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LIONTRUST GLOBAL FUNDS plc

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Page 1: LIONTRUST GLOBAL FUNDS plc
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LIONTRUST GLOBAL FUNDS plc

Liontrust Global Funds plc 2 Interim Report and Unaudited Financial Statements

Liontrust GF European Strategic Equity Fund Investment Adviser’s Report

For the six months ended 30 June 2021 Market Review The Sub-Fund’s Class A4 returned 15% in euro terms in the six months to 30 June 2021. The Sub-Fund’s comparator benchmarks, the MSCI Europe Index and HFRX Equity Hedge EUR Index, returned 15% and 7.4% respectively. The fight against coronavirus ramped up significantly in 2021 as the global roll-out of vaccines provided encouragement that an end to the pandemic could be in sight. The pace of vaccination initially varied: Israel and the UK were among the global leaders of the vaccine efforts, but slow approvals and supply issues meant European countries such as Germany and France saw a slower roll-out. Nevertheless, by the end of the review period, the vaccine effort was well underway in most European countries. This allowed restrictions to begin easing, despite concerns about the Delta variant of coronavirus, and investor focus turned to the economic recovery. The European Commission upgraded its 2021 economic growth forecast for the euro area to 4.3% from 3.8% while the Bank of England upgraded its UK estimate to 7.25% from 5%. Inflation was on the rise too though: in the US, a 5% year-on-year increase in the consumer price index (CPI) for May was more than expected, and prompted further discussion around the removal of current ultra-accommodative monetary policy, in the US and worldwide. In June, the Federal Open Market Committee’s (FOMC) dot plot of members’ future interest rate expectations indicated that rates are forecast to start rising in 2023, having previously been predicted to remain constant until 2024. Economic projections were optimistic, with the median estimate of gross domestic product (GDP) growth revised up to 7% for 2021 versus 6.5% in March, while core inflation is forecast to be 3% vs 2.2%. Analysis of Portfolio Return Bond yields rose during the first half of the review period. Rising bond yields have a significant impact on the valuations of growth stocks which by definition are long-duration assets: valuation models for growth stocks are very sensitive to a rising discount rate for their future assumed high growth. Value stocks by contrast are short duration, profits for which are much more likely to benefit from a pick-up in inflation owing to the beneficial effects of inflation on pricing power. The Sub-Fund has a value tilt and benefitted from the style’s outperformance during the majority of the review period. In the five months to end May 2021, the MSCI Europe Value Index returned 14% in euro terms versus the MSCI Europe Growth Index’s 12% return. However, market leadership changed in the second quarter with the rotation particularly sharp in June, with Growth outperforming Value by 3.4 percentage points. This meant that for the six months to 30 June 2021, the MSCI Europe Value Index’s return stayed at 14%, while the MSCI Europe Growth Index returned 16%. Having peaked at the end of March at close to 80%, the Sub-Fund’s net exposure by the end of June was reduced to 54% due to our outlook for markets becoming more cautious. The Sub-Fund’s performance kept pace with a rising market despite net market exposure running at average of 62% over the period. This was the result of good stock selection returns in the long book. The short book detracted from overall performance, but there was a significant positive spread between the total return of the short book and the long book so the shorts played an important hedging role during the period under review.

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LIONTRUST GLOBAL FUNDS plc

Liontrust Global Funds plc 3 Interim Report and Unaudited Financial Statements

Liontrust GF European Strategic Equity Fund Investment Adviser’s Report (Continued) Analysis of Portfolio Return (continued)

Within the portfolio’s long book, the best performing positions were Codan, Capital One Financial Corp and Aggreko: - Australia-based Codan reported a record half-year profit of A$41.3m in the six months to 31 December 2021. The main driver of the strong performance was the company’s metal detection business – Minelab – which saw significant growth across gold and recreational markets, resulting in a 55% increase in sales. - Capital One Financial reported first quarter earnings that trumped analyst estimates. The US credit card and auto loans company said diluted net income per share was US$7.03, coming in well ahead of the market forecast of US$4.13. Founder and CEO Richard Fairbank said the performance was driven by “strikingly strong credit”, while investments in technology were paying off. - Temporary power company Aggreko’s shares rose after agreeing to a takeover offer from TDR Capital and I Squared Capital of 880p per share. The price represented a 39% premium to Aggreko’s shares at the time. The weakest positions in the long book included BW Offshore, SimCorp and Knowit: - BW Offshore saw its share price slide despite issuing robust first quarter results. EBITDA (earnings before interest, taxes, depreciation and amortisation) grew 21% from Q4 2020 and operating revenue was US$219m, coming in ahead of the consensus estimate of US$185m. - SimCorp’s shares fell following the release of its 2020 results. The investment software provider said order intake increased 16% year-on-year aided by 17 new client wins, but revenue remained flat at €456m and below consensus forecasts of €460m. For 2021, revenue is expected to grow between 6% and 11%. Its first quarter results were more promising with revenue rising 6.9% and EBIT (earnings before interest and taxes) increasing 37%, both ahead of market expectations. - Knowit issued new shares at a discount of c.4%, raising SKr500m. The proceeds will be used for proactive reasons as the digital consultancy bolsters financial flexibility to take advantage of future business opportunities in line with its growth plans. Within the short book, the largest detractor was a space flight company whose shares soared after receiving regulatory approval for passenger flights to space. Another detractor was a bioconvergence company whose share price was boosted by strong 2020 results which showed net sales quadrupling and a return to profit. Portfolio Activity During the period under review trading activity is usually seasonally high owing to our annual review. Whilst the usual rates of turnover were sustained in the short book (involving usually a handful of trades each month in a short book numbering in excess of 100 stocks), the trading activity in the long book was depressed relative to history. The reason for this was the scale of the trade into contrarian value positions in 2020. A high proportion of the contrarian names we purchased in 2020 evolved over the year to take on momentum characteristics and we saw our secondary scores migrate from ‘Contrarian’ to ‘Growth’ and ‘Recovering Value’. Owing to the collapse in investor anxiety we changed the emphasis of our stock selection from ‘Contrarian’ to an emphasis on the three other secondary scores we use to select stocks in the best quintile of cashflow: Cash Return, Recovering Value and Growth. In the long book we sold out of only three positions during the review period – Adidas, Recordati and Roche. We purchased five positions with the proceeds of our sales – ABB, Daimler, K+S AG, Randstad and Rexel. Outlook Many of the trends we commented upon in the last review have accelerated in the past few months – markets have become more expensive and corporate aggression has continued to climb. Looking at corporate aggression in a longer-term context, our measure now sits just over one standard deviation above average whereas at the peak of the tech bubble and in the months preceding the financial crisis in 2007, our measure hit levels above two standard deviations. Whilst expensive valuations tend not to get in the way of a strong uptrend in markets, high corporate aggression can – by contrast – be a good leading indicator of weakness. We continue therefore to monitor this closely. There remains a significant dislocation between the valuation of growth and value stocks, with the former trading on very high levels whilst the latter remains historically depressed despite the strong run in the six months to May 2021. Value stocks have barely begun to repair their extreme discount whilst many growth stocks look in bubble territory. A recent decline in long-term treasury yields and a sense of scepticism regarding the economic recovery has buoyed growth stocks further of late, but we continue to believe they remain vulnerable whilst value cyclical stocks have significant potential for further recovery.

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LIONTRUST GLOBAL FUNDS plc

Liontrust Global Funds plc 4 Interim Report and Unaudited Financial Statements

Liontrust GF European Strategic Equity Fund Investment Adviser’s Report (Continued) Outlook (continued) We believe that in the next 12 months there could be a significant return to our process on the short side. Whilst the climb in corporate aggression is portentous of a good general short book return to come, we have also noted extreme dislocations in the valuations of stocks identified by our secondary scores – particularly Recovering Value and Growth. The dislocation points to stocks scoring well on these secondary scores looking unusually cheap relative to history but even more striking are the exorbitant valuations of stocks scoring badly. Historically this is a set up for strong returns on the short side. Liontrust Investment Partners LLP July 2021 Past performance is not a guide to future performance. Investments can result in total loss of capital.

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LIONTRUST GLOBAL FUNDS plc

Liontrust Global Funds plc 5 Interim Report and Unaudited Financial Statements

Liontrust GF Special Situations Fund Investment Adviser’s Report For the six months ended 30 June 2021 Market Review The FTSE All-Share Index, the Sub-Fund’s comparator benchmark, returned 11% in the six months to 30 June 2021. Following the sharp gains at the end of 2020 on positive Covid-19 vaccine trial news, the UK stockmarket made further headway during the first half of 2021. The speed of the vaccination programme roll-out gave investors reasons to be upbeat and look forward with optimism to a return to social and economic normality. This positive sentiment proved resilient to the emergence of worrying new strains of coronavirus which spread rapidly in the UK in the run-up to Christmas and again in early summer, jeopardising the planned relaxation of restrictions on both occasions. Evidence of economic recovery supported market gains. The Bank of England cited a rebound in consumer spending as one reason for raising its 2021 economic growth forecast from 5.0% to 7.25%, which would be the highest rate in more than 70 years. The Sub-Fund The Sub-Fund (Class C3) returned 10% in the six months to 30 June 2021. The improving economic backdrop translated into company updates, with better trends being experienced across a range of sectors.

For the Sub-Fund, one of the holdings citing better conditions was recruitment company PageGroup (+25%). Its Q1 trading update provided investors with some encouraging signs over the trajectory of economic recovery. While PageGroup saw 2% year-on-year growth in gross profit, it is the comparison with pre-Covid levels two years ago that is more revealing. Gross profits are down 10% on Q1 2019, but a significant pickup in activity in March meant that it exited the quarter at a run rate only 2% lower than 2019 (and 30% better than 2020). Spirax-Sarco Engineering (+21%) noted improving global industrial production growth as the economic recovery from the pandemic accelerated faster than previously expected. The FTSE 100-listed engineer anticipates organic sales growth to be ahead of industrial production growth forecasts, which would feed through to a 35% increase in full-year operating profit, ahead of previous guidance. Diageo (+21%) was able to record a return to organic net sales growth in the second half of 2020. While on-trade and travel retail sales were still heavily restricted, it was able to take advantage of increased consumer demand in off-trade sales channels. For 2021, it now expects operating profit growth to be at least 14%, slightly ahead of organic net sales growth. A number of holdings in the portfolio have been able to display resilience to the 2020 lockdowns and deliver ongoing strength in trading as conditions have improved this year. Domino’s Pizza Group (+26%) is a great example. It gave more detail on what we already knew was a very busy 2020 for the company. Like-for-like system sales rose 10% to £1.35bn as online sales grew by 24% to account for 94% of the Domino’s delivery sales in the UK. The company commented that trading in 2021 has started strongly, with its highest ever sales week recorded over the New Year period. The bullish tone was supplemented by some ambitious new medium-term growth targets: the opening of 200 more stores and a sales target of £1.6bn - £1.9bn. Impax Asset Management (+62%) has also had a stellar run, with assets under management doubling year-on-year to £30bn at the end of March 2021 – feeding through to strong increases in revenue and profit. The sustainable asset manager continued to benefit from the ongoing popularity of environmental, social and governance (ESG) investment strategies. Its thematic Environmental Markets equity strategies were a particular highlight and were responsible for 65% of inflows. The company doubled its interim dividend on the back of this strong performance.

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LIONTRUST GLOBAL FUNDS plc

Liontrust Global Funds plc 6 Interim Report and Unaudited Financial Statements

Liontrust GF Special Situations Fund Investment Adviser’s Report (Continued) The Sub-Fund (continued) Digital marketing specialist Next Fifteen Communications (+84%) rose strongly after a trading update revealed an acceleration in growth that pushed performance ahead of its expectations. Revenues rose 21% year-on-year in the three months to 30 April – including 17% organic growth – and growth accelerated further at the start of Q2. Away from earnings updates, Aggreko (+39%) shares surged after it received a takeover offer from private equity firms TDR Capital and I Squared Capital. The cash bid of 880p per share – a 39% premium to the undisturbed price – was recommended to shareholders by Aggreko’s board. As supply chains struggled to keep pace with resurgent demand, prices for energy, basic metals and agricultural commodities all rose substantially in the first half of 2021. The FTSE All-Share’s basic materials and energy sectors were two of its strongest areas, both returning 17%. In attribution terms, these sectors negatively impacted Sub-Fund relative returns due to its underweight position in basic materials and weak stock-selection return in energy. While the Sub-Fund had some exposure to energy sector strength via BP (+27%) and Royal Dutch Shell (+13%), this was offset by a poor performance from John Wood Group (-29%). Engineer Weir Group (-7.0%) also failed to participate in the basic materials rally. Following the sale of its oil & gas division earlier this year, Weir Group is now focused on premium mining technology, but shares in the company were weak as it experienced a 13% reduction in orders over 2020 to £1.86bn and issued a slightly cautious outlook statement. Another poor performer in the Sub-Fund was interdealer broker TP ICAP (-22%). It had benefited from the early pandemic market uncertainty as elevated trading volumes boosted the interdealer broker’s revenue in the first quarter of 2020. However, against these strong comparables, revenue dropped 9% in Q1 2021 but was still 6% ahead of 2019’s figure when trading levels were more normal. The group maintained its full-year guidance for single-digit revenue growth. Among the Sub-Fund’s small-cap holdings, cloud computing company Iomart Group (-16%) experienced tough trading conditions. It warned that results for the year to 31 March 2021 would be at the lower end of expectations after the UK’s third lockdown hampered the recovery in activity it had previously experienced. The impact was primarily felt through a drop in non-recurring hardware reselling as customers delayed investment decisions. In a surprise move, Renishaw (-14%) launched a formal sale process after co-founders David McMurty and John Deer decided to sell their 50%+ interests in the business. As the year wore on, shares in the company slid on concern that the company’s sale process may not achieve the high price initially hoped for. After the end of the Sub-Fund’s review period, the company confirmed it had ended the sale process. None of the proposals received met the objectives of the founders and majority shareholders, who had stressed the importance of finding a buyer who would uphold the culture and long-term values of the business. Portfolio Changes IMImobile left the Sub-Fund after the cloud software provider was bought by Cisco Systems in a £543m deal. Outlook During the pandemic, as in other crises, it has been important to focus on a company’s ability to trade through a downturn and its potential to emerge on the other side in a healthy position to take advantage of any subsequent upturn. The Sub-Fund’s companies have strong barriers to competition, attractive market positions and a history of high returns, which should stand them in good stead.

Moreover, once the dust settles, these companies could be able to take share from weaker competitors who have suffered more or ceased trading altogether. There has been some early evidence that many of the companies the Sub-Fund owns are likely to emerge from the Covid-19 crisis in a position of strength. Some of them have been able to invest in acquisitions or other means of accelerating market share gains.

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LIONTRUST GLOBAL FUNDS plc

Liontrust Global Funds plc 7 Interim Report and Unaudited Financial Statements

Liontrust GF Special Situations Fund Investment Adviser’s Report (Continued) Outlook (continued) Another tailwind is likely to be the increasing digitalisation of the economy, a process accelerated by the pandemic, which we expect to benefit several of the Sub-Fund’s holdings.

The businesses in which the Sub-Fund is invested have largely proven resilient during the pandemic and continued to generate growth. Nevertheless, we would still expect them to benefit from a more benign backdrop if efforts to fight Covid-19 are successful in achieving something closer to economic normality.

Liontrust Investment Partners LLP July 2021 Past performance is not a guide to future performance. Investments can result in total loss of capital.

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LIONTRUST GLOBAL FUNDS plc

Liontrust Global Funds plc 8 Interim Report and Unaudited Financial Statements

Liontrust GF UK Growth Fund Investment Adviser’s Report For the six months ended 30 June 2021 Market Review The FTSE All-Share Index, the Sub-Fund’s comparator benchmark, returned 11% in the six months to 30 June 2021. Following the sharp gains at the end of 2020 on positive Covid-19 vaccine trial news, the UK stockmarket made further headway during the first half of 2021. The speed of the vaccination programme roll-out gave investors reasons to be upbeat and look forward with optimism to a return to social and economic normality. This positive sentiment proved resilient to the emergence of worrying new strains of coronavirus which spread rapidly in the UK in the run-up to Christmas and again in early summer, jeopardising the planned relaxation of restrictions on both occasions. Evidence of economic recovery supported market gains. The Bank of England cited a rebound in consumer spending as one reason for raising its 2021 economic growth forecast from 5.0% to 7.25%, which would be the highest rate in more than 70 years. The Sub-Fund The Sub-Fund (Class C3 Institutional) returned 12% in the six months to 30 June 2021. The improving economic backdrop was reflected in company updates, with better trends being experienced across a range of sectors. Within the Sub-Fund, engineering group IMI (+49%) was a good example. The first quarter of the year was sufficiently strong for it to upgrade full-year guidance. IMI has seen improving trends in its major end markets, pushing sales, profits and cash flows above not only 2020 levels, but also those achieved pre-pandemic in 2019. Its new earnings per share guidance for 2021 is 81p – 87p, up from 75p to 82p. Recruitment company PageGroup (+25%) also provided investors with some encouraging signs over the trajectory of economic recovery in a Q1 trading update. While PageGroup saw 2% year-on-year growth in gross profit, it is the comparison with pre-Covid levels two years ago that is more revealing. Gross profits are down 10% on Q1 2019, but a significant pickup in activity in March meant that it exited the quarter at a run rate only 2% lower than 2019 (and 30% better than 2020). Spirax-Sarco Engineering (+21%) noted improving global industrial production growth as the economic recovery from the pandemic accelerated faster than previously expected. The FTSE 100-listed engineer anticipates organic sales growth to be ahead of industrial production growth forecasts, which would feed through to a 35% increase in full-year operating profit, ahead of previous guidance. Diageo (+21%) was able to record a return to organic net sales growth in the second half of 2020. While on-trade and travel retail sales were still heavily restricted, it was able to take advantage of increased consumer demand in off-trade sales channels. For 2021, it now expects operating profit growth to be at least 14%, slightly ahead of organic net sales growth. A number of holdings in the portfolio have been able to display resilience to the 2020 lockdowns and deliver ongoing strength in trading as conditions have improved this year. Domino’s Pizza Group (+26%) is a great example. It gave more detail on what we already knew was a very busy 2020 for the company. Like-for-like system sales rose 10% to £1.35bn as online sales grew by 24% to account for 94% of the Domino’s delivery sales in the UK. The company commented that trading in 2021 has started strongly, with its highest ever sales week recorded over the new year period. The bullish tone was supplemented by some ambitious new medium-term growth targets: the opening of 200 more stores and a sales target of £1.6bn - £1.9bn. Digital marketing specialist Next Fifteen Communications (+84%) rose strongly after a trading update revealed an acceleration in growth that pushed performance ahead of its expectations. Revenues rose 21% year-on-year in the three months to 30 April – including 17% organic growth – and growth accelerated further at the start of Q2.

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LIONTRUST GLOBAL FUNDS plc

Liontrust Global Funds plc 9 Interim Report and Unaudited Financial Statements

Liontrust GF UK Growth Fund Investment Adviser’s Report (Continued)

The Sub-Fund (continued) Away from earnings updates, Sub-Fund performance was also boosted by takeover activity around some of its holdings. Aggreko (+39%) shares surged after it received a takeover offer from private equity firms TDR Capital and I Squared Capital. The cash bid of 880p per share – a 39% premium to the undisturbed price – was recommended to shareholders by Aggreko’s board. WM Morrison Supermarkets (+43%) jumped after it confirmed a private equity conditional takeover offer of 230p per share had been received and rejected by its board in mid-June. Ultra Electronics (+13%) also rose on bid speculation; private equity-owned aerospace and defence peer Cobham stated that it was exploring a combination with Ultra Electronics, with a takeover offer being one of the routes under consideration. By contrast, shares in Renishaw (-14%) slid as its founders launched a formal sale process but failed to attract an acceptable bid. After the end of the Sub-Fund’s review period, the company confirmed it had ended the sale process. None of the proposals received met the objectives of the founders and majority shareholders, who had stressed the importance of finding a buyer who would uphold the culture and long-term values of the business. As supply chains struggled to keep pace with resurgent demand, prices for energy, basic metals and agricultural commodities all rose substantially in the first half of 2021. The FTSE All-Share’s basic materials and energy sectors were two of its strongest areas, both returning 17%. In attribution terms, these sectors negatively impacted Sub-Fund relative returns due to its underweight position in basic materials and weak stock-selection return in energy. While the Sub-Fund had some exposure to energy sector strength via BP (+27%) and Royal Dutch Shell (+13%), this was offset by poor performances from John Wood Group (-29%) and Petrofac (-20%). John Wood Group’s like-for-like revenues fell 21% in the first half of 2021; Petrofac saw its order backlog drop by US$1bn to US$4.0bn over the first five months of the year; and Weir Group (-7.0%) announced a 13% reduction in 2020’s orders and issued a slightly cautious outlook statement. Another poor performer in the Sub-Fund was interdealer broker TP ICAP (-22%). It had benefited from the early pandemic market uncertainty as elevated trading volumes boosted the interdealer broker’s revenue in the first quarter of 2020. However, against these strong comparables, revenue dropped 9% in Q1 2021 but was still 6% ahead of 2019’s figure when trading levels were more normal. The group maintained its full-year guidance for single-digit revenue growth. Portfolio Changes We made two new additions to the portfolio: Clipper Logistics and Gamma Communications. Both companies are held in other Economic Advantage Funds and are businesses we know well. Clipper Logistics is a product distribution, returns management and logistics company, which has a particular expertise in providing services to online retailers. Its business model provides it with a high level of recurring revenue. Gamma Communications is a business telecommunications provider. We believe that the company possesses all three of the core intangible strengths which the Economic Advantage process seeks out: intellectual property, distribution network strength and high recurring income. Over many years, Gamma has developed market-leading proprietary technology solutions in the area of cloud communications, such as SIP Trunk lines and hosted PBX systems, where it enjoys high market shares. The company goes to market predominantly via a network of channel partners built up over a long period of time, while the majority of revenue is earned on recurring monthly contracts. Having already built up a leading market position in the UK, Gamma has expanded in recent years into mainland Europe, where it sees considerable further potential for growth.

Outlook During the pandemic, as in other crises, it has been important to focus on a company’s ability to trade through a downturn and its potential to emerge on the other side in a healthy position to take advantage of any subsequent upturn. The Sub-Fund’s companies have strong barriers to competition, attractive market positions and a history of high returns, which should stand them in good stead. Moreover, once the dust settles, these companies could be able to take share from weaker competitors who have suffered more or ceased trading altogether. There has been some early evidence that many of the companies the Sub-Fund owns are likely to emerge from the Covid-19 crisis in a position of strength. Some of them have been able to invest in acquisitions or other means of accelerating market share gains.

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LIONTRUST GLOBAL FUNDS plc

Liontrust Global Funds plc 10 Interim Report and Unaudited Financial Statements

Liontrust GF UK Growth Fund Investment Adviser’s Report (Continued) Outlook (continued) Another tailwind is likely to be the increasing digitalisation of the economy, a process accelerated by the pandemic, which we expect to benefit several of the Sub-Fund’s holdings. The businesses in which the Sub-Fund is invested have largely proven resilient during the pandemic and continued to generate growth. Nevertheless, we would still expect them to benefit from a more benign backdrop if efforts to fight Covid-19 are successful in achieving something closer to economic normality. Liontrust Investment Partners LLP July 2021

Past performance is not a guide to future performance. Investments can result in total loss of capital.

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LIONTRUST GLOBAL FUNDS plc

Liontrust Global Funds plc 11 Interim Report and Unaudited Financial Statements

Liontrust GF European Smaller Companies Fund Investment Adviser’s Report For the six months ended 30 June 2021

Market Review The MSCI Europe Small Cap Index, the Sub-Fund’s comparator benchmark, returned 15% in euro terms in the six months to 30 June 2021. The fight against coronavirus ramped up significantly in 2021 as the global roll-out of vaccines provided encouragement that an end to the pandemic could be in sight. The pace of vaccination initially varied: Israel and the UK were among the global leaders of the vaccine efforts, but slow approvals and supply issues meant European countries such as Germany and France saw a slower roll-out. Nevertheless, by the end of the review period, the vaccine effort was well underway in most European countries. This allowed restrictions to begin easing, despite concerns about the Delta variant of coronavirus, and investor focus turned to the economic recovery. The European Commission upgraded its 2021 economic growth forecast for the euro area to 4.3% from 3.8% while the Bank of England upgraded its UK estimate to 7.25% from 5%. Inflation was on the rise too though: in the US, a 5% year-on-year increase in CPI for May was more than expected and prompted further discussion around the removal of current ultra-accommodative monetary policy, in the US and worldwide. In June, the Federal Open Market Committee’s (FOMC) dot plot of members’ future interest rate expectations indicated that rates are forecast to start rising in 2023, having previously been predicted to remain constant until 2024. Economic projections were optimistic, with the median estimate of GDP growth revised up to 7% for 2021 versus 6.5% in March, while core inflation is forecast to be 3% vs 2.2%. Analysis of Portfolio Return The Sub-Fund’s Class A5 Accumulation returned 17% in euro terms in the six months to 30 June 2021. Bond yields rose during the first half of the review period. Rising bond yields have a significant impact on the valuations of growth stocks which by definition are long-duration assets: valuation models for growth stocks are very sensitive to a rising discount rate for their future assumed high growth. Value stocks by contrast are short duration, and their profits are much more likely to benefit from a pick-up in inflation owing to the beneficial effects of inflation on pricing power. The Sub-Fund has a value tilt and benefitted from the style’s outperformance during the majority of the review period. In the five months to end May 2021, the MSCI Europe Value Index returned 14% in euro terms versus the MSCI Europe Growth Index’s 12% return. However, market leadership changed in the second quarter with the rotation particularly sharp in June, with Growth outperforming Value by 3.4 percentage points. This meant that for the six months to 30 June 2021, the MSCI Europe Value Index’s return stayed at 14%, while the MSCI Europe Growth Index returned 16%. The Sub-Fund’s top performing holdings during the six months included Impax Asset Management, Aggreko and Strabag: - Impax Asset Management reported a 19% increase in assets under management (AuM) in the three months to 31 March 2021 – the second quarter of its financial year – as net inflows reached a record £4.0bn. In the first half of its financial year, the sustainable investing specialist has seen AuM more than double year-on-year to £30bn, feeding through to a 47% rise in revenues to £60m and a near-doubling of operating profit to £21m. - Temporary power company Aggreko’s shares rose after agreeing to a takeover offer from TDR Capital and I Squared Capital of 880p per share. The price represented a 39% premium to Aggreko’s shares at the time. - Strabag’s results for 2020 exceeded analysts’ expectations. EBIT (earnings before interest and taxes) rose 5% to €631m, driven by an improvement in margins which offset the 6% decline in revenue. This allowed the company to propose a dividend of €1.90, its highest since its initial public offering and above the market forecast of €0.90. In its Q1 update the Austrian construction company said it had a record order backlog of €20.1bn with strong contributions from Germany and the UK.

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LIONTRUST GLOBAL FUNDS plc

Liontrust Global Funds plc 12 Interim Report and Unaudited Financial Statements

Liontrust GF European Smaller Companies Fund Investment Adviser’s Report (Continued)

Analysis of Portfolio Return (continued)

The Sub-Fund’s weakest positions over the period were BW Offshore, SimCorp and Gaztransport & Technigaz: - BW Offshore saw its share price slide despite issuing robust first quarter results. EBITDA (earnings before interest, taxes, depreciation and amortisation) grew 21% from Q4 2020 and operating revenue was US$219m, coming in ahead of the consensus estimate of US$185m. - SimCorp’s shares fell following the release of its 2020 results. The investment software provider said order intake increased 16% year-on-year aided by 17 new client wins, but revenue remained flat at €456m and below consensus forecasts of €460m. For 2021, revenue is expected to grow between 6% and 11%. Its first quarter results were more promising, with revenue rising 6.9% and EBIT (earnings before interest and taxes) increasing 37%, both ahead of market expectations. - Gaztransport & Technigaz disappointed the market with its outlook for 2021. The specialist in liquified natural gas (LNG) containers for shipping and storage said consolidated revenue is expected to be between €285m and €315m, compared to €396m in 2020, while EBITDA was forecast to be €150m-€170m in 2021 versus €243m in 2020. The company cited higher staff costs as part of the reason for lower guidance. Portfolio Activity During the period under review trading activity is usually seasonally high owing to our annual review. However, trading activity this year was depressed relative to history. The reason for this was the scale of the trade into contrarian value positions in 2020. A high proportion of the contrarian names we purchased in 2020 evolved over the year to take on momentum characteristics and we saw our secondary scores migrate from ‘Contrarian’ to ‘Growth’ and ‘Recovering Value’. Owing to the collapse in investor anxiety, we changed the emphasis of our stock selection from ‘Contrarian’ to emphasise the three other secondary scores we use to select stocks in the best quintile of cashflow: Cash Return, Recovering Value and Growth. However, in practice this necessitated very little change to the portfolio due to the changed characteristics of the stocks in the portfolio we had purchased in 2020. The changes to the Sub-Fund included the sale of BW Energy, Gaztransport & Technigaz, Judges Scientific and Nemetschek and the purchases of IMI, PageGroup and Rexel. Outlook Many of the trends we commented upon in the last review have accelerated in the past few months – markets have become more expensive and corporate aggression has continued to climb. Looking at corporate aggression in a longer-term context, our measure now sits just over one standard deviation above average whereas at the peak of the tech bubble and in the months preceding the financial crisis in 2007, our measure hit levels above two standard deviations. Whilst expensive valuations tend not to get in the way of a strong uptrend in markets, high corporate aggression can – by contrast – be a good leading indicator of weakness. We continue therefore to monitor this closely. There remains a significant dislocation between the valuation of growth and value stocks, with the former trading on very high levels whilst the latter remains historically depressed despite the strong run in the six months to May 2021. Value stocks have barely begun to repair their extreme discount whilst many growth stocks look in bubble territory. A recent decline in long-term treasury yields and a sense of scepticism regarding the economic recovery has buoyed growth stocks further of late, but we continue to believe they remain vulnerable whilst value cyclical stocks have significant potential for further recovery.

Liontrust Investment Partners LLP July 2021 Past performance is not a guide to future performance. Investments can result in total loss of capital.

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LIONTRUST GLOBAL FUNDS plc

Liontrust Global Funds plc 13 Interim Report and Unaudited Financial Statements

Liontrust GF Strategic Bond Fund Investment Adviser’s Report For the six months ended 30 June 2021

Market Review

The Sub-Fund returned 0.1% (Class B5 Accumulation) in US dollar terms in the six months to 30 June 2021. The average return from the EAA Fund Global Flexible Bond (Morningstar) sector, the Sub-Fund’s reference sector, was 0.6%.

The forward-looking nature of financial markets meant that reflation was a key topic, with the economic recovery post crisis being the focus. January’s Georgia runoff elections produced a Democratic clean sweep; with the Senate split 50/50, Vice President Harris has the casting vote. This further catalysed the reflationary narrative as an initial emergency fiscal package was passed and a further infrastructure bill is being worked on.

The acceleration of the vaccination rollout in Europe is great news for both economic activity and the population’s health and mortality rates. It is not good news for European bond yields as it becomes clear that a monetary policy stance designed for crisis management is not sustainable forever. Central bank responses to the ongoing reflationary trend will continue to cause bond markets to oscillate.

Bond markets had been rigged by central banks to be very expensive and were thus vulnerable to a rise in inflation expectations. US Treasury 10-year yields rose 0.83% during Q1. With the starting yield so low, this triggered the worst quarterly return for US Treasuries since 1980. They then actually rallied 30 basis points during Q2, a move that we would characterise as a response to them having risen too fast rather than too far.

US inflation data for April 2021 was always going to be way above the Fed’s 2% long-term target, a function of base effects from the crisis occurring a year earlier. The headline figure of 4.2% was comfortably above forecasts yet the bond markets shrugged it off, clearly believing it to be transitory in nature. May’s figure then leapfrogged this, coming in at 5.0% – hence why inflation is such a hot topic for financial markets. So, the big question is whether this inflation will prove to be a blip, or whether some driving forces are not so transitory.

Some of the increase is due to base effects – this is particularly the case with regards to energy prices. However, supply bottlenecks are occurring throughout the goods sectors. What is clear is that demand for many goods is comfortably outstripping supply. This is likely to continue as other economies join the US in the re-opening trend. In our opinion, a demand impulse will also last for a few years as excess savings are gradually spent. Obviously, a lot of the pent-up demand is for services; here again there are signs of price increases coming through as those businesses that survived the crisis look to rebuild profits. We believe that inflation will be sticky. Although US numbers won’t stay at 5.0%, they will also not fade to 2% for at least the next year. Some of the inflationary forces are structural rather than cyclical.

We have deliberately been using the word “transitory” to describe whether the increase in inflation is temporary; this is the word that central bankers have been using. There is no formal definition of transitory; our hypothesis is that if inflation is still at elevated levels – above 3% in the US – by late August/early September then it will concern the Fed. The Fed’s Jackson Hole meeting in late August has sometimes been used to convey a change in policy over the last few years. It could be set in 2021 to be a milestone for the Fed to signal an impending tapering. The first step on this pathway was made at the Federal Reserve meeting on Wednesday June 16th. There was a significant shift in the dot plots – the FOMC members’ projections of where they envisage future interest rates will be – with the median for 2023 now predicting two rate rises.

It is no surprise that in the face of burgeoning inflation and a rapidly recovering US economy – even before further stimulus from an infrastructure package – emergency monetary policy stimulus will have to end sometime. With the Fed’s stated desire to make up for lost ground under Average Inflation Targeting, the hawkish tilt materialised sooner than market commentators were anticipating. However, the move merely validates what the front end of the curve had been pricing for a while and doesn’t guarantee that rate rises will occur. In our opinion, one should be forecasting an interest rate lift off in 2022 – other governors are likely to join the seven already predicting higher rates as the economy booms. Clearly this depends on a continued strong bounce back in employment.

It feels very early into the monetary cycle to start trying to predict where interest rates will peak. Certainly, with the amount of debt outstanding, rate rises have more marginal impact than in prior cycles. Set against this is our assertion that not all of the inflation we are witnessing is transitory in nature; some is structural rather than just cyclical. We do not expect exceptionally loose monetary policy to be brought to an end; we do expect the real value of government debt to be eroded away by higher inflation. This is classic financial repression, enabling governments to improve their debt metrics over time in a system rigged by central banks. In bond markets, the free ride on beta is over and fund managers will now need to produce more alpha to generate positive real returns for investors.

The Sub-Fund is constructed as a portfolio of interacting risk positions with alpha anticipated to arise from sources in: Rates, Allocation and Selection:

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Liontrust Global Funds plc 14 Interim Report and Unaudited Financial Statements

Liontrust GF Strategic Bond Fund Investment Adviser’s Report (Continued)

Rates

The Sub-Fund continues to run with a low duration, maintaining a correlation to rates markets but very much in the capital preservation mode.

After the selloff in US Treasuries in Q1, the worst quarterly return for Treasuries for over 40 years, we increased the Sub-Fund’s duration to 3.5 years†, up from 2.5 years in January.

But – and a very important but – the markets on any longer-term measure are still incredibly expensive. Our neutral duration position is 4.5 years and the index is above 7.25 years. We simply tactically reduced the size of the short.

A rally in April then enabled us to take some profits, bringing duration back down to 3.0 years. While the Sub-Fund has only taken on a little duration, we have sought to do so in the right places. We have had a strong yield curve preference for the 5 to 15-year maturity bucket, particularly the 5 to 7-year area where the curve is steep and there is a decent roll-down dynamic towards anchored base rates. We viewed the long end as being most vulnerable to the reflationary trade; the Sub-Fund has zero net exposure to US duration of over 15 years with the contribution from any longer-dated credit hedged out using treasury futures. Beneath the headline duration we continue to be active in targeting alpha within Rates. Starting with what one can refer to as the broader dollar bloc, the Sub-Fund has been very active capturing value on positioning of Canadian bonds versus the US. Throughout the period, a strategic short Canadian duration position was maintained, the size of which varied. Furthermore, the Sub-Fund managed to take advantage of pricing anomalies on the yield curve, twice having made money out of a Canadian versus US “box trade” where there is long exposure to Canadian 5-year debt and a short in the 10-year future with the inverse duration positioning in the US. At the end of review period, this box trade was entered into for a third time. For most of the time, the strategic Canadian short was relative to the US Treasury market. However, during Q1 some duration was rotated into Australia whose bond market had lagged. Exposure to Australia was costly earlier in the period, but by the end of June had proved to be beneficial for the Sub-Fund Within Europe we made a small profit being tactically long France relative to Germany. The Sub-Fund entered into a new cross market position: long 5-year Swiss debt relative to Germany. With both countries being high quality AAA-rated sovereigns, this was a low-risk position. The mispricing corrected gradually and as the spread between the two moved from 10 basis points to close to zero, we successfully exited the cross-market trade. A European position that has been retained is the Sub-Fund’s Swedish 10-year bonds which have started to perform relatively well compared to 10-year Bunds.

Allocation

The Sub-Fund’s investment grade weighting started out at 48%, just below our 50% neutral position, with 23% in high yield (versus 20% neutral weighting). With inflation expectations rising in Q1, it was no surprise that both investment grade and high yield performed better than sovereign debt so we then reduced our investment grade weighting to a little over 40%, comprising 49% in physical holdings offset by a 6% risk-reducing overlay. This position is below our neutral weighting of 50% as we await more volatility in credit spreads to trigger a buying opportunity. The fundamentals of the asset class remain robust but valuations – credit spreads – are expensive. We believe that a taper tantrum or other risk event should create a long overdue pause in the financial markets’ grab for yield and present better buying opportunities. High-quality high yield is still our favoured part of the myriad markets that offer a credit spread. The Sub-Fund’s weighting in high yield at the end of the review period was around 22%, slightly above what we deem to be neutral positioning. We like high yield bonds with a good spread breakeven, the amount the credit spread could widen by on the bond over the next year without damaging the excess return (e.g. a corporate bond with a spread of 250 basis points and duration of 5 years could see its spread widen by 50 basis points before the annual excess return is wiped out). This naturally leads us to avoid longer-dated high yield bonds, those with over 8 years to maturity, as the breakeven is poor. For much of Q1, the Sub-Fund held a cross-market position which favoured the European iTraxx Xover CDS Index to the riskier US HY CDX equivalent. During March we took profits as the spread between the two widened from roughly 50 to 60 basis points, thus netting the Sub-Fund about 5 basis points of alpha. This is obviously not a huge amount; but in a year in which decent bond total returns will be hard to generate, low risk incremental gains will all add up over time.

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Liontrust Global Funds plc 15 Interim Report and Unaudited Financial Statements

Liontrust GF Strategic Bond Fund Investment Adviser’s Report (Continued) Selection The credit market continues to see abundant supply from new issues. The typical pattern is for any new bond deal to be initially offered with a significant yield or spread concession to where comparable bonds are trading in the secondary markets. But order books then swiftly become hugely oversubscribed and the pricing tightens, thus eroding all the initial perceived value. With a concentrated portfolio, we have neither a need nor desire to participate in most of the primary deals we are shown. When we do commit the Sub-Fund’s money, we set a price limit, which is frequently binding, i.e. our order gets pulled when the bonds become too expensive. However, while applying this very selective approach, we have still been able to identify a number of opportunities for the Sub-Fund. In January, we added a Zurich Insurance bond denominated in dollars which was issued as part of its financing for the takeover of Metlife’s P&C arm. We also bought a 10-year US dollar bond issued by Oracle. This software giant has taken the active decision to increase shareholder rewards, effectively moving itself from single A to triple BBB credit metrics. Buying the debt after this decision had been made offered a good entry point for such a high-quality business. Additionally, London Stock Exchange Group (LSEG) came to the market to refinance its acquisition of Refinitiv; the Sub-Fund participated in a 12-year euro-denominated bond in the expectation that rapid deleveraging of the business over the next two years should lead its credit spread to tighten. We then added bonds in Australian company NBN, a government-owned corporation which was created in 2009 to build a high-quality broadband network in Australia, a task now nearing completion. NBN owns critical infrastructure within Australia, has a well-defined regulatory regime and rapidly improving credit metrics. The new US dollar bonds issued during April represented its first bond issuance outside of Australia; the lack of investor name familiarity with the company meant that a spread premium was left on the table, one we are very happy to capture. Another lesser-known name we bought bonds in was CAF (Corporacion Andina de Fomento), a Latin American development bank. A combination of preferred creditor status and strong capitalisation make this a very high quality investment, which the ratings agencies recognised in assigning high single A/low double A ratings. Yet 5-year bond spreads are still over 100bps, making this is a great cheap buy-and-hold investment for the Sub-Fund. Towards the end of the interim period, we participated in two further new issues. Firstly, we bought an 8-year euro bond issued by Vonovia. This was part of its acquisition finance for its purchase of Deutsche Wohnen, a fellow German real estate company. The deal gives the company better scale and Vonovia’s corporate bonds had underperformed in anticipation of the supply, so the new issue represented a good entry point. The second purchase was a high yield bond issued by Vodafone. Even though Vodafone itself is investment grade rated, the bond is subordinated and so slips into the high yield rating category. Corporate hybrids are higher risk instruments, but we believe the coupon of 5.125% in US dollars is enough to compensate for the extra risk and invested accordingly. We must emphasise that the Sub-Fund’s exposure to such subordinated debt remains very low, it is only when the valuation is particularly attractive that we will commit investors’ capital. Two high yield positions were purchased in the secondary market. Firstly Eircom, the Irish telecommunications company, which fits our theme of high-quality high yield yet still with a credit spread over 300bps. Secondly, we bought bonds in Grifols, the Spanish blood plasma company; the spread here is less generous at 250bps, but this reflects the defensiveness of the company and a US$14 billion market capitalisation sitting as a cushion below bondholders. On the selling front, we initially exited AT&T exposure ahead of the large, anticipated issuance with the company needing to fund the spectrum it is acquiring in the US C-Band auction. Following the issuance we later decided to buy back into AT&T’s subordinated debt in euros as we viewed the proposed merger deal between AT&T’s Warner division and Discovery as highly beneficial for AT&T’s credit metrics. The sales side of the ledger also saw the Sub-Fund exit two tobacco holdings: BATS and Altria. Both bonds had performed strongly, so it was good time to take profits. Furthermore, with the advent of Sustainable Financial Disclosure Regulation (SFDR), we have increased ESG exclusions in the Sub-Fund to include tobacco and coal as well as the existing screen for weapons. The Sub-Fund scores well on the ESG front, not because of being an explicit “green” fund, but because of the way in which we select bonds. Our ESG process and philosophy is rooted, we believe, in sound investment rationale and is therefore embedded into our process for investment reasons.

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Liontrust Global Funds plc 16 Interim Report and Unaudited Financial Statements

Liontrust GF Strategic Bond Fund Investment Adviser’s Report (Continued) Selection (continued)

Exposure to the US gaming property company GLPI was also sold based on the bonds having become fully valued. In high yield we bid farewell to Allfunds’ bonds. The company called the bonds post its successful Initial Public Offering (IPO); the position has been a great long-term return generator for the Sub-Fund, so we were sad to see the bonds leave.

Sub-Fund positioning data sources: UBS Delta, Liontrust. † Adjusted underlying duration is based on the correlation of the instruments as opposed to just the mathematical weighted average of cash flows. High yield companies' bonds exhibit less duration sensitivity as credit risk has a bigger proportion of the total yield; the lower the credit quality the less rate-sensitive the bond. Additionally, some subordinated financials also have low duration correlations and the bonds trade on a cash price rather than on a spread.

Liontrust Investment Partners LLP July 2021

Past performance is not a guide to future performance. Investments can result in total loss of capital.

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Liontrust Global Funds plc 17 Interim Report and Unaudited Financial Statements

Liontrust GF Sustainable Future European Corporate Bond Fund Investment Adviser’s Report For the six months ended 30 June 2021 Market Review

Over the six months under review, the Sub-Fund produced a return of 0.6%, outperforming the Sub-Fund’s comparator benchmark, the Markit iBoxx Euro Corporates Index return of -0.5%. Strong relative performance over the first half of the review period was primarily driven by the Sub-Fund’s underweight interest rate risk position, which benefitted from the aggressive selloff in government bonds. US Treasuries led the way, with 10-year yields increasing 83 basis points (bps) over the quarter to 1.74%. The UK followed suit, with 10-year gilt yields rising 65bps to 0.84%; the move was less pronounced in Europe, although German 10-year Bund yields still rose materially, increasing 28bps to reach -0.29%. Despite pressure from rising yields, credit spreads remained remarkably resilient, finishing Q1 tighter than pre-pandemic levels, with notable exceptions among some of the more heavily impacted industries such as airlines. As a result, the Sub-Fund’s credit portfolio also contributed strongly to the outperformance, through a combination of sector allocation and stock selection. Our overweight in financials was particularly strong factor, with banks set to reap the benefits from higher yields, while stock selection within the insurance sector was positive as subordinated holdings in names such as Axa, Phoenix Group, Swiss Reinsurance and Zurich were among the top performers. There was a similar story in non-financials, as our higher-beta hybrid and high-yield holdings such as Cellnex, Telecom Italia and Orsted benefitted from spread compression relative to higher-rated peers, while more Covid-exposed names outperformed defensive areas of the market and positions such Intercontinental Hotels Group produced strong returns. Our decision to hold USD-denominated bonds was a further positive, notably within the insurance sector, with the US credit market outperforming sterling and euro equivalents following confirmation of a sizeable fiscal stimulus package. Over Q2, the Sub-Fund’s credit portfolio continued to outperform against a constructive fundamental and technical backdrop, again generating positive contributions from sector allocation and stock selection. This was largely offset by underperformance attributable to the underweight interest rate risk position, however, leading to overall returns in line with the benchmark over the quarter. On the credit side, sector allocation was strong, as those core overweights within the higher-beta bank and insurance sectors, as well as the longer spread duration telecommunications sector, continued to benefit from the generally risk-on tone and falling yields. Within banks, stock selection was positive, driven by holdings in ‘disco’ (discount) bond securities. These are subordinated bank bonds past their original call date and therefore priced well below par as a result (trading at a significant discount, hence the ‘disco’ moniker), with essentially no duration exposure given the quarterly coupon reset. Changes in banking regulation regarding what constitutes a capital instrument has seen some of these bonds, including our holdings in NatWest and Societe Generale discos, being called at par, resulting in a material capital uplift. The recent flurry of calls has also seen capital uplifts in outstanding securities, including our holdings in BNP and HSBC discos, which saw more than 10.5% and 6% price gains respectively in anticipation of being called at par in the near future. As stated, the Sub-Fund’s short duration position was a detractor over the second quarter, as government bond yields fell in the UK and US. In the UK, 10-year Gilt yields were down 13 basis points, ending the first half of the year at 0.72%, attributable to a combination of rapidly increasing Covid infections and a moderation in inflation expectations. The ongoing spread of the delta variant has resulted in heightened uncertainty around easing of lockdown restrictions, with scheduled re-opening delayed by an initial four weeks, and markets are growing increasingly concerned over the knock-on effect this could have on economic recovery. Meanwhile the Bank of England is forecasting inflation will peak at 3% before falling back towards its 2% target next year, echoing the views of the Federal Reserve that any overshoot will be short lived.

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Liontrust Global Funds plc 18 Interim Report and Unaudited Financial Statements

Liontrust GF Sustainable Future European Corporate Bond Fund Investment Adviser’s Report (Continued) Market Review (continued) Moving to the US, there has been a marked flattening of the curve; two-year Treasury yields rose sharply after expectations shifted towards two potential interest rate hikes in 2023, while the 10-year yield fell 27bps to end the period at 1.47%, as the US Federal Reserve (Fed) holds firm in its belief the current inflation spike will be transitory. In contrast, German 10-year Bund yields rose 8bps over Q2 to -0.21%, as accelerated vaccine rollout and economic data continue to point to a strong rebound over the second half. Overall, economic data continued its positive momentum over the period, driven by successful vaccination programmes allowing economies to start reopening. US GDP rose at an annual rate of 6.4% in the first quarter, with retail sales up 9.8% in March alone, and around 7% growth is now expected for 2021 overall (up from 6.5%). Employment growth has also continued, confirming labour supply constraints are starting to reduce. As for the UK, the economy grew at its fastest rate since last July in April, giving a year-on-year comparison of +27.6% versus the same month in 2020, at the height of initial pandemic panic. This parallel is more useful if we consider the latest growth spell puts the country just 3.7% below the pre-pandemic peak. In Europe, meanwhile, there are signs vaccination rollout is picking up pace, having been a laggard, and surveys of purchasing managers show euro-area activity growing at the fastest pace in 15 years. A combination of record consumer savings built up over the pandemic being spent and ongoing fiscal support measures has resulted in a robust rebound in activity and, in turn, fuelled inflationary pressures – with the market increasingly focused on how permanent this may be and watching central banks for signs of hawkish or less dovish leanings. Speculation around the Federal Reserve’s June meeting was particularly high, as headline inflation had crept up to 5% year on year and core to the highest level since 1992 at 3.8%. While this meeting brought no change to policy rates, as expected, there were signs of Fed members becoming slightly more hawkish, as their projections (via the dot plot) indicated possible interest rate rises in 2023 (a change since March, where 2024 was the earliest expected point for hikes). The Bank also increased its headline inflation estimate to 3.4%, up a full percentage point from March forecasts, and admitted levels could end up ‘higher and more persistent’ than expected as reopening continues, with rapid shifts in demand plus bottlenecks, hiring difficulties and other constraints limiting how quickly supply can adjust. These announcements resulted in a sharp selloff in bonds, although this quickly reversed as subsequent comments from officials allayed fears over tightening policy too quickly. Fed chair Jay Powell advised investors to view the dot plot with a ’big grain of salt’, calling its forecasting capacity into doubt and claiming lift off on rates is well into the future. Even with the raised forecast for this year, the FOMC remains steadfast that inflation will trend down to its 2% goal and continues to claim it has the tools to stop things running too hot. Tapering also remains a discussion for the future, with the Fed reiterating the economy is not yet at the point where slowing asset purchases is appropriate. Highlighting the febrile atmosphere around his comments, Powell joked that markets could consider the June session as the ‘talking about talking about’ tapering meeting. In the UK, inflation climbed to 2.1% in May from 1.5% in April, exceeding the Bank of England's (BoE) 2% target for the first time in almost two years. Economists had expected an increase to 1.8%, again leading to speculation over when policy tightening may be needed, and, mirroring the Fed, the BoE upped its expectations for inflation but insisted this does not pose a threat to growth. On the Continent, European Central Bank President Christine Lagarde also acknowledged a recent pickup in inflation and is another in the temporary spike camp, with the Bank opting to continue its elevated pace of monetary stimulus for now. Portfolio Activity Portfolio activity was relatively modest over the first part of 2021, although we did add exposure to a number of names through the new issue market. We participated in a new issue from Prologis, the global leader in the logistics property market with $2.1 trillion worth of goods passing through its distribution centres annually, representing 2.5% of global GDP. The company has clearly made a concerted effort to incorporate sustainability into its business strategy and operations, with significant green bond issuance in recent years displaying a commitment from management to accelerating initiatives and targets. The company is set to continue benefiting from the accelerated shift to e-commerce as a result of the pandemic, given the already-large supply/demand imbalance for logistics space. Elsewhere, we gained exposure via its debut bond issuance to Canary Wharf Group, which owns approximately 45% of the Canary Wharf estate and is the largest sustainable developer in the UK, having established over 10 million square feet of buildings certified as sustainable. The bonds came at a compelling valuation, compensating for the uncertainty surrounding office space post Brexit and Covid, with the latter accelerating working from home trends. However, the company is relatively defensively positioned, with long average lease terms and more than 70% investment grade tenants, many of whose offices are UK headquarters. It also offers some of the cheapest prime rents, significantly below that of the West End and City districts.

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Liontrust Global Funds plc 19 Interim Report and Unaudited Financial Statements

Liontrust GF Sustainable Future European Corporate Bond Fund Investment Adviser’s Report (Continued) Portfolio Activity (continued) We also participated in new issues from existing names in the Sub-fund, namely Koninklijke Ahold Delhaize and Cellnex, rotating out of existing bonds for a pick-up in spread duration at attractive valuations given our constructive view on credit markets. Against these new additions, we divested from a number of holdings on relative value grounds. We sold our holding in Unibail Rodamco despite the company recovering from its recent pandemic-driven wides, as we view the retail sector as challenged given the shift to e-commerce. The company also requires asset sales to manage its debt load at a time when retail property valuations are under substantial downward pressure. We also exited our holdings in Orange hybrids and SEB following strong performance. Over the second half of the period, we once again participated in several new issues. We elected to move down the capital structure in some of our favoured high-quality banks, rotating out of more senior bonds in both NatWest Group and BNP Paribas into new subordinated issues that offered attractive yield and spread pick-ups. We re-initiated a position in Rabobank, which brought a new subordinated issue to market at a similarly attractive entry point relative to existing secondary market securities. The company demonstrates strong sustainability credentials, operating as a retail bank with almost 50% of lending to individuals (mortgages) and the balance through its corporate loan book, of which the majority is to SMEs and Food & Agriculture. The organisation has a stated mission of making a significant contribution to welfare and prosperity in the Netherlands as well as aiming to help towards feeding the world sustainably. Elsewhere, we chose to take advantage of relatively benign market conditions to extend spread duration in the portfolio at the margin, through some relative value switches. We rotated out of existing shorter-dated bonds in TenneT into a longer-dated new green bond issue, which offered an attractive spread pick-up. The high-voltage grid is the backbone of the electricity supply system and TenneT is a key player in the electricity supply chain, importing and exporting electricity across borders to keep the grid stable and balanced at all times. There was also an extension within Aviva bonds, for an attractive pick-up in spread in a high-quality name that has taken huge strides in developing its sustainability strategy. The company has made fundamental changes across both underwriting and its investment portfolio, incorporating responsible investment practices across all assets. In terms of tactical duration positioning, we have remained active in order to capture opportunities in a volatile period for government bond yields. Early in the year, we decided to rotate 0.5 years of our short out of the German market into the US early in the year, on expectations of fiscal stimulus and inflationary pressures. Following the speed and size of the moves higher in yields, we elected to reduce our overall position to two years short versus the benchmark but subsequently increased this back to three years following a retracement lower in yields. Finally, towards the end of Q1, we rotated our 0.5 years UK short back into Germany, as the modest move in Bund yields versus the US and UK created an attractive relative value opportunity. Over Q2, we maintained the overall short at three years relative to the benchmark but continued to be active in terms of positioning. As yields moved lower in the US, despite the ongoing strength of economic data and colossal fiscal stimulus packages, we sought to exploit this relative value opportunity, rotating 0.5 years of our short out of the German market into the US. We elected to rotate another 0.5 years of our German short into the UK, where we see higher potential for yields to rise given greater inflationary pressures and stronger recovery thus far, particularly given the squeeze lower in yields. As the US yield curve steepened throughout the period, with the shorter end remaining pinned by the FOMC’s interest rate forecasts, we elected to rotate the US short out of the 10-year point and into the five, reducing beta while being better positioned to benefit from a change in the outlook for rates. This trade was subsequently reversed later in the period, as we believe the 10-year point offers the best risk-reward trade-off regarding underappreciated inflationary pressures. At the end of the first half, our duration position was expressed via a 1.5 year short to the German market, one year short to the US and a 0.5 year short to the UK. Our view continues to be for a strong rebound in the global economy in H2, fuelled by the vaccination programme. As stated, markets are focusing on inflationary pressures within the economy and central banks’ response to this and while the latter continue to stress the transitory line, this belies underlying economic conditions. We feel inflationary pressures could be stickier than policymakers believe given unprecedented levels of pent-up consumer demand, alongside ongoing supply constraints, and combined with the strong growth outlook, this supports our preference to be short duration. As such, we believe monetary policy may need to be tightened earlier than forecast to combat inflationary pressures and to be realigned with the economic outlook.

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Liontrust Global Funds plc 20 Interim Report and Unaudited Financial Statements

Liontrust GF Sustainable Future European Corporate Bond Fund Investment Adviser’s Report (Continued) Portfolio Activity (continued) Our view on interest rates remains relatively unchanged, with government bonds still vulnerable to unprecedented supply and reflation risks. We continue to believe government bonds offer limited ability to dampen portfolio volatility and actually provide meaningful downside risk during bouts of market weakness or volatility, supporting our longstanding short duration position. We remain constructive on investment grade credit as corporate spreads remain resilient, supported by robust underlying fundamentals and technicals. As conditions improve, we expect companies’ focus to remain on enhancing fundamentals, including creditor-friendly debt reduction and balance sheet repair. We remain committed to our existing high-quality positions and believe they are well set to continue to perform as the market benefits from measures taken by central banks (quantitative easing and relaxed capital requirements), national governments (fiscal stimulus and small and medium-sized enterprises (SME) guarantee programs), and the improving outlook. Demand for corporate bonds also persists as a rare source of yield for investors. We believe traditional short-dated bonds remain expensive, both from an all-in yield perspective as well as on a spread basis, with low expected returns, wide bid/offer spreads and shorter spread duration. Instead, we see ongoing value in the medium part of the credit curve, with curve steepening offering attractive longer spread duration opportunities. From a sector perspective, we continue to favour insurance, telecoms and banks, with cyclical non-financials generally over-owned and expensive. Liontrust Investment Partners LLP July 2021 Past performance is not a guide to future performance. Investments can result in total loss of capital.

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Liontrust Global Funds plc 21 Interim Report and Unaudited Financial Statements

Liontrust GF High Yield Bond Fund Investment Adviser’s Report For the six months ended 30 June 2021 Market Review

The Sub-Fund (Class C5 Accumulation) returned 3.1% in sterling terms in the six months to 30 June 2021 while the ICE Bank of America Merrill Lynch Global High Yield Index (GBP hedged) comparator benchmark also returned 3.1% and the average return for the IA Sterling High Yield reference sector was 3.4%. The primary B5 US dollar share class returned 3.3% while the ICE Bank of America Merrill Lynch Global High Yield Index (USD hedged) comparator benchmark returned 3.2% and the average return for the EAA Fund USD High Yield Bond (Morningstar) reference sector was 3.1%. We also compare the Sub-Fund’s performance to a leading Global High Yield ETF reference index (seeking to outperform by 1.5% a year)†. The Sub-Fund’s C5 sterling shares class performed in line with the ETF over the six months and has now outperformed it by almost five percentage points since inception (June 2018). We view a return of over 3% as a pretty good performance from the Sub-Fund and asset class in the wider context of bond returns so far in 2021. Of course, high yield is largely about credit risk rather than interest rate risk, providing a resilience in a world in which the spectre of inflation is present. A consistent theme over the last year has been the outperformance of low-quality bonds. The global high yield market generated a return of 3.1% (US dollar terms), with CCCs producing an average return of 9.6%. A dominant theme in the strong performance of bonds with low credit ratings has been their relatively low interest rate sensitivity. For example, a small negative return (-0.2%) from BBs as benchmark yields rose in Q1 is illustrative of the interest rate risk that exists in this cohort, while the strong quarterly performance of CCCs (+4.9%) shows that lending to such companies is entirely down to credit risk. Sectors performed along the lines of their duration and credit quality profiles, with the likes of US energy, which makes up a decent proportion of CCCs, performing well (+10%), and US TMT, where longer duration bonds are well represented, lagging (+2.3%). The outperformance of lower quality high yield continued right up to the end of the period when equity markets were selling off on variant concerns and the strong bid for treasuries continued. Are we living in strange times? The Sub-Fund Although stock-picking in the sector was good, the main drag on relative performance was simply not owning enough energy-related bonds. The Sub-Fund’s two holdings, Enquest and Neptune, contributed positively but good returns from these bonds were not enough to make up for our large underweight to this sector. As a reminder, we seek to avoid large accumulations of risk in thematic, cyclical sectors, regardless of the index. Therefore, it is to be expected that relative performance will be impacted when the energy sector is the standout. The next biggest detractor on both a relative and absolute basis was the Sub-Fund’s holdings in Bausch Health. Bausch surprised the market by announcing a more aggressive attitude towards debt in its forthcoming reorganisation, which led to its various bonds selling off in the range of 6-7 percentage points, a meaningful amount given the stable returns and lack of volatility in the wider market. Although not ideal, we believe Bausch will seek to quickly reduce debt following the reorganisation, which includes selling its eyecare business, and we are happy to hold on to the position with the bonds yielding ~6%. More positively, the Sub-Fund benefitted from good performance from bonds we’ve added in the relatively recent past such as travel and insurance company Saga, packaging company Kloeckner and specialist financer Burford. Meanwhile, high conviction holdings such as Ardagh (packaging), AMS (sensors), Cheplapharm (pharma) and IMA (packaging machinery) were amongst the highest individual positive contributors to returns. During the six months we participated in a number of new issues: Ahlstrom, a fibre-based packaging materials packaging company; Brundage-Bone, a construction services business; Burford, a specialist financier in the litigation finance niche; Kedrion, a blood plasma-specialist pharma company; Paysafe, a listed US payments technology company; and Vodafone, the telecoms giant.

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Liontrust Global Funds plc 22 Interim Report and Unaudited Financial Statements

Liontrust GF High Yield Bond Fund Investment Adviser’s Report (Continued) The Sub-Fund (continued) We purchased bonds issued by rigid plastic packaging company Kloeckner Pentaplast a few weeks after the new issue launch. Although broadly liking the business, we had some doubts over the highly levered capital structure combined with very weak contractual protections and therefore did not buy the bonds at launch. However, the bonds sold off considerably in the first few weeks of their existence for no obvious fundamental reason, and we decided to take a small holding with the bonds yielding ~8.25% (issued at 6.5%). We exited each of Progroup (small holding, little yield/upside), Colfax (same), OSB (acquired by investment grade-rated peer) and United Rentals. The latter was a relatively higher duration bond with unattractive relative value. We also reduced holdings in Charter, Level 3 and DaVita for similar reasons. The rise in yields has squeezed the spread compensation offered by these bonds, making them less attractive. At the margin, despite high yields being ever harder to come by, we reduced exposure to some of our riskier, higher yielding holdings. For example, we reduced the holding in oil producer Enquest from 1.75% to 1.25% and then took some profits on CCC-rated Kloeckner by trimming to 0.5% from 0.75%. To the extent that there is interest rate risk in the high yield market, we’ve managed the Sub-Fund with some hedges in place since the start of the year in order to protect returns in the event of a rising interest rate environment. These short-duration hedges cushioned some of the impact higher rates had on the value of these bonds. Outlook With yields and spreads compressed, we view carry as the main source of returns in the second half of the year. We remain reluctant to chase yield and, as noted, at the margin have reduced exposure to companies that would be most vulnerable if economic conditions were to worsen. Of course, that is not our base case as economic conditions are improving – heating up even – as the increasingly vaccinated population tiptoes back to normality. Rather, the extra compensation for lending to less resilient companies is now wafer thin, and we would rather not take outsized risks for an extra 1-2% yield. The yield on the Sub-Fund is low by historical standards but reasonable compared to the current available, liquid alternatives. Rest assured that we are sticking to our process and philosophy and quality bias. The Sub-Fund has recently reached the milestone of its three-year anniversary. We would like to take this opportunity to thank clients for supporting the Sub-Fund. As ever, we seek to continue to produce good investment performance and do so in a manner consistent with our process and philosophy. Fund positioning data sources: UBS Delta, Liontrust. † While the managers of the Sub-Fund seek to outperform a leading Global High Yield ETF by 1.5% a year net of fees over rolling three years, this is not a formal objective. There can be no guarantees this will be achieved over the stated time period. The formal objective of the Sub-Fund can be found in the Prospectus.

Liontrust Investment Partners LLP July 2021 Past performance is not a guide to future performance. Investments can result in total loss of capital.

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Liontrust Global Funds plc 23 Interim Report and Unaudited Financial Statements

Liontrust GF Absolute Return Bond Fund Investment Adviser’s Report For the six months ended 30 June 2021

Market Review

The Sub-Fund (Class C5 share) returned 0.0% in sterling terms in the six months to 30 June 2021 and the IA Targeted Absolute Return, the Sub-Fund’s reference sector, returned 2.4%. The Sub-Fund’s primary US dollar share class (B5) returned 0.1%. An aggressive selloff in sovereign bond markets was the driver of a small drawdown for the Sub-Fund in Q1; we did not manage to generate enough alpha in the quarter to offset the headwind from this beta. This was, however, recouped in Q2. This means that the Sub-Fund has avoided a negative return in the first half of 2021 despite the significant headwind of a 50 basis points rise in US Treasury yields. A combination of the yield carry on the Sub-Fund and alpha generation have been sufficient to offset the rise in government bond yields. Market Backdrop The forward-looking nature of financial markets meant that reflation was a key topic, with the economic recovery post crisis being the focus. January’s Georgia runoff elections produced a Democratic clean sweep: with the Senate split 50/50, Vice President Harris has the casting vote. This further catalysed the reflationary narrative as an initial emergency fiscal package was passed and a further infrastructure bill is being worked on. The acceleration of the vaccination rollout in Europe is great news for both economic activity and the population’s health and mortality rates. It is not good news for European bond yields as it becomes clear that a monetary policy stance designed for crisis management is not sustainable forever. The monetary policy responses to the ongoing reflationary trend will continue to cause bond markets to oscillate. Bond markets had been rigged by central banks to be very expensive and were thus vulnerable to a rise in inflation expectations. US Treasury 10-year yields rose 0.83% during Q1. With the starting yield so low, this triggered the worst quarterly return for US Treasuries since 1980. They then actually rallied 30 basis points during Q2, a move that we would characterise as a response to them having risen too fast rather than too far. US inflation data for April 2021 was always going to be way above the Fed’s 2% long-term target, a function of base effects from the crisis occurring a year earlier. The headline figure of 4.2% was comfortably above forecasts yet the bond markets shrugged it off, clearly believing it to be transitory in nature. May’s figure then leapfrogged this, coming in at 5.0% – hence why inflation is such a hot topic for financial markets. So, the big question is whether this inflation will prove to be a blip, or whether some driving forces are not so transitory. Some of the increase is due to base effects – this is particularly the case with regards to energy prices. However, supply bottlenecks are occurring throughout the goods sectors. What is clear is that demand for many goods is comfortably outstripping supply. This is likely to continue as other economies join the US in the re-opening trend. In my opinion, a demand impulse will also last for a few years as excess savings are gradually spent. Obviously, a lot of the pent-up demand is for services; here again there are signs of price increases coming through as those businesses that survived the crisis look to rebuild profits. We believe that inflation will be sticky. Although US numbers won’t stay at 5.0%, they will also not fade to 2% for at least the next year. Some of the inflationary forces are structural rather than cyclical. We have deliberately been using the word “transitory” to describe whether the increase in inflation is temporary; this is the word that central bankers have been using. There is no formal definition of transitory; our hypothesis is that if inflation is still at elevated levels – above 3% in the US – by late August/early September then it will concern the Fed. The Fed’s Jackson Hole meeting in late August has sometimes been used to convey a change in policy over the last few years. It could be set in 2021 to be a milestone for the Fed to signal an impending tapering. The first step on this pathway was made at the Federal Reserve meeting on Wednesday June 16th. There was a significant shift in the dot plots – the FOMC members’ projections of where they envisage future interest rates will be – with the median for 2023 now predicting two rate rises. It is no surprise that in the face of burgeoning inflation and a rapidly recovering US economy – even before further stimulus from an infrastructure package – emergency monetary policy stimulus will have to end sometime. With the Fed’s stated desire to make up for lost ground under Average Inflation Targeting, the hawkish tilt materialised sooner than market commentators were anticipating. However, the move merely validates what the front end of the curve had been pricing for a while and doesn’t guarantee that rate rises will occur. In our opinion, one should be forecasting an interest rate lift off in 2022 – other governors are likely to join the seven already predicting higher rates as the economy booms. Clearly this depends on a continued strong bounce back in employment.

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Liontrust Global Funds plc 24 Interim Report and Unaudited Financial Statements

Liontrust GF Absolute Return Bond Fund Investment Adviser’s Report (Continued) Market Backdrop (Continued) It feels very early into the monetary cycle to start trying to predict where interest rates will peak. Certainly, with the amount of debt outstanding, rate rises have more marginal impact than in prior cycles. Set against this is our assertion that not all of the inflation we are witnessing is transitory in nature; some is structural rather than just cyclical. We do not expect exceptionally loose monetary policy to be brought to an end; we do expect the real value of government debt to be eroded away by higher inflation. This is classic financial repression, enabling governments to improve their debt metrics over time in a system rigged by central banks. In bond markets, the free ride on beta is over and fund managers will now need to produce more alpha to generate positive real returns for investors. Carry Component We split the Sub-Fund into the Carry Component and three alpha sources for clarity in reporting, but it is worth emphasising we manage the Sub-Fund’s positioning and risk in its entirety. As a reminder, the Carry Component invests in investment grade bonds with <5 years to maturity; within this there is a strong preference for investing in the more defensive sectors of the economy. Regarding the overall Sub-Fund shape, with credit spreads at tight levels the proportion of the Sub-Fund in the Carry Component has been run in the 55-60% range. This has freed up risk budget to implement more alpha trades, particularly within Rates. Within the Carry Component we have a mild preference for euro-denominated credit relative to US dollar investment grade issues; the Sub-Fund’s FRN weighting peaked above 40% approximately two years ago and now is below 0.5%, with the final holding maturing in July. Thus, for valuation reasons, the Sub-Fund is back to accessing carry solely through conventional fixed coupon bonds. Alpha Sources: Rates The overall Sub-Fund duration† was kept low, in the vicinity of 1-year duration exposure. This is below the longer-term neutral level of 1.5 years as we focussed on conserving capital as much as possible in a rising yield environment. Any interest rate exposure was a drag; fortunately, the Sub-Fund is predominately invested in the short dated 0–5-year maturity bucket, which did not suffer as much as longer-dated tenors. The Canadian-US box trade (long Canadian 5-year and short the Canadian 10-year both versus the US) was twice closed out at a profit, before being reinstated a third time prior to the period end. The Sub-Fund entered into a new cross market position: long 5-year Swiss debt relative to Germany. With both countries being high quality AAA-rated sovereigns, this was a low-risk position. The mispricing corrected gradually, and as the spread between the two moved from 10 basis points to close to zero we successfully exited the cross-market trade. A position the Sub-Fund lost money on was going long UK debt relative to France. Too much emphasis was being placed on the UK’s faster vaccination rollout and not enough on the medium-term economic damage that Brexit is causing. When the French vaccination programme catches up, the differential between the two yields should start to narrow. Although we do believe this trade should make money this year, the position hit our sell discipline level and was closed out. We will watch closely for a better re-entry level once the cooling off period has expired. Staying in Europe, the Sub-Fund retains its long Sweden versus Germany cross-market position. A new alpha trade was established: long French 10-year debt relative to Germany, a position which finished June a little onside. In the broader dollar bloc, the Sub-Fund switched some of its US duration exposure into 3-year Australian debt. The Australian central bank has been controlling yields on the April 2024 bonds at 0.10%. We purchased the November 2024 bonds as their yield approached 0.40%. At this level they are already pricing in rate rises so offer a decent risk against return profile. Allocation There were no market-neutral allocation positions taken. Valuation discrepancies tend to occur in periods of credit market dislocation. Asset allocation changes mainly occurred within the carry component with the shift from FRNs back into conventional fixed coupon bonds. However, the Sub-Fund did use its risk budget to buy some shorter-dated high quality, high yield; the one part of the market that we believe offers compelling value. We like the decent spread “breakeven” of bonds with an average maturity of 5 years and a credit spread of approximately 250 basis points; one can afford to have spreads widen by 50 basis points over the rolling year before you would lose money. As a reminder, the high yield limit in the Sub-Fund is 10% as it is a low-risk fund; these are quality companies such as Charter, Ziggo, Grifols and Catalent.

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Liontrust Global Funds plc 25 Interim Report and Unaudited Financial Statements

Liontrust GF Absolute Return Bond Fund Investment Adviser’s Report (Continued) Selection Returns from holdings in Selection were very much incremental in nature with no significant standout contributors. A number of selection picks produced a small amount of spread tightening but individually there were no standout performers. We took the rest of the profits on the long-dated Eli Lilly bonds in euros. In February, a new issue gave the opportunity to buy a 15-year Becton Dickinson bond, but the allocation we received was poor so we locked in the gain in April. In the US dollar market, the Sub-Fund purchased a single A-rated tier 2 bond issued by Zurich Insurance which offers good long-term value. The Sub-Fund made a small profit on a Medical Properties Trust bond, a rare foray into the sterling denominated bond market. Two new issues were purchased toward the end of the period. Firstly, we bought an 8-year euro bond issued by Vonovia. This was part of its acquisition finance for its purchase of Deutsche Wohnen, a fellow German real estate company. The deal gives the company better scale and Vonovia’s corporate bonds had underperformed in anticipation of the supply, so the new issue represented a good entry point. The second purchase was a high yield bond issued by Vodafone. Even though Vodafone itself is investment grade rated the bond is subordinated and so slips into the high yield rating category. Corporate hybrids are higher risk instruments so only appropriate for this Sub-Fund when the valuation is compelling; this is the only corporate hybrid the Sub-Fund owns. † Adjusted underlying duration is based on the correlation of the instruments as opposed to just the mathematical weighted average of cash flows. High yield companies' bonds exhibit less duration sensitivity as the credit risk has a bigger proportion of the total yield; the lower the credit quality the less rate-sensitive the bond. Additionally, some subordinated financials also have low duration correlations and the bonds trade on a cash price rather than spread.

Liontrust Investment Partners LLP July 2021 Past performance is not a guide to future performance. Investments can result in total loss of capital.

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Liontrust Global Funds plc 26 Interim Report and Unaudited Financial Statements

Liontrust GF Sustainable Future Pan-European Growth Fund Investment Adviser’s Report For the six months ended 30 June 2021 Market Review The Sub-Fund delivered a return of 11.0% over the period, underperforming the Sub-Fund’s comparator benchmark, the MSCI Europe Index return of 15.4%. Overall, European markets continued to perform well, with solid economic data and assurances from the European Central Bank (ECB) of ongoing support enough to offset higher inflation concerns. Surveys of purchasing managers shows euro-area activity growing at the fastest pace in 15 years, with companies struggling to keep up with demand and prices surging. The pace of recovery, interest rates and inflation remain dominant factors for overall sentiment, particularly the latter as levels continue to creep upwards. This is leading to growing speculation around when policy tightening may be needed but central banks continue to insist that while inflation may be higher than expected, this will be temporary and does not pose a threat to recovery. ECB President Christine Lagarde is in the temporary spike camp, rather than a recovery-endangering cause for concern, with the Bank opting to continue its elevated pace of monetary stimulus for now. While higher inflation tends to have a greater impact on longer-duration growth stocks, we continue to believe a well-diversified portfolio with multiple thematic drivers and high-quality companies is the best way to navigate whatever macroeconomic situation unfolds. These businesses tend to wield strong pricing power, which is the best way to deal with inflation. In recent months, we have seen a recovery in some of the more cyclical sectors (such as resources and consumer discretionary companies like miners and auto original equipment manufacturers). These more cyclically sensitive, statistically cheap and, dare we say, lower-quality companies have outperformed our growth and quality names. For the long term, however, we are confident our process of investing in high-quality, high-return businesses with a tailwind from enabling a cleaner, healthier and safer economy will continue to produce superior results. Over the life of the Sub-Fund, we have seen many periods of ‘value’ outperforming; during these periods, we stick to the process and try to block out short-term noise. We have learnt over the last 20 years that high-quality businesses – companies with structural demand, pricing power and strong balance sheets, that will continue to grow and reinvest earnings for the next five and 10 years – tend to be mispriced by the market. Our process focuses on sustainability, growth and returns and such a longer-term horizon, beyond the majority of market participants, enables a powerful compounding effect that shorter-term investors miss. Portfolio Activity Various familiar names featured among our top contributors, including semiconductor company ASML. ASML published Q4 and full-year results in January, with fourth-quarter sales of €4.3 billion, above previous guidance, due largely to additional DUV (deep ultraviolet) shipments. For 2021, the company said it expects another year of strong growth, with the buildout of digital infrastructure and continued technology innovation relevant to the consumer, automotive and industrial markets. ASML has been in the portfolio for over 10 years and shows the value of patient compounding. Another long-term contributor is Softcat, exposed to our Enhancing digital security theme, which continues its strong demand and market share gains. Public sector growth remains resilient, with healthcare, education and local authorities looking to increase efficiency and safety through digitisation of services, and this was coupled with a strong rebound in IT spend from SME customers. This outlay on hardware, software and, in particular, security, is not discretionary; the economy continues to digitise and businesses must spend to compete, and given its obsession with customer satisfaction and unique culture, Softcat is best placed to help its customers thrive.

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Liontrust Global Funds plc 27 Interim Report and Unaudited Financial Statements

Liontrust GF Sustainable Future Pan-European Growth Fund Investment Adviser’s Report (Continued) Portfolio Activity (continued) Also benefiting from Q1 result was St James’s Place, which announced a record quarter in terms of new business. We hold this company under our saving theme, recognising savings rates have to increase substantially if we are to avoid a huge shortfall in pension provision. SJP’s inflows for Q1 were £4.79 billion, 19% higher than the same period last year, and taking total funds under management to £135.46 billion. Highlighting the company’s commitment to sustainable investing, St James’s Place has announced Robeco as its engagement partner, providing services to SJP through dialogue with investee companies on ESG issues and sustainability risks and opportunities. Over the period, several other financials (DNB, Svenska Handelsbanken, Axa and Ringkjøbing Landbobank) were among the top names as the sector continued to enjoy a strong spell of performance as a ‘value’ part of the market. Among these, we see DNB and Svenska as cheaper, trading on 1x and 1.1x book respectively, whereas Ringkjøbing has moved towards our view of intrinsic value so we reduced our holding. We also continued to see strong performance from Q3 2020 addition Avanza, under our saving for the future theme. The company releases data monthly on new customer numbers, inflows and trading volumes, and continues to surprise us with its growth and engagement levels of the customer base. We suspect trading in January and February was unsustainably high, however, driven by the unusual GameStop/Wall Street Bets narrative and expect this to normalise as we continue through the year. Although Avanza is the dominant platform in Sweden, there is an ample runway for growth ahead: it has a strong foothold in the country’s shares and mutual funds space but less than 3% of savings accounts and 1% of occupational pensions and insurance. Elsewhere, access solutions specialist Assa Abloy was also among our strongest holdings, with the company held under our Building better cities theme and specialising in mechanical and digital locks, security doors and automated entrances. Assa released its annual and sustainability reports for 2020 over March, with the former revealing an operating margin in Q4 at target level and a record high operating cashflow for the full year, despite the challenges presented by the pandemic. On sustainability, the company said it had exceeded the majority of targets for health and safety, energy, water and materials efficiency in the 2015-2020 period and has set new goals, including halving emissions by 2030 and reaching net-zero by 2050. Weaker names over the period included Trainline, which saw its shares shed a third of their value over May on the back of the UK government’s plans to create a new public sector body to oversee Britain's railways. Great British Railways will own and manage rail infrastructure, issue contracts to private firms to run trains, set most fares and timetables, and sell tickets, which could threaten Trainline’s business model as an online platform for tickets and railcards. In response, the company said it is supportive of these plans, which should provide opportunities to innovate for the benefit of customers and grow the business. The variability in outcomes for Trainline’s UK business has clearly widened and the main risk is what happens to the 5% commission rate currently in place. On the other hand, we could envisage a situation where Trainline is actually better off, should it win the government’s contract to white label the train ticket solution. Even with pressure on commission rates, the volumes Trainline would be processing in this instance could be multiples of what it was doing pre-Covid. There are many known unknowns we will be following closely but we think the brand Trainline has built in the UK is strong and the habits of consumers to buy tickets through its app will be difficult to break. Finally, while still early days, the international business (Trainline has replicated its UK operations in Germany, Spain, Italy and France) appears to be gaining momentum and should this continue, the company will be more diverse, reducing the reliance on the UK, which currently delivers all of the profits. TeamViewer’s shares also gave back some of their recent performance over the period amid the overall value rotation; longer-term however, this is another company benefitting from the need for digitalised processes and remote work across all industries around the world. TeamViewer announced record billing figures for 2020 in February and is targeting €1 billion by 2023, supporting our thesis that trends accelerated by Covid are not transitory and signal permanent shifts in working patterns. The company had a busy quarter on the corporate front, signing sponsorship deals with Manchester United and Mercedes-AMG and acquiring Upskill, a US-based pioneer in augmented reality (AR) software for frontline workers in areas such as industrial manufacturing and inspection. Spotify, meanwhile, had a weaker overall period, although was back among our top holdings in the latter part. While ad-supported and paying subscribers are still increasing, growth is slowing in percentage terms as the company gets larger. We model growth slowing to a more mature 10% to 15% over the next five to 10 years in terms of new users but were excited to see the signs of monetising the audience with selective price increases in 30 markets. We believe there are multiple ways for Spotify to continue monetising its 345 million highly engaged users and news the company is considering expanding into live events, using its data to improve relationships with artists by helping them plan concerts, is further evidence of this and another way the platform is differentiated from rivals such as Apple Music. With all this innovation, we are confident about the next decade and more for Spotify, despite the recent tech selloff.

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Liontrust Global Funds plc 28 Interim Report and Unaudited Financial Statements

Liontrust GF Sustainable Future Pan-European Growth Fund Investment Adviser’s Report (Continued)

Portfolio Activity (continued) In terms of purchases over the period, we added IT engineering business Nagarro, a spinout from German tech company Allgeier with a business model to build software solutions for blue-chip clients such as BMW, Roche and McKinsey. Nagarro tackles complex and specific tasks for customers, helping them save time and money and improve their customer experience. This is a good fit for our increasing theme and we also highlight the strong culture, with effective management of the human capital that makes this business stand out among peers. Finally, as a recent spinout, the company is not that well known so the valuation for future cashflow growth is very reasonable. We also took the opportunity to start a position in London Stock Exchange after the shares suffered their largest one-day fall in more than 20 years in early March and continued to build our holding on weakness. In its final-year results, the company disappointed the market with its cost and revenue synergy guidance over the next few years following the Refinitiv acquisition. We know the London Stock Exchange business well, as long-term holders in our other portfolios, and believe the management team has been unfairly punished for doing the right thing – investing in their digital infrastructure, people and portfolio of solutions. LSE Group was among the top contributors over the second half of the period. Short-term investors wished to see near-term earnings accretion at the expense of the sustainability and growth of the business and the rising share price over recent weeks shows the long-term case for LSE as the global scale provider of financial data and analytics is coming through again. Other additions in Q1 were Lifco under our providing theme, which acquires small and medium- sized business in areas including dental materials and equipment. We also participated in the IPO of consumer review website Trustpilot, a further purchase for increasing financial resilience. Over the second half of the period, we started a position in Zur Rose Group, Europe’s leading online pharmacy and Telemedicine Company with over 11 million customers across Northern Europe (mainly Germany and Switzerland). Its online pharmacy offers OTC (over the counter) drugs and personal care products delivered directly to customers. We bought in after a bout of share price weakness during the ongoing value rotation and it had a stronger rest of the quarter, having reported sales growth of 16% in April and a range of enhancements to its DocMorris healthcare platform. With the mandatory introduction of electronic prescriptions in Germany from next year, Zur Rose is well positioned with 9.8 million customers in this market and DocMorris the country’s best-known pharmacy brand. According to a 2018 study by McKinsey, Germany could save €34 billion in digitising its healthcare system and Zur Rose is a critical technology player in this transition. Another new addition was Qiagen, this time under the Enabling innovation in healthcare theme, a German provider of sample and assay technologies for molecular diagnostics, applied testing, academic and pharmaceutical research. We continue to see innovation as the key driver in healthcare, with a massive step required in technologies that help treat disease more effectively. Companies like Qiagen continue to drive down the cost of understanding the human genome. Allowing experts to tailor therapies more precisely to individual needs and with fewer side effects and thereby reducing the burden on the healthcare system. Qiagen provides molecular diagnostics technologies for use in the clinical and life science sectors, allowing its customers to unlock insights from the building blocks of life – DNA, RNA and proteins. We have identified molecular diagnostics subsegment as one of the fastest-growing areas in healthcare and the company has an established position as the premium provider of sample technologies in this space. In terms of sells, we exited Novozymes on valuation grounds and it goes back onto our watchlist; we feel the current price reflects intrinsic value and the valuation needs to reset to a more mature growth profile. We also sold Corbion, where we see the legacy natural preservatives business as fairly low growth and commoditised. We bought the company for the bioplastics business and our thesis has worked; this now accounts for roughly half of the market cap despite being at a very nascent stage, accounting for just 7% of sales. CTS Eventim had a solid period, despite having to report overall group revenues down more than 80% for 2020 at the end of March. As we have highlighted in previous commentaries, a backdrop of widespread lockdown is clearly challenging for a live events business, but CTS has managed its way through the crisis prudently, adjusting costs, limiting investment and deciding against distributing a dividend for 2019. Its financial position remains robust, with cash and equivalents of €741 million at the end of 2020, and the company stressed it never experienced any kind of shock paralysis. Our thesis is that underlying demand for events remains undiminished and echoing this, Eventim CEO Klaus-Peter Schulenberg said that where vaccine rollout is more advanced, such as the UK and Israel, people’s longing for culture and live entertainment is clear. As CTS Eventim’s share price has rallied beyond our five-year target and estimate of intrinsic value, however, we have sold our position in the company and the business returns to our watchlist. Liontrust Investment Partners LLP July 2021 Past performance is not a guide to future performance. Investments can result in total loss of capital.

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Liontrust Global Funds plc 29 Interim Report and Unaudited Financial Statements

Liontrust GF Sustainable Future Global Growth Fund Investment Adviser’s Report For the six months ended 30 June 2021

Market Review The Sub-Fund returned 9.2% over the review period in dollar terms, underperforming the Sub-Fund’s comparator benchmark, the MSCI World Index return of 13.1%. The pace of recovery, interest rates and inflation remain dominant factors for overall sentiment, particularly the latter as levels continue to creep upwards. This is leading to growing speculation around when policy tightening may be needed but central banks continue to insist that while inflation may be higher than expected, this will be temporary and does not pose a threat to recovery. While higher inflation tends to have a greater impact on longer-duration growth stocks, we continue to believe a well-diversified portfolio with multiple thematic drivers and high-quality companies is the best way to navigate whatever macroeconomic situation unfolds. We welcome the ongoing recovery in some of our more cyclical names but have seen a rotation into more value and cyclical companies over the period as part of a broad market bounce. In recent months, we have also seen bubbles begin to emerge in certain areas, including some IPOs in the technology space, special purpose acquisition companies (SPACs) and, to a degree, stocks where investors are buying without any regard for valuation, such as Tesla and Sunpower. Stage four of our process, valuation, has always ensured we can protect our portfolios from these types of bubbles. Market moves over recent months have been fairly indiscriminate, which is similar to the latter part of 2016. Ultimately, we feel fundamentals will drive higher-quality names back up, leaving behind those buoyed by emerging bubbles, and having a process that has been running for two decades does help when dealing with periods of rotation in the market. Our process tends to be growth focused but we are looking for structural rather than transient trends and also largely avoid crowded trades. Again, that fourth stage ensures we avoid stocks trading at levels that have lost touch with underlying fundamentals. Portfolio Activity As stated, we largely avoid crowded trades such as the mega-cap FAANG (Facebook, Amazon, Apple, Netflix and Alphabet (formerly Google)) names. Of these, only Alphabet is currently investable for us. The stock was among our best performers over the period, driven by another set of strong results in Q1, during which Google’s parent company exceeded estimates as advertising revenues picked up amid the broad vaccine-driven recovery. Alphabet lagged its FAANG peers in 2020, with its fortunes seen as more closely tied to economic reopening. Google’s ad revenues rose more than 30% over the first three months of the year, to $44.6 billion, as that long talked-about pent-up demand started to be released, and this has made Alphabet the best-performing FAANG year to date. We think Alphabet stands out because the core Google Search business makes the internet a more efficient place through its indexation and democratisation of information. This is provided free to the vast majority of users and has become an integral part of everyday life, which is why the company sits in our providing theme. As a sector, technology emits more than airlines, both in the US and globally, and Alphabet also stands out here, ensuring it has energy-efficient data centres and as one of the biggest buyers of renewable energy. Over the review period, several financials, including Schwab and First Republic Bank, were among our top names as the sector continued to enjoy a strong spell of performance as a ‘value’ part of the market. Schwab is a long-term holding under our saving theme as the largest investment platform in the US, offering low-cost products to the mass market. It has benefitted from higher bond yields over the period, growing its earnings from cash balances held on its balance sheet as yields rise. This part of the company’s earnings power had been wiped out during the pandemic and normalisation of yields has led to growth from this area of the business. Schwab is also a beneficiary of the accumulation of savings over the pandemic in the US, with lockdowns reducing the amount spent on big ticket consumption items such as holidays. These savings have driven AUM growth for Schwab and an acceleration in earnings: by the end of December, total client assets reached a record of $6.69 trillion spread across 29.6 million brokerage accounts, up 66% and 140%, respectively, from a year ago.

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Liontrust Global Funds plc 30 Interim Report and Unaudited Financial Statements

Liontrust GF Sustainable Future Global Growth Fund Investment Adviser’s Report (Continued)

Portfolio Activity (continued)

Elsewhere, US healthcare business IQVIA was among our top contributors, with the company’s data-driven strategy for outsourcing clinical trials continuing to create an important competitive advantage. Over the period, it announced record Q1 results, with double-digit growth across all key financial metrics, and on the back of this, plus sustained strength of recent new business wins, was able to raise 2021 financial guidance, which was well received by the market. IQVIA exemplifies the affordability side of healthcare within our sustainable themes, with the industry needing to ensure the treatments and innovations it develops are available to the wider global population. In the large Western economies, this is complicated by the fact populations are greying, which puts more cost burden on the system. IQVIA provides an important solution to the problem of drug costs by significantly improving the efficiency of clinical trials. Several of our best stocks from 2020 also featured among our top holdings again in Q2, having giving back some of their performance earlier in the year amid the value rotation, with names such as Docusign, Paypal, Intuit and Equinix all seeing share price growth, as well as names held under our Connecting people theme such as Cellnex and American Tower. DocuSign is exposed to our increasing theme and the company has created a unique product to digitalise the final signature part of the document creation process – an excellent example of a solution that makes the world more efficient. At this point, a document traditionally needs to be printed several times, then sent via mail, which is both time consuming and costly. Traditional paper-based signatures cost $37 per document on average and take around two weeks, whereas DocuSign’s product costs between $1 and $2 and 83% of documents are signed within 24 hours, and 50% within 15 minutes. The company has a 70% market share for e-signatures globally but its addressable market is around 10 times larger than current sales figures, given it is effectively competing with paper. In its latest results, DocuSign said it has become the way people ‘agree in today’s emerging anywhere economy’, not only helping organisations to continue during the pandemic but also to realise new and more efficient ways of doing business in the future. This is reflected in 58% year-on-year revenue growth in the first quarter and the recent addition of the millionth customer on the DocuSign platform. Paypal was another company posting record-breaking first-quarter figures, with net revenues up 29% and 14.5 million Net New Active Accounts added, ending the period with a 21% increase in accounts to 392 million. The company said these results show ongoing momentum as the world moves further towards a digital economy – we hold the business under our Increasing financial resilience theme – and the addressable market continues to grow as it launches new products and services those hundreds of millions of accounts. Again, thanks to this Q1 performance, Paypal was able to raise its full-year 2021 guidance. Weaker names over the period included Japanese industrial automation company Keyence, after growing to become the country’s second-largest stock last year. Its Machine Vision and sensors are increasingly important to ensure defective products are spotted in factories, providing intelligence to automation lines. The company continues to deliver on growth ambitions, with its products key to capital investment opportunities across the industrial sector. As stated, the stock performed well over 2020 despite weakness in the global economy, with manufacturing less impacted by Covid than other service-type industries. Keyence also benefitted from being more skewed to Asia and Japan, which were less affected by the pandemic than Western economies. Poor performance more recently was purely down to market rotation, which saw many companies that did well over 2020 experience a sharp reversal. As stated, the vaccination program is expected to bring short-term relief to parts of the economy most challenged by Covid, although many of these are facing long-term structural challenges in future. We see Keyence’s opportunities in the next five years as increasingly exciting, as its technology becomes more and more important to manufacturing facilities across the world. Other names such as TechnoPro, Japan's largest technology-focused staffing and service company, have also been caught up in the value rotation. Spotify, meanwhile, had a weaker overall period, although was back among our top holdings in the latter part. While ad-supported and paying subscribers are still increasing, growth is slowing in percentage terms as the company gets larger. We model growth slowing to a more mature 10% to 15% over the next five to 10 years in terms of new users but were excited to see the signs of monetising the audience with selective price increases in 30 markets. We believe there are multiple ways for Spotify to continue monetising its 345 million highly engaged users and news the company is considering expanding into live events, using its data to improve relationships with artists by helping them plan concerts, is further evidence of this and another way the platform is differentiated from rivals such as Apple Music. With all this innovation, we are confident about the next decade and more for Spotify, despite the recent tech selloff.

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Liontrust Global Funds plc 31 Interim Report and Unaudited Financial Statements

Liontrust GF Sustainable Future Global Growth Fund Investment Adviser’s Report (Continued)

Portfolio Activity (continued)

In terms of trading over Q1, we added Bright Horizons, the US market leader in corporate-sponsored childcare, which offers a range of products to support parents of young children in getting back to work. This is a company built on the goal of partnering with employers to help ensure work-life balance and reduced stress in the early years of parenting, where juggling work and other responsibilities can cause anxiety. At the core of its offering is high-quality early childhood education, while innovative products such as back-up care provide additional high-margin growth. We also introduced Knorr Bremse to the portfolio, a German leader in safety technology for rail and trucks. The business is split roughly evenly between the two, with trucks providing more cyclical exposure and rail tied to infrastructure spending. Safety equipment across the transportation sector is increasingly important as regulation and technological improvements drive adoption, and Knorr also benefits from a large after-market business, which helps produce high returns on investment. As for sells, we exited US pet insurance specialist Trupanion and healthcare name PerkinElmer over the first quarter. Sell decisions are driven by the deterioration in any of the four pillars of our process (thematic, sustainability, business fundamentals and valuation) and it will not be surprising to hear our favourite reason to sell is the last on that list. This is why we exited Trupanion after holding it for just two years. Since we added the stock in early 2019, the shares did very little for a year before going on to double twice over in a very short period from May to December 2020. Clearly, we felt the shares were undervalued when we initially invested and the business has so far proved resilient during the pandemic. However, the rapid rise in value the market ascribed to the company left us with no upside on a five-year view, even after accounting for the progress the business made throughout 2020. Two years falls short of our minimum investment horizon of five years, and considerably short of our ideal horizon of forever, but competition for capital in the Sub-Fund remains as fierce as ever. We will continue to follow Trupanion closely in the hope the market gives us the opportunity to become shareholders again. With Perkin Elmer, this was another strong performer over 2020, as well as for the last few years, and, after reviewing the price target, we felt valuation upside was limited on a five-year view. We also noted 40% of earnings in 2020 came directly from Covid testing, which we expect to become more nuanced in the future. Finally, this is a business with a management rating of 4 and we have concerns around improvements we have requested relating to ESG issues. When changes do not happen, we tend to sell and move the capital to new opportunities. In terms of Q2 trading, we initiated a position in US homebuilder NVR towards the end of the period. The company is exposed to our Building better cities theme, with 100% of NVR’s homes built in 2020 verified by an external party to be more energy efficient than the average home built that year; the average NVR home is 40% more efficient. The company is unique in the industry in that it exercises a capital-light business model by acquiring options to buy land, as opposed to having a large land bank. This is more costly in the near term but enables NVR to survive downturns in a cyclical industry; it was the only profitable homebuilder in the US during the global financial crisis. Despite industry cyclicality, NVR’s returns have been strong and disciplined capital allocation has seen the share count fall by 50% since 2005. We think the 15x multiple the market is prepared to pay for the business undervalues the culture and discipline management has demonstrated over the years. As for sells, we exited our position in US industrial automation business Rockwell Automation. Rockwell is a great company exposed to the theme of improving the resource efficiency of industrial and agricultural processes but after rerating from a price/earnings (PE) of around 18x to 30x over the past couple of years, we struggled to see further upside in the shares. We also sold our holding in Hella, the German automotive supplier that engages in the development and manufacture of lighting technology and electronic components. After falling 59% peak to trough amid the Covid selloff in March 2020, the expected recovery in auto sales drove the shares up over 150% over the next year; following this recovery, we concluded that Hella was fair value. Late in the quarter, through a somewhat bizarre twist of fate, Knorr Bremse, which we bought in Q1, announced it is looking to acquire a large stake in Hella. Having just exited the latter on valuation grounds, this development has taken us somewhat by surprise. We will be investigating further and will outline our conclusions in future commentaries. Liontrust Investment Partners LLP July 2021 Past performance is not a guide to future performance. Investments can result in total loss of capital.

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Liontrust Global Funds plc 32 Interim Report and Unaudited Financial Statements

Portfolio Statement As at 30 June 2021

Liontrust GF European Strategic Equity Fund

Holdings Security Description Fair Value

€% of Net

Assets

Financial Assets at fair value through profit or loss

Government Bonds: 25.66% (2020: 24.20%)

United States: 25.66% (2020: 24.20%)

15,000,000 United States Treasury Bill 0% 29/07/2021* 12,649,776 25.66Total United States 12,649,776 25.66

Total Government Bonds 12,649,776 25.66

Equities: 76.18% (2020: 64.58%)

Australia: 4.47% (2020: 2.94%)

193,235 Codan Ltd/Australia 2,205,333 4.47Total Australia 2,205,333 4.47

Bermuda: 2.68% (2020: 3.62%)

436,996 BW Offshore Ltd 1,320,897 2.68Total Bermuda 1,320,897 2.68

Denmark: 10.39% (2020: 10.26%)

8,130 Coloplast A/S 1,125,282 2.2821,676 Novo Nordisk A/S 1,536,172 3.1212,148 Royal Unibrew A/S 1,308,378 2.6510,918 SimCorp A/S 1,152,117 2.34

Total Denmark 5,121,949 10.39

France: 10.88% (2020: 6.88%)

34,408 BNP Paribas SA 1,819,323 3.6976,424 Rexel SA 1,348,692 2.74

132,599 Stellantis NV 2,193,453 4.45Total France 5,361,468 10.88

Germany: 2.57% (2020: 2.40%)

16,809 Daimler AG 1,266,642 2.57Total Germany 1,266,642 2.57

Jersey: 3.99% (2020: 3.35%)

173,184 WPP Plc 1,968,037 3.99Total Jersey 1,968,037 3.99

Netherlands: 3.18% (2020: 0.00%)

24,362 Randstad NV 1,570,131 3.18Total Netherlands 1,570,131 3.18

Panama: 3.10% (2020: 2.63%)

68,741 Carnival Corp 1,527,863 3.10Total Panama 1,527,863 3.10

Sweden: 12.36% (2020: 12.37%)

79,962 Concentric AB 1,391,565 2.8254,457 KNOW IT AB 1,501,249 3.0542,771 Lundin Energy AB 1,275,613 2.59

333,935 Tethys Oil AB 1,923,426 3.90Total Sweden 6,091,853 12.36

Switzerland: 6.18% (2020: 5.24%)

57,130 ABB Ltd 1,634,823 3.32

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Liontrust Global Funds plc 33 Interim Report and Unaudited Financial Statements

Portfolio Statement As at 30 June 2021

Liontrust GF European Strategic Equity Fund (continued)

Holdings Security Description Fair Value

€% of Net

Assets

Financial Assets at fair value through profit or loss (continued)

Equities: 76.18% (2020: 64.58%) (continued)

Switzerland: 6.18% (2020: 5.24%) (continued)

3,669 Belimo Holding AG 1,412,093 2.86Total Switzerland 3,046,916 6.18

United Kingdom: 9.03% (2020: 8.75%)

184,155 Aggreko Plc 1,852,417 3.76352,381 Forterra Plc 1,110,964 2.25108,522 Vistry Group Plc 1,489,153 3.02

Total United Kingdom 4,452,534 9.03

United States: 7.35% (2020: 6.14%)

8,339 Microsoft Corp 1,904,971 3.8613,499 Reliance Steel & Aluminum Co 1,718,350 3.49

Total United States 3,623,321 7.35

Total Equities 37,556,944 76.18

Financial Derivative Instruments: 2.93% (2020: 3.29%)

Contracts for Difference: 2.67% (2020: 2.17%) Unrealised

Gain €% of Net

Assets

Belgium: 0.01% (2020: 0.00%)

(2,805) Galapagos NV2 7,321 0.01Total Belgium 7,321 0.01

Bermuda: 0.02% (2020: 0.00%)

(15,339) GAN Ltd1 11,060 0.02Total Bermuda 11,060 0.02

British Virgin Islands: 0.00% (2020: 0.00%)

Cayman Islands: 0.01% (2020: 0.00%)

(18,539) Manchester United Plc1 3,396 0.01Total Cayman Islands 3,396 0.01

Denmark: 0.84% (2020: 0.59%)

802 AP Moller - Maersk A/S2 136,701 0.28(8,157) Bavarian Nordic A/S2 7,788 0.0190,231 ISS A/S2 200,212 0.41(1,750) Orsted AS2 10,849 0.0220,431 Pandora A/S2 57,698 0.12

Total Denmark 413,248 0.84

Finland: 0.01% (2020: 0.00%)

(7,784) Vaisala Oyj2 6,422 0.01Total Finland 6,422 0.01

France: 0.23% (2020: 0.46%)

(8,114) Hoffmann Green Cement Technologies SAS2 12,239 0.0346,657 IPSOS2 94,480 0.19

(10,581) McPhy Energy SA2 392 0.00(4,489) Ubisoft Entertainment SA2 4,220 0.01

Total France 111,331 0.23

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Liontrust Global Funds plc 34 Interim Report and Unaudited Financial Statements

Portfolio Statement As at 30 June 2021

Liontrust GF European Strategic Equity Fund (continued)

Holdings Security Description

Financial Assets at fair value through profit or loss (continued)

Financial Derivative Instruments: 2.93% (2020: 3.29%) (continued)

Contracts for Difference: 2.67% (2020: 2.17%) (continued) Unrealised

Gain €% of Net

Assets

Germany: 0.12% (2020: 0.18%)

(56,560) 7C Solarparken AG2 283 0.00(2,275) Delivery Hero SE2 2,616 0.01

(615) Hypoport SE2 14,022 0.03139,827 K+S AG2 21,324 0.04

(2,866) MorphoSys AG2 18,371 0.04(8,866) RWE AG2 2,394 0.00(1,438) STRATEC SE2 – –

Total Germany 59,010 0.12

Ireland: 0.02% (2020: 0.02%)

(320,900) Glenveagh Properties Plc1 9,467 0.02Total Ireland 9,467 0.02

Italy: 0.00% (2020: 0.55%)

Jersey: 0.08% (2020: 0.00%)

(164,964) Invinity Energy Systems Plc1 37,470 0.08Total Jersey 37,470 0.08

Netherlands: 0.12% (2020: 0.01%)

(7,071) Basic-Fit NV2 28,496 0.06(11,715) Merus NV1 988 0.00

(9,426) uniQure NV1 31,400 0.06Total Netherlands 60,884 0.12

Norway: 0.18% (2020: 0.02%)

(25,223) Aker BioMarine ASA2 16,676 0.03(58,242) Hexagon Composites ASA2 2,852 0.01(31,257) Kahoot! ASA2 22,273 0.05(70,219) Kalera AS2 13,756 0.03(15,802) Nordic Semiconductor ASA2 20,895 0.04(12,057) Norway Royal Salmon ASA2 10,392 0.02

Total Norway 86,844 0.18

Portugal: 0.03% (2020: 0.00%)

(60,341) EDP - Energias de Portugal SA1 14,482 0.03Total Portugal 14,482 0.03

Spain: 0.03% (2020: 0.04%)

(1,774) Aena SME SA2 9,313 0.02(1,524) Netent AB2 – –(9,665) Solaria Energia y Medio Ambiente SA2 6,814 0.01

Total Spain 16,127 0.03

Sweden: 0.30% (2020: 0.00%)

(2,911) CELLINK AB2 5,909 0.01(36,409) Karo Pharma AB2 1,794 0.00(24,538) Modern Times Group MTG AB2 4,232 0.01(16,020) NCC AB2 21,154 0.04

(6,208) Nordic Entertainment Group AB2 18,414 0.04

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Liontrust Global Funds plc 35 Interim Report and Unaudited Financial Statements

Portfolio Statement As at 30 June 2021

Liontrust GF European Strategic Equity Fund (continued)

Holdings Security Description

Financial Assets at fair value through profit or loss (continued)

Financial Derivative Instruments: 2.93% (2020: 3.29%) (continued)

Contracts for Difference: 2.67% (2020: 2.17%) (continued) Unrealised

Gain €% of Net

Assets

Sweden: 0.30% (2020: 0.00%) (continued)

(16,648) Sedana Medical AB2 19,605 0.04(22,070) Sinch AB2 18,976 0.04(10,228) Smart Eye AB2 37,796 0.08(30,523) Stillfront Group AB2 17,295 0.03(13,808) Storytel AB2 4,354 0.01

Total Sweden 149,529 0.30

Switzerland: 0.06% (2020: 0.05%)

(1,826) Flughafen Zurich AG2 11,567 0.03(115,932) GAM Holding AG2 16,461 0.03

Total Switzerland 28,028 0.06

United Kingdom: 0.53% (2020: 0.12%)

(10,822) Aston Martin Lagonda Global Holdings Plc1 29,006 0.0667,835 BHP Group Plc1 5,737 0.01

(16,079) Ceres Power Holdings Plc1 5,721 0.01(191,773) City Pub Group Plc/The1 17,898 0.04(24,320) Energean Plc1 15,037 0.03

(812,667) Eurasia Mining Plc1 42,663 0.09(1,060,313) Greatland Gold Plc1 48,860 0.10

(138,478) Helios Towers Plc1 6,300 0.0115,424 Intertek Group Plc1 18,174 0.04(4,594) Keywords Studios Plc1 6,485 0.01

(52,190) On the Beach Group Plc1 53,731 0.114,761 Thungela Resources Ltd1 11,081 0.02

(241,540) Venture Life Group Plc1 – –(41,338) Zotefoams Plc1 2,170 0.00

Total United Kingdom 262,863 0.53

United States: 0.08% (2020: 0.13%)

(13,602) AudioEye Inc1 18,411 0.04(23,235) Cadiz Inc1 3,135 0.01

(203,822) Durect Corp1 2,579 0.00(24,032) Golden Nugget Online Gaming Inc1 8,411 0.02(37,106) LiqTech International Inc1 1,565 0.00(97,918) Resonant Inc1 3,716 0.01

Total United States 37,817 0.08

(3,855,340) Total Contracts for Difference 1,315,299 2.67

Futures Contracts: 0.00% (2020: 0.00%)

Description Notional Country CurrencyNo. of

ContractsUnrealised

Gain €% of

Net Assets

Germany: 0.00% (2020: 0.00%)

MSCI Europe September 2021 (3,483,520) DE EUR (128) – –Total Germany (3,483,520) – –

Total Future Contracts (3,483,520) – –

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Liontrust Global Funds plc 36 Interim Report and Unaudited Financial Statements

Portfolio Statement As at 30 June 2021

Liontrust GF European Strategic Equity Fund (continued)

Holdings Security Description

Financial Assets at fair value through profit or loss (continued)

Financial Derivative Instruments: 2.93% (2020: 3.29%) (continued)

Forward Currency Contracts: 0.26% (2020: 1.12%)

Currency Buys

Currency Sells

CurrencyRate

MaturityDate

UnrealisedGain €

% ofNet Assets

EUR 5,203,455 GBP 4,500,000 0.8648 27/08/2021 40,813 0.08 EUR 6,640,257 GBP 5,724,387 0.8621 02/07/2021 37,813 0.08 EUR 892,293 USD 1,090,001 1.2216 02/07/2021 26,955 0.05 AUD 3,500,000 EUR 2,221,674 0.6348 27/08/2021 10,064 0.02 EUR 1,403,269 GBP 1,209,721 0.8621 02/07/2021 7,991 0.02 GBP 851,076 EUR 995,294 1.1695 02/07/2021 2,430 0.01 CHF 665,000 EUR 607,578 0.9137 27/08/2021 1,236 0.00 EUR 20,804 USD 25,368 1.2194 02/07/2021 590 0.00 EUR 151,988 GBP 130,645 0.8596 02/07/2021 423 0.00 EUR 84,843 GBP 72,939 0.8597 02/07/2021 247 0.00 EUR 85,000 SEK 865,000 10.1765 27/08/2021 186 0.00 CHF 89,000 EUR 81,322 0.9137 27/08/2021 173 0.00 EUR 32,488 GBP 27,926 0.8596 02/07/2021 90 0.00 EUR 6,551 GBP 5,660 0.8640 02/07/2021 52 0.00 EUR 20,529 GBP 17,625 0.8585 02/07/2021 32 0.00 EUR 8,284 GBP 7,126 0.8602 02/07/2021 30 0.00 GBP 117,378 EUR 136,957 1.1668 02/07/2021 24 0.00 EUR 4,345 GBP 3,738 0.8603 02/07/2021 16 0.00 EUR 1,743 GBP 1,505 0.8635 02/07/2021 12 0.00 EUR 1,521 GBP 1,310 0.8613 02/07/2021 7 0.00 GBP 29,480 EUR 34,398 1.1668 02/07/2021 6 0.00 EUR 4,329 GBP 3,714 0.8579 02/07/2021 4 0.00 EUR 1,396 GBP 1,200 0.8596 01/07/2021 4 0.00 EUR 1,259 GBP 1,082 0.8594 02/07/2021 3 0.00 EUR 4,066 GBP 3,488 0.8578 02/07/2021 3 0.00 GBP 1,246 EUR 1,457 1.1693 02/07/2021 3 0.00 EUR 993 GBP 854 0.8600 02/07/2021 3 0.00 EUR 593 GBP 510 0.8600 02/07/2021 2 0.00 GBP 136 EUR 159 1.1691 02/07/2021 1 0.00 EUR 155 GBP 133 0.8581 02/07/2021 0 0.00 GBP 52 EUR 61 1.1731 02/07/2021 0 0.00 GBP 102 EUR 119 1.1667 02/07/2021 0 0.00 EUR 14 GBP 12 0.8571 02/07/2021 0 0.00 EUR 7 GBP 6 0.8571 05/07/2021 0 0.00 GBP 12 EUR 14 1.1667 02/07/2021 0 0.00

Total Forward Currency Contracts 129,213 0.26

Total Financial Derivative Instruments 1,444,512 2.93

Total Financial Assets at fair value through profit or loss 51,651,232 104.77

Financial Liabilities at fair value through profit or loss

Financial Derivative Instruments: (7.23)% (2020: (3.14)%)

Contracts for Difference: (6.07)% (2020: (2.93)%) Unrealised Loss

€% of Net

Assets

Austria: (0.03)% (2020: 0.00%)

(17,739) ams AG2 (13,703) (0.03)Total Austria (13,703) (0.03)

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Liontrust Global Funds plc 37 Interim Report and Unaudited Financial Statements

Portfolio Statement As at 30 June 2021

Liontrust GF European Strategic Equity Fund (continued)

Holdings Security Description

Financial Liabilities at fair value through profit or loss (continued)

Financial Derivative Instruments: (7.23)% (2020: (3.14)%) (continued)

Contracts for Difference: (6.07)% (2020: (2.93)%) (continued) Unrealised Loss

€% of Net

Assets

Belgium: (0.09)% (2020: (0.05)%)

(2,027) Aedifica SA2 (10,642) (0.02)(10,153) Care Property Invest NV2 (3,553) (0.01)

(2,973) Elia Group SA/NV2 (3,568) (0.01)(6,086) Umicore SA2 (14,059) (0.03)(6,608) Xior Student Housing NV2 (12,885) (0.02)

Total Belgium (44,707) (0.09)

British Virgin Islands: (0.04)% (2020: 0.00%)

(2,221) Biohaven Pharmaceutical Holding Co Ltd1 (18,759) (0.04)Total British Virgin Islands (18,759) (0.04)

Canada: (0.00)% (2020: (0.02)%)

(15,057) MAG Silver Corp1 (461) (0.00)Total Canada (461) (0.00)

Cayman Islands: (0.01)% (2020: (0.05)%)

(3,958) StoneCo Ltd1 (3,738) (0.01)Total Cayman Islands (3,738) (0.01)

Denmark: (0.05)% (2020: (0.28)%)

(12,174) Tryg A/S2 (17,435) (0.03)(8,660) Vestas Wind Systems A/S2 (9,084) (0.02)(8,223) Zealand Pharma A/S2 (829) (0.00)

Total Denmark (27,348) (0.05)

Finland: (0.01)% (2020: (0.11)%)

(14,127) Kojamo Oyj2 (6,287) (0.01)Total Finland (6,287) (0.01)

France: (0.22)% (2020: (0.16)%)

(15,474) Cellectis SA2 (3,636) (0.01)233,174 Elior Group SA2 (40,805) (0.08)(21,295) Getlink SE2 (852) (0.00)

(7,835) Neoen SA2 (32,202) (0.07)(1,417) SOITEC2 (27,065) (0.05)

(11,349) Voltalia SA2 (2,553) (0.01)(3,641) Worldline SA/France2 (2,367) (0.00)

Total France (109,480) (0.22)

Germany: (0.74)% (2020: (0.22)%)

(4,056) CANCOM SE2 (9,937) (0.02)(1,985) Deutsche Boerse AG2 (26,351) (0.05)

173,564 Deutsche Pfandbriefbank AG2 (245,419) (0.50)(4,077) Energiekontor AG2 (1,835) (0.00)(8,054) Evotec SE2 (17,316) (0.04)

(15,578) Exasol AG2 (31,256) (0.06)(9,650) LPKF Laser & Electronics AG2 (15,922) (0.03)

(13,133) Nordex SE2 (19,437) (0.04)Total Germany (367,473) (0.74)

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Liontrust Global Funds plc 38 Interim Report and Unaudited Financial Statements

Portfolio Statement As at 30 June 2021

Liontrust GF European Strategic Equity Fund (continued)

Holdings Security Description

Financial Liabilities at fair value through profit or loss (continued)

Financial Derivative Instruments: (7.23)% (2020: (3.14)%) (continued)

Contracts for Difference: (6.07)% (2020: (2.93)%) (continued) Unrealised Loss

€% of Net

Assets

Ireland: (0.82)% (2020: (0.11)%)

537,706 Bank of Ireland Group Plc1 (391,181) (0.79)(1,647) Kerry Group Plc1 (11,900) (0.03)

Total Ireland (403,081) (0.82)

Italy: (0.13)% (2020: 0.00%)

(48,294) Falck Renewables SpA2 (362) (0.00)26,504 Moncler SpA2 (27,829) (0.06)

(17,949) Nexi SpA2 (35,091) (0.07)(11,247) SAES Getters SpA2 (1,968) (0.00)(40,021) Terna SPA2 (1,361) (0.00)

Total Italy (66,611) (0.13)

Luxembourg: (0.00)% (2020: (0.01)%)

Malta: (0.00)% (2020: (0.07)%)

Netherlands: (0.13)% (2020: (0.05)%)

(1,182) Argenx SE2 (35,224) (0.07)(4,982) Corbion NV2 (3,089) (0.01)

(25,787) Immatics NV1 (9,569) (0.02)(2,462) Just Eat Takeaway.com NV2 (9,035) (0.02)(1,229) Shop Apotheke Europe NV2 (5,162) (0.01)

Total Netherlands (62,079) (0.13)

Norway: (0.21)% (2020: (0.55)%)

(18,218) Adevinta ASA2 (6,692) (0.01)(10,945) Bonheur ASA2 (6,432) (0.01)(32,111) Grieg Seafood ASA2 (19,107) (0.04)

(105,098) NEL ASA2 (20,434) (0.04)(27,832) Pexip Holding ASA2 (7,429) (0.02)(10,352) Scatec ASA2 (4,309) (0.01)

(6,510) Schibsted ASA2 (4,814) (0.01)(313,020) Targovax AS2 (33,266) (0.07)

Total Norway (102,483) (0.21)

Spain: (0.05)% (2020: (0.13)%)

(4,979) Cellnex Telecom SA2 (23,152) (0.05)(6,735) Grifols SA2 (101) (0.00)

Total Spain (23,253) (0.05)

Sweden: (0.20)% (2020: (0.40)%)

(6,950) Absolent Air Care Group AB2 (15,752) (0.03)(48,028) BoneSupport Holding AB2 (20,115) (0.04)(32,011) Integrum AB2 (47,791) (0.10)(17,631) John Mattson Fastighetsforetagen AB2 (15,289) (0.03)

Total Sweden (98,947) (0.20)

Switzerland: (0.12)% (2020: (0.11)%)

(10,971) Idorsia Ltd2 (9,100) (0.02)(501) Lonza Group AG2 (35,116) (0.07)

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Liontrust Global Funds plc 39 Interim Report and Unaudited Financial Statements

Portfolio Statement As at 30 June 2021

Liontrust GF European Strategic Equity Fund (continued)

Holdings Security Description

Financial Liabilities at fair value through profit or loss (continued)

Financial Derivative Instruments: (7.23)% (2020: (3.14)%) (continued)

Contracts for Difference: (6.07)% (2020: (2.93)%) (continued) Unrealised Loss

€% of Net

Assets

Switzerland: (0.12)% (2020: (0.11)%) (continued)

(830) Zur Rose Group AG2 (13,807) (0.03)Total Switzerland (58,023) (0.12)

United Kingdom: (1.08)% (2020: (0.51)%)

37,740 4imprint Group Plc1 (86,954) (0.18)47,615 Anglo American Plc1 (145,674) (0.30)

(60,232) Ascential Plc1 (36,468) (0.07)(2,302) AstraZeneca Plc1 (17,120) (0.03)

(59,899) Bango Plc1 (350) (0.00)144,202 Evraz Plc1 (76,375) (0.15)

(8,284) First Derivatives Plc1 (16,187) (0.03)(85,371) Gym Group Plc/The1 (5,976) (0.01)(19,299) HomeServe Plc1 (4,953) (0.01)(48,752) ITM Power Plc1 (35,148) (0.07)

(3,085) London Stock Exchange Group Plc1 (14,216) (0.03)(10,979) Ocado Group Plc1 (14,665) (0.03)(17,515) Oxford Biomedica Plc1 (32,897) (0.07)

(159,114) Primary Health Properties Plc1 (93) (0.00)21,224 Rio Tinto Plc1 (28,350) (0.06)

(14,968) Smith & Nephew Plc1 (3,885) (0.01)(30,171) THG Plc1 (440) (0.00)(72,974) Trainline Plc1 (12,370) (0.03)

Total United Kingdom (532,121) (1.08)

United States: (2.14)% (2020: (0.10)%)

(30,003) Akoustis Technologies Inc1 (28,466) (0.06)(20,394) Amyris Inc1 (36,720) (0.07)(40,577) Aspen Group Inc/CO1 (23,612) (0.05)(12,012) Atomera Inc1 (39,153) (0.08)

(2,028) Axon Enterprise Inc1 (61,802) (0.12)16,757 Capital One Financial Corp1 (86,488) (0.17)(1,093) Carvana Co1 (34,018) (0.07)

(10,210) Codexis Inc1 (18,943) (0.04)(5,976) Fastly Inc1 (62,872) (0.13)(2,598) Goosehead Insurance Inc1 (82,119) (0.17)

(31,183) Inseego Corp1 (39,053) (0.08)(38,372) Intellicheck Inc1 (28,801) (0.06)

(116,488) Marrone Bio Innovations Inc1 (26,034) (0.05)(4,301) Palomar Holdings Inc1 (8,814) (0.02)(5,635) Phreesia Inc1 (56,100) (0.11)

(954) RingCentral Inc1 (22,620) (0.05)(9,379) Sunnova Energy International Inc1 (66,956) (0.14)(4,471) Sunrun Inc1 (41,797) (0.08)(3,926) Tabula Rasa HealthCare Inc1 (22,465) (0.05)36,056 United Airlines Holdings Inc1 (184,423) (0.37)(6,685) Virgin Galactic Holdings Inc1 (83,185) (0.17)

Total United States (1,054,441) (2.14)

(699,760) Total Contracts for Difference (2,992,995) (6.07)

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Liontrust Global Funds plc 40 Interim Report and Unaudited Financial Statements

Portfolio Statement As at 30 June 2021

Liontrust GF European Strategic Equity Fund (continued)

Holdings Security Description

Financial Liabilities at fair value through profit or loss (continued)

Financial Derivative Instruments: (7.23)% (2020: (3.14)%) (continued)

Futures Contracts: 0.00% (2020: 0.00%)

Germany: 0.00% (2020: 0.00%)

Forward Currency Contracts: (1.16)% (2020: (0.21)%)

Currency Buys

Currency Sells

CurrencyRate

MaturityDate

UnrealisedLoss €

% ofNet Assets

GBP 4 EUR 5 1.2500 02/07/2021 (0) (0.00) GBP 6 EUR 7 1.1667 04/08/2021 (0) (0.00) EUR 33 GBP 28 0.8485 02/07/2021 (0) (0.00) GBP 11 EUR 13 1.1818 02/07/2021 (0) (0.00) EUR 21 GBP 18 0.8571 02/07/2021 (0) (0.00) GBP 12 EUR 14 1.1667 04/08/2021 (0) (0.00) GBP 10 EUR 11 1.1000 02/07/2021 (0) (0.00) GBP 91 EUR 106 1.1648 02/07/2021 (0) (0.00) GBP 145 EUR 169 1.1655 02/07/2021 (0) (0.00) GBP 722 EUR 841 1.1648 02/07/2021 (1) (0.00) EUR 684 GBP 584 0.8538 02/07/2021 (2) (0.00) GBP 1,200 EUR 1,396 1.1633 02/07/2021 (4) (0.00) GBP 648 EUR 752 1.1605 02/07/2021 (4) (0.00) GBP 6,265 EUR 7,303 1.1657 02/07/2021 (5) (0.00) EUR 367,616 GBP 315,301 0.8577 04/08/2021 (7) (0.00) EUR 3,901 GBP 3,336 0.8552 02/07/2021 (9) (0.00) GBP 3,754 EUR 4,363 1.1622 02/07/2021 (16) (0.00) GBP 2,237 EUR 2,592 1.1587 02/07/2021 (18) (0.00) GBP 26,127 EUR 30,456 1.1657 02/07/2021 (23) (0.00) GBP 6,738 EUR 7,834 1.1627 02/07/2021 (27) (0.00) EUR 881,332 USD 1,045,738 1.1865 04/08/2021 (27) (0.00) USD 22,252 EUR 18,676 0.8393 02/07/2021 (90) (0.00) USD 23,571 EUR 19,784 0.8393 02/07/2021 (95) (0.00) EUR 5,817,310 GBP 4,989,461 0.8577 04/08/2021 (102) (0.00) GBP 124,806 EUR 145,487 1.1657 02/07/2021 (111) (0.00) GBP 25,044 EUR 28,987 1.1574 02/07/2021 (230) (0.00) GBP 26,550 EUR 30,730 1.1574 02/07/2021 (244) (0.00) GBP 72,219 EUR 83,839 1.1609 02/07/2021 (413) (0.00) USD 23,808 EUR 19,546 0.8210 02/07/2021 (532) (0.00) SEK 15,950,000 EUR 1,570,219 0.0984 27/08/2021 (551) (0.00) GBP 127,201 EUR 147,226 1.1574 02/07/2021 (1,167) (0.00) EUR 995,294 GBP 851,075 0.8551 02/07/2021 (2,430) (0.01) GBP 1,339,388 EUR 1,558,441 1.1635 02/07/2021 (4,089) (0.01)

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Liontrust Global Funds plc 41 Interim Report and Unaudited Financial Statements

Portfolio Statement As at 30 June 2021

Liontrust GF European Strategic Equity Fund (continued)

Holdings Security Description

Financial Liabilities at fair value through profit or loss (continued)

Financial Derivative Instruments: (7.23)% (2020: (3.14)%) (continued)

Forward Currency Contracts: (1.16)% (2020: (0.21)%) (continued)

Currency Buys

Currency Sells

CurrencyRate

MaturityDate

UnrealisedLoss €

% ofNet Assets

USD 21,300,000 EUR 17,378,633 0.8159 27/08/2021 (563,747) (1.14)Total Forward Currency Contracts (573,944) (1.16)

Total Financial Derivative Instruments (3,566,939) (7.23)

Total Financial Liabilities at fair value through profit or loss (3,566,939) (7.23)

Net Financial Assets at fair value through profit or loss (Cost: € 30,226,965) (2020: 88.93%) 48,084,293 97.54

Cash and Cash Held as Collateral (2020: 10.95%) 1,453,032 2.95

Other Net Liabilities (2020: 0.12%) (240,068) (0.49)

Net Assets Attributable to Holders of Redeemable Participating Shares 49,297,257 100.00

1The counterparty for these contracts for difference is Goldman Sachs International.

2The counterparty for these contracts for difference is Morgan Stanley. The counterparty for forward currency contracts is The Bank of New York Mellon Corporation. *Part of the security is pledged as collateral for derivatives trading as at 30 June 2021.

% ofTotal Assets

30 June 2021Analysis of Total Assets Transferable securities admitted to official stock exchange listing 68.59Transferable securities dealt in on another regulated market 23.10OTC derivatives 2.64Cash and cash held as collateral 5.61Other assets 0.06

100.00

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Liontrust Global Funds plc 42 Interim Report and Unaudited Financial Statements

Portfolio Statement As at 30 June 2021

Liontrust GF Special Situations Fund

Holdings Security Description Fair Value

£% of Net

Assets

Financial Assets at fair value through profit or loss

Equities: 91.75% (2020: 89.51%)

Jersey: 3.05% (2020: 0.82%)

417,496 JTC Plc 2,592,650 0.893,094,950 TP ICAP Group Plc 6,292,807 2.16

Total Jersey 8,885,457 3.05

United Kingdom: 88.70% (2020: 88.69%)

5,861 accesso Technology Group Plc 34,580 0.01474,887 Aggreko Plc 4,094,713 1.40492,018 AJ Bell Plc 2,140,770 0.73139,960 Alpha FX Group Plc 2,235,861 0.7773,100 AstraZeneca Plc 6,354,217 2.18

154,811 Bango Plc 334,392 0.112,824,052 BP Plc 8,859,051 3.04

46,850 Brooks Macdonald Group Plc 1,072,865 0.3795,841 Bunzl Plc 2,314,081 0.79

505,830 CareTech Holdings Plc 3,080,505 1.06441,016 Clipper Logistics Plc 3,457,565 1.19

6,204,282 Coats Group Plc 4,218,912 1.45516,184 Compass Group Plc 7,723,403 2.65148,219 Craneware Plc 3,179,298 1.09316,330 Diageo Plc 11,024,891 3.78

1,884,841 Domino's Pizza Group Plc 7,414,964 2.541,310,589 dotdigital group plc 3,004,525 1.03

281,537 EMIS Group Plc 3,263,014 1.1250,733 Future Plc 1,578,811 0.54

376,705 Gamma Communications Plc 7,368,350 2.53640,121 GlaxoSmithKline Plc 9,089,718 3.12386,950 GlobalData Plc 6,152,505 2.11375,510 Hargreaves Lansdown Plc 5,941,507 2.04

1,001,968 Ideagen Plc 2,590,087 0.8919,424 IG Design Group Plc 104,890 0.04

342,189 Impax Asset Management Group Plc 3,835,939 1.32695,830 IntegraFin Holdings Plc 3,597,441 1.23105,015 Intertek Group Plc 5,816,781 1.99481,261 iomart Group Plc 1,317,452 0.45

1,234,799 John Wood Group Plc 2,727,671 0.94327,518 Kainos Group Plc 4,898,032 1.68150,493 Keywords Studios Plc 3,759,315 1.29

1,915,918 Learning Technologies Group Plc 3,690,058 1.27122,082 Mortgage Advice Bureau Holdings Ltd 1,483,296 0.51318,684 Next Fifteen Communications Group Plc 3,091,235 1.06

1,537,270 Pagegroup Plc 8,662,516 2.97311,113 PayPoint Plc 1,773,344 0.61615,467 Pebble Group Plc/The 969,361 0.33199,790 Plexus Holdings Plc 26,472 0.01115,831 Reckitt Benckiser Group Plc 7,442,142 2.55483,279 RELX Plc 9,234,253 3.1784,403 Renishaw Plc 4,177,949 1.43

289,851 Rightmove Plc 1,881,713 0.65345,075 Robert Walters Plc 2,450,033 0.84

2,170,795 Rotork Plc 7,521,805 2.58683,932 Royal Dutch Shell Plc 9,542,219 3.27

1,067,056 RWS Holdings Plc 5,948,837 2.041,193,670 Sage Group Plc/The 8,176,640 2.80

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Liontrust Global Funds plc 43 Interim Report and Unaudited Financial Statements

Portfolio Statement As at 30 June 2021

Liontrust GF Special Situations Fund (continued)

Holdings Security Description Fair Value

£% of Net

Assets

Financial Assets at fair value through profit or loss (continued)

Equities: 91.75% (2020: 89.51%) (continued)

United Kingdom: 88.70% (2020: 88.69%) (continued)

541,889 Savills Plc 6,166,697 2.11431,032 Smart Metering Systems Plc 3,724,116 1.28183,890 Spectris Plc 5,992,056 2.0562,304 Spirax-Sarco Engineering Plc 8,479,574 2.91

2,056,384 TI Fluid Systems Plc 6,277,112 2.15193,496 Unilever Plc 8,193,588 2.81392,850 Weir Group Plc/The 7,263,797 2.49328,944 YouGov Plc 3,881,539 1.33

Total United Kingdom 258,636,458 88.70

Total Equities 267,521,915 91.75

Financial Derivative Instruments: 0.00% (2020: 0.00%)

Forward Currency Contracts: 0.00% (2020: 0.00%)

Currency Buys

Currency Sells

CurrencyRate

MaturityDate

UnrealisedGain £

% ofNet Assets

EUR 2,146,778 GBP 1,845,036 0.8594 02/07/2021 4,362 0.00 EUR 26,133 GBP 22,534 0.8623 02/07/2021 128 0.00 EUR 30,112 GBP 25,879 0.8594 02/07/2021 61 0.00 GBP 7,623 EUR 8,914 1.1694 02/07/2021 19 0.00 GBP 27,816 EUR 32,450 1.1666 02/07/2021 7 0.00 EUR 2,032 GBP 1,745 0.8588 02/07/2021 2 0.00

Total Forward Currency Contracts 4,579 0.00

Total Financial Derivative Instruments 4,579 0.00

Total Financial Assets at fair value through profit or loss 267,526,494 91.75

Financial Liabilities at fair value through profit or loss

Financial Derivative Instruments: (0.01)% (2020: (0.01)%)

Forward Currency Contracts: (0.01)% (2020: (0.01)%)

Currency Buys

Currency Sells

CurrencyRate

MaturityDate

UnrealisedLoss £

% ofNet Assets

EUR 21,619 GBP 18,532 0.8572 02/07/2021 (5) (0.00) EUR 8,475 GBP 7,262 0.8569 02/07/2021 (5) (0.00) GBP 9,128 EUR 10,596 1.1608 02/07/2021 (42) (0.00) GBP 31,192 EUR 36,294 1.1636 02/07/2021 (74) (0.00) GBP 33,563 EUR 38,923 1.1597 02/07/2021 (190) (0.00) GBP 31,215 EUR 36,144 1.1579 02/07/2021 (225) (0.00) GBP 43,389 EUR 50,309 1.1595 02/07/2021 (253) (0.00) GBP 1,847,805 EUR 2,150,000 1.1635 02/07/2021 (4,368) (0.00) GBP 913,081 EUR 1,058,722 1.1595 02/07/2021 (5,319) (0.00)

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Liontrust Global Funds plc 44 Interim Report and Unaudited Financial Statements

Portfolio Statement As at 30 June 2021

Liontrust GF Special Situations Fund (continued)

Holdings Security Description

Financial Liabilities at fair value through profit or loss (continued)

Financial Derivative Instruments: (0.01)% (2020: (0.01)%) (continued)

Forward Currency Contracts: (0.01)% (2020: (0.01)%) (continued)

Currency Buys

Currency Sells

CurrencyRate

MaturityDate

UnrealisedLoss £

% ofNet Assets

GBP 4,282,109 EUR 4,965,131 1.1595 02/07/2021 (24,945) (0.01)Total Forward Currency Contracts (35,426) (0.01)

Total Financial Derivative Instruments (35,426) (0.01)

Total Financial Liabilities at fair value through profit or loss (35,426) (0.01)

Net Financial Assets at fair value through profit or loss (Cost: £ 228,190,528) (2020: 89.50%) 267,491,068 91.74

Cash (2020: 10.04%) 25,267,274 8.67

Other Net Liabilities (2020: 0.46%) (1,168,163) (0.41)

Net Assets Attributable to Holders of Redeemable Participating Shares 291,590,179 100.00

The counterparty for forward currency contracts is The Bank of New York Mellon Corporation.

% ofTotal Assets

30 June 2021Analysis of Total Assets Transferable securities admitted to official stock exchange listing 90.63OTC derivatives 0.00Cash 8.56Other assets 0.81

100.00

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Liontrust Global Funds plc 45 Interim Report and Unaudited Financial Statements

Portfolio Statement As at 30 June 2021

Liontrust GF UK Growth Fund

Holdings Security Description Fair Value

£% of Net

Assets

Financial Assets at fair value through profit or loss

Equities: 99.13% (2020: 94.02%)

Jersey: 2.34% (2020: 0.63%)

213,627 Petrofac Ltd 238,087 0.46479,717 TP ICAP Group Plc 975,385 1.88

Total Jersey 1,213,472 2.34

United Kingdom: 96.79% (2020: 93.39%)

49,849 Aggreko Plc 429,823 0.8336,540 AstraZeneca Plc 3,176,239 6.13

218,839 BAE Systems Plc 1,140,589 2.20626,442 BP Plc 1,965,149 3.8075,818 British American Tobacco Plc 2,118,355 4.0930,963 Brooks Macdonald Group Plc 709,053 1.3725,619 Bunzl Plc 618,571 1.1942,610 Clipper Logistics Plc 334,062 0.65

1,272,759 Coats Group Plc 865,476 1.6765,167 Compass Group Plc 975,061 1.8868,845 Diageo Plc 2,399,420 4.63

301,323 Domino's Pizza Group Plc 1,185,405 2.2948,374 EMIS Group Plc 560,655 1.0812,627 Future Plc 392,952 0.7621,380 Gamma Communications Plc 418,193 0.81

150,849 GlaxoSmithKline Plc 2,142,056 4.1447,009 Halma Plc 1,267,833 2.4556,743 Hargreaves Lansdown Plc 897,816 1.7360,195 IMI Plc 1,035,655 2.00

596,833 Indivior Plc 918,228 1.7713,521 Intertek Group Plc 748,928 1.45

201,051 John Wood Group Plc 444,122 0.86128,992 Next Fifteen Communications Group Plc 1,251,222 2.42170,677 Pagegroup Plc 961,765 1.8644,451 PayPoint Plc 253,371 0.49

121,647 Pearson Plc 1,007,480 1.9521,853 Reckitt Benckiser Group Plc 1,404,055 2.7165,268 RELX Plc 1,247,108 2.4116,469 Renishaw Plc 815,216 1.57

131,543 Rightmove Plc 853,977 1.65270,151 Rotork Plc 936,073 1.81170,835 Royal Dutch Shell Plc 2,383,490 4.60162,706 RWS Holdings Plc 907,086 1.75137,819 Sage Group Plc/The 944,060 1.8274,395 Savills Plc 846,615 1.6452,903 Smiths Group Plc 838,777 1.6234,106 Spectris Plc 1,111,344 2.1510,942 Spirax-Sarco Engineering Plc 1,489,206 2.88

136,238 Synthomer Plc 681,122 1.32373,778 TI Fluid Systems Plc 1,140,957 2.2051,557 Ultra Electronics Holdings Plc 1,153,846 2.2363,564 Unilever Plc 2,691,618 5.2048,300 Weir Group Plc/The 893,067 1.7246,395 WH Smith Plc 730,141 1.41

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Liontrust Global Funds plc 46 Interim Report and Unaudited Financial Statements

Portfolio Statement As at 30 June 2021

Liontrust GF UK Growth Fund (continued)

Holdings Security Description Fair Value

£% of Net

Assets

Financial Assets at fair value through profit or loss (continued)

Equities: 99.13% (2020: 94.02%) (continued)

United Kingdom: 96.79% (2020: 93.39%) (continued)

352,206 Wm Morrison Supermarkets Plc 829,621 1.60Total United Kingdom 50,114,858 96.79

Total Equities 51,328,330 99.13

Total Financial Assets at fair value through profit or loss 51,328,330 99.13

Total Financial Assets at fair value through profit or loss (Cost: £ 48,122,066) (2020: 94.02%) 51,328,330 99.13

Cash (2020: 5.76%) 555,450 1.07

Other Net Liabilities (2020: 0.22%) (105,958) (0.20)

Net Assets Attributable to Holders of Redeemable Participating Shares 51,777,822 100.00

% ofTotal Assets

30 June 2021Analysis of Total Assets Transferable securities admitted to official stock exchange listing 98.82Cash 1.07Other assets 0.11

100.00

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Liontrust Global Funds plc 47 Interim Report and Unaudited Financial Statements

Portfolio Statement As at 30 June 2021

Liontrust GF European Smaller Companies Fund

Holdings Security Description Fair Value

€% of Net

Assets

Financial Assets at fair value through profit or loss

Equities: 98.08% (2020: 99.46%)

Austria: 2.64% (2020: 2.41%)

8,722 Strabag SE 316,172 2.64Total Austria 316,172 2.64

Belgium: 6.71% (2020: 6.31%)

7,496 Akka Technologies 176,606 1.4816,690 Bekaert SA 626,209 5.23

Total Belgium 802,815 6.71

Bermuda: 1.91% (2020: 2.91%)

75,430 BW Offshore Ltd 228,000 1.91Total Bermuda 228,000 1.91

Denmark: 18.19% (2020: 19.45%)

19,107 ISS A/S 377,583 3.156,440 Pandora A/S 731,454 6.114,262 Ringkjoebing Landbobank A/S 365,379 3.053,698 Royal Unibrew A/S 398,286 3.332,894 SimCorp A/S 305,388 2.55

Total Denmark 2,178,090 18.19

France: 8.00% (2020: 6.57%)

42,460 Elior Group SA 267,073 2.239,660 IPSOS 343,172 2.87

19,698 Rexel SA 347,620 2.90Total France 957,865 8.00

Germany: 4.69% (2020: 7.91%)

1,435 Atoss Software AG 263,466 2.2035,814 Deutsche Pfandbriefbank AG 298,546 2.49

Total Germany 562,012 4.69

Ireland: 5.38% (2020: 4.58%)

142,587 Bank of Ireland Group Plc 643,994 5.38Total Ireland 643,994 5.38

Sweden: 9.11% (2020: 11.06%)

23,909 Concentric AB 416,084 3.4816,669 KNOW IT AB 459,525 3.8437,280 Tethys Oil AB 214,728 1.79

Total Sweden 1,090,337 9.11

Switzerland: 5.32% (2020: 5.62%)

996 Belimo Holding AG 383,332 3.20159 Forbo Holding AG 254,053 2.12

Total Switzerland 637,385 5.32

United Kingdom: 36.13% (2020: 32.64%)

12,587 4imprint Group Plc 393,164 3.2852,547 Aggreko Plc 528,571 4.4245,598 Evraz Plc 315,019 2.6318,276 IMI Plc 366,611 3.0635,021 Impax Asset Management Group Plc 457,173 3.8241,671 Keller Group Plc 389,636 3.25

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Liontrust Global Funds plc 48 Interim Report and Unaudited Financial Statements

Portfolio Statement As at 30 June 2021

Liontrust GF European Smaller Companies Fund (continued)

Holdings Security Description Fair Value

€% of Net

Assets

Financial Assets at fair value through profit or loss (continued)

Equities: 98.08% (2020: 99.46%) (continued)

United Kingdom: 36.13% (2020: 32.64%) (continued)

287,009 Marks & Spencer Group Plc 490,434 4.1049,977 Pagegroup Plc 326,789 2.7356,177 Rightmove Plc 425,526 3.5526,528 Vistry Group Plc 364,021 3.0414,341 WH Smith Plc 269,147 2.25

Total United Kingdom 4,326,091 36.13

Total Equities 11,742,761 98.08

Total Financial Assets at fair value through profit or loss 11,742,761 98.08

Total Financial Assets at fair value through profit or loss (Cost: € 8,315,577) (2020: 99.46%) 11,742,761 98.08

Cash (2020: 0.60%) 249,528 2.08

Other Net Liabilities (2020: (0.06)%) (19,876) (0.16)

Net Assets Attributable to Holders of Redeemable Participating Shares 11,972,413 100.00

% ofTotal Assets

30 June 2021Analysis of Total Assets Transferable securities admitted to official stock exchange listing 97.91Cash 2.08Other assets 0.01

100.00

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Liontrust Global Funds plc 49 Interim Report and Unaudited Financial Statements

Portfolio Statement As at 30 June 2021

Liontrust GF Strategic Bond Fund

Holdings Security Description Fair Value

US$% of Net

Assets

Financial Assets at fair value through profit or loss

Collective Investment Schemes: 3.01% (2020: 2.67%)

Ireland: 3.01% (2020: 2.67%)

935,000 Liontrust Global Funds plc - Liontrust GF High Yield Bond Fund 11,640,376 3.01Total Ireland 11,640,376 3.01

Total Collective Investment Schemes 11,640,376 3.01

Corporate Bonds: 67.10% (2020: 65.22%)

Australia: 4.33% (2020: 4.42%)

4,000,000 AMP Group Finance Services Ltd 4% 14/09/2021 4,021,520 1.043,700,000 AusNet Services Holdings Pty Ltd 1% 25/08/2030 4,423,172 1.143,032,000 NBN Co Ltd 3% 05/05/2031 3,113,297 0.814,200,000 Optus Finance Pty Ltd 1% 20/06/2029 5,163,948 1.34

Total Australia 16,721,937 4.33

Austria: 0.91% (2020: 1.00%)

2,750,000 ams AG 6% 31/07/2025 3,500,134 0.91Total Austria 3,500,134 0.91

British Virgin Islands: 0.00% (2020: 1.40%)

France: 3.54% (2020: 3.82%)

1,250,000 Altice France SA/France 8% 01/02/2027 1,363,438 0.351,950,000 Altice France SA/France 2% 15/02/2025 2,258,460 0.593,250,000 Credit Agricole SA 4% 17/03/2025 3,580,668 0.933,000,000 Electricite de France SA FRN (Perpetual) 3,725,341 0.962,300,000 Loxam SAS 3% 14/01/2025 2,754,369 0.71

Total France 13,682,276 3.54

Germany: 3.96% (2020: 3.41%)

2,700,000 Bayer AG 1% 06/07/2032 3,284,976 0.853,800,000 Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen FRN 26/05/2041 4,584,806 1.193,000,000 Techem Verwaltungsgesellschaft 675 mbH 2% 15/07/2025 3,530,047 0.913,300,000 Vonovia SE 1% 14/12/2029 3,920,112 1.01

Total Germany 15,319,941 3.96

Guernsey: 1.20% (2020: 1.18%)

4,500,000 Pershing Square Holdings Ltd 3% 15/11/2030 4,631,018 1.20Total Guernsey 4,631,018 1.20

Ireland: 2.72% (2020: 0.56%)

2,750,000 eircom Finance DAC 3% 15/02/2027 3,248,633 0.841,400,000 Virgin Media Vendor Financing Notes III DAC 5% 15/07/2028 1,969,988 0.51

400,000 Virgin Media Vendor Financing Notes IV DAC 5% 15/07/2028 409,442 0.114,923,000 Zurich Finance Ireland Designated Activity Co FRN 19/04/2051 4,882,986 1.26

Total Ireland 10,511,049 2.72

Japan: 0.76% (2020: 0.71%)

2,400,000 SoftBank Group Corp 3% 19/09/2025 2,940,673 0.76Total Japan 2,940,673 0.76

Jersey: 0.00% (2020: 1.18%)

Luxembourg: 3.21% (2020: 2.87%)

3,300,000 Aroundtown SA 3% 18/07/2027 4,974,274 1.293,050,000 CPI Property Group SA FRN (Perpetual) 3,557,801 0.92

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Liontrust Global Funds plc 50 Interim Report and Unaudited Financial Statements

Portfolio Statement As at 30 June 2021

Liontrust GF Strategic Bond Fund (continued)

Holdings Security Description Fair Value

US$% of Net

Assets

Financial Assets at fair value through profit or loss (continued)

Corporate Bonds: 67.10% (2020: 65.22%) (continued)

Luxembourg: 3.21% (2020: 2.87%) (continued)

3,200,000 DH Europe Finance II Sarl 1% 18/09/2039 3,869,347 1.00Total Luxembourg 12,401,422 3.21

Multinational: 0.73% (2020: 0.71%)

2,000,000 Ardagh Packaging Finance Plc / Ardagh Holdings USA Inc 5% 15/07/2027 2,821,171 0.73Total Multinational 2,821,171 0.73

Netherlands: 8.92% (2020: 6.57%)

1,500,000 ABN AMRO Bank NV 6% 27/04/2022 1,569,263 0.413,700,000 Cooperatieve Rabobank UA FRN 05/05/2028 4,549,038 1.184,000,000 Global Switch Finance BV 1% 07/10/2030 4,849,707 1.253,600,000 Lseg Netherlands BV 1% 06/04/2033 4,274,940 1.112,250,000 NatWest Markets NV 7% 15/10/2093 4,091,192 1.064,000,000 Reckitt Benckiser Treasury Services Nederland BV 1% 19/05/2030 4,881,083 1.261,850,000 UPC Holding BV 6% 15/01/2028 1,944,507 0.502,800,000 Volkswagen International Finance NV 1% 22/09/2028 3,437,801 0.891,500,000 VZ Vendor Financing II BV 3% 15/01/2029 1,746,668 0.45

400,000 Ziggo Bond Co BV 5% 28/02/2030 410,198 0.112,300,000 Ziggo Bond Co BV 3% 28/02/2030 2,697,233 0.70

Total Netherlands 34,451,630 8.92

Spain: 0.50% (2020: 0.00%)

1,600,000 Grifols SA 2% 15/11/2027 1,934,533 0.50Total Spain 1,934,533 0.50

Supranational: 1.23% (2020: 0.00%)

4,000,000 Corp Andina de Fomento 0% 04/02/2026 4,744,650 1.23Total Supranational 4,744,650 1.23

Switzerland: 1.00% (2020: 0.94%)

3,500,000 Credit Suisse Group AG FRN 12/01/2029 3,860,599 1.00Total Switzerland 3,860,599 1.00

United Kingdom: 11.55% (2020: 10.01%)

3,500,000 Barclays Plc 5% 12/05/2026 4,006,677 1.042,200,000 Barclays Plc 3% 08/05/2026 3,268,005 0.851,950,000 Drax Finco Plc 7% 01/11/2025 2,019,703 0.52

330,000 Drax Finco Plc 3% 01/11/2025 406,931 0.103,300,000 Grainger Plc 3% 24/04/2028 4,946,872 1.284,000,000 Lloyds Banking Group Plc 5% 24/03/2026 4,534,706 1.17

231,000 LSEGA Financing Plc 3% 06/04/2031 237,233 0.062,000,000 Neptune Energy Bondco Plc 7% 15/05/2025 2,059,930 0.532,700,000 Phoenix Group Holdings Plc 5% 06/07/2027 3,079,725 0.803,871,000 Santander UK Group Holdings Plc FRN 15/03/2025 3,886,350 1.013,200,000 Sky Ltd 4% 16/09/2024 3,499,538 0.914,000,000 Standard Chartered Plc FRN 18/02/2036 4,020,925 1.04

500,000 Virgin Media Secured Finance Plc 4% 15/08/2030 686,912 0.181,000,000 Vmed O2 UK Financing I Plc 4% 31/01/2029 1,370,564 0.354,000,000 Vodafone Group Plc 5% 30/05/2048 5,283,985 1.371,286,000 Vodafone Group Plc FRN 04/06/2081 1,303,297 0.34

Total United Kingdom 44,611,353 11.55

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Liontrust Global Funds plc 51 Interim Report and Unaudited Financial Statements

Portfolio Statement As at 30 June 2021

Liontrust GF Strategic Bond Fund (continued)

Holdings Security Description Fair Value

US$% of Net

Assets

Financial Assets at fair value through profit or loss (continued)

Corporate Bonds: 67.10% (2020: 65.22%) (continued)

United States: 22.54% (2020: 26.44%)

2,750,000 Abbott Laboratories 5% 30/11/2046 3,773,712 0.984,000,000 AbbVie Inc 5% 14/05/2035 4,819,925 1.252,700,000 American International Group Inc FRN 01/04/2048 3,103,887 0.804,000,000 Amgen Inc 2% 21/02/2030 4,131,679 1.072,000,000 AT&T Inc FRN (Perpetual) 2,415,688 0.622,800,000 Catalent Pharma Solutions Inc 2% 01/03/2028 3,335,880 0.861,914,000 CCO Holdings LLC / CCO Holdings Capital Corp 5% 15/08/2030 1,997,737 0.523,400,000 Citigroup Inc FRN (Perpetual) 3,514,665 0.912,000,000 Credit Acceptance Corp 7% 15/03/2026 2,107,500 0.552,150,000 DaVita Inc 5% 01/06/2030 2,209,577 0.573,450,000 Dell International LLC / EMC Corp 8% 15/07/2036 5,287,675 1.372,750,000 IQVIA Inc 3% 15/06/2028 3,366,261 0.871,550,000 Level 3 Financing Inc 4% 15/01/2029 1,497,951 0.394,400,000 Marsh & McLennan Cos Inc 1% 21/09/2026 5,519,685 1.432,500,000 MetLife Inc FRN (Perpetual) 2,894,475 0.753,000,000 Morgan Stanley 4% 23/04/2027 3,356,266 0.87

250,000 Netflix Inc 4% 15/05/2027 341,621 0.091,500,000 Netflix Inc 4% 15/11/2029 2,145,473 0.554,100,000 New York Life Global Funding 0% 23/01/2027 4,909,262 1.274,000,000 Oracle Corp 3% 25/03/2031 4,170,399 1.084,000,000 Santander Holdings USA Inc 5% 17/07/2025 4,442,177 1.154,220,000 Sempra Energy 3% 01/02/2028 4,645,881 1.20

640,000 Sirius XM Radio Inc 4% 15/07/2028 660,678 0.173,100,000 State Street Corp FRN (Perpetual) 3,293,750 0.853,500,000 Verizon Communications Inc 4% 15/01/2036 4,185,864 1.083,000,000 Welltower Inc 5% 20/11/2028 4,973,513 1.29

Total United States 87,101,181 22.54

Total Corporate Bonds 259,233,567 67.10

Government Bonds: 22.73% (2020: 21.31%)

Australia: 2.86% (2020: 0.00%)

15,000,000 Australia Government Bond 1% 21/09/2026 11,059,189 2.86Total Australia 11,059,189 2.86

Canada: 6.06% (2020: 0.00%)

30,000,000 Canadian Government Bond 0% 01/03/2026 23,403,427 6.06Total Canada 23,403,427 6.06

Sweden: 5.03% (2020: 0.00%)

170,000,000 Sweden Government Bond 0% 12/05/2031 19,437,721 5.03Total Sweden 19,437,721 5.03

United States: 8.78% (2020: 21.31%)

18,000,000 United States Treasury Note/Bond 1% 30/04/2027 17,472,663 4.5217,000,000 United States Treasury Note/Bond 1% 30/06/2027 16,456,797 4.26

Total United States 33,929,460 8.78

Total Government Bonds 87,829,797 22.73

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Liontrust Global Funds plc 52 Interim Report and Unaudited Financial Statements

Portfolio Statement As at 30 June 2021

Liontrust GF Strategic Bond Fund (continued)

Holdings Security Description

Financial Assets at fair value through profit or loss (continued)

Financial Derivative Instruments: 0.93% (2020: 1.69%)

Credit Default Swaps: 0.00% (2020: 0.64%)

European Union: 0.00% (2020: 0.64%)

Futures Contracts: 0.00% (2020: 0.00%)

Description Notional Country CurrencyNo. of

ContractsUnrealisedGain US$

% ofNet Assets

Germany: 0.00% (2020: 0.00%)

United States: 0.00% (2020: 0.00%)

5 Year Note CBT September 2021 12,342,969 US USD 100 – –Total United States 12,342,969 – –

Total Future Contracts 12,342,969 – –

Forward Currency Contracts: 0.93% (2020: 1.05%)

Currency Buys

Currency Sells

CurrencyRate

MaturityDate

UnrealisedGain US$

% ofNet Assets

EUR 100,000,000 USD 120,221,400 1.2022 03/08/2021 1,565,931 0.41 EUR 16,791,936 USD 20,454,749 1.2181 02/07/2021 543,652 0.14 CHF 36,000,000 USD 39,402,742 1.0945 03/08/2021 460,364 0.12 AUD 14,000,000 USD 10,815,000 0.7725 03/08/2021 314,004 0.08 CAD 30,000,000 USD 24,425,592 0.8142 03/08/2021 224,491 0.06 SEK 164,000,000 USD 19,309,020 0.1177 03/08/2021 139,986 0.04 GBP 19,000,000 USD 26,407,720 1.3899 03/08/2021 122,569 0.03 EUR 2,142,648 USD 2,617,231 1.2215 02/07/2021 76,579 0.02 EUR 1,805,385 USD 2,198,785 1.2179 02/07/2021 58,044 0.01 GBP 730,180 USD 1,036,271 1.4192 02/07/2021 26,213 0.01 EUR 724,065 USD 883,452 1.2201 02/07/2021 24,889 0.01 GBP 217,063 USD 307,545 1.4168 02/07/2021 7,281 0.00 EUR 234,788 USD 284,685 1.2125 02/07/2021 6,283 0.00 EUR 148,867 USD 181,238 1.2174 02/07/2021 4,719 0.00 EUR 99,873 USD 121,857 1.2201 02/07/2021 3,433 0.00 USD 158,696,629 EUR 133,745,670 0.8428 04/08/2021 3,148 0.00 EUR 81,945 USD 100,189 1.2226 02/07/2021 3,022 0.00 GBP 237,148 USD 330,797 1.3949 02/07/2021 2,751 0.00 EUR 384,146 USD 457,475 1.1909 04/08/2021 1,655 0.00 EUR 109,032 USD 130,928 1.2008 02/07/2021 1,643 0.00 EUR 50,973 USD 61,832 1.2130 02/07/2021 1,391 0.00 EUR 39,873 USD 48,651 1.2201 02/07/2021 1,371 0.00 GBP 40,247 USD 57,023 1.4168 02/07/2021 1,350 0.00 EUR 148,741 USD 177,377 1.1925 02/07/2021 1,007 0.00 EUR 120,085 USD 143,395 1.1941 01/07/2021 1,004 0.00 EUR 30,201 USD 36,766 1.2174 02/07/2021 955 0.00 EUR 29,405 USD 35,797 1.2174 02/07/2021 930 0.00 USD 46,807,427 EUR 39,448,164 0.8428 04/08/2021 929 0.00 EUR 113,910 USD 135,946 1.1935 02/07/2021 877 0.00 EUR 119,938 USD 143,034 1.1926 02/07/2021 817 0.00 GBP 24,121 USD 34,148 1.4157 02/07/2021 782 0.00 EUR 162,273 USD 193,187 1.1905 02/07/2021 771 0.00 GBP 21,815 USD 30,912 1.4170 02/07/2021 736 0.00 EUR 72,456 USD 86,522 1.1941 02/07/2021 607 0.00 EUR 16,090 USD 19,654 1.2215 02/07/2021 575 0.00 EUR 22,165 USD 26,848 1.2113 02/07/2021 566 0.00

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Liontrust Global Funds plc 53 Interim Report and Unaudited Financial Statements

Portfolio Statement As at 30 June 2021

Liontrust GF Strategic Bond Fund (continued)

Holdings Security Description

Financial Assets at fair value through profit or loss (continued)

Financial Derivative Instruments: 0.93% (2020: 1.69%) (continued)

Forward Currency Contracts: 0.93% (2020: 1.05%) (continued)

Currency Buys

Currency Sells

CurrencyRate

MaturityDate

UnrealisedGain US$

% ofNet Assets

EUR 66,490 USD 79,398 1.1941 02/07/2021 557 0.00 EUR 19,855 USD 24,096 1.2136 02/07/2021 553 0.00 GBP 14,047 USD 19,879 1.4152 02/07/2021 447 0.00 USD 13,898,345 CHF 12,848,295 0.9244 04/08/2021 444 0.00 EUR 52,600 USD 62,815 1.1942 02/07/2021 444 0.00 EUR 49,898 USD 59,545 1.1933 04/08/2021 336 0.00 EUR 50,864 USD 60,633 1.1921 02/07/2021 320 0.00 USD 12,381,507 EUR 10,434,834 0.8428 04/08/2021 246 0.00 GBP 7,360 USD 10,427 1.4167 02/07/2021 245 0.00 EUR 154,574 USD 183,508 1.1872 02/07/2021 220 0.00 EUR 26,755 USD 31,907 1.1926 02/07/2021 181 0.00 EUR 37,728 USD 44,904 1.1902 05/07/2021 165 0.00 GBP 18,313 USD 25,493 1.3921 02/07/2021 161 0.00 EUR 5,815 USD 7,054 1.2131 02/07/2021 159 0.00 EUR 35,295 USD 42,008 1.1902 05/07/2021 154 0.00 EUR 4,349 USD 5,294 1.2173 02/07/2021 138 0.00 USD 5,316,478 EUR 4,480,598 0.8428 04/08/2021 105 0.00 EUR 3,230 USD 3,934 1.2180 02/07/2021 105 0.00 EUR 11,815 USD 14,108 1.1941 01/07/2021 99 0.00 EUR 2,670 USD 3,264 1.2225 02/07/2021 98 0.00 GBP 16,441 USD 22,840 1.3892 01/07/2021 97 0.00 EUR 11,109 USD 13,265 1.1941 02/07/2021 93 0.00 EUR 10,924 USD 13,027 1.1925 02/07/2021 74 0.00 EUR 4,621 USD 5,549 1.2008 02/07/2021 70 0.00 EUR 11,583 USD 13,794 1.1909 04/08/2021 50 0.00 EUR 5,544 USD 6,620 1.1941 01/07/2021 46 0.00 USD 65,172,880 GBP 47,109,631 0.7228 04/08/2021 44 0.00 EUR 1,434 USD 1,737 1.2113 02/07/2021 37 0.00 EUR 1,094 USD 1,332 1.2176 02/07/2021 35 0.00 GBP 16,321 USD 22,608 1.3852 04/08/2021 29 0.00 EUR 754 USD 918 1.2175 02/07/2021 24 0.00 EUR 5,048 USD 6,011 1.1908 04/08/2021 22 0.00 USD 24,456,331 GBP 17,678,039 0.7228 04/08/2021 16 0.00 EUR 2,086 USD 2,487 1.1922 02/07/2021 13 0.00 EUR 1,567 USD 1,871 1.1940 01/07/2021 13 0.00 EUR 1,927 USD 2,299 1.1930 02/07/2021 13 0.00 USD 643,553 EUR 542,371 0.8428 04/08/2021 13 0.00 EUR 268 USD 325 1.2127 02/07/2021 7 0.00 EUR 1,599 USD 1,904 1.1907 05/07/2021 7 0.00 EUR 1,090 USD 1,297 1.1899 02/07/2021 5 0.00 USD 249,428 EUR 210,211 0.8428 04/08/2021 5 0.00 EUR 1,823 USD 2,164 1.1871 02/07/2021 3 0.00 GBP 384 USD 533 1.3880 04/08/2021 2 0.00 EUR 66 USD 79 1.1970 02/07/2021 1 0.00 USD 88,710 GBP 64,123 0.7228 04/08/2021 0 0.00

Total Forward Currency Contracts 3,611,221 0.93

Total Financial Derivative Instruments 3,611,221 0.93

Total Financial Assets at fair value through profit or loss 362,314,961 93.77

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Liontrust Global Funds plc 54 Interim Report and Unaudited Financial Statements

Portfolio Statement As at 30 June 2021

Liontrust GF Strategic Bond Fund (continued)

Holdings Security Description

Financial Liabilities at fair value through profit or loss

Financial Derivative Instruments: (3.10)% (2020: (1.90)%)

Credit Default Swaps: (0.15)% (2020: (0.40)%)

Description Notional US$Unrealised

Loss US$% of

Net Assets

European Union: (0.15)% (2020: 0.00%)

Markit Itrx Europe 06/26 1% 20/06/2026 21,343,562 (568,816) (0.15)Total European Union 21,343,562 (568,816) (0.15)

United States: (0.00)% (2020: (0.40)%)

Total Credit Default Swaps 21,343,562 (568,816) (0.15)

Futures Contracts: 0.00% (2020: 0.00%)

Description Notional Country CurrencyNo. of

ContractsUnrealised

Loss US$% of

Net Assets

Canada: 0.00% (2020: 0.00%)

Canadian 10 Year Treasury Bond September 2021 (30,521,903) CA CAD (260) – –Total Canada (30,521,903) – –

Germany: 0.00% (2020: 0.00%)

Euro-Bobl Eurex September 2021 (72,376,317) DE EUR (455) – –Total Germany (72,376,317) – –

United Kingdom: 0.00% (2020: 0.00%)

Long Gilt ICE September 2021 (12,404,051) UK GBP (70) – –Total United Kingdom (12,404,051) – –

United States: 0.00% (2020: 0.00%)

US Ultra Bonds CBT September 2021 (13,488,125) US USD (70) – –Total United States (13,488,125) – –

Total Futures Contracts (128,790,396) – –

Forward Currency Contracts: (2.95)% (2020: (1.50)%)

Currency Buys

Currency Sells

CurrencyRate

MaturityDate

UnrealisedLoss US$

% ofNet Assets

USD 533 GBP 384 0.7205 02/07/2021 (2) (0.00) USD 1,905 EUR 1,599 0.8394 04/08/2021 (7) (0.00) USD 1,908 EUR 1,599 0.8381 02/07/2021 (12) (0.00) USD 2,300 EUR 1,928 0.8383 04/08/2021 (13) (0.00) USD 1,871 EUR 1,567 0.8375 02/07/2021 (13) (0.00) USD 630 EUR 520 0.8254 02/07/2021 (13) (0.00) USD 747 EUR 616 0.8246 02/07/2021 (17) (0.00) USD 3,677 EUR 3,083 0.8385 02/07/2021 (21) (0.00) USD 6,008 EUR 5,048 0.8402 05/07/2021 (22) (0.00) USD 22,606 GBP 16,321 0.7220 05/07/2021 (29) (0.00) USD 6,056 EUR 5,071 0.8374 02/07/2021 (43) (0.00) USD 1,764 EUR 1,449 0.8214 02/07/2021 (46) (0.00) USD 6,621 EUR 5,544 0.8373 02/07/2021 (46) (0.00)

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Liontrust Global Funds plc 55 Interim Report and Unaudited Financial Statements

Portfolio Statement As at 30 June 2021

Liontrust GF Strategic Bond Fund (continued)

Holdings Security Description

Financial Liabilities at fair value through profit or loss (continued)

Financial Derivative Instruments: (3.10)% (2020: (1.90)%) (continued)

Forward Currency Contracts: (2.95)% (2020: (1.50)%) (continued)

Currency Buys

Currency Sells

CurrencyRate

MaturityDate

UnrealisedLoss US$

% ofNet Assets

USD 3,709 EUR 3,089 0.8328 02/07/2021 (47) (0.00) USD 39,010 EUR 32,860 0.8423 02/07/2021 (47) (0.00) USD 12,298 EUR 10,330 0.8400 02/07/2021 (49) (0.00) USD 13,786 EUR 11,583 0.8402 05/07/2021 (51) (0.00) USD 13,265 EUR 11,109 0.8375 01/07/2021 (93) (0.00) USD 22,840 GBP 16,441 0.7198 02/07/2021 (97) (0.00) USD 14,108 EUR 11,815 0.8375 02/07/2021 (99) (0.00) USD 21,378 EUR 17,933 0.8389 02/07/2021 (113) (0.00) USD 16,520 GBP 11,857 0.7177 02/07/2021 (118) (0.00) USD 21,966 EUR 18,419 0.8385 02/07/2021 (125) (0.00) USD 105,562 EUR 88,918 0.8423 02/07/2021 (127) (0.00) USD 6,052 EUR 4,990 0.8245 02/07/2021 (136) (0.00) USD 6,058 GBP 4,276 0.7058 02/07/2021 (143) (0.00) USD 42,032 EUR 35,295 0.8397 04/08/2021 (152) (0.00) USD 44,930 EUR 37,728 0.8397 04/08/2021 (163) (0.00) USD 30,887 EUR 25,911 0.8389 02/07/2021 (163) (0.00) USD 33,219 EUR 27,867 0.8389 02/07/2021 (176) (0.00) USD 31,928 EUR 26,756 0.8380 04/08/2021 (180) (0.00) USD 8,974 EUR 7,398 0.8244 02/07/2021 (202) (0.00) USD 7,924 EUR 6,494 0.8195 02/07/2021 (223) (0.00) USD 17,003 GBP 12,200 0.7175 02/07/2021 (127) (0.00) USD 47,703 EUR 40,000 0.8385 02/07/2021 (272) (0.00) USD 10,957 EUR 9,000 0.8214 02/07/2021 (285) (0.00) USD 22,826 EUR 19,009 0.8328 02/07/2021 (286) (0.00) USD 10,961 EUR 9,000 0.8211 02/07/2021 (289) (0.00) USD 11,338 EUR 9,310 0.8211 02/07/2021 (299) (0.00) USD 50,408 EUR 42,237 0.8379 02/07/2021 (325) (0.00) USD 51,111 EUR 42,827 0.8379 02/07/2021 (330) (0.00) USD 59,505 EUR 49,898 0.8386 02/07/2021 (338) (0.00) USD 18,432 EUR 15,195 0.8244 02/07/2021 (415) (0.00) USD 67,084 GBP 48,190 0.7184 02/07/2021 (423) (0.00) USD 15,114 EUR 12,373 0.8186 02/07/2021 (442) (0.00) USD 17,073 EUR 14,016 0.8209 02/07/2021 (454) (0.00) USD 15,266 EUR 12,486 0.8179 02/07/2021 (461) (0.00) USD 58,876 GBP 42,208 0.7169 02/07/2021 (490) (0.00) USD 21,934 EUR 18,074 0.8240 02/07/2021 (503) (0.00) USD 79,396 EUR 66,490 0.8374 01/07/2021 (556) (0.00) USD 61,193 GBP 43,833 0.7163 02/07/2021 (559) (0.00) USD 86,521 EUR 72,456 0.8374 01/07/2021 (606) (0.00) USD 31,668 GBP 22,441 0.7086 02/07/2021 (625) (0.00) USD 29,531 GBP 20,868 0.7066 02/07/2021 (665) (0.00) USD 26,993 EUR 22,173 0.8214 02/07/2021 (701) (0.00) USD 31,130 EUR 25,572 0.8215 02/07/2021 (809) (0.00) USD 35,090 GBP 24,763 0.7057 02/07/2021 (835) (0.00) USD 37,830 GBP 26,721 0.7063 02/07/2021 (866) (0.00) USD 45,792 GBP 32,437 0.7084 02/07/2021 (922) (0.00) USD 177,496 EUR 148,741 0.8380 04/08/2021 (1,003) (0.00) USD 143,397 EUR 120,085 0.8374 02/07/2021 (1,006) (0.00) USD 457,211 EUR 384,146 0.8402 05/07/2021 (1,679) (0.00) USD 64,028 EUR 52,562 0.8209 02/07/2021 (1,702) (0.00)

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Liontrust Global Funds plc 56 Interim Report and Unaudited Financial Statements

Portfolio Statement As at 30 June 2021

Liontrust GF Strategic Bond Fund (continued)

Holdings Security Description

Financial Liabilities at fair value through profit or loss (continued)

Financial Derivative Instruments: (3.10)% (2020: (1.90)%) (continued)

Forward Currency Contracts: (2.95)% (2020: (1.50)%) (continued)

Currency Buys

Currency Sells

CurrencyRate

MaturityDate

UnrealisedLoss US$

% ofNet Assets

USD 65,885 EUR 54,117 0.8214 02/07/2021 (1,715) (0.00) USD 77,697 EUR 63,796 0.8211 02/07/2021 (2,051) (0.00) USD 301,154 EUR 252,183 0.8374 02/07/2021 (2,127) (0.00) USD 90,865 GBP 64,123 0.7057 02/07/2021 (2,163) (0.00) USD 77,848 EUR 63,732 0.8187 02/07/2021 (2,278) (0.00) USD 134,859 EUR 111,222 0.8247 02/07/2021 (2,977) (0.00) USD 117,422 EUR 96,455 0.8214 02/07/2021 (3,051) (0.00) USD 117,411 EUR 96,121 0.8187 02/07/2021 (3,435) (0.00) USD 187,869 EUR 154,805 0.8240 02/07/2021 (4,308) (0.00) USD 260,513 GBP 184,995 0.7101 02/07/2021 (4,609) (0.00) USD 235,663 GBP 167,000 0.7086 02/07/2021 (4,652) (0.00) USD 181,238 EUR 148,811 0.8211 02/07/2021 (4,784) (0.00) USD 189,815 EUR 155,251 0.8179 02/07/2021 (5,726) (0.00) USD 207,396 EUR 169,979 0.8196 02/07/2021 (5,843) (0.00) USD 198,439 EUR 162,304 0.8179 02/07/2021 (5,986) (0.00) USD 1,748,540 EUR 1,468,737 0.8400 02/07/2021 (6,980) (0.00) USD 256,791 EUR 210,212 0.8186 02/07/2021 (7,532) (0.00) USD 451,656 EUR 370,778 0.8209 02/07/2021 (12,004) (0.00) USD 519,176 GBP 365,823 0.7046 02/07/2021 (13,133) (0.01) USD 450,862 EUR 369,080 0.8186 02/07/2021 (13,224) (0.01) USD 4,735,150 EUR 3,876,238 0.8186 02/07/2021 (138,887) (0.04) USD 12,863,065 EUR 10,529,827 0.8186 02/07/2021 (377,286) (0.10) USD 14,319,271 CHF 12,848,295 0.8973 02/07/2021 (432,993) (0.11) USD 20,044,097 CHF 18,000,000 0.8980 03/08/2021 (572,908) (0.15) USD 26,371,295 GBP 18,610,201 0.7057 02/07/2021 (627,804) (0.16) USD 20,127,046 CHF 18,000,000 0.8943 03/08/2021 (655,858) (0.17) USD 48,934,157 EUR 40,057,964 0.8186 02/07/2021 (1,435,287) (0.37) USD 65,840,673 GBP 46,463,708 0.7057 02/07/2021 (1,567,425) (0.41) USD 186,783,063 EUR 152,902,384 0.8186 02/07/2021 (5,478,530) (1.42)

Total Forward Currency Contracts (11,416,617) (2.95)

Total Financial Derivative Instruments (11,985,433) (3.10)

Total Financial Liabilities at fair value through profit or loss (11,985,433) (3.10)

Net Financial Assets at fair value through profit or loss (Cost: US$ 222,965,133) (2020: 88.99%) 350,329,528 90.67

Cash and Cash Held as Collateral (2020: 9.90%) 74,719,183 19.34

Other Net Liabilities (2020: 1.11%) (38,681,457) (10.01)

Net Assets Attributable to Holders of Redeemable Participating Shares 386,367,254 100.00

The counterparty for forward currency contracts is The Bank of New York Mellon Corporation and for credit default swaps is UBS AG.

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Liontrust Global Funds plc 57 Interim Report and Unaudited Financial Statements

% ofTotal Assets

30 June 2021Analysis of Total Assets Collective investment schemes 2.62Transferable securities dealt in on another regulated market 78.20OTC derivatives 0.81Cash and cash held as collateral 17.66Other assets 0.71

100.00

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Liontrust Global Funds plc 58 Interim Report and Unaudited Financial Statements

Portfolio Statement As at 30 June 2021

Liontrust GF Sustainable Future European Corporate Bond Fund

Holdings Security Description Fair Value

€ % of Net

Assets

Financial Assets at fair value through profit or loss

Corporate Bonds: 94.39% (2020: 89.09%)

Denmark: 3.36% (2020: 3.43%)

480,000 Orsted AS 2% 26/11/2029 524,859 1.62550,000 Orsted AS FRN 09/12/3019 565,149 1.74

Total Denmark 1,090,008 3.36

France: 13.22% (2020: 13.52%)

150,000 AXA SA FRN 28/05/2049 172,011 0.53550,000 AXA SA FRN (Perpetual) 645,371 1.99600,000 BNP Paribas SA 3% 01/10/2026 673,085 2.07400,000 BNP Paribas SA FRN 24/05/2031 471,190 1.45762,000 BNP Paribas SA FRN (Perpetual) 717,187 2.21600,000 Credit Agricole SA/London 2% 20/12/2026 651,636 2.01300,000 Societe Generale SA 1% 23/01/2025 310,418 0.95600,000 Suez SA 2% 03/04/2029 652,500 2.01

Total France 4,293,398 13.22

Ireland: 2.60% (2020: 1.44%)

450,000 Kerry Group Financial Services Unltd Co 1% 20/09/2029 454,746 1.40465,000 Zurich Finance Ireland Designated Activity Co FRN 19/04/2051 388,968 1.20

Total Ireland 843,714 2.60

Italy: 4.58% (2020: 4.76%)

300,000 Assicurazioni Generali SpA FRN 27/10/2047 370,376 1.14500,000 Infrastrutture Wireless Italiane SpA 2% 21/10/2028 509,757 1.57600,000 Snam SpA 1% 12/09/2034 607,099 1.87

Total Italy 1,487,232 4.58

Luxembourg: 6.47% (2020: 6.54%)

500,000 Aroundtown SA 2% 02/11/2026 537,813 1.66500,000 Logicor Financing Sarl 2% 15/07/2027 527,317 1.62800,000 Swiss Re Finance Luxembourg SA FRN 02/04/2049 769,536 2.37180,000 Telecom Italia Finance SA 8% 24/01/2033 264,459 0.82

Total Luxembourg 2,099,125 6.47

Netherlands: 18.39% (2020: 16.99%)

450,000 Compass Group Finance Netherlands BV 1% 03/07/2024 459,805 1.42600,000 Cooperatieve Rabobank UA FRN (Perpetual) 607,698 1.87500,000 Deutsche Telekom International Finance BV 2% 01/12/2029 569,041 1.75600,000 Iberdrola International BV 1% 21/04/2026 634,524 1.95400,000 Iberdrola International BV FRN (Perpetual) 413,013 1.27

1,000,000 ING Groep NV FRN 26/05/2031 1,064,077 3.28400,000 Koninklijke Ahold Delhaize NV 0% 18/03/2030 397,638 1.22400,000 RELX Finance BV 2% 13/05/2027 430,129 1.32400,000 TenneT Holding BV FRN (Perpetual) 415,550 1.28500,000 TenneT Holding BV 1% 09/06/2031 501,865 1.55450,000 Unilever Finance Netherlands BV 1% 12/02/2027 479,263 1.48

Total Netherlands 5,972,603 18.39

Spain: 4.09% (2020: 3.55%)

300,000 Banco Santander SA 3% 18/03/2025 324,856 1.00300,000 Banco Santander SA 1% 17/01/2025 310,454 0.95700,000 Cellnex Finance Co SA 2% 15/02/2033 694,282 2.14

Total Spain 1,329,592 4.09

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Liontrust Global Funds plc 59 Interim Report and Unaudited Financial Statements

Portfolio Statement As at 30 June 2021

Liontrust GF Sustainable Future European Corporate Bond Fund (continued)

Holdings Security Description Fair Value

€ % of Net

Assets

Financial Assets at fair value through profit or loss (continued)

Corporate Bonds: 94.39% (2020: 89.09%) (continued)

Sweden: 0.00% (2020: 1.91%)

United Kingdom: 34.68% (2020: 31.24%)

460,000 Annington Funding Plc 2% 12/07/2024 481,050 1.48400,000 Aviva Plc FRN 04/12/2045 447,065 1.38600,000 British Telecommunications Plc 1% 12/09/2029 618,966 1.91289,000 Canary Wharf Group Investment Holdings Plc 3% 23/04/2028 340,746 1.05300,000 Experian Finance Plc 1% 25/06/2026 317,428 0.98480,000 GlaxoSmithKline Capital Plc 1% 12/09/2026 504,959 1.55

1,120,000 HSBC Bank Plc FRN (Perpetual) 888,809 2.74450,000 HSBC Holdings Plc FRN (Perpetual) 510,198 1.57450,000 InterContinental Hotels Group Plc 2% 15/05/2027 485,435 1.49600,000 Lloyds Banking Group Plc 2% 12/09/2027 646,221 1.99450,000 Motability Operations Group Plc 1% 14/03/2025 466,570 1.44900,000 Nationwide Building Society FRN 25/07/2029 947,540 2.92305,000 Natwest Group Plc FRN 28/11/2031 358,037 1.10355,000 Natwest Group Plc FRN 14/08/2030 442,940 1.36400,000 NGG Finance Plc FRN 18/06/2073 521,475 1.61450,000 Phoenix Group Holdings Plc 4% 24/01/2029 529,769 1.63400,000 SSE Plc 1% 16/04/2025 418,764 1.29500,000 SSE Plc 1% 06/09/2025 517,535 1.59

1,100,000 Standard Chartered Plc FRN 03/10/2027 1,174,214 3.62580,000 Vodafone Group Plc 2% 25/08/2026 641,684 1.98

Total United Kingdom 11,259,405 34.68

United States: 7.00% (2020: 5.71%)

450,000 AT&T Inc 2% 05/09/2029 510,449 1.57500,000 Prologis Euro Finance LLC 1% 16/02/2032 486,848 1.50440,000 Thermo Fisher Scientific Inc 2% 15/04/2025 472,076 1.45800,000 Verizon Communications Inc 1% 19/03/2032 804,357 2.48

Total United States 2,273,730 7.00

Total Corporate Bonds 30,648,807 94.39

Government Bonds: 4.42% (2020: 9.74%)

Germany: 4.42% (2020: 9.74%)

1,350,000 Bundesrepublik Deutschland Bundesanleihe 1% 15/08/2027* 1,435,309 4.42Total Germany 1,435,309 4.42

Total Government Bonds 1,435,309 4.42

Financial Derivative Instruments: 0.00% (2020: 0.09%)

Futures Contracts: 0.00% (2020: 0.00%)

Germany: 0.00% (2020: 0.00%)

United States: 0.00% (2020: 0.00%)

Forward Currency Contracts: 0.00% (2020: 0.09%)

Total Financial Assets at fair value through profit or loss 32,084,116 98.81

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Liontrust Global Funds plc 60 Interim Report and Unaudited Financial Statements

Portfolio Statement As at 30 June 2021

Liontrust GF Sustainable Future European Corporate Bond Fund (continued)

Holdings Security Description

Financial Liabilities at fair value through profit or loss

Financial Derivative Instruments: (0.32)% (2020: (0.03)%)

Futures Contracts: 0.00% (2020: 0.00%)

Description Notional Country Currency No. of

ContractsUnrealised

Loss € % of

Net Assets

Germany: 0.00% (2020: 0.00%)

Euro-Bobl Eurex September 2021 (1,878,100) DE EUR (14) – –Euro-Bund Eurex September 2021 (690,440) DE EUR (4) – –Euro-Buxl Eurex September 2021 (812,960) DE EUR (4) – –Total Germany (3,381,500) – –

United Kingdom: 0.00% (2020: 0.00%)

Long Gilt ICE September 2021 (2,839,388) UK GBP (19) – –Total United Kingdom (2,839,388) – –

United States: 0.00% (2020: 0.00%)

US 10 Year Ultra September 2021 (5,089,867) US USD (41) – –Total United States (5,089,867) – –

Total Futures Contracts (11,310,755) – –

Forward Currency Contracts: (0.32)% (2020: (0.03)%)

Currency Buys

Currency Sells

Currency Rate

MaturityDate

Unrealised Loss €

% ofNet Assets

GBP 1,835,000 EUR 2,119,213 1.1549 15/09/2021 (18,484) (0.06) USD 3,140,000 EUR 2,558,481 0.8148 15/09/2021 (85,441) (0.26)

Total Forward Currency Contracts (103,925) (0.32)

Total Financial Derivative Instruments (103,925) (0.32)

Total Financial Liabilities at fair value through profit or loss (103,925) (0.32)

Net Financial Assets at fair value through profit or loss (Cost: € 19,639,770) (2020: 98.89%) 31,980,191 98.49

Cash and Cash Held as Collateral (2020: 1.69%) 251,511 0.77

Other Net Assets (2020: (0.58)%) 238,003 0.74

Net Assets Attributable to Holders of Redeemable Participating Shares 32,469,705 100.00

* Part of the security is pledged as collateral for derivatives trading as at 30 June 2021.

The counterparty for forward currency contracts is The Bank of New York Mellon Corporation.

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Liontrust Global Funds plc 61 Interim Report and Unaudited Financial Statements

% ofTotal Assets

30 June 2021Analysis of Total Assets Transferable securities dealt in on another regulated market 98.02Cash and cash held as collateral 1.22Other assets 0.76

100.00

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Liontrust Global Funds plc 62 Interim Report and Unaudited Financial Statements

Portfolio Statement As at 30 June 2021

Liontrust GF High Yield Bond Fund

Holdings Security Description Fair Value

US$% of Net

Assets

Financial Assets at fair value through profit or loss

Corporate Bonds: 95.59% (2020: 97.61%)

Austria: 2.20% (2020: 2.01%)

2,750,000 ams AG 7% 31/07/2025 2,983,750 2.20Total Austria 2,983,750 2.20

Belgium: 1.61% (2020: 0.76%)

1,000,000 House of Finance NV/The 4% 15/07/2026 1,226,037 0.91750,000 House of HR 8% 15/01/2027 951,781 0.70

Total Belgium 2,177,818 1.61

Canada: 1.74% (2020: 2.49%)

550,000 Bausch Health Cos Inc 5% 30/01/2028 522,500 0.391,850,000 Bausch Health Cos Inc 6% 15/02/2029 1,831,500 1.35

Total Canada 2,354,000 1.74

Finland: 1.50% (2020: 0.00%)

2,000,000 SpA Holdings 3 Oy 5% 04/02/2028 2,035,000 1.50Total Finland 2,035,000 1.50

France: 5.64% (2020: 5.72%)

1,400,000 Altice France SA/France 5% 15/01/2029 1,405,250 1.04500,000 Electricite de France SA FRN (Perpetual) 777,541 0.57600,000 Electricite de France SA FRN (Perpetual) 736,713 0.54

1,000,000 Faurecia SE 2% 15/06/2027 1,220,979 0.901,300,000 Loxam SAS 5% 15/04/2027 1,569,063 1.161,600,000 Loxam SAS 3% 14/01/2025 1,934,444 1.43

Total France 7,643,990 5.64

Germany: 7.35% (2020: 6.63%)

500,000 Bayer AG FRN 12/11/2079 619,746 0.462,100,000 Cheplapharm Arzneimittel GmbH 4% 15/01/2028 2,604,856 1.921,125,000 HT Troplast GmbH 9% 15/07/2025 1,483,561 1.09

900,000 IHO Verwaltungs GmbH 4% 15/05/2027 1,112,152 0.821,700,000 Peach Property Finance GmbH 4% 15/11/2025 2,129,384 1.571,700,000 Techem Verwaltungsgesellschaft 675 mbH 2% 15/07/2025 2,020,005 1.49

Total Germany 9,969,704 7.35

Ireland: 3.27% (2020: 2.32%)

1,000,000 eircom Finance DAC 3% 15/02/2027 1,193,124 0.881,800,000 Virgin Media Vendor Financing Notes III DAC 5% 15/07/2028 2,540,418 1.87

500,000 Virgin Media Vendor Financing Notes III DAC 5% 15/07/2028 705,609 0.52Total Ireland 4,439,151 3.27

Italy: 2.56% (2020: 1.11%)

2,100,000 IMA Industria Macchine Automatiche SpA 4% 15/01/2028 2,511,775 1.85800,000 Kedrion SpA 3% 15/05/2026 956,506 0.71

Total Italy 3,468,281 2.56

Japan: 2.09% (2020: 2.07%)

2,800,000 SoftBank Group Corp FRN (Perpetual) 2,838,500 2.09Total Japan 2,838,500 2.09

Jersey: 0.87% (2020: 3.76%)

1,150,000 Adient Global Holdings Ltd 5% 15/08/2026 1,183,063 0.87Total Jersey 1,183,063 0.87

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Liontrust Global Funds plc 63 Interim Report and Unaudited Financial Statements

Portfolio Statement As at 30 June 2021

Liontrust GF High Yield Bond Fund (continued)

Holdings Security Description Fair Value

US$% of Net

Assets

Financial Assets at fair value through profit or loss (continued)

Corporate Bonds: 95.59% (2020: 97.61%) (continued)

Luxembourg: 8.53% (2020: 7.24%)

1,200,000 Altice Financing SA 3% 15/01/2028 1,369,303 1.01900,000 Altice France Holding SA 8% 15/05/2027 1,161,853 0.86

1,800,000 ARD Finance SA 5% 30/06/2027 2,215,189 1.63300,000 Aroundtown SA FRN (Perpetual) 440,012 0.33

1,700,000 CPI Property Group SA FRN (Perpetual) 2,138,275 1.581,250,000 CPI Property Group SA FRN (Perpetual) 1,462,461 1.08

600,000 Kleopatra Holdings 2 SCA 7% 01/09/2026 695,916 0.511,980,000 Millicom International Cellular SA 5% 15/01/2028 2,076,525 1.53

Total Luxembourg 11,559,534 8.53

Mexico: 0.41% (2020: 0.45%)

500,000 Cemex SAB de CV 5% 17/09/2030 550,625 0.41Total Mexico 550,625 0.41

Multinational: 1.81% (2020: 1.26%)

500,000 Ardagh Packaging Finance Plc / Ardagh Holdings USA Inc 5% 15/07/2027 707,616 0.521,700,000 Ardagh Packaging Finance Plc / Ardagh Holdings USA Inc 5% 15/08/2027 1,744,625 1.29

Total Multinational 2,452,241 1.81

Netherlands: 6.59% (2020: 10.23%)

800,000 Diebold Nixdorf Dutch Holding BV 9% 15/07/2025 1,048,239 0.771,040,375 Stichting AK Rabobank Certificaten 2% (Perpetual) 1,670,367 1.23

800,000 Trivium Packaging Finance BV 4% 15/08/2026 971,691 0.721,800,000 UPC Holding BV 6% 15/01/2028 1,887,750 1.39

500,000 VZ Vendor Financing II BV 3% 15/01/2029 585,320 0.431,100,000 Ziggo Bond Co BV 5% 28/02/2030 1,122,000 0.831,400,000 Ziggo Bond Co BV 3% 28/02/2030 1,656,262 1.22

Total Netherlands 8,941,629 6.59

Norway: 1.54% (2020: 0.92%)

800,000 Adevinta ASA 3% 15/11/2027 989,525 0.73900,000 Adevinta ASA 3% 15/11/2025 1,102,936 0.81

Total Norway 2,092,461 1.54

Spain: 1.75% (2020: 0.91%)

550,000 Aedas Homes Opco SLU 4% 15/08/2026 672,454 0.50900,000 Grifols SA 2% 15/11/2027 1,091,249 0.80500,000 Neinor Homes SA 5% 15/10/2026 612,317 0.45

Total Spain 2,376,020 1.75

United Kingdom: 15.74% (2020: 15.58%)

600,000 Barclays Plc FRN (Perpetual) 931,036 0.691,300,000 Drax Finco Plc 7% 01/11/2025 1,350,375 1.00

350,000 eG Global Finance Plc 6% 30/10/2025 432,287 0.32750,000 eG Global Finance Plc 4% 07/02/2025 893,096 0.66738,263 EnQuest Plc 7% 15/10/2023 700,427 0.52742,638 EnQuest Plc 7% 15/10/2023 1,016,279 0.75

1,700,000 Hurricane Finance Plc 8% 15/10/2025 2,566,610 1.89425,000 International Game Technology Plc 2% 15/04/2028 502,071 0.37

2,550,000 Neptune Energy Bondco Plc 7% 15/05/2025 2,623,313 1.931,850,000 Phoenix Group Holdings Plc FRN (Perpetual) 2,808,297 2.071,300,000 Rothesay Life Plc FRN (Perpetual) 2,084,918 1.541,000,000 Saga Plc 3% 12/05/2024 1,403,144 1.03

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Liontrust Global Funds plc 64 Interim Report and Unaudited Financial Statements

Portfolio Statement As at 30 June 2021

Liontrust GF High Yield Bond Fund (continued)

Holdings Security Description Fair Value

US$% of Net

Assets

Financial Assets at fair value through profit or loss (continued)

Corporate Bonds: 95.59% (2020: 97.61%) (continued)

United Kingdom: 15.74% (2020: 15.58%) (continued)

500,000 Saga Plc 6% 15/07/2026 692,218 0.511,050,000 TransDigm UK Holdings Plc 7% 15/05/2026 1,111,688 0.822,227,000 Vodafone Group Plc FRN 04/06/2081 2,225,304 1.64

Total United Kingdom 21,341,063 15.74

United States: 30.39% (2020: 34.15%)

1,100,000 AT&T Inc FRN (Perpetual) 1,333,317 0.98900,000 Avantor Funding Inc 4% 15/07/2028 1,132,520 0.84500,000 Avantor Funding Inc 5% 15/07/2028 529,375 0.39800,000 Belden Inc 3% 15/07/2027 981,875 0.72600,000 Belden Inc 4% 15/03/2028 746,156 0.55900,000 Brundage-Bone Concrete Pumping Holdings Inc 6% 01/02/2026 948,375 0.70

1,650,000 Burford Capital Global Finance LLC 6% 15/04/2028 1,753,125 1.291,000,000 Catalent Pharma Solutions Inc 5% 15/07/2027 1,048,750 0.771,226,000 Catalent Pharma Solutions Inc 2% 01/03/2028 1,474,836 1.09

800,000 CCO Holdings LLC / CCO Holdings Capital Corp 5% 01/02/2028 843,000 0.621,900,000 Citigroup Inc FRN (Perpetual) 1,973,625 1.46

725,000 Credit Acceptance Corp 7% 15/03/2026 767,594 0.571,500,000 DaVita Inc 4% 15/02/2031 1,445,625 1.07

700,000 DaVita Inc 5% 01/06/2030 719,250 0.53900,000 Enviva Partners LP / Enviva Partners Finance Corp 7% 15/01/2026 945,000 0.70

1,800,000 FirstCash Inc 5% 01/09/2028 1,884,375 1.391,325,000 Goldman Sachs Group Inc/The FRN (Perpetual) 1,382,844 1.02

300,000 Goodyear Tire & Rubber Co/The 10% 31/05/2025 336,750 0.25825,000 Goodyear Tire & Rubber Co/The 5% 15/03/2027 873,469 0.64

2,335,000 Granite US Holdings Corp 11% 01/10/2027 2,609,362 1.92750,000 IQVIA Inc 3% 15/06/2028 922,897 0.68850,000 IQVIA Inc 2% 15/01/2028 1,019,970 0.75

2,500,000 JPMorgan Chase & Co FRN (Perpetual) 2,606,250 1.921,100,000 Level 3 Financing Inc 4% 15/01/2029 1,067,000 0.791,000,000 Lumen Technologies Inc 5% 15/12/2026 1,040,000 0.761,400,000 Mauser Packaging Solutions Holding Co 5% 15/04/2024 1,677,912 1.241,650,000 Meritor Inc 5% 15/12/2028 1,676,812 1.24

400,000 Meritor Inc 6% 01/06/2025 426,000 0.31400,000 Netflix Inc 4% 15/06/2030 568,415 0.42750,000 Paysafe Finance Plc / Paysafe Holdings US Corp 4% 15/06/2029 744,375 0.55

1,150,000 Scientific Games International Inc 3% 15/02/2026 1,376,275 1.02400,000 Sirius XM Radio Inc 4% 15/07/2028 411,500 0.30650,000 Sirius XM Radio Inc 5% 01/08/2027 682,500 0.50

1,000,000 State Street Corp FRN (Perpetual) 1,066,250 0.79500,000 Townsquare Media Inc 7% 01/02/2026 533,750 0.39

1,200,000 TransDigm Inc 6% 15/11/2027 1,260,000 0.93400,000 TransDigm Inc 5% 15/01/2029 403,000 0.30

Total United States 41,212,129 30.39

Total Corporate Bonds 129,618,959 95.59

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Liontrust Global Funds plc 65 Interim Report and Unaudited Financial Statements

Portfolio Statement As at 30 June 2021

Liontrust GF High Yield Bond Fund (continued)

Holdings Security Description

Financial Assets at fair value through profit or loss (continued)

Financial Derivative Instruments: 0.54% (2020: 2.12%)

Credit Default Swaps: 0.00% (2020: 0.20%)

European Union: 0.00% (2020: 0.20%)

Futures Contracts: 0.00% (2020: 0.00%)

Germany: 0.00% (2020: 0.00%)

United Kingdom: 0.00% (2020: 0.00%)

United States: 0.00% (2020: 0.00%)

Forward Currency Contracts: 0.54% (2020: 1.92%)

Currency Buys

Currency Sells

CurrencyRate

MaturityDate

UnrealisedGain US$

% ofNet Assets

EUR 51,300,000 USD 61,673,578 1.2022 03/08/2021 655,205 0.48 GBP 11,850,000 USD 16,470,078 1.3899 03/08/2021 41,068 0.03 EUR 700,000 USD 856,421 1.2235 03/08/2021 23,812 0.02 GBP 200,000 USD 283,953 1.4198 03/08/2021 6,670 0.01 GBP 119,108 USD 166,353 1.3967 02/07/2021 1,234 0.00 GBP 43,665 USD 61,763 1.4145 02/07/2021 1,230 0.00 EUR 40,373 USD 48,900 1.2112 02/07/2021 912 0.00 EUR 29,531 USD 36,006 1.2193 02/07/2021 906 0.00 GBP 16,653 USD 23,615 1.4181 02/07/2021 530 0.00 GBP 14,699 USD 20,835 1.4174 02/07/2021 458 0.00 GBP 9,113 USD 12,924 1.4182 02/07/2021 290 0.00 GBP 68,150 USD 94,736 1.3901 02/07/2021 259 0.00 EUR 10,004 USD 12,125 1.2120 02/07/2021 234 0.00 GBP 8,047 USD 11,354 1.4110 02/07/2021 198 0.00 GBP 6,145 USD 8,675 1.4117 02/07/2021 156 0.00 GBP 5,228 USD 7,404 1.4162 02/07/2021 156 0.00 GBP 4,545 USD 6,446 1.4183 02/07/2021 145 0.00 GBP 16,662 USD 23,240 1.3948 02/07/2021 141 0.00 GBP 18,513 USD 25,803 1.3938 02/07/2021 138 0.00 GBP 27,257 USD 37,922 1.3913 04/08/2021 132 0.00 GBP 25,736 USD 35,782 1.3903 02/07/2021 104 0.00 GBP 48,055 USD 66,712 1.3882 02/07/2021 94 0.00 EUR 16,026 USD 19,143 1.1945 02/07/2021 93 0.00 GBP 21,749 USD 30,233 1.3901 01/07/2021 83 0.00 USD 46,801 GBP 33,816 0.7225 06/07/2021 79 0.00 GBP 9,164 USD 12,782 1.3948 02/07/2021 78 0.00 GBP 2,314 USD 3,266 1.4114 02/07/2021 59 0.00 GBP 4,577 USD 6,393 1.3968 02/07/2021 47 0.00 GBP 1,364 USD 1,934 1.4179 02/07/2021 43 0.00 GBP 1,731 USD 2,438 1.4084 02/07/2021 39 0.00 GBP 9,982 USD 13,875 1.3900 01/07/2021 38 0.00 GBP 1,089 USD 1,538 1.4123 02/07/2021 29 0.00 GBP 1,180 USD 1,663 1.4093 02/07/2021 28 0.00 GBP 5,166 USD 7,187 1.3912 02/07/2021 25 0.00 GBP 2,257 USD 3,153 1.3970 02/07/2021 23 0.00 GBP 8,950 USD 12,423 1.3880 02/07/2021 15 0.00 GBP 1,696 USD 2,359 1.3909 02/07/2021 7 0.00 USD 2,673 GBP 1,932 0.7228 04/08/2021 5 0.00 GBP 1,430 USD 1,985 1.3881 02/07/2021 3 0.00

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Liontrust Global Funds plc 66 Interim Report and Unaudited Financial Statements

Portfolio Statement As at 30 June 2021

Liontrust GF High Yield Bond Fund (continued)

Holdings Security Description

Financial Assets at fair value through profit or loss (continued)

Financial Derivative Instruments: 0.54% (2020: 2.12%) (continued)

Forward Currency Contracts: 0.54% (2020: 1.92%) (continued)

Currency Buys

Currency Sells

CurrencyRate

MaturityDate

UnrealisedGain US$

% ofNet Assets

EUR 160 USD 191 1.1938 02/07/2021 1 0.00Total Forward Currency Contracts 734,767 0.54

Total Financial Derivative Instruments 734,767 0.54

Total Financial Assets at fair value through profit or loss 130,353,726 96.13

Financial Liabilities at fair value through profit or loss

Financial Derivative Instruments: (1.84)% (2020: (2.59)%)

Futures Contracts: 0.00% (2020: 0.00%)

Description Notional Country CurrencyNo. of

ContractsUnrealised

Loss US$% of

Net Assets

Germany: 0.00% (2020: 0.00%)

Euro-Bund Eurex September 2021 (5,739,256) DE EUR (28) – –Total Germany (5,739,256) – –

United Kingdom: 0.00% (2020: 0.00%)

Long Gilt ICE September 2021 (2,131,270) UK GBP (12) – –Total United Kingdom (2,131,270) – –

United States: 0.00% (2020: 0.00%)

US 10 Year Ultra September 2021 (5,868,750) US USD (40) – –Total United States (5,868,750) – –

Total Futures Contracts (13,739,276) – –

Forward Currency Contracts: (1.84)% (2020: (2.59)%)

Currency Buys

Currency Sells

CurrencyRate

MaturityDate

UnrealisedLoss US$

% ofNet Assets

USD 119 EUR 100 0.8403 02/07/2021 (0) (0.00) USD 14 EUR 11 0.7857 02/07/2021 (0) (0.00) USD 12 EUR 10 0.8333 02/07/2021 (0) (0.00) USD 12 EUR 10 0.8333 02/07/2021 (0) (0.00) USD 191 EUR 160 0.8377 01/07/2021 (1) (0.00) USD 136 EUR 111 0.8162 02/07/2021 (4) (0.00) GBP 1,932 USD 2,673 1.3835 06/07/2021 (5) (0.00) USD 296 GBP 210 0.7095 02/07/2021 (5) (0.00) USD 5,830 EUR 4,900 0.8405 02/07/2021 (5) (0.00) USD 15,778 EUR 13,264 0.8407 02/07/2021 (12) (0.00) USD 515 EUR 423 0.8214 02/07/2021 (13) (0.00) USD 8,896 GBP 6,408 0.7203 02/07/2021 (13) (0.00) USD 12,021 GBP 8,659 0.7203 02/07/2021 (17) (0.00) USD 7,188 GBP 5,166 0.7187 04/08/2021 (25) (0.00) USD 5,939 EUR 4,975 0.8377 02/07/2021 (25) (0.00) USD 13,876 GBP 9,982 0.7194 02/07/2021 (38) (0.00)

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Liontrust Global Funds plc 67 Interim Report and Unaudited Financial Statements

Portfolio Statement As at 30 June 2021

Liontrust GF High Yield Bond Fund (continued)

Holdings Security Description

Financial Liabilities at fair value through profit or loss (continued)

Financial Derivative Instruments: (1.84)% (2020: (2.59)%) (continued)

Forward Currency Contracts: (1.84)% (2020: (2.59)%) (continued)

Currency Buys

Currency Sells

CurrencyRate

MaturityDate

UnrealisedLoss US$

% ofNet Assets

USD 36,395 GBP 26,222 0.7205 02/07/2021 (44) (0.00) USD 6,393 GBP 4,577 0.7159 02/07/2021 (47) (0.00) USD 3,109 GBP 2,193 0.7054 02/07/2021 (69) (0.00) USD 12,782 GBP 9,164 0.7169 02/07/2021 (78) (0.00) GBP 33,816 USD 46,804 1.3841 04/08/2021 (79) (0.00) USD 30,233 GBP 21,749 0.7194 02/07/2021 (83) (0.00) USD 4,000 GBP 2,821 0.7053 02/07/2021 (90) (0.00) USD 5,386 GBP 3,818 0.7089 02/07/2021 (94) (0.00) USD 4,836 GBP 3,410 0.7051 02/07/2021 (109) (0.00) USD 18,797 GBP 13,477 0.7170 02/07/2021 (114) (0.00) USD 5,040 EUR 4,132 0.8198 02/07/2021 (129) (0.00) USD 37,919 GBP 27,257 0.7188 02/07/2021 (132) (0.00) USD 28,666 EUR 24,000 0.8372 02/07/2021 (139) (0.00) USD 49,724 EUR 41,625 0.8371 02/07/2021 (247) (0.00) USD 94,736 GBP 68,150 0.7194 01/07/2021 (259) (0.00) USD 15,134 GBP 10,714 0.7079 02/07/2021 (281) (0.00) USD 14,549 EUR 12,000 0.8248 02/07/2021 (286) (0.00) USD 14,362 GBP 10,154 0.7070 02/07/2021 (286) (0.00) USD 19,297 GBP 13,668 0.7083 02/07/2021 (349) (0.00) USD 16,093 GBP 11,351 0.7053 02/07/2021 (358) (0.00) USD 24,870 GBP 17,643 0.7094 02/07/2021 (411) (0.00) USD 84,805 GBP 60,847 0.7175 02/07/2021 (454) (0.00) USD 22,104 GBP 15,594 0.7055 02/07/2021 (486) (0.00) USD 20,742 EUR 17,011 0.8201 02/07/2021 (522) (0.00) USD 32,229 GBP 22,726 0.7051 02/07/2021 (724) (0.00) USD 29,518 EUR 24,138 0.8177 02/07/2021 (827) (0.00) USD 39,990 GBP 28,240 0.7062 02/07/2021 (842) (0.00) USD 39,127 EUR 32,119 0.8209 02/07/2021 (949) (0.00) USD 349,318 GBP 251,248 0.7193 02/07/2021 (1,013) (0.00) USD 71,988 GBP 51,140 0.7104 02/07/2021 (1,093) (0.00) USD 77,988 GBP 55,039 0.7057 02/07/2021 (1,687) (0.00) USD 100,940 EUR 82,837 0.8207 02/07/2021 (2,478) (0.00) USD 93,512 EUR 76,525 0.8183 02/07/2021 (2,552) (0.00) USD 545,535 GBP 390,601 0.7160 02/07/2021 (4,046) (0.00) USD 206,362 EUR 170,185 0.8247 02/07/2021 (4,074) (0.00) USD 534,296 GBP 379,561 0.7104 02/07/2021 (8,111) (0.01) USD 2,591,118 GBP 1,834,417 0.7080 02/07/2021 (48,065) (0.04) USD 2,937,477 GBP 2,079,627 0.7080 02/07/2021 (54,490) (0.04) USD 3,634,925 GBP 2,573,394 0.7080 02/07/2021 (67,428) (0.05) USD 4,354,516 GBP 3,091,447 0.7099 02/07/2021 (68,843) (0.05) USD 4,316,983 EUR 3,543,771 0.8209 02/07/2021 (104,748) (0.08) USD 4,866,281 EUR 3,994,685 0.8209 02/07/2021 (118,076) (0.09) USD 4,894,449 EUR 4,000,000 0.8173 03/08/2021 (136,681) (0.10) USD 8,306,111 EUR 6,818,409 0.8209 02/07/2021 (201,541) (0.15) USD 21,016,435 GBP 14,878,871 0.7080 02/07/2021 (389,856) (0.29) USD 24,977,509 GBP 17,683,167 0.7080 02/07/2021 (463,334) (0.34)

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Liontrust Global Funds plc 68 Interim Report and Unaudited Financial Statements

Portfolio Statement As at 30 June 2021

Liontrust GF High Yield Bond Fund (continued)

Holdings Security Description

Financial Liabilities at fair value through profit or loss (continued)

Financial Derivative Instruments: (1.84)% (2020: (2.59)%) (continued)

Forward Currency Contracts: (1.84)% (2020: (2.59)%) (continued)

Currency Buys

Currency Sells

CurrencyRate

MaturityDate

UnrealisedLoss US$

% ofNet Assets

USD 43,999,907 GBP 31,150,332 0.7080 02/07/2021 (816,201) (0.60)Total Forward Currency Contracts (2,502,968) (1.84)

Total Financial Derivative Instruments (2,502,968) (1.84)

Total Financial Liabilities at fair value through profit or loss (2,502,968) (1.84)

Net Financial Assets at fair value through profit or loss (Cost: US$ 109,670,626) (2020: 97.14%) 127,850,758 94.29

Cash and Cash Held as Collateral (2020: 1.99%) 7,254,936 5.35

Other Net Assets (2020: 0.87%) 487,033 0.36

Net Assets Attributable to Holders of Redeemable Participating Shares 135,592,727 100.00

The counterparty for forward currency contracts is The Bank of New York Mellon Corporation.

% ofTotal Assets

30 June 2021Analysis of Total Assets Transferable securities dealt in on another regulated market 92.87OTC derivatives 0.53Cash and cash held as collateral 5.29Other assets 1.31

100.00

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Liontrust Global Funds plc 69 Interim Report and Unaudited Financial Statements

Portfolio Statement As at 30 June 2021

Liontrust GF Absolute Return Bond Fund

Holdings Security Description Fair Value

US$% of Net

Assets

Financial Assets at fair value through profit or loss

Corporate Bonds: 69.49% (2020: 67.13%)

Australia: 1.37% (2020: 1.56%)

1,000,000 AMP Group Finance Services Ltd 4% 14/09/2021 1,004,080 0.681,000,000 Australia & New Zealand Banking Group Ltd/New York NY 2% 21/11/2022 1,024,309 0.69

Total Australia 2,028,389 1.37

British Virgin Islands: 1.24% (2020: 0.98%)

1,500,000 Global Switch Holdings Ltd 2% 31/01/2024 1,842,951 1.24Total British Virgin Islands 1,842,951 1.24

Cayman Islands: 0.82% (2020: 1.49%)

999,000 CK Hutchison Finance 16 Ltd 1% 06/04/2023 1,215,163 0.82Total Cayman Islands 1,215,163 0.82

France: 1.73% (2020: 2.01%)

1,250,000 Banque Federative du Credit Mutuel SA 1% 27/02/2024 1,248,032 0.84500,000 Veolia Environnement SA 1% 14/01/2024 608,769 0.41600,000 Veolia Environnement SA 1% 30/03/2022 716,844 0.48

Total France 2,573,645 1.73

Germany: 5.54% (2020: 2.85%)

1,500,000 Bayer AG 0% 06/07/2024 1,804,529 1.221,000,000 E.ON SE 0% 29/09/2022 1,193,664 0.801,000,000 Techem Verwaltungsgesellschaft 675 mbH 2% 15/07/2025 1,188,238 0.802,000,000 Vantage Towers AG 0% 31/03/2025 2,369,286 1.601,400,000 Vonovia SE 1% 14/12/2029 1,667,120 1.12

Total Germany 8,222,837 5.54

Guernsey: 1.12% (2020: 1.29%)

1,600,000 Pershing Square Holdings Ltd 6% 15/07/2022 1,662,600 1.12Total Guernsey 1,662,600 1.12

Ireland: 3.11% (2020: 2.16%)

1,000,000 Abbott Ireland Financing DAC 1% 27/09/2023 1,218,620 0.821,500,000 Fresenius Finance Ireland Plc 2% 30/01/2024 1,850,787 1.251,539,000 Zurich Finance Ireland Designated Activity Co FRN 19/04/2051 1,541,370 1.04

Total Ireland 4,610,777 3.11

Italy: 0.89% (2020: 0.00%)

1,200,000 Telecom Italia SpA/Milano 5% 30/05/2024 1,316,510 0.89Total Italy 1,316,510 0.89

Japan: 3.28% (2020: 1.92%)

1,500,000 Asahi Group Holdings Ltd 0% 23/10/2024 1,796,630 1.21969,000 Central Japan Railway Co 3% 06/09/2023 1,025,255 0.69

1,500,000 NTT Finance Corp 0% 03/03/2025 1,789,561 1.21250,000 Seven & i Holdings Co Ltd 3% 17/09/2021 251,552 0.17

Total Japan 4,862,998 3.28

Jersey: 0.00% (2020: 0.91%)

Luxembourg: 5.10% (2020: 5.08%)

1,500,000 Aroundtown SA 1% 09/07/2025 1,811,723 1.22500,000 Aroundtown SA 0% 23/09/2022 597,997 0.40

1,500,000 Becton Dickinson Euro Finance Sarl 1% 04/06/2023 1,808,862 1.22

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Liontrust Global Funds plc 70 Interim Report and Unaudited Financial Statements

Portfolio Statement As at 30 June 2021

Liontrust GF Absolute Return Bond Fund (continued)

Holdings Security Description Fair Value

US$% of Net

Assets

Financial Assets at fair value through profit or loss (continued)

Corporate Bonds: 69.49% (2020: 67.13%) (continued)

Luxembourg: 5.10% (2020: 5.08%) (continued)

900,000 CPI Property Group SA 5% 08/03/2023 961,587 0.651,000,000 DH Europe Finance II Sarl 1% 18/09/2039 1,203,114 0.811,000,000 Medtronic Global Holdings SCA 0% 02/12/2022 1,194,960 0.80

Total Luxembourg 7,578,243 5.10

Netherlands: 7.86% (2020: 6.36%)

900,000 Deutsche Telekom International Finance BV 2% 19/09/2023 935,935 0.631,000,000 Digital Dutch Finco BV 0% 15/10/2022 1,193,368 0.801,500,000 Lseg Netherlands BV 0% 06/04/2025 1,783,686 1.202,060,000 NatWest Markets NV 8% 15/05/2023 2,309,680 1.561,500,000 Siemens Financieringsmaatschappij NV 1% 11/03/2026 1,500,678 1.011,500,000 Upjohn Finance BV 1% 23/06/2024 1,832,895 1.241,000,000 Vonovia Finance BV 2% 09/07/2022 1,218,109 0.82

850,000 Ziggo BV 6% 15/01/2027 888,250 0.60Total Netherlands 11,662,601 7.86

New Zealand: 0.82% (2020: 0.97%)

1,000,000 Chorus Ltd 1% 18/10/2023 1,220,462 0.82Total New Zealand 1,220,462 0.82

Spain: 2.18% (2020: 0.62%)

2,000,000 Banco Santander SA 2% 25/03/2026 2,021,671 1.361,000,000 Grifols SA 2% 15/11/2027 1,212,499 0.82

Total Spain 3,234,170 2.18

Supranational: 1.41% (2020: 0.00%)

1,760,000 Corp Andina de Fomento 0% 04/02/2026 2,091,195 1.41Total Supranational 2,091,195 1.41

Switzerland: 2.06% (2020: 2.40%)

1,250,000 Credit Suisse Group AG FRN 14/12/2023 1,292,077 0.87500,000 UBS Group AG 3% 01/02/2022 507,131 0.34

1,000,000 UBS Group AG 2% 04/03/2024 1,260,632 0.85Total Switzerland 3,059,840 2.06

United Kingdom: 10.25% (2020: 13.35%)

1,000,000 Barclays Plc 2% 08/12/2023 1,247,575 0.841,000,000 BAT International Finance Plc 1% 13/10/2023 1,209,788 0.821,000,000 British Telecommunications Plc 1% 10/03/2023 1,215,310 0.82

100,000 British Telecommunications Plc 1% 23/06/2022 119,537 0.081,500,000 Imperial Brands Finance Plc 1% 27/01/2025 1,847,453 1.241,000,000 Lloyds Banking Group Plc 3% 11/01/2022 1,014,647 0.68

500,000 LSEGA Financing Plc 1% 06/04/2026 501,716 0.341,200,000 Nationwide Building Society FRN 26/04/2023 1,230,539 0.831,613,000 Santander UK Group Holdings Plc FRN 15/03/2025 1,618,665 1.091,000,000 Santander UK Group Holdings Plc 1% 08/09/2023 1,220,165 0.82

300,000 Severn Trent Utilities Finance Plc 1% 07/09/2021 416,354 0.281,500,000 Standard Chartered Plc 6% 25/01/2022 1,542,472 1.04

600,000 Vmed O2 UK Financing I Plc 4% 31/01/2029 826,477 0.561,200,000 Vodafone Group Plc FRN 04/06/2081 1,199,086 0.81

Total United Kingdom 15,209,784 10.25

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Liontrust Global Funds plc 71 Interim Report and Unaudited Financial Statements

Portfolio Statement As at 30 June 2021

Liontrust GF Absolute Return Bond Fund (continued)

Holdings Security Description Fair Value

US$% of Net

Assets

Financial Assets at fair value through profit or loss (continued)

Corporate Bonds: 69.49% (2020: 67.13%) (continued)

United States: 20.71% (2020: 23.18%)

1,000,000 AbbVie Inc 3% 06/11/2022 1,033,141 0.701,000,000 Aetna Inc 3% 15/11/2022 1,027,792 0.691,000,000 Altria Group Inc 1% 15/02/2023 1,207,126 0.81

800,000 American Honda Finance Corp 1% 17/01/2024 972,362 0.661,500,000 American Tower Corp 1% 04/04/2025 1,860,353 1.251,000,000 AT&T Inc 2% 15/03/2024 1,262,736 0.851,500,000 Berkshire Hathaway Inc 0% 12/03/2025 1,788,393 1.211,000,000 Catalent Pharma Solutions Inc 2% 01/03/2028 1,202,966 0.811,000,000 CCO Holdings LLC / CCO Holdings Capital Corp 5% 01/02/2028 1,053,750 0.711,000,000 Dell International LLC / EMC Corp 4% 15/07/2024 1,086,380 0.732,000,000 Fresenius Medical Care US Finance III Inc 2% 01/12/2026 1,999,295 1.351,000,000 Goldman Sachs Group Inc/The 0% 19/08/2024 1,192,399 0.801,750,000 HCA Inc 5% 15/06/2026 2,027,812 1.37

594,000 Hyundai Capital America FRN 08/07/2021 594,058 0.401,000,000 JPMorgan Chase & Co 1% 25/01/2024 1,211,357 0.821,009,000 Kellogg Co 3% 01/12/2023 1,060,329 0.711,000,000 Morgan Stanley 3% 19/05/2022 1,021,778 0.691,600,000 New York Life Global Funding 0% 23/01/2027 1,916,225 1.291,025,000 Novartis Capital Corp 3% 06/05/2024 1,106,499 0.751,500,000 Oracle Corp 2% 25/03/2026 1,520,827 1.021,000,000 Public Service Enterprise Group Inc 3% 15/11/2022 1,029,444 0.69

800,000 Santander Holdings USA Inc 4% 28/03/2022 816,668 0.55250,000 Volkswagen Group of America Finance LLC 4% 12/11/2021 253,447 0.17

1,000,000 Wells Fargo & Co 2% 22/04/2022 1,404,641 0.951,000,000 Welltower Inc 5% 15/01/2024 1,084,844 0.73

Total United States 30,734,622 20.71

Total Corporate Bonds 103,126,787 69.49

Government Bonds: 26.08% (2020: 27.03%)

Australia: 8.05% (2020: 0.00%)

16,000,000 Australia Government Bond 0% 21/11/2024 11,941,231 8.05Total Australia 11,941,231 8.05

Canada: 4.46% (2020: 10.88%)

8,500,000 Canadian Government Bond 0% 01/03/2026 6,627,308 4.46Total Canada 6,627,308 4.46

Sweden: 8.35% (2020: 10.05%)

100,000,000 Sweden Government Bond 1% 12/11/2026 12,390,045 8.35Total Sweden 12,390,045 8.35

United States: 5.22% (2020: 6.10%)

8,000,000 United States Treasury Note/Bond 1% 30/06/2027 7,741,250 5.22Total United States 7,741,250 5.22

Total Government Bonds 38,699,834 26.08

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Liontrust Global Funds plc 72 Interim Report and Unaudited Financial Statements

Portfolio Statement As at 30 June 2021

Liontrust GF Absolute Return Bond Fund (continued)

Holdings Security Description

Financial Assets at fair value through profit or loss (continued)

Financial Derivative Instruments: 0.73% (2020: 2.00%)

Futures Contracts: 0.00% (2020: 0.00%)

Description Notional Country CurrencyNo. of

ContractsUnrealisedGain US$

% ofNet Assets

Germany: 0.00% (2020: 0.00%)

Euro-Oat Eurex September 2021 9,441,591 DE EUR 50 – –Total Germany 9,441,591 – –

United States: 0.00% (2020: 0.00%)

5 Year Note CBT September 2021 (16,037,734) US USD (130) – –US 10 Year Ultra September 2021 5,135,156 US USD 35 – –Total United States (10,902,578) – –

Total Future Contracts (1,460,987) – –

Forward Currency Contracts: 0.73% (2020: 2.00%)

Currency Buys

Currency Sells

CurrencyRate

MaturityDate

UnrealisedGain US$

% ofNet Assets

EUR 50,000,000 USD 60,110,700 1.2022 03/08/2021 638,601 0.43 CAD 8,500,000 USD 7,010,084 0.8247 03/08/2021 152,882 0.11 CHF 12,000,000 USD 13,134,247 1.0945 03/08/2021 121,217 0.08 AUD 15,400,000 USD 11,659,610 0.7571 03/08/2021 102,448 0.07 SEK 105,500,000 USD 12,421,351 0.1177 03/08/2021 18,051 0.01 EUR 421,062 USD 513,398 1.2193 02/07/2021 12,911 0.01 GBP 3,500,000 USD 4,864,580 1.3899 03/08/2021 12,130 0.01 GBP 179,439 USD 253,324 1.4118 02/07/2021 4,568 0.01 GBP 155,884 USD 217,424 1.3948 02/07/2021 1,322 0.00 GBP 48,351 USD 68,265 1.4119 02/07/2021 1,235 0.00 GBP 37,040 USD 52,515 1.4178 02/07/2021 1,167 0.00 GBP 47,210 USD 66,609 1.4109 02/07/2021 1,162 0.00 GBP 34,134 USD 48,281 1.4145 02/07/2021 961 0.00 GBP 29,775 USD 42,226 1.4182 02/07/2021 949 0.00 GBP 29,624 USD 42,011 1.4181 02/07/2021 944 0.00 GBP 71,221 USD 99,472 1.3967 02/07/2021 738 0.00 GBP 25,270 USD 35,744 1.4145 02/07/2021 712 0.00 GBP 20,000 USD 28,322 1.4161 02/07/2021 596 0.00 GBP 17,842 USD 25,290 1.4174 02/07/2021 556 0.00 GBP 17,113 USD 24,268 1.4181 02/07/2021 545 0.00 GBP 99,323 USD 138,173 1.3911 02/07/2021 482 0.00 GBP 17,178 USD 24,197 1.4086 02/07/2021 383 0.00 GBP 11,211 USD 15,877 1.4162 02/07/2021 334 0.00 GBP 12,557 USD 17,728 1.4118 02/07/2021 321 0.00 GBP 11,047 USD 15,603 1.4124 02/07/2021 289 0.00 GBP 12,233 USD 17,244 1.4096 02/07/2021 285 0.00 GBP 8,807 USD 12,489 1.4181 02/07/2021 280 0.00 GBP 10,082 USD 14,201 1.4085 02/07/2021 224 0.00 GBP 52,521 USD 73,022 1.3903 02/07/2021 212 0.00 GBP 7,324 USD 10,316 1.4085 02/07/2021 163 0.00 GBP 33,010 USD 45,922 1.3912 02/07/2021 160 0.00 USD 84,489 GBP 61,044 0.7225 04/08/2021 143 0.00 GBP 4,741 USD 6,714 1.4162 02/07/2021 141 0.00

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Liontrust Global Funds plc 73 Interim Report and Unaudited Financial Statements

Portfolio Statement As at 30 June 2021

Liontrust GF Absolute Return Bond Fund (continued)

Holdings Security Description

Financial Assets at fair value through profit or loss (continued)

Financial Derivative Instruments: 0.73% (2020: 2.00%) (continued)

Forward Currency Contracts: 0.73% (2020: 2.00%) (continued)

Currency Buys

Currency Sells

CurrencyRate

MaturityDate

UnrealisedGain US$

% ofNet Assets

GBP 4,336 USD 6,149 1.4181 02/07/2021 138 0.00 GBP 3,978 USD 5,641 1.4180 02/07/2021 125 0.00 GBP 4,197 USD 5,928 1.4124 02/07/2021 110 0.00 GBP 3,334 USD 4,728 1.4181 02/07/2021 106 0.00 GBP 19,154 USD 26,648 1.3912 04/08/2021 93 0.00 GBP 8,719 USD 12,177 1.3966 02/07/2021 90 0.00 GBP 20,453 USD 28,432 1.3901 01/07/2021 78 0.00 GBP 10,392 USD 14,484 1.3938 02/07/2021 77 0.00 GBP 9,410 USD 13,115 1.3937 02/07/2021 70 0.00 GBP 2,140 USD 3,033 1.4173 02/07/2021 67 0.00 AUD 500,000 USD 375,293 0.7506 03/08/2021 60 0.00 USD 31,344 GBP 22,646 0.7225 04/08/2021 53 0.00 GBP 13,781 USD 19,158 1.3902 02/07/2021 52 0.00 GBP 12,022 USD 16,711 1.3900 01/07/2021 46 0.00 GBP 1,681 USD 2,373 1.4117 02/07/2021 43 0.00 USD 23,046 GBP 16,652 0.7226 06/07/2021 39 0.00 GBP 9,629 USD 13,385 1.3901 01/07/2021 37 0.00 GBP 1,396 USD 1,968 1.4097 02/07/2021 33 0.00 GBP 1,087 USD 1,538 1.4149 02/07/2021 31 0.00 EUR 1,038 USD 1,264 1.2177 02/07/2021 30 0.00 GBP 2,861 USD 3,990 1.3946 02/07/2021 24 0.00 GBP 12,500 USD 17,350 1.3880 02/07/2021 21 0.00 GBP 5,118 USD 7,116 1.3904 02/07/2021 21 0.00 EUR 18,180 USD 21,629 1.1897 02/07/2021 20 0.00 GBP 668 USD 943 1.4117 02/07/2021 16 0.00 GBP 9,529 USD 13,226 1.3880 02/07/2021 16 0.00 GBP 628 USD 886 1.4108 02/07/2021 15 0.00 GBP 412 USD 582 1.4126 02/07/2021 11 0.00 GBP 3,871 USD 5,374 1.3883 02/07/2021 8 0.00 GBP 2,853 USD 3,959 1.3877 02/07/2021 5 0.00 USD 1,879 GBP 1,358 0.7227 06/07/2021 3 0.00 GBP 193 USD 269 1.3938 02/07/2021 1 0.00 GBP 174 USD 242 1.3908 04/08/2021 1 0.00

Total Forward Currency Contracts 1,078,652 0.73

Total Financial Derivative Instruments 1,078,652 0.73

Total Financial Assets at fair value through profit or loss 142,905,273 96.30

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Liontrust Global Funds plc 74 Interim Report and Unaudited Financial Statements

Portfolio Statement As at 30 June 2021

Liontrust GF Absolute Return Bond Fund (continued)

Holdings Security Description

Financial Liabilities at fair value through profit or loss

Financial Derivative Instruments: (2.22)% (2020: (2.47)%)

Futures Contracts: 0.00% (2020: 0.00%)

Description Notional Country CurrencyNo. of

ContractsUnrealised

Loss US$% of

Net Assets

Canada: 0.00% (2020: 0.00%)

Canadian 10 Year Treasury Bond September 2021 (5,279,553) CA CAD (45) – –Total Canada (5,279,553) – –

Germany: 0.00% (2020: 0.00%)

Euro-Bobl Eurex September 2021 (52,602,436) DE EUR (330) – –Euro-Bund Eurex September 2021 (9,018,831) DE EUR (44) – –Total Germany (61,621,267) – –

United States: 0.00% (2020: 0.00%)

Total Futures Contracts (66,900,820) – –

Forward Currency Contracts: (2.22)% (2020: (2.47)%)

Currency Buys

Currency Sells

CurrencyRate

MaturityDate

UnrealisedLoss US$

% ofNet Assets

USD 242 GBP 174 0.7190 02/07/2021 (1) (0.00) GBP 1,358 USD 1,879 1.3837 04/08/2021 (3) (0.00) USD 1,912 GBP 1,375 0.7191 02/07/2021 (6) (0.00) USD 7,978 GBP 5,748 0.7205 02/07/2021 (10) (0.00) USD 30,190 GBP 21,751 0.7205 02/07/2021 (36) (0.00) USD 13,385 GBP 9,629 0.7194 02/07/2021 (37) (0.00) GBP 16,652 USD 23,048 1.3841 04/08/2021 (39) (0.00) USD 2,606 GBP 1,847 0.7087 02/07/2021 (45) (0.00) USD 16,711 GBP 12,021 0.7193 02/07/2021 (46) (0.00) USD 19,158 GBP 13,781 0.7193 01/07/2021 (52) (0.00) GBP 22,646 USD 31,342 1.3840 06/07/2021 (53) (0.00) USD 28,432 GBP 20,453 0.7194 02/07/2021 (78) (0.00) USD 4,697 GBP 3,327 0.7083 02/07/2021 (85) (0.00) USD 14,211 GBP 10,189 0.7170 02/07/2021 (86) (0.00) USD 118,956 EUR 100,000 0.8406 02/07/2021 (93) (0.00) USD 26,646 GBP 19,154 0.7188 02/07/2021 (93) (0.00) USD 5,648 GBP 4,007 0.7095 02/07/2021 (93) (0.00) USD 32,372 GBP 23,283 0.7192 02/07/2021 (94) (0.00) USD 70,492 GBP 50,777 0.7203 02/07/2021 (100) (0.00) USD 5,752 GBP 4,073 0.7081 02/07/2021 (107) (0.00) USD 14,729 GBP 10,546 0.7160 02/07/2021 (109) (0.00) USD 7,193 GBP 5,098 0.7087 02/07/2021 (125) (0.00) USD 6,149 GBP 4,336 0.7052 02/07/2021 (138) (0.00) GBP 61,044 USD 84,483 1.3840 06/07/2021 (143) (0.00) USD 6,497 GBP 4,581 0.7051 02/07/2021 (146) (0.00) USD 45,925 GBP 33,010 0.7188 04/08/2021 (160) (0.00) USD 122,942 GBP 88,558 0.7203 02/07/2021 (174) (0.00) USD 11,880 GBP 8,434 0.7099 02/07/2021 (188) (0.00) USD 10,419 GBP 7,380 0.7083 02/07/2021 (189) (0.00) USD 42,034 GBP 30,159 0.7175 02/07/2021 (225) (0.00)

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Liontrust Global Funds plc 75 Interim Report and Unaudited Financial Statements

Portfolio Statement As at 30 June 2021

Liontrust GF Absolute Return Bond Fund (continued)

Holdings Security Description

Financial Liabilities at fair value through profit or loss (continued)

Financial Derivative Instruments: (2.22)% (2020: (2.47)%) (continued)

Forward Currency Contracts: (2.22)% (2020: (2.47)%) (continued)

Currency Buys

Currency Sells

CurrencyRate

MaturityDate

UnrealisedLoss US$

% ofNet Assets

USD 35,303 GBP 25,276 0.7160 02/07/2021 (262) (0.00) USD 13,462 EUR 11,051 0.8209 02/07/2021 (327) (0.00) USD 24,059 GBP 17,009 0.7070 02/07/2021 (479) (0.00) USD 29,012 GBP 20,582 0.7094 02/07/2021 (480) (0.00) USD 138,185 GBP 99,323 0.7188 04/08/2021 (482) (0.00) USD 29,299 GBP 20,752 0.7083 02/07/2021 (530) (0.00) USD 110,757 GBP 79,466 0.7175 02/07/2021 (592) (0.00) USD 29,767 GBP 21,020 0.7062 02/07/2021 (627) (0.00) USD 50,261 GBP 35,682 0.7099 02/07/2021 (795) (0.00) USD 36,467 GBP 25,721 0.7053 02/07/2021 (810) (0.00) USD 42,363 GBP 29,873 0.7052 02/07/2021 (951) (0.00) USD 72,523 GBP 51,344 0.7080 02/07/2021 (1,344) (0.00) USD 60,293 GBP 42,515 0.7051 02/07/2021 (1,355) (0.00) USD 96,172 GBP 68,122 0.7083 02/07/2021 (1,734) (0.00) USD 118,162 GBP 83,888 0.7099 02/07/2021 (1,868) (0.00) USD 97,683 GBP 68,980 0.7062 02/07/2021 (2,056) (0.00) USD 110,217 GBP 77,921 0.7070 02/07/2021 (2,195) (0.00) USD 147,173 GBP 104,248 0.7083 02/07/2021 (2,654) (0.00) USD 134,374 GBP 95,000 0.7070 02/07/2021 (2,676) (0.00) USD 534,457 GBP 383,184 0.7170 02/07/2021 (3,249) (0.00) USD 153,692 GBP 108,402 0.7053 02/07/2021 (3,415) (0.00) USD 171,676 GBP 121,372 0.7070 02/07/2021 (3,419) (0.00) USD 162,360 GBP 114,490 0.7052 02/07/2021 (3,643) (0.00) USD 174,468 GBP 123,084 0.7055 02/07/2021 (3,836) (0.00) USD 177,854 GBP 125,443 0.7053 02/07/2021 (3,952) (0.01) USD 307,803 GBP 218,360 0.7094 02/07/2021 (5,090) (0.01) USD 727,212 GBP 513,038 0.7055 02/07/2021 (15,988) (0.01) USD 2,106,318 GBP 1,500,000 0.7121 03/08/2021 (26,696) (0.02) USD 4,360,048 EUR 3,579,123 0.8209 02/07/2021 (105,793) (0.07) USD 4,749,784 EUR 3,899,053 0.8209 02/07/2021 (115,249) (0.08) USD 6,681,366 CHF 6,000,000 0.8980 03/08/2021 (174,851) (0.12) USD 10,550,222 GBP 7,469,173 0.7080 02/07/2021 (195,707) (0.13) USD 6,709,015 CHF 6,000,000 0.8943 03/08/2021 (202,500) (0.14) USD 11,229,899 GBP 7,950,360 0.7080 02/07/2021 (208,315) (0.14) USD 21,534,155 GBP 15,245,398 0.7080 02/07/2021 (399,460) (0.27) USD 26,213,321 EUR 21,518,271 0.8209 02/07/2021 (636,043) (0.43)

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Liontrust Global Funds plc 76 Interim Report and Unaudited Financial Statements

Portfolio Statement As at 30 June 2021

Liontrust GF Absolute Return Bond Fund (continued)

Holdings Security Description

Financial Liabilities at fair value through profit or loss (continued)

Financial Derivative Instruments: (2.22)% (2020: (2.47)%) (continued)

Forward Currency Contracts: (2.22)% (2020: (2.47)%) (continued)

Currency Buys

Currency Sells

CurrencyRate

MaturityDate

UnrealisedLoss US$

% ofNet Assets

USD 62,799,268 GBP 44,459,596 0.7080 02/07/2021 (1,164,930) (0.79)Total Forward Currency Contracts (3,297,107) (2.22)

Total Financial Derivative Instruments (3,297,107) (2.22)

Total Financial Liabilities at fair value through profit or loss (3,297,107) (2.22)

Net Financial Assets at fair value through profit or loss (Cost: US$ 69,738,258) (2020: 93.69%) 139,608,166 94.08

Cash and Cash Held as Collateral (2020: 5.82%) 14,020,723 9.45

Other Net Liabilities (2020: 0.49%) (5,229,396) (3.53)

Net Assets Attributable to Holders of Redeemable Participating Shares 148,399,493 100.00

The counterparty for forward currency contracts is The Bank of New York Mellon Corporation.

% ofTotal Assets

30 June 2021Analysis of Total Assets Transferable securities dealt in on another regulated market 89.30OTC derivatives 0.68Cash and cash held as collateral 9.07Other assets 0.95

100.00

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Liontrust Global Funds plc 77 Interim Report and Unaudited Financial Statements

Portfolio Statement As at 30 June 2021

Liontrust GF Sustainable Future Pan-European Growth Fund

Holdings Security Description Fair Value

€% of Net

Assets

Financial Assets at fair value through profit or loss

Equities: 97.28% (2020: 98.31%)

Belgium: 1.24% (2020: 1.16%)

67,613 Umicore SA 3,443,530 1.24Total Belgium 3,443,530 1.24

Denmark: 1.73% (2020: 4.61%)

56,402 Ringkjoebing Landbobank A/S 4,808,861 1.73Total Denmark 4,808,861 1.73

Finland: 1.50% (2020: 1.27%)

60,136 Kone Oyj 4,148,783 1.50Total Finland 4,148,783 1.50

France: 7.11% (2020: 7.92%)

36,296 Air Liquide SA 5,375,075 1.94225,015 AXA SA 4,784,944 1.72100,414 Edenred 4,824,390 1.7435,668 Schneider Electric SE 4,741,347 1.71

Total France 19,725,756 7.11

Germany: 13.49% (2020: 16.08%)

180,908 Infineon Technologies AG 6,132,781 2.2153,423 Knorr-Bremse AG 5,140,361 1.8678,929 Nagarro SE 8,149,419 2.9487,384 Puma SE 8,740,585 3.1557,356 SAP SE 6,844,865 2.4774,676 TeamViewer AG 2,388,512 0.86

Total Germany 37,396,523 13.49

Ireland: 4.83% (2020: 5.13%)

36,605 Kerry Group Plc 4,309,324 1.5637,666 Kingspan Group Plc 3,016,670 1.09

132,304 Smurfit Kappa Group Plc 6,053,569 2.18Total Ireland 13,379,563 4.83

Italy: 1.28% (2020: 1.35%)

328,354 Technogym SpA 3,539,656 1.28Total Italy 3,539,656 1.28

Luxembourg: 4.34% (2020: 3.82%)

117,519 Befesa SA 7,662,239 2.7619,100 Spotify Technology SA 4,385,527 1.58

Total Luxembourg 12,047,766 4.34

Netherlands: 7.84% (2020: 8.64%)

1,371 Adyen NV 2,829,744 1.0213,484 ASML Holding NV 7,842,969 2.83

143,562 Basic-Fit NV 5,130,906 1.85143,167 Qiagen NV 5,919,955 2.14

Total Netherlands 21,723,574 7.84

Norway: 2.89% (2020: 3.17%)

432,363 DNB ASA 8,004,256 2.89Total Norway 8,004,256 2.89

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Liontrust Global Funds plc 78 Interim Report and Unaudited Financial Statements

Portfolio Statement As at 30 June 2021

Liontrust GF Sustainable Future Pan-European Growth Fund (continued)

Holdings Security Description Fair Value

€% of Net

Assets

Financial Assets at fair value through profit or loss (continued)

Equities: 97.28% (2020: 98.31%) (continued)

Spain: 4.72% (2020: 5.44%)

105,270 Cellnex Telecom SA 5,660,368 2.04323,120 Grifols SA 7,425,298 2.68

Total Spain 13,085,666 4.72

Sweden: 10.35% (2020: 8.07%)

241,854 Assa Abloy AB 6,185,442 2.23284,384 Avanza Bank Holding AB 7,485,455 2.70403,280 Lifco AB 7,915,387 2.86746,746 Svenska Handelsbanken AB 7,100,228 2.56

Total Sweden 28,686,512 10.35

Switzerland: 4.71% (2020: 2.64%)

20,827 Roche Holding AG 6,637,893 2.3920,318 Zur Rose Group AG 6,435,847 2.32

Total Switzerland 13,073,740 4.71

United Kingdom: 31.25% (2020: 29.01%)

538,993 3i Group Plc 7,392,660 2.67279,160 Abcam Plc 4,558,180 1.64706,899 Avast Plc 4,067,455 1.47213,469 Compass Group Plc 3,725,197 1.3444,049 Croda International Plc 3,793,482 1.37

360,379 Hargreaves Lansdown Plc 6,650,355 2.402,028,674 Helios Towers Plc 3,880,310 1.40

107,376 Intertek Group Plc 6,936,635 2.502,668,731 IP Group Plc 3,629,223 1.31

78,858 London Stock Exchange Group Plc 7,369,723 2.661,437,315 National Express Group Plc 4,489,240 1.62

324,226 Prudential Plc 5,257,158 1.90264,270 Softcat Plc 5,497,070 1.98362,246 St James's Place Plc 6,229,578 2.25

1,536,169 Trainline Plc 5,192,155 1.87751,698 Trustpilot Group Plc 2,994,826 1.08100,612 Unilever Plc 4,965,957 1.79

Total United Kingdom 86,629,204 31.25

Total Equities 269,693,390 97.28

Total Financial Assets at fair value through profit or loss 269,693,390 97.28

Total Financial Assets at fair value through profit or loss (Cost: € 220,160,262) (2020: 98.31%) 269,693,390 97.28

Cash (2020: 1.65%) 6,899,579 2.49

Other Net Assets (2020: 0.04%) 631,662 0.23

Net Assets Attributable to Holders of Redeemable Participating Shares 277,224,631 100.00

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Liontrust Global Funds plc 79 Interim Report and Unaudited Financial Statements

% ofTotal Assets

30 June 2021Analysis of Total Assets Transferable securities admitted to official stock exchange listing 97.13Cash 2.48Other assets 0.39

100.00

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Liontrust Global Funds plc 80 Interim Report and Unaudited Financial Statements

Portfolio Statement As at 30 June 2021

Liontrust GF Sustainable Future Global Growth Fund

Holdings Security Description Fair Value

US$% of Net

Assets

Financial Assets at fair value through profit or loss

Equities: 97.66% (2020: 98.08%)

Australia: 1.91% (2020: 2.19%)

38,293 CSL Ltd 8,189,345 1.91Total Australia 8,189,345 1.91

Canada: 1.99% (2020: 1.92%)

71,189 Waste Connections Inc 8,502,814 1.99Total Canada 8,502,814 1.99

Denmark: 1.72% (2020: 1.73%)

72,562 Ringkjoebing Landbobank A/S 7,376,219 1.72Total Denmark 7,376,219 1.72

Germany: 8.92% (2020: 7.47%)

169,695 Evotec SE 7,718,662 1.80185,690 Infineon Technologies AG 7,449,327 1.7494,262 Knorr-Bremse AG 10,806,068 2.53

102,503 Puma SE 12,218,139 2.85Total Germany 38,192,196 8.92

Ireland: 3.30% (2020: 3.27%)

46,173 Kerry Group Plc 6,450,895 1.5181,920 Kingspan Group Plc 7,682,559 1.79

Total Ireland 14,133,454 3.30

Italy: 2.26% (2020: 2.14%)

113,743 Banca Generali SpA 4,851,990 1.14376,631 Technogym SpA 4,803,092 1.12

Total Italy 9,655,082 2.26

Japan: 4.48% (2020: 5.81%)

33,127 Daikin Industries Ltd 6,170,219 1.4414,857 Keyence Corp 7,495,701 1.75

233,103 TechnoPro Holdings Inc 5,512,054 1.29Total Japan 19,177,974 4.48

Luxembourg: 1.88% (2020: 1.59%)

29,200 Spotify Technology SA 8,047,812 1.88Total Luxembourg 8,047,812 1.88

Netherlands: 3.17% (2020: 2.80%)

1,837 Adyen NV 4,489,331 1.0513,179 ASML Holding NV 9,068,374 2.12

Total Netherlands 13,557,705 3.17

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Liontrust Global Funds plc 81 Interim Report and Unaudited Financial Statements

Portfolio Statement As at 30 June 2021

Liontrust GF Sustainable Future Global Growth Fund (continued)

Holdings Security Description Fair Value

US$% of Net

Assets

Financial Assets at fair value through profit or loss (continued)

Equities: 97.66% (2020: 98.08%) (continued)

Spain: 2.68% (2020: 2.34%)

180,164 Cellnex Telecom SA 11,478,345 2.68Total Spain 11,478,345 2.68

Sweden: 2.17% (2020: 2.60%)

296,515 Avanza Bank Holding AB 9,261,237 2.17Total Sweden 9,261,237 2.17

Switzerland: 1.28% (2020: 1.33%)

14,558 Roche Holding AG 5,484,516 1.28Total Switzerland 5,484,516 1.28

United Kingdom: 5.79% (2020: 4.71%)

269,415 Abcam Plc 5,148,599 1.20369,226 Compass Group Plc 7,772,343 1.8257,146 London Stock Exchange Group Plc 6,299,499 1.47

291,968 Prudential Plc 5,546,273 1.30Total United Kingdom 24,766,714 5.79

United States: 56.11% (2020: 58.18%)

13,266 Adobe Inc 7,771,820 1.826,953 Alphabet Inc 16,970,709 3.96

49,968 American Tower Corp (REIT) 13,505,601 3.1623,600 ANSYS Inc 8,187,194 1.9148,755 Autodesk Inc 14,228,659 3.3258,800 Bright Horizons Family Solutions Inc 8,648,304 2.0285,032 Cadence Design Systems Inc 11,633,653 2.72

122,670 Charles Schwab Corp/The 8,930,989 2.0937,963 DocuSign Inc 10,614,265 2.4836,373 Ecolab Inc 7,489,564 1.7512,231 Equinix Inc (REIT) 9,821,676 2.2936,555 First Republic Bank/CA 6,839,441 1.6017,000 Illumina Inc 8,041,000 1.8816,916 Intuit Inc 8,293,830 1.9411,400 Intuitive Surgical Inc 10,486,860 2.4555,642 IQVIA Holdings Inc 13,482,891 3.1540,135 Nasdaq Inc 7,055,532 1.65

690 NVR Inc 3,435,613 0.8017,266 Palo Alto Networks Inc 6,408,708 1.5043,903 PayPal Holdings Inc 12,794,212 2.99

9,436 Rockwell Automation Inc 2,699,404 0.6324,875 Splunk Inc 3,597,174 0.8421,748 Thermo Fisher Scientific Inc 10,973,606 2.5651,400 VeriSign Inc 11,701,467 2.73

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LIONTRUST GLOBAL FUNDS plc

Liontrust Global Funds plc 82 Interim Report and Unaudited Financial Statements

Portfolio Statement As at 30 June 2021

Liontrust GF Sustainable Future Global Growth Fund (continued)

Holdings Security Description Fair Value

US$% of Net

Assets

Financial Assets at fair value through profit or loss (continued)

Equities: 97.66% (2020: 98.08%) (continued)

United States: 56.11% (2020: 58.18%) (continued)

70,716 Visa Inc 16,548,605 3.87Total United States 240,160,777 56.11

Total Equities 417,984,190 97.66

Total Financial Assets at fair value through profit or loss 417,984,190 97.66

Total Financial Assets at fair value through profit or loss (Cost: US$ 317,760,585) (2020: 98.08%) 417,984,190 97.66

Cash (2020: 1.93%) 8,443,310 1.97

Other Net Assets (2020: (0.01)%) 1,570,389 0.37

Net Assets Attributable to Holders of Redeemable Participating Shares 427,997,889 100.00

% ofTotal Assets

30 June 2021Analysis of Total Assets Transferable securities admitted to official stock exchange listing 97.23Cash 1.96Other assets 0.81

100.00

Page 84: LIONTRUST GLOBAL FUNDS plc

LIONTRUST GLOBAL FUNDS plc

The accompanying notes form an integral part of these Financial Statements. Liontrust Global Funds plc 83 Interim Report and Unaudited Financial Statements

Unaudited Statement of Financial Position As at 30 June 2021 S

Liontrust GF European Strategic Equity Fund

Liontrust GF Special Situations Fund

Liontrust GF UK Growth Fund

Liontrust GF European Smaller Companies

Fund

As at

30-Jun-21As at

30-Jun-21As at

30-Jun-21As at

30-Jun-21 Notes € £ £ €Current assets Financial assets at fair value through profit or loss

- Collective investment schemes – – – –- Transferable securities 50,206,720 267,521,915 51,328,330 11,742,761- Financial derivative instruments 1,444,512 4,579 – –

Debtors: amounts falling due within one year 3 32,273 2,397,478 59,398 1,472Cash 4 – 25,267,274 555,450 249,528Due from broker for cash collateral 4 3,069,609 – – –Total current assets 54,753,114 295,191,246 51,943,178 11,993,761 Current liabilities Financial liabilities at fair value through profit or loss

- Financial derivative instruments (3,566,939) (35,426) – –Creditors: amounts falling due within one year 5 (272,341) (3,565,641) (165,356) (21,348)Bank overdraft (1,616,577) – – –Due to broker for cash collateral 4 – – – –Total liabilities (5,455,857) (3,601,067) (165,356) (21,348) Net assets attributable to holders of redeemable participating shares at financial period end 49,297,257 291,590,179 51,777,822 11,972,413

Page 85: LIONTRUST GLOBAL FUNDS plc

LIONTRUST GLOBAL FUNDS plc

The accompanying notes form an integral part of these Financial Statements. Liontrust Global Funds plc 84 Interim Report and Unaudited Financial Statements

Unaudited Statement of Financial Position (Continued) As at 30 June 2021

Liontrust GF Strategic

Bond Fund

Liontrust GF Sustainable Future

European Corporate Bond Fund

Liontrust GF High Yield Bond Fund

Liontrust GF Absolute Return Bond Fund

As at

30-Jun-21As at

30-Jun-21As at

30-Jun-21As at

30-Jun-21 Notes US$ € US$ US$ Current assets Financial assets at fair value through profit or loss

- Collective investment schemes 11,640,376 – – – - Transferable securities 347,063,364 32,084,116 129,618,959 141,826,621 - Financial derivative instruments 3,611,221 – 734,767 1,078,652

Debtors: amounts falling due within one year 3 3,128,504 250,056 1,830,633 1,513,363 Cash 4 72,454,723 281,393 7,036,078 13,451,314 Due from broker for cash collateral 4 5,939,999 116,930 347,449 947,454 Total current assets 443,838,187 32,732,495 139,567,886 158,817,404 Current liabilities Financial liabilities at fair value through profit or loss

- Financial derivative instruments (11,985,433) (103,925) (2,502,968) (3,297,107) Creditors: amounts falling due within one year 5 (41,809,961) (12,053) (1,343,600) (6,742,759) Due to broker for cash collateral 4 (3,675,539) (146,812) (128,591) (378,045) Total liabilities (57,470,933) (262,790) (3,975,159) (10,417,911) Net assets attributable to holders of redeemable participating shares at financial period end 386,367,254 32,469,705 135,592,727 148,399,493

Page 86: LIONTRUST GLOBAL FUNDS plc

LIONTRUST GLOBAL FUNDS plc

The accompanying notes form an integral part of these Financial Statements. Liontrust Global Funds plc 85 Interim Report and Unaudited Financial Statements

Unaudited Statement of Financial Position (Continued) As at 30 June 2021

Liontrust GF Sustainable Future

Pan-European Growth Fund

Liontrust GF Sustainable Future

Global Growth Fund Total Company

As at

30-Jun-21As at

30-Jun-21 As at

30-Jun-21 Notes € US$ €Current assets Financial assets at fair value through profit or loss

- Collective investment schemes – – –- Transferable securities 269,693,390 417,984,190 1,609,169,838- Financial derivative instruments – – 6,020,997

Debtors: amounts falling due within one year 3 1,076,102 3,449,205 12,585,957Cash 4 6,899,579 8,443,310 123,008,674Due from broker for cash collateral 4 – – 9,285,418Total current assets 277,669,071 429,876,705 1,760,070,884 Current liabilities Financial liabilities at fair value through profit or loss

- Financial derivative instruments – – (18,699,671)Creditors: amounts falling due within one year 5 (444,440) (1,878,816) (48,749,470)Bank overdraft – – (1,616,577)Due to broker for cash collateral 4 – – (3,672,797)Total liabilities (444,440) (1,878,816) (72,738,515) Net assets attributable to holders of redeemable participating shares at financial period end 277,224,631 427,997,889 1,687,332,369

Page 87: LIONTRUST GLOBAL FUNDS plc

LIONTRUST GLOBAL FUNDS plc

The accompanying notes form an integral part of these Financial Statements. Liontrust Global Funds plc 86 Interim Report and Unaudited Financial Statements

Statement of Financial Position As at 31 December 2020

Liontrust GF European Strategic Equity Fund

Liontrust GF Special Situations Fund

Liontrust GF UK Growth Fund

Liontrust GF Asia Income Fund*

As at

31-Dec-20As at

31-Dec-20As at

31-Dec-20As at

31-Dec-20 Notes € £ £ US$Current assets Financial assets at fair value through profit or loss

- Collective investment schemes – – – –- Transferable securities 45,042,834 188,498,920 49,347,973 –- Financial derivative instruments 1,668,341 251 – –

Debtors: amounts falling due within one year 3 242,474 6,171,178 161,456 –Cash 4 4,738,470 21,150,849 3,022,120 –Due from broker for cash collateral 4 823,114 – – –Total current assets 52,515,233 215,821,198 52,531,549 – Current liabilities Financial liabilities at fair value through profit or loss

- Financial derivative instruments (1,591,690) (14,413) – –Creditors: amounts falling due within one year 5 (181,609) (5,222,477) (42,913) –Due to broker for cash collateral 4 (4,950) – – –Total liabilities (1,778,249) (5,236,890) (42,913) – Net assets attributable to holders of redeemable participating shares at financial year end 50,736,984 210,584,308 52,488,636 –

*Liontrust GF Asia Income Fund terminated on 28 October 2020.

Page 88: LIONTRUST GLOBAL FUNDS plc

LIONTRUST GLOBAL FUNDS plc

The accompanying notes form an integral part of these Financial Statements. Liontrust Global Funds plc 87 Interim Report and Unaudited Financial Statements

Statement of Financial Position (Continued) As at 31 December 2020

Liontrust GF European Smaller Companies

FundLiontrust GF Strategic

Bond Fund

Liontrust GF Sustainable Future

European Corporate Bond Fund

Liontrust GF High Yield Bond Fund

As at

31-Dec-20As at

31-Dec-20As at

31-Dec-20As at

31-Dec-20 Notes € US$ € US$Current assets Financial assets at fair value through profit or loss

- Collective investment schemes – 11,271,238 – –- Transferable securities 10,856,946 365,453,727 31,852,205 120,285,113- Financial derivative instruments – 7,134,259 27,388 2,617,215

Debtors: amounts falling due within one year 3 3,905 5,107,062 226,459 1,656,049Cash 4 65,909 39,270,725 551,472 2,411,257Due from broker for cash collateral 4 – 3,590,064 41,081 106,790Total current assets 10,926,760 431,827,075 32,698,605 127,076,424 Current liabilities Financial liabilities at fair value through profit or loss

- Financial derivative instruments – (8,013,499) (8,580) (3,200,180)Creditors: amounts falling due within one year 5 (11,307) (416,204) (412,531) (575,455)Due to broker for cash collateral 4 – (1,062,378) (48,578) (65,878)Total liabilities (11,307) (9,492,081) (469,689) (3,841,513) Net assets attributable to holders of redeemable participating shares at financial year end 10,915,453 422,334,994 32,228,916 123,234,911

Page 89: LIONTRUST GLOBAL FUNDS plc

LIONTRUST GLOBAL FUNDS plc

The accompanying notes form an integral part of these Financial Statements. Liontrust Global Funds plc 88 Interim Report and Unaudited Financial Statements

Statement of Financial Position (Continued) As at 31 December 2020

Liontrust GF Absolute

Return Bond Fund

Liontrust GF Sustainable Future

Pan-European Growth Fund

Liontrust GF Sustainable Future

Global Growth Fund Total Company

As at

31-Dec-20 As at

31-Dec-20As at

31-Dec-20As at

31-Dec-20 Notes US$ € US$ €Current assets Financial assets at fair value through profit or loss –

- Collective investment schemes – – – –- Transferable securities 122,940,722 235,210,178 334,100,173 1,358,258,022- Financial derivative instruments 2,613,701 – – 11,797,928

Debtors: amounts falling due within one year 3 2,083,185 1,178,623 156,704 16,048,753Cash 4 7,016,911 3,946,181 6,583,806 81,399,504Due from broker for cash collateral 4 771,971 – – 4,518,918Total current assets 135,426,490 240,334,982 340,840,683 1,472,023,125 Current liabilities Financial liabilities at fair value through profit or loss

- Financial derivative instruments (3,226,315) – – (13,412,063)Creditors: amounts falling due within one year 5 (1,446,823) (1,089,919) (183,842) (9,689,356)Due to broker for cash collateral 4 (183,534) – – (1,126,377)Total liabilities (4,856,672) (1,089,919) (183,842) (24,227,796) Net assets attributable to holders of redeemable participating shares at financial year end 130,569,818 239,245,063 340,656,841 1,447,795,329

Page 90: LIONTRUST GLOBAL FUNDS plc

LIONTRUST GLOBAL FUNDS plc

The accompanying notes form an integral part of these Financial Statements. Liontrust Global Funds plc 89 Interim Report and Unaudited Financial Statements

Unaudited Statement of Comprehensive Income For the six months ended 30 June 2021

Notes

0.010 Liontrust GF European Strategic Equity Fund

For the six months ended

30-Jun-21 €

0.020

Liontrust GF Special Situations Fund

For thesix months ended

30-Jun-21 £

0.040

Liontrust GF UK Growth Fund

For thesix months ended

30-Jun-21 £

0.060 Liontrust GF European

Smaller Companies Fund

For the six months ended

30-Jun-21 €

Investment income Dividend income 934,516 2,861,663 705,656 204,072 Deposit interest income 104 465 66 1 Bond interest income 2,366 – – – Net fair value gain on financial assets and liabilities at fair value through profit or loss 7,788,393 23,738,668 5,416,053 1,755,254 Total investment income 8,725,379 26,600,796 6,121,775 1,959,327 Expenses 10 Investment advisory fee (355,937) (1,129,989) (195,035) (33,964) Dividend expense (103,171) – – – Performance fee (152,716) – – (3,169) Operating expenses (64,997) (331,328) (56,024) (29,169) Operating expense cap and rebate on fees – – – – Total operating expenses (676,821) (1,461,317) (251,059) (66,302) Net profit before finance costs 8,048,558 25,139,479 5,870,716 1,893,025 Finance costs Bank interest expense (223,802) (759) – (498) Distribution 16 – (299,895) (752,535) – Total finance costs (223,802) (300,654) (752,535) (498) Profit for the six months ended before tax 7,824,756 24,838,825 5,118,181 1,892,527 Withholding tax (75,630) – – (30,613) Increase in net assets attributable to holders of redeemable participating shares from operations 7,749,126 24,838,825 5,118,181 1,861,914

Page 91: LIONTRUST GLOBAL FUNDS plc

LIONTRUST GLOBAL FUNDS plc

The accompanying notes form an integral part of these Financial Statements. Liontrust Global Funds plc 90 Interim Report and Unaudited Financial Statements

Unaudited Statement of Comprehensive Income (Continued) For the six months ended 30 June 2021

Notes

0.070

Liontrust GF Strategic Bond Fund

For thesix months ended

30-Jun-21 US$

0.080

Liontrust GF Sustainable Future

European Corporate Bond Fund

For thesix months ended

30-Jun-21 €

0.090

Liontrust GF High Yield Bond Fund

For thesix months ended

30-Jun-21 US$

0.100

Liontrust GF Absolute Return Bond Fund

For thesix months ended

30-Jun-21 US$

Investment income Dividend income – – – –Deposit interest income 984 2 120 401Bond interest income 4,214,276 252,940 2,983,322 619,208Net fair value (loss)/gain on financial assets and liabilities at fair value through profit or loss (10,565,355) 52,718 2,084,121 (21,232)Total investment (loss)/income (6,350,095) 305,660 5,067,563 598,377 Expenses 10 Investment advisory fee (785,401) (56,488) (312,287) (170,730)Dividend expense (24,274) – – –Operating expenses (205,327) (16,140) (63,950) (56,914)Operating expense cap and rebate on fees 22,133 – – – Total operating expenses (992,869) (72,628) (376,237) (227,644) Net (loss)/profit before finance costs (7,342,964) 233,032 4,691,326 370,733 Finance costs Bank interest expense (53,808) (1,564) (5,382) (14,131)Distribution 16 (1,353,211) – (1,173,067) (194,165)Total finance costs (1,407,019) (1,564) (1,178,449) (208,296) (Loss)/Profit for the six months ended before tax (8,749,983) 231,468 3,512,877 162,437 Withholding tax (158,767) – (57,551) (25,485) (Decrease)/Increase in net assets attributable to holders of redeemable participating shares from operations (8,908,750) 231,468 3,455,326 136,952

Page 92: LIONTRUST GLOBAL FUNDS plc

LIONTRUST GLOBAL FUNDS plc

The accompanying notes form an integral part of these Financial Statements. Liontrust Global Funds plc 91 Interim Report and Unaudited Financial Statements

Unaudited Statement of Comprehensive Income (Continued) For the six months ended 30 June 2021

Notes

0.110 Liontrust GF

Sustainable Future Pan-European Growth Fund

For the six months ended

30-Jun-21 €

0.120 Liontrust GF

Sustainable Future Global Growth Fund

For the six months ended

30-Jun-21 US$

99.000

Total CompanyFor the

six months ended 30-Jun-21

€ Investment income Dividend income 3,178,899 1,303,775 9,507,642Deposit interest income – 253 2,177Bond interest income – – 6,741,637Net fair value gain on financial assets and liabilities at fair value through profit or loss 26,632,899 34,465,737 91,348,839Total investment income 29,811,798 35,769,765 107,600,295 Expenses 10 Investment advisory fee (1,060,936) (988,640) (4,906,142)Dividend expense – – (123,312)Performance fee – – (155,885)Operating expenses (387,168) (281,134) (1,447,511)Operating expense cap and rebate on fees – – 18,365 Total operating expenses (1,448,104) (1,269,774) (6,614,485) Net profit before finance costs 28,363,694 34,499,991 100,985,810 Finance costs Bank interest expense (16,496) (7,968) (310,685)Distribution 16 – – (3,469,462)Total finance costs (16,496) (7,968) (3,780,147) Profit for the six months ended before tax 28,347,198 34,492,023 97,205,663 Withholding tax (523,551) (276,235) (1,059,643) Increase in net assets attributable to holders of redeemable participating shares from operations 27,823,647 34,215,788 96,146,020

Page 93: LIONTRUST GLOBAL FUNDS plc

LIONTRUST GLOBAL FUNDS plc

The accompanying notes form an integral part of these Financial Statements. Liontrust Global Funds plc 92 Interim Report and Unaudited Financial Statements

Unaudited Statement of Comprehensive Income For the six months ended 30 June 2020

Notes

0.010

Liontrust GF European Strategic Equity Fund

For thesix months ended

30-Jun-20 €

0.020

Liontrust GF Special Situations Fund

For thesix months ended

30-Jun-20 £

0.040

Liontrust GF UK Growth Fund

For thesix months ended

30-Jun-20 £

0.050

Liontrust GF Asia Income Fund*

For thesix months ended

30-Jun-20 US$

Investment income Dividend income 1,002,581 1,590,739 577,072 389,654Deposit interest income 158 8,134 2,105 824Bond interest income 44,672 – – –Net fair value loss on financial assets and liabilities at fair value through profit or loss (21,515,064) (19,021,538) (7,669,616) (2,485,745)Total investment loss (20,467,653) (17,422,665) (7,090,439) (2,095,267) Expenses 10 Investment advisory fee (426,070) (614,851) (172,873) (71,366)Dividend expense (161,055) – – –Swap expense – – – –Performance fee (349) – – –Operating expenses (87,020) (184,506) (51,568) (56,815)Operating expense cap and rebate on fees – – – – Total operating expenses (674,494) (799,357) (224,441) (128,181) Net loss before finance costs (21,142,147) (18,222,022) (7,314,880) (2,223,448) Finance costs Bank interest expense (412,969) (5,499) (2,357) (395)Distribution 16 – (557,978) (956,367) (213,181)Total finance costs (412,969) (563,477) (958,724) (213,576) Loss for the six months ended before tax (21,555,116) (18,785,499) (8,273,604) (2,437,024) Withholding tax (111,987) – – (32,435) Loss for the six months ended after tax (21,667,103) (18,785,499) (8,273,604) (2,469,459) Decrease in net assets attributable to holders of redeemable participating shares from operations (21,667,103) (18,785,499) (8,273,604) (2,469,459)

* Liontrust GF Asia Income Fund terminated on 28 October 2020.

Page 94: LIONTRUST GLOBAL FUNDS plc

LIONTRUST GLOBAL FUNDS plc

The accompanying notes form an integral part of these Financial Statements. Liontrust Global Funds plc 93 Interim Report and Unaudited Financial Statements

Unaudited Statement of Comprehensive Income (Continued) For the six months ended 30 June 2020

Notes

0.060

Liontrust GF European Smaller Companies

FundFor the

six months ended 30-Jun-20

0.070

Liontrust GF Strategic Bond Fund

For thesix months ended

30-Jun-20 US$

0.080

Liontrust GF Sustainable Future

European Corporate Bond Fund

For thesix months ended

30-Jun-20 €

0.090

Liontrust GF High Yield Bond Fund

For thesix months ended

30-Jun-20 US$

Investment income Dividend income 108,765 – – –Deposit interest income 31 16,365 95 2,279Bond interest income – 4,220,766 261,447 1,007,268Swap income – 878,073 – 59,271Net fair value loss on financial assets and liabilities at fair value through profit or loss (3,239,802) (18,792,365) (943,568) (4,214,346)Total investment loss (3,131,006) (13,677,161) (682,026) (3,145,528) Expenses 10 Investment advisory fee (34,984) (675,650) (53,953) (136,352)Dividend expense – – – –Swap expense – – (8,394) –Operating expenses (31,112) (220,935) (18,485) (33,815)Operating expense cap and rebate on fees – – – – Total operating expenses (66,096) (896,585) (80,832) (170,167) Net loss before finance costs (3,197,102) (14,573,746) (762,858) (3,315,695) Finance costs Bank interest expense (1,659) (33,506) (934) (2,068)Distribution 16 – (1,633,341) – (253,921)Total finance costs (1,659) (1,666,847) (934) (255,989) Loss for the six months ended before tax (3,198,761) (16,240,593) (763,792) (3,571,684) Withholding tax (20,532) (57,938) – (7,029) Loss for the six months ended after tax (3,219,293) (16,298,531) (763,792) (3,578,713) Decrease in net assets attributable to holders of redeemable participating shares from operations (3,219,293) (16,298,531) (763,792) (3,578,713)

Page 95: LIONTRUST GLOBAL FUNDS plc

LIONTRUST GLOBAL FUNDS plc

The accompanying notes form an integral part of these Financial Statements. Liontrust Global Funds plc 94 Interim Report and Unaudited Financial Statements

Unaudited Statement of Comprehensive Income (Continued) For the six months ended 30 June 2020

Notes

0.100

Liontrust GF Absolute Return Bond Fund

For thesix months ended

30-Jun-20 US$

0.110 Liontrust GF

Sustainable Future Pan-European Growth Fund

For the six months ended

30-Jun-20 €

0.120

Liontrust GF Sustainable Future

Global Growth FundFor the

six months ended 30-Jun-20

US$

99.000

Total CompanyFor the

six months ended 30-Jun-20

€ Investment income Dividend income – 1,520,471 853,512 6,237,774Deposit interest income 2,869 21,092 17,843 69,542Bond interest income 972,664 – – 5,933,093Swap income – – – 850,616Net fair value (loss)/gain on financial assets and liabilities at fair value through profit or loss (6,860,704) (7,175,235) 18,441,709 (76,006,042)Total investment (loss)/income (5,885,171) (5,633,672) 19,313,064 (62,915,017) Expenses 10 Investment advisory fee (128,688) (626,842) (455,601) (3,374,082)Dividend expense – – – (161,055)Swap expense (580) – – (8,920)Performance fee – – – (349)Operating expenses (53,868) (210,071) (141,962) (1,076,969)Operating expense cap and rebate on fees – – (26,202) (23,778) Total operating expenses (183,136) (836,913) (623,765) (4,645,153) Net (loss)/profit before finance costs (6,068,307) (6,470,585) 18,689,299 (67,560,170) Finance costs Bank interest expense (9,102) (13,479) (5,967) (484,336)Distribution 16 (494,985) – – (4,086,186)Total finance costs (504,087) (13,479) (5,967) (4,570,522) (Loss)/Profit for the six months ended before tax (6,572,394) (6,484,064) 18,683,332 (72,130,692) Withholding tax (5,121) (301,049) (188,782) (697,920) (Loss)/Profit for the six months ended after tax (6,577,515) (6,785,113) 18,494,550 (72,828,612) (Decrease)/Increase in net assets attributable to holders of redeemable participating shares from operations (6,577,515) (6,785,113) 18,494,550 (72,828,612)

Page 96: LIONTRUST GLOBAL FUNDS plc

LIONTRUST GLOBAL FUNDS plc

The accompanying notes form an integral part of these Financial Statements. Liontrust Global Funds plc 95 Interim Report and Unaudited Financial Statements

Unaudited Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares For the six months ended 30 June 2021

Liontrust GF European Strategic Equity Fund

Liontrust GF Special Situations Fund

Liontrust GF UK Growth Fund

Liontrust GF European Smaller Companies

Fund

For thesix months ended

30-Jun-21€

For thesix months ended

30-Jun-21£

For thesix months ended

30-Jun-21£

For thesix months ended

30-Jun-21€

Net assets attributable to holders of redeemable participating shares at the beginning of the financial period 50,736,984 210,584,308 52,488,636 10,915,453 Redeemable participating share transactions Issue of redeemable participating shares for the financial period 3,526,354 102,261,040 7,395,539 86,399Redemption of redeemable participating shares for the financial period (12,715,207) (46,093,994) (13,224,534) (891,353)Net (decrease)/increase in net assets from redeemable participating share transactions (9,188,853) 56,167,046 (5,828,995) (804,954) Net increase attributable to holders of redeemable participating shares from operations 7,749,126 24,838,825 5,118,181 1,861,914 Net assets attributable to holders of redeemable participating shares at the end of the financial period 49,297,257 291,590,179 51,777,822 11,972,413

Page 97: LIONTRUST GLOBAL FUNDS plc

LIONTRUST GLOBAL FUNDS plc

The accompanying notes form an integral part of these Financial Statements. Liontrust Global Funds plc 96 Interim Report and Unaudited Financial Statements

Unaudited Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares (Continued) For the six months ended 30 June 2021

Liontrust GF Strategic

Bond Fund

Liontrust GF Sustainable Future

European Corporate Bond Fund

Liontrust GF High Yield Bond Fund

Liontrust GF Absolute Return Bond Fund

For thesix months ended

30-Jun-21US$

For thesix months ended

30-Jun-21€

For thesix months ended

30-Jun-21US$

For thesix months ended

30-Jun-21US$

Net assets attributable to holders of redeemable participating shares at the beginning of the financial period 422,334,994 32,228,916 123,234,911 130,569,818 Redeemable participating share transactions Issue of redeemable participating shares for the financial period 51,106,849 10,000 35,551,460 44,461,982Redemption of redeemable participating shares for the financial period (78,165,839) (679) (26,648,970) (26,769,259)Net (decrease)/increase in net assets from redeemable participating share transactions (27,058,990) 9,321 8,902,490 17,692,723 Net (decrease)/increase attributable to holders of redeemable participating shares from operations (8,908,750) 231,468 3,455,326 136,952 Net assets attributable to holders of redeemable participating shares at the end of the financial period 386,367,254 32,469,705 135,592,727 148,399,493

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The accompanying notes form an integral part of these Financial Statements. Liontrust Global Funds plc 97 Interim Report and Unaudited Financial Statements

Unaudited Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares (Continued) For the six months ended 30 June 2021

Liontrust GF Sustainable Future

Pan-European Growth Fund

Liontrust GF Sustainable Future

Global Growth Fund

For thesix months ended

30-Jun-21€

For thesix months ended

30-Jun-21US$

Net assets attributable to holders of redeemable participating shares at the beginning of the financial period 239,245,063 340,656,841 Redeemable participating share transactions Issue of redeemable participating shares for the financial period 48,213,374 106,619,197Redemption of redeemable participating shares for the financial period (38,057,453) (53,493,937)Net increase in net assets from redeemable participating share transactions 10,155,921 53,125,260 Net increase attributable to holders of redeemable participating shares from operations 27,823,647 34,215,788 Net assets attributable to holders of redeemable participating shares at the end of the financial period 277,224,631 427,997,889

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The accompanying notes form an integral part of these Financial Statements. Liontrust Global Funds plc 98 Interim Report and Unaudited Financial Statements

Unaudited Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares For the six months ended 30 June 2020

Liontrust GF European Strategic Equity Fund

Liontrust GF Special Situations Fund

Liontrust GF UK Growth Fund

Liontrust GF Asia Income Fund*

For thesix months ended

30-Jun-20€

For thesix months ended

30-Jun-20£

For thesix months ended

30-Jun-20£

For thesix months ended

30-Jun-20US$

Net assets attributable to holders of redeemable participating shares at the beginning of the financial period 87,288,395 131,689,577 55,298,688 20,974,895 Redeemable participating share transactions Issue of redeemable participating shares for the financial period 8,893,526 61,438,332 15,484,485 1,237,738Redemption of redeemable participating shares for the financial period (26,707,276) (31,972,107) (17,954,263) (2,026,473)Net (decrease)/increase in net assets from redeemable participating share transactions (17,813,750) 29,466,225 (2,469,778) (788,735) Net decrease attributable to holders of redeemable participating shares from operations (21,667,103) (18,785,499) (8,273,604) (2,469,459) Net assets attributable to holders of redeemable participating shares at the end of the financial period 47,807,542 142,370,303 44,555,306 17,716,701

*Liontrust GF Asia Income Fund terminated on 28 October 2020.

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The accompanying notes form an integral part of these Financial Statements. Liontrust Global Funds plc 99 Interim Report and Unaudited Financial Statements

Unaudited Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares (Continued) For the six months ended 30 June 2020

Liontrust GF European Smaller Companies

FundLiontrust GF Strategic

Bond Fund

Liontrust GF Sustainable Future

European Corporate Bond Fund

Liontrust GF High Yield Bond Fund

For thesix months ended

30-Jun-20€

For thesix months ended

30-Jun-20US$

For thesix months ended

30-Jun-20€

For thesix months ended

30-Jun-20US$

Net assets attributable to holders of redeemable participating shares at the beginning of the financial period 15,133,873 390,921,091 31,828,018 41,062,268 Redeemable participating share transactions Issue of redeemable participating shares for the financial period 407,189 156,646,967 – 25,564,091Redemption of redeemable participating shares for the financial period (2,244,930) (197,577,211) – (11,406,418)Net (decrease)/increase in net assets from redeemable participating share transactions (1,837,741) (40,930,244) – 14,157,673 Net decrease attributable to holders of redeemable participating shares from operations (3,219,293) (16,298,531) (763,792) (3,578,713) Net assets attributable to holders of redeemable participating shares at the end of the financial period 10,076,839 333,692,316 31,064,226 51,641,228

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The accompanying notes form an integral part of these Financial Statements. Liontrust Global Funds plc 100 Interim Report and Unaudited Financial Statements

Unaudited Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares (Continued) For the six months ended 30 June 2020

Liontrust GF Absolute

Return Bond Fund

Liontrust GF Sustainable Future

Pan-European Growth Fund

Liontrust GF Sustainable Future

Global Growth Fund

For thesix months ended

30-Jun-20US$

For thesix months ended

30-Jun-20€

For thesix months ended

30-Jun-20US$

Net assets attributable to holders of redeemable participating shares at the beginning of the financial period 124,420,224 137,613,726 138,264,175 Redeemable participating share transactions Issue of redeemable participating shares for the financial period 27,314,106 53,346,826 103,549,017Redemption of redeemable participating shares for the financial period (53,459,833) (26,945,095) (30,271,745)Net (decrease)/increase in net assets from redeemable participating share transactions (26,145,727) 26,401,731 73,277,272 Net (decrease)/increase attributable to holders of redeemable participating shares from operations (6,577,515) (6,785,113) 18,494,550 Net assets attributable to holders of redeemable participating shares at the end of the financial period 91,696,982 157,230,344 230,035,997

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Notes to the Financial Statements For the six months ended 30 June 2021

Liontrust Global Funds plc 101 Interim Report and Unaudited Financial Statements

1. General

Liontrust Global Funds plc (the “Company”) was incorporated on 20 June 2008 under the laws of the Republic of Ireland as an open-ended umbrella type investment company with variable capital and segregated liability between sub-funds (individually a “Sub-Fund” and collectively the “Sub-Funds”) in which different sub-funds may be created from time to time. The Company is authorised by the Central Bank of Ireland (the “Central Bank”) pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended (the “UCITS Regulations”).

The base currency and share class currency of the Sub-Funds are listed below:

Sub-Fund Base currency of Sub-Fund

Currency of denomination of shares in issue

Liontrust GF European Strategic Equity Fund Euro Euro, US Dollar, Pound Sterling

Liontrust GF Special Situations Fund Pound Sterling Euro, Pound Sterling

Liontrust GF UK Growth Fund Pound Sterling Pound Sterling

Liontrust GF European Smaller Companies Fund Euro Euro, US Dollar, Pound Sterling

Liontrust GF Strategic Bond Fund US Dollar Euro, US Dollar, Pound Sterling, Swiss Franc

Liontrust GF Sustainable Future European Corporate Bond Fund Euro Euro

Liontrust GF High Yield Bond Fund US Dollar Euro, US Dollar, Pound Sterling

Liontrust GF Absolute Return Bond Fund US Dollar Euro, US Dollar, Pound Sterling

Liontrust GF Sustainable Future Pan-European Growth Fund Euro Euro

Liontrust GF Sustainable Future Global Growth Fund US Dollar Euro, US Dollar

Liontrust GF Asia Income Fund was terminated on 28 October 2020 and is pending application to the Central Bank to revoke the Sub-Fund’s authorisation.

2. Accounting Policies

The principal accounting policies applied in the preparation of these financial statements are set out below.

Basis of Preparation

In preparing the unaudited condensed financial statements for the financial period ended 30 June 2021, the Company has applied Financial Reporting Standard 104 ‘‘Interim Financial Reporting’’ (‘‘FRS 104’’) and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019 (the "Central Bank UCITS Regulations") and these financial statements comply with these standards. The accounting policies applied are consistent with those of the audited annual financial statements for the financial year ended 31December 2020, as described in those financial statements.

The Company's management has made an assessment of the Company's ability to continue as a going concern and is satisfied that the Company has the resources to continue its business for the foreseeable future. Furthermore, management is not aware of any material uncertainties that may cast significant doubt upon the Company's ability to continue as a going concern. Therefore, the financial statements continue to be prepared on a going concern basis.

Cash Flow Statement

The Company has availed of the exemption available to open-ended investment funds under Section 7 “Statement of Cash Flows” of FRS 102 not to prepare a cash flow statement on the basis that substantially all of the Company’s investments are highly liquid and carried at fair value, and the Company provides a Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares.

Historical Cost Convention

The financial statements have been prepared under the historical cost convention as modified by the revaluation of financial assets and financial liabilities held at fair value through profit or loss.

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Notes to the Financial Statements For the six months ended 30 June 2021 (Continued)

Liontrust Global Funds plc 102 Interim Report and Unaudited Financial Statements

3. Debtors

Liontrust GF European

Strategic Equity Fund

Liontrust GF Special

Situations FundLiontrust GF UK

Growth Fund

Liontrust GF European

Smaller Companies Fund

Liontrust GF Strategic Bond

Fund

Liontrust GF Sustainable

Future European Corporate Bond

Fund 30-Jun-21 30-Jun-21 30-Jun-21 30-Jun-21 30-Jun-21 30-Jun-21 € £ £ € US$ €Amounts falling due within one year: Subscriptions receivable – 2,149,076 2,265 – 568,917 –Dividends receivable 32,273 244,086 57,133 1,472 – –Bond interest receivable – – – – 2,555,769 250,056Other receivables – 4,316 – – 3,818 – 32,273 2,397,478 59,398 1,472 3,128,504 250,056

Liontrust GF High Yield Bond Fund

Liontrust GF Absolute Return

Bond Fund

Liontrust GF Sustainable Future Pan-European

Growth Fund

Liontrust GF Sustainable

Future Global Growth Fund Total Company

30-Jun-21 30-Jun-21 30-Jun-21 30-Jun-21 30-Jun-21 US$ US$ € US$ €Amounts falling due within one year: Securities sold receivable – – – 3,261,986 2,750,982Subscriptions receivable 53,827 847,664 940,705 46,362 4,727,135Dividends receivable – – 135,397 133,130 632,728Bond interest receivable 1,776,806 665,699 – – 4,460,342Other receivables – – – 7,727 14,770 1,830,633 1,513,363 1,076,102 3,449,205 12,585,957

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Notes to the Financial Statements For the six months ended 30 June 2021 (Continued)

Liontrust Global Funds plc 103 Interim Report and Unaudited Financial Statements

3. Debtors (Continued)

Liontrust GF European

Strategic Equity Fund

Liontrust GF Special

Situations FundLiontrust GF UK

Growth FundLiontrust GF Asia

Income Fund*

Liontrust GF European

Smaller Companies Fund

Liontrust GF Strategic Bond

Fund 31-Dec-20 31-Dec-20 31-Dec-20 31-Dec-20 31-Dec-20 31-Dec-20 € £ £ US$ € US$Amounts falling due within one year: Securities sold receivable – 1,855 – – – –Subscriptions receivable 242,432 6,048,270 64,914 – 3,905 2,288,682Dividends receivable – 120,763 96,542 – – –Bond interest receivable – – – – – 2,803,514Other receivables 42 290 – – – 14,866 242,474 6,171,178 161,456 – 3,905 5,107,062

* Liontrust GF Asia Income Fund terminated on 28 October 2020.

Liontrust GF Sustainable

Future European Corporate Bond

FundLiontrust GF High Yield Bond Fund

Liontrust GF Absolute Return

Bond Fund

Liontrust GF Sustainable Future Pan-European

Growth Fund

Liontrust GF Sustainable

Future Global Growth Fund Total Company

31-Dec-20 31-Dec-20 31-Dec-20 31-Dec-20 31-Dec-20 31-Dec-20 € US$ US$ € US$ €Amounts falling due within one year: Securities sold receivable – – – – – 2,063Subscriptions receivable – 24,886 1,455,825 1,059,801 81,000 11,250,200Dividends receivable – – – 113,536 69,870 412,373Bond interest receivable 226,459 1,627,970 627,176 – – 4,358,771Other receivables – 3,193 184 5,286 5,834 25,346 226,459 1,656,049 2,083,185 1,178,623 156,704 16,048,753

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Notes to the Financial Statements For the six months ended 30 June 2021 (Continued)

Liontrust Global Funds plc 104 Interim Report and Unaudited Financial Statements

4. Cash at Bank and Sub-Custodian

The Bank of New York Mellon SA/NV, Dublin Branch has been appointed as the Depositary to the Company. The ultimate parent company of the Depositary is The Bank of New York Mellon Corporation, which is a global financial services company listed on the New York Stock Exchange. As at 30 June 2021 and 31 December 2020, cash collateral was held for derivatives trading with Morgan Stanley, Goldman Sachs International and UBS AG.

As at 30 June 2021, the cash and cash collateral amounts held were as follows:

Liontrust GF European

Strategic Equity Fund

Liontrust GF Special Situations

FundLiontrust GF UK

Growth Fund

Liontrust GF European Smaller Companies Fund

Liontrust GF Strategic Bond

Fund

Liontrust GF Sustainable Future

European Corporate Bond

Fund

Cash and bank overdraft 30-Jun-21

€30-Jun-21

£30-Jun-21

£30-Jun-21

€30-Jun-21

US$30-Jun-21

€The Bank of New York Mellon (1,201,985) 25,267,274 555,450 249,528 72,454,723 281,393Morgan Stanley (410,266) – – – – –Goldman Sachs International (4,326) – – – – – (1,616,577) 25,267,274 555,450 249,528 72,454,723 281,393 Due from/to broker for cash collateral Morgan Stanley 607,037 – – – – –Goldman Sachs International 2,251,767 – – – – –UBS AG 210,805 – – – 2,264,460 (29,882) 3,069,609 – – – 2,264,460 (29,882)

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Notes to the Financial Statements For the six months ended 30 June 2021 (Continued)

Liontrust Global Funds plc 105 Interim Report and Unaudited Financial Statements

4. Cash at Bank and Sub-Custodian (Continued)

Liontrust GF High Yield Bond Fund

Liontrust GF Absolute Return

Bond Fund

Liontrust GF Sustainable Future

Pan-European Growth Fund

Liontrust GF Sustainable Future

Global Growth Fund Total Company

Cash and bank overdraft 30-Jun-21

US$30-Jun-21

US$30-Jun-21

€30-Jun-21

US$30-Jun-21

€The Bank of New York Mellon 7,036,078 13,451,314 6,899,579 8,443,310 121,806,689Morgan Stanley – – – – (410,266)Goldman Sachs International – – – – (4,326) 7,036,078 13,451,314 6,899,579 8,443,310 121,392,097 Due from/to broker for cash collateral Morgan Stanley – – – – 607,037Goldman Sachs International – – – – 2,251,767UBS AG 218,858 569,409 – – 2,753,817 218,858 569,409 – – 5,612,621

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Notes to the Financial Statements For the six months ended 30 June 2021 (Continued)

Liontrust Global Funds plc 106 Interim Report and Unaudited Financial Statements

4. Cash at Bank and Sub-Custodian (Continued)

As at 31 December 2020, the cash and cash collateral amounts held were as follows:

Liontrust GF European

Strategic Equity Fund

Liontrust GF Special Situations

FundLiontrust GF UK

Growth FundLiontrust GF Asia

Income Fund*

Liontrust GF European Smaller Companies Fund

Liontrust GF Strategic Bond

Fund

Cash and bank overdraft 31-Dec-20

€31-Dec-20

£31-Dec-20

£31-Dec-20

US$31-Dec-20

€31-Dec-20

US$The Bank of New York Mellon 4,164,385 21,150,849 3,022,120 – 65,909 39,270,725Morgan Stanley (125,490) – – – – –Goldman Sachs International 699,575 – – – – – 4,738,470 21,150,849 3,022,120 – 65,909 39,270,725 Due from/to broker for cash collateral Morgan Stanley 125,495 – – – – –Goldman Sachs International 658,361 – – – – –UBS AG 34,308 – – – – 2,527,686 818,164 – – – – 2,527,686

* Liontrust GF Asia Income Fund terminated on 28 October 2020.

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Notes to the Financial Statements For the six months ended 30 June 2021 (Continued)

Liontrust Global Funds plc 107 Interim Report and Unaudited Financial Statements

4. Cash at Bank and Sub-Custodian (Continued)

Liontrust GF Sustainable Future

European Corporate Bond

FundLiontrust GF High Yield Bond Fund

Liontrust GF Absolute Return

Bond Fund

Liontrust GF Sustainable Future

Pan-European Growth Fund

Liontrust GF Sustainable Future

Global Growth Fund Total Company

Cash and bank overdraft 31-Dec-20

€31-Dec-20

US$31-Dec-20

US$31-Dec-20

€31-Dec-20

US$31-Dec-20

€The Bank of New York Mellon 551,472 2,411,257 7,016,911 3,946,181 6,583,806 80,825,419Morgan Stanley – – – – – (125,490)Goldman Sachs International – – – – – 699,575 551,472 2,411,257 7,016,911 3,946,181 6,583,806 81,399,504 Due from/to broker for cash collateral Morgan Stanley – – – – – 125,495Goldman Sachs International – – – – – 658,361UBS AG (7,497) 40,912 588,437 – – 2,608,685 (7,497) 40,912 588,437 – – 3,392,541

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Notes to the Financial Statements For the six months ended 30 June 2021 (Continued)

Liontrust Global Funds plc 108 Interim Report and Unaudited Financial Statements

5. Creditors

Liontrust GF European

Strategic Equity Fund

Liontrust GF Special

Situations FundLiontrust GF UK

Growth Fund

Liontrust GF European

Smaller Companies Fund

Liontrust GF Strategic Bond

Fund

Liontrust GF Sustainable

Future European Corporate Bond

Fund 30-Jun-21 30-Jun-21 30-Jun-21 30-Jun-21 30-Jun-21 30-Jun-21 € £ £ € US$ €Amounts falling due within one year: Securities purchased payable – – – – 40,844,052 –Sundry creditors 44,749 4,444 – – 20,214 –Investment Adviser fee payable 58,835 208,145 32,658 5,893 132,681 9,382Performance fee payable 152,716 – – 3,170 – –Fixed operating fee payable 10,777 60,051 9,364 5,064 32,614 2,671Redemptions payable 5,264 3,293,001 123,334 7,221 780,400 – 272,341 3,565,641 165,356 21,348 41,809,961 12,053

Liontrust GF High Yield Bond Fund

Liontrust GF Absolute Return

Bond Fund

Liontrust GF Sustainable Future Pan-European

Growth Fund

Liontrust GF Sustainable

Future Global Growth Fund Total Company

30-Jun-21 30-Jun-21 30-Jun-21 30-Jun-21 30-Jun-21 US$ US$ € US$ €Amounts falling due within one year: Securities purchased payable 1,099,110 6,624,325 – 1,636,364 42,323,431Sundry creditors – – – 285 67,220Investment Adviser fee payable 53,992 28,866 187,853 182,430 878,268Performance fee payable – – – – 155,886Fixed operating fee payable 11,165 9,609 68,535 51,345 256,289Redemptions payable 179,333 79,959 188,052 8,392 5,068,376 1,343,600 6,742,759 444,440 1,878,816 48,749,470 *

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Notes to the Financial Statements For the six months ended 30 June 2021 (Continued)

Liontrust Global Funds plc 109 Interim Report and Unaudited Financial Statements

5. Creditors (Continued)

Liontrust GF European

Strategic Equity Fund

Liontrust GF Special

Situations FundLiontrust GF UK

Growth FundLiontrust GF Asia

Income Fund*

Liontrust GF European

Smaller Companies Fund

Liontrust GF Strategic Bond

Fund 31-Dec-20 31-Dec-20 31-Dec-20 31-Dec-20 31-Dec-20 31-Dec-20 € £ £ US$ € US$Amounts falling due within one year: Securities purchased payable – 4,509,477 – – – –Sundry creditors 40,057 – – – – 8,221Investment Adviser fee payable 58,131 141,540 33,220 – 5,227 141,442Performance fee payable – – – – 1,199 –Fixed operating fee payable 10,738 42,167 9,521 – 4,491 35,077Redemptions payable 72,683 529,293 172 – 391 231,464 181,609 5,222,477 42,913 – 11,307 416,204

* Liontrust GF Asia Income Fund terminated on 28 October 2020.

Liontrust GF Sustainable

Future European Corporate Bond

FundLiontrust GF High Yield Bond Fund

Liontrust GF Absolute Return

Bond Fund

Liontrust GF Sustainable Future Pan-European

Growth Fund

Liontrust GF Sustainable

Future Global Growth Fund Total Company

31-Dec-20 31-Dec-20 31-Dec-20 31-Dec-20 31-Dec-20 31-Dec-20 € US$ US$ € US$ €Amounts falling due within one year: Securities purchased payable 400,210 500,000 – 26,291 – 5,848,425Sundry creditors – 19 549 37 – 47,286Investment Adviser fee payable 9,590 51,128 25,919 162,635 142,565 725,173Performance fee payable – – – – – 1,199Fixed operating fee payable 2,731 10,463 8,607 58,869 41,277 212,344Redemptions payable – 13,845 1,411,748 842,087 – 2,854,929 412,531 575,455 1,446,823 1,089,919 183,842 9,689,356

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Notes to the Financial Statements For the six months ended 30 June 2021 (Continued)

Liontrust Global Funds plc 110 Interim Report and Unaudited Financial Statements

6. Share Capital

The authorised share capital of the Company is €300,000, divided into 300,000 Management Shares of €1.00 each and 500,000,000,000 redeemable participating shares of no par value. The redeemable participating shares carry voting rights and are entitled to all dividends on the distributing share classes and all capital surplus rights. The rights attached to any class may, whether or not the Company is being wound up, be varied or abrogated with the consent in writing of the holders of three-fourths of the issued shares of that class, or with the sanction of a special resolution passed at a separate general meeting of the holders of the shares of the class. Every shareholder shall have one vote and every management shareholder shall have one vote in respect of all Management Shares. Management Shares do not entitle the holders to any dividend and on a winding-up entitle the holder to receive the amount paid up thereon but not otherwise to participate in the assets of the Company. The Company may from time to time by ordinary resolution increase its capital by such amount as the resolution shall prescribe. Further information on the rights, preferences and restrictions of each share class is available in the Prospectus.

Share classes are either accumulating, distributing, hedged or unhedged and will attract different fee rates of expenses as detailed in Note 10 to the Financial Statements.

Proceeds from shares issued and payments for shares redeemed are reflected in local currency of the share class and include switches between share classes within the Sub-Funds.

The movement in the number of redeemable participating shares was as follows:

Liontrust GF European Strategic Equity Fund

Opening

shares

Shares issued during the

period

Shares redeemed during the

period Closing sharesProceeds from shares issued

Payment for shares

redeemed30 June 2021 Class A3 Euro Accumulating (Institutional) 595,773 99,755 (180,673) 514,855 1,295,924 (2,192,728)Class A4 Euro Accumulating 2,746,437 23,290 (357,476) 2,412,251 311,915 (5,466,559)Class B3 US Dollar Accumulating 79,930 – – 79,930 – –Class C3 Sterling Accumulating (Institutional) (Hedged) 463,482 106,559 (249,135) 320,906 1,648,298 (3,534,935)Class C4 Sterling Accumulating (Hedged) 76,480 – (55,414) 21,066 – (851,076)Class CF Sterling Accumulating (Founder) 5,000,000 – – 5,000,000 – –

Liontrust GF European Strategic Equity Fund

Opening sharesShares issued

during the periodShares redeemed during the period Closing shares

30 June 2020 Class A3 Euro Accumulating (Institutional) 1,768,764 110,444 (774,922) 1,104,286Class A4 Euro Accumulating 3,047,305 259,410 (618,711) 2,688,004Class B3 US Dollar Accumulating 64,729 34,248 (19,047) 79,930Class C3 Sterling Accumulating (Institutional) (Hedged) 1,109,862 305,256 (880,044) 535,074Class C4 Sterling Accumulating (Hedged) 76,419 – – 76,419Class CF Sterling Accumulating (Founder) 5,000,000 – – 5,000,000

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Notes to the Financial Statements For the six months ended 30 June 2021 (Continued)

Liontrust Global Funds plc 111 Interim Report and Unaudited Financial Statements

6. Share Capital (Continued)

Liontrust GF Special Situations Fund

Opening

shares

Shares issued during the

period

Shares redeemed during the

period Closing sharesProceeds from shares issued

Payment for shares

redeemed30 June 2021 Class A1 Euro Accumulating 798,536 175,706 (197,638) 776,604 3,387,568 (3,904,342)Class A2 Euro Accumulating (Hedged) 182,776 94,551 (135,300) 142,027 1,865,968 (2,760,168)Class A3 Euro Accumulating (Institutional) 1,237,222 1,155,955 (539,345) 1,853,832 11,975,612 (5,623,259)Class A5 Euro Accumulating (Institutional) (Hedged) – 324,647 – 324,647 3,262,458 –Class C1 Sterling Accumulating 267,782 503,663 (50,145) 721,300 10,186,576 (1,041,127)Class C3 Sterling Accumulating 6,292,970 2,319,003 (1,274,426) 7,337,547 52,312,335 (29,386,679)Class C6 Sterling Distributing (Institutional) 1,580,672 563,467 (144,705) 1,999,434 10,178,183 (2,635,904)Class C7 Sterling Accumulating (Institutional) 929,453 593,321 (124,355) 1,398,419 11,793,539 (2,401,801)

Liontrust GF Special Situations Fund

Opening sharesShares issued

during the periodShares redeemed during the period Closing shares

30 June 2020 Class A1 Euro Accumulating 464,265 505,456 (138,528) 831,193Class A2 Euro Accumulating (Hedged) 304,387 176,237 (247,567) 233,057Class A3 Euro Accumulating (Institutional) 1,000 1,334,578 (145,579) 1,189,999Class C1 Sterling Accumulating 77,682 98,378 (45,650) 130,410Class C3 Sterling Accumulating 3,722,504 1,554,092 (672,565) 4,604,031Class C6 Sterling Distributing (Institutional) 1,758,432 347,696 (770,085) 1,336,043Class C7 Sterling Accumulating (Institutional) 309,429 99,372 (20,919) 387,882

Liontrust GF UK Growth Fund

Opening

shares

Shares issued during the

period

Shares redeemed during the

period Closing sharesProceeds from shares issued

Payment for shares

redeemed30 June 2021 Class C1 Sterling Accumulating 1,000 – – 1,000 – –Class C3 Sterling Accumulating (Institutional) 503,368 169,053 (222,394) 450,027 2,580,270 (3,300,342)Class C6 Sterling Distributing (Institutional) 3,498,283 362,568 (728,124) 3,132,727 4,815,269 (9,924,192)

Liontrust GF UK Growth Fund

Opening sharesShares issued

during the periodShares redeemed during the period Closing shares

30 June 2020 Class C3 Sterling Accumulating (Institutional) 51,363 394,441 (58,194) 387,610Class C6 Sterling Distributing (Institutional) 3,808,148 805,855 (1,432,384) 3,181,619

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6. Share Capital (Continued)

Liontrust GF Asia Income Fund*

Opening sharesShares issued

during the periodShares redeemed during the period Closing shares

30 June 2020 Class A1 Euro Accumulating 135,907 9,191 (85,907) 59,191Class A2 Euro Accumulating 10,000 – (10,000) –Class B4 US Dollar Accumulating 16,000 – (8,000) 8,000Class B5 US Dollar Accumulating (Institutional) 28,607 101,711 – 130,318Class C3 Sterling Distributing (Institutional) 1,265,779 2,734 (58,186) 1,210,327

* Liontrust GF Asia Income Fund terminated on 28 October 2020.

Liontrust GF European Smaller Companies Fund

Opening

shares

Shares issued during the

period

Shares redeemed during the

period Closing sharesProceeds from shares issued

Payment for shares

redeemed30 June 2021 Class A3 Euro Accumulating (Institutional) 161,846 6,138 (2,642) 165,342 86,399 (38,078)Class A4 Euro Accumulating 24,079 – (7,360) 16,719 – (107,825)Class A5 Euro Accumulating (Institutional) 109 – – 109 – –Class B4 US Dollar Accumulating 4,378 – – 4,378 – –Class CF Sterling Accumulating (Founder) 10,000,000 – – 10,000,000 – –Class X Euro Seed Accumulating (Institutional) 654,575 – (50,000) 604,575 – (745,450)

Liontrust GF European Smaller Companies Fund

Opening sharesShares issued

during the periodShares redeemed during the period Closing shares

30 June 2020 Class A3 Euro Accumulating (Institutional) 153,066 41,707 (4,693) 190,080Class A4 Euro Accumulating 58,949 – (27,930) 31,019Class A5 Euro Accumulating (Institutional) 109 – – 109Class B4 US Dollar Accumulating 4,378 – – 4,378Class CF Sterling Accumulating (Founder) 10,000,000 – – 10,000,000Class X Euro Seed Accumulating (Institutional) 1,050,258 7,344 (213,027) 844,575

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6. Share Capital (Continued)

Liontrust GF Strategic Bond Fund

Opening

shares

Shares issued during the

period

Shares redeemed during the

period Closing sharesProceeds from shares issued

Payment for shares

redeemed30 June 2021 Class A1 Accumulating Euro (Hedged) 1,000 19,761 – 20,761 200,000 –Class A5 Accumulating Euro (Hedged) 3,553,794 635,133 (587,194) 3,601,733 7,000,300 (6,467,726)Class A5 Distributing Euro (Hedged) 294,034 156,232 (11,962) 438,304 1,657,039 (126,159)Class A8 Accumulating Euro (Hedged) 14,189,630 1,648,317 (3,690,376) 12,147,571 18,389,549 (41,185,705)Class A8 Distributing Euro (Hedged) 1,066,922 121,207 (209,811) 978,318 1,253,936 (2,179,123)Class A9 Accumulating Euro (Hedged) 18,929 35,044 (4,464) 49,509 383,840 (48,873)Class B1 Accumulating US Dollar 5,000 – – 5,000 – –Class B5 Accumulating US Dollar 185,675 85,764 (15,410) 256,029 1,011,838 (180,400)Class B5 Distributing US Dollar 849,125 179,432 (32,821) 995,736 1,995,054 (362,906)Class B8 Accumulating US Dollar 273,198 38,791 (7,630) 304,359 460,500 (90,305)Class B8 Distributing US Dollar 3,007,226 426,703 (144,648) 3,289,281 4,771,839 (1,611,730)Class C5 Accumulating Sterling (Hedged) 6,040 – – 6,040 – –Class C5 Distributing Sterling (Hedged) 1,997,948 36,627 (372,403) 1,662,172 393,467 (3,985,579)Class C8 Distributing Sterling (Hedged) 4,644,046 472,425 (668,706) 4,447,765 5,045,649 (7,112,235)Class D8 Distributing Swiss Franc (Hedged) 1,228,234 33,759 (11,167) 1,250,826 346,243 (114,493)

Liontrust GF Strategic Bond Fund

Opening sharesShares issued

during the periodShares redeemed during the period Closing shares

30 June 2020 Class A5 Accumulating Euro (Hedged) 2,529,970 882,211 (660,088) 2,752,093Class A5 Distributing Euro (Hedged) 353,440 26,125 (99,148) 280,417Class A8 Accumulating Euro (Hedged) 15,739,835 7,601,717 (12,320,164) 11,021,388Class A8 Distributing Euro (Hedged) 1,643,840 25,040 (363,509) 1,305,371Class A9 Accumulating Euro (Hedged) 17,999 5,770 (12,218) 11,551Class B1 Accumulating US Dollar 5,000 – – 5,000Class B5 Accumulating US Dollar 589,856 33,145 (456,826) 166,175Class B5 Distributing US Dollar 336,480 483,115 (40,400) 779,195Class B8 Accumulating US Dollar 266,168 99,082 (25,817) 339,433Class B8 Distributing US Dollar 3,053,906 296,273 (370,593) 2,979,586Class C5 Accumulating Sterling (Hedged) 1,000 1,492,294 (1,487,254) 6,040Class C5 Distributing Sterling (Hedged) 556,844 1,469,468 (62,209) 1,964,103Class C8 Distributing Sterling (Hedged) 5,725,437 737,395 (1,890,211) 4,572,621Class D8 Distributing Swiss Franc (Hedged) 1,823,280 964 – 1,824,244

Liontrust GF Sustainable Future European Corporate Bond Fund

Opening

shares

Shares issued during the

period

Shares redeemed during the

period Closing sharesProceeds from shares issued

Payment for shares

redeemed30 June 2021 Class A1 Accumulating Euro 5,884 946 – 6,830 10,000 –Class A5 Accumulating Euro 3,758 – (64) 3,694 – (679)Class A8 Accumulating Euro 3,000,000 – – 3,000,000 – –

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6. Share Capital (Continued)

Liontrust GF Sustainable Future European Corporate Bond Fund

Opening sharesShares issued

during the periodShares redeemed during the period Closing shares

30 June 2020 Class A1 Accumulating Euro 2,500 – – 2,500Class A5 Accumulating Euro 2,500 – – 2,500Class A8 Accumulating Euro 3,000,000 – – 3,000,000

Liontrust GF High Yield Bond Fund

Opening

shares

Shares issued during the

period

Shares redeemed during the

period Closing sharesProceeds from shares issued

Payment for shares

redeemed30 June 2021 Class A1 Accumulating Euro (Hedged) 310,440 21,272 (5,162) 326,550 240,882 (58,230)Class A1 Distributing Euro (Hedged) 629,760 106,894 (64,871) 671,783 1,087,140 (659,240)Class A5 Accumulating Euro (Hedged) 305,750 53,077 (2,520) 356,307 607,166 (28,923)Class B1 Accumulating US Dollar 102,238 1,684 (39,599) 64,323 20,000 (478,894)Class B1 Distributing US Dollar 94,073 8,400 (16,142) 86,331 91,265 (175,300)Class B5 Accumulating US Dollar 1,021,147 9,196 (1,527) 1,028,816 111,849 (18,547)Class C1 Accumulating Sterling (Hedged) 160,915 23,517 (15,514) 168,918 269,550 (180,177)Class C1 Distributing Sterling (Hedged) 260,581 24,552 (38,446) 246,687 254,624 (398,936)Class C5 Accumulating Sterling (Hedged) 905,355 1,056,756 (152,386) 1,809,725 12,399,507 (1,786,806)Class C5 Distributing Sterling (Hedged) 515,234 153,538 (502,023) 166,749 1,734,021 (5,690,430)Class C8 Accumulating Sterling (Hedged) 1,252,436 136,232 (117,757) 1,270,911 1,585,000 (1,376,404)Class C8 Distributing Sterling (Hedged) 3,118,435 739,167 (854,381) 3,003,221 7,672,590 (8,794,790)

Liontrust GF High Yield Bond Fund

Opening sharesShares issued

during the periodShares redeemed during the period Closing shares

30 June 2020 Class A1 Accumulating Euro (Hedged) 224,777 100,416 (6,829) 318,364Class A1 Distributing Euro (Hedged) 516,238 151,106 (56,601) 610,743Class A5 Accumulating Euro (Hedged) 46,536 245,156 (14,103) 277,589Class B1 Accumulating US Dollar 56,972 45,025 (521) 101,476Class B1 Distributing US Dollar 94,094 10,890 (12,543) 92,441Class B5 Accumulating US Dollar 58,816 34,620 (24,621) 68,815Class B8 Accumulating US Dollar 210,000 – (210,000) –Class C1 Accumulating Sterling (Hedged) 103,714 49,761 – 153,475Class C1 Distributing Sterling (Hedged) 147,772 110,065 (18,354) 239,483Class C5 Accumulating Sterling (Hedged) 353,840 211,643 (101,970) 463,513Class C5 Distributing Sterling (Hedged) – 114,070 – 114,070Class C8 Accumulating Sterling (Hedged) 831,089 209,822 (149,755) 891,156Class C8 Distributing Sterling (Hedged) 449,294 878,481 (335,649) 992,126

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Liontrust Global Funds plc 115 Interim Report and Unaudited Financial Statements

6. Share Capital (Continued)

Liontrust GF Absolute Return Bond Fund

Opening

shares

Shares issued during the

period

Shares redeemed during the

period Closing sharesProceeds from shares issued

Payment for shares

redeemed30 June 2021 Class A1 Accumulating Euro (Hedged) 1,000 105 – 1,105 1,051 –Class A5 Accumulating Euro (Hedged) 1,508,791 1,142,983 (592,497) 2,059,277 11,778,569 (6,083,991)Class A5 Distributing Euro (Hedged) 275,626 120,850 (10) 396,466 1,194,000 (97)Class A10 Accumulating Euro (Hedged) 442,064 26,132 (115,531) 352,665 267,647 (1,183,528)Class B1 Accumulating US Dollar 19,983 – (9,992) 9,991 – (106,620)Class B5 Accumulating US Dollar 11,335 6,889 (8,934) 9,290 75,000 (97,522)Class B10 Accumulating US Dollar 422,985 235,241 (44,345) 613,881 2,512,784 (472,803)Class B10 Distributing US Dollar 1,273 7 (3) 1,277 74 (37)Class C5 Accumulating Sterling (Hedged) 1,174,148 557,634 (129,529) 1,602,253 5,883,768 (1,365,901)Class C5 Distributing Sterling (Hedged) 1,299,032 179,465 (680,736) 797,761 1,821,481 (6,920,177)Class C10 Accumulating Sterling (Hedged) 567,552 243,502 (77,886) 733,168 2,543,197 (812,680)Class C10 Distributing Sterling (Hedged) 3,915,100 819,983 (336,714) 4,398,369 8,348,526 (3,427,662)

Liontrust GF Absolute Return Bond Fund

Opening sharesShares issued

during the periodShares redeemed during the period Closing shares

30 June 2020 Class A5 Accumulating Euro (Hedged) 1,491,991 248,738 (1,322,223) 418,506Class A5 Distributing Euro (Hedged) 391,728 27,078 (108,136) 310,670Class A10 Accumulating Euro (Hedged) 558,163 16,891 (108,475) 466,579Class B1 Accumulating US Dollar 19,983 – – 19,983Class B5 Accumulating US Dollar 6,452 – – 6,452Class B10 Accumulating US Dollar 245,506 199,844 (75,027) 370,323Class B10 Distributing US Dollar 91,256 19 (10) 91,265Class C5 Accumulating Sterling (Hedged) 1,209,358 378,270 (664,837) 922,791Class C5 Distributing Sterling (Hedged) 1,340,516 78,635 (597,244) 821,907Class C10 Accumulating Sterling (Hedged) 975,165 212,097 (590,827) 596,435Class C10 Distributing Sterling (Hedged) 3,460,871 1,053,625 (999,443) 3,515,053

Liontrust GF Sustainable Future Pan-European Growth Fund

Opening

shares

Shares issued during the

period

Shares redeemed during the

period Closing sharesProceeds from shares issued

Payment for shares

redeemed30 June 2021 Class A1 Accumulating Euro 1,761,545 129,901 (125,027) 1,766,419 1,930,130 (1,825,850)Class A5 Accumulating Euro 14,963,652 3,055,881 (2,393,197) 15,626,336 46,010,050 (36,181,381)Class A5 Distributing Euro 335,795 22,330 (4,004) 354,121 273,194 (50,222)

Liontrust GF Sustainable Future Pan-European Growth Fund

Opening sharesShares issued

during the periodShares redeemed during the period Closing shares

30 June 2020 Class A1 Accumulating Euro 2,472,017 1,349,038 (953,421) 2,867,634Class A5 Accumulating Euro 8,657,705 2,889,323 (1,612,236) 9,934,792Class A5 Distributing Euro 66,485 283,123 (3,961) 345,647

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Liontrust Global Funds plc 116 Interim Report and Unaudited Financial Statements

6. Share Capital (Continued)

Liontrust GF Sustainable Future Global Growth Fund

Opening

shares

Shares issued during the

period

Shares redeemed during the

period Closing sharesProceeds from shares issued

Payment for shares

redeemed30 June 2021 Class A1 Accumulating Euro 1,191 64,792 (742) 65,241 785,086 (8,894)Class A5 Accumulating Euro 526,609 1,578,415 (416,774) 1,688,250 21,962,032 (5,776,195)Class A8 Accumulating Euro 7,217,121 3,916,536 (2,666,413) 8,467,244 54,258,953 (36,323,254)Class A8 Distributing Euro 928,776 131,200 (63,500) 996,476 1,759,039 (909,700)Class B1 Accumulating US Dollar 96,530 75,908 (39,725) 132,713 1,124,773 (593,417)Class B5 Accumulating US Dollar 791,353 422,767 (73,163) 1,140,957 6,404,921 (1,115,985)Class B8 Accumulating US Dollar 12,662,990 282,740 (6,771) 12,938,959 4,120,084 (103,275)

Liontrust GF Sustainable Future Global Growth Fund

Opening sharesShares issued

during the periodShares redeemed during the period Closing shares

30 June 2020 Class A5 Accumulating Euro 796,073 1,696,497 (2,390,030) 102,540Class A8 Accumulating Euro 1,472,179 4,541,919 (77,818) 5,936,280Class A8 Distributing Euro 575,000 674,594 (288,000) 961,594Class B1 Accumulating US Dollar 1,000 996 – 1,996Class B5 Accumulating US Dollar 1,000 1,987 – 2,987Class B8 Accumulating US Dollar 9,837,558 2,358,405 – 12,195,963

7. Fair Value Estimations

FRS 102 requires the Company to classify financial instruments measured at fair value into the following hierarchy: • Level 1 – The unadjusted quoted price in an active market for identical assets or liabilities that the entity can access at the

measurement date. • Level 2 – Inputs other than quoted prices included within Level 1 that are observable (i.e. developed using market data) for the asset

or liability, either directly or indirectly. • Level 3 – Inputs are unobservable (i.e. for which market data is unavailable) for the asset or liability.

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Liontrust Global Funds plc 117 Interim Report and Unaudited Financial Statements

7. Fair Value Estimations (Continued)

The financial instruments as at 30 June 2021 and 31 December 2020 are classified as follows: Asset Type Level Collective Investment Scheme 2 Equities 1 Corporate Bonds 2 Government Bonds 2 Contracts For Difference 2 Forward Currency Contracts 2 Credit Default Swaps 2 Futures 1 As at 30 June 2021, there were no exceptions to the above classifications. There were a number of equities classified as Level 2 as at the financial year end 31 December 2020 on Liontrust GF Special Situations Fund, Liontrust GF UK Growth Fund and Liontrust GF European Smaller Companies Fund with a total value of €19,667,888. These positions were transferred from Level 2 to Level 1.

8. Soft Commission

The Investment Adviser has a research policy governing how research used in the investment management of the Sub-Funds is sourced and paid for. All research is purchased directly by the Investment Adviser from its own resources and will not be recharged to the Sub-Funds. No payments for research are made out of commission paid to brokers on transaction payments (i.e. soft commission). The Investment Adviser may accept minor non-monetary benefits from those brokers which enhance the quality of its services and which do not prevent it from acting in the best interests of its clients and are specifically permitted under the relevant regulations. During the financial period, the Investment Adviser has executed trades with brokers from whom it receives research under the separate research agreements and these trades have been on an execution only basis with agreed execution only commission rates. The Investment Adviser has satisfied itself that it obtains best execution on behalf of the Sub-Funds and the brokerage rates are in line with customary institutional execution only brokerage rates. 9. Related Party Disclosures

The Company operates under an Investment Advisory Agreement with Liontrust Investment Partners LLP (the “Investment Adviser”). Details of fees are set out in Note 10 to the Financial Statements.

Edward Catton, a director of the Company is also a partner of the Investment Adviser and he and persons connected with him together held 31,468 shares in Liontrust GF European Strategic Equity Fund Class A3 Euro Accumulating (Institutional) Shares (31 December 2020: 31,468) and 6,203 shares in Liontrust GF European Strategic Equity Fund Class C3 Sterling Accumulating (Institutional) (Hedged) Shares (31 December 2020: 6,203). No other director had any interest in the redeemable participating shares of the Company during the current and prior financial periods. Martin Kearney, a director of the Company is also a partner of Liontrust Fund Partners LLP, a Distributor of the Company. Edward Catton and Martin Kearney are both partners of Liontrust International (Luxembourg) S.A, a Distributor of the Company. Liontrust Asset Management Plc is the parent company of the Investment Adviser to the Company.

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Notes to the Financial Statements For the six months ended 30 June 2021 (Continued)

Liontrust Global Funds plc 118 Interim Report and Unaudited Financial Statements

9. Related Party Disclosures (Continued)

The following tables detail the number of redeemable participating shares held by Liontrust Asset Management Plc at the financial period ended: Liontrust GF European Strategic Equity Fund 30-Jun-21 31-Dec-20

Class CF Sterling Accumulating (Founder) 5,000,000 5,000,000

Liontrust GF Special Situations Fund 30-Jun-21 31-Dec-20

Class A3 Accumulating Euro (Institutional) - 1,000

Class A5 Euro Accumulating (Institutional) (Hedged) 500 -

Liontrust GF UK Growth Fund 30-Jun-21 31-Dec-20

Class C1 Sterling Accumulating 1,000 1,000

Liontrust GF European Smaller Companies Fund 30-Jun-21 31-Dec-20

Class CF Sterling Accumulating (Founder) 10,000,000 10,000,000

Liontrust GF Strategic Bond Fund 30-Jun-21 31-Dec-20

Class A1 Accumulating Euro (Hedged) 1,000 1,000Class A5 Distributing Euro (Hedged) 2,596 2,578 Class B1 Accumulating US Dollar 5,000 5,000 Class C5 Accumulating Sterling (Hedged) 1,000 1,000 Liontrust GF Sustainable Future European Corporate Bond Fund 30-Jun-21 31-Dec-20

Class A1 Accumulating Euro 2,500 2,500Class A5 Accumulating Euro 2,500 2,500

Liontrust GF High Yield Bond Fund 30-Jun-21 31-Dec-20

Class C5 Accumulating US Dollar - 1,018Class C5 Distributing Sterling (Hedged) 1,038 -

Liontrust GF Absolute Return Bond Fund 30-Jun-21 31-Dec-20

Class A1 Accumulating Euro (Hedged) 1,000 1,000 Class A10 Accumulating Euro (Hedged) 1,000 1,000 Class B10 Accumulating US Dollar - 1,000 Class B10 Distributing US Dollar 1,277 1,273 Class C5 Distributing Sterling (Hedged) 1,020 1,018 Class C10 Accumulating Sterling (Hedged) 1,000 1,000 Class C10 Distributing Sterling (Hedged) 2 1,025

Liontrust GF Sustainable Future Pan-European Growth Fund 30-Jun-21 31-Dec-20

Class A5 Distributing Euro - 1,004

Liontrust GF Sustainable Future Global Growth Fund 30-Jun-21 31-Dec-20

Class A1 Accumulating Euro 1,000 1,000Class A5 Accumulating Euro - 1,000Class A8 Accumulating Euro 1,000 1,000Class A8 Distributing Euro - 1,000Class B1 Accumulating US Dollar - 1,000Class B5 Accumulating US Dollar - 1,000 As at 30 June 2021, Liontrust Sustainable Future Managed Fund, a UK fund managed by the Investment Adviser, also holds 3,000,000 shares in Liontrust GF Sustainable Future European Corporate Bond Fund Class A8 Accumulating Euro Shares (31 December 2020: 3,000,000) and 9,837,558 shares in Liontrust GF Sustainable Future Global Growth Fund Class B8 Accumulating US Dollar (31 December 2020: 9,837,558).

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Liontrust Global Funds plc 119 Interim Report and Unaudited Financial Statements

9. Related Party Disclosures (Continued)

The Directors, the Investment Adviser, the Administrator and the Depositary and their respective affiliates, officers, directors and shareholders, employees and agents (collectively the "Parties") are or may be involved in other financial, investment and professional activities which may on occasion cause a conflict of interest with the management of the Company and/or their respective roles with respect to the Company.

These activities may include managing or advising other funds (including other collective investment schemes), purchases and sales of securities, banking and investment management services, brokerage services, valuation of unlisted securities (in circumstances in which fees payable to the entity valuing such securities may increase as the value of assets increases) and serving as directors, officers, advisers or agents of other funds or companies, including funds or companies in which the Company may invest.

In particular, other companies within the Investment Adviser group may be involved in advising or managing other investment funds (including other collective investment schemes) or other real estate portfolios which have similar or overlapping investment objectives to or with the Company or the Sub-Funds. Each of the Parties will use its reasonable endeavors to ensure that the performance of their respective duties will not be impaired by any such involvement they may have and that any conflicts which may arise will be resolved fairly and in the best interests of shareholders.

During the financial year, Liontrust GF Strategic Bond Fund held investments in other investment funds which were managed by Liontrust Fund Partners LLP. Cross investments by Sub-Funds within the Company are disclosed in Note 18 to the Financial Statements. 10. Fees & Other Expenses

Investment Advisory Fees The Investment Adviser is entitled to receive a monthly Investment Advisory Fee based on an annual percentage of the Net Asset Value of each Sub-Fund. The below table details the annual Investment Advisory Fee percentage per annum in respect of each class:

Classes

Liontrust GF European Strategic

Equity Fund

Liontrust GF Special

Situations Fund

Liontrust GF UK Growth

Fund

Liontrust GF European Smaller

Companies Fund

Liontrust GF Strategic

Bond Fund

Liontrust GF Sustainable

Future European Corporate Bond Fund

Liontrust GF High Yield Bond Fund

Liontrust GF Absolute Return

Bond Fund

Liontrust GF Sustainable Future Pan-European Growth Fund

Liontrust GF Sustainable

Future Global Growth Fund

A1 - 1.75% - - 1.10% 1.00% 1.10% 1.00% 1.50% 1.50%

A2 - 1.75% - - - - - - - -

A3 1.00% 0.75% - 0.75% - - - - - -

A4 1.50% - - 1.50% - - - - - -

A5 - 0.75% - 1.00% 0.55% 0.50% 0.40% 0.30% 0.75% 0.75%

A8 - - - - 0.35% 0.35% - - - 0.50%

A9 - - - - 0.80% - - - - -

A10 - - - - - - - 0.1875% - -

B1 - - - - 1.10% - 1.10% 1.00% - 1.50%

B3 1.00% - - - - - - - - -

B4 - - - 1.50% - - - - - -

B5 - - - - 0.55% - 0.40% 0.30% - 0.75%

B8 - - - - 0.35% - - - - 0.50%

B10 - - - - - - - 0.1875% - -

C1 - 1.75% 1.50% - - - 1.10% - - -

C3 1.00% 0.75% 0.75% - - - - - - -

C4 1.50% - - - - - - - - -

C5 - - - - 0.55% - 0.40% 0.30% - -

C6 - 0.75% 0.75% - - - - - - -

C7 - 0.75% - - - - - - - -

C8 - - - - 0.35% - 0.35% - - -

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Liontrust Global Funds plc 120 Interim Report and Unaudited Financial Statements

10. Fees & Other Expenses (Continued)

Investment Advisory Fees (continued)

Classes

Liontrust GF European Strategic

Equity Fund

Liontrust GF Special

Situations Fund

Liontrust GF UK Growth

Fund

Liontrust GF European Smaller

Companies Fund

Liontrust GF Strategic

Bond Fund

Liontrust GF Sustainable

Future European Corporate Bond Fund

Liontrust GF High Yield Bond Fund

Liontrust GF Absolute Return

Bond Fund

Liontrust GF Sustainable Future Pan-European Growth Fund

Liontrust GF Sustainable

Future Global Growth Fund

C10 - - - - - - - 0.1875% - -

CF 1.00% - - 0.75% - - - - - -

D8 - - - - 0.35% - - - - -

X - - - 0.50% - - - - - -

Performance Fees The Investment Adviser is entitled to receive a Performance Fee from Liontrust GF European Strategic Equity Fund and Liontrust GF European Smaller Companies Fund in respect of the following shares:

Liontrust GF European Strategic Equity Fund Performance Fee - Classes A3, A4, B3, C3, C4 and CF.

The performance period of the Sub-Fund is every 12 months ending on the last business day in each calendar year (the "Performance Period").

For Classes A3, A4, B3, C3, C4 and CF, the Performance Fee shall be equal in aggregate to 20% of the amount by which the Net Asset Value of each class exceeds a hurdle rate of 1% of the Net Asset Value of each class per calendar quarter.

Liontrust GF European Smaller Companies Fund The performance period of the Sub-Fund is every 12 months ending on the last business day in each calendar year. For all classes, the Performance Fee shall be equal to 10% of the amount, if any, by which the Net Asset Value of the Sub-Fund outperforms the Sub-Fund's benchmark index, the MSCI Europe Small Cap Net Total Return Index.

Further details of the performance fee applicable to the Sub-Funds is set out in the Prospectus.

The Investment Adviser is not entitled to receive a Performance Fee on any other Sub-Funds.

The Administrator BNY Mellon Fund Services (Ireland) Designated Activity Company, as the Administrator of the Company, is entitled to receive an annual fee, accrued daily, and payable monthly in arrears, of 0.0315% (“Base Fee”) on the first £1 billion of the combined Net Asset Value of the Sub-Funds. The administration fee will be on a sliding scale, based on the Net Asset Value of the Sub-Funds. A reduced charge will apply to aggregate Net Asset Value in excess of £1 billion on a sliding scale basis. The annual fee for each Sub-Fund is calculated in Pound Sterling on a pro rata basis (i.e. relevant Sub-Fund Net Asset Value divided by aggregate Sub-Funds’ Net Asset Value multiplied by the Base Fee).

Fees are exclusive of VAT, if any. The Administrator shall also be entitled to be repaid out of the assets of the Company all its reasonable out-of-pocket expenses incurred on behalf of the Company.

If the Company requests the Administrator to provide any additional services, the Administrator will be entitled to charge such additional fees as may be agreed in writing with the Company.

The Depositary The Bank of New York Mellon SA/NV, Dublin Branch as the Depositary of the Company, is entitled to receive an annual fee, accrued daily and payable monthly in arrears, of 0.0125% (“Base Fee”) on the first £1 billion of the combined Net Asset Value of the Sub-Funds. The Depositary fee will be on a sliding scale, based on the Net Asset Value of the Sub-Funds. A reduced charge will apply to aggregate Net Asset Value in excess of £1 billion on a sliding scale basis. The annual fee for each Sub-Fund is calculated in Pound Sterling on a pro rata basis (i.e. relevant Sub-Fund Net Asset Value divided by aggregate Sub-Funds’ Net Asset Value multiplied by the Base Fee). Depositary fees charged for the financial period ended 30 June 2021 amounted to €85,397 (30 June 2020: €85,521).

Fees are exclusive of VAT, if any. The Depositary shall also be entitled to be repaid out of the assets of the Company all of its reasonable out-of-pocket expenses incurred on behalf of the Company.

ISDA Counterparties Liontrust GF European Strategic Equity Fund has appointed Goldman Sachs International, Morgan Stanley and UBS AG as counterparties under International Swaps and Derivatives Association (“ISDA”) agreements and fees payable under the ISDA agreements are paid out of the assets of the Sub-Fund at normal commercial rates.

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10. Fees & Other Expenses (Continued)

ISDA Counterparties (continued) Liontrust GF Strategic Bond Fund, Liontrust GF High Yield Bond Fund and Liontrust GF Absolute Return Bond Fund have appointed Goldman Sachs International and UBS AG as counterparties under ISDA agreements and fees payable under these ISDA agreements are paid out of the assets of the Sub-Funds at normal commercial rates.

Bridge Consulting Bridge Consulting received a fee of €21,313 for the financial period ended 30 June 2021 (30 June 2020: €21,120).

Fixed Operating Fee Please refer to Note 17 to the Financial Statements for details of the Company’s Fixed Operating Fees.

11. Taxation

Under current law and practice the Company qualifies as an investment undertaking as defined in Section 739B of the Taxes Consolidation Act, 1997 as amended (the “TCA”). On that basis it is not chargeable to Irish Tax on its income or gains.

However, Irish tax may arise on the occurrence of a "chargeable event". A chargeable event includes any distribution payments to shareholders or any encashment, redemption, transfer or cancellation of shares and any deemed disposal of shares for Irish tax purposes arising as a result of holding shares in the Company for a period of eight years or more.

No Irish tax will arise in respect of chargeable events in respect of a shareholder who is an Exempt Irish Investor (as defined in Section 739D of the TCA) or who is neither Irish resident nor ordinarily resident in Ireland for tax purposes at the time of the chargeable event, provided, in each case, that an appropriate valid declaration in accordance with Schedule 2B of the TCA is held by the Company or where the Company has been authorised by Irish Revenue to make gross payments in absence of appropriate declarations.

Distributions, interest and capital gains (if any) received on investments made by the Company may be subject to withholding taxes imposed by the country of origin and such taxes may not be recoverable by the Company or its shareholders.

12. Comparative Statistics

Liontrust GF European Strategic Equity Fund 30-Jun-21 31-Dec-20 31-Dec-19 € € €Total Net Asset Value 49,297,257 50,736,984 87,288,395 Net asset value per redeemable participating share Class A3 Euro Accumulating (Institutional) €13.27 €11.53 €12.75Class A4 Euro Accumulating €14.64 €12.70 €14.11Class B3 US Dollar Accumulating $13.10 $11.39 $12.38Class C3 Sterling Accumulating (Institutional) (Hedged) £15.53 £13.56 £14.98Class C4 Sterling Accumulating (Hedged) £15.09 £13.11 £14.56Class CF Sterling Accumulating (Founder) £0.01 £0.01 £0.01

Liontrust GF Special Situations Fund 30-Jun-21 31-Dec-20 31-Dec-19 £ £ £Total Net Asset Value 291,590,179 210,584,308 131,689,577 Net asset value per redeemable participating share Class A1 Euro Accumulating €20.15 €17.48 €18.94Class A2 Euro Accumulating (Hedged) €20.56 €18.78 €19.25Class A3 Euro Accumulating (Institutional) €11.17 €9.64 €10.35Class A5 Euro Accumulating (Institutional) (Hedged) €10.10 – –Class C1 Sterling Accumulating £21.67 £19.71 £20.19Class C3 Sterling Accumulating £23.63 £21.40 £21.70Class C6 Sterling Distributing (Institutional) £18.79 £17.18 £17.70Class C7 Sterling Accumulating (Institutional) £20.38 £18.43 £18.64

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12. Comparative Statistics (Continued)

Liontrust GF UK Growth Fund 30-Jun-21 31-Dec-20 31-Dec-19 £ £ £Total Net Asset Value 51,777,822 52,488,636 55,298,688 Net asset value per redeemable participating share Class C1 Sterling Accumulating £11.42 £10.26 –Class C3 Sterling Accumulating (Institutional) £16.18 £14.48 £15.76Class C6 Sterling Distributing (Institutional) £14.20 £12.92 £14.31

Liontrust GF Asia Income Fund* 30-Jun-21 31-Dec-20 31-Dec-19 US$ US$ US$Total Net Asset Value – – 20,974,895 Net asset value per redeemable participating share Class A1 Euro Accumulating – – €11.29Class A2 Euro Accumulating – – €10.03Class B4 US Dollar Accumulating – – $11.56Class B5 US Dollar Accumulating (Institutional) – – $11.28Class C3 Sterling Distributing (Institutional) – – £11.14

* Liontrust GF Asia Income Fund terminated on 28 October 2020.

Liontrust GF European Smaller Companies Fund 30-Jun-21 31-Dec-20 31-Dec-19 € € €Total Net Asset Value 11,972,413 10,915,453 15,133,873 Net asset value per redeemable participating share Class A3 Euro Accumulating (Institutional) €14.79 €12.66 €11.78Class A4 Euro Accumulating €14.34 €12.30 €11.53Class A5 Euro Accumulating (Institutional) €14.66 €12.55 €11.70Class B4 US Dollar Accumulating $14.87 $13.14 $11.31Class CF Sterling Accumulating (Founder) £0.01 £0.01 £0.01Class X Euro Seed Accumulating (Institutional) €14.98 €12.79 €11.87

Liontrust GF Strategic Bond Fund 30-Jun-21 31-Dec-20 31-Dec-19 US$ US$ US$Total Net Asset Value 386,367,254 422,334,994 390,921,091 Net asset value per redeemable participating share Class A1 Accumulating Euro (Hedged) €10.15 €10.21 –Class A5 Accumulating Euro (Hedged) €11.05 €11.09 €10.48Class A5 Distributing Euro (Hedged) €10.61 €10.73 €10.35Class A8 Accumulating Euro (Hedged) €11.20 €11.23 €10.60Class A8 Distributing Euro (Hedged) €10.40 €10.52 €10.14Class A9 Accumulating Euro (Hedged) €10.97 €11.02 €10.44Class B1 Accumulating US Dollar $11.65 $11.68 $10.90Class B5 Accumulating US Dollar $11.86 $11.85 $11.00Class B5 Distributing US Dollar $11.13 $11.20 $10.61Class B8 Accumulating US Dollar $11.93 $11.92 $11.04Class B8 Distributing US Dollar $11.19 $11.27 $10.67Class C5 Accumulating Sterling (Hedged) £10.67 £10.68 £10.06Class C5 Distributing Sterling (Hedged) £10.78 £10.86 £10.44Class C8 Distributing Sterling (Hedged) £10.71 £10.80 £10.37Class D8 Distributing Swiss Franc (Hedged) ]10.31 ]10.43 ]10.09

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12. Comparative Statistics (Continued)

Liontrust GF Sustainable Future European Corporate Bond Fund 30-Jun-21 31-Dec-20 31-Dec-19 € € €Total Net Asset Value 32,469,705 32,228,916 31,828,018 Net asset value per redeemable participating share Class A1 Accumulating Euro €10.57 €10.53 €10.48Class A5 Accumulating Euro €10.74 €10.67 €10.57Class A8 Accumulating Euro €10.79 €10.71 €10.59

Liontrust GF High Yield Bond Fund 30-Jun-21 31-Dec-20 31-Dec-19 US$ US$ US$Total Net Asset Value 135,592,727 123,234,911 41,062,268 Net asset value per redeemable participating share Class A1 Accumulating Euro (Hedged) €11.43 €11.15 €10.80Class A1 Distributing Euro (Hedged) €10.25 €10.17 €10.22Class A5 Accumulating Euro (Hedged) €11.63 €11.31 €10.89Class B1 Accumulating US Dollar $12.22 $11.87 $11.28Class B1 Distributing US Dollar $10.97 $10.84 $10.69Class B5 Accumulating US Dollar $12.45 $12.05 $11.38Class B8 Accumulating US Dollar – – $11.50Class C1 Accumulating Sterling (Hedged) £11.68 £11.36 £10.99Class C1 Distributing Sterling (Hedged) £10.48 £10.37 £10.42Class C5 Accumulating Sterling (Hedged) £11.89 £11.53 £11.09Class C5 Distributing Sterling (Hedged) £11.46 £11.33 –Class C8 Accumulating Sterling (Hedged) £11.93 £11.57 £11.12Class C8 Distributing Sterling (Hedged) £10.49 £10.38 £10.42

Liontrust GF Absolute Return Bond Fund 30-Jun-21 31-Dec-20 31-Dec-19 US$ US$ US$Total Net Asset Value 148,399,493 130,569,818 124,420,224 Net asset value per redeemable participating share Class A1 Accumulating Euro (Hedged) €9.96 €10.02 –Class A5 Accumulating Euro (Hedged) €10.27 €10.30 €10.09Class A5 Distributing Euro (Hedged) €9.85 €9.89 €9.80Class A10 Accumulating Euro (Hedged) €10.27 €10.29 €10.06Class B1 Accumulating US Dollar $10.71 $10.73 $10.42Class B5 Accumulating US Dollar $10.94 $10.92 $10.53Class B10 Accumulating US Dollar $10.70 $10.68 $10.28Class B10 Distributing US Dollar $10.36 $10.37 $10.12Class C5 Accumulating Sterling (Hedged) £10.56 £10.56 £10.27Class C5 Distributing Sterling (Hedged) £10.19 £10.21 £10.04Class C10 Accumulating Sterling (Hedged) £10.46 £10.45 £10.15Class C10 Distributing Sterling (Hedged) £10.19 £10.21 £10.05

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12. Comparative Statistics (Continued)

Liontrust GF Sustainable Future Pan-European Growth Fund 30-Jun-21 31-Dec-20 31-Dec-19 € € €Total Net Asset Value 277,224,631 239,245,063 137,613,726 Net asset value per redeemable participating share Class A1 Accumulating Euro €15.39 €13.87 €12.22Class A5 Accumulating Euro €15.71 €14.10 €12.33Class A5 Distributing Euro €12.89 €11.57 €10.16

Liontrust GF Sustainable Future Global Growth Fund 30-Jun-21 31-Dec-20 31-Dec-19 US$ US$ US$Total Net Asset Value 427,997,889 340,656,841 138,264,175 Net asset value per redeemable participating share Class A1 Accumulating Euro €12.92 €11.53 –Class A5 Accumulating Euro €14.93 €13.27 €10.47Class A8 Accumulating Euro €14.99 €13.31 €10.47Class A8 Distributing Euro €14.69 €13.04 €10.27Class B1 Accumulating US Dollar $15.88 $14.60 $10.66Class B5 Accumulating US Dollar $16.07 $14.72 $10.67Class B8 Accumulating US Dollar $16.14 $14.76 $10.67

13. UK Reporting Status

All Sub-Funds have been accepted as reporting funds by the United Kingdom Her Majesty's Revenue and Customs (“UK HMRC”) with the exception of Liontrust GF European Smaller Companies Fund. A number of share classes in each Sub-Fund report annually to the UK HMRC. 14. Financial Derivative Instruments and Efficient Portfolio Management

The Company may, on behalf of each Sub-Fund, employ financial derivative instruments, including currency hedging for investment or efficient portfolio management subject to the conditions and within the limits laid down by the Central Bank. During the financial year, the Sub-Funds used contracts for difference and futures instruments as allowed under the Prospectus. As at the period end, there were a number of open contracts for difference and futures which are disclosed in the respective Sub-Funds’ Portfolio Statements, including the identity of the counterparties. There was no collateral received for any financial derivative instruments for the financial period ended 30 June 2021 and the financial year ended 31 December 2020. Please refer to Note 4 to the Financial Statements for further details on cash collateral pledged.

Gain and losses realised during the current and prior financial periods, together with the transaction costs incurred, are accounted for in the Statement of Comprehensive Income under net fair value gain/(loss) on financial assets and liabilities at fair value through profit or loss.

15. Connected Persons

Regulation 43(1) of the Central Bank UCITS Regulations provides that any transaction carried out with a UCITS by a management company or depositary to the UCITS, the delegates or sub-delegates of the management company or depositary, and any associated or group of such a management company, depositary, delegate or sub-delegate (‘‘connected persons’’) must be carried out as if negotiated at arm’s length. Transactions must be in the best interests of the shareholders.

The Board of Directors are satisfied that there are arrangements (evidenced by written procedures) in place, to ensure that these obligations are applied to all transactions with connected persons, and are also satisfied that transactions with connected persons entered into during the financial period complied with them.

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16. Distributions

Distributions paid during the financial period ended 30 June 2021 were as follows:

Liontrust GF Special Situations Fund

Class Distribution

Per Share Date

DeclaredDate Paid

AmountLocal

Amount£ Relevant Period

Class C6 Sterling Distributing (Institutional) 0.19 04/01/2021 29/01/2021 299,895 299,895 01/10/2020-31/12/2020

299,895

Liontrust GF UK Growth Fund

Class Distribution

Per Share Date

DeclaredDate Paid

AmountLocal

Amount£ Relevant Period

Class C6 Sterling Distributing (Institutional) 0.22 04/01/2021 26/02/2021 752,535 752,535 01/10/2020-31/12/2020 752,535

Liontrust GF Strategic Bond Fund

Class Distribution

Per Share Date

DeclaredDate Paid

AmountLocal

AmountUS$ Relevant Period

Class A5 Distributing Euro (Hedged) 0.04 04/01/2021 29/01/2021 12,313 15,082 01/10/2020-31/12/2020Class A8 Distributing Euro (Hedged) 0.05 04/01/2021 29/01/2021 49,208 60,275 01/10/2020-31/12/2020Class B5 Distributing US Dollar 0.04 04/01/2021 29/01/2021 38,141 38,141 01/10/2020-31/12/2020Class B8 Distributing US Dollar 0.05 04/01/2021 29/01/2021 152,627 152,627 01/10/2020-31/12/2020Class C5 Distributing Sterling (Hedged) 0.04 04/01/2021 29/01/2021 84,675 114,884 01/10/2020-31/12/2020Class C8 Distributing Sterling (Hedged) 0.05 04/01/2021 29/01/2021 219,730 298,119 01/10/2020-31/12/2020Class D8 Distributing Swiss Franc (Hedged) 0.05 04/01/2021 29/01/2021 56,323 63,922 01/10/2020-31/12/2020Class A5 Distributing Euro (Hedged) 0.03 01/04/2021 30/04/2021 12,313 14,501 01/01/2021-31/03/2021Class A8 Distributing Euro (Hedged) 0.04 01/04/2021 30/04/2021 38,099 44,868 01/01/2021-31/03/2021Class B5 Distributing US Dollar 0.04 01/04/2021 30/04/2021 35,153 35,153 01/01/2021-31/03/2021Class B8 Distributing US Dollar 0.04 01/04/2021 30/04/2021 130,821 130,821 01/01/2021-31/03/2021Class C5 Distributing Sterling (Hedged) 0.03 01/04/2021 30/04/2021 59,400 82,170 01/01/2021-31/03/2021Class C8 Distributing Sterling (Hedged) 0.04 01/04/2021 30/04/2021 181,889 251,618 01/01/2021-31/03/2021Class D8 Distributing Swiss Franc (Hedged) 0.04 01/04/2021 30/04/2021 48,057 51,030 01/01/2021-31/03/2021

1,353,211

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16. Distributions (Continued)

Liontrust GF High Yield Bond Fund

Class Distribution

Per ShareDate

DeclaredDate Paid

Amount Local

AmountUS$ Relevant Period

Class A1 Distributing Euro (Hedged) 0.08 04/01/2021 29/01/2021 51,549 63,365 01/10/2020-31/12/2020Class B1 Distributing US Dollar 0.09 04/01/2021 29/01/2021 8,447 8,447 01/10/2020-31/12/2020Class C1 Distributing Sterling (Hedged) 0.08 04/01/2021 29/01/2021 21,624 29,561 01/10/2020-31/12/2020Class C5 Distributing Sterling (Hedged) 0.11 04/01/2021 29/01/2021 56,369 77,057 01/10/2020-31/12/2020Class C8 Distributing Sterling (Hedged) 0.10 04/01/2021 29/01/2021 316,226 432,280 01/10/2020-31/12/2020Class A1 Distributing Euro (Hedged) 0.09 01/04/2021 30/04/2021 62,118 72,898 01/01/2021-31/03/2021Class B1 Distributing US Dollar 0.09 01/04/2021 30/04/2021 9,290 9,290 01/01/2021-31/03/2021Class C1 Distributing Sterling (Hedged) 0.09 01/04/2021 30/04/2021 23,310 32,109 01/01/2021-31/03/2021Class C5 Distributing Sterling (Hedged) 0.12 01/04/2021 30/04/2021 18,652 25,693 01/01/2021-31/03/2021Class C8 Distributing Sterling (Hedged) 0.11 01/04/2021 30/04/2021 306,619 422,367 01/01/2021-31/03/2021

1,173,067

Liontrust GF Absolute Return Bond Fund

Class Distribution

Per Share Date

DeclaredDate Paid

AmountLocal

AmountUS$ Relevant Period

Class A5 Distributing Euro (Hedged) 0.01 04/01/2021 29/01/2021 3,343 4,109 01/10/2020-31/12/2020Class B10 Distributing US Dollar 0.02 04/01/2021 29/01/2021 22 22 01/10/2020-31/12/2020Class C5 Distributing Sterling (Hedged) 0.01 04/01/2021 29/01/2021 16,134 22,056 01/10/2020-31/12/2020Class C10 Distributing Sterling (Hedged) 0.02 04/01/2021 29/01/2021 63,209 86,406 01/10/2020-31/12/2020Class A5 Distributing Euro (Hedged) 0.01 01/04/2021 30/04/2021 3,191 3,745 01/01/2021-31/03/2021Class B10 Distributing US Dollar 0.01 01/04/2021 30/04/2021 15 15 01/01/2021-31/03/2021Class C5 Distributing Sterling (Hedged) 0.01 01/04/2021 30/04/2021 6,362 8,763 01/01/2021-31/03/2021Class C10 Distributing Sterling (Hedged) 0.01 01/04/2021 30/04/2021 50,126 69,049 01/01/2021-31/03/2021 194,165

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16. Distributions (Continued)

Distributions paid during the financial period ended 30 June 2020 were as follows: Liontrust GF Special Situations Fund

Class Distribution

Per Share Date

Declared Date

PaidAmount

LocalAmount

£ Relevant Period

Class C6 Sterling Distributing (Institutional) 0.32 02/01/2020 31/01/2020 557,978 557,978 01/10/2019-31/12/2019 557,978

Liontrust GF UK Growth Fund

Class Distribution

Per Share Date

Declared Date

PaidAmount

LocalAmount

£ Relevant Period

Class C6 Sterling Distributing (Institutional) 0.25 02/01/2020 28/02/2020 956,367 956,367 01/10/2019-31/12/2019

956,367

Liontrust GF Asia Income Fund*

Class Distribution

Per Share Date

DeclaredDate Paid

Amount Local

AmountUS$ Relevant Period

Class C3 Sterling Distributing (Institutional)

(Institutional) 0.08 02/01/2020 28/02/2020 96,488 143,950 01/10/2019-31/12/2019Class C3 Sterling Distributing (Institutional) 0.04 01/04/2020 31/05/2020 55,922 69,231 01/01/2020-31/03/2020 213,181

* Liontrust GF Asia Income Fund terminated on 28 October 2020.

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16. Distributions (Continued)

Liontrust GF Strategic Bond Fund

Class Distribution

Per Share Date

DeclaredDate Paid

AmountLocal

Amount US$ Relevant Period

Class A5 Distributing Euro

(Hedged) 0.04 02/01/2020 31/01/2020 15,051 16,812 01/10/2019-31/12/2019Class A8 Distributing Euro (Hedged) 0.05 02/01/2020 31/01/2020 76,252 85,168 01/10/2019-31/12/2019Class B5 Distributing US Dollar 0.04 02/01/2020 31/01/2020 14,759 14,759 01/10/2019-31/12/2019Class B8 Distributing US Dollar 0.05 02/01/2020 31/01/2020 150,072 150,072 01/10/2019-31/12/2019Class C5 Distributing Sterling (Hedged) 0.04 02/01/2020 31/01/2020 23,377 30,714 01/10/2019-31/12/2019Class C8 Distributing Sterling (Hedged) 0.05 02/01/2020 31/01/2020 266,726 350,438 01/10/2019-31/12/2019Class D8 Distributing Swiss Franc (Hedged) 0.05 02/01/2020 31/01/2020 83,419 85,870 01/10/2019-31/12/2019Class A5 Distributing Euro (Hedged) 0.06 01/04/2020 30/04/2020 14,895 16,310 01/01/2020-31/03/2020Class A8 Distributing Euro (Hedged) 0.06 01/04/2020 30/04/2020 89,232 97,713 01/01/2020-31/03/2020Class B5 Distributing US Dollar 0.06 01/04/2020 30/04/2020 18,040 18,040 01/01/2020-31/03/2020Class B8 Distributing US Dollar 0.06 01/04/2020 30/04/2020 183,218 183,218 01/01/2020-31/03/2020Class C5 Distributing Sterling (Hedged) 0.06 01/04/2020 30/04/2020 30,260 37,512 01/01/2020-31/03/2020Class C8 Distributing Sterling (Hedged) 0.06 01/04/2020 30/04/2020 352,394 436,844 01/01/2020-31/03/2020Class D8 Distributing Swiss Franc (Hedged) 0.06 01/04/2020 30/04/2020 106,197 109,871 01/01/2020-31/03/2020 1,633,341

Liontrust GF High Yield Bond Fund

Class Distribution

Per Share Date

DeclaredDate Paid

Amount Local

AmountUS$ Relevant Period

Class A1 Distributing Euro (Hedged) 0.09 02/01/2020 31/01/2020 46,085 51,549 01/10/2019-31/12/2019Class B1 Distributing US Dollar 0.09 02/01/2020 31/01/2020 8,809 8,809 01/10/2019-31/12/2019Class C1 Distributing Sterling (Hedged) 0.09 02/01/2020 31/01/2020 13,138 17,340 01/10/2019-31/12/2019Class C8 Distributing Sterling (Hedged) 0.11 02/01/2020 31/01/2020 48,298 63,746 01/10/2019-31/12/2019Class A1 Distributing Euro (Hedged) 0.09 01/04/2020 30/04/2020 50,558 55,324 01/01/2020-31/03/2020Class B1 Distributing US Dollar 0.10 01/04/2020 30/04/2020 8,830 8,830 01/01/2020-31/03/2020Class C1 Distributing Sterling (Hedged) 0.10 01/04/2020 30/04/2020 18,986 23,504 01/01/2020-31/03/2020Class C8 Distributing Sterling (Hedged) 0.12 01/04/2020 30/04/2020 20,048 24,819 01/01/2020-31/03/2020 253,921

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16. Distributions (Continued)

Liontrust GF Absolute Return Bond Fund

Class Distribution

Per Share Date

DeclaredDate Paid

Amount Local

AmountUS$ Relevant Period

Class A5 Distributing Euro (Hedged) 0.04 02/01/2020 31/01/2020 13,739 15,368 01/10/2019-31/12/2019Class B10 Distributing US Dollar 0.04 02/01/2020 31/01/2020 3,715 3,715 01/10/2019-31/12/2019Class C5 Distributing Sterling (Hedged) 0.04 02/01/2020 31/01/2020 47,907 63,230 01/10/2019-31/12/2019Class C10 Distributing Sterling (Hedged) 0.04 02/01/2020 31/01/2020 136,522 180,187 01/10/2019-31/12/2019Class A5 Distributing Euro (Hedged) 0.03 01/04/2020 30/04/2020 9,086 9,942 01/01/2020-31/03/2020Class B10 Distributing US Dollar 0.04 01/04/2020 30/04/2020 3,348 3,348 01/01/2020-31/03/2020Class C5 Distributing Sterling (Hedged) 0.03 01/04/2020 30/04/2020 41,118 50,905 01/01/2020-31/03/2020Class C10 Distributing Sterling (Hedged) 0.04 01/04/2020 30/04/2020 135,937 168,290 01/01/2020-31/03/2020

494,985

17. Fixed Operating Fee

Effective 1 October 2019, the Investment Adviser has implemented a fixed operating fee on the Sub-Funds, which includes inter alia, the fees and expenses of the Administrator, Depositary, sub-custodial fees and transaction charges, Directors and Auditors fees and expenses, and fees paid to the Investment Adviser for administrative and related expenses. Please refer to the fund prospectus for details of the list of expenses that are included in the fixed operating fee and the expenses that are not included. The fixed operating fee is payable out of the Net Asset Value of the Sub-Fund attributable to each share class.

For the avoidance of doubt, the fixed operating fees as set out below apply when the assets of the Sub-Fund do not exceed £500 million.

On Liontrust GF European Strategic Equity Fund, there is a fixed operating fee per annum of 0.25%.

On Liontrust GF Special Situations Fund, there is a fixed operating fee per annum of 0.30% for all Classes, except for Classes C6 and C7, where the fixed operating fee per annum is 0.075%.

On Liontrust GF UK Growth Fund, there is a fixed operating fee per annum of 0.215%.

On Liontrust GF European Smaller Companies Fund, there is a fixed operating fee per annum of 0.50%.

On Liontrust GF Strategic Bond Fund, there is a fixed operating fee per annum of 0.10% (until 10 December 2020: 0.12%).

On Liontrust GF Sustainable Future European Corporate Bond Fund, there is a fixed operating fee per annum of 0.10% (until 10 December 2020: 0.12%).

On Liontrust GF High Yield Bond Fund, there is a fixed operating fee per annum of 0.10% (until 10 December 2020: 0.12%).

On Liontrust GF Absolute Return Bond Fund, there is a fixed operating fee per annum of 0.10% for all Classes, except for Classes A8, B8 and C8 where the fixed operating fee per annum is 0.075% and for Classes A10, B10 and C10 where the fixed operating fee per annum is 0.0625%.

On Liontrust GF Sustainable Future Pan-European Growth Fund, there is a fixed operating fee per annum of 0.30%.

On Liontrust GF Sustainable Future Global Growth Fund, there is a fixed operating fee per annum of 0.15% (until 10 December 2020: 0.16%).

The fixed operating fee shall accrue daily based on the prior day Net Asset Value of each share class and the fixed operating fee accrued during a calendar month shall be paid to the Investment Adviser out of the assets of the Sub-Fund on or as soon as is practicable after the last business day of that calendar month. The fixed operating fee will be calculated taking account of any discount to be applied based on the Net Asset Value of the Sub-Fund on the last business day of the previous month. In the event that the assets of the Sub-Fund exceed £500 million, in order to pass on any savings, which may be made through economies of scale, discounts will be applied to the fixed operating fee of all share classes of the Sub-Fund on a sliding scale basis.

Where an applicable threshold level of Net Asset Value is achieved by the Sub-Fund on the last business day of any month, the relevant discount will apply to the Sub-Fund in relation to the following month. The fixed operating fee is not currently subject to VAT, but in the event of value added tax (or any equivalent tax) being imposed this may be levied against the property of the Sub-Fund.

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Liontrust Global Funds plc 130 Interim Report and Unaudited Financial Statements

18. Disclosure for Cross Investments by Sub-Funds within the Company

Liontrust GF Strategic Bond Fund holds 935,000 shares as at 30 June 2021 (31 December 2020: 935,000 shares) in Liontrust GF High Yield Bond Fund as at the financial period end. Transactions involving these shares and the related gains and losses during the financial period were: 30 June 2021 31 December 2020 US$ US$ Issue of shares - 10,622,456 Redemption of shares - - Cost 10,622,456 10,622,456 Fair value 11,640,376 11,271,238 Net unrealised gain on financial assets at fair value through profit or loss

1,017,920 648,782

19. Significant Events

On 23 February 2021, Liontrust GF Sustainable Future Multi Asset Global Fund was authorised.

On 10 March 2021, a new Prospectus was issued to incorporate changes required by the Sustainable Finance Disclosure Regulation (‘‘SFDR’’), to add a supplement for Liontrust GF Sustainable Future Multi Asset Global Fund and to update the investment objective for Liontrust GF Sustainable Future Pan-European Growth Fund.

On 20 April 2021, Class A5 Euro Accumulating (Institutional) (Hedged) on Liontrust GF Special Situations Fund was launched.

On 26 April 2021, the valuation point on Liontrust GF Sustainable Future Pan-European Growth Fund was changed from midday to midnight.

On 12 May 2021, a new Prospectus was issued to update the detail contained in the "Minimum Investment Levels for Subscriptions" for all sub-funds.

There have been no other significant events to the financial period end which, in the opinion of the Directors of the Company, may have a material impact on the financial statements for the financial period ended 30 June 2021.

20. Subsequent Events

The following distributions were declared on 1 July 2021:

Liontrust GF Strategic Bond Fund

Class Distribution

Per Share Date

DeclaredDate Paid

AmountLocal

Amount US$ Relevant Period

Class A5 Distributing Euro (Hedged) 0.03 01/07/2021 30/07/2021 14,834 17,573 01/04/2021-30/06/2021Class A8 Distributing Euro (Hedged) 0.04 01/07/2021 30/07/2021 37,592 44,534 01/04/2021-30/06/2021Class B5 Distributing US Dollar 0.03 01/07/2021 30/07/2021 34,686 34,686 01/04/2021-30/06/2021Class B8 Distributing US Dollar 0.04 01/07/2021 30/07/2021 133,414 133,414 01/04/2021-30/06/2021Class C5 Distributing Sterling (Hedged) 0.03 01/07/2021 30/07/2021 57,010 78,446 01/04/2021-30/06/2021Class C8 Distributing Sterling (Hedged) 0.04 01/07/2021 30/07/2021 176,037 242,227 01/04/2021-30/06/2021Class D8 Distributing Swiss Franc (Hedged) 0.04 01/07/2021 30/07/2021 47,613 51,425 01/04/2021-30/06/2021 602,305

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Liontrust Global Funds plc 131 Interim Report and Unaudited Financial Statements

20. Subsequent Events (Continued)

Liontrust GF High Yield Bond Fund

Class Distribution

Per Share Date

Declared Date Paid

AmountLocal

AmountUS$ Relevant Period

Class A1 Distributing Euro (Hedged) 0.09 01/07/2021 30/07/2021 58,113 68,959 01/04/2021-30/06/2021Class B1 Distributing US Dollar 0.09 01/07/2021 30/07/2021 7,868 7,868 01/04/2021-30/06/2021Class C1 Distributing Sterling (Hedged) 0.09 01/07/2021 30/07/2021 21,753 29,999 01/04/2021-30/06/2021Class C5 Distributing Sterling (Hedged) 0.12 01/07/2021 30/07/2021 19,408 26,765 01/04/2021-30/06/2021Class C8 Distributing Sterling (Hedged) 0.11 01/07/2021 30/07/2021 324,053 446,886 01/04/2021-30/06/2021

580,477

Liontrust GF Absolute Return Bond Fund

Class Distribution

Per Share Date

DeclaredDate Paid

AmountLocal

AmountUS$ Relevant Period

Class A5 Distributing Euro (Hedged) 0.01 01/07/2021 30/07/2021 4,654 5,523 01/04/2021-30/06/2021Class B10 Distributing US Dollar 0.02 01/07/2021 30/07/2021 20 20 01/04/2021-30/06/2021Class C5 Distributing Sterling (Hedged) 0.01 01/07/2021 30/07/2021 9,665 13,328 01/04/2021-30/06/2021Class C10 Distributing Sterling (Hedged) 0.02 01/07/2021 30/07/2021 70,363 97,034 01/04/2021-30/06/2021 115,905

Liontrust GF Sustainable Future Pan-European Growth Fund

Class Distribution

Per Share Date

DeclaredDate Paid

AmountLocal

Amount€ Relevant Period

Class A5 Distributing Euro 0.06 01/07/2021 30/07/2021 21,415 21,415 01/04/2021-30/06/2021 21,415

There have been no other events subsequent to the financial period end which, in the opinion of the Directors of the Company, may have a material impact on the financial statements for the financial period ended 30 June 2021.

21. Commitments and Contingent Liabilities

There were no significant commitments or contingent liabilities as at 30 June 2021 and 31 December 2020.

22. Approval of Financial Statements

The Financial Statements were approved by the Board of Directors on 20 August 2021.

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In accordance with the Central Bank UCITS Regulations, a statement of the largest changes in the composition of the Portfolio Statements during the reporting period is provided to ensure that shareholders can identify changes in the investments held by the Sub-Funds.

The below represents aggregate purchases of a security exceeding 1 per cent of the total value of purchases for the financial period or aggregate disposals greater than 1 per cent of the total value of sales. If there were fewer than 20 purchases/sales that exceed 1 per cent during the financial period, the largest 20 purchases/sales are disclosed.

Liontrust GF European Strategic Equity Fund

All Purchases

Cost€'000

Sales

Proceeds€'000

United States Treasury Bill 0% 29/07/2021 12,349 United States Treasury Bill- When Issued 0% 7,521

04/02/2021

United States Treasury Bill 0% 29/04/2021 7,479 United States Treasury Bill- When Issued 0% 7,420

29/04/2021

United States Treasury Bill 0% 20/05/2021 4,931 United States Treasury Bill- When Issued 0% 4,932

25/02/2021

ABB Ltd 1,598 United States Treasury Bill- When Issued 0% 4,907

20/05/2021

Randstad NV 1,554 Roche Holding AG 1,177

Daimler AG 1,312 adidas AG 1,075

Rexel SA 1,291 Vistry Group Plc 702

Aggreko Plc 487

Codan Ltd/Australia 213

Tethys Oil AB 194

WPP Plc 185

Stellantis NV 180

BNP Paribas SA 174

Reliance Steel & Aluminum Co 172

Microsoft Corp 170

Rexel SA 161

KNOW IT AB 157

Carnival Corp 153

ABB Ltd 150

Concentric AB 143

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Liontrust Global Funds plc 133 Interim Report and Unaudited Financial Statements

Liontrust GF Special Situations Fund

Purchases

Cost£'000

All Sales

Proceeds£'000

Diageo Plc 2,486 Aggreko Plc 4,582

Rotork Plc 2,442 IMImobile Plc 1,322

Royal Dutch Shell Plc 2,383 IG Design Group Plc 1,121

RELX Plc 2,265 Gamma Communications Plc 407

GlaxoSmithKline Plc 2,183 Auction Technology Group Plc 202

Weir Group Plc/The 2,080 YouGov Plc 151

Unilever Plc 2,079 accesso Technology Group Plc 124

Sage Group Plc/The 1,912 Bango Plc 23

Pagegroup Plc 1,894 Spirax-Sarco Engineering Plc 17

Compass Group Plc 1,802

Reckitt Benckiser Group Plc 1,715

TP ICAP Group Plc 1,703

GlobalData Plc 1,699

Kainos Group Plc 1,636

Domino's Pizza Group Plc 1,531

Gamma Communications Plc 1,504

BP Plc 1,501

Spectris Plc 1,471

Savills Plc 1,428

Hargreaves Lansdown Plc 1,418

Intertek Group Plc 1,359

AstraZeneca Plc 1,317

TI Fluid Systems Plc 1,309

Keywords Studios Plc 1,218

RWS Holdings Plc 1,213

Craneware Plc 1,161

Impax Asset Management Group Plc 1,125

IntegraFin Holdings Plc 1,108

Spirax-Sarco Engineering Plc 1,061

Clipper Logistics Plc 1,007

YouGov Plc 1,001

TP ICAP Plc 956

John Wood Group Plc 951

Smart Metering Systems Plc 935

Learning Technologies Group Plc 911

Bunzl Plc 788

Coats Group Plc 774

PayPoint Plc 704

Diageo Plc 685

Rotork Plc 680

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Liontrust Global Funds plc 134 Interim Report and Unaudited Financial Statements

Liontrust GF UK Growth Fund All Purchases

Cost£'000

Sales

Proceeds£'000

Unilever Plc 1,307 Aggreko Plc 555 Gamma Communications Plc 363 Spirax-Sarco Engineering Plc 414 Clipper Logistics Plc 262 Halma Plc 409 TP ICAP Plc 192 Renishaw Plc 344 Weir Group Plc/The 338 AstraZeneca Plc 216 Synthomer Plc 207 Unilever Plc 201 Royal Dutch Shell Plc 177 Diageo Plc 169 British American Tobacco Plc 166 GlaxoSmithKline Plc 155 BP Plc 131 Reckitt Benckiser Group Plc 110 RELX Plc 97 Spectris Plc 87 BAE Systems Plc 85 Domino's Pizza Group Plc 84 RWS Holdings Plc 83 TI Fluid Systems Plc 81 Ultra Electronics Holdings Plc 80 Hargreaves Lansdown Plc 76 Rotork Plc 76 Compass Group Plc 74 Pearson Plc 74 Savills Plc 71 Next Fifteen Communications Group Plc 70 Indivior Plc 68 Pagegroup Plc 67 Coats Group Plc 66 Sage Group Plc/The 66 Rightmove Plc 65 Intertek Group Plc 64 IMI Plc 63 Smiths Group Plc 63 WHSmith Plc 59

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Liontrust Global Funds plc 135 Interim Report and Unaudited Financial Statements

Liontrust GF European Smaller Companies Fund

All Purchases

Cost €'000

Sales

Proceeds€'000

Rexel SA 323 Judges Scientific Plc 419

IMI Plc 298 Nemetschek SE 257

Pagegroup Plc 293 Gaztransport Et Technigaz SA 159 Pandora A/S 96 Royal Unibrew A/S 82 Aggreko Plc 67 Bank of Ireland Group Plc 45 Bekaert SA 41 Marks & Spencer Group Plc 34 KNOW IT AB 33 Rexel SA 31 Concentric AB 30 BW Energy Ltd 27 Keller Group Plc 26 Impax Asset Management Group Plc 25 Rightmove Plc 25 Vistry Group Plc 25 Evraz Plc 23 ISS A/S 23 Ringkjoebing Landbobank A/S 23 4imprint Group Plc 22 Deutsche Pfandbriefbank AG 22 IMI Plc 22 IPSOS 22 Pagegroup Plc 22 Belimo Holding AG 21 Elior Group SA 20 SimCorp A/S 20 Strabag SE 20 WH Smith Plc 20

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Liontrust Global Funds plc 136 Interim Report and Unaudited Financial Statements

Liontrust GF Strategic Bond Fund

Purchases

CostUS$'000

Sales

Proceeds US$'000

Canadian Government Bond 0.25% 01/03/2026 73,945 Canadian Government Bond 0.25% 01/03/2026 49,990 Swiss Confederation Government Bond 1.25% 40,848 Swiss Confederation Government Bond 1.25% 39,833 28/05/2026 28/05/2026 Sweden Government Bond 0.13% 12/05/2031 20,624 United States Treasury Note/Bond 0.50% 27,217 30/04/2027 United States Treasury Note/Bond 0.50% 30/04/2027 17,466 United States Treasury Note/Bond 0.50% 19,237 30/06/2027 Australia Government Bond 0.50% 21/09/2026 11,682 United States Treasury Note/Bond 0.63% 9,600 15/05/2030 United States Treasury Note/Bond 0.50% 30/06/2027 6,798 United States Treasury Note/Bond 0.38% 7,451 30/11/2025 Global Switch Finance BV 1.38% 07/10/2030 5,412 United States Treasury Note/Bond - When Issued 7,272 1.50% 15/02/2030 Corp Andina de Fomento 0.25% 04/02/2026 5,322 United States Treasury Note/Bond 1.63% 6,993 15/11/2050 Zurich Finance Ireland Designated Activity Co FRN 4,923 Global Switch Holdings Ltd 'EMTN' 2.25% 5,826 19/04/2051 31/05/2027 Lseg Netherlands BV 0.75% 06/04/2033 4,526 Altria Group Inc 3.13% 15/06/2031 5,521 Oracle Corp 2.88% 25/03/2031 4,058 LHC3 Plc 'REGS' 4.13% 15/08/2024 4,951 Vonovia SE 0.63% 14/12/2029 3,974 Reynolds American Inc 6.15% 15/09/2043 4,455 eircom Finance DAC 2.63% 15/02/2027 3,964 Eli Lilly & Co 1.70% 01/11/2049 4,176 Santander UK Group Holdings Plc FRN 15/03/2025 3,873 AT&T Inc FRN (Perpetual) 3,434 CPI Property Group SA FRN (Perpetual) 3,631 Origin Energy Finance Ltd 'EMTN' 1.00% 3,283 17/09/2029 NBN Co Ltd 2.63% 05/05/2031 3,035 CPI Property Group SA 'EMTN' 2.75% 22/01/2028 2,489 Grifols SA 2.25% 15/11/2027 2,493 TransDigm Inc 6.50% 15/05/2025 2,033 AT&T Inc FRN (Perpetual) 2,426 GLP Capital LP / GLP Financing II Inc 5.38% 1,727 15/04/2026 Vodafone Group Plc FRN 04/06/2081 1,286 Occidental Petroleum Corp 7.20% 15/03/2029 1,536 Vodafone Group Plc 5.25% 30/05/2048 1,217 Bayer AG 1.38% 06/07/2032 1,246

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Liontrust Global Funds plc 137 Interim Report and Unaudited Financial Statements

Liontrust GF Sustainable Future European Corporate Bond Fund

All Purchases

Cost€'000

All Sales

Proceeds€'000

Cellnex Finance Co SA 2.00% 15/02/2033 695 Bundesrepublik Deutschland Bundesanleihe 0.50% 15/08/2027

2,043

BNP Paribas SA FRN (Perpetual) 649 Skandinaviska Enskilda Banken AB 'GMTN' FRN 31/10/2028

617

Cooperatieve Rabobank UA FRN (Perpetual) 602 TenneT Holding BV 'EMTN' 1.38% 05/06/2028 539 HSBC Holdings Plc FRN (Perpetual) 503 Orange SA 'EMTN' FRN (Perpetual) 512 Prologis Euro Finance LLC 0.50% 16/02/2032 498 Cellnex Telecom SA 'EMTN' 1.75% 23/10/2030 504 TenneT Holding BV 0.50% 09/06/2031 496 BNP Paribas SA 'EMTN' 1.13% 11/06/2026 467 BNP Paribas SA FRN 24/05/2031 466 Unibail-Rodamco-Westfield SE 'EMTN' 1.50%

22/02/2028 424

Aviva Plc FRN 04/12/2045 447 Koninklijke Ahold Delhaize NV 1.13% 19/03/2026 410 Koninklijke Ahold Delhaize NV 0.38% 18/03/2030 399 Aviva Plc 'EMTN' FRN 03/07/2044 409 Zurich Finance Ireland Designated Activity Co FRN 19/04/2051

381 Natwest Group Plc 'EMTN' FRN 04/03/2025 316

Bundesrepublik Deutschland Bundesanleihe 0.50% 15/08/2027

377

Natwest Group Plc FRN 28/11/2031 353 Canary Wharf Group Investment Holdings Plc 3.38% 23/04/2028

337

British Telecommunications Plc 1.13% 12/09/2029 210 AXA SA FRN (Perpetual) 175

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Liontrust Global Funds plc 138 Interim Report and Unaudited Financial Statements

Liontrust GF High Yield Bond Fund

Purchases

CostUS$'000

Sales

ProceedsUS$'000

ams AG 7.00% 31/07/2025 2,926 LHC3 Plc 'REGS' 4.13% 15/08/2024 3,208 Vodafone Group Plc FRN 04/06/2081 2,227 ams AG 'REGS' 6.00% 31/07/2025 3,107 SpA Holdings 3 Oy 4.88% 04/02/2028 2,021 AT&T Inc FRN (Perpetual) 2,166 Ardagh Packaging Finance Plc / Ardagh Holdings USA Inc 1,722 AT Securities BV FRN (Perpetual) 2,107 5.25% 15/08/2027 Burford Capital Global Finance LLC 6.25% 15/04/2028 1,706 CCO Holdings LLC / CCO Holdings Capital Corp 1,701 '144A' 4.50% 15/08/2030 AT&T Inc FRN (Perpetual) 1,701 Netflix Inc 3.63% 15/05/2027 1,472 CPI Property Group SA FRN (Perpetual) 1,481 SpA Holdings 3 Oy 'REGS' 3.63% 04/02/2028 1,295 SpA Holdings 3 Oy 'REGS' 3.63% 04/02/2028 1,266 MetLife Inc FRN (Perpetual) 1,143 Saga Plc 3.38% 12/05/2024 1,265 Virgin Media Finance Plc 'REGS' 3.75% 15/07/2030 1,092 Bayer AG FRN 12/11/2079 1,259 Lumen Technologies Inc 5.13% 15/12/2026 1,063 House of Finance NV/The 4.38% 15/07/2026 1,226 Virgin Media Secured Finance Plc 'REGS' 4.13% 975 15/08/2030 IMA Industria Macchine Automatiche SpA 3.75% 1,221 TransDigm UK Holdings Plc 6.88% 15/05/2026 901 15/01/2028 JPMorgan Chase & Co FRN (Perpetual) 1,174 Ardagh Packaging Finance Plc / Ardagh Holdings USA 865 Inc 4.75% 15/07/2027 Adevinta ASA 3.00% 15/11/2027 986 Vmed O2 UK Financing I Plc 'REGS' 4.00%

31/01/2029 840

Kedrion SpA 3.38% 15/05/2026 959 Norbord Inc '144A' 5.75% 15/07/2027 807 Kleopatra Holdings 2 SCA 6.50% 01/09/2026 951 American International Group Inc FRN 01/04/2048 689 Millicom International Cellular SA 5.13% 15/01/2028 947 SSE Plc FRN (Perpetual) 650 Brundage-Bone Concrete Pumping Holdings Inc 6.00% 01/02/2026

918 Bayer AG FRN 12/11/2079 633

Lumen Technologies Inc 5.13% 15/12/2026 841 Aroundtown SA FRN (Perpetual) 626 Techem Verwaltungsgesellschaft 675 mbH 2.00% 15/07/2025

840 Techem Verwaltungsgesellschaft 674 mbH 'REGS' 6.00% 30/07/2026

623

Scientific Games International Inc 0.00% 15/02/2026 786 Adient Global Holdings Ltd 'REGS' 3.50% 15/08/2024

619

Peach Property Finance GmbH 4.38% 15/11/2025 751 ProGroup AG 'REGS' 3.00% 31/03/2026 616 Paysafe Finance Plc / Paysafe Holdings US Corp 4.00% 15/06/2029

728 Via Celere Desarrollos Inmobiliarios SA 'REGS' 5.25% 01/04/2026

609

Virgin Media Vendor Financing Notes III DAC 4.88% 15/07/2028

725 Altice France SA/France '144A' 8.13% 01/02/2027 545

Virgin Media Vendor Financing Notes III DAC 4.88% 15/07/2028

708 United Rentals North America Inc 4.00% 15/07/2030 504

HT Troplast GmbH 9.25% 15/07/2025 697 Level 3 Financing Inc 3.63% 15/01/2029 499 Saga Plc 5.50% 15/07/2026 695 ARD Finance SA 5.00% 30/06/2027 498 Aedas Homes Opco SLU 4.00% 15/08/2026 667 DaVita Inc 3.75% 15/02/2031 495 ams AG 'REGS' 6.00% 31/07/2025 650 LKQ European Holdings BV 'REGS' 3.63%

01/04/2026 495

SoftBank Group Corp FRN (Perpetual) 609 Lumen Technologies Inc 7.60% 15/09/2039 487 Neinor Homes SA 4.50% 15/10/2026 603 Ziggo Bond Co BV 3.38% 28/02/2030 467 Via Celere Desarrollos Inmobiliarios SA 'REGS' 5.25% 01/04/2026

597 EnQuest Plc 7.00% 15/10/2023 442

Phoenix Group Holdings Plc FRN (Perpetual) 576 Netflix Inc 3.63% 15/06/2030 441 Granite US Holdings Corp 11.00% 01/10/2027 564 Meritor Inc 6.25% 01/06/2025 428 Catalent Pharma Solutions Inc 5.00% 15/07/2027 524 Credit Acceptance Corp 6.63% 15/03/2026 423 Avantor Funding Inc 4.63% 15/07/2028 521 Ziggo Bond Co BV 5.13% 28/02/2030 415 SoftBank Group Corp 4.50% 20/04/2025 397

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Liontrust Global Funds plc 139 Interim Report and Unaudited Financial Statements

Liontrust GF Absolute Return Bond Fund

Purchases

Cost US$'000

Sales

ProceedsUS$'000

Canadian Government Bond 0.25% 01/03/2026 13,800 Canadian Government Bond 0.50% 01/09/2025 14,258 Swiss Confederation Government Bond 1.25% 28/05/2026

13,612 Swiss Confederation Government Bond 1.25% 28/05/2026

13,347

Australia Government Bond 0.25% 21/11/2024 12,075 Canadian Government Bond 0.25% 01/03/2026 7,066 United States Treasury Note/Bond 0.50% 30/06/2027 2,961 United States Treasury Note/Bond 0.50%

30/06/2027 2,877

Vantage Towers AG 0.00% 31/03/2025 2,359 Fresenius Medical Care AG & Co KGaA 'EMTN' 0.25% 29/11/2023

1,824

Corp Andina de Fomento 0.25% 04/02/2026 2,125 MPT Operating Partnership LP / MPT Finance Corp 2.50% 24/03/2026

1,395

HCA Inc 5.25% 15/06/2026 2,036 Eli Lilly & Co 1.70% 01/11/2049 1,390 Banco Santander SA 1.85% 25/03/2026 2,000 PPL WEM Ltd / Western Power Distribution Plc

5.38% 01/05/2021 1,250

Fresenius Medical Care US Finance III Inc 1.88% 01/12/2026

1,991 HSBC Holdings Plc FRN 11/03/2025 1,223

NTT Finance Corp 0.01% 03/03/2025 1,820 LHC3 Plc 'REGS' 4.13% 15/08/2024 1,170 Lseg Netherlands BV 0.00% 06/04/2025 1,768 Lumen Technologies Inc '144A' 5.13%

15/12/2026 1,063

Vonovia SE 0.63% 14/12/2029 1,682 Verizon Communications Inc FRN 15/05/2025 1,029 Santander UK Group Holdings Plc FRN 15/03/2025 1,614 Dell International LLC / EMC Corp 4.00%

15/07/2024 1,028

Zurich Finance Ireland Designated Activity Co FRN 19/04/2051

1,539 Reckitt Benckiser Treasury Services Plc '144A' FRN 24/06/2022

1,006

Oracle Corp 1.65% 25/03/2026 1,505 AIG Global Funding FRN 22/01/2021 1,000 Siemens Financieringsmaatschappij NV 1.20% 11/03/2026

1,499 Barclays Plc 3.25% 12/01/2021 1,000

MPT Operating Partnership LP / MPT Finance Corp 2.50% 24/03/2026

1,389 AstraZeneca Plc FRN 17/08/2023 843

Telecom Italia SpA/Milano 5.30% 30/05/2024 1,308 E.ON International Finance BV 6.50% 20/04/2021 838 Grifols SA 2.25% 15/11/2027 1,241 Banco Santander SA FRN 11/04/2022 810 Catalent Pharma Solutions Inc 2.38% 01/03/2028 1,215 eBay Inc FRN 30/01/2023 809 Techem Verwaltungsgesellschaft 675 mbH 2.00% 15/07/2025

1,212 Mitsubishi UFJ Financial Group Inc FRN 25/07/2022

808

Vodafone Group Plc FRN 04/06/2081 1,200 BMW Finance NV '144A' FRN 12/08/2022 807NatWest Markets NV 7.75% 15/05/2023 1,136 Volkswagen Group of America Finance LLC '144A'

FRN 24/09/2021 803

CCO Holdings LLC / CCO Holdings Capital Corp 5.00% 01/02/2028

1,053 Shell International Finance BV FRN 13/11/2023 754

Lumen Technologies Inc '144A' 5.13% 15/12/2026 1,053 Bank of America Corp 'EMTN' FRN 07/02/2022 722Ziggo BV 5.50% 15/01/2027 1,051 Park Aerospace Holdings Ltd '144A' 5.50%

15/02/2024 681

Dell International LLC / EMC Corp 4.00% 15/07/2024 1,028

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Unaudited Schedule of Significant Portfolio Movements For the six months ended 30 June 2021 (Continued)

Liontrust Global Funds plc 140 Interim Report and Unaudited Financial Statements

Liontrust GF Sustainable Future Pan-European Growth Fund

Purchases

Cost€'000

Sales

Proceeds€'000

London Stock Exchange Group Plc 7,558 CTS Eventim AG & Co KGaA 6,153

Lifco Publ AB 6,650 Hella GmbH & Co KGaA 3,719

Zur Rose Group AG 5,865 Cellnex Telecom SA 3,682 Qiagen NV 5,644 ASML Holding NV 3,170 Nagarro SE 4,175 Corbion NV 3,007 Intertek Group Plc 4,100 Basic-Fit NV 2,753 Befesa SA 2,550 Novozymes A/S 2,700 Trustpilot Group Plc 2,506 Chr Hansen Holding A/S 2,338 Knorr-Bremse AG 2,395 Avanza Bank Holding AB 2,202

Puma SE 2,316 Ringkjoebing Landbobank A/S 2,096

Hargreaves Lansdown Plc 1,923 Prudential Plc 2,085

Trainline Plc 1,911 Compass Group Plc 1,914

Cellnex Telecom SA 1,837 Trainline Plc 1,337

Grifols SA 1,661 Schneider Electric SE 1,104

Svenska Handelsbanken AB 1,314 DNB ASA 1,050 Kone Oyj 1,299 3i Group Plc 997 Avast Plc 1,297 National Express Group Plc 948 SAP SE 1,209 Hargreaves Lansdown Plc 900 Edenred 1,123 Kingspan Group Plc 805 National Express Group Plc 857 Svenska Handelsbanken AB 719 IP Group Plc 781 St James's Place Plc 716

St James's Place Plc 710 AXA SA 676

Kingspan Group Plc 678 Allgeier SE 670

Roche Holding AG 618 Assa Abloy AB 607 Infineon Technologies AG 603 Grifols SA 586

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Unaudited Schedule of Significant Portfolio Movements For the six months ended 30 June 2021 (Continued)

Liontrust Global Funds plc 141 Interim Report and Unaudited Financial Statements

Liontrust GF Sustainable Future Global Growth Fund Purchases

CostUS$'000

All Sales

ProceedsUS$'000

Knorr-Bremse AG 11,842 Alexion Pharmaceuticals Inc 8,535

Bright Horizons Family Solutions Inc 9,994 PerkinElmer Inc 8,462

London Stock Exchange Group Plc 7,077 Charles Schwab Corp/The 6,577

Visa Inc 5,260 Hella GmbH & Co KGaA 5,342

American Tower Corp (REIT) 4,882 Trupanion Inc 4,785

DocuSign Inc 4,515 First Republic Bank/CA 4,567 Autodesk Inc 4,088 Rockwell Automation Inc 3,768 Equinix Inc (REIT) 3,860 Ecolab Inc 1,897 Cellnex Telecom SA 3,542 Cellnex Telecom SA 1,800 Puma SE 3,520 Avanza Bank Holding AB 1,782 NVR Inc 3,398 Alphabet Inc 1,130 Spotify Technology SA 3,366

Alphabet Inc 1,705

PayPal Holdings Inc 1,275

IQVIA Holdings Inc 1,263

Cadence Design Systems Inc 1,231

Avanza Bank Holding AB 1,213

Charles Schwab Corp/The 1,182

VeriSign Inc 1,141

Thermo Fisher Scientific Inc 1,127

Knorr-Bremse AG 989

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Liontrust Global Funds plc 142 Interim Report and Unaudited Financial Statements

Disclosures For the six months ended 30 June 2021 Securities Financing Transactions Regulation

The following information is presented with regard to Regulation (EU) 2015/2365 on transparency of securities financing and of re-use (“SFTR”).

The SFTR divides SFTs into five categories:

- Repurchase transactions;

- Securities or commodities lending or borrowing transactions;

- Buy-sell back or sell-buy back transactions;

- Total Return Swaps (“TRS”); and

- Margin lending transactions, which is defined broadly to capture any extension of credit in connection with the purchase, sale, carrying or trading of securities.

As at 30 June 2021, there were no types of SFTs or TRS held by Liontrust GF Special Situations Fund, Liontrust GF UK Growth Fund, Liontrust GF European Smaller Companies Fund, Liontrust GF Strategic Bond Fund, Liontrust GF Sustainable Future European Corporate Bond Fund, Liontrust GF High Yield Bond Fund, Liontrust GF Absolute Return Bond Fund, Liontrust GF Sustainable Future Pan- European Growth Fund and Liontrust GF Sustainable Future Global Growth Fund.

As at 30 June 2021, Liontrust GF European Strategic Equity Fund held the following types of TRS: Contracts for Difference (CFDs). The Securities Financing Transactions Regulation Disclosure – Liontrust GF European Strategic Equity Fund

The following table details the gross aggregate notional value for contracts for difference as a proportion of the Sub-Fund's net asset value, analysed by counterparty, as at 30 June 2021: Counterparty Country of

incorporation Gross aggregate notional

value % of net asset

value

Goldman Sachs International United Kingdom 29,135,062 59.10

Morgan Stanley United States 34,041,441 69.05

63,176,503 128.15 The following table provides a currency analysis of the cash collateral provided by the Sub-Fund by counterparty in respect of contracts for difference as at 30 June 2021: Collateral issuers Credit rating Currency Cash collateral

Goldman Sachs International A+ EUR 2,251,767

Morgan Stanley BBB+ EUR 607,037

2,858,804 Re-use of Collateral

The share of collateral that is reused is 0%. The cash collateral reinvestment returns to the Sub-Fund were 0. Return & Cost on CFDs €

Return 22,430,060

Cost (19,885,763)

2,544,297 Income on contracts for difference accrues to the Sub-Fund and is not subject to any returns sharing agreements with the Investment Adviser or any other parties.

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Liontrust Global Funds plc 143 Interim Report and Unaudited Financial Statements

Disclosures For the six months ended 30 June 2021 Other Information

Exchange Rates The financial statements are prepared in Euro (except for the financial statements of Liontrust GF Special Situations Fund and Liontrust GF UK Growth Fund, which are prepared in Pound Sterling; and Liontrust GF Strategic Bond Fund, Liontrust GF High Yield Bond Fund, Liontrust GF Absolute Return Bond Fund and Liontrust GF Sustainable Future Global Growth Fund, which are prepared in US Dollar). The following financial period end exchange rates have been used to translate assets and liabilities in other currencies to Euro, Pound Sterling and US Dollar: Exchange Rate

30-Jun-21 US$

Exchange Rate30-Jun-21

Exchange Rate30-Jun-21

£

Exchange Rate 31-Dec-20

US$

Exchange Rate31-Dec-20

Exchange Rate31-Dec-20

£ Australian Dollar 1.3334 1.5811 1.8446 1.2971 1.5846 1.7738 Canadian Dollar 1.2396 1.4699 1.7148 1.2729 1.5550 1.7407 Danish Kroner 6.2713 7.4362 8.6751 6.0924 7.4427 8.3314 Euro 0.8433 1.0000 1.1666 0.8186 1.0000 1.1194 Hong Kong Dollar 7.7643 9.2065 10.7404 7.7525 9.4707 10.6015 Japanese Yen 111.0950 131.7313 153.6777 103.2550 126.1401 141.2013 New Zealand Dollar 1.4306 1.6963 1.9790 1.3898 1.6979 1.9006 Norwegian Kroner 8.6101 10.2095 11.9104 8.5743 10.4746 11.7253 Polish Zloty 3.8130 4.5213 5.2745 3.7357 4.5637 5.1086 Pound Sterling 0.7229 0.8572 1.0000 0.7313 0.8933 1.0000 Singapore Dollar N/A N/A N/A 1.3216 1.6145 1.8073 Swedish Kroner 8.5581 10.1478 11.8384 8.2276 10.0511 11.2513 Swiss Franc 0.9253 1.0971 1.2799 0.8853 1.0815 1.2107 US Dollar 1.0000 1.1858 1.3833 1.0000 1.2216 1.3675

The following average exchange rates have been used to translate the Statement of Comprehensive Income balances in other currencies to Euro: Exchange rates against € 30-Jun-21 31-Dec-20

€ € US Dollar 0.8297 0.8760 Pound Sterling 1.1519 1.1242

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Liontrust Global Funds plc 144 Interim Report and Unaudited Financial Statements

Company Information

Company’s Registered Office The Exchange, George’s Dock IFSC Dublin 1, Ireland Registration Number - 459084

Directors* David James Hammond (Irish) (Chairman)** Edward Jonathan Frank Catton (British) Simon O’Sullivan (Irish)** Martin Kearney (Irish) Deborah Reidy (Irish/American)**

Investment Adviser Liontrust Investment Partners LLP 2 Savoy Court London WC2R 0EZ United Kingdom

Distributors Liontrust Fund Partners LLP 2 Savoy Court London WC2R 0EZ United Kingdom

Liontrust International (Luxembourg) S.A. Floor 3 – Appart BUREAUX 76-78 Rue de Merl L-2146 Luxembourg Grand Duchy of Luxembourg

Administrator, Registrar and Secretary BNY Mellon Fund Services (Ireland) Designated Activity Company One Dockland Central Guild Street International Financial Services Centre Dublin 1, D01 E4X0 Ireland

Depositary The Bank of New York Mellon SA/NV, Dublin branch Riverside II, Sir John Rogerson’s Quay, Grand Canal Dock, Dublin 2, D02 KV60 Ireland

Independent Auditors KPMG Chartered Accountants, Statutory Audit Firm 1 Harbourmaster Place International Financial Services Center Dublin 1, D01 F6F5, Ireland

* All directors act in a non-executive capacity ** Directors independent of the Investment Adviser

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Liontrust Global Funds plc 145 Interim Report and Unaudited Financial Statements

Company Information (Continued)

Legal Advisors Dillon Eustace 33 Sir John Rogerson’s Quay Dublin 2, D02 XK09, Ireland

Irish Tax Advisors Dillon Eustace 33 Sir John Rogerson’s Quay Dublin 2, D02 XK09, Ireland

Governance Services Bridge Consulting Ferry 48-53 Lower Street Dublin 2 Ireland

Swiss Paying Agent RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch Badenerstrasse 567, P.O. Box 1292, 8048 Zurich, Switzerland

Company Secretary Walkers Professional Services (Ireland) Limited The Exchange George's Dock IFSC Dublin 1, D01 W3P9 Ireland

Austrian Paying and Information Agent Erste Bank der oesterreichischen Sparkassen AG AM Belvedere 1 1100 Wien, Austria

Belgian Paying Agent Caceis Belgium SA Avenue de Port 86 C b320 B–1000 Brussels, Belgium

Danish Paying Agent Skandinaviska Enskilda Banken Bernstorffsgade 50 1577 Copenhagen V, Denmark

French Centralising Agent Caceis Bank France 1-3 Place Valhubert 75013 Paris, France

German Information Agent GerFIS – German Fund Information Service UG (Haftungsbeschränkt) Zum Eichhagen 4 21382 Brietlingen, Germany

Italian Paying Agent BNP Paribas Securities Services Via Ansperto No. 5 20123 Milan, Italy

Lux Paying and Information Agent Societe Generale Bank & Trust 28-32 Place de la gare L-1616, Luxembourg

Malta Paying Agent MeDirect Bank (Malta) plc The Centre Tigne Point Sliema TPO 0001, Malta

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Liontrust Global Funds plc 146 Interim Report and Unaudited Financial Statements

Company Information (Continued)

Swedish Paying Agent

MFEX Mutual Funds Exchange AB Grev Turegatan 19 Box 5378 SE-102 49 Stockholm, Sweden

Spanish Distributor & Fee Paying Agent

Selinca Selección e Inversión de capital global AV Calle Maria Francisca, 9 28002 Madrid, Spain

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