Winton Diversified Fund (UCITS)

A Sub-Fund of Winton UCITS Funds ICAV

(An umbrella open-ended Irish collective asset-management vehicle with segregated liability between sub-funds incorporated in Ireland under the Irish Collective Asset-Management Vehicles Act 2015 and authorised by the Central Bank as a UCITS pursuant to the UCITS Regulations).

Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Table of Contents Page(s)

General Information 2 - 5

Manager’s Report 6

Statement of Financial Position 7 - 8

Statement of Comprehensive Income 9

Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 10

Statement of Cash Flows 11

Schedule of Investments 12 - 199

Notes to the Condensed Unaudited Interim Financial Statements 200 - 209

Statement of Significant Purchases and Sales 210 - 211

1 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) General Information Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Directors Dermot Butler 1,2 John Skelly 1 Alan Tooker 1,2,3 Rajeev Patel Taavi Davies 1,2,4

Registered Office 32 Molesworth Street Dublin 2 Ireland

Investment Manager and Distributor Winton Capital Management Limited Grove House 27 Hammersmith Grove London, W6 0NE United Kingdom

Manager (From to 1 July 2019) Winton Fund Management Ireland DAC 32 Molesworth Street Dublin 2 Ireland

Depositary (Up to 28 February 2019) State Street Custodial Services (Ireland) Limited 78 Sir John Rogerson’s Quay Dublin 2 Ireland

(From 1 March 2019) BNY Mellon Trust Company (Ireland) Limited One Dockland Central Guild Street Dublin 1 Ireland

Administrator and Transfer Agent (Up to 28 February 2019) State Street Fund Services (Ireland) Limited 78 Sir John Rogerson’s Quay Dublin 2 Ireland

1 These Directors of the ICAV are independent of the Investment Manager. 2 Dermot Butler, Taavi Davies and Alan Tooker are independent of all Service Providers to the ICAV. 3 Alan Tooker resigned as of 6 November 2018. 4 Taavi Davies was appointed as of 6 November 2018.

2 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) General Information (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Administrator and Transfer Agent (continued) (From 1 March 2019) Citco Fund Services (Ireland) Limited Custom House Plaza Block 6 IFSC Dublin 1 Ireland

Company Secretary MFD Secretaries Limited 32 Molesworth Street Dublin 2 Ireland

Independent Auditors KPMG Chartered Accountants, Statutory Audit Firm 1 Harbourmaster Place IFSC Dublin 1 Ireland

Legal Advisers in Ireland on Matters of Irish Law Maples and Calder 75 St. Stephen’s Green Dublin 2 Ireland

Legal Advisers in the UK on Matters of English Law Simmons & Simmons LLP CityPoint One Ropemaker Street London, EC2Y 9SS United Kingdom

Broker and EMIR Reporting Provider Goldman Sachs International Plumtree Court 25 Shoe Lane London, EC4A 4AU United Kingdom

Local Representative Agent – France Société Générale 29 Boulevard Haussmann 75009 Paris France

3 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) General Information (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Spanish Representative Allfunds Bank C/ de los Padres Dominicos, 7 28050 Madrid Spain

Swiss Representative First Independent Fund Services Ltd. Klausstrasse 33 Zurich, CH-8008 Switzerland

Global Registration Service Provider Maples and Calder 75 St. Stephen’s Green Dublin 2 Ireland

Facilities Agent in the UK Winton Capital Management Limited Grove House 27 Hammersmith Grove London, W6 0NE United Kingdom

German Information Agent Zeidler Legal Services Bettinastrasse 48 60325 Frankfurt Germany

Paying Agent in Austria Erste Bank der oesterreichischen Sparkassen AG OE 0984, Graben 21 A-1010 Wien Austria

Paying Agent in Denmark Skandinaviska Enskilda Banken AB (publ) Copenhagen Branch, Bernstorffsgade 50 1577 Copenhagen V Denmark

Paying Agent in Luxembourg Caceis Bank Luxembourg 5 Allee Scheffer L-2520 Luxembourg

4 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) General Information (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Paying Agent in Sweden Skandinaviska Enskilda Banken AB (publ) SE-106 40 Stockholm Sweden

Swiss Paying Agent NPB New Private Bank Ltd. Limmatquai 1/am Bellevue P.O. Box 8024 Zurich Switzerland

The Prospectus including the relevant Fund Supplement, the Instrument of Incorporation, the Key Investor Information Document (“KIID”), the annual and semi-annual reports as well as a list containing all purchases and sales which have been made during the reporting period can be obtained free of charge from the Investment Manager, and for Swiss Shareholders these can be obtained free of charge from the Swiss Representative.

The Prospectus including the relevant Fund Supplement, the KIID, the Instrument of Incorporation, the annual and semi-annual reports, a list of changes in the composition of the portfolios as well as the issue and redemption prices are available free of charge pursuant to Sec. 297(1) of the German Capital Investment Code at the office of the German information agent (under indication of its name and address).

No notification pursuant to Section 310 of the German Capital Investment Code (Kapitalanlagegesetzbuch) has been filed for the following sub-fund and the units/shares in this sub-fund may not be marketed to investors in the Federal Republic of Germany: Winton Absolute Return Futures Fund.

The information contained in these financial statements is historical and not indicative of future performance. The performance data contained in these financial statements does not take account of any commissions or costs charged when subscribing for and redeeming shares.

5 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Manager’s Report Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Winton Capital Management Limited, the Investment Manager, and Winton Fund Management Ireland DAC, the Manager, are part of the Winton Group (“Winton”). Winton is a research-based investment management company with a single-minded focus on statistical and mathematical inference in financial markets. Founded in 1997 by CEO David Harding, the firm manages approximately $20 billion of assets for many of the world’s largest pension funds, sovereign wealth funds, banks and fund platforms.

Winton Diversified Fund (UCITS) (the “Fund”) aims to deliver long-term capital appreciation through compound growth.

In pursuing this objective, the Fund invests long and short, using Financial Derivative Instruments (“FDIs”) and Structured Financial Instruments (“SFIs”) to construct a diversified portfolio across equity, bond, interest rate, currency and commodity markets that the Investment Manager believes are sufficiently liquid, and for which there is sufficient data available. There is no fixed allocation between these markets, or between regions or sectors within these markets.

Winton Diversified Fund (UCITS) Performance

Shares (Lead Series) USD I GBP I GBP I-2 EUR I EUR I-2 EUR I-P CHF I Net return for the six months +7.70% +7.06% +7.31% +6.58% +7.12% +6.14% +6.67% to 31 August 2019 31 August 2019 $113.381 £110.096 £112.026 €108.202 €109.924 €102.087 CHF107.138 NAV per share

The Fund returned 7.70% in the period 1 March 2019 to 31 August 2019 for investors in the USD I Shares, which is the basis for the performance analysis below.

Government bonds rallied over this six-month period, with yields on 10-year German bunds and 30-year US Treasuries both falling to all-time lows by August. Other perceived safe havens also fared well over this period. The US dollar, for example, strengthened against most G10 currencies, while gold prices rose 16%.

The Fund’s positioning in fixed income, equities and currencies drove the positive performance over the six months. Commodities, on the other hand, were negative for returns overall due to losses in energies.

The global downtrend in yields over the six months explains the Fund’s strong performance in fixed income. Long positions in Euribor, long-dated US government bond and German bund futures were all among the Fund’s top individual contributors to returns. Profits also accrued from long exposure to Italian BTPs, Japanese 10-year government bonds and UK gilts.

The Fund’s positive performance in equities was driven by long-short single-stock equity systems, particularly in the consumer discretionary, real estate and financial sectors. The Fund benefited from stock selection in consumer discretionary, net long exposure to the outperforming real estate sector and net short exposure to the underperforming financials sector. Directional positioning in stock indices also made money overall due to long exposure to rising markets.

In currencies, a short position in the euro accounted for most of the Fund’s profits, with the shared currency representing the portfolio’s largest individual contributor to performance. These gains were partially offset by short exposure to an appreciating Japanese yen. Returns in non-G10 currencies were flat, with profits from the Chinese Yuan and South Korean Won cancelled out by losses in the Brazilian Real and South African Rand.

Performance in commodities was mixed but negative overall due to energies, where mostly long positioning in natural gas and Brent crude led the losses. Gold was the portfolio’s largest individual detractor from performance due to a short position, but the Fund profited in metals as whole due to profits from copper and nickel. In agricultural commodities, a positive contribution to performance from crops was reduced by losses in livestock.

Winton’s infrastructure for conducting research is more robust than ever and its management processes more disciplined and effective. The firm has been rewarded with the sense of material progress in its research, which it believes has every chance of being translated into longer term investment returns for Fund investors.

6 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Statement of Financial Position Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

As at As at 31 August 28 February 2019 2019 Notes USD USD

Assets Financial assets at fair value through profit or loss: Transferable securities 4 535,084,273 496,566,278 Derivative instruments 4 30,075,110 16,860,763 Cash and cash equivalents 147,841,732 61,836,508 Amounts due from brokers 115,248,911 167,363,119 Receivable for securities sold 15,000,000 21,004,221 Interest income receivable 2,953,889 1,881,084 Receivable for fund shares sold 1,315,550 2,579,331 Gross dividend income receivable 1,042,855 549,872 Prepaid expenses 29,055 5,666 Operational expense rebate receivable 613,500 562,461 Total assets 849,204,875 769,209,303

Liabilities Financial liabilities at fair value through profit or loss: Derivative instruments 4 8,376,653 7,929,394 Amounts due to brokers 20,961,625 – Performance fees payable 4,583,396 2,534 Dividend expense payable 930,112 – Interest expense payable 609,697 – Management fees payable 579,024 468,861 Payable for fund shares repurchased 411,080 4,520,543 Dividend withholding tax payable 188,583 1,004,377 Depositary and safekeeping fees payable 35,809 18,959 Administration fees payable 35,805 63,527 Auditor fees payable 12,199 21,977 Other expenses payable 105,966 99,868 Payable for securities purchased – 21,578,255 Total liabilities (excluding net assets attributable to holders of redeemable participating shares) 36,829,949 35,708,295

Net assets attributable to holders of redeemable participating shares 812,374,926 733,501,008

The accompanying notes form an integral part of these condensed unaudited interim financial statements 7 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Statement of Financial Position (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

As at As at 31 August 28 February Shares outstanding per share class 2019 2019

Class CHF I 78,757 88,114 Class EUR I 2,047,904 1,737,791 Class EUR I-P 80,738 110,924 Class EUR I-2 367,102 610,162 Class GBP I Distribution 2,352,115 1,987,872 Class GBP I-2 Distribution 707,461 784,030 Class USD I 842,270 565,232

Net asset value per share

Class CHF I CHF 107.138 CHF 100.442 Class EUR I EUR 108.202 EUR 101.524 Class EUR I-P EUR 102.087 EUR 96.183 Class EUR I-2 EUR 109.924 EUR 102.617 Class GBP I Distribution GBP 110.096 GBP 102.833 Class GBP I-2 Distribution GBP 112.026 GBP 104.398 Class USD I USD 113.381 USD 105.277

The accompanying notes form an integral part of these condensed unaudited interim financial statements 8 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Statement of Comprehensive Income Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

For the financial For the financial period ended period ended 31 August 2019 31 August 2018* Notes USD USD

Investment income/(expense) Net realised and unrealised gain/(loss) on financial assets and liabilities at fair value through profit or loss 19,959,620 (14,832,550) Gross dividend income 5,776,443 2,375,173 Interest income on cash and broker balances 2,962,702 2,487,858 Other income 12,674 50,909 Total investment income/(expense) 28,711,439 (9,918,610)

Operating expenses Dividend expense 7,394,452 2,732,959 Performance fees 4,599,606 1,053,482 Management fees 3,303,079 2,316,590 Interest expense 2,950,405 269,152 Administration fees 181,325 297,416 Legal and professional fees 172,387 76,629 Depositary and safekeeping fees 88,955 113,993 Banking fees 35,307 – Directors’ fees 6 34,298 23,685 Auditor fees 29,027 10,408 Registration fees 20,378 23,898 Other expenses 452,058 46,361 Operational expense rebate (51,038) (8,674) Total operating expenses 19,210,239 6,955,899

Net gain/(loss) from operations before dividend withholding tax 9,501,200 (16,874,509)

Dividend withholding tax (1,079,682) (482,506)

Changes in net assets attributable to holders of redeemable participating shares resulting from operations 8,421,518 (17,357,015)

There are no recognised gains or losses arising during the financial period other than those dealt with in the statement of comprehensive income. In arriving at the results for the financial period all amounts relate to continuing operations.

* Financial period presented is for 6 months for comparability purposes.

The accompanying notes form an integral part of these condensed unaudited interim financial statements 9 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

For the financial For the financial period ended period ended 31 August 2019 31 August 2018* USD USD

Operating activities Changes in net assets attributable to holders of redeemable participating shares resulting from operations 8,421,518 (17,357,015)

Capital transactions Issue of shares 189,162,989 370,915,339 Redemption of shares (118,710,589) (44,990,367) Net increase in net assets attributable to holders of redeemable participating shares from capital transactions 70,452,400 325,924,972

Net increase in net assets attributable to holders of redeemable participating shares during the financial period 78,873,918 308,567,957 Net assets attributable to holders of redeemable participating shares at the beginning of the financial period 733,501,008 341,462,672 Net assets attributable to holders of redeemable participating shares at the end of the financial period 812,374,926 650,030,629

* Financial period presented is for 6 months for comparability purposes.

The accompanying notes form an integral part of these condensed unaudited interim financial statements 10 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Statement of Cash Flows Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

For the financial For the financial period ended period ended 31 August 2019 31 August 2018* USD USD

Cash flow from operating activities Changes in net assets attributable to holders of redeemable participating shares resulting from operations 8,421,518 (17,357,015)

Adjustments to reconcile changes in net assets attributable to holders of redeemable participating shares from operations to provided by/(used in) operating activities Gross dividend income (5,776,443) (2,375,173) Interest income on cash and broker balances (2,962,702) (2,487,858) Dividend expense 7,394,452 2,732,959 Dividend withholding tax 1,079,682 482,506 Interest expense 2,950,405 269,152

Changes in operating assets and liabilities Increase in financial assets and liabilities at fair value through profit or loss (51,285,083) (226,989,232) Decrease/(increase) in amounts due from brokers 52,114,208 (39,938,157) Decrease/(increase) in receivable for securities sold 6,004,221 (5,301,397) Increase in prepaid expenses (23,389) (40,218) Increase in amounts due to brokers 20,961,625 – Increase in other liabilities 4,625,434 28,071 (Decrease)/increase in payable for securities purchased (21,578,255) 308,563 Cash provided by/(used in) operating activities 21,925,673 (290,667,799)

Gross dividend income received 5,283,460 2,224,215 Interest received 1,889,897 1,504,535 Dividend expense paid (6,464,340) (2,247,981) Dividend withholding tax paid (1,895,476) (482,506) Interest expense paid (2,340,708) (269,152) Net cash provided by/(used in) operating activities 18,398,506 (289,938,688)

Cash flows from financing activities Proceeds from issue of shares 190,426,770 361,318,051 Payments on redemption of shares (122,820,052) (43,792,978) Net cash provided by financing activities 67,606,718 317,525,073

Net increase in cash and cash equivalents for the financial period 86,005,224 27,586,385 Cash and cash equivalents at the beginning of the financial period 61,836,508 23,560,739 Cash and cash equivalents at the end of the financial period 147,841,732 51,147,124

* Financial period presented is for 6 months for comparability purposes.

The accompanying notes form an integral part of these condensed unaudited interim financial statements 11 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%)

Investment in debt securities Interest Fair value % of (28 February 2019: 67.71%) rate % Maturity Notional USD Net assets

France (28 February 2019: 5.97%) Société Générale SA* Zero Coupon 04/07/2022 4,875,000 51,471,859 6.34 %

Total France 51,471,859 6.34 %

Luxembourg (28 February 2019: 5.97%) Société Générale Issuer SA* Zero Coupon 04/07/2022 4,875,000 51,471,859 6.34 %

Total Luxembourg 51,471,859 6.34 %

United States (28 February 2019: 55.71%) United States Treasury Note/Bond 1.50 % 31/10/2019 68,500,000 68,441,133 8.42 % United States Treasury Note/Bond 1.75 % 30/11/2019 75,000,000 74,953,125 9.23 % United States Treasury Note/Bond 1.50 % 30/11/2019 22,000,000 21,974,219 2.70 % United States Treasury Note/Bond 1 1.63 % 31/12/2019 4,000,000 3,995,938 0.49 % United States Treasury Note/Bond 1.88 % 31/12/2019 25,000,000 24,993,164 3.08 % United States Treasury Note/Bond 1.38 % 31/01/2020 25,000,000 24,945,313 3.07 % United States Treasury Note/Bond 2 1.38 % 29/02/2020 41,000,000 40,895,899 5.03 % United States Treasury Note/Bond 3 1.63 % 15/03/2020 20,000,000 19,974,219 2.46 % United States Treasury Note/Bond 4 1.38 % 31/03/2020 6,000,000 5,982,891 0.74 % United States Treasury Note/Bond 5 2.38 % 30/04/2020 10,000,000 10,033,594 1.24 % United States Treasury Note/Bond 6 2.50 % 31/05/2020 15,000,000 15,070,898 1.86 % United States Treasury Note/Bond 7 2.50 % 30/06/2020 20,000,000 20,109,375 2.48 % United States Treasury Note/Bond 1.63 % 30/06/2020 1,000,000 998,359 0.12 % United States Treasury Note/Bond 1.63 % 31/07/2020 17,000,000 16,972,109 2.09 % United States Treasury Note/Bond 8 2.63 % 15/08/2020 5,000,000 5,037,891 0.62 % United States Treasury Note/Bond 9 2.13 % 31/08/2020 9,000,000 9,028,477 1.11 % United States Treasury Note/Bond 2.75 % 30/09/2020 13,400,000 13,540,281 1.67 % United States Treasury Note/Bond 2.88 % 31/10/2020 8,700,000 8,812,148 1.08 % United States Treasury Note/Bond 10 1.63 % 30/11/2020 6,000,000 5,994,844 0.74 % United States Treasury Note/Bond 11 2.38 % 31/12/2020 10,000,000 10,091,016 1.24 % United States Treasury Note/Bond 12 2.13 % 31/01/2021 10,000,000 10,066,015 1.24 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 12 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investment in debt securities Interest Fair value % of (28 February 2019: 67.71%) (continued) rate % Maturity Notional USD Net assets

United States (28 February 2019: 55.71%) (continued) United States Treasury Note/Bond 13 2.25 % 15/02/2021 7,000,000 7,062,070 0.87 % United States Treasury Note/Bond 14 2.50 % 28/02/2021 13,000,000 13,167,577 1.61 %

Total United States 432,140,555 53.19 %

Total investment in debt securities 535,084,273 65.87 %

Total investments in transferable securities 535,084,273 65.87 %

* Equity Linked Note

1 4,000,000 nominal of this security is pledged as securities collateral with Morgan Stanley. 2 5,000,000 nominal of this security is pledged as securities collateral with Morgan Stanley. 3 9,000,000 nominal of this security is pledged as securities collateral with Morgan Stanley. 4 6,000,000 nominal of this security is pledged as securities collateral with Morgan Stanley. 5 10,000,000 nominal of this security is pledged as securities collateral with Morgan Stanley. 6 1,000,000 nominal of this security is pledged as securities collateral with Morgan Stanley. 7 20,000,000 nominal of this security is pledged as securities collateral with Morgan Stanley. 8 3,000,000 nominal of this security is pledged as securities collateral with Morgan Stanley. 9 8,000,000 nominal of this security is pledged as securities collateral with Morgan Stanley. 10 5,000,000 nominal of this security is pledged as securities collateral with Morgan Stanley. 11 10,000,000 nominal of this security is pledged as securities collateral with Goldman Sachs International. 12 10,000,000 nominal of this security is pledged as securities collateral with Morgan Stanley. 13 7,000,000 nominal of this security is pledged as securities collateral with Morgan Stanley. 14 13,000,000 nominal of this security is pledged as securities collateral with Goldman Sachs International.

The accompanying notes form an integral part of these condensed unaudited interim financial statements 13 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investment in forward foreign currency exchange contracts (28 February 2019: 1.22%) Fair value % of Currency Buy Sell USD Net assets

Forwards contracts included in trading portfolio (all expire between 03/09/2019 and 31/10/2019)

EUR/SEK 2,269,640 24,000,000 52,902 0.01% IDR/USD 132,598,707,000 9,200,001 70,691 0.01% PHP/USD 241,074,840 4,600,000 22,045 0.00% TRY/USD 19,000,000 3,100,811 139,444 0.03% USD/BRL 717,615 2,927,871 8,550 0.00% USD/CLP 2,899,999 2,060,444,000 35,765 0.00% USD/CNH 44,242,932 308,000,000 1,247,676 0.15% USD/KRW 20,800,922 24,908,932,208 177,477 0.02%

1,754,550 0.22 %

Forwards contracts for hedging currency risk (all expire between 03/09/2019 and 05/09/2019)

CHF/USD 8,333,990 8,394,595 25,854 0.00 % GBP/USD 337,518,308 409,002,055 1,623,058 0.20 % USD/EUR 11,549 10,444 69 0.00 %

1,648,981 0.20 %

Unrealised gains on open forward foreign currency exchange contract 3,403,531 0.42 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 14 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security Quantity Notional USD assets

Aerospace & Defense Aerojet Rocketdyne Holdings In 1,118 58,393 – 0.00 % Airbus SE 3,069 422,731 – 0.00 % Arotech Corp 7,614 18,045 – 0.00 % Aselsan Elektronik Sanayi Ve T 3,122 9,773 – 0.00 % BAE Systems PLC 20,177 133,919 – 0.00 % Boeing Co/The 4,921 1,791,687 – 0.00 % Bombardier Inc 1,327 1,717 – 0.00 % BWX Technologies Inc 2,278 134,858 – 0.00 % CAE Inc 13,221 346,691 – 0.00 % Dassault Aviation SA 3 4,266 – 0.00 % Ducommun Inc 217 8,936 – 0.00 % Embraer SA (900) (3,912) – 0.00 % FACC AG 2,001 22,144 – 0.00 % General Dynamics Corp 12,080 2,310,542 – 0.00 % Hanwha Aerospace Co Ltd (870) (27,999) – 0.00 % HEICO Corp 438 63,365 – 0.00 % Hexcel Corp 4,631 389,699 – 0.00 % Huntington Ingalls Industries 7,753 1,620,377 – 0.00 % Korea Aerospace Industries Ltd (1,536) (49,942) – 0.00 % Kratos Defense & Security Solu 1,433 28,617 – 0.00 % L3Harris Technologies Inc 1,721 363,837 – 0.00 % Leonardo SpA 25,310 309,575 – 0.00 % Lockheed Martin Corp 1,145 439,806 – 0.00 % Maxar Technologies Inc 1,030 7,292 – 0.00 % Meggitt PLC 25,075 188,818 – 0.00 % Moog Inc 187 15,194 – 0.00 % MTU Aero Engines AG 1,639 447,233 – 0.00 % National Presto Industries Inc 846 72,511 – 0.00 % Park Aerospace Corp 6,247 105,574 – 0.00 % QinetiQ Group PLC 57,900 203,276 – 0.00 % Raytheon Co 2,228 412,893 – 0.00 % Rolls-Royce Holdings PLC 16,655 156,251 – 0.00 % Safran SA 2,991 434,372 – 0.00 % Spirit AeroSystems Holdings In 4,037 325,382 – 0.00 % ST Engineering 13,500 38,320 – 0.00 % Teledyne Technologies Inc 493 152,135 – 0.00 % Thales SA 3,142 363,073 – 0.00 % TransDigm Group Inc 61 32,838 – 0.00 % Ultra Electronics Holdings PLC 6,729 178,287 – 0.00 % Vectrus Inc 410 16,589 – 0.00 % Total Aerospace & Defense – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 15 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Air Freight & Logistics Air Transport Services Group I 1,823 36,825 – 0.00 % Atlas Air Worldwide Holdings I (145) (3,748) – 0.00 % CH Robinson Worldwide Inc 926 78,238 – 0.00 % Cia de Distribucion Integral L 707 13,884 – 0.00 % Echo Global Logistics Inc 1,255 25,150 – 0.00 % Expeditors International of Wa 24,290 1,727,019 – 0.00 % FedEx Corp 1,730 274,395 – 0.00 % Forward Air Corp 660 41,118 – 0.00 % Hyundai Glovis Co Ltd (50) (6,619) – 0.00 % Konoike Transport Co Ltd 600 9,387 – 0.00 % Maruwa Unyu Kikan Co Ltd 400 20,321 – 0.00 % Radiant Logistics Inc 4,088 19,949 – 0.00 % SBS Holdings Inc 800 11,304 – 0.00 % SG Holdings Co Ltd 500 13,373 – 0.00 % Yamato Holdings Co Ltd 1,000 17,301 – 0.00 % ZTO Express Cayman Inc 433 8,881 – 0.00 % Total Air Freight & Logistics – 0.00 %

Airlines American Airlines Group Inc 30,590 804,823 – 0.00 % ANA Holdings Inc 300 10,251 – 0.00 % Chorus Aviation Inc 1,950 10,887 – 0.00 % Dart Group PLC 5,535 50,635 – 0.00 % Delta Air Lines Inc 17,907 1,036,099 – 0.00 % easyJet PLC (388) (4,547) – 0.00 % Exchange Income Corp 314 9,096 – 0.00 % Finnair Oyj 3,130 21,361 – 0.00 % Korean Air Lines Co Ltd (454) (8,338) – 0.00 % Mesa Air Group Inc 15,498 100,117 – 0.00 % Pegasus Hava Tasimaciligi AS 1,522 18,520 – 0.00 % Southwest Airlines Co 42,000 2,197,440 – 0.00 % Turk Hava Yollari AO 7,147 13,861 – 0.00 % United Airlines Holdings Inc 13,366 1,126,887 – 0.00 % Total Airlines – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 16 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Auto Components CIE Automotive SA 2,467 57,150 – 0.00 % Cooper Tire & Rubber Co 2,285 53,675 – 0.00 % Dometic Group AB 558 4,539 – 0.00 % Exedy Corp (500) (9,370) – 0.00 % FCC Co Ltd 200 3,631 – 0.00 % Freni Brembo SpA 1,729 16,122 – 0.00 % Fujikura Composites Inc 300 1,109 – 0.00 % Garrett Motion Inc 5,464 53,766 – 0.00 % Gentherm Inc 49 1,798 – 0.00 % G-Tekt Corp 100 1,446 – 0.00 % Hankook Tire & Technology Co L (2,317) (55,878) – 0.00 % Harada Industry Co Ltd 200 1,584 – 0.00 % Hyundai Mobis Co Ltd (57) (11,719) – 0.00 % Ichikoh Industries Ltd 1,600 10,868 – 0.00 % Magna International Inc 92 4,615 – 0.00 % Mando Corp (496) (13,993) – 0.00 % Martinrea International Inc 808 6,207 – 0.00 % Modine Manufacturing Co (21) (214) – 0.00 % Motorcar Parts of America Inc 715 10,389 – 0.00 % Musashi Seimitsu Industry Co L 500 5,790 – 0.00 % Nichirin Co Ltd 200 2,295 – 0.00 % Nifco Inc/Japan 400 9,190 – 0.00 % Nippon Piston Ring Co Ltd 100 1,154 – 0.00 % Nippon Seiki Co Ltd 300 4,643 – 0.00 % Pacific Industrial Co Ltd 600 8,123 – 0.00 % Press Kogyo Co Ltd 700 2,917 – 0.00 % Shoei Co Ltd 500 21,567 – 0.00 % Showa Corp 1,100 14,074 – 0.00 % Standard Motor Products Inc 1,041 46,127 – 0.00 % Stoneridge Inc 2,375 72,936 – 0.00 % Suminoe Textile Co Ltd 100 2,624 – 0.00 % Sumitomo Electric Industries L (600) (7,061) – 0.00 % Tupy SA (200) (854) – 0.00 % Workhorse Group Inc 16,213 68,257 – 0.00 % Xinyi Glass Holdings Ltd 18,000 17,907 – 0.00 % Yorozu Corp 100 1,178 – 0.00 % Total Auto Components – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 17 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Automobiles Bayerische Motoren Werke AG (14,432) (964,449) – 0.00 % Ferrari SpA 847 133,292 – 0.00 % Ford Otomotiv Sanayi AS 2,128 21,457 – 0.00 % Hyundai Motor Co (127) (13,502) – 0.00 % Piaggio & C SpA 11,553 37,301 – 0.00 % Renault SA (17,659) (1,012,236) – 0.00 % Trigano SA 285 27,327 – 0.00 % Volkswagen AG (5,897) (946,603) – 0.00 % Total Automobiles – 0.00 %

Banks 1st Source Corp 320 14,198 – 0.00 % Absa Group Ltd 3,754 37,968 – 0.00 % Agricultural Bank of China Ltd 238,000 91,672 – 0.00 % Allegiance Bancshares Inc 1,481 47,999 – 0.00 % Arrow Financial Corp 1,150 36,984 – 0.00 % Atlantic Capital Bancshares In 4,595 74,899 – 0.00 % BancFirst Corp 1,122 60,330 – 0.00 % Banco BBVA Argentina SA 815 3,439 – 0.00 % Banco BPM SpA (20,373) (40,961) – 0.00 % Banco de Sabadell SA (5,211) (4,460) – 0.00 % Banco del Bajio SA 3,437 5,735 – 0.00 % Bancorp Inc/The 4,734 43,221 – 0.00 % Bank of America Corp 55,918 1,538,304 – 0.00 % Bank of China Ltd 196,000 74,744 – 0.00 % Bank of Communications Co Ltd 176,000 115,154 – 0.00 % Bank of Hawaii Corp 157 12,981 – 0.00 % Bank of Marin Bancorp 2,492 101,200 – 0.00 % BankFinancial Corp 2,572 29,990 – 0.00 % Bankia SA (12,224) (22,179) – 0.00 % Banque Cantonale Vaudoise 100 76,876 – 0.00 % BB&T Corp 22,338 1,064,406 – 0.00 % BBVA (2,945) (13,946) – 0.00 % BNK Financial Group Inc (16,067) (89,061) – 0.00 % BPER Banca (6,773) (23,989) – 0.00 % Bridge Bancorp Inc 736 19,806 – 0.00 % Brookline Bancorp Inc 39 548 – 0.00 % Bryn Mawr Bank Corp 1,669 56,913 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 18 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Banks (continued) Camden National Corp 2,735 113,393 – 0.00 % Capitec Bank Holdings Ltd 2,162 155,777 – 0.00 % Capstar Financial Holdings Inc 1,761 27,225 – 0.00 % Carolina Financial Corp 1,660 56,689 – 0.00 % CBTX Inc 874 23,537 – 0.00 % Central Pacific Financial Corp 2,632 73,222 – 0.00 % Century Bancorp Inc/MA 639 51,759 – 0.00 % Chang Hwa Commercial Bank Ltd 69,007 44,502 – 0.00 % China CITIC Bank Corp Ltd 140,000 73,209 – 0.00 % China Construction Bank Corp 136,000 100,951 – 0.00 % China Everbright Bank Co Ltd 44,000 18,351 – 0.00 % China Merchants Bank Co Ltd 31,000 141,150 – 0.00 % China Minsheng Banking Corp Lt 73,000 48,042 – 0.00 % Chukyo Bank Ltd/The 112 2,276 – 0.00 % Citigroup Inc 15,149 974,838 – 0.00 % City Holding Co 720 53,532 – 0.00 % Civista Bancshares Inc 2,269 46,356 – 0.00 % Community Trust Bancorp Inc 1,110 43,179 – 0.00 % ConnectOne Bancorp Inc 1,835 37,581 – 0.00 % Credicorp Ltd 105 21,748 – 0.00 % CTBC Financial Holding Co Ltd 375,059 243,669 – 0.00 % Danske Bank A/S (2,050) (26,951) – 0.00 % DBS Group Holdings Ltd 91,100 1,609,944 – 0.00 % DGB Financial Group Inc (13,514) (77,034) – 0.00 % DNB ASA 76 1,224 – 0.00 % E.Sun Financial Holding Co Ltd 370,155 298,388 – 0.00 % Ehime Bank Ltd/The 233 2,424 – 0.00 % Enterprise Financial Services 1,444 56,922 – 0.00 % Equity Bancshares Inc 381 9,639 – 0.00 % Erste Group Bank AG 652 20,972 – 0.00 % Farmers National Banc Corp 1,158 15,633 – 0.00 % FB Financial Corp 411 14,743 – 0.00 % Financial Institutions Inc 1,843 53,558 – 0.00 % First Bancorp/Southern Pines N 1,128 39,728 – 0.00 % First Bancshares Inc/The 600 18,924 – 0.00 % First Bank/Hamilton NJ 1,598 16,875 – 0.00 % First Busey Corp 1,488 36,456 – 0.00 % First Business Financial Servi 945 21,310 – 0.00 % First Citizens BancShares Inc/ 244 108,482 – 0.00 % First Community Bankshares Inc 489 15,555 – 0.00 % First Financial Corp/IN 1,838 74,623 – 0.00 % First Financial Holding Co Ltd 374,369 256,966 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 19 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Banks (continued) First Foundation Inc 2,279 31,815 – 0.00 % First Hawaiian Inc 2,891 74,299 – 0.00 % First Internet Bancorp 2,285 46,203 – 0.00 % First Mid Bancshares Inc 1,883 60,425 – 0.00 % First Northwest Bancorp 830 13,263 – 0.00 % First of Long Island Corp/The 2,606 56,707 – 0.00 % Flushing Financial Corp 202 3,897 – 0.00 % German American Bancorp Inc 949 28,973 – 0.00 % Great Southern Bancorp Inc 994 56,002 – 0.00 % Grupo Financiero Banorte SAB d 4,000 21,483 – 0.00 % Hana Financial Group Inc (1,834) (49,313) – 0.00 % Hang Seng Bank Ltd 2,700 56,338 – 0.00 % HarborOne Bancorp Inc 5,441 54,192 – 0.00 % Heritage Commerce Corp 4,204 48,724 – 0.00 % Heritage Financial Corp/WA 841 22,017 – 0.00 % HomeTrust Bancshares Inc 2,728 68,800 – 0.00 % Horizon Bancorp Inc/IN 3,170 51,544 – 0.00 % Hua Nan Financial Holdings Co 120,672 76,857 – 0.00 % ICBC 174,000 109,851 – 0.00 % Independent Bank Corp 99 6,693 – 0.00 % Independent Bank Corp/MI 3,869 75,175 – 0.00 % Independent Bank Group Inc 525 25,678 – 0.00 % Industrial Bank of Korea (3,822) (39,209) – 0.00 % Japan Post Bank Co Ltd 105 956 – 0.00 % Jyske Bank A/S (750) (21,035) – 0.00 % Kansai Mirai Financial Group I 1,400 9,101 – 0.00 % KB Financial Group Inc (1,711) (56,198) – 0.00 % Kiyo Bank Ltd/The 100 1,369 – 0.00 % Lakeland Financial Corp 587 24,848 – 0.00 % Liechtensteinische Landesbank 125 7,816 – 0.00 % Macatawa Bank Corp 2,454 24,270 – 0.00 % Mega Financial Holding Co Ltd 288,000 264,342 – 0.00 % Mercantile Bank Corp 1,136 34,955 – 0.00 % Michinoku Bank Ltd/The 87 1,281 – 0.00 % Midland States Bancorp Inc 2,246 57,879 – 0.00 % MidSouth Bancorp Inc 3,262 33,762 – 0.00 % MidWestOne Financial Group Inc 1,641 47,540 – 0.00 % Nedbank Group Ltd 2,806 41,732 – 0.00 % Nicolet Bankshares Inc 2,216 140,450 – 0.00 % Nordea Bank Abp (4,436) (27,662) – 0.00 % Northrim BanCorp Inc 1,102 39,892 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 20 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Banks (continued) Old Line Bancshares Inc 2,755 72,787 – 0.00 % Opus Bank 358 7,432 – 0.00 % Origin Bancorp Inc 741 23,742 – 0.00 % Oversea-Chinese Banking Corp L 159,200 1,221,483 – 0.00 % Pacific Premier Bancorp Inc 463 13,640 – 0.00 % Park National Corp 1,561 140,615 – 0.00 % Peapack Gladstone Financial Co 2,069 58,201 – 0.00 % Peoples Bancorp Inc/OH 1,992 61,174 – 0.00 % People's Utah Bancorp 1,257 33,311 – 0.00 % Popular Inc 129 6,782 – 0.00 % Powszechna Kasa Oszczednosci B 1,265 12,430 – 0.00 % PSBC 101,000 60,801 – 0.00 % QCR Holdings Inc 1,371 48,410 – 0.00 % RBB Bancorp 2,321 42,776 – 0.00 % Republic Bancorp Inc/KY 1,569 66,604 – 0.00 % Republic First Bancorp Inc 6,529 26,410 – 0.00 % Ringkjoebing Landbobank A/S 1,796 107,601 – 0.00 % S&T Bancorp Inc 65 2,224 – 0.00 % Sandy Spring Bancorp Inc 1,857 62,172 – 0.00 % Santander Bank Polska SA 22 1,684 – 0.00 % SB One Bancorp 1,220 27,230 – 0.00 % Seven Bank Ltd 1,100 2,877 – 0.00 % Shanghai Commercial & Savings 56,940 92,346 – 0.00 % Shanghai Commercial & Savings Bank Ltd 4,626 – – 0.00 % Shinhan Financial Group Co Ltd (1,744) (58,797) – 0.00 % Sierra Bancorp 1,459 35,950 – 0.00 % SinoPac Financial Holdings Co 690,014 261,044 – 0.00 % Skandinaviska Enskilda Banken (1,259) (10,804) – 0.00 % SmartFinancial Inc 1,852 35,892 – 0.00 % Southern National Bancorp of V 3,445 50,366 – 0.00 % Southside Bancshares Inc 831 27,365 – 0.00 % Spar Nord Bank A/S 1,762 13,478 – 0.00 % SpareBank 1 Nord Norge 4,693 34,940 – 0.00 % SpareBank 1 SMN 5,274 55,516 – 0.00 % SpareBank 1 SR-Bank ASA 4,774 49,467 – 0.00 % St Galler Kantonalbank AG 142 62,974 – 0.00 % Standard Bank Group Ltd 4,741 55,304 – 0.00 % Stock Yards Bancorp Inc 1,554 56,410 – 0.00 % SunTrust Banks Inc 24,670 1,517,452 – 0.00 % Svenska Handelsbanken AB (5,104) (44,849) – 0.00 % Sydbank A/S (1,201) (16,789) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 21 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Banks (continued) Taishin Financial Holding Co L 496,156 212,256 – 0.00 % Taiwan Business Bank 853,410 335,119 – 0.00 % Taiwan Cooperative Financial H 449,238 286,842 – 0.00 % Toho Bank Ltd/The 458 1,043 – 0.00 % Tompkins Financial Corp 1,056 83,530 – 0.00 % TriCo Bancshares 1,647 58,238 – 0.00 % TriState Capital Holdings Inc 2,954 58,342 – 0.00 % UniCredit SpA (3,497) (38,661) – 0.00 % Unione di Banche Italiane SpA (7,464) (19,030) – 0.00 % United Overseas Bank Ltd 87,100 1,566,238 – 0.00 % Univest Financial Corp 2,655 67,198 – 0.00 % US Bancorp 30,596 1,612,103 – 0.00 % Valiant Holding AG 254 26,429 – 0.00 % Veritex Holdings Inc 270 6,372 – 0.00 % Washington Trust Bancorp Inc 968 44,915 – 0.00 % Wells Fargo & Co 28,131 1,310,061 – 0.00 % West Bancorporation Inc 831 17,318 – 0.00 % Westamerica Bancorporation 429 26,431 – 0.00 % Yamagata Bank Ltd/The 73 989 – 0.00 % Total Banks – 0.00 %

Beverages Ambev SA (1,600) (7,254) – 0.00 % Asahi Group Holdings Ltd 400 18,650 – 0.00 % Boston Beer Co Inc/The 4,370 1,915,895 – 0.00 % Britvic PLC 1,269 13,392 – 0.00 % Brown-Forman Corp 1,799 106,123 – 0.00 % Carlsberg A/S 2,575 380,083 – 0.00 % Castle Brands Inc 29,317 37,233 – 0.00 % CHINA RES BEER 20,000 113,512 – 0.00 % Coca-Cola Bottlers Japan Holdi 200 4,346 – 0.00 % Coca-Cola Co/The 16,383 901,720 – 0.00 % Coca-Cola Consolidated Inc 167 56,214 – 0.00 % Coca-Cola European Partners PL 700 39,438 – 0.00 % Coca-Cola HBC AG 341 11,325 – 0.00 % Craft Brew Alliance Inc 1,369 13,758 – 0.00 % Davide Campari-Milano SpA 41,387 387,736 – 0.00 % Diageo PLC 10,132 431,827 – 0.00 % Heineken Holding NV 3,517 347,657 – 0.00 % Heineken NV 3,259 346,544 – 0.00 % Hite Jinro Co Ltd (1,712) (31,160) – 0.00 % Ito En Ltd 400 18,270 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 22 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Beverages (continued) Kirin Holdings Co Ltd 500 9,871 – 0.00 % Lotte Chilsung Beverage Co Ltd (94) (10,110) – 0.00 % MGP Ingredients Inc 1,050 50,579 – 0.00 % Monster Beverage Corp 11,513 675,468 – 0.00 % New Age Beverages Corp 1,674 5,089 – 0.00 % Oenon Holdings Inc 1,100 3,819 – 0.00 % PepsiCo Inc 6,212 849,367 – 0.00 % Pernod Ricard SA 2,172 414,608 – 0.00 % Primo Water Corp 5,078 62,104 – 0.00 % Remy Cointreau SA 2,453 370,393 – 0.00 % Takara Holdings Inc 300 2,918 – 0.00 % Treasury Wine Estates Ltd 1,182 14,907 – 0.00 % Tsingtao Brewery Co Ltd 14,000 94,546 – 0.00 % Total Beverages – 0.00 %

Biotechnology AbbVie Inc 2,824 185,650 – 0.00 % Abcam PLC 1,346 18,945 – 0.00 % Acceleron Pharma Inc 55 2,470 – 0.00 % ADMA Biologics Inc 602 2,697 – 0.00 % Aeglea BioTherapeutics Inc 477 3,723 – 0.00 % Agios Pharmaceuticals Inc 700 26,565 – 0.00 % Aimmune Therapeutics Inc 2,551 52,015 – 0.00 % Akcea Therapeutics Inc 153 3,222 – 0.00 % Albireo Pharma Inc 539 13,179 – 0.00 % Allakos Inc 581 51,395 – 0.00 % Altimmune Inc 2,410 5,085 – 0.00 % AMAG Pharmaceuticals Inc 1,000 10,920 – 0.00 % Amgen Inc 5,747 1,198,939 – 0.00 % Anavex Life Sciences Corp 4,214 11,125 – 0.00 % AnGes Inc 800 4,568 – 0.00 % Anika Therapeutics Inc 1,013 57,498 – 0.00 % Aptevo Therapeutics Inc 5,106 3,541 – 0.00 % Arbutus Biopharma Corp 3,624 4,965 – 0.00 % Arena Pharmaceuticals Inc 877 46,385 – 0.00 % Argenx SE 167 21,693 – 0.00 % ArQule Inc 2,932 26,271 – 0.00 % Athenex Inc 2,005 29,534 – 0.00 % Athersys Inc 10,389 13,817 – 0.00 % AVEO Pharmaceuticals Inc 28,675 19,674 – 0.00 % Avid Bioservices Inc 3,977 27,441 – 0.00 % Axovant Gene Therapies Ltd 1,828 12,851 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 23 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Biotechnology (continued) BeiGene Ltd 39 5,606 – 0.00 % Biogen Inc 2,695 592,226 – 0.00 % BioSpecifics Technologies Corp 1,295 71,329 – 0.00 % Bluebird Bio Inc 127 13,120 – 0.00 % CASI Pharmaceuticals Inc 2,633 8,584 – 0.00 % Catabasis Pharmaceuticals Inc 2,967 18,306 – 0.00 % Celgene Corp 17,008 1,646,374 – 0.00 % Celldex Therapeutics Inc 1,444 3,061 – 0.00 % CEL-SCI Corp 424 3,040 – 0.00 % ChemoCentryx Inc 1,706 11,362 – 0.00 % Clinuvel Pharmaceuticals Ltd 1,899 34,596 – 0.00 % Concert Pharmaceuticals Inc 1,039 10,463 – 0.00 % CSL Ltd 405 65,653 – 0.00 % CTI BioPharma Corp 13,657 9,750 – 0.00 % CytomX Therapeutics Inc 197 1,730 – 0.00 % Deciphera Pharmaceuticals Inc 305 11,065 – 0.00 % Dicerna Pharmaceuticals Inc 1,953 27,147 – 0.00 % Dynavax Technologies Corp (28) (116) – 0.00 % Eagle Pharmaceuticals Inc/DE 49 2,763 – 0.00 % Eidos Therapeutics Inc 220 9,198 – 0.00 % Eiger BioPharmaceuticals Inc 1,382 15,064 – 0.00 % Emergent BioSolutions Inc (8,163) (357,539) – 0.00 % Epizyme Inc 212 2,750 – 0.00 % Exelixis Inc 3,047 60,483 – 0.00 % Fate Therapeutics Inc 209 3,411 – 0.00 % FibroGen Inc 685 30,592 – 0.00 % Fortress Biotech Inc 300 543 – 0.00 % G1 Therapeutics Inc 688 24,974 – 0.00 % Galectin Therapeutics Inc 2,011 6,697 – 0.00 % Genus PLC 321 10,270 – 0.00 % Global Blood Therapeutics Inc 63 2,897 – 0.00 % Green Cross Corp/South Korea (266) (23,767) – 0.00 % Grifols SA 8,515 269,498 – 0.00 % Halozyme Therapeutics Inc 1,693 27,968 – 0.00 % Hansa Biopharma AB 1,854 31,440 – 0.00 % Heron Therapeutics Inc 2,701 50,023 – 0.00 % Ionis Pharmaceuticals Inc 891 56,320 – 0.00 % Kadmon Holdings Inc 1,517 3,246 – 0.00 % KalVista Pharmaceuticals Inc 673 10,512 – 0.00 % Kindred Biosciences Inc 2,690 20,067 – 0.00 % Kodiak Sciences Inc 220 2,420 – 0.00 % Krystal Biotech Inc 189 8,505 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 24 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Biotechnology (continued) Kura Oncology Inc 469 7,119 – 0.00 % La Jolla Pharmaceutical Co (171) (1,636) – 0.00 % Lexicon Pharmaceuticals Inc 1,563 2,063 – 0.00 % Marker Therapeutics Inc 755 3,903 – 0.00 % Matinas BioPharma Holdings Inc 6,137 4,249 – 0.00 % Medicines Co/The 165 6,923 – 0.00 % MediciNova Inc 181 1,567 – 0.00 % MEI Pharma Inc 18,055 30,874 – 0.00 % MeiraGTx Holdings plc 302 6,116 – 0.00 % Mirati Therapeutics Inc 82 6,722 – 0.00 % Molecular Templates Inc 43 216 – 0.00 % Myovant Sciences Ltd 2,550 20,477 – 0.00 % Myriad Genetics Inc 1,001 23,554 – 0.00 % Neurocrine Biosciences Inc 540 53,687 – 0.00 % Novavax Inc 4,252 25,384 – 0.00 % Oncolys BioPharma Inc 200 3,725 – 0.00 % Oncopeptides AB 560 7,326 – 0.00 % OncoTherapy Science Inc 2,050 2,006 – 0.00 % Organovo Holdings Inc 15,888 4,051 – 0.00 % Oryzon Genomics SA 2,318 6,852 – 0.00 % Palatin Technologies Inc 38,839 34,998 – 0.00 % PDL BioPharma Inc 7,024 16,436 – 0.00 % Pharma Foods International Co 1,000 4,544 – 0.00 % PhaseBio Pharmaceuticals Inc 1,128 9,746 – 0.00 % PolarityTE Inc 302 1,120 – 0.00 % Principia Biopharma Inc 36 1,429 – 0.00 % Protagonist Therapeutics Inc 1,682 21,916 – 0.00 % PTC Therapeutics Inc 397 17,694 – 0.00 % Puma Biotechnology Inc 881 9,471 – 0.00 % Ra Pharmaceuticals Inc 1,350 36,720 – 0.00 % Recro Pharma Inc 2,148 25,260 – 0.00 % Regeneron Pharmaceuticals Inc 3,930 1,139,897 – 0.00 % ReproCELL Inc 407 808 – 0.00 % Sage Therapeutics Inc 233 39,999 – 0.00 % SanBio Co Ltd 200 6,284 – 0.00 % Sarepta Therapeutics Inc 12 1,082 – 0.00 % Seegene Inc (1,628) (29,160) – 0.00 % Sesen Bio Inc 1,827 1,991 – 0.00 % Sierra Oncology Inc 13,302 5,633 – 0.00 % Solasia Pharma KK 900 1,304 – 0.00 % Sorrento Therapeutics Inc 342 722 – 0.00 % Stemline Therapeutics Inc 1,106 13,172 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 25 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Biotechnology (continued) Trans Genic Inc 261 1,021 – 0.00 % Trevena Inc 35,881 29,422 – 0.00 % Twist Bioscience Corp 5 145 – 0.00 % uniQure NV 386 20,941 – 0.00 % United Therapeutics Corp 15,091 1,245,913 – 0.00 % Vanda Pharmaceuticals Inc 1,648 23,220 – 0.00 % VBI Vaccines Inc 5,445 3,308 – 0.00 % Verastem Inc 5,703 7,186 – 0.00 % Vericel Corp 1,235 20,427 – 0.00 % Vitrolife AB 705 12,192 – 0.00 % XBiotech Inc 1,577 13,168 – 0.00 % Xencor Inc 1,176 43,841 – 0.00 % XOMA Corp 801 14,090 – 0.00 % Zafgen Inc 5,256 4,336 – 0.00 % Zai Lab Ltd 139 4,533 – 0.00 % Total Biotechnology – 0.00 %

Building Products Advanced Drainage Systems Inc 467 14,659 – 0.00 % AGC Inc/Japan (400) (11,534) – 0.00 % Aica Kogyo Co Ltd 200 5,711 – 0.00 % Allegion PLC 978 94,152 – 0.00 % AO Smith Corp 1,677 78,014 – 0.00 % Armstrong World Industries Inc 1,085 103,585 – 0.00 % Continental Building Products 363 9,126 – 0.00 % Cornerstone Building Brands In (2,449) (11,486) – 0.00 % CSW Industrials Inc 1,493 101,838 – 0.00 % Daikin Industries Ltd 100 12,376 – 0.00 % DIRTT Environmental Solutions 1,766 9,076 – 0.00 % dormakaba Holding AG 8 5,394 – 0.00 % Fortune Brands Home & Security 22,932 1,170,908 – 0.00 % Geberit AG 70 31,828 – 0.00 % KCC Corp (279) (52,051) – 0.00 % Kingspan Group PLC 1,206 55,054 – 0.00 % Kondotec Inc 81 661 – 0.00 % Lennox International Inc 195 49,487 – 0.00 % Maeda Kosen Co Ltd 500 6,595 – 0.00 % Masonite International Corp 665 35,504 – 0.00 % Nibe Industrier AB 6,163 76,988 – 0.00 % Nichiha Corp 200 5,075 – 0.00 % Nihon Flush Co Ltd 200 4,583 – 0.00 % Nippon Aqua Co Ltd 500 2,408 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 26 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Building Products (continued) Nippon Hume Corp 61 372 – 0.00 % Owens Corning 1,355 77,723 – 0.00 % PGT Innovations Inc 3,406 54,496 – 0.00 % Polypipe Group plc 4,015 18,316 – 0.00 % Resideo Technologies Inc 72 992 – 0.00 % Rockwool International A/S 162 31,588 – 0.00 % Sanwa Holdings Corp 300 3,336 – 0.00 % Sekisui Jushi Corp 58 1,035 – 0.00 % Simpson Manufacturing Co Inc 1,001 64,264 – 0.00 % Total Building Products – 0.00 %

Capital Markets 3i Group PLC 7,163 95,547 – 0.00 % Amundi SA 345 22,047 – 0.00 % Ares Management Corp 3,494 101,675 – 0.00 % Ashmore Group PLC 10,311 56,596 – 0.00 % Asia Development Capital Co Lt 8,449 556 – 0.00 % ASX Ltd 2,789 162,004 – 0.00 % Azimut Holding SpA 1,451 25,553 – 0.00 % B. Riley Financial Inc 3,323 70,315 – 0.00 % Banca Generali SpA 1,080 32,069 – 0.00 % BGC Partners Inc 10,731 54,728 – 0.00 % Bitcoin Group SE 318 10,519 – 0.00 % BlackRock Inc 2,629 1,110,910 – 0.00 % Brewin Dolphin Holdings PLC 1,309 4,847 – 0.00 % Brightsphere Investment Group 3,521 32,006 – 0.00 % Brookfield Asset Management In 339 17,514 – 0.00 % Bure Equity AB 1,297 19,923 – 0.00 % Burford Capital Ltd 4,463 37,978 – 0.00 % Charles Schwab Corp/The 1,532 58,630 – 0.00 % CICC 8,000 13,836 – 0.00 % CME Group Inc 7,324 1,591,432 – 0.00 % Cohen & Steers Inc 1,725 93,029 – 0.00 % Cowen Inc 346 5,401 – 0.00 % Daiwa Securities Group Inc (100) (431) – 0.00 % Deutsche Bank AG (4,354) (31,446) – 0.00 % Deutsche Boerse AG 767 112,737 – 0.00 % Donnelley Financial Solutions 2,452 26,065 – 0.00 % EFG International AG 699 4,272 – 0.00 % Euronext NV 1,354 106,167 – 0.00 % FactSet Research Systems Inc 232 63,125 – 0.00 % Fintech Global Inc 1,300 1,235 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 27 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Capital Markets (continued) Flow Traders 943 25,307 – 0.00 % GAIN Capital Holdings Inc 6,314 28,729 – 0.00 % GAMCO Investors Inc 1,484 26,222 – 0.00 % Gimv NV 662 39,358 – 0.00 % GMO Financial Holdings Inc 520 2,818 – 0.00 % Greenhill & Co Inc 469 6,585 – 0.00 % Hamilton Lane Inc 553 34,363 – 0.00 % Hargreaves Lansdown PLC 1,660 37,924 – 0.00 % Hirose Tusyo Inc 18 325 – 0.00 % Houlihan Lokey Inc 2,762 122,025 – 0.00 % IG Group Holdings PLC 135 887 – 0.00 % IntegraFin Holdings PLC 6,955 32,701 – 0.00 % Interactive Brokers Group Inc 240 11,328 – 0.00 % Intercontinental Exchange Inc 15,819 1,478,760 – 0.00 % Intermediate Capital Group PLC 4,857 78,938 – 0.00 % INTL. FCStone Inc 189 7,411 – 0.00 % IwaiCosmo Holdings Inc 1,000 10,283 – 0.00 % Japan Exchange Group Inc 1,100 17,406 – 0.00 % KKR & Co Inc 391 10,103 – 0.00 % London Stock Exchange Group PL 1,327 112,258 – 0.00 % LPL Financial Holdings Inc 1,164 87,242 – 0.00 % M&A Capital Partners Co Ltd 100 5,852 – 0.00 % Macquarie Group Ltd 1,346 112,181 – 0.00 % Man Group PLC/Jersey 3,545 7,187 – 0.00 % MarketAxess Holdings Inc 283 112,526 – 0.00 % Moelis & Co 529 17,737 – 0.00 % Morningstar Inc 1,651 266,769 – 0.00 % MSCI Inc 13 3,050 – 0.00 % Nasdaq Inc 5,638 562,898 – 0.00 % Noah Holdings Ltd 463 13,890 – 0.00 % OAK Capital Corp 429 521 – 0.00 % Okasan Securities Group Inc (6,400) (21,073) – 0.00 % Oppenheimer Holdings Inc 661 18,349 – 0.00 % Partners Group Holding AG 170 137,834 – 0.00 % Piper Jaffray Cos 656 47,731 – 0.00 % PJT Partners Inc 1,033 42,983 – 0.00 % Pzena Investment Management In 144 1,171 – 0.00 % Quilter PLC 12,125 18,423 – 0.00 % Ratos AB (35,472) (78,159) – 0.00 % S&P Global Inc 485 126,192 – 0.00 % Safeguard Scientifics Inc 4,472 53,485 – 0.00 % Sanne Group PLC 2,718 17,293 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 28 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Capital Markets (continued) Sparx Group Co Ltd 6,884 15,284 – 0.00 % Sprott Inc 3,688 10,434 – 0.00 % Swissquote Group Holding SA 889 36,947 – 0.00 % Tamburi Investment Partners Sp 8,249 51,672 – 0.00 % TD Ameritrade Holding Corp 1,696 75,319 – 0.00 % TMX Group Ltd 373 32,363 – 0.00 % Uzabase Inc 100 2,203 – 0.00 % Victory Capital Holdings Inc 1,332 21,272 – 0.00 % Virtu Financial Inc 13,681 257,203 – 0.00 % Virtus Investment Partners Inc 444 47,370 – 0.00 % Vontobel Holding AG 569 29,717 – 0.00 % Westwood Holdings Group Inc 1,112 30,524 – 0.00 % Yuanta Financial 520,234 299,787 – 0.00 % Total Capital Markets – 0.00 %

Chemicals Achilles Corp 200 2,785 – 0.00 % ADEKA Corp 1,500 18,190 – 0.00 % AdvanSix Inc 353 7,886 – 0.00 % AgroFresh Solutions Inc 7,901 12,800 – 0.00 % Air Water Inc 700 11,887 – 0.00 % American Vanguard Corp 908 12,866 – 0.00 % Ashland Global Holdings Inc 31,586 2,313,359 – 0.00 % Axalta Coating Systems Ltd 4,343 125,426 – 0.00 % Balchem Corp 43 3,818 – 0.00 % Bio On Spa 1,573 28,938 – 0.00 % Chase Corp 1,632 163,559 – 0.00 % Chemours Co/The 36,075 511,183 – 0.00 % Chr Hansen Holding A/S 4,492 377,368 – 0.00 % Chugoku Marine Paints Ltd 3,600 28,957 – 0.00 % CI Takiron Corp 500 2,949 – 0.00 % Corbion NV 2,758 78,319 – 0.00 % DKS Co Ltd 1,200 29,973 – 0.00 % Dongyue Group Ltd 14,000 6,607 – 0.00 % Element Solutions Inc 5,928 55,308 – 0.00 % Ercros SA 16,115 30,407 – 0.00 % Flotek Industries Inc 14,398 30,092 – 0.00 % FMC Corp 740 63,884 – 0.00 % Fujimi Inc 1,500 34,277 – 0.00 % Fumakilla Ltd 400 4,087 – 0.00 % Fuso Chemical Co Ltd 1,300 26,600 – 0.00 % FutureFuel Corp 1,624 17,507 – 0.00 % GCP Applied Technologies Inc 3,726 65,391 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 29 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Chemicals (continued) Gurit Holding AG 25 28,639 – 0.00 % Hanwha Chemical Corp (987) (14,127) – 0.00 % Hawkins Inc 1,286 57,034 – 0.00 % Hodogaya Chemical Co Ltd 900 22,294 – 0.00 % Hyosung Chemical Corp (34) (4,233) – 0.00 % Innophos Holdings Inc 904 25,393 – 0.00 % International CSRC Investment 64,890 66,603 – 0.00 % Intrepid Potash Inc 7,138 21,200 – 0.00 % Ishihara Sangyo Kaisha Ltd 3,100 25,285 – 0.00 % JCU Corp 2,000 34,508 – 0.00 % JSP Corp 900 14,614 – 0.00 % Kansai Paint Co Ltd 1,200 24,961 – 0.00 % Kanto Denka Kogyo Co Ltd 3,700 25,550 – 0.00 % Kemira Oyj 5,137 72,260 – 0.00 % KH Neochem Co Ltd 1,500 31,328 – 0.00 % Kolon Industries Inc (1,423) (46,856) – 0.00 % Koppers Holdings Inc 1,319 34,967 – 0.00 % Korea Petrochemical Ind Co Ltd (217) (21,005) – 0.00 % Kumiai Chemical 2,700 23,775 – 0.00 % Kureha Corp 600 32,231 – 0.00 % Kuriyama Holdings Corp 200 1,518 – 0.00 % Lenzing AG 513 48,343 – 0.00 % Linde plc 581 109,757 – 0.00 % Lintec Corp 600 11,639 – 0.00 % Livent Corp 2,855 17,558 – 0.00 % Lotte Chemical Corp (66) (12,286) – 0.00 % MORESCO Corp 200 2,407 – 0.00 % NewMarket Corp 4,586 2,177,204 – 0.00 % Nihon Nohyaku Co Ltd 600 2,455 – 0.00 % Nihon Parkerizing Co Ltd 1,300 14,383 – 0.00 % Nippon Chemical Industrial Co 1,200 23,629 – 0.00 % Nippon Kayaku Co Ltd 1,300 14,150 – 0.00 % Nippon Soda Co Ltd 700 16,082 – 0.00 % Nissan Chemical Corp 1,000 42,288 – 0.00 % Nitto Denko Corp 200 9,306 – 0.00 % NOF Corp 1,500 48,615 – 0.00 % Novozymes A/S 7,732 329,678 – 0.00 % OCI Co Ltd (110) (6,043) – 0.00 % OCI NV 2,064 45,217 – 0.00 % Okamoto Industries Inc 800 30,293 – 0.00 % Osaka Soda Co Ltd 1,400 32,493 – 0.00 % Petkim Petrokimya Holding AS 8,902 5,240 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 30 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Chemicals (continued) PolyOne Corp 27,535 881,395 – 0.00 % PPG Industries Inc 12,572 1,392,852 – 0.00 % PQ Group Holdings Inc 2,828 40,412 – 0.00 % Quaker Chemical Corp 289 45,911 – 0.00 % Rasa Industries Ltd 1,936 21,364 – 0.00 % Rayonier Advanced Materials In 540 1,895 – 0.00 % RPM International Inc 874 59,144 – 0.00 % Sakai Chemical Industry Co Ltd 1,200 26,011 – 0.00 % Sakata INX Corp 2,000 17,103 – 0.00 % Sanyo Chemical Industries Ltd 600 26,163 – 0.00 % Sasa Polyester Sanayi AS 74,827 74,614 – 0.00 % Scotts Miracle-Gro Co/The 19,777 2,102,691 – 0.00 % Sensient Technologies Corp 633 41,348 – 0.00 % Shikoku Chemicals Corp 300 2,913 – 0.00 % Shin-Etsu Chemical Co Ltd 400 40,322 – 0.00 % Shin-Etsu Polymer Co Ltd 4,000 25,815 – 0.00 % Showa Denko KK 1,300 33,535 – 0.00 % Sika AG 832 119,433 – 0.00 % Soda Sanayii AS 60,399 57,221 – 0.00 % Stella Chemifa Corp 100 2,454 – 0.00 % Stepan Co 666 63,530 – 0.00 % Sumitomo Seika 600 17,583 – 0.00 % T Hasegawa Co Ltd 1,400 26,671 – 0.00 % Taiyo Holdings Co Ltd 200 6,162 – 0.00 % Tenma Corp 100 1,824 – 0.00 % Tessenderlo Group SA 118 3,838 – 0.00 % Titan Kogyo Ltd 100 2,512 – 0.00 % Toagosei Co Ltd 2,200 21,484 – 0.00 % Tokai Carbon Co Ltd 1,200 11,481 – 0.00 % Tokuyama Corp 1,400 29,516 – 0.00 % Toyo Ink SC Holdings Co Ltd 600 12,424 – 0.00 % Toyobo Co Ltd 500 6,364 – 0.00 % Trecora Resources 912 8,254 – 0.00 % Ultrafabrics Holdings Co Ltd 400 4,395 – 0.00 % Valqua Ltd 1,600 31,038 – 0.00 % Valvoline Inc 6,238 140,979 – 0.00 % Venator Materials PLC 9,154 20,413 – 0.00 % Westlake Chemical Corp 466 27,303 – 0.00 % WR Grace & Co 1,723 116,664 – 0.00 % W-Scope Corp 100 553 – 0.00 % Total Chemicals – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 31 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Commercial Services & Supplies Aeon Delight Co Ltd 100 3,086 – 0.00 % Asukanet Co Ltd 100 1,299 – 0.00 % Bell System24 Holdings Inc 300 4,530 – 0.00 % Brady Corp 1,444 68,171 – 0.00 % Bravida Holding AB 1,764 14,732 – 0.00 % Casella Waste Systems Inc 1,432 65,156 – 0.00 % Central Security Patrols Co Lt 300 14,507 – 0.00 % Cewe Stiftung & Co KGAA 302 27,248 – 0.00 % CG SERVICES 11,000 31,847 – 0.00 % Clean Harbors Inc 966 71,049 – 0.00 % Cleanaway Waste Management Ltd 45,449 63,315 – 0.00 % Copart Inc 1,787 134,722 – 0.00 % Downer EDI Ltd 4,361 22,628 – 0.00 % Duskin Co Ltd 100 2,566 – 0.00 % Edenred 2,298 111,875 – 0.00 % Ennis Inc 2,590 52,085 – 0.00 % Fiera Milano SpA 6,306 28,725 – 0.00 % Greentown Service Group Co Ltd 30,000 27,434 – 0.00 % Heritage-Crystal Clean Inc 1,170 28,665 – 0.00 % HomeServe PLC 7,605 106,207 – 0.00 % Hudson Technologies Inc 34,471 17,373 – 0.00 % Inaba Seisakusho Co Ltd 400 5,065 – 0.00 % IWG PLC 5,483 27,828 – 0.00 % Japan Elevator Service Holding 600 14,400 – 0.00 % KAR Auction Services Inc 4,866 129,241 – 0.00 % KEPCO Plant Service & Engineer (2,208) (57,816) – 0.00 % Kimball International Inc 942 16,532 – 0.00 % King Jim Co Ltd 57 452 – 0.00 % Kosaido Co Ltd 1,981 12,915 – 0.00 % Matsuda Sangyo Co Ltd 138 1,836 – 0.00 % McGrath RentCorp 2,282 146,116 – 0.00 % Mobile Mini Inc (8,266) (258,395) – 0.00 % MSA Safety Inc 385 40,668 – 0.00 % NAC Co Ltd 118 1,022 – 0.00 % Nippon Kanzai Co Ltd 534 9,465 – 0.00 % Nippon Parking Development Co 1,112 1,758 – 0.00 % Phil Co Inc 100 3,570 – 0.00 % PICO Holdings Inc 2,115 20,367 – 0.00 % Prestige International Inc 700 12,335 – 0.00 % Raksul Inc 100 3,820 – 0.00 % Relia Inc 100 1,263 – 0.00 % Rentokil Initial PLC 18,844 103,203 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 32 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Commercial Services & Supplies (continued) Republic Services Inc 7,517 670,892 – 0.00 % Ritchie Bros Auctioneers Inc 650 25,760 – 0.00 % Rollins Inc 3,312 108,667 – 0.00 % Securitas AB 159 2,377 – 0.00 % SmartGroup Corp Ltd 403 3,027 – 0.00 % Sohgo Security Services Co Ltd 100 5,043 – 0.00 % SP Plus Corp 2,767 95,489 – 0.00 % Stericycle Inc (6,465) (290,214) – 0.00 % Takara Printing Co Ltd 83 1,258 – 0.00 % Takeei Corp 200 1,793 – 0.00 % Tetra Tech Inc 2 162 – 0.00 % Tomra Systems ASA 2,288 64,225 – 0.00 % Uchida Yoko Co Ltd 60 1,846 – 0.00 % UniFirst Corp/MA 550 107,751 – 0.00 % US Ecology Inc 561 33,980 – 0.00 % Viad Corp 1,396 90,223 – 0.00 % Waste Management Inc 4,735 565,122 – 0.00 % Total Commercial Services & Supplies – 0.00 %

Communications Equipment Accton Technology Corp 9,000 47,553 – 0.00 % ADTRAN Inc 2,933 30,122 – 0.00 % ADVA Optical Networking SE 313 2,005 – 0.00 % Aiphone Co Ltd 100 1,491 – 0.00 % Allied Telesis Holdings KK 1,900 1,448 – 0.00 % Arcadyan Technology Corp 7,000 23,353 – 0.00 % AudioCodes Ltd 490 8,551 – 0.00 % Calix Inc 2,075 12,471 – 0.00 % Cisco Systems Inc 98,420 4,607,040 – 0.00 % COMBA 26,000 5,571 – 0.00 % CommScope Holding Co Inc 535 5,746 – 0.00 % Comtech Telecommunications Cor 1,691 45,234 – 0.00 % EchoStar Corp 2,435 102,879 – 0.00 % EMCORE Corp 6,901 19,668 – 0.00 % Ericsson 3,345 26,017 – 0.00 % F5 Networks Inc 9,147 1,177,493 – 0.00 % Harmonic Inc 3,267 21,530 – 0.00 % Icom Inc 200 4,164 – 0.00 % InterDigital Inc 1,516 74,542 – 0.00 % Juniper Networks Inc 68,391 1,583,936 – 0.00 % KVH Industries Inc 2,062 19,177 – 0.00 % Lantronix Inc 1,726 5,661 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 33 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Communications Equipment (continued) NETGEAR Inc 132 4,583 – 0.00 % Nokia Oyj (8,864) (43,830) – 0.00 % Radware Ltd 133 3,252 – 0.00 % Resonant Inc 5,011 16,687 – 0.00 % Ribbon Communications Inc 411 2,125 – 0.00 % Saxa Holdings Inc 100 1,653 – 0.00 % Sierra Wireless Inc (1,842) (19,931) – 0.00 % ViaSat Inc 805 63,861 – 0.00 % ZTE Corp 6,000 14,922 – 0.00 % Total Communications Equipment – 0.00 %

Construction & Engineering ACS Actividades de Construccio 1,142 43,134 – 0.00 % Ameresco Inc 1,372 19,757 – 0.00 % Arcosa Inc 731 23,750 – 0.00 % Argan Inc 1,280 52,877 – 0.00 % Asanuma Corp 100 3,340 – 0.00 % Badger Daylighting Ltd 1,003 31,841 – 0.00 % Balfour Beatty PLC (3,221) (8,448) – 0.00 % Bauer AG 661 14,499 – 0.00 % Besterra Co Ltd 55 659 – 0.00 % CHINACOMSERVICE 32,000 17,917 – 0.00 % Chiyoda Corp 500 1,392 – 0.00 % Comfort Systems USA Inc 1,098 42,449 – 0.00 % COMSYS Holdings Corp 600 16,962 – 0.00 % Construction Partners Inc 381 6,283 – 0.00 % Daewoo Engineering & Construct (8,831) (30,540) – 0.00 % Fluor Corp (858) (15,161) – 0.00 % Granite Construction Inc (304) (8,646) – 0.00 % Great Lakes Dredge & Dock Corp 1,373 14,883 – 0.00 % Grupo Empresarial San Jose SA 7,201 62,517 – 0.00 % HDC Holdings Co Ltd (5,846) (61,183) – 0.00 % HDC Hyundai Development Co-Eng (1,341) (39,774) – 0.00 % Hyundai Engineering & Construc (97) (3,318) – 0.00 % Ichiken Co Ltd 61 905 – 0.00 % IES Holdings Inc 1,310 24,720 – 0.00 % John Laing Group PLC 20,619 88,744 – 0.00 % Kandenko Co Ltd 600 5,142 – 0.00 % KAWADA TECHNOLOGIES Inc 100 6,049 – 0.00 % Kinden Corp 500 7,315 – 0.00 % Kitano Construction Corp 50 1,056 – 0.00 % Kyowa Exeo Corp 1,000 24,084 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 34 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Construction & Engineering (continued) Kyudenko Corp 400 12,399 – 0.00 % Maire Tecnimont SpA 161 392 – 0.00 % Mirait Holdings Corp 1,100 16,237 – 0.00 % Mitsubishi Kakoki Kaisha Ltd 54 879 – 0.00 % Monadelphous Group Ltd 2,346 25,120 – 0.00 % Nishimatsu Construction Co Ltd (300) (5,362) – 0.00 % Nittoc Construction Co Ltd 417 2,499 – 0.00 % Northwest Pipe Co 1,065 24,495 – 0.00 % NRW Holdings Ltd 21,448 34,931 – 0.00 % Per Aarsleff Holding A/S 1,181 41,949 – 0.00 % Primoris Services Corp 775 15,144 – 0.00 % PS Mitsubi Const 267 1,708 – 0.00 % Samsung Engineering Co Ltd (879) (11,272) – 0.00 % Sanki Engineering Co Ltd 500 5,922 – 0.00 % Seikitokyu Kogyo Co Ltd 368 2,340 – 0.00 % Sumitomo Densetsu Co Ltd 200 3,788 – 0.00 % Sweco AB 879 22,945 – 0.00 % Taikisha Ltd 100 2,992 – 0.00 % Takamatsu 100 2,121 – 0.00 % Tekfen Holding AS 16,631 59,142 – 0.00 % TOA ROAD CORP 53 1,491 – 0.00 % Toenec Corp 28 828 – 0.00 % Toshiba Plant 600 9,743 – 0.00 % United Integrated Services Co 21,189 104,853 – 0.00 % WillScot Corp 6,711 93,618 – 0.00 % Total Construction & Engineering – 0.00 %

Construction Materials Anhui Conch Cement Co Ltd 6,500 36,601 – 0.00 % ASIA CEMENT CH 34,500 40,482 – 0.00 % Asia Cement Corp 24,000 32,947 – 0.00 % Asia Pile Holdings Corp 4,900 23,049 – 0.00 % Brickworks Ltd 1,171 12,633 – 0.00 % China Resources Cement Holding 44,000 39,002 – 0.00 % CNBM 2,000 1,714 – 0.00 % Eagle Materials Inc 1,370 115,340 – 0.00 % Krosaki Harima Corp 800 38,835 – 0.00 % Loma Negra Cia Industrial Arge 5,083 24,398 – 0.00 % Marshalls PLC 9,804 82,770 – 0.00 % Sumitomo Osaka Cement Co Ltd 500 20,862 – 0.00 % Taiheiyo Cement Corp 500 12,616 – 0.00 % Taiwan Cement Corp 30,822 37,835 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 35 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Construction Materials (continued) US Concrete Inc 801 32,457 – 0.00 % Wienerberger AG 2,534 58,257 – 0.00 % Total Construction Materials – 0.00 %

Consumer Finance Ally Financial Inc 840 26,334 – 0.00 % American Express Co 18,363 2,210,354 – 0.00 % Cembra Money Bank AG 857 86,921 – 0.00 % Credit Acceptance Corp 239 108,183 – 0.00 % Credit Corp Group Ltd 2,711 52,546 – 0.00 % Discover Financial Services 25,644 2,050,751 – 0.00 % Elevate Credit Inc 1,864 8,034 – 0.00 % EZCORP Inc 8,148 64,125 – 0.00 % FirstCash Inc 1,186 117,094 – 0.00 % goeasy Ltd 714 28,909 – 0.00 % J Trust Co Ltd 500 1,764 – 0.00 % Jaccs Co Ltd 300 6,240 – 0.00 % Jianpu Technology Inc 1,825 5,493 – 0.00 % Medallion Financial Corp 777 3,691 – 0.00 % Nelnet Inc 1,863 124,914 – 0.00 % PPDAI Group Inc 2,002 7,487 – 0.00 % PRA Group Inc 138 4,711 – 0.00 % Premium Group Co Ltd 100 1,670 – 0.00 % Regional Management Corp 2,199 56,624 – 0.00 % Samsung Card Co Ltd (722) (19,802) – 0.00 % World Acceptance Corp 206 27,377 – 0.00 % Zip Co Ltd 16,726 38,385 – 0.00 % Total Consumer Finance – 0.00 %

Containers & Packaging Ball Corp 2,544 204,563 – 0.00 % Berry Global Group Inc 4,673 182,901 – 0.00 % CCL Industries Inc 427 19,384 – 0.00 % Crown Holdings Inc 1,178 77,560 – 0.00 % FP Corp 500 32,880 – 0.00 % Fuji Seal International Inc 1,200 32,604 – 0.00 % Graphic Packaging Holding Co 10,487 144,825 – 0.00 % Huhtamaki Oyj 1,518 58,587 – 0.00 % Myers Industries Inc 1,025 17,251 – 0.00 % Nihon Yamamura Glass Co Ltd 100 1,141 – 0.00 % Owens-Illinois Inc 2,806 28,537 – 0.00 % Sealed Air Corp 34,859 1,388,085 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 36 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Containers & Packaging (continued) SIG Combibloc Group AG 63 831 – 0.00 % Silgan Holdings Inc 5,367 159,722 – 0.00 % Smurfit Kappa Group PLC 601 18,533 – 0.00 % Toyo Seikan Group Holdings Ltd 1,500 21,845 – 0.00 % Westrock Co (28,760) (983,017) – 0.00 % Total Containers & Packaging – 0.00 %

Distributors Arata Corp 400 13,698 – 0.00 % D'ieteren SA/NV 709 35,763 – 0.00 % Doshisha Co Ltd 100 1,617 – 0.00 % Genuine Parts Co (8,625) (778,751) – 0.00 % Goyo Intex Co Ltd 200 1,076 – 0.00 % Happinet Corp 200 2,324 – 0.00 % LKQ Corp (15,900) (417,693) – 0.00 % ONTSU Co Ltd 6,100 1,492 – 0.00 % Pool Corp 556 109,187 – 0.00 % Total Distributors – 0.00 %

Diversified Consumer Services Adtalem Global Education Inc 3,951 168,787 – 0.00 % American Public Education Inc 3 73 – 0.00 % Asante Inc 51 956 – 0.00 % Bright Horizons Family Solutio 1,608 265,400 – 0.00 % Career Education Corp 3,794 77,815 – 0.00 % Carriage Services Inc 4,144 88,143 – 0.00 % Collectors Universe Inc 4,351 112,778 – 0.00 % ESCRIT Inc 100 773 – 0.00 % Flutter Entertainment plc 48 3,948 – 0.00 % frontdoor Inc 3,209 164,750 – 0.00 % FU SHOU YUAN 4,000 3,877 – 0.00 % Grand Canyon Education Inc 3,409 428,170 – 0.00 % H&R Block Inc 2,830 68,543 – 0.00 % IBJ Inc 1,200 13,321 – 0.00 % IDP Education Ltd 9,756 109,123 – 0.00 % Japan Best Rescue System Co Lt 1,800 20,270 – 0.00 % K12 Inc 7,606 200,418 – 0.00 % Kroton Educacional SA (1,400) (3,418) – 0.00 % Laureate Education Inc 5,516 100,943 – 0.00 % New Oriental Education & Techn 140 15,876 – 0.00 % Park Lawn Corp 3,182 60,599 – 0.00 % Regis Corp 4,203 67,963 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 37 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Diversified Consumer Services (continued) Riso Kyoiku Co Ltd 5,700 24,292 – 0.00 % Select Interior Concepts Inc 943 11,703 – 0.00 % Ser Educacional SA (300) (1,707) – 0.00 % Service Corp International/US 1,700 78,710 – 0.00 % ServiceMaster Global Holdings 2,857 162,963 – 0.00 % Sprix Ltd 100 1,394 – 0.00 % Studio Alice Co Ltd 200 3,765 – 0.00 % Take And Give Needs Co Ltd 1,000 10,866 – 0.00 % TAL Education Group 591 21,057 – 0.00 % Wash House Co Ltd 100 868 – 0.00 % Weight Watchers International 1,560 46,784 – 0.00 % Zovio Inc 3,438 7,839 – 0.00 % Total Diversified Consumer Services – 0.00 %

Diversified Financial Services Ackermans & van Haaren NV 188 27,189 – 0.00 % Aker ASA 636 32,567 – 0.00 % Banca Farmafactoring SpA 6,967 35,296 – 0.00 % Banca IFIS SpA 840 12,887 – 0.00 % Banca Mediolanum SpA 1,843 13,327 – 0.00 % Berkshire Hathaway Inc 799 162,525 – 0.00 % Cannae Holdings Inc 4,949 137,681 – 0.00 % Casa Inc 150 1,693 – 0.00 % Cerved Group SpA 3,459 27,844 – 0.00 % Chailease Holding Co Ltd 13,360 53,102 – 0.00 % ECN Capital Corp 354 1,241 – 0.00 % eGuarantee Inc 1,943 23,233 – 0.00 % EXOR NV 642 43,390 – 0.00 % Far East Horizon Ltd 40,000 35,763 – 0.00 % FGL Holdings 7,242 57,791 – 0.00 % Financial Products Group Co Lt 1,500 14,464 – 0.00 % FirstRand Ltd 15,031 59,339 – 0.00 % Fuyo General Lease Co Ltd 200 11,477 – 0.00 % GRENKE AG 802 64,956 – 0.00 % Groupe Bruxelles Lambert SA 297 27,730 – 0.00 % Hypoport AG 325 85,182 – 0.00 % IBJ Leasing Co Ltd 700 17,557 – 0.00 % Japan Securities Finance Co Lt 921 4,376 – 0.00 % L E Lundbergforetagen AB 1,058 39,563 – 0.00 % NEC Capital Solutions Ltd 61 1,191 – 0.00 % Pargesa Holding SA 345 25,215 – 0.00 % Plus500 Ltd 3,332 27,628 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 38 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Diversified Financial Services (continued) PSG Group Ltd 1,929 25,460 – 0.00 % Ricoh Leasing Co Ltd 300 9,158 – 0.00 % RMB Holdings Ltd 13,085 61,525 – 0.00 % Sofina SA 658 126,978 – 0.00 % Tokyo Century Corp 500 20,133 – 0.00 % Voya Financial Inc 77 3,798 – 0.00 % Wendel SA 134 18,776 – 0.00 % Zenkoku Hosho Co Ltd 400 15,222 – 0.00 % Total Diversified Financial Services – 0.00 %

Diversified Telecommunication Anterix Inc 75 2,906 – 0.00 % Bandwidth Inc 221 19,269 – 0.00 % Cellnex Telecom SA 2,388 95,524 – 0.00 % China Tower Corp Ltd 176,000 40,181 – 0.00 % Cogent Communications Holdings 1,007 61,316 – 0.00 % DNA Oyj 4,033 92,985 – 0.00 % Euskaltel SA 2,478 20,832 – 0.00 % Fibergate Inc/Japan 400 6,209 – 0.00 % GCI Liberty Inc 2,294 142,779 – 0.00 % Globalstar Inc 84,708 32,045 – 0.00 % HKBN Ltd 41,000 73,522 – 0.00 % IDT Corp 2,130 18,787 – 0.00 % Infrastrutture Wireless Italia 9,736 97,257 – 0.00 % Internet Initiative Japan Inc 2,100 46,664 – 0.00 % Masmovil Ibercom SA 4,077 83,425 – 0.00 % NTT 54,471 2,611,451 – 0.00 % Ooma Inc 1,868 23,350 – 0.00 % Orange SA (2,110) (31,999) – 0.00 % ORBCOMM Inc 6,342 29,237 – 0.00 % Pareteum Corp 569 1,218 – 0.00 % PCCW Ltd 46,000 24,934 – 0.00 % Sunrise Communications Group A 48 3,615 – 0.00 % Telecom Italia SpA/Milano (158,819) (84,544) – 0.00 % Telekom Austria AG 4,347 33,297 – 0.00 % Telkom SA SOC Ltd 10,228 53,584 – 0.00 % Telstra Corp Ltd 3,744 9,373 – 0.00 % United Internet AG 2,741 89,764 – 0.00 % Vision Inc/Tokyo Japan 200 8,523 – 0.00 % Vocus Group Ltd 7,591 16,552 – 0.00 % Total Diversified Telecommunication – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 39 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Electric Utilities Acciona SA 482 51,698 – 0.00 % Alliant Energy Corp 8,981 471,053 – 0.00 % American Electric Power Co Inc 1,069 97,439 – 0.00 % AusNet Services 286,774 347,398 – 0.00 % BKW AG 1,044 68,131 – 0.00 % CK Infrastructure Holdings Ltd 40,500 272,993 – 0.00 % CLP Holdings Ltd 33,500 345,015 – 0.00 % Duke Energy Corp 1,594 147,828 – 0.00 % Edison International 6,214 449,086 – 0.00 % Emera Inc 3,639 157,936 – 0.00 % Endesa SA 50,997 1,309,728 – 0.00 % Enel SpA 148,837 1,078,544 – 0.00 % Entergy Corp 4,726 533,282 – 0.00 % Evergy Inc 9,189 597,285 – 0.00 % FirstEnergy Corp 10,117 465,382 – 0.00 % Fortis Inc/Canada 3,718 153,784 – 0.00 % Hawaiian Electric Industries I 38,953 1,729,513 – 0.00 % Hokkaido Electric Power Co Inc (7,000) (35,496) – 0.00 % Hokuriku Electric Power Co (5,100) (32,050) – 0.00 % Hydro One Ltd 5,945 110,401 – 0.00 % Iberdrola SA 101,979 1,048,077 – 0.00 % IDACORP Inc 20,896 2,294,590 – 0.00 % NextEra Energy Inc 2,705 592,611 – 0.00 % Pinnacle West Capital Corp 839 79,965 – 0.00 % Portland General Electric Co 31 1,764 – 0.00 % Power Assets Holdings Ltd 43,000 286,279 – 0.00 % PPL Corp 2,788 82,385 – 0.00 % Red Electrica Corp SA 62,513 1,245,163 – 0.00 % Shikoku Electric Power Co Inc (400) (3,823) – 0.00 % Spark Infrastructure Group 199,991 309,566 – 0.00 % Terna Rete Elettrica Nazionale 162,060 1,016,927 – 0.00 % Xcel Energy Inc 77,857 4,999,977 – 0.00 % Total Electric Utilities – 0.00 %

Electrical Equipment Allied Motion Technologies Inc 139 4,477 – 0.00 % American Superconductor Corp 412 3,160 – 0.00 % Ballard Power Systems Inc 2,067 9,332 – 0.00 % Climeon AB 411 3,132 – 0.00 % Doosan Heavy Industries & Cons (2,122) (10,498) – 0.00 % Eaton Corp PLC 9,300 750,696 – 0.00 % Encore Wire Corp 116 6,263 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 40 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Electrical Equipment (continued) Fuji Electric Co Ltd 100 2,851 – 0.00 % Fujikura Ltd 6,200 19,715 – 0.00 % GOLDWIND 30,000 35,316 – 0.00 % GrafTech International Ltd 2,037 24,831 – 0.00 % GS Yuasa Corp (1,400) (23,444) – 0.00 % Huber + Suhner AG 650 41,630 – 0.00 % Idec Corp/Japan 300 4,967 – 0.00 % Legrand SA 239 16,867 – 0.00 % LS Corp (713) (26,663) – 0.00 % LS Industrial Systems Co Ltd (347) (13,191) – 0.00 % Mabuchi Motor Co Ltd 500 17,710 – 0.00 % Mersen SA 868 29,475 – 0.00 % NEL ASA 23,749 17,629 – 0.00 % Nidec Corp 400 52,138 – 0.00 % Nippon Seisen Co Ltd 49 1,085 – 0.00 % Nissin Electric Co Ltd 200 2,363 – 0.00 % Nitto Kogyo Corp 100 1,869 – 0.00 % Nordex SE 1,839 18,563 – 0.00 % nVent Electric PLC 2,201 44,592 – 0.00 % PowerCell Sweden AB 1,104 9,759 – 0.00 % Regal Beloit Corp (158) (11,202) – 0.00 % Rockwell Automation Inc 11,451 1,749,598 – 0.00 % Schneider Electric SE 239 20,003 – 0.00 % SEC Carbon Ltd 100 7,639 – 0.00 % Siemens Gamesa Renewable Energ 2,575 35,047 – 0.00 % Signify NV 79 2,310 – 0.00 % Sinfonia Technology Co Ltd (100) (1,055) – 0.00 % Tatsuta Electric Wire and Cabl 300 1,211 – 0.00 % Thermon Group Holdings Inc 2,590 56,333 – 0.00 % Totoku Electric Co Ltd 100 1,662 – 0.00 % TPI Composites Inc 3,185 56,183 – 0.00 % Varta AG 1,052 89,019 – 0.00 % Vestas Wind Systems A/S 753 55,324 – 0.00 % Vivint Solar Inc 6,302 50,794 – 0.00 % Walsin Lihwa Corp 35,000 15,420 – 0.00 % Total Electrical Equipment – 0.00 %

Electronic Equipment, Instruments & Components Ai Holdings Corp (1,700) (27,860) – 0.00 % Airgain Inc 1,736 19,495 – 0.00 % Akoustis Technologies Inc 543 3,975 – 0.00 % Alps Alpine Co Ltd 747 13,036 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 41 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Electronic Equipment, Instruments & Components (continued) ALSO Holding AG 289 41,165 – 0.00 % Amano Corp 400 11,948 – 0.00 % Amphenol Corp 715 62,591 – 0.00 % Anritsu Corp 100 1,871 – 0.00 % Asia Optical Co Inc 13,000 35,568 – 0.00 % AT&S Austria Technologie & Sys (132) (2,106) – 0.00 % AVX Corp 1,611 21,829 – 0.00 % Azbil Corp 400 10,198 – 0.00 % Badger Meter Inc 640 33,011 – 0.00 % Barco NV 123 26,142 – 0.00 % CDW Corp/DE 488 56,364 – 0.00 % Chilisin Electronics Corp 2,000 5,025 – 0.00 % Citizen Watch Co Ltd (1,600) (7,285) – 0.00 % CMK Corp (300) (1,406) – 0.00 % Coda Octopus Group Inc 19 169 – 0.00 % CONEXIO Corp 100 1,264 – 0.00 % Coretronic Corp 2,000 2,455 – 0.00 % Corning Inc 33,624 936,428 – 0.00 % Dexerials Corp (4,400) (29,680) – 0.00 % Dolby Laboratories Inc 2,953 181,787 – 0.00 % E Ink Holdings Inc 3,000 2,672 – 0.00 % Elematec Corp 300 2,681 – 0.00 % ePlus Inc 2 163 – 0.00 % Fabrinet 730 36,858 – 0.00 % Fitbit Inc 2,589 8,000 – 0.00 % Genius Electronic Optical Co L 2,000 26,434 – 0.00 % Hagiwara Electric Holdings Co 100 2,576 – 0.00 % Hakuto Co Ltd 200 2,038 – 0.00 % Halma PLC 1,944 46,423 – 0.00 % Hamamatsu Photonics KK 833 28,761 – 0.00 % Hirose Electric Co Ltd 197 22,370 – 0.00 % Hitachi High-Technologies Corp 771 41,635 – 0.00 % Holy Stone Enterprise Co Ltd 7,000 20,404 – 0.00 % Ibiden Co Ltd 1,400 27,172 – 0.00 % Inficon Holding AG 60 37,640 – 0.00 % ITEQ Corp 5,000 21,869 – 0.00 % Iteris Inc 9,676 52,637 – 0.00 % KB LAMINATES 16,500 13,026 – 0.00 % Keyence Corp 100 59,175 – 0.00 % Kingboard Holdings Ltd 2,000 4,683 – 0.00 % Knowles Corp 1,328 26,932 – 0.00 % Koa Corp (100) (1,149) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 42 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Electronic Equipment, Instruments & Components (continued) Kyocera Corp 600 35,646 – 0.00 % Landis+Gyr Group AG 36 2,949 – 0.00 % LG Display Co Ltd (4,088) (47,181) – 0.00 % LG Innotek Co Ltd (71) (5,786) – 0.00 % Lotes Co Ltd 1,000 7,981 – 0.00 % MTS Systems Corp 738 41,970 – 0.00 % Murata Manufacturing Co Ltd 620 26,009 – 0.00 % Mycronic AB 3,194 38,925 – 0.00 % Napco Security Technologies In 2,130 73,442 – 0.00 % National Instruments Corp 99 4,158 – 0.00 % Newmax Technology Co Ltd 15,684 52,325 – 0.00 % NF Corp 300 5,653 – 0.00 % Nichidenbo Corp 3,000 4,549 – 0.00 % Nippon Chemi-Con Corp (1,200) (15,658) – 0.00 % Nippon Kodoshi Corp 100 1,170 – 0.00 % Novanta Inc 91 6,825 – 0.00 % Okamoto Glass Co Ltd 700 1,297 – 0.00 % Omron Corp 509 25,188 – 0.00 % OSI Systems Inc 904 94,929 – 0.00 % PC Connection Inc 1,989 70,072 – 0.00 % Prosperity Dielectrics Co Ltd 2,000 3,544 – 0.00 % RECOMM Co Ltd 7,405 8,220 – 0.00 % Ryoden Corp 300 4,524 – 0.00 % Ryoyo Electro Corp 100 1,648 – 0.00 % Santec Corp 300 5,667 – 0.00 % Shimadzu Corp 1,577 39,197 – 0.00 % Shinko Shoji Co Ltd 200 3,532 – 0.00 % Siix Corp (1,300) (16,547) – 0.00 % Spectris PLC 3,716 104,469 – 0.00 % SUNNY OPTICAL 2,700 37,432 – 0.00 % TA-I Technology Co Ltd 4,000 4,616 – 0.00 % Taiwan Union Technology Corp 7,000 28,829 – 0.00 % Taiyo Yuden Co Ltd 1,400 26,329 – 0.00 % TDK Corp 300 23,877 – 0.00 % Terilogy Co Ltd 1,600 10,793 – 0.00 % Tokyo Electron Device Ltd 300 5,481 – 0.00 % Topcon Corp (1,700) (19,640) – 0.00 % Toyo Corp/Chuo-ku 300 2,930 – 0.00 % Tripod Technology Corp 3,000 10,871 – 0.00 % Unimicron Technology Corp 4,000 4,987 – 0.00 % Unitech Printed Circuit Board 12,000 11,455 – 0.00 % Venture Corp Ltd 1,600 17,498 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 43 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Electronic Equipment, Instruments & Components (continued) Vishay Precision Group Inc 181 5,656 – 0.00 % Walsin Technology Corp 6,000 30,265 – 0.00 % Yageo Corp 2,000 14,494 – 0.00 % Yaskawa Electric Corp 900 30,227 – 0.00 % Yokogawa Electric Corp 1,747 31,720 – 0.00 % Young Optics Inc 8,929 24,116 – 0.00 % Total Electronic Equipment, Instruments & Components – 0.00 %

Energy Equipment & Services Apergy Corp 439 11,405 – 0.00 % Baker Hughes a GE Co 2,032 44,074 – 0.00 % BW Offshore Ltd 2,904 18,835 – 0.00 % C&J Energy Services Inc 1,528 14,608 – 0.00 % Cactus Inc 1,682 42,841 – 0.00 % CES Energy Solutions Corp 2,299 3,339 – 0.00 % Core Laboratories NV 642 25,417 – 0.00 % Dawson Geophysical Co 3,006 6,343 – 0.00 % DMC Global Inc 978 42,475 – 0.00 % Drilling Co of 1972 A/S/The 540 29,686 – 0.00 % Enerflex Ltd 1,767 16,221 – 0.00 % Exterran Corp 2,515 26,533 – 0.00 % Frank's International NV 3,522 15,321 – 0.00 % FTS International Inc 4,769 11,970 – 0.00 % Halliburton Co 5,718 107,727 – 0.00 % Hunting PLC 3,393 18,863 – 0.00 % ION Geophysical Corp 924 7,133 – 0.00 % Keane Group Inc 385 2,041 – 0.00 % KLX Energy Services Holdings I 600 6,018 – 0.00 % Kvaerner ASA 8,589 11,132 – 0.00 % Liberty Oilfield Services Inc 645 6,947 – 0.00 % Mammoth Energy Services Inc 4,981 18,131 – 0.00 % Matrix Service Co 3,109 61,776 – 0.00 % McDermott International Inc (46,271) (218,399) – 0.00 % Modec Inc 1,300 29,450 – 0.00 % Natural Gas Services Group Inc 1,066 11,491 – 0.00 % NCS Multistage Holdings Inc 1,436 3,102 – 0.00 % Newpark Resources Inc 6,504 42,991 – 0.00 % North American Construction Gr 4,944 58,591 – 0.00 % Ocean Yield ASA 1,384 7,724 – 0.00 % Pason Systems Inc 1,220 14,495 – 0.00 % Precision Drilling Corp 3,505 4,220 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 44 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Energy Equipment & Services (continued) Profire Energy Inc 3,206 4,905 – 0.00 % ProPetro Holding Corp 1,274 13,568 – 0.00 % Raiznext Corp 3,300 35,827 – 0.00 % RPC Inc 6,355 33,745 – 0.00 % SBM Offshore NV 1,286 21,524 – 0.00 % Schoeller-Bleckmann Oilfield E 348 22,066 – 0.00 % SEACOR Holdings Inc 9,556 448,845 – 0.00 % SEACOR Marine Holdings Inc 933 12,157 – 0.00 % Select Energy Services Inc 6,473 52,820 – 0.00 % Smart Sand Inc 2,465 5,842 – 0.00 % Solaris Oilfield Infrastructur 2,971 40,851 – 0.00 % TechnipFMC PLC 854 21,213 – 0.00 % Tidewater Inc 3,464 54,593 – 0.00 % Toyo Kanetsu KK 800 12,637 – 0.00 % US Silica Holdings Inc 27,223 276,858 – 0.00 % Total Energy Equipment & Services – 0.00 %

Entertainment Alibaba Pictures Group Ltd 60,000 9,872 – 0.00 % Ateam Inc (1,400) (14,686) – 0.00 % Avex Inc (1,100) (13,008) – 0.00 % Borussia Dortmund GmbH & Co KG 6,284 67,642 – 0.00 % Capcom Co Ltd 2,000 52,063 – 0.00 % CD Projekt SA 1,599 101,537 – 0.00 % Cinemark Holdings Inc 1,951 74,450 – 0.00 % CJ CGV Co Ltd (729) (20,235) – 0.00 % CTS Eventim AG & Co KGaA 1,096 59,982 – 0.00 % Cyberstep Inc 100 864 – 0.00 % DeNA Co Ltd 1,900 40,093 – 0.00 % Extreme Co Ltd 200 3,567 – 0.00 % Gaia Inc 896 5,976 – 0.00 % Gala Inc 300 835 – 0.00 % Glu Mobile Inc 4,171 18,519 – 0.00 % IGG Inc 26,000 17,575 – 0.00 % IMAX Corp 394 8,242 – 0.00 % Juventus Football Club SpA 26,392 42,780 – 0.00 % Kinepolis Group NV 625 36,059 – 0.00 % KLab Inc 5,700 56,949 – 0.00 % Live Nation Entertainment Inc 355 24,676 – 0.00 % Madison Square Garden Co/The 678 171,080 – 0.00 % Marcus Corp/The 718 24,096 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 45 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Entertainment (continued) Marvelous Inc 300 2,207 – 0.00 % NetEase Inc 10 2,550 – 0.00 % Nihon Falcom Corp 100 1,581 – 0.00 % Paradox Interactive AB 65 862 – 0.00 % Reading International Inc 2,581 32,004 – 0.00 % Rosetta Stone Inc 3,141 57,323 – 0.00 % Rovio Entertainment Oyj 4,919 28,407 – 0.00 % THQ Nordic AB 2,158 53,345 – 0.00 % Toei Animation Co Ltd 500 22,391 – 0.00 % Ubisoft Entertainment SA 2,145 172,928 – 0.00 % UUUM Inc 200 9,276 – 0.00 % Viacom Inc 1,338 33,423 – 0.00 % Vivendi SA 2,834 79,200 – 0.00 % Walt Disney Co/The 12,092 1,659,748 – 0.00 % Zynga Inc 16,015 91,446 – 0.00 % Total Entertainment – 0.00 %

Equity Real Estate Investment Acadia Realty Trust 42,479 1,161,801 – 0.00 % Activia Properties Inc 59 286,966 – 0.00 % Advance Residence Investment C 94 302,441 – 0.00 % Aedifica SA 1,078 121,784 – 0.00 % AEON REIT Investment Corp 28 36,720 – 0.00 % Agree Realty Corp 2,564 191,505 – 0.00 % Alexander's Inc 3 1,133 – 0.00 % Alexandria Real Estate Equitie 12,073 1,809,018 – 0.00 % Allied Properties Real Estate 4,238 167,415 – 0.00 % alstria office REIT-AG 6,017 99,450 – 0.00 % American Assets Trust Inc 519 24,320 – 0.00 % American Campus Communities In 60,754 2,823,846 – 0.00 % American Homes 4 Rent 4,313 110,327 – 0.00 % American Tower Corp 6,213 1,430,170 – 0.00 % Apartment Investment & Managem 63,234 3,224,934 – 0.00 % Apple Hospitality REIT Inc 12,075 192,355 – 0.00 % Armada Hoffler Properties Inc 2,200 38,148 – 0.00 % Artis Real Estate Investment T 11,375 106,132 – 0.00 % Ascendas Real Estate Investmen 55,200 122,486 – 0.00 % Assura PLC 44,437 37,462 – 0.00 % AvalonBay Communities Inc 914 194,280 – 0.00 % Befimmo SA 521 30,746 – 0.00 % Big Yellow Group PLC 6,110 79,531 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 46 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Equity Real Estate Investment (continued) Bluerock Residential Growth RE 5,302 65,586 – 0.00 % Boardwalk Real Estate Investme 2,670 88,779 – 0.00 % Boston Properties Inc 14,712 1,889,315 – 0.00 % Brandywine Realty Trust 7,045 101,096 – 0.00 % British Land Co PLC/The (33,551) (208,074) – 0.00 % Brixmor Property Group Inc 899 16,569 – 0.00 % BRT Apartments Corp 1,654 23,950 – 0.00 % BWP Trust 10,875 28,544 – 0.00 % Camden Property Trust 25,437 2,753,555 – 0.00 % Canadian Apartment Properties 5,262 212,024 – 0.00 % CapitaLand Commercial Trust 81,300 124,757 – 0.00 % CapitaLand Mall Trust 54,000 103,094 – 0.00 % CatchMark Timber Trust Inc 1,337 13,250 – 0.00 % Champion REIT 123,000 82,830 – 0.00 % Charter Hall Group 15,277 130,060 – 0.00 % Chesapeake Lodging Trust 386 9,940 – 0.00 % Choice Properties Real Estate 13,469 140,568 – 0.00 % City Office REIT Inc 8,107 109,769 – 0.00 % Clipper Realty Inc 1,721 18,828 – 0.00 % Cofinimmo SA 692 96,124 – 0.00 % Colony Capital Inc 6,310 28,395 – 0.00 % Columbia Property Trust Inc 2,708 57,924 – 0.00 % Comforia Residential REIT Inc 16 50,426 – 0.00 % Cominar Real Estate Investment 9,889 93,086 – 0.00 % Community Healthcare Trust Inc 1,618 68,992 – 0.00 % CorEnergy Infrastructure Trust 4,045 182,470 – 0.00 % CoreSite Realty Corp 3,330 386,879 – 0.00 % Corporate Office Properties Tr 63,805 1,843,326 – 0.00 % Covivio 787 83,720 – 0.00 % CRE Logistics REIT Inc 12 14,823 – 0.00 % Crombie Real Estate Investment 2,007 23,619 – 0.00 % Cromwell Property Group 12,812 10,606 – 0.00 % CubeSmart 20,325 729,464 – 0.00 % Daiwa House Residential Invest 115 303,363 – 0.00 % Daiwa Office Investment Corp 39 304,163 – 0.00 % Dexus 114,861 997,189 – 0.00 % Douglas Emmett Inc 49,540 2,090,588 – 0.00 % Dream Global Real Estate Inves 16,854 183,885 – 0.00 % Dream Industrial Real Estate I 5,539 52,473 – 0.00 % Dream Office Real Estate Inves 218 4,472 – 0.00 % Duke Realty Corp 53,826 1,790,791 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 47 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Equity Real Estate Investment (continued) Easterly Government Properties 4,389 90,194 – 0.00 % EastGroup Properties Inc 1,003 124,894 – 0.00 % Empire State Realty Trust Inc 1,422 19,993 – 0.00 % EPR Properties 2,329 182,244 – 0.00 % Equity Commonwealth 10,408 350,333 – 0.00 % Equity LifeStyle Properties In 2,470 332,758 – 0.00 % Equity Residential 2,154 182,573 – 0.00 % Essential Properties Realty Tr 3,936 89,387 – 0.00 % Essex Property Trust Inc 627 201,430 – 0.00 % Extra Space Storage Inc 6,203 756,270 – 0.00 % Federal Realty Investment Trus 996 128,693 – 0.00 % First Industrial Realty Trust 648 25,240 – 0.00 % Fortress REIT Ltd 72,994 101,403 – 0.00 % Frasers Centrepoint Trust 24,400 48,341 – 0.00 % Frasers Logistics & Industrial 20,600 18,106 – 0.00 % Front Yard Residential Corp 828 9,183 – 0.00 % Frontier Real Estate Investmen 55 236,982 – 0.00 % Fukuoka REIT Corp 18 30,193 – 0.00 % Gaming and Leisure Properties 4,143 162,074 – 0.00 % GCP Student Living PLC 23,414 46,314 – 0.00 % Getty Realty Corp 2,269 72,063 – 0.00 % Gladstone Commercial Corp 2,329 52,798 – 0.00 % Gladstone Land Corp 6,536 75,229 – 0.00 % Global Medical REIT Inc 4,413 48,234 – 0.00 % Global One Real Estate Investm 43 61,206 – 0.00 % GLP J-Reit 25 30,810 – 0.00 % Goodman Group 105,560 1,031,528 – 0.00 % GPT Group/The 229,792 988,214 – 0.00 % Granite Real Estate Investment 4,252 203,834 – 0.00 % H&R Real Estate Investment Tru 8,356 142,285 – 0.00 % Hamborner REIT AG 3,895 40,300 – 0.00 % Hammerson PLC (79,657) (219,969) – 0.00 % Hankyu Hanshin REIT Inc 30 44,480 – 0.00 % Hannon Armstrong Sustainable I 4,627 127,844 – 0.00 % HCP Inc 3,836 133,148 – 0.00 % Health Care & Medical Investme 30 38,130 – 0.00 % Healthcare Realty Trust Inc 2,499 83,042 – 0.00 % Healthcare Trust of America In 3,817 108,250 – 0.00 % Heiwa Real Estate REIT Inc 52 65,504 – 0.00 % Hibernia REIT plc 689 1,112 – 0.00 % Highwoods Properties Inc 1,651 71,340 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 48 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Equity Real Estate Investment (continued) Hoshino Resorts REIT Inc 7 36,352 – 0.00 % Hudson Pacific Properties Inc 3,197 108,698 – 0.00 % Hulic Reit Inc 19 33,605 – 0.00 % ICADE 639 56,494 – 0.00 % Ichigo Hotel REIT Investment C 18 21,201 – 0.00 % Ichigo Office REIT Investment 60 59,721 – 0.00 % Immobiliare Grande Distribuzio 2,780 16,314 – 0.00 % Independence Realty Trust Inc 2,306 32,076 – 0.00 % Industrial & Infrastructure Fu 181 254,570 – 0.00 % Industrial Logistics Propertie 161 3,444 – 0.00 % Inmobiliaria Colonial Socimi S 9,077 104,739 – 0.00 % InterRent Real Estate Investme 5,909 71,228 – 0.00 % Intu Properties PLC (237,067) (117,520) – 0.00 % Invesco Office J-Reit Inc 319 58,671 – 0.00 % Investors Real Estate Trust 205 14,196 – 0.00 % Invincible Investment Corp 76 45,330 – 0.00 % Invitation Homes Inc 6,012 172,905 – 0.00 % Irish Residential Properties R 31,135 60,562 – 0.00 % iStar Inc 8,049 103,027 – 0.00 % Itochu Advance Logistics Inves 19 19,501 – 0.00 % Japan Excellent Inc 164 258,277 – 0.00 % Japan Hotel REIT Investment Co 367 282,427 – 0.00 % Japan Logistics Fund Inc 100 253,822 – 0.00 % Japan Prime Realty Investment 70 319,394 – 0.00 % Japan Real Estate Investment C 49 325,914 – 0.00 % Japan Rental Housing Investmen 289 267,263 – 0.00 % Japan Retail Fund Investment C 145 290,014 – 0.00 % JBG SMITH Properties 4,300 164,518 – 0.00 % Jernigan Capital Inc 7,068 136,483 – 0.00 % Kenedix Office Investment Corp 40 305,941 – 0.00 % Kenedix Residential Next Inves 139 265,067 – 0.00 % Kenedix Retail REIT Corp 16 41,304 – 0.00 % Keppel DC REIT 57,900 76,335 – 0.00 % Keppel REIT 85,500 75,765 – 0.00 % Killam Apartment Real Estate I 4,502 69,478 – 0.00 % Kilroy Realty Corp 1,678 130,649 – 0.00 % Lamar Advertising Co 551 42,234 – 0.00 % Lar Espana Real Estate Socimi 3,260 24,326 – 0.00 % LaSalle Logiport REIT 35 47,876 – 0.00 % Lexington Realty Trust 3,059 31,783 – 0.00 % Life Storage Inc 24,650 2,611,914 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 49 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Equity Real Estate Investment (continued) Link REIT 11,500 129,072 – 0.00 % LondonMetric Property PLC 24,868 62,077 – 0.00 % LTC Properties Inc 330 16,104 – 0.00 % LXI REIT plc 39,598 62,911 – 0.00 % Macerich Co/The 2,531 72,209 – 0.00 % Mapletree Commercial Trust 93,700 153,911 – 0.00 % Mapletree Industrial Trust 81,600 135,799 – 0.00 % Mapletree Logistics Trust 128,400 145,231 – 0.00 % Mapletree North Asia Commercia 122,200 116,209 – 0.00 % Marimo Regional Revitalization 7 7,883 – 0.00 % MCUBS MidCity Investment Corp 268 280,115 – 0.00 % Medical Properties Trust Inc 114,138 2,121,825 – 0.00 % Merlin Properties Socimi SA 4,767 63,703 – 0.00 % MGM Growth Properties LLC 5,433 167,554 – 0.00 % Minto Apartment Real Estate In 807 13,948 – 0.00 % Mirai Corp 70 37,274 – 0.00 % Mirvac Group 458,835 985,059 – 0.00 % Mitsubishi Estate Logistics RE 9 27,518 – 0.00 % Mitsui Fudosan Logistics Park 6 24,921 – 0.00 % Montea C.V.A 553 45,761 – 0.00 % Mori Hills REIT Investment Cor 160 247,914 – 0.00 % Mori Trust Hotel Reit Inc 11 14,447 – 0.00 % Mori Trust Sogo Reit Inc 139 250,421 – 0.00 % National Health Investors Inc 2,783 230,878 – 0.00 % National Retail Properties Inc 2,606 146,327 – 0.00 % National Storage Affiliates Tr 41,511 1,388,958 – 0.00 % Nippon Accommodations Fund Inc 41 257,275 – 0.00 % Nippon Building Fund Inc 45 330,213 – 0.00 % Nippon Prologis REIT Inc 122 330,322 – 0.00 % NIPPON REIT Investment Corp 15 62,303 – 0.00 % Nomura Real Estate Master Fund 27 47,119 – 0.00 % Northview Apartment Real Estat 1,542 34,356 – 0.00 % NorthWest Healthcare Propertie 1,587 13,888 – 0.00 % NSI NV 868 37,583 – 0.00 % One Liberty Properties Inc 1,596 42,741 – 0.00 % One REIT Inc 15 43,605 – 0.00 % Ooedo Onsen Reit Investment Co 14 11,511 – 0.00 % Orix JREIT Inc 154 324,676 – 0.00 % Outfront Media Inc 193 5,304 – 0.00 % Park Hotels & Resorts Inc 1,558 36,691 – 0.00 % Picton Property Income Ltd/The 23,454 24,737 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 50 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Equity Real Estate Investment (continued) Piedmont Office Realty Trust I 3,361 66,346 – 0.00 % Premier Investment Corp 188 263,354 – 0.00 % Primary Health Properties PLC 38,514 64,000 – 0.00 % Prologis Inc 33,074 2,765,648 – 0.00 % PS Business Parks Inc 12,286 2,206,688 – 0.00 % Public Storage 2,808 743,390 – 0.00 % QTS Realty Trust Inc 6,508 319,282 – 0.00 % Realty Income Corp 2,043 150,794 – 0.00 % Regency Centers Corp 2,074 133,794 – 0.00 % Retail Estates NV 458 40,668 – 0.00 % Retail Opportunity Investments 3,794 66,433 – 0.00 % Retail Properties of America I 5,795 65,831 – 0.00 % Retail Value Inc 3,025 111,895 – 0.00 % Rexford Industrial Realty Inc 382 16,881 – 0.00 % RioCan REIT 6,591 131,324 – 0.00 % Safehold Inc 3,855 112,952 – 0.00 % Safestore Holdings PLC 11,317 92,377 – 0.00 % Sakura Sogo REIT Investment Co 28 25,393 – 0.00 % Samty Residential Investment C 43 47,978 – 0.00 % Saul Centers Inc 921 46,262 – 0.00 % SBA Communications Corp 5,456 1,431,818 – 0.00 % Scentre Group 325,803 885,832 – 0.00 % Sekisui House Reit Inc 52 43,784 – 0.00 % Seritage Growth Properties 783 30,607 – 0.00 % Simon Property Group Inc 852 126,897 – 0.00 % SITE Centers Corp 5,336 73,957 – 0.00 % SL Green Realty Corp 24,255 1,945,736 – 0.00 % SmartCentres Real Estate Inves 6,644 158,276 – 0.00 % Sotherly Hotels Inc 2,446 16,621 – 0.00 % Spirit MTA REIT 4,182 35,129 – 0.00 % Spirit Realty Capital Inc 3,616 173,351 – 0.00 % STAG Industrial Inc 2,883 83,838 – 0.00 % Star Asia Investment Corp 37 39,543 – 0.00 % Starts Proceed Investment Corp 28 51,366 – 0.00 % Stockland 295,658 899,380 – 0.00 % STORE Capital Corp 3,496 132,009 – 0.00 % Summit Industrial Income REIT 8,923 86,813 – 0.00 % Sun Communities Inc 1,957 289,245 – 0.00 % Suntec REIT 47,300 65,768 – 0.00 % Takara Leben Real Estate Inves 34 38,032 – 0.00 % Tanger Factory Outlet Centers 5,102 72,142 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 51 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Equity Real Estate Investment (continued) Taubman Centers Inc 38 1,484 – 0.00 % Terreno Realty Corp 4,103 207,448 – 0.00 % Tokyu REIT Inc 140 267,237 – 0.00 % Tosei Reit Investment Corp 20 24,272 – 0.00 % Tritax Big Box REIT PLC 18,451 31,446 – 0.00 % True North Commercial Real Est 1,024 5,286 – 0.00 % UMH Properties Inc 2,245 28,871 – 0.00 % United Urban Investment Corp 172 322,333 – 0.00 % Urstadt Biddle Properties Inc 1,590 33,374 – 0.00 % Ventas Inc 2,123 155,807 – 0.00 % VEREIT Inc 16,933 165,097 – 0.00 % VICI Properties Inc 3,143 69,649 – 0.00 % Vicinity Centres 512,040 892,522 – 0.00 % Vornado Realty Trust 42,991 2,599,666 – 0.00 % Warehouses De Pauw CVA 888 165,312 – 0.00 % Weingarten Realty Investors 3,751 99,364 – 0.00 % Workspace Group PLC 2,015 20,836 – 0.00 % WP Carey Inc 2,805 251,889 – 0.00 % WPT Industrial Real Estate Inv 2,627 36,410 – 0.00 % XYMAX REIT Investment Corp 10 12,550 – 0.00 % Yuexiu Real Estate Investment 8,000 5,265 – 0.00 % Total Equity Real Estate Investment – 0.00 %

Food & Staples Retailing Alimentation Couche-Tard Inc 53 3,342 – 0.00 % Arcs Co Ltd (1,200) (24,870) – 0.00 % Axfood AB 1,919 40,175 – 0.00 % BIM Birlesik Magazalar AS 1,130 9,119 – 0.00 % BJ's Wholesale Club Holdings I 857 22,505 – 0.00 % Casey's General Stores Inc 1,044 175,235 – 0.00 % Casino Guichard Perrachon SA 752 31,652 – 0.00 % Chefs' Warehouse Inc/The 1,538 59,336 – 0.00 % Cosmos Pharmaceutical Corp 400 81,584 – 0.00 % Costco Wholesale Corp 322 94,913 – 0.00 % Daikokutenbussan Co Ltd 200 6,012 – 0.00 % Dino Polska SA 1,347 51,997 – 0.00 % Eco's Co Ltd/Japan 100 1,374 – 0.00 % E-MART Inc (907) (87,045) – 0.00 % Empire Co Ltd 28,286 781,749 – 0.00 % George Weston Ltd 8,607 700,541 – 0.00 % GS Retail Co Ltd (455) (14,568) – 0.00 % ICA Gruppen AB 811 39,707 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 52 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Food & Staples Retailing (continued) Japan Meat Co Ltd 100 1,956 – 0.00 % Lacto Japan Co Ltd 300 10,400 – 0.00 % Loblaw Cos Ltd 14,113 773,826 – 0.00 % Metcash Ltd 3,873 7,559 – 0.00 % Metro Inc/CN 18,932 804,717 – 0.00 % Okuwa Co Ltd 400 4,271 – 0.00 % Performance Food Group Co 564 26,390 – 0.00 % President Chain Store Corp 1,000 9,322 – 0.00 % PriceSmart Inc 1,473 89,013 – 0.00 % Rite Aid Corp 417 2,694 – 0.00 % Seven & i Holdings Co Ltd (1,000) (35,345) – 0.00 % Sonae SGPS SA (22,557) (20,451) – 0.00 % Sprouts Farmers Market Inc 76,410 1,371,560 – 0.00 % Sun Art Retail Group Ltd 67,000 65,200 – 0.00 % Sysco Corp 2,503 186,048 – 0.00 % US Foods Holding Corp 5,823 235,540 – 0.00 % Valor Holdings Co Ltd (1,500) (25,161) – 0.00 % Village Super Market Inc 2,253 56,257 – 0.00 % Walgreens Boots Alliance Inc 12,652 647,656 – 0.00 % Wal-Mart de Mexico SAB de CV 26,600 75,169 – 0.00 % Walmart Inc 1,869 213,552 – 0.00 % Weis Markets Inc 2,169 82,921 – 0.00 % Woolworths Group Ltd 2,634 66,954 – 0.00 % Zur Rose Group AG 122 10,648 – 0.00 % Total Food & Staples Retailing – 0.00 %

Food Products AAK AB 2,836 56,358 – 0.00 % Ariake Japan Co Ltd 100 7,573 – 0.00 % Ausnutria Dairy Corp Ltd 33,000 46,803 – 0.00 % Austevoll Seafood ASA 7,147 73,312 – 0.00 % AVI Ltd 62 338 – 0.00 % Bakkafrost P/F 1,511 88,722 – 0.00 % Barry Callebaut AG 32 65,429 – 0.00 % BRF SA (700) (6,466) – 0.00 % Bubs Australia Ltd 36,776 30,567 – 0.00 % Bunge Ltd 1,832 97,847 – 0.00 % Charoen Pokphand Enterprise 20,700 45,665 – 0.00 % China Mengniu Dairy Co Ltd 26,000 103,130 – 0.00 % Chocoladefabriken Lindt & Spru 6 44,398 – 0.00 % CJ CheilJedang Corp (267) (50,475) – 0.00 % COFCO Meat Holdings Ltd 3,000 861 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 53 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Food Products (continued) Daesang Corp (828) (14,865) – 0.00 % Dali Foods Group Co Ltd 91,000 60,585 – 0.00 % DyDo Group Holdings Inc (700) (28,581) – 0.00 % Elders Ltd 4,238 19,537 – 0.00 % Emmi AG 76 61,497 – 0.00 % Ezaki Glico Co Ltd 200 8,674 – 0.00 % Farmer Brothers Co 2,294 27,849 – 0.00 % Flowers Foods Inc 6,564 149,659 – 0.00 % Freshpet Inc 200 9,816 – 0.00 % Fuji Oil Holdings Inc 500 13,909 – 0.00 % Fujiya Co Ltd 300 5,583 – 0.00 % Glanbia PLC (1,633) (17,901) – 0.00 % Grieg Seafood ASA 6,401 78,468 – 0.00 % H&H INTL HLDG 20,000 83,284 – 0.00 % Hostess Brands Inc 9,756 136,779 – 0.00 % House Foods Group Inc 700 26,671 – 0.00 % Imuraya Group Co Ltd 100 1,918 – 0.00 % Inghams Group Ltd 12,612 26,907 – 0.00 % Ingredion Inc 22,786 1,760,674 – 0.00 % J&J Snack Foods Corp 701 135,335 – 0.00 % John B Sanfilippo & Son Inc 1,154 106,860 – 0.00 % J-Oil Mills Inc 100 3,754 – 0.00 % Kagome Co Ltd (100) (2,523) – 0.00 % Key Coffee Inc 300 6,029 – 0.00 % Kikkoman Corp 300 13,491 – 0.00 % Kraft Heinz Co/The 16,203 413,501 – 0.00 % Kyokuyo Co Ltd 200 5,387 – 0.00 % Lamb Weston Holdings Inc 820 57,720 – 0.00 % Lancaster Colony Corp 296 43,186 – 0.00 % Landec Corp 3,451 37,926 – 0.00 % Leroy Seafood Group ASA 11,433 74,916 – 0.00 % Limoneira Co 808 14,673 – 0.00 % M Dias Branco SA (300) (2,630) – 0.00 % Marudai Food Co Ltd 100 2,010 – 0.00 % MEIJI Holdings Co Ltd 200 13,886 – 0.00 % Minerva SA/Brazil (3,100) (6,374) – 0.00 % Morinaga & Co Ltd/Japan 400 19,756 – 0.00 % Morinaga Milk Industry Co Ltd 300 12,390 – 0.00 % Mowi ASA 4,075 97,407 – 0.00 % Nagatanien Holdings Co Ltd 200 3,784 – 0.00 % Nestle SA 4,225 473,760 – 0.00 % Nichirei Corp 500 11,477 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 54 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Food Products (continued) Nippon Beet Sugar 200 3,319 – 0.00 % Nisshin Seifun Group Inc 1,100 20,676 – 0.00 % Nissin Foods Holdings Co Ltd 100 6,934 – 0.00 % Nissin Sugar Co Ltd 100 1,781 – 0.00 % NongShim Co Ltd (208) (41,300) – 0.00 % Norway Royal Salmon ASA 1,079 22,053 – 0.00 % Orion Corp/Republic of Korea (395) (29,444) – 0.00 % Orior AG 355 30,411 – 0.00 % Pilgrim's Pride Corp 4,740 147,698 – 0.00 % Salmar ASA 2,010 95,343 – 0.00 % Sanderson Farms Inc 1,438 215,154 – 0.00 % Sao Martinho SA (400) (1,728) – 0.00 % Saputo Inc 23,124 696,330 – 0.00 % Seaboard Corp 57 235,420 – 0.00 % Showa Sangyo Co Ltd 200 5,758 – 0.00 % Simply Good Foods Co/The 3,859 114,342 – 0.00 % Tassal Group Ltd 5,952 17,305 – 0.00 % TINGYI 48,000 66,117 – 0.00 % Tootsie Roll Industries Inc 2,730 100,136 – 0.00 % Toyo Suisan Kaisha Ltd 100 4,069 – 0.00 % Uni-President Enterprises Corp 21,000 51,355 – 0.00 % U-PRESID CHINA 75,000 83,316 – 0.00 % Village Farms International In 1,384 14,475 – 0.00 % VITASOY INT’L 12,000 55,863 – 0.00 % Want China Holdings Ltd 73,000 56,887 – 0.00 % Yakult Honsha Co Ltd 100 5,758 – 0.00 % Yamazaki Baking Co Ltd (200) (3,473) – 0.00 % YIHAI INTL 13,000 77,928 – 0.00 % Total Food Products – 0.00 %

Gas Utilities AltaGas Canada Inc 2,438 46,045 – 0.00 % AltaGas Ltd 44,208 601,415 – 0.00 % APA Group 43,078 319,196 – 0.00 % Atmos Energy Corp 4,517 497,909 – 0.00 % BEIJING ENT 61,000 290,584 – 0.00 % China Gas Holdings Ltd 93,200 385,134 – 0.00 % China Resources Gas Group Ltd 68,000 336,071 – 0.00 % Enagas SA 53,630 1,170,188 – 0.00 % ENN Energy Holdings Ltd 34,500 393,816 – 0.00 % Hong Kong & China Gas Co Ltd 215,000 415,160 – 0.00 % Korea Gas Corp (128) (4,135) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 55 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Gas Utilities (continued) Kunlun Energy Co Ltd 364,000 317,083 – 0.00 % National Fuel Gas Co 30,376 1,419,774 – 0.00 % Naturgy Energy Group SA 48,633 1,271,997 – 0.00 % New Jersey Resources Corp 552 25,248 – 0.00 % Northwest Natural Holding Co 1,471 104,971 – 0.00 % ONE Gas Inc 17,561 1,608,763 – 0.00 % Snam SpA 198,467 1,003,066 – 0.00 % UGI Corp 9,032 439,587 – 0.00 % Total Gas Utilities – 0.00 %

Health Care Equipment & Supplies Abbott Laboratories 492 41,977 – 0.00 % ABIOMED Inc 2,746 530,170 – 0.00 % Align Technology Inc 2,404 440,196 – 0.00 % AngioDynamics Inc 2,490 45,741 – 0.00 % Apyx Medical Corp 465 3,306 – 0.00 % Asahi Intecc Co Ltd 200 4,467 – 0.00 % Atrion Corp 20 15,543 – 0.00 % Avanos Medical Inc (10,730) (356,021) – 0.00 % Axonics Modulation Technologie 333 11,079 – 0.00 % Baxter International Inc 911 80,122 – 0.00 % BioLife Solutions Inc 760 15,724 – 0.00 % BioSig Technologies Inc 800 5,656 – 0.00 % Boston Scientific Corp 14,209 607,151 – 0.00 % Cardiovascular Systems Inc 637 30,850 – 0.00 % Carl Zeiss Meditec AG 2,729 314,599 – 0.00 % Cellavision AB 148 5,465 – 0.00 % Cochlear Ltd 149 21,860 – 0.00 % Coloplast A/S 2,345 279,257 – 0.00 % Cooper Cos Inc/The 2,094 648,617 – 0.00 % Corindus Vascular Robotics Inc 8,607 36,580 – 0.00 % CYBERDYNE Inc 200 1,208 – 0.00 % CytoSorbents Corp 1,717 7,658 – 0.00 % Daiken Medical Co Ltd 257 1,281 – 0.00 % Danaher Corp 6,315 897,298 – 0.00 % Demant A/S 7,832 237,211 – 0.00 % DENTSPLY SIRONA Inc 8,560 446,404 – 0.00 % Edwards Lifesciences Corp 2,871 636,903 – 0.00 % Ekso Bionics Holdings Inc 12,159 8,004 – 0.00 % Elekta AB 20,479 260,719 – 0.00 % FONAR Corp 959 23,112 – 0.00 % Getinge AB 15,802 217,733 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 56 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Health Care Equipment & Supplies (continued) Globus Medical Inc 12,187 622,390 – 0.00 % GN Store Nord A/S 5,650 236,492 – 0.00 % Heska Corp 726 50,958 – 0.00 % Hill-Rom Holdings Inc 5,664 609,900 – 0.00 % IDEXX Laboratories Inc 1,885 546,160 – 0.00 % InBody Co Ltd (602) (11,953) – 0.00 % Insulet Corp 451 69,531 – 0.00 % IntriCon Corp 4,593 79,918 – 0.00 % iRadimed Corp 541 10,376 – 0.00 % LeMaitre Vascular Inc 1,592 50,403 – 0.00 % Mani Inc 300 7,008 – 0.00 % Medtronic PLC 7,115 767,637 – 0.00 % Merit Medical Systems Inc 592 20,590 – 0.00 % Mesa Laboratories Inc 604 133,623 – 0.00 % Mizuho Medy Co Ltd 300 7,138 – 0.00 % Nakanishi Inc 63 1,034 – 0.00 % Nanosonics Ltd 4,123 18,508 – 0.00 % Natus Medical Inc 263 7,280 – 0.00 % Nevro Corp 905 75,776 – 0.00 % Nipro Corp (1,200) (12,610) – 0.00 % Nissui Pharmaceutical Co Ltd 37 409 – 0.00 % Nuvectra Corp 500 975 – 0.00 % OraSure Technologies Inc 2,193 14,474 – 0.00 % OrthoPediatrics Corp 20 644 – 0.00 % Oxford Immunotec Global PLC 3,482 46,520 – 0.00 % Penumbra Inc 500 72,775 – 0.00 % ResMed Inc 4,985 694,411 – 0.00 % Sartorius AG 1,417 283,257 – 0.00 % SeaSpine Holdings Corp 1,943 21,354 – 0.00 % Seed Co Ltd/Tokyo 53 405 – 0.00 % Senseonics Holdings Inc 4,038 4,119 – 0.00 % Smith & Nephew PLC 13,847 331,002 – 0.00 % Sonova Holding AG 1,226 284,486 – 0.00 % STERIS PLC 598 92,331 – 0.00 % Straumann Holding AG 399 312,622 – 0.00 % Tactile Systems Technology Inc 26 1,311 – 0.00 % TaiDoc Technology Corp 3,500 15,085 – 0.00 % Teleflex Inc 1,881 684,534 – 0.00 % Terumo Corp 100 2,904 – 0.00 % TransEnterix Inc 2,699 2,471 – 0.00 % Varex Imaging Corp 1,280 33,728 – 0.00 % Varian Medical Systems Inc 2,847 301,583 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 57 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Health Care Equipment & Supplies (continued) ViewRay Inc 1,923 7,577 – 0.00 % West Pharmaceutical Services I 564 82,039 – 0.00 % Wright Medical Group NV 1,643 34,257 – 0.00 % Zosano Pharma Corp 3,182 6,809 – 0.00 % Zynex Inc 1,367 12,221 – 0.00 % Total Health Care Equipment & Supplies – 0.00 %

Health Care Providers & Services Acadia Healthcare Co Inc (7,836) (207,341) – 0.00 % Addus HomeCare Corp 391 34,400 – 0.00 % Alfresa Holdings Corp 3,000 67,877 – 0.00 % Amedisys Inc 1,810 232,965 – 0.00 % AMN Healthcare Services Inc 4,341 253,514 – 0.00 % Anthem Inc 659 172,342 – 0.00 % Apollo Medical Holdings Inc 1,112 21,773 – 0.00 % As One Corp 100 8,900 – 0.00 % Catasys Inc 668 9,379 – 0.00 % Chartwell Retirement Residence 12,377 138,950 – 0.00 % Chemed Corp 1,080 463,784 – 0.00 % Cigna Corp 738 113,630 – 0.00 % DaVita Inc 210 11,838 – 0.00 % Encompass Health Corp (8,437) (512,885) – 0.00 % Ensign Group Inc/The 30,869 1,540,363 – 0.00 % Enzo Biochem Inc 2,475 8,044 – 0.00 % Fleury SA (200) (1,162) – 0.00 % Fresenius Medical Care AG & Co (682) (45,868) – 0.00 % Fresenius SE & Co KGaA (1,118) (54,256) – 0.00 % Guardant Health Inc 113 9,891 – 0.00 % Hanger Inc 678 12,801 – 0.00 % Henry Schein Inc 32,543 2,005,300 – 0.00 % Humana Inc 470 133,109 – 0.00 % I'rom Group Co Ltd 100 1,563 – 0.00 % Joint Corp/The 748 12,551 – 0.00 % Laboratory Corp of America Hol 916 153,485 – 0.00 % LHC Group Inc 2,558 303,123 – 0.00 % Magellan Health Inc 265 16,698 – 0.00 % McKesson Corp 9,117 1,260,608 – 0.00 % Medipal Holdings Corp 3,000 63,700 – 0.00 % MEDNAX Inc 47,485 1,000,984 – 0.00 % Miraca Holdings Inc 1,100 24,247 – 0.00 % National HealthCare Corp 2,687 217,110 – 0.00 % National Research Corp 261 16,712 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 58 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Health Care Providers & Services (continued) Orpea 1,920 242,226 – 0.00 % Premier Inc 2,943 103,770 – 0.00 % Providence Service Corp/The 1,140 64,079 – 0.00 % Qualicorp Consultoria e Corret (500) (3,462) – 0.00 % Quest Diagnostics Inc 6,285 643,395 – 0.00 % RadNet Inc 8,111 112,824 – 0.00 % Select Medical Holdings Corp 12,054 195,516 – 0.00 % Sienna Senior Living Inc 485 6,843 – 0.00 % Sonic Healthcare Ltd 361 7,155 – 0.00 % Suzuken Co Ltd/Aichi Japan 1,400 75,206 – 0.00 % Tenet Healthcare Corp (18,734) (405,591) – 0.00 % Toho Holdings Co Ltd 2,500 59,669 – 0.00 % Tokai Corp/Gifu 63 1,349 – 0.00 % Triple-S Management Corp 775 15,903 – 0.00 % UNIMAT Retirement Community Co 64 881 – 0.00 % UnitedHealth Group Inc 699 163,566 – 0.00 % Universal Health Services Inc 21,471 3,104,277 – 0.00 % US Physical Therapy Inc 288 38,454 – 0.00 % Viemed Healthcare Inc 259 1,680 – 0.00 % WellCare Health Plans Inc 860 232,836 – 0.00 % Total Health Care Providers & Services – 0.00 %

Health Care Technology ALI HEALTH 32,000 30,324 – 0.00 % Computer Programs & Systems In 2,624 55,498 – 0.00 % EMIS Group PLC 1,130 15,259 – 0.00 % HealthStream Inc 698 17,638 – 0.00 % HMS Holdings Corp 31 1,132 – 0.00 % Icad Inc 175 1,050 – 0.00 % Inovalon Holdings Inc 2,043 34,568 – 0.00 % M3 Inc 7,700 163,352 – 0.00 % Medical Data Vision Co Ltd 300 2,862 – 0.00 % MedPeer Inc 600 6,909 – 0.00 % OptimizeRx Corp 538 8,829 – 0.00 % Pro Medicus Ltd 2,264 56,086 – 0.00 % Simulations Plus Inc 3,447 124,471 – 0.00 % Total Health Care Technology – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 59 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Hotels Restaurants & Leisure Aeon Fantasy Co Ltd 200 5,430 – 0.00 % Amiyaki Tei Co Ltd 100 3,152 – 0.00 % Aramark 2,679 109,464 – 0.00 % Arcland Service Holdings Co Lt 600 10,753 – 0.00 % Arcos Dorados Holdings Inc 796 5,262 – 0.00 % Aristocrat Leisure Ltd 2,172 43,487 – 0.00 % Atom Corp 4,200 39,473 – 0.00 % Autogrill SpA 2,190 21,071 – 0.00 % Basic-Fit NV 2,077 65,166 – 0.00 % BBX Capital Corp 9,188 38,130 – 0.00 % Biglari Holdings Inc 232 20,349 – 0.00 % Boyd Gaming Corp (9,055) (217,682) – 0.00 % Caesars Entertainment Corp 5,859 67,437 – 0.00 % Carrols Restaurant Group Inc 5,266 38,442 – 0.00 % Century Casinos Inc 10,908 83,773 – 0.00 % Chipotle Mexican Grill Inc 60 50,305 – 0.00 % Churchill Downs Inc 281 34,636 – 0.00 % Chuy's Holdings Inc 177 4,490 – 0.00 % Colowide Co Ltd 400 7,760 – 0.00 % Compass Group PLC 3,596 91,122 – 0.00 % Cracker Barrel Old Country Sto 812 134,305 – 0.00 % Create Restaurants Holdings In 2,300 35,053 – 0.00 % Dalata Hotel Group PLC 3,191 15,272 – 0.00 % Darden Restaurants Inc 350 42,343 – 0.00 % Del Taco Restaurants Inc 8,149 91,106 – 0.00 % Denny's Corp 4,777 112,689 – 0.00 % Domino's Pizza Inc 279 63,288 – 0.00 % Drive Shack Inc 3,643 17,159 – 0.00 % Dunkin' Brands Group Inc 117 9,645 – 0.00 % El Pollo Loco Holdings Inc 1,344 13,722 – 0.00 % Evolution Gaming Group AB 3,236 60,636 – 0.00 % Fuji Kyuko Co Ltd 500 21,026 – 0.00 % Galaxy Entertainment Group Ltd 6,000 37,650 – 0.00 % Genki Sushi Co Ltd 400 10,725 – 0.00 % Gift Inc 100 4,986 – 0.00 % Grand Korea Leisure Co Ltd (1,410) (22,514) – 0.00 % Great Canadian Gaming Corp 2,140 64,119 – 0.00 % Greens Co Ltd 200 2,542 – 0.00 % Greggs PLC 4,552 117,063 – 0.00 % GVC Holdings PLC 1,923 14,714 – 0.00 % Hiday Hidaka Corp 600 12,074 – 0.00 % Hilton Grand Vacations Inc 3,181 107,422 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 60 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Hotels Restaurants & Leisure (continued) Hiramatsu Inc 900 2,820 – 0.00 % HIS Co Ltd 300 7,327 – 0.00 % Hotland Co Ltd 400 5,110 – 0.00 % Huazhu Group Ltd 510 16,845 – 0.00 % Ichibanya Co Ltd 600 29,014 – 0.00 % InterContinental Hotels Group 1,344 83,793 – 0.00 % J Alexander's Holdings Inc 2,922 34,480 – 0.00 % J D Wetherspoon PLC 3,354 64,425 – 0.00 % Jack in the Box Inc 1,450 123,714 – 0.00 % Jumbo Interactive Ltd 6,809 102,601 – 0.00 % Kambi Group PLC 1,516 25,754 – 0.00 % Kangwon Land Inc (1,137) (26,574) – 0.00 % Kappa Create Co Ltd 700 9,253 – 0.00 % KeyHolder Inc 4,100 3,240 – 0.00 % Kisoji Co Ltd 500 12,390 – 0.00 % KOMEDA Holdings Co Ltd 1,100 20,449 – 0.00 % Koshidaka Holdings Co Ltd 1,300 21,647 – 0.00 % Kourakuen Holdings Corp 900 22,327 – 0.00 % Kura Sushi Inc 200 7,959 – 0.00 % Kushikatsu Tanaka Holdings Co 200 3,806 – 0.00 % Kyoritsu Maintenance Co Ltd 400 15,805 – 0.00 % Lindblad Expeditions Holdings 8,875 165,608 – 0.00 % Marriott International Inc/MD 7,119 897,421 – 0.00 % Matsuyafoods Holdings Co Ltd 300 10,753 – 0.00 % MBK Co Ltd/Japan 48 150 – 0.00 % McDonald's Corp 11,989 2,613,242 – 0.00 % McDonald's Japan 1,100 51,588 – 0.00 % MELCO INT'L DEV 18,000 40,175 – 0.00 % Melco Resorts & Entertainment 318 6,614 – 0.00 % MGM China Holdings Ltd 13,600 20,364 – 0.00 % Mitchells & Butlers PLC 2,083 8,844 – 0.00 % Modetour Network Inc (858) (10,506) – 0.00 % Monarch Casino & Resort Inc 1,674 74,292 – 0.00 % Monogatari Corp/The 200 18,213 – 0.00 % MTY Food Group Inc 939 44,590 – 0.00 % Noodles & Co 5,645 32,572 – 0.00 % Ohsho Food Service Corp 600 40,867 – 0.00 % Oriental Land Co Ltd/Japan 300 43,662 – 0.00 % Pandox AB 399 7,809 – 0.00 % Penn National Gaming Inc (30,313) (581,100) – 0.00 % Planet Fitness Inc 323 22,807 – 0.00 % Playa Hotels & Resorts NV 13,321 107,767 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 61 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Hotels Restaurants & Leisure (continued) PlayAGS Inc 2,203 21,457 – 0.00 % Potbelly Corp 1,399 6,477 – 0.00 % RCI Hospitality Holdings Inc 3,592 63,938 – 0.00 % Renaissance Inc 800 11,733 – 0.00 % Restaurant Brands Internationa 480 37,710 – 0.00 % Ringer Hut Co Ltd 500 11,859 – 0.00 % Round One Corp 1,100 17,955 – 0.00 % Royal Holdings Co Ltd 800 19,500 – 0.00 % Ruth's Hospitality Group Inc 4,185 81,398 – 0.00 % Sagami Holdings Corp 500 6,350 – 0.00 % Sands China Ltd 8,800 39,956 – 0.00 % SeaWorld Entertainment Inc 1,512 43,863 – 0.00 % Six Flags Entertainment Corp 1,090 64,495 – 0.00 % SJM Holdings Ltd 40,000 37,803 – 0.00 % Skylark Holdings Co Ltd 1,800 30,769 – 0.00 % Sodexo SA 391 44,301 – 0.00 % Speedway Motorsports Inc 469 9,263 – 0.00 % SRS Holdings Co Ltd 600 5,803 – 0.00 % SSP Group Plc 11,841 101,840 – 0.00 % Starbucks Corp 32,787 3,165,913 – 0.00 % Stars Group Inc/The 787 11,980 – 0.00 % Sushiro Global Holdings Ltd 400 25,213 – 0.00 % TKP Corp 100 5,024 – 0.00 % Tokyo Dome Corp 100 972 – 0.00 % Tokyotokeiba Co Ltd 100 2,978 – 0.00 % Toridoll Holdings Corp 200 4,546 – 0.00 % Torikizoku Co Ltd 100 1,998 – 0.00 % Tosho Co Ltd 400 10,063 – 0.00 % Town Sports International Hold 2,620 5,057 – 0.00 % Vail Resorts Inc 522 123,338 – 0.00 % VIA Holdings Inc 500 3,072 – 0.00 % WATAMI Co Ltd 1,300 17,403 – 0.00 % Wendy's Co/The 515 11,330 – 0.00 % Wingstop Inc 474 47,481 – 0.00 % Wynn Macau Ltd 18,400 36,797 – 0.00 % Yomiuri Land Co Ltd 100 4,262 – 0.00 % Yoshinoya Holdings Co Ltd 1,200 25,390 – 0.00 % Yossix Co Ltd 500 15,452 – 0.00 % Yum China Holdings Inc 256 11,630 – 0.00 % Yum! Brands Inc 33,512 3,913,531 – 0.00 % Zensho Holdings Co Ltd 1,100 24,919 – 0.00 % Total Hotels Restaurants & Leisure – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 62 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Household Durables Bang & Olufsen A/S 986 6,548 – 0.00 % Barratt Developments PLC 19,680 151,401 – 0.00 % Bassett Furniture Industries I 905 11,023 – 0.00 % Bellway PLC 3,973 140,210 – 0.00 % Berkeley Group Holdings PLC 3,177 151,385 – 0.00 % Bovis Homes Group PLC 2,556 31,964 – 0.00 % Breville Group Ltd 3,400 37,206 – 0.00 % Chofu Seisakusho Co Ltd 100 2,015 – 0.00 % Countryside Properties PLC 3,853 14,024 – 0.00 % De' Longhi SpA 659 12,790 – 0.00 % ES-Con Japan Ltd 4,600 32,846 – 0.00 % FJ Next Co Ltd 2,497 23,750 – 0.00 % Flexsteel Industries Inc 921 13,944 – 0.00 % Forbo Holding AG 19 27,678 – 0.00 % Foster Electric Co Ltd 200 3,300 – 0.00 % France Bed Holdings Co Ltd 400 3,801 – 0.00 % Fuji Corp Ltd 600 3,788 – 0.00 % Fujitsu General Ltd 200 3,217 – 0.00 % Funai Electric Co Ltd 200 1,071 – 0.00 % Garmin Ltd 2,301 187,693 – 0.00 % GoPro Inc 5,035 19,485 – 0.00 % Hamilton Beach Brands Holding 57 808 – 0.00 % Haseko Corp 200 2,147 – 0.00 % Helen of Troy Ltd 169 25,943 – 0.00 % Hooker Furniture Corp 161 2,875 – 0.00 % Hoosiers Holdings 700 4,043 – 0.00 % House Do Co Ltd 100 1,426 – 0.00 % Kaufman & Broad SA 809 30,814 – 0.00 % LEC Inc 1,700 15,433 – 0.00 % Leggett & Platt Inc (815) (30,310) – 0.00 % Libbey Inc 1,486 2,511 – 0.00 % Lovesac Co/The 1,168 20,090 – 0.00 % M/I Homes Inc 548 19,805 – 0.00 % MDC Holdings Inc 83 3,210 – 0.00 % Meiwa Estate Co Ltd 140 705 – 0.00 % Nihon House Holdings Co Ltd 600 2,399 – 0.00 % Nikon Corp 2,900 35,877 – 0.00 % NVR Inc 925 3,329,075 – 0.00 % Onkyo Corp 2,100 869 – 0.00 % Panasonic Corp 1,600 12,345 – 0.00 % Persimmon PLC 5,925 137,128 – 0.00 % Pressance Corp 1,000 14,507 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 63 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Household Durables (continued) Q Technology Group Co Ltd 4,000 3,688 – 0.00 % Redrow PLC 5,510 37,000 – 0.00 % Roku Inc 134 20,282 – 0.00 % Sangetsu Corp 500 9,460 – 0.00 % SEB SA 299 46,495 – 0.00 % Sekisui House Ltd 15,100 267,849 – 0.00 % Shin-Nihon Tatemono Co Ltd 300 996 – 0.00 % Sony Corp 400 22,737 – 0.00 % Starts Corp Inc 500 11,172 – 0.00 % Tama Home Co Ltd 1,800 26,197 – 0.00 % Tamron Co Ltd 400 8,249 – 0.00 % Tatung Co Ltd 21,000 11,297 – 0.00 % Taylor Wimpey PLC 72,341 128,440 – 0.00 % Toll Brothers Inc 137 4,958 – 0.00 % TomTom NV 2,208 26,900 – 0.00 % Turtle Beach Corp 715 6,456 – 0.00 % Vestel Elektronik Sanayi ve Ti 7,489 14,151 – 0.00 % Whirlpool Corp 8,347 1,160,984 – 0.00 % Woongjin Coway Co Ltd (44) (3,065) – 0.00 % Zojirushi Corp 1,300 15,875 – 0.00 % Total Household Durables – 0.00 %

Household Products Central Garden & Pet Co 1,601 38,520 – 0.00 % Church & Dwight Co Inc 26,077 2,080,423 – 0.00 % Clorox Co/The 12,232 1,934,613 – 0.00 % Colgate-Palmolive Co 47,676 3,535,175 – 0.00 % Energizer Holdings Inc 15,114 581,889 – 0.00 % Essity AB 113 3,519 – 0.00 % Henkel AG & Co KGaA 10,896 1,093,139 – 0.00 % Kimberly-Clark Corp 13,476 1,901,598 – 0.00 % Kimberly-Clark de Mexico SAB d 7,587 15,488 – 0.00 % Lion Corp 4,500 87,422 – 0.00 % Pigeon Corp 2,300 83,522 – 0.00 % Procter & Gamble Co/The 16,883 2,029,843 – 0.00 % Reckitt Benckiser Group PLC 13,533 1,053,461 – 0.00 % Unicharm Corp 2,900 89,078 – 0.00 % WD-40 Co 938 170,997 – 0.00 % Total Household Products – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 64 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Independent Power and Renewable Electricity Producers AES Corp/VA 21,051 322,712 – 0.00 % Audax Renovables SA 16,433 26,149 – 0.00 % Boralex Inc 7,529 117,156 – 0.00 % Capital Power Corp 7,001 160,828 – 0.00 % Clearway Energy Inc 2,054 36,356 – 0.00 % eRex Co Ltd 400 4,429 – 0.00 % Huaneng Renewables Corp Ltd 58,000 16,052 – 0.00 % Innergex Renewable Energy Inc 11,993 133,827 – 0.00 % NextEra Energy Partners LP 3,658 187,473 – 0.00 % Northland Power Inc 7,072 134,363 – 0.00 % NRG Energy Inc 41,696 1,517,734 – 0.00 % Scatec Solar ASA 2,520 29,234 – 0.00 % TerraForm Power Inc 8,207 139,191 – 0.00 % TransAlta Corp 17,407 112,248 – 0.00 % TransAlta Renewables Inc 12,000 118,375 – 0.00 % Vistra Energy Corp 18,983 473,626 – 0.00 % Total Independent Power and Renewable Electricity Producers – 0.00 %

Industrial Conglomerates 3M Co 260 42,047 – 0.00 % Bidvest Group Ltd/The 3,362 39,536 – 0.00 % Carlisle Cos Inc 1,232 178,591 – 0.00 % CJ Corp (1,066) (71,877) – 0.00 % CK Hutchison Holdings Ltd 22,500 195,999 – 0.00 % DCC PLC 145 12,319 – 0.00 % Dogan Sirketler Grubu Holding 109,804 24,876 – 0.00 % Doosan Corp (63) (5,238) – 0.00 % Far Eastern New Century Corp 226,991 206,533 – 0.00 % Hanwha Corp (2,567) (52,032) – 0.00 % Honeywell International Inc 1,792 294,999 – 0.00 % Keihan Holdings Co Ltd 2,400 100,475 – 0.00 % LG Corp (52) (3,063) – 0.00 % Lifco AB 591 28,677 – 0.00 % Lotte Corp (1,246) (34,379) – 0.00 % Nisshinbo Holdings Inc (2,300) (17,159) – 0.00 % Nolato AB 207 11,055 – 0.00 % Noritsu Koki Co Ltd 600 10,081 – 0.00 % NWS Holdings Ltd 17,000 29,271 – 0.00 % Rheinmetall AG 311 36,672 – 0.00 % Roper Technologies Inc 171 62,716 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 65 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Industrial Conglomerates (continued) Samsung C&T Corp (1,083) (77,414) – 0.00 % Siemens AG (113) (11,294) – 0.00 % SK Holdings Co Ltd (20) (3,309) – 0.00 % Smiths Group PLC 8,382 170,234 – 0.00 % TOKAI Holdings Corp 1,700 15,737 – 0.00 % Toshiba Corp 400 12,418 – 0.00 % Turkiye Sise ve Cam Fabrikalar 25,438 18,904 – 0.00 % Total Industrial Conglomerates – 0.00 %

Insurance Aflac Inc 7,476 375,146 – 0.00 % Ageas 11,514 616,216 – 0.00 % AIA Group Ltd 4,200 40,845 – 0.00 % Alleghany Corp 1,245 932,891 – 0.00 % Allstate Corp/The 20,328 2,081,384 – 0.00 % Alm Brand A/S 6,574 51,206 – 0.00 % Ambac Financial Group Inc 2,563 46,237 – 0.00 % American Financial Group Inc/O 8,373 845,422 – 0.00 % American National Insurance Co 1,321 150,686 – 0.00 % AMERISAFE Inc 1,669 114,660 – 0.00 % Anicom Holdings Inc 686 26,718 – 0.00 % Aon PLC 199 38,775 – 0.00 % Arch Capital Group Ltd 19,493 769,974 – 0.00 % Argo Group International Holdi 1,430 93,980 – 0.00 % Arthur J Gallagher & Co 8,220 745,636 – 0.00 % ASR Nederland NV 1,935 67,643 – 0.00 % Assurant Inc 3,013 370,599 – 0.00 % Assured Guaranty Ltd 3,584 152,499 – 0.00 % Athene Holding Ltd 70 2,720 – 0.00 % AXA SA 22,131 507,576 – 0.00 % Axis Capital Holdings Ltd 14,504 890,401 – 0.00 % Baloise Holding AG 4,961 845,460 – 0.00 % BB Seguridade Participacoes SA (300) (2,374) – 0.00 % Beazley PLC 4,495 31,141 – 0.00 % Brown & Brown Inc 5,619 207,285 – 0.00 % Cathay Financial Holding Co Lt 110,020 141,024 – 0.00 % China Development Financial Ho 713,453 207,046 – 0.00 % China Life Insurance Co Ltd 26,000 60,817 – 0.00 % China Life Insurance Co Ltd/Ta 229,636 180,348 – 0.00 % CHINA TAIPING 31,600 71,175 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 66 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Insurance (continued) Cincinnati Financial Corp 6,686 752,108 – 0.00 % Coface SA 4,612 54,434 – 0.00 % CPIC 18,400 73,688 – 0.00 % DB Insurance Co Ltd (1,164) (46,128) – 0.00 % Discovery Ltd 2,935 22,244 – 0.00 % Donegal Group Inc 1,391 20,072 – 0.00 % Employers Holdings Inc 1,852 79,877 – 0.00 % Enstar Group Ltd 1,196 213,630 – 0.00 % Erie Indemnity Co 785 172,158 – 0.00 % Everest Re Group Ltd 1,580 372,690 – 0.00 % Fanhua Inc 756 20,601 – 0.00 % FBL Financial Group Inc 970 52,603 – 0.00 % Fidelity National Financial In 1,483 65,163 – 0.00 % First American Financial Corp 1,137 66,458 – 0.00 % Fubon Financial Holding Co Ltd 111,415 155,262 – 0.00 % Gjensidige Forsikring ASA 2,193 42,309 – 0.00 % Globe Life Inc 4,144 369,893 – 0.00 % Greenlight Capital Re Ltd 674 6,194 – 0.00 % Grupo Catalana Occidente SA 803 27,003 – 0.00 % Hallmark Financial Services In 2,852 50,138 – 0.00 % Hannover Rueck SE 730 116,163 – 0.00 % Hanover Insurance Group Inc/Th 6,967 927,656 – 0.00 % Hanwha Life Insurance Co Ltd (43,829) (92,103) – 0.00 % Hartford Financial Services Gr 5,966 347,698 – 0.00 % HCI Group Inc 287 11,184 – 0.00 % Health Insurance Innovations I 305 5,594 – 0.00 % Helvetia Holding AG 477 62,161 – 0.00 % Heritage Insurance Holdings In 1,357 17,790 – 0.00 % Hiscox Ltd 901 16,989 – 0.00 % Horace Mann Educators Corp 40 1,755 – 0.00 % Hyundai Marine & Fire Insuranc (2,538) (50,184) – 0.00 % Intact Financial Corp 222 21,736 – 0.00 % IRRC Corp 489 6,629 – 0.00 % James River Group Holdings Ltd 2,969 146,312 – 0.00 % Kingstone Cos Inc 495 4,005 – 0.00 % Kinsale Capital Group Inc 729 71,610 – 0.00 % Lancashire Holdings Ltd 2,673 22,144 – 0.00 % LIFENET INSURANCE CO 65 357 – 0.00 % Lincoln National Corp 2,283 120,725 – 0.00 % Markel Corp 805 920,179 – 0.00 % Marsh & McLennan Cos Inc 2,361 235,840 – 0.00 % MBIA Inc 4,424 39,816 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 67 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Insurance (continued) Mercury General Corp 1,019 54,517 – 0.00 % MetLife Inc 33,305 1,475,412 – 0.00 % National General Holdings Corp 2,103 49,589 – 0.00 % NCI 16,700 65,922 – 0.00 % nib holdings Ltd/Australia 8,605 42,797 – 0.00 % Old Republic International Cor 31,591 737,966 – 0.00 % Orange Life Insurance Ltd (1,834) (40,892) – 0.00 % People's Insurance Co Group of 157,000 61,474 – 0.00 % PICC P&C 68,000 77,969 – 0.00 % PING AN 17,000 194,921 – 0.00 % Principal Financial Group Inc 3,402 181,054 – 0.00 % Progressive Corp/The 9,276 703,121 – 0.00 % Protective Insurance Corp 2,248 36,418 – 0.00 % Prudential Financial Inc 18,636 1,492,557 – 0.00 % PZU 1,961 18,403 – 0.00 % Reinsurance Group of America I 5,364 825,895 – 0.00 % RenaissanceRe Holdings Ltd 4,792 865,196 – 0.00 % RLI Corp 819 74,996 – 0.00 % Safety Insurance Group Inc 1,045 100,780 – 0.00 % Sampo Oyj 20,039 795,870 – 0.00 % Samsung Fire & Marine Insuranc (208) (39,407) – 0.00 % Samsung Life Insurance Co Ltd (1,998) (112,735) – 0.00 % Sanlam Ltd 9,020 43,183 – 0.00 % SCOR SE 14,521 579,110 – 0.00 % Shin Kong Financial Holding Co 637,218 187,160 – 0.00 % Societa Cattolica di Assicuraz 5,924 48,208 – 0.00 % State Auto Financial Corp 2,450 78,327 – 0.00 % Steadfast Group Ltd 16,531 41,720 – 0.00 % Swiss Life Holding AG 2,005 950,547 – 0.00 % Swiss Re AG 8,721 838,358 – 0.00 % Topdanmark A/S 2,320 115,436 – 0.00 % Travelers Cos Inc/The 18,327 2,693,336 – 0.00 % Tryg A/S 4,718 141,018 – 0.00 % Unipol Gruppo SpA 7,647 38,405 – 0.00 % UNIQA Insurance Group AG 6,387 56,503 – 0.00 % United Fire Group Inc 1,282 57,895 – 0.00 % United Insurance Holdings Corp 2,801 32,828 – 0.00 % Universal Insurance Holdings I 92 2,300 – 0.00 % Unum Group 6,711 170,527 – 0.00 % White Mountains Insurance Grou 435 461,405 – 0.00 % WR Berkley Corp 11,871 845,809 – 0.00 % Zurich Insurance Group AG 2,549 906,918 – 0.00 % Total Insurance – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 68 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Interactive Media & Services 58.com Inc 12 645 – 0.00 % ALBERT Inc 100 9,107 – 0.00 % Alphabet Inc 3,158 3,755,456 – 0.00 % ANGI Homeservices Inc 9,129 70,841 – 0.00 % Auto Trader Group PLC 6,413 41,472 – 0.00 % Autohome Inc 102 8,890 – 0.00 % Bengo4.com Inc 300 10,795 – 0.00 % Care.com Inc 1,445 14,291 – 0.00 % CareerIndex Inc 200 894 – 0.00 % Cargurus Inc 12 391 – 0.00 % Cars.com Inc 3,221 28,699 – 0.00 % carsales.com Ltd 2,076 22,047 – 0.00 % COOKPAD Inc (14,300) (39,687) – 0.00 % DHI Group Inc 280 1,016 – 0.00 % Facebook Inc 6,225 1,155,796 – 0.00 % Gree Inc 5,600 25,130 – 0.00 % IAC/InterActiveCorp 553 140,816 – 0.00 % Itokuro Inc 100 1,583 – 0.00 % Kakaku.com Inc 2,000 50,068 – 0.00 % Kamakura Shinsho Ltd 800 12,689 – 0.00 % LIFULL Co Ltd (500) (3,086) – 0.00 % Linkbal Inc 1,100 4,905 – 0.00 % MarkLines Co Ltd 500 8,500 – 0.00 % Mixi Inc 1,600 33,507 – 0.00 % Momo Inc 134 4,929 – 0.00 % NAVER Corp (284) (34,422) – 0.00 % New Work SE 196 57,295 – 0.00 % NOVA Group Holdings Ltd 245,000 51,559 – 0.00 % PR Times Inc 200 5,441 – 0.00 % QuinStreet Inc 5,128 58,716 – 0.00 % REA Group Ltd 872 61,332 – 0.00 % Rightmove PLC 26,190 170,611 – 0.00 % Solocal Group 11,541 9,119 – 0.00 % Tencent Holdings Ltd 1,000 41,425 – 0.00 % Travelzoo 1,662 19,728 – 0.00 % TripAdvisor Inc 1,966 74,688 – 0.00 % TrueCar Inc 541 2,142 – 0.00 % Yahoo Japan Corp 9,800 24,524 – 0.00 % Yelp Inc 817 27,378 – 0.00 % ZIGExN Co Ltd 200 1,116 – 0.00 % Total Interactive Media & Services – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 69 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Internet & Direct Marketing Retail 1-800-Flowers.com Inc 1,621 23,861 – 0.00 % Alibaba Group Holding Ltd 69 12,077 – 0.00 % Amazon.com Inc 1,175 2,087,141 – 0.00 % ASOS PLC 72 2,085 – 0.00 % Aucfan Co Ltd 200 1,443 – 0.00 % Baozun Inc 237 10,845 – 0.00 % Beenos Inc 100 1,206 – 0.00 % Belluna Co Ltd 400 2,367 – 0.00 % boohoo Group PLC 18,515 54,372 – 0.00 % Booking Holdings Inc 1,121 2,204,346 – 0.00 % CJ ENM Co Ltd (30) (3,994) – 0.00 % CROOZ Inc 300 2,667 – 0.00 % CrowdWorks Inc 400 4,203 – 0.00 % Delivery Hero SE 481 24,294 – 0.00 % Duluth Holdings Inc 1,093 10,045 – 0.00 % Dustin Group AB 1,973 16,237 – 0.00 % eBay Inc 64,185 2,586,014 – 0.00 % Enigmo Inc 700 7,731 – 0.00 % Expedia Group Inc 639 83,134 – 0.00 % Fisco Ltd 410 663 – 0.00 % Groupon Inc 11,249 27,898 – 0.00 % GrubHub Inc 574 34,061 – 0.00 % GS Home Shopping Inc (4) (528) – 0.00 % Hamee Corp 200 1,381 – 0.00 % Hyundai Home Shopping Network (360) (27,729) – 0.00 % Istyle Inc 8,500 52,298 – 0.00 % Lands' End Inc 946 7,332 – 0.00 % Leaf Group Ltd 2,762 11,545 – 0.00 % Liquidity Services Inc 2,641 19,992 – 0.00 % Locondo Inc 100 819 – 0.00 % Media Do Holdings Co Ltd 100 3,241 – 0.00 % Moneysupermarket.com Group PLC 31,720 144,124 – 0.00 % Naspers Ltd 169 38,411 – 0.00 % Ocado Group PLC 5,572 87,813 – 0.00 % Oisix ra daichi Inc 600 7,790 – 0.00 % Open Door Inc 300 6,294 – 0.00 % PAPYLESS Co Ltd 100 1,736 – 0.00 % PetMed Express Inc 5,806 91,735 – 0.00 % Pinduoduo Inc 300 9,831 – 0.00 % Quotient Technology Inc 4,063 29,822 – 0.00 % Qurate Retail Inc 4,430 47,445 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 70 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Internet & Direct Marketing Retail (continued) Raccoon Holdings Inc 200 1,214 – 0.00 % Rakuten Inc 5,300 49,911 – 0.00 % RenetJapanGroup Inc 300 2,368 – 0.00 % Rocket Internet SE 655 18,240 – 0.00 % Senshukai Co Ltd 500 1,397 – 0.00 % Shutterstock Inc 1,192 41,851 – 0.00 % Stitch Fix Inc 361 6,881 – 0.00 % Syuppin Co Ltd 100 955 – 0.00 % Takeaway.com NV 804 76,737 – 0.00 % Temairazu Inc 100 4,488 – 0.00 % Vipshop Holdings Ltd 190 1,590 – 0.00 % Webjet Ltd 2,756 22,944 – 0.00 % Yume No Machi Souzou Iinkai Co 500 6,962 – 0.00 % Zalando SE 370 18,298 – 0.00 % zooplus AG 115 15,241 – 0.00 % ZOZO Inc 500 9,982 – 0.00 % Total Internet & Direct Marketing Retail – 0.00 %

IT Services Accenture PLC 18,278 3,622,151 – 0.00 % Ad-sol Nissin Corp 500 9,765 – 0.00 % Afterpay Touch Group Ltd 375 7,819 – 0.00 % Akamai Technologies Inc 34,225 3,050,474 – 0.00 % Alliance Data Systems Corp 4,989 613,398 – 0.00 % Alten SA 976 116,482 – 0.00 % Amadeus IT Group SA 1,400 104,251 – 0.00 % Amdocs Ltd 4,014 259,866 – 0.00 % Appen Ltd 3,313 57,770 – 0.00 % ASJ Inc 300 4,809 – 0.00 % Atea ASA 1,888 24,097 – 0.00 % Atos SE 229 17,334 – 0.00 % Bechtle AG 963 95,246 – 0.00 % Black Knight Inc 3,713 231,134 – 0.00 % Booz Allen Hamilton Holding Co 1,273 96,124 – 0.00 % BrainPad Inc 200 12,757 – 0.00 % Brightcove Inc 4,889 60,281 – 0.00 % Broadband Tower Inc 2,500 6,327 – 0.00 % CACI International Inc 98 21,784 – 0.00 % CANCOM SE 1,342 79,491 – 0.00 % Capgemini SE 457 54,817 – 0.00 % Carbonite Inc 1,663 20,039 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 71 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

IT Services (continued) Cass Information Systems Inc 1,205 60,973 – 0.00 % CGI Inc 4,112 323,081 – 0.00 % Change Inc 200 3,432 – 0.00 % Chinasoft International Ltd 10,000 4,158 – 0.00 % Cognizant Technology Solutions 1,682 103,258 – 0.00 % Conduent Inc 1,626 10,585 – 0.00 % CoreLogic Inc/United States 281 13,600 – 0.00 % CSG Systems International Inc 1,474 79,419 – 0.00 % Digital Garage Inc 1,300 42,377 – 0.00 % Digital Information Technologi 400 6,134 – 0.00 % Double Standard Inc 200 8,279 – 0.00 % DTS Corp 400 8,347 – 0.00 % E-Guardian Inc 300 4,863 – 0.00 % EPAM Systems Inc 372 71,175 – 0.00 % Euronet Worldwide Inc 360 55,130 – 0.00 % EVERTEC Inc 599 20,881 – 0.00 % ExlService Holdings Inc 686 46,442 – 0.00 % Fidelity National Information 2,863 389,998 – 0.00 % Fiserv Inc 2,336 249,812 – 0.00 % FleetCor Technologies Inc 535 159,644 – 0.00 % Flight Holdings Inc 100 870 – 0.00 % Fujitsu Ltd 500 38,586 – 0.00 % Future Corp 100 1,683 – 0.00 % GDS Holdings Ltd 38 1,533 – 0.00 % Genpact Ltd 6,406 262,390 – 0.00 % Global Payments Inc 173 28,715 – 0.00 % GMO internet Inc 2,600 45,618 – 0.00 % GMO Pepabo Inc 300 6,407 – 0.00 % GoDaddy Inc 1,320 83,609 – 0.00 % Hackett Group Inc/The 3,682 59,391 – 0.00 % I3 Verticals Inc 646 14,613 – 0.00 % IBM 36,429 4,937,222 – 0.00 % Indra Sistemas SA (7,150) (56,260) – 0.00 % Ines Corp 100 1,031 – 0.00 % International Money Express In 1,841 24,007 – 0.00 % InterXion Holding NV 4,792 387,864 – 0.00 % Itochu Techno-Solutions Corp 6,700 184,558 – 0.00 % Jack Henry & Associates Inc 2,569 372,402 – 0.00 % LAC Co Ltd 400 5,155 – 0.00 % Limelight Networks Inc 4,388 10,663 – 0.00 % ManTech International Corp/VA 37 2,600 – 0.00 % MAXIMUS Inc 1,186 91,251 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 72 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

IT Services (continued) MongoDB Inc 53 8,072 – 0.00 % Net 1 UEPS Technologies Inc 10,123 31,685 – 0.00 % NET One Systems Co Ltd 6,300 168,798 – 0.00 % NIC Inc 3,486 72,579 – 0.00 % Nihon Unisys Ltd 5,500 177,736 – 0.00 % Nomura Research Institute Ltd 9,300 184,871 – 0.00 % NS Solutions Corp 5,200 173,668 – 0.00 % NSD Co Ltd 300 8,919 – 0.00 % Obic Co Ltd 1,600 182,887 – 0.00 % Okta Inc 124 15,686 – 0.00 % Oro Co Ltd 400 9,223 – 0.00 % Otsuka Corp 4,400 163,300 – 0.00 % Paysign Inc 1,097 14,579 – 0.00 % Perficient Inc 2,784 102,563 – 0.00 % PFSweb Inc 4,762 10,143 – 0.00 % Presidio Inc 163 2,611 – 0.00 % Remixpoint Inc 400 786 – 0.00 % Sabre Corp 3,903 92,267 – 0.00 % SCSK Corp 3,500 172,539 – 0.00 % SHIFT Inc 200 10,160 – 0.00 % Shopify Inc 813 313,712 – 0.00 % Softbank Technology Corp 600 11,470 – 0.00 % Softcat PLC 1,444 18,269 – 0.00 % Sopra Steria Group 188 24,090 – 0.00 % StarTek Inc 5,637 35,119 – 0.00 % Tieto Oyj (499) (12,273) – 0.00 % TIS Inc 3,300 193,415 – 0.00 % TravelSky Technology Ltd 9,000 18,067 – 0.00 % TTEC Holdings Inc 1,239 58,121 – 0.00 % Tucows Inc 336 16,955 – 0.00 % Ubicom Holdings Inc 300 4,682 – 0.00 % VeriSign Inc 14,164 2,887,331 – 0.00 % VINX Corp 600 6,960 – 0.00 % Virtusa Corp 303 10,950 – 0.00 % Visa Inc 368 66,542 – 0.00 % Wellnet Corp 500 3,392 – 0.00 % Western Union Co/The 154,576 3,419,221 – 0.00 % WEX Inc 170 34,774 – 0.00 % Wirecard AG 433 69,045 – 0.00 % Wix.com Ltd 78 10,940 – 0.00 % Zuken Inc 100 1,689 – 0.00 % Total IT Services – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 73 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Leisure Products Acushnet Holdings Corp 4,753 123,435 – 0.00 % American Outdoor Brands Corp 3,042 18,282 – 0.00 % Bandai Namco Holdings Inc 400 23,519 – 0.00 % Beneteau SA 452 4,254 – 0.00 % BRP Inc 501 17,997 – 0.00 % Brunswick Corp/DE (6,942) (323,497) – 0.00 % Clarus Corp 8,802 96,910 – 0.00 % Daikoku Denki Co Ltd 200 2,768 – 0.00 % Furyu Corp 700 6,368 – 0.00 % Games Workshop Group PLC 2,078 110,721 – 0.00 % GLOBERIDE Inc 400 11,225 – 0.00 % Hasbro Inc 722 79,759 – 0.00 % Heiwa Corp 200 4,028 – 0.00 % Johnson Outdoors Inc 277 15,512 – 0.00 % Kawai Musical Instruments Manu 400 10,631 – 0.00 % Malibu Boats Inc 376 10,460 – 0.00 % Marine Products Corp 252 3,813 – 0.00 % Mars Group Holdings Corp 200 3,562 – 0.00 % MasterCraft Boat Holdings Inc 752 11,393 – 0.00 % MIPS AB 2,051 34,426 – 0.00 % Nautilus Inc 1,136 1,579 – 0.00 % Nuts Inc 800 1,016 – 0.00 % Sankyo Co Ltd 300 10,372 – 0.00 % Snow Peak Inc 200 2,561 – 0.00 % Spin Master Corp 134 4,167 – 0.00 % Sturm Ruger & Co Inc 1,716 70,373 – 0.00 % Technogym SpA 5,490 55,536 – 0.00 % Thule Group AB 896 17,746 – 0.00 % Tomy Co Ltd 1,300 13,539 – 0.00 % Universal Entertainment Corp 400 11,854 – 0.00 % Vista Outdoor Inc 3,218 17,989 – 0.00 % Yamaha Corp 500 21,567 – 0.00 % YETI Holdings Inc 407 11,498 – 0.00 % Yonex Co Ltd 700 3,306 – 0.00 % Total Leisure Products – 0.00 %

Life Sciences Tools & Services Agilent Technologies Inc 6,096 433,487 – 0.00 % Bio-Rad Laboratories Inc 7,095 2,396,052 – 0.00 % Biotage AB 1,086 11,302 – 0.00 % Bruker Corp 20,000 863,400 – 0.00 % Charles River Laboratories Int 2,343 307,402 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 74 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Life Sciences Tools & Services (continued) Chemometec A/S 816 17,126 – 0.00 % Chiome Bioscience Inc 450 800 – 0.00 % ChromaDex Corp 1,637 6,401 – 0.00 % CMIC Holdings Co Ltd 67 1,075 – 0.00 % Codexis Inc 1,022 14,339 – 0.00 % Eurofins Scientific SE 490 224,225 – 0.00 % Genscript Biotech Corp 10,000 22,422 – 0.00 % Harvard Bioscience Inc 1,772 4,395 – 0.00 % Illumina Inc 2,686 755,679 – 0.00 % IQVIA Holdings Inc 734 113,880 – 0.00 % Lonza Group AG 969 342,415 – 0.00 % Luminex Corp 1,335 27,368 – 0.00 % Medinet Co Ltd 545 303 – 0.00 % Mettler-Toledo International I 1,191 782,237 – 0.00 % NanoString Technologies Inc 245 6,243 – 0.00 % PerkinElmer Inc 9,400 777,380 – 0.00 % PRA Health Sciences Inc 955 94,392 – 0.00 % Qiagen NV 22,265 772,373 – 0.00 % Sartorius Stedim Biotech 88 13,616 – 0.00 % Shin Nippon Biomedical Laborat 200 1,304 – 0.00 % Thermo Fisher Scientific Inc 985 282,754 – 0.00 % Waters Corp 10,371 2,197,511 – 0.00 % WuXi AppTec Co Ltd 2,000 22,422 – 0.00 % Total Life Sciences Tools & Services – 0.00 %

Machinery Actuant Corp (1,117) (24,809) – 0.00 % Ag Growth International Inc 347 11,316 – 0.00 % Alinco Inc 131 1,133 – 0.00 % Alstom SA 896 38,274 – 0.00 % Altra Industrial Motion Corp (417) (10,838) – 0.00 % Atlas Copco AB 29 865 – 0.00 % ATS Automation Tooling Systems 1,780 24,604 – 0.00 % Blue Bird Corp 1,646 30,023 – 0.00 % Bodycote PLC 288 2,510 – 0.00 % Bucher Industries AG 37 10,907 – 0.00 % Columbus McKinnon Corp/NY 575 18,613 – 0.00 % CONCH VENTURE 18,500 61,583 – 0.00 % Construcciones y Auxiliar de F 606 26,306 – 0.00 % Conzzeta AG 14 11,343 – 0.00 % Daewoo Shipbuilding & Marine E (465) (10,503) – 0.00 % Daifuku Co Ltd 400 18,891 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 75 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Machinery (continued) Daiwa Industries Ltd 100 1,004 – 0.00 % Deutz AG 2,725 15,872 – 0.00 % Doosan Bobcat Inc (921) (27,317) – 0.00 % Doosan Infracore Co Ltd (6,949) (35,529) – 0.00 % Douglas Dynamics Inc 247 10,315 – 0.00 % Energy Recovery Inc 862 8,336 – 0.00 % ESCO Technologies Inc 259 19,718 – 0.00 % Fincantieri SpA 31,545 31,806 – 0.00 % Fluidra SA 4,087 49,675 – 0.00 % Fortive Corp 240 17,016 – 0.00 % Fuji Corp/Aichi 100 1,341 – 0.00 % Fujitec Co Ltd 300 3,536 – 0.00 % Fukushima Industries Corp 33 931 – 0.00 % Gardner Denver Holdings Inc 2,060 59,081 – 0.00 % Gates Industrial Corp PLC 2,743 23,864 – 0.00 % Giken Ltd 600 18,740 – 0.00 % Harmonic Drive Systems Inc 100 3,970 – 0.00 % Hirata Corp 100 6,209 – 0.00 % Hisaka Works Ltd 64 485 – 0.00 % Hokuetsu Industries Co Ltd 69 791 – 0.00 % Howa Machinery Ltd 120 840 – 0.00 % Hyundai Construction Equipment (1,038) (25,419) – 0.00 % Hyundai Heavy Industries Holdi (199) (54,578) – 0.00 % Hyundai Mipo Dockyard Co Ltd (85) (2,901) – 0.00 % Illinois Tool Works Inc 8,376 1,255,227 – 0.00 % IMA SpA 433 29,598 – 0.00 % Ingersoll-Rand PLC 13,777 1,668,257 – 0.00 % Interpump Group SpA 1,888 53,821 – 0.00 % Interroll Holding AG 32 59,287 – 0.00 % Iochpe Maxion SA (200) (944) – 0.00 % Iwaki Co Ltd 83 717 – 0.00 % Kadant Inc 878 72,251 – 0.00 % Kardex AG 415 58,190 – 0.00 % Kennametal Inc (255) (7,622) – 0.00 % Kito Corp 700 9,555 – 0.00 % Kitz Corp 686 4,434 – 0.00 % Knorr-Bremse AG 58 5,417 – 0.00 % Korea Shipbuilding & Offshore (78) (7,098) – 0.00 % Kornit Digital Ltd 283 7,983 – 0.00 % LiqTech International Inc 2,445 16,553 – 0.00 % Lonking Holdings Ltd 16,000 3,816 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 76 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Machinery (continued) Manitowoc Co Inc/The (734) (9,175) – 0.00 % Max Co Ltd 938 15,125 – 0.00 % METAWATER Co Ltd 261 9,036 – 0.00 % Middleby Corp/The 965 105,822 – 0.00 % Miller Industries Inc/TN 2,432 76,097 – 0.00 % MISUMI Group Inc 300 6,796 – 0.00 % Mitsubishi Logisnext Co Ltd 800 8,557 – 0.00 % Miura Co Ltd 700 19,302 – 0.00 % Morita Holdings Corp 500 7,498 – 0.00 % Mueller Water Products Inc (1,483) (15,512) – 0.00 % Nippon Sharyo Ltd 53 1,125 – 0.00 % Nitto Kohki Co Ltd 130 2,508 – 0.00 % Nittoku Co Ltd 200 4,642 – 0.00 % Noritake Co Ltd/Nagoya Japan 200 7,291 – 0.00 % NTN Corp (11,000) (29,183) – 0.00 % Organo Corp 208 7,954 – 0.00 % Pfeiffer Vacuum Technology AG 204 30,579 – 0.00 % Rational AG 80 55,739 – 0.00 % Rexnord Corp (313) (8,194) – 0.00 % Rheon Automatic Machinery Co L 900 12,540 – 0.00 % Rotork PLC 1,977 7,446 – 0.00 % Samsung Heavy Industries Co Lt (5,754) (36,893) – 0.00 % Sansei Technologies Inc 67 570 – 0.00 % Savaria Corp 2,051 16,914 – 0.00 % Schindler Holding AG 143 32,648 – 0.00 % SFS Group AG (11) (803) – 0.00 % Shinmaywa Industries Ltd 1,265 14,769 – 0.00 % Sinotruk Hong Kong Ltd 23,000 35,495 – 0.00 % Snap-on Inc 7,576 1,126,400 – 0.00 % Spirax-Sarco Engineering PLC 2,610 254,799 – 0.00 % SPX FLOW Inc (211) (7,113) – 0.00 % Standex International Corp (174) (11,963) – 0.00 % Takuma Co Ltd 300 3,460 – 0.00 % Talgo SA 3,001 15,715 – 0.00 % Techtronic Industries Co Ltd 4,000 27,651 – 0.00 % Teikoku Electric Manufacturing 297 3,113 – 0.00 % Terex Corp (135) (3,352) – 0.00 % Tocalo Co Ltd 600 4,499 – 0.00 % Tokyo Keiki Inc 56 466 – 0.00 % Toro Co/The 1,319 94,981 – 0.00 % Trelleborg AB (1,729) (23,569) – 0.00 % TriMas Corp 1,701 49,975 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 77 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Machinery (continued) Tsubakimoto Chain Co (400) (12,136) – 0.00 % Valmet Oyj 2,252 40,736 – 0.00 % VAT Group AG 9 1,082 – 0.00 % Vesuvius PLC 1,945 11,017 – 0.00 % Wabtec Corp (77) (5,329) – 0.00 % Wacker Neuson SE 729 12,930 – 0.00 % Watts Water Technologies Inc 492 45,082 – 0.00 % Weichai Power Co Ltd 24,000 36,732 – 0.00 % Welbilt Inc 2,951 46,449 – 0.00 % Yamashin-Filter Corp 1,500 8,933 – 0.00 % Yangzijiang Shipbuilding Holdi 14,400 9,441 – 0.00 % Total Machinery – 0.00 %

Marine Dfds A/S 96 3,302 – 0.00 % Eagle Bulk Shipping Inc 1,159 5,331 – 0.00 % Kirby Corp (3,988) (293,477) – 0.00 % Pan Ocean Co Ltd (6,579) (26,453) – 0.00 % Total Marine – 0.00 %

Media AlphaPolis Co Ltd 400 8,475 – 0.00 % Altice Europe NV 5,143 22,726 – 0.00 % Altice USA Inc 250 7,220 – 0.00 % AMC Networks Inc 355 17,218 – 0.00 % Ascential PLC 1,047 4,822 – 0.00 % Axel Springer SE 448 31,017 – 0.00 % Boston Omaha Corp 179 3,666 – 0.00 % Brangista Inc 200 1,626 – 0.00 % Cairo Communication SpA 2,914 7,125 – 0.00 % Cardlytics Inc 343 12,887 – 0.00 % CBS Corp 46,100 1,938,966 – 0.00 % Ceres Inc/Japan 200 2,354 – 0.00 % Charter Communications Inc 9,371 3,838,268 – 0.00 % Clear Channel Outdoor Holdings 9,918 25,787 – 0.00 % Cogeco Communications Inc 3,472 273,371 – 0.00 % Comcast Corp 37,171 1,645,188 – 0.00 % comScore Inc 2,199 4,090 – 0.00 % CyberAgent Inc 1,100 49,570 – 0.00 % Cyfrowy Polsat SA 537 3,922 – 0.00 % Dentsu Inc (300) (10,245) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 78 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Media (continued) Emerald Expositions Events Inc 4,163 39,798 – 0.00 % Euromoney Institutional Invest 915 15,138 – 0.00 % Eutelsat Communications SA 627 10,901 – 0.00 % Fluent Inc 788 2,348 – 0.00 % Future PLC 4,201 60,611 – 0.00 % Gray Television Inc 10,457 159,992 – 0.00 % Hemisphere Media Group Inc 2,099 24,915 – 0.00 % Informa PLC 3,223 34,111 – 0.00 % Interpublic Group of Cos Inc/T 784 15,586 – 0.00 % John Wiley & Sons Inc (13,315) (592,518) – 0.00 % Lee Enterprises Inc 15,130 26,931 – 0.00 % Liberty Broadband Corp 1,072 113,032 – 0.00 % Liberty Global PLC 700 18,284 – 0.00 % Loral Space & Communications I 2,573 95,175 – 0.00 % Macromill Inc (2,100) (18,354) – 0.00 % Meredith Corp 4,718 206,554 – 0.00 % Metropole Television SA 1,172 20,118 – 0.00 % Nasmedia Co Ltd (134) (3,570) – 0.00 % New York Times Co/The 3,985 116,362 – 0.00 % News Corp 11,307 155,471 – 0.00 % Nexstar Media Group Inc 2,147 212,317 – 0.00 % Nine Entertainment Co Holdings 19,690 26,370 – 0.00 % Nordic Entertainment Group AB 522 12,638 – 0.00 % NOS SGPS SA 7,308 42,926 – 0.00 % Omnicom Group Inc 840 63,890 – 0.00 % OPT Holding Inc 400 5,799 – 0.00 % Pearson PLC 756 7,646 – 0.00 % Proto Corp 300 3,404 – 0.00 % Quebecor Inc 13,327 300,735 – 0.00 % RPA Holdings Inc 400 5,889 – 0.00 % Sanoma Oyj 1,933 19,819 – 0.00 % Schibsted ASA 85 2,461 – 0.00 % Scholastic Corp 2,287 80,205 – 0.00 % Septeni Holdings Co Ltd 800 2,438 – 0.00 % Shaw Communications Inc 11,831 225,225 – 0.00 % Sinclair Broadcast Group Inc 5,678 253,068 – 0.00 % Sirius XM Holdings Inc 3,250 20,053 – 0.00 % SKY Perfect JSAT Holdings Inc (4,200) (16,872) – 0.00 % Smiles Fidelidade SA (600) (5,376) – 0.00 % SoldOut Inc 100 1,389 – 0.00 % Stroeer SE & Co KGaA 794 59,291 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 79 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Media (continued) TechTarget Inc 2,188 51,943 – 0.00 % Television Francaise 1 990 8,997 – 0.00 % Wowow Inc 100 2,376 – 0.00 % Total Media – 0.00 %

Metals & Mining Acerinox SA (4,175) (34,549) – 0.00 % African Rainbow Minerals Ltd 6,007 65,506 – 0.00 % Agnico Eagle Mines Limited 206 12,894 – 0.00 % Agnico Eagle Mines Ltd 235 14,719 – 0.00 % Alacer Gold Corp 3,681 16,175 – 0.00 % Alcoa Corp 756 13,555 – 0.00 % AMG Advanced Metallurgical Gro 388 8,626 – 0.00 % Anglo American Platinum Ltd 1,379 84,463 – 0.00 % Anglo American PLC 22,339 482,146 – 0.00 % AngloGold Ashanti Ltd 1,759 40,067 – 0.00 % ArcelorMittal (19,317) (277,922) – 0.00 % Asahi Holdings Inc 2,185 46,148 – 0.00 % Aurelia Metals Ltd 75,243 26,332 – 0.00 % Ausdrill Ltd 2,450 3,289 – 0.00 % B2Gold Corp 3,223 11,592 – 0.00 % Barrick Gold Corp 166 3,224 – 0.00 % Barrick Gold Corporation 664 12,868 – 0.00 % Bekaert SA 171 4,649 – 0.00 % BHP Group Ltd 3,203 78,227 – 0.00 % BHP Group PLC 23,244 501,339 – 0.00 % Centerra Gold Inc 996 9,076 – 0.00 % Century Aluminum Co 977 5,383 – 0.00 % Century Iron & Steel Industria 27,049 59,844 – 0.00 % China Oriental Group Co Ltd 32,000 12,652 – 0.00 % Chung Hung Steel Corp 3,000 950 – 0.00 % Coeur Mining Inc 31,240 170,883 – 0.00 % Constellium SE 2,876 34,627 – 0.00 % Daido Steel Co Ltd 200 7,498 – 0.00 % Daiki Aluminium Industry Co Lt 5,600 36,404 – 0.00 % Detour Gold Corp 276 4,953 – 0.00 % Dundee Precious Metals Inc 2,840 11,219 – 0.00 % Endeavour Mining Corp 582 11,364 – 0.00 % Eramet 990 49,089 – 0.00 % Eregli Demir ve Celik Fabrikal 21,544 23,701 – 0.00 % ERO Copper Corp 1,456 22,076 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 80 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Metals & Mining (continued) Evolution Mining Ltd 17,377 60,579 – 0.00 % Evraz PLC 10,511 63,460 – 0.00 % Ferrexpo PLC 8,493 20,880 – 0.00 % First Majestic Silver Corp 324 3,530 – 0.00 % Franco-Nevada Corp 291 28,478 – 0.00 % Glencore PLC 149,279 430,296 – 0.00 % Godo Steel Ltd 1,200 23,233 – 0.00 % Gold Fields Ltd 4,927 29,460 – 0.00 % Gold Resource Corp 29,179 99,500 – 0.00 % Granges AB 475 4,293 – 0.00 % Grupo Mexico SAB de CV 3,700 8,508 – 0.00 % Harmony Gold Mining Co Ltd 1,849 6,760 – 0.00 % Haynes International Inc 767 22,910 – 0.00 % Hecla Mining Co 42,831 76,239 – 0.00 % Hudbay Minerals Inc (912) (3,067) – 0.00 % Hyundai Steel Co (1,504) (46,412) – 0.00 % Impala Platinum Holdings Ltd 7,076 40,256 – 0.00 % Kaiser Aluminum Corp 10,179 900,129 – 0.00 % Kardemir Karabuk Demir Celik S 10,323 3,614 – 0.00 % KAZ Minerals PLC 959 4,699 – 0.00 % Kidman Resources Ltd 23,676 30,195 – 0.00 % Kinross Gold Corp 1,338 6,665 – 0.00 % Kirkland Lake Gold Ltd 1,029 50,126 – 0.00 % Korea Zinc Co Ltd (27) (9,717) – 0.00 % Koza Altin Isletmeleri AS 4,037 47,392 – 0.00 % Koza Anadolu Metal Madencilik 27,040 37,962 – 0.00 % Kumba Iron Ore Ltd 2,912 75,307 – 0.00 % Kyoei Steel Ltd 1,400 22,167 – 0.00 % Labrador Iron Ore Royalty Corp 592 11,599 – 0.00 % Largo Resources Ltd 11,218 11,564 – 0.00 % Lynas Corp Ltd 8,840 14,219 – 0.00 % Materion Corp 1,316 77,433 – 0.00 % McEwen Mining Inc 89,003 180,676 – 0.00 % Mount Gibson Iron Ltd 57,483 27,661 – 0.00 % Newcrest Mining Ltd 2,059 51,271 – 0.00 % Newmont Goldcorp Corp 11,964 477,244 – 0.00 % Nippon Denko Co Ltd 6,200 9,158 – 0.00 % Nippon Light Metal Holdings Co 12,500 21,638 – 0.00 % Nippon Yakin Kogyo Co Ltd 13,200 26,451 – 0.00 % Norsk Hydro ASA (5,184) (16,393) – 0.00 % Northam Platinum Ltd 4,861 25,159 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 81 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Metals & Mining (continued) Northern Star Resources Ltd 9,344 74,833 – 0.00 % Novagold Resources Inc 1,438 10,744 – 0.00 % OceanaGold Corp 2,908 6,980 – 0.00 % Osaka Steel Co Ltd 200 2,508 – 0.00 % OSAKA Titanium Technologies Co 1,500 21,041 – 0.00 % Osisko Mining Inc 1,212 3,192 – 0.00 % Poongsan Corp (246) (4,478) – 0.00 % POSCO (97) (16,933) – 0.00 % Pretium Resources Inc 1,026 13,487 – 0.00 % Ramaco Resources Inc 1,613 6,871 – 0.00 % Regis Resources Ltd 10,047 34,755 – 0.00 % Reliance Steel & Aluminum Co 17,905 1,740,903 – 0.00 % Resolute Mining Ltd 20,196 22,698 – 0.00 % Rio Tinto Ltd 975 57,468 – 0.00 % Rio Tinto PLC 9,834 496,407 – 0.00 % Royal Gold Inc 3,666 488,971 – 0.00 % Royal Nickel Corp 18,796 5,869 – 0.00 % Ryerson Holding Corp 391 2,686 – 0.00 % Salzgitter AG 604 10,955 – 0.00 % Sandstorm Gold Ltd 2,354 14,648 – 0.00 % Sanyo Special Steel Co Ltd 600 7,807 – 0.00 % Saracen Mineral Holdings Ltd 25,663 62,867 – 0.00 % Schnitzer Steel Industries Inc 1,411 31,240 – 0.00 % Seabridge Gold Inc 781 12,358 – 0.00 % SEMAFO Inc 1,576 5,870 – 0.00 % Sibanye Gold Ltd 12,595 17,298 – 0.00 % Silvercorp Metals Inc 845 3,618 – 0.00 % Southern Copper Corp 940 29,704 – 0.00 % SSAB AB (2,128) (5,884) – 0.00 % SSR Mining Inc 1,047 17,229 – 0.00 % St Barbara Ltd 17,739 38,441 – 0.00 % Steel Dynamics Inc 52,041 1,405,107 – 0.00 % SunCoke Energy Inc 4,867 30,370 – 0.00 % TA Chen Stainless Pipe 88,037 107,085 – 0.00 % Teranga Gold Corp 302 1,229 – 0.00 % thyssenkrupp AG (3,304) (40,358) – 0.00 % Toho Titanium Co Ltd 3,400 23,926 – 0.00 % Toho Zinc Co Ltd 600 10,443 – 0.00 % Tokyo Tekko Co Ltd 100 1,073 – 0.00 % Topy Industries Ltd 800 13,705 – 0.00 % Torex Gold Resources Inc 123 1,979 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 82 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Metals & Mining (continued) UACJ Corp 500 7,296 – 0.00 % voestalpine AG (12,311) (283,436) – 0.00 % Warrior Met Coal Inc 3,264 68,218 – 0.00 % Wesdome Gold Mines Ltd 5,183 28,352 – 0.00 % Wheaton Precious Metals Corp 384 11,315 – 0.00 % Yodogawa Steel Works Ltd 500 8,382 – 0.00 % Zhaojin Mining Industry Co Ltd 1,000 1,309 – 0.00 % Total Metals & Mining – 0.00 %

Mortgage Real Estate Investment AG Mortgage Investment Trust I 10,555 158,219 – 0.00 % AGNC Investment Corp 34,827 517,877 – 0.00 % Annaly Capital Management Inc 55,031 456,757 – 0.00 % Anworth Mortgage Asset Corp 38,015 117,847 – 0.00 % Apollo Commercial Real Estate 22,544 418,191 – 0.00 % Arbor Realty Trust Inc 18,397 230,882 – 0.00 % Ares Commercial Real Estate Co 10,940 163,991 – 0.00 % Arlington Asset Investment Cor 5,421 26,780 – 0.00 % ARMOUR Residential REIT Inc 18,384 301,865 – 0.00 % Blackstone Mortgage Trust Inc 9,724 338,395 – 0.00 % Capstead Mortgage Corp 39,461 286,881 – 0.00 % Cherry Hill Mortgage Investmen 11,507 138,429 – 0.00 % Chimera Investment Corp 24,828 473,470 – 0.00 % Colony Credit Real Estate Inc 353 4,423 – 0.00 % Dynex Capital Inc 1,651 23,312 – 0.00 % Ellington Residential Mortgage 4,018 39,336 – 0.00 % Exantas Capital Corp 9,083 101,820 – 0.00 % Granite Point Mortgage Trust I 16,101 294,487 – 0.00 % Great Ajax Corp 4,781 69,707 – 0.00 % Invesco Mortgage Capital Inc 24,265 364,703 – 0.00 % KKR Real Estate Finance Trust 14,899 281,740 – 0.00 % Ladder Capital Corp 12,754 214,012 – 0.00 % MFA Financial Inc 59,126 423,933 – 0.00 % New Residential Investment Cor 14,821 208,531 – 0.00 % New York Mortgage Trust Inc 68,264 419,824 – 0.00 % Orchid Island Capital Inc 27,095 147,126 – 0.00 % PennyMac Mortgage Investment T 17,276 375,926 – 0.00 % Ready Capital Corp 12,232 179,566 – 0.00 % Redwood Trust Inc 24,978 414,635 – 0.00 % Starwood Property Trust Inc 17,674 414,102 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 83 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Mortgage Real Estate Investment (continued) TPG RE Finance Trust Inc 13,890 269,605 – 0.00 % Two Harbors Investment Corp 35,210 444,702 – 0.00 % Western Asset Mortgage Capital 14,796 139,082 – 0.00 % Total Mortgage Real Estate Investment – 0.00 %

Multiline Retail Big Lots Inc 1,763 40,108 – 0.00 % Can Do Co Ltd 500 7,587 – 0.00 % Canadian Tire Corp Ltd 44 4,452 – 0.00 % Dollar General Corp 743 115,975 – 0.00 % Dollarama Inc 677 25,954 – 0.00 % Harvey Norman Holdings Ltd 6,229 18,361 – 0.00 % Hyundai Department Store Co Lt (1,381) (89,118) – 0.00 % Isetan Mitsukoshi Holdings Ltd (10,633) (80,527) – 0.00 % J Front Retailing Co Ltd (8,325) (94,140) – 0.00 % Kohl's Corp (8,068) (381,294) – 0.00 % Lifestyle International Holdin 4,000 4,474 – 0.00 % Lotte Shopping Co Ltd (825) (92,826) – 0.00 % Macy's Inc (23,630) (348,779) – 0.00 % Marui Group Co Ltd (2,500) (49,744) – 0.00 % Nordstrom Inc (3,220) (93,283) – 0.00 % Parco Co Ltd 100 1,154 – 0.00 % Seria Co Ltd 200 4,905 – 0.00 % Shinsegae Inc (165) (31,534) – 0.00 % Takashimaya Co Ltd (9,025) (101,037) – 0.00 % Target Corp 16,433 1,758,988 – 0.00 % Tenpos Holdings Co Ltd 100 1,962 – 0.00 % Tuesday Morning Corp 14,159 19,823 – 0.00 % Wesfarmers Ltd 1,369 36,024 – 0.00 % Total Multiline Retail – 0.00 %

Multi-Utilities AGL Energy Ltd 21,833 278,591 – 0.00 % Algonquin Power & Utilities Co 14,279 186,949 – 0.00 % Ameren Corp 5,746 443,304 – 0.00 % Atco Ltd/Canada 2,858 102,320 – 0.00 % Black Hills Corp 1,936 148,511 – 0.00 % Canadian Utilities Ltd 3,590 103,864 – 0.00 % CenterPoint Energy Inc 16,056 444,591 – 0.00 % Centrica PLC (27,344) (23,185) – 0.00 % CMS Energy Corp 42,302 2,667,141 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 84 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Multi-Utilities (continued) Consolidated Edison Inc 1,138 101,168 – 0.00 % DTE Energy Co 3,710 481,039 – 0.00 % NiSource Inc 15,058 444,964 – 0.00 % Public Service Enterprise Grou 40,756 2,464,515 – 0.00 % Telecom Plus PLC 2,641 37,268 – 0.00 % Unitil Corp 753 45,459 – 0.00 % WEC Energy Group Inc 1,132 108,412 – 0.00 % Total Multi-Utilities – 0.00 %

Oil Gas & Consumable Fuels Aker BP ASA 951 25,214 – 0.00 % Amplify Energy Corp 5,016 29,895 – 0.00 % Arch Coal Inc 2,227 170,499 – 0.00 % Berry Petroleum Corp 1,364 10,898 – 0.00 % Birchcliff Energy Ltd 2,639 3,515 – 0.00 % Bonanza Creek Energy Inc 1,575 35,532 – 0.00 % Bonterra Energy Corp 198 621 – 0.00 % BP Castrol KK 200 2,423 – 0.00 % BP PLC 6,166 37,520 – 0.00 % BW LPG Ltd 785 3,868 – 0.00 % Cabot Oil & Gas Corp 79,770 1,365,662 – 0.00 % Cameco Corp 1,201 10,555 – 0.00 % Canacol Energy Ltd 5,969 21,514 – 0.00 % Centennial Resource Developmen 143 689 – 0.00 % Chaparral Energy Inc 3,297 4,385 – 0.00 % Cheniere Energy Inc 2,151 128,436 – 0.00 % ConocoPhillips 28,377 1,480,712 – 0.00 % CONSOL Energy Inc 1,398 23,430 – 0.00 % Continental Resources Inc/OK 839 24,499 – 0.00 % Contura Energy Inc 41 1,181 – 0.00 % Cosan SA (100) (1,211) – 0.00 % Cosmo Energy Holdings Co Ltd 1,500 27,165 – 0.00 % Devon Energy Corp 889 19,549 – 0.00 % Diamondback Energy Inc 645 63,262 – 0.00 % Diversified Gas & Oil PLC 27,470 34,587 – 0.00 % Earthstone Energy Inc 1,935 6,656 – 0.00 % Enbridge Inc 20,734 694,722 – 0.00 % Enerplus Corp 1,106 7,249 – 0.00 % Eni SpA 1,241 18,657 – 0.00 % EnQuest PLC 74,501 16,712 – 0.00 % EOG Resources Inc 1,575 116,849 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 85 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Oil Gas & Consumable Fuels (continued) EQT Corp 549 5,583 – 0.00 % Equitrans Midstream Corp 6,866 92,622 – 0.00 % Euronav NV 2,046 16,650 – 0.00 % Evolution Petroleum Corp 7,332 43,405 – 0.00 % Extraction Oil & Gas Inc 5,674 22,866 – 0.00 % Exxaro Resources Ltd 6,645 59,546 – 0.00 % Exxon Mobil Corp 2,225 152,368 – 0.00 % Falcon Minerals Corp 846 4,958 – 0.00 % FLEX LNG Ltd 1,575 15,543 – 0.00 % Freehold Royalties Ltd (1,809) (9,869) – 0.00 % Fuji Oil Co Ltd 7,900 17,317 – 0.00 % Galp Energia SGPS SA 1,492 21,414 – 0.00 % Gaztransport Et Technigaz SA 1,020 95,391 – 0.00 % Gibson Energy Inc 2,239 38,782 – 0.00 % Gran Tierra Energy Inc 32,450 45,755 – 0.00 % Green Plains Inc 4,023 33,029 – 0.00 % Grupa Lotos SA 3,014 65,148 – 0.00 % GS Holdings Corp (541) (21,484) – 0.00 % Gulf Keystone Petroleum Ltd 7,739 22,312 – 0.00 % Hallador Energy Co 3,381 13,423 – 0.00 % Hess Corp 12,196 767,738 – 0.00 % HighPoint Resources Corp 62 73 – 0.00 % Hurricane Energy PLC 43,166 22,958 – 0.00 % Imperial Oil Ltd (115) (2,827) – 0.00 % Inpex Corp 1,800 15,562 – 0.00 % Inter Pipeline Ltd 39,187 715,922 – 0.00 % International Seaways Inc 3,077 52,986 – 0.00 % Itochu Enex Co Ltd 3,100 23,652 – 0.00 % Iwatani Corp 900 29,719 – 0.00 % Jagged Peak Energy Inc 4,188 28,897 – 0.00 % JAPEX 700 17,089 – 0.00 % Kelt Exploration Ltd 2,582 5,479 – 0.00 % Keyera Corp 27,770 671,370 – 0.00 % Koninklijke Vopak NV 491 23,396 – 0.00 % Kosmos Energy Ltd 7,817 49,403 – 0.00 % Lonestar Resources US Inc 802 2,077 – 0.00 % Lundin Petroleum AB 117 3,549 – 0.00 % Magnolia Oil & Gas Corp 1,061 10,833 – 0.00 % Maha Energy AB 8,394 22,713 – 0.00 % Marathon Petroleum Corp 2,731 134,393 – 0.00 % Montage Resources Corp 2,673 7,966 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 86 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Oil Gas & Consumable Fuels (continued) Murphy Oil Corp 30,424 554,630 – 0.00 % Neste Oyj 3,535 111,260 – 0.00 % New Fortress Energy LLC 842 13,497 – 0.00 % New Hope Corp Ltd 8,188 12,564 – 0.00 % NuVista Energy Ltd 584 707 – 0.00 % Occidental Petroleum Corp 3,128 136,005 – 0.00 % OMV AG 1,013 51,665 – 0.00 % Panhandle Oil and Gas Inc 665 7,601 – 0.00 % Par Pacific Holdings Inc 6,064 131,831 – 0.00 % Parex Resources Inc 1,732 26,573 – 0.00 % Parkland Fuel Corp 1,861 58,140 – 0.00 % Parsley Energy Inc 2,822 50,542 – 0.00 % Peabody Energy Corp 2,141 39,459 – 0.00 % Pembina Pipeline Corp 20,253 742,762 – 0.00 % Penn Virginia Corp 281 8,009 – 0.00 % Phillips 66 21,524 2,122,912 – 0.00 % Pioneer Natural Resources Co 940 116,015 – 0.00 % Plains GP Holdings LP 7,260 159,139 – 0.00 % Polski Koncern Naftowy ORLEN S 648 14,742 – 0.00 % Premier Oil PLC 4,103 4,031 – 0.00 % Renewable Energy Group Inc 6,837 83,206 – 0.00 % REX American Resources Corp 1,095 75,205 – 0.00 % Ring Energy Inc 8,115 11,848 – 0.00 % Royal Dutch Shell PLC 2,275 62,975 – 0.00 % Sala Corp 200 1,104 – 0.00 % Saras SpA 15,355 23,860 – 0.00 % Tallgrass Energy LP 7,951 155,681 – 0.00 % Talos Energy Inc 760 14,470 – 0.00 % Tamarack Valley Energy Ltd 6,661 9,423 – 0.00 % Targa Resources Corp 183 6,610 – 0.00 % TC Energy Corp 14,954 767,616 – 0.00 % Tellurian Inc 682 4,453 – 0.00 % Tethys Oil AB 1,390 11,086 – 0.00 % TOTAL SA 872 43,497 – 0.00 % Tupras Turkiye Petrol Rafineri 1,780 38,493 – 0.00 % Ultrapar Participacoes SA (1,800) (7,158) – 0.00 % Uranium Energy Corp 12,893 12,079 – 0.00 % VAALCO Energy Inc 4,244 7,639 – 0.00 % Vermilion Energy Inc (112) (1,597) – 0.00 % Washington H Soul Pattinson & 1,573 22,115 – 0.00 % Total Oil Gas & Consumable Fuels – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 87 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Paper & Forest Products Altri SGPS SA 13,699 86,563 – 0.00 % Clearwater Paper Corp 91 1,458 – 0.00 % Domtar Corp 756 24,910 – 0.00 % Duratex SA (300) (963) – 0.00 % Ence Energia y Celulosa SA 14,683 57,573 – 0.00 % Louisiana-Pacific Corp 4,345 104,454 – 0.00 % Mercer International Inc 7,486 90,131 – 0.00 % Mitsubishi Paper Mills Ltd 200 922 – 0.00 % Navigator Co SA/The 17,396 58,728 – 0.00 % Neenah Inc 1,351 86,167 – 0.00 % Nippon Paper Industries Co Ltd 1,600 26,553 – 0.00 % PH Glatfelter Co 327 4,702 – 0.00 % Resolute Forest Products Inc 11,293 48,334 – 0.00 % Stora Enso Oyj 4,032 45,063 – 0.00 % Suzano SA (400) (2,817) – 0.00 % Svenska Cellulosa AB SCA 3,302 28,437 – 0.00 % UPM-Kymmene Oyj 1,286 34,653 – 0.00 % Verso Corp 4,012 40,963 – 0.00 % Total Paper & Forest Products – 0.00 %

Personal Products Amorepacific Corp (305) (32,804) – 0.00 % AMOREPACIFIC Group (964) (47,055) – 0.00 % Artnature Inc 500 2,968 – 0.00 % Beiersdorf AG 8,754 1,101,514 – 0.00 % Coty Inc 7,505 71,673 – 0.00 % Estee Lauder Cos Inc/The 10,586 2,095,922 – 0.00 % Fancl Corp 3,800 92,234 – 0.00 % HENGAN INT'L 6,500 42,777 – 0.00 % Herbalife Nutrition Ltd 3,065 105,528 – 0.00 % Inter Parfums Inc 1,318 84,734 – 0.00 % Kao Corp 1,200 86,634 – 0.00 % Kitanotatsujin Corp 2,000 13,735 – 0.00 % Kobayashi Pharmaceutical Co Lt 1,200 89,863 – 0.00 % Kolmar Korea Co Ltd (406) (14,578) – 0.00 % Kose Corp 600 103,015 – 0.00 % Lifevantage Corp 1,328 16,148 – 0.00 % L'Oreal SA 4,108 1,122,301 – 0.00 % Mandom Corp 3,000 73,776 – 0.00 % Medifast Inc 4,882 488,005 – 0.00 % Neptune Wellness Solutions Inc 3,783 15,314 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 88 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Personal Products (continued) Pola Orbis Holdings Inc 3,200 76,045 – 0.00 % Rohto Pharmaceutical Co Ltd 5,400 133,914 – 0.00 % Sagami Rubber 200 2,995 – 0.00 % Shiseido Co Ltd 1,300 106,280 – 0.00 % TCI Co Ltd 2,297 22,586 – 0.00 % Unilever NV 18,469 1,145,535 – 0.00 % Unilever PLC 244 15,423 – 0.00 % Youngevity International Inc 1,062 4,545 – 0.00 % Total Personal Products – 0.00 %

Pharmaceuticals AcelRx Pharmaceuticals Inc 597 1,391 – 0.00 % Acer Therapeutics Inc 1,000 2,700 – 0.00 % Aclaris Therapeutics Inc 7,708 7,785 – 0.00 % Aerie Pharmaceuticals Inc 71 1,538 – 0.00 % Akorn Inc (3,826) (11,057) – 0.00 % Amphastar Pharmaceuticals Inc 826 18,552 – 0.00 % ANI Pharmaceuticals Inc 456 29,868 – 0.00 % Aphria Inc 33,861 213,765 – 0.00 % Arvinas Inc 56 1,457 – 0.00 % Astellas Pharma Inc 9,590 132,805 – 0.00 % AstraZeneca PLC 4,184 372,474 – 0.00 % Aurora Cannabis Inc 37,678 208,094 – 0.00 % Bayer AG 2,363 174,870 – 0.00 % BioDelivery Sciences Internati 16,405 70,377 – 0.00 % Canopy Growth Corp 7,966 188,571 – 0.00 % Cara Therapeutics Inc 44 1,031 – 0.00 % Center Laboratories Inc 9,352 18,242 – 0.00 % Cerecor Inc 1,324 4,290 – 0.00 % Chiasma Inc 514 2,663 – 0.00 % Chugai Pharmaceutical Co Ltd 2,350 168,023 – 0.00 % Collegium Pharmaceutical Inc 943 10,920 – 0.00 % Corcept Therapeutics Inc 1,230 15,510 – 0.00 % CorMedix Inc 448 3,441 – 0.00 % Cronos Group Inc 18,353 202,863 – 0.00 % Cymabay Therapeutics Inc 112 663 – 0.00 % Daiichi Sankyo Co Ltd 2,467 162,881 – 0.00 % Dechra Pharmaceuticals PLC 1,168 42,626 – 0.00 % Dermira Inc 1,159 9,284 – 0.00 % Durect Corp 25,522 42,367 – 0.00 % Eisai Co Ltd 2,533 129,396 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 89 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Pharmaceuticals (continued) EyePoint Pharmaceuticals Inc 3,754 5,631 – 0.00 % Fuji Pharma Co Ltd 71 842 – 0.00 % Fuso Pharm Ind 39 722 – 0.00 % GlaxoSmithKline PLC 14,980 311,908 – 0.00 % H Lundbeck A/S 6,586 239,756 – 0.00 % Harrow Health Inc 2,752 14,723 – 0.00 % HEC PHARM 5,200 24,837 – 0.00 % HEXO Corp 3,069 12,355 – 0.00 % Hikma Pharmaceuticals PLC 12,802 314,120 – 0.00 % Hisamitsu Pharmaceutical Co In 3,000 121,360 – 0.00 % Horizon Therapeutics Plc 1,379 38,102 – 0.00 % Hypera SA (300) (2,337) – 0.00 % Indivior PLC (17,077) (12,531) – 0.00 % Innoviva Inc 6,413 74,327 – 0.00 % Intersect ENT Inc 672 11,007 – 0.00 % Ipsen SA 2,395 251,618 – 0.00 % Jazz Pharmaceuticals PLC 1,405 180,051 – 0.00 % Kissei Pharmaceutical Co Ltd (800) (18,296) – 0.00 % Komipharm International Co Ltd (70) (701) – 0.00 % KYORIN Holdings Inc 2,600 43,392 – 0.00 % Kyowa Kirin Co Ltd 7,575 138,608 – 0.00 % Merck KGaA 2,371 253,422 – 0.00 % Mitsubishi Tanabe Pharma Corp 9,460 104,483 – 0.00 % Mylan NV (2,440) (47,507) – 0.00 % Nektar Therapeutics 803 14,109 – 0.00 % Neos Therapeutics Inc 4,454 8,507 – 0.00 % Nippon Shinyaku Co Ltd 1,800 147,834 – 0.00 % Novartis AG 3,337 300,057 – 0.00 % Novo Nordisk A/S 5,348 277,686 – 0.00 % Omeros Corp 340 6,287 – 0.00 % Ono Pharmaceutical Co Ltd 6,440 118,900 – 0.00 % Orexo AB 989 5,533 – 0.00 % Orion Oyj 6,896 255,921 – 0.00 % Otsuka Holdings Co Ltd 3,300 135,639 – 0.00 % Pacira BioSciences Inc 1,776 66,138 – 0.00 % Pfizer Inc 30,065 1,068,811 – 0.00 % Phibro Animal Health Corp 2,395 49,457 – 0.00 % Qiagen NV 7,423 257,859 – 0.00 % RaQualia Pharma Inc 400 4,952 – 0.00 % Recordati SpA 7,168 313,988 – 0.00 % Revance Therapeutics Inc 889 9,423 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 90 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Pharmaceuticals (continued) Roche Holding AG 1,032 282,108 – 0.00 % Sanofi 2,843 244,071 – 0.00 % Santen Pharmaceutical Co Ltd 7,992 139,923 – 0.00 % Sawai Pharmaceutical Co Ltd 2,400 127,344 – 0.00 % Shionogi & Co Ltd 2,633 141,069 – 0.00 % Sino Biopharmaceutical Ltd 2,000 2,974 – 0.00 % Sosei Group Corp 100 2,147 – 0.00 % SSY Group Ltd 36,000 31,865 – 0.00 % Sumitomo Dainippon Pharma Co L 7,700 134,448 – 0.00 % Supernus Pharmaceuticals Inc 30,267 818,117 – 0.00 % Supreme Cannabis Co Inc/The 10,328 10,724 – 0.00 % SymBio Pharmaceuticals Ltd 200 1,046 – 0.00 % Taiko Pharmaceutical Co Ltd 188 3,902 – 0.00 % Taisho Pharmaceutical Holdings 1,800 125,312 – 0.00 % Takeda Pharmaceutical Co Ltd 3,533 119,323 – 0.00 % Tricida Inc 504 17,585 – 0.00 % Tsumura & Co (700) (19,197) – 0.00 % UCB SA 3,403 254,077 – 0.00 % Vifor Pharma AG 1,788 283,400 – 0.00 % WaVe Life Sciences Ltd 1,554 35,742 – 0.00 % Zogenix Inc 1,210 51,655 – 0.00 % Zynerba Pharmaceuticals Inc 86 919 – 0.00 % Total Pharmaceuticals – 0.00 %

Professional Services 51job Inc 179 12,875 – 0.00 % Acacia Research Corp 6,523 17,025 – 0.00 % AF POYRY AB 362 8,146 – 0.00 % Akka Technologies 695 44,986 – 0.00 % Altech Corp 850 11,483 – 0.00 % Applus Services SA 789 10,483 – 0.00 % BayCurrent Consulting Inc 200 9,031 – 0.00 % Benefit One Inc 1,200 19,384 – 0.00 % BG Staffing Inc 2,389 44,770 – 0.00 % CBIZ Inc 6,606 147,578 – 0.00 % CoStar Group Inc 265 162,941 – 0.00 % CRA International Inc 1,254 48,768 – 0.00 % en-japan Inc 200 7,451 – 0.00 % Experian PLC 3,035 92,967 – 0.00 % Exponent Inc 540 38,281 – 0.00 % Forrester Research Inc 1,521 53,037 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 91 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Professional Services (continued) Franklin Covey Co 1,416 52,095 – 0.00 % FTI Consulting Inc 1,109 119,927 – 0.00 % FULLCAST Holdings Co Ltd 700 13,125 – 0.00 % Funai Soken Holdings Inc 900 19,203 – 0.00 % Gakujo Co Ltd 103 1,100 – 0.00 % GP Strategies Corp 1,345 17,324 – 0.00 % Grace Technology Inc 100 2,733 – 0.00 % Heidrick & Struggles Internati 312 8,284 – 0.00 % Huron Consulting Group Inc 1,276 78,104 – 0.00 % ICF International Inc 1,937 163,986 – 0.00 % IHS Markit Ltd 1,296 85,031 – 0.00 % Impact HD Inc 200 3,929 – 0.00 % InnerWorkings Inc 7,991 33,882 – 0.00 % Insource Co Ltd 375 8,506 – 0.00 % Insperity Inc 29 2,873 – 0.00 % Intertek Group PLC 3,181 210,047 – 0.00 % Intertrust NV 1,081 22,417 – 0.00 % Interworks Inc 54 269 – 0.00 % IPH Ltd 1,048 6,559 – 0.00 % IR Japan Holdings Ltd 400 16,332 – 0.00 % JAC Recruitment Co Ltd 700 13,059 – 0.00 % Kelly Services Inc 952 23,048 – 0.00 % Korn Ferry (11,685) (456,650) – 0.00 % Link And Motivation Inc 1,300 6,531 – 0.00 % Management Solutions Co Ltd 488 9,981 – 0.00 % Matching Service Japan Co Ltd 200 2,546 – 0.00 % Meitec Corp 200 10,311 – 0.00 % Morneau Shepell Inc 3,008 74,034 – 0.00 % Nexyz Group Corp 400 6,751 – 0.00 % Nihon M&A Center Inc 500 14,582 – 0.00 % Nisso Corp 300 3,014 – 0.00 % Nomura Co Ltd 900 11,414 – 0.00 % Outsourcing Inc 600 5,458 – 0.00 % Pasona Group Inc 700 9,391 – 0.00 % Persol Holdings Co Ltd 400 8,117 – 0.00 % Prored Partners Co Ltd 100 6,426 – 0.00 % Recruit Holdings Co Ltd 800 24,227 – 0.00 % RELX PLC 2,594 62,055 – 0.00 % Resources Connection Inc 1,360 22,508 – 0.00 % RWS Holdings PLC 10,672 78,284 – 0.00 % SGS SA 16 39,277 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 92 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Professional Services (continued) SIGMAXYZ Inc 300 3,536 – 0.00 % SMS Co Ltd 400 8,930 – 0.00 % S-Pool Inc 500 13,688 – 0.00 % Tanseisha Co Ltd 1,100 13,246 – 0.00 % TechnoPro Holdings Inc 200 11,609 – 0.00 % Teleperformance 445 97,122 – 0.00 % Thomson Reuters Corp 1,012 69,667 – 0.00 % Tinexta Spa 3,871 46,114 – 0.00 % TransUnion 293 24,509 – 0.00 % Trust Tech Inc 800 9,317 – 0.00 % UT Group Co Ltd 600 11,007 – 0.00 % Verisk Analytics Inc 2,387 385,596 – 0.00 % Waste Connections Inc 7,877 723,896 – 0.00 % WDB Holdings Co Ltd 66 1,461 – 0.00 % Weathernews Inc 51 1,485 – 0.00 % Will Group Inc 600 4,589 – 0.00 % Willdan Group Inc 1,178 42,585 – 0.00 % Wolters Kluwer NV 2,094 150,775 – 0.00 % Yumeshin Holdings Co Ltd 563 4,168 – 0.00 % Total Professional Services – 0.00 %

Real Estate Management and Development ADLER Real Estate AG 2,115 26,683 – 0.00 % ADO Properties SA 1,135 46,550 – 0.00 % Aeon Mall Co Ltd 15,332 241,025 – 0.00 % Agile Group Holdings Ltd 18,000 23,003 – 0.00 % Allreal Holding AG 363 69,454 – 0.00 % Aoyama Zaisan Networks Co Ltd 126 1,660 – 0.00 % Beijing Capital Land Ltd 64,000 21,468 – 0.00 % BR Malls Participacoes SA (800) (2,612) – 0.00 % CA Immobilien Anlagen AG 3,784 133,901 – 0.00 % Castellum AB 5,929 126,357 – 0.00 % CH OVS G OCEANS 45,000 21,350 – 0.00 % China Aoyuan Group Ltd 46,000 54,210 – 0.00 % China Evergrande Group 20,000 41,425 – 0.00 % CHINA JINMAO 42,000 23,462 – 0.00 % CHINA OVERSEAS 2,000 6,326 – 0.00 % CHINA OVS PPT 15,000 7,652 – 0.00 % China Resources Land Ltd 4,000 16,274 – 0.00 % China SCE Group Holdings Ltd 42,000 20,356 – 0.00 % China South City Holdings Ltd 174,000 21,526 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 93 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Real Estate Management and Development (continued) China Vanke Co Ltd 2,500 8,641 – 0.00 % CIFI Holdings Group Co Ltd 40,000 21,529 – 0.00 % CK Asset Holdings Ltd 9,000 61,124 – 0.00 % Colliers International Group I 194 13,109 – 0.00 % Consolidated-Tomoka Land Co 2,494 159,217 – 0.00 % Corestate Capital Holding SA 159 5,006 – 0.00 % Country Garden Holdings Co Ltd 25,000 31,088 – 0.00 % CRE Inc/Japan 89 949 – 0.00 % Daibiru Corp 492 4,740 – 0.00 % Daiwa House Industry Co Ltd 190 5,956 – 0.00 % Dear Life Co Ltd 466 2,280 – 0.00 % DIC Asset AG 5,688 77,135 – 0.00 % Dios Fastigheter AB 4,883 43,712 – 0.00 % Entra ASA 2,825 42,499 – 0.00 % eXp World Holdings Inc 1,230 10,701 – 0.00 % Fabege AB 7,354 122,800 – 0.00 % Fastighets AB Balder 2,970 111,727 – 0.00 % First Capital Realty Inc 8,101 135,200 – 0.00 % FirstService Corp 415 43,186 – 0.00 % Five Point Holdings LLC 5,485 38,505 – 0.00 % Forestar Group Inc 2,094 39,912 – 0.00 % FUTURE LAND 48,000 37,956 – 0.00 % GEMDALE PPT 194,000 21,526 – 0.00 % Goldcrest Co Ltd 100 1,898 – 0.00 % Good Com Asset Co Ltd 100 1,569 – 0.00 % Grainger PLC 5,301 15,748 – 0.00 % Grand City Properties SA 3,287 75,424 – 0.00 % Greentown China Holdings Ltd 30,000 24,756 – 0.00 % Hang Lung Properties Ltd 17,000 38,421 – 0.00 % Heiwa Real Estate Co Ltd 1,000 23,388 – 0.00 % Hembla AB 1,712 34,169 – 0.00 % Hemfosa Fastigheter AB 1,151 11,597 – 0.00 % HENDERSON LAND 18,600 86,588 – 0.00 % Highwealth Construction Corp 46,448 73,402 – 0.00 % Howard Hughes Corp/The 589 74,373 – 0.00 % Huaku Development Co Ltd 26,275 67,527 – 0.00 % Hufvudstaden AB 3,481 64,342 – 0.00 % Hulic Co Ltd 27,700 264,244 – 0.00 % Hysan Development Co Ltd 16,000 64,791 – 0.00 % Ichigo Inc 3,400 13,690 – 0.00 % IMMOFINANZ AG 2,081 58,191 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 94 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Real Estate Management and Development (continued) Japan Asset Marketing Co Ltd 910 745 – 0.00 % Japan Property Management Cent 800 9,927 – 0.00 % Jiayuan International Group Lt 16,000 6,387 – 0.00 % Kaisa Group Holdings Ltd 17,000 5,876 – 0.00 % Katitas Co Ltd 900 34,418 – 0.00 % Keihanshin Building Co Ltd 200 2,354 – 0.00 % Kenedix Inc 4,600 22,374 – 0.00 % Kennedy-Wilson Holdings Inc 2,329 48,862 – 0.00 % Kerry Properties Ltd 18,000 60,722 – 0.00 % Klovern AB 6,088 10,987 – 0.00 % Kungsleden AB 3,615 33,391 – 0.00 % KWG Group Holdings Ltd 19,500 16,987 – 0.00 % LAND Co Ltd 52,600 2,969 – 0.00 % LEG Immobilien AG 798 93,660 – 0.00 % Leopalace21 Corp 400 1,095 – 0.00 % Logan Property Holdings Co Ltd 36,000 50,782 – 0.00 % Longfor Group Holdings Ltd 11,500 40,995 – 0.00 % Marcus & Millichap Inc 3,542 127,795 – 0.00 % Mitsubishi Estate Co Ltd 13,248 253,506 – 0.00 % Mitsui Fudosan Co Ltd 10,842 259,690 – 0.00 % Mobimo Holding AG 193 54,494 – 0.00 % Multiplan Empreendimentos Imob (200) (1,259) – 0.00 % New World Development Co Ltd 72,000 89,809 – 0.00 % Nexity SA 515 23,917 – 0.00 % Nippon Commercial Development 196 2,687 – 0.00 % Nyfosa AB 924 6,194 – 0.00 % Open House Co Ltd 600 27,236 – 0.00 % PATRIZIA AG 2,532 46,190 – 0.00 % Poly Property Group Co Ltd 69,000 24,201 – 0.00 % PSP Swiss Property AG 773 102,687 – 0.00 % R&F PROPERTIES 8,400 13,520 – 0.00 % Raysum Co Ltd 1,820 19,280 – 0.00 % Redfin Corp 345 5,827 – 0.00 % Relo Group Inc 1,500 37,975 – 0.00 % S IMMO AG 3,534 76,819 – 0.00 % SAMTY Co Ltd 700 12,012 – 0.00 % Savills PLC 1,550 15,594 – 0.00 % Shenzhen Investment Ltd 66,000 25,001 – 0.00 % Shimao Property Holdings Ltd 9,000 25,483 – 0.00 % Shui On Land Ltd 108,000 22,452 – 0.00 % Sino Land Co Ltd 44,000 62,852 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 95 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Real Estate Management and Development (continued) SOHO China Ltd 75,500 22,148 – 0.00 % St Joe Co/The 8,707 156,552 – 0.00 % St Modwen Properties PLC 4,608 22,815 – 0.00 % Star Mica Holdings Co Ltd 100 1,715 – 0.00 % Sumitomo Realty & Development 7,034 264,366 – 0.00 % Sun Frontier Fudousan Co Ltd 1,400 16,016 – 0.00 % Sun Hung Kai Properties Ltd 5,500 77,934 – 0.00 % Sunac China Holdings Ltd 9,000 36,043 – 0.00 % Swire Pacific Ltd 1,000 9,789 – 0.00 % Swire Properties Ltd 22,800 74,879 – 0.00 % Swiss Prime Site AG 440 43,782 – 0.00 % TAG Immobilien AG 7,224 168,620 – 0.00 % Takara Leben Co Ltd 300 1,152 – 0.00 % Tejon Ranch Co 1,868 31,270 – 0.00 % Times China Holdings Ltd 13,000 19,830 – 0.00 % TLG Immobilien AG 4,443 133,296 – 0.00 % Tokyo Tatemono Co Ltd 20,529 267,488 – 0.00 % Tokyu Fudosan Holdings Corp 42,411 262,937 – 0.00 % Tosei Corp 2,000 22,485 – 0.00 % Urbanet Corp Co Ltd 235 822 – 0.00 % Vonovia SE 2,203 109,671 – 0.00 % Wallenstam AB 1,758 19,725 – 0.00 % Wharf Holdings Ltd/The 22,000 48,149 – 0.00 % Wheelock & Co Ltd 13,000 75,524 – 0.00 % Wihlborgs Fastigheter AB 2,687 43,160 – 0.00 % Yuexiu Property Co Ltd 62,000 13,364 – 0.00 % Yuzhou Properties Co Ltd 29,000 12,206 – 0.00 % Total Real Estate Management and Development – 0.00 %

Road & Rail AMERCO 538 189,172 – 0.00 % Canadian National Railway Co 9,826 905,407 – 0.00 % Canadian Pacific Railway Ltd 3,874 932,743 – 0.00 % Central Japan Railway Co 400 79,082 – 0.00 % CJ Logistics Corp (151) (17,865) – 0.00 % Covenant Transportation Group 259 3,724 – 0.00 % CSX Corp 41,168 2,759,079 – 0.00 % DSV A/S 793 78,587 – 0.00 % East Japan Railway Co 800 76,128 – 0.00 % Fukuyama Transporting Co Ltd 33 1,142 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 96 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Road & Rail (continued) Go-Ahead Group PLC/The 336 8,502 – 0.00 % Hamakyorex Co Ltd 300 10,316 – 0.00 % Hankyu Hanshin Holdings Inc 2,100 79,519 – 0.00 % Hitachi Transport System Ltd 1,400 43,859 – 0.00 % Kansas City Southern 18,764 2,360,511 – 0.00 % Keikyu Corp 3,800 69,640 – 0.00 % Keio Corp 1,500 93,701 – 0.00 % Keisei Electric Railway Co Ltd 2,400 94,379 – 0.00 % Kintetsu Group Holdings Co Ltd 1,900 94,558 – 0.00 % Knight-Swift Transportation Ho 15,403 525,858 – 0.00 % KRS Corp 53 883 – 0.00 % Kyushu Railway Co 200 5,993 – 0.00 % Marten Transport Ltd 604 11,881 – 0.00 % Maruzen Showa Unyu Co Ltd 65 1,896 – 0.00 % MTR Corp Ltd 60,500 350,318 – 0.00 % Mullen Group Ltd (1,435) (9,675) – 0.00 % Nagoya Railroad Co Ltd 3,400 101,237 – 0.00 % National Express Group PLC 6,719 34,689 – 0.00 % Nikkon Holdings Co Ltd 100 2,228 – 0.00 % Nippon Express Co Ltd 300 15,495 – 0.00 % Norfolk Southern Corp 13,940 2,426,257 – 0.00 % Odakyu Electric Railway Co Ltd 3,650 82,756 – 0.00 % Sakai Moving Service Co Ltd 320 18,846 – 0.00 % Sankyu Inc 900 45,552 – 0.00 % Seino Holdings Co Ltd 1,500 19,305 – 0.00 % Senko Group Holdings Co Ltd 1,700 13,498 – 0.00 % Sixt SE 448 42,956 – 0.00 % TFI International Inc 853 24,871 – 0.00 % Tobu Railway Co Ltd 2,700 82,807 – 0.00 % Tokyu Corp 4,767 85,164 – 0.00 % Union Pacific Corp 20,421 3,307,385 – 0.00 % Universal Logistics Holdings I 761 15,943 – 0.00 % West Japan Railway Co 1,200 101,040 – 0.00 % Total Road & Rail – 0.00 %

Semiconductors & Semiconductor Equipment Adesto Technologies Corp 2,066 21,073 – 0.00 % Advanced Energy Industries Inc 234 12,084 – 0.00 % Advantest Corp 1,000 41,065 – 0.00 % AEM Holdings Ltd 72,900 55,671 – 0.00 % AIXTRON SE 4,329 42,702 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 97 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Semiconductors & Semiconductor Equipment Alpha & Omega Semiconductor Lt 613 7,221 – 0.00 % Ambarella Inc 314 17,543 – 0.00 % Amkor Technology Inc 5,309 46,454 – 0.00 % ams AG 2,000 80,069 – 0.00 % Amtech Systems Inc 1,093 5,542 – 0.00 % Applied Materials Inc 40,928 1,965,363 – 0.00 % ASM International NV 778 65,355 – 0.00 % ASML Holding NV 474 105,352 – 0.00 % BE Semiconductor Industries NV 2,240 66,095 – 0.00 % Broadcom Inc 1,019 288,010 – 0.00 % Canadian Solar Inc 1,018 23,811 – 0.00 % Cohu Inc 792 9,441 – 0.00 % Cree Inc 4,695 201,556 – 0.00 % Daqo New Energy Corp 379 19,556 – 0.00 % Dialog Semiconductor PLC 937 44,237 – 0.00 % Digital Media Professionals In 100 3,697 – 0.00 % Disco Corp 100 18,157 – 0.00 % DSP Group Inc 5,044 69,809 – 0.00 % Enphase Energy Inc 494 14,657 – 0.00 % Entegris Inc 480 20,558 – 0.00 % Everspin Technologies Inc 1,414 9,559 – 0.00 % Furuya Metal Co Ltd 200 5,711 – 0.00 % GSI Technology Inc 1,910 16,044 – 0.00 % Hua Hong Semiconductor Ltd 8,000 13,387 – 0.00 % Impinj Inc 122 4,438 – 0.00 % Infineon Technologies AG 1,977 34,214 – 0.00 % Innox Advanced Materials Co Lt (501) (20,227) – 0.00 % Inphi Corp 170 10,402 – 0.00 % Intel Corp 639 30,295 – 0.00 % Inter Action Corp 500 8,552 – 0.00 % IQE PLC 10,022 6,273 – 0.00 % JinkoSolar Holding Co Ltd 1,128 24,669 – 0.00 % Kulicke & Soffa Industries Inc 2,898 60,365 – 0.00 % Lam Research Corp 8,865 1,866,171 – 0.00 % Lattice Semiconductor Corp 3,753 73,897 – 0.00 % Machvision Inc 5,667 61,513 – 0.00 % MagnaChip Semiconductor Corp 8,306 83,974 – 0.00 % Marvell Technology Group Ltd 12,408 297,420 – 0.00 % Maxim Integrated Products Inc 5,274 287,644 – 0.00 % Microchip Technology Inc 2,935 253,379 – 0.00 % Monolithic Power Systems Inc 1,992 299,916 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 98 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued) p Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Semiconductors & Semiconductor Equipment (continued) Nanometrics Inc 1,649 45,001 – 0.00 % NeoPhotonics Corp 3,147 19,700 – 0.00 % NVIDIA Corp 1,796 300,848 – 0.00 % NXP Semiconductors NV 2,925 298,760 – 0.00 % ON Semiconductor Corp 16,087 286,349 – 0.00 % PDF Solutions Inc 1,951 22,846 – 0.00 % Photronics Inc 5,236 56,549 – 0.00 % Pixart Imaging Inc 7,000 24,024 – 0.00 % Pixelworks Inc 13,625 42,919 – 0.00 % Qorvo Inc 4,053 289,506 – 0.00 % QUALCOMM Inc 16,766 1,303,892 – 0.00 % Radiant Opto-Electronics Corp 4,500 16,306 – 0.00 % Rambus Inc 5,153 64,619 – 0.00 % Realtek Semiconductor Corp 3,000 20,592 – 0.00 % Renesas Electronics Corp 3,700 23,113 – 0.00 % Rohm Co Ltd 400 28,524 – 0.00 % Rorze Corp 200 4,256 – 0.00 % Rudolph Technologies Inc 2,875 63,221 – 0.00 % Sanken Electric Co Ltd (1,000) (17,433) – 0.00 % SCREEN Holdings Co Ltd 500 28,694 – 0.00 % Seoul Semiconductor Co Ltd (315) (3,844) – 0.00 % Shindengen Electric Manufactur (600) (17,301) – 0.00 % Skyworks Solutions Inc 17,038 1,282,450 – 0.00 % SMART Global Holdings Inc 518 14,716 – 0.00 % SolarEdge Technologies Inc 193 15,811 – 0.00 % STMicroelectronics 5,159 91,335 – 0.00 % SUMCO Corp 1,900 23,541 – 0.00 % SunPower Corp 1,903 23,826 – 0.00 % Synaptics Inc 1,011 32,372 – 0.00 % Taiwan Surface Mounting Techno 6,000 14,252 – 0.00 % Texas Instruments Inc 15,610 1,931,738 – 0.00 % Tokyo Electron Ltd 200 35,759 – 0.00 % Tokyo Seimitsu Co Ltd 800 21,231 – 0.00 % Torex Semiconductor Ltd 200 2,124 – 0.00 % Tri Chemical Laboratories Inc 300 14,902 – 0.00 % TSMC 9,327 328,887 – 0.00 % Ulvac Inc 700 28,482 – 0.00 % WONIK IPS Co Ltd (551) (10,713) – 0.00 % Xilinx Inc 2,782 289,495 – 0.00 % Xinyi Solar Holdings Ltd 110,000 69,446 – 0.00 % Xperi Corp 1,705 31,236 – 0.00 % Total Semiconductors & Semiconductor Equipment – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 99 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Software 2U Inc 1,260 22,529 – 0.00 % A10 Networks Inc 827 5,739 – 0.00 % Access Co Ltd 500 3,589 – 0.00 % Acrodea Inc 600 1,180 – 0.00 % Adobe Inc 748 212,813 – 0.00 % Advanced Media Inc 300 3,023 – 0.00 % Agilysys Inc 1,328 36,188 – 0.00 % Alarm.com Holdings Inc 355 16,898 – 0.00 % Alteryx Inc 79 11,254 – 0.00 % Altium Ltd 2,440 60,381 – 0.00 % American Software Inc/GA 900 14,184 – 0.00 % ANSYS Inc 2,567 530,240 – 0.00 % Appfolio Inc 203 20,050 – 0.00 % Aspen Technology Inc 557 74,192 – 0.00 % Asteria Corp 700 4,136 – 0.00 % Asure Software Inc 9,371 60,349 – 0.00 % Autodesk Inc 406 57,985 – 0.00 % Avaya Holdings Corp 2,392 33,775 – 0.00 % AVEVA Group PLC 2,826 127,200 – 0.00 % BlackBerry Ltd (2,422) (16,657) – 0.00 % Blue Prism Group plc 1,147 12,956 – 0.00 % Bravura Solutions Ltd 3,197 10,521 – 0.00 % Cadence Design Systems Inc 7,218 494,289 – 0.00 % CDK Global Inc 627 27,061 – 0.00 % Ceridian HCM Holding Inc 809 46,736 – 0.00 % Cision Ltd 2,232 15,445 – 0.00 % Citrix Systems Inc 7,257 674,756 – 0.00 % Claranova SADIR 3,192 26,495 – 0.00 % CommVault Systems Inc 12,662 549,151 – 0.00 % Computer Engineering & Consult 200 4,232 – 0.00 % Constellation Software Inc/Can 338 329,788 – 0.00 % Cornerstone OnDemand Inc 8,643 450,905 – 0.00 % Cyber Com Co Ltd 700 10,932 – 0.00 % CyberArk Software Ltd 84 9,437 – 0.00 % Dassault Systemes SE 683 96,187 – 0.00 % Descartes Systems Group Inc/Th 503 17,872 – 0.00 % Digital Turbine Inc 11,006 83,756 – 0.00 % Envestnet Inc 711 40,676 – 0.00 % eSOL Co Ltd 200 2,510 – 0.00 % Everbridge Inc 34 2,931 – 0.00 % Fair Isaac Corp 4,730 1,668,366 – 0.00 % FFRI Inc 100 2,761 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 100 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Software (continued) Finjan Holdings Inc 1,889 3,306 – 0.00 % FireEye Inc 6,004 80,634 – 0.00 % Fixstars Corp 700 10,135 – 0.00 % Fortinet Inc 25,911 2,051,633 – 0.00 % Globant SA 88 8,354 – 0.00 % Guidewire Software Inc 6,308 606,703 – 0.00 % Gunosy Inc 200 2,604 – 0.00 % HubSpot Inc 2,230 445,286 – 0.00 % Instructure Inc 1,391 57,532 – 0.00 % Intelligent Systems Corp 193 10,208 – 0.00 % Intelligent Wave Inc 600 4,550 – 0.00 % Intuit Inc 1,042 300,471 – 0.00 % j2 Global Inc 560 47,376 – 0.00 % Justsystems Corp 200 7,498 – 0.00 % KINGDEE INT'L 30,000 27,166 – 0.00 % LogMeIn Inc 8,397 561,255 – 0.00 % Micro Focus International PLC 2,454 33,101 – 0.00 % Microsoft Corp 20,350 2,805,451 – 0.00 % MicroStrategy Inc 146 20,920 – 0.00 % Mimecast Ltd 572 23,412 – 0.00 % Miroku Jyoho Service Co Ltd 200 5,186 – 0.00 % Mitek Systems Inc 6,055 61,398 – 0.00 % Model N Inc 5,531 158,353 – 0.00 % Money Forward Inc 100 3,170 – 0.00 % m-up Inc 300 5,602 – 0.00 % nearmap Ltd 10,762 19,773 – 0.00 % Nemetschek SE 1,790 94,776 – 0.00 % Neos Corp 300 2,057 – 0.00 % New Relic Inc 1,681 96,389 – 0.00 % Nuance Communications Inc 3,298 55,439 – 0.00 % Open Text Corp 7,324 287,063 – 0.00 % Optim Corp 200 5,522 – 0.00 % Oracle Corp 65,722 3,421,487 – 0.00 % Oracle Corp Japan 2,100 180,770 – 0.00 % Palo Alto Networks Inc 2,944 599,457 – 0.00 % Paycom Software Inc 2,103 526,002 – 0.00 % Pegasystems Inc 1,169 82,005 – 0.00 % Progress Software Corp 756 28,562 – 0.00 % Proofpoint Inc 4,516 513,063 – 0.00 % PROS Holdings Inc 552 39,203 – 0.00 % PTC Inc 7,608 498,096 – 0.00 % QAD Inc 1,518 61,509 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 101 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Software (continued) Rakus Co Ltd 300 8,636 – 0.00 % RealPage Inc 1,213 77,232 – 0.00 % RIB Software SE 208 4,631 – 0.00 % RingCentral Inc 3,727 525,992 – 0.00 % Sage Group PLC/The 5,819 49,594 – 0.00 % salesforce.com Inc 3,786 590,881 – 0.00 % SAP SE 28,304 3,372,441 – 0.00 % ServiceNow Inc 2,164 566,622 – 0.00 % SimCorp A/S 1,160 107,965 – 0.00 % sinops Inc 300 5,447 – 0.00 % Smartsheet Inc 110 5,346 – 0.00 % Software AG 84 2,262 – 0.00 % Sourcenext Corp 2,000 8,147 – 0.00 % Splunk Inc 3,730 417,089 – 0.00 % SS&C Technologies Holdings Inc 11,497 535,875 – 0.00 % Synopsys Inc 19,772 2,803,867 – 0.00 % System Information Co Ltd 800 7,895 – 0.00 % Systems Engineering Consultant 300 8,509 – 0.00 % Systena Corp 500 7,456 – 0.00 % TeamSpirit Inc 200 3,046 – 0.00 % Telaria Inc 2,753 27,475 – 0.00 % Telenav Inc 5,430 61,468 – 0.00 % Temenos AG 1,018 170,507 – 0.00 % Teradata Corp 2,889 89,183 – 0.00 % TOTVS SA (100) (1,305) – 0.00 % Verint Systems Inc 267 14,228 – 0.00 % VirnetX Holding Corp 708 3,724 – 0.00 % VMware Inc 3,798 537,189 – 0.00 % WiseTech Global Ltd 540 13,421 – 0.00 % Workday Inc 2,464 436,818 – 0.00 % Zendesk Inc 6,755 541,751 – 0.00 % Zix Corp 3,907 28,716 – 0.00 % Total Software – 0.00 %

Specialty Retail Advance Auto Parts Inc (1,772) (244,447) – 0.00 % America's Car-Mart Inc/TX 916 78,574 – 0.00 % Arcland Sakamoto Co Ltd 200 2,264 – 0.00 % Asahi Co Ltd 700 7,896 – 0.00 % AutoNation Inc 4,014 190,504 – 0.00 % AutoZone Inc 2,874 3,166,257 – 0.00 % Best Buy Co Inc 20,055 1,276,501 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 102 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Specialty Retail (continued) Bilia AB 392 3,248 – 0.00 % Build-A-Bear Workshop Inc 3,511 8,707 – 0.00 % Burlington Stores Inc 454 91,930 – 0.00 % Caleres Inc (10,430) (210,165) – 0.00 % CarMax Inc 33,226 2,767,061 – 0.00 % Carvana Co 210 17,044 – 0.00 % Cato Corp/The 2,722 46,628 – 0.00 % Citi Trends Inc 1,764 29,653 – 0.00 % Dick's Sporting Goods Inc 968 32,951 – 0.00 % Dunelm Group PLC 4,157 44,299 – 0.00 % Fnac Darty SA 308 20,089 – 0.00 % Fuji Corp/Miyagi 200 3,914 – 0.00 % GameStop Corp 6,416 25,472 – 0.00 % Gap Inc/The 47,259 746,220 – 0.00 % Geo Holdings Corp 704 8,829 – 0.00 % Group 1 Automotive Inc 1,728 129,116 – 0.00 % Hard Off Corp Co Ltd 400 2,661 – 0.00 % Haverty Furniture Cos Inc 749 14,343 – 0.00 % Hibbett Sports Inc 1,293 21,386 – 0.00 % Hikari Tsushin Inc 200 46,851 – 0.00 % Home Depot Inc/The 514 117,146 – 0.00 % Honeys Holdings Co Ltd 700 9,332 – 0.00 % J. Jill Inc 4,946 9,249 – 0.00 % JB Hi-Fi Ltd 1,589 35,183 – 0.00 % JD Sports Fashion PLC 542 4,068 – 0.00 % JINS Holdings Inc 400 22,089 – 0.00 % Joshin Denki Co Ltd 200 3,654 – 0.00 % Keiyo Co Ltd 900 3,979 – 0.00 % Kohnan Shoji Co Ltd 1,000 21,788 – 0.00 % Kojima Co Ltd 3,200 13,126 – 0.00 % Komehyo Co Ltd 100 961 – 0.00 % Laox Co Ltd 1,100 2,546 – 0.00 % Lithia Motors Inc 1,594 208,926 – 0.00 % LOTTE Himart Co Ltd (1,115) (28,873) – 0.00 % Lowe's Cos Inc 324 36,353 – 0.00 % Matas A/S 33 260 – 0.00 % Murphy USA Inc 815 72,861 – 0.00 % National Vision Holdings Inc 109 3,091 – 0.00 % Nextage Co Ltd 1,100 11,673 – 0.00 % Nitori Holdings Co Ltd 100 14,417 – 0.00 % Nojima Corp 1,700 28,964 – 0.00 % O'Reilly Automotive Inc 7,410 2,843,662 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 103 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Specialty Retail (continued) Otsuka Kagu Ltd 1,300 2,177 – 0.00 % PAL GROUP Holdings Co Ltd 400 12,287 – 0.00 % PC Depot Corp 300 1,355 – 0.00 % Penske Automotive Group Inc 5,379 230,114 – 0.00 % Pets at Home Group Plc 4,790 13,472 – 0.00 % Rent-A-Center Inc/TX 637 16,263 – 0.00 % Right On Co Ltd 400 2,623 – 0.00 % Ross Stores Inc 1,022 108,342 – 0.00 % RTW RetailWinds Inc 2,080 2,101 – 0.00 % Sanrio Co Ltd 200 3,812 – 0.00 % Shoe Carnival Inc 728 22,379 – 0.00 % Sportsman's Warehouse Holdings 4,594 19,387 – 0.00 % Super Retail Group Ltd 673 4,235 – 0.00 % T-Gaia Corp 500 10,038 – 0.00 % Tiffany & Co 940 79,778 – 0.00 % Tilly's Inc 988 10,581 – 0.00 % TJX Cos Inc/The 1,915 105,268 – 0.00 % Tokyo Base Co Ltd 200 1,684 – 0.00 % TravelCenters of America Inc 1,328 17,397 – 0.00 % Unieuro SpA 1,725 22,028 – 0.00 % USS Co Ltd 1,800 34,003 – 0.00 % Via Varejo SA (600) (1,123) – 0.00 % Visionary Holdings Co Ltd 5,000 1,693 – 0.00 % Williams-Sonoma Inc 543 35,729 – 0.00 % World Co Ltd 100 2,145 – 0.00 % Yellow Hat Ltd 700 10,497 – 0.00 % Total Specialty Retail – 0.00 %

Technology Hardware Storage & Peripheral 3D Systems Corp (15,067) (105,469) – 0.00 % Apple Inc 10,154 2,119,546 – 0.00 % Asia Vital Components Co Ltd 1,000 1,347 – 0.00 % Brother Industries Ltd 1,133 19,613 – 0.00 % Canon Inc 467 12,130 – 0.00 % CMC Magnetics Corp 32,000 8,040 – 0.00 % Darfon Electronics Corp 27,071 35,780 – 0.00 % Elecom Co Ltd 300 11,783 – 0.00 % FUJIFILM Holdings Corp 1,004 42,967 – 0.00 % Hewlett Packard Enterprise Co 251,473 3,475,357 – 0.00 % HP Inc 45,774 837,206 – 0.00 % Immersion Corp 6,178 50,721 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 104 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Technology Hardware Storage & Peripheral (continued) Intevac Inc 3,100 15,097 – 0.00 % Konica Minolta Inc 2,304 16,387 – 0.00 % Lenovo Group Ltd 20,000 13,162 – 0.00 % Lite-On Technology Corp 3,000 4,789 – 0.00 % Logitech International SA 1,600 64,831 – 0.00 % MCJ Co Ltd 300 1,908 – 0.00 % Micro-Star International Co Lt 6,000 16,052 – 0.00 % NEC Corp 950 40,665 – 0.00 % Pixela Corp 900 364 – 0.00 % Pure Storage Inc 1,729 28,148 – 0.00 % Qisda Corp 115,063 73,652 – 0.00 % Ricoh Co Ltd 2,733 25,274 – 0.00 % Seiko Epson Corp 300 3,988 – 0.00 % Sun Corp 500 6,120 – 0.00 % Wacom Co Ltd (3,100) (9,653) – 0.00 % Total Technology Hardware Storage & Peripheral – 0.00 %

Textiles Apparel & Luxury Goods adidas AG 3,425 1,015,125 – 0.00 % ANTA Sports Products Ltd 6,000 49,741 – 0.00 % Aritzia Inc 1,216 15,518 – 0.00 % Atsugi Co Ltd 300 2,320 – 0.00 % Baroque Japan Ltd 200 1,904 – 0.00 % BOSIDENG 114,000 39,112 – 0.00 % Brunello Cucinelli SpA 1,664 51,641 – 0.00 % Burberry Group PLC 36,330 956,389 – 0.00 % Canada Goose Holdings Inc 581 21,706 – 0.00 % Capri Holdings Ltd 1,951 51,467 – 0.00 % Cie Financiere Richemont SA 10,918 847,058 – 0.00 % Coats Group PLC 81,305 72,351 – 0.00 % Columbia Sportswear Co 788 73,907 – 0.00 % Crocs Inc 1,527 34,052 – 0.00 % Descente Ltd 921 12,590 – 0.00 % Eclat Textile Co Ltd 6,211 76,143 – 0.00 % EssilorLuxottica SA 178 26,261 – 0.00 % Feng TAY Enterprise Co Ltd 16,054 104,813 – 0.00 % Gildan Activewear Inc 1,395 51,234 – 0.00 % Goldwin Inc 200 27,602 – 0.00 % Gunze Ltd 200 8,279 – 0.00 % Hagihara Industries Inc 200 2,544 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 105 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Textiles Apparel & Luxury Goods (continued) Hanesbrands Inc 1,956 26,719 – 0.00 % Hansae Co Ltd (518) (7,585) – 0.00 % Hermes International 1,499 1,022,989 – 0.00 % HUGO BOSS AG 15,177 845,280 – 0.00 % Kering SA 2,026 980,539 – 0.00 % Li Ning Co Ltd 21,500 63,480 – 0.00 % LPP SA 2 3,730 – 0.00 % Lululemon Athletica Inc 336 62,049 – 0.00 % LVMH Moet Hennessy Louis Vuitt 2,633 1,048,617 – 0.00 % Makalot Industrial Co Ltd 16,573 97,884 – 0.00 % Matsuoka Corp 200 3,861 – 0.00 % Moncler SpA 2,128 79,722 – 0.00 % Morito Co Ltd 200 1,436 – 0.00 % Movado Group Inc 1,969 42,373 – 0.00 % NIKE Inc 1,912 161,564 – 0.00 % Oxford Industries Inc (5,845) (407,864) – 0.00 % Puma SE 13,248 1,005,291 – 0.00 % Renown Inc 2,100 2,094 – 0.00 % Rocky Brands Inc 2,810 81,883 – 0.00 % Sakai Ovex Co Ltd 100 1,491 – 0.00 % Salvatore Ferragamo SpA 145 2,768 – 0.00 % Seiko Holdings Corp 200 4,194 – 0.00 % Seiren Co Ltd 400 4,580 – 0.00 % SHENZHOU INTL 5,400 73,349 – 0.00 % Shikibo Ltd 200 1,693 – 0.00 % Swatch Group AG/The (244) (66,084) – 0.00 % Taiwan Paiho Ltd 29,010 77,705 – 0.00 % Under Armour Inc 2,569 47,809 – 0.00 % Unifi Inc 393 7,561 – 0.00 % Vera Bradley Inc 3,988 42,233 – 0.00 % Vince Holding Corp 635 7,811 – 0.00 % Xtep International Holdings Lt 20,500 11,713 – 0.00 % Yondoshi Holdings Inc 200 4,602 – 0.00 % Youngone Corp (114) (3,320) – 0.00 % Total Textiles Apparel & Luxury Goods – 0.00 %

Thrifts & Mortgage Finance Aruhi Corp 300 5,473 – 0.00 % Bridgewater Bancshares Inc 1,370 15,248 – 0.00 % Capitol Federal Financial Inc 7,624 102,695 – 0.00 % Columbia Financial Inc 4,886 74,072 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 106 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Thrifts & Mortgage Finance (continued) Deutsche Pfandbriefbank AG 1,648 19,523 – 0.00 % Dime Community Bancshares Inc 239 4,739 – 0.00 % Equitable Group Inc 157 11,674 – 0.00 % Farmer Mac 184 15,152 – 0.00 % First Defiance Financial Corp 2,219 58,027 – 0.00 % Flagstar Bancorp Inc 3,418 124,244 – 0.00 % Genworth MI Canada Inc 86 3,261 – 0.00 % Hingham Institution for Saving 91 16,389 – 0.00 % Home Bancorp Inc 859 32,024 – 0.00 % HomeStreet Inc 1,909 50,340 – 0.00 % Kearny Financial Corp/MD 9,454 118,931 – 0.00 % Luther Burbank Corp 2,004 20,962 – 0.00 % Meridian Bancorp Inc 6,381 111,540 – 0.00 % Mr Cooper Group Inc 327 2,881 – 0.00 % Northfield Bancorp Inc 3,181 49,369 – 0.00 % Northwest Bancshares Inc 1,551 24,521 – 0.00 % OceanFirst Financial Corp 417 8,765 – 0.00 % OneSavings Bank PLC 4,548 17,804 – 0.00 % Oritani Financial Corp 8,181 140,141 – 0.00 % Paragon Banking Group PLC 1,947 10,332 – 0.00 % PCSB Financial Corp 2,449 48,270 – 0.00 % PennyMac Financial Services In 621 18,375 – 0.00 % Provident Financial Services I 2,954 70,335 – 0.00 % Riverview Bancorp Inc 3,216 22,673 – 0.00 % Sterling Bancorp Inc/MI 507 4,730 – 0.00 % Territorial Bancorp Inc 797 21,798 – 0.00 % TFS Financial Corp 12,721 222,745 – 0.00 % TrustCo Bank Corp NY 1,759 13,492 – 0.00 % United Community Financial Cor 7,322 70,657 – 0.00 % United Financial Bancorp Inc 4,721 59,013 – 0.00 % Walker & Dunlop Inc 1,401 78,260 – 0.00 % Waterstone Financial Inc 5,308 88,060 – 0.00 % Western New England Bancorp In 2,159 19,194 – 0.00 % Total Thrifts & Mortgage Finance – 0.00 %

Tobacco 22nd Century Group Inc 2,517 4,933 – 0.00 % KT&G Corp (155) (13,080) – 0.00 % Pyxus International Inc 138 1,845 – 0.00 % Turning Point Brands Inc 1,259 45,135 – 0.00 % Universal Corp/VA 1,031 51,612 – 0.00 % Vector Group Ltd 784 9,157 – 0.00 % Total Tobacco – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 107 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Trading Companies & Distributor Aircastle Ltd 1,032 22,549 – 0.00 % Alconix Corp 200 2,164 – 0.00 % Ashtead Group PLC 8,082 223,279 – 0.00 % Barloworld Ltd 2,477 18,064 – 0.00 % BMC Stock Holdings Inc 935 23,777 – 0.00 % BOC Aviation Ltd 10,500 91,198 – 0.00 % Bossard Holding AG 51 6,976 – 0.00 % Cramo Oyj 425 3,545 – 0.00 % Diploma PLC 3,123 60,216 – 0.00 % Ferguson PLC 2,538 186,607 – 0.00 % Finning International Inc (498) (8,648) – 0.00 % Foundation Building Materials 1,617 27,699 – 0.00 % G Three Holdings Corp 500 1,449 – 0.00 % HD Supply Holdings Inc 3,709 144,317 – 0.00 % Howden Joinery Group PLC 21,196 138,775 – 0.00 % IMCD NV 1,379 96,686 – 0.00 % Inaba Denki Sangyo Co Ltd 100 4,478 – 0.00 % Indutrade AB 1,657 47,264 – 0.00 % ITOCHU Corp 69,800 1,391,141 – 0.00 % Japan Pulp & Paper Co Ltd 66 2,322 – 0.00 % Kaman Corp 1,643 95,935 – 0.00 % Kanematsu Corp 500 5,682 – 0.00 % Lawson Products Inc/DE 1,362 49,645 – 0.00 % LG International Corp (3,500) (49,805) – 0.00 % Marubeni Corp 203,400 1,297,573 – 0.00 % Maruka Corp 61 1,063 – 0.00 % Mitsubishi Corp 51,400 1,250,002 – 0.00 % Mitsui & Co Ltd 82,700 1,293,853 – 0.00 % MonotaRO Co Ltd 2,700 66,322 – 0.00 % Nagase & Co Ltd (400) (5,419) – 0.00 % Posco International Corp (1,943) (29,498) – 0.00 % Rush Enterprises Inc 1,207 43,585 – 0.00 % Russel Metals Inc (798) (12,015) – 0.00 % Sanyo Trading Co Ltd 51 1,025 – 0.00 % Seven Group Holdings Ltd 2,170 24,301 – 0.00 % SK Networks Co Ltd (7,535) (33,227) – 0.00 % Sojitz Corp 7,400 22,556 – 0.00 % Sumiseki Holdings Inc 687 834 – 0.00 % Sumitomo Corp 89,600 1,342,377 – 0.00 % Systemax Inc 898 18,023 – 0.00 % Tomoe Engineering Co Ltd 60 1,338 – 0.00 % Travis Perkins PLC 5,874 89,357 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 108 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Trading Companies & Distributor (continued) Triton International Ltd/Bermu 564 18,133 – 0.00 % Trusco Nakayama Corp 200 4,531 – 0.00 % United Rentals Inc 5,229 588,576 – 0.00 % Univar Solutions Inc 301 5,824 – 0.00 % Watsco Inc 525 85,864 – 0.00 % WESCO International Inc (745) (33,585) – 0.00 % WW Grainger Inc 4,346 1,189,283 – 0.00 % Yuasa Trading Co Ltd 73 2,010 – 0.00 % Total Trading Companies & Distributor – 0.00 %

Transportation Infrastructure Aena SME SA 289 52,086 – 0.00 % Aeroports de Paris 316 54,556 – 0.00 % ASTM SpA 1,843 56,832 – 0.00 % Atlantia SpA 330 8,040 – 0.00 % Atlas Arteria Ltd 56,315 322,150 – 0.00 % CCR SA (1,200) (4,722) – 0.00 % EcoRodovias Infraestrutura e L (800) (2,402) – 0.00 % Enav SpA 15,572 87,960 – 0.00 % Flughafen Zurich AG 41 7,522 – 0.00 % Fraport AG Frankfurt Airport S 330 27,554 – 0.00 % Getlink SE 4,018 56,519 – 0.00 % Grupo Aeroportuario del Centro 10,947 64,210 – 0.00 % Grupo Aeroportuario del Pacifi 6,372 60,689 – 0.00 % Grupo Aeroportuario del Surest 2,300 33,781 – 0.00 % Hamburger Hafen und Logistik A 1,781 43,020 – 0.00 % Jiangsu Expressway Co Ltd 8,000 10,611 – 0.00 % Kamigumi Co Ltd 1,400 32,782 – 0.00 % Macquarie Infrastructure Corp 3,625 137,098 – 0.00 % PINFRA 1,704 14,241 – 0.00 % Qube Holdings Ltd 3,326 7,185 – 0.00 % SATS Ltd 8,600 29,740 – 0.00 % SHENZHEN INT'L 24,000 45,425 – 0.00 % Sydney Airport 57,347 325,352 – 0.00 % Taiwan High Speed Rail Corp 131,848 159,533 – 0.00 % TAV Havalimanlari Holding AS 4,476 18,130 – 0.00 % Transurban Group 31,288 314,800 – 0.00 % Total Transportation Infrastructure – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 109 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investments in contracts for difference (28 February 2019: 0.00%) Fair value % of Net Security (continued) Quantity Notional USD assets

Water Utilities American States Water Co 21,274 1,968,483 – 0.00 % American Water Works Co Inc 3,876 493,492 – 0.00 % Cadiz Inc 69 794 – 0.00 % California Water Service Group 25,629 1,446,501 – 0.00 % China Water Affairs Group Ltd 62,000 49,976 – 0.00 % Consolidated Water Co Ltd 237 3,474 – 0.00 % Guangdong Investment Ltd 192,000 404,540 – 0.00 % SJW Group 150 10,250 – 0.00 % York Water Co/The 636 23,748 – 0.00 % Total Water Utilities – 0.00 %

Wireless Telecommunication Services 1&1 Drillisch AG 432 11,850 – 0.00 % America Movil SAB de CV 9,600 7,011 – 0.00 % Japan Communications Inc 400 674 – 0.00 % KDDI Corp 97,903 2,611,176 – 0.00 % NTT DOCOMO Inc 104,481 2,636,230 – 0.00 % Orange Belgium SA 1,232 26,889 – 0.00 % Rogers Communications Inc 331 16,416 – 0.00 % TIM Participacoes SA (700) (2,085) – 0.00 % T-Mobile US Inc 1,276 99,592 – 0.00 % United States Cellular Corp 1,362 49,018 – 0.00 % Vodafone Group PLC (60,455) (114,169) – 0.00 % Total Wireless Telecommunication Services – 0.00 %

Unrealised gains on contracts for differences* – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 110 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investment in futures contracts (28 February 2019: 1.08%) Fair value % of Net Currency Description Notional USD assets

694 of 3 Year Australian T Bonds (Day Session) AUD Sep-19 467,062 357,641 0.04 % 367 of 6% 10 Year Australian T Bonds (Day AUD Session)(SFE) Sep-19 246,991 1,380,289 0.17 % AUD 74 of 90 Day Australian Bills (Day Session) Jun-20 49,802 20,316 0.00 % CAD 244 of 10 Year Canadian Govt Bond Dec-19 183,597 141,324 0.02 % 46 of Canadian Bankers Acceptances CAD Dec-19 Mon 86,531 9,453 0.00 % CAD 204 of S&P/TSE 60 Index Sep-19 30,131,828 254,150 0.03 % 4 of 3 Month Euro/Swiss Franc (Euroswiss) CHF Dec-19 LEU 10,102 606 0.00 % 10 of 3 Month Euro/Swiss Franc (Euroswiss) CHF Mar-20 LEU 25,255 1,010 0.00 % 910 of 2 Year German Debt In Euro Schatz EUR Dec-19 1,000,045 55,777 0.01 % 1111 of 2 Year German Debt In Euro Schatz EUR Sep-19 1,220,933 371,269 0.05 % EUR 405 of 3 Month Euribor Dec-21 LIF 1,112,687 519,199 0.06 % EUR 407 of 3 Month Euribor Dec-20 1,118,182 493,813 0.06 % EUR 292 of 3 Month Euribor Jun-20 802,234 217,826 0.03 % EUR 475 of 3 Month Euribor Jun-21 1,305,003 571,509 0.07 % EUR 380 of 3 Month Euribor Jun-22 1,044,003 443,632 0.05 % EUR 477 of 3 Month Euribor Monthar-21 1,310,498 583,639 0.07 % EUR 398 of 3 Month Euribor Monthar-22 1,093,455 496,011 0.06 % EUR 376 of 3 Month Euribor Sep-20 1,033,013 380,827 0.05 % EUR 445 of 3 Month Euribor Sep-21 1,222,582 547,263 0.07 % EUR 346 of 3 Month Euribor Sep-22 950,592 164,485 0.02 % EUR 19 of Amsterdam EOE Stock Index Sep-19 2,330,506 58,493 0.01 % EUR 75 of Cac 40 Stock Index - 10 EUR Sep-19 4,515,036 116,365 0.01 % EUR 135 of Euro Bund Dec-19 148,358 16,319 0.00 % EUR 107 of Euro Bund Sep-19 117,588 712,823 0.09 % EUR 21 of Euro Buxl 30 Year Bond Sep-19 23,078 569,322 0.07 % EUR 137 of Euro-BTP Future Sep-19 150,556 1,970,231 0.24 % EUR 35 of Euro-OAT Future Dec-19 38,463 5,769 0.00 % EUR 119 of Euro-OAT Future Sep-19 130,775 815,476 0.10 % EUR 431 of German Euro Bobl Dec-19 473,647 77,410 0.01 % EUR 337 of German Euro Bobl Sep-19 370,346 550,728 0.07 % EUR 89 of Short Term Euro-BTP Future Sep-19 97,807 161,700 0.02 % GBP 435 of 3 Month Sterling IR Dec-20 661,472 145,273 0.02 % GBP 348 of 3 Month Sterling IR Dec-21 529,178 136,278 0.02 % GBP 237 of 3 Month Sterling IR Jun-20 360,388 71,599 0.01 % GBP 374 of 3 Month Sterling IR Jun-21 568,714 145,060 0.02 % GBP 301 of 3 Month Sterling IR Jun-22 457,708 96,514 0.01 % GBP 371 of 3 Month Sterling IR Mar-21 564,152 143,365 0.02 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 111 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial assets at fair value through profit or loss (28 February 2019: 70.01%) (continued)

Investment in futures contracts (28 February 2019: 1.08%) (continued) Fair value % of Net Currency Description Notional USD assets

GBP 317 of 3 Month Sterling IR Mar-22 482,038 122,365 0.02 % GBP 252 of 3 Month Sterling IR Sep-12 383,198 24,436 0.00 % GBP 357 of 3 Month Sterling IR Sep-20 542,863 127,930 0.02 % GBP 362 of 3 Month Sterling IR Sep-21 550,466 141,008 0.02 % GBP 161 of Long Gilt Dec-19 195,857 258,263 0.03 % HKD 2 of Hang Seng Index Sep-19 (326,633) 1,129 0.00 % 54 of 10 Year Japanese Govt Bond (Day Session) JPY Sep-19 508,020 661,649 0.08 % KRW 65 of KOSPI 200 Index Future Sep-19 (3,484,035) 43,058 0.01 % NZD 3 of New Zealand Bank Bills Dec-19 1,889 865 0.00 % NZD 2 of New Zealand Bank Bills Mar-20 1,260 108 0.00 % SEK 394 of OMX 30 Index Future Sep-19 6,311,623 186,944 0.02 % USD 332 of 3 Month Eurodollar Future Dec-20 CME 830,000 313,788 0.04 % USD 372 of 3 Month Eurodollar Future Dec-21 CME 930,000 500,663 0.06 % USD 38 of 3 Month Eurodollar Future Jun-20 CME 95,000 8,913 0.00 % USD 365 of 3 Month Eurodollar Future Jun-21 CME 912,500 493,475 0.06 % USD 345 of 3 Month Eurodollar Future Jun-22 CME 862,500 410,288 0.05 % USD 314 of 3 Month Eurodollar Future Mar-21 CME 785,000 391,263 0.05 % USD 345 of 3 Month Eurodollar Future Mar-22 CME 862,500 470,675 0.06 % USD 177 of 3 Month Eurodollar Future Sep-20 CME 442,500 139,963 0.02 % USD 377 of 3 Month Eurodollar Future Sep-21 CME 942,500 507,950 0.06 % USD 308 of 3 Month Eurodollar Future Sep-22 CME 770,000 226,663 0.03 % USD 486 of Australian Dollar Future Sep-19 CME (486,000) 1,025,805 0.13 % USD 43 of British Pound Sterling (Day Session) Sep-19 (26,875) 3,494 0.00 % USD 619 of E-Mini Russell 2000 Index Sep-19 CME (46,245,490) 1,475,230 0.17 % USD 1469 of Euro FX (Day Session) Sep-19 (183,625,000) 5,673,856 0.70 % USD 66 of FTSE/Xinhua China A50 Index [Sgx] Sep-19 894,135 10,923 0.00 % USD 68 of Mini MSCI Emerging Mkts Sep-19 (3,345,600) 61,330 0.01 % USD 230 of New Zealand Dollar Sep-19 (230,000) 329,170 0.03 % USD 93 of SGX CNX Nifty ETS Index Sep-19 (2,056,137) 1,684 0.00 % USD 249 of Swiss Franc Sep-19 (311,250) 238,425 0.03 % USD 172 of Ultra Long Term US Treasury Bond Dec-19 172,000 10,749 0.00 % ZAR 14 of FTSE/JSE Top 40 Index Sep-19 (450,286) 6,753 0.00 %

Unrealised gains on futures contracts 26,671,579 3.28 %

Total derivative assets 30,075,110 3.70 %

Total financial assets at fair value through profit or loss 565,159,383 69.57 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 112 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%)

Investment in forward foreign currency exchange contracts (28 February 2019: (0.27)%) Fair value % of Net Currency Buy Sell USD assets

Forwards contracts included in trading portfolio (all expire between 03/09/2019 and 29/11/2019)

NOK/EUR 279,000,000 28,528,833 (779,909) (0.10) % PLN/EUR 25,500,000 5,963,948 (158,717) (0.02) % GBP/USD 420 512 (1) 0.00 % IDR/USD 187,880,190,000 13,271,163 (70,437) (0.01) % INR/USD 5,347,652,870 75,482,533 (1,493,115) (0.18) % RUB/USD 604,466,838 9,154,560 (160,423) (0.02) % ZAR/USD 118,000,000 7,913,704 (164,320) (0.02) % USD/BRL 1,519,259 6,321,210 (9,299) 0.00 % USD/TWD 7,500,000 234,370,400 (1,575) 0.00 %

(2,837,796) (0.35) %

Forwards contracts for hedging currency risk (all expire between 03/09/2019 and 05/09/2019)

EUR/USD 267,073,790 295,833,348 (2,296,000) (0.28) %

(2,296,000) (0.28) %

Unrealised losses on open forward foreign currency exchange contracts (5,133,796) (0.63) %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 113 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security Quantity Notional USD Assets

Aerospace & Defense AAR Corp (555) (23,843) – 0.00 % AeroVironment Inc (973) (50,139) – 0.00 % Arconic Inc (15,608) (403,311) – 0.00 % Astronics Corp (186) (5,117) – 0.00 % AVICHINA (22,000) (11,504) – 0.00 % Axon Enterprise Inc (398) (23,868) – 0.00 % Cubic Corp (4,497) (311,507) – 0.00 % Curtiss-Wright Corp (124) (15,207) – 0.00 % Jamco Corp (5) (69) – 0.00 % Kongsberg Gruppen ASA (1,875) (24,527) – 0.00 % Mercury Systems Inc (362) (30,998) – 0.00 % Northrop Grumman Corp (1,963) (722,129) – 0.00 % Saab AB (1,575) (43,996) – 0.00 % Senior PLC (6,731) (16,573) – 0.00 % Textron Inc (8,970) (403,650) – 0.00 % Triumph Group Inc (5,222) (108,513) – 0.00 % United Technologies Corp (4,935) (642,734) – 0.00 % Wesco Aircraft Holdings Inc (94) (1,034) – 0.00 % Total Aerospace & Defense – 0.00 %

Air Freight & Logistics Atlas Air Worldwide Holdings I (383) (9,901) – 0.00 % Bollore SA (1,617) (6,863) – 0.00 % bpost SA (5,015) (50,053) – 0.00 % CTT-Correios de Portugal SA (25,919) (53,549) – 0.00 % Deutsche Post AG (499) (16,396) – 0.00 % Golden Ocean Group Ltd (7,176) (44,142) – 0.00 % Hanjin Transportation Co Ltd 39 945 – 0.00 % Hub Group Inc (18,573) (799,753) – 0.00 % Imperial Logistics Ltd (8,505) (30,811) – 0.00 % Kintetsu World Express Inc (900) (12,023) – 0.00 % Mitsui-Soko Holdings Co Ltd (500) (7,611) – 0.00 % Oesterreichische Post AG (252) (8,973) – 0.00 % PostNL NV (22,367) (44,552) – 0.00 % Royal Mail PLC (15,988) (40,085) – 0.00 % Sinotrans Ltd (17,000) (5,486) – 0.00 % United Parcel Service Inc (123) (14,595) – 0.00 % XPO Logistics Inc (1,084) (76,812) – 0.00 % Total Air Freight & Logistics – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 114 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Airlines Air France-KLM (7,923) (89,203) – 0.00 % Alaska Air Group Inc (10,832) (646,887) – 0.00 % Allegiant Travel Co (458) (65,031) – 0.00 % China Airlines Ltd (194,760) (57,452) – 0.00 % CHINA EAST AIR (6,000) (2,824) – 0.00 % China Southern Airlines Co Ltd (4,000) (2,250) – 0.00 % Deutsche Lufthansa AG (24,069) (369,780) – 0.00 % easyJet PLC (8,110) (95,047) – 0.00 % Eva Airways Corp (106,899) (48,291) – 0.00 % Hanjin Kal Corp 593 14,473 – 0.00 % Hawaiian Holdings Inc (4,990) (121,806) – 0.00 % International Consolidated Airlines (87,277) Group SA (17,028) – 0.00 % Japan Airlines Co Ltd (11,400) (355,958) – 0.00 % JetBlue Airways Corp (5,775) (100,023) – 0.00 % Ryanair Holdings PLC (8,904) (89,455) – 0.00 % SAS AB (24,726) (33,831) – 0.00 % Singapore Airlines Ltd (13,500) (85,879) – 0.00 % SkyWest Inc (6,246) (357,646) – 0.00 % Spirit Airlines Inc (3,116) (116,975) – 0.00 % Total Airlines – 0.00 %

Auto Components Adient PLC (1,527) (30,800) – 0.00 % Aisan Industry Co Ltd (1,900) (12,870) – 0.00 % Aisin Seiki Co Ltd (14,300) (423,773) – 0.00 % American Axle & Manufacturing (62,182) (394,234) – 0.00 % Aptiv PLC (3,474) (288,933) – 0.00 % Autoliv Inc (14,173) (973,353) – 0.00 % Autoneum Holding AG (422) (46,339) – 0.00 % BorgWarner Inc (19,084) (622,711) – 0.00 % Bridgestone Corp (10,964) (418,054) – 0.00 % Cheng Shin Rubber Industry Co (112,784) (158,430) – 0.00 % Cie Plastic Omnium SA (58) (1,405) – 0.00 % Continental AG (5,565) (671,254) – 0.00 % Cooper-Standard Holdings Inc (654) (24,486) – 0.00 % Daido Metal Co Ltd (3,500) (19,723) – 0.00 % Daikyonishikawa Corp (800) (5,487) – 0.00 % Dana Inc (36,318) (462,328) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 115 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Auto Components (continued) Delphi Technologies PLC (3,606) (47,707) – 0.00 % Denso Corp (10,311) (432,442) – 0.00 % Dorman Products Inc (1,997) (141,947) – 0.00 % Eagle Industry Co Ltd (2,300) (21,162) – 0.00 % Esmo Corp 13,036 62,230 – 0.00 % Exedy Corp (100) (1,874) – 0.00 % Faurecia SE (15,630) (682,769) – 0.00 % Fox Factory Holding Corp (136) (9,797) – 0.00 % FUYAO GLASS (2,400) (6,841) – 0.00 % Gentex Corp (7,888) (209,821) – 0.00 % Gestamp Automocion SA (4,025) (17,985) – 0.00 % Goodyear Tire & Rubber Co/The (23,646) (271,220) – 0.00 % Hanon Systems 2,842 27,275 – 0.00 % Horizon Global Corp (1,355) (5,664) – 0.00 % Hyundai Wia Corp 380 13,566 – 0.00 % Kasai Kogyo Co Ltd (200) (1,343) – 0.00 % Keihin Corp (200) (2,730) – 0.00 % Koito Manufacturing Co Ltd (8,600) (403,725) – 0.00 % KYB Corp (300) (8,292) – 0.00 % LCI Industries (244) (20,679) – 0.00 % Lear Corp (1,595) (179,055) – 0.00 % Linamar Corp (385) (11,715) – 0.00 % Magna International Inc (6,188) (310,081) – 0.00 % Michelin (6,072) (637,922) – 0.00 % Minth Group Ltd (20,000) (60,582) – 0.00 % Mitsuba Corp (400) (2,036) – 0.00 % Modine Manufacturing Co (3,369) (34,397) – 0.00 % Nexteer Automotive Group Ltd (67,000) (52,041) – 0.00 % NGK Spark Plug Co Ltd (24,250) (418,406) – 0.00 % NHK Spring Co Ltd (1,900) (13,495) – 0.00 % Nihon Tokushu Toryo Co Ltd (100) (963) – 0.00 % Nissin Kogyo Co Ltd (900) (11,617) – 0.00 % NOK Corp (32,234) (446,081) – 0.00 % Nokian Renkaat Oyj (23,381) (639,794) – 0.00 % Piolax Inc (100) (1,660) – 0.00 % Pirelli & C SpA (3,830) (19,887) – 0.00 % Riken Corp (100) (3,420) – 0.00 % SAF-Holland SA (466) (4,235) – 0.00 % Sanden Holdings Corp (2,900) (13,505) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 116 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Auto Components (continued) Shiloh Industries Inc (1,105) (4,619) – 0.00 % Stanley Electric Co Ltd (17,450) (433,562) – 0.00 % Sumitomo Electric Industries L (66,600) (783,824) – 0.00 % Sumitomo Riko Co Ltd (800) (5,727) – 0.00 % Sumitomo Rubber Industries Ltd (73,152) (825,149) – 0.00 % Superior Industries Internatio (9,836) (27,049) – 0.00 % Tachi-S Co Ltd (600) (6,734) – 0.00 % Taiho Kogyo Co Ltd (3) (21) – 0.00 % Tenneco Inc (32,859) (286,530) – 0.00 % Tokai Rika Co Ltd (800) (12,629) – 0.00 % Topre Corp (700) (10,873) – 0.00 % Toyo Tire Corp (34,500) (421,614) – 0.00 % Toyoda Gosei Co Ltd (500) (9,300) – 0.00 % Toyota Boshoku Corp (1,300) (17,514) – 0.00 % Toyota Industries Corp (14,750) (810,386) – 0.00 % TPR Co Ltd (1,100) (17,034) – 0.00 % TS Tech Co Ltd (100) (2,747) – 0.00 % Unipres Corp (500) (7,771) – 0.00 % Valeo SA (24,421) (666,642) – 0.00 % Veoneer Inc (7,066) (103,658) – 0.00 % Visteon Corp (4,577) (315,676) – 0.00 % Yokohama Rubber Co Ltd/The (23,166) (445,253) – 0.00 % Total Auto Components – 0.00 %

Automobiles Aston Martin Lagonda Global Ho (3,049) (17,826) – 0.00 % BAIC Motor Corp Ltd (144,000) (81,177) – 0.00 % Bayerische Motoren Werke AG (217) (14,501) – 0.00 % BRILLIANCE CHI (78,000) (82,869) – 0.00 % BYD Co Ltd (10,000) (51,782) – 0.00 % Daimler AG (20,722) (972,497) – 0.00 % Dongfeng Motor Group Co Ltd (106,000) (98,421) – 0.00 % Fiat Chrysler Automobiles NV (41,979) (549,107) – 0.00 % Ford Motor Co (120,105) (1,101,363) – 0.00 % Geely Automobile Holdings Ltd (28,000) (43,282) – 0.00 % General Motors Co (16,416) (608,869) – 0.00 % Great Wall Motor Co Ltd (129,500) (82,253) – 0.00 % Guangzhou Automobile Group Co (58,000) (58,439) – 0.00 % Harley-Davidson Inc (1,129) (36,015) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 117 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Automobiles (continued) Honda Motor Co Ltd (32,983) (783,034) – 0.00 % Isuzu Motors Ltd (39,683) (426,715) – 0.00 % Kia Motors Corp 130 4,700 – 0.00 % Mazda Motor Corp (91,085) (764,533) – 0.00 % Mitsubishi Motors Corp (102,436) (427,881) – 0.00 % Nissan Motor Co Ltd (122,357) (755,587) – 0.00 % Nissan Shatai Co Ltd (800) (7,090) – 0.00 % Peugeot SA (27,774) (620,517) – 0.00 % Porsche Automobil Holding SE (15,213) (953,948) – 0.00 % Renault SA (27) (1,548) – 0.00 % Subaru Corp (17,200) (460,522) – 0.00 % Suzuki Motor Corp (10,599) (408,624) – 0.00 % Tesla Inc (183) (41,287) – 0.00 % Thor Industries Inc (12,814) (588,291) – 0.00 % Toyota Motor Corp (6,500) (425,608) – 0.00 % Volkswagen AG (32) (5,138) – 0.00 % Winnebago Industries Inc (18,619) (596,180) – 0.00 % Yamaha Motor Co Ltd (25,751) (421,047) – 0.00 % Yulon Motor Co Ltd (87,973) (58,699) – 0.00 % Total Automobiles – 0.00 %

Banks 77 Bank Ltd/The (4,300) (56,028) – 0.00 % ABN AMRO Bank NV (15,538) (276,367) – 0.00 % AIB Group PLC (102,645) (259,670) – 0.00 % Akbank T.A.S. (18,309) (21,808) – 0.00 % Alior Bank SA (4,067) (41,239) – 0.00 % Ameris Bancorp (25,873) (910,471) – 0.00 % Aozora Bank Ltd (33,200) (766,791) – 0.00 % Associated Banc-Corp (16,836) (323,925) – 0.00 % Atlantic Union Bankshares Corp (2,567) (92,694) – 0.00 % Australia & New Zealand Bankin (12,255) (220,541) – 0.00 % Awa Bank Ltd/The (400) (8,595) – 0.00 % Banc of California Inc (670) (9,762) – 0.00 % Banca Popolare di Sondrio SCPA (12,342) (23,058) – 0.00 % Banco BPM SpA (71,410) (143,572) – 0.00 % Banco Bradesco SA 200 1,468 – 0.00 % Banco Comercial Portugues SA (11,115) (2,360) – 0.00 % Banco de Sabadell SA (575,120) (492,224) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 118 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Banks (continued) Banco do Brasil SA 300 3,359 – 0.00 % Banco Macro SA (830) (19,347) – 0.00 % Banco Santander SA (135,218) (511,177) – 0.00 % BancorpSouth Bank (15,477) (427,010) – 0.00 % Bank of East Asia Ltd/The (34,000) (85,948) – 0.00 % Bank of Georgia Group PLC (122) (2,020) – 0.00 % Bank of Ireland Group PLC (73,381) (279,183) – 0.00 % Bank of Kyoto Ltd/The (10,895) (391,029) – 0.00 % Bank of Montreal (78,796) (5,410,777) – 0.00 % Bank of Nova Scotia/The (109,858) (5,852,480) – 0.00 % Bank of Queensland Ltd (43,940) (271,172) – 0.00 % Bank of the Ryukyus Ltd (700) (6,934) – 0.00 % Bank OZK (32,717) (844,099) – 0.00 % Bankia SA (271,053) (491,789) – 0.00 % Bankinter SA (32,603) (189,822) – 0.00 % BankUnited Inc (1,572) (49,927) – 0.00 % Barclays PLC (534,641) (888,434) – 0.00 % BAWAG Group AG (183) (6,942) – 0.00 % BBVA (107,314) (508,172) – 0.00 % Bendigo & Adelaide Bank Ltd (28,723) (216,116) – 0.00 % Berkshire Hills Bancorp Inc (3,679) (107,905) – 0.00 % BNP Paribas SA (17,689) (797,693) – 0.00 % BOK Financial Corp (27) (2,056) – 0.00 % Boston Private Financial Holdi (7,512) (79,777) – 0.00 % BPER Banca (42,017) (148,821) – 0.00 % Byline Bancorp Inc (470) (8,084) – 0.00 % Cadence BanCorp (2,008) (30,863) – 0.00 % CaixaBank SA (208,953) (473,265) – 0.00 % Canadian Western Bank (2,020) (48,273) – 0.00 % Cathay General Bancorp (19,620) (651,188) – 0.00 % CenterState Bank Corp (4,177) (94,484) – 0.00 % Chiba Bank Ltd/The (158,590) (790,749) – 0.00 % Chiba Kogyo Bank Ltd/The (600) (1,603) – 0.00 % Chugoku Bank Ltd/The (6,400) (53,466) – 0.00 % CIBC (74,647) (5,792,585) – 0.00 % CIT Group Inc (880) (37,479) – 0.00 % Citizens Financial Group Inc (11,626) (392,261) – 0.00 % Columbia Banking System Inc (2,147) (74,093) – 0.00 % Comerica Inc (6,518) (401,835) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 119 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Banks (continued) Commerce Bancshares Inc/MO (746) (42,574) – 0.00 % Commerzbank AG (50,851) (288,299) – 0.00 % Commonwealth Bank of Australia (3,791) (201,684) – 0.00 % Community Bank System Inc (12,512) (763,107) – 0.00 % Concordia Financial Group Ltd (600) (2,060) – 0.00 % Credit Agricole SA (65,401) (746,755) – 0.00 % Credito Emiliano SpA (4,447) (23,311) – 0.00 % Credito Valtellinese SpA (958,208) (61,075) – 0.00 % Cullen/Frost Bankers Inc (506) (42,003) – 0.00 % Customers Bancorp Inc (718) (13,563) – 0.00 % CVB Financial Corp (4,811) (98,962) – 0.00 % CYBG PLC (14,336) (24,634) – 0.00 % Daishi Hokuetsu Financial Grou (100) (2,367) – 0.00 % Danske Bank A/S (25,209) (331,414) – 0.00 % Eagle Bancorp Inc (1,585) (64,573) – 0.00 % East West Bancorp Inc (2,982) (122,650) – 0.00 % Fifth Third Bancorp (15,591) (412,382) – 0.00 % FinecoBank Banca Fineco SpA (11,966) (123,321) – 0.00 % First BanCorp/Puerto Rico (7,551) (72,339) – 0.00 % First Commonwealth Financial C (8,050) (99,579) – 0.00 % First Financial Bancorp (38,740) (907,291) – 0.00 % First Financial Bankshares Inc (15,606) (477,856) – 0.00 % First Horizon National Corp (42,596) (674,295) – 0.00 % First Interstate BancSystem In (111) (4,329) – 0.00 % First Merchants Corp (174) (6,215) – 0.00 % First Midwest Bancorp Inc/IL (53,458) (1,026,394) – 0.00 % First Republic Bank/CA (208) (18,662) – 0.00 % FNB Corp/PA (119,255) (1,281,991) – 0.00 % Franklin Financial Network Inc (53) (1,533) – 0.00 % Fukuoka Financial Group Inc (44,500) (765,285) – 0.00 % Fulton Financial Corp (7,733) (123,341) – 0.00 % Glacier Bancorp Inc (13,347) (529,742) – 0.00 % Great Western Bancorp Inc (540) (16,108) – 0.00 % Grupo Financiero Galicia SA (1,728) (18,732) – 0.00 % Grupo Financiero Inbursa SAB d (13,471) (16,622) – 0.00 % Grupo Supervielle SA (9,782) (24,064) – 0.00 % Gunma Bank Ltd/The (18,200) (59,243) – 0.00 % Hachijuni Bank Ltd/The (14,000) (50,313) – 0.00 % Hancock Whitney Corp (3,502) (122,955) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 120 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Banks (continued) Hanmi Financial Corp (305) (5,463) – 0.00 % Heartland Financial USA Inc (401) (17,536) – 0.00 % Hilltop Holdings Inc (3,880) (92,150) – 0.00 % Hiroshima Bank Ltd/The (15,200) (69,354) – 0.00 % Hokkoku Bank Ltd/The (100) (2,294) – 0.00 % Hokuhoku Financial Group Inc (6,300) (58,084) – 0.00 % Home BancShares Inc/AR (69,348) (1,228,847) – 0.00 % Hope Bancorp Inc (12,527) (167,987) – 0.00 % HSBC Holdings PLC (115,883) (833,706) – 0.00 % Huntington Bancshares Inc/OH (34,484) (456,913) – 0.00 % Hyakugo Bank Ltd/The (2,500) (7,644) – 0.00 % IBERIABANK Corp (666) (45,947) – 0.00 % ING Groep NV (32,940) (314,826) – 0.00 % International Bancshares Corp (3,163) (112,571) – 0.00 % Intesa Sanpaolo SpA (222,970) (488,400) – 0.00 % Investors Bancorp Inc (1,977) (21,945) – 0.00 % Iyo Bank Ltd/The (13,000) (62,007) – 0.00 % JPMorgan Chase & Co (2,711) (297,830) – 0.00 % Juroku Bank Ltd/The (900) (18,136) – 0.00 % Jyske Bank A/S (2,389) (67,005) – 0.00 % KBC Group NV (4,653) (269,170) – 0.00 % Keiyo Bank Ltd/The (2,500) (14,323) – 0.00 % KeyCorp (29,623) (491,742) – 0.00 % Kyushu Financial Group Inc (3,300) (12,853) – 0.00 % Lakeland Bancorp Inc (1,651) (24,567) – 0.00 % Laurentian Bank of Canada (1,941) (63,459) – 0.00 % LegacyTexas Financial Group In (341) (13,776) – 0.00 % Live Oak Bancshares Inc (951) (17,061) – 0.00 % Lloyds Banking Group PLC (1,452,531) (880,498) – 0.00 % M&T Bank Corp (2,575) (376,491) – 0.00 % Mebuki Financial Group Inc (158,829) (354,132) – 0.00 % Mediobanca Banca di Credito Fi (45,241) (447,956) – 0.00 % Mitsubishi UFJ Financial Group (165,947) (796,833) – 0.00 % Miyazaki Bank Ltd/The (3) (65) – 0.00 % Mizuho Financial Group Inc (538,200) (783,287) – 0.00 % Musashino Bank Ltd/The (1,200) (19,948) – 0.00 % Nanto Bank Ltd/The (729) (15,555) – 0.00 % National Australia Bank Ltd (12,552) (231,123) – 0.00 % National Bank Holdings Corp (10,462) (341,480) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 121 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Banks (continued) National Bank of Canada (120,070) (5,648,440) – 0.00 % NBT Bancorp Inc (767) (26,822) – 0.00 % Nishi-Nippon Financial Holding (200) (1,261) – 0.00 % Nordea Bank Abp (171,645) (1,070,348) – 0.00 % North Pacific Bank Ltd (2,700) (5,410) – 0.00 % Norwegian Finans Holding ASA (7,761) (59,995) – 0.00 % OFG Bancorp (5,125) (105,165) – 0.00 % Ogaki Kyoritsu Bank Ltd/The (914) (18,952) – 0.00 % Old National Bancorp/IN (52,587) (883,462) – 0.00 % Old Second Bancorp Inc (1,360) (16,034) – 0.00 % PacWest Bancorp (5,929) (202,060) – 0.00 % People’s United Financial Inc (29,994) (431,014) – 0.00 % Pinnacle Financial Partners In (1,900) (100,073) – 0.00 % PNC Financial Services Group I (3,177) (409,611) – 0.00 % Preferred Bank/Los Angeles CA (373) (18,635) – 0.00 % Prosperity Bancshares Inc (689) (44,730) – 0.00 % Raiffeisen Bank International (11,853) (259,019) – 0.00 % Regional SAB de CV (5,931) (26,823) – 0.00 % Regions Financial Corp (31,520) (460,822) – 0.00 % Renasant Corp (773) (25,347) – 0.00 % Resona Holdings Inc (195,700) (767,740) – 0.00 % Royal Bank of Canada (74,417) (5,575,956) – 0.00 % Royal Bank of Scotland Group P (373,277) (842,113) – 0.00 % San-In Godo Bank Ltd/The (400) (2,288) – 0.00 % Seacoast Banking Corp of Flori (2,334) (54,476) – 0.00 % Senshu Ikeda Holdings Inc (15,845) (26,683) – 0.00 % ServisFirst Bancshares Inc (562) (17,085) – 0.00 % Shiga Bank Ltd/The (186) (4,060) – 0.00 % Shikoku Bank Ltd/The (7) (61) – 0.00 % Shinsei Bank Ltd (54,100) (740,029) – 0.00 % Shizuoka Bank Ltd/The (59,100) (399,208) – 0.00 % Signature Bank/New York NY (517) (60,308) – 0.00 % Simmons First National Corp (4,670) (112,080) – 0.00 % Skandinaviska Enskilda Banken (121,760) (1,044,899) – 0.00 % South State Corp (432) (31,787) – 0.00 % Standard Chartered PLC (117,871) (891,886) – 0.00 % Sterling Bancorp/DE (64,025) (1,220,957) – 0.00 % Sumitomo Mitsui Financial Grou (22,880) (749,931) – 0.00 % Sumitomo Mitsui Trust Holdings (22,900) (748,001) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 122 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Banks (continued) Suruga Bank Ltd (15,000) (56,447) – 0.00 % SVB Financial Group (447) (86,995) – 0.00 % Svenska Handelsbanken AB (120,349) (1,057,521) – 0.00 % Swedbank AB (83,820) (1,075,217) – 0.00 % Sydbank A/S (4,943) (69,100) – 0.00 % Synovus Financial Corp (4,963) (176,385) – 0.00 % TCF Financial Corp (30,996) (1,195,206) – 0.00 % Texas Capital Bancshares Inc (1,917) (103,288) – 0.00 % Tokyo Kiraboshi Financial Grou (150) (1,815) – 0.00 % TOMONY Holdings Inc (1,268) (3,853) – 0.00 % Toronto-Dominion Bank/The (101,410) (5,509,257) – 0.00 % Towa Bank Ltd/The (122) (806) – 0.00 % Towne Bank/Portsmouth VA (643) (16,892) – 0.00 % Triumph Bancorp Inc (573) (17,184) – 0.00 % Trustmark Corp (2,543) (83,105) – 0.00 % Tsukuba Bank Ltd (14) (20) – 0.00 % Turkiye Garanti Bankasi AS (9,131) (13,948) – 0.00 % Turkiye Halk Bankasi AS (58,844) (57,364) – 0.00 % Turkiye Is Bankasi AS (19,733) (18,661) – 0.00 % UMB Financial Corp (656) (40,882) – 0.00 % Umpqua Holdings Corp (5,990) (94,103) – 0.00 % Unicaja Banco SA (48,747) (35,892) – 0.00 % UniCredit SpA (40,407) (446,717) – 0.00 % Unione di Banche Italiane SpA (62,989) (160,594) – 0.00 % United Bankshares Inc/WV (13,103) (483,239) – 0.00 % United Community Banks Inc/GA (19,728) (521,016) – 0.00 % Valley National Bancorp (127,373) (1,338,690) – 0.00 % Webster Financial Corp (3,049) (136,473) – 0.00 % WesBanco Inc (561) (19,197) – 0.00 % Western Alliance Bancorp (986) (42,812) – 0.00 % Westpac Banking Corp (12,926) (245,491) – 0.00 % Wintrust Financial Corp (884) (55,542) – 0.00 % Yamaguchi Financial Group Inc (62,623) (397,672) – 0.00 % Yamanashi Chuo Bank Ltd/The (103) (909) – 0.00 % Zions Bancorp NA (10,234) (420,515) – 0.00 % Total Banks – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 123 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Beverages AG Barr PLC (391) (2,830) – 0.00 % Anheuser-Busch InBev SA/NV (1,527) (144,652) – 0.00 % Arca Continental SAB de CV (2,100) (10,985) – 0.00 % C&C Group PLC (15,343) (67,108) – 0.00 % Coca-Cola Amatil Ltd (1,137) (8,318) – 0.00 % Coca-Cola Icecek AS (7,534) (44,558) – 0.00 % Constellation Brands Inc (836) (170,837) – 0.00 % Cott Corp (3,027) (38,219) – 0.00 % Fevertree Drinks PLC (861) (23,671) – 0.00 % Molson Coors Brewing Co (7,025) (360,804) – 0.00 % National Beverage Corp (399) (16,319) – 0.00 % Royal Unibrew A/S (75) (6,493) – 0.00 % Sapporo Holdings Ltd (600) (14,467) – 0.00 % Suntory Beverage & Food Ltd (400) (17,235) – 0.00 % Total Beverages – 0.00 %

Biotechnology 3SBio Inc (7,500) (11,555) – 0.00 % Abeona Therapeutics Inc (1,113) (1,714) – 0.00 % ABLBio Inc 335 5,114 – 0.00 % ACADIA Pharmaceuticals Inc (1,111) (30,730) – 0.00 % Achillion Pharmaceuticals Inc (9,086) (39,524) – 0.00 % Acorda Therapeutics Inc (6,926) (22,371) – 0.00 % Adamas Pharmaceuticals Inc (591) (3,729) – 0.00 % Aduro Biotech Inc (12,399) (15,251) – 0.00 % Adverum Biotechnologies Inc (3,554) (36,713) – 0.00 % Agenus Inc (5,940) (17,107) – 0.00 % Akebia Therapeutics Inc (3,285) (13,567) – 0.00 % Alder Biopharmaceuticals Inc (4,850) (43,408) – 0.00 % Aldeyra Therapeutics Inc (912) (4,022) – 0.00 % Alexion Pharmaceuticals Inc (5,705) (574,836) – 0.00 % Alkermes PLC (20,875) (437,958) – 0.00 % Allogene Therapeutics Inc (225) (6,127) – 0.00 % Alnylam Pharmaceuticals Inc (5,452) (439,922) – 0.00 % Alteogen Inc 780 20,069 – 0.00 % Amicus Therapeutics Inc (877) (8,674) – 0.00 % AnaptysBio Inc (424) (17,236) – 0.00 % Anterogen Co Ltd 352 11,707 – 0.00 % Apellis Pharmaceuticals Inc (994) (28,925) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 124 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Biotechnology (continued) Aptinyx Inc (5,348) (18,076) – 0.00 % Arcus Biosciences Inc (1,114) (8,700) – 0.00 % Ardelyx Inc (2,642) (8,983) – 0.00 % Arrowhead Pharmaceuticals Inc (921) (31,471) – 0.00 % Assembly Biosciences Inc (3,189) (36,068) – 0.00 % Atara Biotherapeutics Inc (977) (13,190) – 0.00 % Audentes Therapeutics Inc (1,084) (33,712) – 0.00 % Avrobio Inc (317) (6,175) – 0.00 % Basilea Pharmaceutica AG (2,518) (115,077) – 0.00 % Bellicum Pharmaceuticals Inc (3,688) (4,278) – 0.00 % BioCryst Pharmaceuticals Inc (7,551) (22,577) – 0.00 % BioGaia AB (269) (11,589) – 0.00 % Biohaven Pharmaceutical Holdin (319) (12,502) – 0.00 % BioMarin Pharmaceutical Inc (4,670) (350,530) – 0.00 % Blueprint Medicines Corp (659) (50,526) – 0.00 % BrainStorm Cell Therapeutics I 3,284 12,184 – 0.00 % Calithera Biosciences Inc (2,466) (9,790) – 0.00 % Calyxt Inc (1,531) (9,477) – 0.00 % CareDx Inc (630) (14,377) – 0.00 % Catalyst Biosciences Inc (489) (3,120) – 0.00 % Catalyst Pharmaceuticals Inc (9,682) (59,641) – 0.00 % Cellectis SA (3,042) (36,806) – 0.00 % Celltrion Inc 253 32,862 – 0.00 % Chimerix Inc (5,337) (10,781) – 0.00 % Clovis Oncology Inc (2,186) (12,263) – 0.00 % Coherus Biosciences Inc (1,531) (33,973) – 0.00 % Corbus Pharmaceuticals Holding (4,454) (23,072) – 0.00 % Corvus Pharmaceuticals Inc (984) (3,355) – 0.00 % Crinetics Pharmaceuticals Inc (370) (5,868) – 0.00 % CRISPR Therapeutics AG (19) (878) – 0.00 % CrystalGenomics Inc 2,643 29,082 – 0.00 % Cyclerion Therapeutics Inc (470) (4,470) – 0.00 % Cytokinetics Inc (4,477) (62,902) – 0.00 % Denali Therapeutics Inc (1,306) (23,508) – 0.00 % Dynavax Technologies Corp (1,945) (8,052) – 0.00 % Editas Medicine Inc (1,164) (28,902) – 0.00 % Emergent BioSolutions Inc (2,395) (104,901) – 0.00 % Enanta Pharmaceuticals Inc (53) (3,739) – 0.00 % Esperion Therapeutics Inc (309) (11,322) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 125 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Biotechnology (continued) Exact Sciences Corp (104) (12,399) – 0.00 % Five Prime Therapeutics Inc (3,892) (21,134) – 0.00 % Flexion Therapeutics Inc (1,604) (21,125) – 0.00 % Forty Seven Inc (1,249) (9,467) – 0.00 % Galapagos NV (89) (15,013) – 0.00 % Genexine Co Ltd 689 29,699 – 0.00 % Genmab A/S (213) (43,463) – 0.00 % Genomic Health Inc (692) (53,049) – 0.00 % Geron Corp (17,995) (25,193) – 0.00 % Gilead Sciences Inc (13,148) (835,424) – 0.00 % GlycoMimetics Inc (2,279) (7,589) – 0.00 % Gossamer Bio Inc (217) (4,548) – 0.00 % Green Cross Cell Corp 466 15,074 – 0.00 % Gritstone Oncology Inc (907) (9,179) – 0.00 % Helixmith Co Ltd 338 51,146 – 0.00 % Homology Medicines Inc (105) (1,986) – 0.00 % Idera Pharmaceuticals Inc (1,981) (4,655) – 0.00 % Idorsia Ltd (2,420) (67,962) – 0.00 % ImmunoGen Inc (3,704) (10,075) – 0.00 % Immunomedics Inc (28) (358) – 0.00 % Incyte Corp (5,238) (428,573) – 0.00 % Inovio Pharmaceuticals Inc (4,377) (9,454) – 0.00 % Insmed Inc (762) (12,527) – 0.00 % Intellia Therapeutics Inc (2,356) (33,432) – 0.00 % Intercept Pharmaceuticals Inc (71) (4,557) – 0.00 % iNtRON Biotechnology Inc 86 918 – 0.00 % Invitae Corp (4,875) (118,268) – 0.00 % Iovance Biotherapeutics Inc (886) (18,615) – 0.00 % Ironwood Pharmaceuticals Inc (1,298) (12,084) – 0.00 % Jounce Therapeutics Inc (1,919) (7,235) – 0.00 % Karyopharm Therapeutics Inc (2,423) (20,935) – 0.00 % Kiniksa Pharmaceuticals Ltd (499) (4,406) – 0.00 % La Jolla Pharmaceutical Co (1,034) (9,895) – 0.00 % Ligand Pharmaceuticals Inc (1,104) (100,365) – 0.00 % Lineage Cell Therapeutics Inc (10,454) (9,768) – 0.00 % MacroGenics Inc (1,018) (14,598) – 0.00 % Madrigal Pharmaceuticals Inc (634) (58,772) – 0.00 % Medy-Tox Inc 16 4,660 – 0.00 % Mersana Therapeutics Inc (1,487) (3,658) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 126 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Biotechnology (continued) Minerva Neurosciences Inc (4,242) (30,288) – 0.00 % Miragen Therapeutics Inc (2,956) (3,399) – 0.00 % Momenta Pharmaceuticals Inc (5,651) (71,372) – 0.00 % MorphoSys AG (402) (47,491) – 0.00 % Mustang Bio Inc (1,028) (4,050) – 0.00 % Natera Inc (1,225) (40,364) – 0.00 % NewLink Genetics Corp (9,912) (15,958) – 0.00 % OPKO Health Inc (45,221) (83,207) – 0.00 % Pfenex Inc (875) (6,431) – 0.00 % Pharma Mar SA (33,220) (73,525) – 0.00 % Pharmicell Co Ltd 6,108 38,001 – 0.00 % Pharming Group NV (32,847) (44,797) – 0.00 % Pieris Pharmaceuticals Inc (1,162) (5,403) – 0.00 % Portola Pharmaceuticals Inc (1,523) (44,258) – 0.00 % Progenics Pharmaceuticals Inc (8,824) (38,826) – 0.00 % ProQR Therapeutics NV (41) (295) – 0.00 % Proteostasis Therapeutics Inc (100) (76) – 0.00 % Prothena Corp PLC (2,895) (24,347) – 0.00 % Radius Health Inc (409) (11,575) – 0.00 % REGENXBIO Inc (1,327) (45,768) – 0.00 % Repligen Corp (6,013) (558,067) – 0.00 % Retrophin Inc (28) (353) – 0.00 % Rhythm Pharmaceuticals Inc (777) (17,498) – 0.00 % Rigel Pharmaceuticals Inc (4,703) (7,948) – 0.00 % Rocket Pharmaceuticals Inc (1,425) (15,461) – 0.00 % Rubius Therapeutics Inc (705) (6,542) – 0.00 % Sangamo Therapeutics Inc (3,646) (39,741) – 0.00 % Savara Inc (2,046) (4,624) – 0.00 % Scholar Rock Holding Corp (446) (4,723) – 0.00 % Seattle Genetics Inc (465) (33,778) – 0.00 % Selecta Biosciences Inc (3,610) (6,426) – 0.00 % Seres Therapeutics Inc (4,050) (16,322) – 0.00 % SillaJen Inc 354 3,075 – 0.00 % Solid Biosciences Inc (2,423) (19,578) – 0.00 % Spectrum Pharmaceuticals Inc (3,466) (25,440) – 0.00 % STCUBE 2,971 29,742 – 0.00 % Swedish Orphan Biovitrum AB (560) (9,251) – 0.00 % Syndax Pharmaceuticals Inc (527) (4,432) – 0.00 % Synlogic Inc (1,961) (5,471) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 127 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Biotechnology (continued) Syros Pharmaceuticals Inc (1,127) (12,363) – 0.00 % T2 Biosystems Inc (919) (1,222) – 0.00 % Takara Bio Inc (500) (11,059) – 0.00 % TG Therapeutics Inc (3,585) (22,263) – 0.00 % Tocagen Inc (1,462) (4,752) – 0.00 % Ultragenyx Pharmaceutical Inc (1,369) (74,569) – 0.00 % UNITY Biotechnology Inc (1,593) (9,717) – 0.00 % UroGen Pharma Ltd (105) (3,565) – 0.00 % Veracyte Inc (2) (53) – 0.00 % Vertex Pharmaceuticals Inc (2,530) (455,451) – 0.00 % Viking Therapeutics Inc (3,679) (25,569) – 0.00 % Voyager Therapeutics Inc (2,224) (39,743) – 0.00 % Y-mAbs Therapeutics Inc (178) (4,729) – 0.00 % Zealand Pharma A/S (2,575) (49,147) – 0.00 % Total Biotechnology – 0.00 %

Building Products AAON Inc (902) (43,269) – 0.00 % AGC Inc/Japan (100) (2,883) – 0.00 % American Woodmark Corp (11,185) (921,309) – 0.00 % Apogee Enterprises Inc (15,904) (587,335) – 0.00 % Arbonia AG (3,132) (34,550) – 0.00 % Armstrong Flooring Inc (881) (5,964) – 0.00 % Assa Abloy AB (634) (13,215) – 0.00 % Builders FirstSource Inc (7,765) (151,029) – 0.00 % Bunka Shutter Co Ltd (1,204) (9,911) – 0.00 % Caesarstone Ltd (1,276) (19,127) – 0.00 % Central Glass Co Ltd (200) (4,147) – 0.00 % Cie de Saint-Gobain (16,422) (592,301) – 0.00 % Cornerstone Building Brands In (15,984) (74,965) – 0.00 % Gibraltar Industries Inc (11,474) (462,058) – 0.00 % Griffon Corp (437) (7,626) – 0.00 % Insteel Industries Inc (288) (5,386) – 0.00 % Inwido AB (8,341) (45,607) – 0.00 % JELD-WEN Holding Inc (3,308) (57,096) – 0.00 % Johnson Controls International (7,818) (333,750) – 0.00 % Kyung Dong Navien Co Ltd 96 3,280 – 0.00 % Lindab International AB (378) (3,638) – 0.00 % LIXIL Group Corp (23,200) (379,992) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 128 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Building Products (continued) Masco Corp (1,188) (48,387) – 0.00 % Munters Group AB (11,607) (47,159) – 0.00 % Nichias Corp (200) (3,323) – 0.00 % Nippon Sheet Glass Co Ltd (2,300) (13,480) – 0.00 % Nitto Boseki Co Ltd (200) (5,502) – 0.00 % Noritz Corp (1,752) (18,938) – 0.00 % Patrick Industries Inc (1,575) (56,921) – 0.00 % Quanex Building Products Corp (1,521) (26,192) – 0.00 % Reliance Worldwide Corp Ltd (20,813) (53,647) – 0.00 % Sankyo Tateyama Inc (1,282) (13,846) – 0.00 % Schweiter Technologies AG (1) (934) – 0.00 % Sinko Industries Ltd (100) (1,610) – 0.00 % Takara Standard Co Ltd (934) (14,806) – 0.00 % Takasago Thermal (100) (1,619) – 0.00 % Tarkett SA (1,932) (28,578) – 0.00 % Trex Co Inc (1,557) (133,170) – 0.00 % Universal Forest Products Inc (2,494) (97,515) – 0.00 % Uponor Oyj (3,263) (33,671) – 0.00 % Total Building Products – 0.00 %

Capital Markets Affiliated Managers Group Inc (122) (9,349) – 0.00 % Aizawa Securities Co Ltd (14) (87) – 0.00 % Alaris Royalty Corp (1,452) (21,119) – 0.00 % Ameriprise Financial Inc (4,902) (632,260) – 0.00 % Anima Holding SpA (3,096) (11,160) – 0.00 % Artisan Partners Asset Managem (2,383) (63,483) – 0.00 % Avanza Bank Holding AB (2,703) (21,502) – 0.00 % B3 SA - Brasil Bolsa Balcao 200 2,170 – 0.00 % Bank of New York Mellon Corp/T (7,383) (310,529) – 0.00 % Blucora Inc (27,597) (623,140) – 0.00 % Canaccord Genuity Group Inc (4,835) (18,227) – 0.00 % Cboe Global Markets Inc (3,398) (404,906) – 0.00 % China Cinda Asset Management C (277,000) (57,586) – 0.00 % China Everbright Ltd (30,000) (34,245) – 0.00 % China Galaxy Securities Co Ltd (100,000) (47,700) – 0.00 % CHINA HUARONG (540,000) (84,713) – 0.00 % CI Financial Corp (4,130) (59,293) – 0.00 % CITIC Securities Co Ltd (17,500) (31,337) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 129 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Capital Markets (continued) Close Brothers Group PLC (855) (13,407) – 0.00 % Coronation Fund Managers Ltd (16,825) (47,045) – 0.00 % Credit Suisse Group AG (7,492) (87,529) – 0.00 % Daiwa Securities Group Inc (187,700) (808,402) – 0.00 % Deutsche Bank AG (3,543) (25,589) – 0.00 % Diamond Hill Investment Group (126) (16,997) – 0.00 % E*TRADE Financial Corp (9,626) (401,789) – 0.00 % Eaton Vance Corp (14,248) (614,374) – 0.00 % Evercore Inc (80) (6,381) – 0.00 % Federated Investors Inc (14,834) (475,281) – 0.00 % Fiera Capital Corp (3,142) (23,831) – 0.00 % First Brothers Co Ltd (4) (38) – 0.00 % Franklin Resources Inc (30,886) (811,684) – 0.00 % GAM Holding AG (5,260) (20,447) – 0.00 % GCA Corp (100) (664) – 0.00 % GF Securities Co Ltd (73,200) (75,155) – 0.00 % GUOTAI JUNAN I (238,000) (40,372) – 0.00 % HAITONG INT’L (254,000) (75,158) – 0.00 % Haitong Securities Co Ltd (55,200) (52,591) – 0.00 % HKEX (100) (3,061) – 0.00 % Huatai Securities Co Ltd (25,600) (37,287) – 0.00 % Ichiyoshi Securities Co Ltd (700) (4,234) – 0.00 % IGM Financial Inc (1,859) (50,301) – 0.00 % Invesco Ltd (66,495) (1,043,972) – 0.00 % Investec Ltd (4,323) (22,784) – 0.00 % Investec PLC (1,999) (10,272) – 0.00 % IOOF Holdings Ltd (49,553) (169,080) – 0.00 % Jafco Co Ltd (1,500) (52,495) – 0.00 % Janus Henderson Group PLC (555) (10,606) – 0.00 % Julius Baer Group Ltd (640) (25,299) – 0.00 % Jupiter Fund Management PLC (5,529) (22,983) – 0.00 % KIWOOM Securities Co Ltd 1,805 98,261 – 0.00 % Korea Investment Holdings Co L 2,032 121,546 – 0.00 % Ladenburg Thalmann Financial S (10,331) (20,249) – 0.00 % Legg Mason Inc (14,541) (534,963) – 0.00 % Leonteq AG (733) (22,748) – 0.00 % Magellan Financial Group Ltd (927) (31,655) – 0.00 % Marusan Securities Co Ltd (2,848) (12,914) – 0.00 % Matsui Securities Co Ltd (5,000) (41,253) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 130 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Capital Markets (continued) Mercuria Investment Co Ltd (21) (139) – 0.00 % Meritz Securities Co Ltd 38,032 149,616 – 0.00 % Mirae Asset Daewoo Co Ltd 12,802 78,800 – 0.00 % Mito Securities Co Ltd (514) (933) – 0.00 % Monex Group Inc (22,400) (63,642) – 0.00 % Moody’s Corp (2,584) (557,059) – 0.00 % Natixis SA (188,701) (730,368) – 0.00 % NH Investment & Securities Co 10,643 108,305 – 0.00 % Nomura Holdings Inc (224,100) (902,556) – 0.00 % Northern Trust Corp (4,525) (397,883) – 0.00 % Okasan Securities Group Inc (2,181) (7,181) – 0.00 % Pendal Group Ltd (34,121) (152,707) – 0.00 % Perpetual Ltd (6,228) (149,006) – 0.00 % Platinum Asset Management Ltd (54,272) (139,891) – 0.00 % Rathbone Brothers PLC (133) (3,608) – 0.00 % Raymond James Financial Inc (5,910) (463,994) – 0.00 % Samsung Securities Co Ltd 2,761 80,634 – 0.00 % SBI Holdings Inc/Japan (1,700) (33,986) – 0.00 % Schroders PLC (490) (16,273) – 0.00 % SEI Investments Co (76) (4,371) – 0.00 % Singapore Exchange Ltd (2,800) (16,541) – 0.00 % St James’s Place PLC (5,456) (60,916) – 0.00 % Standard Life Aberdeen PLC (33,536) (101,706) – 0.00 % Stifel Financial Corp (2,290) (122,332) – 0.00 % T Rowe Price Group Inc (5,781) (639,494) – 0.00 % Tokai Tokyo Financial Holdings (28,400) (73,208) – 0.00 % Toyo Securities Co Ltd (831) (1,040) – 0.00 % TP ICAP PLC (6,514) (23,083) – 0.00 % Uranium Participation Corp (9,545) (30,524) – 0.00 % Value Partners Group Ltd (7,000) (3,571) – 0.00 % Waddell & Reed Financial Inc (6,277) (101,499) – 0.00 % WisdomTree Investments Inc (16,805) (80,832) – 0.00 % Total Capital Markets – 0.00 %

Chemicals Air Liquide SA (1,709) (237,862) – 0.00 % Air Products & Chemicals Inc (1,767) (399,201) – 0.00 % Akzo Nobel NV (2,499) (223,739) – 0.00 % Albemarle Corp (386) (23,828) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 131 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Chemicals (continued) Arkema SA (3,482) (305,205) – 0.00 % Asahi Kasei Corp (9,467) (85,608) – 0.00 % BASF SE (5,407) (357,591) – 0.00 % Cabot Corp (1,430) (57,200) – 0.00 % Carlit Holdings Co Ltd (300) (1,547) – 0.00 % Celanese Corp (108) (12,244) – 0.00 % CF Industries Holdings Inc (1,429) (68,864) – 0.00 % China Petrochemical Developmen (113,743) (36,059) – 0.00 % Clariant AG (18,783) (345,718) – 0.00 % Covestro AG (7,378) (333,971) – 0.00 % Croda International PLC (4,750) (271,699) – 0.00 % Dai Nippon Toryo Co Ltd (200) (1,825) – 0.00 % Daicel Corp (58,099) (448,744) – 0.00 % Dainichiseika (100) (2,615) – 0.00 % Denka Co Ltd (3,300) (86,028) – 0.00 % DIC Corp (4,000) (105,668) – 0.00 % Dongjin Semichem Co Ltd 345 3,896 – 0.00 % Dow Inc (1,107) (47,191) – 0.00 % DuPont de Nemours Inc (2,167) (147,204) – 0.00 % Eastman Chemical Co (6,647) (434,514) – 0.00 % Ecolab Inc (67) (13,823) – 0.00 % Ecopro Co Ltd 1,837 30,624 – 0.00 % Elementis PLC (32,652) (59,542) – 0.00 % Elkem ASA (14,688) (37,010) – 0.00 % EMS-Chemie Holding AG (499) (296,658) – 0.00 % Essentra PLC (13,981) (68,372) – 0.00 % Evonik Industries AG (12,398) (315,822) – 0.00 % Ferro Corp (2,814) (28,675) – 0.00 % Foosung Co Ltd 1,137 8,560 – 0.00 % Formosa Chemicals & Fibre Corp (13,000) (36,564) – 0.00 % Formosa Plastics Corp (11,435) (34,353) – 0.00 % Fujimori Kogyo Co Ltd (100) (2,779) – 0.00 % Givaudan SA (88) (237,891) – 0.00 % Grand Pacific Petrochemical (21,558) (12,767) – 0.00 % Hansol Chemical Co Ltd 397 25,816 – 0.00 % HB Fuller Co (27,940) (1,190,523) – 0.00 % Hexpol AB (3,580) (26,785) – 0.00 % Hitachi Chemical Co Ltd (2,860) (89,329) – 0.00 % Huntsman Corp (3,559) (70,895) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 132 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Chemicals (continued) IFF (1,588) (174,283) – 0.00 % Incitec Pivot Ltd (22,253) (48,074) – 0.00 % Ingevity Corp (808) (61,545) – 0.00 % Innospec Inc (6,884) (572,611) – 0.00 % Johnson Matthey PLC (9,632) (340,974) – 0.00 % JSR Corp (6,296) (102,944) – 0.00 % K+S AG (21,357) (337,151) – 0.00 % Kaneka Corp (3,100) (92,888) – 0.00 % Koninklijke DSM NV (1,341) (166,675) – 0.00 % Konishi Co Ltd (100) (1,363) – 0.00 % Kraton Corp (14,470) (397,057) – 0.00 % Kronos Worldwide Inc (7,114) (77,898) – 0.00 % Kumho Petrochemical Co Ltd 82 4,769 – 0.00 % Kuraray Co Ltd (9,310) (106,155) – 0.00 % LANXESS AG (5,361) (322,263) – 0.00 % LG Chem Ltd 38 10,390 – 0.00 % LOTTE Fine Chemical Co Ltd 110 3,968 – 0.00 % LSB Industries Inc (4,773) (22,290) – 0.00 % LyondellBasell Industries NV (4,640) (359,043) – 0.00 % MEC Co Ltd (100) (1,305) – 0.00 % Methanex Corp (512) (16,627) – 0.00 % Minerals Technologies Inc (707) (34,077) – 0.00 % Mitsubishi Chemical Holdings C (67,057) (460,021) – 0.00 % Mitsubishi Gas Chemical Co Inc (38,175) (458,983) – 0.00 % Mitsui Chemicals Inc (4,275) (91,336) – 0.00 % Mosaic Co/The (19,056) (350,440) – 0.00 % Nan Ya Plastics Corp (15,000) (32,947) – 0.00 % Nippon Paint Holdings Co Ltd (1,850) (87,544) – 0.00 % Nippon Shokubai Co Ltd (1,600) (92,573) – 0.00 % Nufarm Ltd/Australia (27,592) (89,505) – 0.00 % Nutrien Ltd (385) (19,424) – 0.00 % Olin Corp (495) (8,405) – 0.00 % Orbia Advance Corp SAB de CV (5,700) (10,435) – 0.00 % Orica Ltd (1,136) (16,460) – 0.00 % Riken Technos Corp (200) (866) – 0.00 % Sasol Ltd (1,141) (21,621) – 0.00 % Scapa Group PLC (6,851) (19,085) – 0.00 % SHANGHAI PECHEM (56,000) (16,142) – 0.00 % Sherwin-Williams Co/The (10) (5,268) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 133 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Chemicals (continued) SK Materials Co Ltd 140 21,115 – 0.00 % SKC Co Ltd 71 2,702 – 0.00 % SKCKOLONPI Inc 741 18,821 – 0.00 % Solvay SA (3,351) (337,766) – 0.00 % Songwon Industrial Co Ltd 148 2,253 – 0.00 % Sumitomo Bakelite Co Ltd (2,700) (96,397) – 0.00 % Sumitomo Chemical Co Ltd (105,200) (460,210) – 0.00 % Symrise AG (2,251) (210,070) – 0.00 % Synthomer PLC (10,131) (38,107) – 0.00 % Taiwan Fertilizer Co Ltd (7,000) (10,146) – 0.00 % Taiyo Nippon Sanso Corp (3,600) (71,326) – 0.00 % Tayca Corp (100) (1,759) – 0.00 % Teijin Ltd (26,550) (477,073) – 0.00 % Tokyo Ohka Kogyo Co Ltd (3,000) (101,322) – 0.00 % Toray Industries Inc (14,606) (104,102) – 0.00 % Tosoh Corp (34,900) (447,844) – 0.00 % Toyo Gosei Co Ltd (100) (1,774) – 0.00 % Tredegar Corp (1,823) (31,520) – 0.00 % Trinseo SA (574) (20,142) – 0.00 % Tronox Holdings PLC (402) (2,987) – 0.00 % Ube Industries Ltd (5,300) (101,418) – 0.00 % Umicore SA (9,044) (287,930) – 0.00 % Victrex PLC (622) (15,723) – 0.00 % Wacker Chemie AG (4,326) (336,682) – 0.00 % Yara International ASA (8,071) (349,832) – 0.00 % Zeon Corp (8,500) (98,998) – 0.00 % Total Chemicals – 0.00 %

Commercial Services & Supplies ABM Industries Inc (34,133) (1,271,796) – 0.00 % ACCO Brands Corp (7,754) (71,880) – 0.00 % ADT Inc (1,634) (7,778) – 0.00 % Aggreko PLC (4,292) (40,005) – 0.00 % ARC Document Solutions Inc (3,102) (4,312) – 0.00 % Babcock International Group PL (10,880) (66,389) – 0.00 % Befesa SA (500) (17,034) – 0.00 % Bilfinger SE (927) (25,427) – 0.00 % Bingo Industries Ltd (22,497) (34,217) – 0.00 % Brambles Ltd (745) (5,666) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 134 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Commercial Services & Supplies (continued) BrightView Holdings Inc (2) (37) – 0.00 % Brink’s Co/The (10,948) (823,838) – 0.00 % CECO Environmental Corp (2,257) (15,686) – 0.00 % CHINA EB INT’L (34,000) (26,669) – 0.00 % Cimpress NV (59) (6,767) – 0.00 % Cintas Corp (2,103) (554,772) – 0.00 % Civeo Corp (1,696) (2,357) – 0.00 % Covanta Holding Corp (1,243) (21,380) – 0.00 % Daiseki Co Ltd (100) (2,439) – 0.00 % Deluxe Corp (470) (21,658) – 0.00 % Derichebourg SA (2,187) (7,806) – 0.00 % Elis SA (1,147) (20,395) – 0.00 % Fila SpA (161) (2,307) – 0.00 % G4S PLC (16,590) (35,096) – 0.00 % Healthcare Services Group Inc (1,124) (25,346) – 0.00 % Herman Miller Inc (20,323) (859,256) – 0.00 % HNI Corp (2,901) (90,482) – 0.00 % Interface Inc (2,987) (33,006) – 0.00 % ISS A/S (1,343) (34,075) – 0.00 % Itoki Corp (242) (952) – 0.00 % Knoll Inc (2,384) (54,975) – 0.00 % Koentec Co Ltd 5,807 46,746 – 0.00 % Loomis AB (114) (3,850) – 0.00 % Matthews International Corp (591) (17,322) – 0.00 % Mitie Group PLC (2,361) (4,211) – 0.00 % Mitsubishi Pencil Co Ltd (1,100) (17,096) – 0.00 % Mobile Mini Inc (3,368) (105,284) – 0.00 % Okamura Corp (240) (2,359) – 0.00 % Park24 Co Ltd (200) (4,100) – 0.00 % Pilot Corp (200) (7,009) – 0.00 % Pitney Bowes Inc (30,146) (107,320) – 0.00 % Prosegur Cash SA (16,851) (26,222) – 0.00 % Prosegur Cia de Seguridad SA (5,152) (18,967) – 0.00 % Quad/Graphics Inc (2,847) (25,595) – 0.00 % RR Donnelley & Sons Co (38,537) (93,260) – 0.00 % S-1 Corp 143 11,949 – 0.00 % Serco Group PLC (2,444) (4,338) – 0.00 % Societe BIC SA (628) (40,097) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 135 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Commercial Services & Supplies (continued) SPIE SA (1,649) (29,901) – 0.00 % Steelcase Inc (4,567) (70,926) – 0.00 % Team Inc (1,487) (24,506) – 0.00 % Toppan Forms Co Ltd (1,800) (16,037) – 0.00 % Toppan Printing Co Ltd (24,200) (385,442) – 0.00 % Transcontinental Inc (1,685) (17,852) – 0.00 % Total Commercial Services & Supplies – 0.00 %

Communications Equipment Applied Optoelectronics Inc (2,563) (22,811) – 0.00 % Arista Networks Inc (68) (15,410) – 0.00 % BYD ELECTRONIC (36,000) (43,298) – 0.00 % CalAmp Corp (1,075) (10,320) – 0.00 % Casa Systems Inc (6,072) (34,975) – 0.00 % Ceragon Networks Ltd (2,619) (5,867) – 0.00 % Ciena Corp (6,540) (267,682) – 0.00 % Denki Kogyo Co Ltd (600) (16,217) – 0.00 % Digi International Inc (879) (11,234) – 0.00 % Extreme Networks Inc (7,084) (47,321) – 0.00 % Infinera Corp (14,032) (74,791) – 0.00 % KMW Co Ltd 1,007 55,402 – 0.00 % Lumentum Holdings Inc (12,605) (702,855) – 0.00 % Motorola Solutions Inc (1,188) (214,921) – 0.00 % NetScout Systems Inc (3,311) (73,339) – 0.00 % Nokia Oyj (6,739) (33,323) – 0.00 % Plantronics Inc (953) (29,610) – 0.00 % Sercomm Corp (11,350) (29,894) – 0.00 % Sierra Wireless Inc (1,257) (13,601) – 0.00 % Silicom Ltd (627) (19,186) – 0.00 % Taihan Fiberoptics Co Ltd 10,536 34,518 – 0.00 % Uniden Holdings Corp (100) (1,625) – 0.00 % Viavi Solutions Inc (16,045) (222,865) – 0.00 % VTech Holdings Ltd (7,000) (55,353) – 0.00 % Wistron NeWeb Corp (7,000) (17,610) – 0.00 % Total Communications Equipment – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 136 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Construction & Engineering AECOM (2,097) (74,402) – 0.00 % Aecon Group Inc (15,337) (213,379) – 0.00 % Aegion Corp (2,125) (41,947) – 0.00 % Arcadis NV (244) (4,615) – 0.00 % Balfour Beatty PLC (7,686) (20,159) – 0.00 % Boskalis Westminster (3,462) (68,844) – 0.00 % Bouygues SA (15,249) (578,985) – 0.00 % CHINA COMM CONS (83,000) (64,362) – 0.00 % China Railway Group Ltd (36,000) (23,554) – 0.00 % CHINA STATE CON (72,000) (64,924) – 0.00 % Chudenko Corp (317) (6,701) – 0.00 % Cie d’Entreprises CFE (368) (33,647) – 0.00 % CIMIC Group Ltd (245) (5,111) – 0.00 % CRCC (24,000) (25,896) – 0.00 % Daelim Industrial Co Ltd 36 2,910 – 0.00 % Dycom Industries Inc (2,356) (104,842) – 0.00 % Eiffage SA (4,806) (497,734) – 0.00 % EMCOR Group Inc (274) (23,959) – 0.00 % Ferrovial SA (16,967) (482,369) – 0.00 % Fluor Corp (7,369) (130,210) – 0.00 % Fudo Tetra Corp (1,600) (16,964) – 0.00 % Galliford Try PLC (3,252) (23,163) – 0.00 % Granite Construction Inc (1,213) (34,498) – 0.00 % GS Engineering & Construction 182 4,879 – 0.00 % Hazama Ando Corp (7,500) (50,026) – 0.00 % HC2 Holdings Inc (3,814) (7,628) – 0.00 % Hibiya Engineering Ltd (3) (52) – 0.00 % HOCHTIEF AG (4,782) (520,000) – 0.00 % Implenia AG (1,662) (56,782) – 0.00 % Jacobs Engineering Group Inc (17,420) (1,547,941) – 0.00 % JGC Corp (900) (10,457) – 0.00 % Kajima Corp (4,700) (57,172) – 0.00 % Keller Group PLC (635) (5,029) – 0.00 % Koninklijke BAM Groep NV (6,958) (20,386) – 0.00 % Koninklijke Volkerwessels NV (2,190) (37,545) – 0.00 % Kumagai Gumi Co Ltd (2,000) (55,167) – 0.00 % Maeda Corp (7,400) (59,732) – 0.00 % Maeda Road Construction Co Ltd (2,500) (55,341) – 0.00 % MasTec Inc (1,905) (119,767) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 137 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Construction & Engineering (continued) Miyaji Engineering Group Inc (50) (679) – 0.00 % Mota-Engil SGPS SA (4,328) (9,008) – 0.00 % MYR Group Inc (283) (8,114) – 0.00 % NCC AB (5,087) (81,064) – 0.00 % Nichireki Co Ltd (100) (971) – 0.00 % Nippo Corp (3,162) (56,163) – 0.00 % Nippon Densetsu Kogyo Co Ltd (30) (573) – 0.00 % Nippon Koei Co Ltd (300) (7,330) – 0.00 % Nishimatsu Construction Co Ltd (3,300) (58,987) – 0.00 % NV5 Global Inc (346) (21,359) – 0.00 % Obayashi Corp (6,300) (58,024) – 0.00 % Okumura Corp (2,179) (57,235) – 0.00 % Orion Group Holdings Inc (4,733) (19,595) – 0.00 % OSJB Holdings Corp (1,900) (4,075) – 0.00 % Peab AB (2,269) (18,558) – 0.00 % Penta-Ocean Cons (12,000) (62,204) – 0.00 % Quanta Services Inc (12,635) (428,327) – 0.00 % Raito Kogyo Co Ltd (3,881) (50,788) – 0.00 % Sacyr SA (2,594) (6,437) – 0.00 % Shimizu Corp (7,800) (65,015) – 0.00 % Shinnihon Corp (111) (794) – 0.00 % SHO-BOND Holdings Co Ltd (1,100) (38,704) – 0.00 % SINOPEC SEG (9,000) (5,877) – 0.00 % Skanska AB (6,862) (128,371) – 0.00 % SNC-Lavalin Group Inc (20,045) (247,508) – 0.00 % Sterling Construction Co Inc (528) (5,908) – 0.00 % Sumitomo Mitsui Construction C (10,400) (51,562) – 0.00 % Taeyoung Engineering & Constru 4,606 46,300 – 0.00 % Taihei Dengyo Kaisha Ltd (100) (2,254) – 0.00 % Taisei Corp (1,700) (60,135) – 0.00 % Tekken Corp (567) (14,338) – 0.00 % Toa Corp/Tokyo (5,095) (61,593) – 0.00 % Tobishima Corp (1,700) (17,880) – 0.00 % Toda Corp (11,300) (62,828) – 0.00 % Tokyu Construction Co Ltd (8,900) (61,374) – 0.00 % Tomoe Corp (31) (103) – 0.00 % Totetsu Kogyo Co Ltd (200) (5,814) – 0.00 % Toyo Construction Co Ltd (2,700) (10,770) – 0.00 % Toyo Engineering Corp (200) (1,041) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 138 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Construction & Engineering (continued) Tutor Perini Corp (6,508) (65,015) – 0.00 % Valmont Industries Inc (99) (13,415) – 0.00 % Veidekke ASA (2,744) (28,343) – 0.00 % Vinci SA (4,414) (482,651) – 0.00 % Wakachiku Construction Co Ltd (2) (28) – 0.00 % WSP Global Inc (3,401) (184,458) – 0.00 % Yahagi Construction Co Ltd (23) (145) – 0.00 % YIT Oyj (2,765) (15,239) – 0.00 % Yokogawa Bridge Holdings Corp (100) (1,432) – 0.00 % Yurtec Corp (241) (1,503) – 0.00 % Total Construction & Engineering – 0.00 %

Construction Materials Adelaide Brighton Ltd (28,205) (58,654) – 0.00 % BBMG Corp (123,000) (34,983) – 0.00 % Boral Ltd (22,421) (64,130) – 0.00 % Buzzi Unicem SpA (23,941) (502,126) – 0.00 % CRH PLC (15,084) (501,938) – 0.00 % CSR Ltd (9,792) (25,701) – 0.00 % Eugene Corp 1,453 5,890 – 0.00 % Forterra Inc (2,141) (12,803) – 0.00 % Forterra PLC (513) (1,660) – 0.00 % HeidelbergCement AG (11,976) (829,671) – 0.00 % Ibstock PLC (2,919) (7,613) – 0.00 % Imerys SA (383) (15,615) – 0.00 % LafargeHolcim Ltd (1,539) (72,713) – 0.00 % Martin Marietta Materials Inc (4,576) (1,161,252) – 0.00 % Nippon Concrete Industries Co (500) (1,115) – 0.00 % POSCO Chemical Co Ltd 1,331 58,032 – 0.00 % Rhi Magnesita NV (200) (10,759) – 0.00 % Summit Materials Inc (3,194) (67,010) – 0.00 % Vicat SA (293) (12,799) – 0.00 % Vulcan Materials Co (6,401) (904,141) – 0.00 % Total Construction Materials – 0.00 %

Consumer Finance Aiful Corp (34,200) (69,175) – 0.00 % B2Holding ASA (39,411) (31,503) – 0.00 % Capital One Financial Corp (5,897) (510,798) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 139 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Consumer Finance (continued) Credit Saison Co Ltd (32,200) (358,064) – 0.00 % Curo Group Holdings Corp (1,851) (25,211) – 0.00 % Eclipx Group Ltd (43,487) (46,973) – 0.00 % Encore Capital Group Inc (5,655) (208,670) – 0.00 % Enova International Inc (1,694) (40,487) – 0.00 % Green Dot Corp (1,939) (59,295) – 0.00 % Hitachi Capital Corp (2,700) (53,850) – 0.00 % Hoist Finance AB (11,321) (65,644) – 0.00 % LendingClub Corp (5,607) (73,396) – 0.00 % Navient Corp (5,284) (67,318) – 0.00 % OneMain Holdings Inc (688) (24,665) – 0.00 % Orient Corp (68,500) (86,354) – 0.00 % Provident Financial PLC (4,336) (21,273) – 0.00 % Resurs Holding AB (4,641) (26,297) – 0.00 % SLM Corp (1,250) (10,550) – 0.00 % Synchrony Financial (11,616) (372,293) – 0.00 % Total Consumer Finance – 0.00 %

Containers & Packaging AptarGroup Inc (5,997) (732,953) – 0.00 % Avery Dennison Corp (3,527) (407,615) – 0.00 % BillerudKorsnas AB (5,422) (59,899) – 0.00 % Cascades Inc (1,469) (12,468) – 0.00 % DS Smith PLC (17,440) (72,133) – 0.00 % Greif Inc (9,891) (348,064) – 0.00 % International Paper Co (2,114) (82,657) – 0.00 % Intertape Polymer Group Inc (844) (11,730) – 0.00 % Orora Ltd (5,168) (9,704) – 0.00 % Packaging Corp of America (7,878) (792,369) – 0.00 % Pact Group Holdings Ltd (52,661) (86,121) – 0.00 % Rengo Co Ltd (1,400) (10,023) – 0.00 % Sonoco Products Co (18,584) (1,063,005) – 0.00 % Westrock Co (13,790) (471,342) – 0.00 % Winpak Ltd (537) (18,894) – 0.00 % Total Containers & Packaging – 0.00 %

Distributors Bapcor Ltd (7,489) (33,617) – 0.00 % Core-Mark Holding Co Inc (121) (3,919) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 140 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Distributors (continued) Genuine Parts Co (2,028) (183,108) – 0.00 % Inchcape PLC (13,227) (93,004) – 0.00 % Jardine Cycle & Carriage Ltd (2,000) (44,379) – 0.00 % LKQ Corp (260) (6,830) – 0.00 % PALTAC CORPORATION (1,100) (54,330) – 0.00 % Uni-Select Inc (3,167) (25,713) – 0.00 % Total Distributors – 0.00 %

Diversified Consumer Services AA PLC (30,315) (20,560) – 0.00 % Benesse Holdings Inc (4,400) (112,510) – 0.00 % Chegg Inc (668) (26,480) – 0.00 % G8 Education Ltd (21,117) (36,240) – 0.00 % Graham Holdings Co (234) (164,750) – 0.00 % Houghton Mifflin Harcourt Co (1,825) (10,859) – 0.00 % InvoCare Ltd (3,502) (34,528) – 0.00 % LIKE Kidsnext Co Ltd (200) (1,735) – 0.00 % Meiko Network Japan Co Ltd (200) (1,729) – 0.00 % Strategic Education Inc (7,229) (1,223,364) – 0.00 % Total Diversified Consumer Services – 0.00 %

Diversified Financial Services AMP Ltd (359,904) (410,555) – 0.00 % AXA Equitable Holdings Inc (42) (872) – 0.00 % Challenger Ltd (38,675) (174,650) – 0.00 % Element Fleet Management Corp (2,036) (16,331) – 0.00 % Eurazeo SE (3,677) (243,056) – 0.00 % Haci Omer Sabanci Holding AS (26,148) (39,357) – 0.00 % Industrivarden AB (3,848) (80,363) – 0.00 % Investor AB (39) (1,826) – 0.00 % Jefferies Financial Group Inc (22,876) (426,409) – 0.00 % Kinnevik AB (2,269) (61,720) – 0.00 % Mitsubishi UFJ Lease & Finance (77,700) (419,585) – 0.00 % On Deck Capital Inc (2,288) (7,436) – 0.00 % Onex Corp (631) (37,138) – 0.00 % ORIX Corp (23,900) (352,783) – 0.00 % Remgro Ltd (3,044) (34,396) – 0.00 % Total Diversified Financial Services – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 141 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Diversified Telecommunication ARTERIA Networks Corp (1,200) (16,211) – 0.00 % AT&T Inc (71,442) (2,519,045) – 0.00 % ATN International Inc (1,038) (58,979) – 0.00 % BCE Inc (27,039) (1,279,502) – 0.00 % BT Group PLC (114,210) (230,134) – 0.00 % CenturyLink Inc (198,238) (2,255,948) – 0.00 % China Telecom Corp Ltd (1,778,000) (795,957) – 0.00 % China Unicom Hong Kong Ltd (856,000) (852,659) – 0.00 % Chunghwa Telecom Co Ltd (1,000) (3,480) – 0.00 % Cincinnati Bell Inc (13,722) (74,510) – 0.00 % Consolidated Communications Ho (6,120) (24,664) – 0.00 % Deutsche Telekom AG (7,434) (123,982) – 0.00 % Elisa Oyj (1,583) (79,606) – 0.00 % Iliad SA (1,740) (182,115) – 0.00 % Inscobee Inc 10,310 24,310 – 0.00 % Iridium Communications Inc (4,986) (120,561) – 0.00 % Koninklijke KPN NV (45,575) (144,244) – 0.00 % Orange SA (6,932) (105,127) – 0.00 % Proximus SADP (4,779) (141,223) – 0.00 % SingTel (34,600) (79,019) – 0.00 % SpeedCast International Ltd (24,457) (12,756) – 0.00 % Swisscom AG (325) (162,221) – 0.00 % TalkTalk Telecom Group PLC (26,570) (32,937) – 0.00 % Telecom Italia SpA/Milano (208,965) (111,239) – 0.00 % Telefonica Deutschland Holding (76,658) (195,108) – 0.00 % Telefonica SA (29,184) (202,084) – 0.00 % Telenor ASA (7,994) (164,000) – 0.00 % Telia Co AB (41,385) (180,859) – 0.00 % TELUS Corp (103) (3,738) – 0.00 % Verizon Communications Inc (18,837) (1,095,560) – 0.00 % Vonage Holdings Corp (75,184) (993,933) – 0.00 % Total Diversified Telecommunication – 0.00 %

Electric Utilities ALLETE Inc (620) (53,153) – 0.00 % Chubu Electric Power Co Inc (8,200) (120,846) – 0.00 % Chugoku Electric Power Co Inc/ (8,760) (111,833) – 0.00 % EDP - Energias de Portugal SA (23,859) (90,144) – 0.00 % EDP - Energias do Brasil SA 200 974 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 142 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Electric Utilities (continued) Electricite de France SA (34,374) (417,984) – 0.00 % Eletrobras SA 200 2,225 – 0.00 % Elia System Operator SA/NV (325) (26,930) – 0.00 % Enerjisa Enerji AS (60,828) (61,490) – 0.00 % Equatorial Energia SA 300 6,958 – 0.00 % Eversource Energy (1,045) (83,736) – 0.00 % Exelon Corp (7,621) (360,168) – 0.00 % Fortum Oyj (2,972) (65,354) – 0.00 % Genie Energy Ltd (8,445) (60,466) – 0.00 % Hokkaido Electric Power Co Inc (19,100) (96,852) – 0.00 % Hokuriku Electric Power Co (16,268) (102,235) – 0.00 % Kansai Electric Power Co Inc/T (40,100) (487,598) – 0.00 % Kyushu Electric Power Co Inc (49,300) (486,530) – 0.00 % MGE Energy Inc (1,158) (87,835) – 0.00 % OGE Energy Corp (40) (1,715) – 0.00 % Okinawa Electric Power Co Inc/ (900) (13,674) – 0.00 % Orsted A/S (302) (28,834) – 0.00 % Otter Tail Corp (1,689) (85,497) – 0.00 % PGE Polska Grupa Energetyczna (22,935) (44,359) – 0.00 % PNM Resources Inc (1,490) (76,005) – 0.00 % Shikoku Electric Power Co Inc (13,500) (129,037) – 0.00 % Southern Co/The (17,286) (1,007,082) – 0.00 % SSE PLC (17,914) (250,830) – 0.00 % Tauron Polska Energia SA (193,406) (72,620) – 0.00 % TEPCO (98,000) (466,513) – 0.00 % Tohoku Electric Power Co Inc (12,385) (123,739) – 0.00 % Verbund AG (667) (39,692) – 0.00 % Total Electric Utilities – 0.00 %

Electrical Equipment ABB Ltd (5,812) (110,087) – 0.00 % Acuity Brands Inc (198) (24,831) – 0.00 % AMETEK Inc (22) (1,890) – 0.00 % Atkore International Group Inc (1,480) (42,935) – 0.00 % AZZ Inc (421) (17,375) – 0.00 % Bloom Energy Corp (1,046) (4,686) – 0.00 % Cosel Co Ltd (900) (8,586) – 0.00 % CRRC TIMES ELEC (5,200) (20,692) – 0.00 % Daihen Corp (300) (8,608) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 143 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Electrical Equipment (continued) Emerson Electric Co (13,476) (803,035) – 0.00 % EnerSys (11,655) (652,680) – 0.00 % Feelux Co Ltd 7,813 27,859 – 0.00 % Furukawa Electric Co Ltd (300) (6,562) – 0.00 % Futaba Corp (1,200) (14,642) – 0.00 % Generac Holdings Inc (3) (234) – 0.00 % GS Yuasa Corp (100) (1,675) – 0.00 % Hubbell Inc (4,832) (633,668) – 0.00 % LSI Industries Inc (2,308) (10,317) – 0.00 % Melrose Industries PLC (3,215) (7,077) – 0.00 % Mitsubishi Electric Corp (35,300) (426,244) – 0.00 % Nexans SA (999) (32,057) – 0.00 % Powell Industries Inc (383) (13,911) – 0.00 % Prysmian SpA (943) (20,628) – 0.00 % Sansha Electric Manufacturing (13) (83) – 0.00 % Sanyo Denki Co Ltd (100) (3,979) – 0.00 % Sensata Technologies Holding P (4,225) (192,576) – 0.00 % Sinfonia Technology Co Ltd (400) (4,218) – 0.00 % Sunrun Inc (3,132) (48,014) – 0.00 % SWCC Showa Holdings Co Ltd (120) (833) – 0.00 % Teco Electric and Machinery Co (122,260) (97,190) – 0.00 % Toyo Tanso Co Ltd (100) (1,830) – 0.00 % Ushio Inc (700) (8,976) – 0.00 % Vicor Corp (2,180) (66,468) – 0.00 % WEG SA 300 1,635 – 0.00 % Total Electrical Equipment – 0.00 %

Electronic Equipment, Instruments & Components A&D Co Ltd (1,200) (7,395) – 0.00 % AAC Technologies Holdings Inc (3,000) (12,971) – 0.00 % Ai Holdings Corp (100) (1,639) – 0.00 % Anixter International Inc (2,088) (125,217) – 0.00 % Arisawa Manufacturing Co Ltd (1,500) (13,971) – 0.00 % Arlo Technologies Inc (14,838) (46,591) – 0.00 % Arrow Electronics Inc (607) (42,004) – 0.00 % AT&S Austria Technologie & Sys (2,856) (45,572) – 0.00 % AU Optronics Corp (226,512) (59,154) – 0.00 % Avnet Inc (938) (39,293) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 144 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Electronic Equipment, Instruments & Components (continued) Belden Inc (1,826) (83,284) – 0.00 % Benchmark Electronics Inc (3,269) (86,563) – 0.00 % BH Co Ltd 1,997 25,939 – 0.00 % Canon Electronics Inc (1,400) (23,629) – 0.00 % Canon Marketing Japan Inc (800) (16,287) – 0.00 % Celestica Inc (10,136) (65,895) – 0.00 % CHINA CRSC (2,000) (1,199) – 0.00 % Citizen Watch Co Ltd (300) (1,366) – 0.00 % CMK Corp (2,300) (10,776) – 0.00 % Cognex Corp (1,092) (49,227) – 0.00 % Coherent Inc (456) (66,102) – 0.00 % Compeq Manufacturing Co Ltd (5,000) (5,124) – 0.00 % CTS Corp (1,207) (34,436) – 0.00 % Daea TI Co Ltd 11,267 48,472 – 0.00 % Daeduck Electronics Co 876 6,834 – 0.00 % Dai-ichi Seiko Co Ltd (1,600) (31,761) – 0.00 % Daiwabo Holdings Co Ltd (100) (3,890) – 0.00 % Daktronics Inc (1,607) (11,619) – 0.00 % Datalogic SpA (4,186) (59,757) – 0.00 % Delta Electronics Inc (2,000) (9,354) – 0.00 % Electrocomponents PLC (3,222) (22,773) – 0.00 % Enplas Corp (800) (22,330) – 0.00 % ESPEC Corp (400) (7,071) – 0.00 % FARO Technologies Inc (639) (31,464) – 0.00 % FIH Mobile Ltd (155,000) (17,594) – 0.00 % Flex Ltd (11,360) (109,397) – 0.00 % FLEXium Interconnect Inc (3,000) (8,984) – 0.00 % FLIR Systems Inc (14,681) (723,333) – 0.00 % Foxconn Technology Co Ltd (50,689) (102,598) – 0.00 % Furuno Electric Co Ltd (1,500) (12,503) – 0.00 % G-treeBNT Co Ltd 1,076 18,561 – 0.00 % Hexagon AB (701) (31,091) – 0.00 % Hioki EE Corp (200) (6,153) – 0.00 % Hitachi Ltd (9,500) (324,338) – 0.00 % Hochiki Corp (100) (1,264) – 0.00 % Hon Hai Precision Industry Co (38,000) (90,017) – 0.00 % Horiba Ltd (300) (15,410) – 0.00 % Hosiden Corp (1,200) (11,289) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 145 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Electronic Equipment, Instruments & Components (continued) II-VI Inc (17,503) (656,538) – 0.00 % Iljin Materials Co Ltd 1,428 50,388 – 0.00 % Ingenico Group SA (816) (80,886) – 0.00 % Innolux Corp (268,000) (60,063) – 0.00 % Insight Enterprises Inc (481) (23,117) – 0.00 % IPG Photonics Corp (20) (2,475) – 0.00 % Iriso Electronics Co Ltd (200) (9,577) – 0.00 % Isra Vision AG (1,003) (36,264) – 0.00 % Itron Inc (8,612) (598,103) – 0.00 % Jabil Inc (2,093) (60,299) – 0.00 % Japan Aviation Electronics Ind (1,200) (15,862) – 0.00 % Japan Cash Machine Co Ltd (2,600) (23,090) – 0.00 % Jenoptik AG (1,364) (32,752) – 0.00 % Kaga Electronics Co Ltd (1,300) (19,495) – 0.00 % KEMET Corp (3,322) (55,644) – 0.00 % Keysight Technologies Inc (5,626) (544,934) – 0.00 % Kimball Electronics Inc (1,910) (25,231) – 0.00 % Koa Corp (1,300) (14,933) – 0.00 % L&F Co Ltd 1,212 29,380 – 0.00 % Littelfuse Inc (2,910) (454,164) – 0.00 % Macnica Fuji Electronics Holdi (1,600) (20,531) – 0.00 % Maruwa Co Ltd/Aichi (200) (11,214) – 0.00 % Meiko Electronics Co Ltd (500) (6,868) – 0.00 % Methode Electronics Inc (22,508) (714,404) – 0.00 % Nichicon Corp (2,900) (25,482) – 0.00 % Nippon Ceramic Co Ltd (300) (7,468) – 0.00 % Nippon Chemi-Con Corp (600) (7,829) – 0.00 % Nippon Electric Glass Co Ltd (15,946) (330,786) – 0.00 % Nippon Signal Company Ltd (1,557) (16,918) – 0.00 % Nissha Co Ltd (19) (169) – 0.00 % nLight Inc (771) (9,961) – 0.00 % Nohmi Bosai Ltd (200) (4,068) – 0.00 % Ohara Inc (800) (9,491) – 0.00 % Oki Electric Industry Co Ltd (2,500) (35,020) – 0.00 % Optex Group Co Ltd (1,400) (18,624) – 0.00 % PAR Technology Corp (377) (8,720) – 0.00 % Partron Co Ltd 1,090 10,506 – 0.00 % Plexus Corp (945) (54,063) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 146 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Electronic Equipment, Instruments & Components (continued) Renishaw PLC (1,143) (49,361) – 0.00 % Restar Holdings Corp (1,400) (22,167) – 0.00 % Riken Keiki Co Ltd (100) (1,696) – 0.00 % Rogers Corp (2,106) (278,877) – 0.00 % Ryosan Co Ltd (1,200) (29,273) – 0.00 % Samsung Electro-Mechanics Co L 142 10,468 – 0.00 % Samsung SDI Co Ltd 162 33,440 – 0.00 % Samwha Capacitor Co Ltd 1,786 59,843 – 0.00 % Samwha Electric Co Ltd 499 6,316 – 0.00 % Sang-A Frontec Co Ltd 575 7,707 – 0.00 % Sanmina Corp (2,661) (76,903) – 0.00 % ScanSource Inc (1,878) (53,072) – 0.00 % SFA Engineering Corp 500 16,464 – 0.00 % Siix Corp (400) (5,091) – 0.00 % Smart Metering Systems PLC (8,546) (47,074) – 0.00 % Sumida Corp (1,300) (12,230) – 0.00 % SYNNEX Corp (5,469) (458,357) – 0.00 % Synnex Technology Internationa (23,505) (27,765) – 0.00 % Tamura Corp (2,300) (11,490) – 0.00 % TE Connectivity Ltd (5,198) (474,162) – 0.00 % Tech Data Corp (7,358) (682,307) – 0.00 % TECHNO HORIZON HOLDINGS Co Ltd (400) (1,445) – 0.00 % Telcon RF Pharmaceutical Inc 5,649 23,602 – 0.00 % Tongda Group Holdings Ltd (60,000) (4,132) – 0.00 % Topcon Corp (700) (8,087) – 0.00 % TPK Holding Co Ltd (33,209) (60,220) – 0.00 % Trimble Inc (26,610) (998,407) – 0.00 % TTM Technologies Inc (70,947) (756,295) – 0.00 % V Technology Co Ltd (300) (14,930) – 0.00 % Vishay Intertechnology Inc (12,619) (199,759) – 0.00 % WPG Holdings Ltd (19,000) (24,112) – 0.00 % Yokowo Co Ltd (100) (2,519) – 0.00 % Zebra Technologies Corp (4,030) (826,271) – 0.00 % Total Electronic Equipment, Instruments & Components – 0.00 %

Energy Public Joint Stock Company Gazprom (2,935) (20,252) – 0.00 % Total Energy – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 147 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Energy Equipment & Services Aker Solutions ASA (5,117) (15,289) – 0.00 % Archrock Inc (3,688) (35,810) – 0.00 % Basic Energy Services Inc (1,461) (1,943) – 0.00 % Borr Drilling Ltd (5,312) (29,589) – 0.00 % CARBO Ceramics Inc (1,232) (2,033) – 0.00 % CGG SA (21,222) (43,169) – 0.00 % China Oilfield Services Ltd (2,000) (2,474) – 0.00 % Computer Modelling Group Ltd (863) (4,396) – 0.00 % Covia Holdings Corp (7,486) (11,229) – 0.00 % Diamond Offshore Drilling Inc (2,605) (16,906) – 0.00 % Dril-Quip Inc (452) (20,724) – 0.00 % Era Group Inc (212) (2,010) – 0.00 % Forum Energy Technologies Inc (17,256) (24,331) – 0.00 % Fugro NV (2,297) (16,216) – 0.00 % Geospace Technologies Corp (340) (4,162) – 0.00 % Helix Energy Solutions Group I (2,967) (21,481) – 0.00 % Helmerich & Payne Inc (6,267) (235,577) – 0.00 % Independence Contract Drilling (2,185) (2,294) – 0.00 % John Wood Group PLC (2,971) (13,622) – 0.00 % McDermott International Inc (13,398) (63,239) – 0.00 % Nabors Industries Ltd (11,394) (19,142) – 0.00 % National Oilwell Varco Inc (9,453) (193,125) – 0.00 % Nine Energy Service Inc (1,296) (7,102) – 0.00 % Noble Corp plc (26,698) (42,717) – 0.00 % Northern Drilling Ltd (3,897) (11,751) – 0.00 % Oceaneering International Inc (11,671) (151,256) – 0.00 % Oil States International Inc (39,303) (541,988) – 0.00 % Patterson-UTI Energy Inc (32,127) (277,899) – 0.00 % Petrofac Ltd (4,367) (22,217) – 0.00 % PGS ASA (3,528) (4,220) – 0.00 % RigNet Inc (1,842) (14,441) – 0.00 % Saipem SpA (5,837) (27,737) – 0.00 % Schlumberger Ltd (5,512) (178,754) – 0.00 % Secure Energy Services Inc (777) (3,257) – 0.00 % ShawCor Ltd (1,623) (20,333) – 0.00 % Stobart Group Ltd (3,147) (4,609) – 0.00 % Subsea 7 SA (3,126) (30,225) – 0.00 % Superior Energy Services Inc (36,651) (12,271) – 0.00 % Tenaris SA (2,406) (26,213) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 148 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Energy Equipment & Services (continued) TETRA Technologies Inc (3,099) (5,144) – 0.00 % TGS NOPEC Geophysical Co ASA (445) (10,725) – 0.00 % Trican Well Service Ltd (5,264) (3,723) – 0.00 % Valaris plc (23,174) (107,991) – 0.00 % WorleyParsons Ltd (10,421) (86,194) – 0.00 % Total Energy Equipment & Services – 0.00 %

Entertainment Activision Blizzard Inc (8,864) (448,518) – 0.00 % AMC Entertainment Holdings Inc (4,854) (53,928) – 0.00 % Amuse Inc (600) (14,304) – 0.00 % Ateam Inc (1,100) (11,539) – 0.00 % Avex Inc (600) (7,095) – 0.00 % Changyou.com Ltd (167) (959) – 0.00 % Cineplex Inc (3,401) (63,465) – 0.00 % Cineworld Group PLC (20,486) (54,428) – 0.00 % COLOPL Inc (4,400) (28,521) – 0.00 % Daiichikosho Co Ltd (200) (9,013) – 0.00 % Electronic Arts Inc (6,335) (593,463) – 0.00 % GungHo Online Entertainment In (600) (13,626) – 0.00 % IHQ Inc 1,283 1,863 – 0.00 % IMAGICA GROUP Inc (300) (1,301) – 0.00 % iQIYI Inc (291) (5,322) – 0.00 % Jcontentree Corp 79 2,209 – 0.00 % JYP Entertainment Corp 4,415 69,948 – 0.00 % Koei Tecmo Holdings Co Ltd (200) (4,171) – 0.00 % Konami Holdings Corp (200) (9,060) – 0.00 % Lions Gate Entertainment Corp (1,285) (11,604) – 0.00 % Modern Times Group MTG AB (22,911) (175,731) – 0.00 % NCSoft Corp 136 60,421 – 0.00 % Netflix Inc (108) (31,725) – 0.00 % Nexon Co Ltd (300) (4,033) – 0.00 % Shochiku Co Ltd (200) (23,237) – 0.00 % SM Entertainment Co Ltd 304 7,495 – 0.00 % Square Enix Holdings Co Ltd (400) (15,956) – 0.00 % Take-Two Interactive Software (1,110) (146,487) – 0.00 % Toho Co Ltd/Tokyo (900) (38,144) – 0.00 % WWE (266) (19,000) – 0.00 % YG Entertainment Inc 117 2,052 – 0.00 % Total Entertainment – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 149 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Equity Real Estate Investment Abacus Property Group (1,293) (3,455) – 0.00 % Alexander & Baldwin Inc (2,782) (63,680) – 0.00 % American Finance Trust Inc (158) (1,891) – 0.00 % Ashford Hospitality Trust Inc (31,948) (89,454) – 0.00 % Braemar Hotels & Resorts Inc (1,424) (13,058) – 0.00 % CareTrust REIT Inc (1,694) (40,300) – 0.00 % CBL & Associates Properties In (73,130) (66,548) – 0.00 % Cedar Realty Trust Inc (12,934) (30,654) – 0.00 % Charter Hall Retail REIT (8,722) (25,593) – 0.00 % Chatham Lodging Trust (840) (13,936) – 0.00 % Civitas Social Housing PLC (42,211) (42,620) – 0.00 % CoreCivic Inc (6,551) (111,039) – 0.00 % CorePoint Lodging Inc (3,420) (31,122) – 0.00 % Cousins Properties Inc (16,737) (580,774) – 0.00 % Crown Castle International Cor (531) (77,085) – 0.00 % CT Real Estate Investment Trus (738) (8,152) – 0.00 % CyrusOne Inc (3,039) (223,245) – 0.00 % Derwent London PLC (3,992) (154,624) – 0.00 % DiamondRock Hospitality Co (29,694) (281,202) – 0.00 % Digital Realty Trust Inc (7,371) (911,277) – 0.00 % Empiric Student Property PLC (10,873) (12,420) – 0.00 % Equinix Inc (1,335) (742,634) – 0.00 % Fibra Uno Administracion SA de (11,836) (16,326) – 0.00 % Four Corners Property Trust In (16,268) (463,475) – 0.00 % Franklin Street Properties Cor (7,838) (59,334) – 0.00 % Gecina SA (1,636) (259,255) – 0.00 % GEO Group Inc/The (4,951) (84,959) – 0.00 % Global Net Lease Inc (2,659) (51,000) – 0.00 % Great Portland Estates PLC (19,693) (166,785) – 0.00 % Growthpoint Properties Ltd (81,556) (123,440) – 0.00 % Hammerson PLC (1,114) (3,076) – 0.00 % Hersha Hospitality Trust (18,266) (253,897) – 0.00 % Hospitality Properties Trust (10,065) (242,969) – 0.00 % Host Hotels & Resorts Inc (63,067) (1,011,595) – 0.00 % Hyprop Investments Ltd (45,165) (195,599) – 0.00 % Innovative Industrial Properti (27) (2,407) – 0.00 % Iron Mountain Inc (34,588) (1,101,628) – 0.00 % Kimco Realty Corp (43,271) (795,321) – 0.00 % Kite Realty Group Trust (46,776) (668,429) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 150 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Equity Real Estate Investment (continued) Klepierre SA (9,586) (292,439) – 0.00 % Land Securities Group PLC (22,870) (215,727) – 0.00 % Liberty Property Trust (9,494) (494,827) – 0.00 % Mack-Cali Realty Corp (30,424) (619,737) – 0.00 % Mercialys SA (2,669) (31,883) – 0.00 % Mid-America Apartment Communit (14,202) (1,799,109) – 0.00 % Monmouth Real Estate Investmen (1,616) (21,202) – 0.00 % National Storage REIT (17,562) (21,688) – 0.00 % New Senior Investment Group In (4,730) (29,563) – 0.00 % NewRiver REIT PLC (15,406) (30,586) – 0.00 % NexPoint Residential Trust Inc (377) (17,493) – 0.00 % Office Properties Income Trust (31,820) (862,640) – 0.00 % Omega Healthcare Investors Inc (19,106) (777,232) – 0.00 % Paramount Group Inc (830) (10,939) – 0.00 % Pebblebrook Hotel Trust (11,572) (312,097) – 0.00 % Pennsylvania Real Estate Inves (13,174) (67,714) – 0.00 % Physicians Realty Trust (2,315) (40,096) – 0.00 % PotlatchDeltic Corp (41,388) (1,592,610) – 0.00 % Preferred Apartment Communitie (3,014) (40,568) – 0.00 % Rayonier Inc (30,493) (817,212) – 0.00 % Redefine Properties Ltd (256,326) (132,415) – 0.00 % Resilient REIT Ltd (14,391) (59,616) – 0.00 % RLJ Lodging Trust (18,671) (302,657) – 0.00 % RPT Realty (2,635) (31,357) – 0.00 % Ryman Hospitality Properties I (3,542) (282,156) – 0.00 % Sabra Health Care REIT Inc (36,499) (789,108) – 0.00 % Segro PLC (7,361) (70,294) – 0.00 % Senior Housing Properties Trus (30,558) (259,437) – 0.00 % Shaftesbury PLC (20,404) (214,954) – 0.00 % Shopping Centres Australasia P (8,895) (15,744) – 0.00 % Slate Office REIT (12,211) (53,199) – 0.00 % Summit Hotel Properties Inc (23,113) (257,941) – 0.00 % Sunstone Hotel Investors Inc (19,056) (250,396) – 0.00 % UDR Inc (3,940) (189,829) – 0.00 % Unibail-Rodamco-Westfield (381) (49,867) – 0.00 % UNITE Group PLC/The (4,962) (63,200) – 0.00 % Uniti Group Inc (35,501) (262,352) – 0.00 % Universal Health Realty Income (321) (31,037) – 0.00 % Urban Edge Properties (4,847) (84,871) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 151 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Equity Real Estate Investment (continued) Vastned Retail NV (103) (2,994) – 0.00 % Viva Energy REIT (9,103) (18,073) – 0.00 % Washington Prime Group Inc (32,130) (103,780) – 0.00 % Washington Real Estate Investm (1,183) (31,338) – 0.00 % Welltower Inc (13,677) (1,224,912) – 0.00 % Wereldhave NV (2,611) (52,194) – 0.00 % Weyerhaeuser Co (2,801) (73,694) – 0.00 % Whitestone REIT (1,859) (23,089) – 0.00 % Xenia Hotels & Resorts Inc (1,232) (24,899) – 0.00 % Total Equity Real Estate Investment – 0.00 %

Food & Staples Retailing Aeon Co Ltd (31,700) (561,859) – 0.00 % Ain Holdings Inc (1,700) (91,801) – 0.00 % Andersons Inc/The (143) (3,278) – 0.00 % Arcs Co Ltd (300) (6,218) – 0.00 % Atacadao SA 200 1,080 – 0.00 % Axial Retailing Inc (100) (3,575) – 0.00 % Bid Corp Ltd (30) (642) – 0.00 % Carrefour SA (5,797) (98,745) – 0.00 % Cawachi Ltd (1,700) (32,242) – 0.00 % Clicks Group Ltd (5,824) (76,269) – 0.00 % cocokara fine Inc (300) (16,454) – 0.00 % Coles Group Ltd (1,783) (16,607) – 0.00 % Colruyt SA (84) (4,299) – 0.00 % Create SD Holdings Co Ltd (800) (17,995) – 0.00 % FamilyMart Co Ltd (6,252) (144,103) – 0.00 % Genky DrugStores Co Ltd (1,700) (33,442) – 0.00 % Heiwado Co Ltd (1,600) (29,608) – 0.00 % Ingles Markets Inc (1,679) (65,280) – 0.00 % J Sainsbury PLC (443,295) (1,057,505) – 0.00 % Jeronimo Martins SGPS SA (5,671) (93,545) – 0.00 % Kato Sangyo Co Ltd (600) (17,583) – 0.00 % Kesko Oyj (416) (26,177) – 0.00 % Kirindo Holdings Co Ltd (1,000) (16,699) – 0.00 % Koninklijke Ahold Delhaize NV (947) (22,151) – 0.00 % Kroger Co/The (12,204) (288,991) – 0.00 % Kusuri no Aoki Holdings Co Ltd (200) (15,353) – 0.00 % Lawson Inc (200) (9,916) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 152 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Food & Staples Retailing (continued) MARR SpA (2,133) (46,319) – 0.00 % Massmart Holdings Ltd (16,943) (50,163) – 0.00 % Matsumotokiyoshi Holdings Co L (4,100) (151,973) – 0.00 % Medical System Network Co Ltd (203) (1,010) – 0.00 % Ministop Co Ltd (2,800) (38,011) – 0.00 % Mitsubishi Shokuhin Co Ltd (1,100) (27,061) – 0.00 % Natural Grocers by Vitamin Cot (469) (4,427) – 0.00 % North West Co Inc/The (1,041) (24,235) – 0.00 % Pick n Pay Stores Ltd (793) (3,016) – 0.00 % Qol Holdings Co Ltd (1,500) (20,236) – 0.00 % San-A Co Ltd (700) (29,075) – 0.00 % Seven & i Holdings Co Ltd (3,300) (116,639) – 0.00 % Shoei Foods Corp (300) (8,453) – 0.00 % Shoprite Holdings Ltd (16,844) (125,245) – 0.00 % Sonae SGPS SA (96,678) (87,652) – 0.00 % SPAR Group Ltd/The (10,226) (116,978) – 0.00 % SpartanNash Co (923) (9,941) – 0.00 % Sugi Holdings Co Ltd (2,800) (146,724) – 0.00 % Sundrug Co Ltd (5,400) (167,900) – 0.00 % Tesco PLC (379,929) (1,013,107) – 0.00 % Tsuruha Holdings Inc (800) (87,153) – 0.00 % United Natural Foods Inc (5,106) (41,052) – 0.00 % United Super Markets Holdings (3,100) (27,910) – 0.00 % Valor Holdings Co Ltd (100) (1,677) – 0.00 % Watahan & Co Ltd (100) (2,121) – 0.00 % Welcia Holdings Co Ltd (2,700) (140,976) – 0.00 % Wm Morrison Supermarkets PLC (450,193) (1,000,027) – 0.00 % Yakuodo Co Ltd (400) (9,126) – 0.00 % Yaoko Co Ltd (400) (17,762) – 0.00 % Yokohama Reito Co Ltd (2,400) (23,256) – 0.00 % Total Food & Staples Retailing – 0.00 %

Food Products Adecoagro SA (1,925) (10,742) – 0.00 % Ajinomoto Co Inc (500) (9,111) – 0.00 % Archer-Daniels-Midland Co (9,190) (349,680) – 0.00 % Aryzta AG (64,455) (52,116) – 0.00 % Associated British Foods PLC (5,877) (162,362) – 0.00 % Bega Cheese Ltd (24,083) (64,831) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 153 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Food Products (continued) Bellamy’s Australia Ltd (1,732) (8,742) – 0.00 % Calavo Growers Inc (2,647) (234,657) – 0.00 % Calbee Inc (200) (6,096) – 0.00 % Cal-Maine Foods Inc (8,352) (338,590) – 0.00 % Campbell Soup Co (3,767) (169,515) – 0.00 % Chubu Shiryo Co Ltd (100) (1,053) – 0.00 % Cloetta AB (14,725) (43,799) – 0.00 % Conagra Brands Inc (20,437) (579,593) – 0.00 % Costa Group Holdings Ltd (8,816) (18,689) – 0.00 % Cranswick PLC (1,071) (35,959) – 0.00 % Danone SA (540) (48,341) – 0.00 % Darling Ingredients Inc (15,353) (285,566) – 0.00 % Dean Foods Co (39,797) (40,195) – 0.00 % Ebro Foods SA (2,948) (61,393) – 0.00 % Feed One Co Ltd (1,600) (2,378) – 0.00 % Fresh Del Monte Produce Inc (279) (7,265) – 0.00 % Fujicco Co Ltd (1,300) (23,311) – 0.00 % General Mills Inc (7,895) (424,751) – 0.00 % Glanbia PLC (5,937) (65,082) – 0.00 % Golden Agri-Resources Ltd (228,500) (43,624) – 0.00 % GrainCorp Ltd (7,012) (37,705) – 0.00 % Greencore Group PLC (20,539) (52,445) – 0.00 % Gruma SAB de CV (1,680) (15,621) – 0.00 % Grupo Bimbo SAB de CV (10,196) (17,812) – 0.00 % Hain Celestial Group Inc/The (648) (12,344) – 0.00 % Hershey Co/The (6,586) (1,043,749) – 0.00 % Hokuto Corp (1,100) (19,642) – 0.00 % Hormel Foods Corp (11,607) (494,574) – 0.00 % Itoham Yonekyu Holdings Inc (6,700) (41,475) – 0.00 % JBS SA 200 1,436 – 0.00 % JM Smucker Co/The (927) (97,483) – 0.00 % Kameda Seika Co Ltd (400) (17,649) – 0.00 % Kellogg Co (1,517) (95,268) – 0.00 % Kenko Mayonnaise Co Ltd (1,100) (22,922) – 0.00 % Kerry Group PLC (234) (27,850) – 0.00 % Kotobuki Spirits Co Ltd (100) (6,473) – 0.00 % Maple Leaf Foods Inc (1,697) (40,427) – 0.00 % Maruha Nichiro Corp (600) (15,483) – 0.00 % McCormick & Co Inc/MD (12,131) (1,975,776) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 154 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Food Products (continued) Mitsui Sugar Co Ltd (1,400) (28,673) – 0.00 % Mondelez International Inc (828) (45,722) – 0.00 % Naturecell Co Ltd 4,301 22,275 – 0.00 % NH Foods Ltd (100) (3,838) – 0.00 % Nippon Flour Mills Co Ltd (600) (9,353) – 0.00 % Nippon Suisan Kaisha Ltd (1,800) (10,431) – 0.00 % Nisshin Oillio Group Ltd/The (400) (12,418) – 0.00 % Origin Enterprises PLC (5,686) (30,306) – 0.00 % Orkla ASA (1,888) (17,290) – 0.00 % Post Holdings Inc (6,457) (643,698) – 0.00 % Premium Brands Holdings Corp (176) (12,982) – 0.00 % Prima Meat Packers Ltd (1,100) (21,742) – 0.00 % Rock Field Co Ltd (2,000) (26,210) – 0.00 % Rogers Sugar Inc (7,290) (29,456) – 0.00 % Rokko Butter Co Ltd (100) (1,567) – 0.00 % S Foods Inc (300) (8,509) – 0.00 % Sakata Seed Corp (400) (13,528) – 0.00 % Samyang Foods Co Ltd 491 28,435 – 0.00 % Schouw & Co A/S (926) (63,626) – 0.00 % SLC Agricola SA 500 2,098 – 0.00 % Tate & Lyle PLC (2,571) (22,500) – 0.00 % Tiger Brands Ltd (5,214) (71,684) – 0.00 % TreeHouse Foods Inc (9,165) (464,207) – 0.00 % Tyson Foods Inc (10,334) (961,475) – 0.00 % Ulker Biskuvi Sanayi AS (6,999) (21,526) – 0.00 % Viscofan SA (1,888) (87,931) – 0.00 % Warabeya (2,000) (32,984) – 0.00 % Wei Chuan Foods Corp (8,467) (7,042) – 0.00 % WH Group Ltd (1,000) (805) – 0.00 % Wilmar International Ltd (5,300) (14,548) – 0.00 % Total Food Products – 0.00 %

Gas Utilities Ascopiave SpA (8,599) (37,185) – 0.00 % Chesapeake Utilities Corp (147) (13,903) – 0.00 % Infraestructura Energetica Nov (900) (3,780) – 0.00 % Italgas SpA (7,887) (51,138) – 0.00 % Nippon Gas Co Ltd (600) (18,204) – 0.00 % Osaka Gas Co Ltd (6,900) (123,466) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 155 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Gas Utilities (continued) Rubis SCA (1,648) (95,262) – 0.00 % Shizuoka Gas Co Ltd (1,900) (15,676) – 0.00 % South Jersey Industries Inc (42,528) (1,375,355) – 0.00 % Southwest Gas Holdings Inc (393) (35,853) – 0.00 % Spire Inc (13,416) (1,139,018) – 0.00 % Superior Plus Corp (2,122) (18,506) – 0.00 % Toho Gas Co Ltd (2,905) (112,735) – 0.00 % Tokyo Gas Co Ltd (4,700) (118,744) – 0.00 % Total Gas Utilities – 0.00 %

Health Care Equipment & Supplies Accuray Inc (2,785) (7,464) – 0.00 % Alcon Inc (800) (48,732) – 0.00 % Ambu A/S (2,434) (41,613) – 0.00 % Ansell Ltd (1,751) (32,112) – 0.00 % Antares Pharma Inc (12,750) (41,310) – 0.00 % Arjo AB (2,092) (8,359) – 0.00 % AtriCure Inc (328) (8,984) – 0.00 % Avanos Medical Inc (2,914) (96,687) – 0.00 % Axogen Inc (3,035) (48,105) – 0.00 % Becton Dickinson and Co (4,382) (1,112,677) – 0.00 % BioMerieux (312) (25,355) – 0.00 % Cantel Medical Corp (7,972) (732,866) – 0.00 % Cerus Corp (5,277) (28,337) – 0.00 % Conformis Inc (6,448) (13,799) – 0.00 % CONMED Corp (9,240) (931,115) – 0.00 % ConvaTec Group PLC (32,512) (68,957) – 0.00 % CryoLife Inc (854) (22,887) – 0.00 % CryoPort Inc (1,295) (28,179) – 0.00 % Cutera Inc (543) (15,676) – 0.00 % DexCom Inc (1) (172) – 0.00 % DiaSorin SpA (94) (11,126) – 0.00 % Eckert & Ziegler Strahlen- und (175) (30,424) – 0.00 % Eiken Chemical Co Ltd (700) (10,517) – 0.00 % El.En. SpA (476) (9,447) – 0.00 % Endologix Inc (5,487) (29,410) – 0.00 % GenMark Diagnostics Inc (5,965) (35,730) – 0.00 % Glaukos Corp (192) (12,348) – 0.00 % Haemonetics Corp (3,542) (472,963) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 156 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Health Care Equipment & Supplies (continued) Hogy Medical Co Ltd (700) (19,091) – 0.00 % Hologic Inc (5,444) (268,770) – 0.00 % ICU Medical Inc (1,764) (285,327) – 0.00 % Inogen Inc (2,039) (94,548) – 0.00 % Integer Holdings Corp (157) (11,367) – 0.00 % Integra LifeSciences Holdings (11,018) (661,300) – 0.00 % Intuitive Surgical Inc (142) (72,610) – 0.00 % Invacare Corp (4,405) (21,320) – 0.00 % iRhythm Technologies Inc (723) (55,035) – 0.00 % Jeol Ltd (300) (6,599) – 0.00 % Koninklijke Philips NV (125) (5,891) – 0.00 % Lantheus Holdings Inc (1,557) (33,880) – 0.00 % LivaNova PLC (5,288) (410,507) – 0.00 % Masimo Corp (844) (129,343) – 0.00 % Menicon Co Ltd (100) (3,777) – 0.00 % Meridian Bioscience Inc (438) (4,043) – 0.00 % Neogen Corp (659) (46,473) – 0.00 % Neuronetics Inc (1,015) (10,830) – 0.00 % Nihon Kohden Corp (500) (13,867) – 0.00 % Nikkiso Co Ltd (1,300) (13,612) – 0.00 % Nipro Corp (1,100) (11,559) – 0.00 % Novocure Ltd (520) (47,247) – 0.00 % NuVasive Inc (3,456) (219,525) – 0.00 % Olympus Corp (900) (10,533) – 0.00 % Orthofix Medical Inc (9,875) (502,045) – 0.00 % Osstem Implant Co Ltd 107 4,077 – 0.00 % Paramount Bed Holdings Co Ltd (400) (14,657) – 0.00 % Quidel Corp (151) (9,521) – 0.00 % Quotient Ltd (3,518) (31,732) – 0.00 % SI-BONE Inc (324) (6,299) – 0.00 % Siemens Healthineers AG (2,026) (79,507) – 0.00 % Sientra Inc (5,672) (38,740) – 0.00 % STAAR Surgical Co (1,675) (50,434) – 0.00 % Stryker Corp (4,009) (884,626) – 0.00 % Surmodics Inc (944) (44,425) – 0.00 % Sysmex Corp (300) (19,141) – 0.00 % Tandem Diabetes Care Inc (2,004) (145,150) – 0.00 % Utah Medical Products Inc (8) (787) – 0.00 % Zimmer Biomet Holdings Inc (1,692) (235,526) – 0.00 % Total Health Care Equipment & Supplies – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 157 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Health Care Providers & Services Acadia Healthcare Co Inc (3,105) (82,158) – 0.00 % American Renal Associates Hold (3,353) (20,789) – 0.00 % AmerisourceBergen Corp (2,713) (223,199) – 0.00 % Amplifon SpA (600) (15,403) – 0.00 % Attendo AB (21,765) (95,205) – 0.00 % BioTelemetry Inc (11,086) (439,560) – 0.00 % BML Inc (200) (5,673) – 0.00 % Brookdale Senior Living Inc (14,906) (121,931) – 0.00 % Capital Senior Living Corp (8,778) (40,467) – 0.00 % Cardinal Health Inc (7,264) (313,296) – 0.00 % Centene Corp (17,288) (805,967) – 0.00 % Chabiotech Co Ltd 628 7,352 – 0.00 % Community Health Systems Inc (33,234) (82,753) – 0.00 % CorVel Corp (282) (23,753) – 0.00 % Covetrus Inc (263) (3,495) – 0.00 % Cross Country Healthcare Inc (6,141) (62,945) – 0.00 % CVS Group PLC (2,494) (26,274) – 0.00 % CVS Health Corp (14,997) (913,617) – 0.00 % Diplomat Pharmacy Inc (38,694) (224,812) – 0.00 % Elan Corp (300) (4,818) – 0.00 % Extendicare Inc (4,903) (30,805) – 0.00 % Fagron (2,049) (36,726) – 0.00 % Fresenius Medical Care AG & Co (721) (48,491) – 0.00 % Fresenius SE & Co KGaA (1,259) (61,099) – 0.00 % Galenica AG (1,042) (58,263) – 0.00 % Genesis Healthcare Inc (6,804) (7,348) – 0.00 % HCA Healthcare Inc (587) (70,557) – 0.00 % Healius Ltd (36,628) (79,129) – 0.00 % HealthEquity Inc (1,005) (59,657) – 0.00 % HLB Life Science CO LTD 5,201 30,809 – 0.00 % Japan Lifeline Co Ltd (200) (3,129) – 0.00 % Japan Medical Dynamic Marketin (60) (963) – 0.00 % Korian SA (1,266) (50,476) – 0.00 % Life Healthcare Group Holdings (32,321) (48,516) – 0.00 % Medical Facilities Corp (5,611) (28,456) – 0.00 % Mediclinic International PLC (22,739) (93,885) – 0.00 % Molina Healthcare Inc (3,254) (423,931) – 0.00 % Netcare Ltd (67,766) (72,690) – 0.00 % NichiiGakkan Co Ltd (500) (7,752) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 158 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Health Care Providers & Services (continued) NMC Health PLC (304) (9,253) – 0.00 % Notre Dame Intermedica Partici 300 4,074 – 0.00 % Option Care Health Inc (11,361) (39,764) – 0.00 % Owens & Minor Inc (15,696) (79,736) – 0.00 % Patterson Cos Inc (3,612) (60,393) – 0.00 % PetIQ Inc (37) (1,171) – 0.00 % Quorum Health Corp (3,612) (3,648) – 0.00 % R1 RCM Inc (3,573) (41,661) – 0.00 % Ramsay Health Care Ltd (1,008) (44,529) – 0.00 % SH PHARMA (30,000) (56,628) – 0.00 % Sinopharm Group Co Ltd (9,600) (34,712) – 0.00 % Solasto Corp (800) (9,972) – 0.00 % Surgery Partners Inc (7,324) (47,167) – 0.00 % Tenet Healthcare Corp (14,556) (315,137) – 0.00 % Tivity Health Inc (22,939) (418,866) – 0.00 % Tsukui Corp (4,700) (19,234) – 0.00 % UDG Healthcare PLC (2,254) (21,525) – 0.00 % UNI MEDICAL (16,000) (11,264) – 0.00 % Vital KSK Holdings Inc (692) (6,810) – 0.00 % Total Health Care Providers & Services – 0.00 %

Health Care Technology AGFA-Gevaert NV (10,521) (41,855) – 0.00 % Allscripts Healthcare Solution (22,203) (201,603) – 0.00 % Ascom Holding AG (5,744) (58,722) – 0.00 % Castlight Health Inc (15,012) (21,167) – 0.00 % Cerner Corp (1,606) (110,669) – 0.00 % CompuGroup Medical SE (321) (18,291) – 0.00 % EM Systems Co Ltd (100) (1,694) – 0.00 % Evolent Health Inc (4,160) (28,579) – 0.00 % HTG Molecular Diagnostics Inc (693) (644) – 0.00 % Inspire Medical Systems Inc (317) (22,035) – 0.00 % NextGen Healthcare Inc (1,873) (26,615) – 0.00 % Omnicell Inc (381) (27,356) – 0.00 % Tabula Rasa HealthCare Inc (868) (49,302) – 0.00 % Teladoc Health Inc (1,420) (82,190) – 0.00 % Veeva Systems Inc (286) (45,869) – 0.00 % Vocera Communications Inc (5,028) (115,393) – 0.00 % Total Health Care Technology – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 159 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Hotels Restaurants & Leisure 888 Holdings PLC (4,341) (8,059) – 0.00 % Accor SA (351) (15,144) – 0.00 % Alsea SAB de CV (22,831) (48,608) – 0.00 % Ananti Inc 2,777 27,915 – 0.00 % Betsson AB (3,235) (15,632) – 0.00 % BJ’s Restaurants Inc (2,968) (108,154) – 0.00 % Bloomin’ Brands Inc (4,138) (74,650) – 0.00 % Boyd Gaming Corp (8,047) (193,450) – 0.00 % Brinker International Inc (2,313) (87,894) – 0.00 % Carnival Corp (17,391) (766,595) – 0.00 % Carnival PLC (103) (4,320) – 0.00 % Cheesecake Factory Inc/The (688) (26,137) – 0.00 % CHINA TRAVEL HK (38,000) (5,816) – 0.00 % Choice Hotels International In (2,697) (245,373) – 0.00 % Crown Resorts Ltd (4,084) (33,010) – 0.00 % Dave & Buster’s Entertainment (631) (27,165) – 0.00 % DD Holdings Co Ltd (200) (2,798) – 0.00 % Dine Brands Global Inc (2,144) (151,259) – 0.00 % Domino’s Pizza Enterprises Ltd (447) (12,867) – 0.00 % Domino’s Pizza Group PLC (24,831) (72,436) – 0.00 % DoubleUGames Co Ltd 363 16,638 – 0.00 % Doutor Nichires Holdings Co Lt (4,800) (91,218) – 0.00 % Eldorado Resorts Inc (1,839) (70,820) – 0.00 % Elior Group SA (941) (11,975) – 0.00 % Everi Holdings Inc (1,100) (9,834) – 0.00 % Fiesta Restaurant Group Inc (2,917) (25,203) – 0.00 % Flight Centre Travel Group Ltd (965) (30,206) – 0.00 % Genting Singapore Ltd (70,600) (45,268) – 0.00 % Golden Entertainment Inc (828) (11,741) – 0.00 % Greene King PLC (95) (972) – 0.00 % Habit Restaurants Inc/The (1,196) (10,477) – 0.00 % Hilton Worldwide Holdings Inc (3,752) (346,572) – 0.00 % Hyatt Hotels Corp (6,329) (456,637) – 0.00 % KNT-CT Holdings Co Ltd (200) (2,743) – 0.00 % Las Vegas Sands Corp (13,828) (767,039) – 0.00 % Marriott Vacations Worldwide C (13,371) (1,318,247) – 0.00 % Marston’s PLC (1,210) (1,871) – 0.00 % Melia Hotels International SA (5,730) (47,227) – 0.00 % MGM Resorts International (44,779) (1,256,499) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 160 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Hotels Restaurants & Leisure (continued) MOS Food Services Inc (400) (8,809) – 0.00 % NetEnt AB (14,852) (36,336) – 0.00 % Norwegian Cruise Line Holdings (18,720) (950,040) – 0.00 % Papa John’s International Inc (502) (24,980) – 0.00 % Penn National Gaming Inc (8,743) (167,603) – 0.00 % Playtech Plc (8,761) (39,540) – 0.00 % Plenus Co Ltd (200) (3,263) – 0.00 % Red Lion Hotels Corp (174) (912) – 0.00 % Red Robin Gourmet Burgers Inc (93) (3,115) – 0.00 % Red Rock Resorts Inc (3,127) (65,198) – 0.00 % Resorttrust Inc (1,000) (15,608) – 0.00 % Restaurant Group PLC/The (9,985) (18,621) – 0.00 % Royal Caribbean Cruises Ltd (8,262) (861,561) – 0.00 % Saizeriya Co Ltd (3,300) (81,805) – 0.00 % Scandic Hotels Group AB (1,701) (13,116) – 0.00 % Scientific Games Corp (3,742) (69,152) – 0.00 % Shake Shack Inc (28) (2,776) – 0.00 % Shangri-La Asia Ltd (30,000) (31,337) – 0.00 % St Marc Holdings Co Ltd (600) (14,027) – 0.00 % Star Entertainment Grp Ltd/The (36,276) (100,341) – 0.00 % Tabcorp Holdings Ltd (8,821) (27,961) – 0.00 % Texas Roadhouse Inc (775) (39,882) – 0.00 % TUI AG (1,843) (18,317) – 0.00 % Whitbread PLC (630) (33,514) – 0.00 % William Hill PLC (57,672) (125,022) – 0.00 % Wyndham Destinations Inc (10,970) (486,410) – 0.00 % Wyndham Hotels & Resorts Inc (6,471) (332,480) – 0.00 % Wynn Resorts Ltd (7,471) (822,931) – 0.00 % Total Hotels Restaurants & Leisure – 0.00 %

Household Durables Arcelik AS (7,794) (22,861) – 0.00 % Beazer Homes USA Inc (6,837) (85,668) – 0.00 % Bonava AB (1,525) (17,065) – 0.00 % Casio Computer Co Ltd (700) (9,766) – 0.00 % Cavco Industries Inc (473) (86,781) – 0.00 % Century Communities Inc (590) (16,626) – 0.00 % Crest Nicholson Holdings plc (1,092) (4,612) – 0.00 % DR Horton Inc (8,004) (395,958) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 161 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Household Durables (continued) Electrolux AB (1,736) (38,763) – 0.00 % Ethan Allen Interiors Inc (77) (1,324) – 0.00 % Ez Tec Empreendimentos e Parti 200 1,892 – 0.00 % Glenveagh Properties PLC (60,194) (41,410) – 0.00 % Hovnanian Enterprises Inc (2,048) (16,876) – 0.00 % Husqvarna AB (282) (2,183) – 0.00 % Iida Group Holdings Co Ltd (23,100) (359,447) – 0.00 % Installed Building Products In (1,205) (68,577) – 0.00 % iRobot Corp (548) (33,872) – 0.00 % JM AB (404) (10,065) – 0.00 % KB Home (3,778) (106,124) – 0.00 % Ki-Star Real Estate Co Ltd (100) (1,727) – 0.00 % La-Z-Boy Inc (743) (23,679) – 0.00 % Leggett & Platt Inc (28,202) (1,048,832) – 0.00 % Lennar Corp (32,616) (1,663,416) – 0.00 % LGI Homes Inc (483) (39,369) – 0.00 % Man Wah Holdings Ltd (47,600) (21,795) – 0.00 % McCarthy & Stone PLC (4,799) (7,840) – 0.00 % Meritage Homes Corp (674) (44,039) – 0.00 % Mohawk Industries Inc (4,707) (559,615) – 0.00 % Neinor Homes SA (3,123) (38,404) – 0.00 % New Home Co Inc/The (1,943) (7,247) – 0.00 % Newell Brands Inc (7,287) (120,964) – 0.00 % Nobia AB (5,552) (32,588) – 0.00 % PulteGroup Inc (10,767) (363,925) – 0.00 % Rinnai Corp (300) (18,825) – 0.00 % Sharp Corp/Japan (800) (8,249) – 0.00 % Skyline Champion Corp (238) (6,664) – 0.00 % Skyworth Group Ltd (176,000) (40,630) – 0.00 % Sonos Inc (1,450) (21,054) – 0.00 % Space Value Holdings Co Ltd (3,000) (12,503) – 0.00 % Sumitomo Forestry Co Ltd (500) (6,120) – 0.00 % Taylor Morrison Home Corp (3,012) (71,866) – 0.00 % Tempur Sealy International Inc (993) (76,580) – 0.00 % Toa Corp/Hyogo (100) (1,152) – 0.00 % Token Corp (200) (11,760) – 0.00 % TopBuild Corp (339) (31,398) – 0.00 % TRI Pointe Group Inc (4,734) (66,276) – 0.00 % Tupperware Brands Corp (3,897) (50,700) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 162 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Household Durables (continued) Universal Electronics Inc (186) (8,398) – 0.00 % VOXX International Corp (110) (484) – 0.00 % William Lyon Homes (26,348) (465,569) – 0.00 % ZAGG Inc (1,406) (9,012) – 0.00 % Total Household Durables – 0.00 %

Household Products Central Garden & Pet Co (6,340) (167,503) – 0.00 % Earth Corp (400) (19,267) – 0.00 % Henkel AG & Co KGaA (964) (89,042) – 0.00 % Spectrum Brands Holdings Inc (1,136) (63,468) – 0.00 % ST Corp (100) (1,450) – 0.00 % Transaction Co Ltd (1,200) (11,763) – 0.00 % Total Household Products – 0.00 %

Independent Power and Renewable Electricity Producers Central Puerto SA (15,552) (43,235) – 0.00 % CGN Power Co Ltd (172,000) (45,410) – 0.00 % CHINA LONGYUAN (4,000) (2,199) – 0.00 % CHINA POWER (374,000) (81,091) – 0.00 % CHINA RES POWER (52,000) (68,709) – 0.00 % Drax Group PLC (1,622) (5,328) – 0.00 % Electric Power Development Co (21,960) (508,637) – 0.00 % Engie Brasil Energia SA 400 4,357 – 0.00 % ERG SpA (3,172) (61,386) – 0.00 % Falck Renewables SpA (15,974) (68,182) – 0.00 % HUADIAN POWER (134,000) (52,297) – 0.00 % HUANENG POWER (134,000) (73,660) – 0.00 % Ormat Technologies Inc (454) (33,719) – 0.00 % Pattern Energy Group Inc (2,376) (64,509) – 0.00 % Solaria Energia y Medio Ambien (13,773) (81,734) – 0.00 % West Holdings Corp (400) (4,568) – 0.00 % Total Independent Power and Renewable Electricity Producers – 0.00 %

Industrial Conglomerates Alfa SAB de CV (52,838) (45,060) – 0.00 % CITIC Ltd (22,000) (26,067) – 0.00 % Fosun International Ltd (10,000) (12,856) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 163 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Industrial Conglomerates (continued) General Electric Co (64,678) (533,594) – 0.00 % Hyosung Corp 19 1,358 – 0.00 % Indus Holding AG (872) (33,348) – 0.00 % Katakura Industries Co Ltd (14) (166) – 0.00 % Keppel Corp Ltd (12,200) (51,330) – 0.00 % KOC Holding AS (3,127) (9,387) – 0.00 % Nisshinbo Holdings Inc (300) (2,238) – 0.00 % Raven Industries Inc (1,006) (29,345) – 0.00 % Sembcorp Industries Ltd (63,800) (95,145) – 0.00 % SHANGHAI IND H (2,000) (3,898) – 0.00 % Siemens AG (158) (15,792) – 0.00 % Total Industrial Conglomerates – 0.00 %

Insurance Admiral Group PLC (44) (1,149) – 0.00 % Aegon NV (73,782) (280,789) – 0.00 % Allianz SE (901) (198,526) – 0.00 % American Equity Investment Lif (5,668) (122,145) – 0.00 % American International Group I (1,527) (79,465) – 0.00 % Assicurazioni Generali SpA (6,928) (125,395) – 0.00 % Aviva PLC (25,253) (108,780) – 0.00 % Brighthouse Financial Inc (3,169) (111,739) – 0.00 % Chubb Ltd (2,161) (337,721) – 0.00 % Citizens Inc/TX (2,348) (14,745) – 0.00 % CNO Financial Group Inc (10,230) (148,130) – 0.00 % CNP Assurances (12,436) (225,771) – 0.00 % Dai-ichi Life Holdings Inc (56,100) (764,220) – 0.00 % Direct Line Insurance Group PL (13,722) (47,257) – 0.00 % Dream Incubator Inc (29) (337) – 0.00 % eHealth Inc (292) (24,327) – 0.00 % Fairfax Financial Holdings Ltd (44) (19,641) – 0.00 % FedNat Holding Co (1,308) (15,997) – 0.00 % Genworth Financial Inc (1,261) (5,586) – 0.00 % Goosehead Insurance Inc (166) (7,676) – 0.00 % Great-West Lifeco Inc (38,637) (825,070) – 0.00 % Hastings Group Holdings PLC (14,284) (31,799) – 0.00 % iA Financial Corp Inc (816) (33,997) – 0.00 % Insurance Australia Group Ltd (42,854) (232,456) – 0.00 % IRB Brasil Resseguros S/A 300 7,883 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 164 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Insurance (continued) Japan Post Holdings Co Ltd (36,000) (327,165) – 0.00 % Just Group PLC (12,000) (6,522) – 0.00 % Kemper Corp (16,333) (1,142,983) – 0.00 % Legal & General Group PLC (17,067) (45,593) – 0.00 % Loews Corp (7,898) (379,657) – 0.00 % Manulife Financial Corp (48,036) (798,432) – 0.00 % Mapfre SA (103,030) (268,116) – 0.00 % Medibank Pvt Ltd (129,289) (316,722) – 0.00 % Meritz Fire & Marine Insurance 1,992 29,582 – 0.00 % Momentum Metropolitan Holdings (42,248) (45,707) – 0.00 % MS&AD Insurance Group Holdings (23,500) (746,597) – 0.00 % Munich Re (868) (207,852) – 0.00 % National Western Life Group In (60) (15,469) – 0.00 % NN Group NV (6,810) (227,958) – 0.00 % Old Mutual Ltd (16,179) (19,367) – 0.00 % Phoenix Group Holdings PLC (5,169) (40,684) – 0.00 % Porto Seguro SA 300 4,069 – 0.00 % Poste Italiane SpA (19,468) (209,066) – 0.00 % Power Corp of Canada (39,630) (837,031) – 0.00 % Power Financial Corp (38,845) (829,804) – 0.00 % Primerica Inc (959) (114,284) – 0.00 % ProAssurance Corp (1,081) (42,235) – 0.00 % Prudential PLC (49,114) (817,341) – 0.00 % QBE Insurance Group Ltd (39,284) (331,270) – 0.00 % Rand Merchant Investment Holdi (19,809) (38,612) – 0.00 % RSA Insurance Group PLC (11,585) (73,764) – 0.00 % Saga PLC (68,653) (34,342) – 0.00 % Selective Insurance Group Inc (148) (11,785) – 0.00 % Sompo Holdings Inc (19,200) (766,591) – 0.00 % Sony Financial Holdings Inc (16,600) (383,239) – 0.00 % Storebrand ASA (476) (2,737) – 0.00 % Sun Life Financial Inc (19,794) (812,760) – 0.00 % Suncorp Group Ltd (33,562) (311,930) – 0.00 % T&D Holdings Inc (76,800) (747,444) – 0.00 % Third Point Reinsurance Ltd (474) (4,465) – 0.00 % Tokio Marine Holdings Inc (7,300) (375,799) – 0.00 % Vienna Insurance (54) (1,329) – 0.00 % Willis Towers Watson PLC (4,926) (975,200) – 0.00 % Total Insurance – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 165 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Interactive Media & Services Adevinta ASA (876) (10,912) – 0.00 % AfreecaTV Co Ltd 822 41,348 – 0.00 % Baidu Inc (211) (22,043) – 0.00 % Bitauto Holdings Ltd (512) (6,497) – 0.00 % Dip Corp (500) (11,355) – 0.00 % Domain Holdings Australia Ltd (7,922) (16,901) – 0.00 % Eventbrite Inc (677) (11,834) – 0.00 % Gurunavi Inc (4,600) (29,428) – 0.00 % Kakao Corp 10 1,113 – 0.00 % Liberty TripAdvisor Holdings I (5,650) (49,381) – 0.00 % LIFULL Co Ltd (2,500) (15,429) – 0.00 % LINE Corp (400) (14,036) – 0.00 % MDC Partners Inc (12,518) (29,417) – 0.00 % Meet Group Inc/The (4,276) (14,752) – 0.00 % SINA Corp/China (272) (11,198) – 0.00 % Snap Inc (4) (63) – 0.00 % Sohu.com Ltd (932) (10,187) – 0.00 % Twitter Inc (31) (1,322) – 0.00 % Weibo Corp (75) (3,103) – 0.00 % YY Inc (3) (171) – 0.00 % Zillow Group Inc (1,679) (57,808) – 0.00 % Total Interactive Media & Services – 0.00 %

Internet & Direct Marketing Retail B2W Cia Digital 100 1,138 – 0.00 % Despegar.com Corp (857) (9,376) – 0.00 % Etsy Inc (328) (17,315) – 0.00 % Fundely Co Ltd (100) (1,349) – 0.00 % JD.com Inc (66) (2,013) – 0.00 % MercadoLibre Inc (188) (111,785) – 0.00 % Rubicon Project Inc/The (3,107) (31,785) – 0.00 % Stamps.com Inc (250) (16,090) – 0.00 % Takkt AG (238) (3,013) – 0.00 % Wayfair Inc (256) (28,861) – 0.00 % Total Internet & Direct Marketing Retail – 0.00 %

IT Services 21Vianet Group Inc (1,336) (10,488) – 0.00 % Adyen NV (63) (45,611) – 0.00 % Automatic Data Processing Inc (201) (34,138) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 166 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

IT Services (continued) Avant Corp (200) (3,660) – 0.00 % Broadridge Financial Solutions (1,576) (203,997) – 0.00 % CAC Holdings Corp (300) (3,491) – 0.00 % Cardtronics PLC (5,594) (165,694) – 0.00 % Computacenter PLC (1,518) (24,468) – 0.00 % Computershare Ltd (5,560) (57,550) – 0.00 % Core Corp (200) (2,412) – 0.00 % Densan System Co Ltd (200) (5,165) – 0.00 % DXC Technology Co (11,260) (374,057) – 0.00 % Equiniti Group PLC (23,489) (58,577) – 0.00 % Evo Payments Inc (46) (1,365) – 0.00 % Gartner Inc (2,976) (397,802) – 0.00 % GMO Cloud KK (300) (6,926) – 0.00 % ID Holdings Corp (100) (1,108) – 0.00 % Indra Sistemas SA (4,815) (37,887) – 0.00 % Itfor Inc (900) (7,341) – 0.00 % KBR Inc (23,491) (599,491) – 0.00 % Keywords Studios PLC (1,774) (34,249) – 0.00 % Leidos Holdings Inc (6,061) (529,489) – 0.00 % Link Administration Holdings L (49,170) (181,341) – 0.00 % LiveRamp Holdings Inc (1,043) (44,181) – 0.00 % Mamezou Holdings Co Ltd (600) (9,048) – 0.00 % Mastercard Inc (1,422) (400,108) – 0.00 % Mitsubishi Research Institute (250) (8,491) – 0.00 % NCC Group PLC (14,208) (30,524) – 0.00 % NEC Net & Sys Int (500) (13,053) – 0.00 % NEXTDC Ltd (5,076) (20,497) – 0.00 % NTT Data Corp (800) (10,318) – 0.00 % Paychex Inc (13,318) (1,088,081) – 0.00 % PayPal Holdings Inc (3,712) (404,794) – 0.00 % PCI Holdings Inc/JP (100) (1,892) – 0.00 % Perspecta Inc (2,767) (71,804) – 0.00 % Poletowin Pitcrew Holdings Inc (500) (5,551) – 0.00 % Reply SpA (54) (3,190) – 0.00 % Samsung SDS Co Ltd 34 5,513 – 0.00 % Science Applications Internati (1,818) (160,002) – 0.00 % Solutions 30 SE (2,475) (23,976) – 0.00 % Square Inc (935) (57,820) – 0.00 % Switch Inc (714) (11,710) – 0.00 % Sykes Enterprises Inc (400) (11,600) – 0.00 % TechMatrix Corp (300) (6,683) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 167 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

IT Services (continued) Tecnos Japan Inc (200) (948) – 0.00 % Tieto Oyj (1,430) (35,170) – 0.00 % TKC Corp (200) (8,589) – 0.00 % Total System Services Inc (3,603) (483,595) – 0.00 % Transcosmos Inc (800) (19,079) – 0.00 % Twilio Inc (663) (86,502) – 0.00 % Unisys Corp (818) (5,350) – 0.00 % USA Technologies Inc (8,760) (72,095) – 0.00 % Verra Mobility Corp (22) (306) – 0.00 % Worldline SA/France (176) (12,146) – 0.00 % Total IT Services – 0.00 %

Leisure Products Brunswick Corp/DE (1,453) (67,710) – 0.00 % Callaway Golf Co (50,544) (897,661) – 0.00 % HLB Inc 1,283 44,847 – 0.00 % Mattel Inc (12,811) (125,548) – 0.00 % Mizuno Corp (200) (5,176) – 0.00 % Polaris Inc (183) (15,010) – 0.00 % Sega Sammy Holdings Inc (300) (4,109) – 0.00 % Total Leisure Products – 0.00 %

Life Sciences Tools & Services Bachem Holding AG (83) (12,074) – 0.00 % Bio-Techne Corp (1,456) (278,926) – 0.00 % Clinigen Group Plc (1,063) (11,444) – 0.00 % EPS Holdings Inc (1,400) (17,320) – 0.00 % Evotec SE (640) (14,144) – 0.00 % Fluidigm Corp (3,255) (18,163) – 0.00 % Gerresheimer AG (959) (72,350) – 0.00 % LegoChem Biosciences Inc 351 13,314 – 0.00 % Linical Co Ltd (133) (1,290) – 0.00 % Medpace Holdings Inc (895) (72,414) – 0.00 % NeoGenomics Inc (245) (6,120) – 0.00 % Quanterix Corp (405) (10,664) – 0.00 % Siegfried Holding AG (39) (16,074) – 0.00 % Syneos Health Inc (18,370) (964,976) – 0.00 % Tecan Group AG (18) (4,320) – 0.00 % Total Life Sciences Tools & Services – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 168 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Machinery Aalberts NV (511) (19,295) – 0.00 % Actuant Corp (637) (14,148) – 0.00 % AGCO Corp (1,173) (81,078) – 0.00 % Aida Engineering Ltd (1,600) (12,087) – 0.00 % Alamo Group Inc (4,098) (467,910) – 0.00 % Albany International Corp (4,638) (381,336) – 0.00 % Alfa Laval AB (4,706) (86,505) – 0.00 % Allison Transmission Holdings (825) (36,655) – 0.00 % Altra Industrial Motion Corp (1,578) (41,012) – 0.00 % Amada Holdings Co Ltd (4,050) (42,178) – 0.00 % ANDRITZ AG (828) (29,154) – 0.00 % Anest Iwata Corp (19) (159) – 0.00 % Asahi Diamond Industrial Co Lt (3,500) (19,756) – 0.00 % Astec Industries Inc (1,169) (32,264) – 0.00 % Atlas Copco AB (2,469) (65,679) – 0.00 % Barnes Group Inc (1,983) (88,938) – 0.00 % Biesse SpA (610) (6,717) – 0.00 % Briggs & Stratton Corp (6,832) (29,514) – 0.00 % Burckhardt Compression Holding (61) (14,389) – 0.00 % Cargotec Oyj (657) (18,642) – 0.00 % Caterpillar Inc (464) (55,216) – 0.00 % Chart Industries Inc (6,566) (412,607) – 0.00 % CKD Corp (400) (3,981) – 0.00 % CNH Industrial NV (13) (134) – 0.00 % Colfax Corp (1,933) (52,578) – 0.00 % Commercial Vehicle Group Inc (5,283) (33,547) – 0.00 % Crane Co (1,559) (118,858) – 0.00 % CRRC Corp Ltd (46,000) (31,623) – 0.00 % Cummins Inc (661) (98,667) – 0.00 % Deere & Co (5,729) (887,479) – 0.00 % DMG Mori Co Ltd (3,200) (43,381) – 0.00 % Donaldson Co Inc (150) (7,254) – 0.00 % Dover Corp (1,228) (115,113) – 0.00 % Duerr AG (637) (16,157) – 0.00 % Ebara Corp (1,900) (45,098) – 0.00 % EnPro Industries Inc (6,639) (413,477) – 0.00 % Epiroc AB (2,634) (27,250) – 0.00 % Evoqua Water Technologies Corp (2,798) (43,257) – 0.00 % ExOne Co/The (3,162) (25,992) – 0.00 % FANUC Corp (200) (34,724) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 169 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Machinery (continued) Federal Signal Corp (216) (6,417) – 0.00 % Flowserve Corp (3,394) (144,856) – 0.00 % FLSmidth & Co A/S (273) (11,753) – 0.00 % Franklin Electric Co Inc (969) (44,429) – 0.00 % Furukawa Co Ltd (1,573) (19,534) – 0.00 % GEA Group AG (1,672) (45,073) – 0.00 % Georg Fischer AG (6) (4,913) – 0.00 % Glory Ltd (900) (24,707) – 0.00 % Gorman-Rupp Co/The (829) (24,762) – 0.00 % Graco Inc (122) (5,560) – 0.00 % Greenbrier Cos Inc/The (14,227) (331,347) – 0.00 % Harsco Corp (7,299) (130,652) – 0.00 % Heidelberger Druckmaschinen AG (6,462) (7,918) – 0.00 % Helios Technologies Inc (1,471) (62,944) – 0.00 % Hillenbrand Inc (5,689) (156,106) – 0.00 % Hino Motors Ltd (8,234) (64,760) – 0.00 % Hitachi Construction Machinery (1,800) (38,440) – 0.00 % Hitachi Zosen Corp (6,100) (19,512) – 0.00 % Hosokawa Micron Corp (100) (3,495) – 0.00 % Hyster-Yale Materials Handling (444) (24,220) – 0.00 % Hyundai Elevator Co Ltd 230 14,975 – 0.00 % IDEX Corp (2,154) (354,786) – 0.00 % IHI Corp (2,600) (50,608) – 0.00 % IMI PLC (3,027) (37,007) – 0.00 % Iseki & Co Ltd (12) (153) – 0.00 % ITT Inc (728) (41,438) – 0.00 % Japan Steel Works Ltd/The (3,200) (56,989) – 0.00 % John Bean Technologies Corp (477) (48,807) – 0.00 % JTEKT Corp (38,250) (414,544) – 0.00 % Juki Corp (900) (6,960) – 0.00 % Kato Works Co Ltd (800) (12,712) – 0.00 % Kawasaki Heavy Industries Ltd (3,700) (72,507) – 0.00 % Kennametal Inc (4,964) (148,374) – 0.00 % KION Group AG (197) (9,524) – 0.00 % Koenig & Bauer AG (110) (3,796) – 0.00 % Komatsu Ltd (2,000) (42,467) – 0.00 % Komax Holding AG (13) (2,462) – 0.00 % Komori Corp (900) (8,865) – 0.00 % Kone Oyj (35) (2,023) – 0.00 % Konecranes Oyj (1,944) (57,746) – 0.00 % Kubota Corp (3,450) (49,497) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 170 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Machinery (continued) Kurita Water Industries Ltd (1,800) (46,789) – 0.00 % Kyokuto Kaihatsu Kogyo Co Ltd (900) (10,186) – 0.00 % LB Foster Co (948) (18,875) – 0.00 % Lincoln Electric Holdings Inc (352) (29,061) – 0.00 % Lindsay Corp (280) (24,713) – 0.00 % Lydall Inc (1,195) (24,031) – 0.00 % Makino Milling Machine Co Ltd (1,100) (44,551) – 0.00 % Makita Corp (100) (2,940) – 0.00 % Manitex International Inc (1,219) (6,851) – 0.00 % Manitowoc Co Inc/The (7,234) (90,425) – 0.00 % Meidensha Corp (700) (11,518) – 0.00 % Meritor Inc (16,151) (271,660) – 0.00 % Metso Oyj (942) (35,280) – 0.00 % Milacron Holdings Corp (182) (2,885) – 0.00 % MINEBEA MITSUMI Inc (2,400) (37,052) – 0.00 % Mitsubishi Heavy Industries Lt (1,300) (48,823) – 0.00 % Mitsui E&S Holdings Co Ltd (6,400) (48,589) – 0.00 % Morgan Advanced Materials PLC (11,632) (36,168) – 0.00 % Mueller Industries Inc (22,564) (594,787) – 0.00 % Mueller Water Products Inc (7,672) (80,249) – 0.00 % Nabtesco Corp (1,600) (45,985) – 0.00 % Nachi-Fujikoshi Corp (400) (16,012) – 0.00 % Namura Shipbuilding Co Ltd (7,800) (17,391) – 0.00 % Navistar International Corp (3,157) (72,611) – 0.00 % NFI Group Inc (267) (5,838) – 0.00 % NGK Insulators Ltd (5,500) (73,785) – 0.00 % Nilfisk Holding A/S (1,426) (31,946) – 0.00 % Nippon Thompson Co Ltd (1,200) (4,798) – 0.00 % Nissei Plastic Industrial Co L (100) (868) – 0.00 % Nitta Corp (150) (3,888) – 0.00 % NN Inc (2,168) (13,919) – 0.00 % Nordson Corp (401) (54,520) – 0.00 % Norma Group SE (438) (13,824) – 0.00 % NSK Ltd (8,667) (69,470) – 0.00 % NTN Corp (14,800) (39,264) – 0.00 % Obara Group Inc (400) (12,870) – 0.00 % OC Oerlikon Corp AG (1,251) (11,589) – 0.00 % Oiles Corp (1,000) (14,206) – 0.00 % OKUMA Corp (800) (39,136) – 0.00 % OSG Corp (400) (7,568) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 171 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Machinery (continued) Oshkosh Corp (1,265) (88,892) – 0.00 % Outotec Oyj (1,091) (6,203) – 0.00 % PACCAR Inc (2,519) (165,146) – 0.00 % Parker-Hannifin Corp (5,710) (946,547) – 0.00 % Park-Ohio Holdings Corp (1,183) (32,166) – 0.00 % Pentair PLC (4,088) (146,841) – 0.00 % Proto Labs Inc (1,145) (108,477) – 0.00 % Punch Industry Co Ltd (164) (697) – 0.00 % RBC Bearings Inc (260) (41,478) – 0.00 % REV Group Inc (2,971) (38,296) – 0.00 % Rexnord Corp (2,563) (67,099) – 0.00 % Rieter Holding AG (253) (33,788) – 0.00 % Ryobi Ltd (200) (3,005) – 0.00 % Sandvik AB (3,372) (48,280) – 0.00 % SFS Group AG (327) (23,883) – 0.00 % Shima Seiki Manufacturing Ltd (100) (2,404) – 0.00 % Shinwa Co Ltd/Nagoya (4) (79) – 0.00 % SKF AB (8,276) (133,313) – 0.00 % Sodick Co Ltd (500) (3,533) – 0.00 % Spartan Motors Inc (1,351) (17,036) – 0.00 % SPX Corp (382) (14,497) – 0.00 % SPX FLOW Inc (1,865) (62,869) – 0.00 % Stabilus SA (227) (10,193) – 0.00 % Standex International Corp (251) (17,256) – 0.00 % Stanley Black & Decker Inc (1,247) (165,676) – 0.00 % Star Micronics Co Ltd (200) (2,749) – 0.00 % Sulzer AG (115) (10,920) – 0.00 % Sumitomo Heavy Industries Ltd (1,400) (40,237) – 0.00 % Tadano Ltd (5,800) (51,237) – 0.00 % Takeuchi Manufacturing Co Ltd (400) (5,927) – 0.00 % Tennant Co (8,522) (582,820) – 0.00 % Terex Corp (4,313) (107,092) – 0.00 % THK Co Ltd (2,000) (46,437) – 0.00 % Timken Co/The (1,192) (47,895) – 0.00 % Titan International Inc (8,371) (21,765) – 0.00 % Toshiba Machine Co Ltd (200) (3,880) – 0.00 % Trelleborg AB (12,147) (165,580) – 0.00 % Trinity Industries Inc (6,037) (105,466) – 0.00 % Tsubaki Nakashima Co Ltd (100) (1,492) – 0.00 % Tsugami Corp (200) (1,577) – 0.00 % Tsukishima Kikai Co Ltd (121) (1,503) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 172 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Machinery (continued) Volvo AB (900) (12,406) – 0.00 % Wabash National Corp (1,497) (20,419) – 0.00 % Wabtec Corp (2,095) (144,995) – 0.00 % Wartsila OYJ Abp (6,996) (85,762) – 0.00 % Weir Group PLC/The (1,149) (20,470) – 0.00 % Woodward Inc (6,434) (693,907) – 0.00 % Xylem Inc/NY (872) (66,804) – 0.00 % YAMABIKO Corp (1,002) (9,709) – 0.00 % Zardoya Otis SA (8,337) (57,354) – 0.00 % Total Machinery – 0.00 %

Marine AP Moller - Maersk A/S (16) (17,021) – 0.00 % COSCO SHIP ENGY (8,000) (4,530) – 0.00 % COSCO SHIPPING Holdings Co Ltd (10,500) (3,750) – 0.00 % Evergreen Marine Corp Taiwan L (148,904) (61,087) – 0.00 % Genco Shipping & Trading Ltd (1,037) (9,914) – 0.00 % Iino Kaiun Kaisha Ltd (7,405) (22,571) – 0.00 % Kawasaki Kisen Kaisha Ltd (200) (2,011) – 0.00 % Kirby Corp (1,824) (134,228) – 0.00 % Matson Inc (864) (30,698) – 0.00 % Mitsui OSK Lines Ltd (1,100) (25,892) – 0.00 % Nippon Yusen KK (2,000) (29,841) – 0.00 % NS United Kaiun Kaisha Ltd (202) (4,072) – 0.00 % Pacific Basin Shipping Ltd (69,000) (13,465) – 0.00 % Total Marine – 0.00 %

Media Aimia Inc (6,314) (14,633) – 0.00 % AOI TYO Holdings Inc (4,600) (27,177) – 0.00 % Atresmedia Corp de Medios de C (8,924) (32,834) – 0.00 % Cable One Inc (506) (656,595) – 0.00 % Cheil Worldwide Inc 1,946 42,503 – 0.00 % Cogeco Inc (8) (565) – 0.00 % Corus Entertainment Inc (11,018) (42,281) – 0.00 % Daily Mail & General Trust PLC (19,066) (187,870) – 0.00 % Dentsu Inc (700) (23,905) – 0.00 % Discovery Inc (11,775) (324,990) – 0.00 % DISH Network Corp (13,706) (459,973) – 0.00 % eBook Initiative Japan Co Ltd (500) (8,175) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 173 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Media (continued) Entercom Communications Corp (4,341) (15,454) – 0.00 % Entravision Communications Cor (6,089) (18,632) – 0.00 % EW Scripps Co/The (1,008) (12,459) – 0.00 % F@N Communications Inc (4,400) (22,560) – 0.00 % Fox Corp (102) (3,364) – 0.00 % Fuji Media Holdings Inc (2,600) (33,706) – 0.00 % Gakken Holdings Co Ltd (200) (9,916) – 0.00 % Gannett Co Inc (57,003) (599,672) – 0.00 % Hakuhodo DY Holdings Inc (2,400) (35,426) – 0.00 % ITV PLC (172,360) (243,119) – 0.00 % JCDecaux SA (6,619) (176,902) – 0.00 % John Wiley & Sons Inc (3,114) (138,573) – 0.00 % Kadokawa Corp (1,100) (16,413) – 0.00 % Lagardere SCA (7,659) (163,035) – 0.00 % Liberty Latin America Ltd (291) (4,799) – 0.00 % Macromill Inc (600) (5,244) – 0.00 % Members Co Ltd (100) (1,760) – 0.00 % MSG Networks Inc (3,870) (63,468) – 0.00 % National CineMedia Inc (2,054) (16,843) – 0.00 % New Media Investment Group Inc (12,546) (110,154) – 0.00 % Nippon Television Holdings Inc (2,500) (32,951) – 0.00 % oOh!media Ltd (7,326) (15,136) – 0.00 % ProSiebenSat.1 Media SE (16,990) (223,587) – 0.00 % Publicis Groupe SA (4,123) (197,641) – 0.00 % RTL Group SA (944) (43,965) – 0.00 % Schibsted ASA (6,805) (207,135) – 0.00 % SES SA (18,662) (300,554) – 0.00 % SKY Perfect JSAT Holdings Inc (11,200) (44,992) – 0.00 % TEGNA Inc (33,294) (476,437) – 0.00 % Telenet Group Holding NV (2,895) (144,247) – 0.00 % Tokyo Broadcasting System Hold (3,600) (57,542) – 0.00 % Tribune Publishing Co (1,651) (12,630) – 0.00 % TV Asahi Holdings Corp (4,100) (64,839) – 0.00 % ValueCommerce Co Ltd (200) (3,244) – 0.00 % Vector Inc (1,600) (13,201) – 0.00 % WideOpenWest Inc (143) (804) – 0.00 % WPP PLC (22,003) (259,690) – 0.00 % Zenrin Co Ltd (100) (1,660) – 0.00 % Total Media – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 174 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Metals & Mining AK Steel Holding Corp (153,960) (332,554) – 0.00 % Alamos Gold Inc (2) (14) – 0.00 % Allegheny Technologies Inc (4,005) (79,379) – 0.00 % Alumina Ltd (14,601) (21,323) – 0.00 % Aluminum Corp of China Ltd (114,000) (33,441) – 0.00 % Angang Steel Co Ltd (32,000) (11,101) – 0.00 % Antofagasta PLC (772) (8,133) – 0.00 % APERAM SA (1,039) (25,097) – 0.00 % ArcelorMittal (2,130) (30,645) – 0.00 % Argonaut Gold Inc (2,550) (4,682) – 0.00 % Aurubis AG (475) (21,037) – 0.00 % BlueScope Steel Ltd (13,958) (117,328) – 0.00 % Boliden AB (1,876) (41,412) – 0.00 % Carpenter Technology Corp (2,374) (115,471) – 0.00 % Centamin PLC (503) (888) – 0.00 % China Molybdenum Co Ltd (123,000) (33,415) – 0.00 % China Steel Corp (45,000) (33,258) – 0.00 % Cleveland-Cliffs Inc (9,912) (78,701) – 0.00 % Commercial Metals Co (42,591) (667,401) – 0.00 % Compass Minerals International (373) (18,549) – 0.00 % Continental Gold Inc (956) (2,992) – 0.00 % Dowa Holdings Co Ltd (5,400) (172,727) – 0.00 % Eldorado Gold Corp (1,061) (9,772) – 0.00 % Endeavour Silver Corp (2,952) (7,796) – 0.00 % First Quantum Minerals Ltd (3,131) (19,224) – 0.00 % Fortescue Metals Group Ltd (5,915) (31,846) – 0.00 % Fortuna Silver Mines Inc (2,099) (8,687) – 0.00 % Freeport-McMoRan Inc (48,988) (450,200) – 0.00 % Fresnillo PLC (3,280) (29,543) – 0.00 % Guyana Goldfields Inc (14,693) (12,272) – 0.00 % Hill & Smith Holdings PLC (86) (1,203) – 0.00 % Hitachi Metals Ltd (54,792) (589,699) – 0.00 % Hochschild Mining PLC (2,104) (5,610) – 0.00 % Hudbay Minerals Inc (6,114) (20,564) – 0.00 % IAMGOLD Corp (168) (628) – 0.00 % Iluka Resources Ltd (13,431) (64,629) – 0.00 % Independence Group NL (34,314) (125,628) – 0.00 % Industrias Penoles SAB de CV (2,755) (33,022) – 0.00 % Ivanhoe Mines Ltd (3,806) (10,653) – 0.00 % Jastrzebska Spolka Weglowa SA (1,118) (8,340) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 175 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Metals & Mining (continued) JFE Holdings Inc (46,333) (542,030) – 0.00 % Jiangxi Copper Co Ltd (80,000) (89,993) – 0.00 % KGHM Polska Miedz SA (918) (18,045) – 0.00 % Kobe Steel Ltd (103,825) (541,127) – 0.00 % Lundin Mining Corp (5,173) (24,717) – 0.00 % Maanshan Iron & Steel Co Ltd (60,000) (22,498) – 0.00 % MAG Silver Corp (177) (2,263) – 0.00 % Maruichi Steel Tube Ltd (1,000) (24,310) – 0.00 % Mineral Resources Ltd (10,553) (93,891) – 0.00 % Mitsub Steel Mfg (100) (993) – 0.00 % Mitsubishi Materials Corp (20,700) (501,458) – 0.00 % Mitsui Mining & Smelting Co Lt (7,300) (153,081) – 0.00 % MMG Ltd (140,000) (28,926) – 0.00 % Nakayama Steel Works Ltd (300) (1,247) – 0.00 % Neturen Co Ltd (200) (1,509) – 0.00 % New Gold Inc (8,450) (9,474) – 0.00 % Nippon Steel Corp (40,250) (562,693) – 0.00 % Norsk Hydro ASA (22,797) (72,091) – 0.00 % Nucor Corp (8,323) (407,661) – 0.00 % Olympic Steel Inc (74) (796) – 0.00 % Osisko Gold Royalties Ltd (52) (664) – 0.00 % Outokumpu Oyj (7,524) (21,721) – 0.00 % OZ Minerals Ltd (12,779) (78,692) – 0.00 % Pacific Metals Co Ltd (8,800) (155,973) – 0.00 % Pan American Silver Corp (41) (757) – 0.00 % Petra Diamonds Ltd (329,545) (31,951) – 0.00 % Premier Gold Mines Ltd (5,536) (9,497) – 0.00 % Roxgold Inc (2,754) (2,756) – 0.00 % Sandfire Resources NL (4,139) (17,354) – 0.00 % Sims Metal Management Ltd (21,740) (168,110) – 0.00 % South32 Ltd (29,788) (52,925) – 0.00 % SSAB AB (27,382) (75,709) – 0.00 % Stelco Holdings Inc (2,631) (22,034) – 0.00 % Sumitomo Metal Mining Co Ltd (5,500) (154,789) – 0.00 % Teck Resources Ltd (972) (16,580) – 0.00 % TimkenSteel Corp (4,205) (21,950) – 0.00 % Tokyo Steel Manufacturing Co L (21,400) (165,893) – 0.00 % Turquoise Hill Resources Ltd (82,384) (35,954) – 0.00 % United States Steel Corp (5,784) (64,029) – 0.00 % Vale SA 300 3,311 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 176 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Metals & Mining (continued) voestalpine AG (1,640) (37,758) – 0.00 % Western Areas Ltd (23,578) (39,353) – 0.00 % Worthington Industries Inc (1,592) (55,242) – 0.00 % Yamana Gold Inc (307) (1,111) – 0.00 % Yamato Kogyo Co Ltd (6,200) (151,595) – 0.00 % Zijin Mining Group Co Ltd (98,000) (36,622) – 0.00 % Total Metals & Mining – 0.00 %

Multiline Retail B&M European Value Retail SA (14,186) (61,747) – 0.00 % Dollar Tree Inc (2,315) (235,042) – 0.00 % El Puerto de Liverpool SAB de (9,131) (47,290) – 0.00 % Europris ASA (15,568) (42,744) – 0.00 % Fuji Co Ltd/Ehime (100) (1,725) – 0.00 % H2O Retailing Corp (2,300) (24,126) – 0.00 % Isetan Mitsukoshi Holdings Ltd (81,600) (617,978) – 0.00 % Izumi Co Ltd (3,100) (117,969) – 0.00 % J Front Retailing Co Ltd (56,800) (642,303) – 0.00 % Kohl’s Corp (4,437) (209,693) – 0.00 % Lojas Renner SA 300 3,673 – 0.00 % Macy’s Inc (17,389) (256,662) – 0.00 % Magazine Luiza SA 1,400 12,304 – 0.00 % Marks & Spencer Group PLC (42,013) (98,257) – 0.00 % Marui Group Co Ltd (31,500) (626,770) – 0.00 % Matsuya Co Ltd (1,200) (8,557) – 0.00 % Next PLC (543) (39,211) – 0.00 % Nordstrom Inc (3,761) (108,956) – 0.00 % Ollie’s Bargain Outlet Holding (179) (9,926) – 0.00 % Pan Pacific International Hold (4,400) (68,756) – 0.00 % Takashimaya Co Ltd (89,000) (996,378) – 0.00 % Woolworths Holdings Ltd/South (52,591) (190,971) – 0.00 % Total Multiline Retail – 0.00 %

Multi-Utilities A2A SpA (40,919) (71,904) – 0.00 % ACEA SpA (2,816) (54,651) – 0.00 % Avista Corp (1,162) (54,498) – 0.00 % Centrica PLC (294,643) (249,828) – 0.00 % Dominion Energy Inc (21,458) (1,665,785) – 0.00 % E.ON SE (11,090) (103,044) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 177 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Multi-Utilities (continued) Engie SA (8,555) (129,976) – 0.00 % Hera SpA (14,495) (57,791) – 0.00 % Iren SpA (24,715) (67,087) – 0.00 % Just Energy Group Inc (18,049) (19,828) – 0.00 % MDU Resources Group Inc (491) (13,203) – 0.00 % National Grid PLC (20,881) (218,074) – 0.00 % NorthWestern Corp (5,703) (413,125) – 0.00 % REN - Redes Energeticas Nacion (24,843) (69,618) – 0.00 % RWE AG (2,725) (77,591) – 0.00 % Sempra Energy (14,211) (2,012,704) – 0.00 % Suez (9,987) (155,025) – 0.00 % Veolia Environnement SA (3,356) (80,216) – 0.00 % Total Multi-Utilities – 0.00 %

Oil Gas & Consumable Fuels Abraxas Petroleum Corp (3,756) (1,960) – 0.00 % Advantage Oil & Gas Ltd (2,422) (2,697) – 0.00 % Altus Midstream Co (2,290) (5,290) – 0.00 % Antero Resources Corp (360) (1,141) – 0.00 % Apache Corp (16,994) (366,561) – 0.00 % ARC Resources Ltd (3,857) (16,310) – 0.00 % Baytex Energy Corp (1,266) (1,638) – 0.00 % Beach Energy Ltd (49,407) (81,465) – 0.00 % Cairn Energy PLC (5,475) (11,123) – 0.00 % California Resources Corp (6,231) (61,001) – 0.00 % Callon Petroleum Co (68,423) (281,219) – 0.00 % Caltex Australia Ltd (3,541) (57,099) – 0.00 % Canadian Natural Resources Ltd (160) (3,830) – 0.00 % Carrizo Oil & Gas Inc (4,987) (41,342) – 0.00 % Cenovus Energy Inc (496) (4,337) – 0.00 % Chesapeake Energy Corp (48,393) (69,686) – 0.00 % Chevron Corp (1,501) (176,698) – 0.00 % China Coal Energy Co Ltd (11,000) (4,363) – 0.00 % China Shenhua Energy Co Ltd (11,500) (22,470) – 0.00 % Cimarex Energy Co (8,812) (376,977) – 0.00 % Clean Energy Fuels Corp (8,550) (17,015) – 0.00 % CNOOC Ltd (1,096,000) (1,635,487) – 0.00 % CNX Resources Corp (2,170) (17,295) – 0.00 % Concho Resources Inc (4,126) (301,817) – 0.00 % Crescent Point Energy Corp (1,573) (4,971) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 178 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Oil Gas & Consumable Fuels (continued) CVR Energy Inc (3,984) (158,484) – 0.00 % Delek US Holdings Inc (1,919) (62,847) – 0.00 % Denbury Resources Inc (143,990) (155,509) – 0.00 % DNO ASA (764) (1,011) – 0.00 % Enauta Participacoes SA 300 806 – 0.00 % Encana Corp (1,600) (7,103) – 0.00 % Energy Fuels Inc/Canada (105) (191) – 0.00 % Equinor ASA (927) (15,836) – 0.00 % Formosa Petrochemical Corp (14,666) (45,511) – 0.00 % Freehold Royalties Ltd (3,204) (17,479) – 0.00 % Frontera Energy Corp (546) (5,279) – 0.00 % Gulfport Energy Corp (17,933) (43,039) – 0.00 % HollyFrontier Corp (15,388) (682,612) – 0.00 % Husky Energy Inc (3,341) (22,349) – 0.00 % Idemitsu Kosan Co Ltd (12,600) (338,426) – 0.00 % Imperial Oil Limited (513) (12,584) – 0.00 % Imperial Oil Ltd (841) (20,674) – 0.00 % JXTG Holdings Inc (77,200) (318,910) – 0.00 % Kinder Morgan Inc/DE (20,444) (414,400) – 0.00 % Laredo Petroleum Inc (17,796) (44,134) – 0.00 % Lilis Energy Inc (3,442) (1,033) – 0.00 % Marathon Oil Corp (31,985) (378,702) – 0.00 % Matador Resources Co (4,371) (68,406) – 0.00 % MEG Energy Corp (1,777) (6,792) – 0.00 % Noble Energy Inc (13,418) (302,978) – 0.00 % Northern Oil and Gas Inc (12,405) (22,825) – 0.00 % Novatek PJSC (102) (19,778) – 0.00 % Oasis Petroleum Inc (30,663) (95,669) – 0.00 % Oil Search Ltd (29,417) (131,456) – 0.00 % ONEOK Inc (8,544) (609,016) – 0.00 % Origin Energy Ltd (28,458) (146,132) – 0.00 % Overseas Shipholding Group Inc (11,121) (18,127) – 0.00 % PBF Energy Inc (9,032) (214,058) – 0.00 % PDC Energy Inc (13,321) (424,274) – 0.00 % Petro Rio SA 964 3,945 – 0.00 % PetroChina Co Ltd (3,474,000) (1,723,575) – 0.00 % Petroleo Brasileiro SA 400 2,739 – 0.00 % Peyto Exploration & Developmen (7,401) (17,820) – 0.00 % Polskie Gornictwo Naftowe i Ga (11,541) (13,730) – 0.00 % PrairieSky Royalty Ltd (2,116) (26,860) – 0.00 % QEP Resources Inc (17,928) (63,824) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 179 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Oil Gas & Consumable Fuels (continued) Range Resources Corp (24,124) (85,881) – 0.00 % Repsol SA (18,954) (275,366) – 0.00 % Roan Resources Inc (6,709) (7,581) – 0.00 % Royal Dutch Shell PLC (688) (18,957) – 0.00 % Santos Ltd (15,367) (74,566) – 0.00 % SemGroup Corp (2,889) (25,539) – 0.00 % Seven Generations Energy Ltd (2,010) (10,889) – 0.00 % SINOPEC CORP (2,756,000) (1,613,402) – 0.00 % SK Innovation Co Ltd 120 16,381 – 0.00 % SM Energy Co (3,099) (29,379) – 0.00 % S-Oil Corp 26 2,080 – 0.00 % Southwestern Energy Co (41,614) (65,750) – 0.00 % SRC Energy Inc (11,258) (56,515) – 0.00 % Suncor Energy Inc (111) (3,252) – 0.00 % TORC Oil & Gas Ltd (321) (799) – 0.00 % Tourmaline Oil Corp (508) (4,824) – 0.00 % Transocean Ltd (53,769) (244,649) – 0.00 % Tullow Oil PLC (3,490) (8,674) – 0.00 % Unit Corp (8,719) (26,419) – 0.00 % Valero Energy Corp (7,795) (586,808) – 0.00 % Vermilion Energy Inc (749) (10,680) – 0.00 % Viva Energy Group Ltd (22,503) (29,759) – 0.00 % W&T Offshore Inc (2,917) (12,776) – 0.00 % Whitecap Resources Inc (2,995) (8,271) – 0.00 % Whitehaven Coal Ltd (30,089) (69,457) – 0.00 % Whiting Petroleum Corp (3,499) (23,198) – 0.00 % Williams Cos Inc/The (33,285) (785,526) – 0.00 % Woodside Petroleum Ltd (3,485) (75,358) – 0.00 % World Fuel Services Corp (21,702) (833,357) – 0.00 % WPX Energy Inc (38,079) (409,730) – 0.00 % Yanzhou Coal Mining Co Ltd (32,000) (27,712) – 0.00 % YPF SA (3,228) (27,632) – 0.00 % Total Oil Gas & Consumable Fuels – 0.00 %

Paper & Forest Products Boise Cascade Co (995) (31,243) – 0.00 % Canfor Corp (9,491) (109,407) – 0.00 % Canfor Pulp Products Inc (10,302) (70,385) – 0.00 % Daiken Corp (100) (1,727) – 0.00 % Daio Paper Corp (1,500) (18,077) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 180 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Paper & Forest Products (continued) Hokuetsu Corp (5,600) (27,922) – 0.00 % Holmen AB (967) (22,645) – 0.00 % Interfor Corp (8,723) (87,689) – 0.00 % LEE & MAN PAPER (42,000) (22,230) – 0.00 % Metsa Board Oyj (93) (488) – 0.00 % Mondi PLC (2,100) (40,798) – 0.00 % ND PAPER (18,000) (13,637) – 0.00 % Norbord Inc (3,337) (81,730) – 0.00 % Oji Holdings Corp (3,800) (17,696) – 0.00 % Sappi Ltd (8,302) (24,705) – 0.00 % Schweitzer-Mauduit Internation (11,195) (375,480) – 0.00 % Stella-Jones Inc (347) (10,232) – 0.00 % Stora Enso Oyj (2,955) (33,096) – 0.00 % West Fraser Timber Co Ltd (1,956) (69,027) – 0.00 % Western Forest Products Inc (85,349) (77,065) – 0.00 % Total Paper & Forest Products – 0.00 %

Personal Products Avon Products Inc (22,869) (99,480) – 0.00 % Edgewell Personal Care Co (2,956) (82,295) – 0.00 % elf Beauty Inc (5,431) (88,634) – 0.00 % Interparfums SA (464) (20,320) – 0.00 % Jamieson Wellness Inc (2,951) (54,046) – 0.00 % LG Household & Health Care Ltd 27 26,336 – 0.00 % Milbon Co Ltd (100) (4,892) – 0.00 % Natura Cosmeticos SA 100 1,598 – 0.00 % Noevir Holdings Co Ltd (100) (5,024) – 0.00 % Nu Skin Enterprises Inc (1,884) (76,528) – 0.00 % Ontex Group NV (7,068) (116,666) – 0.00 % USANA Health Sciences Inc (1,044) (70,961) – 0.00 % YA-MAN Ltd (1,200) (8,896) – 0.00 % Total Personal Products – 0.00 %

Pharmaceuticals Akorn Inc (386) (1,116) – 0.00 % ALK-Abello A/S (132) (26,633) – 0.00 % Allergan PLC (2,178) (347,870) – 0.00 % Almirall SA (2,403) (45,738) – 0.00 % Amneal Pharmaceuticals Inc (5,651) (14,410) – 0.00 % Aquestive Therapeutics Inc (882) (3,352) – 0.00 % ASKA Pharmaceutical Co Ltd (100) (974) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 181 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Pharmaceuticals (continued) Aspen Pharmacare Holdings Ltd (16,826) (87,142) – 0.00 % Assertio Therapeutics Inc (14,997) (21,596) – 0.00 % Axsome Therapeutics Inc (26) (662) – 0.00 % BAIYUNSHAN PH (2,000) (7,487) – 0.00 % Bausch Health Cos Inc (1,023) (21,838) – 0.00 % Bristol-Myers Squibb Co (3,195) (153,584) – 0.00 % Bukwang Pharmaceutical Co Ltd 2,486 28,589 – 0.00 % Catalent Inc (16,366) (863,143) – 0.00 % Celltrion Pharm Inc 1,780 48,745 – 0.00 % CHINARES PHARMA (24,500) (25,311) – 0.00 % CMG Pharmaceutical Co Ltd 14,711 34,078 – 0.00 % CMS (52,000) (64,862) – 0.00 % CSPC Pharmaceutical Group Ltd (4,000) (7,999) – 0.00 % Daewoong Pharmaceutical Co Ltd 407 56,401 – 0.00 % Daito Pharmaceutical Co Ltd (430) (12,439) – 0.00 % Dongsung Pharmaceutical Co Ltd 2,704 38,814 – 0.00 % Elanco Animal Health Inc (251) (6,531) – 0.00 % Eli Lilly & Co (1,710) (193,179) – 0.00 % Endo International PLC (152,292) (360,932) – 0.00 % Enzychem Lifesciences Corp 520 24,264 – 0.00 % Faes Farma SA (3,902) (20,476) – 0.00 % Foamix Pharmaceuticals Ltd (1,731) (5,003) – 0.00 % FOSUN PHARMA (10,500) (31,203) – 0.00 % Hanall Biopharma Co Ltd 2,454 54,005 – 0.00 % Hanmi Pharm Co Ltd 129 29,936 – 0.00 % Hanmi Science Co ltd 776 26,258 – 0.00 % Huons Co Ltd 94 3,535 – 0.00 % Hutchison China MediTech Ltd (66) (1,438) – 0.00 % Indivior PLC (39,487) (28,975) – 0.00 % Intra-Cellular Therapies Inc (1,306) (11,179) – 0.00 % JCR Pharmaceuticals Co Ltd (100) (7,677) – 0.00 % Johnson & Johnson (82) (10,526) – 0.00 % Kaken Pharmaceutical Co Ltd (500) (23,943) – 0.00 % Kala Pharmaceuticals Inc (3,628) (14,911) – 0.00 % Kissei Pharmaceutical Co Ltd (300) (6,861) – 0.00 % Knight Therapeutics Inc (7,808) (44,239) – 0.00 % Kolon Life Science Inc 791 10,340 – 0.00 % Lannett Co Inc (1,303) (13,421) – 0.00 % LIVZON GROUP (4,500) (12,368) – 0.00 % Luye Pharma Group Ltd (26,500) (20,583) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 182 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Pharmaceuticals (continued) Mallinckrodt PLC (92,655) (239,976) – 0.00 % Marinus Pharmaceuticals Inc (6,589) (7,577) – 0.00 % Mayne Pharma Group Ltd (209,687) (62,798) – 0.00 % Merck & Co Inc (2,027) (175,275) – 0.00 % Mezzion Pharma Co Ltd 750 63,229 – 0.00 % Mochida Pharmaceutical Co Ltd (300) (11,713) – 0.00 % Mylan NV (9,261) (180,312) – 0.00 % MyoKardia Inc (15) (807) – 0.00 % Nabriva Therapeutics PLC (1,962) (3,963) – 0.00 % Nichi-iko Pharm (4,000) (42,787) – 0.00 % Odonate Therapeutics Inc (1) (31) – 0.00 % Optinose Inc (652) (4,994) – 0.00 % Oscotec Inc 3,527 52,961 – 0.00 % Paratek Pharmaceuticals Inc (4,911) (18,367) – 0.00 % Perrigo Co PLC (4,299) (201,107) – 0.00 % Prestige Consumer Healthcare I (13,838) (441,155) – 0.00 % Reata Pharmaceuticals Inc (445) (34,310) – 0.00 % Recipharm AB (4,161) (51,090) – 0.00 % Sam Chun Dang Pharm Co Ltd 2,398 63,188 – 0.00 % Seikagaku Corp (3,017) (32,158) – 0.00 % SIHUAN PHARM (139,000) (24,820) – 0.00 % Teva Pharmaceutical Industries (34,042) (234,890) – 0.00 % Theragen Etex Co Ltd 700 4,048 – 0.00 % Theravance Biopharma Inc (1,644) (36,217) – 0.00 % TONG REN TANG (9,000) (9,768) – 0.00 % Torii Pharmaceutical Co Ltd (912) (22,865) – 0.00 % TRAD CHI MED (32,000) (15,019) – 0.00 % Tsumura & Co (200) (5,485) – 0.00 % UNITED LAB (22,000) (12,627) – 0.00 % Vectura Group PLC (30,477) (28,566) – 0.00 % Virbac SA (326) (60,402) – 0.00 % Xeris Pharmaceuticals Inc (974) (11,289) – 0.00 % Yuhan Corp 145 27,531 – 0.00 % Yungjin Pharmaceutical Co Ltd 4,830 17,942 – 0.00 % ZERIA Pharmaceutical Co Ltd (800) (14,029) – 0.00 % Zoetis Inc (5,289) (668,635) – 0.00 % Total Pharmaceuticals – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 183 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Professional Services Adecco Group AG (1,809) (95,137) – 0.00 % ALS Ltd (4,637) (23,936) – 0.00 % Arrk Corp (112) (95) – 0.00 % ASGN Inc (2,062) (128,813) – 0.00 % Barrett Business Services Inc (484) (42,171) – 0.00 % Brunel International NV (2,226) (25,588) – 0.00 % Bureau Veritas SA (77) (1,841) – 0.00 % Capita PLC (29,102) (44,519) – 0.00 % DKSH Holding AG (1,076) (52,414) – 0.00 % Equifax Inc (5,482) (802,455) – 0.00 % Hays PLC (22,282) (37,948) – 0.00 % Kforce Inc (513) (16,693) – 0.00 % Korn Ferry (8,115) (317,134) – 0.00 % ManpowerGroup Inc (1,260) (102,992) – 0.00 % McMillan Shakespeare Ltd (4,089) (43,865) – 0.00 % Mistras Group Inc (939) (13,709) – 0.00 % NICE Information Service Co Lt 2,749 30,021 – 0.00 % Nielsen Holdings PLC (24,874) (516,384) – 0.00 % Pagegroup PLC (4,880) (24,850) – 0.00 % Randstad NV (1,139) (53,135) – 0.00 % Robert Half International Inc (758) (40,530) – 0.00 % SEEK Ltd (1,123) (15,365) – 0.00 % Stantec Inc (11,485) (250,440) – 0.00 % TriNet Group Inc (545) (36,586) – 0.00 % TrueBlue Inc (3,595) (69,779) – 0.00 % Upwork Inc (290) (4,193) – 0.00 % World Holdings Co Ltd (100) (1,440) – 0.00 % Total Professional Services – 0.00 %

Real Estate Management and Development Aedas Homes SAU (1,279) (28,884) – 0.00 % Altus Group Ltd/Canada (124) (3,639) – 0.00 % Arealink Co Ltd (100) (1,099) – 0.00 % Aroundtown SA (27,989) (232,719) – 0.00 % Capital & Counties Properties (90,323) (225,030) – 0.00 % CapitaLand Ltd (66,600) (166,494) – 0.00 % CBRE Group Inc (1,251) (65,390) – 0.00 % City Developments Ltd (31,500) (217,406) – 0.00 % Citycon Oyj (509) (5,479) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 184 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Real Estate Management and Development (continued) Cushman & Wakefield PLC (1,288) (21,690) – 0.00 % Deutsche EuroShop AG (1,345) (34,853) – 0.00 % Deutsche Wohnen SE (5,864) (207,891) – 0.00 % Hang Lung Group Ltd (37,000) (91,927) – 0.00 % Jones Lang LaSalle Inc (2,691) (360,729) – 0.00 % Metrovacesa SA (3,067) (29,222) – 0.00 % NEPI Rockcastle PLC (5,664) (50,129) – 0.00 % Newmark Group Inc (6,593) (57,227) – 0.00 % Nomura Real Estate Holdings In (4,625) (97,987) – 0.00 % RE/MAX Holdings Inc (578) (14,837) – 0.00 % Realogy Holdings Corp (8,366) (39,989) – 0.00 % RMR Group Inc/The (353) (16,446) – 0.00 % Sino-Ocean Group Holding Ltd (113,500) (40,533) – 0.00 % TOC Co Ltd (209) (1,581) – 0.00 % Tricon Capital Group Inc (2,950) (21,909) – 0.00 % Unizo Holdings Co Ltd (200) (8,091) – 0.00 % UOL Group Ltd (33,300) (176,330) – 0.00 % Wharf Real Estate Investment C (1,000) (5,414) – 0.00 % Total Real Estate Management and Development – 0.00 %

Road & Rail ALD SA (318) (4,760) – 0.00 % ArcBest Corp (7,334) (217,160) – 0.00 % Aurizon Holdings Ltd (4,476) (17,803) – 0.00 % Avis Budget Group Inc (12,137) (300,633) – 0.00 % Cia de Locacao das Americas 932 12,425 – 0.00 % ComfortDelGro Corp Ltd (4,000) (7,060) – 0.00 % Daseke Inc (5,646) (9,937) – 0.00 % Europcar Mobility Group (5,277) (32,417) – 0.00 % Firstgroup PLC (9,505) (15,032) – 0.00 % Heartland Express Inc (39,197) (806,282) – 0.00 % Hertz Global Holdings Inc (5,150) (62,367) – 0.00 % Ichinen Holdings Co Ltd (105) (1,019) – 0.00 % JB Hunt Transport Services Inc (5,634) (608,698) – 0.00 % Landstar System Inc (989) (110,293) – 0.00 % Localiza Rent a Car SA 500 5,696 – 0.00 % Mullen Group Ltd (4,793) (32,314) – 0.00 % Nankai Electric Railway Co Ltd (200) (5,116) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 185 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Road & Rail (continued) Nishi-Nippon Railroad Co Ltd (900) (20,659) – 0.00 % Nobina AB (163) (918) – 0.00 % Old Dominion Freight Line Inc (798) (130,680) – 0.00 % Ryder System Inc (4,319) (208,046) – 0.00 % Saia Inc (2,446) (209,231) – 0.00 % Schneider National Inc (541) (10,517) – 0.00 % Seibu Holdings Inc (900) (15,266) – 0.00 % Stagecoach Group PLC (22,988) (34,481) – 0.00 % US Xpress Enterprises Inc (2,768) (11,626) – 0.00 % USA Truck Inc (1,954) (16,961) – 0.00 % Werner Enterprises Inc (3,081) (100,687) – 0.00 % YRC Worldwide Inc (22,553) (49,166) – 0.00 % Total Road & Rail – 0.00 %

Semiconductors & Semiconductor Equipment ACM Research Inc (141) (2,016) – 0.00 % Advanced Micro Devices Inc (2,493) (78,405) – 0.00 % Analog Devices Inc (1,420) (155,959) – 0.00 % ASE Technology Holding Co Ltd (26,000) (59,266) – 0.00 % ASM Pacific Technology Ltd (1,400) (16,043) – 0.00 % Axcelis Technologies Inc (2,679) (41,015) – 0.00 % AXT Inc (4,362) (14,787) – 0.00 % Brooks Automation Inc (10,644) (354,765) – 0.00 % Cabot Microelectronics Corp (6,242) (778,065) – 0.00 % CEVA Inc (203) (6,376) – 0.00 % Cirrus Logic Inc (1,227) (65,816) – 0.00 % Diodes Inc (2,886) (105,483) – 0.00 % Eo Technics Co Ltd 51 3,080 – 0.00 % Epistar Corp (50,000) (36,794) – 0.00 % Ferrotec Holdings Corp (2,500) (19,403) – 0.00 % First Solar Inc (427) (26,504) – 0.00 % FormFactor Inc (1,584) (27,071) – 0.00 % Ichor Holdings Ltd (1,886) (40,096) – 0.00 % Japan Electronic Materials Cor (200) (892) – 0.00 % Japan Material Co Ltd (400) (4,113) – 0.00 % King Yuan Electronics Co Ltd (17,000) (18,534) – 0.00 % KLA Corp (2,731) (403,915) – 0.00 % Koh Young Technology Inc 454 28,772 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 186 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Semiconductors & Semiconductor Equipment (continued) Kopin Corp (9,301) (8,624) – 0.00 % MACOM Technology Solutions Hol (3,671) (72,098) – 0.00 % MaxLinear Inc (592) (11,733) – 0.00 % Meerecompany Inc 179 5,509 – 0.00 % Melexis NV (883) (55,990) – 0.00 % Meyer Burger Technology AG (39,092) (15,591) – 0.00 % Micron Technology Inc (34,086) (1,543,073) – 0.00 % Micronics Japan Co Ltd (2,400) (17,408) – 0.00 % Mimasu Semiconductor Industry (900) (15,139) – 0.00 % Miraial Co Ltd (100) (1,126) – 0.00 % Mitsui High-Tec Inc (1,400) (16,332) – 0.00 % MKS Instruments Inc (3,823) (299,303) – 0.00 % Nordic Semiconductor ASA (6,237) (28,231) – 0.00 % NuFlare Technology Inc (100) (7,197) – 0.00 % NVE Corp (119) (7,640) – 0.00 % Optorun Co Ltd (100) (2,779) – 0.00 % Power Integrations Inc (1,680) (149,554) – 0.00 % Powertech Technology Inc (9,000) (21,578) – 0.00 % RFHIC Corp 1,327 36,559 – 0.00 % Sanken Electric Co Ltd (200) (3,487) – 0.00 % Semtech Corp (6,901) (289,635) – 0.00 % Shindengen Electric Manufactur (200) (5,767) – 0.00 % Shinko Electric Industries Co (2,000) (15,730) – 0.00 % Silicon Laboratories Inc (3,810) (415,290) – 0.00 % Silicon Works Co Ltd 324 8,806 – 0.00 % Siltronic AG (763) (49,102) – 0.00 % Sino-American Silicon Products (16,000) (37,902) – 0.00 % SK Hynix Inc 365 23,373 – 0.00 % SK-Electronics Co Ltd (400) (6,420) – 0.00 % SOITEC (61) (6,151) – 0.00 % STMicroelectronics NV (2,207) (39,109) – 0.00 % Teradyne Inc (589) (31,199) – 0.00 % Tokai Carbon Korea Co Ltd 587 24,282 – 0.00 % Toptec Co Ltd 474 3,149 – 0.00 % Towa Corp (2,900) (18,934) – 0.00 % u-blox Holding AG (504) (32,814) – 0.00 % Ultra Clean Holdings Inc (1,255) (14,985) – 0.00 % United Microelectronics Corp (70,000) (30,058) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 187 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Semiconductors & Semiconductor Equipment (continued) Universal Display Corp (228) (46,847) – 0.00 % Veeco Instruments Inc (6,129) (56,755) – 0.00 % WPG Holding Co Ltd (1,715) – – 0.00 % Yamaha Motor Robotics Holdings (5,100) (18,664) – 0.00 % Yamaichi Electronics Co Ltd (1,600) (16,753) – 0.00 % Total Semiconductors & Semiconductor Equipment – 0.00 %

Software 8x8 Inc (21,907) (532,559) – 0.00 % ACI Worldwide Inc (19,897) (592,533) – 0.00 % Ahnlab Inc 99 5,070 – 0.00 % Altair Engineering Inc (25) (859) – 0.00 % Appian Corp (85) (5,055) – 0.00 % Atled Corp (600) (10,742) – 0.00 % Avast PLC (6,852) (31,675) – 0.00 % Blackbaud Inc (4,564) (415,187) – 0.00 % BlackBerry Ltd (3,205) (22,042) – 0.00 % Blackline Inc (334) (17,011) – 0.00 % Bottomline Technologies DE Inc (413) (17,032) – 0.00 % Box Inc (3,982) (58,257) – 0.00 % Broadleaf Co Ltd (1,400) (7,323) – 0.00 % ChannelAdvisor Corp (3,269) (28,113) – 0.00 % Check Point Software Technolog (40) (4,308) – 0.00 % Cheetah Mobile Inc (5,004) (19,766) – 0.00 % Cloudera Inc (1,368) (9,768) – 0.00 % Coupa Software Inc (836) (116,145) – 0.00 % Cresco Ltd (100) (3,307) – 0.00 % Cybozu Inc (500) (5,264) – 0.00 % Digimarc Corp (1,622) (64,134) – 0.00 % DocuSign Inc (188) (8,778) – 0.00 % Domo Inc (2,435) (60,461) – 0.00 % Douzone Bizon Co Ltd 1,051 49,911 – 0.00 % Dropbox Inc (878) (15,716) – 0.00 % Ebix Inc (2,056) (72,824) – 0.00 % eGain Corp (3,537) (25,396) – 0.00 % Elastic NV (99) (8,701) – 0.00 % Enghouse Systems Ltd (432) (12,398) – 0.00 % First Derivatives PLC (1,486) (41,758) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 188 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Software (continued) Five9 Inc (1,006) (63,589) – 0.00 % ForeScout Technologies Inc (838) (30,026) – 0.00 % Fuji Soft Inc (100) (4,295) – 0.00 % Fukui Computer Holdings Inc (500) (9,723) – 0.00 % GB Group PLC (3,180) (22,321) – 0.00 % Infomart Corp (100) (1,470) – 0.00 % IRESS Ltd (5,887) (49,524) – 0.00 % ISB Corp (100) (1,299) – 0.00 % Kinaxis Inc (308) (17,975) – 0.00 % Learning Technologies Group PL (28,314) (42,435) – 0.00 % LivePerson Inc (1,338) (53,172) – 0.00 % Manhattan Associates Inc (529) (43,711) – 0.00 % MobileIron Inc (473) (3,264) – 0.00 % Netcompany Group A/S (1,481) (59,502) – 0.00 % Nippon Systemware Co Ltd (100) (2,248) – 0.00 % Nutanix Inc (2,404) (58,249) – 0.00 % OBIC Bus Consult (100) (4,191) – 0.00 % OneSpan Inc (1,063) (14,351) – 0.00 % Paylocity Holding Corp (761) (83,116) – 0.00 % Pluralsight Inc (474) (7,631) – 0.00 % Q2 Holdings Inc (479) (43,086) – 0.00 % Qualys Inc (403) (32,087) – 0.00 % Rapid7 Inc (1,134) (60,884) – 0.00 % SailPoint Technologies Holding (1,317) (29,672) – 0.00 % Scala Inc (600) (5,955) – 0.00 % SecureWorks Corp (515) (6,216) – 0.00 % ShotSpotter Inc (627) (17,073) – 0.00 % Soliton Systems KK (100) (889) – 0.00 % Sophos Group PLC (11,502) (53,633) – 0.00 % SPS Commerce Inc (25) (1,264) – 0.00 % SVMK Inc (115) (1,925) – 0.00 % Symantec Corp (30,294) (704,336) – 0.00 % Technology One Ltd (2,864) (14,610) – 0.00 % Tenable Holdings Inc (443) (10,100) – 0.00 % TiVo Corp (7,028) (52,921) – 0.00 % Trade Desk Inc/The (326) (80,121) – 0.00 % Trend Micro Inc/Japan (200) (9,690) – 0.00 % Tyler Technologies Inc (2,376) (609,539) – 0.00 % UNITED Inc/Japan (100) (1,053) – 0.00 % Upland Software Inc (741) (28,158) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 189 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Software (continued) Varonis Systems Inc (675) (46,116) – 0.00 % Workiva Inc (47) (2,261) – 0.00 % Yext Inc (2,260) (35,640) – 0.00 % Zscaler Inc (1,254) (86,200) – 0.00 % Zuora Inc (1,123) (16,901) – 0.00 % Total Software – 0.00 %

Specialty Retail Aaron’s Inc (498) (31,927) – 0.00 % ABC-Mart Inc (1,000) (63,879) – 0.00 % Abercrombie & Fitch Co (9,617) (140,601) – 0.00 % Adastria Co Ltd (4,500) (87,041) – 0.00 % Advance Auto Parts Inc (1,506) (207,753) – 0.00 % Alpen Co Ltd (700) (10,201) – 0.00 % American Eagle Outfitters Inc (8,966) (150,808) – 0.00 % AOKI Holdings Inc (1,000) (9,775) – 0.00 % Aoyama Trading Co Ltd (7,100) (125,575) – 0.00 % Asbury Automotive Group Inc (28) (2,640) – 0.00 % Ascena Retail Group Inc (48,881) (12,166) – 0.00 % At Home Group Inc (200) (1,348) – 0.00 % Autobacs Seven Co Ltd (6,000) (100,475) – 0.00 % Barnes & Noble Education Inc (10,005) (39,020) – 0.00 % Bed Bath & Beyond Inc (2,525) (24,417) – 0.00 % Bic Camera Inc (9,600) (95,101) – 0.00 % Big 5 Sporting Goods Corp (4,146) (7,421) – 0.00 % Boot Barn Holdings Inc (1,906) (65,281) – 0.00 % Buckle Inc/The (6,571) (128,792) – 0.00 % Caleres Inc (12,692) (255,744) – 0.00 % Card Factory PLC (3,875) (7,269) – 0.00 % CECONOMY AG (2,251) (11,491) – 0.00 % Chico’s FAS Inc (35,615) (111,119) – 0.00 % Children’s Place Inc/The (833) (72,679) – 0.00 % Chiyoda Co Ltd (100) (1,439) – 0.00 % Conn’s Inc (2,445) (49,291) – 0.00 % Container Store Group Inc/The (3,302) (14,793) – 0.00 % DCM Holdings Co Ltd (8,400) (83,293) – 0.00 % Designer Brands Inc (11,520) (189,965) – 0.00 % Dixons Carphone PLC (77,264) (100,947) – 0.00 % Dufry AG (1,082) (87,706) – 0.00 % EDION Corp (10,200) (97,111) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 190 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Specialty Retail (continued) Express Inc (3,323) (7,045) – 0.00 % Five Below Inc (170) (20,888) – 0.00 % Floor & Decor Holdings Inc (1,512) (74,421) – 0.00 % Foot Locker Inc (2,769) (100,210) – 0.00 % Foschini Group Ltd/The (10,249) (101,506) – 0.00 % Genesco Inc (3,465) (123,631) – 0.00 % GNC Holdings Inc (17,442) (34,186) – 0.00 % GOME Retail Holdings Ltd (376,000) (34,048) – 0.00 % Guess? Inc (6,186) (111,781) – 0.00 % Halfords Group PLC (16,592) (36,513) – 0.00 % Hennes & Mauritz AB (2,741) (52,415) – 0.00 % Hotel Shilla Co Ltd 98 6,389 – 0.00 % IDOM Inc (1,000) (3,914) – 0.00 % Industria de Diseno Textil SA (249) (7,695) – 0.00 % Joyful Honda Co Ltd (500) (6,360) – 0.00 % Kingfisher PLC (41,537) (98,255) – 0.00 % Komeri Co Ltd (5,400) (110,596) – 0.00 % K’s Holdings Corp (10,200) (109,298) – 0.00 % L Brands Inc (8,222) (135,745) – 0.00 % LIXIL VIVA Corp (600) (7,824) – 0.00 % Lumber Liquidators Holdings In (3,151) (29,651) – 0.00 % Maisons du Monde SA (79) (1,425) – 0.00 % MarineMax Inc (689) (9,963) – 0.00 % Mekonomen AB (8,485) (67,714) – 0.00 % Michaels Cos Inc/The (2,911) (16,505) – 0.00 % Mobilezone Holding AG (2,756) (27,396) – 0.00 % Monro Inc (685) (53,238) – 0.00 % Mr Price Group Ltd (10,516) (118,814) – 0.00 % Nishimatsuya Chain Co Ltd (900) (7,637) – 0.00 % Office Depot Inc (150,228) (195,296) – 0.00 % Party City Holdco Inc (4,748) (22,316) – 0.00 % Premier Investments Ltd (1,274) (12,741) – 0.00 % RH (485) (69,476) – 0.00 % SA SA INT’L (16,000) (3,408) – 0.00 % Sally Beauty Holdings Inc (5,788) (70,787) – 0.00 % Shimachu Co Ltd (4,200) (98,940) – 0.00 % Shimamura Co Ltd (1,100) (85,893) – 0.00 % Shinsegae International Inc 264 40,516 – 0.00 % Signet Jewelers Ltd (4,576) (56,010) – 0.00 % Sleep Country Canada Holdings (1,794) (28,199) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 191 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Specialty Retail (continued) Sleep Number Corp (828) (34,644) – 0.00 % SMCP SA (1,395) (18,856) – 0.00 % Sonic Automotive Inc (2,891) (77,797) – 0.00 % Sports Direct International PL (31,193) (94,562) – 0.00 % Superdry PLC (1,908) (9,178) – 0.00 % Tailored Brands Inc (7,426) (40,249) – 0.00 % Tile Shop Holdings Inc (2,606) (7,010) – 0.00 % Tractor Supply Co (301) (30,666) – 0.00 % Truworths International Ltd (36,862) (127,766) – 0.00 % Ulta Beauty Inc (94) (22,347) – 0.00 % United Arrows Ltd (3,200) (96,185) – 0.00 % Urban Outfitters Inc (2,291) (53,632) – 0.00 % Valora Holding AG (40) (11,274) – 0.00 % Vitamin Shoppe Inc (184) (1,187) – 0.00 % VT Holdings Co Ltd (1,800) (7,620) – 0.00 % WH Smith PLC (725) (17,269) – 0.00 % Xebio Holdings Co Ltd (2,100) (22,265) – 0.00 % XXL ASA (15,704) (39,363) – 0.00 % Yamada Denki Co Ltd (22,000) (103,486) – 0.00 % ZHENGTONGAUTO (40,000) (14,387) – 0.00 % Zhongsheng Group Holdings Ltd (9,000) (28,123) – 0.00 % Zumiez Inc (4,786) (124,340) – 0.00 % Total Specialty Retail – 0.00 %

Technology Hardware & Equipment Ituran Location and Control Ltd (39) (1,004) – 0.00 % NCR Corp (3,451) (108,741) – 0.00 % Total Technology Hardware & Equipment – 0.00 %

Technology Hardware Storage & Peripheral 3D Systems Corp (12,523) (87,661) – 0.00 % Acer Inc (8,000) (4,393) – 0.00 % Asustek Computer Inc (7,857) (51,171) – 0.00 % Avid Technology Inc (1,084) (8,087) – 0.00 % Catcher Technology Co Ltd (2,000) (14,079) – 0.00 % Chicony Electronics Co Ltd (8,171) (23,008) – 0.00 % Compal Electronics Inc (66,286) (37,986) – 0.00 % CosmoAM&T Co Ltd 755 6,196 – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 192 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Technology Hardware Storage & Peripheral (continued) Dell Technologies Inc (263) (13,552) – 0.00 % Diebold Nixdorf Inc (30,043) (336,782) – 0.00 % Eizo Corp (400) (13,340) – 0.00 % Eurotech SpA (2,734) (15,684) – 0.00 % Maxell Holdings Ltd (1,500) (20,264) – 0.00 % Neopost SA (3,491) (70,936) – 0.00 % NetApp Inc (12,786) (614,495) – 0.00 % Pegatron Corp (45,175) (75,573) – 0.00 % Primax Electronics Ltd (1,000) (1,887) – 0.00 % Quanta Computer Inc (25,000) (45,095) – 0.00 % Riso Kagaku Corp (100) (1,762) – 0.00 % S&T AG (729) (15,254) – 0.00 % Samsung Electronics Co Ltd 786 28,612 – 0.00 % Seagate Technology PLC (12,336) (619,391) – 0.00 % Toshiba TEC Corp (400) (11,609) – 0.00 % Wacom Co Ltd (2,700) (8,408) – 0.00 % Western Digital Corp (20,692) (1,185,031) – 0.00 % Wistron Corp (19,000) (15,104) – 0.00 % Xerox Holdings Corp (1,190) (34,498) – 0.00 % Xiaomi Corp (53,000) (57,660) – 0.00 % Total Technology Hardware Storage & Peripheral – 0.00 %

Textiles Apparel & Luxury Goods Arezzo Industria e Comercio SA 100 1,198 – 0.00 % Asics Corp (700) (9,035) – 0.00 % Carter’s Inc (695) (63,579) – 0.00 % CCC SA (603) (18,661) – 0.00 % Deckers Outdoor Corp (166) (24,477) – 0.00 % F&F Co Ltd 628 40,786 – 0.00 % Fila Korea Ltd 1,507 71,316 – 0.00 % Fossil Group Inc (2,878) (36,838) – 0.00 % Geox SpA (9,345) (12,673) – 0.00 % G-III Apparel Group Ltd (18,650) (382,512) – 0.00 % HS Industries Co Ltd 1,751 12,821 – 0.00 % Japan Wool Textile Co Ltd/The (100) (853) – 0.00 % Komatsu Matere Co Ltd (200) (1,398) – 0.00 % Kurabo Industries Ltd (100) (1,819) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 193 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Textiles Apparel & Luxury Goods (continued) Li & Fung Ltd (720,000) (81,728) – 0.00 % Onward Holdings Co Ltd (23,500) (110,984) – 0.00 % OVS SpA (7,937) (14,505) – 0.00 % Oxford Industries Inc (3,134) (218,691) – 0.00 % Pandora A/S (397) (16,910) – 0.00 % Pou Chen Corp (35,000) (43,802) – 0.00 % PVH Corp (5,715) (433,197) – 0.00 % Ralph Lauren Corp (327) (28,887) – 0.00 % Ruentex Industries Ltd (19,356) (43,071) – 0.00 % Skechers U.S.A. Inc (361) (11,429) – 0.00 % Steven Madden Ltd (2,811) (93,381) – 0.00 % Tapestry Inc (8,683) (179,304) – 0.00 % Ted Baker PLC (1,193) (13,279) – 0.00 % TSI Holdings Co Ltd (1,200) (5,995) – 0.00 % Unitika Ltd (5,200) (15,019) – 0.00 % VF Corp (292) (23,929) – 0.00 % Wolverine World Wide Inc (1,740) (45,153) – 0.00 % YUE YUEN IND (5,000) (12,786) – 0.00 % Total Textiles Apparel & Luxury Goods – 0.00 %

Thrifts & Mortgage Finance Aareal Bank AG (991) (28,120) – 0.00 % Axos Financial Inc (10,604) (274,750) – 0.00 % Essent Group Ltd (910) (44,135) – 0.00 % Home Capital Group Inc (506) (9,747) – 0.00 % LendingTree Inc (178) (55,196) – 0.00 % Meta Financial Group Inc (29,460) (910,609) – 0.00 % MGIC Investment Corp (3,402) (43,035) – 0.00 % New York Community Bancorp Inc (718) (8,286) – 0.00 % NMI Holdings Inc (1,375) (38,968) – 0.00 % Ocwen Financial Corp (4,844) (8,671) – 0.00 % Radian Group Inc (1,404) (31,660) – 0.00 % Sangsangin Co Ltd 5,952 57,614 – 0.00 % Timbercreek Financial Corp (1,207) (8,682) – 0.00 % Washington Federal Inc (2,466) (87,790) – 0.00 % WSFS Financial Corp (1,180) (48,640) – 0.00 % Total Thrifts & Mortgage Finance – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 194 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Tobacco Altria Group Inc (31,205) (1,364,907) – 0.00 % British American Tobacco PLC (51,281) (1,796,640) – 0.00 % Imperial Brands PLC (73,436) (1,897,920) – 0.00 % Japan Tobacco Inc (1,900) (40,227) – 0.00 % Philip Morris International In (17,892) (1,289,834) – 0.00 % Scandinavian Tobacco Group A/S (7,065) (81,219) – 0.00 % Swedish Match AB (169) (6,619) – 0.00 % Total Tobacco – 0.00 %

Trading Companies & Distributor AerCap Holdings NV (244) (13,083) – 0.00 % Air Lease Corp (1,871) (77,721) – 0.00 % Applied Industrial Technologie (1,664) (88,841) – 0.00 % Beacon Roofing Supply Inc (1,523) (48,553) – 0.00 % BlueLinx Holdings Inc (841) (24,128) – 0.00 % Brenntag AG (7,443) (358,507) – 0.00 % Bunzl PLC (65) (1,592) – 0.00 % CAI International Inc (200) (4,236) – 0.00 % DXP Enterprises Inc/TX (983) (31,898) – 0.00 % Fastenal Co (13,521) (414,013) – 0.00 % Finning International Inc (14,366) (249,486) – 0.00 % GATX Corp (236) (17,516) – 0.00 % GMS Inc (2,582) (76,066) – 0.00 % Grafton Group PLC (8,043) (73,627) – 0.00 % H&E Equipment Services Inc (2,841) (69,008) – 0.00 % Hanwa Co Ltd (300) (8,075) – 0.00 % Herc Holdings Inc (2,727) (112,571) – 0.00 % Inabata & Co Ltd (100) (1,168) – 0.00 % Kamei Corp (4) (40) – 0.00 % Kanamoto Co Ltd (300) (7,759) – 0.00 % Kloeckner & Co SE (6,950) (41,587) – 0.00 % MRC Global Inc (1,912) (24,034) – 0.00 % MSC Industrial Direct Co Inc (848) (57,342) – 0.00 % Nagase & Co Ltd (100) (1,355) – 0.00 % Nippon Steel Trading Corp (200) (7,630) – 0.00 % Nishio Rent All Co Ltd (200) (5,261) – 0.00 % NOW Inc (2,949) (35,064) – 0.00 % Rexel SA (5,483) (58,146) – 0.00 % Richelieu Hardware Ltd (1,219) (23,481) – 0.00 % Russel Metals Inc (16,317) (245,676) – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 195 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Trading Companies & Distributor (continued) Seika Corp (18) (215) – 0.00 % SIG PLC (11,067) (16,977) – 0.00 % SiteOne Landscape Supply Inc (1,193) (93,293) – 0.00 % Titan Machinery Inc (1,777) (26,762) – 0.00 % Toromont Industries Ltd (3,698) (177,443) – 0.00 % Veritiv Corp (2,554) (42,294) – 0.00 % Wajax Corp (1,569) (18,618) – 0.00 % Wakita & Co Ltd (100) (968) – 0.00 % WESCO International Inc (255) (11,495) – 0.00 % Yamazen Corp (533) (4,708) – 0.00 % Total Trading Companies & Distributor – 0.00 %

Transportation Infrastructure BBA Aviation PLC (2,290) (8,942) – 0.00 % BEIJING AIRPORT (34,000) (28,534) – 0.00 % CHINA MER PORT (48,000) (74,933) – 0.00 % COSCO SHIPPING Ports Ltd (12,000) (10,515) – 0.00 % Japan Airport Terminal Co Ltd (100) (3,984) – 0.00 % Mitsubishi Logistics Corp (500) (12,254) – 0.00 % Nissin Corp (2) (28) – 0.00 % Sumitomo Warehouse Co Ltd/The (600) (7,931) – 0.00 % Westshore Terminals Investment (1,110) (18,249) – 0.00 % Total Transportation Infrastructure – 0.00 %

Water Utilities Aqua America Inc (535) (23,695) – 0.00 % AquaVenture Holdings Ltd (453) (8,009) – 0.00 % BJ ENT WATER (38,000) (19,968) – 0.00 % Cia de Saneamento Basico do Es 100 1,252 – 0.00 % COPASA 300 5,039 – 0.00 % Middlesex Water Co (1,898) (115,854) – 0.00 % Pennon Group PLC (23,151) (212,688) – 0.00 % Severn Trent PLC (8,320) (209,612) – 0.00 % United Utilities Group PLC (21,586) (213,751) – 0.00 % Total Water Utilities – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 196 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in contracts for difference (28 February 2019: 0.00%) Fair Value % of Net Security (continued) Quantity Notional USD Assets

Wireless Telecommunication Services Boingo Wireless Inc (556) (7,156) – 0.00 % China Mobile Ltd (98,000) (811,813) – 0.00 % Far EasTone Telecommunications (4,000) (9,348) – 0.00 % Freenet AG (237) (4,630) – 0.00 % Gogo Inc (1,590) (6,392) – 0.00 % Millicom International Cellula (3,254) (165,509) – 0.00 % Mobile TeleSystems PJSC (544) (4,368) – 0.00 % MTN Group Ltd (4,873) (32,898) – 0.00 % NII Holdings Inc (12,063) (20,025) – 0.00 % PLAY Communications SA (859) (7,408) – 0.00 % Shenandoah Telecommunications (864) (27,251) – 0.00 % Softbank Corp (600) (8,413) – 0.00 % SoftBank Group Corp (100) (4,538) – 0.00 % Spok Holdings Inc (836) (9,823) – 0.00 % StarHub Ltd (105,200) (100,043) – 0.00 % Tele2 AB (8,052) (113,404) – 0.00 % Telephone & Data Systems Inc (26) (655) – 0.00 % Turkcell Iletisim Hizmetleri A (4,881) (10,832) – 0.00 % Vodacom Group Ltd (5,240) (39,755) – 0.00 % Vodafone Group PLC (74,971) (141,582) – 0.00 % Total Wireless Telecommunication Services – 0.00 %

Unrealised losses on contracts for differences* – 0.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 197 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Financial liabilities at fair value through profit or loss (28 February 2019: (1.08)%) (continued)

Investment in future contracts (28 February 2019: (0.81%)) Fair value % of Net Currency Description Notional USD assets

112 of 90 Day Australian Bills (Day Session) AUD Dec-19 SFE 75,376 (1,918) 0.00% 49 of 90 Day Australian Bills (Day Session) AUD Mar-20 SFE 32,977 (595) 0.00% AUD 103 of 90 Day Australian Bills (SFE) Sep-20 69,319 (993) 0.00% AUD 53 of Share Price Index 200 (Day) Sep-19 5,859,525 (16,993) 0.00% 54 of Canadian Bankers Acceptances Mar-20 CAD MON 101,580 (339) 0.00% EUR 2 of Dax Stock Index Sep-19 654,562 (18,504) 0.00% EUR 387 of Dow Jones Euro Stoxx 50 Sep-19 14,540,790 (139,907) (0.02)% EUR 8 of FTSE MIB Index Sep-19 937,185 (25,908) 0.00% EUR 52 of Short Term Euro-BTP Future Dec-19 57,145 (11,385) 0.00% GBP 117 of FTSE 100 Index Sep-19 10,220,042 (265,197) (0.03)% HKD 28 of Hang Seng China Enterprises Index Sep-19 (1,799,327) (42,777) (0.01)% JPY 3 of Nikkei 225 Stock Index (Day Session) Sep-19 583,941 (25,965) 0.00% 221 of Tokyo Stock Price Index (Day Session) JPY Sep-19 31,394,703 (768,954) (0.09)% SGD 172 of MSCI Singapore Index Sep-19 (4,417,564) (42,999) (0.01)% USD 503 of 10 Year US Govt Treasury Note Dec-19 503,000 (12,609) 0.00% USD 451 of 2 Year US Treasury Notes Dec-19 (902,000) (38,754) 0.00% USD 79 of 5 Year US Treasury Note Dec-19 (79,000) (4,937) 0.00% USD 625 of Canadian Dollar (Day Session) Sep-19 625,000 (894,960) (0.11)% USD 16 of DJIA Mini Sep-19 2,112,480 (44,650) (0.01)% USD 45 of E-Mini Nasdaq 100 Index Sep-19 6,921,675 (110,377) (0.01)% USD 36 of E-Mini S&P 500 Stock Index Sep-19 (5,264,550) (79,000) (0.01)% USD 2 of E-Mini S&P MidCap 400 Sep-19 376,280 (10,960) 0.00% USD 105 of Japanese Yen Future Sep-19 CME 131,250 (7,619) 0.00% USD 925 of Mexican Peso Sep-19 4,625,000 (625,335) (0.09)% USD 1 of MSCI Taiwan Index Sep-19 (39,090) (971) 0.00% USD 268 of US Long Bond Dec-19 268,000 (50,251) (0.01)%

Unrealised losses on futures contracts (3,242,857) (0.40) %

Total derivative liabilities (8,376,653) (1.03) %

Total financial liabilities at fair value through profit or loss (8,376,653) (1.03) %

* At the close of business on 31 August 2019, the Fund had entered into a number of contracts for difference (“CFD”) trades. These positions were open as at 31 August 2019 but have a fair value of USDNil as the monthly realisation of gains and losses on these positions were crystallised upon the monthly reset of the CFD positions, as outlined in the Note 7.

The accompanying notes form an integral part of these condensed unaudited interim financial statements 198 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Schedule of Investments (continued) Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Fair value % of Net USD assets

Analysis of net assets Total financial assets and liabilities at fair value through profit or loss (28 February 2019: 68.92%) 556,782,730 68.54 % Cash and cash equivalents (28 February 2019: 8.43%) 147,841,732 18.20 % Other net assets (28 February 2019: 22.65%) 107,750,464 13.26 % Net assets attributable to holders of redeemable participating shares 812,374,926 100.00 %

% of Total assets

Analysis of total assets Transferable securities listed on an official stock exchange 12.12 % Transferable securities dealt on another regulated market 50.89 % Exchange traded financial derivative instruments 3.14 % Over the counter financial derivative instruments 0.40 % Other current assets 33.45 % 100.00 %

The accompanying notes form an integral part of these condensed unaudited interim financial statements 199 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Notes to the Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

1. General information

The Winton UCITS Funds ICAV (the “ICAV”) was originally incorporated as an umbrella investment company with segregated liability between sub-funds on 8 July 2010. The ICAV converted from an umbrella investment company to an Irish collective asset-management vehicle pursuant to the Irish Collective Asset-Management Vehicles Act 2015 (the “ICAV Act”) on 26 July 2017. The ICAV is authorised by the Central Bank of Ireland in accordance with the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, (as amended) (the “UCITS Regulations”) and is regulated by the Central Bank of Ireland in accordance with the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1) (Undertakings for Collective Investment in Transferable Securities) Regulations 2015) (the “Central Bank UCITS Regulations”). The financial statements comply with the UCITS Regulations and with the Central Bank UCITS Regulations.

Effective 1 July 2019, the ICAV converted from a self-managed investment vehicle to an externally managed investment vehicle. Winton Fund Management Ireland DAC (the “Manager”) was appointed to manage and administer the affairs of the ICAV. Winton Capital Management Limited (the “Investment Manager” and “Distributor”) remains in place as the Investment Manager and Distributor of the ICAV. As at 31 August 2019, the ICAV has the following sub-funds:

Name Launch date Next year end date

Winton Global Equity Fund (“WGEF”) 1 December 2010 31 December 2019 Winton European Equity Fund (“WEEF”) 6 May 2014 31 December 2019 Winton US Equity Fund (“WUSEF”)* 6 May 2014 Not applicable Winton Absolute Return Futures Fund (“WARF”) 3 July 2017 29 February 2020 Winton Diversified Fund (UCITS) (“WDFU”) 3 July 2017 29 February 2020 Winton Trend Fund (UCITS) (“WTFU”) 2 July 2018 29 February 2020

* WUSEF was closed on 7 May 2019 and is currently in liquidation.

The financial statements have been prepared for Winton Diversified Fund (UCITS) (“WDFU” or the “Fund”), a sub-fund of the ICAV.

Several classes of shares may be issued in respect of WDFU, distinguished, inter alia, by their criteria for subscription, redemption, minimum holding, fee structure, currency and dividend policy. The classes of shares currently available for WDFU are set out in the relevant Supplement to the Prospectus. Further classes of shares may be created in accordance with the requirements of the Central Bank of Ireland. As at 31 August 2019, none of the shares in issue were listed on any exchange and Class CHF I Shares, Class EUR I Shares, Class EUR I-P Shares, Class EUR I-2 Shares, Class GBP I Distribution Shares and Class GBP I-2 Distribution Shares were currency hedged.

The ICAV had no employees during the financial period ended 31 August 2019 and financial year ended 28 February 2019.

The current Prospectus of the ICAV is dated 1 July 2019.

The Fund is diversified and therefore does not concentrate on any specific industrial sectors in the markets in which it pursues its strategy. The Investment Manager may revise the strategy as it is applied to the Fund, including the signals used, the instruments traded and/or the money management principles applied in accordance with the UCITS Regulations. The trading methods to be used by the Investment Manager are consistent with the statistical and technical analysis, quantitative models and systematic trading underlying the investment advice provided by the Investment Manager to other funds. Return predictions are derived from fundamental and price-based predictive proprietary signals.

200 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Notes to the Condensed Unaudited Interim Financial Statements (continued) For the financial period from 1 March 2019 to 31 August 2019

1. General information (continued)

Total expense ratios

The annualised Total Expense Ratio (“TER”) per share class for the financial periods ended 31 August 2019 and 31 August 2018 were as follows:

31 August 31 August 2019 2018

Class CHF I 1.21 % 1.26 % Class EUR I 1.50 % 1.19 % Class EUR I-P* 1.91 % 1.19 % Class EUR I-2 0.99 % 1.04 % Class GBP I Distribution 1.61 % 1.35 % Class GBP I-2 Distribution 1.40 % 1.05 % Class USD I 1.84 % 1.22 %

* Launched on 24 May 2018.

All expenses are included within the TER with the exception of interest expense and transaction fees, if applicable.

Performance fees included in the TER per Share Class for the financial periods ended 31 August 2019 and 31 August 2018 were as follows:

31 August 31 August 2019 2018

Class CHF I 0.22 % 0.22 % Class EUR I 0.51 % 0.15 % Class EUR I-P 0.85 % 0.00 % Class GBP I Distribution 0.62 % 0.31 % Class GBP I-2 Distribution 0.41 % 0.08 % Class USD I 0.85 % 0.18 %

2. Significant accounting policies

Statement of compliance and basis of preparation

These condensed unaudited interim financial statements should be read in conjunction with the 28 February 2019 annual report and audited financial statements which have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the European Union. The unaudited interim financial statements have been compiled using accounting policies, methods of computation and presentation which are consistent with the annual report for the year ended 28 February 2019, unless otherwise stated. These condensed unaudited interim financial statements have been prepared in accordance with International Accounting Standard 34: Interim Financial Reporting (“IAS 34”), UCITS Regulations and Central Bank UCITS Regulations.

201 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Notes to the Condensed Unaudited Interim Financial Statements (continued) For the financial period from 1 March 2019 to 31 August 2019

2. Significant accounting policies (continued)

Changes in significant accounting policies

IFRS 9 Financial Instruments

The Fund has consistently applied the accounting policies as set out in this note to all periods presented in these financial statements.

IFRS 9 sets out requirements for recognising and measuring financial assets and financial liabilities. This standard replaces IAS 39 Financial Instruments: Recognition and Measurement.

As a result of the adoption of IFRS 9 on 1 March 2018, the Fund has adopted consequential amendments to IAS 1 Presentation of Financial Statements, which require:

• Impairment of financial assets to be presented in a separate line item in the statement of comprehensive income. Under IAS 39, impairment was recognised when losses were incurred. The Fund has no such losses to report.

Additionally, the Fund has adopted consequential amendments to IFRS 7 Financial Instruments: Disclosures (“IFRS 7”), which are applied to disclosures about 2018.

(a) Classification and measurement of financial assets and financial liabilities

IFRS 9 contains three principal classification categories for financial assets: measured at amortised cost, fair value through other comprehensive income (“FVOCI”), and fair value through profit or loss (“FVTPL”). The classification of financial assets under IFRS 9 is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. Under IFRS 9, derivatives embedded in contracts where the host is a financial asset in the scope of the standard are never separated. Instead, the hybrid financial instrument as a whole is assessed for classification.

IFRS 9 largely retains the existing requirements in IAS 39 for the classification and measurement of financial liabilities. The adoption of IFRS 9 has not had a significant effect on the Fund’s accounting policies related to financial liabilities and derivative financial instruments.

(b) Impairment of financial assets

IFRS 9 replaces the ‘incurred loss’ model in IAS 39 with an Expected Credit Loss (“ECL”) model. The new impairment model applies to financial assets measured at amortised cost and debt investments at FVOCI, but not investments in equity instruments. Under IFRS 9, the Fund shall measure loss allowance on financial assets at an amount equal to the lifetime ECL if the credit risk has increased significantly since initial recognition. If, at the reporting year, the credit risk has not increased significantly since initial recognition, the Fund shall measure the loss allowance at an amount equal to 12-month ECL. Significant financial difficulties, probability of entering bankruptcy or financial reorganisation and default in payments are all considered indicators that a loss allowance may be required.

New standards and amendments to existing standards

There are no standards, interpretations or amendments to existing standards that are not yet effective that would be expected to have a significant impact on the Fund.

202 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Notes to the Condensed Unaudited Interim Financial Statements (continued) For the financial period from 1 March 2019 to 31 August 2019

3. Financial instruments and associated risks

The risks of the Fund are consistent with those set out in the audited financial statements for the year ended 28 February 2019 and those detailed within the “Risk Factors” section of the Prospectus.

4. Fair value measurements recognised in the statement of financial position

The Fund has classified its financial instruments that are measured at fair value using a fair value hierarchy. The fair value hierarchy groups the financial instruments into levels 1 to 3 based on the degree to which the fair value is observable:

Level 1 - fair value measurements using quoted (unadjusted) prices in active markets for identical assets or liabilities; Level 2 - fair value measurements using inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and Level 3 - fair value measurements are derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (i.e. unobservable inputs).

Investments

Investments whose values may be obtained from quoted prices in active markets and are therefore classified in Level 1 include government bonds and future contracts. The ICAV does not adjust the quoted price for such instruments.

Derivatives

Derivative instruments can be exchange-traded or privately negotiated over the counter (“OTC”) derivatives. OTC derivatives, in this case forward foreign currency exchange contracts and CFDs, are valued by the Fund using observable inputs, such as quotations received from the counterparty, dealers or broker, whenever available and considered reliable. In instances where models are used, the value of an OTC derivative depends upon the contractual terms of, and specific risks inherent in the instrument as well as the availability and reliability of observable inputs. Such inputs include market prices for reference securities, yield curves, credit curves, measures of volatility, prepayment rates and correlations of such inputs.

OTC derivatives, such as forward foreign currency exchange contracts and CFDs may have inputs which can generally be corroborated by market data and therefore classified within Level 2.

203 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Notes to the Condensed Unaudited Interim Financial Statements (continued) For the financial period from 1 March 2019 to 31 August 2019

4. Fair value measurements recognised in the statement of financial position (continued)

The following tables provide an analysis of financial assets and liabilities at fair value through profit and loss as at 31 August 2019.

Level 1 Level 2 Level 3 Total USD USD USD USD Financial assets at fair value through profit or loss Transferable securities Government bonds 432,140,555 – – 432,140,555 Other debt securities – 102,943,718 – 102,943,718 Total transferable securities 432,140,555 102,943,718 – 535,084,273

Derivative instruments Contracts for difference – – – – Forward foreign currency exchange contracts – 3,403,531 – 3,403,531 Futures contracts 26,671,579 – – 26,671,579 Total derivative instruments 26,671,579 3,403,531 – 30,075,110

Total financial assets at fair value through profit or loss 458,812,134 106,347,249 – 565,159,383

Level 1 Level 2 Level 3 Total USD USD USD USD Financial liabilities at fair value through profit or loss Derivative instruments Contracts for difference – – – – Forward foreign currency exchange contracts – (5,133,796) – (5,133,796) Futures contracts (3,242,857) – – (3,242,857) Total derivative instruments (3,242,857) (5,133,796) – (8,376,653) Total financial liabilities at fair value through profit or loss (3,242,857) (5,133,796) – (8,376,653)

204 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Notes to the Condensed Unaudited Interim Financial Statements (continued) For the financial period from 1 March 2019 to 31 August 2019

4. Fair value measurements recognised in the statement of financial position (continued)

Derivatives (continued)

The following table provides an analysis of financial assets and liabilities at fair value through profit and loss at 28 February 2019.

Level 1 Level 2 Level 3 Total USD USD USD USD Financial assets at fair value through profit or loss Transferable securities Government bonds 409,041,794 – – 409,041,794 Other debt securities – 87,524,484 – 87,524,484 Total transferable securities 409,041,794 87,524,484 – 496,566,278

Derivative instruments Contracts for difference – – – – Forward foreign currency exchange contracts – 8,974,427 – 8,974,427 Futures contracts 7,886,336 – – 7,886,336 Total derivative instruments 7,886,336 8,974,427 – 16,860,763

Total financial assets at fair value through profit or loss 416,928,130 96,498,911 – 513,427,041

Level 1 Level 2 Level 3 Total USD USD USD USD Financial liabilities at fair value through profit or loss Derivative instruments Contracts for difference – – – – Forward foreign currency exchange contracts – (2,010,000) – (2,010,000) Futures contracts (5,919,394) – – (5,919,394) Total derivative instruments (5,919,394) (2,010,000) – (7,929,394) Total financial liabilities at fair value through profit or loss (5,919,394) (2,010,000) – (7,929,394)

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement.

All level analyses are consistent with the prior financial period and there have been no transfers between Levels 1, 2 or 3 during the financial period and year ended 31 August 2019 and 28 February 2019, respectively. Any transfers that occur are deemed to have occurred at the end of the reporting period/year. All financial assets and liabilities which are not measured at fair value are classified as Level 2.

For the assets and liabilities of the Fund which have not been measured at fair value at 31 August 2019 and 28 February 2019 the amounts presented in the statement of financial position are a reasonable approximation of fair value.

205 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Notes to the Condensed Unaudited Interim Financial Statements (continued) For the financial period from 1 March 2019 to 31 August 2019

5. Exchange rates

The following exchange rates were used to translate foreign currency assets and liabilities held by the Fund into USD:

As at As at 31 August 28 February 2019 2019

Australian Dollar 1.48588 1.40560 Brazilian Real 4.12920 3.75030 Canadian Dollar 1.32900 1.31700 Swiss Franc 0.98990 0.99620 Chilean Peso 719.50500 654.82500 Yuan Renminbi Offshore 7.16050 6.69520 Euro 0.90996 0.87820 Pound Sterling 0.82203 0.75180 Hong Kong Dollar 7.84060 7.84980 Indonesian Rupiah 14,185.00000 14,067.500000 Indian Rupee 71.45300 71.12630 Japanese Yen 106.29500 111.32000 South Korean Won 1,208.71000 1,124.70000 Norwegian Krone 9.12000 8.54640 New Zealand Dollar 1.58781 1.46740 Philippine Peso 52.12900 51.72000 Polish Zloty 3.98425 3.77850 Russian Ruble 66.77120 65.89630 Swedish Krona 9.83030 9.23070 Singapore Dollar 1.38805 1.35120 Turkish Lira 5.82655 5.33400 New Taiwan Dollar 31.32300 30.77650 South African Rand 15.19590 14.06000

6. Directors’ fees, related and connected persons transactions

Related parties

Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operational decisions.

The Investment Manager is also the Trading Adviser to V10COM Offshore Fund SP which the Société Générale SA/Société Générale Issuer SA equity linked notes invest into, in which the Fund invests 12.68% of its net assets as at 31 August 2019 (28 February 2019: 11.94%).

Directors

The listing of the Directors is shown on page 2. All the Directors who held office at the financial period end are non-executive.

As at 31 August 2019 and 28 February 2019, Dermot Butler held one non-participating share of the ICAV in trust for the Investment Manager. As at 31 August 2019 and 28 February 2019, the Investment Manager held one redeemable non- participating share of the ICAV.

206 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Notes to the Condensed Unaudited Interim Financial Statements (continued) For the financial period from 1 March 2019 to 31 August 2019

6. Directors’ fees, related and connected persons transactions (continued)

Directors (continued)

As at 31 August 2019 and 28 February 2019, Rajeev Patel has a holding in the Winton Group, which owns 100% of the Invesment Manager.

Mr. John Skelly is a Director of the ICAV and also an employee of Carne Global Financial Services Limited, which provided company secretary services, fund registration services, designated person and money laundering reporting officer services to the ICAV up to 30 June 2018. During the financial period ended 31 August 2019, fees of USDNil (31 August 2018: USD18,066) were charged to the Fund by Carne Global Financial Services Limited. Out of the fees incurred during the financial period ended 31 August 2019, USDNil (28 February 2019: USDNil) was outstanding at financial period end.

Carne Global Financial Services (UK) LLP, which acted as the UK facilities agent for the Fund up to 30 June 2018, is also an entity within the Carne Group of companies. During the financial period ended 31 August 2019, fees of USDNil (31 August 2018: USD950) were charged to the Fund by Carne Global Financial Services (UK) LLP. Out of fees incurred during the financial period ended 31 August 2019, USDNil (28 February 2019: USDNil) are outstanding at the financial period end.

No other Director has any interest in the shares of the Fund or in any contract of significance with the Fund or the ICAV.

The ICAV has agreed to remunerate the Directors for services rendered in accordance with the Directors’ Service Agreements. Up until 18 April 2018, the Directors received an annual fee not exceeding an amount of USD10,000 per Director. With effect from 18 April 2018, this amount has been revised to EUR20,000 (or equivalent) and was backdated to 1 January 2018.

The ICAV has also agreed to reimburse the Directors for any travel, accommodation, or other expenses properly incurred in attending meetings or in connection with its business.

Directors’ fees of USD34,298 (31 August 2018: USD23,685) were charged to the Fund during the financial period ended 31 August 2019 of which USD21,419 was outstanding at the financial period end (28 February 2019: USD16,158).

Investment Manager/Manager

The amounts accrued during the financial period and outstanding at the financial period end in respect of any management fees and performance fees paid to the Investment Manager/Manager are disclosed in statements of comprehensive income and statements of financial position respectively.

As at 31 August 2019, the Winton Group owned 1.27% (28 February 2019: 1.13%) of the Class CHF I Shares, 0.62% (28 February 2019: 0.45%) of the Class EUR I-P Shares, 0.05% (28 February 2019: 0.08%) of the Class USD I Shares and 0.04% (28 February 2019: 0.05%) of the Class GBP I Distribution Shares issued by the Fund.

Dealings with connected persons

Regulation 41(1) of the Central Bank UCITS Regulations states that “a responsible person shall ensure that any transaction between a UCITS and a connected person is conducted (a) at arm’s length; and (b) in the best interest of the Shareholders of the UCITS”.

As required under UCITS Regulation 78(4) of the Central Bank UCITS Regulations, the Directors are satisfied that there are in place arrangements, evidenced by written procedures, to ensure that the obligations that are prescribed by Regulation 41(1) are applied to all transactions with a connected person; and all transactions with connected persons that were entered into during the period to which the report relates complied with the obligations that are prescribed by Regulation 41(1).

207 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Notes to the Condensed Unaudited Interim Financial Statements (continued) For the financial period from 1 March 2019 to 31 August 2019

7. Derivatives instruments

The Fund may engage in transactions in financial derivative instruments where considered appropriate, and/or utilise other techniques and instruments, for investment purposes, for efficient portfolio management, to gain currency exposure and/or to protect against foreign exchange risks, subject to the conditions and within the limits laid down by the Central Bank of Ireland.

In general, these financial derivative instruments and other techniques and instruments may include, but are not limited to futures, forward foreign currency contracts and contracts for difference.

Transactions in futures involve the obligation to make, or to take, delivery of the underlying asset of the contract at a future date, or in some cases to settle the position with cash (unless liquidated before expiry).

A forward contract locks in the price at which an index or asset may be purchased or sold on a future date. In forward foreign exchange contracts, the contract holders are obligated to buy or sell from another a specified amount of one currency at a specified price (exchange rate) with another currency on a specified future date. Forward contracts cannot be transferred but they can be ‘closed out’ by entering into a reverse contract.

CFDs or equity swaps are privately negotiated contracts between two parties, buyer and seller, stipulating that the seller will pay to or receive from the buyer the difference between the nominal value of the underlying instrument at the opening of the contract and that instrument’s value at the end of the contract.

As at 31 August 2019, CFDs reflect a fair value of USDNil as the monthly realisation of gains and losses on these positions were crystallised upon the monthly reset of the CFD positions. The realised gains and losses on these CFDs are included in the “Net realised and unrealised gain/(loss) on financial assets and liabilities at fair value through profit or loss” in the statement of comprehensive income. The net realised gain on 31 August 2019 related to the reset was USD7,323,772.

In each case the use of such instruments must:

(i) be in accordance with the limits and guidelines issued by the Central Bank of Ireland from time to time; (ii) not contravene pertinent EU and Irish legislation; (iii) not result in an exposure to underlying instruments to which the Fund cannot have a direct exposure; and (iv) not cause the Fund to diverge from its investment objective.

The realised and unrealised gains arising from financial derivative transactions are included in “Net realised and unrealised gain/losses on financial assets and liabilities at fair value through profit or loss” in the statement of comprehensive income.

As at 31 August 2019, the Fund held futures contracts, forward foreign currency exchange contracts and Investment in CFDs as presented in the schedule of investments.

The Fund will gain exposure to commodity futures by investing in structured financial instruments ("SFI") via the Société Générale SA and Société Générale Issuer SA equity linked notes which invest in the V10COM Offshore Fund SP. See note 6 for further details.

8. Dividends

There were no dividends paid nor proposed for the six month financial periods ended 31 August 2019 or 31 August 2018.

208 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Notes to the Condensed Unaudited Interim Financial Statements (continued) For the financial period from 1 March 2019 to 31 August 2019

9. Soft commissions arrangements and directed brokerage

There were no soft commissions paid during the six month financial periods ended 31 August 2019 or 31 August 2018.

There were no directed brokerage services utilised for the six month financial periods ended 31 August 2019 or 31 August 2018.

10. Significant events during the financial period

On 1 March 2019, Citco Fund Services (Ireland) Limited was appointed as Administrator and Transfer Agent to the ICAV.

On 1 March 2019, BNY Mellon Trust Company (Ireland) Limited was appointed as Depositary to the ICAV.

On 1 March 2019, the ICAV issued a new Prospectus. Class USD I-2 Shares for WDFU were removed from this Prospectus.

On 7 May 2019, WUSEF closed and is currently in liquidation.

On 1 July 2019, an updated Prospectus was issued to reflect the conversion of the ICAV from a self-managed investment vehicle, to an externally managed investment vehicle. The Manager was appointed with effect from 1 July 2019, to manage and administer the affairs of the ICAV.

On 1 July 2019, the Fund changed its NAV liquidity from weekly to daily calculation.

There were no other significant events during the financial period.

11. Subsequent events

In an advisory referendum held in June 2016, the United Kingdom electorate voted to leave the EU. While it is difficult to predict with certainty if or when the United Kingdom will leave the EU, it is currently estimated that the United Kingdom may leave the EU within the next year. An exit by the United Kingdom from the EU is expected to result in legal and regulatory changes. The Directors do not believe that this will present any significant risks to the ICAV and, if required, appropriate contingency arrangements will be put in place.

There were no material subsequent events identified prior to the approval of these financial statements which would require adjustment or disclosure to the figures and notes included in the condensed unaudited financial statements.

12. Seasonal or cyclical changes

The Fund is not subject to seasonal or cyclical changes.

13. Approval of financial statements

The condensed unaudited interim financial statements were approved by the Board of Directors on 29 October 2019.

209 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Statement of Significant Purchases Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

Nominal Cost % of Security shares USD total purchases

United States Treasury Note/Bond 1.75% 30/11/2019 65,000,000 64,963,533 33.73 % United States Treasury Note/Bond 1.50% 31/10/2019 42,500,000 42,511,307 22.07 % United States Treasury Note/Bond 1.62% 31/07/2020 17,000,000 17,061,204 8.86 % United States Treasury Note/Bond 2.50% 28/02/2021 13,000,000 13,098,052 6.80 % Société Générale SA Zero Coupon 04/07/2022 1,131,500 10,949,526 5.69 % Société Générale Issuer SA Zero Coupon 04/07/2022 1,131,500 10,949,526 5.69 % United States Treasury Note/Bond 1.75% 30/09/2019 10,000,000 10,043,827 5.21 % United States Treasury Note/Bond 2.13% 31/01/2021 10,000,000 10,004,752 5.19 % United States Treasury Note/BondT 2.25% 15/02/2021 7,000,000 7,014,383 3.64 % United States Treasury Note/BondT 1.88% 31/12/2019 5,000,000 5,003,210 2.60 % United States Treasury Note/Bond 1.63% 30/06/2020 1,000,000 996,889 0.52 %

In accordance with the UCITS regulations, this statement presents the aggregate purchases of a security exceeding 1.00% of the total value of purchases for the period or at least the top 20 purchases.

210 WINTON UCITS FUNDS ICAV - WINTON DIVERSIFIED FUND (UCITS) Statement of Significant Sales Condensed Unaudited Interim Financial Statements For the financial period from 1 March 2019 to 31 August 2019

There were no sales during the period. Below is the list of all securities that matured during the period.

Nominal Cost % of Security shares USD total maturities

United States Treasury Note/Bond 1.63% 31/03/2019 17,000,000 17,000,000 16.69 % United States Treasury Note/Bond 1.00% 15/03/2019 15,000,000 15,000,000 14.73 % United States Treasury Note/Bond 1.25% 31/05/2019 15,000,000 15,000,000 14.69 % United States Treasury Note/Bond 1.63% 31/08/2019 15,000,000 15,000,000 14.67 % United States Treasury Note/Bond 1.63% 30/06/2019 5,500,000 5,500,000 11.76 % United States Treasury Note/Bond 1.63% 30/04/2019 7,500,000 7,500,000 7.36 % United States Treasury Note/Bond 1.25% 30/06/2019 12,000,000 12,000,000 5.38 % United States Treasury Note/Bond 3.13% 15/05/2019 5,000,000 5,000,000 4.92 % United States Treasury Note/Bond 1.25% 30/04/2019 5,000,000 5,000,000 4.90 % United States Treasury Note/Bond 1.63% 31/07/2019 5,000,000 5,000,000 4.90 %

In accordance with the UCITS regulations, this statement presents the aggregate sales of a security exceeding 1.00% of the total value of sales for the period or at least the top 20 sales.

211