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

Rathbone Luxembourg Funds SICAV Société d'Investissement à Capital Variable (SICAV) R.C.S. B 206.009 Annual report including audited financial statements As at 30 September 2019 Table of Contents

Management and Administration 2 Investment Objectives 3 Directors’ Report 6 Investment Managers’ Report 7 Report of the Réviseur d'Entreprises Agréé 14 Statement of Net Assets 16 Statement of Operations 17 Statement of Changes in Net Assets 18 Statistical Information 19 Schedule of Investments Rathbone SICAV Multi-Asset Enhanced Growth Portfolio 22 Rathbone SICAV Multi-Asset Strategic Growth Portfolio 26 Rathbone SICAV Multi-Asset Total Return Portfolio 30 Rathbone SICAV Ethical Bond Fund 35 Rathbone SICAV Income Fund 41 Notes to the Financial Statements 43 Unaudited Information 55

Subscriptions may not be received on the basis of annual report including the audited financial statements and unaudited semi-annual report. Subscriptions are valid only if made on the basis of the current prospectus, supplemented by the last annual report including audited financial statements and the most recent unaudited semi-annual report, if published thereafter.

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

Board of Directors Auditors

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

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

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

Management Company

FundRock Management Company S.A. (from 25 March 2019) H2O Building 33, rue de Gasperich L-5826, Hesperange Grand Duchy of Luxembourg

Rathbone Unit Trust Management Limited (until 24 March 2019) 8, Finsbury Circus London EC2M 7AZ United Kingdom

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

HSBC France, Luxembourg Branch (from 1 March 2019) HSBC Bank Plc, Luxembourg Branch (until 28 February 2019) 16, boulevard d’Avranches L-1160 Luxembourg Grand Duchy of Luxembourg

Rathbone Luxembourg Funds SICAV Annual Report 2019 including audited financial statements 2 Investment Objectives

Rathbone SICAV Multi-Asset Enhanced Growth Portfolio

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

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

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

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

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

The current asset allocation can be obtained free of charge from the registered office of the Investment Manager. Rathbone SICAV Multi-Asset Strategic Growth Portfolio

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

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

Investments will be made without any specific country, currency or sector restriction. The Investment Manager uses a variety of quantitative and qualitative inputs to guide the strategic asset allocation decisions, considering the geopolitical background, economic growth expectations, central bank policy, interest rates, inflation and liquidity. These factors are analysed in tandem with specific asset class information such as risk premiums, volatility, credit spreads, earnings growth, cash flow, dividend growth and valuations.

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

Rathbone SICAV Multi-Asset Total Return Portfolio

The investment objective of the Sub-Fund is to seek to achieve a long term total return in excess of 2% above sterling six month LIBOR over a minimum three year period by investing in variable proportions in ‘liquidity’ assets, ‘equity type risk’ assets, and ‘diversifier’ assets. The Sub-Fund has a targeted risk budget of one third of the volatility of global equities as measured by the MSCI World Equity index. The income yield will at best be minimal. There is no guarantee that the Sub-Fund will achieve a positive return over this, or any other, period and investors may not get back the original amount they invested.

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

3 Rathbone Luxembourg Funds SICAV Annual Report 2019 including audited financial statements Investment Objectives (continued)

Rathbone SICAV Multi-Asset Total Return Portfolio (continued)

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

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

Rathbone SICAV Ethical Bond Fund

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

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

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

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

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

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

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

Rathbone SICAV Income Fund

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

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

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

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

Rathbone Luxembourg Funds SICAV Annual Report 2019 including audited financial statements 4 Investment Objectives (continued)

Rathbone SICAV Income Fund (continued)

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

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

5 Rathbone Luxembourg Funds SICAV Annual Report 2019 including audited financial statements Directors’ Report

Since the start of the year the range has experienced growth of 9.5%, rising from GBP 468.7m to GBP 513.2m. The second quarter of the year remained a difficult one for sales. Although markets continued to make good ground, which accounts for the rise in FUM, sales remained subdued in gross sales terms and continued higher redemptions leading led to negative net sales for the quarter. Continued concerns over the global economy and valuations generally have seen investors take a cautious stance. This has been exacerbated by Brexit, which in the second quarter saw investors sit on the side lines. As we move ever closer to a hard Brexit, we expect the trading conditions to remain difficult in the foreseeable future, but remain confident that our long term outlook points to continued growth.

The last significant changes to protect the Sub-Funds from a hard Brexit are now complete.

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

Risk Process

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

The Board of Directors 20 December 2019

Rathbone Luxembourg Funds SICAV Annual Report 2019 including audited financial statements 6 Investment Managers’ Report

Rathbone SICAV Multi-Asset Enhanced Growth Portfolio David Coombs and Will McIntosh-Whyte Fund Managers

Purchases

In October 2018, we bought the UBS 1218 FTSE 100 Accelerator structured product as a hedge against any unexpected upturn in Brexit news. If Parliament agrees on a way forward, the FTSE 100 could be boosted by foreign investors returning to the UK stock market after a long absence. We felt the accelerator also would do well if sterling remained weak because of the beneficial effect of converting foreign earnings at a depressed sterling exchange rate.

Halfway through the period we bought the bespoke JP Morgan 1255 FTSE OTM Accelerator structured product for similar reasons. We suspect foreigners would disregard a soaring pound and buy the FTSE 100, leading the inverse FTSE/sterling correlation to break down, for a short while at least. This product would pay us handsomely if it does so.

When markets were still rocky, we switched our iShares Core FTSE 100 ETF for the JPMorgan 1243 FTSE Defensive Autocall structured product. We did this because the heightened volatility gave the JPMorgan contract an attractive return as long as the FTSE 100 is flat to higher over the next seven years. We would lag a soaring market and lose capital if the market falls 35% over that time.

It’s been a bumpy road for stocks over the past six months, but none more so than China’s index and those of its neighbours. For many years now we’ve felt that Asia offers the best and most sustainable growth rates of any region, so when the market sunk in the final quarter of 2018 we topped up our exposure by purchasing the iShares MSCI Far East Ex-Japan ETF.

We swapped the onshore JPMorgan Japan Fund and bought the Europe-based JPMorgan Japan Equity Fund to maintain consistency across our fund range.

Sales

We were able to sell our S&P 500 put contracts for a tidy sum in January. We used the proceeds to buy equities; this meant we then benefited from the subsequent rally in stock markets as well. Some of our stocks were up 30-40% in the first quarter, leading us to take profits. Once market volatility had stabilised in February we bought another put contract (the cost of puts go up and down with volatility).

As the growth of economies around the world began slowing this year, we’ve been adjusting the risks we’re taking in our portfolio. Our research tells us that it’s best to consolidate into defensive stocks at this time in the cycle and the American market tends to be the most defensive stock market in the world. With this in mind, we sold Ashmore Emerging Markets Short Duration Fund.

We sold the GAM Multibond Emerging Bond Fund after the manager left the Company.

Outlook

The long-vaunted ‘great rotation’ of ‘growth’ stocks toward ‘value’ ones showed signs of stirring into life toward the end of the period.

Value companies – those that are closely linked to the ebb and flow of economic growth – have performed so poorly for so long that many people believe they have to come good at some point. The idea is that there will be a large and sustained move away from the growth companies that are more highly valued and less affected by economic downturns. This ‘great rotation’ story gets a lot of play at value investor campfires and about once a year the yarn goes mainstream. And yet the rotation hasn’t actually come to pass. We don’t believe it will, either. Sure, there will be weeks, months and sometimes even quarters when value will outdo growth. But in a low-growth world, we think investors will inevitably be dragged back to those companies that can reliably boost their earnings regardless of the wider economy.

7 Rathbone Luxembourg Funds SICAV Annual Report 2019 including audited financial statements Investment Managers’ Report (continued)

Outlook (continued)

As 2019 blends into 2020, concerns will remain about GDP growth and the effect of the US-China trade war on businesses all round the world. Many investors will no doubt see quarterly earnings as referenda on commerce in the early years of the new decade. Probably most pivotal right now is American monetary policy. The Federal Reserve’s response to economic data and US fiscal and trade policy will have large implications for investor confidence. This is likely to keep the volatility of markets high, yet as long as recession doesn’t arrive, we believe markets should continue to bounce back from sharp falls.

Rathbone SICAV Multi-Asset Strategic Growth Portfolio David Coombs and Will McIntosh-Whyte Fund Managers

Purchases

Because we believe the Brexit debacle will drag down future UK growth, we have changed our opinion of what is a reasonable price to buy UK government debt. For some time we bought gilts when the yield hit 1.50%; however, in 2019 we began buying at 1.30% (i.e. at a higher price). That’s because when growth and inflation expectations are lower, the yield on government bonds should be lower too – and thus the price of government bonds should be higher.

Throughout the period we also bought and sold T-Bills – UK government debt that matures in less than a year – to regulate the liquidity of our fund. These short-dated bonds are virtually the same as holding cash, with the added bonus that they tend to offer a better interest rate.

While we’re still cautiously optimistic about the future, we expect volatility to remain elevated (and we’ve been proved right so far!) so throughout the period we topped up our position in the iShares Physical Gold ETC to increase our protective basket of assets.

We swapped the onshore JPMorgan Japan Fund and bought the Europe-based JPMorgan Japan Equity Fund to maintain consistency across our fund range.

In the first quarter of 2019, we bought the bespoke JP Morgan 1255 FTSE OTM Accelerator structured product to help us hedge a pivotal risk for our portfolio: a soft Brexit that encourages foreign investors – who are avoiding the UK like the plague – to swarm back to British stocks. We suspect foreigners will disregard a soaring pound and buy the FTSE 100 anyway (the most liquid UK equity index), leading the inverse FTSE/Sterling correlation to break down, for a short while at least. This product would give us a multiple of the return of the FTSE 100 as long as sterling is above $1.35, helping offset any losses on the unhedged non-sterling assets in the rest of the portfolio, assuming the FTSE is rising along with sterling, which we believe it would do in this scenario.

Sales

In mid-January, when markets were still rocky, we switched our iShares Core FTSE 100 ETF for a structured product. We did this because heightened volatility gave the JPMorgan contract an attractive return compared with the ETF.

We sold the Aspect Diversified Trends Fund at the end of 2018. Algorithmic traders struggled last year because the mini-cycles and patterns they capitalise on have become more erratic and short-lived. We believe this phenomenon will continue into 2019, given the unpredictable political shenanigans and skittish market sentiment, so we have moved our money into more reliable safe havens.

We sold our UK Treasury 1.625% 2028 bonds in late July because yields on longer-dated debt had fallen to exceptional lows. We swapped them for the shorter-dated UK Treasury 1.5% 2021 and UK Treasury 0.5% 2022.

Rathbone Luxembourg Funds SICAV including audited financial statements 2019 8 Investment Managers’ Report (continued)

Sales (continued)

We sold the Veritas Asian Fund and reinvested in an Asia ex-Japan ETF. We preferred to compliment our own favoured regional stocks by pure market exposure rather than relying on a third-party manager’s calls in a core market.

Outlook

The long-vaunted ‘great rotation’ of ‘growth’ stocks toward ‘value’ ones showed signs of stirring into life toward the end of the period.

Rathbone SICAV Multi-Asset Total Return Portfolio David Coombs and Will McIntosh-Whyte Fund Managers

Purchases

When markets began to turn over in October 2018 and gilt yields were spiking sharply, we added to our holdings of UK gilts at more attractive prices, and we felt they would help protect the portfolio if the UK slipped into recession.

During the first half of the period, we were cautiously optimistic for the year ahead yet we also expected volatility would remain elevated, so we topped up our position in the iShares Physical Gold ETC to increase our protective basket of assets.

In January we added to our US Treasury bonds because of the Fed’s screeching halt on its monetary tightening policy. It now seems highly unlikely that there will be any interest rate hikes this year. This development, along with decelerating inflation, should help US government bond returns. We also topped up our holdings of UK gilts for similar reasons. UK GDP has slowed significantly and inflation has receded well below the Bank of England’s target; with Brexit confusion still clouding Westminster and the economy, it seems improbable that the central bank will increase rates any time soon.

When markets bottomed out in early January we sold our S&P 500 put contract, which mitigated losses in the American stock market. We used the proceeds to add to equities we liked.

Early in 2019, when markets were still rocky, we switched our FTSE 100 ETF for the JPMorgan 1243 FTSE Defensive Autocall structured product. We did this because the heightened volatility gave the JPMorgan contract an attractive return as long as the FTSE 100 is flat to higher over the next seven years. We would lag a soaring market, or if the market fell by 35% or more over that time we would lose capital.

9 Rathbone Luxembourg Funds SICAV Annual Report 2019 including audited financial statements Investment Managers’ Report (continued)

Purchases (continued)

We also bought the bespoke JP Morgan 1255 FTSE OTM Accelerator structured product early in 2019 to help us hedge a pivotal risk for our portfolio: a soft Brexit that encourages foreign investors – who are avoiding the UK like the plague – to swarm back to British stocks. This product would give us a multiple of the return of the FTSE 100 as long as sterling is above $1.35, helping offset any losses on the unhedged non-sterling assets in the rest of the portfolio, assuming the FTSE is rising along with sterling, which we believe it would do in this scenario.

Sales

We offloaded the Aspect Diversified Trends Fund in late December. Algorithmic traders struggled in 2018 because the mini-cycles and patterns they capitalise on have become more erratic and short-lived. We believed this phenomenon would continue into 2019, given the unpredictable political shenanigans and skittish market sentiment, so we have moved our money into more reliable safe havens. We followed that up by selling the Schroder GAIA BlueTrend fund in April, because we were concerned that higher volatility and sharper inflection points make it much more difficult for the strategy to profit.

Between May and July, as government bond yields slumped, we lowered our duration (the sensitivity of our bond portfolio’s value to changes in interest rates) by selling some longer-dated bonds and replacing them with ones that mature much sooner. That meant selling UK Treasury 1.5% 2026 and UK Treasury 1.625% 2028 gilts and US Treasury 2.25% 2027 bonds. We used some of that cash to buy shorter-dated UK Treasury 0.5% 2022 gilts and government debt in the East, including the Singapore Government 2.25% 2021, which was the highest yielding two-year AAA sovereign.

Outlook

The long-vaunted ‘great rotation’ of ‘growth’ stocks toward ‘value’ ones showed signs of stirring into life toward the end of the period.

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

In the year ended 30 September 2019, the FTSE Actuaries UK Conventional Gilts 5-15 Years Index returned 9.90%. The iBoxx UK Sterling Non-Gilts Overall Index made 10.17% over that time, while the IA Sterling Corporate Bond sector made 9.02%. Our fund returned 9.4% over the period. At the beginning of October 2018, 10-year gilts yielded 1.58%; they closed on 30 September at 0.49%.

Rathbone Luxembourg Funds SICAV Annual Report 2019 including audited financial statements 10 Investment Managers’ Report (continued)

It’s been a weird year for investors. It started with a large sell-off in equity and credit markets as investors worried that the US Federal Reserve (Fed) had hiked interest rates too high too fast. In response, the US central bank quickly called a halt to its tightening. And when that didn’t work, it threw the truck in reverse, quickly cutting interest rates to keep investors happy and growth expectations positive. Bond yields have slid steadily lower this year, leading to strong gains in bond values and stock markets.

Yet, investors have remained pessimistic and nervous throughout. There have been numerous fleeting sell-offs in equities and credit as bad news popped out. President Donald Trump’s protracted trade war with China (and even some allies) continually rattled markets and lead to dampened global growth forecasts. This weakening confidence has flowed through to PMIs, surveys of businesses’ upcoming orders and managers’ optimism, which have slumped to levels that imply little to no growth in the foreseeable future.

In short, the past 12 months was a year of pretty good returns that nobody really felt happy making.

Given seemingly endless months of Brexit impasse, the UK has done exceptionally well to stagger on without stumbling into recession. The economy has felt a bit like a balloon slowly deflating, however. Over the past 12 months, UK inflation fell from 2.4% to 1.7%. The latest quarterly GDP growth (Q2) was -0.2% – the first negative print since 2012. Sterling finished the period flat against the euro, but down 5.7% against the dollar. It plumbed a new low against the dollar, dropping to the 34-year record of $1.203 in early August. Following the period’s end, Prime Minister Boris Johnson managed to get a deal through the second reading in the House of Commons. His progress has led to a resurgence in sterling, but we expect the currency to keep bouncing around until a deal is finalised (and probably afterward, too).

We added to our duration in October 2018 by buying the European Investment Bank 6% 2028. However, we sold them in early March when they appeared overbought. As 2018 wound down, we increased our cash level to reduce risk as we entered a time of typically low liquidity. We did this by selling the European Investment Bank 3.875% 2037.

We used the rally in corporate credit at the tail-end of January to cut our holdings in some of our higher-risk bonds, as well as those that we have cooled. These included the TSB Banking Group 5.75% Floating Rate Note LT 2 2026-21 and Metro Bank 5.5% 2028.

In June, we bought a large slug of the Bank of Scotland 7.281% Subordinated Perpetual-2026, which is a make-whole callable bond. Beyond 2022, all tier-one capital will have to have equity conversion triggers. This particular bond doesn’t have an equity conversion figure, so we think it will be bought back by Lloyds Banking Group (the owner of Bank of Scotland) at the next opportunity in 2022. If so, this bond offers a very attractive yield, so we took quite a big position.

Towards the end of the period, we bought the newly issued Royal London Finance 4.875% 2049. We also bought and sold the European Investment Bank 5.625% 2032 to increase and decrease our duration (sensitivity to interest rate changes) as government bond yields rose and fell like the waves. Another way to reduce duration is by purchasing floating rate bonds whose coupon payments are linked to interest rates: that’s why we bought the European Investment Bank 0.874% Senior Floating Rate Note 2022.

After the end of the period, UK Prime Minister Boris Johnson managed to nail down a new Brexit deal with the EU. The news sent the pound and gilt yields soaring along with people’s hopes for a Brexit deal.

We’re pretty jaded – it’s been a long few years – but we’re hoping something actually comes of this. There’s a long way to go though. This is still a very similar deal to the one Parliament batted back to Theresa May multiple times – would the House of Commons give this one a pass? Remember that Mr Johnson is 41 votes short of a secure majority. He is a fast-talker though, and there is a general feeling that this has to be settled for the good of the nation.

Still, if a deal is actually inked, the next job will be figuring out what it means for British businesses, and how government and monetary policies will proceed. Any binding agreement will be feted with joy and relief, but that impatience to “just get on with it” could mean settling for something that may be a bit second rate. We’ll be carefully looking at the agreement and likely reactions to determine how it will affect our holdings.

11 Rathbone Luxembourg Funds SICAV Annual Report 2019 including audited financial statements Investment Managers’ Report (continued)

Rathbone SICAV Income Fund Carl Stick and Alan Dobbie Fund Managers

The net result of this bumpy journey was your fund performing roughly in line with the FTSE All-Share over the past year. As can be seen above, your fund tended to perform relatively well when the market was weak, but slightly lagged a stronger market. This ‘shape’ of performance has become a signature of your fund over recent years and we believe it has helped generate excellent total returns, with relatively low volatility, over the long term. Over the year to 30 September 2019 your fund’s best performers list was dominated by businesses deemed to be well insulated against the fluctuations of the business cycle and/or Brexit-related volatility. Names such as Roche, WEC Energy, Dechra Pharmaceuticals and Relx all appeared near the top of the table. We were also pleased to receive attractively priced takeover bids for Greene King and Tarsus Group, providing a welcome boost to returns.

Unsurprisingly, many of our poorest performers were those viewed to be most at risk from continued global economic weakness and/or the Westminster tumult. Halfords shares were hit hard as a warm and dry winter coupled with eroding consumer confidence dented car maintenance and bicycle sales respectively. The fragile recovery taking place at The Restaurant Group over recent years stuttered as investors reassessed the risks related to its debt-fuelled acquisition of Wagamama in late 2018. The shares of cruise-operator Carnival fell almost 30% over the year as overcapacity in its important German market and broad-based weakness in Southern Europe hit profits and investor confidence.

The shape of your portfolio remained relatively consistent over the period under review. The most significant addition to the portfolio was the purchase of a stake in global advertising giant WPP. Following two years of share price weakness we felt its valuation had been de-risked enough to compensate us for the significant execution risks in turning around the sprawling media empire built up by former CEO Martin Sorrell over the previous three decades. Early progress under new CEO Mark Read has been encouraging, though we remain alert to the challenges facing the business.

We also made some changes to our holdings in the banking sector. Firstly, we significantly increased our position in Close Brothers, a bank specialising in lending to small and medium-sized UK businesses. We’ve known this business for a long time and its highly disciplined, risk-based approach to credit dovetails nicely with our own investment philosophy. It has asset management and stockbroking divisions too, so it’s sensitive to market volumes and strength, but there is a counter-cyclical nature to its core business that complements this. Though we were disappointed to learn that well-respected CEO Preben Prebensen will be stepping down in 2020, we are confident in the strength of the business model and the wealth of management talent within the firm.

Secondly, we altered our large-cap banking exposure by exiting our holding in HSBC and significantly increasing our position in Lloyds Banking Group. As the year progressed and ‘no-deal’ Brexit risks rose, Lloyds’ valuation became increasingly more attractive, leading us to add to our already sizeable position. As we write in early November, Brexit risks remain, but Lloyds’ share price has begun to move higher. For now, we remain comfortable with our large position in the UK’s biggest mortgage lender, but we’re alert to the potential political risk ahead. The related sale of HSBC was instigated by our concerns about the bank’s role in global trade and, arguably, its waning relevance on the world stage. As the year progressed, and the Hong Kong protests intensified, our conviction in the stock fell further and we fully exited the holding.

Early in the period, we added to global brewing giant Anheuser-Busch InBev. We had been patient with our small position, waiting for greater visibility on its dividend. Our wait was rewarded by the announcement of a dividend cut, alongside plans to reduce a heavy debt burden. Therein lay our opportunity: we bought shares on the cut, acknowledging that the low price risk in the shares is now backed up by lessening financial risk (although the company does still sit on a large, but diminishing, debt pile) and low business risk. This move was well rewarded as the period progressed with the shares recovering much of their previous year’s losses.

Finally, we bulked up our position in housebuilder, Bellway. As with Lloyds, we felt that the market’s pessimism regarding Bellway’s long-term outlook was overdone. The increased position size was partly funded by a reduction in London-centric peer Berkeley Group.

Rathbone Luxembourg Funds SICAV Annual Report 2019 including audited financial statements 12 Investment Managers’ Report (continued)

Other significant sales over the year included the disposal of all of our shares in US aerospace and defence giant Lockheed Martin. We had owned this business since the financial crisis, but a steady re-rating over the years makes it less attractive in terms of valuation. We also exited our position in AstraZeneca and significantly reduced our holding in Unilever, both on valuation grounds.

Outlook

The referendum intended to decide, once and for all, the UK’s future in the European Union took place on Thursday 23 June 2016. On Thursday 12 December 2019, a mere 1,276 days later, the British people will choose to elect their third Government in four years. To echo Winston Churchill, this may not be the beginning of the end, but we sure hope that it is the end of the beginning.

We would certainly welcome a period of stability. Global markets – both equities and bonds – seem to be teetering on the brink after 10 years of prolonged upward mobility. 2020 heralds a potentially explosive presidential fight in the US; the ECB running out of bullets in the face of a faltering German economy; and China facing the challenges of pro- democracy demonstrations in Hong Kong and a decelerating, debt-laden domestic economy. If the UK can sort itself out, it may offer global investors a heady mix of value, potential fiscal stimulus, and the promise (remarkable as it may seem in light of the last few years) of stable democracy and government. The light ahead may indeed be the end of a very long tunnel, rather than the edge of the abyss.

13 Rathbone Luxembourg Funds SICAV Annual Report 2019 including audited financial statements Report of the Réviseur d'Entreprises Agréé

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

Opinion

We have audited the financial statements of Rathbone Luxembourg Funds SICAV and of each of its sub-funds (the “Fund”), which comprise the statement of net assets and the schedule of investments as at 30 September 2019 and the statement of operations and the statement of changes in net assets for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying financial statements give a true and fair view of the financial position of Rathbone Luxembourg Funds SICAV and of each of its sub-funds as at 30 September 2019, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements.

Basis for Opinion

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

Other information

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

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

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

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

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

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

Rathbone Luxembourg Funds SICAV Annual Report 2019 including audited financial statements 14 Report of the Réviseur d'Entreprises Agréé (continued)

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

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

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

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

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

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

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

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

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

For Deloitte Audit, Cabinet de Révision Agréé

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

Luxembourg, 20 December 2019

15 Rathbone Luxembourg Funds SICAV Annual Report 2019 including audited financial statements Statement of Net Assets As at 30 September 2019

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

Investments in securities at cost 467,200,253 21,744,956 204,347,255 66,629,727 168,222,022 6,256,293 Unrealised appreciation 18,685,126 1,419,605 9,070,544 2,418,195 5,761,332 15,450 Investments in securities at fair value 2d 485,885,379 23,164,561 213,417,799 69,047,922 173,983,354 6,271,743

Other assets Cash at bank 23,547,807 3,280,730 12,737,257 6,759,803 270,196 499,821 Interest receivable 3,952,163 - 234,882 268,065 3,449,216 - Receivable resulting from sales of securities 1,532,071 - - - 1,532,071 - Unrealised appreciation on forward foreign exchange contracts 12 1,328,320 51,278 646,761 173,481 456,800 - Due from shareholders 1,351,264 - 318,861 278,245 754,158 - Dividends receivable 372,658 41,459 263,519 47,778 - 19,902 Formation expenses 2k 10,801 - 1,411 3,528 5,862 - Other receivables 657,034 20,759 90,156 32,454 485,788 27,877 Total assets 518,637,497 26,558,787 227,710,646 76,611,276 180,937,445 6,819,343

Liabilities Bank overdraft 535,773 5,349 - 188 530,236 - Payable resulting from purchases of securities 2,683,346 22,952 1,764,684 664,292 231,418 - Due to shareholders 1,344,696 108,312 110,196 164,903 961,285 - Other payables 872,123 63,284 479,293 171,539 144,380 13,627 Total liabilities 5,435,938 199,897 2,354,173 1,000,922 1,867,319 13,627 Net assets at the end of the year 513,201,559 26,358,890 225,356,473 75,610,354 179,070,126 6,805,716

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

Rathbone Luxembourg Funds SICAV Annual Report 2019 including audited financial statements 16 Statement of Operations For the year ended 30 September 2019

Rathbone Multi-Asset Rathbone Strategic Multi-Asset Rathbone Rathbone Growth Total Return Ethical Bond Rathbone SICAV Multi- Rathbone Portfolio Rathbone Portfolio Fund Income Fund Asset SICAV Multi- Income Sub- SICAV Multi- Income Sub- Accumulation Accumulation Enhanced Asset Strategic Fund3 Asset Total Fund5 Rathbone Sub-Fund7 Rathbone Sub-Fund9 Growth Growth (until 9 Return (until 9 SICAV Ethical (until 9 SICAV (until 9 Total Portfolio1 Portfolio2 August 2019) Portfolio4 August 2019) Bond Fund6 August 2019) Income Fund8 August 2019) Note GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP

Income Dividend income 2e 6,101,958 223,007 1,295,584 687,914 233,588 210,285 3,140,004 424 291,685 19,467 Interest on securities 2e 5,314,708 24,518 429,226 104,973 301,657 87,725 3,582,527 784,082 - - Other income 2j 152,951 5,542 23,722 11,304 9,643 2,250 77,940 9,525 10,876 2,149 Total income 11,569,617 253,067 1,748,532 804,191 544,888 300,260 6,800,471 794,031 302,561 21,616

Expenses Management fees 3 4,317,071 304,271 2,082,182 244,421 700,664 97,718 749,561 90,826 42,851 4,577 Administration fees 4 240,446 20,565 74,550 48,014 27,011 31,881 - 12,590 14,344 11,491 Depositary fees 5 74,262 4,994 27,997 15,972 10,951 10,123 - 1,589 1,780 856 Subscription tax 6 50,432 6,072 33,631 6,269 2,252 1,061 - - 979 168 Bank charges and interest 11 35,726 71 14,572 3,433 14,399 27 2,988 152 12 72 Audit fees 30,154 285 6,476 9,068 9,804 3,778 - - 743 - Management company fees 7 23,713 1,651 11,350 3,682 3,524 1,569 - 1,494 381 62 Directors fee and expenses 8 16,963 178 3,822 4,866 5,599 2,053 - - 445 - Amortisation of formation expenses 2k 9,996 77 1,447 3,922 3,020 1,530 - - - - Accounting & professional fees 10 2,745 98 1,637 240 518 100 - 92 57 3 Other expenses 12 81,256 10,272 23,704 13,339 17,887 7,043 - 3,512 4,115 1,384 Total expenses 4,882,764 348,534 2,281,368 353,226 795,629 156,883 752,549 110,255 65,707 18,613

Net profit from investments 6,686,853 (95,467) (532,836) 450,965 (250,741) 143,377 6,047,922 683,776 236,854 3,003

Net profit/(loss) realised on investments portfolio 28,592,749 1,550,734 13,421,925 7,881,304 3,917,481 1,166,583 (262,185) 766,723 137,324 12,860 Net profit/(loss) realised on forward foreign exchange contract (5,338,636) (602,130) (3,836,635) 52,035 (1,136,317) 189,807 (218,828) 212,505 927 - Net gain/(loss) realised on foreign exchange transactions 126,467 15,440 35,997 62,059 (14,417) 4,249 20,328 2,638 358 (185) Net realised gain/(loss) 23,380,580 964,044 9,621,287 7,995,398 2,766,747 1,360,639 (460,685) 981,866 138,609 12,675

Net change in unrealised appreciation/(depreciation) on investments portfolio 2,174,711 29,203 (1,375,609) (4,421,822) (328,660) 363,048 7,905,276 253,373 (230,549) (19,549) Net change in unrealised appreciation/(depreciation) on forward foreign exchange contract 1,426,603 54,925 665,731 (171,324) 178,951 (60,316) 406,671 351,965 - - Net change in unrealised appreciation/(depreciation) on foreign exchange transactions (12,139) (453) (4,959) (439) 3,083 (1,671) (7,191) 262 (499) (272) Net change in unrealised appreciation/(depreciation) 3,589,175 83,675 (714,837) (4,593,585) (146,626) 301,061 8,304,756 605,600 (231,048) (19,821) Increase/(decrease) in net assets as a result from operation 33,656,608 952,252 8,373,614 3,852,778 2,369,380 1,805,077 13,891,993 2,271,242 144,415 (4,143)

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

1 As at 12 August 2019, Rathbone Multi-Asset Enhanced Growth Portfolio Accumulation Sub-Fund changed its name to Rathbone SICAV Multi-Asset Enhanced Growth Portfolio.

2 As at 12 August 2019, Rathbone Multi-Asset Strategic Growth Portfolio Accumulation Sub-Fund changed its name to Rathbone SICAV Multi-Asset Strategic Growth Portfolio.

3 As at 12 August 2019, Rathbone Multi-Asset Strategic Growth Portfolio Income Sub-Fund merged into Rathbone Multi-Asset Strategic Growth Portfolio Accumulation Sub-Fund.

4 As at 12 August 2019, Rathbone Multi-Asset Total Return Portfolio Accumulation Sub-Fund changed its name to Rathbone SICAV Multi-Asset Total Return Portfolio.

5 As at 12 August 2019, Rathbone Multi-Asset Total Return Portfolio Income Sub-Fund merged into Rathbone Multi-Asset Total Return Portfolio Accumulation Sub- Fund.

6 As at 12 August 2019, Rathbone Ethical Bond Fund Income Sub-Fund changed its name to Rathbone SICAV Ethical Bond Fund.

7 As at 12 August 2019, Rathbone Ethical Bond Fund Accumulation Sub-Fund merged into Rathbone Ethical Bond Fund Income Sub-Fund.

8 As at 12 August 2019, Rathbone Income Fund Income Sub-Fund changed its name to Rathbone SICAV Income Fund.

9 As at 12 August 2019, Rathbone Income Fund Accumulation Sub-Fund merged into Rathbone Income Fund Income Sub-Fund.

17 Rathbone Luxembourg Funds SICAV Annual Report 2019 including audited financial statements Statement of Changes in Net Assets For the year ended 30 September 2019

Net assets at the beginning of the year 468,696,965 20,513,435 127,483,199 61,095,703 54,676,837 24,109,782 153,586,022 20,913,285 5,815,677 503,025 Increase/(decrease) in net assets as a result of operation 33,656,608 952,252 8,373,614 3,852,778 2,369,380 1,805,077 13,891,993 2,271,242 144,415 (4,143) Subscriptions received 215,724,273 8,783,582 111,231,994 5,319,165 31,917,665 2,042,754 50,504,078 3,352,171 2,104,216 468,648 Redemption paid (196,868,392) (3,890,379) (21,732,334) (69,345,411) (13,353,528) (27,587,084) (32,408,257) (26,536,698) (1,047,171) (967,530) Dividends paid 14 (8,007,895) - - (922,235) - (370,529) (6,503,710) - (211,421) - Net assets at the end of the year 513,201,559 26,358,890 225,356,473 - 75,610,354 - 179,070,126 - 6,805,716 -

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

1 As at 12 August 2019, Rathbone Multi-Asset Enhanced Growth Portfolio Accumulation Sub-Fund changed its name to Rathbone SICAV Multi-Asset Enhanced Growth Portfolio.

2 As at 12 August 2019, Rathbone Multi-Asset Strategic Growth Portfolio Accumulation Sub-Fund changed its name to Rathbone SICAV Multi-Asset Strategic Growth Portfolio.

3 As at 12 August 2019, Rathbone Multi-Asset Strategic Growth Portfolio Income Sub-Fund merged into Rathbone Multi-Asset Strategic Growth Portfolio Accumulation Sub-Fund.

4 As at 12 August 2019, Rathbone Multi-Asset Total Return Portfolio Accumulation Sub-Fund changed its name to Rathbone SICAV Multi-Asset Total Return Portfolio.

5 As at 12 August 2019, Rathbone Multi-Asset Total Return Portfolio Income Sub-Fund merged into Rathbone Multi-Asset Total Return Portfolio Accumulation Sub-Fund.

6 As at 12 August 2019, Rathbone Ethical Bond Fund Income Sub-Fund changed its name to Rathbone SICAV Ethical Bond Fund.

7 As at 12 August 2019, Rathbone Ethical Bond Fund Accumulation Sub-Fund merged into Rathbone Ethical Bond Fund Income Sub-Fund.

8 As at 12 August 2019, Rathbone Income Fund Income Sub-Fund changed its name to Rathbone SICAV Income Fund.

9 As at 12 August 2019, Rathbone Income Fund Accumulation Sub-Fund merged into Rathbone Income Fund Income Sub-Fund.

* Includes GBP 54,217,396 related to the net assets received from Rathbone Multi-Asset Strategic Growth Portfolio Income Sub-Fund.

** Includes GBP (54,217,396) related to the net assets transferred to Rathbone Multi-Asset Strategic Growth Portfolio Accumulation Sub-Fund.

# Includes GBP 23,810,908 related to the net assets received from Rathbone Multi-Asset Total Return Portfolio Income Sub-Fund.

## Includes GBP (23,810,908) related to the net assets transferred to Rathbone Multi-Asset Total Return Portfolio Accumulation Sub-Fund.

@ Includes GBP 23,937,153 related to the net assets received from Rathbone Ethical Bond Fund Accumulation Sub-Fund.

@@ Includes GBP (23,937,153) related to the net assets transferred to Rathbone Ethical Bond Fund Income Sub-Fund.

^ Includes GBP 954,490 related to the net assets received from Rathbone Income Fund Accumulation Sub-Fund.

^^ Includes GBP (954,490) related to the net assets transferred to Rathbone Income Fund Income Sub-Fund.

Rathbone Luxembourg Funds SICAV Annual Report 2019 including audited financial statements 18 Statistical Information As at 30 September 2019

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

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

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

Number of Shares Outstanding L ACC EUR 1,110,287.74 24,761,020.67 1,465,690.98 6,615,090.09 - L ACC GBP 4,587,904.23 11,209,330.41 9,522,212.00 9,837,204.17 858,539.48 L ACC USD 24,875.00 - - 4,794,888.67 - L ACC CHF - 35,000.00** 90,003.78*** - - L INC CHF - - - 8,865,456.91 - L INC EUR - 7,467,085.27 692,576.46 32,580,619.76 - L INC GBP - 28,938,527.68 15,411,004.38 91,272,590.12 5,590,174.80 L INC USD - 11,779,492.86 7,543,706.58 16,589,167.92 - L0 ACC GBP 8,846,798.41 55,139,685.88 19,211,597.26 - - L1 ACC GBP 2,632,716.76 23,627,056.95 10,025,304.17 - - L2 ACC GBP 1,949,985.84 10,075,448.43 2,357,646.98 - - L3 ACC EUR - 1,580,330.68 1,215,008.72 - - L3 ACC GBP 19,348.11 61,080.92 18,586.13 - - P0 ACC EUR 2,319,665.52 9,125,968.33 1,999,910.83 - - P1 ACC EUR - 1,114,622.04 59,644.54 - - P2 ACC EUR - 396,537.25 49,930.73 - - P1 ACC GBP - 2,511,340.49 136,150.87 - - P2 ACC GBP - 956,094.70 561,735.58 - - P3 ACC GBP - 1,961,036.86 598,289.37 - -

The accompanying notes form an integral part of these combined financial statements. * These Net Asset Value per Share are disclosed swung. Please refer also to Note 2f. ** Share Class L ACC CHF was launched on 26 September 2019. *** Share Class L ACC CHF was launched on 1 August 2019. ^ The price per financial statements differs from the published price as a result of an incorrect forward foreign exchange contract. The contract was reversed, the financial statements were corrected and the impact was below the materiality thresholds set by the regulator. 19 Rathbone Luxembourg Funds SICAV Annual Report 2019 including audited financial statements Statistical Information As at 30 September 2018

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

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

Number of Shares Outstanding L ACC EUR 286,622.16 1,540,121.80 - 437,678.22 - 5,641,374.21 - - - L ACC GBP 1,782,340.01 7,613,179.40 - 8,165,352.04 - 9,413,839.19 - 453,679.38 - L ACC USD - - - - - 5,597,974.04 - - - L INC CHF ------8,982,276.56** - - L INC EUR - - 7,990,409.64 - 629,707.46 - 35,861,514.24 - - L INC GBP - - 34,353,441.91 - 15,695,111.36 - 88,111,995.97 - 5,440,725.33 L INC USD - - 15,233,127.00 - 9,221,805.59 - 24,142,933.40 - - L0 ACC GBP 8,282,351.38 44,100,077.09 - 22,060,039.73 - - - - - L1 ACC GBP 2,666,572.06 24,112,355.45 - 13,181,080.27 - - - - - L2 ACC GBP 2,022,418.47 12,265,947.01 - 3,362,296.44 - - - - - L3 ACC EUR - 2,077,832.52 - 1,452,128.61 - - - - - L3 ACC GBP 19,348.11 61,080.92 - 90,560.21 - - - - - P0 ACC EUR 1,910,649.32 6,670,548.93 - 1,772,518.06 - - - - - P1 ACC EUR - 1,461,663.41 - 87,444.73 - - - - - P2 ACC EUR - 423,443.02 - 69,530.73 - - - - - P1 ACC GBP - 4,470,514.57 - 134,893.40 - - - - - P2 ACC GBP - 1,084,821.56 - 687,445.80 - - - - - P3 ACC GBP - 1,978,314.35 - 669,551.18 - - - - -

Rathbone Luxembourg Funds SICAV Annual Report 2019 including audited financial statements 20 Statistical Information As at 30 September 2017

Rathbone Multi- Rathbone Multi- Rathbone Multi- Asset Enhanced Asset Strategic Asset Strategic Rathbone Multi- Rathbone Multi- Rathbone Growth Growth Growth Asset Total Asset Total Ethical Bond Rathbone Rathbone Rathbone Portfolio Portfolio Portfolio Return Portfolio Return Portfolio Fund Ethical Bond Income Fund Income Fund Accumulation Accumulation Income Sub- Accumulation Income Sub- Accumulation Fund Income Accumulation Income Sub- Sub-Fund Sub-Fund Fund Sub-Fund Fund Sub-Fund Sub-Fund Sub-Fund** Fund** Net Asset Value in GBP 8,555,532 76,568,092 58,102,859 68,686,565 24,152,887 13,635,467 141,724,747 178,477 5,883,092

Net Asset Value per Share L ACC EUR - 1.0819 - 1.0142 - 1.0940* - - - L ACC GBP 1.0413 1.1107 - 1.0337 - 1.1138* - 1.0852* - L ACC USD - - - - - 1.1179* - - - L INC EUR - - 1.0812 - 1.0119 - 1.0772* - - L INC GBP - - 1.0963 - 1.0236 - 1.0944* - 1.0737* L INC USD - - 1.1066 - 1.0338 - 1.1013* - - L0 ACC GBP 1.1786 1.1592 - 1.0528 - - - - - L1 ACC GBP 1.1718 1.1590 - 1.0525 - - - - - L2 ACC GBP 1.1491 1.1598 - 1.0524 - - - - - L3 ACC EUR - 1.1437 - 1.0346 - - - - - L3 ACC GBP 1.1183 - - 1.0292 - - - - - P0 ACC EUR 1.1566 1.0510 - 0.9984 - - - - - P1 ACC EUR - 1.0150 - 0.9947 - - - - - P2 ACC EUR - 1.0379 - 0.9987 - - - - - P1 ACC GBP - 1.0519 - 0.9835 - - - - - P2 ACC GBP - 1.0712 - 1.0214 - - - - - P3 ACC GBP - 1.0679 - 1.0110 - - - - -

Number of Shares Outstanding L ACC EUR - 155,732.50 - 115,540.31 - 2,944,552.84 - - - L ACC GBP 48,443.26 1,605,718.62 - 7,721,349.03 - 9,509,747.36 - 164,475.67 - L ACC USD - - - - - 240,089.81 - - - L INC EUR - - 8,118,695.29 - 221,013.63 - 35,396,267.12 - - L INC GBP - - 34,382,003.56 - 15,351,314.05 - 81,005,837.95 - 5,479,700.73 L INC USD - - 15,312,448.61 - 10,669,483.02 - 23,595,656.96 - - L0 ACC GBP 4,021,025.55 27,201,167.68 - 27,730,057.40 - - - - - L1 ACC GBP 1,246,160.30 16,280,636.84 - 20,052,626.53 - - - - - L2 ACC GBP 661,257.58 10,547,293.33 - 4,699,873.99 - - - - - L3 ACC EUR - 2,111,027.92 - 2,227,663.22 - - - - - L3 ACC GBP 19,348.11 - - 114,607.91 - - - - - P0 ACC EUR 1,493,051.77 2,805,172.02 - 1,354,794.62 - - - - - P1 ACC EUR - 1,082,132.39 - 160,289.34 - - - - - P2 ACC EUR - 202,318.77 - 49,000.00 - - - - - P1 ACC GBP - 2,379,009.34 - 75,295.32 - - - - - P2 ACC GBP - 1,244,247.59 - 893,679.02 - - - - - P3 ACC GBP - 2,137,771.53 - 832,201.88 - - - - -

The accompanying notes form an integral part of these combined financial statements. * These Net Asset Value per Share are disclosed swung. Please refer also to Note 2f.

21 Rathbone Luxembourg Funds SICAV Annual Report 2019 including audited financial statements Schedule of Investments As at 30 September 2019

Rathbone SICAV Multi-Asset Enhanced Growth Portfolio

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

Transferable Securities Admitted to an Official Stock Exchange Listing 14,039,330 53.26

Equity 14,039,330 53.26

Cayman Islands 198,509 0.75 5,800 Tencent Holdings Limited 198,509 0.75

Channel Islands 284,850 1.08 551 Ashmore Global Opportunities NPV 1,647 0.01 4,739 Ferguson Newco 283,203 1.07

China 219,569 0.83 130,000 TravelSky Technology 219,569 0.83

Denmark 214,970 0.82 3,102 Christian Hansen 214,970 0.82

Finland 243,881 0.93 7,550 Sampo OYJ 243,881 0.93

France 862,469 3.27 715 Eurofins Scientific 272,188 1.03 845 LVMH 270,327 1.03 6,250 Total SA 263,437 1.00 957 Ubisoft Entertainment 56,516 0.21

Germany 445,209 1.69 5,800 CTS Eventim 261,964 0.99 8,787 Dürr AG 183,245 0.70

Hong Kong 260,954 0.99 34,000 AIA 260,954 0.99

Ireland 1,169,356 4.43 1,650 Accenture 256,637 0.97 4,200 APTIV 296,654 1.13 3,978 DCC 282,796 1.07 6,100 Johnson Controls 216,506 0.82 750 Linde 116,763 0.44

Italy 248,798 0.94 34,000 Davide Campari-Milano 248,798 0.94

Netherlands 314,994 1.20 1,575 ASML 314,994 1.20

Sweden 280,292 1.06 15,500 Assa Abloy 280,292 1.06

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

Rathbone Luxembourg Funds SICAV Annual Report 2019 including audited financial statements 22 Schedule of Investments (continued) As at 30 September 2019

Rathbone SICAV Multi-Asset Enhanced Growth Portfolio (continued)

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

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

Equity (continued)

Switzerland 503,638 1.91 3,000 Novartis 210,629 0.80 1,240 Roche 293,010 1.11

United Kingdom 3,797,132 14.41 55,000 BP 283,250 1.07 7,300 Fevertree Drinks 175,492 0.67 382,841 FTSE 100 P-Note 22/10/2024* 419,977 1.59 15,085 Hargreaves Lansdown 314,296 1.19 208,000 ITV 262,392 1.00 115,000 Legal & General 286,178 1.09 3,750 London Stock Exchange 277,125 1.05 20,900 Micro Focus 238,093 0.90 12,000 Relx 230,700 0.88 57,500 Rentokil Initial 267,490 1.02 6,175 Rio Tinto 260,709 0.99 11,000 Royal Dutch Shell 261,690 0.99 5,000 Unilever 243,713 0.92 170,000 Vodafone 276,029 1.05

United States of America 4,994,707 18.95 2,925 Abbott Labs 194,604 0.74 1,787 Activision 76,005 0.29 1,150 Adobe 259,473 0.98 196 Amazon.com 274,925 1.04 1,793 Amgen 284,104 1.08 3,960 Amphenol 308,125 1.17 6,200 Coca-Cola 273,727 1.04 3,879 Discover Financial Services 257,066 0.98 1,400 Ecolab 225,178 0.85 836 Electronic Arts 65,028 0.25 1,870 Estée Lauder 298,394 1.13 2,700 First Republic Bank 214,091 0.81 920 Lockheed Martin 290,048 1.10 1,050 Mastercard 229,737 0.87 3,720 Northern Trust 281,619 1.07 5,000 Schlumberger 139,545 0.53 600 Take Two Interactive Software 60,480 0.23 5,750 U.S. Bancorp Del New 259,048 0.98 1,050 Ulta Beauty 208,630 0.79 5,900 Verizon Communications 289,257 1.10 1,830 Visa 258,818 0.98 3,200 WEC Energy 246,805 0.94 *Structured Product

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

23 Rathbone Luxembourg Funds SICAV Annual Report 2019 including audited financial statements Schedule of Investments (continued) As at 30 September 2019

Rathbone SICAV Multi-Asset Enhanced Growth Portfolio (continued)

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

Transferable Securities Traded on Another Regulated Market 1,879,320 7.12

Equity 1,844,800 6.99

Netherlands 1,211,852 4.59 700,000 JP Morgan 1255 FTSE OTM Accelerator 11/03/2025* 657,090 2.49 510,455 JP Morgan Structured Products BV ELN 28/01/2026* 554,762 2.10

United Kingdom 324,168 1.23 360,000 UBS AG 9.32% 01/03/2024* 324,168 1.23

United States of America 308,779 1.17 310 Alphabet 308,779 1.17

Warrants 34,520 0.13

Netherlands 34,520 0.13 200 S&P 500 Composite Warrants 21/02/2020 34,520 0.13

Other Transferable Securities 450,521 1.71

Equity 312,558 1.19

United Kingdom 312,558 1.19 319,034 HSBC Bank 1019 FTSE Accelerator ELN 19/05/2023* 312,558 1.19

Warrants 137,964 0.52

Canada 137,964 0.52 1,685 RBC Capital Markets S&P Warrants 06/03/2020 27,314 0.10 2,500 S&P 500 Composite Warrants 17/07/2020 110,650 0.42

Collective Investment Scheme 6,795,389 25.79

Bermuda 64,821 0.25 191,421 CATCo Reinsurance Opportunities Fund 42,789 0.16 150,584 CATCo Reinsurance Opportunities Fund 22,032 0.09

Channel Islands 150,572 0.57 90,888 SQN Asset Finance Income Fund NPV 79,073 0.30 88,053 SQN Asset Finance Income Fund 71,499 0.27

Ireland 4,003,313 15.19 73,363 Carador Income Fund 35,183 0.14 36,000 Coupland Cardiff Funds 661,320 2.51 60,000 iShares FTSE 100 UCITS ETF 438,390 1.66 28,000 iShares MSCI AC Far East ex-Japan UCITS ETF 1,154,440 4.38 26,000 iShares Physical Gold ETF 615,578 2.34 40,000 L&G All Commodities UCITS ETF 316,399 1.20 5,000 Source LGIM Commodity Composite UCITS ETF 250,864 0.95 2,200 SPDR S&P 500 ETF 531,138 2.01 *Structured Product

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

Rathbone Luxembourg Funds SICAV Annual Report 2019 including audited financial statements 24 Schedule of Investments (continued) As at 30 September 2019

Rathbone SICAV Multi-Asset Enhanced Growth Portfolio (continued)

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

Collective Investment Schemes (continued)

Luxembourg 1,274,618 4.84 37,000 ChinaAMC China Opportunities Fund 574,316 2.18 9,800 JP Morgan Funds Japan Equity 700,302 2.66

United Kingdom 1,302,067 4.94 81,673 Baillie Gifford Shin Nippon Trust 149,952 0.57 43,389 Biotech Growth Trust 302,421 1.15 230,000 HG Capital Trust 530,150 2.01 72,500 JP Morgan Japanese Investment Trust 319,544 1.21

Total Investments 23,164,561 87.88

Other Net Assets 3,194,329 12.12

Total Net Assets 26,358,890 100.00

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

25 Rathbone Luxembourg Funds SICAV Annual Report 2019 including audited financial statements Schedule of Investments (continued) As at 30 September 2019

Rathbone SICAV Multi-Asset Strategic Growth Portfolio

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

Transferable Securities Admitted to an Official Stock Exchange Listing 136,207,114 60.44

Bonds 26,582,245 11.79

Australia 6,487,523 2.88 5,200,000 Government of Australia 5.5% 21/04/2023 3,330,022 1.48 4,500,000 Government of Australia 4.75% 21/04/2027 3,157,501 1.40

Singapore 3,919,283 1.74 6,600,000 Singapore Government 2.25% 01/06/2021 3,919,283 1.74

United Kingdom 16,175,439 7.17 550,000 Barclays Bank 10% 21/05/2021 621,943 0.27 984,000 Marks & Spencer 7.125% 01/12/2037 917,789 0.41 3,588,255 UK Gilt 0.75% 22/07/2023 3,650,762 1.62 1,600,000 UK Treasury 0.5% 22/07/2022 1,609,144 0.71 9,250,000 UK Treasury Gilt 1.5% 22/01/2021 9,375,800 4.16

United States of America 3,326,625 1.48

Equity 109,624,869 48.65

Cayman Islands 1,170,520 0.52 34,200 Tencent Holdings Limited 1,170,520 0.52

Channel Islands 2,211,120 0.98 37,000 Ferguson Newco 2,211,120 0.98

China 1,484,626 0.66 879,000 TravelSky Technology 1,484,626 0.66

Denmark 1,998,975 0.89 28,845 Christian Hansen 1,998,975 0.89

Finland 1,894,720 0.84 58,656 Sampo OYJ 1,894,714 0.84 1 Nordea Bank 6 -

France 6,375,132 2.83 4,900 Eurofins Scientific 1,865,348 0.83 6,800 LVMH 2,175,416 0.96 47,500 Total SA 2,002,121 0.89 5,626 Ubisoft Entertainment 332,247 0.15

Germany 2,880,160 1.28 38,500 CTS Eventim 1,738,898 0.77 54,726 Dürr AG 1,141,263 0.51

Hong Kong 2,056,934 0.91 268,000 AIA 2,056,934 0.91

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

Rathbone Luxembourg Funds SICAV Annual Report 2019 including audited financial statements 26 Schedule of Investments (continued) As at 30 September 2019

Rathbone SICAV Multi-Asset Strategic Growth Portfolio (continued)

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

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

Equity (continued)

Ireland 9,526,573 4.23 12,330 Accenture 1,917,777 0.85 33,500 APTIV 2,366,172 1.05 32,330 DCC 2,298,340 1.02 52,250 Johnson Controls 1,854,498 0.82 7,000 Linde 1,089,787 0.49

Italy 1,558,646 0.69 213,000 Davide Campari-Milano 1,558,646 0.69

Netherlands 2,511,953 1.11 12,560 ASML 2,511,953 1.11

Sweden 2,130,217 0.95 117,800 Assa Abloy 2,130,217 0.95

Switzerland 5,391,951 2.39 23,700 Credit Suisse 1,663,966 0.74 1,011,399 Credit Suisse AG London ELN 02/10/2020* 1,246,853 0.55 10,500 Roche 2,481,132 1.10

United Kingdom 30,523,527 13.55 75,000 Allianz Technology Trust 1,205,250 0.53 285,000 BP 1,467,750 0.65 2,059,586 Credit Suisse 1053 FTSE 0% 27/07/2023* 2,179,660 0.97 36,550 Credit Suisse 878,662 0.39 106,100 Hargreaves Lansdown 2,210,593 0.98 1,734,909 ITV 2,188,588 0.97 904,500 Legal & General 2,250,848 1.00 30,800 London Stock Exchange 2,276,120 1.01 152,000 Micro Focus 1,731,584 0.77 104,000 Relx 1,999,403 0.89 405,000 Rentokil Initial 1,884,060 0.84 49,300 Rio Tinto 2,081,446 0.92 82,000 Royal Dutch Shell 1,950,780 0.87 106,500 Smith & Nephew 2,088,199 0.93 43,250 Unilever 2,108,113 0.93 1,245,594 Vodafone 2,022,471 0.90

United States of America 37,909,815 16.82 20,254 Abbott Labs 1,347,523 0.60 10,548 Activision 448,628 0.20 7,570 Adobe 1,708,011 0.76 1,470 Amazon.com 2,061,937 0.91 13,750 Amgen 2,178,709 0.97 30,190 Amphenol 2,349,065 1.04 51,900 Coca-Cola 2,291,362 1.02 * Structured Product

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

27 Rathbone Luxembourg Funds SICAV Annual Report 2019 including audited financial statements Schedule of Investments (continued) As at 30 September 2019

Rathbone SICAV Multi-Asset Strategic Growth Portfolio (continued)

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

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

Equity (continued)

United States of America (continued) 32,700 Discover Financial Services 2,167,064 0.96 9,190 Ecolab 1,478,131 0.66 4,619 Electronic Arts 359,289 0.16 14,200 Estée Lauder 2,265,883 1.01 23,000 First Republic Bank 1,823,735 0.81 7,110 Lockheed Martin 2,241,564 0.99 9,000 Mastercard 1,969,173 0.87 27,733 Northern Trust 2,099,503 0.93 29,050 Schlumberger 810,755 0.36 3,500 Take Two Interactive Software 352,802 0.16 44,500 U.S. Bancorp Del New 2,004,806 0.89 8,400 Ulta Beauty 1,669,041 0.74 42,921 Verizon Communications 2,104,272 0.93 14,821 Visa 2,096,143 0.93 27,000 WEC Energy 2,082,418 0.92

Transferable Securities Traded on Another Regulated Market 33,623,196 14.92

Bonds 21,154,981 9.39

United Kingdom 16,435,201 7.30 200,000 Sainsburys Bank 6% VRN 23/11/2027 202,750 0.09 9,250,000 UK Treasury Bill 0% 09/12/2019 9,238,576 4.10 7,000,000 UK Treasury Bill 0% 18/11/2019 6,993,875 3.11

United States of America 4,719,779 2.09 2,103,800 US Treasury 0.25% Index-Linked 15/01/2025 1,858,766 0.82 3,375,700 US Treasury 2.25% 15/02/2027 2,861,013 1.27

Equity 12,243,835 5.43

Netherlands 6,695,992 2.97 3,760,000 JP Morgan 1255 FTSE OTM Accelerator 11/03/2025* 3,529,512 1.57 2,913,581 JP Morgan Structured Products BV ELN 28/01/2026* 3,166,480 1.40

United Kingdom 3,326,625 1.48 3,694,332 UBS AG 9.32% 01/03/2024* 3,326,625 1.48

United States of America 2,221,218 0.98 2,230 Alphabet 2,221,218 0.98

Warrants 224,380 0.10

Netherlands 224,380 0.10 1,300 S&P 500 Composite Warrants 21/02/2020 224,380 0.10 *Structured Product

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

Rathbone Luxembourg Funds SICAV Annual Report 2019 including audited financial statements 28 Schedule of Investments (continued) As at 30 September 2019

Rathbone SICAV Multi-Asset Strategic Growth Portfolio (continued)

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

Other Transferable Securities 1,477,822 0.66

Equity 492,799 0.22

United Kingdom 492,799 0.22 421,917 HSBC Bank 0% 08/02/2021* 492,799 0.22

Warrants 985,023 0.44

Canada 985,023 0.44 12,165 RBC Capital Markets S&P Warrants 06/03/2020 197,195 0.09 17,800 S&P 500 Composite Warrants 17/07/2020 787,828 0.35

Collective Investment Schemes 42,109,668 18.68

Bermuda 392,966 0.17 1,757,988 CATCo Reinsurance Opportunities Fund 392,966 0.17

Channel Islands 1,335,757 0.59 546,063 SQN Asset Finance Income Fund NPV 475,075 0.21 1,059,953 SQN Asset Finance Income Fund 860,682 0.38

Ireland 29,100,807 12.92 3,651,548 AHFM US Enhanced Equity Fund 4,624,948 2.05 8,520 Barings Emerging Markets Debt 888,721 0.40 200,000 Coupland Cardiff Funds 3,674,000 1.63 300,000 iShares FTSE 100 UCITS ETF 2,191,950 0.97 89,500 iShares MSCI AC Far East ex-Japan UCITS ETF 3,690,085 1.64 298,000 iShares Physical Gold ETF 7,055,472 3.13 377,000 L&G All Commodities UCITS ETF 2,982,062 1.33 36,347 Source LGIM Commodity Composite UCITS ETF 1,823,628 0.81 37,035 Source Morningstar US Energy Infrastructure UCITS ETF 1,445,661 0.64 3,000 SPDR S&P 500 ETF 724,280 0.32

Luxembourg 7,153,095 3.17 36,113 Ashmore SICAV Emerging Markets Short Duration Fund 3,451,319 1.53 100,373 ChinaAMC China Opportunities Fund 1,557,995 0.69 30,000 JP Morgan Funds Japan Equity 2,143,781 0.95

United Kingdom 4,127,042 1.83 560,040 HG Capital Trust 1,290,892 0.57 100,000 JP Morgan Emerging Markets Investment Trust 985,000 0.44 420,000 JP Morgan Japanese Investment Trust 1,851,150 0.82

Total Investments 213,417,799 94.70

Other Net Assets 11,938,674 5.30

Total Net Assets 225,356,473 100.00

*Structured Product

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

29 Rathbone Luxembourg Funds SICAV Annual Report 2019 including audited financial statements Schedule of Investments (continued) As at 30 September 2019

Rathbone SICAV Multi-Asset Total Return Portfolio

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

Transferable Securities Admitted to an Official Stock Exchange Listing 47,596,215 62.95

Bonds 26,687,725 35.31

Australia 4,530,667 5.99 4,500,000 Government of Australia 5.5% 21/04/2023 2,881,750 3.81 2,350,000 Government of Australia 4.75% 21/04/2027 1,648,917 2.18

Bermuda 143,168 0.19 130,000 Hiscox 6.125% VRN 24/11/2045 143,168 0.19

Channel Islands 126,133 0.17 103,000 Heathrow Funding 7.125% 14/02/2024 126,133 0.17

Japan 1,459,235 1.93 190,350,000 Government of Japan Five Year Bond 0.1% 20/06/2023 1,459,235 1.93

Singapore 1,781,492 2.36 3,000,000 Singapore Government 2.25% 01/06/2021 1,781,492 2.36

United Kingdom 18,423,918 24.37 166,000 3i 6.875% 09/03/2023 195,817 0.26 220,000 Aviva 6.125% VRN perp 236,406 0.31 273,000 Barclays 2.375% VRN 06/10/2023 275,469 0.37 279,000 Barclays Bank 10% 21/05/2021 315,495 0.42 415,000 Investec Bank 4.5% 05/05/2022 443,829 0.59 157,000 Legal General Group 5.125% VRN 4/11/2048 174,705 0.23 373,000 Santander UK 3.625% 14/01/2026 404,020 0.54 273,000 Scottish Widows 5.5% 16/06/2023 305,565 0.40 273,000 Skipton Building Society 1.75% 30/06/2022 274,174 0.36 73,100 Tesco Personal Finance 1% Index-Linked 16/12/2019 87,751 0.12 323,000 TSB Banking 5.75% VRN 06/05/2026 327,967 0.43 5,182,241 UK Gilt 0.75% 22/07/2023 5,272,516 6.97 5,906,692 UK Treasury 0.5% 22/07/2022 5,940,449 7.86 1,390,000 UK Treasury Gilt 0.125% Index-Linked 22/03/2024 1,914,496 2.53 2,225,000 UK Treasury Gilt 1.5% 22/01/2021 2,255,260 2.98

United States of America 223,112 0.30 221,000 Rabobank Capital Funding Trust 5.556% VRN perp 223,112 0.30

Equity 20,908,490 27.64

Cayman Islands 290,919 0.39 8,500 Tencent Holdings Limited 290,919 0.39

Channel Islands 1,592,954 2.10 42,900 BH Macro Fund 1,151,865 1.52 7,381 Ferguson Newco 441,089 0.58

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

Rathbone Luxembourg Funds SICAV Annual Report 2019 including audited financial statements 30 Schedule of Investments (continued) As at 30 September 2019

Rathbone SICAV Multi-Asset Total Return Portfolio (continued)

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

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

Equity (continued)

Denmark 287,805 0.38 4,153 Christian Hansen 287,805 0.38

Finland 332,938 0.44 10,307 Sampo OYJ 332,938 0.44

France 1,101,837 1.46 1,013 Eurofins Scientific 385,632 0.51 810 LVMH 259,130 0.34 8,748 Total SA 368,727 0.49 1,496 Ubisoft Entertainment 88,347 0.12

Hong Kong 364,569 0.48 47,500 AIA 364,569 0.48

Ireland 1,401,648 1.85 1,500 Accenture 233,306 0.31 5,780 APTIV 408,253 0.54 5,200 DCC 369,668 0.49 11,000 Johnson Controls 390,421 0.51

Italy 148,657 0.20 20,315 Davide Campari-Milano 148,657 0.20

Netherlands 509,990 0.67 2,550 ASML 509,990 0.67

Sweden 431,649 0.57 23,870 Assa Abloy 431,649 0.57

Switzerland 901,346 1.19 5,060 Novartis 355,260 0.47 2,311 Roche 546,085 0.72

United Kingdom 6,505,998 8.60 49,500 BP 254,925 0.34 1,073,276 Credit Suisse 1053 FTSE 0% 27/07/2023* 1,135,848 1.50 12,650 Diageo 420,107 0.56 10,450 Fevertree Drinks 251,218 0.33 13,700 Hargreaves Lansdown 285,440 0.38 275,000 ITV 346,913 0.46 183,701 Legal & General 457,140 0.60 5,250 London Stock Exchange 387,975 0.51 23,000 Micro Focus 262,016 0.35 19,500 Relx 374,888 0.50 95,000 Rentokil Initial 441,940 0.58 9,204 Rio Tinto 388,593 0.51 * Structured Product

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

31 Rathbone Luxembourg Funds SICAV Annual Report 2019 including audited financial statements Schedule of Investments (continued) As at 30 September 2019

Rathbone SICAV Multi-Asset Total Return Portfolio (continued)

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

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

Equity (continued)

United Kingdom (continued) 12,400 Royal Dutch Shell 294,996 0.39 19,900 Smith & Nephew 390,189 0.51 8,800 Unilever 428,934 0.57 237,037 Vodafone 384,877 0.51

United States of America 7,038,181 9.31 3,000 Abbott Labs 199,594 0.26 2,195 Activision 93,358 0.12 800 Adobe 180,503 0.24 294 Amazon.com 412,387 0.55 2,532 Amgen 401,199 0.53 6,647 Amphenol 517,199 0.68 10,271 Coca-Cola 453,460 0.60 6,669 Discover Financial Services 441,962 0.58 1,207 Electronic Arts 93,887 0.12 2,400 Estée Lauder 382,966 0.51 4,167 First Republic Bank 330,413 0.44 1,550 Lockheed Martin 488,667 0.65 1,819 Mastercard 397,992 0.53 4,822 Northern Trust 365,045 0.48 5,855 Schlumberger 163,407 0.22 995 Take Two Interactive Software 100,297 0.13 8,000 U.S. Bancorp Del New 360,415 0.48 1,200 Ulta Beauty 238,434 0.32 9,000 Verizon Communications 441,240 0.58 3,300 Visa 466,721 0.62 6,600 WEC Energy 509,036 0.67

Transferable Securities Traded on Another Regulated Market 13,429,439 17.76

Bonds 10,183,774 13.47

Bermuda 384,181 0.51 366,000 Fidelity International 6.75% 19/10/2020 384,181 0.51

Canada 1,806,419 2.39 2,255,000 RBC Capital Market 1.7365% VRN 02/02/2021* 1,806,419 2.39

Channel Islands 313,648 0.41 307,000 Heathrow Funding 6% 20/03/2020 313,648 0.41

United Kingdom 6,658,521 8.81 273,000 Marks & Spencer 3% 08/12/2023 282,422 0.37 366,000 PGH Capital 4.125% 20/07/2022 382,428 0.51 3,000,000 UK Treasury Bill 0% 09/12/2019 2,996,295 3.96 3,000,000 UK Treasury Bill 0% 18/11/2019 2,997,375 3.97 * Structured Product

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

Rathbone Luxembourg Funds SICAV Annual Report 2019 including audited financial statements 32 Schedule of Investments (continued) As at 30 September 2019

Rathbone SICAV Multi-Asset Total Return Portfolio (continued)

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

Transferable Securities Traded on Another Regulated Market (continued)

Bonds (continued)

United States of America 1,021,005 1.35 1,155,600 US Treasury 0.25% Index-Linked 15/01/2025 1,021,005 1.35

Equity 3,209,419 4.24

Netherlands 1,461,774 1.93 710,000 JP Morgan 1255 FTSE OTM Accelerator 11/03/2025* 666,477 0.88 731,779 JP Morgan Structured Products BV ELN 28/01/2026* 795,297 1.05

United Kingdom 1,239,653 1.64 1,376,677 UBS AG 9.32% 01/03/2024* 1,239,653 1.64

United States of America 507,992 0.67 510 Alphabet 507,992 0.67

Warrants 36,246 0.05

Netherlands 36,246 0.05 210 S&P 500 Composite Warrants 21/02/2020 36,246 0.05

Other Transferable Securities 623,298 0.82

Equity 462,995 0.61

United Kingdom 462,995 0.61 444,760 HSBC Bank 0% 02/06/2020* 462,995 0.61

Warrants 160,303 0.21

Canada 160,303 0.21 2,244 RBC Capital Markets S&P Warrants 06/03/2020 36,375 0.05 2,800 S&P 500 Composite Warrants 17/07/2020 123,928 0.16

Collective Investment Schemes 7,398,970 9.79

Bermuda 59,978 0.08 268,319 CATCo Reinsurance Opportunities Fund 59,978 0.08

Channel Islands 413,963 0.55 241,951 SQN Asset Finance Income Fund NPV 210,497 0.28 250,574 SQN Asset Finance Income Fund 203,466 0.27

Ireland 6,269,630 8.29 12,000 iShares FTSE 100 UCITS ETF 87,678 0.12 168,000 iShares Physical Gold ETF 3,977,582 5.26 112,134 L&G All Commodities UCITS ETF 886,977 1.17 16,914 Source LGIM Commodity Composite UCITS ETF 848,622 1.12 12,009 Source Morningstar US Energy Infrastructure UCITS ETF 468,771 0.62 *Structured Product

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

33 Rathbone Luxembourg Funds SICAV Annual Report 2019 including audited financial statements Schedule of Investments (continued) As at 30 September 2019

Rathbone SICAV Multi-Asset Total Return Portfolio (continued)

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

Collective Investment Schemes (continued)

United Kingdom 655,398 0.87 35,342 Biotech Growth Trust 246,334 0.33 126,780 HG Capital Trust 292,228 0.39 28,052 Martin Currie Asia Unconstrained Trust 116,837 0.15

Total Investments 69,047,922 91.32

Other Net Assets 6,562,432 8.68

Total Net Assets 75,610,354 100.00

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

Rathbone Luxembourg Funds SICAV Annual Report 2019 including audited financial statements 34 Schedule of Investments (continued) As at 30 September 2019

Rathbone SICAV Ethical Bond Fund

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

Transferable Securities Admitted to an Official Stock Exchange Listing 153,396,625 85.66

Bonds 153,117,145 85.50

Australia 802,668 0.45 406,000 AMP Group Finance 6.875% 23/08/2022 435,191 0.24 447,000 QBE Insurance 5.25% VRN perp 367,477 0.21

Bermuda 2,175,048 1.21 1,975,000 Hiscox 6.125% VRN 24/11/2045 2,175,048 1.21

Channel Islands 5,300,718 2.96 279,000 CPUK Finance 3.588% 28/02/2042 303,364 0.17 1,217,000 CPUK Finance 3.69% 28/08/2028 1,338,573 0.75 1,955,000 HBOS Sterling Finance (Jersey) 7.881% VRN perp 2,998,970 1.67 500,000 Porterbrook Rail Finance 7.125% 20/10/2026 659,810 0.37

Denmark 401,005 0.22 379,000 Orsted AS 2.125% 17/05/2027 401,005 0.22

France 11,655,117 6.51 3,014,000 AXA SA 5.453% VRN perp 3,384,722 1.89 2,250,000 AXA SA 5.625% VRN 16/01/2054 2,735,218 1.53 1,508,000 AXA SA 6.6862% VRN perp 1,803,191 1.01 2,600,000 BPCE SA 5.25% 16/04/2029 3,234,297 1.80 500,000 Credit Agricole 4.5% VRN perp 497,689 0.28

Germany 202,571 0.11 200,000 KfW 0.875% 15/09/2026 202,571 0.11

Hong Kong 334,662 0.19 550,000 Hong Kong & Shanghai Bank FRN Perp 334,662 0.19

Ireland 3,034,423 1.69 509,000 Beazley Insurance 5.5% 10/09/2029 431,838 0.24 2,314,000 PGH Capital 6.625% 18/12/2025 2,602,585 1.45

Italy 1,479,096 0.83 1,150,000 Assicurazioni Generali 6.269% perp 1,263,364 0.71 200,000 Assicurazioni Generali 6.416% VRN perp 215,732 0.12

Luxembourg 1,258,618 0.70 305,000 European Investment Bank 0% 07/12/2028 281,865 0.16 179,000 European Investment Bank 5.5% 15/04/2025 225,925 0.12 750,000 European Investment Bank FRN 18/02/2022 750,829 0.42

Netherlands 7,147,883 3.99 800,000 ING Groep 3% 18/02/2026 858,448 0.48 1,815,000 Rabobank Nederland 4.625% 23/05/2029 2,169,184 1.21 693,000 Rabobank Nederland 5.25% 14/09/2027 842,894 0.47 2,193,000 Rabobank Nederland 6.91% VRN perp 3,277,357 1.83

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

Rathbone Luxembourg Funds SICAV Annual Report 2019 including audited financial statements 35 Schedule of Investments (continued) As at 30 September 2019

Rathbone SICAV Ethical Bond Fund (continued)

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

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

Bonds (continued)

Norway 65,202 0.04 130,000 DNB Bank Asa FRN Perp 65,202 0.04

South Korea 701,889 0.39 687,000 Korea Development Bank 1.75% 15/12/2022 701,889 0.39

United Kingdom 114,439,895 63.91 1,219,000 3i 5.75% 03/12/2032 1,626,039 0.91 750,800 A2D Funding 4.75% 18/10/2022 812,411 0.45 642,600 A2D Funding II 4.5% 30/09/2026 740,809 0.41 384,000 A2Dominion Housing Group 3.5% 2028 418,010 0.23 320,000 Aster Treasury 4.5% 18/12/2043 457,491 0.26 1,637,000 Aviva 4.375% VRN 12/09/2049 1,748,133 0.98 422,000 Aviva 5.125% VRN 04/06/2050 479,636 0.27 2,961,000 Aviva 5.9021% VRN perp 3,041,006 1.70 2,400,000 Aviva 6.125% 14/11/2036 2,870,810 1.60 1,190,000 Aviva 6.125% VRN perp 1,278,740 0.71 1,963,000 Aviva 6.875% VRN 20/05/2058 2,736,937 1.53 540,000 Aviva 6.875% VRN perp 544,466 0.30 2,379,000 Bank of Scotland 7.281% VRN perp 2,935,472 1.64 100,000 Barclays 3% 08/05/2026 102,849 0.06 1,616,000 Barclays 3.25% 17/01/2033 1,637,212 0.92 1,904,000 Barclays Bank 10% 21/05/2021 2,153,054 1.20 1,484,000 Barclays Bank 3.25% 12/02/2027 1,545,896 0.86 234,000 Barclays Bank 6.3688% VRN PERP 240,213 0.13 7,000 Barclays Bank 7.125% VRN perp 7,388 0.01 659,000 Bazalgette Finance 2.375% 29/11/2027 710,523 0.40 641,000 Beazley 5.875% 04/11/2026 549,689 0.31 343,000 BPHA Finance 4.816% 11/04/2044 502,656 0.28 423,000 British Telecom 3.5% Index-Linked 25/04/2025 923,703 0.52 770,000 British Telecom 3.625% 21/11/2047 859,306 0.48 372,000 British Telecommunications 3.125% 21/11/2031 402,321 0.22 302,000 Bromford Housing Group 3.125% 03/05/2048 364,374 0.20 178,300 Bruntwood 6% 24/07/2020 181,585 0.10 653,000 BUPA Finance 5% 08/12/2026 740,605 0.41 245,000 BUPA Finance 5% 25/04/2023 270,158 0.15 638,000 BUPA Finance 6.125% VRN perp 663,919 0.37 1,443,000 Channel Link 3.043% VRN 30/06/2050 1,532,861 0.86 180,000 Clerical Medical Finance 7.375% VRN perp 180,475 0.10 986,000 Close Brothers Group 2.75% 26/04/2023 1,025,808 0.57 1,975,000 Close Brothers Group 4.25% VRN 24/01/2027 2,077,947 1.16 715,000 Coventry Building Society 1.875% 24/10/2023 730,838 0.41 547,000 Coventry Building Society FRN 13/11/2023 549,938 0.31 1,300,000 CYBG 4% VRN 03/09/2027 1,300,074 0.73 25,000 Ellenbrook Developments 3.3894% Index-Linked 31/07/2032 27,380 0.02 449,000 Eurohome UK Mortgages 15/06/2044 115,154 0.06 56,000 Eurohome UK Mortgages 15/09/2044 12,304 0.01 134,000 Eurohome UK Mortgages 15/09/2044 120,517 0.07

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

36 Rathbone Luxembourg Funds SICAV Annual Report 2019 including audited financial statements Schedule of Investments (continued) As at 30 September 2019

Rathbone SICAV Ethical Bond Fund (continued)

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

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

Bonds (continued)

United Kingdom (continued) 223,000 Eversholt Funding 3.529% 07/08/2042 239,649 0.13 900,000 Greater Gabbard 4.137% 29/11/2032 911,041 0.51 147,500 Heylo Housing Secured 1.625% IL 30/9/2028 145,435 0.08 273,000 HSBC Bank 5.375% 22/08/2033 355,019 0.20 2,476,000 HSBC Bank 5.844% VRN perp 3,293,390 1.84 612,000 HSBC Holdings 3% 29/05/2030 647,948 0.36 379,000 HSBC Holdings 3% VRN 22/07/2028 404,944 0.23 88,000 Intermediate Capital Group 5% 24/03/2023 92,886 0.05 1,500,000 Investec Bank 4.25% VRN 24/07/2028 1,533,675 0.86 2,034,000 Investec Bank 4.5% 05/05/2022 2,175,297 1.21 158,000 Karbon Homes 3.375% 15/11/2047 199,332 0.11 1,637,000 Leeds Building Society 3.75% VRN 25/04/2029 1,665,030 0.93 439,000 Legal General Group 5.125% VRN 4/11/2048 488,505 0.27 1,617,000 Legal & General 5.375% VRN 27/10/2045 1,814,853 1.01 223,000 Libra Longhurst Group Treasury 3.25% 15/05/2043 258,473 0.14 2,125,000 Liverpool Victoria Friendly Society 6.5% VRN 22/05/2043 2,386,094 1.33 775,000 Lloyds Bank FRN 14/01/2022 778,063 0.43 1,746,000 Lloyds Banking Group 13% Var perp 3,097,404 1.73 1,042,000 Lloyds Banking Group 2.25% 16/10/2024 1,064,109 0.59 256,000 Lloyds Banking Group 5.75% 09/07/2025 264,088 0.15 1,046,000 Lloyds Banking Group 7.625% 22/04/2025 1,342,800 0.75 898,000 London and Quadrant Housing Trust 2.25% 20/07/2029 927,508 0.52 635,000 London and Quadrant Housing Trust 2.625% 28/02/2028 673,769 0.38 100,000 London and Quadrant Housing Trust 3.75% 27/10/2049 124,281 0.07 55,000 Mansard Mortgages FRN 15/04/2049 28,003 0.02 625,000 Marks & Spencer 7.125% 01/12/2037 582,946 0.33 112,000 Metropolitan Funding 4.125% 05/04/2048 141,149 0.08 614,000 Morhomes 3.4% 19/02/2038 691,013 0.39 370,000 Motability Operations 1.75% 03/07/2029 377,938 0.21 112,000 Myriad Capital 4.75% 20/12/2043 161,250 0.09 5,000 Nationwide Building Society 10.25% VRN Perp 783,750 0.44 1,026,000 Nationwide Building Society 3.25% 20/01/2028 1,155,207 0.65 144,681 Nationwide Building Society 3.875% Index-Linked 30/07/2021 471,643 0.26 250,000 Nationwide Building Society 4.125% VRN 18/10/2032 202,393 0.11 490,000 Nationwide Building Society 5.769% perp 515,208 0.29 475,000 Nationwide Building Society 5.875% VRN Perp 478,677 0.27 228,000 Nationwide Building Society 6.25% VRN perp 254,150 0.14 357,000 Natwest Markets 6.875% 17/05/2025 450,427 0.25 128,200 Natwest Markets PLC VRN 01/11/2022 139,610 0.08 250,000 Newgate Funding FRN 15/12/2050 148,428 0.08 252,000 Notting Hill Genesis 2.875% 31/01/2029 270,439 0.15 146,000 Notting Hill Housing 3.75% 20/12/2032 170,622 0.10 603,000 Orbit Capital 3.375% 14/06/2048 719,269 0.40 366,000 Orbit Capital 3.5% 24/03/2045 439,745 0.25 139,200 Paragon 6% 05/12/2020 143,934 0.08 747,100 Paragon 6% 28/08/2024 795,153 0.44

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

Rathbone Luxembourg Funds SICAV Annual Report 2019 including audited financial statements 37 Schedule of Investments (continued) As at 30 September 2019

Rathbone SICAV Ethical Bond Fund (continued)

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

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

Bonds (continued)

United Kingdom (continued) 255,400 Paragon 6.125% 30/01/2022 267,166 0.15 648,000 Partnership Life Assurance 9.5% 24/03/2025 670,434 0.37 100,000 Peabody Capital 5.25% 17/03/2043 150,086 0.08 547,000 Peabody Capital No 2 3.25% 14/09/2048 636,810 0.36 201,000 Phoenix 5.375% 06/07/2027 168,389 0.09 275,700 Places for People Finance 4.25% 15/12/2023 287,378 0.16 190,500 Places for People Homes 1% Index-Linked 31/01/2022 240,620 0.13 1,282,000 Places for People Homes 3.625% 22/11/2028 1,398,295 0.78 845,000 Places for People Treasury 2.875% 17/08/2026 878,220 0.49 272,000 Principality Building Society 7% VRN Perp 274,682 0.15 285,000 PRS Finance 1.75% 24/11/2026 291,525 0.16 2,025,000 PRS Finance 2% 23/01/2029 2,194,476 1.23 210,000 Prudential 3.875% VRN 20/07/2049 215,473 0.12 391,000 Prudential 5% VRN 20/07/2055 447,485 0.25 659,000 Prudential 6.25% VRN 20/10/2068 790,451 0.44 140,000 Quadrant Housing 7.93% 10/02/2033 191,035 0.11 81,400 Retail Charity Bonds 3.9% 23/11/2029 86,442 0.05 195,800 Retail Charity Bonds 4% 31/10/2029 197,791 0.11 160,200 Retail Charity Bonds 4.25% 06/07/2026 168,282 0.09 355,200 Retail Charity Bonds 4.25% 30/03/2026 363,599 0.20 32,000 Retail Charity Bonds 4.375% 29/07/2021 33,517 0.02 128,200 Retail Charity Bonds 4.4% 30/04/2027 131,191 0.07 235,200 Retail Charity Bonds 4.5% 20/06/2026 240,908 0.13 190,200 Retail Charity Bonds 5% 12/04/2026 211,822 0.12 100,000 Riverside Finance 3.875% 05/12/2044 131,304 0.07 3,192,000 RL Finance Bonds 6.125% 13/11/2028 3,680,310 2.06 2,629,000 RL Finance Bonds 6.125% VRN 30/11/2043 2,959,317 1.65 130,000 RMAC Securities FRN 12/06/2044** 67,871 0.04 990,000 RMAC Securities FRN 12/06/2044** 535,992 0.30 1,408,000 Rothesay Life 6.875% VRN perp 1,352,599 0.76 1,798,000 Rothesay Life 8% 30/10/2025 2,118,413 1.18 2,064,000 Rothschild 9% perp 2,526,336 1.41 385,000 Royal Bank of Scotland 7.648% VRN Perp 431,472 0.24 2,685,000 RSA Insurance Group 5.125% VRN 10/10/2045 3,000,591 1.68 1,282,000 Santander UK 2.92% VRN 24/01/2027 1,328,533 0.74 711,000 Santander UK 3.625% 14/01/2026 770,129 0.43 134,000 Santander UK 5.875% 14/08/2031 166,352 0.09 127,000 Santander UK 6.5% 21/10/2030 169,714 0.09 393,000 Santander UK FRN 12/02/2024 395,751 0.22 403,000 Scottish Hydro Electric 2.25% 27/09/2035 405,089 0.23 1,327,000 Scottish Widows 5.5% 16/06/2023 1,485,291 0.83 223,000 Segro 2.375% 11/10/2029 236,069 0.13 260,000 Silverstone Master Issuer FRN 21/01/2070 260,979 0.15 235,000 Skipton Building Society 1.75% 30/06/2022 236,011 0.13 **This security was resulting form a tender offer corporate action issued. As at 30 September 2019, the position is unsettled as the settlement date has been extended to 31 January 2020.

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

38 Rathbone Luxembourg Funds SICAV Annual Report 2019 including audited financial statements Schedule of Investments (continued) As at 30 September 2019

Rathbone SICAV Ethical Bond Fund (continued)

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

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

Bonds (continued)

United Kingdom (continued) 207,000 Society Lloyds 4.75% 30/10/2024 228,598 0.13 197,000 Society Lloyds 4.875% VRN 07/02/2047 215,825 0.12 369,000 Standard Life Aberdeen 4.25% VRN 30/06/2048 309,950 0.17 1,393,000 Standard Life Aberdeen 5.5% VRN 04/12/2042 1,546,511 0.86 206,000 Swan Housing Capital 3.625% 05/03/2048 242,754 0.14 296,000 TC Dudgeon Ofto 3.158% 12/11/2038 332,204 0.19 761,000 Telereal Securitisation FRN 10/09/2031 713,385 0.40 22,500 THFC 5.65% Index-Linked 30/09/2020 5,467 0.01 1,157,000 Wods Transmission 3.446% 24/08/2034 1,153,900 0.65 404,000 Yorkshire Building Society 3% VRN 18/04/2025 414,223 0.23 2,770,000 Yorkshire Building Society 3.375% VRN 13/09/2028 2,709,388 1.51 547,000 Yorkshire Building Society FRN 19/11/2023 550,238 0.31

United States of America 4,118,349 2.30 347,000 BAC Capital Trust 4% VRN perp 247,364 0.14 350,000 Citigroup 1.18744% VRN 28/06/2067 313,828 0.18 954,000 Citigroup 2.75% 24/01/2024 1,003,571 0.56 513,000 Goldman Sachs 3.125% 25/07/2029 559,362 0.31 391,000 Goldman Sachs 4.25% 29/01/2026 446,507 0.25 718,000 Rabobank Capital Funding Trust 5.556% VRN perp 724,862 0.40 361,000 Wells Fargo & Company 2.5% 02/05/2029 381,997 0.21 257,000 Welltower 4.5% 01/12/2034 319,239 0.18 100,000 Welltower 4.8% 20/11/2028 121,621 0.07

Equity 279,481 0.16

Ireland 279,481 0.16 277,362 Greencoat Renewables 279,481 0.16

Transferable Securities Traded on Another Regulated Market 18,443,418 10.30

Bonds 18,443,418 10.30

Bermuda 1,566,439 0.87 1,003,000 Fidelity International 7.125% 13/02/2024 1,239,184 0.69 326,000 Hiscox 2% 14/12/2022 327,255 0.18

Canada 2,054,752 1.15 2,565,000 RBC Capital Market 1.7365% VRN 02/02/2021* 2,054,752 1.15

Channel Islands 1,371,799 0.77 1,374,000 Hastings Group Finance 3% 24/05/2025 1,371,799 0.77 *Structured Product

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

Rathbone Luxembourg Funds SICAV Annual Report 2019 including audited financial statements 39 Schedule of Investments (continued) As at 30 September 2019

Rathbone SICAV Ethical Bond Fund (continued)

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

Transferable Securities Traded on Another Regulated Market (continued)

Bonds (continued)

France 928,774 0.52 900,000 BPCE SA 2.125% 16/12/2022 928,774 0.52

India 190,059 0.10 223,000 Indian Railway Finance 3.835% 13/12/2027 190,059 0.10

United Kingdom 11,926,191 6.66 393,732 Aggregate Micro Power Infrastructure 8% 17/10/2036*** 393,732 0.22 200,000 Barclays 6.375% VRN Perp 200,972 0.11 642,000 Channel Link FRN 30/12/2050 538,386 0.30 523,000 Coventry Building Society 6.875% VRN Perp 546,862 0.31 251,000 Experian Finance 2.125% 27/09/2024 261,914 0.15 564,000 Grainger 3.375% 24/04/2028 599,770 0.33 218,000 Great Rolling 6.875% 27/07/2035 207,681 0.12 112,000 Guinness Partner 4% 24/10/2044 150,347 0.08 740,000 JRP Group 9% 26/10/2026 808,450 0.45 720,000 Just Group 3.5% 07/02/2025 672,372 0.38 435,000 London Merchant Securities 6.5% 16/03/2026 562,889 0.31 1,510,000 PGH Capital 4.125% 20/07/2022 1,577,778 0.88 1,391,000 Principality Building Society 2.375% 23/11/2023 1,427,679 0.80 1,811,000 Prudential 5.625% VRN 20/10/2051 2,077,556 1.16 953,000 Rothesay Life 3.375% 12/07/2026 934,370 0.52 672,000 Rothesay Life 5.5% VRN 17/09/2029 690,706 0.39 271,000 Sainsburys Bank 6% VRN 23/11/2027 274,726 0.15

United States of America 405,403 0.23 379,000 Morgan Stanley 2.625% 09/03/2027 405,403 0.23

Other Transferable Securities 2,143,311 1.20

Equity 2,143,311 1.20

Cayman Islands 67,093 0.04 112,000 Hero Funding Trust 3.19% 20/09/2048* 67,093 0.04

United Kingdom 2,076,218 1.16 1,400,000 Finance For Residential Social Housing 11.126% 05/10/2058* 1,683,375 0.94 100,000 Finance For Residential Social Housing 8.569% 04/10/2058* 108,762 0.06 282,153 Finance For Residential Social Housing 8.569% 4/10/2058* 284,081 0.16

Total Investments 173,983,354 97.16

Other Net Assets 5,086,772 2.84

Total Net Assets 179,070,126 100.00

*Structured Product ***This security was priced at cost as at 30 September 2019 due to the fact no price were available from vendors.

The accompanying notes form an integral part of these combined financial statements. 40 Rathbone Luxembourg Funds SICAV Annual Report 2019 including audited financial statements Schedule of Investments (continued) As at 30 September 2019

Rathbone SICAV Income Fund

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

Transferable Securities Admitted to an Official Stock Exchange Listing 6,089,616 89.47

Equity 6,089,616 89.47

Belgium 115,350 1.69 1,500 Anheuser Busch InBev 115,350 1.69

Bermuda 138,390 2.03 8,400 Hiscox 138,390 2.03

Channel Islands 133,419 1.96 13,200 WPP 133,419 1.96

Finland 116,611 1.71 3,610 Sampo OYJ 116,611 1.71

Ireland 316,586 4.65 2,950 DCC 209,715 3.08 14,240 UDG Healthcare 106,871 1.57

Switzerland 140,597 2.07 595 Roche 140,597 2.07

United Kingdom 4,842,727 71.16 44,000 Aviva 175,406 2.58 23,700 BAE Systems 135,019 1.98 4,200 Bellway 138,999 2.04 3,079 Berkeley 129,010 1.89 10,516 Big Yellow 107,842 1.58 60,500 BP 311,575 4.58 6,900 British American Tobacco 205,396 3.02 8,400 Bunzl 180,726 2.66 5,260 Carnival 176,552 2.59 9,100 Close Brothers 127,901 1.88 8,042 Daily Mail & General Trust 67,955 1.00 3,379 Dechra Pharmaceuticals 93,632 1.37 16,860 GlaxoSmithKline 293,988 4.32 14,150 Greene King 119,667 1.76 48,300 Halfords 81,724 1.20 16,900 Headlam 76,430 1.12 7,900 Imperial Brands 142,642 2.10 97,000 ITV 122,366 1.80 20,150 Jupiter Fund Management 72,167 1.06 90,000 Legal & General 223,965 3.29 6,682 Micro Focus 76,121 1.12 25,000 National Grid 221,775 3.26 4,850 Reckitt Benckiser 310,036 4.56 8,750 Relx 168,241 2.47 108,000 Restaurant 154,332 2.27

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

Rathbone Luxembourg Funds SICAV Annual Report 2019 including audited financial statements 41 Schedule of Investments (continued) As at 30 September 2019

Rathbone SICAV Income Fund (continued)

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

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

Equity (continued)

United Kingdom (continued) 1,980 Rio Tinto 83,596 1.23 13,000 Royal Dutch Shell B 309,888 4.55 42,000 Senior 80,451 1.18 14,300 SSE 179,608 2.64 4,140 Unilever 201,794 2.97 9,000 United Utilities 73,926 1.09

United States of America 285,935 4.20 3,090 Altria 100,832 1.48 2,400 WEC Energy 185,104 2.72

Transferable Securities Traded on Another Regulated Market 182,127 2.68

Equity 182,127 2.68

United Kingdom 182,127 2.68 332,500 Lloyds Banking 182,127 2.68

Total Investments 6,271,743 92.15

Other Net Assets 533,973 7.85

Total Net Assets 6,805,716 100.00

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

42 Rathbone Luxembourg Funds SICAV Annual Report 2019 including audited financial statements Notes to the Financial Statements For the year ended 30 September 2019

1 General information Rathbone Luxembourg Funds SICAV (the ‘Company’ or the ‘Fund’) is an open-ended investment fund with multiple compartments ("société d'investissement à capital variable" (SICAV) à compartiments multiples) governed by Luxembourg law. The Company, incorporated on 4 May 2016, is registered under Part I of the Luxembourg law of 17 December 2010 (the "2010 Law") regarding undertakings for collective investment, as amended and qualifies as a UCITS fund under the European directive 2009/65/EC. The Articles of Incorporation were published in the Mémorial on 17 May 2016. The Company offers investors the choice between several Classes of Shares (each a "Class") in a number of Sub-Funds.

On 25 March 2019, the Company has restructured from Master Feeder structure to stand-alone Sub-Funds.

Effective 12 August 2019, the Board decided, in accordance with Article 66(4) of the Luxembourg law of 17 December 2010 on undertakings for collective investment, as amended (the "2010 Law") and the article 24 of the articles of incorporation of the Company ( the "Articles"), to merge the following four Sub-Funds of the Company: Rathbone Ethical Bond Fund Accumulation Sub-Fund, Rathbone Income Fund Accumulation Sub-Fund, Rathbone Multi-Asset Strategic Growth Portfolio Income Sub-Fund, Rathbone Multi-Asset Total Return Portfolio Income Sub-Fund (each a "Merging Sub-Fund" and all together "Merging Sub-Funds") into the following four Sub-Funds : Rathbone Ethical Bond Fund Income Sub-Fund, Rathbone Income Fund Income Sub-Fund, Rathbone Multi-Asset Strategic Growth Portfolio Accumulation Sub-Fund, Rathbone Multi-Asset Total Return Portfolio Accumulation Sub-Fund (each a "Receiving Sub- Fund" and all together the "Receiving Sub-Funds"). The contribution was made in a manner that the share classes of the Merging Sub-Funds (the "Merging Share Classes") merged into new share classes in the Receiving Sub-Funds (the "Receiving Share Classes").

As at 12 August 2019 the names of the Sub-Funds were amended as detailed in the below table. Sub–Funds names until 12 August 2019 Sub–Funds names starting 12 August 2019 Rathbone Multi-Asset Enhanced Growth Portfolio Rathbone SICAV Multi-Asset Enhanced Growth Accumulation Sub-Fund Portfolio Rathbone Multi-Asset Strategic Growth Portfolio Rathbone SICAV Multi-Asset Strategic Growth Portfolio Accumulation Sub-Fund Rathbone Multi-Asset Total Return Portfolio Rathbone SICAV Multi-Asset Total Return Portfolio Accumulation Sub-Fund Rathbone Ethical Bond Fund Income Sub-Fund Rathbone SICAV Ethical Bond Fund Rathbone Income Fund Income Sub-Fund Rathbone SICAV Income Fund

Rathbone SICAV Multi-Asset Enhanced Growth Portfolio The Sub-Fund issues Class L, L0, L1, L2, L3 and P0 ("ACC") accumulation shares in different currencies. Rathbone SICAV Multi-Asset Strategic Growth Portfolio The Sub-Fund issues Class L, L0, L1, L2, L3, P0, P1, P2 and P3 accumulation ("ACC") and income ("INC") shares in different currencies. Rathbone SICAV Multi-Asset Total Return Portfolio The Sub-Fund issues Class L, L0, L1, L2, L3, P0, P1, P2 and P3 accumulation shares ("ACC") and income shares ("INC") in different currencies. Rathbone SICAV Ethical Bond Fund The Sub-Fund issues class L accumulation ("ACC") and income ("INC") shares in different currencies. Rathbone SICAV Income Fund The Sub-Fund issues Class L accumulation ("ACC") and income ("INC") shares in different currencies.

43 Rathbone Luxembourg Funds SICAV Annual Report 2019 including audited financial statements Notes to the Financial Statements (continued) For the year ended 30 September 2019

1 General information (continued)

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

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

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

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

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

All JPY Classes of Share are subject to a minimum initial subscription amount of JPY 100,000,000, and a minimum holding amount of JPY 200,000 and no minimum subsequent subscription amount applies.

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

The objective of the Company is to maximise the value of its assets by means of professional management within the framework of an optimal risk-return profile for the benefit of its shareholders. 2 Summary of significant accounting policies a) Accounting convention The financial statements have been prepared in accordance with Luxembourg generally accepted accounting principles applicable to investment funds. b) Financial statements Financial statements are presented for each Sub-Fund on a consolidated basis in the base currency of the Sub-Fund and the statements of net assets, operations and changes in net assets are presented in GBP, based on the exchange rate ruling at the date of these financial statements. c) Foreign currency translation Assets and liabilities in currencies other than the Sub-Funds’ base currency have been translated into that currency at exchange rates ruling at the date of these financial statements. Transactions occurring during the year in currencies other than the base currency are translated at rates of exchange ruling at the transaction dates. The exchange rates applicable as at 30 September 2019 are:

GBP/USD 1.2303 GBP/EUR 1.1264 GBP/CHF 1.2244 d) Investments Securities listed on Regulated Markets, which operate regularly and are recognized and open to the public, are valued at the last available price of the main market for the relevant security. Securities not listed on Regulated Markets, which operate regularly and are recognized and open to the public, are valued on the basis of their last available price.

Rathbone Luxembourg Funds SICAV Annual Report 2019 including audited financial statements 44 Notes to the Financial Statements (continued) For the year ended 30 September 2019

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

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

In the event that extraordinary circumstances render such a valuation impracticable or inadequate, the Board of Directors of the Company may, at their discretion, prudently and in good faith follow other methods of valuation to be used if they consider such method of valuation better reflects the value and is in accordance with good accounting practice in order to achieve a fair valuation of the assets of the Company. Gains or losses arising on the disposal of investments are calculated by reference to the net sales proceeds and the average cost attributable to those investments. e) Income and expenses Dividends arising on the Company’s equity investments are credited to the statement of operations when the security is quoted ex-dividend, net of withholding taxes where applicable. Where the Company incurs an expense which relates to any particular Sub-Fund or to any action taken in connection with a particular Sub-Fund, such liability shall be allocated to the relevant Sub-Fund. In the case where any expense of the Company cannot be considered as being attributable to a particular Sub-Fund, such expense shall be allocated to all the Sub-Funds pro rata to their NAV’s or in such other ways that the Board of Directors of the Company deem equitable. Notwithstanding the provisions of the preceding paragraph, all liabilities of the Company, whatever Sub-Fund they are attributable to, shall, unless otherwise agreed upon with the creditors, be binding upon the Company as a whole.

f) Swing pricing During the year ended 30 September 2019, Swing Pricing was applied to Rathbone SICAV Ethical Bond Fund and Rathbone SICAV Income Fund.

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

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

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

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

45 Rathbone Luxembourg Funds SICAV Annual Report 2019 including audited financial statements Notes to the Financial Statements (continued) For the year ended 30 September 2019

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

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

Monetary Swing Offer Swing Sub-Fund name Period applied Bid Swing Factor Threshold Threshold Factor Rathbone SICAV Ethical Bond Fund With effect from 26 June 2018 GBP 300,000 - 0.39% 0.39% (formerly Rathbone Ethical Bond Fund Accumulation With effect from 18 April 2019 - 1% 0.44% 0.44% Sub-Fund and Rathbone Ethical Bond Fund Rathbone SICAV Income Fund (formerly With effect from 26 June 2018 GBP 30,000 - 0.42% 0.42% Rathbone Income Bond Fund Accumulation Sub-Fund and RathboneIncome Bond Fund With effect from 18 April 2019 - 1% 0.11% 0.54% Income Sub-Fund)

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

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

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

During the year ended 30 September 2019, no Dilution Levy was applied to any of the Sub-Funds. i) Dividends payable

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

Other income consist of the dilution resulting from the swing pricing activity and of other interest income.

Rathbone Luxembourg Funds SICAV Annual Report 2019 including audited financial statements 46 Notes to the Financial Statements (continued) For the year ended 30 September 2019

2 Summary of significant accounting policies (continued)

k) Formation expenses

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

3 Management fees Rathbone Unit Trust Management Limited ("RUTM"), as Investment Manager is entitled to receive fees from the Company in respect of their respective investment management services. The management fees are calculated based on a certain percentage per annum of the net asset values of the various Sub-Funds. The maximum percentages of management fees at 30 September 2019 are as follows: Rathbone SICAV Multi-Asset Enhanced Growth Portfolio Class L ACC GBP: 0.50% Class L0 ACC GBP: 1.50% Class L1 ACC GBP: 1.50% Class L2 ACC GBP: 1.50% Class L3 ACC GBP: 1.50% Class L ACC EUR: 0.50% Class L ACC USD: 0.50% Class P0 ACC EUR: 1.50% Class L ACC CHF: 0.50%

Rathbone SICAV Multi-Asset Strategic Growth Portfolio Class L ACC GBP: 0.50% Class L0 ACC GBP: 1.50% Class L1 ACC GBP: 1.50% Class L2 ACC GBP: 1.50% Class L3 ACC GBP: 1.50% Class L ACC EUR: 0.50% Class L3 ACC EUR: 1.50% Class P1 ACC GBP: 1.50% Class P2 ACC GBP: 1.50% Class P3 ACC GBP: 1.50% Class P0 ACC EUR: 1.50% Class P1 ACC EUR: 1.50% Class P2 ACC EUR: 1.50% Class L ACC CHF: 0.50% Class L INC GBP: 0.50% Class L INC EUR: 0.50% Class L INC USD: 0.50%

47 Rathbone Luxembourg Funds SICAV Annual Report 2019 including audited financial statements Notes to the Financial Statements (continued) For the year ended 30 September 2019

3 Management fees (continued)

Rathbone SICAV Multi-Asset Total Return Portfolio Class L ACC GBP: 0.50% Class L0 ACC GBP: 1.50% Class L1 ACC GBP: 1.50% Class L2 ACC GBP: 1.50% Class L3 ACC GBP: 1.50% Class L ACC EUR: 0.50% Class L3 ACC EUR: 1.50% Class P1 ACC GBP: 1.50% Class P2 ACC GBP: 1.50% Class P3 ACC GBP: 1.50% Class P0 ACC EUR: 1.50% Class P1 ACC EUR: 1.50% Class P2 ACC EUR: 1.50% Class L ACC CHF: 0.50% Class L INC GBP: 0.50% Class L INC EUR: 0.50% Class L INC USD: 0.50% Rathbone SICAV Ethical Bond Fund Class L ACC GBP: 0.49% Class L ACC EUR: 0.49% Class L ACC USD: 0.49% Class L ACC CHF: 0.49% Class L ACC JPY: 0.49% Class L INC GBP: 0.49% Class L INC EUR: 0.49% Class L INC USD: 0.49% Class L INC CHF: 0.49% Class L INC JPY: 0.49%

Rathbone SICAV Income Fund Class L ACC GBP: 0.75% Class L ACC EUR: 0.75% Class L ACC USD: 0.75% Class L INC GBP: 0.75% Class L INC EUR: 0.75% Class L INC USD: 0.75% Management fees, for the year ended 30 September 2019 amounted to GBP 4,317,071.

Rathbone Luxembourg Funds SICAV Annual Report 2019 including audited financial statements 48 Notes to the Financial Statements (continued) For the year ended 30 September 2019

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

Administration fees

From 25 March 2019 First EUR 250m 0.035% on Net Asset Value Above EUR 250m 0.030% on Net Asset Value

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

Until 22 March 2019 First EUR 100m 0.020% on Net Asset Value Above EUR 100m 0.015% on Net Asset Value

This fee was subject to a minimum annual fee at legal entity level of EUR 20,000 for Administration. Transfer agency services Fees type Fee (EUR ) Charging basis Fund maintenance fee for the legal entity 2,500 p.a For the Fund Sub-Fund maintenance fee 500 p.a Per Sub-Fund Share Class maintenance fee 500 p.a Per Share Class Share Class set up fee 1,000 Per Share Class

From 25 March 2019, these fees are calculated and accrued on each valuation day and are payable by the Company monthly in arrears and as agreed from time to time in writing.

Until 22 March 2019, these fees were calculated and accrued on each valuation day and was paid by the Rathbone Unit Trust Management Limited monthly in arrears.

Administration fee, for the year ended 30 September 2019, amounted to GBP 241,148. 5 Depositary fees

From 25 March 2019, HSBC France, Luxembourg Branch, as Depositary receives a fee for this service subject to a minimum fee of EUR 2,000 per Sub-Fund per month for Depositary services.

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

Until 22 March 2019, HSBC France, Luxembourg Branch, as Depositary received a fee for this service subject to a minimum annual fee at legal entity level of EUR 20,000 for Depositary services.

First EUR 100m 0.0100% on Net Asset Value Above EUR 100m 0.0075% on Net Asset Value

49 Rathbone Luxembourg Funds SICAV Annual Report 2019 including audited financial statements Notes to the Financial Statements (continued) For the year ended 30 September 2019

5 Depositary fees (continued) Supervisory services provided as part of depositary bank function will be subject to the prevailing rate of Value Added Tax.

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

Depositary fees, for the year ended 30 September 2019, amounted to GBP 79,778.

6 Taxation Under current law and practice, the Company is not liable to Luxembourg taxes on income or capital gains. The Company is subject to the “taxe d’abonnement” (subscription tax) at the rate of 0.05% per annum, except for the share classes dedicated to institutional investors which benefit from a reduced tax rate of 0.01%.

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

The Company is not subject to net wealth tax.

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

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

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

7 Management Company fees

FundRock Management Company S.A. was appointed by the Company as Management Company of the Company in accordance with the provisions of the Management Company Agreement effective as of 25 March 2019.

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

Management Company fees for the year ended 30 September 2019 amounted to GBP 23,713.

8 Directors’ expenses

In addition to directors’ fees, directors are entitled to be reimbursed for reasonable traveling, hotel and other incidental expenses in respect of attending meetings of the Directors or General Meetings of the Fund. Total directors’ fees incurred during the year ended 30 September 2019 amount to GBP 16,963. 9 Transaction costs

For the year ended 30 September 2019, the Company incurred transaction costs related to purchase or sale of securities, which amounted to GBP 175,149. Transaction costs are incorporated directly in dealing prices and are not reported as a separate line in the statement of operations.

Rathbone Luxembourg Funds SICAV Annual Report 2019 including audited financial statements 50 Notes to the Financial Statements (continued) For the year ended 30 September 2019

10 Accounting & professional fees Accounting and professional fees consists of legal fees. Total accounting and professional fees incurred during the year ended 30 September 2019 amount to GBP 2,745.

11 Bank charges and interest Bank charges and interest expenses consists of overdraft interest and bank charges. Total bank charges and interest incurred during the year ended 30 September 2019 amount to GBP 35,726.

12 Other expenses

Other expenses consists of registration fees, tax reporting fees, transfer agent transaction charges, maintenance fees and publication fees. Total other expenses incurred for the year ended 30 September 2019 amounts to GBP 81,255.

13 Forward Foreign Exchange Contracts

As at 30 September 2019, the Company had entered into various forward foreign exchange contracts opened with HSBC Bank Plc, for the purpose of hedging of investments which obliges the Company to deliver currencies at specified dates.

Open forward foreign exchange contracts as at 30 September 2019, are as follows:

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

Rathbone SICAV Multi-Asset Enhanced Growth Portfolio

28 October 2019 EUR 2,877,692 GBP (2,546,996) HSBC Bank plc 10,082 28 October 2019 EUR 1,185,889 GBP (1,049,610) HSBC Bank plc 4,155 28 October 2019 USD 25,088 GBP (20,153) HSBC Bank plc 217 26 November 2019 GBP 2,084,922 EUR (2,300,000) HSBC Bank plc 39,155 26 November 2019 GBP 6,081,030 USD (7,500,000) HSBC Bank plc (2,331)

51,278

Rathbone SICAV Multi-Asset Strategic Growth Portfolio

28 October 2019 USD 14,586,500 GBP (11,717,570) HSBC Bank plc 126,561 28 October 2019 EUR 29,151,655 GBP (25,801,634) HSBC Bank plc 102,134 28 October 2019 EUR 10,226,107 GBP (9,050,953) HSBC Bank plc 35,828 28 October 2019 EUR 8,524,359 GBP (7,544,765) HSBC Bank plc 29,865 28 October 2019 EUR 1,929,060 GBP (1,707,378) HSBC Bank plc 6,759 28 October 2019 EUR 1,207,515 GBP (1,068,751) HSBC Bank plc 4,231 28 October 2019 EUR 439,118 GBP (388,656) HSBC Bank plc 1,538 28 October 2019 CHF 35,000 GBP (28,619) HSBC Bank plc (3) 26 November 2019 GBP 14,596,292 EUR (16,100,000) HSBC Bank plc 275,920 26 November 2019 GBP 51,347,236 USD (63,250,000) HSBC Bank plc 44,223 26 November 2019 GBP 5,999,665 AUD (10,900,000) HSBC Bank plc 19,705

646,761

51 Rathbone Luxembourg Funds SICAV Annual Report 2019 including audited financial statements Notes to the Financial Statements (continued) For the year ended 30 September 2019

13 Forward Foreign Exchange Contracts (continued)

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

Rathbone SICAV Multi-Asset Total Return Portfolio

28 October 2019 USD 8,344,861 GBP (6,703,561) HSBC Bank plc 72,405 28 October 2019 EUR 2,010,823 GBP (1,779,745) HSBC Bank plc 7,045 28 October 2019 EUR 1,559,166 GBP (1,379,992) HSBC Bank plc 5,463 28 October 2019 EUR 1,293,568 GBP (1,144,915) HSBC Bank plc 4,532 28 October 2019 EUR 813,194 GBP (719,744) HSBC Bank plc 2,849 28 October 2019 CHF 89,023 GBP (72,384) HSBC Bank plc 403 28 October 2019 EUR 61,040 GBP (54,026) HSBC Bank plc 214 28 October 2019 EUR 51,317 GBP (45,419) HSBC Bank plc 180 28 October 2019 EUR 36,109 GBP (32,072) HSBC Bank plc 14 28 October 2019 GBP 122,350 EUR (138,457) HSBC Bank plc (681) 26 November 2019 GBP 2,088,865 EUR (2,300,000) HSBC Bank plc 43,097 26 November 2019 GBP 13,204,799 USD (16,250,000) HSBC Bank plc 24,183 26 November 2019 GBP 4,183,291 AUD (7,600,000) HSBC Bank plc 13,777

173,481

Rathbone SICAV Ethical Bond Fund

28 October 2019 USD 20,015,941 GBP (16,079,127) HSBC Bank plc 173,670 28 October 2019 EUR 34,481,572 GBP (30,519,053) HSBC Bank plc 120,808 28 October 2019 USD 6,003,969 GBP (4,823,085) HSBC Bank plc 52,094 28 October 2019 CHF 8,885,365 GBP (7,224,650) HSBC Bank plc 40,241 28 October 2019 EUR 7,652,148 GBP (6,772,786) HSBC Bank plc 26,810 28 October 2019 GBP 632,039 USD (787,414) HSBC Bank plc (7,335) 02 February 2020 GBP 771,410 EUR (850,446) HSBC Bank plc 12,934 03 February 2020 GBP 5,137,928 USD (6,305,224) HSBC Bank plc 37,578

456,800

Rathbone Luxembourg Funds SICAV Annual Report 2019 including audited financial statements 52 Notes to the Financial Statements (continued) For the year ended 30 September 2019

14 Dividends paid During the year ended 30 September 2019, the Fund distributed the following dividends:

Share Class Rate Number of Total amount Sub-Fund Name Code Currency Ex Date Pay date Per share shares paid Rathbone Multi-Asset Strategic Growth Portfolio Income Sub-Fund L INC USD GBP 01/10/2018 30/11/2018 0.00393943 15,233,127 60,010 L INC EUR GBP 01/10/2018 30/11/2018 0.00452072 7,990,410 36,122 L INC GBP GBP 01/10/2018 30/11/2018 0.00536900 34,356,267 184,459 L INC USD GBP 02/01/2019 28/02/2019 0.00258121 13,272,443 34,259 L INC EUR GBP 02/01/2019 28/02/2019 0.00287564 7,598,340 21,850 L INC GBP GBP 02/01/2019 28/02/2019 0.00359400 34,991,058 125,758 L INC USD GBP 01/04/2019 31/05/2019 0.00271555 13,284,319 36,074 L INC EUR GBP 01/04/2019 31/05/2019 0.00305313 7,595,349 23,189 L INC GBP GBP 01/04/2019 31/05/2019 0.00369172 33,619,561 124,114 L INC USD GBP 01/07/2019 30/08/2019 0.00464885 13,047,868 60,658 L INC EUR GBP 01/07/2019 30/08/2019 0.00490061 6,983,046 34,221 L INC GBP GBP 01/07/2019 30/08/2019 0.00614000 29,563,658 181,521 922,235

Rathbone Multi-Asset Total Return Portfolio Income Sub-Fund L INC USD GBP 01/10/2018 30/11/2018 0.00369024 9,221,806 34,031 L INC EUR GBP 01/10/2018 30/11/2018 0.00412735 629,707 2,599 L INC GBP GBP 01/10/2018 30/11/2018 0.00475400 15,695,611 74,617 L INC USD GBP 02/01/2019 28/02/2019 0.00258593 7,859,312 20,324 L INC EUR GBP 02/01/2019 28/02/2019 0.00285849 668,153 1,910 L INC GBP GBP 02/01/2019 28/02/2019 0.00329700 14,702,428 48,474 L INC USD GBP 01/04/2019 31/05/2019 0.00273615 7,979,241 21,832 L INC EUR GBP 01/04/2019 31/05/2019 0.00296572 746,152 2,213 L INC GBP GBP 01/04/2019 31/05/2019 0.00339116 14,731,077 49,955 L INC USD GBP 01/07/2019 30/08/2019 0.00416647 7,974,341 33,225 L INC EUR GBP 01/07/2019 30/08/2019 0.00438470 851,932 3,735 L INC GBP GBP 01/07/2019 30/08/2019 0.00519400 14,943,052 77,614 370,529

Rathbone Ethical Bond Fund Income Sub-Fund L INC USD GBP 01/10/2018 30/11/2018 0.00927813 24,142,933 224,001 L INC EUR GBP 01/10/2018 30/11/2018 0.01028905 35,899,510 369,372 L INC GBP GBP 01/10/2018 30/11/2018 0.01190300 87,920,971 1,046,523 L INC CHF GBP 01/10/2018 30/11/2018 0.00847283 8,982,277 76,105 L INC USD GBP 02/01/2019 28/02/2019 0.00838537 23,621,786 198,078 L INC EUR GBP 02/01/2019 28/02/2019 0.00925448 36,606,114 338,770 L INC GBP GBP 02/01/2019 28/02/2019 0.01069600 87,038,519 930,964 L INC CHF GBP 02/01/2019 28/02/2019 0.00797506 8,682,277 69,242 L INC USD GBP 01/04/2019 31/05/2019 0.00959102 19,797,633 189,880 L INC EUR GBP 01/04/2019 31/05/2019 0.01042673 33,057,495 344,682 L INC GBP GBP 01/04/2019 31/05/2019 0.01192232 84,384,537 1,006,059 L INC CHF GBP 01/04/2019 31/05/2019 0.00844562 8,866,457 74,883 L INC USD GBP 01/07/2019 30/08/2019 0.00971388 17,233,707 167,406 L INC EUR GBP 01/07/2019 30/08/2019 0.01022200 32,690,866 334,166 L INC GBP GBP 01/07/2019 30/08/2019 0.01213500 87,064,424 1,056,527 L INC CHF GBP 01/07/2019 30/08/2019 0.00869131 8,865,457 77,052 6,503,710

53 Rathbone Luxembourg Funds SICAV Annual Report 2019 including audited financial statements Notes to the Financial Statements (continued) For the year ended 30 September 2019

14 Dividends paid (continued)

Share Class Rate Number of Total amount Sub-Fund Name Code Currency Ex Date Pay date Per share shares paid Rathbone Income Fund Income Sub-Fund L INC GBP GBP 01/10/2018 30/11/2018 0.01324200 5,440,725 72,046 L INC GBP GBP 02/01/2019 28/02/2019 0.02557604 5,446,039 139,288 L INC GBP GBP 01/04/2019 31/05/2019 0.00001576 5,534,265 87 211,421

8,007,895

15 Total Expense Ratio (TER)

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

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

L ACC 0.68% 0.63% 0.63% 0.49% 0.89% L ACC CHF - 0.62% 0.79% - - L ACC EUR 0.78% 0.70% 0.76% 0.49% - L ACC USD 0.78% - - 0.49% - L INC - 0.57% 0.59% 0.49% 1.03% L INC EUR - 0.66% 0.68% 0.49% - L INC USD - 0.70% 0.68% 0.49% - L INC CHF - - - 0.49% - L0 ACC 1.65% 1.59% 1.63% - - L1 ACC 1.65% 1.59% 1.62% - - L2 ACC 1.65% 1.58% 1.62% - - L3 ACC 1.63% 1.60% 1.61% - - L3 ACC EUR - 1.67% 1.72% - - P0 ACC CHF - - - P0 ACC EUR 1.74% 1.71% 1.75% - - P1 ACC EUR - 1.69% 1.73% - - P2 ACC EUR - 1.72% 1.75% - - P1 ACC - 1.59% 1.66% - - P2 ACC - 1.59% 1.65% - - P3 ACC - 1.59% 1.65% - -

Rathbone Luxembourg Funds SICAV Annual Report 2019 including audited financial statements 54 Unaudited Information For the year ended 30 September 2019

Risk transparency disclosures

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

Remuneration Policy

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

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

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

The amount of remuneration, including social charges and benefits, for the financial year ending 31 December 2018 was: EUR 6,459,595.00 Fixed remuneration: EUR 6,271,345.00 Variable remuneration: EUR 188,250.00

This does not include the remuneration to SEB Fund Services/FundRock Nordics for the period from 1 January 2018 until 21 December 2018 prior to the merger of SEB Fund Services/FundRock Nordics with FundRock Management Company on 21 December 2018.

Number of beneficiaries: 64

The aggregated amount of remuneration for the financial year ending 31 December 2018 of Identified staff/risk takers is as follows: Identified staff/risk takers: EUR 1,069,358.00 Other risk takers: EUR Nil

The remuneration to SEB Fund Services/FundRock Nordics for the period from 1 January 2018 until 21 December 2018 prior to the merger of SEB Fund Services/FundRock Nordics with FundRock Management Company on 21 December 2018, including social charges and benefits was: EUR 2,286,192.83 Fixed remuneration: EUR 2,245,970.33 Variable remuneration: EUR 40,222.50

Number of beneficiaries: 19

The aggregated amount of remuneration for the period from 1 January 2018 until 21 December 2018 prior to the merger of SEB Fund Services/FundRock Nordics with FundRock Management Company of Identified staff/risk takers is as follows: Identified staff/risk takers: EUR 489,625.06 Other risk takers: EUR Nil

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

55 Rathbone Luxembourg Funds SICAV Annual Report 2019 including audited financial statements Unaudited Information (continued) For the year ended 30 September 2019

Remuneration Policy (continued)

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

The policy was last updated in February 2019, to reflect the additional requirements of the “UCITS V” Directive.

Securities Financing Transaction Regulation (“SFTR”)

As at 30 September 2019, the Company is currently in the scope of the requirements of the Regulation (EU) 2015/2365 on transparency of Securities Financing Transactions Regulation (“SFTR”). Nevertheless, no corresponding transactions were carried out during the year referring to the financial statements.

Rathbone Luxembourg Funds SICAV Annual Report 2019 including audited financial statements 56 Rathbone Unit Trust Management Authorised and regulated by the Limited Financial Conduct Authority 8 Finsbury Circus, London EC2M 7AZ Tel 020 7399 0000 A member of The Fax 020 7399 0051 Investment Association Information line A member of the Rathbone Group 020 7399 0399 Registered No. 02376568

[email protected] rutm.com

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