Interim report and unaudited  
financial statements
BlackRock Authorised Contractual Scheme I
•	ACS Climate Transition World Equity Fund
•	ACS Continental European Equity Tracker Fund
•	ACS Europe ex UK ESG Insights Equity Fund
•	ACS Japan Equity Tracker Fund
•	ACS Japan ESG Insights Equity Fund
•	ACS North America ESG Insights Equity Fund
•	ACS UK Equity Tracker Fund
•	ACS UK ESG Insights Equity Fund
•	ACS US Equity Tracker Fund
•	ACS US ESG Insights Equity Fund
•	ACS World ESG Equity Tracker Fund
•	ACS World ESG Insights Equity Fund
•	ACS World ESG Screened Equity Tracker Fund
•	ACS World ex UK Equity Tracker Fund
•	ACS World Low Carbon Equity Tracker Fund
•	ACS World Multifactor Equity Tracker Fund
•	ACS World Multifactor ESG Equity Tracker Fund
•	ACS World Small Cap ESG Screened Equity Tracker Fund
•	ACS 30:70 Global Equity Tracker Fund
•	ACS 50:50 Global Equity Tracker Fund
•	ACS 60:40 Global Equity Tracker Fund
For the financial period ended 30 June 2023
NM0923U-3094429-1/477

1
BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
CONTENTS
General Information
2
About the Scheme
4
Fund Manager
4
Significant Events
4
Subsequent Event
5
Investment Manager’s Report
6
ACS Climate Transition World Equity Fund
36
ACS Continental European Equity Tracker Fund
47
ACS Europe ex UK ESG Insights Equity Fund
58
ACS Japan Equity Tracker Fund
67
ACS Japan ESG Insights Equity Fund
79
ACS North America ESG Insights Equity Fund
88
ACS UK Equity Tracker Fund
98
ACS UK ESG Insights Equity Fund
113
ACS US Equity Tracker Fund
123
ACS US ESG Insights Equity Fund
136
ACS World ESG Equity Tracker Fund
145
ACS World ESG Insights Equity Fund
159
ACS World ESG Screened Equity Tracker Fund
173
ACS World ex UK Equity Tracker Fund
198
ACS World Low Carbon Equity Tracker Fund
229
ACS World Multifactor Equity Tracker Fund
248
ACS World Multifactor ESG Equity Tracker Fund
259
ACS World Small Cap ESG Screened Equity Tracker Fund
270
ACS 30:70 Global Equity Tracker Fund
329
ACS 50:50 Global Equity Tracker Fund
365
ACS 60:40 Global Equity Tracker Fund
403
Notes to Financial Statements
440
Supplementary Information
441
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BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
GENERAL INFORMATION
Manager
BlackRock Fund Managers Limited
12 Throgmorton Avenue, London EC2N 2DL
Member of The Investment Association and authorised and regulated by the Financial Conduct Authority (“FCA”).
Directors of the Manager
G D Bamping*
S Corrigall (Resigned 2 May 2023)
W I Cullen*
D Edgar
K Henry (Appointed 3 March 2023)
A M Lawrence
H N Mepham
S Sabin (Appointed 18 August 2023)
M T Zemek*
 
* Non-executive Director.
Registrar, Transfer Agent and Administrator
Northern Trust Global Services SE UK Branch
50 Bank Street, Canary Wharf, London E14 5NT
Fund Services Team: 0333 300 0356
Depositary 
Northern Trust Investor Services Limited
50 Bank Street, Canary Wharf, London E14 5NT
Authorised and regulated by the FCA. 
Investment Manager
BlackRock Investment Management (UK) Limited
12 Throgmorton Avenue, London EC2N 2DL
Authorised and regulated by the FCA.
Auditor
Ernst & Young LLP
Atria One, 144 Morrison Street, Edinburgh EH3 8EX
Custodian
The Northern Trust Company, London Branch
50 Bank Street, Canary Wharf, London E14 5NT
Authorised by the Prudential Regulation Authority and regulated by the FCA and the Prudential
Regulation Authority.
Stock Lending Agent
BlackRock Advisors (UK) Limited
12 Throgmorton Avenue, London EC2N 2DL
                             
BlackRock’s proxy voting agent is ISS (Institutional Shareholder Services).
 
NM0923U-3094429-3/477

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BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
GENERAL INFORMATION (continued)
This Report relates to the packaged products of and is issued by:
BlackRock Fund Managers Limited
12 Throgmorton Avenue, London EC2N 2DL
Telephone: 020 7743 3000
Fund Services Team: 0333 300 0356
blackrock.co.uk
For your protection, telephone calls are usually recorded.
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BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
ABOUT THE SCHEME
BlackRock Authorised Contractual Scheme I (the "Scheme") is an umbrella Co-Ownership Scheme constituted as a UCITS 
scheme under the Financial Conduct Authority's Collective Investment Schemes Sourcebook (the "COLL Sourcebook") and 
was authorised by the Financial Conduct Authority (the "FCA") on 13 June 2014. The Scheme comprises separate sub-funds 
with segregated liability (each referred to as a "Fund" and collectively the "Funds").
Assessment of value
The FCA requires UK fund managers to complete an annual assessment of whether their UK authorised funds provide value 
for investors. Our assessment considers fund and unit class level performance, costs and charges, and service quality, 
concluding with an evaluation of whether investors receive value. BlackRock has fulfilled its obligations for the reporting 
requirement, including assessing relevant charges, and published the annual assessment of value statements on the 
BlackRock website on 31 October 2022 in a composite report for all funds managed by BlackRock Fund Managers Limited 
subject to these requirements. The next annual assessment is due for publication by the end of October 2023.
Cross sub-fund holdings within the Scheme
As at 30 June 2023, there were no cross sub-fund holdings within the Scheme.
FUND MANAGER
As at 30 June 2023, the Fund Manager of the Funds, with the exception of the ACS Climate Transition World Equity Fund 
and the ACS 30:70 Global Equity Tracker Fund, is Kieran Doyle. As at 30 June 2023, the Fund Manager of the ACS Climate 
Transition World Equity Fund is Jonathan Adams. For ACS 30:70 Global Equity Tracker Fund, the Fund Managers are Steve 
Walker and Steven Dare.
SIGNIFICANT EVENTS
Changes in the Directors of the Manager
K Henry was appointed as a director effective 3 March 2023.
S Corrigall resigned as a director effective 2 May 2023.
Changes to the Scheme
There were several unit classes launched during the period ended 30 June 2023 as shown in the below table.
Fund Name
Unit Class
ACS UK Equity Tracker Fund
X1RA Accumulation launched on 14 June 2023
ACS World ESG Equity Tracker Fund
X1RA Accumulation and X1RB Accumulation 
launched on 14 June 2023
ACS World ESG Screened Equity Tracker Fund
X1RA Accumulation launched on 14 June 2023
X2 Accumulation and X2 Accumulation Hedged 
launched on 19 June 2023
ACS World ex UK Equity Tracker Fund
X1RA Accumulation launched on 14 June 2023
ACS World Small Cap ESG Screened Equity Tracker Fund
X1RA Accumulation and X1RB Accumulation 
launched on 14 June 2023
A new Prospectus was issued on 1 March 2023.
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BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
Russian invasion of Ukraine
Certain financial markets have fallen due primarily to geo-political tensions arising from Russia’s invasion of Ukraine and 
the impact of the subsequent range of sanctions, regulations and other measures which impaired normal trading in Russian 
securities. The Manager continues to monitor investment performance in line with the Fund’s investment objectives, and 
the operations of the Funds and the publication of net asset values are continuing. Additional information on the Fund’s 
performance and a global economic overview for key financial markets are included in the Investment Manager’s report.
SUBSEQUENT EVENTS
Subsequent Event
Changes in the Directors of the Manager
S Sabin was appointed as a director effective 18 August 2023.
There have been no other significant events subsequent to the period end, which, in the opinion of the Manager, may have 
had an impact on the Financial Statements for the period ended 30 June 2023.
SIGNIFICANT EVENTS (continued)
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BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
INVESTMENT MANAGER’S REPORT
Investment Objectives
ACS I Funds excluding ACS Climate Transition World Equity Fund, ACS Europe ex UK ESG Insights Equity Fund, 
ACS Japan ESG Insights Equity Fund, ACS North America ESG Insights Equity Fund, ACS UK ESG Insights Equity 
Fund, ACS US ESG Insights Equity Fund and ACS World ESG Insights Equity Fund
The aim of the Funds is to provide a return (gross of charges) on your investment (generated through an increase to the 
value of the assets held by the Funds and/or income received from those assets) by tracking closely the performance of the 
respective benchmark listed in the next page.
ACS Climate Transition World Equity Fund
The aim of the Fund is to provide, through active management, exposure to companies within the MSCI World Index that are 
well-positioned to maximise the opportunities and minimise the potential risks associated with a transition to a low carbon 
economy, relative to other companies within that Index. It aims to achieve this whilst also seeking to provide a return on your 
investment (generated through an increase to the value of the assets held by the Fund and/or income received from those 
assets) and maintaining a risk profile for the Funds (i.e. an evaluation of the risks (e.g. risk of losses) associated with the 
portfolio) which generally reflects the return and risk profile of the MSCI World Index.
ACS Europe ex UK ESG Insights Equity Fund, ACS Japan ESG Insights Equity Fund, ACS North America ESG 
Insights Equity Fund, ACS UK ESG Insights Equity Fund and ACS US ESG Insights Equity Fund
The Funds seek to provide a gross return on your investment (generated through the value of the assets held and/or 
income received from those assets) which, in ordinary circumstances, is broadly similar to the return profile of the respective 
benchmark (the “Index”), and maintain a risk profile (i.e. an evaluation of the risks associated with the portfolio) which is 
broadly similar to the risk profile of the Index (save for the mitigation of potential ESG risks through the application of the 
Fund’s ESG Policy). The Funds seek to balance these aims for its risk and return profiles whilst also seeking to achieve 
a set of ESG related aims. The Funds aim to provide exposure to a portfolio of equities (i.e. shares) of companies within 
the Index that is managed, through the application of the Fund’s ESG Policy and in particular its use of a proprietary ESG 
framework of the Investment Manager, and aims to:1) have no exposure certain business activities for ESG related reasons, 
2) have a higher weighted average exposure (relative to the Index) to companies that are scored more highly on certain ESG 
criteria, 3) achieve (in respect of only the underlying corporate issuers (i.e. companies) in which the Funds invest) a carbon 
emission intensity score that: a) as at the launch date of the Funds, is 50 per cent less than the carbon emission intensity 
score of the Index as at 31 December 2020; and b) thereafter, reduces at an annual rate of 7 per cent or more (against the 
carbon emission intensity score of the Funds in the previous year) on average (calculated since the Fund’s launch date); and 
4) achieve (in respect of only the underlying corporate issuers (i.e. companies) in which the Funds invests), as calculated 
on a quarterly basis, 20 per cent more of the revenues generated by such underlying corporate issuers being classified as 
green revenues (i.e. revenues coming from economic activities associated with clean technology themes, such as alternative 
energy, energy sufficiency and pollution prevention) than will be the case for the revenues generated by corporate issuers 
within the Index, in each case, when calculated at the portfolio level on a weighted average basis (i.e. to take into account the 
relative holding sizes for each such corporate issuer).
ACS World ESG Insights Equity Fund
The aim of the Fund is to provide exposure to companies within the FTSE Developed Index that are well-positioned to 
maximise the opportunities and minimise the potential risks associated with certain ESG themes and considerations relative 
to other companies within that Index, using a combination of exclusionary screens and the Investment Manager’s proprietary 
BlackRock Sustainable Investing Intelligence framework. It aims to achieve this whilst also seeking to provide a return 
on your investment (generated through an increase to the value of the assets held by the Fund and/or income received 
from those assets) and maintaining a return and risk profile for the Fund (i.e. an evaluation of the risks (e.g. risk of losses) 
associated with the portfolio) which generally reflects the return and risk profile of the FTSE Developed Index.
 
 
 
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BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
The following table outlines the investment management approach adopted for each Fund:
Fund name
Target benchmark 
Investment 
management 
approach
ACS Climate Transition World Equity Fund
MSCI World Index
Active
ACS Continental European Equity Tracker Fund
 
FTSE Developed Europe ex UK Custom ESG 
Screened Index
Index replicating
ACS Europe ex UK ESG Insights Equity Fund
FTSE Developed Europe ex UK Index
Active
ACS Japan Equity Tracker Fund
FTSE Japan Custom ESG Screened Index
Index replicating
ACS Japan ESG Insights Equity Fund
FTSE Japan Index
Active
ACS North America ESG Insights Equity Fund
FTSE North America Index
Active
ACS UK Equity Tracker Fund
FTSE All-Share Custom ESG Screened Index
Index replicating
ACS UK ESG Insights Equity Fund
FTSE All Share Index
Active
ACS US Equity Tracker Fund
FTSE USA Custom ESG Screened Index
Index replicating
ACS US ESG Insights Equity Fund
FTSE USA Index
Active
ACS World ESG Equity Tracker Fund
 
MSCI World ESG Focus Low Carbon Screened 
Index
Index replicating
ACS World ESG Insights Equity Fund
FTSE Developed Index
Active
ACS World ESG Screened Equity Tracker Fund
MSCI World ESG Screened Index
Index replicating
ACS World ex UK Equity Tracker Fund
 
FTSE Developed ex UK Custom ESG Screened 
Index
Index replicating
 
ACS World Low Carbon Equity Tracker Fund
 
MSCI World Low Carbon Target Reduced Fossil 
Fuel Select Index
Index replicating
ACS World Multifactor Equity Tracker Fund
 
MSCI World Diversified
Multiple-Factor Index
Index 
non-replicating
ACS World Multifactor ESG Equity Tracker Fund
 
MSCI World Select Multiple Factor ESG Low 
Carbon Target Index
Index replicating
ACS World Small Cap ESG Screened Equity 
Tracker Fund 
MSCI World Small Cap ESG Screened Index
 
Index 
non-replicating
ACS 30:70 Global Equity Tracker Fund
 
 
30% in the FTSE All Share Index
60% in the FTSE Custom Developed Index
10% MSCI Emerging Markets
Index 
non-replicating
 
ACS 50:50 Global Equity Tracker Fund
 
 
 
 
 
50% in the FTSE All Share Index
16.7% in the FTSE USA Index
16.7% in the FTSE Developed Europe ex UK 
Index
8.3% in the FTSE Japan Index
8.3% FTSE Developed Asia Pacific ex Japan Index
Index 
non-replicating
 
 
 
 
ACS 60:40 Global Equity Tracker Fund
 
 
 
 
 
60% in the FTSE All Share Index
13.3% in the FTSE USA Index
13.3% in the FTSE Developed Europe ex UK 
Index
6.7% in the FTSE Japan Index
6.7% FTSE Developed Asia Pacific ex Japan Index
Index 
non-replicating
 
 
 
 
INVESTMENT MANAGER’S REPORT (continued)
Investment Objectives (continued)
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BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
Performance Summary and Tracking Error
The following table compares the realised Fund performance against the performance of the relevant benchmark index during 
the financial period ended 30 June 2023. It also discloses the anticipated tracking error of the index tracking Funds (disclosed 
in the Prospectus on an ex-ante basis) against the actual realised tracking error of the Funds as at 30 June 2023. 
Further information on these performance measures and calculation methodologies used is detailed below:
•	 Fund returns shown are the performance returns for the primary unit class for each Fund, net of fees, which has been 
selected as a representative unit class. The primary unit class represents the class of unit invested in by the majority of 
investors in the Fund and also takes into account other relevant factors such as the Fund’s base currency. The returns 
disclosed for the comparative are in the same currency as the primary unit class, unless otherwise stated. Performance 
returns for any other unit class can be made available on request.
•	 For Funds that commenced trading and/or fully redeemed during the financial period, returns are shown from the date the 
Fund commenced trading and/or to the date the Fund fully redeemed, and the ongoing charge is the effective ongoing 
charge from the date the Fund commenced trading and/or to the date the Fund fully redeemed.
•	 Fund returns are based on the NAV calculated in accordance with the Prospectus for the financial period under review with 
any dividends reinvested.
•	 Anticipated tracking error is based on the expected volatility of differences between the returns of a fund and the returns of 
its benchmark index.
•	 Realised tracking error is the annualised standard deviation of the difference in monthly returns between a fund and its 
benchmark index. Tracking error shows the consistency of the returns relative to the benchmark index over a defined 
period of time. The realised tracking error is annualised and calculated using data from the preceding 36 month observation 
period. Where a Fund has not been trading for 36 months, the annualised tracking error since inception has been 
presented.
Due to the Financial Reporting Standard 102 (“FRS 102”) and the Statement of Recommended Practice for Authorised Funds 
(“SORP”) requirements, including the accounting policy for the valuation point at 12 noon, there may be differences between 
the NAV per unit as recorded in the financial statements and the NAV per unit calculated in accordance with the Prospectus.
 
The table and the relevant footnotes also indicate where the realised tracking error is greater than the anticipated tracking 
error.
Fund 
return
%
Benchmark
index return
%
Anticipated 
tracking
error
%
Realised 
tracking
error
%
ACS Climate Transition World Equity Fund 
- Class X1 Accumulation Units
7.65%
8.35%
N/A
N/A1
ACS Continental European Equity Tracker Fund
- Class X1 Accumulation Units
8.25%
8.15%
Up to 0.60%
0.19%
ACS Europe ex UK ESG Insights Equity Fund
- Class X1FP Accumulation Units
8.01%
7.82%
N/A
N/A1
ACS Japan Equity Tracker Fund
- Class X1 Accumulation Units
6.77%
6.77%
Up to 2.80%
1.25%
ACS Japan ESG Insights Equity Fund
- Class X1FP Accumulation Units
6.43%
6.56%
N/A
N/A1
ACS North America ESG Insights Equity Fund
- Class X1FP Accumulation Units
10.13%
9.16%
N/A
N/A1
INVESTMENT MANAGER’S REPORT (continued)
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BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
Fund 
return
%
Benchmark
index return
%
Anticipated 
tracking
error
%
Realised 
tracking
error
%
ACS UK Equity Tracker Fund
- Class X1 Accumulation Units
2.13%
2.05%
Up to 0.20%
0.12%
ACS UK ESG Insights Equity Fund
- Class X1FP Accumulation Units
2.78%
2.22%
N/A
N/A1
ACS US Equity Tracker Fund
- Class T1 Accumulation Units
10.92%
10.90%
Up to 2.50%
2.42%
ACS US ESG Insights Equity Fund
- Class X1FP Accumulation Units
10.14%
9.59%
N/A
N/A1
ACS World ESG Equity Tracker Fund
- Class X1 Accumulation Units
8.07%
7.80%
Up to 1.70%
1.62%
ACS World ESG Insights Equity Fund
- Class X1 Hedged Accumulation Units
8.92%
8.68%
N/A
N/A1
ACS World ESG Screened Equity Tracker Fund
- Class X1 Accumulation Units
9.83%
9.55%
Up to 1.70%
1.76%2
ACS World ex UK Equity Tracker Fund
- Class X1 Accumulation Units
9.14%
9.09%
Up to 1.70%
1.65%
ACS World Low Carbon Equity Tracker Fund
- Class X2 Accumulation Units
8.16%
7.87%
Up to 1.70%
1.66%
ACS World Multifactor Equity Tracker Fund
- Class X2 Accumulation Units
2.50%
2.19%
Up to 1.70%
1.67%
ACS World Multifactor ESG Equity Tracker Fund
- Class X1 Accumulation Units
6.21%
5.90%
Up to 1.70%
1.59%
ACS World Small Cap ESG Screened Equity Tracker Fund
- Class X1 Accumulation Units
2.32%
1.77%
Up to 1.90%
1.85%
ACS 30:70 Global Equity Tracker Fund
- Class X1 Accumulation Units
9.16%
9.97%
Up to 2.50%
3.10%2
ACS 50:50 Global Equity Tracker Fund
- Class X1 Accumulation Units
4.60%
4.56%
Up to 1.00%
0.45%
ACS 60:40 Global Equity Tracker Fund
- Class X1 Accumulation Units
4.17%
4.08%
Up to 1.00%
0.36%
1) Since these are actively managed Funds, please refer to the Fund specific performance commentaries on the following 
pages.
2) The tracking error is primarily as a result of fair valuing certain securities held the Fund. Given the global nature of 
investment portfolios and the divergence between Fund domicile, dealing hours and the underlying market operating hours, 
policies are established to use fair value pricing on Fund valuation of securities held within the Fund when the value of 
securities changes materially since their last market close. To prevent gaming of market prices, the Funds’ NAV is adjusted 
to reflect latest market information which can cause divergence from the Index over a short period, as the underlying indices 
are typically calculated using local market closing prices only. This divergence typically washes out the following month as the 
indices are re-valued.
 
INVESTMENT MANAGER’S REPORT (continued)
Performance Summary and Tracking Error (continued)
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BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
Past performance is not a guide to future performance and should not be the sole factor of consideration when selecting a 
product. All financial investments involve an element of risk. Therefore, the value of your investment and the income from 
it will vary and your initial investment amount cannot be guaranteed. The performance figures do not consider charges and 
fees that may be levied at the time of subscription or redemption of units. Levels and bases of taxation may change from 
time to time. Subscriptions may be made only on the basis of the current Prospectus, of which the most recent annual report 
and audited financial statements and interim report and unaudited financial statements as well as KIIDs form an integral 
part. Copies of which are available from Investor Services, the Transfer Agent, the Management Company or any of the 
Representatives or Distributors.
INVESTMENT MANAGER’S REPORT (continued)
Performance Summary and Tracking Error (continued)
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BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
Global Economic Overview
Global equities, as represented by the MSCI All Country World Index (“ACWI”), returned 7.80% (in GBP terms) for the six 
months ended 30 June 2023. Equities recovered from pessimism induced by high inflation (rate of increase in the prices of 
goods and services) and rising interest rates, as inflation rates began to slow in some regions. While investors remained 
focused on the possibility of a global economic downturn, indicators of continued resilience, such as consumer spending and 
the labour market, tempered their concerns. 
The US economy grew at a solid pace in the first quarter of 2023 as both consumer and government spending rose. 
While several prominent regional banks failed during the period, prompt government action limited the impact on the wider 
economy. The US job market showed continued strength, and unemployment declined to the lowest level in over 50 years. In 
Japan, the economy grew in the first quarter of 2023, helped by rising private consumption. The UK economy grew marginally 
in the first quarter of 2023 amid weakness in both consumer spending and public expenditure. Economies in the Eurozone 
contracted fractionally in the first quarter of 2023 as consumer demand was negatively impacted by inflation and increased 
borrowing costs. A large Swiss bank (Credit Suisse) failed and was taken over by a rival bank at the behest of regulators, 
stabilising markets. 
Economic growth was generally slow among emerging markets as the global economy cooled. The Chinese economy 
continued to grow at a slow pace relative to the country’s historical rate, but a relaxation of strict COVID-19 protocols drove 
investor optimism for an economic rebound. The Indian economy picked up in the first quarter of 2023, as private spending 
and manufacturing grew. 
Amid elevated global inflation, the world’s largest central banks continued to implement measures aimed at monetary policy 
tightening, although the pace of tightening slowed in some regions. The US Federal Reserve (“the Fed”) raised interest 
rates three times before pausing its rate increases at its June 2023 meeting. The Fed also continued to reduce some of the 
accumulated bond holdings on its balance sheet.
The Bank of England (“BoE”) raised interest rates four times, as inflation remained high despite showing some signs of 
easing. The European Central Bank (“ECB”) also increased interest rates at each of its four meetings in an effort to control 
rising prices in the Eurozone. Furthermore, the ECB began to reduce the size of its balance sheet in March 2023 by allowing 
some of its outstanding bonds to mature without reinvestment. 
Global equity performance was positive overall, as inflationary pressure eased and the global economy continued to grow 
despite slowing in some regions. European stocks performed well as new energy supplies and warm winter weather allayed 
concerns surrounding the disruption of Russian gas supplies. Meanwhile, Asian stocks gained as Japan’s economy picked 
up and investor interest in semiconductor companies surged, while US stocks were buoyed by decelerating Fed tightening. 
Equities in emerging markets also gained, helped by the slowing pace of interest rate increases.
Global bond prices rose slightly overall, as moderating inflation led investors to anticipate an end to the current monetary 
policy tightening cycle. US Treasury prices rose, sustained by the changing economic environment, as well as the failure of 
several US banks and subsequent government intervention. UK gilt prices declined, as new leadership stabilised the market 
for gilts, but large borrowing requirements raised concerns among investors. European government bond yields (which 
move inversely to prices) were steady, while Japanese government bond prices were volatile, driven by periodic substantial 
purchases from the Bank of Japan to keep yields within its yield cap. Global corporate bond prices advanced as continued 
resilience in the global economy drove investor optimism and both high-yield and investment-grade bonds gained. 
In commodities, Brent crude oil prices declined due to moderating demand amid slowing global growth. European natural 
gas prices declined substantially, as markets continued to adjust to the disruption caused by Russia’s invasion of Ukraine 
and moderate winter weather reduced demand for heating fuel. Gold prices rose amid the slowing pace of Fed interest rate 
increases.
INVESTMENT MANAGER’S REPORT (continued)
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BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
On the foreign exchange markets, the US dollar was mixed against other global currencies. The euro and sterling appreciated 
relative to the US dollar, while the Japanese yen and Chinese yuan were nearly flat. Continued interest rate increases from 
the ECB and BoE, even as the Fed paused its rate hikes, drove the increase in the relative value of the euro and sterling.
ACS Climate Transition World Equity Fund
Over the six-month period to 30 June 2023, the Fund’s performance return was 7.65% and the active return was (0.70%), 
underperforming its target benchmark which returned 8.35% (active return is the difference between the Fund's return and the 
target benchmark).
Global markets rallied in the first half of 2023 on continuing expectations of easing monetary policy and moderating inflation. 
The period ended broadly positive across developed and emerging markets, as well as across sectors. The Information 
Technology sector enjoyed a particularly strong rebound year-to-date compared to the weaker performance of last year.
During the six-month period, the following were the largest contributors to and detractors from the Fund’s return relative to the 
target benchmark: 
Largest contributors
Largest detractors
 
Sector
Effect on 
Fund return
 
Sector
Effect on 
Fund return
Industrials #
0.24%
Health Care ø
(0.39%)
Materials ø 
0.11%
Financials #
(0.37%)
Utilities ø
0.10%
Consumer Staples ø
(0.15%)
Real Estate ø
0.03%
Consumer Discretionary ø
(0.13%)
Communication Services ø
0.01%
Energy ø
(0.06%)
# Overweight position – held more exposure than the target benchmark. 
Ø Underweight position – held less exposure than the target benchmark.
 
Negative performance during the six-month period came chiefly from the Health Care and Financials sector. Within the Health 
Care sector the Fund held an overweight position in Abbvie Inc which fell in price due to poor quarter one earnings, and in 
the Financials sector from an overweight position in KeyCorp which also fell in price from the US regional banking meltdown 
caused by the failure of Silicon Valley Bank and some other regional US banks. The annualised ex ante tracking error for the 
Fund hovered near the 0.75% target level, within the 0.60-0.90% objective range outlined in the Prospectus. 
Positive sector contributions came chiefly from the Industrials and Materials sectors. In the Industrials sector the Fund held 
an overweight positions in ABB Ltd and Schneider Electric due to their above average characteristics in the Investment 
Manager’s proprietary scoring model (described briefly in the latter part of the report), which contributed positively due to the 
strong performance of stocks involved in electrification. In Materials, Ecolab, was the largest overweight and highest scoring 
stock (as per the scoring model) in the sector, was the largest contributor, with the stock price up 29% in the first half of 2023 
from good performance and outlook despite the inflationary headwinds. 
 
 
INVESTMENT MANAGER’S REPORT (continued)
Global Economic Overview (continued)
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BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
The following table details the significant active positions, where the Fund was overweight (held more exposure than the 
target benchmark) and underweight (held less exposure than the target benchmark), as at 30 June 2023 and  
31 December 2022:
Largest overweight positions
30 June 2023
31 December 2022
 
Sector
Active 
Weighting
 
Sector
Active 
Weighting
Industrials
0.48%
Information Technology
0.53%
Health Care
0.13%
Health Care
0.17%
Consumer Staples
0.09%
Materials
0.16%
Largest underweight positions
30 June 2023
31 December 2022
 
Sector
Active 
Weighting
 
Sector
Active 
Weighting
Consumer Discretionary
(0.67%)
Communication Services
(0.30%)
Financials
(0.43%)
Consumer Discretionary
(0.09%)
Communication Services
(0.39%)
Consumer Staples
(0.09%)
Where the Fund is underweight to a Sector, the return from such Sector will have an opposite effect on the Fund’s active 
return. This may result in a Sector being listed as a contributor/detractor but not listed on the Fund’s Portfolio Statement.
Environmental, Social and Governance (“ESG”) considerations review
 
The Fund aims to provide, through active management, exposure to companies within the MSCI World Index (the “Index”) 
that are well-positioned to maximise the opportunities and minimise the potential risks associated with a transition to a low 
carbon economy, relative to other companies within that Index. 
The Investment Manager applies exclusionary screens based on certain environmental and social related limits and/or 
exclusions as outlined in the Investment Policy of the Fund’s Prospectus. During the period ended 30 June 2023, the Fund 
had no Advertent Breaches arising as a result of the application of the above detailed ESG related Exclusions criteria. 
The Investment Manager also uses its proprietary Climate Transition Scoring Methodology (the “Methodology”) to evaluate 
and score the companies within the Index based on how well-positioned they are to maximise the opportunities and minimise 
the potential risks associated with a transition to a low carbon economy. The Investment Manager seeks to create a portfolio 
with a higher exposure to companies with higher climate transition score (“CT Score”) (relative to other companies in the 
same or similar industries), subject to also seeking to maintain a return and risk profile which generally reflects the return 
and risk profile of the Index. As at 30 June 2023, the Fund had a CT Score of 1.05, versus the Index’s CT score of 0.22. This 
means that the Fund’s portfolio held more of the higher-rated companies (versus the Index) and is better aligned with the 
Investment Manager’s views on positioning in light of the climate transition. The average CT Score during the period was 
0.85. Since the Investment Manager’s focus is on identifying companies with higher ESG scores and lower carbon emission, 
the Investment Manager controls risk through stock selection and seeks to minimise risk from other sources, such as Beta 
(a measure of the volatility, or systematic risk, of a security or portfolio in comparison to the market as a whole), country and 
sector misalignment with the target benchmark.
INVESTMENT MANAGER’S REPORT (continued)
ACS Climate Transition World Equity Fund (continued)
NM0923U-3094429-14/477

14
BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
ACS Europe ex UK ESG Insights Equity Fund
Over the six-month period to 30 June 2023, the Fund’s performance return was 8.01% and the active return was 0.19%, 
outperforming its target benchmark which returned 7.82% (active return is the difference between the Fund's return and the 
target benchmark).
Global markets experienced positive returns during the first half of 2023. This was despite the uncertain macroeconomic 
outlook, the Federal Reserve, the European Central Bank, and the Bank of England all raising rates, and some significant 
bouts of volatility (market ups and downs), most notably in relation to the financial sector, driven by the collapse of Silicon 
Valley Bank and the subsequent acquisition of Credit Suisse by UBS.
During the first half of 2023, positive Fund performance was driven by the Consumer Discretionary sector as detailed below. 
The Consumer Discretionary sector as a whole had a higher average ESG score as per the Investment Manager’s proprietary 
scoring methodology (as described briefly in the latter part of the report), resulting in a sector level overweight to achieve the 
required ESG characteristics of the Fund. The Fund underperformed in the Energy sector where the Fund held an overweight 
position.
Positioning within sectors was driven by the ESG scoring framework and carbon emissions characteristics (as described 
briefly in the latter part of the report). The Fund was generally overweight to higher ESG rated sectors, and higher ESG rated 
companies within these sectors, relative to the target benchmark, driving the overall improvement in the ESG score and lower 
carbon emissions, relative to the target benchmark.
During the six-month period the following were the largest contributors to and detractors from the Fund’s return relative to the 
target benchmark: 
Largest contributors
Largest detractors
 
Sector
Effect on 
Fund return
 
Sector
Effect on 
Fund return
Consumer Discretionary #
0.22%
Energy #
(0.19%)
Industrials #
0.04%
Telecommunications ø
(0.13%)
Utilities #
0.03%
Consumer Staples ø
(0.10%)
Real Estate #
0.01%
Health Care #
(0.08%)
Basic Materials ø 
(0.04%)
# Overweight position – held more exposure than the target benchmark. 
Ø Underweight position – held less exposure than the target benchmark.
 
The exclusionary screens applied at the Fund level had a negative impact of 0.21%. The screens removed just under 4% of 
target benchmark market capitalisation. The largest negative results came from the exclusion of civilian firearms and nuclear 
weapons companies. Those companies, such as Compagnie Financiere Richemont and Airbus Group, performed positively 
during the period. The resultant underweight gave rise to underperformance relative to the target benchmark.
The largest contributors to active performance were in the Consumer Discretionary sector, specifically the positioning of 
securities within this sector. The largest detractors came from the positioning within the Energy sector.
 
 
INVESTMENT MANAGER’S REPORT (continued)
NM0923U-3094429-15/477

15
BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
The following table details the significant active positions, where the Fund was overweight (held more exposure than the 
target benchmark) and underweight (held less exposure than the target benchmark), as at 30 June 2023 and  
31 December 2022:
Largest overweight positions
30 June 2023
31 December 2022
 
Sector
Active 
Weighting
 
Sector
Active 
Weighting
Health Care
1.04%
Industrials
0.95%
Technology
0.88%
Technology
0.86%
Industrials
0.48%
Health Care
0.71%
Largest underweight positions
30 June 2023
31 December 2022
 
Sector
Active 
Weighting
 
Sector
Active 
Weighting
Financials
(1.03%)
Basic Materials
(0.99%)
Basic Materials
(0.92%)
Financials
(0.87%)
Consumer Staples
(0.45%)
Utilities
(0.71%)
Where the Fund is underweight to a Sector, the return from such Sector will have an opposite effect on the Fund’s active 
return. This may result in a Sector being listed as a contributor/detractor but not listed on the Fund’s Portfolio Statement.
Environmental, Social and Governance (“ESG”) considerations review
 
The Fund aims to provide exposure to a portfolio of equities of companies within the FTSE Developed Europe ex UK Index 
(the “Index”) that is managed, through the application of the Fund’s ESG Policy and in particular its use of a proprietary ESG 
framework of the Investment Manager (the BlackRock Sustainable Investing Intelligence (“BSI Intel”) framework).
The Investment Manager first seeks to limit and/or exclude direct investment (as applicable) in corporate issuers that, in 
the opinion of the Investment Manager, had exposure to, or ties with, certain sectors, as outlined in the Fund‘s Prospectus. 
During the period ended 30 June 2023, the Fund had no Advertent Breaches arising as a result of the application of the 
above detailed ESG related Exclusions criteria.
The Investment Manager uses BSI Intel to evaluate and score the remaining companies, based on certain ESG categories, 
and the Investment Manager seeks to create a portfolio with a higher weighted average exposure (relative to the Index) to 
companies with higher BSI Intel Insights (as further detailed in the Fund’s Prospectus). As at 30 June 2023, the Fund had a 
BSI Intel Core Score of 2.28 versus Index’s BSI Intel Core Score of 1.77. The average BSI Intel Core Score during the period 
was 2.22. This means that the Fund’s portfolio held more of the higher-rated companies (versus the Index).
In addition, at the launch date, the Fund expects to achieve approximately 50% lower exposure to carbon emission intensity 
score compared to the Index as at 31 December 2020; and thereafter an average annual rate of reduction of 7% against the 
carbon emission intensity score of the Fund in the previous year (“the carbon reduction pathway”). Following the launch of the 
Fund, the Fund’s carbon emission intensity by Enterprise Value Including Cash (‘EVIC’) (the issuer’s most recently reported 
or estimated Scope 1 and Scope 2 greenhouse gas emissions as per the Greenhouse Gas Protocol, normalised by EVIC in 
USD) was 41.29, versus the Index as at 31 December 2020 at 93.49, a reduction of 56%. Enterprise value is a measure of a 
company’s total value. 
INVESTMENT MANAGER’S REPORT (continued)
ACS Europe ex UK ESG Insights Equity Fund (continued)
NM0923U-3094429-16/477

16
BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
As at 30 June 2023, the Fund’s carbon emission intensity by EVIC (the issuer’s most recently reported or estimated Scope 
1 and Scope 2 greenhouse gas emissions, normalised by EVIC in USD) was 37.66, versus the current carbon reduction 
pathway target of 38.99. Therefore, the Fund’s annualised carbon reduction remains on track with the target pathway. The 
average carbon emission intensity by EVIC during the period was 38.44.
The Fund also aims to achieve a 20% increase in green revenue (revenues coming from economic activities associated with 
clean technology themes, such as alternative energy, energy sufficiency and pollution prevention) in respect of the Fund’s 
portfolio, relative to the Index. The Fund’s percentage of revenue classified as green revenues as at 30 June 2023 was 6.1% 
versus the Index’s percentage of 4.9% an increase of 25%. The average percentage of revenue classified as green revenues 
during the period was 6.0%.
Since the Investment Manager’s focus is on identifying companies with higher ESG scores and lower carbon emission, the 
Investment Manager controls risk through stock selection and seeks to minimise risk from other sources, such as Beta (a 
measure of the volatility, or systematic risk, of a security or portfolio in comparison to the market as a whole), country and 
sector misalignment with the Index.
Quarterly reporting of the carbon emission intensity score of the Fund’s portfolio, its BSI Intel Insights and the percentage 
of its revenues that are classified as green revenues, including by comparison to the corresponding metrics for the Index, is 
available to unitholders on an ongoing basis by request to the Investment Manager. 
ACS Japan ESG Insights Equity Fund
Over the six-month period to 30 June 2023, the Fund’s performance return was 6.43% and the active return was (0.12%), 
underperforming its target benchmark which returned 6.56% (active return is the difference between the Fund's return and the 
target benchmark).
Global markets experienced positive returns during the first half of 2023. This was despite the uncertain macroeconomic 
outlook, the Federal Reserve, the European Central Bank, and the Bank of England all raising rates, and some significant 
bouts of volatility (market ups and downs), most notably in relation to the financial sector, driven by the collapse of Silicon 
Valley Bank and the subsequent acquisition of Credit Suisse by UBS.
During the first half of 2023, negative Fund performance was driven by the Industrials sector as detailed below. The 
Industrials sector as a whole had a higher average carbon emissions as per the Investment Manager’s proprietary scoring 
methodology (as described briefly in the latter part of the report), resulting in a sector level underweight to achieve the 
required ESG characteristics of the Fund. The Fund outperformed in the Consumer Discretionary sector where the Fund held 
an overweight position.
Positioning within sectors was driven by the ESG scoring framework and carbon emissions characteristics. The Fund was 
generally overweight to higher ESG rated sectors, and higher ESG rated companies within these sectors, relative to the 
target benchmark, driving the overall improvement in the ESG score and lower carbon emissions, relative to the target 
benchmark.
 
 
 
 
 
INVESTMENT MANAGER’S REPORT (continued)
ACS Europe ex UK ESG Insights Equity Fund (continued)
NM0923U-3094429-17/477

17
BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
During the financial period, the following were the largest contributors to and detractors from the Fund’s return relative to the 
target benchmark: 
Largest contributors
Largest detractors
 
Sector
Effect on 
Fund return
 
Sector
Effect on 
Fund return
Consumer Discretionary #
0.50%
Industrials ø
(0.80%)
Health Care #
0.23%
Basic Materials ø
(0.16%)
Financials ø
0.07%
Consumer Staples #
(0.12%)
Energy ø
0.06%
Real Estate # 
(0.06%)
Telecommunications ø
0.05%
Utilities ø 
(0.06%)
# Overweight position – held more exposure than the target benchmark. 
Ø Underweight position – held less exposure than the target benchmark.
 
The exclusionary screens applied at the Fund level had a positive impact of 0.07%. The screens removed just under 2.5% of 
target benchmark market capitalisation. The largest positive results came from the exclusion of tobacco company, Seven & 
I Holdings, which performed poorly during the period. The resultant underweight gave rise to outperformance relative to the 
target benchmark.
The largest contributors to active performance were in the Consumer Discretionary sector, specifically the positioning of 
securities within this sector. The largest detractors came from the positioning within the Industrials sector. 
The following table details the significant active positions, where the Fund was overweight (held more exposure than the 
target benchmark) and underweight (held less exposure than the target benchmark), as at 30 June 2023 and  
31 December 2022:
Largest overweight positions
30 June 2023
31 December 2022
 
Sector
Active 
Weighting
 
Sector
Active 
Weighting
Technology 
1.02%
Technology 
1.06%
Health Care
1.00%
Health Care
0.89%
Consumer Staples
0.96%
Real Estate
0.79%
Largest underweight positions
30 June 2023
31 December 2022
 
Sector
Active 
Weighting
 
Sector
Active 
Weighting
Utilities
(0.99%)
Industrials
(0.96%)
Telecommunications
(0.95%)
Utilities
(0.94%)
Basic Materials 
(0.71%)
Telecommunications
(0.71%)
INVESTMENT MANAGER’S REPORT (continued)
ACS Japan ESG Insights Equity Fund (continued)
NM0923U-3094429-18/477

18
BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
Where the Fund is underweight to a Sector, the return from such Sector will have an opposite effect on the Fund’s active 
return. This may result in a Sector being listed as a contributor/detractor but not listed on the Fund’s Portfolio Statement.
Environmental, Social and Governance (“ESG”) considerations review
 
The Fund aims to provide exposure to a portfolio of equities of companies within the FTSE Japan Index (the “Index”) that is 
managed, through the application of the Fund’s ESG Policy and in particular its use of a proprietary ESG framework of the 
Investment Manager (the BlackRock Sustainable Investing Intelligence (“BSI Intel”) framework).
The Investment Manager first seeks to limit and/or exclude direct investment (as applicable) in corporate issuers that, in 
the opinion of the Investment Manager, had exposure to, or ties with, certain sectors, as outlined in the Fund‘s Prospectus. 
During the period ended 30 June 2023, the Fund had no Advertent Breaches arising as a result of the application of the 
above detailed ESG related Exclusions criteria.
The Investment Manager uses BSI Intel to evaluate and score the remaining companies, based on certain ESG categories, 
and the Investment Manager seeks to create a portfolio with a higher weighted average exposure (relative to the Index) to 
companies with higher BSI Intel Insights (as further detailed in the Fund’s Prospectus). As at 30 June 2023, the Fund had a 
BSI Intel Core Score of 1.18 versus Index’s BSI Intel Core Score of 0.58. The average BSI Intel Core Score during the period 
was 1.16. This means that the Fund’s portfolio held more of the higher-rated companies (versus the Index).
In addition, at the launch date, the Fund expects to achieve approximately 50% lower exposure to carbon emission intensity 
score compared to the Index as at 31 December 2020; and thereafter an average annual rate of reduction of 7% against the 
carbon emission intensity score of the Fund in the previous year (“the carbon reduction pathway”). Following the launch of the 
Fund, the Fund’s carbon emission intensity by Enterprise Value Including Cash (‘EVIC’) (the issuer’s most recently reported 
or estimated Scope 1 and Scope 2 greenhouse gas emissions as per the Greenhouse Gas Protocol, normalised by EVIC in 
USD) was 30.49, versus the Index as at 31 December 2020 at 70.66, a reduction of 57%. Enterprise value is a measure of a 
company’s total value.
As at 30 June 2023, the Fund’s carbon emission intensity by EVIC (the issuer’s most recently reported or estimated Scope 
1 and Scope 2 greenhouse gas emissions, normalised by EVIC in USD) was 29.03, versus the current carbon reduction 
pathway target of 29.47. Therefore, the Fund’s annualised carbon reduction remains on track with the target pathway. The 
average carbon emission intensity by EVIC during the period was 29.43.
The Fund also aims to achieve a 20% increase in green revenue (revenues coming from economic activities associated with 
clean technology themes, such as alternative energy, energy sufficiency and pollution prevention) in respect of the Fund’s 
portfolio, relative to the Index. The Fund’s percentage of revenue classified as green revenues as at 30 June 2023 was 7.7% 
versus the Index’s percentage of 6.2% an increase of 25%. The average percentage of revenue classified as green revenues 
during the period was 7.5%.
Since the Investment Manager’s focus is on identifying companies with higher ESG scores and lower carbon emission, the 
Investment Manager controls risk through stock selection and seeks to minimise risk from other sources, such as Beta (a 
measure of the volatility, or systematic risk, of a security or portfolio in comparison to the market as a whole), country and 
sector misalignment with the Index.
Quarterly reporting of the carbon emission intensity score of the Fund’s portfolio, its BSI Intel Insights and the percentage 
of its revenues that are classified as green revenues, including by comparison to the corresponding metrics for the Index, is 
available to unitholders on an ongoing basis by request to the Investment Manager. 
INVESTMENT MANAGER’S REPORT (continued)
ACS Japan ESG Insights Equity Fund (continued)
NM0923U-3094429-19/477

19
BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
ACS North America ESG Insights Equity Fund
Over the six-month period to 30 June 2023, the Fund’s performance return was 10.13% and the active return was 0.97%, 
outperforming its target benchmark which returned 9.16% (active return is the difference between the Fund's return and the 
target benchmark).
Global markets experienced positive returns during the first half of 2023. This was despite the uncertain macroeconomic 
outlook, the Federal Reserve, the European Central Bank, and the Bank of England all raising interest rates, and some 
significant bouts of volatility (market ups and downs), most notably in relation to the financial sector, driven by the collapse of 
Silicon Valley Bank and the subsequent acquisition of Credit Suisse by UBS.
During the first half of 2023, positive Fund performance was driven by the exclusionary screens applied at the Fund level and 
at the Industrials sector level as detailed below. The Industrials sector as a whole had a higher average ESG score as per 
the Investment Manager’s proprietary scoring methodology (as described briefly in the latter part of the report), resulting in a 
sector level overweight to achieve the required ESG characteristics of the Fund. The Fund underperformed in the Consumer 
Discretionary sector where the Fund held an underweight position.
Positioning within sectors was driven by the ESG scoring framework and carbon emissions characteristics. The Fund was 
generally overweight to higher ESG rated sectors, and higher ESG rated companies within these sectors, relative to the 
target benchmark, driving the overall improvement in the ESG score and lower carbon emissions, relative to the target 
benchmark.
During the six-month period the following were the largest contributors to and detractors from the Fund’s return relative to the 
target benchmark: 
Largest contributors
Largest detractors
 
Sector
Effect on 
Fund return
 
Sector
Effect on 
Fund return
Industrials #
0.56%
Consumer Discretionary ø 
(0.41%)
Financials ø
0.28%
Basic Materials ø
(0.26%)
Technology ø
0.05%
Utilities #
(0.17%)
Real Estate #
(0.13%)
Consumer Staples #
(0.07%)
# Overweight position – held more exposure than the target benchmark. 
Ø Underweight position – held less exposure than the target benchmark.
 
The exclusionary screens applied at the Fund level had a positive impact of 0.92%. The screens removed just under 4.5% 
of target benchmark market capitalisation. The largest positive results came from the exclusion of tobacco, nuclear and 
controversial weapons companies. Companies, such as Philip Morris International, Raytheon Technologies, Honeywell 
International, performed negatively during the period. The resultant underweight gave rise to outperformance relative to the 
target benchmark.
The largest contributors to active performance were in the Industrials sector, specifically the positioning of securities within 
this sector. The largest detractors came from the positioning within the Consumer Discretionary sector. 
 
 
INVESTMENT MANAGER’S REPORT (continued)
NM0923U-3094429-20/477

20
BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
The following table details the significant active positions, where the Fund was overweight (held more exposure than the 
target benchmark) and underweight (held less exposure than the target benchmark), as at 30 June 2023 and  
31 December 2022:
Largest overweight positions
30 June 2023
31 December 2022
 
Sector
Active 
Weighting
 
Sector
Active 
Weighting
Health Care 
1.06%
Consumer Staples
0.84%
Real Estate
0.91%
Real Estate
0.80%
Indutrials
0.58%
Health Care
0.74%
Largest underweight positions
30 June 2023
31 December 2022
 
Sector
Active 
Weighting
 
Sector
Active 
Weighting
Utilities
(0.99%)
Financials
(1.08%)
Financials
(0.96%)
Utilities
(0.82%)
Consumer Discretionary 
(0.35%)
Industrials
(0.45%)
Where the Fund is underweight to a Sector, the return from such Sector will have an opposite effect on the Fund’s active 
return. This may result in a Sector being listed as a contributor/detractor but not listed on the Fund’s Portfolio Statement.
Environmental, Social and Governance (“ESG”) considerations review
 
The Fund aims to provide exposure to a portfolio of equities of companies within the FTSE North America Index (the “Index”) 
that is managed, through the application of the Fund’s ESG Policy and in particular its use of a proprietary ESG framework of 
the Investment Manager (the BlackRock Sustainable Investing Intelligence (“BSI Intel”) framework).
The Investment Manager first seeks to limit and/or exclude direct investment (as applicable) in corporate issuers that, in 
the opinion of the Investment Manager, had exposure to, or ties with, certain sectors, as outlined in the Fund‘s Prospectus. 
During the period ended 30 June 2023, the Fund had no Advertent Breaches arising as a result of the application of the 
above detailed ESG related Exclusions criteria.
The Investment Manager uses BSI Intel to evaluate and score the remaining companies, based on certain ESG categories, 
and the Investment Manager seeks to create a portfolio with a higher weighted average exposure (relative to the Index) to 
companies with higher BSI Intel Insights (as further detailed in the Fund’s Prospectus). As at 30 June 2023, the Fund had a 
BSI Intel Core Score of 2.04 versus Index’s BSI Intel Core Score of 1.25. The average BSI Intel Core Score during the period 
was 1.99. This means that the Fund’s portfolio held more of the higher-rated companies (versus the Index).
In addition, at the launch date the Fund expects to achieve approximately 50% lower exposure to carbon emission intensity 
score compared to the Index as at 31 December 2020; and thereafter an average annual rate of reduction of 7% against the 
carbon emission intensity score of the Fund in the previous year (“the carbon reduction pathway”). Following the launch of the 
Fund, the Fund’s carbon emission intensity by Enterprise Value Including Cash (‘EVIC’) (the issuer’s most recently reported 
or estimated Scope 1 and Scope 2 greenhouse gas emissions as per the Greenhouse Gas Protocol, normalised by EVIC in 
USD) was 16.42, versus the Index as at 31 December 2020 at 37.42, a reduction of 56%. Enterprise value is a measure of a 
company’s total value. 
INVESTMENT MANAGER’S REPORT (continued)
ACS North America ESG Insights Equity Fund (continued)
NM0923U-3094429-21/477

21
BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
As at 30 June 2023, the Fund’s carbon emission intensity by EVIC (the issuer’s most recently reported or estimated Scope 
1 and Scope 2 greenhouse gas emissions, normalised by EVIC in USD) was 12.99, versus the current carbon reduction 
pathway target of 15.61. Therefore, the Fund’s annualised carbon reduction remains on track with the target pathway. The 
average carbon emission intensity by EVIC during the period was 14.61.
The Fund also aims to achieve a 20% increase in green revenue (revenues coming from economic activities associated with 
clean technology themes, such as alternative energy, energy sufficiency and pollution prevention) in respect of the Fund’s 
portfolio, relative to the Index. The Fund’s percentage of revenue classified as green revenues as at 30 June 2023 was 8.5% 
versus the Index’s percentage of 6.6% an increase of 28%. The average percentage of revenue classified as green revenues 
during the period was 7.2%.
Since the Investment Manager’s focus is on identifying companies with higher ESG scores and lower carbon emission, the 
Investment Manager controls risk through stock selection and seeks to minimise risk from other sources, such as Beta (a 
measure of the volatility, or systematic risk, of a security or portfolio in comparison to the market as a whole), country and 
sector misalignment with the Index.
Quarterly reporting of the carbon emission intensity score of the Fund’s portfolio, its BSI Intel Insights and the percentage 
of its revenues that are classified as green revenues, including by comparison to the corresponding metrics for the Index, is 
available to unitholders on an ongoing basis by request to the Investment Manager.
ACS UK ESG Insights Equity Fund
Over the six-month period to 30 June 2023, the Fund’s performance return was 2.78% and the active return was 0.56%, 
outperforming its target benchmark which returned 2.22% (active return is the difference between the Fund's return and the 
target benchmark).
Global markets experienced positive returns during the first half of 2023. This was despite the uncertain macroeconomic 
outlook, the Federal Reserve, the European Central Bank, and the Bank of England all raising rates, and some significant 
bouts of volatility (market ups and downs), most notably in relation to the financial sector, driven by the collapse of Silicon 
Valley Bank and the subsequent acquisition of Credit Suisse by UBS.
During the first half of 2023, positive Fund performance was driven by the exclusionary screens applied at the Fund level 
and the Consumer Discretionary sector as detailed below. The Consumer Discretionary sector as a whole had a higher 
average ESG score as per the Investment Manager’s proprietary scoring methodology (as described briefly in the latter 
part of the report), resulting in a sector level overweight to achieve the required ESG characteristics of the Fund. The Fund 
underperformed in the Basic Materials sector where the Fund held an overweight position.
Positioning within sectors was driven by the ESG scoring framework and carbon emissions characteristics The Fund was 
generally overweight to higher ESG rated sectors, and higher ESG rated companies within these sectors, relative to the 
target benchmark, driving the overall improvement in the ESG score and lower carbon emissions, relative to the target 
benchmark.
 
 
 
 
 
INVESTMENT MANAGER’S REPORT (continued)
ACS North America ESG Insights Equity Fund (continued)
NM0923U-3094429-22/477

22
BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
During the six-month period the following were the largest contributors to and detractors from the Fund’s return relative to the 
target benchmark: 
Largest contributors
Largest detractors
 
Sector
Effect on 
Fund return
 
Sector
Effect on 
Fund return
Consumer Discretionary #
0.36%
Basic Materials #
(0.49%)
Technology#
0.07%
Energy ø
(0.22%)
Financials ø
0.03%
Utilities ø
(0.21%)
Telecommunications #
0.01%
Industrials  ø 
(0.20%)
Health Care #
(0.09%)
# Overweight position – held more exposure than the target benchmark. 
Ø Underweight position – held less exposure than the target benchmark.
 
The exclusionary screens applied at the Fund level had a positive impact of 1.25%. The screens removed just over 8% of 
target benchmark market capitalisation. The largest positive results came from the exclusion of tobacco companies. Those 
companies, such as British American Tobacco and Imperial Brands, performed negatively during the period. The resultant 
underweight gave rise to outperformance relative to the target benchmark.
The largest detractors came from the positioning within the Basic Materials sector. The largest contributors to active 
performance were in the Consumer Discretionary sector, specifically the positioning of securities within this sector.
The following table details the significant active positions, where the Fund was overweight (held more exposure than the 
target benchmark) and underweight (held less exposure than the target benchmark), as at 30 June 2023 and  
31 December 2022:
Largest overweight positions
30 June 2023
31 December 2022
 
Sector
Active 
Weighting
 
Sector
Active 
Weighting
Health Care 
1.30%
Basic Materials
2.12%
Real Estate
0.84%
Real Estate
1.29%
Consumer Staples
0.77%
Health Care
1.14%
Largest underweight positions
30 June 2023
31 December 2022
 
Sector
Active 
Weighting
 
Sector
Active 
Weighting
Industrials
(1.33%)
Financials
(1.33%)
Energy
(1.15%)
Energy
(1.24%)
Utilities
(1.08%)
Utilities
(0.98%)
INVESTMENT MANAGER’S REPORT (continued)
ACS UK ESG Insights Equity Fund (continued)
NM0923U-3094429-23/477

23
BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
Where the Fund is underweight to a Sector, the return from such Sector will have an opposite effect on the Fund’s active 
return. This may result in a Sector being listed as a contributor/detractor but not listed on the Fund’s Portfolio Statement.
Environmental, Social and Governance (“ESG”) considerations review
 
The Fund aims to provide exposure to a portfolio of equities of companies within the FTSE All Share Index (the “Index”) that 
is managed, through the application of the Fund’s ESG Policy and in particular its use of a proprietary ESG framework of the 
Investment Manager (the BlackRock Sustainable Investing Intelligence (“BSI Intel”) framework).
The Investment Manager first seeks to limit and/or exclude direct investment (as applicable) in corporate issuers that, in 
the opinion of the Investment Manager, had exposure to, or ties with, certain sectors, as outlined in the Fund‘s Prospectus. 
During the period ended 30 June 2023, the Fund had no Advertent Breaches arising as a result of the application of the 
above detailed ESG related Exclusions criteria.
The Investment Manager uses BSI Intel to evaluate and score the remaining companies, based on certain ESG categories, 
and the Investment Manager seeks to create a portfolio with a higher weighted average exposure (relative to the Index) to 
companies with higher BSI Intel Insights (as further detailed in the Fund’s Prospectus). As at 30 June 2023, the Fund had a 
BSI Intel Core Score of 1.84 versus Index’s BSI Intel Core Score of 1.64. The average BSI Intel Core Score during the period 
was 1.93. This means that the Fund’s portfolio held more of the higher-rated companies (versus the Index).
In addition, at the launch date the Fund expects to achieve approximately 30% lower exposure to carbon emission intensity 
score compared to the Index as at 31 December 2020; and thereafter an average annual rate of reduction of 7% against the 
carbon emission intensity score of the Fund in the previous year (“the carbon reduction pathway”). Following the launch of the 
Fund, the Fund’s carbon emission intensity by Enterprise Value Including Cash (‘EVIC’) (the issuer’s most recently reported 
or estimated Scope 1 and Scope 2 greenhouse gas emissions as per the Greenhouse Gas Protocol, normalised by EVIC in 
USD) was 49.41, versus the Index as at 31 December 2020 at 79.49, a reduction of 38%. Enterprise value is a measure of a 
company’s total value. 
As at 30 June 2023, the Fund’s carbon emission intensity by EVIC (the issuer’s most recently reported or estimated Scope 
1 and Scope 2 greenhouse gas emissions, normalised by EVIC in USD) was 33.86, versus the current carbon reduction 
pathway target of 46.41. Therefore, the Fund’s annualised carbon reduction remains on track with the target pathway. The 
average carbon emission intensity by EVIC during the period was 41.30.
The Fund also aims to achieve a 20% increase in green revenue (revenues coming from economic activities associated with 
clean technology themes, such as alternative energy, energy sufficiency and pollution prevention) in respect of the Fund’s 
portfolio, relative to the Index. The Fund’s percentage of revenue classified as green revenues as at 30 June 2023 was 2.9% 
versus the Index’s percentage of 1.5% an increase of 91%. The average percentage of revenue classified as green revenues 
during the period was 3.1%.
Since the Investment Manager’s focus is on identifying companies with higher ESG scores and lower carbon emission, the 
Investment Manager controls risk through stock selection and seeks to minimise risk from other sources, such as Beta (a 
measure of the volatility, or systematic risk, of a security or portfolio in comparison to the market as a whole), country and 
sector misalignment with the Index.
Quarterly reporting of the carbon emission intensity score of the Fund’s portfolio, its BSI Intel Insights and the percentage 
of its revenues that are classified as green revenues, including by comparison to the corresponding metrics for the Index, is 
available to unitholders on an ongoing basis by request to the Investment Manager.
INVESTMENT MANAGER’S REPORT (continued)
ACS UK ESG Insights Equity Fund (continued)
NM0923U-3094429-24/477

24
BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
ACS US ESG Insights Equity Fund
Over the six-month period to 30 June 2023, the Fund’s performance return was 10.14% and the active return was 0.56%, 
outperforming its target benchmark which returned 9.59% (active return is the difference between the Fund's return and the 
target benchmark).
Global markets experienced positive returns during the first half of 2023. This was despite the uncertain macroeconomic 
outlook, the Federal Reserve, the European Central Bank, and the Bank of England all raising rates, and some significant 
bouts of volatility (market ups and downs), most notably in relation to the financial sector, driven by the collapse of Silicon 
Valley Bank and the subsequent acquisition of Credit Suisse by UBS.
During the first half of 2023, positive Fund performance was driven by the exclusionary screens applied at the Fund level 
and the Industrials sector as detailed below (as described briefly in the latter part of the report). The Industrials sector as 
a whole had a higher average ESG score as per the Investment Manager’s proprietary scoring methodology, resulting in a 
sector level overweight to achieve the required ESG characteristics of the Fund. The Fund underperformed in the Consumer 
Discretionary sector where the Fund held an underweight position.
Positioning within sectors was driven by the ESG scoring framework and carbon emissions characteristics. The Fund was 
generally overweight to higher ESG rated sectors, and higher ESG rated companies within these sectors, relative to the 
target benchmark, driving the overall improvement in the ESG score and lower carbon emissions, relative to the target 
benchmark.
During the six-month period the following were the largest contributors to and detractors from the Fund’s return relative to the 
target benchmark: 
Largest contributors
Largest detractors
 
Sector
Effect on 
Fund return
 
Sector
Effect on 
Fund return
Industrials #
0.39%
Consumer Discretionary ø 
(0.50%)
Financials ø 
0.21%
Basic Materials ø
(0.24%)
Technology ø
0.14%
Utilities #
(0.23%)
Energy ø
0.06%
Consumer Staples #
(0.19%)
Real Estate #
(0.16%)
# Overweight position – held more exposure than the target benchmark. 
Ø Underweight position – held less exposure than the target benchmark.
 
The exclusionary screens applied at the Fund level had a positive impact of 0.89%. The screens removed just under 4% of 
target benchmark market capitalisation. The largest positive results came from the exclusion of tobacco and nuclear and 
controversial weapons companies. Those companies, such as Philip Morris International, Raytheon Technologies, Honeywell 
International, performed negatively during the period. The resultant underweight gave rise to outperformance relative to the 
target benchmark.
The largest contributors to active performance were in the Industrials sector, specifically the positioning of securities within 
this sector. The largest detractors came from the positioning within the Consumer Discretionary sector.
 
 
INVESTMENT MANAGER’S REPORT (continued)
NM0923U-3094429-25/477

25
BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
The following table details the significant active positions, where the Fund was overweight (held more exposure than the 
target benchmark) and underweight (held less exposure than the target benchmark), as at 30 June 2023 and  
31 December 2022:
Largest overweight positions
30 June 2023
31 December 2022
 
Sector
Active 
Weighting
 
Sector
Active 
Weighting
Health Care 
1.11%
Consumer Staples
0.84%
Real Estate
0.89%
Real Estate
0.80%
Industrials
0.56%
Health Care
0.74%
Largest underweight positions
30 June 2023
31 December 2022
 
Sector
Active 
Weighting
 
Sector
Active 
Weighting
Financials
(1.03%)
Financials
(1.08%)
Utilities
(0.98%)
Utilities
(0.82%)
Consumer Staples
(0.37%)
Industrials
(0.45%)
Where the Fund is underweight to a Sector, the return from such Sector will have an opposite effect on the Fund’s active 
return. This may result in a Sector being listed as a contributor/detractor but not listed on the Fund’s Portfolio Statement.
Environmental, Social and Governance (“ESG”) considerations review
 
The Fund aims to provide exposure to a portfolio of equities of companies within the FTSE USA Index (the “Index”) that is 
managed, through the application of the Fund’s ESG Policy and in particular its use of a proprietary ESG framework of the 
Investment Manager (the BlackRock Sustainable Investing Intelligence (“BSI Intel”) framework).
The Investment Manager first seeks to limit and/or exclude direct investment (as applicable) in corporate issuers that, in 
the opinion of the Investment Manager, had exposure to, or ties with, certain sectors, as outlined in the Fund‘s Prospectus. 
During the period ended 30 June 2023, the Fund had no Advertent Breaches arising as a result of the application of the 
above detailed ESG related Exclusions criteria.
The Investment Manager uses BSI Intel to evaluate and score the remaining companies, based on certain ESG categories, 
and the Investment Manager seeks to create a portfolio with a higher weighted average exposure (relative to the Index) to 
companies with higher BSI Intel Insights (as further detailed in the Fund’s Prospectus). As at 30 June 2023, the Fund had a 
BSI Intel Core Score of 2.06 versus Index’s BSI Intel Core Score of 1.27. The average BSI Intel Core Score during the period 
was 1.98. This means that the Fund’s portfolio held more of the higher-rated companies (versus the Index).
In addition, at the launch date the Fund expects to achieve approximately 50% lower exposure to carbon emission intensity 
score compared to the Index as at 31 December 2020; and thereafter an average annual rate of reduction of 7% against the 
carbon emission intensity score of the Fund in the previous year (“the carbon reduction pathway”). Following the launch of the 
Fund, the Fund’s carbon emission intensity by Enterprise Value Including Cash (‘EVIC’) (the issuer’s most recently reported 
or estimated Scope 1 and Scope 2 greenhouse gas emissions as per the Greenhouse Gas Protocol, normalised by EVIC in 
USD) was 15.95, versus the Index as at 31 December 2020 at 36.38, a reduction of 56%. Enterprise value is a measure of a 
company’s total value.
INVESTMENT MANAGER’S REPORT (continued)
ACS US ESG Insights Equity Fund (continued)
NM0923U-3094429-26/477

26
BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
As at 30 June 2023, the Fund’s carbon emission intensity by EVIC (the issuer’s most recently reported or estimated Scope 
1 and Scope 2 greenhouse gas emissions, normalised by EVIC in USD) was 12.55, versus the current carbon reduction 
pathway target of 15.17. Therefore, the Fund’s annualised carbon reduction remains on track with the target pathway. The 
average carbon emission intensity by EVIC during the period was 14.16.
The Fund also aims to achieve a 20% increase in green revenue (revenues coming from economic activities associated with 
clean technology themes, such as alternative energy, energy sufficiency and pollution prevention) in respect of the Fund’s 
portfolio, relative to the Index. The Fund’s percentage of revenue classified as green revenues as at 30 June 2023 was 8.8 
versus the Index’s percentage of 6.9 an increase of 29%. The average percentage of revenue classified as green revenues 
during the period was 7.5%.
Since the Investment Manager’s focus is on identifying companies with higher ESG scores and lower carbon emission, the 
Investment Manager controls risk through stock selection and seeks to minimise risk from other sources, such as Beta (a 
measure of the volatility, or systematic risk, of a security or portfolio in comparison to the market as a whole), country and 
sector misalignment with the Index.
Quarterly reporting of the carbon emission intensity score of the Fund’s portfolio, its BSI Intel Insights and the percentage 
of its revenues that are classified as green revenues, including by comparison to the corresponding metrics for the Index, is 
available to unitholders on an ongoing basis by request to the Investment Manager.
ACS World ESG Insights Equity Fund
Over the six-month period to 30 June 2023, the Fund’s performance return was 8.92% and the active return was 0.24%, 
outperforming its target benchmark which returned 8.68% (active return is the difference between the Fund's return and the 
target benchmark).
Global markets experienced positive returns during the first half of 2023. This was despite the uncertain macroeconomic 
outlook, the Federal Reserve, the European Central Bank, and the Bank of England all raising rates, and some significant 
bouts of volatility (market ups and downs), most notably in relation to the financial sector, driven by the collapse of Silicon 
Valley Bank and the subsequent acquisition of Credit Suisse by UBS.
During the first half of 2023, positive Fund performance was driven by the exclusionary screens applied at the Fund level 
and the Industrials sector as detailed below. The Industrials sector as a whole had a higher average ESG score as per the 
Investment Manager’s proprietary scoring methodology (as described briefly in the latter part of the report), resulting in a 
sector level overweight to achieve the required ESG characteristics of the Fund. The Fund underperformed in the Consumer 
Discretionary sector where the Fund held an overweight position.
Positioning within sectors was driven by the ESG scoring framework and carbon emissions characteristics. The Fund was 
generally overweight to higher ESG rated sectors, and higher ESG rated companies within these sectors, relative to the 
target benchmark, driving the overall improvement in the ESG score and lower carbon emissions, relative to the target 
benchmark.
 
 
 
 
 
INVESTMENT MANAGER’S REPORT (continued)
ACS US ESG Insights Equity Fund (continued)
NM0923U-3094429-27/477

27
BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
During the six-month period the following were the largest contributors to and detractors from the Fund’s return relative to the 
target benchmark:
Largest contributors
Largest detractors
 
Sector
Effect on 
Fund return
 
Sector
Effect on 
Fund return
Industrials #
0.36%
Consumer Discretionary #
(0.58%)
Real Estate ø
0.10%
Basic Materials #
(0.26%)
Telecommunications # 
0.09%
Health Care #
(0.24%)
Technology ø
0.07%
Energy ø 
(0.08%)
Utilities #
0.06%
Consumer Staples #
(0.05%)
# Overweight position – held more exposure than the target benchmark. 
Ø Underweight position – held less exposure than the target benchmark.
 
The exclusionary screens applied at the Fund level had a positive impact of 0.60%. The screens removed just under 4% of 
target benchmark market capitalisation. The largest positive results came from the exclusion of nuclear and controversial 
weapons companies. Those companies, such as Raytheon Technologies, Honeywell International, Northrop Grumman, 
performed negatively during the period. The resultant underweight gave rise to outperformance relative to the target 
benchmark.
The largest contributors to active performance were in the Industrials sector, specifically the positioning of securities within 
this sector. The largest detractors came from the positioning within the Consumer Discretionary sector.
The following table details the significant active positions, where the Fund was overweight (held more exposure than the 
target benchmark) and underweight (held less exposure than the target benchmark), as at 30 June 2023 and  
31 December 2022:
Largest overweight positions
30 June 2023
31 December 2022
 
Sector
Active 
Weighting
 
Sector
Active 
Weighting
Consumer Staples
0.92%
Health Care
0.72%
Health Care
0.72%
Consumer Discretionary
0.42%
Industrials
0.58%
Consumer Staples
0.37%
Largest underweight positions
30 June 2023
31 December 2022
 
Sector
Active 
Weighting
 
Sector
Active 
Weighting
Utilities
(0.89%)
Utilities
(0.67%)
Financials 
(0.85%)
Information Technology 
(0.38%)
Technology
(0.59%)
Basic Materials
(0.23%)
INVESTMENT MANAGER’S REPORT (continued)
ACS World ESG Insights Equity Fund (continued)
NM0923U-3094429-28/477

28
BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
Where the Fund is underweight to a Sector, the return from such Sector will have an opposite effect on the Fund’s active 
return. This may result in a Sector being listed as a contributor/detractor but not listed on the Fund’s Portfolio Statement.
Environmental, Social and Governance (“ESG”) considerations review
The Fund aims to provide exposure to companies within the FTSE Developed Index (the “Index”) that are well-positioned to 
maximise the opportunities and minimise the potential risks associated with certain ESG themes and considerations relative 
to other companies within that Index, using a combination of exclusionary screens and the Investment Manager’s proprietary 
scoring methodology (the BlackRock Sustainable Investing Intelligence (“BSI Intel”) framework).
The Investment Manager first seeks to limit and/or exclude direct investment (as applicable) in corporate issuers that, in 
the opinion of the Investment Manager, had exposure to, or ties with, certain sectors, as outlined in the Fund‘s Prospectus. 
During the period ended 30 June 2023, the Fund had no Advertent Breaches arising as a result of the application of the 
above detailed ESG related Exclusions criteria.
The Investment Manager uses BSI Intel to identify, evaluate and score companies, based on certain ESG themes and 
considerations, and the Investment Manager seeks to create a portfolio with a higher weighted average exposure (relative 
to the Index) to companies with higher BSI Intel Insights (as further detailed in the Fund’s Prospectus). As at 30 June 2023, 
the Fund had a BSI Intel Core Score of 2.10 versus Index’s BSI Intel Core Score of 1.30. This means that the Fund’s portfolio 
held more of the higher-rated companies (versus the Index). The average BSI Intel Core Score during the period was 2.10.
In addition to the above, the Investment Manager expects to achieve, via a combination of the exclusionary screens and the 
BSI Intel methodology described above, approximately 50% lower exposure to carbon emission intensity and approximately 
50% lower exposure to potential emissions from fossil fuel reserves in respect of the Fund’s portfolio, relative to the Index. As 
at 30 June 2023, the Fund’s carbon emission intensity by sales (the issuer’s most recently reported or estimated Scope 1 and 
Scope 2 greenhouse gas emissions, as per the Greenhouse Gas Protocol, normalised by USD 1 million in annual sales) was 
55.54 versus the Index of 120.46, a reduction of 54%. The Fund’s potential carbon emissions from fossil fuel reserves was 
70.97 versus the Index of 159.59, a reduction of 56%. The average carbon emission intensity by sales during the period was 
59.21.
Since the Investment Manager’s focus is on identifying companies with higher ESG scores and lower carbon emission, the 
Investment Manager controls risk through stock selection and seeks to minimise risk from other sources, such as Beta (a 
measure of the volatility, or systematic risk, of a security or portfolio in comparison to the market as a whole), country and 
sector misalignment with the Index.
ACS World ESG Screened Equity Tracker Fund
Environmental, Social and Governance (“ESG”) considerations review
The ESG investment objectives of the Fund were met through its investments in a portfolio that was primarily made up of 
securities that represent the Fund’s Benchmark Index, as outlined in the Fund’s prospectus. Screening of issuers for inclusion 
within the Benchmark Index is carried out by the relevant Benchmark Index provider based on the Index provider’s ESG 
screening criteria. The ESG selection criteria that is excluded is set out below. Further details regarding the methodology of 
the Benchmark Index (including its constituents) are available on the index provider’s website at  
https://www.msci.com/constituents.
 
 
 
INVESTMENT MANAGER’S REPORT (continued)
ACS World ESG Insights Equity Fund (continued)
NM0923U-3094429-29/477

29
BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
The following table lists the ESG considerations which were promoted by the Fund throughout the reference period.
ESG considerations promoted by the Fund
Exclusion of issuers from the MSCI World Index (“Parent Index”) who have specific associations, ties, classifications or 
activities as applicable but not limited to:
     –     Tobacco
     –     Controversial weapons
     –     Nuclear weapons
     –     Civilian firearms
Exclusion of issuers whose revenue is derived from certain activities including but not limited to:
     –     Tobacco
     –     Civilian firearms
     –     Thermal coal-based power generation
     –     Extraction of certain fossil fuels
     –     Production of palm oil
     –     Extraction of artic oil and gas
 
Exclusion of issuers violating:
     ‒     UN Global Compact Principles
     ‒     ESG controversies or are missing an ESG controversy score
ACS World Low Carbon Equity Tracker Fund
Environmental, Social and Governance (“ESG”) considerations review
The ESG investment objectives of the Fund were met through its investments in a portfolio that was primarily made up of 
securities that represent the Fund’s Benchmark Index, as outlined in the Fund’s prospectus. Screening of issuers for inclusion 
within the Benchmark Index is carried out by the relevant Benchmark Index provider based on the Index provider’s ESG 
screening criteria. The ESG selection criteria that is excluded is set out below. Further details regarding the methodology of 
the Benchmark Index (including its constituents) are available on the index provider’s website at  
https://www.msci.com/constituents.
The following table lists the ESG considerations which were promoted by the Fund throughout the reference period.
ESG considerations promoted by the Fund
Exclusion of issuers from the MSCI World Index (“Parent Index”) whose revenue is derived from certain activities including 
but not limited to:
     ‒     exposure to, or other ties with, thermal coal extraction and/or thermal-based power generation, unconventional oil 
            and gas extraction, oil sands extraction, conventional oil and gas extraction, oil and gas-based power generation 
            and any companies that have coal and/or oil and natural gas reserves used for energy purposes
 
Once the climate change based exclusions are applied, the Benchmark Index is constructed using an optimisation process 
which seeks to (a) minimise the carbon exposure of its constituents relative to the Parent Index subject to a tracking error 
constraint of 0.50%. The carbon exposures of the eligible companies within the Parent Index are measured in terms of 
greenhouse gas emissions and potential carbon emissions from fossil fuel reserves using MSCI’s ESG CarbonMetrics data, 
which is based on reported data from annual reports, corporate social responsibility reports, the Carbon Disclosure Project, 
oil and gas industry bodies and other relevant third-party sources. If a company does not report carbon emissions or  
potential carbon emissions from fossil fuel reserves, its emissions are estimated by MSCI using a proprietary model.
 
INVESTMENT MANAGER’S REPORT (continued)
ACS World ESG Screened Equity Tracker Fund (continued)
NM0923U-3094429-30/477

30
BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
The performance of the Benchmark Index is outlined below:
ESG consideration
Metric
Fund
Parent
Minimise carbon emission relative to  
Parent Index
Weighted average 
carbon emissions  
(Tons CO2e/$M Sales)
43.52
149.78
All data presented has been calculated based on an average of the value of investments traded and held on or around each 
applicable rebalance date within the reference period.
 
ACS World Multifactor ESG Equity Tracker Fund
Environmental, Social and Governance (“ESG”) considerations review
The ESG investment objectives of the Fund were met through its investments in a portfolio that was primarily made up of 
securities that represent the Fund’s Benchmark Index, as outlined in the Fund’s prospectus. Screening of issuers for inclusion 
within the Benchmark Index is carried out by the relevant Benchmark Index provider based on the Index provider’s ESG 
screening criteria. The ESG selection criteria that is excluded is set out below. Further details regarding the methodology of 
the Benchmark Index (including its constituents) are available on the index provider’s website at  
https://www.msci.com/constituents.
The following table lists the ESG considerations which were promoted by the Fund throughout the reference period.
ESG considerations promoted by the Fund
The constituents of the Benchmark Index are selected from the MSCI World Index (“Parent Index”) using the MSCI Barra 
Global Equity Model for Long-Term Investors model (the “Model”) to maximise the exposure to the four targeted style fac-
tors. The  
eligible universe is the universe of all the securities in the Parent Index that are not involved in very severe ESG  
controversies controversial weapons (such as but not limited to, all companies that are involved in the production of cluster 
bombs and munitions, landmines, depleted uranium weapons, chemical and biological weapons), nuclear weapons,  
tobacco (all producers excluded, retailers, licensors, and distributors excluded if >15% revenue), thermal coal (if >30% 
revenue), UN Global Compact Principles violation, and civilian firearms (all producers excluded, retailers excluded if >5% 
revenue).
 
The Model is also subject to carbon and ESG constraints relative to the Parent Index, for example it targets a reduction 
in carbon emission intensity of at least 50%, a reduction in carbon reserves intensity of at least 50% and an ESG score 
improvement of 20%.
 
 
 
 
 
 
 
INVESTMENT MANAGER’S REPORT (continued)
ACS World Low Carbon Equity Tracker Fund (continued)
NM0923U-3094429-31/477

31
BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
The performance of the Benchmark Index is outlined below:
ESG consideration
Metric
Fund
Parent
% Reduction
Minimum 50% reduction in emission 
intensity
Weighted average 
carbon emission 
intensity 
(Tons CO2e/ 
$M Sales)
76.17
152.69
50.11%
Minimum 50% reduction in carbon 
reserves
Weighted potential 
carbon emission 
(Tons CO2e/ 
$M market 
capitalisation)
0.00
0.00
N/A*
Minimum 20% ESG score improvement
Weighted average 
ESG score
8.33
6.92
20.39%
All data presented has been calculated based on an average of the value of investments traded and held on or around each 
applicable rebalance date within the reference period.
* No companies held for which MSCI collects fossil fuel reserves data. MSCI collects fossil fuel reserves data, where relevant, 
for companies which have reserves, typically in the oil & gas, coal mining and electric utilities industries and only fossil fuel 
reserves used for energy are taken into account. For newly added companies where data is not yet available, MSCI uses 
zero fossil fuel reserves.
 
ACS World ESG Equity Tracker Fund
Environmental, Social and Governance (“ESG”) considerations review
The ESG investment objectives of the Fund were met through its investments in a portfolio that was primarily made up of 
securities that represent the Fund’s Benchmark Index, as outlined in the Fund’s prospectus. Screening of issuers for inclusion 
within the Benchmark Index is carried out by the relevant Benchmark Index provider based on the Index provider’s ESG 
screening criteria. The ESG selection criteria that is excluded is set out below. Further details regarding the methodology of 
the Benchmark Index (including its constituents) are available on the index provider’s website at  
https://www.msci.com/constituents.
The following table lists the ESG considerations which were promoted by the Fund throughout the reference period.
ESG considerations promoted by the Fund
Exclusion of issuers from the MSCI World Index  (“Parent Index”) who are involved in or whose revenue is derived from 
certain activities including but not limited to:
     –     Tobacco
     ‒     Very severe ESG controversies
     –     Controversial weapons
     –     Nuclear weapons
     –     Civilian firearms
     –     Thermal coal
 
The optimisation aims to maximise the Fund’s Benchmark Index’s exposure to ESG Scores and simultaneously minimise 
carbon emission intensity and potential emissions by at least 50% with respect to the Parent Index for a given tracking error 
budget. 
INVESTMENT MANAGER’S REPORT (continued)
ACS World Multifactor ESG Equity Tracker Fund (continued)
NM0923U-3094429-32/477

32
BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
The performance of the Benchmark Index is outlined below:
ESG consideration*
Metric
Fund
Parent
% Reduction
Minimum 50% reduction in emission 
intensity
Weighted average 
carbon emission 
intensity (Tons 
CO2e/$M Sales)
77.01
155.49
50.48%
Minimum 50% reduction in potential 
carbon reserves
Weighted potential 
carbon emission 
(Tons CO2e/ 
$M market 
capitalisation)
0.00
0.00
N/A**
Minimum 20% ESG score improvement
Weighted average 
ESG score
7.94
6.92
N/A
All data presented has been calculated based on an average of the value of investments traded and held on or around each 
applicable rebalance date within the reference period.
* ESG considerations are based on the Benchmark Index methodology.
** No companies held for which MSCI collects fossil fuel reserves data. MSCI collects fossil fuel reserves data, where 
relevant, for companies which have reserves, typically in the oil & gas, coal mining and electric utilities industries and only 
fossil fuel reserves used for energy are taken into account. For newly added companies where data is not yet available, MSCI 
uses zero fossil fuel reserves.
 
ACS World Small Cap ESG Screened Equity Tracker Fund
Environmental, Social and Governance (“ESG”) considerations review
The ESG investment objectives of the Fund were met through its investments in a portfolio that was primarily made up of 
securities that represent the Fund’s Benchmark Index, as outlined in the Fund’s prospectus. Screening of issuers for inclusion 
within the Benchmark Index is carried out by the relevant Benchmark Index provider based on the Index provider’s ESG 
screening criteria. The ESG selection criteria that is excluded is set out below. Further details regarding the methodology of 
the Benchmark Index (including its constituents) are available on the index provider’s website at  
https://www.msci.com/constituents.
The following table lists the ESG considerations which were promoted by the Fund throughout the reference period.
ESG considerations promoted by the Fund
Exclusion of issuers from the MSCI World Small Cap Index (“Parent Index”) who have specific associations, ties,  
classifications or activities as applicable but not limited to:
     –     Tobacco
     –     Controversial weapons
     –     Nuclear weapons
     –     Civilian firearms
Exclusion of issuers whose revenue is derived from certain activities including but not limited to:
     –     Tobacco
     –     Civilian firearms
     –     Thermal coal-based power generation
     –     Extraction of certain fossil fuels
     –     Production of palm oil
     –     Extraction of artic oil and gas
INVESTMENT MANAGER’S REPORT (continued)
ACS World ESG Equity Tracker Fund (continued)
NM0923U-3094429-33/477

33
BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
ESG considerations promoted by the Fund
Exclusion of issuers violating:
     ‒     UN Global Compact Principles
     ‒     ESG controversies or are missing an ESG controversy score
ACS UK Equity Tracker Fund
Environmental, Social and Governance (“ESG”) considerations review
The ESG investment objectives of the Fund were met through its investments in a portfolio that was primarily made up of 
securities that represent the Fund’s Benchmark Index, as outlined in the Fund’s prospectus. Screening of issuers for inclusion 
within the Benchmark Index is carried out by the relevant Benchmark Index provider based on the Index provider’s ESG 
screening criteria. The ESG selection criteria that is excluded is set out below. Further details regarding the methodology of 
the Benchmark Index (including its constituents) are available on the index provider’s website at  
https://www.ftserussell.com/index.
The following table lists the ESG considerations which were promoted by the Fund throughout the reference period.
ESG considerations promoted by the Fund
Exclusion of issuers from the FTSE Al-Share Index (“Parent Index”) whose revenue is derived from certain activities  
including but not limited to:
     –     Weapons (including anti-personnel mines, nuclear weapons, cluster weapons, biological and chemical weapons, 
            depleted uranium, and white phosphorus munitions)
     –     Small Arms
     –     Thermal Coal
     –     Oil Sands
 
In addition, companies that are classified as severely violating the United Nations Global Compact principles (which are 
widely accepted corporate sustainability principles that meet fundamental responsibilities in areas such as anti-corruption, 
human rights, labour and environmental) are also excluded.
ACS Continental European Equity Tracker Fund
Environmental, Social and Governance (“ESG”) considerations review
The ESG investment objectives of the Fund were met through its investments in a portfolio that was primarily made up of 
securities that represent the Fund’s Benchmark Index, as outlined in the Fund’s prospectus. Screening of issuers for inclusion 
within the Benchmark Index is carried out by the relevant Benchmark Index provider based on the Index provider’s ESG 
screening criteria. The ESG selection criteria that is excluded is set out below. Further details regarding the methodology of 
the Benchmark Index (including its constituents) are available on the index provider’s website at  
https://www.ftserussell.com/index.
 
 
 
 
 
INVESTMENT MANAGER’S REPORT (continued)
ACS World Small Cap ESG Screened Equity Tracker Fund (continued)
NM0923U-3094429-34/477

34
BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
The following table lists the ESG considerations which were promoted by the Fund throughout the reference period.
ESG considerations promoted by the Fund
Exclusion of issuers from the FTSE Developed Europe ex UK Index (“Parent Index”) whose revenue is derived from certain 
activities including but not limited to:
     –     Weapons (including anti-personnel mines, nuclear weapons, cluster weapons, biological and chemical weapons, 
            depleted uranium, and white phosphorus munitions)
     –     Small Arms
     –     Thermal Coal
     –     Oil Sands
 
In addition, companies that are classified as severely violating the United Nations Global Compact principles (which are 
widely accepted corporate sustainability principles that meet fundamental responsibilities in areas such as anti-corruption, 
human rights, labour and environmental) are also excluded.
ACS Japan Equity Tracker Fund
Environmental, Social and Governance (“ESG”) considerations review
The ESG investment objectives of the Fund were met through its investments in a portfolio that was primarily made up of 
securities that represent the Fund’s Benchmark Index, as outlined in the Fund’s prospectus. Screening of issuers for inclusion 
within the Benchmark Index is carried out by the relevant Benchmark Index provider based on the Index provider’s ESG 
screening criteria. The ESG selection criteria that is excluded is set out below. Further details regarding the methodology of 
the Benchmark Index (including its constituents) are available on the index provider’s website at  
https://www.ftserussell.com/index.
The following table lists the ESG considerations which were promoted by the Fund throughout the reference period.
ESG considerations promoted by the Fund
Exclusion of issuers from the FTSE Japan Index (“Parent Index”) whose revenue is derived from certain activities including 
but not limited to:
     –     Weapons (including anti-personnel mines, nuclear weapons, cluster weapons, biological and chemical weapons, 
            depleted uranium, and white phosphorus munitions)
     –     Small Arms
     –     Thermal Coal
     –     Oil Sands
 
In addition, companies that are classified as severely violating the United Nations Global Compact principles (which are 
widely accepted corporate sustainability principles that meet fundamental responsibilities in areas such as anti-corruption, 
human rights, labour and environmental) are also excluded.
ACS World ex UK Equity Tracker Fund
Environmental, Social and Governance (“ESG”) considerations review
The ESG investment objectives of the Fund were met through its investments in a portfolio that was primarily made up of 
securities that represent the Fund’s Benchmark Index, as outlined in the Fund’s prospectus. Screening of issuers for inclusion 
within the Benchmark Index is carried out by the relevant Benchmark Index provider based on the Index provider’s ESG 
screening criteria. The ESG selection criteria that is excluded is set out below. Further details regarding the methodology of 
the Benchmark Index (including its constituents) are available on the index provider’s website at  
https://www.ftserussell.com/index.
INVESTMENT MANAGER’S REPORT (continued)
ACS Continental European Equity Tracker Fund (continued)
NM0923U-3094429-35/477

35
BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
The following table lists the ESG considerations which were promoted by the Fund throughout the reference period.
ESG considerations promoted by the Fund
Exclusion of issuers from the FTSE Developed ex UK Index (“Parent Index”) whose revenue is derived from certain  
activities including but not limited to:
     –     Weapons (including anti-personnel mines, nuclear weapons, cluster weapons, biological and chemical weapons, 
            depleted uranium, and white phosphorus munitions)
     –     Small Arms
     –     Thermal Coal
     –     Oil Sands
 
In addition, companies that are classified as severely violating the United Nations Global Compact principles (which are 
widely accepted corporate sustainability principles that meet fundamental responsibilities in areas such as anti-corruption, 
human rights, labour and environmental) are also excluded.
ACS US Equity Tracker Fund
Environmental, Social and Governance (“ESG”) considerations review
The ESG investment objectives of the Fund were met through its investments in a portfolio that was primarily made up of 
securities that represent the Fund’s Benchmark Index, as outlined in the Fund’s prospectus. Screening of issuers for inclusion 
within the Benchmark Index is carried out by the relevant Benchmark Index provider based on the Index provider’s ESG 
screening criteria. The ESG selection criteria that is excluded is set out below. Further details regarding the methodology of 
the Benchmark Index (including its constituents) are available on the index provider’s website at  
https://www.ftserussell.com/index.
The following table lists the ESG considerations which were promoted by the Fund throughout the reference period.
ESG considerations promoted by the Fund
Exclusion of issuers from the FTSE USA Index (“Parent Index”) whose revenue is derived from certain activities including 
but not limited to:
     –     Weapons (including anti-personnel mines, nuclear weapons, cluster weapons, biological and chemical weapons, 
            depleted uranium, and white phosphorus munitions)
     –     Small Arms
     –     Thermal Coal
     –     Oil Sands
 
In addition, companies that are classified as severely violating the United Nations Global Compact principles (which are 
widely accepted corporate sustainability principles that meet fundamental responsibilities in areas such as anti-corruption, 
human rights, labour and environmental) are also excluded.
INVESTMENT MANAGER’S REPORT (continued)
ACS World ex UK Equity Tracker Fund (continued)
NM0923U-3094429-36/477

36
ACS CLIMATE TRANSITION WORLD EQUITY FUND
About the Fund
The Fund is a sub-fund of BlackRock Authorised Contractual Scheme I, a Co-Ownership Scheme constituted as a UCITS 
scheme under the COLL Sourcebook. The Fund was authorised by the FCA on 16 July 2020 and launched on 
7 August 2020.
Risk and Reward Profile
 
 Lower risk 
Higher risk 
 Typically lower rewards
Typically higher rewards 
 Unit Class
 X1 Accumulation
1
2
3
4
5
6
7
 X3 Accumulation
1
2
3
4
5
6
7
 X4 Accumulation
1
2
3
4
5
6
7
•	 The risk indicator was calculated incorporating simulated historical data and may not be a reliable indication of the future 
risk profile of the Fund.
•	 The risk category shown is not guaranteed and may change over time.
•	 The lowest category does not mean risk free.
•	 The use of derivatives will impact the value of the Fund and may expose the Fund to a higher degree of risk. Derivatives 
are highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and 
gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can be greater where derivatives are 
used in an extensive or complex way.
For more information on this, please see the Fund’s Key Investor Information Document (“KIID”), which is available at  
www.blackrock.com.
Net Asset Value
At 30 June 2023
Units In Issue
Net Asset Value 
£000's
Net Asset Value 
per Unit 
p
X1 Accumulation 
	 	 	 6,708,506,715 	 	 	
9,059,572
135.05
X3 Accumulation 
	 	 	
661,734,681 	 	 	
700,927
105.92
X4 Accumulation 
	 	 	
281,275,442 	 	 	
297,897
105.91
Operating Charges
Unit Class
1.1.2023 
to 30.6.2023*
1.1.2022 
to 31.12.2022
X1 Accumulation 
0.01%
0.01%
X3 Accumulation 
0.01%
0.01%
X4 Accumulation 
0.01%
0.01%
* Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/depositary 
and entry/exit charges paid to an underlying collective investment scheme (if any).
Distributions Payable
Any income available is accumulated annually on the last day of February.
NM0923U-3094429-37/477

37
ACS CLIMATE TRANSITION WORLD EQUITY FUND
PORTFOLIO STATEMENT (unaudited)
at 30 June 2023
Holding 
or Nominal 
Value Investment
Market 
Value 
£000's
% of 
Total 
Net 
Assets
       
EQUITIES - 98.48%; 31.12.22 97.18%    
ASIA - 7.08%; 31.12.22 7.12%    
China - 0.02%; 31.12.22 0.05%    
1,083,900 Budweiser BrewingØ
2,204
0.02
Hong Kong - 0.56%; 31.12.22 0.64%    
4,966,400 AIA
39,642
0.38
1,334,000 Hang Lung Properties
1,626
0.02
118,700 Hang Seng Bank
1,336
0.01
1,314,800
Hong Kong & China 
Gas
898
0.01
181,800
Hong Kong Exchanges 
& Clearing
5,416
0.05
2,162,500 MTR
7,856
0.08
101,000
Swire Pacific class 'A' 
shares
612
0.01
57,386
0.56
Israel - 0.00%; 31.12.22 0.03%    
Japan - 6.23%; 31.12.22 6.11%    
256,200 Advantest
26,811
0.27
333,900 Chugai Pharmaceutical
7,457
0.07
1,080,100 CyberAgent
6,186
0.06
265,800 Dai Nippon Printing
5,925
0.06
156,300 Daifuku
2,509
0.02
219,000 Daiichi Sankyo
5,444
0.05
131,900 Daikin Industries
21,097
0.21
704,300 Denso
37,136
0.37
38 Eisai
2
0.00
249,600 Fuji Electric
8,569
0.09
51,600 Fujifilm
2,409
0.02
114,800 Fujitsu
11,662
0.12
367,300 Hitachi
17,827
0.18
2,244,400 Honda Motor
53,134
0.53
167,300 Ibiden
7,408
0.07
577
Japan Real Estate 
Investment
1,726
0.02
6,577,600 JXTG
17,780
0.18
350,900 Kirin
4,030
0.04
252,800 Komatsu
5,355
0.05
1,485,700 Kubota
17,022
0.17
149,300 Kurita Water Industries
4,483
0.04
638,500 Kyocera
27,198
0.27
6,500 Matsumotokiyoshi
286
0.00
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
3,173,700 Mitsubishi Electric
35,086
0.35
1,011,500 Mitsubishi Estate
9,452
0.09
391,300
Mitsubishi Heavy 
Industries
14,343
0.14
218,000 Mitsui
6,441
0.06
145,900 Mitsui OSK Lines
2,755
0.03
783,300 Mizuho Financial
9,407
0.09
458,200 Murata Manufacturing
20,630
0.21
64,600 NEC
2,458
0.02
1,121,500 NGK Insulators
10,507
0.10
545,500 Nintendo
19,508
0.19
1,519 Nippon Building
4,684
0.05
37,100 Nippon Express
1,642
0.02
147,500 Nippon Paint
953
0.01
436,500
Nippon Steel & 
Sumitomo Metal
7,160
0.07
41,000 Nitto Denko
2,382
0.02
4,093,900 Nomura
12,246
0.12
322,000
Nomura Research 
Institute
6,965
0.07
484,000 NTT Data
5,307
0.05
140,500 Olympus
1,741
0.02
464,000 Omron
22,236
0.22
3,228,300 Panasonic
30,907
0.31
251,900 Renesas Electronics
3,719
0.04
67,100 Rohm
4,953
0.05
30,500 Secom
1,624
0.02
1,107,800 Sekisui Chemical
12,522
0.12
234,600 Sekisui House
3,727
0.04
80,500 Shin-Etsu Chemical
2,096
0.02
254,100 Sony
17,977
0.18
85 SUMCO
1
0.00
245,400 Sumitomo Metal Mining
6,212
0.06
387,900 Sumitomo Mitsui Trust
10,842
0.11
42,100 Sysmex
2,251
0.02
179,600 TDK
5,463
0.05
201,700 Terumo
5,022
0.05
1,375,800 Toray Industries
6,020
0.06
563,200 Toshiba
13,906
0.14
304,100 Toto
7,189
0.07
71,300 Toyota Industries
3,992
0.04
93,800 USS
1,218
0.01
NM0923U-3094429-38/477

ACS CLIMATE TRANSITION WORLD EQUITY FUND
PORTFOLIO STATEMENT (unaudited) (continued)
38
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
68,200 Yamaha Motor
1,534
0.02
628,534
6.23
Singapore - 0.27%; 31.12.22 0.29%    
1,366,800 City DevelopmentsØ
5,354
0.05
762,400 DBS
14,003
0.14
939,800 Keppel
3,665
0.04
255,200 United Overseas Bank
4,162
0.04
27,184
0.27
EUROPE - 19.19%; 31.12.22 19.80%    
Austria - 0.07%; 31.12.22 0.08%    
33,522 Erste Bank
915
0.01
98,138 VerbundØ
6,157
0.06
7,072
0.07
Belgium - 0.14%; 31.12.22 0.16%    
83,414 KBC
4,557
0.05
324,115 Umicore
7,087
0.07
97,881
Warehouses De Pauw 
CVA
2,103
0.02
13,747
0.14
Denmark - 1.08%; 31.12.22 1.17%    
16,044 Christian Hansen
878
0.01
925,861 Danske Bank
17,610
0.18
153,767 DSV
25,472
0.25
405,800
Novo Nordisk class 'B' 
shares
50,850
0.51
23,199 Orsted
1,724
0.02
504,805 Vestas Wind Systems
10,564
0.11
107,098
1.08
Finland - 0.35%; 31.12.22 0.46%    
140,233 Fortum
1,483
0.01
432,042 Neste
13,085
0.13
984,934 Nordea Bank Abp
8,436
0.08
1,440,826 Wartsila
12,717
0.13
35,721
0.35
France - 3.70%; 31.12.22 3.11%    
194,382 AlstomØ
4,531
0.05
84,074 Amundi
3,925
0.04
422,965 AXA
9,850
0.10
56,958 Biomerieux
4,698
0.05
1,693,012 Bollore
8,260
0.08
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
40,933 Capgemini
6,049
0.06
537,967 Carrefour
8,049
0.08
79,715 Covivio
2,976
0.03
225,996 Dassault Systemes
7,796
0.08
351,753 ENGIE
4,609
0.04
139,013 EssilorLuxottica
20,478
0.19
18,017 Gecina
1,512
0.02
37,022 Ipsen
3,511
0.03
290,227 Klepierre
5,681
0.06
281,062 Legrand
21,814
0.22
101,730 L'Oréal
37,183
0.37
78,925 LVMH Moet Hennessy
58,202
0.58
116,766 Renault
3,867
0.04
14,384 Saint-Gobain
687
0.01
298,114 Sanofi
25,113
0.25
4,122
Sartorius Stedim 
Biotech
805
0.01
558,442 Schneider Electric
79,430
0.79
121,218 Sodexo
10,315
0.10
28,117 Teleperformance
3,727
0.04
727,440 Total
33,093
0.33
11,138 Vinci
1,018
0.01
141,556 Worldline
4,100
0.04
371,279
3.70
Germany - 1.74%; 31.12.22 1.64%    
213,588 Allianz
39,225
0.39
41,907
BMW non-voting 
preference shares
3,711
0.04
119,101 Daimler
7,522
0.07
592,812 Deutsche Bank
4,922
0.05
549,329 Deutsche Telekom
9,452
0.09
107,246 E.ON
1,072
0.01
97,710 Merck
12,641
0.13
107,200
Muenchener 
Rueckversicherung
31,665
0.31
122,958 SAP
13,125
0.13
276,942 Siemens (Registered)
36,196
0.35
184,896 Siemens Energy
2,575
0.03
271,830 Siemens HealthineersØ
12,112
0.12
79,914 Zalando
1,810
0.02
176,028
1.74
NM0923U-3094429-39/477

ACS CLIMATE TRANSITION WORLD EQUITY FUND
PORTFOLIO STATEMENT (unaudited) (continued)
39
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
Ireland - 0.08%; 31.12.22 0.02%    
617,888 Bank of Ireland
4,682
0.05
72,769 CRH
3,164
0.03
5,141 Kingspan
266
0.00
8,112
0.08
Italy - 0.64%; 31.12.22 0.56%    
5,903,464 Enel
31,305
0.31
755,679 FinecoBank
7,948
0.08
3,085,054 Intesa SanpaoloØ
6,390
0.06
708,755 Terna
4,747
0.05
758,539 UniCredit
14,002
0.14
64,392
0.64
Netherlands - 1.76%; 31.12.22 1.77%    
264,753 ABN AMRO
3,259
0.03
294,079 Aegon
1,173
0.01
51,936 Akzo Nobel
3,312
0.03
110,691 ASML
62,648
0.62
440,114 CNH Industrial
4,976
0.05
1,291,211 ING
13,729
0.14
284,839 Koninklijke Philips
4,862
0.05
658,725 NNØ
19,226
0.19
212,594 NXP Semiconductors
33,571
0.33
71,048 Prosus
4,049
0.04
697,315 STMicroelectronicsØ
27,169
0.27
177,974
1.76
Norway - 0.52%; 31.12.22 0.70%    
526,250 Aker BP
9,708
0.10
1,342,467 Equinor
30,798
0.31
1,829,385 Norsk Hydro
8,620
0.09
426,056 Orkla
2,412
0.02
51,538
0.52
Portugal - 0.08%; 31.12.22 0.09%    
868,664 Galp EnergiaØ
8,044
0.08
Spain - 0.91%; 31.12.22 1.07%    
31,467 Acciona
4,221
0.04
1,975
ACS Actividades 
de Construccion y 
Servicios
54
0.00
98,330 Amadeus IT
5,882
0.06
1,439,443 Banco Santander
4,231
0.04
1,063,863 Endesa
18,027
0.18
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
208,651 Grifols class 'A' sharesØ
2,098
0.02
5,467,252 Iberdrola
56,138
0.57
90,651
0.91
Sweden - 0.59%; 31.12.22 0.73%    
272,964
Atlas Copco class 'A' 
shares
3,073
0.03
126,466
Atlas Copco class 'B' 
shares
1,232
0.01
699,725 Boliden
15,888
0.16
239,426 EQT
3,621
0.04
913,174 Nibe Industrier
6,783
0.07
372,319
Skandinaviska Enskilda 
Banken series ‘A’ 
shares
3,235
0.03
83,182
Swedbank series ‘A’ 
shares
1,101
0.01
3,699,615 Tele2 series ‘B’ shares
24,098
0.24
59,031
0.59
Switzerland - 3.39%; 31.12.22 3.19%    
3,247,301 ABB (Registered)
99,234
1.00
99,487 Coca-Cola HBC
2,311
0.02
7,363 Geberit
3,015
0.03
26,219 Lonza
12,154
0.12
292,452 Nestlé
27,657
0.28
640,466 Novartis
50,532
0.50
12,022 PartnersØ
8,869
0.09
21,404 Roche (Bearer)
5,545
0.06
137,169 Roche Holding
33,148
0.33
31,213
Schindler (Part 
Certified)
5,720
0.06
63,879 Sika
14,161
0.14
95,046 Sonova
19,828
0.20
30,220 Swiss LifeØ
13,850
0.14
267,069 Swiss Re
21,175
0.21
19,782 Temenos
1,240
0.01
54,126 Zurich Insurance
20,279
0.20
338,718
3.39
United Kingdom - 4.14%; 31.12.22 5.05%    
480,931 3i
9,301
0.09
118,037 abrdnØ
258
0.00
539,910 Anglo American
12,056
0.12
460,168 AstraZeneca
52,119
0.52
NM0923U-3094429-40/477

ACS CLIMATE TRANSITION WORLD EQUITY FUND
PORTFOLIO STATEMENT (unaudited) (continued)
40
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
306,258 Auto Trader
1,868
0.02
2,067,654 Aviva
8,188
0.08
3,377,295 Barclays
5,174
0.05
415,055 Barratt Developments
1,729
0.02
176,839 Berkeley Group
6,953
0.07
3,082,507 BP
14,221
0.14
895,970
British American 
Tobacco
23,461
0.23
2,482,855 BT GroupØ
3,059
0.03
245,032
Coca-Cola European 
Partners
12,367
0.12
677,560 Diageo
22,854
0.23
1,517,263 GSK
21,126
0.21
7,252,998 HSBCØ
45,121
0.45
3,210,035 J Sainsbury
8,590
0.09
1,978,513 JD Sports Fashion
2,877
0.03
149,138 Johnson Matthey
2,602
0.03
117,127 Land Securities
673
0.01
1,195,349
Liberty Global class 'A' 
shares
15,888
0.16
1,436,113
Liberty Global class 'C' 
shares
20,099
0.20
6,986,978 Lloyds Banking
3,034
0.03
163,887 Mondi
1,972
0.02
163,217 Pearson
1,350
0.01
1,977,496 Prudential
21,693
0.22
278,611 Reckitt Benckiser
16,449
0.16
1,031,800 RELX (Registered)
27,085
0.26
1,005,373 Segro
7,182
0.07
582,172 Standard Chartered
4,001
0.04
1,064,759 Unilever (Registered)
43,601
0.43
416,951
4.14
NORTH AMERICA - 70.19%; 31.12.22 68.17%    
Canada - 3.65%; 31.12.22 3.53%    
843,059
Algonquin Power & 
UtilitiesØ
5,527
0.05
1,176,748 Bank of Nova ScotiaØ
45,928
0.46
202,893 BCE
7,215
0.07
504,390 Brookfield
12,926
0.13
146,272 CGI
11,967
0.12
194,844 Empire
4,299
0.04
1,158,952 Enbridge
33,844
0.33
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
179,308 Fortis
6,001
0.06
314,327 Franco-Nevada
34,219
0.34
19,773 iA Financial
1,047
0.01
61,669 Manulife Financial
908
0.01
529,270 Northland Power
8,583
0.09
38,467 Nutrien
1,786
0.02
171,728 Parkland
3,341
0.03
371,154
Restaurant Brands 
International
22,440
0.22
1,218,107 Royal Bank of Canada
91,071
0.91
523,267 Shopify
26,326
0.26
611,755 Sun Life Financial
24,810
0.25
709,840
Telus Corporation (Non 
Canadian)
10,809
0.11
297,355 Toronto-Dominion Bank
14,425
0.14
367,472
3.65
United States - 66.54%; 31.12.22 64.64%    
228,522 3M
17,928
0.18
974,822 Abbott Laboratories
82,984
0.83
711,171 AbbVie
74,924
0.74
423,635 Accenture
103,298
1.03
93,076 Adobe
35,603
0.35
191,742
Advanced Micro 
Devices
16,859
0.17
83,197 AECOM
5,576
0.06
194,542 Aflac
10,634
0.11
139,998 Agilent Technologies
13,071
0.13
16,977
Air Products & 
Chemicals
3,958
0.04
90,491 Airbnb
8,949
0.09
11,541 Allstate
995
0.01
137,925 Ally Financial
2,936
0.03
1,568,145
Alphabet class 'A' 
shares
147,676
1.48
1,455,279
Alphabet class 'C' 
shares
138,106
1.37
2,078,676 Amazon.com
210,284
2.09
118,361
American Tower class 
‘A’ shares
18,037
0.17
53,155 AMETEK
6,734
0.07
169,235 Amgen
29,590
0.29
88,637 Anthem
30,845
0.31
NM0923U-3094429-41/477

ACS CLIMATE TRANSITION WORLD EQUITY FUND
PORTFOLIO STATEMENT (unaudited) (continued)
41
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
127,376 AO Smith
7,290
0.07
3,486,797 Apple
522,701
5.20
160,323 Applied Materials
18,284
0.18
210,853 Arch Capital
12,176
0.12
200,168 Archer Daniels Midland
11,812
0.12
1,245,271 AT&T
15,744
0.16
194,146 Autodesk
31,651
0.31
131,132
Automatic Data 
Processing
22,443
0.22
32,909 AvalonBay Communities
4,892
0.05
86,010 Avery Dennison
11,424
0.11
766,255 Baker Hughes
19,000
0.19
462,938 Ball
21,121
0.21
662,169
Bank of New York 
Mellon
23,142
0.23
109,809 Bath & Body Works
3,284
0.03
49,889 Baxter International
1,763
0.02
163,965 Becton Dickinson
33,772
0.34
208,841
Berkshire Hathaway 
convertible class 'B' 
shares
55,626
0.55
20,656 Best Buy
1,359
0.01
52,206 Biogen
11,649
0.12
39,957 Blackstone Group
2,932
0.03
30,438 Block
1,549
0.02
28,352 Booking
59,541
0.59
344,053 Boston Properties
15,534
0.15
101,112 Broadcom
68,956
0.69
127,176
Broadridge Financial 
Solutions
16,420
0.16
53,965 Burlington Stores
6,555
0.07
68,716 Caesars Entertainment
2,703
0.03
217,539 Cardinal Health
16,152
0.16
202,912 CarMax
13,532
0.13
90,696 Caterpillar
17,512
0.17
16,331 Cboe Global Markets
1,753
0.02
257,967 Centene
13,664
0.14
335,497
CH Robinson 
Worldwide
25,008
0.25
481,397 Charles Schwab
21,750
0.22
43,316 Cheniere Energy
5,180
0.05
320,594 Chevron
39,603
0.39
3,683 Chipotle Mexican Grill
6,146
0.06
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
38,650 Church & Dwight
3,024
0.03
84,741 Cigna
18,580
0.18
2,221,549 Cisco Systems
89,989
0.89
753,092 Citigroup
27,564
0.27
747,409 Citizens Financial
15,324
0.15
59,740 CME
8,661
0.09
2,536,783 Coca-Cola
120,410
1.20
107,063 Cognizant Technology
5,464
0.05
390,474
Comcast class ‘A’ 
shares
12,807
0.13
659,144 ConocoPhillips
53,703
0.53
373,488 Consolidated Edison
26,452
0.26
95,556 Costco Wholesale
40,160
0.40
90,878 Crown
6,229
0.06
35,883
Crown Castle 
International
3,236
0.03
1,008,792 CSX
27,009
0.27
74,462 Cummins
14,248
0.14
320,715 CVS Health
17,437
0.17
153,107 Darling Ingredients
7,505
0.07
13,730 Deere
4,362
0.04
207,758 Dell Technologies
8,725
0.09
553,858 Dentsply Sirona
17,294
0.17
148,073 Diamondback Energy
15,221
0.15
168,318 Digital Realty Trust
14,893
0.15
26,964 DoorDash
1,608
0.02
171,053 Eaton
26,895
0.27
480,814 Ecolab
69,923
0.69
578,180 Edison International
31,347
0.31
157,471 Edwards Lifesciences
11,458
0.11
167,709 Eli Lilly
61,595
0.61
45,038 Enphase Energy
5,652
0.06
201,377 EOG Resources
17,988
0.18
25,570 Equinix
15,699
0.16
235,563
Estee Lauder class ‘A’ 
shares
35,861
0.36
155,567 Etsy
10,540
0.10
461,667 Eversource Energy
25,454
0.25
235,265 Expedia
20,065
0.20
334,748
Expeditors International 
of Washington
31,798
0.31
738,114 Exxon Mobil
62,272
0.62
NM0923U-3094429-42/477

ACS CLIMATE TRANSITION WORLD EQUITY FUND
PORTFOLIO STATEMENT (unaudited) (continued)
42
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
9,339
FactSet Research 
Systems
2,921
0.03
50,547 FedEx
9,991
0.10
50,960 Ferguson
6,292
0.06
623,792 Fifth Third Bancorp
12,952
0.13
94,277 First Solar
13,718
0.13
526,076 FortinetØ
31,223
0.31
140,289 Freeport-McMoRan
4,365
0.04
152,585 General Electric
13,004
0.13
51,759 General Mills
3,122
0.03
632,213 General Motors
19,096
0.19
263,182 Gilead Sciences
15,822
0.16
213,119 Goldman Sachs
54,452
0.54
240,892 Halliburton
6,322
0.06
175,865 Hasbro
8,876
0.09
9,708 HCA Healthcare
2,306
0.02
1,386,921
Hewlett Packard 
Enterprise
18,259
0.18
338,991 Hologic
21,462
0.21
337,170 Home Depot
82,100
0.82
63,008 Howmet Aerospace
2,430
0.02
179,387 HP
4,299
0.04
8,841 Humana
3,103
0.03
454,454 Huntington Bancshares
3,881
0.04
59,568 Illumina
8,736
0.09
51,695 Insulet
11,898
0.12
459,555 Intel
11,966
0.12
257,279
International Business 
Machines
27,270
0.27
52,537 Intuit
18,935
0.19
11,514 Intuitive Surgical
3,082
0.03
87,013 Iron Mountain
3,864
0.04
158,396
JB Hunt Transport 
Services
22,834
0.23
857,815 Johnson & Johnson
111,313
1.10
566,490
Johnson Controls 
International
30,159
0.30
632,227 JPMorgan Chase & Co.
71,706
0.71
238,148 Kellogg
12,581
0.13
696,460 Keurig Dr Pepper
16,928
0.17
2,220,842 KeyCorp
16,366
0.16
51,329 KLA-Tencor
19,366
0.19
219,243 Kroger
8,030
0.08
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
58,108 Lamb Weston
5,233
0.05
26,638 Las Vegas Sands
1,209
0.01
230,863
Liberty Media Corp-
Liberty Formula One
13,667
0.14
311,640
Liberty Media Corp-
Liberty SiriusXM class 
'C' shares
7,824
0.08
159,333 Linde
47,781
0.48
100,623
Live Nation 
Entertainment
7,135
0.07
181,775 Lowe's
32,029
0.32
131,827 LPL Financial
22,711
0.23
24,264 Lucid
132
0.00
82,343 M&T Bank
8,090
0.08
561,065 Marathon Oil
10,168
0.10
236,122 Marathon Petroleum
21,719
0.22
103,640 Marvell Technology
4,784
0.05
38,608 Masco
1,751
0.02
329,386
MasterCard class ‘A’ 
shares
100,980
0.99
36,523 McCormick & Co
2,506
0.02
61,991 McDonald's
14,434
0.14
250,552 Medtronic
17,192
0.17
771,453 Merck & Co
69,264
0.69
538,551 Meta
119,910
1.19
22,458
Mettler-Toledo 
International
23,385
0.23
279,883 Microchip Technology
19,247
0.19
1,683,389 Microsoft
445,905
4.44
51,488 Moderna
4,972
0.05
279,780
Molson Coors Brewing 
class ‘B’ shares
14,517
0.14
266,339 Mondelez International
15,224
0.15
36,680 MSCI
13,401
0.13
370,679 Nasdaq
14,608
0.15
72,276 NetApp
4,354
0.04
76,859 Netflix
26,029
0.26
95,778 Newmont Mining
3,176
0.03
318,269 NextEra Energy
18,326
0.18
382,563 NIKE
34,303
0.34
77,788 Norfolk Southern
13,898
0.14
286,058 Nortonlifelock
4,166
0.04
162,712 Nucor
21,016
0.21
NM0923U-3094429-43/477

ACS CLIMATE TRANSITION WORLD EQUITY FUND
PORTFOLIO STATEMENT (unaudited) (continued)
43
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
585,953 NVIDIA
189,207
1.88
30,659 Okta
1,676
0.02
163,395 ON Semiconductor
11,895
0.12
146,847 ONEOK
7,139
0.07
360,566 Oracle
33,579
0.33
48,794 Ovintiv
1,448
0.01
16,368 Owens Corning
1,692
0.02
125,805 Palo Alto NetworksØ
25,200
0.25
498,404 PayPal
25,959
0.26
303,706 PepsiCo
44,143
0.44
94,404 PerkinElmer
8,847
0.09
1,373,434 Pfizer
39,225
0.39
845,591
Philip Morris 
International
65,330
0.65
200,775 Phillips 66
15,010
0.15
203,102 PPG Industries
23,345
0.23
173,757 Principal Financial
10,383
0.10
290,335 Procter & Gamble
34,295
0.35
334,425 Prologis
32,126
0.31
138,280 Prudential Financial
9,604
0.10
239,308
Public Service 
Enterprise
11,701
0.12
95,187 Qorvo
7,623
0.08
84,693
Raymond James 
Financial
6,941
0.07
169,606 Regency Centers
8,272
0.08
37,088
Regeneron 
Pharmaceuticals
20,776
0.21
6,280
Reliance Steel & 
Aluminum
1,346
0.02
64,879 Republic Services
7,769
0.08
40,908 ResMed
6,995
0.07
183,133 Rockwell Automation
46,944
0.47
51,463 Ross Stores
4,430
0.04
150,018
Royal Caribbean 
CruisesØ
12,049
0.12
96,617 RPM International
6,707
0.07
14,530 S&P Global
4,549
0.05
191,510 Salesforce.com
31,848
0.32
29,671 Seagen
4,494
0.04
91,671 Sherwin-Williams
18,945
0.19
50,983 Simon Property
4,625
0.05
81,272 Skyworks Solutions
7,061
0.07
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
48,031 SolarEdge Technologies
9,638
0.09
66,798 Splunk
5,560
0.06
168,777 Starbucks
13,169
0.13
459,490 State Street
26,573
0.26
103,393 Steel Dynamics
8,923
0.09
33,389 Synchrony Financial
899
0.01
246,083 Target
25,859
0.26
621,581 Tesla
126,567
1.25
155,455 Texas Instruments
21,730
0.22
1,887 Texas Pacific Land
1,966
0.02
92,428 Thermo Fisher Scientific
37,599
0.37
150,428 Tractor Supply
25,861
0.26
276,416 Trane Technologies
41,520
0.41
147,353
United Parcel Service 
class ‘B’ shares
20,511
0.20
197,571 UnitedHealth
74,465
0.75
334,600 Ventas
12,599
0.13
202,872 Verisk Analytics
35,799
0.36
487,806
Verizon 
Communications
14,267
0.14
60,547 Vertex Pharmaceuticals
16,673
0.17
323,662 Viacomcbs
4,092
0.04
356,706 VisaØ
66,087
0.66
36,358 VMware
4,136
0.04
1,129,822
Walgreens Boots 
Alliance
25,344
0.25
452,577 Walmart
55,213
0.55
281,734 Walt Disney
19,817
0.20
394,857 Warner Bros Discovery
3,875
0.04
124,480 Waste Connections
13,806
0.14
340,734 Waste Management
45,693
0.45
83,227 Western Digital
2,476
0.02
69,493 WestRock
1,576
0.02
818,945 Weyerhaeuser
21,576
0.20
182,882 WhirlpoolØ
21,613
0.21
101,359 Williams
2,607
0.03
81,428 Workday
14,623
0.15
11,909 WW Grainger
7,367
0.07
31,205 Wynn Resorts
2,578
0.03
447,870 Xylem
39,440
0.39
6,694,413
66.54
NM0923U-3094429-44/477

ACS CLIMATE TRANSITION WORLD EQUITY FUND
PORTFOLIO STATEMENT (unaudited) (continued)
44
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
OCEANIA - 1.97%; 31.12.22 2.03%    
Australia - 1.97%; 31.12.22 2.03%    
581,011 Aristocrat Leisure
11,752
0.12
242,470
Australia & New 
Zealand Banking
3,008
0.03
665,729 Brambles
5,022
0.05
40,485 Cochlear
4,855
0.05
9,653 CSL
1,401
0.01
1,401,236 Dexus
5,721
0.06
350,764 Fortescue Metals
4,073
0.04
3,799,290 GPT
8,234
0.08
1,196,586 IGO
9,521
0.09
407,154 Insurance Australia
1,215
0.01
686,806 Macquarie
63,860
0.63
346,939 Medibank
637
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
1,142,849 National Australia Bank
15,770
0.16
500,657 Pilbara Minerals
1,282
0.01
4,933,915 Qantas Airways
15,988
0.16
948,764 QBE Insurance
7,783
0.08
54,669 REAØ
4,093
0.04
40,427 Rio Tinto
2,427
0.02
55,422 Rio Tinto (Registered)
2,769
0.03
3,207,366 Stockland Trust
6,750
0.07
822,192 SuncorpØ
5,802
0.06
518,836 Transurban
3,868
0.04
3,162,454 Vicinity Centres
3,054
0.03
179,337 Wesfarmers
4,625
0.05
375,376 Westpac Banking
4,191
0.04
197,701
1.97
SOUTH AMERICA - 0.05%; 31.12.22 0.06%    
Chile - 0.05%; 31.12.22 0.06%    
329,700 AntofagastaØ
4,786
0.05
 
 
 
Holding 
or Nominal 
Value Investment
Underlying 
Exposure 
£000's
Market 
Value 
£000's
% of 
Total 
Net 
Assets
X
X
X
X
DERIVATIVES - 0.04%; 31.12.22 (0.09)%    
Futures - 0.04%; 31.12.22 (0.09)%    
1,020 S&P 500 E-Mini September 2023
179,591
3,934
0.04
Portfolio of investments
9,909,970
98.52
Net other assets
148,426
1.48
Total net assets
10,058,396 100.00
Unless otherwise stated, all securities are either listed on a recognised exchange or traded on an eligible securities market.
Underlying exposure has been calculated according to the guidelines issued by the European Securities and Markets 
Authority (“ESMA”) (as adopted by the FCA) and represents the market value of an equivalent position in the assets 
underlying each financial derivative instrument.
Ø All or a portion of this investment represents a security on loan.
NM0923U-3094429-45/477

45
ACS CLIMATE TRANSITION WORLD EQUITY FUND
STATEMENT OF TOTAL RETURN (unaudited)
for the six months ended 30 June 2023
For the period 
to 30.6.2023
For the period 
to 30.6.2022
£000's
£000's
£000's
£000's
Income
Net capital gains/(losses)
614,596
(1,056,960)
Revenue
125,677
97,955
Expenses
(396)
(313)
Interest payable and similar charges
(237)
(39)
Net revenue before taxation
125,044
97,603
Taxation
(5,091)
(3,269)
Net revenue after taxation
119,953
94,334
Total return before distributions
734,549
(962,626)
Equalisation
506
3,450
Change in net assets 
attributable to unitholders from investment activities
735,055
(959,176)
STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS (unaudited)
for the six months ended 30 June 2023
For the period 
to 30.6.2023
For the period 
to 30.6.2022
£000's
£000's
£000's
£000's
Opening net assets attributable to unitholders 
9,096,645
5,644,973
Amounts receivable on issue of units
			
399,895
			 3,677,080
Amounts payable on cancellation of units
			 (173,199)
			 (236,650)
226,696
3,440,430
Change in net assets attributable to unitholders from investment 
activities
735,055
(959,176)
Closing net assets attributable to unitholders
10,058,396
8,126,227
The above statement shows the comparative closing net assets at 30 June 2022 whereas the current accounting period 
commenced 1 January 2023. 
NM0923U-3094429-46/477

46
ACS CLIMATE TRANSITION WORLD EQUITY FUND
BALANCE SHEET (unaudited)
at 30 June 2023
30.6.2023
31.12.2022
£000's
£000's
Assets:
Fixed assets
– Investment assets
9,909,970
8,840,533
Current assets
– Debtors
24,467
23,194
– Cash and bank balances
169,449
241,696
Total assets
10,103,886
9,105,423
Liabilities:
Investment liabilities
–
(8,310)
Creditors
– Amounts held at futures clearing houses and brokers
(1,912)
–
– Other creditors
(43,578)
(468)
Total liabilities
(45,490)
(8,778)
Net assets attributable to unitholders
10,058,396
9,096,645
G D Bamping (Director)
M T Zemek (Director)
BlackRock Fund Managers Limited
30 August 2023
NM0923U-3094429-47/477

47
ACS CONTINENTAL EUROPEAN EQUITY TRACKER FUND
About the Fund
The Fund is a sub-fund of BlackRock Authorised Contractual Scheme I, a Co-Ownership Scheme constituted as a UCITS 
scheme under the COLL Sourcebook. The Fund was authorised by the FCA on 23 June 2016 and launched on 15 May 2017.
Risk and Reward Profile
 
 Lower risk 
Higher risk 
 Typically lower rewards
Typically higher rewards 
 Unit Class
 X1 Accumulation
1
2
3
4
5
6
7
•	 The risk indicator was calculated incorporating simulated historical data and may not be a reliable indication of the future 
risk profile of the Fund.
•	 The risk category shown is not guaranteed and may change over time.
•	 The lowest category does not mean risk free.
•	 The use of derivatives will impact the value of the Fund and may expose the Fund to a higher degree of risk. Derivatives 
are highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and 
gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can be greater where derivatives are 
used in an extensive or complex way.
For more information on this, please see the Fund’s Key Investor Information Document (“KIID”), which is available at  
www.blackrock.com.
Net Asset Value
At 30 June 2023
Units In Issue
Net Asset Value 
£000's
Net Asset Value 
per Unit 
p
X1 Accumulation 
	 	 	
607,148,647 	 	 	
884,679
145.71
Operating Charges
Unit Class
1.1.2023 
to 30.6.2023*
1.1.2022 
to 31.12.2022
X1 Accumulation 
0.02%
0.02%
* Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/depositary 
and entry/exit charges paid to an underlying collective investment scheme (if any).
Distributions Payable
Any income available is accumulated annually on the last day of February.
NM0923U-3094429-48/477

48
ACS CONTINENTAL EUROPEAN EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited)
at 30 June 2023
Holding 
or Nominal 
Value Investment
Market 
Value 
£000's
% of 
Total 
Net 
Assets
       
EQUITIES - 97.32%; 31.12.22 97.95%    
Austria - 0.43%; 31.12.22 0.48%    
10,187 Andritz
441
0.05
46,422 Erste Bank
1,266
0.14
20,068 OMV
670
0.08
19,753
Raiffeisen Bank 
InternationalØ
245
0.03
21,129 Telekom Austria
123
0.01
9,392 Verbund
589
0.07
16,840 Voestalpine
474
0.05
3,808
0.43
Belgium - 1.63%; 31.12.22 1.95%    
3,353
Ackermans & Van 
HaarenØ
434
0.05
26,083 Ageas
832
0.09
123,642 Anheuser-Busch InBev
5,527
0.61
3,163 D'ieteren
438
0.05
5,399 Elia
537
0.06
14,323
Groupe Bruxelles 
Lambert
886
0.10
35,449 KBC
1,937
0.22
56 Lotus BakeriesØ
343
0.04
17,888 Proximus
104
0.01
2,310 SofinaØ
378
0.04
9,830 SolvayØ
859
0.10
17,589 UCB
1,222
0.14
28,592 UmicoreØ
625
0.07
22,331
Warehouses De Pauw 
CVA
480
0.05
14,602
1.63
Bermuda - 0.02%; 31.12.22 0.02%    
107,812 AutoStoreØ
186
0.02
Denmark - 5.88%; 31.12.22 5.99%    
394
AP Moeller-Maersk 
series 'A' shares
540
0.06
700
AP Moeller-Maersk 
series 'B' shares
969
0.11
13,253
Carlsberg series 'B' 
shares
1,668
0.19
14,886 Christian Hansen
814
0.09
16,848 Coloplast 'B' sharesØ
1,649
0.19
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
93,312 Danske Bank
1,775
0.20
25,614 DSV
4,243
0.48
9,315 Genmab
2,760
0.31
10,233
H. Lundbeck series 'A' 
shares
36
0.00
38,136
H. Lundbeck series 'B' 
shares
142
0.02
225,725
Novo Nordisk class 'B' 
shares
28,286
3.21
28,873
Novozymes class 'B' 
sharesØ
1,056
0.12
27,274 Orsted
2,027
0.23
12,151 Pandora
858
0.10
1,262
Rockwool International 
class 'B' shares
254
0.03
6,902 Royal UnibrewØ
483
0.05
50,421 Tryg
860
0.10
143,836 Vestas Wind Systems
3,010
0.34
14,216 William DemantØ
471
0.05
51,901
5.88
Finland - 2.33%; 31.12.22 2.86%    
21,789 Elisa
922
0.10
60,981 Fortum
645
0.07
14,088 HuhtamakiØ
366
0.04
38,393 Kesko
568
0.06
26,366 Kojamo
196
0.02
46,356 Kone class 'B' shares
1,908
0.22
92,226 Metso OyjØ
864
0.10
59,267 NesteØ
1,795
0.20
758,854 Nokia
2,526
0.29
494,305 Nordea Bank AbpØ
4,235
0.48
14,992 Orion series 'B' shares
492
0.06
68,572 Sampo series 'A' shares
2,422
0.27
81,163
Stora Enso series 'R' 
shares
741
0.08
76,597 UPM-Kymmene
1,793
0.20
23,302 ValmetØ
511
0.07
71,172 WartsilaØ
628
0.07
20,612
2.33
France - 21.51%; 31.12.22 21.09%    
26,184 Accor
768
0.09
NM0923U-3094429-49/477

ACS CONTINENTAL EUROPEAN EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
49
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
4,564 Aeroports de Paris
520
0.06
74,090 Air LiquideØ
10,444
1.19
21,827 ALDØ
182
0.02
43,744 AlstomØ
1,020
0.12
8,507 Amundi
397
0.04
9,219 Arkema
685
0.08
256,421 AXA
5,971
0.67
6,081 Biomerieux
502
0.06
157,636 BNP Paribas
7,818
0.89
141,028 Bollore
688
0.08
29,669 BouyguesØ
786
0.09
40,331 Bureau Veritas
864
0.10
23,233 Capgemini
3,433
0.39
86,508 Carrefour
1,294
0.15
59 Cie de L'Odet
79
0.01
6,771 Covivio
253
0.03
158,555 Crédit Agricole
1,489
0.17
89,968 Danone
4,339
0.49
96,630 Dassault Systemes
3,334
0.37
36,037 Edenred
1,896
0.21
10,573 Eiffage
868
0.10
240,147 ENGIE
3,147
0.36
43,351 EssilorLuxottica
6,387
0.73
6,882 Eurazeo
381
0.04
7,553 Gecina
634
0.06
49,801 Getlink
669
0.08
4,931 Hermes International
8,389
0.95
4,306 Icade
142
0.02
4,895 Ipsen
464
0.05
11,667 JC Decaux
182
0.02
10,304 KeringØ
4,480
0.51
29,671 Klepierre
581
0.07
14,392
La Francaise des Jeux 
SAEM
445
0.05
38,247 Legrand
2,969
0.34
33,368 L'Oréal
12,196
1.37
35,687 LVMH Moet Hennessy
26,317
2.96
100,688 Michelin
2,343
0.26
8,398 NeoenØ
206
0.02
273,417 Orange
2,523
0.29
29,569 Pernod-Ricard
5,136
0.58
32,670 Publicis
2,079
0.24
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
3,452 Remy CointreauØ
431
0.05
27,398 Renault
907
0.10
34,945 RexelØ
679
0.08
67,329 Saint-Gobain
3,218
0.36
157,016 Sanofi
13,227
1.50
3,385 Sartorius Stedim Biotech
661
0.07
76,968 Schneider Electric
10,947
1.23
21,824 SCOR
503
0.06
4,247 SEB
345
0.04
104,008 Société GénéraleØ
2,152
0.24
12,342 Sodexo
1,050
0.12
3,475 SOITECØ
459
0.05
8,373 Teleperformance
1,110
0.13
326,548 Total
14,855
1.68
14,028 Ubisoft EntertainmentØ
312
0.04
14,381
Unibail-Rodamco-
Westfield REITØ
592
0.07
34,091 Valeo
573
0.06
91,924 Veolia Environnement
2,273
0.26
70,996 Vinci
6,487
0.73
99,684 Vivendi
724
0.08
3,950 Wendel
316
0.04
34,542 Worldline
1,000
0.11
190,121
21.51
Germany - 16.57%; 31.12.22 16.35%    
23,811 Adidas
3,631
0.41
57,472 Allianz
10,556
1.20
128,283 BASF
4,891
0.56
141,806 Bayer
6,199
0.70
11,901 BechtleØ
370
0.04
14,166 Beiersdorf
1,470
0.17
8,361
BMW non-voting 
preference shares
740
0.08
45,363 BMW
4,366
0.50
22,270 Brenntag
1,355
0.15
5,395 Carl Zeiss Meditec
451
0.05
150,741 Commerzbank
1,321
0.15
15,622 Continental
927
0.10
24,869 Covestro
1,014
0.11
8,074 CTS Eventim AGØ
396
0.04
123,972 Daimler
7,829
0.89
69,503 Daimler Truck
1,967
0.22
NM0923U-3094429-50/477

ACS CONTINENTAL EUROPEAN EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
50
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
26,932 Delivery HeroØ
908
0.10
292,006 Deutsche Bank
2,424
0.27
26,387 Deutsche Boerse
3,821
0.44
85,607 Deutsche Lufthansa
691
0.08
135,937 Deutsche Post
5,242
0.58
488,232 Deutsche Telekom
8,401
0.95
6,845 Deutsche Wohnen
123
0.01
4,249 DWSØ
102
0.01
319,537 E.ON
3,192
0.35
29,596 Evonik IndustriesØ
440
0.05
3,685 Fielmann
153
0.02
5,526 FraportØ
233
0.03
58,019 Fresenius
1,255
0.14
29,356 Fresenius Medical CareØ
1,100
0.12
9,673
Fuchs Petrolub non-
voting preference shares
297
0.03
4,886 Fuchs Petrolub
122
0.01
24,019 GEA
787
0.09
8,567
Hannover 
RueckversicherungØ
1,426
0.16
20,627 Heidelberg Cement
1,330
0.15
3,060 Hella Hueck
189
0.02
22,656 HelloFreshØ
434
0.05
14,186 Henkel
788
0.09
24,337
Henkel non-voting 
preference shares
1,537
0.17
3,011 HochtiefØ
203
0.02
187,969 Infineon Technologies
6,027
0.68
10,341 Kion
325
0.04
9,678 Knorr-Bremse
581
0.07
12,865 LanxessØ
307
0.03
10,169 LEG ImmobilienØ
459
0.05
18,579 Merck
2,404
0.27
19,975 Metro
128
0.01
7,638 MTU Aero Engines
1,551
0.18
20,043
Muenchener 
Rueckversicherung
5,920
0.67
7,670 Nemetschek
453
0.05
14,136 Puma
664
0.08
697 RationalØ
396
0.04
6,264 RheinmetallØ
1,336
0.15
158,541 SAPØ
16,923
1.92
369 Sartorius
81
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
3,605
Sartorius non-voting 
preference shares
967
0.11
10,801 Scout24
538
0.06
100,740 Siemens (Registered)
13,167
1.49
67,557 Siemens Energy
941
0.11
39,373 Siemens Healthineers
1,754
0.20
2,065 SixtØ
192
0.02
2,521
Sixt non-voting 
preference shares
153
0.02
18,711 SymriseØ
1,532
0.17
7,801 Talanx
350
0.04
134,058 Telefonica Deutschland
297
0.03
72,238 ThyssenKruppØ
446
0.05
8,019 Traton SeØ
135
0.02
11,711 United Internet
130
0.01
4,182 Volkswagen
552
0.06
28,653
Volkswagen non-voting 
preference shares
3,033
0.34
101,301 VonoviaØ
1,557
0.18
2,059 Wacker Chemie
221
0.02
30,693 Zalando
695
0.08
146,896
16.57
Ireland - 0.54%; 31.12.22 0.56%    
163,523 AIB
539
0.06
153,334 Bank of Ireland
1,162
0.13
24,327 Glanbia
287
0.03
22,011 Kerry class 'A' shares
1,695
0.19
22,070 Kingspan
1,143
0.13
4,826
0.54
Italy - 4.11%; 31.12.22 3.81%    
234,274 A2AØ
337
0.04
19,059 AmplifonØ
547
0.06
193,528 Assicurazioni Generali
3,112
0.35
33,179 Banca Mediolanum
236
0.03
203,443 Banco BPMØ
743
0.08
11,997 Buzzi Unicem
238
0.03
10,466 De' LonghiØ
181
0.02
3,022 DiaSorinØ
247
0.03
1,120,509 EnelØ
5,942
0.67
318,312 EniØ
3,603
0.41
87,175 FinecoBankØ
917
0.10
NM0923U-3094429-51/477

ACS CONTINENTAL EUROPEAN EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
51
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
107,480 Hera
251
0.03
49,729
Infrastrutture Wireless 
Italiane
516
0.06
11,065 Interpump GroupØ
478
0.05
2,229,209 Intesa SanpaoloØ
4,617
0.52
67,186 ItalgasØ
314
0.04
91,924 MediobancaØ
867
0.10
29,381 Moncler
1,582
0.18
78,691 NexiØ
483
0.05
66,264 Pirelli & C
258
0.03
66,341 Poste ItalianeØ
564
0.06
38,394 Prysmian
1,245
0.14
14,123 Recordati
528
0.06
3,465 ReplyØ
307
0.03
315,968 Snam
1,301
0.15
1,395,458 Telecom ItaliaØ
310
0.04
771,869
Telecom Italia (Part 
Certified)Ø
167
0.02
205,377 TernaØ
1,375
0.16
268,926 UniCreditØ
4,964
0.56
65,364 UnipolSaiØ
128
0.01
36,358
4.11
Luxembourg - 0.43%; 31.12.22 0.51%    
65,458 Allegro.eu
403
0.05
67,757 ArcelorMittal
1,459
0.16
17,677 Eurofins ScientificØ
868
0.10
5,927 RTLØ
189
0.02
5,450 SUSEØ
60
0.01
65,994 Tenaris
776
0.09
3,755
0.43
Netherlands - 11.17%; 31.12.22 10.71%    
13,795 Aalberts Industries
454
0.05
57,463 ABN AMROØ
707
0.08
4,247 Adyen
5,722
0.65
257,286 AegonØ
1,026
0.12
24,925 Akzo Nobel
1,589
0.19
8,037 Argenx
2,442
0.28
6,737 ASM International
2,220
0.25
56,888 ASMLØ
32,197
3.64
20,154 ASR NederlandØ
707
0.08
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
11,047
BE Semiconductor 
IndustriesØ
929
0.10
141,188 CNH Industrial
1,596
0.18
14,579 CTPØ
148
0.02
72,905 Davide Campari-Milano
791
0.09
11,717 Euronext
629
0.07
15,068 EXORØ
1,060
0.12
17,153 Ferrari
4,396
0.51
40,388 Heineken
3,261
0.37
19,120 Heineken Holding
1,303
0.15
8,071 IMCDØ
907
0.10
506,951 INGØ
5,390
0.61
17,413 JDE Peet'sØ
406
0.05
30,861 Just Eat TakeawayØ
371
0.04
461,594 Koninklijke
1,303
0.15
138,470
Koninklijke Ahold 
DelhaizeØ
3,715
0.43
131,548 Koninklijke PhilipsØ
2,245
0.25
40,868 NNØ
1,193
0.13
14,114 OCIØ
267
0.03
21,964 Pepco
157
0.02
102,155 ProsusØ
5,821
0.66
31,552 Qiagen
1,104
0.12
16,161 Randstad
672
0.08
17,438 SignifyØ
387
0.04
286,807 StellantisØ
3,961
0.45
93,924 STMicroelectronics
3,659
0.41
107,254 Universal Music GroupØ
1,880
0.21
8,723 Vopak
245
0.03
35,918 Wolters Kluwer
3,564
0.41
98,424
11.17
Norway - 1.38%; 31.12.22 1.80%    
37,453
Adevinta series 'B' 
shares
197
0.02
3,944 AkerØ
176
0.02
44,924 Aker BP
829
0.09
147,667 DNB Bank
2,179
0.25
132,855 Equinor
3,048
0.34
23,693 Gjensidige ForsikringØ
299
0.03
10,969 Kongsberg Gruppen
390
0.04
33,555 Leroy Seafood
101
0.01
63,669 Mowi
795
0.09
NM0923U-3094429-52/477

ACS CONTINENTAL EUROPEAN EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
52
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
27,138 Nordic SemiconductorØ
260
0.03
188,157 Norsk Hydro
887
0.10
107,500 Orkla
609
0.07
9,908 SalmarØ
314
0.04
11,581
Schibsted class 'A' 
sharesØ
162
0.02
12,744
Schibsted class 'B' 
sharesØ
169
0.02
90,208 Telenor
721
0.08
33,181 TOMRA SystemsØ
420
0.05
59,137 Var EnergiØ
127
0.01
22,724 Yara International
632
0.07
12,315
1.38
Poland - 0.55%; 31.12.22 0.49%    
22,100
Bank Polska Kasa 
Opieki
471
0.05
7,091 Dino PolskaØ
645
0.07
18,584 KGHM Polska MiedzØ
399
0.05
152 LPP
409
0.05
82,060
Polski Koncern Naftowy 
ORLEN
1,018
0.12
123,763
Powszechna Kasa 
Oszczednosci Bank 
Polski
862
0.10
80,149
Powszechny Zaklad 
UbezpieczenØ
613
0.07
4,514 Santander Bank PolskaØ
341
0.04
4,758
0.55
Portugal - 0.18%; 31.12.22 0.18%    
73,570 Galp Energia
681
0.08
39,962 Jeronimo Martins
869
0.10
1,550
0.18
Spain - 5.36%; 31.12.22 5.12%    
3,164 Acciona
424
0.05
28,409
ACS Actividades de 
Construccion y Servicios
782
0.09
10,296 Aena
1,311
0.15
65,119 Amadeus IT
3,895
0.44
863,709
Banco Bilbao Vizcaya 
Argentaria
5,260
0.59
2,339,750 Banco Santander
6,877
0.78
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
94,723 Bankinter
458
0.05
543,647 CaixaBank
1,776
0.20
80,639 Cellnex Telecom
2,555
0.29
7,512
Corporacion Acciona 
Energias RenovablesØ
199
0.02
36,299 EDP Renovaveis
566
0.06
35,945 Enagas
559
0.06
46,636 Endesa
790
0.09
68,449 FerrovialØ
1,699
0.19
46,535 Grifols class 'A' sharesØ
468
0.05
39,688
Grifols class 'B' shares 
non-voting preference 
shares
283
0.03
852,460 IberdrolaØ
8,754
0.99
151,424 Inditex
4,577
0.51
49,025
Inmobiliaria Colonial 
SocimiØ
234
0.03
137,264 MapfreØ
215
0.02
45,749 Merlin Properties
308
0.03
20,223 Naturgy EnergyØ
472
0.05
58,111 Red Electrica
768
0.09
185,536 Repsol
2,139
0.24
728,047 Telefonica
2,324
0.26
47,693
5.36
Sweden - 6.27%; 31.12.22 6.47%    
45,476 Alfa Laval
1,280
0.14
139,457 Assa Abloy
2,615
0.30
364,695
Atlas Copco class 'A' 
shares
4,106
0.46
214,987
Atlas Copco class 'B' 
shares
2,095
0.24
15,786 AxfoodØ
263
0.04
46,394 Beijer RefØ
464
0.05
39,886 Boliden
906
0.10
61,565 CastellumØ
459
0.05
32,766 Electrolux
352
0.04
90,696 Epiroc class 'A' shares
1,341
0.15
55,862 Epiroc class 'B' shares
702
0.08
48,331 EQTØ
731
0.08
433,685
Ericsson series ‘B’ 
shares
1,837
0.21
88,573 Essity
1,846
0.21
NM0923U-3094429-53/477

ACS CONTINENTAL EUROPEAN EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
53
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
26,486 Evolution Gaming
2,593
0.29
86,202 Fastighets BalderØ
245
0.03
32,006 Getinge
437
0.05
97,378
Hennes & Mauritz series 
‘B’ sharesØ
1,307
0.15
304,752 Hexagon
2,922
0.33
14,459 Holmen
410
0.05
56,187
Husqvarna series ‘B’ 
sharesØ
400
0.05
17,823
Industrivarden series ‘A’ 
shares
386
0.04
20,883
Industrivarden series 'C' 
sharesØ
451
0.05
39,520 Indutrade
698
0.08
20,361 Investment Latour
316
0.04
68,839 Investor class 'A' shares
1,076
0.12
239,132 Investor class 'B' shares
3,743
0.43
35,752
Kinnevik series 'B' 
shares
388
0.04
10,285 L E Lundbergforetagen
343
0.04
32,427 Lifco
546
0.06
207,202 Nibe Industrier
1,539
0.17
13,270 SAAB class 'B' shares
559
0.06
25,196 Sagax class 'B' sharesØ
387
0.04
7,697 Sagax class 'D' shares
14
0.00
153,895 Sandvik
2,338
0.26
71,655
Securitas series ‘B’ 
shares
461
0.05
3,958
Skandinaviska Enskilda 
Banken
36
0.00
232,216
Skandinaviska Enskilda 
Banken series ‘A’ shares
2,018
0.23
49,568
Skanska series ‘B’ 
shares
547
0.06
54,806 SKF series ‘B’ shares
747
0.08
33,081 SSAB class 'A' shares
185
0.02
91,303 SSAB class 'B' shares
496
0.06
87,811
Svenska Cellulosa 
series ‘B’ shares
878
0.10
4,486
Svenska 
HandelsbankenØ
35
0.00
213,160
Svenska Handelsbanken 
series ‘A’ sharesØ
1,404
0.16
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
28,439 Sweco
250
0.03
143,323
Swedbank series ‘A’ 
shares
1,897
0.21
26,225
Swedish Orphan 
Biovitrum
399
0.05
80,885 Tele2 series ‘B’ sharesØ
527
0.06
4,882
Telefonaktiebolaget LM 
EricssonØ
22
0.00
346,465 TeliaØ
601
0.07
33,324
Trelleborg class ‘B’ 
shares
660
0.07
29,859 Volvo
498
0.06
78,334 Volvo Car
243
0.03
216,043 Volvo series ‘B’ shares
3,507
0.40
55,506
6.27
Switzerland - 18.93%; 31.12.22 19.53%    
217,390 ABB (Registered)
6,644
0.75
23,553 AdeccoØ
603
0.07
70,953 Alcon
4,589
0.52
4,468 BachemØ
302
0.03
6,496 Baloise
747
0.08
4,235
Banque Cantonale 
Vaudoise (Registered)Ø
352
0.04
515 Barry CallebautØ
785
0.09
1,299 Belimo
505
0.06
2,649 BKWØ
363
0.04
33,964 ClariantØ
382
0.04
4,810 DKSH
281
0.03
24,910 DSM-Firmenich
2,133
0.24
293 EmmiØ
220
0.02
1,043 EMS-ChemieØ
614
0.07
2,614 Flughafen Zuerich
428
0.05
4,859 Geberit
1,990
0.22
12,159 Georg Fischer
710
0.08
1,139 Givaudan
2,956
0.34
4,860 HelvetiaØ
514
0.06
30,024 Julius Baer (Registered)
1,487
0.17
7,268 Kuehne + Nagel
1,690
0.19
75,643 LafargeHolcimØ
3,992
0.45
152
Lindt & Spruengli (Part 
Certified)Ø
1,501
0.17
NM0923U-3094429-54/477

ACS CONTINENTAL EUROPEAN EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
54
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
15
Lindt & Spruengli 
(Registered)
1,459
0.16
23,045 Logitech InternationalØ
1,065
0.12
10,694 Lonza
4,957
0.56
385,557 Nestlé
36,462
4.12
290,879 Novartis
22,950
2.59
3,183 Partners
2,349
0.27
6,472 PSP Swiss PropertyØ
566
0.06
4,184 Roche (Bearer)
1,084
0.12
99,956 Roche Holding
24,155
2.73
5,818
Schindler (Part 
Certified)Ø
1,066
0.12
2,682 Schindler (Registered)
471
0.05
21,045 SGS SA
1,561
0.18
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
46,731 SIG CombiblocØ
1,006
0.11
20,958 SikaØ
4,647
0.53
7,396 SonovaØ
1,543
0.17
15,119 StraumannØ
1,917
0.22
4,083 Swatch class 'I' shares
937
0.11
7,631 Swatch class 'N' shares
330
0.04
4,353 Swiss LifeØ
1,995
0.23
11,214 Swiss Prime SiteØ
758
0.09
41,644 Swiss Re
3,302
0.37
3,673 Swisscom
1,808
0.20
1,771 TecanØ
529
0.06
8,821 Temenos
553
0.06
434,433 UBS
6,895
0.79
3,754 VATØ
1,213
0.14
21,403 Zurich InsuranceØ
8,019
0.92
167,385
18.93
United Kingdom - 0.03%; 31.12.22 0.03%    
47,814 AllfundsØ
231
0.03
 
Holding 
or Nominal 
Value Investment
Underlying 
Exposure 
£000's
Market 
Value 
£000's
% of 
Total 
Net 
Assets
                    
DERIVATIVES - 0.03%; 31.12.22 (0.07)%    
Forward Currency Contracts - 0.00%; 31.12.22 0.00%    
EUR 1,401,808 Euro vs Swedish krona
(1,205)
41
0.00
EUR 6,224,959 Euro vs Swiss franc
(5,349)
(11)
0.00
(6,554)
30
0.00
Futures - 0.03%; 31.12.22 (0.07)%    
449 EURO Stoxx 50 September 2023
17,043
299
0.03
64 Swiss Market Index September 2023
6,359
(25)
0.00
23,402
274
0.03
NM0923U-3094429-55/477

ACS CONTINENTAL EUROPEAN EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
55
Holding 
or Nominal 
Value Investment
Underlying 
Exposure 
£000’s
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
                    
 
 
 
 
Portfolio of investments
861,231
97.35
CASH EQUIVALENTS
Short-term Money Market Funds - 0.43%; 31.12.22 0.04%    
44,642 BlackRock Institutional Cash Series Euro Liquidity Fund*
3,822
0.43
Net other assets
19,626
2.22
Total net assets
884,679 100.00
Unless otherwise stated, all securities are either listed on a recognised exchange or traded on an eligible securities market.
Underlying exposure has been calculated according to the guidelines issued by the European Securities and Markets 
Authority (“ESMA”) (as adopted by the FCA) and represents the market value of an equivalent position in the assets 
underlying each financial derivative instrument.
The counterparty for the forward currency contracts is BNP Paribas.
Ø All or a portion of this investment represents a security on loan.
* Managed by a related party.
NM0923U-3094429-56/477

56
ACS CONTINENTAL EUROPEAN EQUITY TRACKER FUND
STATEMENT OF TOTAL RETURN (unaudited)
for the six months ended 30 June 2023
For the period 
to 30.6.2023
For the period 
to 30.6.2022
£000's
£000's
£000's
£000's
Income
Net capital gains/(losses)
51,665
(195,562)
Revenue
22,771
22,866
Expenses
(69)
(75)
Interest payable and similar charges
(1)
(12)
Net revenue before taxation
22,701
22,779
Taxation
(1,039)
(502)
Net revenue after taxation
21,662
22,277
Total return before distributions
73,327
(173,285)
Equalisation
267
(687)
Change in net assets 
attributable to unitholders from investment activities
73,594
(173,972)
STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS (unaudited)
for the six months ended 30 June 2023
For the period 
to 30.6.2023
For the period 
to 30.6.2022
£000's
£000's
£000's
£000's
Opening net assets attributable to unitholders 
815,279
1,152,948
Amounts receivable on issue of units
			
48,007
			
42,011
Amounts payable on cancellation of units
			
(52,201)
			 (136,318)
Amounts payable on in-specie transactions
			
–
			
(87,835)
(4,194)
(182,142)
Change in net assets attributable to unitholders from investment 
activities
73,594
(173,972)
Closing net assets attributable to unitholders
884,679
796,834
The above statement shows the comparative closing net assets at 30 June 2022 whereas the current accounting period 
commenced 1 January 2023.
NM0923U-3094429-57/477

57
ACS CONTINENTAL EUROPEAN EQUITY TRACKER FUND
BALANCE SHEET (unaudited)
at 30 June 2023
30.6.2023
31.12.2022
£000's
£000's
Assets:
Fixed assets
– Investment assets
861,267
798,583
Current assets
– Debtors
16,557
14,201
– Cash and bank balances
3,372
3,288
– Cash equivalents
3,822
360
Total assets
885,018
816,432
Liabilities:
Investment liabilities
(36)
(586)
Creditors
– Other creditors
(303)
(567)
Total liabilities
(339)
(1,153)
Net assets attributable to unitholders
884,679
815,279
G D Bamping (Director)
M T Zemek (Director)
BlackRock Fund Managers Limited
30 August 2023
NM0923U-3094429-58/477

58
ACS EUROPE EX UK ESG INSIGHTS EQUITY FUND
About the Fund
The Fund is a sub-fund of BlackRock Authorised Contractual Scheme I, a Co-Ownership Scheme constituted as a                                          
UCITS scheme under the COLL Sourcebook. The Fund was authorised by the FCA on 18 August 2022 and launched on  
7 October 2022.
Risk and Reward Profile
 
 Lower risk 
Higher risk 
 Typically lower rewards
Typically higher rewards 
 Unit Class
 X1FA Accumulation
1
2
3
4
5
6
7
 X1FB Accumulation
1
2
3
4
5
6
7
 X1FC Accumulation
1
2
3
4
5
6
7
 X1FD Accumulation
1
2
3
4
5
6
7
 X1FE Accumulation
1
2
3
4
5
6
7
 X1FP Accumulation
1
2
3
4
5
6
7
p
•	 The risk indicator was calculated incorporating simulated historical data and may not be a reliable indication of the future 
risk profile of the Fund.
•	 The risk category shown is not guaranteed and may change over time.
•	 The lowest category does not mean risk free.
•	 The use of derivatives will impact the value of the Fund and may expose the Fund to a higher degree of risk. Derivatives 
are highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and 
gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can be greater where derivatives are 
used in an extensive or complex way.
For more information on this, please see the Fund’s Key Investor Information Document (“KIID”), which is available at 
www.blackrock.com.
Net Asset Value
At 30 June 2023
Units In Issue
Net Asset Value 
£000's
Net Asset Value 
per Unit 
p
X1FA Accumulation 
	 	 	
340,275,663 	 	 	
368,338
108.25
X1FB Accumulation 
	 	 	
114,491,022 	 	 	
123,938
108.25
X1FC Accumulation 
	 	 	
61,659,836 	 	 	
66,750
108.26
X1FD Accumulation 
	 	 	
18,452,668 	 	 	
19,977
108.26
X1FE Accumulation 
	 	 	
4,144,710 	 	 	
4,486
108.24
X1FP Accumulation 
	 	 	
133,338,647 	 	 	
158,115
118.58
NM0923U-3094429-59/477

59
ACS EUROPE EX UK ESG INSIGHTS EQUITY FUND
Operating Charges
Unit Class
1.1.2023 
to 30.6.2023*
7.10.2022^ 
to 31.12.2022
X1FA Accumulation 
0.02%
0.03%
X1FB Accumulation 
0.02%
0.03%
X1FC Accumulation 
0.02%
0.03%
X1FD Accumulation 
0.02%
0.03%
X1FE Accumulation 
0.02%
0.03%
X1FP Accumulation 
0.03%
0.03%
^ The date of commencement of operations
* Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/depositary 
and entry/exit charges paid to an underlying collective investment scheme (if any).
Distributions Payable
Any income available is accumulated annually on the last day of February.
NM0923U-3094429-60/477

60
ACS EUROPE EX UK ESG INSIGHTS EQUITY FUND
PORTFOLIO STATEMENT (unaudited)
at 30 June 2023
Holding 
or Nominal 
Value Investment
Market 
Value 
£000's
% of 
Total 
Net 
Assets
       
EQUITIES - 95.70%; 31.12.22 99.73%    
Austria - 0.49%; 31.12.22 0.72%    
4,262 Erste BankØ
116
0.02
48,619 OMV
1,623
0.22
29,736 Verbund
1,865
0.25
3,604
0.49
Belgium - 1.79%; 31.12.22 1.16%    
177,428 Anheuser-Busch InBev
7,933
1.06
1,061 KBC
58
0.01
6,316 SolvayØ
552
0.07
8,841 UCB
614
0.08
191,230 Umicore
4,182
0.57
13,339
1.79
Denmark - 6.04%; 31.12.22 6.57%    
93
AP Moeller-Maersk 
series 'A' shares
128
0.02
199
AP Moeller-Maersk 
series 'B' shares
276
0.04
687
Carlsberg series 'B' 
sharesØ
86
0.01
45,785 Christian Hansen
2,505
0.34
50,239 Coloplast 'B' sharesØ
4,917
0.66
47,202 Danske Bank
898
0.12
71,130 DSV
11,782
1.59
11,447 Genmab
3,391
0.46
2,505
H. Lundbeck series 'A' 
shares
9
0.00
115,683
Novo Nordisk class 'B' 
shares
14,496
1.95
13,267 Orsted
986
0.13
42,376 Pandora
2,990
0.40
115,611 Vestas Wind Systems
2,419
0.32
44,883
6.04
Finland - 1.85%; 31.12.22 1.94%    
19,092 Metso OyjØ
179
0.02
90,127 Neste
2,730
0.37
1,216,294 Nokia
4,048
0.55
15,351 Sampo series 'A' shares
542
0.07
90,132
Stora Enso series 'R' 
shares
823
0.11
87,892 UPM-Kymmene
2,058
0.27
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
7,051 Valmet
155
0.02
371,497 Wartsila
3,279
0.44
13,814
1.85
France - 19.55%; 31.12.22 20.43%    
3,931 Accor
115
0.02
3,434 Air LiquideØ
484
0.07
91,622 Alstom
2,136
0.29
17,717 Arkema
1,316
0.18
176,096 AXA
4,101
0.55
41,170 Biomerieux
3,396
0.46
117,663 BNP Paribas
5,834
0.79
12,661 Bureau Veritas
271
0.04
34,829 Capgemini
5,147
0.69
129,853 Carrefour
1,943
0.26
25,244 Covivio
942
0.13
33,498 Danone
1,616
0.22
29,312 Dassault Systemes
1,011
0.14
202,036 ENGIE
2,647
0.36
7,349 EssilorLuxottica
1,083
0.15
7,893 Hermes International
13,428
1.81
4,686 Icade
155
0.02
2,445 Kering
1,063
0.14
67,226 Klepierre
1,316
0.18
65,353 Legrand
5,072
0.68
40,815 L'Oréal
14,919
2.01
14,735 LVMH Moet Hennessy
10,866
1.47
99,287 Orange
916
0.13
26,737 Pernod-Ricard
4,644
0.63
37,690 Publicis
2,399
0.32
59,111 Renault
1,958
0.26
69,061 Saint-Gobain
3,300
0.44
170,673 Sanofi
14,377
1.94
67,306 Schneider Electric
9,574
1.29
156,149 Société Générale
3,232
0.44
35,270 Sodexo
3,002
0.40
2,778 Teleperformance
368
0.05
353,053 Total
16,062
2.16
2,370 Ubisoft Entertainment
53
0.01
18,821
Unibail-Rodamco-
Westfield REITØ
775
0.10
2,546 Valeo
43
0.01
89,902 Veolia Environnement
2,223
0.30
NM0923U-3094429-61/477

ACS EUROPE EX UK ESG INSIGHTS EQUITY FUND
PORTFOLIO STATEMENT (unaudited) (continued)
61
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
14,480 Vinci
1,323
0.18
34,527 Vivendi
251
0.03
50,380 Worldline
1,459
0.20
144,820
19.55
Germany - 16.55%; 31.12.22 15.73%    
33,754 Adidas
5,147
0.69
21,988 Allianz
4,038
0.54
37,648 BASF
1,435
0.19
109,873 Bayer
4,803
0.65
26,384 BMW
2,539
0.34
59,999
BMW non-voting 
preference shares
5,314
0.72
13,616 Brenntag
828
0.11
604 Carl Zeiss Meditec
51
0.01
407,266 Commerzbank
3,570
0.48
3,925 Continental
233
0.03
83,925 Covestro
3,423
0.46
157,541 Daimler
9,949
1.34
1,837 Delivery Hero
62
0.01
18,808 Deutsche Boerse
2,723
0.37
631,600 Deutsche Telekom
10,868
1.46
11,750 Deutsche Wohnen
211
0.03
214,649 E.ON
2,145
0.29
22,159 Fresenius
479
0.06
7,452 Fresenius Medical CareØ
279
0.04
23,720 GEA
777
0.10
24,119 Hella Hueck
1,492
0.20
1,150 Hochtief
78
0.01
74,204 Infineon Technologies
2,379
0.32
17,233 Merck
2,229
0.30
29,156 MTU Aero Engines
5,917
0.80
16,120
Muenchener 
Rueckversicherung
4,762
0.65
14,256 Puma
669
0.09
4,325 Rheinmetall
923
0.12
217,464 SAP
23,212
3.13
314
Sartorius non-voting 
preference shares
84
0.01
4,323 Scout24
215
0.03
113,019 Siemens (Registered)
14,772
1.99
29,834 Siemens Energy
416
0.06
81,942 Siemens Healthineers
3,651
0.49
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
3,668 Symrise
300
0.04
76,479 VonoviaØ
1,176
0.16
74,889 Zalando
1,696
0.23
122,845
16.55
Ireland - 0.38%; 31.12.22 0.76%    
470,380 AIB
1,549
0.21
157,354 Bank of Ireland
1,192
0.16
884 Kingspan
46
0.01
2,787
0.38
Italy - 4.25%; 31.12.22 4.68%    
1,825,065 Enel
9,678
1.30
110,390 Eni
1,249
0.17
53,515 FinecoBank
563
0.08
854,510 HeraØ
1,998
0.27
2,000,307 Intesa Sanpaolo
4,143
0.56
678,279 Mediobanca
6,397
0.86
104,427 Moncler
5,623
0.76
256,367 Telecom Italia
57
0.01
95,042 UniCredit
1,754
0.24
31,462
4.25
Luxembourg - 0.18%; 31.12.22 0.19%    
57,291 ArcelorMittal
1,235
0.17
12,374 InPost
106
0.01
1,341
0.18
Netherlands - 11.35%; 31.12.22 11.38%    
2,961 Adyen
3,991
0.53
260,431 Aegon
1,038
0.14
95,733 Akzo Nobel
6,105
0.83
1,692 ASM InternationalØ
558
0.08
40,913 ASMLØ
23,155
3.11
15,479
BE Semiconductor 
Industries
1,302
0.18
193,691 CNH Industrial
2,190
0.30
25,565 Heineken
2,064
0.28
2,056 IMCD
231
0.03
553,550 ING
5,886
0.79
5,555 JDE Peet's
129
0.02
5,104 Just Eat Takeaway
61
0.01
139,732 Koninklijke
394
0.05
206,795 Koninklijke Philips
3,530
0.48
NM0923U-3094429-62/477

ACS EUROPE EX UK ESG INSIGHTS EQUITY FUND
PORTFOLIO STATEMENT (unaudited) (continued)
62
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
170,102 NN
4,965
0.67
9,230 OCI
175
0.02
62,134 Prosus
3,541
0.48
101,531 Qiagen
3,554
0.48
77,477 Randstad
3,220
0.43
25,663 Signify
570
0.08
138,934 Stellantis
1,918
0.25
273,415 STMicroelectronics
10,653
1.44
49,932 Wolters Kluwer
4,955
0.67
84,185
11.35
Norway - 1.46%; 31.12.22 2.14%    
7,929 Aker BP
146
0.02
42,671 DNB Bank
630
0.08
66,931 Equinor
1,535
0.21
79,336 Kongsberg Gruppen
2,821
0.38
109,532 Norsk Hydro
516
0.07
314,346 Orkla
1,780
0.24
77,074
Schibsted class 'A' 
shares
1,077
0.15
69,269
Schibsted class 'B' 
sharesØ
917
0.12
122,939 Telenor
982
0.13
213,146 Var Energi
458
0.06
367 Yara International
10
0.00
10,872
1.46
Poland - 0.65%; 31.12.22 0.87%    
495,938
Powszechny Zaklad 
Ubezpieczen
3,795
0.51
13,942 Santander Bank Polska
1,054
0.14
4,849
0.65
Portugal - 0.20%; 31.12.22 0.25%    
163,696 Galp Energia
1,516
0.20
Spain - 5.10%; 31.12.22 5.74%    
2,466 Acciona
331
0.04
17,145 Amadeus IT
1,026
0.14
185,295
Banco Bilbao Vizcaya 
Argentaria
1,128
0.15
3,428,354 Banco Santander
10,076
1.35
127,604 CaixaBank
417
0.06
34,057 Cellnex Telecom
1,079
0.15
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
42,303
Corporacion Acciona 
Energias Renovables
1,118
0.15
238,528 Endesa
4,042
0.55
279,083 Ferrovial
6,927
0.94
20,808 Grifols class 'A' sharesØ
209
0.03
61,785
Grifols class 'B' shares 
non-voting preference 
shares
440
0.06
153,390 Iberdrola
1,575
0.21
243,708 Inditex
7,364
0.99
83,802
Inmobiliaria Colonial 
Socimi
400
0.05
116,186 Repsol
1,340
0.18
122,367 Telefonica
391
0.05
37,863
5.10
Sweden - 6.13%; 31.12.22 6.41%    
49,190 Alfa Laval
1,385
0.19
94,453 Assa Abloy
1,771
0.24
294,701
Atlas Copco class 'A' 
shares
3,317
0.44
233,638
Atlas Copco class 'B' 
shares
2,277
0.31
31,188 Boliden
708
0.10
118,279 Castellum
882
0.12
217,632 Electrolux
2,337
0.32
62,190 Epiroc class 'A' shares
919
0.12
31,145 Epiroc class 'B' shares
392
0.05
13,924 EQT
211
0.03
334,190
Ericsson series ‘B’ 
shares
1,416
0.19
3,122 Getinge
43
0.01
34,992
Hennes & Mauritz series 
‘B’ shares
470
0.06
1,672 Holmen
47
0.01
146,295
Husqvarna series ‘B’ 
sharesØ
1,041
0.14
111,371 Investor class 'A' shares
1,741
0.23
93,848 Kinnevik
1,019
0.14
336,672 Nibe Industrier
2,501
0.34
62,769 SAAB class 'B' shares
2,645
0.36
258,410 Sandvik
3,925
0.53
13,360
Skandinaviska Enskilda 
Banken
122
0.02
NM0923U-3094429-63/477

ACS EUROPE EX UK ESG INSIGHTS EQUITY FUND
PORTFOLIO STATEMENT (unaudited) (continued)
63
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
303,728
Skandinaviska Enskilda 
Banken series ‘A’ shares
2,639
0.36
57,098 SSAB class 'A' shares
320
0.04
15,621 SSAB class 'B' shares
85
0.01
33,806 Svenska Handelsbanken
265
0.04
147,370
Svenska Handelsbanken 
series ‘A’ shares
971
0.13
17,789 Sweco
157
0.02
10,091
Swedbank series ‘A’ 
shares
134
0.02
13,501
Swedish Orphan 
Biovitrum
205
0.03
8,181 Tele2 series ‘B’ shares
53
0.01
932,779 Telia
1,618
0.22
185,568 Volvo
3,095
0.42
83,657 Volvo Car
260
0.04
383,810 Volvo series ‘B’ shares
6,230
0.84
45,201
6.13
Switzerland - 19.73%; 31.12.22 20.76%    
328,444 ABB (Registered)
10,038
1.36
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
37,247 Adecco
954
0.13
19,278 DSM-Firmenich
1,651
0.22
13,127 Geberit
5,375
0.73
3 Givaudan
8
0.00
10,132 Julius Baer (Registered)
502
0.07
67
Lindt & Spruengli (Part 
Certified)
662
0.09
8
Lindt & Spruengli 
(Registered)
778
0.10
7,399 Logitech International
342
0.05
7,384 Lonza
3,423
0.46
402,899 Nestlé
38,103
5.14
344,159 Novartis
27,155
3.66
17,087 Roche (Bearer)
4,427
0.60
67,217 Roche Holding
16,243
2.19
13,174 SGS SA
977
0.13
60,493 SIG CombiblocØ
1,303
0.18
6,176 SikaØ
1,369
0.18
29,198 Sonova
6,091
0.81
56,542 Swiss Re
4,483
0.60
591 Swisscom
291
0.04
576,226 UBS
9,146
1.23
34,595 Zurich Insurance
12,961
1.76
146,282
19.73
 
Holding 
or Nominal 
Value Investment
Underlying 
Exposure 
£000's
Market 
Value 
£000's
% of 
Total 
Net 
Assets
                    
DERIVATIVES - 0.04%; 31.12.22 0.00%    
Futures - 0.04%; 31.12.22 0.00%    
593 EURO Stoxx 50 September 2023
22,509
261
0.03
86 Swiss Market Index September 2023
8,545
41
0.01
31,054
302
0.04
NM0923U-3094429-64/477

ACS EUROPE EX UK ESG INSIGHTS EQUITY FUND
PORTFOLIO STATEMENT (unaudited) (continued)
64
Holding 
or Nominal 
Value Investment
Underlying 
Exposure 
£000’s
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
                    
 
 
 
 
Portfolio of investments
709,965
95.74
CASH EQUIVALENTS
Short-term Money Market Funds - 0.59%; 31.12.22 0.05%    
51,103 BlackRock Institutional Cash Series Euro Liquid Environmentally Aware Fund*
4,376
0.59
Net other assets
27,263
3.69
Total net assets
741,604 100.00
Unless otherwise stated, all securities are either listed on a recognised exchange or traded on an eligible securities market.
Underlying exposure has been calculated according to the guidelines issued by the European Securities and Markets 
Authority (“ESMA”) (as adopted by the FCA) and represents the market value of an equivalent position in the assets 
underlying each financial derivative instrument.
Ø All or a portion of this investment represents a security on loan.
* Managed by a related party.
NM0923U-3094429-65/477

65
ACS EUROPE EX UK ESG INSIGHTS EQUITY FUND
STATEMENT OF TOTAL RETURN (unaudited)
for the six months ended 30 June 2023
For the period 
to 30.6.2023
£000's
£000's
Income
Net capital gains
17,799
Revenue
13,855
Expenses
(41)
Interest payable and similar charges
(3)
Net revenue before taxation
13,811
Taxation
(794)
Net revenue after taxation
13,017
Total return before distributions
30,816
Equalisation
4,457
Change in net assets 
attributable to unitholders from investment activities
35,273
STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS (unaudited)
for the six months ended 30 June 2023
For the period 
to 30.6.2023
£000's
£000's
Opening net assets attributable to unitholders
350,705
Amounts receivable on issue of units
			
606,680
Amounts payable on cancellation of units
			 (251,054)
355,626
Change in net assets attributable to unitholders from investment activities
35,273
Closing net assets attributable to unitholders
741,604
Note: The Fund launched in the prior financial year, hence no comparative data is available.
 
NM0923U-3094429-66/477

66
ACS EUROPE EX UK ESG INSIGHTS EQUITY FUND
BALANCE SHEET (unaudited)
at 30 June 2023
30.6.2023
31.12.20221
£000's
£000's
Assets:
Fixed assets
– Investment assets
709,965
349,779
Current assets
– Debtors
40,225
115
– Cash and bank balances
6,525
1,488
– Cash equivalents
4,376
179
Total assets
761,091
351,561
Liabilities:
Investment liabilities
–
(8)
Creditors
– Amounts held at futures clearing houses and brokers
(311)
(10)
– Other creditors
(19,176)
(838)
Total liabilities
(19,487)
(856)
Net assets attributable to unitholders
741,604
350,705
1 The Fund launched on 7 October 2022.
G D Bamping (Director)
M T Zemek (Director)
BlackRock Fund Managers Limited
30 August 2023
NM0923U-3094429-67/477

67
ACS JAPAN EQUITY TRACKER FUND
About the Fund
The Fund is a sub-fund of BlackRock Authorised Contractual Scheme I, a Co-Ownership Scheme constituted as a UCITS 
scheme under the COLL Sourcebook. The Fund was authorised by the FCA on 23 June 2016 and launched on 15 May 2017.
Risk and Reward Profile
 
 Lower risk 
Higher risk 
 Typically lower rewards
Typically higher rewards 
 Unit Class
 X1 Accumulation
1
2
3
4
5
6
7
 X1P Accumulation
1
2
3
4
5
6
7
•	 The risk indicator was calculated incorporating simulated historical data and may not be a reliable indication of the future 
risk profile of the Fund.
•	 The risk category shown is not guaranteed and may change over time.
•	 The lowest category does not mean risk free.
•	 The use of derivatives will impact the value of the Fund and may expose the Fund to a higher degree of risk. Derivatives 
are highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and 
gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can be greater where derivatives are 
used in an extensive or complex way.
For more information on this, please see the Fund’s Key Investor Information Document (“KIID”), which is available at  
www.blackrock.com.
Net Asset Value
At 30 June 2023
Units In Issue
Net Asset Value 
£000's
Net Asset Value 
per Unit 
p
X1 Accumulation 
	 	 	 1,529,557,653 	 	 	
2,089,556
136.61
X1P Accumulation 
	 	 	
287,792,033 	 	 	
353,221
122.73
Operating Charges
Unit Class
1.1.2023 
to 30.6.2023*
1.1.2022 
to 31.12.2022
X1 Accumulation 
0.01%
0.01%
X1P Accumulation 
0.01%
0.01%
* Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/depositary 
and entry/exit charges paid to an underlying collective investment scheme (if any).
Distributions Payable
Any income available is accumulated annually on the last day of February.
NM0923U-3094429-68/477

68
ACS JAPAN EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited)
at 30 June 2023
Holding 
or Nominal 
Value Investment
Market 
Value 
£000's
% of 
Total 
Net 
Assets
       
EQUITIES - 98.95%; 31.12.22 98.74%    
Japan - 98.95%; 31.12.22 98.74%    
Automobiles & Parts - 9.94%; 31.12.22 9.33%    
133,400 Aisin Seiki
3,227
0.13
429,100 Bridgestone
13,802
0.56
336,200 Denso
17,727
0.73
56,600 GS Yuasa
869
0.04
1,257,500 Honda Motor
29,770
1.22
163,700 JTEKT
1,167
0.05
177,900 Koito Manufacturing
2,518
0.10
441,200 Mazda Motor
3,355
0.14
475,000 Mitsubishi MotorsØ
1,300
0.05
151,300 NGK Spark Plug
2,385
0.10
109,200 NHK Spring
625
0.03
63,800 NifcoØ
1,480
0.06
1,477,900 Nissan Motor
4,745
0.19
89,000 NOKØ
1,019
0.04
350,000 NSK
1,755
0.07
114,000 Stanley Electric
1,806
0.07
466,100 Subaru
6,881
0.28
580,100
Sumitomo Electric 
Industries
5,565
0.23
128,600
Sumitomo Rubber 
Industries
978
0.04
346,100 Suzuki Motor
9,834
0.40
80,800 Toyo TireØ
840
0.03
58,100 Toyoda Gosei
865
0.04
47,300 Toyota BoshokuØ
663
0.03
122,400 Toyota Industries
6,853
0.28
9,145,300 Toyota Motor
115,178
4.71
66,900 TS Tech
662
0.03
234,900 Yamaha Motor
5,284
0.22
100,400 Yokohama Rubber
1,724
0.07
242,877
9.94
Banks - 6.10%; 31.12.22 6.33%    
90,600 Aozora
1,325
0.05
56,200 Bank of KyotoØ
2,204
0.09
454,900 Chiba Bank
2,173
0.09
113,100 Chugin Financial
534
0.02
827,600 Concordia Financial
2,545
0.10
121,900 Fukuoka FinancialØ
1,981
0.08
353,900 Hachijuni BankØ
1,207
0.05
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
243,600 Hirogin
1,086
0.05
210,500 Iyogin
930
0.04
1,106,400 Japan Post Bank
6,790
0.28
292,200 Kyushu Financial
969
0.04
727,700 Mebuki Financial
1,358
0.06
8,884,100 Mitsubishi UFJ Financial
51,633
2.11
1,941,720 Mizuho Financial
23,319
0.96
1,628,624 Resona
6,146
0.25
516,100 Seven Bank
799
0.03
40,750 Shinsei BankØ
626
0.03
372,200 Shizuoka Financial
2,112
0.09
974,700
Sumitomo Mitsui 
Financial
32,795
1.34
271,000 Sumitomo Mitsui Trust
7,574
0.31
157,100 Yamaguchi Financial
829
0.03
148,935
6.10
Beverages - 1.03%; 31.12.22 1.06%    
371,500 Asahi Group
11,303
0.46
104,100 Coca-Cola Bottlers
867
0.03
40,900 ITO ENØ
887
0.04
54,700 Kagome
939
0.04
568,700 Kirin
6,531
0.27
46,400 SapporoØ
940
0.04
95,300
Suntory Beverage & 
Food
2,709
0.11
139,100 Takara
886
0.04
25,062
1.03
Chemicals - 4.18%; 31.12.22 3.98%    
131,500 Air Water
1,431
0.06
951,200 Asahi Kasei
5,050
0.21
183,000 Daicel Chemical
1,284
0.05
64,700 Denka
959
0.04
58,200 DIC
831
0.03
136,600 JSR
3,069
0.13
46,800 KanekaØ
1,027
0.04
143,700 Kansai Paint
1,659
0.07
254,700 Kuraray
1,948
0.08
966,500 Mitsubishi Chemical
4,553
0.19
136,700 Mitsubishi Gas Chemical
1,561
0.06
132,800 Mitsui ChemicalsØ
3,066
0.13
81,400 Nagase
1,063
0.04
126,600 Nippon Kayaku
849
0.03
NM0923U-3094429-69/477

ACS JAPAN EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
69
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
782,700 Nippon Paint
5,058
0.21
25,100 Nippon Shokubai
736
0.03
99,800
Nissan Chemical 
Industries
3,365
0.14
110,600 Nitto Denko
6,425
0.26
50,900 NOF
1,712
0.07
1,475,100 Shin-Etsu Chemical
38,414
1.57
135,200 Showa DenkoØ
1,717
0.07
25,400 Sumitomo Bakelite
827
0.03
1,168,300 Sumitomo ChemicalØ
2,785
0.11
108,300 Taiyo Nippon Sanso
1,840
0.08
142,200 TeijinØ
1,121
0.05
154,500 Tokai Carbon
1,113
0.05
1,144,500 Toray Industries
5,008
0.20
216,300 Tosoh
2,009
0.08
70,600 Ube Industries
953
0.04
98,300 Zeon
744
0.03
102,177
4.18
Communications - 0.10%; 31.12.22 0.10%    
86,400 Internet Initiative Japan
1,273
0.05
66,700 KadokawaØ
1,254
0.05
2,527
0.10
Construction & Materials - 2.77%; 31.12.22 2.59%    
138,900 AGC
3,919
0.16
42,100 Aica Kogyo
725
0.03
85,100 Comsys
1,323
0.06
202,900 Daikin
32,454
1.33
200,700 Haseko
1,943
0.08
160,412 Infroneer
1,188
0.05
328,900 Kajima
3,889
0.16
84,500 Kandenko
533
0.02
87,800 Kinden
932
0.04
75,200 Kyowa Exeo
1,188
0.05
197,600 LIXIL
1,970
0.08
513,500 Obayashi
3,490
0.14
237,800
Penta-Ocean 
Construction
1,002
0.04
144,400 Sanwa Holdings
1,470
0.06
410,500 Shimizu
2,041
0.08
33,500 SHO-BOND
1,047
0.04
89,800 Taiheiyo Cement
1,393
0.06
130,800 Taisei
3,590
0.15
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
184,400 Toda
813
0.03
113,100 TotoØ
2,674
0.11
67,584
2.77
Consumer, Non-cyclical - 0.04%; 31.12.22 0.00%    
34,900 WorkmanØ
990
0.04
Electricity - 0.22%; 31.12.22 0.22%    
537,500 Chubu Electric Power
5,156
0.21
30,100 RenovaØ
266
0.01
5,422
0.22
Electronic & Electrical Equipment - 7.62%; 31.12.22 7.16%    
141,400 Alps Alpine
971
0.04
52,700 Amano
871
0.04
94,800 Azbil
2,341
0.10
96,200 Fuji Electric
3,303
0.14
204,700 Fujikura
1,343
0.06
50,600 Furukawa ElectricØ
702
0.03
98,000 Hamamatsu Photonics
3,758
0.15
24,550 Hirose Electric
2,556
0.10
686,800 Hitachi
33,333
1.36
30,400 Horiba
1,365
0.06
81,600 Ibiden
3,613
0.15
36,600
Japan Aviation 
Electronics
600
0.02
149,100 Keyence
55,287
2.26
232,900 Kyocera
9,921
0.41
35,100 Mabuchi Motor
769
0.03
312,900 Minebea Mitsumi
4,618
0.19
429,200 Murata Manufacturing
19,324
0.79
195,900 NGK Insulators
1,835
0.08
395,800 Nidec
16,938
0.69
61,700 Nippon Electric Glass
853
0.03
138,800 Omron
6,652
0.27
167,800 SharpØ
737
0.03
94,000 Taiyo Yuden
2,100
0.09
275,300 TDK
8,373
0.34
17,800 Toshiba TECØ
400
0.02
79,500 Ushio
841
0.03
188,000 Yokogawa Electric
2,721
0.11
186,125
7.62
Financial Services - 1.89%; 31.12.22 1.93%    
315,900 Acom
602
0.02
NM0923U-3094429-70/477

ACS JAPAN EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
70
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
84,100 AEON Financial Service
588
0.02
1,387 AEON REIT Investment
1,173
0.05
115,700 Credit Saison
1,394
0.06
1,093,900 Daiwa Securities
4,423
0.18
14,100 Fuyo General Lease
851
0.04
3,842 Invincible Investment
1,195
0.05
395,700 Japan Exchange
5,424
0.22
3,680
Japan Hotel REIT 
Investment
1,477
0.06
92,200 Matsui Securities
400
0.02
485,360
Mitsubishi UFJ Lease & 
Finance
2,265
0.09
199,300 Nihon M&A Center
1,196
0.05
2,281,500 Nomura
6,825
0.28
47,430 Orient
293
0.01
898,800 Orix
12,823
0.53
183,200 SBI
2,770
0.11
47,900 Tokyo Century
1,353
0.06
40,000 Zenkoku Hosho
1,093
0.04
46,145
1.89
Fixed Line Telecommunications - 0.83%; 31.12.22 0.90%    
21,770,000
Nippon Telegraph & 
Telephone
20,246
0.83
Food & Drug Retailers - 0.63%; 31.12.22 0.71%    
19,100 Ain PharmaciezØ
529
0.02
14,500
Cosmos 
PharmaceuticalØ
1,154
0.05
105,500 Kobe Bussan
2,146
0.09
12,900 Kusuri no Aoki
571
0.02
38,100 Lawson
1,328
0.05
92,600
Matsumotokiyoshi 
Holdings
4,081
0.17
27,500 Sugi
964
0.04
48,200 SundrugØ
1,123
0.04
28,300 Tsuruha
1,656
0.07
72,500 Welcia
1,187
0.05
17,300 Yaoko
682
0.03
15,421
0.63
Food Producers - 1.83%; 31.12.22 1.92%    
360,900 Ajinomoto
11,269
0.46
11,400 Ariake Japan
330
0.01
56,600 CalbeeØ
844
0.04
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
37,900 Ezaki Glico
781
0.03
29,400 Fuji Oil Holdings
319
0.01
59,400 House Foods
1,039
0.04
93,400 Itoham Yonekyu
369
0.02
77,200 KewpieØ
992
0.04
139,500 KikkomanØ
6,248
0.26
13,400 Kotobuki Spirits
770
0.03
198,000 Meiji Holdings
3,482
0.14
26,200 Morinaga & Co
645
0.03
28,700 Morinaga Milk
740
0.03
78,200 NH Foods
1,668
0.07
82,800 Nichirei
1,394
0.06
196,300 Nisshin Seifun
1,908
0.08
51,600 Nissin Foods
3,359
0.14
71,200 Toyo Suisan Kaisha
2,530
0.10
100,100 Yakult Honsha
4,980
0.20
89,300 Yamazaki Baking
951
0.04
44,618
1.83
Forestry & Paper - 0.10%; 31.12.22 0.12%    
54,400 Daio Paper
335
0.02
689,600 Oji
2,025
0.08
2,360
0.10
Gas, Water & Multiutilities - 0.48%; 31.12.22 0.50%    
40,400 IwataniØ
1,677
0.07
298,600 Osaka Gas
3,601
0.15
62,600 Toho Gas
851
0.04
319,600 Tokyo Gas
5,490
0.22
11,619
0.48
General Industrials - 2.28%; 31.12.22 2.20%    
31,400 FP
502
0.02
101,500 IHI
2,157
0.09
1,014,600 Itochu
31,459
1.29
39,700 Lintec
493
0.02
98,000 Mitsubishi Materials
1,384
0.06
165,000 Rengo
799
0.03
176,620 Sojitz
3,067
0.12
322,500 Toshiba
7,963
0.33
109,200 Toyo Seikan
1,262
0.05
170,500 Toyota Tsusho
6,643
0.27
55,729
2.28
NM0923U-3094429-71/477

ACS JAPAN EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
71
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
General Retailers - 3.40%; 31.12.22 3.68%    
543,600 Aeon
8,739
0.36
58,400 Benesse
587
0.02
99,300 Bic Camera
579
0.02
69,300 Dena
708
0.03
118,000 Fast Retailing
23,684
0.97
264,900 Isetan Mitsukoshi
2,116
0.09
32,700 Izumi
612
0.02
188,600 J Front Retailing
1,420
0.06
98,600 Kakaku.com
1,110
0.05
119,500 K's Holdings
820
0.03
141,500 Marui
1,940
0.08
57,600 Nitori
5,070
0.21
301,700 Pan Pacific International
4,235
0.17
99,000 Park24
1,056
0.04
831,200 RakutenØ
2,260
0.09
184,700 Ryohin Keikaku
1,434
0.06
589,100 Seven & I
19,944
0.82
16,900 Shimamura
1,256
0.05
102,600 TakashimayaØ
1,129
0.05
157,400 USS
2,044
0.08
418,200 Yamada DenkiØ
970
0.04
84,400 ZOZO
1,369
0.06
83,082
3.40
Health Care Equipment & Services - 2.59%; 31.12.22 
2.66%    
16,100 Amvis
287
0.01
16,900 As One
525
0.02
150,700 Asahi Intecc
2,316
0.09
261,800 Hoya
24,434
1.00
41,000 MANI
380
0.01
35,900 MeniconØ
491
0.02
42,800 Miraca
642
0.03
53,800 Nihon KohdenØ
1,129
0.05
95,800 Nipro
533
0.02
944,800 Olympus
11,705
0.48
62,200 Ship Healthcare
808
0.03
145,200 Sysmex
7,763
0.32
496,300 Terumo
12,357
0.51
63,370
2.59
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
Household Goods & Home Construction - 1.29%; 31.12.22 
1.28%    
493,100 Daiwa House
10,212
0.42
44,300 Fujitsu General
760
0.03
109,600 IidaØ
1,453
0.06
63,500 KOKUYO
684
0.03
187,600 MakitaØ
4,139
0.17
76,800 Rinnai
1,314
0.05
42,400 Sanrio
1,428
0.06
248,500 Sekisui Chemical
2,809
0.11
426,600 Sekisui House
6,777
0.28
105,200 Sumitomo Forestry
2,003
0.08
31,579
1.29
Industrial Engineering - 6.00%; 31.12.22 5.51%    
239,100 Amada
1,846
0.08
220,300 Daifuku
3,536
0.14
63,900 Disco
7,890
0.32
79,400 DMG Mori
1,079
0.04
69,400 Ebara
2,600
0.11
730,100 Fanuc
20,059
0.82
37,900 Harmonic Drive Systems
955
0.04
184,700 Hino Motors
616
0.03
83,900
Hitachi Construction 
Machinery
1,847
0.08
85,600 Hoshizaki
2,410
0.10
389,500 Isuzu Motors
3,704
0.15
44,400 Japan Steel Works
745
0.03
30,000 Jeol
835
0.03
156,300 JGC
1,592
0.06
109,800
Kawasaki Heavy 
Industries
2,200
0.09
701,000 Komatsu
14,848
0.61
820,000 Kubota
9,395
0.38
83,100 Kurita Water Industries
2,495
0.10
28,700 Kyudenko
604
0.02
211,100 Misumi
3,307
0.14
1,487,500 Mitsubishi Electric
16,445
0.67
218,700
Mitsubishi Heavy 
Industries
8,016
0.33
76,600 Miura
1,565
0.06
88,700 Nabtesco
1,529
0.06
21,200 Okuma
889
0.04
NM0923U-3094429-72/477

ACS JAPAN EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
72
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
57,000 OSG
641
0.03
207,700 Shimadzu
5,026
0.21
42,600 SMC
18,505
0.76
86,900
Sumitomo Heavy 
Industries
1,633
0.07
91,900 THK
1,478
0.06
37,000 Ulvac
1,231
0.05
197,400 Yaskawa Electric
7,104
0.29
146,625
6.00
Industrial Metals & Mining - 1.04%; 31.12.22 1.00%    
25,900 Daido Steel
845
0.03
35,800 Dowa MiningØ
889
0.04
391,400 JFE
4,377
0.18
255,800 Kobe Steel
1,846
0.08
47,400 Maruichi Steel Tube
852
0.03
43,100 Mitsui Mining & Smelting
780
0.03
624,538
Nippon Steel & 
Sumitomo Metal
10,244
0.42
181,000 Sumitomo Metal Mining
4,582
0.19
26,300 Yamato Kogyo
880
0.04
25,295
1.04
Industrial Transportation - 1.22%; 31.12.22 1.35%    
41,200 Japan Airport TerminalØ
1,461
0.06
69,300 Kamigumi
1,233
0.05
166,500 Kawasaki Kisen Kaisha
3,203
0.13
26,200 Maruwa Unyu KikanØ
276
0.01
47,900 Mitsubishi Logistics
929
0.04
252,900 Mitsui O.S.K. Lines
4,776
0.19
51,300 Nippon Express
2,271
0.09
371,600 Nippon Yusen
6,481
0.26
34,800 Sankyu
903
0.04
100,400 SeinoØ
1,121
0.05
321,400 SG Holdings
3,593
0.15
249,800 Yamato
3,555
0.15
29,802
1.22
Leisure Goods - 5.93%; 31.12.22 5.74%    
447,800 Bandai Namco
8,126
0.33
165,800 Casio Computer
1,068
0.04
62,100 DaiichikoshoØ
859
0.04
27,100 Descente
605
0.02
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
24,720
GungHo Online 
EntertainmentØ
381
0.02
71,800 Konami
2,952
0.12
296,800 Nexon
4,447
0.18
230,100 Nikon
2,334
0.10
797,400 Nintendo
28,517
1.17
1,632,000 Panasonic
15,624
0.64
123,000 Sega Sammy
2,065
0.08
58,300 Shimano
7,631
0.31
944,300 Sony
66,808
2.74
115,500 Yamaha
3,477
0.14
144,894
5.93
Life Insurance - 1.06%; 31.12.22 1.40%    
719,600 Dai-ichi Life
10,771
0.44
1,591,000 Japan Post
9,016
0.37
144,300 Japan Post Insurance
1,709
0.07
377,600 T&D
4,346
0.18
25,842
1.06
Media - 0.87%; 31.12.22 0.97%    
324,500 CyberAgent
1,858
0.08
197,800 Dai Nippon Printing
4,409
0.18
156,300 Dentsu
4,019
0.16
39,900 Fuji Media Holdings
328
0.01
174,000 HakuhodoØ
1,435
0.06
323,700 M3
5,495
0.22
8,400 Shochiku
502
0.02
3,800 Toei Animation
275
0.01
85,800 Toho
2,567
0.11
29,700
Tokyo Broadcasting 
System
426
0.02
21,314
0.87
Mobile Telecommunications - 3.14%; 31.12.22 3.40%    
17,000 Hikari Tsushin
1,908
0.08
1,219,000 KDDI
29,652
1.21
2,103,900 Softbank
17,709
0.73
741,200 SoftBank Group
27,419
1.12
76,688
3.14
Nonlife Insurance - 1.79%; 31.12.22 1.89%    
344,300 MS&AD Insurance
9,589
0.40
236,400 Sompo
8,326
0.34
NM0923U-3094429-73/477

ACS JAPAN EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
73
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
1,418,700 Tokio Marine
25,675
1.05
43,590
1.79
Oil & Gas Producers - 0.55%; 31.12.22 0.60%    
65,500 Cosmo EnergyØ
1,407
0.06
715,500 Inpex
6,251
0.25
2,163,500 JXTG
5,848
0.24
13,506
0.55
Oil Equipment, Services & Distribution - 0.11%; 31.12.22 
0.15%    
174,254 Idemitsu Kosan
2,749
0.11
Personal Goods - 1.69%; 31.12.22 1.98%    
19,600 ABC-Mart
836
0.03
131,200 ASICS
3,168
0.13
49,000 Fancl
643
0.03
27,600 Goldwin
1,837
0.07
347,500 Kao
9,904
0.41
22,700 Kose
1,708
0.07
194,700 Lion
1,429
0.06
12,100 Noevir Holdings
361
0.01
25,800 Paltac
671
0.03
85,300 Pigeon
925
0.04
54,700 Pola Orbis
626
0.03
297,100 Shiseido
10,544
0.43
295,400 Unicharm
8,621
0.35
41,273
1.69
Pharmaceuticals & Biotechnology - 5.92%; 31.12.22 
6.67%    
124,300 Alfresa
1,462
0.06
1,376,500 Astellas Pharma
16,169
0.66
497,800 Chugai Pharmaceutical
11,118
0.46
1,438,900 Daiichi Sankyo
35,772
1.46
202,400 Eisai
10,760
0.44
50,800
Hisamitsu 
PharmaceuticalØ
1,045
0.04
36,700 JCR Pharmaceuticals
254
0.01
27,000 Kaken PharmaceuticalØ
531
0.02
45,900
Kobayashi 
Pharmaceutical
1,963
0.08
192,800 Kyowa Hakko Kirin
2,805
0.12
106,600 MediPal
1,369
0.06
40,700 Nippon ShinyakuØ
1,307
0.05
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
322,900 Ono Pharmaceutical
4,596
0.19
367,400 Otsuka Holdings
10,570
0.43
71,300 PeptiDreamØ
832
0.03
150,100 Rohto Pharmaceutical
2,654
0.11
258,700 Santen Pharmaceutical
1,730
0.07
27,100 SawaiØ
536
0.02
203,000 Shionogi
6,732
0.28
116,800
Sumitomo Dainippon 
Pharma
408
0.02
54,900 Suzuken
1,172
0.05
33,100 Taisho Pharmaceutical
979
0.04
35,200 Takara Bio
317
0.01
1,164,600 Takeda Pharmaceutical
28,755
1.18
48,600 Tsumura
706
0.03
144,542
5.92
Real Estate Investment & Services - 1.63%; 31.12.22 
1.81%    
86,900 Aeon Mall
883
0.04
50,000 Daito Trust Construction
3,986
0.16
318,300 Hulic
2,139
0.09
34,500 Katitas
466
0.02
844,200 Mitsubishi Estate
7,888
0.32
683,300 Mitsui Fudosan
10,685
0.44
86,100 Nomura Real Estate
1,605
0.06
57,600 Open House
1,623
0.07
87,200 Relo
930
0.04
303,300
Sumitomo Realty & 
DevelopmentØ
5,890
0.24
156,200 Tokyo Tatemono
1,579
0.06
468,100 Tokyu Fudosan
2,105
0.09
39,779
1.63
Real Estate Investment Trusts - 1.57%; 31.12.22 1.95%    
576 Activia PropertiesØ
1,264
0.05
1,011
Advance Residence 
Investment
1,893
0.08
1,646
Daiwa House REIT 
Investment
2,484
0.10
231 Daiwa Office Investment
791
0.03
1,527
Daiwa Securities Living 
Investments
952
0.04
370
Frontier Real Estate 
Investment
943
0.04
NM0923U-3094429-74/477

ACS JAPAN EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
74
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
3,405 GLP JREIT
2,642
0.11
1,532
Industrial & 
Infrastructure Fund 
Investment
1,266
0.05
653 Japan Logistics
1,114
0.05
725
Japan Prime Realty 
Investment
1,381
0.06
1,051
Japan Real Estate 
Investment
3,143
0.13
5,344
Japan Retail Fund 
Investment
2,805
0.11
608
Kenedix Office 
Investment
1,152
0.05
1,310 LaSalle Logiport REIT
1,079
0.04
427
Mitsui Fudosan Logistics 
Park
1,164
0.05
1,267
Mori Hills REIT 
Investment
1,018
0.04
360 Nippon Accommodations
1,273
0.05
1,182 Nippon Building
3,645
0.15
3,460
Nomura Real Estate 
Master
3,127
0.13
2,042 Orix JREITØ
1,975
0.08
3,250 Sekisui House REIT
1,487
0.06
2,317 United Urban Investment
1,838
0.07
38,436
1.57
Software & Computer Services - 2.40%; 31.12.22 2.37%    
105,200 BayCurrent Consulting
3,083
0.13
133,700 Capcom
4,162
0.17
39,000 GMO internet
585
0.02
74,300 Itochu Techno-Solutions
1,477
0.06
21,200 JMDCØ
661
0.03
24,400 Justsystems
533
0.02
116,532 Koei Tecmo
1,583
0.06
86,500 Mercari
1,583
0.06
34,800 Money ForwardØ
1,080
0.04
59,700 Net One Systems
1,027
0.04
51,500 Nihon Unisys
993
0.04
327,500
Nomura Research 
Institute
7,084
0.29
24,600 NS Solutions
538
0.02
483,800 NTT Data
5,305
0.22
51,000 OBIC
6,405
0.26
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
20,700
OBIC Business 
Consultants
593
0.02
25,400 Oracle Japan
1,484
0.06
79,600 OtsukaØ
2,425
0.10
68,100 Rakus
903
0.04
98,000 SCSK
1,208
0.05
16,200 Socionext
1,848
0.08
58,500 Square-Enix
2,136
0.09
82,700 TechnoPro
1,402
0.06
174,000 TIS
3,411
0.14
88,900 Trend Micro
3,376
0.14
2,003,300 Yahoo Japan
3,789
0.16
58,674
2.40
Support Services - 5.79%; 31.12.22 5.28%    
32,800 ASKUL
358
0.02
42,800 Benefit OneØ
343
0.01
31,400 GMO Payment Gateway
1,922
0.08
1,169,400 Marubeni
15,581
0.64
886,500 Mitsubishi
33,574
1.37
1,134,900 Mitsui
33,532
1.37
180,400 Monotaro
1,798
0.07
136,200 Persol
1,924
0.08
1,020,800 Recruit
25,433
1.04
145,900 Secom
7,766
0.32
37,600 SMS
590
0.02
261,500 Sohgo Security Services
1,162
0.05
847,100 SumitomoØ
14,061
0.58
204,300 Toppan Printing
3,462
0.14
141,506
5.79
Technology Hardware & Equipment - 6.08%; 31.12.22 
5.16%    
141,000 Advantest
14,755
0.60
107,300 Anritsu
719
0.03
181,000 Brother Industries
2,077
0.08
739,600 Canon
15,301
0.63
34,400 Canon Marketing Japan
672
0.03
271,200 Fujifilm
12,660
0.52
136,100 Fujitsu
13,826
0.57
16,500
Information Services 
International-Dentsu
453
0.02
353,600 Konica Minolta
963
0.04
58,100 Lasertec
6,846
0.28
NM0923U-3094429-75/477

ACS JAPAN EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
75
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
16,100 Mitsui High-TecØ
858
0.03
196,200 NEC
7,465
0.30
51,200
NEC Networks & 
System Integration
553
0.02
914,700 Renesas Electronics
13,503
0.55
444,600 Ricoh
2,968
0.12
61,900 Rohm
4,569
0.19
30,000 Screen
2,656
0.11
200,000 Seiko Epson
2,448
0.10
8,600 ShiftØ
1,232
0.05
51,800
Shinko Electric 
Industries
1,657
0.07
261,800 SUMCO
2,899
0.12
340,300 Tokyo Electron
38,095
1.56
28,500 Tokyo Ohka Kogyo
1,364
0.06
148,539
6.08
Tobacco - 0.64%; 31.12.22 0.66%    
906,500 Japan Tobacco
15,627
0.64
Travel & Leisure - 4.20%; 31.12.22 4.18%    
119,500 ANA
2,237
0.09
138,700 Central Japan Railway
13,677
0.56
276,000 East Japan Railway
12,043
0.49
15,300 Fuji KyukoØ
460
0.02
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
166,100 Hankyu
4,311
0.18
41,600 Heiwa
568
0.02
111,700 Japan Airlines
1,905
0.08
75,500 Keihan
1,563
0.06
181,800 Keikyu
1,264
0.05
86,600 Keio
2,140
0.09
104,700 Keisei Electric Railway
3,409
0.14
136,000 Kintetsu
3,699
0.15
120,300 Kyushu Railway
2,036
0.08
67,100 McDonald's Japan
2,054
0.08
149,000 Nagoya Railroad
1,880
0.08
84,800 Nankai Electric Railway
1,492
0.06
53,300 Nishi-Nippon Railroad
711
0.03
233,200 Odakyu Electric Railway
2,454
0.10
717,500 Oriental Land
21,968
0.90
51,000 Resorttrust
594
0.03
31,200 Sankyo
990
0.04
150,800 Seibu
1,220
0.05
170,700 SkylarkØ
1,680
0.07
56,700 Sotetsu
785
0.03
79,600 Sushiro Global
1,216
0.05
155,600 Tobu Railway
3,281
0.14
470,600 Tokyu
4,462
0.18
177,100 West Japan Railway
5,792
0.24
75,000 ZenshoØ
2,624
0.11
102,515
4.20
 
 
Holding 
or Nominal 
Value Investment
Underlying 
Exposure 
£000's
Market 
Value 
£000's
% of 
Total 
Net 
Assets
DERIVATIVES - 0.01%; 31.12.22 (0.04)%    
Futures - 0.01%; 31.12.22 (0.04)%    
198 TOPIX September 2023
24,769
345
0.01
 
NM0923U-3094429-76/477

ACS JAPAN EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
76
Holding 
or Nominal 
Value Investment
Underlying 
Exposure 
£000's
Market 
Value 
£000's
% of 
Total 
Net 
Assets
Portfolio of investments
2,417,409
98.96
Net other assets
25,368
1.04
Total net assets
2,442,777 100.00
Unless otherwise stated, all securities are either listed on a recognised exchange or traded on an eligible securities market.
Underlying exposure has been calculated according to the guidelines issued by the European Securities and Markets 
Authority (“ESMA”) (as adopted by the FCA) and represents the market value of an equivalent position in the assets 
underlying each financial derivative instrument.
Ø All or a portion of this investment represents a security on loan.
NM0923U-3094429-77/477

77
ACS JAPAN EQUITY TRACKER FUND
STATEMENT OF TOTAL RETURN (unaudited)
for the six months ended 30 June 2023
For the period 
to 30.6.2023
For the period 
to 30.6.2022
£000's
£000's
£000's
£000's
Income
Net capital gains/(losses)
113,260
(286,160)
Revenue
27,797
29,123
Expenses
(94)
(101)
Interest payable and similar charges
(45)
(31)
Net revenue before taxation
27,658
28,991
Taxation
–
–
Net revenue after taxation
27,658
28,991
Total return before distributions
140,918
(257,169)
Equalisation
2,254
(1,002)
Change in net assets 
attributable to unitholders from investment activities
143,172
(258,171)
STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS (unaudited)
for the six months ended 30 June 2023
For the period 
to 30.6.2023
For the period 
to 30.6.2022
£000's
£000's
£000's
£000's
Opening net assets attributable to unitholders 
2,100,443
2,472,512
Amounts receivable on issue of units
			
230,888
			
31,629
Amounts payable on cancellation of units
			
(31,726)
			 (187,861)
Amounts payable on in-specie transactions
			
–
			
(68,806)
199,162
(225,038)
Change in net assets attributable to unitholders from investment 
activities
143,172
(258,171)
Closing net assets attributable to unitholders
2,442,777
1,989,303
The above statement shows the comparative closing net assets at 30 June 2022 whereas the current accounting period 
commenced 1 January 2023. 
NM0923U-3094429-78/477

78
ACS JAPAN EQUITY TRACKER FUND
BALANCE SHEET (unaudited)
at 30 June 2023
30.6.2023
31.12.2022
£000's
£000's
Assets:
Fixed assets
– Investment assets
2,417,409
2,073,987
Current assets
– Debtors
4,990
4,193
– Cash and bank balances
20,605
23,173
Total assets
2,443,004
2,101,353
Liabilities:
Investment liabilities
–
(801)
Creditors
– Other creditors
(227)
(109)
Total liabilities
(227)
(910)
Net assets attributable to unitholders
2,442,777
2,100,443
G D Bamping (Director)
M T Zemek (Director)
BlackRock Fund Managers Limited
30 August 2023
NM0923U-3094429-79/477

79
ACS JAPAN ESG INSIGHTS EQUITY FUND
About the Fund
The Fund is a sub-fund of BlackRock Authorised Contractual Scheme I, a Co-Ownership Scheme constituted as a UCITS 
scheme under the COLL Sourcebook. The Fund was authorised by the FCA on 18 August 2022 and launched on	 	
	
7 October 2022.
Risk and Reward Profile
 
 Lower risk 
Higher risk 
 Typically lower rewards
Typically higher rewards 
 Unit Class
 X1FA Accumulation
1
2
3
4
5
6
7
 X1FB Accumulation
1
2
3
4
5
6
7
 X1FC Accumulation
1
2
3
4
5
6
7
 X1FD Accumulation
1
2
3
4
5
6
7
 X1FE Accumulation
1
2
3
4
5
6
7
 X1FP Accumulation
1
2
3
4
5
6
7
•	 The risk indicator was calculated incorporating simulated historical data and may not be a reliable indication of the future 
risk profile of the Fund.
•	 The risk category shown is not guaranteed and may change over time.
•	 The lowest category does not mean risk free.
•	 The use of derivatives will impact the value of the Fund and may expose the Fund to a higher degree of risk. Derivatives 
are highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and 
gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can be greater where derivatives are 
used in an extensive or complex way.
For more information on this, please see the Fund’s Key Investor Information Document (“KIID”), which is available at  
www.blackrock.com.
Net Asset Value
At 30 June 2023
Units In Issue
Net Asset Value 
£000's
Net Asset Value 
per Unit 
p
X1FA Accumulation 
	 	 	
155,471,228 	 	 	
163,723
105.31
X1FB Accumulation 
	 	 	
59,631,667 	 	 	
62,799
105.31
X1FC Accumulation 
	 	 	
34,014,146 	 	 	
35,820
105.31
X1FD Accumulation 
	 	 	
11,731,088 	 	 	
12,354
105.31
X1FE Accumulation 
	 	 	
2,722,136 	 	 	
2,867
105.31
X1FP Accumulation 
	 	 	
80,705,227 	 	 	
86,261
106.88
NM0923U-3094429-80/477

80
ACS JAPAN ESG INSIGHTS EQUITY FUND
Operating Charges
Unit Class
1.1.2023 
to 30.6.2023*
7.10.2022^ 
to 31.12.2022
X1FA Accumulation 
0.02%
0.03%
X1FB Accumulation 
0.02%
0.03%
X1FC Accumulation 
0.02%
0.03%
X1FD Accumulation 
0.02%
0.03%
X1FE Accumulation 
0.02%
0.03%
X1FP Accumulation 
0.03%
0.03%
^ The date of commencement of operations.
* Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/depositary 
and entry/exit charges paid to an underlying collective investment scheme (if any).
Distributions Payable
Any income available is accumulated annually on the last day of February.
NM0923U-3094429-81/477

81
ACS JAPAN ESG INSIGHTS EQUITY FUND
PORTFOLIO STATEMENT (unaudited)
at 30 June 2023
Holding 
or Nominal 
Value Investment
Market 
Value 
£000's
% of 
Total 
Net 
Assets
       
EQUITIES - 98.78%; 31.12.22 99.46%    
Japan - 98.78%; 31.12.22 99.46%    
Automobiles & Parts - 9.20%; 31.12.22 8.23%    
18,300 Bridgestone
589
0.16
86,400 Denso
4,556
1.25
403,200 Honda Motor
9,545
2.62
10,000 Koito Manufacturing
142
0.04
126,500 Mitsubishi Motors
346
0.10
68,500 NSK
344
0.09
25,100
Sumitomo Electric 
Industries
241
0.07
39,800 Suzuki Motor
1,131
0.31
1,313,800 Toyota Motor
16,545
4.56
200 Yamaha Motor
4
0.00
33,443
9.20
Banks - 6.32%; 31.12.22 6.87%    
10,900 Aozora
159
0.04
53,500 Fukuoka Financial
869
0.24
684,300 Japan Post Bank
4,200
1.15
655,500 Mebuki Financial
1,224
0.34
1,166,800 Mitsubishi UFJ Financial
6,781
1.87
316,700 Mizuho Financial
3,803
1.05
5,860 Shinsei BankØ
90
0.02
174,600
Sumitomo Mitsui 
Financial
5,875
1.61
23,001
6.32
Beverages - 2.09%; 31.12.22 1.71%    
107,600 Asahi
3,274
0.90
217,400 Kirin
2,497
0.69
22,200 Sapporo
450
0.12
48,500
Suntory Beverage & 
Food
1,378
0.38
7,599
2.09
Chemicals - 3.90%; 31.12.22 3.98%    
159,600 Asahi Kasei
847
0.23
92,000 DIC
1,313
0.36
39,700 JSR
892
0.25
2,900 Kansai Paint
33
0.01
73,100 Nippon Paint
472
0.13
40,200
Nissan Chemical 
Industries
1,355
0.37
41,200 Nitto Denko
2,394
0.66
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
179,400 Shin-Etsu Chemical
4,673
1.28
3,000 Showa Denko
38
0.01
13,100 Sumitomo Bakelite
427
0.12
57,100 Teijin
450
0.12
299,900 Toray Industries
1,312
0.36
14,206
3.90
Construction & Materials - 2.70%; 31.12.22 2.47%    
43,800 Aica Kogyo
755
0.21
34,700 Daikin Industries
5,550
1.52
189,100 Infroneer
1,400
0.38
2,500 Kajima
30
0.01
19,400 Taisei
532
0.15
65,600 Toto
1,551
0.43
9,818
2.70
Electricity - 0.10%; 31.12.22 0.21%    
40,500 Renova
357
0.10
Electronic & Electrical Equipment - 7.14%; 31.12.22 8.24%    
39,500 Azbil
976
0.27
49,000 Fuji Electric
1,682
0.46
8,700 Fujikura
57
0.02
43,900 Furukawa Electric
609
0.17
129,600 Hitachi
6,291
1.72
4,300 Ibiden
190
0.05
11,000 Keyence
4,079
1.12
22,900 Kyocera
975
0.27
127,700 MinebeaMitsumi
1,885
0.52
73,500 Murata Manufacturing
3,309
0.91
35,800 NGK Insulators
335
0.09
13,700 Nidec
586
0.16
36,200 Omron
1,735
0.48
109,100 Sharp
479
0.13
67,200 TDK
2,044
0.56
28,100 Ushio
297
0.08
31,900 Yokogawa Electric
462
0.13
25,991
7.14
Financial Services - 2.23%; 31.12.22 2.79%    
11,700 Fuyo General Lease
706
0.19
35,500 Japan Exchange
487
0.13
256,800
Mitsubishi UFJ Lease & 
Finance
1,198
0.33
1,283,500 Nomura
3,840
1.06
NM0923U-3094429-82/477

ACS JAPAN ESG INSIGHTS EQUITY FUND
PORTFOLIO STATEMENT (unaudited) (continued)
82
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
85,100 ORIX
1,214
0.33
45,300 SBI
685
0.19
8,130
2.23
Fixed Line Telecommunications - 0.63%; 31.12.22 0.73%    
2,465,000
Nippon Telegraph & 
Telephone
2,292
0.63
Food & Drug Retailers - 0.32%; 31.12.22 0.00%    
70,200 Welcia
1,150
0.32
Food Producers - 1.76%; 31.12.22 1.57%    
91,100 Ajinomoto
2,844
0.79
8,300 Kikkoman
372
0.10
26,900 Nissin Foods
1,751
0.48
28,800 Yakult Honsha
1,433
0.39
6,400
1.76
Gas, Water & Multiutilities - 0.26%; 31.12.22 0.20%    
1,300 Iwatani
54
0.01
52,100 Tokyo Gas
895
0.25
949
0.26
General Industrials - 2.09%; 31.12.22 2.23%    
10,300 FP
165
0.05
20,700 IHI
440
0.12
86,600 Itochu
2,685
0.74
10,000 Sojitz
174
0.05
167,700 Toshiba
4,140
1.13
7,604
2.09
General Retailers - 4.18%; 31.12.22 4.10%    
221,700 Aeon
3,564
0.98
43,900 Benesse
442
0.12
32,900 Fast Retailing
6,602
1.81
279,300 J Front Retailing
2,103
0.58
163,800 K's Holdings
1,124
0.31
78,800 Marui
1,081
0.30
72,500 Rakuten
197
0.05
13,600 Ryohin Keikaku
106
0.03
15,219
4.18
Health Care Equipment & Services - 3.12%; 31.12.22 
2.98%    
700 Asahi Intecc
11
0.00
49,400 Hoya
4,611
1.26
38,200 Miraca
573
0.16
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
197,200 Olympus
2,443
0.67
23,500 Sysmex
1,256
0.35
98,900 Terumo
2,463
0.68
11,357
3.12
Household Goods & Home Construction - 1.23%; 31.12.22 
1.57%    
161,100 Daiwa House
3,336
0.91
81,700 KOKUYO
881
0.24
24,400 Sekisui Chemical
276
0.08
4,493
1.23
Industrial Engineering - 7.63%; 31.12.22 6.78%    
14,800 Daifuku
238
0.07
40,400 Ebara
1,513
0.42
64,100 Fanuc
1,761
0.48
10,700
Kawasaki Heavy 
Industries
214
0.06
249,400 Komatsu
5,283
1.45
478,800 Kubota
5,486
1.52
50,200 Kurita Water Industries
1,507
0.41
437,700 Mitsubishi Electric
4,839
1.33
69,300
Mitsubishi Heavy 
Industries
2,540
0.70
108,200 Nabtesco
1,865
0.51
19,100 Shimadzu
462
0.13
200 SMC
87
0.02
85,300
Sumitomo Heavy 
Industries
1,603
0.44
9,500 Ulvac
316
0.09
27,714
7.63
Industrial Metals & Mining - 0.56%; 31.12.22 0.39%    
600 Dowa
15
0.00
24,500 Maruichi Steel Tube
441
0.12
44,400 Sumitomo Metal Mining
1,123
0.32
13,500 Yamato Kogyo
452
0.12
2,031
0.56
Industrial Transportation - 1.70%; 31.12.22 1.52%    
34,700 Maruwa Unyu Kikan
366
0.10
300 Mitsui OSK Lines
6
0.00
69,300 Nippon Express
3,067
0.84
74,500 Nippon Yusen
1,299
0.36
10,300 SG
115
0.03
NM0923U-3094429-83/477

ACS JAPAN ESG INSIGHTS EQUITY FUND
PORTFOLIO STATEMENT (unaudited) (continued)
83
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
94,700 Yamato
1,348
0.37
6,201
1.70
Leisure Goods - 7.08%; 31.12.22 7.12%    
13,000 Descente
290
0.08
1,900 Nexon
28
0.01
192,500 Nikon
1,953
0.54
120,700 Nintendo
4,317
1.19
309,800 Panasonic
2,966
0.82
192,500 Sony
13,620
3.73
85,300 Yamaha
2,567
0.71
25,741
7.08
Life Insurance - 0.91%; 31.12.22 1.64%    
73,100 Dai-ichi Life
1,094
0.30
85,400 Japan Post Insurance
1,012
0.28
104,200 T&D
1,199
0.33
3,305
0.91
Media - 0.58%; 31.12.22 0.72%    
26,300 CyberAgent
151
0.04
37,600 Dai Nippon Printing
838
0.23
34,600 Dentsu
889
0.24
500 Fuji Media
4
0.00
14,300 M3
243
0.07
2,125
0.58
Mobile Telecommunications - 2.44%; 31.12.22 2.63%    
170,500 KDDI
4,148
1.13
106,500 Softbank
896
0.25
104,100 SoftBank Group
3,851
1.06
8,895
2.44
Nonlife Insurance - 0.94%; 31.12.22 0.69%    
54,700 MS&AD Insurance
1,523
0.42
103,800 Tokio Marine
1,879
0.52
3,402
0.94
Oil & Gas Producers - 0.28%; 31.12.22 0.32%    
115,800 Inpex
1,012
0.28
Personal Goods - 2.82%; 31.12.22 3.40%    
32,600 ASICS
787
0.22
153,300 KaoØ
4,370
1.20
5,700 Kose
429
0.12
10,200 Lion
75
0.02
5,100 Pigeon
55
0.02
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
48,300 Pola Orbis
553
0.15
30,900 Shiseido
1,097
0.30
99,000 Unicharm
2,889
0.79
10,255
2.82
Pharmaceuticals & Biotechnology - 6.36%; 31.12.22 
7.27%    
410,500 Astellas Pharma
4,821
1.33
121,500 Chugai Pharmaceutical
2,714
0.75
217,600 Daiichi Sankyo
5,409
1.48
31,900 Eisai
1,696
0.47
1,600
Kobayashi 
Pharmaceutical
68
0.02
4,200 Ono Pharmaceutical
60
0.02
56,900 Otsuka
1,637
0.45
23,300 PeptiDream
272
0.07
94,200 Santen Pharmaceutical
630
0.17
11,700 Sawai
232
0.06
15,800 Shionogi
524
0.14
36,400 Takara Bio
328
0.09
192,700 Takeda Pharmaceutical
4,758
1.31
23,149
6.36
Real Estate Investment & Services - 0.91%; 31.12.22 
1.68%    
96,100 Hulic
646
0.18
100,000 Mitsubishi Estate
934
0.26
1,900 Mitsui Fudosan
30
0.01
23,300 Nomura Real Estate
434
0.12
1,000 Open House
28
0.01
123,800 Tokyo Tatemono
1,252
0.33
3,324
0.91
Real Estate Investment Trusts - 2.60%; 31.12.22 3.07%    
818 Activia Properties
1,797
0.49
311 Japan Logistics
531
0.15
114
Japan Real Estate 
Investment
341
0.09
3,235
Japan Retail Fund 
Investment
1,698
0.47
62
Kenedix Office 
Investment
117
0.03
190 LaSalle Logiport REIT
156
0.04
319
Mitsui Fudosan Logistics 
Park
869
0.24
NM0923U-3094429-84/477

ACS JAPAN ESG INSIGHTS EQUITY FUND
PORTFOLIO STATEMENT (unaudited) (continued)
84
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
687
Mori Hills REIT 
Investment
552
0.15
1,639
Nomura Real Estate 
Master
1,481
0.41
760 Orix JREIT
735
0.20
2,401 Sekisui House REIT
1,099
0.30
125 United Urban Investment
99
0.03
9,475
2.60
Software & Computer Services - 2.07%; 31.12.22 2.00%    
1,000 BayCurrent Consulting
29
0.01
43,900 Capcom
1,367
0.38
11,400 Itochu Techno-Solutions
227
0.06
800 Money Forward
25
0.01
29,200 Nihon Unisys
563
0.15
134,500
Nomura Research 
Institute
2,908
0.80
5,300 NS Solutions
116
0.03
4,600
OBIC Business 
Consultants
132
0.04
3,700 Oracle Japan
216
0.06
30,300 SCSK
373
0.10
1,100 Socionext
125
0.03
4,000 Square Enix
146
0.04
26,200 TIS
514
0.14
4,600 Trend Micro
175
0.05
332,400 Yahoo Japan
629
0.17
7,545
2.07
Support Services - 4.97%; 31.12.22 4.21%    
37,200 ASKUL
406
0.11
18,600 GMO Payment Gateway
1,138
0.31
152,600 Marubeni
2,033
0.56
128,700 Mitsubishi
4,874
1.34
185,800 Mitsui
5,491
1.52
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
146,700 Persol
2,072
0.57
71,900 Recruit
1,791
0.49
5,100 Sumitomo
85
0.02
11,200 Toppan Printing
190
0.05
18,080
4.97
Technology Hardware & Equipment - 7.65%; 31.12.22 
6.49%    
25,400 Advantest
2,658
0.73
31,300 Brother Industries
359
0.10
143,800 Canon
2,975
0.82
42,200 Fujifilm
1,970
0.54
35,000 Fujitsu
3,555
0.98
268,300 Konica Minolta
731
0.20
3,900 Lasertec
460
0.13
51,400 NEC
1,956
0.54
69,600
NEC Networks & 
System Integration
752
0.21
105,400 Renesas Electronics
1,556
0.43
78,500 Ricoh
524
0.14
23,000 Rohm
1,698
0.47
15,400 Screen
1,364
0.37
1,700 Seiko Epson
21
0.01
2,200 Shift
315
0.09
57,500 Tokyo Electron
6,436
1.76
9,800 Tokyo Ohka Kogyo
469
0.13
27,799
7.65
Travel & Leisure - 2.01%; 31.12.22 1.65%    
73,300 East Japan Railway
3,198
0.88
14,600 Hankyu Hanshin
379
0.10
2,700 McDonald's Japan
83
0.02
118,900 Oriental Land
3,641
1.00
3,200 Tokyu
30
0.01
7,331
2.01
 
 
 
 
NM0923U-3094429-85/477

ACS JAPAN ESG INSIGHTS EQUITY FUND
PORTFOLIO STATEMENT (unaudited) (continued)
85
Holding 
or Nominal 
Value Investment
Underlying 
Exposure 
£000's
Market 
Value 
£000's
% of 
Total 
Net 
Assets
DERIVATIVES - 0.00%; 31.12.22 (0.01)%    
Futures - 0.00%; 31.12.22 (0.01)%    
26 TOPIX September 2023
3,252
(11)
0.00
Portfolio of investments
359,382
98.78
Net other assets
4,442
1.22
Total net assets
363,824 100.00
Unless otherwise stated, all securities are either listed on a recognised exchange or traded on an eligible securities market.
Underlying exposure has been calculated according to the guidelines issued by the European Securities and Markets 
Authority (“ESMA”) (as adopted by the FCA) and represents the market value of an equivalent position in the assets 
underlying each financial derivative instrument.
Ø All or a portion of this investment represents a security on loan.
NM0923U-3094429-86/477

86
ACS JAPAN ESG INSIGHTS EQUITY FUND
STATEMENT OF TOTAL RETURN (unaudited)
for the six months ended 30 June 2023
For the period 
to 30.6.2023
£000's
£000's
Income
Net capital gains
11,312
Revenue
3,392
Expenses
(21)
Interest payable and similar charges
(9)
Net revenue before taxation
3,362
Taxation
–
Net revenue after taxation
3,362
Total return before distributions
14,674
Equalisation
1,076
Change in net assets 
attributable to unitholders from investment activities
15,750
STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS (unaudited)
for the six months ended 30 June 2023
For the period 
to 30.6.2023
£000's
£000's
Opening net assets attributable to unitholders
192,730
Amounts receivable on issue of units
			
281,715
Amounts payable on cancellation of units
			 (126,371)
155,344
Change in net assets attributable to unitholders from investment activities
15,750
Closing net assets attributable to unitholders
363,824
Note: The Fund launched in the prior financial year, hence no comparative data is available.
 
NM0923U-3094429-87/477

87
ACS JAPAN ESG INSIGHTS EQUITY FUND
BALANCE SHEET (unaudited)
at 30 June 2023
30.6.2023
31.12.20221
£000's
£000's
Assets:
Fixed assets
– Investment assets
359,393
191,699
Current assets
– Debtors
20,777
429
– Cash and bank balances
7,375
721
Total assets
387,545
192,849
Liabilities:
Investment liabilities
(11)
(20)
Creditors
– Other creditors
(23,710)
(99)
Total liabilities
(23,721)
(119)
Net assets attributable to unitholders
363,824
192,730
1 The Fund launched on 7 October 2022.
G D Bamping (Director)
M T Zemek (Director)
BlackRock Fund Managers Limited
30 August 2023
NM0923U-3094429-88/477

88
ACS NORTH AMERICA ESG INSIGHTS EQUITY FUND
About the Fund
The Fund is a sub-fund of BlackRock Authorised Contractual Scheme I, a Co-Ownership Scheme constituted as a UCITS 
scheme under the COLL Sourcebook. The Fund was authorised by the FCA on 18 August 2022 and launched on  
7 October 2022.
Risk and Reward Profile
 
 Lower risk 
Higher risk 
 Typically lower rewards
Typically higher rewards 
 Unit Class
 X1FA Accumulation
1
2
3
4
5
6
7
 X1FB Accumulation
1
2
3
4
5
6
7
 X1FC Accumulation
1
2
3
4
5
6
7
 X1FD Accumulation
1
2
3
4
5
6
7
 X1FE Accumulation
1
2
3
4
5
6
7
 X1FP Accumulation
1
2
3
4
5
6
7
p
•	 The risk indicator was calculated incorporating simulated historical data and may not be a reliable indication of the future 
risk profile of the Fund.
•	 The risk category shown is not guaranteed and may change over time.
•	 The lowest category does not mean risk free.
•	 The use of derivatives will impact the value of the Fund and may expose the Fund to a higher degree of risk. Derivatives 
are highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and 
gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can be greater where derivatives are 
used in an extensive or complex way.
For more information on this, please see the Fund’s Key Investor Information Document (“KIID”), which is available at  
www.blackrock.com.
Net Asset Value
At 30 June 2023
Units In Issue
Net Asset Value 
£000's
Net Asset Value 
per Unit 
p
X1FA Accumulation 
	 	 	
921,102,361 	 	 	
980,831
106.48
X1FB Accumulation 
	 	 	
317,407,519 	 	 	
337,985
106.48
X1FC Accumulation 
	 	 	
222,573,505 	 	 	
237,004
106.48
X1FD Accumulation 
	 	 	
107,478,073 	 	 	
114,446
106.48
X1FE Accumulation 
	 	 	
25,532,537 	 	 	
27,188
106.48
X1FP Accumulation 
	 	 	
716,438,956 	 	 	
761,200
106.25
 
NM0923U-3094429-89/477

89
ACS NORTH AMERICA ESG INSIGHTS EQUITY FUND
Operating Charges
Unit Class
1.1.2023 
to 30.6.2023*
7.10.2022^ 
to 31.12.2022
X1FA Accumulation 
0.01%
0.02%
X1FB Accumulation 
0.01%
0.02%
X1FC Accumulation 
0.01%
0.02%
X1FD Accumulation 
0.01%
0.02%
X1FE Accumulation 
0.01%
0.02%
X1FP Accumulation 
0.01%
0.02%
^ The date of commencement of operations.
* Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/depositary 
and entry/exit charges paid to an underlying collective investment scheme (if any).
Distributions Payable
Any income available is accumulated annually on the last day of February.
NM0923U-3094429-90/477

90
ACS NORTH AMERICA ESG INSIGHTS EQUITY FUND
PORTFOLIO STATEMENT (unaudited)
at 30 June 2023
Holding 
or Nominal 
Value Investment
Market 
Value 
£000's
% of 
Total 
Net 
Assets
       
EQUITIES - 99.23%; 31.12.22 97.80%    
Canada - 4.20%; 31.12.22 3.65%    
Banks - 1.89%; 31.12.22 1.09%    
550,937 Bank of Montreal
38,867
1.58
226,969
Canadian Imperial Bank 
of Commerce
7,609
0.31
46,476
1.89
Financial Services - 0.06%; 31.12.22 0.06%    
62,809 IGM Financial
1,489
0.06
Fixed Line Telecommunications - 0.21%; 31.12.22 0.39%    
142,450 BCE
5,066
0.21
Gas, Water & Multiutilities - 0.00%; 31.12.22 0.08%    
General Retailers - 0.11%; 31.12.22 0.15%    
26,307
Canadian Tire 
Corporation
2,775
0.11
Industrial Transportation - 0.62%; 31.12.22 0.32%    
241,984
Canadian Pacific 
Railway
15,115
0.62
Life Insurance - 0.74%; 31.12.22 0.72%    
447,892 Sun Life Financial
18,165
0.74
Mining - 0.07%; 31.12.22 0.09%    
35,816 Agnico Eagle Mines
1,389
0.06
2,363 Franco-Nevada
257
0.01
1,646
0.07
Oil Equipment, Services & Distribution - 0.36%; 31.12.22 
0.65%    
93,574 Enbridge
2,733
0.11
247,826 Pembina Pipeline
6,063
0.25
8,796
0.36
Support Services - 0.14%; 31.12.22 0.10%    
70,203 Shopify
3,532
0.14
Netherlands - 0.29%; 31.12.22 0.25%    
Technology Hardware & Equipment - 0.29%; 31.12.22 
0.25%    
45,696 NXP Semiconductors
7,216
0.29
United Kingdom - 0.00%; 31.12.22 0.07%    
Beverages - 0.00%; 31.12.22 0.07%    
United States - 94.74%; 31.12.22 93.83%    
Aerospace & Defence - 0.46%; 31.12.22 0.29%    
1,283 Heico class 'A' shares
142
0.01
281,828 Howmet Aerospace
10,870
0.44
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
297 TransDigm
208
0.01
11,220
0.46
Alternative Energy - 0.32%; 31.12.22 0.25%    
23,296 First Solar
3,390
0.14
132,233 Plug Power
1,046
0.04
16,795 SolarEdge Technologies
3,370
0.14
7,806
0.32
Automobiles & Parts - 3.23%; 31.12.22 2.35%    
46,879 Aptiv
3,740
0.15
5,465 BorgWarner
208
0.01
51,104 Ford Motor
604
0.02
454,238 General Motors
13,720
0.56
247,804
Johnson Controls 
International
13,193
0.54
457,492 Lucid
2,485
0.10
100,812 Rivian Automotive
1,275
0.05
216,936 Tesla
44,173
1.80
79,398
3.23
Banks - 2.15%; 31.12.22 2.89%    
132,028 Citigroup
4,832
0.20
21,942 Comerica
743
0.03
128,315 Fifth Third Bancorp
2,664
0.11
297,345 Huntington Bancshares
2,539
0.10
203,290 JPMorgan Chase & Co.
23,057
0.94
10,467 PNC Financial Services
1,040
0.04
163,014 US Bancorp
4,221
0.17
411,379 Wells Fargo
13,808
0.56
52,904
2.15
Beverages - 2.43%; 31.12.22 2.72%    
343,000 Coca-Cola
16,281
0.66
299,803 PepsiCo
43,575
1.77
59,856
2.43
Chemicals - 1.38%; 31.12.22 1.25%    
9,344
Air Products & 
Chemicals
2,178
0.09
28,822 Albemarle
4,990
0.20
41,369 Avery Dennison
5,495
0.22
22,190 Ecolab
3,227
0.13
20,601 FMC
1,703
0.07
90,233
International Flavors & 
Fragrances
5,552
0.23
NM0923U-3094429-91/477

ACS NORTH AMERICA ESG INSIGHTS EQUITY FUND
PORTFOLIO STATEMENT (unaudited) (continued)
91
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
92,912 PPG Industries
10,680
0.43
1,319 Westlake Chemical
124
0.01
33,949
1.38
Communications - 0.02%; 31.12.22 0.04%    
14,629 Roblox
448
0.02
Construction & Materials - 0.39%; 31.12.22 0.45%    
63,368 Trane Technologies
9,518
0.39
Electricity - 0.77%; 31.12.22 1.14%    
11,743 Avangrid
348
0.01
174,122 Eversource Energy
9,601
0.39
10,896 NextEra Energy
627
0.03
301,544 PG&E
4,070
0.17
86,720
Public Service 
Enterprise
4,240
0.17
18,886
0.77
Electronic & Electrical Equipment - 0.47%; 31.12.22 0.71%    
69,070 Agilent Technologies
6,449
0.26
47,607 TE Connectivity
5,212
0.21
11,661
0.47
Financial Services - 6.63%; 31.12.22 7.71%    
75,968 American Express
10,335
0.42
29,400 Ameriprise Financial
7,709
0.31
364,423
Bank of New York 
Mellon
12,736
0.52
9,758 BlackRock*
5,307
0.22
31,275
Discover Financial 
Services
2,915
0.12
26,452 Goldman Sachs
6,758
0.27
14,383
Intercontinental 
Exchange
1,277
0.05
73,104
MasterCard class ‘A’ 
shares
22,412
0.91
123,027 Moody's
33,509
1.37
78,383 Morgan Stanley
5,283
0.21
6,385 MSCI
2,333
0.09
16,857 Nasdaq
664
0.03
22,481 Northern Trust
1,303
0.05
39,097 S&P Global
12,240
0.50
61,387 State Street
3,550
0.14
91,684 Synchrony Financial
2,469
0.10
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
174,204 VisaØ
32,275
1.32
163,075
6.63
Fixed Line Telecommunications - 0.72%; 31.12.22 0.77%    
427,340 AT&T
5,403
0.22
422,724 Verizon Communications
12,364
0.50
17,767
0.72
Food & Drug Retailers - 0.37%; 31.12.22 0.39%    
11,266 AmerisourceBergen
1,697
0.07
104,665 Kroger
3,833
0.15
61,693 Sysco
3,569
0.15
9,099
0.37
Food Producers - 0.84%; 31.12.22 1.42%    
26,735 Campbell Soup
961
0.04
149,442 General Mills
9,015
0.37
186,700 Mondelez International
10,672
0.43
20,648
0.84
Gas, Water & Multiutilities - 0.90%; 31.12.22 0.88%    
148,301 American Water Works
16,473
0.67
48,592 Sempra Energy
5,567
0.23
22,040
0.90
General Industrials - 2.05%; 31.12.22 2.19%    
39,770 3M
3,120
0.13
3,638 Ball
166
0.01
1,207 Danaher
227
0.01
110,452 Eaton
17,366
0.70
345,692 General Electric
29,461
1.20
50,340
2.05
General Retailers - 6.93%; 31.12.22 7.49%    
439 AutoZone
853
0.03
150,142 Best Buy
9,878
0.40
2,897 Burlington Stores
352
0.01
72,927 CarMax
4,863
0.20
3,055 Chipotle Mexican Grill
5,098
0.21
116,658 Coupang
1,592
0.06
91,493 CVS Health
4,974
0.20
27,738 Etsy
1,879
0.08
61,409 McDonald's
14,299
0.58
3,087 MercadoLibre
2,857
0.12
22,356 Netflix
7,571
0.31
190,921 PayPal
9,944
0.40
NM0923U-3094429-92/477

ACS NORTH AMERICA ESG INSIGHTS EQUITY FUND
PORTFOLIO STATEMENT (unaudited) (continued)
92
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
145,891 Starbucks
11,383
0.46
17,914 Target
1,882
0.08
482,791 TJX
31,968
1.31
421,092
Walgreens Boots 
Alliance
9,446
0.38
227,752 Walmart
27,786
1.14
217,306 Yum! Brands
23,584
0.96
170,209
6.93
Healthcare Equipment & Services - 5.32%; 31.12.22 5.63%    
46,584 Anthem
16,211
0.66
151,517 Baxter International
5,355
0.22
35,910 Becton Dickinson
7,396
0.30
559,489 Boston Scientific
23,570
0.95
63,655 Cigna
13,957
0.57
8,541 DexCom
864
0.04
128,981 Edwards Lifesciences
9,385
0.38
103,285 Hologic
6,539
0.27
2,132 IDEXX Laboratories
833
0.03
10,274 Insulet
2,365
0.10
40,735 Intuitive Surgical
10,904
0.44
11,781 Stryker
2,810
0.11
37,329 Thermo Fisher Scientific
15,185
0.62
36,208 UnitedHealth
13,647
0.56
5,794
West Pharmaceutical 
Services
1,729
0.07
130,750
5.32
Household Goods & Home Construction - 0.18%; 31.12.22 
0.51%    
37,517 Whirlpool
4,434
0.18
Industrial Engineering - 1.69%; 31.12.22 1.56%    
36,937 Caterpillar
7,132
0.29
38,845 Cummins
7,433
0.30
1,790 Generac
209
0.01
13,831 Otis Worldwide
969
0.04
18,492 Rockwell Automation
4,740
0.19
65,359 Stanley Black & Decker
4,889
0.20
183,770 Xylem
16,183
0.66
41,555
1.69
Industrial Metals - 0.44%; 31.12.22 0.43%    
350,491 Freeport-McMoRan
10,905
0.44
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
Industrial Transportation - 0.06%; 31.12.22 0.09%    
7,678 FedEx
1,518
0.06
Industrials - 0.00%; 31.12.22 0.02%    
Leisure Goods - 0.20%; 31.12.22 0.20%    
97,491 Hasbro
4,920
0.20
Life Insurance - 0.09%; 31.12.22 0.74%    
2,555 Assurant
252
0.01
13,185 Chubb
1,971
0.08
2,223
0.09
Media - 1.79%; 31.12.22 1.81%    
138,531 Comcast class ‘A’ shares
4,544
0.18
18,404
FactSet Research 
Systems
5,756
0.23
206,173 Interpublic
6,209
0.25
1,000
Liberty Broadband class 
'A' shares
63
0.00
4,308 News class 'B' shares
67
0.00
152,883 Omnicom
11,379
0.47
30,404 Sirius XM
104
0.00
7,153 Spotify Technology
901
0.04
44,516 Viacomcbs
563
0.02
204,552 Walt Disney
14,388
0.60
43,974
1.79
Mining - 0.29%; 31.12.22 0.36%    
215,085 Newmont Mining
7,132
0.29
Mobile Telecommunications - 0.12%; 31.12.22 0.39%    
13,371 Motorola Solutions
3,051
0.12
Non-life Insurance - 0.94%; 31.12.22 0.36%    
187,299 American International
8,471
0.34
21,387 Aon
5,782
0.24
1,231 CNA Financial
38
0.00
65,686 Travelers
8,879
0.36
23,170
0.94
Oil & Gas Producers - 3.00%; 31.12.22 3.58%    
40,348 Cheniere Energy
4,825
0.20
169,726 Chevron
20,967
0.86
253,467 ConocoPhillips
20,651
0.84
76,721 Devon Energy
2,936
0.12
193,437 Exxon Mobil
16,320
0.66
24,208 Hess
2,562
0.10
17,297 Marathon Oil
313
0.01
NM0923U-3094429-93/477

ACS NORTH AMERICA ESG INSIGHTS EQUITY FUND
PORTFOLIO STATEMENT (unaudited) (continued)
93
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
28,967
Pioneer Natural 
Resources
4,720
0.19
510 Texas Pacific Land
531
0.02
73,825
3.00
Oil Equipment, Services & Distribution - 0.81%; 31.12.22 
1.16%    
511,997 Baker Hughes
12,696
0.52
151,444 Halliburton
3,974
0.16
85,435 Schlumberger
3,274
0.13
19,944
0.81
Personal Goods - 1.03%; 31.12.22 0.84%    
251,908 Colgate-Palmolive
15,249
0.62
96,611 NIKE
8,663
0.35
89,403 VF
1,357
0.06
25,269
1.03
Pharmaceuticals & Biotechnology - 8.25%; 31.12.22 
9.53%    
324,806 Abbott Laboratories
27,651
1.12
254,447 AbbVie
26,807
1.09
10,290
Alnylam 
Pharmaceuticals
1,554
0.06
80,648 Amgen
14,101
0.57
36,001 Biogen
8,033
0.33
75,521 Bristol-Myers Squibb
3,822
0.16
1,326 Cardinal Health
98
0.00
35,407 Eli Lilly
13,004
0.53
55,637 Exact Sciences
4,148
0.17
112,775 Gilead Sciences
6,780
0.28
29,564 Illinois Tool Works
5,809
0.24
18,970 Illumina
2,782
0.11
305,932 Johnson & Johnson
39,699
1.62
17,497 McKesson
5,819
0.24
353,642 Merck & Co
31,752
1.30
8,044 Moderna
777
0.03
148,171 Pfizer
4,232
0.17
9,406
Regeneron 
Pharmaceuticals
5,269
0.21
2,216 Vertex Pharmaceuticals
610
0.02
202,747
8.25
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
Real Estate Investment & Services - 0.73%; 31.12.22 
0.97%    
208,979 CBRE class ‘A’ shares
13,274
0.53
290,695 Healthpeak Properties
4,590
0.19
3,385 Zillow
131
0.01
17,995
0.73
Real Estate Investment Trusts - 2.59%; 31.12.22 2.62%    
5,924
Alexandria Real Estate 
Equities
531
0.02
18,229 AvalonBay Communities
2,710
0.11
105,434 Boston Properties
4,760
0.19
19,150 Digital Realty Trust
1,694
0.07
191,820 Host Hotels & Resorts
2,531
0.10
312,995 Kimco Realty
4,875
0.20
142,287 Prologis
13,669
0.56
296,052 Realty Income
14,095
0.58
5,463 Regency Centers
266
0.01
204,743 Ventas
7,709
0.31
411,798 Weyerhaeuser
10,850
0.44
63,690
2.59
Software & Computer Services - 17.62%; 31.12.22 14.87%    
45,902 Adobe
17,558
0.71
270,259
Alphabet class 'A' 
shares
25,451
1.04
400,532
Alphabet class 'C' 
shares
38,011
1.55
578,167 Amazon.com
58,489
2.37
23,437 Cloudflare
1,188
0.05
10,926 Crowdstrike
1,243
0.05
134,801 DocuSign
5,459
0.22
31,014 DoorDash
1,850
0.08
879 EPAM Systems
156
0.01
670,853
Hewlett Packard 
Enterprise
8,832
0.36
15,325 Intuit
5,523
0.22
128,524 Meta
28,616
1.16
714,911 Microsoft
189,370
7.69
869 Mongodb
277
0.01
173,539 Oracle
16,161
0.66
6,489 Palantir Technologies
78
0.00
15,197 Palo Alto Networks
3,044
0.12
124,400 Salesforce.com
20,688
0.84
NM0923U-3094429-94/477

ACS NORTH AMERICA ESG INSIGHTS EQUITY FUND
PORTFOLIO STATEMENT (unaudited) (continued)
94
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
21,195 ServiceNow
9,193
0.37
1,312 Snowflake
182
0.01
8,159 Twilio
408
0.02
4,509 Unity Software
156
0.01
22,145
Zoom Video 
Communications
1,184
0.05
3,997 Zscaler
458
0.02
433,575
17.62
Support Services - 2.42%; 31.12.22 2.57%    
159,839 Accenture
38,974
1.60
84,288
Automatic Data 
Processing
14,426
0.59
2,071 Fair Isaac
1,304
0.05
11,746 Square
598
0.02
30,029 Waste Management
4,027
0.16
59,329
2.42
Technology - 0.12%; 31.12.22 0.10%    
23,600 Atlassian
3,014
0.12
Technology Hardware & Equipment - 16.46%; 31.12.22 
12.43%    
171,706 Advanced Micro Devices
15,097
0.61
46,489 Analog Devices
6,965
0.28
1,224,945 Apple
183,631
7.48
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
43,243 Applied Materials
4,932
0.20
1,447 Broadcom
987
0.04
809,015 Cisco Systems
32,771
1.33
9,061 GlobalFoundries
452
0.02
206,697 HPØ
4,954
0.20
607,278 Intel
15,812
0.64
217,590
International Business 
Machines
23,063
0.94
5,611 KLA-Tencor
2,117
0.09
60,919 L3 Technologies
9,421
0.38
11,417 Lam Research
5,780
0.24
44,384 Micron Technology
2,258
0.09
202,597 NVIDIA
65,420
2.67
36,424 ON Semiconductor
2,652
0.11
4,243 Qorvo
340
0.01
56,498 Qualcomm
5,273
0.21
162,107 Texas Instruments
22,659
0.92
404,584
16.46
Telecommunications Equipment - 0.00%; 31.12.22 0.01%    
419 Ubiquiti
57
0.00
Travel & Leisure - 0.53%; 31.12.22 0.11%    
30,803 Airbnb
3,046
0.12
159,340 Caesars Entertainment
6,268
0.26
38,654 Las Vegas Sands
1,754
0.07
24,200
Royal Caribbean 
Cruises
1,944
0.08
13,012
0.53
 
 
Holding 
or Nominal 
Value Investment
Underlying 
Exposure 
£000's
Market 
Value 
£000's
% of 
Total 
Net 
Assets
X
X
X
X
DERIVATIVES - 0.01%; 31.12.22 (0.03)%    
Futures - 0.01%; 31.12.22 (0.03)%    
93 S&P 500 E-Mini September 2023
16,374
178
0.01
4 S&P Canada 60 Index September 2023
576
8
0.00
16,950
186
0.01
Portfolio of investments
2,439,959
99.24
 
NM0923U-3094429-95/477

ACS NORTH AMERICA ESG INSIGHTS EQUITY FUND
PORTFOLIO STATEMENT (unaudited) (continued)
95
Holding 
or Nominal 
Value Investment
Market 
Value 
£000's
% of 
Total 
Net 
Assets
X
X
X
X
CASH EQUIVALENTS
Short-term Money Market Funds - 0.98%; 31.12.22 0.60%    
288,577 BlackRock Institutional Cash Series US Dollar Liquid Environmentally Aware Fund**
24,210
0.98
Net other liabilities
(5,515)
(0.22)
Total net assets
2,458,654 100.00
Unless otherwise stated, all securities are either listed on a recognised exchange or traded on an eligible securities market.
Underlying exposure has been calculated according to the guidelines issued by the European Securities and Markets 
Authority (“ESMA”) (as adopted by the FCA) and represents the market value of an equivalent position in the assets 
underlying each financial derivative instrument.
Ø All or a portion of this investment represents a security on loan.
* Related party to the Fund.
** Managed by a related party.
 
 
 
NM0923U-3094429-96/477

96
ACS NORTH AMERICA ESG INSIGHTS EQUITY FUND
STATEMENT OF TOTAL RETURN (unaudited)
for the six months ended 30 June 2023
For the period 
to 30.6.2023
£000's
£000's
Income
Net capital gains
178,392
Revenue
17,605
Expenses
(92)
Interest payable and similar charges
–
Net revenue before taxation
17,513
Taxation
(24)
Net revenue after taxation
17,489
Total return before distributions
195,881
Equalisation
2,941
Change in net assets 
attributable to unitholders from investment activities
198,822
STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS (unaudited)
for the six months ended 30 June 2023
For the period 
to 30.6.2023
£000's
£000's
Opening net assets attributable to unitholders
1,638,572
Amounts receivable on issue of units
			 1,721,410
Amounts payable on cancellation of units
			(1,100,150)
621,260
Change in net assets attributable to unitholders from investment activities
198,822
Closing net assets attributable to unitholders
2,458,654
Note: The Fund launched in the prior financial year, hence no comparative data is available.
NM0923U-3094429-97/477

97
ACS NORTH AMERICA ESG INSIGHTS EQUITY FUND
BALANCE SHEET (unaudited)
at 30 June 2023
30.6.2023
31.12.20221
£000's
£000's
Assets:
Fixed assets
– Investment assets
2,439,959
1,602,659
Current assets
– Debtors
124,364
8,017
– Cash and bank balances
5,047
18,702
– Cash equivalents
24,210
9,789
Total assets
2,593,580
1,639,167
Liabilities:
Investment liabilities
–
(535)
Creditors
– Other creditors
(134,926)
(60)
Total liabilities
(134,926)
(595)
Net assets attributable to unitholders
2,458,654
1,638,572
1 The Fund launched on 7 October 2022.
G D Bamping (Director)
M T Zemek (Director)
BlackRock Fund Managers Limited
30 August 2023
NM0923U-3094429-98/477

98
ACS UK EQUITY TRACKER FUND
About the Fund
The Fund is a sub-fund of BlackRock Authorised Contractual Scheme I, a Co-Ownership Scheme constituted as a UCITS 
scheme under the COLL Sourcebook. The Fund was authorised by the FCA on 14 February 2017 and launched on 
7 June 2017.
Risk and Reward Profile
 
 Lower risk 
Higher risk 
 Typically lower rewards
Typically higher rewards 
 Unit Class
 X1 Accumulation
1
2
3
4
5
6
7
 X1J Accumulation
1
2
3
4
5
6
7
 X1K Accumulation
1
2
3
4
5
6
7
 X1L Accumulation
1
2
3
4
5
6
7
 X1M Accumulation
1
2
3
4
5
6
7
 X1RA Accumulation*
1
2
3
4
5
6
7
* Unit class launched on 14 June 2023.
•	 The risk indicator was calculated incorporating simulated historical data and may not be a reliable indication of the future 
risk profile of the Fund.
•	 The risk category shown is not guaranteed and may change over time.
•	 The lowest category does not mean risk free.
•	 The use of derivatives will impact the value of the Fund and may expose the Fund to a higher degree of risk. Derivatives 
are highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and 
gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can be greater where derivatives are 
used in an extensive or complex way.
For more information on this, please see the Fund’s Key Investor Information Document (“KIID”), which is available at 
www.blackrock.com.
NM0923U-3094429-99/477

99
ACS UK EQUITY TRACKER FUND
Net Asset Value
At 30 June 2023
Units In Issue
Net Asset Value 
£000's
Net Asset Value 
per Unit 
p
X1 Accumulation 
	 	 	 8,260,696,633 	 	 	
10,114,283
122.44
X1J Accumulation 
	 	 	
848,198 	 	 	
1,037
122.31
X1K Accumulation 
	 	 	
2,556,895 	 	 	
3,129
122.39
X1L Accumulation 
	 	 	
1,529,874 	 	 	
1,872
122.39
X1M Accumulation 
	 	 	
2,302,185 	 	 	
2,816
122.31
X1RA Accumulation* 
	 	 	
3,519,607 	 	 	
3,441
97.76
Operating Charges
Unit Class
1.1.2023 
to 30.6.2023^
1.1.2022 
to 31.12.2022
X1 Accumulation 
0.01%
0.01%
X1J Accumulation 
0.01%
0.01%
X1K Accumulation 
0.01%
0.01%
X1L Accumulation 
0.01%
0.01%
X1M Accumulation 
0.01%
0.01%
X1RA Accumulation* 
0.01%
–
* Unit class launched on 14 June 2023.
^ Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/depositary 
and entry/exit charges paid to an underlying collective investment scheme (if any).
Distributions Payable
Any income available is accumulated annually on the last day of February.
NM0923U-3094429-100/477

100
ACS UK EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited)
at 30 June 2023
Holding 
or Nominal 
Value Investment
Market 
Value 
£000's
% of 
Total 
Net 
Assets
       
EQUITIES - 95.36%; 31.12.22 95.15%    
United Kingdom - 95.36%; 31.12.22 95.15%    
Aerospace & Defense - 0.16%; 31.12.22 0.15%    
131,238 Avon ProtectionØ
1,113
0.01
1,194,206 Chemring
3,380
0.03
2,308,186 QinetiQ
8,194
0.08
2,032,774 SeniorØ
3,565
0.04
16,252
0.16
Automobiles & Parts - 0.15%; 31.12.22 0.04%    
1,409,497
Aston Martin Lagonda 
Global
4,967
0.05
6,056,158 Dowlais Group
7,707
0.08
1,441,725 TI Fluid SystemsØ
1,938
0.02
14,612
0.15
Banks - 9.57%; 31.12.22 8.45%    
179,467 Bank of Georgia
5,294
0.05
70,986,867 Barclays
108,752
1.07
661,753 Close BrothersØ
5,747
0.06
5,470,572 CYBG
8,148
0.08
91,559,563 HSBC
569,592
5.63
301,802,913 Lloyds Banking
131,043
1.29
523,261 Metro BankØ
599
0.01
25,390,162 NatWestØ
61,216
0.60
10,637,003 Standard CharteredØ
73,098
0.72
226,474 TBC Bank
5,628
0.06
969,117
9.57
Beverages - 3.72%; 31.12.22 3.89%    
358,546 A.G. Barr
1,674
0.02
1,160,166 BritvicØ
9,920
0.10
1,794,454 C&C
2,221
0.02
893,083 Coca-Cola HBC
20,746
0.21
10,125,852 Diageo
341,545
3.37
376,106
3.72
Chemicals - 0.60%; 31.12.22 0.70%    
632,292 Croda InternationalØ
35,016
0.35
2,731,246 Elementis
2,791
0.03
809,232 Johnson MattheyØ
14,117
0.14
1,670,640 SynthomerØ
1,236
0.01
246,049 TreattØ
1,518
0.01
400,940 VictrexØ
5,513
0.05
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
212,701 ZotefoamsØ
734
0.01
60,925
0.60
Closed End Investments - 0.17%; 31.12.22 0.17%    
674,715 Atrato Onsite Energy
550
0.00
2,212,564 Avi Global TrustØ
4,191
0.04
677,115
Downing Renewables & 
Infrastructure TrustØ
677
0.01
1,801,932 Pantheon InfrastructureØ
1,441
0.01
1,170,072 Petershill PartnersØ
1,966
0.02
1,128,674
Taylor Maritime 
InvestmentsØ
858
0.01
5,247,896
Templeton Emerging 
Markets Investment 
TrustØ
7,662
0.08
17,345
0.17
Construction & Materials - 1.78%; 31.12.22 1.39%    
2,643,365 Balfour Beatty
8,998
0.09
787,549 CostainØ
363
0.01
3,377,816 CRH
146,834
1.45
1,041,648 Forterra
1,687
0.02
637,240 Galliford Try
1,243
0.01
1,014,151 Genuit
3,007
0.03
498,440 Henry BootØ
1,047
0.01
1,673,211 IbstockØ
2,354
0.02
294,884 KellerØ
2,040
0.02
1,739,931 KierØ
1,305
0.01
926,584 MarshallsØ
2,200
0.02
164,033 Morgan Sindall
3,012
0.03
373,222 NorcrosØ
636
0.01
903,948 TymanØ
2,328
0.02
892,134 VolutionØ
3,386
0.03
180,440
1.78
Electricity - 1.00%; 31.12.22 0.93%    
1,784,836 Drax
10,206
0.10
4,995,115 SSE
91,161
0.90
101,367
1.00
Electronic & Electrical Equipment - 0.79%; 31.12.22 0.67%    
421,117 Discoverie GroupØ
3,512
0.04
1,748,546 Halma
39,640
0.39
321,352 LucecoØ
386
0.00
NM0923U-3094429-101/477

ACS UK EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
101
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
1,251,543
Morgan Advanced 
Materials
3,398
0.03
247,540 Oxford InstrumentsØ
6,708
0.07
154,084 Renishaw
5,982
0.06
473,477 Spectris
17,026
0.17
828,903 TT ElectronicsØ
1,321
0.01
347,887 XaarØ
581
0.01
74,970 XP PowerØ
1,499
0.01
80,053
0.79
Equity Investment Instruments - 2.50%; 31.12.22 2.55%    
2,902,448 3i Infrastructure
9,027
0.09
1,059,662
Aberforth Split Level 
Income TrustØ
752
0.01
1,629,413
abrdn European 
Logistics IncomeØ
1,080
0.01
583,012
abrdn New Dawn 
Investment TrustØ
1,493
0.02
173,709 Artemis Alpha Trust
528
0.01
1,391,030
Baillie Gifford US Growth 
TrustØ
2,128
0.02
2,564,592
Belleveu Healthcare 
TrustØ
3,893
0.04
1,072,285
BlackRock Frontiers 
Investment Trust*
1,480
0.02
413,076
BlackRock North 
American Income TrustØ*
764
0.01
112,448 Capital Gearing TrustØ
5,077
0.05
889,785
CC Japan Income & 
Growth TrustØ
1,464
0.01
2,122,209
CQS New City High Yield 
FundØ
985
0.01
273,959 CT Private Equity Trust
1,312
0.01
664,681 CVC Income & GrowthØ
623
0.01
3,873,571 Digital 9 InfrastructureØ
2,355
0.02
1,643,646 Diverse Income Trust
1,282
0.01
498,800
Ecofin Global Utilities 
and Infrastructure
933
0.01
1,777,391
Edinburgh Worldwide 
Investment Trust
2,481
0.02
1,529,802
Fidelity China Special 
Situations Investment 
Trust
3,121
0.03
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
1,832,953
Fidelity European Values 
Investment TrustØ
6,223
0.06
935,307
Fidelity Special Values 
Investment TrustØ
2,413
0.02
2,443,041 Foresight Solar FundØ
2,382
0.02
2,155,843
GCP Asset Backed 
Income Fund 
(Registered)Ø
1,371
0.01
209,330
Global Opportunities 
Trust
661
0.01
2,093,846
Gore Street Energy 
Storage Fund
1,926
0.02
10,821,307 Greencoat UK WindØ
15,496
0.15
1,052,296
Henderson International 
Income Trust
1,763
0.02
2,049,981 HgCapital TrustØ
7,534
0.07
5,339,411
Hipgnosis Songs - 
Ordinary SharesØ
4,202
0.04
307,620 ICG Enterprise TrustØ
3,304
0.03
1,324,682
Impax Environmental 
MarketsØ
5,338
0.05
905,060
Invesco Bond Income 
PlusØ
1,457
0.01
850,682
JPMorgan American 
Investment TrustØ
6,440
0.06
333,423
JPMorgan Chinese 
Investment TrustØ
869
0.01
5,141,957
JPMorgan Emerging 
Markets Investment Trust 
plcØ
5,306
0.05
643,089
JPMorgan European 
Smaller Companies Trust
2,457
0.02
1,412,487
JPMorgan Global 
Emerging Markets 
Income Trust
1,773
0.02
1,764,925
JPMorgan Global Growth 
& Income
8,225
0.08
480,614
JPMorgan Smaller 
Companies Investment 
Trust
1,298
0.01
333,352
JPMorgan US Smaller 
Companies Investment 
Trust
1,247
0.01
575,109 Law Debenture
4,359
0.04
NM0923U-3094429-102/477

ACS UK EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
102
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
1,012
Lindsell Train Investment 
Trust
988
0.01
40,176
Manchester & London 
Investment TrustØ
171
0.00
455,845
Martin Currie Global 
Portfolio TrustØ
1,591
0.02
3,503,805
Mercantile Investment 
TrustØ
6,769
0.07
2,355,224
Merian Chrysalis 
Investment Trust
1,569
0.01
825,248
Montanaro UK Smaller 
Companies Investment 
Trust
846
0.01
2,589,119 NextEnergy Solar Fund
2,455
0.02
598,869
North American Income 
Trust
1,653
0.02
2,386,831
Octopus Renewables 
Infrastructure TrustØ
2,205
0.02
1,742,613 Personal Assets TrustØ
8,086
0.08
1,271,208
Polar Capital Global 
Financials Trust
1,726
0.02
11,610,760
Renewables 
InfrastructureØ
13,213
0.13
1,675,023
Ruffer Investment Red 
preference sharesØ
4,648
0.05
5,306,482
Schroder UK Public 
Private Trust
671
0.01
6,434,420
Scottish Mortgage 
Investment Trust
42,699
0.42
4,143,538
SDCL Energy Efficiency 
Income TrustØ
3,075
0.03
7,816,019
Sequoia Economic 
Infrastructure IncomeØ
5,971
0.06
777,113
Smithson Investment 
TrustØ
10,747
0.11
2,043,292
Starwood European Real 
Estate Finance
1,802
0.02
325,296 Strategic Equity CapitalØ
1,002
0.01
2,057,914 Syncona
3,091
0.03
1,493,596
TR Property Investment 
Trust - Ordinary SharesØ
3,965
0.04
3,427,171 Tritax EuroBoxØ
1,744
0.02
929,988
TwentyFour Select 
Monthly Income FundØ
666
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
2,042,592 Urban Logistics REIT
2,312
0.02
827,110
Utilico Emerging Markets 
Trust
1,828
0.02
1,780,919
VH Global Sustainable 
Energy Opportunities
1,674
0.02
253,989
2.50
Financial Services - 4.45%; 31.12.22 3.66%    
4,362,765 3i
84,376
0.83
9,121,820 abrdnØ
19,959
0.20
1,361,378 AJ Bell
4,354
0.04
2,016,099 AshmoreØ
4,169
0.04
1,667,173 BH MacroØ
6,202
0.06
1,166,596 Bridgepoint GroupØ
2,363
0.02
105,016
City of London 
Investment Group
435
0.00
459,111 CMC MarketsØ
706
0.01
140,976 Foresight
613
0.01
1,740,178 Hargreaves LansdownØ
14,130
0.14
1,761,586 IG
11,917
0.12
1,294,878 IntegraFinØ
3,123
0.03
1,301,268 Intermediate CapitalØ
18,029
0.18
1,328,092
International Personal 
FinanceØ
1,507
0.01
2,924,042 Investec
12,889
0.12
4,385,218 IP
2,478
0.02
562,292 JTCØ
4,001
0.04
1,840,509
Jupiter Fund 
ManagementØ
1,993
0.02
301,768 Liontrust
2,159
0.02
1,959,358 London Stock ExchangeØ
163,724
1.62
9,882,996 M&G
18,995
0.19
5,350,970 Man GroupØ
11,708
0.12
689,843 Molten VenturesØ
1,839
0.02
1,503,355 Ninety OneØ
2,520
0.02
1,911,650 OSB Group
9,187
0.09
1,039,750 Paragon
5,531
0.05
411,682 Plus500
5,978
0.06
1,147,242 Provident FinancialØ
2,203
0.02
6,033,554 Quilter
4,827
0.05
263,300 Rathbone BrothersØ
4,882
0.05
16,688 S&U
379
0.00
3,927,611 Schroders
17,183
0.17
NM0923U-3094429-103/477

ACS UK EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
103
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
82,442 Secure Trust Bank
513
0.01
3,765,696 TP ICAP Group
5,664
0.06
537,213 XPS Pensions Group
959
0.01
451,495
4.45
Fixed Line Telecommunications - 0.44%; 31.12.22 0.40%    
32,045,811 BT GroupØ
39,480
0.39
317,349 Telecom PlusØ
5,351
0.05
44,831
0.44
Food & Drug Retailers - 0.48%; 31.12.22 0.42%    
472,633 GreggsØ
12,090
0.12
7,787,120 J SainsburyØ
20,838
0.21
2,708,786 OcadoØ
15,256
0.15
48,184
0.48
Food Producers - 0.62%; 31.12.22 0.54%    
85,661
Anglo-Eastern 
Plantations
651
0.01
1,585,398 Associated British Foods
31,391
0.31
789,436 BakkavorØ
750
0.01
247,122 CranswickØ
8,007
0.08
2,477,452 Greencore
1,818
0.02
310,584 Hilton FoodØ
1,935
0.02
3,152,085 Premier Foods
4,072
0.04
1,887,092 Tate & Lyle
13,597
0.13
62,221
0.62
Forestry & Paper - 0.27%; 31.12.22 0.30%    
2,250,712 Mondi
27,076
0.27
Gas, Water & Multiutilities - 2.72%; 31.12.22 2.52%    
26,162,024 Centrica
32,349
0.32
16,832,298 National Grid
174,551
1.72
1,170,579 Pennon Group
8,311
0.08
1,165,240 Severn TrentØ
29,877
0.30
3,137,245 United Utilities
30,231
0.30
275,319
2.72
General Industrials - 1.12%; 31.12.22 1.09%    
7,164,002 CoatsØ
4,993
0.05
5,827,239 DS SmithØ
15,891
0.15
913,426 MacfarlaneØ
987
0.01
6,056,158 Melrose Industries
30,681
0.30
1,590,464 Smiths
26,044
0.26
1,194,377 Smurfit Kappa
31,245
0.31
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
942,226 Vesuvius
3,759
0.04
113,600
1.12
General Retailers - 1.66%; 31.12.22 1.41%    
1,292,816 AO WorldØ
1,038
0.01
318,086 ASOS
1,194
0.01
4,236,469
B&M European Value 
RetailØ
23,419
0.23
1,187,138 Card Factory
1,065
0.01
1,182,462 DFS FurnitureØ
1,265
0.01
4,341,551 Dixons CarphoneØ
2,310
0.02
519,172 Dunelm
5,825
0.06
583,346 Frasers
4,104
0.04
940,128 HalfordsØ
1,997
0.02
1,665,527 Inchcape
12,900
0.13
11,162,902 JD Sports Fashion
16,231
0.16
8,881,372 KingfisherØ
20,445
0.20
1,421,077 Lookers
1,694
0.02
9,124,522 Marks & SpencerØ
17,346
0.17
320,654 Motorpoint
306
0.00
560,018 Next
38,652
0.38
7,104,566 Pendragon
1,277
0.01
2,100,982 Pets at HomeØ
7,912
0.08
777,316 Topps TilesØ
373
0.01
548,848 WH SmithØ
8,606
0.09
167,959
1.66
Healthcare Equipment & Services - 0.68%; 31.12.22 0.71%    
7,455,727 ConvaTecØ
15,210
0.15
450,981 Medica
951
0.01
4,013,111 Smith & NephewØ
50,385
0.49
1,311,362 Spire Healthcare
2,793
0.03
69,339
0.68
Household Goods & Home Construction - 2.90%; 31.12.22 
2.75%    
4,486,214 Barratt DevelopmentsØ
18,690
0.19
567,846 Bellway
11,368
0.11
477,103 Berkeley Group
18,760
0.19
1,156,360 Crest Nicholson
2,205
0.02
424,204 Headlam
1,056
0.01
242,461 MJ Gleeson
887
0.01
1,437,937 PersimmonØ
14,904
0.15
3,281,834 Reckitt Benckiser
193,760
1.91
NM0923U-3094429-104/477

ACS UK EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
104
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
1,216,509 Redrow
5,416
0.05
15,700,587 Taylor Wimpey
16,250
0.16
1,562,912 VistryØ
10,229
0.10
293,525
2.90
Industrial Engineering - 1.04%; 31.12.22 0.94%    
824,567 Bodycote
5,281
0.05
354,760 Hill & SmithØ
5,258
0.05
1,178,411 IMI
19,173
0.19
187,644 PorvairØ
1,209
0.01
121,297 RHI MagnesitaØ
3,224
0.03
4,046,541 Rotork
12,293
0.12
1,492,500 Severfield
1,027
0.01
339,975
Spirax-Sarco 
Engineering
35,255
0.35
656,952 Trifast
513
0.01
203,278 Vitec
1,388
0.01
1,176,336 WeirØ
20,721
0.21
105,342
1.04
Industrial Metals & Mining - 0.02%; 31.12.22 0.03%    
1,057,517 CapitalØ
1,009
0.01
2,734,179 EVRAZ†
27
0.00
1,399,050 Ferrexpo
1,246
0.01
2,282
0.02
Industrial Transportation - 0.13%; 31.12.22 0.13%    
110,410 Clarkson
3,230
0.03
3,096,891
International Distributions 
ServicesØ
6,813
0.07
177,680 James Fisher & SonsØ
715
0.01
77,340 Ocean Wilsons
750
0.01
490,170 Wincanton
1,238
0.01
12,746
0.13
Leisure Goods - 0.19%; 31.12.22 0.14%    
153,077 Games Workshop
16,670
0.17
1,314,496 Photo-Me InternationalØ
2,111
0.02
18,781
0.19
Life Insurance - 2.97%; 31.12.22 3.05%    
12,647,719 Aviva
50,085
0.49
727,498 ChesnaraØ
2,001
0.02
4,562,371 Just Group
3,549
0.03
27,168,866 Legal & General
61,891
0.61
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
3,363,030 Phoenix GroupØ
17,925
0.18
12,606,797 Prudential
138,296
1.37
2,510,551
St. James's Place 
Capital
27,026
0.27
300,773
2.97
Media - 4.15%; 31.12.22 3.72%    
135,681 4imprintØ
6,492
0.06
1,955,758 AscentialØ
4,303
0.04
4,063,214 Auto Trader
24,786
0.25
362,219 Bloomsbury Publishing
1,554
0.02
551,430 FutureØ
3,731
0.04
6,488,485 Informa
47,184
0.47
16,502,970 ITVØ
11,390
0.11
2,298,783 Moneysupermarket.comØ
6,211
0.06
3,316,599 Pearson
27,442
0.27
1,088,698 ReachØ
731
0.01
8,685,079 RELX (Registered)
227,983
2.25
3,675,009 Rightmove
19,242
0.19
160,453 STVØ
358
0.00
4,724,715 WPPØ
38,799
0.38
420,206
4.15
Mining - 4.18%; 31.12.22 8.08%    
5,527,703 Anglo American
123,434
1.22
1,602,760 Antofagasta
23,264
0.23
5,422,601 Centamin
4,886
0.05
838,143 Endeavour MiningØ
15,405
0.15
831,083 Fresnillo
5,051
0.05
1,069,770 Hochschild Mining
764
0.01
253,736 Kenmare Resources
1,132
0.01
4,989,401 Rio Tinto (Registered)
249,271
2.46
423,207
4.18
Mobile Telecommunications - 0.82%; 31.12.22 1.00%    
4,880,647 Airtel AfricaØ
5,276
0.05
3,414,314 Helios TowersØ
3,135
0.03
100,407,364 Vodafone
74,482
0.74
82,893
0.82
Non-life Insurance - 0.76%; 31.12.22 0.82%    
1,325,868 Admiral
27,525
0.27
2,955,858 Beazley
17,277
0.17
5,858,604 Direct Line
7,918
0.08
1,531,832 HiscoxØ
16,712
0.17
NM0923U-3094429-105/477

ACS UK EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
105
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
1,077,181 Lancashire
6,232
0.06
1,116,773 Sabre InsuranceØ
1,514
0.01
77,178
0.76
Oil & Gas Producers - 3.83%; 31.12.22 4.00%    
79,085,730 BPØ
364,862
3.60
685,782 Capricorn EnergyØ
1,255
0.01
4,536,118 Diversified Gas & OilØ
3,983
0.04
610,788 Energean Oil & GasØ
6,187
0.06
7,634,096 EnquestØ
1,137
0.01
3,283,372 Harbour EnergyØ
7,480
0.08
534,057 Ithaca EnergyØ
797
0.01
1,241,211 Pharos Energy
277
0.00
6,296,638 Tullow OilØ
1,754
0.02
387,732
3.83
Oil Equipment, Services & Distribution - 7.32%; 31.12.22 
7.29%    
668,084 HuntingØ
1,330
0.01
3,020,294 John Wood
4,183
0.04
1,910,984 PetrofacØ
1,475
0.02
31,331,272 ShellØ
734,092
7.25
741,080
7.32
Personal Goods - 5.93%; 31.12.22 5.83%    
1,718,043 Burberry
36,440
0.36
2,477,905 Dr. MartensØ
3,025
0.03
904,343 PZ CussonsØ
1,469
0.02
267,051 SuperdryØ
210
0.00
33,098,270 Tesco
82,216
0.81
11,484,960 Unilever (Registered)
470,309
4.65
1,037,363 Watches of SwitzerlandØ
6,375
0.06
600,044
5.93
Pharmaceuticals & Biotechnology - 11.38%; 31.12.22 
10.91%    
6,769,161 AstraZeneca
766,675
7.57
511,237 Dechra Pharmaceuticals
18,834
0.19
295,805 GenusØ
6,407
0.06
18,429,260 GSK
256,609
2.54
23,980,466 Haleon
76,773
0.76
731,850 Hikma PharmaceuticalsØ
13,656
0.13
556,655 Indivior
10,176
0.10
290,741 Oxford BiomedicaØ
1,226
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
1,140,197 PureTech HealthØ
2,497
0.02
1,152,853
11.38
Real Estate Investment & Services - 0.35%; 31.12.22 
0.31%    
2,618,402
Balanced Commercial 
Property Trust
1,728
0.02
6,024,237
Capital & Counties 
Properties
6,874
0.07
691,128 CLS
936
0.01
1,312,731 Foxtons
496
0.00
3,540,506 Grainger TrustØ
8,094
0.08
888,255 Harworth GroupØ
941
0.01
511,979 HelicalØ
1,300
0.01
415,960 LSL Property ServicesØ
1,165
0.01
117,590 Palace CapitalØ
272
0.00
398,030
Phoenix Spree 
Deutschland
730
0.01
2,616,485
Picton Property Income 
FundØ
1,860
0.02
1,478,447 Raven Property Group†
15
0.00
595,298 SavillsØ
5,000
0.05
5,862,090 Sirius Real EstateØ
4,968
0.05
2,901,552
UK Commercial Property 
REIT
1,402
0.01
35,781
0.35
Real Estate Investment Trusts - 1.79%; 31.12.22 1.99%    
2,013,421
abrdn Property Income 
TrustØ
988
0.01
776,313 AEW UK REITØ
699
0.01
12,926,014 AssuraØ
5,871
0.06
796,953 Big YellowØ
8,527
0.08
4,219,528 British Land
12,912
0.13
186,422 Capital & RegionalØ
102
0.00
1,802,261 Custodian REITØ
1,523
0.01
498,651 Derwent LondonØ
10,282
0.10
1,132,309
Ediston Property 
Investment
657
0.01
2,785,797
Empiric Student 
PropertyØ
2,340
0.02
1,128,105
F&C UK Real Estate 
Investment TrustØ
839
0.01
963,401 Great Portland EstatesØ
4,060
0.04
NM0923U-3094429-106/477

ACS UK EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
106
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
17,904,897 Hammerson
4,437
0.04
3,563,991 Home REIT†
1,195
0.01
1,259,815 Impact Healthcare REIT
1,129
0.01
2,642,504 Intu Properties†Ø
–
0.00
3,357,482 Land Securities
19,279
0.19
1,602,046 Life Science REIT
1,077
0.01
4,201,379 LondonMetric Property
6,941
0.07
6,661,565 LXI REIT
5,756
0.06
1,451,220 NewRiver REIT Voting
1,287
0.01
5,893,866
Primary Health 
PropertiesØ
5,602
0.05
2,286,926 PRS REITØ
1,802
0.02
1,000,899
Residential Secure 
Income REITØ
619
0.01
957,167 Safestore
8,212
0.08
2,175,345 Schroder Real EstateØ
871
0.01
5,541,694 Segro
39,590
0.39
5,492,628
Supermarket Income 
REITØ
4,004
0.04
2,793,716 Target Healthcare REITØ
2,011
0.02
1,654,773
Triple Point Social 
Housing REITØ
817
0.01
8,866,249 Tritax Big BoxØ
11,074
0.11
1,467,270 UNITE Group
12,743
0.13
1,758,027 Warehouse REIT
1,382
0.01
609,868 Workspace
2,869
0.03
181,497
1.79
Software & Computer Services - 0.84%; 31.12.22 0.97%    
484,377
Alfa Financial Software 
Holdings
935
0.01
287,834 Aptitude Software
984
0.01
375,358
Auction Technology 
GroupØ
2,740
0.03
1,206,379 Baltic Classifieds Group
2,130
0.02
868,114 Bytes Technology Group
4,536
0.04
294,926 Computacenter
6,689
0.07
1,841,371 DarktraceØ
5,701
0.06
378,666 FDMØ
2,155
0.02
823,482 Funding CircleØ
443
0.00
415,333 KainosØ
5,075
0.05
1,321,701 NCCØ
1,277
0.01
4,711,804 SageØ
43,471
0.43
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
556,123 SoftcatØ
7,864
0.08
1,623,528 Trustpilot GroupØ
1,104
0.01
85,104
0.84
Support Services - 5.23%; 31.12.22 4.90%    
2,000,788 Ashtead
108,043
1.07
1,551,980 BunzlØ
46,482
0.46
8,096,201 CapitaØ
2,234
0.02
865,536 Carillion†Ø
–
0.00
449,169 DCC
19,575
0.19
1,072,458 De La RueØ
483
0.00
590,865 DiplomaØ
17,620
0.17
292,505 DWF
173
0.00
1,328,244 Essentra
2,194
0.02
4,197,711 Experian
126,225
1.25
1,061,993 Finablr†
–
0.00
970,010 Grafton
7,636
0.08
7,250,446 Hays
7,424
0.07
2,435,299 Howden JoineryØ
15,717
0.16
741,602 Intertek
31,436
0.31
3,158,323 IWGØ
4,226
0.04
600,031 Kin & Carta
363
0.00
574,065 MearsØ
1,668
0.02
6,326,792 Mitie GroupØ
6,118
0.06
1,157,918 Moonpig GroupØ
1,685
0.02
2,057,184 Network International
7,887
0.08
1,037,018 Northgate
3,889
0.04
1,412,873 PagegroupØ
5,733
0.06
325,250 PayPointØ
1,558
0.02
270,453 RenewiØ
1,374
0.01
11,543,919 Rentokil Initial
70,095
0.69
266,261 RicardoØ
1,518
0.02
345,189 Robert WaltersØ
1,426
0.01
2,142,470 RSØ
16,064
0.16
5,119,592 Serco
7,797
0.08
2,587,966 SIGØ
907
0.01
2,205,382 Speedy Hire
796
0.01
556,934 SThree
1,921
0.02
931,523 Travis PerkinsØ
7,570
0.07
1,220,879 Wickes Group
1,481
0.01
529,318
5.23
NM0923U-3094429-107/477

ACS UK EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
107
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
Technology Hardware & Equipment - 0.04%; 31.12.22 
0.07%    
2,671,838
Spirent 
CommunicationsØ
4,382
0.04
Tobacco - 3.36%; 31.12.22 4.06%    
10,190,028 British American Tobacco
266,826
2.64
4,191,742 Imperial BrandsØ
73,376
0.72
340,202
3.36
Travel & Leisure - 5.25%; 31.12.22 4.17%    
1,958,365 888 HoldingsØ
1,906
0.02
682,126 Carnival (Registered)Ø
8,601
0.09
7,982,973 Compass
174,268
1.72
1,673,460 Domino’s PizzaØ
4,629
0.04
2,943,023 easyJetØ
14,253
0.14
3,316,442 FirstGroup
4,726
0.05
807,880 Flutter Entertainment
125,302
1.24
168,971
Fuller Smith & Turner 
class 'A' shares
987
0.01
2,872,637 GVC
35,822
0.35
743,759 Gym GroupØ
692
0.01
804,632 Hollywood BowlØ
2,016
0.02
500,704 Hostelworld
616
0.00
780,092
InterContinental Hotels 
GroupØ
42,203
0.42
17,166,608
International 
Consolidated AirlinesØ
27,776
0.27
463,744 JD Wetherspoon
3,137
0.03
2,980,892 Marston’s
902
0.01
1,072,378 Mitchells & ButlersØ
2,224
0.02
2,411,372 National ExpressØ
2,352
0.02
674,621 On the beachØ
629
0.01
1,452,587 PlaytechØ
8,454
0.08
111,282 PPHE Hotel Group
1,230
0.01
863,414 RankØ
768
0.01
3,484,173 Restaurant
1,333
0.01
482,975 SagaØ
581
0.01
3,474,535 SSP
8,742
0.09
131,755
TEN Entertainment 
GroupØ
369
0.00
4,898,565 Thomas Cook†Ø
–
0.00
2,194,514 TrainlineØ
5,644
0.06
2,097,867 TUIØ
11,727
0.12
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
913,155 Whitbread
30,846
0.30
344,284 Wizz AirØ
9,220
0.09
531,955
5.25
COLLECTIVE INVESTMENT SCHEMES - 3.59%; 31.12.22 
3.63%    
Equity Funds - 0.89%; 31.12.22 0.93%    
765,531
abrdn Asian Income 
Fund
1,531
0.02
228,701 abrdn China InvestmentØ
1,038
0.01
1,901,919 Apax Global Alpha
3,481
0.03
3,468,950 BBGI
4,766
0.05
2,712,004
Bluefield Solar Income 
Fund
3,227
0.03
2,413,631
BMO Global Smaller 
CompaniesØ
3,307
0.03
139,867 Caledonia Investments
4,532
0.04
1,682,640 European Assets Trust
1,481
0.01
920,691
Henderson Diversified 
Income
584
0.01
1,096,705 Henderson EuroTrust
1,475
0.01
621,413
Henderson Far East 
Income FundØ
1,494
0.01
9,583,036 Hicl InfrastructureØ
12,899
0.13
232,075
Highbridge Tactical 
Credit Fund†
331
0.00
201,413
International 
Biotechnology TrustØ
1,313
0.01
8,646,653
International Public 
Partnership
11,189
0.11
3,009,001
John Laing 
Environmental Assets
3,178
0.03
832,005
JPMorgan Global Core 
Real Assets
659
0.01
1,351,521
Lowland Investment 
Company
1,534
0.01
614,673
Montanaro European 
Smaller Companies 
TrustØ
859
0.01
2,354,870
Pantheon International 
Fund
5,887
0.06
721,947
Schroder Asia Pacific 
FundØ
3,552
0.03
446,059
Schroder Asian Total 
Return InvestmentØ
1,842
0.02
NM0923U-3094429-108/477

ACS UK EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
108
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
364,911
Schroder Income Growth 
FundØ
1,058
0.01
678,753 Schroder Japan GrowthØ
1,507
0.01
1,144,642
Schroder Oriental 
Income FundØ
2,850
0.03
186,805
Schroder UK Mid Cap 
Fund
986
0.01
1,925,557
TR European Growth 
TrustØ
2,927
0.03
3,318,446
TwentyFour Income 
Fund
3,279
0.03
726,531
VinaCapital Vietnam 
Opportunity FundØ
3,099
0.03
3,156,592 Witan Investment TrustØ
7,118
0.07
92,983
0.89
Fixed Income Funds - 0.00%; 31.12.22 0.01%    
31,788
Alcentra European 
Floating Rate Income 
Fund†
1
0.00
568,232
NB Global Monthly 
Income Fund
410
0.00
411
0.00
Investment Trusts - 2.70%; 31.12.22 2.69%    
393,250
Aberforth Smaller 
Companies Investment 
Trust
4,829
0.05
707,844 abrdn Asia FocusØ
1,755
0.02
1,549,534
abrdn Diversified Income 
And Growth TrustØ
1,255
0.01
299,195
abrdn New India 
Investment Trust
1,646
0.02
247,228
abrdn Standard Equity 
Income TrustØ
759
0.01
1,326,615 Alliance TrustØ
13,319
0.13
1,847,097 Allianz Technology Trust
4,839
0.05
486,376 Asia Dragon TrustØ
1,839
0.02
864,340 Augmentum Fintech
856
0.01
109,849 Aurora Investment TrustØ
222
0.00
183,080
AVI Japan Opportunity 
Trust
216
0.00
1,396,663
Baillie Gifford European 
Growth TrustØ
1,303
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
386,971
Baillie Gifford Japan 
Investment Trust
3,003
0.03
1,392,100
Baillie Gifford Shin 
Nippon
1,952
0.02
714,668
Baillie Gifford UK Growth 
Fund
1,166
0.01
5,832,743
Bankers Investment 
TrustØ
5,681
0.06
178,453 Biotech Growth TrustØ
1,419
0.01
576,938
BlackRock Energy and 
ResourcesØ*
646
0.01
454,394
BlackRock Greater 
Europe Investment 
TrustØ*
2,408
0.02
195,345
BlackRock Latin 
American Investment 
Trust*
795
0.01
214,303
BlackRock Smaller 
Companies Trust*
2,722
0.03
467,769
BlackRock Throgmorton 
TrustØ*
2,671
0.03
829,391
BlackRock World Mining 
TrustØ*
4,951
0.05
535,257
BMO Capital & Income 
Investment TrustØ
1,558
0.02
95,224
Brunner Investment 
TrustØ
995
0.01
2,212,876
City of London 
Investment TrustØ
8,741
0.09
844,042
Dragon Capital - Vietnam 
Enterprise Investments
4,887
0.05
598,192
Dunedin Income Growth 
Investment Trust
1,687
0.02
736,915
Edinburgh Investment 
Trust
4,672
0.05
377,907
Fidelity Asian Values 
Investment TrustØ
1,958
0.02
713,986 Fidelity Japan Trust
1,207
0.01
979,037
Finsbury Growth & 
Income TrustØ
8,567
0.08
2,369,483
Foreign & Colonial 
Investment TrustØ
20,567
0.20
3,799,916
GCP Infrastructure 
Investments FundØ
2,934
0.03
NM0923U-3094429-109/477

ACS UK EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
109
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
456,382
Genesis Emerging 
Markets FundØ
2,647
0.03
354,892
HarbourVest Global 
Private Equity FundØ
7,559
0.08
1,049,674
Henderson Europe 
Focus Trust
1,658
0.02
615,889
Henderson High Income 
Invesment Trust
998
0.01
319,812
Henderson Smaller 
Companies Investment 
TrustØ
2,357
0.02
274,912 Herald Investment Trust
4,750
0.05
164,879
Honeycomb Investment 
Trust
1,022
0.01
376,697
Invesco Asia Investment 
Trust
1,236
0.01
215,404
Invesco Perpetual UK 
Smaller Companies 
Investment TrustØ
900
0.01
502,951 Invesco Select TrustØ
775
0.01
411,753
JPMorgan Asian 
Investment Trust
1,437
0.01
288,502
JPMorgan Claverhouse 
Investment TrustØ
1,875
0.02
1,988,629
JPMorgan European 
Growth & IncomeØ
1,822
0.02
372,671
JPMorgan Indian 
Investment Trust
3,078
0.03
279,076
JPMorgan Japan Smaller 
Companies Trust
862
0.01
738,405
JPMorgan Japanese 
Investment Trust
3,578
0.03
121,662
JPMorgan Mid Cap 
Investment Trust
1,049
0.01
436,445
Jupiter European 
Opportunities TrustØ
3,356
0.03
83,256
Jupiter US Smaller 
Companies
987
0.01
397,562
Keystone Investment 
Trust
835
0.01
228,851
M&G Credit Income 
Investment Trust FundØ
205
0.00
151,672
Majedie Investment 
TrustØ
278
0.00
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
721,112
Merchants Investment 
TrustØ
3,793
0.04
299,997
Mid Wynd International 
Investment TrustØ
2,079
0.02
527,281
Middlefield Canadian 
Income TrustØ
538
0.01
495,747
Mobius Investment 
TrustØ
637
0.01
1,044,457 Monks Investment TrustØ
10,340
0.10
541,036 Murray Income TrustØ
4,474
0.04
2,943,516
Murray International 
TrustØ
7,388
0.07
192,293 NB Private EquityØ
2,885
0.03
36,091
North Atlantic Smaller 
Companies Investment 
TrustØ
1,270
0.01
311,710
Odyssean Investment 
Trust FundØ
486
0.00
574,267
Pacific Assets 
Investment TrustØ
2,090
0.02
401,411
Pacific Horizon 
Investment TrustØ
2,148
0.02
715,633
Pershing Square 
Holdings
20,238
0.20
574,416
Polar Capital Global 
Healthcare Trust
1,884
0.02
585,254
Polar Capital Technology 
TrustØ
12,905
0.13
585,803 RIT Capital PartnersØ
10,849
0.11
791,698
Scottish American 
Investment Trust
4,069
0.04
82,660
Scottish Oriental Smaller 
Companies Trust
975
0.01
555,462
Securities Trust of 
Scotland
1,172
0.01
391,191
Standard Life Private 
Equity TrustØ
1,745
0.02
389,076
Standard Life UK Smaller 
Companies TrustØ
1,605
0.02
1,559,510
Temple Bar Investment 
TrustØ
3,415
0.04
1,644,409
Troy Income & Growth 
TrustØ
1,131
0.01
NM0923U-3094429-110/477

ACS UK EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
110
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
177,599
Value & Income 
Investment TrustØ
344
0.00
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
327,676
Witan Pacific Investment 
Trust
708
0.01
286,357
Worldwide Healthcare 
Trust
8,992
0.09
269,449
2.70
 
Holding 
or Nominal 
Value Investment
Underlying 
Exposure 
£000's
Market 
Value 
£000's
% of 
Total 
Net 
Assets
DERIVATIVES - (0.02)%; 31.12.22 0.01%    
Forward Currency Contracts - 0.00%; 31.12.22 0.00%    
GBP 7,255,418 UK sterling vs United States dollar
(7,159)
96
0.00
Futures - (0.02)%; 31.12.22 0.01%    
1,387 FTSE 100 Index September 2023
104,483
(1,650)
(0.02)
Portfolio of investments
10,018,400
98.93
CASH EQUIVALENTS
Short-term Money Market Funds - 0.47%; 31.12.22 0.71%    
5,157,988 BlackRock Institutional Cash Series US Dollar Liquidity Fund*
4,078
0.04
43,811,730 BlackRock Institutional Cash Series Sterling Liquidity Fund*
43,812
0.43
47,890
0.47
Net other assets
60,288
0.60
Total net assets
10,126,578 100.00
Unless otherwise stated, all securities are either listed on a recognised exchange or traded on an eligible securities market.
Underlying exposure has been calculated according to the guidelines issued by the European Securities and Markets 
Authority (“ESMA”) (as adopted by the FCA) and represents the market value of an equivalent position in the assets 
underlying each financial derivative instrument.
The counterparty for the forward currency contract is BNP Paribas.
Ø All or a portion of this investment represents a security on loan.
† Suspended investments fair valued.
* Managed by a related party.
NM0923U-3094429-111/477

111
ACS UK EQUITY TRACKER FUND
STATEMENT OF TOTAL RETURN (unaudited)
for the six months ended 30 June 2023
For the period 
to 30.6.2023
For the period 
to 30.6.2022
£000's
£000's
£000's
£000's
Income
Net capital gains/(losses)
18,814
(762,594)
Revenue
222,179
213,593
Expenses
(323)
(347)
Interest payable and similar charges
(13)
(6)
Net revenue before taxation
221,843
213,240
Taxation
(54)
(191)
Net revenue after taxation
221,789
213,049
Total return before distributions
240,603
(549,545)
Equalisation
(8,242)
(10,229)
Change in net assets 
attributable to unitholders from investment activities
232,361
(559,774)
STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS (unaudited)
for the six months ended 30 June 2023
For the period 
to 30.6.2023
For the period 
to 30.6.2022
£000's
£000's
£000's
£000's
Opening net assets attributable to unitholders 
10,275,872
12,681,773
Amounts receivable on issue of units
			
361,462
			
297,075
Amounts payable on cancellation of units
			
(743,117)
			(1,894,200)
Amounts payable on in-specie transactions
			
–
			 (195,991)
(381,655)
(1,793,116)
Change in net assets attributable to unitholders from investment 
activities
232,361
(559,774)
Closing net assets attributable to unitholders
10,126,578
10,328,883
The above statement shows the comparative closing net assets at 30 June 2022 whereas the current accounting period 
commenced 1 January 2023.
NM0923U-3094429-112/477

112
ACS UK EQUITY TRACKER FUND
BALANCE SHEET (unaudited)
at 30 June 2023
30.6.2023
31.12.2022
£000's
£000's
Assets:
Fixed assets
– Investment assets
10,020,050
10,151,263
Current assets
– Debtors
41,514
33,444
– Cash and bank balances
21,461
29,015
– Cash equivalents
47,890
72,860
Total assets
10,130,915
10,286,582
Liabilities:
Investment liabilities
(1,650)
–
Creditors
– Other creditors
(2,687)
(10,710)
Total liabilities
(4,337)
(10,710)
Net assets attributable to unitholders
10,126,578
10,275,872
G D Bamping (Director)
M T Zemek (Director)
BlackRock Fund Managers Limited
30 August 2023
NM0923U-3094429-113/477

113
ACS UK ESG INSIGHTS EQUITY FUND
About the Fund
The Fund is a sub-fund of BlackRock Authorised Contractual Scheme I, a Co-Ownership Scheme constituted as a UCITS 
scheme under the COLL Sourcebook. The Fund was authorised by the FCA on 18 August 2022 and launched on  
7 October 2022.
Risk and Reward Profile
 
 Lower risk 
Higher risk 
 Typically lower rewards
Typically higher rewards 
 Unit Class
 X1FA Accumulation
1
2
3
4
5
6
7
 X1FB Accumulation
1
2
3
4
5
6
7
 X1FC Accumulation
1
2
3
4
5
6
7
 X1FD Accumulation
1
2
3
4
5
6
7
 X1FE Accumulation
1
2
3
4
5
6
7
 X1FP Accumulation
1
2
3
4
5
6
7
•	 The risk indicator was calculated incorporating simulated historical data and may not be a reliable indication of the future 
risk profile of the Fund.
•	 The risk category shown is not guaranteed and may change over time.
•	 The lowest category does not mean risk free.
•	 The use of derivatives will impact the value of the Fund and may expose the Fund to a higher degree of risk. Derivatives 
are highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and 
gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can be greater where derivatives are 
used in an extensive or complex way.
For more information on this, please see the Fund’s Key Investor Information Document (“KIID”), which is available at  
www.blackrock.com.
Net Asset Value
At 30 June 2023
Units In Issue
Net Asset Value 
£000's
Net Asset Value 
per Unit 
p
X1FA Accumulation 
	 	 	
104,922,511 	 	 	
107,069
102.05
X1FB Accumulation 
	 	 	
36,121,467 	 	 	
36,861
102.05
X1FC Accumulation 
	 	 	
20,215,483 	 	 	
20,630
102.05
X1FD Accumulation 
	 	 	
6,441,527 	 	 	
6,573
102.05
X1FE Accumulation 
	 	 	
1,562,251 	 	 	
1,594
102.05
X1FP Accumulation 
	 	 	
128,943,439 	 	 	
141,708
109.90
 
 
 
 
 
 
NM0923U-3094429-114/477

114
ACS UK ESG INSIGHTS EQUITY FUND
Operating Charges
Unit Class
1.1.2023 
to 30.6.2023*
7.10.2022^ 
to 31.12.2022
X1FA Accumulation 
0.03%
0.03%
X1FB Accumulation 
0.03%
0.03%
X1FC Accumulation 
0.04%
0.03%
X1FD Accumulation 
0.04%
0.03%
X1FE Accumulation 
0.04%
0.03%
X1FP Accumulation 
0.05%
0.03%
^ The date of commencement of operations.
* Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/depositary 
and entry/exit charges paid to an underlying collective investment scheme (if any).
Distributions Payable
Any income available is accumulated annually on the last day of February.
NM0923U-3094429-115/477

115
ACS UK ESG INSIGHTS EQUITY FUND
PORTFOLIO STATEMENT (unaudited)
at 30 June 2023
Holding 
or Nominal 
Value Investment
Market 
Value 
£000's
% of 
Total 
Net 
Assets
       
EQUITIES - 98.19%; 31.12.22 99.15%    
United Kingdom - 98.19%; 31.12.22 99.15%    
Aerospace & Defense - 1.11%; 31.12.22 0.76%    
181,115 QinetiQ
643
0.20
1,935,039 Rolls-Royce
2,862
0.91
3,505
1.11
Banks - 10.31%; 31.12.22 9.88%    
9,827 Bank of Georgia
290
0.09
2,139,365 Barclays
3,278
1.04
52,132 Close Brothers
453
0.14
597,623 CYBG
890
0.28
3,072,792 HSBC
19,115
6.08
5,106,541 Lloyds Banking
2,217
0.71
15,756 Metro Bank
18
0.01
1,696,297 NatWest
4,090
1.30
300,189 Standard Chartered
2,063
0.66
32,414
10.31
Beverages - 6.51%; 31.12.22 6.80%    
113,337 A.G. Barr
529
0.17
350,148 Britvic
2,994
0.95
471,777 C&C
584
0.19
74,929 Coca-Cola HBC
1,741
0.55
433,403 Diageo
14,618
4.65
20,466
6.51
Chemicals - 1.88%; 31.12.22 2.21%    
42,908 Croda International
2,376
0.76
200,877 Johnson Matthey
3,505
1.11
6,405 Zotefoams
22
0.01
5,903
1.88
Closed End Investments - 0.12%; 31.12.22 0.06%    
20,317 Atrato Onsite Energy
17
0.01
53,717 Avi Global Trust
102
0.03
20,389
Downing Renewables & 
Infrastructure Trust
20
0.01
33,986
Taylor Maritime 
Investments
26
0.01
144,999
Templeton Emerging 
Markets Investment 
Trust
211
0.06
376
0.12
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
Construction & Materials - 0.60%; 31.12.22 0.51%    
23,715 Costain
11
0.00
156,423 Kier
117
0.04
18,006 Marshalls
43
0.01
53,833 Morgan Sindall
989
0.31
11,238 Norcros
19
0.01
256,831 Tyman
661
0.21
16,191 Volution
61
0.02
1,901
0.60
Electronic & Electrical Equipment - 0.59%; 31.12.22 0.32%    
21,198 Halma
481
0.15
9,676 Luceco
12
0.00
3,984 Renishaw
155
0.05
32,878 Spectris
1,182
0.38
10,476 Xaar
17
0.01
1,847
0.59
Equity Investment Instruments - 0.68%; 31.12.22 0.70%    
21,498 3i Infrastructure
67
0.02
31,908
Aberforth Split Level 
Income Trust
23
0.01
5,087
abrdn New Dawn 
Investment Trust
13
0.00
5,231 Artemis Alpha Trust
16
0.01
32,289
BlackRock Frontiers 
Investment Trust*
45
0.01
12,439
BlackRock North 
American Income Trust*
23
0.01
4,960 CT Private Equity Trust
24
0.01
20,015 CVC Income & Growth
19
0.01
6,303
EP Global Opportunities 
Trust
20
0.01
21,864
JPMorgan Global 
Emerging Markets 
Income Trust
27
0.01
1,210
Manchester & London 
Investment Trust
5
0.00
26,906
Polar Capital Global 
Financials Trust
37
0.01
322,970
Renewables 
Infrastructure
367
0.12
39,408
Ruffer Investment Red 
preference shares
109
0.03
NM0923U-3094429-116/477

ACS UK ESG INSIGHTS EQUITY FUND
PORTFOLIO STATEMENT (unaudited) (continued)
116
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
191,414
Scottish Mortgage 
Investment Trust
1,269
0.39
27,054
Starwood European 
Real Estate Finance
24
0.01
28,004
TwentyFour Select 
Monthly Income Fund
20
0.01
12,528
Utilico Emerging 
Markets Trust
28
0.01
2,136
0.68
Financial Services - 8.43%; 31.12.22 8.30%    
293,520 abrdn
642
0.20
36,530 BH MacroØ
136
0.04
3,162
City of London 
Investment Group
13
0.00
4,245 Foresight
18
0.01
514,153 Hargreaves Lansdown
4,175
1.33
289,380 IG
1,958
0.62
299,859 Intermediate Capital
4,155
1.32
307,164 Investec
1,354
0.43
44,832 JTC
319
0.10
58,468 London Stock Exchange
4,887
1.56
2,469,382 M&G
4,746
1.52
500,188 Man Group
1,094
0.35
102,823 Ninety One
172
0.05
281,450 Paragon
1,497
0.48
53,554 Rathbone BrothersØ
993
0.32
502 S&U
11
0.00
2,482 Secure Trust Bank
15
0.00
193,926 TP ICAP Group
292
0.09
16,176 XPS Pensions Group
29
0.01
26,506
8.43
Fixed Line Telecommunications - 0.41%; 31.12.22 0.36%    
1,047,605 BT Group
1,291
0.41
Food & Drug Retailers - 1.29%; 31.12.22 1.08%    
51,356 Greggs
1,314
0.42
1,027,702 J Sainsbury
2,750
0.87
4,064
1.29
Food Producers - 0.02%; 31.12.22 0.02%    
2,579
Anglo-Eastern 
Plantations
20
0.01
23,771 Bakkavor
23
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
16,560 Premier Foods
21
0.00
64
0.02
Gas, Water & Multiutilities - 2.51%; 31.12.22 2.36%    
83,432 National Grid
865
0.28
94,275 Severn Trent
2,417
0.77
478,147 United UtilitiesØ
4,608
1.46
7,890
2.51
General Industrials - 1.23%; 31.12.22 1.56%    
9,834 Melrose Industries
50
0.02
233,652 Smiths
3,826
1.21
3,876
1.23
General Retailers - 0.73%; 31.12.22 0.63%    
38,929 AO World
31
0.01
35,747 Card Factory
32
0.01
548,290 Kingfisher
1,262
0.41
495,798 Marks & Spencer
943
0.30
9,655 Motorpoint
9
0.00
23,406 Topps Tiles
11
0.00
2,288
0.73
Health Care Equipment & Services - 1.20%; 31.12.22 
1.58%    
965,767 ConvaTec
1,970
0.63
1,554 Medica
3
0.00
144,000 Smith & Nephew
1,808
0.57
3,781
1.20
Household Goods & Home Construction - 2.73%; 31.12.22 
2.66%    
290,269 Barratt Developments
1,209
0.38
3,264 Berkeley Group
128
0.04
34,095 Persimmon
353
0.11
102,023 Reckitt Benckiser
6,024
1.92
853,055 Taylor Wimpey
883
0.28
8,597
2.73
Industrial Engineering - 2.35%; 31.12.22 2.17%    
109,056 Hill & Smith
1,616
0.51
437,580 Rotork
1,329
0.42
17,901
Spirax-Sarco 
Engineering
1,857
0.59
19,782 Trifast
15
0.00
NM0923U-3094429-117/477

ACS UK ESG INSIGHTS EQUITY FUND
PORTFOLIO STATEMENT (unaudited) (continued)
117
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
145,579 Weir
2,565
0.83
7,382
2.35
Industrial Metals & Mining - 0.01%; 31.12.22 0.06%    
21,364 Capital
20
0.01
Industrial Transportation - 0.14%; 31.12.22 0.15%    
13,807 Clarkson
403
0.12
5,350 James Fisher & Sons
22
0.01
2,329 Ocean Wilsons
23
0.01
448
0.14
Investment Trusts - 0.07%; 31.12.22 0.07%    
47,265 Personal Assets Trust
219
0.07
Life Insurance - 2.04%; 31.12.22 2.12%    
1,448,305 Aviva
5,735
1.82
62,768 Prudential
689
0.22
6,424
2.04
Materials - 0.00%; 31.12.22 0.01%    
10,264 Petra Diamonds
7
0.00
Media - 5.25%; 31.12.22 5.87%    
141,885 Auto Trader
865
0.28
242,937 Informa
1,767
0.56
293,359 Moneysupermarket.com
793
0.25
51,750 Pearson
428
0.14
265,440 RELX (Registered)
6,967
2.21
126,566 Rightmove
663
0.21
4,832 STV
11
0.00
612,044 WPP
5,026
1.60
16,520
5.25
Mining - 5.10%; 31.12.22 6.13%    
254,592 Anglo American
5,686
1.82
240,933 Antofagasta
3,497
1.11
23,775 Endeavour Mining
437
0.14
201,227 Fresnillo
1,223
0.39
406,063 Hochschild Mining
290
0.09
3,383 Kenmare Resources
15
0.00
97,682 Rio Tinto (Registered)
4,880
1.55
16,028
5.10
Mobile Telecommunications - 1.07%; 31.12.22 1.19%    
4,539,404 Vodafone
3,367
1.07
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
Non-life Insurance - 0.34%; 31.12.22 0.38%    
16,396 Admiral
340
0.11
94,792 Beazley
554
0.17
51,913 Direct LineØ
70
0.02
10,249 HiscoxØ
112
0.04
1,076
0.34
Oil & Gas Producers - 3.29%; 31.12.22 3.50%    
1,753,035 BP
8,088
2.57
198,726 Capricorn Energy
364
0.12
184,744 Energean Oil & Gas
1,871
0.60
37,375 Pharos Energy
8
0.00
10,331
3.29
Oil Equipment, Services & Distribution - 6.10%; 31.12.22 
6.21%    
183,843 Hunting
366
0.12
872,966 John Wood
1,209
0.38
750,884 Shell
17,593
5.60
19,168
6.10
Personal Goods - 6.49%; 31.12.22 6.58%    
93,992 Burberry
1,994
0.63
8,041 Superdry
6
0.00
449,862 Unilever (Registered)
18,422
5.86
20,422
6.49
Pharmaceuticals & Biotechnology - 11.63%; 31.12.22 
11.34%    
233,787 AstraZeneca
26,479
8.43
716,597 GSK
9,978
3.17
4,462 Indivior
82
0.03
36,539
11.63
Real Estate Investment & Services - 0.01%; 31.12.22 
0.01%    
39,529 Foxtons
15
0.01
3,541 Palace Capital
8
0.00
23
0.01
Real Estate Investment Trusts - 2.92%; 31.12.22 3.82%    
23,376 AEW UK REIT
21
0.01
221,334 Big Yellow
2,368
0.75
306,499 British Land
938
0.30
50,672 Capital & Regional
28
0.01
NM0923U-3094429-118/477

ACS UK ESG INSIGHTS EQUITY FUND
PORTFOLIO STATEMENT (unaudited) (continued)
118
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
34,096
Ediston Property 
Investment
20
0.01
256,800 Great Portland Estates
1,082
0.34
41,868 Hammerson
10
0.00
787,549 Land Securities
4,523
1.44
111,468 LondonMetric Property
184
0.06
9,174
2.92
Software & Computer Services - 0.52%; 31.12.22 0.69%    
24,797 Funding Circle
13
0.00
383,583 NCC
371
0.12
135,004 Sage
1,245
0.40
1,629
0.52
Support Services - 4.88%; 31.12.22 4.19%    
21,831 Ashtead
1,179
0.37
1,100,538 Capita
304
0.10
75,092 DCC
3,273
1.05
8,808 DWF
5
0.00
155,193 Experian
4,666
1.49
59,717 Hays
61
0.02
45,307 Intertek
1,921
0.61
957,856 Mitie Group
926
0.29
83,880 Network International
322
0.10
171,122 Rentokil Initial
1,039
0.33
62,832 RS
471
0.15
658,204 Serco
1,002
0.32
269,932 SIG
95
0.03
8,630 Travis Perkins
70
0.02
15,334
4.88
Travel & Leisure - 5.63%; 31.12.22 4.87%    
441,671 Compass
9,642
3.06
16,309 Flutter Entertainment
2,530
0.80
15,077 Hostelworld
19
0.01
20,314 On the beach
19
0.01
19,766 Playtech
115
0.04
25,999 Rank
23
0.01
14,543 Saga
17
0.01
3,967
TEN Entertainment 
Group
11
0.00
158,124 Whitbread
5,341
1.69
17,717
5.63
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
COLLECTIVE INVESTMENT SCHEMES - 0.83%; 31.12.22 
0.33%    
Equity Funds - 0.13%; 31.12.22 0.04%    
11,551
abrdn Asian Income 
Fund
23
0.01
758 abrdn China Investment
3
0.00
65,064
Bluefield Solar Income 
Fund
77
0.02
27,724
Henderson Diversified 
Income
18
0.01
11,923
Henderson Far East 
Income Fund
29
0.01
18,509
Montanaro European 
Smaller Companies 
Trust
26
0.01
17,105
Schroder Asia Pacific 
Fund
84
0.03
5,993 Schroder Japan Growth
13
0.00
26,240
Schroder Oriental 
Income Fund
65
0.02
72,577
TwentyFour Income 
Fund
72
0.02
410
0.13
Investment Trusts - 0.70%; 31.12.22 0.29%    
46,659
abrdn Diversified Income 
And Growth Trust
38
0.01
7,445
abrdn Standard Equity 
Income TrustØ
23
0.01
4,128 Alliance Trust
41
0.01
3,308 Aurora Investment Trust
7
0.00
5,513
AVI Japan Opportunity 
Trust
7
0.00
9,847
Baillie Gifford Japan 
Investment Trust
76
0.02
17,373
BlackRock Energy and 
Resources*
19
0.01
13,683
BlackRock Greater 
Europe Investment 
Trust*
73
0.02
5,882
BlackRock Latin 
American Investment 
Trust*
24
0.01
6,453
BlackRock Smaller 
Companies Trust*
82
0.03
NM0923U-3094429-119/477

ACS UK ESG INSIGHTS EQUITY FUND
PORTFOLIO STATEMENT (unaudited) (continued)
119
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
14,085
BlackRock Throgmorton 
Trust*
80
0.03
24,974
BlackRock World Mining 
Trust*
149
0.05
66,496
City of London 
Investment Trust
263
0.08
5,210
Fidelity Asian Values 
Investment Trust
27
0.01
8,130
Finsbury Growth & 
Income Trust
71
0.02
1,031
Honeycomb Investment 
Trust
6
0.00
1,851
Invesco Asia Investment 
Trust
6
0.00
59,881
JPMorgan European 
Growth & Income
55
0.02
16,410
JPMorgan Japanese 
Investment Trust
80
0.03
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
10,096
Jupiter European 
Opportunities Trust
78
0.02
6,891
M&G Credit Income 
Investment Trust Fund
6
0.00
4,567
Majedie Investment 
Trust
8
0.00
15,877
Middlefield Canadian 
Income Trust
16
0.01
14,928 Mobius Investment Trust
19
0.01
11,612 Monks Investment Trust
115
0.04
4,448 NB Private Equity
67
0.02
9,386
Odyssean Investment 
Trust Fund
15
0.00
20,727
Pershing Square 
Holdings
587
0.19
3,586 RIT Capital Partners
66
0.02
1,329
Scottish Oriental Smaller 
Companies Trust
16
0.01
32,375
Temple Bar Investment 
Trust
71
0.02
5,348
Value & Income 
Investment Trust
10
0.00
2,201
0.70
 
Holding 
or Nominal 
Value Investment
Underlying 
Exposure 
£000's
Market 
Value 
£000's
% of 
Total 
Net 
Assets
                    
DERIVATIVES - 0.00%; 31.12.22 0.01%    
Forward Currency Contracts - 0.00%; 31.12.22 0.00%    
GBP 218,768 UK sterling vs US dollar
(216)
3
0.00
Futures - 0.00%; 31.12.22 0.01%    
34 FTSE 100 Index September 2023
2,561
5
0.00
 
 
 
 
NM0923U-3094429-120/477

ACS UK ESG INSIGHTS EQUITY FUND
PORTFOLIO STATEMENT (unaudited) (continued)
120
Holding 
or Nominal 
Value Investment
Underlying 
Exposure 
£000’s
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
                    
 
 
 
 
Portfolio of investments
311,352
99.02
CASH EQUIVALENTS
Short-term Money Market Funds - 1.38%; 31.12.22 0.43%    
41,566 BlackRock Institutional Cash Series Sterling Liquid Environmentally Aware Fund*
4,327
1.38
Net other liabilities
(1,244)
(0.40)
Total net assets
314,435 100.00
Unless otherwise stated, all securities are either listed on a recognised exchange or traded on an eligible securities market.
Underlying exposure has been calculated according to the guidelines issued by the European Securities and Markets 
Authority (“ESMA”) (as adopted by the FCA) and represents the market value of an equivalent position in the assets 
underlying each financial derivative instrument.
The counterparty for the forward currency contract is BNP Paribas.
Ø All or a portion of this investment represents a security on loan.
* Managed by a related party.
NM0923U-3094429-121/477

121
ACS UK ESG INSIGHTS EQUITY FUND
STATEMENT OF TOTAL RETURN (unaudited)
for the six months ended 30 June 2023
For the period 
to 30.6.2023
£000's
£000's
Income
Net capital gains
2,703
Revenue
7,223
Expenses
(33)
Interest payable and similar charges
–
Net revenue before taxation
7,190
Taxation
(2)
Net revenue after taxation
7,188
Total return before distributions
9,891
Equalisation
(238)
Change in net assets 
attributable to unitholders from investment activities
9,653
STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS (unaudited)
for the six months ended 30 June 2023
For the period 
to 30.6.2023
£000's
£000's
Opening net assets attributable to unitholders
322,615
Amounts receivable on issue of units
			
198,857
Amounts payable on cancellation of units
			 (216,690)
(17,833)
Change in net assets attributable to unitholders from investment activities
9,653
Closing net assets attributable to unitholders
314,435
Note: The Fund launched in the prior financial year, hence no comparative data is available.
NM0923U-3094429-122/477

122
ACS UK ESG INSIGHTS EQUITY FUND
BALANCE SHEET (unaudited)
at 30 June 2023
30.6.2023
31.12.20221
£000's
£000's
Assets:
Fixed assets
– Investment assets
311,352
320,954
Current assets
– Debtors
15,002
734
– Cash and bank balances
1,311
248
– Cash equivalents
4,327
1,404
Total assets
331,992
323,340
Liabilities:
Creditors
– Amounts held at futures clearing houses and brokers
–
(39)
– Other creditors
(17,557)
(686)
Total liabilities
(17,557)
(725)
Net assets attributable to unitholders
314,435
322,615
1 The Fund launched on 7 October 2022.
G D Bamping (Director)
M T Zemek (Director)
BlackRock Fund Managers Limited
30 August 2023
NM0923U-3094429-123/477

123
ACS US EQUITY TRACKER FUND
About the Fund
The Fund is a sub-fund of BlackRock Authorised Contractual Scheme I, a Co-Ownership Scheme constituted as a UCITS 
scheme under the COLL Sourcebook. From the date of launch, 27 June 2014, until 20 July 2015, this Fund was known as the 
BlackRock ACS US Equity Tracker Fund. On 21 July 2015 the Fund’s name changed to ACS US Equity Tracker Fund. The 
Fund was authorised by the FCA on 13 June 2014.
Risk and Reward Profile
 
 Lower risk 
Higher risk 
 Typically lower rewards
Typically higher rewards 
 Unit Class
 X1 Accumulation
1
2
3
4
5
6
7
 X1P Accumulation
1
2
3
4
5
6
7
•	 The risk indicator was calculated incorporating simulated historical data and may not be a reliable indication of the future 
risk profile of the Fund.
•	 The risk category shown is not guaranteed and may change over time.
•	 The lowest category does not mean risk free.
•	 The use of derivatives will impact the value of the Fund and may expose the Fund to a higher degree of risk. Derivatives 
are highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and 
gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can be greater where derivatives are 
used in an extensive or complex way.
For more information on this, please see the Fund’s Key Investor Information Document (“KIID”), which is available at  
www.blackrock.com.
Net Asset Value
At 30 June 2023
Units In Issue
Net Asset Value 
£000's
Net Asset Value 
per Unit 
p
X1 Accumulation 
	 	 	 7,341,775,769 	 	 	
15,117,623
205.91
X1P Accumulation 
	 	 	 1,280,122,247 	 	 	
2,472,516
193.15
Operating Charges
Unit Class
1.1.2023 
to 30.6.2023*
1.1.2022 
to 31.12.2022
X1 Accumulation 
0.01%
0.01%
X1P Accumulation 
0.01%
0.01%
*Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/depositary 
and entry/exit charges paid to an underlying collective investment scheme (if any).
Distributions Payable
Any income available is accumulated annually on the last day of February.
NM0923U-3094429-124/477

124
ACS US EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited)
at 30 June 2023
Holding 
or Nominal 
Value Investment
Market 
Value 
£000's
% of 
Total 
Net 
Assets
       
EQUITIES - 99.01%; 31.12.22 99.40%    
Russia - 0.00%; 31.12.22 0.00%    
Software & Computer Services - 0.00%; 31.12.22 0.00%    
186,716 Yandex†
1
0.00
United States - 99.01%; 31.12.22 99.40%    
Aerospace & Defence - 0.23%; 31.12.22 0.20%    
29,815 HeicoØ
4,148
0.02
48,556 Heico class 'A' shares
5,374
0.03
232,637 Howmet Aerospace
8,973
0.05
31,883 TransDigm
22,341
0.13
40,836
0.23
Alternative Energy - 0.16%; 31.12.22 0.18%    
82,476 Enphase Energy
10,350
0.06
61,634 First Solar
8,968
0.05
313,063 Plug Power
2,475
0.01
31,576
SolarEdge 
Technologies
6,336
0.04
28,129
0.16
Automobiles & Parts - 2.60%; 31.12.22 1.69%    
165,545 Aptiv
13,207
0.08
51,767 Autoliv
3,472
0.02
135,764 BorgWarner
5,172
0.03
2,414,573 Ford Motor
28,524
0.16
830,925 General Motors
25,098
0.14
133,105 Gentex
3,072
0.02
415,267
Johnson Controls 
International
22,108
0.13
38,703 Lear
4,359
0.02
152,558 LKQ
6,961
0.04
392,787 LucidØ
2,134
0.01
278,497 Rivian AutomotiveØ
3,523
0.02
1,669,045 Tesla
339,853
1.93
457,483
2.60
Banks - 2.62%; 31.12.22 3.43%    
4,213,483 Bank of America
95,484
0.54
1,177,113 Citigroup
43,084
0.24
274,696 Citizens Financial
5,632
0.03
76,344 ComericaØ
2,587
0.01
61,915
Commerce 
BancsharesØ
2,349
0.01
38,612 Credicorp
4,456
0.03
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
400,252 Fifth Third Bancorp
8,311
0.05
829,362 Huntington Bancshares
7,082
0.04
1,768,549 JPMorgan Chase & Co.
200,586
1.15
544,058 KeyCorp
4,009
0.02
106,525 M&T Bank
10,466
0.06
244,309 PNC Financial Services
24,271
0.14
568,408 Regions Financial
7,951
0.05
805,472
Truist Financial 
Corporation
19,514
0.11
915,298 US Bancorp
23,702
0.13
82,204 Zions Bancorporation
1,773
0.01
461,257
2.62
Beverages - 1.72%; 31.12.22 2.00%    
105,988
Brown-Forman class 
‘B’ shares
5,555
0.03
2,355,953 Coca-Cola
111,827
0.64
119,771
Coca-Cola European 
Partners
6,045
0.03
91,868
Constellation Brands 
class ‘A’ shares
17,944
0.10
569,145 Keurig Dr Pepper
13,834
0.08
104,834
Molson Coors Brewing 
class ‘B’ shares
5,439
0.03
442,059 Monster Beverage
20,074
0.11
833,347 PepsiCo
121,124
0.70
301,842
1.72
Chemicals - 1.49%; 31.12.22 1.65%    
132,299
Air Products & 
Chemicals
30,842
0.17
71,892 Albemarle
12,447
0.07
48,791 Avery Dennison
6,481
0.04
65,990 CelaneseØ
5,955
0.03
113,305 CF Industries
6,299
0.04
417,885 Dow
17,588
0.10
289,276 DuPont de Nemours
16,206
0.09
79,589 Eastman Chemical
5,218
0.03
147,520 Ecolab
21,453
0.12
76,621 FMC
6,333
0.04
159,997
International Flavors & 
Fragrances
9,845
0.06
296,747 Linde
88,989
0.51
NM0923U-3094429-125/477

ACS US EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
125
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
151,491
Lyondellbasell 
Industries class ‘A’ 
shares
10,864
0.06
204,408 Mosaic
5,621
0.03
138,399 PPG Industries
15,908
0.09
15,558 Westlake ChemicalØ
1,462
0.01
261,511
1.49
Communications - 0.05%; 31.12.22 0.03%    
274,054 RobloxØ
8,395
0.05
Construction & Materials - 0.60%; 31.12.22 0.58%    
512,499 Carrier Global
20,055
0.11
37,421
Martin Marietta 
Materials
13,547
0.08
136,608 Masco
6,195
0.04
143,339 Sherwin-Williams
29,622
0.17
139,158 Trane Technologies
20,903
0.12
82,004 Vulcan Materials
14,576
0.08
104,898
0.60
Consumer, Non-cyclical - 0.08%; 31.12.22 0.06%    
88,253 Quanta ServicesØ
13,599
0.08
Electricity - 0.97%; 31.12.22 1.30%    
31,425 Avangrid
931
0.01
208,294 Consolidated Edison
14,752
0.08
194,072 Constellation EnergyØ
13,940
0.08
225,316 Edison International
12,216
0.07
126,364 Entergy
9,565
0.05
206,615 Eversource Energy
11,392
0.06
615,896 Exelon
19,538
0.11
1,224,549 NextEra Energy
70,508
0.41
127,829 NRG Energy
3,757
0.02
296,171
Public Service 
Enterprise
14,482
0.08
171,081
0.97
Electronic & Electrical Equipment - 1.00%; 31.12.22 1.17%    
180,347 Agilent Technologies
16,838
0.10
53,791 Allegion
5,084
0.03
141,044 AMETEKØ
17,868
0.10
346,495
Amphenol class ‘A’ 
shares
22,863
0.13
38,527 Arrow Electronics
4,311
0.02
345,887 Emerson Electric
24,409
0.14
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
266,987 Flex
5,776
0.03
104,615 Keysight Technologies
13,677
0.08
13,415
Mettler-Toledo 
International
13,968
0.08
74,698 PerkinElmer
7,000
0.04
81,232 Sensata Technologies
2,856
0.02
192,547 TE Connectivity
21,082
0.12
143,683 Trimble
5,996
0.03
37,133 WatersØ
7,691
0.04
29,746 Zebra Technologies
6,790
0.04
176,209
1.00
Energy - 0.03%; 31.12.22 0.00%    
185,875 APA
4,987
0.03
Financials - 0.05%; 31.12.22 0.00%    
46,188 LPL Financial
7,957
0.05
Financial Services - 5.51%; 31.12.22 6.13%    
158,131 Ally Financial
3,366
0.02
354,045 American Express
48,164
0.27
62,792 Ameriprise FinancialØ
16,465
0.09
471,811
Bank of New York 
Mellon
16,489
0.09
89,914 BlackRock*
48,901
0.28
425,592 Blackstone GroupØ
31,229
0.18
226,281 Capital One Financial
19,547
0.11
126,942 Carlyle Group
3,181
0.02
62,892 Cboe Global Markets
6,750
0.04
907,468 Charles Schwab
41,000
0.23
214,872 CME
31,153
0.18
155,391
Discover Financial 
Services
14,485
0.08
71,826 Equifax
13,310
0.08
227,339 Equitable
4,844
0.03
147,725 FNF
4,210
0.02
151,262 Franklin Resources
3,204
0.02
155,349 Global Payments
11,913
0.07
195,631 Goldman Sachs
49,984
0.28
331,156
Intercontinental 
Exchange
29,405
0.17
385,630 KKR & CompanyØ
17,057
0.10
21,253 MarketAxess
4,403
0.03
507,509
MasterCard class ‘A’ 
shares
155,587
0.88
NM0923U-3094429-126/477

ACS US EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
126
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
97,322 Moody's
26,507
0.15
738,328 Morgan Stanley
49,763
0.28
47,078 MSCI
17,200
0.10
207,302 Nasdaq
8,169
0.05
125,415 Northern Trust
7,272
0.04
120,983
Raymond James 
Financial
9,915
0.06
194,051 S&P Global
60,752
0.35
54,685 SEI Investments
2,562
0.01
209,687 State Street
12,127
0.07
263,097 Synchrony Financial
7,086
0.04
129,885 T Rowe PriceØ
11,417
0.06
979,588 VisaØ
181,488
1.03
968,905
5.51
Fixed Line Telecommunications - 0.73%; 31.12.22 0.93%    
4,332,797 AT&T
54,781
0.31
2,545,643
Verizon 
Communications
74,455
0.42
129,236
0.73
Food & Drug Retailers - 0.27%; 31.12.22 0.29%    
99,213 AmerisourceBergen
14,945
0.08
401,825 Kroger
14,717
0.08
303,522 Sysco
17,558
0.11
47,220
0.27
Food Producers - 1.15%; 31.12.22 1.38%    
323,761 Archer Daniels Midland
19,105
0.11
94,381 Bunge
6,925
0.04
124,353 Campbell Soup
4,472
0.03
281,657 Conagra Brands
7,418
0.04
430,863 Corteva
19,661
0.11
350,224 General Mills
21,126
0.12
89,366 Hershey
17,572
0.10
182,908 Hormel Foods
5,765
0.03
65,965 JM Smucker
7,634
0.04
158,569 Kellogg
8,377
0.05
479,662 Kraft Heinz
13,286
0.08
85,664 Lamb Weston
7,714
0.04
150,562 McCormick & Co
10,329
0.06
823,238 Mondelez International
47,056
0.26
163,375 Tyson Foods
6,548
0.04
202,988
1.15
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
Forestry & Paper - 0.03%; 31.12.22 0.04%    
226,593 International Paper
5,676
0.03
Gas, Water & Multiutilities - 0.30%; 31.12.22 0.35%    
117,635 American Water Works
13,067
0.07
88,638 Atmos EnergyØ
8,110
0.05
390,713 CenterPoint Energy
8,873
0.05
193,096 Sempra Energy
22,122
0.13
52,172
0.30
General Industrials - 1.20%; 31.12.22 1.36%    
332,039 3M
26,050
0.15
183,110 Ball
8,354
0.05
398,128 Danaher
74,850
0.42
239,369 Eaton
37,636
0.21
655,795 General Electric
55,888
0.32
51,433
Packaging Corporation 
of America
5,363
0.03
151,014 WestRock
3,425
0.02
211,566
1.20
General Retailers - 6.73%; 31.12.22 7.35%    
36,883 Advance Auto Parts
1,990
0.01
11,264 AutoZone
21,885
0.12
119,983 Best BuyØ
7,894
0.04
38,158 Burlington Stores
4,635
0.03
95,187 CarMax
6,348
0.04
16,442 Chipotle Mexican Grill
27,438
0.16
262,566 Copart
18,735
0.11
268,001 Costco Wholesale
112,635
0.64
686,666 Coupang
9,371
0.05
776,529 CVS Health
42,219
0.24
74,895 Darden RestaurantsØ
9,789
0.06
135,839 Dollar General
17,910
0.10
129,342 Dollar TreeØ
14,687
0.08
324,146 eBay
11,429
0.06
72,309 Etsy
4,899
0.03
87,822 Genuine Parts
11,531
0.07
612,623 Home Depot
149,171
0.85
362,429 Lowe's
63,860
0.36
67,563 Lululemon Athletica
19,780
0.11
440,400 McDonald's
102,545
0.58
27,724 MercadoLibre
25,661
0.15
265,256 Netflix
89,831
0.51
NM0923U-3094429-127/477

ACS US EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
127
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
37,062 O'Reilly AutomotiveØ
27,453
0.16
684,396 PayPal
35,646
0.20
144,676 Rollins
4,862
0.03
206,724 Ross Stores
17,796
0.10
684,728 Starbucks
53,427
0.30
276,822 Target
29,090
0.17
690,210 TJX
45,701
0.26
64,520 Tractor SupplyØ
11,092
0.06
1,173,120 Uber Technologies
39,497
0.22
30,346 Ulta BeautyØ
11,160
0.06
448,234
Walgreens Boots 
Alliance
10,055
0.06
863,425 Walmart
105,336
0.60
172,265 Yum! Brands
18,695
0.11
1,184,053
6.73
Healthcare Equipment & Services - 5.48%; 31.12.22 6.23%    
45,388 Align Technology
12,265
0.07
144,285 Anthem
50,211
0.29
302,107 Baxter International
10,678
0.06
169,291 Becton Dickinson
34,869
0.20
12,161 Bio-Rad Laboratories
3,603
0.02
89,576 Bio-Techne
5,620
0.03
871,854 Boston Scientific
36,730
0.21
326,027 Centene
17,269
0.10
177,512 Cigna
38,922
0.22
29,084 Cooper
8,742
0.05
29,477 DaVita
2,303
0.01
122,263 Dentsply Sirona
3,818
0.02
232,275 DexCom
23,497
0.13
361,402 Edwards Lifesciences
26,296
0.15
232,820
GE Healthcare 
Technologies
14,482
0.08
126,968 HCA Healthcare
30,162
0.17
80,704 Henry Schein
5,162
0.03
151,779 Hologic
9,609
0.05
76,494 Humana
26,849
0.15
48,322 ICON
9,266
0.05
50,115 IDEXX Laboratories
19,585
0.11
41,282 Insulet
9,501
0.05
212,535 Intuitive Surgical
56,892
0.33
53,947
Laboratory Corporation 
of America
10,257
0.06
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
27,534 Masimo
3,606
0.02
799,233 Medtronic
54,841
0.32
33,816 Molina Healthcare
7,884
0.04
59,387 Novocure
1,892
0.01
70,526 Quest Diagnostics
7,868
0.04
87,975 ResMed
15,043
0.09
58,127 STERIS
10,160
0.06
215,875 Stryker
51,488
0.29
28,716 Teleflex
5,335
0.03
233,402
Thermo Fisher 
Scientific
94,946
0.55
562,292 UnitedHealth
211,925
1.21
41,774
Universal Health 
Services class ‘B’ 
shares
5,170
0.03
44,066
West Pharmaceutical 
Services
13,147
0.07
123,119 Zimmer Biomet
14,129
0.08
964,022
5.48
Household Goods & Home Construction - 1.54%; 31.12.22 
1.70%    
141,843 Church & Dwight
11,097
0.06
73,718 Clorox
9,204
0.05
191,141 DR HortonØ
18,188
0.10
70,737
Fortune Brands Home 
& Security
4,017
0.02
206,584 Kimberly-Clark
22,403
0.13
7,200 LennarØ
638
0.00
152,320 Lennar class ‘A’ shares
14,907
0.08
31,699 Mohawk Industries
2,592
0.01
1,722 NVR
8,580
0.05
1,424,118 Procter & Gamble
168,221
0.97
131,962 Pulte Homes
8,067
0.05
31,124 WhirlpoolØ
3,678
0.02
271,592
1.54
Industrial Engineering - 1.76%; 31.12.22 1.86%    
314,141 Caterpillar
60,657
0.35
85,401 Cummins
16,341
0.09
164,959 Deere
52,404
0.30
86,434 Dover
9,886
0.06
39,864 GeneracØ
4,649
0.03
43,010 IDEX
7,262
0.04
NM0923U-3094429-128/477

ACS US EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
128
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
248,287 Ingersoll Rand
12,643
0.07
243,731 Otis Worldwide
17,079
0.10
312,716 PACCAR
20,427
0.12
78,325 Parker-HannifinØ
23,969
0.14
107,224 Pentair
5,401
0.03
68,282 Rockwell Automation
17,504
0.10
62,654 Roper Technologies
23,585
0.13
33,211 Snap-on
7,535
0.04
104,485
Stanley Black & 
DeckerØ
7,816
0.04
112,455 Wabtec
9,604
0.05
138,532 Xylem
12,199
0.07
308,961
1.76
Industrial Metals - 0.33%; 31.12.22 0.34%    
869,526 Freeport-McMoRan
27,055
0.16
148,474 Nucor
19,177
0.11
45,972 Southern Copper
2,568
0.01
100,369 Steel Dynamics
8,662
0.05
57,462
0.33
Industrial Support Services - 0.00%; 31.12.22 0.05%    
Industrial Transportation - 1.39%; 31.12.22 1.56%    
70,865
CH Robinson 
Worldwide
5,282
0.03
1,254,383 CSX
33,584
0.19
90,244
Expeditors International 
of WashingtonØ
8,573
0.05
141,589 FedEx
27,986
0.16
49,404
JB Hunt Transport 
Services
7,122
0.04
135,252 Norfolk Southern
24,164
0.14
58,599
Old Dominion Freight 
Line
17,410
0.10
366,586 Union Pacific
59,337
0.34
435,486
United Parcel Service 
class ‘B’ shares
60,617
0.34
244,075
1.39
Industrials - 0.00%; 31.12.22 0.01%    
Investment Banking & BrokerageServices - 0.11%; 
31.12.22 0.10%    
311,499
Apollo Global 
Management
18,675
0.11
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
Land & Resource Management - 0.02%; 31.12.22 0.00%    
3,322 Texas Pacific Land
3,461
0.02
Leisure Goods - 0.44%; 31.12.22 0.46%    
467,203 Activision Blizzard
30,684
0.17
162,409 Electronic Arts
16,752
0.10
87,152 Garmin
7,139
0.04
85,257 Hasbro
4,302
0.02
24,205 PoolØ
7,091
0.04
102,079
Take-Two Interactive 
Software
11,742
0.07
77,710
0.44
Life Insurance - 0.61%; 31.12.22 0.84%    
361,470 Aflac
19,758
0.11
26,335 Assurant
2,594
0.01
248,725 Chubb
37,190
0.21
53,764 Globe Life
4,632
0.03
386,506 MetLife
17,169
0.10
142,062 Principal Financial
8,489
0.05
213,305 Prudential Financial
14,815
0.08
53,825 Voya Financial
3,037
0.02
107,684
0.61
Media - 1.54%; 31.12.22 1.61%    
61,295
Charter 
CommunicationsØ
17,573
0.10
2,487,715
Comcast class ‘A’ 
shares
81,593
0.47
24,072
FactSet Research 
Systems
7,529
0.04
87,016 Fox class 'A' shares
2,209
0.01
180,980 Fox class 'B' shares
4,924
0.03
242,485 InterpublicØ
7,303
0.04
10,310
Liberty Broadband 
class 'A' shares
646
0.00
69,347
Liberty Broadband 
class 'C' shares
4,361
0.02
114,271
Liberty Global class 'A' 
shares
1,519
0.01
179,215
Liberty Global class 'C' 
shares
2,508
0.01
36,038
Liberty Media Corp-
Liberty SiriusXM class 
'A' shares
908
0.01
NM0923U-3094429-129/477

ACS US EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
129
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
97,703
Liberty Media Corp-
Liberty SiriusXM class 
'C' shares
2,453
0.01
202,439 News class 'A' shares
3,128
0.02
91,438 News class 'B' sharesØ
1,426
0.01
119,873 Omnicom
8,922
0.05
441,951 Sirius XMØ
1,510
0.01
83,806 Spotify Technology
10,553
0.06
264,475 Trade Desk
16,178
0.09
354,264 Viacomcbs
4,479
0.03
1,106,188 Walt Disney
77,810
0.44
1,378,747 Warner Bros Discovery
13,529
0.08
271,061
1.54
Mining - 0.09%; 31.12.22 0.12%    
488,460 Newmont Mining
16,198
0.09
Mobile Telecommunications - 0.33%; 31.12.22 0.39%    
101,355 Motorola Solutions
23,128
0.13
324,440 T-Mobile
35,107
0.20
58,235
0.33
Non-life Insurance - 3.15%; 31.12.22 3.43%    
161,558 Allstate
13,934
0.08
431,346 American International
19,509
0.11
123,060 Aon
33,270
0.19
215,042 Arch Capital
12,418
0.07
130,304 Arthur J Gallagher
22,111
0.13
216
Berkshire Hathaway 
convertible class 'A' 
sharesØ
87,232
0.50
784,620
Berkshire Hathaway 
convertible class 'B' 
shares
208,988
1.19
140,699 Brown & Brown
7,531
0.04
89,871 Cincinnati Financial
6,867
0.04
26,305 CNA Financial
802
0.00
27,187 Everest Re
7,304
0.04
182,097
Hartford Financial 
Services
10,269
0.06
116,349 Loews
5,440
0.03
8,280 Markel
8,970
0.05
301,627 Marsh & McLennan
44,344
0.25
350,882 Progressive
36,647
0.21
29,259 RenaissanceRe
4,279
0.02
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
136,456 Travelers
18,445
0.10
136,156 WR Berkley
6,365
0.04
554,725
3.15
Oil & Gas Producers - 2.45%; 31.12.22 3.29%    
453,997 Cabot Oil & Gas
9,021
0.05
151,530 Cheniere Energy
18,122
0.10
1,046,018 Chevron
129,216
0.74
732,835 ConocoPhillips
59,707
0.34
378,647 Devon Energy
14,491
0.08
112,576 Diamondback Energy
11,572
0.07
356,138 EOG Resources
31,812
0.18
170,503 Hess
18,043
0.10
1,206,916 Kinder Morgan
16,414
0.09
362,003 Marathon Oil
6,561
0.04
268,045 Marathon Petroleum
24,655
0.14
416,583 Occidental Petroleum
19,276
0.11
272,588 Phillips 66
20,379
0.12
139,609
Pioneer Natural 
Resources
22,748
0.13
131,096 Targa Resources
7,797
0.04
225,126 Valero Energy
20,756
0.12
430,570
2.45
Oil Equipment, Services & Distribution - 0.54%; 31.12.22 
0.65%    
604,857 Baker Hughes
14,998
0.09
550,874 Halliburton
14,457
0.08
274,751 ONEOK
13,356
0.08
861,737 Schlumberger
33,026
0.18
743,207 Williams
19,116
0.11
94,953
0.54
Personal Goods - 0.70%; 31.12.22 0.89%    
128,078 Bath & Body Works
3,830
0.02
495,948 Colgate-Palmolive
30,023
0.17
138,553
Estee Lauder class ‘A’ 
shares
21,092
0.12
722,364 NIKE
64,771
0.37
210,405 VF
3,194
0.02
122,910
0.70
Pharmaceuticals & Biotechnology - 7.68%; 31.12.22 
9.26%    
1,047,138 Abbott Laboratories
89,140
0.51
NM0923U-3094429-130/477

ACS US EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
130
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
1,067,464 AbbVie
112,461
0.64
77,190
Alnylam 
Pharmaceuticals
11,661
0.07
323,136 Amgen
56,500
0.32
402,722 Avantor
6,423
0.04
87,106 Biogen
19,437
0.11
118,806
BioMarin 
Pharmaceutical
8,354
0.05
1,266,545 Bristol-Myers Squibb
64,103
0.36
159,666 Cardinal Health
11,855
0.07
104,132 Catalent
3,544
0.02
29,591
Charles River 
Laboratories 
International
4,891
0.03
256,983 Elanco Animal Health
2,038
0.01
511,923 Eli Lilly
188,015
1.07
112,247 Exact Sciences
8,369
0.05
757,237 Gilead Sciences
45,523
0.26
137,211 Horizon Therapeutics
11,194
0.06
184,779 Illinois Tool WorksØ
36,310
0.21
96,927 IlluminaØ
14,215
0.08
112,967 Incyte
5,524
0.03
110,116 IQVIA Holdings
19,279
0.11
33,923 Jazz Pharmaceuticals
3,317
0.02
1,573,471 Johnson & Johnson
204,176
1.15
83,598 McKesson
27,803
0.16
1,536,512 Merck & Co
137,954
0.78
203,673 Moderna
19,668
0.11
148,659 Organon
2,437
0.01
3,417,950 Pfizer
97,617
0.55
62,381
Regeneron 
Pharmaceuticals
34,944
0.20
208,233 Royalty Pharma
5,032
0.03
82,339 Seagen
12,471
0.07
156,587 Vertex Pharmaceuticals
43,121
0.25
710,117 Viatris
5,564
0.03
282,851 Zoetis
38,437
0.22
1,351,377
7.68
Real Estate Investment & Services - 0.13%; 31.12.22 
0.14%    
187,606 CBRE class ‘A’ shares
11,916
0.07
310,677 Healthpeak Properties
4,906
0.03
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
39,553 Zillow
1,532
0.01
97,254 Zillow Group
3,858
0.02
22,212
0.13
Real Estate Investment Trusts - 2.45%; 31.12.22 2.79%    
374,595 AGNC InvestmentØ
3,006
0.02
99,685
Alexandria Real Estate 
Equities
8,934
0.05
281,596
American Tower class 
‘A’ shares
42,913
0.25
275,847
Annaly Capital 
Management
4,364
0.02
85,455
AvalonBay 
Communities
12,702
0.07
90,907 Boston Properties
4,104
0.02
262,227
Crown Castle 
International
23,650
0.13
180,149 Digital Realty Trust
15,939
0.09
55,758 Equinix
34,234
0.20
105,605
Equity LifeStyle 
Properties
5,541
0.03
223,254 Equity Residential
11,547
0.07
37,459 Essex Property Trust
6,902
0.04
79,466 Extra Space Storage
9,298
0.05
47,378 Federal Realty OP
3,609
0.02
421,855 Host Hotels & Resorts
5,567
0.03
378,615 Invitation Homes
10,215
0.06
165,759 Iron Mountain
7,361
0.04
338,935 Kimco Realty
5,280
0.03
72,702
Mid-America Apartment 
Communities
8,741
0.05
558,047 Prologis
53,607
0.31
95,197 Public Storage
21,715
0.12
394,687 Realty Income
18,790
0.11
111,102 Regency Centers
5,418
0.03
65,423 SBA Communications
11,876
0.07
197,218 Simon Property
17,893
0.10
73,360 Sun Communities
7,455
0.04
209,662 UDR
7,109
0.04
261,090 Ventas
9,831
0.06
597,034 Vici Props.
14,814
0.08
298,534 Welltower
18,981
0.11
458,220 Weyerhaeuser
12,072
0.07
NM0923U-3094429-131/477

ACS US EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
131
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
131,664 WP Carey
7,033
0.04
430,501
2.45
Software & Computer Services - 20.53%; 31.12.22 16.71%    
277,169 Adobe
106,022
0.60
97,853 Akamai Technologies
6,903
0.04
3,594,736
Alphabet class 'A' 
shares
338,525
1.91
3,115,289
Alphabet class 'C' 
shares
295,641
1.68
5,449,991 Amazon.com
551,334
3.13
69,785 Amdocs
5,408
0.03
51,413 Ansys
13,242
0.08
151,631 Arista Networks
19,100
0.11
131,228 Autodesk
21,394
0.12
165,210
Cadence Design 
Systems
29,855
0.17
83,169 CDW
11,878
0.07
83,323 Ceridian HCM
4,337
0.02
56,097
Check Point Software 
Technologies
5,674
0.03
172,001 Cloudflare
8,716
0.05
302,273 Cognizant Technology
15,428
0.09
130,085 CrowdstrikeØ
14,804
0.08
164,113 Datadog
12,512
0.07
119,470 DocuSign
4,839
0.03
180,112 DoorDashØ
10,742
0.06
33,148 EPAM Systems
5,887
0.03
397,136 Fortinet
23,570
0.13
213,376 Fortive
12,407
0.07
47,682 Gartner
12,916
0.07
91,646 GoDaddy
5,373
0.03
800,068
Hewlett Packard 
Enterprise
10,533
0.06
26,999 HubSpot
11,024
0.06
164,561 Intuit
59,311
0.34
178,019 Match
5,896
0.03
1,338,007 Meta
297,912
1.69
4,501,982 Microsoft
1,192,508
6.77
38,908 Mongodb
12,382
0.07
309,178 Nortonlifelock
4,503
0.03
85,428 Okta
4,670
0.03
919,767 Oracle
85,657
0.49
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
1,111,636 Palantir Technologies
13,352
0.08
180,366 Palo Alto NetworksØ
36,129
0.21
32,712 Paycom Software
8,111
0.05
362,821 Pinterest
7,929
0.05
66,181 PTC
7,464
0.04
574,190 Salesforce.com
95,488
0.54
123,156 ServiceNow
53,420
0.30
184,667 Snowflake
25,665
0.15
97,239 Splunk
8,094
0.05
142,628 SS&C TechnologiesØ
6,817
0.04
92,821 Synopsys
31,404
0.18
107,246 TwilioØ
5,363
0.03
24,544 Tyler Techs.
7,990
0.05
237,127 UiPath
3,122
0.02
171,526 Unity Software
5,921
0.03
87,308 Veeva Systems
13,473
0.08
57,689 VeriSign
10,164
0.06
132,224 VMware
15,043
0.09
121,252 Workday
21,775
0.12
149,358
Zoom Video 
Communications
7,986
0.05
55,686 Zscaler
6,374
0.04
3,611,987
20.53
Support Services - 2.31%; 31.12.22 2.45%    
382,217 Accenture
93,197
0.54
247,889
Automatic Data 
Processing
42,426
0.25
73,672
Broadridge Financial 
Solutions
9,512
0.05
52,068 Cintas
20,164
0.11
250,885 CoStar Group
17,882
0.10
14,991 Fair Isaac
9,442
0.05
351,903 FastenalØ
16,292
0.09
354,301
Fidelity National 
Information Services
14,828
0.08
367,300 Fiserv
36,021
0.20
43,232 FleetCor Technologies
8,478
0.05
45,275
Jack Henry & 
Associates
5,960
0.03
195,759 Paychex
16,926
0.10
121,870 Republic Services
14,593
0.08
NM0923U-3094429-132/477

ACS US EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
132
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
59,990
Robert Half 
International
3,513
0.02
334,701 Square
17,035
0.10
110,290 TransUnionØ
6,757
0.04
41,244 United Rentals
14,207
0.08
85,184 Verisk Analytics
15,032
0.09
243,970 Waste Management
32,717
0.19
60,166 Willis Towers Watson
11,064
0.06
406,046
2.31
Technology - 0.06%; 31.12.22 0.06%    
88,999 Atlassian
11,368
0.06
Technology Hardware & Equipment - 16.11%; 31.12.22 
12.56%    
970,295
Advanced Micro 
Devices
85,314
0.49
305,790 Analog Devices
45,812
0.26
9,027,563 Apple
1,353,314
7.70
510,616 Applied Materials
58,232
0.33
59,326 Bill.comØ
5,445
0.03
246,911 Broadcom
168,386
0.96
2,480,344 Cisco Systems
100,473
0.57
459,821 Corning
12,620
0.07
38,826 F5 Networks
4,475
0.03
51,073 GlobalFoundriesØ
2,547
0.01
515,871 HP
12,363
0.07
2,527,864 Intel
65,820
0.37
549,634
International Business 
Machines
58,258
0.33
178,459 Juniper Networks
4,356
0.02
83,155 KLA-Tencor
31,374
0.18
81,541 Lam Research
41,280
0.23
509,198 Marvell Technology
23,505
0.13
321,324 Microchip Technology
22,097
0.13
665,572 Micron TechnologyØ
33,865
0.19
27,936
Monolithic Power 
Systems
11,834
0.07
123,734 NetApp
7,453
0.04
1,437,364 NVIDIA
464,134
2.65
159,444 NXP Semiconductors
25,178
0.14
255,965 ON Semiconductor
18,634
0.11
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
64,425 Qorvo
5,159
0.03
674,847 Qualcomm
62,986
0.36
110,166 Seagate Technology
5,395
0.03
97,001 Skyworks Solutions
8,428
0.05
89,081 Teradyne
7,704
0.04
549,104 Texas Instruments
76,754
0.44
201,352 Western Digital
5,989
0.03
189,082 ZoomInfoØ
3,899
0.02
2,833,083
16.11
Telecommunications Equipment - 0.00%; 31.12.22 0.00%    
2,252 Ubiquiti
309
0.00
Telecommunications Service Providers - 0.00%; 31.12.22 
0.02%    
Tobacco - 0.63%; 31.12.22 0.75%    
1,090,593 Altria
38,779
0.22
938,746
Philip Morris 
International
72,527
0.41
111,306
0.63
Travel & Leisure - 1.11%; 31.12.22 1.01%    
242,095 AirbnbØ
23,941
0.13
120,032 American AirlinesØ
1,669
0.01
148,992 Aramark
5,028
0.03
22,578 Booking
47,415
0.26
121,990 Caesars Entertainment
4,799
0.03
622,019 CarnivalØ
8,440
0.05
89,568 Delta Air Lines
3,280
0.02
21,890 Domino's Pizza
5,724
0.03
94,595 Expedia
8,068
0.05
157,281 Hilton Worldwide
17,903
0.10
189,978 Las Vegas Sands
8,622
0.05
88,837
Live Nation 
EntertainmentØ
6,299
0.04
155,434
Marriott International 
class ‘A’ shares
22,280
0.12
184,475
MGM Resorts 
International
6,274
0.04
144,560
Royal Caribbean 
CruisesØ
11,611
0.07
74,780 Southwest AirlinesØ
2,126
0.01
52,780 United Continental
2,241
0.01
NM0923U-3094429-133/477

ACS US EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
133
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
23,383 Vail ResortsØ
4,611
0.03
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
62,263 Wynn Resorts
5,144
0.03
195,475
1.11
 
 
 
Holding 
or Nominal 
Value Investment
Underlying 
Exposure 
£000's
Market 
Value 
£000's
% of 
Total 
Net 
Assets
                    
DERIVATIVES - 0.01%; 31.12.22 (0.02)%    
Futures - 0.01%; 31.12.22 (0.02)%    
951 S&P 500 E-Mini September 2023
167,442
2,526
0.01
Portfolio of investments
17,418,485
99.02
CASH EQUIVALENTS
Short-term Money Market Funds - 0.78%; 31.12.22 0.34%    
173,180,179 BlackRock Institutional Cash Series US Dollar Liquidity Fund**
136,934
0.78
Net other assets
34,720
0.20
Total net assets
17,590,139 100.00
Unless otherwise stated, all securities are either listed on a recognised exchange or traded on an eligible securities market.
Underlying exposure has been calculated according to the guidelines issued by the European Securities and Markets 
Authority (“ESMA”) (as adopted by the FCA) and represents the market value of an equivalent position in the assets 
underlying each financial derivative instrument.
† Suspended investments fair valued.
Ø All or a portion of this investment represents a security on loan.
* Related party to the Fund.
** Managed by a related party.
NM0923U-3094429-134/477

134
ACS US EQUITY TRACKER FUND
STATEMENT OF TOTAL RETURN (unaudited)
for the six months ended 30 June 2023
For the period 
to 30.6.2023
For the period 
to 30.6.2022
£000's
£000's
£000's
£000's
Income
Net capital gains/(losses)
1,577,623
(2,501,629)
Revenue
128,147
108,370
Expenses
(574)
(492)
Interest payable and similar charges
(23)
(4)
Net revenue before taxation
127,550
107,874
Taxation
(37)
(29)
Net revenue after taxation
127,513
107,845
Total return before distributions
1,705,136
(2,393,784)
Equalisation
4,893
(1,180)
Change in net assets 
attributable to unitholders from investment activities
1,710,029
(2,394,964)
STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS (unaudited)
for the six months ended 30 June 2023
For the period 
to 30.6.2023
For the period 
to 30.6.2022
£000's
£000's
£000's
£000's
Opening net assets attributable to unitholders 
14,784,809
18,717,167
Amounts receivable on issue of units
			 1,258,198
			
588,143
Amounts payable on cancellation of units
			 (162,897)
			(2,218,013)
Amounts payable on in-specie transactions
			
–
			 (307,398)
1,095,301
(1,937,268)
Change in net assets attributable to unitholders from investment 
activities
1,710,029
(2,394,964)
Closing net assets attributable to unitholders
17,590,139
14,384,935
The above statement shows the comparative closing net assets at 30 June 2022 whereas the current accounting period 
commenced 1 January 2023.
			
NM0923U-3094429-135/477

135
ACS US EQUITY TRACKER FUND
BALANCE SHEET (unaudited)
at 30 June 2023
30.6.2023
31.12.2022
£000's
£000's
Assets:
Fixed assets
– Investment assets
17,418,485
14,696,159
Current assets
– Debtors
12,370
15,531
– Cash and bank balances
27,720
26,475
– Cash equivalents
136,934
49,618
Total assets
17,595,509
14,787,783
Liabilities:
Investment liabilities
–
(2,439)
Creditors
– Amounts held at futures clearing houses and brokers
(4,383)
–
– Other creditors
(987)
(535)
Total liabilities
(5,370)
(2,974)
Net assets attributable to unitholders
17,590,139
14,784,809
G D Bamping (Director)
M T Zemek (Director)
BlackRock Fund Managers Limited
30 August 2023
NM0923U-3094429-136/477

136
ACS US ESG INSIGHTS EQUITY FUND
About the Fund
The Fund is a sub-fund of BlackRock Authorised Contractual Scheme I, a Co-Ownership Scheme constituted as a UCITS 
scheme under the COLL Sourcebook. The Fund was authorised by the FCA on 18 August 2022 and launched on  
7 October 2022.
Risk and Reward Profile
 
 Lower risk 
Higher risk 
 Typically lower rewards
Typically higher rewards 
 Unit Class
 X1FA Accumulation
1
2
3
4
5
6
7
 X1FB Accumulation
1
2
3
4
5
6
7
 X1FC Accumulation
1
2
3
4
5
6
7
 X1FP Accumulation
1
2
3
4
5
6
7
•	 The risk indicator was calculated incorporating simulated historical data and may not be a reliable indication of the future 
risk profile of the Fund.
•	 The risk category shown is not guaranteed and may change over time.
•	 The lowest category does not mean risk free.
•	 The use of derivatives will impact the value of the Fund and may expose the Fund to a higher degree of risk. Derivatives 
are highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and 
gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can be greater where derivatives are 
used in an extensive or complex way.
For more information on this, please see the Fund’s Key Investor Information Document (“KIID”), which is available at  
www.blackrock.com.
Net Asset Value
At 30 June 2023
Units In Issue
Net Asset Value 
£000's
Net Asset Value 
per Unit 
p
X1FA Accumulation 
	 	 	
889,589,182 	 	 	
947,721
106.53
X1FB Accumulation 
	 	 	
295,838,527 	 	 	
315,167
106.53
X1FC Accumulation 
	 	 	
117,474,617 	 	 	
125,148
106.53
X1FP Accumulation 
	 	 	
85,277,281 	 	 	
90,477
106.10
Operating Charges
Unit Class
1.1.2023 
to 30.6.2023*
7.10.2022^ 
to 31.12.2022
X1FA Accumulation 
0.01%
0.03%
X1FB Accumulation 
0.01%
0.03%
X1FC Accumulation 
0.01%
0.03%
X1FP Accumulation 
0.02%
0.03%
^ The date of commencement of operations
* Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/depositary 
and entry/exit charges paid to an underlying collective investment scheme (if any).
Distributions Payable
Any income available is accumulated annually on the last day of February.
NM0923U-3094429-137/477

137
ACS US ESG INSIGHTS EQUITY FUND
PORTFOLIO STATEMENT (unaudited)
at 30 June 2023
Holding 
or Nominal 
Value Investment
Market 
Value 
£000's
% of 
Total 
Net 
Assets
       
EQUITIES - 99.07%; 31.12.22 97.75%    
Netherlands - 0.34%; 31.12.22 0.23%    
Technology Hardware & Equipment - 0.34%; 31.12.22 
0.23%    
31,826 NXP Semiconductors
5,026
0.34
Peru - 0.01%; 31.12.22 0.00%    
Banks - 0.01%; 31.12.22 0.00%    
1,460 Credicorp
168
0.01
United Kingdom - 0.00%; 31.12.22 0.06%    
Beverages - 0.00%; 31.12.22 0.06%    
United States - 98.72%; 31.12.22 97.46%    
Aerospace & Defense - 0.43%; 31.12.22 0.31%    
166,187 Howmet Aerospace
6,410
0.43
Alternative Energy - 0.33%; 31.12.22 0.22%    
17,270 First Solar
2,513
0.18
24,085 Plug Power
190
0.01
10,665 SolarEdge Technologies
2,140
0.14
4,843
0.33
Automobiles & Parts - 3.27%; 31.12.22 2.41%    
20,525 Aptiv
1,638
0.11
6,590 BorgWarner
251
0.02
7,277 Ford Motor
86
0.01
327,785 General Motors
9,901
0.67
149,081
Johnson Controls 
International
7,937
0.54
79,955 Lucid
434
0.03
6,251 Rivian Automotive
79
0.01
137,447 Tesla
27,987
1.88
48,313
3.27
Banks - 3.04%; 31.12.22 3.35%    
132,530 Citigroup
4,851
0.33
964 Citizens Financial
20
0.00
59,404 Comerica
2,013
0.14
197,577 Fifth Third Bancorp
4,102
0.28
66,069 Huntington Bancshares
564
0.04
153,455 JPMorgan Chase & Co.
17,405
1.17
4,582 PNC Financial Services
455
0.03
144,277 US Bancorp
3,736
0.25
350,600 Wells Fargo
11,768
0.80
44,914
3.04
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
Beverages - 2.60%; 31.12.22 2.79%    
193,102 Coca-Cola
9,166
0.62
2,584 Keurig Dr Pepper
63
0.00
200,698 PepsiCo
29,170
1.98
38,399
2.60
Chemicals - 1.64%; 31.12.22 1.31%    
6,747
Air Products & 
Chemicals
1,573
0.11
13,147 Albemarle
2,276
0.15
34,752 Avery Dennison
4,616
0.31
27,010 Ecolab
3,928
0.27
7,966 FMC
658
0.04
30,287
International Flavors & 
Fragrances
1,864
0.13
117 Linde
35
0.00
80,568 PPG Industries
9,261
0.63
164 Westlake Chemical
15
0.00
24,226
1.64
Communications - 0.01%; 31.12.22 0.04%    
3,695 Roblox
113
0.01
Construction & Materials - 0.48%; 31.12.22 0.50%    
6,271 Carrier Global
245
0.02
2,057 Sherwin-Williams
425
0.03
42,533 Trane Technologies
6,389
0.43
7,059
0.48
Electricity - 1.02%; 31.12.22 1.10%    
3,110 Avangrid
92
0.01
48,022 Edison International
2,604
0.18
89,007 Eversource Energy
4,907
0.32
6,612 NextEra Energy
381
0.03
194,125 PG&E
2,620
0.18
92,453
Public Service 
Enterprise
4,521
0.30
15,125
1.02
Electronic & Electrical Equipment - 0.42%; 31.12.22 0.72%    
39,963 Agilent Technologies
3,731
0.25
2,179 Flex
47
0.00
22,643 TE Connectivity
2,479
0.17
6,257
0.42
NM0923U-3094429-138/477

ACS US ESG INSIGHTS EQUITY FUND
PORTFOLIO STATEMENT (unaudited) (continued)
138
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
Financial Services - 6.80%; 31.12.22 7.85%    
42,051 American Express
5,721
0.39
24,906 Ameriprise Financial
6,531
0.44
73,498
Bank of New York 
Mellon
2,569
0.17
7,102 BlackRock*
3,862
0.26
826 Blackstone Group
61
0.00
2,873 Cboe Global Markets
308
0.02
14,882
Discover Financial 
Services
1,387
0.09
17,466 Goldman Sachs
4,463
0.30
18,239
Intercontinental 
Exchange
1,620
0.11
47,463
MasterCard class ‘A’ 
shares
14,551
0.98
76,911 Moody's
20,947
1.43
65,072 Morgan Stanley
4,386
0.30
45,521 Nasdaq
1,794
0.12
3,209 Northern Trust
186
0.01
19,962 S&P Global
6,250
0.42
11,479 State Street
664
0.04
125,320 Synchrony Financial
3,375
0.23
6,907 T Rowe Price
607
0.04
115,038 VisaØ
21,312
1.45
100,594
6.80
Fixed Line Telecommunications - 0.84%; 31.12.22 0.92%    
291,415 AT&T
3,684
0.25
301,085 Verizon Communications
8,807
0.59
12,491
0.84
Food & Drug Retailers - 0.38%; 31.12.22 0.41%    
1,845 AmerisourceBergen
278
0.02
74,280 Kroger
2,720
0.18
45,586 Sysco
2,637
0.18
5,635
0.38
Food Producers - 0.69%; 31.12.22 1.61%    
25,889 Campbell Soup
931
0.06
54,024 General Mills
3,259
0.22
4,741 Hershey
932
0.06
89,626 Mondelez International
5,123
0.35
10,245
0.69
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
Gas, Water & Multiutilities - 0.67%; 31.12.22 0.97%    
86,423 American Water Works
9,600
0.65
2,749 Sempra Energy
315
0.02
9,915
0.67
General Industrials - 2.06%; 31.12.22 2.25%    
42,573 3M
3,340
0.23
76,531 Eaton
12,033
0.81
176,890 General Electric
15,075
1.02
30,448
2.06
General Retailers - 6.95%; 31.12.22 7.68%    
186 AutoZone
361
0.02
93,405 Best Buy
6,146
0.42
1,033 Burlington Stores
125
0.01
32,929 CarMax
2,196
0.15
2,153 Chipotle Mexican Grill
3,593
0.24
43,270 Coupang
591
0.04
57,058 CVS Health
3,102
0.21
302 Dollar Tree
34
0.00
10,779 Etsy
730
0.05
16,940 McDonald's
3,944
0.27
1,884 MercadoLibre
1,744
0.12
14,064 Netflix
4,763
0.32
100,805 PayPal
5,250
0.36
89,540 Starbucks
6,986
0.47
13,249 Target
1,392
0.09
330,615 TJX
21,892
1.47
288,055
Walgreens Boots 
Alliance
6,462
0.44
153,498 Walmart
18,727
1.27
135,849 Yum! Brands
14,743
1.00
102,781
6.95
Healthcare Equipment & Services - 5.44%; 31.12.22 5.87%    
23,717 Anthem
8,253
0.56
116,548 Baxter International
4,119
0.28
23,974 Becton Dickinson
4,938
0.33
379,158 Boston Scientific
15,974
1.09
40,437 Cigna
8,866
0.60
1,862 DexCom
188
0.01
78,394 Edwards Lifesciences
5,704
0.39
72,691 Hologic
4,602
0.31
824 IDEXX Laboratories
322
0.02
NM0923U-3094429-139/477

ACS US ESG INSIGHTS EQUITY FUND
PORTFOLIO STATEMENT (unaudited) (continued)
139
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
8,272 Insulet
1,904
0.13
24,472 Intuitive Surgical
6,551
0.44
1,051 Medtronic
72
0.00
4,884 Stryker
1,165
0.08
19,381 Thermo Fisher Scientific
7,884
0.53
24,413 UnitedHealth
9,202
0.62
2,434
West Pharmaceutical 
Services
726
0.05
80,470
5.44
Household Goods & Home Construction - 0.26%; 31.12.22 
0.60%    
3,816 Church & Dwight
299
0.02
4,815 Kimberly-Clark
522
0.04
25,909 Whirlpool
3,062
0.20
3,883
0.26
Industrial Engineering - 1.95%; 31.12.22 1.54%    
15,458 Caterpillar
2,985
0.20
34,464 Cummins
6,594
0.45
8,728 Otis Worldwide
612
0.04
16,155 Rockwell Automation
4,141
0.28
59,005 Stanley Black & Decker
4,414
0.30
113,708 Xylem
10,013
0.68
28,759
1.95
Industrial Metals - 0.33%; 31.12.22 0.35%    
157,497 Freeport-McMoRan
4,900
0.33
Industrial Transportation - 0.15%; 31.12.22 0.10%    
10,986 FedEx
2,171
0.15
Industrials - 0.00%; 31.12.22 0.03%    
Land & Resource Management - 0.05%; 31.12.22 0.00%    
719 Texas Pacific Land
749
0.05
Leisure Goods - 0.21%; 31.12.22 0.21%    
62,628 Hasbro
3,161
0.21
Life Insurance - 0.25%; 31.12.22 0.98%    
4,389 Assurant
432
0.03
21,921 Chubb
3,278
0.22
3,710
0.25
Media - 2.01%; 31.12.22 1.92%    
113,985 Comcast class ‘A’ shares
3,739
0.25
18,590
FactSet Research 
Systems
5,814
0.39
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
110,517 Interpublic
3,329
0.23
1,174
Liberty Broadband class 
'A' shares
74
0.01
4,869 News class 'B' shares
76
0.01
94,597 Omnicom
7,041
0.48
888 Spotify Technology
112
0.01
28,182 Viacomcbs
356
0.02
131,081 Walt Disney
9,219
0.61
29,760
2.01
Mining - 0.19%; 31.12.22 0.27%    
85,133 Newmont Mining
2,823
0.19
Mobile Telecommunications - 0.00%; 31.12.22 0.40%    
Non-life Insurance - 1.26%; 31.12.22 0.43%    
73,966 American International
3,345
0.23
21,838 Aon
5,905
0.40
1,588 CNA Financial
48
0.00
105,340
Hartford Financial 
Services
5,941
0.40
18,810 Loews
879
0.06
18,472 Travelers
2,497
0.17
18,615
1.26
Oil & Gas Producers - 2.92%; 31.12.22 3.55%    
21,853 Cheniere Energy
2,613
0.18
96,867 Chevron
11,966
0.81
169,562 ConocoPhillips
13,816
0.92
10,326 Devon Energy
395
0.03
120,306 Exxon Mobil
10,150
0.69
19,574 Hess
2,071
0.14
13,380
Pioneer Natural 
Resources
2,180
0.15
43,191
2.92
Oil Equipment, Services & Distribution - 0.66%; 31.12.22 
1.09%    
311,901 Baker Hughes
7,733
0.52
60,115 Halliburton
1,578
0.11
12,097 Schlumberger
464
0.03
9,775
0.66
Personal Goods - 0.94%; 31.12.22 0.89%    
1,979 Bath & Body Works
59
0.00
114,950 Colgate-Palmolive
6,959
0.47
61,351 NIKE
5,501
0.37
NM0923U-3094429-140/477

ACS US ESG INSIGHTS EQUITY FUND
PORTFOLIO STATEMENT (unaudited) (continued)
140
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
92,773 VF
1,408
0.10
13,927
0.94
Pharmaceuticals & Biotechnology - 8.47%; 31.12.22 
9.83%    
221,556 Abbott Laboratories
18,860
1.28
147,469 AbbVie
15,536
1.05
7,456
Alnylam 
Pharmaceuticals
1,126
0.08
59,154 Amgen
10,343
0.70
18,160 Biogen
4,052
0.27
14,356 Bristol-Myers Squibb
727
0.05
267 Cardinal Health
20
0.00
18,779 Eli Lilly
6,897
0.47
30,375 Exact Sciences
2,265
0.15
87,315 Gilead Sciences
5,249
0.36
10,836 Illinois Tool Works
2,129
0.14
13,338 Illumina
1,956
0.13
216,075 Johnson & Johnson
28,039
1.91
5,317 McKesson
1,768
0.12
235,927 Merck & Co
21,183
1.43
2,461 Moderna
238
0.02
58,294 Pfizer
1,665
0.11
4,565
Regeneron 
Pharmaceuticals
2,557
0.17
1,672 Vertex Pharmaceuticals
460
0.03
125,070
8.47
Real Estate Investment & Services - 0.49%; 31.12.22 
0.97%    
103,141 CBRE class ‘A’ shares
6,552
0.45
38,342 Healthpeak Properties
605
0.04
420 Zillow
16
0.00
7,173
0.49
Real Estate Investment Trusts - 2.91%; 31.12.22 2.72%    
21,558
Alexandria Real Estate 
Equities
1,932
0.13
2,809 AvalonBay Communities
418
0.03
28,374 Boston Properties
1,281
0.09
14,794 Digital Realty Trust
1,309
0.09
55,319 Host Hotels & Resorts
730
0.05
54,599 Kimco Realty
850
0.06
96,644 Prologis
9,284
0.62
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
259,720 Realty Income
12,365
0.83
19,975 Regency Centers
974
0.07
9,398 Simon Property
853
0.06
132,267 Ventas
4,980
0.34
307,957 Weyerhaeuser
8,113
0.54
43,089
2.91
Software & Computer Services - 18.13%; 31.12.22 15.60%    
27,416 Adobe
10,487
0.71
86,339
Alphabet class 'A' 
shares
8,131
0.55
341,513
Alphabet class 'C' 
shares
32,410
2.19
368,384 Amazon.com
37,267
2.52
15,313 Cloudflare
776
0.05
7,982 Crowdstrike
908
0.06
81,209 DocuSign
3,289
0.22
26,588 DoorDash
1,586
0.11
141,423
Hewlett Packard 
Enterprise
1,862
0.13
5,546 Intuit
1,999
0.14
79,955 Meta
17,802
1.20
443,523 Microsoft
117,483
7.95
792 Mongodb
252
0.02
123,307 Oracle
11,483
0.78
5,772 Palo Alto Networks
1,156
0.08
80,311 Salesforce.com
13,356
0.90
10,462 ServiceNow
4,538
0.31
250 Synopsys
85
0.01
6,526 Twilio
326
0.02
957 Unity Software
33
0.00
330 VMware
38
0.00
35,189
Zoom Video 
Communications
1,881
0.13
6,668 Zscaler
763
0.05
267,911
18.13
Support Services - 2.17%; 31.12.22 2.53%    
85,047 Accenture
20,737
1.41
53,480
Automatic Data 
Processing
9,153
0.62
976 Fair Isaac
615
0.04
952
Fidelity National 
Information Services
40
0.00
NM0923U-3094429-141/477

ACS US ESG INSIGHTS EQUITY FUND
PORTFOLIO STATEMENT (unaudited) (continued)
141
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
852 Robert Half International
50
0.00
6,458 Square
329
0.02
9,143 Waste Management
1,226
0.08
32,150
2.17
Technology - 0.13%; 31.12.22 0.10%    
14,876 Atlassian
1,900
0.13
Technology Hardware & Equipment - 17.54%; 31.12.22 
12.85%    
102,371 Advanced Micro Devices
9,001
0.61
29,142 Analog Devices
4,366
0.30
771,893 Apple
115,715
7.82
46,745 Applied Materials
5,331
0.36
2,156 Broadcom
1,470
0.10
558,447 Cisco Systems
22,621
1.53
32,482 GlobalFoundries
1,620
0.11
160,351 HP
3,843
0.26
374,257 Intel
9,745
0.66
160,000
International Business 
Machines
16,959
1.15
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
 
3,138 KLA-Tencor
1,184
0.08
43,081 L3 Technologies
6,662
0.45
8,969 Lam Research
4,541
0.31
23,266 Micron Technology
1,184
0.08
125,247 NVIDIA
40,443
2.74
13,343 ON Semiconductor
971
0.07
2,676 Qorvo
214
0.01
34,149 Qualcomm
3,187
0.22
4,244 Seagate Technology
208
0.01
70,757 Texas Instruments
9,890
0.67
259,155
17.54
Telecommunications Equipment - 0.00%; 31.12.22 0.01%    
487 Ubiquiti
67
0.00
Travel & Leisure - 0.63%; 31.12.22 0.18%    
16,744 Airbnb
1,656
0.11
31,980 Aramark
1,079
0.07
99,612 Caesars Entertainment
3,919
0.26
28,229 Las Vegas Sands
1,281
0.09
17,729
Royal Caribbean 
CruisesØ
1,424
0.10
9,359
0.63
 
Holding 
or Nominal 
Value Investment
Underlying 
Exposure 
£000's
Market 
Value 
£000's
% of 
Total 
Net 
Assets
                    
DERIVATIVES - 0.01%; 31.12.22 (0.03)%    
Futures - 0.01%; 31.12.22 (0.03)%    
68 S&P 500 E-Mini September 2023
11,973
131
0.01
Portfolio of investments
1,464,861
99.08
 
NM0923U-3094429-142/477

ACS US ESG INSIGHTS EQUITY FUND
PORTFOLIO STATEMENT (unaudited) (continued)
142
Holding 
or Nominal 
Value Investment
Market 
Value 
£000's
% of 
Total 
Net 
Assets
CASH EQUIVALENTS
Short-term Money Market Funds - 1.77%; 31.12.22 0.69%    
312,417 BlackRock Institutional Cash Series US Dollar Liquid Environmentally Aware Fund**
26,210
1.77
Net other liabilities
(12,558)
(0.85)
Total net assets
1,478,513 100.00
Unless otherwise stated, all securities are either listed on a recognised exchange or traded on an eligible securities market.
Underlying exposure has been calculated according to the guidelines issued by the European Securities and Markets 
Authority (“ESMA”) (as adopted by the FCA) and represents the market value of an equivalent position in the assets 
underlying each financial derivative instrument.
Ø All or a portion of this investment represents a security on loan.
* Related party to the Fund.
** Managed by a related party.
NM0923U-3094429-143/477

143
ACS US ESG INSIGHTS EQUITY FUND
STATEMENT OF TOTAL RETURN (unaudited)
for the six months ended 30 June 2023
For the period 
to 30.6.2023
£000's
£000's
Income
Net capital gains
64,772
Revenue
5,553
Expenses
(33)
Interest payable and similar charges
(2)
Net revenue before taxation
5,518
Taxation
(3)
Net revenue after taxation
5,515
Total return before distributions
70,287
Equalisation
6,259
Change in net assets 
attributable to unitholders from investment activities
76,546
STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS (unaudited)
for the six months ended 30 June 2023
For the period 
to 30.6.2023
£000's
£000's
Opening net assets attributable to unitholders
199,447
Amounts receivable on issue of units
			 1,337,490
Amounts payable on cancellation of units
			 (134,970)
1,202,520
Change in net assets attributable to unitholders from investment activities
76,546
Closing net assets attributable to unitholders
1,478,513
Note: The Fund launched in the prior financial year, hence no comparative data is available.
 
NM0923U-3094429-144/477

144
ACS US ESG INSIGHTS EQUITY FUND
BALANCE SHEET (unaudited)
at 30 June 2023
30.6.2023
31.12.20221
£000's
£000's
Assets:
Fixed assets
– Investment assets
1,464,861
194,944
Current assets
– Debtors
106,448
972
– Cash and bank balances
1,892
2,226
– Cash equivalents
26,211
1,386
Total assets
1,599,412
199,528
Liabilities:
Investment liabilities
–
(62)
Creditors
– Other creditors
(120,899)
(19)
Total liabilities
(120,899)
(81)
Net assets attributable to unitholders
1,478,513
199,447
1 The Fund launched on 7 October 2022.
G D Bamping (Director)
M T Zemek (Director)
BlackRock Fund Managers Limited
30 August 2023
NM0923U-3094429-145/477

145
ACS WORLD ESG EQUITY TRACKER FUND
About the Fund
The Fund is a sub-fund of BlackRock Authorised Contractual Scheme I, a Co-Ownership Scheme constituted as a UCITS 
scheme under the COLL Sourcebook. The Fund was authorised by the FCA on 11 December 2018 and launched on 
1 July 2019.
Risk and Reward Profile
 
 Lower risk 
Higher risk 
 Typically lower rewards
Typically higher rewards 
 Unit Class
 T2 Accumulation
1
2
3
4
5
6
7
 X1 Accumulation
1
2
3
4
5
6
7
 X1 Accumulation Hedged
1
2
3
4
5
6
7
 X1B Accumulation
1
2
3
4
5
6
7
 X1C Accumulation
1
2
3
4
5
6
7
 X1D Accumulation
1
2
3
4
5
6
7
 X1E Accumulation
1
2
3
4
5
6
7
 X1F Accumulation
1
2
3
4
5
6
7
 X1G Accumulation
1
2
3
4
5
6
7
 X1H Accumulation
1
2
3
4
5
6
7
 X1I Accumulation
1
2
3
4
5
6
7
 X1J Accumulation
1
2
3
4
5
6
7
 X1K Accumulation
1
2
3
4
5
6
7
 X1L Accumulation
1
2
3
4
5
6
7
 X1M Accumulation
1
2
3
4
5
6
7
 X1RA Accumulation^
1
2
3
4
5
6
7
 X1RB Accumulation^
1
2
3
4
5
6
7
 X2 Accumulation
1
2
3
4
5
6
7
 X2 Accumulation Hedged
1
2
3
4
5
6
7
^ Unit class launched on 14 June 2023.
•	 The risk indicator was calculated incorporating simulated historical data and may not be a reliable indication of the future 
risk profile of the Fund.
•	 The risk category shown is not guaranteed and may change over time.
•	 The lowest category does not mean risk free.
•	 The use of derivatives will impact the value of the Fund and may expose the Fund to a higher degree of risk. Derivatives 
are highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and 
gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can be greater where derivatives are 
used in an extensive or complex way.
For more information on this, please see the Fund’s Key Investor Information Document (“KIID”), which is available at 
www.blackrock.com.
NM0923U-3094429-146/477

146
ACS WORLD ESG EQUITY TRACKER FUND
Net Asset Value
At 30 June 2023
Units In Issue
Net Asset Value 
£000's
Net Asset Value 
per Unit 
p
T2 Accumulation 
	 	 	
139,405,376 	 	 	
152,577
109.45
X1 Accumulation 
	 	 	 1,071,084,952 	 	 	
1,571,549
146.72
X1 Accumulation Hedged 
	 	 	 1,016,709,112 	 	 	
1,290,564
126.94
X1B Accumulation 
	 	 	
66,092,953 	 	 	
95,690
144.78
X1C Accumulation 
	 	 	
183,515,656 	 	 	
265,734
144.80
X1D Accumulation 
	 	 	
153,171,057 	 	 	
224,748
146.73
X1E Accumulation 
	 	 	
311,645,108 	 	 	
457,283
146.73
X1F Accumulation 
	 	 	
191,070,004 	 	 	
280,363
146.73
X1G Accumulation 
	 	 	
322,362,948 	 	 	
473,015
146.73
X1H Accumulation 
	 	 	
163,802,107 	 	 	
240,360
146.74
X1I Accumulation 
	 	 	
273,465,536 	 	 	
401,277
146.74
X1J Accumulation 
	 	 	
136,947,199 	 	 	
200,953
146.74
X1K Accumulation 
	 	 	
210,334,959 	 	 	
308,636
146.74
X1L Accumulation 
	 	 	
95,891,751 	 	 	
140,710
146.74
X1M Accumulation 
	 	 	
127,259,764 	 	 	
186,608
146.64
X1RA Accumulation^ 
	 	 	
225,477,176 	 	 	
225,274
99.91
X1RB Accumulation^ 
	 	 	
49,476,114 	 	 	
49,432
99.91
X2 Accumulation 
	 	 	
853,104,681 	 	 	
1,159,867
135.96
X2 Accumulation Hedged 
	 	 	
242,174,715 	 	 	
251,889
104.01
^ Unit class launched 14 June 2023.
NM0923U-3094429-147/477

147
ACS WORLD ESG EQUITY TRACKER FUND
Operating Charges
Unit Class
1.1.2023 
to 30.6.2023*
1.1.2022 
to 31.12.2022
T2 Accumulation 
0.21%
0.20%
X1 Accumulation 
0.01%
0.01%
X1 Accumulation Hedged 
0.04%
0.03%
X1A Accumulation†
–
0.01%
X1B Accumulation 
0.01%
0.01%
X1C Accumulation 
0.01%
0.01%
X1D Accumulation 
0.01%
0.01%
X1E Accumulation 
0.01%
0.01%
X1F Accumulation 
0.01%
0.01%
X1G Accumulation 
0.01%
0.01%
X1H Accumulation 
0.01%
0.01%
X1I Accumulation 
0.01%
0.01%
X1J Accumulation 
0.01%
0.01%
X1K Accumulation 
0.01%
0.01%
X1L Accumulation 
0.01%
0.01%
X1M Accumulation 
0.01%
0.01%
X1RA Accumulation^ 
0.02%
–
X1RB Accumulation^ 
0.02%
–
X2 Accumulation 
0.01%
0.01%
X2 Accumulation Hedged 
0.04%
0.03%
† Unit class was fully redeemed on 7 November 2022.
^ Unit class launched 14 June 2023.
* Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/depositary 
and entry/exit charges paid to an underlying collective investment scheme (if any).
Distributions Payable
Any income available is accumulated annually on the last day of February.
NM0923U-3094429-148/477

148
ACS WORLD ESG EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited)
at 30 June 2023
Holding 
or Nominal 
Value Investment
Market 
Value 
£000's
% of 
Total 
Net 
Assets
X
X
X
X
EQUITIES - 99.96%; 31.12.22 98.53%    
ASIA - 7.51%; 31.12.22 7.69%    
Hong Kong - 0.66%; 31.12.22 0.79%    
2,421,805 AIA
19,331
0.24
3,000,500 BOC Hong Kong
7,251
0.09
241,321
Hong Kong Exchanges 
& Clearing
7,188
0.09
3,221,515 MTR
11,703
0.15
3,909,800 Swire Properties
7,599
0.09
53,072
0.66
Israel - 0.10%; 31.12.22 0.09%    
47,303 Elbit Systems
7,805
0.10
Japan - 6.35%; 31.12.22 6.32%    
457,200 Aeon
7,350
0.09
481,100 Ajinomoto
15,022
0.19
2,797,900 Asahi Kasei
14,855
0.18
341,300 Azbil
8,429
0.11
240,400 Bridgestone
7,733
0.10
372,000 Daiichi Sankyo
9,248
0.11
62,900 Daikin Industries
10,061
0.13
4,762,800 Daiwa Securities
19,257
0.24
581,900 Fanuc
15,987
0.20
37,900 Fast Retailing
7,607
0.10
104,000 Fujitsu
10,565
0.13
304,900 Hankyu Hanshin
7,914
0.10
281,700 Hitachi
13,672
0.17
737,100 Honda Motor
17,450
0.22
159,000 Hoya
14,839
0.19
207,200 Ibiden
9,175
0.11
951,700 Itochu
29,508
0.37
973,800 KDDI
23,687
0.30
1,059,800 Marubeni
14,121
0.18
249,200
Mitsubishi Heavy 
Industries
9,134
0.12
1,636,500
Mitsubishi UFJ 
Financial
9,511
0.12
319,400 Mitsui
9,437
0.12
803,400 Mizuho Financial
9,648
0.12
294,900 MS&AD Insurance
8,213
0.10
245,200 Omron
11,751
0.15
417,285 Oriental Land
12,776
0.16
947,200 Panasonic
9,068
0.11
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
360,800 Recruit
8,989
0.11
444,600 Sekisui House
7,063
0.09
853,800 Softbank
7,187
0.09
406,800 Sompo
14,328
0.18
389,800 Sony
27,578
0.35
259,500
Sumitomo Mitsui 
Financial
8,732
0.11
139,800 Sysmex
7,475
0.09
633,200 Tokio Marine
11,459
0.15
73,279 Tokyo Electron
8,203
0.10
2,178,400 Toray Industries
9,532
0.12
1,409,000 Toyota Motor
17,745
0.22
3,580,700 Yahoo Japan
6,772
0.08
299,500 Yamaha
9,014
0.11
643,100 Yamaha Motor
14,465
0.18
335,200 Yaskawa Electric
12,063
0.15
506,623
6.35
Singapore - 0.40%; 31.12.22 0.49%    
3,757,300 Capitaland Investment
7,227
0.09
3,994,800 Keppel
15,578
0.19
1,333,600
Oversea-Chinese 
Banking
9,546
0.12
32,351
0.40
EUROPE - 19.15%; 31.12.22 19.04%    
Belgium - 0.36%; 31.12.22 0.24%    
171,474 Anheuser-Busch InBev
7,665
0.10
256,896 KBC
14,035
0.17
316,950 UmicoreØ
6,931
0.09
28,631
0.36
Denmark - 0.76%; 31.12.22 0.84%    
346,454
Novo Nordisk class 'B' 
shares
43,413
0.55
121,025 Orsted
8,993
0.11
396,802 Vestas Wind Systems
8,304
0.10
60,710
0.76
Finland - 0.32%; 31.12.22 0.35%    
265,964 Neste
8,055
0.10
2,979,156 Nokia
9,916
0.13
312,440 UPM-Kymmene
7,312
0.09
25,283
0.32
NM0923U-3094429-149/477

ACS WORLD ESG EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
149
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
France - 3.20%; 31.12.22 3.15%    
720,534 AXAØ
16,779
0.21
280,089 BNP Paribas
13,888
0.17
308,470 DanoneØ
14,880
0.19
333,858 Dassault Systemes
11,516
0.14
123,439 Gecina
10,360
0.13
6,780 Hermes International
11,534
0.14
27,585 Kering
11,993
0.15
432,922 Klepierre
8,475
0.11
61,040 L'Oréal
22,310
0.28
53,555 LVMH Moet Hennessy
39,494
0.50
572,824 Michelin
13,332
0.17
138,599 Sanofi
11,676
0.15
225,471 Schneider Electric
32,070
0.40
646,471 Société Générale
13,379
0.17
331,715 Total
15,091
0.19
489,322 Valeo
8,218
0.10
254,995
3.20
Germany - 2.18%; 31.12.22 2.35%    
57,017 Adidas
8,695
0.11
97,638 Allianz
17,932
0.22
60,108 Deutsche Boerse
8,702
0.11
146,270 Henkel
8,129
0.10
274,808 Infineon Technologies
8,811
0.11
88,399 Merck
11,436
0.14
49,007 MTU Aero EnginesØ
9,946
0.12
77,292
Muenchener 
Rueckversicherung
22,831
0.29
194,499 PumaØ
9,134
0.11
35,684 Rheinmetall
7,613
0.10
317,652 SAP
33,907
0.43
145,949 Siemens (Registered)
19,076
0.24
494,117 VonoviaØ
7,595
0.10
173,807
2.18
Ireland - 0.21%; 31.12.22 0.23%    
51,206 Flutter Entertainment
7,945
0.10
112,539 Kerry class 'A' shares
8,669
0.11
16,614
0.21
Italy - 0.49%; 31.12.22 0.35%    
1,789,305 Assicurazioni GeneraliØ
28,777
0.36
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
4,889,931 Intesa SanpaoloØ
10,128
0.13
38,905
0.49
Netherlands - 2.41%; 31.12.22 2.27%    
138,217 Akzo NobelØ
8,813
0.11
86,972 ASML
49,224
0.62
974,865 CNH Industrial
11,022
0.14
842,070 INGØ
8,954
0.11
5,289,073 Koninklijke
14,929
0.19
302,947
Koninklijke Ahold 
DelhaizeØ
8,126
0.10
125,173 NXP Semiconductors
19,766
0.25
178,053 Prosus
10,146
0.13
1,745,097 Shell
40,888
0.51
291,688 STMicroelectronics
11,365
0.14
93,956 Wolters Kluwer
9,325
0.11
192,558
2.41
Norway - 0.53%; 31.12.22 0.56%    
951,583 DNB Bank
14,043
0.18
563,686 Equinor
12,931
0.16
212,051 Kongsberg Gruppen
7,540
0.09
1,006,762 Telenor
8,043
0.10
42,557
0.53
Portugal - 0.12%; 31.12.22 0.12%    
2,486,743 EDP Energias
9,593
0.12
Spain - 0.84%; 31.12.22 0.73%    
208,863 Amadeus IT
12,493
0.16
1,464,207
Banco Bilbao Vizcaya 
Argentaria
8,917
0.11
3,202,654 Banco Santander
9,413
0.12
1,646,382 IberdrolaØ
16,905
0.21
296,614 Inditex
8,963
0.11
351,038 Naturgy EnergyØ
8,188
0.10
150,457 Red Electrica
1,990
0.03
66,869
0.84
Sweden - 0.78%; 31.12.22 0.90%    
489,031 Boliden
11,104
0.14
375,447 Essity
7,825
0.10
762,866
Svenska Cellulosa 
series ‘B’ sharesØ
7,626
0.09
NM0923U-3094429-150/477

ACS WORLD ESG EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
150
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
1,311,296
Svenska 
Handelsbanken series 
‘A’ sharesØ
8,639
0.11
1,282,911 Tele2 series ‘B’ shares
8,356
0.11
5,713,561 TeliaØ
9,912
0.12
525,417 Volvo
8,764
0.11
62,226
0.78
Switzerland - 3.01%; 31.12.22 2.95%    
503,512 ABB (Registered)
15,387
0.19
82,492 DSM-Firmenich
7,064
0.09
3,587 Givaudan
9,309
0.12
52,752 Kuehne + NagelØ
12,269
0.15
142,495 Logitech InternationalØ
6,585
0.08
24,676 Lonza
11,439
0.15
478,387 Nestlé
45,243
0.57
273,951 Novartis
21,614
0.27
89,520 Roche Holding
21,633
0.27
110,468 SGS SA
8,196
0.10
413,673 SIG CombiblocØ
8,909
0.11
231,365 Swiss Re
18,344
0.23
14,395 Swisscom
7,085
0.09
1,011,063 UBS
16,047
0.20
83,630 Zurich Insurance
31,333
0.39
240,457
3.01
United Kingdom - 3.94%; 31.12.22 4.00%    
640,874 3i
12,395
0.16
3,722,025 abrdnØ
8,144
0.10
292,087 AstraZeneca
33,082
0.41
2,105,700 British LandØ
6,444
0.08
345,879 Burberry
7,336
0.09
130,210 Croda InternationalØ
7,211
0.09
167,091 DCC
7,282
0.09
707,655 Diageo
23,869
0.30
555,441 GSK
7,734
0.10
3,380,324 HSBC
21,029
0.26
4,121,108 J Sainsbury
11,028
0.14
397,117 Johnson Matthey
6,928
0.09
3,271,749 Kingfisher
7,532
0.10
3,452,384 Legal & General
7,864
0.10
73,637 Linde
22,082
0.27
19,177,090 Lloyds Banking
8,327
0.11
1,728,654 National Grid
17,926
0.23
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
367,931 Pentair
18,532
0.23
672,649 Prudential
7,379
0.09
617,494 RELX (Registered)
16,209
0.20
1,916,848 SchrodersØ
8,386
0.10
1,212,532 Segro
8,662
0.11
834,213 SSE
15,224
0.19
571,915 Unilever (Registered)
23,420
0.30
314,025
3.94
NORTH AMERICA - 71.23%; 31.12.22 69.56%    
Canada - 3.54%; 31.12.22 3.61%    
185,950 Agnico Eagle Mines
7,209
0.09
208,751
Alimentation 
Couche-Tard
8,432
0.11
207,021 Bank of Montreal
14,604
0.18
583,086 Bank of Nova Scotia
22,758
0.29
317,893 Brookfield
8,147
0.10
602,179 CAE
10,268
0.13
363,420 Cameco
8,830
0.11
240,490
Canadian Imperial Bank 
of Commerce
8,062
0.10
103,242
Canadian National 
Railway
9,734
0.12
119,570
Canadian Pacific 
Kansas City
7,469
0.09
478,738 Enbridge
13,980
0.17
397,872 First Quantum Minerals
7,232
0.09
350,065 Hydro One
7,753
0.10
65,242 Intact Financial
7,803
0.10
461,806
National Bank of 
Canada
26,889
0.34
198,837 Nutrien
9,232
0.12
361,814 Open Text
11,623
0.15
167,542 RB Global
7,797
0.10
297,984 Royal Bank of Canada
22,279
0.28
305,964 Shopify
15,394
0.19
628,924 Sun Life Financial
25,506
0.32
264,120 Toronto-Dominion Bank
12,813
0.16
246,730
Wheaton Precious 
Metals
8,268
0.10
282,082
3.54
United States - 67.69%; 31.12.22 65.95%    
240,691 3M
18,883
0.24
NM0923U-3094429-151/477

ACS WORLD ESG EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
151
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
311,061 Abbott Laboratories
26,480
0.33
275,819 AbbVie
29,058
0.36
133,389 Accenture
32,525
0.41
118,118 Adobe
45,182
0.57
307,581
Advanced Micro 
Devices
27,044
0.34
150,920 Agilent Technologies
14,091
0.18
112,503 Akamai Technologies
7,937
0.10
89,553 Allegion
8,464
0.11
51,372
Alnylam 
PharmaceuticalsØ
7,760
0.10
654,678
Alphabet class 'A' 
shares
61,653
0.77
1,298,640
Alphabet class 'C' 
shares
123,241
1.54
1,653,934 Amazon.com
167,316
2.10
160,268 American Express
21,803
0.27
123,806
American Tower class 
‘A’ shares
18,867
0.24
131,246 Amgen
22,948
0.29
32,599 Ansys
8,396
0.10
64,055 Anthem
22,291
0.28
2,779,563 Apple
416,682
5.22
218,796 Applied Materials
24,952
0.31
118,489 Aptiv
9,453
0.12
166,860 Archer Daniels Midland
9,847
0.12
1,011,981 AT&T
12,795
0.16
66,289 Atlassian
8,467
0.11
109,391 Autodesk
17,834
0.22
214,471
Automatic Data 
Processing
36,706
0.46
3,722 AutoZone
7,232
0.09
470,866 Avantor
7,510
0.09
61,837 Avery Dennison
8,213
0.10
62,583 Axon Enterprise
9,691
0.12
432,663 Baker Hughes
10,728
0.14
175,856 Ball
8,023
0.10
1,364,052 Bank of America
30,911
0.39
282,372
Bank of New York 
Mellon
9,869
0.12
39,774 Becton Dickinson
8,192
0.10
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
54,080
Berkshire Hathaway 
convertible class 'B' 
shares
14,405
0.18
218,339 Best Buy
14,365
0.18
46,381 Biogen
10,350
0.13
13,991 BlackRock*
7,609
0.10
8,712 Booking
18,296
0.23
446,931 Bristol-Myers Squibb
22,620
0.28
50,674 Broadcom
34,558
0.43
98,566
Broadridge Financial 
Solutions
12,726
0.16
177,513 Bunge
13,025
0.16
93,217
Cadence Design 
Systems
16,845
0.21
223,130 Caesars Entertainment
8,777
0.11
359,573 Carrier Global
14,071
0.18
88,455 Caterpillar
17,080
0.21
214,732 CBRE class ‘A’ shares
13,639
0.17
138,593
CH Robinson 
Worldwide
10,330
0.13
224,984 Charles Schwab
10,165
0.13
121,109 Cheniere Energy
14,484
0.18
319,060 Chevron
39,414
0.49
5,172 Chipotle Mexican Grill
8,631
0.11
77,751 Cigna
17,048
0.21
817,269 Cisco Systems
33,106
0.41
377,192 Citigroup
13,806
0.17
59,215 Clorox
7,393
0.09
1,344,130 Coca-Cola
63,800
0.80
200,189 Colgate-Palmolive
12,119
0.15
715,198
Comcast class ‘A’ 
shares
23,457
0.30
273,464 Conagra Brands
7,203
0.09
301,937 ConocoPhillips
24,600
0.31
162,340 Consolidated Edison
11,497
0.14
46,288 Cooper
13,913
0.17
82,672 Costco Wholesale
34,746
0.44
120,878
Crown Castle 
International
10,902
0.14
303,129 CSX
8,116
0.10
146,593 Cummins
28,049
0.35
186,261 CVS Health
10,127
0.13
187,066 Danaher
35,169
0.44
NM0923U-3094429-152/477

ACS WORLD ESG EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
152
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
21,490 Deckers Outdoor
8,733
0.11
50,303 Deere
15,980
0.20
418,337 Delta Air Lines
15,322
0.19
200,188 Devon Energy
7,661
0.10
90,090 DexCom
9,114
0.11
107,530 Digital Realty Trust
9,514
0.12
98,468
Discover Financial 
Services
9,179
0.11
168,663 Ecolab
24,528
0.31
238,732 Edwards Lifesciences
17,370
0.22
81,961 Electronic Arts
8,454
0.11
156,175 Eli Lilly
57,359
0.72
137,336 EOG Resources
12,268
0.15
28,931 Equinix
17,763
0.22
250,795 Essential Utilities
7,827
0.10
265,292 Eversource Energy
14,627
0.18
197,884
Expeditors International 
of Washington
18,798
0.24
647,394 Exxon Mobil
54,619
0.69
42,751 FedEx
8,450
0.11
143,776 Ferguson
17,751
0.22
225,721
Fidelity National 
Information Services
9,447
0.12
48,575 First Solar
7,068
0.09
126,092 Fiserv
12,366
0.15
148,902 Fortive
8,658
0.11
271,551
Fortune Brands Home 
& Security
15,421
0.20
338,546 Fox class 'A' shares
8,596
0.11
326,411 Freeport-McMoRan
10,156
0.12
220,561 General Electric
18,797
0.23
432,651 General Mills
26,099
0.33
384,856 Gilead Sciences
23,136
0.29
68,414 Goldman Sachs
17,480
0.22
193,341 Hasbro
9,758
0.12
53,399 HCA Healthcare
12,685
0.16
282,193 Hess
29,862
0.37
1,317,664
Hewlett Packard 
Enterprise
17,347
0.22
200,242 Hilton Worldwide
22,793
0.28
121,223 Hologic
7,675
0.10
224,785 Home Depot
54,734
0.69
97,487 Horizon Therapeutics
7,953
0.10
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
390,681 HP
9,363
0.12
20,385 HubSpot
8,324
0.10
20,574 Humana
7,221
0.09
963,613 Huntington Bancshares
8,229
0.10
59,975 IDEX
10,126
0.13
26,724 IDEXX Laboratories
10,444
0.13
47,891 Illumina
7,024
0.09
32,840 Insulet
7,558
0.10
943,530 Intel
24,567
0.31
238,597
International Business 
Machines
25,290
0.32
145,986
International Flavors & 
Fragrances
8,983
0.11
81,447 Intuit
29,355
0.37
61,795 Intuitive Surgical
16,542
0.21
49,086 IQVIA Holdings
8,594
0.11
63,047
JB Hunt Transport 
Services
9,089
0.11
368,738 Johnson & Johnson
47,848
0.60
398,376
Johnson Controls 
International
21,209
0.27
477,594 JPMorgan Chase & Co.
54,168
0.68
441,298 Kellogg
23,312
0.29
343,969 Keurig Dr Pepper
8,361
0.11
100,888 Keysight Technologies
13,189
0.17
112,581 Kimberly-Clark
12,209
0.15
265,493 Kroger
9,724
0.12
174,579 L3 Technologies
26,998
0.34
54,656
Laboratory Corporation 
of America
10,392
0.13
51,283 Lam ResearchØ
25,962
0.33
429,004 LKQ
19,576
0.25
139,224 Lowe's
24,531
0.31
25,310 Lululemon Athletica
7,410
0.09
79,335 Marsh & McLennan
11,663
0.15
217,392 Marvell Technology
10,035
0.13
164,441
MasterCard class ‘A’ 
shares
50,413
0.63
110,279 McCormick & Co
7,565
0.10
38,867 McDonald's
9,050
0.11
30,916 McKesson
10,282
0.13
110,022 Medtronic
7,549
0.10
10,308 MercadoLibre
9,541
0.12
NM0923U-3094429-153/477

ACS WORLD ESG EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
153
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
543,112 Merck & Co
48,763
0.61
355,562 Meta
79,167
0.99
7,107
Mettler-Toledo 
International
7,400
0.09
173,847 Micron Technology
8,846
0.11
1,321,068 Microsoft
349,931
4.39
78,046 Moderna
7,537
0.09
184,849
Molson Coors Brewing 
class ‘B’ shares
9,591
0.12
178,870 Mondelez International
10,224
0.13
35,208 Mongodb
11,205
0.14
37,576 Moody's
10,234
0.13
410,211 Morgan Stanley
27,648
0.35
275,280 Mosaic
7,570
0.09
47,947 Motorola Solutions
10,941
0.14
272,503 Nasdaq
10,739
0.13
73,958 Netflix
25,046
0.31
226,143 Newmont Mining
7,499
0.09
405,962 NextEra Energy
23,375
0.29
131,411 NIKE
11,783
0.15
585,224 NiSource
12,573
0.16
72,508 Nucor
9,365
0.12
471,155 NVIDIA
152,139
1.91
32,382
Old Dominion Freight 
Line
9,621
0.12
116,399 ON Semiconductor
8,474
0.11
515,661 ONEOK
25,067
0.31
273,782 Oracle
25,497
0.32
171,171 PayPal
8,915
0.11
325,979 PepsiCo
47,380
0.59
995,258 Pfizer
28,425
0.36
142,976 Phillips 66
10,689
0.13
51,254
Pioneer Natural 
Resources
8,351
0.11
144,739 PNC Financial Services
14,379
0.18
87,547 PPG Industries
10,063
0.13
407,344 Procter & Gamble
48,117
0.60
98,745 Progressive
10,313
0.13
232,904 Prologis
22,373
0.28
282,136 Prudential Financial
19,596
0.25
74,484 PTC
8,401
0.11
449,733
Public Service 
Enterprise
21,991
0.28
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
165,024 Qualcomm
15,402
0.19
70,842 Quanta Services
10,916
0.14
106,601 Quest DiagnosticsØ
11,893
0.15
20,604
Regeneron 
Pharmaceuticals
11,542
0.15
1,115,148 Regions Financial
15,598
0.20
724,184 Rivian AutomotiveØ
9,162
0.11
21,453 Roper Technologies
8,076
0.10
75,382 S&P Global
23,600
0.30
214,255 Salesforce.com
35,631
0.45
382,503 Schlumberger
14,660
0.18
48,971 ServiceNow
21,241
0.27
42,110 Sherwin-Williams
8,702
0.11
55,585 Snowflake
7,725
0.10
271,637 Starbucks
21,195
0.27
143,978 State Street
8,326
0.10
100,802 Steel Dynamics
8,699
0.11
47,677 STERIS
8,334
0.10
491,150 Synchrony Financial
13,227
0.17
49,263 Synopsys
16,667
0.21
145,187 Target
15,257
0.19
528,740 Tesla
107,663
1.35
304,747 Texas Instruments
42,598
0.53
42,078 Thermo Fisher Scientific
17,117
0.22
123,631 TJX
8,186
0.10
55,180 Tractor Supply
9,486
0.12
166,567 Trane Technologies
25,020
0.31
53,948 Travelers
7,292
0.09
218,850 Trimble
9,133
0.11
329,942
Truist Financial 
Corporation
7,994
0.10
197,429 TwilioØ
9,872
0.12
321,237 Uber Technologies
10,815
0.13
399,567 UGI
8,483
0.10
74,625 Union Pacific
12,079
0.15
120,328
United Parcel Service 
class ‘B’ shares
16,749
0.21
32,438 United Rentals
11,173
0.14
193,809 UnitedHealth
73,046
0.92
39,039 Vail Resorts
7,699
0.10
87,717 Valero Energy
8,087
0.10
836,195
Verizon 
Communications
24,457
0.31
NM0923U-3094429-154/477

ACS WORLD ESG EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
154
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
44,764 Vertex Pharmaceuticals
12,327
0.15
646,462 Viacomcbs
8,173
0.10
298,219 VisaØ
55,251
0.69
77,741 VMware
8,844
0.11
148,061 Walmart
18,063
0.23
432,253 Walt Disney
30,405
0.38
48,028 WatersØ
9,948
0.12
244,901 Wells Fargo
8,220
0.10
219,008 Welltower
13,924
0.17
27,952
West Pharmaceutical 
Services
8,340
0.10
331,951 Weyerhaeuser
8,746
0.11
96,184 Workday
17,273
0.22
35,597 WW GraingerØ
22,020
0.28
323,658 Xcel Energy
15,685
0.20
133,318 Xylem
11,740
0.15
134,519 Zimmer Biomet
15,438
0.19
223,255 Zoetis
30,338
0.38
407,601 ZoomInfo TechnologiesØ
8,405
0.10
5,399,699
67.69
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
OCEANIA - 2.07%; 31.12.22 2.24%    
Australia - 1.97%; 31.12.22 2.24%    
298,656 ASX
9,845
0.13
1,950,954 Brambles
14,717
0.19
59,569 Cochlear
7,143
0.09
203,216
Commonwealth Bank of 
Australia
10,655
0.13
666,318 Computershare
8,155
0.10
46,025 CSL
6,681
0.08
1,796,574 Dexus
7,336
0.09
715,686 Fortescue Metals
8,310
0.11
4,457,929 GPT
9,661
0.12
991,063 IGO
7,886
0.10
7,371,420 Mirvac
8,721
0.11
4,210,287 Stockland Trust
8,860
0.11
1,506,467 Suncorp
10,630
0.13
3,136,066 Transurban
23,378
0.29
830,434 Woodside Energy
14,972
0.19
156,950
1.97
New Zealand - 0.10%; 31.12.22 0.00%    
439,626 EBOSØ
7,645
0.10
 
 
 
Holding 
or Nominal 
Value Investment
Underlying 
Exposure 
£000's
Market 
Value 
£000's
% of 
Total 
Net 
Assets
X
X
X
X
DERIVATIVES - 0.07%; 31.12.22 (0.07)%    
Forward Currency Contracts - 0.06%; 31.12.22 (0.05)%    
AUD 68,232 Australian dollar vs UK sterling^
36
–
0.00
CAD 213,803 Canadian dollar vs UK sterling^
127
–
0.00
DKK 1,287,803 Danish krone vs UK sterling
149
(1)
0.00
EUR 1,878,051 Euro vs UK sterling
1,614
(12)
0.00
HKD 1,383,966 Hong Kong dollar vs UK sterling^
140
–
0.00
ILS 20,989 Israel shekel vs UK sterling^
4
–
0.00
JPY 181,872,384 Japanese yen vs UK sterling
999
(3)
0.00
NZD 3,638 New Zealand dollar vs UK sterling^
2
–
0.00
NOK 130,381 Norwegian krone vs UK sterling^
10
–
0.00
SGD 13,263 Singapore dollar vs UK sterling^
8
–
0.00
SEK 191,130 Swedish krona vs UK sterling^
14
–
0.00
CHF 773,797 Swiss franc vs UK sterling
681
(5)
0.00
GBP 30,506,763 UK sterling vs Australian dollar
(30,513)
(7)
0.00
NM0923U-3094429-155/477

ACS WORLD ESG EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
155
Holding 
or Nominal 
Value Investment
Underlying 
Exposure 
£000’s
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
GBP 54,941,416 UK sterling vs Canadian dollar
(54,777)
165
0.00
GBP 11,616,944 UK sterling vs Danish krone
(11,534)
83
0.00
GBP 146,699,568 UK sterling vs Euro
(145,651)
1,048
0.01
GBP 10,868,583 UK sterling vs Hong Kong dollar
(10,837)
32
0.00
GBP 1,509,095 UK sterling vs Israel shekel
(1,487)
22
0.00
GBP 98,599,784 UK sterling vs Japanese yen
(98,262)
338
0.01
GBP 1,495,215 UK sterling vs New Zealand dollar
(1,492)
3
0.00
GBP 8,145,274 UK sterling vs Norwegian krone
(8,166)
(20)
0.00
GBP 6,492,381 UK sterling vs Singapore dollar
(6,461)
31
0.00
GBP 11,991,364 UK sterling vs Swedish krona
(11,881)
110
0.00
GBP 45,978,928 UK sterling vs Swiss franc
(45,666)
313
0.00
GBP 1,060,202,216 UK sterling vs United States dollar
(1,057,325)
2,877
0.04
USD 1,569,463 United States dollar vs UK sterling
1,241
1
0.00
(1,479,027)
4,975
0.06
Futures - 0.01%; 31.12.22 (0.02)%    
154 EURO Stoxx 50 September 2023
5,845
107
0.00
38 FTSE 100 Index September 2023
2,863
12
0.00
241 S&P 500 E-Mini September 2023
42,433
531
0.01
15 S&P Canada 60 Index September 2023
2,159
36
0.00
14 SPI 200 Index September 2023
1,312
3
0.00
16 Swiss Market Index September 2023
1,590
13
0.00
33 TOPIX September 2023
4,128
21
0.00
60,330
723
0.01
Portfolio of investments
7,979,155 100.03
 
NM0923U-3094429-156/477

ACS WORLD ESG EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
156
Holding 
or Nominal 
Value Investment
Market 
Value 
£000's
% of 
Total 
Net 
Assets
X
X
X
X
CASH EQUIVALENTS
Short-term Money Market Funds - 1.46%; 31.12.22 0.24%    
83,721 BlackRock Institutional Cash Series Euro Liquidity Fund**
7,169
0.09
69,215 BlackRock Institutional Cash Series Sterling Liquidity Fund**
69
0.00
138,621,752 BlackRock Institutional Cash Series US Dollar Liquidity Fund**
109,608
1.37
116,846
1.46
Net other liabilities
(119,472)
(1.49)
Total net assets
7,976,529 100.00
Unless otherwise stated, all securities are either listed on a recognised exchange or traded on an eligible securities market.
Underlying exposure has been calculated according to the guidelines issued by the European Securities and Markets 
Authority (“ESMA”) (as adopted by the FCA) and represents the market value of an equivalent position in the assets 
underlying each financial derivative instrument.
The counterparty for the forward currency contracts is State Street Bank and Trust.
Ø All or a portion of this investment represents a security on loan.
* Related party to the Fund.
^ Investments which are less than £500 are rounded to zero.
** Managed by a related party.
NM0923U-3094429-157/477

157
ACS WORLD ESG EQUITY TRACKER FUND
STATEMENT OF TOTAL RETURN (unaudited)
for the six months ended 30 June 2023
For the period 
to 30.6.2023
For the period 
to 30.6.2022
£000's
£000's
£000's
£000's
Income
Net capital gains/(losses)
562,676
(1,024,467)
Revenue
95,336
81,598
Expenses
(795)
(919)
Interest payable and similar charges
(9)
(67)
Net revenue before taxation
94,532
80,612
Taxation
(2,811)
(1,518)
Net revenue after taxation
91,721
79,094
Total return before distributions
654,397
(945,373)
Equalisation
1,015
5,336
Change in net assets 
attributable to unitholders from investment activities
655,412
(940,037)
STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS (unaudited)
for the six months ended 30 June 2023
For the period 
to 30.6.2023
For the period 
to 30.6.2022
£000's
£000's
£000's
£000's
Opening net assets attributable to unitholders 
6,718,155
7,018,678
Amounts receivable on issue of units
			
991,439
			 1,307,384
Amounts payable on cancellation of units
			 (388,477)
			 (575,216)
602,962
732,168
Change in net assets attributable to unitholders from investment 
activities
655,412
(940,037)
Closing net assets attributable to unitholders
7,976,529
6,810,809
The above statement shows the comparative closing net assets at 30 June 2022 whereas the current accounting period 
commenced 1 January 2023.
NM0923U-3094429-158/477

158
ACS WORLD ESG EQUITY TRACKER FUND
BALANCE SHEET (unaudited)
at 30 June 2023
30.6.2023
31.12.2022
£000's
£000's
Assets:
Fixed assets
– Investment assets
7,979,203
6,619,719
Current assets
– Debtors
45,535
30,947
– Cash and bank balances
36,164
62,196
– Cash equivalents
116,846
16,436
Total assets
8,177,748
6,729,298
Liabilities:
Investment liabilities
(48)
(4,481)
Creditors
– Amounts held at futures clearing houses and brokers
(2)
–
– Other creditors
(201,169)
(6,662)
Total liabilities
(201,219)
(11,143)
Net assets attributable to unitholders
7,976,529
6,718,155
G D Bamping (Director)
M T Zemek (Director)
BlackRock Fund Managers Limited
30 August 2023
NM0923U-3094429-159/477

159
ACS WORLD ESG INSIGHTS EQUITY FUND
About the Fund
The Fund is a sub-fund of BlackRock Authorised Contractual Scheme I, a Co-Ownership Scheme constituted as a UCITS 
scheme under the COLL Sourcebook. The Fund was authorised by the FCA on 18 March 2021 and launched on  
15 April 2021.
Risk and Reward Profile
 
 Lower risk 
Higher risk 
 Typically lower rewards
Typically higher rewards 
 Unit Class
 X1 Accumulation
1
2
3
4
5
6
7
•	 The risk indicator was calculated incorporating simulated historical data and may not be a reliable indication of the future 
risk profile of the Fund.
•	 The risk category shown is not guaranteed and may change over time.
•	 The lowest category does not mean risk free.
•	 The use of derivatives will impact the value of the Fund and may expose the Fund to a higher degree of risk. Derivatives 
are highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and 
gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can be greater where derivatives are 
used in an extensive or complex way.
For more information on this, please see the Fund’s Key Investor Information Document (“KIID”), which is available at 
www.blackrock.com.
Net Asset Value
At 30 June 2023
Units In Issue
Net Asset Value 
£000's
Net Asset Value 
per Unit 
p
X1 Accumulation 
	 	 	 5,865,916,607 	 	 	
6,673
113.75
Operating Charges
Unit Class
1.1.2023 
to 30.6.2023*
1.1.2022 
to 31.12.2022
X1 Accumulation 
0.01%
0.01%
* Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/depositary 
and entry/exit charges paid to an underlying collective investment scheme (if any).
Distributions Payable
Any income available is accumulated annually on the last day of February.
NM0923U-3094429-160/477

160
ACS WORLD ESG INSIGHTS EQUITY FUND
PORTFOLIO STATEMENT (unaudited)
at 30 June 2023
Holding 
or Nominal 
Value Investment
Market 
Value 
£000's
% of 
Total 
Net 
Assets
X
X
X
X
EQUITIES - 99.16%; 31.12.22 98.20%    
ASIA - 9.46%; 31.12.22 8.83%    
China - 0.03%; 31.12.22 0.03%    
2,260,000 LenovoØ
1,861
0.03
Hong Kong - 0.58%; 31.12.22 0.39%    
2,260,600 AIA
18,044
0.27
131,000 BOC Hong Kong
317
0.00
526,200 Hang Seng Bank
5,920
0.09
4,731,200 Hong Kong & China Gas
3,232
0.05
112,900
Hong Kong Exchanges 
& Clearing
3,363
0.05
2,140,300 Hutchison Port
325
0.00
22,800
Link Real Estate 
Investment Trust
100
0.00
3,056,000 MMG
697
0.01
586,000 MTR
2,129
0.03
711,000 New World Development
1,383
0.02
190,000
Orient Overseas 
International
2,013
0.03
127,500 Sun Hung Kai Properties
1,269
0.02
47,000
Swire Pacific class 'A' 
shares
285
0.00
298,800 Swire Properties
581
0.01
39,658
0.58
Israel - 0.11%; 31.12.22 0.17%    
47,454 Bank Hapoalim BM
307
0.00
40,362
Bank Leumi Le-Israel 
BM
238
0.00
27,907 Elbit Systems
4,605
0.07
593,494 Israel Chemicals
2,539
0.04
7,689
0.11
Japan - 6.62%; 31.12.22 6.17%    
532,300 Aeon
8,558
0.13
632,900 Ajinomoto
19,762
0.30
211,700 ASICSØ
5,111
0.08
20,000 ASKUL
218
0.00
102,900 Astellas Pharma
1,209
0.02
16,000 Bridgestone
515
0.01
8,400 Canon
174
0.00
33,800 Chugai Pharmaceutical
755
0.01
280,000 CyberAgent
1,604
0.02
68,300 Dai-ichi Life
1,022
0.02
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
70,400 Daiichi Sankyo
1,750
0.03
12,000 Daikin Industries
1,919
0.03
128,700 Denso
6,786
0.10
86,700 Dentsu
2,229
0.03
28,400 East Japan Railway
1,239
0.02
14,000 Ebara
524
0.01
223,600 Fast Retailing
44,879
0.67
56,300 Fuji Electric
1,933
0.03
8,300 Fujifilm
387
0.01
137,900 Fujitsu
14,009
0.21
219,400 Hitachi
10,648
0.16
584,600 Honda Motor
13,840
0.21
1,700 Hoya
159
0.00
89,000 Infroneer
659
0.01
145,300 Isuzu Motors
1,382
0.02
306,600 J Front Retailing
2,308
0.03
609,100 Japan Post Bank
3,738
0.06
50,200 Japan Post Insurance
595
0.01
42,700 Japan Tobacco
736
0.01
39,000 JSR
876
0.01
632,700 Kao
18,033
0.27
26,500 KDDI
645
0.01
26,900 Keyence
9,975
0.15
20,200 Kirin
232
0.00
16,200 Komatsu
343
0.01
106,500 Konica Minolta
290
0.00
172,200 K's Holdings
1,182
0.02
1,568,800 Kubota
17,974
0.27
72,800 MinebeaMitsumi
1,074
0.02
339,000 Mitsubishi Electric
3,748
0.06
344,300
Mitsubishi Heavy 
Industries
12,620
0.19
6,700 Mitsubishi Logistics
130
0.00
40,500 Mitsui OSK Lines
765
0.01
14,600 MS&AD Insurance
407
0.01
43,800 NEC
1,666
0.02
70,000 NGK Insulators
656
0.01
28,000 Nidec
1,198
0.02
112,200 Nihon M&A Center
674
0.01
359,700 Nikon
3,649
0.05
403,800 Nintendo
14,441
0.22
89,900 Nippon Express
3,979
0.06
NM0923U-3094429-161/477

ACS WORLD ESG INSIGHTS EQUITY FUND
PORTFOLIO STATEMENT (unaudited) (continued)
161
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
69,900 Nippon Paint
452
0.01
56,200
Nippon Steel & 
Sumitomo Metal
922
0.01
667,400 Nippon Yusen
11,640
0.17
73,200 Nitto Denko
4,252
0.06
2,235,400 Nomura
6,687
0.10
21,900
Nomura Research 
Institute
474
0.01
540,600 Olympus
6,697
0.10
13,100 Open House
369
0.01
501,400 Panasonic
4,800
0.07
575,000 Rakuten
1,563
0.02
31,900 RenovaØ
281
0.00
10,600 Rohm
782
0.01
116,700 Seiko Epson
1,428
0.02
68,900 Sekisui Chemical
779
0.01
1,013,900 Seven & I
34,325
0.51
235,800 SharpØ
1,036
0.02
8,000 Shin-Etsu Chemical
208
0.00
5,100 Shiseido
181
0.00
409,500 SoftBank Group
15,148
0.23
838,100 Sony
59,295
0.90
43,200 Sysmex
2,310
0.03
368,400 T&D
4,240
0.06
3,000 TDK
91
0.00
17,000 TechnoPro
288
0.00
23,400 Terumo
583
0.01
28,500 Tokyo Electron
3,190
0.05
7,200 Tokyo Ohka Kogyo
345
0.01
1,459,900 Toray Industries
6,388
0.10
410,800 Toshiba
10,143
0.15
600,300 Toyota Motor
7,560
0.11
157,900 Unicharm
4,608
0.07
2,168,100 Yahoo Japan
4,100
0.06
119,300 Yamaha
3,591
0.05
441,961
6.62
Macau - 0.04%; 31.12.22 0.00%    
893,600 Sands China
2,408
0.04
Singapore - 0.55%; 31.12.22 0.79%    
903,798 Ascott Residence Trust
569
0.01
1,089,200 Capitaland Investment
2,095
0.03
774,600 DBS
14,227
0.21
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
1,571,100 Keppel
6,127
0.09
29,984,496 Seatrium
2,185
0.03
762,800
Singapore Technologies 
Engineering
1,632
0.02
7,247,700
Singapore 
Telecommunications
10,562
0.16
75,300 UOL
282
0.00
37,679
0.55
South Korea - 1.53%; 31.12.22 1.28%    
3,295 Amorepacific
193
0.00
46,033 BNK Financial
191
0.00
25,957 Coway
684
0.01
134,875 Doosan Heavy Industry
1,465
0.02
2,600 F&F
186
0.00
119,832 HMM
1,355
0.02
100,407
Hyundai Engineering & 
Construction
2,293
0.03
22,176 Hyundai Glovis
2,630
0.04
10,369 Hyundai Mobis
1,447
0.02
78,717 KB Financial
2,256
0.03
16,420 Korea Gas
253
0.00
83,868 LG Display
793
0.01
121,308 LG Electronics
9,223
0.14
343
LG Household & Health 
Care
94
0.00
1,264 LG Innotek
234
0.00
597 NAVER
65
0.00
450,048
Samsung Electronics 
non-voting preference 
shares
16,069
0.24
894,802 Samsung Electronics
38,768
0.58
111,559 Samsung Engineering
1,895
0.03
2,941 Samsung SDI
1,181
0.02
687,627 Shinhan Financial
14,030
0.21
5,503 SK
491
0.01
16,268 SK Hynix
1,124
0.02
72,274 SK Innovation
6,874
0.10
103,794
1.53
EUROPE - 18.25%; 31.12.22 19.48%    
Austria - 0.15%; 31.12.22 0.22%    
188,071 OMV
6,280
0.09
NM0923U-3094429-162/477

ACS WORLD ESG INSIGHTS EQUITY FUND
PORTFOLIO STATEMENT (unaudited) (continued)
162
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
59,473 Verbund
3,731
0.06
10,011
0.15
Belgium - 0.10%; 31.12.22 0.14%    
62,752 Anheuser-Busch InBev
2,805
0.04
23,256 KBC
1,271
0.02
28,958 SolvayØ
2,531
0.04
6,607
0.10
Denmark - 1.16%; 31.12.22 1.05%    
123,282 Christian Hansen
6,745
0.10
38,814 Coloplast 'B' shares
3,799
0.06
258,181 DSVØ
42,767
0.65
132,286
Novo Nordisk class 'B' 
shares
16,576
0.25
33,272 Orsted
2,472
0.04
16,125 Pandora
1,138
0.02
137,483 Vestas Wind Systems
2,877
0.04
76,374
1.16
Finland - 0.41%; 31.12.22 0.37%    
32,575 Fortum
344
0.01
124,236 Metso Oyj
1,164
0.02
576,765 Neste
17,468
0.26
396,850 Nokia
1,321
0.02
43,354 UPM-Kymmene
1,014
0.02
25,127 ValmetØ
552
0.01
549,027 Wartsila
4,846
0.07
26,709
0.41
France - 2.54%; 31.12.22 2.68%    
177,985 AlstomØ
4,149
0.06
423,834 AXA
9,870
0.15
12,472 Biomerieux
1,029
0.02
102,535 BNP Paribas
5,084
0.08
51,789 Capgemini
7,653
0.11
111,071 Carrefour
1,662
0.02
9,117 EssilorLuxottica
1,343
0.02
63,955 Getlink
859
0.01
2,547 Kering
1,107
0.02
60,364 Klepierre
1,182
0.02
293,313 Legrand
22,766
0.33
55,021 L'Oréal
20,110
0.30
3,448 Michelin
80
0.00
136,634 Orange
1,261
0.02
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
2,571 Pernod-Ricard
447
0.01
287,511 Saint-Gobain
13,740
0.21
102,765 Sanofi
8,657
0.13
60,356 Schneider Electric
8,585
0.13
60,158 Société Générale
1,245
0.02
42,528 Sodexo
3,619
0.05
5,406 Teleperformance
717
0.01
1,113,552 TotalØ
50,658
0.77
21,184
Unibail-Rodamco-
Westfield REIT
872
0.01
26,538 Valeo
446
0.01
3,738 Vinci
342
0.01
34,768 Worldline
1,007
0.02
168,490
2.54
Germany - 1.79%; 31.12.22 1.77%    
40,143 Adidas
6,122
0.09
48,003 Allianz
8,816
0.13
38,082
BMW non-voting 
preference shares
3,373
0.05
31,927 BMW
3,073
0.05
133,089 Daimler
8,405
0.13
33,584 Delivery Hero
1,133
0.02
33,706 GEA
1,105
0.02
6,019
Hannover 
Rueckversicherung
1,002
0.02
31,437 Merck
4,067
0.06
62,375 MTU Aero Engines
12,660
0.19
56,719
Muenchener 
Rueckversicherung
16,754
0.25
202,872 SAP
21,655
0.32
41,509 Scout24
2,067
0.03
155,623 Siemens (Registered)
20,341
0.30
79,033 Siemens Energy
1,101
0.02
28,922 United Internet
320
0.00
320,519 Zalando
7,259
0.11
119,253
1.79
Ireland - 0.04%; 31.12.22 0.05%    
236,282 Bank of Ireland
1,790
0.03
13,480 Kingspan
698
0.01
2,488
0.04
NM0923U-3094429-163/477

ACS WORLD ESG INSIGHTS EQUITY FUND
PORTFOLIO STATEMENT (unaudited) (continued)
163
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
Italy - 1.07%; 31.12.22 1.29%    
8,398,699 Enel
44,537
0.66
280,434 EniØ
3,174
0.05
625,025 HeraØ
1,461
0.02
3,970,293 Intesa Sanpaolo
8,223
0.12
314,623 ItalgasØ
1,469
0.02
624,737 Mediobanca
5,892
0.09
73,539 Moncler
3,960
0.06
322,499 Snam
1,328
0.02
99,164 Terna
664
0.01
41,637 UniCredit
769
0.01
211,975 UnipolSaiØ
414
0.01
71,891
1.07
Luxembourg - 0.23%; 31.12.22 0.06%    
692,700 ArcelorMittalØ
14,927
0.23
Netherlands - 1.33%; 31.12.22 1.40%    
337,369 Aegon
1,345
0.02
170,392 Akzo Nobel
10,865
0.16
18,332 ASML
10,375
0.16
147,364 CNH Industrial
1,666
0.02
261,819 ING
2,784
0.04
169,819 Koninklijke
479
0.01
320,892 NN
9,366
0.14
46,488 NXP Semiconductors
7,341
0.11
113,226 Prosus
6,452
0.10
20,144 Randstad
837
0.01
34,084 Signify
757
0.01
25,848 Stellantis
357
0.01
918,436 STMicroelectronics
35,784
0.54
88,408
1.33
Norway - 0.34%; 31.12.22 0.53%    
134,150 Aker BP
2,475
0.04
147,267 DNB Bank
2,173
0.03
296,248 Equinor
6,796
0.10
57,180 Kongsberg Gruppen
2,033
0.03
806,131 Norsk Hydro
3,799
0.06
85,207
Schibsted class 'A' 
shares
1,190
0.02
37,168
Schibsted class 'B' 
shares
492
0.01
350,039 Telenor
2,796
0.04
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
338,364 Var EnergiØ
726
0.01
22,480
0.34
Poland - 0.03%; 31.12.22 0.03%    
65,676
Powszechny Zaklad 
Ubezpieczen
503
0.01
15,965 Santander Bank Polska
1,207
0.02
1,710
0.03
Portugal - 0.09%; 31.12.22 0.11%    
681,532 Galp Energia
6,311
0.09
Spain - 0.99%; 31.12.22 1.08%    
24,434 Acciona
3,277
0.05
17,084 Aena
2,175
0.03
7,209 Amadeus IT
431
0.01
289,229
Banco Bilbao Vizcaya 
Argentaria
1,761
0.03
313,936 Banco Santander
923
0.01
260,658 Cellnex Telecom
8,259
0.12
72,474
Corporacion Acciona 
Energias RenovablesØ
1,916
0.03
338,846 Endesa
5,742
0.09
512,998 Ferrovial
12,732
0.19
382,056 Iberdrola
3,923
0.06
505,832 Inditex
15,285
0.23
834,725 Repsol
9,624
0.14
33,702 Telefonica
108
0.00
66,156
0.99
Sweden - 0.69%; 31.12.22 0.95%    
80,445 Alfa Laval
2,265
0.03
45,052
Atlas Copco class 'A' 
shares
507
0.01
204,153 Boliden
4,635
0.07
54,574 Castellum
407
0.01
151,753 Electrolux
1,629
0.02
166,290
Husqvarna series ‘B’ 
sharesØ
1,183
0.02
54,175 Investor class 'A' shares
847
0.01
577,577 Nibe Industrier
4,290
0.06
29,006 SAAB class 'B' shares
1,222
0.02
184,942 Sandvik
2,809
0.04
333,738
Skandinaviska Enskilda 
Banken series ‘A’ shares
2,900
0.04
NM0923U-3094429-164/477

ACS WORLD ESG INSIGHTS EQUITY FUND
PORTFOLIO STATEMENT (unaudited) (continued)
164
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
34,853
Swedish Orphan 
Biovitrum
530
0.01
128,320 Volvo
2,140
0.03
1,334,115 Volvo series ‘B’ shares
21,657
0.32
47,021
0.69
Switzerland - 3.21%; 31.12.22 3.82%    
1,748,609 ABB (Registered)
53,435
0.81
25,807 Adecco
661
0.01
23,528 DSM-Firmenich
2,015
0.03
49,442 Geberit
20,246
0.31
1,425 Givaudan
3,698
0.06
6,846 Logitech International
316
0.00
225,129 Nestlé
21,291
0.32
318,918 Novartis
25,162
0.38
11,229 Roche (Bearer)
2,909
0.04
60,963 Roche Holding
14,732
0.22
92,850 SGS SA
6,889
0.10
15,980 Sika
3,543
0.05
29,726 Sonova
6,201
0.09
1,100 Straumann
139
0.00
70,469 Swiss Re
5,587
0.08
2,371 Swisscom
1,167
0.02
229,029 UBS
3,635
0.05
114,904 Zurich Insurance
43,049
0.64
214,675
3.21
United Kingdom - 4.08%; 31.12.22 3.93%    
87,123 abrdnØ
191
0.00
109,803 AllfundsØ
530
0.01
161,538 AstraZeneca
18,296
0.27
4,057,335 Aviva
16,067
0.24
2,191,116 Barclays
3,357
0.05
127,999 Barratt Developments
533
0.01
13,707 Berkeley Group
539
0.01
38,662
British American 
Tobacco
1,012
0.02
604,493 British Land
1,850
0.03
1,280,665 BT Group
1,578
0.02
476,593 Burberry
10,109
0.15
261,624 Compass
5,711
0.09
224,409 ConvaTec
458
0.01
19,574 Croda International
1,084
0.02
13,781 Derwent London
284
0.00
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
1,509,106 Diageo
50,902
0.76
119,033 Experian
3,579
0.05
239,751 GSK
3,338
0.05
3,851 Halma
87
0.00
1,456,256 HSBC
9,059
0.14
129,351 Informa
941
0.01
37,803 Intertek
1,602
0.02
412,906 J Sainsbury
1,105
0.02
35,522 Johnson Matthey
620
0.01
1,505,319 Kingfisher
3,465
0.05
531,633 Land Securities
3,053
0.05
1,834 Linde
550
0.01
16,604 London Stock Exchange
1,387
0.02
2,473,038 M&G
4,753
0.07
68,643 Mondi
826
0.01
34,262 National Grid
355
0.01
3,669,202 NatWest
8,846
0.13
7,132 Next
492
0.01
838,110 OcadoØ
4,720
0.07
881,927 Pearson
7,297
0.11
20,895 Reckitt Benckiser
1,234
0.02
811,965 RELX (Registered)
21,314
0.32
580,638 Rightmove
3,040
0.05
11,091,507 Rolls-Royce
16,404
0.25
61,534 Schroders
269
0.00
483,540 Segro
3,454
0.05
165,138 Severn Trent
4,234
0.06
32,313
St. James's Place 
Capital
348
0.01
101,714 Standard Chartered
699
0.01
170,162 Tesco
423
0.01
643,070 Unilever (Registered)
26,334
0.39
945,736 United Utilities
9,113
0.14
768,915 Vodafone
570
0.01
171,327 Whitbread
5,787
0.09
1,109,689 WPP
9,113
0.14
270,912
4.08
NORTH AMERICA - 68.66%; 31.12.22 66.10%    
Canada - 2.57%; 31.12.22 2.83%    
847,547 Bank of Montreal
59,791
0.89
324,733 BCE
11,548
0.17
342,945 Brookfield
8,789
0.14
NM0923U-3094429-165/477

ACS WORLD ESG INSIGHTS EQUITY FUND
PORTFOLIO STATEMENT (unaudited) (continued)
165
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
85,736
Brookfield Asset 
Management
2,178
0.03
238,466
Canadian Imperial Bank 
of Commerce
7,994
0.12
22,016
Canadian National 
Railway
2,076
0.03
43,903
Canadian Pacific 
Kansas CityØ
2,754
0.04
27,596
Canadian Pacific 
Kansas City
1,724
0.03
52,867
Canadian Tire 
Corporation
5,576
0.08
811,812 Enbridge
23,707
0.36
108,997 Hydro One
2,414
0.04
11,215 Loblaw Cos
795
0.01
33,290 Shopify
1,675
0.03
676,460 Sun Life Financial
27,434
0.41
29,602
Telus Corporation (Non 
Canadian)
451
0.01
56,622 Thomson Reuters
5,984
0.08
206,501
Wheaton Precious 
Metals
6,920
0.10
171,810
2.57
United States - 66.09%; 31.12.22 63.27%    
101,615 3M
7,972
0.12
875,251 Abbott Laboratories
74,507
1.12
747,509 AbbVie
78,753
1.18
359,329 Accenture
87,619
1.31
8,049 Activision Blizzard
529
0.01
125,762 Adobe
48,106
0.72
360,458 Advanced Micro Devices
31,694
0.47
123,127 Aflac
6,730
0.10
174,504 Agilent Technologies
16,294
0.24
50,232
Air Products & 
Chemicals
11,710
0.18
30,456 Akamai Technologies
2,149
0.03
40,741 Albemarle
7,054
0.11
2,446 Allstate
211
0.00
614,149
Alphabet class 'A' 
shares
57,836
0.88
494,401
Alphabet class 'C' 
shares
46,919
0.70
64,166 Altria
2,282
0.03
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
787,417 Amazon.com
79,657
1.19
162,196 American Express
22,065
0.33
548,620 American International
24,813
0.37
3,599
American Tower class ‘A’ 
shares
548
0.01
15,747 American Water Works
1,749
0.03
11,577 Ameriprise Financial
3,036
0.05
38,609 AmerisourceBergen
5,816
0.09
110,437 Amgen
19,310
0.29
116,473 Analog Devices
17,449
0.26
86,368 Anthem
30,056
0.45
7,146 Aon
1,932
0.03
2,251,070 Apple
337,455
5.05
52,884 Applied Materials
6,031
0.09
12,341 Aptiv
985
0.01
9,579 Aramark
323
0.00
28,627 Arista Networks
3,606
0.05
33,817 Assurant
3,331
0.05
330,474 AT&T
4,178
0.06
39,337 Atlassian
5,025
0.08
4,694 Autodesk
765
0.01
193,192
Automatic Data 
Processing
33,064
0.50
137 AutoZone
266
0.00
11,962 AvalonBay Communities
1,778
0.03
32,949 Avangrid
976
0.01
25,017 Avery Dennison
3,323
0.05
1,297,191 Baker HughesØ
32,165
0.49
85,671 Ball
3,909
0.06
1,262,697 Bank of America
28,615
0.43
829,119
Bank of New York 
Mellon
28,977
0.43
354,232 Baxter International
12,520
0.19
27,867 Becton Dickinson
5,740
0.09
286,650 Best Buy
18,860
0.28
188,375 Biogen
42,035
0.63
8,568 BlackRock*
4,660
0.07
16,903 Blackstone GroupØ
1,240
0.02
4,564 Booking
9,584
0.14
70,435 Boston Properties
3,180
0.05
1,401,466 Boston Scientific
59,042
0.89
124,273 Bristol-Myers Squibb
6,290
0.09
NM0923U-3094429-166/477

ACS WORLD ESG INSIGHTS EQUITY FUND
PORTFOLIO STATEMENT (unaudited) (continued)
166
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
1,633 Broadcom
1,114
0.02
30,671 Campbell Soup
1,103
0.02
93,112 Cardinal Health
6,913
0.10
13,616 CarMax
908
0.01
41,691 Caterpillar
8,050
0.12
430,382 CBRE class ‘A’ shares
27,337
0.40
46,313 CH Robinson Worldwide
3,452
0.05
28,471 Cheniere Energy
3,405
0.05
73,110 Chevron
9,031
0.14
598 Chipotle Mexican Grill
998
0.01
1,591 Chubb
238
0.00
82,637 Cigna
18,119
0.27
1,549,429 Cisco Systems
62,764
0.94
192,708 Citigroup
7,053
0.11
25,523 Clorox
3,187
0.05
552,003 Coca-Cola
26,201
0.39
3,999 Cognizant Technology
204
0.00
148,047 Colgate-Palmolive
8,962
0.13
197,919 Comcast class ‘A’ shares
6,491
0.10
32,891 Comerica
1,114
0.02
303,119 ConocoPhillips
24,696
0.37
26,413 Consolidated Edison
1,871
0.03
16,612 Constellation Energy
1,193
0.02
22,816 Corning
626
0.01
50,180 Cummins
9,602
0.14
179,338 CVS Health
9,750
0.15
21,815 Danaher
4,101
0.06
23,648 Delta Air Lines
866
0.01
41,800 Devon Energy
1,600
0.02
4,104 DexCom
415
0.01
12,086 DocuSign
489
0.01
81,579 DuPont de Nemours
4,570
0.07
11,380 Eastman Chemical
746
0.01
100,879 Eaton
15,861
0.24
147,905 eBay
5,215
0.08
58,211 Ecolab
8,465
0.13
232,460 Edwards Lifesciences
16,914
0.25
13,943 Electronic Arts
1,438
0.02
43,772 Eli Lilly
16,076
0.24
2,639 Enphase EnergyØ
331
0.00
17,940 EOG Resources
1,602
0.02
3,587 EPAM Systems
637
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
2,128 Equinix
1,307
0.02
48,377 Equity Residential
2,502
0.04
2,806
Estee Lauder class ‘A’ 
shares
427
0.01
163,583 Etsy
11,084
0.17
243,714 Eversource Energy
13,437
0.19
133,899 Exact Sciences
9,983
0.15
126,979 Exelon
4,028
0.06
2,837 Expedia
242
0.00
5,041
Expeditors International 
of Washington
479
0.01
126,965 Exxon Mobil
10,712
0.16
10,953
FactSet Research 
Systems
3,426
0.05
15,627
Federal Realty 
Investment TrustØ
1,190
0.02
8,997 FedEx
1,778
0.03
29,595 Fifth Third Bancorp
615
0.01
5,199 First Solar
756
0.01
25,070 Flex
542
0.01
54,316 FMC
4,490
0.07
57,193 FNF
1,630
0.02
151,213 Ford Motor
1,786
0.03
1,136,433 Freeport-McMoRan
35,359
0.53
817 Gartner
221
0.00
209,036
GE Healthcare 
Technologies
13,003
0.19
879,528 General Electric
74,955
1.13
370,954 General Mills
22,378
0.33
2,018,342 General Motors
60,963
0.91
136,679 Genuine Parts
17,945
0.27
120,624 Gilead Sciences
7,252
0.11
43,840 Goldman Sachs
11,201
0.17
455,790 Halliburton
11,961
0.18
190,476 Hasbro
9,613
0.14
24,904 Henry Schein
1,593
0.02
35,880 Hess
3,797
0.06
568,510
Hewlett Packard 
Enterprise
7,485
0.11
184,107 Hologic
11,656
0.17
2,246 Home Depot
547
0.01
396,645 Host Hotels & Resorts
5,234
0.08
36,509 Howmet Aerospace
1,408
0.02
NM0923U-3094429-167/477

ACS WORLD ESG INSIGHTS EQUITY FUND
PORTFOLIO STATEMENT (unaudited) (continued)
167
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
227,599 HP
5,455
0.08
2,173 Humana
763
0.01
172,839 Huntington Bancshares
1,476
0.02
4,215 IDEX
712
0.01
3,352 IDEXX Laboratories
1,310
0.02
13,989 Illinois Tool Works
2,749
0.04
19,885 Illumina
2,916
0.04
1,249,287 Intel
32,529
0.49
46,368
Intercontinental 
Exchange
4,117
0.06
301,211
International Business 
Machines
31,926
0.48
344,396
International Flavors & 
Fragrances
21,192
0.31
378,514 InterpublicØ
11,400
0.17
72,623 Intuit
26,175
0.39
24,008 Intuitive Surgical
6,427
0.10
670,623 Johnson & Johnson
87,022
1.31
381,228
Johnson Controls 
International
20,296
0.30
156,959 JPMorgan Chase & Co.
17,802
0.27
36,996 Kellogg
1,954
0.03
9,388 Keysight Technologies
1,227
0.02
225,180 Kimco Realty
3,508
0.05
191,380 Kinder Morgan
2,603
0.04
1,396 KLA-Tencor
527
0.01
205,646 Kroger
7,532
0.12
202,667 L3 Technologies
31,342
0.47
20,303 Lam Research
10,278
0.15
25,996 Las Vegas Sands
1,180
0.02
30,699
Liberty Media Corp-
Liberty SiriusXM class 
'A' shares
773
0.01
39,103
Liberty Media Corp-
Liberty SiriusXM class 
'C' shares
982
0.01
29,596 Loews
1,384
0.02
203,409 LucidØ
1,105
0.02
23,876 M&T Bank
2,346
0.04
58,129 Marathon Petroleum
5,347
0.08
77,755 Marvell Technology
3,589
0.05
202,510
MasterCard class ‘A’ 
shares
62,084
0.93
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
132,737 McDonald's
30,907
0.46
78,591 McKesson
26,138
0.39
62,626 Medtronic
4,297
0.06
5,908 MercadoLibre
5,468
0.08
921,013 Merck & Co
82,693
1.25
173,330 Meta
38,593
0.58
1,418
Mettler-Toledo 
International
1,477
0.02
63,095 Microchip Technology
4,339
0.07
84,916 Micron Technology
4,321
0.06
1,316,225 Microsoft
348,649
5.24
71,315
Molson Coors Brewing 
class ‘B’ shares
3,700
0.06
162,392 Mondelez International
9,282
0.14
125,898 Monster Beverage
5,717
0.09
231,905 Moody's
63,163
0.96
86,165 Morgan Stanley
5,807
0.09
92,888 Motorola Solutions
21,196
0.32
16,979 NetApp
1,023
0.02
43,279 Netflix
14,657
0.22
580,013 Newmont Mining
19,235
0.29
343,441 NIKE
30,795
0.47
34,869 Northern Trust
2,022
0.03
6,854 Nucor
885
0.01
498,827 NVIDIA
161,075
2.40
57,921 Occidental Petroleum
2,680
0.04
290,679 Omnicom
21,635
0.33
133,754 ON Semiconductor
9,737
0.15
175,082 Oracle
16,305
0.24
60,726 Palo Alto NetworksØ
12,164
0.18
173,010 PayPal
9,011
0.14
577,714 PepsiCo
83,969
1.26
304,732 Pfizer
8,703
0.13
561,627 PG&E
7,580
0.11
520,939
Philip Morris 
International
40,248
0.60
54,317 Phillips 66
4,061
0.06
44,226
Pioneer Natural 
Resources
7,206
0.11
10,279 Plug Power
81
0.00
105,216 PNC Financial Services
10,453
0.16
134,841 PPG Industries
15,499
0.22
57,726 Procter & Gamble
6,819
0.09
NM0923U-3094429-168/477

ACS WORLD ESG INSIGHTS EQUITY FUND
PORTFOLIO STATEMENT (unaudited) (continued)
168
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
329,559 Prologis
31,659
0.46
75,464 Qualcomm
7,043
0.11
366,455 Realty Income
17,446
0.26
27,912 Regency Centers
1,361
0.02
30,088
Regeneron 
Pharmaceuticals
16,854
0.25
4,220 Republic Services
505
0.01
14,489 ResMed
2,477
0.04
9,806 Rivian Automotive
124
0.00
364,694 RobloxØ
11,171
0.17
12,769 Rockwell Automation
3,273
0.05
29,963
Royal Caribbean 
CruisesØ
2,407
0.04
99,490 S&P Global
31,147
0.47
422,966 Salesforce.com
70,339
1.06
230,726 Schlumberger
8,843
0.13
17,304 Seagate Technology
847
0.01
89,344 Sempra Energy
10,237
0.15
10,946 ServiceNow
4,748
0.07
13,118 Sherwin-Williams
2,711
0.04
171,112 Sims Metal Management
1,410
0.02
11,968 Skyworks Solutions
1,040
0.02
18,190 SolarEdge Technologies
3,651
0.06
9,808 Splunk
816
0.01
15,780 Spotify Technology
1,987
0.03
184,702 Square
9,401
0.14
7,781 Stanley Black & Decker
582
0.01
420,016 Starbucks
32,772
0.49
83,987 State Street
4,857
0.07
2,371 Stryker
566
0.01
43,727 Synchrony Financial
1,178
0.02
38,087 Sysco
2,203
0.03
35,920 Target
3,775
0.06
42,191 TE Connectivity
4,619
0.07
384,430 Tesla
78,277
1.17
214,255 Texas Instruments
29,949
0.45
58,999 Thermo Fisher Scientific
24,000
0.36
900,783 TJX
59,643
0.89
1,277 Tractor SupplyØ
220
0.00
55,191 Trane Technologies
8,290
0.12
14,671 Twilio
734
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
11,747
United Parcel Service 
class ‘B’ shares
1,635
0.02
76,812 UnitedHealth
28,950
0.43
25,985 US Bancorp
673
0.01
50,927 Valero Energy
4,695
0.07
552,819 Ventas
20,815
0.31
768,167 Verizon Communications
22,467
0.34
44,763 Vertex Pharmaceuticals
12,327
0.18
7,798 VF
118
0.00
24,552 Viacomcbs
310
0.00
149,206 VisaØ
27,643
0.41
15,623 VMware
1,777
0.03
433,839
Walgreens Boots 
Alliance
9,732
0.15
178,584 Walmart
21,787
0.33
373,655 Walt Disney
26,284
0.40
681,519 Wells Fargo
22,875
0.34
5,924 Welltower
377
0.01
4,412
West Pharmaceutical 
Services
1,316
0.02
40,997 Western Digital
1,220
0.02
716,330 Weyerhaeuser
18,873
0.28
39,256 WhirlpoolØ
4,639
0.07
294,409 Williams
7,573
0.11
121,856 Workday
21,883
0.33
66,585 WR Berkley
3,113
0.05
272,529 Xylem
23,999
0.36
408,937 Yum! BrandsØ
44,379
0.67
4,411,652
66.09
OCEANIA - 2.73%; 31.12.22 3.79%    
Australia - 2.67%; 31.12.22 3.70%    
54,620 ALS
319
0.00
3,495,101 AMP
2,067
0.03
25,337 Aristocrat Leisure
513
0.01
152,677 Aurizon
313
0.00
2,320,336
Australia & New Zealand 
Banking
28,787
0.43
130,943 Bank of Queensland
376
0.01
109,154
Bendigo & Adelaide 
BankØ
490
0.01
134,885 Brambles
1,017
0.02
NM0923U-3094429-169/477

ACS WORLD ESG INSIGHTS EQUITY FUND
PORTFOLIO STATEMENT (unaudited) (continued)
169
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
377,062
Cleanaway Waste 
Management
511
0.01
452,293
Commonwealth Bank of 
Australia
23,715
0.36
35,801 CSL
5,197
0.08
180,037 Dexus
735
0.01
315,493 Fortescue Metals
3,663
0.05
1,386,786 GPT
3,005
0.05
173,642 IGO
1,382
0.02
37,908 Lend Lease
154
0.00
149,008 Lynas Rare Earths
534
0.01
392,313 Macquarie
36,478
0.55
2,596,408 Mirvac
3,072
0.05
207,185 National Australia Bank
2,859
0.04
826,268 QBE Insurance
6,778
0.10
7,782 REA
583
0.01
82,514 Rio Tinto
4,954
0.07
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
113,970 Rio Tinto (Registered)
5,694
0.09
2,553,265 Stockland Trust
5,373
0.08
293,774 Telstra
661
0.01
1,668,355 Transurban
12,437
0.20
16,077 Wesfarmers
415
0.01
1,972,082 Westpac Banking
22,020
0.33
62,840 Woodside Energy
1,133
0.02
70,725 WorleyParsons
584
0.01
175,819
2.67
New Zealand - 0.06%; 31.12.22 0.09%    
96,996 Contact Energy
374
0.01
63,779
Fisher & Paykel 
Healthcare
744
0.01
125,980 Mercury NZ
388
0.01
811,828 Meridian Energy
2,148
0.03
3,654
0.06
SOUTH AMERICA - 0.06%; 31.12.22 0.00%    
Chile - 0.06%; 31.12.22 0.00%    
284,493 Antofagasta
4,129
0.06
 
 
 
Holding 
or Nominal 
Value Investment
Underlying 
Exposure 
£000's
Market 
Value 
£000's
% of 
Total 
Net 
Assets
                    
DERIVATIVES - 0.02%; 31.12.22 (0.04)%    
Futures - 0.02%; 31.12.22 (0.04)%    
136 EURO Stoxx 50 September 2023
5,162
95
0.00
35 FTSE 100 Index September 2023
2,637
(12)
0.00
216 S&P 500 E-Mini September 2023
38,031
885
0.02
15 S&P Canada 60 Index September 2023
2,159
7
0.00
11 SPI 200 Index September 2023
1,031
9
0.00
15 Swiss Market Index September 2023
1,490
(2)
0.00
29 TOPIX September 2023
3,628
208
0.00
54,138
1,190
0.02
NM0923U-3094429-170/477

ACS WORLD ESG INSIGHTS EQUITY FUND
PORTFOLIO STATEMENT (unaudited) (continued)
170
Holding 
or Nominal 
Value Investment
Underlying 
Exposure 
£000’s
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
                    
 
 
 
 
Portfolio of investments
6,617,727
99.18
CASH EQUIVALENTS
Short-term Money Market Funds - 0.31%; 31.12.22 0.40%    
246,306 BlackRock Institutional Cash Series US Dollar Liquid Environmentally Aware Fund**
20,664
0.31
Net other assets
34,279
0.51
Total net assets
6,672,670 100.00
Unless otherwise stated, all securities are either listed on a recognised exchange or traded on an eligible securities market.
Underlying exposure has been calculated according to the guidelines issued by the European Securities and Markets 
Authority (“ESMA”) (as adopted by the FCA) and represents the market value of an equivalent position in the assets 
underlying each financial derivative instrument.
Ø All or a portion of this investment represents a security on loan.
* Related party to the Fund.
** Managed by a related party.
NM0923U-3094429-171/477

171
ACS WORLD ESG INSIGHTS EQUITY FUND
STATEMENT OF TOTAL RETURN (unaudited)
for the six months ended 30 June 2023
For the period 
to 30.6.2023
For the period 
to 30.6.2022
£000's
£000's
£000's
£000's
Income
Net capital gains/(losses)
381,191
(346,678)
Revenue
81,195
30,033
Expenses
(250)
(90)
Interest payable and similar charges
(27)
(32)
Net revenue before taxation
80,918
29,911
Taxation
(3,306)
(1,135)
Net revenue after taxation
77,612
28,776
Total return before distributions
458,803
(317,902)
Equalisation
3,374
8,168
Change in net assets 
attributable to unitholders from investment activities
462,177
(309,734)
STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS (unaudited)
for the six months ended 30 June 2023
For the period 
to 30.6.2023
For the period 
to 30.6.2022
£000's
£000's
£000's
£000's
Opening net assets attributable to unitholders 
4,914,130
1,722,923
Amounts receivable on issue of units
			 1,311,346
			 1,473,817
Amounts payable on cancellation of units
			
(14,983)
			
(1,198)
1,296,363
1,472,619
Change in net assets attributable to unitholders from investment 
activities
462,177
(309,734)
Closing net assets attributable to unitholders
6,672,670
2,885,808
The above statement shows the comparative closing net assets at 30 June 2022 whereas the current accounting period 
commenced 1 January 2023.
NM0923U-3094429-172/477

172
ACS WORLD ESG INSIGHTS EQUITY FUND
BALANCE SHEET (unaudited)
at 30 June 2023
30.6.2023
31.12.2022
£000's
£000's
Assets:
Fixed assets
– Investment assets
6,617,741
4,825,679
Current assets
– Debtors
15,511
15,473
– Cash and bank balances
19,190
55,303
– Cash equivalents
20,664
19,674
Total assets
6,673,106
4,916,129
Liabilities:
Investment liabilities
(14)
(1,895)
Creditors
– Amounts held at futures clearing houses and brokers
(75)
–
– Other creditors
(347)
(104)
Total liabilities
(436)
(1,999)
Net assets attributable to unitholders
6,672,670
4,914,130
G D Bamping (Director)
M T Zemek (Director)
BlackRock Fund Managers Limited
30 August 2023
NM0923U-3094429-173/477

173
ACS WORLD ESG SCREENED EQUITY TRACKER FUND
About the Fund
The Fund is a sub-fund of BlackRock Authorised Contractual Scheme I, a Co-Ownership Scheme constituted as a UCITS 
scheme under the COLL Sourcebook. The Fund was authorised by the FCA on 1 December 2020 and launched on 
5 March 2021.
Risk and Reward Profile
 
 Lower risk 
Higher risk 
 Typically lower rewards
Typically higher rewards 
 Unit Class
 X1 Accumulation
1
2
3
4
5
6
7
 X1C Accumulation
1
2
3
4
5
6
7
 X1D Accumulation
1
2
3
4
5
6
7
 X1E Accumulation
1
2
3
4
5
6
7
 X1F Accumulation
1
2
3
4
5
6
7
 X1G Accumulation
1
2
3
4
5
6
7
 X1H Accumulation
1
2
3
4
5
6
7
 X1I Accumulation
1
2
3
4
5
6
7
 X1J Accumulation
1
2
3
4
5
6
7
 X1K Accumulation
1
2
3
4
5
6
7
 X1L Accumulation
1
2
3
4
5
6
7
 X1M Accumulation
1
2
3
4
5
6
7
 X1RA Accumulation*
1
2
3
4
5
6
7
 X2 Accumulation**
1
2
3
4
5
6
7
 X2 Accumulation Hedged**
1
2
3
4
5
6
7
* Unit class launched on 14 June 2023
** Unit class launched on 19 June 2023
•	 The risk indicator was calculated incorporating simulated historical data and may not be a reliable indication of the future 
risk profile of the Fund.
•	 The risk category shown is not guaranteed and may change over time.
•	 The lowest category does not mean risk free.
•	 The use of derivatives will impact the value of the Fund and may expose the Fund to a higher degree of risk. Derivatives 
are highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and 
gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can be greater where derivatives are 
used in an extensive or complex way.
For more information on this, please see the Fund’s Key Investor Information Document (“KIID”), which is available at  
www.blackrock.com.
NM0923U-3094429-174/477

174
ACS WORLD ESG SCREENED EQUITY TRACKER FUND
Net Asset Value
At 30 June 2023
Units In Issue
Net Asset Value 
£000's
Net Asset Value 
per Unit 
p
X1 Accumulation 
	 	 	
113,573,429 	 	 	
141,408
124.51
X1C Accumulation 
	 	 	
26,493,294 	 	 	
32,990
124.52
X1D Accumulation 
	 	 	
49,362,954 	 	 	
61,464
124.51
X1E Accumulation 
	 	 	
148,697,391 	 	 	
185,161
124.52
X1F Accumulation 
	 	 	
121,058,993 	 	 	
150,740
124.52
X1G Accumulation 
	 	 	
257,767,358 	 	 	
320,959
124.52
X1H Accumulation 
	 	 	
158,880,714 	 	 	
197,828
124.51
X1I Accumulation 
	 	 	
310,758,948 	 	 	
386,935
124.51
X1J Accumulation 
	 	 	
160,716,054 	 	 	
200,115
124.51
X1K Accumulation 
	 	 	
248,327,294 	 	 	
309,204
124.51
X1L Accumulation 
	 	 	
112,842,588 	 	 	
140,507
124.52
X1M Accumulation 
	 	 	
149,922,239 	 	 	
186,559
124.44
X1RA Accumulation* 
	 	 	
225,428,056 	 	 	
225,372
99.98
X2 Accumulation** 
	 	 	
12,500,000 	 	 	
12,489
99.91
X2 Accumulation Hedged** 
	 	 	
12,500,000 	 	 	
12,403
99.22
Operating Charges
Unit Class
1.1.2023 
to 30.6.2023^
1.1.2022 
to 31.12.2022
X1 Accumulation 
0.01%
0.01%
X1C Accumulation 
0.01%
0.01%
X1D Accumulation 
0.01%
0.01%
X1E Accumulation 
0.01%
0.01%
X1F Accumulation 
0.01%
0.01%
X1G Accumulation 
0.01%
0.01%
X1H Accumulation 
0.01%
0.01%
X1I Accumulation 
0.01%
0.01%
X1J Accumulation 
0.01%
0.01%
X1K Accumulation 
0.01%
0.01%
X1L Accumulation 
0.01%
0.01%
X1M Accumulation 
0.01%
0.01%
X1RA Accumulation* 
0.02%
–%
X2 Accumulation** 
0.02%
–%
X2 Accumulation Hedged** 
0.04%
–%
* Unit class launched on 14 June 2023.
** Unit class launched on 19 June 2023.
^ Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/depositary  
and entry/exit charges paid to an underlying collective investment scheme (if any).
Distributions Payable
Any income available is accumulated annually on the last day of February.
NM0923U-3094429-175/477

175
ACS WORLD ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited)
at 30 June 2023
Holding 
or Nominal 
Value Investment
Market 
Value 
£000's
% of 
Total 
Net 
Assets
X
X
X
X
EQUITIES - 97.30%; 31.12.22 97.99%    
AFRICA - 0.01%; 31.12.22 0.00%    
Burkina Faso - 0.01%; 31.12.22 0.00%    
10,479 Endeavour MiningØ
193
0.01
ASIA - 7.61%; 31.12.22 8.19%    
China - 0.05%; 31.12.22 0.07%    
218,000 BOC Hong Kong
527
0.02
102,800 Budweiser Brewing
209
0.01
126,600 ESR CaymanØ
172
0.01
4,854 Futu ADR
152
0.01
57,000 SITC International
82
0.00
1,142
0.05
Hong Kong - 0.61%; 31.12.22 0.73%    
731,600 AIA
5,839
0.24
181,000 CK Hutchison
874
0.03
159,000 Galaxy Entertainment
797
0.03
80,000 Hang Lung Properties
98
0.00
45,000 Hang Seng Bank
506
0.02
96,000
Henderson Land 
Development
225
0.01
187,000 HKT Trust & HKT
172
0.01
751,400 Hong Kong & China Gas
513
0.02
58,500
Hong Kong Exchanges & 
Clearing
1,743
0.07
164,860
Link Real Estate 
Investment Trust
724
0.03
87,000 MTR
316
0.01
117,000 New World Development
228
0.01
276,000 Sino Land
268
0.01
88,000 Sun Hung Kai Properties
876
0.04
21,500
Swire Pacific class 'A' 
shares
130
0.01
149,800 Swire Properties
291
0.01
81,000 Techtronic Industries
696
0.03
496,000 WH
207
0.01
106,000
Wharf Real Estate 
Investment
418
0.02
72,000 Xinyi Glass
89
0.00
15,010
0.61
Israel - 0.18%; 31.12.22 0.22%    
2,660 Azrieli
117
0.00
62,765 Bank Hapoalim BM
406
0.02
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
96,175 Bank Leumi Le-Israel BM
567
0.02
6,019
Check Point Software 
Technologies
609
0.02
1,292 Elbit Systems
213
0.01
50,285 Israel Chemicals
215
0.01
80,846 Israel Discount BankØ
317
0.01
10,466 Mizrahi Tefahot Bank
276
0.01
1,078 Monday.com
144
0.01
4,438 Nice
712
0.03
77,692
Teva Pharmaceutical 
Industries ADR
465
0.02
5,303 Tower Semiconductor
155
0.01
3,557 Wix.com
217
0.01
4,413
0.18
Japan - 6.35%; 31.12.22 6.68%    
11,400 Advantest
1,193
0.05
47,400 Aeon
762
0.03
13,900 AGC
392
0.02
11,200 Aisin Seiki
271
0.01
29,400 Ajinomoto
918
0.04
17,600 ANA
329
0.01
29,000 Asahi
882
0.03
14,900 Asahi Intecc
229
0.01
66,500 Asahi Kasei
353
0.01
119,000 Astellas Pharma
1,398
0.05
4,900 AzbilØ
121
0.00
7,000 BayCurrent Consulting
205
0.01
33,400 Bridgestone
1,074
0.04
18,400 Brother Industries
211
0.01
61,600 Canon
1,274
0.05
10,900 Capcom
339
0.01
8,200 Central Japan Railway
809
0.03
23,800 Chiba Bank
114
0.00
41,700 Chugai Pharmaceutical
931
0.04
70,000 Concordia Financial
215
0.01
36,100 CyberAgent
207
0.01
14,200 Dai Nippon Printing
317
0.01
19,200 Daifuku
308
0.01
59,600 Dai-ichi Life
892
0.03
116,900 Daiichi Sankyo
2,906
0.11
16,600 Daikin Industries
2,655
0.10
4,000 Daito Trust Construction
319
0.01
NM0923U-3094429-176/477

ACS WORLD ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
176
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
34,700 Daiwa House
719
0.03
155
Daiwa House REIT 
Investment
234
0.01
85,600 Daiwa Securities
346
0.01
25,900 Denso
1,366
0.05
17,600 Dentsu
453
0.02
6,200 Disco
766
0.03
17,100 East Japan Railway
746
0.03
14,800 Eisai
787
0.03
62,500 Fanuc
1,717
0.07
11,100 Fast Retailing
2,228
0.09
8,300 Fuji Electric
285
0.01
22,400 Fujifilm
1,046
0.04
10,500 Fujitsu
1,067
0.04
326 GLP JREIT
253
0.01
4,600 GMO Payment GatewayØ
282
0.01
9,300 Hakuhodo
77
0.00
9,300 Hamamatsu Photonics
357
0.01
13,000 Hankyu Hanshin
337
0.01
800 Hikari Tsushin
90
0.00
1,300 Hirose Electric
135
0.01
59,900 Hitachi
2,907
0.11
5,000
Hitachi Construction 
Machinery
110
0.00
99,200 Honda Motor
2,348
0.09
7,700 Hoshizaki
217
0.01
22,600 Hoya
2,108
0.08
14,400 Hulic
97
0.00
7,300 Ibiden
323
0.01
6,700 Iida
89
0.00
55,600 Inpex
486
0.02
36,800 Isuzu Motors
350
0.01
71,700 Itochu
2,223
0.09
5,100 Itochu Techno-Solutions
101
0.00
6,700 Japan Airlines
114
0.00
28,900 Japan Exchange
396
0.02
130,200 Japan Post
738
0.03
96,600 Japan Post Bank
593
0.02
8,900 Japan Post Insurance
105
0.00
90
Japan Real Estate 
Investment
269
0.01
443
Japan Retail Fund 
Investment
233
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
29,500 JFE
330
0.01
13,800 JSR
310
0.01
173,700 JXTG
470
0.02
27,800 Kajima
329
0.01
32,900 Kao
938
0.04
7,800 Kawasaki Kisen Kaisha
150
0.01
96,700 KDDI
2,352
0.09
4,100 Keio
101
0.00
8,700 Keisei Electric Railway
283
0.01
12,100 Keyence
4,487
0.17
7,900 Kikkoman
354
0.01
12,700 Kintetsu
345
0.01
44,300 Kirin
509
0.02
2,000 Kobayashi Pharmaceutical
86
0.00
11,200 Kobe Bussan
228
0.01
7,280 Koei Tecmo
99
0.00
15,200 Koito Manufacturing
215
0.01
54,900 Komatsu
1,163
0.05
6,300 Konami
259
0.01
1,300 Kose
98
0.00
67,600 Kubota
774
0.03
6,800 Kurita Water Industries
204
0.01
18,300 Kyocera
780
0.03
15,500 Kyowa Hakko Kirin
225
0.01
4,700 Lasertec
554
0.02
20,300 LIXIL
202
0.01
27,800 M3
472
0.02
14,300 Makita
315
0.01
93,000 Marubeni
1,239
0.05
6,000 MatsukiyoCocokara
264
0.01
37,000 Mazda Motor
281
0.01
6,900 McDonald's Japan
211
0.01
15,300 Meiji Holdings
269
0.01
19,000 MinebeaMitsumi
280
0.01
19,300 Misumi
302
0.01
77,700 Mitsubishi
2,943
0.11
66,200 Mitsubishi Chemical
312
0.01
81,200 Mitsubishi Estate
759
0.04
711,600 Mitsubishi UFJ Financial
4,136
0.16
53,100
Mitsubishi UFJ Lease & 
Finance
248
0.01
83,900 Mitsui
2,479
0.10
NM0923U-3094429-177/477

ACS WORLD ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
177
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
12,500 Mitsui ChemicalsØ
289
0.01
51,200 Mitsui Fudosan
801
0.04
20,900 Mitsui OSK Lines
395
0.02
152,300 Mizuho Financial
1,829
0.07
21,000 Monotaro
209
0.01
30,900 MS&AD Insurance
861
0.03
37,300 Murata Manufacturing
1,679
0.07
42,700 Namco Bandai
775
0.03
15,800 NEC
601
0.02
21,400 Nexon
321
0.01
10,200 NGK Insulators
96
0.00
27,300 Nidec
1,168
0.05
62,600 Nintendo
2,239
0.09
94 Nippon Building
290
0.01
5,100 Nippon Express
226
0.01
78,300 Nippon Paint
506
0.02
2,300 Nippon Shinyaku
74
0.00
47,200
Nippon Steel & Sumitomo 
Metal
774
0.03
1,810,000
Nippon Telegraph & 
Telephone
1,683
0.07
27,600 Nippon Yusen
481
0.02
7,300
Nissan Chemical 
Industries
246
0.01
129,900 Nissan Motor
417
0.02
9,700 Nisshin Seifun
94
0.00
4,000 Nissin Foods
260
0.01
5,100 Nitori
449
0.02
8,400 Nitto Denko
488
0.02
167,300 Nomura
500
0.02
6,800 Nomura Real Estate
127
0.00
292
Nomura Real Estate 
Master
264
0.01
21,900 Nomura Research Institute
474
0.02
36,400 NTT Data
399
0.02
41,600 Obayashi
283
0.01
4,100 OBIC
515
0.02
21,800 Odakyu Electric Railway
229
0.01
74,400 Oji
218
0.01
78,600 Olympus
974
0.04
13,400 Omron
642
0.03
26,300 Ono Pharmaceutical
374
0.01
3,600 Open House
101
0.00
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
1,600 Oracle Japan
93
0.00
65,500 Oriental Land
2,005
0.08
69,900 ORIX
997
0.04
22,800 Osaka Gas
275
0.01
24,500 Otsuka
705
0.03
7,600 Otsuka Pharmaceutical
232
0.01
23,200 Pan Pacific International
326
0.01
132,000 Panasonic
1,264
0.05
7,800 Persol
110
0.00
104,700 Rakuten
285
0.01
90,800 Recruit
2,262
0.09
82,600 Renesas Electronics
1,219
0.05
166,800 Resona
629
0.02
26,600 Ricoh
178
0.01
5,900 Rohm
435
0.02
13,500 SBI
204
0.01
7,800 SCSK
96
0.00
12,900 Secom
687
0.03
20,300 Seiko Epson
248
0.01
23,700 Sekisui Chemical
268
0.01
42,100 Sekisui House
669
0.03
21,700 SG
243
0.01
8,600 Sharp
38
0.00
14,400 Shimadzu
348
0.01
4,600 Shimano
602
0.02
21,900 Shimizu
109
0.00
115,400 Shin-Etsu Chemical
3,005
0.12
17,200 Shionogi
570
0.02
25,000 Shiseido
887
0.03
20,400 Shizuoka Financial
116
0.00
3,500 SMC
1,520
0.06
168,700 Softbank
1,420
0.06
64,700 SoftBank Group
2,393
0.09
23,300 Sompo
821
0.03
79,300 Sony
5,610
0.22
8,300 Square Enix
303
0.01
35,300 Subaru
521
0.02
20,900 SUMCO
231
0.01
66,100 Sumitomo
1,097
0.04
94,900 Sumitomo Chemical
226
0.01
NM0923U-3094429-178/477

ACS WORLD ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
178
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
40,100
Sumitomo Electric 
Industries
385
0.02
13,300 Sumitomo Metal Mining
337
0.01
82,300 Sumitomo Mitsui Financial
2,769
0.11
19,400 Sumitomo Mitsui Trust
542
0.02
19,400
Sumitomo Realty & 
Development
377
0.01
9,000 Suntory Beverage & Food
256
0.01
23,500 Suzuki Motor
668
0.03
10,300 Sysmex
551
0.02
29,800 T&D
343
0.01
11,500 Taisei
316
0.01
8,700 Taiyo Nippon Sanso
148
0.01
101,700 Takeda Pharmaceutical
2,511
0.10
24,400 TDK
742
0.03
39,700 Terumo
988
0.04
14,100 TIS
276
0.01
12,700 Tobu Railway
268
0.01
8,000 Toho
239
0.01
109,300 Tokio Marine
1,978
0.08
28,300 Tokyo Electron
3,168
0.12
24,100 Tokyo Gas
414
0.02
29,700 Tokyu
282
0.01
17,000 Toppan Printing
288
0.01
78,400 Toray Industries
343
0.01
23,800 Toshiba
588
0.02
10,300 Tosoh
96
0.00
9,600 Toto
227
0.01
8,400 Toyota IndustriesØ
470
0.02
661,900 Toyota Motor
8,336
0.33
13,600 Toyota Tsusho
530
0.02
7,600 Trend Micro
289
0.01
25,400 Unicharm
741
0.03
8,700 USS
113
0.00
5,000 Welcia
82
0.00
14,200 West Japan Railway
464
0.02
157,200 Yahoo Japan
297
0.01
7,200 Yakult Honsha
358
0.01
8,700 Yamaha
262
0.01
16,600 Yamaha Motor
373
0.01
19,100 Yamato
272
0.01
15,500 Yaskawa Electric
558
0.02
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
16,500 Yokogawa Electric
239
0.01
5,100 ZOZO
83
0.00
165,242
6.35
Jordan - 0.01%; 31.12.22 0.01%    
12,855 Hikma PharmaceuticalsØ
240
0.01
Macau - 0.02%; 31.12.22 0.01%    
143,200 Sands China
386
0.02
Singapore - 0.35%; 31.12.22 0.43%    
216,400
Ascendas Real Estate 
Investment TrustØ
342
0.01
177,000 Capitaland InvestmentØ
340
0.01
313,578 CapitaLand Mall TrustØ
347
0.01
27,700 City DevelopmentsØ
109
0.00
107,100 DBS
1,967
0.08
407,900 Genting Singapore
223
0.01
105,442 Grab
282
0.01
123,900 KeppelØ
483
0.02
102,200
Mapletree Commercial 
Trust
96
0.00
278,243 Mapletree Logistics TrustØ
261
0.01
200,300 Oversea-Chinese Banking
1,434
0.06
2,311,000 Seatrium
168
0.01
87,300 Singapore Airlines
363
0.01
29,800 Singapore ExchangeØ
167
0.01
111,300
Singapore Technologies 
Engineering
238
0.01
509,500
Singapore 
TelecommunicationsØ
742
0.03
71,300 United Overseas BankØ
1,163
0.05
28,100 UOL
105
0.00
32,400 VentureØ
278
0.01
9,108
0.35
Taiwan - 0.04%; 31.12.22 0.04%    
21,575 Sea ADR
970
0.04
EUROPE - 17.59%; 31.12.22 18.89%    
Austria - 0.05%; 31.12.22 0.06%    
19,245 Erste Bank
525
0.02
9,681 OMV
323
0.01
4,178 Verbund
262
0.01
11,785 Voestalpine
332
0.01
1,442
0.05
NM0923U-3094429-179/477

ACS WORLD ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
179
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
Belgium - 0.22%; 31.12.22 0.27%    
9,920 Ageas
316
0.01
55,026 Anheuser-Busch InBev
2,460
0.10
1,210 D'ieterenØ
167
0.01
1,647 Elia
164
0.01
5,917 Groupe Bruxelles Lambert
366
0.01
16,018 KBC
875
0.03
611 Sofina
100
0.00
4,166 SolvayØ
364
0.01
8,473 UCB
589
0.02
12,034 Umicore
263
0.01
12,472
Warehouses De Pauw 
CVA
268
0.01
5,932
0.22
Denmark - 0.89%; 31.12.22 0.89%    
211
AP Moeller-Maersk series 
'A' shares
289
0.01
282
AP Moeller-Maersk series 
'B' shares
390
0.02
5,531 Carlsberg series 'B' shares
696
0.03
5,955 Christian Hansen
326
0.01
6,784 Coloplast 'B' sharesØ
664
0.03
43,969 Danske Bank
836
0.03
11,797 DSVØ
1,954
0.08
4,319 Genmab
1,280
0.05
103,130
Novo Nordisk class 'B' 
shares
12,923
0.50
16,306
Novozymes class 'B' 
sharesØ
596
0.02
11,783 Orsted
876
0.03
5,340 Pandora
377
0.01
422
Rockwool International 
class 'B' shares
85
0.00
20,514 Tryg
350
0.01
62,591 Vestas Wind Systems
1,310
0.05
4,293 William DemantØ
142
0.01
23,094
0.89
Finland - 0.33%; 31.12.22 0.40%    
9,261 Elisa
392
0.02
23,959 Fortum
253
0.01
17,864 Kesko
264
0.01
21,612 Kone class 'B' shares
890
0.03
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
34,898 Metso Oyj
327
0.01
24,040 Neste
728
0.03
358,919 Nokia
1,195
0.05
211,659 Nordea Bank Abp
1,813
0.07
6,793 Orion series 'B' shares
223
0.01
31,315 Sampo series 'A' shares
1,106
0.04
32,606
Stora Enso series 'R' 
sharesØ
298
0.01
34,344 UPM-Kymmene
805
0.03
29,053 Wartsila
256
0.01
8,550
0.33
France - 3.22%; 31.12.22 3.20%    
10,883 Accor
319
0.01
2,095 Aeroports de Paris
239
0.01
32,399 Air LiquideØ
4,567
0.19
18,184 AlstomØ
424
0.02
4,487 AmundiØ
209
0.01
2,737 Arkema
203
0.01
117,249 AXAØ
2,730
0.11
2,952 Biomerieux
244
0.01
69,765 BNP ParibasØ
3,459
0.13
55,243 Bollore
270
0.01
12,978 BouyguesØ
344
0.01
18,388 Bureau Veritas
394
0.02
10,563 Capgemini
1,561
0.06
33,532 Carrefour
502
0.02
2,060 Covivio
77
0.00
69,436 Crédit Agricole
652
0.03
41,001 Dassault Systemes
1,415
0.06
15,377 Edenred
809
0.03
3,903 Eiffage
320
0.01
118,060 ENGIE
1,547
0.06
17,599 EssilorLuxottica
2,592
0.10
2,109 Eurazeo
117
0.00
3,060 Gecina
257
0.01
19,185 Getlink
258
0.01
1,973 Hermes International
3,357
0.13
1,850 Ipsen
175
0.01
4,711 Kering
2,048
0.08
16,538 KlepierreØ
324
0.01
6,507
La Francaise des Jeux 
SAEM
201
0.01
NM0923U-3094429-180/477

ACS WORLD ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
180
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
16,255 Legrand
1,262
0.05
14,805 L'OréalØ
5,411
0.22
17,202 LVMH Moet Hennessy
12,684
0.50
40,798 Michelin
949
0.04
128,645 Orange
1,187
0.05
13,360 Pernod-Ricard
2,321
0.09
13,698 Publicis
872
0.03
1,852 Remy Cointreau
231
0.01
14,052 Renault
465
0.02
28,952 Saint-Gobain
1,384
0.05
71,198 Sanofi
5,998
0.23
1,845 Sartorius Stedim Biotech
360
0.01
33,523 Schneider Electric
4,769
0.20
987 SEB
80
0.00
51,525 Société Générale
1,066
0.04
4,738 Sodexo
403
0.02
3,328 Teleperformance
441
0.02
148,106 Total
6,737
0.25
8,439
Unibail-Rodamco-
Westfield REIT
347
0.01
20,575 ValeoØ
346
0.01
40,002 Veolia EnvironnementØ
989
0.04
33,109 Vinci
3,025
0.13
45,391 Vivendi
330
0.01
1,353 Wendel
108
0.00
14,700 Worldline
426
0.02
81,805
3.22
Germany - 2.23%; 31.12.22 2.33%    
9,728 AdidasØ
1,484
0.06
24,958 Allianz
4,584
0.18
6,707 BechtleØ
208
0.01
7,403 Beiersdorf
768
0.03
3,512
BMW non-voting 
preference shares
311
0.01
20,982 BMWØ
2,019
0.08
11,439 Brenntag
696
0.03
2,548 Carl Zeiss Meditec
213
0.01
59,896 Commerzbank
525
0.02
5,758 ContinentalØ
342
0.01
14,885 Covestro
607
0.02
53,319 Daimler
3,367
0.13
35,117 Daimler Truck
994
0.04
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
11,694 Delivery HeroØ
394
0.02
120,752 Deutsche Bank
1,002
0.04
11,637 Deutsche Boerse
1,685
0.07
35,651 Deutsche Lufthansa
288
0.01
59,977 Deutsche Post
2,313
0.09
201,919 Deutsche TelekomØ
3,474
0.14
6,766
Dr Ing hc F Porsche 
non-voting preference 
shares
658
0.03
134,683 E.ON
1,346
0.05
14,741 Evonik IndustriesØ
219
0.01
24,530 Fresenius
531
0.02
11,574 Fresenius Medical Care
434
0.02
10,662 GEA
349
0.01
3,417
Hannover 
Rueckversicherung
569
0.02
9,358 Heidelberg Cement
603
0.02
7,793 HelloFresh
149
0.01
7,348 Henkel
408
0.02
9,471
Henkel non-voting 
preference shares
598
0.02
77,864 Infineon Technologies
2,496
0.10
4,790 Knorr-Bremse
287
0.01
4,768 LEG ImmobilienØ
215
0.01
8,710 Merck
1,127
0.04
3,439 MTU Aero Engines
698
0.03
8,837
Muenchener 
Rueckversicherung
2,610
0.10
4,320 Nemetschek
255
0.01
5,515 Puma
259
0.01
412 RationalØ
234
0.01
2,582 Rheinmetall
551
0.02
65,349 SAP
6,975
0.27
1,743
Sartorius non-voting 
preference shares
467
0.02
4,265 Scout24Ø
212
0.01
46,709 Siemens (Registered)
6,105
0.24
18,654 Siemens Healthineers
831
0.03
8,024 Symrise
657
0.03
3,575 Talanx
161
0.01
59,492 Telefonica Deutschland
132
0.01
44,397 VonoviaØ
682
0.03
1,030 Wacker ChemieØ
111
0.00
NM0923U-3094429-181/477

ACS WORLD ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
181
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
12,646 ZalandoØ
286
0.01
56,489
2.23
Ireland - 0.26%; 31.12.22 0.23%    
99,596 AIB
328
0.01
53,360 Bank of Ireland
404
0.02
46,762 CRH
2,033
0.08
11,360 Flutter Entertainment
1,763
0.07
28,213 James Hardie
587
0.02
10,463 Kerry class 'A' shares
806
0.03
10,099 Kingspan
523
0.02
14,437 Smurfit Kappa Group
377
0.01
6,821
0.26
Italy - 0.55%; 31.12.22 0.53%    
8,859 Amplifon
254
0.01
59,080 Assicurazioni Generali
950
0.04
998 DiaSorinØ
82
0.00
521,882 Enel
2,767
0.11
146,443 EniØ
1,657
0.06
32,188 FinecoBank
339
0.01
15,539
Infrastrutture Wireless 
Italiane
161
0.01
1,050,900 Intesa SanpaoloØ
2,177
0.08
37,473 MediobancaØ
353
0.01
12,165 Moncler
655
0.03
31,495 Nexi
193
0.01
32,636 Poste ItalianeØ
278
0.01
14,819 Prysmian
480
0.02
7,102 RecordatiØ
265
0.01
116,843 Snam
481
0.02
573,636 Telecom ItaliaØ
128
0.00
106,595 Terna
714
0.03
119,483 UniCreditØ
2,206
0.09
14,140
0.55
Luxembourg - 0.04%; 31.12.22 0.07%    
27,694 ArcelorMittal
597
0.02
7,373 Eurofins ScientificØ
362
0.01
26,080 Tenaris
307
0.01
1,266
0.04
Netherlands - 2.08%; 31.12.22 2.09%    
24,824 ABN AMRO
306
0.01
1,392 AdyenØ
1,876
0.07
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
95,267 AegonØ
380
0.01
10,812 Akzo Nobel
689
0.03
3,506 Argenx
1,065
0.04
2,860 ASM InternationalØ
942
0.04
25,114 ASMLØ
14,214
0.55
62,325 CNH Industrial
705
0.03
33,367 Davide Campari-Milano
362
0.01
5,451 Euronext
293
0.01
8,550 EXOR
602
0.02
7,710 FerrariØ
1,976
0.08
15,723 Heineken
1,269
0.05
8,980 Heineken Holding
612
0.02
3,287 IMCD
369
0.01
232,853 ING
2,476
0.10
8,533 JDE Peet'sØ
199
0.01
18,307 Just Eat TakeawayØ
220
0.01
178,629 Koninklijke
504
0.02
64,241
Koninklijke Ahold 
DelhaizeØ
1,723
0.07
15,579 NN
455
0.02
16,646 NXP Semiconductors
2,629
0.10
5,122 OCI
97
0.00
47,427 ProsusØ
2,703
0.11
11,950 Qiagen
418
0.02
7,882 Randstad
328
0.01
426,596 Shell
9,995
0.39
135,599 StellantisØ
1,873
0.08
44,599 STMicroelectronics
1,738
0.07
46,248 Universal Music GroupØ
810
0.03
15,591 Wolters Kluwer
1,547
0.06
53,375
2.08
Norway - 0.19%; 31.12.22 0.23%    
27,616 Adevinta series 'B' shares
146
0.01
21,432 Aker BP
395
0.02
52,546 DNB Bank
775
0.03
62,890 Equinor
1,443
0.06
16,496 Gjensidige Forsikring
208
0.01
5,224 Kongsberg Gruppen
186
0.01
24,720 Mowi
308
0.01
78,176 Norsk Hydro
368
0.01
48,248 Orkla
273
0.01
2,864 Salmar
91
0.00
NM0923U-3094429-182/477

ACS WORLD ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
182
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
38,834 Telenor
310
0.01
9,617 Yara International
267
0.01
4,770
0.19
Portugal - 0.03%; 31.12.22 0.03%    
31,218 Galp EnergiaØ
289
0.01
19,267 Jeronimo Martins
419
0.02
708
0.03
Spain - 0.77%; 31.12.22 0.74%    
2,053 Acciona
275
0.01
18,281
ACS Actividades de 
Construccion y Servicios
503
0.02
4,473 Aena
569
0.02
27,292 Amadeus IT
1,632
0.06
363,300
Banco Bilbao Vizcaya 
Argentaria
2,212
0.09
1,034,841 Banco SantanderØ
3,042
0.12
278,101 CaixaBankØ
908
0.04
35,592 Cellnex Telecom
1,128
0.04
3,465
Corporacion Acciona 
Energias Renovables
92
0.00
17,247 EDP Renovaveis
269
0.01
20,319 Endesa
344
0.01
31,314 Ferrovial
777
0.03
21,049 Grifols class 'A' sharesØ
212
0.01
362,653 Iberdrola
3,724
0.14
70,639 Inditex
2,134
0.08
11,530 Naturgy Energy
269
0.01
83,247 Repsol
960
0.04
360,851 Telefonica
1,152
0.04
20,202
0.77
Sweden - 0.91%; 31.12.22 0.95%    
17,170 Alfa Laval
483
0.02
67,397 Assa Abloy
1,264
0.05
171,457
Atlas Copco class 'A' 
shares
1,930
0.08
88,784
Atlas Copco class 'B' 
shares
865
0.03
19,011 Beijer Ref
190
0.01
15,305 Boliden
348
0.01
43,603 Embracer Group
85
0.00
35,882 Epiroc class 'A' shares
530
0.02
23,125 Epiroc class 'B' shares
291
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
25,988 EQTØ
393
0.02
180,616 Ericsson series ‘B’ shares
765
0.03
39,816 Essity
830
0.03
12,264 Evolution Gaming
1,200
0.05
24,084 Fastighets BalderØ
68
0.00
16,459 Getinge
225
0.01
42,301
Hennes & Mauritz series 
‘B’ sharesØ
568
0.02
129,382 Hexagon
1,241
0.05
4,561 HolmenØ
129
0.01
16,576
Husqvarna series ‘B’ 
shares
118
0.00
10,482
Industrivarden series ‘A’ 
shares
227
0.01
11,512
Industrivarden series 'C' 
sharesØ
248
0.01
24,113 Indutrade
426
0.02
6,589 Investment Latour
102
0.00
28,313 Investor class 'A' shares
443
0.02
105,715 Investor class 'B' shares
1,654
0.06
19,433 Kinnevik
211
0.01
3,026 L E Lundbergforetagen
101
0.00
16,740 Lifco
282
0.01
94,555 Nibe Industrier
702
0.03
4,520 SAAB class 'B' shares
190
0.01
8,722 Sagax class 'B' sharesØ
134
0.01
66,222 Sandvik
1,006
0.04
38,432
Securitas series ‘B’ 
sharesØ
247
0.01
102,169
Skandinaviska Enskilda 
Banken series ‘A’ shares
888
0.03
20,375 Skanska series ‘B’ shares
225
0.01
18,941 SKF series ‘B’ shares
258
0.01
33,897
Svenska Cellulosa series 
‘B’ shares
339
0.01
99,043
Svenska Handelsbanken 
series ‘A’ shares
652
0.03
53,327
Swedbank series ‘A’ 
shares
706
0.03
8,801 Swedish Orphan Biovitrum
134
0.01
43,229 Tele2 series ‘B’ shares
282
0.01
137,320 TeliaØ
238
0.01
8,131 Volvo
136
0.01
NM0923U-3094429-183/477

ACS WORLD ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
183
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
28,739 Volvo Car
89
0.00
96,652 Volvo series ‘B’ shares
1,569
0.06
23,012
0.91
Switzerland - 2.26%; 31.12.22 2.91%    
93,239 ABB (Registered)
2,850
0.11
9,595 AdeccoØ
246
0.01
32,016 Alcon
2,071
0.08
1,410 Bachem
95
0.00
2,616 Baloise
301
0.01
2,055
Banque Cantonale 
Vaudoise (Registered)
171
0.01
196 Barry CallebautØ
299
0.01
17,798 Clariant
200
0.01
12,682 Coca-Cola HBC
295
0.01
10,222 DSM-Firmenich
875
0.03
515 EMS-ChemieØ
303
0.01
2,015 GeberitØ
825
0.03
545 Givaudan
1,414
0.06
2,095 Helvetia
221
0.01
16,066 Julius Baer (Registered)
796
0.03
3,999 Kuehne + NagelØ
930
0.04
36,624 LafargeHolcim
1,933
0.08
75
Lindt & Spruengli (Part 
Certified)
741
0.03
8
Lindt & Spruengli 
(Registered)
778
0.03
10,183 Logitech InternationalØ
471
0.02
4,357 Lonza
2,020
0.08
125,974 Novartis
9,939
0.39
1,574 Partners
1,161
0.05
1,667 Roche (Bearer)
432
0.02
43,768 Roche Holding
10,577
0.41
2,548 Schindler (Part Certified)
467
0.02
1,383 Schindler (Registered)
243
0.01
9,340 SGS SA
693
0.03
19,698 SIG CombiblocØ
424
0.02
8,739 Sika
1,937
0.08
3,253 Sonova
679
0.03
6,789 Straumann
861
0.04
1,836 Swatch class 'I' shares
422
0.02
2,658 Swatch class 'N' shares
115
0.00
2,189 Swiss LifeØ
1,003
0.04
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
4,310 Swiss Prime Site
291
0.01
18,253 Swiss Re
1,447
0.06
1,596 Swisscom
786
0.03
4,293 Temenos
269
0.01
204,895 UBS
3,252
0.13
1,549 VAT
501
0.02
9,373 Zurich Insurance
3,512
0.14
56,846
2.26
United Kingdom - 3.56%; 31.12.22 3.96%    
60,519 3i
1,170
0.05
106,087 abrdn
232
0.01
12,399 AdmiralØ
257
0.01
75,832 Anglo American
1,693
0.07
27,946 Ashtead
1,509
0.06
19,501 Associated British Foods
386
0.02
96,552 AstraZeneca
10,935
0.43
56,885 Auto Trader
347
0.01
170,533 Aviva
675
0.03
991,157 Barclays
1,518
0.06
62,565 Barratt Developments
261
0.01
7,491 Berkeley Group
295
0.01
1,102,341 BP
5,085
0.19
93,195 British LandØ
285
0.01
406,083 BT GroupØ
500
0.02
18,923 Bunzl
567
0.02
28,887 Burberry
613
0.02
320,963 Centrica
397
0.02
30,439 ClarivateØ
227
0.01
11,949
Coca-Cola European 
PartnersØ
603
0.02
104,927 Compass
2,291
0.09
11,059 Croda International
612
0.02
6,187 DCC
270
0.01
139,336 Diageo
4,700
0.19
58,403 Experian
1,756
0.07
255,105 GSK
3,552
0.14
48,035 GVC
599
0.02
322,935 Haleon
1,034
0.04
21,866 Halma
496
0.02
20,820 Hargreaves LansdownØ
169
0.01
1,248,115 HSBC
7,765
0.30
87,761 Informa
638
0.02
NM0923U-3094429-184/477

ACS WORLD ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
184
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
11,779
InterContinental Hotels 
Group
637
0.02
9,272 Intertek
393
0.02
108,567 J SainsburyØ
291
0.01
168,765 JD Sports Fashion
245
0.01
14,384 Johnson MattheyØ
251
0.01
131,330 KingfisherØ
302
0.01
44,745 Land Securities
257
0.01
371,178 Legal & General
846
0.03
15,803
Liberty Global class 'A' 
shares
210
0.01
14,657
Liberty Global class 'C' 
shares
205
0.01
30,556 Linde
9,163
0.36
4,239,273 Lloyds Banking
1,841
0.07
24,032 London Stock ExchangeØ
2,008
0.08
161,530 M&G
310
0.01
26,187 Mondi
315
0.01
224,466 National Grid
2,329
0.09
338,442 NatWest
816
0.03
7,129 Next
492
0.02
36,208 Ocado
204
0.01
44,213 Pearson
366
0.01
11,645 Pentair
587
0.02
16,990 PersimmonØ
176
0.01
39,007 Phoenix GroupØ
208
0.01
165,812 Prudential
1,819
0.07
43,236 Reckitt Benckiser
2,553
0.09
117,045 RELX (Registered)
3,072
0.12
172,896 Rentokil Initial
1,050
0.04
587,565 Rolls-Royce
869
0.03
56,552 Sage
522
0.02
50,299 Schroders
220
0.01
72,260 Segro
516
0.02
14,671 Severn Trent
376
0.01
52,147 Smith & Nephew
655
0.03
22,095 Smiths
362
0.01
4,432 Spirax-Sarco Engineering
460
0.02
67,749 SSE
1,236
0.05
30,281 St. James's Place Capital
326
0.01
151,727 Standard Chartered
1,043
0.04
229,580 Taylor Wimpey
238
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
41,536 United UtilitiesØ
400
0.02
1,546,944 Vodafone
1,148
0.04
11,395 Whitbread
385
0.02
62,558 WPP
514
0.02
91,653
3.56
NORTH AMERICA - 70.04%; 31.12.22 68.61%    
Bermuda - 0.01%; 31.12.22 0.01%    
77,600 Hongkong Land
239
0.01
Canada - 2.88%; 31.12.22 3.06%    
29,269 Agnico Eagle Mines
1,135
0.04
7,279 Air Canada
108
0.00
38,052
Algonquin Power & 
Utilities
249
0.01
18,966 AltaGas
264
0.01
44,216 Bank of Montreal
3,119
0.12
71,715 Bank of Nova Scotia
2,799
0.11
4,578 BCE
163
0.01
90,661 Brookfield
2,324
0.10
23,078
Brookfield Asset 
Management
586
0.02
19,106 CAE
326
0.01
26,430 Cameco
642
0.03
3,833
Canadian Apartment 
Properties
113
0.00
54,796
Canadian Imperial Bank of 
Commerce
1,837
0.07
35,399
Canadian National 
Railway
3,337
0.13
58,302
Canadian Pacific Kansas 
City
3,642
0.13
3,283 Canadian Tire Corporation
346
0.01
6,608 Canadian Utilities
135
0.01
8,262 CCL Industries
317
0.01
12,973 CGI
1,061
0.04
1,273 Constellation Software
2,040
0.08
6,270 Descartes Systems Group
387
0.02
17,108 Dollarama
896
0.03
19,670
Element Fleet 
Management
234
0.01
12,337 Empire
272
0.01
126,588 Enbridge
3,698
0.15
1,412 Fairfax Financial
828
0.03
NM0923U-3094429-185/477

ACS WORLD ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
185
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
37,223 First Quantum Minerals
677
0.03
2,491 FirstService
295
0.01
28,578 Fortis
956
0.04
4,049 George Weston
372
0.01
15,248 GFL Environmental
458
0.02
13,052 Gildan Activewear
327
0.01
15,916 Great-West Lifeco
359
0.01
19,865 Hydro One
440
0.02
6,169 iA Financial
327
0.01
5,536 IGM Financial
131
0.01
10,787 Intact Financial
1,290
0.05
39,082 Ivanhoe Mines
281
0.01
14,722 Keyera
266
0.01
77,245 Kinross Gold
291
0.01
9,064 Loblaw Cos
642
0.03
16,384
Magna International class 
'A' shares
721
0.03
112,486 Manulife Financial
1,657
0.06
14,909
Metro class 'A' voting 
shares
658
0.03
22,389 National Bank of Canada
1,304
0.05
13,950 Northland Power
226
0.01
30,021 Nutrien
1,394
0.05
2,423 Nuvei
55
0.00
5,954 Onex
256
0.01
20,684 Open Text
664
0.03
19,535 Pan American Silver
219
0.01
31,371 Pembina Pipeline
767
0.03
42,281
Power Corporation of 
Canada
887
0.03
6,839 Quebecor
129
0.01
9,720 RB Global
452
0.02
20,160
Restaurant Brands 
International
1,219
0.05
12,366
RioCan Real Estate 
Investment Trust
139
0.01
21,232 Rogers Communications
766
0.03
86,832 Royal Bank of Canada
6,492
0.25
22,845 Saputo
401
0.02
74,724 Shopify
3,759
0.15
35,196 Sun Life Financial
1,427
0.06
66,086 TC Energy
2,078
0.08
8,111 TELUS
124
0.00
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
25,326
Telus Corporation (Non 
Canadian)
386
0.02
4,918 TFI International
447
0.02
10,753 Thomson Reuters
1,136
0.04
17,715 TMX
309
0.01
5,816 Toromont Industries
368
0.01
111,958 Toronto-Dominion Bank
5,431
0.21
2,965 West Fraser Timber
197
0.01
28,010 Wheaton Precious Metals
939
0.04
7,349 WSP Global
752
0.03
73,729
2.88
Cayman Islands - 0.02%; 31.12.22 0.03%    
133,000 CK Asset Holdings
582
0.02
United States - 67.13%; 31.12.22 65.51%    
35,285 3M
2,768
0.11
108,270 Abbott Laboratories
9,217
0.36
109,902 AbbVie
11,579
0.45
39,343 Accenture
9,592
0.36
46,104 Activision Blizzard
3,028
0.12
28,576 Adobe
10,931
0.43
3,805 Advance Auto Parts
205
0.01
100,358 Advanced Micro Devices
8,824
0.34
8,672 AECOM
581
0.02
11,457 AerCap
564
0.02
35,667 Aflac
1,950
0.09
19,270 Agilent Technologies
1,799
0.07
13,731 Air Products & Chemicals
3,201
0.12
25,797 Airbnb
2,551
0.10
9,858 Akamai Technologies
695
0.03
6,894 AlbemarleØ
1,194
0.05
16,198 Albertsons Cos
280
0.01
8,965 Alcoa
239
0.01
9,474
Alexandria Real Estate 
Equities
849
0.03
4,552 Align Technology
1,230
0.05
6,720 Allegion
635
0.02
16,071 Allstate
1,386
0.05
17,429 Ally Financial
371
0.01
7,532 Alnylam Pharmaceuticals
1,138
0.04
371,044 Alphabet class 'A' shares
34,942
1.36
334,612 Alphabet class 'C' shares
31,755
1.24
575,143 Amazon.com
58,183
2.27
NM0923U-3094429-186/477

ACS WORLD ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
186
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
38,896 American Express
5,291
0.21
5,110 American Financial
476
0.02
19,192 American Homes 4 Rent
535
0.02
45,705 American International
2,067
0.08
28,888
American Tower class ‘A’ 
shares
4,403
0.18
12,408 American Water Works
1,378
0.05
6,680 Ameriprise Financial
1,752
0.07
10,542 AmerisourceBergen
1,588
0.06
14,834 AMETEK
1,879
0.07
33,524 Amgen
5,862
0.23
37,152 Amphenol class ‘A’ shares
2,451
0.10
31,259 Analog Devices
4,683
0.18
30,617
Annaly Capital 
Management
484
0.02
5,143 Ansys
1,325
0.05
14,609 Anthem
5,084
0.20
7,285 AO Smith
417
0.02
12,780 Aon
3,455
0.13
24,418
Apollo Global 
Management
1,464
0.06
985,668 Apple
147,760
5.75
53,052 Applied Materials
6,050
0.24
16,467 Aptiv
1,314
0.05
15,821 Aramark
534
0.02
21,995 Arch Capital
1,270
0.05
34,891 Archer Daniels Midland
2,059
0.08
9,398 Ares Management
710
0.03
15,589 Arista Networks
1,964
0.08
2,994 Arrow Electronics
335
0.01
13,698 Arthur J Gallagher
2,324
0.09
1,446 Aspen Technology
189
0.01
2,329 Assurant
229
0.01
438,194 AT&T
5,540
0.22
9,892 Atlassian
1,263
0.04
10,126 Atmos Energy
927
0.04
13,530 Autodesk
2,206
0.09
25,650
Automatic Data 
Processing
4,389
0.16
1,157 AutoZone
2,248
0.09
9,174 AvalonBay Communities
1,364
0.05
49,408 Avantor
788
0.03
5,201 Avery Dennison
691
0.03
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
4,289 Axon Enterprise
664
0.03
66,292 Baker Hughes
1,644
0.06
21,681 Ball
989
0.04
448,502 Bank of America
10,164
0.40
48,791 Bank of New York Mellon
1,705
0.07
12,497 Bath & Body Works
374
0.01
34,152 Baxter International
1,207
0.05
17,872 Becton Dickinson
3,681
0.14
13,476 Bentley SystemsØ
566
0.02
80,874
Berkshire Hathaway 
convertible class 'B' 
shares
21,542
0.84
11,193 Best Buy
736
0.03
6,111 Bill.comØ
560
0.03
8,660 Biogen
1,932
0.08
10,904 BioMarin Pharmaceutical
767
0.03
1,236 Bio-Rad Laboratories
366
0.01
11,694 Bio-Techne
734
0.03
12,401 Black Knight
587
0.02
9,338 BlackRock*
5,079
0.20
44,549 Blackstone GroupØ
3,269
0.13
2,323 Booking
4,879
0.18
8,163
Booz Allen Hamilton 
Holding
710
0.03
17,786 BorgWarner
678
0.03
12,227 Boston PropertiesØ
552
0.02
89,672 Boston Scientific
3,778
0.15
131,666 Bristol-Myers Squibb
6,664
0.26
25,973 Broadcom
17,713
0.69
7,620
Broadridge Financial 
Solutions
984
0.04
9,218 Brookfield Renewable
226
0.01
14,315 Brown & Brown
766
0.03
21,281
Brown-Forman class ‘B’ 
shares
1,115
0.04
2,527 BRP
163
0.01
9,003 Builders FirstSource
969
0.04
8,606 Bunge
631
0.02
5,018 Burlington Stores
609
0.02
17,045 Cadence Design Systems
3,080
0.12
14,050 Caesars Entertainment
553
0.02
6,349 Camden Property Trust
545
0.02
10,939 Campbell Soup
393
0.02
NM0923U-3094429-187/477

ACS WORLD ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
187
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
24,615 Capital One Financial
2,126
0.08
15,377 Cardinal Health
1,142
0.04
3,080 Carlisle CosØ
622
0.02
15,688 Carlyle Group
393
0.02
9,813 CarMax
654
0.03
56,980 Carnival
773
0.03
53,331 Carrier Global
2,087
0.08
10,223 Catalent
348
0.01
32,390 Caterpillar
6,255
0.23
6,587 Cboe Global Markets
707
0.03
18,810 CBRE class ‘A’ shares
1,196
0.06
8,213 CDW
1,173
0.05
33,525 Centene
1,776
0.07
7,981 Ceridian HCMØ
415
0.02
12,593 CF Industries
700
0.03
6,732 CH Robinson WorldwideØ
502
0.02
3,283
Charles River Laboratories 
International
543
0.02
93,537 Charles Schwab
4,226
0.16
5,940 Charter Communications
1,703
0.07
14,765 Cheniere Energy
1,766
0.07
5,837 Chewy
178
0.01
1,717 Chipotle Mexican Grill
2,865
0.11
25,895 Chubb
3,871
0.16
14,957 Church & Dwight
1,170
0.05
18,500 Cigna
4,056
0.16
9,131 Cincinnati Financial
698
0.03
5,797 Cintas
2,245
0.09
255,160 Cisco Systems
10,336
0.40
120,412 Citigroup
4,407
0.17
31,037 Citizens Financial
636
0.02
8,021 Clorox
1,001
0.04
16,706 Cloudflare
847
0.03
22,202 CME
3,219
0.13
20,611 CMS Energy
952
0.04
9,452 Cognex
415
0.02
30,778 Cognizant Technology
1,571
0.06
10,235 Coinbase Global
586
0.02
262,366 Comcast class ‘A’ shares
8,604
0.34
29,125 Conagra Brands
767
0.03
22,756 Consolidated Edison
1,612
0.06
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
9,945
Constellation Brands class 
‘A’ shares
1,943
0.08
21,106 Constellation Energy
1,516
0.06
3,411 Cooper
1,025
0.04
27,769 Copart
1,981
0.08
51,764 Corning
1,421
0.06
26,124 CoStar Group
1,862
0.07
27,628 Costco Wholesale
11,613
0.44
13,559 Crowdstrike
1,543
0.06
7,920 Crown
543
0.02
27,405 Crown Castle International
2,473
0.11
129,193 CSX
3,459
0.13
9,232 Cummins
1,766
0.07
79,360 CVS Health
4,315
0.17
2,385 Cyberark Software
290
0.01
43,224 Danaher
8,126
0.33
7,492 Darden Restaurants
979
0.04
10,193 Darling Ingredients
500
0.02
15,107 Datadog
1,152
0.04
3,108 DaVita
243
0.01
1,488 Deckers Outdoor
605
0.02
17,301 Deere
5,497
0.21
15,586 Dell Technologies
655
0.03
9,681 Delta Air Lines
355
0.01
12,282 Dentsply Sirona
384
0.01
24,185 DexCom
2,447
0.10
3,502 Dick's Sporting Goods
369
0.01
18,541 Digital Realty Trust
1,640
0.06
17,159
Discover Financial 
Services
1,599
0.06
15,613 DocuSign
632
0.02
13,342 Dollar General
1,759
0.07
13,412 Dollar Tree
1,523
0.06
2,664 Domino's Pizza
697
0.03
14,724 DoorDash
878
0.03
8,715 Dover
997
0.04
43,091 Dow
1,814
0.07
18,571 DR Horton
1,767
0.07
18,499 Dropbox
391
0.02
29,316 DuPont de Nemours
1,642
0.06
14,080 Dynatrace
568
0.02
24,835 Eaton
3,905
0.15
NM0923U-3094429-188/477

ACS WORLD ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
188
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
35,831 eBay
1,263
0.05
16,061 Ecolab
2,336
0.09
23,358 Edison International
1,266
0.05
37,947 Edwards Lifesciences
2,761
0.11
17,328 Electronic Arts
1,787
0.07
50,321 Eli Lilly
18,481
0.73
34,485 Emerson Electric
2,434
0.09
8,150 Enphase Energy
1,022
0.04
9,057 Entegris
780
0.03
3,314 EPAM Systems
589
0.02
7,887 Equifax
1,462
0.06
5,859 Equinix
3,598
0.15
19,691 Equitable
420
0.02
11,555 Equity LifeStyle Properties
606
0.02
21,225 Equity Residential
1,098
0.04
1,874 Erie Indemnity
309
0.01
19,460 Essential Utilities
607
0.02
3,818 Essex Property Trust
703
0.03
14,878
Estee Lauder class ‘A’ 
shares
2,265
0.09
8,191 Etsy
555
0.02
2,774 Everest Re
745
0.03
21,240 Eversource Energy
1,171
0.05
11,650 Exact Sciences
869
0.03
62,478 Exelon
1,982
0.08
9,190 Expedia
784
0.03
9,568
Expeditors International of 
Washington
909
0.04
7,845 Extra Space Storage
918
0.04
3,219 F5 Networks
371
0.01
2,272
FactSet Research 
Systems
711
0.03
1,533 Fair Isaac
966
0.04
33,950 Fastenal
1,572
0.06
14,934 FedEx
2,952
0.12
12,943 Ferguson
1,598
0.07
35,648
Fidelity National 
Information Services
1,492
0.06
40,540 Fifth Third Bancorp
842
0.03
664 First Citizens BancShares
667
0.03
26,752 First Horizon
239
0.01
6,129 First Solar
892
0.03
38,958 Fiserv
3,821
0.14
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
4,934 FleetCor Technologies
968
0.04
8,209 FMC
679
0.03
13,848 FNF
395
0.02
245,486 Ford Motor
2,900
0.11
41,999 Fortinet
2,493
0.10
23,426 Fortive
1,362
0.05
7,110
Fortune Brands Home & 
Security
404
0.02
6,643 Fox class 'A' shares
169
0.01
16,850 Fox class 'B' shares
458
0.02
16,729 Franklin Resources
354
0.01
90,146 Freeport-McMoRan
2,805
0.11
14,917
Gaming and Leisure 
Properties
573
0.02
9,609 Garmin
787
0.03
4,860 Gartner
1,316
0.05
26,442
GE Healthcare 
Technologies
1,645
0.06
4,098 Generac
478
0.02
67,008 General Electric
5,711
0.22
36,730 General Mills
2,217
0.09
84,165 General Motors
2,542
0.10
9,589 Genuine Parts
1,259
0.05
77,103 Gilead Sciences
4,635
0.18
15,638 Global Payments
1,199
0.05
6,381 Globe Life
550
0.02
8,232 GoDaddy
483
0.02
21,013 Goldman Sachs
5,369
0.20
10,652 GracoØ
723
0.03
57,440 Halliburton
1,507
0.06
18,806
Hartford Financial 
Services
1,061
0.04
7,354 Hasbro
371
0.01
13,179 HCA Healthcare
3,131
0.12
26,098 Healthcare Realty Trust
388
0.02
34,066 Healthpeak Properties
538
0.02
2,438 Heico
339
0.01
4,402 Heico class 'A' shares
487
0.02
7,873 Henry Schein
504
0.02
8,798 Hershey
1,730
0.07
87,451
Hewlett Packard 
Enterprise
1,151
0.04
16,916 Hilton Worldwide
1,926
0.08
NM0923U-3094429-189/477

ACS WORLD ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
189
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
14,883 Hologic
942
0.04
63,087 Home Depot
15,362
0.59
14,554 Horizon Therapeutics
1,187
0.05
19,310 Hormel Foods
609
0.02
53,516 Host Hotels & Resorts
706
0.03
27,513 Howmet Aerospace
1,061
0.04
58,314 HP
1,398
0.05
3,173 Hubbell
821
0.03
2,931 HubSpotØ
1,197
0.05
7,979 Humana
2,801
0.11
87,547 Huntington Bancshares
748
0.03
2,680 Hyatt HotelsØ
238
0.01
4,634 IDEX
782
0.03
5,322 IDEXX Laboratories
2,080
0.08
19,058 Illinois Tool WorksØ
3,745
0.15
10,327 Illumina
1,515
0.06
12,371 Incyte
605
0.02
24,693 Ingersoll Rand
1,257
0.05
4,260 Insulet
980
0.04
261,010 Intel
6,796
0.27
34,869 Intercontinental Exchange
3,096
0.12
56,934
International Business 
Machines
6,035
0.24
17,563
International Flavors & 
Fragrances
1,081
0.04
25,605 International Paper
641
0.02
24,436 Interpublic
736
0.03
17,585 Intuit
6,338
0.25
21,526 Intuitive Surgical
5,762
0.22
24,187 Invesco
320
0.01
39,628 Invitation Homes
1,069
0.04
11,262 IQVIA Holdings
1,972
0.08
17,929 Iron Mountain
796
0.03
4,970 Jack Henry & Associates
654
0.03
3,523 Jazz Pharmaceuticals
344
0.01
5,282
JB Hunt Transport 
Services
761
0.03
6,265 JM Smucker
725
0.03
161,873 Johnson & Johnson
21,004
0.83
43,214
Johnson Controls 
International
2,301
0.09
182,623 JPMorgan Chase & Co.
20,712
0.81
21,461 Juniper Networks
524
0.02
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
17,844 Kellogg
943
0.04
59,414 Keurig Dr Pepper
1,444
0.06
60,333 KeyCorp
445
0.02
10,850 Keysight Technologies
1,418
0.06
21,521 Kimberly-Clark
2,334
0.09
34,624 Kimco Realty
539
0.02
129,795 Kinder Morgan
1,765
0.07
39,231 KKR & CompanyØ
1,735
0.07
8,657 KLA-Tencor
3,266
0.13
8,674
Knight-Swift 
Transportation
382
0.01
49,111 Kraft Heinz
1,360
0.05
40,869 Kroger
1,497
0.06
12,265 L3 Technologies
1,897
0.07
5,797
Laboratory Corporation of 
America
1,102
0.04
8,391 Lam Research
4,248
0.17
8,374 Lamb Weston
754
0.03
20,068 Las Vegas Sands
911
0.04
7,767 Lattice Semiconductor
572
0.02
3,378 Lear
380
0.01
15,531 Lennar class ‘A’ shares
1,520
0.06
1,861 Lennox International
475
0.02
8,450
Liberty Broadband class 
'C' shares
531
0.02
11,493
Liberty Media Corp-Liberty 
Formula One
680
0.03
11,535
Liberty Media Corp-Liberty 
SiriusXM class 'C' shares
290
0.01
11,530 Live Nation Entertainment
818
0.03
16,341 LKQ
746
0.03
12,073 Loews
564
0.02
37,365 Lowe's
6,584
0.26
5,605 LPL Financial
966
0.04
58,109 LucidØ
316
0.01
7,011 Lululemon Athletica
2,053
0.08
15,700
Lyondellbasell Industries 
class ‘A’ shares
1,126
0.04
10,101 M&T BankØ
992
0.04
27,512 Marathon Petroleum
2,531
0.10
894 Markel
968
0.04
2,009 MarketAxess
416
0.02
NM0923U-3094429-190/477

ACS WORLD ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
190
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
16,442
Marriott International class 
‘A’ shares
2,358
0.09
30,671 Marsh & McLennan
4,510
0.18
3,660 Martin Marietta Materials
1,325
0.05
54,804 Marvell Technology
2,530
0.10
12,739 Masco
578
0.02
2,913 MasimoØ
381
0.01
53,025
MasterCard class ‘A’ 
shares
16,257
0.62
16,033 Match
531
0.02
15,322 McCormick & Co
1,051
0.04
45,479 McDonald's
10,590
0.41
8,566 McKesson
2,849
0.11
83,553 Medtronic
5,733
0.22
2,821 MercadoLibre
2,611
0.10
158,092 Merck & Co
14,194
0.55
137,975 Meta
30,721
1.20
42,584 MetLife
1,892
0.08
1,320
Mettler-Toledo 
International
1,374
0.05
19,112 MGM Resorts International
650
0.03
34,327 Microchip Technology
2,361
0.09
68,485 Micron Technology
3,485
0.14
440,544 Microsoft
116,693
4.55
7,299
Mid-America Apartment 
Communities
878
0.03
19,807 Moderna
1,913
0.07
3,854 Mohawk Industries
315
0.01
3,516 Molina Healthcare
820
0.03
11,858
Molson Coors Brewing 
class ‘B’ shares
615
0.02
4,651 Mongodb
1,480
0.06
2,637 Monolithic Power Systems
1,117
0.04
47,074 Monster Beverage
2,138
0.08
9,974 Moody's
2,717
0.11
78,952 Morgan Stanley
5,321
0.20
18,917 Mosaic
520
0.02
10,669 Motorola Solutions
2,435
0.09
21,732 Nasdaq
856
0.03
13,059 NetApp
787
0.03
27,745 Netflix
9,396
0.37
5,494 Neurocrine Biosciences
410
0.02
48,493 Newmont Mining
1,608
0.06
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
22,703 News class 'A' shares
351
0.01
126,447 NextEra Energy
7,282
0.27
77,114 NIKE
6,914
0.28
3,324 Nordson
648
0.03
14,323 Norfolk Southern
2,559
0.10
12,762 Northern Trust
740
0.03
36,729 Nortonlifelock
535
0.02
4,321 Novocure
138
0.01
16,173 Nucor
2,089
0.08
153,875 NVIDIA
49,687
1.93
204 NVR
1,016
0.04
8,542 Okta
467
0.02
6,458 Old Dominion Freight Line
1,919
0.07
13,811 Omnicom
1,028
0.04
26,175 ON Semiconductor
1,906
0.07
27,241 ONEOK
1,324
0.05
100,915 Oracle
9,398
0.37
3,850 O'Reilly Automotive
2,852
0.11
26,236 Otis Worldwide
1,838
0.07
5,683 Owens Corning
587
0.02
31,298 PACCAR
2,044
0.08
5,116
Packaging Corporation of 
America
533
0.02
110,919 Palantir Technologies
1,332
0.05
18,949 Palo Alto Networks
3,796
0.15
8,023 Parker-Hannifin
2,455
0.10
20,780 Paychex
1,797
0.07
3,281 Paycom Software
814
0.03
2,869 Paylocity
405
0.02
67,161 PayPal
3,498
0.14
7,404 PerkinElmer
694
0.03
351,632 Pfizer
10,043
0.39
110,091 PG&E
1,486
0.06
29,609 Phillips 66
2,214
0.09
35,054 Pinterest
766
0.03
25,582 PNC Financial Services
2,541
0.10
2,381 Pool
698
0.03
14,981 PPG Industries
1,722
0.07
14,440 Principal Financial
863
0.03
36,565 Progressive
3,819
0.15
56,754 Prologis
5,453
0.22
22,861 Prudential Financial
1,588
0.06
NM0923U-3094429-191/477

ACS WORLD ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
191
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
7,322 PTC
826
0.03
29,726 Public Service Enterprise
1,454
0.06
9,901 Public Storage
2,258
0.09
12,962 Pulte Homes
792
0.03
5,682 Qorvo
455
0.02
69,860 Qualcomm
6,520
0.25
8,558 Quanta Services
1,318
0.05
6,688 Quest Diagnostics
746
0.03
12,090 Raymond James Financial
991
0.04
39,936 Realty Income
1,901
0.07
8,599 Regency Centers
419
0.02
6,681
Regeneron 
Pharmaceuticals
3,743
0.15
53,763 Regions Financial
752
0.03
3,677
Reliance Steel & 
Aluminum
789
0.03
3,581 Repligen
392
0.02
14,483 Republic Services
1,734
0.07
9,594 ResMed
1,640
0.06
36,322 Rivian Automotive
460
0.02
5,789 Robert Half International
339
0.01
27,686 RobloxØ
848
0.03
7,448 Rockwell Automation
1,909
0.07
6,800 Roku
339
0.01
14,887 Rollins
500
0.02
6,705 Roper Technologies
2,525
0.10
21,835 Ross Stores
1,880
0.07
13,611 Royal Caribbean Cruises
1,093
0.04
21,406 Royalty Pharma
517
0.02
7,283 RPM International
506
0.02
20,557 S&P Global
6,437
0.24
62,297 Salesforce.com
10,360
0.40
6,527 SBA Communications
1,185
0.05
89,311 Schlumberger
3,423
0.14
11,165 Seagate Technology
547
0.02
8,411 Seagen
1,274
0.05
8,703 Sealed Air
271
0.01
6,965 SEI Investments
326
0.01
20,086 Sempra Energy
2,301
0.09
8,864 Sensata TechnologiesØ
312
0.01
12,522 ServiceNow
5,431
0.21
15,358 Sherwin-Williams
3,175
0.13
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
21,012 Simon Property
1,906
0.07
42,110 Sirius XMØ
144
0.01
11,216 Skyworks Solutions
974
0.04
64,862 Snap
599
0.02
3,275 Snap-on
743
0.03
16,421 Snowflake
2,282
0.09
3,681 SolarEdge Technologies
739
0.03
7,163 Southwest AirlinesØ
204
0.01
8,836 Splunk
735
0.03
32,907 Square
1,675
0.07
14,222 SS&C Technologies
680
0.03
8,820 Stanley Black & DeckerØ
660
0.03
70,635 Starbucks
5,511
0.21
20,563 State Street
1,189
0.05
9,526 Steel Dynamics
822
0.03
5,818 STERIS
1,017
0.04
21,028 Stryker
5,015
0.20
7,538 Sun Communities
766
0.03
24,620 Synchrony Financial
663
0.03
9,585 Synopsys
3,243
0.13
30,692 Sysco
1,775
0.06
13,920 T Rowe Price
1,224
0.05
10,399
Take-Two Interactive 
Software
1,196
0.05
12,357 Targa Resources
735
0.03
28,680 Target
3,014
0.12
19,091 TE Connectivity
2,090
0.08
3,038 Teledyne Technologies
979
0.04
3,098 TeleflexØ
576
0.02
9,269 Teradyne
802
0.03
177,696 Tesla
36,182
1.41
56,685 Texas Instruments
7,923
0.31
24,028 Thermo Fisher Scientific
9,774
0.38
71,301 TJX
4,721
0.18
37,551 T-Mobile
4,063
0.16
19,561 ToastØ
354
0.01
8,038 Toro
630
0.02
6,776 Tractor Supply
1,165
0.05
26,632 Trade Desk
1,629
0.06
8,166 Tradeweb Markets
440
0.02
13,841 Trane Technologies
2,079
0.08
3,450 TransDigm
2,418
0.10
NM0923U-3094429-192/477

ACS WORLD ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
192
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
11,298 TransUnionØ
692
0.03
13,666 Travelers
1,847
0.07
15,243 Trimble
636
0.02
84,815
Truist Financial 
Corporation
2,055
0.08
11,633 Twilio
582
0.02
2,379 Tyler Techs.
774
0.03
16,051 Tyson Foods
643
0.03
113,161 Uber Technologies
3,810
0.15
18,052 UDR
612
0.02
11,363 UGI
241
0.01
5,743 U-Haul
224
0.01
20,108 UiPath
265
0.01
3,255 Ulta Beauty
1,197
0.05
38,278 Union Pacific
6,196
0.24
45,353
United Parcel Service 
class ‘B’ shares
6,313
0.24
4,455 United Rentals
1,535
0.06
3,062 United Therapeutics
532
0.02
58,114 UnitedHealth
21,904
0.86
14,639 Unity Software
505
0.02
95,948 US Bancorp
2,485
0.10
2,343 Vail Resorts
462
0.02
8,635 Veeva Systems
1,333
0.05
22,992 Ventas
866
0.03
5,511 VeriSign
971
0.04
8,608 Verisk Analytics
1,519
0.06
262,424 Verizon Communications
7,674
0.29
15,970 Vertex Pharmaceuticals
4,398
0.17
23,467 VF
356
0.01
33,510 Viacomcbs
424
0.02
77,879 Viatris
610
0.02
61,318 Vici Props.
1,521
0.06
101,231 VisaØ
18,756
0.72
14,368 VMware
1,635
0.06
7,980 Vulcan Materials
1,418
0.06
10,854 Wabtec
927
0.04
45,416 Walgreens Boots Alliance
1,019
0.04
92,363 Walmart
11,268
0.44
114,027 Walt Disney
8,020
0.31
137,620 Warner Bros Discovery
1,350
0.05
16,573 Waste Connections
1,838
0.07
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
25,341 Waste Management
3,398
0.13
3,623 Waters
750
0.03
1,879 WatscoØ
560
0.03
11,891 Webster FinancialØ
358
0.01
235,111 Wells Fargo
7,892
0.31
31,596 Welltower
2,009
0.08
4,891
West Pharmaceutical 
Services
1,459
0.06
17,689 Western Digital
526
0.02
1,869 Westlake ChemicalØ
176
0.01
14,465 WestRock
328
0.01
43,969 Weyerhaeuser
1,158
0.05
3,497 WhirlpoolØ
413
0.02
73,821 Williams
1,899
0.07
6,632 Willis Towers Watson
1,220
0.05
9,252 Wolfspeed
404
0.02
13,100 Workday
2,353
0.09
13,078 WP Carey
699
0.03
13,790 WR Berkley
645
0.03
2,950 WW Grainger
1,825
0.07
5,894 Wynn Resorts
487
0.02
14,464 Xylem
1,274
0.05
17,895 Yum! Brands
1,942
0.08
2,868 Zebra Technologies
655
0.03
8,039 Zillow Group
319
0.01
12,525 Zimmer Biomet
1,437
0.06
29,036 Zoetis
3,946
0.15
13,254
Zoom Video 
Communications
709
0.03
18,556 ZoomInfo TechnologiesØ
383
0.01
4,884 Zscaler
559
0.02
1,720,804
67.13
OCEANIA - 2.03%; 31.12.22 2.27%    
Australia - 1.95%; 31.12.22 2.19%    
70,205 APA
356
0.01
36,409 Aristocrat Leisure
736
0.03
10,873 ASX
358
0.01
135,688 Aurizon
278
0.01
193,201
Australia & New Zealand 
Banking
2,397
0.09
30,094 Bluescope Steel
324
0.01
83,030 Brambles
626
0.02
NM0923U-3094429-193/477

ACS WORLD ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
193
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
3,863 Cochlear
463
0.02
79,540 Coles Group
767
0.03
106,145
Commonwealth Bank of 
Australia
5,565
0.22
32,721 Computershare
400
0.02
29,843 CSL
4,332
0.17
69,126 Dexus
282
0.01
84,792 Endeavour
280
0.01
104,232 Fortescue Metals
1,209
0.06
99,894 Goodman
1,049
0.04
125,667 GPT
272
0.01
17,283 IDP EducationØ
200
0.01
58,184 IGO
463
0.02
174,433 Insurance Australia
520
0.02
27,281 Lend Lease
111
0.00
124,276 Lottery
334
0.01
23,645 Macquarie
2,199
0.09
167,844 Medibank
308
0.01
10,780 Mineral Resources
403
0.02
249,627 Mirvac
295
0.01
190,540 National Australia Bank
2,629
0.10
51,178 Newcrest Mining
708
0.03
75,682 Northern Star Resources
479
0.02
27,795 Orica
216
0.01
171,484 Pilbara Minerals
439
0.02
40,100 Qantas Airways
130
0.01
94,111 QBE Insurance
772
0.03
10,721 Ramsay Health Care
316
0.01
3,746 REAØ
280
0.01
11,803 Reece
115
0.00
24,551 Rio Tinto
1,474
0.06
70,412 Rio Tinto (Registered)
3,517
0.13
229,028 Santos
902
0.04
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
299,395 Scentre
415
0.02
21,734 Seek
246
0.01
31,382 Sonic Healthcare
584
0.02
315,519 South32
619
0.02
121,331 Stockland Trust
255
0.01
72,121 Suncorp
509
0.02
238,061 Telstra
536
0.02
183,657 Transurban
1,369
0.05
42,049 Treasury Wine Estates
247
0.01
268,103 Vicinity Centres
259
0.01
72,578 Wesfarmers
1,872
0.07
221,391 Westpac Banking
2,472
0.10
10,014 Wisetech Global
418
0.02
112,350 Woodside Energy
2,026
0.08
77,290 Woolworths
1,607
0.06
49,938
1.95
New Zealand - 0.08%; 31.12.22 0.08%    
108,128
Auckland International 
Airport
444
0.02
8,527 EBOS
148
0.01
31,495
Fisher & Paykel 
Healthcare
367
0.01
34,410 Mercury NZ
106
0.00
95,239 Meridian Energy
252
0.01
115,080 Spark New Zealand
281
0.01
8,516 Xero
529
0.02
2,127
0.08
SOUTH AMERICA - 0.02%; 31.12.22 0.03%    
Chile - 0.02%; 31.12.22 0.03%    
26,215 AntofagastaØ
381
0.01
43,628 Lundin Mining
264
0.01
645
0.02
 
 
 
 
 
NM0923U-3094429-194/477

ACS WORLD ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
194
Holding 
or Nominal 
Value Investment
Underlying 
Exposure 
£000's
Market 
Value 
£000's
% of 
Total 
Net 
Assets
X
X
X
X
DERIVATIVES - 0.01%; 31.12.22 (0.03)%    
Forward Currency Contracts - 0.00%; 31.12.22 0.00%    
AUD 4,661 Australian dollar vs UK sterling^
2
–
0.00
CAD 6,420 Canadian dollar vs UK sterling^
4
–
0.00
DKK 46,674 Danish krone vs UK sterling^
5
–
0.00
EUR 33,717 Euro vs UK sterling
29
(1)
0.00
HKD 8,868 Hong Kong dollar vs UK sterling^
1
–
0.00
ILS 3,374 Israel shekel vs UK sterling^
1
–
0.00
JPY 4,872,925 Japanese yen vs UK sterling^
27
–
0.00
NZD 165 New Zealand dollar vs UK sterling^
0
–
0.00
NOK 3,320 Norwegian krone vs UK sterling^
0
–
0.00
SGD 1,644 Singapore Dollar vs UK sterling^
1
–
0.00
SEK 17,056 Swedish krona vs UK sterling^
1
–
0.00
CHF 8,817 Swiss franc vs UK sterling^
8
–
0.00
GBP 237,751 UK sterling vs Australian dollar^
(238)
–
0.00
GBP 373,726 UK sterling vs Canadian dollar
(373)
1
0.00
GBP 118,141 UK sterling vs Danish krone
(117)
1
0.00
GBP 1,188,496 UK sterling vs Euro
(1,180)
9
0.00
GBP 87,424 UK sterling vs Hong Kong dollar
(87)
1
0.00
GBP 16,105 UK sterling vs Israel shekel^
(16)
–
0.00
GBP 842,197 UK sterling vs Japanese yen
(839)
3
0.00
GBP 7,745 UK sterling vs New Zealand dollar^
(8)
–
0.00
GBP 23,734 UK sterling vs Norwegian krone^
(24)
–
0.00
GBP 45,758 UK sterling vs Singapore dollar^
(46)
–
0.00
GBP 122,003 UK sterling vs Swedish krona
(121)
1
0.00
GBP 282,456 UK sterling vs Swiss franc
(281)
2
0.00
GBP 8,797,207 UK sterling vs United States dollar
(8,773)
25
0.00
USD 235,425 United States dollar vs UK sterling^
186
–
0.00
(11,836)
41
0.00
Futures - 0.01%; 31.12.22 (0.03)%    
52 EURO Stoxx 50 September 2023
1,974
27
0.00
11 FTSE 100 Index September 2023
829
(6)
0.00
71 S&P 500 E-Mini September 2023
12,501
60
0.01
3 S&P Canada 60 Index September 2023
432
4
0.00
3 SPI 200 Index September 2023
281
(2)
0.00
5 Swiss Market Index September 2023^
497
–
0.00
8 TOPIX September 2023
1,001
10
0.00
17,514
92
0.01
NM0923U-3094429-195/477

ACS WORLD ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
195
Holding 
or Nominal 
Value Investment
Underlying 
Exposure 
£000’s
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
Portfolio of investments
2,495,006
97.31
Net other assets
69,130
2.69
Total net assets
2,564,134 100.00
Unless otherwise stated, all securities are either listed on a recognised exchange or traded on an eligible securities market.
Underlying exposure has been calculated according to the guidelines issued by the European Securities and Markets 
Authority (“ESMA”) (as adopted by the FCA) and represents the market value of an equivalent position in the assets 
underlying each financial derivative instrument.
The counterparty for the forward currency contracts is State Street Bank and Trust.
Ø All or a portion of this investment represents a security on loan.
* Related party to the Fund.
^ Investments which are less than £500 are rounded to zero.
NM0923U-3094429-196/477

196
ACS WORLD ESG SCREENED EQUITY TRACKER FUND
STATEMENT OF TOTAL RETURN (unaudited)
for the six months ended 30 June 2023
For the period 
to 30.6.2023
For the period 
to 30.6.2022
£000's
£000's
£000's
£000's
Income
Net capital gains/(losses)
180,581
(272,214)
Revenue
25,405
21,470
Expenses
(107)
(109)
Interest payable and similar charges
(6)
(21)
Net revenue before taxation
25,292
21,340
Taxation
(783)
(409)
Net revenue after taxation
24,509
20,931
Total return before distributions
205,090
(251,283)
Equalisation
965
142
Change in net assets 
attributable to unitholders from investment activities
206,055
(251,141)
STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS (unaudited) 
for the six months ended 30 June 2023 
For the period 
to 30.6.2023
For the period 
to 30.6.2022
£000's
£000's
£000's
£000's
Opening net assets attributable to unitholders 
1,979,910
1,956,003
Amounts receivable on issue of units
			
457,102
			
238,568
Amounts payable on cancellation of units
			
(78,933)
			 (127,602)
378,169
110,966
Change in net assets attributable to unitholders from investment 
activities
206,055
(251,141)
Closing net assets attributable to unitholders
2,564,134
1,815,828
The above statement shows the comparative closing net assets at 30 June 2022 whereas the current accounting period 
commenced 1 January 2023.
NM0923U-3094429-197/477

197
ACS WORLD ESG SCREENED EQUITY TRACKER FUND
BALANCE SHEET (unaudited)
at 30 June 2023
30.6.2023
31.12.2022
£000's
£000's
Assets:
Fixed assets
– Investment assets
2,495,015
1,940,069
Current assets
– Debtors
57,738
8,256
– Cash and bank balances
11,521
33,543
Total assets
2,564,274
1,981,868
Liabilities:
Investment liabilities
(9)
(610)
Creditors
– Other creditors
(131)
(1,348)
Total liabilities
(140)
(1,958)
Net assets attributable to unitholders
2,564,134
1,979,910
G D Bamping (Director)
M T Zemek (Director)
BlackRock Fund Managers Limited
30 August 2023
NM0923U-3094429-198/477

198
ACS WORLD EX UK EQUITY TRACKER FUND
About the Fund
The Fund is a sub-fund of BlackRock Authorised Contractual Scheme I, a Co-Ownership Scheme constituted as a                                          
UCITS scheme under the COLL Sourcebook. The Fund was authorised by the FCA on 23 June 2016 and launched on  
24 April 2017.
Risk and Reward Profile
 
 Lower risk 
Higher risk 
 Typically lower rewards
Typically higher rewards 
 Unit Class
 X1 Accumulation
1
2
3
4
5
6
7
 X1J Accumulation
1
2
3
4
5
6
7
 X1K Accumulation
1
2
3
4
5
6
7
 X1L Accumulation
1
2
3
4
5
6
7
 X1M Accumulation
1
2
3
4
5
6
7
 X1RA Accumulation*
1
2
3
4
5
6
7
* Unit class launched on 14 June 2023.
•	 The risk indicator was calculated incorporating simulated historical data and may not be a reliable indication of the future 
risk profile of the Fund.
•	 The risk category shown is not guaranteed and may change over time.
•	 The lowest category does not mean risk free.
•	 The use of derivatives will impact the value of the Fund and may expose the Fund to a higher degree of risk. Derivatives 
are highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and 
gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can be greater where derivatives are 
used in an extensive or complex way.
For more information on this, please see the Fund’s Key Investor Information Document (“KIID”), which is available at 
www.blackrock.com.
NM0923U-3094429-199/477

199
ACS WORLD EX UK EQUITY TRACKER FUND
Net Asset Value
At 30 June 2023
Units In Issue
Net Asset Value 
£000's
Net Asset Value 
per Unit 
p
X1 Accumulation 
	 	 	 3,701,286,239 	 	 	
6,788,801
183.42
X1J Accumulation 
	 	 	
12,460,124 	 	 	
22,873
183.57
X1K Accumulation 
	 	 	
37,344,032 	 	 	
68,511
183.46
X1L Accumulation 
	 	 	
22,507,241 	 	 	
41,288
183.44
X1M Accumulation 
	 	 	
33,918,536 	 	 	
62,151
183.24
X1RA Accumulation* 
	 	 	
75,894,356 	 	 	
75,819
99.90
Operating Charges
Unit Class
1.1.2023 
to 30.6.2023^
1.1.2022 
to 31.12.2022
X1 Accumulation 
0.01%
0.01%
X1J Accumulation 
0.01%
0.01%
X1K Accumulation 
0.01%
0.01%
X1L Accumulation 
0.01%
0.01%
X1M Accumulation 
0.01%
0.01%
X1RA Accumulation* 
0.01%
–
* Unit class launched on 14 June 2023.
^ Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/depositary  
and entry/exit charges paid to an underlying collective investment scheme (if any).
Distributions Payable
Any income available is accumulated annually on the last day of February.
NM0923U-3094429-200/477

200
ACS WORLD EX UK EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited)
at 30 June 2023
Holding 
or Nominal 
Value Investment
Market 
Value 
£000's
% of 
Total 
Net 
Assets
X
X
X
X
EQUITIES - 98.38%; 31.12.22 98.59%    
ASIA - 10.40%; 31.12.22 10.84%    
China - 0.07%; 31.12.22 0.08%    
126,500 AAC Technologies
236
0.00
650,500 BOC Hong Kong
1,572
0.02
234,200 Budweiser BrewingØ
476
0.01
399,600 ESR Cayman
542
0.01
91,500 HUTCHMED China
170
0.00
1,318,000 Lenovo
1,085
0.02
280,000 Nexteer Automotive
115
0.00
221,000 SITC International
318
0.00
641,000 Want Want China
336
0.01
4,850
0.07
Hong Kong - 0.64%; 31.12.22 0.81%    
1,942,000 AIA
15,501
0.22
244,200 Bank of East Asia
267
0.00
169,635 Cathay Pacific AirwaysØ
137
0.00
229,000
Champion Real Estate 
Investment TrustØ
65
0.00
325,800
Chow Tai Fook 
JewelleryØ
462
0.01
431,500 CK Hutchison
2,084
0.03
134,500 CK Infrastructures
563
0.01
51,600 Dairy Farm International
112
0.00
356,000 Galaxy EntertainmentØ
1,785
0.03
103,000 Hang Lung
124
0.00
132,000 Hang Lung Properties
161
0.00
131,400 Hang Seng Bank
1,478
0.02
266,700
Henderson Land 
Development
626
0.01
1,456,338 Hong Kong & China Gas
995
0.01
210,000
Hong Kong Exchanges 
& Clearing
6,256
0.09
198,000 Huabao InternationalØ
57
0.00
638,600 Hutchison Port
97
0.00
70,000 Hysan Development
135
0.00
36,600 Jardine Matheson
1,466
0.02
42,000 Johnson ElectricØ
42
0.00
403,320
Link Real Estate 
Investment Trust
1,770
0.03
375,600 Man Wah
198
0.00
92,000
Melco International 
Development
68
0.00
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
240,000 MMG
55
0.00
255,000 MTRØ
926
0.01
323,000 New World Development
628
0.01
166,000 NWS
149
0.00
24,500
Orient Overseas 
InternationalØ
260
0.00
484,000 PCCW
198
0.00
656,000 Sino Land
638
0.01
256,000 Sun Hung Kai Properties
2,548
0.04
275,000 Swire Pacific
274
0.00
49,500
Swire Pacific class 'A' 
shares
300
0.01
96,400 Swire Properties
187
0.00
208,500 Techtronic Industries
1,792
0.03
142,000 Vitasoy InternationalØ
140
0.00
18,200 Vtech
94
0.00
1,037,500 WH
433
0.01
330,000 WharfØ
619
0.01
292,000
Wharf Real Estate 
Investment
1,152
0.02
415,000 Xinyi GlassØ
511
0.01
45,353
0.64
Israel - 0.16%; 31.12.22 0.21%    
13,930
Alony Hetz Properties & 
Investments
84
0.00
8,997 Azrieli
397
0.01
227,293 Bank Hapoalim
1,470
0.02
261,261 Bank Leumi
1,540
0.02
351,275 Bezeq
338
0.00
16,141
Check Point Software 
Technologies
1,633
0.02
26,169
Enlight Renewable 
EnergyØ
360
0.01
6,496
First International Bank 
of Israel
200
0.00
210,501 Israel Discount Bank
824
0.01
191,003 Mivne Real Estate KD
365
0.01
27,841 Mizrahi Tefahot Bank
735
0.01
10,946 Nice
1,756
0.02
7,053
Nova Measuring 
Instruments
626
0.01
2,465 Phoenix
19
0.00
96,935 Shikun & Binui
161
0.00
NM0923U-3094429-201/477

ACS WORLD EX UK EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
201
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
2,502 ShufersalØ
10
0.00
19,886 Strauss
351
0.01
18,562 Tower Semiconductor
542
0.01
11,411
0.16
Japan - 7.53%; 31.12.22 7.69%    
2,800 ABC-Mart
119
0.00
44,400 Acom
85
0.00
129 Activia Properties
283
0.00
254
Advance Residence 
Investment
476
0.01
30,800 Advantest
3,223
0.05
127,300 Aeon
2,047
0.03
12,400 AEON Financial Service
87
0.00
13,500 AEON MallØ
137
0.00
437 AEON REIT Investment
370
0.01
30,500 AGC
860
0.01
11,900 Aica Kogyo
205
0.00
2,800 Ain
78
0.00
18,200 Air Water
198
0.00
32,600 Aisin Seiki
789
0.01
83,900 Ajinomoto
2,620
0.04
43,100 Alfresa
507
0.01
54,100 Alps Alpine
372
0.01
37,400 Amada
289
0.00
25,000 Amano
413
0.01
12,700 ANA
238
0.00
11,200 Anritsu
75
0.00
6,600 AozoraØ
96
0.00
1,900 Ariake Japan
55
0.00
6,600 As One
205
0.00
81,700 Asahi
2,486
0.04
45,200 Asahi Intecc
695
0.01
224,100 Asahi Kasei
1,190
0.02
38,400 ASICS
927
0.01
324,300 Astellas Pharma
3,809
0.05
21,600 Azbil
533
0.01
8,600 Bank of KyotoØ
337
0.01
29,700 BayCurrent Consulting
870
0.01
13,200 Benefit One
106
0.00
8,000 Benesse
80
0.00
14,800 Bic CameraØ
86
0.00
95,400 Bridgestone
3,069
0.04
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
30,500 Brother Industries
350
0.01
8,600 CalbeeØ
128
0.00
164,100 Canon
3,395
0.05
5,600 Canon Marketing Japan
109
0.00
26,100 Capcom
813
0.01
38,900 Casio ComputerØ
251
0.00
29,700 Central Japan Railway
2,929
0.04
111,400 Chiba Bank
532
0.01
126,300 Chubu Electric Power
1,212
0.02
102,100 Chugai Pharmaceutical
2,280
0.03
20,100 Chugin Financial
95
0.00
25,200 Coca-Cola Bottlers
210
0.00
15,700 Comsys
244
0.00
223,300 Concordia Financial
687
0.01
7,500 Cosmo EnergyØ
161
0.00
4,300
Cosmos 
PharmaceuticalØ
342
0.01
19,600 Credit Saison
236
0.00
80,200 CyberAgent
459
0.01
56,000 Dai Nippon Printing
1,248
0.02
37,300 DaicelØ
262
0.00
4,100 Daido Steel
134
0.00
42,300 Daifuku
679
0.01
168,100 Dai-ichi Life
2,516
0.04
309,000 Daiichi Sankyo
7,682
0.11
9,400 DaiichikoshoØ
130
0.00
44,000 Daikin Industries
7,038
0.10
8,900 Daito Trust Construction
709
0.01
116,300 Daiwa House
2,409
0.03
429
Daiwa House REIT 
Investment
647
0.01
61 Daiwa Office Investment
209
0.00
277,000 Daiwa Securities
1,120
0.02
12,400 Dena
127
0.00
10,300 Denka
153
0.00
72,400 Denso
3,818
0.05
31,900 Dentsu
820
0.01
9,400 DIC
134
0.00
14,000 Disco
1,729
0.03
11,100 DMG Mori
151
0.00
5,100 DowaØ
127
0.00
57,600 East Japan Railway
2,513
0.04
NM0923U-3094429-202/477

ACS WORLD EX UK EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
202
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
13,600 Ebara
509
0.01
44,200 Eisai
2,350
0.03
6,200 Ezaki GlicoØ
128
0.00
21,300 Fancl
279
0.00
156,500 Fanuc
4,300
0.06
26,100 Fast Retailing
5,239
0.07
5,200 FP
83
0.00
25,600 Fuji Electric
879
0.01
1,300 Fuji Media
11
0.00
14,200 Fuji Oil
154
0.00
56,200 Fujifilm
2,623
0.04
77,800 Fujikura
510
0.01
31,600 Fujitsu
3,210
0.05
6,300 Fujitsu General
108
0.00
21,300 Fukuoka Financial
346
0.01
7,000 Furukawa ElectricØ
97
0.00
1,300 Fuyo General Lease
78
0.00
694 GLP JREIT
538
0.01
15,300 GMO internet
229
0.00
8,800 GMO Payment Gateway
539
0.01
8,200 Goldwin
546
0.01
8,400 GS YuasaØ
129
0.00
4,620
GungHo Online 
Entertainment
71
0.00
47,900 Hachijuni Bank
163
0.00
63,900 HakuhodoØ
527
0.01
25,500 Hamamatsu Photonics
978
0.01
33,600 Hankyu Hanshin
872
0.01
13,200 Harmonic Drive Systems
333
0.01
38,300 Haseko
371
0.01
5,100 Hikari Tsushin
572
0.01
31,600 Hino Motors
105
0.00
33,300 Hirogin
148
0.00
4,700 Hirose Electric
489
0.01
16,400
Hisamitsu 
Pharmaceutical
337
0.01
148,400 Hitachi
7,203
0.10
15,100
Hitachi Construction 
Machinery
332
0.01
281,900 Honda Motor
6,674
0.10
4,200 Horiba
189
0.00
20,800 Hoshizaki
586
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
8,700 House Foods
152
0.00
58,000 Hoya
5,413
0.08
59,100 Hulic
397
0.01
19,000 Ibiden
841
0.01
34,356 Idemitsu Kosan
542
0.01
27,600 IHI
587
0.01
18,200 Iida
241
0.00
354
Industrial & 
Infrastructure Fund 
Investment
292
0.00
46,980 Infroneer
348
0.01
161,000 Inpex
1,407
0.02
27,300 Internet Initiative Japan
402
0.01
1,338 Invincible Investment
416
0.01
55,500 Isetan Mitsukoshi
443
0.01
85,800 Isuzu Motors
816
0.01
6,900 Ito EnØ
150
0.00
220,600 Itochu
6,840
0.10
6,000 Itochu Techno-Solutions
119
0.00
17,800 Itoham Yonekyu
70
0.00
12,700 IwataniØ
527
0.01
31,300 Iyogin
138
0.00
4,500 Izumi
84
0.00
29,700 J Front Retailing
224
0.00
20,400 Japan Airlines
348
0.01
5,400 Japan Airport TerminalØ
192
0.00
101,000 Japan ExchangeØ
1,384
0.02
610
Japan Hotel REIT 
Investment
245
0.00
166 Japan Logistics
283
0.00
334,700 Japan Post
1,897
0.03
251,300 Japan Post Bank
1,542
0.02
40,000 Japan Post Insurance
474
0.01
164
Japan Prime Realty 
Investment
312
0.00
242
Japan Real Estate 
Investment
724
0.01
1,338
Japan Retail Fund 
Investment
702
0.01
20,100 Japan Steel Works
337
0.01
194,800 Japan Tobacco
3,358
0.05
13,000 JCR Pharmaceuticals
90
0.00
8,000 Jeol
223
0.00
NM0923U-3094429-203/477

ACS WORLD EX UK EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
203
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
98,500 JFE
1,102
0.02
25,900 JGC
264
0.00
27,500 JSR
618
0.01
26,800 JTEKT
191
0.00
14,200 Justsystems
310
0.00
543,200 JXTG
1,468
0.02
22,000 KadokawaØ
414
0.01
8,800 Kagome
151
0.00
70,000 Kajima
828
0.01
22,300 Kakaku.com
251
0.00
3,900 Kaken PharmaceuticalØ
77
0.00
12,600 Kamigumi
224
0.00
6,600 KanekaØ
145
0.00
25,200 Kansai Paint
291
0.00
78,500 Kao
2,237
0.03
17,400
Kawasaki Heavy 
Industries
349
0.01
46,900 Kawasaki Kisen Kaisha
902
0.01
266,200 KDDI
6,475
0.09
25,700 KeihanØ
532
0.01
57,600 KeikyuØ
401
0.01
22,300 Keio
551
0.01
31,300 Keisei Electric Railway
1,019
0.01
146
Kenedix Office 
Investment
277
0.00
13,700 KewpieØ
176
0.00
32,300 Keyence
11,977
0.17
31,600 KikkomanØ
1,415
0.02
15,200 Kinden
161
0.00
23,400 Kintetsu
636
0.01
138,700 Kirin
1,593
0.02
13,400
Kobayashi 
Pharmaceutical
573
0.01
25,800 Kobe Bussan
525
0.01
34,600 Kobe Steel
250
0.00
34,500 Koei Tecmo
469
0.01
43,800 Koito Manufacturing
620
0.01
26,100 KOKUYO
281
0.00
150,100 Komatsu
3,179
0.05
20,200 Konami
830
0.01
117,800 Konica Minolta
321
0.01
6,600 Kose
497
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
18,700 K's Holdings
128
0.00
173,000 Kubota
1,982
0.03
59,300 Kuraray
453
0.01
19,700 Kurita Water Industries
592
0.01
1,800 Kusuri no Aoki
80
0.00
55,800 Kyocera
2,377
0.03
20,800 Kyowa Exeo
328
0.01
39,300 Kyowa Hakko Kirin
572
0.01
4,200 Kyudenko
88
0.00
45,300 Kyushu FinancialØ
150
0.00
37,700 Kyushu Railway
638
0.01
343 LaSalle Logiport REIT
282
0.00
12,900 Lasertec
1,520
0.02
6,000 Lawson
209
0.00
5,700 Lintec
71
0.00
53,100 Lion
390
0.01
51,800 LIXIL
517
0.01
73,300 M3
1,244
0.02
7,700 Mabuchi Motor
169
0.00
48,500 Makita
1,070
0.02
277,000 Marubeni
3,691
0.05
20,200 Marui
277
0.00
6,900 Maruichi Steel Tube
124
0.00
24,800 MatsukiyoCocokara
1,093
0.02
86,700 Mazda Motor
659
0.01
14,500 McDonald's Japan
444
0.01
122,300 Mebuki Financial
228
0.00
19,900 MediPalØ
255
0.00
53,200 Meiji Holdings
935
0.01
30,100 Mercari
551
0.01
74,100 MinebeaMitsumi
1,094
0.02
6,300 Miraca
95
0.00
50,300 Misumi
788
0.01
198,800 Mitsubishi
7,529
0.11
207,200 Mitsubishi Chemical
976
0.01
315,500 Mitsubishi Electric
3,488
0.05
186,800 Mitsubishi Estate
1,745
0.03
22,900 Mitsubishi Gas Chemical
261
0.00
50,400
Mitsubishi Heavy 
Industries
1,847
0.03
7,800 Mitsubishi Logistics
151
0.00
14,800 Mitsubishi Materials
209
0.00
NM0923U-3094429-204/477

ACS WORLD EX UK EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
204
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
73,800 Mitsubishi MotorsØ
202
0.00
1,926,600 Mitsubishi UFJ Financial
11,197
0.16
154,410
Mitsubishi UFJ Lease & 
Finance
721
0.01
251,200 Mitsui
7,422
0.11
31,900 Mitsui Chemicals
737
0.01
148,600 Mitsui Fudosan
2,324
0.03
96
Mitsui Fudosan Logistics 
Park
262
0.00
10,400 Mitsui Mining & SM
188
0.00
64,000 Mitsui OSK Lines
1,209
0.02
15,400 Miura
315
0.00
433,490 Mizuho Financial
5,206
0.07
38,400 Monotaro
383
0.01
304
Mori Hills REIT 
Investment
244
0.00
4,700 Morinaga & Co
116
0.00
73,000 MS&AD Insurance
2,033
0.03
99,000 Murata Manufacturing
4,457
0.06
21,100 Nabtesco
364
0.01
13,000 Nagase
170
0.00
41,500 Nagoya Railroad
524
0.01
106,200 Namco Bandai
1,927
0.03
12,800 Nankai Electric Railway
225
0.00
41,000 NEC
1,560
0.02
8,900 Net One Systems
153
0.00
73,900 Nexon
1,107
0.02
31,900 NGK Insulators
299
0.00
38,300 NGK Spark Plug
604
0.01
22,300 NH Foods
475
0.01
19,200 NHK Spring
110
0.00
12,900 Nichirei
217
0.00
87,200 Nidec
3,732
0.05
9,800 Nifco
227
0.00
8,600 Nihon Kohden
180
0.00
50,500 Nihon M&A CenterØ
303
0.00
20,000 Nihon Unisys
386
0.01
68,000 Nikon
690
0.01
173,400 Nintendo
6,201
0.09
89 Nippon Accommodations
315
0.00
258 Nippon Building
796
0.01
9,700 Nippon Electric Glass
134
0.00
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
10,500 Nippon Express
465
0.01
19,800 Nippon Kayaku
133
0.00
160,400 Nippon Paint
1,037
0.02
12,700 Nippon Shinyaku
408
0.01
3,900 Nippon Shokubai
114
0.00
143,999
Nippon Steel & 
Sumitomo MetalØ
2,362
0.03
4,765,000
Nippon Telegraph & 
Telephone
4,432
0.06
92,700 Nippon Yusen
1,617
0.02
13,800 Nipro
77
0.00
8,400 Nishi-Nippon Railroad
112
0.00
25,500
Nissan Chemical 
Industries
860
0.01
334,900 Nissan Motor
1,075
0.02
52,900 Nisshin Seifun
514
0.01
10,900 Nissin Foods
709
0.01
12,400 Nitori
1,092
0.02
23,500 Nitto Denko
1,365
0.02
200 Noevir
6
0.00
8,900 NOF
299
0.00
13,100 NOKØ
150
0.00
570,900 Nomura
1,708
0.02
13,900 Nomura Real Estate
259
0.00
881
Nomura Real Estate 
Master
796
0.01
73,000
Nomura Research 
Institute
1,579
0.02
3,900 NS Solutions
85
0.00
89,500 NSK
449
0.01
111,600 NTT Data
1,224
0.02
108,900 Obayashi
740
0.01
10,500 OBIC
1,319
0.02
55,500 Odakyu Electric Railway
584
0.01
176,200 Oji
517
0.01
3,300 OKUMA
138
0.00
204,200 Olympus
2,530
0.04
26,400 Omron
1,265
0.02
74,400 Ono Pharmaceutical
1,059
0.02
16,700 Open House
471
0.01
3,100 Oracle Japan
181
0.00
164,000 Oriental Land
5,021
0.07
200,300 ORIX
2,858
0.04
NM0923U-3094429-205/477

ACS WORLD EX UK EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
205
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
456 Orix JREIT
441
0.01
82,200 Osaka Gas
991
0.01
8,600 OSG
97
0.00
77,900 Otsuka
2,241
0.03
21,300 Otsuka Pharmaceutical
649
0.01
10,000 PaltacØ
260
0.00
67,500 Pan Pacific International
948
0.01
336,200 Panasonic
3,219
0.05
12,300 Park24
131
0.00
71,200
Penta-Ocean 
Construction
300
0.00
20,600 PeptiDream
240
0.00
25,800 Persol
364
0.01
23,700 Pigeon
257
0.00
8,700 Pola Orbis
100
0.00
175,100 RakutenØ
476
0.01
235,100 Recruit
5,858
0.08
11,800 Relo
126
0.00
219,300 Renesas Electronics
3,237
0.05
23,900 Rengo
116
0.00
10,600 RenovaØ
94
0.00
330,680 Resona
1,248
0.02
7,400 Resorttrust
86
0.00
80,900 Ricoh
540
0.01
18,000 Rinnai
308
0.00
15,300 Rohm
1,129
0.02
23,000 Rohto Pharmaceutical
407
0.01
38,800 Ryohin Keikaku
301
0.00
6,000 Sankyo
190
0.00
10,300 Sankyu
267
0.00
9,000 Sanrio
303
0.00
70,300 Santen Pharmaceutical
470
0.01
22,900 Sanwa
233
0.00
7,500 Sapporo
152
0.00
3,800 Sawai
75
0.00
46,100 SBI
697
0.01
4,900 Screen
434
0.01
14,200 SCSK
175
0.00
35,200 Secom
1,874
0.03
23,800 Sega Sammy
400
0.01
28,600 Seibu
231
0.00
34,200 Seiko Epson
419
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
19,700 SeinoØ
220
0.00
49,300 Sekisui Chemical
557
0.01
90,400 Sekisui House
1,436
0.02
749 Sekisui House REIT
343
0.01
132,000 Seven & I
4,469
0.06
75,500 Seven Bank
117
0.00
88,100 SG
985
0.01
42,300 SharpØ
186
0.00
3,100 ShiftØ
444
0.01
44,100 Shimadzu
1,067
0.02
2,500 Shimamura
186
0.00
14,300 Shimano
1,872
0.03
125,800 Shimizu
625
0.01
331,800 Shin-Etsu Chemical
8,641
0.12
12,700
Shinko Electric 
Industries
406
0.01
41,200 Shionogi
1,366
0.02
69,000 Shiseido
2,449
0.04
73,200 Shizuoka Financial
415
0.01
6,200 SHO-BONDØ
194
0.00
1,400 Shochiku
84
0.00
25,400 Showa Denko
323
0.01
48,600 SkylarkØ
478
0.01
9,200 SMC
3,996
0.06
14,300 SMS
224
0.00
3,600 Socionext
411
0.01
474,100 Softbank
3,991
0.06
157,700 SoftBank Group
5,834
0.08
39,000 Sohgo Security Services
173
0.00
52,380 Sojitz
910
0.01
52,800 Sompo
1,860
0.03
204,100 Sony
14,440
0.21
8,900 Sotetsu
123
0.00
11,800 Square Enix
431
0.01
21,100 Stanley Electric
334
0.01
108,600 Subaru
1,603
0.02
4,500 Sugi
158
0.00
46,400 SUMCO
514
0.01
177,400 SumitomoØ
2,945
0.04
10,600 Sumitomo Bakelite
345
0.01
250,400 Sumitomo Chemical
597
0.01
NM0923U-3094429-206/477

ACS WORLD EX UK EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
206
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
33,300
Sumitomo Dainippon 
Pharma
116
0.00
117,400
Sumitomo Electric 
Industries
1,126
0.02
15,200 Sumitomo Forestry
289
0.00
30,100
Sumitomo Heavy 
Industries
566
0.01
42,900 Sumitomo Metal Mining
1,086
0.02
214,800
Sumitomo Mitsui 
Financial
7,227
0.10
66,200 Sumitomo Mitsui Trust
1,850
0.03
56,000
Sumitomo Realty & 
Development
1,088
0.02
20,600
Sumitomo Rubber 
Industries
157
0.00
7,600 Sundrug
177
0.00
19,200
Suntory Beverage & 
Food
546
0.01
27,200 Sushiro Global
416
0.01
20,900 Suzuken
446
0.01
74,800 Suzuki Motor
2,125
0.03
34,400 Sysmex
1,839
0.03
99,700 T&D
1,147
0.02
14,700 Taiheiyo Cement
228
0.00
24,300 Taisei
667
0.01
6,400 Taisho Pharmaceutical
189
0.00
13,500 Taiyo Nippon Sanso
229
0.00
22,300 Taiyo Yuden
498
0.01
20,500 Takara
131
0.00
19,400 Takara Bio
175
0.00
18,200 TakashimayaØ
200
0.00
253,100 Takeda Pharmaceutical
6,249
0.09
65,200 TDK
1,983
0.03
24,900 TechnoProØ
422
0.01
23,600 TeijinØ
186
0.00
108,000 Terumo
2,689
0.04
14,200 THK
228
0.00
34,400 TIS
674
0.01
38,200 Tobu Railway
806
0.01
27,500 Toda
121
0.00
11,900 Toho
356
0.01
24,500 Toho Gas
333
0.01
34,800 Tokai Carbon
251
0.00
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
326,600 Tokio Marine
5,911
0.08
8,600 Tokyo Century
243
0.00
72,900 Tokyo Electron
8,161
0.12
68,000 Tokyo Gas
1,168
0.02
7,200 Tokyo Ohka Kogyo
345
0.01
23,800 Tokyo Tatemono
241
0.00
103,600 Tokyu
982
0.01
81,000 Tokyu Fudosan
364
0.01
52,800 Toppan Printing
895
0.01
279,800 Toray Industries
1,224
0.02
74,400 Toshiba
1,837
0.03
39,800 Tosoh
370
0.01
26,100 Toto
617
0.01
19,300 Toyo Seikan
223
0.00
10,300 Toyo Suisan Kaisha
366
0.01
11,500 Toyo Tire
120
0.00
8,700 Toyoda Gosei
129
0.00
7,000 Toyota BoshokuØ
98
0.00
24,800 Toyota Industries
1,388
0.02
2,013,500 Toyota Motor
25,359
0.36
39,200 Toyota Tsusho
1,527
0.02
21,400 Trend Micro
813
0.01
11,500 TS Tech
114
0.00
7,600 Tsumura
110
0.00
7,500 Tsuruha
439
0.01
12,100 Ube Industries
163
0.00
7,600 Ulvac
253
0.00
70,400 Unicharm
2,055
0.03
572 United Urban Investment
454
0.01
13,600 Ushio
144
0.00
23,400 USS
304
0.00
13,600 Welcia
223
0.00
37,600 West Japan Railway
1,230
0.02
464,500 Yahoo Japan
878
0.01
23,500 Yakult Honsha
1,169
0.02
113,100 Yamada Denki
262
0.00
26,300 Yamaguchi Financial
139
0.00
31,300 Yamaha
942
0.01
46,700 Yamaha Motor
1,050
0.02
58,700 Yamato
835
0.01
4,500 Yamato Kogyo
151
0.00
14,700 Yamazaki Baking
157
0.00
NM0923U-3094429-207/477

ACS WORLD EX UK EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
207
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
8,000 YaokoØ
315
0.00
41,100 Yaskawa Electric
1,479
0.02
52,300 Yokogawa Electric
757
0.01
11,900 Yokohama Rubber
204
0.00
5,700 Zenkoku Hosho
156
0.00
10,300 ZenshoØ
360
0.01
16,800 Zeon
127
0.00
29,000 ZOZO
470
0.01
531,376
7.53
Macau - 0.03%; 31.12.22 0.03%    
86,800 MGM China
80
0.00
479,600 Sands China
1,292
0.02
270,750 SJMØ
92
0.00
182,400 Wynn MacauØ
131
0.01
1,595
0.03
Singapore - 0.38%; 31.12.22 0.46%    
715,425
Ascendas Real Estate 
Investment Trust
1,130
0.02
23,695 Ascott Residence Trust
15
0.00
23,400 BOC AviationØ
149
0.00
415,600 Capitaland Investment
799
0.01
795,966 CapitaLand Mall Trust
882
0.01
64,800 City Developments
254
0.00
454,000 ComfortDelGro
307
0.00
299,500 DBS
5,501
0.08
508,600
Frasers Logistics & 
Commercial Trust
368
0.01
683,300 Genting Singapore
374
0.01
12,400
Jardine Cycle & 
Carriage
251
0.00
192,500 Keppel
751
0.01
234,100 Keppel DC REIT
293
0.00
578,800 Keppel REIT
302
0.00
438,399
Mapletree Commercial 
Trust
411
0.01
381,240
Mapletree Industrial 
Trust
489
0.01
547,436
Mapletree Logistics 
Trust
514
0.01
585,600 NetLink NBN Trust
290
0.00
582,100
Oversea-Chinese 
Banking
4,167
0.06
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
96,711 SATS
145
0.00
6,374,469 Seatrium
464
0.01
188,900 Singapore Airlines
786
0.01
163,500 Singapore Exchange
916
0.01
170,000
Singapore Technologies 
Engineering
364
0.01
1,268,200
Singapore 
Telecommunications
1,848
0.03
279,000
Suntec Real Estate 
Investment Trust
210
0.00
219,300 United Overseas Bank
3,577
0.05
52,900 UOL
198
0.00
49,900 Venture
428
0.01
349,800 Wilmar International
775
0.01
26,958
0.38
South Korea - 1.59%; 31.12.22 1.56%    
10,135 AlteogenØ
261
0.00
1,603
Amorepacific non-voting 
preference shares
30
0.00
2,068 Amorepacific
121
0.00
4,393 Amorepacific (New)
69
0.00
994 BGF Retail
104
0.00
43,622 BNK FinancialØ
181
0.00
19,280 Celltrion
1,768
0.03
17,359 Celltrion Healthcare
682
0.01
5,297 Celltrion Pharm
243
0.00
10,355 Cheil Worldwide
113
0.00
1,910 CJØ
78
0.00
217
CJ CheilJedang non-
voting preference shares
18
0.00
960 CJ CheilJedang
155
0.00
1,102 CJ Logistics
50
0.00
9,757 Coway
257
0.00
1,714 Daelim Industrial
42
0.00
93,429
Daewoo Engineering & 
ConstructionØ
228
0.00
8,250
Daewoo Shipbuilding & 
Marine EngineeringØ
186
0.00
23,584 DGB FinancialØ
103
0.00
4,298 DL E&CØ
90
0.00
7,190 Dongbu Insurance
322
0.01
5,059 DongsuhØ
58
0.00
NM0923U-3094429-208/477

ACS WORLD EX UK EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
208
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
9,085 Doosan Bobcat
320
0.01
67,697 Doosan Heavy IndustryØ
735
0.01
12,466 Doosan InfracoreØ
89
0.00
2,695 Doosan Solus
60
0.00
6,810 Ecopro BM
1,016
0.01
5,640 E-Mart
260
0.00
13,300 Fila KoreaØ
319
0.01
14,501 GSØ
319
0.01
22,328
GS Engineering & 
ConstructionØ
250
0.00
2,831 GS RetailØ
39
0.00
43,212 Hana Financial
1,016
0.02
3,659 Hanjin KalØ
103
0.00
8,154 Hankook Tire
168
0.00
1,723 Hanmi Pharm
319
0.01
2,288 Hanmi ScienceØ
46
0.00
25,559 Hanon Systems
140
0.00
17,202 Hanwha Chemical
437
0.01
4,539
HD Hyundai Heavy 
Industries
359
0.01
4,068 Hite JinroØ
53
0.00
11,875 HLB
232
0.00
51,868 HMM
586
0.01
7,911 Hotel Shilla
348
0.01
4,306 HYBE
727
0.01
2,349
Hyundai Department 
Store
70
0.00
20,267
Hyundai Engineering & 
Construction
463
0.01
3,659 Hyundai Glovis
434
0.01
9,995
Hyundai Heavy 
Industries
359
0.01
9,045
Hyundai Marine & Fire 
InsuranceØ
169
0.00
3,308 Hyundai Mipo Dockyard
167
0.00
10,638 Hyundai MobisØ
1,484
0.02
24,059 Hyundai Motor
2,974
0.04
7,480
Hyundai Motor non-
voting preference shares
492
0.01
5,747
Hyundai Motor non-
cumulative & non-voting 
preference shares
375
0.01
12,990 Hyundai Steel
263
0.00
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
2,300 Hyundai Wia
92
0.00
43,926 Industrial Bank of Korea
272
0.00
52,314 Kakao
1,541
0.02
35,257 KakaoBankØ
502
0.01
18,382 Kangwon Land
192
0.00
67,116 KB Financial
1,923
0.03
693 KCCØ
82
0.00
3,103
KEPCO Plant Service & 
Engineering
62
0.00
44,517 Kia Motors
2,362
0.03
9,918
Korea Aerospace 
Industries
317
0.01
39,735 Korea Electric Power
490
0.01
3,952 Korea Gas
61
0.00
8,696 Korea Investment
269
0.00
10,014
Korea Shipbuilding & 
Offshore Engineering
700
0.01
1,710 Korea Zinc
500
0.01
19,354 Korean Air Lines
282
0.00
5,067 Krafton
592
0.01
18,537 KT&G
921
0.01
3,024 Kumho Petro ChemicalØ
241
0.00
3,890 L&F
567
0.01
13,414 LG
708
0.01
811
LG Chemical non-voting 
preference shares
171
0.00
8,093 LG Chemical
3,239
0.05
38,598 LG DisplayØ
365
0.01
18,640 LG Electronics
1,417
0.02
2,464
LG Electronics non-
voting preference shares
80
0.00
5,994 LG Energy SolutionØ
1,986
0.03
1,518
LG Household & Health 
Care
418
0.01
295
LG Household & 
Health Care non-voting 
preference shares
33
0.00
1,942 LG Innotek
360
0.01
36,597 LG Uplus
236
0.00
4,544 LotteØ
68
0.00
4,813 Lotte Chemical
446
0.01
620
Lotte Chilsung 
BeverageØ
47
0.00
NM0923U-3094429-209/477

ACS WORLD EX UK EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
209
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
2,179 Lotte Fine ChemicalØ
91
0.00
1,495 Lotte Shopping
61
0.00
2,557 LS CableØ
143
0.00
4,792 Mando
155
0.00
18,819 Meritz Financial
468
0.01
45,610 Mirae Asset Daewoo
198
0.00
25,053 NAVER
2,748
0.04
2,733 NCSoft
483
0.01
4,716 NetmarbleØ
139
0.00
54,867
NH Investment & 
SecuritiesØ
314
0.01
4,606 NHN Entertainment
68
0.00
506 NongShim
121
0.00
3,888 Orion
280
0.00
210 Ottogi
49
0.00
7,563 ParadiseØ
64
0.00
12,927 POSCO
3,010
0.04
5,201 POSCO ChemicalØ
1,100
0.02
6,921 Posco DaewooØ
165
0.00
2,948 S1
94
0.00
3,174 Samsung Biologics
1,417
0.02
14,493 Samsung C&T
918
0.01
4,825 Samsung CardØ
86
0.00
9,625
Samsung Electro 
Mechanics
834
0.01
133,028
Samsung Electronics 
non-voting preference 
shares
4,750
0.07
790,624 Samsung Electronics
34,255
0.49
17,796 Samsung EngineeringØ
302
0.00
5,675 Samsung Fire & Marine
783
0.01
439
Samsung Fire & Marine 
Insurance non-voting 
preference shares
45
0.00
106,820
Samsung Heavy 
IndustriesØ
428
0.01
12,842 Samsung Life
518
0.01
9,315 Samsung SDI
3,740
0.05
7,882 Samsung SDS
581
0.01
7,781 Samsung Securities
168
0.00
86,119 Shinhan Financial
1,757
0.03
1,028 ShinsegaeØ
110
0.00
6,234 SK
556
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
6,515 SK BiopharmaceuticalsØ
316
0.01
5,119 SK Bioscience
244
0.00
3,702 SK ChemicalsØ
156
0.00
87,804 SK Hynix
6,065
0.09
9,262 SK Innovation
881
0.01
23,698 SK NetworksØ
72
0.00
17,054 SK SquareØ
452
0.01
3,376 SKC
198
0.00
88,859 Woori Financial
628
0.01
7,718 Yuhan
279
0.00
112,182
1.59
Taiwan - 0.00%; 31.12.22 0.00%    
19,000 FIT Hon Teng
3
0.00
EUROPE - 14.86%; 31.12.22 15.21%    
Austria - 0.06%; 31.12.22 0.07%    
8,780 Andritz
380
0.00
48,674 Erste Bank
1,328
0.02
26,419 OMV
882
0.01
38,343
Raiffeisen Bank 
InternationalØ
476
0.01
10,422 Verbund
654
0.01
20,572 Voestalpine
579
0.01
4,299
0.06
Belgium - 0.26%; 31.12.22 0.30%    
5,248
Ackermans & Van 
HaarenØ
679
0.01
34,001 Ageas
1,084
0.01
142,812 Anheuser-Busch InBev
6,384
0.09
4,274 D'ieteren
592
0.01
7,696 EliaØ
765
0.01
18,002
Groupe Bruxelles 
Lambert
1,114
0.02
48,855 KBC
2,669
0.04
67 Lotus BakeriesØ
410
0.01
2,630 SofinaØ
430
0.01
12,389 Solvay
1,083
0.01
21,640 UCB
1,503
0.02
39,355 Umicore
861
0.01
25,680
Warehouses De Pauw 
CVA
552
0.01
18,126
0.26
NM0923U-3094429-210/477

ACS WORLD EX UK EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
210
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
Denmark - 0.86%; 31.12.22 0.90%    
418
AP Moeller-Maersk 
series 'A' shares
573
0.01
889
AP Moeller-Maersk 
series 'B' shares
1,231
0.02
14,822
Carlsberg series 'B' 
shares
1,865
0.03
14,870 Christian Hansen
814
0.01
22,069 Coloplast 'B' sharesØ
2,160
0.03
122,858 Danske Bank
2,337
0.03
29,525 DSV
4,891
0.07
10,433 Genmab
3,091
0.04
7,291
H. Lundbeck series 'A' 
shares
26
0.00
29,164
H. Lundbeck series 'B' 
shares
109
0.00
262,516
Novo Nordisk class 'B' 
shares
32,895
0.47
35,893
Novozymes class 'B' 
sharesØ
1,313
0.02
28,616 Orsted
2,126
0.03
17,192 Pandora
1,213
0.02
1,866
Rockwool International 
class 'B' shares
375
0.00
9,152 Royal UnibrewØ
641
0.01
44,662 Tryg
761
0.01
171,988 Vestas Wind Systems
3,599
0.05
13,844 William DemantØ
459
0.01
60,479
0.86
Finland - 0.35%; 31.12.22 0.43%    
29,118 Elisa
1,232
0.02
78,145 Fortum
826
0.01
12,402 HuhtamakiØ
322
0.01
52,794 Kesko
782
0.01
40,420 Kojamo
300
0.00
57,436 Kone class 'B' shares
2,364
0.03
109,030 Metso Oyj
1,022
0.01
67,825 Neste
2,054
0.03
977,081 Nokia
3,252
0.05
580,735 Nordea Bank AbpØ
4,975
0.07
11,967 Orion series 'B' shares
393
0.01
76,639 Sampo series 'A' shares
2,707
0.04
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
103,940
Stora Enso series 'R' 
shares
950
0.01
92,410 UPM-Kymmene
2,163
0.03
26,613 ValmetØ
584
0.01
75,355 Wartsila
665
0.01
24,591
0.35
France - 3.14%; 31.12.22 3.14%    
26,081 Accor
765
0.01
5,745 Aeroports de Paris
655
0.01
84,532 Air Liquide
11,915
0.17
56,931 AlstomØ
1,327
0.02
4,665 Amundi
218
0.00
12,080 Arkema
897
0.01
317,817 AXA
7,401
0.11
6,348 Biomerieux
524
0.01
184,312 BNP Paribas
9,139
0.13
200,918 Bollore
980
0.01
25,438 BouyguesØ
674
0.01
52,999 Bureau Veritas
1,135
0.02
25,696 Capgemini
3,797
0.05
94,411 CarrefourØ
1,413
0.02
9,556 Covivio
357
0.01
226,188 Crédit Agricole
2,124
0.03
106,559 Danone
5,140
0.07
110,009 Dassault Systemes
3,795
0.05
45,175 EdenredØ
2,377
0.03
11,627 Eiffage
955
0.01
271,594 ENGIE
3,559
0.05
49,718 EssilorLuxottica
7,324
0.10
5,937 Eurazeo
329
0.00
10,382 Gecina
871
0.01
47,212 Getlink
634
0.01
5,764 Hermes International
9,806
0.14
4,434 Icade
147
0.00
7,464 Ipsen
708
0.01
8,724 JC Decaux
136
0.00
12,509 Kering
5,438
0.08
33,274 Klepierre
651
0.01
16,806
La Francaise des Jeux 
SAEM
520
0.01
43,721 LegrandØ
3,393
0.05
38,996 L'Oréal
14,253
0.20
NM0923U-3094429-211/477

ACS WORLD EX UK EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
211
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
41,217 LVMH Moet Hennessy
30,395
0.43
111,381 MichelinØ
2,592
0.04
314,062 Orange
2,898
0.04
33,669 Pernod-Ricard
5,848
0.08
41,750 Publicis
2,657
0.04
4,134 Remy Cointreau
517
0.01
32,460 Renault
1,075
0.02
35,738 RexelØ
694
0.01
79,123 Saint-Gobain
3,782
0.05
180,183 Sanofi
15,179
0.22
3,513 Sartorius Stedim Biotech
686
0.01
88,988 Schneider Electric
12,657
0.18
31,434 SCORØ
725
0.01
7,112 SEB
578
0.01
130,955 Société Générale
2,710
0.04
14,324 Sodexo
1,219
0.02
3,985 SOITECØ
527
0.01
8,930 Teleperformance
1,184
0.02
381,865 Total
17,372
0.25
14,325 Ubisoft EntertainmentØ
318
0.00
20,857
Unibail-Rodamco 
Westfield REITØ
859
0.01
48,519 Valeo
815
0.01
112,371 Veolia Environnement
2,778
0.04
85,114 Vinci
7,776
0.11
141,684 Vivendi
1,029
0.01
3,535 Wendel
283
0.00
44,722 Worldline
1,295
0.02
221,805
3.14
Germany - 2.44%; 31.12.22 2.44%    
29,638 Adidas
4,520
0.06
66,363 Allianz
12,188
0.17
153,681 BASF
5,859
0.08
164,805 Bayer
7,205
0.10
17,841 BechtleØ
554
0.01
16,694 BeiersdorfØ
1,733
0.03
53,243 BMW
5,124
0.07
12,029
BMW non-voting 
preference shares
1,065
0.02
28,386 Brenntag
1,727
0.03
6,837 Carl Zeiss Meditec
572
0.01
191,339 Commerzbank
1,677
0.02
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
22,227 ContinentalØ
1,320
0.02
32,626 Covestro
1,331
0.02
6,005 CTS Eventim AG
294
0.00
144,447 Daimler
9,122
0.13
76,497 Daimler Truck
2,165
0.03
35,047 Delivery HeroØ
1,182
0.02
327,381 Deutsche Bank
2,718
0.04
32,012 Deutsche Boerse
4,635
0.07
100,355 Deutsche Lufthansa
809
0.01
166,617 Deutsche Post
6,426
0.09
561,896 Deutsche Telekom
9,668
0.14
7,207 Deutsche Wohnen
129
0.00
361,487 E.ON
3,613
0.05
34,228 Evonik IndustriesØ
509
0.01
3,233 Fielmann
135
0.00
4,420 FraportØ
186
0.00
76,015 Fresenius
1,645
0.02
36,843 Fresenius Medical CareØ
1,381
0.02
4,257 Fuchs Petrolub
106
0.00
8,658
Fuchs Petrolub non-
voting preference 
sharesØ
266
0.00
31,511 GEA
1,033
0.02
9,540
Hannover 
Rueckversicherung
1,587
0.02
19,749 Heidelberg Cement
1,273
0.02
4,441 Hella Hueck
275
0.00
30,912 HelloFreshØ
592
0.01
29,232
Henkel non-voting 
preference shares
1,846
0.03
13,970 Henkel
776
0.01
2,446 HochtiefØ
165
0.00
217,022 Infineon TechnologiesØ
6,958
0.10
13,850 Kion
435
0.01
13,425 Knorr-BremseØ
806
0.01
17,373 Lanxess
415
0.01
12,909 LEG ImmobilienØ
583
0.01
21,330 Merck
2,759
0.04
20,065 Metro
129
0.00
8,643 MTU Aero Engines
1,754
0.03
23,196
Muenchener 
Rueckversicherung
6,852
0.10
7,824 Nemetschek
462
0.01
NM0923U-3094429-212/477

ACS WORLD EX UK EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
212
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
17,625 Puma
828
0.01
450 Rational
256
0.00
6,661 Rheinmetall
1,421
0.02
187,315 SAPØ
19,994
0.28
4,588
Sartorius non-voting 
preference shares
1,230
0.02
11,185 Scout24
557
0.01
117,763 Siemens (Registered)
15,392
0.22
85,494 Siemens Energy
1,191
0.02
50,695 Siemens HealthineersØ
2,259
0.03
1,525 SixtØ
142
0.00
20,852 Symrise
1,708
0.02
4,467 Talanx
201
0.00
82,477 Telefonica Deutschland
183
0.00
83,340 ThyssenKruppØ
514
0.01
21,086 United InternetØ
233
0.00
35,501
Volkswagen non-voting 
preference sharesØ
3,758
0.05
6,269 Volkswagen
827
0.01
119,273 Vonovia
1,833
0.03
1,900 Wacker Chemie
204
0.00
42,074 Zalando
953
0.01
172,248
2.44
Ireland - 0.10%; 31.12.22 0.10%    
155,348 AIB
512
0.01
161,114 Bank of Ireland
1,221
0.02
49,886 Glanbia
588
0.01
72,410 James Hardie
1,507
0.02
24,193 Kerry class 'A' shares
1,863
0.02
25,534 Kingspan
1,322
0.02
7,013
0.10
Italy - 0.61%; 31.12.22 0.58%    
244,289 A2AØ
351
0.01
28,770 AmplifonØ
826
0.01
219,817 Assicurazioni Generali
3,535
0.05
25,056 Banca Mediolanum
178
0.00
230,736 Banco BPM
843
0.01
7,605 Buzzi Unicem
151
0.00
5,730 DiaSorinØ
468
0.01
1,282,861 EnelØ
6,803
0.10
390,527 EniØ
4,420
0.06
82,400 FinecoBankØ
867
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
163,340 HeraØ
382
0.01
69,801
Infrastrutture Wireless 
ItalianeØ
724
0.01
13,971 Interpump GroupØ
603
0.01
2,745,109 Intesa SanpaoloØ
5,686
0.08
61,767 ItalgasØ
288
0.00
94,211 MediobancaØ
889
0.01
33,692 MonclerØ
1,814
0.03
89,680 NexiØ
550
0.01
70,527 Pirelli & C
274
0.00
102,595 Poste ItalianeØ
872
0.01
122,300 PradaØ
648
0.01
43,752 Prysmian
1,418
0.02
19,062 Recordati
713
0.01
4,292 Reply
380
0.01
392,476 Snam
1,616
0.02
1,958,973 Telecom ItaliaØ
435
0.01
745,672
Telecom Italia (Part 
Certified)Ø
162
0.00
251,900 Terna
1,687
0.02
311,441 UniCredit
5,749
0.08
43,332
0.61
Luxembourg - 0.07%; 31.12.22 0.07%    
74,555 Allegro.euØ
459
0.01
78,052 ArcelorMittal
1,682
0.02
23,666 Eurofins ScientificØ
1,163
0.02
56,250 L'Occitane International
107
0.00
4,866 RTLØ
155
0.00
85,399 Tenaris
1,004
0.02
4,570
0.07
Netherlands - 1.74%; 31.12.22 1.69%    
13,930 Aalberts IndustriesØ
458
0.01
73,287 ABN AMROØ
902
0.01
4,932 Adyen
6,646
0.09
308,994 AegonØ
1,232
0.02
28,470 Akzo Nobel
1,815
0.03
8,879 Argenx
2,698
0.04
8,119 ASM International
2,676
0.04
66,876 ASMLØ
37,850
0.54
26,888 ASR Nederland
944
0.01
13,567
BE Semiconductor 
IndustriesØ
1,141
0.02
NM0923U-3094429-213/477

ACS WORLD EX UK EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
213
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
159,824 CNH Industrial
1,807
0.02
71,708 Davide Campari-Milano
779
0.01
16,528 Euronext
888
0.01
16,873 EXOR
1,187
0.02
19,921 Ferrari
5,105
0.07
48,570 Heineken
3,922
0.05
21,328 Heineken Holding
1,453
0.02
8,558 IMCD
962
0.01
594,900 INGØ
6,326
0.09
17,407 JDE Peet'sØ
405
0.01
34,370 Just Eat TakeawayØ
413
0.01
427,681 KoninklijkeØ
1,207
0.02
163,883
Koninklijke Ahold 
DelhaizeØ
4,396
0.06
167,812 Koninklijke PhilipsØ
2,864
0.04
49,572 NNØ
1,447
0.02
43,509 NXP Semiconductors
6,871
0.10
15,815 OCIØ
299
0.00
124,254 ProsusØ
7,080
0.10
39,366 Qiagen
1,378
0.02
20,633 Randstad
858
0.01
28,644 SignifyØ
636
0.01
365,244 Stellantis
5,044
0.07
110,452 STMicroelectronics
4,303
0.06
114,504 Universal Music GroupØ
2,007
0.03
19,844 Vopak
557
0.01
42,137 Wolters Kluwer
4,182
0.06
122,738
1.74
Norway - 0.21%; 31.12.22 0.28%    
31,180
Adevinta series 'B' 
shares
164
0.00
5,979 AkerØ
267
0.00
51,852 Aker BP
957
0.01
167,126 DNB Bank
2,466
0.04
151,197 Equinor
3,469
0.05
27,232 Gjensidige Forsikring
344
0.01
15,223 Kongsberg Gruppen
541
0.01
70,833 Leroy Seafood
212
0.00
75,493 Mowi
942
0.01
29,306 Nordic SemiconductorØ
281
0.01
221,814 Norsk Hydro
1,045
0.02
126,421 Orkla
716
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
10,910 SalmarØ
346
0.01
10,111
Schibsted class 'A' 
shares
141
0.00
20,991
Schibsted class 'B' 
shares
278
0.00
119,088 Telenor
951
0.01
52,073 TOMRA SystemsØ
660
0.01
31,634 Yara International
880
0.01
14,660
0.21
Poland - 0.08%; 31.12.22 0.08%    
23,925
Bank Polska Kasa 
Opieki
509
0.01
8,957 Dino PolskaØ
815
0.01
20,864 KGHM Polska MiedzØ
448
0.01
205 LPP
551
0.01
75,106
Polski Koncern Naftowy 
ORLEN
932
0.01
185,001
Powszechna Kasa 
Oszczednosci Bank 
Polski
1,289
0.02
111,321
Powszechny Zaklad 
Ubezpieczen
852
0.01
4,846 Santander Bank Polska
366
0.00
5,762
0.08
Portugal - 0.03%; 31.12.22 0.03%    
87,354 Galp Energia
809
0.01
59,271 Jeronimo Martins
1,289
0.02
2,098
0.03
Russia - 0.00%; 31.12.22 0.00%    
85,379 Yandex†
1
0.00
Spain - 0.79%; 31.12.22 0.76%    
3,225 Acciona
433
0.01
40,799
ACS Actividades 
de Construccion y 
ServiciosØ
1,124
0.02
12,521 Aena
1,594
0.02
78,696 Amadeus IT
4,707
0.07
987,610
Banco Bilbao Vizcaya 
Argentaria
6,014
0.08
2,716,855 Banco Santander
7,986
0.11
141,224 Bankinter
683
0.01
677,486 CaixaBank
2,213
0.03
NM0923U-3094429-214/477

ACS WORLD EX UK EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
214
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
91,203 Cellnex Telecom
2,890
0.04
3,266
Corporacion Acciona 
Energias RenovablesØ
86
0.00
29,686 EDP Renovaveis
463
0.01
26,330 Enagas
409
0.01
59,165 Endesa
1,003
0.01
72,949 Ferrovial
1,810
0.03
45,954 Grifols class 'A' sharesØ
462
0.01
57,916
Grifols class 'B' shares 
non-voting preference 
shares
412
0.01
992,486 Iberdrola
10,191
0.14
172,518 Inditex
5,213
0.07
46,304
Inmobiliaria Colonial 
SocimiØ
221
0.00
242,278 MapfreØ
379
0.00
75,707 Merlin PropertiesØ
510
0.01
27,075 Naturgy Energy
632
0.01
84,089 Red Electrica
1,112
0.02
201,131 Repsol
2,319
0.03
836,991 Telefonica
2,672
0.04
55,538
0.79
Sweden - 0.91%; 31.12.22 0.97%    
56,533 Alfa Laval
1,591
0.02
170,579 Assa Abloy
3,198
0.04
424,167
Atlas Copco class 'A' 
shares
4,775
0.07
249,321
Atlas Copco series 'B' 
shares
2,430
0.03
23,093 AxfoodØ
383
0.01
52,491 Beijer RefØ
525
0.01
49,578 Boliden
1,126
0.02
73,003 Castellum
545
0.01
43,164 Electrolux
463
0.01
112,700 Epiroc class 'A' shares
1,666
0.02
60,399 Epiroc class 'B' shares
760
0.01
44,179 EQT
668
0.01
486,733
Ericsson series ‘B’ 
shares
2,062
0.03
97,483 Essity
2,032
0.03
28,811 Evolution Gaming
2,820
0.04
108,209 Fastighets BalderØ
307
0.00
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
41,180 GetingeØ
562
0.01
119,038
Hennes & Mauritz series 
‘B’ sharesØ
1,598
0.02
323,826 Hexagon
3,105
0.04
17,733 Holmen
503
0.01
62,579
Husqvarna series ‘B’ 
shares
445
0.01
20,820
Industrivarden series 'A' 
shares
451
0.01
29,424
Industrivarden series 'C' 
sharesØ
635
0.01
51,553 Indutrade
910
0.01
14,634 Investment Latour
227
0.00
91,759 Investor class 'A' shares
1,435
0.02
279,464 Investor class 'B' shares
4,374
0.06
43,541 Kinnevik
473
0.01
15,531 L E Lundbergforetagen
517
0.01
41,859 Lifco
705
0.01
240,908 Nibe Industrier
1,790
0.03
17,464 SAAB class 'B' shares
736
0.01
34,306 Sagax class 'B' shares
526
0.01
172,600 Sandvik
2,622
0.04
51,049
Securitas series ‘B’ 
shares
328
0.00
274,993
Skandinaviska Enskilda 
Banken series ‘A’ shares
2,389
0.03
73,261
Skanska series ‘B’ 
sharesØ
809
0.01
69,390 SKF series ‘B’ shares
945
0.01
110,611 SSAB class 'B' shares
601
0.01
93,290
Svenska Cellulosa 
series ‘B’ shares
933
0.01
241
Svenska 
HandelsbankenØ
2
0.00
236,590
Svenska Handelsbanken 
series ‘A’ sharesØ
1,559
0.02
37,215 Sweco
327
0.00
165,147
Swedbank series ‘A’ 
shares
2,185
0.03
27,224
Swedish Orphan 
Biovitrum
414
0.01
67,842 Tele2 series ‘B’ shares
442
0.01
465,191 TeliaØ
807
0.01
NM0923U-3094429-215/477

ACS WORLD EX UK EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
215
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
43,104
Trelleborg class ‘B’ 
shares
854
0.01
24,914 Volvo
416
0.01
100,369 Volvo Car
312
0.00
251,623 Volvo series ‘B’ shares
4,085
0.06
64,373
0.91
Switzerland - 2.77%; 31.12.22 2.91%    
253,382 ABB (Registered)
7,743
0.11
27,936 AdeccoØ
716
0.01
75,786 Alcon
4,902
0.07
6,671 BachemØ
451
0.01
9,124 Baloise
1,049
0.01
3,288
Banque Cantonale 
Vaudoise (Registered)Ø
273
0.00
608 Barry CallebautØ
926
0.01
1,731 Belimo
673
0.01
4,070 BKWØ
558
0.01
51,897 Clariant
584
0.01
3,174 DKSH
185
0.00
28,416 DSM-Firmenich
2,433
0.03
586 EmmiØ
441
0.01
1,185 EMS-ChemieØ
697
0.01
3,098 Flughafen ZuerichØ
507
0.01
5,744 Geberit
2,352
0.03
11,864 Georg Fischer
693
0.01
1,419 Givaudan
3,683
0.05
4,965 Helvetia
525
0.01
34,149 Julius Baer (Registered)
1,692
0.02
9,087 Kuehne + Nagel
2,113
0.03
91,079 LafargeHolcim
4,807
0.07
157
Lindt & Spruengli (Part 
Certified)
1,550
0.02
16
Lindt & Spruengli 
(Registered)
1,556
0.02
26,939 Logitech InternationalØ
1,245
0.02
12,312 Lonza
5,707
0.08
452,701 Nestlé
42,814
0.61
340,031 Novartis
26,828
0.38
3,955 Partners
2,918
0.04
7,975 PSP Swiss PropertyØ
697
0.01
4,682 Roche (Bearer)
1,213
0.02
115,288 Roche Holding
27,860
0.39
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
7,215 Schindler (Part Certified)
1,322
0.02
2,870 Schindler (Registered)
504
0.01
23,725 SGS SA
1,760
0.03
62,906 SIG CombiblocØ
1,355
0.02
25,068 Sika
5,557
0.08
8,710 Sonova
1,817
0.03
17,033 StraumannØ
2,160
0.03
5,408 Swatch class 'I' shares
1,242
0.02
5,673 Swatch class 'N' shares
245
0.00
4,922 Swiss Life
2,256
0.03
14,703 Swiss Prime SiteØ
994
0.01
47,889 Swiss Re
3,797
0.05
4,633 Swisscom
2,280
0.03
2,186 TecanØ
653
0.01
12,115 Temenos
759
0.01
501,340 UBS
7,957
0.11
3,934 VAT
1,271
0.02
25,426 Zurich InsuranceØ
9,526
0.14
195,846
2.77
United Kingdom - 0.44%; 31.12.22 0.46%    
82,607 AllfundsØ
398
0.00
254,130 Amcor
1,977
0.03
30,864
Coca-Cola European 
Partners
1,558
0.02
33,450
Liberty Global class 'A' 
shares
444
0.01
40,159
Liberty Global class 'C' 
sharesØ
562
0.01
83,362 Linde
24,999
0.35
24,739 Pentair
1,246
0.02
31,184
0.44
NORTH AMERICA - 70.70%; 31.12.22 69.80%    
Bermuda - 0.02%; 31.12.22 0.02%    
191,337 AutoStoreØ
330
0.01
204,400 Hongkong Land
630
0.01
70,500 Kerry Properties
116
0.00
132,000 Shangri-La AsiaØ
80
0.00
87,500 Yue Yuen IndustrialØ
90
0.00
1,246
0.02
Canada - 2.46%; 31.12.22 2.69%    
82,496 Agnico Eagle Mines
3,198
0.04
NM0923U-3094429-216/477

ACS WORLD EX UK EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
216
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
126,623
Alimentation 
Couche-Tard
5,115
0.07
119,733 Bank of Montreal
8,447
0.12
205,429 Bank of Nova Scotia
8,018
0.11
302,951 Barrick Gold
3,972
0.06
54,026 BCE
1,921
0.03
45,619
Brookfield Asset 
Management
1,159
0.02
145,979
Canadian Imperial Bank 
of Commerce
4,894
0.07
101,784
Canadian National 
Railway
9,596
0.13
154,851
Canadian Pacific 
Kansas City
9,672
0.14
33,454 CGI
2,737
0.04
3,165 Constellation Software
5,073
0.07
41,763 Dollarama
2,187
0.03
335,298 Enbridge
9,791
0.14
3,978 Fairfax Financial
2,333
0.03
30,452 Franco-Nevada
3,315
0.05
12,744 George Weston
1,171
0.02
52,994 Great-West Lifeco
1,195
0.02
60,946 Hydro One
1,350
0.02
10,272 IGM Financial
243
0.00
28,599 Intact Financial
3,421
0.05
26,528 Loblaw
1,879
0.03
42,783
Magna International 
class 'A' shares
1,882
0.03
302,725 Manulife Financial
4,458
0.06
39,642
Metro class 'A' voting 
shares
1,748
0.02
54,838
National Bank of 
Canada
3,193
0.04
88,941 Nutrien
4,130
0.06
88,017 Pembina Pipeline
2,153
0.03
83,455
Power Corporation of 
Canada
1,750
0.02
54,385
Restaurant Brands 
International
3,288
0.05
237,743 Royal Bank of Canada
17,775
0.25
42,845 SaputoØ
752
0.01
192,358 Shopify
9,678
0.14
99,536 Sun Life Financial
4,037
0.06
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
167,124 TC Energy
5,254
0.07
74,946 TELUS (Non-Canadian)
1,141
0.02
25,538 Thomson Reuters
2,699
0.04
301,055 Toronto-Dominion Bank
14,605
0.21
50,031 Tourmaline Oil
1,843
0.02
76,498
Wheaton Precious 
Metals
2,564
0.04
173,637
2.46
Cayman Islands - 0.02%; 31.12.22 0.03%    
62,000 ASM Pacific Technology
482
0.00
321,000 CK Asset Holdings
1,406
0.02
1,888
0.02
United States - 68.20%; 31.12.22 67.06%    
90,752 3M
7,120
0.10
289,162 Abbott Laboratories
24,615
0.35
296,762 AbbVie
31,265
0.44
106,983 Accenture
26,086
0.37
132,920 Activision Blizzard
8,730
0.12
77,388 Adobe
29,602
0.42
11,265 Advance Auto Parts
608
0.01
272,324 Advanced Micro Devices
23,944
0.34
103,069 Aflac
5,634
0.08
49,184 Agilent Technologies
4,592
0.06
109,725 AGNC InvestmentØ
881
0.01
37,072
Air Products & 
Chemicals
8,642
0.12
68,296 Airbnb
6,754
0.10
23,559 Akamai Technologies
1,662
0.02
20,547 Albemarle
3,558
0.05
31,067
Alexandria Real Estate 
Equities
2,784
0.04
12,609 Align Technology
3,407
0.05
13,295 Allegion
1,257
0.02
44,473 Allstate
3,836
0.05
53,553 Ally Financial
1,140
0.02
19,589
Alnylam 
Pharmaceuticals
2,959
0.04
1,001,466
Alphabet class 'A' 
shares
94,311
1.34
867,895
Alphabet class 'C' 
shares
82,363
1.17
299,657 Altria
10,655
0.15
NM0923U-3094429-217/477

ACS WORLD EX UK EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
217
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
1,518,325 Amazon.com
153,597
2.18
18,536 Amdocs
1,436
0.02
35,020 American AirlinesØ
487
0.01
99,716 American Express
13,565
0.19
124,380 American International
5,625
0.08
76,780
American Tower class ‘A’ 
shares
11,701
0.17
33,166 American Water WorksØ
3,684
0.05
17,857 Ameriprise Financial
4,682
0.07
27,930 AmerisourceBergen
4,207
0.06
37,425 AMETEK
4,741
0.07
88,923 Amgen
15,548
0.22
101,130
Amphenol class ‘A’ 
shares
6,673
0.09
84,869 Analog Devices
12,715
0.18
70,569
Annaly Capital 
ManagementØ
1,117
0.02
14,444 AnsysØ
3,720
0.05
40,919 Anthem
14,240
0.20
34,616 Aon
9,359
0.13
53,745 APA
1,442
0.02
83,932
Apollo Global 
Management
5,032
0.07
2,515,009 Apple
377,023
5.34
139,671 Applied Materials
15,928
0.23
45,125 Aptiv
3,600
0.05
40,642 Aramark
1,372
0.02
62,295 Arch Capital
3,597
0.05
95,273 Archer Daniels Midland
5,622
0.08
41,607 Arista Networks
5,241
0.07
10,056 Arrow Electronics
1,125
0.02
34,719 Arthur J Gallagher
5,891
0.08
8,362 Assurant
824
0.01
1,214,745 AT&T
15,358
0.22
23,652 Atlassian
3,021
0.04
22,204 Atmos EnergyØ
2,032
0.03
36,955 Autodesk
6,025
0.09
14,819 Autoliv
994
0.01
71,388
Automatic Data 
Processing
12,218
0.17
3,157 AutoZone
6,134
0.09
22,207 AvalonBay Communities
3,301
0.05
17,614 Avangrid
522
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
116,237 Avantor
1,854
0.03
12,770 Avery Dennison
1,696
0.02
157,863 Baker HughesØ
3,914
0.06
52,192 Ball
2,381
0.03
1,174,867 Bank of America
26,624
0.38
133,211
Bank of New York 
Mellon
4,656
0.07
42,122 Bath & Body Works
1,260
0.02
80,330 Baxter International
2,839
0.04
46,817 Becton Dickinson
9,643
0.14
217,664
Berkshire Hathaway 
convertible class 'A' 
shares
57,976
0.82
60
Berkshire Hathaway 
convertible class 'B' 
shares
24,231
0.34
31,932 Best BuyØ
2,101
0.03
17,482 Bill.comØ
1,604
0.02
23,461 Biogen
5,235
0.07
30,094 BioMarin Pharmaceutical
2,116
0.03
3,282 Bio-Rad Laboratories
972
0.01
24,460 Bio-Techne
1,535
0.02
24,449 BlackRock*
13,297
0.19
120,994 Blackstone Group
8,878
0.13
6,251 Booking
13,127
0.19
36,032 BorgWarnerØ
1,373
0.02
28,145 Boston PropertiesØ
1,271
0.02
243,006 Boston Scientific
10,237
0.14
360,870 Bristol-Myers Squibb
18,265
0.26
68,788 Broadcom
46,911
0.66
18,679
Broadridge Financial 
Solutions
2,412
0.03
41,513 Brown & Brown
2,222
0.03
32,560
Brown-Forman class ‘B’ 
shares
1,707
0.02
22,936 Bunge
1,683
0.02
10,385 Burlington Stores
1,261
0.02
130,792 Cabot Oil & Gas
2,599
0.04
46,011
Cadence Design 
Systems
8,314
0.12
38,428 Caesars Entertainment
1,512
0.02
30,299 Campbell Soup
1,090
0.02
63,534 Capital One Financial
5,488
0.08
NM0923U-3094429-218/477

ACS WORLD EX UK EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
218
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
43,033 Cardinal Health
3,195
0.05
30,379 Carlyle GroupØ
761
0.01
27,669 CarMax
1,845
0.03
158,447 Carnival
2,150
0.03
142,982 Carrier GlobalØ
5,595
0.08
29,904 CatalentØ
1,018
0.01
87,261 Caterpillar
16,849
0.24
15,952 Cboe Global Markets
1,712
0.02
56,166 CBRE class ‘A’ shares
3,567
0.05
22,336 CDW
3,190
0.05
16,370 CelaneseØ
1,477
0.02
93,996 Centene
4,979
0.07
108,084 CenterPoint Energy
2,454
0.03
25,804 Ceridian HCMØ
1,343
0.02
33,622 CF Industries
1,869
0.03
21,264 CH Robinson Worldwide
1,585
0.02
7,778
Charles River 
Laboratories 
International
1,286
0.02
251,133 Charles Schwab
11,346
0.16
17,223
Charter 
CommunicationsØ
4,938
0.07
40,966 Cheniere Energy
4,899
0.07
291,412 Chevron
35,998
0.51
4,652 Chipotle Mexican Grill
7,763
0.11
68,645 Chubb
10,264
0.15
40,032 Church & Dwight
3,132
0.04
49,505 Cigna
10,855
0.15
27,113 Cincinnati Financial
2,072
0.03
14,272 Cintas
5,527
0.08
694,547 Cisco Systems
28,134
0.40
320,263 Citigroup
11,722
0.17
81,889 Citizens Financial
1,679
0.02
20,109 Clorox
2,511
0.04
46,751 Cloudflare
2,369
0.03
59,330 CME
8,602
0.12
4,028 CNA Financial
123
0.00
655,915 Coca-Cola
31,134
0.44
86,631 Cognizant Technology
4,422
0.06
141,127 Colgate-Palmolive
8,543
0.12
706,809 Comcast class ‘A’ shares
23,182
0.33
19,970 ComericaØ
677
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
14,997 Commerce BancsharesØ
569
0.01
83,648 Conagra Brands
2,203
0.03
203,198 ConocoPhillips
16,555
0.23
59,698 Consolidated Edison
4,228
0.06
24,811
Constellation Brands 
class ‘A’ shares
4,846
0.07
53,241 Constellation EnergyØ
3,824
0.05
8,773 Cooper
2,637
0.04
70,750 Copart
5,048
0.07
122,041 Corning
3,349
0.05
119,305 Corteva
5,444
0.08
65,548 CoStar Group
4,672
0.07
74,484 Costco Wholesale
31,304
0.44
192,573 CoupangØ
2,628
0.04
35,024 Crowdstrike
3,986
0.06
71,365
Crown Castle 
International
6,436
0.09
350,345 CSX
9,380
0.13
23,116 Cummins
4,423
0.06
218,643 CVS Health
11,887
0.17
109,655 Danaher
20,616
0.29
20,400 Darden RestaurantsØ
2,666
0.04
47,577 Datadog
3,627
0.05
7,815 DaVita
611
0.01
45,067 Deere
14,317
0.20
31,695 Delta Air Lines
1,161
0.02
31,013 Dentsply Sirona
968
0.01
116,091 Devon Energy
4,443
0.06
64,159 DexCom
6,490
0.09
32,450 Diamondback EnergyØ
3,336
0.05
50,869 Digital Realty Trust
4,501
0.06
43,409
Discover Financial 
Services
4,046
0.06
33,776 DocuSign
1,368
0.02
37,257 Dollar General
4,912
0.07
35,801 Dollar Tree
4,065
0.06
6,047 Domino's Pizza
1,581
0.02
50,810 DoorDashØ
3,030
0.04
22,566 Dover
2,581
0.04
119,853 Dow
5,044
0.07
52,064 DR Horton
4,954
0.07
76,065 DuPont de Nemours
4,261
0.06
NM0923U-3094429-219/477

ACS WORLD EX UK EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
219
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
21,852 Eastman Chemical
1,433
0.02
67,240 Eaton
10,572
0.15
90,260 eBay
3,182
0.04
42,046 Ecolab
6,115
0.09
62,210 Edison International
3,373
0.05
106,286 Edwards Lifesciences
7,733
0.11
84,753 Elanco Animal Health
672
0.01
45,732 Electronic Arts
4,717
0.07
142,618 Eli Lilly
52,380
0.74
98,994 Emerson Electric
6,986
0.10
21,022 Enphase Energy
2,638
0.04
34,660 Entergy
2,624
0.04
98,965 EOG Resources
8,840
0.13
8,877 EPAM Systems
1,577
0.02
20,233 EquifaxØ
3,749
0.05
15,799 Equinix
9,700
0.14
67,353 Equitable
1,435
0.02
28,731
Equity LifeStyle 
Properties
1,508
0.02
63,770 Equity Residential
3,298
0.05
10,231 Essex Property Trust
1,885
0.03
37,848
Estee Lauder class ‘A’ 
sharesØ
5,762
0.08
20,646 Etsy
1,399
0.02
6,616 Everest Re
1,777
0.03
59,120 Eversource Energy
3,260
0.05
31,749 Exact Sciences
2,367
0.03
163,971 Exelon
5,202
0.07
24,187 Expedia
2,063
0.03
27,958
Expeditors International 
of Washington
2,656
0.04
21,838 Extra Space Storage
2,555
0.04
10,038 F5 Networks
1,157
0.02
6,059
FactSet Research 
Systems
1,895
0.03
3,825 Fair Isaac
2,409
0.03
101,512 FastenalØ
4,700
0.07
15,858
Federal Realty 
Investment TrustØ
1,208
0.02
39,537 FedEx
7,815
0.11
95,800
Fidelity National 
Information Services
4,009
0.06
110,753 Fifth Third Bancorp
2,300
0.03
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
17,821 First Solar
2,593
0.04
103,617 Fiserv
10,162
0.14
12,590 FleetCor TechnologiesØ
2,469
0.03
67,818 Flex
1,467
0.02
21,217 FMC
1,754
0.02
41,369 FNF
1,179
0.02
664,986 Ford Motor
7,856
0.11
112,217 Fortinet
6,660
0.09
56,998 Fortive
3,314
0.05
25,290
Fortune Brands Home & 
Security
1,436
0.02
27,328 Fox class 'A' shares
694
0.01
47,674 Fox class 'B' shares
1,297
0.02
55,030 Franklin Resources
1,166
0.02
238,478 Freeport-McMoRan
7,420
0.10
25,447 Garmin
2,085
0.03
12,272 Gartner
3,324
0.05
66,080
GE Healthcare 
Technologies
4,110
0.06
11,654 GeneracØ
1,359
0.02
181,407 General Electric
15,460
0.22
99,279 General Mills
5,989
0.08
229,518 General Motors
6,933
0.10
33,683 Gentex
777
0.01
23,346 Genuine Parts
3,065
0.04
213,921 Gilead Sciences
12,860
0.18
45,485 Global Payments
3,488
0.05
14,073 GlobalFoundries
702
0.01
16,656 Globe Life
1,435
0.02
24,551 GoDaddy
1,439
0.02
55,573 Goldman Sachs
14,199
0.20
154,966 Halliburton
4,067
0.06
55,212
Hartford Financial 
Services
3,114
0.04
18,853 Hasbro
952
0.01
34,443 HCA Healthcare
8,182
0.12
88,726 Healthpeak Properties
1,401
0.02
6,590 Heico
917
0.01
14,992 Heico class 'A' shares
1,659
0.02
24,254 Henry ScheinØ
1,551
0.02
23,875 Hershey
4,695
0.07
46,261 Hess
4,895
0.07
NM0923U-3094429-220/477

ACS WORLD EX UK EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
220
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
203,734
Hewlett Packard 
Enterprise
2,682
0.04
45,345 Hilton Worldwide
5,162
0.07
41,879 Hologic
2,651
0.04
171,044 Home Depot
41,649
0.59
36,321 Horizon Therapeutics
2,963
0.04
43,888 Hormel Foods
1,383
0.02
105,923 Host Hotels & ResortsØ
1,398
0.02
61,019 Howmet Aerospace
2,354
0.03
145,418 HP
3,485
0.05
8,306 HubSpotØ
3,391
0.05
20,913 Humana
7,340
0.10
226,153 Huntington Bancshares
1,931
0.03
13,054 ICON
2,503
0.04
13,563 IDEX
2,290
0.03
13,606 IDEXX Laboratories
5,317
0.08
50,663 Illinois Tool Works
9,956
0.14
26,355 Illumina
3,865
0.05
32,977 Incyte
1,612
0.02
65,012 Ingersoll Rand
3,310
0.05
12,015 Insulet
2,765
0.04
703,536 Intel
18,319
0.26
94,803
Intercontinental 
Exchange
8,418
0.12
152,983
International Business 
Machines
16,215
0.23
44,039
International Flavors & 
Fragrances
2,710
0.04
63,578 International Paper
1,593
0.02
67,246 InterpublicØ
2,025
0.03
46,815 Intuit
16,873
0.24
59,159 Intuitive Surgical
15,836
0.22
98,406 Invitation Homes
2,655
0.04
31,613 IQVIA Holdings
5,535
0.08
50,163 Iron MountainØ
2,228
0.03
11,933
Jack Henry & 
AssociatesØ
1,571
0.02
11,305 Jazz Pharmaceuticals
1,105
0.02
13,642
JB Hunt Transport 
Services
1,967
0.03
17,371 JM Smucker
2,010
0.03
438,051 Johnson & Johnson
56,842
0.81
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
115,096
Johnson Controls 
International
6,127
0.09
489,554 JPMorgan Chase & Co.
55,524
0.79
146,000 JS Global LifestyleØ
20
0.00
50,370 Juniper Networks
1,229
0.02
40,684 Kellogg
2,149
0.03
160,558 Keurig Dr Pepper
3,903
0.06
155,153 KeyCorp
1,143
0.02
30,454 Keysight Technologies
3,981
0.06
55,101 Kimberly-Clark
5,975
0.08
95,862 Kimco Realty
1,493
0.02
348,384 Kinder Morgan
4,738
0.07
108,788 KKR & CompanyØ
4,812
0.07
23,839 KLA-Tencor
8,994
0.13
135,315 Kraft Heinz
3,748
0.05
110,058 Kroger
4,031
0.06
14,606
Laboratory Corporation 
of America
2,777
0.04
22,260 Lam Research
11,269
0.16
24,839 Lamb Weston
2,237
0.03
59,417 Las Vegas Sands
2,697
0.04
8,955 Lear
1,009
0.01
5,037 LennarØ
446
0.01
40,303 Lennar class ‘A’ shares
3,944
0.06
3,273
Liberty Broadband class 
'A' sharesØ
205
0.00
19,424
Liberty Broadband class 
'C' shares
1,222
0.02
11,509
Liberty Media Corp-
Liberty SiriusXM class 
'A' shares
290
0.00
24,001
Liberty Media Corp-
Liberty SiriusXM class 
'C' shares
603
0.01
24,344
Live Nation 
Entertainment
1,726
0.02
39,136 LKQ
1,786
0.03
33,924 Loews
1,586
0.02
100,418 Lowe's
17,694
0.25
13,355 LPL Financial
2,301
0.03
81,189 Lucid
441
0.01
18,171 Lululemon Athletica
5,320
0.08
NM0923U-3094429-221/477

ACS WORLD EX UK EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
221
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
43,496
Lyondellbasell Industries 
class ‘A’ shares
3,119
0.04
28,003 M&T Bank
2,751
0.04
100,226 Marathon Oil
1,816
0.03
75,217 Marathon Petroleum
6,919
0.10
2,095 MarkelØ
2,270
0.03
5,834 MarketAxess
1,208
0.02
43,323
Marriott International 
class ‘A’ shares
6,210
0.09
82,923 Marsh & McLennan
12,191
0.17
10,048 Martin Marietta Materials
3,637
0.05
141,957 Marvell Technology
6,553
0.09
37,871 Masco
1,717
0.02
7,500 Masimo
982
0.01
141,385
MasterCard class ‘A’ 
shares
43,344
0.61
50,193 Match
1,663
0.02
40,750 McCormick & Co
2,795
0.04
124,359 McDonald's
28,956
0.41
22,736 McKesson
7,562
0.11
227,317 Medtronic
15,598
0.22
7,960 Mercadolibre
7,368
0.10
424,583 Merck & Co
38,121
0.54
373,476 Meta
83,156
1.18
116,489 MetLife
5,175
0.07
3,646
Mettler-Toledo 
International
3,796
0.05
50,466
MGM Resorts 
International
1,716
0.02
88,974 Microchip Technology
6,118
0.09
179,658 Micron Technology
9,141
0.13
1,253,987 Microsoft
332,162
4.71
20,251
Mid-America Apartment 
Communities
2,435
0.03
55,791 ModernaØ
5,388
0.08
7,584 Mohawk Industries
620
0.01
9,095 Molina Healthcare
2,121
0.03
27,863
Molson Coors Brewing 
class ‘B’ shares
1,446
0.02
228,550 Mondelez International
13,064
0.18
11,777 Mongodb
3,748
0.05
7,411
Monolithic Power 
Systems
3,139
0.04
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
120,940 Monster Beverage
5,492
0.08
26,460 Moody'sØ
7,207
0.10
206,942 Morgan Stanley
13,948
0.20
60,859 Mosaic
1,674
0.02
27,546 Motorola Solutions
6,286
0.09
13,130 MSCI
4,797
0.07
55,906 Nasdaq
2,203
0.03
35,658 NetApp
2,148
0.03
72,799 Netflix
24,654
0.35
132,981 Newmont Mining
4,410
0.06
76,417 News class 'A' sharesØ
1,181
0.02
14,100 News class 'B' sharesØ
220
0.00
335,368 NextEra Energy
19,310
0.27
203,853 NIKE
18,279
0.26
37,405 Norfolk Southern
6,683
0.09
32,747 Northern Trust
1,899
0.03
92,388 Nortonlifelock
1,346
0.02
18,538 Novocure
591
0.01
32,638 NRG Energy
959
0.01
43,715 NucorØ
5,646
0.08
400,439 NVIDIA
129,304
1.83
508 NVR
2,531
0.04
117,520 Occidental PetroleumØ
5,438
0.08
23,940 Okta
1,309
0.02
16,114
Old Dominion Freight 
LineØ
4,788
0.07
33,032 OmnicomØ
2,459
0.03
70,163 ON SemiconductorØ
5,108
0.07
75,261 ONEOK
3,659
0.05
258,341 Oracle
24,059
0.34
10,184 O'Reilly Automotive
7,543
0.11
46,914 Organon
769
0.01
70,060 Otis Worldwide
4,909
0.07
89,930 PACCAR
5,874
0.08
15,524 Packaging of America
1,619
0.02
308,746 Palantir Technologies
3,708
0.05
51,038 Palo Alto NetworksØ
10,223
0.14
20,868 Parker-Hannifin
6,386
0.09
54,210 Paychex
4,687
0.07
8,262 Paycom Software
2,049
0.03
191,556 PayPal
9,977
0.14
232,028 PepsiCo
33,725
0.48
NM0923U-3094429-222/477

ACS WORLD EX UK EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
222
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
19,768 PerkinElmer
1,853
0.03
948,616 Pfizer
27,093
0.38
262,479
Philip Morris 
International
20,279
0.29
79,552 Phillips 66
5,947
0.08
101,691 Pinterest
2,222
0.03
41,473
Pioneer Natural 
Resources
6,758
0.10
96,449 Plug PowerØ
763
0.01
67,925 PNC Financial Services
6,748
0.10
5,878 Pool
1,722
0.02
40,744 PPG IndustriesØ
4,683
0.07
43,515 Principal Financial
2,600
0.04
396,186 Procter & Gamble
46,799
0.66
96,716 Progressive
10,101
0.14
155,378 Prologis
14,926
0.21
57,902 Prudential Financial
4,022
0.06
18,884 PTC
2,130
0.03
80,403
Public Service 
Enterprise
3,931
0.06
25,771 Public Storage
5,878
0.08
35,897 Pulte Homes
2,194
0.03
15,304 Qorvo
1,226
0.02
190,167 Qualcomm
17,749
0.25
24,981 Quanta Services
3,849
0.05
17,941 Quest Diagnostics
2,002
0.03
32,052
Raymond James 
FinancialØ
2,627
0.04
111,343 Realty Income
5,301
0.07
32,179 Regency Centers
1,569
0.02
17,110
Regeneron 
Pharmaceuticals
9,585
0.14
145,628 Regions Financial
2,037
0.03
8,121 RenaissanceRe
1,188
0.02
33,802 Republic Services
4,048
0.06
23,396 ResMed
4,000
0.06
91,705 Rivian AutomotiveØ
1,160
0.02
19,944 Robert Half International
1,168
0.02
77,312 RobloxØ
2,368
0.03
19,652 Rockwell AutomationØ
5,038
0.07
43,798 Rollins
1,472
0.02
17,774 Roper Technologies
6,691
0.09
56,315 Ross Stores
4,848
0.07
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
39,511
Royal Caribbean 
CruisesØ
3,173
0.04
61,071 Royalty Pharma
1,476
0.02
53,406 S&P Global
16,720
0.24
159,482 Salesforce.com
26,522
0.38
114,600 Samsonite International
256
0.00
17,983 SBA Communications
3,264
0.05
238,682 Schlumberger
9,148
0.13
32,472 Seagate Technology
1,590
0.02
22,282 Seagen
3,375
0.05
14,911 SEI Investments
699
0.01
52,636 Sempra Energy
6,030
0.09
27,862 Sensata Technologies
979
0.01
34,203 ServiceNow
14,836
0.21
146,000 SharkNinja Hong Kong
102
0.00
40,032 Sherwin-Williams
8,273
0.12
54,076 Simon Property
4,906
0.07
18,953
Sims Metal 
ManagementØ
156
0.00
99,495 Sirius XMØ
340
0.00
25,470 Skyworks Solutions
2,213
0.03
8,360 Snap-on
1,897
0.03
52,681 Snowflake
7,322
0.10
8,991 SolarEdge Technologies
1,804
0.03
15,759 Southern Copper
880
0.01
27,030 Southwest AirlinesØ
768
0.01
24,958 Splunk
2,077
0.03
23,408 Spotify Technology
2,948
0.04
87,366 Square
4,447
0.06
40,677 SS&C Technologies
1,944
0.03
24,752 Stanley Black & DeckerØ
1,852
0.03
194,354 Starbucks
15,165
0.21
56,253 State Street
3,253
0.05
30,258 Steel Dynamics
2,611
0.04
15,969 STERIS
2,791
0.04
58,313 Stryker
13,908
0.20
21,618 Sun Communities
2,197
0.03
76,870 Synchrony Financial
2,070
0.03
26,130 Synopsys
8,841
0.13
85,638 Sysco
4,954
0.07
38,713 T Rowe PriceØ
3,403
0.05
NM0923U-3094429-223/477

ACS WORLD EX UK EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
223
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
29,236
Take-Two Interactive 
SoftwareØ
3,363
0.05
37,906 Targa Resources
2,255
0.03
79,164 Target
8,319
0.12
54,441 TE ConnectivityØ
5,961
0.08
8,417 TeleflexØ
1,564
0.02
25,218 TeradyneØ
2,181
0.03
464,983 TeslaØ
94,680
1.34
153,678 Texas Instruments
21,481
0.30
960 Texas Pacific Land
1,000
0.01
65,901 Thermo Fisher Scientific
26,808
0.38
193,384 TJX
12,805
0.18
91,501 T-Mobile
9,901
0.14
17,666 Tractor Supply
3,037
0.04
72,486 Trade DeskØ
4,434
0.06
37,991 Trane Technologies
5,707
0.08
8,918 TransDigmØ
6,249
0.09
29,121 TransUnionØ
1,784
0.03
38,265 Travelers
5,172
0.07
37,456 Trimble
1,563
0.02
217,047
Truist Financial 
Corporation
5,258
0.07
31,225 Twilio
1,561
0.02
7,443 Tyler Techs.
2,423
0.03
46,551 Tyson Foods
1,866
0.03
320,884 Uber Technologies
10,804
0.15
1,372 UbiquitiØ
188
0.00
50,480 UDR
1,712
0.02
49,891 UiPathØ
657
0.01
8,767 Ulta Beauty
3,224
0.05
104,530 Union Pacific
16,920
0.24
17,230 United Continental
732
0.01
121,974
United Parcel Service 
class ‘B’ shares
16,978
0.24
11,204 United RentalsØ
3,859
0.05
156,991 UnitedHealth
59,169
0.84
48,388 Unity Software
1,670
0.02
12,347
Universal Health 
Services class ‘B’ shares
1,528
0.02
241,945 US Bancorp
6,265
0.09
6,551 Vail Resorts
1,292
0.02
63,964 Valero Energy
5,897
0.08
23,042 Veeva Systems
3,556
0.05
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
68,777 Ventas
2,590
0.04
14,770 VeriSign
2,602
0.04
25,287 Verisk Analytics
4,462
0.06
710,983 Verizon Communications
20,795
0.29
43,665 Vertex Pharmaceuticals
12,024
0.17
68,347 VF
1,038
0.01
91,356 Viacomcbs
1,155
0.02
190,314 Viatris
1,491
0.02
161,332 Vici Props.
4,003
0.06
272,827 VisaØ
50,546
0.72
34,558 VMware
3,932
0.06
19,213 Voya Financial
1,084
0.02
21,644 Vulcan Materials
3,847
0.05
30,235 Wabtec
2,582
0.04
123,686
Walgreens Boots 
AllianceØ
2,775
0.04
239,019 Walmart
29,160
0.41
307,887 Walt Disney
21,657
0.31
381,024 Warner Bros Discovery
3,739
0.05
42,982 Waste Connections
4,749
0.07
67,773 Waste Management
9,089
0.13
9,644 Waters
1,998
0.03
77,911 WelltowerØ
4,954
0.07
12,553
West Pharmaceutical 
Services
3,745
0.05
57,338 Western Digital
1,706
0.02
4,316 Westlake ChemicalØ
406
0.01
39,198 WestRock
889
0.01
123,110 WeyerhaeuserØ
3,243
0.05
9,122 WhirlpoolØ
1,078
0.02
204,631 Williams
5,263
0.07
17,711 Willis Towers Watson
3,257
0.05
32,794 Workday
5,889
0.08
36,558 WP Carey
1,953
0.03
31,283 WR Berkley
1,462
0.02
16,251 Wynn Resorts
1,343
0.02
39,428 Xylem
3,472
0.05
47,993 Yum! Brands
5,208
0.07
8,141 Zebra Technologies
1,858
0.03
11,077 Zillow
429
0.01
29,078 Zillow Group
1,154
0.02
34,475 Zimmer Biomet
3,956
0.06
NM0923U-3094429-224/477

ACS WORLD EX UK EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
224
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
21,664 Zions Bancorporation
467
0.01
78,147 Zoetis
10,619
0.15
44,074
Zoom Video 
Communications
2,357
0.03
43,237 ZoomInfo TechnologiesØ
892
0.01
13,080 Zscaler
1,497
0.02
4,814,322
68.20
OCEANIA - 2.40%; 31.12.22 2.72%    
Australia - 2.28%; 31.12.22 2.60%    
51,933 Adelaide BrightonØ
65
0.00
108,317 AllkemØ
908
0.01
102,886 ALS
601
0.01
297,674 Altas ArteriaØ
968
0.01
32,643 AltiumØ
629
0.01
667,142 AluminaØ
482
0.01
216,591 AMPØ
128
0.00
29,944 Ampol
469
0.01
17,453 AnsellØ
244
0.00
196,660 APA (Stapled Units)
998
0.01
107,180 Aristocrat Leisure
2,168
0.03
32,683 ASX
1,077
0.02
384,693 Aurizon
789
0.01
491,492
Australia & New Zealand 
Banking
6,098
0.09
97,206 Bank of QueenslandØ
279
0.00
533,035 Beach Energy
377
0.01
135,176
Bendigo & Adelaide 
Bank
607
0.01
847,174 BHP Billiton
19,952
0.28
97,907 Bluescope Steel
1,053
0.02
227,140 Brambles
1,713
0.02
55,243 carsales.comØ
689
0.01
66,799
Challenger Financial 
Services
226
0.00
115,937 Charter HallØ
650
0.01
498,781
Cleanaway Waste 
ManagementØ
676
0.01
11,081 Cochlear
1,329
0.02
201,947 Coles Group
1,947
0.03
282,576
Commonwealth Bank of 
Australia
14,816
0.21
99,367 Computershare
1,216
0.02
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
80,424 CSL
11,675
0.17
56,276 CSR
153
0.00
48,495 Deterra RoyaltiesØ
117
0.00
155,998 Dexus
637
0.01
10,895
Domino's Pizza 
EnterprisesØ
265
0.00
81,937 Downer EDIØ
176
0.00
236,228 Endeavour
780
0.01
253,221 Evolution Mining
427
0.01
34,925 Flight Centre
348
0.01
258,903 Fortescue MetalsØ
3,006
0.04
328,289 Goodman
3,447
0.05
351,974 GPT
763
0.01
66,701 Harvey NormanØ
122
0.00
46,898 IDP EducationØ
542
0.01
115,744 IGO
921
0.01
48,495 Iluka Resources
282
0.00
220,677 Incitec Pivot
317
0.00
483,048 Insurance Australia
1,441
0.02
52,646 IOOF
77
0.00
9,362 JB Hi-FiØ
214
0.00
110,585 Lend LeaseØ
448
0.01
374,924 Lottery
1,007
0.01
168,541 Lynas Rare EarthsØ
604
0.01
61,358 Macquarie
5,705
0.08
36,312 Magellan FinancialØ
180
0.00
402,109 Medibank
739
0.01
112,057 MetcashØ
221
0.00
26,028 Mineral Resources
973
0.01
720,192 Mirvac
852
0.01
524,467 National Australia Bank
7,237
0.10
136,704 Newcrest Mining
1,891
0.03
113,422 NEXTDCØ
747
0.01
191,497 Northern Star Resources
1,211
0.02
82,382 OricaØ
640
0.01
110,017 Orora
189
0.00
5,049 PerpetualØ
68
0.00
492,977 Pilbara Minerals
1,262
0.02
9,961 Pro MedicusØ
342
0.01
102,237 Qantas Airways
331
0.01
263,851 QBE Insurance
2,164
0.03
322,330 Qube
481
0.01
NM0923U-3094429-225/477

ACS WORLD EX UK EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
225
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
28,422 Ramsay Health Care
837
0.01
9,055 REAØ
678
0.01
57,834 ReeceØ
562
0.01
87,772 Region
104
0.00
62,972 Rio TintoØ
3,781
0.05
508,450 Santos
2,002
0.03
940,558 Scentre
1,305
0.02
69,982 SeekØ
794
0.01
31,862 Seven Group
411
0.01
75,955 Sonic Healthcare
1,414
0.02
740,386 South32
1,453
0.02
152,658 Star EntertainmentØ
92
0.00
171,462 Steadfast
539
0.01
341,424 Stockland Trust
719
0.01
197,675 Suncorp
1,395
0.02
374,924 Tabcorp
217
0.00
655,372 Telstra
1,475
0.02
41,296 TPG TelecomØ
105
0.00
521,728 TransurbanØ
3,889
0.06
125,620 Treasury Wine Estates
739
0.01
720,450 Vicinity Centres
696
0.01
44,704
Washington H Soul 
PattinsonØ
744
0.01
186,471 Wesfarmers
4,810
0.07
591,547 Westpac Banking
6,605
0.09
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
29,552 Wisetech GlobalØ
1,234
0.02
312,238 Woodside Energy
5,629
0.08
208,403 Woolworths
4,332
0.06
39,441 WorleyParsons
326
0.01
161,043
2.28
New Zealand - 0.12%; 31.12.22 0.12%    
187,947 a2 Milk
483
0.01
211,146
Auckland International 
AirportØ
867
0.01
156,603 Contact Energy
604
0.01
25,905 EBOS
450
0.01
109,524
Fisher & Paykel 
Healthcare
1,278
0.02
83,199 Fletcher BuildingØ
215
0.00
98,437 Infratil
474
0.01
174,566 Kiwi PropertyØ
76
0.00
14,517 MainfreightØ
501
0.01
83,543 Mercury NZ
257
0.00
194,867 Meridian Energy
516
0.01
60,876 Ryman HealthcareØ
190
0.00
77,722 Sky City Entertainment
84
0.00
386,639 Spark New Zealand
943
0.01
25,644 Xero
1,594
0.02
8,532
0.12
SOUTH AMERICA - 0.02%; 31.12.22 0.02%    
Peru - 0.02%; 31.12.22 0.02%    
13,237 Credicorp
1,528
0.02
 
 
 
Holding 
or Nominal 
Value Investment
Underlying 
Exposure 
£000's
Market 
Value 
£000's
% of 
Total 
Net 
Assets
                    
DERIVATIVES - 0.02%; 31.12.22 (0.02)%    
Forward Currency Contracts - 0.00%; 31.12.22 0.00%    
USD 11,460,837 US dollar vs Swiss franc
(8,889)
171
0.00
Futures - 0.02%; 31.12.22 (0.02)%    
508 EURO Stoxx 50 September 2023
19,282
262
0.00
47 KOSPI 200 Index September 2023
2,401
(15)
0.00
486 S&P 500 E-Mini September 2023
85,570
1,084
0.02
NM0923U-3094429-226/477

ACS WORLD EX UK EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
226
Holding 
or Nominal 
Value Investment
Underlying 
Exposure 
£000’s
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
                    
 
 
 
 
10 S&P Canada 60 Index September 2023
1,439
12
0.00
26 SPI 200 Index September 2023
2,437
(14)
0.00
43 Swiss Market Index September 2023
4,273
(1)
0.00
81 TOPIX September 2023
10,133
68
0.00
125,535
1,397
0.02
Portfolio of investments
6,946,155
98.40
CASH EQUIVALENTS
Short-term Money Market Funds - 0.86%; 31.12.22 0.01%    
14,167 BlackRock Institutional Cash Series Euro Liquidity Fund**
1,213
0.02
75,351,413 BlackRock Institutional Cash Series US Dollar Liquidity Fund**
59,580
0.84
60,793
0.86
Net other assets
52,495
0.74
Total net assets
7,059,443 100.00
Unless otherwise stated, all securities are either listed on a recognised exchange or traded on an eligible securities market.
Underlying exposure has been calculated according to the guidelines issued by the European Securities and Markets 
Authority (“ESMA”) (as adopted by the FCA) and represents the market value of an equivalent position in the assets 
underlying each financial derivative instrument.
The counterparty for the forward currency contract is BNP Paribas.
Ø All or a portion of this investment represents a security on loan.
† Suspended investments fair valued.
* Related party to the Fund.
** Managed by a related party.
NM0923U-3094429-227/477

227
ACS WORLD EX UK EQUITY TRACKER FUND
STATEMENT OF TOTAL RETURN (unaudited)
for the six months ended 30 June 2023
For the period 
to 30.6.2023
For the period 
to 30.6.2022
£000's
£000's
£000's
£000's
Income
Net capital gains/(losses)
522,308
(1,586,607)
Revenue
82,112
117,630
Expenses
(313)
(479)
Interest payable and similar charges
(11)
(42)
Net revenue before taxation
81,788
117,109
Taxation
(3,125)
(4,046)
Net revenue after taxation
78,663
113,063
Total return before distributions
600,971
(1,473,544)
Equalisation
(621)
(1,555)
Change in net assets 
attributable to unitholders from investment activities
600,350
(1,475,099)
STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS (unaudited)
for the six month ended 30 June 2023
For the period 
to 30.6.2023
For the period 
to 30.6.2022
£000's
£000's
£000's
£000's
Opening net assets attributable to unitholders 
6,381,257
11,314,365
Amounts receivable on issue of units
			
545,954
			
765,342
Amounts payable on cancellation of units
			
(468,118)
			 (796,345)
Amounts payable on in-specie transactions
			
–
			 (138,166)
77,836
(169,169)
Change in net assets attributable to unitholders from investment 
activities
600,350
(1,475,099)
Closing net assets attributable to unitholders
7,059,443
9,670,097
The above statement shows the comparative closing net assets at 30 June 2022 whereas the current accounting period 
commenced 1 January 2023. 
NM0923U-3094429-228/477

228
ACS WORLD EX UK EQUITY TRACKER FUND
BALANCE SHEET (unaudited)
at 30 June 2023
30.6.2023
31.12.2022
£000's
£000's
Assets:
Fixed assets
– Investment assets
6,946,184
6,291,180
Current assets
– Debtors
32,456
46,996
– Cash and bank balances
32,539
45,190
– Cash equivalents
60,793
686
Total assets
7,071,972
6,384,052
Liabilities:
Investment liabilities
(29)
(1,331)
Creditors
– Other creditors
(12,500)
(1,464)
Total liabilities
(12,529)
(2,795)
Net assets attributable to unitholders
7,059,443
6,381,257
G D Bamping (Director)
M T Zemek (Director)
BlackRock Fund Managers Limited
30 August 2023
NM0923U-3094429-229/477

229
ACS WORLD LOW CARBON EQUITY TRACKER FUND
About the Fund
The Fund is a sub-fund of BlackRock Authorised Contractual Scheme I, a Co-Ownership Scheme constituted as a UCITS 
scheme under the COLL Sourcebook. The Fund was authorised by the FCA on 19 September 2017 and launched on  
5 December 2017.
Risk and Reward Profile
 
 Lower risk 
Higher risk 
 Typically lower rewards
Typically higher rewards 
 Unit Class
 X1 Accumulation
1
2
3
4
5
6
7
 X2 Accumulation
1
2
3
4
5
6
7
 X2 Accumulation Hedged
1
2
3
4
5
6
7
•	 The risk indicator was calculated incorporating simulated historical data and may not be a reliable indication of the future 
risk profile of the Fund.
•	 The risk category shown is not guaranteed and may change over time.
•	 The lowest category does not mean risk free.
•	 The use of derivatives will impact the value of the Fund and may expose the Fund to a higher degree of risk. Derivatives 
are highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and 
gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can be greater where derivatives are 
used in an extensive or complex way.
For more information on this, please see the Fund’s Key Investor Information Document (“KIID”), which is available at  
www.blackrock.com.
Net Asset Value
At 30 June 2023
Units In Issue
Net Asset Value 
£000's
Net Asset Value 
per Unit 
p
X1 Accumulation 
	 	 	
595,336,237 	 	 	
632,424
106.23
X2 Accumulation 
	 	 	 3,104,146,273 	 	 	
5,158,681
166.19
X2 Accumulation Hedged 
	 	 	
78,038,220 	 	 	
78,209
100.22
Operating Charges
Unit Class
1.1.2023 
to 30.6.2023*
1.1.2022 
to 31.12.2022
X1 Accumulation
0.01%
0.02%
X2 Accumulation 
0.01%
0.02%
X2 Accumulation Hedged 
0.06%
0.02%
* Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/depositary 
and entry/exit charges paid to an underlying collective investment scheme (if any).
Distributions Payable
Any income available is accumulated annually on the last day of February.
NM0923U-3094429-230/477

230
ACS WORLD LOW CARBON EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited)
at 30 June 2023 
Holding 
or Nominal 
Value Investment
Market 
Value 
£000's
% of 
Total 
Net 
Assets
X
X
X
X
EQUITIES - 98.94%; 31.12.22 99.00%    
ASIA - 7.83%; 31.12.22 8.70%    
China - 0.05%; 31.12.22 0.08%    
491,000 BOC Hong Kong
1,187
0.02
482,200 Budweiser Brewing
980
0.02
23,222 Futu ADR
728
0.01
2,895
0.05
Hong Kong - 0.60%; 31.12.22 0.79%    
1,531,400 AIA
12,223
0.20
228,000 Galaxy Entertainment
1,143
0.02
532,890
Henderson Land 
Development
1,250
0.02
886,000 HKT Trust & HKT
814
0.01
164,500
Hong Kong Exchanges & 
Clearing
4,900
0.08
629,720
Link Real Estate 
Investment Trust
2,764
0.05
514,500 MTR
1,869
0.03
834,000 Sino Land
810
0.01
507,000 Sun Hung Kai Properties
5,048
0.10
521,200 Swire Properties
1,013
0.02
285,000 Techtronic Industries
2,449
0.04
308,000
Wharf Real Estate 
Investment
1,215
0.02
35,498
0.60
Israel - 0.36%; 31.12.22 0.50%    
23,462 Azrieli
1,035
0.02
529,669 Bank Hapoalim BM
3,426
0.06
601,777 Bank Leumi Le-Israel BM
3,546
0.06
23,654
Check Point Software 
Technologies
2,392
0.04
1,763 Elbit Systems
291
0.00
284,255 Israel Chemicals
1,216
0.02
715,844 Israel Discount Bank
2,803
0.05
115,585 Mizrahi Tefahot Bank
3,051
0.05
8,726 Nice
1,400
0.02
292,803
Teva Pharmaceutical 
Industries ADR
1,753
0.03
7,196 Wix.com
439
0.01
21,352
0.36
Japan - 6.31%; 31.12.22 6.70%    
29,700 Advantest
3,108
0.05
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
67,000 Asahi
2,039
0.03
40,400 Asahi Intecc
621
0.01
268,000 Astellas Pharma
3,148
0.05
31,700 BayCurrent Consulting
929
0.02
119,100 Brother Industries
1,366
0.02
201,200 Canon
4,163
0.07
42,900 Capcom
1,336
0.02
34,300 Central Japan Railway
3,382
0.06
256,800 Chiba Bank
1,227
0.02
138,300 Chugai Pharmaceutical
3,089
0.05
559,900 Concordia Financial
1,722
0.03
110,900 Daifuku
1,780
0.03
179,200 Dai-ichi Life
2,683
0.05
262,700 Daiichi Sankyo
6,531
0.11
47,400 Daikin Industries
7,582
0.13
27,500 Daito Trust Construction
2,192
0.04
299,100 Daiwa House
6,195
0.11
50,400 Denso
2,657
0.05
76,900 Dentsu
1,977
0.03
15,100 Disco
1,865
0.03
22,000 Eisai
1,170
0.02
161,500 Fanuc
4,437
0.08
27,000 Fast Retailing
5,419
0.09
74,800 Fujifilm
3,492
0.06
35,800 Fujitsu
3,637
0.06
50,100 HakuhodoØ
413
0.01
10,400 Hamamatsu Photonics
399
0.01
8,100 Hikari Tsushin
909
0.02
6,500 Hirose Electric
677
0.01
164,000 Hitachi
7,960
0.14
33,300
Hitachi Construction 
MachineryØ
733
0.01
260,000 Honda Motor
6,155
0.10
17,400 Hoshizaki
490
0.01
69,200 Hoya
6,458
0.11
172,700 Hulic
1,160
0.02
18,100 Ibiden
801
0.01
96,900 Iida
1,285
0.02
171,400 Isuzu Motors
1,630
0.03
37,000 Japan Exchange
507
0.01
640,200 Japan Post
3,628
0.06
121,300 Japan Post Bank
744
0.01
NM0923U-3094429-231/477

ACS WORLD LOW CARBON EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
231
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
135,800 Japan Post Insurance
1,609
0.03
287,400 Japan Tobacco
4,954
0.08
190,000 Kajima
2,246
0.04
280,200 KDDI
6,816
0.11
51,700 Keisei Electric RailwayØ
1,683
0.03
28,000 Keyence
10,383
0.18
24,300 Kikkoman
1,088
0.02
10,900 Kobe Bussan
222
0.00
30,700 Koei Tecmo
417
0.01
33,800 Koito Manufacturing
478
0.01
192,600 Komatsu
4,079
0.07
36,500 Konami
1,501
0.03
8,500 Kose
640
0.01
98,900 Kubota
1,133
0.02
48,800 Kurita Water Industries
1,465
0.02
8,700 Lasertec
1,025
0.02
37,500 M3
637
0.01
50,300 Makita
1,110
0.02
88,300 Misumi
1,383
0.02
433,600 Mitsubishi Electric
4,794
0.08
219,800 Mitsubishi Estate
2,054
0.03
87,000
Mitsubishi Heavy 
Industries
3,189
0.05
1,536,100 Mitsubishi UFJ Financial
8,928
0.15
993,900
Mitsubishi UFJ Lease & 
Finance
4,638
0.08
232,700 Mitsui Fudosan
3,639
0.06
267,620 Mizuho Financial
3,214
0.05
58,700 Monotaro
585
0.01
169,900 MS&AD Insurance
4,732
0.08
39,600 Murata Manufacturing
1,783
0.03
161,300 Namco Bandai
2,927
0.05
75,700 NEC
2,880
0.05
81,300 Nexon
1,218
0.02
61,100 Nidec
2,615
0.04
165,200 Nintendo
5,908
0.10
358,900 Nippon Paint
2,319
0.04
6,657,500
Nippon Telegraph & 
Telephone
6,192
0.11
33,500
Nissan Chemical 
Industries
1,130
0.02
29,200 Nitto Denko
1,696
0.03
1,023,400 Nomura
3,061
0.05
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
74,700 Nomura Real EstateØ
1,392
0.02
50,100
Nomura Research 
Institute
1,084
0.02
211,600 NTT Data
2,320
0.04
150,000 Obayashi
1,019
0.02
2,000 OBIC
251
0.00
253,900 Olympus
3,146
0.05
25,300 Omron
1,212
0.02
22,100 Ono Pharmaceutical
315
0.01
33,100 Open HouseØ
933
0.02
6,300 Oracle Japan
368
0.01
201,100 Oriental Land
6,158
0.11
230,200 ORIXØ
3,284
0.06
46,300 Pan Pacific International
650
0.01
456,800 Panasonic
4,373
0.07
48,900 Persol
691
0.01
224,300 Recruit
5,588
0.10
342,300 Renesas Electronics
5,053
0.09
740,700 Resona
2,795
0.05
162,600 Ricoh
1,085
0.02
127,600 SBI
1,929
0.03
31,600 Secom
1,682
0.03
70,300 Seiko Epson
860
0.01
174,200 Sekisui House
2,767
0.05
72,100 Seven & I
2,441
0.04
55,600 SG
622
0.01
74,500 Shimadzu
1,803
0.03
14,400 Shimano
1,885
0.03
337,500 Shin-Etsu Chemical
8,789
0.15
44,500 Shionogi
1,476
0.03
61,000 Shiseido
2,165
0.04
156,400 Shizuoka Financial
888
0.02
10,100 SMC
4,387
0.07
316,400 Softbank
2,663
0.05
189,100 SoftBank Group
6,995
0.11
59,200 Sompo
2,085
0.04
201,500 Sony
14,255
0.23
11,500 Square Enix
420
0.01
50,700 Subaru
748
0.01
193,400 Sumitomo Mitsui Financial
6,507
0.11
54,100 Sumitomo Mitsui Trust
1,512
0.03
NM0923U-3094429-232/477

ACS WORLD LOW CARBON EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
232
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
101,000
Sumitomo Realty & 
Development
1,961
0.03
36,600 Sysmex
1,957
0.03
12,300 T&D
142
0.00
29,400 Taisei
807
0.01
249,567 Takeda Pharmaceutical
6,162
0.10
92,000 Terumo
2,291
0.04
31,200 TIS
612
0.01
367,500 Tokio Marine
6,651
0.11
56,700 Tokyo Electron
6,347
0.11
43,600 Toshiba
1,077
0.02
46,900 Toyota Industries
2,626
0.04
24,100 Trend Micro
915
0.02
83,100 USS
1,079
0.02
446,200 Yahoo Japan
844
0.01
19,900 Yakult Honsha
990
0.02
31,500 Yamaha
948
0.02
76,600 Yamaha Motor
1,723
0.03
54,200 Yaskawa Electric
1,950
0.03
118,400 Yokogawa Electric
1,714
0.03
21,400 ZOZO
347
0.01
371,806
6.31
Macau - 0.02%; 31.12.22 0.02%    
404,400 Sands China
1,090
0.02
Singapore - 0.46%; 31.12.22 0.59%    
208,400
Ascendas Real Estate 
Investment Trust
329
0.01
469,800 Capitaland Investment
904
0.02
230,248 CapitaLand Mall Trust
255
0.00
706,500 City Developments
2,767
0.05
256,900 DBS
4,719
0.08
4,102,700 Genting Singapore
2,248
0.04
297,484 Grab
795
0.01
748,000 Oversea-Chinese Banking
5,354
0.09
8,687,900 Seatrium
633
0.01
608,300
Singapore Technologies 
Engineering
1,301
0.02
2,678,900
Singapore 
Telecommunications
3,904
0.07
186,687 United Overseas Bank
3,045
0.05
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
194,400 UOL
727
0.01
26,981
0.46
Taiwan - 0.03%; 31.12.22 0.02%    
44,834 Sea ADR
2,016
0.03
EUROPE - 17.26%; 31.12.22 16.90%    
Austria - 0.10%; 31.12.22 0.11%    
95,737 Erste Bank
2,612
0.04
54,371 VerbundØ
3,411
0.06
6,023
0.10
Belgium - 0.18%; 31.12.22 0.23%    
29,505 Ageas
941
0.02
137,729 Anheuser-Busch InBev
6,157
0.10
3,525 D'ieteren
488
0.01
10,363 Elia
1,030
0.02
70,502 Umicore
1,542
0.03
10,158
0.18
Denmark - 0.81%; 31.12.22 0.81%    
2,523
Carlsberg series 'B' 
shares
317
0.01
14,291 Christian Hansen
782
0.01
35,250 Danske Bank
670
0.01
45,517 DSV
7,540
0.13
1,302 Genmab
386
0.01
223,735
Novo Nordisk class 'B' 
shares
28,036
0.48
50,268
Novozymes class 'B' 
sharesØ
1,839
0.03
53,391 Orsted
3,967
0.07
11,885 Pandora
839
0.01
144,686 Vestas Wind Systems
3,028
0.05
47,404
0.81
Finland - 0.23%; 31.12.22 0.32%    
325,745 Neste
9,865
0.17
703,918 Nokia
2,343
0.04
161,707 Nordea Bank Abp
1,385
0.02
8,243 Sampo series 'A' shares
291
0.00
13,884
0.23
France - 2.95%; 31.12.22 2.78%    
15,079 Aeroports de Paris
1,719
0.03
89,972 Airbus
10,187
0.17
48,135 Alstom
1,122
0.02
NM0923U-3094429-233/477

ACS WORLD LOW CARBON EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
233
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
354,610 AXAØ
8,258
0.14
5,985 Biomerieux
494
0.01
151,628 BNP Paribas
7,519
0.13
550,597 Bollore
2,686
0.05
16,319 Capgemini
2,412
0.04
17,966 Covivio
671
0.01
72,994 Crédit Agricole
685
0.01
46,352 Danone
2,236
0.04
3,439 Dassault Aviation
537
0.01
58,890 Dassault Systemes
2,031
0.03
15,333 Edenred
807
0.01
7,538 Eiffage
619
0.01
44,265 EssilorLuxotticaØ
6,521
0.12
93,818 Getlink
1,260
0.02
4,674 Hermes International
7,952
0.14
6,663 Ipsen
632
0.01
9,198 Kering
3,999
0.07
135,007 Klepierre
2,643
0.05
21,120 Legrand
1,639
0.03
36,838 L'Oréal
13,464
0.23
38,572 LVMH Moet Hennessy
28,444
0.49
124,595 Orange
1,150
0.02
30,502 Pernod-Ricard
5,298
0.09
64,754 Publicis
4,121
0.07
54,444 Renault
1,803
0.03
50,805 Safran
6,227
0.11
154,952 Sanofi
13,053
0.22
1,537 Sartorius Stedim BiotechØ
300
0.01
88,220 Schneider Electric
12,549
0.22
94,392 Société Générale
1,953
0.03
16,442 Sodexo
1,399
0.02
12,232 Teleperformance
1,621
0.03
7,966 Thales
932
0.02
58,975
Unibail-Rodamco-
Westfield REITØ
2,428
0.04
99,057 Vinci
9,050
0.15
34,379 Worldline
996
0.02
171,417
2.95
Germany - 2.09%; 31.12.22 1.81%    
16,512 Adidas
2,518
0.04
61,968 Allianz
11,380
0.19
136,927 Bayer
5,986
0.10
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
94,607 BMWØ
9,105
0.16
38,725
BMW non-voting 
preference shares
3,430
0.06
14,042 Brenntag
854
0.01
41,025 Commerzbank
360
0.01
202,129 Daimler
12,765
0.22
81,457 Daimler Truck
2,305
0.04
9,514 Delivery Hero
321
0.01
403,773 Deutsche Bank
3,352
0.06
23,315 Deutsche Boerse
3,375
0.06
54,619 Deutsche Post
2,106
0.04
395,786 Deutsche Telekom
6,810
0.12
18,687
Dr Ing hc F Porsche non-
voting preference shares
1,816
0.03
2,039 GEA
67
0.00
43,878 HelloFreshØ
840
0.01
22,077
Henkel non-voting 
preference sharesØ
1,394
0.02
189,892 Infineon Technologies
6,088
0.10
9,495 Knorr-Bremse
570
0.01
16,654 Merck
2,155
0.04
18,795
Muenchener 
Rueckversicherung
5,552
0.09
3,359 Rheinmetall
717
0.01
135,956 SAP
14,512
0.25
2,516
Sartorius non-voting 
preference shares
675
0.01
109,245 Siemens (Registered)
14,279
0.24
101,109 Siemens Energy
1,408
0.02
31,617 Siemens Healthineers
1,409
0.02
11,984 Symrise
981
0.02
2,187 Volkswagen
289
0.00
41,782
Volkswagen non-voting 
preference shares
4,423
0.08
57,528 VonoviaØ
884
0.02
5,828 Zalando
132
0.00
122,858
2.09
Ireland - 0.15%; 31.12.22 0.13%    
375,802 AIB
1,238
0.02
183,694 Bank of Ireland
1,392
0.02
23,294 Flutter Entertainment
3,614
0.06
77,080 James Hardie
1,604
0.03
NM0923U-3094429-234/477

ACS WORLD LOW CARBON EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
234
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
27,444 Kingspan
1,421
0.02
9,269
0.15
Italy - 0.45%; 31.12.22 0.33%    
202,520 Assicurazioni Generali
3,257
0.06
1,080,782 Intesa SanpaoloØ
2,239
0.04
13,111 Moncler
706
0.01
150,971 Poste ItalianeØ
1,284
0.02
2,670,457 Snam
10,994
0.19
450,795 Terna
3,019
0.05
247,178 UniCreditØ
4,563
0.08
26,062
0.45
Luxembourg - 0.24%; 31.12.22 0.38%    
1,219,631 Tenaris
14,334
0.24
Netherlands - 1.32%; 31.12.22 1.19%    
2,237 Adyen
3,014
0.05
48,027 Akzo Nobel
3,062
0.05
172 Argenx
52
0.00
4,408 ASM International
1,453
0.02
51,171 ASMLØ
28,961
0.49
112,325 CNH Industrial
1,270
0.02
16,214 EXOR
1,141
0.02
10,865 Ferrari
2,784
0.05
25,998 Heineken
2,099
0.04
75,325 ING
801
0.01
43,843 Koninklijke Ahold Delhaize
1,176
0.02
104,878 Koninklijke PhilipsØ
1,790
0.03
45,400 NNØ
1,325
0.02
38,753 NXP Semiconductors
6,120
0.10
100,986 ProsusØ
5,755
0.10
31,063 Randstad
1,291
0.02
455,904 StellantisØ
6,296
0.11
128,546 STMicroelectronics
5,008
0.09
65,636 Universal Music GroupØ
1,150
0.02
35,584 Wolters Kluwer
3,532
0.06
78,080
1.32
Norway - 0.47%; 31.12.22 0.71%    
196,607 Adevinta series 'B' shares
1,036
0.02
510,634 DNB Bank
7,536
0.13
441,082 Gjensidige ForsikringØ
5,572
0.09
83,744 Kongsberg Gruppen
2,978
0.05
252,244 Mowi
3,148
0.05
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
566,916 Orkla
3,210
0.05
63,313 SalmarØ
2,006
0.03
350,107 Telenor
2,797
0.05
28,283
0.47
Portugal - 0.02%; 31.12.22 0.00%    
42,927 Jeronimo MartinsØ
934
0.02
Spain - 0.93%; 31.12.22 0.92%    
18,928 Acciona
2,539
0.04
40,602 Aena
5,169
0.09
105,730 Amadeus IT
6,324
0.11
1,003,412
Banco Bilbao Vizcaya 
Argentaria
6,110
0.10
2,567,849 Banco Santander
7,548
0.13
365,982 CaixaBank
1,195
0.02
52,192 Cellnex Telecom
1,654
0.03
175,337
Corporacion Acciona 
Energias RenovablesØ
4,635
0.08
682,971 EDP Renovaveis
10,653
0.18
52,683 Enagas
819
0.01
195,329 Inditex
5,902
0.10
680,416 Telefonica
2,172
0.04
54,720
0.93
Sweden - 0.81%; 31.12.22 0.77%    
24,589 Alfa Laval
692
0.01
121,700 Assa Abloy
2,282
0.04
286,267
Atlas Copco class 'A' 
shares
3,223
0.05
295,937
Atlas Copco class 'B' 
shares
2,884
0.05
201,992 Boliden
4,586
0.08
193,291 Embracer GroupØ
377
0.01
52,452 Epiroc class 'A' shares
775
0.01
667,356 Ericsson series ‘B’ shares
2,827
0.05
27,647 Evolution Gaming
2,706
0.05
150,528 Fastighets BalderØ
427
0.01
23,686 Getinge
323
0.01
45,621
Hennes & Mauritz series 
‘B’ sharesØ
612
0.01
328,711 HexagonØ
3,153
0.06
36,858 HolmenØ
1,045
0.02
73,422
Industrivarden series 'C' 
sharesØ
1,584
0.03
NM0923U-3094429-235/477

ACS WORLD LOW CARBON EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
235
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
39,715 Investor class 'A' sharesØ
621
0.01
293,499 Investor class 'B' shares
4,593
0.08
42,599 Lifco
717
0.01
284,248 Nibe Industrier
2,111
0.04
24,400 Sagax class 'B' sharesØ
374
0.01
83,585 Sandvik
1,270
0.02
123,709
Skandinaviska Enskilda 
Banken series ‘A’ shares
1,075
0.02
121,800
Svenska Cellulosa series 
‘B’ sharesØ
1,217
0.02
51,484 Tele2 series ‘B’ shares
335
0.01
233,747 Volvo Car
726
0.01
328,551 Volvo series ‘B’ shares
5,333
0.09
45,868
0.81
Switzerland - 2.54%; 31.12.22 2.48%    
191,296 ABB (Registered)
5,845
0.11
44,248 AdeccoØ
1,133
0.02
51,452 Alcon
3,328
0.06
71,443
Compagnie Financiere 
Richemont
9,509
0.16
22,371 DSM-Firmenich
1,916
0.03
2,965 EMS-ChemieØ
1,745
0.03
2,084 Geberit
853
0.01
1,956 Givaudan
5,076
0.09
15,972 Julius Baer (Registered)
791
0.01
4,899 Kuehne + Nagel
1,139
0.02
221
Lindt & Spruengli (Part 
Certified)Ø
2,182
0.04
12,176 Logitech InternationalØ
563
0.01
4,905 Lonza
2,274
0.04
343,732 Nestlé
32,507
0.56
259,874 Novartis
20,504
0.35
9,325 Roche (Bearer)
2,416
0.04
75,227 Roche Holding
18,179
0.31
3,535 Schindler (Part Certified)
648
0.01
77,451 SIG Combibloc
1,668
0.03
33,341 Sika
7,391
0.13
6,970 SonovaØ
1,454
0.02
15,079 Straumann
1,912
0.03
17,256 Swatch class 'N' shares
746
0.01
5,202 Swiss LifeØ
2,384
0.04
49,111 Swiss Re
3,894
0.07
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
1,546 Swisscom
761
0.01
9,573 Temenos
600
0.01
518,838 UBS
8,235
0.14
6,449 VAT
2,084
0.04
16,625 Zurich Insurance
6,229
0.11
147,966
2.54
United Kingdom - 3.97%; 31.12.22 3.93%    
413,869 3i
8,003
0.14
74,490 Ashtead
4,022
0.07
209,150 AstraZeneca
23,688
0.40
97,737 Auto Trader
596
0.01
281,924 Aviva
1,116
0.02
452,956 BAE Systems
4,202
0.07
2,941,424 Barclays
4,506
0.08
413,558 British American Tobacco
10,829
0.18
550,224 British LandØ
1,684
0.03
1,496,054 BT Group
1,843
0.03
84,360 Bunzl
2,527
0.04
58,874 Burberry
1,249
0.02
141,961 ClarivateØ
1,057
0.02
28,456
Coca-Cola European 
Partners
1,436
0.02
260,886 Compass
5,696
0.10
47,252 Croda International
2,617
0.04
39,222 DCC
1,709
0.03
356,250 Diageo
12,016
0.20
114,804 Experian
3,452
0.06
671,551 GSK
9,351
0.16
68,312 GVC
852
0.01
864,277 Haleon
2,767
0.05
28,900 Halma
655
0.01
2,866,059 HSBC
17,830
0.30
304,335 Imperial Brands
5,327
0.09
191,128 Informa
1,390
0.02
23,174 Johnson MattheyØ
404
0.01
171,273 Land Securities
983
0.02
1,601,635 Legal & GeneralØ
3,649
0.06
187,221
Liberty Global class 'A' 
shares
2,488
0.04
55,278 Linde
16,577
0.28
15,241,793 Lloyds Banking
6,618
0.11
55,267 London Stock Exchange
4,618
0.08
NM0923U-3094429-236/477

ACS WORLD LOW CARBON EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
236
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
1,336,982 NatWest
3,223
0.05
152,324 Pearson
1,260
0.02
35,747 Pentair
1,800
0.03
50,989 PersimmonØ
529
0.01
408,370 Prudential
4,480
0.08
113,197 Reckitt Benckiser
6,683
0.11
345,557 RELX (Registered)
9,071
0.15
265,626 Rentokil Initial
1,613
0.03
852,933 Rolls-Royce
1,261
0.02
143,249 Severn TrentØ
3,673
0.06
55,122 Smith & Nephew
692
0.01
94,579 Smiths
1,549
0.03
7,586 Spirax-Sarco Engineering
787
0.01
303,117 Standard Chartered
2,083
0.04
742,131 Taylor WimpeyØ
768
0.01
950,078 Tesco
2,360
0.04
397,638 Unilever (Registered)
16,283
0.29
533,363 United UtilitiesØ
5,139
0.09
2,096,010 Vodafone
1,555
0.03
25,027 Whitbread
845
0.01
72,820 WiseØ
473
0.01
314,718 WPP
2,584
0.04
234,468
3.97
NORTH AMERICA - 71.93%; 31.12.22 71.49%    
Bermuda - 0.03%; 31.12.22 0.04%    
539,200 Hongkong Land
1,663
0.03
Canada - 4.07%; 31.12.22 4.84%    
115,344 Agnico Eagle Mines
4,471
0.08
172,709 Alimentation Couche-Tard
6,977
0.12
94,552 Bank of Montreal
6,670
0.11
211,594 Bank of Nova Scotia
8,259
0.14
160,386 BCE
5,704
0.10
62,426
Brookfield Asset 
Management
1,586
0.03
339,412 Cameco
8,247
0.14
83,715
Canadian Imperial Bank 
of Commerce
2,806
0.05
80,615
Canadian National 
Railway
7,601
0.13
133,477
Canadian Pacific Kansas 
City
8,337
0.15
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
7,229
Canadian Tire class 'A' 
shares
762
0.01
34,953 CCL Industries
1,341
0.02
38,651 CGI
3,162
0.05
4,242 Constellation Software
6,799
0.12
27,763 Dollarama
1,454
0.02
41,678
Element Fleet 
Management
497
0.01
520,178 Enbridge
15,190
0.26
9,046 Fairfax Financial
5,305
0.09
107,387 First Quantum Minerals
1,952
0.03
6,807 FirstService
807
0.01
49,171 George Weston
4,518
0.08
170,790 Great-West Lifeco
3,853
0.07
503,174 Hydro One
11,143
0.19
20,781 iA Financial
1,101
0.02
40,280 Intact Financial
4,818
0.08
724,402 Ivanhoe Mines
5,216
0.09
62,098 Loblaw Cos
4,399
0.07
546,818 Manulife Financial
8,052
0.14
49,180
Metro class 'A' voting 
shares
2,169
0.04
6,208 National Bank of Canada
361
0.01
11,477 Nuvei
260
0.00
20,196 Onex
867
0.01
25,834 Open Text
830
0.01
53,641 Pan American Silver
603
0.01
79,875 Parkland
1,554
0.03
892,103 Pembina Pipeline
21,825
0.37
171,782
Power Corporation of 
Canada
3,603
0.06
72,196 Quebecor
1,359
0.02
34,469 RB Global
1,604
0.03
38,916
Restaurant Brands 
International
2,353
0.04
52,867 Rogers Communications
1,906
0.03
186,850 Royal Bank of Canada
13,970
0.24
154,145 Shopify
7,755
0.13
121,644 Sun Life Financial
4,933
0.08
161,898 TELUS (Non-Canadian)
2,465
0.04
14,014 TFI International
1,273
0.02
63,142 Thomson Reuters
6,673
0.12
88,768 TMX
1,546
0.03
NM0923U-3094429-237/477

ACS WORLD LOW CARBON EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
237
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
11,006 Toromont Industries
696
0.01
204,119 Toronto-Dominion Bank
9,902
0.17
222,957 Wheaton Precious Metals
7,471
0.12
20,572 WSP Global
2,106
0.04
239,111
4.07
Cayman Islands - 0.06%; 31.12.22 0.08%    
867,000 CK Asset Holdings
3,797
0.06
United States - 67.77%; 31.12.22 66.53%    
46,310 3M
3,633
0.06
254,047 Abbott Laboratories
21,626
0.37
247,712 AbbVie
26,097
0.44
88,410 Accenture
21,559
0.36
98,914 Activision Blizzard
6,496
0.11
59,890 Adobe
22,909
0.39
217,930 Advanced Micro Devices
19,162
0.33
43,801 AECOM
2,936
0.05
52,813 AerCap
2,600
0.04
124,435 Aflac
6,802
0.12
44,280 Agilent Technologies
4,134
0.07
70,159 Airbnb
6,938
0.12
30,620 Akamai Technologies
2,160
0.04
35,376 AlbemarleØ
6,125
0.10
19,007
Alexandria Real Estate 
Equities
1,704
0.03
12,245 Align Technology
3,309
0.06
3,503 Allegion
331
0.01
23,383 Allstate
2,017
0.03
39,526 Ally Financial
841
0.01
12,867 Alnylam Pharmaceuticals
1,944
0.03
799,439 Alphabet class 'A' shares
75,284
1.28
688,930 Alphabet class 'C' shares
65,379
1.11
333,417 Altria
11,856
0.21
1,216,703 Amazon.com
123,084
2.10
67,532 Amerco
2,633
0.04
86,514 American Express
11,770
0.20
226,901 American International
10,262
0.17
64,362
American Tower class ‘A’ 
shares
9,807
0.17
102,202 American Water Works
11,352
0.19
14,068 Ameriprise Financial
3,689
0.06
23,230 AmerisourceBergen
3,499
0.06
32,761 AMETEK
4,150
0.07
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
76,879 Amgen
13,442
0.23
70,574 Amphenol class ‘A’ shares
4,657
0.08
77,881 Analog Devices
11,668
0.20
123,189
Annaly Capital 
Management
1,949
0.03
7,756 Ansys
1,998
0.03
26,411 Anthem
9,191
0.16
8,647 AO Smith
495
0.01
33,369 Aon
9,022
0.15
46,503
Apollo Global 
Management
2,788
0.05
2,084,063 Apple
312,420
5.31
115,371 Applied Materials
13,157
0.22
22,776 Aptiv
1,817
0.03
51,459 Arch Capital
2,971
0.05
24,366 Arista Networks
3,069
0.05
25,362 Arrow Electronics
2,838
0.05
29,546 Arthur J Gallagher
5,013
0.09
4,738 Aspen Technology
619
0.01
9,813 Assurant
967
0.02
997,845 AT&T
12,616
0.21
17,356 Atlassian
2,217
0.04
49,645 Atmos EnergyØ
4,543
0.08
26,853 Autodesk
4,378
0.07
79,527
Automatic Data 
Processing
13,611
0.23
2,756 AutoZone
5,355
0.09
18,428 AvalonBay Communities
2,739
0.05
73,103 Avantor
1,166
0.02
22,008 Avery DennisonØ
2,923
0.05
13,477 Axon Enterprise
2,087
0.04
811,136 Baker Hughes
20,113
0.34
34,416 Ball
1,570
0.03
868,396 Bank of America
19,679
0.34
121,813 Bank of New York Mellon
4,257
0.07
18,417 Bath & Body Works
551
0.01
42,331 Baxter International
1,496
0.03
46,303 Becton Dickinson
9,537
0.16
800 Bill.com
73
0.00
16,582 Biogen
3,700
0.06
15,792 Black Knight
748
0.01
16,231 BlackRock*
8,827
0.15
NM0923U-3094429-238/477

ACS WORLD LOW CARBON EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
238
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
102,474 Blackstone GroupØ
7,519
0.13
78,567 Boeing
13,159
0.21
5,903 Booking
12,397
0.22
24,491
Booz Allen Hamilton 
Holding
2,131
0.04
30,536 Boston Properties
1,379
0.02
232,350 Boston Scientific
9,789
0.17
354,529 Bristol-Myers Squibb
17,944
0.31
60,323 Broadcom
41,139
0.70
21,749
Broadridge Financial 
Solutions
2,808
0.05
148,731 Brookfield Renewable
3,651
0.06
27,093 Brown & Brown
1,450
0.02
40,943
Brown-Forman class ‘B’ 
shares
2,146
0.04
4,068 BRP
262
0.00
40,266 Builders FirstSourceØ
4,335
0.07
3,477 Burlington Stores
422
0.01
36,847 Cadence Design Systems
6,659
0.11
48,139 Capital One Financial
4,158
0.07
35,734 Cardinal Health
2,653
0.05
13,097 Carlisle CompaniesØ
2,645
0.05
63,620 Carlyle Group
1,594
0.03
14,766 CarMax
985
0.02
138,652 Carrier Global
5,426
0.09
27,025 Catalent
920
0.02
70,716 Caterpillar
13,655
0.24
13,673 Cboe Global Markets
1,468
0.03
64,786 CBRE class ‘A’ shares
4,116
0.07
19,189 CDW
2,741
0.05
32,611 Centene
1,727
0.03
40,078 CH Robinson WorldwideØ
2,987
0.05
4,755
Charles River 
Laboratories International
786
0.01
185,831 Charles Schwab
8,396
0.14
13,381 Charter CommunicationsØ
3,836
0.07
117,447 Cheniere Energy
14,045
0.23
31,010 ChewyØ
948
0.02
4,260 Chipotle Mexican Grill
7,109
0.12
61,962 Chubb
9,264
0.15
36,038 Church & Dwight
2,819
0.05
38,244 Cigna
8,385
0.14
11,378 Cintas
4,406
0.08
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
590,642 Cisco Systems
23,926
0.41
321,056 Citigroup
11,751
0.20
176,066 Citizens Financial
3,610
0.06
12,012 Clorox
1,500
0.03
25,044 Cloudflare
1,269
0.02
47,227 CME
6,847
0.12
620,127 Coca-Cola
29,436
0.49
15,723 Cognex
690
0.01
96,778 Cognizant Technology
4,940
0.08
18,742 Coinbase GlobalØ
1,073
0.02
121,158 Colgate-Palmolive
7,334
0.12
588,708 Comcast class ‘A’ shares
19,310
0.34
99,092 Consolidated Edison
7,018
0.12
34,988
Constellation Brands 
class ‘A’ shares
6,834
0.12
67,093 Constellation Energy
4,819
0.08
8,985 Cooper
2,701
0.05
72,096 Copart
5,144
0.09
313,234 Corteva
14,293
0.25
49,962 CoStar Group
3,561
0.06
64,633 Costco Wholesale
27,164
0.46
19,062 Crowdstrike
2,169
0.04
66,217
Crown Castle 
International
5,971
0.10
313,734 CSX
8,400
0.14
3,967 Cummins
759
0.01
187,838 CVS Health
10,212
0.17
96,214 Danaher
18,089
0.31
10,110 Darling Ingredients
496
0.01
22,034 Datadog
1,680
0.03
2,285 Deckers Outdoor
929
0.02
40,685 Deere
12,926
0.23
68,589 Dell Technologies
2,880
0.05
37,074 Dentsply Sirona
1,158
0.02
59,971 DexCom
6,067
0.10
14,778 Digital Realty Trust
1,308
0.02
6,834
Discover Financial 
Services
637
0.01
15,925 DocuSign
645
0.01
26,248 Dollar General
3,461
0.06
31,368 Dollar Tree
3,562
0.06
3,983 Domino's Pizza
1,041
0.02
NM0923U-3094429-239/477

ACS WORLD LOW CARBON EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
239
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
37,707 DoorDash
2,249
0.04
16,524 Dover
1,890
0.03
41,970 DR Horton
3,994
0.07
46,738 DuPont de Nemours
2,618
0.04
47,010 Eaton
7,391
0.13
119,046 eBay
4,197
0.07
64,786 Ecolab
9,421
0.16
181,792 Edison International
9,856
0.17
81,755 Edwards Lifesciences
5,949
0.10
39,844 Electronic Arts
4,110
0.07
106,625 Eli Lilly
39,159
0.67
69,762 Emerson Electric
4,923
0.08
23,452 Enphase Energy
2,943
0.05
4,001 Entegris
345
0.01
8,407 EPAM Systems
1,493
0.03
22,926 EquifaxØ
4,248
0.07
11,047 Equinix
6,782
0.12
187,332 Equitable
3,992
0.07
33,648 Equity Residential
1,740
0.03
180,244 Essential Utilities
5,625
0.10
4,676 Essex Property Trust
862
0.01
42,045
Estee Lauder class ‘A’ 
shares
6,401
0.11
20,184 Etsy
1,368
0.02
6,184 Everest Re
1,661
0.03
234,122 Eversource Energy
12,909
0.22
17,136 Exact Sciences
1,278
0.02
39,653 Expedia
3,382
0.06
59,878
Expeditors International of 
Washington
5,688
0.10
19,663 Extra Space Storage
2,301
0.04
8,400 F5 Networks
968
0.02
2,064
FactSet Research 
Systems
646
0.01
3,371 Fair Isaac
2,123
0.04
76,366 FastenalØ
3,535
0.06
7,493 FedEx
1,481
0.03
32,777 Ferguson
4,047
0.07
99,372
Fidelity National 
Information Services
4,159
0.07
94,343 Fifth Third Bancorp
1,959
0.03
1,858 First Citizens BancShares
1,868
0.03
130,373 First Horizon
1,164
0.02
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
21,670 First Solar
3,153
0.06
95,023 Fiserv
9,319
0.16
12,410 FleetCor Technologies
2,434
0.04
76,023 FMC
6,284
0.11
101,635 FNF
2,896
0.05
494,459 Ford Motor
5,841
0.10
80,258 Fortinet
4,763
0.08
71,466 Fortive
4,156
0.07
17,344 Fox class 'B' shares
472
0.01
67,852 Franklin Resources
1,437
0.02
397,444 Freeport-McMoRan
12,366
0.21
12,123
Gaming and Leisure 
Properties
465
0.01
20,369 Garmin
1,669
0.03
17,330 Gartner
4,694
0.08
60,831
GE Healthcare 
Technologies
3,784
0.06
15,878 GeneracØ
1,852
0.03
31,737 General Dynamics
5,378
0.09
162,093 General Electric
13,814
0.24
88,485 General Mills
5,338
0.09
186,627 General Motors
5,637
0.10
27,083 Genuine Parts
3,556
0.06
197,954 Gilead Sciences
11,900
0.20
40,444 Global Payments
3,101
0.06
48,969 Goldman Sachs
12,513
0.21
1,581,365 Halliburton
41,501
0.70
44,605
Hartford Financial 
Services
2,515
0.04
33,102 Hasbro
1,671
0.03
27,290 HCA Healthcare
6,483
0.11
2,368 Heico
329
0.01
4,239 Heico class 'A' shares
469
0.01
7,936 Henry Schein
508
0.01
33,165 Hershey
6,521
0.11
340,028
Hewlett Packard 
Enterprise
4,477
0.08
50,706 HF SinclairØ
1,783
0.03
7,722 Hilton Worldwide
879
0.01
57,550 Hologic
3,644
0.06
131,448 Home Depot
32,008
0.55
98,747 Honeywell International
16,121
0.27
27,975 Horizon Therapeutics
2,282
0.04
NM0923U-3094429-240/477

ACS WORLD LOW CARBON EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
240
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
193,654 Host Hotels & Resorts
2,556
0.04
102,093 Howmet Aerospace
3,938
0.07
191,926 HP
4,600
0.08
7,388 Hubbell
1,911
0.03
3,460 HubSpot
1,413
0.02
12,715 Humana
4,463
0.08
201,336 Huntington Bancshares
1,719
0.03
5,352 IDEX
904
0.02
11,296 IDEXX Laboratories
4,415
0.08
47,447 Illinois Tool Works
9,324
0.16
21,215 Illumina
3,111
0.05
43,932 Ingersoll Rand
2,237
0.04
8,305 Insulet
1,911
0.03
603,329 Intel
15,709
0.27
71,481 Intercontinental Exchange
6,347
0.11
148,310
International Business 
Machines
15,720
0.27
35,863
International Flavors & 
Fragrances
2,207
0.04
77,562 InterpublicØ
2,336
0.04
34,838 Intuit
12,556
0.21
46,894 Intuitive Surgical
12,553
0.21
61,357 Invitation Homes
1,655
0.03
30,805 IQVIA Holdings
5,393
0.09
34,291 Iron Mountain
1,523
0.03
9,650 Jack Henry & Associates
1,270
0.02
21,854 Jacobs Solutions
2,044
0.03
5,859 Jazz Pharmaceuticals
573
0.01
11,980 JM Smucker
1,387
0.02
365,515 Johnson & Johnson
47,429
0.81
119,251
Johnson Controls 
International
6,349
0.11
380,815 JPMorgan Chase & Co.
43,191
0.75
16,989 Juniper Networks
415
0.01
181,970 Keurig Dr Pepper
4,423
0.08
232,190 KeyCorp
1,711
0.03
17,333 Keysight Technologies
2,266
0.04
13,879 Kimberly-Clark
1,505
0.03
73,841 Kimco Realty
1,150
0.02
18,782 KLA-Tencor
7,086
0.12
132,099 Kraft Heinz
3,659
0.06
55,899 Kroger
2,047
0.03
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
18,465 L3 Technologies
2,856
0.05
9,373
Laboratory Corporation of 
America
1,782
0.03
17,733 Lam Research
8,977
0.15
8,856 Lamb Weston
798
0.01
67,454 Las Vegas Sands
3,061
0.05
14,643 Lattice Semiconductor
1,077
0.01
18,879 Leidos
1,311
0.02
35,873 Lennar class ‘A’ shares
3,511
0.06
37,504
Liberty Media 
Corp-Liberty Formula One
2,220
0.04
53,318
Liberty SiriusXM class 'C' 
shares
1,339
0.02
16,980 Live Nation Entertainment
1,204
0.02
31,094 LKQ
1,419
0.02
31,736 Lockheed Martin
11,475
0.19
245,695 Loews
11,488
0.21
83,123 Lowe's
14,646
0.25
15,727 LPL Financial
2,709
0.05
17,617 Lululemon Athletica
5,158
0.09
29,176 M&T Bank
2,866
0.05
29,349 Marathon Petroleum
2,700
0.05
598 Markel
648
0.01
3,730 MarketAxess
773
0.01
5,764
Marriott International 
class ‘A’ shares
826
0.01
89,236 Marsh & McLennan
13,120
0.23
129,796 Marvell Technology
5,992
0.10
77,269 Masco
3,504
0.06
3,896 Masimo
510
0.01
115,299
MasterCard class ‘A’ 
shares
35,348
0.60
16,182 Match
536
0.01
40,973 McCormick & Co
2,811
0.05
106,825 McDonald's
24,874
0.42
21,494 McKesson
7,149
0.12
195,585 Medtronic
13,420
0.23
7,520 MercadoLibre
6,960
0.12
351,675 Merck & Co
31,575
0.54
294,502 Meta
65,572
1.12
114,604 MetLife
5,091
0.09
3,494
Mettler-Toledo 
International
3,638
0.06
NM0923U-3094429-241/477

ACS WORLD LOW CARBON EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
241
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
39,704
MGM Resorts 
International
1,350
0.02
73,112 Microchip Technology
5,028
0.09
134,983 Micron Technology
6,868
0.12
925,763 Microsoft
245,220
4.18
3,342
Mid-America Apartment 
Communities
402
0.01
43,386 ModernaØ
4,190
0.07
216,341 Mondelez International
12,366
0.21
5,535 Mongodb
1,761
0.03
4,926 Monolithic Power Systems
2,087
0.04
110,192 Monster Beverage
5,004
0.09
19,554 Moody's
5,326
0.09
172,519 Morgan Stanley
11,629
0.20
85,081 Mosaic
2,340
0.04
30,905 Motorola Solutions
7,052
0.12
10,161 MSCI
3,712
0.06
32,328 NetApp
1,947
0.03
61,266 NetflixØ
20,748
0.35
100,554 Newmont Mining
3,335
0.06
160,231 NIKE
14,367
0.24
6,973 Nordson
1,360
0.02
26,868 Norfolk Southern
4,800
0.08
26,514 Northern Trust
1,537
0.03
19,211 Northrop Grumman
6,854
0.12
178,879 Nortonlifelock
2,605
0.04
20,605 Novocure
657
0.01
7,617 Nucor
984
0.02
326,278 NVIDIA
105,357
1.79
282 NVR
1,405
0.02
8,710 Okta
476
0.01
21,070 Old Dominion Freight Line
6,260
0.11
41,827 Omnicom
3,113
0.05
38,972 ON Semiconductor
2,837
0.05
360,042 ONEOK
17,502
0.30
231,373 Oracle
21,547
0.37
10,392 O'Reilly Automotive
7,698
0.13
62,034 Otis Worldwide
4,347
0.07
85,140 PACCAR
5,561
0.09
175,688 Palantir Technologies
2,110
0.04
34,831 Palo Alto NetworksØ
6,977
0.12
16,497 Parker-Hannifin
5,048
0.09
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
75,066 Paychex
6,490
0.11
124,844 PayPal
6,502
0.11
200,324 PepsiCo
29,117
0.50
17,984 PerkinElmer
1,685
0.03
798,992 Pfizer
22,819
0.39
189,903 PG&E
2,563
0.04
239,055 Philip Morris International
18,470
0.32
73,828 Phillips 66
5,519
0.09
81,528 Pinterest
1,782
0.03
64,265 PNC Financial Services
6,384
0.11
3,595 Pool
1,053
0.02
66,656 PPG Industries
7,662
0.13
63,450 Principal Financial
3,791
0.06
340,378 Procter & Gamble
40,206
0.68
79,593 Progressive
8,313
0.14
141,053 Prologis
13,549
0.22
41,093 Prudential Financial
2,854
0.05
12,987 PTC
1,465
0.02
25,980 Public Storage
5,926
0.10
25,670 Pulte Homes
1,569
0.03
161,677 Qualcomm
15,090
0.26
27,031 Quanta Services
4,165
0.08
8,951 Quest Diagnostics
999
0.02
222,478 Raytheon Technologies
17,209
0.30
39,836 Realty Income
1,897
0.03
14,728
Regeneron 
Pharmaceuticals
8,250
0.14
352,213 Regions Financial
4,927
0.08
30,401
Reliance Steel & 
Aluminum
6,517
0.11
6,938 RepligenØ
759
0.01
15,123 ResMed
2,586
0.04
16,379 Rivian Automotive
207
0.00
44,490 Robert Half International
2,606
0.04
65,135 RobloxØ
1,995
0.04
10,037 Rockwell Automation
2,573
0.04
10,427 Roku
519
0.01
28,932 Rollins
972
0.02
19,650 Roper Technologies
7,397
0.14
39,274 Ross Stores
3,381
0.06
52,804 Royalty Pharma
1,276
0.02
51,909 RPM International
3,604
0.06
NM0923U-3094429-242/477

ACS WORLD LOW CARBON EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
242
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
41,299 S&P Global
12,930
0.22
128,495 Salesforce.com
21,369
0.36
18,969 SBA Communications
3,443
0.06
14,910 Seagen
2,258
0.04
1,784 Sensata Technologies
63
0.00
24,464 ServiceNow
10,611
0.18
46,121 Sherwin-Williams
9,532
0.17
59,637 Simon Property
5,411
0.09
117,594 Sirius XMØ
402
0.01
23,268 Skyworks Solutions
2,022
0.03
110,734 Snap
1,022
0.02
3,064 Snap-on
695
0.01
31,040 Snowflake
4,314
0.07
8,405 SolarEdge Technologies
1,687
0.03
41,663 Square
2,121
0.04
83,717 SS&C Technologies
4,001
0.07
1,193 Stanley Black & Decker
89
0.00
168,957 Starbucks
13,183
0.22
52,815 State Street
3,054
0.05
11,182 STERIS
1,955
0.03
50,336 Stryker
12,005
0.20
19,818 Synopsys
6,705
0.11
80,160 Sysco
4,637
0.09
28,148 T Rowe Price
2,474
0.04
19,569
Take-Two Interactive 
Software
2,251
0.04
145,330 Targa Resources
8,644
0.15
73,082 Target
7,680
0.13
50,191 TE Connectivity
5,495
0.09
7,692 Teledyne Technologies
2,477
0.04
3,139 TeleflexØ
583
0.01
12,212 Teradyne
1,056
0.02
376,496 Tesla
76,663
1.30
123,993 Texas Instruments
17,332
0.30
27,667 Textron
1,473
0.03
55,277 Thermo Fisher Scientific
22,486
0.38
156,824 TJX
10,384
0.18
77,087 T-Mobile
8,342
0.13
28,933 ToastØ
523
0.01
12,877 Tractor Supply
2,214
0.04
59,621 Trade Desk
3,647
0.06
12,316 Tradeweb Markets
663
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
33,704 Trane Technologies
5,063
0.09
7,420 TransDigm
5,199
0.09
42,075 TransUnionØ
2,578
0.04
27,920 Travelers
3,774
0.06
45,103 Trimble
1,882
0.03
242,400
Truist Financial 
Corporation
5,873
0.10
276,369 Uber Technologies
9,305
0.16
5,885 Ulta Beauty
2,164
0.04
83,108 Union Pacific
13,452
0.22
91,693
United Parcel Service 
class ‘B’ shares
12,763
0.21
17,803 United Rentals
6,132
0.10
4,823 United Therapeutics
838
0.01
121,448 UnitedHealth
45,772
0.78
216,594 US Bancorp
5,609
0.10
764 Vail Resorts
151
0.00
80,705 Valero Energy
7,441
0.13
23,611 Veeva Systems
3,644
0.06
36,499 Ventas
1,374
0.02
10,027 VeriSign
1,767
0.03
19,649 Verisk Analytics
3,467
0.06
656,837 Verizon Communications
19,211
0.33
33,532 Vertex Pharmaceuticals
9,234
0.16
36,763 VF
558
0.01
376,735 Viatris
2,952
0.05
128,594 Vici Props.
3,191
0.05
221,244 VisaØ
40,991
0.70
38,172 VMware
4,343
0.07
22,087 Vulcan Materials
3,926
0.07
11,890 Wabtec
1,015
0.02
137,535 Walgreens Boots Alliance
3,085
0.05
209,262 Walmart
25,529
0.43
241,259 Walt Disney
16,970
0.30
314,040 Warner Bros Discovery
3,082
0.05
6,174 Waters
1,279
0.02
4,510 WatscoØ
1,345
0.02
9,320 Webster FinancialØ
280
0.00
497,415 Wells Fargo
16,696
0.28
53,270 Welltower
3,387
0.06
11,037
West Pharmaceutical 
Services
3,293
0.06
NM0923U-3094429-243/477

ACS WORLD LOW CARBON EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
243
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
23,875 Western Digital
710
0.01
449,649 Williams
11,566
0.20
20,450 Willis Towers Watson
3,760
0.06
14,030 Wolfspeed
612
0.01
13,874 Workday
2,492
0.04
10,608 WP Carey
567
0.01
18,919 WR Berkley
884
0.02
7,796 WW Grainger
4,822
0.08
11,990 Wynn Resorts
991
0.02
30,886 Xylem
2,720
0.05
38,169 Yum! Brands
4,142
0.07
9,042 Zebra Technologies
2,064
0.04
41,847 Zillow Group
1,660
0.03
33,223 Zimmer Biomet
3,813
0.06
61,765 Zoetis
8,393
0.14
27,628
Zoom Video 
Communications
1,477
0.03
21,356 ZoomInfo TechnologiesØ
441
0.01
3,976,952
67.77
OCEANIA - 1.82%; 31.12.22 1.90%    
Australia - 1.80%; 31.12.22 1.89%    
354,226 Ampol
5,552
0.09
118,666 Aristocrat Leisure
2,400
0.04
12,629 ASX
416
0.01
355,374
Australia & New Zealand 
Banking
4,409
0.08
496,192 Brambles
3,743
0.06
3,446 Cochlear
413
0.01
226,709
Commonwealth Bank of 
AustraliaØ
11,887
0.20
169,007 Computershare
2,068
0.04
64,397 CSLØ
9,348
0.16
258,855 Dexus
1,057
0.02
485,739 Fortescue Metals
5,640
0.10
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
334,210 Goodman
3,510
0.06
31,323 IDP EducationØ
362
0.01
530,611 IGO
4,222
0.07
312,805 Insurance Australia
933
0.02
69,712 Lend Lease
282
0.00
695,609 Lottery
1,868
0.03
51,221 Macquarie
4,763
0.08
387,488 Medibank
712
0.01
96,920 Mineral Resources
3,624
0.06
433,541 National Australia BankØ
5,982
0.10
77,361 Newcrest Mining
1,070
0.02
1,237,326 Pilbara Minerals
3,167
0.05
250,733 QBE Insurance
2,057
0.04
19,563 REAØ
1,465
0.02
56,271 ReeceØ
547
0.01
26,404 Rio Tinto (Registered)
1,319
0.02
253,159 Scentre
351
0.01
110,093 Sonic Healthcare
2,049
0.03
236,259 Suncorp
1,667
0.03
1,008,413 Telstra
2,270
0.04
464,930 Transurban
3,466
0.06
192,102 Treasury Wine Estates
1,129
0.02
527,631 Vicinity Centres
510
0.01
145,611 Wesfarmers
3,756
0.06
459,225 Westpac Banking
5,128
0.09
42,107 Wisetech Global
1,759
0.03
36,595 Woolworths
761
0.01
105,662
1.80
New Zealand - 0.02%; 31.12.22 0.01%    
16,652 Xero
1,035
0.02
SOUTH AMERICA - 0.10%; 31.12.22 0.01%    
Chile - 0.10%; 31.12.22 0.01%    
241,866 Antofagasta
3,511
0.06
383,227 Lundin Mining
2,316
0.04
5,827
0.10
 
 
 
 
NM0923U-3094429-244/477

ACS WORLD LOW CARBON EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
244
Holding 
or Nominal 
Value Investment
Underlying 
Exposure 
£000's
Market 
Value 
£000's
% of 
Total 
Net 
Assets
X
X
X
X
DERIVATIVES - 0.02%; 31.12.22 (0.02)%    
Forward Currency Contracts - 0.00%; 31.12.22 0.00%    
DKK 35,520 Danish krone vs UK sterling^
4
–
0.00
EUR 49,143 Euro vs UK sterling^
42
–
0.00
HKD 35,531 Hong Kong dollar vs UK sterling^
4
–
0.00
ILS 12,862 Israel shekel vs UK sterling^
3
–
0.00
SEK 39,244 Swedish krona vs UK sterling^
3
–
0.00
CHF 17,900 Swiss franc vs UK sterling^
16
–
0.00
GBP 1,422,282 UK sterling vs Australian dollar^
(1,423)
–
0.00
GBP 3,303,984 UK sterling vs Canadian dollar
(3,294)
10
0.00
GBP 628,040 UK sterling vs Danish krone
(624)
4
0.00
GBP 6,707,739 UK sterling vs Euro
(6,660)
48
0.00
GBP 575,873 UK sterling vs Hong Kong dollar
(574)
2
0.00
GBP 241,856 UK sterling vs Israel shekel
(238)
4
0.00
GBP 4,965,690 UK sterling vs Japanese yen
(4,949)
17
0.00
GBP 370,025 UK sterling vs Norwegian krone
(371)
(1)
0.00
GBP 351,190 UK sterling vs Singapore dollar
(350)
2
0.00
GBP 633,880 UK sterling vs Swedish krona
(628)
6
0.00
GBP 1,980,319 UK sterling vs Swiss franc
(1,967)
13
0.00
GBP 54,136,412 UK sterling vs United States dollar
(53,992)
144
0.00
USD 342,276 United States dollar vs UK sterling
271
(1)
0.00
(74,727)
248
0.00
Futures - 0.02%; 31.12.22 (0.02)%    
166 EURO Stoxx 50 September 2023
6,301
141
0.00
36 FTSE 100 Index September 2023
2,712
8
0.00
265 S&P 500 E-Mini September 2023
46,658
886
0.02
41 TOPIX September 2023
5,129
101
0.00
60,800
1,136
0.02
 
 
 
 
 
NM0923U-3094429-245/477

ACS WORLD LOW CARBON EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
245
Holding 
or Nominal 
Value Investment
Underlying 
Exposure 
£000’s
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
Portfolio of investments
5,808,797
98.96
CASH EQUIVALENTS
Short-term Money Market Funds - 0.57%; 31.12.22 0.47%    
42,019,565 BlackRock Institutional Cash Series US Dollar Liquidity Fund**
33,225
0.57
Net other assets
27,292
0.47
Total net assets
5,869,314 100.00
Unless otherwise stated, all securities are either listed on a recognised exchange or traded on an eligible securities market.
Underlying exposure has been calculated according to the guidelines issued by the European Securities and Markets 
Authority (“ESMA”) (as adopted by the FCA) and represents the market value of an equivalent position in the assets 
underlying each financial derivative instrument.
The counterparty for the forward currency contracts is State Street Bank and Trust.
Ø All or a portion of this investment represents a security on loan.
* Related party to the Fund.
** Managed by a related party.
NM0923U-3094429-246/477

246
ACS WORLD LOW CARBON EQUITY TRACKER FUND
STATEMENT OF TOTAL RETURN (unaudited)
for the six months ended 30 June 2023
For the period 
to 30.6.2023
For the period 
to 30.6.2022
£000's
£000's
£000's
£000's
Income
Net capital gains/(losses)
397,852
(854,175)
Revenue
69,608
60,087
Expenses
(374)
(787)
Interest payable and similar charges
(5)
(27)
Net revenue before taxation
69,229
59,273
Taxation
(2,265)
(1,421)
Net revenue after taxation
66,964
57,852
Total return before distributions
464,816
(796,323)
Equalisation
(785)
2,524
Change in net assets 
attributable to unitholders from investment activities
464,031
(793,799)
STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS (unaudited)
for the six months ended 30 June 2023
For the period 
to 30.6.2023
For the period 
to 30.6.2022
£000's
£000's
£000's
£000's
Opening net assets attributable to unitholders 
5,510,851
5,330,910
Amounts receivable on issue of units
			
37,074
			
891,488
Amounts receivable on in-specie transactions
			
–
			
231,090
Amounts payable on cancellation of units
			
(73,407)
			
(32,482)
Amounts payable on in-specie transactions
			
(69,235)
			
–
(105,568)
1,090,096
Change in net assets attributable to unitholders from investment 
activities
464,031
(793,799)
Closing net assets attributable to unitholders
5,869,314
5,627,207
The above statement shows the comparative closing net assets at 30 June 2022 whereas the current accounting period 
commenced 1 January 2023.
NM0923U-3094429-247/477

247
ACS WORLD LOW CARBON EQUITY TRACKER FUND
BALANCE SHEET (unaudited)
at 30 June 2023
30.6.2023
31.12.2022
£000's
£000's
Assets:
Fixed assets
– Investment assets
5,808,799
5,456,282
Current assets
– Debtors
15,114
11,746
– Cash and bank balances
15,289
19,110
– Cash equivalents
33,225
25,791
Total assets
5,872,427
5,512,929
Liabilities:
Investment liabilities
(2)
(1,356)
Creditors
– Amounts held at futures clearing houses and brokers
(1,908)
–
– Other creditors
(1,203)
(722)
Total liabilities
(3,113)
(2,078)
Net assets attributable to unitholders
5,869,314
5,510,851
G D Bamping (Director)
M T Zemek (Director)
BlackRock Fund Managers Limited
30 August 2023
NM0923U-3094429-248/477

248
ACS WORLD MULTIFACTOR EQUITY TRACKER FUND
About the Fund
The Fund is a sub-fund of BlackRock Authorised Contractual Scheme I, a Co-Ownership Scheme constituted as a UCITS 
scheme under the COLL Sourcebook. The Fund was authorised by the FCA on 16 June 2017 and launched on 
14 November 2017.
Risk and Reward Profile
 
 Lower risk 
Higher risk 
 Typically lower rewards
Typically higher rewards 
 Unit Class
 X1 Accumulation
1
2
3
4
5
6
7
•	 The risk indicator was calculated incorporating simulated historical data and may not be a reliable indication of the future 
risk profile of the Fund.
•	 The risk category shown is not guaranteed and may change over time.
•	 The lowest category does not mean risk free.
•	 The use of derivatives will impact the value of the Fund and may expose the Fund to a higher degree of risk. Derivatives 
are highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and 
gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can be greater where derivatives are 
used in an extensive or complex way.
For more information on this, please see the Fund’s Key Investor Information Document (“KIID”), which is available at 
www.blackrock.com.
Net Asset Value
At 30 June 2023
Units In Issue
Net Asset Value 
£000's
Net Asset Value 
per Unit 
p
X1 Accumulation 
	 	 	
144,908,214 	 	 	
216,325
149.28
Operating Charges
Unit Class
1.1.2023 
to 30.6.2023*
1.1.2022 
to 31.12.2022
X1 Accumulation 
0.08%
0.08%
* Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/depositary 
and entry/exit charges paid to an underlying collective investment scheme (if any).
Distributions Payable
Any income available is accumulated annually on the last day of February.
NM0923U-3094429-249/477

249
ACS WORLD MULTIFACTOR EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited)
at 30 June 2023
Holding 
or Nominal 
Value Investment
Market 
Value 
£000's
% of 
Total 
Net 
Assets
X
X
X
X
EQUITIES - 99.15%; 31.12.22 98.39%    
ASIA - 8.73%; 31.12.22 8.73%    
China - 0.10%; 31.12.22 0.03%    
82,500 Budweiser Brewing
168
0.08
31,000 SITC International
45
0.02
213
0.10
Hong Kong - 1.21%; 31.12.22 1.41%    
128,500 CK Hutchison
620
0.29
15,000 CK Infrastructures
63
0.03
43,000 Hang Lung Properties
52
0.02
69,000
Henderson Land 
Development
162
0.07
90,000 HKT Trust & HKT
83
0.04
7,900 Jardine Matheson
316
0.14
34,500 Power Assets
143
0.07
82,000 Sino Land
80
0.04
69,500 Sun Hung Kai Properties
692
0.32
10,500
Swire Pacific class 'A' 
shares
64
0.03
29,200 Swire Properties
57
0.03
197,500 WH
82
0.04
40,000
Wharf Real Estate 
Investment
158
0.07
39,000 Xinyi Glass
48
0.02
2,620
1.21
Israel - 0.04%; 31.12.22 0.05%    
2,635 Tower Semiconductor
77
0.04
Japan - 7.22%; 31.12.22 6.95%    
4,800 AGC
135
0.06
3,400 Aisin Seiki
82
0.04
2,700 Azbil
67
0.03
5,400 Brother IndustriesØ
62
0.03
48,600 Canon
1,005
0.46
13,200 Chiba Bank
63
0.03
25,500 Concordia Financial
78
0.04
5,400 Dai Nippon Printing
120
0.06
1,600 Daito Trust Construction
128
0.06
17,300 Fujifilm
808
0.37
8,600 Fujitsu
874
0.40
5,700 Hakuhodo
47
0.02
700 Hirose Electric
73
0.03
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
2,500
Hitachi Construction 
Machinery
55
0.03
74,600 Honda Motor
1,766
0.82
4,300 Iida
57
0.03
23,300 Inpex
204
0.09
14,500 Isuzu Motors
138
0.06
2,400 Itochu Techno-Solutions
48
0.02
10,300 Kajima
122
0.06
2,400 Kurita Water Industries
72
0.03
6,700 Kyowa Hakko Kirin
97
0.04
74,300 Marubeni
990
0.46
13,200 Mazda Motor
100
0.05
5,200 Meiji Holdings
91
0.04
7,100 Misumi
111
0.05
94,200 Mitsubishi Electric
1,041
0.48
7,700
Mitsubishi Heavy 
Industries
282
0.13
4,300 Mitsui Chemicals
99
0.05
6,100 NEC
232
0.11
5,300 NGK Insulators
50
0.02
1,800 Nippon Express
80
0.04
1,200 Nippon Shinyaku
39
0.02
1,447,500
Nippon Telegraph & 
Telephone
1,346
0.62
4,800 Nisshin Seifun
47
0.02
2,400 Nomura Real Estate
45
0.02
30,300 NTT Data
332
0.15
15,900 Obayashi
108
0.05
22,400 Oji
66
0.03
900 Oracle Japan
53
0.02
8,600 Osaka Gas
104
0.05
18,700 Otsuka
538
0.25
2,800 Otsuka Pharmaceutical
85
0.04
105,900 Panasonic
1,014
0.47
4,300 PersolØ
61
0.03
13,800 Ricoh
92
0.04
3,700 SCSK
46
0.02
7,400 Seiko Epson
91
0.04
9,200 Sekisui Chemical
104
0.05
13,800 Shimizu
69
0.03
11,100 Shizuoka Financial
63
0.03
16,800
Sumitomo Electric 
Industries
161
0.07
NM0923U-3094429-250/477

ACS WORLD MULTIFACTOR EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
250
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
3,500
Suntory Beverage & 
Food
99
0.05
4,100 Taisei
113
0.05
9,200 Tokyo Gas
158
0.07
6,200 Toppan Printing
105
0.05
6,100 Tosoh
57
0.03
3,000 TotoØ
71
0.03
7,200 Toyota Industries
403
0.19
10,200 Toyota Tsusho
397
0.18
3,200 Trend Micro
121
0.06
5,000 USS
65
0.03
3,000 Yakult Honsha
149
0.07
7,300 Yamaha Motor
164
0.08
5,400 Yokogawa Electric
78
0.04
15,621
7.22
Singapore - 0.16%; 31.12.22 0.29%    
2,500
Jardine Cycle & 
Carriage
51
0.02
21,400 Singapore Exchange
120
0.06
37,000
Singapore Technologies 
Engineering
79
0.04
11,100 UOL
41
0.02
6,100 Venture
52
0.02
343
0.16
EUROPE - 16.03%; 31.12.22 11.37%    
Austria - 0.04%; 31.12.22 0.00%    
2,985 Voestalpine
84
0.04
Belgium - 0.03%; 31.12.22 0.09%    
514 D'ieterenØ
71
0.03
Denmark - 2.42%; 31.12.22 0.13%    
39,640
Novo Nordisk class 'B' 
shares
4,967
2.30
2,118 Pandora
149
0.07
207
Rockwool International 
class 'B' shares
42
0.02
2,201 William DemantØ
73
0.03
5,231
2.42
Finland - 0.11%; 31.12.22 0.13%    
3,317 Elisa
141
0.07
2,660 Orion series 'B' shares
87
0.04
228
0.11
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
France - 3.32%; 31.12.22 1.75%    
1,525 Amundi
71
0.03
991 Biomerieux
82
0.04
21,439 Bollore
105
0.05
4,937 BouyguesØ
131
0.06
12,423 CarrefourØ
186
0.09
1,172 Covivio
44
0.02
581 Dassault AviationØ
91
0.04
1,762 Eiffage
145
0.07
1,106 Gecina
93
0.04
1,534 Hermes International
2,610
1.21
890 IpsenØ
84
0.04
5,322 Klepierre
104
0.05
2,518
La Francaise des Jeux 
SAEM
78
0.04
32,921 Michelin
766
0.35
91,117 Orange
841
0.39
5,486 Publicis
349
0.16
23,731 Saint-Gobain
1,134
0.52
570 SEB
46
0.02
695 ThalesØ
81
0.04
4,961 Valeo
83
0.04
639 Wendel
51
0.02
7,175
3.32
Germany - 1.04%; 31.12.22 1.02%    
3,703 BrenntagØ
225
0.10
1,004 Carl Zeiss Meditec
84
0.04
20,250 Fresenius
438
0.20
3,778 GEA
124
0.06
3,428 Heidelberg Cement
221
0.10
4,982 Henkel
277
0.13
1,362 Nemetschek
81
0.04
1,288
Porsche non-voting 
preference shares
61
0.03
122 RationalØ
69
0.03
1,113 Rheinmetall
238
0.11
1,518 TalanxØ
68
0.03
21,389 Telefonica Deutschland
48
0.02
1,472 Volkswagen
194
0.09
5,348 ZalandoØ
121
0.06
2,249
1.04
NM0923U-3094429-251/477

ACS WORLD MULTIFACTOR EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
251
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
Ireland - 0.24%; 31.12.22 0.12%    
32,235 AIB
106
0.05
25,333 Bank of Ireland
192
0.09
11,115 James Hardie
231
0.10
529
0.24
Italy - 0.26%; 31.12.22 0.15%    
4,937 Moncler
266
0.12
6,106 Prysmian
198
0.09
2,527 Recordati
94
0.05
558
0.26
Netherlands - 2.59%; 31.12.22 2.61%    
10,073 ABN AMROØ
124
0.06
1,124 ASM International
370
0.17
5,523 Heineken Holding
376
0.18
1,349 IMCDØ
152
0.07
3,437 JDE Peet's
80
0.04
77,417 Koninklijke
219
0.10
47,444
Koninklijke Ahold 
DelhaizeØ
1,273
0.59
6,010 NNØ
175
0.08
9,342 NXP Semiconductors
1,475
0.68
2,646 Randstad
110
0.05
12,472 Wolters Kluwer
1,238
0.57
5,592
2.59
Norway - 0.28%; 31.12.22 0.30%    
2,211 Kongsberg Gruppen
79
0.04
33,533 Norsk Hydro
158
0.07
18,733 Orkla
106
0.05
33,544 Telenor
268
0.12
611
0.28
Spain - 0.94%; 31.12.22 0.92%    
605 Acciona
81
0.04
292,044
Banco Bilbao Vizcaya 
Argentaria
1,779
0.82
1,642
Corporacion Acciona 
Energias RenovablesØ
43
0.02
10,121 Red Electrica
134
0.06
2,037
0.94
Sweden - 0.74%; 31.12.22 0.47%    
6,944 Alfa LavalØ
196
0.09
6,474 Boliden
147
0.07
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
5,689 Getinge
78
0.04
4,165
Hennes & Mauritz series 
‘B’ shares
56
0.03
10,429
Husqvarna series ‘B’ 
shares
74
0.03
3,406 Investment Latour
53
0.02
1,896 L E Lundbergforetagen
63
0.03
5,517 LifcoØ
93
0.04
37,779 Nibe Industrier
281
0.13
1,919 SAAB class 'B' shares
81
0.04
4,513 Sagax class 'B' shares
69
0.03
12,656
Securitas series ‘B’ 
sharesØ
81
0.04
8,168 SKF series ‘B’ shares
111
0.05
4,084
Swedish Orphan 
Biovitrum
62
0.03
9,362 Volvo
156
0.07
1,601
0.74
Switzerland - 0.88%; 31.12.22 0.86%    
527 BKW
72
0.03
5,479 Coca-Cola HBC
127
0.06
168 EMS-ChemieØ
99
0.05
1,328 Roche (Bearer)
344
0.16
1,170 Schindler (Registered)
206
0.09
750 Swatch class 'I' shares
172
0.08
1,312 Swatch class 'N' shares
57
0.03
1,240 Swisscom
610
0.28
665 VAT
215
0.10
1,902
0.88
United Kingdom - 3.14%; 31.12.22 2.82%    
23,329 3i
451
0.21
16,820 Associated British Foods
333
0.15
21,736 Auto Trader
133
0.06
23,088 Barratt Developments
96
0.04
20,844 British LandØ
64
0.03
341,507 BT Group
421
0.19
9,065 Burberry
192
0.09
9,861
Coca-Cola European 
Partners
498
0.23
2,462 DCC
107
0.05
246,570 Haleon
789
0.36
9,469 Halma
215
0.10
NM0923U-3094429-252/477

ACS WORLD MULTIFACTOR EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
252
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
8,873 Hargreaves LansdownØ
72
0.03
4,118 Hikma PharmaceuticalsØ
77
0.04
42,680 Imperial Brands
747
0.35
37,916 J Sainsbury
101
0.05
64,325 JD Sports Fashion
93
0.04
44,613 KingfisherØ
103
0.05
17,589 Land Securities
101
0.05
11,321 Mondi
136
0.06
2,926 Next
202
0.09
15,449 Pearson
128
0.06
4,102 Pentair
207
0.10
7,417 PersimmonØ
77
0.04
25,330 Sage
234
0.11
19,320 SchrodersØ
84
0.04
8,429 Smiths
138
0.06
1,894
Spirax-Sarco 
EngineeringØ
196
0.09
116,946 Standard Chartered
804
0.37
6,799
3.14
NORTH AMERICA - 72.08%; 31.12.22 76.07%    
Canada - 4.92%; 31.12.22 4.69%    
38,059
Alimentation 
Couche-Tard
1,537
0.71
14,675 ARC Resources
154
0.07
8,398
Brookfield Asset 
Management
213
0.10
7,294 CAE
124
0.06
2,111
Canadian Apartment 
Properties
62
0.03
1,277
Canadian Tire 
Corporation
135
0.06
3,707 CCL Industries
142
0.07
10,149 CGI
830
0.38
972 Constellation Software
1,558
0.72
2,115
Descartes Systems 
Group
131
0.06
6,797 Dollarama
356
0.16
9,108
Element Fleet 
Management
109
0.05
3,998 Empire
88
0.04
1,111 Fairfax Financial
652
0.30
14,109 First Quantum Minerals
256
0.12
3,013 George Weston
277
0.13
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
4,539 Gildan Activewear
114
0.05
16,183 Hydro One
358
0.17
2,466 iA Financial
131
0.06
2,218 IGM Financial
53
0.02
9,801 Imperial Oil
393
0.18
7,696 Loblaw Cos
545
0.25
13,030
Magna International 
class 'A' shares
573
0.27
4,705 Nutrien
218
0.10
6,740 Open Text
217
0.10
3,665 Quebecor
69
0.03
2,764 RB Global
129
0.06
3,708
RioCan Real Estate 
Investment Trust
42
0.02
6,253 Saputo
110
0.05
11,623
Teck Resources class 'B' 
shares
374
0.17
1,872 TFI International
170
0.08
2,048 Toromont Industries
129
0.06
1,457 West Fraser Timber
97
0.05
2,985 WSP Global
306
0.14
10,652
4.92
Cayman Islands - 0.20%; 31.12.22 0.24%    
98,500 CK Asset Holdings
431
0.20
United States - 66.96%; 31.12.22 71.14%    
1,417 Advance Auto Parts
76
0.03
3,978 AerCap
196
0.09
28,176 Aflac
1,540
0.71
3,746 Akamai Technologies
264
0.12
6,878 Albertsons Cos
119
0.05
2,106 Allegion
199
0.09
6,020 Alliant Energy
247
0.11
6,489 Ally Financial
138
0.06
6,454 AmerenØ
413
0.19
1,807 American Financial
169
0.08
4,201 American International
190
0.09
5,092 Ameriprise Financial
1,335
0.62
1,785 AnsysØ
460
0.21
2,996 AO Smith
171
0.08
7,455 APA
200
0.09
46,559 Apple
6,980
3.23
26,465 Archer Daniels Midland
1,562
0.72
NM0923U-3094429-253/477

ACS WORLD MULTIFACTOR EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
253
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
6,215 Arista Networks
783
0.36
1,380 Arrow Electronics
154
0.07
723 Aspen Technology
94
0.04
3,520 Atmos Energy
322
0.15
5,397 Bath & Body Works
161
0.07
4,832 Bentley Systems
203
0.09
4,704 Best Buy
310
0.14
6,998 Biogen
1,562
0.72
4,612 BioMarin Pharmaceutical
324
0.15
3,770 Bio-Techne
237
0.11
3,291
Booz Allen Hamilton 
Holding
286
0.13
5,604 BorgWarner
214
0.10
5,792 Brown & Brown
310
0.14
848 BRP
55
0.03
3,413 Builders FirstSource
367
0.17
13,252
Cadence Design 
Systems
2,395
1.11
2,547 Camden Property Trust
219
0.10
18,526 Capital One Financial
1,600
0.74
1,224 Carlisle Cos
247
0.11
2,535 Cboe Global Markets
272
0.13
7,449 CBRE class ‘A’ shares
473
0.22
4,697 CF Industries
261
0.12
2,792
CH Robinson 
WorldwideØ
208
0.10
3,718 Cincinnati Financial
284
0.13
2,905 Cintas
1,125
0.52
126,391 Cisco Systems
5,120
2.37
11,608 Citizens Financial
238
0.11
4,322 Cognex
190
0.09
24,666 Cognizant Technology
1,259
0.58
16,778 Consolidated Edison
1,188
0.55
7,999 Constellation Energy
575
0.27
1,185 Cooper
356
0.16
38,981 Corning
1,070
0.49
6,855 Cummins
1,312
0.61
3,833 Darling Ingredients
188
0.09
1,354 DaVita
106
0.05
31,415 Devon Energy
1,202
0.56
6,333
Discover Financial 
Services
590
0.27
3,350 Dover
383
0.18
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
13,312 Electronic Arts
1,373
0.63
28,504 EOG Resources
2,546
1.18
1,379 EPAM Systems
245
0.11
8,353 EQTØ
271
0.13
634 Erie Indemnity
104
0.05
986 Everest Re
265
0.12
5,503 Evergy
251
0.12
48,198 Exelon
1,529
0.71
3,702
Expeditors International 
of Washington
352
0.16
66,209 Exxon Mobil
5,586
2.58
1,441 F5 Networks
166
0.08
918
FactSet Research 
Systems
287
0.13
603 Fair Isaac
380
0.18
13,919 Fastenal
644
0.30
259
First Citizens 
BancShares
260
0.12
2,467 First Solar
359
0.17
1,673 FleetCor Technologies
328
0.15
6,119 FNF
174
0.08
32,277 Fortinet
1,916
0.89
3,015
Fortune Brands Home & 
Security
171
0.08
3,529 Fox class 'A' sharesØ
90
0.04
7,117 Fox class 'B' shares
194
0.09
7,460 Franklin ResourcesØ
158
0.07
4,495
Gaming and Leisure 
Properties
173
0.08
3,669 Garmin
301
0.14
11,296 General Dynamics
1,914
0.88
67,544 General Motors
2,040
0.94
3,458 Genuine Parts
454
0.21
2,198 Globe Life
189
0.09
4,027 GracoØ
273
0.13
7,678
Hartford Financial 
Services
433
0.20
10,092 HCA Healthcare
2,397
1.11
1,088 Heico
151
0.07
1,828 Heico class 'A' shares
202
0.09
3,145 Henry Schein
201
0.09
3,035 Hess
321
0.15
NM0923U-3094429-254/477

ACS WORLD MULTIFACTOR EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
254
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
31,823
Hewlett Packard 
Enterprise
419
0.19
3,688 HF Sinclair
130
0.06
6,075 Hologic
385
0.18
9,296 Howmet Aerospace
359
0.17
42,946 HP
1,029
0.48
1,284 Hubbell
332
0.15
6,069 Humana
2,130
0.98
995
Huntington Ingalls 
Industries
179
0.08
1,810 IDEX
306
0.14
9,263 InterpublicØ
279
0.13
8,511 Invesco
113
0.05
1,750 Jack Henry & Associates
230
0.11
1,990
JB Hunt Transport 
Services
287
0.13
2,556 JM Smucker
296
0.14
33,282
Johnson Controls 
International
1,772
0.82
8,046 Juniper Networks
196
0.09
4,354 Keysight Technologies
569
0.26
3,815
Knight-Swift 
Transportation
168
0.08
33,010 Kroger
1,209
0.56
2,121
Laboratory Corporation 
of America
403
0.19
3,596 Lamb Weston
324
0.15
3,298 Lattice SemiconductorØ
243
0.11
1,483 Lear
167
0.08
6,194 Lennar class ‘A’ shares
606
0.28
794 Lennox International
203
0.09
6,614 LKQ
302
0.14
4,704 Loews
220
0.10
1,885 LPL FinancialØ
325
0.15
4,028 M&T Bank
396
0.18
14,930 Marathon Oil
271
0.13
13,884 Marathon Petroleum
1,277
0.59
891 MarketAxess
185
0.09
1,072 Masimo
140
0.06
32,167 Meta
7,162
3.31
31,878 MetLife
1,416
0.65
53,003 Micron Technology
2,697
1.25
17,704 Microsoft
4,690
2.17
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
2,871
Mid-America Apartment 
Communities
345
0.16
1,261 Mohawk Industries
103
0.05
1,388 Molina Healthcare
324
0.15
4,536
Molson Coors Brewing 
class ‘B’ shares
235
0.11
37,986 Monster Beverage
1,725
0.80
7,960 Mosaic
219
0.10
5,127 NetApp
309
0.14
9,631 News class 'A' shares
149
0.07
1,281 Nordson
250
0.12
12,202 Nucor
1,576
0.73
80 NVR
399
0.18
4,778
Old Dominion Freight 
Line
1,420
0.66
10,495 ON Semiconductor
764
0.35
37,694 Oracle
3,510
1.62
5,876 Ovintiv
174
0.08
2,176 Owens Corning
225
0.10
2,154
Packaging Corporation 
of America
225
0.10
15,658 Paychex
1,354
0.63
17,667 PPL
366
0.17
5,824 Principal Financial
348
0.16
5,377 Pulte Homes
329
0.15
2,394 Qorvo
192
0.09
3,504 Quanta Services
540
0.25
2,682 Quest Diagnostics
299
0.14
4,939
Raymond James 
Financial
405
0.19
3,838 Regency Centers
187
0.09
22,401 Regions Financial
313
0.14
1,410
Reliance Steel & 
Aluminum
302
0.14
7,115 ResMed
1,217
0.56
2,556 Robert Half International
150
0.07
6,048 Rollins
203
0.09
2,883 SEI Investments
135
0.06
3,656 Sensata Technologies
129
0.06
3,815 Skyworks Solutions
331
0.15
1,273 Snap-on
289
0.13
16,318 State Street
944
0.44
3,907 Steel Dynamics
337
0.16
NM0923U-3094429-255/477

ACS WORLD MULTIFACTOR EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
255
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
2,380 STERIS
416
0.19
10,269 Synchrony Financial
277
0.13
7,386 Synopsys
2,499
1.16
10,763 T Rowe Price
946
0.44
5,357 Target
563
0.26
15,338 TE Connectivity
1,679
0.78
1,126 TeleflexØ
209
0.10
3,740 Teradyne
323
0.15
13,403 Texas Instruments
1,874
0.87
146 Texas Pacific Land
152
0.07
4,919 TextronØ
262
0.12
2,500 Toro
196
0.09
2,691 Tractor SupplyØ
463
0.21
2,681 Tradeweb Markets
144
0.07
11,186 Travelers
1,512
0.70
5,914 Trimble
247
0.11
6,846 Tyson Foods
274
0.13
5,230 UGI
111
0.05
2,471 U-Haul
96
0.04
1,203 Ulta Beauty
442
0.20
1,696 United Rentals
584
0.27
1,144 United Therapeutics
199
0.09
6,038 UnitedHealth
2,276
1.05
1,505
Universal Health 
Services class ‘B’ shares
186
0.09
17,814 Valero Energy
1,642
0.76
4,559 VeriSign
803
0.37
42,307 Walmart
5,161
2.39
1,415 Waters
293
0.14
4,186 Webster FinancialØ
126
0.06
1,780
West Pharmaceutical 
Services
531
0.25
906 Westlake Chemical
85
0.04
6,104 WestRock
138
0.06
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
5,052 WR Berkley
236
0.11
1,104 WW GraingerØ
683
0.32
1,232 Zebra Technologies
281
0.13
144,846
66.96
OCEANIA - 2.20%; 31.12.22 2.18%    
Australia - 2.20%; 31.12.22 2.18%    
44,938 Aurizon
92
0.04
10,631 Bluescope SteelØ
114
0.05
33,312 Brambles
251
0.12
64,160 Coles Group
619
0.29
24,957 Dexus
102
0.05
47,777 GPT
104
0.05
4,842 IDP EducationØ
56
0.03
68,959 Medibank
127
0.06
98,414 Mirvac
116
0.05
1,251 REAØ
94
0.04
5,592 Reece
54
0.02
17,978 Rio Tinto
1,079
0.50
14,684 Rio Tinto (Registered)
734
0.34
10,694 Sonic Healthcare
199
0.09
109,331 South32
215
0.10
55,081 Stockland Trust
116
0.05
198,622 Telstra
447
0.21
18,081 Treasury Wine Estates
106
0.05
96,508 Vicinity Centres
93
0.04
1,193 Wisetech Global
50
0.02
4,768
2.20
SOUTH AMERICA - 0.11%; 31.12.22 0.04%    
Chile - 0.11%; 31.12.22 0.04%    
9,356 AntofagastaØ
136
0.06
15,708 Lundin Mining
95
0.05
231
0.11
 
 
 
 
 
 
NM0923U-3094429-256/477

ACS WORLD MULTIFACTOR EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
256
Holding 
or Nominal 
Value Investment
Underlying 
Exposure 
£000's
Market 
Value 
£000's
% of 
Total 
Net 
Assets
                    
DERIVATIVES - 0.01%; 31.12.22 (0.05)%    
Futures - 0.01%; 31.12.22 (0.05)%    
13 EURO Stoxx 50 September 2023
493
5
0.00
7 S&P 500 E-Mini September 2023
1,233
17
0.01
1 TOPIX September 2023^
125
–
0.00
1,851
22
0.01
Portfolio of investments
214,491
99.15
CASH EQUIVALENTS
Short-term Money Market Funds - 0.30%; 31.12.22 1.76%    
830,706 BlackRock Institutional Cash Series US Dollar Liquidity Fund*
657
0.30
Net other assets
1,177
0.55
Total net assets
216,325 100.00
Unless otherwise stated, all securities are either listed on a recognised exchange or traded on an eligible securities market.
Underlying exposure has been calculated according to the guidelines issued by the European Securities and Markets 
Authority (“ESMA”) (as adopted by the FCA) and represents the market value of an equivalent position in the assets 
underlying each financial derivative instrument.
Ø All or a portion of this investment represents a security on loan.
^ Investments which are less than £500 are rounded to zero.
* Managed by a related party.
NM0923U-3094429-257/477

257
ACS WORLD MULTIFACTOR EQUITY TRACKER FUND
STATEMENT OF TOTAL RETURN (unaudited)
for the six months ended 30 June 2023
For the period 
to 30.6.2023
For the period 
to 30.6.2022
£000's
£000's
£000's
£000's
Income
Net capital gains/(losses)
3,731
(26,806)
Revenue
2,550
2,967
Expenses
(94)
(93)
Interest payable and similar charges
(1)
(1)
Net revenue before taxation
2,455
2,873
Taxation
(59)
(128)
Net revenue after taxation
2,396
2,745
Total return before distributions
6,127
(24,061)
Equalisation
43
(123)
Change in net assets 
attributable to unitholders from investment activities
6,170
(24,184)
STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS (unaudited)
for the six months ended 30 June 2023
For the period 
to 30.6.2023
For the period 
to 30.6.2022
£000's
£000's
£000's
£000's
Opening net assets attributable to unitholders 
212,688
254,343
Amounts receivable on issue of units
			
19,715
			
13,609
Amounts payable on cancellation of units
			
(22,248)
			
(48,567)
(2,533)
(34,958)
Change in net assets attributable to unitholders from investment 
activities
6,170
(24,184)
Closing net assets attributable to unitholders
216,325
195,201
The above statement shows the comparative closing net assets at 30 June 2022 whereas the current accounting period 
commenced 1 January 2023.
NM0923U-3094429-258/477

258
ACS WORLD MULTIFACTOR EQUITY TRACKER FUND
BALANCE SHEET (unaudited)
at 30 June 2023
30.6.2023
31.12.2022
£000's
£000's
Assets:
Fixed assets
– Investment assets
214,491
209,262
Current assets
– Debtors
840
1,750
– Cash and bank balances
480
1,822
– Cash equivalents
657
3,734
Total assets
216,468
216,568
Liabilities:
Investment liabilities
–
(97)
Creditors
– Other creditors
(143)
(3,783)
Total liabilities
(143)
(3,880)
Net assets attributable to unitholders
216,325
212,688
G D Bamping (Director)
M T Zemek (Director)
BlackRock Fund Managers Limited
30 August 2023
NM0923U-3094429-259/477

259
ACS WORLD MULTIFACTOR ESG EQUITY TRACKER FUND
About the Fund
The Fund is a sub-fund of BlackRock Authorised Contractual Scheme I, a Co-Ownership Scheme constituted as a UCITS 
scheme under the COLL Sourcebook. The Fund was authorised by the FCA on 11 December 2018 and launched on 
12 July 2019.
Risk and Reward Profile
 
 Lower risk 
Higher risk 
 Typically lower rewards
Typically higher rewards 
 Unit Class
 X1 Accumulation
1
2
3
4
5
6
7
 X1 Accumulation Hedged
1
2
3
4
5
6
7
 X2 Accumulation
1
2
3
4
5
6
7
 X2 Accumulation Hedged
1
2
3
4
5
6
7
•	 The risk indicator was calculated incorporating simulated historical data and may not be a reliable indication of the future 
risk profile of the Fund.
•	 The risk category shown is not guaranteed and may change over time.
•	 The lowest category does not mean risk free.
•	 The use of derivatives will impact the value of the Fund and may expose the Fund to a higher degree of risk. Derivatives 
are highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and 
gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can be greater where derivatives are 
used in an extensive or complex way.
For more information on this, please see the Fund’s Key Investor Information Document (“KIID”), which is available at  
www.blackrock.com.
Net Asset Value
At 30 June 2023
Units In Issue
Net Asset Value 
£000's
Net Asset Value 
per Unit 
p
X1 Accumulation 
	 	 	
850,501,715 	 	 	
1,212,434
142.56
X1 Accumulation Hedged 
	 	 	
681,260,839 	 	 	
910,555
133.66
X2 Accumulation 
	 	 	
5,964,044 	 	 	
8,330
139.67
X2 Accumulation Hedged 
	 	 	
77,456,375 	 	 	
80,267
103.63
Operating Charges
Unit Class
1.1.2023 
to 30.6.2023*
1.1.2022 
to 31.12.2022
X1 Accumulation 
0.04%
0.05%
X1 Accumulation Hedged 
0.06%
0.07%
X2 Accumulation 
0.03%
0.05%
X2 Accumulation Hedged 
0.07%
0.07%
* Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/depositary 
and entry/exit charges paid to an underlying collective investment scheme (if any).
Distributions Payable
Any income available is accumulated annually on the last day of February.
NM0923U-3094429-260/477

260
ACS WORLD MULTIFACTOR ESG EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited)
at 30 June 2023
Holding 
or Nominal 
Value Investment
Market 
Value 
£000's
% of 
Total 
Net 
Assets
X
X
X
X
EQUITIES - 99.23%; 31.12.22 98.34%    
ASIA - 7.63%; 31.12.22 7.79%    
China - 0.08%; 31.12.22 0.13%    
884,800 Budweiser BrewingØ
1,798
0.08
Hong Kong - 0.46%; 31.12.22 0.59%    
911,000 HKT Trust & HKT
837
0.04
932,000 Sino Land
906
0.04
632,500 Sun Hung Kai Properties
6,296
0.28
106,500
Swire Pacific class 'A' 
shares
645
0.03
305,800 Swire Properties
594
0.03
2,018,500 WH
843
0.04
10,121
0.46
Japan - 6.39%; 31.12.22 6.18%    
211,700 Asahi Kasei
1,124
0.05
29,000 Azbil
716
0.03
60,500 Brother Industries
694
0.03
52,700 Dai Nippon Printing
1,175
0.05
163,200 Fujifilm
7,618
0.34
87,100 Fujitsu
8,848
0.40
26,200
Hitachi Construction 
Machinery
577
0.03
761,800 Honda Motor
18,034
0.83
27,900 Ibiden
1,235
0.06
588,100 Itochu
18,234
0.83
110,100 Kajima
1,302
0.06
740,500 KDDI
18,012
0.81
25,300 Kurita Water Industries
760
0.03
64,400 Kyowa Hakko Kirin
937
0.04
67,600 LIXIL
674
0.03
756,200 Marubeni
10,076
0.45
139,500 Mazda Motor
1,061
0.05
79,600
Mitsubishi Heavy 
Industries
2,918
0.13
4,300 Mitsui Chemicals
99
0.00
59,800 NGK Insulators
560
0.03
18,300 Nippon Express
810
0.04
2,765,000
Nippon Telegraph & 
Telephone
2,571
0.12
157,200 Obayashi
1,068
0.05
87,800 Omron
4,208
0.19
1,092,700 Panasonic
10,462
0.47
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
138,300 Ricoh
923
0.04
43,400 SCSK
535
0.02
67,200 Seiko Epson
822
0.04
87,800 Sekisui Chemical
992
0.04
300,600 Sekisui House
4,776
0.22
69,300 SG
775
0.04
138,800 Shimizu
690
0.03
155,500 Sompo
5,477
0.25
33,700
Suntory Beverage & 
Food
958
0.04
81,700 Sysmex
4,368
0.20
97,600 Tokyo Gas
1,677
0.08
62,600 Toppan Printing
1,061
0.05
339,300 Toray Industries
1,485
0.07
4,800 Yamaha
144
0.01
72,900 Yamaha Motor
1,640
0.07
55,400 Yokogawa Electric
802
0.04
140,898
6.39
Singapore - 0.70%; 31.12.22 0.89%    
102,400 City Developments
401
0.02
28,900
Jardine Cycle & 
Carriage
586
0.03
362,600 Keppel
1,414
0.06
1,638,700
Oversea-Chinese 
Banking
11,730
0.53
166,700 Singapore Exchange
934
0.04
109,200 UOL
409
0.02
15,474
0.70
EUROPE - 24.06%; 31.12.22 22.84%    
Belgium - 0.56%; 31.12.22 0.68%    
4,651 D'ieteren
644
0.03
8,026 Elia
798
0.04
123,948 KBC
6,772
0.31
56,544 UCB
3,929
0.18
12,143
0.56
Denmark - 2.47%; 31.12.22 2.41%    
1,470
AP Moeller-Maersk 
series 'A' shares
2,016
0.09
398,761
Novo Nordisk class 'B' 
shares
49,967
2.26
22,137 Pandora
1,562
0.07
NM0923U-3094429-261/477

ACS WORLD MULTIFACTOR ESG EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
261
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
2,296
Rockwool International 
class 'B' shares
462
0.02
22,708 William Demant
753
0.03
54,760
2.47
Finland - 0.21%; 31.12.22 0.72%    
34,654 Elisa
1,466
0.07
72,686 Kesko
1,076
0.05
25,616 Orion series 'B' shares
841
0.04
113,723 Wartsila
1,004
0.05
4,387
0.21
France - 7.70%; 31.12.22 6.77%    
16,793 Amundi
784
0.04
14,587 Arkema
1,084
0.05
485,142 AXAØ
11,298
0.51
9,956 Biomerieux
821
0.04
51,144 BouyguesØ
1,355
0.06
149,234 Carrefour
2,233
0.10
10,728 Covivio
400
0.02
330,309 Dassault Systemes
11,394
0.52
18,567 Eiffage
1,524
0.07
11,286 Eurazeo
625
0.03
11,173 Gecina
938
0.04
5,997 Hermes International
10,203
0.46
9,393 Ipsen
891
0.04
35,204 Kering
15,305
0.69
53,130 Klepierre
1,040
0.05
25,047
La Francaise des Jeux 
SAEM
775
0.04
119,151 L'Oréal
43,549
1.97
335,641 Michelin
7,812
0.35
921,235 OrangeØ
8,503
0.37
57,450 Publicis
3,656
0.17
47,212 Renault
1,564
0.07
242,426 Saint-Gobain
11,586
0.52
163,262 Schneider Electric
23,223
1.04
354,300 Société Générale
7,332
0.33
30,437
Unibail-Rodamco 
Westfield REIT
1,253
0.06
52,453 ValeoØ
881
0.04
6,311 Wendel
506
0.02
170,535
7.70
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
Germany - 1.70%; 31.12.22 1.21%    
28,925
BMW non-voting 
preference shares
2,562
0.12
38,566 Brenntag
2,346
0.11
266,484 Commerzbank
2,336
0.11
249,917 Daimler
15,782
0.71
38,178 GEA
1,251
0.06
25,079 Heidelberg Materials
1,617
0.07
50,998 Henkel
2,834
0.13
18,580 LEG ImmobilienØ
839
0.04
5,065
Muenchener 
Rueckversicherung
1,496
0.07
27,335 Puma
1,284
0.06
10,869 RheinmetallØ
2,319
0.11
14,919 TalanxØ
670
0.03
234,517 Telefonica Deutschland
520
0.02
54,444 ZalandoØ
1,233
0.06
37,089
1.70
Ireland - 0.15%; 31.12.22 0.14%    
347,857 AIB
1,146
0.05
107,683 James Hardie
2,241
0.10
3,387
0.15
Italy - 0.36%; 31.12.22 0.00%    
501,441 Assicurazioni Generali
8,064
0.36
Netherlands - 4.26%; 31.12.22 3.69%    
104,166 ABN AMRO
1,282
0.06
83,013 Akzo Nobel
5,293
0.24
47,568 ASMLØ
26,922
1.22
57,723 Heineken Holding
3,933
0.18
799,957 Koninklijke
2,258
0.10
482,715
Koninklijke Ahold 
DelhaizeØ
12,947
0.58
62,846 NN
1,834
0.08
80,217 NXP Semiconductors
12,667
0.57
27,837 Randstad
1,157
0.05
338,139 STMicroelectronics
13,174
0.60
127,405 Wolters Kluwer
12,645
0.58
94,112
4.26
Norway - 0.25%; 31.12.22 0.57%    
324,550 Norsk Hydro
1,529
0.07
184,245 Orkla
1,043
0.05
NM0923U-3094429-262/477

ACS WORLD MULTIFACTOR ESG EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
262
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
355,692 Telenor
2,842
0.13
5,414
0.25
Spain - 1.45%; 31.12.22 1.51%    
53,164
ACS Actividades de 
Construccion y Servicios
1,464
0.07
2,983,372
Banco Bilbao Vizcaya 
Argentaria
18,168
0.81
1,952,948 CaixaBank
6,379
0.29
16,651
Corporacion Acciona 
Energias RenovablesØ
440
0.02
162,418 Endesa
2,752
0.12
36,178 Inditex
1,093
0.05
64,040 Naturgy EnergyØ
1,494
0.07
31,058 Red Electrica
411
0.02
32,201
1.45
Sweden - 0.73%; 31.12.22 0.72%    
66,268 Boliden
1,504
0.07
329,605
Hennes & Mauritz series 
‘B’ sharesØ
4,425
0.20
110,398
Husqvarna series ‘B’ 
shares
786
0.04
195,918 Investor class 'A' shares
3,063
0.14
65,991 Kinnevik
717
0.03
47,292 Sagax class 'B' shares
725
0.03
136,865
Svenska Cellulosa 
series ‘B’ shares
1,368
0.06
125,832 Tele2 series ‘B’ shares
820
0.04
617,971 Telia
1,072
0.05
97,906 Volvo
1,633
0.07
16,113
0.73
Switzerland - 1.92%; 31.12.22 1.79%    
52,492 Coca-Cola HBC
1,219
0.06
8,571 Geberit
3,510
0.16
52,468 Julius Baer (Registered)
2,599
0.12
26,940 Kuehne + Nagel
6,265
0.28
74,492 SGS (Registered)
5,526
0.25
25,322 Sonova
5,282
0.24
115,856 Swiss Re
9,186
0.42
12,839 Swisscom
6,319
0.29
6,576 VAT
2,125
0.10
42,031
1.92
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
United Kingdom - 2.30%; 31.12.22 2.63%    
240,885 3i
4,659
0.21
487,157 abrdnØ
1,066
0.05
172,557 Associated British Foods
3,417
0.15
231,896 Auto Trader
1,415
0.06
241,695 Barratt Developments
1,007
0.05
28,346 Berkeley Group
1,115
0.05
210,457 British LandØ
644
0.03
3,386,390 BT GroupØ
4,172
0.19
91,647 Burberry
1,944
0.09
100,192
Coca-Cola European 
Partners
5,058
0.23
23,564 DCC
1,027
0.05
39,519 Intertek
1,675
0.08
419,476 J Sainsbury
1,123
0.05
614,260 JD Sports Fashion
893
0.04
45,815 Johnson Matthey
799
0.04
465,040 Kingfisher
1,071
0.05
171,248 Land Securities
983
0.04
118,485 Mondi
1,425
0.06
163,566 Pearson
1,353
0.06
42,085 Pentair
2,120
0.10
258,127 Sage
2,381
0.11
211,222 Schroders
924
0.04
87,641 Smiths
1,435
0.06
1,190,825 Standard CharteredØ
8,183
0.37
937,299 Taylor Wimpey
970
0.04
50,859
2.30
NORTH AMERICA - 64.84%; 31.12.22 64.52%    
Canada - 2.00%; 31.12.22 2.52%    
154,906 ARC Resources
1,629
0.07
78,897 CAE
1,345
0.06
13,683
Canadian Tire 
Corporation
1,443
0.07
104,744 CGI
8,570
0.39
21,464
Descartes Systems 
Group
1,325
0.06
30,794 George Weston
2,829
0.13
42,987 Gildan Activewear
1,076
0.05
26,529 iA Financial
1,405
0.06
22,451 IGM Financial
532
0.02
326,034 Kinross Gold
1,230
0.06
NM0923U-3094429-263/477

ACS WORLD MULTIFACTOR ESG EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
263
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
78,199 Loblaw Cos
5,540
0.25
135,082
Magna International 
class 'A' shares
5,941
0.27
72,958 Nutrien
3,388
0.15
65,171 Open Text
2,093
0.09
27,949 RB Global
1,301
0.06
35,270
RioCan Real Estate 
Investment Trust
397
0.02
21,019 Toromont Industries
1,329
0.06
14,051 West Fraser Timber
935
0.04
19,557 WSP Global
2,002
0.09
44,310
2.00
United States - 62.84%; 31.12.22 62.00%    
50,873 Adobe
19,460
0.89
33,276 AECOM
2,230
0.10
41,342 AerCap
2,035
0.09
146,297 Agilent Technologies
13,659
0.62
39,010 Akamai Technologies
2,752
0.12
21,342 Allegion
2,017
0.09
68,578 Ally Financial
1,460
0.07
413 Ansys
106
0.00
34,271 Anthem
11,926
0.54
77,312 APA
2,074
0.09
475,620 Apple
71,301
3.21
134,099 Aptiv
10,699
0.48
240,311 Archer Daniels Midland
14,181
0.64
14,106 Arrow Electronics
1,579
0.07
7,581 Aspen Technology
990
0.04
16,857 Axon Enterprise
2,610
0.12
152,953 Baker Hughes
3,793
0.17
47,958 Best Buy
3,155
0.14
71,484 Biogen
15,951
0.72
59,057 BorgWarner
2,250
0.10
33,637 Builders FirstSource
3,622
0.16
36,967 Bunge
2,713
0.12
135,168
Cadence Design 
Systems
24,426
1.11
413,088 Carrier Global
16,165
0.73
5,253 Cboe Global Markets
564
0.03
77,461 CBRE class ‘A’ shares
4,920
0.22
29,635 CH Robinson Worldwide
2,209
0.10
146,955 Cigna
32,221
1.46
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
451,746 Cisco Systems
18,299
0.83
117,950 Citizens Financial
2,418
0.11
42,416 Cognex
1,862
0.08
251,971 Cognizant Technology
12,861
0.58
205,836 ConocoPhillips
16,769
0.76
171,027 Consolidated Edison
12,113
0.54
12,410 Cooper
3,730
0.17
70,026 Cummins
13,398
0.60
38,829 Darling Ingredients
1,903
0.09
13,154 DaVita
1,028
0.05
6,479 Deckers Outdoor
2,633
0.12
52,444 Dentsply Sirona
1,638
0.07
311,773 Devon Energy
11,932
0.54
64,342
Discover Financial 
Services
5,998
0.27
34,040 Dover
3,892
0.17
67,009 Dropbox
1,416
0.06
57,257 Ecolab
8,326
0.37
74,874 Electronic Arts
7,723
0.35
136,238 Eli Lilly
50,036
2.26
40,945 EOG Resources
3,657
0.17
89,775 Equitable
1,913
0.09
196,361 Exelon
6,229
0.28
37,617
Expeditors International 
of Washington
3,573
0.16
9,677
FactSet Research 
Systems
3,027
0.14
6,305 Fair Isaac
3,971
0.18
141,432 FastenalØ
6,548
0.30
50,874 Ferguson
6,281
0.28
23,938 First Solar
3,483
0.16
140,605 Fortive
8,176
0.37
31,386
Fortune Brands Home & 
Security
1,782
0.08
37,881 Fox class 'A' shares
962
0.04
73,565 Franklin Resources
1,558
0.07
290,591 General Mills
17,528
0.79
24,353 Genuine Parts
3,197
0.14
575,592 Gilead Sciences
34,603
1.56
41,718 GracoØ
2,828
0.13
76,437
Hartford Financial 
Services
4,310
0.19
32,616 Hasbro
1,646
0.07
NM0923U-3094429-264/477

ACS WORLD MULTIFACTOR ESG EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
264
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
102,878 HCA Healthcare
24,439
1.11
32,701 Henry Schein
2,092
0.09
136,721 Hess
14,468
0.65
324,004
Hewlett Packard 
Enterprise
4,266
0.19
61,755 Hologic
3,910
0.18
90,489 Home Depot
22,034
0.99
123,762 Hormel Foods
3,901
0.18
438,643 HP
10,513
0.48
10,958 Hubbell
2,835
0.13
21,387 Humana
7,507
0.34
234,093 Huntington Bancshares
1,999
0.09
18,420 IDEX
3,110
0.14
20,078 IDEXX Laboratories
7,847
0.35
1,403,165 Intel
36,536
1.65
82,468 International Paper
2,067
0.10
95,600 InterpublicØ
2,879
0.13
82,517 Invesco
1,093
0.05
18,306 Jack Henry & Associates
2,410
0.11
15,348 Jazz Pharmaceuticals
1,501
0.07
20,393
JB Hunt Transport 
Services
2,940
0.13
25,997 JM Smucker
3,009
0.14
339,996
Johnson Controls 
International
18,101
0.82
78,264 Juniper Networks
1,910
0.09
63,256 Kellogg
3,342
0.15
44,234 Keysight Technologies
5,783
0.26
39,741
Knight-Swift 
Transportation
1,752
0.08
337,216 Kroger
12,351
0.56
22,134
Laboratory Corporation 
of America
4,209
0.19
33,895 Lattice Semiconductor
2,494
0.12
14,567 Lear
1,641
0.07
7,781 Lennox International
1,988
0.09
65,096 LKQ
2,970
0.13
19,424 LPL Financial
3,346
0.15
156,259 Marathon Oil
2,832
0.13
9,159 MarketAxess
1,897
0.09
19,690
MasterCard class ‘A’ 
shares
6,036
0.27
88,673 Merck & Co
7,961
0.36
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
6,766
Mettler-Toledo 
International
7,045
0.32
73,377
MGM Resorts 
International
2,496
0.11
458,931 Micron Technology
23,351
1.06
518,875 Microsoft
137,441
6.22
14,247 Molina Healthcare
3,322
0.15
47,707
Molson Coors Brewing 
class ‘B’ shares
2,475
0.11
80,880 Mosaic
2,224
0.10
52,095 NetApp
3,138
0.14
102,300 NiSource
2,197
0.09
141,204 Nortonlifelock
2,057
0.09
124,645 Nucor
16,100
0.73
106,942 NVIDIA
34,532
1.56
791 NVR
3,941
0.18
48,958
Old Dominion Freight 
Line
14,545
0.66
106,759 ON Semiconductor
7,772
0.35
60,379 OvintivØ
1,792
0.08
22,507 Owens Corning
2,326
0.11
13,218 Paycom SoftwareØ
3,278
0.15
181,558 Prudential Financial
12,610
0.58
246,764
Public Service 
Enterprise
12,066
0.55
55,614 Pulte Homes
3,400
0.15
36,063 Quanta Services
5,557
0.25
27,763 Quest Diagnostics
3,097
0.14
49,208
Raymond James 
Financial
4,033
0.18
227,606 Regions Financial
3,184
0.14
14,439
Reliance Steel & 
Aluminum
3,095
0.14
26,676 Robert Half International
1,562
0.07
57,172 Rollins
1,921
0.09
119,499 Schlumberger
4,579
0.21
10,760 SEI Investments
504
0.02
13,111 Snap-on
2,975
0.13
166,461 State Street
9,627
0.44
40,992 Steel Dynamics
3,537
0.16
24,817 STERIS
4,338
0.20
104,987 Synchrony Financial
2,827
0.13
34,949 Synopsys
11,824
0.53
NM0923U-3094429-265/477

ACS WORLD MULTIFACTOR ESG EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
265
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
111,077 T Rowe PriceØ
9,764
0.44
177,210 Target
18,622
0.84
11,647 Teleflex
2,164
0.10
281,127 Texas Instruments
39,297
1.77
27,383 Tractor SupplyØ
4,708
0.21
113,334 Trane Technologies
17,024
0.77
94,664 Travelers
12,796
0.58
61,761 Trimble
2,577
0.12
52,421 UGI
1,113
0.05
24,382 U-Haul
951
0.04
12,524 Ulta Beauty
4,606
0.21
17,225 United Rentals
5,933
0.27
138,916 UnitedHealth
52,356
2.36
76,152 Valero EnergyØ
7,021
0.32
100,368 Ventas
3,779
0.17
14,476 Waters
2,998
0.14
18,462
West Pharmaceutical 
Services
5,508
0.25
362,595 Weyerhaeuser
9,554
0.43
11,197 WW Grainger
6,926
0.31
48,253 Xcel Energy
2,338
0.11
43,988 Xylem
3,874
0.18
103,796 Zimmer Biomet
11,912
0.54
1,390,873
62.84
OCEANIA - 2.66%; 31.12.22 3.19%    
Australia - 2.61%; 31.12.22 3.12%    
308,826 APA (Stapled Units)
1,567
0.07
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
47,065 ASX
1,551
0.07
455,615 Aurizon
935
0.04
344,632 Brambles
2,600
0.12
16,725 Cochlear
2,006
0.09
133,218 Computershare
1,630
0.07
262,580 Dexus
1,072
0.05
357,993 EndeavourØ
1,183
0.05
819,571 Fortescue Metals
9,517
0.43
458,064 GPT
993
0.04
54,570 IDP EducationØ
631
0.03
176,795 IGO
1,407
0.06
709,115 Medibank
1,303
0.06
950,836 Mirvac
1,125
0.05
12,750 REAØ
955
0.04
183,657 Rio Tinto
11,026
0.49
110,013 Sonic Healthcare
2,048
0.09
606,676 Stockland Trust
1,277
0.06
2,017,892 Telstra
4,542
0.21
187,468 Treasury Wine Estates
1,102
0.05
928,881 Vicinity CentresØ
897
0.04
485,174 Woodside Energy
8,747
0.40
58,114
2.61
New Zealand - 0.05%; 31.12.22 0.07%    
450,214 Spark New Zealand
1,098
0.05
SOUTH AMERICA - 0.04%; 31.12.22 0.00%    
Chile - 0.04%; 31.12.22 0.00%    
157,897 Lundin Mining
954
0.04
 
 
 
Holding 
or Nominal 
Value Investment
Underlying 
Exposure 
£000's
Market 
Value 
£000's
% of 
Total 
Net 
Assets
X
X
X
X
DERIVATIVES - 0.17%; 31.12.22 (0.18)%    
Forward Currency Contracts - 0.16%; 31.12.22 (0.15)%    
AUD 142 Australian dollar vs UK sterling^
–
–
0.00
CAD 512 Canadian dollar vs UK sterling^
–
–
0.00
DKK 7,462,408 Danish krone vs UK sterling
861
(6)
0.00
EUR 2,178,494 Euro vs UK sterling
1,872
(14)
0.00
HKD 147 Hong Kong dollar vs UK sterling^
–
–
0.00
JPY 65,620,487 Japanese yen vs UK sterling
360
(1)
0.00
NM0923U-3094429-266/477

ACS WORLD MULTIFACTOR ESG EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
266
Holding 
or Nominal 
Value Investment
Underlying 
Exposure 
£000’s
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
SGD 187,495 Singapore dollar vs UK sterling
109
(1)
0.00
SEK 259 Swedish krona vs UK sterling^
–
–
0.00
CHF 57 Swiss franc vs UK sterling^
–
–
0.00
GBP 27,112,737 UK sterling vs Australian dollar
(27,119)
(6)
0.00
GBP 20,359,661 UK sterling vs Canadian dollar
(20,299)
61
0.00
GBP 24,951,889 UK sterling vs Danish krone
(24,774)
178
0.01
GBP 155,986,995 UK sterling vs Euro
(154,872)
1,115
0.05
GBP 5,363,044 UK sterling vs Hong Kong dollar
(5,347)
16
0.00
GBP 63,730,023 UK sterling vs Japanese yen
(63,511)
219
0.01
GBP 520,522 UK sterling vs New Zealand dollar
(519)
1
0.00
GBP 2,423,880 UK sterling vs Norwegian krone
(2,430)
(6)
0.00
GBP 7,218,836 UK sterling vs Singapore dollar
(7,184)
35
0.00
GBP 6,906,242 UK sterling vs Swedish krona
(6,843)
63
0.00
GBP 18,348,654 UK sterling vs Swiss franc
(18,224)
125
0.01
GBP 639,368,005 UK sterling vs United States dollar
(637,628)
1,740
0.08
USD 3,455,816 United States dollar vs UK sterling
2,732
(6)
0.00
(962,816)
3,513
0.16
Futures - 0.01%; 31.12.22 (0.03)%    
36 EURO Stoxx 50 September 2023
1,366
35
0.00
7 FTSE 100 Index September 2023
527
5
0.00
52 S&P 500 E-Mini September 2023
9,156
125
0.01
3 S&P Canada 60 Index September 2023
432
9
0.00
3 SPI 200 Index September 2023
281
2
0.00
3 Swiss Market Index September 2023
298
4
0.00
5 TOPIX September 2023
625
8
0.00
12,685
188
0.01
NM0923U-3094429-267/477

ACS WORLD MULTIFACTOR ESG EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
267
Holding 
or Nominal 
Value Investment
Underlying 
Exposure 
£000’s
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
Portfolio of investments
2,198,436
99.40
CASH EQUIVALENTS
Short-term Money Market Funds - 0.19%; 31.12.22 0.67%    
5,218,470 BlackRock Institutional Cash Series US Dollar Liquidity Fund**
4,126
0.19
Net other assets
9,024
0.41
Total net assets
2,211,586 100.00
Unless otherwise stated, all securities are either listed on a recognised exchange or traded on an eligible securities market.
Underlying exposure has been calculated according to the guidelines issued by the European Securities and Markets Authority 
(“ESMA”) (as adopted by the FCA) and represents the market value of an equivalent position in the assets underlying each 
financial derivative instrument.
The counterparties for the forward currency contracts are Morgan Stanley & Co. International and State Street Bank and 
Trust.
Ø All or a portion of this investment represents a security on loan.
^ Investments which are less than £500 are rounded to zero.
** Managed by a related party.
NM0923U-3094429-268/477

268
ACS WORLD MULTIFACTOR ESG EQUITY TRACKER FUND
STATEMENT OF TOTAL RETURN (unaudited)
for the six months ended 30 June 2023
For the period 
to 30.6.2023
For the period 
to 30.6.2022
£000's
£000's
£000's
£000's
Income
Net capital gains/(losses)
129,587
(128,155)
Revenue
27,763
11,728
Expenses
(378)
(214)
Interest payable and similar charges
(2)
(10)
Net revenue before taxation
27,383
11,504
Taxation
(1,156)
(373)
Net revenue after taxation
26,227
11,131
Total return before distributions
155,814
(117,024)
Equalisation
4,109
(81)
Change in net assets 
attributable to unitholders from investment activities
159,923
(117,105)
STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS (unaudited)
for the six months ended 30 June 2023
For the period 
to 30.6.2023
For the period 
to 30.6.2022
£000's
£000's
£000's
£000's
Opening net assets attributable to unitholders 
1,516,165
848,061
Amounts receivable on issue of units
			
588,955
			
74,577
Amounts payable on cancellation of units
			
(53,457)
			
(60,624)
535,498
13,953
Change in net assets attributable to unitholders from investment 
activities
159,923
(117,105)
Closing net assets attributable to unitholders
2,211,586
744,909
The above statement shows the comparative closing net assets at 30 June 2022 whereas the current accounting period 
commenced 1 January 2023. 
NM0923U-3094429-269/477

269
ACS WORLD MULTIFACTOR ESG EQUITY TRACKER FUND
BALANCE SHEET (unaudited)
at 30 June 2023
30.6.2023
31.12.2022
£000's
£000's
Assets:
Fixed assets
– Investment assets
2,198,476
1,490,956
Current assets
– Debtors
5,580
3,855
– Cash and bank balances
7,842
14,288
– Cash equivalents
4,126
10,181
Total assets
2,216,024
1,519,280
Liabilities:
Investment liabilities
(40)
(2,681)
Creditors
– Amounts held at futures clearing houses and brokers
(1)
–
– Other creditors
(4,397)
(434)
Total liabilities
(4,438)
(3,115)
Net assets attributable to unitholders
2,211,586
1,516,165
G D Bamping (Director)
M T Zemek (Director)
BlackRock Fund Managers Limited
30 August 2023
NM0923U-3094429-270/477

270
ACS WORLD SMALL CAP ESG SCREENED EQUITY TRACKER FUND
About the Fund
The Fund is a sub-fund of BlackRock Authorised Contractual Scheme I, a Co-Ownership Scheme constituted as a UCITS 
scheme under the COLL Sourcebook. The Fund was authorised by the FCA on 18 March 2021 and launched on 
21 April 2021.
Risk and Reward Profile
 
 Lower risk 
Higher risk 
 Typically lower rewards
Typically higher rewards 
 Unit Class
 X1 Accumulation
1
2
3
4
5
6
7
 X1B Accumulation
1
2
3
4
5
6
7
 X1C Accumulation
1
2
3
4
5
6
7
 X1D Accumulation
1
2
3
4
5
6
7
 X1E Accumulation
1
2
3
4
5
6
7
 X1F Accumulation
1
2
3
4
5
6
7
 X1G Accumulation
1
2
3
4
5
6
7
 X1H Accumulation
1
2
3
4
5
6
7
 X1I Accumulation
1
2
3
4
5
6
7
 X1J Accumulation
1
2
3
4
5
6
7
 X1K Accumulation
1
2
3
4
5
6
7
 X1L Accumulation
1
2
3
4
5
6
7
 X1M Accumulation
1
2
3
4
5
6
7
 X1RA Accumulation*
1
2
3
4
5
6
7
 X1RB Accumulation*
1
2
3
4
5
6
7
* Unit class launched on 14 June 2023.
•	 The risk indicator was calculated incorporating simulated historical data and may not be a reliable indication of the future 
risk profile of the Fund.
•	 The risk category shown is not guaranteed and may change over time.
•	 The lowest category does not mean risk free.
•	 The use of derivatives will impact the value of the Fund and may expose the Fund to a higher degree of risk. Derivatives 
are highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and 
gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can be greater where derivatives are 
used in an extensive or complex way.
For more information on this, please see the Fund’s Key Investor Information Document (“KIID”), which is available at  
www.blackrock.com.
NM0923U-3094429-271/477

271
ACS WORLD SMALL CAP ESG SCREENED EQUITY TRACKER FUND
Net Asset Value
At 30 June 2023
Units In Issue
Net Asset Value 
£000's
Net Asset Value 
per Unit 
p
X1 Accumulation 
	 	 	
208,628,371 	 	 	
209,913
100.62
X1B Accumulation 
	 	 	
11,548,219 	 	 	
11,374
98.49
X1C Accumulation 
	 	 	
33,928,210 	 	 	
33,420
98.50
X1D Accumulation 
	 	 	
33,657,443 	 	 	
33,156
98.51
X1E Accumulation 
	 	 	
75,243,329 	 	 	
74,115
98.50
X1F Accumulation 
	 	 	
51,460,786 	 	 	
50,696
98.51
X1G Accumulation 
	 	 	
95,004,779 	 	 	
93,583
98.50
X1H Accumulation 
	 	 	
53,112,706 	 	 	
52,321
98.51
X1I Accumulation 
	 	 	
95,786,997 	 	 	
94,355
98.51
X1J Accumulation 
	 	 	
52,152,979 	 	 	
51,374
98.51
X1K Accumulation 
	 	 	
84,640,847 	 	 	
83,377
98.51
X1L Accumulation 
	 	 	
39,759,515 	 	 	
39,166
98.51
X1M Accumulation 
	 	 	
53,871,280 	 	 	
53,064
98.50
X1RA Accumulation* 
	 	 	
64,630,201 	 	 	
63,700
98.56
X1RB Accumulation* 
	 	 	
5,657,836 	 	 	
5,576
98.56
Operating Charges
Unit Class
1.1.2023 
to 30.6.2023^
1.1.2022 
to 31.12.2022
X1 Accumulation 
0.02%
0.02%
X1A Accumulation§ 
–
0.02%
X1B Accumulation 
0.02%
0.02%
X1C Accumulation 
0.02%
0.02%
X1D Accumulation 
0.02%
0.02%
X1E Accumulation 
0.02%
0.02%
X1F Accumulation 
0.02%
0.02%
X1G Accumulation 
0.02%
0.02%
X1H Accumulation 
0.02%
0.02%
X1I Accumulation 
0.02%
0.02%
X1J Accumulation 
0.02%
0.02%
X1K Accumulation 
0.02%
0.02%
X1L Accumulation 
0.02%
0.02%
X1M Accumulation 
0.02%
0.02%
X1RA Accumulation* 
0.04%
–
X1RB Accumulation* 
0.04%
–
§ Unit class was fully redeemed on 7 November 2022.
* Unit class launched on 14 June 2023.
^ Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/depositary  
and entry/exit charges paid to an underlying collective investment scheme (if any).
Distributions Payable
Any income available is accumulated annually on the last day of February.
NM0923U-3094429-272/477

272
ACS WORLD SMALL CAP ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited)
at 30 June 2023
Holding 
or Nominal 
Value Investment
Market 
Value 
£000's
% of 
Total 
Net 
Assets
X
X
X
X
EQUITIES - 98.91%; 31.12.22 98.62%    
AFRICA - 0.11%; 31.12.22 0.14%    
South Africa - 0.11%; 31.12.22 0.14%    
86,329 IAMGOLD
175
0.02
115,605 InvestecØ
510
0.05
79,374 Kosmos Energy
362
0.04
1,047
0.11
ASIA - 13.72%; 31.12.22 15.00%    
China - 0.09%; 31.12.22 0.11%    
5,080 AustAsia
1
0.00
453,000
CITIC Telecom 
International
137
0.01
352,000 E-Commodities
37
0.00
63,800 Fosun TourismØ
47
0.00
394,000
Guotai Junan 
InternationalØ
23
0.00
28,500
Health & Happiness H&H 
International
29
0.00
23,706 indie Semiconductor
177
0.02
740,000 Theme InternationalØ
66
0.01
16,000 Vesync
5
0.00
84,000 VSTECS
34
0.00
506,800 Yangzijiang Shipbuilding
440
0.05
996
0.09
Hong Kong - 0.45%; 31.12.22 0.57%    
225,000 Bank of East Asia
246
0.03
44,000 Café de Coral
45
0.00
433,000
Champion Real Estate 
Investment Trust
124
0.01
324,500 Chinese Estates
77
0.01
47,000
Chow Sang Sang 
International
41
0.00
480,000
Citychamp Watch & 
Jewellery
53
0.01
146,000
CK Life Sciences 
International
11
0.00
62,000 C-Mer Eye Care
24
0.00
276,000 Comba Telecom Systems
40
0.00
65,000 Cowell e
95
0.01
62,800 Dah Sing Banking
37
0.00
44,400 Dah Sing Financial
87
0.01
68,000 EC HealthcareØ
29
0.00
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
188,100
Far East Consortium 
International
35
0.00
282,000
Fortune Real Estate 
Investment Trust
160
0.02
439,010
Haitong International 
SecuritiesØ
29
0.00
139,000 Hang Lung
167
0.02
167,000 HKBN
71
0.01
70,000
Hong Kong Television 
NetworkØ
32
0.00
1,056,600 Hutchison Port
160
0.02
104,000
Hutchison 
Telecommunications
13
0.00
112,000 Hysan Development
216
0.02
46,000 Johnson Electric
47
0.00
145,000 K Wah International
37
0.00
43,000 Kerry Logistics Network
40
0.00
70,000 Luk Fook International
142
0.01
316,000 Man Wah
167
0.02
87,000
Melco International 
Development
64
0.01
43,804
Melco Resorts & 
Entertainment ADR
422
0.04
20,000 Nissin Foods
14
0.00
317,000 NWS
284
0.03
1,063,000 Pacific Basin ShippingØ
255
0.03
118,000 Pacific Textiles
22
0.00
109,000 PAX Global Technology
65
0.01
727,000 PCCW
298
0.03
20,000
Perfect Medical Health 
Management
8
0.00
179,000 Prosperity REIT
31
0.00
54,000 RealordØ
34
0.00
192,000 SA SA International
27
0.00
220,000 Shun Tak
27
0.00
148,500
SmarTone 
Telecommunications
73
0.01
134,000 Stella International
100
0.01
102,000 Sun Hung Kai
31
0.00
89,000 SUNeVision
36
0.00
127,000
Sunlight Real Estate 
Investment Trust
37
0.00
2,104,000 United Energy Group
161
0.02
NM0923U-3094429-273/477

ACS WORLD SMALL CAP ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
273
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
244,000
United Laboratories 
International
161
0.02
130,000 Value PartnersØ
32
0.00
144,000 Vitasoy InternationalØ
142
0.01
496,000 Viva China
71
0.01
31,800 Vtech
165
0.02
4,785
0.45
India - 0.02%; 31.12.22 0.01%    
6,550 RHI MagnesitaØ
174
0.02
Indonesia - 0.00%; 31.12.22 0.01%    
Israel - 0.92%; 31.12.22 0.97%    
1,150 AFI Properties
34
0.00
14,989 Airport City
156
0.02
33,042
Alony Hetz Properties & 
Investments
199
0.02
11,779 Altshuler Shaham Penn
17
0.00
36,763 Amot InvestmentsØ
151
0.02
783
Arad Investment & 
Industrial DevelopmentØ
65
0.01
5,118 Ashtrom
55
0.01
16,943
Azorim-Investment 
Development & 
ConstructionØ
40
0.00
422,253
Bezeq Israeli 
Telecommunication
405
0.04
2,707 Big Shopping Centers
190
0.02
905 Blue Square Real EstateØ
41
0.00
6,365 Camtek
172
0.02
19,840 Cellcom Israel
54
0.01
14,055 Cellebrite DI
79
0.01
11,617
Clal Insurance 
EnterprisesØ
141
0.01
649 Danel Adir Yeoshua
36
0.00
6,515 Delek Automotive Systems
39
0.00
1,958 Delek Group
175
0.02
1,703 Delta Galil Industries
52
0.01
21,911
Doral Renewable Energy 
Resources
35
0.00
1,217 Elco
32
0.00
437 ElectraØ
142
0.01
1,397
Electra Consumer 
Products 1970Ø
27
0.00
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
42,782
Energix-Renewable 
Energies
110
0.01
21,005
Enlight Renewable 
EnergyØ
289
0.03
3,321 EquitalØ
73
0.01
1,651 Fattal 1998Ø
126
0.01
3,594 FIBI
113
0.01
11,564
First International Bank Of 
Israel
355
0.04
7,795 Fiverr International
158
0.02
2,150 Formula Systems 1985
123
0.01
1,546 Fox WizelØ
99
0.02
9,348 Gazit-Globe
24
0.00
21,005
Harel Insurance 
Investments & Financial 
Services
129
0.01
3,764 Hilan
146
0.02
1,972 IDI Insurance
35
0.00
45,618 Isracard
150
0.02
648 IsraelØ
132
0.01
18,130 Israel Canada T.R
33
0.00
308 Isras InvestmentØ
44
0.00
4,865
Ituran Location and 
Control
90
0.01
12,941 JFrog
295
0.03
7,349 Kornit DigitalØ
169
0.02
1,380 M Yochananof & SonsØ
49
0.01
3,965
Magic Software 
Enterprises
41
0.00
4,344 Matrix IT
69
0.01
13,001 MaytronicsØ
139
0.01
3,003 Mega OrØ
49
0.01
5,086 Melisron
258
0.03
7,191 Menora Mivtachim
119
0.01
112,811
Migdal Insurance & 
Financial
108
0.01
108,358 Mivne Real Estate KD
207
0.02
69,806 Nano Dimension ADR
152
0.02
7,609 Nano-X ImagingØ
93
0.01
12,371 Naphtha Israel Petroleum
40
0.00
2,260 NEOGAMES
46
0.00
5,029
Nova Measuring 
Instruments
447
0.05
NM0923U-3094429-274/477

ACS WORLD SMALL CAP ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
274
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
591,834 Oil RefineriesØ
132
0.01
4,999
One Software 
Technologies
53
0.01
16,339 OPC Energy
86
0.01
27,190 Partner Communications
84
0.01
1,755 Paz Oil
148
0.02
25,442 Phoenix
201
0.02
15,127 Plus500
220
0.02
1,883
Prashkovsky Investments 
and Construction
36
0.00
435 Property & Building
15
0.00
5,280 RadwareØ
82
0.01
1,138
Rami Levy Chain Stores 
Hashikma Marketing 2006
53
0.01
7,717 Sapiens International
159
0.02
24,789
Shapir Engineering and 
IndustryØ
134
0.01
33,672 Shikun & Binui
56
0.01
41,480 Shufersal
171
0.02
10,008 Strauss GroupØ
177
0.02
4,692 Summit Real Estate
47
0.00
601 Tadiran
36
0.00
13,321 Tremor InternationalØ
37
0.00
1,102
YH Dimri Construction & 
Development
54
0.01
13,813
ZIM Integrated Shipping 
ServicesØ
137
0.01
8,965
0.92
Japan - 11.44%; 31.12.22 12.34%    
11,500 77 Bank
161
0.02
5,800 ABC-Mart
247
0.03
124 Activia Properties
272
0.03
3,900 Adastria
65
0.01
14,900 ADEKA
223
0.02
236
Advance Residence 
Investment
442
0.05
1,400 Adventure
75
0.01
2,800 Aeon Delight
47
0.00
21,900 AEON Financial Service
153
0.02
8,300 Aeon Hokkaido
39
0.00
18,900 AEON Mall
192
0.02
319 AEON REIT Investment
270
0.03
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
4,700 Ai
59
0.01
10,500 Aica Kogyo
181
0.02
10,100 Aichi
48
0.01
7,500 Aichi Financial
95
0.01
7,600 Aida Engineering
39
0.00
40,000 Aiful
73
0.01
5,800 Ain
161
0.02
30,200 Air Water
329
0.03
3,100 Airtrip
47
0.00
35,500 Alfresa
418
0.04
15,219 Allegro MicroSystemsØ
523
0.06
2,700 AlpenØ
29
0.00
2,000 Alpha SystemsØ
38
0.00
34,600 Alps Alpine
238
0.03
58,200 Amada
449
0.05
11,400 Amano
188
0.02
6,900 Amvis
123
0.01
9,300 AnicomØ
32
0.00
22,500 Anritsu
151
0.02
8,600 AOKI
41
0.00
24,300 AozoraØ
355
0.04
8,200 AppierØ
78
0.01
1,800 Arata
46
0.00
5,000 Arcland Sakamoto
43
0.00
4,200 Arcland Service
67
0.01
5,500 Arcs
74
0.01
2,300 Argo Graphics
49
0.01
4,900 Ariake Japan
142
0.01
4,200 ARTERIA Networks
45
0.00
5,300 As One
165
0.02
15,200 Asahi
161
0.02
28,900 ASICS
698
0.07
4,900 ASKUL
54
0.01
30,000 AtomØ
140
0.01
8,500 Autobacs Seven
71
0.01
4,500 Avex
37
0.00
9,500 Awa Bank
103
0.01
2,100 Axial Retailing
41
0.00
11,000 Bank of Kyoto
431
0.05
1,500 Belc
52
0.01
4,300 Bell System24
32
0.00
7,500 Belluna
29
0.00
NM0923U-3094429-275/477

ACS WORLD SMALL CAP ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
275
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
11,300 Benefit One
90
0.01
13,800 Benesse
139
0.01
12,800 BeNext-Yumeshin
147
0.02
1,000 Bengo4.comØ
21
0.00
12,000 Bic Camera
70
0.01
2,800 BML
44
0.00
6,700 Bunka Shutter
40
0.00
9,800 BushiroadØ
41
0.00
1,600 C. Uyemura & Company
71
0.01
14,700 Calbee
219
0.02
5,400 Canon Electronics
59
0.01
9,200 Canon Marketing Japan
180
0.02
33,000 Casio Computer
213
0.02
900 Cawachi
11
0.00
2,100 CellSourceØ
32
0.00
2,800 Central Glass
47
0.00
8,000 ChangeØ
99
0.01
19,900 ChiyodaØ
38
0.00
4,900 Chofu SeisakushoØ
67
0.01
3,700 Chudenko
46
0.00
32,900 Chugin Financial
155
0.02
11,300 Chugoku Marine Paints
75
0.01
3,200 CI Takiron
10
0.00
49,300 Citizen WatchØ
233
0.02
12,200 CKD
156
0.02
22,700 Coca-Cola Bottlers
189
0.02
8,900 COLOPLØ
31
0.00
14,600 Colowide
162
0.02
140
Comforia Residential 
REITØ
264
0.03
22,400 Comsys
348
0.04
3,100 Comture
35
0.00
10,400 Cosmo EnergyØ
223
0.02
3,700 Cosmos PharmaceuticalØ
295
0.03
105 CRE Logistics REIT
102
0.01
23,400 Create Restaurants
124
0.01
3,400 Create SD
66
0.01
24,600 Credit Saison
296
0.03
7,800 Curves
32
0.00
15,200 CYBERDYNE
27
0.00
8,500 Cybozu
109
0.01
5,300 Daido Steel
173
0.02
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
2,400 Daihen
73
0.01
1,900 DaihoØ
40
0.00
14,400 DaiichikoshoØ
199
0.02
4,500 Daiken
56
0.01
6,700 Daiki Aluminium Industry
51
0.01
1,600 Daikokutenbussan
46
0.00
14,300 Daio Paper
88
0.01
8,120 Daiseki
179
0.02
8,200 Daishi Hokuetsu Financial
139
0.01
9,500 Daiwa IndustriesØ
72
0.01
58 Daiwa Office Investment
199
0.02
314
Daiwa Securities Living 
Investments
196
0.02
15,500 Daiwabo
235
0.02
24,200 DCMØ
161
0.02
4,900 Demae-Can
11
0.00
16,900 Dena
173
0.02
14,400 Denka
214
0.02
7,000 DescenteØ
156
0.02
9,000 DexerialsØ
154
0.02
13,800 DIC
197
0.02
1,400 Digital Arts
45
0.00
6,700 Digital Garage
140
0.01
6,500 Dip
127
0.01
3,200 Direct Marketing MiX
15
0.00
20,100 DMG Mori
273
0.03
7,200 Doshisha
91
0.01
4,500 Doutor Nichires
52
0.01
11,200 Dowa
278
0.03
4,800 DTS
88
0.01
8,300 Duskin
146
0.02
1,600 DyDo Group
44
0.00
2,000 Earth
55
0.01
17,000 Ebara
637
0.07
10,000 EDIONØ
79
0.01
8,500 eGuarantee
89
0.01
3,900 Eiken Chemical
33
0.00
1,900 Eizo
49
0.01
5,800 Elan
28
0.00
5,900 Elecom
47
0.00
7,000 EM Systems
30
0.00
3,800 en Japan
51
0.01
NM0923U-3094429-276/477

ACS WORLD SMALL CAP ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
276
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
3,400 eRex
21
0.00
7,500 ES-Con JapanØ
34
0.00
13,300 euglenaØ
65
0.01
4,500 Exedy
59
0.01
7,600 Ezaki Glico
157
0.02
11,700 Fancl
153
0.02
4,600 FCC
47
0.00
7,000 Ferrotec
139
0.01
10,100 Financial Products
70
0.01
9,500 FP
152
0.02
9,100 FreeeØ
162
0.02
106
Frontier Real Estate 
Investment
270
0.03
11,400 Fuji
158
0.02
5,500 Fuji Co
55
0.01
2,800 Fuji KyukoØ
84
0.01
6,000 Fuji Media
49
0.01
6,100 Fuji Oil
66
0.01
5,400 Fuji Seal International
45
0.00
8,800 Fuji Soft
223
0.02
1,300 Fujicco
13
0.00
38,400 Fujikura
252
0.03
10,800 FujimiØ
208
0.02
1,800 Fujimori Kogyo
35
0.00
7,500 Fujio FoodØ
60
0.01
11,500 FujitecØ
230
0.02
10,800 Fujitsu General
185
0.02
700 Fujiya
9
0.00
600 Fukui Computer
9
0.00
30,900 Fukuoka Financial
502
0.05
81 Fukuoka REITØ
73
0.01
1,700 Fukushima Galilei
50
0.01
3,500 Fukuyama Transporting
76
0.01
3,500 Fullcast
42
0.00
4,700 Funai Soken
65
0.01
9,400 Furukawa
80
0.01
13,000 Furukawa Electric
180
0.02
5,500 Fuso Chemical
135
0.01
7,600 Future Corporation
71
0.01
3,300 Fuyo General Lease
199
0.02
5,400 G-7
39
0.00
600 Genky DrugStores
14
0.00
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
1,700 Geo
17
0.00
2,100 Giken
23
0.00
241
Global One Real Estate 
Investment
150
0.02
2,800 GLOBERIDE
35
0.00
6,100 Glory
96
0.01
9,100 GMO Financial
35
0.00
600 GMO Financial Gate
38
0.00
1,700 GMO GlobalSignØ
29
0.00
12,800 GMO internet
192
0.02
13,400 GNI
102
0.01
3,500 Goldcrest
34
0.00
4,100 Goldwin
273
0.03
13,900 GREE
48
0.01
13,100 GS Yuasa
201
0.02
5,900 G-Tekt
55
0.01
6,100
GungHo Online 
Entertainment
94
0.01
65,300 Gunma Bank
188
0.02
1,800 Gunze
44
0.00
11,100 H2O Retailing
89
0.01
66,300 Hachijuni Bank
226
0.02
2,500 Hakuto
75
0.01
2,100 Halows
44
0.00
2,500 Hamakyorex
52
0.01
145 Hankyu Hanshin REIT
114
0.01
7,100 Hanwa
176
0.02
10,400 Harmonic Drive Systems
262
0.03
40,700 Haseko
394
0.04
22,900 Hazama Ando
134
0.01
11,300 Heiwa
154
0.02
6,300 Heiwa Real Estate
131
0.01
179 Heiwa Real Estate REIT
142
0.01
3,700 Heiwado
43
0.00
4,200 Hiday Hidaka
54
0.01
60,800 Hino Motors
203
0.02
1,200 Hioki EE
61
0.01
1,200 Hirata
56
0.01
49,400 Hirogin
220
0.02
9,400 HIS
105
0.01
10,100 Hisamitsu Pharmaceutical
208
0.02
33,600 Hitachi Zosen
174
0.02
NM0923U-3094429-277/477

ACS WORLD SMALL CAP ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
277
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
2,500 Hogy Medical
43
0.00
3,400 Hokkoku FinancialØ
77
0.01
15,500 Hokuetsu
73
0.01
25,000 Hokuhoku Financial
157
0.02
3,900 Hokuto
39
0.00
6,900 Horiba
310
0.03
42 Hoshino Resorts REIT
141
0.01
7,200 Hosiden
71
0.01
11,600 House Foods
203
0.02
272 Hulic REIT
239
0.03
53,100 Hyakugo Bank
120
0.01
1,800 Ichibanya
54
0.01
32,100 Ichigo
48
0.01
156
Ichigo Office REIT 
Investment
76
0.01
7,700 Idec
138
0.01
10,700 IDOMØ
51
0.01
26,900 IHI
572
0.06
10,400 Iino Kaiun Kaisha
48
0.01
9,900 Inaba Denki Sangyo
177
0.02
5,600 Inabata
99
0.01
8,300 Inageya
67
0.01
428
Industrial & Infrastructure 
Fund Investment
354
0.04
2,900 Infocom
36
0.00
24,700 Infomart
44
0.00
4,700
Information Services 
International-Dentsu
129
0.01
29,260 Infroneer
217
0.02
6,200 Insource
40
0.00
21,500 Internet Initiative Japan
317
0.03
996 Invincible Investment
310
0.03
2,500 Iriso Electronics
57
0.01
60,700 Isetan Mitsukoshi
485
0.05
8,200 Ito En
178
0.02
143
Itochu Advance Logistics 
Investment
105
0.01
2,100 ITOCHU-SHOKUHIN
60
0.01
18,900 Itoham Yonekyu
75
0.01
7,900 Iwatani
328
0.03
61,100 Iyogin
270
0.02
4,100 Izumi
77
0.01
40,800 J Front Retailing
307
0.03
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
27,500 J TrustØ
64
0.01
3,200 JAC Recruitment
45
0.00
3,100 Jaccs
85
0.01
11,700 Jafco
118
0.01
11,600 Japan Airport TerminalØ
411
0.04
10,600
Japan Aviation Electronics 
Industry
174
0.02
77,400 Japan DisplayØ
17
0.00
12,100 Japan Elevator Service
124
0.01
245 Japan Excellent
168
0.02
847
Japan Hotel REIT 
Investment
340
0.04
7,600 Japan Lifeline
43
0.00
165 Japan Logistics
281
0.03
13,100 Japan MaterialØ
170
0.02
155
Japan Prime Realty 
Investment
295
0.03
2,900 Japan Pulp & Paper
77
0.01
11,600 Japan Securities Finance
71
0.01
12,100 Japan Steel Works
203
0.02
7,600 Japan Wool Textile
43
0.00
12,200 JCR Pharmaceuticals
85
0.01
2,500 JCU
46
0.00
17,400 JDC
54
0.01
8,800 Jeol
245
0.03
41,100 JGC
419
0.04
1,700 JINS
28
0.00
6,100 JMDCØ
190
0.02
900 J-Oil Mills
8
0.00
2,800 Joshin Denki
30
0.00
7,200 Joyful Honda
67
0.01
36,800 JTEKT
262
0.03
1,200 JTOWERØ
45
0.00
7,600 Juroku Financial
129
0.01
6,300 Justsystems
138
0.01
18,300 Kadokawa
344
0.04
2,700 Kaga Electronics
94
0.01
12,600 Kagome
216
0.02
27,200 Kakaku.com
306
0.03
3,800 Kaken Pharmaceutical
75
0.01
1,700 Kameda Seika
40
0.00
17,100 Kamigumi
304
0.03
NM0923U-3094429-278/477

ACS WORLD SMALL CAP ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
278
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
3,900 Kanamoto
47
0.00
24,200 Kandenko
153
0.02
9,200 Kaneka
202
0.02
16,300 Kanematsu
179
0.02
31,000 Kansai Paint
358
0.04
7,500 Kanto Denka KogyoØ
40
0.00
8,200 Kappa CreateØ
69
0.01
5,600 Katakura Industries
50
0.01
10,200 Katitas
138
0.01
2,900 Kato Sangyo
62
0.01
27,700
Kawasaki Heavy 
Industries
555
0.06
2,200
KeePer Technical 
LaboratoryØ
59
0.01
18,600 Keihan
385
0.04
5,200 Keihanshin Building
33
0.00
45,800 Keikyu
319
0.03
2,800 Keiyo
12
0.00
17,700 Keiyo Bank
51
0.01
162 Kenedix Office Investment
307
0.03
217
Kenedix Residential Next 
Investment
275
0.03
104 Kenedix Retail REIT
165
0.02
17,100 Kewpie
220
0.02
2,700 KFC Japan
42
0.00
4,200 KH Neochem
54
0.01
22,800 Kinden
242
0.03
1,900 Kintetsu Department Store
26
0.00
3,100 Kisoji
41
0.00
6,300 Kissei Pharmaceutical
99
0.01
1,200 Ki-Star Real Estate
32
0.00
9,600 Kitz
57
0.01
14,600 Kiyo BankØ
117
0.01
4,500 Koa
44
0.00
68,800 Kobe Steel
496
0.04
3,100 Kohnan Shoji
59
0.01
16,400 KOKUYO
177
0.02
5,900 KOMEDA
87
0.01
3,800 Komeri
61
0.01
76,200 Konica Minolta
208
0.02
4,600 Konishi
57
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
7,200 Konoike Transport
65
0.01
12,500 Koshidaka
82
0.01
3,600 Kotobuki Spirits
207
0.02
22,400 K's Holdings
154
0.02
4,500 Kumagai Gumi
75
0.01
10,200 Kumiai Chemical Industry
62
0.01
2,600 Kura Sushi
43
0.00
48,700 Kuraray
372
0.04
3,600 Kureha
161
0.02
3,100 Kusuri no Aoki
137
0.01
2,300 KYB
63
0.01
1,700 Kyoei Steel
19
0.00
4,700 Kyokuto Kaihatsu Kogyo
45
0.00
4,900 Kyorin
47
0.00
5,800 Kyoritsu MaintenanceØ
173
0.02
15,800 Kyowa Exeo
250
0.03
8,900 Kyudenko
187
0.02
66,400 Kyushu Financial
220
0.02
23,000 Kyushu Railway
389
0.04
307 LaSalle Logiport REIT
253
0.03
37,000 Leopalace21Ø
54
0.01
6,400 Life
106
0.01
8,800 Lifenet Insurance
52
0.01
2,800 Link And Motivation
7
0.00
5,400 Lintec
67
0.01
40,100 Lion
294
0.03
3,000 LITALICO
38
0.00
1,800 M&A Capital Partners
33
0.00
1,400 M&A Research InstituteØ
87
0.01
9,100 Mabuchi Motor
199
0.02
9,000 Macnica Fuji Electronics
292
0.03
2,300 Maeda Kosen
40
0.00
3,000 Makino Milling MachineØ
91
0.01
2,800 Management Solutions
62
0.01
4,600 Mandom
36
0.00
13,800 MANI
128
0.01
5,000 Maruha Nichiro
66
0.01
33,200 Marui
455
0.05
10,900 Maruichi Steel Tube
196
0.02
2,800 Maruka FurusatoØ
35
0.00
1,700 Maruwa Co
206
0.02
4,900 Maruwa Unyu KikanØ
52
0.01
NM0923U-3094429-279/477

ACS WORLD SMALL CAP ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
279
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
2,300 Maruzen Showa Unyu
49
0.01
2,600 Matsuda Sangyo
32
0.00
31,500 Matsui Securities
137
0.01
2,500 Matsuyafoods
56
0.01
4,200 Max
60
0.01
5,800 Maxell
51
0.01
3,900 Maxvalu Tokai
59
0.01
8,400 MCJ
46
0.00
203,900 Mebuki Financial
381
0.04
37,300 MediPal
479
0.05
5,100 Medley
149
0.02
2,300 Megachips
47
0.00
12,800 Megmilk Snow Brand
136
0.01
4,300 Meidensha
47
0.00
2,600 Meiko Electronics
38
0.00
13,100 MeitecØ
177
0.02
1,600 Melco
28
0.00
10,400 Menicon
142
0.01
19,000 Mercari
348
0.04
3,700 METAWATER
37
0.00
5,000 Micronics Japan
55
0.01
2,200 Midac
18
0.00
18,500 Mie Kotsu
58
0.01
5,300 Milbon
142
0.01
2,900
Mimasu Semiconductor 
Industry
49
0.01
11,200 Miraca
168
0.02
449 MiraiØ
113
0.01
15,500 Mirait
153
0.02
2,100 Mitani Sekisan
56
0.01
102
Mitsubishi Estate Logistics 
REIT Investment
230
0.02
28,000 Mitsubishi Gas Chemical
320
0.03
12,800 Mitsubishi Logisnext
93
0.01
10,300 Mitsubishi Logistics
200
0.02
23,000 Mitsubishi Materials
325
0.03
130,800 Mitsubishi Motors
358
0.04
5,000 Mitsubishi Pencil
46
0.00
2,600
Mitsubishi Research 
Institute
78
0.01
2,700 Mitsubishi Shokuhin
55
0.01
4,100 Mitsuboshi Belting
98
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
5,100 Mitsui DM Sugar
77
0.01
98
Mitsui Fudosan Logistics 
Park
267
0.03
3,900 Mitsui High-TecØ
208
0.02
11,100 Mitsui Mining & Smelting
201
0.02
3,000 Mitsui-Soko
57
0.01
8,900 Mitsuuroko Group
67
0.01
15,700 Miura
321
0.03
5,500 Mixi
80
0.01
6,400 Mizuho Leasing
164
0.02
3,100 Mizuno
63
0.01
3,100 Mochida Pharmaceutical
56
0.01
3,800 Modec
29
0.00
42,100 Monex
127
0.01
8,000 Money ForwardØ
248
0.03
7,500 Monogatari
142
0.01
262 Mori Hills REIT Investment
211
0.02
543 Mori Trust Sogo REIT
213
0.02
4,800 Morinaga & Co
118
0.01
7,400 Morinaga Milk
191
0.02
4,600 Morita
39
0.00
3,100 MOS Food Services
55
0.01
5,800 Musashi Seimitsu Industry
56
0.01
4,400 Musashino Bank
52
0.01
21,500 Nabtesco
371
0.04
1,900 Nachi-FujikoshiØ
42
0.00
6,300 NAFCOØ
65
0.01
3,000 Nagaileben
36
0.00
17,900 Nagase
234
0.02
900 NagawaØ
34
0.00
33,000 Nagoya Railroad
416
0.04
13,100 Nakanishi
227
0.02
20,700 Nankai Electric Railway
364
0.04
4,000 Nanto Bank
53
0.01
15,000
NEC Networks & System 
Integration
162
0.02
17,200 Net One Systems
296
0.03
9,400 NextageØ
143
0.02
29,800 NGK Spark Plug
470
0.05
16,800 NH Foods
358
0.04
36,100 NHK Spring
207
0.02
11,800 Nichias
193
0.02
NM0923U-3094429-280/477

ACS WORLD SMALL CAP ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
280
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
6,500 Nichicon
54
0.01
1,100 Nichiden
14
0.00
3,100 Nichiha
52
0.01
21,200 Nichirei
357
0.04
13,000 Nifco
302
0.03
16,300 Nihon Kohden
342
0.04
51,300 Nihon M&A Center
308
0.03
20,800 Nihon Parkerizing
121
0.01
15,000 Nihon Unisys
289
0.03
6,500 Nikkiso
32
0.00
7,400 Nikkon
116
0.01
53,200 Nikon
540
0.06
6,000 Nippn
60
0.01
88 Nippon Accommodations
311
0.03
1,800 Nippon Carbon
43
0.00
2,700 Nippon Ceramic
40
0.00
4,300 Nippon Densetsu Kogyo
46
0.00
13,800 Nippon Electric Glass
191
0.02
19,300 Nippon Gas
213
0.02
3,100 Nippon Kanzai
44
0.00
27,100 Nippon Kayaku
182
0.02
7,100 Nippon Light Metal
56
0.01
12,600 Nippon Paper Industries
81
0.01
48,000
Nippon Parking 
Development
59
0.01
91 NIPPON REIT Investment
169
0.02
1,000 Nippon Road
51
0.01
6,000 Nippon Seiki
32
0.00
5,400 Nippon Shokubai
158
0.02
8,000 Nippon Signal
47
0.00
2,600 Nippon Soda
73
0.01
54,900 Nippon Suisan Kaisha
194
0.02
6,700 Nippon Television
50
0.01
24,700 Nipro
137
0.01
5,700 Nishimatsu Construction
109
0.01
5,300 Nishimatsuya Chain
49
0.01
25,200 Nishi-Nippon Financial
175
0.02
12,200 Nishi-Nippon Railroad
163
0.02
2,500 Nishio Rent All
46
0.00
9,900 Nissan Shatai
45
0.00
4,900 Nissha
45
0.00
7,100 Nisshin Oillio Group
132
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
26,900 Nisshinbo
175
0.02
2,900 Nitta
48
0.01
3,500 Nittetsu Mining
85
0.01
3,000 Nitto Boseki
37
0.00
3,900 Nitto Kogyo
76
0.01
2,000 Noevir
60
0.01
3,500 Nohmi Bosai
35
0.00
7,800 Nojima
58
0.01
11,000 NOKØ
126
0.01
9,900 Nomura
53
0.01
2,200 Noritake Co
66
0.01
2,900 Noritsu Koki
37
0.00
4,000 Noritz
39
0.00
70,200 North Pacific Bank
109
0.01
7,600 NS Solutions
166
0.02
3,100 NS United Kaiun KaishaØ
58
0.01
13,400 NSD
211
0.02
77,000 NSK
386
0.04
50,800 NTN
84
0.01
226 NTT UD REIT InvestmentØ
167
0.02
2,000 ObaraØ
45
0.00
4,400
OBIC Business 
Consultants
126
0.01
9,000 Ogaki Kyoritsu Bank
91
0.01
1,600 Ohsho Food Service
58
0.01
1,400 Oiles
15
0.00
3,100 Oisix ra daichiØ
42
0.00
1,800 Okamoto Industries
38
0.00
7,000 Okamura
73
0.01
39,700 Okasan Securities
103
0.01
10,500 Oki Electric Industry
51
0.01
3,600
Okinawa Cellular 
Telephone
59
0.01
2,900 Okinawa Financial
33
0.00
4,800 OKUMA
201
0.02
6,200 Okumura
137
0.01
27 One REIT
37
0.00
4,600 Open DoorØ
32
0.00
4,200 Optex
46
0.00
8,900 Optorun
118
0.01
5,200 OrganoØ
120
0.01
6,550 Orient
40
0.00
NM0923U-3094429-281/477

ACS WORLD SMALL CAP ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
281
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
497 Orix JREIT
481
0.05
1,900
Osaka Organic Chemical 
Industry
30
0.00
3,200 Osaka SodaØ
95
0.01
5,000
OSAKA Titanium 
TechnologiesØ
80
0.01
15,800 OSG
178
0.02
23,200 Outsourcing
172
0.02
6,200 Pacific Industrial
44
0.00
5,400 Pacific Metals
45
0.00
5,200 PAL GROUPØ
110
0.01
6,100 Paltac
159
0.02
4,700 Paramount Bed
61
0.01
25,000 Park24
267
0.03
3,300 Pasona
30
0.00
51,100 Penta-Ocean Construction
215
0.02
18,300 PeptiDream
214
0.02
2,700
Pharma Foods 
International
31
0.00
6,500 PHC
55
0.01
24,900 Pigeon
270
0.03
5,100 PilotØ
127
0.01
4,900 Piolax
58
0.01
5,600 PKSHA TechnologyØ
94
0.01
2,500 Plus Alpha Consulting
45
0.00
19,000 Pola Orbis
218
0.02
7,600 Pressance
84
0.01
12,200 Prestige International
40
0.00
3,200 Prima Meat Packers
38
0.00
5,500 Raito Kogyo
60
0.01
1,400 Raiznext
11
0.00
5,800 RaksulØ
43
0.00
15,700 Rakus
208
0.03
18,100 Relo
193
0.02
34,200 Rengo
166
0.02
4,500 Renova
40
0.00
14,600 Resorttrust
170
0.02
5,400 Restar
72
0.01
4,700 Retail PartnersØ
41
0.00
2,200 Ricoh Leasing
50
0.01
2,500 Riken Keiki
78
0.01
5,500 Riken Vitamin
64
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
3,400 Ringer Hut
46
0.00
19,200 Rinnai
329
0.03
1,700 Riso Kagaku
22
0.00
26,700 Riso Kyoiku
38
0.00
32,400 Rohto Pharmaceutical
573
0.06
1,700 Roland
38
0.00
2,500 RorzeØ
158
0.02
33,900 Round One
105
0.01
3,800 Royal
55
0.01
2,600 RS Technologies
45
0.00
42,400 Ryohin Keikaku
329
0.03
3,500 Ryosan
83
0.01
4,700 Ryoyo Electro
92
0.01
2,300 S Foods
39
0.00
2,900 Saibu Gas
33
0.00
3,700 Saizeriya
74
0.01
1,400 Sakai Moving Service
38
0.00
7,300 Sakata INX
48
0.01
6,900 Sakata Seed
157
0.02
3,900 SAMTYØ
48
0.01
62
Samty Residential 
Investment
40
0.00
4,800 San-A
119
0.01
3,900 SanBio
13
0.00
5,800 Sangetsu
79
0.01
30,100 San-In Godo Bank
132
0.01
3,800 Sanken Electric
279
0.03
5,200 Sanki Engineering
43
0.00
8,000 Sankyo
254
0.03
9,100 Sankyu
236
0.02
9,100 Sanrio
306
0.03
14,300 Sansan
131
0.01
60,200 Santen Pharmaceutical
403
0.04
36,900 Sanwa
376
0.04
1,500 Sanyo Chemical Industries
35
0.00
1,100 Sanyo Denki
46
0.00
5,400 Sanyo Special Steel
84
0.01
11,300 Sapporo
229
0.02
3,300 Sato
35
0.00
8,800 Sawai
174
0.02
2,000 SB Technology
28
0.00
2,400 SBS
42
0.00
NM0923U-3094429-282/477

ACS WORLD SMALL CAP ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
282
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
7,700 Screen
681
0.07
26,900 Sega Sammy
452
0.05
45,600 Seibu
369
0.04
3,300 Seiko
47
0.00
24,500 Seino
274
0.03
5,300 Seiren
71
0.01
802 Sekisui House REIT
367
0.04
3,500 Sekisui Jushi
44
0.00
13,600 Senko Group
77
0.01
18,700 SepteniØ
41
0.00
5,800 Seria
73
0.01
108,500 Seven Bank
168
0.02
2,900 Shibaura Machine
77
0.01
2,400 Shibuya
34
0.00
2,200 ShiftØ
315
0.04
8,400 Shiga BankØ
124
0.01
5,600 Shikoku Chemicals
46
0.00
3,700 Shima Seiki
37
0.00
3,700 Shimamura
275
0.03
5,400
Shin Nippon Biomedical 
LaboratoriesØ
63
0.01
7,100 Shin-Etsu Polymer
59
0.01
12,800 Shinko Electric Industries
409
0.04
7,700 Shinmaywa Industries
57
0.01
4,150 Shinsei Bank
64
0.01
14,100 Ship Healthcare
183
0.02
7,100 Shizuoka GasØ
45
0.00
6,700 SHO-BOND
209
0.02
1,200 Shochiku
72
0.01
9,800 ShoeiØ
142
0.01
1,900 Shoei Foods
44
0.00
30,400 Showa Denko
386
0.04
2,500 Showa Sangyo
37
0.00
5,100 Siix
44
0.00
4,600 Simplex
66
0.01
38,400 SKY Perfect JSAT
120
0.01
42,600 Skylark
419
0.04
11,400 SMS
179
0.02
4,800 Snow PeakØ
49
0.01
69,500 Sohgo Security Services
309
0.03
43,480 Sojitz
754
0.08
6,600 Solasto
24
0.00
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
13,700 Sosei Group
112
0.01
126 SOSiLA Logistics REIT
90
0.01
13,600 Sotetsu
188
0.02
4,620 Sparx
38
0.00
8,000 S-PoolØ
23
0.00
1,000 SRE
21
0.00
22,200 Stanley Electric
352
0.04
325 Star Asia Investment
105
0.01
4,400 Star Micronics
43
0.00
3,800 Starts
61
0.01
31 Starts Proceed Investment
39
0.00
1,800 Strike
34
0.00
6,600 Sugi
231
0.02
6,600 Sumitomo Bakelite
215
0.02
25,200
Sumitomo Dainippon 
Pharma
88
0.01
4,300 Sumitomo Densetsu
73
0.01
28,400 Sumitomo Forestry
541
0.06
20,000
Sumitomo Heavy 
Industries
376
0.04
18,600
Sumitomo Mitsui 
ConstructionØ
38
0.00
4,400 Sumitomo Osaka Cement
91
0.01
8,100 Sumitomo Riko
38
0.00
28,000
Sumitomo Rubber 
Industries
213
0.02
7,000 Sumitomo WarehouseØ
90
0.01
7,500 Sun Frontier Fudousan
58
0.01
11,500 Sundrug
268
0.03
44,700 Suruga Bank
141
0.01
21,100 Sushiro Global
322
0.03
11,400 Suzuken
243
0.03
34,400 Systena
55
0.01
4,100 T Hasegawa
77
0.01
12,300 Tadano
77
0.01
3,500 Taihei Dengyo Kaisha
81
0.01
19,600 Taiheiyo Cement
304
0.03
3,100 Taikisha
69
0.01
7,600 Taisho Pharmaceutical
225
0.02
9,600 Taiyo
140
0.01
20,600 Taiyo Yuden
460
0.05
900 Takamatsu Construction
13
0.00
28,600 Takara
182
0.02
NM0923U-3094429-283/477

ACS WORLD SMALL CAP ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
283
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
6,100 Takara Bio
55
0.01
148
Takara Leben Real Estate 
InvestmentØ
78
0.01
4,600 Takara Standard
46
0.00
3,400 Takasago International
50
0.01
5,800
Takasago Thermal 
Engineering
76
0.01
24,600 TakashimayaØ
271
0.03
7,400 Takeuchi Manufacturing
179
0.02
16,700 Takuma
135
0.01
2,900 Tama Home
52
0.01
4,900 Tamron
107
0.01
4,500 TechMatrix
46
0.00
20,800 TechnoPro
353
0.04
29,300 Teijin
231
0.02
1,000 Tenma
14
0.00
3,800 T-Gaia
36
0.00
22,600 THK
363
0.04
3,700 TKC
78
0.01
4,000 TKPØ
60
0.01
4,600 TOA
78
0.01
12,200 Toagosei
86
0.01
8,700 TOC
30
0.00
7,200 Tocalo
59
0.01
44,000 Toda
194
0.02
800 Toei
80
0.01
1,200 Toei Animation
87
0.01
400 Toenec
8
0.00
7,000 Toho
101
0.01
34,500 Toho Bank
43
0.00
13,800 Toho Gas
188
0.02
4,300 Toho TitaniumØ
41
0.00
41,500 Tokai Carbon
299
0.03
3,100 TOKAI Corporation
32
0.00
12,400 TOKAI Holdings
61
0.01
6,600 Tokai Rika
77
0.01
24,800 Tokai Tokyo Financial
52
0.01
900 Token
36
0.00
400 Tokushu Tokai Paper
7
0.00
13,100 Tokuyama
170
0.02
4,400
Tokyo Broadcasting 
System
63
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
7,800 Tokyo Century
220
0.02
5,700 Tokyo Ohka Kogyo
273
0.03
6,900 Tokyo SeimitsuØ
298
0.03
10,800
Tokyo Steel 
ManufacturingØ
80
0.01
35,000 Tokyo Tatemono
354
0.04
2,000 Tokyotokeiba
43
0.00
10,200 Tokyu Construction
41
0.00
107,600 Tokyu Fudosan
484
0.05
158 Tokyu REITØ
166
0.02
24,300 TOMONY
48
0.01
18,100 TomyØ
179
0.03
19,000 Topcon
219
0.02
4,800 Topre
42
0.00
9,400 Toridoll
161
0.02
4,500 Torii Pharmaceutical
89
0.01
7,000 Tosei
67
0.01
3,300 Toshiba TEC
74
0.01
3,200 Totetsu Kogyo
47
0.00
3,300 Towa Pharmaceutical
32
0.00
12,800 Toyo Construction
76
0.01
700 Toyo GoseiØ
39
0.00
4,600 Toyo Ink SCØ
55
0.01
23,900 Toyo Seikan
276
0.03
16,400 Toyo Suisan Kaisha
583
0.06
1,600 Toyo Tanso
45
0.00
20,800 Toyo Tire
216
0.02
10,200 Toyobo
57
0.01
13,300 Toyoda Gosei
198
0.02
13,200 Toyota BoshokuØ
185
0.02
900 Trancom
32
0.00
3,100 Transcosmos
60
0.01
5,600 TRE
38
0.00
3,300 Tri Chemical Laboratories
50
0.01
11,600 Trusco Nakayama
144
0.02
16,200 TS Tech
160
0.02
6,700 Tsubakimoto Chain
134
0.01
6,500 Tsuburaya Fields
106
0.01
5,200 Tsugami
39
0.00
10,800 Tsumura
157
0.02
6,800 Tsuruha
398
0.04
4,100 TV Asahi
37
0.00
NM0923U-3094429-284/477

ACS WORLD SMALL CAP ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
284
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
8,800 UACJ
131
0.01
16,000 Ube Industries
216
0.02
8,800 Ulvac
293
0.03
1,500 Union ToolØ
26
0.00
3,700 United Arrows
50
0.01
7,100 United Super Markets
43
0.00
513 United Urban Investment
407
0.04
3,200 Universal EntertainmentØ
43
0.00
5,000 Usen-NextØ
92
0.01
19,000 Ushio
201
0.02
6,500 UT
107
0.01
4,500 Valor
49
0.01
2,400 ValueCommerce
18
0.00
8,500 VectorØ
62
0.01
8,500 Vision Inc/Tokyo Japan
85
0.01
4,700 VisionalØ
204
0.02
25,500 VT
76
0.01
9,400 Wacoal
148
0.02
19,100 WacomØ
61
0.01
10,300 Wakita
73
0.01
2,000 WDB
23
0.00
11,600 WealthNavi
85
0.01
1,300 Weathernews
47
0.00
2,900 West
40
0.00
5,200 WingArc1st
67
0.01
3,000 WorkmanØ
85
0.01
11,200 W-Scope
80
0.01
5,900 YAMABIKO
50
0.01
108,400 Yamada Denki
251
0.03
38,600 Yamaguchi Financial
204
0.02
5,500 YA-MANØ
30
0.00
7,300 Yamato Kogyo
244
0.03
20,300 Yamazaki Baking
216
0.02
7,300 Yamazen
44
0.00
4,200 Yaoko
166
0.02
4,100 Yellow Hat
41
0.00
3,200 Yodogawa Steel Works
59
0.01
4,100 Yokogawa Bridge
57
0.01
8,300 Yokohama Reito
53
0.01
23,900 Yokohama Rubber
410
0.04
2,900 Yokowo
29
0.00
12,100 Yonex
92
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
11,700 Yoshinoya
163
0.02
2,500 Yuasa Trading
60
0.01
7,700 Yurtec
36
0.00
10,400 Zenkoku Hosho
284
0.03
1,300 Zenrin
7
0.00
17,100 Zensho
598
0.06
24,800 Zeon
188
0.02
3,600 ZERIA Pharmaceutical
48
0.01
4,500 Zojirushi
43
0.00
2,400 Zuken
51
0.01
110,855
11.44
Kazakhstan - 0.02%; 31.12.22 0.02%    
3,506 FreedomØ
231
0.02
Kyrgyzstan - 0.02%; 31.12.22 0.02%    
44,860 Centerra Gold
206
0.02
Macau - 0.02%; 31.12.22 0.07%    
382,500
MECOM Power and 
ConstructionØ
38
0.00
518,750 SJMØ
175
0.02
213
0.02
Singapore - 0.66%; 31.12.22 0.80%    
31,700 AEM
69
0.01
153,076 AIMS APAC REIT
110
0.01
200,500 Ascendas India Trust
132
0.01
403,300 Ascott Residence Trust
254
0.03
10,717 BW LPG
85
0.01
234,300 CapitaLand China Trust
138
0.01
23,859 CapitaLand India Trust
1
0.00
184,400 CDL Hospitality Trusts
130
0.01
440,100 ComfortDelGro
298
0.03
1,149,249 ESR-REIT
224
0.02
154,000 Far East Hospitality Trust
56
0.01
222,400 Frasers Centrepoint Trust
283
0.03
169,100 Frasers Hospitality Trust
46
0.00
529,500
Frasers Logistics & 
Commercial Trust
383
0.04
58,200 Frencken
31
0.00
44,809 Hafnia
172
0.02
50,400 Hour Glass
58
0.01
17,600 iFAST
47
0.00
106,000 IGG
42
0.00
NM0923U-3094429-285/477

ACS WORLD SMALL CAP ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
285
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
3,081 Kenon
57
0.01
253,800 Keppel DC REIT
318
0.03
670,110 Keppel Infrastructure Trust
197
0.02
326,200 Keppel REIT
170
0.02
11,102 Kulicke & Soffa Industries
521
0.05
294,838
Lendlease Global 
Commercial REIT
113
0.01
373,745 Mapletree Industrial Trust
479
0.05
33,600
Nanofilm Technologies 
International
26
0.00
520,600 NetLink NBN Trust
258
0.03
275,900
OUE Commercial Real 
Estate Investment Trust
52
0.01
76,000
Parkway Life Real Estate 
Investment Trust
172
0.02
118,500 Raffles Medical
93
0.01
142,900 Riverstone
50
0.01
96,100
Sasseur Real Estate 
Investment Trust
39
0.00
180,438 SATS
271
0.03
86,000 Sheng Siong
82
0.01
41,600 SIA Engineering
60
0.01
187,900 Singapore Post
49
0.01
169,220 SPH REIT
94
0.01
182,000 Starhill Global REIT
54
0.01
77,000 StarHub
46
0.00
44,700 Straits Trading
53
0.01
397,300
Suntec Real Estate 
Investment Trust
299
0.03
7,173 TDCX ADR
45
0.00
2,876 XP PowerØ
58
0.01
335,800 Yangzijiang Financial
66
0.01
76,400 Yanlord Land
34
0.00
6,315
0.66
South Korea - 0.00%; 31.12.22 0.01%    
5,277 Magnachip Semiconductor
47
0.00
Thailand - 0.08%; 31.12.22 0.07%    
6,984 Fabrinet
710
0.08
CHANNEL ISLANDS - 0.03%; 31.12.22 0.03%    
Guernsey - 0.03%; 31.12.22 0.03%    
101,596
Balanced Commercial 
Property Trust
67
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
69,598
Picton Property Income 
FundØ
49
0.01
99,089
UK Commercial Property 
REIT
48
0.01
164
0.03
EUROPE - 18.57%; 31.12.22 18.66%    
Austria - 0.41%; 31.12.22 0.42%    
941 Agrana Beteiligungs
14
0.00
46,250 AMSØ
259
0.03
11,579 Andritz
501
0.05
5,985
AT&S Austria Technologie 
& SystemtechnikØ
169
0.02
15,744 BAWAG Group
541
0.06
8,620 CA Immobilien AnlagenØ
193
0.02
1,517 DO & COØ
176
0.02
8,102 EVNØ
140
0.01
4,910 ImmofinanzØ
71
0.01
1,687 LenzingØ
65
0.01
1,687 Lenzing RightsØ
5
0.00
6,610 Oesterreichische PostØ
184
0.02
1,911 Palfinger
45
0.00
6,238 Porr
68
0.01
30,995
Raiffeisen Bank 
InternationalØ
384
0.04
5,613 S IMMO Rights^
–
0.00
6,300 S&T
98
0.01
1,747
Schoeller-Bleckmann 
Oilfield Equipment
79
0.01
1,767 Semperit
32
0.00
2,259 Strabag Rights^
–
0.00
24,708 UNIQA Insurance Group
155
0.02
7,417 Vienna Insurance
151
0.02
19,035 Wienerberger
455
0.05
3,785
0.41
Belgium - 0.53%; 31.12.22 0.60%    
3,799 Ackermans & Van Haaren
492
0.05
8,081 Aedifica
382
0.04
18,565 AGFA-GevaertØ
36
0.00
11,812 Barco
233
0.02
6,440 Bekaert
230
0.02
12,710 Bpost
43
0.00
6,414 CofinimmoØ
376
0.04
NM0923U-3094429-286/477

ACS WORLD SMALL CAP ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
286
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
10,198 Colruyt
301
0.03
965
Dredging Environmental & 
Marine Engineering
104
0.01
18,595 Euronav
222
0.02
7,261 Exmar
67
0.01
12,301 Fagron
162
0.02
8,764 Galapagos
281
0.03
866 Immobel
26
0.00
7,690
Intervest Offices & 
WarehousesØ
92
0.01
3,396 Ion Beam Applications
44
0.00
6,268 KBC Ancora
226
0.03
3,753 Kinepolis GroupØ
134
0.01
3,334 Melexis
255
0.03
2,694 Montea
162
0.02
8,373 Ontex Group
48
0.01
34,644 Proximus
201
0.02
5,313 RecticelØ
50
0.01
2,362 Retail EstatesØ
120
0.01
4,520 Shurgard Self StorageØ
161
0.02
9,908 Telenet
175
0.02
4,585 Tessenderlo Group
118
0.01
3,053 VGP
236
0.02
7,616 X-Fab Silicon Foundries
64
0.01
4,208 Xior Student Housing
97
0.01
5,138
0.53
Cyprus - 0.01%; 31.12.22 0.01%    
15,738 Atalaya Mining
50
0.01
Denmark - 0.93%; 31.12.22 0.81%    
22,616 ALK-AbelloØ
194
0.02
138,974 Alm Brand
172
0.02
34,546 AmbuØ
439
0.05
8,758 Bakkafrost
416
0.04
15,604 Bavarian NordicØ
352
0.04
7,883 Better Collective
126
0.01
18,632 Cadeler
62
0.01
1,681 cBrainØ
30
0.00
6,310 Cementir
40
0.00
2,744 Chemometec
149
0.02
5,253 D/S Norden
204
0.02
6,564 Dfds
188
0.02
9,747 FLSmidth & Co
373
0.04
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
22,789 GN Store NordØ
450
0.05
3,912
H. Lundbeck series 'A' 
shares
14
0.00
51,769
H. Lundbeck series 'B' 
shares
193
0.02
27,410 ISS
455
0.05
9,440 Jyske Bank
567
0.06
4,867 Matas
55
0.01
7,388 Netcompany GroupØ
240
0.03
2,925 Nilfisk
42
0.00
8,221 NKT
390
0.04
1,667 NKT
79
0.01
1,221
NTG Nordic Transport 
Group
60
0.01
2,298 Per Aarsleff
88
0.01
5,443 Ringkjoebing Landbobank
614
0.06
8,818 Royal Unibrew
617
0.07
2,585 Schouw & CoØ
161
0.03
6,750 SimCorp
562
0.06
772 Solar
45
0.00
17,302 Spar Nord Bank
214
0.02
12,270 Sydbank
448
0.05
7,748 TopdanmarkØ
300
0.03
1,975 Trifork
30
0.00
9,382 Zealand PharmaØ
257
0.03
8,626
0.93
Finland - 0.47%; 31.12.22 0.56%    
11,634 Aktia BankØ
93
0.01
7,098 Anora GroupØ
30
0.00
6,502 Cargotec
280
0.03
12,359 CaverionØ
90
0.01
17,667 Citycon
88
0.01
84,426 Finnair
42
0.00
23,999 F-Secure
48
0.01
16,493 HuhtamakiØ
429
0.05
3,497 Incap OyjØ
30
0.00
18,146 Kemira
228
0.02
3,380 KempowerØ
97
0.01
19,948 Kojamo
148
0.02
12,764 Konecranes
401
0.04
4,365 Marimekko
34
0.00
8,099 Musti Group
125
0.01
NM0923U-3094429-287/477

ACS WORLD SMALL CAP ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
287
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
28,735 Nokian RenkaatØ
198
0.02
7,033 Oriola
8
0.00
72,362 OutokumpuØ
309
0.03
9,873 Puuilo
61
0.01
3,302 QT Group
213
0.02
4,146 Revenio Group
113
0.01
14,108 Rovio Entertainment
110
0.01
3,111 TalenomØ
19
0.00
21,334 TietoEVRY
465
0.05
5,986 Tokmanni GroupØ
62
0.01
10,169 Uponor
250
0.03
27,407 ValmetØ
602
0.06
17,439 YITØ
32
0.00
4,605
0.47
France - 1.40%; 31.12.22 1.41%    
4,793 AB ScienceØ
17
0.00
8,375 ABC arbitrage
43
0.00
197,757 Air France-KLMØ
293
0.03
382 AKWEL
4
0.00
24,075 ALDØ
201
0.02
500 Altarea
43
0.00
5,226 Alten
647
0.07
5,124
Antin Infrastructure 
Partners
65
0.01
20,561 Atos
232
0.02
1,276 Aubay
52
0.01
4,275 BelieveØ
42
0.00
8,278 Beneteau
110
0.01
4,401 BICØ
199
0.02
308 Boiron
10
0.00
4,501 BonduelleØ
43
0.00
11,150 CarmilaØ
133
0.01
4,823
Casino Guichard 
PerrachonØ
18
0.00
90,415 CGGØ
54
0.01
2,590 Chargeurs
25
0.00
4,994 Cie des Alpes
59
0.01
20,110 Coface
217
0.02
70,980
Cromwell European Real 
Estate Investment Trust
95
0.01
22,591 Derichebourg
98
0.01
25,242 Elior
56
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
32,811 ElisØ
498
0.05
1,756 Eramet
125
0.01
1,276 Esker
153
0.02
17,659
Etablissements Maurel et 
Prom
60
0.01
7,284 EuroapiØ
65
0.01
31,953 Eutelsat CommunicationsØ
165
0.02
29,875 FaureciaØ
555
0.06
2,198 Fnac Darty
65
0.01
6,600 Gaztransport Et Technigaz
523
0.06
5,896 Icade
195
0.02
323 ID LogisticsØ
75
0.01
6,208 ImerysØ
191
0.02
3,840 InterparfumsØ
211
0.02
7,977 IPSOS
349
0.05
11,781 JC Decaux
183
0.02
1,794 Kaufman & Broad
42
0.00
11,326 Korian
65
0.01
2,407 LISIØ
54
0.01
4,025 Maisons du MondeØ
32
0.00
2,729 Manitou BF
58
0.01
3,790 McPhy EnergyØ
28
0.00
14,786 Mercialys
106
0.01
4,815 Mersen
168
0.02
3,213 Metropole Television
36
0.00
11,414 NeoenØ
280
0.03
4,938 NexansØ
337
0.04
7,836 NexityØ
124
0.01
1,333 Peugeot
116
0.01
604 Pharmagest InteractiveØ
44
0.00
10,159 Plastic Omnium
141
0.01
4,393 Quadient
72
0.01
41,390 Rexel
804
0.08
17,813 Rubis SCA
339
0.04
25,997 SCOR
599
0.06
965 SES-imagotagØ
79
0.01
8,379 SMCP
57
0.01
4,776 SOITECØ
631
0.06
2,761 Sopra Steria SACA
433
0.05
24,161 SPIE
613
0.06
6,798 Television Francaise 1
37
0.00
1,386 Trigano
155
0.02
NM0923U-3094429-288/477

ACS WORLD SMALL CAP ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
288
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
17,619 Ubisoft Entertainment
391
0.04
28,174 VallourecØ
262
0.03
21,759 Valneva
125
0.01
12,346 Verallia
363
0.04
2,568 Vicat
64
0.01
1,006 Vilmorin & CieØ
54
0.01
863 Virbac
199
0.02
8,086 Voltalia
103
0.01
1,649 Wavestone
70
0.01
13,250
1.40
Georgia - 0.04%; 31.12.22 0.04%    
7,293 Bank of Georgia
215
0.02
8,558 TBC Bank
213
0.02
428
0.04
Germany - 1.92%; 31.12.22 1.91%    
5,616 1&1 Drillisch
48
0.01
4,777 About You
19
0.00
411 Adesso
43
0.00
3,486 ADVA Optical Networking
59
0.01
20,065 AIXTRONØ
533
0.06
1,274 Amadeus Fire
121
0.01
20,063 ATAI Life Sciences
26
0.00
908 Atoss Software
163
0.02
3,911
AURELIUS Equity 
Opportunities SE
60
0.01
5,883 Aurubis
396
0.04
22,563 Auto1Ø
163
0.02
1,596 Basler
23
0.00
1,794 BayWa
58
0.01
1,726 Bertrandt
71
0.01
5,676 Bilfinger
172
0.02
11,242 Borussia Dortmund GmbH
42
0.00
5,694 CANCOM
135
0.01
20,403 CeconomyØ
40
0.00
1,312 Cewe StiftungKGAA
102
0.01
4,022 CompuMedical
156
0.02
8,591 CropEnergies
74
0.01
11,025 CTS Eventim AG
540
0.05
18,876 CureVac
164
0.02
1,057 Datagroup
53
0.01
4,265 Dermapharm
164
0.02
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
1,673 Deutsche Beteiligungs
42
0.00
3,143 Deutsche EuroShop
56
0.01
24,039 Deutsche Pfandbriefbank
137
0.01
31,836 Deutz
146
0.02
5,633 DIC Asset
25
0.00
1,093
Draegerwerk AG non-
voting preference shares
41
0.00
212 Draegerwerk AG
7
0.00
9,260 Duerr
234
0.02
4,032
Eckert & Ziegler Strahlen- 
und Medizintechnik
125
0.01
387
Einhell Germany non-
voting preference shares
49
0.01
2,016 Elmos Semiconductor
129
0.01
4,011 ElringKlinger
28
0.00
24,038 EncavisØ
308
0.03
1,013 EnergiekontorØ
60
0.01
25,114 EvotecØ
442
0.05
5,051 Fielmann
210
0.02
9,807 flatexDEGIRO
76
0.01
6,229 Fraport
262
0.03
22,985 Freenet
453
0.05
11,808
Fuchs Petrolub non-voting 
preference shares
363
0.04
5,817 GerresheimerØ
514
0.05
2,196 GFT Technologies
49
0.01
16,949 Grand City Properties
104
0.01
6,201 GRENKE
143
0.02
17,139 Hamborner REIT
95
0.01
3,645
Hamburger Hafen und 
Logistik
36
0.00
33,208
Heidelberger 
Druckmaschinen
40
0.00
8,874 HensoldtØ
226
0.02
3,819 Hochtief
258
0.03
1,220 Hornbach
75
0.01
9,775 Hugo BossØ
597
0.06
1,156 Hypoport
164
0.02
5,525 Indus
120
0.01
5,972 Instone Real Estate Group
28
0.00
9,328 Jenoptik
251
0.03
1,799 JOST Werke
76
0.01
NM0923U-3094429-289/477

ACS WORLD SMALL CAP ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
289
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
10,261
Jungheinrich non-voting 
preference sharesØ
292
0.03
32,568 K & S
445
0.05
12,747 Kion
400
0.04
9,508 Kloeckner & Co
72
0.01
2,500 Krones
237
0.02
13,478 Lanxess
322
0.03
731 MBB
50
0.01
1,653 Medios
22
0.00
5,522 Mercer International
34
0.00
27,139 MetroØ
174
0.02
5,065 Montana Aerospace
64
0.01
7,399 MorphoSys
171
0.02
1,346 NagarroØ
90
0.01
21,858 Nordex
211
0.02
7,150 Norma Group
104
0.01
4,098 Northern Data
79
0.01
1,254 OHB
34
0.00
13,073 Orion Engineered Carbons
216
0.02
8,130 PATRIZIA
76
0.01
502
Pfeiffer Vacuum 
TechnologyØ
64
0.01
7,293 PNE
88
0.01
28,364 ProSiebenSat.1 MediaØ
211
0.02
2,512 PVA TePla
41
0.00
7,673 SAF-Holland
84
0.01
4,583 SalzgitterØ
131
0.01
26,609
Schaeffler non-voting 
preference shares
129
0.01
306
Secunet Security 
NetworksØ
58
0.01
7,775 SGL Carbon
56
0.01
2,745 Siltronic
163
0.02
177,386 Sirius Real EstateØ
150
0.02
3,169
Sixt non-voting preference 
shares
192
0.02
2,380 SixtØ
222
0.02
2,824 SMA Solar TechnologyØ
266
0.03
10,448 Software
285
0.03
19,918 SoftwareoneØ
307
0.03
4,303 Stabilus
205
0.02
716 Steico
18
0.00
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
323
STO SE non-voting 
preference shares
42
0.00
1,000 Stratec
53
0.01
6,837 Stroeer SEØ
262
0.03
13,365 Suedzucker
188
0.02
9,580 Synlab
76
0.01
36,559 TAG ImmobilienØ
270
0.03
4,169 Takkt
50
0.01
24,306 TeamViewer
306
0.03
92,577 ThyssenKrupp
571
0.06
79,812 TUI
446
0.05
14,604 United Internet
162
0.02
2,312 VartaØ
37
0.00
3,772
VERBIO Vereinigte 
BioEnergie
119
0.01
3,742
Vitesco Technologies 
Group
239
0.03
1,378 Vossloh
48
0.01
4,012 Wacker Neuson
76
0.01
3,014
Wuestenrot & 
Wuerttembergische
40
0.00
18,142
1.92
Ireland - 0.21%; 31.12.22 0.21%    
71,106 C&C
88
0.01
90,489 Cairn Homes
90
0.01
3,803 Cimpress
177
0.02
2,298 COSMO PharmaceuticalsØ
92
0.01
42,969 Dalata Hotel Group
169
0.02
37,850 Glanbia
446
0.05
94,131 Glenveagh Properties
89
0.01
66,917 Greencore
49
0.01
56,725
Irish Residential Properties 
REIT
46
0.00
12,812 Keywords Studios
227
0.02
16,182 Origin Enterprises
46
0.00
7,668 Prothena
416
0.04
42,692 Uniphar
110
0.01
2,045
0.21
Isle Of Man - 0.00%; 31.12.22 0.01%    
Italy - 1.23%; 31.12.22 1.18%    
278,633 A2AØ
400
0.04
9,667 ACEA
100
0.01
NM0923U-3094429-290/477

ACS WORLD SMALL CAP ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
290
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
32,796 AnimaØ
96
0.01
12,468 Ariston
102
0.01
38,573 Arnoldo Mondadori Editore
67
0.01
15,616 Ascopiave
31
0.00
21,633 AzimutØ
367
0.04
11,790 Banca GeneraliØ
319
0.03
4,452 Banca IFIS
56
0.01
46,863 Banca Mediolanum
333
0.04
102,437
Banca Monte dei Paschi di 
SienaØ
205
0.02
84,806
Banca Popolare di Sondrio 
SCPA
279
0.03
252,416 Banco BPM
922
0.10
38,252 BFF Bank
331
0.03
2,019 Biesse
21
0.00
207,387 BPER Banca
498
0.05
24,807 BremboØ
289
0.03
6,381 Brunello Cucinelli
441
0.05
15,951 Buzzi Unicem
317
0.03
7,646 Carel IndustriesØ
178
0.02
114,994 CIR-Compagnie Industriali
37
0.00
21,400 Credito Emiliano
132
0.01
3,893
Danieli & C Officine 
Meccaniche
74
0.01
4,881
Danieli & C Officine 
Meccaniche (Participating 
Certificate)
70
0.01
892 Datalogic
5
0.00
12,008 De' LonghiØ
208
0.02
1,198 Digital Value
60
0.01
7,626 doValueØ
28
0.00
5,488 El.En.Ø
52
0.01
55,543 Enav
187
0.02
10,469 ERG
241
0.03
3,183 Esprinet
15
0.00
8,320 FilaØ
56
0.01
64,805 FincantieriØ
28
0.00
3,304 Gruppo MutuiOnlineØ
87
0.01
8,897 GVSØ
42
0.00
158,314 Hera
370
0.04
6,999 Illimity BankØ
38
0.00
5,626 Industrie De Nora
93
0.01
11,374 Interpump GroupØ
491
0.05
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
112,716 IrenØ
165
0.01
84,470 ItalgasØ
395
0.05
25,259 Iveco Group
178
0.02
142,922 Juventus Football ClubØ
42
0.00
19,118 Maire TecnimontØ
58
0.01
4,228 MARR
51
0.01
141,892
MFE-MediaForEurope 
class 'A' shares
63
0.01
37,532
MFE-MediaForEurope 
class 'B' shares
23
0.00
29,757 OVS
65
0.01
1,343 Pharmanutra
70
0.01
43,063 Piaggio & C
140
0.01
60,335 Pirelli & C
235
0.02
12,099 RAI Way
57
0.01
4,656 Reply
411
0.05
49,158 Safilo GroupØ
52
0.01
3,598 Salcef
71
0.01
11,695 Salvatore FerragamoØ
150
0.02
2,688 SanlorenzoØ
90
0.01
11,523 SecoØ
50
0.01
1,744 SesaØ
170
0.02
7,880 SOLØ
178
0.02
20,296
Tamburi Investment 
PartnersØ
161
0.02
26,489 Technogym
193
0.02
18,347 TechnoprobeØ
114
0.01
2,700 Tinexta SpaØ
39
0.00
1,262 Tod'sØ
41
0.00
83,217 Unipol Gruppo
350
0.04
64,380 Webuild
95
0.01
3,078 Webuild SPA^
–
0.00
2,306 Wiit
40
0.00
7,528 Zignago VetroØ
101
0.01
11,514
1.23
Jersey - 0.02%; 31.12.22 0.02%    
26,490 JTC
188
0.02
Luxembourg - 0.16%; 31.12.22 0.15%    
8,625 APERAMØ
212
0.02
142,891 Aroundtown
132
0.01
12,651 B&S Sarl
42
0.00
39,500 InPostØ
339
0.04
NM0923U-3094429-291/477

ACS WORLD SMALL CAP ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
291
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
76,613 SES Receipt
353
0.04
37,391 Subsea 7
352
0.04
7,183 SUSEØ
80
0.01
1,510
0.16
Malta - 0.03%; 31.12.22 0.04%    
3,140 Kambi Group
46
0.00
38,477 Kindred Group
320
0.03
366
0.03
Netherlands - 0.80%; 31.12.22 0.77%    
17,689 Aalberts IndustriesØ
582
0.06
3,332 Alfen BeheerØ
170
0.02
5,611
AMG Advanced 
Metallurgical Group
228
0.02
13,393 ArcadisØ
438
0.05
27,228 ASR Nederland
956
0.10
9,794 Basic-FitØ
293
0.03
13,156
BE Semiconductor 
Industries
1,107
0.11
8,064 Brunel International
83
0.01
9,784 CorbionØ
185
0.02
3,982 EbuscoØ
26
0.00
8,638
Eurocommercial 
Properties
158
0.02
1,527 Fastned
35
0.00
6,973 Flow Traders
121
0.01
18,715 Fugro
230
0.02
33,736 Koninklijke BAM GroepØ
52
0.01
7,065 MerusØ
146
0.02
2,445 NSI
43
0.00
142,947 Pharming GroupØ
133
0.01
70,445 PostNL
96
0.01
25,121 SBM OffshoreØ
271
0.03
2,919 Shop Apotheke Europe
238
0.03
22,195 Signify
493
0.05
28,511 Technip Energies
507
0.05
6,698 TKH Group
261
0.03
20,326 TomTomØ
122
0.01
8,235 uniQureØ
72
0.01
6,417 Van Lanschot Kempen
168
0.02
2,216 Vastned RetailØ
37
0.00
14,141 Vopak
397
0.04
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
4,351 WereldhaveØ
52
0.01
7,700
0.80
Norway - 0.75%; 31.12.22 0.75%    
3,306 Aker
148
0.02
109,359 Aker Carbon Capture
111
0.01
60,870 Aker HorizonsØ
30
0.00
35,566 Aker Solutions
100
0.01
11,370 Atea
130
0.01
11,594 Austevoll Seafood
63
0.01
20,632 BEWi
61
0.01
2,433 Bonheur
46
0.00
16,850 BorregaardØ
198
0.02
28,521 BW Energy
54
0.01
3,652 BW Offshore
7
0.00
9,895 Crayon HoldingØ
77
0.01
65,328 DNOØ
46
0.00
53,178 Elkem
97
0.01
29,666 Elopak
49
0.01
18,442 EntraØ
131
0.01
32,027 Europris
169
0.02
7,049 FLEX LNG
170
0.02
19,794 FREYR BatteryØ
143
0.03
22,538 Frontline
256
0.03
17,980 Golden OceanØ
107
0.01
6,888 Grieg Seafood
34
0.00
15,942 Hexagon Composites
31
0.00
11,860 Hexagon Purus
18
0.00
15,088 Hoegh Autoliners
67
0.01
67,187 Kahoot!Ø
143
0.02
39,853 Leroy Seafood
119
0.01
37,407 MPC Container Ships
51
0.01
293,384 NELØ
273
0.03
31,983 Nordic SemiconductorØ
307
0.03
21,686 Norske SkogØ
67
0.01
158,986 Norwegian Air Shuttle
120
0.01
29,728 Odfjell Drilling
57
0.01
132,560 PGS
57
0.01
13,790 Protector Forsikring
167
0.02
15,790 ScatecØ
81
0.01
10,298 Schibsted class 'A' shares
144
0.02
18,056 Schibsted class 'B' shares
239
0.03
19,224 SpareBank 1 Nord Norge
137
0.01
NM0923U-3094429-292/477

ACS WORLD SMALL CAP ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
292
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
5,152 Sparebank 1 Oestlandet
49
0.01
25,165 SpareBank 1 SMN
261
0.03
37,765 SpareBank 1 SR-BankØ
362
0.04
5,570 Stolt-Nielsen
112
0.01
80,985 Storebrand
499
0.05
26,263 TGSØ
306
0.03
41,356 TOMRA SystemsØ
524
0.06
16,335 VaccibodyØ
31
0.00
22,941 VeidekkeØ
193
0.02
21,015 Wallenius Wilhelmsen
113
0.01
6,755
0.75
Portugal - 0.10%; 31.12.22 0.09%    
10,252 AltriØ
37
0.00
1,516,677
Banco Comercial 
PortuguesØ
288
0.03
5,436 Corticeira Amorim
45
0.00
14,298 CTT-Correios de Portugal
43
0.00
9,915
Greenvolt - Energias 
RenovaveisØ
52
0.01
27,357 Navigator Co SAØ
73
0.01
43,222 NOS
121
0.01
78,578
REN - Redes Energeticas 
Nacionais
168
0.02
1,033
Semapa-Sociedade de 
Investimento e Gestao
11
0.00
187,602 SonaeØ
146
0.02
984
0.10
Spain - 0.74%; 31.12.22 0.73%    
36,682 Acerinox
311
0.03
9,520 AlmirallØ
62
0.01
19,990 Applus Services
163
0.02
25,366
Atresmedia de Medios de 
Comunicacion
77
0.01
56,326 Audax RenovablesØ
61
0.01
1,057,033 Banco de Sabadell
965
0.10
128,010 Bankinter
619
0.07
6,915 BefesaØ
204
0.02
8,275 CIE AutomotiveØ
199
0.02
2,396
Construcciones y Auxiliar 
de Ferrocarriles
63
0.01
3,496,332 DistribuidoraØ
43
0.00
8,800 Ebro Foods
122
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
19,863 eDreams ODIGEO
110
0.01
18,780 Ence Energia y CelulosaØ
47
0.00
64,815 Faes FarmaØ
177
0.02
19,548 FluidraØ
299
0.03
21,944 Gestamp Automocion
79
0.01
12,828 Global Dominion Access
43
0.00
2,455 Grenergy RenovablesØ
60
0.01
24,921 Indra SistemasØ
246
0.03
48,054
Inmobiliaria Colonial 
Socimi
229
0.02
4,485
Laboratorios 
Farmaceuticos RoviØ
162
0.02
10,813
Lar Espana Real Estate 
Socimi
50
0.01
158,171
Linea Directa Aseguradora 
SA Cia de Seguros y 
ReasegurosØ
112
0.01
157,937 MapfreØ
247
0.03
15,406 Melia Hotels InternationalØ
84
0.01
63,586 Merlin Properties
428
0.05
5,591 Neinor HomesØ
44
0.00
15,013 Opdenergy
74
0.01
1,866 Pharma Mar
48
0.01
68,378 Prosegur Cash
35
0.00
27,890
Prosegur Cia de 
Seguridad
39
0.00
85,054 SacyrØ
229
0.02
55,941 Sacyr Rights
4
0.00
12,952
Solaria Energia y Medio 
AmbienteØ
157
0.02
2,501 Soltec PowerØ
9
0.00
18,236 Talgo
52
0.01
8,033 Tecnicas Reunidas
58
0.01
254,733 Unicaja BancoØ
212
0.02
3,376 Vidrala
251
0.03
6,910 ViscofanØ
375
0.04
6,849
0.74
Sweden - 1.92%; 31.12.22 1.95%    
33,802 AAK
498
0.05
10,711 AcadeMedia
39
0.00
24,341 AddLifeØ
216
0.02
45,970 AddTech
784
0.08
NM0923U-3094429-293/477

ACS WORLD SMALL CAP ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
293
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
15,547 AFRY
182
0.02
8,948 Alimak Group
55
0.01
31,299 Alleima
112
0.01
9,033 Ambea
23
0.00
45,845 Arjo AB
130
0.01
10,523 Atrium LjungbergØ
141
0.01
14,397 Attendo
33
0.00
25,652 Avanza BankØ
404
0.04
18,865 AxfoodØ
313
0.03
9,711 Beijer Alma
158
0.02
22,775 Betsson
190
0.01
9,146 Bilia
75
0.01
46,014 BillerudKorsnas
276
0.03
7,465 BioArctic
150
0.02
19,276 BioGaia
162
0.02
10,146 Biotage
98
0.01
9,367 BoneSupport
85
0.01
9,884 BooztØ
85
0.01
41,450 Bravida
313
0.03
5,857 BufabØ
155
0.02
12,308 Bure Equity
225
0.03
10,498 Calliditas Therapeutics
66
0.01
3,791 Camurus
76
0.01
65,291 Castellum
487
0.05
5,770 CatenaØ
166
0.02
1,819 Cellavision
25
0.00
9,365 CELLINK
27
0.00
6,804 Cibus Nordic Real Estate
51
0.01
6,502 Clas OhlsonØ
38
0.00
26,965 Cloetta
38
0.00
16,608 Collector Bank
35
0.00
24,454 Coor Service Management
93
0.01
79,167 Corem Property GroupØ
30
0.00
15,048 Creades
83
0.01
25,157 Dios Fastigheter
125
0.01
66,516 Dometic GroupØ
348
0.04
7,886 Dustin Group
17
0.00
37,171 Electrolux
399
0.04
41,059 Electrolux Professional
174
0.02
63,401 ElektaØ
382
0.04
9,190 EngconØ
64
0.01
48,425 Fabege
273
0.04
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
97,927 FortnoxØ
459
0.05
4,502 GARO
20
0.00
21,954 Granges
164
0.02
15,901 Hemnet Group
218
0.02
24,325 Hexatronic GroupØ
141
0.01
46,121 HexpolØ
386
0.04
5,010 HMS Networks
191
0.02
18,999 HufvudstadenØ
177
0.02
42,639 Instalco
166
0.02
11,351 IntrumØ
59
0.01
3,642 InvestmentOresund
27
0.00
8,953 INVISIO
148
0.02
13,964 Inwido
99
0.01
13,760 JM ABØ
143
0.02
6,636 K-fast
9
0.00
4,854 KNOW IT
61
0.01
16,784 Lindab International
188
0.02
11,960 Loomis
275
0.03
9,452 Medicover
111
0.01
5,019 Mekonomen
40
0.00
3,860 MIPSØ
146
0.02
18,543 Modern Times Group
92
0.01
24,615 Munters Group
219
0.02
12,374 Mycronic
240
0.03
10,314 NCC Aktiebolag
71
0.01
14,910 New Wave Group
105
0.01
13,671 NobiaØ
13
0.00
14,141
Nordic Entertainment 
GroupØ
63
0.01
23,841 NordnetpublØ
248
0.03
3,481 Note
57
0.01
4,210 NP3 Fastigheter
49
0.01
26,083 Nyfosa
112
0.01
13,843 OX2Ø
73
0.01
17,517 PandoxØ
159
0.02
8,580 Paradox Interactive
169
0.02
39,158 Peab
123
0.01
7,621 Platzer Fastigheter
44
0.00
5,933 PowerCell SwedenØ
36
0.00
27,396 RatosØ
60
0.01
16,522 Resurs
24
0.00
7,948 RvrcØ
19
0.00
NM0923U-3094429-294/477

ACS WORLD SMALL CAP ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
294
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
164,306
Samhallsbyggnadsbolaget 
i Norden class 'B' sharesØ
49
0.01
18,996
Samhallsbyggnadsbolaget 
i Norden class 'D' shares
6
0.00
19,446 Scandic Hotels GroupØ
61
0.01
5,559 Sdiptech
106
0.01
27,898 Sectra
364
0.04
116,862 Sinch
206
0.02
5,224 SkiStar
44
0.00
32,861 SSAB class 'A' shares
184
0.02
116,395 SSAB class 'B' shares
632
0.07
74,398 Stillfront GroupØ
98
0.01
200,225 Storskogen GroupØ
141
0.01
8,383 Surgical Science SwedenØ
145
0.02
25,221 Svolder
113
0.01
37,868 Sweco
333
0.04
15,747 SwedenCareØ
43
0.00
17,915 Synsam
57
0.01
18,018 Thule GroupØ
417
0.04
39,122 Trelleborg class ‘B’ shares
775
0.08
8,596 Troax Group
132
0.01
60,760 TruecallerØ
132
0.01
19,419 Vestum
15
0.00
44,140 Vimian GroupØ
84
0.01
5,419 Vitec Software GroupØ
212
0.02
13,465 VitrolifeØ
204
0.02
3,922 Volati
32
0.00
82,248 WallenstamØ
217
0.02
55,090 Wihlborgs Fastigheter
313
0.03
4,590 XANO Industri
37
0.00
2,920 Xvivo Perfusion
64
0.01
18,319
1.92
Switzerland - 1.78%; 31.12.22 1.70%    
15,363 Accelleron Industries
287
0.03
2,594 Allreal
341
0.05
1,213 ALSOØ
202
0.02
6,622 Arbonia
59
0.01
174,501 AryztaØ
227
0.02
373 Autoneum
48
0.01
1,561 Basilea PharmaceuticaØ
56
0.01
1,880 Belimo
731
0.08
280 Bell Food Group
63
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
1,045 Bossard
182
0.02
1,222 Bucher Industries
421
0.04
536 Burckhardt Compression
244
0.03
1,274 Burkhalter
101
0.01
275 BystronicØ
144
0.02
6,152 Cembra Money Bank
402
0.04
841 Coltene
53
0.01
1,489 CometØ
299
0.03
12,993 CRISPR Therapeutics
586
0.06
1,543 DaetwylerØ
257
0.03
6,434 DKSH
376
0.04
554 dormakaba
194
0.02
411 Dottikon Es
87
0.01
19,783 EFG International
156
0.02
439 EmmiØ
330
0.03
3,455 Flughafen ZuerichØ
565
0.06
180 ForboØ
199
0.02
9,544 Galenica
603
0.07
14,483 Georg Fischer
845
0.08
400 GuritØ
29
0.00
2,885 Huber + Suhner
186
0.02
17,803 IdorsiaØ
101
0.01
2,533 ImpleniaØ
95
0.01
296 Inficon
281
0.03
114 InterrollØ
275
0.03
145 Intershop
76
0.01
126,655 IWG
169
0.02
1,155 Kardex
203
0.02
750 KomaxØ
151
0.02
3,819 Landis+Gyr GroupØ
256
0.03
98 LEM
191
0.02
1,203 Leonteq
43
0.00
1,579 Medacta GroupØ
164
0.02
720 MedartisØ
48
0.01
3,177 MedmixØ
65
0.01
30 Metall Zug
43
0.00
563,875 Meyer Burger TechnologyØ
301
0.03
11,918 Mobilezone
142
0.01
1,555 MobimoØ
325
0.04
38,999 OC OerlikonØ
153
0.02
787 OriorØ
52
0.01
1,267 Peach Property Group
14
0.00
NM0923U-3094429-295/477

ACS WORLD SMALL CAP ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
295
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
8,560 PSP Swiss Property
748
0.08
386 RieterØ
31
0.00
127 Schweiter TechnologiesØ
72
0.01
1,898 SensirionØ
160
0.02
3,238 SFS GroupØ
334
0.04
792 SiegfriedØ
512
0.05
1,710 SKAN Group
114
0.01
689 St Galler KantonalbankØ
292
0.03
10,548 Stadler RailØ
321
0.03
3,383 Sulzer
227
0.02
2,168 Swissquote Holding
351
0.04
2,245 TecanØ
670
0.07
537 TX Group
50
0.01
936 u-blox
78
0.01
3,639 Valiant
298
0.03
1,663 Vetropack
60
0.01
6,065 VontobelØ
302
0.03
134 V-ZUG
8
0.00
801 Ypsomed
189
0.02
1,240 Zehnder Group
78
0.01
2,891 Zur Rose GroupØ
98
0.01
16,414
1.78
Turkey - 0.00%; 31.12.22 0.02%    
United Kingdom - 5.12%; 31.12.22 5.28%    
58,949 888 Holdings
57
0.01
21,282 A.G. Barr
99
0.01
3,479 AB Dynamics
65
0.01
42,165
Advanced Medical 
Solutions Group
95
0.01
149,332 Airtel Africa
161
0.02
58,161 AJ BellØ
186
0.02
58,515 Allfunds
282
0.03
57,600 Alliance Pharma
29
0.00
16,726
Alpha Financial Markets 
ConsultingØ
64
0.01
6,262 Alpha FX GroupØ
132
0.01
34,129 Alphawave IP GroupØ
49
0.01
131,883 AO World
106
0.01
90,371 AscentialØ
199
0.02
83,294 AshmoreØ
172
0.02
11,357 ASOS
43
0.00
493,982 AssuraØ
224
0.02
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
53,056
Aston Martin Lagonda 
GlobalØ
187
0.02
13,063
Auction Technology 
GroupØ
95
0.01
3,943 Avon ProtectionØ
33
0.00
166,841
B&M European Value 
Retail
921
0.11
98,054 Balfour Beatty
334
0.04
126,691 Beazley
741
0.08
23,866 Bellway
478
0.05
30,535 Big Yellow
327
0.03
34,692 Bodycote
222
0.02
195,029 boohoo Group
66
0.01
49,571 Breedon Group
162
0.02
36,250 Bridgepoint Group
73
0.01
46,439 Britvic
398
0.05
43,358 Bytes Technology Group
227
0.02
397,552 Capita
110
0.01
270,819
Capital & Counties 
Properties
309
0.03
29,828 Capricorn Energy
55
0.01
209,554 Centamin
189
0.02
22,372 Central Asia Metals
40
0.00
19,453 Ceres PowerØ
59
0.01
59,904 Chemring
170
0.02
5,885 Clarkson
172
0.02
31,202 Close Brothers
271
0.03
23,300 CLSØ
32
0.00
16,627 CMC MarketsØ
26
0.00
279,125 CoatsØ
195
0.02
14,933 Computacenter
339
0.04
284,391 ConvaTec
581
0.07
5,292 CranewareØ
70
0.01
9,875 Cranswick
320
0.03
32,653 Crest Nicholson
62
0.01
104,654 Custodian REIT
88
0.01
13,846 CVS Group
275
0.03
205,476 CYBG
306
0.03
47,434 DarktraceØ
147
0.02
20,233 Dechra Pharmaceuticals
745
0.08
156,204 Deliveroo
177
0.02
16,797 Derwent London
346
0.04
24,254 Diploma
722
0.07
NM0923U-3094429-296/477

ACS WORLD SMALL CAP ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
296
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
230,466 Direct Line
311
0.03
14,010 Discoverie GroupØ
117
0.01
285,385 Dixons Carphone
152
0.02
80,469 Domino’s Pizza
223
0.02
88,653 Dr. MartensØ
108
0.01
69,342 Drax
396
0.04
246,817 DS SmithØ
672
0.07
19,861 Dunelm
223
0.02
50,227 easyJetØ
243
0.03
127,753 Elementis
131
0.01
12,719 EMIS Group
174
0.02
150,971 Empiric Student Property
127
0.01
25,298 Energean Oil & GasØ
256
0.03
212,491 Enquest
32
0.00
11,410 ErgomedØ
110
0.01
50,571 Essentra
84
0.01
6,360 FD Technologies
122
0.01
18,653 Fevertree DrinksØ
220
0.02
153,679 FirstGroup
219
0.02
29,060 Forterra
47
0.00
26,402 Frasers
186
0.02
16,795 FutureØ
114
0.01
5,584 Games Workshop
608
0.06
16,175 Gamma CommunicationsØ
185
0.02
55,793 GB Group
128
0.01
35,293 Genel Energy
36
0.00
36,781 GenuitØ
109
0.01
12,034 Genus
261
0.03
32,248 Grafton
254
0.03
148,818 Grainger TrustØ
340
0.04
48,468 Great Portland Estates
204
0.02
1,243,072 Greatland GoldØ
87
0.01
16,964 Greggs
434
0.05
30,102 Gulf Keystone PetroleumØ
36
0.00
56,951 Halfords
121
0.01
801,711 Hammerson
199
0.02
105,056 Harbour EnergyØ
239
0.03
329,442 HaysØ
337
0.04
153,747 Helios Towers
141
0.01
15,082 Hill & Smith
224
0.02
123,858 Home REIT†
42
0.00
102,512 Howden Joinery
662
0.07
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
22,539 Hunting
45
0.00
52,053 Ibstock
73
0.01
70,346 IG
476
0.05
47,051 IMI
766
0.08
49,128 Impact Healthcare REIT
44
0.00
19,402
Impax Asset Management 
GroupØ
110
0.01
63,878 Inchcape
495
0.05
22,934 Indivior
419
0.04
45,172 IntegraFin
109
0.01
53,546 Intermediate Capital
742
0.08
140,698
International Distributions 
Services
310
0.03
247,173 IP
140
0.01
63,087 ITM PowerØ
46
0.00
671,617 ITV
464
0.05
21,602 JD Wetherspoon
146
0.02
31,808 JET2
395
0.05
113,655 John Wood
157
0.02
111,742 Johnson Service GroupØ
117
0.01
806 Judges Scientific
74
0.01
124,546 Jupiter Fund Management
135
0.01
201,888 Just GroupØ
157
0.02
14,765 KainosØ
180
0.02
19,718 Keller
136
0.01
57,249 Kier
43
0.00
53,938 Lancashire
312
0.03
107,221
Learning Technologies 
Group
88
0.01
12,683 Liontrust
91
0.01
204,301 LondonMetric PropertyØ
338
0.04
3,686 Luxfer
42
0.00
335,536 LXI REITØ
290
0.03
237,604 Man Group
520
0.05
360,078 Marks & Spencer
685
0.07
11,961 MarloweØ
68
0.01
41,517 MarshallsØ
99
0.01
242,318 Melrose Industries
1,227
0.12
6,766 Membership Collective
29
0.00
34,093 Mitchells & Butlers
71
0.01
240,167 Mitie Group
232
0.02
25,009 Molten Ventures
67
0.01
NM0923U-3094429-297/477

ACS WORLD SMALL CAP ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
297
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
93,191 Moneysupermarket.comØ
252
0.03
44,623 Moonpig Group
65
0.01
58,745
Morgan Advanced 
Materials
159
0.02
9,102 Morgan Sindall
167
0.02
70,243 National ExpressØ
69
0.01
65,095 NCC
63
0.01
12,274
Next Fifteen 
Communications
84
0.01
55,644 Ninety OneØ
93
0.01
49,703 Northgate
186
0.02
80,958 OSB Group
389
0.04
7,329 Oxford Biomedica
31
0.00
90,783
Oxford Nanopore 
TechnologiesØ
194
0.02
71,579 Pagegroup
290
0.03
291,041 Pan African Resources
37
0.00
42,613 Paragon
227
0.02
46,524 Pennon Group
330
0.03
57,251 PetrofacØ
44
0.00
81,587 Pets at Home
307
0.03
43,888 Playtech
255
0.03
22,891 Polar CapitalØ
119
0.01
129,574 Premier Foods
167
0.02
267,283 Primary Health PropertiesØ
254
0.03
70,695 Provident FinancialØ
136
0.01
76,584 PRS REIT
60
0.01
62,839 PZ Cussons
102
0.01
91,390 QinetiQ
324
0.04
277,203 QuilterØ
222
0.02
32,744 Rank
29
0.00
10,692 Rathbone Brothers
198
0.02
37,679 Reach
25
0.00
43,287 Redrow
193
0.02
10,268 Renewi
52
0.01
7,168 Renishaw
278
0.03
41,631 Restore
96
0.01
143,144 Rightmove
750
0.07
167,478 Rotork
509
0.05
86,911 RS
652
0.07
49,562 RWSØ
119
0.01
74,630 S4 Capital
88
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
37,252 Safestore
320
0.03
24,012 Savills
202
0.02
188,670 SercoØ
287
0.03
37,275 Serica EnergyØ
77
0.01
108,666 SIGØ
38
0.00
20,937 Smart Metering Systems
144
0.02
23,159 SoftcatØ
327
0.03
19,951 Spectris
717
0.08
35,683 Spire Healthcare
76
0.01
98,351 Spirent CommunicationsØ
161
0.02
148,304 SSPØ
373
0.04
32,674 SThree
113
0.01
279,975
Supermarket Income 
REITØ
204
0.02
56,741 Synthomer
42
0.00
143,154 Target Healthcare REITØ
103
0.01
76,121 Tate & Lyle
548
0.06
13,368 Team17 Group
47
0.00
83,243 TechnipFMC
1,075
0.12
14,994 Telecom Plus
253
0.03
211,885 THGØ
169
0.02
4,036 TORM
76
0.01
139,983 TP ICAP Group
211
0.02
75,321 TrainlineØ
194
0.02
40,839 Travis PerkinsØ
332
0.04
366,814 Tritax Big Box
458
0.05
23,749 Trustpilot Group
16
0.00
153,153 Tullow Oil
43
0.00
25,180 TymanØ
65
0.01
63,832 UNITE Group
554
0.06
78,986 Urban Logistics REITØ
89
0.01
43,249 Vesuvius
173
0.02
8,168 VictoriaØ
49
0.01
13,564 VictrexØ
187
0.02
66,898 VistryØ
438
0.05
41,015 Volex
116
0.01
40,568 Volution
154
0.02
51,298 Warehouse REITØ
40
0.00
40,494 Watches of SwitzerlandØ
249
0.03
45,840 Weir
807
0.09
25,689 WH Smith
403
0.04
32,046 Wickes Group
39
0.00
NM0923U-3094429-298/477

ACS WORLD SMALL CAP ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
298
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
17,541 Wincanton
44
0.00
26,781 Workspace
126
0.01
33,558 Yellow Cake
137
0.01
20,126 YouGovØ
205
0.02
3,455 Young & Co's Brewery
41
0.00
49,022
5.12
MIDDLE EAST - 0.06%; 31.12.22 0.03%    
United Arab Emirates - 0.06%; 31.12.22 0.03%    
32,041 Borr DrillingØ
184
0.02
89,044 Network International
341
0.04
525
0.06
NORTH AMERICA - 62.58%; 31.12.22 60.54%    
Bahamas - 0.02%; 31.12.22 0.01%    
15,369 OneSpaWorld
143
0.02
Bermuda - 0.22%; 31.12.22 0.20%    
6,413 Cool
67
0.01
63,544 Hiscox
693
0.07
99,500 Kerry Properties
163
0.02
220,000 Shangri-La Asia
133
0.01
20,881 SiriusPoint
148
0.02
10,624 Triton International
700
0.07
178,500 Yue Yuen Industrial
184
0.02
2,088
0.22
Canada - 3.34%; 31.12.22 3.66%    
11,505 Absolute Software
103
0.01
3,978 ADENTRA
73
0.01
32,549 Advantage Energy
167
0.02
7,662 Aecon
55
0.01
60,348 Africa Oil
99
0.01
2,385 Ag Growth International
71
0.01
71,791 Alamos Gold
664
0.08
11,394 Algoma Steel
63
0.01
10,324
Allied Properties Real 
Estate Investment Trust
132
0.01
5,200 Altius Minerals
66
0.01
8,761 Altus
226
0.02
4,866 Andlauer Healthcare
126
0.01
15,279 Aritzia
334
0.04
8,359
Artis Real Estate 
Investment Trust
36
0.00
15,238 ATCO
354
0.04
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
14,052 ATS
501
0.05
26,242 Aurinia Pharmaceuticals
190
0.02
3,141 AutoCanada
36
0.00
19,877 Aya Gold & Silver
100
0.01
208,768 B2Gold
572
0.06
4,430
Badger Infrastructure 
Solutions
69
0.01
33,555 Ballard Power Systems
116
0.01
11,762 BELLUS Health
136
0.01
97,506 BlackBerry
411
0.04
4,709
Boardwalk Real Estate 
Investment Trust
172
0.02
15,751 Bombardier
603
0.06
19,019 Boralex
406
0.05
4,008 Boyd Services
599
0.06
18,687 Brookfield Infrastructure
664
0.08
1,424 Brookfield Reinsurance
37
0.00
6,619
BSR Real Estate 
Investment Trust
66
0.01
1,666 Calian
59
0.01
48,252 Calibre Mining
39
0.00
12,357 Canaccord Genuity
61
0.01
7,963 Canada Goose
106
0.01
19,995 Canadian Western Bank
293
0.03
12,508 Canfor
173
0.02
82,500 Capstone Mining
290
0.02
19,836 Cardinal Energy
77
0.01
2,368 Cargojet
133
0.01
11,050 Cascades
75
0.01
20,649 Celestica
234
0.02
48,311 CES Energy Solutions
74
0.01
26,769
Choice Properties Real 
Estate Investment Trust
213
0.02
7,299 Chorus Aviation
13
0.00
33,670 CI Financial
298
0.03
8,049 Cineplex
42
0.00
871 Cogeco
28
0.00
2,007 Cogeco Communications
82
0.01
6,328 Colliers International
488
0.05
31,609
Converge Technology 
Solutions
58
0.01
4,719 Corby Spirit and Wine
39
0.00
NM0923U-3094429-299/477

ACS WORLD SMALL CAP ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
299
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
10,605
Crombie Real Estate 
Investment Trust
84
0.01
26,049 Cronos
39
0.00
13,480
CT Real Estate Investment 
Trust
119
0.01
14,987 Definity Financial
313
0.03
150,399 Denison Mines
146
0.02
25,637 dentalcorp
110
0.01
2,792 Docebo
84
0.01
19,741
Dream Industrial Real 
Estate Investment Trust
162
0.02
3,776
Dream Office Real Estate 
Investment Trust
29
0.00
3,331 DREAM Unlimited
40
0.00
34,617 Dundee Precious Metals
176
0.02
6,950 Dye & Durham
73
0.01
42,588 ECN Capital
67
0.01
40,824 Endeavour Silver
91
0.01
23,967 Enerflex
122
0.01
8,045 Enghouse Systems
153
0.02
33,122 Ensign Energy Services
37
0.00
5,543 EQB
228
0.02
46,232 Equinox Gold
161
0.02
15,238 ERO Copper
245
0.03
5,772 Evertz Technologies
46
0.00
4,266 Exchange Income
132
0.01
10,242 Extendicare
43
0.00
27,813 Fiera Capital
105
0.01
17,590 Filo
263
0.02
27,760 Finning International
660
0.07
51,770 First Majestic Silver
221
0.02
2,286 First National Financial
52
0.01
56,005 Fortuna Silver Mines
140
0.01
1,655
GDI Integrated Facility 
Services
40
0.00
27,989 Gibson Energy
345
0.04
43,187 Global Atomic
76
0.01
2,954 goeasy
192
0.02
33,868 GoGold ResourcesØ
29
0.00
27,320
H&R Real Estate 
Investment Trust
165
0.02
38,185 Headwater Exploration
143
0.02
6,071 Home Capital
157
0.02
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
63,658 Hudbay Minerals
231
0.02
45,244 Hut 8 Mining
115
0.01
28,613 i-80 Gold
48
0.01
32,338
Innergex Renewable 
Energy
234
0.02
8,384 Interfor
125
0.01
16,937
InterRent Real Estate 
Investment Trust
125
0.01
8,085 Jamieson Wellness
142
0.01
44,677 K92 Mining
152
0.02
24,931 Karora Resources
58
0.01
23,276 Kelt Exploration
77
0.01
12,108
Killam Apartment Real 
Estate Investment Trust
125
0.01
5,382 Kinaxis
582
0.06
15,983 Knight Therapeutics
46
0.00
10,484 Labrador Iron Ore Royalty
194
0.02
4,219 Largo
13
0.00
481 Lassonde Industries
29
0.00
9,148
Laurentian Bank of 
Canada
182
0.02
25,206 Lightspeed Commerce
327
0.03
7,522 Linamar
307
0.03
7,759 Lion Electric
12
0.00
19,928 Lithium AmericasØ
305
0.03
17,600 Lundin Gold
165
0.02
18,029 MAG Silver
155
0.02
11,682
Major Drilling Group 
International
63
0.01
13,813 Maple Leaf Foods
211
0.02
10,205 Martinrea International
79
0.01
11,637 Methanex
373
0.04
7,477
Minto Apartment Real 
Estate Investment Trust
65
0.01
632 Morguard
38
0.00
4,931
Morguard North American 
Residential Real Estate 
Investment Trust
48
0.01
4,300 MTY Food
152
0.02
19,183 Mullen
173
0.02
15,148 NanoXplore
29
0.00
3,426 Neighbourly Pharmacy
33
0.00
126,580 New Gold
106
0.01
NM0923U-3094429-300/477

ACS WORLD SMALL CAP ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
300
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
15,977 New Pacific Metals
26
0.00
84,361 NexGen Energy
307
0.03
9,493 Nexus Industrial REIT
47
0.00
14,509 NFI
94
0.01
9,118 North West
169
0.02
19,240
NorthWest Healthcare 
Properties Real Estate 
Investment Trust
71
0.01
39,201 Novagold Resources
119
0.01
33,598 NuVista Energy
207
0.02
34,814 Orla Mining
109
0.01
34,720 Osisko Gold Royalties
412
0.04
38,599 Osisko Mining
71
0.01
19,708 Parex Resources
311
0.03
6,835 Park Lawn
97
0.01
16,540 Pason Systems
113
0.01
7,017 Pet Valu
127
0.01
3,183 Pollard Banknote
48
0.01
1,911 Precision Drilling
72
0.01
8,304 Premium Brands
502
0.05
7,936 Primaris REIT
62
0.01
2,011 Repare Therapeutics
17
0.00
8,940 Richelieu Hardware
220
0.02
14,770 Rogers Sugar
51
0.01
11,464 Russel Metals
244
0.03
50,061 Sandstorm Gold
196
0.02
10,272 Savaria
101
0.01
11,977 Seabridge Gold
110
0.01
53,748 Secure Energy Services
197
0.02
11,865 Shawcor
132
0.01
19,090 Sienna Senior Living
129
0.01
44,845 Silvercorp Metals
99
0.01
28,985 SilverCrest Metals
130
0.01
13,765 Skeena Resources
49
0.01
8,384 Slate Grocery REIT
64
0.01
9,418 Sleep Country Canada
155
0.02
12,406
SmartCentres Real Estate 
Investment Trust
177
0.02
32,169 SNC-Lavalin
659
0.07
4,330 Softchoice
43
0.00
7,495 Solaris Resources
25
0.00
6,024 Spin Master
122
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
4,445 Sprott
111
0.01
37,811 SSR Mining
411
0.04
20,351 Stantec
1,028
0.11
5,774 Stelco
143
0.02
9,623 Stella-Jones
379
0.04
54,068 StorageVault Canada
182
0.02
19,555 SunOpta
99
0.01
37,973 Superior Plus
214
0.02
25,336 Surge Energy
104
0.01
107,097 Tamarack Valley Energy
203
0.02
48,228 Taseko Mines
51
0.01
102,627 TilrayØ
130
0.01
19,406 Timbercreek Financial
85
0.01
12,373 Torex Gold Resources
134
0.01
21,381 TransAlta Renewables
141
0.01
12,880 Transcontinental
111
0.01
33,281 Trican Well Service
69
0.01
48,561 Tricon Residential
332
0.04
8,485
Triple Flag Precious 
Metals
88
0.01
9,575 Trisura
215
0.02
8,421 Uni-Select
237
0.02
30,434 Vermilion Energy
297
0.03
5,132 Victoria Gold
23
0.00
34,813 Voyager†^
–
0.00
40,781 Well Health Technologies
114
0.01
24,507 Wesdome Gold Mines
97
0.01
5,772
Westshore Terminals 
Investment
108
0.00
114,326 Whitecap Resources
623
0.06
6,775 Winpak
165
0.02
8,826 Xenon Pharmaceuticals
268
0.03
32,575
3.34
Cayman Islands - 0.11%; 31.12.22 0.03%    
61,000 ASM Pacific Technology
475
0.05
20,084 FTAI Aviation
489
0.05
7,386 ProKidneyØ
61
0.01
1,025
0.11
Costa Rica - 0.02%; 31.12.22 0.02%    
3,548 Establishment Labs
195
0.02
NM0923U-3094429-301/477

ACS WORLD SMALL CAP ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
301
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
Puerto Rico - 0.11%; 31.12.22 0.11%    
11,358 EVERTEC
330
0.03
3,943 OFG Bancorp
82
0.01
14,236 PopularØ
684
0.07
1,096
0.11
United States - 58.76%; 31.12.22 56.51%    
2,312 1 AutomotiveØ
470
0.05
16,686 10X Genomics
748
0.08
3,498 1-800-Flowers.com
23
0.00
3,725 1st Source
125
0.01
36,620 23andMe
50
0.01
7,417 2seventy bioØ
59
0.01
10,717 2U
34
0.00
20,647 3D SystemsØ
165
0.02
4,030 4D Molecular Therapeutics
56
0.01
12,978 8x8Ø
44
0.00
11,829 A10 Networks
138
0.01
8,026 AAONØ
606
0.06
5,894 AAR
270
0.03
4,347 Aaron's
49
0.01
10,547 Abercrombie & Fitch
316
0.03
11,617 ABM Industries
391
0.04
17,351 Acadia HealthcareØ
1,093
0.13
22,820 ACADIA Pharmaceuticals
433
0.05
11,082 Acadia Realty Trust
126
0.01
16,571 Accel Entertainment
138
0.01
12,010 ACCO Brands
49
0.01
15,026 Accolade
150
0.02
20,492 ACI Worldwide
376
0.04
14,539 Aclaris Therapeutics
118
0.01
8,545 ACM ResearchØ
90
0.01
5,771 Acuity Brands
742
0.07
6,040 AcushnetØ
265
0.03
24,323 ACV Auctions
338
0.04
10,895 AdaptHealthØ
103
0.01
17,006 Adaptive Biotechnologies
92
0.01
2,742 Addus HomeCare
202
0.02
16,665 Adeia
144
0.02
18,444 Adient
561
0.06
30,066 ADMA Biologics
86
0.01
38,932 ADT
184
0.02
8,374 Adtalem Global Education
228
0.02
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
6,095 ADTRANØ
51
0.01
4,497 ADTRAN Holdings
37
0.00
13,205
Advanced Drainage 
SystemsØ
1,195
0.14
6,543
Advanced Energy 
Industries
571
0.06
5,731 Advansix
160
0.02
4,007 Aehr Test SystemsØ
127
0.01
2,996 Aerovate Therapeutics
38
0.00
4,619 AeroVironment
365
0.04
5,138 AerSale
59
0.01
6,345 Affiliated Managers
754
0.08
35,228 AffirmØ
428
0.05
11,636 AGCO
1,190
0.14
48,825 AgenusØ
64
0.01
9,013 AgilitiØ
115
0.01
55,898 Agilon Health
757
0.09
4,019 Agilysys
209
0.02
11,345 Agios Pharmaceuticals
246
0.03
104,898 AGNC InvestmentØ
842
0.09
16,149 Agree Realty
836
0.09
20,326 Air LeaseØ
662
0.07
2,823 Air Transport Services
42
0.00
7,481 Akero Therapeutics
264
0.03
1,931 AlamoØ
279
0.03
8,956 Alarm.com
360
0.04
5,545 Alaska Air
229
0.02
5,599 Albany International
409
0.04
18,559 Alector
86
0.01
12,286 Alexander & Baldwin
181
0.02
292 Alexander's
43
0.00
54,682 AlightØ
394
0.03
25,125 Alignment Healthcare
118
0.01
9,226 Alkami TechnologyØ
120
0.01
27,933 Alkermes
692
0.07
10,238 Allakos
34
0.00
23,506 Allegheny TechnologiesØ
803
0.08
1,326 Allegiant TravelØ
131
0.01
7,221 Alliance Data Systems
176
0.02
2,088 Allied Motion Technologies
66
0.01
17,580 Allison TransmissionØ
783
0.09
10,460 Allogene Therapeutics
38
0.00
NM0923U-3094429-302/477

ACS WORLD SMALL CAP ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
302
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
3,875 Allovir
11
0.00
18,752
Allscripts Healthcare 
Solutions
184
0.02
5,374
Alpha & Omega 
SemiconductorØ
138
0.01
14,652 Alphatec
205
0.02
5,859 Alta Equipment
79
0.01
9,196 Altair Engineering
545
0.06
10,243 Alteryx
362
0.04
35,147 Altice USA
82
0.01
20,101 Altus Power
87
0.01
4,227 Amalgamated Financial
54
0.01
5,100 A-Mark Precious Metals
147
0.02
12,142 Ambac Financial
134
0.01
6,780 Ambarella
443
0.05
91,311 AMC EntertainmentØ
318
0.03
134,758
AMC Entertainment non-
voting preference shares
186
0.01
3,404 AMC Networks
33
0.00
6,518 Amedisys
472
0.05
5,458 Amerant BancorpØ
77
0.01
6,130 Ameresco
237
0.02
30,539 American Airlines
425
0.04
9,685 American Assets Trust
147
0.02
24,722
American Axle & 
Manufacturing
163
0.02
37,226 American Eagle Outfitters
349
0.04
11,017
American Equity 
Investment Life
456
0.05
23,656 American Finance Trust
126
0.01
3,910 American Software
33
0.00
6,688 American States Water
459
0.05
3,859 American Vanguard
54
0.01
30,183 American Well
51
0.01
3,774 American WoodmarkØ
224
0.02
841 America's Car-MartØ
69
0.01
51,142 Americold Realty Trust
1,295
0.14
8,847 Ameris Bancorp
241
0.03
3,667 AMERISAFE
154
0.02
36,622 Amicus TherapeuticsØ
364
0.04
20,282 Amkor TechnologyØ
476
0.05
7,367 AMN Healthcare Services
634
0.07
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
7,441
Amphastar 
Pharmaceuticals
329
0.03
13,919 Amplitude
119
0.01
68,326 Amyris
56
0.01
2,723 AnaptysBio
44
0.00
14,206 Anavex Life Sciences
89
0.01
6,115 AndersonsØ
221
0.03
8,447 Angi
22
0.00
4,825 AngioDynamics
40
0.00
2,015 ANI Pharmaceuticals
85
0.01
1,807 Anika Therapeutics
37
0.00
4,097 AnterixØ
102
0.01
63,388 Antero MidstreamØ
569
0.06
26,293 Apartment Income REIT
745
0.08
25,366
Apartment Investment and 
Management
171
0.02
14,645 Apellis Pharmaceuticals
1,033
0.12
31,893 API GroupØ
687
0.07
3,305 Apogee Enterprises
125
0.01
26,923
Apollo Commercial Real 
Estate Finance
240
0.03
6,636 Apollo MedicalØ
170
0.02
3,356 Appfolio
453
0.05
6,655 Appian
252
0.03
38,361 Apple Hospitality REIT
456
0.05
7,449
Applied Industrial 
Technologies
849
0.09
29,819 AppLovinØ
602
0.06
11,793 AptarGroup
1,070
0.12
29,833 Arbor Realty TrustØ
344
0.04
4,011 ArcBest
315
0.03
4,896 Arcellx
121
0.01
25,740 Archrock
208
0.02
18,234 Arconic
427
0.04
9,068 Arcosa
541
0.06
6,107 Arcturus Therapeutics
128
0.01
7,734 Arcus Biosciences
121
0.01
6,022 Arcutis Biotherapeutics
40
0.00
27,632 Ardelyx
73
0.01
10,036
Ares Commercial Real 
Estate
80
0.01
1,994 Argan
63
0.01
6,182 Argo International
145
0.02
NM0923U-3094429-303/477

ACS WORLD SMALL CAP ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
303
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
9,726 Arhaus
77
0.01
7,768 Arko
49
0.01
21,936 Arlo Technologies
185
0.02
7,536 Armada Hoffler Properties
69
0.01
36,622
ARMOUR Residential 
REIT
155
0.02
8,215
Armstrong World 
Industries
476
0.05
29,190 Array Technologies
496
0.05
6,655 Arrow Financial
108
0.01
20,204
Arrowhead 
Pharmaceuticals
574
0.06
1,277 Artesian Resources
48
0.01
10,461
Artisan Partners Asset 
ManagementØ
330
0.03
7,207 Arvinas
149
0.02
12,525 Asana
218
0.02
3,435 Asbury AutomotiveØ
654
0.07
8,442 ASGN
503
0.05
9,782 Ashland GlobalØ
673
0.08
9,137 Aspen Aerogels
54
0.01
4,999 AssetMark Financial
115
0.01
27,827 Associated Banc-CorpØ
360
0.04
11,453 Assured Guaranty
503
0.05
3,690 Astec IndustriesØ
131
0.01
5,065 Astronics
81
0.01
7,177 AtkoreØ
883
0.09
12,244
Atlantic Union 
BanksharesØ
256
0.03
1,331 AtlanticusØ
44
0.00
1,476 ATN International
43
0.00
8,644 AtriCure
339
0.04
343 Atrion
150
0.02
89,825 Aurora Innovation
196
0.03
15,275 Autoliv
1,025
0.12
5,766 AutoNationØ
747
0.08
8,847 Avanos Medical
177
0.02
25,567 AvePointØ
116
0.01
12,104 Avid BioservicesØ
128
0.01
6,796 Avid Technology
136
0.01
9,910 Avidity Biosciences
87
0.01
23,601 AvidXchange
194
0.02
16,274 Avient
520
0.05
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
3,930 Avis Budget
709
0.07
8,822 Avista
274
0.02
16,350 Avnet
642
0.07
40,150 Axalta Coating Systems
1,032
0.12
5,825 Axcelis Technologies
824
0.09
15,607 Axis Capital
660
0.07
6,814 Axogen
49
0.01
9,114 Axonics
363
0.04
8,154 Axos Financial
253
0.03
5,935 Axsome Therapeutics
343
0.04
22,233 AZEK
525
0.06
5,221 AZZ
178
0.02
4,173 B Riley Financial
152
0.02
10,858 B&G Foods
120
0.01
11,945
Babcock & Wilcox 
Enterprises
58
0.01
5,088 Badger Meter
593
0.06
5,659 Balchem
602
0.06
4,089 Bally's
50
0.01
10,073 Banc of California
94
0.01
4,110 BancFirstØ
298
0.03
6,600 Bancorp
170
0.02
2,799 Bandwidth
30
0.00
1,723 Bank FirstØ
114
0.01
8,165 Bank of Hawaii
273
0.03
2,085 Bank of Marin Bancorp
30
0.00
20,584 Bank OZK
659
0.07
8,142 BankUnited
142
0.01
3,455 Banner
122
0.01
2,404 Bar Harbor Bankshares
48
0.01
7,987 Barnes
266
0.03
972 Barrett Business Services
67
0.01
55,034 Bausch Health Cos
331
0.03
9,499 Beacon Roofing SupplyØ
626
0.07
9,469 Beam TherapeuticsØ
238
0.03
15,589 Beauty HealthØ
104
0.01
4,769 Beazer Homes USA
105
0.01
7,798 Belden
590
0.06
25,575 BellRing Brands
734
0.08
8,340 Benchmark Electronics
170
0.02
771 Berkshire Hills Bancorp
13
0.00
22,178 Berry
120
0.01
NM0923U-3094429-304/477

ACS WORLD SMALL CAP ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
304
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
22,074 Berry GlobalØ
1,114
0.13
8,307 Beyond MeatØ
85
0.01
55,832 BGC Partners
193
0.02
10,089 BigCommerce
78
0.01
39,719 BioCryst PharmaceuticalsØ
218
0.02
9,800 BiohavenØ
185
0.02
5,985 BioLife SolutionsØ
107
0.01
2,961 Bioxcel Therapeutics
15
0.00
5,754 BJ's RestaurantsØ
143
0.02
25,191 BJ's Wholesale Club
1,245
0.12
7,960 Blackbaud
442
0.05
9,309 Blackline
398
0.04
29,244 Blackstone Mortgage Trust
476
0.05
14,466 Blink ChargingØ
68
0.01
36,294 Bloom Energy
466
0.05
17,526 Bloomin' Brands
376
0.04
6,123 Blucora
109
0.01
4,095 Blue Bird
71
0.01
68,440 Blue Owl CapitalØ
623
0.08
11,319 Bluebird Bio
29
0.00
2,577 Bluegreen Vacations
71
0.01
1,371 BlueLinx
103
0.01
10,704 Blueprint MedicinesØ
562
0.06
7,002 Boise Cascade
495
0.05
5,836 BOK Financial
379
0.04
6,113 Boot Barn
411
0.04
1,655 Boston BeerØ
405
0.04
6,905 Boston Omaha
104
0.01
7,437 Bowlero
67
0.01
27,993 Box
650
0.07
14,752 Boyd Gaming
805
0.09
9,349 Brady
353
0.04
26,175 Brandywine Realty Trust
96
0.01
6,795 Braze
230
0.02
19,132 Bridgebio Pharma
257
0.03
10,899
Bright Horizons Family 
SolutionsØ
782
0.09
13,087 Brighthouse Financial
485
0.05
4,877 Brightsphere Investment
81
0.01
22,247 BrightSpire Capital
119
0.01
4,069 BrightView
23
0.00
7,286 Brinker InternationalØ
210
0.02
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
8,894 Brink's
483
0.05
736 Bristow
17
0.00
56,093 Brixmor Property
975
0.10
33,057 Broadstone Net Lease
407
0.03
23,317 Brookdale Senior Living
77
0.01
4,913 Brookline Bancorp
35
0.00
12,835 Brooks AutomationØ
470
0.05
13,408 BRP GroupØ
265
0.03
18,831 Bruker
1,087
0.11
13,522 Brunswick
907
0.10
5,258 BuckleØ
144
0.02
19,952 Bumble
265
0.03
38,495 Burford Capital
363
0.04
3,946 Business First Bancshares
48
0.01
12,572 Butterfly Network
23
0.00
8,136 Byline BancorpØ
118
0.01
16,705 C3.aiØ
474
0.05
862 Cable OneØ
446
0.05
10,627 CabotØ
556
0.06
4,277 CACI International
1,144
0.11
12,232 Cactus
411
0.04
16,911 Cadence BankØ
266
0.02
2,904 CadreØ
51
0.01
2,136 Calavo Growers
51
0.01
4,823 CaleresØ
93
0.01
9,570 California Water Service
392
0.04
10,955 Calix
437
0.05
27,669 Callaway GolfØ
435
0.05
7,896 Cal-Maine FoodsØ
280
0.03
1,688 Cambium Networks
21
0.00
2,201 Cambridge Bancorp
95
0.01
3,938 Camden National
98
0.01
8,595 Camping WorldØ
195
0.02
15,095 Cannae
239
0.03
22,367 Cano HealthØ
24
0.00
121,961 CanooØ
45
0.00
2,715 Capital City Bank
65
0.01
16,759 Capitol Federal FinancialØ
83
0.01
23,879 CapriØ
678
0.07
8,684 CareDx
59
0.01
17,023 CareTrust REIT
266
0.03
15,750 Cargurus
284
0.03
NM0923U-3094429-305/477

ACS WORLD SMALL CAP ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
305
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
26,809 Carnival (Registered)Ø
338
0.04
9,606 Carpenter Technology
423
0.04
2,170 Carriage Services
58
0.01
12,785 Cars.com
201
0.02
7,508 Carter'sØ
418
0.04
13,267 CarvanaØ
270
0.03
10,474 Casella Waste Systems
724
0.08
1,741 Cass Information Systems
54
0.01
6,328 Cassava Sciences
118
0.01
3,353 Castle Biosciences
35
0.00
17,896 Catalyst Pharmaceuticals
191
0.02
12,010 Cathay General Bancorp
310
0.03
1,414 Cavco Industries
330
0.03
9,316 CBIZ
390
0.04
2,870
CBL & Associates 
Properties
51
0.01
26,524 CCC Intelligent SolutionsØ
232
0.02
6,858 Celldex Therapeutics
187
0.02
7,802 CelsiusØ
919
0.11
2,631 Centerspace
127
0.01
1,283 Central Garden & Pet
39
0.00
6,946
Central Garden & Pet 
class 'A' shares
198
0.02
6,867 Century Aluminum
48
0.01
5,139 Century Communities
307
0.03
8,463 Cerence
194
0.02
10,516 Cerevel Therapeutics
264
0.03
22,310 CertaraØ
321
0.03
21,380 Cerus
41
0.00
2,828 CEVA
56
0.01
36,626 ChampionX
881
0.09
50,361 ChargePointØ
346
0.04
7,747 Chart IndustriesØ
964
0.10
1,753 Chase
168
0.02
5,975 Chatham Lodging Trust
44
0.00
9,809 Cheesecake Factory
267
0.03
5,998 Chefs' WarehouseØ
169
0.02
19,945 Chegg
139
0.01
2,774 Chemed
1,175
0.13
3,029 Chesapeake Utilities
284
0.03
17,254 Chico's FAS
75
0.01
2,353 Children's PlaceØ
42
0.00
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
50,185 Chimera InvestmentØ
225
0.02
9,550 Chinook Therapeutics
291
0.03
6,016
Choice Hotels 
International
560
0.06
12,490 Churchill Downs
1,341
0.15
2,506 Chuy's
81
0.01
27,817 Ciena
936
0.10
1,921 CinCor Pharma†
5
0.00
23,405 CinemarkØ
309
0.03
4,524 CIRCOR International
192
0.02
10,379 Cirrus Logic
654
0.07
2,022 CityØ
147
0.02
19,791 Claros Mortgage TrustØ
177
0.02
31,178 Clean Energy Fuels
124
0.01
9,310 Clean Harbors
1,193
0.13
41,624 Clear Channel OutdoorØ
43
0.00
12,197 Clear Secure
225
0.02
3,382 ClearfieldØ
127
0.01
16,747 Clearwater AnalyticsØ
210
0.02
2,248 Clearwater Paper
55
0.01
4,883
Clearway Energy class 'A' 
shares
103
0.01
15,641
Clearway Energy class 'C' 
shares
347
0.04
58,781 Clover Health Investments
41
0.00
20,626 CNO Financial
384
0.04
1,774 Coastal Financial
54
0.01
898 Coca-Cola Consolidated
454
0.05
68,802 Coeur Mining
156
0.02
13,457 Cogent BiosciencesØ
123
0.01
7,679 Cogent Communications
409
0.05
5,531 Cohen & SteersØ
255
0.03
25,329 Coherent
969
0.11
23,920 Coherus BiosciencesØ
79
0.01
8,104 Cohu
265
0.03
7,270 Collegium Pharmaceutical
125
0.01
39,796
Columbia Banking 
SystemØ
639
0.07
6,345 Columbia Financial
88
0.01
7,184 Columbia Sportswear
434
0.05
4,818 Columbus McKinnon
157
0.02
24,563 Comerica
832
0.09
6,412 Comfort Systems USAØ
845
0.09
NM0923U-3094429-306/477

ACS WORLD SMALL CAP ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
306
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
21,765 Commerce BancsharesØ
826
0.09
22,315 Commercial Metals
924
0.09
32,220 CommScope
143
0.02
5,789 Community Bank SystemØ
222
0.02
27,370
Community Health 
Systems
92
0.01
5,054
Community Healthcare 
Trust
131
0.01
3,453 Community Trust Bancorp
98
0.01
7,746 CommVault Systems
444
0.05
55,071 Compass
156
0.02
8,803 Compass Diversified
152
0.02
7,855
Compass Minerals 
InternationalØ
212
0.02
27,074 Compass Therapeutics
64
0.01
2,197
Computer Programs and 
Systems
43
0.00
8,267 Concentrix
528
0.06
21,571 Conduent
59
0.01
5,818 CONMED
627
0.07
7,297 ConnectOne Bancorp
98
0.01
3,344
Consensus Cloud 
SolutionsØ
80
0.01
9,062
Consolidated 
Communications
27
0.00
8,762 Construction PartnersØ
226
0.02
14,096 Corcept Therapeutics
241
0.03
16,570 Core & Main
405
0.03
9,486 Core LaboratoriesØ
183
0.02
20,170
Corporate Office 
Properties Trust
379
0.04
8,216 Corsair GamingØ
114
0.01
1,768 CorVel
272
0.03
72,618 Coty
704
0.07
7,205 Couchbase
86
0.01
17,625 Coursera
180
0.01
26,513 Cousins Properties
475
0.05
1,987 Covenant Logistics
69
0.01
947 CRA International
77
0.01
3,390
Cracker Barrel Old 
Country Store
253
0.03
9,297 CraneØ
415
0.04
9,333 Crane
641
0.07
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
1,159 Credit AcceptanceØ
464
0.05
17,964 Credo Technology
249
0.03
9,342 CricutØ
96
0.01
7,276 Crinetics Pharmaceuticals
102
0.01
11,216 Crocs
960
0.11
7,944 Cross Country Healthcare
178
0.02
11,939 CrossFirst Bankshares
98
0.01
4,951 CryoLife
67
0.01
7,665 CryoPortØ
104
0.01
3,088 CS Disco
20
0.00
5,323
CSG Systems 
International
221
0.02
2,948 CSW Industrials
382
0.04
5,961 CTSØ
200
0.02
41,193 CubeSmart
1,461
0.16
2,519 Cullinan Oncology
22
0.00
7,136 Curtiss-Wright
1,027
0.11
22,264 Cushman & WakefieldØ
145
0.02
3,909 Customers Bancorp
96
0.01
2,172 CuteraØ
26
0.00
17,835 CVB Financial
192
0.02
4,168 CVR Energy
99
0.01
12,991 CymaBay TherapeuticsØ
81
0.01
20,030 Cytek BiosciencesØ
130
0.01
15,492 CytokineticsØ
401
0.04
25,047 Dana
332
0.03
8,383
Dave & Buster's 
Entertainment
302
0.03
10,074
Deciphera 
Pharmaceuticals
108
0.01
13,664 Definitive Healthcare
117
0.01
14,646 Delek US
275
0.03
6,652 DeluxeØ
90
0.01
20,034 Denali Therapeutics
465
0.05
8,651 Denbury
593
0.05
8,105 Denny's
79
0.01
7,807 Designer Brands
62
0.01
42,886 Desktop Metal
61
0.01
411 Diamond Hill Investment
55
0.01
15,575 Diamond Offshore DrillingØ
165
0.02
34,076 DiamondRock Hospitality
215
0.02
6,305 DICE Therapeutics
232
0.02
NM0923U-3094429-307/477

ACS WORLD SMALL CAP ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
307
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
6,478 Digi International
203
0.02
23,128 Digital TurbineØ
157
0.02
32,634 DigitalBridgeØ
371
0.04
9,833 DigitalOcean
305
0.03
800 Dillard's
210
0.02
6,958
Dime Community 
Bancshares
99
0.01
3,500 Dine Brands Global
164
0.02
8,342 Diodes
602
0.06
42,056
DISH Network class ‘A’ 
shares
222
0.02
2,059 Distribution Solutions
85
0.01
11,415 Diversey
76
0.01
153,039 Diversified Gas & OilØ
134
0.01
5,495 DMC Global
76
0.01
21,430 DocGoØ
156
0.02
10,953 Dolby Laboratories
714
0.07
5,090 Domo
59
0.01
22,638 Donaldson
1,116
0.13
4,361 Donegal
50
0.01
3,892
Donnelley Financial 
Solutions
136
0.01
5,360 Dorian LPG
107
0.01
4,748 Dorman ProductsØ
296
0.03
20,698 DoubleVerifyØ
628
0.08
5,147 Douglas Dynamics
120
0.01
27,174 Douglas Emmett
271
0.03
19,188 DoximityØ
515
0.05
71,952 DraftKings
1,495
0.16
6,498 Dream Finders Homes
124
0.01
4,503 Dril-QuipØ
82
0.01
11,526 Driven BrandsØ
237
0.02
17,196 DT Midstream
674
0.07
9,579 Duckhorn Portfolio
98
0.01
2,822 Ducommun
99
0.01
42,845 Dun & Bradstreet
391
0.04
4,986 Duolingo
547
0.06
5,589 Dutch BrosØ
125
0.01
42,641 DXC Technology
885
0.08
2,148 DXP Enterprises
63
0.01
5,774 Dycom IndustriesØ
513
0.05
26,953 Dynavax TechnologiesØ
279
0.03
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
3,865 Dyne Therapeutics
32
0.00
7,600 Dynex CapitalØ
75
0.01
29,037 E2open Parent
128
0.01
3,497 Eagle Bancorp
60
0.01
1,344 Eagle Bulk ShippingØ
50
0.01
6,735 Eagle MaterialsØ
985
0.11
1,466 Eagle Pharmaceuticals
23
0.00
26,822 East West
1,099
0.12
17,430
Easterly Government 
PropertiesØ
200
0.02
34,688 Eastern Bankshares
338
0.04
7,915 EastProperties
1,078
0.11
3,345 EbixØ
71
0.01
5,555 EchoStar
76
0.01
20,697 Ecovyst
182
0.02
10,192 Edgewell Personal CareØ
332
0.03
15,032 Editas Medicine
97
0.01
3,696 El Pollo Loco
25
0.00
92,441 Elanco Animal Health
733
0.08
14,643 Elastic
742
0.08
44,005 Element Solutions
661
0.07
9,716 elf Beauty
865
0.10
9,137 Ellington FinancialØ
99
0.01
10,585 Embecta
189
0.02
9,029 EMCORØ
1,309
0.13
6,940 Emergent BioSolutions
42
0.00
17,894 Empire State Realty Trust
107
0.01
311 Employers
9
0.00
4,587 Enact
90
0.01
3,176 Enanta Pharmaceuticals
52
0.01
18,062 Encompass Health
957
0.11
4,936 Encore CapitalØ
191
0.02
3,194 Encore WireØ
468
0.05
31,390 Endeavor Group
592
0.06
12,894 EnergizerØ
340
0.04
26,748 Energy Fuels
129
0.01
8,688 Energy Recovery
191
0.02
10,547 Enerpac Tool Group
226
0.02
7,319 EnerSys
621
0.07
4,977 Enfusion
44
0.00
7,339 EnhabitØ
69
0.01
50,326 EnLink Midstream
421
0.04
NM0923U-3094429-308/477

ACS WORLD SMALL CAP ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
308
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
3,353 Ennis
54
0.01
4,545 Enova International
194
0.02
9,283 Enovis
468
0.05
20,002 EnovixØ
283
0.03
3,769 EnPro IndustriesØ
399
0.04
9,951 Ensign GroupØ
750
0.08
1,881 Enstar
367
0.04
6,744
Enterprise Financial 
Services
212
0.02
20,306
Entravision 
Communications
71
0.01
3,054 EnvestnetØ
141
0.01
28,823 Envista
768
0.08
4,687 Enviva
42
0.00
5,000 ePlus
223
0.02
13,427 EPR Properties
499
0.05
71,651 EQRx
104
0.01
83,124 Equitrans Midstream
628
0.07
2,126 Equity Bancshares
39
0.00
20,029 Equity Commonwealth
323
0.03
5,494 Erasca
12
0.00
11,138 EsabØ
583
0.06
4,822 ESCO Technologies
399
0.04
18,928 Essent
699
0.07
26,793
Essential Properties 
Realty Trust
506
0.05
5,717 Ethan Allen Interiors
128
0.01
8,875 Euronet WorldwideØ
818
0.10
7,630 European Wax CenterØ
113
0.01
11,701 Eventbrite
88
0.01
7,475 Everbridge
160
0.02
6,788 EvercoreØ
671
0.07
13,594 EveriØ
156
0.02
29,213 EVgoØ
95
0.01
17,220 Evolent HealthØ
413
0.04
6,694 Evolus
38
0.00
15,568 Evolv Technologies
73
0.01
18,021 EW ScrippsØ
131
0.01
3,880 Excelerate EnergyØ
63
0.01
54,310 Exelixis
815
0.09
6,339 ExlService
752
0.07
13,482 eXp WorldØ
218
0.02
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
4,199 Expensify
26
0.00
9,597 Exponent
705
0.07
18,367 Expro Group
248
0.03
21,254 Extreme Networks
432
0.05
7,879 EZCORP
52
0.01
11,955 Farmers National Bancorp
117
0.01
14,210 Farmland PartnersØ
136
0.01
2,290 FARO Technologies
29
0.00
19,803 Fastly
248
0.03
10,231 Fate Therapeutics
39
0.00
8,502 FB Financial
191
0.02
1,742
Federal Agricultural 
Mortgage
195
0.02
13,119
Federal Realty Investment 
Trust
1,000
0.11
11,077 Federal Signal
560
0.06
16,676 Federated Hermes
475
0.05
16,350 FibroGen
34
0.00
21,552 Figs
136
0.01
10,026 First AdvantageØ
122
0.01
17,393 First American Financial
783
0.08
23,734 First Bancorp
232
0.02
6,481 First Bancorp NCØ
157
0.02
4,879 First Bancshares
100
0.01
8,699 First Busey
139
0.01
15,600
First Commonwealth 
FinancialØ
160
0.02
2,339
First Community 
BanksharesØ
56
0.01
1,684 First Financial
44
0.00
7,756 First Financial Bancorp
128
0.01
26,012 First Financial Bankshares
591
0.06
8,396 First Foundation
27
0.00
24,621 First Hawaiian
352
0.04
23,576 First Industrial Realty Trust
975
0.10
16,872
First Interstate 
BancSystemØ
326
0.03
11,307 First Merchants
259
0.03
3,899 First Mid Bancshares
76
0.01
5,034 First Watch Restaurant
67
0.01
7,740 FirstCash
566
0.06
39,063 FiskerØ
168
0.02
10,081 Five BelowØ
1,567
0.16
NM0923U-3094429-309/477

ACS WORLD SMALL CAP ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
309
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
2,886 Five Star Bancorp
50
0.01
12,624 Five9
802
0.08
83,426 Flex
1,805
0.19
18,992 Floor & Decor
1,524
0.15
37,473 Flowers FoodsØ
738
0.07
23,813 FlowserveØ
695
0.07
6,138 Fluence Energy
128
0.01
6,874 Flushing Financial
71
0.01
14,624 Flywire
358
0.04
70,253 FNBØ
640
0.07
10,508 Focus Financial Partners
436
0.05
17,157 Foot LockerØ
365
0.04
3,261 Forestar
58
0.01
5,850 ForgeRock
95
0.01
13,822 FormFactorØ
369
0.04
1,513 Forrester Research
35
0.00
5,011 Forward Air
427
0.04
15,850
Four Corners Property 
Trust
319
0.03
8,171 Fox FactoryØ
697
0.07
4,211 FranchiseØ
96
0.01
14,758 Franklin BSP Realty TrustØ
165
0.02
2,051 Franklin Covey
73
0.01
7,507 Franklin Electric
604
0.06
7,035 Fresh Del Monte Produce
142
0.01
8,424 Freshpet
429
0.05
24,515 FreshworksØ
341
0.04
14,131 Frontdoor
350
0.04
33,582
Frontier Communications 
ParentØ
478
0.05
5,787 Frontier Group
43
0.00
11,636 Frost BankersØ
994
0.11
1,231 FRP
56
0.01
6,405 FTI Consulting
957
0.11
59,965 FuelCell Energy
102
0.01
4,815 Fulgent Genetics
143
0.02
31,163 Fulton Financial
304
0.03
3,868 FunkoØ
33
0.00
6,928 FutureFuel
48
0.01
46,085 GameStopØ
907
0.09
43,006 GapØ
300
0.03
21,618 Gates Industrial
228
0.02
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
6,813 GATXØ
689
0.08
8,859
Genco Shipping & 
TradingØ
97
0.01
1,810 Genesco
36
0.00
44,211 Gentex
1,021
0.11
6,680 Gentherm
298
0.03
19,921 Genworth Financial
78
0.01
5,317
German American 
BancorpØ
116
0.01
79,037 Geron
194
0.02
9,312 Getty Realty
252
0.03
6,641 Gibraltar Industries
326
0.03
10,251 G-III Apparel
167
0.02
172,145 Ginkgo BioworksØ
245
0.03
12,089 GitlabØ
473
0.05
21,918 Glacier BancorpØ
546
0.06
7,499 Gladstone CommercialØ
74
0.01
8,119 Gladstone LandØ
106
0.01
8,432 GlaukosØ
472
0.05
4,959 Global Industrial
109
0.01
14,711 Global Medical REITØ
106
0.01
120,738 Globalstar
97
0.01
14,853 Globus MedicalØ
691
0.07
6,485 GMS
360
0.04
9,708 GogoØ
131
0.01
4,294 Golden EntertainmentØ
142
0.01
10,321 GoodRx
45
0.00
49,913 Goodyear Tire & RubberØ
544
0.06
4,456 Goosehead InsuranceØ
221
0.02
24,215 GoPro
80
0.01
4,367 Gorman-Rupp
98
0.01
45,605 GrafTech InternationalØ
180
0.02
601 Graham
273
0.03
5,789 Grand Canyon Education
468
0.05
7,919 Granite ConstructionØ
251
0.03
55,840 Graphic Packaging
1,045
0.11
22,578 Gray Television
142
0.01
8,276
Great Lakes Dredge & 
Dock
53
0.01
3,199 Great Southern Bancorp
131
0.01
5,986 Green Brick Partners
267
0.03
6,155 Green Dot
91
0.01
NM0923U-3094429-310/477

ACS WORLD SMALL CAP ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
310
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
971 Green Plains
24
0.00
6,936 Greenbrier CosØ
235
0.02
4,338 Greif
237
0.02
1,152 Greif class 'B' shares
70
0.01
7,718 Grid Dynamics
56
0.01
8,708 Griffon
279
0.03
16,378 Grocery Outlet
391
0.04
19,854 Guardant Health
569
0.06
4,852 Guess?
75
0.01
14,015 Guidewire Software
827
0.09
21,567 GXO Logistics
1,070
0.11
5,810 H&E Equipment Services
210
0.02
28,520 H&R Block
722
0.08
3,822 Hackett Group
67
0.01
8,752 HaemoneticsØ
587
0.06
7,017 HagertyØ
52
0.01
13,339 Hain Celestial Group
133
0.01
26,028 Halozyme Therapeutics
714
0.08
6,128 Hamilton LaneØ
386
0.04
15,291 Hancock Whitney
473
0.05
73,176 HanesbrandsØ
259
0.03
1,588 Hanmi Financial
19
0.00
19,481
Hannon Armstrong 
Sustainable Infrastructure 
CapitalØ
387
0.04
6,931 Hanover Insurance Group
614
0.06
6,543 HarborOne Bancorp
46
0.00
25,604 Harley-Davidson
706
0.07
18,368 HarmonicØ
235
0.02
6,350 Harmony Biosciences
177
0.02
10,031 HarscoØ
77
0.01
14,586 HashiCorp
295
0.03
2,016 Haverty Furniture Cos
49
0.01
20,641
Hawaiian Electric 
Industries
590
0.07
4,265 Hawkins
160
0.02
1,829 Haynes International
73
0.01
18,738 HaywardØ
187
0.02
10,446 HB Fuller
572
0.06
3,652 HBT Financial
54
0.01
1,031 HCI
51
0.01
12,146 Health Catalyst
118
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
15,111 Healthcare Services
178
0.02
15,348 HealthEquityØ
757
0.08
3,221 HealthStream
62
0.01
11,247 Heartland Express
146
0.02
6,738 Heartland Financial USA
151
0.02
98,950 Hecla Mining
400
0.04
6,035
Heidrick & Struggles 
International
126
0.01
4,141 Helen of TroyØ
351
0.04
5,845 Helios Technologies
301
0.03
28,605 Helix Energy Solutions
163
0.02
18,038 Helmerich & PayneØ
501
0.05
22,011 Herbalife NutritionØ
233
0.02
4,529 Herc
487
0.05
12,660 Heritage Commerce
85
0.01
3,154 Heritage Financial
41
0.00
4,974 Heritage-Crystal Clean
148
0.02
12,822 Herman Miller
149
0.02
26,443 Hertz Global
380
0.04
10,269 Hess Midstream
249
0.03
15,913 Hexcel
931
0.09
2,298 HibbettØ
68
0.01
18,104 Highwoods Properties
342
0.04
12,718 Hillenbrand
518
0.05
36,017 Hillman SolutionsØ
257
0.03
8,414 HilltopØ
209
0.02
13,718 Hilton Grand VacationsØ
492
0.05
24,391 Hims & Hers Health
175
0.02
225
Hingham Institution For 
Savings TheØ
38
0.00
1,436 Hippo
19
0.00
5,503 HireRight
50
0.01
7,240 HNI
160
0.01
36,379 Home BancSharesØ
662
0.07
1,844 HomeStreet
9
0.00
10,194 Hope Bancorp
69
0.01
3,047 Horace Mann Educators
72
0.01
5,019 Horizon Bancorp
43
0.00
23,914 Hostess BrandsØ
480
0.05
8,964 Houlihan Lokey
701
0.07
6,033 Howard Hughes
373
0.05
6,461 Hub
410
0.04
NM0923U-3094429-311/477

ACS WORLD SMALL CAP ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
311
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
21,327 Hudson Pacific Properties
74
0.01
32,586 Huntsman
698
0.06
3,677 Huron Consulting
242
0.03
2,470
Hyster-Yale Materials 
Handling
112
0.01
6,074 I3 Verticals
111
0.01
3,302 ICF International
322
0.03
6,197 IchorØ
181
0.02
3,547 ICU MedicalØ
496
0.05
7,912 Ideaya Biosciences
145
0.02
2,793 IDT
58
0.01
1,528 IES
69
0.01
757 IGM Biosciences
6
0.00
17,490 iHeartMedia
49
0.01
6,359 IMAXØ
87
0.01
25,720 ImmunityBioØ
55
0.01
39,148 ImmunoGen
581
0.06
11,189 Immunovant
164
0.02
4,186 Impinj
287
0.03
9,473 Inari MedicalØ
434
0.05
39,117
Independence Realty 
TrustØ
566
0.06
4,893 Independent Bank
176
0.02
3,193
Independent Bank 
Corporation
44
0.00
6,164 Independent Bank GroupØ
175
0.02
35,703 Infinera
131
0.01
4,980 Informatica
72
0.01
6,056 IngevityØ
280
0.03
2,705 Ingles Markets
177
0.02
12,468 Ingredion
1,032
0.11
6,700 Inhibrx
136
0.01
12,637 InmodeØ
367
0.04
4,870 Innospec
387
0.04
5,351
Innovative Industrial 
Properties
314
0.03
8,376 Innoviva
84
0.01
5,443 Insight Enterprises
628
0.07
24,931 Insmed
401
0.04
6,511 Insperity
604
0.06
5,231 Inspire Medical Systems
1,321
0.14
4,629
Installed Building 
ProductsØ
508
0.05
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
5,407 Insteel Industries
133
0.01
3,227 Intapp
106
0.01
5,954 IntegerØ
417
0.04
13,152 Integra LifeSciences
424
0.04
14,072 Intellia Therapeutics
455
0.05
3,874 Inter Parfums
408
0.04
19,146 Interactive Brokers
1,253
0.12
14,675 InterActiveCorpØ
736
0.08
8,772 Intercept Pharmaceuticals
77
0.01
5,081 InterDigitalØ
386
0.04
7,457 Interface
51
0.01
10,424 International Bancshares
368
0.04
8,250
International Money 
Express
161
0.02
6,358 International Seaways
185
0.02
15,582 Intra-Cellular Therapies
764
0.08
1,534 Intrepid PotashØ
27
0.00
13,011 InvenTrust Properties
239
0.03
5,434 Invesco Mortgage CapitalØ
51
0.01
24,848 Ionis PharmaceuticalsØ
807
0.09
29,236 IonQØ
313
0.03
31,958 Iovance Biotherapeutics
178
0.02
5,755 IPG Photonics
611
0.06
6,002 iRhythm Technologies
491
0.05
20,974 Iridium Communications
1,024
0.12
4,198 iRobotØ
148
0.02
23,625 Ironwood Pharmaceuticals
199
0.02
2,416 iTeos Therapeutics
25
0.00
8,427 Itron
472
0.05
15,635 ITTØ
1,142
0.13
7,857 Ivanhoe Electric
87
0.01
22,555 IVERIC bio
696
0.07
2,815 J & J Snack FoodsØ
354
0.04
8,211 J2 Global
455
0.05
24,296 JabilØ
2,063
0.22
3,370 Jack in the Box
254
0.03
12,685 Jackson FinancialØ
306
0.03
4,381 James River
62
0.01
9,397 Jamf
143
0.02
25,274 Janus Henderson
545
0.06
15,796 Janus International
130
0.01
21,430 JBG SMITH Properties
249
0.03
NM0923U-3094429-312/477

ACS WORLD SMALL CAP ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
312
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
31,001 Jefferies Financial
817
0.09
17,528 JELD-WEN
245
0.03
14,719 JetBlue Airways
102
0.01
23,845 Joby Aviation
188
0.02
1,972 John B Sanfilippo & Son
186
0.02
5,757 John Bean Technologies
553
0.06
7,170 John Wiley & SonsØ
193
0.02
735 Johnson Outdoors
36
0.00
8,884 Jones Lang LaSalleØ
1,091
0.10
2,184 Kadant
380
0.04
2,732 Kaiser AluminumØ
155
0.02
4,562 Kaman
89
0.01
20,065 KAR Auction Services
241
0.03
5,468 Karuna Therapeutics
937
0.11
13,545 Karyopharm TherapeuticsØ
20
0.00
13,895 KB HomeØ
564
0.06
9,631 Kearny Financial
54
0.01
4,338 Kelly Services
61
0.01
11,333 KemperØ
438
0.05
12,946 KennametalØ
292
0.03
16,296 Kennedy-Wilson
208
0.02
3,184 Keros Therapeutics
100
0.01
3,631 Kforce
178
0.02
21,642 Kilroy Realty
515
0.05
6,748 Kimball Electronics
147
0.02
2,396 KinetikØ
67
0.01
4,793 Kiniksa Pharmaceuticals
54
0.01
3,976 Kinsale CapitalØ
1,168
0.12
3,023 Kirby
180
0.02
38,979 Kite Realty TrustØ
687
0.07
7,742
KKR Real Estate Finance 
Trust
74
0.01
15,728 KnowlesØ
224
0.02
20,904 Kohl's
381
0.04
10,232 Kontoor BrandsØ
344
0.04
5,492 Koppers
146
0.02
9,168 Korn Ferry
358
0.04
24,311
Kratos Defense & Security 
Solutions
281
0.03
9,649 Krispy Kreme
113
0.01
4,603 Kronos WorldwideØ
32
0.00
3,493 Krystal Biotech
319
0.03
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
7,153 Kura Oncology
58
0.01
1,376 Kura Sushi USAØ
100
0.01
7,104 Kymera Therapeutics
126
0.01
45,696 Kyndryl Holdings
470
0.05
20,276 Ladder Capital
172
0.02
10,870 Lakeland Bancorp
117
0.01
3,214 Lakeland Financial
128
0.01
16,397 Lamar Advertising
1,282
0.14
3,609 Lancaster ColonyØ
568
0.06
6,673 Landstar System
1,018
0.12
12,353 Lantheus
810
0.09
25,675 Laureate Education
238
0.03
8,877 La-Z-BoyØ
202
0.02
4,342 LCI IndustriesØ
429
0.05
4,122 Legacy Housing
77
0.01
22,949 Leggett & PlattØ
542
0.06
3,878 LeMaitre Vascular
206
0.02
11,123 Lemonade
149
0.02
19,627 LendingClub
154
0.02
7,983 Leonardo DRSØ
109
0.01
29,463 Leslie's
224
0.02
17,399 Levi StraussØ
199
0.02
20,475 Lexicon Pharmaceuticals
35
0.00
57,877 Lexington Realty Trust
446
0.05
4,252 LGI HomesØ
442
0.05
2,403
Liberty Media-Liberty 
Braves
78
0.01
6,970
Liberty Media-Liberty 
Braves class 'C' shares
220
0.02
30,826 Liberty Oilfield Services
321
0.03
15,964 Life Storage
1,670
0.19
9,493 Life Time Group
147
0.02
12,724 LifeStance Health
94
0.01
2,694 Ligand Pharmaceuticals
154
0.02
15,630 Lightwave LogicØ
86
0.01
10,706 Lincoln Electric
1,670
0.19
29,802 Lincoln National
600
0.06
4,744 Lindblad Expeditions
38
0.00
1,751 Lindsay
160
0.02
16,847
Lions Gate Entertainment 
class 'A' sharesØ
121
0.01
22,892
Lions Gate Entertainment 
class 'B' shares
155
0.02
NM0923U-3094429-313/477

ACS WORLD SMALL CAP ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
313
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
3,638 Liquidity Services
47
0.00
5,020 Lithia MotorsØ
1,202
0.12
4,619 Littelfuse
1,044
0.11
9,959 LivaNova
402
0.04
5,524 Live Oak BancsharesØ
116
0.01
34,152 LiventØ
725
0.09
9,014 LivePerson
32
0.00
10,778 LiveRamp
242
0.03
11,593 Louisiana-PacificØ
688
0.07
2,348 Lovesac
50
0.01
10,057 LSB IndustriesØ
80
0.01
7,669 LTC Properties
202
0.02
187,346 Lumen Technologies
326
0.03
11,831 Lumentum
532
0.06
45,134 Luminar TechnologiesØ
241
0.03
5,646 Luther Burbank
40
0.00
62,850 Lyft
489
0.05
5,003 M/I Homes
345
0.04
40,454 MacerichØ
363
0.04
12,972 Mack-Cali Realty
167
0.02
9,730
MACOM Technology 
SolutionsØ
491
0.05
50,293 Macy'sØ
637
0.07
4,185
Madison Square Garden 
Entertainment
92
0.01
2,868
Madison Square Garden 
Sports
423
0.04
2,173 Madrigal Pharmaceuticals
378
0.04
28,627 MagniteØ
311
0.03
4,091 Malibu Boats
190
0.02
11,317 Manhattan Associates
1,746
0.19
9,534 Manitowoc
141
0.01
45,051 MannKind
141
0.01
9,930 Manpower
627
0.07
28,270 Marathon DigitalØ
309
0.03
17,437 Maravai LifeSciencesØ
172
0.02
4,175 Marcus
49
0.01
4,753 Marcus & MillichapØ
123
0.01
5,829 MarineMaxØ
153
0.02
80,381 Marqeta
301
0.03
6,594
Marriott Vacations 
WorldwideØ
643
0.08
12,421 Marten Transport
214
0.02
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
3,757 Masonite InternationalØ
306
0.03
11,983 MasTecØ
1,107
0.12
28,188 MasterBrand
256
0.04
3,084 MasterCraft Boat
74
0.01
3,553 MaterionØ
322
0.03
1,369 Matson
84
0.01
65,487 Mattel
995
0.11
61,633 MatterportØ
154
0.02
6,291 Matthews International
209
0.02
9,773 MaxCyte
35
0.00
5,282
Maxeon Solar 
Technologies
114
0.01
10,971 Maximus
730
0.08
15,081 MaxLinearØ
373
0.04
17,266 MBIA
119
0.01
4,762 McGrath RentCorp
348
0.05
22,836 MDA
111
0.01
8,794 MDCØ
327
0.03
35,024 MDU ResourcesØ
582
0.06
2,195 MediaAlphaØ
17
0.00
111,306 Medical Properties Trust
815
0.09
1,815 Medifast
131
0.01
13,661 MEDNAX
153
0.02
4,666 Medpace
867
0.09
2,256 Mercantile Bank
50
0.01
2,562 Merchants Bancorp
52
0.01
5,760 Mercury General
139
0.01
8,869 Mercury SystemsØ
239
0.03
3,941 MeridianLink
65
0.01
10,733 Merit Medical Systems
708
0.07
6,726 Meritage HomesØ
747
0.08
14,630 Mersana Therapeutics
37
0.00
851 Mesa Laboratories
90
0.01
3,316 Meta Financial
122
0.01
6,448 Methode Electronics
170
0.02
4,002 Metrocity BanksharesØ
57
0.01
2,009 Metropolitan Bank
56
0.01
21,938 MFA Financial
193
0.02
48,309 MGIC Investment
598
0.06
2,406 MGP IngredientsØ
200
0.02
2,158 MicroStrategy
580
0.06
17,352 MicrovastØ
22
0.00
NM0923U-3094429-314/477

ACS WORLD SMALL CAP ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
314
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
37,017 MicroVisionØ
114
0.01
2,230 Mid Penn Bancorp
40
0.00
3,466 Middlesex Water
220
0.02
6,292 Midland States Bancorp
100
0.01
2,341 MidWestOne Financial
41
0.00
25,373 MiMedx
129
0.01
6,918 Minerals Technologies
309
0.03
7,782 Mirati Therapeutics
224
0.02
29,511 Mirion TechnologiesØ
191
0.02
6,260 Mirum Pharmaceuticals
122
0.01
8,293 Mission Produce
80
0.02
14,217 Mister Car Wash
104
0.01
5,425 Mitek Systems
47
0.00
11,478 MKS InstrumentsØ
965
0.10
5,743 Model N
161
0.02
9,657 Modine Manufacturing
252
0.03
2,576 ModivCare
94
0.01
9,970 MoelisØ
365
0.04
2,691 Monarch Casino & Resort
150
0.02
5,936 MonroØ
187
0.02
9,101 Montauk RenewablesØ
53
0.01
5,939 Monte Rosa Therapeutics
31
0.00
6,047 Montrose EnvironmentalØ
199
0.02
4,496 Moog
384
0.04
4,667 Morningstar
711
0.07
4,724 MorphicØ
204
0.02
2,435 Movado
52
0.01
18,014 MP MaterialsØ
325
0.03
11,989 Mr Cooper
483
0.05
16,457 MRC Global
133
0.01
6,834 MSA Safety
935
0.10
8,975 MSC Industrial Direct
669
0.07
9,798 Mueller Industries
672
0.07
26,675 Mueller Water Products
340
0.04
32,259 Multiplan
52
0.01
8,629 Myers Industries
133
0.01
2,930 MYR
316
0.03
16,814 Myriad Genetics
306
0.03
12,178 N-able
139
0.01
1,383 Nabors Industries
103
0.01
8,075 NanoString Technologies
25
0.00
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
6,318
Napco Security 
Technologies
178
0.02
20,340 Natera
789
0.08
5,288 National Bank
125
0.01
4,457 National Beverage
171
0.02
8,622 National Health InvestorsØ
357
0.04
2,864 National HealthCare
139
0.01
23,433 National Instruments
1,065
0.12
3,763 National Research
130
0.01
32,879 National Retail Properties
1,114
0.12
16,632
National Storage Affiliates 
Trust
457
0.05
15,142 National Vision
289
0.03
406 National Western Life
128
0.01
16,058 NavientØ
238
0.03
22,906 Navitas Semiconductor
181
0.02
4,811 NBT BancorpØ
123
0.01
8,668 nCino
207
0.02
24,051 NCRØ
475
0.05
2,971 NelnetØ
225
0.02
39,665 NeogenØ
689
0.07
21,556 NeoGenomics
272
0.03
3,889 NETGEAR
44
0.00
14,340 NetScout Systems
353
0.04
13,731 NETSTREIT
195
0.02
5,294 Nevro
107
0.01
10,379 New Fortress Energy
219
0.02
17,756 New Jersey Resources
663
0.07
9,315 New Relic
478
0.05
86,116
New Residential 
Investment
651
0.07
128,368
New York Community 
BancorpØ
1,136
0.12
21,411 New York Mortgage TrustØ
168
0.02
27,455 New York TimesØ
861
0.10
78,343 Newell Brands
555
0.06
26,867 NewmarkØ
136
0.01
1,320 NewMarket
422
0.04
4,694 NexPoint Residential Trust
170
0.02
6,581 Nexstar MediaØ
881
0.10
10,397 NextDecade
67
0.01
18,434 Nextdoor
49
0.01
16,670 NextEra Energy PartnersØ
756
0.07
NM0923U-3094429-315/477

ACS WORLD SMALL CAP ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
315
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
11,212 NextGen Healthcare
143
0.02
31,418 NexTier Oilfield SolutionsØ
221
0.02
3,899 NGM Biopharmaceuticals
7
0.00
2,340 Nicolet BanksharesØ
127
0.01
138,620 NikolaØ
138
0.01
10,988 nLight
133
0.01
13,674 NMI
278
0.03
14,698 NobleØ
454
0.05
4,258 Noble Corporation
132
0.01
18,224 NordstromØ
291
0.03
6,381 Northfield Bancorp
56
0.01
8,945 Northwest BancsharesØ
76
0.01
7,558 Northwest Natural
256
0.03
79,099 Norwegian Cruise Line
1,306
0.14
75,517 NOVØ
952
0.11
6,384 Novanta
921
0.10
22,713 NovavaxØ
136
0.01
20,098 NOW
166
0.02
10,684 Nu Skin EnterprisesØ
279
0.03
7,104 Nurix Therapeutics
56
0.01
7,938 NuScale Power
43
0.00
41,460 Nutanix
888
0.10
61,081 Nutex Health
22
0.00
3,521 Nuvalent
119
0.01
9,820 NuVasive
318
0.03
15,144 Nuvation Bio
22
0.00
2,227 NV5 Global
197
0.02
31,170 nVent Electric
1,255
0.13
17,439 Oceaneering InternationalØ
251
0.03
10,443 OceanFirst Financial
131
0.01
6,803 ODP
250
0.03
6,753
Office Properties Income 
Trust
42
0.00
29,475 O-I Glass
490
0.05
9,803 Oil States InternationalØ
58
0.01
58,341 Old National BancorpØ
644
0.07
51,361 Old Republic InternationalØ
1,021
0.11
12,111 Old Second BancorpØ
126
0.01
11,032 Ollie's Bargain Outlet
504
0.05
19,488 Olo
100
0.01
1,897 Olympic SteelØ
73
0.01
448 Omega Flex
37
0.00
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
44,437 Omega Hlthcr. Invstrs.
1,075
0.11
1,022 OmniAb†^
–
0.00
21,046 OmniAbØ
82
0.01
1,022 OmniAb Vesting†^
–
0.00
7,959 OmnicellØ
459
0.05
12,996 ON24
86
0.01
9,791 ONE Gas
599
0.06
2,428 One Liberty Properties
40
0.00
21,545 OneMain
744
0.08
4,107 OneSpan
48
0.01
8,966 Onto Innovation
825
0.09
17,945 Open Lending
149
0.02
93,127 Opendoor Technologies
300
0.03
58,741 OPKO Health
91
0.01
31,962 Option Care Health
806
0.09
9,116 OraSure Technologies
36
0.00
48,739 Organon
799
0.08
4,922 Origin BancorpØ
116
0.01
13,593 Origin Materials
46
0.00
7,071 Orion Office REITØ
37
0.00
10,206 Ormat Technologies
644
0.08
6,196 Orthofix Medical
89
0.01
3,670 OrthoPediatrics
125
0.01
20,898 Oscar Health
136
0.01
12,135 Oshkosh
813
0.09
2,965 OSI Systems
277
0.03
25,809 Outfront Media
319
0.03
6,804 Outset MedicalØ
119
0.01
10,251 Overstock.comØ
248
0.03
15,886 Owens & Minor
240
0.03
2,937 Oxford Industries
227
0.02
42,004
Pacific Biosciences of 
CaliforniaØ
435
0.05
9,629 Pacific Premier BancorpØ
160
0.02
8,529 Pacira BioSciences
266
0.03
5,629 Pactiv Evergreen
33
0.00
27,917 PacWest Bancorp
186
0.02
17,848 PagerDuty
311
0.03
4,444 Palomar
206
0.02
2,616
PAM Transportation 
Services
56
0.01
6,770 Papa John's InternationalØ
392
0.04
NM0923U-3094429-316/477

ACS WORLD SMALL CAP ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
316
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
12,853 Par Pacific
266
0.03
4,692 PAR TechnologyØ
124
0.01
4,642 Paragon 28
65
0.01
29,688 Paramount
106
0.01
41,734 Park Hotels & Resorts
421
0.04
2,611 Park NationalØ
214
0.02
8,732 ParsonsØ
333
0.04
4,047 Patrick IndustriesØ
254
0.03
16,486 Patterson
432
0.05
37,409 Patterson-UTI EnergyØ
353
0.04
10,438 Paycor HCM
187
0.02
3,222 Paymentus
26
0.00
28,243 Payoneer GlobalØ
108
0.01
1,552 PC Connection
55
0.01
5,822 PDF Solutions
208
0.02
2,412
Peapack-Gladstone 
Financial
52
0.01
19,787 Pebblebrook Hotel Trust
219
0.02
7,919 Pegasystems
301
0.03
60,214 Peloton InteractiveØ
355
0.04
26,133 Penn National GamingØ
491
0.06
3,412 Pennant Group
33
0.00
8,145
PennyMac Financial 
ServicesØ
458
0.05
19,480
PennyMac Mortgage 
Investment TrustØ
208
0.02
4,118 Penske AutomotiveØ
540
0.06
6,687 Penumbra
1,800
0.20
8,489 Peoples Bancorp
181
0.02
16,498 Perdoceo Education
160
0.02
7,192 Perella Weinberg Partners
48
0.01
5,941 Perficient
394
0.05
20,691 Perimeter SolutionsØ
97
0.01
26,117 Perrigo
695
0.07
19,864 Petco Health & Wellness
138
0.01
2,576 PetMed Express
29
0.00
10,761 PGT Innovations
248
0.03
9,105
Phathom 
PharmaceuticalsØ
97
0.01
2,658 Phibro Animal Health
29
0.00
20,482
Phillips Edison & 
CompanyØ
553
0.05
13,323 Photronics
269
0.03
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
8,740 PhreesiaØ
206
0.02
43,574 Physicians Realty Trust
483
0.05
2,927 Piedmont LithiumØ
129
0.01
30,333
Piedmont Office Realty 
Trust
175
0.02
9,742 Pilgrim's Pride
161
0.02
13,925
Pinnacle Financial 
PartnersØ
627
0.07
3,533 Piper Sandler Cos
365
0.04
4,157 PJT PartnersØ
233
0.02
35,116 Plains GP
408
0.04
16,011 Planet FitnessØ
859
0.09
41,043 Planet Labs
100
0.01
17,109 Playa Hotels & Resorts
110
0.01
12,798 Playstudios
49
0.01
5,337 Plexus
411
0.04
7,883 Pliant Therapeutics
114
0.01
98,915 Plug Power
782
0.08
8,256 Plymouth Industrial REIT
150
0.02
11,327 Point Biopharma Global
80
0.01
10,261 Polaris Industries
970
0.11
2,537 PolyPeptide GroupØ
42
0.00
7,932 Portillo'sØ
141
0.01
10,027 Post
681
0.07
15,486 PotlatchDeltic
653
0.07
10,100 Power IntegrationsØ
746
0.08
10,234 PowerSchool
152
0.02
6,251 PRAØ
114
0.01
541 Preformed Line ProductsØ
67
0.01
23,079 Premier
501
0.05
6,929 Premier Financial
89
0.01
9,467
Prestige Consumer 
Healthcare
442
0.05
5,359 PriceSmart
316
0.03
6,729 Primerica
1,054
0.11
28,427 Primo Water
286
0.03
8,943 Primoris Services
216
0.02
21,347 Privia Health
448
0.05
3,752 ProAssurance
45
0.00
6,446 PROCEPT BioRoboticsØ
176
0.02
14,485 Procore Technologies
749
0.09
4,190 ProFracØ
38
0.00
NM0923U-3094429-317/477

ACS WORLD SMALL CAP ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
317
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
8,003 PROG
206
0.02
8,736 Progress SoftwareØ
379
0.04
14,879 ProgynyØ
459
0.05
18,596 ProPetroØ
120
0.01
8,168 PROS
191
0.02
16,433 Prosperity Bancshares
743
0.09
8,617 Protagonist Therapeutics
189
0.02
4,887 Proto Labs
136
0.01
9,676
Provident Financial 
ServicesØ
128
0.01
11,483 PTC Therapeutics
374
0.04
5,311 PubMaticØ
78
0.01
5,416 Pulmonx
56
0.01
52,543 Pure Storage
1,501
0.15
15,439 PureCycle Technologies
129
0.01
11,770 PVH
779
0.08
10,552 Q2
254
0.03
3,452 QCR
114
0.01
2,485 Quaker Chemical
381
0.04
6,527 Qualys
663
0.07
5,167 Quanex Building Products
110
0.01
5,992 Quanterix
110
0.01
53,001 QuantumScapeØ
328
0.04
9,343 QuidelOrthoØ
600
0.06
6,435 QuinStreet
45
0.00
61,329 Qurate Retail
48
0.01
32,267 R1 RCMØ
470
0.04
5,241 Rackspace Technology
8
0.00
26,492 Radian
527
0.06
12,329
Radius Global 
Infrastructure
145
0.02
5,066 Radius Health†^
–
0.00
12,299 RadNet
321
0.03
7,609
Ralph Lauren class ‘A’ 
sharesØ
741
0.08
19,580 Rambus
977
0.09
6,279 Ranpak
21
0.00
10,505 Rapid7
376
0.04
4,674 RAPT Therapeutics
70
0.01
27,224 RayonierØ
670
0.07
5,145 RBC Bearings
884
0.09
1,367 RCI Hospitality
81
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
2,360 RE/MAX
37
0.00
30,036 Ready Capital
268
0.03
15,681 RealogyØ
85
0.01
4,069 Reata PharmaceuticalsØ
324
0.03
43,239 REC Silicon
51
0.01
21,705
Recursion 
PharmaceuticalsØ
127
0.01
10,179 Red Rock ResortsØ
377
0.04
22,120 Redfin
232
0.02
28,834 Redwood TrustØ
145
0.02
11,961 Regal Beloit
1,432
0.15
7,308 REGENXBIOØ
115
0.01
12,460
Reinsurance Group of 
America
1,360
0.14
11,324 Relay Therapeutics
115
0.01
156,171 Reliance WorldwideØ
335
0.04
21,351 Remitly Global
318
0.03
9,129 RenaissanceRe
1,335
0.15
6,306 Renasant
133
0.01
7,884 Rent-A-CenterØ
195
0.02
10,597 Repay
65
0.01
5,500 Replimune
100
0.01
1,476 Republic Bancorp Inc
50
0.01
25,307 Resideo Technologies
355
0.04
4,925 Resources Connection
62
0.01
26,172
Retail Opportunity 
Investments
280
0.03
4,075 REVØ
43
0.00
14,110 Revance TherapeuticsØ
275
0.03
13,382 Revolution MedicinesØ
277
0.03
11,463 RevolveØ
148
0.02
1,916 REX American Resources
52
0.01
37,464 Rexford Industrial Realty
1,528
0.17
13,435
Reynolds Consumer 
Products
298
0.03
2,936 RHØ
748
0.08
6,875 Rhythm Pharmaceuticals
91
0.01
20,533 Ribbon Communications
43
0.00
6,753 Rimini Street
24
0.00
14,734 Ringcentral
382
0.04
33,733 Riot Blockchain
311
0.03
7,495 RLI
806
0.08
26,688 RLJ Lodging Trust
215
0.02
NM0923U-3094429-318/477

ACS WORLD SMALL CAP ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
318
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
1,957 RMR Group
36
0.00
22,819 Rocket CosØ
163
0.02
40,368 Rocket Lab USA
191
0.02
12,192 Rocket PharmaceuticalsØ
193
0.02
3,178 RogersØ
406
0.04
67,375 Roivant Sciences
527
0.06
28,166 Rover
110
0.01
12,455 Royal Gold
1,114
0.13
13,694 RPCØ
77
0.01
10,323 RPT Realty
85
0.01
8,245
Rush Enterprises class 'A' 
shares
399
0.04
1,536
Rush Enterprises class 'B' 
shares
83
0.01
19,948 RXO
367
0.04
15,415 Ryan Specialty Group
539
0.05
9,001 Ryder System
598
0.06
5,582 Ryerson
192
0.02
9,693
Ryman Hospitality 
Properties
712
0.08
4,892 S&T Bancorp
107
0.01
40,010 Sabra Health Care REIT
376
0.04
47,721 Sabre
121
0.01
6,069 Safehold
110
0.01
1,888 Safety Insurance
107
0.01
10,640 Sage TherapeuticsØ
395
0.04
4,863 Saia
1,334
0.15
19,493 Sally BeautyØ
189
0.02
22,169 Samsara
485
0.05
11,287 Sana Biotechnology
52
0.01
9,262 Sandy Spring BancorpØ
170
0.02
11,352 Sanmina
537
0.06
13,776 Sarepta Therapeutics
1,221
0.14
1,792 Saul Centers
53
0.01
3,234 ScanSource
76
0.01
9,529 Schneider National
218
0.02
6,102 Schnitzer Steel Industries
147
0.02
9,135 Scholar Rock
49
0.01
5,630 ScholasticØ
173
0.02
11,559 SchrodingerØ
435
0.05
9,767
Science Applications 
InternationalØ
867
0.08
16,393 Scientific GamesØ
884
0.10
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
9,210 Scilex†
40
0.00
8,246 Scotts Miracle-GroØ
400
0.04
58 Seaboard
162
0.02
11,671
Seacoast Banking of 
FloridaØ
208
0.02
7,375 SeaWorld EntertainmentØ
326
0.03
12,099 Select Energy ServicesØ
76
0.01
20,276 Select MedicalØ
516
0.05
11,450 Selective Insurance
878
0.09
7,886 SEMrush
59
0.01
12,790 Semtech
253
0.03
1,173 Seneca Foods
31
0.00
8,322 Sensient TechnologiesØ
467
0.05
45,935 SentinelOneØ
540
0.06
18,961 Seres Therapeutics
70
0.01
4,420
Seritage Growth 
Properties
31
0.00
27,441 Service International
1,405
0.16
29,213 Service Properties Trust
201
0.02
8,784 ServisFirst Bancshares
291
0.03
12,845 SES AI
24
0.00
7,091 Shake Shack
436
0.05
7,038
Shenandoah 
TelecommunicationsØ
109
0.01
8,806 Shift4 PaymentsØ
461
0.05
29,474 Shoals TechnologiesØ
576
0.06
6,658 Shockwave Medical
1,504
0.17
2,330 Shoe Carnival
43
0.00
1,506 ShotSpotter
27
0.00
4,436 ShutterstockØ
170
0.02
6,570 Shyft Group
114
0.01
7,474 SI-BONE
166
0.02
5,157 SIGA Technologies
20
0.00
7,171 Sight Sciences
45
0.00
7,864 Signet JewelersØ
404
0.04
15,970 Silgan
595
0.06
6,153 Silicon Laboratories
758
0.08
5,844 Silk Road Medical
151
0.02
13,667 Simmons First National
191
0.02
18,562 Simply Good Foods
526
0.06
8,153 Simpson Manufacturing
899
0.10
29,675 Sims Metal ManagementØ
245
0.03
NM0923U-3094429-319/477

ACS WORLD SMALL CAP ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
319
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
4,063 Simulations Plus
137
0.01
7,976 Sinclair
89
0.01
38,397 SITE Centers
400
0.04
8,157
SiteOne Landscape 
SupplyØ
1,070
0.11
2,916 SiTimeØ
280
0.03
13,947 Six Flags EntertainmentØ
292
0.03
4,953 SJWØ
274
0.03
23,939 Skechers USA
952
0.10
10,338 Skyline ChampionØ
538
0.06
1,614 SkyWest
51
0.01
9,795 SL Green RealtyØ
224
0.02
3,227 Sleep Number
68
0.01
39,732 SLM
517
0.05
8,612 SMART GlobalØ
181
0.02
2,976 SmartFinancial
51
0.01
39,617 SmartRent
117
0.01
22,011 Smartsheet
662
0.07
3,882 Snap One
35
0.00
152,537 SoFi Technologies
1,051
0.11
13,957 SolarWinds
113
0.01
14,590 Solid PowerØ
29
0.00
19,236 SomaLogicØ
34
0.00
2,822 Sonic AutomotiveØ
109
0.01
17,677 Sonoco ProductsØ
823
0.09
19,810 Sonos
251
0.03
20,836 Sotera HealthØ
313
0.03
2,996 South Plains Financial
54
0.01
13,808 South StateØ
729
0.08
1,731
Southern Missouri 
Bancorp
53
0.01
3,962 Southside BancsharesØ
83
0.01
12,600 Southwest GasØ
631
0.07
5,608 Sovos Brands
88
0.01
2,939 SP PlusØ
92
0.01
8,839 SpartanNash
160
0.02
7,312 Spectrum Brands
452
0.05
9,086 Spire
453
0.05
5,336 Spirit AirlinesØ
71
0.01
26,098 Spirit Realty Capital
810
0.09
4,849 SpringWorks Therapeutics
97
0.01
13,991 Sprinklr
155
0.02
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
8,595 Sprout SocialØ
319
0.03
19,526 Sprouts Farmers Market
561
0.06
6,627 SPS Commerce
991
0.11
8,050 SPX Technologies
535
0.06
7,375 Squarespace
179
0.02
6,017 St JoeØ
230
0.02
7,102 STAAR SurgicalØ
291
0.03
31,634 STAG Industrial
894
0.09
23,320 StagwellØ
137
0.01
2,557 Standard Motor Products
77
0.01
2,247 Standex International
250
0.03
8,656 Star Group
90
0.01
58,734 Starwood Property TrustØ
894
0.09
21,280 Steelcase
129
0.01
8,864 Stellar Bancorp
163
0.02
28,228 StemØ
126
0.01
4,501 Stepan
340
0.04
11,029 StepStoneØ
211
0.02
16,077 Stericycle
576
0.06
4,062 Sterling CheckØ
40
0.00
5,934 Sterling Construction
262
0.03
14,622 Steven Madden
376
0.04
2,350
Stewart Information 
Services
76
0.01
19,744 Stifel Financial
928
0.10
11,015 Stitch Fix
32
0.00
6,626 Stock Yards Bancorp
244
0.03
2,108 Stoke Therapeutics
17
0.00
3,432 Stoneridge
51
0.01
3,941 StoneX
259
0.03
3,887 Strategic EducationØ
208
0.02
7,144 StrideØ
211
0.02
28,731 Summit Hotel Properties
148
0.02
21,567 Summit Materials
640
0.07
3,047 Sun Country Airlines
53
0.01
21,385 SunCoke Energy
133
0.01
19,707
Sunnova Energy 
International
276
0.03
21,512 SunPower
164
0.02
37,665 Sunrun
524
0.06
33,854 Sunstone Hotel Investors
269
0.03
8,508 Super Micro ComputerØ
1,587
0.16
NM0923U-3094429-320/477

ACS WORLD SMALL CAP ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
320
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
8,945 Supernus Pharmaceuticals
211
0.02
12,188 Surgery Partners
435
0.05
17,666 Sweetgreen
174
0.01
6,496 SylvamoØ
203
0.02
2,544 Symbotic
83
0.01
7,723 Synaptics
520
0.05
9,387 Syndax Pharmaceuticals
152
0.02
19,117 Syneos Health
637
0.07
9,186 SYNNEXØ
683
0.07
27,510 Synovus Financial
664
0.07
19,100 Talos EnergyØ
209
0.02
10,964 Tandem Diabetes Care
221
0.02
21,335
Tanger Factory Outlet 
Centers
372
0.04
9,077 Tango Therapeutics
23
0.00
44,355 Tapestry
1,503
0.15
5,008 Target Hospitality
52
0.01
1,216
Taro Pharmaceutical 
Industries
36
0.00
5,380 Tarsus Pharmaceuticals
76
0.01
3,497 TaskUS
31
0.00
19,845 Taylor Morrison Home
754
0.08
4,271 TechTarget
107
0.01
36,784 TEGNA
473
0.05
4,401 Tejon RanchØ
61
0.01
30,493 Teladoc Health
608
0.06
16,421
Telephone and Data 
SystemsØ
108
0.01
32,840
Tempur Sealy 
InternationalØ
1,039
0.10
20,353 Tenable
700
0.07
16,900 Tenet Healthcare
1,091
0.12
3,455 Tennant
223
0.02
19,665 Teradata
820
0.10
13,336 TerexØ
626
0.07
14,584 Terreno Realty
683
0.07
10,043 Tetra Tech
1,289
0.13
20,699 TETRA Technologies
55
0.01
9,725
Texas Capital 
BancsharesØ
401
0.04
12,532 Texas RoadhouseØ
1,104
0.11
10,460 TFS FinancialØ
104
0.01
27,493 TG Therapeutics
524
0.06
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
26,157 The Chemours
741
0.09
9,558 The Middleby
1,115
0.12
5,091 The Vita Coco
108
0.01
11,044 Theravance Biopharma
90
0.01
7,661 Thermon Group
160
0.02
9,454 Thor IndustriesØ
768
0.07
6,312 Thryv
125
0.01
66,527 TI Fluid SystemsØ
89
0.01
2,861 Tidewater
114
0.01
12,464 TimkenØ
901
0.09
5,553 TimkenSteel
94
0.01
4,945 Tiptree
58
0.01
15,188 Titan International
139
0.01
3,095 Titan Machinery
71
0.01
19,962 Toll Brothers
1,235
0.13
1,616 Tompkins FinancialØ
73
0.01
2,214 Tootsie Roll IndustriesØ
61
0.01
5,889 TopBuild
1,222
0.13
15,180 Towne Bank
283
0.03
10,463 TPG
236
0.02
6,352 TPG RE Finance TrustØ
37
0.00
11,336 TPI Composites
91
0.01
6,351 Traeger
21
0.00
1,101 Transcat
75
0.01
6,623 TransMedics
443
0.05
129,313 TransoceanØ
656
0.07
14,976 Travel + Leisure
481
0.05
10,686 Travere Therapeutics
129
0.01
7,722 Treace Medical Concepts
151
0.02
8,951 TreeHouse Foods
361
0.04
20,423 Trex
1,050
0.12
18,093 Tri Pointe Homes
466
0.05
7,821 TriCo Bancshares
210
0.02
8,403 TriMasØ
182
0.02
6,998 TriNet
525
0.06
13,067 Trinity Industries
264
0.03
5,024 Trinseo
51
0.01
20,526 TripAdvisorØ
269
0.03
10,423 Triumph
102
0.01
3,396 Triumph BancorpØ
165
0.02
25,217 TronoxØ
249
0.03
4,510 TrueBlue
63
0.01
NM0923U-3094429-321/477

ACS WORLD SMALL CAP ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
321
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
8,971 TrupanionØ
145
0.02
429 TrustCo Bank
10
0.00
8,004 Trustmark
137
0.01
2,938 TTEC
79
0.01
19,140 TTM Technologies
209
0.02
47,315 TuSimple
68
0.01
8,271 Twist Bioscience
128
0.01
19,988 Two Harbors Investment
218
0.02
11,623 UFP Industries
891
0.09
1,560 UFP TechnologiesØ
237
0.02
9,162 Ultra CleanØ
277
0.03
13,827 Ultragenyx Pharmaceutical
510
0.05
8,721 UMB FinancialØ
427
0.04
13,523 UMH Properties
172
0.02
40,106
Under Armour class 'A' 
shares
226
0.02
42,165
Under Armour class 'C' 
sharesØ
221
0.02
2,652 UniFirst
328
0.04
20,400 United BanksharesØ
485
0.05
15,986
United Community Banks 
IncØ
319
0.03
3,615 United Fire
65
0.01
9,377 United Natural Foods
145
0.02
1,842 United States Cellular
26
0.00
486
United States Lime & 
Minerals
77
0.01
40,823 United States SteelØ
807
0.08
36,264 UnitiØ
134
0.01
3,498 Unitil
140
0.01
29,619 Univar Solutions
837
0.09
8,440 Universal Display
945
0.10
3,732
Universal Health Realty 
Income Trust
141
0.01
4,613 Universal Insurance
56
0.01
2,075 Universal Logistics
48
0.01
6,015 Univest Financial
88
0.01
36,130 Unum
1,356
0.15
13,758 UpstartØ
386
0.04
22,925 Upwork
164
0.02
71,797 Uranium EnergyØ
194
0.02
19,647 Urban Edge Properties
239
0.03
10,037 Urban Outfitters
260
0.03
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
8,371 Urstadt Biddle Properties
140
0.01
37,935 US Foods
1,308
0.13
2,450 US Physical Therapy
227
0.02
16,339 US Silica
155
0.02
1,604 USANA Health SciencesØ
79
0.01
11,286 Utz BrandsØ
144
0.02
11,794 UWM
53
0.01
15,218 VAALCO Energy
45
0.00
12,467 Valaris
585
0.05
85,615 Valley National BancorpØ
538
0.06
3,890 Valmont Industries
897
0.09
25,172 Valvoline
725
0.07
6,975 Vanda Pharmaceuticals
37
0.00
8,826 Varex Imaging
162
0.02
20,748 Varonis Systems
435
0.05
13,010 Vaxcyte
499
0.05
3,512 Vectrus
138
0.01
10,304 Veeco Instruments
208
0.02
14,156 Velo3D
23
0.00
6,396 Ventyx Biosciences
161
0.02
13,953 Veracyte
286
0.03
8,774 Vericel
266
0.03
11,699 Verint SystemsØ
326
0.03
8,092 Veritex
117
0.01
2,721 VeritivØ
271
0.03
23,161 Verra MobilityØ
355
0.04
7,946 Vertex
123
0.01
10,469 Vertex Energy
50
0.01
57,799 Vertiv
1,103
0.11
10,403 Verve TherapeuticsØ
154
0.02
2,596 Viad
56
0.01
11,802 Viasat
388
0.04
40,333 Viavi Solutions
354
0.04
4,280 Vicor
184
0.02
12,813 Victoria's Secret
177
0.02
4,894 Victory Capital
123
0.01
15,534 Viking TherapeuticsØ
192
0.02
18,786 Vimeo
61
0.01
15,187 Vir Biotechnology
300
0.03
56,918 Virgin GalacticØ
190
0.02
4,713 Viridian TherapeuticsØ
89
0.01
16,637 Virtu Financial
226
0.02
NM0923U-3094429-322/477

ACS WORLD SMALL CAP ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
322
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
1,255 Virtus Investment Partners
198
0.02
23,838 Vishay Intertechnology
547
0.06
1,998 Vishay Precision
58
0.01
5,414 VisteonØ
611
0.06
3,422 Vital Farms
32
0.00
6,510 Vivid Seats
41
0.00
255,000 VobileØ
61
0.01
27,556 VontierØ
695
0.06
29,281 Vornado Realty TrustØ
398
0.04
15,796 Voya Financial
891
0.09
1,596 VSEØ
69
0.01
14,099 W&T Offshore
43
0.00
10,189 Wabash NationalØ
204
0.03
5,440 Walker & DunlopØ
347
0.04
17,198 Warby ParkerØ
154
0.02
11,052 Washington FederalØ
235
0.02
13,955
Washington Real Estate 
Investment Trust
181
0.02
3,320 Washington Trust Bancorp
73
0.01
5,205 Watts Water Technologies
745
0.08
14,738 Wayfair
733
0.08
2,668 WD-40Ø
393
0.04
11,808 Weatherford International
610
0.05
3,569 Weis Markets
180
0.02
35,017 Wendy'sØ
604
0.06
11,441 Werner EnterprisesØ
404
0.04
11,740 WesBanco
239
0.03
8,629 WESCO InternationalØ
1,198
0.12
3,069 Westamerica BanCorpØ
94
0.01
19,488 Western Alliance Bancorp
570
0.06
46,584 Western Union
428
0.05
7,234 Westrock CoffeeØ
64
0.01
7,867 WEX
1,122
0.13
493
White Mountains 
Insurance
538
0.06
6,576 Whitestone REITØ
51
0.01
6,623 WideOpenWestØ
44
0.00
12,094 Williams-SonomaØ
1,177
0.11
37,077 WillScot Mobile Mini
1,387
0.14
5,516 Wingstop
858
0.09
644 Winmark
172
0.02
5,542 Winnebago IndustriesØ
288
0.03
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
11,993 Wintrust Financial
693
0.07
14,280 WisdomTree Investments
79
0.01
12,006 Wolverine World WideØ
137
0.01
10,633 Woodward
992
0.10
8,661 Workiva
693
0.07
519 World Acceptance
56
0.01
7,582
World Wrestling 
Entertainment
647
0.07
5,692 Worthington Industries
311
0.03
5,763 WSFS Financial
175
0.02
11,685 WW International
60
0.01
16,265
Wyndham Hotels & 
Resorts
877
0.09
9,345 Xencor
187
0.02
17,129 Xenia Hotels & Resorts
166
0.02
22,186 XeroxØ
261
0.03
6,604 XometryØ
111
0.01
3,773 XPELØ
253
0.03
7,360 Xperi
76
0.01
21,322 XPO LogisticsØ
1,000
0.11
3,415 Xponential FitnessØ
49
0.01
12,278 YelpØ
354
0.04
17,187 YETIØ
526
0.06
21,000 Yext
184
0.02
3,416 York Water
111
0.01
9,931 Zentalis Pharmaceuticals
221
0.02
30,361 Zeta Global
207
0.02
28,420 Zions Bancorporation
613
0.06
7,899 ZipRecruiter
112
0.01
3,886 Zumiez
52
0.01
19,585 ZuoraØ
167
0.02
28,903 Zurn Water SolutionsØ
615
0.06
9,936 Zymeworks
67
0.01
6,443 ZynexØ
49
0.01
554,455
58.76
OCEANIA - 3.76%; 31.12.22 4.13%    
Australia - 3.44%; 31.12.22 3.72%    
45,637 29Metals
20
0.00
82,212 Abacus Property
115
0.01
95,697 Accent
84
0.01
101,266 Adelaide Brighton
126
0.01
111,095 Allkem
933
0.09
NM0923U-3094429-323/477

ACS WORLD SMALL CAP ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
323
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
79,905 ALS
467
0.05
20,686 Altium
399
0.04
472,046 AluminaØ
341
0.04
519,561 AMP
307
0.03
25,808 AnsellØ
361
0.04
40,385
APM Human Services 
International
45
0.00
356,991 Arafura Rare Earths
57
0.01
15,808 ARBØ
237
0.02
74,479 Arena REIT
147
0.02
288,801 Argosy MineralsØ
59
0.01
260,861 Atlas Arteria
849
0.09
16,519 AUBØ
254
0.03
22,964 Aussie BroadbandØ
36
0.00
43,220 Austal
53
0.01
29,947 Australian AgriculturalØ
23
0.00
32,812 Australian Clinical Labs
59
0.01
399,460 AVZ Minerals†
122
0.01
120,650 Bank of QueenslandØ
346
0.04
53,099 Bapcor
165
0.02
303,388 Beach Energy
214
0.02
38,426 Bega CheeseØ
57
0.01
211,165 Bellevue Gold
140
0.01
117,710 Bendigo & Adelaide Bank
529
0.06
3,341 Blackmores
165
0.02
81,637 BoralØ
172
0.02
49,161 Boss Energy
80
0.01
211,204 BrainChipØ
40
0.00
17,977 BrevilleØ
188
0.02
14,768 Brickworks
206
0.02
91,382 BWP Trust
173
0.02
18,192 Calix
40
0.00
42,765 Capricorn Metals
90
0.01
69,315 carsales.com
864
0.08
148,955 Centuria Capital
129
0.01
95,232 Centuria Industrial REITØ
155
0.02
53,272 Centuria Office REIT
38
0.00
54,213 Chalice MiningØ
178
0.02
105,453
Challenger Financial 
Services
357
0.04
77,915 Champion IronØ
248
0.03
84,046 Charter Hall
471
0.05
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
116,256
Charter Hall Long Wale 
REIT
243
0.03
94,203 Charter Hall Retail REIT
178
0.02
82,935
Charter Hall Social 
Infrastructure REIT
128
0.01
381,345
Cleanaway Waste 
Management
517
0.05
5,024 Clinuvel Pharmaceuticals
47
0.00
12,618 CodanØ
53
0.01
14,076 Collins Foods
72
0.01
336,228 Core LithiumØ
158
0.02
19,032
Corporate Travel 
ManagementØ
178
0.02
87,950 CostaØ
125
0.01
14,287 CreditØ
148
0.02
422,215 Cromwell Property
117
0.01
85,531 CSRØ
232
0.02
18,591 Data#3
70
0.01
208,152 De Grey Mining
147
0.02
83,464 Deterra Royalties
201
0.02
37,517 Dexus Industria REIT
51
0.01
8,125 Dicker Data
35
0.00
32,112
Domain Holdings 
AustraliaØ
63
0.01
11,583
Domino's Pizza 
EnterprisesØ
282
0.03
124,045 Downer EDIØ
266
0.03
28,499 Eagers AutomotiveØ
200
0.02
27,072 Elders
93
0.01
19,487
EVENT Hospitality and 
Entertainment
120
0.02
350,646 Evolution Mining
592
0.07
157,632 Firefinch†
12
0.00
43,062 FleetPartners
58
0.01
31,572 Flight Centre
315
0.03
107,699 G8 EducationØ
59
0.01
196,176 Gold Road ResourcesØ
153
0.02
45,215 GrainCorp
185
0.02
148,514 Grange Resources
41
0.00
86,613
Growthpoint Properties 
Australia
126
0.01
24,949 GUDØ
115
0.01
31,944 GWA
29
0.00
NM0923U-3094429-324/477

ACS WORLD SMALL CAP ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
324
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
47,359 Hansen TechnologiesØ
128
0.01
115,535 Harvey NormanØ
210
0.02
92,793 HealiusØ
154
0.02
51,874 Helia
94
0.01
51,233 Home Consortium
136
0.01
247,478
HomeCo Daily Needs 
REIT
152
0.02
11,330 HUB24
151
0.02
73,639 Iluka Resources
428
0.05
135,021 Imdex
133
0.01
887,125 Imugene
42
0.00
362,266 Incitec Pivot
520
0.05
69,332 Ingenia CommunitiesØ
144
0.02
80,419 Inghams
110
0.01
24,217 Integral DiagnosticsØ
41
0.00
18,309 InvoCare
121
0.01
183,246 ioneer
32
0.00
112,673 IOOFØ
166
0.02
43,836 IPH
180
0.02
37,587 IRESS
201
0.02
19,009 JB Hi-FiØ
435
0.05
30,049 Johns LyngØ
84
0.01
196,872 Judo Capital
121
0.01
6,746 Jumbo Interactive
50
0.01
139,464 Karoon Energy
143
0.02
20,911 KelsianØ
79
0.01
162,584 Lake Resources NLØ
25
0.00
217,058 Leo Lithium
122
0.01
18,888 Lifestyle CommunitiesØ
155
0.02
81,895 Link Administration
72
0.01
253,376 Liontown Resources
376
0.03
11,641 Lovisa
118
0.01
169,897 Lynas Rare Earths
608
0.07
12,767 MA Financial
34
0.00
22,956 MaasØ
32
0.00
34,799 Magellan Financial
173
0.02
8,851 McMillan Shakespeare
84
0.01
22,194 Megaport
83
0.01
156,196 Mesoblast
92
0.01
75,247 Mincor Resources NLØ
55
0.01
11,432 Monadelphous
70
0.01
235,286 Mount Gibson Iron
54
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
32,523 NanosonicsØ
81
0.01
250,241 National Storage REITØ
308
0.03
19,117 Netwealth
138
0.01
87,581 NEXTDC
577
0.06
89,466 nib holdings
396
0.04
8,750 Nick ScaliØ
42
0.00
264,387 Nickel Mines
122
0.01
229,313 Nine Entertainment CoØ
236
0.02
34,055 Novonix
18
0.00
57,966 NRW
77
0.01
61,248 Nufarm
163
0.02
6,701 Objective
48
0.01
127,594 OceanaGold
192
0.02
33,322 Omni Bridgeway
46
0.00
75,213 oOh!mediaØ
46
0.00
154,540 Orora
265
0.03
603,550 Paladin EnergyØ
231
0.02
55,594 Pepper Money
40
0.00
144,284 Perenti Global
77
0.01
20,871 PerpetualØ
283
0.03
280,617 Perseus Mining
242
0.03
23,404 PEXA
167
0.02
29,854
Pinnacle Investment 
ManagementØ
156
0.02
85,729
Platinum Asset 
Management
78
0.01
1,006 Pointsbet Holdings^
–
0.00
75,653 PolyNovo
61
0.01
15,776 Premier Investments
167
0.02
9,599 Pro Medicus
330
0.03
13,418 PWR
61
0.01
318,095 QubeØ
475
0.05
209,501 Ramelius ResourcesØ
138
0.01
214,058 Region
254
0.03
160,788 Regis Resources
154
0.02
359,864 Resolute Mining
73
0.01
76,327 Rural Funds
71
0.01
71,242 Sandfire Resources
220
0.02
1,098,856 Sayona MiningØ
101
0.01
15,280 Select HarvestsØ
33
0.00
28,112 Seven Group
363
0.04
244,136 Seven West MediaØ
48
0.01
NM0923U-3094429-325/477

ACS WORLD SMALL CAP ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
325
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
141,182 Sigma Healthcare
62
0.01
34,735 Silex Systems
71
0.01
244,909 Silver Lake Resources
124
0.01
36,886 SiteMinder
56
0.01
33,237 SmartCorpØ
138
0.01
244,297 SolGoldØ
39
0.00
214,348 Star EntertainmentØ
130
0.01
171,990 Steadfast
540
0.06
386,490 Strike EnergyØ
88
0.01
29,795 Super Retail
178
0.02
93,434 Syrah Resources
44
0.00
428,844 Tabcorp
248
0.03
48,890 Technology One
400
0.04
44,939 Telix Pharmaceuticals
264
0.03
9,951 Temple & Webster
31
0.00
257,033 Tietto Minerals
63
0.01
41,976 Tyro Payments
25
0.00
36,123 United Malt
83
0.01
92,743 Ventia Services
147
0.02
146,343 Viva Energy
231
0.02
11,933 Vulcan Energy Resources
26
0.00
13,952 Vulcan SteelØ
60
0.01
143,525 Waypoint REIT
195
0.02
67,180 WebjetØ
243
0.03
29,334 Weebit NanoØ
78
0.01
230,626 West African Resources
104
0.01
62,862 WorleyParsons
519
0.05
32,521
3.44
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
X
X
X
X
New Zealand - 0.32%; 31.12.22 0.41%    
147,922 a2 Milk
380
0.04
214,056 Air New Zealand
80
0.01
147,075 Contact Energy
568
0.06
152,502 Fletcher Building
395
0.04
176,552 Goodman Property Trust
186
0.02
142,060 Infratil
683
0.07
340,697 Kiwi Property
148
0.02
18,098 Neuren Pharmaceuticals
116
0.01
79,380 Oceania Healthcare
29
0.00
104,069 Ryman Healthcare
325
0.03
33,921 Summerset
155
0.02
41,101 Warehouse Group
34
0.00
3,099
0.32
SOUTH AMERICA - 0.08%; 31.12.22 0.09%    
Chile - 0.03%; 31.12.22 0.03%    
31,558 Liberty Latin AmericaØ
216
0.02
7,169
Liberty Latin America 
Rights
50
0.01
266
0.03
Colombia - 0.05%; 31.12.22 0.06%    
8,651 Frontera Energy
57
0.01
32,511
Millicom International 
Cellular SDR
394
0.04
451
0.05
Peru - 0.00%; 31.12.22 0.00%    
42,452 Hochschild Mining
30
0.00
 
 
 
 
Holding 
or Nominal 
Value Investment
Underlying 
Exposure 
£000's
Market 
Value 
£000's
% of 
Total 
Net 
Assets
                    
DERIVATIVES - 0.02%; 31.12.22 (0.02)%    
Futures - 0.02%; 31.12.22 (0.02)%    
94 E-Mini Russell 2000 September 2023
7,102
157
0.02
103 EURO Stoxx September 2023
2,047
19
0.00
6 SPI 200 Index September 2023
562
5
0.00
NM0923U-3094429-326/477

ACS WORLD SMALL CAP ESG SCREENED EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
326
Holding 
or Nominal 
Value Investment
Underlying 
Exposure 
£000’s
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
                    
 
 
 
 
88 TOPIX September 2023
1,101
15
0.00
  
10,813
196
0.02
Portfolio of investments
939,063
98.93
CASH EQUIVALENTS
Short-term Money Market Funds - 0.68%; 31.12.22 0.03%    
24,902 BlackRock Institutional Cash Series Euro Liquidity Fund*
2,133
0.22
5,426,992 BlackRock Institutional Cash Series US Dollar Liquidity Fund*
4,291
0.46
6,424
0.68
Net other assets
3,703
0.39
Total net assets
949,190 100.00
Unless otherwise stated, all securities are either listed on a recognised exchange or traded on an eligible securities market.
Underlying exposure has been calculated according to the guidelines issued by the European Securities and Markets 
Authority (“ESMA”) (as adopted by the FCA) and represents the market value of an equivalent position in the assets 
underlying each financial derivative instrument.
Ø All or a portion of this investment represents a security on loan.
^ Investments which are less than £500 are rounded to zero.
† Suspended investments fair valued.
* Managed by a related party.
NM0923U-3094429-327/477

327
ACS WORLD SMALL CAP ESG SCREENED EQUITY TRACKER FUND
STATEMENT OF TOTAL RETURN (unaudited)
for the six months ended 30 June 2023
For the period 
to 30.6.2023
For the period 
to 30.6.2022
£000's
£000's
£000's
£000's
Income
Net capital gains/(losses)
11,135
(131,682)
Revenue
10,716
8,759
Expenses
(53)
(57)
Interest payable and similar charges
(4)
(6)
Net revenue before taxation
10,659
8,696
Taxation
(380)
(332)
Net revenue after taxation
10,279
8,364
Total return before distributions
21,414
(123,318)
Equalisation
426
204
Change in net assets 
attributable to unitholders from investment activities
21,840
(123,114)
STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS (unaudited)
for the six months ended 30 June 2023
For the period 
to 30.6.2023
For the period 
to 30.6.2022
£000's
£000's
£000's
£000's
Opening net assets attributable to unitholders 
791,511
842,343
Amounts receivable on issue of units
			
167,067
			
103,491
Amounts payable on cancellation of units
			
(31,228)
			
(62,648)
135,839
40,843
Change in net assets attributable to unitholders from investment 
activities
21,840
(123,114)
Closing net assets attributable to unitholders
949,190
760,072
The above statement shows the comparative closing net assets at 30 June 2022 whereas the current accounting period 
commence 1 January 2023.
NM0923U-3094429-328/477

328
ACS WORLD SMALL CAP ESG SCREENED EQUITY TRACKER FUND
BALANCE SHEET (unaudited)
at 30 June 2023
30.6.2023
31.12.2022
£000's
£000's
Assets:
Fixed assets
– Investment assets
939,063
780,584
Current assets
– Debtors
3,102
2,617
– Cash and bank balances
3,399
8,811
– Cash equivalents
6,424
216
Total assets
951,988
792,228
Liabilities:
Investment liabilities
–
(168)
Creditors
– Other creditors
(2,798)
(549)
Total liabilities
(2,798)
(717)
Net assets attributable to unitholders
949,190
791,511
G D Bamping (Director)
M T Zemek (Director)
BlackRock Fund Managers Limited
30 August 2023
NM0923U-3094429-329/477

329
ACS 30:70 GLOBAL EQUITY TRACKER FUND
About the Fund
The Fund is a sub-fund of BlackRock Authorised Contractual Scheme I, a Co-Ownership Scheme constituted as a UCITS 
scheme under the COLL Sourcebook. The Fund was authorised by the FCA on 14 February 2017 and launched on  
24 July 2017.
Risk and Reward Profile
 
 Lower risk 
Higher risk 
 Typically lower rewards
Typically higher rewards 
 Unit Class
 X1 Accumulation
1
2
3
4
5
6
7
•	 The risk indicator was calculated incorporating simulated historical data and may not be a reliable indication of the future 
risk profile of the Fund.
•	 The risk category shown is not guaranteed and may change over time.
•	 The lowest category does not mean risk free.
•	 The use of derivatives will impact the value of the Fund and may expose the Fund to a higher degree of risk. Derivatives 
are highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and 
gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can be greater where derivatives are 
used in an extensive or complex way.
For more information on this, please see the Fund’s Key Investor Information Document (“KIID”), which is available at  
www.blackrock.com.
Net Asset Value
At 30 June 2023
Units In Issue
Net Asset Value 
£000's
Net Asset Value 
per Unit 
p
X1 Accumulation 
	 	 	 1,213,056,047 	 	 	
1,815,773
149.69
Operating Charges
Unit Class
1.1.2023 
to 30.6.2023*
1.1.2022 
to 31.12.2022
X1 Accumulation 
0.02%
0.03%
* Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/depositary 
and entry/exit charges paid to an underlying collective investment scheme (if any).
Distributions Payable
Any income available is accumulated annually on the last day of February.
NM0923U-3094429-330/477

330
ACS 30:70 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited)
at 30 June 2023
Holding 
or Nominal 
Value Investment
Market 
Value 
£000's
% of 
Total 
Net 
Assets
       
EQUITIES - 88.22%; 31.12.22 88.59%    
Australia - 2.11%; 31.12.22 2.42%    
33,695 Adelaide BrightonØ
42
0.00
16,927 AGL EnergyØ
96
0.01
14,956 Allkem
125
0.01
11,837 ALS
69
0.00
6,169 Altium
119
0.01
66,721 AluminaØ
48
0.00
3,736 Ampol
59
0.00
31,346 APA
159
0.01
17,895 Aristocrat Leisure
362
0.02
5,490 ASXØ
181
0.01
32,388 Atlas Arteria
105
0.01
33,052 Aurizon
68
0.00
80,150
Australia & New Zealand 
Banking
994
0.05
9,778 Bank of QueenslandØ
28
0.00
7,966
Bendigo & Adelaide 
Bank
36
0.00
128,788 BHP Billiton
3,033
0.18
7,759 Bluescope SteelØ
83
0.00
31,765 Brambles
240
0.01
7,301 carsales.com
91
0.01
31,353
Challenger Financial 
Services
106
0.01
23,190 Charter Hall
130
0.01
84,051
Cleanaway Waste 
ManagementØ
114
0.01
1,383 CochlearØ
166
0.01
34,343 Coles Group
331
0.02
43,198
Commonwealth Bank of 
Australia
2,265
0.12
16,456 Computershare
201
0.01
12,066 CSL
1,752
0.10
31,554 Deterra RoyaltiesØ
76
0.00
34,045 Dexus
139
0.01
18,737
Domain Holdings 
AustraliaØ
37
0.00
1,643
Domino's Pizza 
Enterprises
40
0.00
29,840 Endeavour
99
0.01
24,364 Evolution Mining
41
0.00
6,634 Flight Centre
66
0.00
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
39,581 Fortescue Metals
459
0.04
53,037 Goodman
557
0.03
52,717 GPT
114
0.01
39,057 Harvey NormanØ
71
0.00
7,655 IDP EducationØ
89
0.00
13,052 IGO
104
0.01
11,439 Iluka Resources
67
0.00
44,341 Incitec Pivot
64
0.00
55,378 Insurance AustraliaØ
165
0.01
33,507 IOOF
49
0.00
1,398 JB Hi-Fi
32
0.00
22,838 Lend Lease
93
0.01
64,637 Lottery
174
0.01
30,448 Lynas Rare Earths
109
0.01
9,888 MacquarieØ
919
0.05
9,600 Magellan FinancialØ
48
0.00
87,682 Medibank
161
0.01
5,530 Mineral Resources
207
0.01
107,920 Mirvac
128
0.01
75,681 National Australia Bank
1,044
0.06
19,654 Newcrest Mining
272
0.01
23,954 NEXTDC
158
0.01
33,643 Northern Star Resources
213
0.01
17,501 Nufarm
47
0.00
8,568 Orica
67
0.00
31,685 Origin Energy
139
0.01
17,871 Orora
31
0.00
3,260 PerpetualØ
44
0.00
67,829 Pilbara Minerals
174
0.00
17,766
Platinum Asset 
Management
16
0.00
37,992 Qantas Airways
123
0.01
44,052 QBE Insurance
361
0.02
79,999 Qube
119
0.01
4,309 Ramsay Health Care
127
0.01
1,462 REA
109
0.01
56,313 Region
67
0.01
8,890 Rio Tinto
534
0.03
249,754 Rio Tinto (Registered)
12,478
0.70
72,388 Santos
285
0.02
138,387 Scentre
192
0.01
10,397 Seek
118
0.01
NM0923U-3094429-331/477

ACS 30:70 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
331
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
12,353 Sonic Healthcare
230
0.01
97,842 South32
192
0.01
99,051 Star EntertainmentØ
60
0.00
40,794 SteadfastØ
128
0.01
90,226 Stockland TrustØ
190
0.01
29,657 SuncorpØ
209
0.01
64,637 Tabcorp
37
0.00
106,412 Telstra
240
0.01
27,690 TPG TelecomØ
71
0.00
90,200 Transurban
672
0.04
17,185 Treasury Wine Estates
101
0.01
122,132 Vicinity Centres
118
0.01
3,000
Washington H Soul 
PattinsonØ
50
0.00
26,481 Wesfarmers
683
0.04
91,147 Westpac Banking
1,018
0.06
22,918 Whitehaven Coal
81
0.00
3,368 Wisetech GlobalØ
141
0.01
51,974 Woodside Energy
937
0.05
32,297 Woolworths
671
0.04
6,605 WorleyParsons
55
0.00
37,713
2.11
Austria - 0.04%; 31.12.22 0.04%    
1,636 Andritz
71
0.00
6,088 Erste Bank
166
0.01
4,325 OMV
144
0.01
6,493 Telekom Austria
38
0.00
2,113 Verbund
133
0.01
4,926 Voestalpine
139
0.01
691
0.04
Belgium - 0.13%; 31.12.22 0.15%    
419
Ackermans & Van 
Haaren
54
0.00
2,987 Ageas
95
0.01
21,655 Anheuser-Busch InBev
968
0.05
389 D'ieteren
54
0.00
1,223 Elia
122
0.01
2,205
Groupe Bruxelles 
Lambert
136
0.01
8,149 KBC
445
0.02
3 Lotus Bakeries
18
0.00
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
513 SofinaØ
84
0.00
2,598 SolvayØ
227
0.01
3,709 UCB
258
0.01
4,880 Umicore
107
0.01
3,624
Warehouses De Pauw 
CVA
78
0.00
2,646
0.13
Bermuda - 0.06%; 31.12.22 0.06%    
76,462 Hiscox
834
0.05
29,850 Hongkong Land
92
0.01
45,652 Kerry Properties
75
0.00
83,695 Shangri-La Asia
51
0.00
56,589 Yue Yuen Industrial
58
0.00
1,110
0.06
Burkina Faso - 0.04%; 31.12.22 0.04%    
44,046 Endeavour Mining
810
0.04
Cayman Islands - 0.03%; 31.12.22 0.04%    
3,968 ASM Pacific Technology
31
0.00
61,432 CK Asset Holdings
269
0.01
48,655
Dragon Capital - 
Vietnam Enterprise 
Investments
282
0.02
582
0.03
Chile - 0.06%; 31.12.22 0.07%    
79,388 Antofagasta
1,152
0.06
China - 0.04%; 31.12.22 0.04%    
51,834 AAC Technologies
96
0.01
104,655 BOC Hong Kong
253
0.01
71,268 Budweiser BrewingØ
145
0.01
165,487
China Travel 
International
26
0.00
45,200 ESR Cayman
61
0.00
174,047
Guotai Junan 
InternationalØ
10
0.00
154,591 Lenovo
127
0.01
13,000 SITC International
19
0.00
50,620 Want Want China
27
0.00
764
0.04
NM0923U-3094429-332/477

ACS 30:70 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
332
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
Denmark - 0.50%; 31.12.22 0.53%    
67
AP Moeller-Maersk 
series 'A' shares
92
0.01
141
AP Moeller-Maersk 
series 'B' shares
195
0.01
2,112
Carlsberg series 'B' 
shares
266
0.01
3,505 Christian Hansen
192
0.01
2,751 Coloplast 'B' shares
269
0.01
17,894 Danske Bank
340
0.02
4,487 DSVØ
743
0.04
1,934 Genmab
573
0.03
18,252
H. Lundbeck series 'B' 
shares
68
0.00
41,174
Novo Nordisk class 'B' 
shares
5,160
0.28
6,630
Novozymes class 'B' 
sharesØ
242
0.01
5,125 Orsted
381
0.02
1,913 Pandora
135
0.01
225
Rockwool International 
class 'B' shares
45
0.00
1,003 Royal Unibrew
70
0.00
8,300 Tryg
142
0.01
24,761 Vestas Wind Systems
518
0.02
4,571 William Demant
151
0.01
9,582
0.50
Finland - 0.22%; 31.12.22 0.25%    
2,525 ElisaØ
107
0.01
9,322 Fortum
99
0.01
1,426 Huhtamaki
37
0.00
9,165 Kesko
136
0.01
4,561 KojamoØ
34
0.00
9,083 Kone class 'B' shares
374
0.02
15,190 Metso OyjØ
142
0.01
10,814 Neste
328
0.02
118,865 Nokia
396
0.02
87,240 Nordea Bank AbpØ
747
0.04
3,667 Orion series 'B' shares
120
0.01
12,991 Sampo series 'A' shares
459
0.03
14,790
Stora Enso series 'R' 
sharesØ
135
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
15,100 UPM-Kymmene
353
0.02
6,678 Valmet
146
0.00
13,927 Wartsila
123
0.01
3,736
0.22
France - 2.04%; 31.12.22 2.02%    
2,641 Accor
77
0.00
1,312 Aeroports de Paris
150
0.01
13,396 Air Liquide
1,887
0.11
14,589 Airbus
1,652
0.09
7,530 AlstomØ
176
0.01
2,367 AmundiØ
111
0.01
679 Arkema
50
0.00
43,194 AXAØ
1,006
0.06
898 Biomerieux
74
0.00
27,419 BNP ParibasØ
1,360
0.07
19,753 Bollore
96
0.01
6,174 BouyguesØ
164
0.01
9,383 Bureau Veritas
201
0.01
4,643 Capgemini
686
0.04
11,583 CarrefourØ
173
0.01
604 Covivio
23
0.00
34,138 Crédit AgricoleØ
321
0.02
17,208 Danone
830
0.05
334 Dassault Aviation
52
0.00
17,651 Dassault Systemes
608
0.03
7,797 Edenred
410
0.02
2,080 Eiffage
171
0.01
43,841 ENGIEØ
575
0.03
7,602 EssilorLuxottica
1,119
0.07
893 Eurazeo
49
0.00
1,740 GecinaØ
146
0.01
12,282 Getlink
165
0.01
902 Hermes International
1,535
0.08
2,790 Icade
92
0.01
457 Ipsen
43
0.00
5,431 JC Decaux
85
0.00
1,839 Kering
800
0.04
4,580 Klepierre
90
0.00
947
La Francaise des Jeux 
SAEM
29
0.00
6,897 Legrand
535
0.03
5,786 L'Oréal
2,115
0.12
NM0923U-3094429-333/477

ACS 30:70 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
333
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
6,379 LVMH Moet Hennessy
4,704
0.26
19,596 Michelin
456
0.02
54,447 Orange
502
0.03
4,866 Pernod-Ricard
845
0.05
5,949 Publicis
379
0.02
542 Remy CointreauØ
68
0.00
6,632 Renault
220
0.01
6,690 Rexel
130
0.01
8,671 Safran
1,063
0.06
13,632 Saint-Gobain
652
0.04
28,324 Sanofi
2,386
0.13
476
Sartorius Stedim 
BiotechØ
93
0.01
13,570 Schneider Electric
1,930
0.11
2,475 SCOR
57
0.00
599 SEB
49
0.00
21,644 Société Générale
448
0.02
2,785 Sodexo
237
0.01
445 SOITECØ
59
0.00
1,341 Teleperformance
178
0.01
2,489 Thales
291
0.02
58,246 Total
2,650
0.14
2,086 Ubisoft EntertainmentØ
46
0.00
3,116
Unibail-Rodamco-
Westfield REITØ
128
0.01
8,793 ValeoØ
148
0.01
16,617 Veolia Environnement
411
0.02
12,441 Vinci
1,137
0.06
21,930 Vivendi
159
0.01
546 Wendel
44
0.00
5,647 Worldline
164
0.01
37,290
2.04
Georgia - 0.03%; 31.12.22 0.03%    
6,572 Bank of Georgia
194
0.01
11,469 TBC Bank
285
0.02
479
0.03
Germany - 1.51%; 31.12.22 1.44%    
4,345 AdidasØ
663
0.04
10,345 Allianz
1,899
0.10
23,234 BASF
886
0.05
25,974 Bayer
1,135
0.06
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
2,194 Bechtle
68
0.00
2,625 Beiersdorf
272
0.01
1,360
BMW non-voting 
preference shares
120
0.01
7,379 BMWØ
710
0.04
4,963 Brenntag
302
0.02
1,386 Carl Zeiss Meditec
116
0.01
20,272 CommerzbankØ
178
0.01
2,521 ContinentalØ
150
0.01
6,087 Covestro
248
0.01
839 CTS Eventim AGØ
41
0.00
21,254 Daimler
1,342
0.07
10,996 Daimler TruckØ
311
0.02
4,700 Delivery HeroØ
158
0.01
57,652 Deutsche Bank
479
0.03
4,938 Deutsche Boerse
715
0.04
19,932 Deutsche Lufthansa
161
0.01
23,680 Deutsche Post
913
0.05
83,085 Deutsche Telekom
1,430
0.08
2,133 Deutsche WohnenØ
38
0.00
56,923 E.ON
569
0.03
2,799 Evonik Industries
42
0.00
10,310 Fresenius
223
0.01
7,095 Fresenius Medical CareØ
266
0.01
2,706 Fuchs Petrolub
68
0.00
5,426 GEA
178
0.01
1,434
Hannover 
RueckversicherungØ
239
0.01
3,992 Heidelberg Cement
257
0.01
6,736 HelloFreshØ
129
0.01
2,799 Henkel
156
0.01
4,459
Henkel non-voting 
preference shares
282
0.02
33,806 Infineon Technologies
1,084
0.06
2,510 Kion
79
0.00
1,192 Knorr-Bremse
72
0.00
2,043 LanxessØ
49
0.00
2,876 LEG Immobilien
130
0.01
2,998 Merck
388
0.02
4,369 Metro
28
0.00
1,371 MTU Aero Engines
278
0.02
3,595
Muenchener 
Rueckversicherung
1,062
0.06
NM0923U-3094429-334/477

ACS 30:70 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
334
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
2,341 Nemetschek
138
0.01
2,830 PumaØ
133
0.01
879 Rheinmetall
188
0.01
19,101 RWE
654
0.04
28,935 SAP
3,089
0.17
576
Sartorius non-voting 
preference shares
154
0.01
2,326 Scout24
116
0.01
17,630 Siemens (Registered)
2,304
0.13
13,462 Siemens EnergyØ
188
0.01
8,329 Siemens Healthineers
371
0.02
297,684 Sirius Real EstateØ
252
0.01
3,960 Symrise
324
0.02
2,981 Talanx
134
0.01
50,900 Telefonica Deutschland
113
0.01
19,097 ThyssenKrupp
118
0.01
3,419 United Internet
38
0.00
5,601
Volkswagen non-voting 
preference shares
593
0.03
344 Volkswagen
45
0.00
19,833 VonoviaØ
305
0.02
7,412 ZalandoØ
168
0.01
27,339
1.51
Guernsey - 0.30%; 31.12.22 0.36%    
3,186
Alcentra European 
Floating Rate Income 
Fund†
–
0.00
70,817 Apax Global AlphaØ
130
0.01
75,536
Balanced Commercial 
Property Trust
50
0.00
96,747 BH Macro
360
0.02
183,724
Bluefield Solar Income 
Fund
219
0.01
27,410
Genesis Emerging 
Markets Fund
159
0.01
21,101
HarbourVest Global 
Private Equity Fund
449
0.02
43,908
Highbridge Tactical 
Credit Fund†
63
0.00
296,107
Hipgnosis Songs - 
Ordinary SharesØ
233
0.01
438,140
International Public 
PartnershipØ
567
0.03
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
130,750
Merian Chrysalis 
Investment Trust
87
0.00
60,186
NB Global Monthly 
Income Fund
43
0.00
10,357 NB Private Equity
155
0.01
92,904 NextEnergy Solar Fund
88
0.00
34,322
Pershing Square 
Holdings
972
0.05
164,982
Picton Property Income 
FundØ
117
0.01
109,791 Raven Property Group†
1
0.00
580,110
Renewables 
Infrastructure
659
0.05
91,384
Ruffer Investment Red 
preference shares
254
0.01
56,666
Schroder Oriental 
Income Fund
141
0.01
397,027
Sequoia Economic 
Infrastructure IncomeØ
303
0.02
44,809
Starwood European 
Real Estate Finance
40
0.00
119,900 SynconaØ
180
0.01
165,918
TwentyFour Income 
Fund
164
0.01
67,124
TwentyFour Select 
Monthly Income Fund
48
0.00
122,049
UK Commercial Property 
REIT
59
0.00
28,877
VinaCapital Vietnam 
Opportunity Fund
123
0.01
5,664
0.30
Hong Kong - 0.38%; 31.12.22 0.49%    
304,599 AIA
2,431
0.13
36,141 Café de Coral
37
0.00
708 Cathay Pacific Airways
1
0.00
151,221
Champion Real Estate 
Investment TrustØ
43
0.00
72,282 Chow Tai Fook Jewellery
103
0.01
59,324 CK Hutchison
286
0.02
12,127 CK Infrastructures
51
0.00
43,164 CLP
265
0.01
27,771 Dah Sing BankingØ
16
0.00
11,032 Dah Sing Financial
22
0.00
NM0923U-3094429-335/477

ACS 30:70 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
335
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
171,194 First Pacific
47
0.00
42,830 Galaxy EntertainmentØ
215
0.01
184,127
Haitong International 
Securities
12
0.00
575 Hang Lung
1
0.00
44,172 Hang Lung Properties
54
0.00
23,065 Hang Seng Bank
260
0.01
48,000
Henderson Land 
Development
113
0.01
243,619 Hong Kong & China Gas
166
0.01
32,345
Hong Kong Exchanges 
& Clearing
964
0.05
64,673 Huabao InternationalØ
18
0.00
376,816 Hutchison Port
57
0.00
95,108
Hutchison 
TelecommunicationsØ
12
0.00
603 Hysan Development
1
0.00
5,806 Jardine Matheson
233
0.01
28,057 Johnson ElectricØ
28
0.00
29,188 Kerry Logistics Network
27
0.00
67,888
Link Real Estate 
Investment Trust
298
0.02
57,065
Melco International 
Development
42
0.00
58,192 MTR
211
0.01
31,240 New World Development
61
0.00
521 NWS^
–
0.00
1,000
Orient Overseas 
International
11
0.00
45,002 PCCW
18
0.00
42,436 Power Assets
176
0.01
118,063 Sino Land
115
0.01
40,339 Sun Hung Kai Properties
402
0.03
7,500 Swire Pacific
7
0.00
9,986
Swire Pacific class 'A' 
shares
60
0.00
19,281 Swire Properties
37
0.00
30,132 Techtronic IndustriesØ
259
0.01
9,890 Vitasoy InternationalØ
10
0.00
11,793 VtechØ
61
0.00
280,015 WH
117
0.01
43,074 Wharf
81
0.00
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
43,074
Wharf Real Estate 
Investment
170
0.01
58,270 Xinyi Glass
72
0.00
7,671
0.38
India - 0.01%; 31.12.22 0.01%    
6,151 RHI MagnesitaØ
163
0.01
Ireland - 0.57%; 31.12.22 0.49%    
16,618 AIB
55
0.00
24,326 Bank of Ireland
184
0.01
117,204 C&C
145
0.01
169,998 CRH
7,389
0.42
76,403 Greencore
56
0.00
36,842 Hostelworld
45
0.00
9,526 James Hardie
198
0.01
6,666 Kenmare Resources
30
0.00
4,441 Kerry class 'A' shares
342
0.02
4,683 Kingspan
243
0.01
60,284 Smurfit Kappa
1,577
0.09
10,264
0.57
Israel - 0.03%; 31.12.22 0.04%    
2,528
Check Point Software 
Technologies
256
0.01
20,167 Plus500
293
0.02
549
0.03
Italy - 0.38%; 31.12.22 0.35%    
4,962 AmplifonØ
142
0.01
33,449 Assicurazioni Generali
538
0.03
38,533 Banco BPM
141
0.01
787 DiaSorinØ
64
0.00
196,878 Enel
1,043
0.06
57,621 EniØ
652
0.04
14,167 FinecoBankØ
149
0.01
9,852
Infrastrutture Wireless 
Italiane
102
0.01
1,819 Interpump Group
79
0.00
383,878 Intesa Sanpaolo
795
0.04
4,978 Italgas
23
0.00
16,868 LeonardoØ
151
0.01
11,133 Mediobanca
105
0.01
5,330 Moncler
287
0.02
NM0923U-3094429-336/477

ACS 30:70 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
336
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
22,753 NexiØ
140
0.01
14,881 Poste ItalianeØ
127
0.01
6,982 PradaØ
37
0.00
9,596 Prysmian
311
0.02
2,150 Recordati
80
0.00
1,494 ReplyØ
132
0.01
69,552 Snam
286
0.02
246,235 Telecom ItaliaØ
55
0.00
40,011 Terna
268
0.01
49,949 UniCredit
922
0.05
6,629
0.38
Japan - 4.23%; 31.12.22 4.34%    
1,617 ABC-Mart
69
0.00
28,057 Acom
53
0.00
22
Advance Residence 
Investment
41
0.00
4,300 Advantest
450
0.02
16,329 Aeon
263
0.01
8,750 AEON Financial Service
61
0.00
8,655 AEON Mall
88
0.00
6,671 AGC
188
0.01
1,902 Ain
53
0.00
1,528 Air Water
17
0.00
4,510 Aisin Seiki
109
0.01
13,343 Ajinomoto
417
0.02
30 Alfresa^
–
0.00
14,076 Alps Alpine
97
0.01
4,448 Amada
34
0.00
2,369 ANA
44
0.00
1,335 Aozora
20
0.00
1,332 Ariake Japan
39
0.00
13,842 Asahi
421
0.02
5,556 Asahi Intecc
85
0.00
31,976 Asahi KaseiØ
170
0.01
7,200 ASICS
174
0.01
2,854 ASKUL
31
0.00
50,212 Astellas Pharma
590
0.03
2,172 Azbil
54
0.00
711 Bank of KyotoØ
28
0.00
1,900 BayCurrent Consulting
56
0.00
5,516 Benesse
55
0.00
10,462 Bic Camera
61
0.00
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
13,723 Bridgestone
441
0.02
4,710 Brother Industries
54
0.00
5,611 CalbeeØ
84
0.00
24,954 Canon
516
0.03
3,139 Canon Marketing Japan
61
0.00
7,186 Capcom
224
0.01
63 Casio Computer^
–
0.00
4,210 Central Japan Railway
415
0.02
21,800 Chiba Bank
104
0.01
12,609 Chubu Electric Power
121
0.01
15,034 Chugai Pharmaceutical
336
0.02
12,744 Chugin Financial
60
0.00
21,399
Chugoku Electric 
PowerØ
114
0.01
9,130 Coca-Cola Bottlers
76
0.00
199 Comsys
3
0.00
19,600 Concordia Financial
60
0.00
4,755 Cosmo EnergyØ
102
0.01
84 Credit Saison
1
0.00
12,032 CyberAgentØ
69
0.00
5,231 Dai Nippon Printing
117
0.01
2,568 Daido Steel
84
0.00
5,214 Daifuku
84
0.00
25,156 Dai-ichi Life
377
0.02
47,513 Daiichi Sankyo
1,181
0.07
6,086 DaiichikoshoØ
84
0.00
6,692 Daikin Industries
1,070
0.06
1,926 Daito Trust Construction
154
0.01
17,410 Daiwa House
361
0.02
35
Daiwa House REIT 
Investment
53
0.00
47,172 Daiwa Securities
191
0.01
7,704 Dena
79
0.00
12,027 Denso
634
0.03
6,844 Dentsu
176
0.01
6,372 DIC
91
0.01
2,391 Disco
295
0.02
8,084 DMG Mori
110
0.01
2,853 DowaØ
71
0.00
9,991 East Japan Railway
436
0.02
1,223 Ebara
46
0.00
6,477 Eisai
344
0.02
NM0923U-3094429-337/477

ACS 30:70 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
337
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
9,400
Electric Power 
Development
109
0.01
3,995 Ezaki Glico
82
0.00
25,780 Fanuc
708
0.04
3,697 Fast Retailing
742
0.04
2,854 FP
46
0.00
2,555 Fuji ElectricØ
88
0.00
1,807 Fuji Oil
20
0.00
9,723 Fujifilm
454
0.03
4,547 Fujitsu
462
0.03
3,424 Fujitsu General
59
0.00
2,442 Fukuoka Financial
40
0.00
4,470 Furukawa Electric
62
0.00
77 GLP JREIT
60
0.00
687 GMO Payment Gateway
42
0.00
1,800 Goldwin
120
0.01
6,277 GS YuasaØ
96
0.01
2,850
GungHo Online 
Entertainment
44
0.00
30,339 Hachijuni Bank
103
0.01
14,600 HakuhodoØ
120
0.01
4,591 Hamamatsu Photonics
176
0.01
7,614 Hankyu Hanshin
198
0.01
2,638 Haseko
26
0.00
3,519 Heiwa
48
0.00
317 Hikari Tsushin
36
0.00
19,307 Hino Motors
64
0.00
20,829 Hirogin
93
0.01
473 Hirose Electric
49
0.00
21
Hisamitsu 
Pharmaceutical^
–
0.00
24,277 Hitachi
1,178
0.06
1,974
Hitachi Construction 
Machinery
43
0.00
42,661 Honda Motor
1,010
0.06
43 Horiba
2
0.00
1,390 Hoshizaki
39
0.00
5,611 House Foods
98
0.01
8,452 Hoya
789
0.04
4,094 Hulic
28
0.00
2,428 Ibiden
108
0.01
4,086 Idemitsu Kosan
64
0.00
6,021 IHI
128
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
24,922 Inpex
218
0.01
6,545 Isetan Mitsukoshi
52
0.00
15,506 Isuzu Motors
147
0.01
35,411 Itochu
1,098
0.06
948 Itochu Techno-Solutions
19
0.00
10,272 Itoham Yonekyu
41
0.00
19,497 Iyogin
86
0.01
2,853 Izumi
53
0.00
75 J Front Retailing
1
0.00
8,084 Japan Airlines
138
0.01
624 Japan Airport Terminal
22
0.00
1,807
Japan Aviation 
Electronics Industry
30
0.00
15,621 Japan ExchangeØ
214
0.01
254
Japan Hotel REIT 
Investment
102
0.01
63,288 Japan Post
359
0.02
30,954 Japan Post Bank
190
0.01
4,565 Japan Post Insurance
54
0.00
55
Japan Prime Realty 
Investment
105
0.01
35
Japan Real Estate 
Investment
105
0.01
139
Japan Retail Fund 
InvestmentØ
73
0.00
29,678 Japan Tobacco
512
0.03
17,314 JFE
194
0.01
3,583 JGC
36
0.00
5,410 JSR
122
0.01
16,454 JTEKT
117
0.01
80,561 JXTG
218
0.01
5,611 Kagome
96
0.01
8,978 Kajima
106
0.01
2,853 Kaken Pharmaceutical
56
0.00
7,133 Kandenko
45
0.00
4,185 KanekaØ
92
0.01
24,082 Kansai Electric PowerØ
237
0.01
2,242 Kansai Paint
26
0.00
12,095 Kao
345
0.02
2,532
Kawasaki Heavy 
Industries
51
0.00
3,400 Kawasaki Kisen Kaisha
65
0.00
40,792 KDDI
992
0.05
NM0923U-3094429-338/477

ACS 30:70 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
338
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
999 Keihan
21
0.00
3,841 KeikyuØ
27
0.00
3,865 KeioØ
95
0.01
2,142 Keisei Electric RailwayØ
70
0.00
69 Kewpie
1
0.00
4,900 Keyence
1,817
0.10
4,710 Kikkoman
211
0.01
9,511 Kinden
101
0.01
6,705 Kintetsu
182
0.01
21,261 Kirin
244
0.01
965
Kobayashi 
Pharmaceutical
41
0.00
5,500 Kobe BussanØ
112
0.01
2,985 Kobe Steel
22
0.00
1,196 Koei Tecmo
16
0.00
5,920 Koito ManufacturingØ
84
0.00
22,877 Komatsu
485
0.03
1,738 Konami
71
0.00
33,002 Konica Minolta
90
0.00
492 Kose
37
0.00
11,698 K's HoldingsØ
80
0.00
29,924 Kubota
343
0.02
4,779 Kurita Water Industries
143
0.01
1,046 Kusuri no Aoki
46
0.00
8,296 Kyocera
353
0.02
83 Kyowa Exeo
1
0.00
7,941 Kyowa Hakko Kirin
116
0.01
3,234 Kyudenko
68
0.00
5,204 Kyushu Electric Power
26
0.00
28,057 Kyushu FinancialØ
93
0.01
1,798 Kyushu Railway
30
0.00
1,900 Lasertec
224
0.01
590 Lawson
21
0.00
3,614 Lintec
45
0.00
4,122 Lion
30
0.00
7,592 LIXIL
76
0.00
11,908 M3
202
0.01
3,899 Mabuchi Motor
85
0.00
6,466 Makita
143
0.01
36,587 Marubeni
487
0.03
3,583 Marui
49
0.00
4,470 Maruichi Steel Tube
80
0.00
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
6,277 Matsui Securities
27
0.00
1,911 MatsukiyoCocokaraØ
84
0.00
8,023 Mazda Motor
61
0.00
3,800 McDonald's Japan
116
0.01
40 Mebuki Financial^
–
0.00
5,572 Meiji Holdings
98
0.01
8,276 MinebeaMitsumi
122
0.01
3,995 Miraca
60
0.00
10,853 Misumi
170
0.01
29,073 Mitsubishi
1,101
0.06
44,495 Mitsubishi Chemical
210
0.01
48,217 Mitsubishi Electric
533
0.03
26,860 Mitsubishi Estate
251
0.01
5,899
Mitsubishi Heavy 
Industries
216
0.01
41 Mitsubishi Logistics
1
0.00
6 Mitsubishi Materials^
–
0.00
307,937 Mitsubishi UFJ Financial
1,790
0.10
12,026
Mitsubishi UFJ Lease & 
Finance
56
0.00
38,969 Mitsui
1,151
0.06
3,010 Mitsui ChemicalsØ
69
0.00
22,009 Mitsui Fudosan
344
0.02
8,850 Mitsui OSK Lines
167
0.01
1,248 Miura
26
0.00
65,788 Mizuho Financial
790
0.04
6,730 Monotaro
67
0.00
3,043 Morinaga & Co
75
0.00
40 Morinaga Milk
1
0.00
12,282 MS&AD Insurance
342
0.02
14,247 Murata Manufacturing
641
0.04
6,100 Nabtesco
105
0.01
8,179 Nagase
107
0.01
7,905 Nagoya Railroad
100
0.01
15,198 Namco Bandai
276
0.02
6,900 Nankai Electric Railway
121
0.01
7,141 NEC
272
0.01
11,552 Nexon
173
0.01
4,087 NGK Insulators
38
0.00
9,200 NGK Spark Plug
145
0.01
1,314 NH Foods
28
0.00
12,079 NHK Spring
69
0.00
NM0923U-3094429-339/477

ACS 30:70 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
339
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
79 Nichirei
1
0.00
13,770 Nidec
589
0.03
5,516 Nihon Kohden
116
0.01
6,270 Nihon M&A Center
38
0.00
2,853 Nihon Unisys
55
0.00
14,200 Nikon
144
0.01
25,940 Nintendo
928
0.05
34 Nippon Building
105
0.01
1,511 Nippon Express
67
0.00
12,079 Nippon Kayaku
81
0.00
22,365 Nippon Paint
145
0.01
704 Nippon Shinyaku
23
0.00
2,378 Nippon Shokubai
70
0.00
20,472
Nippon Steel & 
Sumitomo Metal
336
0.02
747,400
Nippon Telegraph & 
Telephone
695
0.04
15,237 Nippon Yusen
266
0.01
8,560 Nipro
48
0.00
5,516 Nishi-Nippon Railroad
74
0.00
4,952
Nissan Chemical 
Industries
167
0.01
72,006 Nissan Motor
231
0.01
4,322 Nisshin Seifun
42
0.00
1,136 Nissin Foods
74
0.00
2,411 Nitori
212
0.01
3,603 Nitto Denko
209
0.01
8,179 NOKØ
94
0.01
72,216 Nomura
216
0.01
2,450 Nomura Real Estate
46
0.00
87
Nomura Real Estate 
Master
79
0.00
9,452
Nomura Research 
Institute
204
0.01
2,092 NS Solutions
46
0.00
6,083 NSK
31
0.00
14,044 NTT Data
154
0.01
8,987 Obayashi
61
0.00
1,746 OBIC
219
0.01
1,141
OBIC Business 
Consultants
33
0.00
12,116 Odakyu Electric Railway
127
0.01
16,893 Oji
50
0.00
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
1,997 OKUMA
84
0.00
34,475 Olympus
427
0.02
5,742 Omron
275
0.02
13,873 Ono Pharmaceutical
197
0.01
2,176 Open HouseØ
61
0.00
68 Oracle Japan
4
0.00
3,452 Orient
21
0.00
24,855 Oriental Land
761
0.04
30,145 ORIX
430
0.02
29 Orix JREIT
28
0.00
14,774 Osaka Gas
178
0.01
5,516 OSG
62
0.00
9,834 Otsuka
283
0.02
1,089 Otsuka Pharmaceutical
33
0.00
1,617 Paltac
42
0.00
5,741 Pan Pacific International
81
0.00
57,300 Panasonic
549
0.03
7,418 Park24
79
0.00
592
Penta-Ocean 
Construction
2
0.00
6,277 PeptiDream
73
0.00
1,930 Persol
27
0.00
7,799 Pigeon
85
0.00
5,516 Pola Orbis
63
0.00
29,698 RakutenØ
81
0.00
35,208 Recruit
877
0.05
8,084 Relo
86
0.00
30,482 Renesas Electronics
450
0.02
14,742 Rengo
71
0.00
69,126 Resona
261
0.01
4,090 Resorttrust
48
0.00
19,783 Ricoh
132
0.01
6,474 Rinnai
111
0.01
2,853 Rohm
211
0.01
2,866 Rohto Pharmaceutical
51
0.00
3,170 Ryohin Keikaku
25
0.00
4 Sankyo^
–
0.00
2,473 Sankyu
64
0.00
12,686 Santen Pharmaceutical
85
0.00
56 Sanwa
1
0.00
4,185 SapporoØ
85
0.00
2,473 Sawai
49
0.00
NM0923U-3094429-340/477

ACS 30:70 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
340
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
6,256 SBI
95
0.01
534 Screen
47
0.00
29 SCSK^
–
0.00
4,451 Secom
237
0.01
2,647 Sega Sammy
44
0.00
5,053 Seiko Epson
62
0.00
11,032 SeinoØ
123
0.01
8,691 Sekisui Chemical
98
0.01
15,903 Sekisui House
253
0.01
290 Sekisui House REIT
133
0.01
19,018 Seven & I
644
0.04
47,364 Seven Bank
73
0.00
8,702 SGØ
97
0.01
11,032 Sharp
48
0.00
11,888 Shikoku Electric Power
64
0.00
5,597 Shimadzu
135
0.01
17 Shimamura
1
0.00
1,902 Shimano
249
0.01
5,767 Shimizu
29
0.00
51,600 Shin-Etsu Chemical
1,343
0.08
6,999 Shionogi
232
0.01
10,337 Shiseido
367
0.02
7,584 Shizuoka Financial
43
0.00
1 SHO-BOND^
–
0.00
600 Shochiku
36
0.00
1,706 Showa DenkoØ
22
0.00
9,321 SkylarkØ
92
0.01
1,480 SMC
643
0.04
65,350 Softbank
550
0.03
24,711 SoftBank Group
914
0.05
230 Sohgo Security Services
1
0.00
4,832 Sojitz
84
0.00
7,511 Sompo
265
0.01
32,199 Sony
2,279
0.13
5,802 Sotetsu
80
0.00
1,002 Square Enix
37
0.00
7,700 Stanley Electric
122
0.01
14,232 Subaru
210
0.01
2,758 Sugi
97
0.01
6,183 SUMCO
68
0.00
32,829 SumitomoØ
545
0.03
47,988 Sumitomo Chemical
114
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
11,603
Sumitomo Dainippon 
Pharma
41
0.00
17,389
Sumitomo Electric 
Industries
167
0.01
7,521 Sumitomo Forestry
143
0.01
974
Sumitomo Heavy 
Industries
18
0.00
4,970 Sumitomo Metal Mining
126
0.01
32,727
Sumitomo Mitsui 
Financial
1,101
0.06
9,267 Sumitomo Mitsui Trust
259
0.01
10,646
Sumitomo Realty & 
DevelopmentØ
207
0.01
12,935
Sumitomo Rubber 
Industries
98
0.01
4,850 Sundrug
113
0.01
1,625
Suntory Beverage & 
Food
46
0.00
11,300 Suzuki Motor
321
0.02
5,249 Sysmex
281
0.02
16,396 T&D
189
0.01
21 Taiheiyo Cement^
–
0.00
6,183 Taisei
170
0.01
24 Taisho Pharmaceutical
1
0.00
2,157 Taiyo Nippon Sanso
37
0.00
2,804 Taiyo Yuden
63
0.00
12,649 Takara
81
0.00
42 Takashimaya^
–
0.00
38,414 Takeda Pharmaceutical
948
0.05
8,175 TDK
249
0.01
6,100 TechnoPro
103
0.01
25 Teijin^
–
0.00
17,576 Terumo
438
0.02
7,060 THK
114
0.01
5,276 TIS
103
0.01
2,442 Tobu Railway
51
0.00
16,263 Toda
72
0.00
1,369 Toho
41
0.00
7,224 Tohoku Electric Power
35
0.00
1,956 Tokai Carbon
14
0.00
48,798 Tokio Marine
883
0.05
2,378
Tokyo Broadcasting 
System
34
0.00
NM0923U-3094429-341/477

ACS 30:70 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
341
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
9 Tokyo Century^
–
0.00
49,887 Tokyo Electric Power
144
0.01
11,994 Tokyo Electron
1,343
0.07
9,931 Tokyo Gas
171
0.01
10,493 Tokyo Tatemono
106
0.01
11,807 Tokyu
112
0.01
11,801 Tokyu Fudosan
53
0.00
4,531 Toppan Printing
77
0.00
23,744 Toray Industries
104
0.01
11,031 Toshiba
272
0.01
2,985 Tosoh
28
0.00
4,947 Toto
117
0.01
88 Toyo Seikan
1
0.00
1,058 Toyo Suisan Kaisha
38
0.00
7,133 Toyo Tire
74
0.00
5,611 Toyoda Gosei
84
0.00
3,899 Toyota Boshoku
55
0.00
3,284 Toyota IndustriesØ
184
0.01
306,535 Toyota Motor
3,861
0.21
4,749 Toyota Tsusho
185
0.01
2,460 Trend Micro
93
0.01
7,228 TS Tech
72
0.00
4,850 Tsumura
70
0.00
568 Tsuruha
33
0.00
7,609 Ube Industries
103
0.01
9,723 Unicharm
284
0.02
46 United Urban Investment
36
0.00
8,465 Ushio
90
0.00
3,183 USS
41
0.00
1,328 Welcia
22
0.00
6,891 West Japan Railway
225
0.01
75,099 Yahoo Japan
142
0.01
2,215 Yakult Honsha
110
0.01
33 Yamada Denki^
–
0.00
16,263 Yamaguchi Financial
86
0.00
3,049 Yamaha
92
0.01
7,919 Yamaha Motor
178
0.01
13,659 Yamato
194
0.01
2,663 Yamato Kogyo
89
0.00
9,225 Yamazaki Baking
98
0.01
6,726 Yaskawa Electric
242
0.01
4,885 Yokogawa Electric
71
0.00
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
7,323 Yokohama Rubber
126
0.01
14 Zenkoku Hosho^
–
0.00
567 Zensho
20
0.00
10,081 Zeon
76
0.00
82,503
4.23
Jersey - 0.03%; 31.12.22 0.03%    
152,674
CQS New City High 
Yield Fund
71
0.00
194,617 Digital 9 Infrastructure
118
0.01
106,551
GCP Asset Backed 
Income Fund 
(Registered)
68
0.00
49,149
Henderson Far East 
Income Fund
118
0.01
31,836 JTCØ
227
0.01
44,516
Middlefield Canadian 
Income Trust
45
0.00
647
0.03
Jordan - 0.04%; 31.12.22 0.03%    
36,993 Hikma Pharmaceuticals
690
0.04
Luxembourg - 0.06%; 31.12.22 0.08%    
17,540 Allegro.eu
108
0.01
13,625 ArcelorMittal
294
0.02
174,241 BBGI
239
0.01
2,631 Eurofins ScientificØ
129
0.01
190 L'Occitane International^
–
0.00
14,232 Tenaris
167
0.01
937
0.06
Macau - 0.01%; 31.12.22 0.02%    
75,583 Sands China
204
0.01
172,382 SJMØ
58
0.00
262
0.01
Mexico - 0.01%; 31.12.22 0.02%    
44,821 Fresnillo
272
0.01
Netherlands - 3.06%; 31.12.22 3.13%    
2,587 Aalberts Industries
85
0.00
9,083 ABN AMROØ
112
0.01
752 Adyen
1,013
0.06
39,411 AegonØ
157
0.01
NM0923U-3094429-342/477

ACS 30:70 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
342
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
3,914 Akzo NobelØ
250
0.01
1,411 Argenx
429
0.02
1,163 ASM International
383
0.02
10,180 ASML
5,762
0.33
3,419 ASR NederlandØ
120
0.01
1,899
BE Semiconductor 
IndustriesØ
160
0.01
29,114 CNH Industrial
329
0.02
15,981 Davide Campari-Milano
173
0.01
1,483 Euronext
80
0.00
3,771 EXOR
265
0.02
3,061 Ferrari
784
0.04
6,494 Heineken
524
0.03
3,905 Heineken Holding
266
0.01
1,799 IMCD
202
0.01
92,929 INGØ
988
0.05
7,902 Just Eat TakeawayØ
95
0.01
75,668 Koninklijke
214
0.01
25,362
Koninklijke Ahold 
DelhaizeØ
680
0.04
26,748 Koninklijke PhilipsØ
457
0.03
8,392 NNØ
245
0.01
6,725 NXP Semiconductors
1,062
0.06
3,722 OCI
70
0.00
18,880 Prosus
1,076
0.06
6,427 Qiagen
225
0.01
3,651 RandstadØ
152
0.01
1,570,585 Shell
36,798
2.03
4,030 Signify
90
0.00
51,508 Stellantis
711
0.04
15,676 STMicroelectronicsØ
611
0.03
19,144 Universal Music GroupØ
335
0.02
5,768 Wolters Kluwer
572
0.03
55,475
3.06
New Zealand - 0.08%; 31.12.22 0.08%    
25,429 a2 MilkØ
65
0.00
38,602
Auckland International 
Airport
158
0.01
25,320 Contact Energy
98
0.01
5,862 EBOS
102
0.01
11,485
Fisher & Paykel 
Healthcare
134
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
12,471 Fletcher BuildingØ
32
0.00
27,179 Infratil
131
0.01
116,599 Kiwi Property
50
0.00
3,530 Mainfreight
122
0.01
14,782 Mercury NZ
46
0.00
31,195 Meridian Energy
83
0.00
46,507 Spark New Zealand
113
0.01
3,558 Xero
221
0.01
1,355
0.08
Norway - 0.14%; 31.12.22 0.16%    
14,136
Adevinta series 'B' 
sharesØ
74
0.00
8,022 Aker BP
148
0.01
25,318 DNB Bank
374
0.02
22,578 Equinor
518
0.03
3,606 Gjensidige Forsikring
46
0.00
3,819 Kongsberg Gruppen
136
0.01
9,247 Mowi
115
0.01
48,611 Norsk Hydro
229
0.01
24,173 Orkla
137
0.01
1,462 Salmar
46
0.00
6,347
Schibsted class 'A' 
shares
89
0.00
7,020
Schibsted class 'B' 
shares
93
0.01
15,151 Telenor
121
0.01
7,208 TOMRA Systems
91
0.01
5,079 Yara International
141
0.01
2,358
0.14
Peru - 0.01%; 31.12.22 0.01%    
2,122 Credicorp
245
0.01
104,190 Hochschild Mining
74
0.00
1,192 Southern Copper
67
0.00
386
0.01
Poland - 0.06%; 31.12.22 0.06%    
5,326
Bank Polska Kasa 
Opieki
113
0.01
1,792 Dino PolskaØ
163
0.01
5,338 KGHM Polska MiedzØ
115
0.01
54 LPP
145
0.01
NM0923U-3094429-343/477

ACS 30:70 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
343
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
14,110
Polski Koncern Naftowy 
ORLEN
175
0.01
10,455
Powszechna Kasa 
Oszczednosci Bank 
Polski
73
0.00
16,008
Powszechny Zaklad 
UbezpieczenØ
122
0.01
906
0.06
Portugal - 0.04%; 31.12.22 0.04%    
79,825 EDP EnergiasØ
308
0.02
11,001 Galp Energia
102
0.01
5,258 Jeronimo MartinsØ
114
0.01
524
0.04
Russia - 0.00%; 31.12.22 0.00%    
13,385 Yandex†
–
0.00
Singapore - 0.24%; 31.12.22 0.25%    
110,443
Ascendas Real Estate 
Investment Trust
174
0.01
4,798 Ascott Residence Trust
3
0.00
84,162 Capitaland Investment
162
0.01
177,964 CapitaLand Mall Trust
197
0.01
7,670 City Developments
30
0.00
84 ComfortDelGro^
–
0.00
52,472 DBS
964
0.05
63,460 Genting Singapore
35
0.00
14
Jardine Cycle & 
Carriage^
–
0.00
52,057 Keppel
203
0.01
115,800
Mapletree Commercial 
Trust
109
0.01
154,270
Mapletree Logistics 
Trust
145
0.01
98,214
Oversea-Chinese 
Banking
703
0.04
62,284 SATS
94
0.01
993,569 Seatrium
72
0.00
46,500 Sembcorp Industries
156
0.01
18,546 SIA Engineering
27
0.00
20,557 Singapore Airlines
86
0.00
28,284 Singapore Exchange
158
0.01
113,178 Singapore Post
30
0.00
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
38,488
Singapore Technologies 
Engineering
82
0.00
186,231
Singapore 
Telecommunications
271
0.01
38,519 StarHub
23
0.00
39,227
Suntec Real Estate 
Investment Trust
29
0.00
34,708 United Overseas Bank
566
0.03
12,641 UOL
47
0.00
4,156 Venture
36
0.00
43,027 Wilmar International
95
0.01
7,027 XP PowerØ
141
0.01
4,638
0.24
South Africa - 0.04%; 31.12.22 0.04%    
150,435 Investec
663
0.04
Spain - 0.49%; 31.12.22 0.45%    
953 Acciona
128
0.01
6,263
ACS Actividades 
de Construccion y 
ServiciosØ
172
0.01
1,533 Aena
195
0.01
11,573 Amadeus IT
692
0.04
150,733
Banco Bilbao Vizcaya 
Argentaria
918
0.05
398,270 Banco Santander
1,171
0.06
31,418 Bankinter
152
0.01
83,165 CaixaBank
272
0.01
15,780 Cellnex Telecom
500
0.03
6,228 EDP RenovaveisØ
97
0.01
6,825 Enagas
106
0.01
6,091 Endesa
103
0.01
11,081 Ferrovial
275
0.02
11,215 Grifols class 'A' sharesØ
113
0.01
154,023 Iberdrola
1,581
0.09
24,360 Inditex
736
0.04
8,963
Inmobiliaria Colonial 
Socimi
43
0.00
6,704 Merlin Properties
45
0.00
3,869 Naturgy EnergyØ
90
0.00
14,956 Red Electrica
198
0.01
39,777 Repsol
459
0.03
NM0923U-3094429-344/477

ACS 30:70 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
344
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
155,040 Telefonica
495
0.03
8,541
0.49
Sweden - 0.57%; 31.12.22 0.58%    
7,655 Alfa Laval
215
0.01
26,336 Assa Abloy
494
0.03
68,212
Atlas Copco class 'A' 
shares
768
0.03
31,477
Atlas Copco class 'B' 
shares
307
0.02
6,203 Axfood
103
0.01
13,362 Beijer RefØ
134
0.01
7,102 Boliden
161
0.00
14,366 Castellum
107
0.01
4,187 Electrolux
45
0.00
18,733 Epiroc class 'A' shares
277
0.02
12,176 Epiroc class 'B' shares
153
0.01
7,477 EQTØ
113
0.01
86,083
Ericsson series ‘B’ 
shares
365
0.02
17,380 Essity
362
0.02
4,115 Evolution Gaming
403
0.02
20,244 Fastighets BalderØ
57
0.00
7,148 GetingeØ
98
0.01
13,043
Hennes & Mauritz series 
‘B’ sharesØ
175
0.01
51,781 Hexagon
497
0.03
1,223 Holmen
35
0.00
12,199
Husqvarna series ‘B’ 
sharesØ
87
0.00
2,062
Industrivarden series ‘A’ 
shares
45
0.00
5,858
Industrivarden series 'C' 
sharesØ
126
0.01
6,623 Indutrade
117
0.01
4,027 Investment Latour
63
0.00
13,471
Investor class 'A' 
sharesØ
211
0.01
42,525 Investor class 'B' shares
665
0.04
8,902 Kinnevik
97
0.01
1,096 L E Lundbergforetagen
37
0.00
7,977 Lifco
134
0.01
37,820 Nibe Industrier
281
0.02
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
1,325 SAAB class 'B' shares
56
0.00
5,751 Sagax class 'B' shares
88
0.00
30,399 Sandvik
462
0.03
21,867
Securitas series ‘B’ 
sharesØ
141
0.01
50,714
Skandinaviska Enskilda 
Banken series ‘A’ shares
441
0.02
6,191
Skanska series ‘B’ 
shares
68
0.00
7,135 SKF series ‘B’ shares
97
0.01
22,114 SSAB class 'B' shares
120
0.01
15,205
Svenska Cellulosa 
series ‘B’ sharesØ
152
0.01
358
Svenska 
HandelsbankenØ
3
0.00
35,258
Svenska Handelsbanken 
series ‘A’ shares
232
0.01
27,497
Swedbank series ‘A’ 
shares
364
0.02
2,458
Swedish Orphan 
Biovitrum
37
0.00
18,237 Tele2 series ‘B’ sharesØ
119
0.01
85,218 TeliaØ
148
0.01
6,568
Trelleborg class ‘B’ 
shares
130
0.01
3,155 Volvo
53
0.00
42,322 Volvo series ‘B’ shares
687
0.04
10,130
0.57
Switzerland - 2.61%; 31.12.22 2.83%    
37,783 ABB (Registered)
1,155
0.07
4,220 AdeccoØ
108
0.01
12,600 Alcon
814
0.04
1,644 Bachem
111
0.01
1,357 Baloise
156
0.01
75 Barry Callebaut
114
0.01
296 Belimo
115
0.01
5,523 Clariant
62
0.00
47,668 Coca-Cola HBC
1,107
0.07
13,366
Compagnie Financiere 
Richemont
1,779
0.10
1,799 DKSH
105
0.01
5,267 DSM-Firmenich
451
0.02
239 EMS-ChemieØ
141
0.01
NM0923U-3094429-345/477

ACS 30:70 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
345
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
385 Flughafen Zuerich
63
0.00
919 Geberit
376
0.02
2,180 Georg Fischer
127
0.01
200 GivaudanØ
519
0.03
2,858,329 Glencore
12,681
0.71
680 Helvetia
72
0.00
184,635 IWGØ
247
0.01
6,659 Julius Baer (Registered)
330
0.02
1,555 Kuehne + NagelØ
362
0.02
14,701 LafargeHolcim
776
0.04
26
Lindt & Spruengli (Part 
Certified)Ø
257
0.01
3
Lindt & Spruengli 
(Registered)
292
0.02
4,715 Logitech International
218
0.01
1,859 Lonza
862
0.05
70,266 Nestlé
6,644
0.36
53,216 Novartis
4,199
0.23
572 Partners
422
0.02
1,421 PSP Swiss PropertyØ
124
0.01
776 Roche (Bearer)
201
0.01
17,973 Roche Holding
4,343
0.24
1,189 Schindler (Part Certified)
218
0.01
385 Schindler (Registered)
68
0.00
4,300 SGS SA
319
0.01
8,003 SIG Combibloc
172
0.01
4,059 Sika
900
0.05
1,428 Sonova
298
0.02
2,922 Straumann
371
0.02
1,099 Swatch class 'I' shares
252
0.01
2,749 Swatch class 'N' shares
119
0.01
768 Swiss LifeØ
352
0.02
2,509 Swiss Prime SiteØ
170
0.01
7,178 Swiss Re
569
0.03
600 SwisscomØ
295
0.02
494 TecanØ
147
0.00
1,779 Temenos
111
0.01
77,391 UBS
1,228
0.07
569 VAT
184
0.01
18,463 Wizz AirØ
494
0.03
3,925 Zurich Insurance
1,471
0.08
47,071
2.61
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
Taiwan - 0.00%; 31.12.22 0.00%    
9,000 FIT Hon Teng
1
0.00
United Arab Emirates - 0.03%; 31.12.22 0.02%    
121,703 Network International
467
0.03
United Kingdom - 24.58%; 31.12.22 24.89%    
220,605 3i
4,267
0.24
130,070 3i Infrastructure
405
0.02
5,596 4imprint
268
0.01
49,878 888 HoldingsØ
49
0.00
13,880 A.G. Barr
65
0.00
20,972
Aberforth Smaller 
Companies Investment 
TrustØ
258
0.01
441,714 abrdn
966
0.05
22,818 abrdn Asia FocusØ
57
0.00
23,477
abrdn Asian Income 
Fund
47
0.00
24,844
abrdn Diversified Income 
And Growth Trust
20
0.00
147,754
abrdn Investment 
Property
72
0.00
48,658
abrdn New Dawn 
Investment TrustØ
125
0.01
7,591
abrdn New India 
Investment Trust
42
0.00
5,410 abrdn Private EquityØ
24
0.00
20,598
abrdn Standard Equity 
Income Trust
63
0.00
120,000
abrdn Standard 
European Logistics 
IncomeØ
80
0.00
19,206 abrdn UK SmallerØ
79
0.00
66,296 Admiral
1,376
0.08
227,584 Airtel Africa
246
0.01
60,697 AJ BellØ
194
0.01
66,693 Alliance TrustØ
670
0.04
75,393
Allianz Technology 
TrustØ
198
0.01
36,014 AmcorØ
280
0.02
279,510 Anglo American
6,241
0.35
8,112
Anglo-Eastern 
PlantationsØ
62
0.00
115,186 AO WorldØ
92
0.01
NM0923U-3094429-346/477

ACS 30:70 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
346
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
2,602 Aptitude Software
9
0.00
14,838 Artemis Alpha Trust
45
0.00
110,953 AscentialØ
244
0.01
122,267 AshmoreØ
253
0.01
101,060 Ashtead
5,456
0.29
26,540 Asia Dragon Trust
100
0.01
19,166 ASOS
72
0.00
80,775 Associated British Foods
1,599
0.09
683,256 AssuraØ
310
0.02
68,486
Aston Martin Lagonda 
GlobalØ
241
0.01
339,327 AstraZeneca
38,433
2.13
16,496
Auction Technology 
GroupØ
120
0.01
211,022 Auto Trader
1,287
0.07
140,440 Avi Global Trust
266
0.01
641,023 Aviva
2,538
0.14
2,230 Avon Protection
19
0.00
218,429
B&M European Value 
RetailØ
1,207
0.07
127,536 Babcock InternationalØ
356
0.02
706,131 BAE Systems
6,550
0.36
48,527
Baillie Gifford European 
Growth TrustØ
45
0.00
21,496
Baillie Gifford Japan 
Investment TrustØ
167
0.01
50,280
Baillie Gifford Shin 
NipponØ
70
0.00
60,135
Baillie Gifford US 
Growth Trust
92
0.01
7,182 Bakkavor
7
0.00
124,766 Balfour Beatty
425
0.02
53,729 Baltic Classifieds GroupØ
95
0.01
317,399
Bankers Investment 
TrustØ
309
0.02
3,589,474 Barclays
5,499
0.31
223,191 Barratt Developments
929
0.05
146,044 BB HealthcareØ
222
0.01
152,256 Beazley
890
0.05
27,988 Bellway
560
0.03
23,906 Berkeley Group
940
0.05
40,091 Big YellowØ
429
0.02
4,315 Biotech Growth TrustØ
34
0.00
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
74,312
BlackRock Frontiers 
Investment Trust*
103
0.01
14,735
BlackRock Greater 
Europe Investment 
TrustØ*
78
0.00
16,525
BlackRock Latin 
American Investment 
Trust*
67
0.00
28,974
BlackRock North 
American Income Trust*
54
0.00
9,321
BlackRock Smaller 
Companies TrustØ*
118
0.01
28,076
BlackRock Throgmorton 
TrustØ*
160
0.01
41,024
BlackRock World Mining 
Trust*
245
0.01
27,694 Bloomsbury Publishing
119
0.01
41,301
BMO Capital & Income 
Investment Trust
120
0.01
135,365
BMO Global Smaller 
CompaniesØ
185
0.01
5,392
BMO Private Equity 
Trust
26
0.00
38,070 Bodycote
244
0.01
78,145 Bovis HomesØ
511
0.03
3,970,687 BP
18,318
1.00
52,268 Bridgepoint GroupØ
106
0.01
510,285
British American 
Tobacco
13,362
0.75
220,263 British Land
674
0.04
56,119 BritvicØ
480
0.03
12,541
Brunner Investment 
Trust
131
0.01
1,575,749 BT Group
1,941
0.11
76,860 Bunzl
2,302
0.13
86,847 Burberry
1,842
0.10
48,576 Bytes Technology Group
254
0.01
8,120 Caledonia Investments
263
0.01
577,075 Capita
159
0.01
387,587
Capital & Counties 
PropertiesØ
441
0.03
14,197 Capital & RegionalØ
8
0.00
4,280 Capital Gearing TrustØ
193
0.01
29,289 Capricorn Energy
54
0.00
NM0923U-3094429-347/477

ACS 30:70 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
347
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
133,231 Card Factory
120
0.01
178,331 Carillion†
–
0.00
5,795
CC Japan Income & 
Growth Trust
10
0.00
218,362 Centamin
197
0.01
1,294,473 Centrica
1,601
0.09
66,806 Chemring
189
0.01
46,769 ChesnaraØ
129
0.01
38,966
City Merchants High 
Yield Trust
63
0.00
8,094
City of London 
Investment GroupØ
34
0.00
127,597
City of London 
Investment TrustØ
504
0.03
5,243 Clarkson
153
0.01
31,562 Close Brothers
274
0.02
40,569 CMC Markets
62
0.00
364,632 CoatsØ
254
0.01
6,387
Coca-Cola European 
Partners
322
0.02
397,737 Compass
8,682
0.49
17,797 Computacenter
404
0.02
371,876 ConvaTec
759
0.04
49,471 Costain
23
0.00
14,081 Cranswick
456
0.03
54,886 Crest Nicholson
105
0.01
32,277 Croda International
1,787
0.11
120,077 Custodian REITØ
101
0.01
90,068 CVC Income & Growth
84
0.00
258,304 CYBGØ
385
0.02
84,897 Darktrace
263
0.01
22,594 DCC
985
0.05
61,516 De La RueØ
28
0.00
24,811 Dechra Pharmaceuticals
914
0.05
29,041 Derwent LondonØ
599
0.03
85,619 DFS FurnitureØ
92
0.01
508,064 Diageo
17,136
0.95
32,217 Diploma
961
0.05
320,572 Direct Line
433
0.02
18,700 Discoverie GroupØ
156
0.01
23,255 Diverse Income Trust
18
0.00
216,923 Dixons CarphoneØ
115
0.01
108,435 Domino’s PizzaØ
300
0.02
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
303,320 Dowlais Group
386
0.02
121,359 Dr. MartensØ
148
0.01
40,423 Draper EspritØ
108
0.01
86,023 Drax
492
0.03
300,144 DS Smith
818
0.05
20,038
Dunedin Income Growth 
Investment Trust
57
0.00
30,414 Dunelm
341
0.02
144,878 easyJet
702
0.04
38,631
Ecofin Global Utilities 
and Infrastructure
72
0.00
31,142
Edinburgh Investment 
Trust
197
0.01
114,583
Edinburgh Worldwide 
Investment TrustØ
160
0.01
114,113 Electrocomponents
856
0.05
103,938 Elementis
106
0.01
99,798
Empiric Student 
PropertyØ
84
0.00
29,080 Energean Oil & GasØ
295
0.02
208,561 Enquest
31
0.00
17,640
EP Global Opportunities 
TrustØ
56
0.00
71,732 EssentraØ
119
0.01
18,998 European Assets Trust
17
0.00
231,782 EVRAZ†
2
0.00
212,259 Experian
6,382
0.34
91,332
F&C UK Real Estate 
Investment Trust
68
0.00
20,138 FDMØ
115
0.01
50,557 Ferrexpo
45
0.00
28,424
Fidelity Asian Values 
Investment Trust
147
0.01
80,188
Fidelity China Special 
Situations Investment 
Trust
164
0.01
97,370
Fidelity European Values 
Investment TrustØ
331
0.02
56,940 Fidelity Japan Trust
96
0.01
33,649
Fidelity Special Values 
Investment Trust
87
0.00
54,988
Finsbury Growth & 
Income TrustØ
481
0.03
201,986 FirstGroup
288
0.02
NM0923U-3094429-348/477

ACS 30:70 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
348
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
40,662 Flutter Entertainment
6,306
0.36
115,078
Foreign & Colonial 
Investment Trust
1,000
0.07
28,916
Foresight Group 
Holdings
126
0.01
114,883 Foresight Solar Fund
112
0.01
34,075 Forterra
55
0.00
105,996 Foxtons
40
0.00
26,468 FrasersØ
186
0.01
13,003
Fuller Smith & Turner 
class 'A' shares
76
0.00
111,381 Funding Circle
60
0.00
24,935 Future
169
0.01
45,168 Galliford Try
88
0.00
7,454 Games Workshop
812
0.04
170,745
GCP Infrastructure 
Investments Fund
132
0.01
13,946 GenusØ
302
0.02
77,824
Gore Street Energy 
Storage Fund
72
0.00
47,329 Grafton
373
0.02
187,247 Grainger Trust
428
0.03
54,981 Great Portland Estates
232
0.01
529,064 Greencoat UK Wind
757
0.05
25,311 Greggs
647
0.04
922,399 GSK
12,844
0.72
141,959 GVC
1,770
0.11
68,242 Gym GroupØ
64
0.00
1,212,580 Haleon
3,882
0.21
82,120 Halfords
174
0.01
85,548 Halma
1,938
0.11
801,380 HammersonØ
199
0.01
173,754 Harbour EnergyØ
396
0.02
87,373 Hargreaves LansdownØ
709
0.04
342,491 Hays
351
0.02
34,659 Headlam
86
0.00
11,673 Helical
30
0.00
205,523 Helios TowersØ
189
0.01
16,016
Henderson Alternative 
Strategic†
–
0.00
34,235
Henderson Diversified 
Income
22
0.00
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
87,410
Henderson Europe 
Focus Trust
138
0.01
88,940 Henderson EuroTrust
120
0.01
53,448
Henderson High Income 
Invesment Trust
87
0.00
66,831
Henderson International 
Income Trust
112
0.01
13,872
Henderson Smaller 
Companies Investment 
TrustØ
102
0.01
40,794 Henry Boot
86
0.00
15,914 Herald Investment TrustØ
275
0.02
108,548 HgCapital TrustØ
399
0.02
454,808 Hicl Infrastructure
612
0.03
20,953 Hill & SmithØ
311
0.02
14,802 Hilton FoodØ
92
0.01
58,981 Hollywood Bowl
148
0.01
201,610 Home REIT†
68
0.00
127,496 Howden Joinery
823
0.05
4,587,177 HSBC
28,536
1.58
15,930 Hunting
32
0.00
68,811 IbstockØ
97
0.01
13,050 ICG Enterprise TrustØ
140
0.01
91,767 IG
621
0.03
60,545 IMI
985
0.05
101,250 Impact Healthcare REIT
91
0.01
60,551
Impax Environmental 
MarketsØ
244
0.01
212,639 Imperial Brands
3,722
0.20
83,779 Inchcape
649
0.04
26,389 Indivior
482
0.03
320,481 Informa
2,331
0.13
46,778 IntegraFin
113
0.01
38,884
InterContinental Hotels 
Group
2,104
0.13
64,874 Intermediate Capital
899
0.05
15,774
International 
Biotechnology Trust
103
0.01
892,824
International 
Consolidated Airlines
1,445
0.08
142,148
International 
Distributions ServicesØ
313
0.02
NM0923U-3094429-349/477

ACS 30:70 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
349
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
92,172
International Personal 
Finance
105
0.01
37,029 Intertek
1,570
0.09
372,199 Intu Properties†
–
0.00
34,445
Invesco Asia Investment 
Trust
113
0.01
21,321
Invesco Perpetual UK 
Smaller Companies 
Investment Trust
89
0.00
40,124 Invesco Select TrustØ
62
0.01
167,737 IPØ
95
0.01
830,381 ITVØ
573
0.03
406,091 J Sainsbury
1,088
0.06
17,159 James Fisher & SonsØ
69
0.00
547,409 JD Sports Fashion
796
0.04
12,856 JD Wetherspoon
87
0.00
49,094 Jewel UK Midco
302
0.02
164,115
John Laing 
Environmental Assets
173
0.01
161,595 John Wood
224
0.01
39,740 Johnson Matthey
693
0.04
45,704
JPMorgan American 
Investment TrustØ
346
0.02
9,410
JPMorgan Asian 
Investment Trust
33
0.00
30,636
JPMorgan Chinese 
Investment Trust
80
0.00
6,010
JPMorgan Claverhouse 
Investment Trust
39
0.00
276,487
JPMorgan Emerging 
Markets Investment 
Trust plcØ
285
0.02
49,797
JPMorgan European 
Growth & IncomeØ
46
0.00
28,138
JPMorgan European 
Smaller Companies 
TrustØ
107
0.01
31,683
JPMorgan Global 
Emerging Markets 
Income TrustØ
40
0.00
98,177
JPMorgan Global 
Growth & IncomeØ
457
0.03
21,677
JPMorgan Indian 
Investment TrustØ
179
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
22,995
JPMorgan Japan 
Smaller Companies 
TrustØ
71
0.00
40,057
JPMorgan Japanese 
Investment TrustØ
194
0.01
10,006
JPMorgan Mid Cap 
Investment Trust
86
0.00
34,881
JPMorgan Smaller 
Companies Investment 
Trust
94
0.01
15,579
Jupiter European 
Opportunities Trust
120
0.01
125,661
Jupiter Fund 
Management
136
0.01
8,305
Jupiter US Smaller 
Companies
98
0.01
219,734 Just GroupØ
171
0.01
20,916 KainosØ
256
0.01
15,328 Keller
106
0.01
28,400
Keystone Investment 
Trust
60
0.00
157,341 KierØ
118
0.01
35,000 Kin & Carta
21
0.00
426,188 Kingfisher
981
0.05
50,822 Lancashire
294
0.02
163,306 Land Securities
938
0.05
26,705 Law DebentureØ
202
0.01
1,369,622 Legal & General
3,119
0.17
2,914
Liberty Global class 'A' 
shares
39
0.00
9,192
Liberty Global class 'C' 
sharesØ
129
0.01
12,770 Linde
3,829
0.21
32
Lindsell Train Investment 
Trust
31
0.00
12,298 LiontrustØ
88
0.00
14,960,455 Lloyds Banking
6,495
0.37
97,550 London Stock Exchange
8,150
0.46
212,735 LondonMetric Property
351
0.02
41,276 Lookers
49
0.00
111,340
Lowland Investment 
Company
126
0.01
34,738 LSL Property ServicesØ
97
0.01
349,757 LXI REITØ
302
0.02
NM0923U-3094429-350/477

ACS 30:70 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
350
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
484,310 M&G
931
0.05
7,549 Macfarlane
8
0.00
10,619
Majedie Investment 
Trust
19
0.00
269,098 Man Group
589
0.03
422,278 Marks & Spencer
803
0.04
65,236 MarshallsØ
155
0.01
49,680 Marston’s
15
0.00
38,161 Mears
111
0.01
37,770 MedicaØ
80
0.00
303,384 Melrose Industries
1,537
0.08
198,543
Mercantile Investment 
TrustØ
384
0.02
44,308
Merchants Investment 
Trust
233
0.01
9,678
Mid Wynd International 
Investment TrustØ
67
0.00
49,662 Mitchells & Butlers
103
0.01
260,174 Mitie Group
252
0.01
15,698 MJ Gleeson
57
0.00
108,538 Mondi
1,306
0.07
135,474 Moneysupermarket.com
366
0.02
52,175 Monks Investment TrustØ
517
0.03
61,540
Montanaro European 
Smaller Companies 
Trust
86
0.00
66,351
Montanaro UK Smaller 
Companies Investment 
Trust
68
0.00
62,020 Moonpig GroupØ
90
0.00
66,288
Morgan Advanced 
Materials
180
0.01
8,704 Morgan SindallØ
160
0.01
20,943 MotorpointØ
20
0.00
33,972 Murray Income Trust
281
0.02
122,035
Murray International 
TrustØ
306
0.02
132,574 National ExpressØ
129
0.01
838,692 National Grid
8,697
0.49
1,281,063 NatWest
3,089
0.17
91,868 NCCØ
89
0.00
49,514 NewRiver REIT Voting
44
0.00
29,315 Next
2,023
0.11
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
63,801 Ninety OneØ
107
0.01
29,160 Norcros
50
0.00
21,169
North American Income 
TrustØ
58
0.00
4,262
North Atlantic Smaller 
Companies Investment 
TrustØ
150
0.01
42,071 Northgate
158
0.01
135,005 OcadoØ
760
0.04
160,826
Octopus Renewables 
Infrastructure Trust
149
0.01
104,782 OSB Group
504
0.03
21,591 Oxford BiomedicaØ
91
0.01
13,974 Oxford Instruments
379
0.02
19,755
Pacific Assets 
Investment Trust
72
0.00
17,236
Pacific Horizon 
Investment TrustØ
92
0.01
63,041 PagegroupØ
256
0.01
2,168 Palace Capital
5
0.00
60,749 Pantheon InfrastructureØ
49
0.00
114,525
Pantheon International 
Fund
286
0.02
59,053 Paragon
314
0.02
7,256 PayPoint
35
0.00
162,320 Pearson
1,343
0.07
60,862 Pennon Group
432
0.02
4,043 Pentair
204
0.01
72,135 Persimmon
748
0.04
98,980 Personal Assets Trust
459
0.03
52,370 Petershill PartnersØ
88
0.00
135,735 PetrofacØ
105
0.01
98,922 Pets at Home
373
0.02
91,478 Pharos EnergyØ
20
0.00
167,396 Phoenix Group
892
0.05
15,348
Phoenix Spree 
Deutschland
28
0.00
79,939 Photo-Me International
128
0.01
71,600 Playtech
417
0.02
73,881
Polar Capital Global 
Financials Trust
100
0.01
40,000
Polar Capital Global 
Healthcare Trust
131
0.01
NM0923U-3094429-351/477

ACS 30:70 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
351
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
29,518
Polar Capital Technology 
TrustØ
651
0.04
49,942 PolypipeØ
148
0.01
13,813 Porvair
89
0.00
160,904 Premier Foods
208
0.01
286,086
Primary Health 
PropertiesØ
272
0.01
82,494 Provident Financial
158
0.01
79,628 PRS REIT
63
0.00
625,584 Prudential
6,862
0.37
88,063 PZ CussonsØ
143
0.01
142,107 QinetiQ
504
0.03
351,337 Quilter
281
0.02
71,757 Rank
64
0.00
15,185 Rathbone Brothers
282
0.02
116,222 ReachØ
78
0.00
32,749
Real Estate Credit 
InvestmentsØ
41
0.00
165,947 Reckitt Benckiser
9,797
0.54
59,222 Redrow
264
0.01
434,202 RELX (Registered)
11,398
0.64
28,861 Renewi
147
0.01
8,213 RenishawØ
319
0.02
583,722 Rentokil Initial
3,544
0.20
8,787
Residential Secure 
Income REIT
5
0.00
225,772 Restaurant
86
0.00
20,694 Ricardo
118
0.01
184,065 Rightmove
964
0.05
29,125 RIT Capital PartnersØ
539
0.03
6,294 Robert Walters
26
0.00
1,926,696 Rolls-Royce
2,850
0.16
199,582 Rotork
606
0.03
1,597 S&U
36
0.00
30,623 Sabre InsuranceØ
42
0.00
45,965 Safestore
394
0.02
31,059 Saga
37
0.00
236,817 Sage
2,185
0.12
26,967 SavillsØ
227
0.01
44,360
Schroder Asia Pacific 
FundØ
218
0.01
32,642
Schroder Asian Total 
Return Investment
135
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
28,794
Schroder Income 
Growth FundØ
84
0.00
52,549 Schroder Japan Growth
117
0.01
39,836 Schroder Real Estate
16
0.00
15,169
Schroder UK Mid Cap 
Fund
80
0.00
347,510
Schroder UK Public 
Private Trust
44
0.00
208,157 Schroders
911
0.04
32,016
Scottish American 
Investment Trust
165
0.01
325,993
Scottish Mortgage 
Investment Trust
2,162
0.13
2,427
Scottish Oriental Smaller 
Companies Trust
29
0.00
264,836
SDCL Energy Efficiency 
Income TrustØ
197
0.01
46,899
Securities Trust of 
Scotland
99
0.01
273,423 Segro
1,954
0.10
80,811 SeniorØ
142
0.01
245,296 SercoØ
374
0.02
112,488 Severfield
77
0.00
58,365 Severn Trent
1,496
0.08
310,883 SIGØ
109
0.01
202,279 Smith & Nephew
2,539
0.15
82,027 Smiths
1,343
0.07
35,865
Smithson Investment 
TrustØ
495
0.03
31,909 SoftcatØ
451
0.02
23,380 Spectris
841
0.05
213,574 Speedy Hire
77
0.00
17,336
Spirax-Sarco 
Engineering
1,798
0.11
42,106 Spire Healthcare
90
0.00
140,828
Spirent 
CommunicationsØ
231
0.01
252,580 SSE
4,609
0.24
202,014 SSP
508
0.03
127,324
St. James's Place 
Capital
1,371
0.08
533,355 Standard Chartered
3,665
0.20
42,079 SThree
145
0.01
NM0923U-3094429-352/477

ACS 30:70 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
352
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
27,848 Strategic Equity CapitalØ
86
0.00
14,443 STV
32
0.00
20,952 Superdry
16
0.00
249,649
Supermarket Income 
REITØ
182
0.01
65,700 SynthomerØ
49
0.00
114,423 Target Healthcare REITØ
82
0.00
93,980 Tate & Lyle
677
0.04
831,405 Taylor Wimpey
861
0.05
13,680 Telecom Plus
231
0.01
60,465
Temple Bar Investment 
TrustØ
132
0.01
250,625
Templeton Emerging 
Markets Investment 
TrustØ
365
0.03
1,957
TEN Entertainment 
GroupØ
5
0.00
1,673,625 Tesco
4,157
0.23
602,378 Thomas Cook†
–
0.00
54,772 Topps Tiles
26
0.00
188,397 TP ICAP Group
283
0.02
81,989
TR European Growth 
TrustØ
125
0.01
62,538
TR Property Investment 
Trust - Ordinary Shares
166
0.01
102,463 TrainlineØ
264
0.01
46,092 Travis PerkinsØ
374
0.03
6,915 TreattØ
43
0.00
49,507 Trifast
39
0.00
66,642
Triple Point Social 
Housing REIT
33
0.00
433,067 Tritax Big Box
541
0.03
170,704 Tritax EuroBox
87
0.00
120,907
Troy Income & Growth 
Trust
83
0.00
38,021 Trustpilot Group
26
0.00
67,751 TT Electronics
108
0.01
108,662 TUIØ
607
0.03
354,731 Tullow OilØ
99
0.01
22,702 TymanØ
58
0.00
574,350 Unilever (Registered)
23,519
1.29
76,137 UNITE Group
661
0.04
152,773 United Utilities
1,472
0.08
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
88,001 Urban Logistics REIT
100
0.01
55,474
Utilico Emerging 
Markets Trust
123
0.01
16,258
Value & Income 
Investment TrustØ
31
0.00
35,867 VesuviusØ
143
0.01
110,204
VH Global Sustainable 
Energy Opportunities
104
0.01
19,601 VictrexØ
270
0.01
13,063 Vitec
89
0.00
4,885,726 Vodafone
3,623
0.20
52,688 Volution
200
0.01
45,319
VPC Specialty Lending 
Investments
31
0.00
93,034 Warehouse REITØ
73
0.00
62,750 Weir
1,105
0.06
26,853 WH Smith
421
0.02
45,745 Whitbread
1,545
0.10
50,011 Wickes Group
61
0.00
39,970 Wincanton
101
0.01
172,418 Witan Investment Trust
389
0.02
26,631
Witan Pacific Investment 
Trust
58
0.00
34,858 Workspace
164
0.01
14,213
Worldwide Healthcare 
TrustØ
446
0.02
235,521 WPP
1,934
0.11
59,768 XPS Pensions Group
107
0.01
1,916 ZotefoamsØ
7
0.00
444,272
24.58
United States - 43.41%; 31.12.22 42.66%    
14,667 3M
1,151
0.06
45,572 Abbott Laboratories
3,879
0.21
45,354 AbbVie
4,779
0.26
16,668 Accenture
4,064
0.22
19,614 Activision Blizzard
1,288
0.07
12,087 Adobe
4,623
0.25
1,339 Advance Auto Parts
72
0.00
42,279 Advanced Micro Devices
3,717
0.20
16,026 AES
259
0.01
15,853 Aflac
867
0.05
7,858 Agilent Technologies
734
0.04
NM0923U-3094429-353/477

ACS 30:70 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
353
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
16,728 AGNC InvestmentØ
134
0.01
5,778
Air Products & 
Chemicals
1,346
0.08
10,386 Airbnb
1,027
0.06
4,954 Akamai Technologies
349
0.02
3,003 Albemarle
520
0.03
4,375
Alexandria Real Estate 
Equities
392
0.02
1,996 Align Technology
539
0.03
2,512 Allegion
237
0.01
6,040 Alliant Energy
247
0.01
6,547 Allstate
565
0.03
7,328 Ally Financial
156
0.01
3,644
Alnylam 
Pharmaceuticals
550
0.03
155,407
Alphabet class 'A' 
shares
14,635
0.82
134,476
Alphabet class 'C' 
shares
12,762
0.70
47,899 Altria
1,703
0.09
235,113 Amazon.com
23,785
1.31
3,272 Amdocs
254
0.01
6,507 Ameren
417
0.02
2,592 American Airlines
36
0.00
13,153 American Electric Power
866
0.05
15,304 American Express
2,082
0.11
18,664 American International
844
0.05
12,370
American Tower class ‘A’ 
shares
1,885
0.10
4,734 American Water Works
526
0.03
2,943 Ameriprise Financial
772
0.04
4,040 AmerisourceBergen
609
0.03
5,931 AMETEK
751
0.04
13,723 Amgen
2,399
0.13
14,990
Amphenol class ‘A’ 
shares
989
0.05
12,978 Analog Devices
1,944
0.11
15,913
Annaly Capital 
Management
252
0.01
2,083 Ansys
537
0.03
6,245 Anthem
2,173
0.12
5,387 Aon
1,456
0.08
8,563 APA
230
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
12,704
Apollo Global 
Management
761
0.03
389,696 Apple
58,418
3.23
21,822 Applied Materials
2,489
0.14
7,100 Aptiv
566
0.03
4,989 Aramark
168
0.01
9,330 Arch Capital
539
0.03
13,516 Archer Daniels Midland
798
0.04
6,074 Arista Networks
765
0.04
1,778 Arrow Electronics
199
0.01
5,277 Arthur J Gallagher
895
0.05
1,456 Assurant
143
0.01
184,814 AT&T
2,337
0.13
3,763 Atlassian
480
0.03
4,358 Atmos Energy
399
0.02
5,967 Autodesk
973
0.05
1,709 Autoliv
115
0.01
10,500
Automatic Data 
Processing
1,797
0.10
495 AutoZone
962
0.05
3,231 AvalonBay Communities
480
0.03
3,022 Avangrid
90
0.00
16,259 Avantor
259
0.01
1,912 Avery Dennison
254
0.01
25,731 Baker Hughes
638
0.04
7,369 Ball
336
0.02
183,313 Bank of America
4,154
0.23
20,455
Bank of New York 
Mellon
715
0.04
7,932 Bath & Body Works
237
0.01
14,622 Baxter International
517
0.03
7,528 Becton Dickinson
1,551
0.09
10
Berkshire Hathaway 
convertible class 'A' 
shares
4,038
0.21
33,215
Berkshire Hathaway 
convertible class 'B' 
shares
8,846
0.48
5,123 Best Buy
337
0.02
2,779 Bill.comØ
255
0.01
3,674 Biogen
820
0.05
4,561
BioMarin 
Pharmaceutical
321
0.02
NM0923U-3094429-354/477

ACS 30:70 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
354
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
554 Bio-Rad LaboratoriesØ
164
0.01
3,840 Bio-Techne
241
0.01
4,001 BlackRock**
2,176
0.12
17,863 Blackstone Group
1,311
0.07
14,705 Boeing
2,462
0.13
937 Booking
1,968
0.12
5,078 BorgWarner
193
0.01
4,689 Boston PropertiesØ
212
0.01
37,076 Boston Scientific
1,562
0.09
55,453 Bristol-Myers Squibb
2,807
0.15
10,763 Broadcom
7,340
0.41
2,733
Broadridge Financial 
Solutions
353
0.02
5,519 Brown & Brown
295
0.02
4,860
Brown-Forman class ‘B’ 
shares
255
0.01
4,216 Bunge
309
0.02
1,497 Burlington Stores
182
0.01
19,267 Cabot Oil & Gas
383
0.02
6,982
Cadence Design 
Systems
1,262
0.07
6,700 Caesars Entertainment
264
0.01
5,416 Campbell Soup
195
0.01
10,448 Capital One Financial
903
0.05
6,777 Cardinal Health
503
0.03
6,352 Carlyle Group
159
0.01
4,418 CarMax
295
0.02
24,151 Carnival
328
0.02
39,577 Carnival (Registered)Ø
499
0.03
23,413 Carrier Global
916
0.05
4,969 Catalent
169
0.01
13,467 Caterpillar
2,601
0.15
2,325 Cboe Global Markets
250
0.01
8,284 CBRE class ‘A’ shares
525
0.04
3,369 CDW
481
0.03
2,585 CelaneseØ
233
0.01
14,650 Centene
776
0.04
15,740 CenterPoint Energy
357
0.02
2,766 Ceridian HCMØ
144
0.01
5,158 CF Industries
287
0.02
2,819
CH Robinson 
WorldwideØ
210
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
1,605
Charles River 
Laboratories 
International
265
0.01
39,077 Charles Schwab
1,766
0.10
2,740
Charter 
CommunicationsØ
786
0.04
5,928 Cheniere Energy
709
0.04
45,608 Chevron
5,634
0.30
695 Chipotle Mexican Grill
1,160
0.06
11,150 Chubb
1,667
0.09
5,711 Church & Dwight
447
0.02
7,675 Cigna
1,683
0.09
4,029 Cincinnati Financial
308
0.02
2,256 Cintas
874
0.05
108,166 Cisco Systems
4,382
0.25
49,801 Citigroup
1,823
0.10
12,150 Citizens Financial
249
0.01
2,802 Clorox
350
0.02
8,167 Cloudflare
414
0.02
9,844 CME
1,427
0.08
6,816 CMS Energy
315
0.02
100,084 Coca-Cola
4,751
0.27
12,793 Cognizant Technology
653
0.04
21,203 Colgate-Palmolive
1,284
0.07
109,068 Comcast class ‘A’ shares
3,577
0.20
3,281 ComericaØ
111
0.01
2,421 Commerce BancsharesØ
92
0.01
11,892 Conagra Brands
313
0.02
30,916 ConocoPhillips
2,519
0.13
9,064 Consolidated Edison
642
0.04
4,325
Constellation Brands 
class ‘A’ shares
845
0.05
8,239 Constellation EnergyØ
592
0.03
1,449 Cooper
436
0.02
10,493 Copart
749
0.04
19,646 Corning
539
0.03
19,913 Corteva
909
0.05
10,919 CoStar Group
778
0.04
11,639 Costco Wholesale
4,892
0.28
27,122 Coupang
370
0.02
5,294 Crowdstrike
602
0.03
11,588
Crown Castle 
International
1,045
0.06
NM0923U-3094429-355/477

ACS 30:70 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
355
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
53,586 CSX
1,435
0.08
3,729 Cummins
714
0.04
34,254 CVS Health
1,862
0.10
17,253 Danaher
3,245
0.19
2,936 Darden Restaurants
384
0.02
6,778 Datadog
517
0.03
1,057 DaVita
83
0.00
6,980 Deere
2,218
0.13
4,947 Delta Air Lines
181
0.01
4,921 Dentsply Sirona
154
0.01
17,140 Devon Energy
656
0.04
9,877 DexCom
999
0.06
4,438 Diamondback Energy
456
0.03
7,756 Digital Realty Trust
686
0.04
6,704
Discover Financial 
Services
625
0.03
154,173 Diversified Gas & OilØ
135
0.01
4,358 DocuSign
176
0.01
5,250 Dollar General
692
0.04
5,773 Dollar Tree
656
0.04
20,713 Dominion Energy
849
0.05
923 Domino's Pizza
241
0.01
8,486 DoorDash
506
0.03
3,684 Dover
421
0.02
19,872 Dow
836
0.05
8,711 DR Horton
829
0.05
4,974 DTE Energy
430
0.02
20,256 Duke Energy
1,424
0.08
10,928 DuPont de Nemours
612
0.03
2,924 Eastman Chemical
192
0.01
10,646 Eaton
1,674
0.09
12,578 eBay
443
0.02
6,081 Ecolab
884
0.05
9,371 Edison International
508
0.03
15,867 Edwards Lifesciences
1,154
0.06
15,813 Elanco Animal Health
125
0.01
7,050 Electronic Arts
727
0.04
21,995 Eli Lilly
8,079
0.45
14,356 Emerson Electric
1,013
0.06
3,665 Enphase Energy
459
0.03
6,051 Entergy
458
0.03
14,736 EOG Resources
1,316
0.07
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
1,503 EPAM Systems
267
0.01
2,909 Equifax
539
0.03
2,351 Equinix
1,443
0.08
11,623 Equitable
248
0.01
5,101
Equity LifeStyle 
Properties
268
0.01
10,144 Equity Residential
525
0.03
1,550 Essex Property Trust
286
0.02
5,944
Estee Lauder class ‘A’ 
shares
905
0.05
2,894 Etsy
196
0.01
1,134 Everest Re
305
0.02
5,577 Evergy
254
0.01
9,037 Eversource Energy
498
0.03
5,561 Exact Sciences
415
0.02
27,707 Exelon
878
0.05
3,611 Expedia
308
0.02
3,611
Expeditors International 
of Washington
343
0.02
3,362 Extra Space Storage
393
0.02
105,574 Exxon Mobil
8,907
0.48
1,842 F5 Networks
212
0.01
884
FactSet Research 
Systems
276
0.02
569 Fair Isaac
358
0.02
15,477 Fastenal
717
0.04
2,956
Federal Realty 
Investment Trust
225
0.02
5,939 FedEx
1,174
0.06
14,631
Fidelity National 
Information Services
612
0.03
16,994 Fifth Third Bancorp
353
0.02
2,843 First Solar
414
0.02
16,015 FirstEnergy
489
0.03
16,120 Fiserv
1,581
0.09
1,944 FleetCor Technologies
381
0.02
12,595 Flex
272
0.01
3,071 FMC
254
0.01
7,124 FNF
203
0.01
106,730 Ford Motor
1,261
0.07
16,248 Fortinet
964
0.05
9,477 Fortive
551
0.03
NM0923U-3094429-356/477

ACS 30:70 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
356
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
4,141
Fortune Brands Home & 
Security
235
0.01
4,306 Fox class 'A' shares
109
0.01
6,820 Fox class 'B' shares
186
0.01
9,763 Franklin Resources
207
0.01
39,138 Freeport-McMoRan
1,217
0.07
3,881 Garmin
318
0.02
2,022 Gartner
548
0.03
9,530
GE Healthcare 
Technologies
593
0.03
1,492 GeneracØ
174
0.01
6,480 General Dynamics
1,098
0.06
28,596 General Electric
2,437
0.13
14,455 General Mills
872
0.05
34,677 General Motors
1,047
0.06
4,921 Gentex
114
0.01
4,079 Genuine Parts
536
0.03
32,955 Gilead Sciences
1,981
0.11
6,701 Global Payments
514
0.03
847 GlobalFoundries
42
0.00
2,678 Globe Life
231
0.01
3,681 GoDaddy
216
0.01
8,249 Goldman Sachs
2,108
0.12
24,158 Halliburton
634
0.03
8,087
Hartford Financial 
Services
456
0.03
3,439 Hasbro
174
0.01
5,198 HCA Healthcare
1,235
0.07
12,453 Healthpeak Properties
197
0.01
938 Heico
131
0.01
1,583 Heico class 'A' shares
175
0.01
3,539 Henry Schein
226
0.01
4,081 Hershey
802
0.04
6,943 Hess
735
0.04
29,315
Hewlett Packard 
Enterprise
386
0.02
6,225 Hilton Worldwide
709
0.04
6,106 Hologic
387
0.02
26,715 Home Depot
6,506
0.37
17,563 Honeywell International
2,868
0.17
6,625 Horizon Therapeutics
540
0.03
8,303 Hormel Foods
262
0.01
21,598 Host Hotels & Resorts
285
0.02
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
10,621 Howmet Aerospace
410
0.02
25,057 HP
601
0.03
1,142 HubSpot
466
0.03
3,267 Humana
1,147
0.06
41,171 Huntington Bancshares
352
0.02
1,017
Huntington Ingalls 
Industries
183
0.01
2,453 ICON
470
0.03
1,851 IDEX
313
0.02
2,222 IDEXX Laboratories
868
0.05
7,792 Illinois Tool Works
1,531
0.08
3,966 Illumina
582
0.03
5,305 Incyte
259
0.01
11,177 Ingersoll Rand
569
0.03
1,686 Insulet
388
0.02
108,256 Intel
2,819
0.16
14,156
Intercontinental 
Exchange
1,257
0.07
24,297
International Business 
Machines
2,575
0.14
7,037
International Flavors & 
Fragrances
433
0.02
6,834 International Paper
171
0.01
10,915 InterpublicØ
329
0.02
7,157 Intuit
2,580
0.14
8,940 Intuitive Surgical
2,393
0.13
16,937 Invitation Homes
457
0.03
4,831 IQVIA Holdings
846
0.05
7,070 Iron Mountain
314
0.02
1,930 Jack Henry & Associates
254
0.01
3,214 Jacobs Solutions
301
0.02
1,953 Jazz Pharmaceuticals
191
0.01
1,936
JB Hunt Transport 
Services
279
0.02
2,573 JM Smucker
298
0.02
67,626 Johnson & Johnson
8,776
0.49
19,085
Johnson Controls 
International
1,016
0.06
75,957 JPMorgan Chase & Co.
8,614
0.48
8,534 Juniper Networks
208
0.01
6,515 Kellogg
344
0.02
24,716 Keurig Dr Pepper
601
0.03
23,459 KeyCorp
173
0.01
NM0923U-3094429-357/477

ACS 30:70 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
357
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
4,496 Keysight Technologies
588
0.03
8,556 Kimberly-Clark
927
0.05
13,701 Kimco Realty
213
0.01
50,807 Kinder Morgan
691
0.04
17,988 KKR & Company
796
0.04
3,540 KLA-Tencor
1,336
0.07
18,344 Kraft Heinz
508
0.03
17,071 Kroger
625
0.03
4,961 L3 Technologies
767
0.04
2,123
Laboratory Corporation 
of America
404
0.02
3,576 Lam Research
1,810
0.10
4,208 Lamb Weston
379
0.02
10,061 Las Vegas Sands
457
0.03
1,148 Lear
129
0.01
3,097 Leidos
215
0.01
6,214 Lennar class ‘A’ shares
608
0.03
281
Liberty Broadband class 
'A' shares
18
0.00
2,899
Liberty Broadband class 
'C' shares
182
0.01
1,929
Liberty Media Corp-
Liberty SiriusXM class 
'A' shares
49
0.00
3,695
Liberty Media Corp-
Liberty SiriusXM class 
'C' shares
93
0.01
3,748
Live Nation 
Entertainment
266
0.01
5,978 LKQ
273
0.02
5,884 Lockheed Martin
2,127
0.12
4,889 Loews
229
0.01
15,742 Lowe's
2,774
0.15
2,160 LPL Financial
372
0.02
16,968 Lucid
92
0.01
2,833 Lululemon Athletica
829
0.05
6,339
Lyondellbasell Industries 
class ‘A’ shares
455
0.03
4,691 M&T Bank
461
0.03
17,681 Marathon Oil
320
0.02
11,050 Marathon Petroleum
1,016
0.06
357 Markel
387
0.02
1,232 MarketAxess
255
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
6,431
Marriott International 
class ‘A’ shares
922
0.05
12,690 Marsh & McLennan
1,866
0.10
1,557 Martin Marietta Materials
564
0.03
23,086 Marvell Technology
1,066
0.06
6,134 Masco
278
0.02
727 Masimo
95
0.01
22,133
MasterCard class ‘A’ 
shares
6,785
0.38
8,898 Match
295
0.02
6,132 McCormick & Co
421
0.02
19,238 McDonald's
4,479
0.26
3,553 McKesson
1,182
0.07
34,934 Medtronic
2,397
0.13
1,162 MercadoLibre
1,076
0.06
67,006 Merck & Co
6,017
0.34
57,752 Meta
12,859
0.71
17,397 MetLife
773
0.04
570
Mettler-Toledo 
International
594
0.03
7,839
MGM Resorts 
International
267
0.01
15,103 Microchip Technology
1,039
0.06
27,979 Micron Technology
1,424
0.08
194,319 Microsoft
51,471
2.84
2,783
Mid-America Apartment 
Communities
335
0.02
8,644 Moderna
835
0.05
1,469 Mohawk Industries
120
0.01
1,500 Molina Healthcare
351
0.02
3,817
Molson Coors Brewing 
class ‘B’ shares
198
0.01
34,668 Mondelez International
1,982
0.11
1,666 Mongodb
530
0.03
1,060
Monolithic Power 
Systems
449
0.02
20,830 Monster Beverage
946
0.05
4,016 Moody's
1,094
0.06
30,615 Morgan Stanley
2,063
0.11
9,027 Mosaic
248
0.01
4,140 Motorola Solutions
945
0.05
2,170 MSCI
793
0.04
8,209 Nasdaq
324
0.02
NM0923U-3094429-358/477

ACS 30:70 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
358
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
5,238 NetApp
316
0.02
11,526 Netflix
3,903
0.22
20,297 Newmont Mining
673
0.04
11,067 News class 'A' shares
171
0.01
1,249 News class 'B' shares
19
0.00
52,847 NextEra Energy
3,042
0.17
30,565 NIKE
2,741
0.15
9,293 NiSource
200
0.01
6,308 Norfolk Southern
1,127
0.06
5,373 Northern Trust
312
0.02
3,804 Northrop Grumman
1,357
0.07
17,608 Nortonlifelock
256
0.01
2,680 Novocure
85
0.00
6,514 NRG Energy
191
0.01
7,054 Nucor
911
0.05
61,857 NVIDIA
19,974
1.11
67 NVR
334
0.02
18,335 Occidental Petroleum
848
0.05
2,951 Okta
161
0.01
2,646
Old Dominion Freight 
Line
786
0.04
4,878 Omnicom
363
0.02
11,012 ON Semiconductor
802
0.04
11,854 ONEOK
576
0.03
39,680 Oracle
3,695
0.20
1,631 O'Reilly Automotive
1,208
0.07
7,118 Organon
117
0.01
9,948 Otis Worldwide
697
0.04
13,016 PACCAR
850
0.05
2,064
Packaging Corporation 
of America
215
0.01
45,944 Palantir TechnologiesØ
552
0.03
7,837 Palo Alto NetworksØ
1,570
0.09
3,504 Parker-Hannifin
1,072
0.06
8,121 Paychex
702
0.04
1,269 Paycom Software
315
0.02
29,138 PayPal
1,518
0.08
35,464 PepsiCo
5,155
0.29
3,660 PerkinElmer
343
0.02
144,812 Pfizer
4,136
0.23
49,554 PG&E
669
0.04
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
40,845
Philip Morris 
International
3,156
0.17
11,586 Phillips 66
866
0.05
2,777 Pinnacle West Capital
177
0.01
13,155 Pinterest
288
0.02
6,406
Pioneer Natural 
Resources
1,044
0.06
13,747 Plug PowerØ
109
0.01
10,302 PNC Financial Services
1,023
0.06
1,107 PoolØ
324
0.02
6,494 PPG Industries
746
0.04
18,226 PPL
377
0.02
7,149 Principal Financial
427
0.02
60,984 Procter & Gamble
7,203
0.40
15,881 Progressive
1,659
0.09
24,761 Prologis
2,380
0.12
9,310 Prudential Financial
647
0.04
2,789 PTC
315
0.02
12,097
Public Service 
Enterprise
592
0.03
4,021 Public Storage
917
0.05
5,385 Pulte Homes
329
0.02
55,232 PureTech Health
121
0.01
2,944 Qorvo
236
0.01
29,077 Qualcomm
2,714
0.15
3,727 Quanta Services
574
0.03
3,286 Quest Diagnostics
367
0.02
4,782
Raymond James 
Financial
392
0.02
38,547 Raytheon Technologies
2,981
0.16
16,310 Realty Income
776
0.04
4,167 Regency Centers
203
0.01
2,741
Regeneron 
Pharmaceuticals
1,535
0.08
23,074 Regions Financial
323
0.02
1,077 RenaissanceRe
158
0.01
5,438 Republic Services
651
0.04
4,049 ResMed
692
0.04
13,810 Rivian Automotive
175
0.01
2,825 Robert Half International
165
0.01
9,494 RobloxØ
291
0.01
3,054 Rockwell Automation
783
0.04
5,344 Rollins
180
0.01
NM0923U-3094429-359/477

ACS 30:70 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
359
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
2,603 Roper Technologies
980
0.05
9,180 Ross Stores
790
0.04
5,400
Royal Caribbean 
Cruises
434
0.02
10,856 Royalty Pharma
262
0.01
8,239 S&P Global
2,579
0.15
24,780 Salesforce.com
4,121
0.23
58,186 Samsonite International
130
0.01
2,541 SBA Communications
461
0.03
36,227 Schlumberger
1,389
0.08
5,891 Seagate Technology
288
0.02
3,279 Seagen
497
0.03
3,863 SEI Investments
181
0.01
8,518 Sempra Energy
976
0.05
3,742 Sensata Technologies
132
0.01
5,438 ServiceNow
2,359
0.13
6,503 Sherwin-Williams
1,344
0.07
9,184 Simon Property
833
0.05
12,257
Sims Metal 
ManagementØ
101
0.01
17,711 Sirius XMØ
60
0.00
3,833 Skyworks Solutions
333
0.02
1,395 Snap-on
316
0.02
8,197 Snowflake
1,139
0.06
1,487 SolarEdge Technologies
298
0.02
28,071 Southern
1,534
0.08
5,357 Southwest AirlinesØ
152
0.01
3,833 Splunk
319
0.02
4,099 Spotify Technology
516
0.03
15,261 Square
777
0.04
6,367 SS&C Technologies
304
0.02
3,369 Stanley Black & DeckerØ
252
0.01
30,201 Starbucks
2,356
0.13
7,711 State Street
446
0.02
4,251 Steel Dynamics
367
0.02
2,552 STERIS
446
0.02
9,379 Stryker
2,237
0.12
2,970 Sun Communities
302
0.02
11,750 Synchrony Financial
316
0.02
3,979 Synopsys
1,346
0.07
13,695 Sysco
792
0.04
5,898 T Rowe Price
518
0.03
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
4,283
Take-Two Interactive 
Software
493
0.03
6,040 Targa Resources
359
0.02
12,297 Target
1,292
0.07
8,191 TE Connectivity
897
0.05
1,113 Teledyne Technologies
358
0.02
1,021 TeleflexØ
190
0.01
4,629 Teradyne
400
0.02
72,175 Tesla
14,696
0.81
23,524 Texas Instruments
3,288
0.18
155 Texas Pacific Land
161
0.01
5,204 TextronØ
277
0.02
10,177 Thermo Fisher Scientific
4,140
0.24
45,079 TI Fluid Systems
61
0.00
31,089 TJX
2,059
0.11
14,646 T-Mobile
1,585
0.09
2,915 Tractor Supply
501
0.03
11,517 Trade Desk
704
0.04
5,513 Trane Technologies
828
0.05
1,435 TransDigm
1,006
0.06
4,847 TransUnionØ
297
0.02
6,117 Travelers
827
0.05
6,989 Trimble
292
0.02
36,381
Truist Financial 
Corporation
881
0.05
4,869 Twilio
243
0.01
999 Tyler Techs.
325
0.02
7,389 Tyson Foods
296
0.02
51,462 Uber Technologies
1,733
0.10
9,826 UDR
333
0.02
12,381 UiPath
163
0.01
1,319 Ulta Beauty
485
0.03
15,934 Union Pacific
2,579
0.14
3,576 United Continental
152
0.01
19,403
United Parcel Service 
class ‘B’ shares
2,702
0.14
1,734 United Rentals
597
0.03
24,155 UnitedHealth
9,103
0.51
4,827 Unity Software
167
0.01
1,666
Universal Health 
Services class ‘B’ shares
206
0.01
41,982 US Bancorp
1,087
0.06
1,189 Vail Resorts
234
0.01
NM0923U-3094429-360/477

ACS 30:70 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
360
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
9,597 Valero Energy
885
0.05
3,687 Veeva Systems
569
0.03
9,328 Ventas
351
0.02
2,473 VeriSign
436
0.02
3,403 Verisk Analytics
600
0.03
111,013 Verizon Communications
3,246
0.17
6,661 Vertex Pharmaceuticals
1,834
0.10
9,762 VF
148
0.01
17,429 Viacomcbs
220
0.01
33,102 Viatris
259
0.01
27,245 Vici Props.
676
0.04
41,999 VisaØ
7,781
0.44
9,552 Vistra Energy
197
0.01
5,826 VMware
663
0.04
2,107 Voya Financial
119
0.01
3,322 Vulcan Materials
590
0.03
4,508 Wabtec
385
0.02
20,291
Walgreens Boots 
Alliance
455
0.03
37,665 Walmart
4,595
0.26
48,240 Walt Disney
3,393
0.19
58,273 Warner Bros Discovery
572
0.03
10,555 Waste Management
1,415
0.08
1,422 Waters
295
0.02
9,077 WEC Energy
626
0.03
99,713 Wells Fargo
3,347
0.18
12,211 Welltower
776
0.04
1,783
West Pharmaceutical 
Services
532
0.03
7,688 Western Digital
229
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
1,454 Westlake ChemicalØ
137
0.01
7,662 WestRock
174
0.01
19,685 Weyerhaeuser
519
0.03
1,288 WhirlpoolØ
152
0.01
34,183 Williams
879
0.05
2,524 Willis Towers Watson
464
0.03
4,975 Workday
893
0.05
5,638 WP Carey
301
0.02
5,205 WR Berkley
243
0.01
1,144 WW GraingerØ
708
0.04
3,257 Wynn Resorts
269
0.01
15,708 Xcel Energy
761
0.04
5,352 Xylem
471
0.03
7,359 Yum! Brands
799
0.04
1,301 Zebra Technologies
297
0.02
3,068 Zillow
119
0.01
4,019 Zillow Group
159
0.01
5,249 Zimmer Biomet
602
0.03
3,735 Zions Bancorporation
81
0.00
11,681 Zoetis
1,587
0.09
7,202
Zoom Video 
Communications
385
0.02
5,953 ZoomInfo TechnologiesØ
123
0.01
2,433 Zscaler
279
0.02
784,938
43.41
COLLECTIVE INVESTMENT SCHEMES - 9.68%; 31.12.22 
10.08%    
Ireland - 9.68%; 31.12.22 10.08%    
6,298,898
iShares Emerging 
Markets Index Fund (IE)
175,759
9.68
 
 
 
 
 
NM0923U-3094429-361/477

ACS 30:70 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
361
Holding 
or Nominal 
Value Investment
Underlying 
Exposure 
£000's
Market 
Value 
£000's
% of 
Total 
Net 
Assets
                    
DERIVATIVES - 1.19%; 31.12.22 0.10%    
Forward Currency Contracts - 1.19%; 31.12.22 0.12%    
AUD 2,180,020 Australian dollar vs UK sterling
1,141
(24)
0.00
DKK 3,576,779 Danish krone vs UK sterling
412
3
0.00
EUR 9,180,806 Euro vs UK sterling
7,879
23
0.00
HKD 10,047,555 Hong Kong dollar vs UK sterling
1,014
(9)
0.00
JPY 731,798,517 Japanese yen vs UK sterling
4,002
(29)
0.00
SGD 330,218 Singapore dollar vs UK sterling^
192
–
0.00
SEK 6,067,623 Swedish krona vs UK sterling
441
(2)
0.00
CHF 1,573,676 Swiss franc vs UK sterling
1,381
7
0.00
GBP 26,528,243 UK sterling vs Australian dollar
(26,584)
(56)
0.00
GBP 9,671,912 UK sterling vs Danish krone
(9,637)
35
0.00
GBP 110,197,243 UK sterling vs Euro
(109,823)
374
0.02
GBP 9,746,307 UK sterling vs Hong Kong dollar
(9,542)
204
0.01
GBP 85,035,369 UK sterling vs Japanese yen
(80,210)
4,825
0.27
GBP 998,360 UK sterling vs New Zealand dollar
(994)
4
0.00
GBP 2,328,563 UK sterling vs Norwegian krone
(2,362)
(33)
0.00
GBP 758,371 UK sterling vs Polish zloty
(773)
(15)
0.00
GBP 4,639,384 UK sterling vs Singapore dollar
(4,540)
100
0.01
GBP 10,325,179 UK sterling vs Swedish krona
(10,109)
216
0.01
GBP 32,617,905 UK sterling vs Swiss franc
(32,346)
272
0.02
GBP 793,701,478 UK sterling vs United States dollar
(778,458)
15,244
0.83
USD 61,649,619 United States dollar vs UK sterling
48,746
388
0.02
(1,000,169)
21,528
1.19
Futures - 0.00%; 31.12.22 (0.02)%    
50 EURO Stoxx 50 September 2023
1,898
17
0.00
71 FTSE 100 Index September 2023
5,348
(50)
0.00
37 S&P 500 E-Mini September 2023
6,515
63
0.00
5 SPI 200 Index September 2023
469
4
0.00
9 TOPIX September 2023
1,126
16
0.00
15,355
50
0.00
NM0923U-3094429-362/477

ACS 30:70 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
362
Holding 
or Nominal 
Value Investment
Underlying 
Exposure 
£000’s
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
                    
 
 
 
 
Portfolio of investments
1,799,207
99.09
CASH EQUIVALENTS
Short-term Money Market Funds - 0.24%; 31.12.22 0.27%    
5,474,117 BlackRock Institutional Cash Series US Dollar Liquidity Fund*
4,328
0.24
Net other assets
12,238
0.67
Total net assets
1,815,773 100.00
Unless otherwise stated, all securities are either listed on a recognised exchange or traded on an eligible securities market.
Underlying exposure has been calculated according to the guidelines issued by the European Securities and Markets 
Authority (“ESMA”) (as adopted by the FCA) and represents the market value of an equivalent position in the assets 
underlying each financial derivative instrument.
The counterparties for the forward currency contracts are Bank of America, Bank of New York Mellon, Barclays Bank, HSBC 
Bank, Morgan Stanley & Co. International, Natwest Markets, Société Générale, State Street Bank and Trust,  
Toronto-Dominion Bank, and Northern Trust.
Ø All or a portion of this investment represents a security on loan.
† Suspended investments fair valued.
^ Investments which are less than £500 are rounded to zero.
* Managed by a related party.
** Related party to the Fund.
NM0923U-3094429-363/477

363
ACS 30:70 GLOBAL EQUITY TRACKER FUND
STATEMENT OF TOTAL RETURN (unaudited)
for the six months ended 30 June 2023
For the period 
to 30.6.2023
For the period 
to 30.6.2022
£000's
£000's
£000's
£000's
Income
Net capital gains/(losses)
134,859
(412,079)
Revenue
24,501
32,163
Expenses
(120)
(161)
Interest payable and similar charges
(10)
(11)
Net revenue before taxation
24,371
31,991
Taxation
(475)
(382)
Net revenue after taxation
23,896
31,609
Total return before distributions
158,755
(380,470)
Equalisation
(954)
(8,100)
Change in net assets 
attributable to unitholders from investment activities
157,801
(388,570)
STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS (unaudited)
for the six months ended 30 June 2023
For the period 
to 30.6.2023
For the period 
to 30.6.2022
£000's
£000's
£000's
£000's
Opening net assets attributable to unitholders 
1,741,334
3,354,830
Amounts receivable on issue of units
			
99,810
			
100,920
Amounts payable on cancellation of units
			 (183,172)
			(1,294,810)
(83,362)
(1,193,890)
Change in net assets attributable to unitholders from investment 
activities
157,801
(388,570)
Closing net assets attributable to unitholders
1,815,773
1,772,370
The above statement shows the comparative closing net assets at 30 June 2022 whereas the current accounting period 
commenced 1 January 2023. 
NM0923U-3094429-364/477

364
ACS 30:70 GLOBAL EQUITY TRACKER FUND
BALANCE SHEET (unaudited)
at 30 June 2023
30.6.2023
31.12.2022
£000's
£000's
Assets:
Fixed assets
– Investment assets
1,799,424
1,728,726
Current assets
– Debtors
9,019
9,473
– Cash and bank balances
4,330
7,744
– Cash equivalents
4,328
4,728
Total assets
1,817,101
1,750,671
Liabilities:
Investment liabilities
(217)
(8,791)
Creditors
– Other creditors
(1,111)
(546)
Total liabilities
(1,328)
(9,337)
Net assets attributable to unitholders
1,815,773
1,741,334
G D Bamping (Director)
M T Zemek (Director)
BlackRock Fund Managers Limited
30 August 2023
NM0923U-3094429-365/477

365
ACS 50:50 GLOBAL EQUITY TRACKER FUND
About the Fund
The Fund is a sub-fund of BlackRock Authorised Contractual Scheme I, a Co-Ownership Scheme constituted as a UCITS 
scheme under the COLL Sourcebook. The Fund was authorised by the FCA on 14 February 2017 and launched on 
7 June 2017.
Risk and Reward Profile
 
 Lower risk 
Higher risk 
 Typically lower rewards
Typically higher rewards 
 Unit Class
 X1 Accumulation
1
2
3
4
5
6
7
•	 The risk indicator was calculated incorporating simulated historical data and may not be a reliable indication of the future 
risk profile of the Fund.
•	 The risk category shown is not guaranteed and may change over time.
•	 The lowest category does not mean risk free.
•	 The use of derivatives will impact the value of the Fund and may expose the Fund to a higher degree of risk. Derivatives 
are highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and 
gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can be greater where derivatives are 
used in an extensive or complex way.
For more information on this, please see the Fund’s Key Investor Information Document (“KIID”), which is available at  
www.blackrock.com.
Net Asset Value
At 30 June 2023
Units In Issue
Net Asset Value 
£000's
Net Asset Value 
per Unit 
p
X1 Accumulation 
	 	 	 2,887,185,911 	 	 	
4,042,437
140.01
Operating Charges
Unit Class
1.1.2023 
to 30.6.2023*
1.1.2022 
to 31.12.2022
X1 Accumulation 
0.01%
0.01%
* Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/depositary 
and entry/exit charges paid to an underlying collective investment scheme (if any).
Distributions Payable
Any income available is accumulated annually on the last day of February.
NM0923U-3094429-366/477

366
ACS 50:50 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited)
at 30 June 2023
Holding 
or Nominal 
Value Investment
Market 
Value 
£000's
% of 
Total 
Net 
Assets
       
EQUITIES - 98.47%; 31.12.22 98.92%    
Australia - 4.61%; 31.12.22 4.95%    
124,834 Adbri
156
0.00
57,819 AGL Energy
327
0.01
94,526 AllkemØ
793
0.02
57,728 ALS
337
0.01
22,083 AltiumØ
426
0.01
340,089 AluminaØ
246
0.01
467,371 AMP
276
0.01
26,056 Ampol
408
0.01
18,065 AnsellØ
252
0.01
436,682 ANZ Group Holdings
5,418
0.13
164,221 APA (AUD)
833
0.02
99,296 Aristocrat Leisure
2,009
0.05
26,969 ASX
889
0.02
211,073 Atlas ArteriaØ
686
0.02
181,888 Aurizon
373
0.01
57,811 Bank of QueenslandØ
166
0.00
62,294 Beach EnergyØ
44
0.00
60,363
Bendigo & Adelaide 
Bank
271
0.01
719,672 BHP Billiton
16,949
0.42
76,716 Bluescope Steel
825
0.02
189,950 Brambles
1,433
0.04
38,040 carsales.comØ
474
0.01
60,393
Challenger Financial 
ServicesØ
205
0.01
86,481 Charter HallØ
485
0.01
260,575
Cleanaway Waste 
ManagementØ
353
0.01
7,974 CochlearØ
956
0.02
177,318 Coles Group
1,710
0.04
240,626
Commonwealth Bank of 
AustraliaØ
12,617
0.31
83,235 Computershare
1,019
0.03
69,557 CSL
10,097
0.25
18,082 CSR
49
0.00
114,416 Deterra RoyaltiesØ
276
0.01
185,545 Dexus
758
0.02
68,222
Domain Holdings 
AustraliaØ
134
0.00
5,633
Domino's Pizza 
EnterprisesØ
137
0.00
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
46,614 Downer EDIØ
100
0.00
234,754 Endeavour
775
0.01
214,794 Evolution Mining
362
0.01
24,365 Flight Centre
243
0.01
224,729 Fortescue MetalsØ
2,608
0.05
265,951 Goodman
2,793
0.07
313,661 GPT
680
0.02
34,870 Harvey NormanØ
64
0.00
28,946 IDP EducationØ
335
0.01
75,043 IGOØ
597
0.01
44,262 Iluka Resources
257
0.01
254,619 Incitec Pivot
365
0.01
129,357 Insignia Financial
190
0.00
329,797 Insurance Australia
984
0.02
18,667 JB Hi-FiØ
428
0.01
114,174 Lend LeaseØ
463
0.01
380,149 Lottery
1,021
0.03
147,116 Lynas Rare EarthsØ
527
0.01
49,832 Macquarie
4,633
0.12
19,116 Magellan FinancialØ
95
0.00
476,005 Medibank
875
0.02
109,976 MetcashØ
216
0.01
24,063 Mineral Resources
900
0.02
586,245 Mirvac
694
0.02
454,280 National Australia Bank
6,269
0.16
137,192 Newcrest MiningØ
1,897
0.05
47,351 NEXTDC
312
0.01
176,669
Northern Star 
ResourcesØ
1,117
0.03
68,879 Nufarm
183
0.00
54,624 OricaØ
424
0.01
216,259 Origin Energy
952
0.02
60,941 Orora
105
0.00
11,959 PerpetualØ
162
0.00
457,607 Pilbara MineralsØ
1,171
0.03
64,024
Platinum Asset 
ManagementØ
58
0.00
9,738 Pro MedicusØ
335
0.01
97,792 Qantas Airways
317
0.01
213,905 QBE Insurance
1,755
0.04
153,827 Qube
229
0.01
24,255 Ramsay Health Care
714
0.02
NM0923U-3094429-367/477

ACS 50:50 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
367
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
8,332 REAØ
624
0.02
51,045 ReeceØ
496
0.01
203,985 Region
243
0.00
52,096 Rio Tinto
3,128
0.08
944,152 Rio Tinto (Registered)Ø
47,170
1.17
482,440 Santos
1,899
0.05
695,059 Scentre
964
0.02
58,612 Seek
665
0.02
27,051 Seven GroupØ
349
0.01
68,731 Sonic Healthcare
1,279
0.03
705,338 South32
1,385
0.03
51,706 Star EntertainmentØ
31
0.00
144,418 SteadfastØ
453
0.01
312,924 Stockland Trust
659
0.02
201,905 Suncorp
1,425
0.04
256,255 Tabcorp
148
0.00
529,162 Telstra
1,191
0.03
98,877 TPG TelecomØ
252
0.01
437,587 Transurban
3,262
0.08
125,988 Treasury Wine Estates
741
0.02
512,093 Vicinity Centres
495
0.01
47,647
Washington H Soul 
PattinsonØ
793
0.02
171,293 Wesfarmers
4,418
0.11
511,227 Westpac Banking
5,708
0.14
118,919 Whitehaven Coal
418
0.01
18,401 Wisetech GlobalØ
769
0.02
274,222 Woodside Energy
4,944
0.12
170,341 WoolworthsØ
3,541
0.09
50,486 Worley
417
0.01
186,459
4.61
Austria - 0.07%; 31.12.22 0.08%    
3,394 Andritz
147
0.00
37,477 Erste Bank
1,022
0.03
16,486 OMV
551
0.01
27,339
Raiffeisen Bank 
InternationalØ
339
0.01
18,296 Telekom Austria
106
0.00
5,771 Verbund
362
0.01
9,501 Voestalpine
268
0.01
2,795
0.07
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
Belgium - 0.29%; 31.12.22 0.31%    
2,147
Ackermans & Van 
HaarenØ
278
0.01
19,953 Ageas
636
0.02
93,733 Anheuser-Busch InBev
4,190
0.10
3,206 D'ieteren
444
0.01
3,458 Elia
344
0.01
10,516
Groupe Bruxelles 
Lambert
651
0.02
32,196 KBCØ
1,759
0.04
2,014 Sofina
330
0.01
8,385 SolvayØ
733
0.02
11,524 UCBØ
801
0.02
28,281 Umicore
618
0.02
22,845
Warehouses De Pauw 
CVA
491
0.01
11,275
0.29
Bermuda - 0.11%; 31.12.22 0.12%    
297,613 Hiscox
3,247
0.08
178,400 Hongkong Land
550
0.01
154,500 Kerry Properties
253
0.01
304,000 Shangri-La AsiaØ
184
0.00
199,500 Yue Yuen Industrial
206
0.01
4,440
0.11
Burkina Faso - 0.07%; 31.12.22 0.06%    
164,674 Endeavour MiningØ
3,027
0.07
Cayman Islands - 0.06%; 31.12.22 0.06%    
27,100
ASM Pacific 
TechnologyØ
211
0.01
265,000 CK Asset Holdings
1,161
0.03
171,601
Dragon Capital - 
Vietnam Enterprise 
Investments
994
0.02
301,587 NagaCorpØ
126
0.00
2,492
0.06
Chile - 0.11%; 31.12.22 0.11%    
306,198 Antofagasta
4,444
0.11
China - 0.10%; 31.12.22 0.13%    
106,000 AAC TechnologiesØ
197
0.00
502,000 BOC Hong Kong
1,213
0.03
NM0923U-3094429-368/477

ACS 50:50 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
368
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
283,000 Budweiser BrewingØ
575
0.01
684,000
China Travel 
International
106
0.00
488,600 ESR Cayman
663
0.02
643,000
Guotai Junan 
InternationalØ
38
0.00
92,000 HUTCHMED China
171
0.00
948,000 Lenovo
781
0.02
2,000 Nexteer Automotive
1
0.00
233,000 SITC International
335
0.01
691,000 Want Want China
363
0.01
4,443
0.10
Denmark - 0.96%; 31.12.22 0.99%    
260
AP Moeller-Maersk 
series 'A' shares
357
0.01
613
AP Moeller-Maersk 
series 'B' shares
849
0.02
9,811
Carlsberg series 'B' 
shares
1,235
0.03
9,091 Christian Hansen
497
0.01
14,269 Coloplast 'B' shares
1,397
0.03
67,767 Danske Bank
1,289
0.03
20,378 DSV
3,375
0.07
7,242 Genmab
2,146
0.05
172,383
Novo Nordisk class 'B' 
shares
21,601
0.53
26,534
Novozymes class 'B' 
sharesØ
971
0.02
19,606 Orsted
1,457
0.04
10,560 Pandora
745
0.02
1,042
Rockwool International 
class 'B' shares
209
0.01
6,985 Royal UnibrewØ
489
0.01
24,002 Tryg
409
0.01
112,096 Vestas Wind Systems
2,345
0.06
11,241 William Demant
373
0.01
39,744
0.96
Finland - 0.38%; 31.12.22 0.48%    
15,693 Elisa
664
0.02
59,993 Fortum
634
0.02
6,006 HuhtamakiØ
156
0.00
35,338 Kesko
523
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
24,938 Kojamo
185
0.00
37,479 Kone class 'B' shares
1,543
0.04
54,089 Metso Oyj
507
0.01
41,817 Neste
1,266
0.03
627,702 Nokia
2,089
0.05
368,105 Nordea Bank Abp
3,154
0.08
13,539 Orion series 'B' shares
444
0.01
52,296
Sampo series 'A' 
sharesØ
1,847
0.05
60,454
Stora Enso series 'R' 
shares
552
0.01
60,789 UPM-Kymmene
1,423
0.03
18,958 ValmetØ
416
0.01
57,137 Wartsila
504
0.01
15,907
0.38
France - 3.89%; 31.12.22 3.61%    
22,714 Accor
666
0.02
3,639 Aeroports de Paris
415
0.01
55,376 Air Liquide
7,806
0.18
63,157 AirbusØ
7,151
0.18
40,957 AlstomØ
955
0.02
6,650 Amundi
310
0.01
8,427 Arkema
626
0.02
198,091 AXA
4,613
0.11
5,706 Biomerieux
471
0.01
122,183 BNP ParibasØ
6,059
0.15
100,729 Bollore
491
0.01
28,089 BouyguesØ
744
0.02
32,743 Bureau Veritas
701
0.02
17,726 Capgemini
2,620
0.06
52,723 Carrefour
789
0.02
8,440 Covivio
315
0.01
121,198 Crédit AgricoleØ
1,138
0.03
71,272 Danone
3,439
0.09
1,487 Dassault Aviation
232
0.01
74,571 Dassault Systemes
2,572
0.06
27,285 Edenred
1,435
0.04
9,154 Eiffage
751
0.02
172,181 ENGIEØ
2,256
0.06
30,720 EssilorLuxottica
4,525
0.11
5,782 Eurazeo
320
0.01
7,520 Gecina
631
0.02
NM0923U-3094429-369/477

ACS 50:50 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
369
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
34,685 Getlink
466
0.01
3,684 Hermes International
6,267
0.16
2,776 Ipsen
263
0.01
7,798 Kering
3,390
0.08
21,478 KlepierreØ
420
0.01
5,575
La Francaise des Jeux 
SAEM
173
0.00
28,280 Legrand
2,195
0.05
25,369 L'Oréal
9,272
0.23
26,658 LVMH Moet HennessyØ
19,659
0.49
75,777 Michelin
1,764
0.04
4,906 NeoenØ
120
0.00
226,831 Orange
2,093
0.05
21,361 Pernod-Ricard
3,710
0.09
23,492 Publicis
1,495
0.04
2,230 Remy Cointreau
279
0.01
22,179 Renault
735
0.02
34,717 RexelØ
675
0.02
36,747 Safran
4,504
0.11
48,460 Saint-Gobain
2,316
0.06
117,291 Sanofi
9,881
0.24
2,338 Sartorius Stedim Biotech
457
0.01
57,473 Schneider Electric
8,174
0.21
17,346 SCORØ
400
0.01
4,181 SEB
340
0.01
71,404 Société Générale
1,478
0.04
8,042 Sodexo
684
0.02
3,434 SOITECØ
454
0.01
6,686 Teleperformance
886
0.02
11,395 Thales
1,334
0.03
243,705 TotalØ
11,087
0.27
14,422 Ubisoft Entertainment
320
0.01
12,596
Unibail-Rodamco-
Westfield REITØ
519
0.01
19,248 ValeoØ
323
0.01
71,514 Veolia Environnement
1,768
0.04
54,448 Vinci
4,975
0.13
71,268 Vivendi
518
0.01
3,422 Wendel
274
0.01
25,155 Worldline
729
0.02
156,428
3.89
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
Georgia - 0.04%; 31.12.22 0.05%    
33,419 Bank of Georgia
986
0.02
33,208 TBC Bank
825
0.02
1,811
0.04
Germany - 2.87%; 31.12.22 2.74%    
18,953 Adidas
2,890
0.07
43,000 Allianz
7,898
0.20
97,190 BASF
3,706
0.08
106,801 Bayer
4,669
0.12
10,295 BechtleØ
320
0.01
11,906 Beiersdorf
1,236
0.03
33,926 BMW
3,265
0.08
5,204
BMW non-voting 
preference shares
461
0.01
15,918 Brenntag
968
0.02
4,345 Carl Zeiss Meditec
363
0.01
109,078 Commerzbank
956
0.02
12,229 ContinentalØ
726
0.02
17,761 Covestro
724
0.02
3,544 CTS Eventim AGØ
174
0.00
55,456 Daimler TruckØ
1,570
0.04
26,101 Delivery HeroØ
880
0.02
218,547 Deutsche Bank
1,814
0.04
18,862 Deutsche Boerse
2,731
0.07
42,803 Deutsche Lufthansa
345
0.01
99,148 Deutsche Post
3,823
0.08
358,300 Deutsche TelekomØ
6,165
0.15
6,083 Deutsche Wohnen
109
0.00
4,780 DWSØ
115
0.00
228,374 E.ON
2,282
0.06
16,853 Evonik IndustriesØ
250
0.01
7,998 FraportØ
337
0.01
40,699 Fresenius
881
0.02
27,378 Fresenius Medical CareØ
1,026
0.03
7,921
Fuchs Petrolub non-
voting preference 
sharesØ
243
0.01
7,769 Fuchs Petrolub
194
0.00
18,597 GEA
610
0.02
6,573
Hannover 
RueckversicherungØ
1,094
0.03
13,735 Heidelberg Cement
886
0.02
NM0923U-3094429-370/477

ACS 50:50 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
370
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
9,373 HelloFreshØ
180
0.00
17,333
Henkel non-voting 
preference shares
1,095
0.03
11,302 Henkel
628
0.02
4,437 HochtiefØ
300
0.01
140,263 Infineon Technologies
4,497
0.11
11,243 Kion
353
0.01
10,356 Knorr-Bremse
621
0.02
11,812 LanxessØ
282
0.01
9,694 LEG Immobilien
438
0.01
90,863 Mercedes-Benz
5,738
0.14
15,224 Merck
1,970
0.05
6,802 Metro
44
0.00
6,001 MTU Aero Engines
1,218
0.03
14,897
Muenchener 
Rueckversicherung
4,400
0.11
5,042 Nemetschek
298
0.01
13,297 PumaØ
624
0.02
432 Rational
246
0.01
4,330 RheinmetallØ
924
0.02
78,184 RWE
2,676
0.07
118,829 SAP
12,683
0.31
186 Sartorius
41
0.00
3,196
Sartorius non-voting 
preference shares
857
0.02
8,640 Scout24
430
0.01
77,167 Siemens (Registered)
10,087
0.24
59,031 Siemens Energy
823
0.02
29,490 Siemens Healthineers
1,314
0.03
840,524 Sirius Real EstateØ
712
0.02
1,281 Sixt
119
0.00
14,855 Symrise
1,216
0.03
8,373 Talanx
376
0.01
143,294 Telefonica Deutschland
318
0.01
36,233 ThyssenKruppØ
224
0.01
383,196 TUIØ
2,142
0.05
9,989 United Internet
111
0.00
22,037
Volkswagen non-voting 
preference shares
2,333
0.06
1,935 Volkswagen
255
0.01
75,197 Vonovia
1,156
0.03
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
28,500 ZalandoØ
645
0.02
116,085
2.87
Guernsey - 0.52%; 31.12.22 0.55%    
11,085
Alcentra European 
Floating Rate Income 
Fund†Ø
–
0.00
318,443 Apax Global Alpha
583
0.01
346,047
Balanced Commercial 
Property Trust
228
0.01
319,014 BH MacroØ
1,187
0.03
432,206
Bluefield Solar Income 
Fund
514
0.01
149,609
Fidelity Emerging 
Markets
868
0.02
70,542
HarbourVest Global 
Private Equity FundØ
1,503
0.04
166,359
Highbridge Tactical 
Credit Fund†
237
0.01
991,530
Hipgnosis Songs - 
Ordinary SharesØ
780
0.02
1,669,623
International Public 
PartnershipØ
2,160
0.05
421,180
Merian Chrysalis 
Investment Trust
281
0.01
132,656
NB Global Monthly 
Income Fund
96
0.00
32,988 NB Private EquityØ
495
0.01
448,059 NextEnergy Solar FundØ
425
0.01
132,724
Pershing Square 
Holdings
3,752
0.10
718,054
Picton Property Income 
FundØ
511
0.01
352,998 Raven Property Group†
4
0.00
2,063,801
Renewables 
InfrastructureØ
2,348
0.06
267,646
Ruffer Investment Red 
preference shares
743
0.02
200,597
Schroder Oriental 
Income FundØ
499
0.01
1,494,954
Sequoia Economic 
Infrastructure IncomeØ
1,142
0.03
488,354
Starwood European 
Real Estate FinanceØ
431
0.01
NM0923U-3094429-371/477

ACS 50:50 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
371
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
415,603 SynconaØ
624
0.02
528,082
TwentyFour Income 
Fund
522
0.01
223,256
TwentyFour Select 
Monthly Income FundØ
160
0.00
466,522
UK Commercial Property 
REIT
225
0.01
135,378
VinaCapital Vietnam 
Opportunity FundØ
577
0.01
20,895
0.52
Hong Kong - 1.07%; 31.12.22 1.22%    
1,758,800 AIA
14,038
0.35
90,000 Café de Coral
91
0.00
3,636 Cathay Pacific Airways
3
0.00
535,000
Champion Real Estate 
Investment TrustØ
153
0.00
296,400
Chow Tai Fook 
JewelleryØ
421
0.01
378,000 CK Hutchison
1,825
0.05
108,000 CK Infrastructures
452
0.01
254,000 CLP
1,560
0.04
100,000 Dah Sing Banking
59
0.00
40,400 Dah Sing Financial
79
0.00
1,800 Dairy Farm International
4
0.00
636,000 First PacificØ
174
0.00
303,000 Galaxy Entertainment
1,520
0.04
684,200
Haitong International 
SecuritiesØ
46
0.00
239,000 Hang Lung
287
0.01
308,000 Hang Lung Properties
375
0.01
104,200 Hang Seng Bank
1,172
0.03
248,900
Henderson Land 
Development
584
0.01
1,539,198 Hong Kong & China Gas
1,052
0.03
186,500
Hong Kong Exchanges 
& Clearing
5,556
0.15
229,000 Huabao InternationalØ
65
0.00
1,385,900 Hutchison Port
210
0.01
340,000
Hutchison 
Telecommunications
42
0.00
62,000 Hysan Development
120
0.00
29,400 Jardine Matheson
1,177
0.03
95,500 Johnson ElectricØ
97
0.00
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
402,440
Link Real Estate 
Investment Trust
1,767
0.04
302,800 Man WahØ
160
0.00
217,000
Melco International 
Development
159
0.00
4,000 MMG
1
0.00
191,500 MTR
696
0.02
234,500 New World Development
456
0.01
386,000 NWS
346
0.01
21,500
Orient Overseas 
InternationalØ
228
0.01
218,000 PCCW
89
0.00
219,500 Power Assets
908
0.02
422,000 Sino LandØ
410
0.01
218,000 Sun Hung Kai Properties
2,171
0.06
2,500 Swire Pacific
2
0.00
55,500
Swire Pacific class 'A' 
shares
336
0.01
86,600 Swire Properties
168
0.00
175,500 Techtronic Industries
1,508
0.04
43,800 VtechØ
227
0.01
951,000 WH
397
0.01
220,000 WharfØ
413
0.01
237,000
Wharf Real Estate 
Investment
935
0.02
231,000 Xinyi Glass
284
0.01
42,823
1.07
India - 0.01%; 31.12.22 0.01%    
17,561 RHI MagnesitaØ
467
0.01
Ireland - 0.98%; 31.12.22 0.83%    
126,526 AIB
417
0.01
112,719 Bank of Ireland
854
0.02
259,485 C&C
321
0.01
1,157 CRH (Irish Listing)
50
0.00
638,633 CRH (UK Listing)
27,760
0.70
11,311 Glanbia
133
0.00
598,516 Greencore
439
0.01
129,006 Hostelworld
159
0.00
63,951 James Hardie
1,331
0.03
104,954 Kenmare Resources
468
0.01
15,481 Kerry class 'A' shares
1,193
0.03
18,739 Kingspan
970
0.02
NM0923U-3094429-372/477

ACS 50:50 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
372
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
220,380 Smurfit Kappa
5,765
0.14
39,860
0.98
Israel - 0.03%; 31.12.22 0.04%    
1,697
Check Point Software 
Technologies
172
0.00
79,327 Plus500
1,152
0.03
1,324
0.03
Italy - 0.71%; 31.12.22 0.63%    
253,434 A2AØ
364
0.01
19,956 AmplifonØ
573
0.01
141,066 Assicurazioni Generali
2,269
0.06
148,353 Banco BPMØ
542
0.01
4,257 DiaSorinØ
348
0.01
819,227 EnelØ
4,344
0.11
236,245 EniØ
2,674
0.07
70,955 FinecoBankØ
746
0.02
64,790 Hera
151
0.00
29,646
Infrastrutture Wireless 
ItalianeØ
308
0.01
11,466 Interpump GroupØ
494
0.02
1,587,716 Intesa SanpaoloØ
3,289
0.08
20,640 ItalgasØ
96
0.00
29,029 LeonardoØ
260
0.01
55,870 Mediobanca
527
0.01
23,927 Moncler
1,288
0.03
51,597 NexiØ
316
0.01
74,801 Pirelli & C
291
0.01
71,982 Poste ItalianeØ
612
0.02
54,400 Prada
288
0.01
29,251 Prysmian
948
0.02
15,600 RecordatiØ
583
0.01
3,159 ReplyØ
280
0.01
258,611 Snam
1,065
0.03
1,707,144 Telecom ItaliaØ
379
0.01
157,115 Terna
1,052
0.03
207,897 UniCredit
3,838
0.09
27,925
0.71
Japan - 8.03%; 31.12.22 8.48%    
4,600 ABC-Mart
196
0.00
73,500 Acom
140
0.00
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
142
Advance Residence 
Investment
266
0.01
19,500 AdvantestØ
2,041
0.05
71,300 Aeon
1,146
0.03
21,500 AEON Financial Service
150
0.00
22,300 AEON Mall
227
0.01
22,800 AGC
643
0.02
4,600 Ain
127
0.00
29,000 Air Water
316
0.01
17,300 Aisin Seiki
418
0.01
44,800 Ajinomoto
1,399
0.03
29,600 Alfresa
348
0.01
38,400 Alps Alpine
264
0.01
35,800 Amada
276
0.01
21,600 ANA
404
0.01
21,500 AozoraØ
314
0.01
3,300 Ariake Japan
95
0.00
45,600 Asahi
1,387
0.03
19,200 Asahi Intecc
295
0.01
148,300 Asahi Kasei
787
0.02
11,900 ASICS
287
0.01
8,700 ASKUL
95
0.00
187,200 Astellas Pharma
2,199
0.05
14,000 Azbil
346
0.01
4,300 Bank of KyotoØ
169
0.00
9,200 BayCurrent Consulting
270
0.01
7,800 Benefit One
62
0.00
13,700 Benesse
138
0.00
27,100 Bic CameraØ
158
0.00
54,300 Bridgestone
1,747
0.04
27,500 Brother Industries
316
0.01
14,400 CalbeeØ
215
0.01
100,000 Canon
2,069
0.05
8,900 Canon Marketing Japan
174
0.00
17,800 Capcom
554
0.01
14,000 Casio ComputerØ
90
0.00
18,000 Central Japan Railway
1,775
0.04
35,000 Chiba Bank
167
0.00
56,500 Chubu Electric Power
542
0.01
73,500 Chugai Pharmaceutical
1,642
0.04
33,300 Chugin Financial
157
0.00
NM0923U-3094429-373/477

ACS 50:50 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
373
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
61,300
Chugoku Electric 
PowerØ
327
0.01
22,800 Coca-Cola Bottlers
190
0.00
20,500 Comsys
319
0.01
82,400 Concordia Financial
253
0.01
12,300 Cosmo EnergyØ
264
0.01
3,200
Cosmos 
PharmaceuticalØ
255
0.01
13,800 Credit Saison
166
0.00
38,100 CyberAgent
218
0.01
28,500 Dai Nippon Printing
635
0.02
20,100 DaicelØ
141
0.00
6,800 Daido Steel
222
0.01
21,600 Daifuku
347
0.01
90,900 Dai-ichi Life
1,361
0.03
197,500 Daiichi Sankyo
4,910
0.12
15,000 DaiichikoshoØ
207
0.01
27,300 Daikin Industries
4,367
0.11
6,800 Daito Trust Construction
542
0.01
71,100 Daiwa House
1,473
0.04
220
Daiwa House REIT 
Investment
332
0.01
183,400 Daiwa Securities
742
0.02
20,000 Dena
204
0.01
16,000 Denka
237
0.01
43,000 Denso
2,267
0.06
26,000 Dentsu
669
0.02
15,900 DIC
227
0.01
9,300 Disco
1,148
0.03
19,500 DMG Mori
265
0.01
8,300 Dowa
206
0.01
39,800 East Japan Railway
1,737
0.04
10,900 Ebara
408
0.01
25,300 Eisai
1,345
0.03
18,900
Electric Power 
Development
219
0.01
233,000 ENEOS
630
0.02
10,300 Ezaki GlicoØ
212
0.01
14,700 Fancl
193
0.00
99,500 Fanuc
2,734
0.07
15,900 Fast Retailing
3,191
0.08
11,500 Food & Life
176
0.00
8,700 FP
139
0.00
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
14,900 Fuji Electric
512
0.01
34,100 Fujifilm
1,592
0.04
18,600 Fujitsu
1,889
0.05
9,900 Fujitsu General
170
0.00
22,200 Fukuoka Financial
361
0.01
11,500 Furukawa ElectricØ
159
0.00
408 GLP JREIT
317
0.01
5,300 GMO Payment Gateway
324
0.01
1,100 Goldwin
73
0.00
15,300 GS Yuasa
235
0.01
8,180
GungHo Online 
EntertainmentØ
126
0.00
10,500 H.U.
158
0.00
77,900 Hachijuni BankØ
266
0.01
23,400 HakuhodoØ
193
0.00
12,700 Hamamatsu Photonics
487
0.01
26,200 Hankyu Hanshin
680
0.02
12,000 Haseko
116
0.00
10,100 Heiwa
138
0.00
2,500 Hikari Tsushin
281
0.01
50,500 Hino Motors
168
0.00
53,600 Hirogin
239
0.01
4,500 Hirose Electric
468
0.01
13,700
Hisamitsu 
Pharmaceutical
282
0.01
91,000 Hitachi
4,417
0.11
18,100
Hitachi Construction 
Machinery
399
0.01
173,600 Honda Motor
4,110
0.10
7,400 Horiba
332
0.01
7,400 Hoshizaki
208
0.01
14,600 House Foods
255
0.01
35,500 Hoya
3,313
0.08
66,600 Hulic
448
0.01
7,300 Ibiden
323
0.01
26,927 Idemitsu Kosan
425
0.01
14,600 IHI
310
0.01
7,400 Iida
98
0.00
67
Industrial & 
Infrastructure Fund 
Investment
55
0.00
24,167 Infroneer
179
0.00
77,100 Inpex
674
0.02
NM0923U-3094429-374/477

ACS 50:50 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
374
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
20,400 Isetan MitsukoshiØ
163
0.00
46,600 Isuzu Motors
443
0.01
1,300 Ito En
28
0.00
139,600 Itochu
4,328
0.11
3,400 Itochu Techno-Solutions
68
0.00
30,300 Itoham Yonekyu
120
0.00
4,500 IwataniØ
187
0.00
50,400 Iyogin
223
0.01
7,100 Izumi
133
0.00
13,200 Japan Airlines
225
0.01
8,700 Japan Airport TerminalØ
309
0.01
7,600
Japan Aviation 
Electronics Industry
125
0.00
49,600 Japan Exchange
680
0.02
622
Japan Hotel REIT 
Investment
250
0.01
129 Japan Logistics
220
0.01
187,500 Japan Post
1,063
0.03
164,800 Japan Post Bank
1,011
0.03
11,800 Japan Post Insurance
140
0.00
30
Japan Prime Realty 
InvestmentØ
57
0.00
118
Japan Real Estate 
Investment
353
0.01
160
Japan Retail Fund 
Investment
84
0.00
114,100 Japan Tobacco
1,967
0.05
5,500 Jeol
153
0.00
53,000 JFE
593
0.01
8,300 JGC
85
0.00
14,700 JSR
330
0.01
42,600 JTEKT
304
0.01
12,400 KadokawaØ
233
0.01
14,500 Kagome
249
0.01
40,300 Kajima
476
0.01
15,600 Kakaku.com
176
0.00
6,800 Kaken Pharmaceutical
134
0.00
8,300 Kamigumi
148
0.00
21,500 Kandenko
136
0.00
11,000 KanekaØ
241
0.01
84,600 Kansai Electric Power
834
0.02
13,000 Kansai Paint
150
0.00
49,500 Kao
1,411
0.03
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
16,900
Kawasaki Heavy 
Industries
339
0.01
14,800 Kawasaki Kisen Kaisha
285
0.01
161,900 KDDI
3,938
0.10
11,300 KeihanØ
234
0.01
7,900 Keikyu
55
0.00
11,300 Keio
279
0.01
9,900 Keisei Electric Railway
322
0.01
120
Kenedix Office 
Investment
227
0.01
6,600 KewpieØ
85
0.00
19,800 Keyence
7,342
0.18
15,500 Kikkoman
694
0.02
25,100 Kinden
267
0.01
21,700 Kintetsu
590
0.01
67,600 Kirin
776
0.02
6,500
Kobayashi 
Pharmaceutical
278
0.01
15,700 Kobe Bussan
319
0.01
56,800 Kobe SteelØ
410
0.01
4,180 Koei Tecmo
57
0.00
23,800 Koito Manufacturing
337
0.01
100,500 Komatsu
2,129
0.05
9,200 Konami
378
0.01
86,300 Konica Minolta
235
0.01
1,200 Kose
90
0.00
30,200 K's HoldingsØ
207
0.01
120,600 Kubota
1,382
0.03
13,900 Kuraray
106
0.00
14,600 Kurita Water Industries
438
0.01
2,900 Kusuri no Aoki
128
0.00
32,300 Kyocera
1,376
0.03
18,200 Kyowa Hakko Kirin
265
0.01
7,400 Kyudenko
156
0.00
39,600 Kyushu Electric Power
199
0.00
72,900 Kyushu FinancialØ
242
0.01
7,500 Kyushu Railway
127
0.00
8,000 Lasertec
943
0.02
9,000 Lintec
112
0.00
28,600 Lion
210
0.01
26,300 LIXIL
262
0.01
42,100 M3
715
0.02
NM0923U-3094429-375/477

ACS 50:50 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
375
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
9,900 Mabuchi Motor
217
0.01
31,400 Makita
693
0.02
152,400 Marubeni
2,031
0.05
12,700 Marui
174
0.00
11,600 Maruichi Steel Tube
209
0.01
18,200 Matsui Securities
79
0.00
14,700 MatsukiyoCocokara
648
0.02
69,500 Mazda Motor
529
0.01
9,600 McDonald's Japan
294
0.01
43,600 Mebuki Financial
81
0.00
20,400 MediPal
262
0.01
32,800 Meiji Holdings
577
0.01
32,400 MinebeaMitsumi
478
0.01
32,800 Misumi
514
0.01
117,400 Mitsubishi
4,446
0.11
155,100 Mitsubishi Chemical
731
0.02
193,900 Mitsubishi Electric
2,144
0.05
128,800 Mitsubishi Estate
1,203
0.03
20,000 Mitsubishi Gas Chemical
228
0.01
32,700
Mitsubishi Heavy 
Industries
1,199
0.03
13,000 Mitsubishi Logistics
252
0.01
24,300 Mitsubishi Materials
343
0.01
53,900 Mitsubishi MotorsØ
148
0.00
1,177,900 Mitsubishi UFJ Financial
6,846
0.17
19,410
Mitsubishi UFJ Lease & 
Finance
91
0.00
150,600 Mitsui
4,450
0.11
14,300 Mitsui ChemicalsØ
330
0.01
87,100 Mitsui Fudosan
1,362
0.03
43,300 Mitsui OSK Lines
818
0.02
264,900 Mizuho Financial
3,181
0.08
23,900 Monotaro
238
0.01
7,600 Morinaga & Co
187
0.00
44,000 MS&AD Insurance
1,225
0.03
56,400 Murata Manufacturing
2,539
0.06
14,400 Nabtesco
248
0.01
21,500 Nagase
281
0.01
32,400 Nagoya Railroad
409
0.01
62,700 Namco Bandai
1,138
0.03
4,000 Nankai Electric Railway
70
0.00
22,100 NEC
841
0.02
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
15,500 Net One Systems
267
0.01
38,800 Nexon
581
0.01
16,400 NGK Insulators
154
0.00
22,400 NGK Spark Plug
353
0.01
5,100 NH Foods
109
0.00
31,800 NHK Spring
182
0.00
7,600 Nichirei
128
0.00
46,900 Nidec
2,007
0.05
15,100 Nifco
350
0.01
14,100 Nihon Kohden
296
0.01
27,800 Nihon M&A CenterØ
167
0.00
34,000 Nikon
345
0.01
102,600 Nintendo
3,669
0.09
182 Nippon Building
561
0.01
15,900 Nippon Electric Glass
220
0.01
6,000 Nippon Express
266
0.01
59,800 Nippon Paint
386
0.01
4,900 Nippon Shinyaku
157
0.00
6,100 Nippon Shokubai
179
0.00
76,526
Nippon Steel & 
Sumitomo Metal
1,254
0.03
3,005,000
Nippon Telegraph & 
Telephone
2,796
0.07
48,000 Nippon Yusen
837
0.02
22,100 Nipro
123
0.00
13,900 Nishi-Nippon Railroad
185
0.00
4,700
Nissan Chemical 
Industries
158
0.00
223,000 Nissan Motor
716
0.02
27,400 Nisshin Seifun
266
0.01
7,100 Nissin Foods
462
0.01
6,800 Nitori
599
0.01
11,700 Nitto Denko
680
0.02
7,600 NOF
256
0.01
21,500 NOKØ
246
0.01
249,700 NomuraØ
747
0.02
2,600 Nomura Real Estate
48
0.00
463
Nomura Real Estate 
Master
418
0.01
29,500
Nomura Research 
Institute
638
0.02
6,100 NS Solutions
133
0.00
11,700 NSK
59
0.00
NM0923U-3094429-376/477

ACS 50:50 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
376
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
60,700 NTT Data
666
0.02
61,400 Obayashi
417
0.01
7,700 OBIC
967
0.02
3,000
OBIC Business 
Consultants
86
0.00
4,800 Odakyu Electric Railway
51
0.00
75,300 Oji
221
0.01
5,600 OKUMA
235
0.01
124,400 Olympus
1,541
0.04
16,500 Omron
791
0.02
39,400 Ono Pharmaceutical
561
0.01
8,300 Open House
234
0.01
1,100 Oracle Japan
64
0.00
10,190 Orient
63
0.00
98,000 Oriental Land
3,001
0.07
119,600 ORIX
1,706
0.04
288 Orix JREIT
279
0.01
44,500 Osaka Gas
537
0.01
14,200 OSG
160
0.00
40,700 Otsuka
1,171
0.03
12,900 Otsuka Pharmaceutical
393
0.01
49,100 Pan Pacific International
689
0.02
207,900 Panasonic
1,990
0.05
19,200 Park24
205
0.01
15,400 PeptiDreamØ
180
0.00
21,900 Persol
309
0.01
20,400 Pigeon
221
0.01
14,200 Pola Orbis
163
0.00
15,100 Rakus
200
0.00
83,400 Rakuten
227
0.01
140,600 Recruit
3,503
0.09
19,800 Relo
211
0.01
120,600 Renesas Electronics
1,780
0.04
38,500 Rengo
186
0.00
175,600 Resona
663
0.02
25,300 ResonacØ
321
0.01
12,000 Resorttrust
140
0.00
59,000 Ricoh
394
0.01
18,300 Rinnai
313
0.01
8,200 Rohm
605
0.01
9,300 Rohto Pharmaceutical
164
0.00
19,300 Ryohin Keikaku
150
0.00
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
3,900 Sankyu
101
0.00
9,000 Sanrio
303
0.01
34,100 Santen Pharmaceutical
228
0.01
5,400 Sanwa
55
0.00
12,100 SapporoØ
245
0.01
6,000 Sawai
119
0.00
17,700 SBI
268
0.01
4,800 Screen
425
0.01
23,400 SCSK
288
0.01
17,900 Secom
953
0.02
10,400 Sega Sammy
175
0.00
36,900 Seibu
299
0.01
32,200 Seiko Epson
394
0.01
5,400 SeinoØ
60
0.00
6,700 Sekisui Chemical
76
0.00
49,800 Sekisui House
791
0.02
145 Sekisui House REIT
66
0.00
74,400 Seven & I
2,519
0.06
123,700 Seven Bank
191
0.00
55,900 SG
625
0.02
28,400 SharpØ
125
0.00
1,500 ShiftØ
215
0.01
31,000 Shikoku Electric Power
166
0.00
31,700 Shimadzu
767
0.02
4,200 Shimamura
312
0.01
8,600 Shimano
1,126
0.03
58,800 Shimizu
292
0.01
191,200 Shin-Etsu Chemical
4,980
0.11
8,700
Shinko Electric 
Industries
278
0.01
28,900 Shionogi
958
0.02
38,800 Shiseido
1,377
0.03
51,500 Shizuoka Financial
292
0.01
2,100 Shochiku
125
0.00
22,600 SkylarkØ
222
0.01
5,800 SMC
2,519
0.06
2,200 Socionext
251
0.01
280,500 Softbank
2,361
0.06
97,800 SoftBank Group
3,618
0.09
65,000 Sohgo Security Services
289
0.01
25,560 Sojitz
444
0.01
27,500 Sompo
969
0.02
NM0923U-3094429-377/477

ACS 50:50 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
377
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
125,000 Sony
8,844
0.23
15,000 Sotetsu
208
0.01
4,400 Square Enix
161
0.00
15,700 Stanley Electric
249
0.01
72,300 Subaru
1,067
0.03
8,000 Sugi
280
0.01
41,200 SUMCO
456
0.01
109,500 SumitomoØ
1,818
0.04
168,800 Sumitomo Chemical
402
0.01
30,100
Sumitomo Dainippon 
Pharma
105
0.00
91,500
Sumitomo Electric 
Industries
878
0.02
7,500 Sumitomo Forestry
143
0.00
12,900
Sumitomo Heavy 
Industries
242
0.01
27,200 Sumitomo Metal Mining
689
0.02
126,800
Sumitomo Mitsui 
Financial
4,266
0.11
37,300 Sumitomo Mitsui Trust
1,043
0.03
45,800
Sumitomo Realty & 
Development
889
0.02
33,900
Sumitomo Rubber 
Industries
258
0.01
12,800 Sundrug
298
0.01
10,000
Suntory Beverage & 
Food
284
0.01
15,200 Suzuken
325
0.01
45,300 Suzuki Motor
1,287
0.03
21,200 Sysmex
1,133
0.03
41,200 T&D
474
0.01
20,800 Taisei
571
0.01
8,700 Taisho Pharmaceutical
257
0.01
16,300 Taiyo Nippon Sanso
277
0.01
8,600 Taiyo Yuden
192
0.00
33,000 Takara
210
0.01
161,361 Takeda Pharmaceutical
3,984
0.10
40,500 TDK
1,232
0.03
14,700 TechnoPro
249
0.01
34,200 TeijinØ
270
0.01
60,600 Terumo
1,509
0.04
7,100 THK
114
0.00
18,500 TIS
363
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
17,500 Tobu RailwayØ
369
0.01
43,900 Toda
193
0.00
12,400 Toho
371
0.01
7,300 Toho Gas
99
0.00
38,000 Tohoku Electric Power
185
0.00
26,800 Tokai Carbon
193
0.00
184,200 Tokio Marine
3,334
0.08
6,900
Tokyo Broadcasting 
System
99
0.00
9,700 Tokyo CenturyØ
274
0.01
124,200 Tokyo Electric Power
358
0.01
44,000 Tokyo Electron
4,926
0.12
48,500 Tokyo Gas
833
0.02
6,700 Tokyo Tatemono
68
0.00
69,300 Tokyu
657
0.02
25,200 Tokyu Fudosan
113
0.00
23,300 Toppan Printing
395
0.01
174,500 Toray Industries
764
0.02
48,600 Toshiba
1,200
0.03
22,100 Tosoh
205
0.01
16,700 Toto
395
0.01
8,900 Toyo Suisan Kaisha
316
0.01
18,700 Toyo Tire
195
0.00
14,800 Toyoda Gosei
220
0.01
11,400 Toyota BoshokuØ
160
0.00
18,600 Toyota Industries
1,041
0.03
1,216,300 Toyota Motor
15,318
0.37
25,200 Toyota Tsusho
982
0.02
10,900 Trend Micro
414
0.01
18,500 TS Tech
183
0.00
12,400 Tsumura
180
0.00
1,800 Tsuruha
105
0.00
19,700 Ube Industries
266
0.01
6,800 Ulvac
226
0.01
37,900 Unicharm
1,106
0.03
325 United Urban Investment
258
0.01
21,700 Ushio
230
0.01
18,000 USS
234
0.01
18,200 Welcia
298
0.01
24,400 West Japan Railway
798
0.02
11,200 Yakult Honsha
557
0.01
84,800 Yamada Denki
197
0.00
NM0923U-3094429-378/477

ACS 50:50 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
378
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
42,600 Yamaguchi Financial
225
0.01
11,500 Yamaha
346
0.01
38,300 Yamaha Motor
861
0.02
41,400 Yamato
589
0.01
7,400 Yamato Kogyo
248
0.01
24,100 Yamazaki Baking
257
0.01
23,200 Yaskawa Electric
835
0.02
5,300 Yokogawa Electric
77
0.00
19,200 Yokohama Rubber
330
0.01
244,000 Z
461
0.01
2,200 Zenkoku Hosho
60
0.00
7,500 ZenshoØ
262
0.01
27,400 ZeonØ
207
0.01
6,700 ZOZO
109
0.00
323,599
8.03
Jersey - 0.06%; 31.12.22 0.09%    
478,971
CQS New City High 
Yield FundØ
222
0.01
771,659 Digital 9 InfrastructureØ
469
0.01
663,401
GCP Asset Backed 
Income Fund 
(Registered)Ø
422
0.01
154,799
Henderson Far East 
Income FundØ
372
0.01
111,026 JTCØ
790
0.02
142,627
Middlefield Canadian 
Income Trust
145
0.00
2,420
0.06
Jordan - 0.07%; 31.12.22 0.05%    
146,693 Hikma Pharmaceuticals
2,737
0.07
Luxembourg - 0.10%; 31.12.22 0.11%    
36,422 Allegro.eu
224
0.01
54,809 ArcelorMittal
1,181
0.03
538,274 BBGI
740
0.02
13,051 Eurofins ScientificØ
640
0.02
29,204 InPostØ
250
0.01
42,283 Tenaris
497
0.01
3,532
0.10
Macau - 0.04%; 31.12.22 0.03%    
205,600 MGM China
190
0.00
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
376,800 Sands ChinaØ
1,015
0.03
398,800 Wynn Macau
287
0.01
1,492
0.04
Mexico - 0.02%; 31.12.22 0.03%    
155,097 Fresnillo
943
0.02
Netherlands - 5.31%; 31.12.22 5.31%    
13,767 Aalberts IndustriesØ
453
0.01
51,776 ABN AMROØ
637
0.02
3,063 Adyen
4,127
0.10
192,996 AegonØ
770
0.02
19,191 Akzo Nobel
1,224
0.03
5,592 Argenx
1,699
0.04
4,885 ASM International
1,610
0.04
42,516 ASMLØ
24,063
0.60
13,082 ASR NederlandØ
459
0.01
10,177
BE Semiconductor 
IndustriesØ
856
0.01
114,934 CNH Industrial
1,300
0.03
53,682 Davide Campari-Milano
583
0.01
7,204 Euronext
387
0.01
9,255 EXORØ
651
0.02
12,894 FerrariØ
3,304
0.08
29,448 Heineken
2,378
0.06
14,861 Heineken Holding
1,013
0.03
6,190 IMCDØ
696
0.02
369,822 INGØ
3,932
0.10
13,728 JDE Peet'sØ
320
0.01
24,524 Just Eat TakeawayØ
295
0.01
355,403 Koninklijke
1,003
0.02
104,396
Koninklijke Ahold 
DelhaizeØ
2,800
0.07
107,572 Koninklijke PhilipsØ
1,836
0.05
37,297 NNØ
1,089
0.03
6,275 NXP Semiconductors
991
0.02
11,927 OCIØ
226
0.01
78,526 Prosus
4,475
0.11
23,320 Qiagen
816
0.02
15,523 Randstad
645
0.02
5,945,645 Shell
139,307
3.45
11,180 SignifyØ
248
0.01
203,005 StellantisØ
2,804
0.07
NM0923U-3094429-379/477

ACS 50:50 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
379
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
75,817 STMicroelectronics
2,954
0.07
73,248 Universal Music GroupØ
1,284
0.03
1,830 Vopak
51
0.00
27,441 Wolters Kluwer
2,724
0.07
214,010
5.31
New Zealand - 0.17%; 31.12.22 0.17%    
62,805 a2 Milk
161
0.00
420,669 Air New Zealand
157
0.00
156,094
Auckland International 
Airport
641
0.02
127,901 Contact Energy
493
0.01
11,907 EBOSØ
207
0.01
70,857
Fisher & Paykel 
Healthcare
827
0.02
109,583 Fletcher BuildingØ
284
0.01
105,918 Infratil
510
0.01
194,256 Kiwi Property
84
0.00
15,658 MainfreightØ
540
0.01
61,310 Mercury NZ
189
0.00
238,978 Meridian Energy
632
0.02
102,913 Ryman Healthcare
322
0.01
181,455 Sky City Entertainment
197
0.00
324,468 Spark New Zealand
791
0.02
16,645 Xero
1,035
0.03
7,070
0.17
Norway - 0.26%; 31.12.22 0.32%    
38,416
Adevinta series 'B' 
shares
202
0.00
35,491 Aker BP
655
0.02
102,164 DNB Bank
1,508
0.04
105,928 EquinorØ
2,430
0.06
14,952 Gjensidige Forsikring
189
0.00
11,607 Kongsberg Gruppen
413
0.01
58,004 Mowi
724
0.02
22,116 Nordic Semiconductor
212
0.01
135,783 Norsk Hydro
640
0.02
110,966 Orkla
628
0.02
8,533 SalmarØ
270
0.01
12,711
Schibsted class 'A' 
shares
178
0.00
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
19,843
Schibsted class 'B' 
shares
263
0.01
80,694 Telenor
645
0.02
21,426 TOMRA SystemsØ
271
0.01
20,026 Yara International
557
0.01
9,785
0.26
Peru - 0.01%; 31.12.22 0.01%    
1,571 Credicorp
181
0.00
322,287 Hochschild MiningØ
230
0.01
411
0.01
Poland - 0.10%; 31.12.22 0.08%    
21,556
Bank Polska Kasa 
Opieki
459
0.01
7,123 Dino PolskaØ
648
0.02
16,479 KGHM Polska MiedzØ
354
0.01
210 LPP
564
0.01
73,611
Polski Koncern Naftowy 
ORLEN
913
0.02
70,928
Powszechna Kasa 
Oszczednosci Bank 
Polski
494
0.01
47,855
Powszechny Zaklad 
Ubezpieczen
366
0.01
3,578 Santander Bank PolskaØ
271
0.01
4,069
0.10
Portugal - 0.06%; 31.12.22 0.07%    
339,263 EDP EnergiasØ
1,309
0.03
62,441 Galp Energia
578
0.01
34,674 Jeronimo Martins
754
0.02
2,641
0.06
Russia - 0.00%; 31.12.22 0.00%    
6,074 Yandex†
–
0.00
Singapore - 0.56%; 31.12.22 0.59%    
572,000
Ascendas Real Estate 
Investment Trust
904
0.02
18,569 Ascott Residence Trust
12
0.00
7,700 BOC AviationØ
49
0.00
325,700 Capitaland Investment
627
0.02
630,600 CapitaLand Mall Trust
698
0.02
28,700 City Developments
112
0.00
NM0923U-3094429-380/477

ACS 50:50 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
380
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
127,100 ComfortDelGro
86
0.00
246,800 DBS
4,533
0.11
514,400
Frasers Logistics & 
Commercial Trust
372
0.01
434,200 Genting Singapore
238
0.01
220,400 Keppel
859
0.02
324,600 Keppel DC REIT
407
0.01
224,434
Mapletree Commercial 
Trust
211
0.01
377,850
Mapletree Industrial 
Trust
485
0.01
587,385
Mapletree Logistics 
Trust
551
0.01
577,800 NetLink NBN Trust
286
0.00
497,700
Oversea-Chinese 
Banking
3,563
0.09
229,011 SATS
344
0.01
92,100 Sembcorp Industries
308
0.01
4,216,076 Sembcorp Marine
307
0.01
62,700 SIA Engineering
91
0.00
171,400 Singapore Airlines
713
0.02
141,800 Singapore Exchange
794
0.02
415,900 Singapore Post
109
0.00
290,000
Singapore Technologies 
Engineering
620
0.02
984,100
Singapore 
Telecommunications
1,434
0.04
248,200
Suntec Real Estate 
Investment Trust
187
0.00
183,200 United Overseas Bank
2,988
0.07
30,800 UOL
115
0.00
24,400 Venture
209
0.01
231,600 Wilmar International
513
0.01
9,571 XP Power
191
0.00
22,916
0.56
South Africa - 0.06%; 31.12.22 0.08%    
525,077 InvestecØ
2,315
0.06
South Korea - 2.27%; 31.12.22 2.16%    
8,442 AlteogenØ
217
0.01
3,741
Amorepacific non-voting 
preference shares
71
0.00
4,492 AmorepacificØ
263
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
10,277 Amorepacific (New)
163
0.00
51,406 BNK FinancialØ
214
0.01
15,135 Celltrion
1,388
0.03
11,114 Celltrion Healthcare
437
0.01
3,467 Celltrion Pharm
159
0.00
21,415 Cheil WorldwideØ
233
0.01
4,510 CJ
185
0.00
829 CJ CheilJedangØ
134
0.00
471
CJ CheilJedang non-
voting preference shares
38
0.00
3,181 CJ ENM
120
0.00
2,554 CJ Logistics
117
0.00
5,803 Coway
153
0.00
4,265 Daelim Industrial
106
0.00
66,181
Daewoo Engineering & 
ConstructionØ
161
0.00
3,158 Dongbu Insurance
141
0.00
10,912 DongsuhØ
125
0.00
49,309 Doosan Heavy Industry
536
0.01
30,876 Doosan InfracoreØ
221
0.01
3,104 Doosan Solus
69
0.00
5,676 Ecopro BM
846
0.02
2,001 E-MartØ
92
0.00
610 F&F
44
0.00
1,126
Green Cross/South 
KoreaØ
78
0.00
8,303 GSØ
183
0.00
15,805
GS Engineering & 
ConstructionØ
177
0.00
7,443 GS RetailØ
102
0.00
41,032 Hana Financial
965
0.02
15,363 Hankook TireØ
317
0.01
1,873 Hanmi Pharm
347
0.01
5,079 Hanmi ScienceØ
101
0.00
14,484 Hanon Systems
80
0.00
58
Hanwha non-voting 
preference shares
1
0.00
7,174 Hanwha Aerospace
548
0.01
13,883 Hanwha Chemical
352
0.01
15,657 Hanwha Galleria
14
0.00
84,885 Hanwha Life Insurance
131
0.00
10,826 Hite JinroØ
140
0.00
11,158 HLB
218
0.01
NM0923U-3094429-381/477

ACS 50:50 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
381
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
32,756 HMM
370
0.01
2,086 Hotel Shilla
92
0.00
1,604 HYBE
271
0.01
5,390
Hyundai Department 
Store
159
0.00
8,369
Hyundai Engineering & 
Construction
191
0.00
2,913 Hyundai Glovis
345
0.01
2,630
Hyundai Heavy 
Industries
94
0.00
9,708 Hyundai Mobis
1,354
0.03
4,791
Hyundai Motor non-
voting preference shares
315
0.01
18,976 Hyundai Motor
2,346
0.06
4,535
Hyundai Motor non-
cumulative non-voting 
preference shares
296
0.01
9,172 Hyundai Steel
185
0.00
5,606 Hyundai WiaØ
225
0.01
17,246
Industrial Bank of 
KoreaØ
107
0.00
44,390 Kakao
1,308
0.03
14,692 KakaoBankØ
209
0.01
19,465 Kangwon Land
203
0.01
59,274 KB Financial
1,698
0.04
7,490
KEPCO Plant Service & 
Engineering
150
0.00
39,303 Kia Motors
2,085
0.05
10,982
Korea Aerospace 
Industries
351
0.01
47,022 Korea Electric Power
580
0.01
9,325 Korea Gas
144
0.00
3,771 Korea Investment
117
0.00
6,514
Korea Shipbuilding & 
Offshore Engineering
455
0.01
1,287 Korea ZincØ
377
0.01
25,578 Korean Air Lines
373
0.01
4,430 Krafton
518
0.01
12,875 KT&G
640
0.02
2,559 Kumho Petro Chemical
204
0.01
3,153 L&F
460
0.01
14,687 LG
776
0.02
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
1,031
LG Chemical non-voting 
preference shares
218
0.01
6,728 LG Chemical
2,694
0.07
24,643 LG Display
233
0.01
6,094
LG Electronics non-
voting preference shares
199
0.00
14,980 LG Electronics
1,139
0.03
4,923 LG Energy SolutionØ
1,631
0.04
1,024
LG Household & Health 
CareØ
282
0.01
1,447 LG Innotek
268
0.01
15,172 LG Uplus
98
0.00
9,525 LotteØ
143
0.00
2,134 Lotte Chemical
198
0.00
1,377
Lotte Chilsung 
BeverageØ
105
0.00
6,201 Lotte Fine ChemicalØ
258
0.01
3,370 Lotte Shopping
139
0.00
6,106 LS CableØ
340
0.01
12,891 Meritz Financial
321
0.01
21,644 Mirae Asset Daewoo
94
0.00
299
Mirae Asset Daewoo 
Rights non-voting 
preference shares
1
0.00
21,043 NAVER
2,308
0.06
2,121 NCSoft
375
0.01
4,770 NetmarbleØ
140
0.00
12,341
NH Investment & 
Securities
71
0.00
4,854 NHN Entertainment
72
0.00
1,127 NongShimØ
269
0.01
982 OCI Company
72
0.00
2,167 OCI Holdings
147
0.00
996 Orion
72
0.00
455 Ottogi
107
0.00
16,025 Paradise
136
0.00
2,144 Pearl Abyss
68
0.00
10,820 POSCO
2,518
0.06
4,209 POSCO Chemical
890
0.02
16,758 Posco DaewooØ
400
0.01
6,713 S1
215
0.01
2,676 Samsung Biologics
1,195
0.03
11,079 Samsung C&T
702
0.02
NM0923U-3094429-382/477

ACS 50:50 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
382
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
11,059 Samsung CardØ
196
0.00
6,698
Samsung Electro 
Mechanics
580
0.01
126,594
Samsung Electronics 
non-voting preference 
shares
4,520
0.11
670,101 Samsung Electronics
29,032
0.72
25,594 Samsung Engineering
435
0.01
5,304 Samsung Fire & Marine
732
0.02
49,612
Samsung Heavy 
Industries
199
0.00
10,102 Samsung Life
407
0.01
7,729 Samsung SDI
3,103
0.08
4,485 Samsung SDS
331
0.01
5,942 Samsung SecuritiesØ
128
0.00
6,092 SeegeneØ
75
0.00
6,938
Shin Poong 
PharmaceuticalØ
66
0.00
75,250 Shinhan FinancialØ
1,535
0.04
720 ShinsegaeØ
77
0.00
6,064 SK
541
0.01
5,118 SK BiopharmaceuticalsØ
248
0.02
3,786 SK Bioscience
181
0.00
2,820 SK ChemicalsØ
119
0.00
75,722 SK Hynix
5,230
0.13
4,881 SK IE Technology
283
0.01
7,479 SK Innovation
711
0.02
53,619 SK NetworksØ
163
0.00
8,740 SK SquareØ
232
0.01
2,286 SKC
134
0.00
3,945 S-Oil
158
0.00
92,880 Woori Financial
657
0.02
2,672 Yuhan
97
0.00
95,273
2.27
Spain - 0.89%; 31.12.22 0.84%    
2,168 Acciona
291
0.01
19,596
ACS Actividades 
de Construccion y 
ServiciosØ
540
0.01
7,083 Aena
902
0.02
51,239 Amadeus IT
3,065
0.08
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
609,517
Banco Bilbao Vizcaya 
Argentaria
3,712
0.09
1,746,551 Banco SantanderØ
5,134
0.13
75,959 Bankinter
367
0.01
371,606 CaixaBank
1,214
0.03
63,722 Cellnex Telecom
2,019
0.05
20,080 EDP Renovaveis
313
0.01
23,870 Enagas
371
0.01
36,258 Endesa
614
0.02
53,690 Ferrovial
1,332
0.03
26,689 Grifols class 'A' sharesØ
268
0.01
31,948
Grifols class 'B' shares 
non-voting preference 
shares
228
0.01
645,922 Iberdrola
6,632
0.16
114,803 Inditex
3,469
0.09
66,244
Inmobiliaria Colonial 
Socimi
316
0.01
100,165 MapfreØ
157
0.00
22,376 Merlin Properties
151
0.00
19,991 Naturgy Energy
466
0.01
54,209 Red Electrica
717
0.02
145,556 Repsol
1,678
0.04
527,283 Telefonica
1,683
0.04
35,639
0.89
Sweden - 1.08%; 31.12.22 1.10%    
32,069 Alfa Laval
903
0.02
109,388 Assa Abloy
2,051
0.05
282,119
Atlas Copco class 'A' 
shares
3,176
0.09
179,348
Atlas Copco class 'B' 
shares
1,748
0.04
13,339 AxfoodØ
222
0.01
46,476 Beijer RefØ
465
0.01
26,505 Boliden
602
0.02
49,511 Castellum
369
0.01
25,828 Electrolux
277
0.01
62,726 Epiroc class 'A' shares
927
0.02
32,527 Epiroc class 'B' shares
409
0.01
23,062 EQT
349
0.01
363,755
Ericsson series ‘B’ 
shares
1,541
0.04
NM0923U-3094429-383/477

ACS 50:50 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
383
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
63,564 Essity
1,325
0.03
20,165 Evolution Gaming
1,974
0.05
85,056 Fastighets BalderØ
241
0.01
23,073 Getinge
315
0.01
61,410
Hennes & Mauritz series 
‘B’ sharesØ
824
0.02
232,027 Hexagon
2,225
0.06
9,950 Holmen
282
0.01
55,347
Husqvarna series ‘B’ 
sharesØ
394
0.01
16,618
Industrivarden series ‘A’ 
shares
360
0.01
11,886
Industrivarden series 'C' 
sharesØ
256
0.01
25,334 Indutrade
447
0.01
10,831 Investment Latour
168
0.00
63,758 Investor class 'A' shares
997
0.02
192,935 Investor class 'B' shares
3,019
0.08
16,401 Kinnevik
178
0.00
2,803 L E Lundbergforetagen
93
0.00
14,072 Lifco
237
0.01
142,626 Nibe Industrier
1,059
0.03
11,707 SAAB class 'B' shares
493
0.01
28,170 Sagax class 'B' sharesØ
432
0.01
123,910 Sandvik
1,882
0.05
68,623
Securitas series ‘B’ 
shares
442
0.01
163,414
Skandinaviska Enskilda 
Banken series ‘A’ shares
1,420
0.04
37,992
Skanska series ‘B’ 
shares
420
0.01
50,356 SKF series ‘B’ shares
686
0.02
71,118 SSAB class 'B' shares
386
0.01
63,817
Svenska Cellulosa 
series ‘B’ shares
638
0.02
171,695
Svenska Handelsbanken 
series ‘A’ sharesØ
1,131
0.03
37,617 SwecoØ
331
0.01
115,105
Swedbank series ‘A’ 
shares
1,523
0.04
29,315
Swedish Orphan 
Biovitrum
446
0.01
74,808 Tele2 series ‘B’ shares
487
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
262,916 TeliaØ
456
0.01
28,040
Trelleborg class ‘B’ 
shares
555
0.01
16,249 Volvo
271
0.01
65,174 Volvo Car
202
0.00
160,978 Volvo series ‘B’ sharesØ
2,613
0.06
42,247
1.08
Switzerland - 4.55%; 31.12.22 5.03%    
160,114 ABB (Registered)
4,893
0.11
21,651 AdeccoØ
554
0.01
51,538 Alcon
3,333
0.08
4,259 BachemØ
288
0.01
5,797 Baloise
666
0.02
3,859
Banque Cantonale 
Vaudoise (Registered)Ø
321
0.01
331 Barry CallebautØ
504
0.01
1,307 Belimo
508
0.01
2,959 BKWØ
406
0.01
23,999 Clariant
270
0.01
173,171 Coca-Cola HBC
4,023
0.10
54,106
Compagnie Financiere 
Richemont
7,201
0.18
5,058 DKSH
295
0.01
20,282 DSM-Firmenich
1,736
0.04
867 EMS-ChemieØ
510
0.01
1,263 Flughafen ZuerichØ
207
0.01
3,454 Geberit
1,414
0.03
9,040 Georg Fischer
528
0.01
772 Givaudan
2,003
0.05
10,802,879 Glencore
47,932
1.18
2,422 HelvetiaØ
256
0.01
612,941 IWG
820
0.02
21,193
Julius Baer 
(Registered)Ø
1,050
0.03
5,033 Kuehne + NagelØ
1,171
0.03
52,871 LafargeHolcimØ
2,791
0.07
115
Lindt & Spruengli (Part 
Certified)
1,135
0.03
13
Lindt & Spruengli 
(Registered)
1,264
0.03
15,541 Logitech InternationalØ
718
0.02
7,621 Lonza
3,533
0.09
NM0923U-3094429-384/477

ACS 50:50 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
384
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
284,203 Nestlé
26,879
0.67
210,924 Novartis
16,642
0.41
2,364 Partners
1,744
0.04
4,549 PSP Swiss PropertyØ
398
0.01
3,139 Roche (Bearer)
813
0.02
72,613 Roche Holding
17,547
0.43
3,779 Schindler (Part Certified)
692
0.02
2,676 Schindler (Registered)
470
0.01
16,900 SGS SA
1,254
0.03
32,459 SIG CombiblocØ
699
0.02
15,246 Sika
3,380
0.08
4,827 Sonova
1,007
0.02
12,910 Straumann
1,637
0.04
3,788 Swatch class 'I' shares
870
0.02
8,950 Swatch class 'N' shares
387
0.01
2,832 Swiss Life
1,298
0.03
10,451 Swiss Prime Site
707
0.02
31,204 Swiss ReØ
2,474
0.06
2,401 Swisscom
1,182
0.03
1,080 TecanØ
322
0.00
8,051 Temenos
504
0.01
309,496 UBS
4,912
0.12
3,455 VAT
1,116
0.03
62,487 Wizz AirØ
1,673
0.04
15,700 Zurich Insurance
5,882
0.15
184,819
4.55
Taiwan - 0.00%; 31.12.22 0.00%    
2,000 FIT Hon Teng^
–
0.00
United Arab Emirates - 0.04%; 31.12.22 0.03%    
396,335 Network InternationalØ
1,520
0.04
United Kingdom - 41.26%; 31.12.22 41.01%    
825,559 3i
15,965
0.40
524,252 3i InfrastructureØ
1,630
0.04
24,565 4imprintØ
1,175
0.03
296,867 888 HoldingsØ
289
0.01
114,567 A.G. Barr
535
0.01
78,881
Aberforth Smaller 
Companies Investment 
TrustØ
969
0.02
1,705,270 abrdnØ
3,731
0.10
234,695 abrdn Asia FocusØ
582
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
249,392
abrdn Asian Income 
FundØ
499
0.01
223,423
abrdn Diversified Income 
And Growth Trust
181
0.00
158,085
abrdn New Dawn 
Investment Trust
405
0.01
79,116
abrdn New India 
Investment Trust
435
0.01
76,588 abrdn Private EquityØ
342
0.01
258,341
abrdn Property Income 
Trust
127
0.00
65,621
abrdn Standard Equity 
Income Trust
201
0.00
359,086
abrdn Standard 
European Logistics 
IncomeØ
238
0.01
65,035 abrdn UK SmallerØ
268
0.01
253,379 AdmiralØ
5,260
0.13
837,166 Airtel Africa
905
0.02
224,355 AJ BellØ
717
0.02
126,899
Alfa Financial Software 
Holdings
245
0.01
245,948 Alliance TrustØ
2,469
0.07
326,864
Allianz Technology 
TrustØ
856
0.02
220,397 AmcorØ
1,714
0.04
1,045,998 Anglo American
23,357
0.58
13,317
Anglo-Eastern 
Plantations
101
0.00
303,357 AO WorldØ
244
0.01
1,447 Aptitude Software
5
0.00
47,904 Artemis Alpha Trust
146
0.00
340,551 Ascential
749
0.02
358,913 AshmoreØ
742
0.02
379,357 Ashtead
20,485
0.51
177,551 Asia Dragon Trust
671
0.02
63,067 ASOS
237
0.01
300,770 Associated British Foods
5,956
0.15
3,042,652 AssuraØ
1,382
0.03
169,726
Aston Martin Lagonda 
GlobalØ
598
0.01
1,284,880 AstraZeneca
145,526
3.61
48,137
Auction Technology 
GroupØ
351
0.01
NM0923U-3094429-385/477

ACS 50:50 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
385
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
796,104 Auto Trader
4,856
0.12
405,701 Avi Global TrustØ
768
0.02
2,440,168 Aviva
9,663
0.24
38,163 Avon ProtectionØ
324
0.01
815,566
B&M European Value 
RetailØ
4,508
0.11
436,151 Babcock InternationalØ
1,216
0.03
2,642,420 BAE Systems
24,512
0.61
382,600
Baillie Gifford European 
Growth Trust
356
0.02
82,521
Baillie Gifford Japan 
Investment TrustØ
640
0.02
288,133
Baillie Gifford Shin 
Nippon
404
0.01
210,648
Baillie Gifford UK 
Growth FundØ
344
0.01
184,972
Baillie Gifford US 
Growth Trust
283
0.01
1,569 BakkavorØ
1
0.00
525,236 Balfour Beatty
1,788
0.04
132,163 Baltic Classifieds Group
233
0.01
1,155,822
Bankers Investment 
TrustØ
1,126
0.03
13,581,150 Barclays
20,805
0.51
830,227 Barratt DevelopmentsØ
3,459
0.09
574,524 Beazley
3,358
0.08
458,027
Belleveu Healthcare 
TrustØ
695
0.02
112,306 Bellway
2,248
0.06
89,445 Berkeley Group
3,517
0.09
148,408 Big YellowØ
1,588
0.04
47,662 Biotech Growth Trust
379
0.01
227,702
BlackRock Frontiers 
Investment TrustØ*
314
0.01
128,284
BlackRock Greater 
Europe Investment 
TrustØ*
680
0.02
52,523
BlackRock Latin 
American Investment 
Trust*
214
0.01
93,651
BlackRock North 
American Income Trust*
173
0.00
50,357
BlackRock Smaller 
Companies Trust*
640
0.02
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
98,296
BlackRock Throgmorton 
TrustØ*
561
0.01
137,979
BlackRock World Mining 
TrustØ*
824
0.02
100,909 Bloomsbury Publishing
433
0.01
131,221
BMO Capital & Income 
Investment Trust
382
0.01
759,622
BMO Global Smaller 
CompaniesØ
1,041
0.03
163,495 Bodycote
1,047
0.03
15,006,482 BP
69,231
1.70
180,159 Bridgepoint GroupØ
365
0.01
1,928,055
British American 
TobaccoØ
50,486
1.24
806,483 British Land
2,468
0.06
233,955 BritvicØ
2,000
0.05
40,204
Brunner Investment 
Trust
420
0.01
6,090,931 BT GroupØ
7,505
0.19
287,052 Bunzl
8,597
0.21
320,089 Burberry
6,789
0.17
207,260 Bytes Technology Group
1,083
0.03
24,486 Caledonia Investments
793
0.02
1,379,440 Capita
381
0.01
1,295,857
Capital & Counties 
Properties
1,479
0.04
25,226 Capital & RegionalØ
14
0.00
21,812 Capital Gearing TrustØ
985
0.02
102,305 Capricorn EnergyØ
187
0.00
426,109 Card Factory
382
0.01
775,939 Carillion†Ø
–
0.00
1,175
CC Japan Income & 
Growth Trust
2
0.00
831,322 Centamin
749
0.02
4,805,750 Centrica
5,943
0.15
285,848 Chemring
809
0.02
200,126 ChesnaraØ
550
0.01
28,520
City of London 
Investment Group
118
0.00
396,083
City of London 
Investment TrustØ
1,565
0.04
26,309 Clarkson
770
0.02
130,518 Close BrothersØ
1,134
0.03
NM0923U-3094429-386/477

ACS 50:50 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
386
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
212,198 CLSØ
287
0.01
128,990 CMC MarketsØ
198
0.00
1,469,562 CoatsØ
1,024
0.03
1,936
Coca-Cola European 
Partners
98
0.00
1,525,559 Compass
33,302
0.82
68,390 Computacenter
1,551
0.04
1,386,293 ConvaTec
2,828
0.07
90,944 CostainØ
42
0.00
47,400 CranswickØ
1,537
0.04
251,883 Crest Nicholson
480
0.01
118,087 Croda InternationalØ
6,541
0.15
99,123 CT Private Equity TrustØ
475
0.01
650,794 Custodian REITØ
550
0.01
281,378 CVC Income & GrowthØ
264
0.01
1,002,882 CYBGØ
1,494
0.04
304,093 DarktraceØ
941
0.02
87,534 DCC
3,815
0.09
197,119 De La RueØ
89
0.00
98,626 Dechra Pharmaceuticals
3,633
0.09
102,010 Derwent LondonØ
2,103
0.05
275,630 DFS FurnitureØ
295
0.01
1,925,745 Diageo
64,954
1.61
114,796 Diploma
3,423
0.08
1,184,579 Direct Line
1,601
0.04
94,466 Discoverie GroupØ
788
0.02
462,759 Diverse Income Trust
361
0.01
718,187 Dixons CarphoneØ
382
0.01
271,488 Domino’s PizzaØ
751
0.02
1,105,169 Dowlais GroupØ
1,406
0.03
448,627 Dr. Martens
548
0.01
341,552 Drax
1,953
0.05
1,154,771 DS SmithØ
3,149
0.08
203,025
Dunedin Income Growth 
Investment Trust
573
0.01
98,652 Dunelm
1,107
0.03
578,208 easyJet
2,800
0.07
124,082
Ecofin Global Utilities 
and InfrastructureØ
232
0.01
149,876
Edinburgh Investment 
TrustØ
950
0.02
287,921
Edinburgh Worldwide 
Investment TrustØ
402
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
1,772
Ediston Property 
Investment
1
0.00
452,207 Elementis
462
0.01
761,689
Empiric Student 
Property
640
0.02
121,100 Energean Oil & GasØ
1,227
0.03
2,106,936 Enquest
314
0.01
519,556 Entain
6,478
0.16
57,990
EP Global Opportunities 
TrustØ
183
0.00
230,844 EssentraØ
381
0.01
399,601 European Assets TrustØ
352
0.01
628,897 EVRAZ†
6
0.00
794,290 Experian
23,885
0.58
320,123
F&C UK Real Estate 
Investment TrustØ
238
0.01
90,544 FDM
515
0.01
184,817 Ferrexpo
165
0.00
91,599
Fidelity Asian Values 
Investment TrustØ
474
0.01
253,259
Fidelity China Special 
Situations Investment 
Trust
517
0.01
344,301
Fidelity European Values 
Investment TrustØ
1,169
0.03
91,536 Fidelity Japan Trust
155
0.00
246,768
Fidelity Special Values 
Investment Trust
637
0.02
167,899
Finsbury Growth & 
Income TrustØ
1,469
0.04
651,430 FirstGroup
928
0.02
152,533 Flutter EntertainmentØ
23,657
0.59
453,287
Foreign & Colonial 
Investment TrustØ
3,934
0.11
552,409 Foresight Solar FundØ
539
0.01
185,540 Forterra
301
0.01
342,280 Foxtons
129
0.00
98,394 Frasers
692
0.02
41,776
Fuller Smith & Turner 
class 'A' sharesØ
244
0.01
178,490 Funding CircleØ
96
0.00
99,281 FutureØ
672
0.02
146,236 Galliford Try
285
0.01
NM0923U-3094429-387/477

ACS 50:50 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
387
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
28,413 Games WorkshopØ
3,094
0.08
747,385
GCP Infrastructure 
Investments FundØ
577
0.01
182,892 GenuitØ
542
0.01
58,465 GenusØ
1,266
0.03
250,097
Gore Street Energy 
Storage FundØ
230
0.01
157,358 Grafton
1,239
0.03
665,651 Grainger TrustØ
1,522
0.04
153,984 Great Portland EstatesØ
649
0.02
2,129,933 Greencoat UK WindØ
3,049
0.08
94,568 GreggsØ
2,419
0.06
3,511,648 GSK
48,896
1.22
124,389 Gym GroupØ
116
0.00
4,540,323 Haleon
14,536
0.36
121,553 Halfords
258
0.01
321,383 HalmaØ
7,286
0.18
3,427,287 Hammerson
849
0.02
554,902 Harbour Energy
1,264
0.03
321,037 Hargreaves LansdownØ
2,607
0.06
1,221 Harworth GroupØ
1
0.00
1,437,800 Hays
1,472
0.04
110,654 Headlam
276
0.01
132,968 Helical
338
0.01
884,982 Helios TowersØ
812
0.02
240,568
Henderson Diversified 
Income
153
0.00
276,410
Henderson Europe 
Focus TrustØ
437
0.01
284,660 Henderson EuroTrust
383
0.01
149,326
Henderson High Income 
Invesment Trust
242
0.01
104,863
Henderson International 
Income TrustØ
176
0.00
78,797
Henderson Smaller 
Companies Investment 
TrustØ
581
0.01
131,094 Henry BootØ
275
0.01
55,117 Herald Investment TrustØ
952
0.02
376,464 HgCapital TrustØ
1,384
0.03
1,695,232 Hicl InfrastructureØ
2,282
0.06
65,151 Hill & SmithØ
966
0.02
44,191 Hilton Food
275
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
191,316 Hollywood BowlØ
479
0.01
623,238 Home REIT†Ø
209
0.01
438,691 Howden JoineryØ
2,831
0.07
17,377,772 HSBC
108,106
2.66
186,565 Hunting
371
0.01
302,924 IbstockØ
426
0.01
51,241 ICG Enterprise TrustØ
550
0.01
338,378 IG
2,289
0.06
225,991 IMI
3,677
0.09
234,055
Impax Environmental 
MarketsØ
943
0.02
804,535 Imperial Brands
14,083
0.35
333,014 Inchcape
2,579
0.06
104,715 Indivior
1,914
0.05
1,235,906 Informa
8,988
0.22
228,375 IntegraFin
551
0.01
149,614
InterContinental Hotels 
GroupØ
8,093
0.20
241,248 Intermediate Capital
3,342
0.08
51,169
International 
Biotechnology TrustØ
334
0.01
3,150,510
International 
Consolidated AirlinesØ
5,098
0.13
599,091
International 
Distributions ServicesØ
1,318
0.03
298,315
International Personal 
Finance
339
0.01
140,973 IntertekØ
5,976
0.15
1,327,666 Intu Properties†Ø
–
0.00
112,848
Invesco Asia Investment 
Trust
370
0.01
123,201
Invesco Bond Income 
PlusØ
198
0.00
71,704
Invesco Perpetual UK 
Smaller Companies 
Investment Trust
300
0.01
128,456 Invesco Select TrustØ
198
0.00
1,001,585 IP
566
0.01
3,060,943 ITVØ
2,113
0.05
1,457,430 J SainsburyØ
3,900
0.10
54,947 James Fisher & SonsØ
221
0.01
2,162,595 JD Sports Fashion
3,144
0.08
54,326 JD WetherspoonØ
368
0.01
NM0923U-3094429-388/477

ACS 50:50 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
388
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
451,814
John Laing 
Environmental Assets
477
0.01
545,531 John Wood
756
0.02
159,959 Johnson MattheyØ
2,791
0.07
168,019
JPMorgan American 
Investment TrustØ
1,272
0.03
128,378
JPMorgan Asian 
Investment TrustØ
448
0.01
98,909
JPMorgan Chinese 
Investment TrustØ
258
0.01
73,647
JPMorgan Claverhouse 
Investment Trust
479
0.01
946,828
JPMorgan Emerging 
Markets Investment 
Trust plcØ
977
0.02
640,222
JPMorgan European 
Growth & Income
586
0.01
130,085
JPMorgan European 
Smaller Companies 
TrustØ
497
0.01
294,309
JPMorgan Global 
Emerging Markets 
Income TrustØ
369
0.01
345,441
JPMorgan Global 
Growth & IncomeØ
1,610
0.04
96,596
JPMorgan Indian 
Investment TrustØ
798
0.02
73,521
JPMorgan Japan 
Smaller Companies 
Trust
227
0.01
136,874
JPMorgan Japanese 
Investment TrustØ
663
0.02
32,181
JPMorgan Mid Cap 
Investment TrustØ
277
0.01
112,514
JPMorgan Smaller 
Companies Investment 
Trust
304
0.01
73,426
JPMorgan US Smaller 
Companies Investment 
TrustØ
275
0.01
106,923
Jupiter European 
Opportunities Trust
822
0.02
422,825
Jupiter Fund 
ManagementØ
458
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
27,711
Jupiter US Smaller 
CompaniesØ
328
0.01
906,984 Just Group
706
0.02
80,346 Kainos
982
0.02
51,522 Keller
357
0.01
90,849
Keystone Investment 
TrustØ
191
0.00
482,095 KierØ
362
0.01
175,595 Kin & Carta
106
0.00
1,711,740 KingfisherØ
3,940
0.10
192,873 Lancashire
1,116
0.03
674,364 Land Securities
3,871
0.10
106,546 Law DebentureØ
808
0.02
5,141,150 Legal & General
11,712
0.29
10,888 Linde
3,265
0.08
57,096 Liontrust
409
0.01
57,033,653 Lloyds Banking
24,763
0.61
370,817
London Stock 
ExchangeØ
30,984
0.78
834,388 LondonMetric PropertyØ
1,378
0.03
359,170
Lowland Investment 
Company
408
0.01
111,295 LSL Property ServicesØ
312
0.01
1,347,294 LXI REITØ
1,164
0.03
1,910,203 M&G
3,671
0.10
2,717 Macfarlane
3
0.00
38,719
Majedie Investment 
Trust
71
0.00
1,082,946 Man Group
2,369
0.06
1,693,557 Marks & Spencer
3,219
0.08
184,488 MarshallsØ
438
0.01
396,908 Marston’s
120
0.00
129,822
Martin Currie Global 
Portfolio TrustØ
453
0.01
137,230 Mears
399
0.01
62,016 MedicaØ
131
0.00
1,167,502 Melrose Industries
5,916
0.14
639,247
Mercantile Investment 
TrustØ
1,235
0.03
108,900
Merchants Investment 
Trust
573
0.01
255,581 Metro Bank
293
0.01
NM0923U-3094429-389/477

ACS 50:50 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
389
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
54,896
Mid Wynd International 
Investment TrustØ
380
0.01
268,826 Mitchells & Butlers
558
0.01
1,255,336 Mitie Group
1,214
0.03
25,182 MJ Gleeson
92
0.00
117,743 Molten VenturesØ
314
0.01
407,520 Mondi
4,903
0.11
442,844
Moneysupermarket.
comØ
1,197
0.03
189,797 Monks Investment TrustØ
1,879
0.05
219,710
Montanaro European 
Smaller Companies 
TrustØ
307
0.01
213,644
Montanaro UK Smaller 
Companies Investment 
Trust
219
0.01
144,212 Moonpig GroupØ
210
0.01
238,298
Morgan Advanced 
Materials
647
0.02
37,195 Morgan Sindall
683
0.02
75,987 MotorpointØ
72
0.00
104,293 Murray Income TrustØ
863
0.02
509,655
Murray International 
TrustØ
1,279
0.03
479,468 National Express
468
0.01
3,185,506 National Grid
33,035
0.82
4,801,307 NatWest
11,576
0.29
265,601 NCCØ
257
0.01
342,345 NewRiver REIT Voting
304
0.01
104,763 Next
7,232
0.17
308,206 Ninety OneØ
517
0.01
92,107 Norcros
157
0.00
194,007
North American Income 
TrustØ
535
0.01
13,768
North Atlantic Smaller 
Companies Investment 
TrustØ
485
0.01
160,495 NorthgateØ
602
0.01
513,779 OcadoØ
2,894
0.07
481,886
Octopus Renewables 
Infrastructure TrustØ
445
0.01
172,992 On the beachØ
161
0.00
338,550 OSB GroupØ
1,627
0.04
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
67,086 Oxford BiomedicaØ
283
0.01
40,886 Oxford Instruments
1,108
0.03
160,703
Pacific Assets 
Investment TrustØ
585
0.01
71,902
Pacific Horizon 
Investment TrustØ
385
0.01
262,722 PagegroupØ
1,066
0.03
794 Palace Capital
2
0.00
426,563
Pantheon International 
FundØ
1,066
0.03
185,304 ParagonØ
986
0.02
66,901 PayPointØ
320
0.01
625,576 PearsonØ
5,176
0.13
1,856,303 Pendragon
334
0.01
230,918 Pennon GroupØ
1,640
0.04
5,392 Pentair
272
0.01
280,485 Persimmon
2,907
0.07
283,515 Personal Assets TrustØ
1,316
0.03
171,141 Petershill PartnersØ
288
0.01
257,258 PetrofacØ
199
0.00
419,906 Pets at HomeØ
1,581
0.04
295,023 Pharos Energy
66
0.00
615,910 Phoenix Group
3,283
0.08
707
Phoenix Spree 
Deutschland
1
0.00
248,044 Photo-Me InternationalØ
398
0.01
270,428 Playtech
1,574
0.04
230,563
Polar Capital Global 
Financials Trust
313
0.01
159,468
Polar Capital Global 
Healthcare TrustØ
523
0.01
112,354
Polar Capital Technology 
TrustØ
2,477
0.07
50,079 Porvair
323
0.01
579,555 Premier Foods
749
0.02
1,168,339
Primary Health 
PropertiesØ
1,111
0.03
260,719 Provident Financial
501
0.01
561,270 PRS REIT
442
0.01
2,385,608 PrudentialØ
26,169
0.64
181,534 PZ CussonsØ
295
0.01
451,878 QinetiQ
1,604
0.04
1,249,077 Quilter
999
0.02
NM0923U-3094429-390/477

ACS 50:50 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
390
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
228,549 Rank
203
0.01
54,255 Rathbone BrothersØ
1,006
0.02
260,083 ReachØ
175
0.00
118,886
Real Estate Credit 
Investments
150
0.00
621,030 Reckitt Benckiser
36,666
0.90
173,964 Redrow
774
0.02
1,643,164 RELX (Registered)
43,132
1.07
82,449 Renewi
419
0.01
30,569 RenishawØ
1,187
0.03
2,184,565 Rentokil Initial
13,265
0.33
3,201
Residential Secure 
Income REIT
2
0.00
732,984 Restaurant
280
0.01
71,200 RicardoØ
406
0.01
719,489 RightmoveØ
3,767
0.09
108,477 RIT Capital PartnersØ
2,009
0.05
90,155 Robert Walters
372
0.01
7,256,520 Rolls-Royce
10,732
0.27
786,611 Rotork
2,390
0.06
414,491 RS
3,108
0.08
5,151 S&UØ
117
0.00
294,444 Sabre InsuranceØ
399
0.01
177,559 Safestore
1,523
0.04
99,366 SagaØ
119
0.00
897,531 Sage
8,281
0.20
116,413 SavillsØ
978
0.02
144,684
Schroder Asia Pacific 
FundØ
712
0.02
100,510
Schroder Asian Total 
Return InvestmentØ
415
0.01
1,030
Schroder European Real 
Estate Investment Trust
1
0.00
92,331
Schroder Income 
Growth FundØ
268
0.01
168,045 Schroder Japan GrowthØ
373
0.01
689,672 Schroder Real Estate
276
0.01
48,666
Schroder UK Mid Cap 
Fund
257
0.01
1,110,854
Schroder UK Public 
Private TrustØ
141
0.00
740,722 Schroders
3,241
0.08
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
179,137
Scottish American 
Investment TrustØ
921
0.02
1,239,292
Scottish Mortgage 
Investment TrustØ
8,223
0.20
41,506
Scottish Oriental Smaller 
Companies Trust
490
0.01
770,598
SDCL Energy Efficiency 
Income TrustØ
572
0.01
1,071,365 Segro
7,653
0.18
325,609 Senior
571
0.01
997,098 Serco
1,519
0.04
398,939 SeverfieldØ
274
0.01
221,075 Severn Trent
5,668
0.14
968,363 SIGØ
339
0.01
768,147 Smith & Nephew
9,643
0.24
293,926 SmithsØ
4,813
0.12
147,168
Smithson Investment 
TrustØ
2,034
0.05
115,072 SoftcatØ
1,627
0.04
94,758 Spectris
3,407
0.08
692,587 Speedy Hire
250
0.01
64,873
Spirax-Sarco 
Engineering
6,726
0.16
223,750 Spire Healthcare
477
0.01
486,981 Spirent Communications
799
0.02
945,310 SSE
17,252
0.43
704,642 SSPØ
1,773
0.04
479,452
St. James's Place 
Capital
5,161
0.13
1,996,911 Standard Chartered
13,723
0.34
76,478 SThree
264
0.01
89,000 Strategic Equity Capital
274
0.01
150,552
STS Global Income & 
Growth
318
0.01
46,553 STVØ
104
0.00
67,831 SuperdryØ
53
0.00
1,096,040
Supermarket Income 
REIT
798
0.03
254,629 SynthomerØ
188
0.00
687,730 Target Healthcare REITØ
495
0.01
335,414 Tate & LyleØ
2,417
0.06
2,934,126 Taylor Wimpey
3,037
0.08
51,512 Telecom Plus
868
0.02
NM0923U-3094429-391/477

ACS 50:50 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
391
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
339,710
Temple Bar Investment 
TrustØ
744
0.02
1,029,646
Templeton Emerging 
Markets Investment 
TrustØ
1,503
0.03
716
TEN Entertainment 
Group
2
0.00
6,266,293 Tesco
15,565
0.39
2,327,152 Thomas Cook†Ø
–
0.00
195,884 Topps Tiles
94
0.00
634,485 TP ICAP Group
954
0.02
537,016
TR European Growth 
Trust
816
0.02
246,577
TR Property Investment 
Trust - Ordinary SharesØ
655
0.02
399,682 TrainlineØ
1,028
0.03
184,895 Travis PerkinsØ
1,502
0.04
51,412 TreattØ
317
0.01
158,800 Trifast
124
0.00
449,123
Triple Point Social 
Housing REIT
222
0.01
1,652,282 Tritax Big Box
2,064
0.05
679,644 Tritax EuroBoxØ
346
0.01
381,701
Troy Income & Growth 
Trust
263
0.01
115,879 Trustpilot Group
79
0.00
217,054 TT ElectronicsØ
346
0.01
1,030,461 Tullow OilØ
287
0.01
129,615 TymanØ
334
0.01
2,181,499 Unilever (Registered)
89,333
2.20
276,233 UNITE GroupØ
2,399
0.06
586,604 United UtilitiesØ
5,653
0.14
475,812 Urban Logistics REITØ
539
0.01
226,123
Utilico Emerging 
Markets TrustØ
500
0.01
52,073
Value & Income 
Investment TrustØ
101
0.00
233,445 Vesuvius
931
0.02
450,571
VH Global Sustainable 
Energy Opportunities
424
0.01
71,498 VictrexØ
983
0.02
315,686 VistryØ
2,066
0.05
45,041 VitecØ
308
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
18,981,153 Vodafone
14,079
0.34
166,052 VolutionØ
630
0.02
279,792
VPC Specialty Lending 
InvestmentsØ
194
0.00
357,521 Warehouse REITØ
281
0.01
185,534 Watches of Switzerland
1,140
0.03
226,811 Weir
3,995
0.10
114,030 WH Smith
1,788
0.04
176,824 Whitbread
5,973
0.15
160,721 Wickes GroupØ
195
0.00
107,088 Wincanton
270
0.01
608,336 Witan Investment TrustØ
1,372
0.03
86,438
Witan Pacific Investment 
TrustØ
187
0.00
149,108 Workspace
701
0.02
56,437
Worldwide Healthcare 
Trust
1,772
0.04
919,081 WPP
7,547
0.19
95,476 XPS Pensions Group
170
0.00
362 ZotefoamsØ
1
0.00
1,667,926
41.26
United States - 16.65%; 31.12.22 16.36%    
13,614 3M
1,068
0.03
37,468 Abbott Laboratories
3,190
0.08
39,170 AbbVie
4,127
0.10
13,879 Accenture
3,384
0.08
18,979 Activision Blizzard
1,246
0.03
9,913 Adobe
3,792
0.09
2,075 Advance Auto Parts
112
0.00
34,231 Advanced Micro Devices
3,010
0.07
19,265 AES
311
0.01
11,808 Aflac
645
0.02
5,478 Agilent Technologies
511
0.01
4,278
Air Products & 
Chemicals
997
0.02
8,941 Airbnb
885
0.02
4,556 Akamai Technologies
321
0.01
2,685 AlbemarleØ
465
0.01
4,725
Alexandria Real Estate 
Equities
423
0.01
2,322 Align Technology
627
0.02
3,014 Allegion
285
0.01
NM0923U-3094429-392/477

ACS 50:50 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
392
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
3,200 Alliant Energy
131
0.00
6,188 Allstate
534
0.01
2,028
Alnylam 
Pharmaceuticals
306
0.01
131,905
Alphabet class 'A' 
shares
12,421
0.31
114,296
Alphabet class 'C' 
shares
10,847
0.27
40,635 Altria
1,445
0.04
200,042 Amazon.com
20,237
0.50
3,140 Amdocs
243
0.01
7,415 Ameren
475
0.01
8,665 American Airlines
121
0.00
10,975 American Electric Power
723
0.02
13,745 American Express
1,870
0.05
18,482 American International
836
0.02
10,810
American Tower class ‘A’ 
shares
1,647
0.04
3,112 American Water Works
346
0.01
2,012 Ameriprise Financial
528
0.01
3,305 AmerisourceBergen
498
0.01
5,894 AMETEK
747
0.02
12,333 Amgen
2,156
0.05
12,483
Amphenol class ‘A’ 
shares
824
0.02
10,737 Analog Devices
1,609
0.04
10,313
Annaly Capital 
Management
163
0.00
2,304 Ansys
593
0.01
5,078 Aon
1,373
0.03
11,174 APA (USD)
300
0.01
10,507
Apollo Global 
Management
630
0.02
331,920 Apple
49,757
1.22
18,125 Applied Materials
2,067
0.05
5,045 Aptiv
402
0.01
9,499 Aramark
321
0.01
10,568 Arch Capital
610
0.02
13,943 Archer Daniels Midland
823
0.02
3,272 Arista Networks
412
0.01
2,469 Arrow Electronics
276
0.01
4,556 Arthur J Gallagher
773
0.02
1,483 Assurant
146
0.00
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
156,589 AT&T
1,980
0.05
2,771 AtlassianØ
354
0.01
4,725 Atmos Energy
432
0.01
5,688 Autodesk
927
0.02
9,379
Automatic Data 
Processing
1,605
0.04
334 AutoZone
649
0.02
3,186 AvalonBay Communities
474
0.01
3,841 Avangrid
114
0.00
16,132 Avantor
257
0.01
2,116 Avery Dennison
281
0.01
22,423 Baker Hughes
556
0.01
8,766 Ball
400
0.01
148,516 Bank of America
3,366
0.08
15,648
Bank of New York 
Mellon
547
0.01
8,623 Bath & Body Works
258
0.01
10,102 Baxter International
357
0.01
5,674 Becton Dickinson
1,169
0.03
8
Berkshire Hathaway 
convertible class 'A' 
shares
3,231
0.08
28,530
Berkshire Hathaway 
convertible class 'B' 
shares
7,599
0.18
5,231 Best BuyØ
344
0.01
2,676 Biogen
597
0.01
551 Bio-Rad LaboratoriesØ
163
0.00
4,948 Bio-Techne
310
0.01
3,584 BlackRock**
1,949
0.05
14,602 Blackstone GroupØ
1,071
0.03
12,753 Boeing
2,135
0.05
787 Booking
1,653
0.04
6,271 BorgWarner
239
0.01
5,360 Boston PropertiesØ
242
0.01
30,402 Boston Scientific
1,281
0.03
44,297 Bristol-Myers Squibb
2,242
0.06
9,063 Broadcom
6,181
0.15
2,144
Broadridge Financial 
Solutions
277
0.01
3,212 Brown & Brown
172
0.00
5,039
Brown-Forman class ‘B’ 
shares
264
0.01
NM0923U-3094429-393/477

ACS 50:50 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
393
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
4,070 Bunge
299
0.01
1,303 Burlington Stores
158
0.00
12,516 Cabot Oil & Gas
249
0.01
5,589
Cadence Design 
Systems
1,010
0.02
6,495 Caesars Entertainment
255
0.01
1,512 Campbell Soup
54
0.00
9,477 Capital One Financial
819
0.02
3,836 Cardinal Health
285
0.01
4,639 CarMax
309
0.01
24,120 Carnival
327
0.01
137,797 Carnival (Registered)Ø
1,738
0.04
14,654 Carrier Global
573
0.01
3,698 Catalent
126
0.00
11,773 Caterpillar
2,273
0.06
2,055 Cboe Global Markets
221
0.01
5,525 CBRE class ‘A’ shares
351
0.01
3,817 CDW
545
0.01
1,855 Celanese
167
0.00
12,022 Centene
637
0.02
13,752 CenterPoint Energy
312
0.01
1,140 Ceridian HCM
59
0.00
6,479 CF Industries
360
0.01
3,471
CH Robinson 
WorldwideØ
259
0.01
1,562
Charles River 
Laboratories 
International
258
0.01
36,448 Charles Schwab
1,647
0.04
2,711
Charter 
CommunicationsØ
777
0.02
5,949 Cheniere Energy
711
0.02
38,359 Chevron
4,739
0.12
572 Chipotle Mexican Grill
955
0.02
9,945 Chubb
1,487
0.04
5,985 Church & Dwight
468
0.01
6,546 Cigna
1,435
0.04
3,119 Cincinnati Financial
238
0.01
2,284 Cintas
884
0.02
94,937 Cisco Systems
3,846
0.10
44,333 Citigroup
1,623
0.04
11,524 Citizens Financial
236
0.01
1,769 Clorox
221
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
4,817 Cloudflare
244
0.01
8,555 CME
1,240
0.03
9,493 CMS Energy
438
0.01
86,455 Coca-Cola
4,104
0.10
12,282 Cognizant Technology
627
0.02
18,320 Colgate-Palmolive
1,109
0.03
88,980 Comcast class ‘A’ shares
2,918
0.07
4,781 ComericaØ
162
0.00
2,599 Commerce BancsharesØ
99
0.00
15,466 Conagra Brands
407
0.01
28,655 ConocoPhillips
2,335
0.06
9,196 Consolidated Edison
651
0.02
2,609
Constellation Brands 
class ‘A’ shares
510
0.01
9,023 Constellation EnergyØ
648
0.02
1,143 Cooper
344
0.01
8,808 Copart
628
0.02
19,971 Corning
548
0.01
18,152 Corteva
828
0.02
6,660 CoStar GroupØ
475
0.01
10,107 Costco Wholesale
4,248
0.11
21,197 Coupang
289
0.01
3,891 Crowdstrike
443
0.01
9,600
Crown Castle 
International
866
0.02
42,893 CSX
1,148
0.03
3,701 Cummins
708
0.02
28,078 CVS Health
1,527
0.04
14,074 Danaher
2,646
0.07
3,644 Darden Restaurants
476
0.01
6,053 Datadog
461
0.01
1,876 DaVita
147
0.00
6,024 Deere
1,914
0.05
3,786 Delta Air Lines
139
0.00
4,885 Dentsply Sirona
153
0.00
13,083 Devon Energy
501
0.01
7,277 DexCom
736
0.02
2,867 Diamondback Energy
295
0.01
5,726 Digital Realty Trust
507
0.01
4,900
Discover Financial 
Services
457
0.01
641,286 Diversified Gas & OilØ
563
0.01
NM0923U-3094429-394/477

ACS 50:50 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
394
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
7,439 DocuSign
301
0.01
5,724 Dollar General
755
0.02
5,843 Dollar Tree
663
0.02
17,464 Dominion Energy
716
0.02
1,147 Domino's Pizza
300
0.01
5,185 DoorDash
309
0.01
1,925 Dover
220
0.01
18,194 Dow
766
0.02
5,731 DR Horton
545
0.01
4,736 DTE Energy
409
0.01
19,184 Duke Energy
1,349
0.03
9,125 DuPont de Nemours
511
0.01
3,536 Eastman Chemical
232
0.01
9,989 Eaton
1,571
0.04
9,921 eBay
350
0.01
4,685 Ecolab
681
0.02
11,038 Edison International
598
0.01
13,860 Edwards Lifesciences
1,008
0.02
10,037 Elanco Animal Health
80
0.00
5,301 Electronic Arts
547
0.01
4,443 Elevance Health
1,546
0.04
18,815 Eli Lilly
6,910
0.17
12,078 Emerson Electric
852
0.02
3,608 Enphase Energy
453
0.01
5,781 Entergy
438
0.01
13,212 EOG Resources
1,180
0.03
1,597 EPAM Systems
284
0.01
1,975 Equifax
366
0.01
2,306 Equinix
1,416
0.04
3,262 Equitable
70
0.00
2,076
Equity LifeStyle 
PropertiesØ
109
0.00
9,746 Equity Residential
504
0.01
974 Essex Property Trust
179
0.00
5,187
Estee Lauder class ‘A’ 
shares
790
0.02
3,511 Etsy
238
0.01
389 Everest Re
105
0.00
3,573 Evergy
163
0.00
8,450 Eversource Energy
466
0.01
6,078 Exact Sciences
453
0.01
27,071 Exelon
859
0.02
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
2,269 ExpediaØ
194
0.00
3,315
Expeditors International 
of Washington
315
0.01
2,077 Extra Space StorageØ
243
0.01
90,140 Exxon Mobil
7,605
0.19
1,208 F5 Networks
139
0.00
987
FactSet Research 
Systems
309
0.01
289 Fair Isaac
182
0.00
15,276 Fastenal
707
0.02
1,847
Federal Realty 
Investment Trust
141
0.00
4,957 FedEx
980
0.02
13,404
Fidelity National 
Information Services
561
0.01
10,854 Fifth Third Bancorp
225
0.01
381 First Solar
55
0.00
9,989 FirstEnergy
305
0.01
14,904 Fiserv
1,462
0.04
2,000 FleetCor Technologies
392
0.01
17,421 Flex
377
0.01
3,119 FMC
258
0.01
8,793 FNF
251
0.01
78,745 Ford Motor
930
0.02
11,704 Fortinet
695
0.02
10,452 Fortive
608
0.02
1,570
Fortune Brands Home & 
Security
89
0.00
8,487 Fox class 'A' shares
215
0.01
2,131 Fox class 'B' shares
58
0.00
5,763 Franklin ResourcesØ
122
0.00
30,980 Freeport-McMoRan
964
0.02
4,582 Garmin
375
0.01
2,026 Gartner
549
0.01
9,094
GE Healthcare 
Technologies
566
0.01
1,922 GeneracØ
224
0.01
4,975 General Dynamics
843
0.02
23,281 General Electric
1,984
0.05
13,087 General Mills
789
0.02
35,478 General Motors
1,072
0.03
2,170 Genuine Parts
285
0.01
26,584 Gilead Sciences
1,598
0.04
NM0923U-3094429-395/477

ACS 50:50 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
395
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
4,761 Global Payments
365
0.01
3,466 Globe Life
299
0.01
3,216 GoDaddy
189
0.00
7,663 Goldman Sachs
1,958
0.05
23,747 Halliburton
623
0.02
5,235
Hartford Financial 
Services
295
0.01
1,339 Hasbro
68
0.00
3,936 HCA Healthcare
935
0.02
10,013 Healthpeak Properties
158
0.00
611 Heico class 'A' shares
68
0.00
2,947 Henry Schein
189
0.00
3,781 Hershey
743
0.02
5,333 Hess
564
0.01
16,322
Hewlett Packard 
Enterprise
215
0.01
6,674 Hilton Worldwide
760
0.02
5,083 Hologic
322
0.01
22,477 Home Depot
5,473
0.14
15,174 Honeywell International
2,477
0.06
6,660 Horizon Therapeutics
543
0.01
4,863 Hormel FoodsØ
153
0.00
13,254 Host Hotels & Resorts
175
0.00
12,145 Howmet Aerospace
468
0.01
21,751 HP
521
0.01
702 HubSpotØ
287
0.01
2,985 Humana
1,048
0.03
22,313 Huntington Bancshares
191
0.00
1,675
Huntington Ingalls 
Industries
301
0.01
2,226 ICON
427
0.01
1,639 IDEX
277
0.01
1,686 IDEXX Laboratories
659
0.02
6,959 Illinois Tool Works
1,368
0.03
3,956 IlluminaØ
580
0.01
4,248 Incyte
208
0.01
6,424 Ingersoll Rand
327
0.01
1,754 Insulet
404
0.01
90,626 Intel
2,360
0.06
12,879
Intercontinental 
Exchange
1,144
0.03
21,681
International Business 
Machines
2,298
0.06
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
4,875
International Flavors & 
Fragrances
300
0.01
9,784 International Paper
245
0.01
12,416 InterpublicØ
374
0.01
6,240 Intuit
2,249
0.06
7,378 Intuitive Surgical
1,975
0.05
12,184 Invitation Homes
329
0.01
4,073 IQVIA Holdings
713
0.02
7,674 Iron Mountain
341
0.01
741 Jack Henry & Associates
98
0.00
2,603 Jacobs Solutions
243
0.01
1,755 Jazz Pharmaceuticals
172
0.00
1,726
JB Hunt Transport 
Services
249
0.01
1,989 JM Smucker
230
0.01
57,733 Johnson & Johnson
7,492
0.19
13,669
Johnson Controls 
International
728
0.02
64,369 JPMorgan Chase & Co.
7,301
0.18
9,083 Juniper Networks
222
0.01
5,496 Kellogg
290
0.01
19,345 Keurig Dr Pepper
470
0.01
26,621 KeyCorp
196
0.00
4,646 Keysight Technologies
607
0.02
6,109 Kimberly-Clark
662
0.02
6,450 Kimco Realty
100
0.00
49,862 Kinder Morgan
678
0.02
11,134 KKR & Company
492
0.01
3,243 KLA-Tencor
1,224
0.03
11,451 Kraft Heinz
317
0.01
15,932 Kroger
584
0.01
4,414 L3 Technologies
683
0.02
1,417
Laboratory Corporation 
of America
269
0.01
3,266 Lam Research
1,653
0.04
3,914 Lamb Weston
352
0.01
4,900 Las Vegas Sands
222
0.01
1,805 Lear
203
0.01
2,412 Leidos
167
0.00
6,078 Lennar class ‘A’ shares
595
0.01
1,519
Liberty Broadband class 
'A' shares
95
0.00
NM0923U-3094429-396/477

ACS 50:50 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
396
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
4,225
Liberty Broadband class 
'C' shares
266
0.01
3,861
Live Nation 
EntertainmentØ
274
0.01
2,334 LKQ
107
0.00
4,978 Lockheed Martin
1,800
0.04
4,869 Loews
228
0.01
13,935 Lowe's
2,455
0.06
15,118 Lucid
82
0.00
2,310 Lululemon Athletica
676
0.01
7,415
Lyondellbasell Industries 
class ‘A’ shares
532
0.01
4,287 M&T Bank
421
0.01
15,073 Marathon Oil
273
0.01
6,348 Marathon Petroleum
584
0.01
213 Markel
231
0.01
841 MarketAxess
174
0.00
5,921
Marriott International 
class ‘A’ shares
849
0.02
10,896 Marsh & McLennan
1,602
0.04
1,252 Martin Marietta Materials
453
0.01
18,695 Marvell Technology
863
0.02
4,556 Masco
207
0.01
1,108 Masimo
145
0.00
18,580
MasterCard class ‘A’ 
shares
5,696
0.15
4,767 Match
158
0.00
6,431 McCormick & Co
441
0.01
15,859 McDonald's
3,693
0.09
3,326 McKesson
1,106
0.03
30,082 Medtronic
2,064
0.05
948 MercadoLibre
877
0.02
56,192 Merck & Co
5,045
0.12
49,092 Meta
10,931
0.27
13,624 MetLife
605
0.01
599
Mettler-Toledo 
International
624
0.02
2,273
MGM Resorts 
International
77
0.00
12,347 Microchip Technology
849
0.02
25,021 Micron Technology
1,273
0.03
166,441 Microsoft
44,087
1.10
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
1,652
Mid-America Apartment 
Communities
199
0.00
7,757 Moderna
749
0.02
1,803 Mohawk Industries
147
0.00
1,278 Molina Healthcare
298
0.01
4,906
Molson Coors Brewing 
class ‘B’ shares
255
0.01
31,151 Mondelez International
1,782
0.04
1,948 Mongodb
620
0.02
748
Monolithic Power 
Systems
317
0.01
19,836 Monster Beverage
901
0.02
3,433 Moody's
935
0.02
28,447 Morgan Stanley
1,917
0.05
7,804 Mosaic
215
0.01
4,162 Motorola Solutions
950
0.02
1,525 MSCI
557
0.01
6,720 Nasdaq
265
0.01
5,539 NetApp
334
0.01
10,099 Netflix
3,420
0.08
17,786 Newmont Mining
590
0.01
9,343 News class 'A' shares
144
0.00
7,950 News class 'B' sharesØ
124
0.00
43,315 NextEra Energy
2,494
0.06
27,127 NIKE
2,432
0.06
2,984 NiSource
64
0.00
5,460 Norfolk Southern
975
0.02
6,118 Northern Trust
355
0.01
3,633 Northrop Grumman
1,296
0.03
7,540 NortonlifelockØ
110
0.00
3,719 Novocure
119
0.00
4,163 NRG Energy
122
0.00
5,059 NucorØ
653
0.02
52,702 NVIDIA
17,018
0.42
55 NVR
274
0.01
16,193 Occidental Petroleum
749
0.02
4,094 Okta
224
0.01
1,907
Old Dominion Freight 
Line
567
0.01
5,003 Omnicom
372
0.01
11,538 ON Semiconductor
840
0.02
10,988 ONEOK
534
0.01
32,706 Oracle
3,046
0.08
NM0923U-3094429-397/477

ACS 50:50 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
397
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
1,502 O'Reilly Automotive
1,113
0.03
9,117 Organon
149
0.00
7,833 Otis Worldwide
549
0.01
12,855 PACCAR
840
0.02
2,214
Packaging Corporation 
of America
231
0.01
52,225 Palantir TechnologiesØ
627
0.02
7,041 Palo Alto Networks
1,410
0.03
2,567 Parker-Hannifin
786
0.02
5,376 Paychex
465
0.01
1,326 Paycom Software
329
0.01
25,215 PayPal
1,313
0.03
30,396 PepsiCo
4,418
0.11
1,880 PerkinElmer
176
0.00
125,444 Pfizer
3,583
0.09
50,564 PG&E
682
0.02
36,309
Philip Morris 
International
2,805
0.07
11,656 Phillips 66
871
0.02
1,719 Pinnacle West Capital
110
0.00
15,218 Pinterest
333
0.01
5,271
Pioneer Natural 
Resources
859
0.02
15,513 Plug PowerØ
123
0.00
10,084 PNC Financial Services
1,002
0.02
477 PoolØ
140
0.00
3,960 PPG Industries
455
0.01
23,454 PPL
486
0.01
7,645 Principal Financial
457
0.01
52,257 Procter & Gamble
6,173
0.15
14,439 Progressive
1,508
0.04
19,266 Prologis
1,851
0.05
6,784 Prudential Financial
471
0.01
3,831 PTC
432
0.01
9,356
Public Service 
Enterprise
457
0.01
3,112 Public Storage
710
0.02
3,909 Pulte Homes
239
0.01
174,622 PureTech HealthØ
382
0.01
3,258 Qorvo
261
0.01
25,202 Qualcomm
2,352
0.06
3,384 Quanta Services
522
0.02
3,037 Quest Diagnostics
339
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
5,028
Raymond James 
FinancialØ
412
0.01
33,473 Raytheon Technologies
2,589
0.06
16,346 Realty Income
778
0.02
6,878 Regency Centers
335
0.01
2,185
Regeneron 
Pharmaceuticals
1,224
0.03
29,569 Regions Financial
414
0.01
2,013 RenaissanceRe
294
0.01
3,562 Republic Services
427
0.01
2,162 ResMed
370
0.01
15,764 Rivian Automotive
199
0.00
557 Robert Half International
33
0.00
8,023 RobloxØ
246
0.00
2,056 Rockwell Automation
527
0.01
9,156 Rollins
308
0.01
2,789 Roper Technologies
1,050
0.03
8,550 Ross Stores
736
0.02
3,459
Royal Caribbean 
CruisesØ
278
0.01
9,102 Royalty Pharma
220
0.01
6,938 S&P Global
2,172
0.05
21,627 Salesforce.com
3,597
0.09
257,400 Samsonite International
574
0.01
2,766 SBA Communications
502
0.01
29,804 Schlumberger
1,142
0.02
6,343 Seagate Technology
311
0.01
3,737 Seagen
566
0.01
6,742 Sempra Energy
772
0.02
3,716 Sensata Technologies
131
0.00
4,824 ServiceNow
2,092
0.05
5,021 Sherwin-Williams
1,038
0.03
7,174 Simon Property
651
0.02
11,518
Sims Metal 
ManagementØ
95
0.00
1,947 Skyworks Solutions
169
0.00
1,377 Snap-on
312
0.01
7,019 Snowflake
976
0.02
1,617 SolarEdge Technologies
324
0.01
18,773 Southern
1,027
0.03
3,057 Southwest Airlines
87
0.00
4,950 Splunk
412
0.01
4,382 Spotify Technology
552
0.01
NM0923U-3094429-398/477

ACS 50:50 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
398
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
11,890 Square
605
0.01
3,634 SS&C TechnologiesØ
174
0.00
4,735 Stanley Black & Decker
354
0.01
24,007 Starbucks
1,873
0.05
6,822 State Street
395
0.01
4,602 Steel Dynamics
397
0.01
2,611 STERIS
456
0.01
8,557 Stryker
2,041
0.05
1,717 Sun Communities
174
0.00
6,210 Synchrony Financial
167
0.00
3,175 Synopsys
1,074
0.03
9,144 Sysco
529
0.01
5,548 T Rowe Price
488
0.01
4,065
Take-Two Interactive 
Software
468
0.01
5,342 Targa Resources
318
0.01
9,760 Target
1,026
0.03
8,563 TE Connectivity
938
0.02
1,203 Teledyne Technologies
387
0.01
1,213 TeleflexØ
225
0.01
4,777 Teradyne
413
0.01
62,087 Tesla
12,642
0.31
20,681 Texas Instruments
2,891
0.07
230 Texas Pacific Land
240
0.01
4,701 Textron
250
0.01
8,931 Thermo Fisher Scientific
3,633
0.09
143,346 TI Fluid Systems
193
0.00
23,855 TJX
1,580
0.04
13,333 T-Mobile
1,443
0.04
2,928 Tractor SupplyØ
503
0.01
7,291 Trade Desk
446
0.01
6,067 Trane Technologies
911
0.02
964 TransDigm
676
0.02
5,271 TransUnionØ
323
0.01
4,366 Travelers
590
0.01
6,071 Trimble
253
0.01
32,426
Truist Financial 
Corporation
786
0.02
2,777 Twilio
139
0.00
453 Tyler Techs.
147
0.00
7,146 Tyson Foods
286
0.01
47,663 Uber Technologies
1,605
0.04
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
5,441 UDR
184
0.00
1,472 Ulta Beauty
541
0.01
12,829 Union Pacific
2,077
0.05
4,824 United Continental
205
0.01
17,017
United Parcel Service 
class ‘B’ shares
2,369
0.06
1,212 United Rentals
417
0.01
20,631 UnitedHealth
7,775
0.18
4,784 Unity Software
165
0.00
1,133
Universal Health 
Services class ‘B’ shares
140
0.00
33,336 US Bancorp
863
0.02
1,138 Vail Resorts
224
0.01
8,054 Valero EnergyØ
743
0.02
3,595 Veeva Systems
555
0.01
10,436 Ventas
393
0.01
2,407 VeriSign
424
0.01
2,748 Verisk Analytics
485
0.01
92,796 Verizon Communications
2,714
0.07
6,165 Vertex Pharmaceuticals
1,698
0.04
10,720 VF
163
0.00
19,028 Viacomcbs
241
0.01
29,076 Viatris
228
0.01
20,198 Vici Props.
501
0.01
35,944 VisaØ
6,659
0.17
11,319 Vistra Energy
233
0.01
3,811 VMware
434
0.01
1,970 Vulcan Materials
350
0.01
4,737 Wabtec
405
0.01
19,073
Walgreens Boots 
Alliance
428
0.01
31,465 Walmart
3,839
0.09
41,055 Walt Disney
2,888
0.07
56,201 Warner Bros Discovery
551
0.01
9,307 Waste Management
1,248
0.03
1,340 Waters
278
0.01
5,861 WEC Energy
404
0.01
84,411 Wells Fargo
2,833
0.07
11,305 WelltowerØ
719
0.02
2,071
West Pharmaceutical 
Services
618
0.02
8,150 Western Digital
242
0.01
2,439 WestRock
55
0.00
NM0923U-3094429-399/477

ACS 50:50 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
399
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
16,460 Weyerhaeuser
434
0.01
1,019 WhirlpoolØ
120
0.00
24,248 Williams
624
0.02
2,091 Willis Towers Watson
385
0.01
4,157 Workday
747
0.02
2,627 WP Carey
140
0.00
2,400 WR Berkley
112
0.00
864 WW GraingerØ
534
0.01
4,217 Wynn Resorts
348
0.01
13,687 Xcel Energy
663
0.02
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
3,593 Xylem
316
0.01
7,195 Yum! Brands
781
0.02
1,568 Zebra Technologies
358
0.01
3,352 Zillow
130
0.00
5,750 Zillow Group
228
0.01
5,291 Zimmer Biomet
607
0.02
2,400 Zions Bancorporation
52
0.00
9,518 Zoetis
1,293
0.03
6,680
Zoom Video 
Communications
357
0.01
2,292 Zscaler
262
0.01
672,715
16.65
 
 
 
Holding 
or Nominal 
Value Investment
Underlying 
Exposure 
£000's
Market 
Value 
£000's
% of 
Total 
Net 
Assets
                    
DERIVATIVES - 0.01%; 31.12.22 (0.03)%    
Futures - 0.01%; 31.12.22 (0.03)%    
129 EURO Stoxx 50 September 2023
4,897
85
0.00
274 FTSE 100 Index September 2023
20,641
(155)
0.00
68 KOSPI 200 Index September 2023
3,474
(59)
0.00
105 MSCI Singapore Index July 2023
1,768
2
0.00
79 S&P 500 E-Mini September 2023
13,909
341
0.01
48 SPI 200 Index September 2023
4,498
41
0.00
50 Swiss Market Index September 2023
4,968
(22)
0.00
55 TOPIX September 2023
6,880
193
0.00
61,035
426
0.01
 
 
 
 
 
 
 
 
 
 
 
NM0923U-3094429-400/477

ACS 50:50 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
400
Holding 
or Nominal 
Value Investment
Underlying 
Exposure 
£000’s
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
                    
 
 
 
 
Portfolio of investments
3,981,149
98.48
CASH EQUIVALENTS
Short-term Money Market Funds - 0.41%; 31.12.22 0.00%    
8,454,823 BlackRock Institutional Cash Series Sterling Liquidity Fund*
8,455
0.21
10,237,317 BlackRock Institutional Cash Series US Dollar Liquidity Fund*
8,094
0.20
16,549
0.41
Net other assets
44,739
1.11
Total net assets
4,042,437 100.00
Unless otherwise stated, all securities are either listed on a recognised exchange or traded on an eligible securities market.
Underlying exposure has been calculated according to the guidelines issued by the European Securities and Markets 
Authority (“ESMA”) (as adopted by the FCA) and represents the market value of an equivalent position in the assets 
underlying each financial derivative instrument.
Ø All or a portion of this investment represents a security on loan.
† Suspended investments fair valued.
^ Investments which are less than £500 are rounded to zero.
* Managed by a related party.
** Related party to the Fund.
NM0923U-3094429-401/477

401
ACS 50:50 GLOBAL EQUITY TRACKER FUND
STATEMENT OF TOTAL RETURN (unaudited)
for the six months ended 30 June 2023
For the period 
to 30.6.2023
For the period 
to 30.6.2022
£000's
£000's
£000's
£000's
Income
Net capital gains/(losses)
124,262
(479,682)
Revenue
76,057
83,037
Expenses
(226)
(256)
Interest payable and similar charges
(8)
(21)
Net revenue before taxation
75,823
82,760
Taxation
(2,370)
(1,820)
Net revenue after taxation
73,453
80,940
Total return before distributions
197,715
(398,742)
Equalisation
(1,063)
(6,541)
Change in net assets 
attributable to unitholders from investment activities
196,652
(405,283)
STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS (unaudited)
for the six months ended 30 June 2023
For the period 
to 30.6.2023
For the period 
to 30.6.2022
£000's
£000's
£000's
£000's
Opening net assets attributable to unitholders 
4,012,282
5,539,721
Amounts receivable on issue of units
			
59,058
			
62,209
Amounts payable on cancellation of units
			 (225,555)
			(1,146,216)
(166,497)
(1,084,007)
Change in net assets attributable to unitholders from investment 
activities
196,652
(405,283)
Closing net assets attributable to unitholders
4,042,437
4,050,431
The above statement shows the comparative closing net assets at 30 June 2022 whereas the current accounting period 
commenced 1 January 2023. 
NM0923U-3094429-402/477

402
ACS 50:50 GLOBAL EQUITY TRACKER FUND
BALANCE SHEET (unaudited)
at 30 June 2023
30.6.2023
31.12.2022
£000's
£000's
Assets:
Fixed assets
– Investment assets
3,981,385
3,968,923
Current assets
– Debtors
27,627
28,663
– Cash and bank balances
19,018
22,596
– Cash equivalents
16,549
–
Total assets
4,044,579
4,020,182
Liabilities:
Investment liabilities
(236)
(1,258)
Creditors
– Other creditors
(1,906)
(6,642)
Total liabilities
(2,142)
(7,900)
Net assets attributable to unitholders
4,042,437
4,012,282
G D Bamping (Director)
M T Zemek (Director)
BlackRock Fund Managers Limited
30 August 2023
NM0923U-3094429-403/477

403
ACS 60:40 GLOBAL EQUITY TRACKER FUND
About the Fund
The Fund is a sub-fund of BlackRock Authorised Contractual Scheme I, a Co-Ownership Scheme constituted as a UCITS 
scheme under the COLL Sourcebook. The Fund was authorised by the FCA on 14 February 2017 and launched  
on 7 June 2017.
Risk and Reward Profile
 
 Lower risk 
Higher risk 
 Typically lower rewards
Typically higher rewards 
 Unit Class
 X1 Accumulation
1
2
3
4
5
6
7
•	 The risk indicator was calculated incorporating simulated historical data and may not be a reliable indication of the future 
risk profile of the Fund.
•	 The risk category shown is not guaranteed and may change over time.
•	 The lowest category does not mean risk free.
•	 The use of derivatives will impact the value of the Fund and may expose the Fund to a higher degree of risk. Derivatives 
are highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and 
gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can be greater where derivatives are 
used in an extensive or complex way.
For more information on this, please see the Fund’s Key Investor Information Document (“KIID”), which is available at  
www.blackrock.com.
Net Asset Value
At 30 June 2023
Units In Issue
Net Asset Value 
£000's
Net Asset Value 
per Unit 
p
X1 Accumulation 
	 	 	
647,138,818 	 	 	
884,896
136.74
Operating Charges
Unit Class
1.1.2023 
to 30.6.2023*
1.1.2022 
to 31.12.2022
X1 Accumulation 
0.02%
0.02%
* Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/depositary 
and entry/exit charges paid to an underlying collective investment scheme (if any).
Distributions Payable
Any income available is accumulated annually on the last day of February.
NM0923U-3094429-404/477

404
ACS 60:40 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited)
at 30 June 2023
Holding 
or Nominal 
Value Investment
Market 
Value 
£000's
% of 
Total 
Net 
Assets
       
EQUITIES - 98.90%; 31.12.22 98.94%    
Australia - 4.20%; 31.12.22 4.53%    
42,286 Adelaide BrightonØ
53
0.01
17,793 AGL Energy
101
0.01
14,155 Allkem
119
0.01
12,680 ALS
74
0.01
3,977 Altium
77
0.01
77,057 Alumina
56
0.01
43,368 AMP
26
0.00
6,872 Ampol
108
0.01
3,622 Ansell
51
0.01
31,524 APA
160
0.02
18,045 Aristocrat Leisure
365
0.04
4,880 ASXØ
161
0.02
36,759 Atlas Arteria
119
0.01
48,086 Aurizon
99
0.01
78,785
Australia & New Zealand 
Banking
977
0.11
24,206 Bank of QueenslandØ
69
0.01
16,956 Beach Energy
12
0.00
21,690
Bendigo & Adelaide 
BankØ
97
0.01
129,440 BHP Billiton
3,049
0.34
10,717 Bluescope Steel
115
0.01
37,026 Brambles
279
0.03
8,786 carsales.com
110
0.01
22,688
Challenger Financial 
Services
77
0.01
12,116 Charter HallØ
68
0.01
61,280
Cleanaway Waste 
Management
83
0.01
1,500 CochlearØ
180
0.02
28,550 Coles Group
275
0.03
43,482
Commonwealth Bank of 
Australia
2,280
0.26
14,126 Computershare
173
0.02
12,252 CSL
1,779
0.20
7,432 CSR
20
0.00
28,840 Dexus
118
0.01
23,212
Domain Holdings 
AustraliaØ
46
0.01
642
Domino's Pizza 
EnterprisesØ
16
0.00
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
30,357 Downer EDIØ
65
0.01
41,260 Endeavour
136
0.01
35,153 Evolution Mining
59
0.01
2,769 Flight Centre
28
0.00
39,872 Fortescue Metals
462
0.06
49,818 Goodman
523
0.06
43,016 GPT
93
0.01
5,608 IDP EducationØ
65
0.01
15,587 IGO
124
0.02
11,552 Iluka ResourcesØ
67
0.01
57,738 Incitec Pivot
83
0.01
64,958 Insurance Australia
194
0.02
12,361 IOOF
18
0.00
1,980 JB Hi-FiØ
45
0.01
14,639 Lend Lease
59
0.01
51,180 Lottery
137
0.02
16,680 Lynas Rare Earths
60
0.01
9,132 Macquarie
849
0.10
5,222 Magellan Financial
26
0.00
78,243 Medibank
144
0.02
14,976 Metcash
29
0.00
4,664 Mineral Resources
174
0.02
90,691 Mirvac
107
0.01
82,795 National Australia Bank
1,142
0.13
19,825 Newcrest Mining
274
0.03
18,816 NEXTDC
124
0.01
22,227 Northern Star Resources
141
0.02
8,144 Nufarm
22
0.00
14,092 Orica
109
0.01
47,825 Origin Energy
211
0.02
15,167 Orora
26
0.00
4,025 PerpetualØ
55
0.01
75,009 Pilbara Minerals
191
0.02
21,567
Platinum Asset 
Management
20
0.00
553 Pro MedicusØ
19
0.00
22,008 Qantas Airways
71
0.01
33,362 QBE Insurance
274
0.03
54,837 Qube
82
0.01
4,030 Ramsay Health Care
119
0.01
1,321 REA
99
0.01
5,609 ReeceØ
54
0.01
NM0923U-3094429-405/477

ACS 60:40 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
405
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
9,185 Region
11
0.00
9,666 Rio Tinto
580
0.07
248,193 Rio Tinto (Registered)
12,399
1.40
80,125 Santos
315
0.04
120,918 Scentre
168
0.02
8,697 Seek
99
0.01
1,951 Seven Group
25
0.00
12,031 Sonic Healthcare
224
0.03
90,972 South32
179
0.02
46,153 Star Entertainment
28
0.00
29,224 Steadfast
92
0.01
58,106 Stockland TrustØ
122
0.01
32,828 Suncorp
232
0.03
68,660 Tabcorp
40
0.00
92,767 Telstra
209
0.02
10,243 TPG TelecomØ
26
0.00
79,415 Transurban
593
0.06
16,428 Treasury Wine Estates
97
0.01
81,996 Vicinity Centres
79
0.01
6,043
Washington H Soul 
Pattinson
101
0.01
29,822 Wesfarmers
769
0.09
85,221 Westpac Banking
952
0.11
27,015 Whitehaven Coal
95
0.01
4,542 Wisetech Global
190
0.02
46,105 Woodside Energy
831
0.09
31,986 Woolworths
666
0.08
11,545 WorleyParsons
95
0.01
37,189
4.20
Austria - 0.06%; 31.12.22 0.06%    
986 AndritzØ
43
0.00
5,886 Erste Bank
161
0.02
2,542 OMV
85
0.01
4,395
Raiffeisen Bank 
International
55
0.01
5,659 Telekom Austria
33
0.00
1,207 Verbund
76
0.01
3,796 Voestalpine
107
0.01
560
0.06
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
Belgium - 0.21%; 31.12.22 0.26%    
500
Ackermans & Van 
Haaren
65
0.01
2,922 Ageas
93
0.01
15,088 Anheuser-Busch InBev
674
0.08
461 D'ieterenØ
64
0.01
880 Elia
87
0.01
1,914
Groupe Bruxelles 
Lambert
118
0.01
5,427 KBC
296
0.03
3,632 Proximus
21
0.00
55 SofinaØ
9
0.00
1,430 SolvayØ
125
0.01
2,387 UCB
166
0.02
3,473 Umicore
76
0.01
4,606
Warehouses De Pauw 
CVA
99
0.01
1,893
0.21
Bermuda - 0.11%; 31.12.22 0.12%    
77,685 Hiscox
848
0.10
31,905 Hongkong Land
98
0.01
17,525 Kerry Properties
29
0.00
1,291 Shangri-La Asia
1
0.00
21,698 Yue Yuen Industrial
22
0.00
998
0.11
Burkina Faso - 0.09%; 31.12.22 0.07%    
42,050 Endeavour Mining
773
0.09
Cayman Islands - 0.05%; 31.12.22 0.07%    
5,242 ASM Pacific Technology
41
0.00
53,111 CK Asset Holdings
233
0.03
35,498
Dragon Capital - 
Vietnam Enterprise 
InvestmentsØ
206
0.02
44,830 NagaCorp
19
0.00
499
0.05
Chile - 0.13%; 31.12.22 0.14%    
80,187 Antofagasta
1,164
0.13
China - 0.10%; 31.12.22 0.10%    
26,706 AAC Technologies
50
0.01
92,112 BOC Hong Kong
223
0.03
NM0923U-3094429-406/477

ACS 60:40 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
406
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
49,700 Budweiser Brewing
101
0.01
229,809
China Travel 
International
35
0.00
69,600 ESR Cayman
94
0.01
222,244
Guotai Junan 
InternationalØ
13
0.00
22,500 HUTCHMED China
42
0.00
186,000 LenovoØ
153
0.02
5,000 Nexteer Automotive
2
0.00
48,000 SITC International
69
0.01
117,070 Want Want China
61
0.01
843
0.10
Denmark - 0.81%; 31.12.22 0.80%    
61
AP Moeller-Maersk 
series 'A' shares
84
0.01
99
AP Moeller-Maersk 
series 'B' shares
137
0.02
1,392
Carlsberg series 'B' 
sharesØ
175
0.02
1,687 Christian Hansen
92
0.01
2,626 Coloplast 'B' sharesØ
257
0.03
12,288 Danske Bank
234
0.03
3,513 DSVØ
582
0.07
1,294 Genmab
383
0.04
164
H. Lundbeck series 'A' 
shares
1
0.00
656
H. Lundbeck series 'B' 
shares
2
0.00
30,084
Novo Nordisk class 'B' 
shares
3,770
0.44
4,083
Novozymes class 'B' 
sharesØ
149
0.02
3,722 OrstedØ
277
0.03
1,812 Pandora
128
0.01
1,467 Royal Unibrew
103
0.01
6,197 Tryg
106
0.01
19,855 Vestas Wind Systems
415
0.05
1,924 William DemantØ
64
0.01
6,959
0.81
Finland - 0.34%; 31.12.22 0.39%    
3,648 Elisa
154
0.02
6,328 FortumØ
67
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
2,252 HuhtamakiØ
59
0.01
4,023 Kesko
60
0.01
6,526 Kojamo
48
0.01
6,373 Kone class 'B' shares
262
0.03
12,126 Metso OyjØ
114
0.01
7,490 Neste
227
0.03
93,808 Nokia
312
0.04
66,785 Nordea Bank AbpØ
572
0.06
1,299 Orion series 'B' shares
43
0.00
9,210 Sampo series 'A' shares
325
0.04
15,477
Stora Enso series 'R' 
shares
141
0.02
10,842 UPM-Kymmene
254
0.03
4,169 Valmet
92
0.01
5,439 Wartsila
48
0.01
2,778
0.34
France - 3.11%; 31.12.22 3.03%    
3,451 Accor
101
0.01
909 Aeroports de Paris
104
0.01
9,875 Air Liquide
1,391
0.17
10,768 Airbus
1,219
0.14
6,576 AlstomØ
153
0.02
1,235 Amundi
58
0.01
1,409 Arkema
105
0.01
36,096 AXA
841
0.10
494 Biomerieux
41
0.00
19,839 BNP ParibasØ
984
0.11
22,256 Bollore
109
0.01
4,104 BouyguesØ
109
0.01
5,867 Bureau Veritas
126
0.01
3,160 Capgemini
467
0.05
14,603 Carrefour
218
0.02
1,369 Covivio
51
0.01
18,289 Crédit AgricoleØ
172
0.02
11,773 Danone
568
0.06
406 Dassault Aviation
63
0.01
12,760 Dassault Systemes
440
0.05
5,156 Edenred
271
0.03
726 Eiffage
60
0.01
32,799 ENGIE
430
0.05
5,249 EssilorLuxottica
773
0.08
1,430 Eurazeo
79
0.01
NM0923U-3094429-407/477

ACS 60:40 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
407
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
1,258 Gecina
106
0.01
5,382 Getlink
72
0.01
651 Hermes International
1,108
0.13
408 Icade
13
0.00
395 Ipsen
37
0.00
1,226 Kering
533
0.06
2,652 Klepierre
52
0.01
1,520
La Francaise des Jeux 
SAEM
47
0.01
5,257 Legrand
408
0.05
4,557 L'Oréal
1,666
0.19
4,664 LVMH Moet Hennessy
3,439
0.40
13,649 Michelin
318
0.03
37,450 Orange
346
0.04
3,959 Pernod-Ricard
688
0.08
4,357 Publicis
277
0.03
503 Remy Cointreau
63
0.01
4,090 Renault
135
0.02
6,591 Rexel
128
0.01
6,720 Safran
824
0.09
8,655 Saint-Gobain
414
0.05
20,134 Sanofi
1,696
0.19
486 Sartorius Stedim Biotech
95
0.01
10,256 Schneider Electric
1,460
0.16
1,806 SCOR
42
0.00
795 SEB
65
0.01
12,229 Société Générale
253
0.03
1,503 Sodexo
128
0.01
692 SOITECØ
91
0.01
1,014 Teleperformance
134
0.02
2,113 Thales
247
0.03
42,372 Total
1,928
0.22
3,293 Ubisoft EntertainmentØ
73
0.01
2,571
Unibail-Rodamco-
Westfield REITØ
106
0.01
5,084 Valeo
85
0.01
11,998 Veolia Environnement
297
0.03
8,787 Vinci
802
0.09
14,055 Vivendi
102
0.01
542 Wendel
43
0.00
5,120 Worldline
148
0.02
27,402
3.11
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
Georgia - 0.06%; 31.12.22 0.05%    
7,743 Bank of Georgia
228
0.03
10,094 TBC Bank
251
0.03
479
0.06
Germany - 2.25%; 31.12.22 2.28%    
3,245 AdidasØ
495
0.06
7,773 Allianz
1,427
0.16
17,709 BASF
675
0.08
17,384 Bayer
760
0.09
998 BechtleØ
31
0.00
1,993 Beiersdorf
207
0.02
1,157
BMW non-voting 
preference shares
102
0.01
6,129 BMWØ
590
0.07
2,948 Brenntag
179
0.02
1,006 Carl Zeiss Meditec
84
0.01
18,698 CommerzbankØ
164
0.02
2,047 Continental
122
0.01
4,721 Covestro
193
0.02
1,968 CTS Eventim AGØ
96
0.01
16,674 Daimler
1,053
0.12
9,304 Daimler TruckØ
263
0.03
3,804 Delivery HeroØ
128
0.01
39,037 Deutsche Bank
324
0.04
3,551 Deutsche Boerse
514
0.06
11,684 Deutsche LufthansaØ
94
0.01
18,352 Deutsche Post
709
0.07
61,007 Deutsche TelekomØ
1,050
0.12
1,192 Deutsche WohnenØ
21
0.00
38,519 E.ON
385
0.04
5,186 Evonik Industries
77
0.01
389 Fielmann
16
0.00
7,858 Fresenius
170
0.02
3,875 Fresenius Medical CareØ
145
0.02
1,474
Fuchs Petrolub non-
voting preference shares
45
0.01
3,230 GEA
106
0.01
1,230
Hannover 
Rueckversicherung
205
0.02
3,112 Heidelberg Cement
201
0.02
5,285 HelloFreshØ
101
0.01
1,979 Henkel
110
0.01
NM0923U-3094429-408/477

ACS 60:40 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
408
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
3,236
Henkel non-voting 
preference shares
204
0.02
25,183 Infineon Technologies
807
0.09
1,419 Kion
45
0.01
1,014 Knorr-Bremse
61
0.01
1,700 Lanxess
41
0.00
1,422 LEG Immobilien
64
0.01
2,465 Merck
319
0.04
1,025 MTU Aero Engines
208
0.02
2,710
Muenchener 
Rueckversicherung
801
0.09
1,498 Nemetschek
88
0.01
2,751 PumaØ
129
0.01
72 Rational
41
0.00
847 Rheinmetall
181
0.02
12,445 RWE
426
0.05
20,788 SAP
2,218
0.24
476
Sartorius non-voting 
preference shares
128
0.01
1,618 Scout24
81
0.01
13,900 Siemens (Registered)
1,816
0.22
6,522 Siemens EnergyØ
92
0.01
4,250 Siemens HealthineersØ
189
0.02
333,857 Sirius Real EstateØ
283
0.03
2,573 Symrise
211
0.02
14,403 ThyssenKrupp
89
0.01
2,340 United Internet
26
0.00
3,890
Volkswagen non-voting 
preference shares
412
0.05
538 Volkswagen
71
0.01
10,021 VonoviaØ
154
0.02
297 Wacker Chemie
32
0.00
5,029 ZalandoØ
114
0.01
20,173
2.25
Guernsey - 0.68%; 31.12.22 0.68%    
4,985
Alcentra European 
Floating Rate Income 
Fund†
–
0.00
106,873 Apax Global Alpha
196
0.02
123,350
Balanced Commercial 
Property Trust
81
0.01
78,778 BH Macro
293
0.03
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
137,347
Bluefield Solar Income 
Fund
163
0.02
23,706
Genesis Emerging 
Markets Fund
137
0.02
18,740
HarbourVest Global 
Private Equity Fund
399
0.05
82,500
Highbridge Tactical 
Credit Fund†
118
0.01
231,913
Hipgnosis Songs - 
Ordinary Shares
183
0.02
453,223
International Public 
PartnershipØ
587
0.07
93,190
Merian Chrysalis 
Investment Trust
62
0.01
54,024
NB Global Monthly 
Income Fund
39
0.00
10,272 NB Private Equity
154
0.02
145,008 NextEnergy Solar Fund
137
0.02
36,167
Pershing Square 
Holdings
1,024
0.12
122,418
Picton Property Income 
FundØ
87
0.01
183,266 Raven Property Group†
2
0.00
589,546
Renewables 
Infrastructure
670
0.08
89,023
Ruffer Investment Red 
preference shares
247
0.03
67,648
Schroder Oriental 
Income Fund
168
0.02
414,865
Sequoia Economic 
Infrastructure Income
317
0.04
116,742
Starwood European 
Real Estate Finance
103
0.01
118,471 Syncona
178
0.02
146,815
TwentyFour Income 
Fund
145
0.02
48,212
TwentyFour Select 
Monthly Income Fund
35
0.00
103,371
UK Commercial Property 
REIT
50
0.01
40,320
VinaCapital Vietnam 
Opportunity Fund
172
0.02
5,747
0.68
NM0923U-3094429-409/477

ACS 60:40 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
409
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
Hong Kong - 0.87%; 31.12.22 1.00%    
309,162 AIA
2,468
0.29
43,069 Bank of East Asia
47
0.01
29,178 Café de Coral
30
0.00
176 Cathay Pacific Airways^
–
0.00
42,163
Champion Real Estate 
Investment TrustØ
12
0.00
34,720
Chow Tai Fook 
JewelleryØ
49
0.01
71,127 CK Hutchison
343
0.04
11,940 CK Infrastructures
50
0.01
45,836 CLPØ
281
0.03
33,500 Dah Sing Banking
20
0.00
42 Dah Sing Financial^
–
0.00
244 First Pacific^
–
0.00
56,728 Galaxy Entertainment
285
0.03
231,564
Haitong International 
SecuritiesØ
15
0.00
25,848 Hang Lung
31
0.00
48,018 Hang Lung Properties
59
0.01
19,372 Hang Seng Bank
218
0.02
31,583
Henderson Land 
Development
74
0.01
269,751 Hong Kong & China Gas
184
0.02
36,275
Hong Kong Exchanges 
& Clearing
1,080
0.12
52,287 Hutchison Port
8
0.00
112,904
Hutchison 
TelecommunicationsØ
14
0.00
13,476 Hysan Development
26
0.00
4,792 Jardine Matheson
192
0.02
33,129 Johnson ElectricØ
33
0.00
134 Kerry Logistics Network^
–
0.00
64,074
Link Real Estate 
Investment Trust
281
0.03
61,600 Man Wah
33
0.00
41
Melco International 
Development^
–
0.00
12,000 MMG
3
0.00
43,566 MTR
158
0.02
34,638 New World Development
67
0.01
24,517 NWS
22
0.00
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
5,000
Orient Overseas 
International
53
0.01
125,698 PCCW
51
0.01
36,690 Power Assets
152
0.02
56,503 Sino LandØ
55
0.01
37,953 Sun Hung Kai Properties
379
0.04
7,500 Swire Pacific
7
0.00
8,242
Swire Pacific class 'A' 
shares
50
0.01
32,458 Swire Properties
63
0.01
29,392 Techtronic Industries
253
0.03
22,000 Vitasoy InternationalØ
22
0.00
3 Vtech^
–
0.00
200,216 WH
84
0.01
35,994 Wharf
68
0.01
41,994
Wharf Real Estate 
Investment
166
0.02
46,115 Xinyi GlassØ
57
0.01
7,543
0.87
India - 0.03%; 31.12.22 0.01%    
8,761 RHI MagnesitaØ
233
0.03
Ireland - 1.11%; 31.12.22 0.97%    
22,826 AIB
75
0.01
22,084 Bank of Ireland
167
0.02
95,817 C&C
119
0.01
167,740 CRH
7,291
0.81
2,470 Glanbia
29
0.00
111,071 Greencore
82
0.01
10,592 James Hardie
220
0.02
22,051 Kenmare Resources
98
0.01
2,888 Kerry class 'A' shares
222
0.03
2,834 Kingspan
147
0.02
57,879 Smurfit Kappa
1,514
0.17
9,964
1.11
Israel - 0.05%; 31.12.22 0.05%    
600
Check Point Software 
Technologies
61
0.01
22,161 Plus500
322
0.04
383
0.05
NM0923U-3094429-410/477

ACS 60:40 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
410
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
Italy - 0.53%; 31.12.22 0.54%    
20,700 A2AØ
30
0.00
2,862 Amplifon
82
0.01
26,772 Assicurazioni Generali
431
0.05
29,803 Banco BPMØ
109
0.01
593 DiaSorin
48
0.01
136,461 Enel
724
0.08
42,697 EniØ
483
0.05
13,093 FinecoBank
138
0.02
17,853 Hera
42
0.00
7,401
Infrastrutture Wireless 
Italiane
77
0.01
2,451 Interpump Group
106
0.00
313,160 Intesa Sanpaolo
649
0.07
8,933 ItalgasØ
42
0.00
9,429 LeonardoØ
85
0.01
11,998 MediobancaØ
113
0.01
4,396 Moncler
237
0.03
9,596 NexiØ
59
0.01
9,011 Poste ItalianeØ
77
0.01
13,930 Prada
74
0.01
5,759 Prysmian
187
0.02
2,832 Recordati
106
0.01
836 ReplyØ
74
0.00
46,411 Snam
191
0.02
68,435
Telecom Italia (Part 
Certified)
15
0.00
25,027 Terna
168
0.02
33,967 UniCredit
627
0.07
4,974
0.53
Japan - 6.39%; 31.12.22 6.89%    
359 ABC-Mart
15
0.00
22,845 Acom
44
0.00
28 Activia Properties
61
0.01
18
Advance Residence 
Investment
34
0.00
3,083 Advantest
323
0.04
14,186 Aeon
228
0.03
7,194 AEON Financial Service
50
0.01
2,102 AEON Mall
21
0.00
2,769 AGC
78
0.01
1,459 Ain
40
0.00
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
41 Air Water^
–
0.00
2,514 Aisin Seiki
61
0.01
7,910 Ajinomoto
247
0.03
3,495 Alfresa
41
0.00
2,359 Alps Alpine
16
0.00
5,334 Amada
41
0.00
4,407 ANA
83
0.01
6,200 Anritsu
42
0.00
1,090 Aozora
16
0.00
971 Ariake Japan
28
0.00
9,835 Asahi
299
0.03
4,262 Asahi Intecc
65
0.01
27,392 Asahi Kasei
145
0.02
3,700 ASICS
89
0.01
2,918 ASKUL
32
0.00
30,329 Astellas Pharma
356
0.04
2,558 Azbil
63
0.01
860 Bank of KyotoØ
34
0.00
3,000 BayCurrent Consulting
88
0.01
4,569 Benesse
46
0.01
8,556 Bic Camera
50
0.01
11,057 Bridgestone
356
0.04
4,094 Brother Industries
47
0.01
1,472 Calbee
22
0.00
17,001 Canon
352
0.04
2,820 Canon Marketing Japan
55
0.01
3,572 Capcom
111
0.01
3,794 Casio Computer
24
0.00
3,727 Central Japan Railway
368
0.04
17,815 Chiba Bank
85
0.01
10,871 Chubu Electric Power
104
0.01
11,145 Chugai Pharmaceutical
249
0.03
10,500 Chugin Financial
50
0.01
4,153 Chugoku Electric Power
22
0.00
2,197 Coca-Cola Bottlers
18
0.00
2,416 Comsys
38
0.00
20,884 Concordia Financial
64
0.01
489 Cosmo Energy
10
0.00
1,895 Credit Saison
23
0.00
8,932 CyberAgent
51
0.01
4,868 Dai Nippon Printing
109
0.01
5,461 Daicel
38
0.00
NM0923U-3094429-411/477

ACS 60:40 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
411
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
640 Daido Steel
21
0.00
6,813 Daifuku
109
0.01
14,717 Dai-ichi Life
220
0.02
35,668 Daiichi Sankyo
887
0.10
1,264 Daiichikosho
17
0.00
4,600 Daikin Industries
735
0.08
1,374 Daito Trust Construction
110
0.01
13,262 Daiwa House
275
0.03
45
Daiwa House REIT 
Investment
68
0.01
31,922 Daiwa Securities
129
0.01
1,521 Dena
16
0.00
1,655 Denka
25
0.00
8,586 Denso
453
0.05
4,111 Dentsu
106
0.01
1,662 Disco
205
0.02
2,309 DMG Mori
31
0.00
2,527 Dowa
63
0.01
7,343 East Japan Railway
320
0.04
1,626 Ebara
61
0.01
5,174 Eisai
275
0.03
2,095
Electric Power 
Development
24
0.00
808 Ezaki GlicoØ
17
0.00
17,690 Fanuc
486
0.05
3,033 Fast Retailing
609
0.07
2,918 FPØ
47
0.01
2,401 Fuji Electric
82
0.01
6,899 Fujifilm
322
0.04
3,060 Fujitsu
311
0.04
1,011 Fujitsu General
17
0.00
1,753 Fukuoka Financial
28
0.00
3,596 Furukawa Electric
50
0.01
114 GLP JREIT
88
0.01
652 GMO Payment Gateway
40
0.00
200 Goldwin
13
0.00
2,576
GungHo Online 
Entertainment
40
0.00
9,806 Hachijuni Bank
33
0.00
5,065 Hakuhodo
42
0.00
2,768 Hamamatsu Photonics
106
0.01
3,496 Hankyu Hanshin
91
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
4,319 Haseko
42
0.00
3,111 Heiwa
42
0.00
559 Hikari Tsushin
63
0.01
15,750 Hino Motors
53
0.01
5,216 Hirogin
23
0.00
656 Hirose Electric
68
0.01
1,477
Hisamitsu 
Pharmaceutical
30
0.00
16,892 Hitachi
820
0.09
2,709
Hitachi Construction 
Machinery
60
0.01
31,029 Honda Motor
735
0.08
30 Horiba
1
0.00
2,006 Hoshizaki
56
0.01
6,266 Hoya
585
0.07
6,705 Hulic
45
0.01
2,133 Ibiden
94
0.01
5,494 Idemitsu Kosan
87
0.01
2,280 IHI
48
0.01
1,727 Iida
23
0.00
68
Industrial & 
Infrastructure Fund 
Investment
56
0.01
7,758 Infroneer
57
0.01
13,870 Inpex
121
0.01
5,986 Isetan Mitsukoshi
48
0.01
9,745 Isuzu Motors
93
0.01
998 Ito En
22
0.00
25,003 Itochu
775
0.09
1,840 Itochu Techno-Solutions
37
0.00
9,332 Itoham Yonekyu
37
0.00
1,000 Iwatani
42
0.00
5,550 Iyogin
25
0.00
2,235 Izumi
42
0.00
3,277 J Front Retailing
25
0.00
4,972 Japan Airlines
85
0.01
23 Japan Airport Terminal
1
0.00
1,652
Japan Aviation 
Electronics Industry
27
0.00
9,752 Japan ExchangeØ
134
0.02
45
Japan Hotel REIT 
Investment
18
0.00
12 Japan LogisticsØ
20
0.00
NM0923U-3094429-412/477

ACS 60:40 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
412
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
41,759 Japan Post
237
0.03
21,399 Japan Post Bank
131
0.01
3,694 Japan Post Insurance
44
0.00
32
Japan Prime Realty 
Investment
61
0.01
20
Japan Real Estate 
Investment
60
0.01
154
Japan Retail Fund 
InvestmentØ
81
0.01
20,235 Japan Tobacco
349
0.04
1,900 Jeol
53
0.01
6,007 JFE
67
0.01
2,830 JGC
29
0.00
3,486 JSR
78
0.01
2,320 JTEKT
17
0.00
36,801 JXTG
99
0.01
600 KadokawaØ
11
0.00
569 Kagome
10
0.00
6,214 Kajima
73
0.01
1,646 Kakaku.com
19
0.00
2,235 Kaken Pharmaceutical
44
0.00
19 Kamigumi^
–
0.00
6,707 Kandenko
42
0.00
898 KanekaØ
20
0.00
10,018 Kansai Electric PowerØ
99
0.01
3,952 Kansai Paint
46
0.01
9,116 Kao
260
0.03
941
Kawasaki Heavy 
Industries
19
0.00
3,900 Kawasaki Kisen Kaisha
75
0.01
29,753 KDDI
724
0.08
1,921 Keihan
40
0.00
6,777 Keikyu
47
0.01
3,402 Keio
84
0.01
1,546 Keisei Electric Railway
50
0.01
7 Kewpie^
–
0.00
3,514 Keyence
1,304
0.15
3,688 KikkomanØ
165
0.02
2,475 Kinden
26
0.00
2,383 Kintetsu
65
0.01
16,134 Kirin
185
0.02
1,194
Kobayashi 
Pharmaceutical
51
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
1,000 Kobe BussanØ
20
0.00
7,292 Kobe Steel
53
0.01
2,506 Koei Tecmo
34
0.00
6,204 Koito Manufacturing
88
0.01
17,846 Komatsu
378
0.04
1,036 Konami
43
0.00
8,029 Konica Minolta
22
0.00
549 Kose
41
0.00
34 K's Holdings^
–
0.00
18,011 Kubota
206
0.02
4,876 Kuraray
37
0.00
1,392 Kurita Water Industries
42
0.00
876 Kusuri no Aoki
39
0.00
6,253 Kyocera
266
0.03
5,341 Kyowa Hakko Kirin
78
0.01
2,625 Kyudenko
55
0.01
11,085 Kyushu Electric Power
56
0.01
6,749 Kyushu Financial
22
0.00
3,429 Kyushu Railway
58
0.01
1,400 Lasertec
165
0.02
1,556 Lawson
54
0.01
2,820 Lintec
35
0.00
5,555 Lion
41
0.00
7,645 LIXIL
76
0.01
8,418 M3
143
0.02
1,011 Mabuchi Motor
22
0.00
3,072 Makita
68
0.01
29,862 Marubeni
398
0.04
5,091 Marui
70
0.01
896 Maruichi Steel Tube
16
0.00
5,736 Matsui Securities
25
0.00
1,569 MatsukiyoCocokaraØ
69
0.01
13,111 Mazda Motor
100
0.01
2,500 McDonald's Japan
77
0.01
13,744 Mebuki Financial
26
0.00
2,910 MediPal
37
0.00
2,826 Meiji Holdings
50
0.01
7,260 MinebeaMitsumi
107
0.01
3,403 Miraca
51
0.01
4,028 Misumi
63
0.01
21,946 Mitsubishi
831
0.09
25,692 Mitsubishi Chemical
121
0.01
NM0923U-3094429-413/477

ACS 60:40 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
413
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
33,383 Mitsubishi Electric
369
0.04
20,532 Mitsubishi Estate
192
0.02
4,271 Mitsubishi Gas Chemical
49
0.01
5,897
Mitsubishi Heavy 
Industries
216
0.02
903 Mitsubishi Logistics
18
0.00
1,773 Mitsubishi Materials
25
0.00
5,583 Mitsubishi Motors
15
0.00
210,951 Mitsubishi UFJ Financial
1,226
0.14
11,352
Mitsubishi UFJ Lease & 
Finance
53
0.01
28,114 Mitsui
831
0.09
1,886 Mitsui Chemicals
44
0.00
14,141 Mitsui Fudosan
221
0.02
7,491 Mitsui OSK Lines
141
0.02
2,140 Miura
44
0.00
47,225 Mizuho Financial
567
0.06
4,792 Monotaro
48
0.01
2,430 Morinaga & Co
60
0.01
6,752 MS&AD Insurance
188
0.02
9,781 Murata Manufacturing
440
0.05
3,187 Nabtesco
55
0.01
9 Nagase^
–
0.00
6,286 Nagoya Railroad
79
0.01
11,298 Namco Bandai
205
0.02
997 Nankai Electric Railway
18
0.00
5,255 NEC
200
0.02
1,300 Net One Systems
22
0.00
7,648 Nexon
115
0.01
5,243 NGK Insulators
49
0.01
3,471 NGK Spark Plug
55
0.01
1,818 NH Foods
39
0.00
10,015 NHK Spring
57
0.01
1,111 Nichirei
19
0.00
9,750 Nidec
417
0.05
1,454 Nifco
34
0.00
7,976 Nihon M&A Center
48
0.01
1,300 Nihon Unisys
25
0.00
6,378 Nikon
65
0.01
18,760 Nintendo
671
0.08
33 Nippon Building
102
0.01
1,569 Nippon Express
69
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
3,310 Nippon Kayaku
22
0.00
21,210 Nippon Paint
137
0.02
715 Nippon Shinyaku
23
0.00
1,944 Nippon Shokubai
57
0.01
12,373
Nippon Steel & 
Sumitomo MetalØ
203
0.02
534,700
Nippon Telegraph & 
Telephone
497
0.06
9,645 Nippon Yusen
168
0.02
6,902 Nipro
38
0.00
4,179 Nishi-Nippon Railroad
56
0.01
2,451
Nissan Chemical 
Industries
83
0.01
32,019 Nissan Motor
103
0.01
6,853 Nisshin Seifun
67
0.01
769 Nissin Foods
50
0.01
1,469 Nitori
129
0.01
1,734 Nitto Denko
101
0.01
1,300 NOF
44
0.00
2,207 NOK
25
0.00
57,821 Nomura
173
0.02
1,097 Nomura Real Estate
20
0.00
100
Nomura Real Estate 
Master
90
0.01
8,927
Nomura Research 
Institute
193
0.02
1,944 NS Solutions
43
0.00
10,419 NSK
52
0.01
12,180 NTT Data
134
0.02
12,508 Obayashi
85
0.01
1,284 OBIC
161
0.02
680
OBIC Business 
Consultants
19
0.00
3,661 Odakyu Electric Railway
39
0.00
16,028 Oji
47
0.01
1,652 OKUMA
69
0.01
19,536 Olympus
242
0.03
3,354 Omron
161
0.02
8,912 Ono Pharmaceutical
127
0.01
540 Oracle Japan
32
0.00
3,188 Orient
20
0.00
16,855 Oriental Land
516
0.06
20,924 ORIX
299
0.03
NM0923U-3094429-414/477

ACS 60:40 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
414
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
82 Orix JREIT
79
0.01
7,208 Osaka Gas
87
0.01
4,374 OSG
49
0.01
9,037 Otsuka
260
0.03
2,206 Otsuka Pharmaceutical
67
0.01
8,168 Pan Pacific International
115
0.01
42,909 Panasonic
411
0.05
28 Park24^
–
0.00
1,660 PeptiDreamØ
19
0.00
3,090 Persol
44
0.00
2,919 Pigeon
32
0.00
4,374 Pola Orbis
50
0.01
25,856 RakutenØ
70
0.01
24,904 Recruit
620
0.07
1,309 Relo
14
0.00
19,866 Renesas Electronics
293
0.03
2,854 Rengo
14
0.00
27,871 Resona
105
0.01
3,791 Resorttrust
44
0.00
6,305 Ricoh
42
0.00
2,211 Rinnai
38
0.00
1,343 RohmØ
99
0.01
3,066 Rohto Pharmaceutical
54
0.01
5,690 Ryohin Keikaku
44
0.00
2,200 Sanrio
74
0.01
11,357 Santen Pharmaceutical
76
0.01
1,659 Sanwa
17
0.00
1,289 SapporoØ
26
0.00
1,944 Sawai
38
0.00
2,171 SBI
33
0.00
427 Screen
38
0.00
1,390 SCSK
17
0.00
2,761 Secom
147
0.02
2,859 Sega Sammy
48
0.01
2,301 Seibu
19
0.00
2,924 Seiko Epson
36
0.00
3 Seino^
–
0.00
3,662 Sekisui Chemical
41
0.00
11,101 Sekisui House
176
0.02
150 Sekisui House REIT
69
0.01
13,239 Seven & I
448
0.05
10,292 Seven Bank
16
0.00
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
5,200 SG
58
0.01
2,341 SharpØ
10
0.00
9,819 Shikoku Electric Power
53
0.01
5,143 Shimadzu
124
0.01
164 Shimamura
12
0.00
1,662 Shimano
218
0.02
14,842 Shimizu
74
0.01
34,020 Shin-Etsu Chemical
886
0.11
5,232 Shionogi
173
0.02
6,690 Shiseido
237
0.03
9,105 Shizuoka Financial
51
0.00
681 Shochiku
41
0.00
1,475 Showa DenkoØ
19
0.00
997 SkylarkØ
10
0.00
1,018 SMC
442
0.05
54,400 Softbank
458
0.05
17,346 SoftBank Group
642
0.07
6,420 Sohgo Security Services
29
0.00
4,039 Sojitz
70
0.01
4,865 Sompo
171
0.02
22,520 Sony
1,593
0.17
1,169 Sotetsu
16
0.00
1,565 Square Enix
57
0.01
2,841 Stanley Electric
45
0.01
12,426 Subaru
183
0.02
1,627 Sugi
57
0.01
4,432 SUMCO
49
0.01
19,553 SumitomoØ
325
0.04
23,264 Sumitomo Chemical
55
0.01
1,732
Sumitomo Dainippon 
Pharma
6
0.00
15,817
Sumitomo Electric 
Industries
152
0.02
980 Sumitomo Forestry
19
0.00
1,207
Sumitomo Heavy 
Industries
23
0.00
4,836 Sumitomo Metal Mining
122
0.01
23,886
Sumitomo Mitsui 
Financial
804
0.09
5,426 Sumitomo Mitsui Trust
152
0.02
7,950
Sumitomo Realty & 
Development
154
0.02
NM0923U-3094429-415/477

ACS 60:40 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
415
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
3,695
Sumitomo Rubber 
Industries
28
0.00
886 Sundrug
21
0.00
3,275
Suntory Beverage & 
Food
93
0.01
3,000 Sushiro Global
46
0.01
1,062 Suzuken
23
0.00
7,179 Suzuki Motor
204
0.02
3,851 Sysmex
206
0.02
6,583 T&D
76
0.01
680 Taiheiyo Cement
11
0.00
2,623 Taisei
72
0.01
523 Taisho Pharmaceutical
15
0.00
2,556 Taiyo Nippon Sanso
43
0.00
3,221 Taiyo Yuden
72
0.01
10,305 Takara
66
0.01
46 Takashimaya
1
0.00
27,649 Takeda Pharmaceutical
683
0.08
5,270 TDK
160
0.02
3,500 TechnoPro
59
0.01
2,495 Teijin
20
0.00
10,340 Terumo
257
0.03
2,378 THK
38
0.00
5,080 TIS
100
0.01
3,952 Tobu RailwayØ
83
0.01
3,489 Toda
15
0.00
1,204 Toho
36
0.00
2,940 Toho Gas
40
0.00
8,966 Tohoku Electric Power
44
0.00
900 Tokai Carbon
6
0.00
34,209 Tokio Marine
619
0.07
2,237
Tokyo Broadcasting 
System
32
0.00
813 Tokyo Century
23
0.00
19,762 Tokyo Electric Power
57
0.01
8,391 Tokyo Electron
939
0.11
8,474 Tokyo Gas
146
0.02
3,630 Tokyo Tatemono
37
0.00
9,249 Tokyu
88
0.01
10,340 Tokyu Fudosan
46
0.01
3,464 Toppan Printing
59
0.01
20,333 Toray Industries
89
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
8,430 Toshiba
208
0.02
4,992 Tosoh
46
0.01
3,648 TotoØ
86
0.01
3,119 Toyo Seikan
36
0.00
2,545 Toyo Suisan Kaisha
90
0.01
5,833 Toyo Tire
61
0.01
869 Toyoda Gosei
13
0.00
3,498 Toyota Boshoku
49
0.01
2,419 Toyota IndustriesØ
135
0.02
222,195 Toyota Motor
2,797
0.31
4,915 Toyota Tsusho
191
0.02
2,902 Trend Micro
110
0.01
5,836 TS Tech
58
0.01
889 Tsumura
13
0.00
1,040 Tsuruha
61
0.01
1,823 Ube Industries
25
0.00
400 Ulvac
13
0.00
8,128 Unicharm
237
0.03
15 United Urban Investment
12
0.00
1,904 Ushio
20
0.00
4,030 USS
52
0.01
2,036 Welcia
33
0.00
4,678 West Japan Railway
153
0.02
32,503 Yahoo Japan
61
0.01
2,321 Yakult Honsha
115
0.01
16,487 Yamada Denki
38
0.00
4,013 Yamaguchi Financial
21
0.00
2,505 Yamaha
75
0.01
7,009 Yamaha Motor
158
0.02
8,391 Yamato
119
0.01
632 Yamato Kogyo
21
0.00
5,508 Yaskawa Electric
198
0.02
4,379 Yokogawa Electric
63
0.01
28 Yokohama Rubber^
–
0.00
2,950 ZenshoØ
103
0.01
2,858 Zeon
22
0.00
3,988 ZOZO
65
0.01
58,178
6.39
Jersey - 0.07%; 31.12.22 0.11%    
117,938
CQS New City High 
Yield Fund
55
0.01
138,096 Digital 9 InfrastructureØ
84
0.01
NM0923U-3094429-416/477

ACS 60:40 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
416
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
80,103
GCP Asset Backed 
Income Fund 
(Registered)
51
0.01
29,629
Henderson Far East 
Income Fund
71
0.01
30,785 JTCØ
219
0.02
69,151
Middlefield Canadian 
Income Trust
71
0.01
551
0.07
Jordan - 0.08%; 31.12.22 0.07%    
38,089 Hikma Pharmaceuticals
711
0.08
Luxembourg - 0.07%; 31.12.22 0.07%    
6,928 ArcelorMittal
149
0.02
159,511 BBGI
219
0.02
2,591 Eurofins ScientificØ
127
0.01
6,432 InPost
55
0.01
138 L'Occitane International^
–
0.00
10,034 Tenaris
118
0.01
668
0.07
Macau - 0.02%; 31.12.22 0.02%    
19,343 MGM China
18
0.00
70,389 Sands China
190
0.02
71,726 SJM
24
0.00
49,601 Wynn Macau
36
0.00
268
0.02
Mexico - 0.03%; 31.12.22 0.05%    
42,722 Fresnillo
260
0.03
Netherlands - 5.62%; 31.12.22 5.66%    
2,039 Aalberts Industries
67
0.01
6,178 ABN AMROØ
76
0.01
569 Adyen
767
0.09
30,842 AegonØ
123
0.01
3,366 Akzo Nobel
215
0.02
1,049 Argenx
319
0.04
893 ASM International
294
0.03
7,540 ASML
4,267
0.48
2,154 ASR NederlandØ
76
0.01
1,275
BE Semiconductor 
IndustriesØ
107
0.01
19,272 CNH Industrial
218
0.02
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
6,581 CTP
67
0.01
7,919 Davide Campari-Milano
86
0.01
1,458 Euronext
78
0.01
2,411 EXOR
170
0.02
2,078 Ferrari
532
0.06
4,671 Heineken
377
0.04
2,333 Heineken Holding
159
0.02
1,015 IMCDØ
114
0.01
67,932 INGØ
722
0.08
5,040 Just Eat TakeawayØ
61
0.01
56,240 Koninklijke
159
0.02
18,508
Koninklijke Ahold 
DelhaizeØ
496
0.06
16,007 Koninklijke PhilipsØ
273
0.03
3,945 NNØ
115
0.01
997 NXP SemiconductorsØ
157
0.02
2,582 OCI
49
0.01
14,313 Prosus
816
0.09
4,628 Qiagen
162
0.02
2,110 Randstad
88
0.01
1,562,253 Shell
36,604
4.14
1,927 Signify
43
0.00
40,039 StellantisØ
553
0.06
12,496 STMicroelectronicsØ
487
0.06
14,600 Universal Music GroupØ
256
0.03
1,721 Vopak
48
0.01
4,836 Wolters Kluwer
480
0.05
49,681
5.62
New Zealand - 0.15%; 31.12.22 0.12%    
21,587 a2 MilkØ
55
0.01
25,541
Auckland International 
Airport
105
0.01
26,870 Contact Energy
104
0.01
4,571 EBOS
80
0.01
15,804
Fisher & Paykel 
Healthcare
184
0.02
37,000 Fletcher Building
96
0.01
17,209 Infratil
83
0.01
69,229 Kiwi Property
30
0.00
3,392 Mainfreight
117
0.01
28,676 Mercury NZ
88
0.01
20,567 Meridian Energy
54
0.01
NM0923U-3094429-417/477

ACS 60:40 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
417
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
23,131 Ryman HealthcareØ
72
0.01
11,927 Sky City Entertainment
13
0.00
41,507 Spark New Zealand
101
0.01
2,875 Xero
179
0.02
1,361
0.15
Norway - 0.18%; 31.12.22 0.23%    
6,261
Adevinta series 'B' 
shares
33
0.00
5,898 Aker BP
109
0.01
20,227 DNB Bank
299
0.03
15,202 Equinor
349
0.04
3,915 Gjensidige Forsikring
49
0.01
1,379 Kongsberg Gruppen
49
0.01
10,331 Mowi
129
0.01
5,946 Nordic SemiconductorØ
57
0.01
24,560 Norsk Hydro
116
0.01
17,860 Orkla
101
0.01
1,721 Salmar
55
0.01
2,354
Schibsted class 'A' 
shares
33
0.00
2,800
Schibsted class 'B' 
shares
37
0.00
15,126 Telenor
121
0.01
6,668 TOMRA Systems
84
0.01
3,375 Yara International
94
0.01
1,715
0.18
Peru - 0.01%; 31.12.22 0.02%    
179 Credicorp
21
0.00
62,556 Hochschild Mining
45
0.01
66
0.01
Poland - 0.08%; 31.12.22 0.07%    
950 Dino PolskaØ
86
0.01
2,539 KGHM Polska Miedz
54
0.01
42 LPP
113
0.01
11,387
Polski Koncern Naftowy 
ORLEN
141
0.02
15,681
Powszechna Kasa 
Oszczednosci Bank 
Polski
109
0.01
16,659
Powszechny Zaklad 
UbezpieczenØ
127
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
929 Santander Bank Polska
70
0.01
700
0.08
Portugal - 0.04%; 31.12.22 0.06%    
55,839 EDP EnergiasØ
215
0.02
11,689 Galp Energia
108
0.01
4,143 Jeronimo MartinsØ
90
0.01
413
0.04
Russia - 0.00%; 31.12.22 0.00%    
2,068 Yandex†
–
0.00
Singapore - 0.47%; 31.12.22 0.53%    
98,268
Ascendas Real Estate 
Investment Trust
155
0.02
4,211 Ascott Residence Trust
3
0.00
73,851 Capitaland Investment
142
0.02
82,972 CapitaLand Mall Trust
92
0.01
10,285 City Developments
40
0.00
46,041 ComfortDelGro
31
0.00
47,655 DBS
875
0.10
109,300
Frasers Logistics & 
Commercial Trust
79
0.01
140,334 Genting Singapore
77
0.01
2,741
Jardine Cycle & 
Carriage
56
0.01
25,462 Keppel
99
0.01
20,700 Keppel DC REIT
26
0.00
23,900 Keppel REIT
12
0.00
25,017
Mapletree Commercial 
Trust
23
0.00
36,180
Mapletree Industrial 
Trust
46
0.01
112,672
Mapletree Logistics 
Trust
106
0.01
136,600 NetLink NBN Trust
68
0.00
97,662
Oversea-Chinese 
Banking
699
0.08
844,741 Seatrium
62
0.01
26,570 Sembcorp Industries
89
0.01
21,437 SIA Engineering
31
0.00
21,045 Singapore Airlines
88
0.01
19,964 Singapore Exchange
112
0.01
131,242 Singapore Post
34
0.00
NM0923U-3094429-418/477

ACS 60:40 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
418
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
36,496
Singapore Technologies 
Engineering
78
0.01
201,404
Singapore 
Telecommunications
293
0.03
50,359 StarHub
30
0.00
47,256
Suntec Real Estate 
Investment Trust
36
0.00
34,019 United Overseas Bank
555
0.06
20,429 UOL
76
0.01
6,078 Venture
52
0.01
52,301 Wilmar International
116
0.01
2,516 XP Power
50
0.01
4,331
0.47
South Africa - 0.07%; 31.12.22 0.09%    
149,851 Investec
661
0.07
South Korea - 1.91%; 31.12.22 1.70%    
1,959 AlteogenØ
50
0.01
1,114
Amorepacific non-voting 
preference shares
21
0.00
637 Amorepacific
37
0.00
356 Amorepacific (New)
6
0.00
12,069 BNK Financial
50
0.01
2,953 Celltrion
271
0.03
2,732 Celltrion HealthcareØ
107
0.01
844 Celltrion Pharm
39
0.00
335 CJØ
14
0.00
142
CJ CheilJedang non-
voting preference shares
12
0.00
369 CJ CheilJedang
60
0.01
73 CJ ENM
3
0.00
752 CJ Logistics
34
0.00
2,232 Coway
59
0.01
622 Daelim Industrial
15
0.00
19,727
Daewoo Engineering & 
ConstructionØ
48
0.01
1,558 DL E&C
32
0.00
1,461 Dongbu Insurance
65
0.01
3,247 Dongsuh
37
0.00
11,843 Doosan Heavy Industry
129
0.01
2,848 Doosan InfracoreØ
20
0.00
254 Doosan Solus
6
0.00
974 Ecopro BMØ
145
0.02
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
315 E-Mart
15
0.00
1,347 Fila KoreaØ
32
0.00
2,243 GS
49
0.01
685
GS Engineering & 
Construction
8
0.00
2,264 GS Retail
31
0.00
7,651 Hana Financial
180
0.02
2,322 Hankook Tire
48
0.01
146 Hanmi Pharm
27
0.00
1,511 Hanmi Science
30
0.00
4,298 Hanon Systems
24
0.00
165
Hanwha non-voting 
preference shares
1
0.00
847 Hanwha Aerospace
65
0.01
2,611 Hanwha Chemical
66
0.01
2,945 Hanwha Galleria
3
0.00
25,522 Hanwha Life Insurance
39
0.00
3,480 HLB
68
0.01
5,984 HMM
68
0.01
595 Hotel Shilla
26
0.00
671 HYBEØ
113
0.01
1,483
Hyundai Engineering & 
ConstructionØ
34
0.00
817 Hyundai Glovis
97
0.01
2,090
Hyundai Heavy 
Industries
75
0.01
2,196
Hyundai Marine & Fire 
Insurance
41
0.00
1,478 Hyundai MobisØ
206
0.02
685
Hyundai Motor non-
voting preference shares
45
0.01
3,637 Hyundai Motor
450
0.05
398
Hyundai Motor non-
cumulative & non-voting 
preference shares
26
0.00
877 Hyundai Steel
18
0.00
12,248 Industrial Bank of Korea
76
0.01
7,900 Kakao
233
0.03
6,602 KakaoBankØ
94
0.01
2,462 Kangwon Land
26
0.00
8,330 KB Financial
239
0.03
2,232
KEPCO Plant Service & 
Engineering
45
0.01
NM0923U-3094429-419/477

ACS 60:40 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
419
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
6,679 Kia Motors
354
0.04
1,905
Korea Aerospace 
Industries
61
0.01
8,577 Korea Electric Power
106
0.01
1,611 Korea Investment
50
0.01
626
Korea Shipbuilding & 
Offshore Engineering
44
0.00
334 Korea Zinc
98
0.01
2,375 Korean Air Lines
35
0.00
592 KraftonØ
69
0.01
2,701 KT&G
134
0.02
279 Kumho Petro Chemical
22
0.00
677 L&F
99
0.01
2,282 LG
121
0.01
122
LG Chemical non-voting 
preference shares
26
0.00
1,216 LG Chemical
487
0.06
3,279 LG Display
31
0.00
2,141 LG Electronics
163
0.02
959 LG Energy SolutionØ
318
0.03
207
LG Household & Health 
Care
57
0.01
235 LG Innotek
44
0.00
3,770 LG Uplus
24
0.00
730 Lotte Chemical
68
0.01
410 Lotte Chilsung Beverage
31
0.00
1,013 Lotte Shopping
42
0.00
484 LS Cable
27
0.00
987 Mando
32
0.00
2,606 Meritz Financial
65
0.01
2,192 Mirae Asset Daewoo
10
0.00
858
Mirae Asset Daewoo 
Rights non-voting 
preference shares
2
0.00
3,711 NAVER
407
0.05
380 NCSoft
67
0.01
557 Netmarble
16
0.00
89 NongShim
21
0.00
90 OCI Company
6
0.00
200 OCI Holdings
14
0.00
739 Orion
53
0.01
134 Ottogi
32
0.00
525 Pearl Abyss
17
0.00
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
1,931 POSCO
450
0.06
739 POSCO ChemicalØ
156
0.02
674 S1
22
0.00
484 Samsung Biologics
216
0.02
2,115 Samsung C&T
134
0.02
725 Samsung Card
13
0.00
1,808
Samsung Electro 
Mechanics
157
0.02
22,129
Samsung Electronics 
non-voting preference 
shares
790
0.09
121,388 Samsung Electronics
5,259
0.58
3,698 Samsung EngineeringØ
63
0.01
992 Samsung Fire & Marine
137
0.02
19,582
Samsung Heavy 
Industries
78
0.01
1,657 Samsung LifeØ
67
0.01
1,360 Samsung SDI
546
0.06
1,080 Samsung SDS
80
0.01
1,638 Samsung Securities
35
0.00
1,337
Shin Poong 
Pharmaceutical
13
0.00
13,608 Shinhan Financial
278
0.03
250 Shinsegae
27
0.00
708 SK
63
0.01
1,006 SK BiopharmaceuticalsØ
48
0.02
834 SK BioscienceØ
40
0.00
894 SK Chemicals
38
0.00
13,148 SK Hynix
908
0.10
1,066 SK IE Technology
62
0.01
1,322 SK Innovation
126
0.01
15,960 SK Networks
49
0.01
2,243 SK SquareØ
59
0.01
305 SKCØ
18
0.00
1,648 S-Oil
66
0.01
14,924 Woori Financial
105
0.01
2,342 Yuhan
85
0.01
17,299
1.91
Spain - 0.72%; 31.12.22 0.68%    
444 Acciona
60
0.01
4,389
ACS Actividades de 
Construccion y Servicios
121
0.01
NM0923U-3094429-420/477

ACS 60:40 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
420
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
1,390 Aena
177
0.02
8,639 Amadeus IT
517
0.06
116,439
Banco Bilbao Vizcaya 
Argentaria
709
0.08
316,275 Banco Santander
930
0.11
15,971 Bankinter
77
0.01
75,375 CaixaBank
246
0.03
9,716 Cellnex Telecom
308
0.03
5,155 EDP RenovaveisØ
80
0.01
4,459 Enagas
69
0.01
6,646 Endesa
113
0.01
8,598 Ferrovial
213
0.03
5,500 Grifols class 'A' sharesØ
55
0.01
3,636
Grifols class 'B' shares 
non-voting preference 
shares
26
0.00
107,989 Iberdrola
1,109
0.13
20,281 Inditex
613
0.07
8,483
Inmobiliaria Colonial 
Socimi
41
0.00
11,097 Merlin PropertiesØ
75
0.01
3,206 Naturgy EnergyØ
75
0.01
9,713 Red Electrica
128
0.01
23,370 Repsol
269
0.03
96,874 Telefonica
309
0.03
6,320
0.72
Sweden - 0.89%; 31.12.22 0.87%    
5,691 Alfa Laval
160
0.02
15,930 Assa Abloy
299
0.03
43,730
Atlas Copco class 'A' 
shares
493
0.06
29,392
Atlas Copco class 'B' 
shares
286
0.03
3,097 Axfood
51
0.01
6,446 Beijer RefØ
64
0.01
4,489 Boliden
102
0.01
11,402 CastellumØ
85
0.01
3,674 Electrolux
39
0.00
12,318 Epiroc class 'A' shares
182
0.02
5,597 Epiroc class 'B' shares
70
0.01
5,411 EQT
82
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
63,649
Ericsson series ‘B’ 
shares
270
0.03
11,898 Essity
248
0.03
3,205 Evolution Gaming
314
0.04
17,688 Fastighets BalderØ
50
0.01
3,452 Getinge
47
0.01
13,359
Hennes & Mauritz series 
‘B’ shares
179
0.02
30,403 HexagonØ
292
0.03
924 Holmen
26
0.00
13,092
Husqvarna series ‘B’ 
shares
93
0.01
2,971
Industrivarden series ‘A’ 
shares
64
0.01
4,171
Industrivarden series 'C' 
sharesØ
90
0.01
4,467 Indutrade
79
0.01
3,787 Investment Latour
59
0.01
7,387 Investor class 'A' shares
115
0.01
35,911 Investor class 'B' shares
563
0.07
991 L E Lundbergforetagen
33
0.00
4,220 LifcoØ
71
0.01
28,706 Nibe Industrier
214
0.03
1,808 SAAB class 'B' shares
76
0.01
5,777 Sagax class 'B' sharesØ
89
0.01
21,264 Sandvik
323
0.04
14,763
Securitas series ‘B’ 
shares
95
0.01
31,590
Skandinaviska Enskilda 
Banken series ‘A’ 
sharesØ
274
0.03
10,043
Skanska series ‘B’ 
shares
111
0.01
7,942 SKF series ‘B’ shares
108
0.01
14,287 SSAB class 'B' shares
78
0.01
13,638
Svenska Cellulosa 
series ‘B’ sharesØ
136
0.02
28,220
Svenska Handelsbanken 
series ‘A’ shares
186
0.02
6,655 Sweco
59
0.01
19,857
Swedbank series ‘A’ 
shares
263
0.03
4,949
Swedish Orphan 
Biovitrum
75
0.01
NM0923U-3094429-421/477

ACS 60:40 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
421
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
13,116 Tele2 series ‘B’ shares
85
0.01
47,311 Telia
82
0.01
5,293
Trelleborg class ‘B’ 
shares
105
0.01
3,876 Volvo
65
0.01
16,762 Volvo Car
52
0.01
30,088 Volvo series ‘B’ shares
488
0.06
7,470
0.89
Switzerland - 4.19%; 31.12.22 4.56%    
25,421 ABB (Registered)
778
0.09
4,536 AdeccoØ
116
0.01
8,853 Alcon
573
0.06
1,065 Baloise
122
0.01
339
Banque Cantonale 
VaudoiseØ
28
0.00
87 Barry Callebaut
133
0.02
182 Belimo
71
0.01
207 BKWØ
28
0.00
3,686 Clariant
41
0.00
45,449 Coca-Cola HBC
1,056
0.12
9,455
Compagnie Financiere 
Richemont
1,258
0.14
310 DKSH
18
0.00
3,228 DSM-Firmenich
276
0.03
140 EMS-ChemieØ
82
0.01
466 Flughafen ZuerichØ
76
0.01
622 Geberit
255
0.03
1,800 Georg Fischer
105
0.01
137 Givaudan
356
0.04
2,847,297 Glencore
12,632
1.42
646 HelvetiaØ
68
0.01
181,066 IWGØ
242
0.03
4,725 Julius Baer (Registered)
234
0.03
1,033 Kuehne + Nagel
240
0.03
9,864 LafargeHolcimØ
521
0.06
14
Lindt & Spruengli (Part 
Certified)Ø
138
0.02
2
Lindt & Spruengli 
(Registered)
194
0.02
2,871 Logitech InternationalØ
133
0.02
1,205 Lonza
559
0.06
49,197 Nestlé
4,652
0.52
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
35,442 Novartis
2,796
0.32
355 Partners
262
0.03
1,286 PSP Swiss PropertyØ
112
0.01
521 Roche (Bearer)
135
0.02
12,480 Roche Holding
3,016
0.35
750 Schindler (Part Certified)
137
0.02
295 Schindler (Registered)
52
0.01
2,650 SGS SA
197
0.02
6,321 SIG Combibloc
136
0.02
2,628 Sika
583
0.07
972 SonovaØ
203
0.02
2,532 StraumannØ
321
0.04
609 Swatch class 'I' shares
140
0.02
974 Swatch class 'N' shares
42
0.00
555 Swiss LifeØ
254
0.03
1,424 Swiss Prime Site
96
0.01
5,198 Swiss Re
412
0.05
460 SwisscomØ
226
0.03
249 Tecan
74
0.01
1,087 Temenos
68
0.01
54,677 UBS
868
0.10
459 VAT
148
0.02
18,252 Wizz AirØ
489
0.06
2,705 Zurich Insurance
1,013
0.11
36,765
4.19
Taiwan - 0.00%; 31.12.22 0.00%    
5,000 FIT Hon Teng
1
0.00
United Arab Emirates - 0.05%; 31.12.22 0.04%    
109,173 Network International
419
0.05
United Kingdom - 49.62%; 31.12.22 48.97%    
216,944 3i
4,195
0.48
141,708 3i Infrastructure
441
0.05
6,609 4imprint
316
0.04
54,789 888 Holdings
53
0.01
21,200 A.G. Barr
99
0.01
21,366
Aberforth Smaller 
Companies Investment 
Trust
262
0.03
456,991 abrdn
1,000
0.11
59,830 abrdn Asia Focus
148
0.02
NM0923U-3094429-422/477

ACS 60:40 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
422
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
40,500
abrdn Asian Income 
Fund
81
0.01
52,294
abrdn Diversified Income 
And Growth Trust
42
0.00
137,505
abrdn Investment 
PropertyØ
67
0.01
7,963
abrdn New Dawn 
Investment Trust
20
0.00
12,020
abrdn New India 
Investment Trust
66
0.01
10,442 abrdn Private EquityØ
47
0.01
11,224
abrdn Standard Equity 
Income Trust
34
0.00
49,111
abrdn Standard 
European Logistics 
IncomeØ
33
0.00
20,648 abrdn UK Smaller
85
0.01
62,825 Admiral
1,304
0.14
14,485 AEW UK REITØ
13
0.00
251,545 Airtel Africa
272
0.03
62,240 AJ BellØ
199
0.02
24,554
Alfa Financial Software 
Holdings
47
0.01
10,999 Allfunds
53
0.01
69,741 Alliance Trust
701
0.08
97,723 Allianz Technology Trust
256
0.03
38,249 Amcor
298
0.03
274,963 Anglo American
6,140
0.69
8,187
Anglo-Eastern 
Plantations
62
0.01
105,015 AO World
84
0.01
13,407 Aptitude Software
46
0.01
25,397 Artemis Alpha Trust
77
0.01
102,388 Ascential
225
0.03
104,024 AshmoreØ
215
0.02
97,961 Ashtead
5,289
0.60
30,500 Asia Dragon Trust
115
0.01
18,606 ASOS
70
0.01
80,543 Associated British Foods
1,595
0.18
672,699 AssuraØ
306
0.03
60,446
Aston Martin Lagonda 
GlobalØ
213
0.02
336,718 AstraZeneca
38,138
4.32
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
18,352
Auction Technology 
GroupØ
134
0.02
197,820 Auto Trader
1,207
0.14
113,974 Avi Global Trust
216
0.02
626,993 Aviva
2,483
0.28
6,065 Avon Protection
51
0.01
215,943
B&M European Value 
RetailØ
1,194
0.14
117,011 Babcock International
326
0.04
685,944 BAE Systems
6,363
0.71
78,595
Baillie Gifford European 
Growth Trust
73
0.01
23,616
Baillie Gifford Japan 
Investment Trust
183
0.02
68,613
Baillie Gifford Shin 
Nippon
96
0.01
18,589
Baillie Gifford UK 
Growth Fund
30
0.00
53,210
Baillie Gifford US 
Growth Trust
81
0.01
7,417 Bakkavor
7
0.00
137,108 Balfour Beatty
467
0.05
48,654 Baltic Classifieds Group
86
0.01
316,867
Bankers Investment 
Trust
309
0.03
3,545,721 Barclays
5,433
0.62
215,354 Barratt Developments
897
0.10
153,043 Beazley
895
0.10
139,165
Belleveu Healthcare 
Trust
211
0.02
29,354 Bellway
588
0.07
24,673 Berkeley Group
970
0.11
40,152 Big Yellow
430
0.05
6,316 Biotech Growth Trust
50
0.01
39,058
BlackRock Frontiers 
Investment Trust*
54
0.01
23,993
BlackRock Greater 
Europe Investment 
TrustØ*
127
0.01
24,614
BlackRock Latin 
American Investment 
Trust*
100
0.01
49,359
BlackRock North 
American Income Trust*
91
0.01
NM0923U-3094429-423/477

ACS 60:40 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
423
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
8,100
BlackRock Smaller 
Companies Trust*
103
0.01
22,602
BlackRock Throgmorton 
Trust*
129
0.01
44,955
BlackRock World Mining 
TrustØ*
268
0.03
17,839 Bloomsbury Publishing
77
0.01
29,444
BMO Capital & Income 
Investment Trust
86
0.01
137,439
BMO Global Smaller 
Companies
188
0.02
47,694 Bodycote
305
0.03
3,950,505 BP
18,227
2.06
41,149 Bridgepoint GroupØ
83
0.01
506,802
British American 
Tobacco
13,271
1.49
214,264 British Land
656
0.07
61,310 Britvic
524
0.06
4,176
Brunner Investment 
Trust
44
0.00
1,610,339 BT Group
1,984
0.22
75,638 Bunzl
2,264
0.26
84,027 Burberry
1,782
0.21
43,442 Bytes Technology Group
227
0.03
7,274 Caledonia Investments
236
0.03
288,276 CapitaØ
80
0.01
319,244
Capital & Counties 
PropertiesØ
365
0.04
37,590 Capital & RegionalØ
21
0.00
6,317 Capital Gearing Trust
285
0.03
35,482 Capricorn EnergyØ
65
0.01
67,282 Card Factory
60
0.01
318,636 Carillion†
–
0.00
5,559
CC Japan Income & 
Growth Trust
9
0.00
298,109 Centamin
269
0.03
1,343,941 Centrica
1,661
0.19
70,360 Chemring
199
0.02
16,195 ChesnaraØ
45
0.01
14,661
City of London 
Investment Group
61
0.01
117,290
City of London 
Investment Trust
463
0.05
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
5,915 Clarkson
173
0.02
34,249 Close Brothers
297
0.03
51,273 CLS
69
0.01
5,926 CMC MarketsØ
9
0.00
354,873 CoatsØ
247
0.03
1,143
Coca-Cola European 
Partners
58
0.01
397,025 Compass
8,666
0.99
18,046 Computacenter
409
0.05
376,272 ConvaTec
768
0.08
45,417 CostainØ
21
0.00
12,052 Cranswick
390
0.04
57,198 Crest Nicholson
109
0.01
32,284 Croda International
1,787
0.21
19,680 CT Private Equity Trust
94
0.01
72,185 Custodian REITØ
61
0.01
131,833 CVC Income & GrowthØ
124
0.01
288,303 CYBG
429
0.05
91,592 Darktrace
284
0.03
22,875 DCC
997
0.11
30,622 De La RueØ
14
0.00
25,663 Dechra Pharmaceuticals
945
0.11
26,436 Derwent LondonØ
545
0.06
78,789 DFS FurnitureØ
84
0.01
503,637 Diageo
16,987
1.93
29,704 Diploma
886
0.10
314,137 Direct Line
425
0.05
20,936 Discoverie Group
175
0.02
52,043 Diverse Income Trust
41
0.00
188,768 Dixons CarphoneØ
100
0.01
88,981 Domino’s PizzaØ
246
0.03
296,679 Dowlais Group
378
0.04
103,624 Dr. Martens
127
0.01
95,145 Drax
544
0.06
296,193 DS SmithØ
808
0.09
35,224
Dunedin Income Growth 
Investment Trust
99
0.01
26,830 Dunelm
301
0.03
151,730 easyJet
735
0.08
13,420
Ecofin Global Utilities 
and InfrastructureØ
25
0.00
38,650
Edinburgh Investment 
Trust
245
0.03
NM0923U-3094429-424/477

ACS 60:40 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
424
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
84,647
Edinburgh Worldwide 
Investment Trust
118
0.01
40,011
Ediston Property 
Investment
23
0.00
146,172 Elementis
149
0.02
126,227
Empiric Student 
Property
106
0.01
32,283 Energean Oil & GasØ
327
0.04
388,703 Enquest
58
0.01
30,671
EP Global Opportunities 
TrustØ
97
0.01
45,315 EssentraØ
75
0.01
66,182 European Assets TrustØ
58
0.01
199,983 EVRAZ†
2
0.00
206,283 Experian
6,202
0.70
37,847
F&C UK Real Estate 
Investment TrustØ
28
0.00
22,502 FDMØ
128
0.01
95,381 Ferrexpo
85
0.01
6,998
Fidelity Asian Values 
Investment TrustØ
36
0.00
91,353
Fidelity China Special 
Situations Investment 
Trust
186
0.02
106,146
Fidelity European Values 
Investment TrustØ
360
0.04
42,635 Fidelity Japan Trust
72
0.01
45,966
Fidelity Special Values 
Investment Trust
119
0.01
123,927 Finablr†
–
0.00
49,884
Finsbury Growth & 
Income TrustØ
436
0.05
154,996 FirstGroup
221
0.02
40,137 Flutter Entertainment
6,224
0.71
121,043
Foreign & Colonial 
Investment Trust
1,052
0.11
16,636
Foresight Group 
Holdings
72
0.01
168,488 Foresight Solar Fund
164
0.02
54,185 Forterra
88
0.01
178,877 Foxtons
68
0.01
21,666 Frasers
152
0.02
4,178
Fuller Smith & Turner 
class 'A' shares
24
0.00
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
76,275 Funding CircleØ
41
0.00
28,513 FutureØ
193
0.02
14,341 Galliford Try
28
0.00
7,074 Games Workshop
770
0.09
222,001
GCP Infrastructure 
Investments Fund
171
0.02
63,011 GenuitØ
187
0.02
16,435 GenusØ
356
0.04
98,495
Gore Street Energy 
Storage Fund
91
0.01
48,196 Grafton
379
0.04
172,962 Grainger Trust
396
0.04
55,920 Great Portland Estates
236
0.03
550,555 Greencoat UK Wind
787
0.09
23,785 Greggs
608
0.07
916,855 GSK
12,767
1.45
144,770 GVC
1,805
0.21
65,422 Gym GroupØ
61
0.01
1,195,398 Haleon
3,828
0.44
29,576 Halfords
63
0.01
85,845 Halma
1,947
0.22
1,008,072 HammersonØ
250
0.03
161,210 Harbour EnergyØ
367
0.04
87,624 Hargreaves Lansdown
712
0.08
72,026 Harworth Group
76
0.01
324,026 Hays
332
0.04
27,320 Headlam
68
0.01
18,499 Helical
47
0.01
201,384 Helios Towers
185
0.02
109,357
Henderson Diversified 
Income
69
0.01
40,550
Henderson Europe 
Focus Trust
64
0.01
28,656
Henderson High Income 
Invesment Trust
46
0.01
50,326
Henderson International 
Income Trust
84
0.01
17,354
Henderson Smaller 
Companies Investment 
TrustØ
128
0.01
29,207 Henry BootØ
61
0.01
13,986 Herald Investment Trust
242
0.03
99,242 HgCapital TrustØ
365
0.04
NM0923U-3094429-425/477

ACS 60:40 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
425
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
481,676 Hicl Infrastructure
649
0.07
19,743 Hill & Smith
293
0.03
13,021 Hilton Food
81
0.01
24,312 Hollywood Bowl
61
0.01
189,076 Home REIT†
63
0.01
12,181
Honeycomb Investment 
Trust
76
0.01
119,524 Howden Joinery
771
0.09
4,544,699 HSBC
28,274
3.21
29,009 Hunting
58
0.01
95,556 IbstockØ
134
0.02
15,899 ICG Enterprise Trust
171
0.02
85,083 IG
576
0.07
56,486 IMI
920
0.10
81,998 Impact Healthcare REIT
73
0.01
72,636
Impax Environmental 
Markets
293
0.03
210,422 Imperial Brands
3,683
0.42
82,855 Inchcape
642
0.07
30,193 Indivior
552
0.06
315,634 Informa
2,295
0.26
64,119 IntegraFin
155
0.02
39,353
InterContinental Hotels 
Group
2,128
0.25
61,083 Intermediate Capital
846
0.10
5,228
International 
Biotechnology Trust
34
0.00
819,144
International 
Consolidated Airlines
1,325
0.16
160,050
International 
Distributions ServicesØ
352
0.04
52,547
International Personal 
Finance
60
0.01
35,740 Intertek
1,514
0.17
586,495 Intu Properties†
–
0.00
12,126
Invesco Asia Investment 
Trust
40
0.00
29,989
Invesco Bond Income 
Plus
48
0.01
13,420
Invesco Perpetual UK 
Smaller Companies 
Investment Trust
56
0.01
64,497 Invesco Select Trust
100
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
235,958 IPØ
133
0.02
882,524 ITVØ
609
0.07
398,709 J Sainsbury
1,068
0.12
19,038 James Fisher & Sons
77
0.01
570,810 JD Sports Fashion
830
0.09
17,446 JD Wetherspoon
118
0.01
142,236
John Laing 
Environmental Assets
150
0.02
155,013 John Wood
215
0.02
41,861 Johnson Matthey
730
0.08
38,458
JPMorgan American 
Investment Trust
291
0.03
18,931
JPMorgan Asian 
Investment Trust
66
0.01
21,615
JPMorgan Chinese 
Investment Trust
56
0.01
14,014
JPMorgan Claverhouse 
Investment Trust
91
0.01
278,655
JPMorgan Emerging 
Markets Investment 
Trust plc
288
0.03
103,851
JPMorgan European 
Growth & Income
95
0.01
41,326
JPMorgan European 
Smaller Companies 
Trust
158
0.02
65,287
JPMorgan Global 
Emerging Markets 
Income Trust
82
0.01
75,083
JPMorgan Global 
Growth & IncomeØ
350
0.04
17,174
JPMorgan Indian 
Investment Trust
142
0.02
16,826
JPMorgan Japan 
Smaller Companies 
Trust
52
0.01
37,605
JPMorgan Japanese 
Investment Trust
182
0.02
6,999
JPMorgan Mid Cap 
Investment TrustØ
60
0.01
27,539
JPMorgan Smaller 
Companies Investment 
Trust
74
0.01
NM0923U-3094429-426/477

ACS 60:40 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
426
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
18,941
JPMorgan US Smaller 
Companies Investment 
Trust
71
0.01
21,633
Jupiter European 
Opportunities Trust
166
0.02
110,328
Jupiter Fund 
Management
119
0.01
3,234
Jupiter US Smaller 
CompaniesØ
38
0.00
261,404 Just Group
203
0.02
23,253 KainosØ
284
0.03
14,890 Keller
103
0.01
3,787
Keystone Investment 
TrustØ
8
0.00
63,465 Kier
48
0.01
63,007 Kin & Carta
38
0.00
452,997 Kingfisher
1,043
0.12
55,423 Lancashire
321
0.04
170,858 Land Securities
981
0.12
26,672 Law Debenture
202
0.02
1,330,116 Legal & General
3,030
0.35
1,024
Liberty Global class 'C' 
shares
14
0.00
1,825 Linde
547
0.06
95
Lindsell Train Investment 
Trust
93
0.01
12,944 Liontrust
93
0.01
15,065,300 Lloyds Banking
6,542
0.75
97,485 London Stock Exchange
8,145
0.93
238,465 LondonMetric Property
394
0.04
82,274 Lookers
98
0.01
57,250
Lowland Investment 
Company
65
0.01
10,178 LSL Property Services
28
0.00
28,626 LucecoØ
34
0.00
347,217 LXI REITØ
300
0.03
501,409 M&G
964
0.11
12,851 Macfarlane
14
0.00
19,621
Majedie Investment 
Trust
36
0.00
288,802 Man Group
632
0.07
460,332 Marks & Spencer
875
0.10
55,863 MarshallsØ
133
0.02
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
107,903 Marston’s
33
0.00
16,010
Martin Currie Global 
Portfolio TrustØ
56
0.01
13,352 Mears
39
0.00
320,078 Melrose Industries
1,622
0.18
186,155
Mercantile Investment 
TrustØ
360
0.04
27,602
Merchants Investment 
TrustØ
145
0.02
32,939 Metro BankØ
38
0.00
14,028
Mid Wynd International 
Investment Trust
97
0.01
60,527 Mitchells & Butlers
126
0.01
320,705 Mitie Group
310
0.04
12,964 MJ Gleeson
47
0.01
38,468 Molten VenturesØ
103
0.01
106,540 Mondi
1,282
0.14
123,260 Moneysupermarket.com
333
0.04
54,432 Monks Investment TrustØ
539
0.06
44,736
Montanaro European 
Smaller Companies 
Trust
63
0.01
35,170
Montanaro UK Smaller 
Companies Investment 
Trust
36
0.00
61,652 Moonpig GroupØ
90
0.01
70,171
Morgan Advanced 
Materials
191
0.02
9,808 Morgan Sindall
180
0.02
38,050 Motorpoint
36
0.00
24,727 Murray Income Trust
204
0.02
141,590
Murray International 
Trust
355
0.04
128,287 National Express
125
0.01
837,434 National Grid
8,683
0.99
1,262,359 NatWest
3,044
0.34
65,772 NCCØ
64
0.01
82,029 NewRiver REIT VotingØ
73
0.01
27,548 Next
1,901
0.22
73,662 Ninety OneØ
123
0.01
45,976 Norcros
78
0.01
30,366
North American Income 
TrustØ
84
0.01
NM0923U-3094429-427/477

ACS 60:40 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
427
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
3,956
North Atlantic Smaller 
Companies Investment 
Trust
139
0.02
54,294 Northgate
204
0.02
140,078 OcadoØ
790
0.09
135,111
Octopus Renewables 
Infrastructure Trust
125
0.01
44,792 On the beach
42
0.00
101,205 OSB Group
486
0.05
21,514 Oxford Biomedica
91
0.01
12,652 Oxford Instruments
343
0.04
14,379
Pacific Assets 
Investment Trust
52
0.01
18,692
Pacific Horizon 
Investment TrustØ
100
0.01
74,959 Pagegroup
304
0.03
3,752 Palace Capital
9
0.00
81,322 Pantheon InfrastructureØ
65
0.01
125,532
Pantheon International 
Fund
314
0.04
50,720 Paragon
270
0.03
12,192 PayPoint
58
0.01
157,631 Pearson
1,304
0.15
192,086 Pendragon
35
0.00
61,841 Pennon Group
439
0.05
73,606 Persimmon
763
0.09
86,182 Personal Assets Trust
400
0.05
68,389 Petershill Partners
115
0.01
96,364 PetrofacØ
74
0.01
93,761 Pets at Home
353
0.04
151,894 Pharos EnergyØ
34
0.00
170,025 Phoenix Group
906
0.10
21,312
Phoenix Spree 
Deutschland
39
0.00
64,082 Photo-Me InternationalØ
103
0.01
73,042 Playtech
425
0.05
73,374
Polar Capital Global 
Financials Trust
100
0.01
30,838
Polar Capital Global 
Healthcare Trust
101
0.01
28,357
Polar Capital Technology 
Trust
626
0.07
24,757 Porvair
159
0.02
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
12,582 PPHE Hotel Group
139
0.02
165,867 Premier Foods
214
0.02
331,616
Primary Health 
PropertiesØ
315
0.04
56,286 Provident FinancialØ
108
0.01
115,669 PRS REIT
91
0.01
627,115 Prudential
6,878
0.79
27,774 PZ CussonsØ
45
0.01
122,370 QinetiQ
434
0.05
467,666 Quilter
374
0.04
17,274 Rank
15
0.00
14,023 Rathbone Brothers
260
0.03
102,138 Reach
69
0.01
60,644
Real Estate Credit 
Investments
77
0.01
163,253 Reckitt Benckiser
9,637
1.08
58,749 Redrow
262
0.03
431,112 RELX (Registered)
11,316
1.29
9,560 RenewiØ
49
0.01
8,118 Renishaw
315
0.04
574,364 Rentokil Initial
3,487
0.39
15,141
Residential Secure 
Income REIT
9
0.00
83,595 Restaurant
32
0.00
14,250 Ricardo
81
0.01
190,185 Rightmove
996
0.11
30,347 RIT Capital Partners
563
0.06
22,955 Robert Walters
95
0.01
1,878,304 Rolls-Royce
2,778
0.31
203,690 Rotork
619
0.07
109,136 RS
818
0.09
2,685 S&U
61
0.01
52,703 Sabre InsuranceØ
71
0.01
48,225 Safestore
414
0.05
44,264 SagaØ
53
0.01
227,736 Sage
2,101
0.23
31,679 Savills
266
0.03
41,441
Schroder Asia Pacific 
Fund
204
0.02
27,305
Schroder Asian Total 
Return InvestmentØ
113
0.01
4,874
Schroder European Real 
Estate Investment Trust
4
0.00
NM0923U-3094429-428/477

ACS 60:40 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
428
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
46,534
Schroder Income 
Growth Fund
135
0.02
32,490 Schroder Japan Growth
72
0.01
131,861 Schroder Real Estate
53
0.01
5,175
Schroder UK Mid Cap 
Fund
27
0.00
169,987
Schroder UK Public 
Private Trust
22
0.00
194,647 Schroders
852
0.10
41,152
Scottish American 
Investment Trust
212
0.02
318,561
Scottish Mortgage 
Investment Trust
2,113
0.24
5,842
Scottish Oriental Smaller 
Companies Trust
69
0.01
288,022
SDCL Energy Efficiency 
Income Trust
214
0.02
19,012
Securities Trust of 
Scotland
40
0.00
278,228 Segro
1,988
0.23
107,812 SeniorØ
189
0.02
275,158 Serco
419
0.05
110,986 Severfield
76
0.01
58,030 Severn Trent
1,487
0.17
76,733 SIGØ
27
0.00
201,490 Smith & Nephew
2,531
0.28
78,010 Smiths
1,277
0.14
39,031
Smithson Investment 
Trust
540
0.06
29,011 SoftcatØ
410
0.05
22,827 Spectris
822
0.09
203,113 Speedy Hire
73
0.01
16,404
Spirax-Sarco 
Engineering
1,702
0.20
71,070 Spire Healthcare
151
0.02
145,833 Spirent Communications
239
0.03
248,509 SSE
4,535
0.51
164,070 SSP
413
0.05
117,668
St. James's Place 
Capital
1,267
0.14
531,729 Standard Chartered
3,654
0.41
30,783 SThree
106
0.01
17,302 Strategic Equity Capital
53
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
23,635 STV
53
0.01
359,925
Supermarket Income 
REITØ
263
0.03
85,730 SynthomerØ
63
0.01
132,073 Target Healthcare REITØ
95
0.01
95,313 Tate & Lyle
687
0.08
812,200 Taylor Wimpey
841
0.10
15,396 Telecom Plus
260
0.03
75,195
Temple Bar Investment 
Trust
165
0.02
276,775
Templeton Emerging 
Markets Investment 
TrustØ
404
0.05
3,386
TEN Entertainment 
Group
9
0.00
1,649,681 Tesco
4,098
0.46
1,080,584 Thomas Cook†
–
0.00
97,195 Topps Tiles
47
0.01
179,464 TP ICAP Group
270
0.03
98,434
TR European Growth 
Trust
150
0.02
59,431
TR Property Investment 
Trust - Ordinary Shares
158
0.02
111,477 Trainline
287
0.03
50,519 Travis PerkinsØ
411
0.04
11,709 TreattØ
72
0.01
79,190 Trifast
62
0.01
139,923
Triple Point Social 
Housing REIT
69
0.01
443,720 Tritax Big Box
554
0.06
115,821 Tritax EuroBoxØ
59
0.01
180,859
Troy Income & Growth 
Trust
124
0.01
68,794 Trustpilot Group
47
0.01
18,744 TT ElectronicsØ
30
0.00
108,043 TUIØ
604
0.07
348,279 Tullow OilØ
97
0.01
47,324 TymanØ
122
0.01
571,273 Unilever (Registered)
23,395
2.65
73,928 UNITE GroupØ
642
0.07
158,068 United Utilities
1,522
0.17
110,280 Urban Logistics REITØ
125
0.01
NM0923U-3094429-429/477

ACS 60:40 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
429
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
26,217
Utilico Emerging 
Markets Trust
58
0.01
26,296
Value & Income 
Investment Trust
51
0.01
39,766 VesuviusØ
159
0.02
86,778
VH Global Sustainable 
Energy Opportunities
82
0.01
20,413 VictrexØ
281
0.03
79,783 Vistry
522
0.06
12,110 Vitec
83
0.01
4,971,082 Vodafone
3,687
0.43
41,583 Volution
158
0.02
91,297
VPC Specialty Lending 
Investments
63
0.01
50,784 Warehouse REITØ
40
0.00
57,105 Watches of SwitzerlandØ
351
0.04
60,013 Weir
1,058
0.13
29,753 WH Smith
467
0.05
44,634 Whitbread
1,508
0.18
53,018 Wickes Group
64
0.01
35,360 Wincanton
89
0.01
140,038 Witan Investment Trust
316
0.04
19,826
Witan Pacific Investment 
Trust
43
0.00
43,867 Workspace
206
0.02
15,098
Worldwide Healthcare 
Trust
474
0.05
236,634 WPP
1,943
0.22
28,980 XPS Pensions Group
52
0.01
32,627 ZotefoamsØ
113
0.01
437,652
49.62
United States - 13.45%; 31.12.22 12.98%    
2,231 3M
175
0.02
6,333 Abbott Laboratories
539
0.06
6,771 AbbVie
713
0.08
2,378 Accenture
580
0.07
3,479 Activision Blizzard
228
0.03
1,738 Adobe
665
0.08
6,083 Advanced Micro Devices
535
0.06
1,900 AES
31
0.00
2,413 Aflac
132
0.01
1,210 Agilent Technologies
113
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
867
Air Products & 
Chemicals
202
0.02
1,752 Airbnb
173
0.02
384 Akamai Technologies
27
0.00
229 Albemarle
40
0.00
825
Alexandria Real Estate 
Equities
74
0.01
397 Align Technology
107
0.01
400 Allegion
38
0.00
1,300 Alliant Energy
53
0.01
1,113 Allstate
96
0.01
600
Alnylam 
Pharmaceuticals
91
0.01
23,305
Alphabet class 'A' 
shares
2,194
0.24
20,194
Alphabet class 'C' 
shares
1,916
0.22
7,811 Altria
278
0.03
35,340 Amazon.com
3,575
0.40
617 Amdocs
48
0.01
869 Ameren
56
0.01
2,700 American Airlines
38
0.00
1,980 American Electric Power
130
0.01
2,355 American Express
320
0.04
2,013 American International
91
0.01
1,825
American Tower class ‘A’ 
shares
278
0.03
731 American Water Works
81
0.01
384 Ameriprise Financial
101
0.01
388 AmerisourceBergen
58
0.01
823 AMETEK
104
0.01
2,240 Amgen
392
0.04
2,591
Amphenol class ‘A’ 
shares
171
0.02
2,042 Analog DevicesØ
306
0.03
1,503
Annaly Capital 
Management
24
0.00
448 Ansys
115
0.01
805 Anthem
280
0.03
863 Aon
233
0.03
1,847 APA
50
0.01
2,059
Apollo Global 
Management
123
0.01
NM0923U-3094429-430/477

ACS 60:40 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
430
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
58,532 Apple
8,775
0.98
3,352 Applied Materials
382
0.04
1,078 Aptiv
86
0.01
1,643 Arch Capital
95
0.01
2,494 Archer Daniels MidlandØ
147
0.02
658 Arista Networks
83
0.01
771 Arthur J Gallagher
131
0.01
28,409 AT&T
359
0.04
545 AtlassianØ
70
0.01
800 Atmos EnergyØ
73
0.01
947 Autodesk
154
0.02
373 Autoliv
25
0.00
1,675
Automatic Data 
Processing
287
0.03
79 AutoZone
153
0.02
515
AvalonBay 
CommunitiesØ
77
0.01
1,200 Avangrid
36
0.00
4,263 Avantor
68
0.01
400 Avery Dennison
53
0.01
3,751 Baker Hughes
93
0.01
1,547 Ball
71
0.01
26,441 Bank of America
599
0.07
2,735
Bank of New York 
Mellon
96
0.01
686 Bath & Body Works
21
0.00
2,469 Baxter International
87
0.01
1,208 Becton Dickinson
249
0.03
1
Berkshire Hathaway 
convertible class 'A' 
shares
404
0.05
5,646
Berkshire Hathaway 
convertible class 'B' 
shares
1,503
0.16
1,156 Best Buy
76
0.01
740 Bill.com
68
0.01
551 Biogen
123
0.01
1,003
BioMarin 
Pharmaceutical
71
0.01
164 Bio-Rad Laboratories
49
0.01
469 Bio-Techne
29
0.00
525 BlackRock**
286
0.03
2,892 Blackstone GroupØ
212
0.02
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
2,012 Boeing
337
0.03
152 Booking
319
0.04
565 BorgWarnerØ
22
0.00
1,224 Boston Properties
55
0.01
5,349 Boston Scientific
225
0.03
7,543 Bristol-Myers Squibb
382
0.04
1,558 Broadcom
1,063
0.12
384
Broadridge Financial 
Solutions
50
0.01
700 Brown & Brown
37
0.00
940
Brown-Forman class ‘B’ 
shares
49
0.01
963 Bunge
71
0.01
400 Burlington Stores
49
0.01
2,785 Cabot Oil & Gas
55
0.01
1,109
Cadence Design 
Systems
200
0.02
1,367 Caesars Entertainment
54
0.01
646 Campbell Soup
23
0.00
1,630 Capital One Financial
141
0.02
922 Cardinal Health
68
0.01
321 CarMax
21
0.00
2,900 CarnivalØ
39
0.00
34,898 Carnival (Registered)Ø
440
0.05
2,232 Carrier Global
87
0.01
1,200 Catalent
41
0.00
1,815 Caterpillar
350
0.04
600 Cboe Global Markets
64
0.01
1,198 CBRE class ‘A’ shares
76
0.01
558 CDW
80
0.01
192 Celanese
17
0.00
2,720 Centene
144
0.02
3,539 CenterPoint Energy
80
0.01
988 Ceridian HCM
51
0.01
464 CF Industries
26
0.00
289
CH Robinson 
WorldwideØ
22
0.00
387
Charles River 
Laboratories 
InternationalØ
64
0.01
6,048 Charles Schwab
273
0.03
398
Charter 
CommunicationsØ
114
0.01
NM0923U-3094429-431/477

ACS 60:40 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
431
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
662 Cheniere Energy
79
0.01
6,778 Chevron
837
0.09
114 Chipotle Mexican Grill
190
0.02
1,676 Chubb
251
0.03
725 Church & Dwight
57
0.01
1,245 Cigna
273
0.03
593 Cincinnati Financial
45
0.01
418 Cintas
162
0.02
15,512 Cisco Systems
628
0.07
8,168 Citigroup
299
0.03
1,275 Citizens Financial
26
0.00
371 Clorox
46
0.01
961 Cloudflare
49
0.01
1,510 CME
219
0.02
975 CMS Energy
45
0.01
14,930 Coca-Cola
709
0.08
2,140 Cognizant Technology
109
0.01
3,236 Colgate-Palmolive
196
0.02
15,374 Comcast class ‘A’ shares
504
0.06
1 Commerce Bancshares^
–
0.00
1,270 Conagra Brands
33
0.00
5,156 ConocoPhillips
420
0.05
1,584 Consolidated Edison
112
0.01
677
Constellation Brands 
class ‘A’ shares
132
0.01
895 Constellation EnergyØ
64
0.01
283 Cooper
85
0.01
1,641 Copart
117
0.01
2,475 Corning
68
0.01
2,478 Corteva
113
0.01
1,637 CoStar GroupØ
117
0.01
1,691 Costco Wholesale
711
0.08
5,505 Coupang
75
0.01
588 Crowdstrike
67
0.01
1,162
Crown Castle 
International
105
0.01
6,275 CSX
168
0.02
572 Cummins
109
0.01
5,027 CVS Health
273
0.03
2,726 Danaher
513
0.06
404 Darden Restaurants
53
0.01
1,055 Datadog
80
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
1,131 Deere
359
0.04
573 Delta Air Lines
21
0.00
900 Dentsply Sirona
28
0.00
3,329 Devon Energy
127
0.01
1,529 DexCom
155
0.02
794 Diamondback Energy
82
0.01
1,329 Digital Realty Trust
118
0.01
951
Discover Financial 
Services
89
0.01
204,072 Diversified Gas & Oil
179
0.02
1,400 DocuSign
57
0.01
1,031 Dollar General
136
0.02
763 Dollar Tree
87
0.01
3,774 Dominion Energy
155
0.02
181 Domino's Pizza
47
0.01
1,018 DoorDash
61
0.01
773 Dover
88
0.01
1,817 Dow
76
0.01
1,229 DR Horton
117
0.01
676 DTE Energy
58
0.01
3,381 Duke Energy
238
0.03
1,764 DuPont de Nemours
99
0.01
727 Eastman Chemical
48
0.01
1,733 Eaton
272
0.03
2,112 eBay
74
0.01
980 Ecolab
143
0.02
1,727 Edison International
94
0.01
1,811 Edwards Lifesciences
132
0.01
1,050 Elanco Animal Health
8
0.00
1,393 Electronic Arts
144
0.02
3,323 Eli Lilly
1,220
0.14
1,957 Emerson Electric
138
0.02
513 Enphase Energy
64
0.01
686 Entergy
52
0.01
2,349 EOG Resources
210
0.02
319 EPAM Systems
57
0.01
634 Equifax
117
0.01
344 Equinix
211
0.02
1,275 Equitable
27
0.00
792
Equity LifeStyle 
PropertiesØ
42
0.00
1,703 Equity Residential
88
0.01
NM0923U-3094429-432/477

ACS 60:40 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
432
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
179 Essex Property Trust
33
0.00
921
Estee Lauder class ‘A’ 
shares
140
0.02
445 Etsy
30
0.00
137 Everest Re
37
0.00
1,500 Evergy
68
0.01
1,275 Eversource Energy
70
0.01
793 Exact Sciences
59
0.01
4,132 Exelon
131
0.01
397 Expedia
34
0.00
900
Expeditors International 
of WashingtonØ
85
0.01
769 Extra Space StorageØ
90
0.01
15,927 Exxon Mobil
1,344
0.15
428 F5 Networks
49
0.01
127
FactSet Research 
Systems
40
0.00
113 Fair Isaac
71
0.01
2,906 Fastenal
135
0.02
610
Federal Realty 
Investment Trust
46
0.01
953 FedExØ
188
0.02
2,598
Fidelity National 
Information Services
109
0.01
3,527 Fifth Third Bancorp
73
0.01
496 First Solar
72
0.01
1,956 FirstEnergy
60
0.01
2,261 Fiserv
222
0.03
214 FleetCor Technologies
42
0.00
3,210 Flex
69
0.01
800 FMC
66
0.01
1,400 FNF
40
0.00
14,678 Ford Motor
173
0.02
2,514 Fortinet
149
0.02
1,657 Fortive
96
0.01
5,388 Freeport-McMoRan
168
0.01
706 Garmin
58
0.01
283 Gartner
77
0.01
1,847
GE Healthcare 
Technologies
115
0.01
393 GeneracØ
46
0.01
1,030 General Dynamics
175
0.02
3,908 General Electric
333
0.04
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
2,614 General Mills
158
0.02
6,252 General Motors
189
0.02
542 Genuine Parts
71
0.01
4,981 Gilead Sciences
299
0.03
1,042 Global Payments
80
0.01
400 Globe Life
34
0.00
428 GoDaddy
25
0.00
1,358 Goldman Sachs
347
0.04
4,703 Halliburton
123
0.01
1,425
Hartford Financial 
Services
80
0.01
875 HCA Healthcare
208
0.02
3,400 Healthpeak Properties
54
0.01
457 Heico class 'A' shares
51
0.01
799 Henry Schein
51
0.01
533 Hershey
105
0.01
1,190 Hess
126
0.01
4,556
Hewlett Packard 
Enterprise
60
0.01
973 Hilton Worldwide
111
0.01
932 Hologic
59
0.01
3,971 Home Depot
967
0.11
2,382 Honeywell International
389
0.04
910 Horizon Therapeutics
74
0.01
1,500 Hormel Foods
47
0.01
3,600 Host Hotels & Resorts
48
0.01
2,100 Howmet Aerospace
81
0.01
2,347 HP
56
0.01
173 HubSpotØ
71
0.01
536 Humana
188
0.02
7,800 Huntington BancsharesØ
67
0.01
473 ICON
91
0.01
432 IDEX
73
0.01
304 IDEXX Laboratories
119
0.01
1,217 Illinois Tool WorksØ
239
0.03
737 IlluminaØ
108
0.01
648 Incyte
32
0.00
1,483 Ingersoll Rand
76
0.01
294 Insulet
68
0.01
16,807 Intel
438
0.05
2,506
Intercontinental 
Exchange
223
0.03
NM0923U-3094429-433/477

ACS 60:40 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
433
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
3,629
International Business 
Machines
385
0.04
1,444
International Flavors & 
Fragrances
89
0.01
1,121 International Paper
28
0.00
2,446 Interpublic
74
0.01
1,142 Intuit
412
0.05
1,421 Intuitive Surgical
380
0.04
2,700 Invitation Homes
73
0.01
675 IQVIA HoldingsØ
118
0.01
479 Jack Henry & Associates
63
0.01
700 Jacobs Solutions
66
0.00
300
JB Hunt Transport 
Services
43
0.00
500 JM Smucker
58
0.01
10,200 Johnson & Johnson
1,324
0.15
2,673
Johnson Controls 
International
142
0.02
11,465 JPMorgan Chase & Co.
1,300
0.15
1,100 Juniper Networks
27
0.00
818 Kellogg
43
0.00
3,600 Keurig Dr Pepper
88
0.01
5,346 KeyCorp
39
0.00
676 Keysight Technologies
88
0.01
1,036 Kimberly-Clark
112
0.01
1,269 Kimco Realty
20
0.00
7,643 Kinder MorganØ
104
0.01
2,450 KKR & Company
108
0.01
531 KLA-Tencor
200
0.02
2,696 Kraft Heinz
75
0.01
1,588 Kroger
58
0.01
948 L3 Technologies
147
0.02
411
Laboratory Corporation 
of America
78
0.01
444 Lam Research
225
0.03
800 Lamb Weston
72
0.01
1,374 Las Vegas Sands
62
0.01
359 Lear
40
0.00
359 Leidos
25
0.00
547 Lennar class ‘A’ shares
54
0.01
591
Liberty Broadband class 
'C' shares
37
0.00
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
162
Live Nation 
Entertainment
11
0.00
1,323 LKQ
60
0.01
959 Lockheed Martin
346
0.03
950 Loews
44
0.00
2,482 Lowe's
437
0.05
378 LPL FinancialØ
65
0.01
453 Lululemon Athletica
133
0.01
1,134
Lyondellbasell Industries 
class ‘A’ shares
81
0.01
221 M&T Bank
22
0.00
3,003 Marathon Oil
54
0.01
1,235 Marathon Petroleum
114
0.01
80 Markel
87
0.01
200 MarketAxess
41
0.00
910
Marriott International 
class ‘A’ sharesØ
130
0.01
1,680 Marsh & McLennan
247
0.03
225 Martin Marietta Materials
81
0.01
3,180 Marvell Technology
147
0.02
638 Masco
29
0.00
380 Masimo
50
0.01
3,290
MasterCard class ‘A’ 
shares
1,008
0.11
1,295 Match
43
0.00
808 McCormick & Co
55
0.01
3,113 McDonald's
725
0.08
530 McKesson
176
0.02
5,176 Medtronic
355
0.04
181 MercadoLibre
168
0.02
9,817 Merck & Co
881
0.10
8,674 Meta
1,931
0.22
1,941 MetLife
86
0.01
107
Mettler-Toledo 
International
111
0.01
826
MGM Resorts 
International
28
0.00
2,194 Microchip Technology
151
0.02
4,480 Micron Technology
228
0.03
29,515 Microsoft
7,817
0.87
103
Mid-America Apartment 
Communities
12
0.00
1,395 ModernaØ
135
0.02
NM0923U-3094429-434/477

ACS 60:40 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
434
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
245 Molina Healthcare
57
0.01
722
Molson Coors Brewing 
class ‘B’ shares
37
0.00
5,505 Mondelez International
315
0.04
148 Mongodb
47
0.01
87
Monolithic Power 
Systems
37
0.00
2,232 Monster Beverage
101
0.01
465 Moody'sØ
127
0.01
4,221 Morgan StanleyØ
284
0.03
1,826 Mosaic
50
0.01
655 Motorola Solutions
149
0.02
369 MSCI
135
0.02
1,800 Nasdaq
71
0.01
814 NetApp
49
0.01
1,796 NetflixØ
608
0.07
3,221 Newmont Mining
107
0.01
1,800 News class 'A' shares
28
0.00
2,500 News class 'B' shares
39
0.00
8,142 NextEra Energy
469
0.05
4,277 NIKE
383
0.04
1,309 NiSource
28
0.00
867 Norfolk Southern
155
0.02
1,154 Northern Trust
67
0.01
626 Northrop GrummanØ
223
0.03
4,310 NortonlifelockØ
63
0.01
769 Novocure
25
0.00
1,188 NRG Energy
35
0.00
1,124 Nucor
145
0.02
9,313 NVIDIA
3,007
0.34
18 NVR
90
0.01
3,211 Occidental Petroleum
149
0.02
800 Okta
44
0.00
510
Old Dominion Freight 
LineØ
152
0.02
1,093 Omnicom
81
0.01
1,910 ON SemiconductorØ
139
0.02
937 ONEOK
46
0.01
5,689 Oracle
530
0.06
252 O'Reilly Automotive
187
0.02
1,766 Organon
29
0.00
1,516 Otis Worldwide
106
0.01
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
2,104 PACCAR
137
0.02
271
Packaging Corporation 
of America
28
0.00
5,407 Palantir Technologies
65
0.01
1,230 Palo Alto Networks
246
0.03
397 Parker-Hannifin
121
0.01
861 Paychex
74
0.01
300 Paycom Software
74
0.01
4,695 PayPal
245
0.03
5,323 PepsiCo
774
0.09
741 PerkinElmer
69
0.01
21,482 Pfizer
614
0.07
4,311 PG&E
58
0.01
6,359
Philip Morris 
International
491
0.06
1,700 Phillips 66
127
0.01
757 Pinnacle West Capital
48
0.01
3,068 Pinterest
67
0.01
905
Pioneer Natural 
Resources
147
0.02
3,128 Plug PowerØ
25
0.00
1,585 PNC Financial Services
157
0.02
73 Pool
21
0.00
846 PPG Industries
97
0.01
2,700 PPL
56
0.01
593 Principal Financial
35
0.00
9,233 Procter & Gamble
1,090
0.12
2,431 Progressive
254
0.03
3,860 Prologis
371
0.04
1,735 Prudential Financial
121
0.01
353 PTC
40
0.00
1,868
Public Service 
Enterprise
91
0.01
718 Public Storage
164
0.02
1,259 Pulte Homes
77
0.01
56,912 PureTech Health
125
0.01
600 Qorvo
48
0.01
4,691 Qualcomm
438
0.05
667 Quanta ServicesØ
103
0.01
393 Quest Diagnostics
44
0.00
1,111
Raymond James 
FinancialØ
91
0.01
5,246 Raytheon Technologies
406
0.05
NM0923U-3094429-435/477

ACS 60:40 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
435
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
2,650 Realty Income
126
0.01
508 Regency Centers
25
0.00
330
Regeneron 
Pharmaceuticals
185
0.02
4,188 Regions Financial
59
0.01
318 RenaissanceRe
47
0.01
968 Republic Services
116
0.01
510 ResMed
87
0.01
2,731 Rivian AutomotiveØ
35
0.00
448 Robert Half International
26
0.00
1,179 Roblox
36
0.01
490 Rockwell AutomationØ
126
0.01
392 Roper Technologies
148
0.02
898 Ross Stores
77
0.01
1,200
Royal Caribbean 
CruisesØ
96
0.01
2,448 Royalty Pharma
59
0.01
1,153 S&P Global
361
0.04
3,612 Salesforce.com
601
0.07
38,837 Samsonite International
87
0.01
373 SBA Communications
68
0.01
4,362 Schlumberger
167
0.02
842 Seagate Technology
41
0.00
700 Seagen
106
0.01
1,438 Sempra Energy
165
0.02
715 Sensata Technologies
25
0.00
813 ServiceNow
353
0.04
900 Sherwin-Williams
186
0.02
843 Simon Property
76
0.01
5,355
Sims Metal 
ManagementØ
44
0.00
911 Skyworks Solutions
79
0.01
312 Snap-on
71
0.01
1,375 SnowflakeØ
191
0.02
186 SolarEdge Technologies
37
0.00
4,529 Southern
248
0.03
445 Southwest AirlinesØ
13
0.00
1,004 Splunk
84
0.01
519 Spotify Technology
65
0.01
2,623 Square
134
0.02
1,256 SS&C Technologies
60
0.01
389 Stanley Black & Decker
29
0.00
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
4,740 Starbucks
370
0.04
1,732 State Street
100
0.01
687 Steel Dynamics
59
0.01
293 STERIS
51
0.01
1,524 Stryker
363
0.04
600 Sun Communities
61
0.01
1,225 Synchrony Financial
33
0.00
637 Synopsys
216
0.02
2,222 Sysco
129
0.01
794 T Rowe PriceØ
70
0.01
939
Take-Two Interactive 
Software
108
0.01
1,053 Targa Resources
63
0.01
1,951 Target
205
0.02
1,260 TE Connectivity
138
0.02
276 Teledyne Technologies
89
0.01
300 Teleflex
56
0.01
921 Teradyne
80
0.01
10,877 Tesla
2,214
0.25
3,822 Texas Instruments
534
0.06
38 Texas Pacific Land
40
0.00
900 Textron
48
0.01
1,471 Thermo Fisher Scientific
598
0.07
61,455 TI Fluid Systems
83
0.01
3,742 TJX
248
0.03
1,580 T-Mobile
171
0.02
600 Tractor SupplyØ
103
0.01
2,232 Trade DeskØ
137
0.02
912 Trane Technologies
137
0.02
245 TransDigm
172
0.02
1,035 Travelers
140
0.02
800 Trimble
33
0.00
4,894
Truist Financial 
Corporation
119
0.01
1,090 Twilio
55
0.01
237 Tyler Techs.Ø
77
0.01
1,316 Tyson Foods
53
0.01
7,588 Uber Technologies
255
0.03
1,700 UDR
58
0.01
259 Ulta Beauty
95
0.01
2,589 Union Pacific
419
0.05
NM0923U-3094429-436/477

ACS 60:40 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
436
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
2,573
United Parcel Service 
class ‘B’ shares
358
0.04
300 United Rentals
103
0.01
3,540 UnitedHealth
1,335
0.14
1,272 Unity Software
44
0.00
300
Universal Health 
Services class ‘B’ shares
37
0.00
6,363 US Bancorp
165
0.02
274 Vail Resorts
54
0.01
1,499 Valero EnergyØ
138
0.02
760 Veeva Systems
117
0.01
1,517 Ventas
57
0.01
515 VeriSign
91
0.01
510 Verisk Analytics
90
0.01
17,116 Verizon Communications
501
0.06
995 Vertex Pharmaceuticals
274
0.03
2,453 VF
37
0.00
3,714 Viacomcbs
47
0.01
6,092 Viatris
48
0.01
2,379 Vici Props.
59
0.01
6,350 Visa
1,175
0.14
779 Vistra Energy
16
0.00
916 VMware
104
0.01
372 Vulcan Materials
66
0.01
439 Wabtec
37
0.00
2,766
Walgreens Boots 
Alliance
62
0.01
5,405 Walmart
659
0.07
Holding 
or Nominal 
Value Investment
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
       
 
 
 
6,683 Walt Disney
470
0.05
5,513 Warner Bros Discovery
54
0.01
1,252 Waste Management
168
0.02
151 Waters
31
0.00
660 WEC Energy
46
0.01
13,982 Wells Fargo
469
0.05
1,347 Welltower
86
0.01
204
West Pharmaceutical 
Services
61
0.01
543 Western Digital
16
0.00
1,878 WestRock
43
0.00
3,431 Weyerhaeuser
90
0.01
4,790 Williams
123
0.01
527 Willis Towers Watson
97
0.01
594 Workday
107
0.01
1,200 WP Carey
64
0.01
642 WR Berkley
30
0.00
214 WW GraingerØ
132
0.01
253 Wynn Resorts
21
0.00
2,220 Xcel Energy
108
0.01
1,100 Xylem
97
0.01
1,176 Yum! Brands
128
0.01
279 Zebra Technologies
64
0.01
823 Zillow Group
33
0.00
590 Zimmer Biomet
68
0.01
1,512 Zoetis
205
0.02
1,484
Zoom Video 
Communications
79
0.01
562 Zscaler
64
0.01
119,116
13.45
 
 
Holding 
or Nominal 
Value Investment
Underlying 
Exposure 
£000's
Market 
Value 
£000's
% of 
Total 
Net 
Assets
                    
DERIVATIVES - (0.01)%; 31.12.22 (0.02)%    
Futures - (0.01)%; 31.12.22 (0.02)%    
14 EURO Stoxx 50 September 2023^
531
–
0.00
78 FTSE 100 Index September 2023
5,876
(79)
(0.01)
5 KOSPI 200 Index September 2023
255
(4)
0.00
4 MSCI Singapore Index July 2023^
67
–
0.00
NM0923U-3094429-437/477

ACS 60:40 GLOBAL EQUITY TRACKER FUND
PORTFOLIO STATEMENT (unaudited) (continued)
437
Holding 
or Nominal 
Value Investment
Underlying 
Exposure 
£000’s
Market 
Value 
£000’s
% of 
Total 
Net 
Assets
                    
 
 
 
 
6 S&P 500 E-Mini September 2023
1,056
26
0.00
6 SPI 200 Index September 2023
562
2
0.00
11 Swiss Market Index September 2023
1,093
(6)
0.00
2 TOPIX September 2023^
250
–
0.00
9,692
(61)
(0.01)
Portfolio of investments
875,099
98.89
CASH EQUIVALENTS
Short-term Money Market Funds - 0.16%; 31.12.22 0.27%    
1,406,944 BlackRock Institutional Cash Series Sterling Liquidity Fund*
1,407
0.16
Net other assets
8,390
0.95
Total net assets
884,896 100.00
Unless otherwise stated, all securities are either listed on a recognised exchange or traded on an eligible securities market.
Underlying exposure has been calculated according to the guidelines issued by the European Securities and Markets 
Authority (“ESMA”) (as adopted by the FCA) and represents the market value of an equivalent position in the assets 
underlying each financial derivative instrument.
Ø All or a portion of this investment represents a security on loan.
^ Investments which are less than £500 are rounded to zero.
† Suspended investments fair valued.
* Managed by a related party.
** Related party to the Fund.
NM0923U-3094429-438/477

438
ACS 60:40 GLOBAL EQUITY TRACKER FUND
STATEMENT OF TOTAL RETURN (unaudited)
for the six months ended 30 June 2023
For the period 
to 30.6.2023
For the period 
to 30.6.2022
£000's
£000's
£000's
£000's
Income
Net capital gains/(losses)
28,203
(118,547)
Revenue
18,707
25,062
Expenses
(89)
(107)
Interest payable and similar charges
(1)
(6)
Net revenue before taxation
18,617
24,949
Taxation
(457)
(504)
Net revenue after taxation
18,160
24,445
Total return before distributions
46,363
(94,102)
Equalisation
(1,803)
(6,013)
Change in net assets 
attributable to unitholders from investment activities
44,560
(100,115)
STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS (unaudited)
for the six months ended 30 June 2023
For the period 
to 30.6.2023
For the period 
to 30.6.2022
£000's
£000's
£000's
£000's
Opening net assets attributable to unitholders 
999,816
1,492,550
Amounts receivable on issue of units
			
20,653
			
26,657
Amounts payable on cancellation of units
			 (180,133)
			 (428,879)
(159,480)
(402,222)
Change in net assets attributable to unitholders from investment 
activities
44,560
(100,115)
Closing net assets attributable to unitholders
884,896
990,213
The above statement shows the comparative closing net assets at 30 June 2022 whereas the current accounting period 
commenced 1 January 2023. 
NM0923U-3094429-439/477

439
ACS 60:40 GLOBAL EQUITY TRACKER FUND
BALANCE SHEET (unaudited)
at 30 June 2023
30.6.2023
31.12.2022
£000's
£000's
Assets:
Fixed assets
– Investment assets
875,188
989,214
Current assets
– Debtors
6,496
6,199
– Cash and bank balances
2,464
3,271
– Cash equivalents
1,407
2,655
Total assets
885,555
1,001,339
Liabilities:
Investment liabilities
(89)
(161)
Creditors
– Other creditors
(570)
(1,362)
Total liabilities
(659)
(1,523)
Net assets attributable to unitholders
884,896
999,816
G D Bamping (Director)
M T Zemek (Director)
BlackRock Fund Managers Limited
30 August 2023
NM0923U-3094429-440/477

440
BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
NOTES TO FINANCIAL STATEMENTS (unaudited)
1. Accounting Policies
The financial statements have been prepared in accordance with the Statement of Recommended Practice for Authorised 
Funds (the “SORP”) issued by the Investment Management Association (now known as the Investment Association) in  
May 2014 and amended in June 2017. 
The accounting policies applied are consistent with those of the financial statements for the year ended 31 December 2022 
and are described in those annual financial statements.
2. Financial Risks
Each Fund’s investment activities expose it to the various types of risk which are associated with the financial instruments 
and markets in which it invests. The risks are substantially consistent with those disclosed in the previous annual financial 
statements with the exception of those outlined below.
Market risk arising from price risk
Price risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in 
market prices (other than those arising from interest rate risk or currency risk), whether those changes are caused by factors 
specific to the individual financial instrument or its issuer, or factors affecting similar financial instruments traded in the market. 
Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, 
recessions, or other events could have a significant impact on each Fund and the market price of its investments.
NM0923U-3094429-441/477

441
BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
SUPPLEMENTARY INFORMATION
Efficient Portfolio Management Techniques
The Manager may, on behalf of certain Funds and subject to the conditions and within the limits laid down by the FCA and the 
Prospectus, employ techniques and instruments relating to transferable securities, including investments in Over-the-Counter 
(“OTC”) Financial Derivative Instruments (“FDIs”) provided that such techniques and instruments are used for efficient 
portfolio management purposes or to provide protection against exchange risk or for direct investment purposes, where 
applicable.
In addition to the investments in OTC FDIs, the Funds may employ other techniques and instruments relating to transferable 
securities and money market instruments, subject to the conditions set out in the FCA’s Handbook, as amended from time to 
time, and the relevant ESMA Guidelines (as adopted by the FCA), such as securities lending.
Securities Lending
All securities lending transactions entered into by the Funds are subject to a written legal agreement between the Funds 
and the Securities Lending Agent, BlackRock Advisors (UK) Limited, a related party to the Funds, and separately between 
the Securities Lending Agent and the approved borrowing counterparty. Collateral received in exchange for securities lent is 
transferred under a title transfer arrangement and is delivered to and held in an account with a tri-party collateral manager in 
the name of Northern Trust Global Investor Services Limited (“the Depositary”) on behalf of the Funds. Collateral received is 
segregated from the assets belonging to the Funds’ Depositary or the Lending Agent.
The following table details the value of securities on loan as a proportion of the Funds’ total lendable assets and NAV as a 
proportion of the Funds’ NAV, as at 30 June 2023 and the returns earned for the period ended 30 June 2023. Total lendable 
assets represents the aggregate value of assets forming part of the Funds’ securities lending programme. This excludes any 
assets held by the Funds that are not considered lendable due to any market, regulatory, investment or other restriction.
Securities on loan
 
% of lendable
assets
% of NAV
Income 
Earned 
£000’s
ACS Climate Transition World Equity Fund
2.23
2.09
135
ACS Continental European Equity Tracker Fund
14.42
13.27
91
ACS Europe ex UK ESG Insights Equity Fund
3.72
3.34
11
ACS Japan Equity Tracker Fund
3.09
2.89
60
ACS Japan ESG Insights Equity Fund
0.07
0.06
10
ACS North America ESG Insights Equity Fund
1.50
1.39
39
ACS UK Equity Tracker Fund
6.75
6.32
615
ACS UK ESG Insights Equity Fund
0.95
0.89
1
ACS US Equity Tracker Fund
2.89
2.72
531
ACS US ESG Insights Equity Fund
1.36
1.18
5
ACS World ESG Equity Tracker Fund
3.17
2.95
97
ACS World ESG Insights Equity Fund
2.19
2.06
120
ACS World ESG Screened Equity Tracker Fund
3.25
3.00
41
ACS World ex UK Equity Tracker Fund
5.48
5.12
351
ACS World Low Carbon Equity Tracker Fund
3.26
3.05
125
ACS World Multifactor Equity Tracker Fund
3.70
3.47
4
ACS World Multifactor ESG Equity Tracker Fund
3.24
3.04
44
ACS World Small Cap ESG Screened Equity Tracker Fund
21.46
20.14
484
ACS 30:70 Global Equity Tracker Fund
4.79
4.00
81
ACS 50:50 Global Equity Tracker Fund
8.92
8.32
276
ACS 60:40 Global Equity Tracker Fund
5.51
5.16
63
NM0923U-3094429-442/477

442
BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
SUPPLEMENTARY INFORMATION (continued)
The total income earned from securities lending transactions is split between the relevant Fund and the Securities Lending 
Agent. The Funds receive 62.5% while Securities Lending Agent receives 37.5% of such income, with all operational costs 
borne out of the Securities Lending Agent’s share.
All securities on loan have an open maturity tenor as they are recallable or terminable on a daily basis.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
NM0923U-3094429-443/477

443
BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
SUPPLEMENTARY INFORMATION (continued)
The following tables detail the value of securities on loan and associated collateral received by counterparty as at  
30 June 2023.
Counterparty
Counterparty’s 
country of 
establishment
Securities 
on loan
Collateral 
received
ACS Climate Transition World Equity Fund
£000’s
£000’s
Barclays Capital Securities Limited
UK
20,887
23,536
BNP Paribas 
France
56,132
63,272
Citigroup Global Markets Limited
UK
3,853
4,324
Goldman Sachs International
United States
12,798
13,693
HSBC Bank 
UK
50,144
55,551
The Bank of Nova Scotia
Canada
65,997
72,720
Total
209,811
233,096
Counterparty
Counterparty’s 
country of 
establishment
Securities 
on loan
Collateral 
received
ACS Continental European Equity Tracker Fund
£000’s
£000’s
Barclays Capital Securities Limited
UK
9,443 
 10,212 
BNP Paribas
France
11,981 
 13,281 
Goldman Sachs International
United States
6,306 
 6,936 
HSBC Bank 
UK
35,012 
 38,030 
J.P.Morgan Securities 
UK
6,744 
 7,851 
Macquarie Bank Limited
Australia 
15 
 16 
Merrill Lynch International
UK
833 
 891 
Morgan Stanley & Co. International 
UK
14,130 
 14,931 
Natixis 
France 
65 
 72 
Societe Generale
France
7,874 
 8,758 
The Bank of Nova Scotia
Canada
17,657 
 19,053 
UBS 
Switzerland
7,366 
 8,151 
Total
117,426 
 128,182 
NM0923U-3094429-444/477

444
BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
SUPPLEMENTARY INFORMATION (continued)
Counterparty
Counterparty’s 
country of 
establishment
Securities 
on loan
Collateral 
received
ACS Europe ex UK ESG Insights Equity Fund
£000’s
£000’s
BNP Paribas 
France 
7,877 
8,879 
HSBC Bank 
UK
16,861 
18,679 
Total
24,738 
27,558 
Counterparty
Counterparty’s 
country of 
establishment
Securities 
on loan
Collateral 
received
ACS Japan Equity Tracker Fund
£000’s
£000’s
Barclays Capital Securities Limited
UK
22,756 
24,610 
Goldman Sachs International
United States
263 
289 
HSBC Bank 
UK
1,630 
1,770 
J.P.Morgan Securities 
UK
32,953 
38,362 
Merrill Lynch International
UK
2,031 
2,173 
Morgan Stanley & Co. International 
UK
2,501 
2,642 
UBS 
Switzerland
8,429 
9,328 
Total
70,563 
79,174 
Counterparty
Counterparty’s 
country of 
establishment
Securities 
on loan
Collateral 
received
ACS Japan ESG Insights Equity Fund
£000’s
£000’s
BNP Paribas 
France 
88 
100 
HSBC Bank 
UK
143 
158 
Total
231 
258 
Counterparty
Counterparty’s 
country of 
establishment
Securities 
on loan
Collateral 
received
ACS North America ESG Insights Equity Fund
£000’s
£000’s
BNP Paribas 
France 
22,965 
25,886 
HSBC Bank 
UK
11,142 
12,344 
Total
34,107 
38,230 
NM0923U-3094429-445/477

445
BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
SUPPLEMENTARY INFORMATION (continued)
Counterparty
Counterparty’s 
country of 
establishment
Securities 
on loan
Collateral 
received
ACS UK Equity Tracker Fund
£000’s
£000’s
Barclays Capital Securities Limited
UK 
118,654 
128,321 
BNP Paribas 
France 
56,668 
62,814 
Citigroup Global Markets Limited
UK 
1,269 
1,399 
Credit Suisse 
Switzerland
34,221 
36,285 
Goldman Sachs International
United States 
29,006 
31,907 
HSBC Bank 
UK 
159,169 
172,887 
J.P.Morgan Securities 
UK 
40,494 
47,140 
Merrill Lynch International
UK 
907 
970 
Morgan Stanley & Co. International 
UK 
16,596 
17,536 
Societe Generale
France 
2,965 
3,297 
The Bank of Nova Scotia
Canada 
148,015 
159,712 
UBS 
Switzerland 
31,684 
35,061 
Total
639,648 
697,329 
Counterparty
Counterparty’s 
country of 
establishment
Securities 
on loan
Collateral 
received
ACS UK ESG Insights Equity Fund
£000’s
£000’s
BNP Paribas 
France 
2,788
3,143
Total
2,788
3,143
Counterparty
Counterparty’s 
country of 
establishment
Securities 
on loan
Collateral 
received
ACS US Equity Tracker Fund
£000’s
£000’s
Barclays Capital Securities Limited
UK 
947 
1,024 
BNP Paribas 
France 
177,249 
196,473 
Goldman Sachs International
United States 
483 
531 
HSBC Bank
UK 
99,779 
108,379 
J.P.Morgan Securities 
UK 
27,022 
31,457 
Natixis
France 
5,647 
6,308 
The Bank of Nova Scotia
Canada 
25,539 
27,557 
UBS
Switzerland 
141,757 
156,868 
Total
478,423 
528,597 
NM0923U-3094429-446/477

446
BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
SUPPLEMENTARY INFORMATION (continued)
Counterparty
Counterparty’s 
country of 
establishment
Securities 
on loan
Collateral 
received
ACS US ESG Insights Equity Fund
£000’s
£000’s
BNP Paribas 
France 
6,661 
7,508 
HSBC Bank 
UK
10,814 
11,980 
Total
17,475 
19,488 
Counterparty
Counterparty’s 
country of 
establishment
Securities 
on loan
Collateral 
received
ACS World ESG Equity Tracker Fund
£000’s
£000’s
BNP Paribas 
France 
15,838 
17,853 
Credit Suisse
Switzerland
9,275 
10,435 
Goldman Sachs International
United States 
25,716 
27,514 
HSBC Bank
UK
48,693 
53,944 
Merrill Lynch International
UK
12,682 
14,138 
Societe Generale
France 
33,619 
37,468 
The Bank of Nova Scotia
Canada 
56,854 
62,645 
UBS 
Switzerland 
32,355 
36,206 
Total
235,032 
260,203 
Counterparty
Counterparty’s 
country of 
establishment
Securities 
on loan
Collateral 
received
ACS World ESG Insights Equity Fund
£000’s
£000’s
BNP Paribas
France 
81,472 
91,836 
HSBC Bank
UK
20,171 
22,346 
UBS 
Switzerland 
35,972 
40,253 
Total
137,615 
154,435
NM0923U-3094429-447/477

447
BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
SUPPLEMENTARY INFORMATION (continued)
 
Counterparty
Counterparty’s 
country of 
establishment
Securities 
on loan
Collateral 
received
ACS World ESG Screened Equity Tracker Fund
£000’s
£000’s
Barclays Capital Securities Limited
UK 
13,704 
15,443 
BNP Paribas 
France 
7,754 
8,741 
Goldman Sachs International
United States 
861 
921 
HSBC Bank
UK
15,784 
17,486 
The Bank of Nova Scotia
Canada 
19,615 
21,613 
UBS 
Switzerland 
19,140 
21,418 
Total
76,858
85,622
Counterparty
Counterparty’s 
country of 
establishment
Securities 
on loan
Collateral 
received
ACS World ex UK Equity Tracker Fund
£000’s
£000’s
Barclays Bank
UK
107,324 
119,020 
Barclays Capital Securities Limited
UK
15,453 
16,712 
BNP Paribas
France
42,266 
46,849 
Citigroup Global Markets Limited
UK
273 
301 
Credit Suisse 
Switzerland
2,353 
2,495 
Goldman Sachs International
United States 
4,675 
5,142 
HSBC Bank 
UK 
58,066 
63,071 
J.P.Morgan Securities 
UK 
33,716 
39,250 
Macquarie Bank Limited
Australia 
12,305 
13,784 
Merrill Lynch International
UK 
5,347 
5,721 
Morgan Stanley & Co. International 
UK 
10,038 
10,606 
Natixis 
France 
345 
386 
Societe Generale
France 
17,982 
20,001 
The Bank of Nova Scotia
Canada 
1,695 
1,829 
UBS 
Switzerland 
49,394 
54,660 
Total
361,232 
399,827 
NM0923U-3094429-448/477

448
BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
SUPPLEMENTARY INFORMATION (continued)
Counterparty
Counterparty’s 
country of 
establishment
Securities 
on loan
Collateral 
received
ACS World Low Carbon Equity Tracker Fund
£000’s
£000’s
BNP Paribas 
France 
52,098 
58,725 
Citigroup Global Markets Limited
UK 
5,459 
6,126 
Goldman Sachs International
United States 
5,830 
6,238 
HSBC Bank 
UK 
32,388 
35,880 
J.P.Morgan Securities 
UK
26,291 
29,928 
Merrill Lynch International
UK 
12,751 
14,214 
The Bank of Nova Scotia
Canada 
7,718 
8,504 
UBS 
Switzerland 
36,569 
40,923 
Total
179,104 
200,538 
Counterparty
Counterparty’s 
country of 
establishment
Securities 
on loan
Collateral 
received
ACS World Multifactor Equity Tracker Fund
£000’s
£000’s
BNP Paribas 
France 
1,067 
1,183 
Citigroup Global Markets Limited
UK 
41 
46 
Goldman Sachs International
United States
140 
154 
HSBC Bank 
UK 
1 
1 
J.P.Morgan Securities 
UK 
1,152 
1,341 
Merrill Lynch International
UK 
9 
10 
Societe Generale
France 
1,159 
1,288 
The Bank of Nova Scotia
Canada 
1,105 
1,192 
UBS 
Switzerland 
2,823 
3,124 
Total
7,497 
8,339 
Counterparty
Counterparty’s 
country of 
establishment
Securities 
on loan
Collateral 
received
ACS World Multifactor ESG Equity Tracker Fund
£000’s
£000’s
BNP Paribas 
France 
15,465 
17,432 
Citigroup Global Markets Limited
UK 
81 
90 
Credit Suisse 
Switzerland
6,989 
7,863 
Goldman Sachs International
United States
5,404 
5,783 
HSBC Bank 
UK 
13,733 
15,214 
Merrill Lynch International
UK 
207 
231 
Societe Generale
France 
9,769 
10,886 
The Bank of Nova Scotia
Canada 
962 
1,060 
UBS 
Switzerland 
14,702 
16,453 
Total
67,312 
75,012 
NM0923U-3094429-449/477

449
BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
SUPPLEMENTARY INFORMATION (continued)
Counterparty
Counterparty’s 
country of 
establishment
Securities 
on loan
Collateral 
received
ACS World Small Cap ESG Screened Equity Tracker Fund
£000’s
£000’s
BNP Paribas 
France 
8,787 
9,904 
Credit Suisse 
Switzerland
565 
636 
Goldman Sachs International
United States
8,211 
8,785 
HSBC Bank 
UK 
8,352 
9,253 
J.P.Morgan Securities 
UK 
56,484 
64,298 
Merrill Lynch International
UK 
11,514 
12,836 
Morgan Stanley & Co. International 
UK 
16,756 
18,380 
The Bank of Nova Scotia
Canada 
346 
382 
UBS 
Switzerland 
80,167 
89,711 
Total
191,182 
214,185 
Counterparty
Counterparty’s 
country of 
establishment
Securities 
on loan
Collateral 
received
ACS 30:70 Global Equity Tracker Fund
£000’s
£000’s
Barclays Capital Securities Limited
UK 
7,951 
8,599 
BNP Paribas
France 
3,669 
4,067 
Citigroup Global Markets Limited
UK 
1,143 
1,260 
Goldman Sachs International
United States 
15,307 
16,838 
HSBC Bank 
UK 
4,378 
4,755 
J.P.Morgan Securities 
UK 
6,760 
7,870 
Macquarie Bank Limited
Australia 
1,900 
2,129 
Merrill Lynch International
UK
579 
620 
Morgan Stanley & Co. International 
UK 
1,686 
1,782 
Natixis 
France 
2,762 
3,085 
Societe Generale
France 
5,086 
5,656 
The Bank of Nova Scotia
Canada 
9,729 
10,498 
UBS 
Switzerland 
11,764 
13,017 
Total
72,714 
80,176 
NM0923U-3094429-450/477

450
BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
SUPPLEMENTARY INFORMATION (continued)
Counterparty
Counterparty’s 
country of 
establishment
Securities 
on loan
Collateral 
received
ACS 50:50 Global Equity Tracker Fund
£000’s
£000’s
Barclays Capital Securities Limited
UK 
53,365 
57,713 
BNP Paribas
France 
19,552 
21,672 
Citigroup Global Markets Limited
UK 
672 
741 
Credit Suisse 
Switzerland
41,077 
43,554 
Goldman Sachs International
United States 
22,046 
24,250 
HSBC Bank 
UK 
38,660 
41,992 
J.P.Morgan Securities 
UK 
20,382 
23,728 
Macquarie Bank Limited
Australia 
5,247 
5,878 
Merrill Lynch International
UK 
3,323 
3,555 
Morgan Stanley & Co. International
UK 
34,390 
36,337 
Natixis 
France 
1,116 
1,247 
Societe Generale
France 
29,246 
32,529 
The Bank of Nova Scotia
Canada 
20,505 
22,125 
UBS
Switzerland 
46,885 
51,883 
Total
336,466 
367,204 
Counterparty
Counterparty’s 
country of 
establishment
Securities 
on loan
Collateral 
received
ACS 60:40 Global Equity Tracker Fund
£000’s
£000’s
Barclays Capital Securities Limited
UK 
6,527 
7,059 
BNP Paribas 
France 
2,428 
2,691 
Citigroup Global Markets Limited
UK 
492 
543 
Goldman Sachs International
United States 
6,099 
6,709 
HSBC Bank 
UK 
1,618 
1,758 
J.P.Morgan Securities 
UK 
7,833 
9,118 
Merrill Lynch International
UK 
1,496 
1,601 
Morgan Stanley & Co. International 
UK 
4,413 
4,663 
Societe Generale
France 
2,620 
2,915 
The Bank of Nova Scotia
Canada 
4,724 
5,097 
UBS 
Switzerland 
7,455 
8,248 
Total
45,705 
50,402 
  
 
 
 
  
 
 
 
 
NM0923U-3094429-451/477

451
BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
SUPPLEMENTARY INFORMATION (continued)
Collateral
The Funds engage in activities which may require collateral to be provided to a counterparty (“collateral posted”) or may hold 
collateral received (“collateral received”) from a counterparty.
The following table provides an analysis by currency of the cash and underlying non-cash collateral received/posted by way 
of title transfer collateral arrangement by the Funds, in respect of securities lending transactions, as at 30 June 2023.
Currency
Cash
collateral
received 
Cash
collateral
posted
Non-cash
collateral
received
Non-cash
collateral
posted
ACS Climate Transition World Equity Fund
£000’s
£000’s
£000’s
£000’s
Securities lending transactions
AUD
-
-
 1,448 
-
CAD
-
-
 27,742 
-
CHF
-
-
 2,134 
-
DKK
-
-
 2,043 
-
EUR
-
-
 38,390 
-
GBP
-
-
 43,785 
-
HKD
-
-
 28,878 
-
JPY
-
-
 13,325 
-
NOK
-
-
 8,092 
-
SEK
-
-
 6,544 
-
SGD
-
-
 3,908 
-
USD
-
-
 56,807 
-
Total
-
-
 233,096 
-
 
 
 
 
 
 
 
 
 
 
 
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452
BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
SUPPLEMENTARY INFORMATION (continued)
Currency
Cash
collateral
received 
Cash
collateral
posted
Non-cash
collateral
received
Non-cash
collateral
posted
ACS Continental European Equity Tracker Fund
£000’s
£000’s
£000’s
£000’s
Securities lending transactions
ATS 
-
-
 596 
-
AUD 
-
-
 352 
-
CAD 
-
-
 1,258 
-
CHF 
-
-
 3,898 
-
DKK 
-
-
 1,515 
-
EUR 
-
-
 30,345 
-
GBP 
-
-
 19,692 
-
HKD 
-
-
 8,904 
-
JPY 
-
-
 6,785 
-
NOK 
-
-
 375 
-
SEK 
-
-
 456 
-
USD 
-
-
 54,006 
-
Total
-
-
 128,182 
-
ACS Europe ex UK ESG Insights Equity Fund
£000’s
£000’s
£000’s
£000’s
Securities lending transactions
AUD 
-
-
 487 
-
CAD 
-
-
 53 
-
CHF 
-
-
 717 
-
EUR 
-
-
 6,144 
-
GBP 
-
-
 5,988 
-
HKD 
-
-
 3,934 
-
JPY 
-
-
 1,005 
-
NOK 
-
-
 1,955 
-
SEK 
-
-
 1,384 
-
SGD 
-
-
 356 
-
USD 
-
-
 5,535 
-
Total
-
-
 27,558 
-
 
 
 
 
 
 
 
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453
BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
SUPPLEMENTARY INFORMATION (continued)
 
Currency
Cash
collateral
received 
Cash
collateral
posted
Non-cash
collateral
received
Non-cash
collateral
posted
ACS Japan Equity Tracker Fund
£000’s
£000’s
£000’s
£000’s
Securities lending transactions
ATS 
-
-
 1,435 
-
AUD 
-
-
 998 
-
CAD 
-
-
 209 
-
CHF 
-
-
 7 
-
DKK 
-
-
 68 
-
EUR 
-
-
 23,637 
-
GBP 
-
-
 5,105 
-
HKD 
-
-
 2,505 
-
JPY 
-
-
 11,729 
-
NOK 
-
-
 1,837 
-
SEK 
-
-
 544 
-
USD 
-
-
 31,100 
-
Total
-
-
 79,174 
-
ACS Japan ESG Insights Equity Fund
£000’s
£000’s
£000’s
£000’s
Securities lending transactions
AUD 
-
-
 4 
-
CAD*
-
-
 -
-
CHF 
-
-
 6 
-
EUR 
-
-
 52 
-
GBP 
-
-
 59 
-
HKD 
-
-
 44 
-
JPY 
-
-
 11 
-
NOK 
-
-
 17 
-
SEK 
-
-
 13 
-
SGD 
-
-
 4 
-
USD 
-
-
 48 
-
Total
-
-
 258 
-
*Non-cash collateral received which is less than £500 has been rounded to zero.
 
 
 
 
 
 
 
NM0923U-3094429-454/477

454
BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
SUPPLEMENTARY INFORMATION (continued)
 
Currency
Cash
collateral
received 
Cash
collateral
posted
Non-cash
collateral
received
Non-cash
collateral
posted
ACS North America ESG Insights Equity Fund
£000’s
£000’s
£000’s
£000’s
Securities lending transactions
AUD 
-
-
 322 
-
CAD 
-
-
 35 
-
CHF 
-
-
 474 
-
EUR 
-
-
 4,403 
-
GBP 
-
-
 10,861 
-
HKD 
-
-
 11,124 
-
JPY 
-
-
 2,665 
-
NOK 
-
-
 1,292 
-
SEK 
-
-
 1,802 
-
SGD 
-
-
 997 
-
USD 
-
-
 4,255 
-
Total
-
-
 38,230 
-
ACS UK Equity Tracker Fund
£000’s
£000’s
£000’s
£000’s
Securities lending transactions
ATS 
-
-
 7,483 
-
AUD 
-
-
 7,616 
-
CAD 
-
-
 9,918 
-
CHF 
-
-
 10,582 
-
DKK 
-
-
 7,101 
-
EUR 
-
-
 158,259 
-
GBP 
-
-
 102,853 
-
HKD 
-
-
 40,362 
-
JPY 
-
-
 61,143 
-
NOK 
-
-
 2,258 
-
SEK 
-
-
 2,297 
-
USD 
-
-
 287,457 
-
Total
-
-
 697,329 
-
 
 
 
 
 
 
 
 
 
 
 
 
NM0923U-3094429-455/477

455
BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
SUPPLEMENTARY INFORMATION (continued)
 
Currency
Cash
collateral
received 
Cash
collateral
posted
Non-cash
collateral
received
Non-cash
collateral
posted
ACS UK ESG Insights Equity Fund
£000’s
£000’s
£000’s
£000’s
Securities lending transactions
EUR 
-
-
 54 
-
GBP 
-
-
 1,084 
-
HKD 
-
-
 1,338 
-
JPY 
-
-
 314 
-
SEK 
-
-
 140 
-
SGD 
-
-
 119 
-
USD 
-
-
 94 
-
Total
-
-
 3,143 
-
ACS US Equity Tracker Fund
£000’s
£000’s
£000’s
£000’s
Securities lending transactions
ATS 
-
-
 60 
-
AUD 
-
-
 4,531 
-
CAD 
-
-
 1,695 
-
CHF 
-
-
 30,866 
-
DKK 
-
-
 4,240 
-
EUR 
-
-
 35,171 
-
GBP 
-
-
 89,683 
-
HKD 
-
-
 134,207 
-
JPY 
-
-
 26,685 
-
NOK 
-
-
 1,507 
-
SEK 
-
-
 5,541 
-
USD 
-
-
 194,411 
Total
-
-
 528,597 
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NM0923U-3094429-456/477

456
BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
SUPPLEMENTARY INFORMATION (continued)
 
Currency
Cash
collateral
received 
Cash
collateral
posted
Non-cash
collateral
received
Non-cash
collateral
posted
ACS US ESG Insights Equity Fund
£000’s
£000’s
£000’s
£000’s
Securities lending transactions
AUD 
-
-
 312 
-
CAD 
-
-
 34 
-
CHF 
-
-
 460 
-
EUR 
-
-
 3,971 
-
GBP 
-
-
 4,466 
-
HKD 
-
-
 3,295 
-
JPY 
-
-
 826 
-
NOK 
-
-
 1,254 
-
SEK 
-
-
 968 
-
SGD 
-
-
 298 
-
USD 
-
-
 3,604 
-
Total
-
-
 19,488 
-
ACS World ESG Equity Tracker Fund
£000’s
£000’s
£000’s
£000’s
Securities lending transactions
AUD 
-
-
 5,831 
-
CAD 
-
-
 30,402 
-
CHF 
-
-
 2,072 
-
DKK 
-
-
 2,429 
-
EUR 
-
-
 46,112 
-
GBP 
 28,218 
HKD 
-
-
 12,495 
-
JPY 
-
-
 31,565 
-
NOK 
-
-
 6,338 
-
NZD 
-
-
 1,740 
-
SEK 
-
-
 12,034 
-
SGD 
-
-
 733 
-
USD 
-
-
 80,234 
-
Total
-
-
 260,203 
-
 
 
 
 
 
 
 
 
 
 
NM0923U-3094429-457/477

457
BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
SUPPLEMENTARY INFORMATION (continued)
 
Currency
Cash
collateral
received 
Cash
collateral
posted
Non-cash
collateral
received
Non-cash
collateral
posted
ACS World ESG Insights Equity Fund
£000’s
£000’s
£000’s
£000’s
Securities lending transactions
AUD
-
-
 582 
-
CAD
-
-
 758 
CHF
-
-
 858 
-
EUR
-
-
 8,743 
-
GBP
-
-
 35,171 
-
HKD
-
-
 39,286 
-
JPY
-
-
 30,090 
-
NOK
-
-
 2,339 
-
SEK
-
-
 5,260 
-
SGD
-
-
 3,514 
-
USD
-
-
 27,834 
-
Total
-
-
 154,435 
-
ACS World ESG Screened Equity Tracker Fund
£000’s
£000’s
£000’s
£000’s
Securities lending transactions
AUD
-
-
 456 
-
CAD
-
-
 8,578 
-
CHF
-
-
 672 
-
DKK
-
-
 1,085 
-
EUR
-
-
 12,043 
-
GBP
-
-
 9,403 
-
HKD
-
-
 4,837 
-
JPY
-
-
 15,121 
-
NOK
-
-
 3,324 
-
SEK
-
-
 1,835 
-
SGD
-
-
 1,299 
-
USD
-
-
 26,969 
-
Total
-
-
 85,622 
-
 
 
 
 
 
 
 
 
 
 
 
NM0923U-3094429-458/477

458
BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
SUPPLEMENTARY INFORMATION (continued)
 
Currency
Cash
collateral
received 
Cash
collateral
posted
Non-cash
collateral
received
Non-cash
collateral
posted
ACS World ex UK Equity Tracker Fund
£000’s
£000’s
£000’s
£000’s
Securities lending transactions
ATS 
-
-
 975 
-
AUD 
-
-
 2,485 
-
CAD 
-
-
 661 
-
CHF 
-
-
 11,433 
-
DKK 
-
-
 2,426 
-
EUR 
-
-
 46,782 
-
GBP 
-
-
 32,692 
-
HKD 
-
-
 41,391 
-
JPY 
-
-
 18,618 
-
NOK 
-
-
 1,880 
-
SEK 
-
-
 1,771 
-
USD 
-
-
 238,713 
-
Total
-
-
 399,827 
-
ACS World Low Carbon Equity Tracker Fund
£000’s
£000’s
£000’s
£000’s
Securities lending transactions
AUD 
-
-
 1,979 
-
CAD 
-
-
 4,483 
-
CHF 
-
-
 1,378 
-
DKK 
-
-
 3,529 
-
EUR 
-
-
 23,057 
-
GBP 
-
-
 29,709 
-
HKD 
-
-
 36,622 
-
JPY 
-
-
 40,740 
-
NOK 
-
-
 3,755 
-
SEK 
-
-
 4,508 
-
SGD 
-
-
 3,887 
-
USD 
-
-
 46,891 
-
Total
-
-
 200,538 
-
 
 
 
 
 
  
 
 
 
 
  
NM0923U-3094429-459/477

459
BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
SUPPLEMENTARY INFORMATION (continued)
 
Currency
Cash
collateral
received 
Cash
collateral
posted
Non-cash
collateral
received
Non-cash
collateral
posted
ACS World Multifactor Equity Tracker Fund
£000’s
£000’s
£000’s
£000’s
Securities lending transactions
AUD 
-
-
 100 
-
CAD 
-
-
 74 
-
CHF 
-
-
 446 
-
DKK 
-
-
 4 
-
EUR 
-
-
 1,560 
-
GBP 
-
-
 797 
-
HKD 
-
-
 1,349 
-
JPY 
-
-
 699 
-
NOK 
-
-
 64 
-
SEK 
-
-
 50 
-
USD 
-
-
 3,196 
-
Total
-
-
 8,339 
-
ACS World Multifactor ESG Equity Tracker Fund
£000’s
£000’s
£000’s
£000’s
Securities lending transactions
AUD 
-
-
 1,397 
-
CAD 
-
-
 2,648 
-
CHF 
-
-
 584 
-
DKK 
-
-
 1,200 
-
EUR 
-
-
 11,600 
-
GBP 
-
-
 10,181 
-
HKD 
-
-
 9,231 
-
JPY 
-
-
 10,556 
-
NOK 
-
-
 1,797 
-
NZD 
-
-
 506 
-
SEK 
-
-
 6,048 
-
SGD 
-
-
 677 
-
USD 
-
-
 18,587 
-
Total
-
-
 75,012 
-
 
 
 
 
 
 
 
 
 
 
 
 
NM0923U-3094429-460/477

460
BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
SUPPLEMENTARY INFORMATION (continued)
 
Currency
Cash
collateral
received 
Cash
collateral
posted
Non-cash
collateral
received
Non-cash
collateral
posted
ACS World Small Cap ESG Screened Equity Tracker Fund
£000’s
£000’s
£000’s
£000’s
Securities lending transactions
AUD
-
-
 1,184 
-
CAD
-
-
 2,593 
-
CHF
-
-
 355 
-
DKK
-
-
 6,459 
-
EUR
-
-
 34,266 
-
GBP
-
-
 9,816 
-
HKD
-
-
 25,921 
-
JPY
-
-
 57,061 
-
NOK
-
-
 969 
-
SEK
-
-
 1,198 
-
SGD
-
-
 3,863 
-
USD
-
-
 70,500 
-
Total
-
-
 214,185 
-
ACS 30:70 Global Equity Tracker Fund
£000’s
£000’s
£000’s
£000’s
Securities lending transactions
ATS 
-
-
 501 
-
AUD 
-
-
 585 
-
CAD 
-
-
 705 
-
CHF 
-
-
 1,788 
-
DKK 
-
-
 213 
-
EUR 
-
-
 16,979 
-
GBP 
-
-
 7,858 
-
HKD 
-
-
 8,695 
-
JPY 
-
-
 7,700 
-
NOK 
-
-
 377 
-
SEK 
-
-
 217 
-
USD 
-
-
 34,558 
-
Total
-
-
 80,176 
-
 
 
 
 
 
 
 
 
 
 
NM0923U-3094429-461/477

461
BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
SUPPLEMENTARY INFORMATION (continued)
 
Currency
Cash
collateral
received
Cash
collateral
posted
Non-cash
collateral
received
Non-cash
collateral
posted
ACS 50:50 Global Equity Tracker Fund
£000’s
£000’s
£000’s
£000’s
Securities lending transactions
ATS 
-
-
 3,366 
-
AUD 
-
-
 8,749 
-
CAD 
-
-
 1,702 
-
CHF 
-
-
 10,081 
DKK 
-
-
 1,676 
-
EUR 
-
-
 104,961 
-
GBP 
-
-
 32,556 
-
HKD 
-
-
 27,411 
-
JPY 
-
-
 37,384 
-
NOK 
-
-
 1,137 
-
SEK 
-
-
 898 
-
USD 
-
-
 137,283 
-
Total
-
-
 367,204 
-
ACS 60:40 Global Equity Tracker Fund
£000’s
£000’s
£000’s
£000’s
Securities lending transactions
ATS 
-
-
 412 
-
AUD 
-
-
 377 
-
CAD 
-
-
 467 
-
CHF 
-
-
 1,025 
-
DKK 
-
-
 82 
-
EUR 
-
-
 14,255 
-
GBP 
-
-
 5,045 
-
HKD 
-
-
 3,411 
-
JPY 
-
-
 5,178 
-
NOK 
-
-
 437 
-
SEK 
-
-
 199 
-
USD 
-
-
 19,514 
-
Total
-
-
 50,402 
-
 
Non-cash collateral received by way of title transfer collateral arrangement in relation to securities lending transactions, 
cannot be sold, re-invested or pledged. The Fund is the legal owner of inbound collateral and can sell the assets and withhold 
the cash in the case of default.
 
 
 
 
 
NM0923U-3094429-462/477

462
BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
SUPPLEMENTARY INFORMATION (continued)
The following table provides an analysis of the type, quality and maturity tenor of cash and non-cash collateral received and 
posted by the Funds by way of title transfer collateral arrangement in respect of securities lending transactions as at  
30 June 2023.
Collateral type and quality
Maturity Tenor
1 - 7
days
8 - 30
days
31 - 90
days
91 - 365
days
More 
than
365 days
Open
Total
ACS Climate Transition World Equity 
Fund 
£000’s
£000’s
£000’s
£000’s
£000’s
£000’s
£000’s
Collateral received –
securities lending
Fixed Income
Investment grade
-
-
-
-
18,626
-
18,626
Equities
Recognised equity index
-
-
-
-
-
214,470
214,470
Total
-
-
-
-
18,626
214,470
233,096
ACS Continental European
Equity Tracker Fund
£000’s
£000’s
£000’s
£000’s
£000’s
£000’s
£000’s
Collateral received –
securities lending
Fixed Income
Investment grade
-
-
769
6,896
34,487
-
42,152
Equities
Recognised equity index
-
-
-
-
-
79,217
79,217
ETFs
UCITS
-
-
-
-
-
6,813
6,813
Total
-
-
769
6,896
34,487
86,030
128,182
ACS Europe ex UK ESG Insights 
Equity Fund
£000’s
£000’s
£000’s
£000’s
£000’s
£000’s
£000’s
Collateral received –
securities lending
Equities
Recognised equity index
-
-
-
-
-
27,558
27,558
Total
-
-
-
-
-
27,558
27,558
NM0923U-3094429-463/477

463
BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
SUPPLEMENTARY INFORMATION (continued)
 
Collateral type and quality
Maturity Tenor
1 - 7
days
8 - 30
days
31 - 90
days
91 - 365
days
More 
than
365 days
Open
Total
ACS Japan Equity Tracker Fund 
£000’s
£000’s
£000’s
£000’s
£000’s
£000’s
£000’s
Collateral received –
securities lending
Fixed Income
Investment grade
-
-
36
1,347
17,954
-
19,337
Equities
Recognised equity index
-
-
-
-
-
59,458
59,458
ETFs
UCITS
-
-
-
-
-
379
379
Total
-
-
36
1,347
17,954
59,837
79,174
ACS Japan ESG Insights Equity 
Fund 
£000’s
£000’s
£000’s
£000’s
£000’s
£000’s
£000’s
Collateral received –
securities lending
Equities
Recognised equity index
-
-
-
-
-
258
258
Total
-
-
-
-
-
258
258
ACS North America ESG Insights 
Equity Fund
£000’s
£000’s
£000’s
£000’s
£000’s
£000’s
£000’s
Collateral received –
securities lending
Equities
Recognised equity index
-
-
-
-
-
38,230
38,230
Total
-
-
-
-
-
38,230
38,230
ACS UK Equity Tracker Fund 
£000’s
£000’s
£000’s
£000’s
£000’s
£000’s
£000’s
Collateral received –
securities lending
Fixed Income
Investment grade
-
331
3,498
34,284
204,435
-
242,548
Equities
Recognised equity index
-
-
-
-
-
421,683
421,683
ETFs
UCITS
-
-
-
-
-
33,098
33,098
Total
-
331
3,498
34,284
204,435
454,781
697,329
 
NM0923U-3094429-464/477

464
BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
SUPPLEMENTARY INFORMATION (continued)
Collateral type and quality
Maturity Tenor
1 - 7
days
8 - 30
days
31 - 90
days
91 - 365
days
More 
than
365 days
Open
Total
ACS UK ESG Insights Equity Fund
£000’s
£000’s
£000’s
£000’s
£000’s
£000’s
£000’s
Collateral received –
securities lending
Equities
Recognised equity index
-
-
-
-
-
3,143
3,143
Total
-
-
-
-
-
3,143
3,143
ACS US Equity Tracker Fund
£000’s
£000’s
£000’s
£000’s
£000’s
£000’s
£000’s
Collateral received –
securities lending
Fixed Income
Investment grade
-
-
2,193
4,585
45,423
-
52,201
Equities
Recognised equity iex
-
-
-
-
-
460,487
460,487
ETFs
UCITS
-
-
-
-
-
15,909
15,909
Total
-
-
2,193
4,585
45,423
476,396
528,597
ACS US ESG Insights Equity Fund
£000’s
£000’s
£000’s
£000’s
£000’s
£000’s
£000’s
Collateral received –
securities lending
Equities
Recognised equity index
-
-
-
-
-
19,488
19,488
Total
-
-
-
-
-
19,488
19,488
ACS World ESG Equity Tracker Fund
£000’s
£000’s
£000’s
£000’s
£000’s
£000’s
£000’s
Collateral received –
securities lending
Fixed Income
Investment grade
-
-
-
-
28,678
-
28,678
Equities
Recognised equity index
-
-
-
-
-
231,525
231,525
Total
-
-
-
-
28,678
231,525
260,203
ACS World ESG Insights Equity Fund
£000’s
£000’s
£000’s
£000’s
£000’s
£000’s
£000’s
Collateral received –
securities lending
Equities
Recognised equity index
-
-
-
-
-
154,435
154,435
Total
-
-
-
-
-
154,435
154,435
NM0923U-3094429-465/477

465
BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
SUPPLEMENTARY INFORMATION (continued)
Collateral type and quality
Maturity Tenor
1 - 7
days
8 - 30
days
31 - 90
days
91 - 365
days
More 
than
365 days
Open
Total
ACS World ESG Screened Equity 
Tracker Fund
£000’s
£000’s
£000’s
£000’s
£000’s
£000’s
£000’s
Collateral received –
securities lending
Fixed Income
Investment grade
-
-
-
-
3,005
-
3,005
Equities
Recognised equity index
-
-
-
-
-
82,617
82,617
Total
-
-
-
-
3,005
82,617
85,622
 
ACS World Ex UK Equity Tracker 
Fund
£000’s
£000’s
£000’s
£000’s
£000’s
£000’s
£000’s
Collateral received –
securities lending
Fixed Income
Investment grade
-
23
1,276
3,247
43,793
-
48,339
Equities
Recognised equity index
-
-
-
-
-
341,092
341,092
ETFs
UCITS
-
-
-
-
-
10,396
10,396
Total
-
23
1,276
3,247
43,793
351,488
399,827
  
ACS World Low Carbon Equity  
Tracker Fund
£000’s
£000’s
£000’s
£000’s
£000’s
£000’s-
£000’s
Collateral received –
securities lending
Fixed Income
Investment grade
-
-
-
-
5,904
-
5,904
Equities
Recognised equity index
-
-
-
-
-
194,634
194,634
Total
-
-
-
-
5,904
194,634
200,538
NM0923U-3094429-466/477

466
BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
SUPPLEMENTARY INFORMATION (continued)
Collateral type and quality
Maturity Tenor
1 - 7
days
8 - 30
days
31 - 90
days
91 - 365
days
More 
than
365 days
Open
Total
ACS World Multifactor Equity Tracker 
Fund
£000’s
£000’s
£000’s
£000’s
£000’s
£000’s
£000’s
Collateral received –
securities lending
Fixed Income
Investment grade
-
-
-
197
413
-
610
Equities
Recognised equity index
-
-
-
-
-
7,712
7,712
ETFs
UCITS
-
-
-
-
-
17
17
Total
-
-
-
197
413
7,729
8,339
 
ACS World Multifactor ESG Equity 
Tracker Fund
£000’s
£000’s
£000’s
£000’s
£000’s
£000’s
£000’s
Collateral received –
securities lending
Fixed Income
Investment grade
-
-
-
-
4,759
-
4,759
Equities
Recognised equity index
-
-
-
-
-
70,253
70,253
Total
-
-
-
-
4,759
70,253
75,012
ACS World Small Cap ESG Screened 
Equity Tracker Fund
£000’s
£000’s
£000’s
£000’s
£000’s
£000’s
£000’s
Collateral received –
securities lending
Fixed Income
Investment grade
-
-
-
-
22,072
-
22,072
Equities
Recognised equity index
-
-
-
-
-
192,113
192,113
Total
-
-
-
-
22,072
192,113
214,185
NM0923U-3094429-467/477

467
BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
SUPPLEMENTARY INFORMATION (continued)
Collateral type and quality
Maturity Tenor
1 - 7
days
8 - 30
days
31 - 90
days
91 - 365
days
More 
than
365 days
Open
Total
ACS 30:70 Global Equity
Tracker Fund
£000’s
£000’s
£000’s
£000’s
£000’s
£000’s
£000’s
Collateral received –
securities lending
Fixed Income
Investment grade
-
-
96
2,403
14,235
-
16,734
Equities
Recognised equity index
-
-
-
-
-
60,864
60,864
ETFs
UCITS
-
-
-
-
-
2,578
2,578
Total
-
-
96
2,403
14,235
63,442
80,176
ACS 50:50 Global Equity
Tracker Fund
£000’s
£000’s
£000’s
£000’s
£000’s
£000’s
£000’s
Collateral received –
securities lending
Fixed Income
Investment grade
-
397
850
13,761
91,597
-
106,605
Equities
Recognised equity index
-
-
-
-
-
246,088
246,088
ETFs
UCITS
-
-
-
-
-
14,511
14,511
Total
-
397
850
13,761
91,597
260,599
367,204
 
ACS 60:40 Global Equity
Tracker Fund
£000’s
£000’s
£000’s
£000’s
£000’s
£000’s
£000’s
Collateral received –
securities lending
Fixed Income
Investment grade
-
-
36
2,129
11,408
-
13,573
Equities
Recognised equity index
-
-
-
-
-
35,689
35,689
ETFs
UCITS
-
-
-
-
-
1,140
1,140
Total
-
-
36
2,129
11,408
36,829
50,402
 
Investment grade securities are those issued by an entity with a minimum investment grade credit rating from at least one 
globally recognised credit rating agency; Standard & Poor’s, Moody’s or Fitch.
A recognised equity index contains at least 20 equities where no single equity represents more than 20% of the total index 
and no five equities combined represent more than 60% of the total index.
NM0923U-3094429-468/477

468
BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
SUPPLEMENTARY INFORMATION (continued)
The maturity tenor analysis for fixed income securities received or posted as collateral is based on the respective contractual 
maturity date, while for equity securities and ETFs received or posted as collateral are presented as open transactions as 
they are not subject to a contractual maturity date.
As at 30 June 2023, all cash and non-cash collateral received by the Funds in respect of securities lending transactions is 
held by the Funds’ Depositary (or through their delegates).
The following table lists the ten largest issuers by value of non-cash collateral received by the Funds by way of title transfer 
collateral arrangement across securities lending transactions as at 30 June 2023.
Issuer
Value
% of the Fund’s NAV
ACS Climate Transition World Equity Fund
£000’s
Republic of France 
7,050 
0.07 
BCE 
6,445 
0.06 
Royal Bank of Canada 
6,442
0.06 
Fortis 
6,416
0.06 
Citigroup 
6,412
0.06 
Manulife 
6,405
0.06 
Adobe 
6,399 
0.06 
Pfizer 
6,374 
0.06 
Intuit 
6,351 
0.06 
Alphabet 
6,346 
0.06 
Other issuers
168,456 
1.67 
Total
233,096 
2.28 
ACS Continental European Equity Tracker Fund
£000’s
Government of United Kingdom 
11,736 
1.33 
United States Treasury 
9,399 
1.06 
Republic of France 
9,261 
1.05 
Federal Republic of Germany 
7,615 
0.86 
Amazon.com 
4,479 
0.51 
Seagen 
3,515 
0.40 
Netflix 
3,515 
0.40 
Alphabet 
3,007 
0.34 
Kingdom of Netherlands 
2,918 
0.33 
Kingdom of Belgium 
2,857 
0.32 
Other Issuers
69,880 
7.90 
Total
128,182 
14.50 
NM0923U-3094429-469/477

469
BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
SUPPLEMENTARY INFORMATION (continued)
 
Issuer
Value
% of the Fund’s NAV
ACS Europe ex UK ESG Insights Equity Fund
£000’s
E.ON 
 1,697 
 0.23 
Orange 
 1,697 
 0.23 
Equinor 
 1,697 
 0.23 
Activision Blizzard 
 1,697 
 0.23 
National Grid 
 1,536 
 0.21 
Costco 
 1,352 
 0.18 
Heineken 
 1,348 
 0.18 
Church and Dwight 
 1,308 
 0.18 
Ashtead 
 925 
 0.12 
Standard Chartered 
 888 
 0.12 
Other Issuers
 13,413 
 1.81 
Total
 27,558 
 3.72 
ACS Japan Equity Tracker Fund
£000’s
Republic of France 
 5,291
 0.22 
United States Treasury 
 5,204 
 0.21 
Federal Republic of Germany 
 4,251 
 0.17 
Peabody Energy 
 3,894 
 0.16 
Daikin Industries 
 2,300 
 0.09 
Toyota 
 2,300 
 0.09 
Fast Retailing 
 2,103 
 0.09 
DNB Bank 
 1,837 
 0.08 
Nippon Steel 
 1,752 
 0.07 
Takeda Pharmaceutical 
 1,704 
 0.07 
Other Issuers
 48,538 
 1.99 
Total
 79,174 
 3.24 
ACS Japan ESG Insights Equity Fund
£000’s
E.ON 
 14 
 0.00 
Orange 
 14 
 0.00 
Equinor 
 14 
 0.00 
Activision Blizzard 
 14 
 0.00 
National Grid 
 13 
 0.00 
Costco 
 11 
 0.00 
Heineken 
 11 
 0.00 
Church and Dwight 
 11 
 0.00 
Standard Chartered 
 10 
 0.00 
Lloyds Bank 
 10 
 0.00 
Other Issuers
 136 
 0.04 
Total
 258 
 0.04 
NM0923U-3094429-470/477

470
BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
SUPPLEMENTARY INFORMATION (continued)
 
Issuer
Value
% of the Fund’s NAV
ACS North America ESG Insights Equity Fund
£000’s
Standard Chartered 
 2,588 
 0.11 
Lloyds Bank 
 2,588 
 0.11 
HSBC Holdings 
 2,588 
 0.11 
AIA 
 2,588 
 0.11 
Sumitomo Mitsui 
 2,588 
 0.11 
CK Hutchison 
 1,772 
 0.07 
Sun Hung Kai 
 1,217 
 0.05 
Nordea Bank 
 1,149 
 0.05 
MG 
 1,140 
 0.05 
E.ON 
 1,121 
 0.05 
Other Issuers
 18,891 
 0.77 
Total
 38,230 
 1.59 
ACS UK Equity Tracker Fund
£000’s
United States Treasury 
 61,367 
 0.61 
Republic of France 
 60,013 
 0.59 
Government of United Kingdom 
 53,320 
 0.53 
Federal Republic of Germany 
 49,097 
 0.48 
Amazon.com 
 24,059 
 0.24 
Seagen 
 15,980 
 0.16 
Netflix 
 15,980 
 0.16 
Alphabet 
 13,669 
 0.13 
Daikin Industries 
 11,992 
 0.12 
Toyota 
 11,992 
 0.12 
Other Issuers
 379,860 
 3.75 
Total
 697,329 
 6.89 
ACS UK ESG Insights Equity Fund
£000’s
Standard Chartered 
 314 
 0.10 
Lloyds Bank 
 314 
 0.10 
HSBC Holdings 
 314 
 0.10 
AIA 
 314 
 0.10 
Sumitomo Mitsui 
 314 
 0.10 
CK Hutchison 
 215 
 0.07 
Nordea Bank 
 140 
 0.04 
Sun Hung Kai 
 139 
 0.04 
MG 
 138 
 0.04 
Hang Seng Bank 
 131 
 0.04 
Other Issuers
 810 
 0.26 
Total
 3,143 
 0.99 
NM0923U-3094429-471/477

471
BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
SUPPLEMENTARY INFORMATION (continued)
 
Issuer
Value
% of the Fund’s NAV
ACS US Equity Tracker Fund
£000’s
Government of United Kingdom 
 22,448 
 0.13 
Alibaba 
 21,385 
 0.12 
Tencent Holdings 
 21,075 
 0.12 
United States Treasury 
 19,350 
 0.11 
AIA 
 15,687 
 0.09 
AstraZeneca 
 15,162 
 0.09 
Activision Blizzard 
 15,026 
 0.09 
Amgen 
 14,878 
 0.08 
Motorola Solutions 
 14,856 
 0.08 
Kuaishou Technology 
 13,822 
 0.08 
Other Issuers
 354,908 
 2.02 
Total
 528,597 
 3.01 
ACS US ESG Insights Equity Fund
£000’s
E.ON 
 1,088 
 0.07 
Orange 
 1,088 
 0.07 
Equinor 
 1,088 
 0.07 
Activision Blizzard 
 1,088 
 0.07 
National Grid 
 985 
 0.07 
Costco 
 867 
 0.06 
Heineken 
 864 
 0.06 
Church and Dwight 
 839 
 0.06 
Standard Chartered 
 751 
 0.05 
Lloyds Bank 
 751 
 0.05 
Other Issuers
 10,079 
 0.68 
Total
 19,488
 1.31 
ACS World ESG Equity Tracker Fund
£000’s
Republic of France 
 8,881 
 0.11 
Intuit 
 8,857 
 0.11 
Government of United Kingdom 
 5,593 
 0.07 
BCE 
 5,552 
 0.07 
Royal Bank of Canada 
 5,549 
 0.07 
Fortis 
 5,527 
 0.07 
Citigroup 
 5,524 
 0.07 
Manulife Financial 
 5,517 
 0.07 
Adobe 
 5,512 
 0.07 
Pfizer 
 5,491 
 0.07 
Other Issuers
 198,200 
 2.48 
Total
 260,203 
 3.26 
NM0923U-3094429-472/477

472
BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
SUPPLEMENTARY INFORMATION (continued)
 
Issuer
Value
% of the Fund’s NAV
ACS World ESG Insights Equity Fund
£000’s
Standard Chartered 
 9,180 
 0.14 
Lloyds Bank 
 9,180 
 0.14 
HSBC Holdings 
 9,180 
 0.14 
AIA 
 9,180 
 0.14 
Sumitomo Mitsui 
 9,180 
 0.14 
CK Hutchison 
 6,287 
 0.09 
Sun Hung Kai 
 4,193 
 0.06 
Nordea Bank 
 4,076 
 0.06 
MG 
 4,045 
 0.06 
Alphabet 
 4,004 
 0.06 
Other Issuers
 85,930 
 1.29 
Total
 154,435 
 2.32 
ACS World ESG Screened Equity Tracker Fund
£000’s
Alphabet 
 2,130 
 0.08 
Hitachi 
 2,130 
 0.08 
Pinterest 
 2,130 
 0.08 
Kobe Steel 
 2,006 
 0.08 
Horizon Therapeutics 
 1,971 
 0.08 
BCE 
 1,915 
 0.07 
Royal Bank of Canada 
 1,914 
 0.07 
Fortis 
 1,907 
 0.07 
Citigroup 
 1,906 
 0.07 
Manulife Financial 
 1,904 
 0.07 
Other Issuers
 65,709 
 2.56 
Total
 85,622 
 3.31 
ACS World ex UK Equity Tracker Fund
£000’s
United States Treasury 
 16,105 
 0.23 
Government of United Kingdom 
 13,218 
 0.19 
Abbot Laboratories 
 11,902 
 0.17 
Kimberly Clark 
 11,902 
 0.17 
Phillips 
 11,902 
 0.17 
Emerson Electric 
 11,902 
 0.17 
Agilent Technologies 
 11,902 
 0.17 
Cigna 
 11,902 
 0.17 
NVIDIA 
 11,902 
 0.17 
Cintas 
 11,902 
 0.17 
Other Issuers
 275,288 
 3.90 
Total
 399,827 
 5.68 
 
NM0923U-3094429-473/477

473
BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
SUPPLEMENTARY INFORMATION (continued)
Issuer
Value
% of the Fund’s NAV
ACS World Low Carbon Equity Tracker Fund
£000’s
Standard Chartered 
 5,870 
 0.10 
Lloyds Bank 
 5,870 
 0.10 
HSBC Holdings 
 5,870 
 0.10 
AIA 
 5,870 
 0.10 
Sumitomo Mitsui 
 5,870 
 0.10 
Amazon.com 
 4,633 
 0.08 
Alphabet 
 4,070 
 0.07 
Hitachi 
 4,070 
 0.07 
Pinterest 
 4,069 
 0.07 
CK Hutchison 
 4,020 
 0.07 
Other Issuers
 150,326 
 2.56 
Total
 200,538 
 3.42 
 
ACS World Multifactor Equity Tracker Fund
£000’s
AIA 
 312 
 0.14 
Activision Blizzard 
 299 
 0.14 
Amgen 
 296 
 0.14 
Motorola Solutions 
 296 
 0.14 
Mercari 
 273 
 0.13 
Itochu 
 250 
 0.12 
Republic of France 
 240 
 0.11 
3M 
 215 
 0.10 
Federal Republic of Germany 
 212 
 0.10 
First Horizon 
 198 
 0.09 
Other Issuers
 5,748 
 2.66 
Total
 8,339 
 3.87 
ACS World Multifactor ESG Equity Tracker Fund
£000’s
Standard Chartered 
 1,743 
 0.08 
Lloyds Bank 
 1,743 
 0.08 
HSBC Holdings 
 1,743 
 0.08 
AIA 
 1,743 
 0.08 
Sumitomo Mitsui 
 1,743 
 0.08 
Alphabet 
 1,636 
 0.07 
Hitachi 
 1,636 
 0.07 
Pinterest 
 1,636 
 0.07 
Kobe Steel 
 1,541 
 0.07 
Horizon Therapeutics 
 1,514 
 0.07 
Other Issuers
 58,334 
 2.64 
Total
 75,012 
 3.39 
 
NM0923U-3094429-474/477

474
BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
SUPPLEMENTARY INFORMATION (continued)
Issuer
Value
% of the Fund’s NAV
ACS World Small Cap ESG Screened Equity Tracker Fund
£000’s
Amazon.com 
 10,025 
 1.06 
Alphabet 
 8,923 
 0.94 
Hitachi 
 8,923 
 0.94 
Pinterest 
 8,920 
 0.94 
Kobe Steel 
 8,403 
 0.89 
Horizon Therapeutics 
 8,256 
 0.87 
Intesa San Paolo 
 6,395 
 0.67 
Novo Nordisk 
 6,395 
 0.67 
Microsoft 
 6,395 
 0.67 
ASML Holdings 
 6,395 
 0.67 
Other Issuers
 135,155 
 14.24 
Total
 214,185 
 22.56 
ACS 30:70 Global Equity Tracker Fund
£000’s
Republic of France 
 6,726 
 0.37 
Federal Republic of Germany 
 3,464 
 0.19 
United States Treasury 
 2,629 
 0.14 
Government of United Kingdom 
 2,458 
 0.14 
Microsoft 
 2,053 
 0.11 
iShares Core FTSE 100 
 1,534 
 0.08 
Ambev 
 1,534 
 0.08 
Viatris 
 1,534 
 0.08 
Itau Unibanco Holdings 
 1,534 
 0.08 
Vale 
 1,534 
 0.08 
Other issuers
 55,176 
 3.04 
Total
 80,176 
 4.39 
ACS 50:50 Global Equity Tracker Fund
£000’s
United States Treasury 
 28,709 
 0.71 
Republic of France 
 25,573 
 0.63 
Federal Republic of Germany 
 19,029 
 0.47 
Government of United Kingdom 
 16,678 
 0.41 
Kingdom of Netherlands 
 10,154 
 0.25 
Kingdom of Belgium 
 7,204 
 0.18 
Daikin Industries 
 5,393 
 0.13 
Toyota 
 5,393 
 0.13 
AIA 
 5,188 
 0.13 
Microsoft 
 5,174 
 0.13 
Other issuers
 238,709 
 5.91 
Total
 367,204 
 9.08 
 
NM0923U-3094429-475/477

475
BLACKROCK AUTHORISED CONTRACTUAL SCHEME I
SUPPLEMENTARY INFORMATION (continued)
Issuer
Value
% of the Fund’s NAV
ACS 60:40 Global Equity Tracker Fund
£000’s
Republic of France 
 4,446 
 0.50 
Federal Republic of Germany 
 2,999 
 0.34 
United States Treasury 
 2,083 
 0.24 
Government of United Kingdom 
 1,782 
 0.20 
Kingdom of Netherlands 
 1,148 
 0.13 
Kingdom of Belgium 
 1,132 
 0.13 
Peabody Energy 
 926 
 0.10 
Microsoft 
 878 
 0.10 
AIA 
 825 
 0.09 
Activision Blizzard 
 790 
 0.09 
Other Issuers
 33,393 
 3.77 
Total
 50,402 
 5.69 
 
No securities collateral received from a single issuer, in relation to efficient portfolio management, has exceeded 20% of any 
of the respective Funds’ NAV at the period end date.
None of the Funds have been fully collateralised in securities issued or guaranteed by an EU member state at the period end 
date.
NM0923U-3094429-476/477

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NM0923U-3094429-477/477