strategic managed unit trust

FOR THE PERIOD ENDED 31 MARCH 2022

INTERIM REPORT & FINANCIAL STATEMENTS

STRATEGIC MANAGED UNIT TRUST

E. K. Griffin

D. Hyams

S. M. Meech

PricewaterhouseCoopers LLP

Atria One

144 Morrison Street

Edinburgh, EH3 8EX

United Kingdom

Cannon Place

Investment Adviser Threadneedle Asset Management Limited

C. G. Gentle

Freephone: 0800 027 1031

(Authorised and regulated by the Financial Conduct Authority)

St. James's Place Strategic Managed Unit Trust

ManagerSt. James's Place Unit Trust Group Limited

PO Box 9034, Chelmsford, CM99 2XA

United Kingdom

Directors of the ManagerT. C. Beal

R. J. Gardner

House A, Floor 0

78 Cannon Street

London EC4N 6AG

United Kingdom


NatWest Trustee and Depositary Services LimitedTrustee


Independent Auditors

Prospectus and Manager's Reports

Copies of the up to date Prospectus (Scheme Particulars) and latest Manager's Report and

Financial Statements for the range of St. James's Place Unit Trusts can be requested from a

member of the St. James's Place Partnership or, at any time during normal business hours, from

the Administration Centre at PO Box 9034, Chelmsford CM99 2XA.

Freephone: 0800 027 1031

United Kingdom

SS&C Financial Services Europe Limited

St. Nicholas Lane

Basildon, SS15 5FS

SS&C House

Gogarburn

175 Glasgow Road

Edinburgh, EH12 1HQ

United Kingdom

Registrar


1

Unitholders can also refer to the 70% MSCI All Countries World Index and 30% Bloomberg

Barclays Multiverse GBP Hedged Index as context in assessing the performance of the Trust,

because it provides an indication of the markets in which the Trust invests.

The Report of the Manager consists of The Trust, Investment Objectives & Policy, Assessment of

Performance, Risk and Reward Profile, Investment Adviser's Comments and Portfolio Statement.

The Trust

St. James's Place Strategic Managed Unit Trust is an authorised Unit Trust scheme under section

243 of the Financial Services and Markets Act (2000) and is constituted by a Trust Deed dated 12

March 2010.

The Unit Trust is subject to the rules of the Financial Conduct Authority's Collective Investment

Scheme Sourcebook and is classified as a UCITS Scheme.


Investment Objectives & Policy

The investment objective of the Scheme is to provide capital appreciation over the medium to

long term.

The Scheme will achieve this objective by generally investing in quoted securities on a worldwide

basis. The Scheme will invest, at the Manager's discretion, in UK and overseas equities, UK and

overseas fixed interest and index linked securities, units and/or shares in other collective

investment schemes, cash and near cash.

The Scheme is also permitted to invest in other types of transferable securities, money market

instruments, and deposits.

Report of the Manager

The Scheme is permitted to invest in derivatives and forward transactions for the purposes of

efficient portfolio management (including hedging).

It is the Manager's intention that the composition of the Scheme will enable it to qualify for

inclusion in the Investment Management Association's 'Mixed Investment 40-85% Shares' Sector

(formerly known as the Balanced Managed Sector).

It is the Manager's intention that the assets of the Unit Trust will be invested so that the Unit

Trust will be eligible for inclusion in an ISA.

Assessment of Performance

Due to the nature of the assets held in the Trust, the Manager suggests reviewing the

performance over a minimum 5-year period to reflect the fact that it is intended to be a medium

to long term investment.

In the assessment of performance, it is important to understand how the Trust's return has been

achieved, the level of risk taken, or avoided, and the outcomes of the decisions taken by the

Investment Adviser. The "Investment Adviser’s Comments" section below may provide helpful

material to support this assessment.

Risk and Reward Profile

The synthetic risk and reward indicator for the St. James's Place Strategic Managed Unit Trust, as

disclosed in its most recent Key Investor Information Document (KIID), is a 5. It was calculated

using performance data up to 7 February 2022.

The risk category is recalculated weekly and during the year under review, the risk category did

not change.

2


Report of the Manager (continued)

Threadneedle Asset Management Limited 15 April 2022

Investment in Restaurant had a negative impact on the fund as it was hurt by COVID-19-related

worries as well as higher costs. The latter was hurt by COVID-19-related worries as well as higher

costs. Centrica performed well as energy prices rose. We profitably sold Wm Morrison

Supermarkets and Stagecoach before their takeovers.

Russia’s invasion of Ukraine is adding pressure to global markets and pushing up inflation.

However, we do not expect a slowdown in growth, which should support investment in equities.

The fund outperformed the market. This was largely driven by selection of investments,

particularly in financials and energy.

UK equities performed poorly, mainly due to a relatively higher amount of investment in

industrials and none in energy. The fund’s lack of investment in miners also had a detrimental

effect, as the sector performed well.

The Investment Grade and US High Yield investments outperformed their markets.

Anglo American and Suncor Energy performed well, benefiting from strength in commodity

prices. We took out new investments in AIA and Eli Lilly. Bank Rakyat Indonesia and Allstate

were sold.

UK equities also still have attractive valuations, which are likely to stoke mergers and acquisitions

activity and investor interest.

Investment Adviser's Comments

Global markets had a turbulent six months. Optimism over the recovering global economy and

strong corporate earnings was set against concerns about soaring inflation, faster-than-expected

monetary tightening and new COVID-19 strains. In 2022, the Russia-Ukraine conflict further

unnerved investors, leading to a spike in commodity prices and inflation. Equities ultimately

finished higher, with UK stocks performing well, but bonds weakened.

3


Comparative Table

as at 31 March 2022 (unaudited)

31/03/22 30/09/21 30/09/20

L Income Closing net asset value (£’000) 6,880 7,472 9,381

Closing number of units 4,758,727 5,153,015 7,578,753

Closing net asset value per unit (p) 144.57 145.01 123.78

Operating charges* 1.50% 1.51% 1.56%

31/03/22 30/09/21 30/09/20

L AccumulationClosing net asset value (£’000) 7,112,728 7,717,763 6,976,724

Closing number of units 4,052,208,956 4,398,878,074 4,710,261,716



31/03/22 30/09/21 30/09/20

H AccumulationClosing net asset value (£’000) 472 585 1,057

Closing number of units 276,024 341,361 727,456



31/03/22 30/09/21 30/09/20

Y AccumulationClosing net asset value (£’000) 1,016 1,162 1,159

Closing number of units 558,538 641,130 762,708



31/03/22 30/09/21

M IncomeClosing net asset value (£’000) 2,244 2,559

Closing number of units 1,552,624 1,764,470

Closing net asset value per unit (p) 144.56 145.00

Operating charges* 1.00% 1.01%

31/03/22 30/09/21

M AccumulationClosing net asset value (£’000) 255,099 264,671

Closing number of units 144,584,965 150,452,336

Closing net asset value per unit (p) 176.44 175.92

Operating charges* 1.00% 1.01%

*Operating charges are prepared using the same methodology as the ongoing charges appearing

in the KIID, based on the information in this report.

M Income and M Accumulation units were made available on 12 March 2021.

Net Asset Value and Ongoing Charges Figure

4

Security Holdings

Market

Value

£000

% of

Net

Assets

ARGENTINA (0.02%) 1,294 0.02MercadoLibre 1,405 1,294 0.02

AUSTRALIA (1.11%) 90,534 1.24Amcor 633,413 5,534 0.09

Ampol 7,452 130 -

APA 36,499 222 -

APT Pipelines 4.25% 26/11/2024 GBP16,877,000 17,586 0.24

Aristocrat Leisure 18,461 387 0.01

ASX 5,989 279 0.01

Aurizon 56,387 118 -

Ausgrid Finance 1.25% 30/07/2025 EUR4,820,000 4,056 0.06

Ausgrid Finance 3.85% 01/05/2023 USD3,995,000 3,065 0.04

Australia & New Zealand Banking 86,356 1,360 0.02Australia & New Zealand Banking 1.809%

16/09/2031 GBP8,951,000 8,272 0.11

BHP (AUD) 94,360 2,786 0.04

BHP (GBP) 63,297 1,871 0.03

BHP Billiton Finance 6.5% 22/10/2077 GBP2,063,000 2,097 0.03

BlueScope Steel 15,292 182 -

Brambles 43,944 248 -

carsales.com 248,819 2,967 0.04

Cochlear 2,035 261 -

Coles 40,863 417 0.01

Commonwealth Bank of Australia 52,272 3,155 0.04

Computershare 16,808 237 -

Crown Resorts 11,761 86 -

CSL 14,666 2,244 0.03

Dexus# 33,272 208 -

Domino's Pizza Enterprises 1,856 93 -

Endeavour 41,491 173 -

Evolution Mining 56,701 142 -

Fortescue Metals 51,875 611 0.01

Goodman Australia Finance 1.375% 27/09/2025 EUR3,363,000 2,838 0.04

Goodman# 51,507 673 0.01

GPT# 59,257 175 -

IDP Education 6,395 115 -

Insurance Australia 76,256 191 -

Lendlease 21,100 135 -

Macquarie 10,382 1,204 0.02

Medibank Private 86,119 151 -

Mineral Resources 5,315 160 -

Mirvac# 121,964 173 -

MMG 92,000 28 -

National Australia Bank 100,242 1,849 0.03

National Australia Bank 1.699% 15/09/2031 GBP5,685,000 5,258 0.07

Newcrest Mining 27,272 416 0.01

Northern Star Resources 34,225 210 -

Orica 12,483 114 -

Origin Energy 54,482 194 -

Pacific National Finance 5% 19/09/2023 GBP7,049,000 7,261 0.10

Qantas Airways 28,310 84 -

QBE Insurance 45,675 300 0.01

QBE Insurance 6.115% 24/05/2042 GBP1,380,000 1,385 0.02

Ramsay Health Care 5,664 210 -


Portfolio Statement


5

Security Holdings

Market

Value

£000

% of

Net

Assets


Portfolio Statement (continued)


REA 1,619 125 -

Reece 8,905 97 -

Rio Tinto (Sydney Listing) 11,372 773 0.01

Santos 98,565 435 0.01

Scentre# 160,561 279 0.01

SEEK 10,300 175 -

Sonic Healthcare 14,096 285 0.01

South32 142,863 409 0.01

Stockland# 73,846 180 -

Suncorp 38,678 245 -

Tabcorp 68,183 207 -

Telstra 128,188 289 0.01

Transurban Stapled 94,037 724 0.01

Treasury Wine Estates 22,113 146 -

Vicinity Centres# 118,533 126 -

Washington H Soul Pattinson 6,771 111 -

Wesfarmers 34,733 999 0.01

Westpac Banking 112,381 1,554 0.02

WiseTech Global 4,480 131 -

Woodside Petroleum 29,703 544 0.01

Woolworths (Sydney Listing) 37,127 789 0.01

AUSTRIA (0.00%) 786 0.01Erste Group Bank 10,752 311 0.01

OMV 4,556 167 -

Raiffeisen Bank International 4,674 52 -

Verbund 2,106 171 -

voestalpine 3,665 85 -

BELGIUM (0.19%) 10,582 0.14Ageas 5,319 209 -

Anheuser-Busch InBev 26,868 1,240 0.02

Bruxelles Lambert 3,422 273 -

Colruyt 1,672 53 -

Elia 966 113 -

KBC 7,734 431 0.01

KBC 1.25% 21/09/2027 GBP7,900,000 7,321 0.10

Proximus 4,757 68 -

Sofina 487 137 -

Solvay 2,318 179 -

UCB 3,911 357 0.01

Umicore 6,098 201 -

BERMUDA (1.01%) 75,694 1.03Arch Capital 11,945 441 0.01

Bacardi 2.75% 03/07/2023 EUR6,467,000 5,595 0.08

Everest Re 1,231 286 -

Hiscox 7,087,447 69,372 0.94

BRAZIL (0.08%) 10,375 0.12Alpargatas Preference Shares 7,463 31 -

Ambev 284,958 690 0.01

Americanas 19,921 110 -

Atacadao 15,388 54 -

B3 - Brasil Bolsa Balcao 189,553 474 0.01

6

Security Holdings

Market

Value

£000

% of

Net

Assets




Banco Bradesco 46,142 136 -

Banco Bradesco Preference Shares 150,010 537 0.01Banco BTG Pactual 36,352 153 -

Banco do Brasil 26,546 148 -

Banco Inter 10,200 35 -

Banco Santander Brasil 12,900 76 -

BB Seguridade Participacoes 22,105 88 -

Braskem Preference Shares 5,900 43 -

BRF 21,738 63 -

CCR 37,900 83 -

Centrais Eletricas Brasileiras 10,175 60 -

Centrais Eletricas Brasileiras Preference Shares 7,900 46 -

Cia de Saneamento Basico do Estado de Sao Paulo 10,792 78 -Cia Energetica de Minas Gerais Preference Shares 33,820 80 -Cia Siderurgica Nacional 21,688 92 -

Cosan 31,852 123 -

Energisa 5,797 45 -

Engie Brasil Energia 6,338 44 -

Equatorial Energia 31,421 137 -

Gerdau Preference Shares 36,191 178 -

Hapvida Participacoes e Investimentos 132,068 253 0.01

Hypera 11,913 73 -

Itau Unibanco Preference Shares 149,927 666 0.01

Itausa Preference Shares 143,450 248 0.01

JBS 22,313 131 -

Klabin 22,625 89 -

Localiza Rent a Car 18,761 184 -

Lojas Renner 30,608 134 -

Magazine Luiza 93,938 103 -

Natura 28,307 116 -

Petro Rio 22,100 89 -

Petroleo Brasileiro 115,112 645 0.01

Petroleo Brasileiro Preference Shares 147,271 775 0.01

Raia Drogasil 33,908 130 -

Rede D'Or Sao Luiz 12,600 100 -

Rumo 40,987 120 -

Suzano 23,143 211 -

Telefonica Brasil 15,820 134 -

TIM 26,756 59 -

TOTVS 16,567 97 -

Ultrapar Participacoes 22,889 53 -

Vale 126,707 1,940 0.03

Vibra Energia 36,402 138 0.00

WEG 51,919 283 0.01

CANADA (1.72%) 179,787 2.44Agnico Eagle Mines 31,281 1,455 0.02

Air Canada 5,488 81 -

Air Canada 3.875% 15/08/2026 USD3,246,000 2,347 0.03

Algonquin Power & Utilities 20,738 244 -

Alimentation Couche-Tard 26,311 881 0.01

AltaGas 8,647 148 -

Ballard Power Systems 7,518 68 -

Bank of Montreal 20,030 1,804 0.03

Bank of Nova Scotia 37,572 2,089 0.03

Bank of Nova Scotia 2.875% 03/05/2027 GBP10,616,000 10,561 0.14

7

Security Holdings

Market

Value

£000

% of

Net

Assets




Barrick Gold 55,087 1,039 0.02

BCE 2,288 95 0.00

BlackBerry 16,863 97 0.00

Brookfield Asset Management 43,668 1,905 0.03CAE 9,825 195 -

Cameco 12,261 261 -

Canadiaartment Properties REIT# 2,671 88 -

Canadian Imperial Bank of Commerce 13,950 1,316 0.02

Canadian National Railway 94,666 9,811 0.13

Canadian Natural Resources 36,416 1,731 0.02

Canadian Pacific Railway (CAD) 21,058 1,334 0.02

Canadian Pacific Railway (USD) 7,685 489 0.01

Canadian Tire 1,812 213 -

Canadian Utilities 4,013 93 -

Canopy Growth 7,575 46 -

CCL Industries 4,673 163 -

Cenovus Energy 40,611 514 0.01

CGI 6,716 413 0.01

Constellation Software 636 823 0.01

Dollarama 8,941 386 0.01

Emera 7,975 298 -

Empire 5,284 141 -

Enbridge 62,671 2,202 0.03

Fairfax Financial 819 333 0.01

First Quantum Minerals 18,148 479 0.01

FirstService 1,247 137 -

Fortis 14,580 546 0.01

Franco-Nevada 5,935 726 0.01

George Weston 2,298 214 -

GFL Environmental 5,025 121 -

GFL Environmental 4.25% 01/06/2025 USD13,877,000 10,493 0.14

GFL Environmental 5.125% 15/12/2026 USD2,050,000 1,570 0.02

Gildan Activewear 6,069 179 -

Great-West Lifeco 8,607 193 -

Hudbay Minerals 4.5% 01/04/2026 USD11,230,000 8,358 0.11

Hydro One 10,190 207 -

iA Financial 3,294 153 -

IGM Financial 2,613 71 -

Imperial Oil 7,488 273 -

Intact Financial 5,461 614 0.01

Ivanhoe Mines 18,900 136 -

Keyera 6,980 135 -

Kinross Gold 39,151 176 -

Lightspeed Commerce 3,400 80 -

Loblaw 5,138 346 0.01

Lululemon Athletica 3,662 1,050 0.01

Lundin Mining 20,429 158 -

Magna International 8,820 434 0.01

Manulife Financial 878,920 14,383 0.20

Metro 7,522 327 0.01

National Bank of Canada 10,458 618 0.01

New Red Finance 5.75% 15/04/2025 USD13,059,000 10,270 0.14

Northland Power 6,988 176 -

NOVA Chemicals 4.875% 01/06/2024 USD2,410,000 1,855 0.03

NOVA Chemicals 5% 01/05/2025 USD4,185,000 3,160 0.04

Nutrien 124,837 9,706 0.13

8

Security Holdings

Market

Value

£000

% of

Net

Assets




Nuvei 2,100 121 -

Onex 2,312 119 -

Open Text 8,382 272 -

Pan American Silver 6,641 138 -Parkland 4,793 107 -

Pembina Pipeline 16,967 487 0.01Power Corporation of Canada 17,274 410 0.01

Quebecor 5,280 96 -

Restaurant Brands International 8,730 386 0.01

RioCan Real Estate Investment Trust# 4,975 77 -

Ritchie Bros Auctioneers 5.375% 15/01/2025 USD11,693,000 9,062 0.12

Ritchie Bros Auctioneers CAD 3,385 152 -

Ritchie Bros Auctioneers USD 59,366 2,688 0.04

Rockpoint Gas Storage Canada 7% 31/03/2023 USD2,111,000 1,606 0.02

Rogers Communications 10,991 467 0.01

Rogers Communications 3.20% 15/03/2027 USD8,400,000 6,324 0.09

Royal Bank of Canada 44,103 3,744 0.05

Saputo 7,775 140 -

Shaw Communications 13,994 331 0.01

Shopify 8,534 4,560 0.06

Sun Life Financial 18,150 777 0.01

Suncor Energy 473,495 11,864 0.16

Teck Resources 14,613 451 0.01

Telus 14,121 277 -

TFI International 2,544 207 -

Thomson Reuters 5,281 436 0.01

TMX 1,750 137 -

Toromont Industries 2,513 182 -

Toronto-Dominion Bank 56,353 3,474 0.05

Toronto-Dominion Bank 2.875% 05/04/2027 GBP11,130,000 11,121 0.15

Tourmaline Oil 9,784 335 0.01

TransCanada 101,035 4,376 0.06

Videotron 5.125% 15/04/2027 USD3,620,000 2,790 0.04

West Fraser Timber 2,950 193 -

Wheaton Precious Metals 13,919 508 0.01

WSP Global 3,610 364 0.01

CAYMAN ISLANDS (0.34%) 24,945 0.34Southern Water Services Finance 1.625%

30/03/2027 GBP10,987,000 10,428 0.14

Southern Water Services Finance 6.64%

31/03/2026 GBP11,010,000 12,685 0.17

Transocean Guardian 5.875% 15/01/2024 USD2,485,016 1,832 0.03

CHILE (0.00%) 1,079 0.01Antofagasta 12,199 205 -

Banco de Chile 1,435,505 112 -

Banco de Credito e Inversiones 1,723 47 -

Banco Santander Chile 2,082,824 87 -

Cencosud 44,218 66 -

Cia Cervecerias Unidas 4,667 26 -

Empresas CMPC 35,526 48 -

Empresas COPEC 12,194 75 -

Enel Americas 677,568 62 -

Enel Chile 873,682 20 -

Falabella 23,768 58 -

9

Security Holdings

Market

Value

£000

% of

Net

Assets




Sociedad Quimica y Minera de Chile Preference

Shares 4,197 273 0.01

CHINA (0.80%) 60,345 0.65360 DigiTech ADR 2,716 33 -

3SBio 42,750 26 -

51job ADR 911 41 -AAC Technologies 22,898 42 -

Agile 37,000 14 -

Agricultural Bank of China 808,094 237 -

Air China 58,000 31 -

Airtac International 4,000 99 -

Akeso 9,031 15 -

Alibaba 465,003 5,072 0.07

Alibaba ADR 16,718 1,484 0.02

A-Living Smart City Services 15,875 17 -

Aluminum Corp of China 120,546 54 -

Anhui Conch Cement 37,988 149 -

ANTA Sports Products 33,147 317 0.01

Autohome ADR 2,385 58 -

AviChina Industry & Technology 78,450 33 -

Baidu ADR 8,585 941 0.01

Bank of China 2,433,666 746 0.01

Bank of Communications 268,409 147 -

BeiGene ADR 1,471 231 -

Beijing Capital International Airport 59,000 26 -

Bilibili ADR 5,197 112 -

BYD 25,321 553 0.01

BYD Electronic International 21,250 33 -

CanSino Biologics 2,400 29 -

CGN Power 321,000 63 -

China Bohai Bank 83,750 10 -

China Cinda Asset Management 276,000 36 -

China CITIC Bank 281,978 109 -

China Coal Energy 62,842 36 -

China Communications Services 73,519 25 -

China Conch Venture 50,919 113 -

China Construction Bank 2,945,848 1,688 0.02

China Everbright Bank 99,500 29 -

China Evergrande 123,000 20 -

China Feihe 357,639 270 -

China Galaxy Securities 110,730 47 -

China Hongqiao 70,500 71 -

China International Capital 45,088 77 -

China Lesso 34,290 32 -

China Life Insurance 'H' Shares 229,984 269 -

China Literature 12,700 40 -

China Longyuan Power 103,475 180 -

China Medical System 42,913 52 -

China Meidong Auto 18,000 52 -

China Merchants Bank 119,729 717 0.01

China Minsheng Banking 183,922 53 -

China Molybdenum 105,583 42 -

China National Building Material 125,547 119 -

China Oilfield Services 56,000 44 -

China Pacific Insurance 81,459 151 -

10

Security Holdings

Market

Value

£000

% of

Net

Assets




China Petroleum & Chemical 749,403 287 -

China Railway 128,000 55 -

China Resources Mixc Lifestyle Services 17,600 66 -

China Shenhua Energy 1,896,409 10,269 0.14China Shenhua Energy 'H' Shares 104,657 256 -

China Southern Airlines 54,000 24 -

China Suntien Green Energy 55,170 24 -

China Tower 1,313,000 111 -

China Vanke 54,034 93 -Chinasoft International 82,344 52 -

Chindata ADR 2,897 15 -

CIFI 108,940 49 -

CIFI Ever Sunshine Services 22,000 23 -

CITIC 179,728 152 -

CITIC Securities 80,947 142 -

COSCO SHIPPING 102,940 137 -

Country Garden 253,000 148 -

Country Garden Services 63,000 206 -

CRRC 137,034 42 -

CSPC Pharmaceutical 277,589 244 -

Ctrip.com International ADR 15,775 292 0.01

Dada Nexus ADR 1,993 15 -

Dali Foods 64,000 26 -

Daqo New Energy ADR 1,762 58 -

DiDi Global ADR 5,326 12 -

Dongfeng Motor 85,000 49 -

Dongyue 45,322 47 -

DouYu International ADR 93,864 157 -

ENN Energy 24,476 280 -

Flat Glass 12,000 35 -

Fosun International 79,287 66 -

Fuyao Glass Industry 18,400 57 -

Ganfeng Lithium 8,000 87 -

Gaotu Techedu ADR 3,778 5 -

GDS ADR 15,556 501 0.01

Genscript Biotech 36,000 88 -

GF Securities 34,500 37 -

GOME Retail 327,500 16 -

Great Wall Motor 94,880 116 -

Greentown China 27,576 38 -

Greentown Service 44,106 34 -

Guangzhou Automobile 92,959 59 -

Guangzhou R&F Properties 52,800 14 -

Haidilao International 34,000 51 -

Haier Smart Home 69,800 173 -

Haitian International 20,160 40 -

Haitong Securities 85,200 50 -

Hangzhou Tigermed Consulting 3,850 36 -

Hansoh Pharmaceutical 35,404 45 -

Hello ADR 4,930 23 -

Hengan International 19,410 68 -

Hua Hong Semiconductor 16,425 53 -

Huaneng Power International 109,325 36 -

Huatai Securities 47,300 55 -

Huazhu ADR 5,418 141 -

Hygeia Healthcare 10,734 32 -

11

Security Holdings

Market

Value

£000

% of

Net

Assets




I-Mab ADR 1,089 16 -

Industrial & Commercial Bank of China 1,728,560 809 0.01

Innovent Biologics 48,250 127 -

iQIYI ADR 8,744 34 -

JD Health International 10,850 51 -JD.com 64,119 1,459 0.02

Jiangsu Expressway 37,000 29 -

Jiangxi Copper 35,052 45 -

Jinxin Fertility 39,093 23 -

Jiumaojiu International 22,000 36 -

Kanzhun 2,618 54 -KE ADR 11,315 113 -

Kingdee International Software 82,193 139 -

Kingsoft 239,100 586 0.01

Kingsoft Cloud ADR 3,364 16 -

Kuaishou Technology 15,000 108 -

KWG 39,750 13 -

Lenovo 222,159 184 -

Li Auto ADR 17,191 355 0.01

Li Ning 71,921 472 0.01

Logan 47,000 10 -

Longfor 56,467 221 -

Lufax ADR 18,960 84 -

Meituan 244,713 3,705 0.05

Microport Scientific 19,900 34 -

Ming Yuan Cloud 18,000 19 -

Minth 23,000 43 -

NetEase 63,465 888 0.01

NetEase ADR 56,696 3,979 0.05

New China Life Insurance 27,950 59 -

New Oriental Education & Technology ADR 47,565 44 -

NIO ADR 40,641 686 0.01

Noah ADR 1,141 22 -

Nongfu Spring 54,446 221 -

People's Insurance Company Group of China 261,787 65 -

PetroChina 652,281 258 -

Pharmaron Beijing 21,750 202 -

PICC Property & Casualty 211,872 165 -

Pinduoduo ADR 23,716 791 0.01

Ping An Healthcare and Technology 14,350 29 -

Postal Savings Bank of China 243,500 150 -

Powerlong Real Estate 49,000 10 -

RLX Technology ADR 17,066 25 -

Sany Heavy Equipment International 34,771 28 -

Seazen 60,637 25 -

Shandong Gold Mining 20,250 31 -

Shandong Weigao Group Medical Polymer 77,600 63 -

Shanghai Fosun Pharmaceutical 15,250 57 -

Shanghai Pharmaceuticals 23,950 35 -

Shenzhou International 25,609 261 -

Shimao Services 31,000 13 -

Silergy 2,500 228 -

Sinopharm 42,373 74 -

Sinotruk Hong Kong 21,000 25 -

Smoore International 56,000 102 -

Sunac China 101,000 45 -

12

Security Holdings

Market

Value

£000

% of

Net

Assets




Sunac Services 34,000 16 -

Sunny Optical Technology 22,014 270 -

TAL Education ADR 12,831 31 -

Tencent 229,988 8,374 0.11

Tencent Music Entertainment ADR 21,095 80 -

Tingyi Cayman Islands 60,000 77 -Tongcheng-Elong 29,400 40 -

Topsports International 47,500 30 -

TravelSky Technology 29,449 32 -

Tsingtao Brewery 18,000 109 -

Uni-President China 40,500 27 -

Venus MedTech Hangzhou 7,500 12 -

Vipshop ADR 14,066 99 -Want Want China 149,141 105 -

Weibo ADR 1,897 36 -

Weichai Power 61,000 73 -

Weimob 54,000 27 -

WuXi AppTec 11,056 134 -

Wuxi Biologics Cayman 109,803 695 0.01

Xiaomi 436,340 591 0.01

Xinjiang Goldwind Science & Technology 24,200 28 -

Xinyi Solar 151,000 203 -

XPeng ADR 12,212 265 -

Yadea 36,000 42 -

Yanzhou Coal Mining 47,000 106 -

Yihai International 14,877 33 -

Yum China 13,244 441 0.01

Zai Lab ADR 2,381 82 -

Zhejiang Expressway 43,280 28 -

ZhongAn Online P&C Insurance 15,350 40 -

Zhongsheng 19,000 102 -

Zhuzhou CRRC Times Electric 17,284 52 -

Zijin Mining 177,166 208 -

Zoomlion Heavy Industry Science and Technology 42,100 20 -ZTE 23,058 36 -

ZTO Express Cayman ADR 13,448 263 -

CZECH (0.00%) 268 0.00CEZ 5,097 161 -

Komercni banka 2,401 72 -

Moneta Money Bank 11,296 35 -

DENMARK (0.33%) 25,873 0.36Ambu 5,291 60 -

AP Moller - Maersk 'A' Shares 97 218 -

AP Moller - Maersk 'B' Shares 179 414 0.01

Carlsberg 3,106 296 0.01

Chr Hansen 3,263 184 -

Coloplast 3,675 428 0.01

Danske Bank 21,337 279 -

Danske Bank 0.625% 26/05/2025 EUR12,256,000 10,191 0.14

Danske Bank 2.25% 14/01/2028 GBP375,000 359 0.01

Demant 3,412 118 -

DSV Panalpina 6,311 943 0.01

Genmab 2,032 570 0.01

GN Store Nord 3,927 150 -

13

Security Holdings

Market

Value

£000

% of

Net

Assets




Novo Nordisk 52,092 4,525 0.06

Novozymes 6,424 339 0.01

Orsted 5,852 554 0.01

Pandora 3,093 230 -

ROCKWOOL International 259 68 -

Tryg 281,662 5,237 0.07

Vestas Wind Systems 31,240 710 0.01

FINLAND (0.22%) 15,252 0.21Elisa 4,400 203 -

Fortum 13,739 195 -

Kesko 8,449 185 -

Kone 36,859 1,488 0.02

Neste 13,087 450 0.01

Nokia 166,789 706 0.01Nordea Bank 99,172 796 0.01

OP Corporate Bank 1.375% 04/09/2026 GBP6,346,000 5,962 0.08

Orion 'B' Shares 3,351 118 -

Sampo 15,428 581 0.01

Stora Enso 17,996 271 0.01

UPM-Kymmene 164,750 4,189 0.06

Wartsila 14,949 108 -

FRANCE (1.92%) 149,485 2.03Accor 5,322 132 -

Aeroports de Paris 938 109 -

Air Liquide 14,658 1,968 0.03

Airbus 18,238 1,700 0.02

Alstom 9,816 178 -

Altice France 8.125% 01/02/2027 USD10,953,000 8,602 0.12

Amundi 1,924 102 -

Arkema 1,899 176 -

AXA 60,224 1,364 0.02Banque Federative du Credit Mutuel 1%

16/07/2026 GBP9,200,000 8,588 0.12

Banque Federative du Credit Mutuel 1.25%

05/12/2025 GBP13,000,000 12,362 0.17

BioMerieux 1,308 109 -

BNP Paribas 130,776 5,799 0.08

BNP Paribas 2% 24/05/2031 GBP3,500,000 3,277 0.05

Bollore 27,923 112 -

Bouygues 7,176 193 -

BPCE 1% 22/12/2025 GBP6,000,000 5,650 0.08

BPCE 1.375% 23/12/2026 GBP6,400,000 6,038 0.08

Bureau Veritas 9,195 203 -

Capgemini 4,960 846 0.01

Carrefour 19,410 323 0.01

CNP Assurances 5,421 100 -

Constellium 5.875% 15/02/2026 USD8,225,000 6,266 0.09

Covivio# 1,643 101 -

Credit Agricole 38,260 355 0.01

Credit Agricole 1.25% 02/10/2024 GBP14,400,000 13,962 0.19

Credit Agricole 1.874% 09/12/2031 GBP6,300,000 5,845 0.08

Danone 84,894 3,623 0.05

Dassault Aviation 783 95 -

Dassault Systemes 20,566 783 0.01

14

Security Holdings

Market

Value

£000

% of

Net

Assets




Edenred 7,721 295 -

Eiffage 2,577 202 -

Electricite de France 14,812 108 -

Electricite de France Right 14,812 4 -

Engie 56,501 582 0.01

EssilorLuxottica 8,892 1,269 0.02

Eurazeo 1,251 81 -

Faurecia 3,705 76 -Gecina# 1,450 141 -

Getlink 13,759 192 -

Hermes International 980 1,079 0.02

Iliad 6.5% 15/10/2026 USD12,928,000 9,933 0.14

Ipsen 1,191 115 -

Kering 2,320 1,137 0.02

Klepierre# 6,356 131 -

La Francaise des Jeux SAEM 2,906 88 -

Legrand 8,273 607 0.01L'Oréal 7,763 2,422 0.03

LVMH Moet Hennessy Louis Vuitton 8,588 4,743 0.06

Michelin 5,247 549 0.01

Orange 61,715 557 0.01

Orpea 1,633 56 -

Pernod Ricard 6,481 1,102 0.02

Publicis 7,053 333 0.01

Remy Cointreau 718 114 -

Renault 6,070 125 -

Safran 10,573 956 0.01

Saint-Gobain 15,651 730 0.01

Sanofi 35,178 2,783 0.04

Sartorius Stedim Biotech 855 273 -

Schneider Electric 70,048 9,010 0.12

SEB 842 90 -

Societe Generale 25,079 526 0.01

Sodexo 2,737 171 -

SPCM 3.125% 15/03/2027 USD3,035,000 2,137 0.03

Teleperformance 1,817 532 0.01

Thales 3,300 318 -

TOTAL 233,825 9,142 0.12

Ubisoft Entertainment 2,927 101 -

Unibail-Rodamco-Westfield# 3,859 222 -

Valeo 7,252 103 -

Veolia Environnement 20,277 506 0.01

Vinci 80,437 6,323 0.09

Vivendi 23,927 240 -

Wendel 840 65 -

Worldline 7,375 255 -

GERMANY (1.81%) 115,539 1.57adidas 5,890 1,068 0.02

Allianz 12,635 2,323 0.03

BASF 28,413 1,277 0.02

Bayer 30,391 1,602 0.02

Bayerische Motoren Werke 10,242 691 0.01

Bayerische Motoren Werke Preference Shares 1,804 109 -

Bechtle 2,586 114 -

Beiersdorf 3,152 256 -

15

Security Holdings

Market

Value

£000

% of

Net

Assets




Brenntag 4,831 301 0.01

Carl Zeiss Meditec 1,271 158 -

Commerzbank 30,993 189 -

Commerzbank 1.5% 22/11/2024 GBP13,800,000 13,357 0.18

Commerzbank 1.75% 22/01/2025 GBP6,200,000 5,946 0.08

Continental 3,403 192 -

Covestro 5,977 237 -

Daimler 26,476 1,445 0.02

Daimler Truck 12,867 284 -Delivery Hero 5,116 181 -

Deutsche Bank 63,934 639 0.01

Deutsche Bank 1% 19/11/2025 EUR2,200,000 1,823 0.03

Deutsche Bank 1.375% 10/06/2026 EUR1,300,000 1,105 0.01

Deutsche Bank 2.625% 16/12/2024 GBP4,600,000 4,526 0.06

Deutsche Bank 3.875% 12/02/2024 GBP2,600,000 2,626 0.04

Deutsche Boerse 5,878 818 0.01

Deutsche Lufthansa 18,876 118 -

Deutsche Post 30,664 1,148 0.02

Deutsche Telekom 1,119,125 16,156 0.22E.ON 1,058,475 9,585 0.13

Evonik Industries 215,226 4,674 0.06

Fresenius 12,957 366 0.01

Fresenius Medical Care 6,345 325 0.01

FUCHS PETROLUB Preference Shares 2,173 61 -

GEA 4,845 154 -

Hannover Rueck 1,865 245 -

HeidelbergCement 4,603 207 -

HelloFresh 5,112 188 -

Henkel 3,250 166 -

Henkel Preference Shares 5,511 285 0.01

IHO Verwaltungs 4.75% 15/09/2026 USD7,332,485 5,475 0.08

Infineon Technologies 40,398 1,063 0.02

KION 2,279 118 -

Knorr-Bremse 2,291 136 -Kreditanstalt fuer Wiederaufbau 0.875%

15/09/2026 GBP5,470,000 5,255 0.07

LANXESS 2,624 91 -

LEG Immobilien 2,253 201 -

Merck (Frankfurt Listing) 3,998 652 0.01

MTU Aero Engines 1,653 291 -

Muenchener Rueckversicherungs-Gesellschaft 28,831 5,963 0.08

Nemetschek 1,824 137 -

Porsche Automobil Preference Shares 4,737 356 0.01

Puma 3,314 218 -

Rational 162 86 -

RWE 19,873 672 0.01

SAP 66,335 5,724 0.08

Sartorius Preference Shares 811 280 0.01

Scout24 2,614 117 -

Siemens (Frankfurt Listing) 97,165 10,466 0.14

Siemens Energy 12,363 214 -

Siemens Healthineers 8,723 413 0.01

Symrise 4,108 380 0.01

Telefonica Deutschland 32,555 68 -

Uniper 2,861 59 -

United Internet 3,063 82 -

16

Security Holdings

Market

Value

£000

% of

Net

Assets




Volkswagen 1,004 195 -

Volkswagen Preference Shares 5,741 774 0.01

Vonovia 22,822 824 0.01

Zalando 6,964 284 0.01

GREECE (0.00%) 396 0.00Alpha Services 69,692 66 -

Eurobank Ergasias Services 81,657 74 -

Hellenic Telecommunications Organization 7,212 101 -

JUMBO 3,404 39 -OPAP 6,620 73 -

Public Power 6,570 43 -

GUERNSEY (0.43%) 21,101 0.29Sherborne Investors Guernsey 46,274,121 21,101 0.29

HONG KONG (0.15%) 18,144 0.25AIA 877,599 7,041 0.10

Alibaba Health Information Technology 127,792 63 -

Alibaba Pictures 380,000 24 -

Beijing Enterprises 15,750 38 -Beijing Enterprises Water 140,443 33 -

BOC Hong Kong 114,357 331 0.01

Bosideng International 102,662 36 -

Brilliance China Automotive* 103,000 72 -

Budweiser Brewing Company APAC 52,768 107 -

China Education 25,122 17 -

China Everbright Environment 116,393 54 -

China Gas 94,200 92 -

China Jinmao 180,289 41 -

China Mengniu Dairy 96,500 396 0.01

China Merchants Port 47,282 65 -

China Overseas Land & Investment 118,469 270 -

China Overseas Property 42,500 39 -

China Power International Development 167,876 68 -

China Resources Beer 44,000 206 -

China Resources Cement 75,180 48 -

China Resources Gas 28,000 90 -

China Resources Land 97,334 346 0.01

China Resources Power 58,764 84 -

China State Construction International 63,633 65 -

China Taiping Insurance 49,500 46 -

China Traditional Chinese Medicine 87,464 35 -

Chow Tai Fook Jewellery 63,158 88 -

CK Asset 61,783 323 0.01

CK Hutchison 82,250 461 0.01

CK Infrastructure 20,926 107 -

CLP 50,250 373 0.01

COSCO SHIPPING Ports 57,000 34 -

ESR Cayman 60,600 144 -

Far East Horizon 51,500 35 -

Futu ADR 1,592 45 -

Galaxy Entertainment 66,720 305 0.01

Geely Automobile 182,076 219 -

Guangdong Investment 90,906 95 -

Hang Lung Properties 61,935 95 -

17

Security Holdings

Market

Value

£000

% of

Net

Assets




Hang Seng Bank 23,650 348 0.01

Henderson Land Development 45,866 145 -

HengTen Networks 84,000 17 -

HK Electric Investments 83,750 62 -

HKT Trust & HKT 115,617 121 -

Hong Kong & China Gas 342,555 316 0.01

Hong Kong Exchanges & Clearing 36,935 1,334 0.02

Hongkong Land 35,652 133 -

Hopson Development 22,300 32 -

Huabao International 31,000 13 -

Hutchmed China ADR 2,460 37 -Jardine Matheson 6,637 278 0.01

Kingboard 21,009 78 -

Kingboard Laminates 29,558 37 -

Kunlun Energy 121,046 80 -

Lee & Man Paper Manufacturing 41,000 16 -

Link REIT# 64,060 417 0.01

Melco Resorts & Entertainment ADR 6,715 41 -

MTR 47,883 197 -

New World Development 46,177 143 -

Nine Dragons Paper 49,861 33 -

Power Assets 42,809 212 -

Shenzhen International 37,250 30 -Shimao 39,750 17 -

Sino Biopharmaceutical 317,384 151 -

Sino Land 101,000 100 -

SITC International 42,000 113 -

Sun Art Retail 64,750 18 -

Sun Hung Kai Properties 40,179 366 0.01

Swire Pacific 15,750 73 -

Swire Properties 35,747 68 -

Techtronic Industries 41,936 518 0.01

Vinda International 11,372 20 -

WH 255,357 123 -

Wharf 42,500 99 -

Wharf Real Estate Investment 50,735 192 -

Xinyi Glass 55,447 102 -

Yuexiu Property 44,002 33 -

HUNGARY (0.00%) 362 0.00MOL Hungarian Oil & Gas 12,938 87 -

OTP Bank 6,929 200 -

Richter Gedeon 4,414 75 -

INDIA (0.18%) 22,449 0.25ACC 2,349 51 -

Adani Enterprises 8,423 171 -

Adani Gas 8,423 181 -

Adani Green Energy 12,095 234 -

Adani Ports & Special Economic Zone 15,636 122 -

Adani Transmission 8,505 202 -

Ambuja Cements 21,947 66 -

Apollo Hospitals Enterprise 3,057 139 -

Asian Paints 11,751 363 0.01

Aurobindo Pharma 9,252 62 -

Avenue Supermarts 5,010 201 -

18

Security Holdings

Market

Value

£000

% of

Net

Assets




Axis Bank 69,528 532 0.01

Bajaj Auto 2,193 81 -

Bajaj Finance 8,306 606 0.01

Bajaj Finserv 1,180 202 -

Balkrishna Industries 2,720 58 -

Bandhan Bank 20,147 62 -

Berger Paints India 7,875 55 -

Bharat Electronics 37,320 79 -

Bharat Forge 7,280 51 -

Bharat Petroleum 26,757 97 -

Bharti Airtel 75,707 576 0.01

Biocon 13,270 45 -Britannia Industries 3,423 110 -

Cholamandalam Investment and Finance 12,832 92 -

Cipla 14,996 154 -

Coal India 47,660 88 -

Colgate-Palmolive India 3,854 60 -

Container Corporation Of India 7,621 51 -

Dabur India 19,141 103 -

Divi's Laboratories 4,106 183 -

DLF 19,542 75 -

Dr Reddy's Laboratories 3,568 154 -

Eicher Motors 4,188 103 -

GAIL India 49,078 77 -

Godrej Consumer Products 11,192 84 -Godrej Properties 3,950 66 -

Grasim Industries 8,233 138 -

Havells India 7,750 90 -

HCL Technologies 33,251 389 0.01

HDFC Asset Management 1,667 36 -

HDFC Life Insurance 28,181 152 -

Hero MotoCorp 3,786 87 -

Hindalco Industries 48,660 280 0.01

Hindustan Petroleum 20,158 55 -

Hindustan Unilever 25,191 518 0.01

Housing Development Finance 52,675 1,263 0.02

ICICI Bank 157,329 1,154 0.02

ICICI Lombard General Insurance 6,764 90 -

ICICI Prudential Life Insurance 11,007 55 -

Indian Oil 59,458 71 -

Indian Railway Catering & Tourism 7,352 57 -

Indraprastha Gas 8,756 33 -

Indus Towers 21,064 47 -

Info Edge India 2,391 108 -

Infosys 103,063 1,978 0.03

InterGlobe Aviation 2,950 60 -

ITC 91,485 231 -

JSW Steel 25,820 190 -

Jubilant Foodworks 2,495 66 -

Kotak Mahindra Bank 17,178 302 0.01

Larsen & Toubro 21,087 375 0.01

Larsen & Toubro Infotech 1,610 100 -

Lupin 7,169 54 -

Mahindra & Mahindra 26,658 217 -

Marico 15,815 80 -

Maruti Suzuki India 4,205 320 0.01

19

Security Holdings

Market

Value

£000

% of

Net

Assets




Mindtree 2,082 90 -

Motherson Sumi Systems 39,890 56 -

Mphasis 2,583 88 -

MRF 60 39 -

Muthoot Finance 3,765 51 -

Nestle India 1,044 182 -

NTPC 150,535 204 -

Oil & Natural Gas 77,075 127 -

Page Industries 174 75 -

Petronet LNG 22,975 45 -

PI Industries 2,634 75 -

Pidilite Industries 4,767 118 -

Piramal Enterprises 3,691 81 -Power Grid Corporation Of India 97,102 212 -

Reliance Industries 87,443 2,318 0.03

SBI Cards & Payment Services 7,291 62 -

SBI Life Insurance 13,924 156 -

Shree Cement 342 82 -

Shriram Transport Finance 6,215 71 -

Siemens (India Listing) 2,182 52 -

SRF 4,537 122 -

State Bank of India 55,216 274 -

Sun Pharmaceutical Industries 25,977 240 -

Tata Consultancy Services 28,328 1,066 0.02

Tata Consumer Products 18,330 143 -

Tata Motors 51,360 224 -

Tata Power 45,407 109 -Tata Steel 22,124 291 0.01

Tech Mahindra 19,318 290 0.01

Titan 10,985 280 0.01

Torrent Pharmaceuticals 1,603 45 -

Trent 5,554 71 -

UltraTech Cement 3,125 207 -

United Spirits 9,089 81 -

UPL 15,213 117 -

Vedanta 34,052 138 -

Wipro 42,254 252 -

Yes Bank 338,829 42 -

Zomato 49,549 41 -

INDONESIA (0.24%) 9,311 0.11Adaro Energy 440,937 63 -

Aneka Tambang 257,603 33 -

Astra International 626,213 218 -

Bank Central Asia 1,699,350 717 0.01

Bank Jago 127,300 97 -

Bank Mandiri 577,473 241 -

Bank Negara Indonesia 235,562 103 -

Bank Rakyat Indonesia 27,628,574 6,830 0.09

Barito Pacific 888,131 42 -

Charoen Pokphand Indonesia 233,024 70 -

Gudang Garam 15,000 25 -

Indah Kiat Pulp & Paper 86,384 36 -

Indocement Tunggal Prakarsa 46,050 26 -

Indofood CBP Sukses Makmur 72,900 28 -

Indofood Sukses Makmur 134,438 42 -

20

Security Holdings

Market

Value

£000

% of

Net

Assets




Kalbe Farma 666,120 57 -

Merdeka Copper Gold 354,300 85 -

Sarana Menara Nusantara 724,944 41 -

Semen Indonesia 93,656 33 -

Telkom Indonesia 1,519,239 369 0.01

Tower Bersama Infrastructure 250,419 38 -

Unilever Indonesia 240,947 47 -

United Tractors 51,450 70 -

IRELAND (1.80%) 88,595 1.21Accenture 19,539 5,036 0.07

AerCap 4,212 165 -

AIB 4.263% 10/04/2025 USD13,789,000 10,550 0.14

Allegion 2,775 240 -Aptiv 8,368 779 0.01

Ardagh Packaging Finance 5.25% 30/04/2025 USD10,233,000 7,877 0.11

Bank of Ireland 1% 25/11/2025 EUR3,000,000 2,494 0.03

CRH 200,664 6,249 0.09

DCC 3,084 183 -

Eaton Capital Unlimited 0.128% 08/03/2026 6,810,000 5,489 0.08

Experian 191,003 5,732 0.08

Flutter Entertainment 5,156 455 0.01

iShares MSCI ACWI 119,259 6,575 0.09

iShares MSCI China 2,062,301 8,638 0.12

iShares MSCI Emerging Markets 175,736 5,927 0.08

iShares MSCI Russia ADR/GDR 49,649 643 0.01

iShares MSCI Saudi Arabia Capped 1,320,831 7,210 0.10

James Hardie Industries 13,770 318 -

Jazz Pharmaceuticals 1,884 226 -Kerry 4,923 424 0.01

Kingspan 4,767 359 0.01

Medtronic 139,689 11,874 0.16

Smurfit Kappa 7,695 264 -

Trane Technologies 7,348 888 0.01

ISRAEL (0.03%) 3,803 0.05Azrieli 1,340 93 -

Bank Hapoalim 35,141 269 -

Bank Leumi Le-Israel 44,944 378 0.01

Check Point Software Technologies 3,286 346 0.01

CyberArk Software 1,243 160 -

Fiverr International 923 55 -

ICL 22,086 197 -

Inmode 1,568 46 -

Israel Discount Bank 36,399 173 -

Kprnit Digital 1,461 94 -

Mizrahi Tefahot Bank 4,411 134 -

Nice 1,953 333 0.01

SolarEdge Technologies 3,473 831 0.01

Teva Pharmaceutical Industries ADR 34,121 244 -

Wix.com 5,666 450 0.01

ITALY (0.15%) 13,126 0.18Aeroporti di Roma 5.441% 20/02/2023 GBP1,885,000 1,932 0.03

Amplifon 3,932 135 -

Assicurazioni Generali 34,237 600 0.01

21

Security Holdings

Market

Value

£000

% of

Net

Assets




Atlantia 15,494 249 -

Autostrade per l'Italia 6.25% 09/06/2022 GBP3,593,000 3,620 0.05

Davide Campari-Milano 16,346 147 -

DiaSorin 795 96 -

Enel 251,600 1,315 0.02

Eni 78,076 879 0.01

Ferrari 3,899 665 0.01

FinecoBank Banca Fineco 18,867 224 -

Infrastrutture Wireless Italiane 10,613 92 -

Intesa Sanpaolo 510,910 917 0.01

Mediobanca Banca di Credito Finanziario 19,422 151 -

Moncler 6,350 275 0.01

Nexi 16,212 147 -

Poste Italiane 16,337 145 -

Prysmian 7,880 207 -Recordati Industria Chimica e Farmaceutica 3,302 130 -

Snam 61,633 270 0.01

Telecom Italia 308,235 89 -

Terna Rete Elettrica Nazionale 43,525 281 0.01

UniCredit 65,421 560 0.01

JAPAN (1.47%) 111,070 1.47Advantest 6,102 369 0.02

Aeon 20,251 331 0.01

AGC 5,905 181 -

Aisin 4,650 122 -

Ajinomoto 14,441 314 0.01

ANA 5,000 80 -

Asahi 14,110 394 0.01

Asahi Intecc 6,600 99 -

Asahi Kasei 38,450 255 -Astellas Pharma 56,993 682 0.01

Azbil 3,898 100 -

Bandai Namco 6,110 355 0.01

Benefit One 2,426 39 -

Bridgestone 211,830 6,302 0.09

Brother Industries 7,253 102 -

Canon 30,689 575 0.01

Capcom 40,761 757 0.01

Central Japan Railway 4,454 445 0.01

Chiba Bank 16,550 75 -

Chubu Electric Power 19,746 156 -

Chugai Pharmaceutical 20,609 529 0.01

Concordia Financial 34,379 98 -

Cosmos Pharmaceutical 650 60 -

CyberAgent 12,376 118 -

Dai Nippon Printing 6,950 125 -

Daifuku 3,150 173 -

Dai-ichi Life 30,845 483 0.01

Daiichi Sankyo 53,650 900 0.01

Daikin Industries 7,668 1,075 0.02

Daito Trust Construction 2,050 167 -

Daiwa House Industry 17,483 350 0.01

Daiwa House REIT Investment# 67 137 -

Daiwa Securities 44,715 194 -

Denso 13,285 654 0.01

22

Security Holdings

Market

Value

£000

% of

Net

Assets




Dentsu 6,631 208 -

Disco 28,711 6,175 0.08

East Japan Railway 9,248 411 0.01

Eisai 7,292 259 -

ENEOS 94,050 270 -

FANUC 5,857 793 0.01

Fast Retailing 1,742 686 0.01

Fuji Electric 3,908 150 -

FUJIFILM 11,076 520 0.01

Fujitsu 6,050 698 0.01

GLP J-REIT# 132 153 -

GMO Payment Gateway 1,330 105 -

Hakuhodo DY 7,381 71 -

Hamamatsu Photonics 4,250 174 -

Hankyu Hanshin 7,000 155 -

Hikari Tsushin 650 57 -Hino Motors 9,000 41 -

Hirose Electric 950 106 -

Hitachi 29,676 1,145 0.02

Hitachi Construction Machinery 3,300 66 -

Hitachi Metals 6,650 85 -

Honda Motor 49,983 1,091 0.02

Hoshizaki 1,700 89 -

Hoya 11,375 999 0.01

Hulic 11,900 82 -

Ibiden 3,236 123 -

Idemitsu Kosan 6,500 137 -

Iida 4,549 60 -

Inpex 31,625 285 0.01

Isuzu Motors 18,013 179 -

Ito En 1,690 64 -

ITOCHU 36,450 946 0.01

Itochu Techno-Solutions 3,000 59 -Japan Airlines 4,556 65 -

Japan Exchange 15,791 226 -

Japan Metropolitan Fund Investment# 216 139 -

Japan Post 75,050 422 0.01

Japan Post Bank 12,800 79 -

Japan Post Insurance 6,311 84 -

Japan Real Estate Investment# 38 151 -

Japan Tobacco 36,795 481 0.01

JFE 15,023 162 -

JSR 6,227 141 -

Kajima 14,050 131 -

Kakaku.com 4,043 70 -

Kansai Electric Power 22,000 158 -

Kansai Paint 5,500 68 -

Kao 14,700 462 0.01

KDDI 49,435 1,239 0.02

Keio 3,148 94 -

Keisei Electric Railway 3,950 84 -

Keyence 5,944 2,130 0.03

Kikkoman 4,492 228 -

Kintetsu 5,219 114 -

Kirin 25,177 288 0.01

Kobayashi Pharmaceutical 1,650 101 -

23

Security Holdings

Market

Value

£000

% of

Net

Assets




Kobe Bussan 4,150 98 -

Koei Tecmo 13,660 343 0.01

Koito Manufacturing 3,200 99 -

Komatsu 26,851 495 0.01

Konami 2,846 138 -

Kose 1,000 81 -

Kubota 31,441 453 0.01

Kurita Water Industries 3,019 86 -

Kyocera 9,836 424 0.01

Kyowa Kirin 8,326 148 -

Lasertec 2,282 297 0.01

Lawson 1,500 44 -

Lion 7,000 60 -

Lixil 8,110 116 -

M3 29,433 824 0.01

Makita 7,000 172 -

Marubeni 47,950 427 0.01Mazda Motor 17,957 102 -

McDonald's Japan 2,450 78 -

Medipal 5,700 72 -

MEIJI 3,757 155 -

Mercari 29,700 598 0.01

MINEBEA MITSUMI 11,164 188 -

MISUMI 8,777 201 -

Mitsubishi 38,680 1,114 0.02

Mitsubishi Chemical 39,200 200 -

Mitsubishi Electric 55,935 494 0.01

Mitsubishi Estate 36,250 412 0.01

Mitsubishi Gas Chemical 4,990 65 -

Mitsubishi HC Capital 20,450 73 -

Mitsubishi Heavy Industries 9,921 250 -

Mitsubishi UFJ Financial 366,214 1,743 0.02

Mitsui 47,771 995 0.01

Mitsui Chemicals 5,600 108 -

Mitsui Fudosan 28,065 460 0.01Mitsui OSK Lines 10,500 224 -

Miura 2,650 50 -

Mizuho Financial 73,878 725 0.01

MonotaRO 14,815 244 -

MS&AD Insurance 13,600 339 0.01

Murata Manufacturing 17,640 896 0.01

NEC 7,555 243 -

Nexon 44,000 807 0.01

NGK Insulators 7,900 87 -

Nidec 13,723 838 0.01

Nihon M&A Center 9,265 100 -

Nintendo 15,734 6,074 0.08

Nippon Building Fund# 46 199 -

NIPPON EXPRESS 2,325 122 -

Nippon Paint 25,458 172 -

Nippon Prologis REIT# 63 141 -

Nippon Sanso 4,750 69 -

Nippon Shinyaku 1,500 78 -

Nippon Steel 26,409 359 0.01

Nippon Telegraph & Telephone 36,600 812 0.01

Nippon Yusen 4,902 330 0.01

24

Security Holdings

Market

Value

£000

% of

Net

Assets




Nissan Chemical 3,750 170 -

Nissan Motor 71,807 246 -

Nisshin Seifun 5,850 62 -

Nissin Foods 1,900 102 -

Nitori 2,430 234 -

Nitto Denko 4,400 242 -

Nomura 95,007 306 0.01

Nomura Real Estate 3,600 66 -

Nomura Real Estate Master Fund# 133 134 -

Nomura Research Institute 10,407 261 -

NTT Data 19,530 295 0.01

Obayashi 19,906 112 -

Obic 2,100 242 -

Odakyu Electric Railway 9,009 115 -

Oji 25,400 96 -

Olympus 33,876 496 0.01

Omron 5,662 291 0.01

Ono Pharmaceutical 11,479 220 -Open House 2,488 84 -

Oracle Japan 1,150 61 -

Oriental Land 6,117 900 0.01

ORIX 37,372 573 0.01

Orix J-REIT# 83 86 -

Osaka Gas 11,650 152 -

Otsuka 3,450 94 -

Otsuka Pharmaceutical 12,050 319 0.01

Pan Pacific International 12,719 156 -

Panasonic 67,641 503 0.01

Persol 5,406 94 -

Pola Orbis 2,900 29 -

Rakuten 26,618 161 -

Recruit 41,545 1,405 0.02

Renesas Electronics 38,576 346 0.01

Resona 63,766 209 -

Ricoh 20,571 137 -

Rinnai 1,041 60 -

Rohm 101,465 6,092 0.08Ryohin Keikaku 7,980 72 -

Santen Pharmaceutical 11,079 85 -

SBI 7,527 146 -

SCSK 4,935 65 -

Secom 6,450 358 0.01

Seiko Epson 8,534 98 -

Sekisui Chemical 11,512 127 -

Sekisui House 19,059 283 0.01

Seven & i 23,094 839 0.01

SG 9,812 142 -

Sharp 6,564 47 -

Shimadzu 7,280 193 -

Shimano 2,242 395 0.01

Shimizu 17,250 79 -

Shin-Etsu Chemical 10,884 1,280 0.02

Shionogi 8,164 385 0.01

Shiseido 12,232 475 0.01

Shizuoka Bank 14,095 76 -

SMC 1,708 735 0.01

25

Security Holdings

Market

Value

£000

% of

Net

Assets




SoftBank 36,986 1,285 0.02

SoftBank Corporation 88,004 787 0.01

Sohgo Security Services 2,156 54 -

Sompo 9,550 321 0.01

Sony 38,623 3,078 0.04

Square Enix 2,600 88 -

Stanley Electric 4,000 58 -

Subaru 19,032 232 -

SUMCO 10,300 130 -

Sumitomo 34,466 457 0.01

Sumitomo Chemical 45,650 160 -

Sumitomo Dainippon Pharma 5,654 43 -

Sumitomo Electric Industries 23,100 211 -

Sumitomo Metal Mining 7,606 293 0.01

Sumitomo Mitsui Financial 40,031 978 0.01

Sumitomo Mitsui Trust 10,400 260 -

Sumitomo Realty & Development 9,572 203 -

Suntory Beverage & Food 4,391 128 -

Suzuki Motor 11,332 298 0.01Sysmex 5,092 284 0.01

T&D 16,191 169 -

Taisei 5,850 129 -

Taisho Pharmaceutical 1,200 43 -

Takeda Pharmaceutical 48,450 1,060 0.02

TDK 11,977 334 0.01

Terumo 19,787 461 0.01

TIS 6,669 120 -

Tobu Railway 5,800 108 -

Toho 3,434 100 -

Tokio Marine 19,224 856 0.01

Tokyo Century 1,166 33 -

Tokyo Electric Power 46,811 118 -

Tokyo Electron 4,616 1,825 0.03

Tokyo Gas 11,500 161 -

Tokyu 15,650 156 -

TOPPAN 8,200 111 -

Toray Industries 42,892 171 -

Toshiba 11,940 347 0.01

Tosoh 8,150 93 -TOTO 4,471 138 -

Toyo Suisan Kaisha 2,801 77 -

Toyota Industries 4,450 236 -

Toyota Motor 324,886 4,520 0.06

Toyota Tsusho 6,600 209 -

Trend Micro 4,050 182 -

Tsuruha 1,249 61 -

Unicharm 12,444 340 0.01

USS 6,925 89 -

Welcia 2,879 54 -

West Japan Railway 6,850 218 -

Yakult Honsha 3,951 161 -

Yamaha 4,134 138 -

Yamaha Motor 9,101 157 -

Yamato 9,100 131 -

Yaskawa Electric 7,380 222 -

Yokogawa Electric 7,100 93 -

26

Security Holdings

Market

Value

£000

% of

Net

Assets




Z 689,722 2,313 0.03

ZOZO 3,900 80 -

JERSEY (0.24%) 16,263 0.22

AA Bond 2.75% 31/07/2023 GBP1,900,000 1,881 0.03

AA Bond 3.25% 31/07/2028 GBP808,000 742 0.01

CPUK Finance 3.588% 28/08/2025 GBP2,400,000 2,462 0.03

CPUK Finance 7.239% 28/02/2024 GBP1,906,000 2,064 0.03

Gatwick Funding 5.25% 23/01/2024 GBP2,050,000 2,145 0.03

Glencore Finance Europe 3.125% 26/03/2026 GBP5,094,000 5,104 0.07

Hastings Group Finance 3% 24/05/2025 GBP1,650,000 1,678 0.02

Novocure 2,925 187 -

JORDAN (0.00%) 114 0.00Hikma Pharmaceuticals 5,482 114 -

LUXEMBOURG (0.38%) 33,864 0.47ArcelorMittal 19,762 490 0.01

Aroundtown 31,550 141 -

Aroundtown 0.375% 15/04/2027 EUR6,500,000 5,005 0.07Camelot Finance 4.5% 01/11/2026 USD9,328,000 6,911 0.09

Eurofins Scientific 4,157 319 0.01

European Investment Bank 0.875% 15/05/2026 GBP4,953,000 4,776 0.07

FAGE International 5.625% 15/08/2026 USD6,611,000 4,961 0.07

Grand City Properties 1.375% 03/08/2026 EUR3,000,000 2,467 0.03

P3 0.875% 26/01/2026 EUR10,675,000 8,548 0.12

Reinet Investments 4,331 75 -

Tenaris 14,912 171 -

MACAO (0.00%) 137 0.00Sands China 74,272 137 -

MALAYSIA (0.01%) 2,578 0.01AMMB 56,000 38 -

Axiata 86,899 59 -

CIMB 205,554 199 -

Dialog 121,050 59 -

DiGi.Com 95,311 67 -

Fraser & Neave 4,054 15 -

Genting 66,700 56 -

Genting Malaysia 93,759 51 -HAP Seng Consolidated 19,500 26 -

Hartalega 54,120 47 -

Hong Leong Bank 20,350 74 -

Hong Leong Financial 7,248 26 -

IHH Healthcare 55,447 62 -

Inari Amertron 90,502 50 -

IOI 78,650 58 -

Kuala Lumpur Kepong 13,655 62 -

Malayan Banking 146,900 237 -

Malaysia Airports 33,057 42 -

Maxis 71,944 51 -

MISC 41,600 55 -

Nestle Malaysia 2,150 52 -

Petronas Chemicals 75,050 130 -

Petronas Dagangan 9,300 34 -

27

Security Holdings

Market

Value

£000

% of

Net

Assets




Petronas Gas 25,250 76 -

PPB 19,800 61 -

Press Metal Aluminium 99,900 112 -

Public Bank 445,927 377 0.01

QL Resources 34,584 31 -

RHB Bank 57,650 62 -

Sime Darby 85,050 37 -

Sime Darby Plantation 54,100 48 -

Telekom Malaysia 35,400 31 -

Tenaga Nasional 70,130 114 -

Top Glove 166,250 58 -

Westports 28,800 21 -

MEXICO (0.10%) 8,755 0.12Aeroportuario del Pacifico 11,559 138 -

Aeroportuario del Sureste 6,562 108 -

Alfa 93,017 53 -

America Movil 949,178 754 0.01

Arca Continental 14,009 69 -

Becle 17,011 32 -

Bimbo 49,461 114 -Carso 14,106 40 -

Cemex 468,269 190 -

Coca-Cola Femsa 16,232 66 -

Fibra Uno Administracion# 98,882 88 -

Financiero Banorte 80,278 463 0.01

Financiero Inbursa 67,903 108 -

Fomento Economico Mexicano 60,169 380 0.01

Gruma 6,579 64 -

Industrias Penoles 4,274 41 -

Kimberly-Clark de Mexico 47,553 50 -

Megacable 9,206 21 -

Mexico 96,330 425 0.01

Operadora de Sites Mexicanos 41,684 41 -

Orbia Advance 33,158 66 -

Petroleos Mexicanos 8.25% 02/06/2022 GBP4,743,000 4,771 0.07

Promotora y Operadora de Infraestructura 7,055 42 -

Televisa 75,903 135 -

Wal-Mart de Mexico 162,047 496 0.01

NETHERLANDS (1.73%) 108,837 1.48ABN AMRO Bank 13,358 134 -

ABN AMRO Bank 1.375% 16/01/2025 GBP13,400,000 12,999 0.18Adyen 851 1,334 0.02

Aegon 55,986 230 -

Akzo Nobel 66,110 4,426 0.06

Argenx 1,418 335 0.01

ASM International 1,449 409 0.01

ASML 12,786 6,655 0.09

Cooperatieve Rabobank 1.25% 14/01/2025 GBP8,100,000 7,800 0.11

Cooperatieve Rabobank 1.875% 12/07/2028 GBP5,500,000 5,244 0.07

E.ON International Finance 5.625% 06/12/2023 GBP8,300,000 8,745 0.12

Euronext 2,651 187 -

EXOR 3,391 200 -

Heineken (BATS European Listing) 3,564 216 -

Heineken (TOM MTF Listing) 8,018 591 0.01

28

Security Holdings

Market

Value

£000

% of

Net

Assets




IMCD 1,763 232 -

ING 120,770 991 0.01

ING 3% 18/02/2026 GBP3,000,000 3,006 0.04

JDE Peet's 3,106 69 -

Just Eat Takeaway 5,651 153 -

Koninklijke Ahold Delhaize 32,349 804 0.01

Koninklijke DSM 5,407 752 0.01

Koninklijke KPN 104,010 273 -

Koninklijke Philips 133,953 3,187 0.04

NN 8,449 332 0.01

NXP Semiconductors 8,226 1,174 0.02

Prosus 28,866 1,201 0.02

QIAGEN 7,213 273 -

Randstad 3,739 175 -

Stellantis 24,897 317 -

Stellantis NV 38,128 485 0.01Toyota Motor Finance Netherlands 0.75%

19/12/2025 GBP2,895,000 2,742 0.04

Trivium Packaging Finance 5.5% 15/08/2026 USD14,101,000 10,787 0.15

Universal Music 22,438 459 0.01Volkswagen Financial Services 1.125%

05/07/2026 GBP6,400,000 5,930 0.08

Volkswagen Financial Services 2.125%

27/06/2024 GBP2,400,000 2,364 0.03

Volkswagen Financial Services 2.125%

18/01/2028 GBP4,000,000 3,762 0.05

Volkswagen Financial Services 4.25% 09/10/2025 GBP7,000,000 7,288 0.10Volkswagen International Finance 3.375%

16/11/2026 GBP6,400,000 6,480 0.09

Wolters Kluwer 8,121 668 0.01

Ziggo Bond 6% 15/01/2027 USD7,085,000 5,428 0.07

NEW ZEALAND (0.00%) 1,003 0.00Auckland International Airport 38,345 155 -

Fisher & Paykel Healthcare 17,851 229 -

Mercury 20,870 66 -

Meridian Energy 40,454 108 -

Ryman Healthcare 13,421 66 -

Spark New Zealand 57,266 139 -

Xero 4,100 240 -

NORWAY (0.18%) 15,603 0.20Adevinta 9,015 65 -

Aker 3,980 112 -DNB Bank 28,776 508 0.01

DNB Bank 2.625% 10/06/2026 GBP7,500,000 7,474 0.10

Equinor 213,517 6,019 0.08

Gjensidige Forsikring 6,254 120 -

Mowi 13,597 281 -

Norsk Hydro 41,602 317 0.01

Orkla 23,486 162 -

Schibsted 'A' Shares 2,309 45 -

Schibsted 'B' Shares 3,074 51 -

Telenor 21,881 243 -

Yara International 5,122 206 -

29

Security Holdings

Market

Value

£000

% of

Net

Assets




PERU (0.00%) 482 0.00Cia de Minas Buenaventura ADR 6,810 51 -

Credicorp 2,091 275 -

Southern Copper 2,659 156 -

PHILIPPINES (0.00%) 1,320 0.00Aboitiz Equity Ventures 62,229 53 -

AC Energy 234,226 30 -

Ayala 8,725 105 -

Ayala Land 247,820 128 -

Bank of the Philippine Islands 55,845 82 -

BDO Unibank 60,454 117 -

Globe Telecom 817 30 -

GT Capital 3,025 25 -

International Container Terminal Services 31,221 103 -

JG Summit 92,152 83 -

Jollibee Foods 13,880 46 -

Manila Electric 6,780 37 -

Metro Pacific Investments 383,740 21 -

Metropolitan Bank & Trust 55,105 46 -

Monde Nissin 137,657 28 -PLDT 2,315 62 -

SM Investments 7,608 101 -

SM Prime 312,691 174 -

Universal Robina 27,535 49 -

POLAND (0.00%) 1,329 0.00Allegro.eu 11,079 72 -

Bank Polska Kasa Opieki 5,802 122 -

CD Projekt 2,275 73 -

Cyfrowy Polsat 8,079 41 -

Dino Polska 1,548 97 -

InPost 6,254 33 -

KGHM Polska Miedz 4,378 139 -

LPP 35 76 -

mBank 468 30 -

Orange Polska 20,519 30 -

PGE Polska Grupa Energetyczna 26,570 45 -

Polski Koncern Naftowy ORLEN 9,362 130 -

Polskie Gornictwo Naftowe i Gazownictwo 53,624 62 -

Powszechna Kasa Oszczednosci Bank Polski 27,068 198 -

Powszechny Zaklad Ubezpieczen 19,088 118 -

Santander Bank Polska 1,130 63 -

PORTUGAL (0.01%) 634 0.01EDP - Energias de Portugal 85,873 323 0.01

Galp Energia 15,829 151 -

Jeronimo Martins 8,760 160 -

ROMANIA (0.00%) 70 0.00NEPI Rockcastle 13,772 70 -

RUSSIA (0.00%) 60 0.00Magnit GDR 10,987 - -

Mobile TeleSystems ADR 14,199 60 -

PhosAgro GDR 4,252 - -

30

Security Holdings

Market

Value

£000

% of

Net

Assets




SINGAPORE (0.21%) 16,355 0.20Ascendas Real Estate Investment Trust# 102,800 169 -

BOC Aviation 6,475 39 -

CapitaLand Integrated Commercial Trust# 150,339 190 -

Capitaland Investment 81,621 183 -

City Developments 12,550 56 -

DBS 585,100 11,795 0.16

Genting Singapore 185,258 85 -

Grab 33,943 92 -

JOYY ADR 1,764 51 -

Keppel 44,593 161 -

Mapletree Commercial Trust# 68,173 73 -

Mapletree Logistics Trust# 97,566 101 -

Oversea-Chinese Banking 103,729 723 0.01

Sea ADR 9,898 931 0.01

Singapore Airlines 41,850 130 -

Singapore Exchange 24,581 138 -

Singapore Technologies Engineering 48,300 112 -

Singapore Telecommunications 252,957 376 0.01

United Overseas Bank 36,150 651 0.01

UOL 14,500 57 -Venture 8,650 86 -

Wilmar International 58,864 156 -

SOUTH AFRICA (0.03%) 6,983 0.08Absa 22,291 220 -

African Rainbow Minerals 3,509 52 -

Anglo American Platinum 1,641 173 -

AngloGold Ashanti 13,052 238 -

Aspen Pharmacare 12,252 127 -

Bid 10,592 176 -

Bidvest 9,134 107 -

Capitec Bank 2,504 305 0.01

Clicks 7,646 124 -

Discovery 13,354 126 -

Exxaro Resources 7,795 89 -

FirstRand 156,174 619 0.01

Gold Fields 27,461 326 0.01

Growthpoint Properties# 107,282 82 -

Harmony Gold Mining 17,165 66 -

Impala Platinum 25,282 298 0.01

Kumba Iron Ore 2,014 69 -

Mr Price 8,098 91 -

MTN 52,460 522 0.01

MultiChoice 11,762 80 -Naspers 6,736 591 0.01

Nedbank 14,463 177 -

Northam Platinum 10,542 120 -

Old Mutual 148,691 108 -

Pepkor 40,865 48 -

Rand Merchant Investment 24,186 66 -

Remgro 16,712 130 -

Sanlam 58,557 220 -

Sasol 17,514 321 0.01

Shoprite 15,718 194 -

31

Security Holdings

Market

Value

£000

% of

Net

Assets




Sibanye Stillwater 83,429 259 -

SPAR 6,082 53 -

Standard Bank 41,514 394 0.01

Thungela Resources 11,209 104 -

Tiger Brands 5,395 45 -

Vodacom 20,291 169 -

Woolworths (Johannesburg Listing) 31,499 94 -

SOUTH KOREA (0.39%) 32,299 0.36Alteogen 866 31 -

Amorepacific 902 25 -

Amorepacific Corporation 1,015 102 -

BGF retail 243 27 -

Celltrion 3,047 328 0.01

Celltrion Healthcare 2,690 110 -

Celltrion Pharm 534 33 -

Cheil Worldwide 2,114 31 -

CJ 461 24 -

CJ CheilJedang 262 61 -

CJ ENM 336 28 -

CJ Logistics 285 23 -

Coway 1,712 74 -

DB Insurance 1,453 64 -Doosan Bobcat 1,583 39 -

Doosan Heavy Industries & Construction 10,986 141 -

Ecopro 336 84 -

E-MART 616 55 -

F&F 109 51 -

Green Cross 183 23 -

GS 1,423 39 -

GS Engineering & Construction 2,027 59 -

Hana Financial 9,288 284 -

Hankook Tire & Technology 2,347 50 -

Hanmi Pharm 208 36 -

Hanon Systems 5,842 43 -

Hanwha Solutions 3,888 88 -

HLB 2,847 55 -

HMM 8,321 152 -

Hotel Shilla 992 51 -

HYBE 517 100 -

Hyundai Engineering & Construction 2,437 73 -

Hyundai Glovis 586 71 -

Hyundai Heavy Industries 1,482 50 -

Hyundai Mobis 2,028 273 -

Hyundai Motor 4,254 483 0.01

Hyundai Motor 2nd Preference Shares 1,118 61 -

Hyundai Motor Preference Shares 709 38 -

Hyundai Steel 2,683 70 -Iljin Materials 728 44 -

Industrial Bank of Korea 7,733 53 -

Kakao 9,557 637 0.01

Kakao Games 915 45 -

KakaoBank 2,972 96 -

Kangwon Land 3,040 53 -

KB Financial 12,101 466 0.01

Kia 8,071 375 0.01

32

Security Holdings

Market

Value

£000

% of

Net

Assets




Korea Aerospace Industries 2,286 61 -

Korea Electric Power 8,030 114 -

Korea Investment 1,307 64 -

Korea Shipbuilding & Offshore Engineering 1,192 67 -

Korea Zinc 268 99 -

Korean Air Lines 5,438 103 -

Krafton 675 117 -

KT&G 3,610 183 -

Kumho Petrochemical 577 56 -

L&F 710 101 -

LG 2,650 127 -

LG Chem 1,406 470 0.01

LG Chem Preference Shares 240 41 -

LG Display 7,273 94 -

LG Electronics 3,291 248 -

LG Energy Solution 651 181 -

LG Household & Health Care 290 156 -

LG Household & Health Care Preference Shares 66 21 -

LG Innotek 435 106 -

LG Uplus 6,756 59 -

Lotte Chemical 525 69 -

Lotte Shopping 347 21 -

Meritz Financial 1,048 27 -

Meritz Fire & Marine Insurance 1,320 39 -Meritz Securities 9,141 38 -

Mirae Asset Securities 9,028 49 -

NAVER 3,774 807 0.01

NCSoft 504 148 -

Netmarble 672 47 -

NH Investment & Securities 4,594 33 -

Orion 749 42 -

Pan Ocean 8,441 37 -

Pearl Abyss 932 58 -

POSCO 2,270 418 0.01

POSCO Chemical 959 73 -

S-1 524 23 -

Samsung Biologics 546 283 -

Samsung Biologics Right 34 4 -

Samsung C&T 2,576 184 -

Samsung Electro-Mechanics 1,733 180 -

Samsung Electronics 391,261 17,117 0.23

Samsung Electronics Preference Shares 25,208 998 0.01

Samsung Engineering 4,903 81 -

Samsung Fire & Marine Insurance 943 130 -

Samsung Heavy Industries 20,417 73 -

Samsung Life Insurance 2,211 91 -

Samsung SDI 1,685 630 0.01

Samsung SDS 1,100 95 -

Samsung Securities 1,955 52 -

SD Biosensor 1,141 40 -Seegene 1,143 37 -

Shinhan Financial 13,451 350 0.01

SK 1,286 196 -

SK Biopharmaceuticals 840 47 -

SK Bioscience 710 70 -

SK Chemicals 351 30 -

33

Security Holdings

Market

Value

£000

% of

Net

Assets




SK Hynix 16,726 1,241 0.02

SK IE Technology 772 61 -

SK Innovation 1,573 213 -

SK Square 3,097 111 -

SK Telecom 821 29 -

SKC 651 63 -

S-Oil 1,422 86 -

Woori Financial 15,937 153 -

Yuhan 1,575 58 -

SPAIN (0.40%) 27,107 0.37ACS Actividades de Construccion y Servicios 7,288 152 -

Aena 2,320 300 0.01

Amadeus IT 13,936 689 0.01

Banco Bilbao Vizcaya Argentaria 206,267 924 0.01

Banco Santander 536,423 1,428 0.02

Banco Santander 1.375% 31/07/2024 GBP5,000,000 4,858 0.07

CaixaBank 137,143 365 0.01

CaixaBank 1.5% 03/12/2026 GBP4,100,000 3,847 0.05

Cellnex Telecom 15,761 589 0.01

EDP Renovaveis 8,914 174 -

Enagas 7,536 127 -

Endesa 10,030 167 -

Ferrovial 15,005 304 -

Grifols 9,420 129 -Iberdrola 529,472 4,483 0.06

Industria de Diseno Textil 412,660 7,071 0.10

Naturgy Energy 5,999 138 -

Red Electrica 13,390 209 -

Repsol 44,887 451 0.01

Siemens Gamesa Renewable Energy 7,528 102 -

Telefonica 163,006 600 0.01

SWEDEN (0.50%) 32,657 0.43Akelius Residential Property 2.375% 15/08/2025 GBP8,380,000 8,276 0.11

Alfa Laval 9,732 257 -

Assa Abloy 31,005 647 0.01

Atlas Copco 'A' Shares 20,773 820 0.01

Atlas Copco 'B' Shares 12,071 420 0.01

Boliden 8,461 328 0.01

Electrolux 7,123 85 -

Embracer 17,311 114 -

Epiroc 'A' Shares 20,386 335 0.01

Epiroc 'B' Shares 12,064 168 -

EQT 9,153 280 -

Essity 18,831 343 0.01

Evolution 5,323 429 0.01

Fastighets Balder 3,288 166 -

Getinge 7,076 217 -

Hennes & Mauritz 22,593 240 -

Hexagon 60,211 650 0.01

Husqvarna 13,213 107 -Industrivarden 'A' Shares 4,078 90 -

Industrivarden 'C' Shares 5,043 109 -

Investment Latour 4,675 115 -

Investor (OTC quoted) 15,427 278 -

34

Security Holdings

Market

Value

£000

% of

Net

Assets




Investor (SIGMA quoted) 56,361 950 0.01

Kinnevik 7,647 155 -

L E Lundbergforetagen 2,400 95 -

Lifco 7,361 145 -

Lundin Energy 6,283 202 -

Nibe Industrier 44,123 372 0.01

Sagax 5,086 117 -

Sagax 2% 17/01/2024 EUR5,064,000 4,325 0.06

Sandvik 475,820 7,856 0.11

Securitas 9,888 88 -

Sinch 16,184 87 -

Skandinaviska Enskilda Banken 50,346 423 0.01

Skanska 10,638 185 -

SKF 12,070 151 -

Svenska Cellulosa 18,946 284 -

Svenska Handelsbanken 45,120 324 0.01

Swedbank 28,014 329 0.01

Swedish Match 48,876 286 -

Tele2 15,816 182 -

Telefonaktiebolaget LM Ericsson 90,291 637 0.01

Telia 82,959 256 -

Volvo 'A' Shares 6,262 93 -

Volvo 'B' Shares 44,224 641 0.01

SWITZERLAND (1.05%) 77,356 1.05ABB 50,810 1,263 0.02

Adecco 4,894 171 -

Alcon 15,458 944 0.01

Bachem 196 85 -

Baloise 1,432 196 -

Barry Callebaut 110 200 -

Chocoladefabriken Lindt & Sprungli 3 282 -Chocoladefabriken Lindt & Sprungli Participation

Certificate 33 303 -

Chubb 13,325 2,207 0.03

Clariant 6,733 92 -

Coca-Cola HBC 6,340 103 -

Credit Suisse 81,999 506 0.01

Credit Suisse 2.125% 12/09/2025 GBP13,593,000 13,219 0.18


EMS-Chemie 217 162 -

Garmin 4,759 436 0.01

Geberit 1,110 528 0.01

Givaudan 286 908 0.01

Glencore 306,765 1,526 0.02

Holcim 16,195 608 0.01

Julius Baer 6,843 307 -

Kuehne + Nagel International 1,681 369 0.01

Logitech International 5,355 309 0.01

Lonza 2,304 1,286 0.02

Nestle 87,080 8,692 0.12

Novartis 234,368 15,789 0.21

Partners 702 669 0.01

Richemont 16,148 1,578 0.02Roche 21,733 6,648 0.09

Roche (Voting Rights) 990 334 0.01

35

Security Holdings

Market

Value

£000

% of

Net

Assets




Schindler 636 104 -

Schindler Participating Certificates 1,260 208 -

SGS 2,647 5,707 0.08

Sika 4,389 1,118 0.02

Sonova 1,661 533 0.01

STMicroelectronics 21,126 718 0.01

Straumann 320 397 0.01

Swatch Bearer Shares 895 195 -

Swatch Registered Shares 1,662 69 -

Swiss Life 975 480 0.01

Swiss Prime Site 2,350 177 -

Swiss Re 9,331 681 0.01

Swisscom 801 370 0.01

Temenos 2,121 158 -

UBS 108,806 1,658 0.02

VAT 835 247 -

Vifor Pharma 1,508 204 -

Zurich Insurance 4,654 1,758 0.02

TAIWAN (0.65%) 54,213 0.67Accton Technology 15,911 94 -

Acer 91,436 73 -

Advantech 12,200 119 -

ASE Technology 100,806 276 -

Asia Cement 69,120 89 -ASMedia Technology 500 26 -

Asustek Computer 21,283 211 -

AU Optronics 255,500 135 -

Catcher Technology 21,000 81 -

Cathay Financial 242,522 415 0.01

Chailease 40,222 271 -

Chang Hwa Commercial Bank 122,760 63 -

Cheng Shin Rubber Industry 56,000 53 -

China Development Financial 471,397 241 -

China Steel 364,668 378 0.01

Chunghwa Telecom 116,036 390 0.01

Compal Electronics 131,000 93 -

CTBC Financial 566,909 442 0.01

Delta Electronics 59,521 424 0.01

E Ink 26,000 128 -

E.Sun Financial 368,344 324 0.01

Eclat Textile 168,000 2,131 0.03

eMemory Technology 2,042 100 -

Evergreen Marine Corporation Taiwan 78,198 281 -

Far Eastern New Century 92,500 75 -

Far EasTone Telecommunications 49,000 96 -

Feng TAY Enterprise 14,000 71 -

First Financial 320,515 242 -

Formosa Chemicals & Fibre 109,054 229 -

Formosa Petrochemical 35,098 88 -

Formosa Plastics 116,614 329 0.01

Foxconn Technology 28,000 47 -

Fubon Financial 232,071 472 0.01

Giant Manufacturing 9,475 66 -

Globalwafers 6,904 123 -

Hiwin Technologies 8,755 56 -

36

Security Holdings

Market

Value

£000

% of

Net

Assets




Hon Hai Precision Industry 382,001 1,072 0.02

Hotai Motor 9,000 143 -

Hua Nan Financial 262,444 170 -

Innolux 293,500 131 -

Inventec 84,967 56 -

Largan Precision 3,177 159 -

Lite-On Technology 64,814 117 -

MediaTek 379,711 9,138 0.12

Mega Financial 333,000 379 0.01

Micro-Star International 20,344 70 -

momo.com 1,438 36 -

Nan Ya Plastics 157,790 391 0.01

Nan Ya Printed Circuit Board 7,000 98 -

Nanya Technology 38,120 70 -

Nien Made Enterprise 5,000 45 -

Novatek Microelectronics 18,000 204 -

Oneness Biotech 7,500 43 -

Pegatron 61,000 117 -

Pou Chen 74,000 62 -

President Chain Store 18,000 126 -

Quanta Computer 83,384 196 -

Realtek Semiconductor 14,514 166 -

Ruentex Development 35,500 75 -

Shanghai Commercial & Savings Bank 110,219 147 -

Shin Kong Financial 372,590 107 -

SinoPac Financial 310,335 152 -Synnex Technology International 41,138 82 -

Taishin Financial 317,266 173 -

Taiwan Cement 161,370 214 -

Taiwan Cooperative Financial 294,651 232 -

Taiwan High Speed Rail 59,500 46 -

Taiwan Mobile 53,000 148 -

Taiwan Semiconductor Manufacturing 1,826,911 28,953 0.39

Unimicron Technology 37,014 245 -

Uni-President Enterprises 147,517 257 -

United Microelectronics 363,698 521 0.01

Vanguard International Semiconductor 27,467 91 -

Voltronic Power Technology 1,933 75 -

Wan Hai Lines 18,800 79 -

Win Semiconductors 10,000 71 -

Winbond Electronics 93,000 77 -

Wiwynn 2,485 67 -

WPG 50,372 75 -

Yageo 13,746 159 -

Yang Ming Marine Transport 54,000 178 -

Yuanta Financial 300,630 211 -

Zhen Ding Technology 19,935 57 -

THAILAND (0.00%) 3,229 0.00Advanced Info Service 36,765 196 -

Airports of Thailand 131,235 198 -

Asset World 250,160 29 -

B Grimm Power 25,756 21 -

Bangkok Commercial Asset Management 54,000 25 -

Bangkok Dusit Medical Services 302,440 173 -

Bangkok Expressway & Metro 238,981 47 -

37

Security Holdings

Market

Value

£000

% of

Net

Assets




Berli Jucker 36,550 30 -

BTS 246,991 52 -BTS W7 Warrants 21/07/2022 27,320 - -

BTS W8 Warrants 22/07/2022 54,640 1 -

BTS Warrants 5/09/2022 13,660 - -

Bumrungrad Hospital 15,055 54 -

Carabao 9,474 23 -

Central Pattana 63,150 85 -

Central Retail 56,583 51 -

Charoen Pokphand Foods 121,212 67 -

CP ALL 180,590 268 -

Delta Electronics Thailand 9,848 88 -

Electricity Generating 7,716 30 -

Energy Absolute 45,734 102 -

Global Power Synergy 22,015 36 -

Gulf Energy Development 90,750 107 -

Home Product Center 185,091 67 -

Indorama Ventures 51,591 55 -

Intouch 38,928 69 -

Krung Thai Bank 109,266 34 -

Krungthai Card 26,800 38 -

Land & Houses 258,767 56 -

Minor International 101,890 78 -

Minor International Warrants 05/05/2023 3,709 - -

Minor International Warrants 15/02/2024 3,361 - -

Muangthai Capital 20,942 25 -

Osotspa 37,150 32 -PTT 311,300 275 -

PTT Exploration & Production 43,458 143 -

PTT Global Chemical 70,542 82 -

PTT Oil & Retail Business 93,800 54 -

Ratch 24,950 25 -

SCG Packaging 40,312 56 -

Siam Cement 24,250 212 -

Siam Commercial Bank 26,808 70 -

Sri Trang Gloves Thailand 26,000 15 -

Srisawad 20,283 26 -

Thai Oil 26,273 31 -

Thai Union 89,486 39 -

TRUE 551,800 64 -

TURKEY (0.00%) 472 0.00Akbank 97,106 36 -

Aselsan Elektronik Sanayi Ve Ticaret 21,600 27 -

BIM Birlesik Magazalar 14,241 63 -

Eregli Demir ve Celik Fabrikalari 43,308 73 -

Ford Otomotiv Sanayi 2,216 35 -

KOC 24,024 50 -

Turkcell Iletisim Hizmetleri 36,760 43 -

Turkiye Garanti Bankasi 72,947 46 -

Turkiye Is Bankasi 49,737 23 -

Turkiye Petrol Rafinerileri 3,873 42 -

Turkiye Sise ve Cam Fabrikalari 43,105 34 -

38

Security Holdings

Market

Value

£000

% of

Net

Assets




UNITED ARAB EMIRATES (0.11%) 8,155 0.11First Abu Dhabi Bank 0.875% 09/12/2025 GBP4,631,000 4,312 0.06

First Abu Dhabi Bank 1.125% 07/09/2026 GBP4,138,000 3,843 0.05

UNITED KINGDOM (47.78%) 3,415,295 46.35

Aerospace & Defense BAE Systems 11,662,200 90,583 1.23

Rolls-Royce 258,847 262 -

Banks Barclays 518,372 782 0.01

HSBC 629,449 3,331 0.05

Lloyds Banking 2,196,500 1,049 0.01

Natwest 174,942 384 0.01

Secure Trust Bank 2,233,740 27,810 0.38

Standard Chartered 80,963 417 0.01

Beverages Coca-Cola Europacific Partners 6,347 236 -

Diageo 178,171 6,938 0.09

British Government UK Treasury 0.125% 31/01/2023 GBP14,300,000 14,180 0.19

Chemicals Croda International 4,316 342 0.01

Johnson Matthey 3,688,824 69,682 0.95

Linde 39,386 9,767 0.13

Consumer Services

Compass 4,311,315 71,546 0.97

Corporate Bonds Aviva 6.125% 14/11/2036 GBP3,000,000 3,307 0.05

Barclays 3.25% 12/02/2027 GBP5,000,000 5,001 0.07

Barclays 1.7% 03/11/2026 GBP2,913,000 2,769 0.04

Barclays 3% 08/05/2026 GBP12,200,000 12,104 0.16

BAT International Finance 4% 04/09/2026 GBP13,540,000 13,763 0.19

Bunzl Finance 2.25% 11/06/2025 GBP7,709,000 7,666 0.10

BUPA Finance 5% 08/12/2026 GBP6,808,000 7,287 0.10

Clydesdale Bank 4.625% 08/06/2026 GBP500,000 553 0.01


Direct Line Insurance 9.25% 27/04/2042 GBP1,067,000 1,072 0.02

DS Smith 0.875% 12/09/2026 EUR12,070,000 9,705 0.13

Experian Finance 0.739% 29/10/2025 GBP5,150,000 4,870 0.07

Firstgroup 6.875% 18/09/2024 GBP1,660,000 1,812 0.03

GKN 5.375% 19/09/2022 GBP9,111,000 9,221 0.13

Heathrow Funding 5.225% 15/02/2023 GBP3,966,000 4,063 0.06



HSBC 1.75% 24/07/2027 GBP7,995,000 7,523 0.10

HSBC 2.256% 13/11/2026 GBP3,000,000 2,908 0.04

HSBC Bank 6.5% 07/07/2023 GBP10,289,000 10,761 0.15

Imperial Brands Finance 5.5% 28/09/2026 GBP4,120,000 4,456 0.06

Imperial Brands Finance 8.125% 15/03/2024 GBP10,310,000 11,291 0.15

INEOS Quattro Finance 2 3.375% 15/01/2026 USD4,516,000 3,190 0.04

InterContinental Hotels 1.625% 08/10/2024 EUR2,260,000 1,920 0.03

InterContinental Hotels 3.875% 28/11/2022 GBP2,855,000 2,892 0.04

39

Security Holdings

Market

Value

£000

% of

Net

Assets




Legal & General 5.375% 27/10/2045 GBP12,621,000 13,438 0.18

Lloyds Bank 7.5% 15/04/2024 GBP1,077,000 1,183 0.02

Lloyds Bank 7.625% 22/04/2025 GBP12,720,000 14,352 0.20Lloyds Bank Corporate Markets 1.75%

11/07/2024 GBP8,034,000 7,884 0.11

M&G 3.875% 20/07/2049 GBP5,567,000 5,639 0.08Marks & Spencer 4.25% 08/12/2023 GBP2,655,000 2,670 0.04

Marks & Spencer 6% 12/06/2025 GBP1,156,000 1,204 0.02National Grid Electricity Transmission 4%

08/06/2027 GBP1,629,000 1,732 0.02

Natwest 2.875% 19/09/2026 GBP10,394,000 10,293 0.14

NatWest 3.125% 08/03/2027 GBP2,275,000 2,271 0.03

Natwest 3.622% 14/08/2030 GBP9,270,000 9,214 0.13

NGG Finance 5.625% 18/06/2073 GBP11,717,000 11,951 0.16

NIE Finance 2.5% 27/10/2025 GBP6,165,000 6,183 0.08

Northern Powergrid Yorkshire 2.5% 01/04/2025 GBP7,769,000 7,761 0.11

Northumbrian Water Finance 1.625% 11/10/2026 GBP500,000 484 0.01Pension Insurance 6.5% 03/07/2024 GBP3,820,000 4,101 0.06

Phoenix 4.125% 20/07/2022 GBP7,385,000 7,429 0.10

RL Finance Bonds No. 2 6.125% 30/11/2043 GBP4,200,000 4,406 0.06

RSA Insurance 5.125% 10/10/2045 GBP240,000 253 -

Santander 2.92% 08/05/2026 GBP8,270,000 8,180 0.11Scottish Hydro Electric Transmission 1.5%

24/03/2028 GBP1,700,000 1,586 0.02

Scottish Widows 5.5% 16/06/2023 GBP8,651,000 8,942 0.12

Severn Trent Utilities Finance 3.625% 16/01/2026 GBP1,184,000 1,238 0.02

Southern Gas Networks 2.5% 03/02/2025 GBP1,687,000 1,693 0.02

SSE 3.625% 16/09/2077 GBP1,900,000 1,898 0.03

Telereal Securitisation 1.3657% 10/12/2031 GBP2,001,714 1,902 0.03Telereal Securitisation 1.9632% 10/12/2033 GBP3,273,000 3,094 0.04Tesco Corporate Treasury Services 2.5%

02/05/2025 GBP5,260,000

5,224 0.07

Thames Water Utilities Finance 1.875%

24/01/2024 GBP4,663,000

4,623 0.06

Thames Water Utilities Finance 2.375%

03/05/2023 GBP7,721,000

7,676 0.10

UBS 0.01% 31/03/2026 EUR8,131,000 6,552 0.09

UNITE USAF II 3.374% 30/06/2023 GBP4,760,000 4,827 0.07

UNITE USAF II 3.921% 30/06/2025 GBP4,225,000 4,409 0.06

Virgin Money 2.625% 19/08/2031 GBP2,959,000 2,786 0.04

Virgin Money 3.125% 22/06/2025 GBP5,660,000 5,661 0.08

Virgin Money 4% 25/09/2026 GBP3,820,000 3,878 0.05

Virgin Money 5.125% 11/12/2030 GBP5,640,000 5,828 0.08

Western Power Distribution 3.5% 16/10/2026 GBP500,000 517 0.01Western Power Distribution West Midlands

3.875% 17/10/2024 GBP3,315,000 3,419 0.05

Western Power Distribution West Midlands 6%

09/05/2025 GBP3,270,000 3,599 0.05

Electricity SSE 32,945 579 0.01

Electronic & Electrical Equipment Halma 11,872 300 -

IMI 4,364,605 60,144 0.82

Morgan Advanced Materials 6,639,909 20,451 0.28

Pentair 5,119 220 -

40

Security Holdings

Market

Value

£000

% of

Net

Assets




Finance & Credit Services London Stock Exchange 10,179 810 0.01

Food Producers Associated British Foods 11,020 187 -

Tate & Lyle 12,194,584 90,045 1.22

Gas, Water & Multi-Utilities Centrica 87,511,485 71,392 0.97

National Grid 111,892 1,319 0.02

Severn Trent 7,742 238 -

United Utilities 3,747,921 42,352 0.57

General Industrials Bunzl 10,550 312 -

DS Smith 15,015,953 48,697 0.66

Melrose Industries 28,643,236 36,162 0.49

Mondi 15,020 227 -

Smiths 5,352,182 77,901 1.06

Household Goods & Home Construction Barratt Developments 32,189 168 -

Berkeley 3,549 134 -

Persimmon 9,871 211 -

Taylor Wimpey 115,155 151 -

Industrial Engineering CNH Industrial 31,655 380 0.01

Spirax-Sarco Engineering 2,307 288 -

Industrial Metals & Mining Anglo American 366,825 14,656 0.20

Rio Tinto (London Listing) 107,554 6,553 0.09

Industrial Support Services Electrocomponents 21,148,679 230,309 3.12

Ferguson 1,102,929 115,311 1.56

Hays 40,265,124 50,251 0.68

Intertek 5,047 270 -

Rentokil Initial 35,815,285 189,248 2.57

Ashtead 13,801 673 0.01

3i 10,229,615 142,192 1.93

abrdn 68,865 148 -

Hargreaves Lansdown 11,225 116 -

M&G 80,427 181 -

Schroders 3,926 127 -

St. James's Place 16,712 243 -

Life Insurance Aviva 117,247 536 0.01

Legal & General 29,403,394 80,506 1.09

Phoenix 21,643 134 -

Prudential 84,959 960 0.01

Media

Informa 46,498 282 -ITV 63,348,366 52,275 0.71

Pearson 14,553,142 109,993 1.49

Investment Banking & Brokerage Services

41

Security Holdings

Market

Value

£000

% of

Net

Assets




RELX 91,850 2,213 0.03

RELX (London Listing) 4,472,137 107,600 1.46

WPP 36,121 373 0.01

Medical Equipment & Services

Smith & Nephew 27,200 333 0.01

Non-Life Insurance Admiral 6,089 158 -

Willis Towers Watson 3,855 704 0.01

Oil, Gas & Coal BP 610,808 2,292 0.03

Shell 238,174 4,989 0.07

St. James's Place Money Market Unit Trust L Acc† 13,209,482 13,820 0.19

Personal Care, Drug & Grocery Stores J Sainsbury 55,223 141 -

Ocado 15,108 178 -

Reckitt Benckiser 119,732 7,046 0.10

Tesco 27,828,318 77,738 1.05

Unilever 123,917 4,353 0.06

Unilever (London Listing) 2,640,865 92,853 1.26

Personal Goods

Burberry 12,527 213 -

Pharmaceuticals & Biotechnology AstraZeneca 3,029,538 314,516 4.26

GlaxoSmithKline 10,519,062 174,995 2.37

Real Estate Investment Trusts British Land# 27,802 149 -

Land Securities# 21,790 174 -

Segro# 37,197 503 0.01

Retailers JD Sports Fashion 80,649 122 -

Kingfisher 65,271 172 -

Marks & Spencer 41,664,570 66,080 0.90

Next 4,113 250 -

Software & Computer Services Auto Trader 29,410 189 -

AVEVA 3,805 94 -

Clarivate 11,115 142 -

Sage 31,990 228 -

Telecommunications Equipment Spirent Communications 46,110,177 110,664 1.50

Telecommunications Service Providers BT 45,273,118 82,533 1.12

Liberty Global 'A' Shares 5,018 99 -

Liberty Global 'C' Shares 10,490 211 -

Vodafone 844,098 1,060 0.02

Tobacco British American Tobacco 67,435 2,161 0.03

Imperial Brands 6,691,558 108,169 1.48

Open End & Miscellaneous Investment Vehicles

42

Security Holdings

Market

Value

£000

% of

Net

Assets




Travel & Leisure Entain 18,140 302 -

Firstgroup 50,156,481 57,529 0.78

InterContinental Hotels 5,668 292 -

J D Wetherspoon 6,243,004 49,320 0.67Restaurant 67,454,772 41,889 0.57

Whitbread 6,249 179 -

UNITED STATES (31.92%) 2,418,860 33.3110X Genomics 2,408 137 -

3M 17,826 2,056 0.03

A O Smith 4,120 208 -

Abbott Laboratories 54,701 5,016 0.07

AbbVie 54,688 6,823 0.09

ABIOMED 1,407 352 0.01

Activision Blizzard 24,094 1,476 0.02

Adobe 14,719 5,158 0.07

Advance Auto Parts 1,929 311 -

Advanced Micro Devices 60,741 5,516 0.08

AES 20,624 400 0.01

Affirm 5,208 186 -

Aflac 19,441 970 0.01

Agilent Technologies 9,342 964 0.01

AGNC Investment# 16,238 164 -

Air Products & Chemicals 6,851 1,321 0.02Airbnb 9,119 1,206 0.02

Akamai Technologies 5,026 464 0.01

Albemarle 3,619 615 0.01

Albertsons 3.25% 15/03/2026 USD7,229,000 5,202 0.07

Albertsons 3.5% 15/02/2023 USD4,653,000 3,545 0.05

Albertsons 4.625% 15/01/2027 USD4,270,000 3,139 0.04

Alexandria Real Estate Equities# 4,554 701 0.01

Align Technology 2,317 780 0.01

Alleghany 428 275 -

Alliant Energy 7,745 371 0.01

Allstate 8,868 949 0.01

Ally Financial 11,274 383 0.01

Alnylam Pharmaceuticals 3,700 466 0.01

Alphabet 'A' Shares 9,305 20,123 0.27

Alphabet 'C' Shares 13,296 28,897 0.39

Altria 56,826 2,253 0.03

Amazon.com 20,269 51,369 0.70

AMC Entertainment 15,899 311 -

AMERCO 307 141 -

Ameren 7,969 570 0.01

American Airlines 5.5% 20/04/2026 USD12,389,000 9,435 0.13American Axle & Manufacturing 6.25%

15/03/2026 USD1,553,000 1,198 0.02

American Electric Power 179,151 13,570 0.18

American Express 20,366 2,944 0.04

American Financial 2,230 251 -

American International 25,685 1,242 0.02

American Tower# 34,984 6,683 0.09

American Water Works 5,616 710 0.01

Ameriprise Financial 3,461 819 0.01

AmerisourceBergen 4,829 571 0.0143

Security Holdings

Market

Value

£000

% of

Net

Assets




AMETEK 7,156 738 0.01

Amgen 17,424 3,220 0.04

Amphenol 18,500 1,081 0.02

Analog Devices 134,876 17,109 0.23

Annaly Capital Management# 45,346 245 -

ANSYS 2,699 658 0.01

Anthem 27,390 10,481 0.14Aon 6,816 1,694 0.02

Apollo Global Management 11,129 535 0.01

Apple 635,259 85,985 1.17

Applied Materials 27,932 2,890 0.04

Aramark 7,128 206 -

Archer-Daniels-Midland 17,306 1,178 0.02

Arista Networks 7,120 749 0.01

Arrow Electronics 2,177 200 -

Arthur J. Gallagher 6,412 849 0.01

Asana 2,103 67 -

Assurant 1,782 247 -

AT&T 220,903 4,063 0.06

AT&T 2.9% 04/12/2026 GBP3,055,000 3,082 0.04

AT&T 5.5% 15/03/2027 GBP17,100,000 19,283 0.26

Atmos Energy 4,130 379 0.01

Autodesk 6,801 1,145 0.02

Automatic Data Processing 31,472 5,461 0.07

AutoZone 649 1,021 0.01

Avalara 31,922 2,440 0.03AvalonBay Communities# 4,323 830 0.01

Avantor 16,968 444 0.01

Avery Dennison 2,561 345 0.01

Axalta Coating Systems 4.75% 15/06/2027 USD6,915,000 5,058 0.07

Baker Hughes 25,566 728 0.01

Ball 10,019 698 0.01

Bank of America 227,853 7,465 0.10

Bank of America 1.734% 22/07/2027 USD7,000,000 4,968 0.07

Bank of America 7% 31/07/2028 GBP1,000,000 1,234 0.02

Bank of New York Mellon 24,269 958 0.01

BAT Capital 2.125% 15/08/2025 GBP4,680,000 4,494 0.06

Bausch Health 9,400 165 -

Bausch Health 5.5% 01/11/2025 USD2,682,000 2,031 0.03

Bausch Health 6.125% 15/04/2025 USD9,921,000 7,577 0.10

Bausch Health 9% 15/12/2025 USD4,530,000 3,563 0.05

Bausch Health Americas 9.25% 01/04/2026 USD9,815,000 7,623 0.10

Baxter International 15,489 937 0.01

Beacon Roofing Supply 4.5% 15/11/2026 USD14,282,000 10,827 0.15

Becton Dickinson 8,786 1,804 0.03

Becton Dickinson 3.02% 24/05/2025 GBP19,928,000 20,153 0.27

Bentley Systems 5,503 186 -

Berkshire Hathaway 40,322 10,984 0.15

Berry Global 4.5% 15/02/2026 USD7,542,000 5,717 0.08

Best Buy 6,848 503 0.01

Bill.com 2,358 418 0.01

Biogen 4,544 731 0.01

BioMarin Pharmaceutical 5,679 337 0.01

Bio-Rad Laboratories 691 305 -

Bio-Techne 1,216 409 0.01

Black Knight 4,804 213 -

44

Security Holdings

Market

Value

£000

% of

Net

Assets




BlackRock 4,699 2,782 0.04

Blackstone 21,248 2,058 0.03

Blackstone Mortgage Trust 3.75% 15/01/2027 USD3,916,000 2,767 0.04

Block 2,002 212 -

Boeing 17,271 2,565 0.04

Boeing 2.75% 01/02/2026 USD4,150,000 3,073 0.04

Booking 1,270 2,253 0.03

Booz Allen Hamilton 4,142 282 -

BorgWarner 7,417 224 -Boston Properties# 4,591 458 0.01

Boston Scientific 44,081 1,501 0.02

Boxer Parent 7.125% 02/10/2025 USD8,995,000 7,084 0.10

Boyd Gaming 8.625% 01/06/2025 USD6,285,000 5,030 0.07

Bristol-Myers Squibb 363,512 20,417 0.28

Broadcom 12,733 6,125 0.08

Broadcom 4.7% 15/04/2025 USD5,000,000 3,956 0.05

Broadridge Financial Solutions 3,606 428 0.01

Brookfield Renewable 4,079 133 -

Brown & Brown 7,426 411 0.01

Brown-Forman 9,581 491 0.01

Buckeye Partners 4.15% 01/07/2023 USD2,719,000 2,091 0.03

Bunge 4,347 363 0.01

Burlington Stores 2,065 299 -

Cable One 168 198 -

Cabot Oil & Gas 23,909 494 0.01

Cadence Design Systems 8,573 1,067 0.02

Caesars Entertainment 6,613 391 0.01Caesars Entertainment 6.25% 01/07/2025 USD15,644,000 12,322 0.17

Caesars Resort Collection 5.75% 01/07/2025 USD12,053,000 9,397 0.13

Calpine 5.25% 01/06/2026 USD2,591,000 1,994 0.03

Camden Property Trust# 3,176 410 0.01

Campbell Soup 6,132 206 -

Capital One Financial 13,166 1,349 0.02

Cardinal Health 8,717 383 0.01

Carlyle 4,963 176 -

CarMax 5,015 388 0.01

Carnival 25,796 385 0.01

Carnival 5.75% 01/03/2027 USD3,970,000 2,873 0.04

Carnival 7.625% 01/03/2026 USD5,960,000 4,558 0.06

Carrier Global 25,467 923 0.01

Carvana 2,402 230 -

Catalent 5,296 447 0.01

Caterpillar 16,734 2,844 0.04

Cboe Global Markets 3,299 288 -

CBRE 10,353 732 0.01

CCO 4% 01/03/2023 USD9,282,000 7,072 0.10

CCO 5.125% 01/05/2027 USD6,880,000 5,263 0.07

CCO 5.5% 01/05/2026 USD4,356,000 3,369 0.05

CD&R Smokey Buyer 6.75% 15/07/2025 USD14,577,000 11,467 0.16

CDW 4,199 572 0.01

Cedar Fair 5.5% 01/05/2025 USD3,599,000 2,802 0.04

Celanese 3,368 371 0.01

Centene 18,050 1,188 0.02

CenterPoint Energy 19,454 456 0.01

Ceridian HCM 4,259 224 -

Cerner 9,102 649 0.01

45

Security Holdings

Market

Value

£000

% of

Net

Assets




CF Industries 6,635 511 0.01

CH Robinson Worldwide 4,021 336 0.01

ChampionX 6.375% 01/05/2026 USD694,000 539 0.01

Change Healthcare 5.75% 01/03/2025 USD18,044,000 13,756 0.19

Charles River Laboratories International 1,561 345 0.01

Charles Schwab 44,825 3,031 0.04

Charter Communications 3,882 1,686 0.02

Cheniere Energy 7,452 802 0.01

Chevron 59,632 7,518 0.10

Chewy 2,802 91 -

Chipotle Mexican Grill 870 1,043 0.01Church & Dwight 7,553 571 0.01

Cigna 10,253 1,920 0.03

Cincinnati Financial 4,736 498 0.01

Cinemark USA 5.875% 15/03/2026 USD3,579,000 2,651 0.04

Cinemark USA 8.75% 01/05/2025 USD4,904,000 3,915 0.05

Cintas 2,879 948 0.01

Cisco Systems 271,696 11,604 0.16

Citigroup 61,382 2,570 0.04

Citigroup 1.75% 23/10/2026 GBP2,154,000 2,038 0.03

Citigroup 5.15% 21/05/2026 GBP3,600,000 3,928 0.05

Citigroup 5.875% 01/07/2024 GBP800,000 851 0.01

Citizens Financial 13,184 470 0.01

Citrix Systems 3,858 298 -

Clarios Global 6.25% 15/05/2026 USD2,080,000 1,634 0.02

Clarios Global 6.75% 15/05/2025 USD12,130,000 9,553 0.13

Clear Channel Outdoor 5.125% 15/08/2027 USD3,485,000 2,608 0.04

Clorox 3,801 404 0.01Cloudflare 8,049 762 0.01

CME 41,420 7,630 0.10

CMS Energy 8,962 478 0.01

Coca-Cola 475,341 22,526 0.31

Cognex 5,469 326 0.01

Cognizant Technology Solutions 16,248 1,132 0.02

Coinbase Global 1,192 179 -

Colfax 6.375% 15/02/2026 USD10,043,000 7,890 0.11

Colgate-Palmolive 24,769 1,441 0.02

Comcast 141,045 5,127 0.07

CommScope 6% 01/03/2026 USD5,795,000 4,454 0.06

Conagra Brands 14,839 378 0.01

ConocoPhillips 40,801 3,143 0.04

Consolidated Edison 10,943 790 0.01

Constellation Brands 5,081 902 0.01

Constellation Energy 10,083 442 0.01

Cooper 1,525 489 0.01

Copart 6,604 641 0.01

Corning 25,080 718 0.01

Corteva 22,548 1,003 0.01

CoStar 12,217 632 0.01

Costco Wholesale 13,668 6,003 0.08

Coupa Software 4,514 357 0.01

Crowdstrike 6,049 1,037 0.01

Crown 3,956 384 0.01

Crown Castle International# 97,900 13,766 0.19

CrownRock Finance 5.625% 15/10/2025 USD10,903,000 8,447 0.12

CSC 5.25% 01/06/2024 USD10,898,000 8,303 0.11

46

Security Holdings

Market

Value

£000

% of

Net

Assets




CSC 5.5% 15/04/2027 USD12,900,000 9,774 0.13

CSX 68,612 1,976 0.03

Cummins 4,425 706 0.01

CVS Health 40,835 3,221 0.04

Danaher 19,895 4,507 0.06

Darden Restaurants 4,015 403 0.01

Datadog 31,413 3,582 0.05

DaVita 2,071 181 -

DCP Midstream Operating 3.875% 15/03/2023 USD11,635,000 8,894 0.12

Deere 9,112 2,885 0.04

Dell Technologies 8,997 372 0.01

Delta Air Lines 5,052 151 -

Delta Air Lines 4.5% 20/10/2025 USD5,430,000 4,178 0.06DENTSPLY SIRONA 6,836 258 -

Devon Energy 19,895 918 0.01

Dexcom 2,998 1,185 0.02

Diamondback Energy 5,324 565 0.01

Digital Euro Finco 2.5% 16/01/2026 EUR7,200,000 6,223 0.08

Digital Realty Trust# 8,779 964 0.01

Digital Stout 4.25% 17/01/2025 GBP1,924,000 2,008 0.03

Discover Financial Services 9,066 783 0.01

Discovery 'A' Shares 5,340 105 -

Discovery 'C' Shares 9,702 190 -

Discovery Communications 2.5% 20/09/2024 GBP4,187,000 4,182 0.06

DISH 5.25% 01/12/2026 USD14,982,000 10,905 0.15

DISH DBS 5% 15/03/2023 USD2,759,000 2,108 0.03

DISH DBS 5.875% 15/07/2022 USD4,585,000 3,507 0.05

DISH Network 7,770 189 -

DocuSign 23,708 1,949 0.03Dollar General 7,217 1,251 0.02

Dollar Tree 6,959 850 0.01

Dominion Energy 25,054 1,630 0.02

Domino's Pizza 1,126 349 0.01

DoorDash 3,389 305 -

Dover 4,454 545 0.01

Dow 22,880 1,120 0.02

DR Horton 10,478 630 0.01

DraftKings 10,168 158 -

Dropbox 9,691 175 -

DTE Energy 5,993 605 0.01

Duke Energy 23,799 2,022 0.03

Duke Realty# 11,781 531 0.01

DuPont de Nemours 16,027 935 0.01

Dynatrace 5,794 211 -

Eastman Chemical 4,159 362 0.01

Eaton 12,330 1,460 0.02

eBay 150,715 6,816 0.09

Ecolab 7,978 1,097 0.02

Edison International 11,752 622 0.01

Edwards Lifesciences 19,313 1,723 0.02

Elanco Animal Health 13,172 273 -

Electronic Arts 8,748 851 0.01

Eli Lilly 53,609 11,844 0.16

Emerson Electric 18,403 1,388 0.02

Endeavor Energy Resources 6.625% 15/07/2025 USD10,019,000 7,948 0.11Enphase Energy 7,571 1,134 0.02

47

Security Holdings

Market

Value

£000

% of

Net

Assets




Entegris 4,192 433 0.01

Entergy 6,217 554 0.01

Enterprise Products Partners 297,415 5,907 0.08

EOG Resources 18,099 1,670 0.02

EPAM Systems 5,267 1,176 0.02

EQM Midstream Partners 4.125% 01/12/2026 USD3,342,000 2,438 0.03


EQM Midstream Partners 6% 01/07/2025 USD5,264,000 4,061 0.06


EQT 3.125% 15/05/2026 USD4,481,000 3,304 0.05

Equifax 3,774 689 0.01

Equinix# 2,785 1,599 0.02

Equitable 11,392 275 -

Equity LifeStyle Properties# 5,402 319 -

Equity Residential# 11,021 768 0.01Erie Indemnity 802 110 -

Essential Utilities 7,373 292 -

Essex Property Trust# 2,013 535 0.01

Estee Lauder 7,168 1,524 0.02

Etsy 8,770 899 0.01

Evergy 7,093 369 0.01

Eversource Energy 10,635 718 0.01

Exact Sciences 5,377 292 -

Exelon 30,264 1,089 0.02

Expedia 4,517 661 0.01

Expeditors International of Washington 5,240 419 0.01

Extra Space Storage# 4,142 660 0.01

Exxon Mobil 130,963 8,359 0.11

F5 Networks 1,915 310 -

Facebook 92,066 15,981 0.22FactSet Research Systems 1,164 390 0.01

Fair Isaac 846 307 -

Fastenal 17,792 809 0.01

FedEx 7,807 1,399 0.02

Fidelity National Financial 8,362 317 -

Fidelity National Information Services 78,213 6,020 0.08Fidelity National Information Services 0.625%

03/12/2025 EUR3,100,000 2,554 0.04

Fifth Third Bancorp 21,152 714 0.01

First Citizens BancShares 370 191 -

First Republic Bank 5,467 691 0.01

FirstEnergy 16,841 588 0.01

Fiserv 18,381 1,430 0.02

Fiserv 2.25% 01/07/2025 2.25% 01/07/2025 GBP4,639,000 4,603 0.06

FleetCor Technologies 2,386 455 0.01

FMC 3,921 397 0.01

Ford Motor 121,430 1,598 0.02

Ford Motor Credit 2.7% 10/08/2026 USD2,766,000 1,952 0.03





Ford Motor Credit 4.535% 06/03/2025 GBP2,150,000 2,147 0.03



Fortinet 4,299 1,120 0.02

48

Security Holdings

Market

Value

£000

% of

Net

Assets




Fortive 10,538 499 0.01

Fortune Brands Home & Security 4,244 251 -

Fox 'A' Shares 9,910 303 -

Fox 'B' Shares 4,626 130 -

Franklin Resources 9,314 201 -

Freeport-McMoRan 45,426 1,757 0.02

Gartner 2,544 584 0.01

Gates Global 6.25% 15/01/2026 USD12,153,000 9,282 0.13

Generac 1,952 463 0.01

General Electric 33,970 2,447 0.03

General Mills 18,737 970 0.01

General Motors 433,048 14,919 0.20

General Motors Financial 2.35% 03/09/2025 GBP3,500,000 3,423 0.05

Genuine Parts 4,406 432 0.01

Gilead Sciences 38,804 1,764 0.02

Global Payments 8,976 940 0.01

GoDaddy 5,142 332 0.01Goldman Sachs 10,432 2,666 0.04

Goldman Sachs 1% 16/12/2025 GBP8,187,000 7,757 0.11

Goldman Sachs 4.25% 29/01/2026 GBP2,970,000 3,106 0.04

Guidewire Software 2,495 181 -

Halliburton 27,690 813 0.01

Hanesbrands 4.875% 15/05/2026 USD2,070,000 1,587 0.02

Hartford Financial Services 10,529 590 0.01

Hasbro 4,054 261 -Hawaiian Brand Intellectual Property 5.75%

20/01/2026 USD10,136,987 7,723 0.11

HCA 5.375% 01/02/2025 USD8,922,000 7,087 0.10

HCA 5.875% 01/05/2023 USD2,000,000 1,576 0.02

HCA 5.875% 15/02/2026 USD4,306,000 3,483 0.05

HCA Healthcare 7,697 1,495 0.02Healthpeak Properties# 16,676 442 0.01

HEICO 1,357 160 -

HEICO 'A' Shares 2,259 219 -

Henry Schein 4,290 287 -

Herc 5.5% 15/07/2027 USD9,490,000 7,322 0.10

Hershey 4,498 742 0.01

Hess 8,623 713 0.01

Hewlett Packard Enterprise 40,464 532 0.01

Hillenbrand 5.75% 15/06/2025 USD3,204,000 2,502 0.03

Hilton Domestic Operating 5.375% 01/05/2025 USD4,657,000 3,630 0.05

Hilton Worldwide 8,622 1,007 0.01

Hologic 7,778 454 0.01

Home Depot 32,303 7,590 0.10

Honeywell International 21,296 3,189 0.04

Horizon Therapeutics 6,666 537 0.01

Hormel Foods 9,231 362 0.01

Host Hotels & Resorts# 22,088 335 0.01

Howmet Aerospace 11,894 330 0.01

HP 35,652 1,055 0.01

HubSpot 6,820 2,623 0.04

Humana 3,976 1,331 0.02

Huntington Bancshares 44,745 508 0.01

Huntington Ingalls Industries 1,239 192 -

IAA 5.5% 15/06/2027 USD8,661,000 6,615 0.09

IAC 2,462 192 -

49

Security Holdings

Market

Value

£000

% of

Net

Assets




IDEX 2,352 350 0.01

IDEXX Laboratories 2,623 1,096 0.02

iHeartCommunications 6.375% 01/05/2026 USD15,915,000 12,460 0.17

Illinois Tool Works 9,710 1,587 0.02

Illumina 4,593 1,232 0.02

Incyte 5,808 352 0.01

Ingersoll Rand 12,608 488 0.01

Ingevity 4.5% 01/02/2026 USD11,035,000 8,113 0.11

Insulet 2,133 428 0.01

Intel 125,810 4,931 0.07

Intercontinental Exchange 93,681 9,588 0.13

International Business Machines 114,547 11,531 0.16

International Flavors & Fragrances 7,865 786 0.01International Game Technology 4.125%

15/04/2026 USD3,609,000 2,713 0.04

International Game Technology 6.5% 15/02/2025 USD6,041,000 4,854 0.07International Paper 11,381 402 0.01

Interpublic 12,181 339 0.01

Intuit 8,322 2,992 0.04Intuitive Surgical 11,043 2,561 0.04

Invesco 10,700 191 -

Invitation Homes# 18,461 575 0.01

IPG Photonics 1,183 102 -

IQVIA 5,910 1,041 0.01

IQVIA 5% 15/05/2027 USD2,890,000 2,227 0.03

IRB 7% 15/06/2025 USD19,166,000 15,250 0.21

Iron Mountain# 8,957 378 0.01

J M Smucker 3,352 344 0.01

Jack Henry & Associates 2,290 344 0.01

Jacobs Engineering 3,989 424 0.01

JB Hunt Transport Services 2,599 408 0.01

Johnson & Johnson 149,103 20,407 0.28Johnson Controls International 21,788 1,112 0.02

JP Morgan Chase 0.991% 28/04/2026 GBP21,887,000 20,679 0.28

JPMorgan Chase 91,419 9,790 0.13

Juniper Networks 10,059 288 -

KAR Auction Services 5.125% 01/06/2025 USD18,805,000 14,494 0.20

Kellogg 7,914 386 0.01

Keurig Dr Pepper 21,932 637 0.01

KeyCorp 28,802 505 0.01

Keysight Technologies 5,698 698 0.01

Kimberly-Clark 10,416 983 0.01

Kimco Realty 19,069 363 0.01

Kinder Morgan 63,019 916 0.01

KKR 16,287 736 0.01

KLA 4,690 1,336 0.02

Knight-Swift Transportation 4,877 195 -

Kraft Heinz 20,826 625 0.01

Kraft Heinz Foods 4.125% 01/07/2027 GBP500,000 523 0.01

Kroger 21,854 939 0.01

Kyndryl 10,297 103 -

L Brands 8,178 311 -

L3Harris Technologies 6,070 1,165 0.02

Laboratory Corporation of America 2,960 606 0.01

Ladder Capital Finance 4.25% 01/02/2027 USD8,075,000 5,898 0.08

Ladder Capital Finance 5.25% 01/10/2025 USD1,347,000 1,022 0.01

50

Security Holdings

Market

Value

£000

% of

Net

Assets




Lam Research 4,356 1,818 0.03

Las Vegas Sands 83,784 2,530 0.03

Lear 1,844 205 -

Legend Biotech 1,413 40 -

Leidos 4,124 341 0.01

Lennar 8,410 539 0.01

Lennox International 1,030 209 -

Liberty Broadband 'A' Shares 746 78 -

Liberty Broadband 'C' Shares 4,377 470 0.01

Liberty Formula One 5,983 318 -

Liberty SiriusXM 'A' Shares 2,590 91 -

Liberty SiriusXM 'C' Shares 5,225 184 -

Lincoln National 5,368 274 -

Live Nation Entertainment 5,138 461 0.01

Live Nation Entertainment 4.875% 01/11/2024 USD12,170,000 9,295 0.13



LKQ 8,566 305 -

Lockheed Martin 21,816 7,411 0.10

Loews 6,670 333 0.01

Lowe's 20,842 3,327 0.05Lucid 12,779 258 -

Lumen Technologies 27,215 236 -

Lumen Technologies 5.625% 01/04/2025 USD7,371,000 5,662 0.08

Lumen Technologies 7.5% 01/04/2024 USD4,094,000 3,275 0.05

Lyft 8,309 245 -

LyondellBasell Industries 8,236 659 0.01

M&T Bank 3,981 522 0.01

Magallanes 3.755% 15/03/2027 USD17,500,000 13,332 0.18

Marathon Petroleum 19,043 1,238 0.02

Markel 423 482 0.01

MarketAxess 1,176 311 -Marriott International 8,564 1,151 0.02

Marsh & McLennan 49,134 6,435 0.09

Martin Marietta Materials 1,930 574 0.01

Marvell Technology 25,479 1,417 0.02

Masco 7,551 307 -

Masimo 1,652 196 -

Mastercard 27,137 7,484 0.10

Match 8,304 700 0.01

Mattel 3.375% 01/04/2026 USD1,814,000 1,359 0.02

Mauser Packaging Solutions 5.5% 15/04/2024 USD2,753,000 2,087 0.03

McCormick 7,714 571 0.01

McDonald's 54,575 10,353 0.14

McKesson 4,723 1,105 0.01

Medical Properties Trust# 18,446 300 -

Merck (New York Listing) 172,705 10,842 0.15

MetLife 22,118 1,207 0.02

Mettler-Toledo International 711 760 0.01MGM Growth Properties Operating Partnership

4.625% 15/06/2025 USD8,137,000 6,261 0.09

MGM Growth Properties Operating Partnership

5.625% 01/05/2024 USD6,836,000 5,362 0.07

MGM Resorts International 11,606 382 0.01

MGM Resorts International 6% 15/03/2023 USD1,800,000 1,406 0.02

Microchip Technology 17,165 999 0.01

51

Security Holdings

Market

Value

£000

% of

Net

Assets




Micron Technology 34,604 2,087 0.03

Microsoft 287,941 68,827 0.93

Mid-America Apartment Communities# 3,562 578 0.01

Moderna 10,661 1,421 0.02

Mohawk Industries 1,800 180 -

Molina Healthcare 1,807 470 0.01

Molson Coors Beverage 5,894 244 -

Mondelez International 43,153 2,063 0.03

MongoDB 7,346 2,408 0.03

Monolithic Power Systems 1,355 504 0.01

Monster Beverage 12,276 749 0.01

Moody's 5,176 1,334 0.02

Morgan Stanley 41,632 2,864 0.04

Morgan Stanley 2.625% 09/03/2027 GBP4,500,000 4,430 0.06

Mosaic 11,458 572 0.01

Motorola Solutions 5,225 958 0.01

MSCI 2,550 991 0.01

NASDAQ 3,621 502 0.01

Navient 5.5% 25/01/2023 USD9,223,000 7,144 0.10

NCR 5.75% 01/09/2027 USD1,375,000 1,051 0.01

NetApp 6,918 456 0.01

Netflix 14,277 4,150 0.06

Neurocrine Biosciences 2,935 207 -New York Life Global Funding 1.25% 17/12/2026 GBP5,000,000 4,703 0.06

New York Life Global Funding 1.5% 15/07/2027 GBP7,585,000 7,167 0.10

Newell Brands 11,972 203 -

Newmont 24,668 1,503 0.02

News 12,354 214 -

NextEra Energy 91,822 5,981 0.08NextEra Energy Operating Partners 3.875%

15/10/2026 USD1,914,000 1,444 0.02

NextEra Energy Operating Partners 4.25%

15/07/2024

USD13,849,000 10,657 0.15

NIKE 39,528 4,171 0.06

NiSource 12,280 296 -

Nordson 1,618 283 -

Norfolk Southern 7,528 1,658 0.02

Northern Trust 6,103 561 0.01

NortonLifeLock 17,997 373 0.01

NortonLifeLock 5% 15/04/2025 USD7,536,000 5,741 0.08

Novavax 2,235 127 -

Novelis 3.25% 15/11/2026 USD7,975,000 5,797 0.08

NRG Energy 7,574 219 -

Nucor 8,841 1,007 0.01

NuStar Logistics 5.75% 01/10/2025 USD12,052,000 9,404 0.13

NuStar Logistics 6% 01/06/2026 USD4,213,000 3,266 0.04

NVIDIA 110,011 23,208 0.32

NVR 102 363 0.01

Occidental Petroleum 28,892 1,265 0.02

Occidental Petroleum 3.2% 15/08/2026 USD1,865,000 1,394 0.02



Okta 19,565 2,274 0.03

Old Dominion Freight Line 3,024 717 0.01

Omnicom 6,575 433 0.01

ON Semiconductor 13,328 654 0.01

52

Security Holdings

Market

Value

£000

% of

Net

Assets




OneMain Finance 6.875% 15/03/2025 USD1,920,000 1,530 0.02

OneMain Finance 6.125% 15/03/2024 USD10,670,000 8,319 0.11

ONEOK 13,795 754 0.01

Oracle 50,739 3,222 0.04

O'Reilly Automotive 2,084 1,106 0.01

Organon 9,455 258 -

Ortho-Clinical Diagnostics 7.375% 01/06/2025 USD9,601,000 7,534 0.10

Otis Worldwide 12,483 739 0.01

Outfront Media Capital 6.25% 15/06/2025 USD9,445,000 7,414 0.10

Owens Corning 3,142 226 -

PACCAR 10,740 731 0.01

Packaging Corporation of America 2,938 351 0.01

Palantir Technologies 50,087 530 0.01

Palo Alto Networks 3,052 1,432 0.02

Parade Technologies 2,426 116 -

Park Intermediate 7.5% 01/06/2025 USD7,056,000 5,605 0.08

Parker-Hannifin 3,976 884 0.01

Paychex 97,121 10,128 0.14

Paycom Software 1,578 418 0.01

PayPal 34,528 3,117 0.04

Peloton Interactive 17,685 383 0.01

Penske Automotive 3.5% 01/09/2025 USD6,331,000 4,791 0.07

PepsiCo 155,846 19,943 0.27

PerkinElmer 3,514 478 0.01

Pfizer 311,508 12,446 0.17PG&E 46,062 424 0.01

Philip Morris International 117,409 8,402 0.11

Phillips 66 14,205 946 0.01

Picasso Finance Sub 6.125% 15/06/2025 USD7,075,000 5,497 0.08

Pinterest 17,271 338 0.01

Pioneer Natural Resources 7,175 1,410 0.02

Plug Power 16,046 347 0.01

PNC Financial Services 13,074 1,900 0.03

Pool 1,240 424 0.01Post 5.75% 01/03/2027 USD4,519,000 3,459 0.05

PPG Industries 7,344 744 0.01

PPL 23,223 507 0.01

PRA Health Sciences 2.875% 15/07/2026 USD1,335,000 966 0.01

Principal Financial 8,200 466 0.01

Procter & Gamble 134,197 15,785 0.21

Progressive 18,097 1,615 0.02

Prologis# 22,871 2,859 0.04

Provident Funding Associates 6.375% 15/06/2025 USD4,108,000 3,083 0.04Prudential Financial 11,693 1,072 0.02

PTC 3,502 292 -

PTC 3.625% 15/02/2025 USD2,812,000 2,116 0.03

Public Service Enterprise 15,642 833 0.01

Public Storage# 4,882 1,474 0.02

PulteGroup 7,917 267 -

Qorvo 3,410 331 0.01

QUALCOMM 59,213 6,892 0.09

Quest Diagnostics 55,548 5,882 0.08

Radian 4.5% 01/10/2024 USD2,008,000 1,526 0.02

Radian 6.625% 15/03/2025 USD7,124,000 5,705 0.08

Radiate Holdco 4.5% 15/09/2026 USD15,866,000 11,690 0.16

Raymond James Financial 5,729 488 0.01

53

Security Holdings

Market

Value

£000

% of

Net

Assets




Realty Income 1.875% 14/01/2027 GBP2,859,000 2,749 0.04

Realty Income# 17,505 937 0.01

Regency Centers# 4,819 266 -

Regeneron Pharmaceuticals 3,270 1,725 0.02

Regions Financial 29,489 509 0.01

Republic Services 6,866 704 0.01

ResMed 4,508 855 0.01

RingCentral 2,439 226 -

Rivian Automotive 5,451 216 -

RLJ Lodging Trust 3.75% 01/07/2026 USD8,353,000 6,061 0.08

Robert Half International 3,444 311 -

Robinhood Markets 5,726 64 -

Rocket Mortgage 2.875% 15/10/2026 USD14,427,000 10,030 0.14

Rockwell Automation 3,588 767 0.01

Roku 4,535 449 0.01

Rollins 6,850 185 -

Roper Technologies 3,263 1,188 0.02

Ross Stores 10,993 776 0.01

Royal Caribbean Cruises 7,094 440 0.01

Royal Caribbean Cruises 4.25% 01/07/2026 USD6,786,000 4,794 0.06




Royalty Pharma 10,629 316 -

RPM International 4,056 255 -

S&P Global 10,957 3,496 0.05

salesforce.com 42,181 6,906 0.09SBA Communications 3.875% 15/02/2027 USD3,635,000 2,691 0.04

SBA Communications# 3,365 879 0.01

Schlumberger 43,390 1,395 0.02

Scientific Games International 5% 15/10/2025 USD18,188,000 14,203 0.19

Seagate Technology 6,198 431 0.01

Seagen 6,329 682 0.01

Sealed Air 4,633 241 -

SEI Investments 3,667 171 -Select Medical 6.25% 15/08/2026 USD17,955,000 14,153 0.19

Sempra Energy 9,879 1,262 0.02

Sensata Technologies 4,902 194 -

Service Properties Trust 5% 15/08/2022 USD2,981,000 2,260 0.03

ServiceNow 16,701 7,302 0.10

Sherwin-Williams 7,705 1,485 0.02

Shift4 Payments 4.625% 01/11/2026 USD14,412,000 10,573 0.14

Signature Bank 1,876 438 0.01

Simon Property# 10,165 1,044 0.01

Sirius XM 30,930 156 -

Sirius XM Radio 3.125% 01/09/2026 USD5,852,000 4,189 0.06

Six Flags Entertainment 4.875% 31/07/2024 USD13,329,000 10,193 0.14

Six Flags Theme Parks 7% 01/07/2025 USD1,509,000 1,207 0.02

Skyworks Solutions 5,116 532 0.01

Snap 33,495 940 0.01

Snap-on 1,662 265 -

Snowflake 6,516 1,149 0.02

SoFi Technologies 16,312 121 -

Southern 32,784 1,811 0.03

Southwest Airlines 4,627 161 -

Splunk 4,997 541 0.01

54

Security Holdings

Market

Value

£000

% of

Net

Assets




Sprint 7.125% 15/06/2024 USD3,007,000 2,459 0.03

Sprint 7.875% 15/09/2023 USD14,611,000 11,828 0.16

Sprint Communications 6% 15/11/2022 USD6,681,000 5,205 0.07

Square 24,780 2,645 0.04

Square 2.75% 01/06/2026 USD1,598,000 1,152 0.02

SS&C Technologies 7,079 410 0.01

Standard Industries 5% 15/02/2027 USD4,165,000 3,154 0.04

Stanley Black & Decker 44,445 4,845 0.07

Starbucks 36,292 2,517 0.03

State Street 142,361 9,988 0.14

Steel Dynamics 6,139 391 0.01

STERIS 3,094 579 0.01

Stevens 6.125% 01/10/2026 USD10,346,000 8,101 0.11

Stryker 10,503 2,154 0.03

Sun Communities# 3,587 487 0.01

Sunrun 5,443 128 -

SVB Financial 1,815 784 0.01

Synchrony Financial 16,929 461 0.01

Synopsys 4,718 1,196 0.02

Sysco 15,859 1,003 0.01

T Rowe Price 6,953 811 0.01

Take-Two Interactive Software 3,567 424 0.01

Targa Resources Partners 5.875% 15/04/2026 USD7,937,000 6,235 0.09

Target 14,821 2,506 0.03

Taylor Morrison 5.625% 01/03/2024 USD2,509,000 1,957 0.03

Taylor Morrison 5.875% 15/04/2023 USD5,915,000 4,568 0.06

TE Connectivity 10,094 1,027 0.01

Teladoc Health 10,697 596 0.01

Teledyne Technologies 1,443 520 0.01Teleflex 1,449 385 0.01

Tempo Acquisition 5.75% 01/06/2025 USD10,070,000 7,752 0.11

TK Elevator US Newco 5.25% 15/07/2027 USD5,635,000 4,274 0.06

TJX USD37,200 1,757 0.02

Thermo Fisher Scientific USD12,190 5,527 0.08

Textron USD6,819 391 0.01

Texas Instruments 28,569 4,080 0.06Tesla USD37,804 31,500 0.43

TerraForm Power Operating 4.25% 31/01/2023 15,148,000 11,570 0.16

Teradyne 5,042 465 0.01

Tenet Healthcare 4.625% 15/07/2024 8,212,000 6,272 0.09



Tenet Healthcare 6.25% 01/02/2027 USD9,225,000 7,192 0.10

T-Mobile US 19,319 1,893 0.03T-Mobile USA 2.25% 15/02/2026 (Private

Placement) USD3,925,000 2,831 0.04

T-Mobile USA 2.25% 15/02/2026 USD3,742,000 2,699 0.04

T-Mobile USA 2.625% 15/04/2026 USD5,733,000 4,204 0.06

Torchmark 2,968 231 -

Toyota Motor Credit 0.75% 19/11/2026 GBP2,697,000 2,510 0.03

Tractor Supply 3,521 624 0.01

Trade Desk 33,072 1,803 0.03

Tradeweb Markets 3,252 218 -

TransDigm 1,624 832 0.01

TransDigm 6.25% 15/03/2026 USD15,394,000 12,052 0.16

TransDigm 6.375% 15/06/2026 USD7,277,000 5,605 0.08

55

Security Holdings

Market

Value

£000

% of

Net

Assets




TransDigm 8% 15/12/2025 USD7,313,000 5,816 0.08

TransUnion 5,927 469 0.01

Travelers 7,610 1,076 0.02

Tri Pointe Homes 5.875% 15/06/2024 USD1,300,000 1,023 0.01

Trimble 7,765 431 0.01

Truist Financial 293,535 13,136 0.18

Twilio 14,038 1,803 0.03

Twitter 24,735 735 0.01

Tyler Technologies 1,268 429 0.01

Tyson Foods 9,119 616 0.01

Uber Technologies 48,601 1,354 0.02

Uber Technologies 7.5% 15/05/2025 USD17,353,000 13,799 0.19

UDR# 9,564 423 0.01

UGI 6,472 180 -

Ulta Beauty 1,597 489 0.01

Union Pacific 19,887 4,193 0.06

United Airlines 4.375% 15/04/2026 USD7,113,000 5,324 0.07

United Parcel Service 82,691 13,868 0.19

United Rentals 2,239 613 0.01

United Technologies 46,302 3,556 0.05

UnitedHealth 29,136 11,556 0.16

Unity Software 1,784 138 -

Universal Health Services 2,286 254 -

Univision Communications 9.5% 01/05/2025 USD5,455,000 4,364 0.06

Upstart 1,281 111 -

US Bancorp 43,576 1,832 0.03

US Foods 6.25% 15/04/2025 USD14,047,000 10,990 0.15

Vail Resorts 1,251 252 -

Vail Resorts 6.25% 15/05/2025 USD8,469,000 6,683 0.09

Valero Energy 108,569 8,312 0.11

Veeva Systems 4,289 699 0.01Ventas# 12,348 591 0.01

VeriSign 3,093 523 0.01

Verisk Analytics 4,736 783 0.01

Verizon Communications 359,933 14,153 0.19

Verizon Communications 1.125% 03/11/2028 GBP2,000,000 1,802 0.02

Verizon Communications FRN 0.84% 20/03/2026 1.3049% 20/03/2026USD7,753,000 5,886 0.08

Vertex Pharmaceuticals 7,865 1,537 0.02

VF 10,328 460 0.01

ViacomCBS 18,768 545 0.01

Viatris 74,994 628 0.01

VICI Properties 3.5% 15/02/2025 USD9,834,000 7,355 0.10

VICI Properties 4.25% 01/12/2026 USD4,454,000 3,370 0.05

VICI Properties# 19,456 429 0.01

Visa 51,652 8,813 0.12

Vistra 13,437 236 -

Vistra Operations 5.5% 01/09/2026 USD4,860,000 3,716 0.05

Vistra Operations 5.625% 15/02/2027 USD8,680,000 6,613 0.09

VMware 6,491 575 0.01

Vornado Realty Trust# 5,040 177 -

Vulcan Materials 4,105 585 0.01

W R Berkley 6,556 335 0.01

Walgreens Boots Alliance 22,761 823 0.01

Walmart 47,443 5,418 0.07

Walt Disney 56,228 6,037 0.08

Waste Connections 8,059 858 0.01

56

Security Holdings

Market

Value

£000

% of

Net

Assets




Waste Management 12,940 1,572 0.02

Waste Pro USA 5.5% 15/02/2026 USD8,138,000 5,835 0.08

Waters 1,888 463 0.01

Wayfair 8,308 769 0.01

Webster Financial 5,562 244 -

WEC Energy 9,758 746 0.01

Wells Fargo 123,343 4,709 0.06

Wells Fargo 2% 28/07/2025 GBP8,808,000 8,597 0.12

Welltower# 13,465 1,004 0.01

WESCO Distribution 7.125% 15/06/2025 USD14,392,000 11,463 0.16

West Pharmaceutical Services 2,292 730 0.01

Western Digital 9,640 372 0.01

Western Midstream Operating 4% 01/07/2022 USD2,503,000 1,907 0.03

Western Midstream Operating 4.35% 01/02/2025 USD2,252,000 1,704 0.02Western Union 12,436 182 -

Westinghouse Air Brake Technologies 5,490 414 0.01

Westrock 8,287 299 -

Weyerhaeuser# 23,171 680 0.01

Whirlpool 1,899 261 -

Williams 37,586 963 0.01

Workday 5,970 1,098 0.02

WP Carey# 5,763 361 0.01

WR Grace 4.875% 15/06/2027 USD3,585,000 2,663 0.04

WR Grace 5.625% 01/10/2024 USD4,825,000 3,719 0.05

WW Grainger 13,242 5,253 0.07

Wynn Las Vegas 4.25% 30/05/2023 USD3,497,000 2,647 0.04

Wynn Las Vegas 5.5% 01/03/2025 USD6,523,000 4,984 0.07

Wynn Resorts 3,220 199 -

Xcel Energy 144,138 7,942 0.11

Xylem 5,578 374 0.01

Yum! Brands 9,068 834 0.01Yum! Brands 3.875% 01/11/2023 USD1,836,000 1,406 0.02

Yum! Brands 7.75% 01/04/2025 USD487,000 385 0.01Zayo 4% 01/03/2027 USD7,625,000 5,286 0.07

Zebra Technologies 1,653 542 0.01

Zendesk 3,740 341 -

ZF North America Capital 4.75% 29/04/2025 USD3,298,000 2,500 0.03

Zillow 'A' Shares 1,919 75 -

Zillow 'C' Shares 5,212 209 -

Zimmer Biomet 6,462 633 0.01

Zoetis 14,636 2,132 0.03

Zoom Video Communications 6,744 628 0.01

ZoomInfo Technologies 8,731 386 0.01

Zscaler 12,152 2,219 0.03

DERIVATIVES (-0.28%) (18,558) (0.27)

Forward Currency Contracts Sold EUR98,153,926 for GBP82,620,184

Settlement 19/04/2022 (398) (0.01)

Bought USD1,015,150 for GBP750,000

Settlement 25/04/2022 24 -

57

Security

Market

Value

£000

% of

Net

Assets




Bought USD1,303,506 for GBP1,000,000

Settlement 10/05/2022 (7) -


Settlement 16/06/2022 (5) -


Settlement 16/06/2022 (2) -


Settlement 16/06/2022 - -






Settlement 10/05/2022 3 -








Settlement 25/04/2022 34 -


Settlement 25/04/2022 25 -


Settlement 25/04/2022 151 -


Settlement 10/05/2022 242 -


Settlement 25/04/2022 31 -


Settlement 10/05/2022 50 -


Settlement 10/05/2022 53 -


Settlement 10/05/2022

54 -


Settlement 10/05/2022 55 -






Settlement 10/05/2022 26 -


Settlement 10/05/2022 39 -


Settlement 25/04/2022 57 -


Settlement 10/05/2022 59 -


Settlement 25/04/2022 64 -


Settlement 10/05/2022 67 -


Settlement 25/04/2022 65 -

58

Security

Market

Value

£000

% of

Net

Assets





Settlement 10/05/2022 (7) -


Settlement 25/04/2022 72 -

Bought USD337,567 for GBP250,000 Settlement

25/04/2022 7 -

Bought USD340,068 for GBP250,000 Settlement

10/05/2022 9 -


Settlement 10/05/2022 68 -


Settlement 10/05/2022 101 -


Settlement 10/05/2022 (2) -


Settlement 10/05/2022 (43) -

Sold USD322,690,782 for GBP238,383,589

Settlement 10/05/2022 (7,517) (0.10)

Sold USD540,636,053 for GBP396,629,514

Settlement 25/04/2022 (15,326) (0.21)

Sold USD580,580,182 for GBP444,953,470

Settlement 16/06/2022 2,505 0.03

Sold USD65,504,717 for GBP50,073,742

Settlement 19/04/2022 162 -

Sold USD7,171,232 for GBP5,466,235 Settlement

16/06/2022 1 -


16/06/2022 (5) -


10/05/2022 (135) -

59

Security Holdings

Market

Value

£000

% of

Net

Assets




Futures German Euro BOBL Futures June 2022 (312) 1,189 0.02

UK Long Gilt Futures June 2022 207 (343) -

Investment Assets^ 7,315,667 99.15

Total other assets (net) 62,772 0.85

Net assets 7,378,439 100.00

Asset Class Split

Market

Value

£000

% of

Net

Assets

Equities 5,316,247 71.71

Interest bearing assets 1,954,064 26.83

Collective Investment Schemes 63,914 0.88

Derivatives (18,558) (0.27)

Total other assets (net) 62,772 0.85

7,378,439 100.00

Comparative figures shown in brackets relate to 30 September 2021.

The St. James’s Place Money Market Unit Trust is structured as a Short-Term Variable Net Asset

Value Money Market Fund in accordance with the requirements of the recent Money Market

Funds Regulation and differs from an investment in deposits because the amount invested may

fluctuate and is not guaranteed. Additionally, it does not rely on external support to guarantee

liquidity or stabilise the value of the fund and there is, therefore, a risk to the investor that they

may get back less than the amount invested. The provision of the credit rating by Standard &

Poors has been at the request of the Manager and the cost of doing so is borne by the

Manager. This investment is a related party.

All investments held are listed, unless otherwise stated.

Derivative contracts were traded on an eligible derivatives exchange.

Stocks shown as ADRs and GDRs represent American Depositary Receipts and Global Depositary

Receipts.

† During the period under review the Manager decided to place some of the sterling cash held

on deposit into the St. James’s Place Money Market Unit Trust in order to spread risk across a

number of institutions. The St. James’s Place Money Market Unit Trust is highly liquid and is

rated AAA by Standard & Poors.

* Suspended securities.

# Real Estate Investment Trust (REIT).

^ Including investment liabilities of (£23,290).

60

Material Portfolio Changes

Purchases

Cost

£000St. James's Place Money Market Unit Trust L Acc† 204,750

iShares MSCI ACWI 95,301

Euro Bobl Futures December 2021 68,741

Euro Bobl Futures March 2022 64,462

UK Treasury 0.125% 31/01/2023 63,844

UK Long Gilt Bond Futures June 2022 47,638

UK Long Gilt Bond Futures March 2022 45,856

UK Treasury 4.25% 07/12/2027 27,333

UK Long Gilt Bond Futures December 2021 23,126

Euro Bobl Futures June 2022 21,730

Sales

Proceeds

£000St. James's Place Money Market Unit Trust L Acc† 227,230

Wm Morrison Supermarkets 164,007

iShares MSCI ACWI 124,104

Euro Bobl Futures March 2022 66,233

Euro Bobl Futures June 2022 56,601

UK Long Gilt Bond Futures December 2021 53,414

UK Treasury 0.125% 31/01/2023 49,479

UK Long Gilt Bond Futures March 2022 45,006

UK Treasury 4.25% 07/12/2027 38,522

Stagecoach 24,654

† This investment is a related party.

Purchases and sales of futures have been included at the value of their exposure.


61

£000 £000 £000 £000

(24,424) 766,643

87,716 100,021

(57,053) (55,754)

(33) (53)

30,630 44,214

(2,640) (3,156)

27,990 41,058

3,566 807,701

(27,976) (41,063)

(24,410) 766,638

£000 £000 £000 £000

7,994,212 6,988,321

9,719 289,475

(628,557) (477,971)

(618,838) (188,496)

(24,410) 766,638

27,475 40,830

7,378,439 7,607,293

Statement of Total Return

for the period 01 October 2021 to 31 March 2022 (unaudited)

01/10/21 to 31/03/22 01/10/20 to 31/03/21


01/10/21 to 31/03/22 01/10/20 to 31/03/21

Amounts receivable on

creation of units

Retained distribution on accumulation units

Change in net assets attributable to unitholders

from investment activities

Statement of Change in Net Assets Attributable to Unitholders

Movement due to creation and cancellation of units:

Income


Revenue

Distributions

Expenses

Net revenue before taxation

Total return before distributions

Interest payable and similar

charges

Taxation

Net revenue after taxation

Net capital (losses)/gains

Opening net assets attributable

to unitholders

Comparative information is provided for the Statement of Change in Net Assets Attributable to

Unitholders. Since this information is for the prior interim period, the net assets at the end of that

period do not correspond to the net assets at the start of the current period.

Amounts payable on

cancellation of units

Closing net assets attributable to unitholders

Change in net assets attributable to unitholders

from investment activities (see above)

62


31/03/22 30/09/21

£000 £000

7,339,457 7,971,016

55,609 59,053

66,428 42,735

7,461,494 8,072,804

Liabilities

(23,790) (23,657)

(607) (674)

Creditors

- (2,119)

(21) (20)

(58,637) (52,122)

(83,055) (78,592)

7,378,439 7,994,212

London

Provisions for liabilities

Other creditors

Total liabilities

Net assets attributable to unitholders

S. M. MeechC. G. Gentle

Assets

Investments

Accounting and Distribution policies

Investment liabilities

Total assets

Distribution payable

Bank overdrafts

The Financial Statements have been prepared under the historical cost basis, as modified by the

revaluation of investments, in compliance with the Financial Conduct Authority's Collective

Investment Schemes Sourcebook. They have been prepared in accordance with United Kingdom

Generally Accepted Accounting Practice, including Financial Reporting Standard 102 (The

Financial Reporting Standard applicable in the UK and Republic of Ireland FRS 102) and in

accordance with the Statement of Recommended Practice (SORP) for Financial Statements of

Authorised Funds issued by the Investment Management Association May 2014 (IMA SORP

2014). The financial statements are prepared on the going concern basis.


31 May 2022

This report is certified in accordance with the requirements of the rules in the Financial Conduct

Authority's Collective Investment Schemes Sourcebook.

Directors of the Managers' Certificate

Basis of accounting

The accounting policies applied are consistent with those of the audited annual Financial

Statements for the period ended 30 September 2021 and are described in those Financial

Statements. In this regard, comparative figures from previous periods are prepared to the same

standards as the current period, unless otherwise stated.

Current assets

Cash and bank balances

Balance Sheet

Debtors


63

Group 1

Group 2

L Income

Net

revenue Equalisation

Distributions

paid to/

payable

31/05/22

Distributions

paid to

31/05/21

Group 1 (p) (p) (p) (p)

First interim 0.220 - 0.220 0.394

Second interim 0.295 - 0.295 0.340

Group 2 (p) (p) (p) (p)

First interim 0.176 0.044 0.220 0.394

Second interim 0.213 0.082 0.295 0.340

L Accumulation

Net


Distributions

paid to/

payable

31/05/22

Distributions

paid to

31/05/21

Group 1 (p) (p) (p) (p)

First interim 0.267 - 0.267 0.471

Second interim 0.358 - 0.358 0.409

Group 2 (p) (p) (p) (p)

First interim 0.202 0.065 0.267 0.471

Second interim 0.248 0.110 0.358 0.409

H Accumulation

Net


Distributions

paid to/

payable

31/05/22

Distributions

paid to

31/05/21

Group 1 (p) (p) (p) (p)

First interim 0.035 - 0.035 0.271

Second interim 0.141 - 0.141 0.206

Group 2 (p) (p) (p) (p)

First interim 0.032 0.003 0.035 0.271

Second interim 0.128 0.013 0.141 0.206

Y Accumulation

Net


Distributions

paid to/

payable

31/05/22

Distributions

paid to

31/05/21

Group 1 (p) (p) (p) (p)

First interim 0.591 - 0.591 0.762

Second interim 0.685 - 0.685 0.694

Group 2 (p) (p) (p) (p)

First interim 0.591 - 0.591 0.762

Second interim 0.677 0.008 0.685 0.694

First interim Units purchased on or after 1 October 2021 to 31 December 2021

Second interim Units purchased on or after 1 January 2022 to 31 March 2022


Distribution Tables

Distributions in pence per unit

Second interim Units purchased prior to 1 January 2022

First interim Units purchased prior to 1 October 2021

64


(continued)Distribution Tables

M Income

Net


Distributions

paid to/

payable

31/05/22

Distributions

paid to

31/05/21

Group 1 (p) (p) (p) (p)

First interim 0.406 - 0.406 -

Second interim 0.475 - 0.475 0.380

Group 2 (p) (p) (p) (p)

First interim 0.350 0.056 0.406 -

Second interim 0.378 0.097 0.475 0.380

M Accumulation

Net


Distributions

paid to/

payable

31/05/22

Distributions

paid to

31/05/21

Group 1 (p) (p) (p) (p)

First interim 0.493 - 0.493 -

Second interim 0.577 - 0.577 0.457

Group 2 (p) (p) (p) (p)

First interim 0.341 0.152 0.493 -

Second interim 0.337 0.240 0.577 0.457

M Income and M Accumulation units were made available on 12 March 2021.

65

(a)

(b)

The Trust Deed permits the following management charges which are receivable by the

Manager:

An Annual Management Charge at a rate of 1.27 per cent for Class L Income and

Accumulation Units; 0.77 per cent for Class M Income and Accumulation Units; 1.77 per

cent for Class H Accumulation Units and 0.58 per cent for Class Y Accumulation Units of

the value of the Trust.

Unit Dealings

Dealings on the Trust take place on a daily basis. Purchase or sale instructions can be made by

telephone or in writing to St. James's Place Unit Trust Group Limited, PO Box 9034,

Chelmsford, CM99 2XA, United Kingdom, freephone: 0800 027 1031.

The Manager adopts a policy of forward pricing, i.e. the order will be transacted on the dealing

day following receipt of the client's instructions, or if received before noon, on that dealing day.

In the case of telephone purchases of units from the Manager, settlement must be by return of

post after receipt of the contract note. In the case of telephone redemptions, the proceeds will

not become payable until the receipt at the Administration Centre of a written request.

Income Distributions

Revenue due to accumulation unitholders is reflected in the price of their units.

Class H, Class L and Class M – The minimum lump sum investment is £1,500, thereafter the

minimum additional investment is £1,000. The minimum monthly investment is £150 and the

minimum monthly increment is £50. The minimum annual investment is £1,500 and the

minimum annual increment is £500. After any withdrawal the minimum holding value is £500.

Class Y – The minimum lump sum investment is £10,000,000 thereafter the minimum

additional investment is £10,000. After any withdrawal the minimum holding value is

£1,000,000. Please note further investment restrictions also apply to Class H, Class M and Class

Y Units as detailed in the Prospectus.

Minimum Investment

A contract note confirming the subscription or redemption price and the number of units

involved will be forwarded, together with a cancellation notice, where appropriate, on the next

business day.

The most recent issue and redemption prices for Class H and Class L Units will be published on

the Manager’s website: www.sjp.co.uk. Prices for all Units are available by calling the

Administration Centre on 0800 027 1031.

Tax Certificates

Income distributions are made quarterly on or before the 28 February, 31 May, 31 August and

30 November.

Accumulation Distributions

The Trust is not liable to tax on capital gains and any individual holding units will not be liable

to capital gains tax unless the total chargeable gains for the tax year 2022/2023 exceed

£12,300 (2021/2022 £12,300).

Management Charges

A Preliminary Charge of 5 per cent which is included in the offer price of the Units. For

Class Y units the Preliminary Charge is 0 per cent.


General Information

Capital Gains Tax

To calculate capital gains on accumulation units, the total amount of reinvested net revenue

(shown on the annual tax credit vouchers) should be added to the base cost of the units

purchased. Unitholders should consult their professional advisers for any advice regarding their

tax position.

Income unitholders that receive income distributions by direct credit and accumulation

unitholders (where the distribution income is reinvested) receive an annual consolidated tax

voucher in May with all the relevant payment and tax information required to complete a tax

return.

Tax certificates will be enclosed if income unitholders receive payment by cheque.

66

strategic managed unit trust

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