Vanguard Funds plc. Semiannual Report and Unaudited Financial Statements. For the Six Months Ended 31 December 2015

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1 Semiannual Report and Unaudited Financial Statements For the Six Months Ended 31 December 2015 Vanguard Funds plc An investment company with variable capital constituted as an umbrella fund with segregated liability between Funds and incorporated with limited liability under the laws of Ireland under registration number and authorised and regulated by the Central Bank of Ireland pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended).

2 Contents Chairman s Letter 1 Total Returns 3 Tracking Error 4 Aggregated Financial Statements for Vanguard Funds plc 5 Vanguard FTSE 100 UCITS ETF 8 Vanguard FTSE 250 UCITS ETF 15 Vanguard FTSE All-World UCITS ETF 23 Vanguard FTSE All-World High Dividend Yield UCITS ETF 55 Vanguard FTSE Developed Asia Pacific ex Japan UCITS ETF 72 Vanguard FTSE Developed Europe UCITS ETF 82 Vanguard FTSE Developed Europe ex UK UCITS ETF 92 Vanguard FTSE Developed World UCITS ETF 101 Vanguard FTSE Emerging Markets UCITS ETF 123 Vanguard FTSE Japan UCITS ETF 138 Vanguard FTSE North America UCITS ETF 148 Vanguard Global Liquidity Factor UCITS ETF 160 Vanguard Global Minimum Volatility UCITS ETF 179 Vanguard Global Momentum Factor UCITS ETF 187 Vanguard Global Value Factor UCITS ETF 202 Vanguard S&P 500 UCITS ETF 218 Vanguard U.K. Government Bond UCITS ETF 228 Notes to the Financial Statements 235 Glossary of Investment Terms 253 About the cover: Pictured is a sailing block on the Brilliant, a 1932 schooner docked in Mystic, Connecticut. A type of pulley, the sailing block helps coordinate the setting of the sails. At Vanguard, the intricate coordination of technology and people allows us to help millions of clients around the world reach their financial goals.

3 Chairman s Letter Dear Shareholder, I m pleased to present the results for the 17 Vanguard exchange-traded funds offered through Vanguard Funds plc for the fiscal half year ended 31 December This report includes four actively managed equity ETFs, which were launched on 9 December 2015: Vanguard Global Liquidity Factor UCITS ETF, Vanguard Global Minimum Volatility UCITS ETF, Vanguard Global Momentum Factor UCITS ETF and Vanguard Global Value Factor UCITS ETF. As their names imply, each of the new ETFs integrates factor exposure decisions into the process of constructing a broad, globally diversified portfolio. (A factor is an underlying exposure, such as volatility, that explains and influences an investment s risk.) Positive stock and bond returns were hard to find, and the stronger US dollar further trimmed results translated into dollars. The six-month returns of the 12 established equity ETFs, in their base currencies, ranged from 0.55% for the FTSE 250 UCITS ETF to 18.46% for the FTSE Emerging Markets UCITS ETF. The U.K. Government Bond UCITS ETF returned 1.82% in pounds. The returns of all 13 of these ETFs were generally in line with those of their benchmark indices. Global capital markets struggled, and central bank policies diverged In last year s semiannual report, I wrote: Tumbling oil prices and concerns about slower economic growth took center stage during the second half of We saw an encore performance in the second half of Oil prices seemed to stabilise earlier in 2015 but dropped in the second half (and continued falling in January). The impact of lower prices reverberated around the globe: They have been a boon for many consumers but have been a drag on capital spending and have hurt emerging-market oil exporters. Concerns about slower growth in China also weighed on investors and led to spikes in volatility in China s stock markets. The US economy was a bright spot. In mid- December, acknowledging relatively healthy US growth and improving employment, the Federal Reserve raised interest rates for the first time in nearly a decade. Other major central banks ramped up their stimulus efforts. The European Central Bank (ECB) expanded its bond-buying programme in December, but its steps fell short of investor expectations. (In January, the ECB signaled that more stimulus might be forthcoming.) As shown in the table on page 2, index returns were negative across the board and were even lower when translated into dollars. The exception was the Citigroup World Government Bond Index, which returned nearly 2% in local currencies and remained positive in dollars. Bond returns seesawed because of some of the same concerns that weighed on stocks. A dose of discipline is crucial when markets become volatile The markets recent volatility reminds us that nobody can control their direction or reliably forecast where they ll go. However, investors can control how they react to unstable and turbulent markets. Amid turmoil, it s more important than ever to keep sight of one of Vanguard s key principles: Maintain perspective and long-term discipline. Investment success is affected greatly by how you respond or don t respond during turbulent markets. (You can read Vanguard s Principles for Investing Success at vanguard.com/research.) As I ve written in the past, the best course for long-term investors is generally to ignore daily market moves and not make decisions based on emotion. The new year is also a good time to evaluate your portfolio and make sure your asset allocation is aligned with your time horizon, goals and risk tolerance. Keeping your long-term plans clearly in focus can help you weather these periodic storms. Thank you for entrusting your assets to Vanguard. Sincerely, F. William McNabb III Chairman and Chief Executive Officer The Vanguard Group, Inc. 29 February

4 Market Barometer Total Returns (in US dollars) Periods Ended 31 December 2015 Index Six Months One Year Five Years 1 S&P (Large-cap US stocks) -0.17% 0.75% 11.85% MSCI World MSCI Europe MSCI Pacific MSCI Emerging Markets Citigroup WGBI (World bonds) Currency Impact Six Months Ended 31 December 2015 Local-Currency Currency US Dollar Index Returns Effect Returns S&P % 0.00% -0.17% MSCI World MSCI Europe MSCI Pacific MSCI Emerging Markets Citigroup WGBI Annualised. 2 The returns of the S&P 500 Index are adjusted by 30% for the withholding tax on dividends paid by US securities. 2

5 Total Returns Total Returns (in US dollars, based on net asset value) Six Months Ended 31 December 2015 Vanguard FTSE All-World UCITS ETF -4.91% FTSE All-World Index Vanguard FTSE All-World High Dividend Yield UCITS ETF -6.46% FTSE All-World High Dividend Yield Index Vanguard FTSE Developed Asia Pacific ex Japan UCITS ETF -8.50% FTSE Developed Asia Pacific ex Japan Index Total Returns (in British pounds, based on net asset value) Six Months Ended 31 December 2015 Vanguard FTSE 100 UCITS ETF -2.69% FTSE 100 Index Vanguard FTSE 250 UCITS ETF 0.55% FTSE 250 Index 0.65 Vanguard U.K. Government Bond UCITS ETF 1.82% Barclays U.K. Government Float Adjusted Bond Index 1.91 Vanguard FTSE Developed World UCITS ETF -3.46% FTSE Developed Index Vanguard FTSE Emerging Markets UCITS ETF % FTSE Emerging Index Vanguard FTSE Japan UCITS ETF -3.24% FTSE Japan Index Vanguard FTSE North America UCITS ETF -1.62% FTSE North America Index Total Returns (in euro, based on net asset value) Six Months Ended 31 December 2015 Vanguard FTSE Developed Europe UCITS ETF -3.75% FTSE Developed Europe Index Vanguard FTSE Developed Europe ex UK UCITS ETF -2.46% FTSE Developed Europe ex UK Index Vanguard Global Liquidity Factor UCITS ETF % FTSE Developed All Cap Index Vanguard Global Minimum Volatility UCITS ETF % FTSE Global All Cap Index 100% Hedged Vanguard Global Momentum Factor UCITS ETF % FTSE Developed All Cap Index Vanguard Global Value Factor UCITS ETF % FTSE Developed All Cap Index Vanguard S&P 500 UCITS ETF % S&P 500 Index Returns since fund inception: 9 December The return of Vanguard S&P 500 UCITS ETF is adjusted by 15% for the withholding tax on dividends paid by US securities. 3 The returns of the S&P 500 Index are adjusted by 30% for the withholding tax on dividends paid by US securities. 3

6 Tracking Error Each of the funds listed in the table employs a passive investment strategy designed to replicate the performance of its benchmark index. Some of the funds attempt to fully replicate the index by holding all of the component securities, in approximately the same proportion as their weighting in the index. Other funds instead use an index sampling process, holding a representative sample of securities which approximates the full index in terms of key risk factors and other characteristics. Tracking error measures the volatility of the return difference between the fund and the index. It is calculated as the standard deviation of active returns gross of fees for the trailing 36-month period (or since the fund s inception if it does not have 36 months of performance history). As at 31 December 2015 Ex-Post Fund Tracking Error FTSE 100 UCITS ETF FTSE 250 UCITS ETF FTSE All-World UCITS ETF FTSE All-World High Dividend Yield UCITS ETF FTSE Developed Asia Pacific ex Japan UCITS ETF FTSE Developed Europe UCITS ETF FTSE Developed Europe ex UK UCITS ETF FTSE Developed World UCITS ETF FTSE Emerging Markets UCITS ETF FTSE Japan UCITS ETF FTSE North America UCITS ETF S&P 500 UCITS ETF U.K. Government Bond UCITS ETF The fund seeks to replicate the index by investing all, or substantially all, of its assets in the securities that make up the index, holding each in approximately the same proportion as its weighting in the index. 2 The fund attempts to select those securities that will create the representative sample that tracks the performance of the index as closely as possible. 4

7 Aggregated Financial Statements for Vanguard Funds plc Aggregated Statement of Assets and Liabilities Total Total US Dollars ($) US Dollars ($) As at 31 December As at 30 June Current Assets Financial Assets at Fair Value Through Profit or Loss 19,154,069,394 17,074,938,778 Financial Derivative Instruments 951, ,022 Cash and Liquid Assets 45,758,054 75,926,954 Futures Margin Cash 2,007,120 5,208,716 Investments Sold 33,490,805 4,223,469 Capital Shares Sold 21,865,390 Income Receivable and Other Assets 27,806,902 32,144,764 Total Assets 19,264,093,906 17,214,439,093 Liabilities Due Within One Year Financial Derivative Instruments 159,390 1,908,812 Bank Overdraft 9,360,823 1,154,713 Futures Margin Cash Due to Broker 126,136 47,508 Investments Purchased 3,537,718 34,468,164 Capital Shares Redeemed 31,586,960 Management Fees Payable 1,620,128 1,512,358 Other Payables Liabilities (Excluding Net Assets Attributable to Holders of Redeemable Participating Shares) 46,391,501 39,091,926 Net Assets Attributable to Redeemable Participating Shares 19,217,702,405 17,175,347,167 The accompanying notes form an integral part of the financial statements. 5

8 Aggregated Statement of Operations Total Total US Dollars ($) US Dollars ($) Six Months Ended Six Months Ended Note 1 31 December December 2014 Investment Income Interest Income 1,549, ,275 Dividend Income 218,079, ,752,495 Miscellaneous Income 2,756 4,914 Net Realised Gain/(Loss) on Financial Assets Held at Fair Value Through Profit or Loss (198,142,444) (8,062,590) Net Realised Gain/(Loss) on Financial Derivative Instruments (2,938,753) (196,661) Net Change in Unrealised Gain/(Loss) on Financial Assets Held at Fair Value Through Profit or Loss (283,133,796) 279,514,924 Net Change in Unrealised Gain/(Loss) on Financial Derivative Instruments 2,570,031 2,031,369 Total Investment Income/(Loss) (262,012,952) 405,698,726 Expenses Management Fees 9,073,092 5,944,978 Transaction Fees and Commissions 3a 4,027,535 7,800,402 Other Expenses 80,997 80,541 Total Operating Expenses 13,181,624 13,825,921 Finance Costs Overdraft Expense 9, Distribution Paid 203,211, ,706,984 Income Equalisation (7,795,018) (19,594,519) Total Finance Costs 195,426, ,113,355 Net Investment Income/(Loss) After Finance Costs (470,621,138) 284,759,450 Foreign Withholding Tax (24,777,838) (14,158,844) Net Increase/(Decrease) in Net Assets Attributable to Holders of Redeemable Participating Shares (495,398,976) 270,600,606 1 See the Notes to the Financial Statements on pages The notes form an integral part of the financial statements. There are no recognised gains or losses arising in the period other than those included above. In arriving at the results for the period, all amounts relate to continuing operations. 6

9 Aggregated Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares Increase/(Decrease) in Net Assets Total Total US Dollars ($) US Dollars ($) Six Months Ended Six Months Ended 31 December December 2014 Net Increase/(Decrease) in Net Assets Attributable to Holders of Redeemable Participating Shares From Operations (495,398,976) 270,600,606 Capital Transactions Subscriptions 3,949,791,978 7,865,015,766 Redemptions (1,198,777,798) (83,200,561) Total Capital Transactions 1 2,751,014,180 7,781,815,205 Total Increase/(Decrease) for the Period 2,255,615,204 8,052,415,811 Net Assets Attributable to Holders of Redeemable Participating Shares Beginning of Period 17,175,347,167 7,341,546,345 Foreign Exchange Translation Adjustment (213,259,966) (218,530,918) End of Period 19,217,702,405 15,175,431,238 1 Capital Transactions include income equalisation adjustments of USD ($) 7,795,018 (31 December 2014: USD ($) 19,594,519). The accompanying notes form an integral part of the financial statements. 7

10 Vanguard FTSE 100 UCITS ETF Sub-managed by Vanguard Asset Management, Limited Fund Profile As at 31 December 2015 Investment Objective Vanguard FTSE 100 UCITS ETF seeks to track the performance of the FTSE 100 Index, a widely recognised benchmark of the UK market s most highly capitalised blue-chip companies. Portfolio Characteristics Fund FTSE 100 Index Number of Stocks Median Market Cap British Pounds 39.4B 39.4B Price/Earnings Ratio 25.1x 25.1x Price/Book Ratio 1.7x 1.7x Yield 3.9% 3.9% Return on Equity 20.9% 20.9% Earnings Growth Rate 3.8% 3.8% Turnover Rate 5% Ongoing Charges Figure 0.09% Short-Term Reserves 0.0% Ten Largest Holdings 1 (% of total net assets) HSBC Holdings plc Banks 6.5% Royal Dutch Shell plc Integrated Oil & Gas 6.1 British American Tobacco plc Tobacco 4.4 GlaxoSmithKline plc Pharmaceuticals 4.1 BP plc Integrated Oil & Gas 4.0 Vodafone Group plc Mobile Telecommunications 3.6 AstraZeneca plc Pharmaceuticals 3.6 Lloyds Banking Group plc Banks 2.9 Diageo plc Distillers & Vintners 2.9 Reckitt Benckiser Group plc Nondurable Household Products 2.5 Top Ten 40.6% Investment Focus Style Value Blend Growth Market Cap Large Volatility Measures FTSE 100 Fund Index R-Squared Beta Medium Small Sector Diversification (% of portfolio) FTSE 100 Fund Index Basic Materials 4.5% 4.5% Consumer Goods Consumer Services Financials Health Care Industrials Oil & Gas Technology Telecommunications Utilities The holdings listed exclude any temporary cash investments and equity index products. 8

11 FTSE 100 UCITS ETF Performance Summary For the six months ended 31 December 2015, Vanguard FTSE 100 UCITS ETF returned 2.69%, in line with its benchmark, which returned 2.65%. The tracking difference was 0.04 percentage point. 1 Stocks declined in the United Kingdom s mixed economic environment. Consumer confidence rose and unemployment fell, while GDP growth slowed. Four of the fund s ten sectors recorded negative returns. Basic materials ( 38%), oil and gas ( 11%), financials ( 6%) and industrials ( 4%) hurt results. Consumer goods (+11%), health care (+8%) and utilities (+6%) were among the leading contributors. FTSE 100 UCITS ETF Benchmark: FTSE 100 Index GBP-Denominated Cumulative Performance: 22 May December 2015 Initial Investment of 100, , , ,000 Total Returns Final Value of Periods Ended 31 December 2015 a 100,000 Six Months Since Inception 3 Investment ETF Net Asset Value -2.69% 7.78% 131,038 Benchmark ,345 Fiscal-Year Total Investment Returns (%): 22 May December ETF Net Asset Value Benchmark 1 In tracking the performance of the index, the fund attempts to replicate the index by investing all, or substantially all, of its assets in the securities that make up the index, holding each in approximately the same proportion as its weighting in the index. 2 For fiscal year 2016, returns reflect the six months ended 31 December Average annual return since inception: 22 May

12 FTSE 100 UCITS ETF Financial Statements Schedule of Investments 31 December 2015 Equities 98.36% (30 June 2015: 97.77%) Basic Materials 4.46% (30 June 2015: 6.98%) Shares GBP ( ) Net Assets Rio Tinto plc 1,383,648 27,389, % BHP Billiton plc 2,377,896 18,072, % Glencore plc 13,127,222 11,877, % Johnson Matthey plc 230,710 6,129, % Mondi plc 413,462 5,515, % Anglo American plc 1,471,136 4,405, % Randgold Resources Ltd. 104,527 4,330, % Antofagasta plc 399,577 1,875, % Fresnillo plc 190,393 1,347, % Consumer Goods 19.47% (30 June 2015: 16.80%) 80,943, % British American Tobacco plc 2,098,615 79,138, % Diageo plc 2,835,720 52,645, % Reckitt Benckiser Group plc 715,741 44,955, % SABMiller plc 1,064,345 43,313, % Unilever plc 1,358,295 39,750, % Imperial Tobacco Group plc 1,084,673 38,901, % Associated British Foods plc 392,341 13,112, % Taylor Wimpey plc 3,637,173 7,387, % Barratt Developments plc 1,121,115 7,018, % Persimmon plc 344,358 6,980, % Burberry Group plc 498,786 5,960, % GKN plc 1,929,360 5,950, % Berkeley Group Holdings plc 141,728 5,226, % Coca-Cola HBC AG 222,234 3,217, % Consumer Services 10.85% (30 June 2015: 10.69%) 353,558, % WPP plc 1,459,122 22,806, % Compass Group plc 1,855,017 21,796, % RELX plc 1,259,583 15,077, % Tesco plc 9,145,339 13,672, % Sky plc 1,180,577 13,128, % International Consolidated Airlines Group SA 2,062,997 12,594, % Next plc 165,775 12,084, % ITV plc 4,214,801 11,658, % Whitbread plc 205,427 9,040, % Kingfisher plc 2,625,830 8,652, % Marks & Spencer Group plc 1,852,496 8,380, % Carnival plc 205,447 7,942, % InterContinental Hotels Group plc 266,144 7,074, % Pearson plc 915,439 6,737, % TUI AG 530,585 6,425, % Dixons Carphone plc 1,120,119 5,600, % easyjet plc 279,706 4,866, % J Sainsbury plc 1,589,959 4,114, % Merlin Entertainments plc 798,934 3,639, % Sports Direct International plc 283,408 1,635, % WM Morrison Supermarkets plc 5,625 8, % Financials 21.78% (30 June 2015: 21.69%) 196,936, % HSBC Holdings plc 21,972, ,814, % Lloyds Banking Group plc 72,062,195 52,655, % Prudential plc 2,872,829 43,983, % Barclays plc 18,854,633 41,272, % Shares GBP ( ) Net Assets Aviva plc 4,554,634 23,501, % Legal & General Group plc 6,685,143 17,902, % Standard Chartered plc 3,021,990 17,034, % Royal Bank of Scotland Group plc 3,648,535 11,018, % Old Mutual plc 5,502,302 9,843, % London Stock Exchange Group plc 351,297 9,639, % Standard Life plc 2,202,125 8,581, % Direct Line Insurance Group plc 1,548,058 6,308, % St James s Place plc 583,511 5,881, % Provident Financial plc 164,570 5,541, % 3i Group plc 1,085,159 5,226, % RSA Insurance Group plc 1,143,424 4,876, % Schroders plc 127,237 3,786, % Admiral Group plc 223,109 3,701, % Hargreaves Lansdown plc 245,647 3,699, % Aberdeen Asset Management plc 1,112,419 3,219, % Health Care 10.33% (30 June 2015: 9.37%) 395,490, % GlaxoSmithKline plc 5,473,635 75,153, % AstraZeneca plc 1,420,776 65,590, % Shire plc 661,814 31,092, % Smith & Nephew plc 1,009,515 12,194, % Hikma Pharmaceuticals plc 151,561 3,487, % Industrials 7.08% (30 June 2015: 7.22%) 187,517, % CRH plc 917,364 18,081, % BAE Systems plc 3,560,943 17,790, % Experian plc 1,096,074 13,163, % Rolls-Royce Holdings plc 2,069,999 11,902, % Wolseley plc 293,052 10,816, % Capita plc 745,189 9,001, % Bunzl plc 373,798 7,046, % Ashtead Group plc 566,673 6,341, % Babcock International Group plc 565,402 5,744, % DCC plc 99,321 5,621, % Travis Perkins plc 277,934 5,483, % Intertek Group plc 180,979 5,025, % Royal Mail plc 1,024,531 4,548, % Smiths Group plc 441,380 4,146, % Worldpay Group plc 1,170,894 3,598, % Rolls-Royce Holdings plc Entitl 191,255, , % G4S plc 4,032 9, % Meggitt plc 2,022 7, % Oil & Gas 12.14% (30 June 2015: 13.51%) 128,520, % BP plc 20,532,676 72,685, % Royal Dutch Shell plc Class A 4,438,001 67,723, % Royal Dutch Shell plc Class B 2,733,220 42,173, % BG Group plc 3,831,671 37,741, % Technology 1.31% (30 June 2015: 1.20%) 220,325, % ARM Holdings plc 1,589,120 16,510, % Sage Group plc 1,212,579 7,317, % 23,828, % 10

13 FTSE 100 UCITS ETF Telecommunications 6.41% (30 June 2015: 6.13%) Shares GBP ( ) Net Assets Vodafone Group plc 29,909,977 66,101, % BT Group plc Class A 9,422,558 44,446, % Inmarsat plc 504,298 5,733, % Utilities 4.53% (30 June 2015: 4.18%) 116,281, % National Grid plc 4,246,768 39,813, % SSE plc 1,111,678 16,986, % Centrica plc 5,687,926 12,405, % United Utilities Group plc 767,607 7,180, % Severn Trent plc 268,041 5,835, % 82,221, % Total Equities 1,785,623, % Collective Investment Schemes 1.55% (30 June 2015: 1.50%) Financials 1.55% (30 June 2015: 1.50%) Land Securities Group plc REIT 885,706 10,424, % British Land Co. plc REIT 1,153,161 9,063, % Hammerson plc REIT 883,298 5,299, % Intu Properties plc REIT 1,055,418 3,348, % 28,137, % Total Collective Investment Schemes 28,137, % Financial Assets at Fair Value Through Profit or Loss 1,813,760, % Unrealised Number of Notional Gain/(Loss) Contracts Amount GBP ( ) Financial Derivative Instruments 0.00% (30 June 2015: (0.03%)) Futures 0.00% (30 June 2015: (0.03%)) FTSE 100 Index 18 March 2016 Counterparty- Morgan Stanley 30 1,801,014 58, % 58, % Financial Derivative Instruments 58, % Fair Value GBP ( ) Other Assets and Liabilities 1,624, % Net Assets Attributable to Holders of Redeemable Participating Shares 1,815,443, % % of Total Analysis of Total Assets GBP ( ) Assets (a) Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market 1,813,760, % (b) Transferable securities other than those admitted to an official stock exchange listing or dealt in on another regulated market % (c) Financial derivative instruments 58, % (d) Other assets 5,966, % Total Assets 1,819,785, % 11

14 FTSE 100 UCITS ETF Significant Portfolio Changes For the Six Months Ended 31 December 2015 Purchases Cost Shares GBP ( ) HSBC Holdings plc 2,687,642 14,084,564 Lloyds Banking Group plc 14,749,655 11,101,845 Royal Dutch Shell plc 576,875 9,623,420 BP plc 2,511,094 9,220,947 British American Tobacco plc 256,635 9,013,027 GlaxoSmithKline plc 669,239 8,858,406 Vodafone Group plc 3,657,870 8,124,734 AstraZeneca plc 173,729 7,113,677 Diageo plc 346,656 6,099,053 Barclays plc 2,308,049 5,887,701 Royal Dutch Shell plc 334,667 5,673,712 DCC plc 99,321 5,466,938 Provident Financial plc 164,570 5,332,601 Prudential plc 351,643 5,126,832 BT Group plc 1,152,680 5,040,730 Reckitt Benckiser Group plc 87,619 5,027,877 Royal Bank of Scotland Group plc 1,481,934 4,946,708 Berkeley Group Holdings plc 142,268 4,829,187 BG Group plc 469,465 4,693,520 Unilever plc 166,450 4,471,816 Sales Proceeds Shares GBP ( ) G4S plc 1,741,123 3,787,655 WM Morrison Supermarkets plc 2,449,898 3,596,740 Meggitt plc 883,649 3,211,159 Weir Group plc 235,401 2,930,742 HSBC Holdings plc 132, ,553 Rio Tinto plc 29, ,446 Royal Dutch Shell plc 41, ,379 British American Tobacco plc 12, ,028 GlaxoSmithKline plc 32, ,533 BP plc 122, ,945 Vodafone Group plc 179, ,644 AstraZeneca plc 8, ,617 WPP plc 26, ,491 Compass Group plc 32, ,623 Diageo plc 16, ,889 Experian plc 26, ,738 Barclays plc 115, ,608 Reckitt Benckiser Group plc 4, ,345 Prudential plc 17, ,802 SABMiller plc 6, ,043 12

15 FTSE 100 UCITS ETF Statement of Assets and Liabilities GBP ( ) GBP ( ) As at 31 December As at 30 June Current Assets Financial Assets at Fair Value Through Profit or Loss 1,813,760,526 1,656,949,075 Financial Derivative Instruments 58,386 Cash and Liquid Assets 1,531,060 5,015,968 Futures Margin Cash 14, ,122 Investments Sold 5,758 Capital Shares Sold 1,456,540 Income Receivable and Other Assets 4,420,498 7,178,154 Total Assets 1,819,785,095 1,671,079,617 Liabilities Due Within One Year Financial Derivative Instruments 569,677 Bank Overdraft 4,078,251 Investments Purchased 126,587 1,463,490 Management Fees Payable 136, ,233 Other Payables Liabilities (Excluding Net Assets Attributable to Holders of Redeemable Participating Shares) 4,341,800 2,165,636 Net Assets Attributable to Redeemable Participating Shares 1,815,443,295 1,668,913,981 Statement of Operations GBP ( ) GBP ( ) Six Months Ended Six Months Ended Note 1 31 December December 2014 Investment Income Interest Income 3, Dividend Income 30,742,971 20,560,159 Miscellaneous Income 6 13 Net Realised Gain/(Loss) on Financial Assets Held at Fair Value Through Profit or Loss (6,701,319) 737,495 Net Realised Gain/(Loss) on Financial Derivative Instruments (1,336,048) (948,972) Net Change in Unrealised Gain/(Loss) on Financial Assets Held at Fair Value Through Profit or Loss (64,588,749) (32,923,615) Net Change in Unrealised Gain/(Loss) on Financial Derivative Instruments 628, ,862 Total Investment Income/(Loss) (41,251,906) (11,820,362) Expenses Management Fees 805, ,661 Transaction Fees and Commissions 2 3a 1,236,447 3,997,671 Other Expenses 14 1,136 Total Operating Expenses 2,041,768 4,634,468 Finance Costs Overdraft Expense 1, Distribution Paid 33,675,401 23,347,037 Income Equalisation (1,147,437) (3,859,682) Total Finance Costs 32,529,217 19,487,365 Net Investment Income/(Loss) After Finance Costs (75,822,891) (35,942,195) Foreign Withholding Tax (395,149) (298,191) Net Increase/(Decrease) in Net Assets Attributable to Holders of Redeemable Participating Shares (76,218,040) (36,240,386) 1 See the Notes to the Financial Statements on pages The notes form an integral part of the financial statements. 2 Transaction Fees and Commissions reflect a 0.50% stamp duty tax that is charged on each UK-domiciled security purchase. There are no recognised gains or losses arising in the period other than those included above. In arriving at the results for the period, all amounts relate to continuing operations. 13

16 FTSE 100 UCITS ETF Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares Increase/(Decrease) in Net Assets GBP ( ) GBP ( ) Six Months Ended Six Months Ended 31 December December 2014 Net Increase/(Decrease) in Net Assets Attributable to Holders of Redeemable Participating Shares From Operations (76,218,040) (36,240,386) Capital Transactions Subscriptions 222,747, ,689,766 Redemptions Total Capital Transactions 1 222,747, ,689,766 Total Increase/(Decrease) for the Period 146,529, ,449,380 Net Assets Attributable to Holders of Redeemable Participating Shares Beginning of Period 1,668,913, ,864,194 End of Period 1,815,443,295 1,730,313,574 1 Capital Transactions include income equalisation adjustments of GBP ( ) 1,147,437 (31 December 2014: GBP ( ) 3,859,682). The accompanying notes form an integral part of the financial statements. 14

17 Vanguard FTSE 250 UCITS ETF Sub-managed by Vanguard Asset Management, Limited Fund Profile As at 31 December 2015 Investment Objective Vanguard FTSE 250 UCITS ETF seeks to track the performance of the FTSE 250 Index, a widely recognised benchmark of mid-capitalised companies of the United Kingdom. Portfolio Characteristics Fund FTSE 250 Index Number of Stocks Median Market Cap British Pounds 2.1B 2.1B Price/Earnings Ratio 21.4x 20.7x Price/Book Ratio 2.3x 2.3x Yield 2.7% 2.7% Return on Equity 15.9% 15.9% Earnings Growth Rate 15.6% 15.6% Turnover Rate 31% Ongoing Charges Figure 0.10% Short-Term Reserves 0.0% Ten Largest Holdings 1 (% of total net assets) Rexam plc Containers & Packaging 1.2% Croda International plc Specialty Chemicals 1.2 Informa plc Publishing 1.1 Rightmove plc Media Agencies 1.1 DS Smith plc Containers & Packaging 1.1 Derwent London plc Industrial & Office REITs 1.0 Scottish Mortgage Investment Trust plc Mortgage REITs 1.0 Pennon Group plc Water 1.0 G4S plc Business Support Services 1.0 William Hill plc Gambling 1.0 Top Ten 10.7% Investment Focus Style Market Cap Large Value Blend Growth Sector Diversification (% of portfolio) FTSE 250 Fund Index Basic Materials 3.0% 3.0% Consumer Goods Consumer Services Financials Health Care Industrials Oil & Gas Technology Telecommunications Utilities Medium Small 1 The holdings listed exclude any temporary cash investments and equity index products. 15

18 FTSE 250 UCITS ETF Performance Summary For the six months ended 31 December 2015, Vanguard FTSE 250 UCITS ETF returned 0.55%, in line with its benchmark, which returned 0.65%. The tracking difference was 0.10 percentage point.¹ Stocks declined in the United Kingdom s mixed economic environment. Consumer confidence rose and unemployment fell, while GDP growth slowed. Health care (+8%), consumer goods (+8%) and technology (+8%) were among the sectors that boosted the fund s return. Oil and gas ( 31%) slid along with the price of oil. Telecommunications ( 10%), basic materials ( 9%) and industrials ( 3%) also declined. FTSE 250 UCITS ETF Benchmark: FTSE 250 Index GBP-Denominated Cumulative Performance: 30 September December 2015 Initial Investment of 100, , , ,000 Total Returns Final Value of Periods Ended 31 December 2015 a 100,000 Six Months Since Inception 3 Investment ETF Net Asset Value 0.55% 13.12% 116,685 Benchmark ,958 Fiscal Year Total Investment Returns (%): 30 September December ETF Net Asset Value Benchmark 1 In tracking the performance of the index, the fund attempts to replicate the index by investing all, or substantially all, of its assets in the securities that make up the index, holding each in approximately the same proportion as its weighting in the index. 2 For fiscal year 2016, returns reflect the six months ended 31 December Average annual return since inception: 30 September

19 FTSE 250 UCITS ETF Financial Statements Schedule of Investments 31 December 2015 Equities 80.47% (30 June 2015: 82.52%) Basic Materials 3.00% (30 June 2015: 3.79%) Shares GBP ( ) Net Assets Croda International plc 73,299 2,229, % Polymetal International plc 140, , % Victrex plc 43, , % Elementis plc 250, , % Synthomer plc 147, , % Centamin plc 590, , % Evraz plc 260, , % Vedanta Resources plc 57, , % Acacia Mining plc 82, , % Consumer Goods 5.45% (30 June 2015: 6.31%) 5,759, % Bellway plc 66,435 1,884, % Tate & Lyle plc 253,367 1,517, % Britvic plc 136, , % Greencore Group plc 223, , % Bovis Homes Group plc 73, , % Crest Nicholson Holdings plc 133, , % Galliford Try plc 44, , % Redrow plc 119, , % Cranswick plc 27, , % Dairy Crest Group plc 75, , % PZ Cussons plc 163, , % Ted Baker plc 14, , % SuperGroup plc 17, , % A.G.BARR plc 46, , % Jimmy Choo plc 59,630 84, % Consumer Services 21.64% (30 June 2015: 19.97%) 10,452, % Informa plc 352,852 2,162, % Rightmove plc 49,904 2,058, % William Hill plc 479,616 1,899, % Inchcape plc 240,100 1,884, % WM Morrison Supermarkets plc 1,176,850 1,744, % Betfair Group plc 44,595 1,739, % Auto Trader Group plc 386,052 1,714, % Booker Group plc 893,084 1,620, % Greene King plc 167,879 1,561, % UBM plc 238,596 1,256, % Just Eat plc 249,478 1,231, % WH Smith plc 60,459 1,069, % B&M European Value Retail SA 369,740 1,052, % Thomas Cook Group plc 835,096 1,011, % Moneysupermarket.com Group plc 266, , % Playtech plc 114, , % SSP Group plc 256, , % Saga plc 410, , % Domino s Pizza Group plc 74, , % National Express Group plc 230, , % Restaurant Group plc 108, , % Greggs plc 55, , % Firstgroup plc 657, , % Stagecoach Group plc 232, , % Dignity plc 26, , % Ocado Group plc 220, , % Ladbrokes plc 554, , % Shares GBP ( ) Net Assets Go-Ahead Group plc 23, , % Cineworld Group plc 106, , % Pets at Home Group plc 199, , % Marston s plc 312, , % Bwin.Party Digital Entertainment plc 384, , % Debenhams plc 669, , % Dunelm Group plc 49, , % Card Factory plc 126, , % Home Retail Group plc 448, , % Mitchells & Butlers plc 128, , % Wizz Air Holdings plc 22, , % Entertainment One Ltd. 223, , % Halfords Group plc 108, , % J D Wetherspoon plc 46, , % JD Sports Fashion plc 31, , % Lookers plc 172, , % Enterprise Inns plc 277, , % Zoopla Property Group plc 127, , % Millennium & Copthorne Hotels plc 65, , % Rank Group plc 93, , % N Brown Group plc 83, , % DFS Furniture plc 68, , % Poundland Group plc 105, , % Euromoney Institutional Investor plc 20, , % AO World plc 96, , % Financials 15.93% (30 June 2015: 16.64%) 41,513, % Amlin plc 271,951 1,804, % Henderson Group plc 573,648 1,776, % Capital & Counties Properties plc 395,074 1,740, % Hiscox Ltd. 154,447 1,627, % IG Group Holdings plc 197,515 1,585, % ICAP plc 291,568 1,485, % Man Group plc 832,985 1,461, % Investec plc 276,647 1,326, % Phoenix Group Holdings 122,117 1,119, % Intermediate Capital Group plc 177,127 1,110, % Beazley plc 281,742 1,100, % Close Brothers Group plc 81,042 1,083, % Jupiter Fund Management plc 226,470 1,022, % UNITE Group plc 121, , % Kennedy Wilson Europe Real Estate plc 64, , % Lancashire Holdings Ltd. 108, , % Savills plc 69, , % Jardine Lloyd Thompson Group plc 66, , % IP Group plc 292, , % Paragon Group of Cos plc 162, , % Rathbone Brothers plc 25, , % Ashmore Group plc 212, , % Grainger plc 224, , % Virgin Money Holdings UK plc 124, , % Tullett Prebon plc 127, , % Brewin Dolphin Holdings plc 146, , % SVG Capital plc 91, , % John Laing Group plc 199, , % 17

20 FTSE 250 UCITS ETF Shares GBP ( ) Net Assets Renewables Infrastructure Group Ltd. 398, , % St Modwen Properties plc 96, , % International Personal Finance plc 121, , % BGEO Group plc 17, , % esure Group plc 132, , % Countrywide plc 83, , % Allied Minds plc 61, , % Just Retirement Group plc 144, , % Aldermore Group plc 97, , % Shawbrook Group plc 63, , % OneSavings Bank plc 51, , % Daejan Holdings plc 2, , % CLS Holdings plc 9, , % Hastings Group Holdings Ltd. 71, , % Health Care 3.05% (30 June 2015: 3.01%) 30,560, % BTG plc 207,546 1,428, % UDG Healthcare plc 133, , % Indivior plc 352, , % Dechra Pharmaceuticals plc 47, , % Genus plc 33, , % Spire Healthcare Group plc 152, , % Al Noor Hospitals Group plc 42, , % Vectura Group plc 219, , % Circassia Pharmaceuticals plc 99, , % NMC Health plc 34, , % Industrials 23.62% (30 June 2015: 22.85%) 5,861, % Rexam plc 380,754 2,301, % DS Smith plc 510,724 2,026, % G4S plc 843,655 1,902, % Howden Joinery Group plc 337,435 1,776, % Halma plc 204,679 1,770, % Cobham plc 619,083 1,753, % Meggitt plc 423,199 1,585, % Melrose Industries plc 541,129 1,574, % Rentokil Initial plc 984,223 1,567, % Spirax-Sarco Engineering plc 39,657 1,301, % IMI plc 148,404 1,278, % Aggreko plc 130,466 1,192, % Essentra plc 142,016 1,175, % Spectris plc 64,447 1,161, % Weir Group plc 115,546 1,155, % RPC Group plc 136,074 1,133, % Regus plc 338,640 1,128, % Hays plc 767,764 1,120, % BBA Aviation plc 564,363 1,067, % AA plc 330,470 1,037, % Balfour Beatty plc 374,218 1,011, % Berendsen plc 93,423 1,008, % WS Atkins plc 54, , % QinetiQ Group plc 324, , % Grafton Group plc 116, , % Rotork plc 471, , % Michael Page International plc 166, , % Ultra Electronics Holdings plc 37, , % Carillion plc 234, , % Kier Group plc 49, , % Mitie Group plc 197, , % Bodycote plc 104, , % HomeServe plc 138, , % Electrocomponents plc 239, , % Serco Group plc 599, , % Senior plc 227, , % Shares GBP ( ) Net Assets Vesuvius plc 148, , % Diploma plc 61, , % SIG plc 306, , % Interserve plc 78, , % Morgan Advanced Materials plc 155, , % Renishaw plc 19, , % Marshalls plc 108, , % PayPoint plc 35, , % Keller Group plc 38, , % Clarkson plc 13, , % Northgate plc 72, , % Ibstock plc 98, , % Oil & Gas 2.64% (30 June 2015: 4.18%) 45,316, % John Wood Group plc 198,826 1,217, % Petrofac Ltd. 141,160 1,123, % Amec Foster Wheeler plc 213, , % Tullow Oil plc 493, , % Cairn Energy plc 314, , % Ophir Energy plc 371, , % Nostrum Oil & Gas plc 32, , % Technology 2.77% (30 June 2015: 2.98%) 5,067, % Micro Focus International plc 87,108 1,389, % Telecity Group plc 110,273 1,383, % AVEVA Group plc 34, , % Laird plc 145, , % Fidessa Group plc 20, , % NCC Group plc 128, , % Sophos Group plc 127, , % Computacenter plc 37, , % Telecommunications 1.09% (30 June 2015: 1.44%) 5,308, % Cable & Wireless Communications plc 1,509,742 1,121, % TalkTalk Telecom Group plc 286, , % Telecom Plus plc 32, , % Utilities 1.28% (30 June 2015: 1.35%) 2,094, % Pennon Group plc 223,499 1,924, % Drax Group plc 221, , % 2,465, % Total Equities 154,401, % Investment Funds 13.14% (30 June 2015: 12.57%) Financials 13.14% (30 June 2015: 12.57%) Scottish Mortgage Investment Trust plc 700,045 1,945, % Alliance Trust plc 301,697 1,559, % Foreign & Colonial Investment Trust plc 307,236 1,380, % RIT Capital Partners plc 69,092 1,161, % HICL Infrastructure Co., Ltd. 722,348 1,088, % Mercantile Investment Trust plc 52, , % Witan Investment Trust plc 107, , % Edinburgh Investment Trust plc 107, , % International Public Partnerships Ltd. 538, , % Templeton Emerging Markets Investment Trust plc Class O 169, , % City of London Investment Trust plc 170, , % Aberforth Smaller Companies Trust plc 52, , % NB Global Floating Rate Income Fund Ltd. 668, , % 18

21 FTSE 250 UCITS ETF Shares GBP ( ) Net Assets Murray International Trust plc Class O 69, , % Perpetual Income and Growth Investment Trust plc Class O 129, , % TR Property Investment Trust plc- Ordinary Shares 174, , % Electra Private Equity plc 13, , % Worldwide Healthcare Trust plc 26, , % 3i Infrastructure plc 290, , % Monks Investment Trust plc 116, , % Polar Capital Technology Trust plc 72, , % John Laing Infrastructure Fund Ltd. 381, , % Woodford Patient Capital Trust plc 440, , % Fidelity China Special Situations plc 304, , % Caledonia Investments plc 17, , % JPMorgan American Investment Trust plc 152, , % Finsbury Growth & Income Trust plc 67, , % Bluecrest Allblue Fund Ltd. 205, , % Fidelity European Values plc 228, , % HarbourVest Global Private Equity Ltd. 43, , % Bankers Investment Trust plc 61, , % F&C Commercial Property Trust Ltd. 288, , % JPMorgan Emerging Markets Investment Trust plc 70, , % BH Macro Ltd. 18, , % GCP Infrastructure Investments Ltd. 313, , % Temple Bar Investment Trust plc 35, , % Scottish Investment Trust plc 58, , % British Empire Trust plc 73, , % Genesis Emerging Markets Fund Ltd. 73, , % UK Commercial Property Trust Ltd. 332, , % P2P Global Investments plc 25, , % Riverstone Energy Ltd. 29, , % P2P Global Investments plc Class C 21, , % 25,209, % Total Investment Funds 25,209, % Collective Investment Schemes 5.48% (30 June 2015: 4.68%) Financials 5.48% (30 June 2015: 4.68%) Derwent London plc REIT 54,154 1,988, % Segro plc REIT 403,272 1,731, % Great Portland Estates plc REIT 187,005 1,548, % Shaftesbury plc REIT 151,076 1,381, % Big Yellow Group plc REIT 77, , % Workspace Group plc REIT 63, , % Londonmetric Property plc REIT 319, , % Assura plc REIT 887, , % Tritax Big Box REIT plc REIT 369, , % Hansteen Holdings plc REIT 391, , % Safestore Holdings plc REIT 112, , % Redefine International plc REIT 540, , % 10,502, % Total Collective Investment Schemes 10,502, % Bonds 0.07% (30 June 2015: 0.00%) Principal Maturity Fair Value % of Total GBP ( ) Date GBP ( ) Net Assets Government Bonds 0.07% (30 June 2015: 0.00%) Federal Home Loan Bank Discount Notes 1 67,750 27/4/ , % Federal Home Loan Bank Discount Notes 1 67,731 3/5/ , % 135, % Total Bonds 135, % Financial Assets at Fair Value Through Profit or Loss 190,248, % Unrealised Number of Notional Gain/(Loss) Contracts Amount GBP ( ) Financial Derivative Instruments 0.02% (30 June 2015: (0.00%)) Futures 0.02% (30 June 2015: (0.00%)) FTSE 100 Index 18 March 2016 Counterparty- Morgan Stanley 28 1,698,388 37, % 37, % Financial Derivative Instruments 37, % Fair Value GBP ( ) Other Assets and Liabilities 1,582, % Net Assets Attributable to Holders of Redeemable Participating Shares 191,867, % % of Total Analysis of Total Assets GBP ( ) Assets (a) Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market 190,112, % (b) Transferable securities other than those admitted to an official stock exchange listing or dealt in on another regulated market 135, % (c) Financial derivative instruments 37, % (d) Other assets 1,845, % Total Assets 192,131, % 1 Denotes securities held in full or part thereof as collateral. 19

22 FTSE 250 UCITS ETF Significant Portfolio Changes For the Six Months Ended 31 December 2015 Purchases Cost Shares GBP ( ) G4S plc 843,655 1,834,950 WM Morrison Supermarkets plc 1,176,850 1,726,439 Meggitt plc 423,199 1,532,827 Weir Group plc 115,980 1,452,482 Provident Financial plc 47,712 1,438,667 DCC plc 28,794 1,421,653 Croda International plc 44,001 1,244,192 Rexam plc 228,562 1,227,560 Informa plc 211,814 1,207,951 DS Smith plc 306,580 1,183,338 Derwent London plc REIT 32,507 1,180,303 Rightmove plc 29,955 1,093,064 Inchcape plc 144,829 1,064,223 Scottish Mortgage Investment Trust plc 423,884 1,055,310 Cobham plc 371,630 1,046,839 Capital & Counties Properties plc 237,155 1,034,438 Segro plc REIT 242,076 1,034,291 Pennon Group plc 134,163 1,029,458 William Hill plc 287,565 1,025,338 Howden Joinery Group plc 202, ,406 Sales Proceeds Shares GBP ( ) DCC plc 48,148 2,648,140 Provident Financial plc 79,780 2,584,872 Berkeley Group Holdings plc 53,202 1,806,208 Pace plc 173, ,706 Synergy Health plc 28, ,606 Foxtons Group plc 141, ,506 Electra Private Equity plc 5, ,598 Hunting plc 75, ,851 Petra Diamonds Ltd. 261, ,838 James Fisher & Sons plc 17, ,662 Premier Farnell plc 156, ,989 Federal Home Loan Bank Discount Notes 2/12/ , ,618 KAZ Minerals plc 141, ,015 Micro Focus International plc 9, ,824 Premier Oil plc 279, ,534 Federal Home Loan Bank Discount Notes 27/11/ ,000 65,811 Federal Home Loan Bank Discount Notes 28/12/ ,000 65,803 Freddie Mac Discount Notes 15/4/ ,000 65,706 Lonmin plc 246,645 52,099 Betfair Group plc 1,235 47,708 20

23 FTSE 250 UCITS ETF Statement of Assets and Liabilities GBP ( ) GBP ( ) As at 31 December As at 30 June Current Assets Financial Assets at Fair Value Through Profit or Loss 190,248,429 77,281,875 Financial Derivative Instruments 37,052 Cash and Liquid Assets 728,558 Futures Margin Cash 5,216 Investments Sold 721,658 Income Receivable and Other Assets 395, ,283 Total Assets 192,131,125 77,502,374 Liabilities Due Within One Year Financial Derivative Instruments 3,080 Bank Overdraft 67,879 69,764 Futures Margin Cash Due to Broker 52,920 Investments Purchased 126,634 19,377 Management Fees Payable 16,058 6,125 Liabilities (Excluding Net Assets Attributable to Holders of Redeemable Participating Shares) 263,491 98,346 Net Assets Attributable to Redeemable Participating Shares 191,867,634 77,404,028 Statement of Operations GBP ( ) GBP ( ) Six Months Ended Period Ended Note 1 31 December December Investment Income Interest Income Dividend Income 1,959,692 75,836 Miscellaneous Income 51 1 Net Realised Gain/(Loss) on Financial Assets Held at Fair Value Through Profit or Loss 726,330 82,520 Net Realised Gain/(Loss) on Financial Derivative Instruments (47,893) (3,349) Net Change in Unrealised Gain/(Loss) on Financial Assets Held at Fair Value Through Profit or Loss 1,856, ,167 Net Change in Unrealised Gain/(Loss) on Financial Derivative Instruments 40,132 Total Investment Income/(Loss) 4,535, ,195 Expenses Management Fees 71,520 2,789 Transaction Fees and Commissions 3 3a 578,897 80,415 Other Expenses 12 Total Operating Expenses 650,429 83,204 Finance Costs Overdraft Expense Distribution Paid 2,504,228 93,964 Income Equalisation (482,162) (31,919) Total Finance Costs 2,022,562 62,050 Net Investment Income/(Loss) After Finance Costs 1,862, ,941 Foreign Withholding Tax (4,252) (111) Net Increase/(Decrease) in Net Assets Attributable to Holders of Redeemable Participating Shares 1,858, ,830 1 See the Notes to the Financial Statements on pages The notes form an integral part of the financial statements. 2 The fund was launched on 30 September Transaction Fees and Commissions reflect a 0.50% stamp duty tax that is charged on each UK-domiciled security purchase. There are no recognised gains or losses arising in the period other than those included above. In arriving at the results for the period, all amounts relate to continuing operations. 21

24 FTSE 250 UCITS ETF Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares Increase/(Decrease) in Net Assets GBP ( ) GBP ( ) Six Months Ended Period Ended 31 December December Net Increase/(Decrease) in Net Assets Attributable to Holders of Redeemable Participating Shares From Operations 1,858, ,830 Capital Transactions Subscriptions 112,604,954 16,247,816 Redemptions Total Capital Transactions 2 112,604,954 16,247,816 Total Increase/(Decrease) for the Period 114,463,606 16,989,646 Net Assets Attributable to Holders of Redeemable Participating Shares Beginning of Period 77,404,028 End of Period 191,867,634 16,989,646 1 The fund was launched on 30 September Capital Transactions include income equalisation adjustments of GBP ( ) 482,162 (31 December 2014: GBP ( ) 31,919). The accompanying notes form an integral part of the financial statements. 22

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