Report & Accounts for the half year ended 30.6.18

Contents
COMPANY OVERVIEW 1
SUMMARY OF UNAUDITED RESULTS
FOR THE HALF-YEAR ENDED 30 JUNE 2018 2
CHAIRMAN’S STATEMENT 3
TWENTY LARGEST HOLDINGS 6
UNAUDITED CONDENSED INCOME STATEMENT 8
UNAUDITED CONDENSED STATEMENT OF
CHANGES IN EQUITY 10
UNAUDITED BALANCE SHEET 12
UNAUDITED CONDENSED STATEMENT OF CASH FLOWS 13
UNAUDITED NOTES ON THE CONDENSED ACCOUNTS 14
1 Results 14
2 Accounting policies 14
3 Income 14
4 Fees and other expenses and interest payable and similar charges 15
5 Taxation 16
6 Net return per share 16
7 Dividends 17
8 Investments 17
9 Loans and debenture 18
10 Other creditors falling due within one year 18
11 Share capital 19
12 Net asset value per ordinary share 19
13 Reconciliation of net return before taxation to cash flows from operating activities 20
14 Going concern 20
DIRECTORS’ STATEMENT OF PRINCIPAL RISKS
AND UNCERTAINTIES 21
DIRECTORS’ STATEMENT OF RESPONSIBILITIES
IN RESPECT OF THE HALF-YEARLY FINANCIAL REPORT 21
HOW TO INVEST 22
Foreign & Colonial
Investment Trust PLC
REPORT AND ACCOUNTS FOR
THE HALF-YEAR ENDED 30 JUNE 2018
FCIT/Int/18
Foreign & Colonial
Investment Trust PLC
REPORT AND ACCOUNTS FOR
THE HALF-YEAR ENDED 30 JUNE 2018
Registered office:
Exchange House, Primrose Street, London EC2A 2NY
Tel: 020 7628 8000 Fax: 020 7628 8188
www.foreignandcolonial.com
info@fandc.com
Registrars:
Computershare Investor Services PLC,
The Pavilions, Bridgwater Road,
Bristol BS99 6ZZ
Tel: 0800 923 1506 Fax: 0870 703 6143
www.computershare.com
web.queries@computershare.co.uk

Report and Accounts 2018 | 1
Company Overview
The Company is registered in England and Wales with company registration number 12901
Legal Entity Identifier: 213800W6B18ZHTNG7371
Potential investors are reminded that the value of investments and the income from dividends may go down as well as up and investors may not
receive back the full amount invested. Tax benefits may vary as a result of statutory changes and their value will depend on individual circumstances.
Our objective is to secure long-term growth in capital and income
through a policy of investing primarily in an internationally diversified
portfolio of publicly listed equities, as well as unlisted securities and
private equity, with the use of gearing.
Founded in 1868 as the first ever investment trust, F&C Investment
Trust continually evolves; keeping pace with new investment
opportunities and maintaining its relevance in today’s world.
Our approach is designed to provide investors with the performance
benefits of having concentrated individual investment portfolios
together with the diversification benefits of lower risk and volatility
that derive from being managed as part of a larger combined
portfolio. Offering investors a globally diversified portfolio, F&C
Investment Trust aims to be at the centre of an investor’s portfolio.
F&C Investment Trust is suitable for retail investors in the UK,
professionally advised private clients and institutional investors
who seek growth in capital and income from investment in global
markets and who understand and are willing to accept the risks, as
well as the rewards, of exposure to equities.
Forward-looking statements
This interim report may contain forward-looking statements with respect to the financial condition, results of operations and business of the company.
Such statements involve risk and uncertainty because they relate to future events and circumstances that could cause actual results to differ
materially from those expressed or implied by forward-looking statements. The forward-looking statements are based on the Directors’ current view
and on information known to them at the date of this report. Nothing should be construed as a profit forecast.

2 | Foreign & Colonial Investment Trust PLCReport and Accounts 2018 | 3
Chairman’s Statement
Markets and performance
In our 150th year I am pleased to report further
outperformance. Our shareholder and Net
Asset Value (“NAV”) returns exceeded the
benchmark: total shareholder return was 8.0%
and NAV return 3.1% versus 2.1% from the
benchmark FTSE All-World Index. Our share
price discount to NAV narrowed to just 0.2%
over the first half, the lowest discount level
for over twenty years. This starts to meet our
long-held aspiration of seeing the Company’s
shares trading at or close to NAV. There were
no buybacks in the period. Year on year, the
share price total return was 20.3%.
While positive corporate earnings and a
generally robust global economy supported
sentiment for much of the period, rising US
inflation and worries over Federal Reserve
rate tightening weighed on global equity
markets as the period progressed. There
were also increasing worries about the
prospect of a full-blown trade war, especially
after the Trump administration unveiled
planned tariffs of a variety of foreign imports.
The threat of retaliation from China and
other nations prompted fears of escalation,
with negative repercussions for the global
economy and corporate earnings.
With regard to earnings, the US again led
globally, with upgrades to expectations
helping to drive returns. Indeed, optimism
over the outlook took equity markets
markedly higher in the early part of the period
with accelerating gains driving the US and
UK indices to new record highs before a
reappraisal of prospects led to a tempering
of enthusiasm and, following a sharp setback,
more modest returns.
It was, once again, the so-called ‘disruptors’
which produced a large portion of market gains.
Amazon, for example, posted spectacular gains
of over 45% in the first six months of the year,
closing the gap on Apple in the race to be the
first US company to reach a value of $1 trillion.
Gains in these growth stocks, the key drivers
of this long bull market, were supplemented by
strong returns from oil companies as the crude
price rallied in response to renewed sanctions on
Iran and concerns over a reduction in supply. By
contrast, it was a poor period for performance
of banks, with European exposure particularly
weak as disappointing economic data, concerns
relating to Italian politics and ongoing woes of
Deutsche Bank (not held by the portfolio but
down by over 40%) weighed on sentiment.
Within our portfolio North American strategies
produced the strongest returns in both absolute
Summary of Unaudited Results
for the half-year ended 30 June 2018
Contributors to total return in first half of 2018
%
Portfolio return3.7
Management fees(0.2)
Interest and other expenses( 0.1)
Buybacks–
Change in value of debt–
Gearing0.3
Net asset value total return*3.7
Decrease in discount4.3
Share price total return8.0
FTSE All World Total Return2.1
*Debt at market value
Source: F&C
The first interim dividend will be 2.7 pence per share while another above-
inflation rise is planned for the 2018 total dividend. This will mark the 48th
consecutive annual increase
Our net asset value total return
(1), (2)
was 3.7% which
compares with 2.1% from our benchmark, the FTSE
All-World Index
Our share price discount* to NAV narrowed to just 0.2%;
the lowest discount level for over twenty years
3.7%
0.2%
Our share price was 693.0 pence representing a total
return
(1)
of 8.0%
8.0%
(1) Total return – return to shareholders calculated on a per share basis by adding dividends paid in the period to the increase or decrease in the
share price or Net Asset Value in the period*
(2) Including debt at market value. Represents the replacement value of debt, assuming repaid and re-negotiated under current market conditions*
*See full details of the explanation and calculation of Alternative Performance Measures in the Report and Accounts as at 31 December 2017

4 | Foreign & Colonial Investment Trust PLCReport and Accounts 2018 | 5
Chairman’s StatementChairman’s Statement
within our strategies will again be needed and
it will remain important to adopt a diversified
approach as risks rise. Over the longer
term our strategies are typically focused
on businesses with sustainable business
franchises supported by strong cash flow
generation and attractive valuations against
growth prospects. This selective approach
should continue to offer attractive returns
against other assets, where valuations appear
particularly extended. Your Company remains
well positioned to withstand any short-term
volatility and to continue to deliver long-term
growth in capital and income.

Simon Fraser
Chairman
27 July 2018
we took into consideration its identification
and ease of access on platforms and other
digital media.
Our Fund Manager, F&C Asset Management,
recently announced their intention to
transition their remaining F&C branded
products and funds to their parent company
brand later in the year; that is to say, to the
“BMO” (Bank of Montreal) brand that has
appeared on much of their literature over the
past three years. Their savings plans, through
which many of our shareholders invest, will
also align to the BMO brand.
Outlook
Our current assessment is that, while risks
and concerns over issues such as trade and
the impact of rising interest rates abound,
the fundamental backdrop remains broadly
supportive for equity investment. Selectivity
Income and Dividends
Our net revenue return per share rose 7.5%,
to 7.78p, in the first six months of the year on
the equivalent period of 2017. We benefited
from a rise in special dividends, which rose to
£3.9m, from £2.1m in the comparative period
of 2017.
We paid a third interim dividend of 2.7p per
share for the year ended 31 December 2017 in
February 2018 and a final dividend of 2.7p in May.
The first interim dividend of 2.7p for 2018 will be
paid on 1 August. It is the intention of the Board
to deliver another real rise in dividends for 2018.
This will mark the forty-eighth consecutive rise in
annual dividends from your Company.
150th Anniversary and beyond
Your Company celebrated its 150th anniversary
in March of this year. A key feature of its
success over time has been its steadfast focus
on the longer term.
To ensure this milestone is celebrated in keeping
with these values and in a meaningful way for all
shareholders, we have taken the opportunity to
undertake a wide range of activities designed
to strengthen its position in the future financial
landscape. These include financial education
across schools and universities as we reach out
to the next generation of investors.
Change of Name and branding of the
savings plans
Following shareholder approval in April, the
Directors will change the legal name of your
Company to “F&C Investment Trust PLC”
later in the year. In deciding on this change,
and in keeping with our focus on the future,
and relative terms. Gains from US growth stocks,
of 14.9%, led to a return of 8.8% from this region.
Only our private equity holdings, posting returns
of 9.6% in the first half, exceeded this regional
gain. Both these areas benefited from a modest
decline in sterling versus the US dollar which,
after early gains, fell back as sentiment on the
ongoing Brexit negotiations continued to weigh.
Other areas of the portfolio generally exceeded
market comparators but produced more muted
returns. Our European exposure eked out a gain
of 0.3%, ahead of market losses there while our
UK exposure produced a return of 3.2%, ahead
of the 1.6% gain from the market. Elsewhere,
our Global Strategies outperformed, buoyed
by a 6.4% gain from Small Cap exposure while
Emerging Markets lagged developed market
returns, suffering from strength in the US dollar,
rising US interest rates and concerns over trade.
Our exposure here declined by 3.3%, falling by
less than market comparators. Japan lagged
market returns and also declined in value by
2.2% over the period.
Globally, interest rates now appear to be on
a rising path with the US Federal Reserve
hiking to 2% and the European Central Bank
indicating their intention to cap their bond-
buying programme by year-end. Even in the
UK, which has seen a marked slowdown in
growth and some rise in inflation, the Bank
appears more balanced with regards to their
intentions on future rates rises. Against this
backdrop, we took advantage of attractive
borrowing rates to secure a 30 year private
placement, borrowing £75m at a rate of
2.92%. Our gearing level rose modestly to
end the period at 6.8%.
Weightings, stock selection and performance in each investment portfolio strategy and underlying
geographic exposure versus index as at 30 June 2018
Investment portfolio
strategy
Our portfolio
strategy
weighting
Underlying
geographic
exposure*
Benchmark
weighting
Our strategy
performance in
sterling
Index
performance in
sterling
%%% %%
UK3.86.56.03.21.6
North America36.05 0.155.48.85.1
Europe ex UK12.218.414.60.3(1.0)
Japan8 .19.88.4(2.2)0.5
Emerging Markets10.512.711.5(3.3)(4.4)
Developed Pacific2.64.10.5
Global Strategies22.72.92.1
Private Equity6.79.6
*Represents the geographic exposure of the portfolio, including underlying exposures in private equity and fund holdings
Source: F&C

6 | Foreign & Colonial Investment Trust PLCReport and Accounts 2018 | 7
Twe n t y Largest Holdings
30 Jun
2018
31 Dec
2017
Value
£’000s
% of total
investments
1(1)Amazon.com81,8742.0
2(2)Microsoft54,9891.4
3(3)Alphabet44,8481.1
4(4)Unitedhealth43,0521.1
5(5)Facebook42,0361.0
6(8)Anthem40,0611.0
7(18)Booking Holdings*30,6710.8
8(10)JPMorgan Chase28,9540.7
9(6)Utilico Emerging Markets28,4670.7
10(14)Alibaba2 7, 7 0 60.7
The value of the twenty largest listed securities represents 17.0% (31 December 2017: 16.2%) of the Company’s total investments.
The figures in brackets denote the position at the previous year end.
*Previously called Priceline
30 Jun
2018
31 Dec
2017
Value
£’000s
% of total
investments
11(21)Pfizer2 7, 0 6 70.7
12(16)Artemis US Extended Alpha Fund26,8670.7
13(9)BP26,8450.7
14(13)Citigroup2 6,1750.7
15(19)Intesa Sanpaolo26,0210.7
16(22)Lowe25,6740.6
17(23)Visa 25,5860.6
18(25)Chevron25,3590.6
19(37)Boeing25,3400.6
20(32)Syncona25,3370.6

8 | Foreign & Colonial Investment Trust PLCReport and Accounts 2018 | 9
Unaudited Condensed Income Statement
Notes
6 months to 30 June 2018 6 months to 30 June 2017Year ended 31 December 2017
Revenue
£’000s
Capital
£’000s
Total
£’000s
Revenue
£’000s
Capital
£’000s
Total
£’000s
Revenue
£’000s
Capital
£’000s
Total
£’000s
Gains on investments and derivatives–99,82299,822–254,320254,320–486,348486,348
Exchange (losses)/gains(77)(1,409)(1,486)69389458(95)3,3283,233
3
Income51,851–51,8514 7, 8 2 1–4 7, 8 2 178,765–78,765
4
Fees and other expenses(4,280)(6,241)(10,521)(3,265)( 5,411)(8,676)(6,862)(11,366)(18,228)
Net return before finance costs and taxation47, 4 9 49 2 ,17 2139,66644,625249,298293,92371,808478,310550,118
4
Interest payable and similar charges(1,004)(3,011)(4,015)(899)(2,698)(3,597)(1,858)( 5, 5 74 )( 7, 4 3 2 )
Net return on ordinary activities before taxation46,4908 9,161135,65143,726246,600290,32669,950472,736542,686
5
Taxation on ordinary activities(4,333)–(4,333)(4,282)(160)(4,442)(6,464)( 713)( 7,17 7 )
6
Net return attributable to shareholders42 ,1578 9,161131,31839,444246,440285,88463,486472,023535,509
6
Net return per share – basic (pence)7.7 816.4424.227. 2445.2252.4611.6786.7998.46
The total column is the profit and loss account of the Company.
All revenue and capital items in the above statement derive from continuing operations.

10 | Foreign & Colonial Investment Trust PLCReport and Accounts 2018 | 11
Unaudited Condensed Statement
of Changes in Equity
NotesHalf-year ended 30 June 2018
Share
capital
£’000s
Capital
redemption
reserve
£’000s
Capital
reserves
£’000s
Revenue
reserve
£’000s
Total
shareholders’
funds
£’000s
Balance brought forward 31 December 2017140,455122,3073,313,94191,3203,668,023
Movements during the half-year ended 30 June 2018
7
Dividends paid–––(29,278)(29,278)
Return attributable to shareholders––8 9,16 142,15 7131,318
Balance carried forward 30 June 2018140,455122,3073,403,102104,1993,770,063
Half-year ended 30 June 2017
Balance brought forward 31 December 2016140,455122,3072,867,57983,0943,213,435
Movements during the half-year ended 30 June 2017
7
Dividends paid–––( 2 8 ,10 8 )( 2 8 ,10 8 )
Shares repurchased by the Company and held in Treasury––(18,437 )–(18,437 )
Return attributable to shareholders––246,44039,444285,884
Balance carried forward 30 June 2017140,455122,3073,095,58294,4303 ,4 5 2,7 74
Year ended 31 December 2017
Balance brought forward 31 December 2016140,455122,3072,867,57983,0943,213,435
Movements during the year ended 31 December 2017
7
Dividends paid –––(55,260)(55,260)
Shares repurchased by the Company and held in Treasury––(25,661)–(25,661)
Return attributable to shareholders––472,02363,486535,509
Balance carried forward 31 December 2017140,455122,3073,313,94191,3203,668,023

12 | Foreign & Colonial Investment Trust PLCReport and Accounts 2018 | 13
Unaudited Balance Sheet
Notes
30 June
2018
£’000s
30 June
2017
£’000s
31 Dec
2017
£’000s
Fixed Assets
8
Investments4,020,0173 ,6 71,15 23,926,558
Current assets
Debtors25,07814,81112,663
Cash and cash equivalents73,17221,51331,13 6
98,25036,32443,799
Creditors: amounts falling due within one year
9
Loans(20,000)–(50,000)
10
Other(8,230)(9,098)(10,397)
(28,230)(9,098)(60,397)
Net current assets/(liabilities)70,0202 7, 2 2 6(16,598)
Total assets less current assets4,090,0373,698,3783,909,960
Creditors: amounts falling due after more than one year
9
Loans(319,399)(245,029)(241,362)
9
Debenture(575)(575)(575)
(319,974)(245,604)(241,937)
Net assets3,770,0633 ,4 5 2,7 743,668,023
Capital and reserves
11
Share capital140,455140,455140,455
Capital redemption reserve122,307122,307122,307
Capital reserves3,403,1023,095,5823,313,941
Revenue reserve104,19994,43091,320
12
Total shareholders’ funds3,770,0633 ,4 5 2,7 743,668,023
12
Net asset value per ordinary share
– prior charges at nominal value (pence)695.35635.47676.53
Unaudited Condensed Statement of Cash Flows
Notes
6 months to
30 June
2018
£’000s
6 months to
30 June
2017
£’000s
Year ended
31 Dec
2017
£’000s
13
Cash flows from operating activities before dividends
received and interest paid(14,140)(13,791)(26,226)
Dividends received49,84345,98077,631
Interest paid(3,848)(3,577)( 7, 3 4 4 )
Cash flows from operating activities31,85528,61244,061
Investing activities
Purchases of Investments( 7 0 7, 6 0 5 )( 6 17,10 8 )(1,390,393)
Sales of Investments700,7396 31,18 01,384,673
Other capital charges and credits(34)(29)(55)
Cash flows from investing activities(6,900)14,04 3(5,775)
Cash flows before financing activities24,95542,65538,286
Financing activities
Equity dividends paid(29,278)( 2 8 ,10 8 )(55,260)
Repayment of loans(30,000)(20,000)–
Drawdown of loans75,00020,00050,000
Cash flow from share buybacks for treasury shares(194)( 17, 9 8 9 )(25,952)
Cash flows from financing activities15,528(46,097)(31,212)
Net increase/(decrease) in cash and cash equivalents40,483(3,442)7, 0 74
Cash and cash equivalents at the beginning of the period31,13 626,46326,463
Effect of movement in foreign exchange1,553(1,508)(2,401)
Cash and cash equivalents at the end of the period73,17221,51331,13 6
Represented by:
Cash at bank5,10 33,2263,461
Short term deposits68,06918,2872 7, 6 7 5
Cash and cash equivalents at the end of the period73,17221,51331,13 6

14 | Foreign & Colonial Investment Trust PLCReport and Accounts 2018 | 15
Unaudited Notes on the Condensed Accounts
1 Results
The results for the six months to 30 June 2018 and 30 June 2017 constitute non-statutory accounts within
the meaning of Section 434 of the Companies Act 2006. The latest published accounts which have been
delivered to the Registrar of Companies are for the year ended 31 December 2017; the report of the
Auditors thereon was unqualified and did not contain a statement under section 498 of the Companies
Act 2006. The condensed financial statements shown for the year end 31 December 2017 are an extract
from those accounts.
2 Accounting policies
These condensed financial statements have been prepared on a going concern basis in accordance
with the Companies Act 2006, FRS 102, Interim Financial Reporting (FRS 104) and the revised
Statement of Recommended Practice “Financial Statements of Investment Trust Companies and
Venture Capital Trusts” (SORP), issued by the AIC in November 2014 and updated in February 2018.
The accounting policies applied for the condensed set of financial statements are set out in the
Company’s annual report for the year ended 31 December 2017.
3 Income
Income comprises:
6 months to
30 June 2018
£’000s
6 months to
30 June 2017
£’000s
Year ended
31 Dec
2017
£’000s
UK dividends6,0136,79512,601
Overseas dividends45,36040,61865,333
Rebate on management fees289327623
Interest on short-term deposits and withholding tax reclaims18481208
Underwriting commission5––
Income51,8514 7, 8 2 178,765
4 Fees and other expenses and interest payable and similar charges
6 months to
30 June 2018
£’000s
6 months to
30 June 2017
£’000s
Year ended
31 Dec
2017
£’000s
Fees and other expenses10,5218,67618,228
Interest payable and similar charges4,0153,5977, 4 3 2
Total14,53612,27325,660
Fees and other expenses comprise:
Allocated to Revenue Account
–Management fees payable directly to the Manager*2,0731,7953,768
–Other expenses2,2071,4703,094
4,2803,2656,862
Allocated to Capital Account
–Management fees payable directly to the Manager*6,2205,38411,3 0 5
–Other expenses212761
6,2415,41111,3 6 6
Interest payable and similar charges comprise:
Allocated to Revenue Account1,0048991,858
Allocated to Capital Account3,0112,6985, 5 74
*including reimbursement in respect of services provided by sub-managers.
The primary related party transaction is with the Manager, F&C Investment Business Limited. The
Manager receives remuneration of 0.365% per annum of the market capitalisation of the Company,
calculated at each month end date on a pro-rata basis. The fee is adjusted for fees earned by the
Manager in respect of investment holdings managed or advised by the Manager. Variable fees payable
in respect of third party sub-managers are also reimbursed. The services provided by the Manager
remain unchanged from those disclosed within the accounts for the year ended 31 December 2017.
The level of variable fees payable in respect of third party sub-managers and private equity managers
remain unchanged since the year end.

16 | Foreign & Colonial Investment Trust PLCReport and Accounts 2018 | 17
Unaudited Notes on the Condensed Accounts
5 Taxation
The taxation charge of £4,333,000 (30 June 2017: £4,442,000 and 31 December 2017: £7,177,000)
relates to irrecoverable overseas taxation.
6 Net return per share
Net return per ordinary share attributable to ordinary shareholders reflects the overall performance of
the Company in the period. Net revenue recognised in the first six months is not indicative of the total
likely to be received in the full accounting year.
6 months to
30 June 2018
£’000s
6 months to
30 June 2017
£’000s
Year ended
31 Dec 2017
£’000s
Revenue return42 ,15739,44463,486
Capital return8 9,161246,440472,023
Total return131,318285,884535,509
Weighted average ordinary shares in issue, excluding treasury
shares (see note 11)5 42 ,18 0,712544,952,303543,844,221
6 months to
30 June 2018
pence
6 months to
30 June 2017
pence
Year ended
31 Dec 2017
pence
Revenue return7.7 87. 2411.67
Capital return16.4445.2286.79
Total return24.2252.4698.46
7 Dividends
Dividends paid and payable
on ordinary shares
Register
date
Payment
date
6 months to
30 June 2018
£’000s
6 months to
30 June 2017
£’000s
Year ended
31 Dec 2017
£’000s
2016 Third interim of 2.45p6-Jan-20171-Feb-2017–13,39 013,39 0
2016 Final of 2.70p31-Mar-20172-May-2017–14,71814,718
2017 First interim of 2.50p7-Jul-2 0171-Aug-2017––13,583
2017 Second interim of 2.50p29-Sep-20171-Nov-2017––13,569
2017 Third interim of 2.70p5-Jan-20181-Feb-201814,639––
2017 Final of 2.70p3-Apr-20181-May-201814,639––
29,2782 8 ,10 855,260
The Directors have declared a first interim dividend in respect of the year ending 31 December 2018 of
2.70p per share, payable on 1 August 2018 to all shareholders on the register at close of business on 6
July 2018. The amount of this dividend will be £14,639,000 based on 542,180,712 shares in issue at 5 July
2018. This amount has not been accrued in the results for the half-year ended 30 June 2018.
8 Investments
Fair value hierarchy
The Company’s Investments as disclosed in the balance sheet are valued at fair value.
The fair value as at the reporting date has been estimated using the following fair value hierarchy:
Level 1 includes investments and derivatives listed on any recognised stock exchange or quoted on the
AIM market in the UK and quoted open-ended funds.
Level 2 includes investments for which the quoted price has been suspended, forward exchange
contracts and other derivative instruments.
Level 3 includes investments in private companies or securities, whether invested in directly or through
pooled Private Equity vehicles, for which observable market data is not specifically available.
The analysis of the valuation basis for financial instruments based on the hierarchy is as follows:
As at 30 June
2018
£’000s
As at 30 June
2017
£’000s
As at 31 Dec
2017
£’000s
Level 1 3,772,7923,416,9343,699,872
Level 3 2 47, 2 2 5254,218226,686
Total valuation of investments4,020,0173 ,6 71,15 23,926,558
There were no derivative investments held in the period (half-year ended 30 June 2017 and year ended
31 December 2017: same) and no investments held which are valued in accordance with level 2.

18 | Foreign & Colonial Investment Trust PLCReport and Accounts 2018 | 19
Unaudited Notes on the Condensed Accounts
9 Loans and debenture
30 June
2018
£’000s
30 June
2017
£’000s
31 Dec
2017
£’000s
Loans falling due within one year20,000–50,000
Loans falling due after more than one year319,399245,029241,362
Debenture falling due after more than one year575575575
Comprising:
Sterling denominated loan, falling due within one year£20m–£50m
US dollar denominated loan, falling due after more than one year$80m$80m$80m
Yen denominated loan, falling due after more than one year¥6.6bn¥6.6bn¥6.6bn
Sterling denominated loan, falling due after more one year£150m£75m£75m
Euro denominated loan, falling due after more than one year€72m€72m€72m
4.25% perpetual debenture stock£0.575m£0.575m£0.575m
10 Other creditors falling due within one year
30 June
2018
£’000s
30 June
2017
£’000s
31 Dec
2017
£’000s
Cost of ordinary shares repurchased–933194
Investment creditors4,6895,0716,820
Management fees payable to F&C1,8421,5 4 41,73 4
Other accrued expenses1,6991,5501,6 49
8,2309,09810,397
11 Share capital
Equity share capital
Shares
held in
treasury
Number
Shares
entitled to
dividend
Number
Total
shares in
issue
Number
Total shares
in issue
nominal
£’000s
Ordinary shares of 25p each
Balance at 31 December 2017 and 30 June 201819,638,3045 42 ,18 0,712561,819,016140,455
No shares were repurchased either during the period or since 30 June 2018 up to 27 July 2018. Shares
held in treasury have no voting rights and no right to dividend distributions and are excluded from the
calculations of earnings per share and net asset value per share.
12 Net asset value per ordinary share
30 June
2018
30 June
2017
31 Dec
2017
Net asset value per share – pence695.35635.47676.53
Net assets attributable at end of period – £’000s 3,770,0633,4 5 2,7 743,668,023
Ordinary shares of 25p in issue at end of period excluding shares
held in treasury – number5 42 ,18 0,712543,339,3885 42,18 0,712
Net asset value per share (with debenture stock and long-term loans at market value) at 30 June 2018
was 694.34p (30 June 2017: 634.88p and 31 December 2017: 675.78p). The market value of debenture
stock at 30 June 2018 was £429,000 (30 June 2017 and 31 December 2017: £429,000). The market
value of the long-term loans at 30 June 2018 was £325,012,000 (30 June 2017: £248,382,000 and
31 December 2017: £245,595,000) based on the equivalent benchmark gilts or relevant commercially
available current debt.

20 | Foreign & Colonial Investment Trust PLCReport and Accounts 2018 | 21
Unaudited Notes on the Condensed Accounts
13 Reconciliation of net return before taxation to cash flows from operating activities
6 months to
30 June 2018
£’000s
6 months to
30 June 2017
£’000s
Year ended
31 Dec 2017
£’000s
Net return on ordinary activities before taxation135,651290,326542,686
Adjust for non-cash flow items, dividend income and
interest expense:
Gains on Investments(99,822)(254,320)(486,348)
Exchange losses/(gains)1,486(458)(3,233)
Non-operating expenses of a capital nature212761
Decrease/(increase) in other debtors76244(793)
Decrease in creditors(50)(466)(201)
Dividends receivable(51,373)( 4 7, 413 )( 7 7, 9 3 4 )
Interest payable4,0153,5977, 4 3 2
Tax on overseas income and Indian Capital Gains Tax(4,830)( 5,12 8 )( 7, 8 9 6 )
(149,791)( 3 0 4,117 )(568,912)
Cash flows from operating activities (before dividends
received and interest paid)(14,140)(13,791)(26,226)
14 Going concern
The Company’s investment objective, strategy and policy are subject to a process of regular Board
monitoring and are designed to ensure that the Company is invested mainly in readily realisable, listed
securities and that the level of borrowings is restricted. The Company retains title to all assets held by
the Custodian and agreements cover its borrowing facilities. Cash is held with banks approved and
regularly reviewed by the Manager and the Board.
The Directors believe that: the Company’s objective and policy continue to be relevant to investors; the
Company operates within a robust regulatory environment; and the Company has sufficient resources
and arrangements to continue operating within its stated policy for the 12 month period commencing
from the date of this report. Accordingly, the financial statements have been drawn up on the basis that
the Company is a going concern.
By order of the Board
F&C Investment Business Limited, Secretary
Exchange House
Primrose Street
London EC2A 2NY
27 July 2018
Most of the Company’s principal risks and
uncertainties are market related and no different
from those of other investment trusts investing
primarily in listed equities. They are described
in more detail under the heading “Principal risks
and future prospects” within the strategic report
in the Company’s annual report for the year
ended 31 December 2017 and have not changed
materially since the date of that report.
The risks include: having an inappropriate strategy
in relation to investor needs; failure on the part of
In accordance with Chapter 4 of the Disclosure
and Transparency Rules, the Directors confirm
that to the best of their knowledge:
• the condensed set of financial statements has
been prepared in accordance with applicable
UK Accounting Standards on a going concern
basis, and gives a true and fair view of the
assets, liabilities, financial position and net
return of the Company;
• the half-yearly report includes a fair review of
the important events that have occurred during
the first six months of the financial year and
their impact on the financial statements;
the Manager to continue to operate effectively;
unfavourable markets or inappropriate asset
allocation, sector and stock selection, currency
exposure and use of gearing and derivatives
leading to investment underperformance;
and errors, fraud or control failures at service
providers, or loss of data through cyber-threats
or business continuity failure. During the period
the Company put in place the necessary steps
to comply with the General Data Protection
Regulation (“GDPR”).
• the Directors’ Statement of Principal Risks
and Uncertainties shown above is a fair review
of the principal risks and uncertainties for the
remainder of the financial year; and
• the half-yearly report includes a fair review of
the related party transactions that have taken
place in the first six months of the financial year.
On behalf of the Board
Simon Fraser
Chairman
27 July 2018
Directors’ Statement of Principal Risks
and Uncertainties
Directors’ Statement of Responsibilities
in Respect of the Half-Yearly Financial Report

22 | Foreign & Colonial Investment Trust PLCReport and Accounts 2018 | 23
Charges
Annual management charges and other charges apply
according to the type of plan.
Annual account charge
ISA: £60+VAT
PIP: £40+VAT
JISA/CIP/CTF: £ 25+VAT
You can pay the annual charge from your account, or by
direct debit (in addition to any annual subscription limits)
Dealing charges
ISA: 0.2%
PIP/CIP/JISA: postal instructions £12, online
instruction £8 per Trust
Dealing charges apply when shares are bought or
sold but not on the reinvestment of dividends or the
investment of monthly direct debits for the PIP, CIP
and JISA.
There are no dealing charges on a CTF but a switching
charge of £25 applies if more than two switches are
carried out in one year.
Government stamp duty of 0.5% also applies on the
purchase of shares (where applicable).
There may be additional charges made if you transfer
a plan to another provider or transfer the shares from
your plan.
The value of investments can go down as well as up
and you may not get back your original investment. Tax
benefits depend on your individual circumstances and
tax allowances and rules may change. Please ensure
you have read the full Terms and Conditions, Privacy
Policy and relevant Key Features documents before
investing. For regulatory purposes, please ensure you
have read the Pre-sales cost disclosures related to
the product you are applying for, and the relevant Key
Information Documents (KIDs) for the investment trusts
you are wanting to invest into.
How to invest
One of the most convenient ways to invest in Foreign & Colonial Investment Trust PLC is through
one of the savings plans run by F&C Investments.
F&C lnvestment Trust ISA
You can use your ISA allowance to make an annual tax-
efficient investment of up to £20,000 for the 2018/19 tax year
with a lump sum from £500 or regular savings from £50 a
month per Trust. You can also transfer any existing ISAs to us
whilst maintaining the tax benefits
F&C Private Investor Plan (“PIP”)
This is a flexible way to invest in our range of Investment
Trusts. There are no maximum contributions, and investments
can be made from £500 lump sum or £50 a month per Trust.
You can also make additional lump sum top-ups at any time
from £250 per Trust.
F&C Child Trust Fund (“CTF”)*
If your child has a CTF you can invest up to £4,260 for the
2018/19 tax year, from £100 lump sum or £25 a month
per Trust, or a combination of both. You can also transfer a
CTF from another provider to an F&C CTF. Please note, the
CTF has been replaced by the JISA and is only available to
investors who already hold a CTF.
F&C Children’s lnvestment Plan (“CIP”)
This is a flexible way to save for a child in our range of
Investment Trusts. There are no maximum contributions, and
the plan can easily be set up under bare trust (where the child
is noted as the beneficial owner) or kept in your name if you
wish to retain control over the investment. Investments can be
made from a £250 lump sum or £25 a month per Trust. You
can also make additional lump sum top-ups at any time from
£100 per Trust.
Junior ISA (“JISA”)*
You can invest up to £4,260 for the tax year 2018/19 from
£500 lump sum or £30 a month per Trust, or a combination of
both. Please note, if your child already has a Child Trust Fund
(CTF), then you cannot open a separate JISA, however you
can transfer the existing CTF (held either with F&C or another
provider) to an F&C JISA
New Customers:
Contact our Team
Call: 0800 136 420**

(8:30am – 5:30pm, weekdays)
Email: info@fandc.com
Existing Plan Holders:
Contact our Team
Call: 0345 600 3030**

(9:30am – 5:30pm, weekdays)
Email: investor.enquiries@fandc.com
By post: F&C Plan Administration Centre
P O B o x 11114
Chelmsford CM99 2DG
How to Invest
To open a new F&C savings plan, apply online at fandc.com/apply
Note, this is not available if you are transferring an existing plan with another provider to F&C, or if you are
applying for a new plan in more than one name.
F&C Management Limited
F&C Investments and the F&C Investments logo are trademarks of F&C Management Limited. © F&C Management Limited 2018. Issued
and approved by F&C Management Limited which is authorised and regulated by the Financial Conduct Authority and is a member of the F&C
Group of which the ultimate parent company is the Bank of Montreal. Registered Office: Exchange House, Primrose Street, London EC2A 2NY.
Registered in England & Wales No 517895. L56_06/18_CM11982
You can also invest in the trust through online dealing platforms for private investors that offer share dealing and
ISAs. Companies include: Alliance Trust Savings, Barclays Stockbrokers, Halifax, Hargreaves Lansdown, HSBC, Interactive
Investor, LLoyds Bank, Selftrade, The Share Centre
Notes
*The CTF and JISA accounts are opened in the child’s name and they can have access to the account at age 18.
**Calls may be recorded or monitored for training and quality purposes.

Availability of report and accounts
The Company’s report and accounts are available on the Internet at
www.foreignandcolonial.com. Printed copies may be obtained from
the Company’s registered office, Exchange House, Primrose Street,
London EC2A 2NY
If you have trouble reading small print, please let
us know. We can provide literature in alternative
formats, for example large print or on audiotape.
Please call 0345 600 3030**.

---

An investment company within the meaning of Section 833 of the Companies Act 2006
Registered in England and Wales, Company Registration No. 12901
Registered Office: Exchange House, Primrose Street, London EC2A 2NY




Foreign & Colonial Investment Trust PLC

Exchange House, Primrose Street, London EC2A 2NY
Telephone +44 (0)20 7628 8000 Facsimile +44 (0)20 7628 8188
www.foreignandcolonial.com





7 August 2018

FOREIGN AND COLONIAL INVESTMENT TRUST PLC

LEI: 213800W6B18ZHTNG7371



Report and Accounts for the half year ended 30 June 2018


A copy of the above document has been submitted to the National Storage Mechanism and will
shortly be available for inspection at www.hemscott.com/nsm.do



It can also be downloaded from the website www.foreignandcolonial.com



Name of contact and telephone number for enquiries:

Hugh Potter
For and on behalf of F&C Investment Business Limited, Secretary
Telephone: 020 7628 8000