Interim Report & Financial Statements

254344 01 Omnis Portfolio Investments ICVC Cover WITH SPINE 12mm.qxp 30/05/2019 12:13 Page 1

Interim Report & Financial Statements Omnis Portfolio Investments ICVC

For the six months ended 31 March 2019 (unaudited) 254344 01 Omnis Portfolio Investments ICVC Cover WITH SPINE 12mm.qxp 30/05/2019 12:13 Page 2

Page Omnis Portfolio Investments ICVC

Directory* 3 Authorised Corporate Director’s (“ACD”) Report* 4 Certification of Financial Statements by Directors of the Authorised Corporate Director* 5 Accounting Policies 6 Fund Investment Commentaries and Financial Statements*

Omnis Alternative Strategies Fund 7 Omnis Asia Pacific (ex-Japan) Equity Fund 17 Omnis Emerging Markets Equity Fund 27 Omnis European Equity Fund 38 Omnis Global Bond Fund 48 Omnis Income and Growth Fund 78 Omnis Japanese Equity Fund 90 Omnis Sterling Corporate Bond Fund 102 Omnis Strategic Bond 115 Omnis UK All Companies Fund 135 Omnis UK Equity Income 147 Omnis UK Gilt Fund 158 Omnis UK Smaller Companies Fund 168 Omnis US Equity Fund 179 Omnis Asia Pacific Equity Fund 190 Omnis Developed Markets (ex-UK, ex-US) Equity Fund 196 General Information 202

* Collectively, these comprise the Authorised Corporate Director’s Report. 254344 02 Omnis Portfolio Investments pp003 (Directory).qxp 30/05/2019 12:15 Page 3

Omnis Portfolio Investments ICVC

Directory

The Company and Head Office Investment Managers Omnis Portfolio Investments ICVC FIL Pensions Management Washington House Oakhill House Lydiard Fields 130 Tonbridge Road Swindon SN5 8UB Hildenborough, Incorporated in England and Wales Tonbridge, Kent TN11 9DZ under registration number IC000982 (Authorised and regulated by the FCA)

Website address: www.omnisinvestments.com Franklin Templeton Fund Management Ltd (Authorised and regulated by the FCA) Cannon Place 78 Cannon Street London EC4N 6HL Directors and Secretary of the ACD (Authorised and regulated by the FCA) Kevin Chidwick Peter Davis Jupiter Asset Management Limited Douglas Naismith The Zig Zag Building 70 Victoria Street Dominic Sheridan London SW1E 6SQ (Authorised and regulated by the FCA) Andy Whipp (Secretary) Octopus Investments Limited Registrar 33 Holborn DST Financial Services International Limited London EC1N 2HT DST House, (Authorised and regulated by the FCA) St Nicholas Lane Basildon Royal London Asset Management Ltd Essex SS15 5FS 55 Grace Street London EC3V 0RL Auditor (Authorised and regulated by the FCA) Deloitte LLP Statutory Auditor Schroder Investment Management Limited Saltire Court 31 Gresham Street 20 Castle Terrace London EC2V 7QA Edinburgh EH1 2DB (Authorised and regulated by the FCA)

T. Rowe Price International Limited Customer Service Centre 60 Queen Victoria Street Omnis Portfolio Investments ICVC London EC4N 4TZ PO BOX 10191 (Authorised and regulated by the FCA) Chelmsford CM99 2AP Telephone: 0345 140 0070* Threadneedle Asset Management Limited 78 Cannon Street Depositary London EC4N 6AG State Street Trustees Limited (Authorised and regulated by the FCA) 20 Churchill Place London E14 5HJ Veritas Asset Management LLP (Authorised and regulated by the FCA) 90 Long Acre London WC2E 9RA Authorised Corporate Director (“ACD”) (Authorised and regulated by the FCA) Omnis Investments Limited Washington House Woodford Investment Management Limited Lydiard Fields 9400 Garsington Road Swindon SN5 8UB Oxford Business Park (Authorised and regulated by the FCA) Oxford OX4 2HN (Authorised and regulated by the FCA)

* Please note that telephone calls may be recorded for monitoring and training purposes, and to confirm investors’ instructions. 3 254344 03 Omnis Portfolio Investments pp004-pp006 (Portfolio Investments)new.qxp_Layout 1 30/05/2019 12:17 Page 4

Omnis Portfolio Investments ICVC

Authorised Corporate Director’s (“ACD”) Report

We are pleased to present the Interim Report & Financial Statements for Omnis Portfolio Investments ICVC for the six months ended 31 March 2019.

Authorised Status Omnis Portfolio Investments ICVC (“the Company”) is an investment company with variable capital incorporated in England and Wales under registered number IC000982 and authorised by the Financial Conduct Authority (“FCA”) with effect from 3 September 2013. The Company has an unlimited duration.

Shareholders are not liable for the debts of the Company.

Head office: Washington House, Lydiard Fields, Swindon, SN5 8UB.

The Head Office is the address of the place in the UK for service on the Company of notices or other documents required or authorised to be served on it.

Structure of the Company The Company is structured as an umbrella company, in that different Funds may be established from time to time by the ACD with the approval of the FCA. On the introduction of any new Fund or Class, a revised prospectus will be prepared setting out the relevant details of each Fund or Class.

The Company is a UCITS scheme.

The assets of each Fund will be treated as separate from those of every other Fund and will be invested in accordance with the investment objective and investment policy applicable to that Fund. Investment of the assets of each of the Funds must comply with the FCA’s Collective Investment Schemes Sourcebook (“COLL”) and the investment objective and policy of the relevant Fund.

Cross Holdings There were no shares in any sub-fund held by other sub-funds of the ICVC.

Base Currency The base currency of the Company is Pounds Sterling. Each Fund and Class is designated in Pounds Sterling.

Share Capital The minimum share capital of the Company is £1 and the maximum is £100,000,000,000. Shares in the Company have no par value. The share capital of the Company at all times equals the sum of the Net Asset Values of each of the Funds.

4 254344 03 Omnis Portfolio Investments pp004-pp006 (Portfolio Investments)new.qxp_Layout 1 30/05/2019 12:17 Page 5

Omnis Portfolio Investments ICVC

Certification of Financial Statements by Directors of the Authorised Corporate Director For the six months ended 31 March 2019

Director’s Certification This report has been prepared in accordance with the requirements of COLL, as issued and amended by the FCA. We hereby certify the report on behalf of the Directors of Omnis Investments Limited.

The Directors are of the opinion that it is appropriate to continue to adopt the going concern basis in the preparation of the financial statements as the assets of the Funds consist predominately of securities that are readily realisable and, accordingly, the Funds have adequate resources to continue in operational existence for the foreseeable future.

Following approval from shareholders a Scheme of Arrangement was implemented on 29 September 2018 transferring assets from the following funds to new/existing funds within the ICVC:

• Omnis Asia Pacific Equity Fund

• Omnis Developed Markets (ex-UK, ex-US) Equity Fund

• Omnis UK Bond Fund

• Omnis UK Equity Fund

Following the Scheme the Directors confirm that the ICVC and Discontinuing Funds will be able to meet all liabilities during the 12 months to 30 September 2019.

Dominic Sheridan

Kevin Chidwick

Director, For and in Behalf of Omnis Investment Limited 22 May 2019

5 254344 03 Omnis Portfolio Investments pp004-pp006 (Portfolio Investments)new.qxp_Layout 1 30/05/2019 12:17 Page 6

Omnis Portfolio Investments ICVC

Accounting Policies For the six months ended 31 March 2019 (unaudited)

Accounting Basis, Policies and Valuation of Investments

(a) Basis of accounting The interim Financial Statements have been prepared under the historical cost basis, as modified by the revaluation of investments and in accordance with Financial Reporting Standard 102 ("FRS 102") and in accordance with the Statement of Recommended Practice (“SORP”) for Financial Statements of UK Authorised Funds issued by the Investment Association (now known as the Investment Association) in May 2014.

The accounting policies applied are consistent with those of the annual Financial Statements for the year ended 28 September 2018 and are described in those Financial Statements. In this regard, comparative figures from previous periods are prepared to the same standard as the current period, unless otherwise stated.

As described in the Certification of Financial Statements by Directors of the ACD on page 5, the ACD continues to adopt the going concern basis in the preparation of the Financial Statements of the Funds.

(b) Basis of valuation of investments Listed investments are valued at close of business bid prices excluding any accrued interest in the case of fixed interest securities, on the last business day of the accounting period.

Market value is defined by the SORP as fair value which is the bid value of each security.

Collective Investment Schemes are valued at quoted bid prices for dual priced funds and at quoted prices for single priced funds, on the last business day of the accounting period.

Unquoted investments are valued at fair value, which represents the ACDs’ view of the amount for which an asset could be exchanged between knowledgeable and willing arties in an arm’s length transaction. This does not assume that the underlying business is saleable at the reporting date or that its current shareholders have an intention to sell their holding in their near future.

The unquoted investments are valued on a monthly basis, and where a material event occurs that significantly impacts the existing valuation, at the ACD’s best estimate of fair value. The ACDs valuation includes information from an independent valuation firm, taking into account recognised valuation techniques where appropriate, price of recent transactions, achievement or not of key milestones, discounted cash flows, valuations from reliable sources, financial performance, and other relevant factors. These procedures comply with the revised International Private Equity and Venture Capital Valuation Guidelines (IPEVCV) for the valuation of unquoted investments.

The fair value of derivative instruments is marked to market value. The forward currency contracts are valued at the prevailing forward exchange rates.

6 254344 04 Omnis Portfolio Investments pp007-pp016 (Alternative Strategies).qxp 30/05/2019 12:20 Page 7

Omnis Alternative Strategies Fund

Investment Manager’s Report For the six months ended 31 March 2019 (unaudited)

Investment Objective To achieve a positive return above the rate for cash over the longer term. Cash is measured as GBP LIBOR over a three year rolling period.

Investment Policy The Fund will be invested to exploit anomalies in markets including in the equity, fixed interest and property markets. The Fund intends to invest primarily in a range of collective investment schemes. The Fund will also invest in exchange traded products, money market instruments, cash and near cash, deposits, transferable securities, derivative instruments and warrants. Subject to the requirements of the Regulations, the Fund will normally remain fully invested. There will be no restrictions on the underlying content of the investments held, in terms of investment type, geographical or economic sector, other than those imposed by the Regulations, meaning that the fund manager has the absolute discretion to weight the portfolio towards any investment type or sector, including cash, at any time. Use may also be made of stock lending, temporary borrowing and cash holdings. Derivatives may also be used for the purposes of hedging and efficient portfolio management.

Investment Review Over the period the Omnis Alternative Strategies Fund returned -0.66% and the benchmark (GBP LIBOR 3-month) returned 0.43% [source: Financial Express, bid to bid, net income reinvested].

At the start of the period we added to the holding in Royal London Short Duration Global High Yield after market dips. We also re-introduced several exchange traded funds (ETF) to the portfolio. We sold our remaining holding in Standard Life Global Absolute Returns Strategies after a relatively strong performance. Muzinich Global Tactical Credit held up fairly well due to its defensive investment approach and we took some profit from this fund. We took the opportunity to add a new holding, Marshall Wace TOPS Market Neutral, a fund familiar to us that had been hit quite hard by recent market upheavals. Volatile US markets worked to the advantage of Allianz Structured Returns, while on the negative side, Merian Global Equity Absolute Return continued to struggle. December was a difficult month for investors due to the effects of the US government shutdown and comments from US Fed chairman Jerome Powell on raising interest rates.

In January, we introduced a new holding, Ramius Merger Arbitrage, as part of our strategy to diversify the portfolio. This fund aims to take advantage of prices differences in the values of larger corporate deals. With uncertainty about sterling caused by Brexit, we trimmed a number of holdings that are not priced in sterling, including BlackRock Overseas Corporate Bond and Acadian Diversified Alpha. After a strong recovery from its summer lows, we took some profits from H20 MultiReturns. Following strong recoveries in certain asset classes and funds we also took profits on Oaktree Global Convertible Bonds and Allianz Structured Returns. With markets remaining volatile, we used some of the proceeds to add to holdings in market-neutral funds, including BlackRock European Absolute Alpha and Melchior European Absolute Return.

7 254344 04 Omnis Portfolio Investments pp007-pp016 (Alternative Strategies).qxp 30/05/2019 12:20 Page 8

Omnis Alternative Strategies Fund

Investment Manager’s Report (continued) For the six months ended 31 March 2019 (unaudited)

Market Overview The sharp equity market drop in October resulted from a combination of geo-political issues that had hovered over markets all year before finally coming to a head. The uncertainty of Brexit negotiations continued to unsettle markets. December’s equity market falls ended a difficult last three months of 2018 that brought down the curtain on a year where very few asset classes delivered a return above cash. The new USMCA agreement signed in November between the US, Canada and Mexico demonstrated US President Donald Trump’s ability to strike last minute trade deals. But there was little sign of a similar conclusion to the escalating trade tensions between the US and China.

Markets took a turn for the better in January, although investors still wrestled with slowing global economic growth, rising interest rates in the US, Brexit, and a slowdown in China’s economy. However, by March signs began to emerge that China’s economic stimulus measures were having the desired effect. But the market rally cooled somewhat as investors digested mixed economic data.

Outlook While investor sentiment continues to pick up, concerns remain over the global economic outlook. We believe that an element of caution is still warranted on equity and bond holdings. We would expect to face a more challenging economic backdrop at some stage in the future. The current market volatility we are witnessing should create a favourable environment for active fund management and well-diversified portfolios can take advantage of this.

Investment Manager Octopus Investments Limited 12 April 2019

8 254344 04 Omnis Portfolio Investments pp007-pp016 (Alternative Strategies).qxp 30/05/2019 12:20 Page 9

Omnis Alternative Strategies Fund

Material Portfolio Changes For the six months ended 31 March 2019 (unaudited)

Purchases Sales Portfolio Name Cost £'000 Portfolio Name Proceeds £'000 Artemis US Absolute Return 6,000 Oaktree Global Convertible Bond 4,800 Merrill Lynch Marshall Wace Tops 6,000 Hermes Absolute Return Credit 4,200 Royal London Short Duration Muzinich Global Tactical Credit Global High Yield Bond 6,000 Hedged GBP 3,500 iShares Ultrashort Bond 4,121 iShares Corp Bond 0-5yr 2,659 Merrill Lynch Ramius Merger NGAM H2O MultiReturns 2,550 Arbitrage 3,000 Allianz Structured Return 2,500 PIMCO Sterling Short Maturity Standard Life Global Absolute Source 2,036 Return Strategies 2,195 BlackRock European Absolute Alpha 1,100 Invesco Perpetual Global Targeted BNY Mellon Absolute Return Equity 1,100 Returns 2,150 iShares Core FTSE 100 1,048 NN (L) Alternative Beta 1,900 KLS Arete Macro 1,000 Merian Global Equity Absolute Return 1,800

9 254344 04 Omnis Portfolio Investments pp007-pp016 (Alternative Strategies).qxp 30/05/2019 12:20 Page 10

Omnis Alternative Strategies Fund

Comparative Table As at 31 March 2019 (unaudited)

A Income 31/03/2019 28/09/2018 (p) (p)

Closing net asset value per share (p) 103.10 103.90 Percentage change (0.77%) Closing net asset value (£’000) 313,016 297,132 Closing number of shares 303,598,048 285,970,714 Operating charges 1.41% 1.46%

10 254344 04 Omnis Portfolio Investments pp007-pp016 (Alternative Strategies).qxp 30/05/2019 12:20 Page 11

Omnis Alternative Strategies Fund

Performance Information As at 31 March 2019 (unaudited)

Operating Charge Synthetic Rebates from Total Other expenseunderlying Transaction operating AMC expenses ratio funds costs charge Date (%) (%) (%) (%) (%) (%)

31/03/19 Share Class A Income 0.75 0.04 0.76 (0.14) 0.00 1.41

28/09/18 Share Class A Income 0.75 0.04 0.78 (0.12) 0.00 1.46

The Operating Charge is the ratio of the Fund's total disclosable costs (excluding overdraft) to the average net assets of the Fund. When a Fund invests a substantial proportion of its assets in other UCITS or Collective Investment Undertakings (CIU), the OCF shall take account of the ongoing charges incurred in the underlying CIUs and disclose as a Synthetic expense ratio.

Risk and Reward Profile As at 31 March 2019 (unaudited)

Typically lower rewards Typically higher rewards

Lower risk Higher risk Share Class A 1 23 4 5 6 7

• This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund.

• The risk category shown is not guaranteed to remain unchanged and may shift over time.

• The risk and reward indicator table demonstrates where a Fund ranks in terms of its potential risk and return. The higher the rank the greater the potential reward but the greater the risk of losing money. The lowest category does not mean 'risk free'.

• The Fund appears as a "3" on the scale. This is because the Fund invests in a diverse mixture of investments.

Risk Warning An investment in an Open Ended Investment Company should be regarded as a medium to long term investment. Investors should be aware that the price of Shares and the income from them may fall as well as rise and investors may not receive back the full amount invested. Past performance is not a guide to future performance. Investments denominated in currencies other than the base currency of a Fund are subject to fluctuation in exchange rates, which may be favourable or unfavourable.

11 254344 04 Omnis Portfolio Investments pp007-pp016 (Alternative Strategies).qxp 30/05/2019 12:20 Page 12

Omnis Alternative Strategies Fund

Portfolio Statement As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

Collective Investment Schemes 80.32% [84.90%] 10,191 Acadian Diversified Alpha D GBP 106 0.03 314,896 Acadian Diversified Alpha F GBP 2,856 0.91 4,374 Allianz Structured Return 4,570 1.46 815 Amundi Absolute Volatility Euro Equities 654 0.21 5,968,665 Artemis US Absolute Return 6,022 1.92 8,197,332 BlackRock European Absolute Alpha 10,919 3.49 62,046 BlueBay Global Sovereign Opportunities 5,898 1.88 15,111,685 BNY Mellon Absolute Return Equity 17,697 5.65 90,672 Fulcrum Diversified Absolute Return 9,192 2.94 925,866 GAM Star Cat Bond 12,702 4.06 50,000 Heritam Equinox 4,909 1.57 12,025,924 Hermes Absolute Return Credit 12,567 4.02 13,983,837 Invesco Perpetual Global Targeted Returns 16,287 5.20 2,757,924 iShares Corporate Bond Index 4,388 1.40 88,499 iShares Overseas Corporate Bond Index 134 0.04 12,146,455 Janus Henderson UK Absolute Return 20,030 6.40 20,149,654 Jupiter Absolute Return 10,790 3.45 69,954 KLS Arete Macro 7,054 2.25 28,519,824 Legal & General Short Dated Sterling Corporate Bond Index 16,071 5.13 41,667 Melchior European Absolute Return 4,780 1.53 9,416,936 Merian Global Equity Absolute Return 15,252 4.87 43,434 Merrill Lynch Marshall Wace Tops 6,342 2.03 30,000 Merrill Lynch Ramius Merger Arbitrage 3,021 0.97 126,855 Muzinich Global Tactical Credit Hedged GBP 12,499 3.99 39,066 Muzinich Long Short Credit Yield 5,173 1.65 7,362 Natixis ASG Managed Futures 707 0.23 3,174,739 NGAM H2O MultiReturns 5,252 1.68 1,502 NN (L) Alternative Beta 15,054 4.81 41,010 Oaktree Global Convertible Bond 4,478 1.43 15,131,024 Royal London Short Duration Global High Yield Bond 16,015 5.12 251,419 80.32

12 254344 04 Omnis Portfolio Investments pp007-pp016 (Alternative Strategies).qxp 30/05/2019 12:20 Page 13

Omnis Alternative Strategies Fund

Portfolio Statement (continued) As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

Exchange Traded Funds 10.57% [10.86%] 60,000 iShares Core UK Gilts 811 0.26 10,000 iShares Corp Bond 0-5yr 1,048 0.33 40,000 iShares GBP Index-Linked Gilts 743 0.24 5,000 iShares Global Infrastructure 110 0.04 5,000 iShares JP Morgan Emerging Market Local Government Bond 225 0.07 125,000 iShares UK Property 731 0.23 145,000 iShares Ultrashort Bond 14,593 4.66 1,000 iShares USD Treasury Bond 7-10yr 151 0.05 144,000 PIMCO Sterling Short Maturity Source 14,684 4.69 33,096 10.57

Portfolio of investments 284,515 90.89 Net other assets 28,501 9.11 Net assets 313,016 100.00 All investments are Collective Investment Schemes unless otherwise stated. Comparative figures shown above in square brackets relate to 28 September 2018.

Gross purchases for the six months: £39,453,000 [2018: £50,569,000].

Total sales net of transaction costs for the six months: £38,212,000 [2018: £30,248,000].

13 254344 04 Omnis Portfolio Investments pp007-pp016 (Alternative Strategies).qxp 30/05/2019 12:20 Page 14

Omnis Alternative Strategies Fund

Statement of Total Return For the six months ended 31 March 2019 (unaudited)

29/09/18 to 31/03/19 01/10/17 to 31/03/18 £’000 £’000 £’000 £’000 Income: Net capital losses (2,407) (420) Revenue 1,739 1,446 Expenses (1,218) (974) Net revenue before taxation 521 472 Taxation (65) (58) Net revenue after taxation 456 414 Total return before distributions (1,951) (6) Distributions (463) (418) Change in net assets attributable to Shareholders from investment activities (2,414) (424)

Statement of Change in Net Assets Attributable to Shareholders For the six months ended 31 March 2019 (unaudited)

29/09/18 to 31/03/19 01/10/17 to 31/03/18 £’000 £’000 £’000 £’000 Opening net assets attributable to Shareholders 297,132 235,622 Amounts receivable on issue of Shares 36,852 29,460 Amounts payable on cancellation of Shares (18,554) (5,351) 18,298 24,109 Change in net assets attributable to Shareholders from investment activities (see above) (2,414) (424) Closing net assets attributable to Shareholders 313,016 259,307

The above statement shows the comparative closing net assets at 31 March 2018 whereas the current accounting period commenced 29 September 2018.

14 254344 04 Omnis Portfolio Investments pp007-pp016 (Alternative Strategies).qxp 30/05/2019 12:20 Page 15

Omnis Alternative Strategies Fund

Balance Sheet As at 31 March 2019 (unaudited)

31/03/19 28/09/18 £’000 £’000 £’000 £’000 Assets: Fixed assets: Investments 284,515 284,537 Current assets: Debtors 7,843 3,766 Cash and bank balances 21,645 17,600 Total current assets 29,488 21,366 Total assets 314,003 305,903 Liabilities: Investment liabilities – – Creditors: Distribution payable (471) (728) Other creditors (516) (8,043) Total creditors (987) (8,771) Total liabilities (987) (8,771) Net assets attributable to Shareholders 313,016 297,132

15 254344 04 Omnis Portfolio Investments pp007-pp016 (Alternative Strategies).qxp 30/05/2019 12:20 Page 16

Omnis Alternative Strategies Fund

Distribution Table As at 31 March 2019 (unaudited)

Interim Distribution in pence per Share Group 1 Shares purchased prior to 29 September 2018 Group 2 Shares purchased on or after 29 September 2018 to 31 March 2019

Distribution Distribution Net payable paid revenue Equalisation 31/05/19 31/05/18 (p) (p) (p) (p) Share Class A Income Group 1 0.1550 – 0.1550 0.1759 Group 2 0.1036 0.0514 0.1550 0.1759

16 254344 05 Omnis Portfolio Investments pp017-pp026 (Asia Pacific (ex-Japan)).qxp 30/05/2019 12:24 Page 17

Omnis Asia Pacific (ex-Japan) Equity Fund

Investment Manager’s Report For the period ended 31 March 2019

Investment Objective The Fund aims to achieve a return consisting of both income and capital growth which, after all fees and expenses, exceeds that of the FTSE World Asia Pacific ex Japan TR index over the medium to long term (defined as 5 to 10 years).

Investment Policy The Fund intends to invest at least 70% in the equity securities of Asian companies, defined as those which are domiciled, incorporated or have a significant exposure to the Asia Pacific region and Australasia (excluding Japan). The Fund may also invest in other transferable securities (for example, equity securities of other international companies excluding Japan), units in collective investment schemes (including schemes managed and operated by the ACD or its associates), money market instruments, warrants, cash and near cash deposits as detailed in the Prospectus.

It is envisaged that the investment portfolio of the Fund will be concentrated, typically comprising between 35 and 60 stocks.

Derivatives may be used for the purposes of hedging and efficient portfolio management.

Investment Review Over the period the Omnis Asia Pacific (ex-Japan) Equity Fund returned -2.00% and the benchmark (FTSE World Asia Pacific ex Japan TR) returned -1.72% [source: Financial Express, bid to bid, net income reinvested].

The Fund was launched into a volatile market environment. Fears of trade tensions, a slowdown in economic growth in China and worries about rising interest rates were behind the sell-off that drove markets down, particularly in the last few weeks of 2018. We always see stresses in the market as an opportunity to invest in quality growth companies that we like for the longer term. We believe that the drivers for long-term growth in Asia, particularly in China and India, are still intact. Asia’s industrialisation, urbanisation and digitalisation will continue to drive growth in markets such as India and China. While mindful of the near-term risks, we are convinced that valuations have fully reflected a more muted outlook for global growth. As a result, we have been a gradual buyer of Asia’s best companies during the period of market volatility.

Coming into the first quarter of 2019, it looks as though a magic wand has been waved. The trade talks between China and the US are seen to be making progress. Chinese growth is showing green shoots of recovery and the Fed, chastened by a distressed market and less robust macroeconomic data, seems to have adopted a more dovish tone. The stock markets globally have staged a comeback. The Asian market, particularly China, led the charge. We think there are still significant macroeconomic risks around. We are of the view that while a trade deal is within sight, the rivalry between China and the US will continue to produce headlines that the market would dislike in the future. We continue to believe that anti-globalisation is gathering momentum and will lead over time to a more subdued growth outlook for the world. The focus for investors has to be on company fundamentals. We need to find companies that are robust enough to continue to have sustainable growth in a more challenging environment.

17 254344 05 Omnis Portfolio Investments pp017-pp026 (Asia Pacific (ex-Japan)).qxp 30/05/2019 12:24 Page 18

Omnis Asia Pacific (ex-Japan) Equity Fund

Investment Manager’s Report (continued) For the period ended 31 March 2019

Outlook Valuation is normalising in Asia. However, we still believe Asian growth is underappreciated outside Asia. The consumer, healthcare and internet sectors will continue to have robust growth into the future as the Asian economy grows. The fact that short term issues are depressing valuations should be an opportunity for long term investors.

Investment Manager Veritas Asset Management LLP 17 April 2019

18 254344 05 Omnis Portfolio Investments pp017-pp026 (Asia Pacific (ex-Japan)).qxp 30/05/2019 12:24 Page 19

Omnis Asia Pacific (ex-Japan) Equity Fund

Material Portfolio Changes For the six months ended 31 March 2019 (unaudited)

Purchases Sales Portfolio Name Cost £’000 Portfolio Name Proceeds £’000 Aristocrat Leisure 9,771 Rio Tinto 13,371 Taiwan Semiconductor BHP 10,639 Manufacturing 8,832 Galaxy Entertainment 9,020 LG Household & Health Care 7,785 CP ALL 7,477 CP ALL 7,567 Washington H. Soul Pattinson 7,004 CP ALL Foreign 7,477 SEEK 6,750 Hang Seng Bank 7,006 United Overseas Bank 6,418 Kweichow Moutai 6,624 Hong Kong Exchanges & Clearing 5,809 Samsung Electronics 6,228 TPG Telecom 5,072 Ping An Insurance 5,702 AIA 4,986 Alibaba ADR* 5,445 * American Depositary Receipt.

19 254344 05 Omnis Portfolio Investments pp017-pp026 (Asia Pacific (ex-Japan)).qxp 30/05/2019 12:24 Page 20

Omnis Asia Pacific (ex-Japan) Equity Fund

Comparative Table As at 31 March 2019 (unaudited)

A Income 31/03/19 (p)

Closing net asset value per share (p) 98.48 Percentage change – Closing net asset value (£’000) 158,632 Closing number of shares 161,081,534 Operating charges 0.75%

20 254344 05 Omnis Portfolio Investments pp017-pp026 (Asia Pacific (ex-Japan)).qxp 30/05/2019 12:24 Page 21

Omnis Asia Pacific (ex-Japan) Equity Fund

Performance Information As at 31 March 2019 (unaudited)

Operating Charge Total Other Transaction operating AMC expenses costs charge Date (%) (%) (%) (%)

31/03/19 Share Class A Income 0.67 0.07 0.01 0.75

The Operating Charge is the ratio of the Fund’s total disclosable costs (excluding overdraft interest) to the average net assets of the Fund.

Risk and Reward Profile As at 31 March 2019 (unaudited)

Typically lower rewards Typically higher rewards

Lower risk Higher risk Share Class A 1 2 3 4 5 6 7

• This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund.

• The risk category shown is not guaranteed to remain unchanged and may shift over time.

• The Fund appears as a “5” on the scale. This is because the Fund invests in assets that typically carry medium risk and offer medium rewards compared with other categories of assets.

21 254344 05 Omnis Portfolio Investments pp017-pp026 (Asia Pacific (ex-Japan)).qxp 30/05/2019 12:24 Page 22

Omnis Asia Pacific (ex-Japan) Equity Fund

Portfolio Statement As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

˜ Australia 24.87% 626,000 Aristocrat Leisure 8,361 5.27 204,762 BHP 4,296 2.71 40,742 Cochlear 3,848 2.43 100,200 CSL 10,648 6.71 72,474 REA 2,950 1.86 200,000 Transurban 1,438 0.91 781,000 Treasury Wine Estates 6,357 4.01 200,001 WorleyParsons 1,544 0.97 39,442 24.87

Cayman Islands 9.58% 42,900 Alibaba ADR* 6,007 3.79 67,500 BeiGene 509 0.32 6,000 BeiGene ADR* 608 0.38 75,000 Ctrip.com International ADR* 2,514 1.59 157,600 Tencent 5,559 3.50 15,197 9.58

China 10.92% 243,549 Jiangsu Hengrui Medicine 1,819 1.15 86,767 Kweichow Moutai 8,462 5.33 708,000 Ping An Insurance 6,081 3.83 112,909 Zhejiang Supor 967 0.61 17,329 10.92

Hong Kong 16.05% 1,400,000 AIA 10,682 6.73 1,674,000 China Everbright International 1,301 0.82 2,250,000 CSPC Pharmaceutical 3,211 2.02 353,000 Hang Seng Bank 6,678 4.21 700,000 Techtronic Industries 3,593 2.27 25,465 16.05

India 1.96% 35,000 HDFC Bank ADR* 3,113 1.96 3,113 1.96

Italy 0.97% 665,000 Prada 1,518 0.97 1,518 0.97

Singapore 6.20% 54,300 CLSA Global Markets Warrant 14/10/2019 1,071 0.68 12,500 CLSA Global Markets Warrant 13/05/2020 904 0.57 106,900 CLSA Global Markets Warrant 19/05/2020 907 0.57 70,900 CLSA Global Markets Warrant 06/09/2020 1,159 0.73 62,900 CLSA Global Markets Warrant 18/05/2022 817 0.51

22 254344 05 Omnis Portfolio Investments pp017-pp026 (Asia Pacific (ex-Japan)).qxp 30/05/2019 12:24 Page 23

Omnis Asia Pacific (ex-Japan) Equity Fund

Portfolio Statement (continued) As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

Singapore 6.20% (continued) 85,300 CLSA Global Markets Warrant 10/02/2023 653 0.41 256,000 United Overseas Bank 3,651 2.30 67,000 Venture 681 0.43 9,843 6.20

South Korea 10.42% 8,600 LG Household & Health Care 8,239 5.19 8,300 Samsung Biologics 1,793 1.13 195,000 Samsung Electronics 5,880 3.71 3,000 Samsung Fire & Marine Insurance 611 0.39 16,523 10.42

Taiwan 5.37% 1,397,000 Taiwan Semiconductor Manufacturing 8,522 5.37 8,522 5.37

Thailand 6.35% 4,000,000 CP ALL 7,206 4.54 633,900 Kasikornbank 2,874 1.81 10,080 6.35

Portfolio of investments 147,032 92.69 Net other assets 11,600 7.31 Net assets 158,632 100.00

All investments are ordinary shares unless otherwise stated and admitted to official stock exchange listings. * American Depositary Receipts.

Gross purchases for the six months: £133,192,000. In addition to the above, transfers totalling £124,558,000 were made via inspecie into the portfolio during the year. Total sales net of transaction costs for the six months: £109,809,000.

23 254344 05 Omnis Portfolio Investments pp017-pp026 (Asia Pacific (ex-Japan)).qxp 30/05/2019 12:24 Page 24

Omnis Asia Pacific (ex-Japan) Equity Fund

Statement of Total Return For the period ended 31 March 2019 (unaudited)

28/09/18 to 31/03/19 £’000 £’000 Income: Net capital (losses) (637) Revenue 821 Expenses (525) Interest payable and similar charges (10) Net revenue before taxation 286 Taxation (47) Net revenue after taxation 239 Total return before distributions (398) Distributions (239) Change in net assets attributable to Shareholders from investment activities (637)

Statement of Change in Net Assets Attributable to Shareholders For the period ended 31 March 2019 (unaudited)

28/09/18 to 31/03/19 £’000 £’000 Opening net assets attributable to Shareholders – Inspecie transfer 124,558 Amounts receivable on issue of Shares 35,816 Amounts payable on cancellation of Shares (1,124) 34,692 Dilution adjustment 19 Change in net assets attributable to Shareholders from investment activities (see above) (637)

Closing net assets attributable to Shareholders 158,632

24 254344 05 Omnis Portfolio Investments pp017-pp026 (Asia Pacific (ex-Japan)).qxp 30/05/2019 12:24 Page 25

Omnis Asia Pacific (ex-Japan) Equity Fund

Balance Sheet As at 31 March 2019 (unaudited)

31/03/19 £’000 £’000 Assets: Fixed assets: Investments 147,032 Current assets: Debtors 1,113 Cash and bank balances 12,356 Total current assets 13,469 Total assets 160,501 Liabilities: Investment liabilities – Creditors: Distribution payable (242) Other creditors (1,627) Total creditors (1,869) Total liabilities (1,869) Net assets attributable to Shareholders 158,632

25 254344 05 Omnis Portfolio Investments pp017-pp026 (Asia Pacific (ex-Japan)).qxp 30/05/2019 12:24 Page 26

Omnis Asia Pacific (ex-Japan) Equity Fund

Distribution Table As at 31 March 2019 (unaudited)

Interim Distribution in pence per Share Group 1 Shares purchased prior to 29 September 2018 Group 2 Shares purchased on or after 29 September 2018 to 31 March 2019

Distribution Distribution Net payable paid revenue Equalisation 31/05/19 31/05/18 (p) (p) (p) (p) Share Class A Income Group 1 0.1503 – 0.1503 N/A Group 2 0.1336 0.0167 0.1503 N/A

Share class A Income launched on 29 September 2018.

26 254344 06 Omnis Portfolio Investments pp027-pp037 (Emerging Markets Equity).qxp 30/05/2019 12:25 Page 27

Omnis Emerging Markets Equity Fund

Investment Manager’s Report For the six months ended 31 March 2019 (unaudited)

Investment Objective The aim is to achieve capital growth.

Investment Policy The Fund intends to invest primarily in companies incorporated in, or significantly exposed to, emerging markets. The Fund may also invest in other transferable securities (for example, other international equities), units in collective investment schemes, money market instruments, warrants and deposits as detailed in the Prospectus. No more than 10% of the Scheme Property of the Fund will be invested in other collective investment schemes.

Use may also be made of stock lending, temporary borrowing and cash holdings. Derivatives may also be used for the purposes of hedging and efficient portfolio management.

Investment Review Over the period the Omnis Emerging Markets Equity Fund returned 4.72% and the benchmark (MSCI Emerging Markets) returned 1.79% [source: Financial Express, bid to bid, net income reinvested].

The largest contributor to the fund’s return was Interglobe Aviation, an Indian airline, as the company benefited from a falling oil price in late 2018 (which means it could spend less on fuel), and then in early 2019 from rising flight prices as the company emerged from a period of intense price competition in its sector with an increased market share.

Other key positive contributors included Brazilian construction and industrial maintenance company Mills Esturias, which saw its share price more than double during the period as it not only benefited from the market bounce in Brazil following the general election result, but also a positive reaction to its merger with Solaris, the number two player in its industry.

Bizlink, a Taiwanese cabling manufacturer, experienced a roller-coaster time during the period under review, as it initially saw its share price rise after announcing strong earnings for the fourth quarter of 2018. During early 2019 its share price fell back, however, after Tesla (one of Bizlink’s customers) delivered fewer vehicles than forecast in the fourth quarter of 2018, raising some concern in the market about the potential impact on Bizlink’s profits. Overall, however, the fund’s investment in Bizlink was a positive over the course of the period under review.

On the negative side, however, the largest detractor from the fund’s relative returns was Ascendis Health, a South African conglomerate that experienced a falling share price following a couple of earnings announcements that disappointed the market, as well as forced selling from its largest shareholder. Finally, shares in Chinese oil and gas giant Sinopec fell during the period under review due to a combination of factors, including the company declaring that it would pay a lower dividend than the market expected, which disappointed investors.

Notable trades during the period included the purchase of shares in Ping An Insurance, which we believed would benefit from changes in the regulatory environment for Chinese insurers, and PagSeguro, a Brazilian financial technology company that we believed is well-placed to benefit from a long-term transition from cash to digital payments. Sales included AIA Group, another Chinese insurer that was sold simply because we had more confidence in the investment potential of Ping An, and Air Arabia, which likewise was sold because we decided that Interglobe Aviation (mentioned above) was our preferred way to invest in the theme of budget air travel in emerging markets.

27 254344 06 Omnis Portfolio Investments pp027-pp037 (Emerging Markets Equity).qxp 30/05/2019 12:25 Page 28

Omnis Emerging Markets Equity Fund

Investment Manager’s Report (continued) For the six months ended 31 March 2019 (unaudited)

Market Overview The last six months in emerging markets have been – to use a sporting cliché – a game of two halves. The closing months of 2018 saw stock markets across the world tumble as investors fretted about the potential for economic slowdown, particularly in China, and looming interest rate rises in the US.

Yet 2019 saw a significant rebound, as the rhetoric surrounding the ongoing trade war between the US and China became much more conciliatory as China made commitments to purchase more goods from the US and Donald Trump pushed back a 1st March tariff deadline. Additionally, the Chinese government responded to signs of an economic slowdown with stimulus measures, and markets were further boosted by a reversal of interest rate policy by the US Federal Reserve.

Outlook As the popularity of index tracking funds causes more and more emerging market investors to be crowded into the largest companies in the region, we believe the relative lack of attention paid to medium-sized and smaller companies increases the likelihood that positive change will be underappreciated. The search for companies experiencing positive change, but where that potential is not yet fully represented in its share price, is the cornerstone of our investment approach. As such, we feel that we have a rich hunting ground to find attractive investment ideas, although it is also likely that such positive change could remain underappreciated for longer than we would like. Patience is therefore key.

The confidence of investors towards emerging markets continues to be driven to a large extent by the market’s switching between optimism and pessimism regarding the US/China trade tensions. Whatever form any eventual resolution to trade tensions may take, US companies are now determined to look outside of China for their products. That may sound like a dramatic shift, and a potentially negative one, but the reality is that the beneficiaries of this shift will be companies elsewhere in emerging markets, for example relatively low-cost manufacturing nations such as Mexico and Vietnam.

In summary, if the market can take a longer-term perspective and the potential for positive change starts to be recognised, we believe there is a bright outlook for companies which are currently being overlooked by the market.

Investment Manager Jupiter Asset Management Limited 16 April 2019

28 254344 06 Omnis Portfolio Investments pp027-pp037 (Emerging Markets Equity).qxp 30/05/2019 12:25 Page 29

Omnis Emerging Markets Equity Fund

Material Portfolio Changes For the six months ended 31 March 2019 (unaudited)

Purchases Sales Portfolio Name Cost £'000 Portfolio Name Proceeds £'000 Grupo Financiero Banorte 9,460 NetEase ADR* 8,916 Ping An Insurance 7,836 Bitauto ADR* 6,012 JD.com ADR* 7,732 Torrent Pharmaceuticals 5,955 Baidu ADR* 6,210 Almacenes Exito 5,779 Pagseguro Digital 6,107 AIA 5,606 3SBio 6,021 Merida Industry 4,830 Qudian ADR* 5,253 Air Arabia 3,579 Commercial International Itau Unibanco Preference Shares 3,123 Bank Egypt GDR** 5,018 Naspers 2,567 Coca-Cola Icecek 4,907 Fibra Uno Administracion*** 1,411 SK Hynix 3,707

* American Depositary Receipt. ** Global Depositary Receipt. *** Real Estate Investment Trust.

29 254344 06 Omnis Portfolio Investments pp027-pp037 (Emerging Markets Equity).qxp 30/05/2019 12:25 Page 30

Omnis Emerging Markets Equity Fund

Comparative Table As at 31 March 2019 (unaudited)

A Income 31/03/2019 28/09/2018 (p) (p)

Closing net asset value per share (p) 137.72 131.77 Percentage change 4.52% Closing net asset value (£'000) 461,762 389,096 Closing number of shares 335,281,478 295,290,237 Operating charges 0.91% 0.91%

30 254344 06 Omnis Portfolio Investments pp027-pp037 (Emerging Markets Equity).qxp 30/05/2019 12:25 Page 31

Omnis Emerging Markets Equity Fund

Performance Information As at 31 March 2019 (unaudited)

Operating Charge Rebates from Total Other underlying Transaction operating AMC expenses funds costs charge Date (%) (%) (%) (%) (%)

31/03/2019 Share Class A Income 0.75 0.16 (0.01) 0.01 0.91

28/09/2018 Share Class A Income 0.75 0.17 (0.02) 0.01 0.91

The Operating Charge is the ratio of the Fund's total disclosable costs (excluding overdraft interest) to the average net assets of the Fund.

Risk and Reward Profile As at 31 March 2019 (unaudited)

Typically lower rewards Typically higher rewards

Lower risk Higher risk Share Class A 1 2 3 4 5 66 7

• This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund.

• The risk category shown is not guaranteed to remain unchanged and may shift over time.

• The Fund appears as a “6” on the scale. This is because the Fund invests in the shares of companies whose values tend to vary more widely than other asset classes. Risk Warning An investment in an Open Ended Investment Company should be regarded as a medium to long term investment. Investors should be aware that the price of Shares and the income from them may fall as well as rise and investors may not receive back the full amount invested. Past performance is not a guide to future performance. Investments denominated in currencies other than the base currency of a Fund are subject to fluctuation in exchange rates, which may be favourable or unfavourable.

31 254344 06 Omnis Portfolio Investments pp027-pp037 (Emerging Markets Equity).qxp 30/05/2019 12:25 Page 32

Omnis Emerging Markets Equity Fund

Portfolio Statement As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

Argentina 1.19% [1.33%] 479,849 Despegar.com 5,487 1.19 5,487 1.19 Brazil 5.09% [3.42%] 1,761,387 Itau Unibanco Preference Shares 11,931 2.58 4,572,928 Mills Estruturas e Servicos de Engenharia 4,328 0.94 315,388 Pagseguro Digital 7,227 1.57 23,486 5.09 Chile 1.26% [1.45%] 439,926 Geopark 5,837 1.26 5,837 1.26 China 16.95% [15.45%] 10,090,500 3SBio 15,192 3.29 98,023 Baidu ADR* 12,394 2.68 13,157,000 Bank of China 4,579 0.99 12,550,000 China Petroleum & Chemical 7,595 1.64 25,860,000 Haichang Ocean Park 4,450 0.96 995,000 Hengan International 6,683 1.45 312,298 Hollysys Automation Technologies 5,019 1.09 378,373 JD.com ADR* 8,755 1.90 1,076,500 Ping An Insurance 9,245 2.00 1,134,549 Qudian ADR* 4,397 0.95 78,309 16.95 Colombia 0.22% [1.96%] 298,355 Almacenes Exito 1,044 0.22 1,044 0.22 Egypt 1.06% [0.00%] 1,650,553 Commercial International Bank Egypt GDR** 4,877 1.06 4,877 1.06 Georgia 1.78% [1.54%] 497,615 Bank of Georgia 8,226 1.78 8,226 1.78 Hong Kong 4.72% [6.62%] 13,360,000 China Unicom Hong Kong 12,983 2.81 5,263,000 NWS 8,819 1.91 21,802 4.72 India 9.40% [8.89%] 3,130,929 Fortis Healthcare 4,696 1.02 4,627,344 Hindustan Petroleum 14,543 3.15 764,706 InterGlobe Aviation 12,090 2.62 2,944,415 Reliance Capital 6,641 1.44 152,043 State Bank of India GDR** 5,390 1.17 43,360 9.40 Indonesia 4.27% [3.79%] 10,351,400 Bank Negara Indonesia Persero 5,244 1.14 100,511,300 Bumi Serpong Damai 7,611 1.65 183,286,500 Pakuwon Jati 6,816 1.48 19,671 4.27 32 254344 06 Omnis Portfolio Investments pp027-pp037 (Emerging Markets Equity).qxp 30/05/2019 12:25 Page 33

Omnis Emerging Markets Equity Fund

Portfolio Statement (continued) As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

Mexico 5.67% [4.24%] 9,397,485 Fibra Uno Administracion*** 9,942 2.15 2,209,527 Grupo Financiero Banorte 9,218 2.01 7,014,062 Grupo Lala 6,993 1.51 26,153 5.67 Nigeria 2.71% [2.79%] 163,608,109 Guaranty Trust Bank 12,521 2.71 12,521 2.71 Pakistan 1.16% [1.16%] 7,038,535 United Bank 5,354 1.16 5,354 1.16 Philippines 2.81% [2.64%] 608,160 GT Capital 8,275 1.79 55,870,100 Megaworld 4,703 1.02 12,978 2.81 Poland 2.61% [2.59%] 515,976 Alior Bank 6,171 1.34 136,574 CCC 5,872 1.27 12,043 2.61 Russia 4.95% [4.70%] 707,961 MMC Norilsk Nickel ADR* 11,437 2.48 5,189,175 Sberbank Preference Shares 11,408 2.47 22,845 4.95 South Africa 3.44% [4.48%] 8,049,091 Ascendis Health 1,473 0.32 980,624 MTN 4,624 1.00 55,133 Naspers 9,770 2.12 15,867 3.44 South Korea 12.57% [13.64%] 115,107 Hyundai Motor Preference Shares 5,930 1.28 90,696 LG Chem Preference Shares 12,632 2.74 819,003 Samsung Electronics Preference Shares 20,045 4.34 387,626 SK Hynix 19,446 4.21 58,053 12.57 Taiwan 9.78% [11.58%] 2,507,000 Chroma ATE 9,145 1.98 1,063,000 Ginko International 6,167 1.34 2,521,000 Hon Hai Precision Industry 4,614 1.00 1,519,000 MediaTek 10,628 2.30 989,000 Taiwan Semiconductor Manufacturing 6,033 1.31 272,458 Taiwan Semiconductor Manufacturing ADR* 8,564 1.85 45,151 9.78 Turkey 2.63% [1.38%] 1,078,755 Coca-Cola Icecek 4,431 0.96 3,338,130 Ulker Biskuvi Sanayi 7,727 1.67 12,158 2.63

33 254344 06 Omnis Portfolio Investments pp027-pp037 (Emerging Markets Equity).qxp 30/05/2019 12:25 Page 34

Omnis Emerging Markets Equity Fund

Portfolio Statement (continued) As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

United Arab Emirates 2.47% [3.28%] 513,265 DP World 6,224 1.35 14,368,107 Emaar Malls 5,193 1.12 11,417 2.47 United Kingdom 1.46% [1.78%] 7,065,000 Jupiter Emerging & Frontier Income Trust*** 6,782 1.46 6,782 1.46 United States 1.46% [1.22%] 1,282,989 Bizlink 6,757 1.46 6,757 1.46

Portfolio of investments 460,178 99.66 Net other assets 1,584 0.34 Net assets 461,762 100.00

Gross purchases for the six months: £106,788,000 [2018: £92,093,000]. Total sales net of transaction costs for the six months: £56,726,000 [2018: £53,729,000].

34 254344 06 Omnis Portfolio Investments pp027-pp037 (Emerging Markets Equity).qxp 30/05/2019 12:25 Page 35

Omnis Emerging Markets Equity Fund

Statement of Total Return For the six months ended 31 March 2019 (unaudited)

29/09/18 to 31/03/19 01/10/17 to 31/03/18 £’000 £’000 £’000 £’000 Income: Net capital gains/(losses) 21,061 (16,962) Revenue 5,130 4,141 Expenses (1,869) (1,653) Interest payable and similar charges (3) (1) Net revenue before taxation 3,258 2,487 Taxation (574) (404) Net revenue after taxation 2,684 2,083 Total return before distributions 23,745 (14,879) Distributions (2,829) (2,201) Change in net assets attributable to Shareholders from investment activities 20,916 (17,080)

Statement of Change in Net Assets Attributable to Shareholders For the six months ended 31 March 2019 (unaudited)

29/09/18 to 31/03/19 01/10/17 to 31/03/18 £’000 £’000 £’000 £’000 Opening net assets attributable to Shareholders 389,096 334,504 Amounts receivable on issue of Shares 63,614 58,311 Amounts payable on cancellation of Shares (11,871) (9,566) 51,743 48,745 Stamp duty reserve tax 7 – Change in net assets attributable to Shareholders from investment activities (see above) 20,916 (17,080) Closing net assets attributable to Shareholders 461,762 366,169

The above statement shows the comparative closing net assets at 31 March 2018 whereas the current accounting period commenced 29 September 2018.

35 254344 06 Omnis Portfolio Investments pp027-pp037 (Emerging Markets Equity).qxp 30/05/2019 12:25 Page 36

Omnis Emerging Markets Equity Fund

Balance Sheet As at 31 March 2019 (unaudited)

31/03/19 28/09/18 £’000 £’000 £’000 £’000 Assets: Fixed assets: Investments 460,178 388,827 Current assets: Debtors 5,209 2,011 Cash and bank balances 1,227 4,905 Total current assets 6,436 6,916 Total assets 466,614 395,743 Liabilities: Investment liabilities – – Creditors: Bank overdrafts (823) – Distribution payable (2,973) (4,943) Other creditors (1,056) (1,704) Total creditors (4,852) (6,647) Total liabilities (4,852) (6,647) Net assets attributable to Shareholders 461,762 389,096

36 254344 06 Omnis Portfolio Investments pp027-pp037 (Emerging Markets Equity).qxp 30/05/2019 12:25 Page 37

Omnis Emerging Markets Equity Fund

Distribution Table As at 31 March 2019 (unaudited)

Interim Distribution in pence per Share Group 1 Shares purchased prior to 29 September 2018 Group 2 Shares purchased on or after 29 September 2018 to 31 March 2019

Distribution Distribution Net payable paid revenue Equalisation 31/05/19 31/05/18 (p) (p) (p) (p) Share Class A Income Group 1 0.8868 – 0.8868 0.9217 Group 2 0.5291 0.3577 0.8868 0.9217

37 254344 07 Omnis Portfolio Investments pp038-pp047 (European Equity).qxp 30/05/2019 12:28 Page 38

Omnis European Equity Fund

Investment Manager’s Report For the six months ended 31 March 2019 (unaudited)

Investment Objective The aim is to achieve capital growth.

Investment Policy The Fund intends to invest primarily in equities issued by companies incorporated in or having significant operations in Europe, excluding the United Kingdom. The Fund may invest in other transferable securities such as warrants and deposits, and may also invest in money market instruments and units in collective investment schemes. No more than 10% of the Property of the Fund will be invested in other collective investment schemes.

Use may also be made of stock lending, temporary borrowing and cash holdings. Derivatives may also be used for the purposes of hedging and efficient portfolio management. It is not anticipated that such use of derivatives will have a significant effect on the risk profile of the Fund.

Investment Review Over the period the Omnis European Equity Fund returned -7.38% and the benchmark (FTSE World Europe Ex UK) returned -3.79% [source: Financial Express, bid to bid, net income reinvested].

Historically, we have outperformed in the majority of down markets thanks to our focus on what we consider good quality businesses with a defensive growth profile, trading at sensible valuations. The final quarter of 2018 was an exception though. The indiscriminate nature of the equity market sell-offs in October and December was the main reason behind negative fund performance rather than individual stock-specific developments. Many of our stocks fell even after reporting healthy results during this period, such as Kion and Gerresheimer. Some were perhaps affected by virtue of being mid-sized companies, where liquidity exacerbated any moves, such as Elis or Cerved. The only real fundamental disappointment was Fresenius Medical Care, which was the biggest detractor over the period, after it downgraded forecasts for the year. In the first quarter of 2019, EssilorLuxottica (lenses and glasses) detracted after the share price fell following a clash between management from the two merged companies threatened to hold back the benefits of the combined businesses.

On the positive side, a number of companies in the portfolio reported positive results in the first quarter of 2019, in what was generally a good reporting season for European companies. These included the top contributors to returns, which were Novo Nordisk (pharmaceutical), Essity (hygiene product manufacture), Heineken (brewer), LVMH (luxury goods) and Edenred (employee benefit company).

Market Overview The final quarter of 2018 was an exceptionally volatile period for global equity markets and Europe was no exception. Every major sector ended the year down, except for utilities and telecommunications, with cyclicals (which are sensitive to the economy) faring the worst. A plethora of macroeconomic risks hurt sentiment against a backdrop of financial stimulus being gradually withdrawn. However, European equity markets bounced back in the first quarter of 2019. Indeed, many European indices achieved their biggest quarterly gains for years, while global indices recorded their best quarterly performance for a decade. Cyclical stocks led the rebound with consumer goods, industrials, basic materials and technology all rising. Telecommunications, a sector that saw strong performance over 2018, fared the worst. While many companies reported muted earnings with cautious growth outlooks, markets responded positively, a reversal to the mood of much of last year where even slight disappointments were punished harshly. The Federal

38 254344 07 Omnis Portfolio Investments pp038-pp047 (European Equity).qxp 30/05/2019 12:28 Page 39

Omnis European Equity Fund

Investment Manager’s Report (continued) For the six months ended 31 March 2019 (unaudited)

Reserve’s decision to pause interest rates, along with similarly dovish rhetoric from other global central banks, was a major factor behind improved market sentiment, as were perceived improvements in the trade relations between China and the US. However, macroeconomic data across Europe continued to be very weak, exacerbated by slowing global growth. The European manufacturing sector shrank in March, led by Germany which saw manufacturing fall to its lowest level since the eurozone debt crisis in February 2012.

Outlook Looking ahead, we continued to be encouraged by the quality of the fund’s holdings, whose above average growth expectations underpins our confidence for the future. We continue to be mindful of the many macroeconomic risks on the horizon while remaining alert to new opportunities, and remain focused on maintaining a diversified portfolio of stocks offering quality growth at a reasonable price.

Investment Manager Jupiter Asset Management Limited 16 April 2019

39 254344 07 Omnis Portfolio Investments pp038-pp047 (European Equity).qxp 30/05/2019 12:28 Page 40

Omnis European Equity Fund

Material Portfolio Changes For the six months ended 31 March 2019 (unaudited)

Purchases Sales Portfolio Name Cost £'000 Portfolio Name Proceeds £'000 Fresenius Medical Care 12,850 Total 12,976 Essity 10,342 Swiss Life 12,844 Unilever 9,956 Airbus 9,835 Heineken 9,354 Koninklijke 9,688 Thales 9,324 Bnp Paribas 9,308 EssilorLuxottica 8,557 Investor 9,182 Brenntag 8,085 Natixis 8,846 Nokia 7,929 Bayer 8,393 Novo Nordisk 7,728 Fresenius 8,101 Assa Abloy 7,674 Koninklijke Philips 8,071

40 254344 07 Omnis Portfolio Investments pp038-pp047 (European Equity).qxp 30/05/2019 12:28 Page 41

Omnis European Equity Fund

Comparative Table As at 31 March 2019 (unaudited)

A Income 31/03/19 28/09/18 (p) (p)

Closing net asset value per share (p) 116.32 124.99 Percentage change (6.94%) Closing net asset value (£'000) 353,106 136,704 Closing number of shares 303,559,368 109,373,851 Operating charges 0.82% 0.86%

41 254344 07 Omnis Portfolio Investments pp038-pp047 (European Equity).qxp 30/05/2019 12:28 Page 42

Omnis European Equity Fund

Performance Information As at 31 March 2019 (unaudited)

Operating Charge Total Other Transaction operating AMC expenses costs charge Date (%) (%) (%) (%)

31/03/19 Share Class A Income 0.75 0.06 0.01 0.82

28/09/18 Share Class A Income 0.75 0.07 0.04 0.86

The Operating Charge is the ratio of the Fund's total disclosable costs (excluding overdraft interest) to the average net assets of the Fund.

Risk and Reward Profile As at 31 March 2019 (unaudited)

Typically lower rewards Typically higher rewards

Lower risk Higher risk Share Class A 1 2 3 4 5 67

• This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund.

• The risk category shown is not guaranteed to remain unchanged and may shift over time.

• The Fund appears as a “5” on the scale. This is because the Fund invests in assets that typically carry medium risk and offer medium rewards compared with other categories of assets.

42 254344 07 Omnis Portfolio Investments pp038-pp047 (European Equity).qxp 30/05/2019 12:28 Page 43

Omnis European Equity Fund

Portfolio Statement As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

Belgium 1.45% [2.81%] 149,663 Umicore 5,106 1.45 5,106 1.45

Denmark 3.43% [5.79%] 301,249 Novo Nordisk 12,113 3.43 12,113 3.43

Finland 2.39% [2.60%] 1,932,295 Nokia 8,448 2.39 8,448 2.39

France 21.36% [22.53%] 411,292 Bureau Veritas 7,407 2.10 52,748 Dassault Systemes 6,029 1.71 129,151 Edenred 4,513 1.28 239,126 Elis 2,951 0.83 104,248 EssilorLuxottica 8,746 2.48 100,590 Ingenico 5,506 1.56 50,298 LVMH Moet Hennessy Louis Vuitton 14,212 4.02 34,662 Safran 3,651 1.03 125,601 Thales 11,553 3.27 145,526 Vinci 10,870 3.08 75,438 21.36

Germany 24.30% [26.86%] 228,693 Brenntag 9,022 2.56 41,930 Continental 4,840 1.37 98,452 Deutsche Boerse 9,701 2.75 184,500 Fresenius Medical Care 11,409 3.23 111,395 Gerresheimer 6,422 1.82 71,462 Henkel 5,600 1.58 404,715 Infineon Technologies 6,155 1.74 83,681 KION 3,350 0.95 65,352 Knorr-Bremse 4,972 1.41 162,852 SAP 14,468 4.10 307,212 Siemens Healthineers 9,865 2.79 85,804 24.30

Ireland 5.63% [7.20%] 254,400 CRH 6,042 1.71 115,662 Kingspan (Ireland Listed) 3,987 1.13 50,694 Kingspan (London Listed) 1,794 0.51 800,167 Ryanair 8,043 2.28 19,866 5.63

Italy 3.75% [1.54%] 954,462 Cerved 7,308 2.07 57,743 Ferrari 5,929 1.68 13,237 3.75

43 254344 07 Omnis Portfolio Investments pp038-pp047 (European Equity).qxp 30/05/2019 12:28 Page 44

Omnis European Equity Fund

Portfolio Statement (continued) As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

Luxembourg 0.46% [3.26%] 257,435 Aroundtown 1,630 0.46 1,630 0.46

Netherlands 11.95% [13.24%] 67,619 ASML 9,738 2.76 196,399 Euronext 9,554 2.71 317,157 Flow Traders 6,718 1.90 306,219 GrandVision 5,093 1.44 136,975 Heineken 11,105 3.14 42,208 11.95

Spain 5.55% [5.00%] 132,433 Amadeus IT 8,148 2.31 658,958 Applus 6,042 1.71 3,200,998 Prosegur Cash 5,412 1.53 19,602 5.55

Sweden 6.91% [4.69%] 646,320 Assa Abloy 10,679 3.02 620,199 Essity 13,721 3.89 24,400 6.91

Switzerland 4.71% [1.25%] 22,652 Lonza 5,387 1.52 8,529 Partners 4,752 1.35 60,489 Sika 6,484 1.84 16,623 4.71

United Kingdom 5.68% [3.03%] 584,241 RELX 9,575 2.71 234,549 Unilever 10,465 2.97 20,040 5.68

Portfolio of investments 344,515 97.57 Net other assets 8,594 2.43 Net assets 353,109 100.00

All investments are ordinary shares unless otherwise stated and admitted to official stock exchange listings. Comparative figures shown above in square brackets relate to 28 September 2018. Gross purchases for the six months: £289,095,000 [2018: £57,685,000]. In addition to the above, transfers totalling £210,181,000 were made via inspecie into the portfolio during the year. Total sales net of transaction costs for the six months: £268,810,000 [2018: £12,672,000].

44 254344 07 Omnis Portfolio Investments pp038-pp047 (European Equity).qxp 30/05/2019 12:28 Page 45

Omnis European Equity Fund

Statement of Total Return For the six months ended 31 March 2019 (unaudited)

29/09/18 to 31/03/19 01/10/17 to 31/03/18 £’000 £’000 £’000 £’000 Income: Net capital losses (22,823) (5,010) Revenue 1,105 548 Expenses (1,309) (405) Net (expense)/revenue before taxation (204) 143 Taxation (72) (58) Net (expense)/revenue after taxation (276) 85 Total return before distributions (23,099) (4,925) Distributions – (85) Change in net assets attributable to Shareholders from investment activities (23,099) (5,010)

Statement of Change in Net Assets Attributable to Shareholders For the six months ended 31 March 2019 (unaudited)

29/09/18 to 31/03/19 01/10/17 to 31/03/18 £’000 £’000 £’000 £’000 Opening net assets attributable to Shareholders 136,704 80,654 Inspecie transfer 210,181 – Amounts receivable on issue of Shares 50,557 47,347 Amounts payable on cancellation of Shares (21,237) – 29,320 47,347 Change in net assets attributable to Shareholders from investment activities (see above) (23,099) (5,010) Closing net assets attributable to Shareholders 353,106 122,991

The above statement shows the comparative closing net assets at 31 March 2018 whereas the current accounting period commenced 29 September 2018.

45 254344 07 Omnis Portfolio Investments pp038-pp047 (European Equity).qxp 30/05/2019 12:28 Page 46

Omnis European Equity Fund

Balance Sheet As at 31 March 2019 (unaudited)

31/03/19 28/09/18 £’000 £’000 £’000 £’000 Assets: Fixed assets: Investments 344,515 136,427 Current assets: Debtors 5,938 602 Cash and bank balances 6,480 1,568 Total current assets 12,418 2,170 Total assets 356,933 138,597 Liabilities: Investment liabilities – – Creditors: Distribution payable – (1,788) Other creditors (3,827) (105) Total creditors (3,827) (1,893) Total liabilities (3,827) (1,893) Net assets attributable to Shareholders 353,106 136,704

46 254344 07 Omnis Portfolio Investments pp038-pp047 (European Equity).qxp 30/05/2019 12:28 Page 47

Omnis European Equity Fund

Distribution Table As at 31 March 2019 (unaudited)

Interim Distribution in pence per Share Group 1 Shares purchased prior to 29 September 2018 Group 2 Shares purchased on or after 29 September 2018 to 31 March 2019

Distribution Distribution Net payable paid revenue Equalisation 31/05/19 31/05/18 (p) (p) (p) (p) Share Class A Income Group 1 0.0000 – 0.0000 0.0883 Group 2 0.0000 0.0000 0.0000 0.0883

47 254344 08 Omnis Portfolio Investments pp048-pp077 (Global Bond).qxp 30/05/2019 12:31 Page 48

Omnis Global Bond Fund

Investment Manager’s Report For the six months ended 31 March 2019 (unaudited)

Investment Objective To achieve a return of a combination of income and capital growth.

Investment Policy The Fund intends to invest (directly or indirectly) primarily in non-Sterling denominated government and non-government fixed and variable interest rate securities. The Fund may also invest in other transferable securities (for example, Sterling denominated fixed and variable interest rate securities), units in collective investment schemes, money market instruments, deposits, derivative instruments and warrants as detailed in the Prospectus. No more than 10% of the Scheme Property of the Fund will be invested in other collective investment schemes.

Use may also be made of stock lending, temporary borrowing and cash holdings. Derivatives may also be used for the purposes of hedging and efficient portfolio management.

Investment Review Over the period the Omnis Global Bond Fund returned 2.85% and the benchmark (BoA ML Global Broad Market) returned 3.64% [source: Financial Express, bid to bid, net income reinvested].

While we did not expect the pace of US growth to persist at its current pace, we remained constructive on the durability of the US expansion. This led us to make our US bond position less defensive in the fourth quarter of 2018, given the severe level of market pessimism priced into bond valuations at the turn of the year. However, we believed that given a number of factors it was too early to call the end of the global cycle. We focused the position in short dated US government bonds treasuries as we thought interest rate cuts were unlikely.

Cognisant that the outcome of March’s Federal Reserve meeting marked a significant shift in Fed policy, we added to our US inflation position. This was partially funded by closing our European inflation position, given the European Central Bank’s downward revision in growth and inflation forecasts.

Viewing the pessimism in the European bond market during the last quarter of the year, we decided to take some profit by reducing the level of duration (sensitivity to interest rates).

As we expected to get clarity on some key issues, such as the China/US trade dispute and Brexit, we added some positions which included adding to our sterling and reducing our UK interest rate positions.

We reduced our US dollar exposure in the fourth quarter by adding to our holdings in emerging market currencies such as the Brazilian real, the Russian rouble and the South African rand. In the first quarter of this year however, given a high level of risk stemming from political developments we became increasing cautious on Emerging Market (EM) FX and cut our positions.

We reduced our US credit protection too early as spreads continued to widen. At the start of 2019, we retained our positive view on US high quality corporate bonds but reduced our allocation to US high yield and European corporate bonds.

Elsewhere, despite signs of a more positive outcome on the US / China trade negotiations, we chose reduced our position in Asian currencies to protect performance from a more structural demand deficient impairment of global trade. However, we tactically traded Australia through rates and currency, as the market began pricing in a number of rate cuts by the central bank.

48 254344 08 Omnis Portfolio Investments pp048-pp077 (Global Bond).qxp 30/05/2019 12:31 Page 49

Omnis Global Bond Fund

Investment Manager’s Report (continued) For the six months ended 31 March 2019 (unaudited)

Market Overview Bond yields were lower over the 6 month period from October 2018 to March 2019. During the last quarter of 2018 it was broadly reflecting increased risk aversion and volatility related to trade tensions, Brexit and politics in Italy, however in the first quarter of 2019 it was as a result of a dovish shift from central banks.

Stocks and high yield corporate bonds each enjoyed their strongest first quarter for several years. Despite the Federal Reserve (Fed) implementing the fourth rate rise of the year in December, Fed Chair Powell indicated a significantly more dovish pivot during the most recent meeting in March and markets grew nervous over the prospect of monetary tightening in the US. The three-month US government bond yield rose higher than that on 10-year bonds in March, underlining the growing caution among investors around economic growth prospects.

The European Central Bank (ECB) also indicated rates would not rise in 2019. At its final meeting of the year, the ECB confirmed it would end its bond purchase programme but downgraded its growth and inflation forecasts for the year as data remained lacklustre. Italian 10-year yields were volatile as the government reached an agreement with the EU on the budget, having reduced its fiscal deficit target.

Brexit uncertainty was heightened as the announcement of a withdrawal agreement between the UK and EU drew widespread criticism. Prime Minister Theresa May took a last-minute decision to postpone the parliamentary vote on the deal and soon after survived a confidence vote. Ten-year UK government bond yields fell.

Corporate bonds had a challenging fourth quarter and underperformed government bonds. A deterioration of risk sentiment led to the broad-based underperformance across corporate sectors relative to government bonds. High yielding/lower quality bonds were weak, led down by the energy sector, particularly in the US. In the first quarter of 2019 corporate bonds performed strongly, retracing the weakness experienced in the final quarter of 2018 and outperforming government bond markets.

Emerging markets bonds saw performance improve as the fourth quarter of 2018 progressed with US dollar strength waning and currencies of oil exporters benefiting from weaker energy prices. The first quarter of this year was positive for EM bonds with US dollar-denominated debt outperforming local currency bonds as certain EM currencies weakened due to idiosyncratic factors.

Outlook The apparent coordinated shift across major central banks, most clearly demonstrated by the abrupt turn of the US Federal Reserve (Fed), is a significant development. In just three months, forward guidance transitioned from higher interest rates to forecasting no rate hikes this year and a confirmation of an early end to quantitative tightening (the reversal of quantitative easing).

The Fed’s forward guidance now indicates a willingness to overshoot the 2% target as a means of reinforcing inflationary expectations and also a desire to elongate the current cycle or economic growth, a process which would be helped by a weakening dollar.

A period of “pervasive uncertainty” has seen the ECB affirm the market’s expectation that rates will remain unchanged “at least through the end of 2019”. Eurozone activity continues to suffer from external headwinds; particularly trade distortions. While the current weakness appears to be contained within the manufacturing sector (employment and consumer data has remained resilient), a further prolonged contraction could see weakness extend into consumer sensitive sectors of the economy. As such, we are unable to discount completely the possibility of a sharper slowdown in

49 254344 08 Omnis Portfolio Investments pp048-pp077 (Global Bond).qxp 30/05/2019 12:31 Page 50

Omnis Global Bond Fund

Investment Manager’s Report (continued) For the six months ended 31 March 2019 (unaudited)

global growth. However, despite the extreme market pessimism there are a number of factors, which lead us to conclude that this weakness could be more temporary than permanent. A positive outcome to the US/China trade dispute would certainly help sentiment, while on the domestic front, government spending across a number of European member states could support a stabilisation of growth. Nevertheless, an uplift in growth alone is unlikely to trigger a change the ECB’s current stance, given the low inflation dynamics.

The desire of central banks to anchor inflation closer to their respective target appears to be the main cause of the coordinated dovish shift. There continues to be a marked difference between rising wages and inflation, with the steady rise in wages yet to feed through to the consumer price index data. The question we now pose is whether higher wage inflation is likely to lead to greater productivity or hit corporate profit margins. So far, evidence of a squeeze in profit margins appear to be industry or regionally specific.

Meanwhile, the outlook for emerging markets remains conflicted. The stability of US monetary policy should help, but a further weakening of global growth and a longer term transition from globalisation to regionalisation are potential headwinds for many emerging markets.

Investment Manager Schroder Investment Management Limited 17 April 2019

50 254344 08 Omnis Portfolio Investments pp048-pp077 (Global Bond).qxp 30/05/2019 12:31 Page 51

Omnis Global Bond Fund

Material Portfolio Changes For the six months ended 31 March 2019 (unaudtied)

Purchases Sales Portfolio Name Cost £'000 Portfolio Name Proceeds £'000 United States Treasury Note/ Spain Government Bond Bond 1.375% 31/08/2020 15,970 1.4% 30/07/2028 10,993 Spain Government Bond 1.4% United States Treasury 30/07/2028 11,041 Note/Bond 1.625% Portugal Obrigacoes do Tesouro 15/02/2026 10,333 1.95% 15/06/2029 5,113 United States Treasury France Government Bond OAT Note/Bond 1.75% 1.5% 25/05/2050 4,243 30/09/2022 9,313 UK Treasury 1.625% 22/10/2028 3,699 Spain Government Bond Netherlands Government Bond 1.4% 30/04/2028 7,453 0.25% 15/07/2029 3,609 Canada Housing Trust Canada Housing Trust No 1 No 1 (Germany Listed) (Luxembourg Listed) 2.65% 2.65% 15/12/2028 7,004 15/12/2028 3,566 Bundesobligation 0% Japan Government Thirty Year Bond 08/04/2022 5,689 1.1% 20/03/2033 3,537 UK Treasury 1.5% Canada Housing Trust No 1 2.65% 22/07/2026 4,674 15/12/2028 3,436 Portugal Obrigacoes do Fannie Mae 4.5% 15/11/2048 3,315 Tesouro 1.95% 15/06/2029 4,416 Netherlands Government Bond 0.75% 15/07/2028 4,203 Fannie Mae 4.5% 15/11/2048 3,295

51 254344 08 Omnis Portfolio Investments pp048-pp077 (Global Bond).qxp 30/05/2019 12:31 Page 52

Omnis Global Bond Fund

Comparative Table As at 31 March 2019 (unaudited)

A Income 31/03/2019 28/09/2018 (p) (p)

Closing net asset value per share (p) 122.30 119.07 Percentage change 2.71% Closing net asset value (£'000) 405,220 395,484 Closing number of shares 331,328,206 332,142,621 Operating charges 0.53% 0.54%

52 254344 08 Omnis Portfolio Investments pp048-pp077 (Global Bond).qxp 30/05/2019 12:31 Page 53

Omnis Global Bond Fund

Performance Information As at 31 March 2019 (unaudited)

Operating Charge Total Other Transaction operating AMC expenses costs charge Date (%) (%) (%) (%)

31/03/2019 Share Class A Income 0.45 0.04 0.04 0.53

28/09/2018 Share Class A Income 0.45 0.05 0.04 0.54

The Operating Charge is the ratio of the Fund’s total disclosable costs (excluding overdraft interest) to the average net assets of the Fund.

Risk and Reward Profile As at 31 March 2019 (unaudited)

Typically lower rewards Typically higher rewards

Lower risk Higher risk Share Class A 1 2 34 4 5 6 7

• This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund.

• The risk category shown is not guaranteed to remain unchanged and may shift over time.

• The Fund appears as a “4” on the scale. This is because the Fund invests in fixed income investments whose values do not fluctuate widely.

53 254344 08 Omnis Portfolio Investments pp048-pp077 (Global Bond).qxp 30/05/2019 12:31 Page 54

Omnis Global Bond Fund

Portfolio Statement As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

Africa 0.68% [0.19%] EUR 2,300,000 African Development Bank 0.5% 21/03/2029 1,994 0.49 AUD 750,000 African Development Bank 2.75% 03/02/2020 412 0.10 GBP 324,000 Investec 4.5% 05/05/2022 344 0.09 2,750 0.68 Australia 1.48% [1.49%] GBP 105,000 APT Pipelines 3.125% 18/07/2031 107 0.03 AUD 7,725,000 Australia Government Bond 5.5% 21/04/2023 4,891 1.21 USD 695,000 Boral Finance 3% 01/11/2022 524 0.13 AUD 500,000 New South Wales Treasury 6% 01/03/2022 306 0.07 EUR 200,000 Westpac Banking 1.5% 24/03/2021 178 0.04 6,006 1.48 Austria 0.00% [0.04%]

Belgium 3.00% [2.32%] EUR 205,000 Anheuser-Busch InBev 1.125% 01/07/2027 177 0.04 EUR 40,000 Anheuser-Busch InBev 1.5% 17/03/2025 36 0.01 EUR 200,000 Anheuser-Busch InBev 1.65% 28/03/2031 172 0.04 EUR 100,000 Anheuser-Busch InBev 2% 17/03/2028 92 0.02 EUR 200,000 Argenta Spaarbank 1% 06/02/2024 175 0.04 EUR 6,146,000 Belgium Government International Bond 0.5% 22/10/2024 5,494 1.36 EUR 1,524,000 Belgium Government International Bond 1.7% 22/06/2050 1,394 0.35 EUR 4,700,000 Belgium Government International Bond 4.25% 28/09/2021 4,534 1.12 EUR 100,000 Elia System Operator 1.375% 14/01/2026 89 0.02 12,163 3.00 Bermuda 0.13% [0.00%] USD 678,975 CAL Funding III 3.62% 25/06/2042 520 0.13 520 0.13 Brazil 0.12% [0.38%] USD 600,000 Brazilian Government International Bond 4.875% 22/01/2021 475 0.12 475 0.12 Canada 3.78% [3.87%] CAD 745,000 Canada Housing Trust No 1 (Germany Listed) 2.65% 15/12/2028 449 0.11 CAD 5,985,000 Canada Housing Trust No 1 (Luxembourg Listed) 2.65% 15/12/2028 3,605 0.89 CAD 2,539,000 Canadian Government Bond 1.5% 01/06/2026 1,451 0.36 CAD 9,957,000 Canadian Government Bond 3.5% 01/06/2020 5,844 1.44 CAD 2,238,000 Canadian Government Bond 3.5% 01/12/2045 1,711 0.42 EUR 100,000 Canadian Imperial Bank of Commerce 0% 25/07/2022 86 0.02 EUR 230,000 Canadian Imperial Bank of Commerce 0.375% 15/10/2019 199 0.05 USD 71,000 Canadian Natural Resources 2.95% 15/01/2023 54 0.01

54 254344 08 Omnis Portfolio Investments pp048-pp077 (Global Bond).qxp 30/05/2019 12:31 Page 55

Omnis Global Bond Fund

Portfolio Statement (continued) As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

Canada 3.78% [3.87%] (continued) USD 431,000 Canadian Natural Resources 3.85% 01/06/2027 331 0.08 USD 500,000 Cenovus Energy 5.4% 15/06/2047 380 0.09 USD 320,000 Enbridge 6% 15/01/2077 244 0.06 USD 225,000 Nutrien 4.2% 01/04/2029 178 0.05 USD 300,000 Province of Quebec Canada 2.875% 16/10/2024 233 0.06 USD 750,000 Royal Bank of Canada 1.875% 05/02/2020 572 0.14 15,337 3.78 Czech 0.05% [0.00%] EUR 117,000 CEZ 0.875% 21/11/2022 102 0.03 EUR 114,000 EP Infrastructure 1.659% 26/04/2024 94 0.02 196 0.05 Denmark 0.21% [0.19%] EUR 100,000 Danske Bank 0.875% 22/05/2023 84 0.02 DKK 4,000,000 Denmark Government Bond 1.5% 15/11/2023 505 0.12 EUR 30,000 Orsted 3% 10/08/2020 27 0.01 EUR 110,000 Orsted 6.25% 26/06/2023 110 0.03 EUR 158,000 Sydbank 1.375% 18/09/2023 137 0.03 863 0.21 Finland 0.42% [0.07%] EUR 1,599,000 Finland Government Bond 0.5% 15/09/2029 1,411 0.35 EUR 101,000 Kojamo 1.5% 19/06/2024 87 0.02 EUR 101,000 Kojamo 1.625% 07/03/2025 87 0.02 EUR 120,000 Nokia 2% 11/03/2026 103 0.03 1,688 0.42 France 8.83% [7.25%] EUR 100,000 Autoroutes du Sud de la France 1.25% 18/01/2027 90 0.02 EUR 100,000 AXA Bank Europe 0.5% 18/04/2025 88 0.02 EUR 100,000 AXA Bank Europe 1.375% 18/04/2033 92 0.02 EUR 500,000 Banque Federative du Credit Mutuel 0.75% 08/06/2026 430 0.11 EUR 100,000 BNP Paribas 1.125% 22/11/2023 88 0.02 EUR 100,000 BNP Paribas 2.125% 23/01/2027 90 0.02 EUR 100,000 BPCE 0.625% 26/09/2023 87 0.02 EUR 200,000 BPCE 1% 01/04/2025 172 0.04 EUR 100,000 BPCE 2.75% 30/11/2027 91 0.02 USD 1,050,000 BPCE 3% 22/05/2022 798 0.20 USD 4,251,000 Caisse d'Amortissement de la Dette Sociale 1.75% 24/09/2019 3,251 0.80 USD 1,000,000 Caisse d'Amortissement de la Dette Sociale 1.875% 28/07/2020 761 0.19 USD 870,000 Caisse d'Amortissement de la Dette Sociale 1.875% 12/02/2022 658 0.16 USD 300,000 Caisse d'Amortissement de la Dette Sociale 3.375% 20/03/2024 240 0.06 USD 1,600,000 Caisse des Depots et Consignations 2% 14/11/2020 1,218 0.30 EUR 100,000 Caisse Nationale de Reassurance Mutuelle Agricole Groupama 6.375% Perpetual 97 0.03

55 254344 08 Omnis Portfolio Investments pp048-pp077 (Global Bond).qxp 30/05/2019 12:31 Page 56

Omnis Global Bond Fund

Portfolio Statement (continued) As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

France 8.83% [7.25%] (continued) EUR 100,000 Capgemini 1.75% 01/07/2020 88 0.02 EUR 100,000 Cie de Financement Foncier 0.125% 18/02/2020 87 0.02 EUR 100,000 Coentreprise de Transport d'Electricite 2.125% 29/07/2032 91 0.02 EUR 940,000 Council Of Europe Development Bank 1.75% 24/04/2024 887 0.22 EUR 100,000 Credit Agricole Assurances 4.25% Perpetual 91 0.02 EUR 100,000 Credit Agricole Assurances 4.5% Perpetual 92 0.02 EUR 100,000 Credit Mutuel Arkea 3.375% 11/03/2031 88 0.02 EUR 1,500,000 Dexia Credit Local 1% 18/10/2027 1,346 0.33 EUR 100,000 Electricite de France 4% Perpetual 89 0.02 EUR 6,000,000 France Government Bond OAT 0.75% 25/05/2028 5,430 1.34 EUR 118,924 France Government Bond OAT 0.75% 25/11/2028 107 0.03 EUR 2,528,000 France Government Bond OAT 1.5% 25/05/2031 2,437 0.60 EUR 5,014,000 France Government Bond OAT 1.5% 25/05/2050 4,475 1.11 EUR 100,000 Holding d'Infrastructures de Transport SAS 2.25% 24/03/2025 90 0.02 EUR 450,000 HSBC SFH France 0.375% 11/03/2022 394 0.10 EUR 400,000 Iliad 1.5% 14/10/2024 321 0.08 EUR 100,000 La Poste 1.45% 30/11/2028 90 0.02 EUR 100,000 Orange 1.125% 15/07/2024 89 0.02 EUR 100,000 Orange 2% 15/01/2029 93 0.02 EUR 100,000 Orange 4.25% Perpetual 89 0.02 EUR 100,000 Orange 5% Perpetual 97 0.03 GBP 100,000 Orange 5.75% Perpetual 108 0.03 EUR 200,000 Sanofi 1.25% 21/03/2034 171 0.04 EUR 4,500,000 SFIL 0.1% 18/10/2022 3,907 0.97 USD 3,600,000 SFIL 3% 15/06/2021 2,788 0.69 USD 3,704,000 SNCF Reseau 2.75% 18/03/2022 2,862 0.71 EUR 100,000 Societe Fonciere Lyonnaise 2.25% 16/11/2022 91 0.02 EUR 300,000 TDF Infrastructure SAS 2.5% 07/04/2026 263 0.07 EUR 100,000 TDF Infrastructure SAS 2.875% 19/10/2022 90 0.02 EUR 200,000 Teleperformance 1.5% 03/04/2024 176 0.04 EUR 100,000 TOTAL 2.25% Perpetual 89 0.02 EUR 180,000 TOTAL 2.708% Perpetual 163 0.04 EUR 200,000 UNEDIC ASSEO 1.25% 28/03/2027 186 0.05 EUR 100,000 Unibail-Rodamco 2.125% Perpetual 85 0.02 35,801 8.83 Germany 3.93% [6.13%] EUR 100,000 ADO Properties 1.5% 26/07/2024 85 0.02 EUR 100,000 Allianz 4.75% Perpetual 97 0.03 EUR 60,536 Bundesrepublik Deutschland 0% 15/08/2026 53 0.01 EUR 1,800,000 Bundesrepublik Deutschland 2.5% 15/08/2046 2,324 0.57 EUR 106,685 Bundesrepublik Deutschland 3.25% 04/07/2042 149 0.04 EUR 119,196 Bundesrepublik Deutschland 5.5% 04/01/2031 170 0.04 EUR 100,000 Commerzbank 7.75% 16/03/2021 97 0.03 EUR 100,000 Deutsche Bahn Finance 0.875% 11/07/2031 85 0.02 EUR 110,000 Deutsche Wohnen 1.375% 24/07/2020 96 0.02

56 254344 08 Omnis Portfolio Investments pp048-pp077 (Global Bond).qxp 30/05/2019 12:31 Page 57

Omnis Global Bond Fund

Portfolio Statement (continued) As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

Germany 3.93% [6.13%] (continued) EUR 100,000 Eurogrid 1.625% 03/11/2023 91 0.02 USD 3,109,000 FMS Wertmanagement 2.75% 06/03/2023 2,420 0.60 EUR 31,000 Fresenius 1.875% 15/02/2025 28 0.01 EUR 45,000 Fresenius 2.875% 15/02/2029 42 0.01 EUR 2,677,000 Kreditanstalt fuer Wiederaufbau 0.75% 15/01/2029 2,410 0.60 USD 2,000,000 Kreditanstalt fuer Wiederaufbau 2% 02/05/2025 1,499 0.37 USD 4,036,000 Kreditanstalt fuer Wiederaufbau 2.375% 29/12/2022 3,102 0.77 USD 1,800,000 Landesbank Baden-Wuerttemberg 2.125% 31/01/2020 1,374 0.34 USD 750,000 Landwirtschaftliche Rentenbank 2% 13/01/2025 562 0.14 USD 700,000 Landwirtschaftliche Rentenbank 2.375% 10/06/2025 534 0.13 AUD 200,000 Landwirtschaftliche Rentenbank 4.75% 06/05/2026 128 0.03 EUR 200,000 SAP 0.75% 10/12/2024 177 0.04 EUR 12,000 Schaeffler 1.125% 26/03/2022 10 0.00 EUR 46,000 Schaeffler 1.875% 26/03/2024 40 0.01 EUR 46,000 Schaeffler 2.875% 26/03/2027 41 0.01 EUR 100,000 Volkswagen Bank 0.625% 08/09/2021 87 0.02 EUR 36,000 Volkswagen Bank 1.25% 15/12/2025 30 0.01 EUR 100,000 Volkswagen Bank 1.875% 31/01/2024 89 0.02 EUR 100,000 Volkswagen Bank 2.5% 31/07/2026 89 0.02 15,909 3.93 Iceland 0.06% [0.09%] EUR 103,000 Arion Banki 0.75% 29/06/2020 89 0.02 EUR 100,000 Islandsbanki 1.125% 19/01/2024 85 0.02 EUR 100,000 Islandsbanki 1.75% 07/09/2020 88 0.02 262 0.06 Ireland 1.00% [0.43%] EUR 100,000 Allied Irish Banks 4.125% 26/11/2025 90 0.02 EUR 191,000 Bank of Ireland 1.25% 09/04/2020 167 0.04 USD 204,000 Bank of Ireland 4.125% 19/09/2027 146 0.04 USD 944,000 Bank of Ireland 4.5% 25/11/2023 736 0.18 EUR 100,000 CRH Finance 1.375% 18/10/2028 87 0.02 EUR 241,000 ESB Finance 2.125% 05/11/2033 222 0.06 GBP 50,000 ESB Finance 6.5% 05/03/2020 52 0.01 EUR 100,000 FCA Bank 1.25% 21/06/2022 87 0.02 EUR 2,006,787 Ireland Government Bond 1.1% 15/05/2029 1,822 0.45 EUR 100,000 Roadster Finance 1.625% 09/12/2024 85 0.02 EUR 100,000 Roadster Finance 2.375% 08/12/2027 86 0.02 USD 620,000 Shire Acquisitions Investments Ireland 2.4% 23/09/2021 469 0.12 4,049 1.00 Italy 1.72% [1.88%] EUR 146,000 ACEA 1.5% 08/06/2027 122 0.03 EUR 100,000 Assicurazioni Generali 4.596% Perpetual 88 0.02 EUR 880,000 Italy Buoni Poliennali Del Tesoro 0.35% 15/06/2020 760 0.19 EUR 1,474,000 Italy Buoni Poliennali Del Tesoro 0.95% 01/03/2023 1,254 0.31 EUR 2,000,000 Italy Buoni Poliennali Del Tesoro 2.05% 01/08/2027 1,695 0.42

57 254344 08 Omnis Portfolio Investments pp048-pp077 (Global Bond).qxp 30/05/2019 12:31 Page 58

Omnis Global Bond Fund

Portfolio Statement (continued) As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

Italy 1.72% [1.88%] (continued) EUR 3,799,000 Italy Buoni Poliennali Del Tesoro 2.8% 01/03/2067 2,770 0.68 USD 390,000 Wind Tre 5% 20/01/2026 273 0.07 6,962 1.72 Japan 14.88% [13.99%] JPY 1,099,000,000 Japan Government Ten Year Bond 0.1% 20/12/2026 7,792 1.92 JPY 2,219,000,000 Japan Government Ten Year Bond 1.2% 20/12/2020 15,751 3.89 JPY 1,109,950,000 Japan Government Thirty Year Bond 1.1% 20/03/2033 8,758 2.16 JPY 1,124,750,000 Japan Government Thirty Year Bond 1.9% 20/09/2042 10,386 2.57 JPY 487,000,000 Japan Government Thirty Year Bond 2.3% 20/05/2030 4,249 1.05 JPY 1,707,150,000 Japan Government Twenty Year Bond 2.1% 20/09/2024 13,342 3.29 60,278 14.88 Luxembourg 3.41% [2.88%] EUR 100,000 Allergan Funding SCS 1.25% 01/06/2024 87 0.02 EUR 122,000 Blackstone Property Partners Europe 1.4% 06/07/2022 107 0.03 EUR 157,000 Blackstone Property Partners Europe 2% 15/02/2024 139 0.04 EUR 237,000 Blackstone Property Partners Europe 2.2% 24/07/2025 208 0.05 EUR 201,000 Eurofins Scientific 3.25% Perpetual 152 0.04 EUR 6,200,000 European Financial Stability Facility 0% 17/11/2022 5,394 1.33 EUR 2,215,000 European Financial Stability Facility 0.95% 14/02/2028 2,022 0.50 EUR 230,000 European Financial Stability Facility 1.25% 24/05/2033 212 0.05 USD 5,944,000 European Stability Mechanism 2.125% 03/11/2022 4,521 1.12 EUR 240,000 GELF Bond Issuer I 1.75% 22/11/2021 213 0.05 USD 415,000 Ingersoll-Rand Luxembourg Finance 3.5% 21/03/2026 322 0.08 EUR 104,000 Medtronic Global 0.375% 07/03/2023 90 0.02 EUR 101,000 Medtronic Global 1.125% 07/03/2027 90 0.02 EUR 100,000 Medtronic Global 1.625% 07/03/2031 90 0.02 EUR 100,000 Medtronic Global 2.25% 07/03/2039 94 0.02 EUR 100,000 SELP Finance 1.5% 20/11/2025 86 0.02 13,827 3.41 Macao 0.00% [0.04%]

Mexico 0.74% [0.91%] USD 410,000 Grupo Bimbo 5.95% Perpetual 322 0.08 EUR 100,000 Petroleos Mexicanos 2.5% 21/08/2021 87 0.02 USD 1,750,000 Petroleos Mexicanos 6.5% 13/03/2027 1,351 0.33 USD 1,389,000 Petroleos Mexicanos 6.5% 23/01/2029 1,053 0.26 EUR 213,000 Sigma Alimentos 2.625% 07/02/2024 192 0.05 3,005 0.74 Netherlands 2.28% [3.03%] EUR 164,000 ABN AMRO Bank 0.875% 15/01/2024 145 0.04 GBP 100,000 ABN AMRO Bank 1% 30/06/2020 99 0.03 EUR 100,000 Achmea 4.25% Perpetual 87 0.02 EUR 160,000 Achmea Bank 1.125% 25/04/2022 141 0.04 58 254344 08 Omnis Portfolio Investments pp048-pp077 (Global Bond).qxp 30/05/2019 12:31 Page 59

Omnis Global Bond Fund

Portfolio Statement (continued) As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

Netherlands 2.28% [3.03%] (continued) EUR 100,000 Argentum Netherlands for Swiss Life 4.375% Perpetual 94 0.02 EUR 100,000 Bayer Capital 2.125% 15/12/2029 87 0.02 USD 2,900,000 BNG Bank 2.375% 01/02/2022 2,226 0.55 EUR 100,000 Cetin Finance 1.423% 06/12/2021 87 0.02 USD 425,000 Constellium 5.75% 15/05/2024 326 0.08 USD 500,000 Cooperatieve Rabobank 4.625% 01/12/2023 400 0.10 USD 280,000 Cooperatieve Rabobank 11% Perpetual 218 0.05 EUR 100,000 Enel Finance International 1% 16/09/2024 88 0.02 USD 405,000 Enel Finance International 4.625% 14/09/2025 319 0.08 EUR 100,000 Iberdrola International 2.625% Perpetual 87 0.02 EUR 100,000 Iberdrola International 3.25% Perpetual 90 0.02 GBP 200,000 ING 3% 18/02/2026 204 0.05 GBP 301,000 Koninklijke KPN 5% 18/11/2026 335 0.08 GBP 122,000 LafargeHolcim Sterling Finance Netherlands 3% 12/05/2032 117 0.03 EUR 100,000 LeasePlan 1% 25/02/2022 87 0.02 EUR 1,881,000 Netherlands Government Bond 0.25% 15/07/2029 1,641 0.40 EUR 1,200,000 Netherlands Government Bond 2.5% 15/01/2033 1,342 0.33 GBP 100,000 NIBC Bank 3.125% 15/11/2023 101 0.03 EUR 100,000 Teva Pharmaceutical Finance Netherlands II 3.25% 15/04/2022 88 0.02 USD 543,000 Teva Pharmaceutical Finance Netherlands III 2.2% 21/07/2021 397 0.10 EUR 100,000 Vesteda Finance 2% 10/07/2026 89 0.02 EUR 100,000 Volkswagen International Finance 3.375% Perpetual 85 0.02 EUR 100,000 Vonovia Finance 1.625% 15/12/2020 89 0.02 EUR 100,000 Vonovia Finance 4% Perpetual 92 0.02 EUR 111,000 WPC Eurobond 2.25% 09/04/2026 98 0.03 9,259 2.28 Norway 0.21% [0.33%] NOK 9,361,000 Norway Government Bond 1.75% 06/09/2029 846 0.21 846 0.21 Peru 0.00% [0.04%]

Philippines 0.14% [0.14%] USD 750,000 Asian Development Bank 2% 22/01/2025 563 0.14 563 0.14 Poland 0.63% [0.65%] EUR 2,600,000 Poland Government International Bond 1.375% 22/10/2027 2,366 0.58 EUR 220,000 Tauron Polska Energia 2.375% 05/07/2027 190 0.05 2,556 0.63 Portugal 0.20% [0.05%] EUR 100,000 Caixa Economica Montepio Geral 0.875% 17/10/2022 88 0.02 EUR 786,000 Portugal Obrigacoes do Tesouro 1.95% 15/06/2029 722 0.18 810 0.20

59 254344 08 Omnis Portfolio Investments pp048-pp077 (Global Bond).qxp 30/05/2019 12:31 Page 60

Omnis Global Bond Fund

Portfolio Statement (continued) As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

Romania 0.02% [0.05%] EUR 92,000 Romanian Government International Bond 4.625% 03/04/2049 82 0.02 82 0.02 South Korea 0.02% [0.00%] EUR 114,000 Korea Housing Finance 0.75% 30/10/2023 100 0.02 100 0.02 Spain 3.42% [5.35%] EUR 100,000 Abertis Infraestructuras 2.375% 27/09/2027 88 0.02 GBP 200,000 Abertis Infraestructuras 3.375% 27/11/2026 201 0.05 EUR 2,827,000 Autonomous Community of Madrid Spain 1.773% 30/04/2028 2,574 0.64 EUR 100,000 Autonomous Community of Madrid Spain 4.3% 15/09/2026 108 0.03 EUR 200,000 Banco de Sabadell 0.875% 05/03/2023 171 0.04 EUR 100,000 Banco de Sabadell 1% 26/04/2027 89 0.02 USD 600,000 Banco Santander 3.125% 23/02/2023 454 0.11 USD 200,000 Banco Santander FRN 3.7235% 12/04/2023 152 0.04 EUR 400,000 Bankia 1% 14/03/2023 357 0.09 EUR 100,000 Bankia 4% 22/05/2024 87 0.02 EUR 200,000 Bankinter 2.5% 06/04/2027 175 0.04 EUR 100,000 CaixaBank 1.125% 12/01/2023 86 0.02 EUR 100,000 Canal de Isabel II Gestion 1.68% 26/02/2025 87 0.02 EUR 100,000 Deutsche Bank 0.625% 15/12/2021 88 0.02 EUR 200,000 Deutsche Bank 0.875% 16/01/2025 177 0.04 EUR 100,000 IE2 Holdco 2.375% 27/11/2023 91 0.02 EUR 200,000 Inmobiliaria Colonial 1.625% 28/11/2025 173 0.04 EUR 100,000 Inmobiliaria Colonial 2% 17/04/2026 88 0.02 EUR 232,000 NorteGas Energia Distribucion 2.065% 28/09/2027 201 0.05 EUR 300,000 Santander Consumer Finance 0.875% 24/01/2022 263 0.07 EUR 5,808,000 Spain Government Bond 1.45% 31/10/2027 5,247 1.30 EUR 2,949,000 Spain Government Bond 1.45% 30/04/2029 2,626 0.65 USD 350,000 Telefonica Emisiones 4.665% 06/03/2038 258 0.07 13,841 3.42 Sweden 0.68% [0.71%] EUR 100,000 Castellum 2.125% 20/11/2023 89 0.02 EUR 212,000 Heimstaden Bostad 2.125% 05/09/2023 186 0.05 EUR 102,000 Molnlycke 1.875% 28/02/2025 90 0.02 GBP 100,000 Skandinaviska Enskilda Banken 1.25% 05/08/2022 99 0.02 USD 2,200,000 Stadshypotek 2.5% 05/04/2022 1,680 0.42 SEK 6,500,000 Sweden Government Bond 3.5% 01/06/2022 604 0.15 2,748 0.68 Switzerland 0.37% [0.79%] CHF 1,350,000 Swiss Confederation Government Bond 4% 11/02/2023 1,233 0.31 EUR 100,000 UBS 4.75% 12/02/2026 91 0.02 EUR 200,000 UBS Group Funding Switzerland FRN 0.39% 20/09/2022 173 0.04 1,497 0.37 60 254344 08 Omnis Portfolio Investments pp048-pp077 (Global Bond).qxp 30/05/2019 12:31 Page 61

Omnis Global Bond Fund

Portfolio Statement (continued) As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

United Kingdom 8.32% [7.45%] EUR 100,000 Annington Funding 1.65% 12/07/2024 86 0.02 GBP 137,000 Arqiva Financing 4.04% 30/06/2020 140 0.03 GBP 100,000 Assura Financing 3% 19/07/2028 103 0.03 GBP 120,000 Barclays 2.375% 06/10/2023 119 0.03 EUR 210,000 Barclays 2.625% 11/11/2025 183 0.05 USD 200,000 Barclays 4.61% 15/02/2023 156 0.04 USD 255,000 Barclays Bank 10.179% 12/06/2021 221 0.05 EUR 124,000 BAT International Finance 2.25% 16/01/2030 103 0.03 EUR 100,000 BNZ International Funding 0.5% 13/05/2023 86 0.02 EUR 100,000 Channel Link Enterprises Finance 1.761% 30/06/2050 86 0.02 GBP 98,401 Connect Plus 2.607% 31/03/2039 104 0.03 EUR 380,000 Coventry Building Society 2.5% 18/11/2020 339 0.08 EUR 100,000 Credit Suisse 1.375% 29/11/2019 87 0.02 EUR 200,000 Credit Suisse FRN 0.14% 16/10/2019 173 0.04 EUR 106,000 DS Smith 1.375% 26/07/2024 92 0.02 GBP 312,811 EMF-UK 2008-1 FRN 1.82263% 13/03/2046 309 0.08 GBP 351,000 Eurohome UK Mortgages 2007-2 FRN 1.11463% 15/09/2044 335 0.08 GBP 148,588 Eurosail PRIME-UK 2007-A FRN 1.24263% 13/09/2045 139 0.03 GBP 200,000 FCE Bank 2.759% 13/11/2019 201 0.05 EUR 200,000 G4S International Finance 1.5% 09/01/2023 174 0.04 EUR 104,000 G4S International Finance 1.5% 02/06/2024 89 0.02 EUR 100,000 G4S International Finance 1.875% 24/05/2025 86 0.02 EUR 300,000 Global Switch 2.25% 31/05/2027 261 0.06 GBP 105,000 Grainger 3.375% 24/04/2028 107 0.03 GBP 50,000 Great Rolling Stock 6.25% 27/07/2020 53 0.01 USD 750,000 HSBC 3.262% 13/03/2023 576 0.14 USD 200,000 HSBC 3.803% 11/03/2025 156 0.04 GBP 908,000 Income Contingent Student Loans 2 2007-2009 FRN 2.05% 24/07/2058 899 0.22 EUR 104,000 Informa 1.5% 05/07/2023 92 0.02 EUR 100,000 ITV 2% 01/12/2023 88 0.02 EUR 100,000 ITV 2.125% 21/09/2022 89 0.02 GBP 100,000 Liberty Living Finance 2.625% 28/11/2024 100 0.02 EUR 218,000 Lloyds Bank 0.25% 25/03/2024 189 0.05 EUR 200,000 Lloyds Bank 1.375% 16/04/2021 178 0.04 GBP 100,000 Lloyds Bank 5.125% 07/03/2025 120 0.03 EUR 121,000 Lloyds Banking 0.625% 15/01/2024 102 0.03 USD 525,000 Lloyds Banking 3.9% 12/03/2024 408 0.10 USD 200,000 Lloyds Banking 4.05% 16/08/2023 156 0.04 GBP 264,000 London & Quadrant Housing Trust 2.625% 28/02/2028 268 0.07 EUR 100,000 London Stock Exchange 0.875% 19/09/2024 87 0.02 EUR 100,000 London Stock Exchange 1.75% 19/09/2029 89 0.02 GBP 700,358 Mansard Mortgages 2006-1 FRN 1.27794% 15/10/2048 669 0.17 EUR 100,000 National Westminster Bank 0.5% 15/05/2024 88 0.02 GBP 126,000 National Westminster Bank FRN 1.323% 22/03/2023 126 0.03

61 254344 08 Omnis Portfolio Investments pp048-pp077 (Global Bond).qxp 30/05/2019 12:31 Page 62

Omnis Global Bond Fund

Portfolio Statement (continued) As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

United Kingdom 8.32% [7.45%] (continued) EUR 300,000 Nationwide Building Society 0.5% 23/02/2024 263 0.07 EUR 500,000 Nationwide Building Society 0.75% 25/06/2019 432 0.11 EUR 161,000 Nationwide Building Society 1.5% 08/03/2026 139 0.03 EUR 101,000 Nationwide Building Society 2% 25/07/2029 86 0.02 GBP 980,769 Newgate Funding FRN 1.012% 01/12/2050 910 0.22 GBP 100,000 Notting Hill Genesis 2.875% 31/01/2029 102 0.03 GBP 1,050,000 Paragon Mortgages No 10 FRN 1.16463% 15/06/2041 1,003 0.25 GBP 200,000 Pension Insurance 6.5% 03/07/2024 218 0.05 GBP 201,000 Prudential 5.625% 20/10/2051 214 0.05 GBP 1,193,508 RMAC Securities No 1 FRN 1.015% 12/06/2044 1,124 0.28 EUR 100,000 Royal Bank of Scotland 2% 08/03/2023 88 0.02 GBP 100,000 Royal Bank of Scotland 3.125% 28/03/2027 101 0.03 USD 450,000 Royal Bank of Scotland 3.875% 12/09/2023 346 0.09 USD 200,000 Royal Bank of Scotland 4.269% 22/03/2025 155 0.04 EUR 100,000 Royal Mail 2.375% 29/07/2024 90 0.02 GBP 60,000 Santander UK 3.875% 15/10/2029 69 0.02 USD 410,000 Santander UK 4.796% 15/11/2024 324 0.08 GBP 100,000 Santander UK 5.75% 02/03/2026 128 0.03 EUR 12,000 Smiths 2% 23/02/2027 11 0.00 GBP 212,000 SSE 3.875% Perpetual 213 0.05 USD 540,000 Standard Chartered 3.885% 15/03/2024 415 0.10 USD 540,000 Tesco 6.15% 15/11/2037 444 0.11 GBP 352,000 TSB Bank FRN 1.577% 15/02/2024 354 0.09 GBP 6,900,000 UK Treasury 1.5% 22/01/2021 7,006 1.73 GBP 101,961 UK Treasury 1.5% 22/07/2026 107 0.03 GBP 86,636 UK Treasury 1.5% 22/07/2047 86 0.02 GBP 3,514,607 UK Treasury 1.625% 22/10/2028 3,714 0.92 GBP 98,252 UK Treasury 1.75% 07/09/2037 103 0.03 GBP 4,450,000 UK Treasury 3.25% 22/01/2044 5,986 1.48 GBP 36,452 UK Treasury 4% 07/03/2022 40 0.01 GBP 82,522 UK Treasury 4.25% 07/06/2032 113 0.03 GBP 67,000 UK Treasury 4.25% 07/12/2046 107 0.03 GBP 237,000 Unique Pub Finance 7.395% 28/03/2024 260 0.06 GBP 303,000 Western Power Distribution 3.5% 16/10/2026 312 0.08 EUR 377,000 Yorkshire Building Society 1.25% 17/03/2022 329 0.08 33,704 8.32 United States 37.81% [37.35%] USD 267,000 AbbVie 3.2% 14/05/2026 199 0.05 USD 84,911 Aegis Asset Backed Securities Trust Mortgage Pass-Through Certificates Series 2005-4 FRN 2.9355% 25/10/2035 64 0.02 USD 64,000 Alexandria Real Estate Equities 4% 15/01/2024 51 0.01 USD 95,000 Allstate FRN 3.031% 29/03/2021 73 0.02 USD 269,000 Altria 3.8% 14/02/2024 210 0.05 USD 184,000 Altria 3.875% 16/09/2046 115 0.03 USD 153,000 Altria 4.8% 14/02/2029 121 0.03

62 254344 08 Omnis Portfolio Investments pp048-pp077 (Global Bond).qxp 30/05/2019 12:31 Page 63

Omnis Global Bond Fund

Portfolio Statement (continued) As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

United States 37.81% [37.35%] (continued) USD 50,000 American Axle & Manufacturing 6.5% 01/04/2027 37 0.01 USD 48,000 American International 3.75% 10/07/2025 37 0.01 USD 973,000 American Tower 3.375% 15/10/2026 729 0.18 USD 335,000 Ameriquest Mortgage Securities Inc Asset-Backed Pass-Through Certificates Series 2005-R5 FRN 3.4305% 25/07/2035 251 0.06 USD 335,000 Amgen 2.65% 11/05/2022 255 0.06 USD 128,000 Amphenol 3.2% 01/04/2024 98 0.02 USD 50,000 Anadarko Petroleum 4.5% 15/07/2044 36 0.01 USD 400,000 Anadarko Petroleum 5.55% 15/03/2026 334 0.08 USD 100,000 Analog Devices 2.95% 12/01/2021 77 0.02 USD 595,000 Analog Devices 3.125% 05/12/2023 460 0.11 USD 251,000 Anheuser-Busch InBev Worldwide 3.75% 15/07/2042 166 0.04 USD 76,000 Anheuser-Busch InBev Worldwide 4% 13/04/2028 59 0.01 EUR 170,000 Apple 1.375% 24/05/2029 155 0.04 EUR 126,000 AT&T 2.35% 05/09/2029 114 0.03 EUR 120,000 AT&T 2.45% 15/03/2035 101 0.02 USD 1,190,000 AT&T 3% 30/06/2022 914 0.23 EUR 100,000 AT&T 3.55% 17/12/2032 98 0.02 USD 304,000 AT&T 4.3% 15/02/2030 235 0.06 USD 303,000 AT&T 4.3% 15/12/2042 214 0.05 GBP 100,000 AT&T 4.375% 14/09/2029 112 0.03 USD 222,000 AT&T 4.75% 15/05/2046 166 0.04 GBP 100,000 AT&T 5.5% 15/03/2027 120 0.03 USD 160,000 AXA Equitable 4.35% 20/04/2028 125 0.03 USD 358,000 AXA Equitable 5% 20/04/2048 268 0.07 USD 862,000 BANK 2018-BNK12 4.255% 15/05/2061 714 0.18 USD 410,000 Bank of America 2.816% 21/07/2023 312 0.08 USD 805,000 Bank of America 3.004% 20/12/2023 614 0.15 USD 729,000 Bank of America 3.3% 11/01/2023 566 0.14 USD 631,000 Bank of America 3.366% 23/01/2026 483 0.12 GBP 100,000 Bank of America 6.125% 15/09/2021 111 0.03 USD 755,000 Bank of America 6.25% Perpetual 612 0.15 USD 100,000 Barrick North America Finance 5.7% 30/05/2041 87 0.02 USD 590,000 Barrick North America Finance 5.75% 01/05/2043 525 0.13 EUR 100,000 BAT Capital 1.125% 16/11/2023 87 0.02 USD 1,325,000 BAT Capital 3.222% 15/08/2024 992 0.24 USD 433,000 Bayer US Finance II 4.25% 15/12/2025 335 0.08 USD 600,000 Bayer US Finance II 4.625% 25/06/2038 431 0.11 USD 423,479 Bayview Commercial Asset Trust 2007-2 FRN 2.7555% 25/07/2037 311 0.08 USD 940,000 BB&T 2.85% 26/10/2024 715 0.18 USD 57,518 Bear Stearns ARM Trust 2004-3 4.017315% 25/07/2034 44 0.01 USD 600,000 Becton Dickinson 3.363% 06/06/2024 460 0.11 USD 568,000 Benchmark 2018-B7 Mortgage Trust 4.51% 15/05/2053 480 0.12

63 254344 08 Omnis Portfolio Investments pp048-pp077 (Global Bond).qxp 30/05/2019 12:31 Page 64

Omnis Global Bond Fund

Portfolio Statement (continued) As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

United States 37.81% [37.35%] (continued) USD 839,000 Benchmark 2018-B8 Mortgage Trust 4.2317% 15/01/2052 696 0.17 EUR 100,000 Berkshire Hathaway 1.125% 16/03/2027 89 0.02 USD 325,000 Berkshire Hathaway Energy 4.45% 15/01/2049 264 0.06 USD 978,000 BF 2019-NYT Mortgage Trust FRN 4.48375% 15/11/2035 754 0.19 USD 853,125 Blackbird Capital Aircraft Lease Securitization Ltd 2016-1 2.487% 16/12/2041 636 0.16 EUR 232,000 Booking 0.8% 10/03/2022 204 0.05 USD 335,000 Boston Scientific 3.45% 01/03/2024 261 0.06 USD 1,044,000 Broadcom 3.125% 15/10/2022 793 0.20 USD 490,000 BX Commercial Mortgage Trust 2018-BIOA FRN 3.6048% 15/03/2037 374 0.09 USD 742,533 BX Commercial Mortgage Trust 2018-IND FRN 3.78375% 15/11/2035 571 0.14 USD 301,000 BXP Trust 2017-GM 3.379% 13/06/2039 234 0.06 USD 640,000 Caesars Resort Collection 5.25% 15/10/2025 474 0.12 USD 256,000 Campbell Soup 3.95% 15/03/2025 198 0.05 USD 360,000 Capital One Bank 3.375% 15/02/2023 275 0.07 USD 70,000 Capital One Financial 2.5% 12/05/2020 54 0.01 USD 460,000 Capital One Financial 3.05% 09/03/2022 354 0.09 USD 1,250,000 CCO 5.875% 01/04/2024 1,003 0.25 USD 525,000 Cedar Funding V CLO FRN 3.87344% 17/07/2031 400 0.10 USD 150,000 Charter Communications Operating Capital 4.464% 23/07/2022 119 0.03 USD 105,000 Charter Communications Operating Capital 4.908% 23/07/2025 85 0.02 USD 172,000 Chase Issuance Trust FRN 2.77263% 15/01/2022 132 0.03 USD 187,000 Cigna 3.4% 17/09/2021 145 0.04 GBP 100,000 Citigroup 2.75% 24/01/2024 103 0.03 USD 1,000,000 Citigroup 3.3% 27/04/2025 764 0.19 USD 505,000 Citigroup 3.887% 10/01/2028 392 0.10 USD 795,000 Citigroup 4.044% 01/06/2024 629 0.16 USD 1,430,000 Citigroup Commercial Mortgage Trust 2013-375P 3.63483% 10/05/2035 1,100 0.27 USD 1,695,000 Cold Storage Trust 2017-ICE3 FRN 3.83375% 15/04/2036 1,306 0.32 USD 440,000 Cold Storage Trust 2017-ICE3 FRN 4.58375% 15/04/2036 338 0.08 USD 301,000 Comcast 4.15% 15/10/2028 243 0.06 USD 644,000 Comcast 4.6% 15/10/2038 527 0.13 USD 196,000 Comcast 4.7% 15/10/2048 163 0.04 USD 575,000 Comerica 3.7% 31/07/2023 453 0.11 USD 360,000 CommScope Technologies 6% 15/06/2025 269 0.07 USD 528,000 Conagra Brands 3.8% 22/10/2021 412 0.10 USD 382,000 Conagra Brands 4.3% 01/05/2024 303 0.07

64 254344 08 Omnis Portfolio Investments pp048-pp077 (Global Bond).qxp 30/05/2019 12:31 Page 65

Omnis Global Bond Fund

Portfolio Statement (continued) As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

United States 37.81% [37.35%] (continued) USD 728,000 Concho Resources 3.75% 01/10/2027 554 0.14 USD 414,000 Constellation Brands 3.2% 15/02/2023 319 0.08 USD 447,000 Constellation Brands FRN 3.38375% 15/11/2021 342 0.08 USD 639,000 Continental Resources 4.375% 15/01/2028 503 0.12 USD 365,000 Cooperatieve Rabobank FRN 3.19475% 26/04/2021 281 0.07 USD 1,014,000 CORE 2019-CORE Mortgage Trust FRN 3.38% 15/12/2031 778 0.19 USD 740,000 Corning 5.35% 15/11/2048 646 0.16 USD 674,751 Countrywide Asset-Backed Certificates 4.682526% 25/04/2047 534 0.13 USD 883,602 Countrywide Asset-Backed Certificates CWL 2006 13 1AF4 4.380675% 25/01/2037 680 0.17 USD 503,217 Countrywide Asset-Backed Certificates CWL 2006 13 1AF5 4.380675% 25/01/2037 373 0.09 USD 425,000 Cox Communications 3.15% 15/08/2024 324 0.08 USD 330,000 Cox Communications 4.6% 15/08/2047 242 0.06 USD 500,000 Crown Castle International 3.2% 01/09/2024 380 0.09 USD 353,000 Crown Castle International 3.7% 15/06/2026 270 0.07 USD 340,000 CrownRock 5.625% 15/10/2025 251 0.06 USD 1,173,000 CSC 5.5% 15/04/2027 920 0.23 USD 945,000 CVS Health 5.05% 25/03/2048 727 0.18 USD 332,000 Dell EMC 4.9% 01/10/2026 259 0.06 USD 430,000 Dell EMC 5.3% 01/10/2029 332 0.08 USD 150,000 Devon Energy 5% 15/06/2045 120 0.03 USD 410,000 Devon Energy 5.85% 15/12/2025 356 0.09 EUR 100,000 Digital Euro Finco 2.5% 16/01/2026 90 0.02 EUR 200,000 Digital Euro Finco 2.625% 15/04/2024 184 0.05 USD 965,000 Digital Realty Trust 3.7% 15/08/2027 733 0.18 USD 713,000 Discover Financial Services 4.5% 30/01/2026 562 0.14 USD 173,000 Discovery Communications 2.95% 20/03/2023 131 0.03 USD 120,000 DISH DBS 7.75% 01/07/2026 80 0.02 USD 465,000 Dollar Tree FRN 3.47344% 17/04/2020 357 0.09 USD 135,000 Dow Chemical 4.625% 01/10/2044 101 0.02 USD 138,000 Dow Chemical 9.4% 15/05/2039 160 0.04 USD 760,000 DowDuPont 4.205% 15/11/2023 609 0.15 USD 344,000 Dryden 71 CLO FRN 3.84247% 15/01/2029 264 0.07 USD 55,000 Duke Energy Ohio 3.7% 15/06/2046 41 0.01 USD 70,000 Eastman Chemical 4.65% 15/10/2044 52 0.01 USD 140,842 ECAF I 3.473% 15/06/2040 107 0.03 USD 250,000 Eldorado Resorts 6% 01/04/2025 194 0.05 USD 333,000 Encompass Health 5.75% 15/09/2025 260 0.06 USD 5,154 Encore Credit Receivables Trust 2005-3 FRN 3.2205% 25/10/2035 4 0.00 USD 523,000 Energy Transfer Operating 4.05% 15/03/2025 407 0.10 USD 882,000 Energy Transfer Operating 6.625% Perpetual 641 0.16 USD 240,000 EnLink Midstream Partners 4.85% 15/07/2026 183 0.04

65 254344 08 Omnis Portfolio Investments pp048-pp077 (Global Bond).qxp 30/05/2019 12:31 Page 66

Omnis Global Bond Fund

Portfolio Statement (continued) As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

United States 37.81% [37.35%] (continued) USD 216,000 Enterprise Products Operating 5.375% 15/02/2078 147 0.04 USD 662,000 EQT 3.9% 01/10/2027 475 0.12 USD 271,702 Fannie Mae Connecticut Avenue Securities FRN 3.7855% 25/04/2029 209 0.05 USD 275,195 Fannie Mae Connecticut Avenue Securities FRN 5.4855% 25/07/2024 224 0.06 USD 421,229 Fannie Mae Connecticut Avenue Securities FRN 7.3855% 25/11/2024 363 0.09 USD 1,130,242 Fannie Mae Pool 4% 01/06/2047 896 0.22 USD 1,298,699 Fannie Mae Pool 4% 01/09/2047 1,030 0.25 USD 2,184,473 Fannie Mae Pool 4% 01/11/2047 1,733 0.43 USD 820,616 Fannie Mae Pool 4% 01/01/2048 651 0.16 USD 1,649,996 Fannie Mae Pool 4.5% 01/11/2048 1,322 0.33 USD 943,055 Fannie Mae Pool BH2623F 4% 01/08/2047 748 0.18 USD 2,109,239 Fannie Mae Pool BH6668F 4% 01/08/2047 1,673 0.41 USD 41,000 FedEx 4.05% 15/02/2048 28 0.01 USD 119,000 FedEx 4.1% 01/02/2045 83 0.02 USD 17,184 FFMLT Trust 2005-FF8 FRN 3.2205% 25/09/2035 13 0.00 USD 710,000 Fidelity National Information Services 4.5% 15/08/2046 515 0.13 USD 656,000 Fifth Third Bancorp 3.65% 25/01/2024 516 0.13 USD 200,000 First Data 5.375% 15/08/2023 157 0.04 USD 250,000 First Republic Bank 4.625% 13/02/2047 195 0.05 USD 862,415 Flagstar Mortgage Trust 2017-2 3.5% 25/10/2047 663 0.16 USD 195,000 Fortive 2.35% 15/06/2021 148 0.04 USD 265,000 Fortive 4.3% 15/06/2046 199 0.05 USD 1,393,688 Freddie Mac Gold Pool 3.5% 01/08/2047 1,086 0.27 USD 937,669 Freddie Mac Gold Pool 4% 01/07/2047 744 0.18 USD 922,489 Freddie Mac Gold Pool 4% 01/08/2047 732 0.18 USD 2,203,442 Freddie Mac Gold Pool 4% 01/11/2047 1,749 0.43 USD 1,312,292 Freddie Mac Gold Pool 4% 01/01/2048 1,042 0.26 USD 1,500,000 Freddie Mac Multifamily Structured Pass Through Certificates 3.12% 25/09/2026 1,173 0.29 USD 1,825,000 Freddie Mac Multifamily Structured Pass Through Certificates 3.284% 25/06/2025 1,444 0.36 USD 104,561 Freddie Mac Structured Agency Credit Risk Debt Notes FRN 5.0855% 25/12/2027 81 0.02 USD 191,266 Freddie Mac Structured Agency Credit Risk Debt Notes FRN 5.2855% 25/05/2028 150 0.04 USD 250,000 Freddie Mac Structured Agency Credit Risk Debt Notes FRN 5.7855% 25/10/2027 210 0.05 USD 250,000 Freddie Mac Structured Agency Credit Risk Debt Notes FRN 6.0855% 25/04/2024 207 0.05 USD 317,000 Freddie Mac Structured Agency Credit Risk Debt Notes FRN 6.1855% 25/04/2028 271 0.07 USD 345,000 Freddie Mac Structured Agency Credit Risk Debt Notes FRN 7.1855% 25/04/2028 305 0.08

66 254344 08 Omnis Portfolio Investments pp048-pp077 (Global Bond).qxp 30/05/2019 12:31 Page 67

Omnis Global Bond Fund

Portfolio Statement (continued) As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

United States 37.81% [37.35%] (continued) USD 250,000 Galaxy XXI CLO FRN 3.781% 20/04/2031 189 0.05 USD 507,000 General Electric 4.125% 09/10/2042 338 0.08 USD 221,000 General Mills 4% 17/04/2025 175 0.04 USD 245,000 General Mills FRN 3.78344% 17/10/2023 189 0.05 USD 141,000 General Motors Financial 3.15% 30/06/2022 107 0.03 USD 771,229 Ginnie Mae II Pool 5% 20/09/2048 619 0.15 USD 787,706 Ginnie Mae II Pool 5.5% 20/01/2049 637 0.16 USD 460,000 Golden Nugget 6.75% 15/10/2024 354 0.09 USD 292,000 Goldentree Loan Management US CLO 2 FRN 3.911% 28/11/2030 223 0.05 EUR 163,000 Goldman Sachs 1.375% 15/05/2024 143 0.04 USD 735,000 Goldman Sachs 5% Perpetual 519 0.13 USD 539,000 GS Mortgage Securities Trust 2016-GS2 3.05% 10/05/2049 412 0.10 USD 479,000 GS Mortgage Securities Trust 2017-GS5 3.674% 10/03/2050 380 0.09 USD 315,000 H&E Equipment Services 5.625% 01/09/2025 241 0.06 USD 326,000 HCA 5.5% 15/06/2047 266 0.07 USD 735,000 Hewlett Packard Enterprise 3.6% 15/10/2020 569 0.14 USD 461,000 Hexcel 3.95% 15/02/2027 353 0.09 USD 150,000 High Street Funding Trust II 4.682% 15/02/2048 118 0.03 USD 670,000 Hilton USA Trust 2016-HHV Class C 4.333283% 05/11/2038 524 0.13 USD 670,000 Hilton USA Trust 2016-HHV Class D 4.333283% 05/11/2038 514 0.13 USD 210,000 Home Depot 4.25% 01/04/2046 170 0.04 USD 602,000 Hospitality 2017-HIT Mortgage Trust FRN 3.3235% 08/05/2030 461 0.11 CAD 1,000,000 International Bank for Reconstruction & Development 1.125% 11/03/2020 571 0.14 USD 582,000 International Flavors & Fragrances 5% 26/09/2048 469 0.12 USD 281,000 J.P. Morgan Chase Commercial Mortgage Securities Trust 2016-NINE 2.949237% 06/10/2038 211 0.05 USD 971,000 JC Penney 5.875% 01/07/2023 629 0.16 USD 857,632 JP Morgan Mortgage Trust 2016-3 3.5% 25/10/2046 658 0.16 USD 160,095 JP Morgan Mortgage Trust 2016-4 3.5% 25/10/2046 123 0.03 USD 449,764 JP Morgan Mortgage Trust 2017-1 3.5% 25/01/2047 346 0.09 USD 631,045 JP Morgan Mortgage Trust 2017-2 3.5% 25/05/2047 484 0.12 USD 303,214 JP Morgan Mortgage Trust 2017-3 3.5% 25/08/2047 233 0.06 USD 906,445 JP Morgan Mortgage Trust 2017-4 3.5% 25/11/2048 699 0.17 USD 621,681 JP Morgan Mortgage Trust 2018-8 A5 4% 25/01/2049 483 0.12 USD 869,485 JP Morgan Mortgage Trust 2018-8 A15 4% 25/01/2049 676 0.17 USD 226,389 JP Morgan Mortgage Trust 2018-9 4% 25/02/2049 176 0.04 EUR 200,000 JPMorgan Chase 1.5% 27/01/2025 182 0.04 USD 250,000 JPMorgan Chase 2.95% 01/10/2026 187 0.05 USD 422,000 JPMorgan Chase 4.023% 05/12/2024 336 0.08

67 254344 08 Omnis Portfolio Investments pp048-pp077 (Global Bond).qxp 30/05/2019 12:31 Page 68

Omnis Global Bond Fund

Portfolio Statement (continued) As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

United States 37.81% [37.35%] (continued) USD 1,535,000 JPMorgan Chase FRN 3.50238% 23/04/2024 1,167 0.29 USD 805,000 Kansas City Southern 4.7% 01/05/2048 644 0.16 USD 310,000 Keurig Dr Pepper 3.551% 25/05/2021 240 0.06 USD 460,000 Keurig Dr Pepper 4.057% 25/05/2023 363 0.09 USD 140,000 Keysight Technologies 4.6% 06/04/2027 111 0.03 USD 519,000 Kinder Morgan 5.2% 01/03/2048 418 0.10 USD 145,000 Kinder Morgan 5.55% 01/06/2045 121 0.03 USD 218,000 Kroger 3.875% 15/10/2046 139 0.03 USD 689,000 Kroger 4.45% 01/02/2047 478 0.12 USD 20,000 Kroger 5.15% 01/08/2043 15 0.00 USD 359,000 LCM XV FRN 4.001% 20/07/2030 275 0.07 USD 179,000 M&T Bank 5.125% Perpetual 137 0.03 USD 826,000 Madison Park Funding XVIII FRN 3.951% 21/10/2030 631 0.16 USD 1,000,000 Manufacturers & Traders Trust 3.4% 17/08/2027 778 0.19 USD 355,000 Marathon Petroleum 3.8% 01/04/2028 269 0.07 USD 191,000 Marathon Petroleum 4.5% 01/04/2048 140 0.03 USD 498,000 Marriott International FRN 3.22613% 01/12/2020 383 0.09 USD 119,000 McDonald's 4.45% 01/09/2048 93 0.02 USD 153,000 Merck 3.4% 07/03/2029 120 0.03 USD 705,000 MetLife 6.4% 15/12/2036 578 0.14 USD 100,000 MidAmerican Energy 3.95% 01/08/2047 78 0.02 EUR 100,000 Mondelez International 2.375% 06/03/2035 91 0.02 USD 155,000 Moody's 2.75% 15/12/2021 119 0.03 EUR 100,000 Morgan Stanley 1.375% 27/10/2026 88 0.02 USD 700,000 Morgan Stanley 3.875% 29/04/2024 552 0.14 USD 732,000 Morgan Stanley 3.875% 27/01/2026 573 0.14 USD 807,000 Morgan Stanley 4.431% 23/01/2030 653 0.16 EUR 460,000 Morgan Stanley FRN 0.392% 19/11/2019 398 0.10 USD 249,000 Mosaic 3.25% 15/11/2022 191 0.05 USD 265,000 Mosaic 4.25% 15/11/2023 211 0.05 USD 703,000 Motorola Solutions 4.6% 23/02/2028 538 0.13 USD 656,000 MPLX 4.5% 15/04/2038 476 0.12 USD 825,000 MPT Operating Partnership 5% 15/10/2027 644 0.16 USD 487,000 MSCG Trust 2018-SELF FRN 4.13375% 15/10/2037 371 0.09 USD 500,000 Multi-Color 4.875% 01/11/2025 396 0.10 USD 571,331 Nationstar Home Equity Loan Trust 2007-A FRN 2.7155% 25/03/2037 429 0.11 USD 625,000 Netflix 4.875% 15/04/2028 475 0.12 USD 282,000 Newell Brands 3.85% 01/04/2023 214 0.05 USD 231,000 Newell Brands 4.2% 01/04/2026 169 0.04 USD 449,000 Noble Energy 3.85% 15/01/2028 339 0.08 USD 111,000 Noble Energy 3.9% 15/11/2024 86 0.02 USD 467,000 Nucor 4.4% 01/05/2048 367 0.09 USD 560,000 One Market Plaza Trust 2017-1MKT 4.0163% 10/02/2032 431 0.11

68 254344 08 Omnis Portfolio Investments pp048-pp077 (Global Bond).qxp 30/05/2019 12:31 Page 69

Omnis Global Bond Fund

Portfolio Statement (continued) As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

United States 37.81% [37.35%] (continued) USD 375,000 One Market Plaza Trust 2017-1MKT 4.1455% 10/02/2032 287 0.07 USD 680,000 OneMain Financial Issuance Trust 2017-1 2.37% 14/09/2032 518 0.13 USD 200,000 ONEOK 4.35% 15/03/2029 156 0.04 USD 578,843 Option One Mortgage Loan Trust 2007-FXD2 5.82% 25/03/2037 432 0.11 USD 180,430 Option One Mortgage Loan Trust 2007-FXD2 5.947% 25/03/2037 133 0.03 USD 170,000 Packaging Corp of America 2.45% 15/12/2020 130 0.03 USD 500,000 PNC Bank 2.7% 01/11/2022 381 0.09 USD 320,000 PNC Bank 2.95% 23/02/2025 244 0.06 USD 881,000 Progressive 5.375% Perpetual 671 0.17 EUR 110,000 Prologis 3% 02/06/2026 109 0.03 USD 734,000 Prudential Financial 4.5% 15/09/2047 539 0.13 USD 505,000 Qualitytech 4.75% 15/11/2025 376 0.09 USD 573,000 RAMP Series 2007-RZ1 Trust FRN 2.7355% 25/02/2037 423 0.10 USD 395,000 Regions Bank 2.75% 01/04/2021 302 0.07 USD 250,000 Regions Financial 2.75% 14/08/2022 190 0.05 USD 666,000 Roper Technologies 3.65% 15/09/2023 523 0.13 USD 385,000 Roper Technologies 3.8% 15/12/2026 297 0.07 USD 410,000 Sabine Pass Liquefaction 4.2% 15/03/2028 317 0.08 USD 360,000 Sabine Pass Liquefaction 5.625% 01/03/2025 303 0.07 USD 35,408 Santander Drive Auto Receivables Trust 2015-3 2.74% 15/01/2021 27 0.01 USD 300,000 SBA Communications 4.875% 01/09/2024 233 0.06 USD 1,005,000 Sempra Energy 3.8% 01/02/2038 707 0.17 USD 791,000 Sherwin-Williams 2.75% 01/06/2022 603 0.15 USD 110,891 SoFi Professional Loan Program 2017-E 1.86% 26/11/2040 84 0.02 USD 658,000 SoFi Professional Loan Program 2017-F 2.84% 25/01/2041 501 0.12 USD 658,000 SoFi Professional Loan Program 2018-A 2.95% 25/02/2042 500 0.12 USD 311,934 SoFi Professional Loan Program 2018-B Trust 2.64% 25/08/2047 239 0.06 USD 891,000 Sound Point CLO XVIII FRN 3.881% 21/01/2031 677 0.17 USD 69,000 Southern California Edison 3.65% 01/03/2028 52 0.01 USD 712,000 Southern California Edison 4.2% 01/03/2029 554 0.14 USD 59,000 Southwestern Energy 7.5% 01/04/2026 46 0.01 USD 570,000 Southwestern Energy 7.75% 01/10/2027 449 0.11 USD 278,000 State Street 5.625% Perpetual 214 0.05 USD 132,291 Structured Asset Investment Loan Trust 2003-BC4 FRN 3.6855% 25/06/2033 101 0.02 USD 561,000 SunTrust Banks 2.7% 27/01/2022 429 0.11 USD 1,327,000 SunTrust Banks 5.125% Perpetual 958 0.24

69 254344 08 Omnis Portfolio Investments pp048-pp077 (Global Bond).qxp 30/05/2019 12:31 Page 70

Omnis Global Bond Fund

Portfolio Statement (continued) As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

United States 37.81% [37.35%] (continued) USD 206,000 Synchrony Financial 3.95% 01/12/2027 149 0.04 USD 152,000 Synchrony Financial 4.375% 19/03/2024 118 0.03 USD 1,036,000 TAL Advantage V 3.55% 20/11/2038 794 0.20 USD 815,000 Targa Resources Partners 5% 15/01/2028 615 0.15 USD 1,040,000 Tenet Healthcare 4.625% 15/07/2024 799 0.20 USD 536,000 Texas Instruments 3.875% 15/03/2039 427 0.11 USD 875,000 THL Credit Wind River 2013-2 CLO FRN 4.01031% 18/10/2030 667 0.16 USD 828,000 THL Credit Wind River 2017-3 CLO FRN 3.84675% 15/10/2030 635 0.16 USD 475,374 Towd Point Mortgage Trust 2017-1 2.75% 25/10/2056 361 0.09 USD 534,727 Towd Point Mortgage Trust 2017-2 2.75% 25/04/2057 406 0.10 USD 368,608 Towd Point Mortgage Trust 2017-3 2.75% 25/07/2057 280 0.07 USD 197,412 Towd Point Mortgage Trust 2017-4 2.75% 25/06/2057 150 0.04 USD 1,060,692 Towd Point Mortgage Trust 2017-6 2.75% 25/10/2057 804 0.20 USD 446,000 Tyson Foods 4% 01/03/2026 350 0.09 USD 455,000 Union Electric 3.5% 15/03/2029 357 0.09 USD 305,000 United Rentals North America 4.875% 15/01/2028 226 0.06 USD 970,000 United States Treasury Bill 0% 06/06/2019 741 0.18 USD 21,435,000 United States Treasury Note/Bond 1.375% 31/08/2020 16,222 4.00 USD 8,788,000 United States Treasury Note/Bond 1.625% 15/02/2026 6,444 1.59 USD 14,571,000 United States Treasury Note/Bond 2.5% 15/02/2046 10,525 2.60 USD 903,000 United States Treasury Note/Bond 2.625% 15/02/2029 706 0.17 USD 121,000 United Technologies 2.8% 04/05/2024 92 0.02 USD 264,000 United Technologies 3.95% 16/08/2025 210 0.05 USD 76,000 United Technologies 4.45% 16/11/2038 60 0.01 USD 206,000 UnitedHealth 4.45% 15/12/2048 171 0.04 USD 500,000 Valero Energy 3.4% 15/09/2026 375 0.09 USD 415,000 Ventas Realty 3.5% 01/02/2025 317 0.08 USD 45,000 Verizon Communications 3.376% 15/02/2025 35 0.01 USD 729,000 Verizon Communications 3.85% 01/11/2042 524 0.13 USD 295,000 Verizon Communications 4.016% 03/12/2029 233 0.06 USD 231,000 Verizon Communications 4.272% 15/01/2036 180 0.04 USD 355,000 Vornado Realty 3.5% 15/01/2025 270 0.07 USD 232,000 Voya Financial 4.7% 23/01/2048 154 0.04 USD 242,022 WaMu Mortgage Pass-Through Certificates Series 2004-AR4 Trust 4.095909% 25/06/2034 187 0.05 EUR 150,000 Wells Fargo 2% 27/04/2026 139 0.03 GBP 100,000 Wells Fargo 2.125% 22/04/2022 101 0.02 USD 548,000 Wells Fargo 3.75% 24/01/2024 433 0.11 EUR 200,000 Wells Fargo FRN 0.142% 24/04/2019 172 0.04 USD 365,000 Welltower 3.625% 15/03/2024 285 0.07 USD 780,000 Williams 4% 15/09/2025 613 0.15 USD 130,000 Williams 4.85% 01/03/2048 99 0.02

70 254344 08 Omnis Portfolio Investments pp048-pp077 (Global Bond).qxp 30/05/2019 12:31 Page 71

Omnis Global Bond Fund

Portfolio Statement (continued) As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

United States 37.81% [37.35%] (continued) USD 182,000 Worldwide Plaza Trust 2017-WWP 3.5263% 10/11/2036 142 0.03 EUR 200,000 Zimmer Biomet 1.414% 13/12/2022 178 0.04 EUR 100,000 Zimmer Biomet 2.425% 13/12/2026 92 0.02 USD 260,000 Zions Bancorporation 3.5% 27/08/2021 202 0.05 153,221 37.81 Swap (0.49%) [(0.52%)] EUR 459,040 Citi Credit Default Swap EUR 1% 20/12/2023 0 0.00 EUR 106,591 Citi Credit Default Swap EUR 1% 20/12/2023 0 0.00 EUR 158,133 JPMorgan Credit Default Swap EUR 1% 20/12/2023 0 0.00 USD 1,058,701 JPMorgan Credit Default Swap USD 5% 20/06/2023 (57) (0.01) EUR 1,789,514 Morgan Stanley Credit Default Swap EUR 5% 20/12/2023 (151) (0.04) USD 6,528,000 Morgan Stanley Credit Default Swap USD 1% 20/12/2023 99 0.02 USD 2,771,903 Morgan Stanley Credit Default Swap USD 5% 20/06/2023 (151) (0.04) USD 1,668,588 Morgan Stanley Credit Default Swap USD 5% 20/06/2023 (91) (0.02) USD 1,027,737 Morgan Stanley Credit Default Swap USD 5% 20/06/2023 (56) (0.01) USD 18,295,718 Morgan Stanley Credit Default Swap USD 5% 20/12/2023 (934) (0.23) USD 3,360,250 Morgan Stanley Interest Rate Swap USD 2.073% 15/02/2029 (3) 0.00 USD 1,881,740 Morgan Stanley Interest Rate Swap USD 2.0995% 05/02/2029 (7) 0.00 USD 13,631,250 Morgan Stanley Interest Rate Swap USD 2.103% 25/02/2029 (30) (0.01) USD 4,838,760 Morgan Stanley Interest Rate Swap USD 2.123% 05/02/2029 (25) (0.01) USD 19,805,990 Morgan Stanley Interest Rate Swap USD 2.3% 30/07/2023 (367) (0.09) USD 9,255,463 Morgan Stanley Interest Rate Swap USD 2.34625% 24/05/2023 (178) (0.04) USD 70,292,000 Morgan Stanley Interest Rate Swap USD 2.38% 20/03/2023 202 0.05 USD 15,692,000 Morgan Stanley Interest Rate Swap USD 2.702% 20/03/2031 (250) (0.06) (1,999) (0.49) Options 0.01% [0.18%] USD (5,095,000) BSD2W73E6 USD CALL KRW PUT (10) 0.00 USD 5,095,000 BSD2W74B1 USD CALL KRW PUT 55 0.01 USD (5,095,000) BSD2W74S4 USD PUT KRW CALL (10) 0.00 USD 5,141,000 BSD2ZN332 USD C KRW P 55 0.01 USD (5,141,000) BSD2ZN6H8 USD C KRW P (11) 0.00 USD (5,141,000) BSD2ZN6L9 USD P KRW C (10) 0.00

71 254344 08 Omnis Portfolio Investments pp048-pp077 (Global Bond).qxp 30/05/2019 12:31 Page 72

Omnis Global Bond Fund

Portfolio Statement (continued) As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

Options 0.01% [0.18%] (continued) AUD (6,404,000) BSD31HST6 AUD P USD C (20) (0.01) EUR 11,632,000 BSD37JE46 EUR PUT USD CALL 88 0.02 EUR (5,816,000) BSD37JE79 EUR CALL USD PUT (44) (0.01) USD (2,468,090) BSD39TPJ7 CDX SWAPTION (10) 0.00 USD (9,255,338) BSD3A2G13 CDX SWAPTION (36) (0.01) USD (3,778,572) BSD3AGCZ1 CDX SWAPTION (15) 0.00 32 0.01 Futures 0.15% [(0.02%)] (869) Australian Bond 3 Year Futures June 2019 (248) (0.06) 257 Australian Bond 10 Year Futures June 2019 323 0.08 (53) German Euro BOBL Futures June 2019 (47) (0.01) (13) German Euro BTP Futures June 2019 (35) (0.01) (86) German Euro BUND Futures June 2019 (163) (0.04) 34 German Euro BUXL 30 Year Bond Futures June 2019 268 0.07 (47) German Euro OAT Futures June 2019 (139) (0.03) 57 German Euro SCHATZ Futures June 2019 11 0.00 16 Japan Bond 10 Year Futures June 2019 61 0.02 (84) UK Long Gilt Futures June 2019 (186) (0.05) 63 US Treasury Long Bond Futures June 2019 189 0.05 (223) US Treasury Note 2 Year Futures June 2019 (137) (0.04) 211 US Treasury Note 5 Year Futures June 2019 73 0.02 233 US Treasury Note 10 Year Futures June 2019 302 0.07 153 US Treasury Ultra 10 Year Futures June 2019 384 0.10 (23) US Treasury Ultra Bond Futures June 2019 (69) (0.02) 587 0.15 Forward Currency Contracts 0.09% [(0.32%)] Bought AUD9,692,112 for GBP5,216,905 Settlement 12/04/2019 65 0.02 Bought CZK119,363,400 for EUR4,655,281 Settlement 12/04/2019 (32) (0.01) Bought EUR4,646,464 for CHF5,275,400 Settlement 12/04/2019 (62) (0.02) Bought EUR27,700,735 for GBP23,749,171 Settlement 12/04/2019 129 0.03 Bought EUR1,536,840 for HUF492,706,100 Settlement 12/04/2019 4 0.00 Bought EUR2,342,467 for JPY291,964,100 Settlement 12/04/2019 (6) 0.00 Bought EUR2,331,256 for NOK22,581,100 Settlement 12/04/2019 (3) 0.00 Bought HUF492,706,100 for GBP1,340,624 Settlement 12/04/2019 (20) (0.01) Bought IDR87,251,348,545 for USD6,147,232 Settlement 12/04/2019 (21) (0.01) Bought JPY2,140,354,254 for GBP14,738,036 Settlement 12/04/2019 107 0.03

72 254344 08 Omnis Portfolio Investments pp048-pp077 (Global Bond).qxp 30/05/2019 12:31 Page 73

Omnis Global Bond Fund

Portfolio Statement (continued) As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

Forward Currency Contracts 0.09% [(0.32%)] (continued) Bought MXN50,633,000 for USD2,656,798 Settlement 12/04/2019 (39) (0.01) Bought MYR10,762,100 for USD2,656,390 Settlement 12/04/2019 (16) 0.00 Bought NOK133,665,976 for GBP11,635,926 Settlement 12/04/2019 275 0.07 Bought SEK102,183,649 for GBP8,259,631 Settlement 12/04/2019 197 0.05 Bought SEK18,196,000 for USD1,985,039 Settlement 12/04/2019 (17) 0.00 Bought USD12,631,329 for GBP9,643,808 Settlement 12/04/2019 45 0.01 Bought USD7,269,942 for GBP5,478,036 Settlement 24/04/2019 95 0.02 Bought USD8,715,850 for KRW9,825,203,500 Settlement 12/04/2019 44 0.01 Bought USD2,630,418 for MYR10,762,100 Settlement 12/04/2019 (4) 0.00 Bought USD15,088,469 for TWD464,800,300 Settlement 12/04/2019 (1) 0.00 Sold AUD2,013,117 for GBP1,083,962 Settlement 12/04/2019 (13) 0.00 Sold CAD8,048,486 for GBP4,577,830 Settlement 12/04/2019 (44) (0.01) Sold CHF4,444,631 for GBP3,376,455 Settlement 12/04/2019 (50) (0.01) Sold CZK116,234,744 for GBP3,892,545 Settlement 12/04/2019 16 0.00 Sold EUR19,705,842 for GBP16,916,632 Settlement 12/04/2019 (70) (0.02) Sold MXN48,862,200 for GBP1,899,539 Settlement 12/04/2019 (30) (0.01) Sold NOK8,774,207 for GBP763,815 Settlement 12/04/2019 (18) 0.00 Sold PLN1,056,621 for GBP210,714 Settlement 12/04/2019 (1) 0.00 Sold USD48,190,057 for GBP36,806,694 Settlement 12/04/2019 (157) (0.04) Sold USD111,888 for GBP85,324 Settlement 24/04/2019 0 0.00 373 0.09

73 254344 08 Omnis Portfolio Investments pp048-pp077 (Global Bond).qxp 30/05/2019 12:31 Page 74

Omnis Global Bond Fund

Portfolio Statement (continued) As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

Portfolio of investments 398,311 98.30 Net other assets 6,909 1.70 Net assets 405,220 100.00

All investments are ordinary bonds unless otherwise stated and admitted to official stock exchange listings. Comparative figures shown above in square brackets relate to 28 September 2018. Gross purchases for the six months (excl. Derivatives): £155,685,000 [2018: £210,119,000]. Total sales net of transaction costs for the six months (excl. Derivatives): £150,011,000 [2018: £155,076,000].

Associated Bond Ratings as at 31 March 2019 % of Total Bonds Rating Net Assets AAA 29.00% AA 18.49% A 24.41% BBB 21.60% BB (0.45)% B (0.37)% CCC 0.09% Bonds 92.77% Uninvested Cash 1.96% CDS 0.00 IRS & Forwards 5.27% Net Assets 100.00%

The above information has been supplied by the Investment Manager.

74 254344 08 Omnis Portfolio Investments pp048-pp077 (Global Bond).qxp 30/05/2019 12:31 Page 75

Omnis Global Bond Fund

Statement of Total Return For the six months ended 31 March 2019 (unaudited)

29/09/18 to 31/03/19 01/10/17 to 31/03/18 £’000 £’000 £’000 £’000 Income: Net capital gains/(losses) 10,602 (10,143) Revenue 4,208 3,312 Expenses (977) (828) Interest payable and similar charges (6) (12) Net revenue before taxation 3,225 2,472 Taxation (40) (18) Net revenue after taxation 3,185 2,454 Total return before distributions 13,787 (7,689) Distributions (3,185) (2,454) Change in net assets attributable to Shareholders from investment activities 10,602 (10,143)

Statement of Change in Net Assets Attributable to Shareholders For the six months ended 31 March 2019 (unaudited)

29/09/18 to 31/03/19 01/10/17 to 31/03/18 £’000 £’000 £’000 £’000 Opening net assets attributable to Shareholders 395,484 309,735 Amounts receivable on issue of Shares 17,436 59,204 Amounts payable on cancellation of Shares (18,302) (22,181) (866) 37,023 Change in net assets attributable to Shareholders from investment activities (see above) 10,602 (10,143) Closing net assets attributable to Shareholders 405,220 336,615

The above statement shows the comparative closing net assets at 31 March 2018 whereas the current accounting period commenced 29 September 2018.

75 254344 08 Omnis Portfolio Investments pp048-pp077 (Global Bond).qxp 30/05/2019 12:31 Page 76

Omnis Global Bond Fund

Balance Sheet As at 31 March 2019 (unaudited)

31/03/19 28/09/18 £’000 £’000 £’000 £’000 Assets: Fixed assets: Investments 402,405 388,611 Current assets: Debtors 5,275 14,618 Cash and bank balances 13,008 20,353 Other loan assets – 2,609 Total current assets 18,283 37,580 Total assets 420,688 426,191 Liabilities: Investment liabilities (4,094) (5,964) Creditors: Bank overdrafts (1,483) (609) Distribution payable (3,219) (3,321) Other creditors (6,672) (20,813) Total creditors (11,374) (24,743) Total liabilities (15,468) (30,707) Net assets attributable to Shareholders 405,220 395,484

76 254344 08 Omnis Portfolio Investments pp048-pp077 (Global Bond).qxp 30/05/2019 12:31 Page 77

Omnis Global Bond Fund

Distribution Table As at 31 March 2019 (unaudited)

Interim Distribution in pence per share Group 1 Shares purchased prior to 29 September 2018 Group 2 Shares purchased on or after 29 September 2018 to 31 March 2019

Distribution Distribution Gross payable paid revenue Equalisation 31/05/19 31/05/18 (p) (p) (p) (p) Share Class A Income Group 1 0.9716 – 0.9716 0.8891 Group 2 0.4404 0.5312 0.9716 0.8891

77 254344 09 Omnis Portfolio Investments pp078-pp089 (Income and Growth).qxp 30/05/2019 12:33 Page 78

Omnis Income and Growth Fund

Investment Manager’s Report For the six months ended 31 March 2019 (unaudited)

Investment Objective The aim is to provide income together with capital growth.

Investment Policy The Fund aims to invest primarily (meaning at least 70% of its scheme property) in UK listed securities including companies which are listed but not incorporated in the UK. In addition, the Fund may invest up to ten (10) percent of its scheme property in unquoted companies (the “Unlisted Portfolio”). The Fund may invest in transferable securities, unlisted securities, money market instruments, warrants, units in collective investment schemes, deposits as detailed in the most recent Prospectus. The Fund may make use of derivatives for the purposes of efficient portfolio management. It is not anticipated that such use of derivatives will have a significant effect on the risk profile of the Fund.

Investment Review Over the period the Omnis Income & Growth Fund returned -12.11% and the benchmark (FTSE All-Share) returned -1.80% [source: Financial Express, bid to bid, net income reinvested]. During the period the fund generated net income of 2.80p per share in the B Income class and 4.10p in the B Accumulation class. As at the period end the Fund Yield was 4.70% and the benchmark (FTSE All-Share) Yield was 4.40% [source: Bloomberg 12 Month Forward Estimates]. The period under review has been challenging for performance. We have seen a very attractive investment opportunity emerging over the course of the last two years, in domestically-exposed stocks, such as housebuilders, construction and commercial property companies. These have been increasingly out-of-favour since the UK voted to leave the EU in 2016. As the negotiations with Europe have progressed, uncertainty about the path of the UK’s future relationship with Europe has increased. Within the UK stock market, a significant gap has, in turn, emerged between the performance and valuation of international-facing stocks and domestically- focused stocks. The fund has progressively increased its exposure to the latter, selectively focusing on stocks which with prices reflecting an overly bleak outlook for the UK’s economic future. The market’s persistent negativity towards UK-exposed stocks has been a key contributor to the fund’s underperformance during the period. The companies themselves have done very little wrong– some of them have delivered excellent operational results – but this has counted for nothing given the continued negativity towards UK-exposed stocks. By way of example, we point to the current valuation of the housebuilder, Taylor Wimpey, which released a strong set of full year financial results in February. It has reiterated its commitment to a yield of more than 10%, which means the share price could double from here and still look cheap. The same or similar applies to the share prices of many housebuilders and other companies that generate the majority of their revenues in the UK economy and that are held in the portfolio. Elsewhere, Circassia provides a great example of how Brexit uncertainty is affecting all sorts of businesses. Despite being a London-listed business founded on British intellectual property, Circassia has very little to do with the UK economy. Nevertheless, its shares drifted lower during the period, despite some very encouraging news in March, when it announced that one of its products had received US regulatory approval. Sometimes, companies step in to take advantage of market glitches. Portfolio holding BTG was acquired by Boston Scientific in November, making it the biggest performance contributor during the period. It has subsequently been sold. We expect more activity like this, as other companies look to benefit from the bargains on offer in the UK.

78 254344 09 Omnis Portfolio Investments pp078-pp089 (Income and Growth).qxp 30/05/2019 12:33 Page 79

Omnis Income and Growth Fund

Investment Manager’s Report (continued) For the six months ended 31 March 2019 (unaudited)

Market Overview During the period under review, the behaviour of the UK equity market was primarily influenced by Brexit. As the tide of uncertainty has ebbed and flowed, with the perceived threat of a no-deal Brexit rising and falling, so too has the stock market’s appetite for domestically-exposed stocks.

This behaviour has been a headwind to performance. Our investment strategy is driven by long-term fundamental and valuation considerations. That is because valuation is the only reliable predictor of long-term investment returns.

Nevertheless, sometimes markets can become detached from valuation reality. This is something we have seen before in the late-stages of a bull market and it inevitably poses a problem for our disciplined approach. In the UK, the divergence between fundamental value and equity market price, has been exacerbated by the ongoing preoccupation with the Brexit debate.

This is, of course, exactly the sort of opportunity that we exist to exploit. It has created very attractive valuations and, although it has been painful for performance as the opportunity has unfolded, we remain convinced that we will ultimately be rewarded for this element of the strategy.

Outlook Data from across much of the global economy, has continued to fall below expectations.

Previously, US Federal Reserve’s (the Fed) guidance had suggested two more interest rate increases were likely this year, with quantitative tightening (QT – the process by which the Fed reverses years of quantitative easing by reducing the size of its balance sheet) expected to continue throughout the year. Now, the next move in US interest rates might be down and the pace of QT will slow from May and will conclude at the end of September.

As a result of the stock market rally so far in 2019, bond and equity markets are now telling us very different things about the economic outlook. The yield on many long-dated US government bonds, for example, recently moved below that of shorter-dated bonds. This is known as an “inverted yield curve”, which is often seen as an early warning sign that more troubling economic conditions are on their way. It is hard to reconcile this with the more buoyant mood in equity markets. We have more sympathy with the view expressed by bond markets currently and are positioned accordingly.

Our strategy remains focused on avoiding the considerable risks that have built up in equity markets over the last decade of QE and capturing the opportunity that exists in the few parts of the market that have been left behind. This results in a portfolio that has a strong but selective bias towards profoundly undervalued companies that are exposed to the UK economy.

Elsewhere, the portfolio is also positioned to capture an exciting long-term opportunity across a range of earlier-stage businesses exposed to the themes of healthcare innovation and disruptive technology more broadly.

Investment Manager Woodford Investment Management Ltd 17 April 2019

79 254344 09 Omnis Portfolio Investments pp078-pp089 (Income and Growth).qxp 30/05/2019 12:33 Page 80

Omnis Income and Growth Fund

Material Portfolio Changes For the six months ended 31 March 2019 (unaudited)

Purchases Sales Portfolio Name Cost £’000 Portfolio Name Proceeds £’000 British American Tobacco 9,913 British American Tobacco 15,141 Burford Capital 9,033 Legal & General 11,342 Kier 6,236 BTG 10,218 Legal & General 6,135 ITV 5,577 Countryside Properties 5,730 Lloyds Banking 4,152 Autolus Therapeutics 5,321 HomeServe 3,347 Circassia Pharmaceuticals 4,659 Breedon 3,187 Royal Bank Of Scotland 4,038 Hostelworld 2,824 Purplebricks 3,714 Abaco Capital 1,587 Amigo 3,445 Imperial Tobacco 1,528

80 254344 09 Omnis Portfolio Investments pp078-pp089 (Income and Growth).qxp 30/05/2019 12:33 Page 81

Omnis Income and Growth Fund

Comparative Table As at 31 March 2019 (unaudited)

A Income A Accumulation 31/03/2019 28/09/2018 31/03/2019 28/09/2018 (p) (p) (p) (p)

Closing net asset value per share (p) 83.83 96.37 89.41 101.52 Percentage change (13.01%) (11.93%) Closing net asset value (£’000) 346,524 350,394 13,616 16,283 Closing number of shares 413,356,521 363,595,380 15,228,954 16,035,129 Operating charges 1.03% 1.00% 1.04% 1.00%

81 254344 09 Omnis Portfolio Investments pp078-pp089 (Income and Growth).qxp 30/05/2019 12:33 Page 82

Omnis Income and Growth Fund

Performance Information As at 31 March 2019 (unaudited)

Operating Charge Total Other Transaction operating AMC expenses costs charge Date (%) (%) (%) (%)

31/03/2019 Share Class A Income 0.88 0.15 0.00 1.03 Share Class A Accumulation 0.88 0.16 0.00 1.04

28/09/2018 Share Class A Income 0.90 0.10 0.00 1.00 Share Class A Accumulation 0.90 0.10 0.00 1.00

The Operating Charge is the ratio of the Fund’s total disclosable costs (excluding overdraft interest) to the average net assets of the Fund.

Risk and Reward Profile As at 31 March 2019 (unaudited)

Typically lower rewards Typically higher rewards

Lower risk Higher risk Share Class A 1 2 3 4 5 6 7

• This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund.

• The risk category shown is not guaranteed to remain unchanged and may shift over time.

• The Fund appears as a “5” on the scale. This is because the Fund invests in the shares of companies whose values tend to vary more widely than other asset classes.

• The Fund is expected to invest up to 10% of its assets in securities that are not readily tradeable (unlisted securities), which are fair valued by the ACD and may be less liquid than listed securities.

82 254344 09 Omnis Portfolio Investments pp078-pp089 (Income and Growth).qxp 30/05/2019 12:33 Page 83

Omnis Income and Growth Fund

Portfolio Statement As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

Aerospace & Defense 1.66% [2.06%]^ 1,209,778 Babcock International 5,970 1.66 5,970 1.66

Banks 1.20% [0.99%] 1,750,000 Royal Bank Of Scotland 4,323 1.20 4,323 1.20

Chemicals 0.25% [0.26%] 36,991,148 Itaconix 888 0.25 888 0.25

Construction & Materials 6.44% [4.77%] 2,005,000 Eurocell 4,732 1.31 3,033,438 Forterra 8,933 2.48 2,624,780 Kier 9,533 2.65 23,198 6.44

Electronic & Electrical Equipment 1.16% [1.21%] 2,650,000 Strix 4,187 1.16 4,187 1.16

Financial Services 21.60% [20.05%] 3,803,768 Allied Minds 2,396 0.67 4,661,075 Amigo 8,401 2.33 2,838,798 Arix Bioscience 4,116 1.14 1,390,011 Burford Capital 23,380 6.49 7,129,755 IP 6,260 1.74 2,386,302 Morses Club 3,937 1.09 5,682,311 Non-Standard Finance 3,103 0.86 2,000,000 Oakley Capital Investments 3,960 1.10 2,917,056 Provident Financial 14,929 4.15 6,166,727 Redde 7,326 2.03 77,808 21.60

Fixed Line Telecommunications 0.46% [0.00%] 748,678 BT 1,669 0.46 1,669 0.46

General Industrials 0.19% [0.34%] 1,352,836 RM2 International 676 0.19 676 0.19

General Retailers 1.10% [0.74%] 5,195,000 Topps Tiles 3,948 1.10 3,948 1.10

83 254344 09 Omnis Portfolio Investments pp078-pp089 (Income and Growth).qxp 30/05/2019 12:33 Page 84

Omnis Income and Growth Fund

Portfolio Statement (continued) As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

Health Care Equipment & Services 1.34% [1.43%] 6,499,614 NetScientific 520 0.14 2,488,274 Sensyne Health 4,330 1.20 3,126,575 Sphere Medical 0 0.00 4,850 1.34

Household Goods & Home Construction 19.78% [15.31%] 1,875,494 Barratt Developments 11,238 3.12 162,013 Bellway 4,933 1.37 6,435,133 Countryside Properties 20,901 5.80 1,858,097 Crest Nicholson 6,875 1.91 29,178,418 Eve Sleep 2,043 0.57 1,013,416 Redrow 6,091 1.69 6,861,424 Taylor Wimpey 12,035 3.34 3,264,552 Watkin Jones 7,133 1.98 71,249 19.78

Industrial Engineering 0.35% [0.23%] 16,778,067 Xeros Technology 1,258 0.35 1,258 0.35

Industrial Transportation 3.68% [2.64%] 8,393,830 Eddie Stobart Logistics 8,226 2.28 2,966,262 GYG 1,780 0.49 2,155,302 Stobart 3,268 0.91 13,274 3.68 Life Insurance 0.00% [1.37%] Media 0.00% [1.82%] Non-Equity Investment Instrument 0.00% [0.40%]

Pharmaceuticals & Biotechnolog 11.70% [11.92%] 1,374,186 4d pharma 1,759 0.49 554,356 Autolus Therapeutics 13,320 3.70 4,853,302 Benchmark 2,427 0.67 16,909,375 Circassia Pharmaceuticals 4,735 1.32 737,294 Evofem Biosciences 2,020 0.56 2,576,400 Horizon Discovery 3,839 1.07 8,538,696 Hvivo 2,135 0.59 2,023,636 Mereo Biopharma 3,238 0.90 2,975,358 Synairgen 363 0.10 47,401,230 Tissue Regenix 2,844 0.79 6,793,045 Verseon 5,434 1.51 42,114 11.70

Real Estate Investment & Services 2.21% [2.89%] 6,323,883 Purplebricks 7,956 2.21 7,956 2.21

84 254344 09 Omnis Portfolio Investments pp078-pp089 (Income and Growth).qxp 30/05/2019 12:33 Page 85

Omnis Income and Growth Fund

Portfolio Statement (continued) As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

Real Estate Investment Trusts 2.22% [2.26%] 3,356,039 NewRiver 8,004 2.22 8,004 2.22

Support Services 5.86% [7.15%]^ 2,825,689 AA 2,571 0.71 4,355,081 BCA Marketplace 8,580 2.38 8,002,690 Capita 9,923 2.76 2,149,819 Utilitywise 39 0.01 21,113 5.86

Tobacco 10.05% [11.96%] 331,365 British American Tobacco 10,584 2.94 975,749 Imperial Tobacco 25,609 7.11 36,193 10.05

Travel & Leisure 1.22% [1.92%] 2,005,044 TEN Entertainment 4,411 1.22 4,411 1.22

Unquoted 8.56% [9.20%] 35,037 ABLS Capital 23 0.01 2,350,000 Accelerated Digital Ventures Shares ‘A’ 2,256 0.63 40 Accelerated Digital Ventures Shares ‘B’ 0 0.00 2,224,347 Atom Bank 2,780 0.77 4,013 BenevolentAI 3,002 0.83 425,000 Cambridge Innovation Capital 403 0.11 528,164 Carrick Therapeutics 985 0.27 58,275 Cell Medica ‘C’ 230 0.06 1,044,294 Drayson 26 0.01 55,401 Econic Technologies Shares ‘B Pref’ 335 0.09 66,667 Econic Technologies Shares ‘C Pref’ 417 0.12 46,276 Evofem Biosciences Warrant 08/02/2026 0 0.00 970,253 Federated Wireless ‘B Pref’ 1,151 0.32 82,814,570 Fibre 7 UK ‘conv pref’ 1,656 0.46 464,468 Hawkeye 663 0.19 7,163 Kind Consumer 2,000 0.56 5,287 Metalysis ‘G Pref’ 127 0.04 60,533 Novabiotics 146 0.04 47,311 Oxford Nanopore 2,448 0.68 6,428,147 Oxford Pharmascience 193 0.05 2,129,565 Proton Partners 4,472 1.24 36,588 Ratesetter (Retail Money Market) 1,571 0.44 54,260 Seedrs 1,365 0.38 375,000 Sphere Medical ‘B Pref’ 375 0.11 35,435,861 Sphere Medical ‘Conv Pref’ 174 0.05 750,000 Sphere Medical ‘Conv Pref Ordinary Shares’ 750 0.21 1,575,694 Sphere Medical Warrant 0 0.00 79,239 Ultrahaptics ‘B Pref’ 693 0.19

85 254344 09 Omnis Portfolio Investments pp078-pp089 (Income and Growth).qxp 30/05/2019 12:34 Page 86

Omnis Income and Growth Fund

Portfolio Statement (continued) As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

Unquoted 8.56% [9.20%] (continued) 75,681 Ultrahaptics ‘C Pref’ 750 0.21 261,780 Viamet Pharmaceuticals ‘E Pref’ 137 0.04 20 Wath 0 0.00 195,122 Wath ‘Conv Pref’ 800 0.22 107,775 Yoyo Wallet ‘B1 Pref’ 487 0.14 62,412 Yoyo Wallet ‘B2 Pref’ 333 0.09 30,748 8.56

Portfolio of investments 363,837 101.03 Net other liabilities (3,697) (1.03) Net assets 360,140 100.00

^ Since the previous report the classification headings have been updated by data providers. Comparative figures have been updated where appropriate. All investments are ordinary shares unless otherwise stated and admitted to official stock exchange listings. Comparative figures shown above in square brackets relate to 28 September 2018. Gross purchases for the six months: £105,475,000 [2018: £148,069,000]. Total sales net of transaction costs for the six months: £62,786,000 [2018: £81,639,000].

86 254344 09 Omnis Portfolio Investments pp078-pp089 (Income and Growth).qxp 30/05/2019 12:34 Page 87

Omnis Income and Growth Fund

Statement of Total Return For the period ended 31 March 2019 (unaudited)

29/09/18 to 31/03/19 01/10/17 to 31/03/18 £’000 £’000 £’000 £’000 Income: Net capital losses (48,925) (33,844) Revenue 5,891 3,186 Expenses (1,828) (1,537) Interest payable and similar charges (1) (1) Net revenue before taxation 4,062 1,648 Taxation 2 (12) Net revenue after taxation 4,064 1,636 Total return before distributions (44,861) (32,208) Distributions (4,064) (1,636) Change in net assets attributable to Shareholders from investment activities (48,925) (33,844)

Statement of Change in Net Assets Attributable to Shareholders For the period ended 31 March 2019 (unaudited)

29/09/18 to 31/03/19 01/10/17 to 31/03/18 £’000 £’000 £’000 £’000 Opening net assets attributable to Shareholders 366,679 280,039 Amounts receivable on issue of Shares 47,311 79,187 Amounts payable on cancellation of Shares (5,086) (13,858) 42,225 65,329 Change in net assets attributable to Shareholders from investment activities (see above) (48,925) (33,844) Retained distributions on accumulation Shares 161 107 Closing net assets attributable to Shareholders 360,140 311,631

The above statement shows the comparative closing net assets at 31 March 2018 whereas the current accounting period commenced 29 September 2018.

87 254344 09 Omnis Portfolio Investments pp078-pp089 (Income and Growth).qxp 30/05/2019 12:34 Page 88

Omnis Income and Growth Fund

Balance Sheet As at 31 March 2019 (unaudited)

31/03/19 28/09/18 £’000 £’000 £’000 £’000 Assets: Fixed assets: Investments 363,837 370,055 Current assets: Debtors 3,958 1,682 Cash and bank balances 251 593 Total current assets 4,209 2,275 Total assets 368,046 372,330 Liabilities: Investment liabilities – – Creditors: Distribution payable (4,180) (4,578) Other creditors (3,726) (1,073) Total creditors (7,906) (5,651) Total liabilities (7,906) (5,651) Net assets attributable to Shareholders 360,140 366,679

88 254344 09 Omnis Portfolio Investments pp078-pp089 (Income and Growth).qxp 30/05/2019 12:34 Page 89

Omnis Income and Growth Fund

Distribution Table As at 31 March 2019 (unaudited)

Interim Distribution in pence per Share Group 1 Shares purchased prior to 29 September 2018 Group 2 Shares purchased on or after 29 September 2018 to 31 March 2019

Distribution Distribution Net payable paid revenue Equalisation 31/05/19 31/05/18 (p) (p) (p) (p) Share Class A Income Group 1 1.0113 – 1.0113 0.5583 Group 2 0.4597 0.5516 1.0113 0.5583

Share Class A Accumulation Group 1 1.0554 – 1.0554 0.5767 Group 2 0.5218 0.5336 1.0554 0.5767

89 254344 10 Omnis Portfolio Investments pp090-pp101 (Japanese Equity).qxp 30/05/2019 12:36 Page 90

Omnis Japanese Equity Fund

Investment Manager’s Report For the six months ended 31 March 2019 (unaudited

Investment Objective The Fund aims to achieve a return consisting of both income and capital growth which, after all fees and expenses, exceeds that of the FTSE World Japan TR index over the medium to long term (defined as 5 to 10 years).

Investment Policy The Fund intends to invest at least 80% in the equity securities of Japanese companies, defined as those which are domiciled, incorporated or have a significant exposure to Japan. The Fund may also invest in other transferable securities (for example, equity securities of other international companies), units in collective investment schemes (including schemes managed and operated by the ACD or its associates), money market instruments, warrants, cash and near cash deposits as detailed in the Prospectus.

It is envisaged that the investment portfolio of the Fund will be concentrated, typically comprising between 65 and 85 stocks.

Derivatives may be used for the purposes of hedging and efficient portfolio management.

Investment Review Over the period the Omnis Japanese Equity Fund returned -12.03% and the benchmark (FTSE World Japan) returned -8.69% [source: Financial Express, bid to bid, net income reinvested].

The most significant negative contribution came from T&D Holdings, a major life insurance company, which underperformed for most of the period in line with financial stocks generally. JXTG, an oil refiner and distributor, also underperformed as earlier short-term weakness in the oil price counteracted the improvements we see in the company’s fundamental outlook.

With recent economic data continuing to show a steady domestic economy, we believe that valuations should provide solid support for the market going forward. Our research continues to uncover opportunities for investment in areas benefiting from the gradual recovery in Japan’s domestic economy and increases in capital expenditure. This encouraged us to start a holding in Nomura Research Institute, an IT consultant which should benefit from higher spending on networks and integration. We also started a new position in JSR, a specialist chemicals and synthetic rubber maker, an opportunity to benefit from improving economic conditions following the shares recent underperformance. At the end of 2018 an opportunity also arose to purchase Takeda, a major pharmaceutical maker, which had been weak throughout last year ahead of the acquisition of UK- listed Shire. Our emphasis throughout is on sustainable mid- to long-term earnings, focusing on company-specific factors and valuation.

These new positions were funded from the sales of several positions where our conviction on future growth prospects has been reduced. These included Dowa Holdings, a metal refiner and recycling specialist where we now have lower expectations for some of their newer businesses. Yamada Denki, a nationwide electronics retailer, and Unipres, an auto component maker, were also sold.

90 254344 10 Omnis Portfolio Investments pp090-pp101 (Japanese Equity).qxp 30/05/2019 12:36 Page 91

Omnis Japanese Equity Fund

Investment Manager’s Report (continued) For the six months ended 31 March 2019 (unaudited

Market Overview The Japanese stock market fell sharply in the final quarter of 2018, reflecting the drop in market sentiment globally. Although there was some recovery in early 2019, this was relatively muted in Japan. Currency markets were extraordinarily volatile in late December and early January but there was a modest strengthening of the yen over the whole period.

Several recent bouts of volatility occurred after US long term interest rates fell below short term ones. Within the equity market the perception of a lower global interest rate environment sparked a renewed preference for stable growth, bond-type alternatives. Conversely, all financial-related sectors underperformed.

Outlook We believe there is now virtually no chance of any change to monetary policy ahead of the planned increase in consumption tax in October. We should therefore expect to see final details emerge of the government’s spending packages being prepared to offset some, or all, of the resulting economic impact. Although it seems the government could still delay the tax rise, we would consider this very unlikely given the stability in current domestic economic conditions.

Investment Manager Schroder Investment Management Limited 17 April 2019

91 254344 10 Omnis Portfolio Investments pp090-pp101 (Japanese Equity).qxp 30/05/2019 12:36 Page 92

Omnis Japanese Equity Fund

Material Portfolio Changes For the six months ended 31 March 2019 (unaudited)

Purchases Sales Portfolio Name Cost £'000 Portfolio Name Proceeds £'000 Toyota Motor 13,762 SoftBank 19,600 Sumitomo Mitsui Financial 10,927 Shiseido 14,028 Mitsui 8,876 Kakaku.com 12,351 Sankyu 8,618 Hoya 11,988 KDDI 8,553 SBI 11,742 TDK 8,141 Nidec 11,153 Nippon Telegraph & Telephone 8,077 Astellas Pharma 9,984 Mitsubishi UFJ Financial 7,755 Advantest 9,515 Takeda Pharmaceutical 7,154 Kao 8,968 East Japan Railway 7,015 Pigeon 8,660

92 254344 10 Omnis Portfolio Investments pp090-pp101 (Japanese Equity).qxp 30/05/2019 12:36 Page 93

Omnis Japanese Equity Fund

Comparative Table As at 31 March 2019 (unaudited)

A Income 31/03/2019 Closing net asset value per share (p) 87.62 Percentage change – Closing net asset value (£’000) 301,978 Closing number of shares 344,640,486 Operating charges 0.73%

93 254344 10 Omnis Portfolio Investments pp090-pp101 (Japanese Equity).qxp 30/05/2019 12:36 Page 94

Omnis Japanese Equity Fund

Performance Information As at 31 March 2019 (unaudited)

Operating Charge Total Other Transaction operating AMC expenses costs charge Date (%) (%) (%) (%)

31/03/2019 Share Class A Income 0.66 0.05 0.02 0.73

The Operating Charge is the ratio of the Fund's total disclosable costs (excluding overdraft interest) to the average net assets of the Fund.

Risk and Reward Profile As at 31 March 2019 (unaudited)

Typically lower rewards Typically higher rewards

Lower risk Higher risk Share Class A 1 2 3 4 5 6 7

• This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund.

• The risk category shown is not guaranteed to remain unchanged and may shift over time.

• The Fund appears as a "5" on the scale. This is because the Fund invests in assets that typically carry medium risk and offer medium rewards compared with other categories of assets.

94 254344 10 Omnis Portfolio Investments pp090-pp101 (Japanese Equity).qxp 30/05/2019 12:36 Page 95

Omnis Japanese Equity Fund

Portfolio Statement As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

Automobiles & Parts 12.68% 281,500 Bridgestone 8,315 2.75 120,500 Koito Manufacturing 5,230 1.73 243,300 NGK Spark Plug 3,453 1.14 332,400 Sumitomo 3,380 1.12 62,600 Toyota Industries 2,404 0.80 282,800 Toyota Motor 12,718 4.21 186,300 Yamaha Motor 2,798 0.93 38,298 12.68 Banks 5.89% 126,900 Fukuoka 2,156 0.71 1,486,400 Mitsubishi UFJ Financial 5,667 1.88 341,700 Sumitomo Mitsui Financial 9,183 3.04 73,300 The 77 Bank 784 0.26 17,790 5.89 Chemicals 4.81% 412,900 Daicel 3,435 1.14 70,800 Inabata 739 0.24 90,200 JSP 1,525 0.51 123,700 JSR 1,472 0.49 39,000 Kureha 1,674 0.55 469,500 Mitsubishi Chemical 2,537 0.84 114,500 Nippon Soda 2,320 0.77 116,400 Sakata INX 824 0.27 14,526 4.81 Construction & Materials 3.50% 91,000 Aica Kogyo 2,319 0.77 340,300 Haseko 3,282 1.09 154,100 Nichias 2,337 0.77 174,000 Sanki 1,457 0.48 3,700 SK Kaken 1,165 0.39 10,560 3.50 Electronic & Electrical Equipment 7.26% 65,800 Enplas 1,299 0.43 189,700 Hitachi 4,707 1.56 150,600 Murata Manufacturing 5,756 1.91 44,300 Nidec 4,303 1.42 97,600 TDK 5,860 1.94 21,925 7.26 Financial Services 3.24% 196,400 Hitachi Capital 3,491 1.16 843,900 Nomura 2,342 0.77 269,100 Orix 2,964 0.98 354,800 Tokai Tokyo 984 0.33 9,781 3.24

95 254344 10 Omnis Portfolio Investments pp090-pp101 (Japanese Equity).qxp 30/05/2019 12:36 Page 96

Omnis Japanese Equity Fund

Portfolio Statement (continued) As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

Fixed Line Telecommunications 2.48% 229,900 Nippon Telegraph & Telephone 7,495 2.48 7,495 2.48 Food Producers 0.55% 63,600 Fuji Oil 1,660 0.55 1,660 0.55 General Industrials 2.37% 137,600 IHI 2,531 0.84 333,700 Itochu 4,632 1.53 7,163 2.37 General Retailers 3.88% 201,900 H2O Retailing 2,154 0.71 84,000 Izumi 2,994 0.99 56,700 Pan Pacific International 2,878 0.95 128,200 Seven & I 3,711 1.23 11,737 3.88 Healthcare Equipment & Services 0.72% 69,600 Ship Healthcare 2,188 0.72 2,188 0.72 Household Goods & Home Construction 2.82% 149,700 Daiwa House Industry 3,646 1.21 394,200 Sekisui Chemical 4,860 1.61 8,506 2.82 Industrial Engineering 8.96% 44,600 Disco 4,874 1.61 414,900 Isuzu Motors 4,181 1.39 245,900 JGC 2,505 0.83 399,300 Mitsubishi Electric 3,931 1.30 90,400 Nabtesco 2,018 0.67 113,100 Shimadzu 2,505 0.83 19,400 SMC 5,585 1.85 53,100 Tsubakimoto Chain 1,451 0.48 27,050 8.96 Industrial Metals & Mining 0.54% 182,100 Hitachi Metals 1,620 0.54 1,620 0.54 Industrial Transportation 3.84% 193,400 Hitachi Transport 4,398 1.45 193,200 Sankyu 7,207 2.39 11,605 3.84 Leisure Goods 1.09% 91,700 Bandai Namco 3,287 1.09 3,287 1.09 Life Insurance 2.58% 423,300 Japan Post 3,801 1.26 495,000 T&D 3,986 1.32 7,787 2.58

96 254344 10 Omnis Portfolio Investments pp090-pp101 (Japanese Equity).qxp 30/05/2019 12:36 Page 97

Omnis Japanese Equity Fund

Portfolio Statement (continued) As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

Mobile Telecommunications 2.00% 364,800 KDDI 6,027 2.00 6,027 2.00 Non-life Insurance 1.93% 157,000 Tokio Marine 5,836 1.93 5,836 1.93 Oil & Gas Producers 1.57% 1,348,300 JXTG 4,734 1.57 4,734 1.57 Personal Goods 0.81% 58,800 Paltac 2,446 0.81 2,446 0.81 Pharmaceuticals & Biotechnology 5.52% 121,700 Mitsubishi Tanabe Pharma 1,246 0.41 133,000 Otsuka Holdings 4,011 1.33 369,900 Santen Pharmaceutical 4,229 1.40 229,600 Takeda Pharmaceutical 7,194 2.38 16,680 5.52 Real Estate Investment & Services 1.75% 181,200 Mitsui Fudosan 3,494 1.16 122,000 Nomura Real Estate 1,797 0.59 5,291 1.75 Software & Computer Services 2.03% 57,600 Nomura Research Institute 2,005 0.66 92,100 Otsuka 2,640 0.88 86,400 SRA 1,474 0.49 6,119 2.03 Support Services 4.31% 72,900 Glory 1,341 0.44 580,400 Mitsui 6,912 2.29 217,300 Recruit 4,761 1.58 13,014 4.31 Technology Hardware & Equipment 2.52% 146,800 Fujifilm 5,113 1.69 45,300 Fujitsu 2,508 0.83 7,621 2.52 Tobacco 1.49% 235,900 Japan Tobacco 4,490 1.49 4,490 1.49 Travel & Leisure 5.80% 28,700 Central Japan Railway 5,114 1.69 90,600 East Japan Railway 6,706 2.22 210,700 Japan Airlines 5,694 1.89 17,514 5.80

97 254344 10 Omnis Portfolio Investments pp090-pp101 (Japanese Equity).qxp 30/05/2019 12:36 Page 98

Omnis Japanese Equity Fund

Portfolio Statement (continued) As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

Portfolio of investments 292,750 96.94 Net other assets 9,228 3.06 Net assets 301,978 100.00

All investments are ordinary shares unless otherwise stated and admitted to official stock exchange listings. Gross purchases for the six months: £323,845,000. In addition to the above, transfers totalling £259,295,000 were made via inspecie into the portfolio during the year.

Total sales net of transaction costs for the six months: £251,610,000.

98 254344 10 Omnis Portfolio Investments pp090-pp101 (Japanese Equity).qxp 30/05/2019 12:36 Page 99

Omnis Japanese Equity Fund

Statement of Total Return For the period ended 31 March 2019 (unaudited)

29/09/18 to 31/03/19 £’000 £’000 Income: Net capital losses (39,118) Revenue 4,189 Expenses (1,067) Interest payable and similar charges (5) Net revenue before taxation 3,117 Taxation (416) Net revenue after taxation 2,701 Total return before distributions (36,417) Distributions (2,701) Change in net assets attributable to Shareholders from investment activities (39,118)

Statement of Change in Net Assets Attributable to Shareholders For the period ended 31 March 2019 (unaudited)

29/09/18 to 31/03/19 £’000 £’000 Opening net assets attributable to Shareholders – Inspecie transfer 259,295 Amounts receivable on issue of Shares 93,530 Amounts payable on cancellation of Shares (11,729) 81,801 Change in net assets attributable to Shareholders from investment activities (see above) (39,118) Closing net assets attributable to Shareholders 301,978

99 254344 10 Omnis Portfolio Investments pp090-pp101 (Japanese Equity).qxp 30/05/2019 12:36 Page 100

Omnis Japanese Equity Fund

Balance Sheet As at 31 March 2019 (unaudited)

31/03/19 £’000 £’000 Assets: Fixed assets: Investments 292,750 Current assets: Debtors 5,818 Cash and bank balances 9,530 Total current assets 15,348 Total assets 308,098 Liabilities: Investment liabilities – Creditors: Distribution payable (2,720) Other creditors (3,400) Total creditors (6,120) Total liabilities (6,120) Net assets attributable to Shareholders 301,978

100 254344 10 Omnis Portfolio Investments pp090-pp101 (Japanese Equity).qxp 30/05/2019 12:36 Page 101

Omnis Japanese Equity Fund

Distribution Table As at 31 March 2019 (unaudited)

Interim Distribution in pence per Share Group 1 Shares purchased prior to 29 September 2018 Group 2 Shares purchased on or after 29 September 2018 to 31 March 2019

Distribution Distribution Net payable paid revenue Equalisation 31/05/19 31/05/18 (p) (p) (p) (p) Share Class A Income Group 1 0.7891 – 0.7891 N/A Group 2 0.7603 0.0288 0.7891 N/A

Share class A Income launched on 29 September 2018.

101 254344 11 Omnis Portfolio Investments pp102-pp114 (Sterling Corporate Bond).qxp 30/05/2019 12:42 Page 102

Omnis Sterling Corporate Bond Fund

Investment Manager’s Report For the six months ended 31 March 2019 (unaudited)

Investment Objective The Fund aims to achieve a return consisting of both income and capital growth which, after all fees and expenses, exceeds that of the ICE Bank of America Merrill Lynch Sterling Corporate Bond TR Index over the medium to long term (defined as 5 to 10 years).

Investment Policy The Fund intends to invest at least 80% in sterling denominated and sterling hedged corporate bond securities, rated BBB or higher.

The Fund may also invest in other transferable securities, units in collective investment schemes (including schemes managed and operated by the ACD or its associates), money market instruments, warrants, cash and near cash deposits as detailed in the Prospectus.

Derivatives may be used both for investment purposes and for efficient portfolio management.

Investment Review Over the period the Omnis Sterling Corporate Bond Fund returned 4.54% and the benchmark (BoA ML Sterling Corporate Bond TR) returned 4.62% [source: Financial Express, bid to bid, net income reinvested].

Asset allocation had a positive impact. This was due both to our defensive positioning with respect to risk during the fourth quarter (Q4) of 2018 when credit spreads (the difference in yields with gilts) widened and then selectively adding risk to the portfolio in Q1, when tightening credit spreads reversed some of the moves from Q4. Industry positioning had a broadly neutral effect overall. Credit selection was modestly favourable overall.

The main positive contributor in terms of security selection was General Electric (GE). This major issuer missed earnings estimates, cut its dividend and was downgraded by the main credit-rating agencies during Q4, and we added a holding in a 2035 bond from GE Capital to take advantage of the extreme spread-widening that ensued. Tesco Property Finance and DS Smith also added value. On the other side, detractors included Bacardi and Pemex (Petróleos Mexicanos).

Over the period, we marginally increased the portfolio’s risk following the widening of credit spreads in Q4. As we appear to be heading towards the end of what has been a particularly lengthy credit cycle (period of low interest rates), the compensation for investing in lower rated bonds for extra return appears unappealing. Consequently, we have been favouring more stable industry sectors, as described in the outlook section below.

In terms of individual securities, we participated in several new issues over the six months. The largest of these purchases included new deals from ING, Grand City Properties, Glencore, BNP Paribas and Unite Group. We also took part in new issues from UK housing associations Incommunities, Home Group and Futures.

We started new positions in some issuers, including Bacardi, Deutsche Telekom, and the aforementioned GE Capital, and increased exposure to others, such as Innogy, Tesco, and Eon. We also switched out of DS Smith sterling bonds and into euro-denominated bonds from the same issuer.

We sold a number of issuers including BP, Natwest, AIG, Global Switch, Central Networks West, and Clydesdale Bank.

102 254344 11 Omnis Portfolio Investments pp102-pp114 (Sterling Corporate Bond).qxp 30/05/2019 12:42 Page 103

Omnis Sterling Corporate Bond Fund

Investment Manager’s Report (continued) For the six months ended 31 March 2019 (unaudited)

Outlook Looking ahead, the main risk to the UK economy is Britain leaving the EU without securing an agreement. Both sides have a strong incentive to avoid this, and we still think they will find a way to do so.

While corporate earnings have been strong over the past year, debt holders have not been sufficiently benefiting from that strength in terms of more robust company balance sheets. Rather, the cash has typically been returned to shareholders in the form of higher dividends or used for mergers and acquisitions.

Against this, interest rates are still very low, and strong demand for income without too much risk remains a powerful support for investment-grade (low risk of default) corporate bonds.

All things considered, we do not think that now is the right time to be aggressive with risk.

With regard to sectors, the fund favours defensive areas of the market, such as regulated utilities and infrastructure, and more recently, UK housing associations; these should be more resilient given the late stage of the credit cycle and the level of credit spreads.

Investment Manager Threadneedle Asset Management Limited 17 April 2019

103 254344 11 Omnis Portfolio Investments pp102-pp114 (Sterling Corporate Bond).qxp 30/05/2019 12:42 Page 104

Omnis Sterling Corporate Bond Fund

Material Portfolio Changes For the six months ended 31 March 2019 (unaudited)

Purchases Sales Portfolio Name Cost £’000 Portfolio Name Proceeds £’000 UK Treasury 1.75% 22/07/2057 14,452 UK Treasury 1.75% 22/07/2057 10,754 Bacardi 4.7% 15/05/2028 7,133 BP Capital Markets UK Treasury 1.625% 22/10/2071 6,055 2.274% 03/07/2026 5,053 UK Treasury 3.25% 22/01/2044 5,758 UK Treasury 4.5% 07/12/2042 4,653 UK Treasury 2.5% 22/07/2065 4,752 National Westminster Bank UK Treasury 4.5% 07/12/2042 4,656 6.5% 07/09/2021 4,553 GE Capital International Funding Aviva 1% 03/06/2041 4,059 4.418% 15/11/2035 4,507 Western Power Distribution DS Smith 1.375% 26/07/2024 3,940 3.625% 06/11/2023 3,573 E.ON International Finance Digital Stout 4.75% 13/10/2023 3,153 6.375% 07/06/2032 3,048 AT&T 5.5% 15/03/2027 3,061 ING 3% 18/02/2026 2,486 American International 5% 26/04/2023 3,001 Glencore Finance Europe 6% 03/04/2022 2,887

104 254344 11 Omnis Portfolio Investments pp102-pp114 (Sterling Corporate Bond).qxp 30/05/2019 12:42 Page 105

Omnis Sterling Corporate Bond Fund

Comparative Table As at 31 March 2019 (unaudited)

A Income 31/03/2019 (p)

Closing net asset value per share (p) 102.63 Percentage change – Closing net asset value (£’000) 321,152 Closing number of shares 312,918,473 Operating charges 0.48%

105 254344 11 Omnis Portfolio Investments pp102-pp114 (Sterling Corporate Bond).qxp 30/05/2019 12:42 Page 106

Omnis Sterling Corporate Bond Fund

Performance Information As at 31 March 2019 (unaudited)

Operating Charge Total Other Transaction operating AMC expenses costs charge Date (%) (%) (%) (%)

31/03/2019 Share Class A Income 0.43 0.04 0.01 0.48

The Operating Charge is the ratio of the Fund’s total disclosable costs (excluding overdraft interest) to the average net assets of the Fund.

Risk and Reward Profile As at 31 March 2019 (unaudited)

Typically lower rewards Typically higher rewards

Lower risk Higher risk Share Class A 1 2 3 4 5 67

• This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund.

• The risk category shown is not guaranteed to remain unchanged and may shift over time.

• The Fund appears as a “3” on the scale. This is because the Fund invests in assets that typically carry medium risk and offer medium rewards compared with other categories of assets.

106 254344 11 Omnis Portfolio Investments pp102-pp114 (Sterling Corporate Bond).qxp 30/05/2019 12:42 Page 107

Omnis Sterling Corporate Bond Fund

Portfolio Statement As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

Australia 2.74% GBP 2,770,000 APT Pipelines 3.5% 22/03/2030 2,912 0.91 GBP 3,884,000 APT Pipelines 4.25% 26/11/2024 4,249 1.32 GBP 1,485,000 Pacific National Finance 5% 19/09/2023 1,627 0.51 8,788 2.74

Belgium 1.88% GBP 5,280,000 Anheuser-Busch InBev 2.25% 24/05/2029 5,112 1.59 GBP 600,000 Anheuser-Busch InBev 2.85% 25/05/2037 576 0.18 EUR 400,000 KBC 4.75% Perpetual 345 0.11 6,033 1.88

Bermuda 2.22% USD 9,310,000 Bacardi 4.7% 15/05/2028 7,143 2.22 7,143 2.22

France 5.86% GBP 1,920,000 BNP Paribas 3.375% 23/01/2026 2,006 0.62 GBP 1,500,000 BPCE 2.125% 16/12/2022 1,523 0.47 GBP 1,200,000 BPCE 5.25% 16/04/2029 1,422 0.44 GBP 4,800,000 Electricite de France 5.5% 17/10/2041 6,544 2.04 GBP 1,200,000 Electricite de France 6% 23/01/2114 1,782 0.56 GBP 1,300,000 Orange 3.25% 15/01/2032 1,376 0.43 GBP 2,190,000 Orange 8.125% 20/11/2028 3,248 1.01 GBP 900,000 Vinci 2.75% 15/09/2034 922 0.29 18,823 5.86

Ireland 1.46% USD 6,620,000 GE Capital International Funding 4.418% 15/11/2035 4,686 1.46 4,686 1.46

Jersey 1.36% GBP 1,951,000 Glencore Finance Europe 3.125% 26/03/2026 1,963 0.61 GBP 1,055,000 Hastings 3% 24/05/2025 1,015 0.32 GBP 1,220,000 Porterbrook Rail Finance 4.625% 04/04/2029 1,375 0.43 4,353 1.36

Luxembourg 0.74% EUR 2,800,000 Grand City Properties 1.375% 03/08/2026 2,391 0.74 2,391 0.74

Mexico 1.40% GBP 1,823,000 Mexico Government International Bond 5.625% 19/03/2114 1,846 0.57 GBP 2,871,000 Petroleos Mexicanos 3.75% 16/11/2025 2,637 0.83 4,483 1.40

107 254344 11 Omnis Portfolio Investments pp102-pp114 (Sterling Corporate Bond).qxp 30/05/2019 12:42 Page 108

Omnis Sterling Corporate Bond Fund

Portfolio Statement (continued) As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

Netherlands 6.38% GBP 1,850,000 Deutsche Telekom International Finance 2.25% 13/04/2029 1,805 0.56 GBP 3,641,000 E.ON International Finance 6.375% 07/06/2032 5,062 1.58 GBP 2,500,000 ING 3% 18/02/2026 2,552 0.79 GBP 1,450,000 Innogy Finance 6.125% 06/07/2039 2,089 0.65 GBP 5,505,000 Innogy Finance 6.25% 03/06/2030 7,353 2.29 GBP 1,600,000 Volkswagen International Finance 3.375% 16/11/2026 1,644 0.51 20,505 6.38

Sweden 1.60% EUR 2,210,000 Akelius Residential Property 1.75% 07/02/2025 1,926 0.60 GBP 3,320,000 Akelius Residential Property 2.375% 15/08/2025 3,220 1.00 5,146 1.60

Switzerland 1.64% GBP 2,600,000 Credit Suisse 2.125% 12/09/2025 2,534 0.79 USD 1,550,000 UBS Group Fdg Switzerland 7% Perpetual 1,204 0.37 USD 1,900,000 UBS Group Funding Switzerland 7% Perpetual 1,534 0.48 5,272 1.64

United Kingdom 57.85% GBP 910,000 Anglian Water Services Financing 2.625% 15/06/2027 872 0.27 GBP 983,000 Annington Funding 3.184% 12/07/2029 993 0.31 GBP 3,411,000 Aviva 4.375% 12/09/2049 3,439 1.07 GBP 2,731,000 Barclays 3.25% 17/01/2033 2,608 0.81 EUR 1,200,000 Barclays Bank 6.625% 30/03/2022 1,193 0.37 GBP 2,239,000 Barclays Bank 10% 21/05/2021 2,595 0.81 GBP 1,500,000 British Telecommunications 3.125% 21/11/2031 1,531 0.48 GBP 300,000 British Telecommunications 3.625% 21/11/2047 304 0.09 GBP 4,985,000 Bunzl 2.25% 11/06/2025 4,926 1.53 GBP 3,404,000 BUPA Finance 2% 05/04/2024 3,397 1.06 GBP 1,925,000 BUPA Finance 5% 25/04/2023 2,085 0.65 GBP 1,653,000 BUPA Finance 5% 08/12/2026 1,815 0.57 GBP 2,030,000 Cadent Finance 2.125% 22/09/2028 1,986 0.62 GBP 3,720,000 Cadent Finance 2.625% 22/09/2038 3,563 1.11 GBP 1,300,000 Cadent Finance 2.75% 22/09/2046 1,235 0.38 GBP 1,550,000 CYBG 3.125% 22/06/2025 1,495 0.47 EUR 4,586,000 DS Smith 1.375% 26/07/2024 3,985 1.24 GBP 2,320,000 Eversholt Funding 3.529% 07/08/2042 2,286 0.71 GBP 1,785,000 Eversholt Funding 6.359% 02/12/2025 2,183 0.68 GBP 2,630,000 Experian Finance 2.125% 27/09/2024 2,668 0.83 GBP 337,000 Futures Treasury 3.375% 08/02/2044 357 0.11 GBP 2,835,000 GKN 3.375% 12/05/2032 2,786 0.87 GBP 3,095,000 GKN 5.375% 19/09/2022 3,308 1.03 GBP 1,100,000 Heathrow Funding 4.625% 31/10/2046 1,434 0.45 GBP 980,000 Home 3.125% 27/03/2043 967 0.30 GBP 1,290,000 HSBC 3% 22/07/2028 1,327 0.41

108 254344 11 Omnis Portfolio Investments pp102-pp114 (Sterling Corporate Bond).qxp 30/05/2019 12:42 Page 109

Omnis Sterling Corporate Bond Fund

Portfolio Statement (continued) As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

United Kingdom 57.85% (continued) GBP 1,055,000 HSBC Bank 4.75% 24/03/2046 1,277 0.40 GBP 3,867,000 HSBC Bank 5.375% 22/08/2033 4,840 1.51 GBP 2,859,000 Imperial Brands Finance 5.5% 28/09/2026 3,328 1.04 GBP 1,003,000 Incommunities Treasury 3.25% 21/03/2049 1,049 0.33 GBP 903,476 Juturna European Loan Conduit No 16 5.0636% 10/08/2033 1,122 0.35 GBP 345,000 Legal & General 5.125% 14/11/2048 366 0.11 GBP 3,322,000 Legal & General 5.375% 27/10/2045 3,620 1.13 GBP 1,243,000 Legal & General 5.5% 27/06/2064 1,330 0.41 GBP 1,081,000 Lloyds Bank 6% 08/02/2029 1,485 0.46 GBP 4,700,000 Lloyds Bank 7.625% 22/04/2025 5,989 1.86 GBP 2,284,000 Lloyds Banking 2.25% 16/10/2024 2,257 0.70 GBP 1,900,000 London & Quadrant Housing Trust 2.625% 28/02/2028 1,925 0.60 GBP 1,170,000 London Power Networks 2.625% 01/03/2029 1,202 0.37 GBP 3,311,000 London Power Networks 6.125% 07/06/2027 4,258 1.33 GBP 900,000 Marks & Spencer 4.75% 12/06/2025 971 0.30 GBP 572,000 Marston’s Issuer 5.1576% 15/10/2027 513 0.16 GBP 940,404 Meadowhall Finance 4.986% 12/01/2032 1,145 0.36 GBP 876,130 Mitchells & Butlers Finance 5.574% 15/12/2030 995 0.31 GBP 1,961,000 Motability Operations 4.375% 08/02/2027 2,312 0.72 GBP 1,243,000 National Grid Electricity Transmission 2.75% 06/02/2035 1,294 0.40 GBP 1,600,000 NewRiver REIT 3.5% 07/03/2028 1,568 0.49 GBP 3,040,000 NGG Finance 5.625% 18/06/2073 3,259 1.02 GBP 3,000,000 NIE Finance 2.5% 27/10/2025 3,074 0.96 GBP 2,279,000 Northern Gas Networks Finance 4.875% 30/06/2027 2,759 0.86 GBP 1,090,000 Northern Powergrid Yorkshire 2.5% 01/04/2025 1,130 0.35 GBP 2,030,000 Northumbrian Water Finance 1.625% 11/10/2026 1,945 0.61 GBP 485,000 Peabody Capital No 2 4.625% 12/12/2053 643 0.20 GBP 1,655,000 Pension Insurance 5.625% 20/09/2030 1,632 0.51 GBP 572,000 Phoenix 6.625% 18/12/2025 611 0.19 GBP 1,200,000 Places For People Treasury 2.875% 17/08/2026 1,190 0.37 GBP 1,528,000 Prudential 5.625% 20/10/2051 1,623 0.51 GBP 775,000 Prudential 5.7% 19/12/2063 920 0.29 GBP 800,000 Prudential 6.25% 20/10/2068 870 0.27 GBP 4,470,000 Royal Bank of Scotland 2.875% 19/09/2026 4,483 1.40 GBP 1,282,000 Royal Bank of Scotland 3.125% 28/03/2027 1,298 0.40 GBP 2,754,000 Severn Trent Utilities Finance 3.625% 16/01/2026 3,004 0.94 GBP 222,000 Severn Trent Utilities Finance 4.875% 24/01/2042 289 0.09 GBP 800,000 Sky 6% 21/05/2027 1,039 0.32 GBP 571,000 South Eastern Power Networks 6.375% 12/11/2031 807 0.25 GBP 3,092,000 Southern Gas Networks 3.1% 15/09/2036 3,227 1.00 GBP 1,060,000 Stagecoach 4% 29/09/2025 1,098 0.34 GBP 1,270,000 Standard Chartered 5.125% 06/06/2034 1,457 0.45 GBP 1,990,000 Telereal Securitisation 4.0902% 10/12/2033 2,066 0.64

109 254344 11 Omnis Portfolio Investments pp102-pp114 (Sterling Corporate Bond).qxp 30/05/2019 12:42 Page 110

Omnis Sterling Corporate Bond Fund

Portfolio Statement (continued) As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

United Kingdom 57.85% (continued) GBP 1,206,213 Tesco Property Finance 1 7.6227% 13/07/2039 1,668 0.52 GBP 969,738 Tesco Property Finance 3 5.744% 13/04/2040 1,162 0.36 GBP 2,231,738 Tesco Property Finance 5 5.6611% 13/10/2041 2,636 0.82 GBP 2,124,000 Thames Water Utilities Finance 2.375% 03/05/2023 2,082 0.65 GBP 1,600,000 Thames Water Utilities Finance 2.625% 24/01/2032 1,558 0.49 GBP 893,000 Thames Water Utilities Finance 3.5% 25/02/2028 954 0.30 GBP 2,865,000 TSB Banking 5.75% 06/05/2026 2,907 0.91 GBP 1,832,000 UNITE 3.5% 15/10/2028 1,893 0.59 GBP 980,000 UNITE USAF II 3.921% 30/06/2025 1,084 0.34 GBP 6,200,000 United Kingdom Gilt 1.625% 22/10/2071 6,652 2.07 GBP 3,610,000 United Kingdom Gilt 1.75% 22/07/2057 3,917 1.22 GBP 3,704,000 United Kingdom Gilt 2.5% 22/07/2065 5,025 1.56 GBP 2,300,000 United Kingdom Gilt 3.25% 22/01/2044 3,094 0.96 GBP 717,000 United Utilities Water Finance 2.625% 12/02/2031 743 0.23 GBP 765,000 University of Oxford 2.544% 08/12/2117 773 0.24 GBP 1,400,000 University of Southampton 2.25% 11/04/2057 1,289 0.40 GBP 660,000 Vodafone 3% 12/08/2056 557 0.17 GBP 1,282,000 Wales & West Utilities Finance 3% 03/08/2038 1,350 0.42 GBP 140,000 Wellcome Trust Finance 4.625% 25/07/2036 194 0.06 GBP 1,610,000 Western Power Distribution 3.5% 16/10/2026 1,660 0.52 GBP 1,937,000 Western Power Distribution South West 5.875% 25/03/2027 2,434 0.76 GBP 3,915,000 Western Power Distribution West Midlands 5.75% 16/04/2032 5,234 1.63 GBP 360,000 WPP Finance 2013 2.875% 14/09/2046 296 0.09 185,770 57.85

United States 14.60% GBP 1,660,000 Amgen 5.5% 07/12/2026 2,046 0.64 USD 1,130,000 Anheuser-Busch InBev Worldwide 4.7% 01/02/2036 864 0.27 GBP 4,150,000 AT&T 4.25% 01/06/2043 4,462 1.39 GBP 3,059,000 AT&T 4.375% 14/09/2029 3,419 1.06 GBP 1,685,000 Bank of America 2.3% 25/07/2025 1,704 0.53 GBP 4,885,000 BAT Capital 2.125% 15/08/2025 4,718 1.47 GBP 5,863,000 Becton Dickinson 3.02% 24/05/2025 6,010 1.87 GBP 2,880,000 Digital Stout 3.3% 19/07/2029 2,896 0.90 GBP 1,745,000 Digital Stout 3.75% 17/10/2030 1,799 0.56 GBP 1,512,000 Discovery Communications 2.5% 20/09/2024 1,497 0.47 GBP 999,000 Ford Motor Credit 4.535% 06/03/2025 1,012 0.32 EUR 640,000 General Electric 2.125% 17/05/2037 502 0.16 GBP 2,541,000 Goldman Sachs 3.125% 25/07/2029 2,594 0.81 GBP 2,315,000 Kraft Heinz Foods 4.125% 01/07/2027 2,452 0.76 GBP 1,100,000 McDonald’s 2.95% 15/03/2034 1,130 0.35 GBP 1,199,000 Time Warner Cable 5.25% 15/07/2042 1,374 0.43 GBP 900,000 Time Warner Cable 5.75% 02/06/2031 1,072 0.33 GBP 2,076,000 Verizon Communications 3.375% 27/10/2036 2,196 0.68

110 254344 11 Omnis Portfolio Investments pp102-pp114 (Sterling Corporate Bond).qxp 30/05/2019 12:42 Page 111

Omnis Sterling Corporate Bond Fund

Portfolio Statement (continued) As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

United States 14.60% (continued) GBP 1,904,000 Wells Fargo 2% 28/07/2025 1,888 0.59 GBP 630,000 Welltower 4.5% 01/12/2034 724 0.23 GBP 2,171,000 Welltower 4.8% 20/11/2028 2,516 0.78 46,875 14.60

Forward Currency Contracts (0.10)% Sold EUR11,940,043 for GBP10,193,297 Settlement 30/04/2019 (105) (0.03) Sold USD19,278,427 for GBP14,554,916 Settlement 30/04/2019 (220) (0.07) (325) (0.10)

Futures (0.26)% German Euro BOBL Futures June 2019 (30) (0.01) German Euro BUND Futures June 2019 (29) (0.01) German Euro BUXL Futures June 2019 (14) 0.00 UK Long Gilt Futures June 2019 (475) (0.15) US Treasury Long Bond June 2019 (123) (0.04) US Treasury Note 5 Year Futures June 2019 (10) 0.00 US Treasury Ultra 10 Year Futures June 2019 (141) (0.05) (822) (0.26)

Portfolio of investments 319,121 99.37 Net other liabilities 2,031 0.63 Net assets 321,152 100.00

All investments are ordinary bonds unless otherwise stated and admitted to official stock exchange listings. Gross purchases for the six months (excl. Derivatives): £134,239,000. In addition to the above, transfers totalling £304,769,000 were made via inspecie into the portfolio during the year. Total sales net of transaction costs for the six months (excl. Derivatives): £126,856,000.

Credit Rating as at 31 March 2019 % of Total Bonds Rating Net Assets AAA 1.11% AA 6.44% A 14.44% BBB 72.28% BB 4.54% CCC 0.63% Bonds 99.44% Uninvested Cash 0.56% Forwards Net Assets 100.00% The above information has been supplied by the Investment Manager.

111 254344 11 Omnis Portfolio Investments pp102-pp114 (Sterling Corporate Bond).qxp 30/05/2019 12:42 Page 112

Omnis Sterling Corporate Bond Fund

Statement of Total Return For the period ended 31 March 2019 (unaudited)

29/09/18 to 31/03/19 £’000 £’000 Income: Net capital gains 8,917 Revenue 5,208 Expenses (751) Interest payable and similar charges (1) Net revenue before taxation 4,456 Taxation – Net revenue after taxation 4,456 Total return before distributions 13,373 Distributions (5,207) Change in net assets attributable to Shareholders from investment activities 8,166

Statement of Change in Net Assets Attributable to Shareholders For the period ended 31 March 2019 (unaudited)

29/09/18 to 31/03/19 £’000 £’000 Opening net assets attributable to Shareholders – Inspecie transfer 304,769 Amounts receivable on issue of Shares 20,079 Amounts payable on cancellation of Shares (11,862) 8,217 Change in net assets attributable to Shareholders from investment activities (see above) 8,166 Closing net assets attributable to Shareholders 321,152

112 254344 11 Omnis Portfolio Investments pp102-pp114 (Sterling Corporate Bond).qxp 30/05/2019 12:42 Page 113

Omnis Sterling Corporate Bond Fund

Balance Sheet As at 31 March 2019 (unaudited)

31/03/19 £’000 £’000 Assets: Fixed assets: Investments 320,268 Current assets: Debtors 6,062 Cash and bank balances 3,322 Total current assets 9,384 Total assets 329,652 Liabilities: Investment liabilities (1,147) Creditors: Bank overdrafts (561) Distribution payable (5,208) Other creditors (1,584) Total creditors (7,353) Total liabilities (8,500) Net assets attributable to Shareholders 321,152

113 254344 11 Omnis Portfolio Investments pp102-pp114 (Sterling Corporate Bond).qxp 30/05/2019 12:42 Page 114

Omnis Sterling Corporate Bond Fund

Distribution Table As at 31 March 2019 (unaudited)

Interim Distribution in pence per Share Group 1 Shares purchased prior to 29 September 2018 Group 2 Shares purchased on or after 29 September 2018 to 31 March 2019

Distribution Distribution Gross payable paid revenue Equalisation 31/05/19 31/05/18 (p) (p) (p) (p) Share Class A Income Group 1 1.6643 – 1.6643 N/A Group 2 0.8456 0.8187 1.6643 N/A

Share class A Income launched on 29 September 2018.

114 254344 12 Omnis Portfolio Investments pp115-pp134 (Strategic Bond).qxp 30/05/2019 12:44 Page 115

Omnis Strategic Bond

Investment Manager’s Report For the six months ended 31 March 2019 (unaudited)

Investment Objective The Fund will aim to provide income and to also achieve capital growth.

Investment Policy The Fund will obtain global exposure by investing at least 70% in a broad range of Sterling- denominated (or hedged back to Sterling) debt instruments, which may include developed and emerging market government bonds, inflation linked bonds, investment grade and high yield corporate bonds. The Fund may also obtain exposure to transferable securities, money market instruments, collective investment schemes, cash, near cash and deposits.

No more than 10% of the Scheme Property of the Fund will be invested in other collective investment schemes.

Derivatives may be used both for investment purposes and for efficient portfolio management.

Investment Review Over the period the Omnis Strategic Bond Fund returned 3.50% and the benchmark (BoA ML Global Broad Market Index Total Return (GBP Hedged)) returned 3.64% [source: Financial Express, bid to bid, net income reinvested]. During the period the fund generated net income of 1.78p per share.

The rise in volatility in the first half of the review period saw credit spreads (the difference in yields between government and corporate bonds) widen thus making valuations compelling. We used this as an opportunity to trim our holdings in government bonds and invest in attractive opportunities given expectations of a potential rally. In this respect, we participated in various attractive new issues while retaining a preference for corporate bonds over government bonds. The second half of the review period saw equities and bonds performing strongly. Furthermore, the tailwinds cited at the start of the year, such as compelling valuations, new issue premium and modest supply, also faded. We used the recent strong performance as an opportunity to reduce emerging market holdings. The fund utilised the proceeds to increase holdings in government bonds thus moving up the quality scale.

On the duration (sensitivity to interest rates) front, while headline duration remained broadly unchanged, the bias towards US rates was increased amid signs of a slowdown in US growth. The sterling duration position was reduced as UK gilts (government bonds) performed well recently, and as wage data surpassed expectations. Furthermore, there are expectations that gilt yields could rise in the near term, with either a no-deal Brexit avoided, or the deadline postponed until mid-2019.

Market Overview Fixed income markets posted positive returns over the review period with government bonds outperforming corporate bonds. Core government bond yields fell as worries about global growth rose amid weak economic data. Against this backdrop, the markets saw a shift in monetary policy by the major central banks. While, the Fed has been the major force driving this change, the ECB also followed suit keeping its interest rates unchanged and guiding to hold the rates at least through the end of 2019. The economic sentiment in the Eurozone continued to dwindle. German bunds saw a sustained rally against this backdrop. UK government bond yields also fell and were further supported by Brexit-related uncertainty. The credit markets witnessed a period of two halves where the first half saw a broad-based widening in credit spreads amid rise in volatility while the second half saw credit spreads retracing a significant portion of this widening.

115 254344 12 Omnis Portfolio Investments pp115-pp134 (Strategic Bond).qxp 30/05/2019 12:44 Page 116

Omnis Strategic Bond

Investment Manager’s Report (continued) For the six months ended 31 March 2019 (unaudited)

Outlook We often caution investors around allocating solely around - or too much with respect to - politics in mind. It is often relatively difficult to have an informational advantage here and political outcomes can change with lightning speed in a multitude of different directions. Whilst we always take into account politics, which clearly impact financial markets, we tend to focus on our informational advantage when it comes positioning investor portfolios and that is fundamental analysis and credit selection.

When we look at credit markets through this lens, the picture is mixed. Even under a benign Brexit outcome, investor attention will quickly move beyond the political tension and focus on the UK macroeconomic picture and fundamentals. Late-cycle signs are emerging; credit fundamentals continue to deteriorate and at the macro level, central bank support and government spending is fading. Alongside this, the UK economy has suffered from the lengthy and uncertain Brexit process which has postponed investment and reduced tailwinds for UK growth. It is not all doom and gloom though, investors are compensated in sterling versus their US and European counterparts, as spreads are elevated in the UK. In addition to this, it is important to consider the likely reaction from the Bank of England (BoE) under a market-unfriendly Brexit outcome. To support markets and the economy, the BoE would likely respond with monetary stimulus, perhaps even a combination of rates cuts and quantitative easing.

Overall, we think that a cautious approach is warranted.

Investment Manager Fidelity International 17 April 2019

116 254344 12 Omnis Portfolio Investments pp115-pp134 (Strategic Bond).qxp 30/05/2019 12:44 Page 117

Omnis Strategic Bond

Material Portfolio Changes For the period ended 31 March 2019 (unaudited)

Purchases Sales Portfolio Name Cost £’000 Portfolio Name Proceeds £’000 United Kingdom Treasury Bill 1.75% United States Treasury Bill 2.75% 22/07/2019 18,986 15/02/2028 12,210 United States Treasury Bill 3.125% United States Treasury Bill 2.25% 15/11/2028 6,913 15/02/2027 8,154 United States Treasury Bill 2.625% United States Treasury Bill 3.125% 15/02/2029 5,987 15/11/2028 7,122 United States Treasury Bill 0.75% United Kingdom Treasury Bill 1.75% 15/07/2028 5,367 22/07/2019 5,437 United States Treasury Bill 3% United States Treasury Bill 0.75% 31/10/2025 4,692 15/07/2028 3,960 United States Treasury Bill 2.875% Bundesrepublik Deutschland 0.5% 31/10/2023 2,498 15/02/2028 2,524 Italy Buoni Poliennali Del Tesoro Italy Buoni Poliennali Del Tesoro 3.35% 01/03/2035 2,081 3.35% 01/03/2035 2,055 United States Treasury Bill 2.75% United States Treasury Bill 2.875% 15/02/2028 1,783 31/10/2023 2,020 Mexican Bonos 10% 05/12/2024 1,137 BAT International Finance 7.25% French Republic Government 12/03/2024 1,635 Bond OAT 1.5% 25/05/2050 1,020 United Kingdom Treasury Bill 1.25% 22/07/2027 1,513

117 254344 12 Omnis Portfolio Investments pp115-pp134 (Strategic Bond).qxp 30/05/2019 12:44 Page 118

Omnis Strategic Bond

Comparative Table As at 31 March 2019 (unaudited)

A Accumulation 31/03/2019 28/09/2018 (p) (p)

Closing net asset value per share (p) 100.55 97.07 Percentage change 3.59% Closing net asset value (£’000) 79,154 69,517 Closing number of shares 78,720,670 71,612,254 Operating charges 0.67% 0.66%

118 254344 12 Omnis Portfolio Investments pp115-pp134 (Strategic Bond).qxp 30/05/2019 12:44 Page 119

Omnis Strategic Bond

Performance Information As at 31 March 2019 (unaudited)

Operating Charge Total Other Transaction operating AMC expenses costs charge Date (%) (%) (%) (%)

31/03/2019 Share Class A Accumulation 0.50 0.06 0.11 0.67

28/09/2018 Share Class A Accumulation 0.50 0.06 0.10 0.66

The Operating Charge is the ratio of the Fund’s total disclosable costs (excluding overdraft interest) to the average net assets of the Fund.

Risk and Reward Profile As at 31 March 2019 (unaudited)

Typically lower rewards Typically higher rewards

Lower risk Higher risk Share Class A 1 2 3 4 5 67

• This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund.

• The risk category shown is not guaranteed to remain unchanged and may shift over time.

• The Fund appears as a “3” on the scale. This is because the Fund invests in fixed income investments whose values do not fluctuate widely.

119 254344 12 Omnis Portfolio Investments pp115-pp134 (Strategic Bond).qxp 30/05/2019 12:44 Page 120

Omnis Strategic Bond

Portfolio Statement As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

Argentina 0.68% [0.35%] USD 150,000 AES Argentina Generacion 7.75% 02/02/2024 97 0.12 USD 750,000 Argentine Republic Government International Bond 5.875% 11/01/2028 441 0.56 538 0.68

Australia 1.17% [1.04%] GBP 450,000 APT Pipelines 3.125% 18/07/2031 456 0.58 USD 200,000 BHP Billiton Finance 169 0.21 USD 400,000 SGSP Australia Assets 3.5% 07/07/2027 299 0.38 924 1.17

Brazil 0.19% [0.00%] USD 200,000 Light Servicos de Eletricidade 7.25% 03/05/2023 154 0.19 154 0.19

Canada 0.83% [0.96%] EUR 750,000 Province of Alberta Canada 0.625% 18/04/2025 661 0.83 661 0.83

Cayman Islands 0.20% [0.79%]* USD 200,000 CFLD Cayman Investment 8.625% 28/02/2021 158 0.20 158 0.20

China 2.51% [2.03%]* USD 200,000 Agile 10.215% Perpetual 156 0.20 USD 425,000 China Aoyuan 8.5% 23/01/2022 343 0.43 USD 200,000 CIFI 5.375% Perpetual 142 0.18 USD 300,000 Easy Tactic 9.125% 28/07/2022 244 0.31 USD 600,000 Envision Energy Overseas Capital 7.5% 26/04/2021 392 0.50 USD 250,000 Modern Land China 7.95% 05/03/2021 177 0.22 EUR 100,000 Rail Transit International Development 1.625% 22/06/2022 84 0.11 USD 400,000 Sino-Ocean Land Treasure III 4.9% Perpetual 271 0.34 USD 225,000 Yuzhou Properties 8.5% 26/02/2024 177 0.22 1,986 2.51

Colombia 0.44% [0.00%] USD 450,000 Colombia Government International Bond 3.875% 25/04/2027 351 0.44 351 0.44

Denmark 0.87% [0.00%] EUR 450,000 Danske Bank 1.375% 24/05/2022 389 0.49 EUR 350,000 Danske Bank 2.5% 21/06/2029 302 0.38 691 0.87

Ecuador 0.19% [0.00%] USD 200,000 Ecuador Government International Bond 8.875% 23/10/2027 153 0.19 153 0.19

120 254344 12 Omnis Portfolio Investments pp115-pp134 (Strategic Bond).qxp 30/05/2019 12:44 Page 121

Omnis Strategic Bond

Portfolio Statement (continued) As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

Egypt 0.42% [0.00%] USD 225,000 Egypt Government International Bond 7.6003% 01/03/2029 177 0.22 USD 200,000 Egypt Government International Bond 8.7002% 01/03/2049 160 0.20 337 0.42

France 6.89% [4.96%] GBP 400,000 Banque Federative du Credit Mutuel 1.875% 13/12/2022 402 0.51 GBP 200,000 Electricite de France 5.875% Perpetual 199 0.25 USD 500,000 Electricite de France 6% 22/01/2114 402 0.51 GBP 400,000 Electricite de France 6% Perpetual 408 0.52 EUR 225,000 Faurecia 3.125% 15/06/2026 196 0.25 EUR 1,200,000 French Republic Government Bond OAT 1.5% 25/05/2050 1,071 1.35 EUR 550,000 Orano 4.875% 23/09/2024 517 0.65 EUR 300,000 RCI Banque 0.75% 10/04/2023 258 0.33 EUR 400,000 RCI Banque 1.75% 10/04/2026 345 0.44 USD 601,000 SPCM 4.875% 15/09/2025 452 0.57 EUR 700,000 Unibail-Rodamco 0.125% 14/05/2021 605 0.76 EUR 400,000 Unibail-Rodamco 2.875% Perpetual 341 0.43 EUR 16,639 Vallourec 4.125% 04/10/2022 69 0.09 EUR 200,000 Wendel 2.5% 09/02/2027 180 0.23 5,445 6.89

Germany 2.08% [5.89%] EUR 800,000 ADLER Real Estate 2.125% 06/02/2024 680 0.86 EUR 400,000 ADLER Real Estate 3% 27/04/2026 340 0.43 EUR 210,000 CeramTec BondCo 5.25% 15/12/2025 179 0.23 EUR 200,000 Unitymedia 3.75% 15/01/2027 181 0.23 EUR 300,000 Volkswagen Leasing 1% 16/02/2023 259 0.33 1,639 2.08

Hong Kong 0.93% [1.77%]* EUR 300,000 CNRC Capital 1.871% 07/12/2021 262 0.33 USD 200,000 ESR Cayman 7.875% 04/04/2022 153 0.19 USD 200,000 RKI Overseas Finance 2017 A 7% Perpetual 129 0.16 USD 250,000 Shui On Development 7.5% Perpetual 196 0.25 740 0.93

\ India 0.29% [0.42%] USD 300,000 ReNew Power Synthetic 6.67% 12/03/2024 231 0.29 231 0.29

Indonesia 0.55% [0.59%] USD 270,325 Star Energy Geothermal Wayang Windu 6.75% 24/04/2033 208 0.26 IDR 4,480,000,000 Wijaya Karya Persero 7.7% 31/01/2021 230 0.29 438 0.55

121 254344 12 Omnis Portfolio Investments pp115-pp134 (Strategic Bond).qxp 30/05/2019 12:44 Page 122

Omnis Strategic Bond

Portfolio Statement (continued) As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

Ireland 1.55% [1.31%] EUR 550,000 ESB Finance DAC 2.125% 05/11/2033 506 0.64 EUR 375,000 FCA Bank 1% 21/02/2022 325 0.41 EUR 250,000 James Hardie 3.625% 01/10/2026 219 0.28 EUR 200,000 Roadster Finance 2.375% 08/12/2027 171 0.22 1,221 1.55

Italy 2.82% [2.49%] EUR 200,000 Assicurazioni Generali 5.5% 27/10/2047 188 0.24 EUR 425,000 Autostrade per l’Italia 1.625% 12/06/2023 366 0.46 EUR 250,000 Enel 5.451% 10/01/2074 239 0.30 EUR 200,000 Intesa Sanpaolo 7.75% Perpetual 187 0.24 EUR 400,000 Italy Buoni Poliennali Del Tesoro 2.05% 01/08/2027 339 0.43 EUR 250,000 Telecom Italia 4% 11/04/2024 226 0.29 EUR 200,000 UniCredit 9.25% Perpetual 190 0.24 EUR 300,000 Wind Tre 3.125% 20/01/2025 244 0.31 EUR 300,000 Wind Tre FRN 2.75% 20/01/2024 245 0.31 2,224 2.82

Jersey 1.15% [1.04%] GBP 250,000 CPUK Finance 7.239% 28/02/2024 304 0.38 GBP 350,000 HSBC Bank Capital 5.844% Perpetual 446 0.56 GBP 200,000 Intu Jersey 2 2.875% 01/11/2022 170 0.21 920 1.15

Luxembourg 3.17% [3.02%] EUR 650,000 Blackstone Property Partners Europe 2.2% 24/07/2025 570 0.72 USD 400,000 FAGE International 5.625% 15/08/2026 243 0.31 GBP 300,000 Garfunkelux Holdco 3 8.5% 01/11/2022 272 0.34 EUR 200,000 Grand City Properties 3.75% Perpetual 179 0.23 EUR 350,000 Holcim Finance Luxembourg 1.75% 29/08/2029 292 0.37 EUR 250,000 Lincoln Financing SARL 3.625% 01/04/2024 218 0.28 USD 400,000 Millicom International Cellular 6.25% 25/03/2029 312 0.39 USD 300,000 SES 3.6% 04/04/2023 228 0.29 USD 250,000 Telecom Italia Capital 7.2% 18/07/2036 194 0.24 2,508 3.17

Mauritius 0.19% [0.00%] USD 200,000 Neerg Energy 6% 13/02/2022 152 0.19 152 0.19

Mexico 1.45% [2.97%] EUR 400,000 Cemex 2.75% 05/12/2024 345 0.44 USD 200,000 Mexico City Airport Trust 3.875% 30/04/2028 139 0.18 USD 200,000 Mexico City Airport Trust 5.5% 31/10/2046 140 0.18 USD 725,000 Petroleos Mexicanos 5.35% 12/02/2028 517 0.65 1,141 1.45

122 254344 12 Omnis Portfolio Investments pp115-pp134 (Strategic Bond).qxp 30/05/2019 12:44 Page 123

Omnis Strategic Bond

Portfolio Statement (continued) As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

Netherlands 5.52% [5.58%] USD 250,000 ABN AMRO Bank 3.4% 27/08/2021 194 0.24 USD 200,000 AES Andres 7.95% 11/05/2026 163 0.21 USD 500,000 AT Securities 5.25% Perpetual 363 0.46 EUR 275,000 BMW Finance 1.5% 06/02/2029 241 0.30 GBP 300,000 Cooperatieve Rabobank 6.91% Perpetual 414 0.52 GBP 200,000 Daimler International Finance 1.5% 18/08/2021 199 0.25 EUR 200,000 EDP Finance 1.625% 26/01/2026 177 0.22 USD 600,000 Enel Finance International 3.5% 06/04/2028 433 0.55 USD 400,000 Greenko Dutch 5.25% 24/07/2024 296 0.37 USD 300,000 ING 6.75% Perpetual 228 0.29 USD 200,000 Nostrum Oil & Gas Finance 7% 16/02/2025 92 0.12 EUR 165,000 Sigma Holdco 5.75% 15/05/2026 133 0.17 EUR 200,000 Stichting AK Rabobank Certificaten 6.5% Perpetual 201 0.25 USD 600,000 Syngenta Finance 5.182% 24/04/2028 468 0.59 EUR 300,000 Telefonica Europe 4.375% Perpetual 265 0.33 EUR 400,000 Volkswagen International Finance 3.375% Perpetual 339 0.43 EUR 200,000 Volkswagen International Finance 4.625% Perpetual 172 0.22 4,378 5.52

Oman 0.17% [0.00%] USD 200,000 Oman Government International Bond 6.75% 17/01/2048 136 0.17 136 0.17

Portugal 0.22% [0.00%] EUR 200,000 Banco Comercial Portugues 9.25% Perpetual 178 0.22 178 0.22

Qatar 0.26% [0.00%] USD 250,000 Qatar Government International Bond 4.817% 14/03/2049 202 0.26 202 0.26

Romania 0.72% [0.38%] EUR 300,000 Globalworth Real Estate Investments 3% 29/03/2025 266 0.34 EUR 150,000 Romanian Government International Bond 3.5% 03/04/2034 129 0.16 EUR 200,000 Romanian Government International Bond 4.625% 03/04/2049 178 0.22 573 0.72

Saudi Arabia 0.43% [0.00%] USD 450,000 Saudi Government International Bond 3.625% 04/03/2028 342 0.43 342 0.43

123 254344 12 Omnis Portfolio Investments pp115-pp134 (Strategic Bond).qxp 30/05/2019 12:44 Page 124

Omnis Strategic Bond

Portfolio Statement (continued) As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

Spain 0.64% [0.88%] EUR 400,000 Banco Bilbao Vizcaya Argentaria 6% Perpetual 341 0.43 EUR 200,000 CaixaBank 2.25% 17/04/2030 166 0.21 507 0.64

Sweden 0.43% [0.62%] EUR 400,000 Volvo Car 2% 24/01/2025 340 0.43 340 0.43

Turkey 0.53% [1.64%] USD 200,000 Petkim Petrokimya 5.875% 26/01/2023 139 0.18 USD 400,000 Turkey Government International Bond 6.125% 24/10/2028 279 0.35 418 0.53

Ukraine 0.19% [0.00%] USD 200,000 Ukraine Government International Bond 8.994% 01/02/2024 154 0.19 154 0.19 United Arab Emirates 0.00% [0.72%]

United Kingdom 31.39% [18.53%]* GBP 400,000 Annington Funding 3.685% 12/07/2034 411 0.52 GBP 400,000 Arqiva Financing 5.34% 30/06/2030 476 0.60 USD 100,000 AstraZeneca 3.5% 17/08/2023 78 0.10 USD 300,000 AstraZeneca 4% 17/01/2029 239 0.30 EUR 350,000 Aviva 6.125% 05/07/2043 348 0.44 EUR 200,000 Barclays Bank 6.625% 30/03/2022 199 0.25 EUR 500,000 Channel Link Enterprises Finance 2.706% 30/06/2050 442 0.56 GBP 300,000 Channel Link Enterprises Finance 3.043% 30/06/2050 301 0.38 GBP 200,000 CYBG 9.25% Perpetual 204 0.26 EUR 400,000 DS Smith 1.375% 26/07/2024 348 0.44 GBP 600,000 El 6.375% 26/09/2031 645 0.81 GBP 150,000 Greene King Finance 3.593% 15/03/2035 153 0.19 GBP 300,000 Income Contingent Student Loans 2 2007-2009 FRN 2.05% 24/07/2058 297 0.38 GBP 148,610 Intu Debenture 5.562% 31/12/2027 154 0.19 GBP 300,000 Investec Bank 9.625% 17/02/2022 353 0.45 GBP 410,000 Jerrold Finco 6.125% 15/01/2024 411 0.52 USD 275,000 KCA Deutag UK Finance 9.625% 01/04/2023 175 0.22 USD 250,000 Neptune Energy Bondco 6.625% 15/05/2025 188 0.24 GBP 400,000 Pension Insurance 5.625% 20/09/2030 394 0.50 GBP 300,000 Phoenix 4.125% 20/07/2022 307 0.39 GBP 350,000 RAC Bond 4.565% 06/05/2023 348 0.44 USD 200,000 Royal Bank of Scotland 7.648% Perpetual 192 0.24 GBP 400,000 Shaftesbury Carnaby 2.487% 30/09/2031 384 0.49

124 254344 12 Omnis Portfolio Investments pp115-pp134 (Strategic Bond).qxp 30/05/2019 12:44 Page 125

Omnis Strategic Bond

Portfolio Statement (continued) As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

United Kingdom 31.39% [18.53%] (continued) GBP 402,208 Tesco Property Finance 2 6.0517% 13/10/2039 492 0.62 GBP 200,000 Thames Water Utilities Finance 7.738% 09/04/2058 379 0.48 GBP 800,000 United Kingdom Treasury Bill 1.25% 22/07/2027 822 1.04 GBP 15,150,000 United Kingdom Treasury Bill 1.75% 22/07/2019 15,196 19.20 GBP 143,203 Unique Pub Finance 5.659% 30/06/2027 158 0.20 GBP 400,000 Virgin Media Secured Finance 5.125% 15/01/2025 407 0.51 GBP 200,000 Virgin Money UK 8.75% Perpetual 213 0.27 EUR 150,000 Vodafone 4.2% 03/10/2078 126 0.16 24,840 31.39

United States 29.79% [37.93%] USD 200,000 Albertsons Companies 7.5% 15/03/2026 158 0.20 USD 90,000 Bausch Health 5.75% 15/08/2027 71 0.09 USD 250,000 Bayer US Finance II 4.375% 15/12/2028 191 0.24 USD 550,000 Broadcom 3.875% 15/01/2027 402 0.51 USD 1,050,000 Broadcom 4.75% 15/04/2029 797 1.01 USD 200,000 Campbell Soup 4.15% 15/03/2028 152 0.19 USD 400,000 Celanese US 2.125% 01/03/2027 354 0.45 USD 105,000 CommScope Finance 5.5% 01/03/2024 83 0.10 USD 125,000 CommScope Finance 6% 01/03/2026 99 0.13 USD 200,000 CVS Health 4.3% 25/03/2028 156 0.20 USD 300,000 CVS Health 4.78% 25/03/2038 228 0.29 USD 300,000 Denbury Resources 9% 15/05/2021 224 0.28 GBP 300,000 Digital Stout 4.75% 13/10/2023 330 0.42 EUR 200,000 Ford Motor Credit 3.021% 06/03/2024 174 0.22 USD 250,000 FXI 7.875% 01/11/2024 179 0.23 USD 550,000 General Electric 4.125% 09/10/2042 366 0.46 USD 94,000 Global Partners 6.25% 15/07/2022 71 0.09 USD 40,000 Global Partners 7% 15/06/2023 30 0.04 USD 500,000 Hess 4.3% 01/04/2027 379 0.48 USD 200,000 Marathon Petroleum 3.8% 01/04/2028 152 0.19 EUR 150,000 Marsh & McLennan 1.349% 21/09/2026 131 0.17 USD 200,000 MPLX 4.125% 01/03/2027 154 0.19 USD 500,000 MPLX 4.8% 15/02/2029 403 0.51 USD 350,000 Pacific Gas & Electric 3.95% 01/12/2047 216 0.27 USD 500,000 Par Pharmaceutical 7.5% 01/04/2027 389 0.49 USD 200,000 Parsley Energy 5.625% 15/10/2027 153 0.19 EUR 400,000 Tenneco 5% 15/07/2024 360 0.45 USD 550,000 Time Warner Cable 5.875% 15/11/2040 428 0.54 USD 300,000 Transocean 7.25% 01/11/2025 227 0.29 USD 1,850,000 United States Treasury Bill 0.75% 15/07/2028 1,456 1.84 USD 3,400,000 United States Treasury Bill 2.25% 15/02/2027 2,590 3.27 USD 150,000 United States Treasury Bill 2.375% 29/02/2024 116 0.15 USD 7,750,000 United States Treasury Bill 2.625% 15/02/2029 6,059 7.65 USD 900,000 United States Treasury Bill 2.75% 15/11/2047 681 0.86

125 254344 12 Omnis Portfolio Investments pp115-pp134 (Strategic Bond).qxp 30/05/2019 12:44 Page 126

Omnis Strategic Bond

Portfolio Statement (continued) As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

United States 29.79% [37.93%] (continued) USD 700,000 United States Treasury Bill 2.875% 31/10/2023 552 0.70 USD 6,000,000 United States Treasury Bill 3% 31/10/2025 4,795 6.06 USD 350,000 Welltower 4.125% 15/03/2029 273 0.34 23,579 29.79

Swap 0.30% [(0.72)%] KRW 837,780,000 Citi Interest Rate Swap KRW 1.81% 10/01/2029 10 0.01 BRL 1,460,000 HSBC Interest Rate Swap BRL 8.72% 02/01/2025 (3) 0.00 ILS 1,280,000 HSBC Interest Rate Swap ILS 1.87% 08/03/2029 5 0.01 USD 1,270,000 JPMorgan Credit Default Swap USD 1% 20 Jun 2024 15 0.02 ILS 1,510,000 JPMorgan Interest Rate Swap ILS 2.065% 10/01/2029 13 0.02 MXN 32,900,000 JPMorgan Interest Rate Swap MXN 8.15% 19/05/2028 11 0.02 MYR 5,350,000 JPMorgan Interest Rate Swap MYR 3.965% 09/01/2029 28 0.04 USD 950,000 Morgan Stanley Credit Default Swap USD 1% 20/06/2024 8 0.01 USD 1,500,000 Morgan Stanley Credit Default Swap USD 1% 20/06/2024 (21) (0.02) USD 3,000,000 Morgan Stanley Credit Default Swap USD 5% 20/06/2024 156 0.20 BRL 1,130,000 Morgan Stanley Interest Rate Swap BRL 8.78% 02/01/2025 (2) 0.00 CAD 2,000,000 Morgan Stanley Interest Rate Swap CAD 2.517% 29/03/2028 (47) (0.06) CHF 930,000 Morgan Stanley Interest Rate Swap CHF 0.41% 04/04/2028 36 0.04 CHF 700,000 Morgan Stanley Interest Rate Swap CHF 0.533% 12/11/2028 32 0.04 CHF 700,000 Morgan Stanley Interest Rate Swap CHF 1% 04/06/2028 26 0.03 CLP 630,110,000 Morgan Stanley Interest Rate Swap CLP 4.045% 10/01/2029 (15) (0.02) CLP 515,520,000 Morgan Stanley Interest Rate Swap CLP 4.11% 08/03/2029 (14) (0.01) CZK 33,900,000 Morgan Stanley Interest Rate Swap CZK 1.85% 10/01/2029 (8) (0.01) CZK 30,770,000 Morgan Stanley Interest Rate Swap CZK 1.997% 08/03/2029 (21) (0.03) CZK 104,650,000 Morgan Stanley Interest Rate Swap CZK 2.31% 10/12/2020 18 0.02 CZK 23,000,000 Morgan Stanley Interest Rate Swap CZK 2.31% 10/12/2028 (39) (0.05)

126 254344 12 Omnis Portfolio Investments pp115-pp134 (Strategic Bond).qxp 30/05/2019 12:44 Page 127

Omnis Strategic Bond

Portfolio Statement (continued) As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

Swap 0.30% [(0.72)%] (continued) EUR 1,550,000 Morgan Stanley Interest Rate Swap EUR 1.464% 14/08/2048 151 0.19 GBP 1,200,000 Morgan Stanley Interest Rate Swap GBP 1.453% 13/12/2028 (29) (0.04) GBP 1,000,000 Morgan Stanley Interest Rate Swap GBP 1.504% 31/03/2028 (28) (0.03) HUF 100,250,000 Morgan Stanley Interest Rate Swap HUF 2.34% 08/03/2029 (9) (0.01) HUF 114,850,000 Morgan Stanley Interest Rate Swap HUF 2.44% 10/01/2029 (15) (0.02) JPY 136,700,000 Morgan Stanley Interest Rate Swap JPY 0.129% 18/03/2029 3 0.00 KRW 754,820,000 Morgan Stanley Interest Rate Swap KRW 1.797% 08/03/2029 8 0.01 MYR 4,670,000 Morgan Stanley Interest Rate Swap MYR 3.805% 07/03/2029 12 0.01 NZD 2,000,000 Morgan Stanley Interest Rate Swap NZD 2.36% 18/03/2029 (20) (0.02) NZD 1,900,000 Morgan Stanley Interest Rate Swap NZD 2.415% 12/02/2029 (24) (0.03) PLN 4,280,000 Morgan Stanley Interest Rate Swap PLN 2.412% 08/03/2029 12 0.02 PLN 4,710,000 Morgan Stanley Interest Rate Swap PLN 2.475% 10/01/2029 20 0.03 SCR 8,400,000 Morgan Stanley Interest Rate Swap SEK 1.275% 01/10/2028 (35) (0.05) SCR 6,700,000 Morgan Stanley Interest Rate Swap SEK 1.29% 29/10/2028 (29) (0.04) SCR 9,500,000 Morgan Stanley Interest Rate Swap SEK 1.299% 12/11/2028 (42) (0.05) SGD 910,000 Morgan Stanley Interest Rate Swap SGD 2.32% 11/03/2029 (7) (0.01) SGD 1,030,000 Morgan Stanley Interest Rate Swap SGD 2.332% 11/01/2029 (9) (0.01) USD 2,700,000 Morgan Stanley Interest Rate Swap USD 2.357% 01/04/2029 (11) (0.02) USD 1,400,000 Morgan Stanley Interest Rate Swap USD 2.671% 07/01/2029 28 0.03 USD 1,600,000 Morgan Stanley Interest Rate Swap USD 2.684% 04/02/2029 29 0.04 USD 1,600,000 Morgan Stanley Interest Rate Swap USD 2.718% 19/02/2029 33 0.04 226 0.30

127 254344 12 Omnis Portfolio Investments pp115-pp134 (Strategic Bond).qxp 30/05/2019 12:44 Page 128

Omnis Strategic Bond

Portfolio Statement (continued) As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

Futures (0.14)% [0.21%] 29 Australian Bond 10 Year Futures June 2019 41 0.05 4 Canadian Bond 10 Year Futures June 2019 6 0.01 (11) German Euro BOBL Futures June 2019 0 0.00 6 German Euro BTP Futures June 2019 17 0.02 (6) German Euro BUND Futures June 2019 (9) (0.01) (13) German Euro BUXL Futures June 2019 (95) (0.12) (21) German Euro OAT Futures June 2019 (84) (0.11) 3 Japan Bond 10 Year Futures June 2019 11 0.01 10 US Treasury 10 Year Ultra Futures June 2019 12 0.02 (9) US Treasury Long Bond June 2019 (29) (0.04) 14 US Treasury Note 10 Year Futures June 2019 18 0.02 (1) US Treasury Note 2 Year Futures June 2019 (1) 0.00 6 US Treasury Note 5 Year Futures June 2019 2 0.00 1 US Treasury Ultra Bond Futures June 2019 5 0.01 (106) (0.14)

Forward Currency Contracts 0.72% [0.82%] Bought AUD168,000 for GBP91,792 Settlement 14/05/2019 0 0.00 Bought BRL345,000 for USD92,866 Settlement 14/05/2019 (3) 0.00 Bought CLP418,817,000 for USD635,778 Settlement 14/05/2019 (16) (0.02) Bought COP1,093,638,000 for USD351,151 Settlement 14/05/2019 (7) (0.01) Bought EUR949,000 for GBP813,705 Settlement 03/04/2019 4 0.01 Bought EUR11,893,000 for GBP10,323,274 Settlement 14/05/2019 (60) (0.08) Bought HKD1,968,000 for GBP194,261 Settlement 14/05/2019 (2) 0.00 Bought HUF52,921,000 for GBP145,994 Settlement 14/05/2019 (4) (0.01) Bought IDR729,838,000 for USD50,729 Settlement 14/05/2019 0 0.00 Bought ILS2,325,000 for GBP493,639 Settlement 14/05/2019 (2) 0.00 Bought INR41,140,000 for USD576,573 Settlement 14/05/2019 11 0.01 Bought KRW605,384,000 for USD538,736 Settlement 14/05/2019 (4) (0.01) Bought MXN33,509,000 for GBP1,298,410 Settlement 14/05/2019 16 0.02 Bought MYR2,822,000 for USD693,265 Settlement 14/05/2019 (2) 0.00

128 254344 12 Omnis Portfolio Investments pp115-pp134 (Strategic Bond).qxp 30/05/2019 12:44 Page 129

Omnis Strategic Bond

Portfolio Statement (continued) As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

Forward Currency Contracts 0.72% [0.82%] (continued) Bought PEN2,909,000 for USD869,226 Settlement 14/05/2019 4 0.01 Bought PLN2,323,000 for GBP464,014 Settlement 14/05/2019 1 0.00 Bought RUB13,371,000 for USD204,405 Settlement 14/05/2019 (2) 0.00 Bought THB12,207,000 for GBP302,112 Settlement 14/05/2019 (7) (0.01) Bought TRY3,157,000 for GBP429,852 Settlement 14/05/2019 (20) (0.03) Bought TWD35,646,000 for USD1,160,966 Settlement 14/05/2019 (1) 0.00 Bought USD92,098 for BRL345,000 Settlement 14/05/2019 3 0.00 Bought USD102,691 for RUB6,658,000 Settlement 14/05/2019 2 0.00 Bought USD348,403 for COP1,093,638,000 Settlement 14/05/2019 5 0.01 Bought USD383,938 for MYR1,570,000 Settlement 14/05/2019 0 0.00 Bought USD536,639 for PEN1,792,000 Settlement 14/05/2019 (1) 0.00 Bought USD541,797 for KRW608,371,000 Settlement 14/05/2019 4 0.01 Bought USD577,892 for INR41,140,000 Settlement 14/05/2019 (10) (0.01) Bought USD728,478 for IDR10,338,024,000 Settlement 14/05/2019 5 0.01 Bought USD830,841 for CLP547,601,000 Settlement 14/05/2019 20 0.03 Bought USD1,158,318 for TWD35,646,000 Settlement 14/05/2019 (1) 0.00 Bought USD6,624,000 for GBP5,046,161 Settlement 14/05/2019 27 0.03 Bought ZAR28,315,000 for GBP1,533,933 Settlement 14/05/2019 (38) (0.05) Sold AUD341,000 for GBP185,093 Settlement 14/05/2019 (1) 0.00 Sold CHF107,000 for GBP81,715 Settlement 14/05/2019 (1) 0.00 Sold EUR32,883,000 for GBP28,885,758 Settlement 14/05/2019 510 0.64 Sold HKD1,968,000 for GBP193,108 Settlement 14/05/2019 1 0.00

129 254344 12 Omnis Portfolio Investments pp115-pp134 (Strategic Bond).qxp 30/05/2019 12:44 Page 130

Omnis Strategic Bond

Portfolio Statement (continued) As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

Forward Currency Contracts 0.72% [0.82%] (continued) Sold HUF125,473,000 for GBP342,958 Settlement 14/05/2019 6 0.01 Sold ILS1,867,000 for GBP390,085 Settlement 14/05/2019 (5) (0.01) Sold MXN28,574,000 for GBP1,127,468 Settlement 14/05/2019 7 0.01 Sold PLN2,772,000 for GBP561,765 Settlement 14/05/2019 7 0.01 Sold THB41,646,000 for GBP1,000,626 Settlement 14/05/2019 (5) (0.01) Sold TRY1,340,000 for GBP184,182 Settlement 14/05/2019 10 0.01 Sold USD50,473,000 for GBP38,694,066 Settlement 14/05/2019 41 0.05 Sold ZAR29,698,000 for GBP1,645,424 Settlement 14/05/2019 76 0.10 568 0.72

Portfolio of investments 78,947 99.74 Net other assets 207 0.26 Net assets 79,154 100.00

* Since the previous report the classification headings have been updated by data providers. Comparative figures have been updated where appropriate. All investments are ordinary bonds unless otherwise stated and admitted to official stock exchange listings. Comparative figures shown above in square brackets relate to 28 September 2018. Gross purchases for the six months (excl. Derivatives): £104,371,000 [2018: £88,415,000]. Total sales net of transaction costs for the six months (excl. Derivatives): £94,512,000 [2018: £20,806,000].

130 254344 12 Omnis Portfolio Investments pp115-pp134 (Strategic Bond).qxp 30/05/2019 12:44 Page 131

Omnis Strategic Bond

Portfolio Statement (continued) As at 31 March 2019 (unaudited)

Credit Rating as at 31 March 2019 % of Total Bonds Rating Net Assets AAA 20.59% AA 22.71% A 4.59% BBB 26.54% BB 13.52% B 7.59% CCC 0.75% NR 2.34% Other 0.95% Bonds 99.58% Uninvested Cash 0.42% Forwards Net Assets 100.00% The above information has been supplied by the Investment Manager. Bonds not rated are of investment grade, but rating not sought by issuer.

131 254344 12 Omnis Portfolio Investments pp115-pp134 (Strategic Bond).qxp 30/05/2019 12:44 Page 132

Omnis Strategic Bond

Statement of Total Return For the six months ended 31 March 2019 (unaudited)

29/09/18 to 31/03/19 01/10/17 to 31/03/18 £’000 £’000 £’000 £’000 Income: Net capital gains/(losses) 1,567 (1,172) Revenue 1,353 387 Expenses (203) (92) Interest payable and similar charges (17) – Net revenue before taxation 1,133 295 Taxation – (58) Net revenue after taxation 1,133 237 Total return before distributions 2,700 (935) Distributions (1,336) (329) Change in net assets attributable to Shareholders from investment activities 1,364 (1,264)

Statement of Change in Net Assets Attributable to Shareholders For the six months ended 31 March 2019 (unaudited)

29/09/18 to 31/03/19 01/10/17 to 31/03/18 £’000 £’000 £’000 £’000 Opening net assets attributable to Shareholders 69,517 – Amounts receivable on issue of Shares 10,797 74,685 Amounts payable on cancellation of Shares (3,888) (5,824) 6,909 68,861 Change in net assets attributable to Shareholders from investment activities (see above) 1,364 (1,264) Retained distributions on accumulation Shares 1,364 422 Closing net assets attributable to Shareholders 79,154 68,019

The above statement shows the comparative closing net assets at 31 March 2018 whereas the current accounting period commenced 29 September 2018.

132 254344 12 Omnis Portfolio Investments pp115-pp134 (Strategic Bond).qxp 30/05/2019 12:44 Page 133

Omnis Strategic Bond

Balance Sheet As at 31 March 2019 (unaudited)

31/03/19 28/09/18 £’000 £’000 £’000 £’000 Assets: Fixed assets: Investments 79,785 65,439 Current assets: Debtors 7,128 1,287 Cash and bank balances 1,388 2,185 Other loan assets – 2,235 Total current assets 8,516 5,707 Total assets 88,301 71,146 Liabilities: Investment liabilities (838) (783) Creditors: Bank overdrafts (8) – Other creditors (8,301) (846) Total creditors (8,309) (846) Total liabilities (9,147) (1,629) Net assets attributable to Shareholders 79,154 69,517

133 254344 12 Omnis Portfolio Investments pp115-pp134 (Strategic Bond).qxp 30/05/2019 12:44 Page 134

Omnis Strategic Bond

Distribution Table As at 31 March 2019 (unaudited)

First Distribution in pence per share Group 1 Shares purchased prior to 29 September 2018 Group 2 Shares purchased on or after 29 September 2018 to 31 December 2018

Distribution Distribution Gross paid paid revenue Equalisation 28/02/19 28/02/18 (p) (p) (p) (p) Share Class A Accumulation Group 1 0.9240 – 0.9240 N/A Group 2 0.4427 0.4813 0.9240 N/A

Second Distribution in pence per share Group 1 Shares purchased prior to 1 January 2019 Group 2 Shares purchased on or after 1 January 2019 to 31 March 2019

Distribution Distribution Gross payable payable revenue Equalisation 31/05/19 31/05/18 (p) (p) (p) (p) Share Class A Accumulation Group 1 0.8630 – 0.8630 0.6089 Group 2 0.4208 0.4422 0.8630 0.6089

134 254344 13 Omnis Portfolio Investments pp135-pp146 (UK All Co Fund).qxp 30/05/2019 12:45 Page 135

Omnis UK All Companies Fund

Investment Manager’s Report For the six months ended 31 March 2019 (unaudited)

Investment Objective The Fund aims to achieve a return consisting of both income and capital growth which, after all fees and expenses, exceeds that of the FTSE All-Share TR Index over the medium to long term (defined as 5 to 10 years).

Investment Policy The Fund intends to invest at least 80% in the equity securities of UK companies, defined as those which are domiciled, incorporated or have a significant exposure to the UK. The Fund may also invest in other transferable securities (for example international equities), units in collective investment schemes (including schemes managed and operated by the ACD or its associates), money market instruments, warrants, cash and near cash deposits as detailed in the Prospectus.

It is envisaged that the investment portfolio of the Fund will be concentrated, typically comprising between 35 and 60 stocks.

Derivatives may be used for the purposes of hedging and for efficient portfolio management.

Investment Review Over the period the Omnis UK All Companies Fund returned -0.92% and the benchmark (FTSE All- Share) returned -1.80% [source: Financial Express, bid to bid, net income reinvested].

Stock selection in the financials, oil & gas sectors and technology supported performance. Basic materials was the only significant sector detractor during the period.

Amongst the contributors were business software firm Sage Group PLC, emerging market debt manager Ashmore Group PLC and property management company Derwent London PLC. The share price of business software firm Sage Group PLC bucked the market falls as investors backed the turnaround potential outlined by the new chief executive officer. Ashmore’s stock price recovered on signs of improving sentiment toward emerging markets and optimism about improving fund flows. Derwent London, meanwhile, has performed well despite Brexit-related uncertainty.

Detractors included sports betting firm GVC Holdings PLC, cardboard packaging firm DS Smith PLC and plumbing products supplier Ferguson PLC. GVC detracted from overall performance despite strong trading results. Instead, investors were unsettled by two directors’ sizeable share sales. DS Smith was hurt on concerns about potential global economic weakness and following the revelation of substantial use of a mechanism to hasten cash receipts. Whist the practice can be defended from an economic and accountancy standpoint, the prior lack of disclosure and incorporation of the situation into valuation assumptions saw the shares marked lower. Ferguson cautioned about a near-term slowdown in the US market.

Notable portfolio changes during the six-month period included the addition of pork and poultry producer Cranswick PLC and the sale of plastic packaging manufacturer RPC Group PLC. Cranswick is a company we have long held in high regard and we believe the recent share price weakness provides an opportunity to invest as the company attempts to replicate its success in pork in the poultry category. We disposed of the position in RPC Group after it received a takeover offer from a US private equity firm.

135 254344 13 Omnis Portfolio Investments pp135-pp146 (UK All Co Fund).qxp 30/05/2019 12:45 Page 136

Omnis UK All Companies Fund

Investment Manager’s Report (continued) For the six months ended 31 March 2019 (unaudited)

Market Overview In the final quarter of 2018, the UK equity market was battered by rising US interest rates, heightened trade rhetoric and the interminable Brexit negotiations. The new calendar year brought a change of fortune with the catalyst a dramatic pivot by the US Federal Reserve as it turned more dovish after a December interest rate increase. Sentiment was further bolstered by a more constructive approach to trade negotiations by the Trump administration following the midterm elections and by the UK parliament taking steps to reduce the likelihood of a so-called hard Brexit.

The overall performance of the UK economy in 2018 was broadly in line with expectations. The understandable downturn in business investment in the face of Brexit uncertainty has been largely offset by a more resilient consumer helped by the remarkably robust labour market and the return of real wage growth as inflation has eased.

Outlook The equity market momentum established in the early months of 2019 has been maintained in the opening weeks of the fund’s new financial year. Encouraged by lower bond yields, investor sentiment has greatly improved from the dark days of December, and markets now appear to be much more confident of a benign outcome to trade discussions and the Brexit process.

It seems extraordinary to us that we still have no certainty on Brexit as we approach the third anniversary of the vote. In the short term, investors have taken heart from the fact the UK parliament took steps to greatly reduce the risk of a no deal scenario. We have, however, long believed that the real risk from Brexit is that the political upheaval leads to a change of government, and a new regime with a vastly different policy agenda. This outcome remains a real possibility, although is not our base case.

The fears of a global recession that haunted the market towards the end of 2018 when the US Federal Reserve appeared determined to keep raising interest rates have visibly receded in recent weeks. The policy pivot and progress on trade discussions have clearly helped at a time when the economic data remains mixed at best.

The UK economic outlook remains clouded by Brexit, with the impact of the uncertainty on business investment becoming ever more apparent. Consumer spending is, however, a much larger part of the overall economy, and having been under pressure from a squeeze in wages a year ago, the environment is now more supportive. Inflation is falling and wage growth is accelerating. Confidence for big ticket item purchases remains somewhat fragile, but the overall upward trend in consumer spending is intact.

From a UK equity market perspective, it remains a difficult environment for stock selection, not made any easier by the strong market recovery over the past few months. The parliamentary moves to block a no deal Brexit have inspired a sharp rally in many domestic-facing stocks and removed much of the previous difference in valuations. But at the same time the international stocks have moved higher on the back of lower bond yields.

Investment Manager Franklin Templeton Fund Management Ltd 17 April 2019

136 254344 13 Omnis Portfolio Investments pp135-pp146 (UK All Co Fund).qxp 30/05/2019 12:45 Page 137

Omnis UK All Companies Fund

Material Portfolio Changes For the six months ended 31 March 2019 (unaudited)

Purchases Sales Portfolio Name Cost £’000 Portfolio Name Proceeds £’000 Meggitt 12,854 RPC 13,406 Cranswick 10,209 J Sainsbury 10,193 Phoenix 10,179 Just 7,272 Royal Dutch Shell 7,251 Entertainment One 2,510 GVC 7,041 AstraZeneca 1,563 Hays 4,412 Spectris 1,152 DS Smith 4,261 Bodycote 4,204 BP 3,886 Rio Tinto 3,865

137 254344 13 Omnis Portfolio Investments pp135-pp146 (UK All Co Fund).qxp 30/05/2019 12:45 Page 138

Omnis UK All Companies Fund

Comparative Table As at 31 March 2019 (unaudited)

A Income 31/03/2019 (p)

Closing net asset value per share (p) 97.99 Percentage change – Closing net asset value (£’000) 1,013,991 Closing number of shares 1,034,754,838 Operating charges 0.65%

138 254344 13 Omnis Portfolio Investments pp135-pp146 (UK All Co Fund).qxp 30/05/2019 12:45 Page 139

Omnis UK All Companies Fund

Performance Information As at 31 March 2019 (unaudited)

Operating Charge Total Other Transaction operating AMC expenses costs charge Date (%) (%) (%) (%)

31/03/2019 Share Class A Income 0.61 0.04 0.00 0.65

The Operating Charge is the ratio of the Fund’s total disclosable costs (excluding overdraft interest) to the average net assets of the Fund.

Risk and Reward Profile As at 31 March 2019 (unaudited)

Typically lower rewards Typically higher rewards

Lower risk Higher risk Share Class A 1 2 3 4 5 6 7

• This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund.

• The risk category shown is not guaranteed to remain unchanged and may shift over time.

• The Fund appears as a “5” on the scale. This is because the Fund invests in assets that typically carry medium risk and offer medium rewards compared with other categories of assets.

139 254344 13 Omnis Portfolio Investments pp135-pp146 (UK All Co Fund).qxp 30/05/2019 12:45 Page 140

Omnis UK All Companies Fund

Portfolio Statement As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

Aerospace & Defense 1.22% 2,450,000 Meggitt 12,319 1.22 12,319 1.22

Automobiles & Parts 0.77% 4,300,000 TI Fluid Systems 7,830 0.77 7,830 0.77

Banks 4.40% 880,000 Close Brothers 12,804 1.26 5,100,000 HSBC 31,788 3.14 44,592 4.40

Beverages 3.17% 1,025,000 Diageo 32,164 3.17 32,164 3.17

Chemicals 0.58% 3,600,000 Elementis 5,850 0.58 5,850 0.58

Construction & Materials 2.15% 4,350,000 Ibstock 10,423 1.03 2,830,000 Polypipe 11,360 1.12 21,783 2.15

Electricity 1.45% 1,240,000 SSE 14,719 1.45 14,719 1.45

Electronic & Electrical Equipment 1.56% 630,000 Spectris 15,813 1.56 15,813 1.56

Financial Services 5.43% 3,000,000 Ashmore 12,816 1.26 1,520,000 Intermediate Capital 16,188 1.60 4,000,000 Jupiter Fund Management 14,472 1.43 2,650,000 Paragon 11,549 1.14 55,025 5.43

Food Producers 2.99% 800,000 Associated British Foods 19,512 1.92 400,000 Cranswick 10,880 1.07 30,392 2.99

140 254344 13 Omnis Portfolio Investments pp135-pp146 (UK All Co Fund).qxp 30/05/2019 12:45 Page 141

Omnis UK All Companies Fund

Portfolio Statement (continued) As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

Gas, Water & Multiutilities 2.43% 2,900,000 National Grid 24,673 2.43 24,673 2.43

General Industrials 1.59% 4,800,000 DS Smith 16,123 1.59 16,123 1.59

General Retailers 1.47% 267,000 Next 14,899 1.47 14,899 1.47

Health Care Equipment & Services 1.52% 1,011,822 Smith & Nephew 15,410 1.52 15,410 1.52

Household Goods & Home Construction 4.31% 615,000 Bellway 18,727 1.85 390,000 Reckitt Benckiser 24,890 2.46 43,617 4.31

Industrial Engineering 3.17% 2,000,000 Bodycote 16,460 1.62 1,010,000 Weir 15,736 1.55 32,196 3.17

Industrial Transportation 0.82% 420,000 James Fisher & Sons 8,299 0.82 8,299 0.82

Leisure Goods 6.28% 6,500,000 Legal & General 17,894 1.77 1,500,000 Phoenix 10,163 1.00 1,245,000 Prudential 19,142 1.89 1,600,000 St James’s Place 16,448 1.62 63,647 6.28

Media 4.18% 3,800,000 Entertainment One 16,978 1.67 1,550,000 RELX 25,443 2.51 42,421 4.18

Mining 4.61% 1,180,000 BHP 21,813 2.15 560,000 Rio Tinto 24,982 2.46 46,795 4.61

141 254344 13 Omnis Portfolio Investments pp135-pp146 (UK All Co Fund).qxp 30/05/2019 12:45 Page 142

Omnis UK All Companies Fund

Portfolio Statement (continued) As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

Nonlife Insurance 1.03% 670,000 Hiscox 10,452 1.03 10,452 1.03

Oil & Gas Producers 9.93% 8,950,000 BP 49,986 4.93 2,090,000 Royal Dutch Shell ‘B’ Shares 50,745 5.00 100,731 9.93

Personal Goods 3.25% 750,000 Unilever 32,962 3.25 32,962 3.25

Pharmaceuticals & Biotechnology 6.58% 485,000 AstraZeneca 29,755 2.93 2,320,000 GlaxoSmithKline 37,046 3.65 66,801 6.58

Real Estate Investment Trusts 2.97% 467,000 Derwent London 15,051 1.48 1,650,000 Land Securities 15,071 1.49 30,122 2.97

Software & Computer Services 3.57% 525,000 AVEVA 16,937 1.67 2,750,000 Sage 19,277 1.90 36,214 3.57

Support Services 8.14% 710,000 Bunzl 17,977 1.77 383,000 Ferguson 18,706 1.85 9,700,000 Hays 14,550 1.44 1,550,000 HomeServe 15,887 1.57 3,150,000 Howden Joinery 15,287 1.51 82,407 8.14

Tobacco 5.27% 1,050,000 British American Tobacco 33,537 3.31 758,000 Imperial Tobacco 19,894 1.96 53,431 5.27

142 254344 13 Omnis Portfolio Investments pp135-pp146 (UK All Co Fund).qxp 30/05/2019 12:45 Page 143

Omnis UK All Companies Fund

Portfolio Statement (continued) As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

Travel & Leisure 3.82% 1,450,000 Compass 26,165 2.58 2,250,000 GVC 12,578 1.24 38,743 3.82

Portfolio of investments 1,000,430 98.666 Net other assets 13,561 1.34 Net assets 1,013,991 100.00

All investments are ordinary shares unless otherwise stated and admitted to official stock exchange listings.

Gross purchases for the six months: £123,921,000. In addition to the above, transfers totalling £929,216,000 were made via inspecie into the portfolio during the year.

Total sales net of transaction costs for the six months: £36,096,000.

143 254344 13 Omnis Portfolio Investments pp135-pp146 (UK All Co Fund).qxp 30/05/2019 12:45 Page 144

Omnis UK All Companies Fund

Statement of Total Return For the six months ended 31 March 2019 (unaudited)

29/09/18 to 31/03/19 £’000 £’000 Income: Net capital losses (14,646) Revenue 18,749 Expenses (3,059) Net revenue before taxation 15,690 Taxation – Net revenue after taxation 15,690 Total return before distributions 1,044 Distributions (15,690) Change in net assets attributable to Shareholders from investment activities (14,646)

Statement of Change in Net Assets Attributable to Shareholders For the six months ended 31 March 2019 (unaudited)

29/09/18 to 31/03/19 £’000 £’000 Opening net assets attributable to Shareholders – Inspecie transfer 929,216 Amounts receivable on issue of Shares 105,678 Amounts payable on cancellation of Shares (6,257) 99,421 Change in net assets attributable to Shareholders from investment activities (see above) (14,646) Closing net assets attributable to Shareholders 1,013,991

144 254344 13 Omnis Portfolio Investments pp135-pp146 (UK All Co Fund).qxp 30/05/2019 12:45 Page 145

Omnis UK All Companies Fund

Balance Sheet As at 31 March 2019 (unaudited)

31/03/19 £’000 £’000 Assets: Fixed assets: Investments 1,000,430 Current assets: Debtors 10,762 Cash and bank balances 22,164 Total current assets 32,926 Total assets 1,033,356 Liabilities: Investment liabilities – Creditors: Distribution payable (16,335) Other creditors (3,030) Total creditors (19,365) Total liabilities (19,365) Net assets attributable to Shareholders 1,013,991

145 254344 13 Omnis Portfolio Investments pp135-pp146 (UK All Co Fund).qxp 30/05/2019 12:45 Page 146

Omnis UK All Companies Fund

Distribution Table As at 31 March 2019 (unaudited)

Interim Distribution in pence per Share Group 1 Shares purchased prior to 29 September 2018 Group 2 Shares purchased on or after 29 September 2018 to 31 March 2019

Distribution Distribution Net payable paid revenue Equalisation 31/05/19 31/05/18 (p) (p) (p) (p) Share Class A Income Group 1 1.5786 – 1.5786 N/A Group 2 0.8675 0.7111 1.5786 N/A

Share class A Income launched on 29 September 2018.

146 254344 14 Omnis Portfolio Investments pp147-pp157 (UK Equity Income).qxp 30/05/2019 12:47 Page 147

Omnis UK Equity Income Fund

Investment Manager’s Report For the six months ended 31 March 2019 (unaudited)

Investment Objective The Fund aims to provide income of 110% of that of the FTSE All Share Index and provide some capital growth over a rolling three year period.

Investment Policy The Fund intends to invest at least 80% in UK companies, defined as those which are domiciled, incorporated or have a significant exposure to the UK.

The Fund may also invest in other transferable securities (for example, other international equities), units in Collective Investment Schemes, money market instruments, warrants, cash and near cash deposits as detailed in the Prospectus. No more than 10% of the Scheme Property of the Fund will be invested in other Collective Investment Schemes.

It is envisaged that the investment portfolio of the Fund will be concentrated, typically comprising between 40 and 70 stocks. Derivatives may be used for efficient portfolio management.

Investment Review Over the period the Omnis UK Equity Income Fund returned -2.14% and the benchmark (FTSE All-Share) returned -1.80% [source: Financial Express, bid to bid, net income reinvested]. During the period the fund generated net income of 2.01p per share. As at the period end the Fund Yield was 4.70% and the benchmark (FTSE All-Share) Yield was 4.40% [source: Bloomberg 12 Month Forward Estimates].

The fund benefited from its holdings in home furnishings retailer Dunelm and pub retailer and brewer Greene King. Both companies bounced back after encouraging trading results. The largest single contributor to performance was dairy products business Dairy Crest. We sold out of the position following the announcement of a bid for the company by Canadian cheese maker Saputo.

Shares in Restaurant Group fell after the market disapproved of its purchase of the Wagamama chain. We instead believe that the group paid a fair price for an excellent business, and so its shares should respond positively when management is seen to be delivering on its acquisition strategy.

We added to our position in British American Tobacco after its shares fell sharply following news of a potential US ban of menthol cigarettes. Such bans are notoriously difficult to achieve and involve years of fighting in court. We considered its attractive dividend yield to be secure, with underlying prospects for the company much more stable than its share price implied.

A major theme over the period was taking advantage of share price weakness to expand existing positions. As such, we increased our exposure to 3i Group and BBA Aviation towards the end of 2018, and ITV, BAE Systems, Daily Mail and Paragon, among others, in early 2019. The purchases were funded by profit taking in AstraZeneca, BT Group and Cineworld Group, as well as Dairy Crest as mentioned earlier.

AstraZeneca had performed well, and with the shares around £60 and the dividend yield down to about 3.6%, it felt appropriate to take some profits. Longer term, we remain positive on the shares. Cineworld stock had been very weak at the end of 2017, when the company made an acquisition in the US funded by debt and equity. With Cineworld now delivering on its strategy, its shares have rallied. After its dividend yield became less compelling, it felt right to take some money off the table.

147 254344 14 Omnis Portfolio Investments pp147-pp157 (UK Equity Income).qxp 30/05/2019 12:47 Page 148

Omnis UK Equity Income Fund

Investment Manager’s Report (continued) For the six months ended 31 March 2019 (unaudited)

Market Overview Over the past six months, equity markets have been volatile as concerns grew that the global economic expansion had peaked and that the next move would be a slowdown in the US economy. Investors were concerned that the Federal Reserve had increased interest rates too quickly. The rise in borrowing costs was expected to negatively impact indebted companies and reduce the rate of US growth. Investors also worried about the sharp rise in the oil price increasing costs for many businesses, and feared that growing trade tensions between China and the US would result in tariffs and further disruption to global trade.

Some of those fears started to evaporate as 2019 began. In reaction to the threat of a global slowdown, the Federal Reserve and European Central Bank both adopted a more dovish tone. The oil price fell as concerns increased that the level of demand would be unsustainable in a weaker economic environment. And a trade deal between China and the US now looks likely given the political pressures on both sides. As a result of this greater clarity, confidence has returned to equity markets and they have rallied strongly since the start of the year.

Outlook In the UK, recent Parliamentary votes on Brexit have demonstrated that no path forward commands the support of a majority of MPs. History teaches us that EU deals are often struck at the 11th hour.The uncertainty over the way forward makes it difficult for the stock market to make any meaningful progress. Ultimately, the large-scale geopolitical threats to Europe should lead to a mutually beneficial outcome. In the meantime, however, there is scope for more unexpected twists and turns.

European elections in May 2019 could see further gains for populist political parties across Europe, such that Brexit will never be far from newspaper headlines. Any Brexit inspired sterling weakness provides opportunities for international companies to buy UK companies more cheaply, which is clearly supportive for the stock market. It also suggests keeping a significant overseas earnings allocation within any UK equity portfolio.

The fund is not positioned for any particular Brexit outcome. UK economic growth is expected to remain sluggish in the short term and this is reflected in the fund’s positioning. Markets hate uncertainty and there are likely to be further bouts of market volatility in the rest of 2019, driven by Brexit worries and fears over trade wars. However, in a world that is hungry for income, the UK stock market is supported by its 4.5% estimated dividend yield, given the dividend growth over the last few years and the consensus forecasts for 2019 growth. Overall, the fund is underpinned by cautious economic growth assumptions. Its focus on strong market positions, cashflow-backed dividends and robust balance sheets should provide resilience across the range of possible economic outcomes.

Investment Manager Royal London Asset Management 17 April 2019

148 254344 14 Omnis Portfolio Investments pp147-pp157 (UK Equity Income).qxp 30/05/2019 12:47 Page 149

Omnis UK Equity Income Fund

Material Portfolio Changes For the six months ended 31 March 2019 (unaudited)

Purchases Sales Portfolio Name Cost £'000 Portfolio Name Proceeds £'000 British American Tobacco 1,657 Dairy Crest 1,686 Royal Dutch Shell 899 AstraZeneca 1,021 BP 719 BT 736 GlaxoSmithKline 702 Spectris 513 HSBC 665 Cineworld 276 Restaurant 664 Restaurant 214 AstraZeneca 664 Halma 104 BAE Systems 599 Royal Dutch Shell 55 IG 572 BP 44 Stobart 548 HSBC 43

149 254344 14 Omnis Portfolio Investments pp147-pp157 (UK Equity Income).qxp 30/05/2019 12:47 Page 150

Omnis UK Equity Income Fund

Comparative Table As at 31 March 2019 (unaudited)

A Accumulation 31/03/2019 28/09/2018 (p) (p)

Closing net asset value per share (p) 101.77 103.78 Percentage change (1.94%) Closing net asset value (£'000) 92,734 79,773 Closing number of shares 91,121,776 76,869,880 Operating charges 0.72% 0.77%

150 254344 14 Omnis Portfolio Investments pp147-pp157 (UK Equity Income).qxp 30/05/2019 12:47 Page 151

Omnis UK Equity Income Fund

Performance Information As at 31 March 2019 (unaudited)

Operating Charge Total Other Transaction operating AMC expenses costs charge Date (%) (%) (%) (%)

31/03/2019 Share Class A Accumulation 0.65 0.05 0.02 0.72

28/09/2018 Share Class A Accumulation 0.65 0.05 0.07 0.77

The Operating Charge is the ratio of the Fund's total disclosable costs (excluding overdraft interest) to the average net assets of the Fund.

Risk and Reward Profile As at 31 March 2019 (unaudited)

Typically lower rewards Typically higher rewards

Lower risk Higher risk Share Class A 1 2 3 4 5 67

• This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund.

• The risk category shown is not guaranteed to remain unchanged and may shift over time.

• The Fund appears as a “5” on the scale. This is because the Fund invests in assets that typically carry medium risk and offer medium rewards compared with other categories of assets.

151 254344 14 Omnis Portfolio Investments pp147-pp157 (UK Equity Income).qxp 30/05/2019 12:47 Page 152

Omnis UK Equity Income Fund

Portfolio Statement As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

Aerospace & Defense 2.08% [2.23%] 400,682 BAE Systems 1,933 2.08 1,933 2.08

Banks 6.01% [6.27%] 133,514 Close Brothers 1,943 2.10 581,853 HSBC 3,627 3.91 5,570 6.01

Chemicals 2.24% [2.21%] 66,207 Johnson Matthey 2,080 2.24 2,080 2.24

Construction & Materials 1.76% [1.13%] 263,503 Marshalls 1,628 1.76 1,628 1.76

Electronic & Electrical Equipment 3.05% [3.22%] 93,124 Halma 1,557 1.68 50,656 Spectris 1,271 1.37 2,828 3.05

Financial Services 10.59% [10.75%] 161,457 3i 1,590 1.71 474,489 Brewin Dolphin 1,481 1.60 102,340 Hargreaves Lansdown 1,907 2.05 313,952 IG 1,632 1.76 351,419 Investec 1,554 1.68 380,754 Paragon 1,659 1.79 9,823 10.59

Fixed Line Telecommunications 0.97% [1.70%] 402,795 BT 898 0.97 898 0.97 Food Producers 0.00% [1.28%]

Gas, Water & Multiutilities 5.28% [4.65%] 203,086 Pennon 1,510 1.63 80,659 Severn Trent 1,594 1.72 220,030 United Utilities 1,792 1.93 4,896 5.28

General Industrials 1.73% [1.74%] 112,043 Smiths 1,608 1.73 1,608 1.73

General Retailers 5.69% [4.83%] 240,102 Dunelm 2,088 2.25 1,091,556 Saga 1,214 1.31 92,883 WH Smith 1,971 2.13 5,273 5.69

152 254344 14 Omnis Portfolio Investments pp147-pp157 (UK Equity Income).qxp 30/05/2019 12:47 Page 153

Omnis UK Equity Income Fund

Portfolio Statement (continued) As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

Household Goods & Home Construction 1.61% [1.60%] 1,162,145 McCarthy & Stone 1,492 1.61 1,492 1.61

Industrial Engineering 4.13% [4.34%] 172,986 IMI 1,657 1.79 19,805 Spirax-Sarco Engineering 1,424 1.53 65,583 Vitec 748 0.81 3,829 4.13

Industrial Transportation 3.12% [3.03%] 792,178 BBA Aviation 1,973 2.13 605,214 Stobart 918 0.99 2,891 3.12

Life Insurance 2.94% [3.16%] 490,677 Aviva 2,024 2.18 185,848 Chesnara 703 0.76 2,727 2.94

Media 7.99% [7.79%] 289,206 Daily Mail & General Trust 1,867 2.01 249,611 Informa 1,858 2.00 1,373,286 ITV 1,745 1.88 118,427 RELX 1,944 2.10 7,414 7.99

Mining 2.98% [2.50%] 61,979 Rio Tinto 2,765 2.98 2,765 2.98

Non-life Insurance 0.32% [0.38%] 73,152 Personal 300 0.32 300 0.32

Oil & Gas Producers 9.74% [10.15%] 740,352 BP 4,135 4.46 201,724 Royal Dutch Shell 4,898 5.28 9,033 9.74

Pharmaceuticals & Biotechnology 8.37% [9.02%] 62,085 AstraZeneca 3,809 4.11 247,460 GlaxoSmithKline 3,951 4.26 7,760 8.37

Real Estate Investment Trust 3.90% [4.09%] 843,348 Intu 898 0.97 206,700 Land Securities 1,888 2.04 122,743 Segro 826 0.89 3,612 3.90

153 254344 14 Omnis Portfolio Investments pp147-pp157 (UK Equity Income).qxp 30/05/2019 12:47 Page 154

Omnis UK Equity Income Fund

Portfolio Statement (continued) As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

Support Services 3.26% [3.66%] 189,365 De La Rue 730 0.79 111,499 Diploma 1,626 1.75 589,924 Renewi 137 0.15 83,113 Ricardo 528 0.57 3,021 3.26

Tobacco 4.66% [3.21%] 85,470 British American Tobacco 2,730 2.94 60,845 Imperial Brands 1,597 1.72 4,327 4.66

Travel & Leisure 4.93% [4.65%] 531,412 Cineworld 1,555 1.68 298,987 Greene King 1,989 2.14 871,213 Restaurant 1,028 1.11 4,572 4.93 Portfolio of investments 90,280 97.35 Net other assets 2,454 2.65 Net assets 92,734 100.00

All investments are ordinary shares unless otherwise stated and admitted to official stock exchange listings. Comparative figures shown above in square brackets relate to 28 September 2018.

Gross purchases for the six months: £20,151,000 [2018: £49,453,000].

Total sales net of transaction costs for the six months: £5,372,000 [2018: £289,000].

154 254344 14 Omnis Portfolio Investments pp147-pp157 (UK Equity Income).qxp 30/05/2019 12:47 Page 155

Omnis UK Equity Income Fund

Statement of Total Return For the six months ended 31 March 2019 (unaudited)

29/09/18 to 31/03/19 05/12/17 to 31/03/18 £’000 £’000 £’000 £’000 Income: Net capital losses (2,247) (1,979) Revenue 1,729 351 Expenses (291) (68) Net revenue before taxation 1,438 283 Taxation – – Net revenue after taxation 1,438 283 Total return before distributions (809) (1,696) Distributions (1,717) (347) Change in net assets attributable to Shareholders from investment activities (2,526) (2,043)

Statement of Change in Net Assets Attributable to Shareholders For the six months ended 31 March 2019 (unaudited)

29/09/18 to 31/03/19 05/12/17 to 31/03/18 £’000 £’000 £’000 £’000 Opening net assets attributable to Shareholders 79,773 – Amounts receivable on issue of Shares 16,182 49,107 Amounts payable on cancellation of Shares (2,520) – 13,662 49,107 Dilution adjustment 12 – Change in net assets attributable to Shareholders from investment activities (see above) (2,526) (2,043) Retained distributions on accumulation Shares 1,813 556 Closing net assets attributable to Shareholders 92,734 47,620

The above statement shows the comparative closing net assets at 31 March 2018 whereas the current accounting period commenced 29 September 2018.

155 254344 14 Omnis Portfolio Investments pp147-pp157 (UK Equity Income).qxp 30/05/2019 12:47 Page 156

Omnis UK Equity Income Fund

Balance Sheet As at 31 March 2019 (unaudited)

31/03/19 28/09/18 £’000 £’000 £’000 £’000 Assets: Fixed assets: Investments 90,280 77,853 Current assets: Debtors 788 527 Cash and bank balances 1,758 1,446 Total current assets 2,546 1,973 Total assets 92,826 79,826 Liabilities: Investment liabilities – – Creditors: Other creditors (92) (53) Total creditors (92) (53) Total liabilities (92) (53) Net assets attributable to Shareholders 92,734 79,773

156 254344 14 Omnis Portfolio Investments pp147-pp157 (UK Equity Income).qxp 30/05/2019 12:47 Page 157

Omnis UK Equity Income Fund

Distribution Table As at 31 March 2019 (unaudited)

First Distribution in pence per Share Group 1 Shares purchased prior to 29 September 2018 Group 2 Shares purchased on or after 29 September 2018 to 31 December 2018

Distribution Distribution Net payable paid revenue Equalisation 28/02/19 28/02/18 (p) (p) (p) (p) Share Class A Accumulation Group 1 1.0316 – 1.0316 n/a Group 2 0.4055 0.6261 1.0316 n/a

Second Distribution in pence per Share Group 1 Shares purchased prior to 1 January 2019 Group 2 Shares purchased on or after 1 January 2019 to 31 March 2019

Distribution Distribution Net payable paid revenue Equalisation 31/05/19 31/05/18 (p) (p) (p) (p) Share Class A Accumulation Group 1 0.9872 – 0.9872 1.1184 Group 2 0.4935 0.4937 0.9872 1.1184

Share class A Accumulation launched on 5 December 2017.

157 254344 15 Omnis Portfolio Investments pp158-pp167 (UK Gilt Fund).qxp 30/05/2019 12:50 Page 158

Omnis UK Gilt Fund

Investment Manager’s Report For the six months ended 31 March 2019 (unaudited)

Investment Objective The Fund aims to achieve a return consisting of both income and capital growth which, after all fees and expenses, exceeds that of the ICE Bank of America Merrill Lynch UK Gilt TR Index over the medium to long term (defined as 5 to 10 years).

Investment Policy The Fund intends to invest at least 95% in sterling denominated (or hedged back to sterling) AA- rated, government-backed securities, with at least 75% invested in UK government securities (Gilts).

Derivatives may be used both for investment purposes and for efficient portfolio management.

Investment Review Over the period the Omnis UK Gilt Fund returned 5.30% and the benchmark (BofAML UK Gilt Index) returned 5.39% [source: Financial Express, bid to bid, net income reinvested].

In October, the duration (sensitivity to interest rates) stance enhanced returns as yields fell. Some of the resulting outperformance was given back in November, as the yield curve steepened beyond the 10-year point (longer-term yields rose more than more shorter-term yields). This was driven in part by a poor ultra-long gilt auction and less demand from pension funds. Performance was strong in December, as much of the aforementioned yield curve steepening reversed.

The fund had a bias towards shorter-dated gilts during much of the first quarter (Q1) of 2019in expectation that a recovery in sentiment in the event of a ‘hard’ Brexit being avoided would prompt a 0.25% UK rate hike, and higher yields. While extended Brexit uncertainty and weaker global growth kept yields low, the fund’s holdings in longer maturity gilts mitigated the resulting impact upon performance, as the curve flattened.

In October, we adjusted exposures around the 2071 syndication, then reduced exposure across most maturities as yields approached the bottom of the trading range. Yields rose as a Brexit deal appeared imminent; we switched some exposure from 20-year and ultra-long gilts into the 30-year segment. We made numerous relative value trades in November, taking advantage of the curve-steepening beyond the 10-year point and the resulting significant improvements in yields.

In December, we moved some of the fund’s bias to flattening (narrowing of the difference between short and long-term yields) from the ultra-long segment to the 20-year sector and made further numerous relative value trades for record improvements in yield. As yields fell to the year’s low as the parliamentary vote on the Brexit deal was postponed, we lowered duration by reducing our holdings in the 25-30 year area.

We increased our bearish flattener strategy in January to coincide with the rise of short-term yields. We maintained the flattening bias in February, expecting that an Article 50 extension would lift yields on shorter-dated bonds. We increased duration in mid and late February but lowered it back in mid-March as yields approached the bottom of the year’s trading range. We then increased duration again, as yields fell below the bottom of the range on mounting Brexit fears and as the Federal Reserve signalled US rates would not rise this year.

158 254344 15 Omnis Portfolio Investments pp158-pp167 (UK Gilt Fund).qxp 30/05/2019 12:50 Page 159

Omnis UK Gilt Fund

Investment Manager’s Report (continued) For the six months ended 31 March 2019 (unaudited)

Outlook In 2018, economic growth slipped to a six-year low, while inflation fell to a two year low in January 2019. The outlook for the UK economy remains clouded by uncertainty regarding the future relationship between the UK and its European neighbours. Consequently, we expect to see low but positive economic growth and inflation in the coming months.

Wage growth continued to rise and outstrip inflation while employment reached record highs. However, this is partly because political uncertainty has impacted investment and led firms to favour the more flexible cost of employment instead. Firms have also been preparing for a disorderly Brexit by stockpiling inventories, which has helped the UK manufacturing sector avoid the declines seen elsewhere.

The Bank of England is likely to keep interest rates on hold for the time being, given the current uncertainties over Brexit and the implications for the UK economy.

Investment Manager Threadneedle Asset Management Ltd 16 April 2019

159 254344 15 Omnis Portfolio Investments pp158-pp167 (UK Gilt Fund).qxp 30/05/2019 12:50 Page 160

Omnis UK Gilt Fund

Material Portfolio Changes For the six months ended 31 March 2019 (unaudited)

Purchases Sales Portfolio Name Cost £'000 Portfolio Name Proceeds £'000 UK Treasury 1.75% 22/07/2019 78,315 UK Treasury 1.25% 22/07/2027 77,369 UK Treasury 4.25% 07/06/2032 71,457 UK Treasury 0.75% 22/07/2023 75,931 UK Treasury 3.75% 07/09/2019 64,420 UK Treasury 1.5% 22/07/2026 66,293 UK Treasury 1.625% 22/10/2028 62,301 UK Treasury 4.5% 07/03/2019 57,471 UK Treasury 0.75% 22/07/2023 60,891 UK Treasury 1% 22/04/2024 54,047 UK Treasury 4.5% 07/03/2019 57,853 UK Treasury 3.75% 22/07/2052 49,958 UK Treasury 4.5% 07/12/2042 51,192 UK Treasury 1.75% 22/07/2019 48,887 UK Treasury 2% 22/07/2020 47,545 UK Treasury 1.5% 22/01/2021 48,539 UK Treasury 1% 22/04/2024 46,440 UK Treasury 1.75% 07/09/2037 46,319 UK Treasury 4.25% 07/12/2046 43,299 UK Treasury 1.75% 07/09/2022 41,704

160 254344 15 Omnis Portfolio Investments pp158-pp167 (UK Gilt Fund).qxp 30/05/2019 12:50 Page 161

Omnis UK Gilt Fund

Comparative Table As at 31 March 2019 (unaudited)

A Income 31/03/19

Closing net asset value per share (p) 104.59 Percentage change – Closing net asset value (£'000) 801,394 Closing number of shares 766,251,797 Operating charges 0.38%

161 254344 15 Omnis Portfolio Investments pp158-pp167 (UK Gilt Fund).qxp 30/05/2019 12:50 Page 162

Omnis UK Gilt Fund

Performance Information As at 31 March 2019 (unaudited)

Operating Charge Total Other Transaction operating AMC expenses costs charge Date (%) (%) (%) (%)

31/03/19 Share Class A Income 0.34 0.04 0.00 0.38

The Operating Charge is the ratio of the Fund's total disclosable costs (excluding overdraft interest) to the average net assets of the Fund.

Risk and Reward Profile As at 31 March 2019 (unaudited)

Typically lower rewards Typically higher rewards

Lower risk Higher risk Share Class A 1 2 34 4 5 6 7

• This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund.

• The risk category shown is not guaranteed to remain unchanged and may shift over time.

• The Fund appears as a "4" on the scale. This is because the Fund invests in assets that typically carry medium risk and offer medium rewards compared with other categories of assets.

162 254344 15 Omnis Portfolio Investments pp158-pp167 (UK Gilt Fund).qxp 30/05/2019 12:50 Page 163

Omnis UK Gilt Fund

Portfolio Statement As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

Corporate Bond 3.11% GBP 3,800,000 European Investment Bank 1.125 07/09/2021 3,819 0.48 GBP 8,600,000 Network Rail Infrastructure Finance 4.625 21/07/2020 9,021 1.12 GBP 7,788,000 Oesterreichische Kontrollbank 1.125 15/12/2022 7,799 0.97 GBP 4,160,000 Transport for London 2.125 4,309 0.54 24,948 3.11

Government Bond 95.90% GBP 7,888,000 UK Treasury Bill 0% 13/05/2019 7,881 0.98 GBP 8,143,000 UK Treasury Bill 0% 20/05/2019 8,134 1.01 GBP 28,894,000 UK Treasury 0.75% 22/07/2023 28,949 3.61 GBP 32,182,000 UK Treasury 1% 22/04/2024 32,565 4.07 GBP 7,000,000 UK Treasury 1.5% 22/01/2021 7,108 0.89 GBP 36,734,000 UK Treasury 1.5% 22/07/2026 38,487 4.80 GBP 40,930,000 UK Treasury 1.5% 22/07/2047 40,407 5.04 GBP 54,376,860 UK Treasury 1.625% 22/10/2028 57,468 7.17 GBP 15,228,000 UK Treasury 1.625% 22/10/2071 16,337 2.04 GBP 29,191,615 UK Treasury 1.75% 22/07/2019 29,280 3.65 GBP 40,321,000 UK Treasury 1.75% 07/09/2037 42,074 5.25 GBP 41,779,000 UK Treasury 1.75% 22/01/2049 43,732 5.46 GBP 32,731,000 UK Treasury 1.75% 22/07/2057 35,518 4.43 GBP 46,608,000 UK Treasury 2% 22/07/2020 47,419 5.92 GBP 27,901,000 UK Treasury 2% 07/09/2025 30,048 3.75 GBP 34,255,000 UK Treasury 2.5% 22/07/2065 46,472 5.80 GBP 63,411,000 UK Treasury 3.75% 07/09/2019 64,242 8.02 GBP 25,913,000 UK Treasury 4.25% 07/06/2032 35,423 4.42 GBP 33,740,000 UK Treasury 4.25% 07/03/2036 48,146 6.01 GBP 24,640,000 UK Treasury 4.25% 07/12/2040 37,058 4.63 GBP 10,794,000 UK Treasury 4.25% 07/12/2046 17,296 2.16 GBP 34,272,000 UK Treasury 4.5% 07/12/2042 54,437 6.79 768,481 95.90 Portfolio of investments 793,429 99.01 Net other assets 7,965 0.99 Net assets 801,394 100.00

All investments are ordinary bonds unless otherwise stated. Gross purchases for the six months: £930,146,000. In addition to the above, transfers totalling £697,766,000 were made via inspecie into the portfolio during the year.

Total sales net of transaction costs for the six months: £868,633,000.

163 254344 15 Omnis Portfolio Investments pp158-pp167 (UK Gilt Fund).qxp 30/05/2019 12:50 Page 164

Omnis UK Gilt Fund

Portfolio Statement (continued) As at 31 March 2019 (unaudited)

Credit Rating as at 31 March 2019 % of Total Bond Rating Net Assets AAA 0.48% AA 98.27% Bonds 98.75% Uninvested Cash 1.25% Forwards Net Assets 100.00%

The above information has been supplied by the Investment Manager.

164 254344 15 Omnis Portfolio Investments pp158-pp167 (UK Gilt Fund).qxp 30/05/2019 12:50 Page 165

Omnis UK Gilt Fund

Statement of Total Return For the period ended 31 March 2019 (unaudited)

29/09/18 to 31/03/19 £’000 £’000 Income: Net capital gains 36,555 Revenue 5,380 Expenses (1,460) Net revenue before taxation 3,920 Taxation – Net revenue after taxation 3,920 Total return before distributions 40,475 Distributions (5,380) Change in net assets attributable to Shareholders from investment activities 35,095

Statement of Change in Net Assets Attributable to Shareholders For the period ended 31 March 2019 (unaudited)

29/09/18 to 31/03/19 £’000 £’000 Opening net assets attributable to Shareholders – Inspecie transfer 697,766 Amounts receivable on issue of Shares 80,136 Amounts payable on cancellation of Shares (11,603) 68,533 Change in net assets attributable to Shareholders from investment activities (see above) 35,095 Closing net assets attributable to Shareholders 801,394

165 254344 15 Omnis Portfolio Investments pp158-pp167 (UK Gilt Fund).qxp 30/05/2019 12:50 Page 166

Omnis UK Gilt Fund

Balance Sheet As at 31 March 2019 (unaudited)

31/03/19 £’000 £’000 Assets: Fixed assets: Investments 793,429 Current assets: Debtors 16,567 Cash and bank balances 7,832 Total current assets 24,399 Total assets 817,828 Liabilities: Investment liabilities – Creditors: Distribution payable (5,449) Other creditors (10,985) Total creditors (16,434) Total liabilities (16,434) Net assets attributable to Shareholders 801,394

166 254344 15 Omnis Portfolio Investments pp158-pp167 (UK Gilt Fund).qxp 30/05/2019 12:50 Page 167

Omnis UK Gilt Fund

Distribution Table As at 31 March 2019 (unaudited)

Interim Distribution in pence per Share Group 1 Shares purchased prior to 29 September 2018 Group 2 Shares purchased on or after 29 September 2018 to 31 March 2019

Distribution Distribution Gross payable paid revenue Equalisation 31/05/19 31/05/18 (p) (p) (p) (p) Share Class A Income Group 1 0.7111 – 0.7111 N/A Group 2 0.3836 0.3275 0.7111 N/A

Share class A Income launched on 29 September 2018.

167 254344 16 Omnis Portfolio Investments pp168-pp178 (UK Smaller Companies).qxp 30/05/2019 12:53 Page 168

Omnis UK Smaller Companies Fund

Investment Manager’s Report For the period ended 31 March 2019 (unaudited)

Investment Objective The Fund aims to achieve a return consisting of both income and capital growth which, after all fees and expenses, exceeds that of the Numis Smaller Companies ex-Investment Trusts TR Index over the medium to long term (defined as 5 to 10 years).

Investment Policy The Fund intends to invest at least 70% in the equity securities of smaller UK companies. UK smaller companies are defined as those which are domiciled, incorporated or have significant exposure to the UK and which have a market capitalisation no greater than the largest company in the Numis Smaller Companies ex-Investment Trusts TR Index at the point of purchase. The Fund may also invest in other transferable securities (for example, equity securities of smaller, mid and large international companies), units in collective investment schemes (including schemes managed and operated by the ACD or its associates), money market instruments, warrants, cash and near cash deposits as detailed in the Prospectus.

It is envisaged that the investment portfolio of the Fund will be concentrated, typically comprising between 35 and 60 stocks.

Derivatives may be used for the purposes of hedging and for efficient portfolio management.

Investment Review Over the period the Omnis UK Smaller Companies Fund returned -9.98% and the benchmark (NUMIS Smaller Companies ex-Investment Trusts TR Index) returned -5.58% [source: Financial Express, bid to bid, net income reinvested].

The biggest individual detractor to performance was a position in bakery chain Patisserie Holdings PLC after it was discovered the company had engaged in accounting fraud. We wrote the position down to zero after the company entered administration. Leisure technology company accesso Technology Group PLC also weighed on performance amidst disappointment in its financial targets. The company announced that increased investment would be needed to develop and integrate its product suite, pushing the expected profitability out by at least three years. Adhesives manufacturer Scapa Group PLC was down sharply in late 2018 after a badly communicated acquisition prompted a near-term profit downgrade.

On the upside, media company Entertainment One Ltd. contributed as it continues to see strong demand for content around its Peppa Pig franchise. Pipe manufacturer Polypipe rose during the period after profit forecasts were upgraded due to a highly complementary acquisition. Software firm dotDigital Group PLC rose in the first quarter of 2019 after announcing a longer-term extension to one of its key partnerships and after reporting a good first-half performance.

Amongst the new portfolio additions during the six-month period was telecoms testing company Spirent Communications PLC. The Spirent share price has gone sideways over much of the past five years, but we believe technology is at long last turning in their favour, and with a new chief executive about to take up the reins we see better times ahead. We also exited accesso Technology during the period as we believe heightened development spending will delay an improvement in profitability by several years. We sold our position in fashion brand Superdry PLC as we felt that the campaign by the founder to return to the board made the future strategy for the company too unclear and difficult to forecast.

168 254344 16 Omnis Portfolio Investments pp168-pp178 (UK Smaller Companies).qxp 30/05/2019 12:53 Page 169

Omnis UK Smaller Companies Fund

Investment Manager’s Report (continued) For the six months ended 31 March 2019 (unaudited)

Market Overview The UK equity market declined in the final quarter of 2018, battered by rising US interest rates, heightened trade rhetoric and the interminable Brexit negotiations. The new calendar year brought a change of fortune with the catalyst a dramatic pivot by the US Federal Reserve as it turned more dovish after a December interest rate increase. Sentiment in the first quarter was further bolstered by a more constructive approach to trade negotiations by the Trump administration post the midterm elections and by the UK parliament taking steps to reduce the likelihood of a so-called hard Brexit.

It seems extraordinary to us that we still have no certainty on Brexit as we approach the third anniversary of the vote. In the short-term, investors have taken heart from the fact the UK parliament took steps to greatly reduce the risk of a no deal scenario. We have, however, long believed that the real risk from Brexit is that the political upheaval leads to a change of government, and a new regime with a vastly different policy agenda. This outcome remains a real possibility, although is not our base case.

Investment Manager Franklin Templeton Fund Management Ltd 17 April 2019

169 254344 16 Omnis Portfolio Investments pp168-pp178 (UK Smaller Companies).qxp 30/05/2019 12:53 Page 170

Omnis UK Smaller Companies Fund

Material Portfolio Changes For the six months ended 31 March 2019 (unaudited)

Purchases Sales Portfolio Name Cost £'000 Portfolio Name Proceeds £'000 iShares FTSE 250 11,203 iShares FTSE 250 11,258 DFS Furniture 2,592 Dunelm 1,963 dotdigital 2,319 Superdry 1,873 Restore 2,290 Entertainment One 1,049 Clinigen Healthcare 2,223 Chemring 904 Simplybiz 2,202 accesso Technology 770 Spirent Communications 2,190 Polypipe 684 Workspace 1,945 Countryside Properties 615 JTC 1,840 Cranswick 489 Vitec 1,687 Clinigen Healthcare 483

170 254344 16 Omnis Portfolio Investments pp168-pp178 (UK Smaller Companies).qxp 30/05/2019 12:53 Page 171

Omnis UK Smaller Companies Fund

Comparative Table As at 31 March 2019 (unaudited)

A Income 31/03/2019 (p)

Closing net asset value per share (p) 89.27 Percentage change – Closing net asset value (£'000) 127,965 Closing number of shares 143,340,377 Operating charges 0.76%

171 254344 16 Omnis Portfolio Investments pp168-pp178 (UK Smaller Companies).qxp 30/05/2019 12:53 Page 172

Omnis UK Smaller Companies Fund

Performance Information As at 31 March 2019 (unaudited)

Operating Charge Total Other Transaction operating AMC expenses costs charge Date (%) (%) (%) (%)

31/03/19 Share Class A Income 0.71 0.05 0.00 0.76

The Operating Charge is the ratio of the Fund's total disclosable costs (excluding overdraft interest) to the average net assets of the Fund.

Risk and Reward Profile As at 31 March 2019 (unaudited)

Typically lower rewards Typically higher rewards

Lower risk Higher risk Share Class A 1 2 3 4 5 6 7

• This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund.

• The risk category shown is not guaranteed to remain unchanged and may shift over time.

• The Fund appears as a "5" on the scale. This is because the Fund invests in assets that typically carry medium risk and offer medium rewards compared with other categories of assets.

172 254344 16 Omnis Portfolio Investments pp168-pp178 (UK Smaller Companies).qxp 30/05/2019 12:53 Page 173

Omnis UK Smaller Companies Fund

Portfolio Statement As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

Aerospace & Defense 2.61% 170,000 Avon Rubber 2,210 1.73 813,000 Chemring 1,128 0.88 3,338 2.61

Chemicals 3.24% 850,000 Elementis 1,381 1.08 975,000 Scapa 2,765 2.16 4,146 3.24

Construction & Materials 4.85% 1,250,000 Ibstock 2,995 2.34 800,000 Polypipe 3,211 2.51 6,206 4.85

Electronic & Electrical Equipment 7.90% 1,052,587 DiscoverIE 4,147 3.24 147,841 Gooch & Housego 1,922 1.50 1,858,091 TT Electronics 4,041 3.16 10,110 7.90

Financial Services 10.91% 565,000 IntegraFin 1,978 1.55 1,200,000 JTC 3,600 2.81 519,327 Polar Capital 2,659 2.08 1,133,100 Premier Asset Management 2,447 1.91 2,370,000 XPS Pensions 3,271 2.56 13,955 10.91

Food Producers 3.54% 100,000 Cranswick 2,720 2.12 550,000 Hotel Chocolat 1,815 1.42 4,535 3.54

General Retailers 2.15% 1,100,000 DFS Furniture 2,756 2.15 2,756 2.15

Household Goods & Home Construction 3.13% 500,000 Countryside Properties 1,624 1.27 450,000 IG Design 2,385 1.86 4,009 3.13

Industrial Engineering 6.62% 220,000 Bodycote 1,811 1.42 150,000 Hill & Smith 1,865 1.46 420,000 Vitec 4,788 3.74 8,464 6.62

173 254344 16 Omnis Portfolio Investments pp168-pp178 (UK Smaller Companies).qxp 30/05/2019 12:53 Page 174

Omnis UK Smaller Companies Fund

Portfolio Statement (continued) As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

Industrial Transportation 3.60% 90,000 Clarkson 2,138 1.67 1,001,333 Eddie Stobart Logistics 981 0.77 75,000 James Fisher & Sons 1,482 1.16 4,601 3.60

Leisure Goods 1.83% 1,835,000 Sumo 2,340 1.83 2,340 1.83

Media 4.13% 750,000 Bloomsbury Publishing 1,710 1.34 800,000 Entertainment One 3,574 2.79 5,284 4.13

Pharmaceuticals & Biotechnology 4.86% 3,580,000 Alliance Pharma 2,506 1.96 400,000 Clinigen Healthcare 3,706 2.90 6,212 4.86

Real Estate Investment & Services 1.50% 705,000 Urban & Civic 1,925 1.50 1,925 1.50

Real Estate Investment Trusts 6.22% 1,762,335 LondonMetric Property 3,519 2.75 250,000 UNITE 2,294 1.79 220,000 Workspace 2,147 1.68 7,960 6.22

Software & Computer Services 6.67% 3,648,641 dotdigital 3,393 2.65 635,000 iomart 2,200 1.72 1,250,000 NCC 1,750 1.37 190,000 Tracsis 1,197 0.93 8,540 6.67

Support Services 16.95% 838,000 Clipper Logistics 2,212 1.73 900,000 Equiniti 1,868 1.46 1,500,000 Restore 5,145 4.02 390,000 Ricardo 2,480 1.94 610,000 Robert Walters 3,672 2.87 775,000 RWS 3,732 2.92 1,244,444 Simplybiz 2,576 2.01 21,685 16.95

174 254344 16 Omnis Portfolio Investments pp168-pp178 (UK Smaller Companies).qxp 30/05/2019 12:53 Page 175

Omnis UK Smaller Companies Fund

Portfolio Statement (continued) As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

Technology Hardware & Equipment 1.68% 1,500,000 Spirent Communications 2,157 1.68 2,157 1.68

Travel & Leisure 1.82% 1,100,000 City Pub 2,332 1.82 2,332 1.82 Portfolio of investments 120,555 94.21 Net other assets 7,410 5.79 Net assets 127,965 100.00

All investments are ordinary shares unless otherwise stated and admitted to official stock exchange listings.

Gross purchases for the six months: £59,967,000. In addition to the above, transfers totalling £93,440,000 were made via inspecie into the portfolio during the year.

Total sales net of transaction costs for the six months: £22,096,000.

175 254344 16 Omnis Portfolio Investments pp168-pp178 (UK Smaller Companies).qxp 30/05/2019 12:53 Page 176

Omnis UK Smaller Companies Fund

Statement of Total Return For the period ended 31 March 2019 (unaudited))

29/09/18 to 31/03/19 £’000 £’000 Income: Net capital losses (10,757) Revenue 793 Expenses (403) Net revenue before taxation 390 Taxation – Net revenue after taxation 390 Total return before distributions (10,367) Distributions (390) Change in net assets attributable to Shareholders from investment activities (10,757)

Statement of Change in Net Assets Attributable to Shareholders For the period ended 31 March 2019 (unaudited)

29/09/18 to 31/03/19 £’000 £’000 Opening net assets attributable to Shareholders – Inspecie transfer 93,440 Amounts receivable on issue of Shares 45,309 Amounts payable on cancellation of Shares (27) 45,282 Change in net assets attributable to Shareholders from investment activities (see above) (10,757) Closing net assets attributable to Shareholders 127,965

176 254344 16 Omnis Portfolio Investments pp168-pp178 (UK Smaller Companies).qxp 30/05/2019 12:53 Page 177

Omnis UK Smaller Companies Fund

Balance Sheet As at 31 March 2019 (unaudited)

31/03/19 £’000 £’000 Assets: Fixed assets: Investments 120,555 Current assets: Debtors 1,291 Cash and bank balances 6,715 Total current assets 8,006 Total assets 128,561 Liabilities: Investment liabilities – Creditors: Distribution payable (511) Other creditors (85) Total creditors (596) Total liabilities (596) Net assets attributable to Shareholders 127,965

177 254344 16 Omnis Portfolio Investments pp168-pp178 (UK Smaller Companies).qxp 30/05/2019 12:53 Page 178

Omnis UK Smaller Companies Fund

Distribution Table As at 31 March 2019 (unaudited)

Interim Distribution in pence per Share Group 1 Shares purchased prior to 29 September 2018 Group 2 Shares purchased on or after 29 September 2018 to 31 March 2019

Distribution Distribution Net payable paid revenue Equalisation 31/05/19 31/05/18 (p) (p) (p) (p) Share Class A Income Group 1 0.3564 – 0.3564 N/A Group 2 0.0607 0.2957 0.3564 N/A

Share class A Accumulation launched on 29 September 2018.

178 254344 17 Omnis Portfolio Investments pp179-pp189 (US Equity).qxp 30/05/2019 12:55 Page 179

Omnis US Equity Fund

Investment Manager’s Report For the six months ended 31 March 2019 (unaudited)

Investment Objective The aim is to achieve capital growth.

Investment Policy The Fund intends to invest primarily in companies incorporated in, or significantly exposed to, the United States of America. The Fund may also invest in other transferable securities (for example, other international equities), units in Collective Investment Schemes, money market instruments, warrants and deposits as detailed in the Prospectus. No more than 10% of the Scheme Property of the Fund will be invested in other collective investment schemes.

Use may also be made of stock lending, temporary borrowing and cash holdings. Derivatives may also be used for the purposes of hedging and efficient portfolio management.

Investment Review Over the period the Omnis US Equity Fund returned -1.55% and the benchmark (Russell 1000) returned -1.97% [source: Financial Express, bid to bid, net income reinvested].

The portfolio outperformed the Russell 1000 Index for the six-month period ended 31 March 2019 driven by strong stock selection. The financials sector was the largest contributor to performance due to stock selection. Insurance firms Willis Towers Watson and Marsh & McLennan delivered strong results. Within the utilities sector, stock selection was beneficial. Water utility American Water Works outperformed. Stock selection in the consumer discretionary sector also added value, aided by fast food companies Yum! Brands and McDonald’s and discount retailer Dollar General.

Conversely, communication services was the largest detractor from performance due to stock selection. Positions in telecommunications conglomerate AT&T and entertainment company Walt Disney underperformed.

We remain optimistic on health care because we believe it provides the best combination of solid fundamentals and acceptable valuations. It also has a tailwind from an aging population. We favor companies that are well positioned to take advantage of long-term industry trends such as cost- saving distribution methods and highly innovative and effective therapies. Our primary exposure is in the health care equipment and supplies industry.

In the IT sector we favor companies with durable business models that address large and growing markets, including electronic payment processing businesses and providers of social connectivity. We also favor companies benefiting from demand for public cloud computing services. Within the sector, our largest exposure is to IT services companies.

Overall, during the period we took advantage of select buying opportunities, as we identified high- quality companies trading at compelling valuations. We initiated positions in snack and beverage company PepsiCo, industrial conglomerate GE, global health services provider Cigna, diversified infrastructure company Sempra Energy, and freight railroad Kansas City Southern. We sold integrated oil and gas firm ExxonMobil, health and personal care product provider Kimberly-Clark, oilfield services company Schlumberger, regulated utility company Eversource Energy, and pharmacy firm CVS Health.

179 254344 17 Omnis Portfolio Investments pp179-pp189 (US Equity).qxp 30/05/2019 12:55 Page 180

Omnis US Equity Fund

Investment Manager’s Report (continued) For the six months ended 31 March 2019 (unaudited)

Market Overview U.S. stocks produced modestly negative results during a volatile six-month period in which a sharp sell-off in the fourth quarter of 2018 was largely offset by a strong recovery at the start of 2019. Shares fell sharply at the end of 2018 due to factors such as concerns about additional Federal Reserve interest rate increases in 2019 following an expected rate hike in December, expectations for slowing corporate earnings growth in 2019, signs of slowing economic growth in different parts of the world, and increased trade tensions between the U.S. and China.

However, U.S. stocks quickly rebounded in 2019. Markets were lifted by fourth-quarter corporate earnings reports that were generally better than expected, although earnings growth moderated from the robust pace earlier in 2018. Another tailwind came from the Federal Reserve as the central bank stopped raising short-term interest rates and in March offered a dovish post-meeting statement. Hopes for a trade deal between the U.S. and China improved as the quarter progressed, providing an additional boost to markets. While there were several positives for U.S. stocks during the quarter, signs of a moderation in U.S. economic growth and a much sharper slowdown overseas raised some concerns.

Outlook While valuations are less attractive after the strong bounce back in equity markets in the first quarter, we believe stocks could continue to perform well. The Federal Reserve’s decision to pause rate hikes helped spur the market rebound and could be beneficial going forward. Moreover, the U.S. economy continues to look generally healthy, although global indicators are mixed.

However, there are factors that could weigh on equity returns. Of note, the corporate earnings growth rate appears likely to decelerate due to rising labour costs and the waning benefits of the 2017 federal tax reform. Additionally, we think market volatility may persist until there is more clarity into how the U.S.-China trade situation will be resolved, and we are concerned that global trade policy uncertainty may further dampen business capital spending and other growth-driving efforts. While we feel investors should lower their expectations, we believe markets could receive a boost if there is resolution on geopolitical issues and trade disputes.

Within the portfolio, we expect stock selection will be the primary driver of longer-term outperformance. We believe careful fundamental research will be necessary to find opportunities, and we will continue to search for investment opportunities in select areas of the market. As always, we rely on our global research team of industry specialists to uncover fundamentally sound companies and remain committed to providing quality risk-adjusted returns over the long term.

Investment Manager T.Rowe Price International Ltd 17 April 2019

180 254344 17 Omnis Portfolio Investments pp179-pp189 (US Equity).qxp 30/05/2019 12:55 Page 181

Omnis US Equity Fund

Material Portfolio Changes For the six months ended 31 March 2019 (unaudited)

Purchases Sales Portfolio Name Cost £'000 Portfolio Name Proceeds £'000 PepsiCo 13,353 Exxon Mobil 17,344 General Electric 10,027 Honeywell International 11,824 Cigna 9,889 Kimberly-Clark 11,181 Sempra Energy 9,299 Schlumberger 10,667 Conagra Brands 8,965 Eversource Energy 10,663 Kansas City Southern 8,448 CVS Health 9,318 Amazon.com 7,819 TransCanada 9,225 Boeing 7,766 Thermo Fisher Scientific 8,239 Concho Resources 7,687 US Bancorp 7,671 Occidental Petroleum 6,469 FedEx 7,291

181 254344 17 Omnis Portfolio Investments pp179-pp189 (US Equity).qxp 30/05/2019 12:55 Page 182

Omnis US Equity Fund

Comparative Table As at 31 March 2019 (unaudited)

A Income 31/03/19 28/09/18 (p) (p)

Closing net asset value per share (p) 182.55 183.94 Percentage change (0.76%) Closing net asset value (£'000) 750,480 751,402 Closing number of shares 411,105,083 408,496,511 Operating charges 0.69% 0.69%

182 254344 17 Omnis Portfolio Investments pp179-pp189 (US Equity).qxp 30/05/2019 12:55 Page 183

Omnis US Equity Fund

Performance Information As at 31 March 2019 (unaudited)

Operating Charge Total Other Transaction operating AMC expenses costs charge Date (%) (%) (%) (%)

31/03/19 Share Class A Income 0.65 0.03 0.01 0.69

28/09/18 Share Class A Income 0.65 0.03 0.01 0.69

The Operating Charge is the ratio of the Fund's total disclosable costs (excluding overdraft interest) to the average net assets of the Fund.

Risk and Reward Profile As at 31 March 2019 (unaudited)

Typically lower rewards Typically higher rewards

Lower risk Higher risk Share Class A 1 2 3 4 5 6 7

• This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund.

• The risk category shown is not guaranteed to remain unchanged and may shift over time.

• The Fund appears as a "5" on the scale. This is because the Fund invests in assets that typically carry medium risk and offer medium rewards compared with other categories of assets.

183 254344 17 Omnis Portfolio Investments pp179-pp189 (US Equity).qxp 30/05/2019 12:55 Page 184

Omnis US Equity Fund

Portfolio Statement As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

Aerospace & Defense 2.38% [1.69%] 27,200 Boeing 7,962 1.06 48,010 Northrop Grumman 9,937 1.32 17,899 2.38

Automobiles & Parts 0.61% [0.44%] 45,576 WABCO 4,610 0.61 4,610 0.61

Banks 6.02% [6.87%] 193,053 JPMorgan Chase 15,001 2.00 755,002 KeyCorp 9,126 1.22 110,395 PNC Financial Services 10,393 1.38 287,655 US Bancorp 10,634 1.42 45,154 6.02

Bevarages 1.91% [0.00%] 152,452 PepsiCo 14,334 1.91 14,334 1.91

Chemicals 3.73% [3.36%] 91,278 Air Products & Chemicals 13,377 1.78 326,950 DowDuPont 13,373 1.78 9,139 Linde 1,234 0.17 27,984 3.73

Electricity 1.70% [2.85%] 85,858 NextEra Energy 12,734 1.70 12,734 1.70

Electronic & Electrical Equipment 1.20% [1.37%] 145,648 Agilent Technologies 8,988 1.20 8,988 1.20

Financial Services 3.60% [4.31%] 163,557 Intercontinental Exchange 9,554 1.27 145,885 Visa 17,483 2.33 27,037 3.60

Fixed Line Telecommunication 2.00% [2.26%] 622,974 AT&T 14,988 2.00 14,988 2.00 Food & Drug Retailers 0.00% [1.41%]

Food Producers 2.66% [1.59%] 397,739 Conagra Brands 8,467 1.13 300,147 Mondelez International 11,494 1.53 19,961 2.66

184 254344 17 Omnis Portfolio Investments pp179-pp189 (US Equity).qxp 30/05/2019 12:55 Page 185

Omnis US Equity Fund

Portfolio Statement (continued) As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

Gas, Water & Multi-utilities 4.06% [2.42%] 164,476 American Water Works 13,160 1.75 102,469 Duke Energy 7,076 0.94 106,300 Sempra Energy 10,269 1.37 30,505 4.06

General Industrials 5.16% [4.46%] 182,720 Danaher 18,507 2.47 1,280,180 General Electric 9,805 1.31 85,133 Honeywell International 10,383 1.38 38,695 5.16

General Retailers 4.19% [4.39%] 17,715 Amazon.com 24,211 3.23 79,063 Dollar General 7,240 0.96 31,451 4.19

Health Care Equipment & Services 8.77% [8.83%] 72,603 Becton Dickinson 13,912 1.85 68,500 Cigna 8,454 1.13 235,641 Medtronic 16,473 2.20 71,467 Stryker 10,836 1.44 85,185 UnitedHealth 16,161 2.15 65,836 8.77

Industrial Engineering 1.17% [0.49%] 84,222 Caterpillar 8,755 1.17 8,755 1.17

Industrial Transportation 1.14% [0.52%] 96,168 Kansas City Southern 8,560 1.14 8,560 1.14

Media 1.45% [1.28%] 127,700 Walt Disney 10,881 1.45 10,881 1.45

Non-life Insurance 5.90% [5.56%] 266,818 American International 8,815 1.17 97,696 Chubb 10,500 1.40 157,050 Marsh & McLennan 11,316 1.51 101,291 Willis Towers Watson 13,651 1.82 44,282 5.90

Oil & Gas Producers 3.21% [2.67%] 80,533 Concho Resources 6,858 0.91 71,500 EOG Resources 5,222 0.70 129,200 Occidental Petroleum 6,564 0.87 46,600 Pioneer Natural Resources 5,446 0.73 24,090 3.21 Oil Equipment, Services & Distribution 0.00% [2.80%] Personal Goods 0.00% [1.42%] 185 254344 17 Omnis Portfolio Investments pp179-pp189 (US Equity).qxp 30/05/2019 12:55 Page 186

Omnis US Equity Fund

Portfolio Statement (continued) As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

Pharmaceuticals & Biotechnology 4.71% [4.96%] 162,728 Johnson & Johnson 17,456 2.33 548,178 Pfizer 17,867 2.38 35,323 4.71

Real Estate Investment Trust 1.73% [1.12%] 85,979 American Tower 13,001 1.73 13,001 1.73

Software & Computer Services 9.00% [7.60%] 30,719 Alphabet 27,645 3.68 96,113 Facebook 12,293 1.64 304,758 Microsoft 27,584 3.68 67,522 9.00

Support Services 6.21% [7.28%] 80,571 Accenture 10,882 1.45 136,486 Fidelity National Information Services 11,843 1.58 175,471 Fiserv 11,888 1.59 175,916 Waste Connections 11,960 1.59 46,573 6.21

Technology Hardware & Equipment 7.46% [7.42%] 131,461 Apple 19,162 2.55 83,559 Applied Materials 2,543 0.34 351,558 Cisco Systems 14,566 1.94 394,875 Corning 10,031 1.34 118,998 Texas Instruments 9,686 1.29 55,988 7.46

Tobacco 1.52% [0.96%] 167,924 Philip Morris International 11,390 1.52 11,390 1.52

Travel & Leisure 5.15% [6.04%] 5,564 Booking 7,451 0.99 80,125 McDonald's 11,672 1.55 383,482 MGM Resorts International 7,551 1.01 156,818 Yum! Brands 12,013 1.60 38,687 5.15 Portfolio of investments 725,228 96.64 Net other assets 25,252 3.36 Net assets 750,480 100.00

All investments are ordinary shares unless otherwise stated and admitted to official stock exchange listings. Comparative figures shown above in square brackets relate to 28 September 2018.

Gross purchases for the six months: £234,311,000 [2018: £235,757,000].

Total sales net of transaction costs for the six months: £228,961,000 [2018: £185,606,000].

186 254344 17 Omnis Portfolio Investments pp179-pp189 (US Equity).qxp 30/05/2019 12:55 Page 187

Omnis US Equity Fund

Statement of Total Return For the six months ended 31 March 2019 (unaudited)

29/09/18 to 31/03/19 01/10/17 to 31/03/18 £’000 £’000 £’000 £’000 Income: Net capital (losses)/gains (4,186) 1,271 Revenue 7,014 5,224 Expenses (2,425) (2,074) Interest payable and similar charges (1) (8) Net revenue before taxation 4,588 3,142 Taxation (908) (676) Net revenue after taxation 3,680 2,466 Total return before distributions (506) 3,737 Distributions (3,681) (2,468) Change in net assets attributable to Shareholders from investment activities (4,187) 1,269

Statement of Change in Net Assets Attributable to Shareholders For the six months ended 31 March 2019 (unaudited)

29/09/18 to 31/03/19 01/10/17 to 31/03/18 £’000 £’000 £’000 £’000 Opening net assets attributable to Shareholders 751,402 550,951 Amounts receivable on issue of Shares 37,361 55,383 Amounts payable on cancellation of Shares (34,096) (14,354) 3,265 41,029 Change in net assets attributable to Shareholders from investment activities (see above) (4,187) 1,269 Closing net assets attributable to Shareholders 750,480 593,249

The above statement shows the comparative closing net assets at 31 March 2018 whereas the current accounting period commenced 29 September 2018.

187 254344 17 Omnis Portfolio Investments pp179-pp189 (US Equity).qxp 30/05/2019 12:55 Page 188

Omnis US Equity Fund

Balance Sheet As at 31 March 2019 (unaudited)

31/03/19 28/09/18 £’000 £’000 £’000 £’000 Assets: Fixed assets: Investments 725,228 724,103 Current assets: Debtors 3,159 5,856 Cash and bank balances 31,687 31,813 Total current assets 34,846 37,669 Total assets 760,074 761,772 Liabilities: Investment liabilities – – Creditors: Distribution payable (3,757) (3,112) Other creditors (5,837) (7,258) Total creditors (9,594) (10,370) Total liabilities (9,594) (10,370) Net assets attributable to Shareholders 750,480 751,402

188 254344 17 Omnis Portfolio Investments pp179-pp189 (US Equity).qxp 30/05/2019 12:55 Page 189

Omnis US Equity Fund

Distribution Table As at 31 March 2019 (unaudited)

Interim Distribution in pence per Share Group 1 Shares purchased prior to 29 September 2018 Group 2 Shares purchased on or after 29 September 2018 to 31 March 2019

Distribution Distribution Net payable paid revenue Equalisation 31/05/19 31/05/18 (p) (p) (p) (p) Share Class A Income Group 1 0.9139 – 0.9139 0.6686 Group 2 0.5004 0.4135 0.9139 0.6686

189 254344 18 Omnis Portfolio Investments pp190-pp195 (Asia Pacific Equity).qxp 30/05/2019 12:57 Page 190

Omnis Asia Pacific Equity Fund

Investment Manager’s Report For the six months ended 31 March 2019 (unaudited)

The Omnis Asia Pacific Equity Fund will commence the termination process in due course and therefore there is no Investment Manager's Report.

Net Asset Value per Share As at 31 March 2019 (unaudited)

Net Asset Value Omnis Asia Pacific Equity Fund merged with Omnis Asia Pacific (ex-Japan) Equity Fund and Omnis Japanese Equity Fund on 29 September 2018 and therefore the Net Asset Value of all Classes is nil.

190 254344 18 Omnis Portfolio Investments pp190-pp195 (Asia Pacific Equity).qxp 30/05/2019 12:57 Page 191

Omnis Asia Pacific Equity Fund

Performance Information As at 31 March 2019 (unaudited)

Operating Charge Rebates from Total Other underlying Transaction operating AMC expenses funds costs charge Date (%) (%) (%) (%) (%)

31/03/19 Share Class A Income – – – – N/A

28/09/18 Share Class A Income 0.75 0.05 0.03 0.02 0.85

The Operating Charge is the ratio of the Fund's total disclosable costs (excluding overdraft interest) to the average net assets of the Fund.

Omnis Asia Pacific Equity Fund merged with Omnis Asia Pacific (ex-Japan) Equity Fund and Omnis Japanese Equity Fund on 29 September 2018. At the period end there will be no distribution, as revenue will be transferred to funds in line with the merger. Risk Warning An investment in an Open Ended Investment Company should be regarded as a medium to long term investment. Investors should be aware that the price of Shares and the income from them may fall as well as rise and investors may not receive back the full amount invested. Past performance is not a guide to future performance. Investments denominated in currencies other than the base currency of a Fund are subject to fluctuation in exchange rates, which may be favourable or unfavourable.

191 254344 18 Omnis Portfolio Investments pp190-pp195 (Asia Pacific Equity).qxp 30/05/2019 12:57 Page 192

Omnis Asia Pacific Equity Fund

Portfolio Statement As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

Portfolio of investments 0 0.00 Net other assets 0 0.00 Net assets 0 0.00

There are no holdings at 31 March 2019.

Gross purchases for the six months: nil [2018: 74,691,00]. Total sales net of transaction costs for the six months: nil [2018: £15,726,000].

192 254344 18 Omnis Portfolio Investments pp190-pp195 (Asia Pacific Equity).qxp 30/05/2019 12:57 Page 193

Omnis Asia Pacific Equity Fund

Statement of Total Return For the six months ended 31 March 2019 (unaudited)

29/09/18 to 31/03/19 01/10/17 to 31/03/18 £’000 £’000 £’000 £’000 Income: Net capital gains 23 14,268 Revenue 229 1,510 Expenses 48 (769) Net revenue before taxation 277 741 Taxation (21) (93) Net revenue after taxation 256 648 Total return before distributions 279 14,916 Distributions (1,594) (648) Change in net assets attributable to Shareholders from investment activities (1,315) 14,268

Statement of Change in Net Assets Attributable to Shareholders For the six months ended 31 March 2019 (unaudited)

29/09/18 to 31/03/19 01/10/17 to 31/03/18 £’000 £’000 £’000 £’000 Opening net assets attributable to Shareholders 261,044 147,693 Inspecie transfer (259,729) – Amounts receivable on issue of Shares – 63,913 Amounts payable on cancellation of Shares – (1,943) – 61,970 Change in net assets attributable to Shareholders from investment activities (see above) (1,315) 14,268 Closing net assets attributable to Shareholders – 223,931

The above statement shows the comparative closing net assets at 31 March 2018 whereas the current accounting period commenced 29 September 2018.

193 254344 18 Omnis Portfolio Investments pp190-pp195 (Asia Pacific Equity).qxp 30/05/2019 12:57 Page 194

Omnis Asia Pacific Equity Fund

Balance Sheet As at 31 March 2019 (unaudited)

31/03/19 28/09/18 £’000 £’000 £’000 £’000 Assets: Fixed assets: Investments – 224,923 Current assets: Debtors 23 1,653 Cash and bank balances 250 36,295 Total current assets 273 37,948 Total assets 273 262,871 Liabilities: Investment liabilities – – Creditors: Distribution payable – (1,594) Other creditors (273) (233) Total creditors (273) (1,827) Total liabilities (273) (1,827) Net assets attributable to Shareholders – 261,044

194 254344 18 Omnis Portfolio Investments pp190-pp195 (Asia Pacific Equity).qxp 30/05/2019 12:57 Page 195

Omnis Asia Pacific Equity Fund

Distribution Table As at 31 March 2019 (unaudited)

Interim Distribution in pence per Share Group 1 Shares purchased prior to 29 September 2018 Group 2 Shares purchased on or after 29 September 2018 to 31 March 2019

Distribution Distribution Net payable paid revenue Equalisation 31/05/19 31/05/18 (p) (p) (p) (p) Share Class A Income Group 1 0.0000 – 0.0000 0.4056 Group 2 0.0000 0.0000 0.0000 0.4056

195 254344 19 Omnis Portfolio Investments pp196-pp201 (Developed Markets ex UK ex US) Equity.qxp 30/05/2019 12:59 Page 196

Omnis Developed Markets (ex-UK, ex-US) Equity Fund

Investment Manager's Report For the six months ended 31 March 2019 (unaudited)

The Omnis Developed Markets (ex-UK, ex-US) Equity Fund will commence the termination process in due course and therefore there is no Investment Manager's Report.

Net Asset Value per Share As at 31 March 2019 (unaudited)

Net Asset Value Omnis Developed Markets (ex-UK, ex-US) Equity Fund merged with Omnis European Equity Fund, Omnis Asia Pacific (ex-Japan) Equity Fund and Omnis Japanese Equity Fund on 29 September 2018 and therefore the Net Asset Value of all Classes is nil.

196 254344 19 Omnis Portfolio Investments pp196-pp201 (Developed Markets ex UK ex US) Equity.qxp 30/05/2019 12:59 Page 197

Omnis Developed Markets (ex-UK, ex-US) Equity Fund

Performance Information As at 31 March 2019 (unaudited)

Operating Charge Total Other Transaction operating AMC expenses costs charge Date (%) (%) (%) (%)

31/03/19 Share Class A Income – – – N/A

28/09/18 Share Class A Income 0.65 0.06 – 0.71

The Operating Charge is the ratio of the Fund's total disclosable costs (excluding overdraft interest) to the average net assets of the Fund.

Omnis Developed Markets (ex-UK, ex-US) Equity Fund merged with Omnis European Equity Fund, Omnis Asia Pacific (ex-Japan) Equity Fund and Omnis Japanese Equity Fund on 29 September 2018. At the period end there will be no distribution, as revenue will be transferred to funds in line with the merger.

197 254344 19 Omnis Portfolio Investments pp196-pp201 (Developed Markets ex UK ex US) Equity.qxp 30/05/2019 12:59 Page 198

Omnis Developed Markets (ex-UK, ex-US) Equity Fund

Portfolio Statement As at 31 March 2019 (unaudited)

Holdings or Nominal Market value % of Total Value Investments £’000 Net Assets

Portfolio of investments 0 0.00 Net other assets 0 0.00 Net assets 0 0.00 There are no holdings at 31 March 2019.

Gross purchases for the six months: nil [2018: £39,911,000].

Total sales net of transaction costs for the six months: nil [2018: £46,859,000].

198 254344 19 Omnis Portfolio Investments pp196-pp201 (Developed Markets ex UK ex US) Equity.qxp 30/05/2019 12:59 Page 199

Omnis Developed Markets (ex-UK, ex-US) Equity Fund

Statement of Total Return For the six months ended 31 March 2019 (unaudited)

29/09/18 to 31/03/19 01/10/17 to 31/03/18 £’000 £’000 £’000 £’000 Income: Net capital losses (563) (8,231) Revenue 46 2,133 Expenses 46 (1,424) Net revenue before taxation 92 709 Taxation 22 (135) Net revenue after taxation 114 574 Total return before distributions (449) (7,657) Distributions (5,167) (574) Change in net assets attributable to Shareholders from investment activities (5,616) (8,231)

Statement of Change in Net Assets Attributable to Shareholders For the six months ended 31 March 2019 (unaudited)

29/09/18 to 31/03/19 01/10/17 to 31/03/18 £’000 £’000 £’000 £’000 Opening net assets attributable to Shareholders 403,744 392,203 Inspecie transfer (398,128) – Amounts receivable on issue of Shares – 8,097 Amounts payable on cancellation of Shares – (13,131) – (5,034) Dilution adjustment – 10 Change in net assets attributable to Shareholders from investment activities (see above) (5,616) (8,231) Closing net assets attributable to Shareholders – 378,948

The above statement shows the comparative closing net assets at 31 March 2018 whereas the current accounting period commenced 29 September 2018.

199 254344 19 Omnis Portfolio Investments pp196-pp201 (Developed Markets ex UK ex US) Equity.qxp 30/05/2019 12:59 Page 200

Omnis Developed Markets (ex-UK, ex-US) Equity Fund

Balance Sheet As at 31 March 2019 (unaudited)

31/03/19 28/09/18 £’000 £’000 £’000 £’000 Assets: Fixed assets: Investments – 369,280 Current assets: Debtors 275 1,273 Cash and bank balances 59 38,853 Total current assets 334 40,126 Total assets 334 409,406 Liabilities: Investment liabilities – – Creditors: Distribution payable – (5,167) Other creditors (334) (495) Total creditors (334) (5,662) Total liabilities (334) (5,662) Net assets attributable to Shareholders – 403,744

200 254344 19 Omnis Portfolio Investments pp196-pp201 (Developed Markets ex UK ex US) Equity.qxp 30/05/2019 12:59 Page 201

Omnis Developed Markets (ex-UK, ex-US) Equity Fund

Distribution Table As at 31 March 2019 (unaudited)

Interim Distribution in pence per Share Group 1 Shares purchased prior to 29 September 2018 Group 2 Shares purchased on or after 29 September 2018 to 31 March 2019

Distribution Distribution Net payable paid revenue Equalisation 31/05/19 31/05/18 (p) (p) (p) (p) Share Class A Income Group 1 0.0000 – 0.0000 0.1890 Group 2 0.0000 0.0000 0.0000 0.1890

201 254344 20 Omnis Portfolio Investments pp202-end (General Information).qxp 30/05/2019 13:00 Page 202

Omnis Portfolio Investments ICVC

General Information

Classes of Shares The Company can issue different Classes of Shares in respect of any Fund. Holders of Income Shares are entitled to be paid the revenue attributable to such Shares, in respect of each annual or interim accounting period. Holders of Accumulation Shares are not entitled to be paid the revenue attributable to such Shares, but that revenue is retained and accumulated for the benefit of shareholders and is reflected in the price of Shares.

Valuation Point The valuation point for each Fund is 12 noon on each dealing day (being each day which is a business day in London). Valuations may be made at other times under the terms contained within the Prospectus.

Buying and Selling of Shares The ACD will accept orders to deal in the shares on normal business days between 9:00 am and 5:00 pm. Instructions to buy or sell shares may be either in writing to: PO Box 10191, Chelmsford, CM99 2AP or by telephone on 0345 140 0070*. A contract note will be issued by close of business on the next business day after the dealing date to confirm the transaction.

Prices The prices of shares for each Class in each Fund will be posted on www.fundlistings.com and can also be obtained by telephoning the Administrator on 0345 140 0070* during the ACD’s normal business hours.

Significant Information • Launch of Omnis Asia Pacific (ex-Japan) Equity Fund, Omnis Japanese Equity Fund, Omnis Sterling Corporate Bond Fund, Omnis UK Gilt Fund, Omnis UK All Companies Fund and Omnis UK Smaller Companies Fund on 29 September 2018.

• The ICVC year-end was moved back to 30 September for 2019.

• Following approval from shareholders on 3 September 2018 a Scheme of Arrangement was implemented on 29 September 2018 transferring assets from existing funds to new funds as follows:

o Omnis Asia Pacific Equity Fund – 30% to Omnis Asia Pacific (ex-Japan) Equity Fund 70% to Omnis Japanese Equity Fund

o Omnis Developed Markets (ex-UK, ex-US) Equity Fund – 15% to Omnis Asia Pacific (ex-Japan) Equity Fund 30% to Omnis Japanese Equity Fund 55% to Omnis European Equity Fund

o Omnis UK Bond Fund – 30% to Omnis Sterling Corporate Bond Fund 70% to Omnis UK Gilt Fund

o Omnis UK Equity Fund – 90% to Omnis UK All Companies Fund 10% to Omnis UK Smaller Companies Fund

202 254344 20 Omnis Portfolio Investments pp202-end (General Information).qxp 30/05/2019 13:00 Page 203

Omnis Portfolio Investments ICVC

General Information (continued)

Shares were applied as follows:

o For each share in the Omnis Asia Pacific Equity Fund you will have received 1.06830542 shares in the Omnis Japanese Equity Fund and 0.45784518 units in the Omnis Asia Pacific (ex-Japan) Equity Fund.

o For each share in the Omnis Developed Markets (ex-UK, ex-US) Equity Fund you will have received 0.39303987 shares in the Omnis Japanese Equity Fund, 0.19651993 shares in the Omnis Asia Pacific (ex-Japan) Equity Fund and 0.57670812 shares in the Omnis European Equity Fund.

o For each share in the Omnis UK Bond Fund you will have received 0.79949250 shares in the Omnis UK Gilt Fund and 0.34263964 shares in the Omnis Sterling Corporate Bond Fund.

o For each share in the Omnis UK Equity Fund you will have received 0.97746001 shares in Omnis UK All Companies Fund and 0.10860667 shares in the Omnis UK Smaller Companies Fund.

• Termination of Omnis UK Bond Fund and Omnis UK Equity Fund on 31 March 2019.

• The Annual Management Charge on the Omnis Income & Growth Fund was reduced from 0.90% to 0.80% on 18 February 2019.

Other Information The Instrument of Incorporation, Prospectus and the most recent interim and annual reports may be inspected at the office of the ACD which is also the Head Office of the Company and copies may be obtained, free of charge, upon application to Omnis Investments Limited, PO Box 10191, Chelmsford CM99 2AP.

Shareholders who have any complaints about the operation of the Company should contact the ACD or the Depositary in the first instance. In the event that a shareholder finds the response unsatisfactory they may make their complaint direct to the Financial Ombudsman Service at Exchange Tower, London E14 9SR.

* Please note that telephone calls may be recorded for monitoring and training purposes, and to confirm investors' decisions.

Report The annual report of the Company will be published within four months of each annual accounting period and the interim report will be published within two months of each interim accounting period.

Interim financial statements period ended 31 March

Annual financial statements year ended 30 September

Distribution Payment Dates Interim - 31 May (for Omnis UK Equity Income and Omnis Strategic Bond only - 31 May, 31 August and 28 February)

Final - 30 November

203 254344 20 Omnis Portfolio Investments pp202-end (General Information).qxp 30/05/2019 13:00 Page 204

Omnis Portfolio Investments ICVC

General Information (continued)

Data Protection The details you have provided will be held electronically by the Funds’ Registrar but will not be used for any purpose except to fulfil its obligations to shareholders.

Effects of Personal Taxation Investors should be aware that unless their shares are held within an ISA, or switched between Funds in this OEIC, selling shares is treated as a disposal for the purpose of Capital Gains tax.

Risk Warning An investment in an Open Ended Investment Company should be regarded as a medium to long term investment. Investors should be aware that the price of shares and the income from them may fall as well as rise and investors may not receive back the full amount invested. Past performance is not a guide to future performance. Investments denominated in currencies other than the base currency of a fund are subject to fluctuation in exchange rates, which may be favourable or unfavourable.

Protected Cell Regime Please note, on 21 December 2011, the Open Ended Investment Companies Regulations 2001 (SI2001/1228) (“the Regulations”) were amended to introduce a Protected Cell Regime (“PCR”) for OEICs. Under the PCR each Fund represents a segregated portfolio of assets and accordingly, the assets of a Fund belong exclusively to that Fund and shall not be used or made available to discharge (directly or indirectly) the liabilities of, or claims against, any other person or body, including any other Fund and shall not be available for any such purpose. The Regulations allowed a transitional period for implementation of the PCR, until 20 December 2013. However, the Company adopted the PCR on 30 September 2013. No reallocation of liabilities as described above was necessary at any time prior to 30 September 2013.

204 Perivan Financial Print 254344 254344 01 Omnis Portfolio Investments ICVC Cover WITH SPINE 12mm.qxp 30/05/2019 12:13 Page 1

Interim Report & Financial Statements Omnis Portfolio Investments ICVC

For the six months ended 31 March 2019 (unaudited)