Rathbone Ethical Bond Fund Interim Report for the Half Year Ended 31 March 2019

Rathbone Ethical Bond Fund Interim report for the half year ended 31 March 2019

Rathbone Ethical Bond Fund Interim Report 2019 ii Rathbone Ethical Bond Fund

Authorised Fund Manager (the Manager) Directors of the Manager Rathbone Unit Trust Management Limited PL Howell — Chairman 8 Finsbury Circus MM Webb — Chief Executive Officer London EC2M 7AZ JR Chillingworth — Chief Investment Officer Telephone 020 7399 0399 JM Ardouin — Finance Director Facsimile 020 7399 0057 CRC Hexton A member of the Rathbone Group RP Lanyon (retired 30 November 2018) Authorised and regulated by the CR Stick Financial Conduct Authority and member JG Thomson of The Investment Association BN Jones

Dealing office Administrator DST Financial Services Europe Limited HSBC Securities Services DST House 1-2 Lochside Way St Nicholas Lane Edinburgh Park Basildon Edinburgh EH12 9DT Essex SS15 5FS Authorised and regulated by the Telephone 0330 123 3810 Financial Conduct Authority Facsimile 0330 123 3812

Trustee Registrar NatWest Trustee and Depositary Services Limited DST Financial Services International Limited 250 Bishopsgate DST House London EC2M 4AA St Nicholas Lane Authorised and regulated by the Basildon Financial Conduct Authority Essex SS15 5FS Telephone 0330 123 3810 Facsimile 0330 123 3812 Authorised and regulated by the Financial Conduct Authority

Independent Auditor Deloitte LLP Statutory Auditor 110 Queen Street Glasgow G1 3BX

Rathbone Ethical Bond Fund Interim Report 2019 1 Manager’s report for the half year ended 31 March 2019

In the six months ended 31 March 2019, the FTSE We reduced the ICAP 5.25% Senior 2024, as the Actuaries UK Conventional Gilts 5-15 Years index company is struggling for market share in an returned 4.84%. The iBoxx UK Sterling Non-Gilts increasingly electronic broking environment. We 5-15 Years index made 4.47% over that time, while also cut back on some of the assets we are no longer the IA Sterling Corporate Bond sector made 5.15%. so hot on, which included Clydesdale Bank debt Our fund returned 3.72% over the period. At the (CYBG 3.125% Floating Rate Senior 2025) and digital beginning of October 2018, 10-year gilts yielded business services firm DXC Technology 2.75% Senior 1.59%; they closed on 31 March at 1.00%. 2025. We swapped the cash raised for financiers Citigroup 2.75% 2024 and BPCE SA 2.125% 2022. The US Federal Reserve’s (Fed) sudden halt on interest rate hikes, the ever-compounding Brexit We bought the Center Parcs UK Finance 3.69% 2028 kerfuffle and poor German economic data sent at issue and used extra cash from inflows to increase global bond yields swooning. The yield on 10-year our existing holdings. We believe the value is in UK gilts hit a high of 1.73% in early October before businesses which are struggling under Brexit. starting their long descent. The 10-year US Treasury The worldwide drop in government bond yields yield dropped by a similar magnitude over the caused a large jump in the value of corporate bonds. six months to 31 March, ending at 2.41%. As for The combined value of investment grade and high the German 10-year, it fell into negative territory, yield debt in issue around the world soared an eye- touching a low of -0.08%. popping $1.6 trillion to $55 trillion in the three weeks From where we’re sitting, this all seems like an to March’s end. Meanwhile a full fifth of government overreaction. We think the Fed is unlikely to cut bonds now offer negative yields. rates this year. Instead, the Fed has taken stock of Again, all of this seems overdone. We rode out the economy and changed its strategy. The global the storm of the fourth quarter and we are doing economy is slowing, Europe in particular isn’t the same now. We have taken profits where we looking great, but overall, we see a slim chance think it’s prudent, focusing on the value we see of worldwide recession this year. in the financial sector and keeping our duration We added to our duration in October by buying (interest rate sensitivity) low. Credit spreads will the European Investment Bank 6% 2028. remain volatile and heavily dependent on investor However, we sold them in early March when the sentiment, which will in turn be driven by the 10-year hit 1.47%, which we believe meant it was Fed’s policy, global economic data and (in the UK) technically overbought. a Brexit resolution. As 2018 wound down, we increased our cash We have hedged all of our foreign currency exposure level to reduce risk as we entered a time of because it’s just too difficult to call how (and when) typically low liquidity. We did this by selling Brexit will end. Whatever happens, sterling is European Investment Bank 3.875% 2037 and Korea virtually guaranteed to shoot up or down. It’s just Development Bank 1.75% Senior 2022 bonds and too much risk for us to stake on the flip of a coin. buying the Aviva 6.125% Subordinated 2036. We used the rally in corporate credit at the tail-end of January to cut our holdings in some of our higher- Bryn Jones Noelle Cazalis risk bonds, as well as those that we have cooled. Fund Manager Assistant Fund Manager These included the TSB Banking Group 5.75% 26 April 2019 Floating Rate Note LT 2 2026-21, Metro Bank 5.5% 2028, John Lewis 4.25% 2034 and the Intermediate Capital Group 5% 2023.

2 Rathbone Ethical Bond Fund Interim Report 2019 Net asset value per unit and comparative tables

R-Class income units 31.03.19 30.09.18 30.09.17 30.09.16 pence per unit pence per unit pence per unit pence per unit

Change in net assets per unit Opening net asset value per unit 91.00p 94.88p 93.42p 89.28p Return before operating charges* 3.69p 1.16p 6.68p 6.12p Operating charges (0.59p) (1.23p) (1.23p) (0.51p) Return after operating charges* 3.10p (0.07p) 5.45p 5.61p Distributions on income units (1.98p) (3.81p) (3.99p) (1.47p) Closing net asset value per unit 92.12p 91.00p 94.88p 93.42p

*after direct transactions costs1 of: 0.00p 0.00p 0.00p 0.00p

1 Transaction costs include dealing costs, broker commission, stamp duty and other explicit investment costs.

Performance Return after charges 3.41% (0.07%) 5.83% 6.28%

Other information Closing net asset value £8,437,652 £8,827,773 £9,909,648 £10,729,737 Closing number of units 9,159,736 9,701,103 10,443,863 11,485,129 Operating charges 1.29% 1.29% 1.30% 1.31% Direct transaction costs 0.00% 0.00% 0.00% 0.00%

Prices** Highest unit price 93.32p 99.21p 98.75p 96.98p Lowest unit price 88.82p 91.90p 90.96p 89.45p

** These prices may have been calculated on a different basis to the closing net asset value per unit shown in the comparative table, this may result in the closing net asset value per unit being higher or lower than the published highest or lowest prices for the period.

Rathbone Ethical Bond Fund Interim Report 2019 3 Net asset value per unit and comparative tables (continued)

R-Class accumulation units 31.03.19 30.09.18 30.09.17 30.09.16 pence per unit pence per unit pence per unit pence per unit

Change in net assets per unit Opening net asset value per unit 195.81p 196.04p 185.03p 174.03p Return before operating charges* 7.71p 2.34p 13.93p 12.71p Operating charges (1.27p) (2.57p) (2.47p) (0.99p) Return after operating charges* 6.44p (0.23p) 11.46p 11.72p Distributions on accumulation units (4.28p) (7.99p) (8.47p) (3.59p) Retained distributions on accumulation units 4.28p 7.99p 8.02p 2.87p Closing net asset value per unit 202.25p 195.81p 196.04p 185.03p

*after direct transactions costs1 of: 0.00p 0.00p 0.00p 0.00p

1 Transaction costs include dealing costs, broker commission, stamp duty and other explicit investment costs.

Performance Return after charges 3.29% (0.12%) 6.19% 6.73%

Other information Closing net asset value £16,412,651 £17,227,929 £18,386,028 £17,543,599 Closing number of units 8,115,037 8,798,462 9,378,567 9,481,654 Operating charges 1.29% 1.29% 1.30% 1.31% Direct transaction costs 0.00% 0.00% 0.00% 0.00%

Prices** Highest unit price 202.72p 205.32p 201.48p 189.90p Lowest unit price 192.86p 195.69p 180.15p 174.37p

4 Rathbone Ethical Bond Fund Interim Report 2019 Net asset value per unit and comparative tables (continued)

I-Class income units 31.03.19 30.09.18 30.09.17 30.09.16 pence per unit pence per unit pence per unit pence per unit

Change in net assets per unit Opening net asset value per unit 95.32p 98.78p 96.64p 92.11p Return before operating charges* 3.82p 1.19p 6.93p 6.32p Operating charges (0.32p) (0.66p) (0.66p) (0.27p) Return after operating charges* 3.50p 0.53p 6.27p 6.05p Distributions on income units (2.08p) (3.99p) (4.13p) (1.52p) Closing net asset value per unit 96.74p 95.32p 98.78p 96.64p

*after direct transactions costs1 of: 0.00p 0.00p 0.00p 0.00p

1 Transaction costs include dealing costs, broker commission, stamp duty and other explicit investment costs.

Performance Return after charges 3.67% 0.54% 6.49% 6.57%

Other information Closing net asset value £400,506,508 £392,185,352 £325,349,629 £220,827,427 Closing number of units 414,007,970 411,423,568 329,369,970 228,509,298 Operating charges 0.67% 0.67% 0.68% 0.68% Direct transaction costs 0.00% 0.00% 0.00% 0.00%

Prices** Highest unit price 98.00p 102.31p 101.63p 99.19p Lowest unit price 93.21p 96.27p 94.20p 92.30p

Rathbone Ethical Bond Fund Interim Report 2019 5 Net asset value per unit and comparative tables (continued)

I-Class accumulation units 31.03.19 30.09.18 30.09.17 30.09.16 pence per unit pence per unit pence per unit pence per unit

Change in net assets per unit Opening net asset value per unit 202.99p 201.96p 189.42p 177.70p Return before operating charges* 7.94p 2.40p 14.33p 12.98p Operating charges (0.68p) (1.37p) (1.32p) (0.53p) Return after operating charges* 7.26p 1.03p 13.01p 12.45p Distributions on accumulation units (4.44p) (8.27p) (8.70p) (3.66p) Retained distributions on accumulation units 4.44p 8.27p 8.23p 2.93p Closing net asset value per unit 210.25p 202.99p 201.96p 189.42p

*after direct transactions costs1 of: 0.00p 0.00p 0.00p 0.00p

1 Transaction costs include dealing costs, broker commission, stamp duty and other explicit investment costs.

Performance Return after charges 3.58% 0.51% 6.87% 7.01%

Other information Closing net asset value £615,297,743 £578,028,086 £396,094,620 £260,995,823 Closing number of units 292,652,608 284,763,141 196,127,720 137,784,527 Operating charges 0.67% 0.67% 0.68% 0.68% Direct transaction costs 0.00% 0.00% 0.00% 0.00%

Prices** Highest unit price 210.73p 209.64p 205.29p 192.29p Lowest unit price 200.16p 202.05p 184.64p 178.05p

6 Rathbone Ethical Bond Fund Interim Report 2019 Net asset value per unit and comparative tables (continued)

S-Class income units 31.03.19 30.09.18 30.09.17 30.09.16 pence per unit pence per unit** pence per unit pence per unit

Change in net assets per unit Opening net asset value per unit 97.57p 100.00p n/a n/a Return before operating charges* 3.83p (0.14p) n/a n/a Operating charges (0.26p) (0.25p) n/a n/a Return after operating charges* 3.57p (0.39p) n/a n/a Distributions on income units (2.13p) (2.04p) n/a n/a Closing net asset value per unit 99.01p 97.57p n/a n/a

*after direct transactions costs1 of: 0.00p 0.00p n/a n/a

1 Transaction costs include dealing costs, broker commission, stamp duty and other explicit investment costs.

Performance Return after charges 3.66% (0.39%) n/a n/a

Other information Closing net asset value £66,214,972 £61,423,979 n/a n/a Closing number of units 66,873,989 62,955,219 n/a n/a Operating charges 0.53% 0.53% n/a n/a Direct transaction costs 0.00% 0.00% n/a n/a

Prices*** Highest unit price 100.31p 101.54p n/a n/a Lowest unit price 95.44p 98.52p n/a n/a

** The S-Class launched on 5 April 2018.

*** These prices may have been calculated on a different basis to the closing net asset value per unit shown in the comparative table, this may result in the closing net asset value per unit being higher or lower than the published highest or lowest prices for the period.

Rathbone Ethical Bond Fund Interim Report 2019 7 Net asset value per unit and comparative tables (continued)

S-Class accumulation units 31.03.19 30.09.18 30.09.17 30.09.16 pence per unit pence per unit** pence per unit pence per unit

Change in net assets per unit Opening net asset value per unit 99.61p 100.00p n/a n/a Return before operating charges* 3.94p (0.13p) n/a n/a Operating charges (0.26p) (0.26p) n/a n/a Return after operating charges* 3.68p (0.39p) n/a n/a Distributions on accumulation units (2.19p) (2.05p) n/a n/a Retained distributions on accumulation units 2.19p 2.05p n/a n/a Closing net asset value per unit 103.29p 99.61p n/a n/a

*after direct transactions costs1 of: 0.00p 0.00p n/a n/a

1 Transaction costs include dealing costs, broker commission, stamp duty and other explicit investment costs.

Performance Return after charges 3.69% (0.39%) n/a n/a

Other information Closing net asset value £1,083,822 £1,056,034 n/a n/a Closing number of units 1,049,249 1,060,215 n/a n/a Operating charges 0.53% 0.53% n/a n/a Direct transaction costs 0.00% 0.00% n/a n/a

Prices*** Highest unit price 103.53p 101.61p n/a n/a Lowest unit price 98.24p 99.54p n/a n/a

** The S-Class launched on 5 April 2018.

8 Rathbone Ethical Bond Fund Interim Report 2019 Net asset value per unit and comparative tables (continued)

X-Class income units† 31.03.19 30.09.18 30.09.17 30.09.16 pence per unit pence per unit pence per unit pence per unit

Change in net assets per unit Opening net asset value per unit 103.81p 106.89p 103.93p 100.00p Return before operating charges* 3.96p 1.28p 7.47p 5.23p Operating charges (0.02p) (0.04p) (0.05p) (0.02p) Return after operating charges* 3.94p 1.24p 7.42p 5.21p Distributions on income units (1.13p) (4.32p) (4.46p) (1.28p) Redemption price (106.62p) — — — Closing net asset value per unit — 103.81p 106.89p 103.93p

*after direct transactions costs1 of: 0.00p 0.00p 0.00p 0.00p

1 Transaction costs include dealing costs, broker commission, stamp duty and other explicit investment costs.

Performance Return after charges 3.80% 1.16% 7.14% 5.21%

Other information Closing net asset value — £147,813,549 £138,093,469 £29,838,284 Closing number of units — 142,381,993 129,191,019 28,710,908 Operating charges — 0.04% 0.05% 0.06% Direct transaction costs 0.00% 0.00% 0.00% 0.00%

Prices** Highest unit price 106.68p 110.78p 109.84p 106.53p Lowest unit price 101.68p 104.82p 101.41p 99.02p

† The X-Class closed on 22 March 2019.

Rathbone Ethical Bond Fund Interim Report 2019 9 Net asset value per unit and comparative tables (continued)

X-Class accumulation units† 31.03.19 30.09.18 30.09.17 30.09.16 pence per unit pence per unit pence per unit pence per unit

Change in net assets per unit Opening net asset value per unit 114.18p 112.89p 105.22p 100.00p Return before operating charges* 4.35p 1.34p 7.98p 5.59p Operating charges (0.02p) (0.05p) (0.05p) (0.02p) Return after operating charges* 4.33p 1.29p 7.93p 5.57p Distributions on accumulation units (1.24p) (4.63p) (4.85p) (1.73p) Retained distributions on accumulation units 1.24p 4.63p 4.59p 1.38p Redemption price (118.51p) — — — Closing net asset value per unit — 114.18p 112.89p 105.22p

*after direct transactions costs1 of: 0.00p 0.00p 0.00p 0.00p

1 Transaction costs include dealing costs, broker commission, stamp duty and other explicit investment costs.

Performance Return after charges 3.79% 1.14% 7.54% 5.57%

Other information Closing net asset value — £20,119,330 £13,362,211 £5,678,520 Closing number of units — 17,620,356 11,836,046 5,396,627 Operating charges — 0.04% 0.05% 0.06% Direct transaction costs 0.00% 0.00% 0.00% 0.00%

Prices** Highest unit price 118.59p 117.49p 114.81p 106.88p Lowest unit price 112.72p 112.95p 102.67p 99.02p

† The X-Class closed on 22 March 2019.

10 Rathbone Ethical Bond Fund Interim Report 2019 Net asset value per share and comparative tables (continued)

Risk and reward profile as published in the fund’s most recent Key Investor Information Document

1 2 3 4 5 6 7

Lower potential risk/reward Higher potential risk/reward (Not risk-free) This indicator is a measure of the fund’s past volatility (the extent and rapidity of up-and-down movements of the value of an investment). It may not be a reliable indication of the fund’s future risk. The risk category shown is not a target or a guarantee and may change over time.

Discrete annual performance, quarter ending 31 March 2019

2015 2016 2017 2018 2019 R-Class units 10.15% -1.32% 9.24% 4.61% 2.65% I-Class units 10.84% ‑0.69% 9.92% 5.26% 3.26% IA Sterling Corporate Bond sector 10.61% -1.03% 8.88% 1.70% 2.96%

Past performance should not be seen as an indication of future performance. The value of investments and the income from them may go down as well as up and you may not get back your original investment.

Rathbone Ethical Bond Fund Interim Report 2019 11 Portfolio and net other assets as at 31 March 2019

Percentage Holding Value of total net (Bonds unless otherwise stated) £ assets Bonds (30.09.18: 97.92%)

Mortgage Bonds (30.09.18: 3.27%) £444,000 Eurohome UK Mortgages 2044 115,037 0.01 £616,000 Eurohome UK Mortgages 2044 537,058 0.05 £3,051,000 Eurohome UK Mortgages 2044 849,234 0.08 £9,123,625 Finance for Residential Social Housing 8.369% 2058 10,611,167 0.96 $888,000 Hero Funding Trust 3.19% 2048 567,510 0.05 $500,000 Hero Funding Trust 3.28% 2048 283,135 0.03 $1,777,000 Indian Railway Finance 3.835% 2027 1,330,498 0.12 £4,568,000 Korea Development Bank 1.75% 2022 4,578,223 0.41 £445,000 Mansard Mortgages FRN 2049 232,335 0.02 £1,300,000 Newgate Funding FRN 2050 808,797 0.07 £1,070,000 RMAC Securities FRN 2044 574,350 0.05 £6,710,000 RMAC Securities FRN 2044 3,791,600 0.34 24,278,944 2.19

Supranational Bonds (30.09.18: 2.09%) £2,074,000 EIB 0% 2028 1,802,430 0.16 £1,221,000 EIB 5.5% 2025 1,524,388 0.14 £1,744,000 EIB 6% 2028 2,461,728 0.22 5,788,546 0.52

Corporate Bonds (30.09.18: 92.56%) £8,289,000 3i 5.75% 2032 10,402,262 0.94 £4,368,400 A2D Funding 4.5% 2026 4,874,671 0.44 £5,103,200 A2D Funding 4.75% 2022 5,500,076 0.50 £3,050,000 A2D Housing Group 3.5% 2028 3,141,122 0.28 £2,676,268 Aggregate Micro Power Infrastructure 8% 2036 2,676,268 0.24 £2,759,000 AMP Group Finance 6.875% 2022 2,990,094 0.27 £7,800,000 Assicurazioni Generali 6.269% perp 8,073,945 0.73 £850,000 Assicurazioni Generali 6.416% VRN perp 886,408 0.08 £8,971,000 Aster Treasury 4.5% 2043 11,502,036 1.04 £11,122,000 Aviva 4.375% VRN 2049 11,212,496 1.01 £2,559,000 Aviva 5.125% VRN 2050 2,710,290 0.24 £8,890,000 Aviva 5.9021% VRN perp 9,165,590 0.83 £16,280,000 Aviva 6.125% 2036 18,469,152 1.67 £8,100,000 Aviva 6.125% VRN perp 8,651,813 0.78 £13,337,000 Aviva 6.875% VRN 2058 16,893,068 1.52

12 Rathbone Ethical Bond Fund Interim Report 2019 Portfolio and net other assets as at 31 March 2019 (continued)

Percentage Holding Value of total net (Bonds unless otherwise stated) £ assets £3,670,000 Aviva 6.875% VRN perp 3,763,952 0.34 £19,127,000 AXA SA 5.453% VRN perp 20,507,816 1.85 £15,287,000 AXA SA 5.625% VRN 2054 17,285,453 1.56 £10,255,000 AXA SA 6.6862% VRN perp 11,721,660 1.06 $2,353,000 BAC Capital Trust 4% VRN perp 1,405,157 0.13 £5,449,000 Bank of Scotland 7.281% VRN perp 6,621,570 0.60 £3,780,000 Bank of Scotland 9.375% 2021 4,375,967 0.39 £9,405,000 Barclays Bank 3.25% 2027 9,501,049 0.86 £10,984,000 Barclays Bank 3.25% 2033 10,488,256 0.95 £1,410,000 Barclays Bank 6.3688% VRN perp 1,441,866 0.13 £44,000 Barclays Bank 7.125% VRN perp 46,255 0.00 £12,946,000 Barclays Bank 10% 2021 15,002,350 1.35 £7,078,000 Barclays Bank 14% VRN perp 7,247,872 0.65 £4,341,000 Bazalgette Finance 2.375% 2027 4,402,481 0.40 £392,000 Beazley 5.375% 2019 393,288 0.04 $3,309,000 Beazley 5.875% 2026 2,507,684 0.23 £6,100,000 BPCE SA 2.125% 2022 6,193,128 0.56 £17,800,000 BPCE SA 5.25% 2029 21,092,982 1.90 £1,777,000 BPHA Finance 4.816% 2044 2,319,644 0.21 £2,961,000 British Telecom 3.125% 2031 3,023,021 0.27 £2,876,000 British Telecom 3.5% Index-Linked 2025 6,048,803 0.55 £5,230,000 British Telecom 3.625% 2047 5,301,988 0.48 £2,398,000 Bromford Housing Group 3.125% 2048 2,506,445 0.23 £1,211,600 Bruntwood 6% 2020 1,234,988 0.11 £1,947,000 BUPA Finance 5% 2023 2,109,004 0.19 £4,297,000 BUPA Finance 5% 2026 4,719,891 0.43 £2,361,000 BUPA Finance 6.125% VRN perp 2,475,638 0.22 £300,000 Burnham And Weston Energy CIC 5% Index-Linked 2036 300,000 0.03 £3,448,000 Canal and River Trust 2.85% Series A Senior 2043 3,448,000 0.31 £9,807,000 Channel Link 3.043% VRN 2050 9,853,093 0.89 £4,358,000 Channel Link FRN 2050 3,654,650 0.33 £6,484,000 Citigroup 2.75% 2024 6,655,200 0.60 £1,220,000 Clerical Medical Finance 7.375% VRN perp 1,237,800 0.11 £6,698,000 Close Brothers Group 2.75% 2023 6,768,823 0.61 £12,750,000 Close Brothers Group 4.25% VRN 2027 13,332,675 1.20 £175,000 Coigach Community CIC 5% Index-Linked 2030 175,000 0.02 £4,785,000 Coventry Building Society 1.875% 2023 4,785,173 0.43 £3,731,000 Coventry Building Society 6.875% VRN Perp 3,751,483 0.34 £3,453,000 Coventry Building Society FRN 2023 3,462,668 0.31

Rathbone Ethical Bond Fund Interim Report 2019 13 Portfolio and net other assets as at 31 March 2019 (continued)

Percentage Holding Value of total net (Bonds unless otherwise stated) £ assets £2,221,000 CPUK Finance 3.588% 2042 2,353,351 0.21 £8,270,000 CPUK Finance 3.69% 2028 8,696,962 0.79 €3,500,000 Credit Agricole 4.5% VRN perp 3,212,301 0.29 $870,000 DNB Bank Asa FRN perp 437,635 0.04 £175,000 Ellenbrook Developments 3.3894% Index-Linked 2032 193,909 0.02 £1,777,000 Eversholt Funding 3.529% 2042 1,751,191 0.16 £1,999,000 Experian Finance 2.125% 2024 2,028,214 0.18 £6,817,000 Fidelity International 7.125% 2024 8,075,741 0.73 £1,917,847 Finance for Residential Social Housing 8.569% 2058 1,908,361 0.17 £600,000 Finance for Residential Social Housing 8.569% 2058 644,656 0.06 £130,000 Glasgow Together 4% 2020 93,600 0.01 £3,487,000 Goldman Sachs 3.125% 2029 3,559,120 0.32 £3,109,000 Goldman Sachs 4.25% 2026 3,418,027 0.31 £3,589,000 Grainger 3.375% 2028 3,641,054 0.33 £1,282,000 Great Rolling 6.875% 2035 1,221,470 0.11 £1,421,000 Greater Gabbard 4.137% 2032 1,382,129 0.12 £2,500 Greenwich 3% 2021 212,500 0.02 £888,000 Guinness Partner 4% 2044 1,055,641 0.10 £9,340,000 Hastings Group Finance 3% 2025 8,989,013 0.81 £13,286,000 HBOS Sterling Finance (Jersey) 7.881% VRN perp 19,270,413 1.74 £1,002,500 Heylo Housing Secured Bond 1.625% Index-Linked 2028 1,003,503 0.09 £2,590,000 Hiscox 2% 2022 2,570,359 0.23 £14,108,000 Hiscox 6.125% VRN 2045 15,457,078 1.40 £1,857,000 HSBC Bank 5.375% 2033 2,324,373 0.21 £16,829,000 HSBC Bank 5.844% VRN perp 21,444,959 1.94 £2,221,000 HSBC Holdings 3% VRN 2028 2,286,652 0.21 £5,100,000 ING Groep 3% 2026 5,194,514 0.47 £605,000 Intermediate Capital Group 5% 2023 626,937 0.06 £10,200,000 Investec Bank 4.25% VRN 2028 10,168,500 0.92 £13,820,000 Investec Bank 4.5% 2022 14,660,498 1.32 £1,098,000 John Lewis 4.25% 2034 999,949 0.09 £4,935,000 John Lewis 6.125% 2025 5,477,850 0.49 £4,830,000 Just Group 3.5% 2025 4,584,636 0.41 £7,860,000 Just Group 9% 2026 9,029,175 0.81 £1,259,000 Karbon Homes 3.375% 2047 1,374,106 0.12 £11,126,000 Leeds Building Society 3.75% VRN 2029 10,488,480 0.95 £3,493,000 Legal General 5.125% VRN 2048 3,702,002 0.33 £6,913,000 Legal & General 5.375% VRN 2045 7,533,302 0.68 £7,267,000 Legal & General 5.875% VRN perp^ 7,265,910 0.66

14 Rathbone Ethical Bond Fund Interim Report 2019 Portfolio and net other assets as at 31 March 2019 (continued)

Percentage Holding Value of total net (Bonds unless otherwise stated) £ assets £1,777,000 Libra Longhurst Group Treasury 3.25% 2043 1,834,486 0.17 £14,443,000 Liverpool Victoria Friendly Society 6.5% VRN 2043 15,629,227 1.41 £7,083,000 Lloyds Banking Group 2.25% 2024 7,000,805 0.63 £1,744,000 Lloyds Banking Group 5.75% 2025 1,825,553 0.16 £7,104,000 Lloyds Banking Group 7.625% 2025 9,052,595 0.82 £11,869,000 Lloyds Banking Group 13% Var perp 20,155,105 1.82 £6,102,000 London and Quadrant Housing Trust 2.25% 2029 5,966,613 0.54 £3,354,000 London and Quadrant Housing Trust 2.625% 2028 3,398,466 0.31 £400,000 London and Quadrant Housing Trust 3.75% 2049 444,207 0.04 £2,955,000 London Merchant Securities 6.5% 2026 3,748,568 0.34 $4,075,000 Marks & Spencer 7.125% 2037 3,367,068 0.30 $590,000 MDIF Media Finance 4% 2023 175,744 0.02 £888,000 Metropolitan Funding 4.125% 2048 1,007,408 0.09 £2,221,000 Morgan Stanley 2.625% 2027 2,253,426 0.20 £3,986,000 Morhomes 3.4% 2038 4,040,443 0.36 £888,000 Myriad Capital 4.75% 2043 1,139,890 0.10 £6,974,000 Nationwide Building Society 3.25% 2028 7,584,595 0.68 £983,416 Nationwide Building Society 3.875% Index-Linked 2021 3,214,905 0.29 $1,750,000 Nationwide Building Society 4.125% VRN 2032 1,250,206 0.11 £3,360,000 Nationwide Building Society 5.769% perp 3,500,280 0.32 £1,556,000 Nationwide Building Society 6.25% VRN perp 1,716,828 0.16 £1,777,000 Nationwide Building Society 6.875% VRN perp 1,781,620 0.16 £38,600 Nationwide Building Society 10.25% VRN perp 5,601,632 0.51 £871,800 NatWest Markets 3.9% VRN 2022 926,375 0.08 £2,393,000 NatWest Markets 6.875% 2025 2,991,011 0.27 £1,212,000 Notting Hill Genesis 2.875% 2029 1,234,468 0.11 £1,158,000 Notting Hill Housing 3.75% 2032 1,263,914 0.11 £500,000 Orange SA 3.25% 2032 529,453 0.05 £3,897,000 Orbit Capital 3.375% 2048 4,114,110 0.37 £1,421,000 Orbit Capital 3.5% 2045 1,516,491 0.14 £440,000 Our Power Social Purpose 6.5% 2021 — — £946,800 Paragon 6% 2020 974,679 0.09 £5,078,000 Paragon 6% 2024 5,308,114 0.48 £1,735,600 Paragon 6.125% 2022 1,789,870 0.16 £4,252,000 Partnership Life Assurance 9.5% 2025 4,479,142 0.40 £550,000 Peabody Capital 5.25% 2043 751,575 0.07 £3,453,000 Peabody Capital No 2 3.25% 2048 3,557,116 0.32 £10,265,000 PGH Capital 4.125% 2022 10,515,819 0.95 £15,724,000 PGH Capital 6.625% 2025 16,794,930 1.52

Rathbone Ethical Bond Fund Interim Report 2019 15 Portfolio and net other assets as at 31 March 2019 (continued)

Percentage Holding Value of total net (Bonds unless otherwise stated) £ assets $1,599,000 Phoenix 5.375% 2027 1,139,877 0.10 £2,245,000 Phoenix 5.75% VRN perp 1,905,781 0.17 £1,874,300 Places for People Finance 4.25% 2023 1,932,805 0.17 £1,295,400 Places for People Homes 1% Index-Linked 2022 1,569,934 0.14 £8,718,000 Places for People Homes 3.625% 2028 8,951,876 0.81 £5,740,000 Places for People Treasury 2.875% 2026 5,692,957 0.51 £3,403,000 Porterbrook Rail Finance 7.125% 2026 4,369,123 0.39 £877,000 Primary Health Properties 5.375% 2019 879,570 0.08 £9,459,000 Principality Building Society 2.375% 2023 9,336,819 0.84 £1,848,000 Principality Building Society 7% VRN perp 1,865,076 0.17 £2,265,000 PRS Finance 1.75% 2026 2,318,821 0.21 £3,375,000 PRS Finance 2% 2029 3,483,409 0.31 £3,109,000 Prudential 5% VRN 2055 3,383,081 0.31 £12,311,000 Prudential 5.625% VRN 2051 13,076,808 1.18 £7,341,000 Prudential 6.25% VRN 2068 7,979,379 0.72 $3,553,000 QBE Insurance 5.25% VRN perp 2,561,443 0.23 £920,000 Quadrant Housing 7.93% 2033 1,240,437 0.11 £4,882,000 Rabobank Capital Funding Trust 5.556% VRN perp 4,999,014 0.45 £12,330,000 Rabobank Nederland 4.625% 2029 13,945,006 1.26 £4,614,000 Rabobank Nederland 5.25% 2027 5,386,982 0.49 £14,907,000 Rabobank Nederland 6.91% VRN perp 20,571,660 1.86 £553,200 Retail Charity Bonds 3.9% 2029 569,658 0.05 £1,331,200 Retail Charity Bonds 4% 2029 1,329,390 0.12 £2,414,800 Retail Charity Bonds 4.25% 2026 2,423,880 0.22 £1,961,400 Retail Charity Bonds 4.25% 2026 2,019,026 0.18 £218,000 Retail Charity Bonds 4.375% 2021 227,176 0.02 £871,800 Retail Charity Bonds 4.4% 2027 897,963 0.08 £1,598,800 Retail Charity Bonds 4.5% 2026 1,593,652 0.14 £1,340,600 Retail Charity Bonds 5% 2026 1,468,507 0.13 £500,000 RHP Finance 3.25% 2048 519,700 0.05 £300,000 Riverside Finance 3.875% 2044 348,819 0.03 £19,827,000 RL Finance Bonds 6.125% 2028 22,226,922 2.01 £15,147,000 RL Finance Bonds 6.125% VRN 2043 16,891,412 1.52 £15,692,000 Rothesay Life 6.875% VRN perp 14,672,020 1.32 £10,862,000 Rothesay Life 8% 2025 12,294,372 1.11 £14,027,000 Rothschild 9% perp 17,077,873 1.54 £17,435,000 Royal & Sun Alliance 5.125% VRN 2045 18,922,451 1.71 $2,615,000 Royal Bank of Scotland 7.648% VRN Perp 2,511,347 0.23 £2,988,000 Sainsburys Bank 6% VRN 2027 3,025,051 0.27

16 Rathbone Ethical Bond Fund Interim Report 2019 Portfolio and net other assets as at 31 March 2019 (continued)

Percentage Holding Value of total net (Bonds unless otherwise stated) £ assets £8,718,000 Santander UK 2.92% VRN 2026 8,818,958 0.80 £4,753,000 Santander UK 3.625% 2026 5,014,742 0.45 £916,000 Santander UK 5.875% 2031 1,084,949 0.10 £863,000 Santander UK 6.5% 2030 1,089,941 0.10 £3,123,000 Santander UK FRN 2024 3,140,489 0.28 £9,023,000 Scottish Widows 5.5% 2023 9,949,513 0.90 £1,777,000 Segro 2.375% 2029 1,763,156 0.16 £1,865,000 Skipton Building Society 1.75% 2022 1,827,789 0.17 £1,643,000 Society Lloyds 4.75% 2024 1,766,109 0.16 £1,563,000 Society Lloyds 4.875% VRN 2047 1,665,379 0.15 £91,500 South Bristol Sports Centre 7% 2023 91,500 0.01 £148,800 St Johns School Bond 3.25% 2022 148,800 0.01 $2,931,000 Standard Life Aberdeen 4.25% VRN 2048 2,104,481 0.19 £9,476,000 Standard Life Aberdeen 5.5% VRN 2042 10,525,941 0.95 £1,636,000 Swan Housing Capital 3.625% 2048 1,731,910 0.16 £2,354,000 TC Dudgeon Ofto 3.158% 2038 2,500,106 0.23 £5,169,000 Telereal Securitisation FRN 2031 5,010,549 0.45 £100,000 Thera Trust 5.5% 2020 100,000 0.01 £500,000 Thera Trust 5.5% 2024 500,000 0.05 £153,245 THFC 5.65% Index-Linked 2020 48,587 0.00 £750,000 Thrive Renewables 5% 2024 750,000 0.07 $900,000 Trilinic FRN 5.44% 2020 676,873 0.06 £500,000 Vodafone 3% 2056 422,273 0.04 £2,043,000 Welltower 4.5% 2034 2,332,086 0.21 £700,000 Welltower 4.8% 2028 811,283 0.07 £7,863,000 Wods Transmission 3.446% 2034 7,635,031 0.69 £18,821,000 Yorkshire Building Society 3.375% VRN 2028 17,397,940 1.57 £8,077,000 Yorkshire Building Society 4.125% VRN 2024 8,173,924 0.74 £3,453,000 Yorkshire Building Society FRN 2023 3,460,541 0.31 1,045,238,799 94.34

Total Bonds 1,075,306,289 97.05

Equities (30.09.18: 0.10%) 2,025,875 Greencoat Renewables** 1,841,730 0.17

Alternatives (30.09.18: 1.20%) $17,435,000 RBC Capital Market 2021* 13,073,772 1.18

Rathbone Ethical Bond Fund Interim Report 2019 17 Portfolio and net other assets as at 31 March 2019 (continued)

Percentage Holding Value of total net (Bonds unless otherwise stated) £ assets Forward Foreign Exchange Contracts (30.09.18: 0.03%) Buy £35,496,202, Sell $46,783,405 (289,485) (0.03) Buy £4,625,937, Sell €5,339,157 14,634 0.00 Buy $6,000,247, Sell £4,522,753 66,971 0.01 Buy €684,778, Sell £585,896 5,531 0.00 (202,349) (0.02)

Total value of investments (30.09.18: 99.25%) 1,090,019,442 98.38

Net other assets (30.09.18: 0.75%) 17,933,906 1.62 Total value of the fund as at 31 March 2019 1,107,953,348 100.00

*Structured product **Equity Security ^Suspended security

18 Rathbone Ethical Bond Fund Interim Report 2019 Summary of portfolio investments

Percentage Value of total net £ assets Investment grade 760,978,002 68.69 Below investment grade 314,328,287 28.36 Debt securites 1,075,306,289 97.05 Equity securities 1,841,730 0.17 Structured products 13,073,772 1.18 Derivatives (202,349) (0.02) Total value of investments 1,090,019,442 98.38

Rathbone Ethical Bond Fund Interim Report 2019 19 Statement of total return for the half year ended 31 March 2019

31.03.19 31.03.19 31.03.18 31.03.18 £ £ £ £

Income Net capital gains/(losses) 20,714,518 (9,880,766) Revenue 26,950,113 20,681,910 Expenses (3,601,265) (3,111,621) Interest payable and similar charges (11,418) (2,303) Net revenue before taxation 23,337,430 17,567,986 Taxation (9,885) (2,864) Net revenue after taxation 23,327,545 17,565,122 Total return before distributions 44,042,063 7,684,356 Distributions (26,681,800) (20,445,903) Change in net assets attributable to unitholders from investment activities 17,360,263 (12,761,547)

Statement of change in net assets attributable to unitholders for the half year ended 31 March 2019

31.03.19 31.03.19 31.03.18 31.03.18 £ £ £ £

Opening net assets attributable to unitholders 1,226,682,032 901,195,605 Amounts receivable on issue of units 93,773,734 277,495,267 Amounts payable on cancellation of units (222,622,444) (20,238,040) In-specie Transfer (20,740,504) — (149,589,214) 257,257,227 Change in net assets attributable to unitholders from investment activities (see Statement of total return above) 17,360,263 (12,761,547) Retained distributions on accumulation units 13,499,864 10,927,482 Unclaimed distributions 403 270 Closing net assets attributable to unitholders 1,107,953,348 1,156,619,037

20 Rathbone Ethical Bond Fund Interim Report 2019 Balance sheet as at 31 March 2019

31.03.19 31.03.19 30.09.18 30.09.18 £ £ £ £

Assets Fixed assets: Investments 1,090,308,927 1,217,538,790 Current assets: Debtors 24,225,139 30,119,119 Cash and bank balances 3,465,082 11,124,259 Total current assets 27,690,221 41,243,378 Total assets 1,117,999,148 1,258,782,168

Liabilities Investment Liabilities (289,485) — Creditors: Other creditors (4,644,399) (25,713,871) Distribution payable on income units (5,111,916) (6,386,265) Total liabilities (9,756,315) (32,100,136) Net assets attributable to unitholders 1,107,953,348 1,226,682,032

Notes to the interim financial statements

Accounting policies The interim financial statements have been prepared under the historical cost basis, as modified by the revaluation of investments and in accordance with FRS 102 and the Statement of Recommended Practice (SORP) for Financial Statements of UK Authorised Funds issued by The Investment Association in May 2014. All accounting policies applied are consistent with those of the annual report for the year ended 30 September 2018 and are detailed in full in those financial statements.

Portfolio transaction costs Total purchases and sales transactions for the half year ended 31 March 2019 were £170,210,669 and £315,266,162 respectively.

Rathbone Ethical Bond Fund Interim Report 2019 21 Distribution tables for the half year ended 31 March 2019

Distribution tables (pence per unit) First Interim Group 1 — Units purchased prior to 1 October 2018 Group 2 — Units purchased on or after 1 October 2018 and on or before 31 December 2018

R-Class income Net Paid Paid units income Equalisation 28.02.19 28.02.18 Group 1 0.99 — 0.99 0.93 Group 2 0.40 0.59 0.99 0.93

R-Class accumulation Net Accumulated Accumulated units income Equalisation 28.02.19 28.02.18 Group 1 2.13 — 2.13 1.93 Group 2 0.93 1.20 2.13 1.93

I-Class income Net Paid Paid units income Equalisation 28.02.19 28.02.18 Group 1 1.04 — 1.04 0.98 Group 2 0.55 0.49 1.04 0.98

I-Class accumulation Net Accumulated Accumulated units income Equalisation 28.02.19 28.02.18 Group 1 2.20 — 2.20 2.00 Group 2 1.12 1.08 2.20 2.00

S-Class income* Net Paid Paid units income Equalisation 28.02.19 28.02.18 Group 1 1.06 — 1.06 n/a Group 2 0.65 0.41 1.06 n/a

S-Class accumulation* Net Accumulated Accumulated units income Equalisation 28.02.19 28.02.18 Group 1 1.09 — 1.09 n/a Group 2 0.17 0.92 1.09 n/a

X-Class income Net Paid Paid units income Equalisation 28.02.19 28.02.18 Group 1 1.13 — 1.13 1.06 Group 2 0.63 0.50 1.13 1.06

X-Class accumulation Net Accumulated Accumulated units income Equalisation 28.02.19 28.02.18 Group 1 1.24 — 1.24 1.12 Group 2 0.63 0.61 1.24 1.12

*S-Class was launched on 5 April 2018 at 100.00p (S-Class income) and 100.00p (S-Class accumulation).

22 Rathbone Ethical Bond Fund Interim Report 2019 Distribution tables for the half year ended 31 March 2019 (continued)

Distribution tables (pence per unit) (continued) Second Interim Group 1 — Units purchased prior to 1 January 2019 Group 2 — Units purchased on or after 1 January 2019 and on or before 31 March 2019

R-Class income Net Payable Paid units income Equalisation 31.05.19 31.05.18 Group 1 0.99 — 0.99 0.91 Group 2 0.38 0.61 0.99 0.91

R-Class accumulation Net Allocated Accumulated units income Equalisation 31.05.19 31.05.18 Group 1 2.15 — 2.15 1.90 Group 2 1.03 1.12 2.15 1.90

I-Class income Net Payable Paid units income Equalisation 31.05.19 31.05.18 Group 1 1.04 — 1.04 0.95 Group 2 0.45 0.59 1.04 0.95

I-Class accumulation Net Allocated Accumulated units income Equalisation 31.05.19 31.05.18 Group 1 2.24 — 2.24 1.96 Group 2 0.95 1.29 2.24 1.96

S-Class income* Net Payable Paid units income Equalisation 31.05.19 31.05.18 Group 1 1.07 — 1.07 n/a Group 2 0.55 0.52 1.07 n/a

S-Class accumulation* Net Allocated Accumulated units income Equalisation 31.05.19 31.05.18 Group 1 1.10 — 1.10 n/a Group 2 0.34 0.76 1.10 n/a

X-Class income** Net Payable Paid units income Equalisation 31.05.19 31.05.18 Group 1 n/a — n/a 1.03 Group 2 n/a n/a n/a 1.03

X-Class accumulation** Net Allocated Accumulated units income Equalisation 31.05.19 31.05.18 Group 1 n/a — n/a 1.09 Group 2 n/a n/a n/a 1.09

*S-Class was launched on 5 April 2018 at 100.00p (S-Class income) and 100.00p (S-Class accumulation). **The X-Class closed on 22 March 2019.

Rathbone Ethical Bond Fund Interim Report 2019 23 Distribution tables for the half year ended 31 March 2019 (continued)

Notes for corporate unitholders Corporate unitholders should read the important information on the reverse of the tax voucher in respect of this distribution. The relevant information required by a corporate unitholder is as follows: Franked investment income 0.00% Unfranked investment income 100.00% Depositary net liability to corporation tax nil

Equalisation Equalisation applies only to units purchased during the distribution period (Group 2 units). It represents the accrued revenue included in the purchase price of the units. After averaging it is returned with the distribution as a capital repayment. It is not liable to Income Tax but must be deducted from the cost of the units for Capital Gains Tax purposes.

Directors’ statement

This report is approved in accordance with the requirements of the Financial Conduct Authority’s Collective Investment Schemes Sourcebook.

MM Webb JR Chillingworth for Rathbone Unit Trust Management Limited Manager of Rathbone Ethical Bond Fund 24 May 2019

24 Rathbone Ethical Bond Fund Interim Report 2019 General information

Authorised status Buying and selling of units The Rathbone Ethical Bond Fund is an authorised The Manager is available to receive requests for unit trust scheme, authorised by the Financial the buying and selling of units on normal business Conduct Authority on 29 October 2001 and days between 9.00am and 5.00pm and transactions launched in May 2002. will be effected at prices determined by the next valuation. Application forms for the purchase of It is a ‘UCITS Scheme’ authorised under Section 243 units (obtainable from the Manager) should be of the Financial Services and Markets Act 2000, and completed and sent to the dealing office. In respect the currency of the fund is pounds sterling. of telephoned orders, remittances should be sent on receipt of the contract note. Contract notes Investment objective, policy and strategy confirming transactions will be issued by the close of business on the next business day after the The objective of the fund is to provide a regular, dealing date. Purchasers of units are required to above average income through investing in a range enter their registration details on the form supplied of bonds and bond market instruments that meet a with their contract note. Once units are paid for strict criteria both ethically and financially. these details will be entered on the unit register. To meet these objectives, the fund may also invest, Units can be sold by telephone, fax or letter followed at the Manager’s discretion, in other transferable by despatch to the dealing office of the authorisation securities, money market instruments, warrants, to sell duly completed by all unitholders. cash and near cash, deposits and units in collective investment schemes. Use may be made of In the absence of clear written instructions signed stocklending, borrowing, cash holdings, hedging by all the registered holders, a Form of Renunciation and other investment techniques permitted by the will be sent out together with the repurchase FCA rules. contract note. This will need to be signed by all registered holders, and returned to our dealing office before settlement can be made. Settlement will be Valuation of the fund made on whichever is the later of four business days The fund is valued on each business day at 12 noon after the dealing date or four days after the receipt of for the purpose of determining prices at which units written confirmation. in the fund may be bought or sold. Valuations may Unitholders may sell units on submitting the be made at other times on business days with the purchase contract note and a duly executed Deed Trustee’s approval. of Transfer. The issue and redemption of units will not take place if dealing in the units is suspended Stewardship code by operation of law or any statute for the time being in place. Rathbone Unit Trust Management Limited fully supports the UK Stewardship Code sponsored by The minimum initial investment for R-Class units the Financial Reporting Council. Our statement at present is to the value of £1,000 which may on complying with the code can be found on our be varied by the Manager. The minimum initial website: rathbonefunds.com investment for I-Class units is £1,000,000. Thereafter holders may invest additional amounts to the value of £500 or more from time to time as they wish. Any number of units may be subscribed, sold or transferred so long as transaction complies with applicable minimums.

Rathbone Ethical Bond Fund Interim Report 2019 25 General information (continued)

There is no preliminary charge for both the R-Class The Register of Unitholders can be inspected during and I-Class units. normal business hours at the office of the Registrar, DST Financial Services International Limited, DST The Manager currently receives an annual House, St Nicholas Lane, Basildon, Essex SS15 5FS. remuneration for managing the R-Class property of the fund at the rate of 1.25%. Further copies of this report are available upon request, free of charge, from Client Services The Manager currently receives an annual Department, Rathbone Unit Trust Management remuneration for managing the I-Class property Limited, 8 Finsbury Circus, London EC2M 7AZ. of the fund at the rate of 0.625%. If you have any queries or complaints about the For more information on our charges, please operation of the fund you should put them to visit the fund-specific pages of our website: the Compliance Officer, Rathbone Unit Trust rathbonefunds.com Management Limited, 8 Finsbury Circus, London EC2M 7AZ. Any complaint we receive will be Statements handled in accordance with our internal complaint procedures. A copy of these are available from the A distribution statement showing the rate per unit Compliance Officer. and your unit holding will be sent semi-annually on 31 May and 30 November. If you have occasion to complain, and in the unlikely event that you do not receive a satisfactory The current value of your units is shown on a response, you may direct your complaint to the valuation statement, which shows the number of Financial Ombudsman Service at Exchange Tower, units bought over the previous six months, the London E14 9SR. Further details about the Financial total number of units in your account and their Ombudsman Service are available on their website current value. at financial-ombudsman.org.uk. Twice yearly on 31 March and 30 September, unitholders will receive a consolidated statement ISA eligibility showing, where applicable, their Unit Trust, ICVC and ISA holdings for each fund held. The fund has been managed throughout the year to ensure that it is eligible to qualify and be included in an Individual Savings Account (ISA). The fund will at Prices all times be invested in such a way that the units will The prices of R-Class units are published in the constitute ‘Qualifying Investments’ for the purposes Financial Times under the heading Rathbone of the Individual Savings Account (ISA) Regulations Unit Trust Management Limited. The associated 1998, as amended from time to time. cancellation price is available on request from the Manager. The prices for the I-Class units are Risk factors available on request from the Manager. An investment in a unit trust should be regarded as a medium to long term investment. Investors should Other information be aware that the price of units and the revenue You can see the Trust Deed, the Key Investor from them can fall as well as rise and investors may Information Document and Supplementary not receive back the full amount invested. Past Information Document, the Prospectus and the performance should not be seen as an indication of most recent half yearly report of each fund at the future performance. Investments denominated in registered offices of the Manager. Copies of the currencies other than the base currency are subject Prospectus, Key Investor Information Document to fluctuation in exchange rates, which can be and Supplementary Information Document, and favourable or unfavourable. the most recent half yearly report of each fund may be obtained free of charge on application to the Manager.

26 Rathbone Ethical Bond Fund Interim Report 2019 General information (continued)

Other funds Data protection Rathbone Unit Trust Management Limited is also Where relevant, Rathbones’ privacy notice for clients, the Manager of the following funds: together with our relevant terms of business, sets out how your personal data (as further detailed in the Rathbone Active Income and Growth Fund privacy notice) shall be processed by Rathbones. A Rathbone Core Investment Fund for Charities copy of the privacy notice is available on request or Rathbone Dragon Trust on Rathbones’ website. Rathbone Global Opportunities Fund Rathbone Heritage Fund From time to time Rathbone Unit Trust Rathbone Income Fund Management Limited may wish to communicate Rathbone Spenser Fund with you with information on other products and Rathbone Strategic Bond Fund services offered by the Rathbone group. If you do Rathbone UK Opportunities Fund not wish to receive these communications, please advise us in writing at the following address: and the Authorised Corporate Director of: Data Protection Officer Rathbone Global Alpha Fund Rathbone Unit Trust Management Limited Rathbone Global Sustainability Fund 8 Finsbury Circus Rathbone High Quality Bond Fund London EC2M 7AZ Rathbone Enhanced Growth Portfolio Rathbone Strategic Growth Portfolio Rathbone Strategic Income Portfolio Rathbone Total Return Portfolio Rathbone Pharaoh Fund Rathbone Quercus Growth Fund Rathbone Sherwood Fund Rathbone Sussex Income Fund Rathbone Sussex Growth Fund

Further details Should you need further details of this fund or any of the other funds managed by Rathbone Unit Trust Management Limited, a Prospectus, Key Investor Information Document and Supplementary Information Document or an application form for the purchase of shares or units, please write to: Client Services Department Rathbone Unit Trust Management Limited 8 Finsbury Circus London EC2M 7AZ All literature is available free of charge. Information is also available on our website: rathbonefunds.com

Rathbone Ethical Bond Fund Interim Report 2019 27 Rathbone Unit Trust Management Limited Authorised and regulated by the 8 Finsbury Circus, London EC2M 7AZ Financial Conduct Authority Tel 020 7399 0000 A member of The Fax 020 7399 0057 Investment Association Information line A member of the Rathbone Group. 020 7399 0399 Registered No. 02376568 [email protected] rathbonefunds.com

i Rathbone Ethical Bond Fund Interim Report 2019 6405.05.19