Quilter Investors Series I Interim Report and Financial Statements

Quilter Investors Series I

Interim Report and Financial Statements (unaudited) For the period from 1 January 2018 to 30 June 2018

Quilter Investors Series I

Contents Page

Company Information 3

Report of the Directors of Quilter Investors Series I 6

Authorised Corporate Director’s report 7

Cross Holdings 7

Statement of the Authorised Corporate Director’s responsibilities 8

Statement of the Depositary’s Responsibilities in Respect of the Scheme and Report of the Depositary to the Shareholders of the Quilter Investors Series I 9

Quilter Investors Global Best Ideas Fund 10 Investment Manager's review 10 Performance record 11 Portfolio statement 15 Statement of total return 17 Statement of change in net assets attributable to shareholders 17 Balance sheet 18 Notes to the financial statements 19 Distribution table 20

Quilter Investors Global Dynamic Equity Fund 21 Investment Manager's review 21 Performance record 22 Portfolio statement 25 Statement of total return 41 Statement of change in net assets attributable to shareholders 41 Balance sheet 42 Notes to the financial statements 43 Distribution table 44

Quilter Investors Series I

Company Information

Authorised Corporate Director (“ACD”) Directors of the ACD

Quilter Investors Limited (formerly Old Mutual Investment Management Limited) M Dean Millennium Bridge House J Brescia (resigned 29 June 2018) 2 Lambeth Hill P Simpson London J Little (appointed 14 February 2018) – Non-Executive Director EC4V 4AJ C Turner (appointed 14 February 2018) – Non-Executive Director

Authorised and regulated by the Financial Conduct Authority.

Depositary Citibank Europe plc, UK Branch Citigroup Centre Canada Square, Canary Wharf London E14 5LB

Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Legal Adviser Macfarlanes LLP 20 Cursitor Street London EC4A 1LT

Auditor KPMG LLP Saltire Court 20 Castle Terrace Edinburgh EH1 2EG

Administrator Citibank Europe plc 1, North Wall Quay Dublin 1 Ireland

Authorised by the Central Bank of Ireland (Central Bank) under the Investment Intermediaries Act 1995.

Registrar DST Financial Services International Ltd (formerly International Financial Data Services) DST House Saint Nicholas Lane Basildon Essex SS15 5FS

(The register of shareholders can be inspected at the above address).

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Quilter Investors Series I

Company Information (continued)

Investment Advisers

Quilter Investors Global Best Ideas Fund: First State Investment Management (UK) Limited 23 St Andrew Square Edinburgh EH2 1BB

Authorised and regulated by the Financial Conduct Authority.

Odey Asset Management LLP 12 Upper Grosvenor Street London W1K 2ND

Authorised and regulated by the Financial Conduct Authority.

Old Mutual Global Investors (UK) Limited Millennium Bridge House 2 Lambeth Hill London EC4P 4WR

Authorised and regulated by the Financial Conduct Authority.

TimesSquare Capital Management, LLC 1177 Avenue of the Americas, 39th FL New York NY 10036-2714 USA

Regulated by the US Securities and Exchange Commission.

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Quilter Investors Series I Funds

Company Information (continued)

Investment Advisers (continued)

Quilter Investors Global Dynamic Equity Fund: Brandywine Global Investment Management LLC 2929 Arch Street 8th Floor Philadelphia, PA 19104 USA

Regulated by the US Securities and Exchange Commission.

DSM Capital Partners LLC 7111 Fairway Drive Suite 350 Palm Beach Gardens FL 33418 USA

Regulated by the US Securities and Exchange Commission.

Lapides Asset Management LLC 500 West Putnam Avenue 4th Floor Greenwich, CT 06830 USA

Regulated by the US Securities and Exchange Commission.

LSV Asset Management 155 North Wacker Drive Suite 4600 Chicago, IL 60606 USA

Regulated by the US Securities and Exchange Commission.

Old Mutual Global Investors (UK) Limited Millennium Bridge House 2 Lambeth Hill London EC4P 4WR

Authorised and regulated by the Financial Conduct Authority.

Schroder Investment Management Limited 31 Gresham Street London EC2V 7QA

Authorised and regulated by the Financial Conduct Authority.

Wellington Management International Limited Cardinal Place 80 Victoria Street London SW1E 5JL

Authorised and regulated by the Financial Conduct Authority.

Wells Capital Management Incorporated 525 Market Street San Francisco CA 94105 USA

Authorised and regulated by the Financial Conduct Authority.

Quilter Investors Limited, a member of the Quilter plc Group of companies, is authorised and regulated by the Financial Conduct Authority. FCA Register number 208543. Registered Office: Millennium Bridge House, 2 Lambeth Hill, London, EC4V 4AJ, United Kingdom. Registered Number: 4227837 England. www.quilterinvestors.com 5 Quilter Investors Series I

Quilter Investors Series I

Authorised Corporate Director’s report

The purpose of this report is to provide details of the progress of the Company, and the sub-funds contained within. The report provides details of the performance and the portfolio of each of the sub-funds. Net asset value of sub-funds

30 June 2018 31 December 2017

Net asset Shares Net asset Net asset Shares Net asset value of in value per value of in value per sub-fund issue share sub-fund issue share

Quilter Investors Global Best Ideas Fund – Accumulation ‘A’ £143,119,640 122,105,018 117.21p £148,944,779 129,407,062 115.10p – Accumulation ‘A’ EUR £1,479,806 1,244,240 118.93p £1,608,606 1,377,044 116.82p – Accumulation ‘A’ USD £979 1,000 97.87p £960 1,000 96.02p – Accumulation ‘R’ £21,428,938 17,580,466 121.89p £21,773,989 18,259,658 119.25p – Accumulation ‘U1’ £17,039,762 11,807,399 144.31p £18,088,215 12,816,512 141.13p – Accumulation ‘U2’ £122,326 83,944 145.72p £97,387 68,366 142.45p

Quilter Investors Global Dynamic Equity Fund – Accumulation ‘A’ £523,639,687 431,140,827 121.45p £556,454,126 456,907,632 121.79p – Accumulation ‘A’ EUR £957,957 793,721 120.69p £982,643 811,936 121.02p – Accumulation ‘A’ USD £154,409 127,350 121.25p £3,290,725 2,705,896 121.61p – Accumulation ‘R’ £9,644,007 7,526,243 128.14p £27,349,337 21,393,396 127.84p

Cross Holdings There were no cross holdings held by the sub-funds throughout the period to 30 June 2018. Securities Financing Transactions Regulation Disclosure None of the sub-funds in the Company currently undertakes securities financing transactions (as defined in Article 3 of Regulation (EU) 2015/2365) or use total return swaps.

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Statement of the Authorised Corporate Director’s responsibilities

The COLL Rules require the ACD to prepare financial statements for each annual accounting period which give a true and fair view of the financial position of the Company and of the net income and net gains or losses on the property of the Company for the period. In preparing the financial statements the ACD is responsible for:

 selecting suitable accounting policies and then apply them consistently;

 making judgements and estimates that are reasonable and prudent;

 following UK accounting standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland;

 complying with the disclosure requirements of the Statement of Recommended Practice for UK Authorised Funds issued by the Investment Management Association in May 2014;

 keeping proper accounting records which enable it to demonstrate that the financial statements as prepared comply with the above requirements;

 assessing the Company and its sub-funds’ ability to continue as a going concern, disclosing, as applicable, matters related to going concern;

 using the going concern basis of accounting unless they either intend to liquidate the Company or its sub-funds or to cease operations, or have no realistic alternative but to do so;

 such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; and

 taking reasonable steps for the prevention and detection of fraud and irregularities.

The ACD is responsible for the management of the Company in accordance with its Instrument of Incorporation, the Prospectus and the COLL Rules.

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Quilter Investors Series I

Statement of the Depositary’s Responsibilities in Respect of the Scheme and Report of the Depositary to the Shareholders of Quilter Investors Series I (“the Company”) for the period from 1 January 2018 to 30 June 2018

The Depositary is responsible for the safekeeping of all of the property of the Company (other than tangible moveable property) which is entrusted to it and for the collection of revenue that arises from that property. It is the duty of the Depositary to take reasonable care to ensure that the Company is managed and operated by the Authorised Corporate Director in accordance with the Financial Conduct Authority’s Collective Investment Schemes Sourcebook (“the Sourcebook”), the Open-Ended Investment Companies Regulations 2001 (SI 2001/1228) (the OEIC Regulations), the Company’s Instrument of Incorporation, and the Prospectus, as appropriate, concerning: the pricing of and dealing in Shares in the Company; the application of income of the Company; and the investment and borrowing powers applicable to the Company. Having carried out procedures and enquiries considered duly necessary to discharge our responsibilities as Depositary of the Company, based on information and explanations provided to us, we believe that, in all material respects, the Company, acting through the Authorised Corporate Director: (i) has carried out the issue, sale, redemption and cancellation, and calculation of the price of the Company’s shares and the application of the Company’s income in accordance with the Sourcebook, and where applicable, the OEIC regulations, the Company’s Instrument of Incorporation and Prospectus;

(ii) has, observed the investment and borrowing powers and restrictions applicable to the Company; and

(iii) has, otherwise, ensured the proper operation of the Company.

Citibank Europe plc, UK Branch Depositary 24 August 2018

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Quilter Investors Global Best Ideas Fund

Launch date 13 June 2006 Risk and Reward Profile IA Sector Global Investment adviser First State Investment Management (UK) Limited Odey Asset Management LLP Old Mutual Global Investors (UK) Limited TimesSquare Capital Management LLC

Net asset value £183,191,451 The calculated risk and reward category, as shown above, uses a method of Objective calculation derived from EU rules. It is based on the rate at which the returns of the The sub-fund aims to provide long term total return from capital growth and income sub-fund have moved up and down in the past (i.e. volatility) and is not a guide to through investment in global securities. the future risk and reward category of the sub-fund. The category shown is not a target or guarantee and may shift over time. Even the lowest category 1 does not mean a risk-free investment. The seven-category scale is nonlinear, for example, 2 Policy is not twice as risky as 1. Investment will be in a portfolio of global securities (including the UK), either directly in transferable securities or through collective investment schemes. Investment will Sub-funds in category 5 have in the past shown moderately high volatility. With a generally be directly into global equities, although the sub-fund may invest up to sub-fund of category 5, you have a moderately high risk of losing money but your 10% of its property in regulated collective investment schemes including those that chance for gains is also moderately high. are managed or operated by the ACD or an associate of the ACD. Investment risk - there is no guarantee that the sub-fund will achieve its objective. The sub-fund may hold cash weightings. A capital loss of some or all of the amount invested may occur. For efficient portfolio management purposes only, investment may also be made into Currency risk (EUR share class) - the sub-fund is denominated in British Pounds derivatives or forward transactions. The ACD considers that the use of derivatives but holds assets denominated in other currencies. This share class is denominated for this purpose is not likely to affect the volatility or risk profile of the sub-fund. in Euro. The value of your shares may rise and fall as a result of exchange rate movements between these currencies. Investment Manager’s review Currency risk (GBP share class) - the sub-fund is denominated in British Pounds but holds assets denominated in other currencies. The value of your shares may rise Market Review and fall as a result of exchange rate movements between these currencies.

A strong dollar has important implications for equity markets as was evidenced by Currency risk (USD share class) - the sub-fund is denominated in British Pounds the losses suffered in emerging markets over the second quarter. Looking forward, but holds assets denominated in other currencies. This share class is denominated economic growth still looks healthy and corporate earnings continue to grow in US Dollars. The value of your shares may rise and fall as a result of exchange strongly, but there are a number of potential political risks to markets right now rate movements between these currencies. ranging from President Trump’s trade antics to Brexit or the arrival of a seemingly anti-euro coalition at the heart of the EU. Derivative risk - the sub-fund may use derivatives to reduce costs and/or the overall risk of the sub-fund (i.e. Efficient Portfolio Management (EPM)). Derivatives involve a Political risks are among the most difficult to predict which augurs for a more level of risk, however, for EPM they should not increase the overall riskiness of the balanced and well diversified approach from our managers in the second half of the sub-fund. Derivatives also involve counterparty risk where the institutions acting as year as we explore the later stages of this already very mature economic cycle. counterparty to derivatives may not meet their contractual obligations.

Capital erosion risk - the sub-fund takes its charges from the income of the sub- Performance of the sub-fund fund in the first instance. The impact of sub-fund charges may be material on the

value of any income you receive from your investment. There is potential for capital After losing ground in line with global equity markets during the first half of the erosion if insufficient income is generated by the sub-fund to cover these charges. period, the subsequent recovery seen in markets in the second quarter of 2018 Capital erosion may have the effect of reducing the level of income generated. helped the sub-fund to deliver a positive return to investors although it underperformed the IA sector average return over the period. For a more detailed explanation of risks, please refer to the "Risks" section of the prospectus. Strong US and UK equity market performance was a particular feature of the second quarter with the sub-fund’s manager selection adding good value during the second quarter. After outperforming developed markets in the first half of the period, emerging markets significantly underperformed them in the second quarter of 2018 to be the biggest detractor from returns over the period as a whole.

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Performance Records

Comparative Tables

1 January 2018 to 1 January 2017 to 1 January 2016 to Accumulation 'A' 30 June 2018 31 December 2017 31 December 2016 p/share p/share p/share Change in net assets per share Opening net asset value per share 115.10 104.73 90.41 Return before operating charges* 3.36 12.76 16.42 Operating charges** (1.25) (2.39) (2.10) Return after operating charges* 2.11 10.37 14.32 Distributions - - - Retained distributions - - - Closing net asset value per share 117.21 115.10 104.73 * after direct transaction costs of*** 0.11 0.17 0.21 Performance Return after charges 1.83% 9.90% 15.84% Other information Closing net asset value (£) 143,119,640 148,944,779 213,716,388 Closing number of shares 122,105,018 129,407,062 204,060,424 Operating charges**** 2.21% 2.18% 2.24% Direct transaction costs*** 0.20% 0.15% 0.22% Prices pence per share pence per share pence per share Highest share price 117.9 115.0 105.1 Lowest share price 108.2 104.5 78.96

1 January 2018 to 1 January 2017 to 1 January 2016 to Accumulation 'A' EUR 30 June 2018 31 December 2017 31 December 2016 p/share p/share p/share Change in net assets per share Opening net asset value per share 116.82 106.43 91.87 Return before operating charges* 3.39 12.80 16.64 Operating charges** (1.28) (2.41) (2.08) Return after operating charges* 2.11 10.39 14.56 Distributions - - - Retained distributions - - - Closing net asset value per share 118.93 116.82 106.43 * after direct transaction costs of*** 0.11 0.17 0.21 Performance Return after charges 1.81% 9.76% 15.85% Other information Closing net asset value (£) 1,479,806 1,608,606 30,648,900 Closing number of shares 1,244,240 1,377,044 28,798,233 Operating charges**** 2.21% 2.18% 2.24% Direct transaction costs*** 0.20% 0.15% 0.22% Prices cents per share cents per share cents per share Highest share price 137.0 132.0 125.3 Lowest share price 124.1 119.9 102.7

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Comparative Tables (continued)

1 January 2018 to 1 January 2017 to 1 January 2016 to Accumulation 'A' USD† 30 June 2018 31 December 2017 31 December 2016 p/share p/share p/share Change in net assets per share Opening net asset value per share 96.02 87.14 72.00 Return before operating charges* 2.89 10.88 16.92 Operating charges** (1.04) (2.00) (1.78) Return after operating charges* 1.85 8.88 15.14 Distributions - - (0.04) Retained distributions - - 0.04 Closing net asset value per share 97.87 96.02 87.14 * after direct transaction costs of*** 0.09 0.14 0.18 Performance Return after charges 1.93% 10.19% 21.03% Other information Closing net asset value (£) 979 960 871 Closing number of shares 1,000 1,000 1,000 Operating charges**** 2.21% 2.18% 2.24% Direct transaction costs*** 0.20% 0.15% 0.22% Prices cents per share cents per share cents per share Highest share price 136.8 129.6 110.7 Lowest share price 124.8 106.8 99.77

1 January 2018 to 1 January 2017 to 1 January 2016 to Accumulation 'R' 30 June 2018 31 December 2017 31 December 2016 p/share p/share p/share Change in net assets per share Opening net asset value per share 119.25 107.69 92.28 Return before operating charges* 3.50 13.18 16.84 Operating charges** (0.86) (1.62) (1.43) Return after operating charges* 2.64 11.56 15.41 Distributions (0.28) (0.09) (0.04) Retained distributions 0.28 0.09 0.04 Closing net asset value per share 121.89 119.25 107.69 * after direct transaction costs of*** 0.11 0.17 0.21 Performance Return after charges 2.21% 10.73% 16.70% Other information Closing net asset value (£) 21,428,938 21,773,989 22,227,710 Closing number of shares 17,580,466 18,259,658 20,640,043 Operating charges**** 1.46% 1.43% 1.49% Direct transaction costs*** 0.20% 0.15% 0.22% Prices pence per share pence per share pence per share Highest share price 122.5 119.2 108.0 Lowest share price 112.2 107.4 80.66

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Comparative Tables (continued)

1 January 2018 to 1 January 2017 to 1 January 2016 to Accumulation 'U1' 30 June 2018 31 December 2017 31 December 2016 p/share p/share p/share Change in net assets per share Opening net asset value per share 141.13 127.37 109.07 Return before operating charges* 4.14 15.58 19.92 Operating charges** (0.96) (1.82) (1.62) Return after operating charges* 3.18 13.76 18.30 Distributions (0.38) (0.21) (0.22) Retained distributions 0.38 0.21 0.22 Closing net asset value per share 144.31 141.13 127.37 * after direct transaction costs of*** 0.14 0.20 0.25 Performance Return after charges 2.25% 10.80% 16.78% Other information Closing net asset value (£) 17,039,762 18,088,215 20,679,382 Closing number of shares 11,807,399 12,816,512 16,236,156 Operating charges**** 1.39% 1.36% 1.41% Direct transaction costs*** 0.20% 0.15% 0.22% Prices pence per share pence per share pence per share Highest share price 145.0 141.1 127.7 Lowest share price 132.8 127.0 95.35

1 January 2018 to 1 January 2017 to 1 January 2016 to Accumulation 'U2' 30 June 2018 31 December 2017 31 December 2016 p/share p/share p/share Change in net assets per share Opening net asset value per share 142.45 128.44 109.89 Return before operating charges* 4.19 15.74 20.10 Operating charges** (0.92) (1.73) (1.55) Return after operating charges* 3.27 14.01 18.55 Distributions (0.44) (0.29) (0.23) Retained distributions 0.44 0.29 0.23 Closing net asset value per shares 145.72 142.45 128.44 * after direct transaction costs of*** 0.14 0.21 0.26 Performance Return after charges 2.30% 10.91% 16.88% Other information Closing net asset value (£) 122,326 97,387 109,820 Closing number of shares 83,944 68,366 85,500 Operating charges**** 1.31% 1.28% 1.34% Direct transaction costs*** 0.20% 0.15% 0.22% Prices pence per share pence per share pence per share Highest share price 146.4 142.4 128.8 Lowest share price 134.0 128.1 96.08

† Launched 1 March 2016. ** The operating charges include all costs borne by the sub-fund, except for direct transaction costs. Since the sub-fund invests less than 10% of net assets in underlying sub-funds there is no inclusion of a synthetic element for underlying sub-funds OCF. *** The direct transaction costs are made up of fees and commissions paid to agents, advisers, brokers and dealers, levies by regulatory agencies and securities exchanges as well as transfer taxes and duties. They do not include any difference between the quoted bid and offer prices or internal administrative or holding costs. These costs arise as a result of transactions undertaken both for efficient portfolio management and the meeting of the sub-fund’s objectives. These costs exclude any effect of dilution adjustments used to offset the costs. **** The operating charges percentage is the ratio of the sub-fund's ongoing charges (excluding interest on borrowings) to the average net assets of the sub-fund. If the share class launched during the period the operating charges figures are annualised.

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Performance

6 months to 1 year to 3 years to 5 years to 30 June 2018 30 June 2018 30 June 2018 30 June 2018

Quilter Investors Global Best Ideas* 2.27% 8.65% 31.53% 55.30% GBI Custom (benchmark) 1.80% 7.74% 43.69% 67.57% IA Global (sector average) 2.68% 9.33% 46.99% 76.27% Quartile ranking 2 3 4 4 * Accumulation ‘A’ shares Data Source – Factset. Figures are calculated on a total return and single price basis, with net income reinvested into the sub-fund.

Percentage of Portfolio allocation Major holdings portfolio

North America Equities 33.27% Old Mutual European Best Ideas Fund - U2 Income 8.55% United Kingdom Equities 27.07% SLC Agricola 5.18% Europe Equities 13.96% Progressive 4.83% Asia Pacific (excluding Japan) Equities 6.94% Global Payments 4.51% South America Equities 5.18% Sky 4.28% Japan Equities 4.51% Gartner 4.07% Africa Equities 1.12% SBA Communications Class A 4.02% FleetCor Technologies 3.37% Net other assets 7.95% Unilever 3.22% Aker 2.85% Total 100.00% Number of holdings 38

Asset allocation Total Purchases and Sales for the period

2018 2017 Equities 92.05% £’000 £’000 Net other assets 7.95% Total purchases for the 6 month period to 30 June 78,832 84,551 Total sales for the 6 month period to 30 June 82,937 165,554 Total 100.00%

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Portfolio statement as at 30 June 2018

Market Percentage of Value total net assets Holding Investment £’000 %

United Kingdom 27.07% (31 December 2017 19.97%)

United Kingdom Equities 27.07% (31 December 2017 19.97%) 296,700 3i 2,680 1.46 659,100 Ascential 2,974 1.62 138,400 Ashtead 3,180 1.74 321,861 GVC Holdings 3,386 1.85 374,300 HomeServe 3,369 1.84 685,000 Indivior 2,611 1.42 1,251,810 Man 2,207 1.20 13,030,542 Pendragon 3,238 1.77 65,509 Randgold Resources 3,802 2.08 895,600 Rentokil Initial 3,134 1.71 537,600 Sky 7,833 4.28 593,400 TP ICAP 2,484 1.36 139,838 Unilever 5,903 3.22 140,900 Weir 2,791 1.52 49,592 27.07

Overseas 64.98% (31 December 2017 69.00%)

Africa 1.12% (31 December 2017 1.12%)

South Africa Equities 1.12% (31 December 2017 1.12%) 113,333 Tiger Brands 2,059 1.12 2,059 1.12

Asia Pacific (Excluding Japan) 6.94% (31 December 2017 5.88%)

Hong Kong Equities 0.00% (31 December 2017 0.67%)

India Equities 4.80% (31 December 2017 2.94%) 96,409 Housing Development Finance 2,044 1.12 3,254,774 Idea Cellular 2,131 1.16 138,222 Tata Consultancy Services 2,832 1.55 2,184,486 Tata Power 1,781 0.97 8,788 4.80

Singapore Equities 0.00% (31 December 2017 1.11%)

Taiwan Equities 2.14% (31 December 2017 1.16%) 2,028,000 Uni-President Enterprises 3,913 2.14 3,913 2.14

Japan 4.51% (31 December 2017 0.85%)

Japan Equities 4.51% (31 December 2017 0.85%) 781,600 Leopalace21 3,259 1.78 31,300 Shiseido 1,894 1.03 135,700 Unicharm 3,108 1.70 8,261 4.51

Europe 13.96% (31 December 2017 18.93%)

Denmark Equities 0.00% (31 December 2017 0.90%)

France Equities 0.00% (31 December 2017 3.37%) 15 Quilter Investors Series I

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Portfolio statement (continued) as at 30 June 2018

Market Percentage of Value total net assets Holding Investment £’000 %

Germany Equities 1.66% (31 December 2017 1.34%) 36,198 Henkel 3,051 1.66 3,051 1.66

Ireland Equities 8.55% (31 December 2017 8.34%) 1,262,010 Old Mutual European Best Ideas Fund - U2 Income 15,661 8.55 15,661 8.55

Italy Equities 0.00% (31 December 2017 1.76%)

Norway Equities 2.85% (31 December 2017 1.20%) 184,095 Aker 5,228 2.85 5,228 2.85

Spain Equities 0.00% (31 December 2017 1.39%)

Switzerland Equities 0.00% (31 December 2017 0.63%)

Turkey Equities 0.90% (31 December 2017 0.00%) 1,306,741 Akbank Turk 1,644 0.90 1,644 0.90

North America 33.27% (31 December 2017 38.99%)

Canada Equities 0.00% (31 December 2017 1.01%)

United States Equities 33.27% (31 December 2017 37.98%) 137,000 Booz Allen Hamilton 4,532 2.47 119,400 CBRE 4,301 2.35 38,500 FleetCor Technologies 6,182 3.37 73,300 Gartner 7,452 4.07 98,600 Global Payments 8,253 4.51 195,300 Progressive 8,848 4.83 58,700 SBA Communications Class A 7,367 4.02 77,500 TransUnion 4,216 2.30 64,000 Verisk Analytics 5,184 2.83 80,700 Waste Connections (USA Listing) 4,608 2.52 60,943 33.27

South America 5.18% (31 December 2017 3.23%)

Brazil Equities 5.18% (31 December 2017 2.11%) 950,900 SLC Agricola 9,488 5.18 9,488 5.18

Chile Equities 0.00% (31 December 2017 1.12%)

Investment assets 168,628 92.05

Net other assets 14,563 7.95

Total net assets 183,191 100.00

All investments are approved securities being either officially listed in a member state or traded on or under the rules of an eligible securities market, unless otherwise stated. All investments are in ordinary shares unless otherwise stated.

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Statement of total return for the period from 1 January 2018 to 30 June 2018 01.01.18 to 01.01.18 to 01.01.17 to 01.01.17 to 30.06.18 30.06.18 30.06.17 30.06.17 Note £'000 £'000 £'000 £'000

Income Net capital gains 3,778 12,917 Revenue 1,871 1,990 Expenses (1,858) (2,724) Interest payable and similar charges (2) (10) Net revenue/(expense) before taxation 11 (744) Taxation (220) (141) Net expense after taxation (209) (885) Total return before distributions 3,569 12,032 Distributions 2 (99) (2) Change in net assets attributable to shareholders from investment activities 3,470 12,030

Statement of change in net assets attributable to shareholders for the period from 1 January 2018 to 30 June 2018 01.01.18 to 01.01.18 to 01.01.17 to 01.01.17 to 30.06.18 30.06.18 30.06.17 30.06.17 £'000 £'000 £'000 £'000 Opening net assets attributable to shareholders 190,514* 287,383

Amounts received on issue of shares 6,767 3,381 Amounts paid on cancellation of shares (17,670) (105,045) (10,903) (101,664) Dilution adjustment 16 220 Change in net assets attributable to shareholders from investment activities 3,470 12,030 Retained distribution on accumulation shares 94 1

Closing net assets attributable to shareholders 183,191 197,970*

* Section 3.30 of the SORP issued by the Investment Management Association in May 2014 requires comparative figures for the above statement. For interim financial statements this will result in the closing comparative net assets not being equal to net assets at the start of the current period.

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Balance sheet as at 30 June 2018 30.06.18 31.12.17 £'000 £'000 Assets Fixed assets Investments 168,628 169,493 Current assets Debtors 221 852 Cash and bank balances 17,162 20,688 Total assets 186,011 191,033

Liabilities Creditors Bank overdrafts (1) - Other creditors (2,819) (519) Total liabilities (2,820) (519)

Net assets attributable to shareholders 183,191 190,514

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Notes to the financial statements for the period from 1 January 2018 to 30 June 2018

1 Accounting policies The financial statements have been prepared under the historical cost basis, as modified by the revaluation of investments, and in accordance with the Statement of Recommended Practice (SORP) for Authorised Funds, issued by the Investment Management Association in May 2014. The accounting policies applied are consistent with those disclosed within the annual Financial Statements for the year ended 31 December 2017.

2 Distributions The distributions take account of revenue received on the issue of shares and revenue deducted on the cancellation of shares, and comprise:

01.01.18 to 01.01.17 to 30.06.18 30.06.17 £'000 £'000

Interim – Accumulation shares (30 June) 94 1 94 1 Revenue deducted on cancellation of shares 7 1 Revenue received on issue of shares (2) - Distributions 99 2

Reconciliation of distributions: Net expense after taxation (209) (885) Authorised Corporate Director’s capitalised fee rebates (47) (7) Capital gains tax 147 - Equalisation on conversion 1 - Tax effect of fee rebates taken to capital 9 1 Net expense carried forward 198 893 Distributions 99 2

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Distribution table

Interim distribution

Group 1: Shares purchased prior to 1 January 2018 Group 2 : Shares purchased from 1 January 2018 to 30 June 2018

Revenue Equalisation Distribution Distribution pence/cents pence/cents paid 31.08.18 paid 31.08.17 per share per share* pence/cents per share pence/cents per share Accumulation 'A' Shares Group 1 0.0000 - 0.0000 0.0000

Group 2 0.0000 0.0000 0.0000 0.0000

Accumulation 'A' EUR Shares Group 1 0.0000 - 0.0000 0.0000

Group 2 0.0000 0.0000 0.0000 0.0000

Accumulation 'A' USD Shares Group 1 0.0000 - 0.0000 0.0000

Group 2 0.0000 0.0000 0.0000 0.0000

Accumulation 'R' Shares Group 1 0.2783 - 0.2783 0.0000

Group 2 0.1789 0.0994 0.2783 0.0000

Accumulation 'U1' Shares Group 1 0.3819 - 0.3819 0.0087

Group 2 0.1846 0.1973 0.3819 0.0087

Accumulation 'U2' Shares Group 1 0.4361 - 0.4361 0.0381

Group 2 0.0297 0.4064 0.4361 0.0381

* Equalisation only applies to shares purchased during the distribution period (Group 2 shares). It is the average amount of revenue included in the purchase price of all Group 2 shares and is refunded to holders of these shares as a return of capital. Being capital, it is not liable to income tax but must be deducted from the cost of shares for capital gains tax purposes.

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Quilter Investors Global Dynamic Equity Fund

Launch date 27 March 2009 Emerging market equities struggled, with the allocation to Wells Fargo Global IA Sector Global Emerging Markets proving to be the biggest drag on performance in the six months, Investment adviser Brandywine Global Investment Management LLC although this was offset by positive returns in the final three months from our Asian DSM Capital Partners LLC equity exposure through the Schroders Asia and Schroder Tokyo funds. Lapides Asset Management LLC LSV Asset Management Risk and Reward Profile Old Mutual Global Investors (UK) Limited Schroder Investment Management Ltd Wellington Management International Ltd Wells Capital Management Incorporated Net asset value £534,396,060

Objective

The sub-fund aims to provide long term capital growth predominantly through The calculated risk and reward category, as shown above, uses a method of investment in global equities. calculation derived from EU rules. It is based on the rate at which the returns of the sub-fund have moved up and down in the past (i.e. volatility) and is not a guide to Policy the future risk and reward category of the sub-fund. The category shown is not a target or guarantee and may shift over time. Even the lowest category 1 does not The sub-fund will invest directly in securities or through collective investment mean a risk-free investment. The seven-category scale is nonlinear, for example, 2 schemes in order to give exposure to a diversified portfolio predominantly investing is not twice as risky as 1. in global equities. The sub-fund may have exposure to cash, near cash, money market instruments, permitted deposits, and securities. Sub-funds in category 5 have in the past shown moderately high volatility. With a sub-fund of category 5, you have a moderately high risk of losing money but your The sub-fund may invest up to 10% of its property in collective investment schemes chance for gains is also moderately high. including those that are managed or operated by the ACD or an associate of the ACD. Investment risk - there is no guarantee that the sub-fund will achieve its objective. A capital loss of some or all of the amount invested may occur. The sub-fund may also invest directly in derivative instruments and forward transactions for the purposes of investment or efficient portfolio management. Currency risk (EUR share class) - the sub-fund is denominated in British Pounds Forward transactions may also be used with the aim of reducing currency risk for but holds assets denominated in other currencies. The share class is denominated currency hedged share classes. The use of derivatives for this purpose may affect in Euro. The value of your shares may rise and fall as a result of exchange rate the volatility or risk profile of the sub-fund although this is not the ACD’s intention. movements between these currencies. Currency risk (GBP share class) - the sub-fund is denominated in British Pounds Investment Manager’s review but holds assets denominated in other currencies. The value of your shares may rise and fall as a result of exchange rate movements between these currencies. Market Review Currency risk (USD share class) - the sub-fund is denominated in British Pounds Company share and bond markets suffered a torrid start to the year. After UK and but holds assets denominated in other currencies. This share class is denominated US stock markets both hit record highs in January, global equities suffered two in US Dollars. The value of your shares may rise and fall as a result of exchange major setbacks in the first three months of 2018. Thanks to a sudden hike in US rate movements between these currencies. inflation and fears of a more aggressive interest-rate posture in the US, bond and then equity markets sold off sharply on concerns of the global economy overheating. Derivative risk - the sub-fund may use derivatives to generate returns as well as to reduce costs and/or the overall risk of the sub-fund. Using derivatives can involve a After briefly recovering ground in February, markets tumbled a second time as higher level of risk. A small movement in the price of an underlying investment may President Trump’s trade-war rhetoric sparked worries of a global economic result in a disproportionately large movement in the price of the derivative slowdown, and a data scandal at Facebook triggered a steep fall in tech-sector investment. Derivatives also involve counterparty risk where the institutions acting as share prices. counterparty to derivatives may not meet their contractual obligations. In the second half of the period, markets recovered strongly, driven by the US as Capital erosion risk - the sub-fund takes its charges from the income of the sub- technology stocks and overall strong corporate earnings helped push markets fund in the first instance. The impact of sub-fund charges may be material on the higher, with the Nasdaq index gaining almost 13% in the three months to 30 June value of any income you receive from your investment. There is potential for capital and climbing 11.5% in sterling terms for the six months overall. erosion if insufficient income is generated by the sub-fund to cover these charges. Emerging markets, in contrast, had a disappointing six months, as the MSCI Capital erosion may have the effect of reducing the level of income generated. Emerging Markets index declined 4.2% in sterling terms over the period, partly For a more detailed explanation of risks, please refer to the "Risks" section of the driven by trade war rhetoric with the US, China concerns and weakening corporate prospectus. fundamentals.

Performance

Overall, the sub-fund delivered a positive return in the six month period, as a strong performance from US equities helped offset losses from emerging market equities and Europe ex UK. The two market sell-offs in quick succession in the first three months of the year, meant dedicated UK managers saw their portfolios fall in line with the UK market. Positive picks in staples, and not holding tobacco companies British American Tobacco and Imperial Brands, were offset by weakness in tech names. Our Europe ex UK manager, Wellington Management, found its names defended a little better than the market, but similar to the UK positives in staples were offset by picks in technology. Unsurprisingly growth names defended best in the quarter, with our value manager, Brandywine, delivering a good first quarter In the second half of the period, however, developed markets, particularly the US and UK performance delivered strong returns. In particular, some of the managers that had previously struggled, such as Lapides, a US small and mid cap value manager, returned to form delivering double digit returns for the three months to 30 June. In addition, Brandywine continued to perform well, and recorded the best return from our underlying managers in the six month period. 21 Quilter Investors Series I

Quilter Investors Global Dynamic Equity Fund

Performance Records

Comparative Tables

1 January 2018 to 1 January 2017 to 1 January 2016 to Accumulation 'A' 30 June 2018 31 December 2017 31 December 2016 p/share p/share p/share Change in net assets per share Opening net asset value per share 121.79 108.96 89.80 Return before operating charges* 0.84 15.15 21.03 Operating charges** (1.18) (2.32) (1.87) Return after operating charges* (0.34) 12.83 19.16 Distributions (0.01) - (0.19) Retained distributions 0.01 - 0.19 Closing net asset value per share 121.45 121.79 108.96 * after direct transaction costs of*** 0.03 0.14 0.25 Performance Return after charges (0.28)% 11.77% 21.34% Other information Closing net asset value 523,639,687 556,454,126 729,932,218 Closing number of shares 431,140,827 456,907,632 669,899,662 Operating charges**** 2.00% 2.00% 1.97% Direct transaction costs*** 0.06% 0.12% 0.27% Prices pence per share pence per share pence per share Highest share price 124.0 122.1 109.7 Lowest share price 111.9 108.8 78.12

Accumulation 'A' EUR 1 January 2018 to 1 January 2017 to 1 January 2016 to 30 June 2018 31 December 2017 31 December 2016 p/share p/share p/share Change in net assets per share Opening net asset value per share 121.02 108.27 89.43 Return before operating charges* 0.85 15.06 20.56 Operating charges** (1.18) (2.31) (1.72) Return after operating charges* (0.33) 12.75 18.84 Distributions (0.02) - (0.19) Retained distributions 0.02 - 0.19 Closing net asset value per share 120.69 121.02 108.27 * after direct transaction costs of*** 0.03 0.14 0.23 Performance Return after charges (0.27)% 11.78% 21.07% Other information Closing net asset value 957,957 982,643 888,143 Closing number of shares 793,721 811,936 820,330 Operating charges**** 2.00% 2.00% 1.98% Direct transaction costs*** 0.06% 0.12% 0.27% Prices cents per share cents per share cents per share Highest share price 140.6 137.3 128.3 Lowest share price 127.5 125.0 100.3

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Quilter Investors Global Dynamic Equity Fund

Comparative Tables (continued)

Accumulation 'A' USD 1 January 2018 to 1 January 2017 to 1 January 2016 to 30 June 2018 31 December 2017 31 December 2016 p/share p/share p/share Change in net assets per share Opening net asset value per share 121.61 109.04 89.75 Return before operating charges* 0.83 14.90 21.09 Operating charges** (1.19) (2.33) (1.80) Return after operating charges* (0.36) 12.57 19.29 Distributions (0.01) - (0.20) Retained distributions 0.01 - 0.20 Closing net asset value per share 121.25 121.61 109.04 * after direct transaction costs of*** 0.03 0.14 0.24 Performance Return after charges (0.30)% 11.53% 21.49% Other information Closing net asset value 154,409 3,290,725 786,462 Closing number of shares 127,350 2,705,896 721,243 Operating charges**** 2.00% 2.00% 1.98% Direct transaction costs*** 0.06% 0.12% 0.27% Prices cents per share cents per share cents per share Highest share price 172.9 137.3 135.6 Lowest Share price 158.2 133.8 113.5

Accumulation 'R' 1 January 2018 to 1 January 2017 to 1 January 2016 to 30 June 2018 31 December 2017 31 December 2016 p/share p/share p/share Change in net assets per share Opening net asset value per share 127.84 113.25 92.41 Return before operating charges* 0.93 15.81 21.83 Operating charges** (0.63) (1.22) (0.99) Return after operating charges* 0.30 14.59 20.84 Distributions (0.56) (0.85) (0.90) Retained distributions 0.56 0.85 0.90 Closing net asset value per shares 128.14 127.84 113.25 * after direct transaction costs of*** 0.04 0.15 0.27 Performance Return after charges 0.23% 12.88% 22.55% Other information Closing net asset value 9,644,007 27,349,337 21,396,253 Closing number of shares 7,526,243 21,393,396 18,893,549 Operating charges**** 1.00% 1.00% 0.97% Direct transaction costs*** 0.06% 0.12% 0.27% Prices pence per share pence per share pence per share Highest share price 130.3 128.1 114.0 Lowest share price 117.7 113.1 80.49

** The operating charges include all costs borne by the sub-fund, except for direct transaction costs. Since the sub-fund invests less than 10% of net assets in underlying sub-funds there is no inclusion of a synthetic element for underlying sub-funds OCF. *** The direct transaction costs are made up of fees and commissions paid to agents, advisers, brokers and dealers, levies by regulatory agencies and securities exchanges as well as transfer taxes and duties. They do not include any difference between the quoted bid and offer prices or internal administrative or holding costs. These costs arise as a result of transactions undertaken both for efficient portfolio management and the meeting of the sub-fund’s objectives. These costs exclude any effect of dilution adjustments used to offset the costs. **** The operating charges percentage is the ratio of the sub-fund's ongoing charges (excluding interest on borrowings) to the average net assets of the sub-fund.

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Quilter Investors Global Dynamic Equity Fund

Performance

6 months to 1 year to 3 years to 5 years to 30 June 2018 30 June 2018 30 June 2018 30 June 2018

Quilter Investors Global Dynamic Equity* 0.23% 6.40% 25.37% 47.35% VGDE Custom (benchmark) 2.02% 8.94% 42.98% 66.73% IA Global (sector average) 2.68% 9.33% 46.99% 76.27% Quartile ranking 4 34 4 * Accumulation ‘R’ shares Data Source – Factset. Figures are calculated on a total return and single price basis, with net income reinvested into the sub-fund.

Percentage of Portfolio allocation Major holdings portfolio JPMorgan Fund ICVC - Europe Dynamic Ex-UK Fund 5.64% North America 53.21% Polar Capital Financial Opportunities - I Accumulation Fund (GBP) Europe 11.99% 2.56% Asia Pacific (excluding Japan) 12.03% KKR 0.81% United Kingdom 11.07% Samsung Electronics 0.77% Japan 7.82% Taiwan Semiconductor Manufacturing 0.70% South America 0.48% Motorola Solutions 0.70% Africa 0.30% Alibaba ADR 0.68% Berkshire Hathaway 0.67% Citi 0.63% Net other assets 3.10% Cisco Systems 0.61%

Total 100.00%

Number of holdings 621 Asset allocation

Total Purchases and Sales for the period Equities 96.90% 2018 2017 £’000 £’000 Net other assets 3.10% Total purchases for the 6 month period to 30 June 85,244 180,236 Total sales for the 6 month period to 30 June 131,978 408,005 Total 100.00%

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Quilter Investors Global Dynamic Equity Fund

Portfolio statement as at 30 June 2018

Holding Investment Market Percentage of Value total net assets £'000 % United Kingdom 11.07% (31 December 2017 11.15%)

United Kingdom Equities 11.07% (31 December 2017 11.15%)

Banks 0.60% (31 December 2017 0.61%) 370,684 Barclays 703 0.13 130,838 HSBC (UK Listing) 933 0.17 110,000 HSBC (HK Listing) 785 0.15 1,282,932 Lloyds Banking 808 0.15 3,229 0.60

Collective Investment Schemes 5.64% (31 December 2017 5.48%) 30,210,082 JPMorgan Fund ICVC - Europe Dynamic Ex-UK Fund 30,156 5.64 30,156 5.64

Construction & Materials 0.10% (31 December 2017 0.10%) 250,404 Melrose Industries 534 0.10 534 0.10

Electricity 0.08% (31 December 2017 0.06%) 126,650 Drax 411 0.08 411 0.08

Financial Services 0.07% (31 December 2017 0.09%) 94,677 TP ICAP 396 0.07 396 0.07

Food & Drug Retailers 0.14% (31 December 2017 0.11%) 283,596 Tesco 735 0.14 735 0.14

Food Producers 0.46% (31 December 2017 0.45%) 62,385 Cranswick 2,110 0.40 52,328 Tate & Lyle 338 0.06 2,448 0.46

Forestry & Paper 0.06% (31 December 2017 0.00%) 16,369 Mondi 337 0.06 337 0.06

General Industrials 0.09% (31 December 2017 0.52%) 79,952 DS Smith 419 0.08 21,802 DS Smith Rights 76 0.01 495 0.09

General Retailers 0.15% (31 December 2017 0.12%) 8,284 Next 502 0.09 230,632 Pets at Home 298 0.06 800 0.15

Health Care Equipment & Services 0.53% (31 December 2017 0.42%) 41,351 Smith & Nephew 581 0.11 28,555 STERIS 2,248 0.42 2,829 0.53

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Quilter Investors Global Dynamic Equity Fund

Portfolio statement (continued) as at 30 June 2018

Holding Investment Market Percentage of Value total net assets £'000 % Life Insurance 0.39% (31 December 2017 0.40%) 138,243 Aviva 698 0.13 41,017 Prudential 715 0.14 56,396 St James's Place 649 0.12 2,062 0.39

Mining 0.30% (31 December 2017 0.25%) 15,290 Anglo American 257 0.05 12,004 Rio Tinto (Australian Listing) 561 0.10 18,729 Rio Tinto (UK Listing) 790 0.15 1,608 0.30

Mobile Telecommunications 0.11% (31 December 2017 0.15%) 333,118 Vodafone 612 0.11 612 0.11

Oil & Gas Producers 0.79% (31 December 2017 0.72%) 185,100 BP 1,073 0.20 90,787 BP ADR 3,156 0.59 4,229 0.79

Personal Goods 0.29% (31 December 2017 0.26%) 17,653 Burberry 382 0.07 27,044 Unilever (Dutch Listing) 1,150 0.22 1,532 0.29

Pharmaceuticals & Biotechnology 0.38% (31 December 2017 0.34%) 10,819 AstraZeneca (UK Listing) 572 0.11 53,887 GlaxoSmithKline 823 0.15 21,800 GlaxoSmithKline ADR 657 0.12 2,052 0.38

Software & Computer Services 0.18% (31 December 2017 0.25%) 16,627 Micro Focus International 222 0.04 118,133 Sage 743 0.14 965 0.18

Support Services 0.10% (31 December 2017 0.25%) 28,699 Experian 539 0.10 539 0.10

Travel & Leisure 0.61% (31 December 2017 0.57%) 445,705 GVC CVR - - 69,108 GVC Holdings 727 0.14 88,785 International Consolidated Airlines (UK Listing) 592 0.11 127,638 Merlin Entertainments 496 0.09 120,471 SSP 771 0.15 16,176 Whitbread 645 0.12 3,231 0.61

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Quilter Investors Global Dynamic Equity Fund

Portfolio statement (continued) as at 30 June 2018

Holding Investment Market Percentage of Value total net assets £'000 % Overseas 85.83% (31 December 2017 85.29%)

Africa 0.30% (31 December 2017 0.34%)

Africa Equities 0.30% (31 December 2017 0.34%)

South Africa Equities 0.30% (31 December 2017 0.34%) 35,154 Barclays Africa 305 0.06 258,386 Growthpoint Properties 370 0.07 85,108 Life Healthcare 115 0.02 10,099 Mr Price 125 0.02 60,382 Sanlam 231 0.04 33,271 Standard Bank 348 0.07 26,814 Truworths International 114 0.02 1,608 0.30

Asia Pacific (excluding Japan) 12.03% (31 December 2017 12.27%)

Asia Pacific (excluding Japan) Equities 12.03% (31 December 2017 12.27%)

Australia Equities 0.94% (31 December 2017 1.09%) 12,896 ASX 464 0.09 43,978 Australia & New Zealand Banking 696 0.13 53,846 BHP Billiton (Australian Listing) 1,024 0.19 61,530 Brambles 305 0.06 8,537 CSL 922 0.17 115,075 Dulux 493 0.09 337,518 Incitec Pivot 676 0.13 26,791 Westpac Banking 440 0.08 5,020 0.94

China Equities 3.72% (31 December 2017 3.28%) 1,043,000 Agricultural Bank of China 'H' 371 0.07 25,251 Alibaba ADR 3,620 0.68 1,485,000 Bank of China 559 0.10 378,000 China Communications Construction 278 0.05 854,000 China Communications Services 412 0.08 1,389,000 China Construction Bank 975 0.18 498,000 China Lesso 240 0.05 80,000 China Life Insurance 'H' 157 0.03 1,094,242 China Longyuan Power 670 0.13 276,600 China Pacific Insurance 814 0.15 1,584,000 China Petroleum & Chemical 1,075 0.20 720,000 China Telecom 256 0.05 1,177,000 CNOOC (HK Listing) 1,544 0.29 229,000 Haitian International 411 0.08 358,000 Huaneng Power International 181 0.03 32,330 Huazhu 1,037 0.19 1,322,000 Industrial & Commercial Bank of China 751 0.14 472,000 Lenovo 195 0.04

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Quilter Investors Global Dynamic Equity Fund

Portfolio statement (continued) as at 30 June 2018

Holding Investment Market Percentage of Value total net assets £'000 % China Equities (continued) 1,983 NetEase ADR 372 0.07 549,000 PICC Property & Casualty 450 0.08 94,000 Ping An Insurance China 658 0.12 63,000 Shenzhou 592 0.11 168,800 Sinopharm 516 0.10 23,560 Tencent ADR 878 0.16 71,500 Tencent 2,730 0.51 236,000 Zhejiang Expressway 160 0.03 19,902 3.72

Hong Kong Equities 2.17% (31 December 2017 2.45%) 244,000 AIA 1,624 0.30 41,500 ASM Pacific Technology 398 0.07 145,500 BOC Hong Kong 521 0.10 102,000 China Merchants Port 157 0.03 1,017,000 China Metal Recycling - - 125,500 China Mobile 848 0.16 18,500 China Mobile ADR 628 0.12 198,000 China Resources Cement 152 0.03 126,000 China Resources Land 323 0.06 348,000 China State Construction International 272 0.05 341,600 Chow Tai Fook Jewellery 293 0.05 1,269,755 Guangdong Investment 1,527 0.29 18,100 Jardine Matheson 869 0.16 161,250 Johnson Electric 357 0.07 788,000 Pacific Textiles 509 0.10 282,000 SJM 267 0.05 155,000 Sun Art Retail 154 0.03 38,000 Sun Hung Kai Properties 436 0.08 384,000 Swire Properties 1,078 0.20 254,000 Techtronic Industries 1,077 0.20 140,000 Xinyi Glass 130 0.02 11,620 2.17

India Equities 1.32% (31 December 2017 1.59%) 43,484 Apollo Hospitals Enterprise 509 0.10 65,089 Bharat Petroleum 270 0.05 97,334 Bharti Infratel 325 0.06 10,924 Care Ratings 152 0.03 38,935 Godrej Consumer Products 528 0.10 16,107 HCL Technologies 166 0.03 74,748 HDFC Bank 1,751 0.33 8,789 Hero MotoCorp 338 0.06 35,730 IndusInd Bank 768 0.14 49,916 Infosys 727 0.14 121,574 Marico 447 0.08 192,397 NTPC 340 0.06 93,184 Vedanta 244 0.05 71,008 Zee Entertainment Enterprises 429 0.08 643,557 Zee Entertainment Enterprises 6% preference 05/03/2022 55 0.01 7,049 1.32

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Quilter Investors Global Dynamic Equity Fund

Portfolio statement (continued) as at 30 June 2018

Holding Investment Market Percentage of Value total net assets £'000 % Indonesia Equities 0.19% (31 December 2017 0.13%) 2,114,100 Bank Rakyat Indonesia 318 0.06 1,515,900 Cikarang Listrindo 88 0.02 358,300 Matahari Department Store 167 0.03 2,102,700 Telekomunikasi Indonesia 418 0.08 991 0.19

Macau Equities 0.15% (31 December 2017 0.08%) 194,400 Sands China 790 0.15 790 0.15

Malaysia Equities 0.17% (31 December 2017 0.12%) 120,200 Bursa Malaysia 166 0.03 150,100 CIMB 154 0.03 187,600 Genting Malaysia 172 0.03 47,800 Public Bank 208 0.04 445,100 Sime Darby 205 0.04 905 0.17

Philippines Equities 0.03% (31 December 2017 0.04%) 343,260 Semirara Mining & Power 148 0.03 148 0.03

Singapore Equities 0.30% (31 December 2017 0.37%) 46,500 BOC Aviation 220 0.04 204,600 CapitaLand Retail China Trust 173 0.03 23,900 Jardine Cycle & Carriage 424 0.08 120,200 Oversea-Chinese Banking 780 0.15 1,597 0.30

South Korea Equities 1.27% (31 December 2017 1.18%) 4,157 Coway 245 0.05 1,892 Hyundai Motor 161 0.03 6,585 ING Life Insurance Korea 188 0.04 8,975 KB Financial 324 0.06 9,766 Korea Electric Power 213 0.04 35,270 Korean Reinsurance 284 0.05 1,024 POSCO 230 0.04 128,593 Samsung Electronics 4,096 0.77 986 Samsung Fire & Marine Insurance 178 0.03 2,388 SK Innovation 329 0.06 2,252 SK Telecom 358 0.07 2,255 S-Oil 169 0.03 6,775 1.27

Taiwan Equities 1.44% (31 December 2017 1.58%) 55,000 Advantech 275 0.05 26,000 Asustek Computer 180 0.03 193,000 Cathay Financial 259 0.05 92,000 Chicony Electronics 158 0.03 402,000 CTBC Financial 220 0.04 79,000 Formosa Plastics 221 0.04

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Portfolio statement (continued) as at 30 June 2018

Holding Investment Market Percentage of Value total net assets £'000 % Taiwan Equities (continued) 117,000 Giant Manufacturing 375 0.07 491,295 Hon Hai Precision Industry 1,019 0.19 5,000 Largan Precision 557 0.10 41,000 MediaTek 307 0.06 692,000 Taiwan Semiconductor Manufacturing 3,731 0.70 342,000 Teco Electric and Machinery 195 0.04 106,000 Uni-President Enterprises 205 0.04 7,702 1.44

Thailand Equities 0.33% (31 December 2017 0.36%) 52,200 Bangkok Bank (Foreign Reg) 238 0.04 148,000 Kasikornbank (Foreign Reg) 680 0.13 1,476,100 Land & Houses 380 0.07 202,200 Major Cineplex 114 0.02 137,900 PTT PCL 151 0.03 523,400 Thai Beverage PCL 209 0.04 1,772 0.33

Japan 7.82% (31 December 2017 7.81%)

Japan Equities 7.82% (31 December 2017 7.81%) 13,800 77 Bank 229 0.04 3,900 ABC-Mart 163 0.03 9,400 Advan 62 0.01 26,700 Astellas Pharma 310 0.06 19,700 AT 393 0.07 2,900 Bandai Namco 91 0.02 34,300 Bridgestone 1,021 0.19 14,800 Canon 369 0.07 12,500 Canon (US Listing) 308 0.06 3,400 Central Japan Railway 536 0.10 8,500 Chubu-Nippon Broadcasting 48 0.01 10,200 Daicel Corp 86 0.02 4,100 Disco 533 0.10 5,000 Don Quijotegs 183 0.03 10,900 Dowags 255 0.05 13,100 East Japan Railway 955 0.18 5,400 Enplas 115 0.02 15,900 Fujifilm 472 0.09 99,000 Fujitsu 457 0.09 64,000 Fukuoka Financial 245 0.05 7,500 Glory 160 0.03 26,300 H2O Retailing 320 0.06 33,900 Haseko 356 0.07 29,000 HI-LEX 558 0.10 92,000 Hitachi 494 0.09 18,500 Hitachi Capital 364 0.07 26,000 Hitachi Transport System 507 0.10 10,400 Honda Motor 232 0.04 8,800 IHI 233 0.04 14,300 Iida 210 0.04

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Portfolio statement (continued) as at 30 June 2018

Holding Investment Market Percentage of Value total net assets £'000 % Japan Equities (continued) 34,500 Inabata 365 0.07 49,400 Isuzu Motors 499 0.09 28,100 ITOCHU 388 0.07 7,000 Izumi 329 0.06 27,400 Japan Airlines 740 0.14 11,500 Japan Post 96 0.02 8,400 Japan Tobacco 179 0.03 14,500 JFE 209 0.04 23,100 JGC 355 0.07 11,400 JTEKT 118 0.02 149,500 JX 791 0.15 101,255 KDDI 2,109 0.40 8,100 Kintetsu World Express 127 0.02 12,700 Koito Manufacturing 639 0.12 2,200 Kureha 120 0.02 55,000 Marui 882 0.17 31,970 Matsumotokiyoshi 1,093 0.20 49,800 Mitsubishi Electric 504 0.09 143,600 Mitsubishi UFJ Financial 622 0.12 69,000 Mitsui 876 0.16 19,800 Mitsui Fudosan 364 0.07 2,600 Murata Manufacturing 332 0.06 10,300 Nabtesco 241 0.05 16,000 Nafco 203 0.04 2,300 Nidec 263 0.05 400 Nintendo 100 0.02 600 Nippon Shokubai 33 0.01 35,000 Nippon Soda 147 0.03 79,115 Nippon Telegraph & Telephone 2,740 0.51 27,800 Nippon Telegraph & Telephone ADR 971 0.18 37,900 Nippon Thompson 226 0.04 106,500 Nomura 394 0.07 12,400 Nomura Real Estate 210 0.04 14,800 Otsuka 546 0.10 14,400 Recruit 304 0.06 15,000 Renesas Electronics 112 0.02 27,200 Sakata INX 271 0.05 22,300 Sanki Engineering 166 0.03 21,900 Sankyu 874 0.16 50,000 Santen Pharmaceutical 664 0.12 7,500 Sapporo 143 0.03 39,300 Sekisui Chemical 510 0.10 15,600 Seven & I 518 0.10 13,400 Shimadzu 308 0.06 4,400 Ship Healthcare 126 0.02 8,000 SK Kaken 570 0.11 2,000 SMC 559 0.10 13,400 Sompo 413 0.08 124,363 Sony Financial 1,807 0.34 300 SRA 6 0.00 30,200 Sumitomo Electric Industries 342 0.06

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Portfolio statement (continued) as at 30 June 2018

Holding Investment Market Percentage of Value total net assets £'000 % Japan Equities (continued) 39,300 Sumitomo Mitsui Financial 1,163 0.22 52,900 T&D 605 0.11 11,900 T&K Toka 97 0.02 13,200 TDK 1,028 0.19 11,000 Techno Associe 100 0.02 38,400 Tokai Tokyo Financial 186 0.04 18,200 Tokio Marine 649 0.12 3,900 Toyota Industries 166 0.03 29,500 Toyota Motor 1,455 0.27 2,000 Tsubakimoto Chain 12 0.00 18,200 Unipres 271 0.05 70,200 Yamada Denki 266 0.05 41,767 7.82

Europe 11.99% (31 December 2017 12.26%)

Europe Equities 11.99% (31 December 2017 12.26%)

Belgium Equities 0.33% (31 December 2017 0.37%) 4,979 Ackermans & van Haaren 649 0.12 18,966 UCB 1,132 0.21 1,781 0.33

Denmark Equities 0.22% (31 December 2017 0.21%) 19,083 DSV 1,177 0.22 1,177 0.22

Finland Equities 0.50% (31 December 2017 0.52%) 28,918 Kone 1,115 0.21 29,167 Nokian Renkaat 873 0.16 18,415 Sampo 681 0.13 2,669 0.50

France Equities 2.10% (31 December 2017 2.14%) 83,430 Altran Technologies 944 0.18 41,000 BNP Paribas ADR 955 0.18 44,844 Elior 489 0.09 57,994 Elis 1,004 0.19 19,777 Legrand 1,106 0.21 6,122 L'Oreal 1,139 0.21 8,969 Pernod Ricard 1,117 0.21 39,346 Rubis (Post subdivision) 1,863 0.35 8,400 TOTAL ADR 385 0.07 30,067 Vinci 2,204 0.41 11,206 2.10

Germany Equities 1.53% (31 December 2017 1.17%) 13,427 Beiersdorf 1,156 0.22 57,828 Brenntag 2,451 0.46 22,051 Fuchs Petrolub 826 0.15 49,604 Infineon Technologies 957 0.18 13,647 Merck 1,009 0.19 21,328 Siemens Healthineers 680 0.13 24,648 United Internet 1,083 0.20 8,162 1.53

32 Quilter Investors Series I

Quilter Investors Global Dynamic Equity Fund

Portfolio statement (continued) as at 30 June 2018

Holding Investment Market Percentage of Value total net assets £'000 % Greece Equities 0.00% (31 December 2017 0.11%)

Ireland Equities 3.75% (31 December 2017 3.84%) 7,834 Accenture 981 0.18 32,800 AerCap 1,348 0.25 16,091 CRH (UK Listing) 433 0.08 605,295 Irish Continental 2,799 0.52 65,677 James Hardie Industries 827 0.16 1,287,481 Polar Capital Financial Opportunities - I Accumulation Fund (GBP) 13,647 2.56 20,035 3.75

Italy Equities 0.28% (31 December 2017 0.45%) 186,646 Cerved Information Solutions 1,511 0.28 1,511 0.28

Luxembourg Equities 0.07% (31 December 2017 0.05%) 14,122 Ternium 372 0.07 372 0.07

Netherlands Equities 0.64% (31 December 2017 0.66%) 4,578 Core Laboratories 437 0.08 14,099 Heineken (Temporary Listing) 1,083 0.20 89,007 ING 977 0.18 34,626 Royal Dutch Shell 'B' 944 0.18 3,441 0.64

Poland Equities 0.06% (31 December 2017 0.00%) 42,839 Powszechny Zaklad Ubezpieczen 331 0.06 331 0.06

Russia Equities 0.18% (31 December 2017 0.19%) 8,697 Lukoil ADR 450 0.08 45,915 Magnitogorsk Iron & Steel Works PJSC 307 0.06 19,385 Sberbank of Russia ADR 210 0.04 967 0.18

Spain Equities 0.30% (31 December 2017 0.35%) 22,386 Vidrala 1,616 0.30 1,616 0.30

Sweden Equities 0.73% (31 December 2017 0.80%) 38,091 Alfa Laval 682 0.13 69,263 Assa Abloy 1,116 0.21 36,088 Atlas Copco 794 0.15 36,088 Epiroc 286 0.05 62,345 Trelleborg 1,006 0.19 3,884 0.73

Switzerland Equities 1.25% (31 December 2017 1.34%) 16,720 Cie Financiere Richemont 1,071 0.20 20,100 Garmin 933 0.17 2,480 Geberit 809 0.15 249,208 Glencore 901 0.17 25,335 Julius Baer 1,133 0.21 6,382 Kuehne + Nagel 732 0.14 96,155 UBS 1,121 0.21 6,700 1.25

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Quilter Investors Global Dynamic Equity Fund

Portfolio statement (continued) as at 30 June 2018

Holding Investment Market Percentage of Value total net assets £'000 % Turkey Equities 0.05% (31 December 2017 0.06%) 7,875 Tupras Turkiye Petrol Rafinerileri 142 0.03 97,925 Turkiye Garanti Bankasi 137 0.02 279 0.05

North America 53.21% (31 December 2017 51.93%)

North America Equities 53.21% (31 December 2017 51.93%)

Bermuda Equities 0.49% (31 December 2017 0.45%) 9,435 Enstar 1,482 0.28 3,800 Everest Re 669 0.13 4,898 RenaissanceRe 447 0.08 2,598 0.49

Canada Equities 2.84% (31 December 2017 3.44%) 8,700 Bank of Montreal 508 0.09 9,000 BCE 276 0.05 5,100 Canadian Imperial Bank of Commerce 334 0.06 31,379 Canadian National Railway 1,934 0.36 120,300 Canadian Natural Resources 3,193 0.60 2,000 Canadian Pacific Railway 276 0.05 8,500 Canadian Tire 841 0.16 4,546 Fairfax Financial 1,929 0.36 18,900 Gildan Activewear 400 0.07 42,727 Intact Financial 2,297 0.43 10,800 Loblaw Cos 419 0.08 37,700 Magna (CAD Listing) 1,687 0.32 15,700 Toronto-Dominion (CAD Listing) 683 0.13 9,410 Toronto-Dominion (USD Listing) 409 0.08 15,186 2.84

Mexico Equities 0.12% (31 December 2017 0.08%) 42,700 Grupo Financiero Banorte 186 0.04 118,900 Grupo Mexico 256 0.05 87,200 Wal-Mart de Mexico 176 0.03 618 0.12

United States Equities 49.76% (31 December 2017 47.96%) 10,900 Aaron's 363 0.07 10,240 Abbott Laboratories 477 0.09 14,100 AbbVie 992 0.19 5,300 Adobe Systems 967 0.18 114,888 ADT 734 0.14 25,709 Advance Auto Parts 2,644 0.49 26,800 AECOM 669 0.13 4,019 Affiliated Managers 463 0.09 15,000 Aflac 493 0.09 6,135 Alexandria Real Estate Equities 590 0.11 35,300 Allegheny Technologies 674 0.13 8,400 Alliance Data Systems 1,506 0.28 26,510 Alliant Energy 854 0.16 24,310 Allison Transmission 739 0.14

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Quilter Investors Global Dynamic Equity Fund

Portfolio statement (continued) as at 30 June 2018

Holding Investment Market Percentage of Value total net assets £'000 % United States Equities (continued) 15,400 Allstate 1,071 0.20 800 Alphabet 'A' 686 0.13 89,300 AMC Entertainment 1,094 0.20 18,900 Amdocs 954 0.18 24,980 American Airlines 726 0.14 8,600 American Electric Power 454 0.08 3,600 American Financial 291 0.05 27,512 American Tower 3,020 0.56 28,660 Ametek 1,564 0.29 2,800 Amgen 391 0.07 21,100 Anadarko Petroleum 1,182 0.22 97,600 Annaly Capital Management 772 0.14 14,000 Apple 1,976 0.37 62,446 Aramark 1,768 0.33 31,055 Ares Capital 389 0.07 16,698 Arrow Electronics 955 0.18 22,022 Arthur J Gallagher 1,092 0.20 18,038 Ashland Global 1,072 0.20 72,500 AT&T 1,776 0.33 9,452 Automatic Data Processing 966 0.18 500 AutoZone 258 0.05 56,326 Avangrid 2,254 0.42 13,900 Avnet 452 0.08 10,500 Axalta Coating Systems 243 0.05 120,282 Ball 3,227 0.60 95,700 Bank of America 2,089 0.39 2,640 Becton Dickinson 482 0.09 32,500 Belden 1,508 0.28 25,017 Berkshire Hathaway 3,562 0.67 770 BlackRock 294 0.06 69,900 Blackstone 1,686 0.32 1,100 Boeing 280 0.05 420 Booking 646 0.12 9,588 BorgWarner 319 0.06 59,139 Brixmor Property 796 0.15 34,156 Brown & Brown 716 0.13 22,683 Brunswick 1,084 0.20 460 Cable One 258 0.05 18,776 Cadence Design Systems 616 0.12 7,900 Campbell Soup 245 0.05 10,526 Carlisle 870 0.16 14,600 Carnival 635 0.12 34,948 Catalent 1,097 0.21 13,200 Celanese 1,112 0.21 10,400 Celgene 607 0.11 34,415 CenterState Bank 793 0.15 17,000 Charles Schwab 669 0.13 19,765 Chemical Financial 843 0.16 44,541 Ciena 883 0.17 23,700 Cinemark 637 0.12 99,800 Cisco Systems 3,261 0.61 66,500 Citi 3,385 0.63 55,787 Clean Harbors 2,309 0.43 8,272 Cognizant Technology Solutions 497 0.09

35 Quilter Investors Series I

Quilter Investors Global Dynamic Equity Fund

Portfolio statement (continued) as at 30 June 2018

Holding Investment Market Percentage of Value total net assets £'000 % United States Equities (continued) 78,800 Comcast 1,957 0.37 19,962 Commerce Bancshares 984 0.18 19,900 CommScope 438 0.08 48,400 Conduent 656 0.12 26,400 ConocoPhillips 1,374 0.26 3,702 Cooper 661 0.12 24,056 CoreLogic 949 0.18 22,100 Corning 454 0.08 35,728 Crown 1,211 0.23 19,400 CVS Health 971 0.18 27,800 Delta Air Lines 1,054 0.20 26,619 DENTSPLY SIRONA 884 0.17 58,300 Devon Energy 1,933 0.36 132,000 Diebold 1,200 0.22 6,300 Discover Financial Services 336 0.06 31,427 Dolby Laboratories 1,477 0.28 8,400 Dollar General 634 0.12 22,040 Douglas Emmett 664 0.12 16,800 DowDuPont 846 0.16 31,500 DR Horton 970 0.18 9,516 Dycom Industries 684 0.13 8,531 East West 429 0.08 14,570 Eastman Chemical 1,106 0.21 5,900 Eaton 334 0.06 34,116 Edison International 1,648 0.31 2,290 Electronic Arts 245 0.05 12,200 Eli Lilly 794 0.15 21,800 Entergy 1,348 0.25 15,632 Equity LifeStyle Properties 1,088 0.20 16,940 Evergy 718 0.13 42,300 Exelon 1,363 0.25 5,600 Express Scripts 331 0.06 40,200 Extended Stay America 657 0.12 17,200 Exxon Mobil 1,073 0.20 3,600 F5 Networks 474 0.09 7,690 Facebook 1,148 0.21 18,718 Fidelity National Information Services 1,506 0.28 7,300 First American Financial 285 0.05 72,000 First Data 1,144 0.21 62,609 First Horizon National 858 0.16 3,748 First Republic Bank 278 0.05 38,500 FirstEnergy 1,060 0.20 19,900 FMC 1,337 0.25 32,330 Fortune Brands Home & Security 1,314 0.25 7,045 Gartner 716 0.13 10,996 GCI Liberty 378 0.07 80,100 General Motors 2,470 0.46 11,596 Genpact 256 0.05 23,500 Getty Realty 500 0.09 20,300 Gilead Sciences 1,087 0.20 49,900 Goodyear Tire & Rubber 897 0.17 65,340 GrafTech International 918 0.17 1,021 Graham 456 0.09 28,551 Gramercy Property Trust 594 0.11

36 Quilter Investors Series I

Quilter Investors Global Dynamic Equity Fund

Portfolio statement (continued) as at 30 June 2018

Holding Investment Market Percentage of Value total net assets £'000 % United States Equities (continued) 75,342 Graphic Packaging 829 0.16 68,900 Gulfport Energy 650 0.12 52,328 Hain Celestial 1,187 0.22 25,400 Halliburton 882 0.17 99,100 Hanesbrands 1,665 0.31 19,500 Harsco 332 0.06 30,885 HCA 2,423 0.45 13,100 Helmerich & Payne 648 0.12 15,982 Henry Schein 884 0.17 24,881 Hexcel 1,251 0.23 36,308 Hologic 1,089 0.20 51,900 Horizon Pharma 647 0.12 221,700 Houghton Mifflin Harcourt 1,325 0.25 39,500 Huntsman 880 0.16 11,644 IDACORP 816 0.15 7,634 IDEX 787 0.15 6,400 Ingredion 544 0.10 32,777 Integrated Device Technology 793 0.15 50,500 Intel 1,893 0.35 11,800 International Business Machines 1,258 0.24 15,596 Intra-Cellular Therapies 211 0.04 2,070 Intuit 321 0.06 33,900 Invesco 686 0.13 1,390 IPG Photonics 226 0.04 7,500 Jacobs Engineering 362 0.07 11,900 JM Smucker 988 0.18 23,600 Johnson & Johnson 2,191 0.41 20,700 JPMorgan Chase 1,653 0.31 16,284 K2M 279 0.05 39,057 KAR Auction Services 1,621 0.30 11,600 Kellogg 615 0.11 68,600 Kinder Morgan 912 0.17 6,677 Kirby 424 0.08 231,600 KKR 4,308 0.81 6,200 KLA-Tencor 480 0.09 63,700 Knowles 744 0.14 19,100 Kroger 413 0.08 19,126 Lamar Advertising 995 0.19 24,241 Leidos 1,082 0.20 6,074 Lennox International 896 0.17 4,200 Lowe's 307 0.06 24,300 Macquarie Infrastructure 781 0.15 4,340 Marsh & McLennan 268 0.05 5,423 Masimo 407 0.08 11,192 MasTec 426 0.08 8,354 Match 249 0.05 5,696 Maxar Technologies (USD Listing) 213 0.04 10,646 McKesson 1,100 0.21 17,400 Merck (US Listing) 799 0.15 7,608 Microchip Technology 524 0.10 44,000 Micron Technology 1,779 0.33 12,690 Microsoft 953 0.18 9,876 Mid-America Apartment Communities 761 0.14 15,036 Middleby 1,188 0.22

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Quilter Investors Global Dynamic Equity Fund

Portfolio statement (continued) as at 30 June 2018

Holding Investment Market Percentage of Value total net assets £'000 % United States Equities (continued) 19,400 Minerals Technologies 1,104 0.21 20,800 Molson Coors Brewing 1,074 0.20 12,850 Monster Beverage 555 0.10 82,346 Morgan Stanley China A Share Fund 1,414 0.26 41,723 Motorola Solutions 3,718 0.70 10,843 MSC Industrial Direct 703 0.13 2,670 MSCI 334 0.06 4,100 Murphy USA 235 0.04 29,600 Mylan 819 0.15 39,500 NCR 907 0.17 41,526 Newfield Exploration 957 0.18 62,800 Nielsen 1,467 0.27 38,133 NiSource 758 0.14 8,236 Nordson 800 0.15 18,557 Nordstrom 740 0.14 8,630 Norwegian Cruise Line 313 0.06 125,800 Nuance Communications 1,322 0.25 13,000 Omega Healthcare Investors 310 0.06 51,828 ON Semiconductor 878 0.16 24,500 Oracle 817 0.15 10,697 Owens Corning 512 0.10 15,815 Pacira Pharmaceuticals 373 0.07 18,745 Packaging of America 1,599 0.30 28,420 Parsley Energy 654 0.12 23,600 Patterson 414 0.08 5,780 PayPal 363 0.07 28,250 Performance Food 798 0.15 11,452 PerkinElmer 631 0.12 81,000 Pfizer 2,242 0.42 25,900 Piedmont Office Realty Trust 389 0.07 164,600 Pitney Bowes 1,059 0.20 24,000 Prestige Brands 701 0.13 28,606 PTC 2,036 0.38 24,700 Public Service Enterprise 1,019 0.19 3,955 PVH 456 0.09 9,943 Raymond James Financial 685 0.13 1,790 Raytheon 263 0.05 900 Regeneron Pharmaceuticals 234 0.04 10,944 Reinsurance Group of America 1,111 0.21 18,511 Reliance Steel & Aluminum 1,237 0.23 13,100 Republic Services 686 0.13 80,186 ResMed CDI 633 0.12 46,000 Retail Properties of America 449 0.08 6,474 Rollins 259 0.05 5,100 Royal Caribbean Cruises 405 0.08 9,052 Ryder System 483 0.09 52,950 Sabre 992 0.19 6,000 Sanderson Farms 475 0.09 120,504 Santander Consumer 1,749 0.33 4,275 SBA Communications Class A 537 0.10 28,100 Schlumberger 1,433 0.27 31,700 Senior Housing Properties Trust 437 0.08 9,476 Sensient Technologies 516 0.10 26,483 ServiceMaster Global 1,207 0.23

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Quilter Investors Global Dynamic Equity Fund

Portfolio statement (continued) as at 30 June 2018

Holding Investment Market Percentage of Value total net assets £'000 % United States Equities (continued) 29,750 Sirius XM 154 0.03 12,600 Sonoco Products 497 0.09 7,337 Spectrum Brands 463 0.09 28,863 Spirit Airlines 777 0.15 91,600 Sprouts Farmers Market 1,559 0.29 34,400 Starwood Property Trust 575 0.11 10,227 Steel Dynamics 357 0.07 16,383 Stericycle 806 0.15 48,100 Stratasys 692 0.13 26,000 Synchrony Financial 653 0.12 8,771 Synopsys 567 0.11 27,500 Target 1,582 0.30 33,686 TD Ameritrade 1,421 0.27 145,970 TEGNA 1,226 0.23 39,900 Teradata 1,210 0.23 12,700 Tetra Tech 555 0.10 2,700 Thermo Fisher Scientific 423 0.08 34,349 Torchmark 2,121 0.40 10,500 Travelers 978 0.18 37,600 Tronox 561 0.10 26,700 Tupperware Brands 835 0.16 19,700 Tyson Foods 1,038 0.19 11,157 UniFirst 1,502 0.28 28,645 United Community Banks 680 0.13 19,000 United Continental 1,004 0.19 6,500 United Technologies 616 0.12 24,239 Universal Health Services 2,068 0.39 8,500 Valero Energy 706 0.13 7,983 Valmont Industries 913 0.17 39,927 Valvoline 647 0.12 54,200 Verint Systems 1,811 0.34 10,737 VeriSign 1,125 0.21 5,466 Verisk Analytics 443 0.08 38,100 Verizon Communications 1,475 0.28 6,970 Visa 704 0.13 20,500 Walgreens Boots Alliance 931 0.17 29,400 Wal-Mart Stores 1,921 0.36 14,100 Walt Disney 1,124 0.21 47,676 Waste Connections (USA Listing) 2,722 0.51 15,000 Waste Management 922 0.17 13,331 Webster Financial 650 0.12 12,274 West Pharmaceutical Services 922 0.17 9,324 Westamerica Bancorporation 408 0.08 22,203 Western Alliance Bank 975 0.18 46,900 Western Union 725 0.14 25,300 WestRock 1,098 0.21 10,153 Worldpay 632 0.12 3,200 Zebra Technologies 349 0.07 18,852 Zions Banco 763 0.14 10,850 Zoetis 701 0.13 265,918 49.76

39 Quilter Investors Series I

Quilter Investors Global Dynamic Equity Fund

Portfolio statement (continued) as at 30 June 2018

Holding Investment Market Percentage of Value total net assets £'000 % South America 0.48% (31 December 2017 0.68%)

South America Equities 0.48% (31 December 2017 0.68%)

Argentina Equities 0.00% (31 December 2017 0.05%)

Brazil Equities 0.34% (31 December 2017 0.57%) 60,600 B3 SA Brasil Bolsa Balcao 243 0.05 45,080 Banco Bradesco 234 0.04 41,900 BB Seguridade Participacoes 199 0.04 170,744 Itausa - Investimentos Itau Preference Shares 304 0.06 49,900 Petrobras Distribuidora 179 0.03 36,229 Petroleo Brasileiro 237 0.04 42,356 Vale (BRL Listing) 409 0.08 1,805 0.34

Chile Equities 0.09% (31 December 2017 0.06%) 43,250 Enel Americas 288 0.06 4,516 Sociedad Quimica y Minera de Chile 164 0.03 452 0.09

Peru Equities 0.05% (31 December 2017 0.00%) 1,510 Credicorp 254 0.05 254 0.05

Investment assets 517,808 96.90

Net other assets 16,588 3.10

Total net assets 534,396 100.00

All investments are approved securities being either officially listed in a member state or traded on or under the rules of an eligible securities market, unless otherwise stated.

All investments are in ordinary shares unless otherwise stated.

40 Quilter Investors Series I

Quilter Investors Global Dynamic Equity Fund

Statement of total return for the period from 1 January 2018 to 30 June 2018 01.01.18 to 01.01.18 to 01.01.17 to 01.01.17 to 30.06.18 30.06.18 30.06.17 30.06.17 Note £'000 £'000 £'000 £'000

Income Net capital (losses)/gains (2,056) 43,747 Revenue 5,992 7,719 Expenses (5,319) (6,947) Interest payable and similar charges (7) (17) Net revenue before taxation 666 755 Taxation (550) (620) Net revenue after taxation 116 135 Total return before distributions (1,940) 43,882 Distributions 2 (97) (131) Change in net assets attributable to shareholders from investment activities (2,037) 43,751

Amounts received on issue of shares 24,264 15,411 Amounts paid on cancellation of shares (76,083) (244,557) (51,819) (229,146) Dilution adjustment 83 400 Change in net assets attributable to shareholders from investment activities (2,037) 43,751 Retained distribution on accumulation shares 92 130

Closing net assets attributable to shareholders 534,396 568,138*

41 Quilter Investors Series I

Quilter Investors Global Dynamic Equity Fund

Balance sheet as at 30 June 2018

30.06.18 31.12.17 £'000 £'000 Assets Fixed assets Investments 517,808 567,164 Current assets Debtors 2,755 2,364 Cash and bank balances 17,122 20,778 Total assets 537,685 590,306

Liabilities Creditors Bank overdrafts - (260) Other creditors (3,289) (1,969) Total liabilities (3,289) (2,229)

Net assets attributable to shareholders 534,396 588,077

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Quilter Investors Global Dynamic Equity Fund

Notes to the financial statements for the period from 1 January 2018 to 30 June 2018

1 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 the Statement of Recommended Practice (SORP) for Authorised Funds, issued by the Investment Management Association in May 2014. The accounting policies applied are consistent with those disclosed within the annual Financial Statements for the year ended 31 December 2017.

2 Distribution The distributions take account of revenue received on the issue of share and revenue deducted on the cancellation of shares, and comprise:

01.01.18 to 01.01.17 to 30.06.18 30.06.17 £'000 £'000

Interim – Accumulation Shares (30 June) 92 130 92 130 Revenue deducted on cancellation of shares 6 15 Revenue received on issue of shares (1) (14) Distributions 97 131

Reconciliation of distributions: Net revenue after taxation 116 135 Authorised Corporate Director's capitalised fee rebates (35) (168) Capital gains tax 9 - Tax effect of fee rebates taken to capital 7 34 Net expense carried forward - 130 Distributions 97 131

43 Quilter Investors Series I

Quilter Investors Global Dynamic Equity Fund

Distribution table

Interim distribution

Group 1: Shares purchased prior to 1 January 2018 Group 2 : Shares purchased from 1 January 2018 to 30 June 2018

Group 2 0.0026 0.0090 0.0116 0.0000

Accumulation 'A' EUR Shares Group 1 0.0175 - 0.0175 0.0001

Group 2 0.0175 0.0000 0.0175 0.0001

Accumulation 'A' USD Shares Group 1 0.0151 - 0.0151 0.0000

Group 2 0.0151 0.0000 0.0151 0.0000

Accumulation 'R' Shares Group 1 0.5553 - 0.5553 0.5710

Group 2 0.5284 0.0269 0.5553 0.5710

44 Quilter Investors Series I