INSIGHT LIQUIDITY FUNDS PLC

INSIGHT LIQUIDITY FUNDS PLC (An Investment Company with Variable Capital and Segregated Liability between s) CONDENSED INTERIM REPORT AND FINANCIAL STATEMENTS SIX MONTHS ENDED 30 JUNE 2017 UNAUDITED

Insight s PLC Contents PAGE ILF GBP Investment Manager s Report 1 Portfolio and Schedule of Investments 2 ILF GBP Plus Plus Investment Manager s Report 7 Portfolio and Schedule of Investments 8 ILF USD Dollar Investment Manager s Report 13 Portfolio and Schedule of Investments 14 ILF Euro Cash Euro Cash Investment Manager s Report 16 Portfolio and Schedule of Investments 17 Statement of Comprehensive Income 20 Statement of Financial Position 22 Statement of Changes in Net Attributable to Holders of Redeemable Participating Shares 24 Notes to the Financial Statements 26 Directors and Other Information 39 Appendix 40 Portfolio Changes 42

Insight s PLC Investment Manager s Report For the six months ended 30 June 2017 Market overview The Bank of England (BoE) kept its benchmark rate at a record low of 0.25% during the period under review. During the period, expectations for an interest rate hike gained momentum, as the BoE Monetary Policy Committee (MPC) became increasingly divided. At the last MPC meeting within the period three of the eight members were voting for a tightening of policy. Unemployment data has steadily declined, with the unemployment rate reaching 4.6% in May, the lowest level since 1975. The participation rate rose to the joint highest level since 1971, indicating that the labour market now has little spare capacity. Sentiment in the manufacturing sector is becoming more positive, with the CBI monthly survey showing order books at multi-decade highs, led by demand for exports. Wages remain subdued though and, with inflation rising, consumers are constrained. Retail sales data has moderated and recorded a 0.8% contraction in May. The housing market is also an ongoing cause for concern, as changes to the tax system have put pressure on prices, especially in London. In June, the UK election returned a shock result, with the Conservative party failing to gain seats as expected and with the country instead returning a hung parliament, where no one party had an overall majority. This led to the Conservative party negotiating a confidence and supply agreement with the Northern Irish DUP in order to retain power. Although this does provide some stability in the short term, it has increased political risk at a sensitive time. This is expected to have some negative impact on both consumer and business confidence. The 1-month sterling Libor rate edged lower, beginning the period at 0.26% and ending at 0.25%. The 3-month Libor rate began the year at 0.37% and decreased to 0.30% by the end of the period. Short-dated gilts yields rose. Over the period, 2-year gilt yields rose from 0.05% to 0.36%. Portfolio review The returned 0.17% gross of fees over the period under review versus the 7-day sterling Libid return of 0.06%. The s duration and yield curve positioning relative to the benchmark were positive for returns. strategy was unchanged during the period, remaining focused on security and liquidity: trading focused largely on highly liquid, short-dated instruments. The primarily made additions to the certificates of deposit and commercial paper portfolio from bank issuers. The also traded UK gilts during the period under review and bought bonds issued by Rabobank. The weighted average maturity of the was 51 days at the beginning of the period, and fell to 32 days at the end of June. Outlook The UK faces a challenging period ahead as the government negotiates with the European Union on the terms of its exit. The election result will not make this easier, and increases the political uncertainty facing the country. The economy has built significant momentum, with unemployment now at low levels, but the negative impact on business and consumer confidence is likely to have some connotations for future growth. The BoE is positioning for the start of the tightening cycle, and some MPC members are now unwilling to look through the upwards move in inflation, concerned that the economy is now tight enough for higher inflation to be sustained. Volatile economic data and a housing market which is showing signs of softness, make the decision of when to tighten policy difficult. Another problem is the plunge in the UK saving rate, meaning that consumers are ill prepared for higher mortgage payments once interest rates do rise. Insight Investment s Management Limited 160 Queen Victoria Street London EC4V 4LA England July 2017 1

Insight s PLC Portfolio and Schedule of Investments As at 30 June 2017 Security Description Nominal Holding Value % of Net Certificates of Deposit (31 December 2016: 52.23%) ABN Amro Bank CD 0.00% 03.07.2017 28,500,000 28,500,000 0.12 ABN Amro Bank CD 0.00% 05.07.2017 200,000,000 199,995,623 0.83 ABN Amro Bank CD 0.44% 13.07.2017 100,000,000 100,000,000 0.42 ABN Amro Bank CD 0.44% 14.07.2017 50,000,000 50,000,000 0.21 Australia & New Zealand Banking Group CD 0.00% 11.09.2017 100,000,000 99,934,909 0.42 Bank of America CD 0.41% 18.09.2017 30,000,000 30,009,468 0.12 Bank of America CD 0.42% 03.07.2017 40,000,000 40,000,000 0.17 Bank of Nova Scotia CD 0.22% 18.09.2017 100,000,000 100,000,000 0.42 Bank of Tokyo - Mitsubishi UFJ CD 0.39% 06.09.2017 100,000,000 100,000,000 0.42 Banque Federative du Credit Mutuel CD 0.35% 05.07.2017 25,000,000 25,000,089 0.10 Banque Federative du Credit Mutuel CD 0.40% 12.12.2017 100,000,000 100,000,000 0.42 Banque Federative du Credit Mutuel CD 0.45% 01.11.2017 100,000,000 100,000,000 0.42 Banque Federative du Credit Mutuel CD 0.45% 06.11.2017 100,000,000 100,000,000 0.42 BNP Paribas CD 0.20% 04.07.2017 200,000,000 200,000,000 0.84 BNP Paribas CD 0.24% 10.07.2017 200,000,000 200,000,000 0.84 BNP Paribas CD 0.24% 11.07.2017 200,000,000 200,000,000 0.84 BNP Paribas CD 0.40% 06.12.2017 100,000,000 100,000,000 0.42 BNP Paribas CD 0.41% 14.07.2017 50,000,000 50,002,707 0.21 BNP Paribas CD 0.41% 16.08.2017 200,000,000 200,000,000 0.84 BNP Paribas CD 0.41% 06.11.2017 100,000,000 100,000,000 0.42 BNP Paribas CD 0.41% 06.11.2017 100,000,000 100,000,000 0.42 BPCE CD 0.00% 25.07.2017 25,000,000 24,995,556 0.10 BPCE CD 0.45% 01.09.2017 100,000,000 100,000,000 0.42 BRED-Banque Populaire CD 0.00% 04.07.2017 100,000,000 99,998,851 0.42 BRED-Banque Populaire CD 0.00% 05.07.2017 100,000,000 99,997,701 0.42 BRED-Banque Populaire CD 0.00% 08.08.2017 50,000,000 49,978,818 0.21 BRED-Banque Populaire CD 0.00% 29.08.2017 100,000,000 99,939,160 0.42 BRED-Banque Populaire CD 0.00% 05.09.2017 100,000,000 99,929,944 0.42 BRED-Banque Populaire CD 0.42% 19.07.2017 100,000,000 100,000,000 0.42 BRED-Banque Populaire CD 0.42% 20.07.2017 100,000,000 100,000,000 0.42 BRED-Banque Populaire CD 0.43% 07.07.2017 100,000,000 100,000,000 0.42 BRED-Banque Populaire CD 0.43% 01.08.2017 100,000,000 100,000,000 0.42 Caisse des Depots et Consignations CD 0.00% 24.07.2017 50,000,000 49,989,946 0.21 Caisse des Depots et Consignations CD 0.00% 17.08.2017 100,000,000 99,963,060 0.42 Caisse des Depots et Consignations CD 0.00% 21.08.2017 50,000,000 49,979,889 0.21 Caisse des Depots et Consignations CD 0.00% 22.08.2017 100,000,000 99,958,957 0.42 Caisse des Depots et Consignations CD 0.00% 24.08.2017 100,000,000 99,957,315 0.42 Caisse des Depots et Consignations CD 0.00% 11.09.2017 100,000,000 99,940,625 0.42 Caisse des Depots et Consignations CD 0.00% 02.10.2017 100,000,000 99,912,913 0.42 Cooperatieve Rabobank CD 0.48% 15.02.2018 200,000,000 200,000,000 0.84 Credit Agricole CD 0.34% 04.08.2017 200,000,000 200,000,000 0.84 Credit Agricole Corporate and Investment Bank CD 0.00% 11.08.2017 26,000,000 25,990,841 0.11 Credit Agricole Corporate and Investment Bank CD 0.34% 03.08.2017 200,000,000 200,000,000 0.84 Danske Bank CD 0.40% 12.07.2017 100,000,000 100,000,000 0.42 Danske Bank CD 0.40% 14.12.2017 100,000,000 100,000,000 0.42 Danske Bank CD 0.40% 22.12.2017 100,000,000 100,000,000 0.42 Danske Bank CD 0.48% 03.07.2017 100,000,000 100,000,000 0.42 Danske Bank CD 0.48% 04.07.2017 100,000,000 100,000,000 0.42 Danske Bank CD 0.50% 14.08.2017 100,000,000 100,000,000 0.42 Deutsche Zentral-Genossenschaftsbank CD 0.24% 03.10.2017 200,000,000 200,000,000 0.84 Deutsche Zentral-Genossenschaftsbank CD 0.24% 04.10.2017 200,000,000 200,000,000 0.84 Deutsche Zentral-Genossenschaftsbank CD 0.31% 06.07.2017 100,000,000 100,000,000 0.42 Deutsche Zentral-Genossenschaftsbank CD 0.31% 07.07.2017 200,000,000 200,000,000 0.84 Dexia Credit Local CD 0.00% 16.08.2017 100,000,000 99,939,898 0.42 Dexia Credit Local CD 0.00% 06.12.2017 100,000,000 99,820,924 0.41 Dexia Credit Local CD 0.00% 07.12.2017 100,000,000 99,819,778 0.41 Dexia Credit Local CD 0.43% 06.11.2017 100,000,000 100,000,000 0.42 Dexia Credit Local CD 0.43% 08.11.2017 100,000,000 100,000,000 0.42 2

Insight s PLC Portfolio and Schedule of Investments (Continued) As at 30 June 2017 Security Description Nominal Holding Value % of Net Certificates of Deposit (31 December 2016: 52.23%) (continued) Dexia Credit Local CD 0.43% 20.12.2017 100,000,000 100,000,000 0.42 First Abu Dhabi Bank CD 0.32% 30.08.2017 100,000,000 100,000,000 0.42 ING Bank CD 0.31% 07.08.2017 75,000,000 75,000,000 0.31 ING Bank CD 0.32% 02.08.2017 50,000,000 50,000,000 0.21 ING Bank CD 0.32% 09.10.2017 150,000,000 150,000,000 0.63 ING Bank CD 0.32% 10.10.2017 100,000,000 100,000,000 0.42 Landesbank Hessen-Thuringen GZ CD 0.30% 04.07.2017 200,000,000 200,000,000 0.84 Lloyds Bank CD 0.88% 13.07.2017 8,000,000 8,001,420 0.03 National Bank of Abu Dhabi CD 0.32% 31.08.2017 120,000,000 120,000,000 0.50 Nordea Bank CD 0.25% 07.07.2017 100,000,000 100,000,000 0.42 Nordea Bank CD 0.25% 14.08.2017 100,000,000 100,000,000 0.42 Nordea Bank CD 0.25% 14.09.2017 100,000,000 100,000,000 0.42 Nordea Bank CD 0.26% 06.10.2017 100,000,000 100,000,000 0.42 Nordea Bank CD 0.27% 17.07.2017 200,000,000 200,000,000 0.84 Nordea Bank CD 0.30% 06.07.2017 100,000,000 100,000,000 0.42 Nordea Bank CD 0.36% 06.07.2017 100,000,000 100,000,902 0.42 Norinchukin Bank CD 0.00% 12.07.2017 175,000,000 174,985,987 0.73 Norinchukin Bank CD 0.00% 21.07.2017 110,000,000 109,987,526 0.46 Norinchukin Bank CD 0.00% 26.09.2017 78,000,000 77,949,175 0.32 Qatar National Bank CD 0.00% 07.07.2017 107,200,000 107,195,890 0.45 Qatar National Bank CD 0.00% 07.08.2017 75,000,000 74,973,413 0.31 Rabobank International CD 0.47% 01.03.2018 100,000,000 100,000,000 0.42 Societe Generale CD 0.25% 31.08.2017 250,000,000 250,000,000 1.05 Societe Generale CD 0.26% 31.08.2017 250,000,000 250,000,000 1.05 Societe Generale CD 0.40% 31.07.2017 50,000,000 50,000,000 0.21 Sumitomo Mitsui Banking Corporation CD 0.00% 07.07.2017 100,000,000 99,997,589 0.42 Sumitomo Mitsui Banking Corporation CD 0.00% 11.07.2017 100,000,000 99,993,430 0.42 Sumitomo Mitsui Banking Corporation CD 0.00% 01.09.2017 100,000,000 99,950,725 0.42 Sumitomo Mitsui Banking Corporation CD 0.00% 04.09.2017 100,000,000 99,948,264 0.42 Sumitomo Mitsui Banking Corporation CD 0.00% 05.09.2017 22,000,000 21,988,434 0.09 Sumitomo Mitsui Banking Corporation CD 0.00% 05.10.2017 200,000,000 199,837,899 0.83 Sumitomo Mitsui Banking Corporation CD 0.30% 02.10.2017 100,000,000 100,000,000 0.42 Sumitomo Mitsui Banking Corporation CD 0.31% 01.09.2017 100,000,000 100,000,000 0.42 Sumitomo Mitsui Banking Corporation CD 0.44% 07.09.2017 51,000,000 51,000,000 0.21 Sumitomo Mitsui Trust Bank Ltd CD 0.00% 03.07.2017 50,000,000 50,000,000 0.21 Sumitomo Mitsui Trust Bank Ltd CD 0.00% 14.08.2017 5,000,000 4,998,046 0.02 Sumitomo Mitsui Trust Bank Ltd CD 0.30% 19.10.2017 100,000,000 100,000,000 0.42 Sumitomo Mitsui Trust Bank Ltd CD 0.47% 17.08.2017 100,000,000 100,000,000 0.42 Sumitomo Mitsui Trust Bank Ltd CD 0.47% 21.08.2017 100,000,000 100,000,000 0.42 Sumitomo Mitsui Trust Bank Ltd CD 0.52% 01.08.2017 100,000,000 100,000,000 0.42 Toronto-Dominion Bank CD 0.41% 29.03.2018 100,000,000 100,000,000 0.42 Toronto-Dominion Bank CD 0.41% 30.04.2018 100,000,000 100,000,000 0.42 Toronto-Dominion Bank CD 0.52% 19.12.2017 100,000,000 100,000,000 0.42 Toronto-Dominion Bank CD 0.52% 20.12.2017 100,000,000 100,000,000 0.42 Toronto-Dominion Bank CD 0.52% 21.12.2017 100,000,000 100,000,000 0.42 UBS AG CD 0.00% 05.09.2017 100,000,000 99,919,535 0.42 UBS AG CD 0.00% 27.12.2017 100,000,000 99,806,426 0.41 UBS AG CD 0.31% 15.08.2017 100,000,000 100,000,000 0.42 UBS AG CD 0.41% 16.10.2017 100,000,000 100,000,000 0.42 UBS AG CD 0.41% 17.10.2017 100,000,000 100,000,000 0.42 UBS CD 0.00% 04.09.2017 100,000,000 99,920,791 0.42 UBS CD 0.00% 18.12.2017 100,000,000 99,816,251 0.41 11,648,828,675 48.82 Commercial Paper (31 December 2016: 15.46%) Agence Centrale des Organismes de Securite Sociale CP 0.00% 05.07.2017 7,000,000 6,999,895 0.03 Agence Centrale des Organismes de Securite Sociale CP 0.00% 06.07.2017 20,000,000 19,999,548 0.08 3

Insight s PLC Portfolio and Schedule of Investments (Continued) As at 30 June 2017 Security Description Nominal Holding Value % of Net Commercial Paper (31 December 2016: 15.46%) (continued) Agence Centrale des Organismes de Securite Sociale CP 0.00% 18.07.2017 100,000,000 99,989,322 0.42 Agence Centrale des Organismes de Securite Sociale CP 0.00% 24.07.2017 200,000,000 199,965,505 0.84 Agence Centrale des Organismes de Securite Sociale CP 0.00% 25.07.2017 199,000,000 198,964,043 0.83 Akademiska Hus CP 0.00% 18.09.2017 50,000,000 49,971,546 0.21 Banque Federative du Credit Mutuel CP 0.00% 10.07.2017 30,000,000 29,998,849 0.13 Banque Federative du Credit Mutuel CP 0.00% 24.07.2017 13,000,000 12,997,981 0.05 Banque Federative du Credit Mutuel CP 0.00% 22.09.2017 200,000,000 199,840,405 0.84 BMW Finance CP 0.00% 31.08.2017 50,000,000 49,976,573 0.21 Collateralized Commercial Paper CP 0.00% 06.09.2017 7,000,000 6,994,155 0.03 Collateralized Commercial Paper CP 0.00% 08.12.2017 50,000,000 49,909,287 0.21 Dexia Credit Local CP 0.00% 10.01.2018 8,000,000 7,979,139 0.03 Erste Abwicklungsanstalt CP 0.00% 04.07.2017 50,000,000 49,999,583 0.21 Erste Abwicklungsanstalt CP 0.00% 07.09.2017 200,000,000 199,884,461 0.84 Erste Abwicklungsanstalt CP 0.00% 12.09.2017 30,000,000 29,984,841 0.13 La Banque Postale CP 0.00% 05.07.2017 900,000,000 899,992,603 3.77 Landeskreditbank Baden-Wuerttemberg CP 0.00% 03.07.2017 250,000,000 250,000,000 1.05 Landeskreditbank Baden-Wuerttemberg CP 0.00% 03.07.2017 100,000,000 100,000,000 0.42 Mitsubishi UFJ Securities International CP 0.00% 03.07.2017 200,000,000 200,000,000 0.84 Mitsubishi UFJ Securities International CP 0.00% 05.07.2017 200,000,000 199,997,480 0.84 Mitsubishi UFJ Securities International CP 0.00% 18.08.2017 100,000,000 99,959,704 0.42 Mitsubishi UFJ Securities International CP 0.00% 23.08.2017 100,000,000 99,955,326 0.42 Mitsubishi UFJ Trust & Banking Corporation CP 0.00% 27.10.2017 100,000,000 99,857,310 0.42 Mitsubishi UFJ Trust & Banking Corporation CP 0.00% 30.10.2017 100,000,000 99,853,625 0.42 Nordea Bank CP 0.00% 05.07.2017 20,000,000 19,999,759 0.08 Nordea Bank CP 0.00% 21.08.2017 16,500,000 16,494,465 0.07 Nordea Bank CP 0.00% 22.09.2017 75,000,000 74,955,100 0.31 Op Corporate Bank CP 0.00% 10.07.2017 6,000,000 5,999,713 0.03 Op Corporate Bank CP 0.00% 18.07.2017 41,250,000 41,245,426 0.17 Op Corporate Bank CP 0.00% 31.08.2017 25,000,000 24,989,904 0.10 Op Corporate Bank CP 0.00% 29.09.2017 23,750,000 23,735,694 0.10 Paccar Financial Europe CP 0.00% 04.07.2017 15,000,000 14,999,901 0.06 Paccar Financial Europe CP 0.00% 12.07.2017 10,000,000 9,999,408 0.04 Paccar Financial Europe CP 0.00% 21.07.2017 15,000,000 14,998,225 0.06 Paccar Financial Europe CP 0.00% 24.07.2017 10,000,000 9,998,619 0.04 Pohjola Bank CP 0.00% 13.07.2017 10,000,000 9,999,316 0.04 Schlumberger Finance CP 0.00% 31.07.2017 45,000,000 44,992,062 0.19 Schlumberger Finance CP 0.00% 01.08.2017 24,000,000 23,995,235 0.10 Sumitomo Mitsui Banking Corporation CP 0.00% 03.07.2017 10,000,000 10,000,000 0.04 Sumitomo Mitsui Banking Corporation CP 0.00% 14.07.2017 100,000,000 99,993,070 0.42 Transport for London CP 0.00% 20.07.2017 6,000,000 5,999,441 0.03 Transport for London CP 0.00% 10.08.2017 10,000,000 9,997,191 0.04 Unilever Plc CP 0.00% 03.07.2017 40,000,000 40,000,000 0.17 3,765,463,710 15.78 Total Value of Money Market Instruments 15,414,292,385 64.60 Corporate Bonds (31 December 2016: 0.00%) Cooperatieve Rabobank CB 3.25% 01.11.2017 1,250,000 1,261,221 0.00 GE Capital International ing CB 6.25% 15.12.2017 3,969,000 4,072,954 0.02 5,334,175 0.02 Floating Rate Notes (31 December 2016: 8.62%) ASB Finance Limited FRN 0.60% 18.08.2017 80,000,000 79,998,996 0.34 ASB Finance Ltd FRN 0.82% 01.05.2018 3,300,000 3,309,710 0.01 Bank of Nova Scotia FRN 0.57% 15.09.2017 60,000,000 59,998,784 0.25 Commonwealth Bank of Australia FRN 0.35% 28.03.2018 26,000,000 25,990,568 0.11 4

Insight s PLC Portfolio and Schedule of Investments (Continued) As at 30 June 2017 Security Description Nominal Holding Value % of Net Floating Rate Notes (31 December 2016: 8.62%) (continued) Commonwealth Bank of Australia FRN 0.41% 28.02.2018 100,000,000 99,990,137 0.42 Commonwealth Bank of Australia FRN 0.57% 08.09.2017 24,000,000 24,000,000 0.10 Commonwealth Bank of Australia FRN 0.58% 25.08.2017 43,500,000 43,499,368 0.18 Commonwealth Bank of Australia FRN 0.59% 26.07.2017 42,000,000 41,999,802 0.18 Commonwealth Bank of Australia FRN 0.59% 23.08.2017 25,000,000 24,999,825 0.11 Credit Suisse FRN 0.73% 30.08.2017 100,000,000 100,000,000 0.42 ING Bank FRN 0.70% 27.11.2017 13,600,000 13,604,885 0.06 National Australia Bank FRN 0.39% 03.04.2018 100,000,000 99,992,554 0.42 National Australia Bank FRN 0.56% 19.07.2017 40,000,000 39,999,474 0.17 National Australia Bank FRN 3.63% 08.11.2017 20,000,000 20,209,426 0.09 Royal Bank of Canada FRN 0.46% 19.01.2018 43,000,000 43,000,000 0.18 Royal Bank of Canada FRN 0.56% 31.08.2017 70,000,000 70,000,000 0.29 Svenska Handelsbanken FRN 0.62% 10.07.2017 100,000,000 100,000,000 0.42 Swedbank FRN 0.65% 04.07.2017 132,300,000 132,299,988 0.55 Toronto-Dominion Bank FRN 0.72% 19.01.2018 2,700,000 2,703,734 0.01 Westpac Banking Corporation FRN 0.42% 04.04.2018 130,000,000 130,000,000 0.54 Westpac Banking Corporation FRN 0.65% 28.11.2017 2,800,000 2,801,061 0.01 Westpac Securities FRN 0.80% 02.10.2017 7,500,000 7,507,016 0.03 1,165,905,328 4.89 Government Bonds (31 December 2016: 7.26%) United Kingdom (Government of) Bonds 0.00% 03.07.2017 210,000,000 210,000,000 0.88 United Kingdom (Government of) Bonds 0.00% 17.07.2017 1,920,000,000 1,919,941,552 8.05 United Kingdom (Government of) Bonds 0.00% 31.07.2017 22,000,000 21,997,975 0.09 United Kingdom (Government of) Bonds 1.00% 07.09.2017 395,000,000 395,606,260 1.66 2,547,545,787 10.68 Supranational Bonds (31 December 2016: 0.29%) European Investment Bank Bonds 8.75% 25.08.2017 15,000,000 15,183,192 0.06 15,183,192 0.06 Total Value of Transferable Securities 3,733,968,482 15.65 Time Deposits (31 December 2016: 7.71%) Australia & New Zealand Banking Group TD 0.10% 03.07.2017 500,000,000 500,000,000 2.10 Bank of Tokyo-Mitsubishi UFJ TD 0.05% 03.07.2017 100,000,000 100,000,000 0.42 BRED-Banque Populaire TD 0.21% 03.07.2017 100,000,000 100,000,000 0.42 Danske Bank TD 0.05% 03.07.2017 50,000,000 50,000,000 0.21 Lloyds Bank TD 0.10% 03.07.2017 75,000,000 75,000,000 0.31 Rabobank International TD 0.15% 03.07.2017 100,000,000 100,000,000 0.42 Sumitomo Mitsui Trust Bank TD 0.20% 03.07.2017 400,000,000 400,000,000 1.68 Sumitomo Mitsui Trust Bank TD 0.22% 03.07.2017 750,000,000 750,000,000 3.14 Sumitomo Mitsui Trust Bank TD 0.22% 03.07.2017 650,000,000 650,000,000 2.72 UK Debt Management Office TD 0.08% 03.07.2017 450,000,000 450,000,000 1.89 5 3,175,000,000 13.31 Reverse Repurchase Agreements (31 December 2016: 1.36%) Repo HSBC Bank 0.00% 03.07.2017 200,000,000 200,000,000 0.84 Repo HSBC Bank 0.00% 03.07.2017 31,600,000 31,600,000 0.13 Repo Merrill Lynch International 0.12% 03.07.2017 100,000,000 100,000,000 0.42

Insight s PLC Portfolio and Schedule of Investments (Continued) As at 30 June 2017 Security Description Nominal Holding Value % of Net Reverse Repurchase Agreements (31 December 2016: 1.36%) (continued) Repo Lloyds Bank Plc 0.16% 06.07.2017 200,000,000 200,000,000 0.84 Repo National Australia Bank 0.17% 03.07.2017 50,000,001 50,000,002 0.21 581,600,002 2.44 Total Financial - Transferable Securities 3,733,968,482 15.65 Total Financial - Money Market Instruments 15,414,292,385 64.60 Total Financial - Deposits with Credit Institutions 3,175,000,000 13.31 Total cost of investments 22,323,260,867 (31 December 2016: 20,239,219,845) Cash (31 December 2016: 8.28%) 956,043,416 4.01 Total value of reverse repurchase agreements (31 December 2016: 1.36%) 581,600,002 2.44 Net current liabilities (31 December 2016: (1.21%)) (600,416) (0.01) Net assets attributable to holders of redeemable shares 23,860,303,869 100.00 Analysis of Total % of Total Transferable securities admitted to an official stock exchange listing 15.64% Money Market instruments admitted to an official stock exchange listing 64.58% Deposits with Credit Institutions 13.30% Cash and Other 6.48% 100.00% 6

Insight s PLC Plus Investment Manager s Report For the six months ended 30 June 2017 Market overview The Bank of England (BoE) kept its benchmark rate at a record low of 0.25% during the period under review. During the period, expectations for an interest rate hike gained momentum, as the BoE Monetary Policy Committee (MPC) became increasingly divided. At the last MPC meeting within the period three of the eight members were voting for a tightening of policy. Unemployment data has steadily declined, with the unemployment rate reaching 4.6% in May, the lowest level since 1975. The participation rate rose to the joint highest level since 1971, indicating that the labour market now has little spare capacity. Sentiment in the manufacturing sector is becoming more positive, with the CBI monthly survey showing order books at multi-decade highs, led by demand for exports. Wages remain subdued though and, with inflation rising, consumers are constrained. Retail sales data has moderated and recorded a 0.8% contraction in May. The housing market is also an ongoing cause for concern, as changes to the tax system have put pressure on prices, especially in London. In June, the UK election returned a shock result, with the Conservative party failing to gain seats as expected and with the country instead returning a hung parliament, where no one party had an overall majority. This led to the Conservative party negotiating a confidence and supply agreement with the Northern Irish DUP in order to retain power. Although this does provide some stability in the short term, it has increased political risk at a sensitive time. This is expected to have some negative impact on both consumer and business confidence. Portfolio review The returned 0.40% gross of fees over the six-month period under review versus the 3-month sterling Libid return of 0.10%. Asset allocation was positive for returns as a result of positive carry and rolling over floating rate notes. The primarily made additions to the certificates of deposit and commercial paper (CP) portfolio from bank issuers. The also made some purchases of euro-denominated CP which was then fully hedged back into sterling in order to generate a higher return. The also made selected additions to the floating rate notes portfolio including issues from Lloyds Bank and Santander. The traded UK gilts and UK treasury bills during the period. In ABS an issue from a master trust of a building society and covered bonds from various banks were added to the portfolio. Outlook The UK faces a challenging period ahead as the government negotiates with the European Union on the terms of its exit. The election result will not make this easier, and increases the political uncertainty facing the country. The economy has built significant momentum, with unemployment now at low levels, but the negative impact on business and consumer confidence is likely to have some connotations for future growth. The BoE is positioning for the start of the tightening cycle, and some MPC members are now unwilling to look through the upwards move in inflation, concerned that the economy is now tight enough for higher inflation to be sustained. Volatile economic data and a housing market which is showing signs of softness, make the decision of when to tighten policy difficult. Another problem is the plunge in the UK saving rate, meaning that consumers are ill prepared for higher mortgage payments once interest rates do rise. Insight Investment s Management Limited 160 Queen Victoria Street London EC4V 4LA England July 2017 7

Insight s PLC Plus Portfolio and Schedule of Investments As at 30 June 2017 Security Description Nominal Holding Value % of Net Investment s (31 December 2016: 9.32%) Insight s PLC - GBP - Share Class 2 ^ UCITS 508,188,620 508,188,637 9.24 Total Value of Investment s 508,188,637 9.24 Certificates of Deposit (31 December 2016: 29.29%) ABN Amro Bank CD 0.44% 14.07.2017 50,000,000 50,000,000 0.91 Banque Federative du Credit Mutuel CD 0.45% 01.11.2017 75,000,000 75,000,000 1.36 BNP Paribas CD 0.58% 05.06.2018 100,000,000 100,000,000 1.82 BPCE CD 0.45% 02.10.2017 50,000,000 50,000,000 0.91 BRED-Banque Populaire CD 0.00% 03.07.2017 50,000,000 49,998,812 0.91 BRED-Banque Populaire CD 0.42% 20.07.2017 75,000,000 75,000,000 1.36 Credit Agricole CD 0.34% 04.08.2017 100,000,000 100,000,000 1.82 Credit Suisse CD 0.68% 08.05.2018 50,000,000 50,000,000 0.91 Danske Bank CD 0.40% 12.07.2017 50,000,000 50,000,000 0.91 Danske Bank CD 0.50% 01.08.2017 50,000,000 50,000,000 0.91 Lloyds Bank Plc CD 0.68% 04.04.2018 25,000,000 25,000,000 0.45 Lloyds Bank Plc CD 0.74% 19.12.2017 25,000,000 25,000,000 0.45 Lloyds Bank Plc CD 0.76% 21.08.2017 50,000,000 50,000,000 0.91 Lloyds Bank Plc CD 0.77% 14.08.2017 50,000,000 50,000,000 0.91 Mitsubishi UFJ Trust & Banking Corporation CD 0.00% 01.08.2017 100,000,000 99,955,949 1.81 Mitsubishi UFJ Trust & Banking Corporation CD 0.00% 08.08.2017 50,000,000 49,974,037 0.91 Nordea Bank CD 0.00% 14.08.2017 1,000,000,000 91,634,202 1.66 Societe Generale CD 0.60% 16.02.2018 125,000,000 125,000,000 2.27 Societe Generale CD 0.62% 31.08.2017 50,000,000 50,000,000 0.91 Sumitomo Mitsui Banking Corporation CD 0.30% 02.10.2017 50,000,000 50,000,000 0.91 Toronto-Dominion Bank CD 0.52% 19.12.2017 75,000,000 75,000,000 1.36 UBS CD 0.00% 04.09.2017 50,000,000 49,959,138 0.91 UBS CD 0.00% 18.12.2017 50,000,000 49,907,032 0.91 UBS CD 0.55% 13.12.2017 100,000,000 100,000,000 1.82 1,541,429,170 28.01 Commercial Paper (31 December 2016: 3.95%) Agence Centrale des Organismes de Securite Sociale CP 0.00% 25.07.2017 100,000,000 99,981,119 1.81 Collateralized Commercial Paper CP 0.00% 06.09.2017 50,000,000 49,957,656 0.91 Danaher European Finance CP 0.00% 12.09.2017 65,000,000 57,122,124 1.04 Danaher European Finance CP 0.00% 18.09.2017 30,000,000 26,365,193 0.48 DH Europe Finance S.A. CP 0.00% 22.08.2017 35,000,000 30,761,024 0.56 Procter And Gamble CP 0.00% 31.07.2017 40,000,000 35,139,772 0.64 299,326,888 5.44 Total Value of Money Market Instruments 1,840,756,058 33.45 Asset Backed Securities (31 December 2016: 2.60%) Delamare Cards ABS 0.90% 19.04.2020 30,000,000 30,083,130 0.55 Delamare Cards ABS 0.90% 19.05.2021 37,850,000 37,988,531 0.69 Gracechurch Mortgage Financing ABS 0.75% 15.07.2021 15,000,000 15,074,655 0.27 Newday Partnership ing ABS 1.00% 15.12.2022 16,875,000 16,900,718 0.31 Penarth Master Issuer ABS 0.62% 18.10.2019 18,000,000 18,014,796 0.33 Penarth Master Issuer ABS 0.75% 18.03.2022 21,000,000 21,130,557 0.38 8 139,192,387 2.53 Floating Rate Notes (31 December 2016: 35.90%) Abbey National Treasury Services FRN 0.52% 29.05.2018 30,000,000 30,047,820 0.55 ABN Amro Bank FRN 0.80% 30.11.2018 150,000,000 150,489,225 2.73 ASB Finance Ltd FRN 0.80% 22.05.2020 50,000,000 50,038,250 0.91

Insight s PLC Plus Portfolio and Schedule of Investments (Continued) As at 30 June 2017 Security Description Nominal Holding Value % of Net Floating Rate Notes (31 December 2016: 35.90%) (continued) ASB Finance Ltd FRN 0.82% 01.05.2018 50,600,000 50,739,150 0.92 Bank Nederlandse Gemeenten FRN 0.52% 03.04.2018 25,000,000 25,018,000 0.45 Bank of Montreal FRN 0.49% 20.06.2019 25,000,000 25,000,750 0.45 Bank of Montreal FRN 0.57% 06.09.2017 50,000,000 50,025,375 0.91 Bank of Montreal FRN 0.67% 03.05.2018 25,000,000 25,057,400 0.46 Bank of Nova Scotia FRN 0.49% 14.06.2019 40,000,000 40,017,800 0.73 Bank of Nova Scotia FRN 0.51% 02.11.2017 25,000,000 25,014,713 0.45 Bank of Nova Scotia FRN 0.57% 15.09.2017 25,000,000 24,999,075 0.45 Banque Federative du Credit Mutuel FRN 0.72% 07.02.2019 53,000,000 53,112,625 0.97 Barclays Bank FRN 0.50% 12.02.2018 100,000,000 100,118,200 1.82 Barclays Bank FRN 0.53% 22.05.2020 47,000,000 47,108,241 0.86 BNZ International ing FRN 0.94% 12.01.2020 53,000,000 53,199,280 0.97 Commonwealth Bank of Australia FRN 0.58% 25.08.2017 25,000,000 25,007,188 0.45 Commonwealth Bank of Australia FRN 0.59% 26.07.2017 30,000,000 30,005,850 0.55 Commonwealth Bank of Australia FRN 0.63% 24.01.2018 5,000,000 5,007,285 0.09 Commonwealth Bank of Australia FRN 1.03% 26.10.2018 32,725,000 32,953,879 0.60 Credit Suisse FRN 0.73% 30.08.2017 25,000,000 25,015,100 0.45 Danske Bank FRN 0.50% 15.09.2017 35,000,000 35,014,000 0.64 Danske Bank FRN 0.84% 04.10.2018 40,000,000 40,130,200 0.73 DNB Boligkreditt FRN 0.59% 17.02.2020 70,000,000 70,177,450 1.28 DZ Bank AG FRN 0.60% 02.02.2019 50,000,000 50,078,650 0.91 DZ Bank AG FRN 0.64% 19.10.2017 35,000,000 35,005,985 0.64 Lloyds Bank FRN 0.64% 18.07.2019 25,000,000 25,102,250 0.46 National Australia Bank FRN 1.06% 01.03.2019 25,000,000 25,218,975 0.46 Nationwide Building Society FRN 0.52% 09.02.2018 67,000,000 67,379,220 1.22 Nationwide Building Society FRN 0.52% 27.04.2018 40,000,000 40,050,960 0.73 Nationwide Building Society FRN 0.54% 17.07.2017 33,870,000 33,873,556 0.62 Nederlandse Waterschapbank FRN 0.52% 09.04.2018 90,000,000 90,088,470 1.64 OP Corporate Bank FRN 0.76% 21.05.2018 52,850,000 52,997,821 0.96 Royal Bank of Canada FRN 0.56% 31.08.2017 25,000,000 24,999,662 0.45 Royal Bank of Canada FRN 0.69% 04.06.2019 48,200,000 48,375,761 0.88 Royal Bank of Canada FRN 1.04% 09.10.2018 50,000,000 50,345,500 0.91 Royal Bank of Scotland FRN 0.58% 15.05.2020 70,000,000 70,207,620 1.28 Santander FRN 0.59% 05.05.2020 79,000,000 79,266,388 1.44 Santander FRN 0.82% 08.07.2019 30,000,000 30,220,440 0.55 Suncorp-Metway FRN 0.94% 06.10.2017 53,400,000 53,457,672 0.97 Svenska Handelsbanken FRN 0.62% 10.07.2017 25,000,000 25,001,738 0.45 Swedbank FRN 0.54% 02.04.2018 37,500,000 37,541,812 0.68 Swedbank FRN 0.65% 04.07.2017 65,000,000 65,000,748 1.18 Swedbank FRN 0.81% 02.12.2019 50,000,000 50,175,750 0.91 Toronto Dominion Bank FRN 0.50% 20.11.2017 50,000,000 50,034,350 0.91 Toronto-Dominion Bank FRN 0.72% 19.01.2018 28,100,000 28,148,346 0.51 Westpac Banking Corporation FRN 0.65% 28.11.2017 49,250,000 49,314,320 0.90 Westpac Securities FRN 0.80% 02.10.2017 107,000,000 107,108,070 1.95 9 2,202,290,920 40.03 Mortgage Backed Securities (31 December 2016: 13.74%) Albion No.2 MBS 1.16% 17.03.2056 5,952,279 5,972,541 0.11 Albion No.3 MBS 1.01% 17.11.2058 4,623,932 4,652,549 0.08 Auburn Securities MBS 0.57% 01.12.2041 945,356 932,325 0.02 Auburn Securities MBS 0.65% 01.10.2041 2,728,505 2,706,006 0.05 Brass No. 5 MBS 0.81% 16.08.2054 12,849,744 12,908,531 0.23 Celeste Mortgage ing MBS 1.14% 15.03.2045 5,711,102 5,709,337 0.10 Darrowby MBS 0.87% 20.03.2047 16,620,532 16,690,106 0.30 Darrowby MBS 1.10% 20.08.2048 6,010,850 6,067,556 0.11 Duncan ing MBS 1.00% 17.12.2062 12,079,165 12,188,035 0.22 Duncan ing MBS 1.11% 17.04.2018 12,246,998 12,336,401 0.22

Insight s PLC Plus Portfolio and Schedule of Investments (Continued) As at 30 June 2017 Security Description Nominal Holding Value % of Net Mortgage Backed Securities (31 December 2016: 13.74%) (continued) First Flexible MBS 0.53% 15.09.2033 162,856 161,086 0.00 First Flexible MBS 0.71% 01.06.2034 330,498 325,945 0.01 Fosse Master Issuer MBS 0.66% 18.10.2054 47,378,288 47,480,672 0.86 Fosse Master Issuer MBS 0.74% 18.10.2054 23,552,103 23,566,258 0.43 Fosse Master Issuer MBS 1.89% 18.10.2054 29,576,353 29,629,946 0.54 Friary No.2 MBS 0.91% 21.10.2046 8,861,750 8,898,021 0.16 Friary No.3 MBS 1.19% 21.04.2048 20,860,334 21,108,739 0.38 Friary No.4 MBS 0.75% 21.01.2050 31,090,000 31,120,219 0.57 Gemgarto MBS 1.26% 16.02.2047 2,000,845 2,009,971 0.04 Gosforth ing MBS 0.65% 16.06.2057 5,887,911 5,895,188 0.11 Gosforth ing MBS 0.71% 19.10.2056 3,646,632 3,650,253 0.07 Gosforth ing MBS 0.75% 16.06.2057 44,250,000 44,470,807 0.81 Gosforth ing MBS 0.92% 19.10.2056 35,440,000 35,682,374 0.65 Gosforth ing MBS 0.92% 15.02.2058 18,229,466 18,309,767 0.33 Gosforth ing MBS 1.13% 24.07.2058 7,936,513 7,993,053 0.15 Great Hall Mortgages MBS 0.44% 18.06.2039 1,668,873 1,618,780 0.03 Holmes Master Issuer MBS 1.09% 15.07.2021 20,000,000 20,333,840 0.37 Holmes Master Issuer MBS 1.89% 15.10.2054 17,667,303 17,740,499 0.32 Holmes Master Issuer MBS 2.19% 15.10.2054 3,890,286 3,894,627 0.07 Kenrick No. 2 MBS 0.99% 18.04.2049 9,839,204 9,878,571 0.18 Lanark Master Issuer '1X 1A' MBS 0.00% 22.12.2069 59,862,000 59,870,979 1.09 Lanark Master Issuer '1X 1A' MBS 0.80% 22.12.2054 2,000,000 2,003,710 0.04 Lanark Master Issuer '1X 2A' MBS 0.80% 22.12.2054 28,491,433 28,567,676 0.52 Lanark Master Issuer '1X 2A' MBS 1.30% 22.12.2054 14,450,000 14,577,565 0.26 Lanark Master Issuer '2X 2A' MBS 1.93% 22.12.2054 15,482,765 15,564,359 0.28 Oak No.1 MBS 0.97% 26.02.2052 10,868,511 10,920,560 0.20 Paragon Mortgages MBS 0.72% 16.04.2035 6,807,401 6,663,152 0.12 Paragon Mortgages MBS 1.09% 15.06.2042 7,002,684 7,031,297 0.13 Permanent Master Issuer MBS 0.74% 15.07.2058 10,750,000 10,787,141 0.20 Permanent Master Issuer MBS 0.94% 15.07.2042 21,000,000 21,104,517 0.38 Precise Mortgage ing No. 1 MBS 1.44% 12.03.2047 1,334,033 1,342,637 0.02 Precise Mortgage ing No. 2 MBS 1.24% 12.12.2047 6,588,217 6,615,096 0.12 Precise Mortgage ing No. 2 MBS 1.44% 12.06.2048 7,333,432 7,401,318 0.13 Resimac UK Rmbs No.1 MBS 1.24% 24.10.2045 13,823,407 13,818,914 0.25 Silverstone Master Issuer MBS 0.71% 21.01.2070 72,799,954 72,929,538 1.33 Silverstone Master Issuer MBS 0.99% 21.01.2070 20,000,000 20,137,060 0.37 713,267,522 12.96 Government Bonds (31 December 2016: 1.46%) United Kingdom (Government of) Bonds 2.00% 22.07.2020 10,000,000 10,482,000 0.19 United Kingdom (Government of) Bonds 5.00% 07.03.2018 10,000,000 10,322,000 0.19 20,804,000 0.38 Supranational Bonds (31 December 2016: 1.31%) European Investment Bank Bonds 0.60% 21.05.2021 35,000,000 35,214,060 0.64 European Investment Bank Bonds 0.65% 17.02.2020 49,754,000 50,092,029 0.91 85,306,089 1.55 Total Value of Transferable Securities 3,160,860,918 57.45 10

Insight s PLC Plus Portfolio and Schedule of Investments (Continued) As at 30 June 2017 Forward Foreign Currency Contracts (31 December 2016: 0.07%) Counterparty Settlement Date Currency Buy Buy Amount Currency Sell Sell Amount Unrealised % of Net Gain Toronto-Dominion Bank 14.08.2017 GBP 92,566,879 NOK 1,000,000,000 878,198 0.01 Unrealised gain on forward foreign currency contracts 878,198 0.01 Total gain on Financial Derivative Instruments 878,198 0.01 Forward Foreign Currency Contracts (31 December 2016: (0.03%)) Counterparty Settlement Date Currency Buy Buy Amount Currency Sell Sell Amount Unrealised % of Net Loss Westpac Banking Corporation 31.07.2017 EUR 246,208 GBP 216,972 (586) Toronto-Dominion Bank 18.09.2017 GBP 26,370,000 EUR 30,000,000 (25,976) Westpac Banking Corporation 31.07.2017 EUR 15,571,391 GBP 13,723,191 (37,902) Northern Trust 12.09.2017 GBP 56,530,500 EUR 65,000,000 (652,591) (0.01) Goldman Sachs 22.08.2017 GBP 30,077,670 EUR 35,000,000 (698,101) (0.01) Toronto-Dominion Bank 31.07.2017 GBP 33,584,000 EUR 40,000,000 (1,570,957) (0.03) Unrealised loss on forward foreign currency contracts (2,986,113) (0.05) Total loss on Financial Derivative Instruments (2,986,113) (0.05) Value % of Net Total Financial - Investment s 508,188,637 9.24 Total Financial - Transferable Securities 3,160,860,918 57.45 Total Financial - Money Market Instruments 1,840,756,058 33.45 Total Financial - Financial Derivative Instruments 878,198 0.01 Total Financial Liabilities - Financial Derivative Instruments (2,986,113) (0.05) Total cost of investments 5,500,042,958 (31 December 2016: 5,207,275,575) Cash (31 December 2016: 2.31%) 47,608,477 0.87 Collateral Cash (31 December 2016 0.00%) 1,015,000 0.02 Net current liabilities (31 December 2016: 0.08%) (54,311,592) (0.99) Net assets attributable to holders of redeemable shares 5,502,009,583 100.00 11

Insight s PLC Plus Portfolio and Schedule of Investments (Continued) As at 30 June 2017 Analysis of Total % of Total Transferable securities admitted to an official stock exchange listing 56.80% Money Market instruments admitted to an official stock exchange listing 33.08% Over the Counter Financial Derivative Instruments 0.02% Investment s 9.13% Cash and Other 0.97% 100.00% ^Cross investment holdings. 12

Insight s PLC Dollar Investment Manager s Report For the six months ended 30 June 2017 Market overview Positive sentiment towards the US economy is starting to fade, as the plans for a fiscal stimulus and tax cut by President Trump are becoming increasingly uncertain. The labor market has continued to tighten however, with the unemployment rate dropping to 4.3% in May. Other data points released towards the end of the period were more mixed. Manufacturing production contracted by 0.4% month-on-month in May and retail sales contracted by 0.3% month-on-month. With inflation data also showing signs of moderation (headline CPI moved from 2.2% in April to 1.9% in May and core inflation also softened to 1.7%), there is now speculation that the US Federal Reserve may move to a neutral position sooner than previously expected. Minutes released for the June US Federal Open Market Committee meeting showed a growing divide among voting members. Several participants raised concerns that progress towards the 2% inflation objective may have slowed, and that recent softness in inflation might persist. This culminated in Minneapolis Fed President Kashkari dissenting from the vote to increase the target range. The central bank continued to tighten policy through the period however, taking their policy rate to a range of 1-1.25% by the end of June. In money markets, the 1-month dollar Libor rate rose from 0.77% to 1.22% and the 3-month rate rose from 1.00% to 1.30 % over the six months. Portfolio review The returned 0.50% gross of fees over the six-month period under review versus the 7-day US dollar Libid return of 0.40%. The s duration and yield curve positioning relative to the benchmark were positive for returns. Activity was focused on short-dated and liquid securities and overnight deposits. The weighted average maturity of the was 24 days at the beginning of the period, and fell to 23 days by the end of June. Outlook While economic activity remains solid, expectations have proven too optimistic, buoyed by talk of a significant fiscal stimulus from the incoming president. This has resulted in some data disappointment and as yet it is unclear whether these data points suggest a meaningful deterioration in the US growth dynamic. As expected, the Federal Reserve raised the interest rate corridor for the federal funds target rate by 25bp at its June meeting, and continues to implement their gradual rate hiking cycle. The updated dot plot of economic projections still suggests a third rate hike this year, but market pricing suggests scepticism that economic data, particularly inflation, will recover sufficiently. Three further interest rates hikes are projected for 2018. On balance sheet reduction, a clear plan has been outlined, which involves a tiered adjustment in their securities holdings. Should the economy be doing well this could start as early as September. Insight Investment s Management Limited 160 Queen Victoria Street London EC4V 4LA England July 2017 13

il Insight s PLC Dollar Portfolio and Schedule of Investments As at 30 June 2017 Security Description Nominal Holding Value $ % of Net Certificates of Deposit (31 December 2016: 15.87%) ABN Amro Bank CD 1.40% 13.10.2017 15,000,000 15,000,000 2.34 Bank of Tokyo-Mitsubishi UFJ CD 1.35% 23.08.2017 10,000,000 10,000,000 1.56 Danske Bank CD 0.00% 13.07.2017 5,000,000 4,998,339 0.78 KBC Bank CD 0.00% 12.07.2017 5,000,000 4,998,464 0.78 KBC Bank CD 0.00% 20.07.2017 5,000,000 4,997,175 0.78 Sumitomo Mitsui Banking Corporation CD 0.00% 10.10.2017 15,000,000 14,946,176 2.34 Sumitomo Mitsui Trust Bank Ltd CD 1.32% 17.07.2017 10,000,000 10,000,000 1.56 Toronto-Dominion Bank CD 1.35% 05.10.2017 7,500,000 7,499,835 1.17 72,439,989 11.31 Commercial Paper (31 December 2016: 37.02%) Agence Centrale des Organismes de Securite Sociale CP 0.00% 07.07.2017 5,000,000 4,999,363 0.78 Agence Centrale des Organismes de Securite Sociale CP 0.00% 20.07.2017 19,000,000 18,988,819 2.97 Akademiska Hus CP 0.00% 28.08.2017 10,000,000 9,981,949 1.56 Banque Federative Du Credit CP 0.00% 02.10.2017 10,000,000 9,965,113 1.56 Caisse des Depots et Consignations CP 0.00% 07.07.2017 15,000,000 14,998,220 2.34 DBS Bank CP 0.00% 21.09.2017 15,000,000 14,956,667 2.34 Dekabank Deutsche Girozentrale CP 0.00% 21.07.2017 20,000,000 19,987,114 3.12 Erste Abwicklungsanstalt CP 0.00% 29.08.2017 10,000,000 9,981,707 1.56 KFW CP 0.00% 24.07.2017 7,500,000 7,495,598 1.17 Kiwibank Ltd CP 0.00% 18.08.2017 10,000,000 9,984,714 1.56 L'Oreal CP 0.00% 05.07.2017 10,000,000 9,999,395 1.56 Nederlandse Waterschapsbank CP 0.00% 03.07.2017 20,000,000 20,000,000 3.12 Netherlands (Kingdom of) CP 0.00% 03.07.2017 20,000,000 20,000,000 3.12 Nordea Bank CP 0.00% 27.10.2017 10,000,000 9,961,409 1.56 NRW Bank CP 0.00% 12.07.2017 15,000,000 14,995,856 2.34 OP Corporate Bank CP 0.00% 13.07.2017 1,500,000 1,499,484 0.23 OP Corporate Bank CP 0.00% 24.07.2017 13,000,000 12,990,852 2.03 Overseas Chinese Banking Corporation CP 0.00% 25.07.2017 15,000,000 14,988,920 2.34 Schlumberger Finance CP 0.00% 27.09.2017 15,000,000 14,954,639 2.34 Societe Nationale des Chemins de Fer Francais CP 0.00% 10.07.2017 20,000,000 19,994,947 3.12 Temasek Financial (II) Private CP 0.00% 25.07.2017 5,000,000 4,996,648 0.78 Temasek Financial (III) Private CP 0.00% 24.07.2017 10,000,000 9,993,630 1.56 Toronto-Dominion Bank CP 0.00% 14.07.2017 6,000,000 5,997,659 0.94 281,712,703 44.00 Total Value of Money Market Instruments 354,152,692 55.31 Floating Rate Notes (31 December 2016: 2.12%) Government Bonds (31 December 2016: 9.75%) Time Deposits (31 December 2016: 35.20%) Bank of Tokyo-Mitsubishi UFJ TD 1.15% 03.07.2017 32,900,000 32,900,000 5.14 BRED Banque Populaire TD 1.27% 03.07.2017 57,000,000 57,000,000 8.90 Deutsche Zentral-Genossenschaftsbank TD 1.17% 03.07.2017 57,000,000 57,000,000 8.90 ING Bank TD 1.19% 03.07.2017 57,000,000 57,000,000 8.91 Landesbank Hessen-Thueringen Girozentrale TD 1.19% 03.07.2017 57,000,000 57,000,000 8.90 Rabobank Nederland TD 1.16% 03.07.2017 25,000,000 25,000,000 3.91 285,900,000 44.66 14

Insight s PLC Dollar Portfolio and Schedule of Investments (Continued) As at 30 June 2017 Security Description Nominal Holding Value $ % of Net Total Financial - Money Market Instruments 354,152,692 55.31 Total Financial - Deposits with Credit Institutions 285,900,000 44.66 Total cost of investments $640,052,692 (31 December 2016: $512,537,223) Cash (31 December 2016: 0.08%) 3,551,407 0.55 Net current liabilities (31 December 2016: (0.04%)) (3,364,769) (0.52) Net assets attributable to holders of redeemable shares 640,239,330 100.00 Analysis of Total % of Total Money Market instruments admitted to an official stock exchange listing 55.00% Deposits with Credit Institutions 44.40% Cash and Other 0.60% 100.00% 15

Insight s PLC Euro Cash Investment Manager s Report For the six months ended 30 June 2017 Market overview European GDP data recorded a stronger-than-expected expansion in Q1 of 0.6% quarter-on-quarter, increasing speculation that the European Central Bank (ECB) will taper its quantitative easing program later in the year. This was exacerbated by ECB President Draghi, who talked about scaling back bond purchases, although he later appeared to try and moderate market sentiment surrounding the remarks. Headline inflation data decelerated to 1.3% year-on-year in June, and the recent strength of the euro is expected to have a dampening effect on future inflation if sustained. The eurozone business and consumer confidence survey for June showed that economic sentiment has risen to the highest level since August 2007, indicating positive economic momentum. Unemployment is steadily declining in previously crisis hit countries such as Greece and Spain, and this is an important factor underpinning the recovery in growth. Approximately 6.4m jobs have been created in the euro area since the peak in unemployment and the bank lending survey suggests that demand for consumer credit is now strengthening. Political risks diminished over the period, with centrist candidate Emmanuel Macron winning the French presidential election and a benign outcome in the Dutch elections. Although risks have not disappeared entirely, these results will act as a further boost to confidence, making it more likely that the euro area recovery will continue. In money markets, the 1-month Euribor rate was unchanged at -0.37% and the 3-month rate fell from -0.32% to -0.33%. Portfolio review The returned -0.21% gross of fees over the period under review versus the 7-day euro Libid return of -0.25%. The s duration and yield curve positioning relative to the benchmark were positive for returns. Activity was focused largely on highly liquid short-dated securities. The primarily made additions to the certificates of deposit and commercial paper portfolio from bank issuers. The also purchased a number of bonds issued mainly by banks as well as treasury bills issued by the French government. The weighted average maturity of the was 38 days at the beginning of the period and rose to 39 days by the end of June. Outlook Momentum within the euro area economy is gaining traction. The percentage of all sectors in the euro area that currently have positive growth was 84% in Q1 2017 vs. an historical average of 74%, showing that the recovery is broad-based and not driven by any single sector or country. Critically, those countries worst hit by previous crisis are now enjoying the benefits of painful reforms, returning to growth and generating jobs. Political risks have diminished, but have not disappeared entirely. The ongoing negotiations regarding the UKs exit of the EU are likely to prove difficult, and the risks of the UK leaving without access to the single market or a trade deal are high. In Germany, Schulz and the SPD party have fallen back in the polls, but Italy could well call early elections and become a focus once again. We expect the ECB to remain accommodative, but to look through the fall in headline inflation where possible, while welcoming indications that activity is firming. The strengthening case of the hawks suggests that a tapering of quantitative easing could be announced as soon as September, if inflation stabilises. Insight Investment s Management Limited 160 Queen Victoria Street London EC4V 4LA England July 2017 16

Insight s PLC Euro Cash Portfolio and Schedule of Investments As at 30 June 2017 Security Description Nominal Holding Value % of Net Certificates of Deposit (31 December 2016: 27.49%) BNP Paribas CD 0.00% 25.08.2017 100,000,000 100,041,809 2.75 BPCE CD 0.00% 10.08.2017 45,000,000 45,024,480 1.24 BRED Banque Populaire CD 0.00% 07.07.2017 25,000,000 25,002,342 0.69 BRED Banque Populaire CD 0.00% 18.07.2017 50,000,000 50,009,919 1.37 BRED Banque Populaire CD 0.00% 05.09.2017 25,000,000 25,021,875 0.69 Citibank CD 0.00% 01.08.2017 50,000,000 50,014,771 1.37 Cooperatieve Rabobank CD 0.00% 19.07.2017 10,000,000 10,002,478 0.27 Cooperatieve Rabobank CD 0.00% 25.09.2017 10,000,000 10,007,750 0.27 Credit Suisse CD 0.00% 02.08.2017 50,000,000 50,015,978 1.38 Credit Suisse CD 0.00% 28.09.2017 50,000,000 50,040,850 1.38 Danske Bank CD 0.00% 03.07.2017 25,000,000 25,000,932 0.69 HSBC France CD 0.00% 05.09.2017 40,000,000 40,030,100 1.10 ING Bank CD 0.00% 04.08.2017 25,000,000 25,009,959 0.69 ING Bank CD 0.00% 06.09.2017 45,000,000 45,038,250 1.24 KBC Bank CD 0.00% 09.08.2017 50,000,000 50,018,094 1.38 KBC Bank CD 0.00% 29.08.2017 50,000,000 50,033,621 1.38 Mitsubishi UFJ Trust and Banking Corporation CD 0.00% 19.07.2017 20,000,000 20,003,902 0.55 Mitsubishi UFJ Trust and Banking Corporation CD 0.00% 20.07.2017 25,000,000 25,006,617 0.69 Mitsubishi UFJ Trust and Banking Corporation CD 0.00% 26.07.2017 25,000,000 25,005,054 0.69 Mitsubishi UFJ Trust and Banking Corporation CD 0.00% 20.10.2017 50,000,000 50,040,500 1.38 Mizuho Corporate Bank CD 0.00% 03.07.2017 75,000,000 75,003,328 2.06 Mizuho Corporate Bank CD 0.00% 29.08.2017 50,000,000 50,023,607 1.38 Norinchukin Bank CD 0.00% 10.07.2017 19,000,000 19,003,428 0.52 Sumitomo Mitsui Trust Bank Ltd CD 0.00% 11.07.2017 50,000,000 50,004,073 1.37 Sumitomo Mitsui Trust Bank Ltd CD 0.00% 24.07.2017 25,000,000 25,004,770 0.69 989,408,487 27.22 Commercial Paper (31 December 2016: 32.60%) Banque Federative Du Credit CP 0.00% 03.07.2017 50,000,000 50,001,250 1.38 Banque Federative Du Credit CP 0.00% 03.07.2017 50,000,000 50,001,813 1.38 Banque Federative Du Credit CP 0.00% 06.07.2017 25,000,000 25,001,528 0.69 Collateralized Commercial Paper CP 0.00% 05.07.2017 25,000,000 25,002,155 0.69 Collateralized Commercial Paper CP 0.00% 01.08.2017 20,000,000 20,007,280 0.55 Collateralized Commercial Paper CP 0.00% 01.09.2017 20,000,000 20,015,870 0.55 Collateralized Commercial Paper CP 0.00% 06.09.2017 25,000,000 25,021,150 0.69 Collateralized Commercial Paper CP 0.00% 07.09.2017 10,000,000 10,008,565 0.27 Collateralized Commercial Paper CP 0.00% 13.09.2017 20,000,000 20,018,380 0.55 Collateralized Commercial Paper CP 0.00% 10.10.2017 20,000,000 20,021,700 0.55 Credit Agricole Corporate and Investment Bank CP 0.00% 05.07.2017 100,000,000 100,006,818 2.75 Danaher European Finance CP 0.00% 12.07.2017 35,000,000 35,003,637 0.96 Danaher European Finance CP 0.00% 22.09.2017 50,000,000 50,050,500 1.38 Danske Bank CP 0.00% 27.07.2017 10,000,000 10,003,647 0.27 Danske Bank CP 0.00% 14.08.2017 23,500,000 23,513,985 0.65 Dexia Credit Local CP 0.00% 06.11.2017 98,000,000 98,144,599 2.70 DH Europe Finance S.A. CP 0.00% 22.08.2017 50,000,000 50,037,394 1.38 Enexis Holding CP 0.00% 28.07.2017 50,000,000 50,018,823 1.38 Fingrid Oyj CP 0.00% 23.11.2017 15,000,000 15,025,425 0.41 L'Oreal CP 0.00% 18.08.2017 50,000,000 50,028,350 1.38 Lvmh Finance Belgique CP 0.00% 04.07.2017 40,000,000 40,002,284 1.10 Lvmh Finance Belgique CP 0.00% 06.07.2017 6,400,000 6,400,351 0.18 Lvmh Finance Belgique CP 0.00% 19.07.2017 30,000,000 30,007,774 0.83 Lvmh Finance Belgique CP 0.00% 03.08.2017 27,000,000 27,012,352 0.74 Lvmh Finance Belgique CP 0.00% 19.09.2017 10,000,000 10,009,850 0.27 Mitsubishi UFJ Securities International CP 0.00% 10.07.2017 25,000,000 25,003,713 0.69 Nordea Bank CP 0.00% 07.07.2017 16,000,000 16,001,254 0.44 Nordea Bank CP 0.00% 24.07.2017 34,000,000 34,009,564 0.94 Nordea Bank CP 0.00% 08.09.2017 35,500,000 35,532,305 0.98 17