The Zedra Fiduciary Investment Fund Limited...2020/04/30 · Financial Statements relate to the...

AUDITED FINANCIAL STATEMENTS

The Zedra Fiduciary Investment Fund Limited

for the year ended 30 April 2020

DocuSign Envelope ID: 32077305-425D-42D7-AA17-3F80DA22EA03

Company Information

Directors' Report

Investment Adviser Report

Independent Auditor's Audit Report

Statement of Financial Position

Statement of Comprehensive Income

Statement of Changes in Equity

Statement of Cash Flows

Notes to the Financial Statements

Investment Portfolio - Balanced (Income Bias) Sub-Fund - (Unaudited)

Investment Portfolio - Balanced (Total Return) Sub-Fund - (Unaudited) 40 to 44

2 to 4

17 to 34

9 to 10

11 to 12

13 to 14

15 to 16

7 to 8

5 to 6

The Zedra Fiduciary Investment Fund LimitedAudited Financial Statements for the year ended 30 April 2020

Contents

35 to 39

Pages

1


Ben Brooks

Nick Watkins

Tim Watts

Andy Cunningham

Mark Cleary

50 La Colomberie

St Helier

Jersey

JE2 4QB

London

E14 5AL

Legal Adviser (Jersey)

Bedell Cristin

26 New Street

St Helier

Jersey

JE2 3RA

Company number

(Corporate) Limited

12 Castle Street

St Helier

Jersey

JE2 3RT

37 Esplanade

St Helier

Independent Auditor

Jersey

JE1 4XA

Legal Adviser (UK)

Travers Smith LLP

10 Snow Hill

EC1A 2AL

London

Apex Financial Services

SA/NV London Branch

One Canada Square

St Helier

Jersey

JE2 4QB

Jersey

JE4 8PU

JE2 4QB

Zedra Fiduciary Investment

Banker

Services Limited

PO Box 82

39/41 Broad Street

Barclays

50 La Colomberie

St Helier

Jersey

Company Information

PricewaterhouseCoopers CI LLP

125092


Directors of the Company Registered Office

St Helier

Zedra Fund Services Limited

Investment Adviser

Custodian Sub-Custodian

Bank of New York Mellon

Promoter, Administrator, Secretary

and Registrar to the Company

50 La Colomberie

Page 1


Incorporation

Principal activities

Dividend

Balanced (Income Bias) Sub-Fund

Balanced (Total Return) Sub-Fund

31 October 2019 375,330,061.6941 0.0010535593 395,432

734,541

31 January 2020 378,526,880.7608 0.0023205835 878,404

GBP

31 July 2019 79,897,018.8622 0.0072945488 582,813

The Company is an open-ended investment company registered and domiciled in Jersey with two share classes, each ofwhich constitute a "Sub-Fund" of the Company, namely Balanced (Income Bias) Sub-Fund ("Income Bias") and Balanced(Total Return) Sub-Fund ("Total Return") (together the "Sub-Funds").

Each Sub-Fund has its own investment objective. The underlying Asset Managers or Collective Investment Schemes ofeach Sub-Fund are selected to meet the objectives of a Sub-Fund, with each Asset Manager having a differinginvestment style to ensure that the Sub-Funds benefit from true diversification of management approach. The underlyingAsset Managers of the Sub-Funds are presently:


Aberdeen Standard InvestmentsLGT Vestra LLPSmith & Williamson Investment Management LLP


Barclays Asset Management Limited (via a Collective Investment Scheme)Vanguard Investments UK Limited (via a Collective Investment Scheme)Rathbone Unit Trust Management LimitedVeritas Investment Management LLP

During the year under review the Company announced four dividends as detailed below:

Date Shares in issue Dividend per share Total Dividend


Directors' Report

The Directors submit their Report and the audited financial statements (the "Financial Statements") of The ZedraFiduciary Investment Fund Limited (the "Company") for the year ending 30 April 2020. The comparatives within theseFinancial Statements relate to the period from 03 November 2017 (incorporation date) to 30 April 2019.

The Company was registered on 03 November 2017 with registered number 125092 under the Companies (Jersey) Law,1991 as amended.

31 October 2019 91,345,835.5158 0.0086058575 786,109

30 April 2020 94,094,465.4387

All outstanding dividend amounts relating to the 30 April 2020 announced dividend were paid during May 2020.

31 July 2019 373,958,114.8443 0.0031458824 1,176,428

30 April 2020 374,491,818.0915 0.0019614340

Dividend per share Total Dividend

GBP

31 January 2020 91,307,259.3705 0.0064944746 592,992

0.0097582709 918,199

Date Shares in issue

Page 2


Results for the year and going concern

Promoter, Administrator, Secretary and Registrar to the Company

Independent Auditor

Disclosure of Information to the independent auditor

Directors

Ben Brooks

Nick Watkins

Tim Watts

Andy Cunningham

Mark Cleary

The Directors continue to monitor the developing situation in relation to COVID-19 and are liaising with the InvestmentAdviser and Asset Managers on an ongoing basis. As the Sub-Funds are actively managed by the appointed AssetManagers, the Directors are confident the assets are being properly managed through the changing landscape causedby COVID-19.

Based on the financial results for the year ended 30 April 2020, the level of subscriptions and redemptions throughout theyear and subsequent to the year end, the Directors believe the Sub-Funds will continue on a going concern basis for theforeseeable future. Refer to the Investment Adviser report on page 5 for further information.

The Independent Auditor, PricewaterhouseCoopers CI LLP, have expressed their willingness to continue in office.

The Directors who held office at the date of the approval of the financial statements confirm that, so far as they are eachaware:· there is no relevant audit information of which the Company’s auditor is unaware; and· each Director has taken all the steps that he ought to have taken as a Director to make himself aware of any relevantaudit information and to establish that the Company’s auditor is aware of that information.

The Promoter, Administrator, Secretary and Registrar to the Company is Zedra Fund Services Limited.

The Directors who held office during the year and subsequently are as stated below:


Directors' Report

Balanced (Income Bias) Sub-FundAs at 30 April 2020, the Income Bias Sub-Fund is in a net asset position of GBP 92,684,545 (30 April 2019: GBP68,919,737) and the statement of comprehensive income reflects a loss for the year of GBP 3,836,017 (30 April 2019:Profit for the period GBP 3,667,838).

Balanced (Total Return) Sub-FundAs at 30 April 2020, the Total Return Sub-Fund is in a net asset position of GBP 211,763,557 (30 April 2019: GBP216,913,230) and the statement of comprehensive income reflects a profit for the year of GBP 6,110,624 (30 April 2019:Loss for the period GBP 2,115,400).

Page 3


Statement of Directors’ responsibilities

Andrew Cunningham Nick Watkins

Director Director

Date: 26 August 2020 Date: 26 August 2020

Audited Financial Statements for the year ended 30 April 2020

Directors' Report

The Directors are responsible for preparing the Directors’ Report and the financial statements in accordance withapplicable law and regulations.

The Companies (Jersey) Law 1991 requires the Directors to prepare financial statements for each financial period. Underthat law, the Directors have elected to prepare the financial statements in accordance with International FinancialReporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). Under the applicablelaw, the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view.The financial statements are required by law to give a true and fair view of the state of affairs of the Company and of theprofit or loss of the Company for that period.

In preparing these financial statements, the Directors are required to:

· select suitable accounting policies and then apply them consistently;· make judgements and estimates that are reasonable and prudent;· state whether applicable accounting standards have been followed, subject to any material departures disclosed andexplained in the financial statements; and· prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company willcontinue in business.

The Directors are responsible for keeping proper accounting records, that are sufficient to show and explain theCompany’s transactions and disclose with reasonable accuracy, at any time, the financial position of the Company and toenable them to ensure that the financial statements comply with the Companies (Jersey) Law 1991. They are alsoresponsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention anddetection of fraud and other irregularities. The Directors confirm that they have complied with the above requirements inpreparing these financial statements.

The Directors have overall responsibility for the maintenance and integrity of the corporate and financial informationincluded on the Company’s website (being the web pages relating to the Company included within the Promoter'swebsite, www.zedra.com/zfif, and which are maintained by the Promoter on behalf of the Directors). Legislation in Jerseygoverning the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The Directors confirm that they have complied with the above requirements in preparing the financial statements.


Page 4


Andy.cunningham

AC1


Aberdeen Standard Investments

LGT Vestra LLP

Smith & Williamson Investment Management LLP

Cash not held with managers


Barclays Asset Management Limited

Vanguard Investments UK Limited

Veritas Investment Management LLP

Rathbone Unit Trust Management Limited

Cash not held with managers ¹

Sub-Fund Total

26,145,190

5,005,970

41,012,723

218,120,718

1,584,053

69,677,726

30 April 2019 AUM GBP

136,626,122

9,330,713

60,771,966

1,174,275

213,202,904

10/12/2018


51,963,055

19,893,425

18,749,278

2,442,962

93,048,720


78,842,403

3,701,614

68,712,646


54,216,251

5,003,054

8,874,368



Investment Adviser Report

At the year end, the underlying manager allocation of assets for each Sub-Fund were:

Performance for the year to 30th April 2020 was negative for both Sub-Funds. The Balanced (Total Return) Sub-Funddeclined by -2.7%, whilst the Balanced (Income Bias) Sub-Fund returned -3.3%. Disappointingly the Sub-Fundsunderperformed the composite benchmark which returned -0.8% in the same period. All asset managers in both Sub-Funds were engaged for the full financial year. On the back of investor inflows and rising global markets both Sub-Fundsreached their all-time high values in January 2020 albeit the overall assets under management in the Balanced (TotalReturn) Sub-Fund have since dropped below those seen in April 2019.

A notable change to manager allocations for the Balance (Total Return) Sub-Fund occurred in May 2019 when theDirectors approved a £50m divestment from Barclays Dividend and Growth Portfolio (“D&G”). This sum was re-allocatedto Rathbones and Veritas respectively to further reduce the Sub-Fund exposure to Barclays. In August 2019 theBalanced (Total Return) Sub-Fund transferred its remaining holding in D&G into a new fund, namely the Barclays GlobalGrowth and Income Fund, which at the time was considered more appropriate for the needs of the Sub-Fund.

Subscriptions for the Balanced (Income Bias) Sub-Fund continued to be received throughout the reporting period. Thesewere primarily allocated to LGT Vestra and Smith & Williamson to more closely aligned the allocation of assets undermanagement between each Sub-Fund manager. However, Aberdeen Standard continues to manage the highestproportion of the Sub-Fund assets.

The strong and positive asset class returns so broadly achieved in 2019 were unfortunately lost during early March 2020as a consequence of the onset of the COVID-19 pandemic. During this short period the volatility & pricing of assetclasses also gyrated widely, and at levels not witnessed since the peak of the Global Financial Crisis in 2008. The onlyasset classes to remain unscathed were cash and government bonds, whilst gold only recovered once the markets finallycalmed and some degree of normality was restored.

In terms of the markets a victory for the UK Conservative party and Boris Johnson saw the shares in domesticallyfocused companies rally strongly. The margin of the win also surprised many commentators who hadn’t factored in sucha large majority. However, although the FTSE 100 initially took heart it has since continued to lag the performance ofother global equity markets due having less exposure to the “in favour” technology sector and being overweight oil andenergy companies, where some oil prices (WTI futures) briefly turned negative for the first time ever. Due to the investorbase both Sub-Funds have a UK home bias so this divergence in index constituency has been a large detractor onperformance.

Initially funded

27/11/2018

05/04/2019

01/08/2018

24/08/2018

Initially funded

28/03/2019

17/04/2019

Page 5


Zedra Fiduciary Investment Services Limited

Investment Advisor

Before peaking in February 2020 global equity markets, for the 12 month period to 30 April 2020, continued to make newall-time highs on a monthly basis. At the time this felt counterintuitive, especially when risk aversion levels remained high.The concerns popularly cited throughout this period (trade tensions between the US and China, bond markets offeringnegative yields, government indebtedness and Brexit) still all remain today, but have naturally been sidelined due to theCOVID-19 situation and the steps being taken globally by Governments and Central Banks to stabilize economies..Indeed many felt that geopolitics, rather than fundamentals, influenced markets in 2019 although stock markets rosestrongly in Q4 2019 as a number of leading global economic indicators appeared to be stabilizing.

Even prior to the COVID-19 crisis the primary source of investment returns for equity markets had been via the largetechnology companies. Similar to 2000, the dispersion in returns versus other sectors has never been wider. The big 5firms now account for more than 22% of the S&P 500 and this level of concentration in technology businesses isunprecedented. A lack of exposure to Microsoft, Apple, Amazon, Alphabet or Facebook would likely have impacted onrelative performance over recent years and also throughout the recent pandemic. This is also reflected by the continuedoutperformance by growth equities when compared to value equities.

To bring things more up to date, the market recovery witnessed in the last two months since the panic in mid-March hasbeen largely supported by the cry of ‘Don’t fight the Fed’ due to the eye watering levels of financial support offered bycentral banks around the globe. In the US alone, the $2trn stimulus package is the largest in American history. In contrastto 2008, their policy response has been both huge,and swift. The US unemployment rate had fallen to a 50 year low in2019 (3.5%) but rose to 14.7% in April, the highest level since records began. Against this backdrop it’s thought likely that2020 could see the deepest recession since the Great Depression with global growth estimated to contract by 5.2% thisyear. Recent data also showed the UK economy contracted by 20.4% in April - the largest monthly contraction on record.

So where do we go from here?, well probably with caution, as potential worries such as the rise of geopolitical tensions,uncertainty over the outcome of the US Presidential election and Brexit negotiations all remain high on the agenda. Inaddition company dividends have, and will continue to be, cancelled, cut or suspended at a time when cash rates havebeen cut to near zero in most countries, making income increasingly difficult to generate. Against this background theSub-Funds' diversification in manager investment styles with the requisite experience to invest with a medium risk profileto achieve inflation adjusted real growth over the longer term should hopefully reap some reward as the “new normal”continues to emerge.


Investment Adviser Report (continued)

Page 6


Independent auditor’s report to the members of The Zedra Fiduciary Investment Fund Limited

Report on the audit of the financial statements ________________________________________________________________________ Our opinion

In our opinion, the financial statements give a true and fair view of the financial position of The Zedra Fiduciary Investment Fund Limited which separately comprise the Balanced (Income Bias) Sub-Fund and the Balanced (Total Return) Sub-Fund (the “Sub-Funds”) as at 30 April 2020, and of their financial performance and their cash flows for the year then ended in accordance with International Financial Reporting Standards and have been properly prepared in accordance with the requirements of the Companies (Jersey) Law 1991.

What we have audited

The Sub-Funds’ financial statements comprise:

• the statement of financial position as at 30 April 2020;

• the statement of comprehensive income for the year then ended;

• the statement of changes in equity for the year then ended;

• the statement of cash flows for the year then ended; and

• the notes to the financial statements, which include significant accounting policies and other explanatory information.

________________________________________________________________________ Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (“ISAs”). Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We have fulfilled our other ethical responsibilities in accordance with the IESBA Code.

________________________________________________________________________ Other information

The directors are responsible for the other information. The other information comprises all the information included in the Company Information, Directors' Report, Investment Adviser Report and Investment Portfolios but does not include the financial statements and our auditor’s report thereon.

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

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

________________________________________________________________________ Responsibilities of the directors for the financial statements

The directors are responsible for the preparation of the financial statements that give a true and fair view in accordance with International Financial Reporting Standards, the requirements of Jersey law and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Sub-Funds’ ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Sub-Funds or to cease operations, or have no realistic alternative but to do so.

________________________________________________________________________ Auditor’s responsibilities for the audit of the financial statements

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

As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

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

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

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

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

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

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

________________________________________________________________________ Use of this report

This independent auditor’s report, including the opinions, has been prepared for and only for the members as a body in accordance with Article 113A of the Companies (Jersey) Law 1991 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

________________________________________________________________________

Report on other legal and regulatory requirements ________________________________________________________________________

Under the Companies (Jersey) Law 1991 we are required to report to you if, in our opinion:

• we have not received all the information and explanations we require for our audit;

• proper accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records.

We have no exceptions to report arising from this responsibility.

James de Veulle For and on behalf of PricewaterhouseCoopers CI LLP Chartered Accountants Jersey, Channel Islands 26 August 2020


Assets

Financial assets at fair value through profit or loss

Dividend receivable

Interest receivable

Due from broker

Subscriptions receivable

Cash and cash equivalents

Total Assets

Liabilities

Trade and other payables

Dividends payable

Due to broker

Redemptions payable

Total Liabilities

Net Assets

Equity

Stated capital

Retained earnings

Total Equity

NAV per share:


Director Director

GBP

60,042,330

142,691

68,919,737

657,217

327,217

54

1,085,211


9 208,491

30 April 2020

9,656,376

4

9

10

207,892

552,840

172,201

96,458

9,551,268

30 April 2019

92,684,545

1,413,544

0.9850

(3,801,788)

13 96,486,333 66,005,395

68,919,737

1.0499

2,914,342


These financial statements were approved by the Board of Directors on 26 August 2020

and are signed on its behalf by

GBP

12

82,676,008

11

Note

195,644

252,887


92,684,545

796,482 -

918,199

46,814

94,098,089 70,004,948

100,723

The above Statement of Financial Position should be read in conjunction with the accompanying notes on pages 17 to 34

Page 9


Andy.cunningham

AC1


Assets


Dividend receivable

Interest receivable

Due from broker

Subscriptions receivable

Cash and cash equivalents

Total Assets

Liabilities

Trade and other payables

Dividends payable

Due to broker

Redemptions payable

Total Liabilities

Net Assets

Equity

Stated capital

Retained earnings

Total Equity

NAV per share:


Director Director



30 April 201930 April 2020

Note GBPGBP

4 174,502,862203,856,730

9 1,018,220130,924

9 24,798152,458

-274,285

10 43,249,75910,098,798

19,567 -

218,795,639214,532,762

11 133,010330,871

12 1,074,134734,541

674,9211,310,291

1,882,4092,769,205

344393,502

216,913,230211,763,557

13 223,586,896227,732,652

(6,673,666)(15,969,095)

These financial statements were approved by the Board of Directors on 26 August 2020

and are signed on its behalf by

216,913,230211,763,557

0.58940.5655

The above Statement of Financial Position should be read in conjunction with the accompanying notes on pages 17 to 34

Page 10


Andy.cunningham

AC1


Income

Interest income

Dividend income

Realised gain on financial assets

Unrealised gain on financial assets

Unrealised gain on foreign exchange

Total income for the year/period

Expense

Realised loss on financial assets

Unrealised loss on financial assets

Realised loss on foreign exchange

Unrealised loss on foreign exchange

Withholding tax expense

Promotor fee expense

Asset manager fee expense

Directors fee expense

Audit fee expense

Securities commission expense

Securities other charges expense

Bank charges

Professional fees

Insurance expense

Custody fee expense

Total expenses for the year/period

Total comprehensive gain/(loss) for the year/period

03 November 2017

to

30 April 2019

GBP

1,994

2,163

4,127,251

-

499,432 136,994

699,495

181,442

3,109,320

-

-

82,992

3,667,838

22,985

118,224

2,011

860

1,511

459,413

9,27644,44715

6,676

56,652

85,921

5,169

5,147 18,478

53,171

30 April 2020

to

-

7,695

6,873

50,091

17,493

173,005

356,239

227,831

-

17,439

15

(3,836,017)

6,894,016

3,057,999

4,096,302

1,882,784


5

4

4

01 May 2019



2,553,689

Notes

5

GBP

5 4,878

4, 5

4, 5 -

The above Statement of Comprehensive Income should be read in conjunction with the accompanying notes on pages 17 to 34

Page 11



Income

Interest income

Dividend income


Total income for the year/period

Expense

Realised loss on financial assets

Unrealised loss on financial assets

Realised loss on foreign exchange

Unrealised loss on foreign exchange

Withholding tax expense

Promotor fee expense



Audit fee expense

Securities commission expense

Securities other charges expense

Bank charges

Professional fees

Insurance expense

Custody fee expense

Total expenses for the year/period

Total comprehensive loss for the year/period



03 November 201701 May 2019

Notes GBPGBP

toto

30 April 201930 April 2020

5 21,299414,829

5 4,555,8372,981,558

4 4,261,7682,993,485

5 56,542-

4,633,6783,396,387

4 1,761,0593,338,172

106,259138,804

-1,372,951

18,836211,585

15 408,231553,063

30,356565,921

45,46142,618

23,44820,455

33,90895,495

8,87971,689

2,0334,306

5,9104,843

13,29319,015

15 29,63774,609

(2,115,400)(6,110,624)

6,749,0789,507,011

The above Statement of Comprehensive Income should be read in conjunction with the accompanying notes on pages 17 to 34

Page 12



Balance as at 03 November 2017

Subscriptions during the period

Redemptions during the period

Comprehensive gain for the period

Dividends declared during the period

Balance as at 30 April 2019

Balance as at 01 May 2019

Subscriptions during the year

Redemptions during the year

Comprehensive (loss) for the year

Dividends declared during the year


12 - (2,880,113) (2,880,113)

96,486,333 (3,801,788) 92,684,545

66,005,395 2,914,342 68,919,737

13 56,891,936 - 56,891,936

13 (26,410,998) - (26,410,998)

- (3,836,017) (3,836,017)


-

GBPNotes

Stated capital

GBP

-

Retained earnings

GBP

-

3,667,838-



Total equity

(1,665,213)

3,667,838

67,670,60813 67,670,608

13 (1,665,213)

-

-

68,919,737

12 (753,496)

2,914,342

-

66,005,395

(753,496)

The above Statement of Changes in Equity should be read in conjunction with the accompanying notes on pages 17 to 34

Page 13



Balance as at 03 November 2017

Subscriptions during the period

Redemptions during the period

Comprehensive (loss) for the period

Dividends declared during the period


Balance as at 01 May 2019

Subscriptions during the year

Redemptions during the year

Comprehensive (loss) for the year

Dividends declared during the year


Stated capital Retained earnings Total equity



Notes GBP GBP GBP

- - -

13 274,444,992 - 274,444,992

13 (50,858,096) - (50,858,096)

- (2,115,400) (2,115,400)

12 - (4,558,266) (4,558,266)

223,586,896 (6,673,666) 216,913,230

223,586,896 (6,673,666) 216,913,230

13 41,540,586 - 41,540,586

13 (37,394,830) - (37,394,830)

227,732,652 (15,969,095) 211,763,557

- (6,110,624) (6,110,624)

12 - (3,184,805) (3,184,805)

The above Statement of Changes in Equity should be read in conjunction with the accompanying notes on pages 17 to 34

Page 14


Cash flows from operating activities

Purchases of financial assets

Proceeds from sale of financial assets

Foreign exchange losses

Net interest received / (purchased)

Dividends received

Operating expenses paid

Distributions paid to holders of participating shares

Net cash used in operating activities

Cash flows from financing activities

Proceeds received from issuance of participating shares

Payments on redemption of participating shares

Net cash from financing activities

Net increase in cash and cash equivalents

Effect of foreign exchange rates on cash

Cash and cash equivalents at the start of the year/period

Cash and cash equivalents at the end of the year/period

(53,232)4,671

(641,857)

(29,630,831)

56,095,452

(26,364,184)

(56,400,948)

9,604,501

(287,041)

30 April 2019

463,142

2,315,483 556,804

(63,295,073)

GBPNotes

(35,207)

(18,478)

6,774,326

30 April 2020


03 November 2017

to



01 May 2019

to


GBP

(46,622,348)

17,479,027

(5,147)

1.00

9,551,269

-

29,731,268

100,437

66,005,449

(1,665,140)

67,670,589

(2,619,131) (96,279)

10

1.00

9,551,269

9,656,377

The above Statement of Cash Flows should be read in conjunction with the accompanying notes on pages 17 to 34

Page 15


Cash flows from operating activities

Purchases of financial assets

Proceeds from sale of financial assets

Foreign exchange losses

Net interest received / (purchased)

Dividends received

Operating expenses paid

Distributions paid to holders of participating shares

Net cash used in operating activities

Cash flows from financing activities

Proceeds received from issuance of participating shares

Payments on redemption of participating shares

Net cash from financing activities

Net increase / (decrease) in cash and cash equivalents

Effect of foreign exchange rates on cash

Cash and cash equivalents at the start of the year/period

Cash and cash equivalents at the end of the year/period

01 May 2019 03 November 2017

to to




30 April 2020 30 April 2019

Notes GBP GBP

(152,376,191) (65,340,602)

115,578,611 114,448,645

3,657,269 3,537,617

(138,804) (106,259)

303,187 (3,499)

(1,254,153) (486,982)

(37,754,479) 48,564,789

(3,524,398) (3,484,131)

41,536,646 45,482,862

(37,017,304) (50,857,680)

- -

84,176 59,788

43,249,759 -

10 10,098,798 43,249,759

4,519,342 (5,374,818)

(33,235,137) 43,189,971

The above Statement of Cash Flows should be read in conjunction with the accompanying notes on pages 17 to 34

Page 16




The Zedra Fiduciary Investment Fund Limited (the "Company") is domiciled and incorporated as a no par value limitedliability company in Jersey, Channel Islands under the Companies (Jersey) Law 1991. The Company is an open-endedinvestment public company registered in Jersey as an unclassified fund with two share classes, each of which constitutea "Sub-Fund" of the Company, namely Balanced (Income Bias) Sub-Fund ("Income Bias") and Balanced (Total Return)Sub-Fund ("Total Return") (together the "Sub-Funds").

Each Sub-Fund has its own investment objective. The underlying Asset Managers or Collective Investment Schemes ofeach Sub-Fund are selected to meet the objectives of a Sub-Fund, with each Asset Manager having a differinginvestment style to ensure that the Sub-Funds benefit from true diversification of management approach. The underlyingAsset Managers of the Sub-Funds are presently:

Income BiasAberdeen Standard InvestmentsLGT Vestra LLPSmith & Williamson Investment Management LLP

Total ReturnBarclays Asset Management Limited (via a Collective Investment Scheme)Vanguard Investments UK Limited (via a Collective Investment Scheme)Rathbone Unit Trust Management LimitedVeritas Investment Management LLP

The principal accounting policies applied in the preparation of these financial statements are set out below. Thesepolicies have been consistently applied since the establishment of the Company on 03 November 2017 unless otherwisestated.

The financial statements have been prepared on a going concern basis in Pounds Sterling ("GBP") under the historicalcost convention, as modified by the revaluation of financial assets and financial liabilities at fair value through profit orloss using Companies (Jersey) Law 1991 and International Financial Reporting Standards (IFRS), and in accordance withthe Collective Investment Funds (Jersey) Law 1988, as applicable.

IFRS 9 has been applied and the Sub-Funds' investment portfolios continue to be classified as fair value through profit orloss and other financial assets (including short-terms receivables) continue to be measured at amortised cost.

There are no other standards, amendments to standards or interpretations that are effective for the period beginning on 1May 2019 that have a material effect on the financial statements of the Company.

The comparative period for the Statement of Comprehensive Income and the related notes to the financial statements isthe period from 1 November 2017 to 30 April 2019.

Basis of preparation2


1 General information

Page 17


(e) Cash and cash equivalents

Cash and cash equivalents comprise of cash at bank and cash held on account for margin calls.

All expenses are recognised on an accruals basis. All expenses, including Promoter fees and Asset Manager fees, aretreated as capital expenses and are therefore deducted from realised gains for the purposes of dividend distributions.

As part of the preparation of these financial statements, the Directors have not made any significant estimates orjudgements, as all assets and liabilities are held at fair value or recoverable amount as applicable.

Expenses(c)

(d)

(b) Significant estimates and judgements

(a) Financial assets and financial liabilities at fair value through profit or loss

Recognition, derecognition and measurement

Purchases and sales of investments are recognised on the trade date, being the date on which the Company commits topurchase or sell the investment. Financial assets and financial liabilities at fair value through profit of loss are initiallyrecognised at fair value. Transaction costs are expensed as incurred in the statement of comprehensive income.

Financial assets are derecognised when the rights to receive cash flows from the investments have expired or theCompany has transferred substantially all risks and rewards of ownership.

Subsequent to initial recognition, all financial assets and financial liabilities at fair value through profit or loss aremeasured at fair value. Gains and losses arising from changes in the fair value of the ‘financial assets or financialliabilities at fair value through profit or loss’ category are presented in the statement of comprehensive income withinother net changes in fair value of financial assets and liabilities at fair value through profit or loss in the period in whichthey arise.

Fair value estimation

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transactionbetween market participants at the measurement date. The fair value of financial assets and liabilities traded in activemarkets (such as trading securities) are based on quoted market prices at the close of trading at the reporting date.

It is the responsibility of the Directors in accordance with Article 20 of the Articles of Association and in accordance withInternational Financial Reporting Standards ("IFRS") to ensure assets are valued appropriately.

3 Significant accounting policies




Income

Income is accounted for on an accruals basis and where applicable, is stated before deduction of applicable withholdingtaxes. Dividend income is accrued on the applicable ex-date.

The Directors expect to pay distributions on a quarterly basis on 30 April, 31 July, 31 October and 31 January after beingauthorised. Such distribution payments shall consist of the net investment income. The management fees are treated ascapital expenses and are therefore deducted from realised gains for the purposes of distribution.

(f) Functional and presentational currency

(g) Distribution policy

Transactions undertaken in currencies other than Pound Sterling are translated to Pound Sterling at the rate as of thetransaction date. Assets and liabilities denominated in currencies other than Pound Sterling are recorded in theStatement of Financial Position at the prevailing rate at the period end date. All differences arising on the translation orconversion of currencies to Pound Sterling are recorded in the Statement of Comprehensive Income. The functional andpresentational currency of the Sub-Funds are deemed to be Pound Sterling.

(g) Subscriptions receivable and redemptions payable

Subscriptions receivable and redemptions payable relate to amounts from/to investors where receipts/payments remainoutstanding. These amounts are accounted for on an accruals basis and are held at amortised cost.

Page 18



Opening balance

Purchases

Sales

Net realised gain/(loss) on sale of financial assets

Net unrealised gain/(loss) on financial assets at fair value through profit or loss

Net unrealised gain/(loss) on unsettled foreign currency transactions

Ending balance


Opening balance

Purchases

In-specie transfers

Sales

Net realised gain/(loss) on sale of financial assets

Net unrealised gain/(loss) on financial assets at fair value through profit or loss

Net unrealised gain/(loss) on unsettled foreign currency transactions

Ending balance

-

46,548,018 63,622,126

(17,934,244) (6,870,509)

(49)

(3,246)

(1,882,784) 181,442

(4,096,302) 3,109,320

82,676,008 60,042,330

(1,010)

30 April 2020 30 April 2019

GBP

228,962,057

(114,448,645)

-

(1,454,097)

(i) Derivative financial instruments

The Company enters into derivative contracts, which include options, structured products and forward foreign exchangecontracts. This strategy may be employed to provide hedging and efficient portfolio management.

Derivatives are measured initially at fair value on the date the contract is entered into and subsequently remeasured atfair value. Fair values are obtained from quoted market prices in active markets and where these are not available, fromvaluation techniques such as discounted cash flow models using market rates. All derivative fair values include accruedinterest where relevant and are carried as assets where the fair value is positive and as liabilities when the fair value isnegative.

The change in fair value, the realised or unrealised gains or losses, together with any interest paid or received isrecognised in the Statement of Comprehensive Income.

Please refer to the unaudited Investment Portfolio - Balanced (Income Bias) Sub-Fund report on page 35 for detailed investment information.

Please refer to the unaudited Investment Portfolio - Balanced (Total Return) Sub-Fund report on page 40 for detailed investment information.

GBP

60,042,330

(2,993,485) (4,261,768)

(3,338,172)

174,502,862 -

174,502,862203,856,730

(1,761,059)

(201,646,477)

238,786,099 66,015,523

GBP



3 Significant accounting policies (continued)

4 Investments

(h) Dilution levy

For valuation purposes, securities are valued as outlined above. When taken into account with the actual cost of buyingor selling assets, differences arise due to dealing charges and spreads from buying and selling of the underlyinginvestments. These costs have an adverse effect on the net asset value and are known as "dilution".

In order to safeguard the interest of existing shareholders, the subscription and redemption prices of participating shares(including in respect of conversions) may be adjusted by a dealing charge of up to 1%, levied in favour of a Sub-Fund, inorder to mitigate the effects of dilution.

30 April 2020 30 April 2019

GBP

Page 19


Income during the year comprises:


Interest income

Dividend income

Realised gain on financial assets



Income


Interest income

Dividend income



Income

4,878 -

5 Income

GBPGBP

136,994

01 May 2019

to

03 November 2017

to

30 April 2020 30 April 2019


30 April 2020 30 April 2019

21,299

2,981,558 4,555,837

GBP GBP

3,396,387 4,633,678

-

699,495

4,127,251

Interest Income is comprised of bank interest GBP 3,060 (30 April 2019: GBP 3,476) and bond interest GBP 496,372 (30 April 2019: GBP 133,518). Dividend income relates to dividends received from financial assets which pay dividends.

181,442

3,109,320

499,432

2,553,689

3,057,999

-

-


03 November 2017

to

56,542

- -

01 May 2019

to

Interest Income is comprised of bank interest GBP 11,411 (30 April 2019: GBP 1,614) and bond interest GBP 403,418 (30 April 2019: GBP 19,685). Dividend income relates to dividends received from financial assets which pay dividends.

414,829

Page 20


Expenses during the year comprise:


Payable to the Promoter, associates of the Promoter, and agents of either of them:

Promoter fee expense

Payable to the Custodian, associates of the Custodian, and agents of either of them:

Custodian fee expense

Payable to the Asset Managers


Other expenses


Audit fee expense

Bank charges

Professional fees

Insurance expense

Total expenses

17,493 5,169

85,921

6,873

227,831 56,652

44,447 9,276

44,447 9,276

7,695

30 April 2020 30 April 2019

GBP GBP

01 May 2019 03 November 2017

to to



6 Expenses

356,239

163,563

Expenses that are not specific to a particular Sub-Fund are allocated based on the net asset value of each Sub-Fund at the time of recognition.

The counterparties to which expenses relate have been stated on page 1 and 2.

85,921

356,239

2,011

1,994 860

227,831

6,676 1,511

40,731 11,714

669,248

2,163

56,652

Page 21


Expenses during the year comprise:


Payable to the Promoter, associates of the Promoter, and agents of either of them:

Promoter fee expense

Payable to the Custodian, associates of the Custodian, and agents of either of them:

Custodian fee expense

Payable to the Asset Managers


Other expenses


Audit fee expense

Bank charges

Professional fees

Insurance expense

Total expenses

13,293

4,306

4,843

42,618

20,455

1,284,830 558,369

19,015

2,033

553,063

565,921 30,356

45,461

23,448

6 Expenses (continued)

5,910

to

01 May 2019 03 November 2017

to



GBP

565,921 30,356

91,237 90,145

74,609

408,231

553,063

29,637

74,609 29,637

30 April 2020 30 April 2019

408,231

GBP

Expenses that are not specific to a particular Sub-Fund are allocated based on the net asset value of each Sub-Fund at the time of recognition.

The counterparties to which expenses relate have been stated on page 1 and 2.

Page 22




Fund investments

Total value for the year ended 30 April 2020


Fund investments

Total value for the period ended 30 April 2019

63,714,028 18,961,980 -

Level 3

4,235,478 -

GBP

-

Level

7

A Goods and Services Tax (GST) was introduced in Jersey on 06 May 2008. Under the GST regulations the InternationalService Entity (ISE) category was created, which allows International Service Entities (ISE) the benefit of paying a flatannual fee to the Comptroller of Tax rather than registering or accounting for GST in the normal manner. The Promoter ofthe Company is responsible for settlement of non-trading expenses and as such has paid the appropriate fee on behalf ofthe Company in order to be categorised as an ISE.

Profits arising in the Company during the period of assessment and future periods will be subject to tax at the rate of 0%.However, withholding tax may be payable on investment income received by the Company.

Withholding taxes are shown as a separate item in the Statement of Comprehensive Income.

8

1 Level 2 Level 3

GBP


4,235,416

55,806,852

GBP

63,714,028

18,961,980

GBP

Level

GBP GBP

-

1 Level

Fair value hierarchy

Taxation

-

55,806,852 62 -

-



2

Financial instruments have been measured at their fair value and have been classified below using a hierarchy thatreflects the significance of the inputs used in measuring their fair value:

Level 1

Level 1 inputs are quoted prices in active markets for identical assets or liabilities that the entity can access at themeasurement date. A quoted market price in an active market provides the most reliable evidence of fair value and isused without adjustment to measure fair value whenever available, with limited exceptions.

Level 2

Level 2 inputs are other than quoted market prices included within Level 1 that are observable for the asset or liability,either directly or indirectly. Level 2 inputs include:

- Quoted prices for similar assets or liabilities in active markets;- Quoted prices for identical or similar assets or liabilities in markets that are not active inputs other than quoted pricesthat are observable for the asset or liability, for example: interest rates and yield curves observable at commonly quotedintervals implied, volatilities and credit spreads;- Inputs that are derived principally from or corroborated by observable market data by correlation or other means('market-corroborated inputs').

Level 3

Level 3 inputs are unobservable inputs for the asset or liability. Unobservable inputs are used to measure fair value to theextent that relevant observable inputs are not available, thereby allowing for situations in which there is little, if any,market activity for the asset or liability at the measurement date. An entity develops unobservable inputs using the bestinformation available in the circumstances, which might include the entity's own data, taking into account all informationabout market participant assumptions that are reasonably available.

There have been no transfers of assets between levels during the year ended 30 April 2020.

- -

Page 23




Fund investments



Fund investments


Receivables at the end of the year comprise:


Dividend receivable

Interest receivable

Total receivables


Dividend receivable

Interest receivable

Total receivables

All amounts were received subsequent to the year end date.

9

208,491 172,201

283,382

GBP

1,018,220

1,043,018

152,458

Dividend receivable is related to dividends from financial assets which pay dividends, which have gone ex dividend during the year and not yet received. Interest receivable is related to interest accruals from financial assets which pay interest.

GBP

30 April 2019

Fund investments are classified as level 2 as the inputs are not level 1 but are observable from the price supplied by theadministrator to the fund. Prices are obtained using an industry leading market data provider. Where prices areunavailable from this provider, prices are obtained with the assistance of the Asset Managers.

29,257,026

-

116,574,652

1 2

GBP

(3,246) -29,257,026

Level 1

-

Level

145,249,082 --

Level

207,892 142,691

30 April 2020

416,383 314,892

GBP

30 April 2019

GBP

86,963,976 -

87,282,078 -

Receivables

-145,245,836

GBP

130,924

24,798

GBP GBP

30 April 2020

Level 3

GBP GBP

Fair value hierarchy (continued)

116,574,652 318,102

3



8

Level 2 Level


Page 24



Cash at bank

Total cash


Cash at bank

Cash held for margin calls

Total cash

Trade payables at the end of the period comprise:


Promoter fees payable

Director fees payable

Audit fees payable

Professional fees payable

Insurance fees payable

Custody fees payable

Investment Manager fees payable

Total trade and other payables


Promoter fees payable

Director fees payable

Audit fees payable

Professional fees payable

Insurance fees payable

Custody fees payable

Investment Manager fees payable

Total trade and other payables

11,667

30,356195,112

30 April 2020 30 April 2019

GBP

16,298


11 Trade and other payables

51,688

1,511

GBP

92,094

133,010

32,310

1,714,400 -

- 13,293

-

73,002

2,163

GBP

GBP GBP

40,098 16,117

5,910

GBP

1,548 1,176

3,727

2,063 860

195,644 100,723

3,798

5,894

9,551,268

30 April 2020 30 April 2019

GBP GBP

9,656,376


10 Cash

2,503

5,318

330,871

30 April 2020 30 April 2019

9,551,268

9,656,376

30 April 2020 30 April 2019

3,534

8,384,398 43,249,759

10,098,798 43,249,759

23,194

125,014

Page 25




30 April 2020 94,094,465.4387 0.0097582709 918,199

31 January 2020 378,526,880.7608 0.0023205835 878,404

0.0031458824 1,176,428

31 January 2020 91,307,259.3705 0.0064944746 592,992

31 October 2019 375,330,061.6941 0.0010535593 395,432

Total Dividend

GBP

31 July 2019 79,897,018.8622 0.0072945488 582,813

31 October 2019

Per shareDate

91,345,835.5158 0.0086058575 786,109

Date

During the year and prior period, the Company declared the following dividend distributions:

Shares in issue

GBP


Total Dividend


12 Distributions

Shares in issue Per share

31 January 2019 365,001,198.6095

Total for the year ended 30 April 2020

30 April 2019 65,642,703.0910 0.0100120306 657,217

753,496

Total for the year ended 30 April 2020

Total for the period ended 30 April 2019

31 January 2019 49,773,824.4790 0.0019343312 96,279

2,880,113


Total for the period ended 30 April 2019

0.0045512518 1,661,212

30 April 2019 368,033,011.7275 0.0029185815 1,074,134

4,558,266

373,958,114.8443

3,184,805

31 October 2018 402,396,338.5765 0.0045301594 1,822,920

30 April 2020 374,491,818.0915 0.0019614340 734,541

31 July 2019

All outstanding amounts were paid during May 2020.

Page 26



For the year ended 30 April 2020

Participating shares in issue at the beginning of the year

Participating shares issued during the year

Participating shares redeemed during the year

Participating shares in issue at the end of the year

For the period ended 30 April 2019

Participating shares in issue at the beginning of the period

Participating shares issued during the period

Participating shares redeemed during the period

Participating shares in issue at the end of the period



Participating shares in issue at the beginning of the year

Participating shares issued during the year

Participating shares redeemed during the year

Participating shares in issue at the end of the year


Participating shares in issue at the beginning of the period

Participating shares issued during the period

Participating shares redeemed during the period

Participating shares in issue at the end of the period

The Company is authorised under its memorandum of association to issue an unlimited number of no par value shares ofany class. The Articles of Association provide that no shares in the capital of the Company shall be issued other than non-redeemable founder shares or participating shares. Investors subscribing in the Company subscribe to participatingshares, which may be divided in each class between distribution and accumulation shares.

During the year, for the Balanced (Total Return) Sub-Fund, participating shares were issued for cash of GBP 41,540,586(30 April 2019: GBP 274,444,992). Participating shares were redeemed for cash of GBP 37,394,830 (30 April 2019: GBP50,858,096).

13 Stated capital

368,033,011.7275 223,586,896

Shares

Shares

During the year, for the Balanced (Income Bias) Sub-Fund, participating shares were issued for cash of GBP 56,891,936(30 April 2019: GBP 67,670,608). Participating shares were redeemed for cash of GBP 26,410,998 (30 April 2019: GBP1,665,213).

(1,665,213)

65,642,703.0910 66,005,395

Shares GBP

374,491,818.0915

368,033,011.7275 223,586,896

41,540,586

(37,394,830)

-

67,285,384.1300 67,670,608

(1,642,681.0390)

(24,711,552.4987) (26,410,998)

94,094,465.4387

Shares issued in both Sub-Funds during the year and in issue at the year end, with the exception of the founder shares,hold the right to receive distributions on a quarterly basis and changes in value in relation to the Sub-Fund for which theyhave been issued. Each holder of participating shares is entitled, on a poll, to one vote for each participating share held.A holder of founder shares is entitled to one vote for all shares held by him.

Shares GBP

96,486,333



65,642,703.0910 66,005,395

53,163,314.8464 56,891,936

-

227,732,652

(88,880,494.1500) (50,858,096)

The Company authorised and issued two founder shares which are held by the Promoter which remain in issue at theyear end date.

GBP

GBP

69,625,959.8236

(63,167,153.4596)

- -

456,913,505.8775 274,444,992

Page 27



Sold CCY

Australian Dollars

Euro

United States Dollars

(29,340)

(241,012)

(1,186,994)

Financial risks

-

-

(a) Market price riskMarket price risk arises mainly from uncertainty about future prices of financial instruments held. It represents thepotential impact the Sub-Funds might suffer through holding market positions in the face of adverse pricemovements. The Directors consider the asset allocation of the Sub-Funds to collective investment schemes andAsset Managers, who in turn consider the asset allocation of the portfolio under their control in order to minimise therisk associated with particular countries and industry sectors whilst continuing to follow the Sub-Funds' investmentobjective. At the year end, a 1% increase in the price of investments would have increased the net asset value of theBalanced (Income Bias) Sub-Fund by approximately GBP 826,760 (30 April 2019: GBP 600,423) and would haveincreased the net asset value of the Balanced (Total Return) Sub-Fund by approximately GBP 2,038,567 (30 April2019: GBP 1,745,029). A 1% decrease would have reduced the net asset value of the Sub-Fund by the same

(b)

Unrealised LossNet deal rate

The Company's assets and liabilities comprise financial instruments which include:Investments including equities, fixed income and floating rate securities, collective investment schemes, exchangetraded funds and structured products. These are held in accordance with the Sub-Fund's investment objective andpolicies; andCash, short-term payables and receivables that arise directly from its investment activities.

As investment funds, the Sub-Funds buy, sell and hold financial assets in order to take advantage of market pricemovements or rates, over the long term.

The main risks arising from the Sub-Funds' financial instruments are market price, foreign currency, interest rate,liquidity and credit risks. The Directors review and agree policies for managing each of these risks and they aresummarised below. These policies have remained substantially unchanged since the beginning of the period to whichthe financial statements relate.

Where sensitivity analysis has been performed in this note, the results of the analysis are not necessarily indicative ofthe actual effect on the Sub-Funds' net assets attributed to participating shares, and are an estimate of how changesto market conditions may affect the Sub-Funds' net assets.



14

Net Buy (GBP)

Foreign currency riskAt the year end date, a small proportion of the assets of the Company were denominated in currencies other than sterling, with the effect that the Statement of Financial Position and Statement of Comprehensive Income can be affected by currency movements. Where the Asset Managers deem necessary, this exposure to foreign currency fluctuations is mitigated by the use of forward foreign currency contracts. During the year no forward foreign exchange contracts had been traded or were outstanding for the Balanced (Income Bias) Sub-Fund. As at the year end, the following foreign exchange forward currency contracts were in place for the Balanced (Total Return) Sub-Fund:

1,370,698

Net Sell

2,700,000

Market Rate

1.92851.9698


1.1499

1.2583

3,500,000

12,500,000

1.2488

1.4291

2,802,782

8,746,967

Page 28



Financial Assets

Currency

Pounds Sterling

Euro

United States Dollar

Swiss Franc

Danish Kroner

Hong Kong Dollar

Total value

Financial Assets

Currency

Pounds Sterling

Euro


Swiss Franc

Danish Kroner

Hong Kong Dollar

Total value

- 59,636 4,169,583

11,474,303

financial assets

48,885,012 9,469,011 11,650,925 70,004,948

11,646,387

52,548,088

3,433,945 - 185,078

4,109,947

164,925 -

Based on year end values, a 0.5% increase in interest rates would have decreased the net asset value of the Sub-Fund by approximately GBP 171,210 (30 April 2019: GBP 128,282). A 0.5% decrease would have increased the netasset value of the Sub-Fund by the same amount.

330,376

- 91,389 3,469,162

--

financial assets

175,713 14,669,012

3,801,541 - 196,562

649,561

Total

70,437,593

94,098,090

- - 717,565

Floating rate

financial assets

47,373,756 11,417,450

12,210,973

(57) 164,868


7,233

69,917,666 11,969,451

No interest

financial assets

Fixed rate

Floating rate

717,565


No interest Fixed rate

552,001

3,998,103

13,941,298

656,794-

330,376

14

financial assets financial assets Total

3,377,773

9,078,606 218,611 25,654 9,322,871

9,250,40031,823,385

(c)



Financial risks (continued)

Interest rate riskInterest rate risk is the risk of how movements in interest rates could impact the net asset value of the Sub-Funds. The interest rate profile of the Sub-Funds' financial assets (including short-term receivables) was:

3,619,023

Page 29



Financial Assets

Currency

Pounds Sterling

Euro


Swiss Franc

Danish Kroner

Hong Kong Dollar

Canadian Dollar

Swedish Kroner

Australian Dollar

Japanese Yen

Singapore Dollar

Total value

Financial Assets

Currency

Pounds Sterling

Euro


Swiss Franc

Danish Kroner

Hong Kong Dollar

Canadian Dollar

Swedish Kroner

Australian Dollar

Total value

54,922,960

13,998,8367,971

164,068

Fixed rate Floating rate

- (23) 63,595

199,290,575

1,016,299 - 1,016,299

financial assets financial assets financial assets Total

102,049,007 22,854,736 15,093,728 139,997,471

8,171,625 8,202,923

51,744,656 2,963,169

financial assets

171,528,475 27,566,152

No interest

41,630 - -

45,038,507

41,630

94,295

-

214,532,762

- 505,033

-

215,135

financial assets financial assets Total


- 46,374 3,590,732

14

1,285,406

63,618

30,771 1,383,369

20,829

169,798,522 3,925,949 45,071,168 218,795,639

13,896,570

1,986,273 - 4,035 1,990,308

- - 164,068

27,745 19,202

Based on year end values, a 0.5% increase in interest rates would have decreased the net asset value of the Sub-Fund by approximately GBP 455,243 (30 April 2019: GBP 148,393). A 0.5% decrease would have increased the netasset value of the Sub-Fund by the same amount.

788,272 - - 788,272

1,238,459

1,171,473 - 1,476 1,172,949

150,612,227 3,639,841

15,438,135


No interest

3,544,358

- 731,948

31,298


505,033 -

- - 900,091

731,948

2,728,1062,707,277 -

Financial risks (continued)

-

Fixed rate Floating rate

553,830 - - 553,830

1,352,598

(c) Interest rate risk (continued)

900,091

-



Page 30



Currency

Euro


Swiss Franc

Danish Kroner

Hong Kong Dollar

Total value


Currency

Euro


Swiss Franc

Danish Kroner

Hong Kong Dollar

Canadian Dollar

Swedish Kroner

Australian Dollar

Japanese Yen

Singapore Dollars

Total value

63,595

788,272

1,990,308

13,998,836

1,285,406

9,322,871

3,469,162

330,376

Liquidity riskThe Sub-Funds are exposed to liquidity risk in that they may be unable to meet their respective commitments, in theevent that there is insufficient cash available within their bank accounts or sufficient cash cannot be raised by the saleof assets at prevailing market rates. The risk is managed by the Directors, assisted by the Administrator, who monitorthe position on an ongoing basis to ensure that sufficient cash or liquid investments are available should cash berequired. The Sub-Funds maintain appropriate cash balances to meet short-term liabilities as they fall due. Inaddition, a proportion of assets with Asset Managers are invested in liquid and cash-like assets that can be convertedback to cash should the need arise.

30 April 2020 30 April 2019

Based on year end values, a 1% favourable movement in foreign exchange rates would have increased the net assetvalue of the Sub-Fund by approximately GBP 745,353 (30 April 2019: GBP 195,051). A 1% adverse movement wouldhave reduced the net asset value of the Sub-Fund by the same amount.

1,172,949

41,630

164,068

2,728,106

54,922,959

1,383,370

553,830

717,565

30 April 2020 30 April 2019

Financial Assets Financial Assets

Financial Assets

3,619,023 4,169,583

1,016,299

(d) Foreign exchange riskForeign exchange risk is the risk of how movements in foreign exchange rates could impact the net asset value of theSub-Funds.The foreign currency profile of the Sub-Funds' financial assets (including short-term receivables), excluding PoundSterling were:

14,669,011

8,202,924

(e)

19,505,064

505,033

731,947

900,091 -

-

3,998,103

74,535,292

3,590,733



14 Financial risks (continued)

Based on year end values, a 1% favourable movement in foreign exchange rates would have increased the net assetvalue of the Sub-Fund by approximately GBP 236,605 (30 April 2019: GBP 174,569). A 1% adverse movement wouldhave reduced the net asset value of the Sub-Fund by the same amount.

164,868

17,456,860

656,793

Financial Assets

23,660,495

Page 31


(h) Concentration riskThe Sub-Funds are exposed to concentration risk through holding material values of collective investment schemeswhich, if underperform, would have a material impact on the value of the Sub-Funds. The Sub-Funds manageconcentration risk by continuing to diversify their respective portfolios of investments to hold a broader selection ininvestment positions.

Capital risk managementThe capital of the Sub-Funds is represented by the net assets attributable to holders of participating shares, asdetailed in note 13. The amount of net assets attributable to holders of participating shares can change significantlyon a weekly basis, as the Sub-Funds are subject to weekly subscriptions and redemptions at the option ofshareholders, as well as changes resulting from the Sub-Funds' performance. The Sub-Funds' objective whenmanaging capital is to safeguard the Sub-Funds' ability to continue as a going concern in order to provide returns forshareholders and maintain a strong capital base to support the development of the investment activities of the Sub-Funds.

In order to maintain the capital structure, the Sub-Funds' policy is to:- Monitor the level of weekly subscriptions and redemptions relative to the assets it may be required to liquidate.- Redeem and issue new shares in accordance with the constitutional documents, namely the Memorandum andArticles of Association of the Company together with the Prospectus, which include the ability to restrict redemptionsif deemed necessary.

The Directors, with the assistance of the Administrator, monitor capital on the basis of the value of net assetsattributable to participating shareholders.

(g) Credit riskThe Sub-Funds will be exposed to credit risk on parties with whom they trade and will also bear the risk of settlementdefault. The Sub-Funds minimise credit risk by undertaking transactions with counterparties on recognised andreputable exchanges, and these counterparties have been stated on page 1.In addition, each Sub-Fund has an investment restriction to limit non-investment grade assets to 10% of the Sub-Fund's value.

(f)

(j) Brexit riskThe United Kingdom left the European Union on 31 January 2020 and entered a period of transition which isscheduled to end on 31st December 2020. During this period the UK will seek to negotiate a trade deal with the EUand it is reasonable to assume that there is still scope for economic and other uncertainties about the outcome ofsuch negotiations and their consequences on financial markets and the Sub-Funds’ investments.

(i) Fair value of financial assets and financial liabilitiesThe Sub-Funds are subject to fair value risk, i.e. if fair values move unfavourably. However there is no materialdifference between the value of the financial assets and liabilities, as shown in the Statement of Financial Position,and their fair value. Investments have been valued using prices that would have been obtained if they had been soldor settled at that date. Other assets and liabilities are stated at the amount subsequently received or paid.



14 Financial risks (continued)

Page 32




17

(a)

(b)

(c)

(a)

(b)

(c)

Promoter fees are calculated at each valuation point based on the assets of the Sub-Fund at a rate of 0.25% perannum, payable monthly in arrears . The fees of the Investment Adviser and the Administrator of the Company arecovered by the Promoter. The Promoter also pays other non-trading operating expenses including Company set-upexpenses and set-up legal fees, registration fees and certificate fees, costs of publication and distribution ofprospectuses, annual reports and fact sheets and the publication of share prices. Amounts due to the Promoter for the year amounted to GBP 553,063 (30 April 2019: GBP 408,231), of which GBP92,094 (30 April 2019: GBP 51,688) remained payable at the year end date.The Custodian is entitled to a fee, subject to annual review, and based on the assets held directly by the Custodianfor each Sub-Fund at the following rates: Up to £250 million at 0.015% with the next £150 million at 0.010% and above £400 million 0.0075% per annum. TheCustodian is also entitled to a fee for assets held by the Sub-Custodian at a rate of 0.0125%.Amounts due to the Custodian for the year amounted to GBP 53,717 (30 April 2019: GBP 28,201), of which GBP32,310 (30 April 2019: GBP 10,789) remained payable at the year end date. The Sub-Custodian is entitled to a fee based on the assets held at rates based on the market in which eachinstrument is traded. Amounts due to the Sub-Custodian for the year amounted to GBP 20,892 (30 April 2019: GBP1,436), of which GBP NIL (30 April 2019: GBP 878) remained payable at the year end date.

COVID-19 continues to present a developing situation and the assessment of this situation will need continued attentionand will evolve over time. We do not underestimate the seriousness of the issue and the inevitable effect it will have onthe global economy and many businesses across the world. This is a unique situation which makes it difficult to predictthe outcome and the effect on the future performance of each Sub-Fund.

Promoter fees are calculated at each valuation point based on the assets of the Sub-Fund at a rate of 0.25% perannum, payable monthly in arrears . The fees of the Investment Adviser and the Administrator of the Company arecovered by the Promoter. The Promoter also pays other non-trading operating expenses including Company set-upexpenses and set-up legal fees, registration fees and certificate fees, costs of publication and distribution ofprospectuses, annual reports and fact sheets and the publication of share prices. Amounts due to the Promoter for the year amounted to GBP 227,831 (30 April 2019: GBP 56,652), of which GBP40,098 (30 April 2019: GBP 16,117) remained payable at the year end date.The Custodian is entitled to a fee, subject to annual review, and based on the assets held directly by the Custodianfor each Sub-Fund at the following rates: Up to £250 million at 0.015% with the next £150 million at 0.010% and above £400 million 0.0075% per annum. TheCustodian is also entitled to a fee for assets held by the Sub-Custodian at a rate of 0.0125%.Amounts due to the Custodian for the year amounted to GBP 28,594 (30 April 2019: GBP 6,639), of which GBP23,194 (30 April 2019: GBP 5,461) remained payable at the year end date.The Sub-Custodian is entitled to a fee based on the assets held at rates based on the market in which eachinstrument is traded. Amounts due to the Sub-Custodian for the year amounted to GBP 15,853 (30 April 2019: GBP2,637), of which GBP NIL (30 April 2019: GBP 433) remained payable at the year end date.

Subsequent events

On 30 April 2020, the Company recorded dividends for Balanced (Income Bias) Sub-Fund of GBP 918,199 and forBalanced (Total Return) Sub-Fund of GBP 734,541 All dividends were paid to investors in May 2020.

The Directors are not aware of any contingent liabilities.

16 Contingent liabilities



15 Promoter, custodian and sub-custodian fees

Page 33


19 Ultimate controlling party

Zedra Fund Services Limited (ZFSL) acts as promoter and administrator to the Company and holds the 2 voting foundershares and received fees during the year of GBP 780,894 (30 April 2019: GBP 464,883), of which GBP 132,192 (30 April2019: GBP 67,805) remained payable at the year end date. Andrew Cunningham and Mark Cleary are directors of boththe Company and ZFSL.Zedra Fiduciary Investment Services Limited (ZFIS) is a Zedra Group company (please see www.zedra.com for furtherdetails) and acts as Investment Adviser to the Company. The fees of ZFIS were paid by ZFSL as part of the Promoterfee.In addition, ZFSL also paid fees on behalf of the Company as part of the Promoter fee as set out in the Prospectus. Totalamounts incurred during the year amounted to GBP10,912 (30 April 2019: GBP 109,393).

18 Related parties



Due to the number of underlying investors in the Company, there is no single investor with a controlling interest. TheDirectors are of the view the Board of Directors are the controllers of the Company. Zedra Fund Services Limited isconsidered the ultimate controlling party of the Company as the holder of the voting founder shares.

20 Aggregated values of the Company

The aggregated net asset value for the Company for the year ended 30 April 2020 was GBP 304,448,102 (2019: GBP285,832,967) and the aggregated loss for the year was GBP 9,946,641 (2019 profit: GBP 1,552,438).

Page 34


The Zedra Fiduciary Investment Fund LimitedUnaudited Investment Portfolio as at 30th April 2020

portfolio

% of


0.28%

298,610

412,527

250,000.0000

407,000.0000

225,000.0000 235,429

265,000.0000

0.36%

0.50%

322,147 0.39%

0.16%

497,508 0.60%

AVIVA PLC Nov 36 Floating GBP 240,000.0000 282,314 0.34%

GBP

GBP

Bonds

AMERICA MOVIL SAB DE CV Oct 26 5%

ANHEUSER-BUSCH INBEV SA/ May 29 2.25%

Market Value

(GBP)

HoldingCCYInvestment classification

BANK OF AMERICA CORP Jul 28 7% GBP 200,000.0000 270,688 0.33%

ASSURA FIN PLC Jul 28 3% GBP

AT&T INC Jun 43 4.25% GBP

BARCLAYS PLC Jan 33 3.25% GBP 420,000.0000 426,149 0.52%

BARCLAYS BANK PLC May 21 10% GBP 123,000.0000 131,552 0.16%

BMW FINANCE NV Aug 22 0.875% GBP 138,000.0000 134,470

BAT INTL FINANCE PLC Jul 21 1.75% GBP 265,000.0000 265,074 0.32%

CLOSE BROTHERS GROUP PLC Apr 23 2.75% GBP 265,000.0000 267,327 0.32%

CITIGROUP INC Jan 24 2.75% GBP 325,000.0000 334,370 0.40%

CREDIT AGRICOLE SA Apr 14 Floating GBP 255,000.0000 266,944 0.32%

CRED SUIS GP FUN LTD Aug 25 2.75% GBP 265,000.0000 273,003 0.33%

DIRECT LINE INSURANCE GR Apr 42 Floating GBP 230,000.0000 260,802 0.32%

DIGITAL STOUT HOLDING LL Oct 30 3.75% GBP 273,000.0000 289,601 0.35%

EXPERIAN FINANCE PLC Apr 32 3.25% GBP 100,000.0000 112,269 0.14%

E.ON INTL FINANCE BV Jun 32 6.375% GBP 197,000.0000 290,301 0.35%

GLAXOSMITHKLINE CAPITAL Dec 33 5.25% GBP 314,000.0000 460,428 0.56%

FIDELITY NATL INFO SERV May 25 2.602% GBP 266,000.0000 275,366 0.33%

HSBC HOLDINGS PLC Dec 27 5.75% GBP 348,000.0000 415,672 0.50%

HEATHROW FUNDING LTD Aug 49 2.75% GBP 300,000.0000 294,702 0.36%

LEGAL & GENERAL GROUP Oct 45 Floating GBP 250,000.0000 272,700 0.33%

JOHN LEWIS PLC Jan 25 6.125% GBP 200,000.0000 194,412 0.24%

NATL GRID ELECT TRANS Feb 24 5.875% GBP 233,000.0000 272,300 0.33%

LLOYDS BANKING GROUP PLC Oct 24 2.25% GBP 270,000.0000 272,192 0.33%

ORSTED A/S Apr 40 5.75% GBP 170,000.0000 279,572 0.34%

NATL WESTMINSTER BANK Jan 24 5.125% GBP 235,000.0000 272,539 0.33%

SANTANDER UK GROUP HLDGS Jan 26 3.625% GBP 225,000.0000 240,575 0.29%

PRUDENTIAL PLC Jul 55 Floating GBP 258,000.0000 274,494 0.33%

TIME WARNER CABLE LLC Jun 31 5.75% GBP 226,000.0000 276,968 0.34%

TESCO PROPERTY FIN 3 PLC Apr 40 5.744% GBP 221,000.0000 278,295 0.34%

WALMART INC Dec 30 5.75% GBP 198,000.0000 288,904 0.35%

VODAFONE GROUP PLC Nov 32 5.9% GBP 204,000.0000 285,816 0.35%

TRANSPORT FOR LONDON May 45 3.625% GBP 350,000.0000

VEOLIA ENVIRONNEMENT SA Oct 37 6.125% GBP 200,000.0000 325,758 0.39%

UBS AG LONDON Dec 20 1.25% GBP 400,000.0000 400,196 0.48%

WESTERN POWER DIST EAST Jan 23 5.25% GBP 240,000.0000 263,830 0.32%

WESTFIELD STRATFORD NO 2 Aug 26 1.642% GBP 277,000.0000 277,562 0.34%

CHARTER COMM OPT LLC/CAP Jul 22 4.464% USD 135,000.0000 113,179 0.14%


BHP BILLITON FINANCE LTD Oct 77 Floating GBP 200,000.0000 211,014 0.26%

BURFORD CAPITAL PLC Oct 24 6.125% GBP 200,000.0000 162,000 0.20%

Page 35


14,315,557 17.32%

33,112.0000

22,284.0000

62,367.0000

22,778.0000

61,791.0000

Bonds total

CREDIT SUISSE NASSAU Mar 27 0% GBP 500,000.0000 485,050 0.59%

EUROPEAN INVESTMENT BANK Sep 26 1% GBP 150,000.0000 153,849 0.19%

PRUDENTIAL PLC Oct 51 Floating GBP 200,000.0000 215,510 0.26%

Equities

GOLDMAN SACHS GROUP INC Jul 29 3.125% GBP 200,000.0000 214,576 0.26%

NATIONWIDE BLDG SOCIETY Oct 03 Floating GBP 200,000.0000 222,396 0.27%

12,742,810.0000

ORANGE SA Oct 14 Floating GBP 300,000.0000 319,599 0.39%

ZURICH INSURANCE GROUP AG CHF 3,139.0000 793,399 0.96%

TSY 1 1/4% 2027 I/L GILT Nov 27 1.25%

ORSTED A/S

ASML HOLDING NV

NOVARTIS AG-REG

ROCHE HOLDING AG-GENUSSCHEIN

TSY INFL IX N/B Jan 29 0.875%

NESTLE SA-REG

DS SMITH PLC

GLAXOSMITHKLINE PLC

HISCOX LTD

JOHNSON MATTHEY PLC

NATIONAL GRID PLC

PERSIMMON PLC

PRUDENTIAL PLC

ENEL SPA

GREENCOAT RENEWABLES PLC

KONINKLIJKE KPN NV

TOTAL SA

ASTRAZENECA PLC

BHP GROUP PLC

BP PLC

CRH PLC

DECHRA PHARMACEUTICALS PLC

RIO TINTO PLC

RELX PLC

RENEWABLES INFRASTRUCTURE GR

ROYAL DUTCH SHELL PLC-B SHS

UNILEVER PLC

PING AN INSURANCE GROUP CO-H

ACCENTURE PLC-CL A

ALPHABET INC-CL A

AMAZON.COM INC

AMERICAN TOWER CORP

GBP

USD

CHF

CHF

CHF

DKK

EUR

EUR

EUR

EUR

EUR

GBP

GBP

GBP

GBP

GBP

GBP

GBP

GBP

GBP

GBP

GBP

GBP

GBP

GBP

GBP

GBP

GBP

HKD

USD

USD

USD

USD

145,810.0000

484,000.0000

8,734.0000

9,680.0000

3,141.0000

8,098.0000

2,979.0000

133,211.0000

545,756.0000

311,220.0000

25,131.0000

14,161.0000

24,780.0000

253,342.0000

16,757.0000

17,962.0000

225,412.0000

52,463.0000

31,294.0000

720,264.0000

17,382.0000

60,167.0000

6,556.0000

49,000.0000

5,591.0000

702.0000

483.0000

290,718

436,528

732,024

654,941

866,630

649,561

700,918

722,163

536,125

571,413

717,685

1,178,478

331,110

793,214

402,168

497,547

703,060

871,410

232,645

444,009

582,383

502,255

697,311

562,197

887,365

640,440

773,988

268,927

400,470

822,919

751,378

949,723

929,528

0.35%

0.53%

0.89%

0.79%

1.05%

0.79%

0.85%

0.87%

0.65%

0.69%

0.87%

1.43%

0.40%

0.96%

0.49%

0.60%

0.85%

1.05%

0.28%

0.54%

0.70%

0.61%

0.84%

0.68%

1.07%

0.77%

0.94%

0.33%

0.48%

1.00%

0.91%

1.15%

1.12%4,914.0000

Bonds (continued)



Investment classification CCY Holding Market Value

(GBP)

% of

portfolio

Page 36


1.20%

JOHNSON & JOHNSON USD 1,695.0000 202,128 0.24%

MASTERCARD INC - A USD 1,170.0000 255,695 0.31%

DP AIRCRAFT LTD USD 395,280.0000 75,399 0.09%

INTEL CORP USD 5,585.0000 266,244 0.32%

AT&T INC USD 7,730.0000 187,198 0.23%

BLACKSTONE GROUP INC/THE USD 4,589.0000 190,534 0.23%

ESTEE LAUDER COMPANIES-CL A

MASTERCARD INC - A

MEDTRONIC PLC

MICROSOFT CORP

NEXTERA ENERGY INC

TAIWAN SEMICONDUCTOR-SP ADR

VERIZON COMMUNICATIONS INC

Equities (continued)

ELI LILLY & CO

VISA INC-CLASS A SHARES (BBG000PSKYX7)

WEST PHARMACEUTICAL SERVICES

TRITAX BIG BOX REIT PLC

ROCHE HOLDING AG-GENUSSCHEIN

DANONE

TOTAL SA

BAE SYSTEMS PLC

BHP GROUP PLC

BT GROUP PLC

CRH PLC

GCP STUDENT LIVING PLC

GLAXOSMITHKLINE PLC

LONDON STOCK EXCHANGE GROUP

NATIONAL GRID PLC

PERSIMMON PLC

PHOENIX GROUP HOLDINGS PLC

PRIMARY HEALTH PROPERTIES

PRUDENTIAL PLC

RECKITT BENCKISER GROUP PLC

ROYAL DUTCH SHELL PLC-B SHS

SDCL ENERGY EFFICIENCY INCOM

SIRIUS REAL ESTATE LTD

UNILEVER PLC

AIA GROUP LTD

CK HUTCHISON HOLDINGS LTD

ALPHABET INC-CL A

USD

USD

USD

USD

USD

USD

USD

GBP

USD

USD

CHF

EUR

EUR

GBP

GBP

GBP

GBP

GBP

GBP

GBP

GBP

GBP

GBP

GBP

GBP

GBP

GBP

GBP

GBP

GBP

HKD

HKD

USD

2,969.0000

6,968.0000

11,215.0000

2,353.0000

25,882.0000

16,106.0000

8,039.0000

4,056.0000

2,639.0000

590,000.0000

900.0000

1,910.0000

2,700.0000

35,000.0000

18,600.0000

124,090.0000

8,260.0000

252,480.0000

13,800.0000

2,660.0000

35,370.0000

7,595.0000

42,047.0000

268,440.0000

22,600.0000

3,490.0000

24,000.0000

366,900.0000

494,100.0000

6,065.0000

35,000.0000

10,000.0000

298.0000

540,682

1,597,393

432,225

1,092,919

735,407

576,131

396,962

988,039

711,540

248,318

105,039

77,106

177,940

248,533

144,006

198,240

339,838

229,218

198,330

330,285

167,470

252,702

413,398

255,041

231,387

308,736

366,900

348,341

248,786

258,234

58,861

318,961

0.50%

0.68%

portfolio




(GBP)

% of

416,255

560,5612,565.0000USD

0.65%

1.93%

0.52%

1.32%

0.89%

0.70%

0.48%

0.86%

0.30%

0.13%

0.09%

0.22%

0.30%

0.17%

0.24%

0.41%

0.28%

0.24%

0.30%

0.31%

0.07%

0.39%

0.40%

0.20%

0.31%

0.50%

0.31%

0.28%

0.37%

0.44%

0.42%

Page 37


NB PRIVATE EQUITY PARTNERS L GBP 42,905.0000 381,855 0.46%

Equities total 36,755,500 44.46%

Exchange Traded Funds

5,633,479.0000


(GBP)

% of

portfolio


PFIZER INC USD 6,907.0000 210,581 0.25%

PROCTER & GAMBLE CO/THE USD 2,275.0000 213,125 0.26%

WALMART INC USD 2,500.0000 241,516 0.29%

WALT DISNEY CO/THE USD 2,000.0000 171,912 0.21%

BB BIOTECH AG-REG CHF 11,160.0000 506,230 0.61%

3I INFRASTRUCTURE PLC GBP 314,810.0000 818,506 0.99%

ABERFORTH SMALLER COS-ORD GBP 40,085.0000 360,765 0.44%

APAX GLOBAL ALPHA LTD GBP 438,296.0000 561,895 0.68%

BBGI SICAV SA GBP 320,880.0000 513,408 0.62%

BLUEFIELD SOLAR INCOME FUND GBP 676,257.0000 868,990 1.05%

GREENCOAT UK WIND PLC GBP 683,961.0000 924,715 1.12%

INTERNATIONAL PUBLIC PARTNER GBP 516,273.0000 804,353 0.97%

0.36%

AXIOM EUROPEAN FINANCIAL DEB GBP 174,415.0000 133,427 0.16%

SEQUOIA ECONOMIC INFRASTRUCT GBP 954,629.0000 945,083 1.14%

ISHARES USD TIPS GBP-H DIST GBP 260,000.0000 1,363,440 1.65%

BH MACRO LTD GBP 17,110.0000 571,474 0.69%

CC JAPAN INCOME & GROWTH TRU GBP 300,000.0000

MURRAY INTERNATIONAL TR-O GBP 35,810.0000 346,641 0.42%

375,000 0.45%

INVESCO ASIA TRUST PLC-ORD GBP 77,130.0000 195,910 0.24%

ISHARES CORE FTSE 100 GBP 134,125.0000 780,339 0.94%

363,400 0.44%

0.53%

305,586 0.37%

X FTSE 250 GBP 18,550.0000 294,314

Exchange Traded Funds total 12,642,971 15.29%5,863,201.0000

TETRAGON FINANCIAL GROUP LTD USD 60,070.0000 442,098



SPDR S&P 500 ETF TRUST USD 1,500.0000 346,304 0.42%

UTILICO EMERGING MARKETS TRU GBP 183,535.0000

SCHRODER ORIENTAL INCOME GBP 206,700.0000 439,238 0.53%

TWENTYFOUR INCOME FUND LTD GBP 395,000.0000

Page 38


Investment assets total

MONTANARO-UK INCOME -F-GB GBP 365,000.0000 658,092 0.80%

LM-WA MACRO OPPORT BD-PDMH+E GBP 3,600.0000 329,904 0.40%

BLACKROCK CONT EUR INC-D INC GBP 210,110.0000 301,928 0.37%

FUNDSMITH EQUITY SICAV-IIGBP GBP 13,600.0000 368,478 0.45%

SCHRODER US EQ INC MAXIMI-LI GBP 1,980,436.5600 1,032,204 1.25%

THREAD UK EQY INC-ZI-GBP GBP 761,032.7383 929,754 1.12%

892,711

SCHRODER INC MAXIMISER-L INC GBP 2,272,132.7900 747,077 0.90%




(GBP)

% of

portfolio

945,727

SCHRODER ASIAN INC MAX-L INC GBP 2,041,415.7900 1.08%

RWC FUNDS ENHANCED INC-B-INC GBP 15,740.8202 1.14%

LEGAL&GENERAL HIGH I-INC GBP 3,327,421.6790 1,355,592 1.64%

PIMCO GIS CAPITAL SEC-GBP-H GBP 65,000.0000 0.90%

MUZINICH-GLOB TAC CR-H EU IH GBP 13,584.4400 1,316,332 1.59%

NB EMER MKTS DB BL-GBP I DIS GBP 65,035.6050 572,964 0.69%

741,000

JUPITER STRATEGIC BOND-I INC GBP 2,001,404.5500 1,310,119 1.58%

JUPITER STRATEGIC BOND-Z INC GBP 501,443.5500 328,295 0.40%

INVESCO CORP BOND FD-UK ZINC GBP 205,453.4300 440,841 0.53%

JAN HND STRAT BD FD-I INC GBP 474,452.5600 659,964 0.80%

FIDELITY GL DIVIDEND-W-INC GBP 733,068.8600 1,381,102 1.67%

FUNDSMITH EQUITY FUND-I INC GBP 319,280.3000 1,360,677 1.65%

FED S/T STERLING PRIME-3 GBP 300,000.0000 300,000 0.36%

GBP

GBP

GBP

ARTEMIS GLOBAL INCOME FD-I

BSF-GLB EVNT DRVN-D2 GBP HDG

Fund Investments

1.32%

0.78%

1.18%

1,091,205

648,525

971,543

1,367,253.8680

5,811.6800

100.00%82,676,008

AXA US SH DUR H/Y-INS INC GR GBP 317,762.0400 277,946 0.34%

AXA US SH DUR H/Y-ZI GR INC 1,112,623.7930

42,712,155.0535

Fund Investments Total 18,961,980 22.94%18,472,665.0535

Page 39


UK TSY 2% 2020 Jul 20 2% GBP 3,000,000.0000 3,013,170 1.47%

GBP 700,000.0000 702,611 0.34%WALGREENS BOOTS ALLIANCE Nov 20 2.875%

33,851,286.0000Bonds total

1,000,000.0000 1,019,730 0.50%

TOTAL CAPITAL INTL SA Dec 20 2.25% GBP 753,000.0000 758,429 0.37%

UK TSY 1 1/2% 2021 Jan 21 1.5% GBP 1,400,000.0000 1,414,588 0.69%

TESCO PERSONAL FIN GROUP Jul 25 3.5% GBP

LVMH MOET HENNESSY VUITT Feb 23 1% GBP 1,500,000.0000 1,488,615 0.73%

PEPSICO INC Nov 22 2.5% GBP 400,000.0000 416,440 0.20%

SKANDINAVISKA ENSKILDA Aug 22 1.25% GBP 300,000.0000 297,408 0.14%

SWEDISH EXPORT CREDIT Dec 20 0.625% GBP 1,500,000.0000 1,502,580 0.73%


Investment Portfolio - Balanced (Total Return) Sub-Fund - (Unaudited)

% of

portfolio


(GBP)

Bonds

AUSTRALIAN GOVERNMENT Apr 27 4.75% AUD 1,100,000.0000 731,208 0.36%

CREDIT SUISSE AG LONDON Jul 23 0% GBP 600,000.0000 541,080 0.26%


BARCLAYS BANK PLC May 21 10% GBP 100,000.0000 106,953 0.05%

SAINSBURYS BANK PLC Nov 27 Floating GBP 200,000.0000 189,800 0.09%

MARKS & SPENCER PLC Dec 21 Floating GBP 200,000.0000 206,146 0.10%

UK TSY 0 1/2% 2022 Jul 22 0.5% GBP 1,000,000.0000 1,010,920 0.49%

UK TSY 1 1/2% 2021 Jan 21 1.5% GBP 2,750,000.0000 2,778,655 1.35%

UK TSY 3/4% 2023 Jul 23 0.75% GBP 650,000.0000 664,788 0.32%

SINGAPORE GOVERNMENT Jun 21 2.25% SGD 1,750,000.0000 1,007,079 0.49%

TSY INFL IX N/B Jan 25 0.25% USD 1,920,000.0000 1,706,671 0.83%

TSY INFL IX N/B Oct 24 0.125% USD 1,050,000.0000 857,572 0.42%

UBS AG Feb 24 0% USD 484,286.0000 397,760 0.19%

BP CAPITAL MARKETS PLC Aug 23 1.177% GBP 800,000.0000 780,560 0.38%

COUNCIL OF EUROPE Jun 22 0.625% GBP 1,000,000.0000 1,003,280 0.49%

EUROPEAN INVESTMENT BANK Jun 23 Floating GBP 1,500,000.0000 1,499,790 0.73%

EUROPEAN INVESTMENT BANK May 21 Floating GBP 1,250,000.0000 1,252,113 0.61%

EXPERIAN FINANCE PLC Sep 24 2.125% GBP 1,254,000.0000 1,287,519 0.63%

EXPORT DEVELOPMNT CANADA Jan 22 Floating GBP 800,000.0000 799,208 0.39%

IBM CORP Dec 20 2.75% GBP 300,000.0000 303,525 0.15%

INTL BK RECON & DEVELOP May 23 Floating GBP 1,500,000.0000 1,495,080 0.73%

KFW Feb 21 1.375% GBP 1,000,000.0000 1,007,900 0.49%

KFW Mar 22 0.875% GBP 500,000.0000 504,450 0.25%

LLOYDS BANK PLC Jan 21 Floating GBP 1,400,000.0000 1,398,390 0.68%

32,331,901 15.75%

Page 40





(GBP)

% of

portfolio

AMGEN INC USD 3,700.0000 703,476 0.34%

AMPHENOL CORP-CL A USD 8,500.0000 596,257 0.29%

ANSYS INC USD 2,080.0000 432,846 0.21%

ALPHABET INC-CL C USD 600.0000 643,138 0.31%

AMAZON.COM INC USD 340.0000 668,542 0.33%

ACTIVISION BLIZZARD INC USD 2,750.0000 139,292 0.07%

ADOBE INC USD 2,180.0000 612,729 0.30%

ABBOTT LABORATORIES USD 7,950.0000 581,875 0.28%

ACCENTURE PLC-CL A USD 4,000.0000 588,746 0.29%

TRAVELSKY TECHNOLOGY LTD-H HKD 240,000.0000 337,169 0.16%

ASSA ABLOY AB-B SEK 35,000.0000 501,049 0.24%

AIA GROUP LTD HKD 74,500.0000 549,670 0.27%

TENCENT HOLDINGS LTD HKD 10,800.0000 461,822 0.22%

UNILEVER PLC GBP 14,000.0000 574,280 0.28%

VODAFONE GROUP PLC GBP 350,000.0000 392,490 0.19%

ROYAL DUTCH SHELL PLC-A SHS GBP 29,000.0000 384,250 0.19%

SMITH & NEPHEW PLC GBP 33,100.0000 515,698 0.25%

RENTOKIL INITIAL PLC GBP 112,500.0000 533,588 0.26%

RIO TINTO PLC GBP 14,000.0000 515,830 0.25%

LONDON STOCK EXCHANGE GROUP GBP 7,300.0000 544,288 0.27%

MICRO FOCUS INTERNATIONAL GBP 50,400.0000 242,777 0.12%

ITV PLC GBP 224,359.0000 171,635 0.08%

LEGAL & GENERAL GROUP PLC GBP 264,000.0000 540,144 0.26%

FEVERTREE DRINKS PLC GBP 16,500.0000 287,100 0.14%

HARGREAVES LANSDOWN PLC GBP 38,000.0000 547,390 0.27%

DIAGEO PLC GBP 16,500.0000 453,750 0.22%

FERGUSON PLC (BBG00NZJ0JG0) GBP 9,000.0000 516,240 0.25%

BP PLC GBP 118,500.0000 371,024 0.18%

DCC PLC GBP 8,450.0000 478,101 0.23%

TOTAL SA EUR 15,400.0000 439,790 0.21%

UBISOFT ENTERTAINMENT EUR 2,000.0000 118,091 0.06%

RELX PLC NA EUR 28,500.0000 512,618 0.25%

SAMPO OYJ-A SHS EUR 18,200.0000 478,456 0.23%

EUROFINS SCIENTIFIC EUR 1,175.0000 515,844 0.25%

LVMH MOET HENNESSY LOUIS VUI EUR 1,890.0000 579,093 0.28%

DUERR AG 260,538 0.13%

DAVIDE CAMPARI-MILANO SPA EUR 59,910.0000

EUR 14,150.0000

ASML HOLDING NV EUR 2,550.0000 599,980 0.29%

CTS EVENTIM AG & CO KGAA EUR 10,000.0000 330,522 0.16%

368,220 0.18%

0.34%

NOVARTIS AG-REG CHF 7,250.0000 490,529 0.24%

CHR HANSEN HOLDING A/S DKK 8,100.0000 553,830 0.27%

Equities

WELLS FARGO & COMPANY Apr 22 2.125% GBP 800,000.0000 806,384 0.39%

ROCHE HOLDING AG-GENUSSCHEIN CHF 2,500.0000 689,772

Page 41


1,550.0000 1,659,025 0.81%

AMPHENOL CORP-CL A USD

UNILEVER PLC GBP 38,130.0000 1,564,093 0.76%

17,300.0000 1,213,557 0.59%

ACCENTURE PLC-CL A USD 13,820.0000 2,034,117 0.99%

ALIGN TECHNOLOGY INC USD 5,150.0000 879,413 0.43%

ALPHABET INC-CL A USD

BUNZL PLC GBP 74,415.0000 1,285,519 0.63%

EXPERIAN PLC GBP 58,750.0000 1,395,900 0.68%

INFINEON TECHNOLOGIES AG EUR 100,660.0000 1,472,403 0.72%

KERRY GROUP PLC-A EUR 9,020.0000 820,998 0.40%

ROCHE HOLDING AG-GENUSSCHEIN CHF 5,300.0000 1,462,317 0.71%

FRESENIUS MEDICAL CARE AG & EUR 25,845.0000 1,598,827 0.78%

FRANCO-NEVADA CORP CAD 25,760.0000 2,707,277 1.32%

KUEHNE + NAGEL INTL AG-REG CHF 7,330.0000 832,297 0.41%

VISA INC-CLASS A SHARES (BBG000PSKYX7) USD 4,150.0000 589,483 0.29%

WEC ENERGY GROUP INC USD 8,000.0000 575,743 0.28%

US BANCORP USD 13,200.0000 382,928 0.19%

VERIZON COMMUNICATIONS INC USD 12,250.0000 559,341 0.27%

THERMO FISHER SCIENTIFIC INC USD 1,920.0000 510,718 0.25%

ULTA BEAUTY INC USD 2,400.0000 415,680 0.20%

SCHLUMBERGER LTD USD 9,670.0000 129,272 0.06%

TAKE-TWO INTERACTIVE SOFTWRE USD 1,000.0000 96,209 0.05%

NIKE INC -CL B USD 4,620.0000 320,117 0.16%

NORTHERN TRUST CORP USD 6,880.0000 432,857 0.21%

MASTERCARD INC - A USD 2,600.0000 568,210 0.28%

MICROSOFT CORP USD 3,500.0000 498,518 0.24%

LINDE PLC USD 3,700.0000 541,061 0.26%

LOCKHEED MARTIN CORP USD 2,000.0000 618,439 0.30%

FIRST REPUBLIC BANK/CA USD 5,500.0000 455,885 0.22%

JOHNSON CONTROLS INTERNATION USD 14,300.0000 330,848 0.16%

EQUINIX INC USD 385.0000 206,606 0.10%

ESTEE LAUDER COMPANIES-CL A USD 4,400.0000 616,881 0.30%

ECOLAB INC USD 3,600.0000 553,648 0.27%

ELECTRONIC ARTS INC USD 1,300.0000 118,056 0.06%

COCA-COLA CO/THE USD 14,700.0000 536,149 0.26%

DISCOVER FINANCIAL SERVICES USD 15,800.0000 539,601 0.26%

6,740.0000 434,602 0.21%

CLOROX COMPANY USD 3,100.0000 459,358 0.22%

CME GROUP INC USD 2,900.0000 410,753 0.20%

CADENCE DESIGN SYS INC USD

APTIV PLC USD 10,220.0000 564,935 0.28%




(GBP)

% of

portfolio


Page 42



SPDR S&P 500 ETF TRUST USD 2,700.0000

INVESCO COMMODITY COMPOSITE USD 9,000.0000 363,376 0.18%

INVESCO US HYFA DIST USD 17,000.0000 287,015 0.14%

ISHARES FALLEN ANGEL HY CORP USD 57,000.0000 238,134 0.12%

Exchange Traded Funds total 9,056,845 4.41%

CATCO REINSURANCE OPP-NEW C (BBG00BBTBCF4)USD 393,191.0000 112,501 0.05%

2,330,091

L&G ALL COMMODITIES 717,692

623,348

ISHARES PHYSICAL GOLD ETC

0.30%

SPDR S&P 500 UCITS ETF DIST USD 16.0000 3,705 0.00%

1.06%

280,000.0000 140,840 0.07%

ISHR MSCI AC FAR EAST X-JP GBP 23,500.0000 948,695 0.46%

JPMORGAN JAPANESE INV. TRUST GBP 85,000.0000 387,600 0.19%

SQN ASSET FINANCE INCOME FUN GBP 84,000.0000 19,656 0.01%

SQN ASSET FINANCE INCOME-C GBP

XYLEM INC USD 17,435.0000 996,325 0.49%

HGCAPITAL TRUST PLC (BBG000F7KLW3) GBP 130,000.0000 292,500 0.14%

ALLIANZ TECHNOLOGY TRUST PLC GBP 12,000.0000 224,400 0.11%

Equities total 3,454,759.0000 75,185,906 30.08%

TRACTOR SUPPLY COMPANY USD 14,630.0000 1,179,400 0.57%

UNITEDHEALTH GROUP INC USD 11,275.0000 2,620,886 1.28%

TAIWAN SEMICONDUCTOR-SP ADR USD 45,495.0000 1,921,117 0.94%

THERMO FISHER SCIENTIFIC INC USD 8,915.0000 2,371,382 1.16%

MASTERCARD INC - A USD 9,960.0000 2,176,682 1.06%

MICROSOFT CORP USD 18,360.0000 2,615,082 1.27%

HASBRO INC USD 23,580.0000 1,353,292 0.66%

LABORATORY CRP OF AMER HLDGS USD 17,720.0000 2,316,050 1.13%

CERNER CORP USD 27,680.0000 1,526,558 0.74%

FISERV INC USD 13,775.0000 1,128,319 0.55%

11,495.0000 1,340,170 0.65%

AVERY DENNISON CORP USD 13,010.0000 1,141,451 0.56%

BERKSHIRE HATHAWAY INC-CL B USD 9,930.0000 1,478,688 0.72%

AUTOMATIC DATA PROCESSING USD




(GBP)

% of

portfolio

Exchange Traded Funds

USD 88,000.0000 1.13%

USD 120,000.0000 0.35%

1,449,607.0000

INVESCO MORNINGSTAR MLP DIST GBP 9,200.0000 200,560 0.10%

ISHARES FTSE 250 GBP 139,000.0000 2,166,732

Page 43


Fund Investments

Structured Products

Investment assets total

UBSPW114 LX 17 Jul 20 P2790.64 GBP 6,800,000.0000 68,000 0.03%

ROYAL LONDON CASH PLUS-YI GBP 1,520,643.2955 1,523,715 0.74%

JPMPW11G NA 18 Dec 20 P1 GBP 4,050.0000 378,305 0.18%

JPM JAPAN EQTY-C YEN INC JPY 12,500.0000 900,091 0.44%

CHINAAMC CHINA OPPTY-IUSD USD 30,000.0000 500,143 0.24%

ASHMORE EMKTS SH DUR-Z2INC GBP 18,433.0000 1,088,284 0.53%

BARINGS EM DBT BLTR-A GBPD GBP 4,300.0000 407,726 0.20%

BARCLAYS WEALTH G GW & IN-ZI GBP 85,838,217.3600 78,842,403 38.40%

LF STR 60% EQ I GBP 22,685.0007 3,701,614 1.80%

Structured Products Total 8,356,450.0000 1,775,448 0.86%

205,314,076 100.00%

Fund Investments Total 86,963,976 42.36%

JPM 1255 FTSE 0% 03/25 GBP 1,000,000.0000 768,268 0.37%

134,558,880.6562

87,446,778.6562

UBS AG Oct 24 0% GBP 550,000.0000 503,467 0.25%

ROYAL BK CANADA TORONTO Jul 20 0% GBP 2,400.0000 57,408 0.03%




(GBP)

% of

portfolio

Page 44


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