INVESTMENTS. HBOS Specialised Investment Funds ICVC. Annual Report and Financial Statements. for the year ended 31 May 2015

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1 INVESTMENTS. HBOS Specialised Investment Funds ICVC

2 Contents Introduction* 1 Director's Report and Statement* 2 Independent Auditors' Report 4 Statement of the Authorised Corporate Director's (ACD's) Responsibilities 6 Statement of the Depositary's Responsibilities and Report of the Depositary 6 Aggregated Annual Financial Statements 7 Investment markets overview*, Performance record, Material portfolio changes*, Portfolio statement* and Financial statements: Cautious Managed Fund 9 Ethical Fund 44 Fund of Investment Trusts 59 Smaller Companies Fund 69 Special Situations Fund 80 Notes to the Aggregated and Fund Financial Statements 91 Distribution Tables 108 Additional Information* 116 *Collectively, these comprise the Authorised Corporate Director's Report.

3 Introduction We are pleased to present the for the HBOS Specialised Investment Funds ICVC ( the Company ) for the year ended 31 May The financial statements have been prepared on an aggregated basis including all Funds as permitted by the Financial Conduct Authority's (''the FCA'') Collective Investment Schemes sourcebook ( the COLL sourcebook ). As required by the COLL sourcebook, information for each of the five Funds has also been included. About the Company The HBOS Specialised Investment Funds ICVC is an Open-Ended Investment Company ( OEIC ) with variable capital incorporated in England and Wales since 27 September 2000 and authorised by the Financial Conduct Authority the FCA (previously the Financial Services Authority the FSA ) with effect from 20 September The Company is managed by HBOS Investment Fund Managers Limited, the Authorised Corporate Director ( the ACD ), who is responsible for the day to day running of the Company including the preparation of interim and annual reports. The property of the Company is entrusted to State Street Trustees Limited ("the Depositary"). The objective of the Company is to invest the Scheme Property in transferable securities, money market instruments, cash and near cash, derivatives and forward transactions, deposits and units (as defined in the COLL sourcebook) of collective investment schemes in accordance with the COLL sourcebook with the aim of spreading investment risk and giving its shareholders the benefit of the results of the management of that property. The Shareholders have no interest in the scheme property, and are not liable for the debts of the Company. The Company is a UCITS scheme operating in accordance with the COLL sourcebook and is structured as an umbrella company, as defined in the Open- Ended Investment Company Regulations 2001 ( the OEIC Regulations ), in that it currently contains five Funds, each with different investment objectives. New Funds may be established from time to time by the ACD with the approval of the FCA. Within the financial statements there is an investment review for each Fund, which includes details of the investment objectives. The Cautious Managed Fund was launched on 6 April The following four Funds were launched on 3 November 2000 following the conversion of four existing unit trusts: Ethical Fund Fund of Investment Trusts Smaller Companies Fund Special Situations Fund 1

4 Director's Report and Statement Director's Report HBOS Investment Fund Managers Limited is the Authorised Corporate Director ( the ACD ) and Registrar for the HBOS Specialised Investment Funds ICVC. HBOS Investment Fund Managers Limited is authorised and regulated by the Financial Conduct Authority ( the FCA ). The ACD is the sole director. The HBOS Specialised Investment Funds ICVC is an Open-Ended Investment Company with variable capital under Regulation 12 (Authorisation) of the Open-Ended Investment Companies Regulations It is a UCITS scheme and is structured as an umbrella scheme with five Funds. The shareholders are not liable for any debts of the Company. The assets of each Fund are separate from those of every other Fund and are invested in accordance with the investment objective and investment policy applicable to that Fund. The investment objective for each of the five Funds, together with the ACD's policy for achieving those objectives and a review of the investment activities during the year, is set out in the respective investment market overview in this report. The assets of each Fund belong exclusively to that Fund and shall not be used or made available to discharge (directly or indirectly) the liabilities of, or claims against, any other person or body, including the Company and any other Fund and shall not be available for such purpose. Whilst the provisions of the OEIC Regulations provide for segregated liability between Funds, the concept of segregated liability is relatively new. Accordingly, where claims are brought by local creditors in foreign courts or under foreign law contracts, it is not yet known whether a foreign court would give effect to the segregated liability and cross-investments provisions contained in the OEIC Regulations. Therefore, it is not possible to be certain that the assets of a Fund will always be completely insulated from the liabilities of another Fund of the Company in every circumstance. New Funds may be established from time to time by the ACD with the approval of the FCA and Depositary. The ultimate parent undertaking of the ACD is Lloyds Banking Group plc. The statement of the ACD's Responsibilities is set out on page 6 of this report. The names and addresses of the ACD, the Depositary, the Investment Adviser, the Registrar and the Auditors can be found on page 116 of this report. During the year there has been a change to the company: This change is detailed below in the section Prospectus changes. Prospectus changes During the year and up to the date of this report, the following change was made to the Company and therefore the following change was reflected in the Prospectus of HBOS Specialised Investment Funds ICVC: With effect from 1 December 2014, the Company was updated to reflect recent regulations which were introduced for UK open-ended investment companies (OEICs), known as the Protected Cell Regime (PCR). As a result of the new regulations, OEICs which have a number of sub-funds - such as the Company - now benefit from ring-fencing provisions which mean that the assets of a sub-fund belong exclusively to that sub-fund and may not be used for any other purpose. As a result, in the event that a sub-fund is unable to meet its own liabilities, the assets of other sub-funds cannot be used. Effectively, the new regulations introduce further protection for individual sub-funds. As a result of these protections, it is now also possible for a sub-fund of the Company to invest in another sub-fund of the Company (subject to the investment policy and existing investment and borrowing powers of the investing sub-fund). A copy of the Prospectus is available on request. Important information On Monday 18 November 2013, Lloyds Banking Group (the Group ) announced that, having conducted a strategic review of its investment management activities, it had concluded that another owner would be better able to develop and commercialise further the strong capabilities that exist within Scottish Widows Investment Partnership (SWIP). As a result, the Group agreed to sell SWIP to Aberdeen Asset Management ( Aberdeen ). The sale was completed following close of business on Monday 31 March The sale only involves the Group s asset management business and does not directly impact Scottish Widows or HBOS Investment Fund Managers Limited. In time, following a transitional period, the SWIP brand will no longer be used. Scottish Widows Investment Partnership Limited changed its name to Aberdeen Asset Investments Limited on 24 November 2014 and the Prospectus of HBOS Specialised Investment Funds ICVC was updated on 1 December 2014 to show the revised company name as the Investment Adviser of the Company. Importantly, as part of the sale agreement the Group and Aberdeen have entered into a long-term strategic asset management relationship whereby Aberdeen continues to manage assets on behalf of the Group. This means that you do not need to take any action as a result of the sale and due to the sale there is no immediate change to the name of the funds you invest in or their aims risks and objectives. 2

5 Director's Report and Statement (continued) Director's Statement In accordance with the rules in the Collective Investment Schemes sourcebook as issued and amended by the Financial Conduct Authority, I hereby approve the report and financial statements on behalf of the Authorised Corporate Director of the HBOS Specialised Investment Funds ICVC. James Clatworthy Director HBOS Investment Fund Managers Limited 25 September

6 Independent Auditors' Report to the shareholders of HBOS Specialised Investment Funds ICVC ( the Company ) Report on the financial statements - Our opinion In our opinion the financial statements, defined below: give a true and fair view of the financial position of the Company and each of the sub-funds and of the net revenue and the net capital gains and losses of the scheme property of the Company and each of the sub-funds for the year then ended; and have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, the Statement of Recommended Practice for Authorised Funds, the Collective Investment Schemes sourcebook and the Instrument of Incorporation. This opinion is to be read in the context of what we say in the remainder of this report. What we have audited The financial statements of HBOS Specialised Investment Funds ICVC (the Company ), which are prepared by HBOS Investment Fund Managers Limited (the "Authorised Corporate Director"), comprise: the aggregated balance sheet of the Company ; the aggregated statement of total return of the Company for the year then ended; the aggregated statement of change in net assets attributable to shareholders of the Company for the year then ended; the balance sheets together with the statements of total return and statements of changes in net assets attributable to shareholders of each of the Company s sub-funds; the notes to the Company s financial statements and each of the Company s sub-funds, which include a summary of significant accounting policies and other explanatory information; and the distribution tables. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), the Statement of Recommended Practice Financial Statements of Authorised Funds issued by the Investment Management Association (the Statement of Recommended Practice for Authorised Funds ), the Collective Investment Schemes sourcebook and the Instrument of Incorporation. In applying the financial reporting framework, the Authorised Corporate Director has made a number of subjective judgements, for example in respect of significant accounting estimates. In making such estimates, they have made assumptions and considered future events. What an audit of financial statements involves We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) ("ISAs (UK & Ireland)"). An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the Company s and each of the Company s sub-funds circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the Authorised Corporate Director; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the (the Annual Report ) to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report. 4

7 Independent Auditors' Report to the shareholders of HBOS Specialised Investment Funds ICVC ( the Company ) (continued) Opinions on matters prescribed by the Collective Investment Schemes sourcebook In our opinion: we have obtained all the information and explanations we consider necessary for the purposes of the audit; and the information given in the Authorised Corporate Director s Report for the financial year for which the financial statements are prepared is consistent with the financial statements. Other matters on which we are required to report by exception - Propriety of accounting records and information and explanations received Under the Collective Investment Schemes sourcebook we are required to report to you if, in our opinion: proper accounting records have not been kept; or the financial statements are not in agreement with the accounting records and returns. We have no exceptions to report arising from this responsibility. Responsibilities for the financial statements and the audit - Our responsibilities and those of the Authorised Corporate Director As explained more fully in the Statement of the Authorised Corporate Director's (ACD's) Responsibilities set out on page 6, the Authorised Corporate Director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and ISAs (UK & Ireland). Those standards require us to comply with the Auditing Practices Board s Ethical Standards for Auditors. This report, including the opinions, has been prepared for and only for the Company s members as a body in accordance with paragraph of the Collective Investment Schemes sourcebook as required by paragraph 67(2) of the Open-Ended Investment Companies Regulations 2001 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. PricewaterhouseCoopers LLP Chartered Accountants & Statutory Auditors Edinburgh 25 September 2015 The maintenance and integrity of the Halifax ( and Scottish Widows ( websites are the responsibility of the directors; the work carried out by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to the financial statements since they were initially presented on the website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 5

8 Statement and Reports Statement of the Authorised Corporate Director's (ACD's) Responsibilities The rules in the Collective Investment Schemes sourcebook issued by the Financial Conduct Authority ("the FCA") require the ACD to prepare financial statements for each accounting period which give a true and fair view of the financial position of the Company and of the net revenue and net gains and losses on the property of the Company for the year then ended. In preparing the financial statements the ACD is required to: select suitable accounting policies and then apply them consistently; make judgments and estimates that are reasonable and prudent; comply with the requirements of the Statement of Recommended Practice relating to the Financial Statements of Authorised Funds issued by the Investment Management Association (IMA) in October 2010; follow generally accepted UK accounting principles and applicable UK accounting standards; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in operation. The ACD is responsible for keeping proper accounting records and for the management of the Company in accordance with its Instrument of Incorporation, the Prospectus and the FCA Rules. The ACD has general responsibility for taking such steps as are reasonably open to it to prevent and detect fraud and other irregularities. Statement of the Depositary's responsibilities and Report of the Depositary to the shareholders of the HBOS Specialised Investment Funds ICVC ( the Company ) Statement of the Depositary's responsibilities in respect of the Scheme The Depositary is responsible for the safekeeping of all of the property of the Company (other than tangible moveable property) which is entrusted to it and for the collection of revenue that arises from that property. It is the duty of the Depositary to take reasonable care to ensure that the Company is managed in accordance with the Financial Conduct Authority's Collective Investment Schemes sourcebook (COLL), as amended, the Open-Ended Investment Companies Regulations 2001 (SI 2001/1228), as amended ("the OEIC Regulations"), the Company's Instrument of Incorporation and Prospectus, in relation to the pricing of, and dealings in, shares in the Company; the application of revenue of the Company; and the investment and borrowing powers applicable to the Company. Reports of the Depositary to the shareholders of the HBOS Specialised Investment Funds ICVC (''the Company'') for the year to 31 May 2015 Having carried out such procedures as we considered necessary to discharge our responsibilities as Depositary of the Company, it is our opinion, based on the information available to us and the explanations provided, that in all material respects the Company, acting through the Authorised Corporate Director: i) has carried out the issue, sale, redemption and cancellation, and calculation of the price of the Company's shares and the application of the Company's revenue in accordance with COLL and, where applicable, the OEIC Regulations, the Instrument of Incorporation and Prospectus of the Company, and; ii) has observed the investment and borrowing powers and restrictions applicable to the Company. State Street Trustees Limited 25 September

9 Aggregated Annual Financial Statements Statement of total return Income 31 May May 2014 Notes '000 '000 '000 '000 Net capital gains 3 215, ,145 Revenue 4 148, ,890 Expenses 5 (25,594) (24,974) Finance costs: Interest 7 (6) (4) Net revenue before taxation 123, ,912 Taxation 6 (9,178) (9,276) Net revenue after taxation 113, ,636 Total return before distributions and equalisation 329, ,781 Finance costs: Distributions and equalisation 7 (113,857) (112,718) Change in net assets attributable to shareholders from investment activities 215, ,063 Statement of change in net assets attributable to shareholders 31 May May 2014 '000 '000 '000 '000 Opening net assets attributable to shareholders 4,462,658 4,516,168 Amounts receivable on creation of shares 391, ,828 Amounts payable on cancellation of shares (713,860) (463,371) (321,886) (305,543) Stamp duty reserve tax - (153) Change in net assets attributable to shareholders from investment activities (see Statement of total return above) 215, ,063 Retained distributions on accumulation shares 96,681 95,123 Closing net assets attributable to shareholders 4,452,905 4,462,658 Notes to the financial statements are on pages 91 to

10 Aggregated Annual Financial Statements Balance sheet 31 May May 2014 Notes '000 '000 '000 '000 ASSETS Portfolio of investments 4,380,508 4,404,497 Debtors 8 52,639 48,549 Cash and bank balances 9 57,641 34,440 Total other assets 110,280 82,989 Total assets 4,490,788 4,487,486 LIABILITIES Derivative liabilities Bank overdrafts Creditors 10 28,567 14,416 Distribution payable on income shares 8,948 10,176 Total other liabilities 37,546 24,592 Total liabilities 37,883 24,828 Net assets attributable to shareholders 4,452,905 4,462,658 Notes to the financial statements are on pages 91 to

11 Cautious Managed Fund Investment markets overview Investment objective The investment objective of the Cautious Managed Fund is to achieve long term growth by investing in a managed portfolio of equities investing mainly in the UK and fixed interest investments such as corporate bonds and gilts. Investment policy The Fund will actively manage a balanced mixture of assets between equities and fixed interest investments. The core of the equity assets within the Fund will tend to be invested in large companies whilst maintaining a reasonable presence in medium and small sized companies with above average potential for growth. However, the Fund is not restricted to the choice of company either by size or industry. The fixed interest assets will be invested primarily in a wide range of sterling and euro dominated investment grade interest bearing securities. UCITS scheme The Fund would qualify as a UCITS scheme operating under Chapter 5 of the COLL sourcebook if it were in itself an Open-Ended Investment Company in respect of which an authorisation order made by the FCA were in force. Not more than 20% of the scheme property may consist of units in collective investment schemes. Synthetic risk and reward profile There are several different ways of measuring risk. The table below uses an industry standard measure of fund risk based on measuring a fund's volatility using its returns over the past five years. Volatility is generated by both rising and falling prices. Volatility doesn't tell you how much a fund has lost or gained; it indicates how volatile its returns were historically. The Fund's ranking may change over time and may not be a reliable indication of its future risk profile. This is a separate measure to the fund Risk Profiles we used to determine our investment portfolios (where we used our own methodology to take an overall look at the funds' risks and aims and group our funds into Cautious/Medium, Medium, Medium/Adventurous, Adventurous Profiles). Typically lower rewards, lower risk Typically higher rewards, higher risk This Fund is ranked at 4* because it has experienced medium levels of volatility over the past 5 years. * As disclosed in the key investor information document dated 6 February Investment review Performance 01/06/14 01/06/13 01/06/12 01/06/11 01/06/10 to 31/05/15 to 31/05/14 to 31/05/13 to 31/05/12 to 31/05/11 % % % % % Cautious Managed Fund (1.74) Source: Financial Express after 1 June 2013, Morningstar between 1 June 2011 and 31 May 2013 and Lipper for previous periods. Basis: Percentage growth, total return Share Class C (gross of tax and charges) at 12.00pm. Past performance is not a guide to future performance. The value of an investment and the revenue from it may go up and down and you may get back less than invested. The Cautious Managed Fund invests in a mixture of mainly UK equities and corporate bonds. Over the last year, the Fund generated a gross return of 7.60% (6.01% net of expenses). Looking first at the equities portion of the portfolio, despite spells of volatility, UK equities made gains over the last 12 months. However, returns were lower than for some other developed markets, which was predominantly due to the dramatic fall in commodity prices, given the UK market s heavy exposure to the global energy and mining industries. However, April brought a rebound of nearly 20% in the oil price. Technology and consumer services companies were among the strongest performers over the period, with oil & gas and basic materials lagging. Corporate bonds form the other main component of the portfolio and provided returns that were similar to those produced by equities. Bond markets in general have benefited from record-low interest rates and from continuing economic uncertainties, which have made investors nervous about wholeheartedly embracing equities. Investment grade corporate bonds have also benefited from improving economic growth in the UK and investors ongoing hunt for yield. With cash and government bonds yields still near record lows, assets that offer a more generous pay-out are in high demand. 9

12 Cautious Managed Fund Investment markets overview (continued) Investment review (continued) The performance of the Fund was boosted by strong stock selection within the corporate bond portion of the portfolio, which more than made up for the slight underperformance within the UK equity portfolio. Looking ahead, there is a high degree of divergence in monetary policy between those regions that are experiencing growth (the US and UK) and those that are still struggling (Europe and Japan). This is affecting bond yields and the likely direction of all financial markets in these areas. This is something we are monitoring particularly closely. Overall, we remain cautiously optimistic about the ongoing global economic recovery. However, further volatility is likely and investing in a cautiously managed portfolio that spreads risk across both equities and bonds remains a sensible policy. Aberdeen Asset Investments Limited June 2015 Investment markets and conditions can change rapidly and as such the views expressed should not be taken as statements of fact nor should reliance be placed on these views when making investment decisions. 10

13 Cautious Managed Fund Performance record Calendar Highest Lowest Net revenue year price price per share p p p 2010 Share Class C Share Class F Share Class G Share Class I Share Class C Share Class F Share Class G Share Class I Share Class C Share Class F Share Class G Share Class I Share Class C Share Class F Share Class G Share Class I Share Class C Share Class F Share Class G Share Class I * Share Class C Share Class F Share Class G Share Class I * Up to 31 May

14 Cautious Managed Fund Performance record (continued) Net asset Net asset value of value Shares share class per share in issue p as at 31 May 2013 Share Class C 1,114,425, ,962,067,000 Share Class F 449,324, ,384,471,000 Share Class G 12,701, ,747,000 Share Class I 1,989,752, ,785,991,000 as at 31 May 2014 Share Class C 1,058,207, ,694,102,000 Share Class F 516,543, ,521,476,000 Share Class G 16,579, ,252,000 Share Class I 1,922,481, ,376,260,000 Share Class C 984,812, ,365,293,000 Share Class F 558,011, ,547,497,000 Share Class G 51,808, ,690,000 Share Class I 1,862,530, ,952,045,000 Ongoing charges figure The ongoing charges figure (OCF) is the total expenses paid by each share class in the year against its average net asset value. It excludes the cost of buying or selling assets for the Fund (unless these assets are shares of another fund). The OCF can fluctuate as underlying costs change. as at 31 May 2014 % % Share Class C Share Class F Share Class G Share Class I# # Fees are payable by institutional investors in this share class to the ACD outside the Fund. 12

15 Cautious Managed Fund Material portfolio changes Cost Proceeds Major purchases 000 Major sales 000 FTSE 100 Index Futures December ,258 Aberdeen Sterling Liquidity Fund Advisory 207,500 Aberdeen Sterling Liquidity Fund Advisory 120,392 FTSE 100 Index Futures September ,311 FTSE 100 Index Futures September ,888 FTSE 100 Index Futures June ,209 Aberdeen Sterling Investment Cash Fund Gross X Acc 84,000 FTSE 100 Index Futures December ,679 UK Long Gilt Futures March ,255 FTSE 100 Index Futures March ,094 UK Treasury 5% 07/03/ ,071 UK Long Gilt Futures March ,393 UK Long Gilt Futures December ,884 UK Long Gilt Futures December ,342 FTSE 100 Index Futures March ,107 UK Treasury 2.75% 22/01/ ,103 UK Treasury 2.75% 22/01/ ,223 UK Long Gilt Futures June ,947 FTSE 250 Index Futures December ,624 UK Treasury 5% 07/09/ ,544 Purchases and sales of Futures have been included at the value of their exposure. 13

16 Cautious Managed Fund Portfolio statement Market Value '000 % of Net Assets Holding UNITED KINGDOM (71.19%, 31/05/ %) BASIC MATERIALS (2.28%, 31/05/ %) 2.28 Chemicals Alent 154, Carclo 60, Croda International 98,745 2, Elementis 335,722 1, Johnson Matthey 150,098 5, Synthomer 197, Victrex 58,888 1, , Forestry & Paper Mondi 268,997 4, , Industrial Metals & Mining Evraz 385, Ferrexpo 108, Mining Acacia Mining 106, Anglo American 957,118 9, Anglo Pacific 110, Antofagasta 259,964 1, BHP Billiton 1,547,047 21, Fresnillo 124, Hochschild Mining 131, KAZ Minerals 193, Lonmin 423, Rio Tinto 913,860 26, Vedanta Resources 76, , TOTAL BASIC MATERIALS 78, CONSUMER GOODS (6.75%, 31/05/ %*) 6.75 Automobiles & Parts GKN 1,193,023 4, , Beverages A.G. Barr 63, Britvic 174,301 1, Diageo 1,844,905 33, SABMiller 692,458 24, Stock Spirits 46, , Food Producers Anglo-Eastern Plantations 18, Associated British Foods 255,256 7, Cranswick 36, Dairy Crest 102, Devro 132, Hilton Food 70, Premier Foods 513, Tate & Lyle 341,313 1, Unilever 883,696 25, ,

17 Cautious Managed Fund Portfolio statement (continued) Market Value '000 % of Net Assets Holding UNITED KINGDOM (continued) CONSUMER GOODS (continued) 6.75 Household Goods & Home Construction AGA Rangemaster 71, Barratt Developments 721,543 4, Bellway 89,493 2, Berkeley 92,204 2, Bovis Homes 98,592 1, Crest Nicholson 178, McBride 178, MJ Gleeson 18, Persimmon 224,032 4, Reckitt Benckiser 472,534 28, Redrow 159, Taylor Wimpey 2,366,358 4, , Leisure Goods Games Workshop 43, Photo-Me International 241, Personal Goods Burberry 324,504 5, Jimmy Choo 79, PZ Cussons 219, SuperGroup 24, Ted Baker 19, , Tobacco British American Tobacco 1,365,347 50, Imperial Tobacco 705,684 23, , TOTAL CONSUMER GOODS 233, CONSUMER SERVICES (4.66%, 31/05/ %*) 4.66 Food & Drug Retailers Booker 1,189,778 2, Greggs 75, J Sainsbury 1,034,414 2, Ocado 295,757 1, Tesco 5,949,904 12, WM Morrison Supermarkets 1,585,330 2, , General Retailers AA 443,839 1, AO World 129, Card Factory 134, Carpetright 45, Darty 500, Debenhams 897, Dignity 36, Dixons Carphone 728,725 3, Dunelm 66, Findel 83,

18 Cautious Managed Fund Portfolio statement (continued) Market Value '000 % of Net Assets Holding UNITED KINGDOM (continued) CONSUMER SERVICES (continued) 4.66 General Retailers (continued) Halfords 149, Home Retail 601, Inchcape 326,955 2, JD Sports Fashion 42, Just Eat 200, Kingfisher 1,735,075 6, Laura Ashley 249, Lookers 309, Marks & Spencer 1,205,233 7, Mothercare 142, N Brown 114, Next 107,852 8, Pendragon 1,354, Pets at Home 159, Poundland 131, Saga 309, Sports Direct International 184,162 1, Topps Tiles 135, WH Smith 83,080 1, , Media Bloomsbury Publishing 65, Centaur Media 124, Chime Communications 67, Euromoney Institutional Investor 29, Huntsworth 69, Informa 475,335 2, ITE 198, ITV 2,742,129 7, Johnston Press 88, Moneysupermarket.com 323, Pearson 595,583 7, Perform** 76, Reed Elsevier 829,099 9, Rightmove 68,191 2, Sky 768,075 8, Trinity Mirror 254, UTV Media 76, Zoopla Property 138, , Travel & Leisure Betfair 60,076 1, Carnival 133,662 4, Cineworld 142, Compass 1,222,052 14, Domino's Pizza 99, easyjet 181,972 2, Enterprise Inns 390, Firstgroup 881,994 1, Fuller Smith & Turner 29, Go-Ahead 31, Greene King 159,286 1, InterContinental Hotels 173,149 4, JD Wetherspoon 63, Ladbrokes 683, Marston's 428,

19 Cautious Managed Fund Portfolio statement (continued) Market Value '000 % of Net Assets Holding UNITED KINGDOM (continued) CONSUMER SERVICES (continued) 4.66 Travel & Leisure (continued) Merlin Entertainments 519,777 2, Millennium & Copthorne Hotels 109, Mitchells & Butlers 175, National Express 308, Punch Taverns 30, Rank 125, Restaurant 146,034 1, Spirit Pub 488, SSP 267, Stagecoach 312,117 1, Thomas Cook 1,064,638 1, Whitbread 132,074 6, William Hill 638,643 2, , TOTAL CONSUMER SERVICES 161, FINANCIALS (17.31%, 31/05/ %) Banks Bank of Georgia 24, Barclays 12,008,850 32, HSBC 13,968,347 87, Lloyds Banking Group 39,590,264 34, Royal Bank of Scotland 1,580,316 5, Standard Chartered 1,482,274 15, Virgin Money UK 87, , Equity Investment Instruments Aberdeen Asian Smaller Companies Investment Trust 35, Aberdeen New Dawn Investment Trust 123, Aberdeen UK Tracker Trust 101, Aberforth Smaller Companies Trust 69, Alliance Trust 406,430 2, Allianz Technology Trust 13, Artemis Alpha Trust 39, Asian Total Return Investment Company 73, Baillie Gifford Japan Trust 64, Bankers Investment Trust 81, Baring Emerging Europe 20, Biotech Growth Trust 68, BlackRock Commodities Income Investment Trust 92, BlackRock Emerging Europe Trust 35, BlackRock Greater Europe Investment Trust 5, BlackRock Income Strategies Trust 288, BlackRock Latin American Investment Trust 38, BlackRock Smaller Companies Trust 47, BlackRock Throgmorton Trust 72, BlackRock World Mining Trust 130, British Empire Securities and General Trust 101, Brunner Investment Trust 30, Caledonia Investments 23, Candover Investments 22, City Natural Resources High Yield Trust 63, Diverse Income Trust 347, Dunedin Enterprise Investment Trust 22, Dunedin Income Growth Investment Trust 149, Ecofin Water & Power Opportunities 207,

20 Cautious Managed Fund Portfolio statement (continued) Market Value '000 % of Net Assets Holding UNITED KINGDOM (continued) FINANCIALS (continued) Equity Investment Instruments (continued) Edinburgh Dragon Trust 163, Edinburgh Worldwide Investment Trust 48, Electra Private Equity 26, European Investment Trust 38, F&C Capital & Income Investment Trust 80, F&C Global Smaller Companies 41, F&C Private Equity Trust 71, Fidelity Asian Values 91, Fidelity China Special Situations 418, Fidelity European Values 306, Fidelity Special Values 53, Finsbury Growth & Income Trust 79, Foreign & Colonial Investment Trust 413,883 1, Graphite Enterprise Trust 71, Greencoat UK Wind 301, Hansa Trust 3, Henderson European Focus Trust 16, Henderson EuroTrust 18, Henderson Global Trust 39, Henderson High Income Trust 98, Henderson Smaller Companies Investment Trust 68, Henderson Value Trust 47, Herald Investment Trust 66, HgCapital Trust 35, Impax Environmental Markets 237, Invesco Asia Trust 88, Invesco Income Growth Trust 57, Invesco Perpetual UK Smaller Companies Investment Trust 47, JPMorgan American Investment Trust 204, JPMorgan Asian Investment Trust 99, JPMorgan Chinese Investment Trust 75, JPMorgan Claverhouse Investment Trust 54, JPMorgan Emerging Markets Investment Trust 94, JPMorgan European Investment Trust 91, JPMorgan European Smaller Companies Trust 164, JPMorgan Indian Investment Trust 98, JPMorgan Japan Smaller Companies Trust 39, JPMorgan Japan Smaller Companies Trust Subscription Shares 7, JPMorgan Japanese Investment Trust 157, JPMorgan Mid Cap Investment Trust 23, JPMorgan Overseas Investment Trust 23, JPMorgan Russian Securities 73, JPMorgan Smaller Companies Investment Trust 18, JPMorgan Smaller Companies Investment Trust Subscription Shares 3, Jupiter European Opportunities Trust 80, Jupiter US Smaller Companies 23, Keystone Investment Trust 13, Law Debenture 86, LMS Capital 117, Lowland Investment Company 26, Majedie Investments 11, Martin Currie Pacific Trust 38, Martin Currie Portfolio Investment Trust 102, Mercantile Investment Trust 71,380 1, Merchants Trust 86, Monks Investment Trust 159, Montanaro UK Smaller Companies Investment Trust 29, Murray Income Trust 51,

21 Cautious Managed Fund Portfolio statement (continued) Market Value '000 % of Net Assets Holding UNITED KINGDOM (continued) FINANCIALS (continued) Equity Investment Instruments (continued) Murray International Trust 93, North American Income Trust 32, North Atlantic Smaller Companies Investment Trust 11, Pacific Assets Trust 117, Pacific Horizon Investment Trust 61, Pantheon International Participations 34, Perpetual Income and Growth Investment Trust 173, Personal Assets Trust 1, Polar Capital Technology Trust 97, RIT Capital Partners 93,074 1, Schroder AsiaPacific Fund 154, Schroder Income Growth Fund 67, Schroder Japan Growth Fund 123, Schroder UK Growth Fund 159, Schroder UK Mid Cap Fund 35, Scottish American Investment 130, Scottish Investment Trust 79, Scottish Mortgage Investment Trust 912,403 2, Scottish Oriental Smaller Companies Trust 31, Securities Trust of Scotland 113, Shires Income 29, Standard Life Equity Income Trust 37, Standard Life European Private Equity Trust 81, Standard Life UK Smaller Companies Trust 65, Temple Bar Investment Trust 47, Templeton Emerging Markets Investment Trust 236,229 1, The City of London Investment Trust 221, The Edinburgh Investment Trust 143,721 1, TR European Growth Trust 46, TR Property Investment Trust 234, Troy Income & Growth Trust 238, Value and Income Trust 38, Witan Investment Trust 139,528 1, Witan Pacific Investment Trust 65, Worldwide Healthcare Trust 35, , Financial Services 3i 705,824 4, Aberdeen Asset Management 731,528 3, Allied Minds 56, Ashmore 285, Brewin Dolphin 201, Close Brothers 109,173 1, Hargreaves Lansdown 159,811 2, ICAP 392,791 2, IG 266,073 2, Intermediate Capital 284,514 1, International Personal Finance 174, Investec 372,687 2, IP 337, Jupiter Fund Management 305,100 1, London Stock Exchange 227,441 5, Man 1,157,756 2, Paragon 223,

22 Cautious Managed Fund Portfolio statement (continued) Market Value '000 % of Net Assets Holding UNITED KINGDOM (continued) FINANCIALS (continued) Financial Services (continued) Provident Financial 107,067 3, Rathbone Brothers 35, S&U Schroders 82,779 2, SVG Capital 136, Tullett Prebon 175, , Life Insurance Aviva 2,895,140 15, Chesnara 112, Just Retirement 172, Legal & General 4,349,317 11, Old Mutual 3,579,764 8, Partnership Assurance 134, Prudential 1,869,048 30, St James's Place 375,687 3, , Non-Equity Investment Instruments Scottish Widows Fundamental Index UK Equity Fund X Acc 166,164, , , Non-Life Insurance Admiral 143,605 2, Amlin 366,356 1, Brit 76, Direct Line Insurance 1,098,698 3, esure 177, Jardine Lloyd Thompson 89, Novae 63, RSA Insurance 743,889 3, Standard Life 1,432,681 7, , Real Estate Investment & Services Capital & Counties Properties 532,214 2, CLS 12, Countrywide 111, Daejan 3, Development Securities 113, Foxtons 133, Grainger 300, Helical Bar 96, LSL Property Services 84, Quintain Estates & Development 461, Savills 92, ST Modwen Properties 127, Unite 147, , Real Estate Investment Trusts Big Yellow 107, British Land 740,974 6, Capital & Regional 241, Custodian REIT 53, Derwent London 72,952 2, Great Portland Estates 251,917 2,

23 Cautious Managed Fund Portfolio statement (continued) Market Value '000 % of Net Assets Holding UNITED KINGDOM (continued) FINANCIALS (continued) Real Estate Investment Trusts (continued) Hammerson 574,450 3, Hansteen 491, Intu Properties 672,383 2, Land Securities 576,232 7, Londonmetric Property 437, McKay Securities 35, Mucklow A & J 43, Primary Health Properties 87, Safestore 184, Segro 556,409 2, Shaftesbury 203,524 1, Town Centre Securities 22, Workspace 84, , TOTAL FINANCIALS 600, FIXED INCOME (22.53%, 31/05/ %) Corporate Bonds Abbey National Treasury Services 1.125% 14/01/2022 EUR100, Abbey National Treasury Services 5.75% 02/03/2027 GBP5,753,000 7, Abbey National Treasury Services 5.25% 16/02/2029 GBP8,332,000 10, Amlin 6.5% 19/12/2026 GBP5,903,000 6, Anglian Water Services Financing 6.293% 30/07/2030 GBP2,184,000 2, Artesian Finance II 6% 30/09/2033 GBP9,559,000 12, Aspire Defence Finance Series A 4.674% 31/03/2040 GBP3,501,878 4, Aspire Defence Finance Series B 4.674% 31/03/2040 GBP5,222,288 6, Aviva 6.125% 14/11/2036 GBP3,840,000 4, Aviva 3.375% 04/12/2045 EUR300, Aviva 5.125% 04/06/2050 GBP2,600,000 2, Aviva 6.875% 20/05/2058 GBP6,068,000 7, Aviva 6.125% Perpetual GBP5,490,000 5, Bank of Scotland 6.375% 16/08/2019 GBP5,535,000 6, Barclays Bank 10% 21/05/2021 GBP10,242,000 13, Barclays Bank 4.25% 12/01/2022 GBP6,870,000 7, Barclays Bank 5.75% 14/09/2026 GBP4,856,000 5, Barclays Bank 6.375% Perpetual GBP4,116,000 4, Barclays Bank 8.25% Perpetual GBP1,252,000 1, Barclays Bank 14% Perpetual GBP3,895,000 5, BAT International Finance 6% 29/06/2022 GBP6,100,000 7, BAT International Finance 0.875% 13/10/2023 EUR1,200, BAT International Finance 6% 24/11/2034 GBP2,826,000 3, BG Energy Capital 5% 04/11/2036 GBP3,888,000 4, BG Energy Capital (EUR) 6.5% 30/11/2072 EUR714, BG Energy Capital (GBP) 6.5% 30/11/2072 GBP5,618,000 6, BP Capital Markets 4.325% 10/12/2018 GBP6,869,000 7, British Telecommunications 5.75% 07/12/2028 GBP6,316,000 7, Canary Wharf Finance II 6.455% 22/10/2033 GBP3,115,152 4, Centrica 6.375% 10/03/2022 GBP6,653,000 8, Centrica 4.25% 12/09/2044 GBP2,978,000 3, Centrica 5.25% 10/04/2075 GBP4,700,000 4, Circle Anglia Social Housing 5.2% 02/03/2044 GBP4,454,000 5, Close Brothers Finance 3.875% 27/06/2021 GBP4,000,000 4, Clydesdale Bank 4.625% 08/06/2026 GBP8,177,000 9, Coventry Building Society 4.625% 19/04/2018 GBP6,786,000 7, CTRL Section 1 Finance 5.234% 02/05/2035 GBP8,417,694 10, Eastern Power Networks 6.25% 12/11/2036 GBP2,300,000 3, EE Finance 4.375% 28/03/2019 GBP4,817,000 5,

24 Cautious Managed Fund Portfolio statement (continued) Market Value '000 % of Net Assets Holding UNITED KINGDOM (continued) FIXED INCOME (continued) Corporate Bonds (continued) Equity Release Funding No % 26/04/2033 GBP7,742,000 9, Experian Finance 4.75% 23/11/2018 GBP793, FCE Bank 1.114% 13/05/2020 EUR753, FCE Bank 1.134% 10/02/2022 EUR252, Firstgroup 6.125% 18/01/2019 GBP5,067,000 5, Firstgroup 8.75% 08/04/2021 GBP2,120,000 2, Friends Life 8.25% 21/04/2022 GBP4,517,000 5, GKN 6.75% 28/10/2019 GBP3,382,000 3, Grainger 5% 16/12/2020 GBP1,900,000 1, Great Rolling Stock 6.5% 05/04/2031 GBP4,483,340 5, Hammerson 6.875% 31/03/2020 GBP3,334,000 4, Hammerson 7.25% 21/04/2028 GBP2,406,000 3, Heathrow Finance 5.75% 03/03/2025 GBP3,500,000 3, HSBC 6.5% 20/05/2024 GBP2,612,000 3, HSBC 7% 07/04/2038 GBP8,550,000 11, HSBC 6% 29/03/2040 GBP4,000,000 4, HSBC Bank 5.375% 22/08/2033 GBP4,612,000 5, Hutchison Whampoa Finance 'B' 5.625% 24/11/2026 GBP5,850,000 7, Imperial Tobacco Finance 8.125% 15/03/2024 GBP7,503,000 10, Imperial Tobacco Finance 5.5% 28/09/2026 GBP5,500,000 6, Integrated Accommodation Services 6.48% 31/03/2029 GBP331, InterContinental Hotels 3.875% 28/11/2022 GBP5,724,000 6, Legal & General 5.5% 27/06/2064 GBP5,600,000 6, Lloyds Bank 10.75% 16/12/2021 GBP3,533,000 4, Lloyds Bank % 12/02/2024 EUR8,629,000 8, Lloyds Bank 7.5% 15/04/2024 GBP3,694,000 5, Lloyds Bank 1.25% 13/01/2025 EUR300, Lloyds Bank 7.625% 22/04/2025 GBP4,200,000 5, Lloyds Bank 5.75% 09/07/2025 GBP8,896,000 9, Lloyds Bank 6.5% 17/09/2040 GBP3,298,000 4, Lloyds Banking 7% Perpetual GBP5,364,000 5, Lloyds Banking 7.625% Perpetual GBP1,057,000 1, Lloyds Banking 7.875% Perpetual GBP3,739,000 4, London & Quadrant Housing Trust 4.625% 05/12/2033 GBP4,098,000 4, London Power Networks 5.125% 31/03/2023 GBP3,820,000 4, Manchester Airport Group Funding 4.125% 02/04/2024 GBP3,300,000 3, Manchester Airport Group Funding 4.75% 31/03/2034 GBP3,000,000 3, Marks & Spencer 4.75% 12/06/2025 GBP6,090,000 6, Motability Operations 5.625% 29/11/2030 GBP7,044,000 9, National Grid Electricity Transmission 6.5% 27/07/2028 GBP4,194,000 5, National Grid Electricity Transmission 7.375% 13/01/2031 GBP8,141,000 12, National Grid Gas 6.375% 03/03/2020 GBP1,500,000 1, Nationwide Building Society 6.75% 22/07/2020 EUR6,662,000 5, Nationwide Building Society 1.125% 03/06/2022 EUR599, Nationwide Building Society 1.25% 03/03/2025 EUR800, Northumbrian Water Finance 5.125% 23/01/2042 GBP6,794,000 8, Orbit Capital 3.5% 24/03/2045 GBP4,200,000 4, Provident Financial 8% 23/10/2019 GBP4,550,000 5, RMPA Services 5.337% 30/09/2038 GBP6,000,813 7, Royal Bank of Scotland 7.5% 29/04/2024 GBP7,141,000 9, RSA Insurance Group 5.125% 10/10/2045 GBP3,500,000 3, Sanctuary Capital 5% 26/04/2047 GBP2,800,000 3, Santander UK 9.625% 30/10/2023 GBP5,710,000 6, Santander UK 7.5% Perpetual GBP4,395,000 4, Segro 5.625% 07/12/2020 GBP3,183,000 3, Severn Trent Utilities Finance 6% 22/01/2018 GBP2,286,000 2, Severn Trent Utilities Finance 6.125% 26/02/2024 GBP4,601,000 5, Sky FRN 0.768% 01/04/2020 EUR708,

25 Cautious Managed Fund Portfolio statement (continued) Market Value '000 % of Net Assets Holding UNITED KINGDOM (continued) FIXED INCOME (continued) Corporate Bonds (continued) Society of Lloyd's 4.75% 30/10/2024 GBP9,683,000 10, Society of Lloyd's 7.421% Perpetual GBP3,859,000 4, South Eastern Power Networks 5.5% 05/06/2026 GBP4,149,000 5, Southern Electric Power Distribution 4.625% 20/02/2037 GBP4,300,000 4, Southern Gas Networks 4.875% 21/12/2020 GBP5,179,000 5, Southern Gas Networks 6.375% 15/05/2040 GBP3,608,000 5, SPD Finance UK 5.875% 17/07/2026 GBP4,395,000 5, SSE 6.25% 27/08/2038 GBP4,280,000 5, SSE 2.375% Perpetual EUR1,000, SSE 3.875% Perpetual GBP6,400,000 6, SSE 5.025% Perpetual EUR3,760,000 2, Standard Chartered Bank 7.75% Perpetual GBP11,660,000 13, Standard Life 6.75% Perpetual GBP8,715,000 10, Thames Water Kemble Finance 7.75% 01/04/2019 GBP4,304,000 4, Thames Water Utilities Finance 5.125% 28/09/2037 GBP4,000,000 4, THFC Funding No 3 5.2% 11/10/2043 GBP4,297,000 5, United Utilities Water 5.75% 25/03/2022 GBP4,951,000 5, UPP Bond 1Issuer % 28/02/2040 GBP4,459,358 5, Wellcome Trust 1.125% 21/01/2027 EUR300, Wessex Water Services Finance 5.375% 10/03/2028 GBP3,000,000 3, Western Power Distribution West Midlands 5.75% 16/04/2032 GBP9,594,000 12, Western Power Distribution South West 5.75% 23/03/2040 GBP950,000 1, Whitbread 3.375% 16/10/2025 GBP3,204,000 3, Yorkshire Building Society 4.75% 12/04/2018 GBP4,612,000 5, , Government Bonds UK Treasury 4.75% 07/09/2015 GBP3,188,000 3, UK Treasury 4% 07/09/2016 GBP2,920,000 3, UK Treasury 1.25% 22/07/2018 GBP1,404,000 1, UK Treasury 4.5% 07/03/2019 GBP1,711,000 1, UK Treasury 4.75% 07/03/2020 GBP175, UK Treasury 8% 07/06/2021 GBP1,575,000 2, UK Treasury 4% 07/03/2022 GBP381, UK Treasury 5% 07/03/2025 GBP32,603,000 41, UK Treasury 6% 07/12/2028 GBP4,580,000 6, UK Treasury 4.75% 07/12/2030 GBP251, UK Treasury 4.25% 07/06/2032 GBP7,972,000 10, UK Treasury 4.5% 07/09/2034 GBP931,000 1, UK Treasury 4.75% 07/12/2038 GBP1,281,000 1, UK Treasury 4.25% 07/09/2039 GBP283, UK Treasury 4.5% 07/12/2042 GBP1,209,000 1, UK Treasury 3.25% 22/01/2044 GBP1,965,000 2, UK Treasury 4.25% 07/12/2049 GBP1,386,000 1, UK Treasury 4% 22/01/2060 GBP888,000 1, , Mortgage Backed Securities Annington Finance No % 10/01/2023 GBP6,990,000 7, Annington Finance No % 10/01/2023 GBP1,550,000 2, Dignity Finance % 31/12/2049 GBP5,211,000 5, Fosse Master Issuer 4.635% 18/10/2054 GBP7,174,000 7, Gemgarto FRN 1% 16/02/2047 GBP1,205,000 1, Land Securities Capital Markets 4.875% 29/09/2025 GBP1,355,000 1, Land Securities Capital Markets 5.376% 30/09/2029 GBP3,055,000 3, Land Securities Capital Markets 5.396% 31/07/2032 GBP3,242,000 4, Land Securities Capital Markets 5.125% 07/02/2036 GBP1,105,000 1, Meadowhall Finance 4.986% 12/07/2037 GBP5,228,241 6,

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