Rathbone Luxembourg Funds SICAV Société D'investissement À Capital Variable (SICAV) R.C.S

Rathbone Luxembourg Funds SICAV Société d'Investissement à Capital Variable (SICAV) R.C.S. B 206.009 Annual report including audited financial statements As at 30 September 2020

Table of Contents

Management and Administration 2 Investment Objectives 3 Directors’ Report 6 Investment Managers’ Report 7 Report of the Réviseur d'Entreprises Agréé 16 Statement of Net Assets 18 Statement of Operations 19 Statement of Changes in Net Assets 20 Statistical Information 21 Schedule of Investments Rathbone SICAV Multi-Asset Enhanced Growth Portfolio 24 Rathbone SICAV Multi-Asset Strategic Growth Portfolio 28 Rathbone SICAV Multi-Asset Total Return Portfolio 32 Rathbone SICAV Ethical Bond Fund 37 Rathbone SICAV Income Fund 43 Rathbone SICAV High Quality Bond Fund 45 Notes to the Financial Statements 49 Unaudited Information 62

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Annual report including the audited financial statements and unaudited semi-annual report are available, free of charge, at the Company’s registered office, 16, boulevard d'Avranches, L-1160 Luxembourg, Grand Duchy of Luxembourg.

Management and Administration

Board of Directors Auditors

Mr Michael Mark Webb (Chairman) Deloitte Audit Chief Executive Officer, Société à responsabilité limitée Rathbone Unit Trust Management Limited 20, boulevard de Kockelscheuer L-1821 Luxembourg Mrs Suman Sharma Grand Duchy of Luxembourg Director - Operations, Rathbone Unit Trust Management Limited Legal Advisers in Luxembourg

Mr Garvan Rory Pieters (Independent Director) Elvinger Hoss Prussen Partner, Société Anonyme The Directors’ Office 2, place Winston Churchill L-1340 Luxembourg Registered Office Grand Duchy of Luxembourg

16, boulevard d’Avranches L-1160 Luxembourg Grand Duchy of Luxembourg

Management Company

FundRock Management Company S.A. H2O Building 33, rue de Gasperich L-5826, Hesperange Grand Duchy of Luxembourg

Depositary, Central Administrative Agent, Paying Agent, Transfer and Register Agent, Domiciliary and Corporate Agent

HSBC France, Luxembourg Branch 16, boulevard d’Avranches L-1160 Luxembourg Grand Duchy of Luxembourg

Investment Manager

Rathbone Unit Trust Management Limited 8 Finsbury Circus, London EC2M 7AZ United Kingdom

2 Rathbone Luxembourg Funds SICAV Annual Report 2020 including audited financial statements

Investment Objectives

Rathbone SICAV Multi-Asset Enhanced Growth Portfolio

The investment objective of the Sub-Fund is to seek to achieve a long term total return in excess of the United Kingdom’s Consumer Price Index (CPI) +5% over a minimum five to ten year period by investing in variable proportions in ‘liquidity’ assets, ‘equity type risk’ assets, and ‘diversifier’ assets.

The Sub-Fund has a targeted risk budget of 100% of the volatility of global equities as measured by the MSCI World Equity index. The income yield will at best be minimal. There is no guarantee that the Sub-Fund will achieve a positive return over this, or any other, period and investors may not get back the original amount they invested.

Investments will be made without any specific country, currency or sector restriction.

The Investment Manager uses a variety of quantitative and qualitative inputs to guide the strategic asset allocation decisions, considering the geopolitical background, economic growth expectations, central bank policy, interest rates, inflation and liquidity. These factors are analysed in tandem with specific asset class information such as risk premiums, volatility, credit spreads, earnings growth, cash flow, dividend growth and valuations.

The Investment Manager combines in-house research and analysis with insights from specialist third-party strategists. The Investment Manager uses these inputs to develop long-term strategic asset allocation positions along with tactical and thematic ideas to capture specific investment opportunities.

The current asset allocation can be obtained free of charge from the registered office of the Investment Manager.

Rathbone SICAV Multi-Asset Strategic Growth Portfolio

The investment objective of the Sub-Fund is to seek to achieve a long term total return of between 3% and 5% above the Consumer Price Index (CPI) over a minimum five year period by investing in variable proportions in ‘liquidity’ assets, ‘equity type risk’ assets, and ‘diversifier’ assets.

The Sub-Fund has a targeted risk budget of two thirds of the volatility of global equities as measured by the MSCI World Equity index. The income yield will at best be minimal. There is no guarantee that the Sub-Fund will achieve a positive return over this, or any other, period and investors may not get back the original amount they invested.

Investments will be made without any specific country, currency or sector restriction.

The current asset allocation can be obtained free of charge from the registered office of the Investment Manager.

Rathbone SICAV Multi-Asset Total Return Portfolio

The investment objective of the Sub-Fund is to seek to achieve a long term total return in excess of 2% above sterling six month LIBOR over a minimum three year period by investing in variable proportions in ‘liquidity’ assets, ‘equity type risk’ assets, and ‘diversifier’ assets.

The Sub-Fund has a targeted risk budget of one third of the volatility of global equities as measured by the MSCI World Equity index. The income yield will at best be minimal. There is no guarantee that the Sub-Fund will achieve a positive return over this, or any other, period and investors may not get back the original amount they invested.

Investments will be made without any specific country, currency or sector restriction.

Rathbone Luxembourg Funds SICAV Annual Report 2020 including audited financial statements 3

Investment Objectives (continued)

Rathbone SICAV Multi-Asset Total Return Portfolio (continued)

The Investment Manager combines in-house research and analysis with insights from specialist third party strategists. The Investment Manager uses these inputs to develop long-term strategic asset allocation positions along with tactical and thematic ideas to capture specific investment opportunities.

The current asset allocation can be obtained free of charge from the registered office of the Investment Manager.

Rathbone SICAV Ethical Bond Fund

The objective of the Sub-Fund is to provide a regular, above average income through investing in a range of fixed income and fixed income related instruments of issuers worldwide that meet strict criteria ethically and financially.

The Sub-Fund will gain, directly or indirectly, exposure to investment grade fixed income and fixed income related instruments of sovereign and corporate issuers worldwide denominated in any freely convertible currency. The predominant part of the fixed income and fixed income related securities to which the Sub-Fund will be exposed will be denominated in GBP. The issuers of the instruments to which exposure is obtained must comply with strict ethical and financial criteria, a description of which is available under www.rathbonefunds.com.

The Sub-Fund will gain exposure to sub-investment grade instruments for up to a maximum of 20% of its net assets. The Sub- Fund will invest at least 80% of its assets in investment grade assets. The investment grade of an instrument shall be determined based on ratings established by international recognised rating agencies. The Sub-Fund may also invest up to 10% of its net assets in un-rated assets that the Investment Manager considers to be equivalent to investment grade or sub-investment grade.

The Sub-Fund will not invest in fixed income and fixed income related instruments rated or considered by the Investment Manager as distressed or lower.

On an ancillary basis, the Sub-Fund may also invest in money market instruments and liquidities.

In response to exceptional circumstances, the Sub-Fund may invest on a temporary basis up to 100% of its net assets in liquidities (including bonds or treasury bills issued by a government of any OECD country or supranational organisations, money market instruments and cash) if the Investment Manager believes that this is in the best interest of shareholders.

The Sub-Fund may also hold up to 20% of its net assets in equities of issuers of the fixed income and fixed income related instruments to which the Sub-Fund may gain exposure.

Rathbone SICAV Income Fund

The objective of the Sub-Fund is to achieve above average and maintainable income but without neglecting capital security and growth. The Sub-Fund intends to achieve the objective primarily by gaining exposure to equity and equity related instruments with an above average yield.

The Sub-Fund will invest at least 80% of its net assets directly or indirectly (for example through derivatives, structured products or investment funds), in equity securities and equity related securities of issuers domiciled in, carrying out the majority of their business or listed in the United Kingdom ("UK Issuers"), without specialising in any particular industrial sector.

The Sub-Fund may invest, directly or indirectly, for up to 20% of its net assets, in equity securities or equity related securities of non-UK Issuers.

Furthermore, the Sub-Fund may invest directly or indirectly (for example through derivatives, structured products or investment funds), on an ancillary basis in other transferable securities of the aforementioned companies.

4 Rathbone Luxembourg Funds SICAV Annual Report 2020 including audited financial statements

Investment Objectives (continued)

Rathbone SICAV Income Fund (continued)

Derivatives and forward transactions may be used by the Sub-Fund for investment purposes as well as for the purposes of efficient portfolio management (including hedging). The use of derivatives for investment purposes may increase the volatility of the Sub-Fund’s Net Asset Value, and may increase its risk profile.

The Sub-Fund may, on an ancillary basis gain exposure to liquidities, including cash, deposit, money market instruments and/or UCITS or other UCIs predominantly being exposed to highly liquid assets.

Rathbone SICAV High Quality Bond Fund (Launched on 20 January 2020)

The objective of the Sub-Fund is to preserve capital and pay an income by delivering a greater total return than the Bank of England's Base Rate + 0.5%, after fees, over any rolling three-year period.

There is no guarantee that this investment objective will be achieved over three years, or any other time period.

The Bank of England's Base Rate + 0.5% is used as a target for the Sub-Fund’s return as the aim is to provide a return in excess of what an investor would receive in a UK savings account.

To meet the objective, the Sub-Fund will invest at least 80% of its net assets in corporate and government bonds with high credit ratings (AAA to A-). The Sub-Fund may also invest up to 20 % of its net assets in investment grade corporate and government bonds with lower credit ratings (BBB+ to BBB-) or unrated bonds that the Investment Manager considers to be equivalent to investment grade. Up to 10% of the net assets of the Sub-Fund can be invested directly in contingent convertible bonds. If a bond's rating falls below BBB-, otherwise known as high yield, the Sub-Fund will sell it within six months. The Sub-Fund will not invest more than 20% of its net assets in ABS/MBS with minimum credit ratings of BBB-.

The Sub-Fund may invest globally but at least 80% of its net asset will be invested in sterling denominated assets or hedged back to sterling.

Derivatives may be used by the Sub-Fund for the purposes of efficient portfolio management and hedging. The Sub-Fund may, on an ancillary basis, invest at the Investment Manager’s discretion in transferable securities (other than those referred above), money market instruments, warrants, cash and near cash and deposits and units in collective investment schemes.

Under exceptional circumstances, the Sub-Fund’s net assets may be invested up to 100% in cash and cash equivalent and money market instruments. The Investment Manager will assess credit ratings of Standard & Poor’s, Moody’s and Fitch. When credit ratings differ, the Investment Manager will consider the average rating. If the average falls between two notches, the lower credit rating will be applied.

Rathbone Luxembourg Funds SICAV Annual Report 2020 including audited financial statements 5

Directors’ Report

During the most difficult period in living memory, we are pleased to report that the SICAV has grown by 10.03% rising from £513m to £555m. This is partly due to the successful launch of the Sub-Fund Rathbone SICAV High Quality Bond Fund. The Fund has been a great success story both in its UK equivalent and in the Luxembourg SICAV.

Coronavirus

Rathbones Group has taken impressive actions in operations and IT and have also assessed possible risks in these areas. The business is operating well, and morale remains at a strong level.

Rathbone Unit Trust Management (RUTM) specific measures are as follows:  Internal cascade communications continue daily and are working well. In addition, as CEO Mike Webb is doing a weekly Zoom Broadcast to all RUTM and Distribution staff. Working from home is functioning well.  External communications have been exceptional with both written word and Webinars in particular receiving praise. Our distribution teams and Fund Managers are ensuring continuous communication with advisers.  The Fair Value Pricing Committee has met several times to confirm a revaluation of US assets where appropriate. In addition, the executive has kept a close eye on net flows to ensure that dilution levies or swing pricing is used to protect existing unitholders. Revaluations have occurred where the US equity markets have exceeded a 5% move at 12 noon and dilution levies/swing pricing has been affected where net redemptions exceed 1% of the value of the fund. That said our sales profile has been strong under the circumstances  We are monitoring liquidity closely and finance are keeping a very close eye on any late settlements.  All department heads have created “illness plans”, in case any of them are unfortunate enough to be unable to work.  We are in the process of reviewing our Budgets considering the crisis, both in RUTM and in Distribution.  We delayed projects as and necessary ensuring there was not impact to investors. At the time of writing, the virus is surging in the US, including in small Midwestern towns that were spared the brunt of earlier waves. Hospitalisations and death rates are much lower than earlier in the year, yet we in Europe have seen how that goes. Without disciplined preventative measures – and probably even in spite of them – COVID-19 spreads like wildfire.

The race is on to see what can be distributed more quickly – the virus or the promising vaccine developed by American pharma giant Pfizer and German partner BioNTech. The big reveal of truly exciting results from final trials – a 90% efficacy rate is extraordinary – sparked an almighty shift in markets. All around the world long-bombed-out ‘value’ companies and ‘cyclicals’ – broadly those businesses that rely more on improving economic growth to boost their profits – soared as hope returned that they may soon get back to making a semblance of their normal earnings. To buy up these companies, many investors aggressively sold all those businesses that benefited from the pandemic – lots of digital enablers, online retailers and internet media companies.

Brexit The deadline to extend the transition period and allow more time to thrash out a trade deal flew past to little fanfare. Beating the pandemic and kick-starting economies are top of the agenda both in the UK and across the Channel. With little time left, the UK now has two paths before it: at best, a bare bones trading agreement; at worst, an exit on World Trade Organisation (WTO) terms – what used to be called a ‘hard’ Brexit. The good news is that our Rathbone Luxembourg SICAV is fully prepared for a ‘hard’ Brexit.

The costs of running the SICAV are shown later in this report.

Risk Process The Management Company, on behalf of the Company, employs a risk-management process which enables it to monitor and measure at any time the risk of the positions and their contribution to the overall risk profile of each Sub- Fund. As part of the Risk Management Process, the Management Company also considers the overall risk profile of the Master Fund and how that affects the risk within the SICAV. The global exposure of the SICAV and the Master is calculated using the commitment approach. The SICAV did not use leverage at any point in the year.

The Board of Directors January 2021

6 Rathbone Luxembourg Funds SICAV Annual Report 2020 including audited financial statements

Investment Managers’ Report

Rathbone SICAV Multi-Asset Enhanced Growth Portfolio David Coombs and Will McIntosh-Whyte Head of Multi-Asset Investments and Fund Manager

During the 12 months ended 30 September 2020, the Rathbone SICAV Multi-Asset Enhanced Growth Portfolio Fund returned 1.87%. For the same period, the Fund’s CPI + 5% benchmark returned 5.2%.

Global markets started the period on a reasonable footing. Then they took a dive in February and March as the severity of the impact of COVID-19 on health as well as economies became all too apparent. The first quarter of 2020 was one of the worst for markets in living memory and ended the 11-year bull run. Major stock markets around the world fell between 20% and 30% as investors tried to work out how the pandemic would affect the short-term profitability of businesses. We are bracing ourselves for some weak economic data over the next few months.

As the turbulence first started, we rebalanced our portfolios. Next we added ‘net’ to equities before moving back to rebalancing, which is what we are still doing at time of writing. (By adding ‘net’, we mean increasing the percentage of equities in our Funds.) We also supplemented our directly owned shares by buying index trackers, principally of the S&P 500 but also the FTSE 100.

The VIX Index of S&P 500 volatility spiked higher than levels seen during the global financial crisis and we used the opportunity to sell half of our July put contracts for a significant profit – we also own December contracts. Puts give us the option to ‘sell’ our US exposure at a set level in return for paying a small premium (effectively this works like investment insurance). Because this level was much higher than the index at the time, our option was worth a lot of money. Selling part of our put contract has the effect of instantly increasing our portfolios’ net equity exposures as well. Our remaining put contracts remain ‘in the money’ (the S&P index level is below the ‘strike price’ that we can ‘sell’ at). These remaining puts continue to offer material support should markets fall further.

Markets soon recovered, as investors looked through the lockdowns and central bankers pushed down interest rates and yields with substantial stimulus measures. US stocks have fared best, with UK markets lagging by a fair margin.

Following the initial lockdown, the cost to the UK government of supporting the economy ballooned. With the end of 2020 in sight, case numbers are increasing once again as the government tries to balance the health and economic costs of further lockdown measures. The huge jump in positive tests has not resulted in a proportionate leap in deaths and hospitalisations. Yet they are now creeping steadily higher too – although at a much lower rate than during March and April. Europe is in a similar position, while the US is ticking along a little better economically even though the virus is spreading just as rapidly. The appetite for more widespread lockdowns just isn’t there in the US. It will be bumpy, but we think the country will be better able to fight the virus without crippling its economy.

Towards the start of the period we added further to our British assets by buying medical equipment manufacturer Smith & Nephew. In fairness, the company’s sales are overwhelmingly foreign, with about half made in the US alone. We have owned Smith & Nephew in the past, but bought it back at a reasonable price after its price-earnings multiple fell on news that its CEO was leaving. Given the quality of this business and the fact that the CEO walked after just 17 months because he wanted many more millions in pay, we’re happy to buy the business and ignore the jilted manager. We also bought CME Group, which runs many varied commodities and derivatives markets, offering futures and options for traders and producers to hedge their risks or speculate.

We reduced our exposure to Japan, selling the Coupland Cardiff Japan Alpha Unhedged Fund. As markets began their swift recovery from the initial coronavirus shock, we sold the iShares Physical Gold ETF in April as the gold price approached all- time highs. We used the cash to invest across our portfolio.

We lost faith in the UK government’s response to the pandemic and its ability to drum up a strong Brexit trade agreement before the end of 2020. We sold the iShares Core FTSE 100 and iShares FTSE 250 ETFs and used some of the cash to buy the SPDR Russell 2000 US Small Cap ETF. We also added to the Ashmore Emerging Markets Short Duration Fund, which we’d purchased earlier in 2020.

Past performance is not an indicator of current or future returns Rathbone Luxembourg Funds SICAV Annual Report 2020 including audited financial statements 7

Investment Managers’ Report (continued)

During the period we bought the SPDR S&P 500 ETF to quickly put cash inflows from new investors to work. The tension between trying to restrict the virus’s spread and keeping the economy from suffocating means we’re likely to see both new cases and the economy bump along in a volatile yet middling range for some time. It is difficult to forecast how the situation will develop. However, we think it’s untenable for investors to wait on the sidelines. Periods of flux like this one offer compelling opportunities, but there are also risks. We believe it’s better to balance these risks, spread your investments and ensure you participate in the fluctuations of capital markets.

Our strategy is to ensure we have a blend of assets that shouldn’t be significantly hit by a Brexit disaster – or success, for that matter – when sterling moves one way or the other. We also want to make sure our holdings aren’t a coin-toss gamble on who secures the US presidency, or on whether a COVID-19 vaccine arrives in six months, a year or not at all. Meanwhile, during this time of pandemic-induced ‘quiet time’, we’ve been assessing all of our holdings and those that are on our ‘bench’. We’ve been trying to work out, as best we can, how the post-pandemic market landscape will look and whether this creates opportunities or adds more risk.

In deciding whether these companies can thrive in, or at least deal with, these changes, we’ve focused on the flexibility of their businesses and the competency of their managers. That’s why we prefer companies that have relatively low levels of debt and produce a lot of earnings in cash rather than promises to pay later. These two features are bywords for flexibility. There’s a saying that money can’t buy you happiness, but it can buy you freedom. This truth applies to companies too. Having lots of cash flowing through your business means you can pull the trigger on lucrative new projects or buy struggling rivals without having to go to investors.

Rathbone SICAV Multi-Asset Strategic Growth Portfolio David Coombs and Will McIntosh-Whyte Head of Multi-Asset Investments and Fund Manager

During the 12 months ended 30 September 2020, the Rathbone SICAV Multi-Asset Strategic Growth Portfolio Fund returned 0.11%. For the same period, the Fund’s CPI + 3% benchmark returned 3.2%.

Past performance is not an indicator of current or future returns 8 Rathbone Luxembourg Funds SICAV Annual Report 2020 including audited financial statements

Investment Managers’ Report (continued)

Yet they are now creeping steadily higher too – although at a much lower rate than during March and April. Europe is in a similar position, while the US is ticking along a little better economically even though the virus is spreading just as rapidly. The appetite for more widespread lockdowns just isn’t there in the US. It will be bumpy, but we think the country will be better able to fight the virus without crippling its economy. Rolling over a maturing UK T-bill, we bought the Treasury 0% T-Bill June 2020 to keep our cash holdings working harder. Another avenue of protection was the Japan Government 0.1% Bonds 2023. Historically, the yen has shown itself to be a safe- haven currency for global investors.

In case of inflation taking off in the shorter term because of the sheer weight of fiscal and monetary stimulus, we decided to swap our fixed rate UK Treasury ¾% Bonds 2023 for US Treasury Inflation-Protected Securities (TIPS) 0.125% Bonds 2024, which have coupons that rise in line with US CPI inflation.

We lost faith in the UK government’s response to the pandemic and its ability to drum up a strong Brexit trade agreement before the end of 2020, so we sold the iShares Core FTSE 100 and iShares FTSE 250 ETFs. Towards the start of the period we sold the Coupland Cardiff Japan Alpha Unhedged Fund.

We bought the JPMorgan Swiss Market Index (SMI) Dispersion structured product. This offers potential capital gains if the volatility of each of the top-10 shares in the Swiss equity index is greater than the volatility of the overall index. The trade doesn’t require the markets to move in a certain direction, so it’s a helpful diversifier. And, because it’s denominated in Swiss francs, it adds some ‘safe-haven’ currency exposure too.

We sold the Atlantic House US Enhanced Equity Fund to manage flows during the year. The tension between trying to restrict the virus’s spread and keeping the economy from suffocating means we’re likely to see both new cases and the economy bump along in a volatile yet middling range for some time.

It is difficult to forecast how the situation will develop. However, we think it’s untenable for investors to wait on the sidelines. Periods of flux like this one offer compelling opportunities, but there are also risks. We believe it’s better to balance these risks, spread your investments and ensure you participate in the fluctuations of capital markets.

Rathbone SICAV Multi-Asset Total Return Portfolio David Coombs and Will McIntosh-Whyte Head of Multi-Asset Investments and Fund Manager

During the 12 months ended 30 September 2020, the Rathbone SICAV Multi-Asset Total Return Portfolio Fund rose 0.71%. For the same period, the Fund’s benchmark, the LIBOR GBP 6 month + 2%, benchmark, returned 2.6%.

Past performance is not an indicator of current or future returns Rathbone Luxembourg Funds SICAV Annual Report 2020 including audited financial statements 9

Investment Managers’ Report (continued)

Rolling over a maturing UK T-bill, we bought the Treasury 0% T-Bill June 2020 to keep our cash holdings working harder. Another avenue of protection was Japan Government 0.1% Bonds 2023. Historically, the yen has shown itself to be a safe-haven currency for global investors.

We sold our Commonwealth of Australia 5.5% Bonds 2023 which we bought back in 2017 as a more attractive risk- off hedge given the US was heading into an interest-rate-hiking cycle. In case of inflation taking off in the shorter term because of the sheer weight of fiscal and monetary stimulus, we decided to sell our fixed rate UK Treasury ¾% Bonds 2023 and US Treasury 1.75% Bonds 2023 in exchange for Treasury Inflation-Protected Securities (TIPS) that rise in line with CPI inflation.

During the period we bought the European Investment Bank 4.25% 2021 to make our cash work a little harder, given the ultra-low interest rates at the bank. We sold the iShares Physical Gold ETF to take profits. We used that cash, along with the cash from selling some of our holding in the SPDR S&P 500 ETF, to manage flows.

The tension between trying to restrict the virus’s spread and keeping the economy from suffocating means we’re likely to see both new cases and the economy bump along in a volatile yet middling range for some time.

Past performance is not an indicator of current or future returns. 10 Rathbone Luxembourg Funds SICAV Annual Report 2020 including audited financial statements

Investment Managers’ Report (continued)

Rathbone SICAV Ethical Bond Fund Noelle Cazalis and Bryn Jones Fund Managers

In the 12 months ended 30 September 2020, our Fund rose 5.18%, compared with the IA Sterling Corporate Bond sector’s return of 4.21%. At 30 September 2019, 10-year gilts yielded 0.23% and closed on 30 September 2020 at 0.49%.

Credit rating agency action increased, and many investment grade issuers dropped into high yield as revenues dried up and balance sheets came under pressure. Helpfully, central banks stepped in to buy both investment grade credit and the ‘fallen angels’ that found themselves reassessed as high yield.

Backward-looking GDP numbers showed some substantial falls around the world, yet markets were focused on forward-looking data like business PMIs (measures of optimism, upcoming orders and hiring intentions). These generally came in stronger than expected, as did US employment figures.

A wave of debt has been issued in the UK in 2020, with a similar trend playing out in Europe. EU restrictions on national budgets have been suspended until 2022 at the earliest because of the pandemic. We are likely to see more European government spending funded by issuing bonds. In particular, Germany, France and Spain have sold tens of billions of euros of bonds recently. Italy is highly likely to add to that. The US is already selling a record amount of bonds and is forecast to substantially ramp up its issuance.

Central banks are buying debt as way to stabilise the market for government debt. For example, the Bank of England has been routinely buying gilts to keep interest rates low, and purchased more than £73 billion of government debt in the third quarter of 2020. While this is down from the £194 billion it bought between mid-March and the end of June, it accounts for more than 80% of the gilts issued over the quarter. The Bank of England wrapped up its corporate bond-buying programme in September 2020 after purchasing around £9.5 billion worth since mid-March. It can buy more, but said it would declare its intentions before doing so.

Investors have flocked to government and corporate bond markets too, which means demand has easily absorbed the extra debt. Quantitative easing around the world has helped keep government bond yields remarkably stable despite the influx of new debt. We struggle to see much value in government bonds currently. Indeed, if inflation were to return over the next few years, investors holding long-dated bonds would suffer sizeable losses.

Trades

Towards the end of 2019, we kept our duration (interest-rate sensitivity) low in the lead-up to the December UK general election as we believed there was scope for a reversal in gilts. We added some duration in mid-November as the yield spiked to near 0.80% and then sold soon after as yields fell back. We did this by trading the European Investment Bank 5.625% Senior 2032.

As the coronavirus crisis unfolded at the start of 2020, we decided to raise cash by selling some of our more liquid holdings, including German state-backed development bank Kreditanstalt fuer Wiederaufbau 5.75% 2032 and Rothesay Life 6.875%.

Past performance is not an indicator of current or future returns. Rathbone Luxembourg Funds SICAV Annual Report 2020 including audited financial statements 11

Investment Managers’ Report (continued)

The liquidity we raised as a defensive measure was not needed, so we started reinvesting, buying cheap insurance bond Legal & General 5.5% Step Sub 2064 at a decent yield. Later in the period we bought the Banco Bilbao Vizcaya Argentaria 3.104% 2031 new issue of tier two bonds, as we felt they offered good value. We added to our existing holdings in subordinated financial credit, including the Scottish Widows 7% Subordinated 2043. New bond issuance has been quiet, so we have been hunting for existing holdings to put inflows to work, including adding to our position in BUPA Finance 4.125% 2035.

Throughout the period we managed our duration (the sensitivity of our portfolio to changes in interest rates) as well as our portfolio risk by trading the European Investment Bank 0.87425% Floating Rate Senior 2022.

We also sold government-backed PRS Finance 2% Senior Secured 2029, which lends money to large corporate landlords for thousands of UK houses and flats. We feel that with interest rates so low, there’s limited value in long-duration assets (investments with high sensitivity to interest rate changes).

Finally, we sold some of our Leeds Building Plc 3.75% Floating Rate 2029 to reduce a position that was in profit.

Outlook

As winter approached, investors became more nervous about the darkening outlook. The pandemic began spreading quickly once again in Europe, the UK and the US, but thankfully the number of deaths hasn’t yet reached the same levels seen in March and April. Western countries have yet to work out how to reopen their economies while also controlling the spread of COVID- 19. There are several promising vaccines in the pipeline, but they could be anywhere between a month to a year or more away. Their efficacy may be blunted because extraordinary demand for a viable vaccine may overwhelm the ability to manufacture it.

Meanwhile, Brexit returned to the fore as Prime Minister Boris Johnson tried to renege on the internal market rules he made with the EU just a few months before. The deadline for an agreement in principle for a trade deal is fast approaching and it looks set to go down to the wire. Sterling will no doubt be volatile as negotiations continue.

Rathbone SICAV Income Fund Carl Stick and Alan Dobbie Fund Managers

As 2020 rumbles towards an uncertain, and perhaps volatile conclusion, we look back upon an extraordinary 12 months for UK markets and our Fund.

The decisive general election of early December 2019 had calmed the toxic atmosphere at Westminster. While there was still much to do, a constitutional crisis had been averted and UK markets could now begin to price in a little more certainty. Three and half years of Brexit squabbling had left UK equity valuations attractive and we entered 2020 with a degree of optimism.

This optimism was, of course, short-lived. In late February/early March, the COVID-19 pandemic abruptly and violently left its mark on UK markets. The novelty and severity of the pandemic and the ensuing lockdown had left investors with few way markers to guide a path forward. This vacuum resulted in the FTSE 100 Index falling by 25% in the first quarter, its biggest quarterly fall for more than 30 years. Were it not for the extraordinary monetary and fiscal support put in place, it’s hard to believe that the declines would have ended there.

Thankfully though, by early April markets across the world began to recover. However, unlike in most recoveries, it was not the worst hit stocks which bounced back the most. Instead, momentum stayed with the previous winners, helped by ever lower interest rates buoying faster-growing stocks. The UK’s minimal exposure to the soaring technology sector and preponderance of ‘old economy’ oil, financial and tobacco stocks meant that, even in recovery, the UK suffered versus many of its global peers.

Against this backdrop, in the year ended 30 September 2020, our Fund’s total return was -14.82%. This compared to a 16.6% fall in the FTSE All-Share Index, and placed the Fund in the second quartile of our IA UK Equity Income peer group.

Our Fund’s aim of generating an attractive and growing income stream was also upended by the pandemic. The extraordinary level of uncertainty from February onwards pushed many companies into cash conservation mode. Growth projects were shelved, bank credit lines drawn down and shareholder returns axed. Dividend payments from FTSE All-Share companies fell by almost a half in Q2 and Q3 2020. The widely followed Link Asset Services UK Dividend Monitor expects FTSE All-Share dividends to fall by 39% in 2020.

Past performance is not an indicator of current or future returns. 12 Rathbone Luxembourg Funds SICAV Annual Report 2020 including audited financial statements

Investment Managers’ Report (continued)

Performance Review

The fortunes of our holdings varied wildly over the year. While defensive names such as Reckitt Benckiser, Bunzl and Roche performed well in both absolute and relative terms, others were hit hard by the pandemic and/or ongoing Brexit uncertainty.

Energy names BP and Royal Dutch Shell struggled to cope with a combination of collapsing demand brought on by lockdowns and rising supply from a fracturing OPEC alliance. In addition, as the period progressed, investors became increasingly sceptical about the oil majors’ ability to successfully transition their business models away from fossil fuels and toward more sustainable forms of energy production.

Economically sensitive names suffered as markets ground to a halt in the second quarter. Profits at Lloyds Banking Group and Close Brothers were depleted as large provisions were taken in anticipation of loans turning sour as government support schemes wind down into the year-end.

Travel, leisure and retail stocks were amongst the most visible losers from the lockdown and the changing consumer behaviour it engendered. While our only retail holding, Halfords, performed well – boosted by cycling sales during lockdown and beyond – cruise operator Carnival and casual dining chain The Restaurant Group struggled as sales fell precipitously. We sold the latter two holdings, along with commercial airline parts manufacturer Senior, as the economic impact of the pandemic and lockdowns became clear.

Principal trades in the period

We started a new holding in BHP Group and topped up our position in fellow Anglo-Australian miner, Rio Tinto. The mining giants have excellent positions in the large, well-structured iron ore market, as well as smaller growth opportunities in key markets essential for the energy transition. Although the mining industry remains highly cyclical, the stocks have performed relatively well this year as buoyant demand from China boosted commodity prices, cash flows and dividends.

Shares of US utility WEC Energy recovered well, leading us to trim the position as its price continued to rise (at prices close to all-time highs).

Following the UK election in December, there was a relief rally for utility companies that had been in the crosshairs of the Labour Party’s nationalisation policies. We used this strength to sell all of our holding in electricity and gas network National Grid, believing its shares to be fully valued.

As part of a general tilt towards value stocks during Q2, we trimmed exposure to defensive holdings such as Reckitt Benckiser, GlaxoSmithKline and Unilever. We reinvested most of the cash into existing holdings which we felt had better risk/reward characteristics, including Royal Dutch Shell. We started a new holding in NatWest Group (formerly known as RBS). Like the rest of its sector, the bank faces significant headwinds from low interest rates, weak economic growth and rising unemployment. However, NatWest is incredibly well capitalised. We believe its provisioning for potential loan losses is prudent and its valuation highly attractive. While we acknowledge the stock is not without risk, we believe it offers excellent income and capital growth potential as we emerge from the pandemic.

In mid-2020 we reduced our position in housebuilders Bellway and Berkeley Group in order to buy Persimmon. We did this because we wanted to increase our exposure to the UK housebuilding sector, yet with greater diversification among the companies we hold.

Rathbone SIVAV High Quality Bond Fund Noelle Cazalis and Bryn Jones Fund Managers

From our Fund’s 21 January 2020 launch to 30 September 2020, we made 1.36%. Over the same period our target benchmark, the Bank of England Base Rate + 0.5%, returned 0.51%. Our Fund aims to offer a portfolio of highly liquid, quality bonds that should outperform the interest rates you might get at a bank, while protecting the value of your investment.

Past performance is not an indicator of current or future returns. Rathbone Luxembourg Funds SICAV Annual Report 2020 including audited financial statements 13

Investment Managers’ Report (continued)

Central banks are buying debt as way to stabilise the market for government debt. For example, the Bank of England (BoE) has been routinely buying gilts to keep interest rates low, and purchased more than £73 billion of government debt in the third quarter of 2020. While this is down from the £194 billion it bought between mid-March and the end of June, it accounts for more than 80% of the gilts issued over the quarter. The BoE wrapped up its corporate bond-buying programme in September 2020 after purchasing around £9.5 billion worth since mid-March. It can buy more, but said it would declare its intentions before doing so.

Trades

We bought some fixed-rate senior bonds from insurers and banks, including the Citigroup 2.75% Senior 2024 and HSBC Holdings 6.5% Senior 2024. Towards the end of the period, we added the AVIVA 6.125% Perpetual-2022 as we increased our allocation to short-dated, subordinated bonds. The higher-risk debt is a small proportion of our portfolio overall, but it helps boost our yield.

At the end of March and in early April we sold many floating rate note bonds because interest rates appeared likely to stay low for some time. These sales included the Yorkshire Building Society Floating Rate Senior 2024, Nationwide Building Society Floating Rate Senior 2022 and Nationwide Building Society Floating Rate Note 2024. The COVID-19 crisis and the widespread lockdowns played havoc with credit ratings. As a result, we sold some holdings we felt became riskier, including the Bupa Finance 3.375% Senior 2021.

We sold the UK Municipal Bonds Agency 1.5097% Floating Rate Senior 2025 to reduce our exposure to floating rate bonds as the BoE’s base rate fell, making fixed rate bonds more attractive than floaters.

We bought the attractive UBS 8.75% Subordinated 2025 tier-two bond during the period. It offers a high coupon, and could be a candidate for an early tender before its 2025 maturity, especially as there’s only a small amount of the bond’s original issue outstanding.

At some points during the year, US banking bond spreads moved higher than their UK counterparts. We used the opportunity to buy the Bank of America 7% Senior 2028 at an attractive price

Past performance is not an indicator of current or future returns.

14 Rathbone Luxembourg Funds SICAV Annual Report 2020 including audited financial statements

Investment Managers’ Report (continued)

Outlook

As winter approached, investors became more nervous about the darkening outlook. The pandemic began spreading quickly once again in Europe, the UK and the US, but thankfully the number of deaths hasn’t yet reached the same levels seen in March and April. Western countries have yet to work out how to reopen their economies while also controlling the spread of COVID-19. There are several promising vaccines in the pipeline, but they could be anywhere between a month to a year or more away. Their efficacy may be blunted because extraordinary demand for a viable vaccine may overwhelm the ability to manufacture it.

Past performance is not an indicator of current or future returns. Rathbone Luxembourg Funds SICAV Annual Report 2020 including audited financial statements 15

Report of the Réviseur d'Entreprises Agréé

To the Shareholders of Rathbone Luxembourg Funds SICAV 16, boulevard d’Avranches L-1160 Luxembourg Grand Duchy of Luxembourg

Opinion

We have audited the financial statements of Rathbone Luxembourg Funds SICAV (the “Fund”) and of each of its sub-funds, which comprise the statement of net assets and the schedule of investments as at 30 September 2020, and the statement of operations and the statement of changes in net assets for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Fund and of each of its sub-funds as at 30 September 2020, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements.

Basis for Opinion

We conducted our audit in accordance with the Law of 23 July 2016 on the audit profession (Law of 23 July 2016) and with International Standards on Auditing (ISAs) as adopted for Luxembourg by the “Commission de Surveillance du Secteur Financier” (CSSF). Our responsibilities under those Law and standards are further described in the “Responsibilities of Réviseur d’Entreprises Agréé for the Audit of the Financial Statements” section of our report. We are also independent of the Fund in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code) as adopted for Luxembourg by the CSSF together with the ethical requirements that are relevant to our audit of the financial statements, and have fulfilled our other ethical responsibilities under those ethical requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Other information

The Board of Directors of the Fund is responsible for the other information. The other information comprises the information stated in the annual report but does not include the financial statements and our report of Réviseur d'Entreprises Agréé thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we concluded that there is a material misstatement of this other information, we are required to report this fact. We have nothing to report in this regards.

Responsibilities of the Board of Directors of the Fund for the financial statements

The Board of Directors of the Fund is responsible for the preparation and fair presentation of the financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements, and for such internal control as the Board of Directors of the Fund determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Board of Directors of the Fund is responsible for assessing the Fund’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors of the Fund either intends to liquidate the Fund or to cease operations, or has no realistic alternative but to do so.

16 Rathbone Luxembourg Funds SICAV Annual Report 2020 including audited financial statements

Report of the Réviseur d'Entreprises Agréé (continued)

Responsibilities of the Réviseur d’Entreprises Agréé for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a report of Réviseur d’Entreprises Agréé that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

 Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

 Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control.

 Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors of the Fund.

 Conclude on the appropriateness of Board of Directors of the Fund’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Fund’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report of the Réviseur d’Entreprises Agréé to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our report of the Réviseur d’Entreprises Agréé. However, future events or conditions may cause the Fund to cease to continue as a going concern.

 Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

For Deloitte Audit, Cabinet de Révision Agréé

Virginie Ng Wing Lit-Boulot, Réviseur d’Entreprises Agréé Partner

Luxembourg, 21 January 2021

Rathbone Luxembourg Funds SICAV Annual Report 2020 including audited financial statements 17 Statement of Net Assets As at 30 September 2020

Rathbone SICAV Multi- Rathbone Rathbone Asset SICAV Multi- SICAV Multi- Rathbone Enhanced Asset Strategic Asset Total Rathbone Rathbone SICAV High Growth Growth Return SICAV Ethical SICAV Quality Bond Combined Portfolio Portfolio Portfolio Bond Fund Income Fund# Fund* Note GBP GBP GBP GBP GBP GBP GBP Investments

Investments in securities at cost 507,555,406 23,671,674 196,099,891 61,801,987 172,361,015 3,803,163 49,817,676 Unrealised appreciation/(depreciation) 23,492,929 2,126,251 10,153,404 2,990,623 8,533,371 (696,392) 385,672 Investments in securities at fair value 2d 531,048,335 25,797,925 206,253,295 64,792,610 180,894,386 3,106,771 50,203,348

Other assets Cash at bank 23,163,656 836,862 13,300,397 3,974,848 4,128,982 199,251 723,316 Interest receivable 4,478,628 12,104 131,086 324,309 3,396,685 - 614,444 Receivable resulting from sales of securities 1,900,392 104,388 - 670,292 - - 1,125,712 Due from shareholders 1,427,342 117,937 547,738 538,542 168,396 - 54,729 Dividends receivable 271,217 30,955 191,049 42,820 - 6,393 - Receivable from Investment Manager 13 180,484 - - - 165,480 - 15,004 Compensation receivable 17 52,985 - - - - 52,985 - Formation expenses 2k 524 - - 524 - - - Other receivables 201,744 2,655 33,698 4,142 161,249 - - Total assets 562,725,307 26,902,826 220,457,263 70,348,087 188,915,178 3,365,400 52,736,553

Liabilities Bank overdraft 54,732 2,237 15,375 2,948 34,086 - 86 Payable resulting from purchases of securities 3,580,100 145,594 - - 2,439,516 - 994,990 Due to shareholders 1,697,410 408,586 863,136 218,968 206,720 - - Unrealised depreciation on forward foreign exchange contracts 14 1,134,856 21,392 532,176 63,497 471,654 - 46,137 Compensation payable 17 10,116 - - - - 10,116 - Dividends payable 2i 1,320 - 23 39 1,258 - - Other payables 720,905 43,819 291,749 94,479 178,638 71,771 40,449 Total liabilities 7,199,439 621,628 1,702,459 379,931 3,331,872 81,887 1,081,662 Net assets at the end of the year 555,525,868 26,281,198 218,754,804 69,968,156 185,583,306 3,283,513 51,654,891

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

* Launched on 20 January 2020. # The NAV presented in these financial statements differs from the published NAV as a result of the NAV error as explained in note 17. These financial statements are corrected.

18 Rathbone Luxembourg Funds SICAV Annual Report 2020 including audited financial statements

Statement of Operations

For the year ended 30 September 2020

Income Interest on securities 2e 7,989,930 29,857 906,071 486,271 6,274,418 - 293,313 Dividend income 2e 3,424,557 333,734 2,394,296 459,142 11,297 226,088 - Compensation income 17 52,985 - - - - 52,985 - Bank interest 21,059 1,904 11,190 3,570 3,694 448 253 Other income 2j 45,788 - 451 2,764 35,736 6,837 - Total income 11,534,319 365,495 3,312,008 951,747 6,325,145 286,358 293,566

Expenses Management fees 3, 13 4,273,132 314,372 2,301,852 710,055 857,288 44,691 44,874 Administration fees 4, 13, 17 534,218 79,579 230,011 115,697 - 108,098 833 Management company fees 7, 17 197,241 17,865 123,715 40,719 - 14,942 - Audit fees 101,607 11,859 81,138 7,920 - 690 - Depositary fees 5, 17 62,226 3,360 19,482 7,554 - 31,830 - Subscription tax 6, 13 44,514 4,920 30,021 6,721 - 27 2,825 Directors' fees and expenses 8 21,395 2,634 14,375 4,041 - 345 - Compensation expenses 17 10,116 - - - - 10,116 - Bank charges and interest 11 8,329 700 4,748 3 2,732 22 124 Amortisation of formation expenses 2k 4,494 77 1,431 2,986 - - - Legal & professional fees 10 4,246 324 2,882 953 - 87 - Operating expenses 13 211,035 - - - 180,756 - 30,279 Other expenses 12 63,813 8,125 23,699 14,871 - 17,118 - Total expenses 5,536,366 443,815 2,833,354 911,520 1,040,776 227,966 78,935

Net profit/(loss) from investments 5,997,953 (78,320) 478,654 40,227 5,284,369 58,392 214,631

Net profit/(loss) realised on investments portfolio 3,077,990 238,180 1,465,554 771,108 1,386,706 (728,478) (55,080) Net profit realised on forward foreign exchange contract 2,293,234 1,510 1,320,480 228,444 604,350 - 138,450 Net profit/(loss) realised on foreign exchange (2,470,906) (143,230) (1,613,470) (709,249) (3,981) (1,199) 223 Net realised profit/(loss) 2,900,318 96,460 1,172,564 290,303 1,987,075 (729,677) 83,593

Net change in unrealised appreciation/(depreciation) on investments portfolio 4,807,803 706,646 1,082,860 572,428 2,772,039 (711,842) 385,672 Net change in unrealised depreciation on forward foreign exchange contract (2,463,176) (72,670) (1,178,937) (236,978) (928,454) - (46,137) Net change in unrealised appreciation on foreign exchange transactions 75,503 2,003 9,982 3,085 58,203 1,872 358 Net change in unrealised appreciation/(depreciation) 2,420,130 635,979 (86,095) 338,535 1,901,788 (709,970) 339,893 Increase/(decrease) in net assets as a result from operation 11,318,401 654,119 1,565,123 669,065 9,173,232 (1,381,255) 638,117

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

Rathbone Luxembourg Funds SICAV Annual Report 2020 including audited financial statements 19

Statement of Changes in Net Assets For the year ended 30 September 2020

Net assets at the beginning of the year 513,201,559 26,358,890 225,356,473 75,610,354 179,070,126 6,805,716 - Increase/(decrease) in net assets as a result of operation 11,318,401 654,119 1,565,123 669,065 9,173,232 (1,381,255) 638,117 Subscriptions received 153,123,515 3,012,272 31,770,486 10,615,901 48,110,886 1,398,176 58,215,794 Redemption paid (113,775,987) (3,744,083) (39,241,653) (16,737,172) (43,883,378) (3,168,713) (7,000,988) Dividends paid 15 (8,341,620) - (695,625) (189,992) (6,887,560) (370,411) (198,032) Net assets at the end of the year 555,525,868 26,281,198 218,754,804 69,968,156 185,583,306 3,283,513 51,654,891

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

20 Rathbone Luxembourg Funds SICAV Annual Report 2020 including audited financial statements

Statistical Information As at 30 September 2020

Rathbone SICAV Rathbone SICAV Multi-Asset Multi-Asset Rathbone SICAV Rathbone SICAV Rathbone SICAV Enhanced Strategic Growth Multi-Asset Total Ethical Bond Rathbone SICAV High Quality Bond Growth Portfolio Portfolio Return Portfolio Fund Income Fund# Fund*

Net Asset Value in GBP 26,281,198 218,754,804 69,968,156 185,583,306 3,283,513 51,654,891

Net Asset Value per Share L ACC EUR 1.0892 1.1804 1.0717 1.2280 - - L ACC GBP 1.2033 1.2561 1.1348 1.2926 0.8854# - L ACC USD 1.0504 - - 1.3548 - - L ACC CHF - 1.0053 0.9937 1.0152^^^ - - L INC CHF - - - 1.0019 - - L INC EUR - 1.1286 1.0258 1.0682 - - # L INC GBP - 1.1876 1.0766 1.1220 0.7842 - L INC USD - 1.2486 1.1302 1.1797 - - Z INC GBP - - - - - 1.0096^ Z INC EUR - - - - - 1.0174^^ L0 ACC GBP 1.3223 1.2730 1.1217 - - - L1 ACC GBP 1.3146 1.2728 1.1215 - - - L2 ACC GBP 1.2891 1.2737 1.1214 - - - L3 ACC EUR - 1.2096 1.0616 - - - L3 ACC GBP 1.2547 1.0679 1.0963 - - - P0 ACC EUR 1.2524 1.1154 1.0213 - - - P1 ACC EUR - 1.0756 1.0207 - - - P2 ACC EUR - 1.0985 1.0252 - - - P1 ACC GBP - 1.1552 1.0507 - - - P2 ACC GBP - 1.1765 1.0881 - - - P3 ACC GBP - 1.1728 1.0771 - - -

Number of Shares Outstanding L ACC EUR 1,092,741.24 35,036,953.01 2,179,976.46 8,592,567.24 - - L ACC GBP 5,587,603.15 15,255,504.91 10,695,718.15 13,814,114.74 678,747.93 - L ACC USD 169,183.25 - - 5,390,271.64 - - L ACC CHF - 153,755.74 127,660.83 120,000.00^^^ - - L INC CHF - - - 4,517,064.45 - - L INC EUR - 4,838,916.78 1,291,175.30 23,003,020.60 - - L INC GBP - 27,998,149.25 15,089,503.01 100,677,700.12 3,420,870.13 - L INC USD - 11,893,657.08 6,939,031.44 14,246,225.75 - - Z INC GBP - - - - - 47,538,902.28^ Z INC EUR - - - - - 3,941,447.00^^ L0 ACC GBP 8,036,706.83 48,429,402.77 14,916,619.01 - - - L1 ACC GBP 2,306,903.10 20,391,129.10 8,078,651.85 - - - L2 ACC GBP 1,751,757.12 8,042,939.51 2,116,268.15 - - - L3 ACC EUR - 1,174,499.29 941,807.74 - - - L3 ACC GBP 19,348.11 61,080.92 18,586.13 - - - P0 ACC EUR 2,092,955.78 7,526,944.19 1,718,312.62 - - - P1 ACC EUR - 1,035,148.27 59,644.54 - - - P2 ACC EUR - 330,581.74 48,503.31 - - - P1 ACC GBP - 1,117,543.26 89,471.24 - - - P2 ACC GBP - 481,486.14 500,820.57 - - - P3 ACC GBP - 1,572,655.24 546,261.46 - - -

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

* Launched on 20 January 2020. ^ Share Class Z INC GBP was launched on 20 January 2020. ^^ Share Class Z INC EUR was launched on 13 May 2020. ^^^ Share Class L ACC CHF was launched on 19 July 2020. # The price presented in these financial statements differs from the published price as a result of the NAV error as explained in note 17. These financial statements are corrected.

Rathbone Luxembourg Funds SICAV Annual Report 2020 including audited financial statements 21

Statistical Information As at 30 September 2019

Rathbone SICAV Rathbone SICAV Multi-Asset Multi-Asset Rathbone SICAV Rathbone SICAV Enhanced Strategic Growth Multi-Asset Total Ethical Bond Rathbone SICAV Growth Portfolio Portfolio Return Portfolio Fund Income Fund

Net Asset Value in GBP 26,358,890 225,356,473 75,610,354 179,070,126 6,805,716

Net Asset Value per Share L ACC EUR 1.0662 1.1776 1.0669^ 1.1697* - L ACC GBP 1.1698 1.2426 1.1156^ 1.2222* 1.1059* L ACC USD 1.0074 - - 1.2634* - L ACC CHF - 1.0067** 0.9928***/^ - - L INC CHF - - - 1.0062* - L INC EUR - 1.1431 1.0287^ 1.0680* - L INC GBP - 1.1913 1.0670^ 1.1123* 1.0477* L INC USD - 1.2371 1.1110^ 1.1543* - L0 ACC GBP 1.2980 1.2716 1.1138^ - - L1 ACC GBP 1.2904 1.2713 1.1136^ - - L2 ACC GBP 1.2655 1.2723 1.1136^ - - L3 ACC EUR - 1.2192 1.0672^ - - L3 ACC GBP 1.2317 1.0667 1.0897^ - - P0 ACC EUR 1.2381 1.1231 1.0269^ - - P1 ACC EUR - 1.0828 1.0271^ - - P2 ACC EUR - 1.1069 1.0315^ - - P1 ACC GBP - 1.1538 1.0442^ - - P2 ACC GBP - 1.1750 1.0802^ - - P3 ACC GBP - 1.1714 1.0693^ - -

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

* These Net Asset Value per Share are disclosed swung. Please refer also to Note 2f. ** Share Class L ACC CHF was launched on 26 September 2019. *** Share Class L ACC CHF was launched on 1 August 2019. ^ The price per financial statements differs from the published price as a result of an incorrect forward foreign exchange contract. The contract was reversed, the financial statements were corrected and the impact was below the materiality thresholds set by the regulator.

22 Rathbone Luxembourg Funds SICAV Annual Report 2020 including audited financial statements

Statistical Information As at 30 September 2018

Rathbone Multi- Rathbone Multi- Rathbone Multi- Asset Enhanced Asset Strategic Asset Strategic Rathbone Multi- Rathbone Multi- Growth Growth Growth Asset Total Asset Total Rathbone Ethical Rathbone Rathbone Rathbone Portfolio Portfolio Portfolio Return Portfolio Return Portfolio Bond Fund Ethical Bond Income Fund Income Fund Accumulation Accumulation Income Sub- Accumulation Income Sub- Accumulation Fund Income Accumulation Income Sub- Sub-Fund Sub-Fund Fund Sub-Fund Fund Sub-Fund Sub-Fund Sub-Fund Fund Net Asset Value in GBP 20,513,435 127,483,199 61,095,703 54,676,837 24,109,782 20,913,285 153,586,022 503,025 5,815,677

Net Asset Value per Share L ACC EUR 1.0346 1.1342 - 1.0207 - 1.0884* - - L ACC GBP 1.1186 1.1794 - 1.0540 - 1.1218* - 1.1088* - L ACC USD - - - - - 1.1421* - - - L INC CHF ------0.9791* - - L INC EUR - - 1.1180 - 1.0029 - 1.0351* - - L INC GBP - - 1.1483 - 1.0271 - 1.0629* - 1.0690* L INC USD - - 1.1744 - 1.0506 - 1.0842* - - L0 ACC GBP 1.2533 1.2186 - 1.0628 - - - - - L1 ACC GBP 1.2460 1.2183 - 1.0625 - - - - - L2 ACC GBP 1.2219 1.2192 - 1.0625 - - - - - L3 ACC EUR - 1.1869 - 1.0310 - - - - - L3 ACC GBP 1.1891 1.0223 - 1.0390 - - - - - P0 ACC EUR 1.2139 1.0927 - 0.9924 - - - - - P1 ACC EUR - 1.0535 - 0.9912 - - - - - P2 ACC EUR - 1.0769 - 0.9958 - - - - - P1 ACC GBP - 1.1058 - 0.9958 - - - - - P2 ACC GBP - 1.1261 - 1.0311 - - - - - P3 ACC GBP - 1.1226 - 1.0206 - - - - -

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

* These Net Asset Value per Share are disclosed swung. Please refer also to Note 2f.

Rathbone Luxembourg Funds SICAV Annual Report 2020 including audited financial statements 23 Schedule of Investments As at 30 September 2020

Rathbone SICAV Multi-Asset Enhanced Growth Portfolio

Quantity Description Fair Value Fair Value as a GBP Percentage of Total Net Assets %

Transferable Securities Admitted to an Official Stock Exchange Listing 17,869,204 67.99

Bonds 214,499 0.81

United Kingdom 214,499 0.81 150,000 HSBC Bank 5.844% VRN perp 214,499 0.81

Equity 17,315,279 65.89

Cayman Islands 313,923 1.19 6,100 Tencent Holdings Limited 313,923 1.19

Channel Islands 327,096 1.24 4,200 Ferguson Newco 327,096 1.24

China 233,284 0.89 140,000 TravelSky Technology 233,284 0.89

Denmark 203,745 0.78 2,350 Christian Hansen 203,745 0.78

Finland 277,459 1.06 9,000 Sampo OYJ 277,459 1.06

France 824,880 3.14 370 Eurofins Scientific 228,268 0.87 850 LVMH 312,836 1.19 7,450 Total SA 195,016 0.74 1,275 Ubisoft Entertainment 88,760 0.34

Germany 465,666 1.77 6,050 CTS Eventim 227,925 0.87 10,152 Dürr AG 237,741 0.90

Hong Kong 343,046 1.31 44,900 AIA 343,046 1.31

Ireland 1,490,088 5.67 1,950 Accenture 340,479 1.30 5,000 APTIV 358,214 1.36 4,300 DCC 259,849 0.99 7,360 Johnson Controls 234,980 0.89 1,610 Linde 296,566 1.13

Sweden 324,497 1.23 17,750 Assa Abloy 324,497 1.23

Switzerland 573,193 2.18 3,500 Credit Suisse 236,712 0.90 1,250 Roche 336,481 1.28

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

24 Rathbone Luxembourg Funds SICAV Annual Report 2020 including audited financial statements Schedule of Investments (continued) As at 30 September 2020

Rathbone SICAV Multi-Asset Enhanced Growth Portfolio (continued)

Quantity Description Fair Value Fair Value as a GBP Percentage of Total Net Assets %

Transferable Securities Admitted to an Official Stock Exchange Listing (continued)

Equity (continued)

The Netherlands 315,023 1.20 1,100 ASML 315,023 1.20

United Kingdom 3,468,939 13.20 82,500 BP 188,306 0.72 9,750 Fevertree Drinks 221,959 0.84 10,000 Halma 234,850 0.89 167,000 ITV 110,237 0.42 145,000 Legal & General 270,606 1.03 3,400 London Stock Exchange 302,940 1.15 3,750 Next 220,088 0.84 16,500 Relx 284,981 1.08 55,000 Rentokil Initial 298,760 1.14 7,425 Rio Tinto 348,474 1.33 19,250 Royal Dutch Shell 189,266 0.72 19,000 Smith & Nephew 285,523 1.09 6,000 Unilever 288,660 1.10 220,000 Vodafone 224,290 0.85

United States of America 8,154,441 31.03 4,000 Abbott Labs 327,956 1.25 1,300 Activision 81,829 0.31 810 Adobe 308,827 1.17 120 Amazon.com 293,994 1.12 1,700 Amgen 328,864 1.25 3,700 Amphenol 313,236 1.19 1,170 Ansys 291,451 1.11 3,600 Cadence Design System 296,717 1.13 2,100 Chicago Mercantile Exchange 271,980 1.03 7,750 Coca-Cola 295,510 1.12 700 Costco Wholesale 192,109 0.73 500 DexCom 156,671 0.60 7,000 Discover Financial Services 303,519 1.15 1,700 Ecolab 261,505 0.99 2,400 Edwards Lifesciences 146,523 0.56 700 Electronic Arts 70,925 0.27 235 Equinix REIT 139,712 0.53 2,150 Estée Lauder 359,883 1.37 2,970 First Republic Bank 249,236 0.95 1,000 Lockheed Martin 302,903 1.15 1,250 Mastercard 327,474 1.25 1,800 Microsoft 290,643 1.11 3,100 Nike "B" 305,228 1.16 4,000 Northern Trust 241,447 0.92 6,000 Schlumberger 72,995 0.28

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

Rathbone Luxembourg Funds SICAV Annual Report 2020 including audited financial statments 25 Schedule of Investments (continued) As at 30 September 2020

Rathbone SICAV Multi-Asset Enhanced Growth Portfolio (continued)

Quantity Description Fair Value Fair Value as a GBP Percentage of Total Net Assets %

Transferable Securities Admitted to an Official Stock Exchange Listing (continued)

Equity (continued)

United States of America (continued) 675 Take Two Interactive Software 86,473 0.33 1,400 The Clorox 229,591 0.87 615 Thermo Fisher Scientific 208,233 0.79 8,590 U.S. Bancorp Del New 236,290 0.90 1,370 Ulta Beauty 237,991 0.91 5,900 Verizon Communications 272,354 1.04 2,210 Visa 343,522 1.31 4,100 WEC Energy 308,850 1.18

Structured Products 339,427 1.29

United Kingdom 339,427 1.29 382,841 FTSE 100 P-Note 22/10/2024 339,427 1.29

Transferable Securities Traded on Another Regulated Market 1,402,689 5.34

Equity 476,039 1.81

Germany 155,233 0.59 2,350 Kion Group 155,233 0.59

United States of America 320,806 1.22 280 Alphabet 320,806 1.22

Structured Products 876,485 3.34

The Netherlands 566,370 2.16 700,000 JP Morgan 1255 FTSE OTM Accelerator 11/03/2025 566,370 2.16

United Kingdom 310,115 1.18 360,000 UBS AG 9.32% 01/03/2024 310,115 1.18

Warrants 50,166 0.19

Switzerland 12,837 0.05 1,100,000 S&P 500 Composite Warrants 18/12/2020 12,837 0.05

The Netherlands 37,329 0.14 2,300 S&P 500 Composite Warrants 05/01/2021 37,329 0.14

Other Transferable Securities 257,237 0.98

Structured Products 257,237 0.98

United Kingdom 257,237 0.98 319,034 HSBC Bank 1019 FTSE Accelerator ELN 19/05/2023 257,237 0.98

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

26 Rathbone Luxembourg Funds SICAV Annual Report 2020 including audited financial statements Schedule of Investments (continued) As at 30 September 2020

Rathbone SICAV Multi-Asset Enhanced Growth Portfolio (continued)

Quantity Description Fair Value Fair Value as a GBP Percentage of Total Net Assets %

Collective Investment Schemes 6,268,794 23.85

Bermuda 60,314 0.23 112,647 CATCo Reinsurance Opportunities Fund 19,314 0.07 122,341 CATCo Reinsurance Opportunities Fund 41,000 0.16

Channel Islands 61,353 0.24 120,000 SQN Asset Finance Income 22,680 0.09 90,888 SQN Asset Finance Income NPV 38,673 0.15

Ireland 2,413,432 9.18 27,000 iShares MSCI AC Far East ex-Japan UCITS ETF 1,242,810 4.73 35,000 L&G All Commodities UCITS ETF 238,680 0.91 5,000 Source LGIM Commodity Composite UCITS ETF 226,366 0.86 7,000 Source Morningstar US Energy Infrastructure UCITS ETF 123,393 0.47 18,000 SPDR Russell 2000 US Small Cap UCITS ETF 582,184 2.21

Luxembourg 2,032,514 7.73 6,500 Ashmore SICAV Emerging Markets Short Duration Fund 473,590 1.80 37,000 ChinaAMC China Opportunities Fund 731,983 2.78 9,000 JP Morgan Funds Japan Equity 826,940 3.15

United Kingdom 1,701,182 6.47 81,673 Baillie Gifford Shin Nippon Trust 193,769 0.74 35,000 Biotech Growth Trust 474,950 1.81 210,000 HG Capital Trust 586,950 2.23 72,500 JP Morgan Japanese Investment Trust 445,513 1.69

Total Investments 25,797,925 98.16

Other Net Assets 483,273 1.84

Total Net Assets 26,281,198 100.00

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

Rathbone Luxembourg Funds SICAV Annual Report 2020 including audited financial statments 27 Schedule of Investments (continued) As at 30 September 2020

Rathbone SICAV Multi-Asset Strategic Growth Portfolio

Quantity Description Fair Value Fair Value as a GBP Percentage of Total Net Assets %

Transferable Securities Admitted to an Official Stock Exchange Listing 137,504,272 62.86

Bonds 21,400,211 9.79

Japan 6,567,232 3.00 885,000,000 Government of Japan Five Year Bond 0.1% 20/06/2023 6,567,232 3.00

Singapore 4,959,534 2.27 8,600,000 Singapore Government 2.25% 01/06/2021 4,959,534 2.27

United Kingdom 9,873,446 4.52 550,000 Barclays Bank 10% 21/05/2021 580,341 0.27 9,250,000 UK Treasury Gilt 1.5% 22/01/2021 9,293,105 4.25

Equity 113,279,652 51.78

Cayman Islands 1,955,584 0.89 38,000 Tencent Holdings Limited 1,955,584 0.89

Channel Islands 2,336,400 1.07 30,000 Ferguson Newco 2,336,400 1.07

China 1,464,692 0.67 879,000 TravelSky Technology 1,464,692 0.67

Denmark 1,560,600 0.71 18,000 Christian Hansen 1,560,600 0.71

Finland 1,911,383 0.87 62,000 Sampo OYJ 1,911,383 0.87

France 5,587,607 2.56 2,730 Eurofins Scientific 1,684,247 0.77 5,500 LVMH 2,024,233 0.93 54,500 Total SA 1,426,625 0.65 6,500 Ubisoft Entertainment 452,502 0.21

Germany 2,525,631 1.15 40,000 CTS Eventim 1,506,941 0.69 43,500 Dürr AG 1,018,691 0.46

Hong Kong 2,139,261 0.98 280,000 AIA 2,139,261 0.98

Ireland 10,725,611 4.90 13,500 Accenture 2,357,160 1.08 38,400 APTIV 2,751,087 1.26 29,200 DCC 1,764,556 0.80 50,000 Johnson Controls 1,596,329 0.73 12,250 Linde 2,256,478 1.03

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

28 Rathbone Luxembourg Funds SICAV Annual Report 2020 including audited financial statements

Schedule of Investments (continued) As at 30 September 2020

Rathbone SICAV Multi-Asset Strategic Growth Portfolio (continued)

Quantity Description Fair Value Fair Value as a GBP Percentage of Total Net Assets %

Transferable Securities Admitted to an Official Stock Exchange Listing (continued)

Equity (continued)

Sweden 2,047,531 0.94 112,000 Assa Abloy 2,047,531 0.94

Switzerland 4,384,327 2.01 30,000 Novartis 2,028,963 0.93 8,750 Roche 2,355,364 1.08

The Netherlands 2,176,522 0.99 7,600 ASML 2,176,522 0.99

United Kingdom 21,622,412 9.88 470,000 BP 1,072,775 0.49 50,000 Fevertree Drinks 1,138,250 0.52 70,000 Diageo 1,857,100 0.85 1,022,647 ITV 675,049 0.31 1,050,000 Legal & General 1,959,563 0.89 23,000 London Stock Exchange 2,049,300 0.94 110,000 Relx 1,899,875 0.87 375,000 Rentokil Initial 2,037,000 0.93 49,300 Rio Tinto 2,313,772 1.06 120,000 Royal Dutch Shell 1,179,840 0.54 115,000 Smith & Nephew 1,728,163 0.79 46,000 Unilever 2,213,060 1.01 1,470,000 Vodafone 1,498,665 0.68

United States of America 52,842,091 24.16 28,000 Abbott Labs 2,295,690 1.05 6,750 Activision 424,880 0.19 5,500 Adobe 2,096,974 0.96 860 Amazon.com 2,106,956 0.96 11,000 Amgen 2,127,944 0.97 28,000 Amphenol 2,370,431 1.08 6,400 Ansys 1,594,264 0.73 24,000 Cadence Design System 1,978,116 0.90 14,000 Chicago Mercantile Exchange 1,813,202 0.83 52,500 Coca-Cola 2,001,841 0.92 3,500 Costco Wholesale 960,543 0.44 53,000 Discover Financial Services 2,298,071 1.05 12,000 Ecolab 1,845,920 0.84 9,000 Edwards Lifesciences 549,462 0.25 4,000 Electronic Arts 405,284 0.19 1,250 Equinix REIT 743,151 0.34 14,000 Estée Lauder 2,343,426 1.07 20,000 First Republic Bank 1,678,357 0.77 7,110 Lockheed Martin 2,153,641 0.99 8,800 Mastercard 2,305,413 1.05 11,500 Microsoft 1,856,886 0.85 18,000 Nike "B" 1,772,294 0.81

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

Rathbone Luxembourg Funds SICAV Annual Report 2020 including audited financial statements 29 Schedule of Investments (continued) As at 30 September 2020

Rathbone SICAV Multi-Asset Strategic Growth Portfolio (continued)

Quantity Description Fair Value Fair Value as a GBP Percentage of Total Net Assets %

Transferable Securities Admitted to an Official Stock Exchange Listing (continued)

Equity (continued)

United States of America (continued) 27,733 Northern Trust 1,674,009 0.77 38,050 Schlumberger 462,911 0.21 3,800 Take Two Interactive Software 486,809 0.22 10,000 The Clorox 1,639,935 0.75 3,880 Thermo Fisher Scientific 1,313,730 0.60 59,000 U.S. Bancorp Del New 1,622,948 0.74 8,400 Ulta Beauty 1,459,214 0.67 42,921 Verizon Communications 1,981,304 0.91 15,000 Visa 2,331,599 1.07 28,500 WEC Energy 2,146,885 0.98

Structured Products 2,824,409 1.29

Switzerland 991,171 0.45 1,011,399 Credit Suisse AG London ELN 02/10/2020 991,171 0.45

United Kingdom 1,833,238 0.84 2,059,586 Credit Suisse 1053 FTSE 0% 27/07/2023 1,833,238 0.84

Transferable Securities Traded on Another Regulated Market 24,956,885 11.41

Bonds 10,922,922 5.00

United Kingdom 1,032,199 0.47 400,000 Marks & Spencer 6.125% 06/12/2021 420,712 0.19 600,000 Sainsburys Bank 6% VRN 23/11/2027 611,486 0.28

United States of America 9,890,723 4.53 6,500,000 US Treasury 0.25% Index-Linked 15/01/2025 5,919,328 2.71 4,750,000 US Treasury 0.125% Index-Linked 15/10/2024 3,971,396 1.82

Equity 4,618,996 2.11

Germany 1,175,804 0.54 17,800 Kion Group 1,175,804 0.54

Switzerland 1,209,005 0.55 77,000 SIG Combibloc Group AG 1,209,005 0.55

United States of America 2,234,187 1.02 1,950 Alphabet 2,234,187 1.02

Structured Products 9,089,216 4.15

The Netherlands 6,768,239 3.09 418 JP Morgan 0% 31/12/2021 3,726,023 1.70 3,760,000 JP Morgan 1255 FTSE OTM Accelerator 11/03/2025 3,042,216 1.39

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

30 Rathbone Luxembourg Funds SICAV Annual Report 2020 including audited financial statements

Schedule of Investments (continued) As at 30 September 2020

Rathbone SICAV Multi-Asset Strategic Growth Portfolio (continued)

Quantity Description Fair Value Fair Value as a GBP Percentage of Total Net Assets %

Transferable Securities Traded on Another Regulated Market (continued)

Structured Products (continued)

United Kingdom 2,320,977 1.06 2,694,332 UBS AG 9.32% 01/03/2024 2,320,977 1.06

Warrants 325,751 0.15

Switzerland 86,358 0.04 7,400,000 S&P 500 Composite Warrants 18/12/2020 86,358 0.04

The Netherlands 239,393 0.11 14,750 S&P 500 Composite Warrants 05/01/2021 239,393 0.11

Collective Investment Scheme 43,792,139 20.02

Bermuda 376,532 0.17 1,123,554 CATCo Reinsurance Opportunities Fund 376,532 0.17

Channel Islands 432,681 0.20 1,059,953 SQN Asset Finance Income 200,331 0.09 546,063 SQN Asset Finance Income NPV 232,350 0.11

Ireland 28,116,221 12.85 800,000 AHFM US Enhanced Equity Fund 1,091,045 0.50 17,520 Barings Emerging Markets Debt 1,895,138 0.87 180,000 Invesco US High Yield Fallen Angels ETF 3,285,000 1.50 400,000 iShares Fallen Angels High Yield Fund ETF 1,788,325 0.82 80,000 iShares MSCI AC Far East ex-Japan UCITS ETF 3,682,400 1.68 285,000 iShares Physical Gold ETF 8,182,005 3.74 390,000 L&G All Commodities UCITS ETF 2,659,574 1.21 36,347 Source LGIM Commodity Composite UCITS ETF 1,645,544 0.75 37,035 Source Morningstar US Energy Infrastructure UCITS ETF 652,834 0.30 100,000 SPDR Russell 2000 US Small Cap UCITS ETF 3,234,354 1.48

Luxembourg 9,775,505 4.47 63,946 Ashmore SICAV Emerging Markets Short Duration Fund 4,659,106 2.13 110,000 ChinaAMC China Opportunities Fund 2,176,167 1.00 32,000 JP Morgan Funds Japan Equity 2,940,233 1.34

United Kingdom 5,091,200 2.33 30,000 Allianz Technology Trust 742,500 0.34 440,000 HG Capital Trust 1,229,800 0.56 50,000 JP Morgan Emerging Markets Investment Trust 538,000 0.25 420,000 JP Morgan Japanese Investment Trust 2,580,900 1.18

Total Investments 206,253,295 94.29

Other Net Assets 12,501,509 5.71

Total Net Assets 218,754,804 100.00

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

Rathbone Luxembourg Funds SICAV Annual Report 2020 including audited financial statements 31 Schedule of Investments (continued) As at 30 September 2020

Rathbone SICAV Multi-Asset Total Return Portfolio

Quantity Description Fair Value Fair Value as a GBP Percentage of Total Net Assets %

Transferable Securities Admitted to an Official Stock Exchange Listing 44,236,895 63.23

Bonds 22,050,767 31.52

Bermuda 286,243 0.41 260,000 Hiscox 6.125% VRN 24/11/2045 286,243 0.41

Channel Islands 248,717 0.36 223,000 Heathrow Funding 7.125% 14/02/2024 248,717 0.36

Japan 3,636,094 5.20 490,000,000 Government of Japan Five Year Bond 0.1% 20/06/2023 3,636,094 5.20

Luxembourg 3,144,423 4.49 3,000,000 European Investment Bank 4.25% 07/12/2021 3,144,423 4.49

Singapore 2,306,760 3.30 4,000,000 Singapore Government 2.25% 01/06/2021 2,306,760 3.30

The Netherlands 421,229 0.60 250,000 Rabobank Nederland 6.91% VRN perp 421,229 0.60

United Kingdom 12,007,301 17.16 320,000 3i 6.875% 09/03/2023 361,333 0.52 220,000 Aviva 6.125% VRN perp 237,345 0.34 273,000 Barclays 2.375% VRN 06/10/2023 279,032 0.40 279,000 Barclays Bank 10% 21/05/2021 294,391 0.42 350,000 Bupa Finance 3.375% 17/06/2021 356,593 0.51 415,000 Investec Bank 4.5% 05/05/2022 432,333 0.62 157,000 Legal & General Group 5.125% VRN 4/11/2048 179,444 0.26 350,000 Lloyds Banking Group 1.875% VRN 15/01/2026 353,485 0.50 373,000 Santander UK 3.625% 14/01/2026 409,098 0.58 273,000 Scottish Widows 5.5% 16/06/2023 300,881 0.43 273,000 Skipton Building Society 1.75% 30/06/2022 275,057 0.39 323,000 TSB Banking 5.75% VRN 06/05/2026 327,181 0.47 5,906,692 UK Treasury 0.5% 22/07/2022 5,965,759 8.53 2,225,000 UK Treasury Gilt 1.5% 22/01/2021 2,235,369 3.19

Equity 19,478,229 27.83

Cayman Islands 396,263 0.57 7,700 Tencent Holdings Limited 396,263 0.57

Channel Islands 447,810 0.64 5,750 Ferguson Newco 447,810 0.64

Denmark 281,775 0.40 3,250 Christian Hansen 281,775 0.40

France 1,063,570 1.52 590 Eurofins Scientific 363,995 0.52 900 LVMH 331,238 0.47

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

32 Rathbone Luxembourg Funds SICAV Annual Report 2020 including audited financial statements Schedule of Investments (continued) As at 30 September 2020

Rathbone SICAV Multi-Asset Total Return Portfolio (continued)

Quantity Description Fair Value Fair Value as a GBP Percentage of Total Net Assets %

Transferable Securities Admitted to an Official Stock Exchange Listing (continued)

Equity (continued)

France (continued) 10,348 Total SA 270,876 0.39 1,400 Ubisoft Entertainment 97,462 0.14

Hong Kong 362,910 0.52 47,500 AIA 362,910 0.52

Ireland 1,800,777 2.57 2,250 Accenture 392,860 0.56 6,650 APTIV 476,425 0.68 5,000 DCC 302,150 0.43 8,750 Johnson Controls 279,358 0.40 1,900 Linde 349,984 0.50

Sweden 438,757 0.63 24,000 Assa Abloy 438,757 0.63

Switzerland 802,604 1.14 5,300 Credit Suisse 358,450 0.51 1,650 Roche 444,154 0.63

The Netherlands 400,938 0.57 1,400 ASML 400,938 0.57

United Kingdom 4,263,899 6.09 89,000 BP 203,143 0.29 10,000 Fevertree Drinks 227,650 0.33 14,500 Diageo 384,685 0.55 260,000 ITV 171,626 0.24 190,000 Legal & General 354,588 0.51 4,000 London Stock Exchange 356,400 0.51 20,000 Relx 345,432 0.49 67,500 Rentokil Initial 366,660 0.52 8,000 Rio Tinto 375,460 0.54 21,000 Royal Dutch Shell 206,472 0.29 21,900 Smith & Nephew 329,102 0.47 24,000 SSE 290,280 0.41 7,500 Unilever 360,825 0.52 286,000 Vodafone 291,577 0.42

United States of America 9,218,925 13.18 4,800 Abbott Labs 393,547 0.56 1,900 Activision 119,596 0.17 1,000 Adobe 381,268 0.55 180 Amazon.com 440,991 0.63 2,200 Amgen 425,589 0.61 5,000 Amphenol 423,291 0.60 700 Ansys 174,373 0.25 4,400 Cadence Design System 362,655 0.52

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

Rathbone Luxembourg Funds SICAV Annual Report 2020 including audited financial statements 33 Schedule of Investments (continued) As at 30 September 2020

Rathbone SICAV Multi-Asset Total Return Portfolio (continued)

Quantity Description Fair Value Fair Value as a GBP Percentage of Total Net Assets %

Transferable Securities Admitted to an Official Stock Exchange Listing (continued)

Equity (continued)

1,980 Chicago Mercantile Exchange 256,439 0.37 9,500 Coca-Cola 362,238 0.52 400 Costco Wholesale 109,776 0.16 10,000 Discover Financial Services 433,598 0.62 1,000 Electronic Arts 101,321 0.15 2,500 Estée Lauder 418,469 0.60 4,125 First Republic Bank 346,161 0.50 1,550 Lockheed Martin 469,500 0.67 1,550 Mastercard 406,067 0.58 2,600 Microsoft 419,818 0.60 3,300 Nike "B" 324,921 0.46 9,155 Schlumberger 111,378 0.16 995 Take Two Interactive Software 127,467 0.18 2,500 The Clorox 409,984 0.59 1,075 Thermo Fisher Scientific 363,984 0.52 10,780 U.S. Bancorp Del New 296,532 0.42 1,450 Ulta Beauty 251,888 0.36 9,000 Verizon Communications 415,455 0.59 2,900 Visa 450,776 0.64 5,600 WEC Energy 421,844 0.60

Structured Products 2,707,899 3.88

Canada 1,752,576 2.51 2,255,000 RBC Capital Market 1.7365% VRN 02/02/2021 1,752,576 2.51

United Kingdom 955,323 1.37 1,073,276 Credit Suisse 1053 FTSE 0% 27/07/2023 955,323 1.37

Transferable Securities Traded on Another Regulated Market 10,253,517 14.65

Bonds 6,509,324 9.30

Bermuda 367,080 0.52 366,000 Fidelity International 6.75% 19/10/2020 367,080 0.52

Ireland 306,795 0.44 300,000 Experian Finance 3.5% 15/10/2021 306,795 0.44

United Kingdom 1,646,535 2.35 342,000 Jupiter Fund Management 8.875% VRN 27/07/2030 361,402 0.51 273,000 Marks & Spencer 3% 08/12/2023 277,967 0.40 366,000 PGH Capital 4.125% 20/07/2022 380,209 0.54 300,000 Sainsburys Bank 6% VRN 23/11/2027 305,743 0.44 300,000 Tesco 6.125% 24/02/2022 321,214 0.46

United States of America 4,188,913 5.99 300,000 Bank of America Corp 6.125% 15/09/2021 316,232 0.45

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

34 Rathbone Luxembourg Funds SICAV Annual Report 2020 including audited financial statements Schedule of Investments (continued) As at 30 September 2020

Rathbone SICAV Multi-Asset Total Return Portfolio (continued)

Quantity Description Fair Value Fair Value as a GBP Percentage of Total Net Assets %

Transferable Securities Traded on Another Regulated Market (continued)

Bonds (continued)

United States of America (continued) 2,600,000 US Treasury 0.25% Index-Linked 15/01/2025 2,367,731 3.39 1,800,000 US Treasury 0.125% Index-Linked 15/10/2024 1,504,950 2.15

Equity 694,453 0.99

Switzerland 259,073 0.37 16,500 SIG Combibloc Group AG 259,073 0.37

United States of America 435,380 0.62 380 Alphabet 435,380 0.62

Structured Products 2,990,493 4.27

The Netherlands 1,804,583 2.58 138 JP Morgan 0% 31/12/2021 1,230,122 1.76 710,000 JP Morgan 1255 FTSE OTM Accelerator 11/03/2025 574,461 0.82

United Kingdom 1,185,910 1.69 1,376,677 UBS AG 9.32% 01/03/2024 1,185,910 1.69

Warrants 59,247 0.09

Switzerland 18,672 0.03 1,600,000 S&P 500 Composite Warrants 18/12/2020 18,672 0.03

The Netherlands 40,575 0.06 2,500 S&P 500 Composite Warrants 05/01/2021 40,575 0.06

Collective Investment Schemes 10,302,198 14.72

Bermuda 57,470 0.08 171,489 CATCo Reinsurance Opportunities Fund 57,470 0.08

Channel Islands 1,348,209 1.93 33,000 BH Macro Fund 1,197,900 1.71 250,574 SQN Asset Finance Income 47,358 0.07 241,951 SQN Asset Finance Income NPV 102,950 0.15

Ireland 7,851,093 11.22 63,000 Invesco US High Yield Fallen Angels ETF 1,149,750 1.64 93,000 iShares Fallen Angels High Yield Fund ETF 415,786 0.60 147,500 iShares Physical Gold ETF 4,234,547 6.05 110,000 L&G All Commodities UCITS ETF 750,136 1.07 16,914 Source LGIM Commodity Composite UCITS ETF 765,750 1.10 12,009 Source Morningstar US Energy Infrastructure UCITS ETF 211,689 0.30 10,000 SPDR Russell 2000 US Small Cap UCITS ETF 323,435 0.46

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

Rathbone Luxembourg Funds SICAV Annual Report 2020 including audited financial statements 35 Schedule of Investments (continued) As at 30 September 2020

Rathbone SICAV Multi-Asset Total Return Portfolio (continued)

Quantity Description Fair Value Fair Value as a GBP Percentage of Total Net Assets %

Collective Investment Schemes

Luxembourg 371,586 0.53 5,100 Ashmore SICAV Emerging Markets Short Duration Fund 371,586 0.53

United Kingdom 673,840 0.96 27,000 Biotech Growth Trust 366,390 0.52 110,000 HG Capital Trust 307,450 0.44

Total Investments 64,792,610 92.60

Other Net Assets 5,175,546 7.40

Total Net Assets 69,968,156 100.00

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

36 Rathbone Luxembourg Funds SICAV Annual Report 2020 including audited financial statements Schedule of Investments (continued) As at 30 September 2020

Rathbone SICAV Ethical Bond Fund

Quantity Description Fair Value Fair Value as a GBP Percentage of Total Net Assets %

Transferable Securities Admitted to an Official Stock Exchange Listing 152,369,169 82.10

Bonds 148,045,713 79.78

Australia 434,166 0.23 406,000 AMP Group Finance 6.875% 23/08/2022 434,166 0.23

Bermuda 2,174,347 1.17 1,975,000 Hiscox 6.125% VRN 24/11/2045 2,174,347 1.17

Channel Islands 4,477,278 2.41 279,000 CPUK Finance 3.588% 28/02/2042 286,379 0.15 153,000 CPUK Finance 3.69% 28/08/2028 157,166 0.08 2,155,000 HBOS Sterling Finance (Jersey) 7.881% VRN perp 3,391,367 1.83 500,000 Porterbrook Rail Finance 7.125% 20/10/2026 642,366 0.35

China 312,671 0.17 400,000 New Development Bank 0.625% 23/06/2023 312,671 0.17

Denmark 1,104,996 0.59 500,000 Dong Energy 4.875% 12/01/2032 694,491 0.37 379,000 Orsted AS 2.125% 17/05/2027 410,505 0.22

France 11,781,390 6.35 2,614,000 AXA SA 5.453% VRN perp 2,974,781 1.60 1,650,000 AXA SA 5.625% VRN 16/01/2054 2,056,631 1.11 1,808,000 AXA SA 6.6862% VRN perp 2,202,935 1.19 1,000,000 BPCE SA 1.375% 23/12/2026 1,023,604 0.55 2,100,000 BPCE SA 5.25% 16/04/2029 2,652,687 1.43 500,000 ORANGE 3.25% 15/01/2032 586,867 0.32 300,000 UNEDIC 0.25% 25/11/2029 283,885 0.15

Germany 862,949 0.46 141,000 KfW 0.875% 15/09/2026 146,169 0.08 700,000 Landesbank Baden-Württemberg 1.5% 03/02/2025 716,781 0.38

Hong Kong 346,811 0.19 550,000 Hong Kong & Shanghai Bank FRN Perp 346,811 0.19

Ireland 2,112,660 1.14 509,000 Beazley Insurance 5.5% 10/09/2029 417,175 0.23 1,418,000 PGH Capital 6.625% 18/12/2025 1,695,485 0.91

Italy 1,050,995 0.57 137,000 Assicurazioni Generali 2.429% 14/07/2031 126,659 0.07 850,000 Assicurazioni Generali 6.269% perp 924,336 0.50

Luxembourg 293,741 0.16 305,000 European Investment Bank 0% 07/12/2028 293,741 0.16

Norway 160,901 0.09 130,000 DNB Bank Asa FRN Perp 76,874 0.04 1,000,000 Scatec Solar ASA FRN 17/11/2021 84,026 0.05

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

Rathbone Luxembourg Funds SICAV Annual Report 2020 including audited financial statements 37 Schedule of Investments (continued) As at 30 September 2020

Rathbone SICAV Ethical Bond Fund (continued)

Quantity Description Fair Value Fair Value as a GBP Percentage of Total Net Assets %

Transferable Securities Admitted to an Official Stock Exchange Listing (continued)

Bonds (continued)

South Korea 102,141 0.06 100,000 Korea Development Bank 1.75% 15/12/2022 102,141 0.06

Spain 1,988,279 1.07 1,000,000 Banco Bilbao (BBVA) 3.104% VRN 15/07/2031 996,697 0.54 1,000,000 Banco Santander SA 1.75% 17/02/2027 991,582 0.53

The Netherlands 6,975,068 3.76 500,000 Cooperatieve Rabobank UA 1.25% 14/01/2025 511,863 0.28 1,840,000 Rabobank Nederland 4.625% 23/05/2029 2,268,710 1.22 400,000 Rabobank Nederland 5.25% 14/09/2027 499,476 0.27 2,193,000 Rabobank Nederland 6.91% VRN perp 3,695,019 1.99

United Kingdom 112,862,935 60.82 1,019,000 3i 5.75% 03/12/2032 1,360,033 0.73 750,800 A2D Funding 4.75% 18/10/2022 798,040 0.43 642,600 A2D Funding II 4.5% 30/09/2026 739,831 0.40 384,000 A2Dominion Housing Group 3.5% 2028 427,192 0.23 320,000 Aster Treasury 4.5% 18/12/2043 487,779 0.26 1,637,000 Aviva 4.375% VRN 12/09/2049 1,822,943 0.98 422,000 Aviva 5.125% VRN 04/06/2050 487,830 0.26 2,400,000 Aviva 6.125% 14/11/2036 2,902,794 1.56 1,190,000 Aviva 6.125% VRN perp 1,283,823 0.69 2,663,000 Aviva 6.875% VRN 20/05/2058 3,934,199 2.12 2,479,000 Bank of Scotland 7.281% VRN perp 2,871,550 1.55 100,000 Barclays 3% 08/05/2026 105,248 0.06 1,554,000 Barclays Bank 10% 21/05/2021 1,639,726 0.88 1,164,000 Barclays Bank 3.25% 12/02/2027 1,246,889 0.67 7,000 Barclays Bank 7.125% VRN perp 7,038 - 1,400,000 Bazalgette Finance 2.375% 29/11/2027 1,521,706 0.82 641,000 Beazley 5.875% 04/11/2026 537,664 0.29 423,000 British Telecom 3.5% Index-Linked 25/04/2025 889,055 0.48 400,000 British Telecom 3.625% 21/11/2047 468,635 0.25 302,000 Bromford Housing Group 3.125% 03/05/2048 396,422 0.21 653,000 BUPA Finance 5% 08/12/2026 745,557 0.40 1,193,000 Channel Link 3.043% VRN 30/06/2050 1,225,868 0.66 986,000 Close Brothers Group 2.75% 26/04/2023 1,023,603 0.55 1,625,000 Close Brothers Group 4.25% VRN 24/01/2027 1,662,434 0.90 550,000 Coventry Building Society 1.875% 24/10/2023 567,124 0.31 300,000 CYBG 4% VRN 03/09/2027 310,537 0.17 25,000 Ellenbrook Developments 3.3894% Index-Linked 31/07/2032 26,566 0.01 223,000 Eversholt Funding 3.529% 07/08/2042 252,266 0.14 1,794,000 Greater Gabbard 4.137% 29/11/2032 1,740,491 0.94 147,500 Heylo Housing Secured 1.625% IL 30/9/2028 144,734 0.08 273,000 HSBC Bank 5.375% 22/08/2033 360,532 0.19 3,076,000 HSBC Bank 5.844% VRN perp 4,398,649 2.37 400,000 HSBC Holdings 3% 29/05/2030 427,446 0.23 1,279,000 HSBC Holdings 3% VRN 22/07/2028 1,368,296 0.74 88,000 Intermediate Capital Group 5% 24/03/2023 92,832 0.05

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

38 Rathbone Luxembourg Funds SICAV Annual Report 2020 including audited financial statements Schedule of Investments (continued) As at 30 September 2020

Rathbone SICAV Ethical Bond Fund (continued)

Quantity Description Fair Value Fair Value as a GBP Percentage of Total Net Assets %

Transferable Securities Admitted to an Official Stock Exchange Listing (continued)

Bonds (continued)

United Kingdom (continued) 1,243,000 Investec Bank 4.25% VRN 24/07/2028 1,255,869 0.68 1,534,000 Investec Bank 4.5% 05/05/2022 1,598,071 0.86 2,644,000 Legal & General Group 3.75% VRN 26/11/2049 2,721,862 1.47 623,000 Legal & General Group 4.5% VRN 01/11/2050 676,550 0.36 439,000 Legal & General Group 5.125% VRN 4/11/2048 501,757 0.27 1,617,000 Legal & General Group 5.375% VRN 27/10/2045 1,854,845 1.00 2,440,000 Legal & General Group 5.5% VRN 27/06/2064 2,892,382 1.56 223,000 Libra Longhurst Group Treasury 3.25% 15/05/2043 270,000 0.15 2,150,000 Liverpool Victoria Friendly Society 6.5% VRN 22/05/2043 2,384,188 1.28 100,000 Lloyds Bank 0.4375% FRN Perp 67,512 0.04 100,000 Lloyds Bank 0.3075% FRN Perp 67,863 0.04 500,000 Lloyds Banking Group 1.875% VRN 15/01/2026 504,978 0.27 2,510,000 Lloyds Banking Group 13% Var perp 4,359,293 2.35 642,000 Lloyds Banking Group 2.25% 16/10/2024 665,131 0.36 791,000 Lloyds Banking Group 7.625% 22/04/2025 1,004,537 0.54 635,000 London and Quadrant Housing Trust 2.625% 28/02/2028 686,426 0.37 100,000 London and Quadrant Housing Trust 3.75% 27/10/2049 136,499 0.07 112,000 Metropolitan Funding 4.125% 05/04/2048 146,464 0.08 370,000 Motability Operations 1.75% 03/07/2029 395,132 0.21 500,000 Motability Operations Group 2.375% 03/07/2039 571,217 0.31 112,000 Myriad Capital 4.75% 20/12/2043 169,681 0.09 12,076 Nationwide Building Society 10.25% VRN Perp 2,002,322 1.08 400,000 Nationwide Building Society 3.25% 20/01/2028 464,852 0.25 144,681 Nationwide Building Society 3.875% Index-Linked 30/07/2021 445,417 0.24 250,000 Nationwide Building Society 4.125% VRN 18/10/2032 207,758 0.11 630,000 Nationwide Building Society 5.769% perp 650,589 0.35 228,000 Nationwide Building Society 6.25% VRN perp 254,777 0.14 507,000 Natwest Markets 6.875% 17/05/2025 611,986 0.33 128,200 Natwest Markets PLC VRN 01/11/2022 136,584 0.07 352,000 Notting Hill Genesis 2.875% 31/01/2029 385,122 0.21 146,000 Notting Hill Housing 3.75% 20/12/2032 175,212 0.09 450,000 Orbit Capital 3.375% 14/06/2048 565,103 0.30 366,000 Orbit Capital 3.5% 24/03/2045 461,887 0.25 139,200 Paragon 6% 05/12/2020 140,181 0.08 777,100 Paragon 6% 28/08/2024 797,709 0.43 280,400 Paragon 6.125% 30/01/2022 282,410 0.15 100,000 Peabody Capital 5.25% 17/03/2043 160,988 0.09 547,000 Peabody Capital No 2 3.25% 14/09/2048 698,140 0.38 201,000 Phoenix 5.375% 06/07/2027 169,963 0.09 480,000 Phoenix 5.75% VRN perp 480,290 0.26 275,700 Places for People Finance 4.25% 15/12/2023 275,322 0.15 190,500 Places for People Homes 1% Index-Linked 31/01/2022 243,334 0.13 1,382,000 Places for People Homes 3.625% 22/11/2028 1,563,857 0.84 845,000 Places for People Treasury 2.875% 17/08/2026 903,697 0.49 510,000 Prudential 3.875% VRN 20/07/2049 535,361 0.29 961,000 Prudential 5% VRN 20/07/2055 1,094,544 0.59 400,000 Prudential 5.7% VRN 19/12/2063 490,231 0.26 659,000 Prudential 6.25% VRN 20/10/2068 803,653 0.43

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

Rathbone Luxembourg Funds SICAV Annual Report 2020 including audited financial statements 39 Schedule of Investments (continued) As at 30 September 2020

Rathbone SICAV Ethical Bond Fund (continued)

Quantity Description Fair Value Fair Value as a GBP Percentage of Total Net Assets %

Transferable Securities Admitted to an Official Stock Exchange Listing (continued)

Bonds (continued)

United Kingdom (continued) 140,000 Quadrant Housing 7.93% 10/02/2033 180,279 0.10 81,400 Retail Charity Bonds 3.9% 23/11/2029 83,537 0.04 195,800 Retail Charity Bonds 4% 31/10/2029 196,907 0.11 160,200 Retail Charity Bonds 4.25% 06/07/2026 163,604 0.09 355,200 Retail Charity Bonds 4.25% 30/03/2026 341,132 0.18 32,000 Retail Charity Bonds 4.375% 29/07/2021 32,847 0.02 128,200 Retail Charity Bonds 4.4% 30/04/2027 128,006 0.07 235,200 Retail Charity Bonds 4.5% 20/06/2026 231,731 0.12 190,200 Retail Charity Bonds 5% 12/04/2026 216,389 0.12 100,000 Retail Charity Bonds 5% 27/03/2030 103,050 0.06 100,000 Riverside Finance 3.875% 05/12/2044 139,320 0.08 2,700,000 RL Finance Bonds 4.875% VRN 07/10/2049 2,851,628 1.54 2,692,000 RL Finance Bonds 6.125% 13/11/2028 3,295,344 1.78 1,429,000 RL Finance Bonds 6.125% VRN 30/11/2043 1,601,296 0.86 1,798,000 Rothesay Life 8% 30/10/2025 2,235,984 1.20 2,064,000 Rothschild 9% perp 2,466,748 1.33 100,000 Royal Bank of Scotland Group 68,779 0.04 500,000 Royal Bank of Scotland Group 3.125% VRN 28/03/2027 534,206 0.29 2,500,000 RSA Insurance Group 5.125% VRN 10/10/2045 2,870,153 1.55 1,682,000 Santander UK 2.92% VRN 24/01/2027 1,779,820 0.96 711,000 Santander UK 3.625% 14/01/2026 779,808 0.42 134,000 Santander UK 5.875% 14/08/2031 166,356 0.09 227,000 Santander UK 6.5% 21/10/2030 290,420 0.16 403,000 Scottish Hydro Electric 2.25% 27/09/2035 441,240 0.24 1,427,000 Scottish Widows 5.5% 16/06/2023 1,572,739 0.85 2,560,000 Scottish Widows 7% 16/06/2043 3,537,604 1.91 223,000 Segro 2.375% 11/10/2029 245,527 0.13 260,000 Silverstone Master Issuer FRN 21/01/2070 173,678 0.09 207,000 Society Lloyds 4.75% 30/10/2024 223,656 0.12 1,369,000 Standard Life Aberdeen 4.25% VRN 30/06/2048 1,117,377 0.60 1,393,000 Standard Life Aberdeen 5.5% VRN 04/12/2042 1,491,989 0.80 206,000 Swan Housing Capital 3.625% 05/03/2048 239,832 0.13 296,000 TC Dudgeon Ofto 3.158% 12/11/2038 337,348 0.18 761,000 Telereal Securitisation FRN 10/09/2031 733,198 0.39 864,000 TSB Banking 5.75% VRN 06/05/2026 875,184 0.47 1,157,000 Wods Transmission 3.446% 24/08/2034 1,121,517 0.60 824,000 Yorkshire Building Society 3% VRN 18/04/2025 869,315 0.47 2,388,000 Yorkshire Building Society 3.375% VRN 13/09/2028 2,516,370 1.36 391,000 Yorkshire Water Finance 1.75% 26/11/2026 402,139 0.22

United States of America 1,004,386 0.54 347,000 BAC Capital Trust 4% VRN perp 261,732 0.14 350,000 Citigroup 1.18744% VRN 28/06/2067 323,720 0.18 257,000 Welltower 4.5% 01/12/2034 301,388 0.16 100,000 Welltower 4.8% 20/11/2028 117,546 0.06

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

40 Rathbone Luxembourg Funds SICAV Annual Report 2020 including audited financial statements Schedule of Investments (continued) As at 30 September 2020

Rathbone SICAV Ethical Bond Fund (continued)

Quantity Description Fair Value Fair Value as a GBP Percentage of Total Net Assets %

Transferable Securities Admitted to an Official Stock Exchange Listing (continued)

Equity 305,022 0.16

Ireland 305,022 0.16 277,362 Greencoat Renewables 305,022 0.16

Structured Products 4,018,434 2.16

Canada 1,993,507 1.07 2,565,000 RBC Capital Market 1.7365% VRN 02/02/2021 1,993,507 1.07

United Kingdom 2,024,927 1.09 1,400,000 Finance For Residential Social Housing 11.126% 05/10/2058 1,644,681 0.89 100,000 Finance For Residential Social Housing 8.569% 04/10/2058 110,018 0.06 282,153 Finance For Residential Social Housing 8.569% 4/10/2058 270,228 0.14

Transferable Securities Traded on Another Regulated Market 28,384,561 15.30

Bonds 28,334,972 15.27

Bermuda 1,515,131 0.82 1,003,000 Fidelity International 7.125% 13/02/2024 1,187,564 0.64 326,000 Hiscox 2% 14/12/2022 327,567 0.18

Channel Islands 1,410,778 0.76 1,300,000 Hastings Group Finance 3% 24/05/2025 1,410,778 0.76

France 672,725 0.36 636,000 AXA SA 6.379% VRN Perp 672,725 0.36

Luxembourg 123,577 0.07 121,000 Logicor Financing 2.75% 15/01/2030 123,577 0.07

United Kingdom 24,128,346 13.00 1,217,000 3i Group 3.75% 05/06/2040 1,304,254 0.70 393,732 Aggregate Micro Power Infrastructure 8% 17/10/2036 389,480 0.21 408,000 Aviva 4% VRN 03/06/2055 430,456 0.23 1,000,000 Barclays 3.75% VRN 22/11/2030 1,041,178 0.56 1,991,000 BUPA Finance 4.125% 14/06/2035 2,116,923 1.14 455,000 Catalyst Housing 3.125% 31/10/2047 566,434 0.31 642,000 Channel Link FRN 30/12/2050 513,362 0.28 675,000 Clarion Funding 1.875% 22/01/2035 705,251 0.38 200,000 Direct Line Insurance Group 4% 05/06/2032 221,445 0.12 251,000 Experian Finance 2.125% 27/09/2024 265,762 0.14 300,000 Grainger 3% 03/07/2030 312,996 0.17 564,000 Grainger 3.375% 24/04/2028 606,991 0.33 218,000 Great Rolling 6.875% 27/07/2035 192,807 0.10 412,000 Guinness Partner 4% 24/10/2044 610,505 0.33 227,000 Guinness Partnership 2% 22/04/2055 248,149 0.13 127,000 Home Group 3.125% 27/03/2043 152,325 0.08 273,000 Hyde Housing Association 1.75% 18/08/2055 259,670 0.14 540,000 JRP Group 9% 26/10/2026 593,572 0.32

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

Rathbone Luxembourg Funds SICAV Annual Report 2020 including audited financial statements 41 Schedule of Investments (continued) As at 30 September 2020

Rathbone SICAV Ethical Bond Fund (continued)

Quantity Description Fair Value Fair Value as a GBP Percentage of Total Net Assets %

Transferable Securities Traded on Another Regulated Market (continued)

Bonds (continued)

262,000 Jupiter Fund Management 8.875% VRN 27/07/2030 276,863 0.15 200,000 Just Group 3.5% 07/02/2025 182,982 0.10 455,000 Legal & General Group 5.625% VRN Perp 465,395 0.25 435,000 London Merchant Securities 6.5% 16/03/2026 555,078 0.30 414,000 Nationwide Building Society 5.75% VRN Perp 425,903 0.23 300,000 Nationwide Building Society 7.859% VRN Perp 367,287 0.20 245,000 Northern Powergrid Holdings 1.875% 16/06/2062 262,769 0.14 1,100,000 PGH Capital 4.125% 20/07/2022 1,142,706 0.62 300,000 Phoenix Group 5.625% 28/04/2031 342,517 0.18 300,000 Platform HG Financing 1.625% 10/08/2055 295,145 0.16 991,000 Principality Building Society 2.375% 23/11/2023 1,019,571 0.55 3,021,000 Prudential 5.625% VRN 20/10/2051 3,525,657 1.90 1,253,000 Rothesay Life 3.375% 12/07/2026 1,301,580 0.70 672,000 Rothesay Life 5.5% VRN 17/09/2029 736,644 0.40 343,000 Royal Bank of Scotland Group 3.622% VRN 14/08/2030 358,125 0.19 371,000 Sainsburys Bank 6% VRN 23/11/2027 378,102 0.20 827,000 Skipton Building Society 2% VRN 02/10/2026 829,485 0.45 800,000 Virgin Money UK 5.125% VRN 11/12/2030 802,846 0.43 278,000 Wrekin Housing Group 2.5% 22/10/2048 328,131 0.18

United States of America 484,415 0.26 500,000 Ford Foundation 2.415% 01/06/2050 404,702 0.22 100,000 Inter American Development 0.875% 03/04/2025 79,713 0.04

Structured Products 49,589 0.03

Cayman Islands 49,589 0.03 112,000 Hero Funding Trust 3.19% 20/09/2048 49,589 0.03

Other Transferable Securities 140,656 0.07

Bonds 140,656 0.07

United Kingdom 140,656 0.07 18,000 Ecology Building Society 9.625% VRN Perp 18,829 0.01 113,000 Pearson 3.75% 04/06/2030 121,826 0.06

Total Investments 180,894,386 97.47

Other Net Assets 4,688,920 2.53

Total Net Assets 185,583,306 100.00

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

42 Rathbone Luxembourg Funds SICAV Annual Report 2020 including audited financial statements Schedule of Investments (continued) As at 30 September 2020

Rathbone SICAV Income Fund

Quantity Description Fair Value Fair Value as a GBP Percentage of Total Net Assets %

Transferable Securities Admitted to an Official Stock Exchange Listing 2,972,994 90.55

Equity 2,972,994 90.55

Belgium 79,998 2.44 1,900 Anheuser Busch InBev 79,998 2.44

Bermuda 55,763 1.70 6,200 Hiscox 55,763 1.70

Channel Islands 59,290 1.81 9,800 WPP 59,290 1.81

Finland 97,111 2.96 3,150 Sampo OYJ 97,111 2.96

Ireland 266,729 8.12 1,820 DCC 109,983 3.34 177 Linde 32,604 0.99 1,370 Smurfit Kappa 41,552 1.27 10,650 UDG Healthcare 82,591 2.52

Switzerland 103,148 3.14 550 Novartis 37,198 1.13 245 Roche 65,950 2.01

United Kingdom 2,241,586 68.27 28,000 Aviva 80,220 2.44 17,000 BAE Systems 81,736 2.49 2,700 Bellway 63,369 1.93 1,600 Berkeley 67,864 2.07 6,800 BHP Group 112,690 3.43 6,250 Big Yellow 64,594 1.97 39,000 BP 89,018 2.71 4,450 British American Tobacco 123,666 3.77 5,700 Bunzl 142,728 4.35 6,700 Close Brothers 68,273 2.08 1,900 Dechra Pharmaceuticals 60,306 1.84 7,700 GlaxoSmithKline 112,820 3.43 35,500 Halfords 63,581 1.94 5,850 Imperial Brands 80,189 2.44 71,000 ITV 46,867 1.43 23,500 Jupiter Fund Management 52,969 1.61 55,500 Legal & General 103,577 3.15 11,300 Micro Focus 28,001 0.85 13,000 National Grid 116,155 3.54 3,300 Persimmon 81,708 2.49 1,350 Reckitt Benckiser 102,573 3.12 5,200 Relx 89,661 2.73

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

Rathbone Luxembourg Funds SICAV Annual Report 2020 including audited financial statements 43 Schedule of Investments (continued) As at 30 September 2020

Rathbone SICAV Income Fund (continued)

Quantity Description Fair Value Fair Value as a GBP Percentage of Total Net Assets %

Transferable Securities Admitted to an Official Stock Exchange Listing (continued)

Equity (continued)

United Kingdom (continued) 2,300 Rio Tinto 107,945 3.29 8,700 Royal Dutch Shell B 82,807 2.52 8,500 SSE 102,808 3.13 2,400 Unilever 115,464 3.52

United States of America 69,369 2.11 2,320 Altria 69,369 2.11

Transferable Securities Traded on Another Regulated Market 133,777 4.07

Equity 133,777 4.07

United Kingdom 133,777 4.07 200,000 Lloyds Banking 52,260 1.59 77,158 NatWest Group 81,517 2.48

Total Investments 3,106,771 94.62

Other Net Assets 176,742 5.38

Total Net Assets 3,283,513 100.00

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

44 Rathbone Luxembourg Funds SICAV Annual Report 2020 including audited financial statements Schedule of Investments (continued) As at 30 September 2020

Rathbone SICAV High Quality Bond Fund

Quantity Description Fair Value Fair Value as a GBP Percentage of Total Net Assets %

Transferable Securities Admitted to an Official Stock Exchange Listing 34,603,674 66.99

Bonds 34,603,674 66.99

Australia 585,993 1.14 100,000 AMP Group Finance 6.875% 23/08/2022 106,938 0.21 476,000 National Australia Bank FRN 04/02/2025 479,056 0.93

Belgium 435,043 0.84 420,000 Euroclear Bank SA 1.25% 30/09/2024 435,043 0.84

Canada 2,531,814 4.90 162,000 Bank of Montreal 1.5% 18/12/2024 167,958 0.32 100,000 Canadian Imperial Bank of Commerce 1.625% 25/09/2025 103,275 0.20 400,000 Canadian Imperial Bank of Commerce FRN 28/10/2022 402,049 0.78 269,000 Royal Bank of Canada 1.125% 15/12/2025 272,409 0.53 402,000 Royal Bank of Canada 1.375% 09/12/2024 413,522 0.80 695,000 Royal Bank of Canada FRN 03/10/2024 701,356 1.36 469,000 Royal Bank of Canada FRN 30/01/2025 471,245 0.91

China 600,914 1.16 597,000 China Development Bank 1.25% 21/01/2023 600,914 1.16

France 5,022,017 9.72 400,000 Banque Federative du Credit Mutuel 1.25% 05/12/2025 410,249 0.80 300,000 Banque Federative du Credit Mutuel 1.375% 20/12/2021 303,838 0.59 100,000 Banque Federative du Credit Mutuel 1.75% 19/12/2024 105,175 0.20 500,000 Banque Federative du Credit Mutuel 1.875% 13/12/2022 516,321 1.00 300,000 BNP Paribas 1.125% 16/08/2022 304,078 0.59 600,000 BNP Paribas 3.375% 23/01/2026 660,786 1.28 500,000 BPCE SA 1.375% 23/12/2026 511,802 0.99 300,000 Dexia 0.5% 22/07/2023 301,616 0.58 200,000 Electricite de France 6.875% 12/12/2022 227,644 0.44 600,000 LVMH Moet Hennessy Louis Vuitton 1% 11/02/2023 603,779 1.17 306,000 LVMH Moet Hennessy Louis Vuitton 1% 14/06/2022 308,415 0.60 200,000 LVMH Moet Hennessy Louis Vuitton 1.125% 11/02/2027 201,520 0.39 422,000 Total Capital International 1.75% 07/07/2025 446,315 0.86 120,000 Total Capital International SA 2.25% 17/12/2020 120,479 0.23

Germany 2,458,157 4.76 210,000 BMW 1.25% 11/07/2022 212,857 0.41 314,000 BMW International Investment BV 0.75% 08/03/2024 314,240 0.61 300,000 Deutsche Pfandbriefbank AG 1.75% 21/11/2022 301,603 0.58 300,000 Henkel AG & Co. KGaA 1% 30/09/2022 303,280 0.59 500,000 Landesbank Baden-Württemberg 1.125% 08/12/2025 498,800 0.97 200,000 Landesbank Baden-Württemberg 1.5% 03/02/2025 204,795 0.40 100,000 Munich Rückversiherungs-Gesellschaft 6.625% VRN 26/05/2042 108,838 0.21 500,000 Siemens 1% 20/02/2025 513,744 0.99

Norway 155,254 0.30 150,000 DNB Bank ASA 1.625% 15/12/2023 155,254 0.30

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

Rathbone Luxembourg Funds SICAV Annual Report 2020 including audited financial statements 45 Schedule of Investments (continued) As at 30 September 2020

Rathbone SICAV High Quality Bond Fund (continued)

Quantity Description Fair Value Fair Value as a GBP Percentage of Total Net Assets %

Transferable Securities Admitted to an Official Stock Exchange Listing (continued)

South Korea 678,219 1.31 664000 Korea Development Bank 1.75% 15/12/2022 678,219 1.31

Spain 1,229,117 2.38 300000 Banco Santander 1.375% 31/07/2024 303,717 0.59 600,000 Banco Santander 2.75 % 12/09/2023 627,925 1.21 300,000 Banco Santander SA 1.75% 17/02/2027 297,475 0.58

Sweden 793,208 1.54 436,000 Svenska Handelsbanken 1.625% 18/06/2022 445,100 0.86 135,000 Svenska Handelsbanken 2.375% 18/01/2022 138,421 0.27 202,000 Svenska Handelsbanken AB 1.625% 15/12/2023 209,686 0.41

Switzerland 429,465 0.83 390,000 Zurich Finance 6.625% VRN Perp 429,465 0.83

The Netherlands 639,344 1.24 300,000 Cooperatieve Rabobank UA 1.25% 14/01/2025 307,118 0.60 323,000 Rabobank Nederland 2.25% 23/03/2022 332,227 0.64

United Kingdom 14,895,207 28.84 341,500 A2D Funding 4.75% 18/10/2022 362,987 0.70 413,500 A2D Funding II 4.5% 30/09/2026 476,066 0.92 680,000 Aviva 6.125% VRN perp 733,613 1.42 470,000 Barclays 2.375% VRN 06/10/2023 480,385 0.93 100,000 Barclays 3% 08/05/2026 105,248 0.20 250,000 Close Brothers Finance 3.875% 27/06/2021 255,858 0.50 300,000 Close Brothers Group 2.75% 26/04/2023 311,441 0.60 260,000 Close Brothers Group 4.25% VRN 24/01/2027 265,989 0.51 655,000 Coventry Building Society 1.5% 23/01/2023 664,215 1.29 579,000 Coventry Building Society 1.875% 24/10/2023 597,027 1.16 679,000 HSBC 6.5% 20/05/2024 807,370 1.56 333,000 HSBC Holdings 2.256% VRN 13/11/2026 342,651 0.66 663,000 HSBC Holdings PLC 2.175% VRN 27/06/2023 673,673 1.30 100,000 Investec Bank 4.5% 05/05/2022 104,177 0.20 237,000 Land Securities Capital Markets 1.974% 08/02/2026 243,863 0.47 604,000 Leeds Building Society FRN 15/01/2025 609,336 1.18 624,000 Lloyds Bank Corporate Markets 1.75% 11/07/2024 639,688 1.24 470,000 Lloyds Banking Group 1.875% VRN 15/01/2026 474,679 0.92 621,000 Lloyds Banking Group 2.25% 16/10/2024 643,374 1.25 100,000 London and Quadrant Housing Trust 2.625% 05/05/2026 106,804 0.21 656,000 London Stock Exchange 4.75% 02/11/2021 684,670 1.33 304,000 Motability Operations 5.375% 28/06/2022 329,284 0.64 445,000 Nationwide Building Society 1% 24/01/2023 449,007 0.87 168,000 Natwest Markets 6.875% 17/05/2025 202,788 0.39 166,000 Paragon 6% 05/12/2020 167,170 0.32 38,000 Places for People Homes 1% Index-Linked 31/01/2022 48,539 0.09 387,000 Places for People Treasury 2.875% 17/08/2026 413,883 0.80 440000 Santander UK 1.625% 10/05/2021 443,719 0.86

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

46 Rathbone Luxembourg Funds SICAV Annual Report 2020 including audited financial statements Schedule of Investments (continued) As at 30 September 2020

Rathbone SICAV High Quality Bond Fund (continued)

Quantity Description Fair Value Fair Value as a GBP Percentage of Total Net Assets %

Transferable Securities Admitted to an Official Stock Exchange Listing (continued)

United Kingdom (continued) 533,000 Santander UK FRN 12/02/2024 540,754 1.05 337,000 Santander UK FRN 12/02/2027 339,175 0.66 430,000 Scottish Widows 5.5% 16/06/2023 473,916 0.92 235,000 Skipton Building Society FRN 22/02/2024 237,717 0.46 250,000 Tesco Personal Finance 5% 21/11/2020 250,650 0.49 550,000 TSB Bank FRN 15/02/2024 559,748 1.08 100,000 Yorkshire Building Society 3% VRN 18/04/2025 105,499 0.20 437,000 Yorkshire Building Society FRN 19/11/2023 441,696 0.86 300,000 Yorkshire Water Finance 1.75% 26/11/2026 308,546 0.60

United States of America 4,149,922 8.03 457,000 Bank of America 2.3% 25/07/2025 489,000 0.95 600,000 Bank of America 7% 31/07/2028 854,480 1.65 910,000 Citigroup 2.75% 24/01/2024 963,351 1.86 100,000 Goldman Sachs 4.25% 29/01/2026 115,285 0.22 370000 IBM Corporate 2.75% 21/12/2020 372,062 0.72 100,000 Metlife 5.375% 09/12/2024 118,033 0.23 400,000 Metropolitan Life Global Funding 1.125% 15/12/2021 403,432 0.78 500,000 Metropolitan Life Global Funding 2.625% 05/12/2022 520,708 1.01 200,000 New York Life Global Funding 1.625% 15/12/2023 206,872 0.40 102,000 Wells Fargo & Company 2% 28/07/2025 106,700 0.21

Transferable Securities Traded on Another Regulated Market 13,911,574 26.94

Bonds 13,911,574 26.94

Australia 941,121 1.82 437,000 Australia and New Zealand Banking FRN 24/01/2022 439,784 0.85 150,000 Commonwealth Bank of Australia 1.125% 22/12/2021 151,570 0.29 335,000 Westpac Banking 2.625% 14/12/2022 349,767 0.68

Bermuda 601,770 1.16 600,000 Fidelity International 6.75% 19/10/2020 601,770 1.16

Canada 1,549,299 3.00 202,000 Bank of Nova Scotia 1.375% 05/12/2023 206,561 0.40 650,000 Province of Ontario 0.5% 15/12/2023 652,587 1.26 687,000 Toronto-Dominion Bank FRN 24/06/2022 690,151 1.34

China 468,062 0.91 463,000 Industrial Commercial Bank of China 1.5% 31/07/2022 468,062 0.91

France 103,534 0.20 100,000 BPCE SA 2.125% 16/12/2022 103,534 0.20

Ireland 752,842 1.46 750,000 UK Municipal Bonds Agency Finance FRN 12/03/2025 752,842 1.46

Japan 101,600 0.20 100,000 Development Bank of Japan 1.125% 28/04/2023 101,600 0.20

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

Rathbone Luxembourg Funds SICAV Annual Report 2020 including audited financial statements 47 Schedule of Investments (continued) As at 30 September 2020

Rathbone SICAV High Quality Bond Fund (continued)

Quantity Description Fair Value Fair Value as a GBP Percentage of Total Net Assets %

Transferable Securities Traded on Another Regulated Market (continued)

Switzerland 851,105 1.65 650,000 UBS AG (Jersey Branch) 8.75% 18/12/2025 851,105 1.65

United Arab Emirates 551,280 1.07 544,000 First Abu Dhabi Bank 1.375% 19/02/2023 551,280 1.07

United Kingdom 6,944,751 13.44 131,000 Anglian Water Services Financing 5.837% 30/07/2022 143,492 0.28 70,000 Anglian Water Services Financing 6.875% 21/08/2023 82,627 0.16 600,000 Close Brothers Group 2.75% 19/10/2026 641,802 1.24 100,000 Coventry Building Society 1% 21/09/2025 99,505 0.19 286,000 Coventry Building Society 5.875% 28/09/2022 315,373 0.61 350,000 Coventry Building Society FRN 15/01/2025 352,678 0.68 500,000 Friends Life Holdings 12% 21/05/2021 535,037 1.04 600,000 GlaxoSmithKline Capital 1.25% 12/10/2028 611,426 1.18 189,000 Heathrow Funding 5.225% VRN 15/02/2023 202,620 0.39 550,000 Heathrow Funding 9.2% VRN 29/03/2023 568,985 1.10 567,000 Lloyds Bank Corporate Markets 1.5% 23/06/2023 575,497 1.12 546,000 National Grid Electricity Transmission 1.125% 07/07/2028 554,369 1.07 410,000 National Grid Gas 7% 16/12/2024 509,492 0.99 100,000.00 Northern Electric 8.875% 16/10/2020 100,330 0.20 530,000 Phoenix Group 5.75% 07/07/2021 549,557 1.06 496,000 Skipton Building Society 2% VRN 02/10/2026 497,490 0.96 100,000 Tesco Personal Finance Group 3.5% 25/07/2025 104,844 0.20 350,000 Transport for London 2.25% 09/08/2022 360,718 0.70 135,000 Wellcome Trust Finance 4.75% 28/05/2021 138,911 0.27

United States of America 1,046,211 2.03 300,000 Bank of America Corp 6.125% 15/09/2021 316,232 0.61 150,000 Procter & Gamble 1.8% 03/05/2029 164,819 0.32 54,000 Toyota Motor Credit Corporation 1% 27/09/2022 54,484 0.11 500,000 Wells Fargo & Company 2.125% 22/04/2022 510,675 0.99

Other Transferable Securities 1,688,101 3.26

Bonds 1,688,101 3.26

Canada 501,752 0.97 500,000 Canada Pension Plan Investment Board 0.375% 25/07/2023 501,752 0.97

United Kingdom 502,502 0.97 476,000 Logicor 2019 1 UK 1.875% 17/11/2026 502,502 0.97

United States of America 683,847 1.32 500,000 Fannie Mae 5.375% 07/12/2028 683,847 1.32

Total Investments 50,203,348 97.19

Other Net Assets 1,451,543 2.81

Total Net Assets 51,654,891 100.00

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

48 Rathbone Luxembourg Funds SICAV Annual Report 2020 including audited financial statements

Notes to the Financial Statements For the year ended 30 September 2020

1 General information

Rathbone Luxembourg Funds SICAV (the ‘Company’ or the ‘Fund’) is an open-ended investment fund with multiple compartments or Sub-Funds ("société d'investissement à capital variable" (SICAV) à compartiments multiples) governed by Luxembourg law. The Company, incorporated on 4 May 2016, is registered under Part I of the Luxembourg law of 17 December 2010 (the "2010 Law") regarding undertakings for collective investment, as amended and qualifies as a Undertakings for the Collective Investment in Transferable Securities (“UCITS”) fund under the European directive 2009/65/EC. The Articles of Incorporation were published in the Mémorial C on 17 May 2016.

The Company offers investors the choice between several Classes of Shares (each a "Class") in a number of Sub-Funds.

On 20 January 2020, a new Sub-Fund Rathbone SICAV High Quality Bond Fund was launched.

Rathbone SICAV Multi-Asset Enhanced Growth Portfolio

The Sub-Fund issues Class L, L0, L1, L2, L3 and P0 accumulation ("ACC") shares in different currencies.

Rathbone SICAV Multi-Asset Strategic Growth Portfolio

The Sub-Fund issues Class L, L0, L1, L2, L3, P0, P1, P2 and P3 accumulation ("ACC") and Class L income ("INC") shares in different currencies.

Rathbone SICAV Multi-Asset Total Return Portfolio

The Sub-Fund issues Class L, L0, L1, L2, L3, P0, P1, P2 and P3 accumulation ("ACC") and Class L income ("INC") shares in different currencies.

Rathbone SICAV Ethical Bond Fund

The Sub-Fund issues class L accumulation ("ACC") and income ("INC") shares in different currencies.

Rathbone SICAV Income Fund

The Sub-Fund issues Class L accumulation ("ACC") and income ("INC") shares in different currencies.

Rathbone SICAV High Quality Bond Fund

The Sub-Fund issues Class L accumulation ("ACC") and income ("INC") shares and Class Z accumulation ("ACC") and income ("INC") shares in different currencies.

Each Class of Shares is open to Institutional Investors and individuals or other investors wishing to invest through a financial intermediary.

All active GBP L Classes of Shares are subject to a minimum initial subscription amount of GBP 1,000,000 and minimum holding amount of GBP 1,000 and a minimum subsequent subscription amount of GBP 500.

All active GBP Z Classes of Shares are subject to a minimum initial subscription amount of GBP 100,000,000, a minimum holding amount of GBP 1,000,000 and a minimum subsequent subscription amount of GBP 500.

All active EUR L Classes of Shares are subject to a minimum initial subscription amount of EUR 1,000,000 amount and minimum holding amount of EUR 2,000 and a minimum subsequent subscription amount of EUR 1,000.

All active EUR Z Classes of Shares are subject to a minimum initial subscription amount of EUR 100,000,000, a minimum holding amount of EUR 1,000,000 and a minimum subsequent subscription amount of EUR 500.

All active CHF L Classes of Shares are subject to a minimum initial subscription amount of CHF 1,000,000 and a minimum holding amount of CHF 2,000 and no minimum subsequent subscription amount applies.

All active CHF Z Classes of Share are subject to a minimum initial subscription amount of CHF 100,000,000, a minimum holding amount of CHF 1,000,000 and a minimum subsequent subscription amount of CHF 500.

Rathbone Luxembourg Funds SICAV Annual Report 2020 including audited financial statements 49

Notes to the Financial Statements (continued) For the year ended 30 September 2020

1 General information (continued)

All active USD L Classes of Shares are subject to a minimum initial subscription amount of USD 1,000,000 and minimum holding amount of USD 2,000 and a minimum subsequent subscription amount of USD 1,000.

All active USD Z Classes of Shares are subject to a minimum initial subscription amount of USD 100,000,000, a minimum holding amount of USD 1,000,000 and a minimum subsequent subscription amount of USD 500.

For all GBP, EUR, USD and CHF Classes of Shares, the Board of Directors of the Company decided to waive the minimum initial subscription to respectively GBP 1,000, EUR 1,000, USD 1,000 and CHF 1,000.

The objective of the Company is to maximise the value of its assets by means of professional management within the framework of an optimal risk-return profile for the benefit of its shareholders.

2 Summary of significant accounting policies a) Accounting convention

The financial statements have been prepared under the Luxembourg laws and requirements and in accordance with Luxembourg generally accepted accounting principles applicable to investment funds. b) Financial statements

Financial statements are presented for each Sub-Fund in the base currency of the Sub-Fund and the combined statements of net assets, operations and changes in net assets are presented in GBP by adding the different Sub-Funds, based on the exchange rate ruling at the date of these financial statements. c) Foreign currency translation

Assets and liabilities in currencies other than the Sub-Funds’ base currency have been translated into that currency at exchange rates ruling at the date of these financial statements. Transactions occurring during the year in currencies other than the base currency are translated at rates of exchange ruling at the transaction dates. The exchange rates applicable as at 30 September 2020 are:

GBP/USD 1.2831 GBP/EUR 1.0957 GBP/CHF 1.1830 d) Investments

Securities listed on Regulated Markets, which operate regularly and are recognized and open to the public, are valued at the last available price of the main market for the relevant security.

Securities not listed on Regulated Markets, which operate regularly and are recognized and open to the public, are valued on the basis of their last available price.

Shares or units in open-ended undertakings for collective investment, which do not have a price quotation on a regulated market, will be valued at the actual net asset value for such shares or units as of the relevant dealing day, failing which they shall be valued at the last available net asset value which is calculated prior to such dealing day. In the case where events have occurred which have resulted in a material change in the net asset value of such shares or units since the last net asset value was calculated, the value of such shares or units may be adjusted at their fair value in order to reflect, in the reasonable opinion of the Board of Directors of the Company, such change.

The Company may use derivative and structured products in order to generate long or short exposures. Such structured products may include notes, certificates or any other eligible transferable security whose returns are linked to an index, currencies, interest rates, transferable securities, a basket of transferable securities, or a UCI. Where market prices are unavailable, valuation models are applied considering relevant transaction characteristics, observable inputs or unobservable market parameters.

50 Rathbone Luxembourg Funds SICAV Annual Report 2020 including audited financial statements

Notes to the Financial Statements (continued) For the year ended 30 September 2020

2 Summary of significant accounting policies (continued) d) Investments (continued)

In the event that extraordinary circumstances render such a valuation impracticable or inadequate, the Board of Directors of the Company may, at their discretion, prudently and in good faith follow other methods of valuation to be used if they consider such method of valuation better reflects the value and is in accordance with good accounting practice in order to achieve a fair valuation of the assets of the Company.

Profits or losses arising on the disposal of investments are calculated by reference to the net sales proceeds and the average cost attributable to those investments.

The four instruments listed below are considered as ‘hard-to-value’ investments and are currently priced by a reputable external valuer. The valuer applies Fair Value as the basis of valuation, and estimates the implied rating of the investment by assessing the contractual cash flows as at the Acquisition Date and estimating the Yield-To-Maturity and Z-spread required for the discounted cash flow (“DCF”) to result in a principal amount of par as at the Acquisition Date.

As of 30 September 2020 the NAV reflects prices as of 31 August 2020 for the below four instruments (Valuation report from the valuer is received on a quarterly basis). Prices have been independently reviewed by the Management Company to ensure August prices are still representative as of 30 September 2020.

Finance for Residence Social Housing 8.369% 04/10/58 (ISIN: USG34346AA77) Finance for Residential Social Housing 8.569% 1/10/58 (ISIN: USG34346AB50) Finance for Residential Social Housing PLC 8.569% 06/10/2058 (ISIN: USG34346AC34) Aggregated Micro Power Holdings 8% 10/36 (ISIN: GB00BYVQM755) e) Income and expenses

Dividends arising on the Company’s equity investments are credited to the statement of operations when the security is quoted ex-dividend, net of withholding taxes where applicable. Interest income is recognised as the interest accrues (taking into account the effective yield on the asset) unless recoverability is in doubt. Where the Company incurs an expense which relates to any particular Sub-Fund or to any action taken in connection with a particular Sub-Fund, such liability shall be allocated to the relevant Sub-Fund. In the case where any expense of the Company cannot be considered as being attributable to a particular Sub-Fund, such expense shall be allocated to all the Sub-Funds pro rata to their NAV’s or in such other ways that the Board of Directors of the Company deem equitable.

Notwithstanding the provisions of the preceding paragraph, all liabilities of the Company, whatever Sub-Fund they are attributable to, shall, unless otherwise agreed upon with the creditors, be binding upon the Company as a whole. f) Swing pricing

During the year ended 30 September 2020, Swing Pricing was applied to Rathbone SICAV Ethical Bond Fund and Rathbone SICAV Income Fund.

Swing pricing is used to adjust the Net Asset Value per Share for a Sub-Fund in order to reduce the effect of dilution on that Sub-Fund, thereby reflecting the true cost of buying or selling investments for the Fund.

The Company swing pricing model takes into account that small levels of shareholder activity may not necessarily result in material transaction costs and maybe covered by existing cash balances held within the Company.

If on any particular day there is a net shareholder activity, the Sub-Fund will swing in the same direction. In such an occasion, the NAV per share will have an adjustment applied, known as the swing factor. If the Fund is expanding then the share price can be adjusted upwards to reflect the costs to the fund of buying new assets. On the other hand, if the Fund is contracting, the unit price can be adjusted downwards to reflect the costs to the Fund of selling assets to meet the cost of redemptions.

Rathbone Luxembourg Funds SICAV Annual Report 2020 including audited financial statements 51

Notes to the Financial Statements (continued) For the year ended 30 September 2020

2 Summary of significant accounting policies (continued) f) Swing pricing (continued)

The swing factor is an estimate of the costs of trading taking into account brokerage fees, market spreads and relevant taxes.

The Board of Directors of the Company decided to apply the thresholds and swing factors as stated in the table below:

Sub-Fund name Period applied Swing Threshold Bid Swing Factor Offer Swing Factor Rathbone SICAV Ethical Bond Fund with effect from 18 April 2019 1% of the Net Asset Value of the Sub-Fund 0.44% 0.44% Rathbone SICAV Income Fund with effect from 18 April 2019 1% of the Net Asset Value of the Sub-Fund 0.11% 0.54% Rathbone SICAV Ethical Bond Fund with effect from 28 April 2020 3% of the Net Asset Value of the Sub-Fund 0.47% 0.47% Rathbone SICAV Income Fund with effect from 28 April 2020 3% of the Net Asset Value of the Sub-Fund 0.13% 0.55%

The swing factors above are reviewed on a regular basis and adjusted as required. g) Forward foreign exchange contracts

The Company may enter into forward foreign exchange contracts to hedge against exposures to foreign currency fluctuations. The carrying value of these contracts is the profit or loss that would be realised if the position were closed out on the valuation date, and is recorded as an unrealized profit or loss. Upon the closing of the contract, the profit or loss is recorded in the net realised profit or loss on foreign exchange. h) Dilution levy

The Board of Directors of the Company has the power to charge a "dilution levy" of up to 1% of the applicable Net Asset Value on individual subscriptions or redemptions, such "dilution levy" to accrue to the affected Sub-Fund. The Company will operate this measure in a fair and consistent manner to reduce dilution and only for that purpose and such dilution levy will not be applied if the swing pricing mechanism is used.

The Board of Directors did not charge any dilution levy during the year under review. i) Dividends payable

Within each Sub-Fund, there may be created different Classes which are entitled to dividend payments (“Income Shares”) or with earnings reinvested (“Accumulation Shares”). If a dividend is declared by the Company, it will be paid to each Shareholder concerned in the currency of the relevant Sub-Fund or Class. j) Other income

Other income consist of the dilution resulting from the swing pricing activity and some reversal of provisions. k) Formation expenses

Formation expenses include initial set-up costs, registration fees and related legal fees. These initial invoices are split by Sub- Funds weight and amortised over a period of no more than five years.

3 Management fees

Rathbone Unit Trust Management Limited ("RUTM"), as Investment Manager is entitled to receive fees from the Company in respect of their respective investment management services. The management fees are payable monthly and calculated based on a certain percentage per annum of the net asset values of the various Sub-Funds.

52 Rathbone Luxembourg Funds SICAV Annual Report 2020 including audited financial statements

Notes to the Financial Statements (continued) For the year ended 30 September 2020

3 Management fees (continued)

The maximum percentages of management fees at 30 September 2020 are as follows:

Rathbone SICAV Multi-Asset Enhanced Growth Portfolio

Class L ACC GBP: 0.50% Class L0 ACC GBP: 1.50% Class L1 ACC GBP: 1.50% Class L2 ACC GBP: 1.50% Class L3 ACC GBP: 1.50% Class L ACC EUR: 0.50% Class L ACC USD: 0.50% Class P0 ACC EUR: 1.50%

Rathbone SICAV Multi-Asset Strategic Growth Portfolio

Class L ACC GBP: 0.50% Class L0 ACC GBP: 1.50% Class L1 ACC GBP: 1.50% Class L2 ACC GBP: 1.50% Class L3 ACC GBP: 1.50% Class L ACC EUR: 0.50% Class L3 ACC EUR: 1.50% Class P1 ACC GBP: 1.50% Class P2 ACC GBP: 1.50% Class P3 ACC GBP: 1.50% Class P0 ACC EUR: 1.50% Class P1 ACC EUR: 1.50% Class P2 ACC EUR: 1.50% Class L ACC CHF: 0.50% Class L INC GBP: 0.50% Class L INC EUR: 0.50% Class L INC USD: 0.50%

Rathbone SICAV Multi-Asset Total Return Portfolio

Rathbone Luxembourg Funds SICAV Annual Report 2020 including audited financial statements 53

Notes to the Financial Statements (continued) For the year ended 30 September 2020

3 Management fees (continued)

Rathbone SICAV Ethical Bond Fund

Class L ACC GBP: 0.49% Class L ACC EUR: 0.49% Class L ACC USD: 0.49% Class L ACC CHF: 0.49% Class L INC GBP: 0.49% Class L INC EUR: 0.49% Class L INC USD: 0.49%

Rathbone SICAV Income Fund

Class L ACC GBP: 0.75% Class L INC GBP: 0.75%

Rathbone SICAV High Quality Bond Fund

Class Z INC GBP: 0.20% Class Z INC EUR: 0.20%

Management fees, for the year ended 30 September 2020 amounted to GBP 4,273,132.

4 Administration fees

HSBC France, Luxembourg Branch, as Administrative Agent, Paying Agent, Registrar and Transfer Agent, is entitled to receive administration fee determined as an annual percentage based on the aggregate Net Asset Value of the Sub- Funds as of each valuation day.

Administration fees First EUR 250m 0.035% on Net Asset Value Above EUR 250m 0.030% on Net Asset Value

This fee is subject to a minimum fee of EUR 3,250 per month per Sub-Fund for Fund Administration Services.

Transfer agency services Fees type Fee (EUR ) Charging basis Fund maintenance fee for the legal entity 2,500 p.a For the Fund Sub-Fund maintenance fee 500 p.a Per Sub-Fund Share Class maintenance fee 500 p.a Per Share Class Share Class set up fee 1,000 Per Share Class

These fees are calculated and accrued on each valuation day and are payable by the Company monthly in arrears and as agreed from time to time in writing.

Administration fee, for the year ended 30 September 2020, amounted to GBP 534,218.

5 Depositary fees

HSBC France, Luxembourg Branch, as Depositary receives a fee for this service subject to a minimum fee of EUR 2,000 per Sub-Fund per month for Depositary services.

First EUR 250m 0.0150% on Net Asset Value Above EUR 250m 0.0075% on Net Asset Value

Supervisory services provided as part of depositary function will be subject to the prevailing rate of Value Added Tax.

54 Rathbone Luxembourg Funds SICAV Annual Report 2020 including audited financial statements

Notes to the Financial Statements (continued) For the year ended 30 September 2020

5 Depositary fees (continued)

These fees are calculated and accrued on each valuation day and is payable by the Company monthly in arrears and as agreed from time to time in writing.

Depositary fees, for the year ended 30 September 2020, amounted to GBP 62,226.

6 Taxation

Under current law and practice, the Company is not liable to Luxembourg taxes on income or capital gains. The Company is subject to the “taxe d’abonnement” (subscription tax) at the rate of 0.05% per annum based on its net asset value at the end of the relevant quarter, calculated and paid quarterly.

A reduced subscription tax rate of 0.01% per annum is applicable to:

- any Sub-Fund whose exclusive object is the collective investment in money market instruments, the placing of deposits with credit institutions, or both; and

- any Sub-Fund or Share Class provided that their Shares are only held by one or more institutional investor(s) within the meaning of article 174 of the 2010 Law (an "Institutional Investor").

A subscription tax exemption applies to the portion of any Portfolio’s assets (prorata) invested in a Luxembourg investment fund or any of its Portfolio to the extent it is subject to the subscription tax.

Interest and dividend income, and gains on securities, may be subject to non-recoverable withholding taxes deducted at source in the countries of origin.

The Company is not subject to net wealth tax.

No stamp duty, capital duty or other tax will be payable in Luxembourg upon the issue of the shares of the Company.

The Company is registered for Value Added Tax in Luxembourg and subject to account for Value Added Tax in accordance with applicable laws.

The Company may benefit from double tax treaties entered into by Luxembourg, which may provide for exemption from withholding tax or reduction of withholding tax rate.

7 Management Company fees

FundRock Management Company S.A. as the Management Company is responsible, subject to the overall responsibility and supervision of the Directors, for the provision of portfolio and risk management services, administrative services and marketing services to the Company, and more generally for the day-to-day management of the affairs of the Company as further described in the Management Company Agreement.

The Management Company fees are payable on a monthly basis at the percentage rate agreed between the Company and the Management Company, subject to an annual minimum fee of EUR 1,250 per Sub-Fund.

The minimum fee is replaced by a percentage rate based on the individual Sub-Funds assets under management as determined on the last net asset valuation day of the month provided the percentage rate for the assets under management of the respective Sub Fund is higher than the minimum fee. The percentage rate fee is based on the following scale rate:

Sub-Fund assets up to EUR 500 million 0.04% p.a. Sub-Fund assets up to EUR 500 million, up to EUR 1 billion 0.03% p.a. Sub-Fund assets over EUR 1 billion 0.02% p.a.

Management Company fees for the year ended 30 September 2020, amounted to GBP 197,241.

Rathbone Luxembourg Funds SICAV Annual Report 2020 including audited financial statements 55

Notes to the Financial Statements (continued) For the year ended 30 September 2020

8 Directors’ fees and expenses

In addition to Directors’ fees, Directors are entitled to be reimbursed for reasonable traveling, hotel and other incidental expenses in respect of attending meetings of the Directors or General Meetings of the Company. Total Directors’ fees incurred during the year ended 30 September 2020, amounted to GBP 21,395.

9 Transaction costs

For the year ended 30 September 2020, the Company incurred transaction costs related to purchase or sale of securities, which amounted to GBP 132,569. Transaction costs are incorporated directly in dealing prices and are not reported as a separate line in the statement of operations.

10 Legal & professional fees

Legal & professional fees consists of legal fees. Total legal & professional fees incurred during the year ended 30 September 2020 amount to GBP 4,246.

11 Bank charges and interest

Bank charges and interest expenses consists of overdraft interest and bank charges. Total bank charges and interest incurred during the year ended 30 September 2020 amount to GBP 8,329.

12 Other expenses

Other expenses consists of registration fees, tax reporting fees, transfer agent transaction charges, maintenance fees and publication fees. Total other expenses incurred for the year ended 30 September 2020 amounts to GBP 63,813.

13 Expenses Cap

Rathbone SICAV Ethical Bond Fund accrues the following types of fees: - Management fees on a share class level - Operating fees

Rathbone SICAV High Quality Bond Fund accrues the following types of fees: - Management fees on a share class level - Taxe d’abonnement - Passive hedging fees - Operating fees

The ratio of such expenses to average net assets will not exceed a fixed percentage (the “Expense Cap”). The Expense Cap for Rathbone SICAV Ethical Bond Fund cannot exceed 55bps and 35bps for Rathbone SICAV High Quality Bond Fund.

For Rathbone SICAV Ethical Bond Fund, the Fund pays directly the Management fees and certain operating, administrative and servicing expenses to the service providers (the following list is indicative but not exhaustive): - Management Company expenses - Custody, depositary and safekeeping charges - Transfer, registrar and payment agency fees - Administration, domiciliary and fund accounting services - Legal expenses for advice on behalf of the Company - Audit fees - Ongoing registration fees - Taxe d'abonnement - Directors' fees and expenses - Documentation costs – preparing, printing, translating and distributing documents including, but not limited to, the Prospectus, Key Investor Information Documents and annual reports. - Formation expenses for current and new Portfolios including initial registration fees – these are amortised over a period not exceeding 5 years from the formation date of the Portfolio.

56 Rathbone Luxembourg Funds SICAV Annual Report 2020 including audited financial statements

Notes to the Financial Statements (continued) For the year ended 30 September 2020

13 Expenses Cap (continued)

For Rathbone SICAV High Quality Bond Fund, the Fund pays directly the Management fees, taxe d’abonnement fees, passive hedging fees and certain operating, administrative and servicing expenses to the service providers (same indicative list as above, excluding taxe d’abonnement).

Where actual expenses exceed 55bps and 35bps per annum, the excess is borne directly by Rathbone Unit Trust Management Limited.

As at 30 September 2020, an amount of GBP 165,480 for Rathbone SICAV Ethical Bond Fund and GBP 15,004 for Rathbone SICAV High Quality Bond Fund have to be recovered by Rathbone Unit Trust Management Limited. These recoverable amounts will be reimbursed in January 2021 and then reviewed and paid on a monthly basis.

For the year ended 30 September 2020, the expense Cap for Rathbone SICAV Ethical Bond Fund exceeds 55bps due to an adjustment of GBP 76,072 of operating expenses relating to the year 2018 and 2019 and accounted during year 2020. The Expenses Cap for prior years were not in breach.

14 Forward Foreign Exchange Contracts

As at 30 September 2020, the Company had entered into various forward foreign exchange contracts opened with HSBC Bank Plc, for the purpose of hedging of investments which obliges the Company to deliver currencies at specified dates.

Open forward foreign exchange contracts as at 30 September 2020, are as follows: Unrealised Currency Bought Currency Sold Gain / (Loss) Maturity Date Bought Amount Sold Amount Counterparty GBP

Rathbone SICAV Multi-Asset Enhanced Growth Portfolio

15 December 2020 GBP 2,011,967 EUR (2,174,077) HSBC Bank plc 25,428 15 December 2020 GBP 29,613 EUR (32,128) HSBC Bank plc 257 15 December 2020 EUR 26,838 GBP (24,479) HSBC Bank plc 45 15 December 2020 USD 177,802 GBP (138,465) HSBC Bank plc 43 15 December 2020 GBP 8,281,460 USD (10,634,207) HSBC Bank plc (2,573) 15 December 2020 EUR 1,187,482 GBP (1,098,937) HSBC Bank plc (13,889) 15 December 2020 EUR 2,624,978 GBP (2,429,247) HSBC Bank plc (30,703)

(21,392) Rathbone SICAV Multi-Asset Strategic Growth Portfolio

15 December 2020 GBP 13,867,466 EUR (14,984,808) HSBC Bank plc 175,266 15 December 2020 USD 14,380,492 GBP (11,198,905) HSBC Bank plc 3,480 15 December 2020 GBP 216,569 EUR (234,769) HSBC Bank plc 2,052 15 December 2020 GBP 201,013 EUR (219,117) HSBC Bank plc 797 15 December 2020 GBP 100,579 EUR (110,439) HSBC Bank plc (333) 15 December 2020 CHF 155,305 GBP (133,476) HSBC Bank plc (1,967) 15 December 2020 USD 350,999 GBP (276,155) HSBC Bank plc (2,728) 15 December 2020 EUR 365,329 GBP (338,088) HSBC Bank plc (4,273) 15 December 2020 EUR 1,118,935 GBP (1,035,502) HSBC Bank plc (13,088) 15 December 2020 EUR 1,427,573 GBP (1,321,126) HSBC Bank plc (16,697) 15 December 2020 GBP 68,849,693 USD (88,409,753) HSBC Bank plc (21,395) 15 December 2020 EUR 5,541,555 GBP (5,128,349) HSBC Bank plc (64,815) 15 December 2020 EUR 8,800,009 GBP (8,143,837) HSBC Bank plc (102,927) 15 December 2020 EUR 41,513,169 GBP (38,417,740) HSBC Bank plc (485,548)

(532,176)

Rathbone Luxembourg Funds SICAV Annual Report 2020 including audited financial statements 57

Notes to the Financial Statements (continued) For the year ended 30 September 2020

14 Forward Foreign Exchange Contracts (continued)

Unrealised Currency Bought Currency Sold Gain / (Loss) Maturity Date Bought Amount Sold Amount Counterparty GBP

Rathbone SICAV Multi-Asset Total Return Portfolio

15 December 2020 GBP 1,891,719 EUR (2,044,141) HSBC Bank plc 23,909 15 December 2020 USD 7,173,698 GBP (5,586,566) HSBC Bank plc 1,736 15 December 2020 EUR 354,356 GBP (324,150) HSBC Bank plc (361) 15 December 2020 EUR 49,897 GBP (46,176) HSBC Bank plc (584) 15 December 2020 EUR 61,097 GBP (56,541) HSBC Bank plc (714) 15 December 2020 CHF 127,237 GBP (109,353) HSBC Bank plc (1,612) 15 December 2020 USD 633,444 GBP (498,375) HSBC Bank plc (4,923) 15 December 2020 GBP 18,087,555 USD (23,226,194) HSBC Bank plc (5,621) 15 December 2020 EUR 1,003,361 GBP (928,546) HSBC Bank plc (11,736) 15 December 2020 EUR 1,332,575 GBP (1,233,211) HSBC Bank plc (15,586) 15 December 2020 EUR 1,760,756 GBP (1,629,465) HSBC Bank plc (20,594) 15 December 2020 EUR 2,343,618 GBP (2,168,866) HSBC Bank plc (27,411)

(63,497)

Rathbone SICAV Ethical Bond Fund

15 December 2020 GBP 693,532 EUR (749,412) HSBC Bank plc 8,765 15 December 2020 USD 16,625,306 GBP (12,947,069) HSBC Bank plc 4,023 15 December 2020 USD 6,708,759 GBP (5,224,491) HSBC Bank plc 1,624 15 December 2020 USD 587,720 GBP (457,149) HSBC Bank plc 685 15 December 2020 GBP 77,185 USD (98,399) HSBC Bank plc 533 15 December 2020 EUR 7,905 GBP (7,221) HSBC Bank plc 2 15 December 2020 CHF 121,389 GBP (104,327) HSBC Bank plc (1,537) 15 December 2020 GBP 6,512,907 USD (8,363,211) HSBC Bank plc (2,024) 15 December 2020 GBP 572,281 USD (741,763) HSBC Bank plc (5,552) 15 December 2020 USD 1,768,066 GBP (1,391,896) HSBC Bank plc (14,575) 15 December 2020 CHF 4,508,424 GBP (3,874,734) HSBC Bank plc (57,101) 15 December 2020 EUR 10,429,500 GBP (9,651,824) HSBC Bank plc (121,986) 15 December 2020 EUR 24,325,007 GBP (22,511,213) HSBC Bank plc (284,511)

(471,654)

Rathbone SICAV High Quality Bond Fund*

15 December 2020 EUR 3,944,635 GBP (3,650,503) HSBC Bank plc (46,137)

(46,137) *Launched on 20 January 2020.

58 Rathbone Luxembourg Funds SICAV Annual Report 2020 including audited financial statements

Notes to the Financial Statements (continued) For the year ended 30 September 2020

15 Dividends paid

During the year ended 30 September 2020, the Company distributed the following dividends:

Share Class Rate Number of Total amount Sub-Fund Name Code Currency Ex Date Pay date Per share shares paid Rathbone SICAV Multi-Asset Strategic Growth Portfolio L INC USD GBP 01/10/2019 29/11/2019 0.00317253 11,817,493 37,491 L INC EUR GBP 01/10/2019 29/11/2019 0.00344195 7,037,085 24,221 L INC GBP GBP 01/10/2019 29/11/2019 0.00425800 28,958,228 123,304 L INC USD GBP 02/01/2020 29/02/2020 0.00304249 11,506,398 35,008 L INC EUR GBP 02/01/2020 29/02/2020 0.00327991 7,032,446 23,066 L INC GBP GBP 02/01/2020 29/02/2020 0.00404404 29,251,059 118,293 L INC GBP GBP 01/04/2020 29/05/2020 0.00413800 28,980,606 119,922 L INC EUR GBP 01/04/2020 29/05/2020 0.00460106 4,296,934 19,771 L INC USD GBP 01/04/2020 29/05/2020 0.00315453 10,849,480 34,225 L INC GBP GBP 01/07/2020 01/09/2020 0.00395200 29,010,147 114,648 L INC EUR GBP 01/07/2020 01/09/2020 0.00282760 4,610,066 13,035 L INC USD GBP 01/07/2020 01/09/2020 0.00289999 11,255,715 32,641 695,625

Rathbone SICAV Multi-Asset Total Return Portfolio L INC USD GBP 01/10/2019 29/11/2019 0.00351880 7,543,707 26,545 L INC EUR GBP 01/10/2019 29/11/2019 0.00370296 692,576 2,565 L INC GBP GBP 01/10/2019 29/11/2019 0.00417200 15,411,004 64,295 L INC USD GBP 02/01/2020 29/02/2020 0.00297744 7,033,691 20,942 L INC EUR GBP 02/01/2020 29/02/2020 0.00307829 892,520 2,747 L INC GBP GBP 02/01/2020 29/02/2020 0.00343982 16,358,031 56,269 L INC GBP GBP 01/04/2020 29/05/2020 0.00025800 16,042,509 4,139 L INC GBP GBP 01/07/2020 01/09/2020 0.00074400 14,855,130 11,052 L INC EUR GBP 01/07/2020 01/09/2020 0.00029966 1,118,123 335 L INC USD GBP 01/07/2020 01/09/2020 0.00015079 7,314,992 1,103 189,992

Rathbone SICAV Ethical Bond Fund L INC CHF GBP 01/10/2019 29/11/2019 0.01292054 8,865,457 114,546 L INC USD GBP 01/10/2019 29/11/2019 0.01463686 16,584,794 242,749 L INC EUR GBP 01/10/2019 29/11/2019 0.01504799 32,580,620 490,273 L INC GBP GBP 01/10/2019 29/11/2019 0.01762800 91,243,692 1,608,444 L INC CHF GBP 02/01/2020 29/02/2020 0.00885789 5,160,440 45,711 L INC USD GBP 02/01/2020 29/02/2020 0.00959780 15,638,529 150,095 L INC EUR GBP 02/01/2020 29/02/2020 0.01000151 24,011,830 240,155 L INC GBP GBP 02/01/2020 29/02/2020 0.01142423 93,113,478 1,063,750 L INC GBP GBP 01/04/2020 29/05/2020 0.01102600 95,929,559 1,057,719 L INC EUR GBP 01/04/2020 29/05/2020 0.00922515 22,973,557 211,934 L INC CHF GBP 01/04/2020 29/05/2020 0.00802777 5,160,440 41,427 L INC USD GBP 01/04/2020 29/05/2020 0.00916828 14,538,999 133,298 L INC GBP GBP 01/07/2020 01/09/2020 0.01123900 97,414,077 1,094,837 L INC EUR GBP 01/07/2020 01/09/2020 0.00941651 23,354,690 219,920 L INC CHF GBP 01/07/2020 01/09/2020 0.00828610 4,456,629 36,927 L INC USD GBP 01/07/2020 01/09/2020 0.00957453 14,180,811 135,775 6,887,560

Rathbone Luxembourg Funds SICAV Annual Report 2020 including audited financial statements 59

Notes to the Financial Statements (continued) For the year ended 30 September 2020

15 Dividends paid (continued)

Share Class Rate Number of Total amount Sub-Fund Name Code Currency Ex Date Pay date Per share shares paid Rathbone SICAV Income Fund L INC GBP GBP 01/10/2019 29/11/2019 0.04967800 5,590,175 277,709 L INC GBP GBP 01/04/2020 29/05/2020 0.01421200 6,522,836 92,702 370,411

Rathbone SICAV High Quality Bond Fund* Z INC GBP GBP 01/04/2020 29/05/2020 0.00100700 33,479,241 33,714 Z INC GBP GBP 01/07/2020 01/09/2020 0.00527300 29,548,941 155,812 Z INC EUR GBP 01/07/2020 01/09/2020 0.00249688 3,406,825 8,506 198,032

8,341,620 *Launched on 20 January 2020.

16 Statement of Changes in the Composition of the Portfolio

A Statement of Changes in the Composition of the Portfolio is available to shareholders, free of charge, upon request from the Company’s registered office.

17 Material Events

NAV Error in Rathbone SICAV Income Fund

In advance of the Sub-Fund’s liquidation (13 November 2020), a liquidation budget was compiled. As part of the detailed accruals analysis, it appeared that the Sub-Fund administration accruals were in a pre-paid situation since the beginning of the Sub-Fund’s fiscal year (October 2019). All invoices and payments received since December 2019 until 1 October 2020 were incorrectly booked in the receivables balance sheet accounts instead of being processed in the profit and loss accounts.

In December 2019, the Sub-Fund’s Administration fees’ pre-paid situation increased as a result of payments of invoices taking place through an under-accrued provision account during the period from March 2019 to September 2019. Those payments should have been processed through the profit & loss accounts given the total daily accruals were significantly below the amounts of the monthly invoices related to Fund Accounting, Transfer Agency and Depositary services.

Through a semi-annual review performed in February 2020, the daily fund administration accruals had been adjusted on 5 March 2020, which brought the daily accrual levels in line with the expected invoices, however the pre-paid situation was not flagged as part of the analysis and by consequence not adjusted.

As a result of the above, from 2 October 2019 to 1 October 2020 Rathbone SICAV Income Fund was over-valued and materially over-valued starting 3 January 2020 by a maximum impact of 2.88%, which breached the materiality threshold of 1.00% set by the CSSF circular 02/77.

As at 30 September 2020, the total NAV error amounted to GBP 52,656. The initial impact consisted of an amount of GBP 95,525, out of which an amount of GBP 60,213 relating to payments of an under-accrued provision have been reclassified to the profit and loss accounts and adjustments amounting to GBP 20,919 for Administration fees and GBP 14,393 for Depositary fees have been processed to correct the accrual in the Statement of Net Assets and the respective fees in the Statement of Operations.

In addition, the compensation amount for to the Sub-Fund and the compensation amount to be paid to Shareholders were provided for in the Sub-Fund’s NAV dated 2 October 2020.

60 Rathbone Luxembourg Funds SICAV Annual Report 2020 including audited financial statements

Notes to the Financial Statements (continued) For the year ended 30 September 2020

17 Material Events (continued)

In anticipation of the post-year-end net compensation, these financial statements have been adjusted to reflect the corrected bookings of compensation payable amounting to GBP 10,116 (The Sub-Fund to reimburse the Shareholders on subscriptions) and compensation receivable amounting to GBP 52,985 (HSBC France, Luxembourg Branch to reimburse the Sub-Fund on redemptions). Payments were processed to the Shareholders with value date 27 October 2020 and to the Sub-Fund with value date 28 October 2020.

The financial statements have been corrected to reflect the final NAV of GBP 3,283,513. The corrected NAV per share for Class L ACC GBP amounts to GBP 0.8854 and for L INC GBP it amounts to GBP 0.7842, which differs from the official NAV per share of respectively GBP 0.8996 and GBP 0.7967.

18 Subsequent Events

On 13 November 2020, the Sub-Fund Rathbone SICAV Income Fund was put into liquidation.

On 1 December 2020, HSBC France, Luxembourg Branch changed its name to HSBC Continental Europe, Luxembourg.

There were no other events subsequent to the annual report which would require adjustments or disclosures in these financial statements.

Rathbone Luxembourg Funds SICAV Annual Report 2020 including audited financial statements 61

Unaudited Information For the year ended 30 September 2020

Total Expense Ratio (TER)

The percentages disclosed below are the TERs, meaning the actual expenses incurred during the year which are calculated as a percentage of the average Asset Under Management of the share class for the year.

Rathbone Rathbone Rathbone SICAV Multi- SICAV Multi- SICAV Multi- Rathbone Asset Enhanced Asset Strategic Asset Total Rathbone Rathbone SICAV High Growth Growth Return SICAV Ethical SICAV Income Quality Bond Share Class Portfolio Portfolio Portfolio Bond Fund** Fund Fund*

L ACC GBP 1.03% 0.76% 0.77% 0.59% 4.72% - L ACC CHF - 0.84% 0.89% 0.59% - - L ACC EUR 1.11% 0.81% 0.86% 0.59% - - L ACC USD 1.29% - - 0.59% - - L INC GBP - 0.71% 0.76% 0.59% 3.41% - L INC EUR - 0.78% 0.86% 0.59% - - L INC USD - 0.83% 0.84% 0.59% - - L INC CHF - - - 0.59% - - Z INC GPB - - - - - 0.35% Z INC EUR - - - - - 0.33% Z INC GBP ------L ACC GBP ------L0 ACC GBP 1.96% 1.70% 1.75% - - - L1 ACC GBP 1.97% 1.70% 1.76% - - - L2 ACC GBP 1.97% 1.70% 1.76% - - - L3 ACC GBP 1.97% 1.71% 1.76% - - - L3 ACC EUR - 1.78% 1.84% - - - P0 ACC CHF ------P0 ACC EUR 2.05% 1.78% 1.84% - - - P1 ACC EUR - 1.78% 1.85% - - - P2 ACC EUR - 1.81% 1.85% - - - P1 ACC GBP - 1.66% 1.74% - - - P2 ACC GBP - 1.67% 1.75% - - - P3 ACC GBP - 1.69% 1.74% - - -

*Launched on 20 January 2020. **Please refer to Note 13.

Risk transparency disclosures

The Board of Directors of the Company has decided to implement the commitment approach as methodology to calculate the global exposure for the Company.

Remuneration Policy

Remuneration Policy for the Management Company:

FundRock Management Company S.A. (“FundRock”) has established and applies a remuneration policy in accordance with the ESMA Guidelines on sound remuneration policies under the UCITS V Directive (ESMA 2016/575) and AIFMD (ESMA 2016/579) and any related legal & regulatory provisions applicable in Luxembourg. The remuneration policy is aligned with the business strategy, objectives, values and interests of the Management Company and the Funds that it manages and of the investors in such Funds, and which includes, inter alia, measures to avoid conflicts of interest; and it is consistent with and promotes sound and effective risk management and does not encourage risk taking which is inconsistent with the risk profiles, rules or instruments of incorporation of the Funds that the Management Company manages.

62 Rathbone Luxembourg Funds SICAV Annual Report 2019 including audited financial statements

Unaudited Information (continued) For the year ended 30 September 2020

Remuneration Policy (continued)

Remuneration Policy for the Management Company (continued):

As an independent management company relying on a full-delegation model (i.e. delegation of the collective portfolio management function), FundRock ensures that its remuneration policy adequately reflects the predominance of its oversight activity within its core activities. As such, it should be noted that FundRock’s employees who are identified as risk-takers under UCITS V are not remunerated based on the performance of the funds under management.

A paper version of the remuneration policy is made available free of charge to investors at FundRock’s registered office.

The amount of remuneration for the financial year ending 31 December 2019 paid by FundRock to its staff: EUR 10,495,186 Fixed remuneration: EUR 10,042,867 Variable remuneration: EUR 452,319

Number of beneficiaries: 119

The aggregated amount of remuneration for the financial year ending 31 December 2019 paid by FundRock to Identified staff/risk takers is as follows: Identified staff/risk takers: EUR 1,196,213 Other risk takers: EUR Nil

The total amount of remuneration is based on a combination of the assessment of the performance of the individual, the overall results of FundRock, and when assessing individual performance, financial as well as non-financial criteria are taken into account.

The Policy is subject to annual review by the Compliance Officer and the update is performed by HR department of FundRock and is presented for review to the Remuneration Committee and approval by the Board of FundRock.

Remuneration Policy for the Investment Manager:

In line with the requirements of the UCITS Directive, Rathbone Unit Trust Management Limited (the Investment Manager) has adopted a remuneration policy which is consistent with the remuneration principles applicable to UCITS management companies. Its purpose is to ensure that the remuneration of the staff of the Investment Manager is consistent with and promotes sound and effective risk management, does not encourage risk-taking which is inconsistent with the risk profiles of the Manager and the UCITS that it manages and does not impair the Investment Manager’s compliance with its duty to act in the best interests of the UCITS it manages. The remuneration policy applies to staff of the Investment Manager whose professional activities have a material impact on the risk profile of the Investment Manager or the UCITS that it manages (known as Remuneration Code Staff).

The aggregate remuneration paid by the Investment Manager to its staff, and to those staff who are identified as Remuneration Code Staff, is disclosed below.

Fixed Variable Total remuneration remuneration remuneration (GBP’000) (GBP’000) (GBP’000) Headcount Senior Management 1,344 2,740 4,084 5 Risk takers 1,340 1,725 3,065 13 Control functions 268 40 308 3 Other 111 74 185 1 Total remuneration code staff 3,063 4,579 7,642 22 Non-remuneration code staff 968 279 1,247 23 Total for the Investment Manager 4,031 4,858 8,889 45

Rathbone Luxembourg Funds SICAV Annual Report 2020 including audited financial statements 63

Unaudited Information (continued) For the year ended 30 September 2020

Remuneration Policy (continued)

Remuneration Policy for the Investment Manager (continued):

The variable remuneration disclosed in the table above is for the financial year ended 31 December 2019, which is the most recent period for which data are available. Variable remuneration is determined annually based on, inter alia, the results of the Investment Manager and the investment performance of the UCITS that it manages for discrete annual periods ending on 31 December each year. Consequently, it is not possible to apportion the variable award between calendar years.

Securities Financing Transaction Regulation (“SFTR”)

As at 30 September 2020, the Company is currently in the scope of the requirements of the Regulation (EU) 2015/2365 on transparency of Securities Financing Transactions Regulation (“SFTR”). Nevertheless, no corresponding transactions were carried out during the year referring to the financial statements.

64 Rathbone Luxembourg Funds SICAV Annual Report 2019 including audited financial statements

Rathbone Unit Trust Management Authorised and regulated by the Limited Financial Conduct Authority 8 Finsbury Circus, London EC2M 7AZ Tel 020 7399 0000 A member of The Fax 020 7399 0051 Investment Association

Information line A member of the Rathbone Group 020 7399 0399 Registered No. 02376568 [email protected] rutm.com

Rathbone Luxembourg Funds SICAV Annual Report 2020 including audited financial statements 64