurant 3,837 439 0.02 AT&T 393,053 8,989 0.36 Atmos Energy 7,667 547 0.02 Autodesk 12,152 2,393 0.09 Autoliv 1,283 93 0.00 Automatic Data Processing 24,835 3,431 0.14 Autozone 1,306 1,416 0.06 AvalonBay Communities 9,499 1,335 0.05 Avangrid 3,174 117 0.00 Avantor 29,631 664 0.03 Avery Dennison 5,284 821 0.03 Baker Hughes 21,587 385 0.02 Ball 20,115 1,272 0.05 Bank of America 423,174 12,721 0.50 Bank of New York Mellon 43,688 1,606 0.06 Baxter International 28,031 1,669 0.07 Becton Dickinson 17,036 2,929 0.12 Berkshire Hathaway A 21 6,505 0.26 Berkshire Hathaway B 72,358 14,926 0.59 Best Buy 10,363 885 0.03 Biogen IDEC 8,725 1,735 0.07 BioMarin Pharmaceutical 12,119 662 0.03 Bio-Rad Laboratories 1,292 551 0.02 BlackRock 8,051 4,894 0.19 Boeing 26,090 4,231 0.17 Booking Holdings 2,406 3,896 0.15 BorgWarner 14,597 533 0.02 Boston Properties 9,808 753 0.03 Boston Scientific 82,133 2,422 0.10 Bristol Myers Squibb 123,861 5,702 0.23 Broadcom Corporation 21,608 6,774 0.27 Broadridge Financial Solutions 7,213 835 0.03 Brown & Brown 14,942 557 0.02 Brown-Forman B 12,140 674 0.03 Burlington Store 3,730 884 0.03 Cabot Oil & Gas 25,474 321 0.01 Cadence Design Systems 12,898 1,138 0.04 Caesars Entertainment 2,565 180 0.01 Campbell Soup 11,679 408 0.02 Capital One Financial 27,541 3,091 0.12




% Cardinal Health 16,188 647 0.03 Carmax 9,001 797 0.03 Carrier Global 55,109 1,707 0.07 Carvana 1,679 283 0.01 Catalent 9,724 709 0.03 Caterpillar 31,095 5,344 0.21 CBOE Global Markets 6,981 564 0.02 CBRE Group 21,193 1,298 0.05 CDW 9,353 1,124 0.04 Celanese A 6,295 747 0.03 Centene 26,599 1,306 0.05 Centerpoint Energy 31,858 566 0.02 Ceridian HCM Holding 6,975 437 0.02 Cerner 19,121 1,042 0.04 CF Industries 13,827 533 0.02 CH Robinson Worldwide 8,924 632 0.03 Charter Communications A 7,779 3,919 0.16 Cheniere Energy 14,569 867 0.03 Chevron 105,906 8,227 0.33 Chicago Mercantile Exchange 19,533 3,008 0.12 Chipotle Mexican Grill 1,615 1,553 0.06 Church & Dwight 9,688 609 0.02 Cigna Corporation 19,060 3,564 0.14 Cincinnati Financial 7,470 641 0.03 Cintas 5,404 1,374 0.05 Cisco Systems 232,319 8,722 0.34 Citigroup 118,155 6,419 0.25 Citizens Financial Group 26,314 943 0.04 Citrix Systems 7,376 616 0.02 Clorox 5,917 761 0.03 Cloudflare 2,361 121 0.01 CME Group 931 144 0.01 CMS Energy 10,218 461 0.02 CNA Financial 1,878 64 0.00 Coca-Cola 211,496 8,212 0.32 Cognizant Technology Solutions 31,102 1,567 0.06 Colgate-Palmolive 45,555 2,702 0.11 Comcast 247,915 10,325 0.41 Comerica 8,325 469 0.02 Commerce Bancshares 6,755 384 0.02 ConAgra Foods 17,490 466 0.02 ConocoPhillips 81,424 3,266 0.13 Consolidation Edison (New York registered) 16,849 945 0.04 Constellation Brands A 8,948 1,489 0.06 Copart 12,659 1,115 0.04 Corning 46,221 1,452 0.06




% Corteva 47,298 1,555 0.06 Costar Group 2,158 1,258 0.05 Costco Wholesale 24,142 6,584 0.26 Coupa Software 2,406 394 0.02 CrowdStrike Holdings ‘A’ 6,636 897 0.04 Crown Castle International REIT 24,017 3,086 0.12 CSX 46,749 3,374 0.13 Cummins 8,650 1,631 0.06 CVS Health 74,177 4,440 0.18 D.R.Horton 15,508 1,060 0.04 Danaher 34,250 6,163 0.24 Darden Restaurants 8,741 865 0.03 Datadog 217 13 0.00 DaVita 1,902 169 0.01 Deere & Company 18,337 4,997 0.20 Dell Technologies 15,393 1,075 0.04 Delta Airlines 864 28 0.00 Dentsply Sirona 14,169 682 0.03 Dexcom 5,093 1,205 0.05 Diamondback Energy 8,829 493 0.02 Digital Realty Trust 13,057 1,379 0.05 Discover Financial Services 18,343 1,522 0.06 Discovery Communications A 4,473 113 0.00 Discovery Communications C 19,389 423 0.02 Dish Network 13,595 442 0.02 Docusign 9,143 1,213 0.05 Dollar General 14,692 2,149 0.09 Dollar Tree Stores 13,474 1,064 0.04 Dominion Energy 45,175 2,503 0.10 Domino's Pizza 2,599 788 0.03 Dover 9,191 988 0.04 Dow 42,635 2,112 0.08 DraftKings 18,151 578 0.02 DTE Energy 9,890 990 0.04 Duke Energy 40,713 2,978 0.12 Duke Realty 23,306 743 0.03 DuPont De Nemours 32,196 1,903 0.08 Eastman Chemicals 7,925 726 0.03 eBay 30,901 1,335 0.05 Ecolab 14,023 2,229 0.09 Edison International 20,550 852 0.03 Edwards Lifesciences 34,694 2,203 0.09 Elanco Animal Health 25,140 620 0.02 Electronic Arts 16,394 1,613 0.06 Eli Lilly and Company 44,078 6,143 0.24 Emerson Electric 37,558 2,555 0.10




% Enphase Energy 2,146 182 0.01 Entergy 9,961 758 0.03 EOG Resources 28,906 1,694 0.07 EPAM Systems 3,253 1,042 0.04 Equifax 7,632 1,296 0.05 Equinix REIT 4,575 2,343 0.09 Equitable Holdings 26,327 636 0.03 Equity Lifestyle Properties 10,990 539 0.02 Equity Residential 23,173 1,218 0.05 Essex Property REIT 4,150 849 0.03 Estee Lauder 13,179 2,773 0.11 Etsy 4,488 519 0.02 Evergy 15,527 691 0.03 Eversource Energy 21,256 1,285 0.05 Exact Sciences Corporation 900 62 0.00 Exelon 52,694 1,687 0.07 Expedia 8,503 1,036 0.04 Expeditors International Washington 11,132 945 0.04 Extra Space Storage 7,948 816 0.03 Exxon Mobil 234,192 10,099 0.40 F5 Networks 1,801 232 0.01 Facebook 132,545 29,718 1.17 FactSet Research Systems 2,273 534 0.02 Fair Isaac 1,713 598 0.02 Fastenal 36,100 1,381 0.05 Federal Realty Investment Trust 4,731 378 0.02 Fedex 13,583 2,983 0.12 Fidelity National Information 36,653 3,901 0.15 Fifth Third Bancorp 40,824 1,235 0.05 First Republic Bank 10,781 1,445 0.06 FirstEnergy 32,444 866 0.03 Fiserv 34,036 2,764 0.11 FleetCor Technologies 5,181 1,003 0.04 FMC 8,202 688 0.03 FNFV Group 16,750 559 0.02 Ford Motor 184,897 1,553 0.06 Fortinet 7,916 1,156 0.05 Fortive 19,315 968 0.04 Fortune Brands Home & Security 8,029 615 0.02 Fox Corporation A 9,302 246 0.01 Fox Corporation B 8,914 229 0.01 Franklin Resources 17,518 429 0.02 Freeport - McMoRan Copper & Gold 71,765 2,154 0.09 Gallagher (Arthur J) 11,996 1,254 0.05 Gartner 5,296 869 0.03 General Dynamics 15,196 2,069 0.08




% General Electric 509,993 4,797 0.19 General Mills 30,797 1,386 0.06 General Motors 62,899 2,499 0.10 Gentex 15,035 372 0.02 Genuine Parts 7,775 728 0.03 Gilead Sciences 69,607 3,385 0.13 Global Payments 14,637 2,066 0.08 Globe Life 6,766 511 0.02 GoDaddy 10,975 636 0.03 Goldman Sachs 18,119 4,740 0.19 Grainger (W.W.) 2,617 867 0.03 Halliburton 51,550 843 0.03 Hartford Financial Services 15,374 721 0.03 Hasbro 7,825 535 0.02 HCA Holdings 13,519 2,029 0.08 Healthpeak Properties 32,098 754 0.03 Heico 3,184 308 0.01 Heico A 5,226 462 0.02 Henry Schein 7,888 452 0.02 Hershey 6,224 756 0.03 Hess 11,178 669 0.03 Hewlett-Packard 82,933 957 0.04 Hilton Worldwide Holdings 16,712 1,467 0.06 Hologic 16,594 751 0.03 Home Depot 58,771 13,491 0.53 Honeywell International 39,964 6,448 0.26 Horizon Therapeutics 11,730 766 0.03 Hormel Foods 16,704 552 0.02 Host Marriott 17,466 215 0.01 HP 76,188 1,780 0.07 HubSpot 950 336 0.01 Humana 7,138 2,294 0.09 Huntingdon Bancshares 64,340 724 0.03 Huntington Ingalls Industries 2,422 372 0.02 IAC 4,150 672 0.03 IDEX 5,063 806 0.03 IDEXX Laboratories 4,135 1,556 0.06 Illinois Tool Works 18,170 3,074 0.12 Illumina 8,131 2,199 0.09 Incyte Genomics 11,395 668 0.03 Ingersoll Rand 20,738 714 0.03 Insulet 3,629 598 0.02 Intel 233,923 9,186 0.36 Intercontinental Exchange Group 30,690 2,467 0.10 International Business Machines 51,432 5,280 0.21 International Flavors & Fragrances 14,910 1,494 0.06




% International Paper 21,761 968 0.04 Interpublic Group of Companies 24,446 564 0.02 Intuit 13,784 4,079 0.16 Intuitive Surgical 6,416 3,795 0.15 Invitation Homes Real Estate Investment Trust 36,584 911 0.04 IPG Photonics Corporation 719 100 0.00 IQVIA Holdings 12,053 2,001 0.08 Iron Mountain 17,112 516 0.02 J.B. Hunt Transport Services 6,611 828 0.03 Jack Henry & Associates 4,562 509 0.02 Jacobs Engineering Group 7,866 773 0.03 JM Smucker 6,609 635 0.03 Johnson & Johnson 144,267 17,428 0.69 JPMorgan Chase & Company 165,717 19,290 0.76 Juniper Networks 19,171 362 0.01 Kansas City Southern 3,838 842 0.03 Kellogg 9,034 427 0.02 Keurig Dr Pepper 38,735 991 0.04 KeyCorp 62,179 1,032 0.04 Keysight Technologies 8,452 838 0.03 Kimberly-Clark 19,518 1,859 0.07 Kimco Realty 22,839 344 0.01 Kinder Morgan 116,516 1,518 0.06 KKR & Co. 32,615 1,299 0.05 KLA Tencor 7,730 1,676 0.07 Kraft Heinz Company 27,525 854 0.03 Kroger 45,362 1,198 0.05 L3Harris Technologies 11,521 1,775 0.07 Laboratory Corporation of America 6,137 1,197 0.05 LAM Research 8,093 3,464 0.14 Lamb Weston Holdings 9,269 518 0.02 Las Vegas Sands 12,027 494 0.02 Lear Corporation 1,411 186 0.01 Leidos Holdings 8,052 591 0.02 Lennar 12,033 851 0.03 Liberty Broadband A 1,661 191 0.01 Liberty Broadband C 8,844 1,045 0.04 Liberty Siriusxm Group 4,767 141 0.01 Liberty Siriusxm Group C 10,674 316 0.01 Lincoln National 13,090 655 0.03 Live Nation 8,463 515 0.02 LKQ Corporation 19,475 700 0.03 Loews 15,712 657 0.03 Lowe’s Companies 40,131 5,662 0.22 Lululemon Athletica 5,979 1,335 0.05 Lumen Technologies 65,474 671 0.03




% LYFT 16,020 564 0.02 M&T Bank 8,263 978 0.04 Marathon Petroleum Corporation 37,160 1,584 0.06 Markel Corporation 860 755 0.03 MarketAxess Holdings 1,492 483 0.02 Marriott International new A 16,946 1,723 0.07 Marsh & McLennan 30,041 2,869 0.11 Martin Marietta Materials 3,959 1,061 0.04 Marvell Technology 36,391 1,120 0.04 Masco 16,510 752 0.03 Masimo 3,076 480 0.02 Mastercard 49,243 12,711 0.50 Match Group 9,833 991 0.04 Maxim Integrated Products 16,354 1,077 0.04 McCormick & Co. 15,636 994 0.04 McDonald’s 42,238 6,946 0.27 McKesson HBOC 8,815 1,220 0.05 MercadoLibre 1,977 1,856 0.07 Merck & Co. 138,213 7,678 0.30 Metlife 45,335 2,120 0.08 Mettler Toledo 1,504 1,361 0.05 MGM Resorts International 16,846 468 0.02 Microchip Technology 12,548 1,296 0.05 Micron Technology 61,635 3,485 0.14 Microsoft 411,147 72,400 2.86 Mid-America Apartment Communities 7,201 801 0.03 Moderna 11,596 1,328 0.05 Mohawk Industries 3,656 568 0.02 Molson Coors Brewing B 11,038 456 0.02 Mondelez International 77,429 3,427 0.14 MongoDB 90 17 0.00 Monolithic Power Systems 263 59 0.00 Monster Beverage 21,227 1,388 0.06 Moody’s 10,015 2,375 0.09 Morgan Stanley 79,285 4,915 0.19 Motorola Solutions 10,723 1,535 0.06 MSCI 4,404 1,449 0.06 Nasdaq OMX Group 6,333 738 0.03 NetApp 14,492 807 0.03 Netflix 23,703 8,297 0.33 Newell Brands 24,064 495 0.02 Newmont Mining 44,484 2,234 0.09 News Corporation A 21,614 409 0.02 News Corporation B 8,064 143 0.01 NextEra Energy 111,083 5,763 0.23 Nike B 67,951 6,556 0.26




% Nisource 23,643 432 0.02 Norfolk Southern 14,336 2,948 0.12 Northern Trust 12,231 1,043 0.04 NortonLifeLock 35,675 660 0.03 NRG Energy 15,277 372 0.02 Nucor 18,995 1,382 0.05 Nvidia 32,295 13,052 0.52 NVR 211 741 0.03 O’Reilly Automotive 4,177 1,641 0.07 Occidental Petroleum 33,551 598 0.02 Okta 5,076 825 0.03 Old Dominion Freight Line 6,383 1,221 0.05 Omnicom 14,292 848 0.03 ONEOK 26,523 1,023 0.04 Oracle 100,804 5,645 0.22 Otis Worldwide 27,382 1,533 0.06 Paccar 21,388 1,437 0.06 Packaging Corporation of America 5,903 646 0.03 Palo Alto Networks 5,138 1,228 0.05 Parker-Hannifin 7,048 1,609 0.06 Paychex 19,211 1,365 0.05 Paycom Software 3,176 735 0.03 PayPal 61,322 10,711 0.42 Peloton Interactive 11,876 814 0.03 PepsiCo 73,510 7,648 0.30 Perkinelmer 6,661 679 0.03 Pfizer 304,240 8,640 0.34 PG&E 79,244 607 0.02 Philip Morris International 85,128 5,905 0.23 Phillips 66 20,667 1,286 0.05 Pinnacle West Capital 7,110 434 0.02 Pinterest 9,678 399 0.02 Pioneer Natural Resources 9,005 1,003 0.04 Plug Power 8,324 145 0.01 PNC Financial Services Group 24,376 3,450 0.14 Pool.com 2,320 721 0.03 PPG Industries 14,875 1,891 0.08 PPL 48,425 1,005 0.04 Principal Financial Group 17,278 819 0.03 Procter & Gamble 128,142 12,550 0.50 Progressive 33,050 2,512 0.10 Prologis 40,795 3,319 0.13 Prudential Financial 22,723 1,736 0.07 PTC 270 25 0.00 Public Service Enterprise Group 25,681 1,139 0.05 Public Storage 9,508 1,845 0.07




% PulteGroup 16,836 699 0.03 Qorvo 4,197 509 0.02 Qualcomm 64,350 5,944 0.24 Quest Diagnostics 7,398 711 0.03 Raymond James Financial 7,883 751 0.03 Realty Income 22,090 1,024 0.04 Regency Centers 10,606 480 0.02 Regeneron Pharmaceuticals 5,342 1,958 0.08 Regions Financial 61,185 1,009 0.04 Republic Services 12,850 1,013 0.04 ResMed 7,934 1,101 0.04 RingCentral 3,047 519 0.02 Robert Half International 7,035 450 0.02 Rockwell Automation 6,323 1,199 0.05 Roku 3,626 813 0.03 Rollins 14,943 392 0.02 Roper Technologies 6,569 2,044 0.08 Ross Stores 22,032 2,040 0.08 S&P Global 14,075 3,786 0.15 Salesforce.com 49,642 7,670 0.30 Santander Consumer USA 6,946 179 0.01 Sarepta Therapeutics 541 29 0.00 SBA Communications Corporation 6,972 1,429 0.06 Schlumberger 65,429 1,523 0.06 Schwab (Charles) 75,120 3,905 0.15 Seagen 7,586 794 0.03 SEI Investments Company 7,260 326 0.01 Sempra Energy 15,233 1,493 0.06 ServiceNow 9,999 3,265 0.13 Sherwin-Williams 14,241 2,891 0.11 Simon Property Group 18,777 1,628 0.06 Sirius XM Holdings 66,701 280 0.01 Skyworks Solutions 6,936 815 0.03 Slack Technologies 29,650 869 0.03 Snap-on 3,445 624 0.02 SolarEdge Technologies 993 154 0.01 Southern Company 63,300 2,925 0.12 Southern Copper 5,226 283 0.01 Southwest Airlines 7,920 350 0.01 Splunk 8,960 738 0.03 Square A 16,854 2,483 0.10 SS&C Technologies 13,375 705 0.03 Stanley Black & Decker 9,842 1,509 0.06 Starbucks 67,821 5,353 0.21 State Street 22,195 1,366 0.05 Steel Dynamics 11,994 543 0.02




% Stryker 20,330 3,652 0.14 Sun Communities REIT 5,738 665 0.03 SVB Financial Group 2,394 982 0.04 Synchrony Financial 38,334 1,273 0.05 Synopsys 8,788 1,494 0.06 Sysco 29,693 1,770 0.07 T Rowe Price Group 12,991 1,762 0.07 Take-Two Interactive 7,118 844 0.03 Target 26,344 3,948 0.16 Teladoc Health 3,383 336 0.01 Teledyne Technologies 2,269 686 0.03 Teleflex 2,570 717 0.03 Teradyne 3,041 264 0.01 Tesla Motors 40,729 17,044 0.67 Texas Instruments 52,187 6,787 0.27 The Cooper Companies 3,070 847 0.03 The Trade Desk ‘A’ 833 305 0.01 Thermo Fisher Scientific 21,607 7,041 0.28 TJX Companies 69,993 3,597 0.14 T-Mobile US 31,618 3,176 0.13 Tractor Supply Company 7,285 972 0.04 TransDigm Group 3,130 1,326 0.05 TransUnion 11,788 904 0.04 Travelers 14,524 1,655 0.07 Trimble Navigation 4,272 231 0.01 Truist Financial 78,220 3,422 0.14 Twilio 5,457 1,159 0.05 Twitter 30,335 1,114 0.04 Tyler Technologies 2,194 621 0.02 Tyson Foods 18,256 1,041 0.04 Uber Technologies 59,572 2,005 0.08 UDR 18,440 607 0.02 Ulta Beauty 3,091 711 0.03 Union Pacific 38,231 6,180 0.24 United Airlines Holdings 1,589 62 0.00 United Parcel Services 40,843 6,270 0.25 United Rentals 4,538 1,101 0.04 UnitedHealth Group 49,933 14,516 0.57 Universal Health Services B 4,406 500 0.02 US Bancorp 79,218 3,481 0.14 Vail Resorts 2,547 584 0.02 Valero Energy 25,706 1,482 0.06 Veeva Systems 6,309 1,127 0.04 Ventas 23,503 911 0.04 Vereit 13,548 434 0.02 VeriSign 6,446 1,011 0.04




% Verisk Analytics 8,778 1,090 0.04 Verizon Communications 219,004 9,121 0.36 Vertex Pharmaceuticals 13,746 2,118 0.08 VF 20,304 1,231 0.05 ViacomCBS 32,475 897 0.04 Viatris 75,193 853 0.03 Visa A 92,374 14,877 0.59 Vistra Energy 26,866 312 0.01 Vmware 4,819 562 0.02 Vontier Corporation 7,932 191 0.01 Vornado Realty Trust 2,736 88 0.00 Voya Financial 7,391 360 0.01 Vulcan Materials 8,334 1,131 0.05 W. R. Berkley 9,117 521 0.02 W.P. Carey REIT 10,952 573 0.02 Wabtec Corporation 5,987 342 0.01 Walgreens Boots Alliance 34,656 1,346 0.05 Wal-Mart Stores 76,238 7,550 0.30 Walt Disney 100,821 12,423 0.49 Waste Management 24,863 2,505 0.10 Waters 3,857 855 0.03 Wayfair ‘A’ 4,238 902 0.04 WEC Energy 14,683 1,003 0.04 Wells Fargo & Co. 207,624 6,919 0.27 Welltower 26,334 1,368 0.05 West Pharmaceutical Services 4,113 972 0.04 Western Digital 16,853 860 0.03 Western Union 33,883 598 0.02 Westlake Chemical 2,340 173 0.01 WestRock Company 8,632 371 0.02 Weyerhaeuser 41,345 1,124 0.04 Whirlpool 3,831 671 0.03 Williams Companies 76,668 1,408 0.06 Wix.Com 1,629 257 0.01 Workday A 9,915 1,609 0.06 Wynn Resorts 6,203 557 0.02 Xcel Energy 30,180 1,536 0.06 Xilinx 10,984 920 0.04 XPO Logistics 6,103 632 0.03 Xylem 9,898 832 0.03 Yum China Holdings 23,977 1,074 0.04 Yum! Brands 18,569 1,572 0.06 Zebra Technologies A 3,528 1,218 0.05 Zendesk 6,908 662 0.03 Zillow Group US 54 4 0.00 Zillow Group 1,504 119 0.01




% Zimmer Biomet Holdings 13,062 1,550 0.06 Zions Bancorporation 10,317 441 0.02 Zoetis 27,328 3,340 0.13 Zoom Video Communications ‘A’ 8,778 1,918 0.08 Zscaler 1,912 224 0.01 Total United States 1,380,927 54.55 FUTURES - 0.00% (-0.08%) CME S&P 500 E-Mini Index Future June 2021 7 (2) 0.00 NYF Mini MSCI EAFE Future June 2021 6 9 0.00 NYF Mini MSCI Emerging Market Future June 2021 5 (4) 0.00 Total Futures 3 0.00


Net other assets 637 0.03

Net assets 2,531,565 100.00 +related party #unlisted Figures in the brackets denote the comparative percentage holdings as at 15 May 2020. Unless otherwise stated, all investments are listed securities. The counterparty for the futures is HSBC Bank.


Comparative Tables


15.5.21 15.5.20 15.5.19

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

PerformanceReturn after charges 28.31% 2.22% 5.15%




15.5.21 15.5.20 15.5.19

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


Other informationClosing net asset value £1,782,125,676 £1,858,346,573 £1,778,942,788Closing number of shares 792,686,752 1,061,064,857 1,038,562,142Operating charges - OCF 0.03% 0.04% 0.03%Direct transaction costs 0.03% 0.03% 0.02%




Comparative Tables


15.5.21 15.5.20 15.5.19






15.5.21 15.5.20 15.5.19







Comparative Tables


15.5.21 15.5.20 15.5.19



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



15.5.21 15.5.20 15.5.19



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





15.5.21 15.5.20Notes £’000 £’000 £’000 £’000

IncomeNet capital gains 2 607,368 11,428 Revenue 3 51,172 51,983

Expenses 4 (1,425) (996)Interest payable and similar charges (7) (10)Net revenue before taxation 49,740 50,977 Taxation 5 (5,621) (5,557)Net revenue after taxation 44,119 45,420 Total return before distributions 651,487 56,848 Distributions 6 (44,133) (45,521)Change in net assets attributable to shareholders from investment activities 607,354 11,327


15.5.21 15.5.20£’000 £’000 £’000 £’000

Opening net assets attributable to shareholders 2,463,567 1,966,950 Amounts receivable on creation of shares 594,220 827,267 Amounts payable on cancellation of shares (1,167,959) (386,969)

(573,739) 440,298 Dilution adjustment 2,400 1,931 Change in net assets attributable to shareholders frominvestment activities (see Statement of Total Return above) 607,354 11,327 Retained distribution on accumulation shares 31,983 43,061 Closing net assets attributable to shareholders 2,531,565 2,463,567


15.5.21 15.5.20Notes £’000 £’000 £’000 £’000



Total current assets 131,651 121,056 Total assets 2,662,585 2,529,935 LiabilitiesInvestment liabilities (6) (1,996)Creditors







15.7.21 15.7.20








15.5.21 15.5.20£’000 £’000


2. Net Capital GainsThe net capital gains during the year comprise:Currency (losses)/gains (6,335) 3,573 Transaction charges (66) (20)Capital special dividends 635 806 Capital US REIT income 235 159 Gains/(losses) on derivative contracts 26,938 (7,056)Gains on non-derivative securities 585,961 13,966 Net capital gains 607,368 11,428

3. RevenueUK dividends (net) 3,225 3,775 Property investment income 27 42 Overseas dividends 47,519 47,627 Deposit interest - 111 Bank interest 1 151 Stock dividends 400 277 Total revenue 51,172 51,983


815 428 Payable to the Depositary, associates of the Depositary and agents of either of them:Depositary fee 219 190 Other expenses:Audit fee 7 5 Dividend collection expenses 10 9 Licence fee 369 332 Legal fee 3 28 Professional fee - 2 Report and accounts fee 2 2

391 378 Total expenses 1,425 996



15.5.21 15.5.20£’000 £’000


Corporation tax 177 380 Overseas tax 5,432 5,496 Reclaimable tax written off 189 Double tax relief (177) (320)Adjustments in respect of prior years - 1 Total tax for the year (note 5b) 5,621 5,557

b) Factors affecting taxation charge for the year:The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an open-ended investment company (20%). The differences are explained below:Net revenue before taxation 49,740 50,977 Corporation tax at 20% 9,948 10,195 Effects of:Revenue not subject to taxation (9,771) (9,815)Overseas tax 5,418 5,395 Reclaimable tax written off 189 - Overseas tax on special dividends in capital 14 101 Double tax relief (177) (320)Adjustments in respect of prior years - 1 Current tax charge for the year (note 5a) 5,621 5,557

c) Provision for deferred taxationAt 15 May 2021, there is no potential deferred tax asset (15.5.20: £nil) in relation to surplus management expenses.



7. Movement Between Net Revenue and DistributionsNet revenue after taxation 44,119 45,420 Overseas tax on special dividends in capital 14 101 Net distribution for the year 44,133 45,521

8. DebtorsAmounts receivable for creation of shares 1,958 1,848 Sales awaiting settlement 32,749 51 Accrued revenue 4,885 5,100 Overseas tax recoverable 2,706 2,484 Corporation tax recoverable 46 120 Total debtors 42,344 9,603

9. Other CreditorsAmounts payable for cancellation of shares 123,451 53,728 Purchases awaiting settlement 604 490 Accrued expenses 44 77 Tax payable 2 2 Total other creditors 124,101 54,297





Income C

Accumulation C

Opening shares issued at 16.5.20 62,370,619 1,061,064,857 12,652,828 77,388,935 Share movements 16.5.20 to 15.5.21Shares issued 33,133,960 80,498,948 8,073,190 90,887,896 Shares cancelled (49,502,254) (348,877,053) (2,466,214) (37,368,328)Shares converted (21,416) - 135,084 41,745 Closing shares issued at 15.5.21 45,980,909 792,686,752 18,394,888 130,950,248

Income S

Accumulation S

Opening shares issued at 16.5.20 229,087,041 201,605 Share movements 16.5.20 to 15.5.21Shares issued 95,941,521 25,940 Shares cancelled (155,146,900) (144,301)Shares converted (160,574) - Closing shares issued at 15.5.21 169,721,088 83,244







IncomeC

AccumulationC

IncomeS

AccumulationS

% % % % % %As at 15.5.21 84.09 96.91 2.34 2.07 0.01 - As at 15.5.20 88.62 97.11 1.28 0.97 - -


The balance due to the ACD (including amounts due to associates and agents) at the year end was £121,619,365 (15.5.20: £52,008,208), further details of such amounts can be found in notes 8 and 9.

At the year end, the Fund held £4,675,633 (15.5.20: £5,528,414) in Authorised Investment Funds managed by HSBC and/or HSBC Holdings, the parent company of the ACD. During the year, transactions in Authorised Investment Funds managed by HSBC and/or HSBC Holdings totalled £1,426,650 (15.5.20: £3,692,290).









Net otherassets/(liabilities)

Netassets

15.5.21 15.5.20 15.5.21 15.5.20 15.5.21 15.5.20 £'000 £'000 £'000 £'000 £'000 £'000

Sterling* 106,145 104,821 (41,937) (53,655) 64,208 51,166 Australian dollar 52,931 47,262 845 45 53,776 47,307 Brazilian real 17,293 12,756 188 136 17,481 12,892 Canadian dollar 63,840 61,559 1,081 169 64,921 61,728 Chilean peso 1,905 12,188 8 21 1,913 12,209 Chinese yuan 15,672 1,581 655 5 16,327 1,586 Columbian peso 733 681 3 1 736 682 Czech koruna 395 279 3 2 398 281 Danish krone 15,988 15,487 1,357 143 17,345 15,630 Egyptian pound 301 331 4 24 305 355 Euro 229,284 201,154 3,060 811 232,344 201,965 Hong Kong dollar 93,939 95,873 1,786 147 95,725 96,020 Hungarian forint 828 603 41 43 869 646 Indonesian rupiah 4,096 3,983 7 - 4,103 3,983 Israeli shekel 3,519 3,291 82 - 3,601 3,291 Indian rupee 33,299 - 1,192 - 34,491 - Japanese yen 170,107 191,354 2,538 2,316 172,645 193,670 Korean won 43,153 32,157 (157) 69 42,996 32,226 Kuwaiti dinar 2,161 1,809 - 1 2,161 1,810 Malaysian ringgit 5,612 5,565 6 4 5,618 5,569 Mexican peso 6,616 5,074 34 45 6,650 5,119 New Taiwanese dollar 44,657 36,101 439 153 45,096 36,254 New Zealand dollar 2,017 2,057 - 1 2,017 2,058 Norwegian krone 5,258 4,209 225 39 5,483 4,248 Pakistani rupee 71 78 1 - 72 78 Peruvian sol - - 4 4 4 4 Philippine peso 2,564 3,270 126 1 2,690 3,271 Polish zloty 2,000 1,506 25 33 2,025 1,539 Quatari rial 2,437 2,789 - - 2,437 2,789 Romanian Leu - - 263 - 263 - Russian roubles 3,236 3,609 465 24 3,701 3,633 Saudi Riyal 9,404 7,166 1,646 1,890 11,050 9,056 Singapore dollar 8,058 8,434 545 61 8,603 8,495 South African rand 13,260 10,888 94 13 13,354 10,901 Swedish krona 26,472 18,674 1,577 19 28,049 18,693 Swiss franc 61,668 70,875 3,680 1,351 65,348 72,226 Thai baht 6,383 8,592 22 6 6,405 8,598 Turkish lira 1,158 1,241 - - 1,158 1,241 UAE dirham 2,523 2,137 16 14 2,539 2,151 United States dollar 1,471,945 1,427,449 20,713 102,748 1,492,658 1,530,197 Total 2,530,928 2,406,883 637 56,684 2,531,565 2,463,567



Interest Rate Risk



This Fund has an institutional share class, C share class and an S share class.

The annual ACD charge is nil on the institutional share class, 0.10% on the C share class and 0.09% on the S share class. The net asset value of the share class, the net asset value per share and the number of shares in each class are given in the Comparative Tables on pages 164 to 166. The distribution per share class is given in the Distribution Table on page 168. All share classes within the OEIC have the same rights on winding up.



The use of derivatives can create additional counterparty risks. Details of the policy adopted by the ACD for managing counterparty and other risks are set out in the Notes to the Financial Statements. The type of derivatives held at the year end were index futures. Details of the individual contracts are shown on the Portfolio Statement on pages 88 to 163.





At the year end, the Fund had no contingent liabilities or commitments: (15.5.20: none).




Analysis of total purchases costsEquity transactions 321,486 185 0.06 130 0.04 10 - Corporate actions 1,770 - - - - - - Total purchases before transaction costs 323,256 185 130 10 Transaction costs 325



Analysis of total sales costsEquity transactions 782,438 177 0.02 103 0.01 57 0.01Corporate actions 5,698 - - - - - - Total sales before transaction costs 788,136 177 103 57 Transaction costs (337) Total sales after commission, tax and fees 787,799



At the balance sheet date the portfolio dealing spread was 0.09%, being the difference between the respective bid and offer prices for the Fund's investments. .


Analysis of total purchases costsEquity transactions 712,302 173 0.02 217 0.03 79 0.01Corporate actions 949 - - - - - - Total purchases before transaction costs 713,251 173 217 79 Transaction costs 469



Analysis of total sales costsEquity transactions 246,591 50 0.02 27 0.01 5 - Corporate actions 3,900 - - - - - - Total sales before transaction costs 250,491 50 27 5 Transaction costs (82) Total sales after commission, tax and fees 250,409














For the year ended 15 May 2021Category 1 2 3 TotalInvestment Assets £'000 £'000 £'000 £'000Equities 2,530,925 - - 2,530,925 Derivatives 9 - - 9

2,530,934 - - 2,530,934


(6) - - (6)

For the year ended 15 May 2020Category 1 2 3 TotalInvestment Assets £'000 £'000 £'000 £'000Equities 2,408,829 - 3 2,408,832 Derivatives 47 - - 47

2,408,876 - 3 2,408,879

Investment Liabilities £'000 £'000 £'000 £'000Derivatives (1,996) - - (1,996)

(1,996) - - (1,996)






If the exchange rate at 15 May 2021 had increased or decreased by 10% with all other variables held constant, this would have increased or decreased the net assets attributable to shareholders by £246,735,743 (15.5.20: £241,240,327).



177EUROPEAN INDEX FUND

European Index Fund


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

Investment Policy*

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








Portfolio Activity

FTSE Developed Europe ex UK Index was up 30.64% during the reporting period. The main drivers were the Industrials and Financials with a contribution of 7.82% and 7.24% respectively to the total return of the index. The Industrials sector also increased the most in absolute terms with 50.12%, while the Financials and Basic Materials also returned over 40%. Only the Healthcare sector was slightly negative during the period. Country wise it was France and Germany who contributed the most to this recovery with a contribution of 7.79% and 6.15% to the total index return. All countries showed a positive performance.

During the first part of the period, European equities recovered first on the back of fiscal stimuli and strong policy measures across many European countries, before falling again amid rising Covid-19 cases, Brexit uncertainties and fears over new economic restrictions. Since then stock prices steadily increased again due to a positive effect coming from the last minute free trade agreement between the EU and UK and first approvals of vaccines. However, more and more the rising Covid-19 infections once more started to dampen investor sentiment, mainly in January. More recently though investors were encouraged again by the improving speed of the Covid-19 vaccine rollout, Central Bank support and the renewed optimism over the reopening of the economy, leading to higher prices.

178 EUROPEAN INDEX FUND


During the year under review, the value of the shares in the Fund increased by 32.15% while the value of the FTSE Developed Europe Excluding UK Index rose by 30.64%.



Tracking Error



Retail Income

Retail Accumulation



Price 725.5p xd 1,108.0p 1,068.0p xd 1,205.0p


13.092697p 19.965917p 20.905444p 23.115042p



Income C

AccumulationC

Price 729.4p xd 1,118.0p


14.072652p 21.145534p






%AUSTRIA - 0.49% (0.38%)

ams 104,016 1,435 0.06 Andritz 30,816 1,235 0.05 Erste Bank 117,514 3,377 0.13 OMV 57,021 2,251 0.09 Raiffeisen International Bank 52,990 898 0.03 Telekom Austria 56,077 341 0.01 Verbund 26,542 1,671 0.06 Voestalpine 47,026 1,489 0.06 Total Austria 12,697 0.49

BELGIUM - 1.93% (1.89%) Ackermans 9,150 1,073 0.04

Ageas (BRU) 73,316 3,333 0.13 Anheuser-Busch InBev 340,658 18,284 0.70 Colruyt 20,946 910 0.04 Elia 14,403 1,114 0.04 Galapagos 19,922 1,082 0.04 Groupe Bruxelles Lambert 43,965 3,435 0.13 KBC Group 113,044 6,665 0.26 Proximus 57,654 843 0.03 Sofina 6,133 1,649 0.06 Solvay 28,072 2,736 0.11 Telenet Group 16,769 484 0.02 UCB 49,616 3,325 0.13 Umicore 84,371 3,630 0.14 Warehouses de Pauw 57,059 1,454 0.06

#Warehouses de Pauw rights 57,059 - 0.00 Total Belgium 50,017 1.93

DENMARK - 4.55% (4.81%) A P Moller - Maersk 1,753 2,988 0.12

A P Moller - Maersk A/S 2,393 4,296 0.17 Ambu 68,898 1,850 0.07 Carlsberg B 40,852 5,299 0.20 Christian Hansen Holdings 42,337 2,678 0.10 Coloplast B 54,767 6,051 0.23 Danske Bank 271,557 3,651 0.14 DSV 82,572 13,044 0.50 Genmab 24,282 6,268 0.24 GN Store 52,588 2,889 0.11 Lundbeck 21,757 512 0.02 Novo Nordisk B 661,900 36,688 1.41 Novozymes 83,889 4,296 0.17 Orsted 77,631 7,615 0.29 Pandora 38,788 3,341 0.13




% Rockwool International B 2,601 868 0.03 SimCorp 16,248 1,409 0.06 Tryg 126,061 2,100 0.08 Vestas Wind Systems 411,820 10,779 0.42 William Demant Holdings 43,269 1,488 0.06 Total Denmark 118,110 4.55

FINLAND - 2.67% (2.56%) Elisa 57,402 2,381 0.09

Fortum 176,844 3,470 0.13 Huhtamaki 38,046 1,283 0.05 Kesko B 110,840 2,497 0.10 Kojamo 80,703 1,240 0.05 Kone B 161,579 9,282 0.36 Neste 171,322 7,499 0.29 Nokia 2,312,435 8,045 0.31 Nokian Renkaat 54,633 1,512 0.06 Nordea Bank 1,389,254 10,404 0.40 Orion 41,290 1,302 0.05 Outotec Oyj 243,327 1,960 0.07 Sampo A 208,190 7,319 0.28 Stora Enso (registered) 236,455 3,186 0.12 UPM-Kymmene 219,555 6,180 0.24 Wartsila 195,786 1,792 0.07 Total Finland 69,352 2.67

FRANCE - 20.23% (19.62%) Accor 73,395 2,044 0.08

ADP Promesses 11,668 1,154 0.04 Air Liquide 190,476 23,312 0.90 Ald 29,478 343 0.01 Alstom 109,394 4,174 0.16 Amundi 22,724 1,404 0.05 Arkema 27,380 2,548 0.10 Atos 37,554 1,769 0.07 AXA 788,587 15,536 0.60 BioMerieux 17,120 1,393 0.05 BNP Paribas 443,858 21,805 0.84 Bollore 404,377 1,469 0.06 Bouygues 89,456 2,663 0.10 Bureau Veritas 116,641 2,496 0.10 Capgemini 64,802 8,595 0.33 Carrefour 243,519 3,576 0.14 Casino Guichard-Perrachon 23,389 556 0.02 CNP Assurances 66,366 873 0.03 Covivio REIT 20,087 1,322 0.05




% Credit Agricole 475,613 5,457 0.21 Danone 246,953 12,236 0.47 Dassault Aviation 951 798 0.03 Dassault Systemes 54,190 8,641 0.33 Edenred 101,338 4,011 0.15

#Edenred rights 101,338 - 0.00 Eiffage 30,243 2,458 0.09 Electricite de France 207,233 2,118 0.08

#Electricite de France rights 207,233 - 0.00 Engie 682,044 7,447 0.29 Essilor International 120,856 14,537 0.56 Eurazeo 17,797 1,097 0.04 Eurofins Scientific 48,745 3,467 0.13 Faurecia 32,847 1,264 0.05 Faurecia EUR 14,376 549 0.02 Française des Jeux 35,870 1,353 0.05 Gecina 20,658 2,294 0.09 Getlink 181,063 2,097 0.08 Hermes International 12,638 11,625 0.45 Icade 12,154 744 0.03

#Icade rights 12,154 - 0.00 Iliad 6,264 798 0.03 Imerys 14,205 528 0.02 Ipsen Promesses 14,199 1,010 0.04 JC Decaux 27,767 559 0.02 Kering 30,404 18,511 0.71 Klepierre 79,220 1,579 0.06 L’Oreal 98,400 29,861 1.15 Legrand Promesses 109,409 8,166 0.31 LVMH 102,129 55,151 2.12 Michelin 72,482 7,747 0.30 Natixis Banques Populaires 343,989 1,205 0.05 Neoen 10,945 323 0.01 Orange 787,209 7,158 0.28 Orpea 19,642 1,825 0.07 Pernod-Ricard 85,083 12,849 0.50 Plastic Omnium 20,309 482 0.02 Publicis Groupe 90,915 4,341 0.17 Remy Cointreau 9,981 1,429 0.06 Renault 74,012 2,129 0.08 Rexel 121,575 1,833 0.07 Rubis 39,569 1,323 0.05 Safran 132,536 14,214 0.55 Saint Gobain Nederland 196,514 9,412 0.36 Sanofi 446,502 33,349 1.28 Sartorius Stedim Biotech 10,080 3,123 0.12




% Schneider Electric 215,589 24,391 0.94 Scor Regroupe 62,999 1,497 0.06 Skandinaviska Enskilda Banken 12,765 1,721 0.07 Societe Generale 318,550 7,158 0.28 Sodexo 34,895 2,538 0.10 Soitec 8,577 1,099 0.04 Suez Environnement 152,185 2,612 0.10 Teleperformance 24,083 6,503 0.25 Thales 40,261 2,993 0.12 Total 994,110 34,034 1.31 Ubisoft Entertainment 38,929 1,824 0.07 Unibail-Rodamco 54,148 3,262 0.13 Valeo 97,968 2,177 0.08 Veolia Environnement 205,069 4,606 0.18 Vinci 185,019 15,204 0.59 Vivendi 321,486 8,035 0.31 Wendel 11,154 1,101 0.04 Worldline 99,785 6,513 0.25 Total France 525,398 20.23

GERMANY - 18.21% (17.85%) Adidas 78,865 19,610 0.75

Allianz (registered) 168,333 31,504 1.21 BASF 376,165 22,429 0.86 Bayer 403,100 19,824 0.76 Bechtle 10,974 1,446 0.06 Beiersdorf 40,884 3,407 0.13 BMW 132,276 9,516 0.37 BMW preference 23,444 1,420 0.05 Brenntag 63,393 4,130 0.16 Carl Zeiss Meditec 14,526 1,752 0.07 Commerzbank 429,907 2,397 0.09 Continental 44,524 4,399 0.17 Covestro 74,170 3,600 0.14 Cts Eventim 24,092 1,118 0.04 Daimler 337,779 21,478 0.83 Delivery Hero 60,813 5,479 0.21 Deutsche Bank 842,382 8,548 0.33 Deutsche Boerse 75,263 9,081 0.35 Deutsche Post 400,490 17,598 0.68 Deutsche Telekom 1,323,724 19,169 0.74 Deutsche Wohnen 142,791 5,321 0.20 Drillisch 17,381 398 0.01 DWS Group 13,888 447 0.02 E.On 887,844 8,118 0.31 Evonik Industries 79,115 2,015 0.08 Evotec 59,613 1,734 0.07




% Fielmann 8,895 491 0.02 Fraport 13,613 705 0.03 Fresenius 165,465 6,399 0.25 Fresenius Medical Care 79,890 4,611 0.18 Fuchs Petrolub 12,253 361 0.01 Fuchs Petrolub PFD 28,651 1,034 0.04 GEA 67,911 2,088 0.08 Hannover Rueckversicherung 24,583 3,107 0.12 HeidelbergCement 61,242 3,956 0.15 Hella 18,322 813 0.03 HelloFresh 60,752 3,511 0.14 Henkel 40,710 2,891 0.11 Henkel preference 70,791 5,838 0.22 Hochtief 8,247 513 0.02 Infineon Technologies 533,372 14,516 0.56 KION Group 32,089 2,367 0.09 Knorr-Bremse 27,251 2,433 0.09 Lanxess 33,523 1,813 0.07 Leg Immobilien 28,989 2,895 0.11 Lufthansa 123,185 1,149 0.04 Merck 53,259 6,440 0.25 Metro 52,028 446 0.02 MTU Aero Engines 21,788 4,029 0.16 Muenchener Ruecker 57,739 12,067 0.46 Nemetschek 22,818 1,126 0.04 Osram Licht 10,666 484 0.02 Porsche preference 62,829 4,621 0.18 ProSiebenSat.1 Media 64,297 974 0.04 Puma 37,169 2,889 0.11 Rational 1,369 903 0.03 Rheinmetall 18,654 1,384 0.05 RWE 259,553 7,176 0.28 SAP 460,055 45,170 1.74 Sartorius preference 14,046 5,046 0.19 Scout24 41,166 2,295 0.09 Siemens 308,255 38,379 1.48 Siemens Energy 154,729 3,345 0.13 Siemens Healthineers 92,699 3,714 0.14 Symrise 51,983 4,652 0.18 Talanx 21,782 661 0.03 TeamViewer 64,769 1,728 0.07 Telefonica Deutschland Holdings 255,581 566 0.02 ThyssenKrupp 191,632 1,589 0.06 Traton 21,774 509 0.02 Uniper 45,924 1,225 0.05 United Internet 42,915 1,302 0.05 Varta 5,157 521 0.02




% Volkswagen 13,177 3,014 0.12 Volkswagen preference 75,470 13,666 0.53 Vonovia 232,190 10,195 0.39

#Vonovia rights 232,190 - 0.00 Wacker Chemie 5,745 625 0.02 Zalando 66,869 4,819 0.19 Total Germany 472,989 18.21

IRELAND - 0.44% (0.49%) AIB Group 300,172 664 0.02

Glanbia 74,432 881 0.03 Kerry Group A 63,372 5,925 0.23 Kingspan Group 62,031 4,043 0.16 Total Ireland 11,513 0.44

ITALY - 3.90% (4.04%) A2A 633,000 933 0.03

Amplifon 48,847 1,409 0.05 Atlantia 196,659 2,687 0.10 Banca Mediolanum 98,264 667 0.03 Buzzi Unicem 40,430 826 0.03 Davide Campari-Milano 213,101 1,855 0.07 DiaSorin 9,033 1,074 0.04 Enel 3,187,178 22,517 0.87 ENI 1,015,220 9,109 0.35 Finecobank 253,910 3,101 0.12 Fondiaria Sai 190,438 444 0.02 Generali 520,512 7,908 0.30 Hera 275,642 809 0.03 Infrastrutture Wireless 133,205 1,078 0.04 Intesa Sanpaolo 6,394,824 13,149 0.51 Italgas 201,657 959 0.04 Leonardo 162,354 973 0.04 Mediobanca 272,954 2,287 0.09 Moncler 79,073 3,513 0.13 Nexi SpA 175,274 2,412 0.09 Pirelli 174,349 703 0.03 Poste Italiane 183,295 1,754 0.07 Prysmian 103,601 2,567 0.10 Recordati 38,817 1,475 0.06 Snam SpA 902,321 3,727 0.14 Telecom Italia 4,276,036 1,605 0.06 Telecom Italia RNC 2,484,957 1,007 0.04 Terna 572,841 3,074 0.12 Unicredit SpA 880,160 7,738 0.30 Total Italy 101,360 3.90




%LUXEMBOURG - 0.55% (0.33%)

Allegro.eu 158,368 1,575 0.06 ArcelorMittal 286,331 6,563 0.25 Aroundtown 491,990 2,842 0.11 InPost 82,678 966 0.04 RTL Group 16,158 665 0.03 Tenaris 192,493 1,621 0.06 Total Luxembourg 14,232 0.55

NETHERLANDS - 10.28% (9.89%) Aalberts Industries 38,626 1,540 0.06

ABN AMRO Group GDR 169,705 1,565 0.06 Adyen 10,970 16,066 0.62 Aegon 706,938 2,456 0.09 Airbus Group 227,334 19,464 0.75 Akzo Nobel 77,051 6,809 0.26 argenx 20,655 3,930 0.15 ASM International 19,858 3,946 0.15 ASML Holdings 163,570 74,383 2.86 ASR Nederland 55,672 1,788 0.07 CNH Industrial 405,319 4,878 0.19 Euronext 34,197 2,521 0.10

#Euronext rights 2 - 0.00 Exor Holdings 42,799 2,534 0.10 Ferrari New 50,055 7,036 0.27 GrandVision 17,838 409 0.01 Heineken 97,999 8,349 0.32 Heineken Holdings 42,326 3,091 0.12 IMCD Group 23,336 2,528 0.10 ING Groep 1,599,078 14,957 0.57 JDE Peet's 33,815 963 0.04 Koninklijke Ahold Delhaize 434,669 8,783 0.34 Koninklijke DSM 71,092 9,059 0.35


#Koninklijke Philips rights 374,775 - 0.00 KPN Koninklijke 1,356,659 3,274 0.13 NN Group 128,741 4,834 0.19 Prosus 178,013 12,888 0.50 Qiagen 90,444 3,004 0.12 Randstad 45,121 2,409 0.09 Signify 51,647 2,247 0.09 Stellantis 844,216 10,800 0.42 STMicroelectronics 260,584 6,548 0.25 Technip Energies 79,023 825 0.03 Vopak 26,832 889 0.03 Wolters Kluwer certificates 109,748 7,384 0.28

#Wolters Kluwer certificates rights 109,748 - 0.00 Total Netherlands 267,090 10.28




%NORWAY - 1.41% (1.23%)

Adevinta B 90,751 1,076 0.04 Aker 8,738 464 0.02 Aker BP 44,537 948 0.04 Den Norske Bank 421,831 6,629 0.26 Equinor 395,758 6,084 0.24 Gjensidige Forsikring 68,089 1,111 0.04 Leroy Seafood Group 93,543 600 0.02 Marine Harvest 175,500 3,190 0.12 Norsk Hydro 535,551 2,485 0.10 Orkla 322,075 2,324 0.09 Salmar 21,414 1,062 0.04 Scatec 48,610 866 0.03 Schibsted 31,898 1,049 0.04 Schibsted B 39,945 1,150 0.04 Telenor 257,310 3,277 0.13 Tomra 46,842 1,576 0.06 Yara International 68,848 2,636 0.10 Total Norway 36,527 1.41

POLAND - 0.52% (0.55%) CD Projekt 24,693 774 0.03

Cyfrowy Polsat 122,753 675 0.02 Dino Polska 19,370 999 0.04 KGHM 56,368 2,272 0.09 LPP 496 986 0.04 Pekao 58,732 951 0.03 PKO Bank Polski 341,420 2,235 0.09 Polish Oil & Gas 714,633 850 0.03 Polski Koncern Naftowy 124,336 1,806 0.07 PZU Group 233,824 1,529 0.06 Santander Bank Polska 10,816 469 0.02 Total Poland 13,546 0.52

PORTUGAL - 0.30% (0.35%) # Banco Espirito Santo 307,911 - 0.00

Energias de Portugal 1,158,814 4,538 0.18 Galp Energia 206,702 1,838 0.07 Jeronimo Martins 97,892 1,333 0.05 Total Portugal 7,709 0.30




%SPAIN - 5.07% (4.93%)

Acciona (registered) 8,723 1,017 0.04 Actividades de Construccion y Servicios 92,203 2,114 0.08 Aena 28,847 3,656 0.14 Amadeus IT 174,135 9,248 0.36 Banco Santander 7,017,665 20,266 0.78 Bankinter (registered) 291,386 1,200 0.05 BBV Argentaria 2,741,989 11,872 0.46 CaixaBank 1,808,478 4,428 0.17 Cellnex Telecom 196,130 7,684 0.30 Corporacion Mapfre (registered) 360,234 594 0.02 EDP Renovaveis 98,488 1,553 0.06 Enagas 99,885 1,631 0.06 Endesa 127,039 2,523 0.10 Ferrovial 194,996 4,138 0.16

#Ferrovial rights 194,996 34 0.00 Gamesa 90,602 2,024 0.08 Grifols A 136,251 2,778 0.11 Iberdrola 2,406,357 23,378 0.90 Industria de Diseño Textil 432,863 11,792 0.45 Inmobiliaria Colonial 133,206 1,025 0.04 Linea Directa Aseguradora 291,386 389 0.01 Merlin Properties REIT 135,924 1,052 0.04 Naturgy Energy 121,715 2,284 0.09 Red Electrica de Espana 171,144 2,381 0.09 Repsol 559,292 5,348 0.21 Telefonica 1,968,349 6,798 0.26 Zardoya Otis 72,696 346 0.01 Total Spain 131,553 5.07

SWEDEN - 7.47% (5.94%) Alfa Laval 128,782 3,310 0.13

Assa Abloy B 377,686 8,179 0.32 Atlas Copco A 259,294 11,535 0.44 Atlas Copco B 155,566 5,912 0.23 Biovitrum 72,297 889 0.03 Boliden 114,732 3,406 0.13 Boliden redemption shares 114,732 58 0.00 Castellum 112,030 2,022 0.08 Electrolux B 92,413 1,872 0.07 Elekta B 149,718 1,435 0.06 Epiroc A 254,987 4,235 0.16 Epiroc B 151,604 2,267 0.09 Epiroc A redemption shares 254,987 65 0.00 Epiroc B redemption shares 151,604 39 0.00 EQT 79,201 1,767 0.07




% Ericsson (L.M.) Telefonatkie A 11,140 105 0.00 Ericsson (L.M.) Telefonatkie B 1,235,145 11,582 0.45 Essity Aktiebolag B 250,105 6,229 0.24 Evolution Gaming Group 65,295 7,946 0.31 Fastighets Balder B 41,259 1,771 0.07 Getinge B 91,499 2,174 0.08 Hennes & Mauritz B free 360,912 6,486 0.25 Hexagon 105,294 7,236 0.28 Holmen 38,603 1,314 0.05 Husqvarna A 10,164 103 0.00 Husqvarna B 163,421 1,666 0.06 ICA Gruppen 31,891 1,085 0.04 Industivarden A 83,481 2,318 0.09 Industivarden C 67,144 1,752 0.07 Indutrade 114,549 2,065 0.08 Investor A 55,647 3,454 0.13 Investor B free 187,380 11,651 0.45

#Kinnevik A 5,628 235 0.01 #Kinnevik B 98,569 3,442 0.13

Latour Investment B 58,718 1,290 0.05 Lifco 93,005 1,333 0.05 Lundbergs B 31,091 1,266 0.05 Lundin Energy 78,668 1,861 0.07 Nibe Industrier 122,760 3,279 0.13 Saab B 33,687 736 0.03 Sagax B 70,362 1,314 0.05 Sagax D 47,149 133 0.01 Sandvik 444,053 8,785 0.34 SCA B 244,589 3,106 0.12 Securitas B 128,797 1,589 0.06 Sinch 17,554 1,906 0.07 Skandinaviska Enskilda Banken 8,269 77 0.00 Skandinaviska Enskilda Banken A 591,515 5,537 0.21 Skanska 147,304 2,982 0.12 SKF B 156,971 3,071 0.12 Svenska Cellulosa 6,447 82 0.00 Svenska Handelsbanken 611,532 5,190 0.20 Svenska Handelsbanken B 9,759 86 0.00 Sweco 79,977 1,012 0.04 Swedbank A 412,975 5,415 0.21 Swedish Match 605,370 3,919 0.15 Tele2 B 218,798 2,071 0.08 Telia Company 1,057,260 3,297 0.13 Trelleborg B 97,513 1,852 0.07 Volvo 84,176 1,617 0.06 Volvo B 618,682 11,624 0.45 Total Sweden 194,035 7.47




%SWITZERLAND - 17.68% (21.99%)

ABB (registered) 697,042 16,830 0.65 Adecco Group 63,231 3,033 0.12 Alcon 191,402 9,318 0.36 Baloise Holdings 18,331 2,178 0.08 Banque Cantonale Vaudoise 11,584 797 0.03 Barry Callebaut 1,654 2,619 0.10 BKW Energie 7,391 580 0.02 Chocoladefabriken Lindt & Sprüngli 41 2,866 0.11 CIE Financiere Richemont A 210,094 15,579 0.60

#CIE Financiere Richemont warrants 22/11/2023 385,682 115 0.00 Clariant (registered) 90,693 1,387 0.05 Credit Suisse 993,092 7,267 0.28

#Credit Suisse rights 993,092 - 0.00 DKSH Holdings 14,711 830 0.03 EMS Chemie 2,867 1,818 0.07 Flughafen Zuerich 7,799 1,017 0.04 Geberit 14,573 7,113 0.27 Georg Fischer 1,706 1,654 0.06 Givaudan (registered) 3,800 11,430 0.44 Helvetia Holdings 14,298 1,171 0.05 Holcim 210,688 8,955 0.34 Julius Baer Group 88,613 4,131 0.16 Kuehne & Nagel 20,657 4,596 0.18 Lindt & Sprüngli 402 2,615 0.10 Logitech R 60,452 4,471 0.17 Lonza Group 30,524 13,540 0.52 Nestle (registered) 1,142,738 97,785 3.77 Novartis (registered) 868,958 54,989 2.12 OC Oerlikon 84,499 686 0.03 Partners Group 9,255 9,459 0.36 PSP Swiss Property 17,277 1,561 0.06 Roche Holdings 285,477 68,096 2.62 Roche Holdings B 10,949 2,806 0.11 Schindler Holdings (registered) 7,618 1,511 0.06 Schindler participation certificates 16,764 3,433 0.13 SGS Surveillance 2,423 5,206 0.20 SIG Combibloc Group 127,896 2,281 0.09 Sika 57,109 12,293 0.47 Sonova 21,654 4,350 0.17 Straumann Holdings 4,147 4,328 0.17 Sulzer (registered) 6,361 530 0.02 Swiss Life 13,004 4,697 0.18 Swiss Prime Site 30,943 2,186 0.08 Swiss Reinsurance (registered) 115,546 8,005 0.31 Swisscom (registered) 10,397 4,117 0.16




% Tecan (registered) 4,857 1,578 0.06 Temenos Group 24,322 2,540 0.10 The Swatch Group (registered) 18,019 804 0.03 The Swatch Group B 11,802 2,693 0.10 UBS 1,374,417 15,009 0.58 VAT Group 10,308 2,052 0.08 Vifor Pharma 20,538 2,035 0.08 Zurich Insurance Group 61,094 18,344 0.71 Total Switzerland 459,284 17.68

UNITED KINGDOM - 0.04% (0.05%) TechnipFMC 184,110 1,069 0.04

Total United Kingdom 1,069 0.04

FUTURES - 0.04% (-0.06%) EUX Euro Stoxx 50 Future June 2021 2,402 816 0.03

EUX Swiss Market Index Future June 2021 237 52 0.00 SSE OMXS30 Index Future May 2021 460 59 0.01 Total Futures 927 0.04 Portfolio of investments 2,487,408 95.78 Net other assets 109,611 4.22 Net assets 2,597,019 100.00 #unlisted Figures in brackets denote the comparative percentage holdings as at 15 May 2020.

Unless otherwise stated, all investments are listed equities. The counterparty for the futures is HSBC Bank.


Comparative Tables


15.5.21 15.5.20 15.5.19



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

PricesHighest share price 744.90p 676.10p 644.70pLowest share price 556.40p 466.80p 551.10p


15.5.21 15.5.20 15.5.19

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



PricesHighest share price 1,118.00p 990.20p 917.90pLowest share price 835.10p 683.60p 784.70p



Comparative Tables


15.5.21 15.5.20 15.5.19

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





15.5.21 15.5.20 15.5.19

Opening net asset value per share 889.90p 948.50p 962.50pReturn before operating charges* 315.42p (58.37p) (13.58p)Operating charges** (0.32p) (0.23p) (0.42p)Return after operating charges* 315.10p (58.60p) (14.00p)Distributions on accumulation shares (23.12p) (22.74p) (27.11p)Retained distributions on accumulation shares 23.12p 22.74p 27.11pClosing net asset value per share 1,205.00p 889.90p 948.50p*after direct transaction costs of:z** 0.34p 0.30p 0.21p


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

PricesHighest share price 1,216.00p 1,075.00p 994.80pLowest share price 907.00p 742.30p 850.80p



Comparative Tables


15.5.21 15.5.20 15.5.19

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


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

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


15.5.21 15.5.20 15.5.19





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


Comparative Tables


15.5.21 15.5.20 15.5.19

Opening net asset value per share 825.80p 880.50p 893.70pReturn before operating charges* 291.80p (54.20p) (12.55p)Operating charges** (0.60p) (0.50p) (0.65p)Return after operating charges* 291.20p (54.70p) (13.20p)Distributions on accumulation shares (21.15p) (20.83p) (24.91p)Retained distributions on accumulation shares 21.15p 20.83p 24.91pClosing net asset value per share 1,117.00p 825.80p 880.50p*after direct transaction costs of:*** 0.31p 0.27p 0.20p







15.5.21 15.5.20Notes £’000 £’000 £’000 £’000


Expenses 4 (884) (563)Interest payable and similar charges (415) (235)Net revenue before taxation 51,423 38,095 Taxation 5 (5,332) (2,774)Net revenue after taxation 46,091 35,321 Total return/(deficit) before distributions 602,677 (113,910)Distributions 6 (46,114) (35,324)Change in net assets attributable to shareholders from investment activities 556,563 (149,234)


15.5.21 15.5.20£’000 £’000 £’000 £’000

Opening net assets attributable to shareholders 1,576,363 1,292,320 Amounts receivable on creation of shares 1,033,751 679,541 Amounts payable on cancellation of shares (611,271) (276,501)

422,480 403,040 Dilution adjustment 1,805 989 Change in net assets attributable to shareholders frominvestment activities (see Statement of Total Return above) 556,563 (149,234)Retained distribution on accumulation shares 39,808 29,248 Closing net assets attributable to shareholders 2,597,019 1,576,363


15.5.21 15.5.20Notes £’000 £’000 £’000 £’000



Total current assets 131,539 74,355 Total assets 2,618,947 1,601,944 LiabilitiesInvestment liabilities - (1,000)Creditors







15.7.21 15.7.20





Institutional A Accumulation†Group 1 N/A - N/A 20.788000Group 2 N/A N/A N/A 20.788000



†The Institutional A Accumulation share class converted to Accumulation C on 8 January 2021.


15.5.21 15.5.20£’000 £’000


2. Net Capital Gains/(Losses)The net capital gains/(losses) during the year comprise:Currency losses (1,489) (807)Transaction charges (56) (53)Capital special dividends 1,241 550 Gains on derivative contracts 26,275 3,121 Gains/(losses) on non-derivative securities 530,615 (152,042)Net capital gains/(losses) 556,586 (149,231)

Realised gains/(losses) in the current accounting year include unrealised gains/(losses) arising in previous years.In such circumstances a corresponding loss/gain is included in unrealised gains/(losses) figure.

3. RevenueUK dividends (net) 39 53 Overseas dividends 51,586 38,645 Bank interest - 8 Stock dividends 1,097 187 Total revenue 52,722 38,893


513 432 Payable to the Depositary, associates of the Depositary and agents of either of them:Depositary fee 180 133 Other expenses:Audit fee 7 5 Licence fee 182 (12)Legal fee 1 - Report and accounts fee 1 2 Professional fee - 3

191 (2)Total expenses 884 563



15.5.21 15.5.20£’000 £’000


Overseas tax 4,515 2,774 Reclaimable tax written off 817 - Total tax for the year (note 5b) 5,332 2,774

b) Factors affecting taxation charge for the year:The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an open-ended investment company (20%). The differences are explained below:Net revenue before taxation 51,423 38,095 Corporation tax at 20% 10,285 7,619 Effects of:Revenue not subject to taxation (10,484) (7,741)Overseas tax 4,510 2,771 Overseas tax on special dividends in capital 5 3 Current year expenses not utilised 208 127 Tax relief on overseas tax suffered (9) (5)Reclaimable tax written off 817 - Current tax charge for the year (note 5a) 5,332 2,774

c) Provision for deferred taxation At 15 May 2021, there is a potential deferred tax asset of £1,181,403 (15.5.20: £973,008) in relation to surplus management expenses. It is unlikely the Fund will generate sufficient taxable profits in the future to utilise these expenses and therefore no deferred tax asset has been recognised in the year or prior year.



7. Movement Between Net Revenue and DistributionsNet revenue after taxation 46,091 35,321 Equalisation on conversions 18 - Overseas tax on capital special dividend 5 3 Net distribution for the year 46,114 35,324

8. DebtorsAmounts receivable for creation of shares 36,293 5,891 Accrued revenue 2,369 1,465 Overseas tax recoverable 11,966 9,086 Total debtors 50,628 16,442

9. Other CreditorsAmounts payable for cancellation of shares 11,979 13,121 Purchases awaiting settlement - 317 Accrued expenses 56 110 Corporation tax payable 15 15 Total other creditors 12,050 13,563



Retail Income

Retail Accumulation



Opening shares issued at 16.5.20 635,520 5,995,944 38,510,568 62,110,949 Share movements 16.5.20 to 15.5.21Shares issued 21,009 7,547,834 12,134,582 40,107,712 Shares cancelled (106,053) (8,241,879) (21,036,447) (9,595,654)Shares converted (545,215) (2,614,464) (101,278) (106,137)Closing shares issued at 15.5.21 5,261 2,687,435 29,507,425 92,516,870

Institutional A Accumulation#

Income C

Accumulation C

Opening shares issued at 16.5.20 90,437 19,709,481 66,833,957 Share movements 16.5.20 to 15.5.21Shares issued 129 7,198,259 37,154,986 Shares cancelled (3,705) (1,365,702) (22,116,030)Shares converted (86,861) 810,405 2,714,711 Closing shares issued at 15.5.21 - 26,352,443 84,587,624

#The Institutional A Accumulation share class converted to Accumulation C on 8 January 2021.





RetailIncome

Retail Accumulation




IncomeC

AccumulationC

% % % % % % %As at 15.5.21 - - 83.87 94.76 N/A 2.28 2.13 As at 15.5.20 - - 83.55 91.50 - 2.95 2.50

#The Institutional A Accumulation share class converted to Accumulation C on 8 January 2021.


The balance due from/to the ACD (including amounts due to associates and agents) at the year end was £24,228,216 (15.5.20: £7,345,408), further details of such amounts can be found in notes 8 and 9.







A substantial portion of the net assets of the Fund are denominated in currencies other than sterling with the effect that the balance sheet and total return can be significantly affected by currency movements.




Netassets/(liabilities)

15.5.21 15.5.20 15.5.21 15.5.20 15.5.21 15.5.20 £'000 £'000 £'000 £'000 £'000 £'000

Sterling* - - 26,354 (16,634) 26,354 (16,634)Danish krone 118,113 75,786 3,848 3,312 121,961 79,098 Euro 1,662,783 982,252 56,152 42,515 1,718,935 1,024,767 Norwegian krone 36,526 19,750 1,037 706 37,563 20,456 Polish zloty 15,122 8,616 490 403 15,612 9,019 Swedish krona 194,094 93,528 6,437 4,133 200,531 97,661 Swiss franc 460,770 346,657 15,144 15,194 475,914 361,851 United States dollar - - 149 145 149 145 Total 2,487,408 1,526,589 109,611 49,774 2,597,019 1,576,363


Interest Rate Risk




The annual ACD charge on the retail share class is 0.13%, nil on the institutional share class and 0.03% on the C share class. The net asset value of the share class, the net asset value per share and the number of shares in each class are given in the Comparative Tables on pages 191 to 194. The distribution per share class is given in the Distribution Table on page 196.




The use of derivatives can create additional counterparty risks. Details of the policy adopted by the ACD for managing counterparty and other risks are set out in the Notes to the Financial Statements.

The types of derivatives held at the year end were index futures.

Details of the individual contracts are shown on the Portfolio Statement on pages 179 to 190.








Analysis of total purchases costsEquity transactions 633,475 109 0.02 427 0.07 - - Corporate actions 4,632 - - - - - - Total purchases before transaction costs 638,107 109 427 - Transaction costs 536 Total purchases after commission, tax and fees 638,643







Analysis of total purchases costsEquity transactions 437,235 75 0.02 294 0.07 21 - Corporate actions 736 - - - - - - Total purchases before transaction costs 437,971 75 294 21Transaction costs 390 Total purchases after commission, tax and fees 438,361


Analysis of total sales costsEquity transactions 18,503 2 0.01 - - - - Corporate actions 935 - - - - - - Total sales before transaction costs 19,438 2 - - Transaction costs (2) Total sales after commission, tax and fees 19,436















2,487,408 - - 2,487,408


1,527,589 - - 1,527,589

Investment Liabilities £'000 £'000 £'000 £'000Derivatives (1,000) - - (1,000)

(1,000) - - (1,000)






If the exchange rate at 15 May 2021 had increased or decreased by 10% with all other variables held constant, this would have increased or decreased the net assets attributable to shareholders by £257,066,504 (15.5.20: £159,299,709). Interest rate risk sensitivity:


204 AMERICAN INDEX FUND

American Index Fund


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

Investment Policy*

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








Portfolio Activity

S&P 500 index was up 24.27% during the reporting period. The main contributor to the total index return was the Information Technology sector with 6.56%, followed by Financials and Industrials with 5.00% and 3.51% respectively. Financials were also the best performing sector in absolute terms with an increase of 51.58%. All sectors showed a positive performance, the smallest increase was for Utilities with 3.39%.

US equities reported steady gains throughout the reporting period and recovered quickly from the historic sell off due to the Covid-19 crisis in late February and March 2020. This was mainly on the back of positive sentiment due to the fiscal stimuli and general political support and more recently a resurgence in economic activity across manufacturing and services sectors as social restrictions are gradually being lifted and the inoculation campaign is moving on swiftly. Lower US bond yields boosted tech stocks. Labour markets have shown healthy sequential progress and early corporate earnings reports towards the end of the period were equally encouraging. The US Federal Reserve remained committed to not raise interest rates despite the prospects of higher inflation in the short-term. The US President, Joe Biden, proposed tax increases to pay for the large fiscal stimulus already, or about to be, injected in the economy, which partly dampened investor sentiment.

205AMERICAN INDEX FUND


During the year under review, the value of the shares in the Fund increased by 23.71% while the value of the S&P 500 Index rose by 24.27%.



Tracking Error



Retail Income

Retail Accumulation



Price 650.9p xd 802.1p 801.4p xd 880.9p


6.759696p 8.623343p 9.748757p 10.585849p



Income C

AccumulationC



7.713553p 9.434070p






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

Amcor 475,747 4,174 0.05 Total Industrials 4,174 0.05 Total Australia 4,174 0.05 BERMUDA - 0.19% (0.16%) Industrials - 0.02% (0.01%)

Norwegian Cruise Line Holdings 71,646 1,453 0.02 Total Industrials 1,453 0.02

Financials - 0.17% (0.15%) Everest 11,207 2,159 0.03

IHS Markit 125,629 9,360 0.12 Invesco 86,905 1,724 0.02 Total Financials 13,243 0.17 Total Bermuda 14,696 0.19 IRELAND - 1.66% (1.59%) Financials - 0.25% (0.29%)

AON 67,446 12,167 0.16 Willis Towers Watson 37,794 7,104 0.09 Total Financials 19,271 0.25

Consumer Services - 0.15% (0.12%) Johnson Controls 250,831 11,669 0.15


Technology - 0.06% (0.04%) Seagate Technology 68,571 4,769 0.06

Total Technology 4,769 0.06

Healthcare - 0.05% (0.08%) Perrigo 36,005 1,172 0.01

Steris 24,446 3,432 0.04 Total Healthcare 4,604 0.05

Industrials - 0.71% (0.65%) Accenture 194,130 39,713 0.51

Allegion 43,285 4,309 0.06 Trane Technologies 84,274 11,015 0.14 Total Industrials 55,037 0.71

Basic Materials - 0.44% (0.41%) Linde 159,499 34,072 0.44

Total Basic Materials 34,072 0.44 Total Ireland 129,422 1.66




%NETHERLANDS - 0.08% (0.06%) Basic Materials - 0.08% (0.06%)

Lyondell Basell Industries 76,103 6,163 0.08 Total Basic Materials 6,163 0.08 Total Netherlands 6,163 0.08 SWITZERLAND - 0.40% (0.34%) Industrials - 0.12% (0.09%)

TE Connectivity 95,786 9,122 0.12 Total Industrials 9,122 0.12

Financials - 0.22% (0.20%) Chubb 140,098 16,921 0.22

Total Financials 16,921 0.22

Technology - 0.06% (0.05%) Garmin 48,919 4,875 0.06

Total Technology 4,875 0.06 Total Switzerland 30,918 0.40 UNITED KINGDOM - 0.03% (0.03%) Oil & Gas - 0.00% (0.01%) Consumer Services - 0.03% (0.02%)

Nielsen 134,352 2,671 0.03 Total Consumer Services 2,671 0.03 Total United Kingdom 2,671 0.03 UNITED STATES - 94.55% (96.50%) Oil & Gas - 2.85% (2.87%) APA 145,304 2,224 0.03 Baker Hughes 214,362 3,819 0.05 Cabot Oil & Gas 107,352 1,353 0.02 Chevron 590,903 45,903 0.59 ConocoPhillips 431,320 17,298 0.22 Devon Energy 180,136 3,373 0.04 Diamondback Energy 46,686 2,607 0.03 Enphase Energy 38,466 3,268 0.04 EOG Resources 181,783 10,654 0.14 Exxon Mobil 1,310,206 56,498 0.72 Halliburton 283,832 4,644 0.06 Hess 76,580 4,582 0.06 HollyFrontier 24,864 632 0.01 Kinder Morgan 608,754 7,929 0.10 Marathon Oil Corporation 216,534 1,814 0.02 Marathon Petroleum Corporation 189,442 8,078 0.10




% National Oilwell Varco 103,658 1,288 0.02 Occidental Petroleum 273,531 4,871 0.06 ONEOK 112,027 4,321 0.06 Phillips 66 114,234 7,110 0.09 Pioneer Natural Resources 61,594 6,862 0.09 Schlumberger 429,478 9,999 0.13 Valero Energy 117,852 6,793 0.09 Williams Companies 357,545 6,566 0.08 Total Oil & Gas 222,486 2.85 Basic Materials - 1.57% (1.38%)

Air Products & Chemicals 68,741 14,687 0.19 Albemarle Corporation 30,223 3,513 0.04 Avery Dennison 22,599 3,510 0.04 Celanese A 35,068 4,162 0.05 CF Industries 61,976 2,389 0.03 Dow 223,843 11,090 0.14 DuPont De Nemours 174,298 10,300 0.13 EastMANChemicals 38,180 3,496 0.04 Ecolab 74,048 11,773 0.15 FMC 38,882 3,262 0.04 Freeport - McMoRan Copper & Gold 433,752 13,017 0.17 International Flavors & Fragrances 74,765 7,493 0.10 International Paper 138,412 6,154 0.08 Newmont Mining 235,933 11,849 0.15 Nucor 80,976 5,892 0.08 PPG Industries 70,363 8,946 0.11 The Mosaic Company 91,467 2,368 0.03 Total Basic Materials 123,901 1.57

Industrials - 9.75% (8.91%) 3M 186,089 26,989 0.34

Agilent Technologies 94,326 8,782 0.11 Ametek 85,538 8,155 0.10 Amphenol Corporation A 150,552 7,092 0.09 Arconic 175,769 4,148 0.05 Automatic Data Processing 134,101 18,526 0.24 Ball 97,467 6,164 0.08 Boeing 173,259 28,099 0.36 Broadridge Financial Solutions 33,165 3,841 0.05 Carrier Global Corporation 291,690 9,036 0.12 Caterpillar 174,562 30,001 0.38 CH Robinson Worldwide 38,850 2,751 0.04 Cintas 25,670 6,524 0.08 CSX 222,360 16,050 0.20 Cummins 51,824 9,771 0.12




% Danaher 193,577 34,832 0.44 Deere & Company 100,758 27,457 0.35 Dover 56,386 6,059 0.08 Eaton 135,036 14,200 0.18 Emerson Electric 203,364 13,832 0.18 Expeditors International Washington 33,095 2,810 0.04 Fastenal 211,132 8,078 0.10 Fedex 76,421 16,785 0.21 Fidelity National Information 194,847 20,739 0.26 Fiserv 166,859 13,550 0.17 FleetCor Technologies 25,512 4,941 0.06 Fortive 126,552 6,342 0.08 Fortune Brands Home & Security 61,104 4,680 0.06 Generac Holdings 19,459 4,154 0.05 General Dynamics 80,882 11,014 0.14 General Electric 2,811,623 26,444 0.34 Global Payments 95,425 13,468 0.17 Grainger (W.W.) 17,930 5,938 0.08 Honeywell International 219,299 35,382 0.45 Huntington Ingalls Industries 20,994 3,220 0.04 IDEX 31,681 5,045 0.06 Illinois Tool Works 96,430 16,313 0.21 Ingersoll-Rand 147,302 5,074 0.06 IPG Photonics Corporation 7,167 995 0.01 J.B. Hunt Transport Services 18,734 2,347 0.03 Jacobs Engineering Group 33,171 3,258 0.04 Kansas City Southern 20,099 4,410 0.06 Keysight Technologies 54,862 5,443 0.07 Martin Marietta Materials 18,614 4,990 0.06 Masco 110,116 5,013 0.06 Mettler Toledo 6,089 5,509 0.07 Norfolk Southern 73,269 15,067 0.19 Old Dominion Freight Line 26,715 5,112 0.07 Otis Worldwide Corporation 150,329 8,414 0.11 Paccar 124,378 8,357 0.11 Packaging Corporation of America 25,611 2,803 0.04 Parker-Hannifin 45,532 10,396 0.13 Paychex 91,386 6,493 0.08 Pentair 79,851 3,897 0.05 Perkinelmer 31,820 3,243 0.04 Quanta Services 63,007 4,357 0.06 Republic Services 64,335 5,074 0.06 Robert Half International 28,712 1,836 0.02 Rockwell Automation 41,931 7,954 0.10 Roper Technologies 36,972 11,502 0.15 Sealed Air 25,646 1,028 0.01




% Sherwin-Williams 79,521 16,141 0.21 Smith (AO) 68,363 3,483 0.04 Teledyne Technologies 15,631 4,723 0.06 TransDigm Group 19,584 8,297 0.11 Trimble Navigation 68,513 3,711 0.05 Union Pacific 199,992 32,328 0.41 United Parcel Services 220,955 33,920 0.43 United Rentals 27,556 6,685 0.09 Verisk Analytics 57,893 7,191 0.09 Vulcan Materials 44,542 6,045 0.08 Wabtec Corporation 77,298 4,418 0.06 Waste Management 108,720 10,955 0.14 WestRock Company 78,012 3,353 0.04 Xylem 71,965 6,048 0.08 Zebra Technologies A 15,595 5,383 0.07 Total Industrials 766,465 9.75

Consumer Goods - 8.02% (7.44%) Activision 236,493 15,669 0.20

Altria Group 594,284 21,210 0.27 APTIV 74,913 7,396 0.09 Archer Daniels Midland 157,600 7,567 0.10 BorgWarner 76,649 2,798 0.04 Brown-ForMANB 53,365 2,964 0.04 Campbell Soup 45,558 1,593 0.02 Church & Dwight 66,953 4,207 0.05 Clorox 36,497 4,696 0.06 Coca-Cola 1,195,725 46,427 0.59 Colgate-Palmolive 253,087 15,010 0.19 ConAgra Foods 140,839 3,753 0.05 Constellation Brands A 51,781 8,615 0.11 D.R.Horton 97,944 6,694 0.09 Electronic Arts 89,959 8,851 0.11 Estee Lauder 69,551 14,632 0.19 Ford Motor 1,224,228 10,280 0.13 General Mills 185,947 8,367 0.11 General Motors 388,680 15,442 0.20 Genuine Parts 41,826 3,915 0.05 Hanesbrands 92,957 1,266 0.02 Hasbro 33,304 2,276 0.03 Hershey 50,596 6,145 0.08 Hormel Foods 96,586 3,193 0.04 JM Smucker 32,754 3,146 0.04 Kellogg 78,228 3,695 0.05 Kimberly-Clark 104,938 9,995 0.13 Kraft Heinz Company 182,165 5,653 0.07




% Lamb Weston Holdings 40,289 2,253 0.03 Leggett & Platt 34,567 1,383 0.02 Lennar 97,129 6,873 0.09 LKQ Corporation 83,425 3,001 0.04 McCormick & Co. 61,285 3,897 0.05 Mohawk Industries 16,385 2,547 0.03 Molson Coors Brewing B 50,797 2,098 0.03 Mondelez International 402,965 17,837 0.23 Monster Beverage 107,252 7,014 0.09 Newell Brands 149,103 3,064 0.04 Nike B 382,252 36,882 0.47 NVR 723 2,538 0.03 PepsiCo 426,200 44,341 0.57 Philip Morris International 479,972 33,293 0.43 Pool Corporation 12,377 3,844 0.05 Procter & Gamble 745,903 73,050 0.93 PulteGroup 85,317 3,540 0.05 PVH Corporation 19,691 1,584 0.02 Ralph Lauren 11,695 1,132 0.01 Snap-on 24,823 4,496 0.06 Stanley Black & Decker 58,100 8,908 0.11 Take-Two Interactive 32,742 3,880 0.05 Tesla Motors 231,808 97,003 1.24 Tyson Foods 87,006 4,960 0.06 Under Armour A 91,782 1,484 0.02 Under Armour C 49,868 673 0.01 VF 96,256 5,838 0.07 Whirlpool 16,749 2,933 0.04 Total Consumer Goods 625,801 8.02

Healthcare - 11.48% (14.18%) Abbott Laboratories 534,498 44,894 0.57

Abbvie 540,474 44,656 0.57 Abiomed 10,507 2,002 0.03 Alexion Pharmaceuticals 64,203 7,906 0.10 Align Technology 21,233 8,567 0.11 Amgen 173,026 30,869 0.39 Anthem 69,640 19,460 0.25 Baxter International 159,829 9,514 0.12 Becton Dickinson 91,011 15,646 0.20 Biogen IDEC 47,336 9,413 0.12 Bio-Rad Laboratories 5,137 2,189 0.03 Boston Scientific 425,596 12,549 0.16 Bristol Myers Squibb 696,838 32,082 0.41 Catalent 54,694 3,987 0.05 Centene 185,650 9,118 0.12




% Charles River Labs 15,066 3,518 0.04 Cigna Corporation 113,012 21,130 0.27 Corteva 222,120 7,303 0.09 DaVita 31,299 2,786 0.04 Dentsply Sirona 65,381 3,147 0.04 Dexcom 28,365 6,710 0.09 Edwards Lifesciences 190,836 12,120 0.15 Eli Lilly and Company 239,292 33,349 0.43 Gilead Sciences 396,544 19,287 0.25 HCA Holdings 82,176 12,333 0.16 Henry Schein 39,632 2,269 0.03 Hologic 77,675 3,514 0.04 Humana 42,404 13,626 0.17 IDEXX Laboratories 25,640 9,647 0.12 Illumina 44,673 12,082 0.15 Incyte Genomics 43,668 2,560 0.03 Intuitive Surgical 34,508 20,413 0.26 IQVIA 55,664 9,242 0.12 Johnson & Johnson 800,480 96,702 1.23 Laboratory Corporation of America 28,395 5,536 0.07 Medtronic 417,210 37,080 0.47 Merck & Co. 768,296 42,679 0.55 Pfizer 1,672,202 47,491 0.61 Quest Diagnostics 39,123 3,761 0.05 Regeneron Pharmaceuticals 31,086 11,391 0.15 ResMed 41,988 5,824 0.07 Stryker 102,525 18,415 0.24 Teleflex 13,507 3,767 0.05 The Cooper Companies 14,412 3,977 0.05 Thermo Fisher Scientific 120,316 39,205 0.50 UnitedHealth Group 281,574 81,856 1.05 Universal Health ServicesB 23,014 2,610 0.03 Vertex Pharmaceuticals 80,157 12,351 0.16 Viatris 355,222 4,032 0.05 Waters 20,003 4,432 0.06 West Pharmaceutical Services 22,746 5,378 0.07 Zimmer Biomet Holdings 61,069 7,247 0.09 Zoetis 141,468 17,292 0.22 Total Healthcare 898,914 11.48

Consumer Services - 14.33% (14.89%) Advance Auto Parts 18,759 2,700 0.03 Alaska Air Group 55,960 2,773 0.04 Amazon.com 130,078 297,432 3.80 American Airlines Group 225,654 3,586 0.05 AmerisourceBergen 44,920 3,712 0.05




% Autozone 5,974 6,478 0.08 Best Buy 66,632 5,693 0.07 Caesars Entertainment 58,201 4,073 0.05 Cardinal Health 101,443 4,056 0.05 Carmax 47,830 4,238 0.05 Carnival 231,751 4,473 0.06 Charter Communications A 43,875 22,105 0.28 Chipotle Mexican Grill 8,010 7,705 0.10 Comcast 1,408,843 58,672 0.75 Copart 49,234 4,338 0.06 Costco Wholesale 131,374 35,827 0.46 CVS Health 411,550 24,632 0.31 Darden Restaurants 36,789 3,642 0.05 Delta Airlines 231,114 7,596 0.10 Discovery Communications A 42,300 1,070 0.01 Discovery Communications C 92,831 2,026 0.03 Dish Network 69,796 2,269 0.03 Dollar General 78,642 11,503 0.15 Dollar Tree Stores 72,934 5,757 0.07 Domino s Pizza 11,867 3,599 0.05 eBay 176,384 7,619 0.10 Expedia 40,637 4,952 0.06 Fox Corporation A 103,855 2,746 0.04 Fox Corporation B 35,368 910 0.01 Gap 55,374 1,403 0.02 Hilton Worldwide Holdings 88,515 7,768 0.10 Home Depot 329,453 75,626 0.97 Interpublic Group of Companies 103,936 2,398 0.03 Kroger 246,788 6,517 0.08 Las Vegas Sands 99,547 4,091 0.05 Limited Brands 67,057 3,291 0.04 Live Nation 54,687 3,330 0.04 Lowe’s Companies 225,098 31,759 0.41 Marriott International 12,168 - 0.00 Marriott International new A 77,811 7,914 0.10 McDonald’s 233,844 38,454 0.49 McKesson HBOC 49,029 6,786 0.09 MGM Resorts International 150,052 4,166 0.05 NetFlix 133,454 46,715 0.60 News Corporation A 99,778 1,890 0.02 News Corporation B 88,552 1,566 0.02 O’Reilly Automotive 20,115 7,900 0.10 Omnicom 60,826 3,611 0.05 PayPal 356,670 62,301 0.80 Penn National Gaming 39,433 2,259 0.03 Rollins 50,469 1,323 0.02




% Ross Stores 109,003 10,093 0.13 Royal Caribbean Cruises 53,868 3,222 0.04 Southwest Airlines 192,598 8,514 0.11 Starbucks 374,038 29,521 0.38 Sysco 154,126 9,189 0.12 Tapestry 68,937 2,291 0.03 Target 161,014 24,132 0.31 TJX Companies 383,128 19,689 0.25 Tractor Supply Company 30,313 4,043 0.05 Ulta Beauty 15,845 3,646 0.05 United Airlines Holdings 125,030 4,905 0.06 ViacomCBS 153,326 4,234 0.05 Walgreens Boots Alliance 220,068 8,546 0.11 Wal-Mart Stores 418,812 41,474 0.53 Walt Disney 554,206 68,288 0.87 Wynn Resorts 32,837 2,951 0.04 Yum! Brands 96,803 8,195 0.10 Total Consumer Services 1,120,183 14.33

Telecommunications - 1.65% (2.19%) AT&T 2,173,104 49,700 0.63

L3Harris Technologies 72,174 11,117 0.14 T-Mobile US 172,724 17,350 0.22 Verizon Communications 1,247,981 51,973 0.66 Total Telecommunications 130,140 1.65

Utilities - 2.55% (3.14%) AES 198,849 3,581 0.05

Alliant Energy 70,551 2,842 0.04 Ameren 76,951 4,570 0.06 American Electric Power 155,302 9,563 0.12 American Water Works 47,693 5,174 0.07 Atmos Energy 35,645 2,542 0.03 Centerpoint Energy 145,013 2,574 0.03 CMS Energy 82,795 3,733 0.05 Consolidation Edison (New York registered) 101,378 5,684 0.07 Dominion Energy 256,959 14,240 0.18 DTE Energy 60,353 6,044 0.08 Duke Energy 243,263 17,792 0.23 Edison International 105,108 4,356 0.06 Entergy 48,891 3,719 0.05 Evergy 68,689 3,056 0.04 Eversource Energy 100,428 6,071 0.08 Exelon 326,257 10,442 0.13 FirstEnergy 162,269 4,332 0.06 NextEra Energy 597,646 31,006 0.40 Nisource 106,483 1,946 0.02




%

NRG Energy 67,956 1,656 0.02 Pinnacle West Capital 31,419 1,919 0.02 PPL 219,607 4,560 0.06 Public Service Enterprise Group 150,620 6,683 0.09 Sempra Energy 87,571 8,584 0.11 Southern Company 345,876 15,983 0.20 WEC Energy 104,785 7,155 0.09 Xcel Energy 168,056 8,555 0.11 Total Utilities 198,362 2.55

Financials - 15.57% (14.54%) Aflac 231,385 9,271 0.12

Alexandria Real Estate Equities 37,031 4,568 0.06 Allstate 100,838 9,967 0.13 American Express 211,438 23,586 0.30 American International Group 278,462 10,259 0.13 American Tower 141,979 24,857 0.32 Ameriprise Financial 36,232 6,644 0.08 Arthur J. Gallagher 54,422 5,691 0.07 Assurant 14,697 1,681 0.02 AvalonBay Communities 40,505 5,692 0.07 Bank of America 2,343,782 70,457 0.90 Bank of New York Mellon 229,720 8,443 0.11 Berkshire Hathaway B 585,840 120,844 1.54 BlackRock 42,891 26,072 0.33 Boston Properties 44,478 3,416 0.04 Capital One Financial 142,794 16,026 0.20 CBOE Global Markets 25,218 2,037 0.03 CBRE Group 97,991 6,003 0.08 Chicago Mercantile Exchange 108,606 16,727 0.21 Cincinnati Financial 41,851 3,593 0.05 Citigroup 648,671 35,242 0.45 Citizens Financial Group 127,432 4,565 0.06 Comerica 23,145 1,305 0.02 Crown Castle International REIT 134,172 17,241 0.22 Digital Realty Trust 82,009 8,662 0.11 Discover Financial Services 89,495 7,424 0.09 Duke Realty 97,916 3,123 0.04 Equifax 43,748 7,428 0.09 Equinix REIT 28,073 14,378 0.18 Equity Residential 110,104 5,789 0.07 Essex Property REIT 19,394 3,967 0.05 Extra Space Storage 37,412 3,839 0.05 Federal Realty Investment Trust 19,328 1,543 0.02 Fifth Third Bancorp 251,274 7,603 0.10

#First Horizon National fractional shares 98,872 - 0.00 First Republic Bank 49,313 6,608 0.08




% Franklin Resources 74,158 1,818 0.02 Globe Life 11,135 841 0.01 Goldman Sachs 99,408 26,007 0.33 Hartford Financial Services 104,679 4,908 0.06 Healthpeak Properties 143,952 3,380 0.04 Host Marriott 198,074 2,434 0.03 Huntingdon Bancshares 276,106 3,106 0.04 Intercontinental Exchange Group 164,904 13,256 0.17 Iron Mountain 115,230 3,476 0.04 JPMorgan Chase & Company 935,363 108,880 1.39 KeyCorp 288,312 4,785 0.06 Kimco Realty 99,350 1,497 0.02 Lincoln National 54,038 2,702 0.03 Loews 85,750 3,587 0.05 M&T Bank 27,512 3,258 0.04 MarketAxess Holdings 11,257 3,646 0.05 Marsh & McLennan 148,489 14,180 0.18 Mastercard 262,627 67,793 0.87 Metlife 248,909 11,642 0.15 Mid-America Apartment Communities 31,948 3,555 0.05 Moody’s 50,924 12,075 0.15 Morgan Stanley 452,572 28,058 0.36 MSCI 28,573 9,399 0.12 Nasdaq OMX Group 32,997 3,847 0.05 Northern Trust 62,253 5,308 0.07 Peoples United Financial 85,560 1,175 0.02 PNC Financial ServicesGroup 129,495 18,327 0.23 Principal Financial Group 61,832 2,932 0.04 Progressive 180,461 13,716 0.18 Prologis 227,089 18,473 0.24 Prudential Financial 119,966 9,168 0.12 Public Storage 46,939 9,108 0.12 Raymond James Financial 35,382 3,369 0.04 Realty Income 95,841 4,444 0.06 Regency Centers 45,323 2,051 0.03 Regions Financial 198,828 3,280 0.04 S&P Global 76,453 20,567 0.26 SBA Communications Corporation 37,573 7,701 0.10 Schwab (Charles) 449,126 23,346 0.30 Simon Property Group 103,390 8,967 0.11 State Street 109,245 6,724 0.09 SVB Financial Group 12,109 4,967 0.06 Synchrony Financial 171,810 5,706 0.07 T Rowe Price Group 66,298 8,992 0.11 Travelers 80,507 9,172 0.12 Truist Financial 427,440 18,699 0.24 UDR 81,923 2,698 0.03




% Unum 41,817 912 0.01 US Bancorp 450,851 19,810 0.25 Ventas 105,551 4,093 0.05 Visa 507,412 81,720 1.04 Vornado Realty Trust 42,846 1,379 0.02 W. R. Berkley 40,867 2,333 0.03 Wells Fargo & Co. 1,251,460 41,706 0.53 Welltower 123,811 6,433 0.08 Western Union 195,856 3,456 0.04 Weyerhaeuser 247,275 6,722 0.09 Zions Bancorporation 30,502 1,303 0.02 Total Financials 1,221,438 15.57

Technology - 26.78% (26.97%) Adobe 146,956 50,732 0.65

Advanced Micro Devices 361,784 19,145 0.24 Akamai Technologies 48,651 3,908 0.05 Alphabet A 91,251 147,513 1.88 Alphabet C 87,443 143,678 1.83 Analog Devices 114,024 12,108 0.15 Ansys 25,077 5,811 0.07 Apple 4,797,227 433,923 5.54 Applied Materials 283,843 25,140 0.32 Arista Networks 14,132 3,273 0.04 Autodesk 66,373 13,072 0.17 Booking Holdings 12,886 20,867 0.27 Broadcom 121,665 38,139 0.49 Cadence Design Systems 83,905 7,400 0.09 CDW 53,078 6,379 0.08 Cerner 92,696 5,053 0.06 Cisco Systems 1,288,660 48,380 0.62 Citrix Systems 30,294 2,531 0.03 Cognizant Technology Solutions 170,228 8,575 0.11 Corning 227,958 7,162 0.09 DXC Technology 108,130 2,828 0.04 Etsy 32,709 3,786 0.05 F5 Networks 10,073 1,296 0.02 Facebook 732,152 164,157 2.10 Fortinet 42,510 6,206 0.08 Gartner 27,279 4,474 0.06 Hewlett-Packard 379,011 4,374 0.06 HP 438,347 10,240 0.13 Intel 1,261,096 49,520 0.63 International Business Machines 285,920 29,351 0.37 Intuit 79,218 23,444 0.30 Jack Henry & Associates 17,538 1,958 0.03 Juniper Networks 89,155 1,682 0.02




% KLA Tencor 47,682 10,338 0.13 LAM Research 44,690 19,128 0.24 Leidos Holdings 48,652 3,570 0.05 Lumen Technologies 334,876 3,430 0.04 Maxim Integrated Products 61,687 4,063 0.05 Microchip Technology 84,609 8,737 0.11 Micron Technology 344,746 19,494 0.25 Microsoft 2,281,979 401,841 5.13 Monolithic Power Systems 12,910 2,899 0.04 Motorola Solutions 54,360 7,784 0.10 NetApp 63,429 3,533 0.05 NortonLifeLock 164,788 3,051 0.04 Nvidia 188,301 76,104 0.97 NXP Semiconductors 78,839 10,754 0.14 Oracle 573,287 32,103 0.41 Paycom Software 14,780 3,421 0.04 PTC 31,411 2,874 0.04 Qorvo 35,255 4,279 0.05 Qualcomm 347,686 32,118 0.41 Salesforce.com 279,740 43,220 0.55 ServiceNow 58,114 18,978 0.24 Skyworks Solutions 43,376 5,094 0.07 Synopsys 44,243 7,524 0.10 Teradyne 40,833 3,546 0.05 Texas Instruments 287,126 37,340 0.48 Twitter 228,461 8,387 0.11 Tyler Technologies 8,659 2,452 0.03 VeriSign 25,844 4,053 0.05 Western Digital 99,833 5,093 0.07 Xilinx 63,674 5,332 0.07 Total Technology 2,096,645 26.78

Futures - 0.00% (-0.01%) CME S&P 500 E-Mini June 21 1,575 (119) -

Total Futures (119) - Total United States 7,404,216 94.55


Net other assets 238,345 (3.04)

Net assets 7,830,605 100.00 #unlisted Figures in brackets denote the comparative percentage holdings as at 15 May 2020. Unless otherwise stated, all investments are listed equities. The counterparty for the future is HSBC.


Comparative Tables


15.5.21 15.5.20 15.5.19






15.5.21 15.5.20 15.5.19





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


Comparative Tables


15.5.21 15.5.20 15.5.19






15.5.21 15.5.20 15.5.19



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




Comparative Tables

Institutional A Income#Change in net assets per share

15.5.21 15.5.20 15.5.19

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


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



15.5.21 15.5.20 15.5.19

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


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


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


Comparative Tables


15.5.21 15.5.20 15.5.19






15.5.21 15.5.20 15.5.19



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


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



15.5.21 15.5.20Notes £’000 £’000 £’000 £’000

IncomeNet capital gains 2 1,468,629 257,135 Revenue 3 103,869 91,843

Expenses 4 (2,604) (2,275)Interest payable and similar charges (2) (3)Net revenue before taxation 101,263 89,565 Taxation 5 (14,624) (13,184)Net revenue after taxation 86,639 76,381 Total return before distributions 1,555,268 333,516 Distributions 6 (86,732) (76,758)Change in net assets attributable to shareholders from investment activities 1,468,536 256,758


15.5.21 15.5.20£’000 £’000 £’000 £’000

Opening net assets attributable to shareholders 5,389,830 3,882,569 Amounts receivable on creation of shares 2,362,901 2,080,936 Amounts payable on cancellation of shares (1,468,499) (903,604)

894,402 1,177,332 Dilution adjustment 1,898 1,791 Change in net assets attributable to shareholders frominvestment activities (see Statement of Total Return above) 1,468,536 256,758 Retained distribution on accumulation shares 75,939 71,380 Closing net assets attributable to shareholders 7,830,605 5,389,830


15.5.21 15.5.20Notes £’000 £’000 £’000 £’000

AssetsInvestments 7,592,379 5,322,492 Current assets Debtors 8 21,231 18,181 Cash and bank balances 281,677 89,623 Total current assets 302,908 107,804 Total assets 7,895,287 5,430,296 LiabilitiesInvestment liabilities (119) (494)Creditors Distribution payable on income shares (16,919) (16,097) Other creditors 9 (47,644) (23,875)Total creditors (64,563) (39,972)Total liabilities (64,682) (40,466)Net assets attributable to shareholders 7,830,605 5,389,830





15.7.21 15.7.20





Institutional A Income*Group 1 0.000000 - 0.000000 8.248598Group 2 0.000000 0.000000 0.000000 8.248598

Institutional A Accumulation*Group 1 0.000000 - 0.000000 10.006461Group 2 0.000000 0.000000 0.000000 10.006461



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


15.5.21 15.5.20£’000 £’000


2. Net Capital GainsThe net capital gains during the year comprise: Currency losses (17,698) (495)Transaction charges (9) (28)Capital special dividends 19 1,913 Capital US REIT income 1,376 864 Gains on derivative contracts 35,596 3,512 Gains on non-derivative securities 1,449,345 251,369 Net capital gains 1,468,629 257,135

3. RevenueUK dividends (net) 243 354 Overseas dividends 103,392 90,898 Deposit interest 167 Bank interest - 424 Stock dividends 234 - Total revenue 103,869 91,843

4. ExpensesPayable to the Authorised Corporate Director, associates ofthe Authorised Corporate Director and agents of either of them:Authorised Corporate Director's charge 1,532 1,325 Safe custody fee 122 162

1,654 1,487 Payable to the Depositary, associates of the Depositaryand agents of either of them:Depositary fee 505 407 Other expenses:Audit fee 7 5 Legal fee 1 - Licence fee 433 368 Report and accounts fee 4 4 Professional fee - 4

445 381 Total expenses 2,604 2,275



15.5.21 15.5.20£’000 £’000


Overseas tax 14,624 13,184 Total tax for the year (note 5b) 14,624 13,184

b) Factors affecting taxation charge for the year:The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an open-ended investment company (20%). The differences are explained below:Net revenue before taxation 101,263 89,565 Corporation tax at 20% 20,253 17,913 Effects of:Revenue not subject to taxation (19,895) (17,534)Irrecoverable overseas tax 14,592 12,808 Irrecoverable overseas tax on capital special dividend 32 376 Utilisation of excess management expenses (233) (272)Tax relief on overseas tax suffered (125) (107)Current tax charge for the year (note 5a) 14,624 13,184

c) Provision for deferred taxation At 15 May 2021, there is a potential deferred tax asset of £106,142 (15.5.20: £339,055) in relation to surplus management expenses. It is unlikely the Fund will generate sufficient taxable profits in the future to utilise these expenses and therefore no deferred tax asset has been recognised in the year or prior year.



7. Movement Between Net Revenue and DistributionsNet revenue after taxation 86,639 76,381 Equalisation on conversions 61 1 Corporation tax on taxable items in capital 32 376 Net distribution for the year 86,732 76,758

8. DebtorsAmounts receivable for creation of shares 15,426 12,786 Accrued revenue 5,805 5,395 Total debtors 21,231 18,181

9. Other CreditorsAmounts payable for cancellation of shares 43,927 19,475 Purchases awaiting settlement 3,433 3,865 Accrued expenses 284 535 Total other creditors 47,644 23,875



Retail Income

Retail Accumulation



Opening shares issued at 16.5.20 1,873,464 24,485,733 77,821,891 257,232,691 Share movements 16.5.20 to 15.5.21Shares issued 244,240 17,703,841 63,673,184 139,804,011 Shares cancelled (392,021) (20,049,098) (24,536,975) (61,408,592)Shares converted (1,652,143) (12,076,637) (359,075) (35,194)Closing shares issued at 15.5.21 73,540 10,063,839 116,599,025 335,592,916

Institutional A Income#


Income C

Accumulation C

Opening shares issued at 16.5.20 29,667 95,582 90,570,133 390,952,627 Share movements 16.5.20 to 15.5.21Shares issued - - 10,347,957 81,458,035 Shares cancelled (50) (11,424) (31,590,124) (64,942,166)Shares converted (29,617) (84,158) 2,590,704 11,712,272 Closing shares issued at 15.5.21 - - 71,918,670 419,180,768

#The Institutional A Income and Institutional A Accumulation share classes were terminated on 8 January 2021.





RetailIncome

Retail Accumulation



Institutional A Income#


IncomeC

AccumulationC

% % % % % % % %As at 15.5.21 - - 87.19 93.44 - - 3.25 2.32 As at 15.5.20 - 0.16 82.35 92.03 - - 2.37 2.51

#The Institutional A Income and Institutional A Accumulation share classes were terminated on 8 January 2021.


The balance due to/from the ACD (including amounts due to associates and agents) at the year end was £(28,725,258) (15.5.20: (£7,014,658)), further details of such amounts can be found in notes 8 and 9.










Net otherassets

Netassets

15.5.21 15.5.20 15.5.21 15.5.20 15.5.21 15.5.20 £'000 £'000 £'000 £'000 £'000 £'000

Sterling* - - (26,335) (5,487) (26,335) (5,487)United States dollar 7,592,260 5,321,998 264,680 73,319 7,856,940 5,395,317 Total 7,592,260 5,321,998 238,345 67,832 7,830,605 5,389,830


Interest Rate Risk

At the year end, 3.60% (15.5.20: 1.66%) of the Fund's assets by value were interest-bearing. At the year end, none (15.5.20: none) of the Fund's assets by value were interest-paying. Interest rates are based upon LIBOR (London Interbank Offered Rate).



The annual ACD charge on the retail share class is 0.14%, nil on the institutional share class and 0.04% on the C share class.






The types of derivatives held at the year end were index futures contracts.



At 15 April 2021, there was no collateral held in respect of the above derivatives (15.5.20: £nil).






Analysis of total purchases costsEquity transactions 1,268,744 164 0.01 - - - - Corporate actions 666 - - - - - - Total purchases before transaction costs 1,269,410 164 - - Transaction costs 164 Total purchases after commission, tax and fees 1,269,574


Analysis of total sales costsEquity transactions 443,571 55 0.01 4 - 3 - Corporate actions 5,521 - - - - - - Total sales before transaction costs 449,092 55 4 3 Transaction costs (62) Total sales after commission, tax and fees 449,030





Analysis of total purchases costsEquity transactions 1,385,164 216 0.02 - - - - Corporate actions 332 - - - - - - Total purchases before transaction costs 1,385,496 216 - - Transaction costs 216 Total purchases after commission, tax and fees 1,385,712

















7,592,379 - - 7,592,379


(119) - - (119)


5,322,492 - - 5,322,492


(494) - - (494)








231JAPAN INDEX FUND

Japan Index Fund


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

Investment Policy

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


Investment Strategy





Portfolio Activity

FTSE Japan Index was up 13.40% in the reporting period. The main driver for the positive performance was the Industrials sector with a contribution to the total index return of 5.58%, followed by the Consumer Staples sector and the Financials with a contribution to the total index return of 2.89% and 2.18% respectively. Basic Materials was the sector with the strongest absolute performance (32.82%), while a few sectors contributed negatively where the Health Care sector was the worst with a contribution of -0.83%.

Japanese equities were still recovering at the beginning of the period from the sharp bear market in March, entering a more range-bound period with falling prices in July. However, between July and October the prices increased again supported by strong policy support as well as benefitting from a healthy banking and corporate sector. Relaxed containment measures amid lower infection rates also helped. As was the case globally, the Japanese equities prices saw a steep increase since early November thanks to the US elections as well as the positive news around the vaccine trials. However, more recently re-imposed restrictions in some regions and additional uncertainty led to falling prices towards the end of the period.

232 JAPAN INDEX FUND


During the year under review, the value of the shares in the Fund increased by 12.35% and the value of the FTSE Japan Index rose by 13.40%.



Tracking Error



Retail Income

Retail Accumulation



Price 109.8p xd 137.7p 130.5p xd 146.6p


1.720312p 2.164247p 2.417160p 2.663774p



Income C

AccumulationC

Income S

AccumulationS

Price 109.0p xd 139.2p 109.0p xd 139.4p


1.909546p 2.394024p 1.976803p 2.482310p



233JAPAN INDEX FUND



%JAPAN - 98.40% (95.63%) Oil & Gas - 0.60% (0.66%)

Cosmo Energy Holdings 32,832 510 0.03 Idemitsu Kosan 129,600 2,265 0.13 Inpex 505,000 2,611 0.15 ENEOS Holdings 1,658,648 4,981 0.29 Total Oil & Gas 10,367 0.60

Basic Materials - 6.02% (5.03%) Air Water 95,245 1,147 0.07

Asahi Kasei 689,111 5,455 0.31 Daicel Corporation 139,130 792 0.04 Daido Steel 18,800 693 0.04 Daio Paper 43,600 538 0.03 Denka 47,700 1,313 0.08 DIC 43,631 827 0.05 Dowa Mining 25,000 753 0.04 Hitachi Metals 105,655 1,455 0.08 JFE Holdings 287,971 2,880 0.17 JSR 100,008 2,147 0.12 Kaneka 30,500 906 0.05 Kansai Paint 108,853 1,992 0.11 Kobe Steel 171,889 851 0.05 Kuraray 184,513 1,382 0.08 Lintec 29,994 477 0.03 Maruichi Steel Tube 34,900 640 0.04 Mitsubishi Chemical Holdings 704,329 3,866 0.22 Mitsubishi Gas Chemical 96,200 1,574 0.09 Mitsui Chemicals 96,700 2,252 0.13 Mitsui Mining & Smelting 30,300 666 0.04 Nagase & Company 61,798 655 0.04 Nippon Kayaku 94,700 625 0.04 Nippon Paint 433,700 4,512 0.26 Nippon Paper Industries 50,300 463 0.03 Nippon Shokubai 17,600 638 0.04 Nippon Steel Corporation 451,500 6,389 0.37 Nissan Chemical Industries 75,612 2,952 0.17 Nitto Denko 81,104 4,508 0.26 NOF 36,200 1,343 0.08 Oji Holdings Corporation 487,301 2,231 0.13 Shin-Etsu Chemical 220,093 25,682 1.48 Showa Denko KK 79,300 1,836 0.11 Sumitomo Bakelite 19,000 537 0.03 Sumitomo Chemical 834,100 3,111 0.18 Sumitomo Metal Mining 132,100 4,175 0.24 Taiyo Nippon Sanso 76,738 1,099 0.06 Teijin 98,815 1,173 0.07




% Tokai Carbon 111,300 1,268 0.07 Tokuyama 38,800 588 0.03 Toray Industries 838,005 3,777 0.22 Tosoh 153,900 2,056 0.12 Ube Industries 54,100 847 0.05 Yamato Kogyo 19,158 430 0.02 Zeon 83,247 908 0.05 Total Basic Materials 104,409 6.02

Industrials - 25.15% (22.77%) Aica Kogyo 28,100 755 0.04

Alps Electric 105,825 793 0.05 Amada 166,130 1,211 0.07 Amano 36,200 674 0.04 Asahi Glass 101,900 3,249 0.19 Askul 10,600 251 0.01 Azbil 72,700 2,039 0.12 Benefit One 30,300 564 0.03 Comsys Holdings 60,200 1,367 0.08 Daifuku 53,400 3,339 0.19 Daikin Industries 146,705 20,235 1.17 Disco 15,447 3,211 0.19 DMG Mori 59,226 682 0.04 Ebara 50,524 1,507 0.09 Fanuc 106,300 17,230 0.99 FP 24,500 696 0.04 Fuji Electric 69,300 2,173 0.13 Fukuyama Transport 17,500 497 0.03 Furukawa Electric 33,057 643 0.04 GMO Payment Gateway 21,900 1,740 0.10 Hamamatsu Photonics 71,300 2,918 0.17 Haseko 140,345 1,410 0.08 Hino Motors 143,800 865 0.05 Hirose Electric 18,525 1,831 0.11 Hitachi 511,800 17,866 1.03 Hitachi Construction Machinery 56,761 1,296 0.07 Hitachi Transport System 17,900 399 0.02 Horiba 20,700 944 0.05 Hoshizaki Electric 28,028 1,767 0.10 Hoya 200,652 16,965 0.98 Ibiden 60,723 1,763 0.10 IHI Corporation 67,100 1,011 0.06 IR Japan Holdings 4,700 388 0.02 Isuzu Motors 281,971 2,379 0.14 Itochu 752,943 16,107 0.93 Japan Airport Terminal 28,206 822 0.05

235JAPAN INDEX FUND



% Japan Aviation Electronic 22,400 272 0.02 JGC 115,546 767 0.04 Kajima 250,200 2,447 0.14 Kamigumi 57,400 815 0.05 Kandenko 63,647 378 0.02 Kawasaki Heavy Industries 80,600 1,347 0.08 Keyence 99,700 33,388 1.93 Kinden 71,200 853 0.05 Komatsu 506,315 10,726 0.62 Kubota 608,333 10,285 0.59 Kurita Water Industries 60,000 1,806 0.10 Kyocera 170,112 7,351 0.42 Kyowa Exeo 54,500 1,026 0.06 Kyudenko 23,112 539 0.03 Kyushu Railway Company 84,413 1,355 0.08 LIXIL Group 145,106 2,772 0.16 Mabuchi Motor 29,300 821 0.05 Maeda 69,700 442 0.03 Maeda Road Construction 16,900 240 0.01 Marubeni 865,413 5,207 0.30 Maruwa Unyu Kikan 18,900 197 0.01 Minebea 226,274 4,026 0.23 Misumi 155,635 3,407 0.20 Mitsubishi 661,791 12,596 0.73 Mitsubishi Electric 1,092,714 11,528 0.67 Mitsubishi Heavy Industries 159,900 3,350 0.19 Mitsubishi Logistics 36,400 776 0.04 Mitsubishi Materials 66,835 1,092 0.06 Mitsui & Company 904,180 14,049 0.81 Mitsui OSK Lines 62,300 1,776 0.10 Miura 54,235 1,928 0.11 Monotaro 129,400 2,076 0.12 Murata Manufacturing 315,900 16,945 0.98 Nabtesco 64,661 2,022 0.12 NGK Insulators 146,800 1,873 0.11 Nidec 256,500 19,915 1.15 Nippo Corporation 27,200 515 0.03 Nippon Electric Glass 43,100 745 0.04 Nippon Express 39,800 2,243 0.13 Nippon Yusen KK 89,400 2,499 0.14 NSK 236,313 1,594 0.09 Obayashi 372,200 2,332 0.13 Okuma 15,800 579 0.03 Omron 102,863 5,518 0.32 OSG 41,300 474 0.03 Penta-Ocean Construction 151,700 772 0.04




% Persol Holdings 89,400 1,155 0.07 Recruit Holdings 747,000 23,887 1.38 Rengo 118,687 728 0.04 Sankyu 26,700 840 0.05 Sanwa Holdings 104,356 903 0.05 Secom 107,158 6,055 0.35 Seino Holdings 79,677 801 0.05 SG Holdings 234,300 3,714 0.21 Shimadzu 149,926 3,681 0.21 Shimizu 304,368 1,793 0.10 SHO–BOND Holdings 24,600 744 0.04 SMC 31,800 12,962 0.75 SMS 26,700 509 0.03 Sohgo Securities Services 38,200 1,246 0.07 Sojitz Holdings 643,268 1,377 0.08 Sumitomo 620,089 6,031 0.35 Sumitomo Heavy Industries 60,400 1,260 0.07 Taiheiyo Cement 63,100 1,074 0.06 Taisei 109,500 2,869 0.17 Taiyo Yuden 67,489 2,084 0.12 TDK 66,317 5,824 0.34 Technopro 19,200 971 0.06 THK 61,139 1,400 0.08 Toda 123,487 626 0.04 Toppan Printing 159,900 1,893 0.11 Toshiba 244,500 7,137 0.41 Toshiba Tec 12,900 362 0.02 TOTO 80,738 2,964 0.17 Toyo Seikan Group 85,900 718 0.04 Ulvac 27,700 836 0.05 Ushio 59,700 563 0.03 Yamato Holdings 186,820 3,623 0.21 Yaskawa Electric 141,425 4,431 0.26 Yokogawa Electric 133,900 1,582 0.09 Total Industrials 435,894 25.15

Consumer Goods - 22.16% (21.98%) ABC-Mart 13,168 507 0.03

Aisin Seiki 95,620 2,651 0.15 Ajinomoto 270,336 4,240 0.25 Ariake Japan 10,687 462 0.03 Asahi Breweries 233,034 7,298 0.42 Asics Corporation 91,251 1,289 0.08 Bandai Namco Holdings 107,833 5,493 0.32 Bridgestone 319,162 9,589 0.55 Calbee 42,546 737 0.04 Casio Computer 120,932 1,381 0.08

237JAPAN INDEX FUND



% Coca-Cola West Japan 74,700 879 0.05 Daiichikosho 20,000 544 0.03 Daiwa House Industry 354,969 7,508 0.43 Denso 251,573 11,641 0.67 Ezaki Glico 27,400 772 0.05 Fancl 36,600 795 0.05 Fuji Oil 23,400 443 0.03 Fujitsu General 30,732 533 0.03 Goldwin 18,700 744 0.04 GS Yuasa 43,900 803 0.05 Honda Motor 947,177 20,434 1.18 House Foods 38,999 850 0.05 IIDA Group Holdings 75,861 1,332 0.08 Ito En 32,208 1,306 0.08 Itoham Yonekyu 71,187 338 0.02 Japan Tobacco 655,130 9,244 0.53 JTEKT 127,271 885 0.05 Kagome 42,400 861 0.05 Kao 260,738 11,527 0.67 Kewpie 57,658 986 0.06 Kikkoman 101,046 4,503 0.26 Kirin Holdings 423,080 5,888 0.34 Koito Manufacturing 63,309 2,833 0.16 Kokuyo 49,900 577 0.03 Konami 51,679 2,145 0.12 Kose 15,800 1,618 0.09 Kotobuki Spirits 10,100 394 0.02 Lion 139,600 1,913 0.11 Makita 134,856 4,343 0.25 Mazda Motor 315,637 1,757 0.10 Megmilk Snow Brand 20,098 300 0.02 Meiji Holdings 74,200 3,297 0.19 Mitsubishi Motors 335,632 660 0.04 Mitsubishi Shokuhin 8,500 161 0.01 Morinaga 21,400 484 0.03 Morinaga Milk Industry 21,600 899 0.05 NGK Spark Plug 104,020 1,109 0.06 NH Foods 55,800 1,712 0.10 NHK Spring 83,300 438 0.03 Nichirei 57,239 1,077 0.06 Nifco 44,800 1,049 0.06 Nikon 172,700 1,194 0.07 Nintendo 59,045 23,461 1.35 Nissan Motor 1,067,900 3,702 0.21 Nisshin Seifun 137,600 1,638 0.09 Nissin Food Products 38,200 2,019 0.12 Noevir Holdings 6,900 220 0.01 NOK 62,600 540 0.03




% Paltac 17,600 647 0.04 Panasonic 1,183,867 9,330 0.54 Pigeon Corporation 61,253 1,385 0.08 Pola Orbis Holdings 41,294 747 0.04 Rinnai 19,700 1,379 0.08 Sapporo Breweries 32,500 465 0.03 Sega Sammy Holdings 106,200 972 0.06 Sekisui Chemical 193,192 2,418 0.14 Sekisui House 319,433 4,714 0.27 Sharp 82,800 1,029 0.06 Shimano 43,392 6,755 0.39 Shiseido 214,800 10,438 0.60 Sony 682,583 45,248 2.61 Stanley Electric 77,400 1,511 0.09 Subaru Corporation 339,759 4,511 0.26 Sumitomo Electric Industries 416,203 4,421 0.26 Sumitomo Forestry 72,100 1,039 0.06 Sumitomo Rubber Industries 96,600 890 0.05 Suntory Beverage & Food 67,300 1,798 0.10 Suzuki Motor 251,367 6,915 0.40 Takara Holdings 99,500 898 0.05 Tokai Rika 24,400 271 0.02 Toyo Suisan Kaisha 48,300 1,466 0.08 Toyo Tire & Rubber 54,302 737 0.04 Toyoda Gosei 40,700 716 0.04 Toyota Boshoku 30,600 398 0.02 Toyota Industries 89,100 5,224 0.30 Toyota Motor 1,361,383 74,854 4.32 TS Tech 54,100 519 0.03 Unicharm 214,817 5,955 0.34 Yakult Honsha 73,667 2,695 0.16 Yamaha 86,394 3,429 0.20 Yamaha Motor 156,433 2,762 0.16 Yamazaki Baking 67,500 762 0.04 Yokohama Rubber 56,000 768 0.04 Total Consumer Goods 384,069 22.16

Healthcare - 7.72% (9.69%) Alfresa Holdings 93,300 1,076 0.06

AS One 7,200 615 0.04 Asahi Intecc 103,700 1,934 0.11 Astellas Pharma 1,029,524 11,175 0.64 Chugai Pharmaceuticals 359,600 9,607 0.55 Daiichi Sankyo 1,057,100 18,516 1.07 Eisai 146,200 6,586 0.38 Hisamitsu Pharmaceutical 37,751 1,525 0.09 H. U. Group 27,899 635 0.04 JCR Pharmaceuticals 30,800 661 0.04

239JAPAN INDEX FUND



% Kaken Pharmaceutical 17,600 514 0.03 Kobayashi Pharmaceutical 33,300 2,130 0.12 Kyowa Kirin 137,600 2,923 0.17 Mani 30,900 489 0.03 Medipal Holdings 77,900 1,061 0.06 Mochida Pharmaceutical 13,300 323 0.02 Nihon Kohden 39,778 828 0.05 Nippon Shinyaku 29,132 1,349 0.08 Nipro 67,013 565 0.03 Olympus Optical 584,000 7,941 0.46 Ono Pharmaceutical 236,935 3,897 0.22 Otsuka Holdings 233,300 6,642 0.38 Peptidream 49,300 1,540 0.09 Rohto Pharmaceutical 52,007 940 0.05 Santen Pharmaceuticals 196,947 1,834 0.11 Sawai Group Holdings 22,400 708 0.04 Shionogi 152,000 5,644 0.33 SHIP Healthcare 42,000 748 0.04 Sumitomo Dainippon Pharma 89,004 1,133 0.06 Suzuken 39,900 937 0.05 Sysmex 104,870 7,251 0.42 Taisho Pharmaceuticals 24,517 1,056 0.06 Takara Bio 24,000 456 0.03 Takeda Pharmaceutical 845,334 20,507 1.18 Terumo 363,700 9,316 0.54 Tsumura 35,200 796 0.05 Total Healthcare 133,858 7.72

Consumer Services - 9.64% (10.56%) Aeon 390,109 7,578 0.44 AIN Holdings 15,799 671 0.04 ANA Holdings 86,900 1,380 0.08 Benesse 41,355 671 0.04 Bic Camera 86,020 628 0.04 Central Japan Railway 100,084 10,283 0.59 Cosmos Pharmaceutical 9,700 985 0.06 Dai Nippon Printing 154,800 2,327 0.14 Dena 51,985 680 0.04 Dentsu 121,300 2,628 0.15 East Japan Railway 200,512 9,692 0.56 Fast Retailing 28,443 16,021 0.93 Fuji Kyuko 11,900 382 0.02 Fuji Media Holdings 27,300 214 0.01 Hakuhodo DY Holdings 127,100 1,443 0.08 Hankyu 122,452 2,661 0.15 Heiwa 32,056 399 0.02 Isetan Mitsukoshi Holdings 200,000 953 0.05




% Izumi 23,100 633 0.04 J Front Retailing 139,100 910 0.05 Japan Airlines 83,143 1,216 0.07 K's Holdings 90,800 816 0.05 Kakaku.com 73,700 1,415 0.08 Keihan Electric Railway 52,400 1,181 0.07 Keikyu Corporation 133,100 1,216 0.07 Keio 63,600 2,884 0.17 Keisei Electric Railway 76,700 1,597 0.09 Kintetsu 100,700 2,534 0.15 Kobe Bussan 26,000 484 0.03 Kusuri No Aoki 8,520 427 0.03 Lawson 25,743 824 0.05 Marui 112,738 1,444 0.08 Matsumotokiyoshi 40,800 1,093 0.06 Nagoya Railroad 109,800 1,531 0.09 Nankai Electric Railway 57,400 869 0.05 Nippon Television Network 14,700 124 0.01 Nishi-Nippon Railroad 41,800 721 0.04 Nitori 41,430 5,237 0.30 Odakyu Electric Railway 169,900 3,187 0.18 Oriental Land 103,709 10,272 0.59 Pan Pacific International Holdings 281,600 4,022 0.23 Park24 63,466 883 0.05 Rakuten 438,271 3,704 0.21 Resort Trust 39,600 417 0.02 Ryohin Keikaku 130,000 1,851 0.11 Sankyo 22,000 372 0.02 Seibu Holdings 118,738 878 0.05 Seven & I Holdings 425,808 13,641 0.79 Shimamura 12,600 882 0.05 Shochiku Film 5,200 414 0.02 Sky Perfect JSAT 55,500 156 0.01 Skylark 109,249 1,152 0.07 So-net M3 233,100 10,753 0.62 Sotetsu Holdings 42,900 594 0.03 Sugi Holdings 19,000 1,052 0.06 Sundrug 37,800 917 0.05 Sushiro Global Holdings 56,100 1,665 0.10 Takashimaya 77,900 595 0.03 Tobu Railway 112,300 2,078 0.12 Toho 63,539 1,768 0.10 Tokyo Broadcasting Systems 21,600 290 0.02 Tokyu 271,000 2,466 0.14 Toyota Tsusho 123,200 3,916 0.23 Tsuruha Holdings 19,502 1,634 0.09

241JAPAN INDEX FUND



% TV Asahi Corporation 12,800 158 0.01 USS 113,046 1,406 0.08 Welcia 53,800 1,190 0.07 West Japan Railway 101,116 3,988 0.23 Yamada Denki 412,328 1,487 0.09 Yaoko 10,800 471 0.03 Zensho Holdings 51,723 919 0.05 ZOZO 54,319 1,249 0.07 Total Consumer Services 167,179 9.64

Telecommunications - 5.35% (5.78%) Hikari Tsushin 12,300 1,741 0.10 KDDI 939,776 21,524 1.24 Nippon Telegraph & Telephone 672,900 12,670 0.73 Softbank 770,100 42,593 2.46 Softbank Corporation 1,525,445 14,134 0.82 Total Telecommunications 92,662 5.35

Utilities - 1.42% (1.72%) Chubu Electric Power 386,400 3,405 0.20

Chugoku Electric Power 161,500 1,158 0.07 Electric Power Development 88,463 946 0.05 Hokuriku Electric Power 102,425 440 0.03 Iwatani 27,900 1,191 0.07 Kansai Electric Power 402,000 2,812 0.16 Kyushu Electric Power 255,969 1,509 0.09 Osaka Gas 218,200 3,119 0.18 Renova 23,700 509 0.03 Shikoku Electric Power 82,400 420 0.02 Toho Gas 49,200 2,071 0.12 Tohoku Electric Power 259,200 1,604 0.09 Tokyo Electric Power 860,988 1,904 0.11 Tokyo Gas 234,300 3,476 0.20 Total Utilities 24,564 1.42

Financials - 12.61% (10.65%) Acom 222,300 653 0.04

Activia Properties 298 953 0.05 Advance Residence Investment 519 1,150 0.07 Aeon Financial Service 61,800 505 0.03 Aeon Mall 68,859 754 0.04 Aozora Bank 61,500 991 0.06 Bank of Kyoto 40,900 1,411 0.08 Century Tokyo Leasing Corporation 33,200 1,348 0.08 Chiba Bank 327,000 1,531 0.09 Chugoku Bank 100,500 574 0.03




% Concordia Financial Group 615,100 1,684 0.10 Credit Saison 82,087 676 0.04 Dai-ichi Mutual Life Insurance 587,496 7,789 0.45 Daito Trust Construction 35,800 2,675 0.15 Daiwa House REIT 809 1,551 0.09 Daiwa Office Investment 113 561 0.03 Daiwa Securities Group 836,825 3,300 0.19 Fukuoka Financial 86,900 1,122 0.06 Fuyo General Lease 11,200 553 0.03 GLP J-REIT 1,696 1,964 0.11 Gunma Bank 224,500 539 0.03 Hachijuni Bank 246,310 610 0.04 Hirogin Holdings 162,200 646 0.04 Hulic 205,506 1,544 0.09 Ichigo Group Holdings 91,297 201 0.01 Industrial & Infrastructure Fund 759 938 0.05 Iyo Bank 160,500 642 0.04 Japan Exchange Group 298,869 4,820 0.28 Japan Logistics Fund 346 684 0.04 Japan Post Bank 218,800 1,482 0.09 Japan Post Holdings 733,456 4,498 0.26 Japan Post Insurance 98,423 1,405 0.08 Japan Prime Realty Investment 354 962 0.06 Japan Real Estate Investment Trust 539 2,265 0.13 Japan Retail Fund Investment 2,911 1,996 0.12 Kenedix Office Investment 164 832 0.05 Kyoritsu Maintenance 12,100 266 0.02 Kyushu Financial Group 200,778 546 0.03 LaSalle Logiport REIT 651 721 0.04 Matsui Securities 51,200 283 0.02 Mebuki Financial Group 536,743 870 0.05 Mitsubishi Estate 633,433 7,356 0.42 Mitsubishi UFJ Financial Group 6,906,029 27,217 1.57 Mitsubishi UFJ Lease & Finance 349,800 1,441 0.08 Mitsui Fudosan 514,448 8,100 0.47 Mitsui Fudosan Logistics 218 766 0.04 Mizuho Financial Group 1,405,000 14,741 0.85 Mori Hills REIT 635 630 0.04 MS & AD Insurance Group 262,109 5,668 0.33 Nihon M&A Center 144,500 2,495 0.14 Nippon Accommodations Fund 184 742 0.04 Nippon Building Fund 611 2,687 0.16 Nippon Prologis REIT 925 2,049 0.12 Nomura Holdings 1,667,800 6,240 0.36 Nomura Real Estate Master Fund 1,895 2,028 0.12 Nomura REIT 63,000 1,129 0.07

243JAPAN INDEX FUND



% Open House 39,400 1,104 0.06 Orient 282,700 260 0.01 Orix 675,655 8,132 0.47 Orix J REIT 1,122 1,367 0.08 Relo Holdings 56,113 792 0.04 Resona 1,309,859 3,991 0.23 SBI Holdings 131,974 2,411 0.14 Sekisui House REIT 1,732 994 0.06 Seven Bank 352,472 535 0.03 Shinsei Bank 97,800 1,032 0.06 Shizuoka Bank 268,038 1,570 0.09 Sompo Japan Nipponkoa Holdings 182,231 5,102 0.29 Sumitomo Mitsui Financial Group 717,798 18,628 1.07 Sumitomo Mitsui Trust Holdings 202,200 5,076 0.29 Sumitomo Realty & Development 219,997 4,983 0.29 T&D Holdings 296,900 2,738 0.16 Tokio Marine Holdings 359,596 12,796 0.74 Tokyo Tatemono 106,210 1,121 0.06 Tokyu Fudosan 344,500 1,363 0.08 United Urban Investment 1,267 1,319 0.08 Yamaguchi Financial Group 136,175 578 0.03 Zenkoku Hosho 28,900 860 0.05 Total Financials 218,536 12.61

Technology - 7.76% (6.71%) Advantest 108,703 6,444 0.37 Anritsu 76,400 1,037 0.06 BayCurrent Consulting 7,200 1,557 0.09 Brother Industries 130,498 1,803 0.10 Canon 550,700 9,021 0.52 Canon Marketing Japan 24,313 402 0.02 Capcom 99,900 2,197 0.13 CyberAgent 212,400 2,890 0.17 Elecom 23,600 329 0.02 Fujifilm Holdings 195,500 8,958 0.52 Fujitsu 104,900 11,424 0.66 GMO Internet 32,100 624 0.04 GungHo Online Entertainment 20,700 266 0.02 IT Holdings 129,200 2,176 0.12 ITOCHU Techno-Solutions 51,700 1,195 0.07 JustSystems 18,200 695 0.04 Konica Minolta 241,774 949 0.05 Lasertec 42,200 4,831 0.28 NEC 145,200 4,888 0.28 NEC Networks & Systems Integration 36,000 419 0.02 Net One Systems 44,600 989 0.06




% Nexon 225,600 4,102 0.24 Nihon Unisys 34,500 723 0.04 Nomura Research Institute 145,300 3,011 0.17 NTT Data 351,500 3,851 0.22 Obic 37,046 4,933 0.28 Obic Business Consultants 8,200 323 0.02 Oracle Japan 17,400 1,186 0.07 Otsuka 56,700 2,093 0.12 Renesas Electronics 400,325 3,072 0.18 Ricoh 380,699 3,047 0.18 Rohm 46,025 2,961 0.17 Screen Holdings 21,500 1,360 0.08 SCSK 21,900 854 0.05 Seiko Epson 152,700 1,847 0.11 Shinko Electric Industries 37,000 742 0.04 Shinnittetsu Sumikin Solutions 19,216 387 0.02 Square Enix 42,800 1,569 0.09 Sumco 130,257 2,067 0.12 Tecmo Koei 40,800 1,254 0.07 Tokyo Electron 81,754 24,610 1.42 Tokyo Ohka Kogyo 20,100 884 0.05 Trend Micro 64,283 2,268 0.13 Z Holdings 1,449,358 4,276 0.25 Total Technology 134,514 7.76 Futures - - 0.03% (0.08%)

OSE TOPIX Index Future June 2021 222 (475) (0.03) Total Futures (475) (0.03) Total Japan 1,705,577 98.40



Net assets 1,733,302 100.00 Figures in brackets denote comparative percentage holdings as at 15 May 2020. Unless otherwise stated, all investments are listed securities. The counterparty for the future is HSBC.

245JAPAN INDEX FUND

Comparative Tables


15.5.21 15.5.20 15.5.19

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

PerformanceReturn after charges 12.79% 4.36% (6.94%)




15.5.21 15.5.20 15.5.19

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




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


Comparative Tables


15.5.21 15.5.20 15.5.19






15.5.21 15.5.20 15.5.19



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



247JAPAN INDEX FUND

Comparative Tables


15.5.21 15.5.20 15.5.19

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

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

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

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


15.5.21 15.5.20 15.5.19





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


Comparative Tables


15.5.21 15.5.20 15.5.19





Income S Change in net assets per share

15.5.21 15.5.20 15.5.19





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

249JAPAN INDEX FUND

Comparative Tables


15.5.21 15.5.20 15.5.19





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



15.5.21 15.5.20Notes £’000 £’000 £’000 £’000


Expenses 4 (743) (882)Interest payable and similar charges (45) (28)Net revenue before taxation 29,849 36,977 Taxation 5 (3,064) (3,788)Net revenue after taxation 26,785 33,189 Total return before distributions 157,016 71,215 Distributions 6 (26,810) (33,192)Change in net assets attributable to shareholders from investment activities 130,206 38,023


15.5.21 15.5.20£’000 £’000 £’000 £’000

Opening net assets attributable to shareholders 1,355,810 1,673,685 Amounts receivable on creation of shares 603,430 359,012 Amounts payable on cancellation of shares (382,172) (742,336)

221,258 (383,324)Dilution adjustment 1,814 1,393 Change in net assets attributable to shareholders frominvestment activities (see Statement of Total Return above) 130,206 38,023 Retained distribution on accumulation shares 24,214 26,033 Closing net assets attributable to shareholders 1,733,302 1,355,810


15.5.21 15.5.20Notes £’000 £’000 £’000 £’000



Total current assets 35,791 64,645 Total assets 1,741,843 1,361,200 LiabilitiesInvestment liabilities (475) - Creditors

Distribution payable on income shares (6,952) (4,436)Other creditors 9 (1,114) (954)


251JAPAN INDEX FUND




15.7.21 15.7.20










15.5.21 15.5.20£’000 £’000


2. Net Capital GainsThe net capital gains during the year comprise:Currency (losses)/gains (4,349) 2,836 Transaction charges (42) (34)Gains/(losses) on derivative contracts 13,051 (4,819)Gains on non-derivative securities 121,571 40,043 Net capital gains 130,231 38,026

3. RevenueOverseas dividends 30,637 37,882 Bank interest - 5 Total revenue 30,637 37,887


457 561 Payable to the Depositary, associates of the Depositary and agents of either of them:Depositary fee 132 133 Other expenses:Audit fee 7 5 Legal fee 1 - License fee 146 178 Report and accounts fee - 2 Professional fees - 3



253JAPAN INDEX FUND

15.5.21 15.5.20£’000 £’000


Overseas tax 3,064 3,788 Total current tax charge for the year (note 5b) 3,064 3,788 Deferred tax (note 5c) - - Total tax for the year (note 5b) 3,064 3,788

b) Factors affecting taxation charge for the year:The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an open-ended investment company (20%). The differences are explained below:Net revenue before taxation 29,849 36,977 Corporation tax at 20% 5,970 7,395 Effects of:Revenue not subject to taxation (6,071) (7,576)Current year expenses not utilised 107 181 Irrecoverable overseas tax 3,064 3,788 Tax relief on overseas tax suffered (6) - Current tax charge for the year (note 5a) 3,064 3,788

c) Provision for deferred taxationAt 15 May 2021, there is a potential deferred tax asset of £1,233,889 (15.5.20: £1,127,009) in relation to surplus management expenses. It is unlikely the Fund will generate sufficient taxable profits in the future to utilise these expenses and therefore no deferred tax asset has been recognised in the year or prior year.



7. Movement Between Net Revenue and DistributionsNet revenue after taxation 26,785 33,189 Equalisation on conversions 25 3 Net distribution for the year 26,810 33,192

8. DebtorsAmounts receivable for creation of shares 4,827 1,543 Sales awaiting settlement 4 - Accrued revenue 13,376 15,271 Total debtors 18,207 16,814

9. Other CreditorsAmounts payable for cancellation of shares 1,062 868 Accrued expenses 52 86 Total other creditors 1,114 954



Retail IncomeRetail


IncomeInstitutional

Accumulation

Opening shares issued at 16.5.20 4,470,703 24,479,340 110,531,906 708,386,171 Share movements 16.5.20 to 15.5.21Shares issued 9,169,888 28,346,441 27,827,862 124,088,712 Shares cancelled (9,236,669) (33,401,721) (27,587,164) (148,924,296)Shares converted (4,368,239) (14,625,516) (448,175) - Closing shares issued at 15.5.21 35,683 4,798,544 110,324,429 683,550,587

Income C

Accumulation C

Income S

Accumulation S

Opening shares issued at 16.5.20 42,425,249 145,267,643 17,952,691 23,950,406 Share movements 16.5.20 to 15.5.21Shares issued 14,805,139 69,825,897 160,404,129 31,845,125 Shares cancelled (20,777,909) (38,305,314) (1,707,931) (2,834,486)Shares converted 5,063,843 658,690 (5,214) 13,675,120 Closing shares issued at 15.5.21 41,516,322 177,446,916 176,643,675 66,636,165





RetailIncome

Retail Accumulation



% % % %As at 15.5.21 - - 86.64 96.93 As at 15.5.20 - - 85.88 96.81

IncomeC

AccumulationC

IncomeS

AccumulationS

% % % %As at 15.5.21 2.59 3.10 - - As at 15.5.20 2.61 4.20 - -

Details of all other material related party transactions during the year and any payment amounts outstanding at the

balance sheet date are disclosed in notes 8 and 9 to the financial statements and the Statement of Change in Net Assets Attributable to Shareholders and the Portfolio Statement.

The balance due from the ACD (including amounts due to associates and agents) at the year end was £3,697,227 (15.5.20: £573,812), further details of such amounts can be found in notes 8 and 9.


255JAPAN INDEX FUND








Netassets/(liabilities)

15.5.21 15.5.20 15.5.21 15.5.20 15.5.21 15.5.20 £'000 £'000 £'000 £'000 £'000 £'000

Sterling* - - (1,720) (2,264) (1,720) (2,264)Japanese yen 1,705,577 1,296,555 29,445 61,519 1,735,022 1,358,074 Total 1,705,577 1,296,555 27,725 59,255 1,733,302 1,355,810


Interest Rate Risk









The use of derivatives can create additional counterparty risks. Details of the policy adopted by the ACD for managing counterparty and other risks are set out in the Notes to the Financial Statements. The types of derivatives held at the year end was index futures. Details of the individual contracts are shown on the Portfolio Statement on pages 233 to 244.









Analysis of total purchases costsEquity transactions 450,753 76 0.02 - - - - Total purchases before transaction costs 450,753 76 - - Transaction costs 76








Analysis of total purchases costsEquity transactions 195,820 45 0.02 - - - - Total purchases before transaction costs 195,820 45 - - Transaction costs 45 Total purchases after commission, tax and fees 195,865






257JAPAN INDEX FUND











1,706,052 - - 1,706,052


(475) - - (475)

For the year ended 15 May 2020Category 1 2 3 TotalInvestment Assets £'000 £'000 £'000 £'000Equities 1,295,519 - - 1,295,519 Derivatives 1,036 - - 1,036

1,296,555 - - 1,296,555








258 PACIFIC INDEX FUND

Pacific Index Fund


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

Investment Policy*

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








Portfolio Activity

FTSE World Asia Pacific excluding Japan Index was up 37.64% during the reporting period. The main driving sector was Technology with a contribution of 15.76%, followed by the Financials sectors with 9.51%. Technology was also the best performing sector in absolute terms with a performance of 65.33%, followed by Basic Materials with 57.16%. Utilities and Telecommunications sectors contributed slightly negatively. From a country perspective, it was a country trio leading the way with Korea (11.84%), Australia (11.06%) and Taiwan (10.26%), while Cambodia contributed slightly negatively.

Asia Pacific equities reported steady gains throughout the reporting period and recovered quickly from the historic sell off due to the Covid-19 crisis in late February and March 2020 and accelerated the recovery speed since end of October on the back of easing Covid-19 measures, accommodative policy support as well as strong macro data in some countries which were – especially at the beginning of the period – more positive than for Europe for example. The general recovery since November including the removed uncertainty in the markets and the approval of vaccines have then support an even faster growth.

259PACIFIC INDEX FUND


During the year under review, the value of the shares in the Fund increased by 36.81% and the value of the FTSE World Asia Pacific Excluding Japan Index rose by 37.64%.



Tracking Error



Retail Income

Retail Accumulation



Price 320.8p xd 496.6p 361.4p xd 538.1p


6.866914p 10.600835p 8.762234p 12.742785p



Income C

AccumulationC

Income S

AccumulationS

Price 318.3p xd 501.4p 318.2p xd 503.0p


7.417061p 11.421956p 7.566810p 11.683613p






%AUSTRALIA - 26.57% (25.95%)

ADBRI 74,557 133 0.02 Afterpay Touch Group 39,758 1,890 0.30 AGL Energy 117,055 549 0.09 ALS 86,102 510 0.08 Altium 17,869 238 0.04 Alumina 457,896 456 0.07 AMP 576,832 345 0.06 Ampol 41,008 581 0.09 Ansell 23,022 518 0.08 APA 211,727 1,127 0.18 Appen 19,567 119 0.02 Aristocrat Leisure 114,470 2,336 0.37 ASX 34,716 1,426 0.23 Atlas Arteria 178,615 610 0.10 Aurizon Holdings 318,627 641 0.10 Ausnet Services 340,323 334 0.05 Australia and New Zealand Banking Group 508,788 7,690 1.23 Bank of Queensland 114,297 555 0.09 Beach Energy 325,961 227 0.04 Bendigo Bank 89,049 501 0.08 BHP Billiton 528,463 14,428 2.31 Bluescope Steel 90,105 1,065 0.17 Boral 227,363 843 0.14 Brambles 263,386 1,554 0.25 Carsales.com 38,396 413 0.07 Challenger 120,681 327 0.05 Charter Hall 78,586 585 0.09 Cimic Group 17,817 196 0.03 Cleanaway Waste Management 254,630 395 0.06 Cochlear 11,231 1,335 0.21 Coles Group 227,515 2,047 0.33 Commonwealth Bank of Australia 317,631 16,902 2.71 Computershare 96,144 785 0.13 Crown 67,695 482 0.08 CSL 81,298 12,440 1.99 CSR 90,393 297 0.05 Deterra Royalties 75,525 184 0.03 Dexus 195,812 1,091 0.18 Domain Holdings Australia 30,062 74 0.01 Domino's Pizza 10,842 628 0.10 Downer EDI 126,744 379 0.06 Evolution Mining 280,542 750 0.12 Flight Centre 22,486 187 0.03 Fortescue Metals Group 285,205 3,579 0.57 General Property Group 349,548 889 0.14




% Goodman Group 325,182 3,357 0.54 Harvey Norman 110,345 313 0.05 IDP Education 22,922 267 0.04 IGO 111,269 449 0.07 Iluka Resources 78,094 359 0.06 Incitec Pivot 367,356 484 0.08 Insurance Australia 446,253 1,206 0.19 IOOF 118,242 233 0.04 JB Hi-Fi 21,033 547 0.09 Lend Lease 118,905 773 0.12 Macquarie Group 58,662 5,111 0.82 Magellan Financial Group 23,805 615 0.10 Medibank 474,526 777 0.13 Metcash 195,529 373 0.06 Mineral Resources 25,031 609 0.10 Mirvac Group 681,640 1,015 0.16 National Australia Bank 590,169 8,533 1.37 Newcrest Mining 146,324 2,220 0.36 NextDC 81,016 466 0.07 Northern Star Resources 207,772 1,205 0.19 Nufarm 46,051 128 0.02 Orica 72,600 547 0.09 Origin Energy 315,063 698 0.11 Orora 154,861 261 0.04 OZ Minerals 57,885 801 0.13 Perpetual Trustees Australia 10,062 190 0.03 Platinum Asset Management 42,586 109 0.02 Qantas Airways 137,079 336 0.05 QBE Insurance Group 260,693 1,505 0.24 Qube Holdings 272,560 457 0.07 Ramsay Health Care 30,557 1,075 0.17 REA Group 8,794 715 0.11 Reece Australia 44,460 503 0.08 Rio Tinto 66,498 4,598 0.74 Santos 336,634 1,292 0.21 Scentre Group 930,511 1,370 0.22 SEEK 61,515 964 0.15 Seven Group Holdings 23,919 262 0.04 Shopping Centres Australasia 191,876 256 0.04 Sims Metal Management 30,779 272 0.04 Sonic Healthcare 85,162 1,641 0.26 South32 869,644 1,405 0.23 Star Entertainment Group 153,796 343 0.06 Stockland Trust 426,867 1,083 0.17 Suncorp Group 229,491 1,301 0.21 Sydney Airport 237,287 745 0.12




% Tabcorp Holdings 372,250 1,043 0.17 Telstra 746,972 1,417 0.23 Transurban 490,362 3,772 0.61 Treasury Wine Estates 124,411 741 0.12 Vicinity Centres REIT 640,569 540 0.09 Vocus Communications 103,332 311 0.05 Vodafone Hutchison 68,332 196 0.03 Washinton H. Soul Pattinson 16,953 278 0.05 Wesfarmers 203,016 6,060 0.97 Westpac Banking 657,045 9,203 1.47 Whitehaven Coal 150,472 114 0.02 Wisetech Global 14,990 214 0.04 Woodside Petroleum 169,401 2,109 0.34 Woolworths 226,566 5,067 0.81 Worleyparsons 53,879 336 0.05 Total Australia 165,811 26.57 Bermuda - 0.64% (0.90%)

#Brightoil Petroleum Holdings 339,422 - 0.00 C K Infrastructure 117,608 531 0.08 Dairy Farm International Holdings 61,600 190 0.03 Haitong International Securities Group 320,535 67 0.01 Hong Kong Land (Singapore registered US$) 211,889 717 0.11 Huabao International 155,498 115 0.02 Jardine Matheson (Singapore registered US$) 36,324 1,671 0.27 Johnson Electric Holdings 63,827 113 0.02 Kerry Logistics Network 91,505 195 0.03 United Energy Group 1,340,623 174 0.03 Yue Yuen Industrial Holdings 130,730 227 0.04 Total Bermuda 4,000 0.64

CAYMAN ISLANDS - 2.79% (3.29%) AAC Technologies Holdings 124,034 482 0.08

AirTAC 26,000 659 0.11 Budweiser Brewing 315,379 790 0.13 Chailease Holdings 231,171 1,142 0.18 Chow Tai Fook Jewel 317,212 379 0.06 CK Asset Holdings 425,373 1,940 0.31 CK Hutchison Holdings 479,630 2,731 0.44 ESR Cayman 319,485 683 0.11 FIH Mobile 252,454 24 0.00 Fit Hon Teng 185,000 37 0.01 Hutchison Telecommunications 214,819 28 0.00 JS Global Lifestyle 122,000 234 0.04 Lee & Man Paper 239,000 157 0.03 MGM China Holdings 137,747 138 0.02




% Microport Scientific Corporation 79,000 414 0.07 Minth Group 125,313 332 0.05 NagaCorp 277,837 196 0.03 Nexteer Automotive Group 118,832 87 0.01 Parade Technologies 11,823 386 0.06 Sands China 421,929 1,278 0.20 Shui On Land 643,607 74 0.01 Silergy Corporation 11,000 751 0.12 SITC International Holdings 210,839 515 0.08 Tingyi (Cayman Islands) 314,659 409 0.07 TPK 55,270 68 0.01 Uni-President China Holdings 238,234 185 0.03 Vinda International Holdings 54,000 122 0.02 Want Want China 988,107 521 0.08 WH Group 1,507,765 927 0.15 Wharf Real Estate Investment Company 293,750 1,176 0.19 Wynn Macau 260,471 308 0.05 Zhen Ding Technology Holdings 117,086 267 0.04 Total Cayman Islands 17,440 2.79

CHANNEL ISLANDS - 0.39% (0.47%) Amcor 282,371 2,456 0.39

Total Channel Islands 2,456 0.39

HONG KONG - 9.81% (11.96%) AIA Group 2,162,883 20,183 3.23 Asm Pacific Technology 55,293 508 0.08 Bank of China (Hong Kong) Limited 642,163 1,723 0.28 Bank of East Asia 236,119 342 0.06 Café De Coral 55,499 83 0.01 Cathay Pacific Airways 166,662 98 0.02 Champion REIT 403,393 165 0.03 China Travel International 464,558 52 0.01 CLP 294,280 2,136 0.34 Dah Sing Banking 52,414 41 0.01 Dah Sing Finance Holdings 23,756 55 0.01 First Pacific 543,158 130 0.02 Galaxy Entertainment 383,540 2,214 0.35 Guotai Junan International 213,869 27 0.00 Hang Lung Group 164,421 283 0.05 Hang Lung Properties 377,096 676 0.11 Hang Seng Bank 129,812 1,895 0.30 Henderson Land Developments 241,679 773 0.12 Hong Kong & China Gas 1,855,730 2,232 0.36




% Hong Kong Exchanges & Clearing 227,483 9,194 1.47 Hysan Development 113,124 292 0.05 Kerry Properties 110,958 260 0.04 Lenovo Group 1,362,920 1,131 0.18 Lifestyle International Holdings 85,733 49 0.01 Link REIT 368,601 2,466 0.40 Man Wah Holdings 276,117 411 0.07 Melco International Development 139,776 171 0.03 MMG 345,474 161 0.03 MTR 256,791 1,028 0.16 New World Development 260,365 958 0.15 NWS Holdings 263,039 206 0.03 PCCW 685,806 271 0.04 Power Assets Holdings 244,894 1,114 0.18 Shangri-La Asia 204,059 129 0.02 Shun Tak 418,477 92 0.01 Sino Land 613,989 651 0.10 SJM 333,473 263 0.04 Sun Art Retail Group 296,365 161 0.03 Sun Hung Kai Properties 254,497 2,666 0.43 Swire Pacific A 90,483 486 0.08 Swire Pacific B 195,224 168 0.03 Swire Properties 190,831 396 0.06 Techtronic Industries 223,430 2,822 0.45 Towngas China 203,943 94 0.02 Vitasoy International 148,274 404 0.06 VTech 24,002 148 0.02 Wharf Holdings 253,447 548 0.09 Xinyi Glass 352,511 849 0.14 Total Hong Kong 61,205 9.81 IRELAND - 0.29% (0.20%)

James Hardie Industries 79,543 1,819 0.29 Total Ireland 1,819 0.29

ITALY - 0.07% (0.05%) Prada 95,359 431 0.07

Total Italy 431 0.07

LUXEMBOURG - 0.07% (0.06%) L’Occitane International 67,325 155 0.02 Samsonite International 240,590 296 0.05 Total Luxembourg 451 0.07




%MALAYSIA - 2.74% (3.67%)

Airasia Berhad 215,482 31 0.00 Alliance Financial Group 135,693 59 0.01 AMMB Holdings 342,284 171 0.03 Astro Malaysia 211,023 38 0.01 Axiata Group 818,344 514 0.08 British American Tobacco 20,166 51 0.01 CIMB 1,261,101 907 0.15 Dialog Group 829,770 428 0.07 DiGi.Com 686,664 490 0.08 Felda Global Ventures 123,800 30 0.01 Fraser & Neave 18,243 89 0.01 Gamuda 415,294 235 0.04 Genting 426,574 352 0.06 Genting Malaysia 510,681 243 0.04 Hap Seng Consolidated Berhad 121,041 165 0.03 Hartalega Holdings 266,200 436 0.07 Hong Leong Bank 104,544 318 0.05 Hong Leong Credit 30,638 88 0.01 IHH Healthcare (Malaysia) 539,855 506 0.08 IJM 570,523 178 0.03 IOI 576,000 407 0.07 IOI Properties Group 210,279 47 0.01 Kuala Lumpur Kepong 85,830 331 0.05 Malayan Banking 1,075,101 1,519 0.24 Malaysia Airports Holdings 151,289 141 0.02 Maxis 491,116 383 0.06 MISC Berhad 321,697 372 0.06 Nestle (Malaysia) 11,165 260 0.04 Petronas Chemical Group 526,212 730 0.12 Petronas Dagangan 65,182 214 0.03 Petronas Gas 106,254 287 0.05 PPB Group Berhad 121,840 388 0.06 Press Metal Berhad 706,764 651 0.10 Public Bank 2,786,785 1,985 0.32 QL Resources 200,285 207 0.03 RHB Capital 276,236 247 0.04 Sime Darby 648,055 248 0.04 Sime Darby Plantation 647,277 508 0.08 Sime Darby Property 799,693 88 0.01 Supermax 270,800 222 0.04 Telekom Malaysia 197,260 191 0.03 Tenaga Nasional 699,234 1,187 0.19 Top Glove 969,208 891 0.14 Westports Holdings 186,026 140 0.02 YTL Corporation 844,801 100 0.02 Total Malaysia 17,073 2.74




%

MAURITIUS - 0.02% (0.02%) Golden Agri-Resources 847,671 111 0.02

Total Mauritius 111 0.02

NEW ZEALAND - 1.36% (1.52%) A2 Milk 131,432 405 0.07

Air New Zealand 94,454 79 0.01 Auckland International Airport 215,346 813 0.13 Contact Energy 120,151 467 0.08 Fisher & Paykel Healthcare 101,504 1,714 0.27 Fletcher Building 153,102 574 0.09 Infratil 91,317 339 0.05 Kiwi Property Group 274,399 172 0.03 Mercury 125,645 421 0.07 Meridian Energy 210,081 567 0.09 Ryman Healthcare 73,464 551 0.09 Sky City Entertainment Group 141,021 251 0.04 Spark New Zealand 329,024 753 0.12 Xero 22,165 1,372 0.22 Total New Zealand 8,478 1.36

PAPUA NEW GUINEA - 0.12% (0.11%) Oil Search 366,634 762 0.12

Total Papua New Guinea 762 0.12

SINGAPORE - 4.35% (5.01%) Ascendas REIT 947,417 1,443 0.23

Ascott REIT 331,125 173 0.03 BOC Aviation 38,763 241 0.04 Capitaland 461,121 859 0.14 CapitaLand Mall Trust 781,786 824 0.13 City Developments 77,752 300 0.05 ComfortDelGro 372,253 313 0.05 DBS 320,161 4,987 0.80 Frasers Logistics & Commercial Trust 484,800 359 0.06 Genting Singapore 1,078,297 451 0.07 Hutchison Port 847,138 132 0.02 Jardine Cycle & Carriage 18,365 211 0.03 Keppel 266,939 725 0.12 Keppel DC REIT 219,800 301 0.05 Keppel REIT 358,938 224 0.03 Mapletree Commercial Trust 407,369 430 0.07 Mapletree Industial Trust 295,860 419 0.07 Mapletree Logistics REIT 515,213 521 0.08 Mapletree North Asia Commercial Trust 385,012 205 0.03




% NetLink NBN Trust 544,600 284 0.05 Olam International 116,652 103 0.02 Overseas-Chinese Banking 626,805 3,912 0.63 SATS 122,888 241 0.04 Sembcorp Industries 151,756 154 0.02 Sembcorp Marine 925,815 88 0.01 SIA Engineering 39,119 42 0.01 Singapore Airlines 218,100 523 0.08 Singapore Exchange 150,080 807 0.13 Singapore Post 270,799 99 0.02 Singapore Press Holdings 295,649 247 0.04 Singapore Technologies Engineering 273,404 539 0.09 Singapore Telecommunications 1,333,399 1,647 0.26 Starhub 145,665 94 0.01 Suntec REIT 383,830 292 0.05 United Overseas Bank 230,282 3,111 0.50 UOL Group 91,647 349 0.06 Venture Corporation 47,127 454 0.07 Wilmar International 379,983 955 0.15 Wing Tai Holdings 62,215 59 0.01 Total Singapore 27,118 4.35

SOUTH KOREA - 22.44% (19.34%) Alteogen 5,002 229 0.04

AmorePacific 5,603 1,025 0.16 AmorePacific Group 4,859 228 0.04 AmorePacific preference 1,771 115 0.02 BGF Retail 1,111 124 0.02 BNK Financial Group 54,058 275 0.04 Celltrion 18,849 3,201 0.51 Celltrion Healthcare 12,909 923 0.15 Celltrion Pharm 3,465 288 0.05 Cheil Communications 12,101 175 0.03 CJ 2,669 180 0.03 CJ Cheil Jedang 1,494 427 0.07 CJ Cheil Jedang Corporation preference 247 34 0.00 CJ ENM 1,933 181 0.03 CJ Logistics 1,302 139 0.02 Daelim Industrial 2,446 131 0.02 Daewoo Engineering & Construction 31,575 147 0.02 Daewoo Shipbuilding 8,325 191 0.03 Daum Kakao 47,810 3,277 0.52 DB Insurance 8,266 268 0.04 DGB Financial Group 27,292 160 0.03 Dl E&C 3,067 268 0.04 Dong Suh Companies 5,019 96 0.01




% Doosan Bobcat 4,030 125 0.02 Doosan Heavy Industries 38,051 294 0.05 Doosan Infracore 24,672 161 0.03 Doosan Solus 2,767 91 0.01 E-Mart 3,199 310 0.05 Fila Holdings 10,111 341 0.05 Green Cross 832 184 0.03 GS Engineering & Construction 10,781 294 0.05 GS Holdings 9,776 296 0.05 GS Retail 4,915 113 0.02 Hana Financial Holdings 52,470 1,513 0.24 Hanjin Kal 5,512 207 0.03 Hankook Tire & Technology 13,600 411 0.07 Hanmi Pharm 1,357 281 0.05 Hanmi Science 2,581 108 0.02 Hanon Systems 30,723 309 0.05 Hanssem 1,734 115 0.02 Hanwha Life Insurance 33,764 84 0.01 Hanwha Solutions 17,095 473 0.08 Hanwha Techwin 5,001 136 0.02 HDC Hyundai Development 8,476 153 0.02 Helixmith 5,225 98 0.02 HiteJinro 5,086 114 0.02 HLB 14,493 291 0.05 Hotel Shilla 5,950 346 0.05 Hyudai Glovis 3,488 408 0.07 Hyundai Department Store 2,494 143 0.02 Hyundai Engineering & Construction 11,793 384 0.06 Hyundai Heavy Industries 7,927 740 0.12 Hyundai Heavy Industries Holdings 8,990 415 0.07 Hyundai Marine & Fire Insurance 11,210 174 0.03 Hyundai Merchant Marine 48,116 1,321 0.21 Hyundai Mipo Dockyard 3,763 210 0.03 Hyundai Mobis 11,580 2,003 0.32 Hyundai Motor 24,801 3,564 0.57 Hyundai Motor Company 2nd preferred shares 5,812 413 0.07 Hyundai Motor preference 3,595 252 0.04 Hyundai Steel 13,792 485 0.08 Hyundai Wia 2,239 114 0.02 Industrial Bank of Korea 44,955 301 0.05 Kangwon Land 19,715 321 0.05 KB Financial 69,311 2,506 0.40 KCC 778 167 0.03 KEPCO Plant Service & Engineering 3,931 96 0.02 Kia Motors 45,973 2,388 0.38 Korea Aerospace Industries 12,778 251 0.04




% Korea Electric Power 47,316 711 0.11 Korea Gas 4,798 97 0.02 Korea Investment Holdings 6,935 460 0.07 Korea Zinc 1,647 475 0.08 Korean Airlines 31,157 574 0.09 KT & G 19,382 1,003 0.16 Kumho Petrochemical 2,898 444 0.07 LG 16,054 1,272 0.20 LG Chemicals 8,152 4,378 0.70 LG Chemicals preference 1,247 319 0.05 LG Display 39,861 552 0.09 LG Electronics 18,926 1,768 0.28 LG Electronics preference 2,811 126 0.02 LG House & Health 1,568 1,500 0.24 LG Household & Healthcare 391 175 0.03 LG Innotek 2,514 308 0.05 LG Uplus 39,078 363 0.06 Lotte Chemical 2,669 473 0.08 Lotte Chilsung 550 58 0.01 Lotte Corporation 4,650 110 0.02 Lotte Shopping 1,630 117 0.02 LS Cable & System 2,889 130 0.02 Mando 5,229 216 0.03 Medy-Tox 548 62 0.01 Mirae Asset Securities 62,505 397 0.06 Mirae Asset Securities preference 25,087 77 0.01 Naver 23,661 5,089 0.82 NCSoft 2,995 1,565 0.25 Netmarble Games 3,157 253 0.04 NH Investment & Securities 25,898 216 0.03 NHN Entertainment 1,606 73 0.01 Nongshim 672 127 0.02 OC I 3,021 221 0.04 Orion 3,874 295 0.05 Ottogi 216 74 0.01 Paradise 5,456 64 0.01 POSCO 11,756 2,810 0.45 POSCO Chemical 4,837 446 0.07 POSCO International 6,676 92 0.01 S1 Corporation 3,708 186 0.03 Samsung Biologics 2,383 1,419 0.23 Samsung C&T 14,967 1,313 0.21 Samsung Card 5,354 113 0.02 Samsung Electro-Mechanics 10,138 1,049 0.17 Samsung Electronics 841,410 42,334 6.78 Samsung Electronics preference 147,664 6,854 1.10 Samsung Engineering 28,013 335 0.05




% Samsung Fine Chemicals 3,703 143 0.02 Samsung Fire & Marine Insurance 6,051 809 0.13 Samsung Fire & Marine Insurance 480 50 0.01 Samsung Heavy Industries 82,312 302 0.05 Samsung Life Insurance 11,507 614 0.10 Samsung SDI 9,323 3,665 0.59 Samsung SDI preference 257 68 0.01 Samsung SDS 5,913 669 0.11 Samsung Securities 11,705 326 0.05 Seegene 5,110 264 0.04 Shin Poong Pharmaceutical 5,667 233 0.04 Shinhan Financial Group 88,937 2,304 0.37 Shinsegae 1,362 264 0.04 SillaJen 7,589 - 0.00 SK Biopharmaceuticals 4,348 301 0.05 SK chemicals 1,449 232 0.04 SK Holdings 5,556 942 0.15 SK Hynix 92,523 6,895 1.10 SK Innovation 9,658 1,634 0.26 SK Networks 15,445 55 0.01 SK Telecom 4,688 933 0.15 SKC 3,525 285 0.05 S-Oil 7,466 451 0.07 Ssangyong C&E 22,861 109 0.02 Woongjin Coway 10,160 498 0.08 Woori Financial Group 136,012 949 0.15 Yuhan 8,925 355 0.06 Total South Korea 140,029 22.44

TAIWAN - 22.30% (21.29%) Accton Technology 92,478 635 0.10

Acer 516,282 384 0.06 Advantech 74,463 609 0.10 ASE Technology Holdings 606,614 1,606 0.26 Asia Cement 428,534 532 0.08 Asmedia Technology 7,000 195 0.03 Asustek Computer 126,607 1,218 0.19 AU Optronics 1,544,026 855 0.14 Capital Securities 335,650 137 0.02 Catcher Technology 135,446 611 0.10 Cathay Financial 1,481,717 1,934 0.31 Chang Hwa Commercial Bank 1,209,747 512 0.08 Cheng Shin Rubber Industry 327,963 368 0.06 Chicony Electronics 107,488 215 0.04 China Airlines 460,077 175 0.03 China Development Financial 2,586,063 790 0.13 China Life Insurance 384,051 230 0.04




% China Motor Corporation 43,634 74 0.01 China Steel 2,211,522 1,950 0.31 Chunghwa Telecom 681,711 1,952 0.31 Compal Electronics 740,036 426 0.07 CTBC Financial Holdings 3,253,067 1,809 0.29 Delta Electronic Industry 387,368 2,616 0.42 E.SUN Financial Holdings 2,138,300 1,384 0.22 Eclat Textile 38,144 566 0.09 Ennostar 91,310 143 0.02 Eternal Materials 175,455 157 0.03 Eva Airways 339,489 125 0.02 Evergreen Marine Corporation 401,210 712 0.11 Far Eastern International Bank 355,148 95 0.02 Far Eastern New Century Corporation 716,327 558 0.09 Far EasTone Telecommunications 287,687 472 0.08 Feng Tay Enterprises 80,098 399 0.06 First Financial 1,814,224 995 0.16 Formosa Chemicals & Fibre 625,530 1,313 0.21 Formosa Petrochemical 253,505 621 0.10 Formosa Plastics 872,681 2,110 0.34 Formosa Taffeta 170,061 130 0.02 Foxconn Technology 185,401 286 0.05 Fubon Financial 1,317,226 2,320 0.37 Genius Electronic Optical 13,123 136 0.02 Giant Manufacturing 56,864 465 0.07 GlobalWafers 38,284 694 0.11 Hiwin Technologies 45,505 381 0.06 Hon Hai Precision Industry 2,139,799 5,639 0.90 Hotai Motor Company 58,512 793 0.13 HTC 127,035 111 0.02 Hua Nan Financial 1,716,673 783 0.13 Innolux Corporation 1,463,950 775 0.12 Inventec 546,113 345 0.06 Largan Precision 18,404 1,329 0.21 Lite-On Technology 384,406 602 0.10 MediaTek 264,332 5,995 0.96 Mega Financial Holdings 1,952,340 1,566 0.25 Micro-Star International 122,463 528 0.08 Momo.Com 8,000 217 0.03 Nan Ya Plastics 1,012,170 2,060 0.33 Nan Ya Printed Circuit Board 37,000 272 0.04 Nanya Technology 133,888 248 0.04 Nien Made Enterprise 25,559 250 0.04 Novatek Microelectronics 102,076 1,240 0.20 OBI Pharma 14,989 45 0.01 Oneness Biotech 46,000 252 0.04 Pegatron 372,114 665 0.11




% Pou Chen 437,137 348 0.06 Powertech Technology 125,860 319 0.05 President Chain Store 104,456 717 0.11 Quanta Computer 489,839 1,121 0.18 Realtek Semiconductor 84,388 966 0.15 Shanghai Commercial & Savings Bank 610,274 659 0.11 Shin Kong Financial 2,230,434 524 0.08 Sino-American Silicon 95,000 368 0.06 SinoPac 1,952,713 648 0.10 Synnex Technology International 244,419 351 0.06 Taishin Financial 1,927,434 691 0.11 Taiwan Business Bank 957,567 233 0.04 Taiwan Cement 908,394 1,142 0.18 Taiwan Cooperative Financials 1,721,944 903 0.14 Taiwan Fertilizer 146,160 208 0.03 Taiwan Glass Industrial 226,859 165 0.03 Taiwan High Speed Rail 388,089 283 0.05 Taiwan Mobile 304,283 766 0.12 Taiwan Secom 49,775 116 0.02 Taiwan Semiconductor Manufacturing 4,298,838 60,569 9.71 Teco Electric & Machinery 330,523 262 0.04 Transcend Information 47,498 83 0.01 U-Ming Marine Transport 77,808 94 0.02 Unimcron Technology 222,738 536 0.09 Uni-President Enterprises 859,717 1,612 0.26 United Microelectronics 2,089,081 2,478 0.40 Vanguard International Semiconductor 170,410 456 0.07 Walsin Lihwa 562,380 328 0.05 Walsin Technology 86,826 429 0.07 Wan Hai Lines 106,654 221 0.04 WIN Semiconductors 73,763 565 0.09 Winbond Electronics 484,225 349 0.06 Wistron 520,276 390 0.06 Wiwynn 15,000 307 0.05 Yageo Corporation 81,658 909 0.15 Yuanta Financial 2,137,644 1,316 0.21 Yulon Motor 71,605 71 0.01 Yulon Nissan Motor 3,582 24 0.00 Total Tawain 139,137 22.30

THAILAND - 3.28% (4.33%) Advanced Info Service NVDR 205,950 788 0.13

Airports of Thailand NVDR 764,123 1,029 0.16 Asset World Corporation 1,037,800 109 0.02 B.Grimm Power 155,102 141 0.02 Bangkok Bank NVDR 153,894 402 0.06 Bangkok Dusit Medical Services NVDR 1,594,700 761 0.12




% Bangkok Expressway and Metro NVDR 1,535,500 261 0.04 Bangkok Life Assurance 96,100 68 0.01 Banpu Public NVDR 766,235 206 0.03 Berli Jucker Public NVDR 189,543 143 0.02 BTS Group NVDR 1,568,927 305 0.05 Bumrungrad Hospital NVDR 66,283 190 0.03 Carabao Group 41,900 107 0.02 Central Pattana 419,419 479 0.08 Central Retail Corporation 459,500 330 0.05 Charoen Pokphand Foods 647,179 417 0.07 CP ALL NVDR 914,100 1,184 0.19 Delta Electronics NVDR 45,962 495 0.08 Digital Telecommunication Infrastructure 953,389 257 0.04 Electricity Generating 10,715 41 0.01 Electricity Generating NVDR 38,974 151 0.02 Energy Absolute 209,415 283 0.05 Energy Absolute NVDR 87,700 119 0.02 Global Power Synergy 123,141 194 0.03 Gulf Energy Development 773,051 573 0.09 Home Product Center 1,046,506 320 0.05 Indorama Ventures 99,200 104 0.02 Indorama Ventures NVDR 191,653 201 0.03 Intouch Holdings NVDR 397,261 575 0.09 IRPC NVDR 1,796,246 164 0.03 Kasikornbank 308,935 846 0.14 Krung Thai Bank NVDR 1,149,663 281 0.05 Krungthai Card 217,930 348 0.06 Land and Houses NVDR 1,224,739 215 0.03 Minor International NVDR 673,805 446 0.07 Muangthai Capital 112,500 144 0.02 Osotspa 215,121 170 0.03 PTT Expoloration and Production NVDR 247,243 663 0.11 PTT Global Chemical 373,239 568 0.09 PTT Public NVDR 2,562,694 2,334 0.37 Ratchaburi Electricity Generating 144,524 164 0.03 Siam Cement NVDR 153,661 1,606 0.26 Siam City Cement NVDR 16,455 66 0.01 Siam Commercial Bank NVDR 431,407 959 0.15 Siam Makro Public 55,700 46 0.01 Sri Trang Gloves 179,400 192 0.03 Srisawad Corporation 96,800 157 0.03 Thai Oil NVDR 190,013 252 0.04 Thai Union Group 524,130 218 0.03 TMB Thanachart Bank 7,681,553 195 0.03 Total Access Communications NVDR 118,399 83 0.01 True Corporation 1,976,600 138 0.02 Total Thailand 20,488 3.28




%WARRANTS - 0.00% (0.00%)

Minor NVDR warrants 30/9/2021 29,275 - 0.00 Srisawad Corporation warrants 23/6/2025 4,108 2 0.00 Total Warrants 2 0.00 FUTURES - - 0.09% (0.10%)

HKG Hang Seng Index Future May 2021 12 (50) (0.01) KFE Kospi 200 Index Future June 2021 68 (58) (0.01) SFE SPI 200 Future June 2021 59 63 0.01 SGX FTSE Taiwan Index Future May 2021 116 (456) (0.07) SGX MSCI Singapore Index ETS Future May 2021 55 (45) (0.01) Total Futures (546) (0.09) Portfolio of investments 606,265 97.15 Net other assets 17,810 2.85 Net assets 624,075 100.00 #unlisted Figures in brackets denote the comparative percentage holdings as at 15 May 2020. Unless otherwise stated, all investments are listed equities. The counterparty for the futures is HSBC.


Comparative Tables


15.5.21 15.5.20 15.5.19

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





15.5.21 15.5.20 15.5.19







Comparative Tables


15.5.21 15.5.20 15.5.19






15.5.21 15.5.20 15.5.19







Comparative Tables


15.5.21 15.5.20 15.5.19






15.5.21 15.5.20 15.5.19





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


Comparative Tables


15.5.21 15.5.20 15.5.19






15.5.21 15.5.20 15.5.19








15.5.21 15.5.20Notes £’000 £’000 £’000 £’000

Net capital gains/(losses) 2 147,114 (26,841)Revenue 3 16,008 16,836 Expenses 4 (687) (754)

Interest payable and similar charges (6) (5)Net revenue before taxation 15,315 16,077 Taxation 5 (1,242) (1,464)Net revenue after taxation 14,073 14,613 Total return/(deficit) before distributions 161,187 (12,228)Distributions 6 (13,781) (14,414)Change in net assets attributable to shareholders from investment activities 147,406 (26,642)


15.5.21 15.5.20£’000 £’000 £’000 £’000


103,516 (79,834)Dilution adjustment 874 775 Change in net assets attributable to shareholders frominvestment activities (see Statement of Total Return above) 147,406 (26,642)Retained distribution on accumulation shares 11,387 9,281 Closing net assets attributable to shareholders 624,075 360,892


15.5.21 15.5.20Notes £’000 £’000 £’000 £’000

AssetsInvestments 606,874 354,644

Current assetsDebtors 8 2,242 1,312 Cash and bank balances 18,827 8,103

Total current assets 21,069 9,415 Total assets 627,943 364,059 LiabilitiesInvestment liabilities (609) - Creditors

Distribution payable on income shares (2,904) (2,927) Other creditors 9 (355) (240)

Total creditors (3,259) (3,167)Total liabilities (3,868) (3,167)Net assets attributable to shareholders 624,075 360,892





15.07.21 15.7.20










15.5.21 15.5.20£’000 £’000


2. Net Capital Gains/(Losses)The net capital gains/(losses) during the year comprise:Currency (losses)/gains (953) 204 Transaction charges (33) (86)Capital special dividends 112 104 Gains/(losses) on derivative contracts 4,984 (32)Gains/(losses) on non-derivative securities 143,004 (27,031)Net capital gains/(losses) 147,114 (26,841)

3. RevenueOverseas dividends 15,646 16,593 Deposit interest - 2 Bank interest - 15 Stock dividends 362 226 Total revenue 16,008 16,836


569 623 Payable to the Depositary, associates of the Depositary and agents of either of them:Depositary fee 54 46 Other expenses:Audit fee 6 5 Legal fee 5 22 Professional fee - 2 Report and accounts fee - 1 Administration fee 53 55




15.5.21 15.5.20£’000 £’000


Overseas tax 1,242 1,464 Total tax for the year (note 5b) 1,242 1,464

b) Factors affecting taxation charge for the year:The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an open-ended investment company (20%). The differences are explained below:Net revenue before taxation 15,315 16,077 Corporation tax at 20% 3,063 3,215 Effects of:Revenue not subject to taxation (3,051) (3,160)Utilisation of excess management expenses (1) (38)Irrecoverable overseas tax 1,209 1,438 Overseas tax on special dividends in capital 33 26 Tax relief on overseas tax suffered (11) (17)Current tax charge for the year (note 5a) 1,242 1,464

c) Provision for deferred taxationAt 15 May 2021, there is a potential deferred tax asset of £180,183 (15.5.20: £181,284) in relation to surplus management expenses. The fund may generate sufficient taxable profits in the future to utilise these expenses. However, most of the taxable profits derive from domiciles where double taxation relief for any overseas tax withheld on that income will also be available. Based on the judgement of the ACD, because of this relief, it is not likely that a material UK corporation tax liability will arise and as such, a deferred tax asset has not been crystallised.

6. DistributionsThe distributions take account of amounts received on the issue of shares and amounts deducted on the cancellation of shares, and comprise:Final dividend distribution 14,291 12,208 Add: Amounts deducted on cancellation of shares 1,496 3,217 Deduct: Amounts received on issue of shares (2,006) (1,011)Net distribution for the year 13,781 14,414

7. Movement Between Net Revenue and DistributionsNet revenue after taxation 14,073 14,613 Authorised Corporate Director's charge charged to capitalExpenses charged to capitalEqualisation on conversions 38 1 Stock dividends treated as capital (362) (226)Withholding tax on stock dividends 32 26 Net distribution for the year 13,781 14,414

8. DebtorsAmounts receivable for creation of shares 833 713 Sales awaiting settlement 141 114 Accrued revenue 1,261 478 Overseas tax recoverable 7 7 Total debtors 2,242 1,312


9. Other CreditorsAmounts payable for cancellation of shares 261 51 Purchases awaiting settlement - 41 Accrued expenses 88 142 Corporation tax payable 6 6 Total other creditors 355 240


Retail Income

Retail Accumulation



Opening shares issued at 16.5.20 1,022,888 11,015,935 14,911,283 4,107,149 Share movements 16.5.20 to 15.5.21Shares issued 18,919 440,952 13,481,155 447,467 Shares cancelled (27,224) (628,935) (14,789,122) (1,615,666)Shares converted (1,011,428) (8,686,662) - - Closing shares issued at 15.5.21 3,155 2,141,290 13,603,316 2,938,950

Income C

Accumulation C

Income S

Accumulation S

Opening shares issued at 16.5.20 13,478,877 34,246,287 3,407,290 25,816,453 Share movements 16.5.20 to 15.5.21Shares issued 7,206,106 22,801,993 990,533 7,173,991 Shares cancelled (2,950,259) (2,851,322) (359,026) (1,938,697)Shares converted 1,223,673 8,468,846 - - Closing shares issued at 15.5.21 18,958,397 62,665,804 4,038,797 31,051,747





RetailIncome

Retail Accumulation



IncomeC

AccumulationC

IncomeS

AccumulationS

% % % % % % % %As at 15.5.21 - - 94.39 79.01 8.84 6.09 - -As at 15.5.20 - - 94.88 85.49 12.53 11.65 - -


The balance due from the ACD (including amounts due to associates and agents) at the year end was £482,515 (15.5.20: £513,945), further details of such amounts can be found in notes 8 and 9.











Netassets

15.5.21 15.5.20 15.5.21 15.5.20 15.5.21 15.5.20 £'000 £'000 £'000 £'000 £'000 £'000

Sterling* - - (796) (1,502) (796) (1,502)Australian dollar 172,275 97,127 6,176 2,119 178,451 99,246 Euro - - 7 7 7 7 Hong Kong dollar 77,866 55,758 2,842 1,556 80,708 57,314 Korean won 139,975 69,892 2,401 674 142,376 70,566 Malaysian ringgit 17,074 13,232 19 11 17,093 13,243 New Zealand dollar 7,108 4,969 602 132 7,710 5,101 Singapore dollar 26,812 17,950 837 601 27,649 18,551 Taiwanese dollar 142,413 77,693 550 586 142,963 78,279 Thai bhat 20,488 15,613 66 14 20,554 15,627 United States dollar 2,254 2,410 5,106 2,050 7,360 4,460 Total 606,265 354,644 17,810 6,248 624,075 360,892


Interest Rate Risk

At the year end 3.02% (15.5.20: 2.25%) of the Fund's assets by value were interest-bearing.

Interest rates are based upon LIBOR (London Interbank Offered Rate).









The use of derivatives can create additional counterparty risks. Details of the policy adopted by the ACD for managing counterparty and other risks are set out in the Notes to the Financial Statements. The types of derivatives held at the year end were index futures. Details of the individual contracts are shown on the Portfolio Statement on pages 260 to 274.








Analysis of total purchases costsEquity transactions 143,607 54 0.04 16 0.01 14 0.01Corporate actions 1,360 - - - - - - Total purchases before transaction costs 144,967 54 16 14 Transaction costs 84 Total purchases after commission, tax and fees 145,051


Analysis of total sales costsEquity transactions 34,078 11 0.03 45 0.13 2 0.01Corporate actions 1,866 - - - - - -Total sales before transaction costs 35,944 11 45 2 Transaction costs (58) Total sales after commission, tax and fees 35,886



At the balance sheet date the portfolio dealing spread was 0.37% being the difference between the respective bid and offer prices for the Fund's investments.



Analysis of total purchases costsEquity transactions 34,559 14 0.04 6 0.02 1 -Corporate actions 1,098 - - - - - - Total purchases before transaction costs 35,657 14 6 1 Transaction costs 21 Total purchases after commission, tax and fees 35,678


Analysis of total sales costsEquity transactions 108,737 39 0.04 98 0.09 40 0.04Corporate actions 921 - - - - - - Total sales before transaction costs 109,658 39 98 40 Transaction costs (177) Total sales after commission, tax and fees 109,481






Direct transaction costs: Broker commissions, fees and taxes.

Indirect transaction costs: ‘Dealing spread’ – the difference between the buying and selling prices of the Fund’s underlying investments.








For the year ended 15 May 2021Category 1 2 3 TotalInvestment Assets £'000 £'000 £'000 £'000Equities 606,811 - - 606,811 Derivatives 63 - - 63

606,874 - - 606,874


(609) - - (609)

For the year ended 15 May 2020Category 1 2 3 TotalInvestment Assets £'000 £'000 £'000 £'000Equities 354,292 - 7 354,299 Derivatives 345 - - 345

354,637 - 7 354,644








288 UK GILT INDEX FUND

UK Gilt Index Fund


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

Investment Policy*

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



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

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




Portfolio Activity

The FTSE Actuaries UK Conventional Gilts All Stocks Index has decreased 7.53% over the period on the back of increasing gilt yields across all main maturities with a strong steepening of the curve. While the shorter dated gilt yields (2 years) increased by 8 basis points, the longer dated gilt yields (30 years) increased by 75 basis points. At the same time the 5 year gilt yields increased by 30 basis points and the 10 year gilt yields by 60 basis points.

The reporting period has been strongly dominated by the Covid-19 situation. First due to the recovery on the back of continued government stimulus, easing of lockdowns and improving investor sentiment, later because of the second wave of new infections and the outstanding Brexit deal which brought new uncertainty. Since November things have improved due to the extension of the quantitative easing program by the Bank of England, the last minute free trade agreement between the EU and UK and a strong vaccination campaign.

The UK economy is expected to experience a near term bounce in activity levels due to high vaccination rates and the expected loosing of social distancing measures. Consequently, yields could rise further and higher expected inflation will likely add to the bearish momentum but the magnitude of any move should be highly dependent on developments for US Treasuries. The impact of Bank of England monetary policy on UK rates markets is seen as neutral at the moment.

289UK GILT INDEX FUND


During year under review, the value of the shares in the Fund decreased by 8.22% while the value of the FTSE Actuaries UK Conventional Gilts All Stocks Index fell by 7.53%.



Tracking Error



Retail Accumulation


Income C

AccumulationC

Price 150.60p 115.6p xd 114.0p xd 151.8p


0.665649p 0.585870p 0.550401p 0.729612p



Income S

AccumulationS



0.562782p 0.752402p






%Government Bonds - 99.41% (99.57%)

Treasury 0.125% 31/1/2023 £2,790,000 2,792 1.85 Treasury 0.125% 31/1/2024 £2,471,000 2,466 1.64 Treasury 0.125% 30/1/2026 £2,794,000 2,760 1.83 Treasury 0.125% 31/1/2028 £2,205,000 2,131 1.41 Treasury 0.25% 31/7/2031 £1,900,000 1,764 1.17 Treasury 0.375% 22/10/2026 £810,000 804 0.53 Treasury 0.375% 22/10/2030 £3,067,000 2,922 1.94 Treasury 0.5% 22/7/2022 £2,413,000 2,426 1.61 Treasury 0.5% 22/10/2061 £1,367,000 1,024 0.68 Treasury 0.625% 7/6/2025 £3,410,000 3,460 2.30 Treasury 0.625% 31/7/2035 £2,244,000 2,066 1.37 Treasury 0.625% 22/10/2050 £2,521,000 2,049 1.36 Treasury 0.75% 22/7/2023 £2,783,000 2,823 1.87 Treasury 0.875% 22/10/2029 £3,441,000 3,466 2.30 Treasury 0.875% 31/1/2046 £864,000 765 0.51 Treasury 1% 22/4/2024 £2,821,000 2,890 1.92 Treasury 1.25% 22/7/2027 £3,235,000 3,373 2.24 Treasury 1.25% 22/10/2041 £2,444,000 2,387 1.58 Treasury 1.25% 31/7/2051 £496,000 475 0.32 Treasury 1.5% 22/7/2026 £3,443,700 3,633 2.41 Treasury 1.5% 22/7/2047 £2,038,000 2,077 1.38 Treasury 1.625% 22/10/2028 £2,998,000 3,206 2.13 Treasury 1.625% 22/10/2054 £1,948,000 2,073 1.38 Treasury 1.625% 22/10/2071 £1,426,000 1,650 1.10 Treasury 1.75% 7/9/2022 £2,438,400 2,492 1.65 Treasury 1.75% 7/9/2037 £2,518,000 2,690 1.79 Treasury 1.75% 22/1/2049 £2,393,000 2,581 1.71 Treasury 1.75% 22/7/2057 £2,427,000 2,702 1.79 Treasury 2% 7/9/2025 £3,151,600 3,383 2.25 Treasury 2.25% 7/9/2023 £2,900,300 3,038 2.02 Treasury 2.5% 22/7/2065 £1,624,700 2,282 1.52 Treasury 2.75% 7/9/2024 £2,825,000 3,063 2.03 Treasury 3.25% 22/1/2044 £2,305,200 3,139 2.08 Treasury 3.5% 22/1/2045 £2,319,400 3,304 2.19 Treasury 3.5% 22/7/2068 £1,636,300 2,931 1.95 Treasury 3.75% 7/9/2021 £2,392,600 2,420 1.61 Treasury 3.75% 22/7/2052 £1,986,600 3,172 2.11 Treasury 4% 7/3/2022 £3,183,300 3,285 2.18 Treasury 4% 22/1/2060 £1,987,900 3,601 2.39 Treasury 4.25% 7/12/2027 £2,615,600 3,236 2.15 Treasury 4.25% 7/6/2032 £3,185,800 4,267 2.83 Treasury 4.25% 7/3/2036 £2,499,600 3,531 2.34 Treasury 4.25% 7/9/2039 £1,920,100 2,844 1.89 Treasury 4.25% 7/12/2040 £2,094,500 3,146 2.09 Treasury 4.25% 7/12/2046 £1,990,400 3,203 2.13



Bid Totalvalue net£’000 assets

%Treasury 4.25% 7/12/2049 £1,659,400 2,772 1.84 Treasury 4.25% 7/12/2055 £2,188,800 3,933 2.61 Treasury 4.5% 7/9/2034 £2,871,000 4,067 2.70 Treasury 4.5% 7/12/2042 £2,245,600 3,557 2.36 Treasury 4.75% 7/12/2030 £3,389,900 4,594 3.05 Treasury 4.75% 7/12/2038 £2,124,300 3,289 2.18 Treasury 5% 7/3/2025 £2,955,000 3,487 2.31 Treasury 6% 7/12/2028 £1,604,100 2,228 1.48 Treasury 8% 7/6/2021 £2,025,800 2,035 1.35

Total Government Bonds 149,754 99.41

Portfolio of investments 149,754 99.41

Net other assets 894 0.59

Net assets 150,648 100.00 Figures in brackets denote the comparative percentage holdings as at 15 May 2020. Unless otherwise stated, all investments are listed securities.


Comparative Tables

Retail Income#Change in net assets per share

15.5.21 15.5.20 15.5.19

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

PerformanceReturn after charges (2.19%) 12.74% 4.79%

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



15.5.21 15.5.20 15.5.19

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


Other informationClosing net asset value £559,841 £1,267,583 £1,248,231Closing number of shares 371,664 772,656 858,722Operating charges - OCF 0.30% 0.28% 0.29%Direct transaction costs 0.00% 0.00% 0.00%


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


Comparative Tables


15.5.21 15.5.20 15.5.19

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





15.5.21 15.5.20 15.5.19





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


Comparative Tables


15.5.21 15.5.20 15.5.19






15.5.21 15.5.20 15.5.19







Comparative Tables


15.5.21 15.5.20 15.5.19








15.5.21 15.5.20Notes £’000 £’000 £’000 £’000

IncomeNet capital (losses)/gains 2 (15,007) 27,876 Revenue 3 1,287 2,437

Expenses 4 (191) (181)Interest payable and similar charges - (6)Net revenue before taxation 1,096 2,250 Taxation 5 - - Net revenue after taxation 1,096 2,250 Total (deficit)/return before distributions (13,911) 30,126 Distributions 6 (3,412) (4,945)Change in net assets attributable to shareholders from investment activities (17,323) 25,181


15.5.21 15.5.20£’000 £’000 £’000 £’000


(58,818) (15,081)Dilution adjustment 42 279 Change in net assets attributable to shareholders frominvestment activities (see Statement of Total Return above) (17,323) 25,181 Retained distribution on accumulation shares 1,940 1,391 Closing net assets attributable to shareholders 150,648 224,807


15.5.21 15.5.20Notes £’000 £’000 £’000 £’000

AssetsInvestments 149,754 223,838 Current assets

Debtors 8 9,756 5,683 Cash and bank balances 15 190

Total current assets 9,771 5,873 Total assets 159,525 229,711 LiabilitiesCreditors

Distribution payable on income shares (272) (722)Other creditors 9 (8,605) (4,182)




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


15.7.21 15.7.20

Retail Income†Group 1 n/a - n/a 0.616804Group 2 n/a n/a n/a 0.616804







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



Group 1: Shares purchased prior to 16 November 2020 Group 2: Shares purchased from 16 November 2020 to 15 February 2021


15.4.21 15.4.20

Retail Income†Group 1 n/a - n/a 0.650000Group 2 n/a n/a n/a 0.650000










Group 1: Shares purchased prior to 16 August 2020 Group 2: Shares purchased from 16 August 2020 to 15 November 2020


15.1.21 15.1.20










Group 1: Shares purchased prior to 16 May 2020 Group 2: Shares purchased from 16 May 2020 to 15 August 2020


15.10.20 15.10.19









15.5.21 15.5.20£’000 £’000


2. Net Capital (Losses)/GainsThe net capital (losses)/gains during the year comprise: Transaction charges (7) (6)(Losses)/gains on non-derivative securities (15,000) 27,882 Net capital (losses)/gains (15,007) 27,876

3. RevenueInterest on bonds and other debt securities 1,281 2,436 Bank interest 6 1 Total revenue 1,287 2,437


117 125 Payable to the Depositary, associates of the Depositary and agents of either of them:Depositary fee 20 24 Other expenses:Audit fee 8 6 License fee 46 26




15.5.21 15.5.20£’000 £’000


Corporation tax - - Total tax for the year (note 5b) - -

b) Factors affecting taxation charge for the year:The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an open-ended investment company (20%). The differences are explained below:Net revenue before taxation 1,096 2,250 Corporation tax at 20% 219 450 Effects of:Tax deductible interest distributions (219) (450)Current tax charge for the year (note 5a) - -

c) Provision for deferred taxationAt 15 May 2021 there is no potential deferred tax asset (15.5.20: £nil) in relation to surplus management expenses.

6. DistributionsThe distributions take account of amounts received on the issue of shares and amounts deducted on the cancellation of shares, and comprise:Interim dividend distribution 2,561 2,962 Final dividend distribution 736 1,189

3,297 4,151 Add: Amounts deducted on cancellation of shares 250 1,153 Deduct: Amounts received on issue of shares (135) (359)Net distribution for the year 3,412 4,945

7. Movement Between Net Revenue and DistributionsNet revenue after taxation 1,096 2,250 Effective yield transferred from capital 2,316 2,695 Net distribution for the year 3,412 4,945

8. DebtorsAmounts receivable for creation of shares 62 51 Sales awaiting settlement 8,747 4,125 Accrued revenue 947 1,507 Total debtors 9,756 5,683

9. Other CreditorsAmounts payable for cancellation of shares 8,572 4,142 Accrued expenses 33 40 Total other creditors 8,605 4,182



Retail Income†

Retail Accumulation


Opening shares issued at 16.5.20 407,612 772,656 77,222,865 Share movements 16.5.20 to 15.5.21Shares issued 296,420 335,735 9,801,073 Shares cancelled (39,714) (163,519) (56,558,452)Shares converted (664,318) (573,208) (82,395)Closing shares issued at 15.5.21 - 371,664 30,383,091

Income C

Accumulation C

Income S

Accumulation S

Opening shares issued at 16.5.20 14,171,233 52,479,369 12,898,851 1,955,605 Share movements 16.5.20 to 15.5.21Shares issued 3,628,383 14,594,928 48,689 9,298,587 Shares cancelled (5,208,480) (15,625,928) (9,317,008) (285,882)Shares converted 748,396 569,306 - - Closing shares issued at 15.5.21 13,339,532 52,017,675 3,630,532 10,968,310






Retail Accumulation


IncomeC

AccumulationC

IncomeS

AccumulationS

% % % % % %As at 15.5.21 - 86.18 2.83 3.28 - - As at 15.5.20 - 73.12 3.55 14.96 - -


The balance due from the ACD (including amounts due to associates and agents) at the year end was £8,524,684 (15.5.20: £4,114,644), further details of such amounts can be found in notes 8 and 9.


Related party transactions are disclosed within notes 3 and 4 Investments in related parties are disclosed in the Portfolio Statement.




Since no portion of the net assets of the Fund are denominated in currencies other than sterling, no currency risk exposure has been prepared (15.5.20: same).

Interest Rate Risk

The interest rate profile of the Fund's financial assets and liabilities at 15 May 2021 was:

Floating rate financial assets*

Fixed rate financial assets

Financial assets not

carrying interestTotal

15.5.21 15.5.20 15.5.21 15.5.20 15.5.21 15.5.20 15.5.21 15.5.20 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000

Sterling 15 190 149,754 223,838 879 779 150,648 224,807 Total 15 190 149,754 223,838 879 779 150,648 224,807

*Floating rate interest was earned at rates based on LIBOR (London Interbank Offered Rate) or international equivalent.

The bond ratings for the portfolio at 15 May 2021 were:

InvestmentBid

value£'000

Totalnet

assets%

Bond credit ratings AA 149,754 99.41Total bonds 149,754 99.41


This Fund has a retail share class, an institutional share class, C share class and an S share class.


The net asset value of the share class, the net asset value per share and the number of shares in each class are given in the Comparative Tables on pages 292 to 295. The distribution per share class is given in the Distribution Tables on pages 297 to 300.






The purchases and sales of securities incurred no direct transaction costs during the year or prior year. Total purchase for the year were £85,217,781 (15.5.20: £269,393,644). The total sales for the year were £141,984,852 (15.5.20: £282,740,768). Portfolio transaction costs are incurred by the Fund when buying and selling underlying investments. These costs vary depending on the class of investment, country of exchange and method of execution.


Direct transaction costs: Broker commissions, fees and taxes. Indirect transaction costs: ‘Dealing spread’ – the difference between the buying and selling prices of the

Fund’s underlying investments.

In order to protect existing investors from the effects of dilution, portfolio transaction costs incurred as a result of investors buying and selling shares in the Fund are recovered from those investors through a ‘dilution adjustment’ to the price they pay or receive. At the balance sheet date the portfolio dealing spread was 0.08% (15.5.20: 0.08%), being the difference between the respective bid and offer prices for the Fund's investments.






For the year ended 15 May 2021Category 1 2 3 TotalInvestment Assets £'000 £'000 £'000 £'000Bonds 149,754 - - 149,754

149,754 - - 149,754

For the year ended 15 May 2020Category 1 2 3 TotalInvestment Assets £'000 £'000 £'000 £'000Bonds 223,838 - - 223,838

223,838 - - 223,838






Interest rate risk:

If the interest rate at 15 May 2021 had increased or decreased by 1 basis point with all other variables held constant, this would have increased or decreased the net assets attributable to shareholders by £175,777 (15.5.20: £509,477).

306 STERLING CORPORATE BOND INDEX FUND

Sterling Corporate Bond Index Fund


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

Investment Policy*

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



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

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




Portfolio Activity

The Markit iBoxx GBP Non-Gilts index increased during the period by 3.32% on the back of significantly tightening credit spreads (yield difference versus a UK gilt of the same maturity) and despite increasing dated gilt yields. The 10 year gilt yields increased by 60 basis points from 0.26% to 0.86%, while the 30 year gilt yields increased by even 75 basis points to 1.40%.

The non-gilt credit spread (based on Bloomberg Barclays) decreased from 1.75% to 0.92%, across all rating as well as industry segments. The largest tightening could be seen for the BBB segment as well as the Finance sector whose spreads fell by over 100 basis points.

The reporting period has been strongly dominated by the Covid-19 situation. First due to the recovery on the back of continued government stimulus, easing of lockdowns and improving investor sentiment, later because of the second wave of new infections and the outstanding Brexit deal which brought new uncertainty. Since November things have improved due to the extension of the quantitative easing program by the Bank of England, the last minute free trade agreement between the EU and UK and a strong vaccination campaign.

We expect credit to remain range-bound. Whilst corporate fundamentals are expected to improve as the economic recovery gains speed, current tight valuations limit the upside for the broader market. Fundamentals have improved from mid-2020 as the economy started to reopen and fiscal measures supported personal incomes and consumption. The market technicals as a result of the QE programmes are extremely supportive and likely to reduce market volatility.

307STERLING CORPORATE BOND INDEX FUND


During the year under review, the value of the shares in the Fund increased by 3.02% and the value of the Markit IBoxx GBP Non-Gilts Index rose by 3.32%



Tracking Error

Tracking error - 0.26% The tracking error is based on gross returns from our internal performance system for the period to 15.5.21.




Income C

Accumulation C

Price 100.9p xd 115.3p 101.9p xd 115.9p

Distribution payable (on 15 July 2021)per share net

0.703303p 0.802179p 0.677776p 0.770408p



IncomeS

AccumulationS


Distribution payable (on 15 July 2021)per share net

0.694472p 0.797394p






%UNITED KINGDOM - 42.48% (41.74%)Government Bonds - 1.62% (1.98%)

Affordable Housing Finance 2.893% 11/8/2045 £600,000 735 0.30 LCR Finance 4.5% 7/12/2028 £800,000 1,003 0.41 LCR Finance 4.5% 7/12/2038 £100,000 146 0.06 LCR Finance 5.1% 7/3/2051 £270,000 489 0.20 Network Rail 4.75% 29/11/2035 £1,100,000 1,573 0.65 Total Government Bonds 3,946 1.62 Corporate Bonds - 40.32% (38.97%)

3i Group 5.75% 3/12/2032 £300,000 398 0.16 ABP Finance 6.25% 14/12/2026 £300,000 365 0.15 Accent Capital 2.625% 18/7/2049 £150,000 163 0.07 Anglian Water 2.75% 26/10/2029 £517,000 563 0.23 Anglian Water 4.5% 22/2/2026 £400,000 452 0.19 Anglian Water 5.837% 30/7/2022 £305,000 324 0.13 Anglo American Capital 3.375% 11/3/2029 £300,000 324 0.13 Annington Finance 2.646% 12/7/2025 £106,000 112 0.05 Annington Finance 3.184% 12/7/2029 £364,000 393 0.16 Annington Finance 3.685% 12/7/2034 £262,000 298 0.12 Annington Finance 3.935% 12/7/2047 £700,000 847 0.35 Artesian Finance 6% 30/9/2033 £200,000 290 0.12 Aspire Defence Finance 4.674% 31/3/2040 £600,000 662 0.27 Aviva 4% variable rate 3/6/2055 £195,000 210 0.09 Aviva 6.125% variable rate perpetual £280,000 298 0.12 Aviva 6.875% variable rate 20/5/2058 £400,000 612 0.25 Babcock International Group 1.875% 5/10/2026 £400,000 393 0.16 Barclays Bank 1.7% variable rate 3/11/2026 £121,000 123 0.05 Barclays Bank 2.375% variable rate 6/10/2023 £560,000 573 0.24 Barclays Bank 3% 8/5/2026 £500,000 535 0.22 Barclays Bank 3.25% 12/2/2027 £800,000 866 0.36 Barclays Bank 3.75% variable rate 22/11/2030 £200,000 217 0.09 BAT International Finance 2.25% 26/6/2028 £500,000 495 0.20 BAT International Finance 4% 4/9/2026 £200,000 221 0.09 BAT International Finance 6% 24/11/2034 £750,000 963 0.40 BG Energy Capital 5% 4/11/2036 £200,000 276 0.11 Blend Funding 3.459% 21/9/2047 £300,000 357 0.15 BP Capital Markets 2.274% 3/7/2026 £500,000 528 0.22 BP Capital Markets 4.25% variable rate perpetual £1,286,000 1,358 0.56 British Telecommunications 3.125% 21/11/2031 £300,000 324 0.13 Broadgate 4.821% 5/7/2036 £420,000 532 0.22 Broadgate 5.098% 5/4/2035 £300,000 308 0.13 Bunzl Finance 1.5% 30/10/2030 £200,000 192 0.08 BUPA Finance 4.125% 14/6/2035 £275,000 300 0.12 BUPA Finance 5% 25/4/2023 £500,000 538 0.22 Cadent Finance 2.625% 22/9/2038 £300,000 304 0.13




% Cadent Finance 2.75% 22/9/2046 £300,000 303 0.12 Cadent Finance 3.125% 21/3/2040 £250,000 269 0.11 Canary Wharf 5.952% 22/10/2037 £200,000 275 0.11 Cardiff University 3% 7/12/2055 £200,000 241 0.10 Catalyst Housing 3.125% 31/10/2047 £250,000 286 0.12 Centrica 4.25% 12/9/2044 £500,000 630 0.26 Channel Link Enterprises Finance 3.848% 30/6/2050 £290,000 316 0.13 Circle Anglia 5.2% 2/3/2044 £161,000 244 0.10 Circle Anglia 7.25% 12/11/2038 £150,000 261 0.11 Clarion Funding 1.875% 22/1/2035 £346,000 340 0.14 Clarion Housing Group 3.125% 19/4/2048 £200,000 233 0.10 Close Brothers Finance 2.75% 19/10/2026 £500,000 536 0.22 Clydesdale Bank 4.625% 8/6/2026 £400,000 475 0.20 Compass Group 2% 5/9/2025 £823,000 860 0.35 Connect Plus M25 Issuer 2.607% 31/3/2039 £500,000 511 0.21 Coventry Building Society 5.875% 28/9/2022 £350,000 374 0.15 CYBG 4% variable rate 25/9/2026 £160,000 174 0.07 CYBG 4% variable rate 3/9/2027 £264,000 290 0.12 Direct Line 9.25% variable rate 27/4/2042 £139,000 150 0.06 Direct Line Insurance 4% 5/6/2032 £200,000 221 0.09 DWR Cymru Financing 1.375% 31/3/2033 £500,000 483 0.20 Eastern Power Networks 1.875% 1/6/2035 £700,000 678 0.28 Eastern Power Networks 5.75% 8/3/2024 £500,000 569 0.23 ENW Finance 1.415% 30/7/2030 £263,000 253 0.10 Equity Release Funding No One 5.05% 26/4/2033 £400,000 476 0.20 Eversholt Funding 2.742% 30/6/2040 £500,000 513 0.21 Experian Finance 0.739% 29/10/2025 £300,000 296 0.12 Experian Finance 2.125% 27/9/2024 £550,000 571 0.23 Firstgroup 5.25% 29/11/2022 £150,000 160 0.07 Friends Life Holdings 8.25% 21/4/2022 £500,000 535 0.22 GlaxoSmithKline Capital 1.25% 12/10/2028 £980,000 965 0.40 GlaxoSmithKline Capital 1.625% 12/5/2035 £1,000,000 948 0.39 GlaxoSmithKline Capital 4.25% 18/12/2045 £100,000 139 0.06 GlaxoSmithKline Capital 5.25% 10/4/2042 £400,000 604 0.25 GlaxoSmithKline Capital 6.375% 9/3/2039 £300,000 489 0.20 Grainger 3% 3/7/2030 £250,000 261 0.11 Grainger 3.375% 24/4/2028 £400,000 430 0.18 Great Rolling Stock 6.875% 27/7/2035 £300,000 257 0.11 Guinness Partnership 2% 22/4/2055 £200,000 191 0.08 Gwynt y Mor OFTO 2.778% 17/2/2034 £200,000 164 0.07 High Speed Rail Finance 1 4.375% 1/11/2038 £400,000 495 0.20 Housing and Care 21 3.288% 8/11/2049 £400,000 452 0.19

+HSBC Bank 4.75% 24/3/2046 £250,000 334 0.14 +HSBC Holdings 1.75% variable rate 24/7/2027 £369,000 371 0.15 +HSBC Holdings 2.175% variable rate 27/6/2023 £485,000 493 0.20 +HSBC Holdings 3% 29/5/2030 £800,000 856 0.35




% +HSBC Holdings 3% variable rate 22/7/2028 £1,000,000 1,072 0.44 +HSBC Holdings 6% 29/3/2040 £750,000 1,047 0.43 +HSBC Holdings 6.5% 20/5/2024 £500,000 582 0.24 +HSBC Holdings 6.75% 11/9/2028 £400,000 519 0.21

Hutchison Whampoa Finance 5.625% 24/11/2026 £300,000 369 0.15 Imperial Brands 5.5% 28/9/2026 £510,000 602 0.25 Imperial Brands 8.125% 15/3/2024 £500,000 593 0.24 Imperial Brands 9% 17/2/2022 £300,000 319 0.13 Incommunities Treasury 3.25% 21/3/2049 £200,000 239 0.10 Informa 3.125% 5/7/2026 £300,000 317 0.13 Intu Metrocentre Finance 4.125% 6/12/2028 £700,000 327 0.13 Investec Bank 4.25% variable rate 24/7/2028 £300,000 315 0.13 Just Group 7% variable rate 15/4/2031 £300,000 347 0.14 Juturna (Euro Loan Conduit No.16) 5.0636% 10/8/2033 £300,000 283 0.12 Land Securities Capital Markets 1.974% 8/2/2026 £162,000 166 0.07 Land Securities Capital Markets 2.399% 8/2/2031 £151,000 158 0.06 Land Securities Capital Markets 2.75% 22/9/2059 £200,000 214 0.09 Leeds Building Society 1.5% variable rate 16/3/2027 £400,000 398 0.16 Legal & General Group 4.5% variable rate 1/11/2050 £152,000 171 0.07 Legal & General Group 5.125% variable rate 14/11/2048 £467,000 543 0.22 Legal & General Group 5.375% variable rate 27/10/2045 £500,000 573 0.24 Legal & General Group 5.5% variable rate 27/6/2064 £400,000 487 0.20 Liberty Living Finance 2.625% 28/11/2024 £100,000 105 0.04 Liberty Living Finance 3.375% 28/11/2029 £250,000 271 0.11 Libra Longhurst Group Treasury 3.25% 15/5/2043 £250,000 283 0.12 LiveWest Treasury 1.875% 18/2/2056 £200,000 186 0.08 Lloyds Bank Corporate Markets 1.75% 11/7/2024 £650,000 665 0.27 Lloyds Banking Group 1.875% variable rate 15/1/2026 £1,000,000 1,021 0.42 Lloyds Banking Group 2.707% variable rate 3/12/2035 £300,000 300 0.12 Lloyds Banking Group 4.875% 30/3/2027 £500,000 613 0.25 Lloyds Banking Group 5.125% 7/3/2025 £850,000 995 0.41 Lloyds Banking Group 6% 8/2/2029 £800,000 1,085 0.45 Lloyds Banking Group 6.5% 17/9/2040 £200,000 335 0.14 Logicor 2019 1 UK 1.875% 17/11/2026 £580,000 601 0.25 London & Quadrant 2% 20/10/2038 £175,000 169 0.07 London & Quadrant 2.25% 20/7/2029 £242,000 253 0.10 London & Quadrant 2.625% 28/2/2028 £300,000 322 0.13 London & Quadrant 2.75% 20/7/2057 £152,000 163 0.07 London & Quadrant 3.125% 28/2/2053 £400,000 463 0.19 London Stock Exchange 1.625% 6/4/2030 £577,000 572 0.24 Longstone Finance 4.791% 19/4/2036 £150,000 84 0.03 M&G 5% variable rate 20/7/2055 £200,000 232 0.10 M&G 5.625% variable rate 20/10/2051 £300,000 352 0.14 M&G 5.7% variable rate 19/12/2063 £250,000 314 0.13 M&G 6.25% variable rate 20/10/2068 £350,000 438 0.18 Manchester Airport Group Funding 2.875% 30/9/2044 £300,000 291 0.12




% Martlet Homes 3% 9/5/2052 £200,000 227 0.09 Meadowhall Finance 4.986% 12/1/2032 £300,000 220 0.09 Metropolitan Funding 4.125% 5/4/2048 £200,000 249 0.10 Morhomes 3.4% 19/2/2038 £200,000 217 0.09 Morrison Supermarkets 2.5% 1/10/2031 £500,000 518 0.21 Morrison Supermarkets 4.75% 4/7/2029 £340,000 413 0.17 Motability Operations Group 1.75% 3/7/2029 £550,000 562 0.23 Motability Operations Group 2.375% 14/3/2032 £639,000 678 0.28 Motability Operations Group 2.375% 3/7/2039 £300,000 314 0.13 National Express Group 2.375% 20/11/2028 £400,000 410 0.17 National Grid Electricity Transmission 2% 17/4/2040 £500,000 473 0.19 National Grid Electricity Transmission 2.75% 6/2/2035 £400,000 426 0.18 National Grid Gas 1.125% 14/1/2033 £200,000 179 0.07 National Grid Gas 1.375% 7/2/2031 £242,000 227 0.09 National Grid Gas 1.625% 14/1/2043 £162,000 138 0.06 Nationwide Building Society 5.625% 28/1/2026 £200,000 245 0.10 Next 3.625% 18/5/2028 £500,000 545 0.22 NGG Finance 5.625% variable rate 18/6/2073 £300,000 335 0.14 Northern Gas 5.625% 23/3/2040 £200,000 295 0.12 Northern Powergrid Northeast 1.875% 16/6/2062 £100,000 91 0.04 Northumbrian Water Finance 1.625% 11/10/2026 £300,000 306 0.13 Northumbrian Water Finance 2.375% 5/10/2027 £464,000 489 0.20 Notting Hill Genesis 2.875% 31/1/2029 £400,000 431 0.18 Notting Hill Genesis 3.25% 12/10/2048 £500,000 578 0.24 Optivo Finance 3.283% 22/3/2048 £200,000 232 0.10 Orbit Capital 2% 24/11/2038 £300,000 289 0.12 Orbit Capital 3.375% 14/6/2048 £200,000 236 0.10 Peabody Capital No Two 3.25% 14/9/2048 £150,000 176 0.07 Peabody Capital No Two 4.625% 12/12/2053 £200,000 301 0.12 Pension Insurance Corporation 3.625% 21/10/2032 £211,000 219 0.09 Pension Insurance Corporation 5.625% 20/9/2030 £500,000 601 0.25 Places for People Treasury 2.875% 17/8/2026 £400,000 433 0.18 Prs Finance 2% 23/1/2029 £600,000 635 0.26 RAC Bond 4.65% 6/5/2023 £450,000 467 0.19 Reckitt Benckiser Treasury Services 1.75% 19/5/2032 £413,000 412 0.17 RL Finance Bonds 4.875% variable rate 7/10/2049 £200,000 221 0.09 RL Finance Bonds 6.125% variable rate 30/11/2043 £200,000 222 0.09 Royal Bank of Scotland 2.875% variable rate 19/9/2026 £600,000 638 0.26 Royal Bank of Scotland 3.125% variable rate 28/3/2027 £750,000 806 0.33 Royal Bank of Scotland 3.622% variable rate 14/8/2030 £250,000 267 0.11 RSA Insurance Group 1.625% 28/8/2024 £450,000 460 0.19 Sanctuary Capital 2.375% 14/4/2050 £400,000 407 0.17 Sanctuary Capital 5% 26/4/2047 £200,000 308 0.13 Santander UK Group Holdings 3.625% 14/1/2026 £300,000 329 0.14 Santander UK Group Holdings 5.75% 2/3/2026 £500,000 618 0.25 Scottish & Southern Energy 8.375% 20/11/2028 £500,000 731 0.30




% Scottish Hydro Electric Transmission 2.25% 27/9/2035 £500,000 500 0.21 Scottish Widows 7% 16/6/2043 £300,000 432 0.18 Segro 2.375% 11/10/2029 £250,000 266 0.11 Segro 2.875% 11/10/2037 £250,000 277 0.11 Severn Trent Utilities Finance 1.625% 4/12/2022 £500,000 508 0.21 Severn Trent Utilities Finance 6.25% 7/6/2029 £600,000 809 0.33 SGN 3.25% 8/3/2027 £400,000 440 0.18 Southern Gas Networks 1.25% 2/12/2031 £324,000 300 0.12 Southern Gas Network 3.1% 15/9/2036 £200,000 219 0.09 Sovereign Housing Capital 2.375% 4/11/2048 £200,000 205 0.08 SP Transmission 2% 13/11/2031 £642,000 650 0.27 SPD Finance UK 5.875% 17/7/2026 £300,000 369 0.15 SSE 3.74% variable rate perpetual £500,000 523 0.22 Standard Chartered 4.375% 18/1/2038 £500,000 669 0.28 Swan Housing Capital 3.625% 5/3/2048 £200,000 212 0.09 Telereal Securitisation 4.01% 10/12/2033 £200,000 147 0.06 Telereal Securitisation 5.5534% 10/12/2031 £250,000 201 0.08 Telereal Securitisation 6.1645% 10/12/2033 £340,000 373 0.15 Tesco Corporate Treasury Services 2.5% 2/5/2025 £700,000 738 0.30 Tesco Corporate Treasury Services 2.75% 27/4/2030 £102,000 107 0.04 Tesco Personal Finance Group 3.5% 25/7/2025 £400,000 421 0.17 Tesco Property Finance 5.4111% 13/7/2044 £500,000 599 0.25 Tesco Property Finance 5.8006% 13/10/2040 £300,000 380 0.16 Tesco Property Finance 7.6227% 13/7/2039 £600,000 734 0.30 Thames Water Utilities Finance 1.875% 24/1/2024 £184,000 189 0.08 Thames Water Utilities Finance 2.375% 22/4/2040 £400,000 392 0.16 Thames Water Utilities Finance 2.625% 24/1/2032 £234,000 244 0.10 Thames Water Utilities Finance 4% 19/6/2025 £500,000 560 0.23 Thames Water Utilities Finance 5.125% 28/9/2037 £416,000 565 0.23 Thames Water Utilities Finance 5.5% 11/2/2041 £300,000 434 0.18 Thames Water Utilities Finance 7.738% 9/4/2058 £100,000 208 0.09 THFC 5.2% 11/10/2043 £580,000 859 0.35 Tritax Big Box REIT 1.5% 27/11/2033 £108,000 102 0.04 Tritax Big Box REIT 2.625% 14/12/2026 £509,000 544 0.22 Tritax Big Box REIT 3.125% 14/12/2031 £509,000 565 0.23 Unilever 1.5% 22/7/2026 £400,000 413 0.17 Unite (USAF) II 3.921% 30/6/2030 £675,000 737 0.30 United Utilities 2% 14/2/2025 £318,000 331 0.14 United Utilities 2% 3/7/2033 £900,000 915 0.38 University of Cambridge 2.35% 27/6/2078 £150,000 194 0.08 University of Leeds 3.125% 19/12/2050 £200,000 237 0.10 University of Oxford 2.544% 8/12/2117 £400,000 474 0.20 Virgin Money UK 2.625% variable rate 19/8/2031 £185,000 185 0.08 Virgin Money UK 5.125% variable rate 11/12/2030 £102,000 113 0.05 Vodafone 3.375% 8/8/2049 £1,000,000 1,109 0.46 Wales & West Utilities Finance 1.875% 28/5/2041 £300,000 279 0.11




% Wellcome Trust 2.517% 7/2/2118 £200,000 236 0.10 Wellcome Trust 4% 9/5/2059 £300,000 500 0.21 Wellcome Trust 4.625% 25/7/2036 £300,000 429 0.18 Wessex Water Services Finance 1.25% 12/1/2036 £207,000 183 0.08 Wessex Water Services Finance 5.375% 10/3/2028 £200,000 248 0.10 Western Power Distribution 1.625% 7/10/2035 £242,000 223 0.09 Western Power Distribution 2.375% 16/5/2029 £422,000 443 0.18 Western Power Distribution 3.5% 16/10/2026 £800,000 872 0.36 Western Power Distribution 5.75% 16/4/2032 £460,000 628 0.26 Whitbread Group 3.375% 16/10/2025 £300,000 317 0.13 Yorkshire Building Society 3.375% variable rate 13/9/2028 £440,000 470 0.19 Yorkshire Building Society 3.5% 21/4/2026 £150,000 167 0.07 Yorkshire Water Finance 1.75% 26/11/2026 £600,000 614 0.25 Yorkshire Water Finance 2.75% 18/4/2041 £200,000 213 0.09 Yorkshire Water Services 3.625% 1/8/2029 £300,000 343 0.14 Zurich Finance 6.625% variable rate perpetual £340,000 364 0.15 Total Corporate Bonds 97,992 40.32 Public Authorities - 0.54% (0.79%)

Transport for London 2.25% 9/8/2022 £300,000 306 0.13 Transport for London 3.625% 15/5/2045 £600,000 757 0.31 Transport for London 4% 12/9/2033 £200,000 248 0.10 Total Public Authorities 1,311 0.54 Total United Kingdom 103,249 42.48 UNITED STATES - 11.91% (12.02%)Corporate Bonds - 11.91% (12.02%)

American Honda Finance 0.75% 25/11/2026 £533,000 523 0.22 American Honda Finance 1.3% 21/3/2022 £200,000 201 0.08 American International Group 5% 26/4/2023 £700,000 757 0.31 Apple 3.05% 31/7/2029 £800,000 911 0.37 AT&T 4.875% 1/6/2044 £800,000 1,053 0.43 AT&T 5.5% 15/3/2027 £900,000 1,094 0.45 AT&T 7% 30/4/2040 £800,000 1,274 0.52 Athene Global Funding 1.75% 24/11/2027 £250,000 249 0.10 Bank of America 2.3% 25/7/2025 £1,000,000 1,056 0.43 Bank of America 4.25% 10/12/2026 £400,000 465 0.19 Berkshire Hathaway Finance 2.375% 19/6/2039 £300,000 313 0.13 Berkshire Hathaway Finance 2.625% 19/6/2059 £300,000 332 0.14 Brown Forman 2.6% 7/7/2028 £600,000 645 0.27 Citi Group 1.75% 23/10/2026 £900,000 916 0.38 Citi Group 2.75% 24/1/2024 £255,000 268 0.11 Citi Group 7.375% 1/9/2039 £450,000 792 0.33 Comcast 1.5% 20/2/2029 £975,000 968 0.40 Comcast 1.875% 20/2/2036 £438,000 424 0.17 Digital Stout Holding 3.75% 17/10/2030 £200,000 227 0.09




% Digital Stout Holding 4.25% 17/1/2025 £300,000 335 0.14 Fidelity National Information Services 3.36% 21/5/2031 £300,000 333 0.14 Fiserv 3% 1/7/2031 £500,000 539 0.22 General Motors Financial 2.35% 3/9/2025 £323,000 334 0.14 Goldman Sachs 3.125% 25/7/2029 £500,000 550 0.23 Goldman Sachs 7.25% 10/4/2028 £500,000 679 0.28 JP Morgan Chase 0.991% variable rate 28/4/2026 £109,000 109 0.04 JP Morgan Chase 1.895% variable rate 28/4/2033 £112,000 111 0.05 JP Morgan Chase 3.5% 18/12/2026 £350,000 396 0.16 McDonalds 2.95% 15/3/2034 £500,000 548 0.23 McKesson 3.125% 17/2/2029 £400,000 433 0.18 Met Life Global Funding 3.5% 30/9/2026 £1,000,000 1,122 0.46 Metropolitan Life Global Funding 0.625% 8/12/2027 £300,000 287 0.12 Metropolitan Life Global Funding 1.625% 9/6/2022 £250,000 253 0.10 Morgan Stanley 2.625% 9/3/2027 £368,000 393 0.16 New York Life Global Funding 0.75% 14/12/2028 £335,000 319 0.13 New York Life Global Funding 1.25% 17/12/2026 £500,000 503 0.21 Pfizer 2.735% 15/6/2043 £800,000 881 0.36 Procter and Gamble 1.8% 3/5/2029 £385,000 403 0.17 Prologis 2.25% 30/6/2029 £375,000 395 0.16 Time Warner Cable 5.75% 2/6/2031 £450,000 567 0.23 Toyota Motor Credit 1% 27/9/2022 £350,000 353 0.15 UPS 5.125% 12/2/2050 £250,000 406 0.17 Verizon Communications 1.125% 3/11/2028 £432,000 416 0.17 Verizon Communications 1.875% 19/9/2030 £800,000 796 0.33 Verizon Communications 1.875% 3/11/2038 £417,000 388 0.16 Verizon Communications 2.5% 8/4/2031 £300,000 313 0.13 Wal-Mart Stores 5.25% 28/9/2035 £420,000 609 0.25 Wal-Mart Stores 5.625% 27/3/2034 £700,000 1,023 0.42 Wells Fargo 2% 28/7/2025 £750,000 774 0.32 Wells Fargo 2.125% 20/12/2023 £600,000 619 0.25 Wells Fargo 2.125% 24/9/2031 £600,000 599 0.25 Wells Fargo 4.875% 29/11/2035 £300,000 385 0.16 Welltower 4.5% 1/12/2034 £250,000 299 0.12 Total Corporate Bonds 28,938 11.91 Total United States 28,938 11.91 AUSTRALIA - 0.33% (0.73%)Corporate Bonds - 0.33% (0.73%)

APT Pipelines 2.5% 15/3/2036 £420,000 412 0.17 BHP Billiton Finance 4.3% 25/9/2042 £300,000 397 0.16 Total Corporate Bonds 809 0.33 Total Australia 809 0.33




%AUSTRIA - 0.42% (0.32%)Government Bonds - 0.42% (0.32%) Oesterreichische Kontrollbank 0.75% 7/3/2022 £500,000 502 0.21 Oesterreichische Kontrollbank 1.25% 15/12/2023 £500,000 512 0.21 Total Government Bonds 1,014 0.42 Total Austria 1,014 0.42 BELGIUM - 0.53% (0.57%)Corporate Bonds - 0.53% (0.57%) Anheuser-Busch InBev 2.25% 24/5/2029 £513,000 533 0.22 Anheuser-Busch InBev 2.85% 25/5/2037 £150,000 160 0.07 Anheuser-Busch InBev 9.75% 30/7/2024 £450,000 576 0.24 Total Corporate Bonds 1,269 0.53 Total Belgium 1,269 0.53 BERMUDA - 0.12% (0.08%)Corporate Bonds - 0.12% (0.08%) Hiscox 6.125% variable rate 24/11/2045 £250,000 289 0.12 Total Corporate Bonds 289 0.12 Total Bermuda 289 0.12 CANADA - 2.00% (1.83%)Corporate Bonds - 0.59% (1.04%) Canadian Imperial Bank 1.125% 30/6/2022 £400,000 404 0.17 Royal Bank of Canada 1.125% 15/12/2025 £718,000 721 0.30 Toronto Dominion Bank 1% 13/12/2021 £300,000 301 0.12 Total Corporate Bonds 1,426 0.59 Government Bonds - 0.42% (0.31%) CPPIB Capital 0.875% 17/12/2024 £1,000,000 1,014 0.42 Total Government Bonds 1,014 0.42 Public Authorities - 0.99% (0.48%) Export Development Canada 1.375% 8/12/2023 £500,000 513 0.21 Province of Ontario Canada 0.25% 15/12/2026 £300,000 290 0.12 Province of Ontario Canada 0.5% 15/12/2023 £1,000,000 1,004 0.41 Province of Quebec Canada 1.5% 15/12/2023 £600,000 617 0.25 Total Public Authorities 2,424 0.99 Total Canada 4,864 2.00 CAYMAN ISLANDS - 0.39% (0.45%)Corporate Bonds - 0.39% (0.45%)

Phoenix Group 5.625% 28/4/2031 £100,000 119 0.05 Porterbrook Rail Finance 4.625% 4/4/2029 £300,000 350 0.14 Southern Water Services Finance 3% 28/5/2037 £200,000 210 0.09 Southern Water 6.192% 31/3/2029 £200,000 264 0.11 Total Corporate Bonds 943 0.39 Total Cayman Islands 943 0.39




%CHANNEL ISLANDS - 2.17% (2.38%)Government Bonds - 0.05% (0.21%)

States of Guernsey 3.375% 12/12/2046 £100,000 127 0.05 Total Government Bonds 127 0.05 Corporate Bonds - 2.12% (2.17%)

CPUK Finance 7.239% 28/2/2042 £400,000 461 0.19 Credit Suisse Funding 3% 27/5/2022 £400,000 409 0.17 Gatwick Funding 2.5% 15/4/2032 £203,000 201 0.08 Gatwick Funding 2.875% 5/7/2051 £300,000 281 0.12 Gatwick Funding 3.25% 26/2/2048 £250,000 251 0.10 Gatwick Funding 5.75% 23/1/2037 £250,000 329 0.14 Gatwick Funding 6.125% 2/3/2028 £200,000 240 0.10 Hastings Group Finance 3% 24/5/2025 £400,000 424 0.17 Heathrow Funding 4.625% 31/10/2046 £250,000 317 0.13 Heathrow Funding 5.875% 13/5/2041 £440,000 623 0.26 Heathrow Funding 6.45% 10/12/2031 £300,000 407 0.17 Heathrow Funding 6.75% 3/12/2028 £500,000 630 0.26 Heathrow Funding 7.125% 14/2/2024 £496,000 568 0.23 Total Corporate Bonds 5,141 2.12 Total Channel Islands 5,268 2.17 CHINA - 0.16% (0.12%)Public Authorities - 0.16% (0.12%)

China Development Bank 1.25% 21/1/2023 £386,000 388 0.16 Total Public Authorities 388 0.16 Total China 388 0.16 DENMARK - 0.50% (0.64%)Corporate Bonds - 0.50% (0.64%)

Orsted 2.125% 17/5/2027 £158,000 165 0.07 Orsted 4.875% 12/1/2032 £500,000 645 0.27 Orsted 5.75% 9/4/2040 £250,000 387 0.16 Total Corporate Bonds 1,197 0.50 Total Denmark 1,197 0.50 FRANCE - 6.81% (6.73%)Government Bonds - 0.66% (0.47%) Dexia Credit Local 0.25% 11/12/2024 £200,000 198 0.08 Dexia Credit Local 0.5% 22/7/2023 £700,000 702 0.29 Dexia Credit Local 1.375% 7/12/2022 £700,000 712 0.29 Total Government Bonds 1,612 0.66




%Corporate Bonds - 5.18% (5.18%)

AXA 5.625% variable rate 16/1/2054 £725,000 902 0.37 Banque Federative du Credit 0.875% 7/12/2027 £500,000 484 0.20 Banque Federative du Credit 1.25% 5/12/2025 £200,000 202 0.08 Banque Federative du Credit 1.75% 19/12/2024 £500,000 515 0.21 BNP Paribas 1.875% 14/12/2027 £200,000 203 0.08 BNP Paribas 3.375% 23/1/2026 £1,200,000 1,307 0.54 BPCE 1% 22/12/2025 £200,000 200 0.08 BPCE 5.25% 16/4/2029 £300,000 366 0.15 EDF 5.125% 22/9/2050 £200,000 297 0.12 Électricité de France 5.5% 27/3/2037 £400,000 556 0.23 Électricité de France 5.5% 17/10/2041 £600,000 862 0.35 Électricité de France 6% 23/1/2114 £500,000 844 0.35 Électricité de France 6.125% 2/6/2034 £900,000 1,283 0.53 Électricité de France 6.25% 30/5/2028 £400,000 520 0.21 GDF Suez 5% 1/10/2060 £450,000 712 0.29 Orange 3.25% 15/1/2032 £800,000 899 0.37 Orange 5.75% variable rate perpetual £253,000 273 0.11 Societe Generale 1.875% 3/10/2024 £300,000 307 0.13 Total Capital International 1.66% 22/7/2026 £600,000 616 0.25 Veolia Environnement 6.125% 29/10/2037 £200,000 305 0.13 Vinci 2.25% 15/3/2027 £400,000 423 0.17 Vinci 2.75% 15/9/2034 £500,000 552 0.23 Total Corporate Bonds 12,628 5.18 Public Authorities - 0.97% (1.08%)

Caisse des Depots et Consignations 0.5% 21/7/2023 £700,000 703 0.29 Caisse Francaise de Financemen 5.5% 16/7/2026 £183,000 225 0.09 SNCF 5.375% 18/3/2027 £200,000 247 0.10 SNCF Reseau 4.83% 25/3/2060 £300,000 514 0.21 SNCF Reseau 5% 11/3/2052 £250,000 416 0.17 SNCF Reseau 5.25% 7/12/2028 £200,000 259 0.11 Total Public Authorities 2,364 0.97 Total France 16,604 6.81 GERMANY - 6.32% (7.43%)Government Bonds - 4.21% (5.35%)

FMS Wertmanagement 1.125% 20/3/2023 £500,000 508 0.21 FMS Wertmanagement 1.375% 7/3/2025 £600,000 620 0.26 Kredit Fuer Wiederaufbau 0.875% 15/3/2022 £300,000 302 0.12 Kredit Fuer Wiederaufbau 0.875% 18/7/2024 £1,000,000 1,014 0.42 Kredit Fuer Wiederaufbau 0.875% 15/9/2026 £800,000 809 0.33 Kredit Fuer Wiederaufbau 1% 15/12/2022 £1,000,000 1,012 0.42 Kredit Fuer Wiederaufbau 1.25% 29/12/2023 £800,000 820 0.34 Kredit Fuer Wiederaufbau 1.375% 9/12/2024 £1,400,000 1,446 0.59 Kredit Fuer Wiederaufbau 1.375% 15/12/2025 £500,000 518 0.21




% Kredit Fuer Wiederaufbau 5% 10/9/2024 £300,000 345 0.14 Kredit Fuer Wiederaufbau 5% 9/6/2036 £250,000 375 0.15 Kredit Fuer Wiederaufbau 5.5% 18/6/2025 £250,000 300 0.12 Kredit Fuer Wiederaufbau 5.75% 7/6/2032 £700,000 1,026 0.42 Landwirtschaftliche Rentenbank 0.625% 15/12/2022 £200,000 201 0.08 Landwirtschaftliche Rentenbank 1.375% 16/12/2024 £450,000 465 0.19

Landwirtschaftliche Rentenbank 1.375% 8/9/2025 £500,000 518 0.21 Total Government Bonds 10,279 4.21 Corporate Bonds - 1.26% (1.34%)

BASF 1.375% 21/6/2022 £222,000 224 0.09 Commerzbank 1.75% 22/1/2025 £500,000 505 0.21 Deutsche Bank 1.875% variable rate 22/12/2028 £200,000 197 0.08 Deutsche Bank 2.625% 16/12/2024 £300,000 313 0.13 Henkel 1.25% 30/9/2026 £600,000 607 0.25 Landeskreditbank Baden-Wuerttembeg 1.125% 8/12/2025 £700,000 702 0.29

Landeskreditbank Baden-Wuerttembeg 1.375% 15/12/2023 £500,000 513 0.21 Total Corporate Bonds 3,061 1.26 Public Authorities - 0.85% (0.74%)

Deutsche Bahn Finance 3.125% 24/7/2026 £500,000 557 0.23 FMS Wertmanagement 1.125% 7/9/2023 £500,000 510 0.21 NRW Bank 0.375% 16/12/2024 £200,000 199 0.08

NRW Bank 1% 15/6/2022 £800,000 807 0.33 Total Public Authorities 2,073 0.85 Total Germany 15,413 6.32 IRELAND - 1.94% (1.80%)Corporate Bonds - 1.02% (0.84%)

ESB Finance DAC 1.875% 21/7/2035 £300,000 296 0.12 Freshwater Finance 4.607% 17/10/2036 £400,000 503 0.21 GE Capital UK Funding 5.875% 18/1/2033 £500,000 672 0.28 GE Capital UK Funding 8% 14/1/2039 £500,000 830 0.34

PGH Capital 4.125% 20/7/2022 £154,000 160 0.07 Total Corporate Bonds 2,461 1.02 Financials - 0.85% (0.96%) +*HSBC Global Sterling Liquidity Fund £2,063,442 2,063 0.85

Total Financials 2,063 0.85 Public Authorities - 0.07% (0.00%)

UK Municipal Bonds Agency Finance 1.625% 26/8/2060 £200,000 177 0.07 Total Public Authorities 177 0.07 Total Ireland 4,701 1.94




%ITALY - 1.10% (1.09%) Government Bonds - 0.53% (0.38%)

Italy (Government) 6% 4/8/2028 £1,000,000 1,285 0.53 Total Government Bonds 1,285 0.53 Corporate Bonds - 0.57% (0.71%)

Enel 5.75% 22/6/2037 £250,000 355 0.15 FCA Bank 1.625% 29/9/2021 £500,000 502 0.21

Intesa Sanpaolo 2.5% 15/1/2030 £500,000 506 0.21 Total Corporate Bonds 1,363 0.57 Total Italy 2,648 1.10 JAPAN - 0.42% (0.40%)Corporate Bonds - 0.32% (0.32%)

East Japan Railway 4.75% 8/12/2031 £450,000 583 0.24 East Japan Railway 4.875% 14/6/2034 £150,000 202 0.08

Total Corporate Bonds 785 0.32 Public Authorities - 0.10% (0.08%)

Development Bank of Japan 1.125% 28/4/2023 £250,000 253 0.10 Total Public Authorities 253 0.10 Total Japan 1,038 0.42 LUXEMBOURG - 1.38% (1.22%)Corporate Bonds - 1.38% (1.22%)

Aroundtown 3.25% 18/7/2027 £700,000 751 0.31 Aroundtown 3.625% 10/4/2031 £500,000 546 0.22 CK Hutchison Group Telecom Finance 2.625% 17/10/2034 £300,000 305 0.13 CK Hutchison Holdings 2% 17/10/2027 £500,000 507 0.21 Glencore Finance Europe 5.5% 3/4/2022 £485,000 507 0.21

Logicor Financing 2.75% 15/1/2030 £700,000 725 0.30 Total Corporate Bonds 3,341 1.38 Total Luxembourg 3,341 1.38 MEXICO - 0.43% (0.58%)Government Bonds - 0.17% (0.21%)

United Mexican States 5.625% 19/3/2114 £400,000 424 0.17 Total Government Bonds 424 0.17 Corporate Bonds - 0.26% (0.37%)

America Movil 4.375% 7/8/2041 £500,000 629 0.26 Total Corporate Bonds 629 0.26 Total Mexico 1,053 0.43




%NETHERLANDS - 6.75% (5.98%)

Corporate Bonds - 6.41% (5.32%) ABN AMRO Bank 1.375% 7/6/2022 £700,000 707 0.29

Aegon 6.125% 15/12/2031 £250,000 353 0.15 Allianz Finance II 4.5% 13/3/2043 £200,000 291 0.12 BMW International Investment 1.375% 1/10/2024 £570,000 581 0.24 Daimler 1.5% 13/1/2022 £191,000 192 0.08 Deutsche Telekom 2.5% 10/10/2025 £100,000 107 0.04 Deutsche Telekom 8.875% 27/11/2028 £400,000 607 0.25 E.ON International Finance 4.75% 31/1/2034 £500,000 628 0.26 E.ON International Finance 5.625% 6/12/2023 £200,000 225 0.09 E.ON International Finance 5.875% 30/10/2037 £400,000 576 0.24 E.ON International Finance 6.125% 6/7/2039 £500,000 755 0.31 E.ON International Finance 6.375% 7/6/2032 £200,000 280 0.12 E.ON International Finance 6.75% 27/1/2039 £300,000 477 0.20 EDP Finance 8.625% 4/1/2024 £400,000 480 0.20 Enel Finance 5.625% 14/8/2024 £400,000 461 0.19 Enel Finance 5.75% 14/9/2040 £500,000 736 0.30 Enel Finance International 1% 20/10/2027 £239,000 233 0.10 ING Groep 1.125% variable rate 7/12/2028 £400,000 388 0.16 ING Groep 3% 18/2/2026 £700,000 755 0.31 Koninklijke 5.75% 17/9/2029 £440,000 526 0.22 Lafarge Holcim Sterling Finance 3% 12/5/2032 £144,000 154 0.06 Rabobank Nederland 1.25% 14/1/2025 £600,000 604 0.25 Rabobank Nederland 4% 19/9/2022 £500,000 524 0.22 Rabobank Nederland 4.625% 23/5/2029 £500,000 589 0.24 Rabobank Nederland 5.375% 3/8/2060 £300,000 561 0.23 Shell International Finance 1% 10/12/2030 £500,000 468 0.19 Shell International Finance 1.75% 10/9/2052 £200,000 165 0.07 Siemens Financieringsmaatschappij 0.875% 5/6/2023 £200,000 201 0.08 Siemens Financieringsmaatschappij 1% 20/2/2025 £400,000 402 0.17 Siemens Financieringsmaatschappij 2.75% 10/9/2025 £500,000 540 0.22 Volkswagen Financial Services 1.625% 10/2/2024 £300,000 305 0.13 Volkswagen Financial Services 1.875% 3/12/2024 £200,000 205 0.08 Volkswagen Financial Services 2.125% 27/6/2024 £500,000 516 0.21 Volkswagen Financial Services 2.25% 12/4/2025 £373,000 388 0.16

Volkswagen Financial Services 4.25% 9/10/2025 £500,000 563 0.23 Total Corporate Bonds 15,543 6.41 Public Authorities - 0.34% (0.66%)

Bank Nederlandse Gemeenten 1% 17/6/2022 £400,000 403 0.17 Bank Nederlandse Gemeenten 1.625% 26/8/2025 £400,000 419 0.17 Total Public Authorities 822 0.34 Total Netherlands 16,365 6.75




%NORWAY - 0.79% (1.34%)Corporate Bonds - 0.58% (0.86%)

DNB Bank 1.375% 12/6/2023 £502,000 511 0.21 Equinor 6.875% 11/3/2031 £400,000 584 0.24

SpareBank1 Boligkreditt 1.75% 18/12/2023 £300,000 310 0.13 Total Corporate Bonds 1,405 0.58 Public Authorities - 0.21% (0.48%)

Kommunalbanken 1.125% 30/11/2022 £200,000 203 0.08 Kommunalbanken 1.5% 15/12/2023 £300,000 309 0.13

Total Public Authorities 512 0.21 Total Norway 1,917 0.79 SINGAPORE - 0.13% (0.21%)Public Authorities - 0.13% (0.21%)

Temasek Financial 5.125% 26/7/2040 £200,000 307 0.13 Total Public Authorities 307 0.13 Total Singapore 307 0.13 SOUTH KOREA - 0.00% (0.16%)Public Authorities - 0.00% (0.16%)

SPAIN - 1.17% (0.67%)Corporate Bonds - 1.17% (0.67%)

Abertis Infraestructuras 3.375% 27/11/2026 £500,000 538 0.22 Banco Santander 1.375% 31/7/2024 £900,000 911 0.37 Banco Santander 1.5% 14/4/2026 £600,000 596 0.25

Telefonica Emisiones S.A.U 5.289% 9/12/2022 £750,000 804 0.33 Total Corporate Bonds 2,849 1.17 Total Spain 2,849 1.17 SUPRANATIONAL - 9.97% (9.71%)Supranational Bonds - 9.97% (9.71%)

Asian Development Bank 0.125% 15/12/2026 £300,000 291 0.12 Asian Development Bank 0.625% 15/9/2026 £500,000 498 0.21 Asian Development Bank 0.75% 7/12/2027 £300,000 298 0.12 Asian Development Bank 1.375% 15/12/2023 £500,000 514 0.21 Asian Development Bank 1.375% 7/3/2025 £300,000 310 0.13 Council of Europe Development Bank 0.625% 15/6/2022 £400,000 402 0.17 Council of Europe Development Bank 0.75% 22/7/2027 £300,000 299 0.12 European Bank for Reconstruction 1.25% 15/12/2022 £400,000 406 0.17 European Investment Bank 0.125% 14/12/2026 £600,000 581 0.24 European Investment Bank 0.75% 15/11/2024 £800,000 809 0.33 European Investment Bank 0.75% 22/7/2027 £600,000 599 0.25 European Investment Bank 0.875% 15/12/2023 £400,000 406 0.17 European Investment Bank 1% 21/9/2026 £400,000 407 0.17




% European Investment Bank 1.375% 7/3/2025 £1,150,000 1,189 0.49 European Investment Bank 2.5% 31/10/2022 £1,000,000 1,033 0.43 European Investment Bank 3.875% 8/6/2037 £650,000 878 0.36 European Investment Bank 4.5% 7/6/2029 £500,000 634 0.26 European Investment Bank 4.625% 12/10/2054 £500,000 892 0.37 European Investment Bank 5% 15/4/2039 £300,000 468 0.19 European Investment Bank 5.5% 15/4/2025 £1,300,000 1,552 0.64 European Investment Bank 5.625% 7/6/2032 £800,000 1,162 0.48 European Investment Bank 6% 7/12/2028 £1,000,000 1,366 0.56 Inter-American Development Bank 0.5% 15/9/2026 £198,000 196 0.08 Inter-American Development Bank 1.25% 15/12/2025 £1,000,000 1,031 0.42 Inter-American Development Bank 1.375% 15/12/2024 £800,000 826 0.34 International Bank for Reconstruction & Development 0.25% 23/9/2027 £200,000 193 0.08 International Bank for Reconstruction & Development 0.5% 24/7/2023 £1,000,000 1,006 0.41 International Bank for Reconstruction & Development 0.75% 15/12/2026 £500,000 502 0.21 International Bank for Reconstruction and Development 1% 21/12/2029 £1,400,000 1,398 0.58 International Bank for Reconstruction and Development 1.25% 7/9/2023 £600,000 614 0.25 International Bank for Reconstruction & Development 5.75% 7/6/2032 £200,000 292 0.12 International Development Association 0.75% 12/12/2024 £1,000,000 1,012 0.42 International Finance 0.75% 22/7/2027 £300,000 299 0.12 International Finance 1.375% 7/3/2025 £1,000,000 1,033 0.43 Nordic Investment Bank 0.125% 15/12/2026 £500,000 485 0.20

Nordic Investment Bank 1.125% 16/3/2022 £300,000 302 0.12 Total Supranational Bonds 24,183 9.97 Total Supranational 24,183 9.97 SWEDEN - 0.37% (0.74%)Corporate Bonds - 0.37% (0.74%)

Skandinaviska Enskilda 1.25% 5/8/2022 £300,000 303 0.12 Vattenfall 6.875% 15/4/2039 £360,000 615 0.25

Total Corporate Bonds 918 0.37 Total Sweden 918 0.37 SWITZERLAND - 0.46% (0.03%)Corporate Bonds - 0.46% (0.03%)

Credit Suisse Group 2.125% variable rate 12/9/2025 £500,000 513 0.21 Credit Suisse Group 2.25% variable rate 9/6/2028 £600,000 612 0.25

Total Corporate Bonds 1,125 0.46 Total Switzerland 1,125 0.46




%UNITED ARAB EMIRATES - 0.12% (0.30%)Corporate Bonds - 0.12% (0.30%)

First Abu Dhabi Bank 1.375% 19/2/2023 £300,000 303 0.12 Total Corporate Bonds 303 0.12 Total United Arab Emirates 303 0.12 Futures - 0.00% (0.00%)

ICF Long Gilt June 2021 7 (3) 0.00 Total Futures (3) 0.00 Portfolio of investments 240,990 99.17 Net other assets 2,023 0.83 Net assets 243,013 100.00 +related party *investment schemes regulated outside the UK Figures in brackets denote the comparative percentage holdings as at 15 May 2020.

Unless otherwise stated, all investments are listed securities. The counterparty for the future is HSBC.


Comparative Tables


15.5.21 15.5.20 15.5.19






15.5.21 15.5.20 15.5.19



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




Comparative Tables

Income C Change in net assets per share

15.5.21 15.5.20 15.5.19






15.5.21 15.5.20 15.5.19







Comparative Tables


15.5.21 15.5.20 15.5.19






15.5.21 15.5.20 15.5.19





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



15.5.21 15.5.20Notes £’000 £’000 £’000 £’000


Expenses 4 (277) (217)Interest payable and similar charges (1) - Net revenue before taxation 5,732 6,567 Taxation 5 - - Net revenue after taxation 5,732 6,567 Total return before distributions 12,714 10,892 Distributions 6 (8,045) (9,201)Change in net assets attributable to shareholders from investment activities 4,669 1,691


15.5.21 15.5.20£’000 £’000 £’000 £’000


(89,745) 90,506 Dilution adjustment 783 1,095 Change in net assets attributable to shareholders frominvestment activities (see Statement of Total Return above) 4,669 1,691 Retained distribution on accumulation shares 3,904 2,884 Closing net assets attributable to shareholders 243,013 323,402


15.5.21 15.5.20 Notes £’000 £’000 £’000 £’000

AssetsInvestments 240,993 321,060 Current assets

Debtors 8 3,135 4,274 Cash and bank balances 3,007 383

Total current assets 6,142 4,657 Total assets 247,135 325,717 LiabilitiesInvestment liabilities (3) (5)Creditors

Distribution payable on income shares (618) (1,674)Other creditors 9 (3,501) (636)




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


15.7.21 15.7.20









Group 1: Shares purchased prior to 16 November 2020 Group 2: Shares purchased from 16 November 2020 to 15 February 2021


15.4.21 15.4.20









Group 1: Shares purchased prior to 16 August 2020 Group 2: Shares purchased from 16 August 2020 to 15 November 2020


15.1.21 15.1.20









Group 1: Shares purchased prior to 16 May 2020 Group 2: Shares purchased from 16 May 2020 to 15 August 2020


15.10.20 15.10.19








15.5.21 15.5.20£’000 £’000


2. Net Capital GainsThe net capital gains during the year comprise: Transaction charges (8) (8)(Losses)/gains on derivative securities (9) 174 Gains on non-derivative securities 6,999 4,159 Net capital gains 6,982 4,325

3. RevenueInterest on bonds and other debt securities 6,010 6,783 Bank interest - 1 Total revenue 6,010 6,784


148 117 Payable to the Depositary, associates of the Depositary and agents of either of them:Depositary fee 32 33 Other expenses:Audit fee 8 6 License fee 89 61




15.5.21 15.5.20£’000 £’000


Corporation tax - - Total tax for the year (note 5b) - -

b) Factors affecting taxation charge for the year:The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an open-ended investment company (20%). The differences are explained below:Net revenue before taxation 5,732 6,567 Corporation tax at 20% 1,146 1,313 Effects of:Tax deductible interest distributions (1,146) (1,313)Current tax charge for the year (note 5a) - -

c) Provision for deferred taxationAt 15 May 2021, there is no potential deferred tax asset (15.5.20: £nil) in relation to surplus management expenses.


7,534 9,438 Add: Amounts deducted on cancellation of shares 715 431 Deduct: Amounts received on issue of shares (204) (668)Net distribution for the year 8,045 9,201

7. Movement Between Net Revenue and DistributionsNet revenue after taxation 5,732 6,567 Effective yield transferred from capital 2,313 2,634 Net distribution for the year 8,045 9,201

8. DebtorsAmounts receivable for creation of shares 187 162 Accrued revenue 2,948 4,112 Total debtors 3,135 4,274

9. Other creditorsAmounts payable for cancellation of shares 1,462 177 Purchases awaiting settlement 2,005 408 Accrued expenses 34 51 Total other creditors 3,501 636





Income C

Accumulation C

Income S

Accumulation S

Opening shares issued at 16.5.20 132,910,595 35,057 7,684,394 26,499,435 83,289,645 61,979,792 Share movements 16.5.20 to 15.5.21 Shares issued 250,123 - 8,197,392 33,606,735 12,078,089 18,681,745 Shares cancelled (114,429,095) - (5,889,357) (2,987,866) (35,095,193) (5,446,727)Shares converted (91,556) - 90,552 - - - Closing shares issued at 15.5.21 18,640,067 35,057 10,082,981 57,118,304 60,272,541 75,214,810







Income C

Accumulation C

Income S

Accumulation S

% % % % % %As at 15.5.21 99.12 - 1.67 0.28 - -As at 15.5.20 92.31 - 2.44 0.24 - -


The balance due to/from the ACD (including amounts due to associates and agents) at the year end was £1,296,186 (15.5.20: £47,976), further details of such amounts can be found in notes 8 and 9.

At the year end, the Fund held £7,336,858 (15.5.20: £8,695,457) in Authorised Investment Funds managed by HSBC Holdings, the parent company of the ACD. During the period, transactions in Authorised Investment Funds managed by HSBC Holdings totalled £68,228,573 (15.5.20: £99,890,879).




Interest Rate Risk

The interest rate profile of the Fund's financial assets and liabilities at 15 May 2021 was:

Floating rate financial assets**

Fixed rate financial assets

Financial assets not carrying interest

Total

15.5.21 15.5.20 15.5.21 15.5.20 15.5.21 15.5.20 15.5.21 15.5.20 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000

Sterling 21,973 20,716 219,964 297,617 1,076 5,069 243,013 323,402 Total 21,973 20,716 219,964 297,617 1,076 5,069 243,013 323,402

**Floating rate interest was earned at rates based on LIBOR (London Interbank Offered Rate) or international equivalent.


The bond ratings for the portfolio at 15 May 2021 were:

Bidvalue£'000

Totalnet

assets%

Bond credit ratingsInvestment grade 231,099 95.10%Non-investment grade 811 0.33%Non rated 7,020 2.89%Total bonds 238,930 98.32%


This Fund has an institutional share class, a C share class and an S share class.

The annual ACD charge on the institutional share class is nil, 0.12% on the C share class and 0.04% on the S share class. The net asset value of the share class, the net asset value per share and the number of shares in each class are given in the Comparative Tables on pages 324 to 326. The distribution per share class is given in the Distribution Tables on pages 328 to 331.





The types of derivatives held at the year end were index futures.

Details of the individual contracts are shown on the Portfolio Statement on pages 308 to 323 and there is no counterparty exposure at the year end.








The purchases and sales of securities incurred no direct transaction costs during the year or previous period. Total purchases for the year were £97,535,950 (15.5.20: £214,476,645). Total sales for the year were £182,284,155 (15.5.20: £119,830,097).





At the balance sheet date the portfolio dealing spread was 0.30% (15.5.20: 0.87%), being the difference between the respective bid and offer prices for the Fund's investments.




Level 2: inputs other than quoted prices included within Level 1 that are observable (i.e. developed using market data) for the asset or liability, either directly or indirectly. Level 3: inputs are unobservable (i.e. for which market data is unavailable) for the asset or liability.

For the year ended 15 May 2021Category 1 2 3 TotalInvestment Assets £'000 £'000 £'000 £'000Bonds 16,525 222,405 - 238,930 Pooled investment vehicles - 2,063 - 2,063

16,525 224,468 - 240,993


(3) - - (3)

For the year ended 15 May 2020Category 1 2 3 TotalInvestment Assets £'000 £'000 £'000 £'000Bonds 25,959 291,991 - 317,950 Money market funds - 3,110 - 3,110

25,959 295,101 - 321,060


(5) - - (5)








If the interest rate at 15 May 2021 had increased or decreased by 1 basis point with all other variables held constant, this would have increased or decreased the net assets attributable to shareholders by £188,535 (15.5.20: £263,746).

338 DEVELOPED WORLD SUSTAINABLE EQUITY INDEX FUND

Developed World Sustainable Equity Index Fund

Investment Objective*

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

Investment Policy*

The Index is comprised of the shares (equities) of large and medium sized companies from developed markets. The Index seeks to achieve a reduction in carbon emissions and fossil fuel reserves exposure and an improvement of the FTSE Russell ESG rating against that of the FTSE Developed Index (the ‘Parent Index’). The Index also excludes the shares of certain companies based on sustainability criteria. Further information about the Index and the criteria can be found in the Prospectus.

The Fund may use different types of derivatives for efficient portfolio management, including hedging. In particular the Fund may use derivatives to help it manage cash flows and to gain exposure to companies that make up the Index. The Fund may invest up to 10% of its value in contracts for differences. The use of derivatives will be consistent with the risk profile of the Fund.


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





Portfolio Activity

FTSE Developed ESG Low Carbon index was up 7.76% since inception (15th of December 2020). The main driver for the positive performance was the Financials sector with a contribution to the total index return of 3.63%. This sector also had the best absolute performance with 19.62%. The second best contributing sector was Technology with 1.62%. All sectors contributed positively, some very marginally though. From a country perspective the positive performance was significantly driven by the US with a contribution of 5.85%, while Japan, Denmark and New Zealand contributed slightly negatively.

Developed ESG equities reported an overall growth during the period, however, it was a bumpy road with falling prices in January, then February again after a short recovery and once more towards the end of the period after a strong rebound before. This was on the back of the changing investor sentiment around new Covid-19 infections mainly in Europe earlier in the year and slow vaccine rollout in some countries despite the US and UK. Overall though and especially more recently, the global equities benefitted from a more positive sentiment in the US and Europe due to the fiscal stimuli and general political support and more recently a resurgence in economic activity as social restrictions are gradually being lifted and the inoculation campaign has gained on speed in several parts of the World.

339DEVELOPED WORLD SUSTAINABLE EQUITY INDEX FUND


As the Fund was launched on 10 December 2020, there are no performance values available.

ESG Performance

Carbon Intensity – 69.9 Fund 144.8 Benchmark.

ESG – 4.0 Fund 3.4 Benchmark.

Carbon Intensity is a measure of the quantity of carbon emissions of the companies held by the Fund/constituents of the benchmark (measured in tonnes CO²e/USD million).

ESG Score is a measure of the Environmental, Social and Governance characteristics of the companies held by the Fund/constituents of the benchmark.

Source: S&P Trucost/FTSE Russell (30 April 2021).

Tracking Error

As the Fund was launched on 10 December 2020, there are no tracking error values available.




Income C

AccumulationC

Price 106.8p xd 107.4p 106.8p xd 107.3p


0.584811p 0.584650p 0.528735p 0.535705p



Income S

AccumulationS

Accumulation T

Price 106.7p xd 107.3p 107.6p


0.537500p 0.537190p 0.858827p






%AUSTRALIA - 2.47%

ASX 3,570 147 0.01 Aurizon Holdings 57,616 116 0.00 Australia and New Zealand Banking Group 320,275 4,841 0.22 BHP Billiton 159,777 4,362 0.20 Brambles 77,770 459 0.02 Coles Group 79,111 712 0.03 Commonwealth Bank of Australia 153,346 8,160 0.38 CSL 37,120 5,680 0.26 Dexus 57,769 322 0.01 Fortescue Metals Group 45,647 573 0.03 General Property Group 124,119 316 0.01 Insurance Australia 82,953 224 0.01 Macquarie Group 44,239 3,854 0.18 Magellan Financial Group 3,394 88 0.00 Medibank 209,194 343 0.02 National Australia Bank 579,227 8,375 0.39 Newcrest Mining 21,748 330 0.01 QBE Insurance Group 156,723 905 0.04 Ramsay Health Care 3,918 138 0.01 Rio Tinto 10,841 750 0.03 SEEK 10,173 159 0.01 Sonic Healthcare 17,256 332 0.01 Stockland Trust 80,984 205 0.01 Suncorp Group 44,771 254 0.01 Sydney Airport 42,572 134 0.01 Telstra 795,159 1,508 0.07 Transurban 73,696 567 0.03 Treasury Wine Estates 20,838 124 0.01 Wesfarmers 66,725 1,992 0.09 Westpac Banking 413,978 5,798 0.27 Woodside Petroleum 28,054 349 0.02 Woolworths 65,835 1,472 0.07 Total Australia 53,589 2.47

AUSTRIA - 0.07% Erste Bank 12,781 367 0.02

OMV 9,442 373 0.02 Raiffeisen International Bank 9,189 156 0.01 Verbund 8,465 533 0.02 Total Austria 1,429 0.07




%BELGIUM - 0.34%

Anheuser-Busch InBev 32,430 1,741 0.08 KBC Group 70,247 4,142 0.19 Solvay 4,337 423 0.02 Telenet Group 16,967 490 0.02 UCB 5,155 346 0.02 Umicore 3,476 150 0.01 Total Belgium 7,292 0.34

BERMUDA - 0.17% Credicorp (Nys) 1,279 132 0.01

Hiscox 14,533 118 0.00 IHS Markit 46,787 3,486 0.16 Total Bermuda 3,736 0.17

CANADA - 2.98% Agnico Eagle Mines 5,509 274 0.01

Bank of Montreal 70,044 4,944 0.23 Bank of Nova Scotia 38,204 1,788 0.08 Barrick Gold 298,857 5,098 0.23 BCE 10,368 360 0.02 Canadian Imperial Bank 46,255 3,596 0.17 Canadian National Railway 13,722 1,047 0.05 Canadian Pacific Rail 8,610 490 0.02 Canadian Tire A 1,445 178 0.01 Enbridge 28,677 793 0.04 Fortis 3,645 117 0.00 IGM Financial 12,156 319 0.01 Intact Financial 7,733 726 0.03 Loblaw 3,555 150 0.01 Magna International 4,874 333 0.01 Manulife 134,321 2,063 0.09 Metro 7,930 270 0.01 National Bank of Canada 7,788 418 0.02 Power Corporation of Canada 16,641 366 0.02 Rogers Communications B 10,594 384 0.02 Royal Bank of Canada 300,952 21,501 0.99 Sun Life Financial 34,399 1,325 0.06 Suncor Energy 9,690 160 0.01 Teck Resources B 30,842 558 0.03 Telus 28,324 439 0.02 Thomson Reuters Corporation 2,581 174 0.01 Toronto Dominion Bank 328,729 16,919 0.78 Total Canada 64,790 2.98




%CAYMAN ISLANDS - 0.00%

AAC Technologies Holdings 29,000 113 0.00 Total Cayman Islands 113 0.00

CHANNEL ISLANDS - 0.41% Amcor 33,102 288 0.01

Amdocs 22,022 1,217 0.06 APTIV 26,935 2,659 0.12 Experian Group 47,915 1,274 0.06 Ferguson 1,638 152 0.01 Glencore 321,644 1,044 0.05 Polymetal International 22,459 359 0.02 WPP 186,564 1,832 0.08 Total Channel Islands 8,825 0.41

DENMARK - 0.66% Carlsberg B 7,065 916 0.04

Christian Hansen Holdings 2,039 129 0.01 Coloplast B 1,331 147 0.01 DSV 2,508 396 0.02 Genmab 903 233 0.01 GN Store 1,979 109 0.00 Novo Nordisk B 99,767 5,530 0.25 Novozymes 17,368 889 0.04 Orsted 23,737 2,328 0.11 Pandora 4,572 394 0.02 Tryg 11,717 195 0.01 Vestas Wind Systems 120,340 3,150 0.14 Total Denmark 14,416 0.66

FINLAND - 0.40% Elisa 13,823 573 0.03

Fortum 40,799 800 0.04 Kesko B 49,882 1,124 0.05 Kone B 11,601 666 0.03 Neste 11,912 521 0.02 Nokia 673,425 2,343 0.11 Nokian Renkaat 6,442 178 0.01 Nordea Bank 164,822 1,234 0.06 Sampo 3,847 135 0.01 Stora Enso (registered) 35,998 485 0.02 UPM-Kymmene 19,460 548 0.02 Total Finland 8,607 0.40




%FRANCE - 3.27%

Air Liquide 10,150 1,242 0.06 Alstom 17,074 651 0.03 Arkema 2,713 252 0.01 Atos 7,976 376 0.02 AXA 116,901 2,303 0.11 BNP Paribas 156,844 7,705 0.35 Bureau Veritas 7,094 152 0.01 Capgemini 5,835 774 0.04 Carrefour 43,881 644 0.03 Credit Agricole 66,705 765 0.04 Danone 54,106 2,681 0.12 Dassault Systemes 1,574 251 0.01 Edenred 28,333 1,122 0.05

#Edenred rights 28,333 - 0.00 Engie 108,948 1,190 0.05 Essilor International 5,283 635 0.03 Eurazeo 2,352 145 0.01 Getlink 14,807 172 0.01 Hermes International 182 167 0.01 JC Decaux 6,631 134 0.01 Kering 4,096 2,494 0.11 L’Oreal 23,103 7,011 0.32 Legrand Promesses 12,112 904 0.04 LVMH 10,972 5,925 0.27 Michelin 8,672 927 0.04 Orange 107,748 980 0.05 Orpea 1,355 126 0.01 Pernod-Ricard 19,581 2,957 0.14 Publicis Groupe 29,547 1,411 0.06 Renault 18,557 534 0.02 Saint Gobain Nederland 18,018 863 0.04 Sanofi 97,637 7,292 0.33 Schneider Electric 57,575 6,514 0.30 Skandinaviska Enskilda Banken 3,321 448 0.02 Societe Generale 42,257 950 0.04 Suez Environnement 33,677 578 0.03 Teleperformance 928 251 0.01 Total 127,431 4,363 0.20 Unibail-Rodamco 4,143 250 0.01 Valeo 17,967 399 0.02 Veolia Environnement 43,337 973 0.04 Vinci 12,244 1,006 0.05 Vivendi 51,745 1,293 0.06 Worldline 20,560 1,342 0.06 Total France 71,152 3.27




%GERMANY - 2.86%

#Vonovia rights 2,607 - 0.00 Adidas 18,538 4,609 0.21 Allianz (registered) 42,612 7,975 0.37 BASF 63,592 3,792 0.17 Bayer 100,122 4,924 0.23 Beiersdorf 6,496 541 0.02 BMW 76,867 5,530 0.25 BMW preference 13,391 811 0.04 Brenntag 2,462 160 0.01 Commerzbank 71,457 398 0.02 Continental 2,606 257 0.01 Covestro 11,337 550 0.03 Daimler 35,183 2,237 0.10 Deutsche Bank 210,178 2,133 0.10 Deutsche Boerse 29,400 3,548 0.16 Deutsche Post 36,872 1,620 0.07 Deutsche Telekom 263,043 3,809 0.18 Evonik Industries 6,679 170 0.01 Hannover Rueckversicherung 3,514 444 0.02 Henkel 6,592 468 0.02 Henkel preference 11,358 937 0.04 Infineon Technologies 32,716 890 0.04 KION Group 7,269 536 0.02 Lanxess 3,334 180 0.01 Merck 4,866 588 0.03 MTU Aero Engines 1,254 232 0.01 Muenchener Ruecker 17,410 3,638 0.17 ProSiebenSat.1 Media 31,691 480 0.02 Puma 2,266 176 0.01 RWE 5,745 159 0.01 SAP 27,290 2,679 0.12 Sartorius preference 520 187 0.01 Siemens 35,931 4,474 0.21 Siemens Energy AG 17,421 377 0.02 Symrise 3,730 334 0.02 Telefonica Deutschland Holdings 65,338 145 0.01 Vonovia 2,607 114 0.00 Zalando 27,785 2,002 0.09 Total Germany 62,104 2.86




%HONG KONG - 1.07%

AIA Group 679,000 6,336 0.29 Bank of China (Hong Kong) Limited 76,000 204 0.01 Hang Seng Bank 77,442 1,130 0.05 Hong Kong & China Gas 384,000 462 0.02 Hong Kong Exchanges & Clearing 322,300 13,026 0.60 Lenovo Group 298,000 247 0.01 Link REIT 61,600 412 0.02 MTR 45,000 180 0.01 New World Development 85,000 313 0.01 Sun Hung Kai Properties 21,766 228 0.01 Swire Properties 59,400 123 0.01 Techtronic Industries 44,500 562 0.03 Total Hong Kong 23,223 1.07

IRELAND - 2.23% Accenture 97,889 20,025 0.92

AIB Group 141,528 313 0.01 AON 14,897 2,687 0.12 CRH 18,083 653 0.03 Eaton 7,230 760 0.03 Johnson Controls 148,707 6,918 0.32 Kerry Group A 9,399 879 0.04 Kingspan Group 5,025 328 0.02 Linde 16,218 3,465 0.16 Medtronic 84,872 7,543 0.35 Pentair 4,096 200 0.01 Perrigo 2,674 87 0.00 Seagate Technology 22,211 1,545 0.07 Smurfit Kappa Group 10,538 397 0.02 Steris 4,021 565 0.03 Trane Technologies 11,296 1,476 0.07 Willis Towers Watson 2,874 540 0.03 Total Ireland 48,381 2.23

ISRAEL - 0.11% Bank Hapoalim 37,409 219 0.01

Bank Leumi Le Israel 129,269 687 0.03 ICL Group 98,691 475 0.02 Israel Discount Bank 156,449 522 0.02 Mizrahi Tefahot Bank 15,010 304 0.02 Nice Systems 688 110 0.01 Total Israel 2,317 0.11




%ITALY - 0.61%

ENI 58,822 528 0.02 Generali 121,237 1,842 0.08 Intesa Sanpaolo 3,259,389 6,702 0.31 Italgas 27,284 130 0.01 Mediobanca 20,443 171 0.01 Moncler 6,598 293 0.01 Pirelli 51,721 209 0.01 Poste Italiane 20,714 198 0.01 Prysmian 9,316 231 0.01 Snam SpA 32,273 133 0.01 Telecom Italia 871,571 327 0.01 Telecom Italia RNC 494,024 200 0.01 Terna 70,420 378 0.02 Unicredit SpA 215,439 1,894 0.09 Total Italy 13,236 0.61

JAPAN - 7.36% Advantest 6,000 356 0.02

Aeon 55,200 1,072 0.05 Aica Kogyo 5,150 138 0.01 Aisin Seiki 28,200 782 0.04 Ajinomoto 43,700 685 0.03 Anritsu 14,300 194 0.01 Asahi Breweries 22,600 708 0.03 Asahi Glass 5,800 185 0.01 Asahi Kasei 83,200 659 0.03 Astellas Pharma 130,500 1,417 0.07 Azbil 8,900 250 0.01 Bridgestone 67,100 2,016 0.09 Brother Industries 25,500 352 0.02 Canon 67,100 1,099 0.05 Casio Computer 15,200 174 0.01 Century Tokyo Leasing Corporation 7,100 288 0.01 Chugai Pharmaceuticals 8,900 238 0.01 Daifuku 2,423 152 0.01 Dai-ichi Mutual Life Insurance 57,200 758 0.03 Daiichi Sankyo 226,200 3,962 0.18 Daikin Industries 24,832 3,425 0.16 Daiwa House Industry 45,900 971 0.04 Daiwa Securities Group 95,300 376 0.02 Denso 8,100 375 0.02 Dentsu 13,000 282 0.01 DIC 7,600 144 0.01 Ebara 7,600 227 0.01 Eisai 27,800 1,252 0.06




% Fanuc 3,736 606 0.03 Fast Retailing 24,429 13,760 0.63 Fuji Electric 8,300 260 0.01 Fujifilm Holdings 27,700 1,269 0.06 Fujitsu 22,400 2,439 0.11 Fuyo General Lease 3,735 184 0.01 Hitachi 59,100 2,063 0.09 Hitachi Construction Machinery 11,800 269 0.01 Honda Motor 275,500 5,943 0.27 Hoya 3,026 256 0.01 Ibiden 15,700 456 0.02 Inpex 50,100 259 0.01 Itochu 86,438 1,849 0.09 Japan Exchange Group 11,200 181 0.01 JSR 14,341 308 0.01 JX Holdings 145,400 437 0.02 Kao 95,700 4,231 0.19 KDDI 173,100 3,965 0.18 Kikkoman 5,400 241 0.01 Kirin Holdings 38,400 534 0.02 Komatsu 121,400 2,572 0.12 Kose 3,322 340 0.02 Kubota 43,700 739 0.03 Kyocera 7,231 312 0.01 Kyowa Hakko Kirin 12,400 263 0.01 Lion 9,900 136 0.01 LIXIL Group 45,300 865 0.04 Marubeni 165,500 996 0.05 Marui 9,238 118 0.01 Mazda Motor 23,000 128 0.01 Meiji Holdings 3,431 152 0.01 Mitsubishi 85,800 1,633 0.08 Mitsubishi Chemical Holdings 84,400 463 0.02 Mitsubishi Electric 91,600 966 0.04 Mitsubishi Estate 13,000 151 0.01 Mitsubishi Heavy Industries 9,900 207 0.01 Mitsubishi UFJ Financial Group 499,800 1,970 0.09 Mitsui & Company 50,900 791 0.04 Mitsui Chemicals 37,700 878 0.04 Mitsui Fudosan 33,900 534 0.02 Mizuho Financial Group 312,900 3,283 0.15 MS & AD Insurance Group 68,800 1,488 0.07 Murata Manufacturing 64,527 3,461 0.16 Nabtesco 8,900 278 0.01 NEC 18,800 633 0.03 Nichirei 5,150 97 0.00




% Nidec 21,300 1,654 0.08 Nikon 49,600 343 0.02 Nintendo 303 120 0.01 Nippon Steel Corporation 66,500 941 0.04 Nippon Telegraph & Telephone 112,800 2,124 0.10 Nippon Yusen KK 9,000 252 0.01 Nissan Chemical Industries 4,747 185 0.01 Nissan Motor 145,500 504 0.02 Nisshin Seifun 22,000 262 0.01 Nissin Food Products 1,816 96 0.00 Nitto Denko 3,938 219 0.01 Nomura Holdings 849,200 3,177 0.15 Nomura Research Institute 24,900 516 0.02 NSK 29,073 196 0.01 NTT Data 27,100 297 0.01 Oji Holdings Corporation 181,100 829 0.04 Olympus Optical 21,900 298 0.01 Omron 25,246 1,354 0.06 Ono Pharmaceutical 76,800 1,263 0.06 Oriental Land 3,130 310 0.01 Osaka Gas 13,000 186 0.01 Otsuka Holdings 5,800 165 0.01 Panasonic 166,800 1,315 0.06 Peptidream 4,745 148 0.01 Rakuten 68,400 578 0.03 Recruit Holdings 183,000 5,852 0.27 Resona 42,000 128 0.01 Ricoh 51,500 412 0.02 Santen Pharmaceuticals 20,700 193 0.01 Secom 6,400 362 0.02 Seiko Epson 25,600 310 0.01 Sekisui Chemical 24,471 306 0.01 Sekisui House 13,000 192 0.01 Shin-Etsu Chemical 40,700 4,749 0.22 Shionogi 13,100 486 0.02 Shiseido 44,934 2,184 0.10 Softbank 3,735 207 0.01 Sohgo Securities Services 3,734 122 0.01 Sojitz Holdings 140,500 301 0.01 Sompo Japan Nipponkoa Holdings 19,451 545 0.02 Sony 135,400 8,976 0.41 Subaru Corporation 30,100 400 0.02 Sumco 21,900 347 0.02 Sumitomo 70,900 690 0.03 Sumitomo Chemical 235,400 878 0.04 Sumitomo Electric Industries 35,300 375 0.02




% Sumitomo Forestry 37,100 534 0.02 Sumitomo Metal Mining 7,627 241 0.01 Sumitomo Mitsui Financial Group 72,200 1,874 0.09 Sumitomo Mitsui Trust Holdings 20,600 517 0.02 Suntory Beverage & Food 18,000 481 0.02 Suzuki Motor 8,500 234 0.01 Sysmex 10,200 705 0.03 T&D Holdings 61,600 568 0.03 Taiyo Yuden 5,149 159 0.01 Takeda Pharmaceutical 194,147 4,710 0.22 TDK 11,700 1,028 0.05 Terumo 17,600 451 0.02 Tokio Marine Holdings 24,890 886 0.04 Tokyo Electron 5,756 1,733 0.08 Tokyo Gas 19,400 288 0.01 Tokyu Fudosan 35,300 140 0.01 Toppan Printing 15,700 186 0.01 Toray Industries 57,200 258 0.01 TOTO 13,700 503 0.02 Toyota Motor 191,800 10,546 0.49 Toyota Tsusho 4,747 151 0.01 Unicharm 29,000 804 0.04 Yamaha 9,000 357 0.02 Yamaha Motor 33,900 599 0.03 Yamato Holdings 15,200 295 0.01 Yokogawa Electric 27,700 327 0.01 Yokohama Rubber 25,700 352 0.02 Z Holdings w37,300 110 0.00 Total Japan 159,885 7.36

LUXEMBOURG - 0.13% Spotify Technology 17,812 2,828 0.13

Total Luxembourg 2,828 0.13

NETHERLANDS - 1.29% ABN AMRO Group GDR 34,742 320 0.01

Aegon 79,218 275 0.01 Akzo Nobel 7,596 671 0.03 ASML Holdings 13,147 5,979 0.28 ASR Nederland 6,053 194 0.01 CNH Industrial 115,550 1,391 0.06 Ferrari New 1,660 233 0.01 Heineken 20,442 1,742 0.08 Heineken Holdings 9,328 681 0.03 ING Groep 201,231 1,882 0.09 Koninklijke Ahold Delhaize 59,289 1,198 0.05




% Koninklijke DSM 9,229 1,176 0.05


#Koninklijke Philips rights 88,709 - 0.00 KPN Koninklijke 419,301 1,012 0.05 Lyondell Basell Industries 4,152 336 0.02 NN Group 41,383 1,554 0.07 NXP Semiconductors 7,720 1,053 0.05 Randstad 7,217 385 0.02 Signify 4,297 187 0.01 Stellantis 285,429 3,652 0.17 STMicroelectronics 15,750 396 0.02

#Wolters Kluwer certificates rights 2,632 - 0.00 Wolters Kluwer certificates 2,632 177 0.01 Total Netherlands 28,029 1.29

NEW ZEALAND - 0.09% Auckland International Airport 70,162 265 0.01

Contact Energy 47,201 183 0.01 Fisher & Paykel Healthcare 51,981 878 0.04 Kiwi Property Group 339,552 213 0.01 Meridian Energy 50,925 138 0.00 Mercury 47,259 158 0.01 Spark New Zealand 93,827 215 0.01 Total New Zealand 2,050 0.09

NORWAY - 0.20% Adevinta B 26,922 319 0.01

Den Norske Bank 104,789 1,647 0.08 Equinor 21,125 325 0.01 Norsk Hydro 77,627 360 0.02 Orkla 138,568 1,000 0.05 Telenor 39,297 500 0.02 Yara International 4,042 155 0.01 Total Norway 4,306 0.20

PANAMA - 0.01% Carnival 8,982 173 0.01

Total Panama 173 0.01




%POLAND - 0.11%

KGHM 15,099 609 0.03 LPP 76 151 0.01 Pekao 12,692 206 0.01 PKO Bank Polski 65,432 428 0.02 Polski Koncern Naftowy 18,789 273 0.01 PZU Group 75,500 494 0.02 Santander Bank Polska 5,937 257 0.01 Total Poland 2,418 0.11

PORTUGAL - 0.05% Galp Energia 65,252 580 0.03

Jeronimo Martins 40,453 551 0.02 Total Portugal 1,131 0.05

SINGAPORE - 0.42% Capitaland 190,500 355 0.01

CapitaLand Mall Trust 353,100 372 0.02 City Developments 52,100 201 0.01 ComfortDelGro 178,600 150 0.01 DBS 268,147 4,177 0.19 Flex 69,931 870 0.04 Overseas-Chinese Banking 133,400 833 0.04 Singapore Exchange 37,300 201 0.01 Singapore Telecommunications 630,000 778 0.03 United Overseas Bank 65,100 880 0.04 Wilmar International 153,900 387 0.02 Total Singapore 9,204 0.42

SOUTH KOREA - 1.95% Amorepacific 1,931 353 0.02

CJ Cheil Jedang 515 147 0.01 Hankook Tire & Technology 8,933 270 0.01 Hyundai Mobis 3,044 526 0.02 Hyundai Motor 3,670 527 0.02 Hyundai Motor GDR 156 6 0.00 KIA Corporation 9,162 476 0.02 LG Chemicals 3,948 2,120 0.10 LG Chemicals preference 665 170 0.01 LG Electronic 16,666 1,557 0.07 LG Household & Healthcare 566 541 0.02 Mirae Asset Securities 64,281 408 0.02 POSCO 2,756 659 0.03 POSCO ADR 108 7 0.00 Samsung Electronics GDR 33 39 0.00 Samsung Electro-Mechanics 6,202 642 0.03




% Samsung Electronics 486,310 24,468 1.13 Samsung GDR 119 151 0.01 Samsung Electronics preference 84,920 3,941 0.18 Samsung Fire & Marine Insurance 8,177 1,093 0.05 Samsung SDI 2,945 1,158 0.05 Samsung Securities 9,309 260 0.01 Shinhan Financial Group 14,220 368 0.02 Shinhan Financial Group ADR 140 4 0.00 SK Hynix 32,095 2,392 0.11 SK Telecom ADR 7,817 174 0.01 Total South Korea 42,457 1.95

SPAIN - 0.75% Amadeus IT 9,692 515 0.02

Banco Santander 577,752 1,668 0.08 BBV Argentaria 275,500 1,193 0.05 CaixaBank 241,880 592 0.03 Cellnex Telecom 17,432 683 0.03 Gamesa 16,718 374 0.02 Grifols A 7,783 159 0.01 Iberdrola 625,112 6,073 0.28 Industria de Diseño Textil 144,716 3,942 0.18 Naturgy Energy 8,532 160 0.01 Red Electrica de Espana 15,162 211 0.01 Telefonica 230,331 795 0.03 Total Spain 16,365 0.75

SWEDEN - 1.04% Alfa Laval 8,080 208 0.01

Assa Abloy B 13,303 288 0.01 Atlas Copco A 17,751 790 0.04 Atlas Copco B 10,652 405 0.02 Boliden 16,918 502 0.02 Boliden redemption shares 16,918 9 0.00 Castellum AB 25,805 466 0.02 Electrolux B 33,102 670 0.03 Epiroc A 31,603 525 0.02 Epiroc B 19,177 287 0.01 Epiroc A redemption shares 31,603 8 0.00 Epiroc B redemption shares 19,177 5 0.00 Ericsson (L.M.) Telefonatkie B 491,096 4,605 0.21 Essity Aktiebolag B 102,842 2,561 0.12 Hennes & Mauritz B free 143,741 2,583 0.12 Hexagon 5,834 401 0.02 Husqvarna B 29,715 303 0.01 ICA Gruppen 4,457 152 0.01




% Investor A 2,241 139 0.01 Investor B free 7,668 477 0.02

#Kinnevik 6,390 223 0.01 Lundin Energy 8,131 192 0.01 Sandvik 66,291 1,312 0.06 SCA B 26,037 331 0.02 Securitas B 26,947 332 0.02 Skandinaviska Enskilda Banken A 233,639 2,187 0.10 SKF B 18,095 354 0.02 Svenska Handelsbanken AB 20,792 176 0.01 Tele2 B 92,693 878 0.04 Telia Company 86,515 270 0.01 Trelleborg B 7,970 151 0.01 Volvo B 37,742 709 0.03 Total Sweden 22,499 1.04

SWITZERLAND - 2.93% ABB (registered) 37,760 912 0.04

Adecco 2,677 128 0.00 Alcon 3,304 161 0.01 Chubb 41,796 5,048 0.23 CIE Financiere Richemont A 11,723 869 0.04 Coca-Cola HBC 34,603 869 0.04 Credit Suisse 93,963 688 0.03

#Credit Suisse rights 93,963 - 0.00 Garmin 1,756 175 0.01 Geberit 314 153 0.01 Givaudan (registered) 392 1,179 0.05 Julius Baer Group 3,930 183 0.01 LafargeHolcim 9,502 404 0.02 Lonza Group 720 319 0.01 Nestle 284,108 24,311 1.12 Novartis (registered) 160,145 10,134 0.47 Partners Group 200 204 0.01 Roche Holdings 38,994 9,301 0.43 Roche Holdings B 1,442 370 0.02 SGS Surveillance 303 651 0.03 Sika 1,094 235 0.01 Sonova 703 141 0.01 Swiss Life 682 246 0.01 Swiss Reinsurance (registered) 14,656 1,015 0.05 Swisscom (registered) 551 218 0.01 TE Connectivity 25,984 2,475 0.11 UBS 149,733 1,635 0.08 Zurich Insurance Group 5,292 1,589 0.07 Total Switzerland 63,613 2.93




%UNITED KINGDOM - 4.79%

3i Group 84,590 1,052 0.05 Associated British Foods 16,216 373 0.02 AstraZeneca 41,457 3,260 0.15 Auto Trader Group 89,517 494 0.02 Aviva 619,538 2,533 0.12 Barclays 2,141,141 3,869 0.18 Barratt Developments 35,036 269 0.01 BHP Group 68,015 1,512 0.07 BP 295,035 925 0.04 British Land REIT 37,485 197 0.01 BT Group 314,902 509 0.02 Bunzl 10,885 251 0.01 Burberry Group 26,011 548 0.02 Coca-Cola European Partners 94,878 4,059 0.19 Compass Group 36,397 560 0.03 Croda International 8,105 529 0.02 Diageo 305,803 10,255 0.47 GlaxoSmithKline 584,303 8,007 0.37

+HSBC Holdings 2,121,628 9,520 0.44 Informa 45,019 252 0.01 Intermediate Capital 12,523 257 0.01 Intertek Group 9,129 537 0.02 ITV 210,348 270 0.01 Johnson Matthey 10,458 339 0.01 Kingfisher 210,046 779 0.04 Land Securities 18,244 132 0.01 Legal & General 400,643 1,133 0.05 Liberty Global 6,060 122 0.01 Liberty Global C 12,958 260 0.01 Lloyds Banking Group 7,767,877 3,748 0.17 London Stock Exchange Group 28,950 2,081 0.10 Mondi 39,266 761 0.04 National Grid 70,544 660 0.03 NatWest Group 1,227,699 2,370 0.11 Nielsen 79,510 1,581 0.07 Ocado Group 12,156 241 0.01 Pearson 191,111 1,643 0.07 Phoenix Group Holdings 31,522 232 0.01 Prudential 109,276 1,655 0.08 Reckitt Benckiser 106,365 6,770 0.31 RELX 48,529 902 0.04 Rentokil Initial 31,207 147 0.01 Rio Tinto 21,722 1,333 0.06 Royal Dutch Shell A 45,283 643 0.03 Royal Dutch Shell B 40,919 557 0.02




% RSA Insurance Group 60,470 414 0.02 Sage Group 20,019 130 0.01 Segro REIT 17,198 172 0.01 Severn Trent 13,070 328 0.01 Smith & Nephew 13,102 200 0.01 Smith (DS) 65,641 277 0.01 Spirax-Sarco Engineering 1,691 206 0.01 SSE 64,686 993 0.05 St James's Place Capital 26,120 359 0.02 Standard Chartered 245,709 1,245 0.06 Standard Life Aberdeen 272,433 739 0.03 Taylor Wimpey 107,274 190 0.01 Tesco 351,602 812 0.04 Unilever 393,252 16,886 0.78 United Utilities 17,705 175 0.01 Vodafone Group 1,932,708 2,720 0.12 Whitbread 5,829 185 0.01 Total United Kingdom 104,158 4.79

UNITED STATES - 58.56% 3M 55,596 8,063 0.37

Abbott Laboratories 165,536 13,904 0.64 Abbvie 82,894 6,849 0.32 Activision 9,581 635 0.03 Adobe 33,364 11,518 0.53 Advance Auto Parts 2,637 379 0.02 Advanced Micro Devices 61,239 3,241 0.15 Aflac 30,976 1,241 0.06 Agilent Technologies 16,245 1,513 0.07 Air Products & Chemicals 16,241 3,470 0.16 Akamai Technologies 5,963 479 0.02 Albemarle Corporation 2,497 290 0.01 Alexandria Real Estate Equities 2,016 249 0.01 Alexion Pharmaceuticals 1,465 180 0.01 Align Technology 539 217 0.01 Allstate 36,425 3,600 0.17 Alphabet A 13,940 22,535 1.04 Alphabet C 13,760 22,609 1.04 Amazon.com 6,934 15,855 0.73 American Express 33,911 3,783 0.17 American International Group 8,731 322 0.01 American Tower 3,465 607 0.03 American Water Works 8,407 912 0.04 Ameriprise Financial 17,064 3,129 0.14 AmerisourceBergen 7,513 621 0.03 Amgen 77,999 13,916 0.64




% Analog Devices 15,600 1,657 0.08 Annaly Mortgage Management 48,211 312 0.01 Ansys 502 116 0.01 Anthem 9,854 2,754 0.13 Apple 818,192 74,008 3.41 Applied Materials 45,368 4,018 0.18 Aramark 11,836 328 0.02 Arch Capital Group 7,046 201 0.01 Archer Daniels Midland 16,882 811 0.04 Arrow Electronics 1,755 148 0.01 Assurant 5,913 676 0.03 AT&T 150,115 3,433 0.16 Atmos Energy 1,429 102 0.00 Autodesk 23,298 4,588 0.21 Autoliv 3,951 285 0.01 Automatic Data Processing 15,795 2,182 0.10 Autozone 453 491 0.02 AvalonBay Communities 4,523 636 0.03 Ball 28,433 1,798 0.08 Bank of America 492,509 14,805 0.68 Bank of New York Mellon 132,279 4,862 0.22 Baxter International 34,861 2,075 0.10 Becton Dickinson 9,944 1,709 0.08 Best Buy 20,626 1,762 0.08 Biogen IDEC 24,665 4,905 0.23 BlackRock 23,163 14,080 0.65 Booking Holdings 290 470 0.02 BorgWarner 10,118 369 0.02 Boston Properties 2,269 174 0.01 Boston Scientific 101,984 3,007 0.14 Bristol Myers Squibb 97,509 4,489 0.21 Broadcom Corporation 414 130 0.01 Broadridge Financial Solutions 5,538 641 0.03 Brown-Forman B 5,776 321 0.01 Burlington Store 3,115 738 0.03 Campbell Soup 25,591 895 0.04 Capital One Financial 14,774 1,658 0.08 Cardinal Health 7,619 305 0.01 Carmax 1,974 175 0.01 Carrier Global Corporation 18,587 576 0.03 Caterpillar 6,440 1,107 0.05 CBRE Group 59,381 3,638 0.17 Celanese A 3,276 389 0.02 Centene 3,089 152 0.01 CF Industries 6,032 233 0.01 Charter Communications A 313 158 0.01




% Chevron 21,478 1,668 0.08 Chicago Mercantile Exchange 4,173 643 0.03 Chipotle Mexican Grill 1,994 1,918 0.09 Church & Dwight 46,594 2,928 0.13 Cigna Corporation 13,826 2,585 0.12 Cincinnati Financial 7,418 637 0.03 Cintas 1,383 352 0.02 Cisco Systems 641,260 24,075 1.11 Citigroup 775,653 42,141 1.94 Citizens Financial Group 16,809 602 0.03 Clorox 16,445 2,116 0.10 CMS Energy 19,526 880 0.04 Coca-Cola 487,281 18,920 0.87 Cognizant Technology Solutions 5,292 267 0.01 Colgate-Palmolive 215,610 12,787 0.59 Comcast 41,263 1,718 0.08 Comerica 23,853 1,345 0.06 ConAgra Foods 77,903 2,076 0.10 ConocoPhillips 63,064 2,529 0.12 Consolidation Edison (New York registered) 3,640 204 0.01 Constellation Brands A 1,580 263 0.01 Copart 5,818 513 0.02 Corning 15,543 488 0.02 Costco Wholesale 3,879 1,058 0.05 CSX 46,638 3,366 0.15 Cummins 23,583 4,447 0.20 CVS Health 64,340 3,851 0.18 Danaher 12,530 2,255 0.10 Darden Restaurants 5,215 516 0.02 Datadog 2,053 120 0.01 DaVita 2,406 214 0.01 Deere & Company 4,610 1,256 0.06 Dell Technologies 23,572 1,647 0.08 Dexcom 1,253 296 0.01 Digital Realty Trust 8,052 850 0.04 Docusign 3,856 512 0.02 Dollar Tree Stores 2,063 163 0.01 Dominion Energy 43,541 2,413 0.11 Domino's Pizza 472 143 0.01 Dover 1,897 204 0.01 Dow 60,793 3,012 0.14 DuPont De Nemours 9,057 535 0.02 Eastman Chemicals 5,813 532 0.02 eBay 109,551 4,732 0.22 Ecolab 93,235 14,823 0.68 Edison International 15,476 641 0.03




% Edwards Lifesciences 18,802 1,194 0.05 Electronic Arts 6,871 676 0.03 Eli Lilly and Company 42,097 5,867 0.27 Emerson Electric 9,176 624 0.03 EPAM Systems 1,072 343 0.02 Equinix REIT 4,102 2,101 0.10 Equitable Holdings 29,328 708 0.03 Equity Residential 7,875 414 0.02 Estee Lauder 15,031 3,162 0.15 Etsy 12,338 1,428 0.07 Eversource Energy 20,632 1,247 0.06 Expeditors International Washington 1,616 137 0.01 Exxon Mobil 146,136 6,302 0.29 Facebook 42,574 9,546 0.44 Fair Isaac 450 157 0.01 Fastenal 6,647 254 0.01 Fedex 10,128 2,224 0.10 Fidelity National Information 1,767 188 0.01 Fifth Third Bancorp 31,334 948 0.04 First Republic Bank 3,417 458 0.02 FMC 10,770 903 0.04 Ford Motor 521,222 4,377 0.20 Fortive 3,133 157 0.01 Fortune Brands Home & Security 1,958 150 0.01 Franklin Resources 24,148 592 0.03 Freeport - McMoRan Copper & Gold 103,399 3,103 0.14 Gallagher (Arthur J) 11,239 1,175 0.05 General Electric 99,076 932 0.04 General Mills 82,029 3,691 0.17 General Motors 281,314 11,176 0.51 Gentex 5,101 126 0.01 Gilead Sciences 51,401 2,500 0.12 Global Payments 4,730 668 0.03 Goldman Sachs 26,399 6,907 0.32 Grainger (W.W.) 1,880 623 0.03 Halliburton 15,464 253 0.01 Hartford Financial Services 75,576 3,543 0.16 Hasbro 18,753 1,282 0.06 HCA Holdings 1,397 210 0.01 Healthpeak Properties 28,870 678 0.03 Hershey 50,323 6,112 0.28 Hess 18,597 1,113 0.05 Hewlett-Packard 151,548 1,749 0.08 Hilton Worldwide Holdings 6,968 611 0.03 Hologic 6,586 298 0.01 Home Depot 65,907 15,129 0.70




% Hormel Foods 32,550 1,076 0.05 Host Marriott 17,669 217 0.01 HP 205,919 4,810 0.22 Humana 3,529 1,134 0.05 Huntingdon Bancshares 154,240 1,735 0.08 IDEXX Laboratories 584 220 0.01 Illinois Tool Works 3,096 524 0.02 Illumina 2,652 717 0.03 Incyte Genomics 2,110 124 0.01 Intel 809,699 31,795 1.46 Intercontinental Exchange Group 37,310 2,999 0.14 International Business Machines 130,569 13,404 0.62 International Flavors & Fragrances 12,160 1,219 0.06 International Paper 37,777 1,680 0.08 Interpublic Group of Companies 75,061 1,732 0.08 Intuit 5,894 1,744 0.08 Intuitive Surgical 246 146 0.01 IQVIA Holdings 1,442 239 0.01 Iron Mountain 11,115 335 0.02 J.B. Hunt Transport Services 1,482 186 0.01 Jack Henry & Associates 2,613 292 0.01 JM Smucker 3,028 291 0.01 JPMorgan Chase & Company 272,104 31,674 1.46 Juniper Networks 17,203 325 0.01 Kansas City Southern 7,850 1,723 0.08 Kellogg 91,152 4,305 0.20 Keurig Dr Pepper 38,486 985 0.05 KeyCorp 38,316 636 0.03 Keysight Technologies 16,400 1,627 0.07 Kimberly-Clark 48,178 4,589 0.21 Kimco Realty 17,672 266 0.01 Kinder Morgan 50,067 652 0.03 KKR & Company 6,319 252 0.01 KLA Tencor 1,678 364 0.02 Kraft Heinz Company 9,842 305 0.01 Kroger 63,397 1,674 0.08 Laboratory Corporation of America 870 170 0.01 LAM Research 2,058 881 0.04 Leidos Holdings 32,154 2,359 0.11 Lincoln National 33,222 1,661 0.08 Lowe’s Companies 19,559 2,760 0.13 Lululemon Athletica 3,068 685 0.03 Lumen Technologies 30,737 315 0.01 Lyft 16,622 585 0.03 MarketAxess Holdings 635 206 0.01 Marriott International new A 7,135 726 0.03




% Marsh & McLennan 16,180 1,545 0.07 Marvell Technology 3,873 119 0.01 Masco 3,772 172 0.01 Mastercard 94,352 24,356 1.12 Maxim Integrated Products 4,074 268 0.01 McCormick & Co. 4,700 299 0.01 McDonald’s 24,697 4,061 0.19 McKesson HBOC 2,228 308 0.01 MercadoLibre 760 714 0.03 Merck & Co. 449,203 24,954 1.15 Metlife 65,089 3,044 0.14 Mettler Toledo 1,791 1,620 0.07 Micron Technology 28,018 1,584 0.07 Microsoft 1,051,981 185,247 8.53 Moderna 12,018 1,377 0.06 Molson Coors Brewing B 39,591 1,635 0.08 Mondelez International 39,435 1,746 0.08 Monster Beverage 3,446 225 0.01 Moody’s 5,582 1,324 0.06 Morgan Stanley 79,833 4,949 0.23 Motorola Solutions 4,149 594 0.03 MSCI 1,542 507 0.02 Nasdaq OMX Group 19,258 2,245 0.10 NetApp 4,018 224 0.01 NetFlix 722 253 0.01 Newmont Mining 117,532 5,902 0.27 NextEra Energy 21,858 1,134 0.05 Nike B 166,425 16,058 0.74 Norfolk Southern 7,560 1,555 0.07 Northern Trust 3,789 323 0.01 NortonLifeLock 64,753 1,199 0.06 Nvidia 21,179 8,560 0.39 Occidental Petroleum 22,659 404 0.02 Okta 4,381 712 0.03 Omnicom 3,827 227 0.01 ONEOK 7,425 286 0.01 Oracle 206,376 11,557 0.53 Otis Worldwide Corporation 9,294 520 0.02 Paccar 3,319 223 0.01 Packaging Corporation of America 2,637 289 0.01 Parker-Hannifin 1,181 270 0.01 Paychex 3,089 219 0.01 PayPal 72,584 12,679 0.58 PepsiCo 128,805 13,401 0.62 Pfizer 175,728 4,991 0.23 PNC Financial Services Group 45,666 6,463 0.30




% PPG Industries 10,995 1,398 0.06 Principal Financial Group 15,856 752 0.03 Procter & Gamble 279,690 27,391 1.26 Progressive 4,386 333 0.02 Prologis 11,083 902 0.04 Prudential Financial 10,658 814 0.04 Qualcomm 39,076 3,610 0.17 Quest Diagnostics 3,401 327 0.01 Regency Centers 4,849 219 0.01 Regeneron Pharmaceuticals 8,750 3,206 0.15 Regions Financial 117,021 1,930 0.09 Republic Services 5,256 415 0.02 ResMed 838 116 0.00 RingCentral 543 92 0.00 Robert Half International 2,631 168 0.01 Rockwell Automation 3,056 580 0.03 Rollins 9,907 260 0.01 Ross Stores 11,580 1,072 0.05 S&P Global 25,734 6,923 0.32 Salesforce.com 52,935 8,178 0.38 Schlumberger 21,222 494 0.02 Schwab (Charles) 23,489 1,221 0.06 Sempra Energy 13,768 1,350 0.06 ServiceNow 1,189 388 0.02 Sherwin-Williams 1,812 368 0.02 Simon Property Group 2,147 186 0.01 Skyworks Solutions 2,981 350 0.02 Slack Technologies 5,131 150 0.01 Southwest Airlines 8,412 372 0.02 Splunk 2,845 234 0.01 Square A 22,368 3,295 0.15 Stanley Black & Decker 3,407 522 0.02 Starbucks 36,315 2,866 0.13 State Street 60,562 3,728 0.17 Stryker 3,003 539 0.02 Synchrony Financial 22,015 731 0.03 Synopsys 823 140 0.01 Sysco 15,502 924 0.04 T Rowe Price Group 49,139 6,665 0.31 Target 24,004 3,598 0.17 Teladoc Health 1,998 198 0.01 Teleflex 472 132 0.01 Teradyne 2,449 213 0.01 Tesla Motors 8,833 3,696 0.17 Texas Instruments 91,178 11,857 0.55 The Trade Desk ‘A’ 566 207 0.01




% Thermo Fisher Scientific 4,523 1,474 0.07 TJX Companies 196,526 10,100 0.46 T-Mobile US 9,328 937 0.04 Tractor Supply Company 5,055 674 0.03 TransUnion 3,282 252 0.01 Travelers 20,767 2,366 0.11 Trimble Navigation 6,814 369 0.02 Twilio 935 199 0.01 Tyson Foods 27,300 1,556 0.07 Uber Technologies 13,734 462 0.02 Union Pacific 10,155 1,642 0.08 United Airlines Holdings 3,758 147 0.01 United Parcel Services 31,491 4,834 0.22 United Rentals 1,600 388 0.02 UnitedHealth Group 11,013 3,202 0.15 US Bancorp 137,315 6,033 0.28 Ventas 18,568 720 0.03 Verisk Analytics 24,597 3,055 0.14 Verizon Communications 226,581 9,436 0.43 Vertex Pharmaceuticals 3,410 525 0.02 VF 26,225 1,590 0.07 ViacomCBS 19,089 527 0.02 Viatris 87,996 999 0.05 Visa 'A' 175,164 28,211 1.30 Vmware 5,299 618 0.03 Vontier Corporation 1,254 30 0.00 Voya Financial 21,665 1,056 0.05 W. R. Berkley 2,813 161 0.01 Walgreens Boots Alliance 16,477 640 0.03 Wal-Mart Stores 110,350 10,928 0.50 Walt Disney 35,519 4,377 0.20 Waste Management 45,326 4,567 0.21 Waters 688 152 0.01 Wayfair 'A' 1,107 236 0.01 Welltower 16,457 855 0.04 West Pharmaceutical Services 2,957 699 0.03 Western Digital 13,089 668 0.03 Western Union 6,877 121 0.01 WestRock Company 6,892 296 0.01 Weyerhaeuser 24,392 663 0.03 Whirlpool 3,177 556 0.03 Wix.com 678 107 0.00 Workday A 10,198 1,655 0.08 Xilinx 2,561 214 0.01 Xylem 15,299 1,286 0.06 Yum China Holdings 7,297 327 0.01




% Yum! Brands 38,777 3,283 0.15 Zebra Technologies 'A' 656 226 0.01 Zillow Group 2,536 201 0.01 Zimmer Biomet Holdings 1,857 220 0.01 Zoetis 2,020 247 0.01 Zoom Video Communications 'A' 2,251 492 0.02 Total United States 1,272,136 58.56 FUTURES - 0.01%

EUX MSCI World Index Future June 2021 895 141 0.01 Total Futures 141 0.01



Net assets 2,172,324 100.00 #unlisted +Related Party The Fund launched on 10 December 2020 hence no comparatives. Unless otherwise stated, all investments are listed securities. The counterparty for the future is HSBC Bank.


Comparative Tables

Institutional Income#Change in net assets per share

15.5.21*

Opening net asset value per share 100.00pReturn before operating charges* 7.59pOperating charges** (0.11p)Return after operating charges* 7.48pDistributions on income shares (0.58p)Closing net asset value per share 106.90p*after direct transaction costs of:*** 0.16p

PerformanceReturn after charges 7.48%

Other informationClosing net asset value £1,051,284Closing number of shares 983,673 Operating charges - OCF 0.04%†Direct transaction costs 0.15%

Prices Highest share price 110.00Lowest share price 100.00

Institutional Accumulation#Change in net assets per share

15.5.21*

Opening net asset value per share 100.00pReturn before operating charges* 7.73pOperating charges** (0.33p)Return after operating charges* 7.40pDistributions on accumulation shares (0.58p)Retained distributions on accumulation shares 0.58pClosing net asset value per share 107.40p*after direct transaction costs of:*** 0.15p


Other informationClosing net asset value £107,440Closing number of shares 100,000 Operating charges - OCF 0.04%†Direct transaction costs 0.15%

Prices Highest share price 110.00pLowest share price 100.00p

#The Fund launched on 10 December 2020. †Estimated value following Fund launch on 10 December 2020. **The operating charges include all costs borne by the Fund, except for direct transaction costs.***The direct transaction costs are made up of fees and commissions paid to agents, advisers, brokers and dealers,levies by regulatory agencies and securities exchanges as well as transfer taxes and duties.


Comparative Tables

Income C#Change in net assets per share

15.5.21*





Accumulation C#Change in net assets per share

15.5.21*







Comparative Tables

Income S#Change in net assets per share

15.5.21*



Other informationClosing net asset value £2,830,682Closing number of shares 2,650,000 Operating charges - OCF 0.15%†Direct transaction costs 0.15%


Accumulation S#Change in net assets per share

15.5.21*







Comparative Tables

Accumulation T#Change in net assets per share

15.5.21*



Other informationClosing net asset value £2,167,059,838Closing number of shares 2,011,710,873 Operating charges - OCF 0.028%†Direct transaction costs 0.15%





15.5.21*Notes £’000 £’000

IncomeNet capital gains 2 91,543 Revenue 3 11,985

Expenses 4 (185)Interest payable and similar charges (9)Net revenue before taxation 11,791 Taxation 5 (1,253)Net revenue after taxation 10,538 Total return before distributions 102,081 Distributions 6 (10,538)Change in net assets attributable to shareholders from investment activities 91,543


15.5.21*£’000 £’000

Opening net assets attributable to shareholders - Amounts receivable on creation of shares 2,082,418 Amounts payable on cancellation of shares (21,059)

2,061,359 Dilution adjustment 2,139 Change in net assets attributable to shareholders frominvestment activities (see Statement of Total Return above) 91,543 Retained distribution on accumulation shares 17,283 Closing net assets attributable to shareholders 2,172,324


15.5.21*Notes £’000 £’000

AssetsInvestments 2,114,603 Current assets

Debtors 8 14,589 Cash and bank balances 43,317

Total current assets 57,906 Total assets 2,172,509 LiabilitiesCreditors

Distribution payable on income shares (21)Other creditors 9 (164)

Total liabilities (185)Net assets attributable to shareholders 2,172,324

*The Fund launched on 10 December 2020.



Group 1: Shares purchased on 10 December 2020* Group 2: Shares purchased from 10 December to 15 May 2021

Net Equalisation Distributionincome payable

15.7.21

Institutional IncomeGroup 1 0.584811 - 0.584811Group 2 0.349402 0.235409 0.584811

Institutional AccumulationGroup 1 0.584650 - 0.584650Group 2 0.584650 0.000000 0.584650

Income CGroup 1 0.528735 - 0.528735Group 2 0.427442 0.101293 0.528735

Accumulation CGroup 1 0.535705 - 0.535705Group 2 0.425926 0.109779 0.535705

Income SGroup 1 0.537500 - 0.537500Group 2 0.185291 0.352209 0.537500

Accumulation SGroup 1 0.537190 - 0.537190Group 2 0.537190 0.000000 0.537190

Accumulation TGroup 1 0.858827 - 0.858827Group 2 0.542730 0.316097 0.858827



15.5.21*£’000


2. Net Capital GainsThe net capital gains during the period comprise:Currency losses (5,861)Transaction charges (86)Capital special dividends 101 Gains on derivative contracts 2,328 Gains on non-derivative securities 95,061 Net capital gains 91,543

3. RevenueUK dividends (net) 687 Property investment income 2 Overseas dividends 11,225 Rebate to control charge for Accumulation T class 71 Total revenue 11,985

4. ExpensesPayable to the Authorised Corporate Director, associates ofthe Authorised Corporate Director and agents of either of them:Authorised Corporate Director's charge 110 Safe custody fee 28

138 Payable to the Depositary, associates of the Depositary and agents of either of them:Depositary fee 22 Other expenses:Audit fee 7 Report and accounts fee 1 Licence fee 16 Professional fees 1

25 Total expenses 185




15.5.21*£’000

5. Taxationa) Analysis of charge in period:

Overseas tax 1,253 Total tax for the period (note 5b) 1,253

b) Factors affecting taxation charge for the period:The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an open-ended investment company (20%). The differences are explained below:Net revenue before taxation 11,791 Corporation tax at 20% 2,358 Effects of:Revenue not subject to taxation (2,368)Tax relief on overseas tax suffered (2)Current period expenses not utilised 12 Irrecoverable overseas tax 1,253 Current tax charge for the period (note 5a) 1,253

c) Provision for deferred taxation

At 15 May 2021, there is a potential deferred tax asset of £12,032 in relation to surplus management expenses.It is unlikely the Fund will generate sufficient taxable profits in the future to utilise these expenses and therefore no deferred tax asset has been recognised in the period.

6. DistributionsThe distributions take account of amounts received on the issue of shares and amounts deducted on the cancellation of shares, and comprise:Final dividend distribution 17,304

17,304 Add: Amounts deducted on cancellation of shares 154 Deduct: Amounts received on issue of shares (6,920)Net distribution for the period 10,538

7. Movement Between Net Revenue and DistributionsNet revenue after taxation 10,538 Net distribution for the period 10,538

8. DebtorsAmounts receivable for creation of shares 9,800 Sales awaiting settlement 13 Accrued revenue 4,294 Monies due from ACD 70 Overseas tax recoverable 412 Total debtors 14,589

9. Other CreditorsAccrued expenses 164 Total other creditors 164






Income C

Accumulation C

Opening shares issued at 10.12.20 - - - - Share movements 10.12.20 to 15.5.21 Shares issued 1,077,206 100,000 201,940 962,362 Shares cancelled (93,533) - (616) (76,119)Closing shares issued at 15.5.21 983,673 100,000 201,324 886,243

Income S

Accumulation S

Accumulation T

Opening shares issued at 10.12.20 - - - Share movements 10.12.20 to 15.5.21 Shares issued 2,750,000 100,000 2,031,236,711 Shares cancelled (100,000) - (19,525,838)Closing shares issued at 15.5.21 2,650,000 100,000 2,011,710,873




At the period end, the ACD and its associates held the following of the Fund's shares in issue:



Income C

Accumulation C

Income S

Accumulation S

Accumulation T

% % % % % % %As at 15.5.21 98.07 100.00 49.67 - - 100.00 -


The balance due from the ACD (including amounts due to associates and agents) at the period end was £9,751,283, further details of such amounts can be found in notes 8 and 9.

At the period end, the Fund held £9,519,745 in Authorised Investment Funds managed by HSBC and/or HSBC Holdings, the parent company of the ACD. During the period, transactions in Authorised Investment Funds managed by HSBC and/or HSBC Holdings totalled £9,172,013. .









Net otherassets

Netassets

15.5.21 15.5.21 15.5.21 £'000 £'000 £'000

Sterling* 104,834 12,181 117,015 Australian dollar 53,877 915 54,792 Canadian dollar 64,790 421 65,211 Danish krone 14,416 40 14,456 Euro 209,476 5,938 215,414 Hong Kong dollar 23,336 43 23,379 Israeli shekel 2,317 2 2,319 Japamese yen 159,885 1,417 161,302 Korean won 42,076 104 42,180 New Zealand dollar 2,050 14 2,064 Norweigan krone 4,306 66 4,372 Poland zloty 2,418 1 2,419 Singapore dollar 8,334 106 8,440 Swedish krona 22,499 234 22,733 Swiss franc 55,046 1,033 56,079 United States dollar 1,344,943 35,206 1,380,149 Total 2,114,603 57,721 2,172,324


At the period end, 1.99% of the Fund's assets by value were interest-bearing.

This Fund has an Institutional share class, C share class, S share class and T share class. The annual ACD charge on the institutional share class is nil, 0.14% on the C share class, 0.11% on the S share class and 0.03% on the T share class. The net asset value of the share class, the net asset value per share and the number of shares in each class are given in the Comparative Tables on pages 364 to 367. The distribution per share class is given in the Distribution Table on page 369.



The Fund has used financial derivatives for hedging and meeting investment objectives including risk reduction and implementation of investment policies. The use of derivatives can create additional counterparty risks. Details of the policy adopted by the ACD for managing counterparty and other risks are set out in the Notes to the Financial Statements. The types of derivatives held at the year end were index futures.

The economic exposure of future derivative contracts is equal to the market value. The value of exposure and the related counterparty are disclosed in the Portfolio Statement on pages 340 to 363.


At 15 May 2021, there was no collateral held in respect of the above derivatives.



At the period end, the Fund had no contingent liabilities or commitments.



Analysis of total purchases costsEquity transactions 2,019,047 605 0.03 758 0.04 6 - Corporate actions 184 - - - - - - Total purchases before transaction costs 2,019,231 605 758 6 Transaction costs 1,369

Total purchases after commission, tax and fees 2,020,600


Analysis of total sales costsEquity transactions 395 - - - - - - Corporate actions 804 - - - - - - Total sales before transaction costs 1,199 - - - Transaction costs - Total sales after commission, tax and fees 1,199

The Fund had paid £5,517 as commission on purchases and sales derivative transactions for the period ended 15.5.21.














2,114,603 - - 2,114,603



If the price of investments at 15 May 2021 had increased or decreased by 10% with all other variables held constant, this would have increased or decreased the net assets attributable to shareholders by £211,460,279.


If the exchange rate at 15 May 2021 had increased or decreased by 10% with all other variables held constant, this would have increased or decreased the net assets attributable to shareholders by £205,530,835.


At the balance sheet date, the Fund did not have a significant exposure to interest rate risk, therefore no sensitivity analysis is disclosed.

376

Employee Remuneration Disclosure

Remuneration Policy

HSBC Index Tracker Investment Funds are managed by HSBC Global Asset Management (UK) Limited, which is a wholly owned subsidiary of HSBC Holdings plc.

The firm's remuneration practicies and polices are governed by the HSBC Group Remuneration Committee in compliance with the relevant regualtory requirements. For details please refer to the HSBC Group Remuneration Policy as published on our website (http://www.hsbc.com/our-approach/remuneration).

HSBC Global Asset Management (UK) Limited's remuneration requirements as specified by the Undertakings for Collective Investment in Transferable Securities (UCITS) Directive are covered in the specific remuneration policy published in the HSBC Global Asset Management website (http://www.global.assetmanagement.hsbc.com/about-us/governance-structure).

Remuneration Disclosures

The following tables show the remuneration details, including fixed and variable remuneration, made by HSBC Global Asset Management (UK) Limited to its employees and AIFMD Identified staff (Material Risk Takers) for performance year 2020. Individuals have been identified as Material Risk Takers based on the criteria set out in the Financial Conduct Authority's (FCA) AIFM Remuneration Code. The disclosures reflect the requirements of the FCA's COLL Sourcebook.

HeadcountNo.

FixedRemuneration

£

VariableRemuneration

£

HSBC Global Asset Management (UK) Ltd Employees 409 44,122,000 17,646,000 HSBC Index Tracker Investment Funds - Material Risk Takers 16 5,953,000 3,537,000 of which Executive and non-executive members of the management body of the management company 4 1,475,000 811,000 Senior Management 8 1,830,000 1,119,000 Control Functions 6 1,447,000 314,000 Staff Responsible for heading the portfolio management, administration, marketing, HR and Other Risk Takers 7 3,840,000 2,872,000

FTSE 100 Index Fund*Material Risk Takers 0.76 284,063.71 168,777.65 of which Executive and non-executive members of the management body of the management company 0.19 70,383.67 38,699.09 Senior Management 0.38 87,323.46 53,396.15 Control Functions 0.29 69,047.57 14,983.37 Staff Responsible for heading the portfolio management, administration, marketing, HR and Other Risk Takers 0.33 183,236.12 137,045.35

FTSE All-Share Index Fund*Material Risk Takers 1.31 488,222.69 290,079.56 of which Executive and non-executive members of the management body of the management company 0.33 120,969.00 66,512.45 Senior Management 0.66 150,083.57 91,772.41 Control Functions 0.49 118,672.64 25,752.04 Staff Responsible for heading the portfolio management, administration, marketing, HR and Other Risk Takers 0.57 314,929.47 235,541.00

*The individual funds figures have been calculated using the net asset value as at 15 May 2021. These have then been divided by the total HSBC Global Asset Management figures to give the split by fund.

377

HeadcountNo.

FixedRemuneration

£


£

FTSE 250 Index Fund*Material Risk Takers 1.15 428,067.09 254,337.87 of which Executive and non-executive members of the management body of the management company 0.29 106,064.00 58,317.22 Senior Management 0.58 131,591.26 80,464.82 Control Functions 0.43 104,050.58 22,579.05 Staff Responsible for heading the portfolio management, administration, marketing, HR and Other Risk Takers 0.50 276,125.93 206,519.18

FTSE All-World Index Fund*Material Risk Takers 1.81 674,893.03 400,990.53 of which Executive and non-executive members of the management body of the management company 0.45 167,221.10 91,943.26 Senior Management 0.91 207,467.54 126,861.30 Control Functions 0.68 164,046.73 35,598.25 Staff Responsible for heading the portfolio management, administration, marketing, HR and Other Risk Takers 0.79 435,341.71 325,599.32

European Index Fund*Material Risk Takers 1.85 689,809.30 409,853.10 of which Executive and non-executive members of the management body of the management company 0.46 170,916.97 93,975.37 Senior Management 0.93 212,052.92 129,665.15 Control Functions 0.70 167,672.45 36,385.04 Staff Responsible for heading the portfolio management, administration, marketing, HR and Other Risk Takers 0.81 444,963.50 332,795.62

American Index Fund*Material Risk Takers 5.56 2,069,263.06 1,229,461.36 of which Executive and non-executive members of the management body of the management company 1.39 512,710.05 281,903.64 Senior Management 2.78 636,108.09 388,964.44 Control Functions 2.09 502,977.25 109,146.42 Staff Responsible for heading the portfolio management, administration, marketing, HR and Other Risk Takers 2.43 1,334,784.18 998,307.32

Japan Index Fund*Material Risk Takers 1.25 466,677.21 277,278.23 of which Executive and non-executive members of the management body of the management company 0.31 115,630.59 63,577.22 Senior Management 0.63 143,460.32 87,722.46 Control Functions 0.47 113,435.57 24,615.60 Staff Responsible for heading the portfolio management, administration, marketing, HR and Other Risk Takers 0.55 301,031.49 225,146.47


378

HeadcountNo.

FixedRemuneration

£


£

Pacific Index Fund*Material Risk Takers 0.45 168,122.29 99,890.56 of which Executive and non-executive members of the management body of the management company 0.11 41,656.37 22,903.94 Senior Management 0.23 51,682.14 31,602.36 Control Functions 0.17 40,865.61 8,867.86 Staff Responsible for heading the portfolio management, administration, marketing, HR and Other Risk Takers 0.20 108,447.77 81,109.90

UK Gilt Index Fund*Material Risk Takers 0.12 42,676.18 25,356.23 of which Executive and non-executive members of the management body of the management company 0.03 10,574.06 5,813.94 Senior Management 0.06 13,119.00 8,021.95 Control Functions 0.04 10,373.33 2,251.02 Staff Responsible for heading the portfolio management, administration, marketing, HR and Other Risk Takers 0.05 27,528.40 20,588.95

Sterling Corporate Bond Index Fund*Material Risk Takers 0.18 65,556.64 38,950.76 of which Executive and non-executive members of the management body of the management company 0.04 16,243.25 8,931.03 Senior Management 0.09 20,152.64 12,322.84 Control Functions 0.07 15,934.90 3,457.88 Staff Responsible for heading the portfolio management, administration, marketing, HR and Other Risk Takers 0.08 42,287.50 31,627.53

Developed World Sustainable Equity Index Fund*Material Risk Takers 1.55 575,648.80 342,024.15 of which Executive and non-executive members of the management body of the management company 0.39 142,630.94 78,422.84 Senior Management 0.77 176,959.06 108,206.12 Control Functions 0.58 139,923.37 30,363.47 Staff Responsible for heading the portfolio management, administration, marketing, HR and Other Risk Takers 0.68 371,323.93 277,719.36

Note: Material Unit Takers may be aligned to more than one sub-category


379

The Manager entered into contracts for difference (“contract for differences” means a derivative that pays the differences between the settlement prices of the opening and closing trades of the contract) during the period with the aim of gaining short term exposure to a company's stock at a lower cost than directly holding the shares. This allows the Manager to gain exposure to share price movements (whether up or down) without the need for ownership of the underlying shares.

The following table details the value of contracts for differences as a proportion of the Fund’s NAV, as at 15 May 2021 and the income/returns earned for the year ended 15 May 2021.

The value of contracts for differences is based on the underlying exposure value on a gross absolute basis.

Contracts for differences

Currency % of NAVTotal returns earned '000

Developed World Sustainable Equity Index Fund GBP - 32

At the year end date of 15.05.21 no open contracts for difference were held by any Funds within the HIF Index Tracker.

As a result there is no underlying exposure value relating to contracts for difference to counterparties at 15.05.21 and no further details in relation to associated collateral positions have been included.

Contracts for Difference

380

Statement of Authorised CorporateDirector’s ResponsibilitiesThe Collective Investment Schemes sourcebook published by the FCA, (“the COLL Rules”) require the Authorised Corporate Director ("ACD") to prepare financial statements for each annual accounting year which give a true and fair view of the financial position of the Company and of the net income or expense and net gains or losses on the property of the Company for the year.

In preparing the financial statements the ACD is responsible for:

• selecting suitable accounting policies and then apply them consistently;

• making judgements and estimates that are reasonable and prudent;

• following UK accounting standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland;

• complying with the disclosure requirements of the Statement of Recommended Practice for UK Authorised Funds issued by The Investment Association in May 2014;

• keeping proper accounting records which enable it to demonstrate that the financial statements as prepared comply with the above requirements;

• assessing the Company and its sub-funds’ ability to continue as a going concern, disclosing, as applicable, matters related to going concern;

• using the going concern basis of accounting unless they either intend to liquidate the Company or its sub-funds or to cease operations, or have no realistic alternative but to do so;

• such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; and

• taking reasonable steps for the prevention and detection of fraud and irregularities.

The ACD is responsible for the management of the Company in accordance with its Instrument of Incorporation, the Prospectus and the COLL Rules.

The ACD is responsible for the maintenance and integrity of the corporate and financial information included on the Company’s website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

381

Statement of the Depositary’s Responsibilities in Respect of the Scheme and Report of the Depositary to the Shareholders of the HSBC Index Tracker Investment Funds OEIC (“the Company”)For the Year 16 May 2020 to 15 May 2021

The Depositary must ensure that the Company is managed in accordance with the Financial Conduct Authority’s Collective Investment Schemes Sourcebook, the Open-Ended Investment Companies Regulations 2001 (SI 2001/1228), as amended, the Financial Services and Markets Act 2000, as amended, (together “the Regulations”), the Company’s Instrument of Incorporation and Prospectus (together “the Scheme documents”) as detailed below.

The Depositary must in the context of its role act honestly, fairly, professionally, independently and in the interests of the Company and its investors.

The Depositary is responsible for the safekeeping of all custodial assets and maintaining a record of all other assets of the Company in accordance with the Regulations.

The Depositary must ensure that:

• the Company’s cash flows are properly monitored and that cash of the Company is booked into the cash accounts in

accordance with the Regulations;

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

• the value of shares of the Company are calculated in accordance with the Regulations;

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

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

• the instructions of the Authorised Fund Manager (“the AFM”) which is the UCITS Management Company, are carried out

(unless they conflict with the Regulations).

The Depositary also has a duty to take reasonable care to ensure that the Company is managed in accordance with the Scheme documents and Regulations in relation to the investment and borrowing powers applicable to the Company.

Having carried out such procedures as we consider necessary to discharge our responsibilities as Depositary of the Company, it is our opinion, based on the information available to us and the explanations provided, that in all material respects the Company, acting through the AFM:

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

(ii) has observed the investment and borrowing powers and restrictions applicable to the Company.

State Street Trustees Limited Quartermile 3, 10 Nightingale Way Edinburgh EH3 9EG

31 August 2021

Ewan Gillies (Officer) Faron Jackson (Assistant Vice President)

382

Independent Auditor’s Report to the Shareholders of the HSBC Index Tracker Investment Funds OEIC (‘the Company’)Opinion

We have audited the financial statements of the Company for the year ended 15 May 2021 which comprise the Statements of Total Return, the Statements of Changes in Net Assets Attributable to Shareholders, the Balance Sheets, the Related Notes and Distribution Tables for each of the Company’s sub-funds listed on page 3 and the accounting policies set out on pages 9 and 10.

In our opinion the financial statements:

• give a true and fair view, in accordance with UK accounting standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, of the financial position of each of the sub-funds as at 15 May 2021 and of the net revenue and the net capital gains/losses on the property of each of the sub-funds for the year then ended; and

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

Basis for opinion

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

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

Going concern

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

In our evaluation of the Authorised Corporate Director’s conclusions, we considered the inherent risks to the Company’s and its sub-funds’ business model and analysed how those risks might affect the Company’s and its sub-funds’ financial resources or ability to continue operations over the going concern period.

Our conclusions based on this work:

• we consider that the Authorised Corporate Director’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate;

• we have not identified, and concur with the Authorised Corporate Director’s assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Company’s and its sub-funds’ ability to continue as a going concern for the going concern period.

However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the above conclusions are not a guarantee that the Company or its sub-funds will continue in operation.

383

Fraud and breaches of laws and regulations – ability to detect

Identifying and responding to risks of material misstatement due to fraud.

To identify risks of material misstatement due to fraud (“fraud risks”) we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included:

• Enquiring of directors as to the Company’s high-level policies and procedures to prevent and detect fraud, as well as whether they have knowledge of any actual, suspected or alleged fraud;

• Assessing the segregation of duties in place between the ACD, the Depositary, the Administrator and the investment manager; (use term used by entity to refer to portfolio manager);

• Reading ACD board minutes.

As required by auditing standards, we perform procedures to address the risk of management override of controls, in particular the risk that management may be in a position to make inappropriate accounting entries. On this audit we do not believe there is a fraud risk related to revenue recognition because the revenue is principally non-judgemental and based on publicly available information, with limited opportunity for manipulation. We did not identify any additional fraud risks.

We evaluated the design and implementation of the controls over journal entries and other adjustments and made inquiries of the Administrator about inappropriate or unusual activity relating to the processing of journal entries and other adjustments. We substantively tested all material post-closing entries and, based on the results of our risk assessment procedures and understanding of the process, including the segregation of duties between the ACD and the Administrator, no further high-risk journal entries or other adjustments were identified.

Identifying and responding to risks of material misstatement due to non-compliance with laws and regulations

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience and through discussion with the ACD and the Administrator (as required by auditing standards) and discussed with the Directors the policies and procedures regarding compliance with laws and regulations.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related authorised fund legislation maintained by the Financial Conduct Authority) and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly, the Company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: money laundering, data protection, bribery and corruption legislation recognising the Company’s activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and the Administrator and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.

Context of the ability of the audit to detect fraud or breaches of law or regulation

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

384

Other information

The Authorised Corporate Director is responsible for the other information presented in the Annual Report together with the financial statements. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except as explicitly stated below, any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether, based on our financial statements audit work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge. Based solely on that work:

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

• in our opinion the information given in the Authorised Corporate Director’s Report is consistent with the financial statements.

Matters on which we are required to report by exception

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

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

• the financial statements are not in agreement with the accounting records.

Authorised Corporate Director’s (HSBC Global Asset Management (UK) Limited) responsibilities

As explained more fully in their statement set out on page 379, the Authorised Corporate Director is responsible for: the preparation of financial statements that give a true and fair view; such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; assessing the Company and its sub-funds’ ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and using the going concern basis of accounting unless they either intend to liquidate the Company or its sub-funds or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities

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

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

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

This report is made solely to the Company’s shareholders, as a body, in accordance with Rule 4.5.12 of the Collective Investment Schemes sourcebook (‘the COLL Rules’) issued by the Financial Conduct Authority under the Open-Ended Investment Companies Regulations 2001. Our audit work has been undertaken so that we might state to the Company’s shareholders those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s shareholders as a body, for our audit work, for this report, or for the opinions we have formed.

Grant Archer for and on behalf of KPMG LLP, Statutory Auditor Chartered Accountants 15 Canada Square London E14 5GL

31 August 2021

385

General Information

How to Buy, Sell or Switch your Investment

• Call our Dealers on 0800 358 3011*

or

• Write to our Administration Office at: HSBC Global Asset Management (UK) Ltd, Sunderland, SR43 4BF (w.e.f. 6/4/21).

Switching your Investment

• Some discounts are available for switching between our OEIC Funds.

• Switching from one OEIC Fund to another may create a capital gains tax liability.

No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current KIID (in conjunction with the Supplementary Information Document (SID)) and Prospectus accompanied by the latest Annual Report and the most recent Interim Report, if published thereafter. Further details of our switching discounts may be obtained by:-

• Telephoning our Customer Services, on 0800 358 3011*

Minimum Additional Subscription

• The minimum additional subscription is £500 for retail, £1,000 for the C and Institutional A share classes and £1,000,000 for the S and Institutional share classes.

Selling your Investment

You can sell or make a withdrawal at any time.

• You must take at least £100 each time.

• We reserve the right to request that you leave the minimum investment of £1,000 for retail, £1,000,000 for the C and Institutional A share classes and £10,000,000 for the S and Institutional share classes, or close the investment.

• Settlement is normally made within 3 business days from the receipt of your instructions.

When we will Buy or Sell your Investment

Share prices are calculated at 12 noon each business day. The price at which shares are bought or sold depends on when we receive your instructions.

• Before 12 noon. That day’s share prices will be used.

• After 12 noon. The following business day’s prices will be used.

We will send you a contract note within 24 hours of the transaction. This confirms the transaction was made.

Cancellation Rights

• In certain circumstances we will send you a cancellation notice. If so this will be sent within 7 days of making your investment.

• Return this notice to us within 30 days if you do not wish to proceed with your investment.

• It is possible to receive back less than your original investment, if the value of your shares has fallen.

Publication of Prices

The prices of shares are updated daily on the following website: www.assetmanagement.hsbc.com/uk.

Alternatively you can call our Investments Helpline on 0800 358 3011*.

386

Prospectus

The Prospectus provides further details on our OEICs. For a copy of the latest Prospectus (available free of charge):-

• Telephone our Customer Services on 0800 358 3011*

• Write to our Administration Office

Income

Income is distributed or accumulated in the following way:-

• You will receive income payments net of tax. The payment dates for each of the Funds are detailed in the table on pages 394 to 396.

• If you hold accumulation shares, income will be retained within the Fund. No additional shares will be bought. The price of shares will reflect the net income received.

We must disclose details of such distributions to HM Revenue and Customs (HMRC). The distribution also needs to be disclosed on your tax return.

Income Tax

A tax voucher is sent to all shareholders when distributions are paid or accumulated which will aid completion of tax returns.

Interest Distributions:

From 6 April 2017, any income that is distributed from our funds as interest is paid or accumulated gross of tax to all shareholders. This follows the announcement from the UK Government in 2016 of its intention to remove the requirement for tax to be deducted from interest distributions of open-ended investment companies.

A Personal Savings Allowance currently applies for UK individual taxpayers. This means that no tax is payable on savings income, which includes interest distributions, of up to £1,000 for basic rate taxpayers and up to £500 for higher rate taxpayers.

This allowance is not available for additional rate taxpayers. UK taxpayers, including basic rate taxpayers, are liable to pay UK tax on savings income above the allowance, subject to the starting rate of tax for savings.

For UK corporate shareholders, interest distributions will be paid without the deduction of tax. Such shareholders will be subject to corporation tax on the gross amount of the distribution or accumulation.

For non-UK resident shareholders, interest distributions will be paid without the deduction of tax. Tax may or may not be payable depending on the shareholder’s tax position and the provisions of any relevant double tax treaty with the UK.

Dividend Distributions:

A dividend allowance applies for UK resident individual shareholders which charges the first £2,000 of dividends received in the tax year at 0%. A UK resident individual shareholder will have to pay income tax at the applicable basic, higher or additional rate (depending on the shareholder’s individual tax position) on dividend income in excess of the £2,000 allowance. Note that dividend income within the £2,000 allowance will still count towards basic, higher and additional rate bands and may therefore affect the rate of income tax that a shareholder pays on dividends they receive in excess of the £2,000 allowance.

Where a corporate shareholder receives a dividend distribution from a Fund, such a shareholder should apportion the amount of the distribution (by way of a formula) between that part representing the Fund’s income subject to corporation tax and that part representing the Fund’s other income. Only that part which represents the income subject to corporation tax in the Fund will be liable to corporation tax (in the hands of the corporate shareholder) and will be treated as an annual payment received after deduction of income tax at the basic rate. That deemed income tax will be available to offset against the corporation tax liability of the shareholder or may be repaid subject to certain restrictions.

For non-UK resident shareholders, tax may or may not be payable depending on the shareholder’s tax position and the provisions of any relevant double tax treaty with the UK.

This information is based on our understanding of current UK law and HM Revenue and Customs practice which may be subject to retrospective change. The future basis and rates of taxation may change without warning. Shareholders are recommended to consult their professional advisers if they are in any doubt as to their individual tax position.

387

Capital Gains Tax

You will not need to pay capital gains tax unless your net gains from all sources exceed the annual exemption limit. The limit for the 2021/2022 tax year is £12,300.

Assessment of Value

The Authorised Fund Manager is required to perform a detailed assessment on whether funds are 'providing value to investors'.

The resulting findings are published in a consolidated report on our website.

Ongoing charges figure

Underlying fund charges in this report are in relation to the sub-fund holding investments in other collective investment schemes but excludes holdings in investment trusts.

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

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

388

Important Notes

The Annual Report covers the year 16 May 2020 to 15 May 2021.

The value of investments and any income from them can go down as well as up and investors may not get back the amount originally invested. Where overseas investments are held the rate of currency exchange may also cause the value of such investments to fluctuate. Investments in emerging markets are by their nature higher risk and potentially more volatile than those inherent in some established markets. Stock market investments should be viewed as a medium to long term investment and should be held for at least five years. Any performance information shown refers to the past and should not be seen as an indication of future returns.

Your holding in an open-ended investment company must be regarded as a medium to long-term investment; this means for at least five years.

The value and relative yield of fixed interest securities (including bonds) are strongly affected by interest rate fluctuations and by changes in the credit ratings of the underlying issuer of the assets. Higher-yielding securities are more likely to default.

The long-term nature of investment in property and the income generated tend to make this type of investment less volatile than equities although it can be difficult to buy and/or sell quickly. Where the underlying Funds invest directly in property, the property in the Fund may not be readily realisable, and the Manager of the Fund may apply a deferral on redemption requests. The value of property is generally a matter of the valuer's opinion rather than fact. Listed property securities are part of the equity market and are more volatile than direct (unlisted) property, which can mean that the price of shares and the income from them can fluctuate, sometimes dramatically.

Please note any reference to “Fund” or “Funds” means a sub-fund of the Company.

There are risks involved in investing in HSBC Index Tracker Investment Funds. Please refer to the Prospectus, Key Investor Information Document (KIID) and Supplementary Information Document (SID) for further details.

The information in this report is based on our understanding of current law and HM Revenue and Customs practice as at 15 May 2021. Both law and practice may of course change.

The views expressed are those of HSBC Global Asset Management (UK) Limited and do not constitute investment advice. No liability can be accepted for recipients acting independently on its content.

The Company is authorised and regulated by the Financial Conduct Authority and is structured as an umbrella company, in that the Company proposes to issue shares linked to different Funds which have been established. The Company is a UCITS scheme.

Shareholders are not liable for the debts of the Company. A shareholder is not liable to make any further payment to the Company after the purchase price of the shares has been paid for.

To help improve our service and in the interests of security we may record and/or monitor your communication with us. HSBC Global Asset Management (UK) Limited provides information to Institutions, Professional Advisers and their clients on the investment products and services of the HSBC Group.

Approved for issue in the UK by HSBC Global Asset Management (UK) Limited, who are authorised and regulated by the Financial Conduct Authority.

HSBC Asset Management is the brand name for the asset management business of HSBC Group, which includes the investment activities provided through our local regulated entity, HSBC Global Asset Management (UK) Limited.

http://www.assetmanagement.hsbc.com/uk

Copyright © HSBC Global Asset Management (UK) Limited 2021. All rights reserved.

389

Important Changes to the Company and/or Fund DocumentationThe following changes to the Company have resulted in the ACD (Authorised Corporate Director) making changes to the Company’s Instrument of Incorporation and its Prospectus.

Amendments to the Instrument

The Instrument was amended to remove reference to the Index-Linked Gilt Index Fund following the termination of this Fund.

The Instrument was also amended to clarify that the ACD may compulsorily redeem a shareholder’s shares under certain circumstances.

We have added further text to clarify the process of exchanging shares following at least three unclaimed distribution payments.

We have added wording to the Determination of Net Asset Value section to explain the role of the Pricing and Valuation Committee with regards to the valuation of illiquid securities.

The Instrument was updated on 10 December 2020 to add a new sub-fund of the Company. The Developed World Sustainable Equity Index Fund launched on 10 December 2020.

The Instrument was updated on 7 January 2021 whereby the definition for “UCITS” was updated and definitions were added for “UCITS Directive”, “UCITS scheme” and “UK UCITS” as a result of the United Kingdom leaving the European Union.

Amendments to the Company Prospectus

Important changes made to the Company Prospectus in this accounting period are listed below.

The Company Prospectus was updated on 10 December 2020 to reflect a new sub-fund of the Company. The Developed World Sustainable Equity Index Fund launched on 10 December 2020.

The Company Prospectus was updated on 7 January 2021 to reflect the changes due to Brexit or the departure of the United Kingdom from the EU, the removal of reference to the registration fee, addition of European Benchmark Regulation disclosure and an update to eligible securities markets and eligible derivatives markets.

The Company Prospectus was updated on 10 March 2021 with a new section ‘integration of sustainability risks into investment decisions’ inserted as required under SFDR.

The Constitution of the Funds

We have removed reference to the Index-Linked Gilt Index Fund as this fund has now been terminated. All references to the Fund have been removed from throughout the Prospectus.

Dealing in Shares

We have added wording to advise that the ACD may compulsorily redeem a shareholder’s shares under certain circumstances.

Risks

The general risk section has been updated to add ‘pandemics’ to the list of factors that may lead to market fluctuations.

We have added the following text under the general risks section;

The ACD may, under certain circumstances (as detailed in “Dealing in Shares” section, “Compulsory Transfer and Redemption” sub-section and “Compulsory Conversion” sub-section, on pages 23 and 24) compulsorily redeem or convert all or a portion of a Shareholder’s Shares in a Fund. Such compulsory redemption and conversion may create adverse tax and/or economic consequences to the Shareholder depending on the timing thereof.

No person will have any obligation to reimburse any portion of a Shareholder’s losses in the event of the termination of a Fund, a compulsory redemption or a compulsory conversion.

390

Management and Administration

The names of the directors of the ACD and any significant activities of each director have been updated where required.

Fees and Expenses

The ongoing charges figures and estimated dilution adjustment rates have been updated.

Appendix 1 - Individual Fund Information

The information about the index has been updated for the FTSE Japan Index within the Individual Fund Information table for the Japan Index Fund.

Appendix 2 – Historical Fund Performance

The Historical Fund Performance table has been updated with more recent performance information.

391

Other Information

Equalisation

Revenue received by the Fund during the distribution period is reflected in the price of shares until the revenue is distributed. The cost of Group 2 shares bought during a distribution period will therefore include an element of revenue.

Equalisation represents the average amount of accrued revenue included in the purchase price of all Group 2 shares sold in the period, which is refunded as part of a shareholder’s first distribution. This amount is treated as a capital repayment for tax purposes. It is not liable to income or corporation tax and is deducted from the original cost of the shares for capital gains tax purposes.

Index Tracking

The Funds aim to achieve their objectives by investing in an optimised portfolio of the constituents, of the relevant Index, providing an efficient exposure to this index. In replicating the index the ACD reserves the right to exercise the full powers of the Funds in relation to borrowing and efficient portfolio management as and when it considers that the circumstances which then exist make it appropriate to do so. The Scheme property may also not consist of the exact composition and weighting of the underlying index in circumstances where the ACD determines that this is expedient for reasons of poor liquidity or excessive cost to the Funds.

Additional notes for Hong Kong residents

The following sub-funds referred to in this document are not authorised in Hong Kong and are not available to Hong Kong residents:

Developed World Equity Index Fund

FTSE All-Share Index Fund

FTSE All-World Index Fund

FTSE 250 Index Fund

UK Gilt Index Fund


Five other sub-funds of the HSBC Index Tracker Investment Funds, namely FTSE 100 Index Fund, European Index Fund, American Index Fund, Japan Index Fund and Pacific Index Fund are authorised in Hong Kong (authorisation does not imply official approval or recommendation), and no soft commission arrangement was entered into by the Authorised Corporate Director and the Investment Manager in respect of the sub-funds’ transactions during the year.

“FTSE®” is a trademark owned by the London Stock Exchange plc and The Financial Times Limited and used by FTSE International Limited (“FTSE”) under licence.

The FTSE Indices are calculated by FTSE. FTSE does not sponsor, endorse or promote this product and is not in any way connected to it and does not accept any liability in relation to its issue, operation and trading.

All copyright and database rights in the index values and constituent list vest in FTSE. HSBC has obtained full licence from FTSE to use such copyrights and database rights in the creation of this product.

Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”) and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”) and have been licensed for use by S&P Dow Jones Indices LLC and sublicensed for certain purposes by HSBC Global Asset Management (UK) Limited. The S&P 500 is a product of S&P Dow Jones Indices LLC, and has been licensed for use by HSBC Global Asset Management (UK) Limited. HSBC Global Asset Management (UK) Limited ‘s American index Fund is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P, their respective affiliates, and neither S&P Dow Jones Indices LLC, Dow Jones, S&P, their respective affiliates make any representation regarding the advisability of investing in such products.

392

Corporate Shareholders

A corporate shareholder will receive the distribution shown below on their annual consolidated tax voucher as follows:

Fund Date Share class Investment income

payable/paid Franked Unfranked

Sterling Corporate Bond Index 15.7.21 Institutional Income 0.00% 100.00%

15.7.21 Institutional Accumulation 0.00% 100.00%

15.7.21 Income C 0.00% 100.00%

15.7.21 Accumulation C 0.00% 100.00%

15.7.21 Income S 0.00% 100.00%

15.7.21 Accumulation S 0.00% 100.00%

15.4.21 Institutional Income 0.00% 100.00%


15.4.21 Income C 0.00% 100.00%

15.4.21 Accumulation C 0.00% 100.00%

15.4.21 Income S 0.00% 100.00%

15.4.21 Accumulation S 0.00% 100.00%

UK Gilt Index Fund 15.7.21 Retail Income 0.00% 100.00%

15.7.21 Retail Accumulation 0.00% 100.00%


15.7.21 Income C 0.00% 100.00%

15.7.21 Accumulation C 0.00% 100.00%

15.7.21 Income S 0.00% 100.00%

15.7.21 Accumulation S 0.00% 100.00%

15.4.21 Retail Income 0.00% 100.00%

15.4.21 Retail Accumulation 0.00% 100.00%


15.4.21 Income C 0.00% 100.00%

15.4.21 Accumulation C 0.00% 100.00%

15.4.21 Income S 0.00% 100.00%

15.4.21 Accumulation S 0.00% 100.00%

FTSE All-World Index Fund 15.7.21 Income C 100.00% 0.00%

15.7.21 Accumulation C 100.00% 0.00%



15.7.21 Income S 100.00% 0.00%

15.7.21 Accumulation S 100.00% 0.00%

All other Funds in this OEIC have a 100% franked distribution shown on their annual consolidated tax voucher.

393

Risk and Reward Profile

Fund Rating*

FTSE 100 Index Fund 6†

FTSE All-Share Index Fund 6†

FTSE 250 Index Fund 6†

FTSE All-World Index Fund 5

European Index Fund 6†

American Index Fund 6†

Japan Index Fund 6†

Pacific Index Fund 6†

UK Gilt Index Fund 4

Sterling Corporate Bond Index Fund 4

Developed World Sustainable Equity Index

5

†The previous ratings for these Funds was 5 until 4 August 2020.

*More About this Rating

The rating is based on price volatility over the last five years, and is an indicator of absolute risk. Historical data may not be a reliable indication for the future. The rating is not guaranteed to remain unchanged and the categorisation may shift over time. The lowest rating does not mean a risk-free investment.

For further information on the specific risks applicable to each Fund please visit www.assetmanagement.hsbc.com/uk.

Lower risk

Typically lower rewards

Higher risk

Typically higher rewards

1 2 3 4 5 6 7

394

The Company

HSBC Index Tracker Investment Funds, 8 Canada Square, London, E14 5HQ

Authorised Corporate Director (ACD) and Head Office

HSBC Global Asset Management (UK) Limited, 8 Canada Square, London, E14 5HQ

Investment Manager

HSBC Global Asset Management (UK) Limited, 8 Canada Square, London, E14 5HQ

Depositary

State Street Trustees Limited, Quartermile 3, 10 Nightingale Way, Edinburgh, EH3 9EG

Regulator

Financial Conduct Authority (FCA), 12 Endeavour Square, London, E20 1JN

Auditor

KPMG LLP, 15 Canada Square, London E14 5GL

Registrar

HSBC Global Asset Management (UK) Limited (delegated to Northern Trust Global Services SE).

50 Bank Street, Canary Wharf, London, E14 5NT

Telephone: 0800 358 3011* +44 800 358 3011 (Overseas)*

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

Administrator (delegated to Northern Trust Global Services SE) - postal address

HSBC Global Asset Management (UK) Ltd, Sunderland, SR43 4BF (w.e.f. 6/4/21)

Website

www.assetmanagement.hsbc.com/uk

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

Directory

395

Quick Reference Guide to HSBC Index Tracker Investment Funds

Name of OEIC Fund

FTSE 100Index Fund

FTSEAll-Share

Index Fund

FTSE 250Index Fund

FTSE All-World

Index Fund

Number of distributions per year

2 2 1 1

Distribution dates

15 Jul15 Jan

15 Jul15 Jan 15 Jul 15 Jul

Lump sum minimum investment level †

£1,000,000 £1,000,000 £1,000,000 £1,000,000

Regular saverminimum investment level †

N/A N/A N/A N/A

ACD charge % † 0.07 0.04 0.10 0.10

Available as an ISA

Yes Yes Yes Yes

In ISA can income be paid

Yes Yes Yes Yes

Income shares available

Yes Yes Yes Yes

Accumulation shares available

Yes Yes Yes Yes

†The above information relates only to the C share classes. Other share classes may differ.

396


Name of OEIC Fund

EuropeanIndex Fund

AmericanIndex Fund

JapanIndex Fund

PacificIndex Fund


1 1 1 1

Distribution dates

15 Jul 15 Jul 15 Jul 15 Jul


£1,000,000 £1,000,000 £1,000,000 £1,000,000


N/A N/A N/A N/A

ACD charge % † 0.03 0.04 0.10 0.10

Available as an ISA

Yes Yes Yes Yes


Yes Yes Yes Yes


Yes Yes Yes Yes


Yes Yes Yes Yes


397


Name of OEIC Fund

UK GiltIndex Fund


Developed World Sustainable Equity Index Fund


4 4 1

Distribution dates

15 Jul15 Oct15 Jan15 Apr

15 Jul15 Oct15 Jan15 Apr

15 Jul


£1,000,000 £1,000,000 £1,000,000


N/A N/A N/A

ACD charge % † 0.10 0.12 0.14

Available as an ISA

Yes Yes Yes


Yes Yes Yes


Yes Yes Yes


Yes Yes Yes


Issued by HSBC Global Asset Management (UK) Limited. Authorised and regulated by the Financial Conduct Authority.

www.assetmanagement.hsbc.com/uk

HSBC Global Asset Management (UK) Limited Forum One Parkway Whiteley Fareham PO15 7PA United Kingdom

Printed by TPSquared Limited © HSBC Global Asset Management (UK) Limited 2021. All rights reserved.

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