BIT- Annual Financial Report

THE BANKERS
INVESTMENT
TRUST PLC
Annual Report 2018

Strategic Report
Performance Highlights 2-3
Business Model 4
Structure and Principal Activity 4
Investment Objectives 4
Investment Policy 4
Position at the year end 4
Management 4
Management Fee 4
Investing 4
Chairman’s Statement 5-6
Fund Manager’s Review 7
Statistical Record 8
Rates of Exchange 8
Distribution of Assets and Liabilities 8
Largest Investments 9
Changes in Investments 9
Fund Manager Reports 10-23
United Kingdom 10
Europe (ex UK) 12
North America 14
Japan 16
Pacifi c (ex Japan, China) 18
China 20
Emerging Markets 2 2
Portfolio Structure 24-25
FTSE Stock Market Indices Total Return 24
Geographical Total Return Analysis 24
Geographical Analysis 25
Sector Analysis 25
Corporate Information 26-30
Directors 26
Registered Offi ce 27
Service Providers 27
Independent Auditor 27
Financial Calendar 27
Information Sources 27
Follow Janus Henderson Investment Trusts on
Twitter, YouTube and Facebook 27
Investing 27
Nominee Share Code 27
Status 28
Principal Risks and Uncertainties 28
Viability Statement 29
Borrowings 29
Performance Measurement and Key
Performance Indicators 29
Future Developments 29
Corporate Responsibility 29
Modern Slavery Act 30
Board Diversity 30
Glossary 31
Alternative Performance Measures 32
Corporate Report
Report of the Directors 34-35
Statement of Directors’ Responsibilities 36
Directors’ Remuneration Report 37-38
Corporate Governance Statement 39-43
Report of the Audit Committee 44-4 5
Independent Auditor’s Report to the Members
of The Bankers Investment Trust PLC 46-50
Financial Statements
Statement of Comprehensive Income 51
Statement of Changes in Equity 52
Statement of Financial Position 53
Cash Flow Statement 54
Notes to the Financial Statements 55-72
General Shareholder Information 73-74
Securities Financing Transactions 75-76
Contents
The Bankers Investment Trust PLC Annual Report 2018
The image on the front cover is based on the HSBC Bank Building in Hong Kong.
A brief history
The Company was incorporated in 1888.
Since seven of the nine original directors
were bankers by profession, the name The
Bankers’ Investment Trust, Limited was
considered appropriate. The Company has
paid dividends on the equity capital every year
since incorporation except in the years 1892
and 1893.

Strategic Report
“ I fear caution remains the key watch word for global
equity markets, at least for the first half of 2019.
The direction of US interest rates, the outcome of Brexit
with its range of economic implications and the wider
inflationary picture should all be clearer by this time.
If corporate earnings growth remains positive then
valuations may become compelling, despite the late
stage in the cycle in which we find ourselves.”
Richard Killingbeck, Chairman
The Bankers Investment Trust PLC Annual Report 2018

Strategic Report: Performance Highlights
Total return
1
performance for year to 31 October 2018
FTSE World Index total return
Share price total return NAV total return
95
100
105
110
115
May
18
Apr
18
Mar
18
Feb
18
Jan
18
Dec
17
Nov
17
Oct
17
Sep
18
Oct
18
Aug
18
Jul
18
Jun
18
100
150
200
250
300
350
400
2008 2009201020112012201320162018201720152014
0
4
8
12
16
20
2008 2009 2010 2011 2012 2013 20142016 2017 20182015
17.0
18.6
19.7
11.1
11.5
12.1
12.7
13.3
14.1
14.8
15.8
NAV and share price total return performance

versus
the index over the year to 31 October 2018
(rebased to 100)
Ten year share price total return performance
to 31 October 2018
(rebased to 100)
US$ to UK£
Euro to UK£ Yen to UK£
90
95
100
105
110
May
18
Apr
18
Mar
18
Feb
18
Jan
18
Dec
17
Nov
17
Oct
17
Sep
18
Oct
18
Aug
18
Jul
18
Jun
18
NAV per ordinary share
+0.2%
5
4
%
3
2
1
0
Ordinary share price
FTSE World Index
2
UK exchange rate (rebased to 100)Historical dividend in pence
+0.8%
+4.7%
2
The Bankers Investment Trust PLC Annual Report 2018

Strategic Report: Performance Highlights (continued)
1 Total return assumes dividends reinvested
2 Sterling adjusted
3 Share price is the mid-market closing price
4 This represents the four ordinary dividends recommended or paid for the year (see page 62 for more details)
5 Based on share price at the year end
6 Net gearing is calculated in accordance with the gearing definition in the glossary on page 31
7 Capital return excludes all dividends
A glossary of terms and Alternative Performance Measures can be found on pages 31 and 32
Sources: Morningstar for the AIC, Janus Henderson, Datastream
Dividend yield
5
Dividend for year
4
2018 2.4% 2017 2.2%2018 19.72p

2017 18.60p
2018 3.6% 2017 3.1%
Dividend growth
2018 6.0% 2017 9.4%2018 0.50% 2017 0.44%
Ongoing charge for year
Discount at year end
Share price at year end
3
2018 835.0p 2017 852.0p
Net gearing at year end
6
2018 2.4% 2017 2.3%
NAV per share at year end

2018 865.8p 2017 878.9p
Long term growth record to 31 October 2018
1 year
%
3 years
%
5 years
%
10 years
%
Capital return
7
Net asset value - 1. 737.446.4153.0
Share price-2.035.044.0173.8
FTSE World Index 2.243.355.3163.7
FTSE All-Share Index -5.212.08.978.8
Total return
1
Net asset value 0.847. 967.2236.3
Share price 0.24 5 .162.9261.8
FTSE World Index 4.754.475.9242.7
FTSE All-Share Index - 1. 525.430.5156.7
Dividend 6.024.739.478.1
Retail Prices Index 3.39.612.930.7
3
The Bankers Investment Trust PLC Annual Report 2018

Structure and Principal Activity
The Company is an investment trust with a premium listing on the
London Stock Exchange and a listing on the New Zealand Stock
Exchange and its principal activity is portfolio investment. Investment
trusts, like unit trusts and OEICs, are pooled investment vehicles
which allow shareholders exposure to a diversified range of assets
through a single investment, thus spreading, although not eliminating,
investment risk. The Company invests in large, publicly-listed
companies throughout the world that offer attractive capital and
income growth opportunities. The Company employs Janus
Henderson (the ‘Manager’) to manage actively the Company’s
assets in accordance with the Company’s investment policy.
Investment Objectives
The Company aims over the long term to achieve capital growth in
excess of the FTSE World Index and annual dividend growth greater
than inflation, as defined by the UK Retail Prices Index (‘RPI’), by
investing in companies listed throughout the world.
Investment Policy
The following investment ranges apply:
Equities: 80% to 100%
Debt securities and cash investments: 0% to 20%
Investments trusts, collective funds and derivatives: 0% to 15%
To achieve an appropriate spread of investment risk the portfolio is
broadly diversified by geography, sector and company. The Manager
has the flexibility to invest in any geographic region and any sector
with no set limits on individual country or sector exposures and,
therefore, the make-up and weighting of the portfolio may differ
materially from the FTSE World Index.
The Manager primarily employs a bottom-up, value-based investment
process to identify suitable opportunities and pays particular regard
to cash generation and dividends. The Board regularly monitors the
Company’s investments and the Manager’s investment activity.
The Company can, but normally does not, invest up to 15% of its
gross assets in any other investment companies (including listed
investment trusts).
Derivatives
The Company may use financial instruments known as derivatives
for the purpose of efficient portfolio management while maintaining
a level of risk consistent with the risk profile of the Company.
Gearing
The Company can borrow to make additional investments with the
aim of achieving a return that is greater than the cost of the
borrowing. The Company can borrow up to 20% of net assets at
the time of draw down.
Position at the year end
At 31 October 2018, the portfolio contained 186 (2017: 195)
individual investments excluding those held at nil value, with the
largest single investment accounting for 1.97% (2017: 1.81%) of total
investments and the top 25 holdings totalling 33.83% (2017:
30.20%) of total investments. There was one holding of an
investment company in the portfolio (2017: nil). There were no
derivatives held in the portfolio (2017: nil). Net gearing was 2.4%
(2017: 2.3%).
Management
The Company qualifies as an Alternative Investment Fund (‘AIF’)
in accordance with the Alternative Investment Fund Manager
Directive (‘AIFMD’).
The Company has appointed Henderson Investment Funds Limited
(‘HIFL’) to act as its Alternative Investment Fund Manager (‘AIFM’)
in accordance with an agreement which was effective from 22 July
2014 and is terminable on six months’ notice. HIFL delegates
investment management services to Henderson Global Investors
Limited, which acts as Manager. Both entities are authorised and
regulated by the Financial Conduct Authority (‘FCA’). References
to Janus Henderson and the Manager within this report refer to the
services provided by both entities.
The fund management team is led by Alex Crooke, who has been
in place since 2003. He is assisted by David Smith, Tim Stevenson
(see page 7), Ian Warmerdam, Junichi Inoue, Michael Kerley, Charlie
Awdry and Nicholas Cowley.
Janus Henderson and its subsidiaries provide accounting, company
secretarial and general administrative services. Some of the
administration and accounting services are carried out, on behalf of
Janus Henderson, by BNP Paribas Securities Services. Wendy King
FCIS acts as Company Secretary on behalf of the Corporate
Secretary, Henderson Secretarial Services Limited.
Management Fee
From 1 July 2016 the management fee is equal to the aggregate of
0.45% per annum of the first £750 million and 0.40% per annum on
the excess over £750 million of the value of the net assets on the
last day of the quarter immediately preceding the quarter in respect
of which the calculation is made. For the calendar year 2017, the
management fee calculated for the four quarters of 2017 was subject
to a cap of £843,685 per quarter.
Investing
The Bankers Investment Trust PLC sets out to be an attractive and
straightforward long-term investment vehicle for private investors.
As well as investing directly, shares can be purchased through various
dealing platforms and held in share plans, ISAs or pensions. Links
to some of these dealing platforms can be found on our website,
www.bankersinvestmenttrust.com.
Strategic Report: Business Model
4
The Bankers Investment Trust PLC Annual Report 2018

Strategic Report: Chairman’s Statement
• Net asset value total return increase of 0.8%
• Dividend increase of 6% to 19.72p per share
• Forecast increase in 2019 dividend of 6%
Performance
The past year has been disappointing from a net asset value (‘NAV’)
total return basis, with an increase of just 0.8% leading to a flat share
price total return over this period. The caution that I expressed in the
outlook paragraph of the Strategic Report last year was for the early
part of the year misplaced. Yet by our year-end the effects of rising
US interest rates, stretched valuations of growth stocks, trade wars
and UK politics had all played their part in turning global market
sentiment negative.
Volatility has been in evidence across global markets since early
summer as the momentum behind the tightening US interest rate
cycle has begun to influence market sentiment and, in particular,
highly-rated growth stocks such as those in the technology sector.
In addition, the growing number of macro concerns (trade wars, UK
politics, emerging market debt levels) have risen to prominence as
the year progressed. Against this backdrop, companies issuing profit
warnings have been harshly treated by the markets thus
compounding the rising nervousness amongst investors.
During the year the asset allocation structure of the portfolio has
continued the trend of the past three years, namely a reduction in
the UK equity element of the portfolio, a gradual increase in the
US and a maintaining of our allocation to Japanese and Continental
European equities. Towards the end of the period we allocated
some more monies to our China exposure, following a near 20%
decline in the market, thus maintaining an overall stable allocation
to the Asian region.
With the exception of North America and Japan, all global markets
experienced negative returns during the year. On a positive note our
regional managers performed well with four (Europe, North America,
Asia Pacific and China) significantly outperforming their local
benchmarks whilst the UK, Japan and Emerging Market portfolios
underperformed their local benchmarks. From a sectorial
perspective, our overweight position in consumer stocks, in
particular in the UK, has negatively impacted performance, whilst
our technology exposure in the US has driven our outperformance
in this market. Towards our year-end some profits were realised
from these elements of the portfolio.
Revenue and Dividends
Bankers has delivered a further solid increase in the revenue
account, reflecting positive currency movements, robust dividend
growth and further special dividends. This performance has enabled
the Board to recommend a final quarterly dividend of 5p per share.
If approved by shareholders, this will result in a total dividend
payment for the year of 19.72p, (2017: 18.60p), an increase of 6.0%.
Delivering on my forecast for the year. Our revenue earnings per
share over the same period rose to 20.78p (2017: 20.49p), an
increase of 1.4%.
The outlook for the year ahead from a revenue account perspective
remains positive. The recommended final 2018 dividend payment, if
approved, will still accommodate a healthy transfer to our revenue
reserve which, at the year-end, represented 1.2 times the cost of
the 2018 annual dividend. This reserve gives the Board confidence
in its discussions regarding likely future dividend growth. The main
concern when forecasting growth for the current year remains the
level of sterling. Sterling’s weakness has helped our revenue account
significantly during the past three years. A sudden increase in the
value of sterling, albeit not our expectation, will lead to pressure on
the revenue account. However such is our level of revenue reserves
that I am pleased to be able to report, on behalf of the Board, a
forecast of dividend growth of approximately 6% for 2019.
Board Changes
As has previously been announced, I shall be retiring from the Board
at the forthcoming Annual General Meeting (‘AGM’). Sue Inglis will
succeed as Chairman from the conclusion of the AGM. Sue joined
the Board in November 2012 and became Senior Independent
Director in February 2015. Sue is highly experienced and
knowledgeable within the investment trust sector and has for
many years advised other companies in her role as a lawyer and
subsequently a corporate financier. Sue has a number of other
non-executive roles in the sector having stepped down as Managing
Director – Corporate Finance at Cantor Fitzgerald Europe last
summer. I know that Sue will continue the ethos that has served
shareholders in Bankers so well over the longer term. Julian
Chillingworth will succeed Sue as Senior Independent Director
at the same time.
I am also pleased to report that Richard Huntingford joined the
Board on 26 September 2018, subject to shareholder approval at the
AGM. Richard has been involved in the media and marketing sectors
for more than 30 years and has held a number of executive and
non-executive roles in listed and private businesses. Further details
of his experience can be found on page 26. I look forward to
introducing Richard to shareholders at the AGM.
The Chairman of the Company, Richard Killingbeck, reports on
the year to 31 October 2018
5
The Bankers Investment Trust PLC Annual Report 2018

Strategic Report: Chairman’s Statement (continued)
Annual General Meeting
This year’s AGM will again be held at Trinity House, London,
EC3N 4DH on 27 February 2019 at 12 noon. Full details of the
business to be conducted at the meeting are set out in the Notice
of Meeting which has been sent to shareholders with this report.
Directions and a map showing the location of the AGM can also be
found in the Notice of Meeting. At the AGM, Alex Crooke and his
investment team will present their investment views and how these
are reflected in the portfolio. Following the formal business of the
meeting, light refreshments will be served. The Board looks forward
to seeing many of you at the AGM.
Outlook
In my view it is too early to become contrarian in regard to market
sentiment but it is tempting to begin to look at markets more
positively. The global economy, led by North America, remains
solid, and inflationary pressures, whilst higher than a year ago,
are stabilising. The recent oil price decline has yet to feed through
into inflation numbers and, whilst wage inflation remains a concern,
overall inflation could fall in 2019. If such a scenario were to be in
evidence then the current momentum in interest rate rises in the
US could ease giving markets a welcome boost. Valuations in certain
sectors will continue to be a limiting factor, equally investors will need
a resolution of the current trade tariff dispute to commit substantial
new money to the market. The recent low levels of volatility in
markets are a phenomenon that are now likely to be confined to
history and a product of quantitative easing used to stabilise markets
through the financial crises. Therefore, going forward investors will
need to readjust to more historically normal high levels of volatility.
The uncertainty in the UK will remain and will be dominated by
Brexit issues well beyond the end of March 2019. Consumer and
business sentiment remain as critical indicators in the year ahead for
the country and for confidence to return to the UK from international
investors in particular. The UK market therefore will likely have
another dull year. Yet the valuation argument is becoming more
compelling especially for some companies in more traditional
defensive sectors with strong balance sheets and well covered
dividends. Currency markets may surprise in 2019 and, as
highlighted earlier, a stronger sterling would impact our revenue
account and also have a negative translational impact on the NAV
from the international holdings.
Thus I fear caution remains the key watch word for global equity
markets, at least for the first half of 2019. The direction of US interest
rates, the outcome of Brexit with its range of economic implications
and the wider inflationary picture should all be clearer by this time.
If corporate earnings growth remains positive then valuations may
become compelling, despite the late stage in the cycle in which
we find ourselves.
R W Killingbeck
Chairman
15 January 2019
6
The Bankers Investment Trust PLC Annual Report 2018

Strategic Report: Fund Manager’s Review
has outperformed other global markets for seven years during the
last decade and therefore an element of caution is warranted in
terms of increasing exposure. Our stock selection has offset the
underweight, with the North American team producing a very
impressive performance by focusing on long-term secular trends
such as paperless payment, disruption and health care. The
European and Pacific portfolios also delivered strong relative returns,
with a focus on quality companies with dominant market positions in
their industries. It was not a year to bet against market trends
reversing, momentum remained strong for market leaders and value
and income stocks underperformed.
The UK remained mired in Brexit uncertainty which has made
the UK stock market almost un-investable in many international
investors’ eyes. Sterling steadily declined against the US dollar,
although it has held its own against the Euro. The UK economy
has seen little impact from Brexit, benefitting from the lower
exchange rate. However the strains have latterly become apparent
with reduced inward investment flows and tighter labour markets
as immigration falls. The portfolio’s exposure to the UK was
reduced further this year, ending at 25.2%. The majority of the
underperformance against the benchmark can be explained by the
UK exposure and the underperformance of the UK stocks we held.
A narrow number of the largest stocks performed well in the UK but
the mid-cap stocks, which are more domestically exposed, did not
perform for us.
Outlook
As I look forward I suspect that the future will not turn out as bad
as many predict. The world does not appear on the verge of a sharp
recession but clearly growth is slowing and share prices have begun
to price this in. There is an incentive on all sides to get trade
discussions concluded and I expect a better picture to emerge as
the year develops. By the summer many of the uncertainties will
have resolved themselves in one form or another and we should
have a clearer outlook. Valuations have fallen significantly in recent
months and we have an opportunity to invest cash at very favourable
dividend yields. An element of caution still seems sensible and we
are looking to purchase only quality companies with strong balance
sheets, rather than recovery situations that require a higher level of
economic growth. It looks like a year of two halves lies ahead of us.
Alex Crooke
15 January 2019
Corporate Revenue Exposure at
31 October 2018
The Fund Manager of the portfolio, Alex Crooke, reports on
the year to 31 October 2018
Review
This past year has been one of the most challenging in my career, as
factors beyond the financial world have collided and created a very
difficult environment for investors and companies alike. I have to look
back to the 1960s to find a period when politics dominated financial
markets as much as they have in 2018. The fear of the unknown
swamped equity markets in 2018 and created an environment
where share prices outside the US fell sharply towards the end
of our financial year under review.
The year started in bright form, as against my own scepticism, tax
reform in the US was enacted, leading to investors’ exuberance
about the future. Markets rallied to set new highs in January, with
one of the strongest rises in share prices of growth stocks on record.
There were plenty of signs that the optimism would fade and we did
reduce the gearing into the rally selling some of the best performing
stocks in the portfolio. The US Federal Reserve clearly indicated at
the start of 2018 that it would raise interest rates throughout the
year and the European Central Bank (‘ECB’) announced that its
quantitative easing bond purchases would reduce monthly and
cease by the end of the year. These actions would progressively
drain liquidity in markets and reduce money supply. In previous
tightening cycles, we have seen market volatility increase and equity
prices decline. I had expected a difficult summer but the sell-off
didn’t start until October.
Our line up of fund managers has not changed this year but sadly
Tim Stevenson, our European fund manager, has decided to retire in
early 2019 after a long career with Janus Henderson and nearly
20 years helping Bankers. His replacement will be James Ross,
who joined Janus Henderson in 2007 and has worked closely with
Tim in recent years.
Asset Allocation
In hindsight asset allocation was a simple decision of owning
American equities and the US dollar to the exclusion of all other
global markets. Every other region declined with only Japan holding
flat; Chinese equities fell over 20%, in a bear market. US investors
clearly repatriated assets, with investment flows moving from
international markets back into US dollars. Despite the expensive
valuations we increased the investment in the US, resisting the
temptation to lock in gains. The portfolio’s underperformance relative
to the FTSE World Index is partly explained by the smaller exposure
to the US relative to the benchmark, 31.6% as compared to 60.6%.
I believe that purchasing expensively valued companies will ultimately
hurt returns over time. The US is now a highly valued market that
UK 11.7% (2017: 13.9%)
Europe (ex UK) 14.9% (2017: 14.9%)
Developed Asia Pacific
(ex Japan) 3.6%
(2017: 3.5%)
Emerging Asia 17.9%
(2017: 19.6%)
Emerging Other 13.1% (2017: 11.3%)
North America
30.5%
(2017: 28.1%)
Japan 8.3%
(2017: 8.7%)
7
The Bankers Investment Trust PLC Annual Report 2018

Statistical Record
At 31 October
Earnings and
dividends per
25p ordinary share
Ongoing
charge
1
%
Indices of growth
3
Gross
revenue
£’000
Earnings
net
p
Total
dividends
net
p
Total
assets
less
current
liabilities
£’000
Net
asset
value
per 25p
ordinary
share
p
Market
price
per 25p
ordinary
share
p
Net
asset
value
Market
price
per 25p
ordinary
share
Dividend
per 25p
ordinary
share
net
FTSE
All-
Share
Index
FTSE
World
Index
UK
Retail
Prices
Index
200818,61312.7611.060.47410,661341305100100100100100100
200916,86611.8311.500.50473,8634003481181141041181 1 799
201016,47812.2612.100.42526,955452380134125109134133104
201116,38911.9812.700.40521,331447385132126115131130109
201218,59313.8413.330.42551,214475433141142121138139113
201319,689
2
14.45
2
14.130.45678,5615875801751901281641701 1 6
201420,74815.0514.800.53693,196596563179185134160180118
201522,76717.2215.800.52777,4286306191882031431601841 1 9
201624,91617.5317.000.52991,544756690226226154173233122
201729,63420.4918.600.441,142,379879852263279168189258126
201830,54720.7819.720.501,126,4108668352592741781 7 9264131
1 Years prior to 2011 are total expense ratio
2 Company only figures from 2013, following liquidation of subsidiary
3 Rebased to 100
Rates of Exchange
Distribution of Assets and Liabilities
The principal exchange rates at 31 October
20182017
US Dollar1.27781.3280
Japanese Yen144.201150.895
Euro1.1281.140
Hong Kong Dollar10.0210.36
Australian Dollar1.8031.732
20182017
Chinese Yuan Renminbi8.91128.8009
New Taiwanese Dollar39.5440.05
Korean Won1456.0601487.769
Swiss Franc1.2851.324
New Zealand Dollar1.9571.938
At 31 October 2018
Equities
£’000
Fixed
interest
£’000
Current
assets
£’000
Total
assets
£’000%
Total
liabilities
£’000
Geographical exposure
of net assets
£’000%
United Kingdom273,526737,059310,59227.5(66,266)244,32623.0
Europe (ex UK)162,081 – 794162,87514.4–162,87515.3
North America343,056 – 157343,21330.4–343,21332.3
Japan127,575 – 2,863130,43811.6(1,871)128,5671 2 .1
Pacific (ex Japan, China)9 5 ,1 2 1 – 13795,2588.4–95,2589.0
China58,422 – 1,67460,0965.3–60,0965.7
Emerging Markets27,245 – 6327,3082.4(60)27,2482.6
Total1,087,026742,7471,129,780100.0(68,197) 1,061,583100.0
102.4%–4.0%106.4%(6.4%)100.0%
Expense debtors and creditors have been allocated to sterling for the purposes of this table.
8
The Bankers Investment Trust PLC Annual Report 2018

Largest Investments
Changes in Investments
At 31 October
Valuation
2017
£’000
Purchases
£’000
Sales
proceeds
£’000
Appreciation/
(depreciation)
£’000
Valuation
2018
£’000
United Kingdom291,39951,806(47,851)(21,821)273,533
Europe (ex UK)163,53462,917(57,390)(6,980)162,081
North America305,266 64,264(70,309)43,835343,056
Japan128,314 62,549(58,416)(4,872)127,575
Pacific (ex Japan, China)118,822 25,405(44,304)(4,802)9 5 ,1 2 1
China67,645 64,030(57,624)(15,629)58,422
Emerging Markets26,836  4,483(1,864)(2,210) 27,245
1,101,816 335,454(337,758)(12,479) 1,087,033
At 31 October 2018
Ranking
2018
Ranking
2017CompanyCountry
Valuation
2017
£’000
Purchases
£’000
Sales
proceeds
£’000
Appreciation/
(depreciation)
£’000
Valuation
2018
£’000
1#MicrosoftUS – 16,301 – 5 ,1 2 1 21,422
2(2)AppleUS 18,258 – (3,386)6,413 21,285
3(4)American ExpressUS 16,404 1,718 – 2,052 2 0 ,174
4(16)Union PacificUS 12,349 3,399 – 4,028 19,776
5(1)BPUK 19,898 – (3,097)2,015 18,816
6(13)Berkshire HathawayUS 12,624 3,462 – 2,003 18,089
7(21)Estée LauderUS 10,748 3 ,17 7 – 3,005 16,930
8(6)AlphabetUS 14,455 – – 1, 4 3 1 15,886
9(18)VisaUS 11,47 1 – – 3,467 14,938
10(9)Royal Dutch ShellUK 14,091 – – 835 14,926
11(5)American TowerUS 15,860 – (3,135)1,687 14,412
12(12)ComcastUS 12,972 – – 1,300 14,272
13(11)FedExUS 13,688 – – 188 13,876
14(25)MasterCardUS 9,949 – – 3,793 13,742
15(20)ICONUS 10,952 – – 2,264 13,216
16(14)AptivUS 12,603 3,311 (2,173)(840) 12,901
17#GlaxoSmithKlineUK 8,694 2,739 – 1,277 12,710
18(24)DiageoUK 9,972 1,417 – 598 11,987
19(3)British American TobaccoUK 17,057 – – (5,174) 11,883
20(15)
Taiwan Semiconductor
Manufacturing
Taiwan 12,524 – – (809) 1 1,7 1 5
21#Intercontinental ExchangeUS – 1 1,1 5 1 – 38 1 1,1 8 9
22(10)XylemUS 13,809 – (3,129)487 1 1,1 6 7
23(19)Cognizant Technology SolutionsUS 11,466 – – (597) 10,869
24#The Cooper CompaniesUS 9,679 – – 1,1 3 5 10,814
25#BookingUS 10,506 – – 203 10,709
300,029 46,675 (14,920) 35,920 367,704
All securities are equity investments
# Not in top 25 last year
Convertibles and all classes of equity in any one company being treated as one investment
9
The Bankers Investment Trust PLC Annual Report 2018

Strategic Report: United Kingdom
Activity
After the takeover approaches for GKN and Jardine Lloyd Thompson
we recycled the proceeds into companies with more defensive
characteristics. We initiated new holdings in distribution group Bunzl
and regulated utility National Grid and added to our position in
RELX, the media company. Bunzl is the market leader in supplying
low value but essential non-food consumables to defensive end
markets such as food service and health care. National Grid’s
valuation is attractive given the stable returns from its UK business
and improving profitability in its US division. Elsewhere we bought
holdings in Hilton Food and Ibstock. Hilton Food processes, packs
and distributes meat products for food retailers globally. The
company is well invested, produces high returns and has good
visibility over future growth given recent new contract wins. Ibstock
is the UK’s leading brick manufacturer in a consolidated industry
with demand for bricks underpinned by the Government’s Help
to Buy scheme.
Outlook
Equity markets are starting to exhibit late cycle characteristics and,
with global growth slowing from its recent peak, volatility has
increased. While we don’t believe the end of the cycle is imminent,
especially as valuations in the UK are now below their long term
average, it seems prudent to position the portfolio slightly more
defensively going forward. The outlook for UK domestic companies
will be driven by Brexit and what deal with the EU, if any, the
Government can agree on. Valuations for domestic companies are
historically very low hence the portfolio maintains some exposure
here but the bias is towards companies with robust business models
and balance sheets. Although the outlook for equity markets in
general has become increasingly unclear, the focus on good quality
companies should position the portfolio well in more uncertain times.
Total return (£) (year to 31 October 2018)%
Bankers-3.4
FTSE All-Share Index-1.5
The Fund Manager of the UK portfolio, David Smith, reports on
the year to 31 October 2018
Review
The UK stock market declined 1.5% on a total return basis during the
year, as a sharp sell-off in October reversed the gains over the
previous 11 months. Concerns over a rise in wage growth and its
subsequent impact on the pace of US monetary tightening, further
fuelled by raising trade tensions between the US and China, led to
a sell-off in global equity markets. Brexit negotiations made little
progress through the year and continued to weigh on consumer
and business sentiment in the UK. Despite the economic uncertainty
in the UK there was a notable increase in takeover activity with Sky,
Shire and Hammerson all getting bid for by overseas companies.
The UK portfolio underperformed the UK market, declining 3.4%
in the period. British American Tobacco was the largest contributor
to underperformance in the portfolio reflecting poor US volumes and
a possible US regulatory outlawing of menthol cigarettes. We have
retained the position as the valuation of the company is now at the
lowest levels in over two decades while the cash flow and dividends
are, in our opinion, well underpinned. Holdings in certain mid-sized
and smaller companies, such as Connect Group, Pets at Home and
Galliford Try, also detracted from returns. Connect Group’s mixed
freight distribution business suffered from weaker demand and cost
headwinds which led to significantly lower profits. Pets at Home
warned that, due to wage pressures in its veterinary services division,
the company needed to provide extra investment to support future
profitability. Despite trading remaining robust at Galliford Try’s main
housebuilding division, the company suffered from a write down
within its construction business due to cost overruns and delays at
its Aberdeen Ring Road project. On the positive side, the portfolio
benefited from the takeover of both GKN and Jardine Lloyd
Thompson in the period at significant premiums. Elsewhere the
portfolio’s holdings in BP, Victrex and James Fisher were also
positive for performance. BP’s improving cash flow, driven by
operational efficiencies and the rising oil price, supported the share
price while Victrex and James Fisher both announced strong results
during the year.
UK portfolio classified by market value of
company at 31 October
0
10
20
30
40
50
60
70
24.5
5.7
69.8
33.2
4.2
62.6
%
2018
2017
FTSE 100FTSE Mid 250Smaller Companies
10
The Bankers Investment Trust PLC Annual Report 2018

Valuations at 31 October 2018
– all investments are shown
Investments by valueSector£’000
% of
UK portfolio
BPOil & Gas Producers 18,816 6.88
Royal Dutch ShellOil & Gas Producers 14,926 5.46
GlaxoSmithKlinePharmaceuticals & Biotechnology 12,710 4.65
DiageoBeverages 11,987 4.38
British American TobaccoTobacco 11,883 4.34
Reckitt BenckiserHousehold Goods & Home Construction 8,217 3.00
Lloyds BankingBanks 7,341 2.68
Galliford TryConstruction & Materials 7,246 2.65
RELX
Media 7,118 2.60
Imperial BrandsTobacco 6,827 2.49
PrudentialLife Insurance 6,650 2.43
BarclaysBanks 6,448 2.36
BTFixed Line Telecommunications 6,416 2.34
Fisher (James) & SonsIndustrial Transportation 6,093 2.23
TescoFood & Drug Retailers 5,834 2 .1 3
Rio TintoMining 5,796 2 .1 2
Smith (D.S.)General Industrials 5,717 2.09
CranswickFood Producers 5,340 1.95
BunzlSupport Services 5,189 1.90
InformaMedia 5,167 1.89
HSBCBanks 5,085 1. 8 6
SageSoftware & Computer Services 4,756 1.74
Johnson MattheyChemicals 4,729 1.7 3
PhoenixLife Insurance 4,562 1.67
National GridGas, Water & Multiutilities 4,392 1.60
VictrexChemicals 4,136 1. 5 1
WhitbreadTravel & Leisure 4,085 1.49
SmithsGeneral Industrials 4,041 1.48
Big YellowReal Estate Investment Trusts 3,885 1.42
ITVMedia 3,823 1.40
St. James's PlaceLife Insurance 3,812 1.39
BritvicBeverages 3,795 1.39
IbstockConstruction & Materials 3,744 1.37
Intermediate CapitalFinancial Services 3,671 1.34
BHP BillitonMining 3,600 1. 3 2
Severn TrentGas, Water & Multiutilities 3,598 1. 3 1
Sports Direct InternationalGeneral Retailers 3,386 1.24
Wetherspoon (J.D.)Travel & Leisure 3,353 1.23
Ted BakerPersonal Goods 3,308 1. 2 1
SchrodersFinancial Services 3,140 1.1 5
KcomFixed Line Telecommunications 2,972 1.09
Hilton FoodFood Producers 2,786 1.02
Pets at HomeGeneral Retailers 2,703 0.99
GreencoreFood Producers 2,509 0.92
Jupiter Fund ManagementFinancial Services 2,478 0.91
Dairy CrestFood Producers 2,391 0.87
Sabre InsuranceNon-life Insurance 2,372 0.87
TI Fluid SystemsAutomobiles & Parts 2,366 0.86
CompassTravel & Leisure 2,338 0.85
LancashireNon-life Insurance 2,073 0.76
Tufton OceanicEquity Investment Instruments 1,881 0.69
ConnectSupport Services 1,030 0.38
AvingtransIndustrial Engineering 772 0.28
MorticeSupport Services 233 0.09
Lehman Brothers Hldgs 7.875%
1
Fixed Interest 7 –
273,533
100.00
1 Fixed Interest
11
The Bankers Investment Trust PLC Annual Report 2018

Strategic Report: Europe (ex UK)
that it remains simply too big to truly change. We have also reduced
positions in a few very successful holdings such as Amadeus (travel
IT systems) and Fresenius (health care).
On the purchase side we have added a position in ASML (lithography
equipment required by all semiconductor manufacturers), Roche
(pharmaceuticals) and Assa Abloy (specialist lock manufacturer).
We have also participated in two new offerings, SIG Combibloc
in specialist packaging and Knorr-Bremse a specialist brake
manufacturer. Our intention has been to try to make sure that
we have exposure to companies which should prosper regardless
of the economic environment.
Outlook
We are bombarded on a daily basis with news and opinions from
market commentators, and less frequently we have occasion to
catch-up with the management of the companies we invest in.
These are the people in the “real world”, managing and adapting to
the economic and political forces in the world. This then requires us
to take a more patient view and to make changes where we feel a
company may struggle to adapt. Given the intensity of news since
the election of a US President, who may be considered to have a
somewhat aggressive approach, and the broken promises made
during the Brexit debate, patience is needed more than ever. We
believe we are invested in financially strong companies which have
strong market positions. On the whole we participate in their success
by way of growth and dividends. Patience has been rewarded in the
past and we believe will be again in the future.
Total return (£) (year to 31 October 2018)%
Bankers-1.4
FTSE All-World Developed Europe (ex UK) Index-5.2
The Fund Manager of the European portfolio, Tim Stevenson,
reports on the year to 31 October 2018
Review
European markets have struggled to make progress in the 12 months
to the end of October 2018. The “Panglossian” feel to markets to
which I referred last year proved prescient, with firstly politics and
then economics deteriorating. It may be scant consolation to
shareholders, but the European portfolio has declined in value by
much less than the relevant index, declining 1.4% compared with a
fall of 5.2% for the index. This will be my last year looking after the
Bankers’ European portfolio as I will retire in 2019, and I would like
to thank the Board for their support and encouragement (and
patience!) and my colleagues on the European team at Janus
Henderson who have helped so much.
Politics has become unsettling, with the EU challenging Italy over
its budget plan and, in Germany, the long standing Chancellor
Angela Merkel has made it clear that this is her last term as
Chancellor, leaving the market open to fret about what a “post
Merkel” era may look like.
It has also become obvious that protectionist rhetoric from the US,
tighter vehicle emission standards across Europe and the uncertainty
surrounding Brexit are all contributing to a reluctance to invest by
companies. While many European government finances are in much
better shape, there is still a lot of work ahead for France and of
course Italy. For this reason we have avoided Italian holdings in the
latter part of the year under review. While the US Federal Reserve
has been able to start increasing interest rates, the ECB continues
to take a very cautious approach to reducing the level of quantitative
easing, with the prospect of interest rate rises unlikely for some time.
Activity
We have made a few changes to the European portfolio during the
year, while remaining consistent with our preference for quality
names over more cyclical recovery stories. We have sold out of
Continental (car tyres and components), Infineon (semiconductors),
Sodexo (catering and services) and Siemens, the latter on concerns
European portfolio classified by market value
of company at 31 October
0
10
20
30
40
50
60
70
28.9
26.8
3.8
67.3
67.6
%
Over £20bn£5bn-£20bnUnder £5bn
2018
2017
5.6
12
The Bankers Investment Trust PLC Annual Report 2018

Valuations at 31 October 2018
– all investments are shown
Investments by valueSectorCountry£’000
% of
European
portfolio
NestléFood ProducersSwitzerland 9 ,1 1 0 5.62
RochePharmaceuticals & BiotechnologySwitzerland 8,838 5.45
Novo-NordiskPharmaceuticals & BiotechnologyDenmark 7,438 4.59
SAPSoftware & Computer ServicesGermany 6,759 4 .17
Deutsche PostIndustrial TransportationGermany 6,658 4 .1 1
DSMChemicalsNetherlands 6,658 4 .1 1
NovartisPharmaceuticals & BiotechnologySwitzerland 6,597 4.07
Deutsche BoerseFinancial ServicesGermany 5,893 3.64
Deutsche TelekomMobile TelecommunicationsGermany 5 ,7 1 1 3.52
AmundiFinancial ServicesFrance 5,430 3.35
EquinorOil & Gas ProducersNorway 5,345 3.30
AllianzNon-life InsuranceGermany 5,184 3.20
TotalOil & Gas ProducersFrance 5 ,17 6 3.19
Koninklijke PhilipsGeneral IndustrialsNetherlands 5,095 3.14
Munich ReinsuranceNon-life InsuranceGermany 5,065 3.12
LegrandElectronic & Electrical EquipmentFrance 4,926 3.04
SGSSupport ServicesSwitzerland 4,904 3.03
ASMLTechnology Hardware & EquipmentNetherlands 4,726 2.92
Assa AbloyConstruction & MaterialsSweden 4,594 2.83
LindeChemicalsGermany 4,378 2.70
BrenntagChemicalsGermany 4,364 2.69
PartnersFinancial ServicesSwitzerland 4,149 2.56
Van LanschotBanksNetherlands 3,652 2.25
UBSBanksSwitzerland 3,546 2.19
OrangeFixed Line TelecommunicationsFrance 3,486 2.15
AmadeusSupport ServicesSpain 3,462 2.14
INGBanksNetherlands 3,368 2.08
GetlinkIndustrial TransportationFrance 3,264 2.01
L'OréalPersonal GoodsFrance 3,152 1.95
HermèsPersonal GoodsFrance 3,077 1.90
Crèdit AgricoleBanksFrance 2,876 1.7 7
SIG CombiblocGeneral IndustrialsSwitzerland 2,610 1.61
Knorr-BremseAutomobiles & PartsGermany 2,590 1.60
162,081 100.00
European Geographical Distribution at 31 October
2018
%
2017
%
Germany28.833.4
Switzerland24.513.5
France19.425.3
Netherlands14.512.6
Denmark4.65 .1
Norway3.32.2
Sweden2.8 –
Spain2 .15.3
Belgium – 1.5
Austria – 1.1
100.0100.0
13
The Bankers Investment Trust PLC Annual Report 2018

Strategic Report: North America
Transcontinental Railroad project which linked the west coast of
America to the east for the first time. Over 150 years later, Union
Pacific still provides a vital link in the supply chain for the
transportation of energy, agricultural and industrial products in a
reliable and fuel efficient manner.
Activity
Turnover remained relatively low over the period, a reflection of the
long term mind-set with which the portfolio is managed. Microsoft
was amongst the new additions and has become one of the largest
positions in the portfolio. The software giant is a well-entrenched
leader in personal computing operating systems and productivity
tools and also has a large opportunity in cloud services through its
Azure offering. A more recent addition was Intercontinental
Exchange, a leading global operator of regulated exchanges, clearing
houses and listings venues. The outlook for both of these companies
looks robust and, importantly, underappreciated in our eyes.
Sales included Facebook, which started to show worrying signs of
a decrease in engagement by its users, and AmerisourceBergen, a
drug distributor which is facing heightened challenges to its
business model.
Outlook
The strategy for North America is to avoid making major economic
calls and to instead focus ‘bottom-up’ on finding companies with
underappreciated growth and high barriers to entry at attractive
valuations. Through purchasing undervalued securities that are
exposed to strong secular tailwinds of growth, we aim to generate
significant absolute and relative shareholder returns from this market
over the longer term.
Total return (£) (year to 31 October 2018)%
Bankers15.7
FTSE World North America Index10.8
The Fund Manager of the North American portfolio,
Ian Warmerdam, reports on the year to 31 October 2018
Review
The North American portfolio outperformed the benchmark over the
twelve months to 31 October 2018. The portfolio returned 15.7% as
compared to 10.8% for the FTSE World North America Index. It was
a strong period in general for US equities, helped by corporates
enjoying the boost of a substantial reduction in the federal corporate
tax rate from 35% to 21% which took effect on 1 January 2018.
More recent developments have been less positive for share prices
however, as the US administration increased trade tariffs in an
attempt to curb imports and encourage domestic production.
This in turn has been met with retaliatory measures by some of
America’s largest trading partners, particularly China, leading to
increased friction in global trade. The outcome of such geopolitical
machinations remains a large unknown and, as ever, we believe time
is much better spent identifying undervalued companies exposed to
more predictable, secular growth tailwinds.
The largest driver of the outperformance over the period came from
stock selection within the financials sector. Typical financial
companies, such as banks, are characterised by leveraged business
models and exposure to interest rate and credit cycles. The financials
exposure in this portfolio is quite different however, with a number of
holdings in the payments space where the powerful structural shift
from cash to all forms of electronic payment has many years to run.
Visa and MasterCard act more like specialised communication
networks which connect millions of merchants to thousands of
financial institutions across the world. They each take a very small
percentage of every transaction which is carried out on their
respective networks and thus generate revenue and earnings in a
much more predictable fashion. There is also a very large opportunity
for both in the corporate setting. Whilst credit cards have been used
by individual consumers since the 1950s, many business to business
transactions today are still carried out using paper cheques which
are both costly and time consuming to process. Visa and
MasterCard both have innovative electronic solutions which could
see them address this area in the years to come.
Other strong performers included Union Pacific, the railroad which
competes with Berkshire Hathaway’s BNSF in the western states.
The company can trace its roots back to 1862 and the First
North American portfolio classified by market
value of company at 31 October
0
10
20
30
40
50
60
70
80
15.6
23.1
79.1
73.3
%
Over £20bn£5bn-£20bnUnder £5bn
2018
2017
3.6
5.3
14
The Bankers Investment Trust PLC Annual Report 2018

Valuations at 31 October 2018
– all investments are shown
Investments by valueSector£’000
% of
North
American
portfolio
MicrosoftSoftware & Computer Services 21,422 6.24
AppleTechnology Hardware & Equipment 21,285 6.21
American ExpressFinancial Services 20,174 5.88
Union PacificIndustrial Transportation 19,776 5.77
Berkshire HathawayNon-life Insurance 18,089 5.27
Estée LauderPersonal Goods 16,930 4.94
AlphabetSoftware & Computer Services 15,886 4.63
VisaFinancial Services 14,938 4.35
American TowerReal Estate Investment Trusts 14,412 4.20
ComcastMedia 14,272 4.16
FedExIndustrial Transportation 13,876 4.04
MasterCardFinancial Services 13,742 4.01
ICONHealth Care Equipment & Services 13,216 3.85
AptivAutomobiles & Parts 12,901 3.76
Intercontinental ExchangeFinancial Services 1 1,1 8 9 3.26
XylemIndustrial Engineering 1 1,1 6 7 3.26
Cognizant Technology SolutionsSoftware & Computer Services 10,869 3.17
The Cooper CompaniesHealth Care Equipment & Services 10,814 3.15
BookingTravel & Leisure 10,709 3.12
NetflixGeneral Retailers 10,598 3.09
AmazonGeneral Retailers 9,514 2.77
Activision BlizzardSoftware & Computer Services 8,372 2.44
Roper TechnologiesElectronic & Electrical Equipment 8,301 2.42
Electronic ArtsLeisure Goods 8,211 2.39
CVS HealthFood & Drug Retailers 6,852 2.00
CognexElectronic & Electrical Equipment 5,541 1.62
343,056 100.00
15
The Bankers Investment Trust PLC Annual Report 2018

Strategic Report: Japan
companies that do not focus on shareholder returns. These stocks
could underperform as other Japanese companies, such as Nippon
TV, Yamada Denki, and Orix, are focusing more seriously on driving
shareholder returns.
Outlook
The outlook for Japanese equities is positive for three key reasons.
First of all, the political environment is stable as pro market Prime
Minister Abe won his third term as the president of the LDP.
Secondly, to avoid the potential negative impact from a consumption
tax hike in October 2019, the government is ready to increase
spending. Lastly, upcoming sporting events such as the Rugby
World Cup and Tokyo Olympics/Paralympics will stimulate the
economy. Despite these positive factors, valuations are extremely
cheap in historic terms, as well as relative to other markets. We are
also encouraged by the progress in corporate governance, which has
been translating into higher rewards to shareholders. Unlike previous
economic cycles, we believe that the downside will be protected by
dividend yields and share buybacks. However, there remains the risk
of yen appreciation and intensifying trade wars, which may cause
higher volatility. As the market now trades on a price to earnings ratio
of 13x to March 2019 earnings, it is our view that a lot of negative
factors are already in the price, making the risk and reward balance
very favourable. We continue to believe that stocks we own are
attractively priced and can create value.
Total return (£) (year to 31 October 2018)%
Bankers-1.5
FTSE World Japan Index0.3
The Fund Manager of the Japanese portfolio,
Junichi Inoue, reports on the year to 31 October 2018
Review
The FTSE World Japan Index declined by 4% on a total return basis
in local currency though the return in sterling was flat due to yen
appreciation. Fundamentals in Japan have been good and corporate
earnings continued to grow. The stock market initially rallied strongly
until January but then dropped to trade in a tight range for the rest of
the year. Intensifying trade disputes, economic slowdown in China,
and the uncertain global political environment impacted negatively on
sentiment. It is noteworthy that high momentum growth stocks
performed extremely well regardless of valuation in the first half.
However, later in the year the market became risk adverse as US
interest rates moved higher. Our valuation discipline did not help the
portfolio’s performance in the first half of the year but this turned
around in the latter half. Overall there was 1.8% underperformance
relative to the index. Several successful stock pickings such as
Daiichi Sankyo and Sony contributed positively. Daiichi Sankyo is a
pharmaceutical company that has several promising drugs in its
pipeline. We decided to invest because the risk and reward balance
was skewed as the stock price has overly discounted the potential of
these drugs. Sony’s earnings have been surprising the market. It has
successfully restructured its business portfolio, which is now more
focused on recurring businesses such as gaming and music. On the
other hand, Fujitsu was the biggest detractor as it downgraded
guidance on the back of slower than expected profit recovery.
Activity
During the year, a number of changes were made to reposition the
portfolio towards superior risk-reward opportunities. Earlier in the
period, we successfully built a position in TDK, an electronics
components company, as the market undervalued its battery
business. We purchased Trend Micro, an integrated internet
security service provider. We like high free cash generation and
a high pay-out ratio (over 70% of earnings returned as dividends).
Later in the period, we introduced Kao, a consumer product
company. Kao has increased dividends for 28 years in a row.
We took advantage of recent weakness as the valuation has finally
come down to an attractive level. On sales, we have taken profits in
Disco and Recruit Holdings after strong runs. We have also divested
Japanese portfolio classified by market value
of company at 31 October
0
10
20
30
40
50
60
46.2
1.0
51.2
44.0
4.8
52.8
%
Over £20bn£5bn-£20bnUnder £5bn
2018
2017
16
The Bankers Investment Trust PLC Annual Report 2018

Valuations at 31 October 2018
– all investments are shown
Investments by valueSector£’000
% of
Japanese
portfolio
Mitsubishi UFJ FinancialBanks 9,564 7.50
SonyLeisure Goods 7,766 6.09
Daiichi SankyoPharmaceuticals & Biotechnology 6,350 4.98
Mitsui FudosanReal Estate Investment & Services 6,298 4.94
FujifilmTechnology Hardware & Equipment 6,007 4.71
SoftBankMobile Telecommunications 5,652 4.43
Takeda PharmaceuticalPharmaceuticals & Biotechnology 5,557 4.35
DentsuMedia 5,499 4.31
TDKElectronic & Electrical Equipment 5,437 4.26
Trend MicroSoftware & Computer Services 5,107 4.00
Sumitomo MitsuiBanks 4,835 3.79
SuzukiAutomobiles & Parts 4,546 3.56
Yahoo JapanSoftware & Computer Services 4,417 3.46
Tokio MarineNon-life Insurance 4,310 3.38
KomatsuIndustrial Engineering 4,164 3.26
Toyota MotorAutomobiles & Parts 3,978 3.12
NintendoLeisure Goods 3,896 3.05
KaoPersonal Goods 3,861 3.03
KeyenceElectronic & Electrical Equipment 3,628 2.84
MitsubishiSupport Services 3,490 2.74
Japan TobaccoTobacco 3,479 2.73
KDDIMobile Telecommunications 3,063 2.40
Koito ManufacturingAutomobiles & Parts 2,765 2 .17
Daiwa House IndustryHousehold Goods & Home Construction 2,658 2.08
Don QuijoteGeneral Retailers 2,467 1.93
Nippon Telegraph & TelephoneFixed Line Telecommunications 2,294 1.80
Murata ManufacturingElectronic & Electrical Equipment 2,069 1.62
Japan AirlinesTravel & Leisure 1,915 1.50
ZozoGeneral Retailers 1,283 1.01
DiscoIndustrial Engineering 1,220 0.96
127,575 100.00
17
The Bankers Investment Trust PLC Annual Report 2018

Strategic Report: Pacific (ex Japan, China)
Despite the heavy weighting in Hong Kong, the portfolio out-
performed the index over the period as a high weighting in energy
and materials and a lack of exposure to internet technology helped
relative performance. At the stock level there was notable success
in Macquarie Bank, telecom stock HKT Trust and Chinasoft, which
all rose over 20% while the major disappointment was Netease
which was negatively impacted by a government policy to restrict
new game launches.
Activity
In the oil sector we switched from Petrochina into Sinopec on
valuation grounds, a positive view on refining margins and a more
proactive dividend policy. We also sold Chinasoft after a strong run
and with the risk of trade restriction for its largest client, Huawei.
We also sold Netease following the news on game release
restrictions. In Australia, we sold Fairfax Holdings and spin-off
Domain over concerns of a weak Australian housing market while in
Singapore we added United Overseas Bank to gain exposure to an
improving Singapore economy and rising interest rates which will
lead to better profitability and higher dividends.
Outlook
We remain cautiously optimistic on the outlook for Pacific markets.
Valuations are increasingly attractive and although earnings
expectations are likely to come under some pressure, the recent
price action has discounted a vast majority of the risk. Volatility is
likely to remain elevated while trade discussions between the US
and China continue and rising US interest rates are historically a
headwind for Pacific equities. The strong cash flow generation and
low dividend pay-out ratio provides real optimism for stronger
dividend growth while the cushion this provides gives comfort that
dividends are sustainable should global events depress earnings.
Total return (£) (year to 31 October 2018)%
Bankers-4.2
FTSE All-World Asia Pacific (ex Japan) Index-8.4
The Fund Manager of the Pacific (ex Japan, China) portfolio,
Michael Kerley, reports on the year to 31 October 2018
Review
Pacific markets declined 8.4% in sterling terms over the twelve
months to the end of October 2018. The year started strongly but
volatility rose and performance faded as rising US interest rates plus
a strong US dollar highlighted frailties in emerging markets which put
currencies in the whole complex under pressure. More recently an
escalation in the trade dispute between the US and China has
further unnerved investors.
Unlike previous years where the weakness in sterling, following the
Brexit vote, has supported returns for the Company, this year the
weakness in Asian currencies has proved detrimental. Unsurprisingly
the biggest casualties were India and Indonesia, where the rupee
and rupiah respectively declined by 10.4% and 8.5% against sterling.
Both these countries share the ‘twin curses’ of current account and
fiscal deficits, where comparisons with the struggling emerging
economies of Turkey, South Africa and Argentina are easily drawn.
The more developed Pacific countries were not immune as Australia
also experienced notable currency declines as a weakening
economy and declining interest rate differentials with the US
triggered outflows.
The best performing market over the period was Thailand, where the
strength of the energy sector in particular drove returns. Malaysia
also performed well despite the unexpected election of 93 year old
former Prime Minister Mahathir Mohamed, which was welcomed by
Malaysians but treated with a degree of scepticism by foreigners
who recalled the controversy which accompanied his previous term
in office. Australia and New Zealand also proved resilient as volatility
increased. At the other end of the scale China, India and Korea
experienced significant market falls. The trade disputes and fears of
a weakening domestic economy adversely impacted China while
lower memory prices and a weaker demand for semiconductors
hurt Korea.
Sectors like technology which have driven earnings momentum over
the last 18 months lost a degree of their lustre while old economy
cyclicals have seen more encouraging trends. In particular materials,
energy and industrials have continued to receive analysts’ upgrades
while the likes of Tencent, Alibaba and Baidu are struggling to meet
analysts’ overly exuberant expectations. This trend was positive for
the portfolio.
Pacific (ex Japan, China) portfolio classified by
market value of company at 31 October
0
10
20
30
40
50
46.1
19.0
11.5
42.4
47.5
33.5
%
Over £20bn£5bn-£20bnUnder £5bn
2018
2017
18
The Bankers Investment Trust PLC Annual Report 2018

Valuations at 31 October 2018
– all investments are shown
Investments by valueSectorCountry£’000
% of Pacific
(ex Japan,
China)
portfolio
Taiwan Semiconductor ManufacturingTechnology Hardware & EquipmentTaiwan 1 1,7 1 5 12.32
SK TelecomMobile TelecommunicationsSouth Korea 8,439 8.87
KB FinancialFinancial ServicesSouth Korea 6,381 6.71
Samsung Electronics PrefTechnology Hardware & EquipmentSouth Korea 6,329 6.65
SinopecOil & Gas ProducersHong Kong 5,974 6.28
Bank of ChinaBanksHong Kong 5,947 6.25
Jiangsu ExpresswayIndustrial TransportationHong Kong 5,715 6.01
Mapletree North AsiaReal Estate Investment TrustsSingapore 5,549 5.84
United Overseas BankBanksSingapore 5,470 5.75
ANTA SportsPersonal GoodsHong Kong 5,461 5.74
Star PetroleumOil & Gas ProducersThailand 5,349 5.62
HKTFixed Line TelecommunicationsHong Kong 5,087 5.35
AmcorGeneral IndustrialsAustralia 4,978 5.23
Macquarie BankFinancial ServicesAustralia 4,907 5.16
Dali FoodsFood ProducersHong Kong 4,071 4.28
ScentreReal Estate Investment TrustsAustralia 3,749 3.94
95,121 100.00
Pacific (ex Japan, China) Geographical Distribution at 31 October
2018
%
2017
%
Hong Kong34.030.4
South Korea22.225.4
Australia14.320.1
Taiwan12.310.5
Singapore11.64.8
Thailand5.65.4
India–3.4
100.0100.0

19
The Bankers Investment Trust PLC Annual Report 2018

Strategic Report: China
Activity
After a very strong multiyear run in a number of our holdings,
valuations reached levels where we felt strong prospects were fully
reflected in their share prices. As such we sold our holdings in soy
sauce and condiment brand Foshan Haitian Flavouring, duty free
shopping retailer China International Travel and Shanghai
International Airport. The deteriorating automobile sales through
2018 prompted us to sell our holdings in SAIC Motor and its parts
business Huayu Automotive. We remain positive on the long term
outlook for consumer sectors in China and have purchased a
position in Carlsberg subsidiary Chongqing Brewery Company,
which has a strong competitive position in Central China.
In the financial space we continue to avoid bank shares due to
intense regulatory pressure and possible capital raising. However,
we added a holding in leading life insurer and financial services
platform Ping An Insurance that is benefiting from the increasing
financial sophistication of the urban Chinese consumer. We have
taken advantage of the attractive value available in the unloved
old economy parts of the market by acquiring shares in the cash
generative cement company Anhui Conch and construction
equipment manufacturer Sany Heavy.
At the individual company level, valuations have fallen across the
board and we have been able to add back to holdings such as
surveillance systems operator Hangzhou Hikvision at prices well
below where we reduced our holding earlier in the year.
Outlook
Analysts are busy cutting their profit forecasts for Chinese
companies and local investor sentiment is starkly negative. From a
top down view this risk aversion is leading to elevated market risk
premiums that traditionally provide a supportive buy signal for patient
long-term investors.
Policymakers are turning more supportive and there is clear
monetary and fiscal easing taking place.
Stock markets are discounting mechanisms so, while we
acknowledge the current macroeconomic headwinds, we are looking
at valuations and policy action that are increasingly supportive.
Total return (£) (year to 31 October 2018)%
Bankers-13.8
China CSI 300 Index-20.5
The Fund Manager of the China portfolio, Charlie Awdry,
reports on the year to 31 October 2018
Review
Chinese A share markets rallied to a peak in January 2018 then
fell relatively consistently through to the end of October. During
the period under review the portfolio fell 13.8% compared to the
benchmark CSI 300 Index that fell 20.5%, giving us 6.7%
outperformance. We have always owned a concentrated portfolio
of shares in large capitalisation and high quality companies and
this style of investing should outperform a falling market.
The outperformance would have been notably better without a
number of holdings suffering from rotational selling of foreign
favourite shares in the final month of our financial year.
During 2018 President Xi Jinping focused attention on deleveraging
and the ongoing reform of bank and non-bank lending channels
under a unified and stronger regulator, which squeezed the monetary
environment pushing up funding costs. The tightening bias in policy
caused a slowdown in economic activity that was subsequently
compounded by uncertainty over rising trade friction with the US.
Towards the end of the period local investors panicked about
potential margin calls and forced the selling of shares
by entrepreneurs who use share values as collateral for
private borrowing.
During the year the widely followed index provider MSCI included
A shares in their global benchmarks for the first time and so we are
beginning to see much more foreign engagement with A share listed
companies. This has the potential to be a win-win situation for both
sides. Foreign investors such us ourselves are exposed to the
Chinese Yuan and this has been a headwind for returns due to
the extremely strong US dollar, causing serious problems across
emerging market equity, debt and currency markets.
20
The Bankers Investment Trust PLC Annual Report 2018

Investments by valueSector£’000
% of China
portfolio
Ping An InsuranceLife Insurance 6,74011.54
Sany HeavyIndustrial Engineering 5,466 9.36
Chongqing BreweryBeverages 5,350 9.16
Hangzhou HikvisionTechnology Hardware & Equipment 5,203 8.90
Anhui ConchConstruction & Materials 5,032 8.61
Jiangsu Yanghe BreweryBeverages 4,186 7.1 6
Baoshan Iron & SteelIndustrial Metals & Mining 4,140 7.09
Kweichow MoutaiBeverages 3,789 6.48
MideaElectronic & Electrical Equipment 3,765 6.44
Inner MongoliaFood Producers 3,534 6.05
Qingdao HaierHousehold Goods & Home Construction 3,520 6.03
Focus MediaTechnology Hardware & Equipment 3,094 5.30
China CYTS ToursTravel & Leisure 2,945 5.04
Jiangsu Hengrui MedicinePharmaceuticals & Biotechnology 1,658 2.84
58,422 100.00
All of the above are China A shares.

Valuations at 31 October 2018
– all investments are shown
21
The Bankers Investment Trust PLC Annual Report 2018

Strategic Report: Emerging Markets
Cash from Femsa’s brewing operations has been recycled into
their other two businesses, the Oxxo convenience store chain and
Coca-Cola Femsa, a pan-Latin American Coca-Cola bottler in
which Femsa has a controlling stake. Oxxo is one of the best run
and fastest growing retail franchises across emerging markets and
has significant growth opportunities both inside and outside Mexico
as well as in other retail formats such as drugstores and gas stations.
Coca-Cola Femsa has gone through a difficult period in recent years
as it has taken time for the company to digest acquisitions at the
same time as facing headwinds from the weakening Mexican peso
and the imposition of sugar taxes on carbonated soft drinks. This
has caused Femsa to trade down to what we believe is an attractive
valuation that ignores the potential for a recovery in margins at the
bottling business and undervalues the steady compounding growth
of the retail business.
Outlook
A number of fault lines have opened up across the emerging market
universe which we believe will remind investors of the value of those
businesses who have allocated capital and managed their balance
sheets sensibly. Our preference is for companies with long-term
owners, sometimes a family group, whose wealth is invested in the
same equity as that available to third party investors. This provides
comfort that our interests are aligned.
We are mindful of the need to stick to our belief not to compromise
on quality, to maintain a long-term approach and to apply a strict
share price valuation discipline. With a long-term perspective we
remain positive about the opportunities for equity investors created
by the structural trend of rising living standards in many parts of the
developing world.
Total return (£) (year to 31 October 2018)%
Bankers-6.2
FTSE All-World Emerging (ex Asia) Index-1.9
The Fund Manager of the Emerging Markets portfolio,
Nicholas Cowley, reports on the year to 31 October 2018
Review
After an initial period of optimism and rising share price valuations,
appetite for the emerging market asset class waned over the period.
Currency crises in Argentina and Turkey sparked contagion into
other emerging market countries where there is a combination of
external deficits and unpredictable politicians. The markets of Russia
and Qatar were the strongest while Turkey and South Africa saw the
biggest declines.
Performance of the portfolio was held back by Tiger Brands and Türk
Traktör. South African food producer Tiger Brands was hit by the
combination of a listeria crisis at its packaged meat facility as well as
a weak South African consumer environment. The currency crisis in
Turkey prompted a sharp decline in the value of Türk Traktör, the
country’s largest manufacturer of tractors. Despite their difficulties
we believe the valuations of both companies remain attractive.
Activity
During the period we initiated a new position in Fomento Economico
Mexicano (Femsa), the Mexican retail and beverage company. We
admire the founding family and management’s focus on generating
capital returns over the long term. The best example of this was in
2010 when they recognised that a rapidly consolidating global
brewing industry left a Mexican-only brewer vulnerable to
competition. They took the difficult decision to swap the brewing
operation, the family’s first and largest business, for a stake in global
brewer Heineken which Femsa continues to own.
Emerging Markets Geographical Distribution
at 31 October
2018
%
2017
%
South Africa26.927.3
Brazil20.526.6
Mexico18.67.0
United Kingdom
1
11.713.1
Peru1 1 . 110.0
Chile9.410.5
Turkey1.85.5
100.0100.0
1 Coca-Cola Hellenic Bottling is listed in the UK but the majority of the company’s
revenues and profits are derived from its bottling operations in Emerging Markets
22
The Bankers Investment Trust PLC Annual Report 2018

Investments by valueSectorCountry£’000
% of Emerging
Markets portfolio
Fomento Economico MexicanoBeveragesMexico 3,385 12.42
Coca-Cola Hellenic BottlingBeveragesUnited Kingdom 3,188 11.70
CredicorpBanksPeru 3,012 11.06
WEGIndustrial EngineeringBrazil 2,961 10.87
ShopriteFood & Drug RetailersSouth Africa 2,635 9.67
Banco BradescoBanksBrazil 2,619 9.61
Aguas AndinasWater UtilitiesChile 2,568 9.43
Standard BankBanksSouth Africa 2,212 8.12
Tiger BrandsFood ProducersSouth Africa 1,796 6.59
Grupo HerdezFood ProducersMexico 1,692 6.21
Tiso BlackstarMediaSouth Africa 6 8 1 2.50
Türk TraktörIndustrial EngineeringTurkey 496 1.82
27,245 100.00

Valuations at 31 October 2018
– all investments are shown
23
The Bankers Investment Trust PLC Annual Report 2018

Strategic Report: Portfolio Structure at 31 October 2018 and 2017
Sources: Janus Henderson, Datastream, Factset
FTSE Stock Market Indices Total Return (£)
-25
-20
-15
-10
-5
0
5
10
15
20
25
%
United
Kingdom
Europe
(ex UK)
North
America
JapanChina¹Pacific
(ex Japan,
China)
Emerging
Markets
13.4
19.9
13.5
9.2
16.1
15.1
3.3
-1.5
-5.2
10.8
0.3
-8.4
-20.5
-1.9
1 China CSI 300 Index (£)
Geographical Total Return Analysis of the Portfolio (£)
-20
-10
0
10
20
30
40
50
60
%
United
Kingdom
Europe
(ex UK)
North
America
JapanChinaPacific
(ex Japan,
China)
Emerging
Markets
-6.2
-13.8
-4.2
-1.5
15.7
-1.4
-3.4
5.8
55.3
17.8
9.8
24.3
21.5
12.7
2018
2017
24
The Bankers Investment Trust PLC Annual Report 2018

Strategic Report: Portfolio Structure (continued)
Geographical Analysis
Sector Analysis
0
5
10
15
20
25
30
United KingdomEurope (ex UK)North AmericaJapanPacific (ex Japan, China)Emerging MarketsChina
%
26.5
27.7
11.7
6.1
2.4
14.8
10.8
2.5
25.2
8.7
14.9
31.6
11.7
5.4
0
5
10
15
20
25
%
22.9
19.2
16.8
11.6
4.0
5.1
3.5
3.8
1.4
11.7
23.6
18.1
16.2
11.9
5.1
6.7
4.0
3.5
1.0
9.9
FinancialsIndustrialsConsumer
Goods
TechnologyConsumer
Services
Oil & GasHealth CareTelecom-
munications
Basic
Materials
Utilities
2018
2017
Sources: Janus Henderson, Datastream, Factset
25
The Bankers Investment Trust PLC Annual Report 2018

Strategic Report: Corporate Information
Directors
The Directors appointed to the Board at the date of this report are:
Richard Killingbeck
Position: Chairman of the Board and of the Nominations,
Management Engagement and Insider Committees
Date of appointment: 19 December 2003
(Chairman 25 September 2013)
Richard was Chief Executive Officer of W.H. Ireland Group plc and
prior to that he was Managing Director of Credit Suisse (UK) Private
Bank. He has been involved in the financial services industry for
30 years, initially as a fund manager and latterly in a number of senior
management roles, at Singer & Friedlander Investment Management
and Close Brothers. During his career he has been based primarily in
London but has also spent part of this time in New York.
Susan (Sue) Inglis
Position: Senior Independent Director (‘SID’)
Date of appointment: 1 November 2012 (SID since February 2015)
Sue has a wealth of experience from more than 30 years advising
investment companies and financial institutions. Before embarking
on a non-executive career her executive roles included Managing
Director – Corporate Finance in the Investment Companies teams at
Cantor Fitzgerald Europe (2012-2018) and Canaccord Genuity
(2009-2012). Sue is a qualified lawyer, and was a partner, and head
of the funds and financial services group, at Shepherd & Wedderburn,
a leading Scottish law firm. In 1999 she was a founding partner of
Intelli Corporate Finance, an advisory boutique firm focusing on the
asset management and investment company sectors which was
acquired by Canaccord Genuity in 2009. She is currently a non-
executive director of Baillie Gifford US Growth Trust PLC, BMO
Managed Portfolio Trust PLC and The European Investment Trust plc.
Julian Chillingworth
Position: Director
Date of appointment: 25 February 2015
Julian is currently Chief Investment Officer for Rathbone Brothers plc.
He was formerly Head of Gross Funds which incorporated Pension
Funds and Charities at Investec and was Head of Equities at
Hambros.
Isobel Sharp, CBE
Position: Director
Date of appointment: 1 November 2017 (Audit Committee Chairman
21 February 2018)
Isobel is currently a non-executive director, and Audit Committee Chair,
at IMI plc and Winton Group Ltd and was formerly on the board, and
Remco Chair, at the UK Green Investment Bank plc. She is also a
member of the Edinburgh University’s Business School International
Advisory Board and, as an Honorary Professor there, lectures on
corporate governance and auditing matters. Isobel has extensive
accounting, auditing and corporate governance experience. Most
recently she was with Deloitte LLP as the firm’s Senior Technical
Partner until 2012. She has served as President of The Institute of
Chartered Accountants of Scotland and on the UK Accounting
Standards Board and the Financial Reporting Review Panel, and
was awarded the CBE in 2009.
Richard Huntingford
Position: Director
Date of appointment: 26 September 2018
Richard has been involved in the media and marketing sector for more
than 30 years and has held a number of executive and non-executive
roles in listed and private businesses. These include: CEO of Chrysalis
plc, founder of Heart FM; Chairman of Virgin Radio; Chairman of
Wireless Group plc (formerly UTV Media plc) and Creston plc; and
non-executive director of Virgin Mobile plc. He is currently Chairman of
Future plc and Crown Place VCT plc and non-executive director of
JPMorgan Mid Cap Investment Trust plc.
All Directors are independent of Janus Henderson and are members of the Audit Committee (except the Chairman), Management
Engagement Committee and Insider Committee. The Chairman, Susan Inglis, Julian Chillingworth and Isobel Sharp are members of the
Nominations Committee.
26
The Bankers Investment Trust PLC Annual Report 2018

Strategic Report: Corporate Information (continued)
Registered Office
201 Bishopsgate
London EC2M 3AE
Service Providers
Alternative Investment Fund Manager
Henderson Investment Funds Limited
201 Bishopsgate
London EC2M 3AE
Corporate Secretary
Henderson Secretarial Services Limited
201 Bishopsgate
London EC2M 3AE
Telephone: 020 7818 1818
Depositary and Custodian
BNP Paribas Securities Services
10 Harewood Avenue
London NW1 6AA
Stockbrokers
UK
JP Morgan Cazenove
25 Bank Street
Canary Wharf, London E14 5JP
New Zealand
First NZ Capital Securities
Level 20
ANZ Centre
23-29 Albert Street
PO Box 5333
Auckland, New Zealand
Registrar
UK
Equiniti Limited
Aspect House
Spencer Road
Lancing, West Sussex BN99 6DA
Telephone: 0371 384 2471 (or +44 121 415 7049 if calling from
overseas). Lines are open 8.30 am to 5.30 pm, UK time Monday to
Friday excluding public holidays in England and Wales.
New Zealand
Computershare Investor Services Limited
Private Bag 92119
Victoria Street West
Auckland 1142, New Zealand
Telephone: (New Zealand) (64) 09 488 8777
Independent Auditor
Ernst & Young LLP
25 Churchill Place
London E14 5EY
Financial Calendar
Annual results announced January 2019
Ex dividend date 24 January 2019
Dividend record date 25 January 2019
Annual General Meeting
1
27 February 2019
Final dividend payable on 28 February 2019
1st interim dividend payable on 30 May 2019
Half year results announced July 2019
2nd interim dividend payable on 30 August 2019
3rd interim dividend payable on 29 November 2019
1 At Trinity House, London EC3N 4DH at 12 noon
Information Sources
For more information about The Bankers Investment Trust PLC, visit
the website at www.bankersinvestmenttrust.com.
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Investing
Shares can be purchased in the market via a stockbroker or
through share dealing platforms. They can also be held through
share plans, ISAs or pensions and links to various providers are
included on the website. Individuals holding shares through
Halifax Share Dealing Limited can write to them at Lovell Park Road,
Leeds LS1 1NS or contact them via telephone: 03457 22 55 25,
email: customercare.HSDL@halifax.co.uk or visit their website:
www.halifax.co.uk/sharedealing.
Potential investors are reminded that the value of investments and the
income from them 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.
Nominee Share Code
Where notification has been provided in advance, the Company will
arrange for copies of shareholder communications to be provided to the
operators of nominee accounts. Nominee investors may attend general
meetings and speak at them when invited to do so by the Chairman.
27
The Bankers Investment Trust PLC Annual Report 2018

Strategic Report: Corporate Information (continued)
Status
The Company is registered as a public limited company and is an investment company as defined under Section 833 of the Companies
Act 2006 (the ‘Companies Act’). It has been approved as an investment trust under Sections 1158/1159 of the Corporation Tax Act 2010
(‘Section 1158’), as amended, and is a member of the Association of Investment Companies (‘AIC’).
The Directors are of the opinion that the Company continues to conduct its affairs as an Approved Investment Trust under the Investment
Trust (Approved Company) (Tax) Regulations 2011. The Company maintains a premium main market listing on the London Stock Exchange
and is subject to the Listing, Prospectus and Disclosure Guidance and Transparency Rules published by the UK Listing Authority. The
Company is governed by its Articles of Association, amendments to which must be approved by shareholders by way of a special resolution.
Principal Risks and Uncertainties
The Board, with the assistance of Janus Henderson, has carried out a robust assessment of the principal risks facing the Company, including
those that would threaten its business model, future performance, solvency or liquidity. In carrying out this assessment, the Board has
considered the market uncertainty arising from the UK’s negotiations to leave the European Union. The Board has drawn up a matrix of risks
facing the Company and has put in place a schedule of investment limits and restrictions, appropriate to the Company’s investment objectives
and policy, in order to mitigate these risks as far as practicable. The principal risks which have been identified, and the steps taken by the Board
to mitigate these as far as practicable, and whether the Board considers the impact of such risks has changed over the past year, are as follows:
RiskControls and mitigation
Investment Activity and Performance Risks
An inappropriate investment strategy (for example, in terms of asset
allocation or the level of gearing) may result in underperformance against the
Company’s various indices and the companies in its peer group.
The Board monitors investment performance at each Board
meeting and regularly reviews the extent of the Company’s
borrowings.
Portfolio and Market Risks
Although the Company invests almost entirely in securities that are listed on
recognised markets, share prices may move rapidly. The companies in which
investments are made may operate unsuccessfully, or fail entirely. Macro
matters (such as trade wars, the conclusion of the UK’s negotiations to leave
the European Union and the global economic outlook) are expected to lead
to continued volatility in the markets. This is likely to impact share prices of
investments in the portfolio, to the extent not already factored into current
prices. A fall in the market value of the Company’s portfolio would have an
adverse effect on shareholders’ funds.
The Fund Manager seeks to maintain a diversified portfolio
to mitigate against this risk. The Board regularly reviews the
portfolio, investment activity and performance.
Tax, Legal and Regulatory Risks
A breach of Section 1158 could lead to a loss of investment trust status,
resulting in capital gains realised within the portfolio being subject to
corporation tax. A breach of the UK Listing Authority’s Rules could result in
suspension of the Company’s shares, while a breach of the Companies Act
could lead to criminal proceedings. All breaches could result in financial or
reputational damage. The Company must also ensure compliance with the
Listing Rules of the New Zealand Stock Exchange.
Janus Henderson has been contracted to provide investment,
company secretarial, administration and accounting services
through qualified professionals. The Board receives internal
control reports produced by Janus Henderson on a quarterly
basis, which confirm tax, legal and regulatory compliance
both in the UK and New Zealand.
Financial Risks
By its nature as an investment trust, the Company’s business activities are
exposed to market risk (including market price risk, currency risk and
interest rate risk), liquidity risk and credit and counterparty risk.
The Company has a diversified portfolio which comprises
mainly investments in large and medium-sized companies
and mitigates the Company’s exposure to liquidity risk.
The Company minimises the risk of a counterparty failing to
deliver securities or cash by dealing through organisations
that have undergone rigorous due diligence by Janus
Henderson. Further information on the mitigation of financial
risks is included in note 16.
Operational and Cyber Risks
Disruption to, or failure of, Janus Henderson’s accounting, dealing or
payment systems or the Depositary’s records could prevent the accurate
reporting and monitoring of the Company’s financial position. The Company
is also exposed to the operational and cyber risks that one or more of its
service providers may not provide the required level of service.
The Board monitors the services provided by Janus
Henderson, the Depositary and its other suppliers and
receives reports on the key elements in place to provide
effective internal control.
The Board considers these risks to have remained unchanged throughout the year under review.
28
The Bankers Investment Trust PLC Annual Report 2018

Strategic Report: Corporate Information (continued)
Viability Statement
The Directors have assessed the viability of the Company over a
three year period, taking account of the Company’s current position
and the potential impact of the principal risks and uncertainties
documented in this Strategic Report.
The Directors conducted the assessment based on a period of three
years because they consider this to be an appropriate period over
which they do not expect there to be any significant change in the
current principal risks and adequacy of the mitigating controls in place.
Also the Directors do not envisage any change in strategy or
objectives or any events that would prevent the Company from
continuing to operate over that period as the Company’s assets are
liquid, its commitments are limited and the Company intends to
continue to operate as an investment trust.
The assessment considered the impact of the likelihood of the
principal risks and uncertainties facing the Company, in particular
Investment Activity and Performance, Portfolio and Market and
Financial risks, materialising in severe but plausible scenarios,
and the effectiveness of any mitigating controls in place.
The Directors also took into account the liquidity of the portfolio, the
gearing and the income stream from the portfolio in considering the
viability of the Company over the next three years and its ability to
meet liabilities as they fall due. This included consideration of the
duration of the Company’s long-term borrowings, how a breach of the
gearing covenants could impact on the Company’s net asset value
and share price and how the forecast income stream, expenditure
and levels of reserves could impact on the Company’s ability to pay
dividends to shareholders over that period in line with its current
dividend policy. Whilst detailed forecasts are only made over a shorter
time frame, the nature of the Company’s business as an investment
trust means that such forecasts are equally valid to be considered over
the longer three year period as a means of assessing whether the
Company can continue in operation.
Based on their assessment, the Directors have a reasonable
expectation that the Company will be able to continue in operation
and meet its liabilities as they fall due over the next three year
period.
Borrowings
The Company has a £20 million loan facility with The Royal Bank of
Scotland plc which expires in 2019. The Board is considering
continuing this level of short-term borrowing.
The Company has an 8% £15 million 2023 debenture and
£50 million of private placement fixed rate 2035 loan notes at an
annualised coupon rate of 3.68%.
Actual gearing at 31 October 2018 was 2.4% (2017: 2.3%) of
net asset value.
Performance Measurement and Key
Performance Indicators (‘KPIs’)
In order to measure the success of the Company in meeting its
objectives and to evaluate the performance of the Manager the
Directors take into account the following KPIs:
Performance measured against various indices
The Board reviews and compares, at each meeting, the
performance of the portfolio as well as the net asset value and
share price for the Company and various indices.
Performance against the Company’s peer group
In addition to comparison against the various indices, the Board
considers the performance of its AIC global sector peer group at
each Board meeting and its open-ended equivalent, the IMA Global
Sector, on a regular basis.
Discount/premium to net asset value (‘NAV’)
The Company publishes a NAV per share figure on a daily basis
through the official newswire of the London Stock Exchange.
This figure is calculated in accordance with the AIC’s formula.
At each Board meeting, the Board monitors the level of the
Company’s discount/premium to NAV and reviews the average
discount/premium for the Company’s relevant AIC sector.
The Board considers the use of share buy-backs and share issues
to enhance shareholder value. During the financial year the
Company did not buy-back any shares (2017: no shares bought
back) and did not issue any shares (2017: no shares issued).
Future Developments
While the future performance of the Company is mainly dependent
on the performance of global financial markets which are subject to
various external factors, the Board’s intention is that the Company
will continue to pursue its stated investment objectives and policy
explained on page 4. The Chairman’s Statement, the Fund
Manager’s Review and Fund Manager Reports provide commentary
on the outlook for the Company.
Corporate Responsibility
Responsible investment
Janus Henderson is responsible for reporting on its work on
corporate governance and corporate responsibility issues in the
companies in which it invests on its clients’ behalf, across all funds
as part of its management duties. In May 2005 Henderson Global
Investors became a founding signatory to the United Nations
Principles for Responsible Investment. The Principles, developed
under the auspices of the UN Secretary-General, are a voluntary and
aspirational framework for incorporating environmental, social and
corporate governance (‘ESG’) issues into mainstream investment
decision-making and ownership practices.
29
The Bankers Investment Trust PLC Annual Report 2018

Strategic Report: Corporate Information (continued)
The way companies respond to ESG issues can affect their
business performance, both directly and indirectly. ESG factors are
considered by Janus Henderson investment teams but investments
are not necessarily ruled out on ESG grounds only.
Janus Henderson’s responsible investment policy and further
details of responsible investment activities can be found on the
website www.janushenderson.com.
Employees, social, community, human rights and
environmental matters
The Company’s core activities are undertaken by Janus
Henderson, which has implemented environmental management
practices, including systems to limit the use of non-renewable
resources and to minimise the impact of operations on the
environment, and is focused on reducing greenhouse gas
emissions and minimising waste, where possible. The Company
has therefore not reported on these, or social, community or
human rights issues. Janus Henderson’s corporate responsibility
statement is included on its website.
The Company’s Annual Report is printed on paper produced using
50% recycled post consumer waste and 50% wood fibre from fully
sustainable forests with certification by the Forest Stewardship
Council; the printing company used is certified as CarbonNeutral
®
.
Voting policy and the UK stewardship code
The Manager has a responsible investment policy in place which
sets out its approach to corporate governance and corporate
responsibility for all the companies in which it invests on behalf of
its clients and its policy on proxy voting. The policy also sets out
how Janus Henderson implements the Stewardship Code. The
Company has reviewed the policy and has delegated responsibility
for voting to the Manager. The Board receives regular reports on
the voting undertaken by the Manager on behalf of the Company.
The Board and the Manager believe that voting at general
meetings is an important aspect of corporate stewardship and
a means of signalling shareholder views on board policy, practices
and performance. Voting recommendations are guided by
the best interests of the investee companies’ shareholders.
Depending on the nature of the resolution the fund manager
will give specific instructions on voting non-routine and unusual
or controversial resolutions. Decisions not to support resolutions
and the rationale therefore are given to the investee company
prior to voting.
Practical difficulties may prevent voting in some markets. In
particular, various factors, including restrictions on dealing and
costs, may inhibit voting in some international markets and must
be taken into account.
Modern Slavery Act 2015
As an investment company the Company does not provide goods
or services in the normal course of business, and does not have
customers. Accordingly, the Directors consider that the Company is
not required to make any slavery or human trafficking statement
under the Modern Slavery Act 2015.
Board Diversity
It is the Company’s aim to have an appropriate level of diversity in
the boardroom. The Nominations Committee considers diversity
generally when making appointments to the Board, taking into
account relevant skills, experience, knowledge and gender.
Our prime responsibility, however, is the strength of the Board and
our overriding aim in making any new appointments must always
be to select the best candidate. Currently, the Board comprises five
Directors, three male and two female. The Company has no
employees and, therefore, there is nothing further to report in
respect of gender representation within the Company.
By order of the Board






Richard Killingbeck
Chairman
15 January 2019
30
The Bankers Investment Trust PLC Annual Report 2018

Alternative Investment Fund Managers
Directive (‘AIFMD’)
Agreed by the European Parliament and the Council of the European
Union and adopted into UK legislation, the AIFMD classifies certain
investment vehicles, including investment companies, as Alternative
Investment Funds (‘AIFs’) and requires them to appoint an
Alternative Investment Fund Manager (‘AIFM’) and Depositary to
manage and oversee the operations of the investment vehicle. The
Board of the Company retains responsibility for strategy, operations
and compliance and the Directors retain a fiduciary duty to
shareholders.
Association of Investment Companies (‘AIC’)
The Company is a member of the AIC which is the trade body for
investment companies and represents the industry in relation to
various matters which impact the regulation of such entities.
Custodian
The Custodian is responsible for ensuring the safe custody of the
Company’s assets and that all transactions in the underlying
holdings are transacted in an accurate and timely manner.
Depositary
From 22 July 2014 AIFs were required to appoint a Depositary which
has responsibility for overseeing the operations of the Company,
including safekeeping, cash monitoring and verification of ownership
and valuation of the underlying holdings. The Depositary is strictly
liable for the loss of any investments or other assets in its custody
unless it has notified that it has discharged its liability in certain
markets. The Depositary has confirmed that it has not discharged
liability in relation to any of the Company’s assets.
Derivative
A contract between two or more parties in relation to an underlying
security. The value of a derivative will fluctuate in accordance with
the value of the security and is a form of gearing as the fluctuations
in value are usually greater than the fluctuations in the underlying
security’s value. Examples of derivatives are put and call options,
swap contracts, futures and contracts for difference.
Dividend Dates
When declared or recommended, each dividend will have three key
dates applied to it. The payment date is the date on which
shareholders will receive their dividend either by BACS transfer or by
receipt of a dividend cheque. The record date applied to the dividend
is used as a cut-off for the Company’s registrars to know which
shareholders should be paid a dividend. Only shareholders on the
register of members at the close of business on the record date will
receive the dividend. The ex-dividend date is the business day before
the record date and is the date upon which the Company’s net asset
value per share and share price will be disclosed ex-dividend.
Dividend Yield
The annual dividend (see note 10) expressed as a percentage of the
share price at the year end (see page 3).
Gearing
Gearing means borrowing money to buy assets with the expectation
that the return on investments bought will exceed the interest cost
of the borrowings. The gearing percentage reflects the amount of
borrowings (e.g. bank loans, overdrafts and debt securities) the
Company has used to invest in the market and is calculated by taking
the difference between non-current asset investments (see note 11) and
equity shareholders’ funds (see Statement of Financial Position)
dividing by equity shareholders’ funds and multiplying by 100. The
Company can use synthetic gearing through derivatives. None were
used in the year under review.
Investment Trusts
Investment trusts are public limited companies, listed on the London
Stock Exchange, which provide shareholders with a professionally
managed portfolio of investments. Investment trusts are exempt from
tax on the capital gains arising on their investments subject to
meeting certain criteria. Income, net of expenses and tax, is
substantially distributed to shareholders. Investment trusts are also
known as investment companies although the tax legislation retains
the reference to investment trusts.
Liquidity
In the context of the liquidity of shares in the stock market, this refers
to the availability of buyers in the market for the share in question.
Where the market in a particular share is described as liquid that
share will be in demand and holders wishing to sell their shares
should find ready buyers. Conversely, where the market in a share is
illiquid the difficulty of finding a buyer will tend to depress the price
that might be negotiated for a sale.
Market Capitalisation (‘Market Cap’)
The market value of a company calculated by multiplying the
mid-market price per share by the number of shares in issue.
Treasury Shares
Shares repurchased by the Company but not cancelled.
Strategic Report: Glossary
31
The Bankers Investment Trust PLC Annual Report 2018

Dividend Growth
The amount by which the Company’s annual dividend has increased
compared to the previous year, expressed as a percentage of the
previous year’s annual dividend.
Net Asset Value (‘NAV’) per Ordinary Share
The value of the Company’s assets (i.e. investments (see note 11)
and cash held (see Statement of Financial Position)) less any liabilities
(i.e. bank borrowings and debt securities (see notes 14 and 15)) for
which the Company is responsible divided by the number of shares
in issue (see note 18). The aggregate NAV is also referred to as
shareholders’ funds in the Statement of Financial Position. The NAV
per share is published daily and the year end NAV can be found on
page 3.
Ongoing Charge
The ongoing charge reflects those expenses of a type which are
likely to recur in the foreseeable future, whether charged to capital
or revenue, and which relate to the operation of the Company as
a collective fund, excluding the costs of acquisition or disposal of
investments, finance costs and gains or losses arising on investments.
The ongoing charge is based on actual costs incurred in the year (see
notes 5 and 6 and page 34) as being the best estimate of future
costs, in accordance with methodology prescribed by the AIC and is
the annualised ongoing charge divided by the average net asset value
in the period.
Premium/Discount
The amount by which the market price per share (see page 3)
of an investment company is either higher (premium) or lower
(discount) than the NAV per share, expressed as a percentage
of the NAV per share.
Revenue Return Per Share
The revenue return per share is the revenue return for the year
(see Statement of Comprehensive Income) divided by the
weighted average number of ordinary shares (see note 9) in
issue during the year.
Total Return Performance
This is the return on the share price (see page 3) or NAV per share
(see NAV per Ordinary Share) taking into account both the rise and
fall of the share price or NAV respectively and the dividends and
interest paid to shareholders during a given period. Any dividends
received by a shareholder are assumed to have been reinvested in
either additional shares (for share price total return) or the
Company’s assets (for NAV per share total return). Dividends paid
and payable are set out in note 10.
See page 29 for details of the Company’s key performance indicators (‘KPI’s’) and how the Directors assess some of these
Alternative Performance Measures.
References to ‘notes’ refers to the Notes to Financial Statements contained in the Company’s 2018 Annual Report.
Alternative Performance Measures
32
The Bankers Investment Trust PLC Annual Report 2018

The Bankers Investment Trust PLC Annual Report 2018
Corporate Report

Report of the Directors
The Directors present the audited financial statements of the
Company and their report for the year from 1 November 2017
to 31 October 2018. The Bankers Investment Trust PLC (the
‘Company’) (registered and domiciled in England and Wales with
company registration number 00026351) was active throughout
the year under review and was not dormant.
Directors
Details of the Directors and their appointments can be found on
page 26.
Directors’ Remuneration and Shareholdings
The Directors’ Remuneration Report on pages 37 and 38 provides
information on the remuneration and interests of the Directors.
Directors’ Conflicts of Interest
The Company’s Articles of Association permit the Board to consider
and, if it sees fit, to authorise situations where a Director has an
interest that conflicts, or may possibly conflict, with the interests of the
Company (‘situational conflicts’). The Board has a formal system in
place for Directors to declare situational conflicts to be considered
for authorisation by those Directors who have no interest in the
matter being considered. In deciding whether to authorise a
situational conflict, the non-conflicted Directors must act honestly
and in good faith with a view to the best interests of the Company
and they may impose limits or conditions when giving the
authorisation, or subsequently, if they think this is appropriate.
Any situational conflicts considered, and any authorisations given,
are recorded in the relevant meeting minutes. The prescribed
procedures have been followed in deciding whether, and on what
terms, to authorise situational conflicts and the Board believes that
the system it has in place for reporting and considering situational
conflicts continues to operate effectively.
Related Party Transactions
The Company’s transactions with related parties in the year were
with its Directors and Janus Henderson. There were no material
transactions between the Company and its Directors during the
year other than the amounts paid to them in respect of Directors’
remuneration for which there were no outstanding amounts
payable at the year end. In relation to the provision of services by
the Manager, other than fees payable by the Company in the
ordinary course of business and the provision of sales and
marketing services, there were no transactions with the Manager
affecting the financial position of the Company during the year
under review. More details on transactions with the Manager,
including amounts outstanding at the year end, are given in note
24 on page 72.
Ongoing Charge and Other Costs
The ongoing charge reflects those expenses of a type which are
likely to recur in the foreseeable future, whether charged to capital
or revenue, and which relate to the operation of the Company as a
collective fund, excluding the costs of acquisition or disposal of
investments, financing costs and gains or losses arising on
investments. The ongoing charge is based on actual costs
incurred in the year as being the best estimate of future costs,
in accordance with the AIC methodology.
The Board believes that the ongoing charge during the year
represented good value for money for shareholders. There is,
however, some debate over the most appropriate measure of
investment company costs to enable shareholders to assess value
for money and to make comparisons between companies. Whilst
industry agreement on how best to present a single figure for costs
remains elusive, the Company will continue to focus on the ongoing
charge (which is prepared in accordance with the AIC’s
recommended methodology) as a readily-understood measure of
the underlying expenses of running the business. We are also
presenting the information on all costs in a single table. This
indicates the main cost headings in money terms and as a
percentage of average net assets.
Category of cost
2018
£’000
2018
% of
average
net
assets
2017
£’000
2017
% of
average
net
assets
Management fee
1
4,4800.41%3,3740.34%
Other expenses9900.09%9630.10%
Ongoing charge figure5,4700.50%4,3370.44%
Portfolio transaction costs7200.07%9510.10%
1 Management fee capped in 2017 (see page 4)
Dividend
A final dividend of 5.00p per share, if approved by shareholders at
the AGM, will be paid on 28 February 2019, to those shareholders
on the register on 25 January 2019. The shares go ex-dividend on
24 January 2019. This final dividend together with the three interim
dividends already paid bring the total dividend for the year to 19.72p.
Share Capital
The Company’s share capital comprises ordinary shares with a
nominal value of 25p. The voting rights of the shares on a poll are
one vote for every ordinary £1 nominal (4 shares held). There are no
restrictions concerning the transfer of securities in the Company, no
special rights with regard to control attached to securities, no
agreements between holders of securities regarding their transfer
known to the Company and no agreement which the Company is
party to that affects its control following a takeover bid. To the extent
that they exist, the revenue profits and capital of the Company
(including accumulated revenue and capital reserves) are available
for distribution by way of dividends to the holders of the ordinary
shares. Upon a winding-up, after meeting the liabilities of the
Company, the surplus assets would be distributed to the
shareholders pro rata to their holding of ordinary shares.
At the beginning of the year, there were 123,945,292 ordinary shares
in issue of which 1,338,509 shares were held in treasury. During the
year no shares were issued or bought back. Therefore, at 31 October
2018 the number of ordinary shares in issue with voting rights was
122,606,783.
34
The Bankers Investment Trust PLC Annual Report 2018

Report of the Directors (continued)
The number of shares in issue as at 10 January 2019, being the
latest practicable date prior to the publication of this Annual Report,
is 123,945,292 including those shares held in treasury. No shares
were issued between 31 October 2018 and 10 January 2019.
The Company will seek authority from its shareholders at the
2019 Annual General Meeting to renew its authority to allot
shares up to 10% of the issued share capital, excluding treasury
shares, as at the date of the 2019 Annual General Meeting. Please
refer to the Notice of Meeting that accompanies this Annual Report
for further details. This can also be found on the Company’s
website at www.bankersinvestmenttrust.com.
Holdings in the Company’s Shares
Declaration of interest in the voting rights of the Company as
at 31 October 2018 in accordance with the UK Listing Authority’s
Disclosure Guidance and Transparency Rules was as follows.
% of
voting rights
Investec Wealth & Investment5.4
There have been no further notifications to 10 January 2019, being the
latest practicable date prior to the publication of this Annual Report.
At 31 October 2018, 11.4% of the issued ordinary shares were held on
behalf of participants in the Halifax Share Dealing products. The
participants in this scheme are given the opportunity to instruct the
relevant nominee company to exercise the voting rights appertaining
to their shares in respect of all general meetings of the Company.
Annual General Meeting
The AGM will be held on 27 February 2019 at 12 noon at Trinity
House, London EC3N 4DH. The Notice of Meeting and details of
the resolutions to be put at the AGM are contained in the separate
document being sent to shareholders with this Annual Report.
Directors’ Statement as to Disclosure
of Information to Auditor
Each of the Directors who were members of the Board at the date
of approval of this Annual Report confirms that, to the best of his or
her knowledge and belief, there is no information relevant to the
preparation of the Annual Report of which the Company’s Auditor
is unaware and he or she has taken all the steps a Director might
reasonably be expected to have taken to be aware of relevant audit
information and to establish that the Company’s Auditor is aware of
that information.
Corporate Governance
The Corporate Governance Statement on pages 39 to 43 forms
part of the Report of the Directors.
Listing Rule 9.8.4
Listing Rule 9.8.4 requires the Company to include certain information
in a single identifiable section of the Annual Report or a cross reference
table indicating where the information is set out. The Directors confirm
that there are no disclosures to be made in this regard.
Global Greenhouse Gas Emissions
As an externally managed investment company, the Company has no
greenhouse gas emissions to report from its operations for the year to
31 October 2018 (2017: same), nor does it have responsibility for any
other emissions producing sources under the Companies Act 2006
(Strategic Report and Directors’ Reports) Regulations 2013.
Securities Financing Transactions
As the Company undertakes securities lending it is required to
report on Securities Financing Transactions (as defined in Article 3
of Regulation (EU) 2015/2365, securities financing transactions
include repurchase transactions, securities or commodities lending
and securities or commodities borrowing, buy-sell back transactions
or sell-buy back transactions and margin lending transactions).
In accordance with Article 13 of the Regulation, the Company’s
involvement in and exposures related to securities lending for the
accounting period ended 31 October 2018 are detailed on pages
75 and 76.
By order of the Board

Henderson Secretarial Services Limited
Corporate Secretary
15 January 2019
35
The Bankers Investment Trust PLC Annual Report 2018

Statement of Directors’ Responsibilities
The Directors are responsible for preparing the Annual Report,
including the Directors’ Remuneration Report and the Financial
Statements, in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements
for each financial year. Under that law the Directors have prepared
the financial statements in accordance with International Financial
Reporting Standards (‘IFRSs’) as adopted by the European Union.
Under company law the Directors must not approve the financial
statements unless they are satisfied that they give a true and fair
view of the state of affairs of the Company and of the profit or loss of
the Company for that period. In preparing these financial statements,
the Directors are required to:
• select suitable accounting policies and then apply them
consistently;
• make judgments and accounting estimates that are reasonable
and prudent;
• state whether applicable IFRSs as adopted by the European
Union have been followed, subject to any material departures
disclosed and explained in the financial statements; and
• prepare the financial statements on the going concern basis
unless it is inappropriate to presume that the Company will
continue in business.
The Directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the Company’s
transactions and disclose with reasonable accuracy at any time the
financial position of the Company and enable it to ensure that the
financial statements and the Directors’ Remuneration Report comply
with the Companies Act 2006. They are also responsible for
safeguarding the assets of the Company and hence for taking
reasonable steps for the prevention and detection of fraud and other
irregularities.
Having taken advice from the Audit Committee, the Directors
consider that the Annual Report and financial statements, taken
as a whole, are fair, balanced and understandable and provide the
information necessary for shareholders to assess the Company’s
position and performance, business model and strategy.
Statement of Directors’ Responsibilities
under Disclosure Guidance and Transparency
Rule 4.1.12
Each of the Directors, who are listed on page 26, confirms that, to
the best of his or her knowledge:
• the Company’s financial statements, which have been prepared in
accordance with IFRSs as adopted by the EU, give a true and fair
view of the assets, liabilities, financial position and profit of the
Company; and
• the Strategic Report in this Annual Report and financial
statements includes a fair review of the development and
performance of the business and the position of the Company,
together with a description of the principal risks and uncertainties
that it faces.
For and on behalf of the Board


Richard Killingbeck
Chairman
15 January 2019
36
The Bankers Investment Trust PLC Annual Report 2018

Directors’ Remuneration Report
Introduction
This report is submitted in accordance with Schedule 8 of The Large
and Medium-sized Companies and Groups (Accounts and Reports)
Regulations 2008 as amended in August 2013 (the ‘Regulations’).
The report also meets the relevant requirements of the Companies
Act 2006 (the ‘Act’) and the Listing Rules of the UK Listing Authority
and describes how the Board has applied the principles relating to
Directors’ remuneration. As required by Section 439 of the Act, an
ordinary resolution to approve the report will be proposed at the
Annual General Meeting (‘AGM’) on 27 February 2019.
Shareholders last approved the Company’s remuneration policy
under Section 439A of the Act at the AGM in 2017. No changes to
the policy are proposed and therefore the current policy will continue
in force until the AGM in 2020.
The Company’s Auditor is required to report on certain information
contained within this report; where information set out below has
been audited it is indicated as such.
All Directors are non-executive and the Company has no Chief
Executive officer or employees. As such some of the reporting
requirements contained in the Regulations are not applicable and have
not been reported on, including the requirement for a future policy table
and an illustrative representation of the level of remuneration that could
be received by each individual Director. It is believed that all relevant
information is disclosed within this report in an appropriate format.
Remuneration Policy
The Board as a whole considers the Directors’ remuneration.
The Board has not established a remuneration committee to
consider matters relating to the Directors’ remuneration. The Board
has not been provided with advice or services by any person in
respect of its consideration of the Directors’ remuneration (although
the Directors review annually the fees paid to the boards of directors
of other comparable investment companies).
The Company’s policy is that the fees payable to the Directors
should reflect the time spent by the Board on the Company’s affairs
and the responsibilities borne by the Directors and should be
sufficient to promote the long-term success of the Company.
The policy is for the Chairman of the Board, the Senior Independent
Director and the Chairman of the Audit Committee to be paid a
higher fee than the other Directors in recognition of their additional
responsibilities.
The policy is to review these rates annually although such review
will not necessarily result in any change to the rates.
None of the Directors has a contract of service or a contract for
services, there are no set notice periods and a Director may resign
by notice in writing to the Board at any time with no compensation.
The Company’s policy is for the Directors to be remunerated in the
form of fees, payable quarterly in arrears, to the Director personally
or to a third party specified by him or her. There are no long-term
incentive schemes provided by the Company and the fees are not
specifically related to the Directors’ performance, either individually
or collectively.
Annual Statement
As Chairman, Richard Killingbeck reports that Directors’ fees were
last increased on 1 November 2017, being the start of the
Company’s financial year. The increase was made after
consideration of the fees paid to other investment trusts in the
sector of an equivalent size and also in relation to the fees paid to
the directors of other Janus Henderson managed companies. The
increase was to ensure that the Directors are properly remunerated
for their services to the Company and so that the Company can
remain competitive when seeking new Directors. Directors’ fees
were reviewed during the year and no change was proposed.
There have been no other major decisions on Directors’
remuneration or any other changes to the remuneration paid to each
individual Director in the year under review.
Annual Report on Remuneration
Directors’ Interests in Shares (Audited)
Ordinary shares of 25p
31 October
2018
1 November
2017
Beneficial interest:
Richard Killingbeck 30,00030,000
Julian Chillingworth1,6201,620
Sue Inglis 5,0005,000
Matthew Thorne
1
n/a30,250
David Wild
1
n/a12,803
Isobel Sharp2,300–
Richard Huntingford
2
–n/a
1 Matthew Thorne and David Wild retired from the Board on 21 February 2018
2 Richard Huntingford was appointed to the Board on 26 September 2018
The interests of the Directors in the ordinary shares of the Company
at the beginning and end of the financial year are shown in the
preceding table. There have been no changes since the year end to
the date of this Annual Report.
No Director is required to hold shares of the Company by way of
qualification.
37
The Bankers Investment Trust PLC Annual Report 2018

Directors’ Remuneration Report (continued)
Statement of Voting at Annual General
Meeting (‘AGM’)
At the 2018 AGM 5,136,226 proxy votes (98.2%) were received voting
for the resolution seeking approval of the Directors’ Remuneration
Report, 61,371 (1.2%) were against, 33,664 (0.6%) were discretionary
and 19,965 were withheld. In relation to the approval of the
Remuneration Policy at the 2017 AGM, 5,105,519 proxy votes (98.0%)
were received voting for the resolution, 59,239 (1.1%) were against,
44,129 (0.9%) were discretionary and 41,554 were withheld. The
percentage of votes excludes votes withheld.
For and on behalf of the Board
Richard Killingbeck
Chairman
15 January 2019
Directors’ Remuneration (Audited)
The remuneration paid to the Directors who served during the years ended 31 October 2018 and 31 October 2017 was as follows:
Year ended
31 October 2018
Total fees
£
Year ended
31 October 2017
Total fees
£
Year ended
31 October 2018
Total expenses
including taxable
benefits
£
Year ended
31 October 2017
Total expenses
including taxable
benefits
£
Year ended
31 October 2018
Total
£
Year ended
31 October 2017
Total
£
Richard Killingbeck
1
43,00040,000119–43,11940,000
Julian Chillingworth28,00026,000––28,00026,000
Richard Huntingford
2
2,762–––2,762–
Sue Inglis
3
30,50028,000––30,50028,000
Isobel Sharp
4
29,726–––29,726–
Matthew Thorne
5
9,48528,00073973210,22428,732
David Wild
6
8,70726,000––8,70726,000
Total152,180148,000858732153,038148,732
The table above omits other columns because no payments of other types such as performance related pay, vesting performance related pay and pension related benefits were
made. Taxable benefits – Article 117 of the Company’s Articles of Association provides that Directors are entitled to be reimbursed for reasonable expenses incurred by them in
connection with the performance of their duties and attendance at Board and General Meetings
1 Chairman and highest paid director – will retire 27 February 2019 2 Appointed on 26 September 2018 3 Senior Independent Director 4 Chairman of the Audit Committee
from 21 February 2018 5 Chairman of the Audit Committee – retired 21 February 2018 6 Retired 21 February 2018
No other remuneration or compensation was paid or payable by the Company during the year to any of the current or former Directors or third
parties specified by any of them.
The fees paid to the Directors during the year were as follows (previous rates are shown in brackets): Chairman £43,000 (£40,000),
Audit Committee Chairman and Senior Independent Director £30,500 (£28,000) and Directors £28,000 (£26,000). There was no increase
with effect from 1 November 2018.
Performance
The Company’s performance has been measured against the FTSE
All-Share Index for the period 1 November 2008 to 31 October 2017
and the FTSE World Index from 1 November 2017 to 31 October
2018 on a total return basis in sterling terms. The graph below
compares the mid-market price of the Company’s ordinary shares
over the ten year period ended 31 October 2018 with the composite
index over the same period.
Relative Importance of Spend on Pay
To show the relative importance of spend on pay, the table below
sets out the total level of remuneration compared to the distributions
to shareholders by way of dividend. There were no other significant
distributions, payments or other uses of the Company’s profit or cash
flow deemed to assist in the understanding of the relative importance
of spend on pay.
31 October
2018
£
31 October
2017
£
Change
£
Change
%
Total
remuneration153,038148,7324,3062.9
Ordinary
dividends paid
in the year23,565,024 22,192,4311,372,5936.2
2018201720162015201420132012201120102008
£
2009
The Company’s share price total return, assuming the investment of £100 on
31 October 2008 and the reinvestment of all dividends (excluding dealing expenses)
Source: Morningstar Direct
Composite benchmark of FTSE All-Share Index for the period 1 November 2008 to
31 October 2017 and FTSE World Index from 1 November 2017 to 31 October 2018.
Assuming the notional investment of £100 on 31 October 2008 and the reinvestment
of all income (excluding dealing expenses)
100
160
220
280
340
400
38
The Bankers Investment Trust PLC Annual Report 2018

Corporate Governance Statement
Applicable Corporate Governance Codes
The Board is accountable to shareholders for the governance of
the Company’s affairs. As an investment company, the Company’s
day-to-day responsibilities are delegated to third parties, the
Company has no employees and the Directors are all non-
executive. Therefore not all the provisions of the UK Corporate
Governance Code (the ‘UK Code’) issued by the Financial
Reporting Council (‘FRC’) in April 2016 are directly applicable to
the Company. The Board has therefore considered the principles
and recommendations of the Code of Corporate Governance
published by the Association of Investment Companies in July
2016 (the ‘AIC Code’) by reference to the AIC Corporate
Governance Guide for Investment Companies (the ‘AIC Guide’).
The AIC Code, as explained by the AIC Guide, addresses all
the applicable principles set out in the UK Code as well as setting
out additional principles and recommendations on issues that are
of specific relevance to investment companies. The FRC has
confirmed that, by following the AIC Guide, boards of investment
companies should fully meet their obligations in relation to the
UK Code and paragraph 9.8.6 of the Listing Rules.
Copies of the AIC Code, the AIC Guide and the UK Code can be
found on the respective organisations’ websites: www.theaic.co.uk
and www.frc.org.uk.
The Board has noted the new UK Corporate Governance Code
published by the FRC in July 2018 (the ‘2018 Code’) which the
Company will report against for the year ending 31 October 2020.
It is not anticipated that this will result in any significant changes for
the Company.
New Zealand Listing
It should be noted that the UK Code of Corporate Governance may
differ materially from the New Zealand Stock Exchange’s corporate
governance rules and principles of the Corporate Best Practice Code.
Statement of Compliance
The Directors believe that during the year under review they have
complied with the provisions of the AIC Code, insofar as they apply
to the Company’s business, and with the provisions of the UK Code,
except as noted below;
• the role of chief executive;
• executive directors’ remuneration; and
• the need for an internal audit function.
As the Company has no chief executive and it delegates to an
external investment manager (which has its own internal audit
function) its day-to-day operations and has no employees, the Board
does not consider these provisions to be relevant to the Company
and has not reported further in respect of these provisions.
The Board
Board composition
The Articles of Association provide that the total number of Directors
shall not be less than three nor more than eight; the Board currently
consists of five non-executive Directors. The biographies of the Directors
holding office at the date of this Annual Report, which are set out
on page 26, demonstrate the breadth of investment, commercial and
professional experience relevant to their positions as Directors.
Responsibilities of the Board and its Committees
During the year six scheduled Board meetings were held to deal
with the important aspects of the Company’s affairs. The Board
has a formal schedule of matters specifically reserved for its
decision/approval, which are categorised under various headings
including strategy, management, structure, capital, financial
reporting, internal controls, gearing, asset allocation, share price
premium/discount, contracts, investment policy, finance, risk,
investment restrictions, performance, corporate governance and
Board membership and appointments.
The Board is responsible for the approval of the annual and half year
results and other public documents and for ensuring that such
documents provide a fair, balanced and understandable assessment of
the Company’s position and prospects. The Directors confirm that they
are satisfied that the Annual Report for the year ended 31 October
2018, taken as a whole, is fair, balanced and understandable and
provides the information necessary for shareholders to assess the
Company’s position and performance, business model and strategy.
At each meeting the Board reviews the Company’s investment
performance and considers financial analyses and other reports
of an operational nature. The Board monitors compliance with the
Company’s investment objectives and policy and is responsible for
setting asset allocation, investment and gearing limits within which
the Manager has discretion to act. The Board has responsibility for
the approval of any investments in in-house funds managed or
advised by the Manager. It also has adopted a procedure for
Directors, in the furtherance of their duties, to take independent
professional advice at the expense of the Company. To enable them
to discharge their responsibilities, all Directors have full and timely
access to relevant information.
Internal Control
The Board has overall responsibility for the Company’s system of
internal control and for reviewing its effectiveness.
The Board has established an ongoing process for identifying,
evaluating and managing the principal risks faced by the Company.
The process accords with the FRC’s guidance on Risk Management,
Internal Control and Related Business and Financial Reporting
published in September 2014. The system was in operation
throughout the year and up to the date of this report. The system is
designed to meet the specific risks faced by the Company and takes
account of the nature of the Company’s reliance on its service
providers and their internal controls. The system therefore manages
rather than eliminates the risk of failure to achieve the Company’s
business objectives and provides reasonable, but not absolute,
assurance against material misstatement or loss.
The key components of the internal control framework include:
• Clearly defined investment criteria, specifying levels of authority and
exposure limits. The Board reviews reports on investment
performance against and compliance with the criteria at each meeting.
39
The Bankers Investment Trust PLC Annual Report 2018

Corporate Governance Statement (continued)
• Regular financial reporting which allows the Board to assess the
Company’s financial position. The management accounts and
forecasts are reviewed by the Board at each meeting.
• Contractual agreements with the Manager and all other third party
service providers. The Board reviews performance levels and
adherence to relevant provisions in the agreements on a regular
basis through reporting to the Board and conducts a formal
evaluation of the overall level of service provided at least annually.
• The review of controls at the Manager and other third party
service providers. The Board receives quarterly reporting from the
Manager and Depositary, and reviews annual assurance reports
on the effectiveness of the control environments at the Company’s
key service providers.
• Review of additional reporting provided by:
– the Manager’s Enterprise Risk team on the control environment
in operation at the Manager and their view of the control
environments in place at the third party service providers used
by the Company; and
– the Manager’s Internal Audit team on areas of operation which
are relevant to the Company.
The Board noted the service auditors’ qualification in respect of the
assurance reports of one of the Company’s third party service providers
which covered controls during the reporting period. The Board is aware
that the Audit Committee sought additional clarification in respect of the
exceptions which resulted in the qualification and is satisfied that the
matter has been considered in sufficient detail and did not constitute
a material weakness in internal controls.
The Board has reviewed the effectiveness of the Company’s system of
internal control for the year ended 31 October 2018. During the course
of its review the Board has not identified or been advised of any failings
or weaknesses that have been determined as significant.
Internal Audit Function
Systems are in operation to safeguard the Company’s assets and
shareholders’ investments, to maintain proper accounting records
and to ensure that financial information used within the business, or
published, is reliable. The Company’s management functions are
delegated to third parties and the Board monitors the controls in
place with support from the Manager’s Internal Audit department.
As such the Board has determined that there is currently no need
for the Company to have its own internal audit function. The Board
will continue to review this on an annual basis
Directors
Terms of appointment and retirement
The Board may appoint Directors to the Board and any Director so
appointed must stand for appointment by the shareholders at the
Annual General Meeting (‘AGM’) following appointment, in accordance
with the Articles of Association. Richard Huntingford, who was
appointed to the Board on 26 September 2018, will stand for
appointment by shareholders at the 2019 AGM.
The Articles of Association require all Directors to retire at each
AGM, in accordance with the corporate governance policy adopted.
Richard Killingbeck will not be offering himself for re-appointment
and will retire from the conclusion of the AGM. All the remaining
Directors, being eligible, will offer themselves for re-appointment at
the AGM.
Sue Inglis will succeed Richard Killingbeck as Chairman from the
conclusion of the 2019 AGM. Julian Chillingworth will succeed Sue
Inglis as Senior Independent Director at the same time.
The contribution and performance of each Director (excluding
Richard Huntingford) was reviewed by the Nominations Committee
at its meeting in September 2018, which recommended to the Board
the continuing appointment of each of the Directors.
Under the Articles of Association, shareholders may remove a
Director before the end of his or her term by passing an ordinary
resolution at a meeting.
Independence
All Directors have a wide range of other interests and are not
dependent on the Company itself. At the Nominations Committee
meeting in September 2018, the Committee considered each of the
Directors’ other appointments and commitments, as well as their
tenure of service and any connections they may have with the
Manager. The Directors confirmed that all Directors remain wholly
independent of the Manager. There were no contracts in existence
during or at the end of the year and up to the date of this Annual
Report which a Director of the Company is or was materially
interested and which is or was significant in relation to the
Company’s business.
Induction and ongoing training
When a new Director is appointed he or she receives an induction
seminar which is held by the Manager at the request of the
Chairman. Directors are also provided on a regular basis with key
information on the Company’s policies, regulatory and statutory
requirements and internal controls. Changes affecting Directors’
responsibilities are advised to the Board as they arise. Directors
also regularly participate in relevant training and industry seminars.
Directors’ individual training requirements are considered as part
of the annual evaluation process which is led by the Chairman
of the Board.
Directors’ insurance and indemnification
Directors’ and officers’ liability insurance cover is in place in respect
of the Directors. Under the Company’s Articles of Association and,
subject to the provisions of UK legislation, a qualifying third party
provision indemnity may be provided to Directors in respect of costs
which they may incur relating to the defence of any proceedings
brought against them arising out of their positions as Directors in which
they are acquitted or judgment is given in their favour by the Court.
No indemnity was given during the year or up to the date of this report.
40
The Bankers Investment Trust PLC Annual Report 2018

Corporate Governance Statement (continued)
Committees of the Board
The Board has three principal Committees, the Audit
Committee, the Nominations Committee and the Management
Engagement Committee. The terms of reference for these
Committees are available on the Company’s website
www.bankersinvestmenttrust.com or via the Corporate Secretary.
The Company has also established an Insider Committee to assist
in meeting the disclosure requirements of the Market Abuse Regulation.
Audit Committee
The Audit Committee is chaired by Isobel Sharp. The Report of the
Audit Committee can be found on pages 44 and 45.
Nominations Committee
The Nominations Committee is responsible for ensuring the Board
retains an appropriate balance of skills, experience and diversity,
has a formal, rigorous and transparent approach to the
appointment of Directors and maintains an effective framework
for succession planning.
Richard Killingbeck, Sue Inglis, Julian Chillingworth and Isobel Sharp
are the members of the Nominations Committee. The Chairman
of the Board acts as Chairman of the Committee, but did not chair
the Committee when his successor was being considered. After
consideration Sue Inglis was proposed and approved to succeed
Richard Killingbeck as Chairman, she did not participate in the
discussion regarding her proposed appointment, likewise Julian
Chillingworth did not participate in the discussion regarding his
proposed appointment as Senior Independent Director.
In discharging its duties over the course of the year, the Committee
considered:
• the composition of the Board and each of its committees, taking
account of the skills, experience and knowledge of each director
and whether the diversity of these continued to contribute to the
success of the Company. However, given the size of the Board, it
is not considered appropriate for the Company to have set targets
in this regard; candidates will be assessed in relation to the
relevant needs of the Company at the time of appointment. Once
a decision is made to recruit additional Directors to the Board, a
formal job description will be drawn up. The committee may use
external agencies as and when the requirement to recruit an
additional Board member becomes necessary;
• the appointment of Richard Huntingford was made using the
services of the independent external recruitment consultancy
NuRole;
• the outcomes of the Board performance evaluation with a view as
to whether adjustments should be made to the number of
Directors or knowledge and skills represented on the Board.
The results of the annual performance evaluation are detailed below;
• whether any training was required by the Directors;
• the tenure of each of the Directors, giving consideration as to
whether the Board retained a sufficient balance of length of
service without becoming ossified;
• the independence of the Directors taking account of the
guidelines established by the UK Code and AIC Code as well as
the Directors’ other commitments;
• the time commitment of the Directors and whether this had been
sufficient over the course of the year;
• succession planning for appointments to the Board taking
account of the provisions of the Company’s articles regarding the
retirement and rotation of Directors, the tenure of the current
Directors and recommendations of the 2018 Code; and
• the performance and contribution of the Directors standing for
re-appointment at the 2019 AGM.
Following completion of its reviews, the Committee was satisfied
that, having considered each Directors experience and the nature
of, and anticipated demands on his or her time by, his or her other
business commitments including other investment trusts, that each
Director is able to commit the time required to fulfil his or her
responsibilities as a Director of the Company. Taking account of the
performance of individual Directors, the Committee recommended
to the Board that it should support the re-appointment of those
Directors seeking re-appointment at the 2019 AGM. Other than as
described above no changes to the composition of the Board were
required at present.
Performance evaluation
The Directors recognise the importance of the AIC Code’s
recommendation in respect of evaluating the performance of the
Board as a whole, the Committees and individual Directors. During
the year the Directors undertook a review of the Board structure
including an evaluation of the performance of the Board, the
Committees and of individual Directors including the Chairman.
The Company is obliged to engage an external facilitator for Board
evaluation every three years. An external review was first carried
out by Lintstock Limited in 2013 and has been undertaken each
year since. The evaluation for the year under review was also
undertaken by Lintstock Limited who are independent of the
Company. The evaluation concluded that the Board has a good
balance of skills and experience relevant to the Company’s
objectives and operations.
Management Engagement Committee
The Management Engagement Committee is responsible for formally
evaluating the overall performance of the Manager and other
third-party service providers engaged by the Company to consider
whether their continuing appointment is in the interest of
shareholders as a whole. The Committee is chaired by the Chairman
41
The Bankers Investment Trust PLC Annual Report 2018

Corporate Governance Statement (continued)
of the Board. All of the independent non-executive Directors are
members of the Committee.
In discharging its duties over the course of the year, the Committee
considered:
• the investment performance of the Company, taking account of the
benchmark and performance of competitors in the closed-ended
sector, the share price, level of premium/discount and gearing;
• the quality and experience of the team involved in managing all
aspects of the Company’s business;
• the fee structures of its closed-ended competitors and other,
similar sized investment companies;
• the key clauses of the investment agreement, how the Manager had
fulfilled these and whether these continued to be appropriate; and
• the performance and fees of the Company’s other third-party
service providers, including the brokers, depositary, registrar,
marketing and research providers, legal counsel and the
Company’s accountants.
Meeting attendance
The table below sets out the number of formal Board and Committee
meetings held during the year under review and the number of
meetings attended by each Director. All serving Directors attended the
AGM in February 2018.
BoardACNCMEC
Number of meetings
632 1
Richard Killingbeck6n/a21
Julian Chillingworth6321
Richard Huntingford
1
1n/an/a1
Sue Inglis6321
Isobel Sharp6321
Matthew Thorne
2
32––
David Wild
2
32––
AC: Audit Committee
NC: Nominations Committee
MEC: Management Engagement Committee
Notes
1 Appointed to the Board on 26 September 2018
2 Retired from the Board on 21 February 2018
The Insider Committee did not meet.
The Directors and Committees of the Board also met during the year
as needed to undertake business such as the final approval of the
Company’s results.
Accountability and Relationship with
Janus Henderson
The Statement of Directors’ Responsibilities in respect of the
Financial Statements is set out on page 36, and the Viability
Statement on page 29.
The Board receives and considers regular reports from the Manager
and ad hoc reports and information are supplied to the Board as
required. In addition, the Chairman is able to attend meetings of all
the chairmen of the investment trusts and companies managed by
Janus Henderson which provide a forum to discuss industry matters
which are then reported to the Board.
The Manager takes decisions as to the purchase and sale of
individual investments. The Manager also ensures that all Directors
receive, in a timely manner, all relevant management, regulatory and
financial information. Representatives of the Manager attend each
Board meeting enabling the Directors to probe further on matters of
concern. The Directors have access to the advice and services of
the Corporate Secretary through its appointed representative who
is responsible to the Board for ensuring that Board and Committee
procedures are followed and that applicable rules and regulations
are complied with. The proceedings at all Board and Committee
meetings are fully recorded through a process that allows any
Director’s concerns to be recorded in the minutes. The Board and
Janus Henderson operate in a supportive, co-operative and open
environment.
The Corporate Secretary, Henderson Secretarial Services Limited,
is a subsidiary of Janus Henderson with its own reporting lines
and audited internal controls. There are processes and controls in
place to ensure that there is a clear distinction between the two
entities particularly when dealing with any conflicts or issues
between the Company and Janus Henderson. Any correspondence
from shareholders addressed to the Chairman or the Company
received at Janus Henderson’s offices is forwarded to the Chairman
of the Company in line with the audited procedure in place. Any
correspondence is also submitted to the next Board meeting
for discussion.
Janus Henderson and BNP Paribas Securities Services, which
provides Janus Henderson with accounting and administration
services, have arrangements in place by which their staff may, in
confidence, raise concerns about possible improprieties in relation
to financial reporting or other matters.
Continued Appointment of the Manager
The Board considers the arrangements for the provision of
investment management and other services to the Company on
an ongoing basis. The principal contents of the agreement with the
Manager and the fees payable are contained on page 4.
The Board reviews investment performance at each Board meeting
and a formal review of the Manager is conducted annually. As part of
the annual review in September 2018 the Directors discussed the
quality and continuity of the personnel assigned to handle the
Company’s affairs, with particular reference to performance and
results achieved to date. In addition, they reviewed other services
provided by the Manager to the Company, such as accounting,
company secretarial and administration services and the Manager’s
activities in promoting and marketing the Company. The Board
noted the Manager’s resources and experience in managing and
42
The Bankers Investment Trust PLC Annual Report 2018

Corporate Governance Statement (continued)
administering investment trust companies. As a result of their
annual review it is the opinion of the Directors that the continued
appointment of the Manager on the terms agreed is in the interests
of the Company’s shareholders as a whole.
Bribery Act
The Company has no employees. The Board has reviewed the
implications of the Bribery Act 2010 and confirmed its zero tolerance
to bribery and corruption in its business activities. It has received
assurances from the Company’s main contractors and suppliers,
listed on page 27, that they will maintain adequate safeguards to
protect against any potentially illegal behaviour by their employees
and agents.
Criminal Finances Act 2017
The Board has also considered the changes made by the Criminal
Finances Act 2017, which came into effect in September 2017, and
which introduced a new corporate criminal offence of failing to take
reasonable steps to prevent the facilitation of tax evasion. The
Company has received assurances from the Company’s main
contractors and suppliers that they maintain a zero tolerance policy
towards the provision of illegal services, including the facilitation of
tax evasion.
Share Capital
Please see the Report of the Directors on pages 34 and 35.
Relations with Shareholders
Shareholder relations are given high priority by the Board. The prime
medium by which the Company communicates with its shareholders
is through the half year results and Annual Report which aim to
provide shareholders with a clear understanding of the Company’s
activities and their results. This information is supplemented by the
daily calculation and publication of the NAV per share at the London
and New Zealand Stock Exchanges.
Janus Henderson also provides a monthly fact sheet which is
available on the website, and information on the Company and Fund
Manager videos are on the website, via various social media
channels and through its HGi content platform, more details of which
are included on page 27 of this report.
The Board considers that shareholders should be encouraged to
attend and participate at the AGM. Shareholders have the
opportunity to address questions to the Chairman of the Board, the
Chairman of the Audit Committee and all other Directors at the
meeting and the Fund Manager will make a presentation to
shareholders. A summary of the proxy votes received on the
resolutions proposed is displayed at the meeting and each
substantial issue is dealt with in a separate resolution. It is the
intention of the Board that the Annual Report and Notice of AGM be
issued to shareholders so as to provide at least 20 working days’
notice of the meeting. These documents are also included on the
website. Shareholders wishing to lodge questions in advance of the
meeting, or raise issues or concerns at any time, are invited to do so
by writing to the Chairman at the registered office address given on
page 27 of this report.
General presentations to both shareholders and analysts follow
the publication of the annual results and also take place throughout
the year. Meetings between Janus Henderson, including our Fund
Manager, and shareholders are reported to the Board. The Chairman
is also available to meet with shareholders as appropriate.
By order of the Board

Henderson Secretarial Services Limited
Corporate Secretary
15 January 2019
43
The Bankers Investment Trust PLC Annual Report 2018

Report of the Audit Committee
In accordance with the September 2014 Competition and Markets
Authority Order, the Audit Committee presents its Report.
Composition
The membership of the Audit Committee comprises all of the Directors
except the Chairman of the Board, and from 21 February 2018 was
chaired by Isobel Sharp who is a chartered accountant. The other two
Audit Committee members were joined during the period by Richard
Huntingford who is also a chartered accountant, have a combination
of financial, investment and other experience gained throughout their
careers and the Board is satisfied that at least one of the Committee’s
members has recent and relevant financial experience. All members of
the Audit Committee are independent and have competence relevant
to the sector in which the Company operates. The biographies of the
Audit Committee members are shown on page 26.
Meetings
The Audit Committee met three times during the year under review.
The Company’s Auditor is invited to attend meetings as necessary.
Representatives of Janus Henderson and BNP Paribas Securities
Services (‘BNP’) may also be invited.
Role and Responsibilities
The role of the Audit Committee is to assist the Board in applying the
financial reporting and internal control principles and to maintain an
appropriate relationship with the Auditor. The responsibilities are set
out in formal terms of reference which are regularly reviewed. In the
year under review the main duties undertaken were:
• consideration of the appropriateness of the Company’s
accounting policies;
• a review of the half year results and the Annual Report, including the
disclosures made therein in relation to internal controls and risk
management, viability statement, going concern and related parties
and consideration of whether the Annual Report is fair, balanced
and understandable and provides the information necessary for
shareholders to assess the Company’s position and performance,
business model and strategy in order to make recommendations to
the Board. In assessing whether the Annual Report is fair, balanced
and understandable, each Director reviewed the disclosures made,
applying their respective knowledge and expertise. The internal
controls over financial reporting were also considered together with
feedback from the Company’s Auditor, Fund Manager and the
Corporate Secretary;
• consideration of the Terms of Reference of the Audit Committee;
• consideration of the quality and effectiveness of the accounting
records and management information maintained on behalf of the
Company, relying on meetings with and reports from the Manager;
• consideration of the appropriate level of dividend to be paid by
the Company for recommendation to the Board;
• consideration of the internal controls in place at the Manager and
BNP as administrator and the Manager’s policies in relation to
cyber risk and business continuity, meeting with representatives of
the Manager’s internal audit and risk departments periodically;
• consideration of the key risks, risk management systems in place
and the Company’s risk map;
• consideration of the Company’s anti-bribery policy and review of
the Company’s gifts and hospitality register (the Audit Committee
was satisfied that the Company was in compliance);
• consideration of the Company’s anti-tax evasion policy and was
satisfied that the Company was in compliance;
• consideration of the nature and scope of the external audit and the
findings therefrom;
• annual consideration of whether there is a need for an internal
audit function, in order to make a recommendation to the Board
(as described on page 40);
• consideration of the appointment of the external Auditor, their
effectiveness and their performance and remuneration;
• consideration of the external Auditor’s independence and objectivity
and the provision of any non-audit services (as explained further on
page 45) and the reporting of the external Auditor;
• the Audit Committee Chairman met with the Auditor to discuss the
audit plan and audit results;
• consideration of the whistle blowing policy that the Manager has
put in place for its staff to raise concerns about possible
improprieties, including in relation to the Company, in confidence.
The policy includes the necessary arrangements for independent
investigation and follow up action; and
• consideration of the management fee and the calculation of the
management fee.
44
The Bankers Investment Trust PLC Annual Report 2018

Report of the Audit Committee (continued)
Annual Report for the Year Ended 31 October 2018
In relation to the Annual Report for the year ended 31 October 2018 the following significant issues were considered by the Committee:
Significant issueHow the issue was addressed
Valuation and
ownership of
the Company’s
investments
The Directors have appointed Janus Henderson to perform the valuation of the assets of the Company in accordance with its
responsibilities under the AIFMD rules. As required under the AIFMD rules, Janus Henderson has adopted a written
valuation policy, which may be modified from time to time. Actively traded investments are valued using stock exchange
prices provided by third party pricing vendors. The portfolio valuation is regularly reviewed by the Committee. Ownership of
listed investments is verified by reconciliation to the Custodian’s records. Investments that are unlisted or not actively
traded are valued using a variety of techniques to determine their fair value; all such valuations are reviewed and
approved by the Directors.
Recognition of
income
Income received has been accounted for in line with the Company’s accounting policies (as set out on page 56)
and was reviewed by the Committee at each meeting to confirm it is in compliance with IFRSs.
The Board reviews at least four times per annum Janus Henderson’s revenue forecasts in support of the Company’s
future dividends. For special dividends where Janus Henderson is required to allocate between revenue and capital,
the Committee reviews the rationale provided and approves the treatment.
Maintaining
internal controls
The Committee has received regular reports on internal controls from Janus Henderson and BNP and their
respective delegates and has had access to the relevant personnel of Janus Henderson who have a responsibility
for risk management and internal audit.
The Committee noted the service auditor’s qualifications in respect of the Janus Henderson assurance report which
covered controls during the reporting period. The Committee sought additional clarification in respect of the report
and is satisfied that none of the exceptions impacted the Company for the year ended 31 October 2018 and that
appropriate actions have been taken to address the issues identified.
The Committee has considered regularly the controls in place to ensure that the regulations for ensuring investment
trust status are observed at all times, receiving supporting documentation from Janus Henderson and BNP.
Audit Tendering
As a Public Interest Entity listed on the London Stock Exchange, the
Company is subject to the mandatory auditor rotation requirements
of the European Union. It will put the external audit out to tender at
least every ten years, and change auditor at least every 20 years.
The last tender process concluded in September 2016 resulting in
Ernst & Young LLP (‘EY’) being appointed as the Auditor. The next
tender will be required no later than 2026.
External Audit, Review and Auditor
Reappointment
The Committee discusses the audit process with the Auditor
without representatives of the Manager present and considers the
effectiveness of the audit process after each audit. This is the third
year EY have audited the Company’s Annual Report at which
Matthew Price has been the audit partner.
During the audit, the Committee Chairman liaised with the partner,
Matthew Price, to receive progress updates and reviewed EY’s audit
results prior to the Committee meeting to consider the financial
statements. EY attended this meeting to present their report and
observe the Committee’s review of the financial statements and
internal controls reporting by the Manager.
Based on the Committee’s review of EY’s reporting, interactions with
the audit team throughout the process and our discussions with
representatives of the Manager, the Committee is satisfied with the
effectiveness of the audit provided by EY and that they are
independent of the Company. The Auditor is required to rotate
partners every five years and it is proposed that the current audit
partner will serve until the AGM in 2021.
Policy on Non-Audit Services
The provision of non-audit services by the Company’s Auditor is
considered and approved by the Committee on a case by case
basis. The policy set by the Committee, which is kept under review,
ensures that consideration is given to the following factors when
considering the provision of non-audit services by the Auditor:
• the level of non-audit fees paid to the audit firm in relation to the
statutory audit fee;
• whether the audit firm is the most suitable supplier of the relevant
non-audit services;
• the impact on the Auditor’s independence and objectivity and
what safeguards can be put in place to eliminate or reduce any
threat in this regard; and
• the cost-effectiveness of the services.
The Board has determined that the Auditor will not be considered for
the provision of services related to accounting and preparation of the
financial statements, internal audit and custody. Non-audit services
during the year related to additional testing of the Company’s
compliance with its debenture covenants for which the Auditor was
paid £1,500 (2017: £1,500). There were no other non-audit services.




Isobel Sharp
Audit Committee Chairman
15 January 2019
45
The Bankers Investment Trust PLC Annual Report 2018

Independent Auditor’s Report to the Members of
The Bankers Investment Trust PLC
Opinion
We have audited the financial statements of The Bankers Investment Trust PLC for the year ended 31 October 2018 which comprise the
Statement of Comprehensive Income, Statement of Changes in Equity, Statement of Financial Position, the Cash Flow Statement and the
related notes 1 to 24, including a summary of significant accounting policies. The financial reporting framework that has been applied in their
preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the European Union.
In our opinion, the financial statements:
• give a true and fair view of the Company’s affairs as at 31 October 2018 and of its profit for the year then ended;
• have been properly prepared in accordance with IFRSs as adopted by the European Union; and
• have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities
under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report
below. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial
statements in the UK, including the FRC’s Ethical Standard as applied to public interest entities, and we have fulfilled our other ethical
responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to principal risks, going concern and viability statement
We have nothing to report in respect of the following information in the annual report, in relation to which the ISAs (UK) require us to report to
you whether we have anything material to add or draw attention to:
• the disclosures in the annual report set out on page 28 that describe the principal risks and explain how they are being managed or mitigated;
• the directors’ confirmation set out on page 36 in the annual report that they have carried out a robust assessment of the principal risks facing
the entity, including those that would threaten its business model, future performance, solvency or liquidity;
• the directors’ statement set out on page 55 in the financial statements about whether they considered it appropriate to adopt the going
concern basis of accounting in preparing them, and their identification of any material uncertainties to the entity’s ability to continue to do so
over a period of at least twelve months from the date of approval of the financial statements;
• whether the directors’ statement in relation to going concern required under the Listing Rules in accordance with Listing Rule 9.8.6R(3) is
materially inconsistent with our knowledge obtained in the audit; or
• the directors’ explanation set out on page 29 in the annual report as to how they have assessed the prospects of the entity, over what period
they have done so and why they consider that period to be appropriate, and their statement as to whether they have a reasonable expectation
that the entity will be able to continue in operation and meet its liabilities as they fall due over the period of their assessment, including any
related disclosures drawing attention to any necessary qualifications or assumptions.
Overview of our audit approach
Key audit matters• Inaccurate recognition of investment income (including the risk of
management override of controls).
• Valuation and existence of the investment portfolio including the
current asset investment in the Deutsche Global Liquidity Series
Fund.
Materiality• Overall materiality of £10.62m (2017: £10.78m) which represents
1% of net assets.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of
the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud) that we identified.
These matters included those which had the greatest effect on: the overall audit strategy; the allocation of resources in the audit; and
directing the efforts of the engagement team. These matters were addressed in the context of our audit of the financial statements as a
whole, and in our opinion thereon, and we do not provide a separate opinion on these matters.
46
The Bankers Investment Trust PLC Annual Report 2018

Independent Auditor’s Report to the Members of
The Bankers Investment Trust PLC
(continued)
RiskOur response to the risk
Key observations
communicated to the
Audit Committee
Inaccurate recognition of investment
income £30.32m (2017: £29.45m)
(As described on page 45 in the Report of
the Audit Committee and as per the
accounting policy set out on page 56).
As can be seen in note 3 in the notes to the
financial statements, the Company has
reported investment income of £30.32
million (2017: £29.45 million). This includes
special dividend income of £0.53m (2017:
£1.08m).
For special dividends the Company
assesses income received and then
determines whether amounts should be
credited to the revenue or capital columns of
the Statement of Comprehensive Income
based on the underlying substance of the
transaction.
We focus on the recognition of revenue and
its presentation in the financial statements
because the revenue return is a key area of
focus for shareholders.
We performed the following procedures:
We obtained an understanding of BNP Paribas Securities
Services’ (“the Administrator” or “BNP”) processes and
controls for the recognition of investment income by
performing walkthrough procedures and reviewing the
Administrator’s internal control reports.
We agreed a sample of 70 dividends received from the
underlying financial records to an independent pricing
source and to the bank.
We agreed all accrued dividends at the period end to post
year-end bank statements and to an independent source for
validation of existence.
We selected a sample of 25 investments from the Company’s
valuation report, checked to an independent source for any
dividends declared by those securities and agreed the
recognition of such dividends to the income report.
We identified no special dividends that were individually
above our testing threshold. We therefore performed a
review of a sample of one special dividend which
represents £0.12m of the £0.53m total. For this dividend
we assessed the appropriateness of the accounting
treatment by reference to publicly available information. All
special dividends were treated as revenue.
To address the risk of management override, we tested a
sample of manual journal entries posted to the income
account during the year, and around the year-end.
The results of our
procedures identified no
issues with the accuracy or
completeness of income
receipts.
There were no material
special dividends received
during the year.
Based on the work
performed, we have no
matters to report.
Valuation and existence of the
investment portfolio including the
current asset investment in the
Deutsche Global Liquidity Series Fund
(As described on page 45 in the Report of
The Audit Committee).
The investment portfolio at the year-end
comprised of quoted equities £1,087.03m
(2017: £1,101.37m) and a current asset
investment in the Deutsche Global Liquidity
Series Fund (£18.01m, 2017: £23.25m).
The investment portfolio at the year-end also
included unquoted investments of £7,000
(2017: £445,000). This investment is below
our reporting threshold.
The valuation of the assets held in the
investment portfolio is the key driver of the
Company’s net asset value and investment
return. Incorrect asset pricing or a failure to
maintain proper legal title of assets by the
Company could have a significant impact on
portfolio valuation and, therefore, the return
generated for shareholders.
We performed the following procedures:
We obtained an understanding of the Administrator’s
processes and controls for the valuation of investments by
performing walkthrough procedures and reviewing the
Administrator’s internal control report.
We agreed all of the quoted investment holding prices at
the year-end to a relevant independent source.
For the current asset investment in the Deutsche Global
Liquidity Series Fund we agreed the holding to the
depositary confirmation, as well as agreeing the valuation of
the investment to an independent pricing source.
The unquoted investment was found to be immaterial.
We checked all the foreign exchange rates applied to an
independent source for reasonableness.
We agreed the number of shares held for each security to a
confirmation of legal title received from the Company’s
custodian and depositary BNP Paribas Securities Services.
The results of our
procedures, of the listed
investment portfolio assets,
identified no material error
in the pricing or
reconciliation.
Based on the work
performed, we have no
matters to report.
47
The Bankers Investment Trust PLC Annual Report 2018

Independent Auditor’s Report to the Members of
The Bankers Investment Trust PLC
(continued)
An overview of the scope of our audit
Tailoring the scope
Our assessment of audit risk, our evaluation of materiality and our allocation of performance materiality determine our audit scope for the
Company. This enables us to form an opinion on the financial statements. We take into account size, risk profile, the organisation of the
Company and effectiveness of controls, including controls and changes in the business environment, when assessing the level of work to be
performed. We have performed a full scope audit of the Company.
Our application of materiality
We apply the concept of materiality in planning and performing the audit, in evaluating the effect of identified misstatements on the audit and
in forming our audit opinion.
Materiality
The magnitude of an omission or misstatement that, individually or in the aggregate, could reasonably be expected to influence the economic
decisions of the users of the financial statements. Materiality provides a basis for determining the nature and extent of our audit procedures.
We determined materiality for the Company to be £10.62m (2017: £10.78m), which is 1% (2017: 1%) of net assets. We have derived our
materiality calculation based on a proportion of net assets as we consider it to be the most important financial metric on which shareholders
would judge the performance of the Company.
During the course of our audit, we reassessed initial materiality and found no reason to alter the basis of calculation used at the year-end.
Performance materiality
The application of materiality at the individual account or balance level. It is set at an amount to reduce to an appropriately low level the
probability that the aggregate of uncorrected and undetected misstatements exceeds materiality.
On the basis of our risk assessments, together with our assessment of the Company’s overall control environment, our judgment was that
performance materiality was 75% (2017: 75%) of our planning materiality, namely £7.97m (2017: £8.08m). We have set performance
materiality at this percentage due to our past experience of the audit that indicates a lower risk of misstatements, both corrected and
uncorrected.
Given the importance of the distinction between revenue and capital for the Company we have also applied a separate testing threshold of
£1.36m (2017: £1.38m) for the revenue column of the Statement of Comprehensive Income, being 5% of the return before taxation.
Reporting threshold
An amount below which identified misstatements are considered as being clearly trivial.
We agreed with the Audit Committee that we would report to them all uncorrected audit differences in excess of £0.53m (2017: £0.54m),
which is set at 5% of planning materiality, as well as differences below that threshold that, in our view, warranted reporting on qualitative
grounds.
We evaluate any uncorrected misstatements against both the quantitative measures of materiality discussed above and in light of other
relevant qualitative considerations in forming our opinion.
Other information
The other information comprises the information included in the annual report set out on pages 1 to 45 and pages 73 to 76, other than the
financial statements and our auditor’s report thereon. The directors are responsible for the other information.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in this
report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether
the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to
be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine
whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work
we have performed, we conclude that there is a material misstatement of the other information, we are required to report that fact.
We have nothing to report in this regard.
In this context, we also have nothing to report in regard to our responsibility to specifically address the following items in the other
information and to report as uncorrected material misstatements of the other information where we conclude that those items meet the
following conditions:
48
The Bankers Investment Trust PLC Annual Report 2018

Independent Auditor’s Report to the Members of
The Bankers Investment Trust PLC
(continued)
• Fair, balanced and understandable set out on page 36 – the statement given by the directors that they consider the annual report and
financial statements taken as a whole is fair, balanced and understandable and provides the information necessary for shareholders to
assess the Company’s performance, business model and strategy, is materially inconsistent with our knowledge obtained in the audit; or
• Audit committee reporting set out on pages 44 to 45 – the section describing the work of the Audit Committee does not appropriately
address matters communicated by us to the Audit Committee; or
• Directors’ statement of compliance with the UK Corporate Governance Code set out on pages 39 to 43 – the parts of the
Directors’ Statement required under the Listing Rules relating to the Company’s compliance with the UK Corporate Governance Code
containing provisions specified for review by the auditor in accordance with Listing Rule 9.8.10R(2) do not properly disclose a departure
from a relevant provision of the UK Corporate Governance Code.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion the part of the Directors’ Remuneration Report to be audited has been properly prepared in accordance with the Companies
Act 2006.
In our opinion, based on the work undertaken in the course of the audit:
• the information given in the strategic report and the directors’ report for the financial year for which the financial statements are prepared
is consistent with the financial statements; and
• the strategic report and directors’ report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not
identified material misstatements in the strategic report or directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in
our opinion:
• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by
us; or
• the financial statements and the part of the Directors’ Remuneration Report to be audited are not in agreement with the accounting
records and returns; or
• certain disclosures of directors’ remuneration specified by law are not made; or
• we have not received all the information and explanations we require for our audit.
Responsibilities of Directors
As explained more fully in the Directors’ Responsibilities Statement set out on page 36, the directors are responsible for the preparation of
the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is
necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Directors are responsible for assessing the Company’s ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend
to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement,
whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance,
but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected
to influence the economic decisions of users taken on the basis of these financial statements.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
The objectives of our audit, in respect to fraud, are; to identify and assess the risks of material misstatement of the financial statements due
to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing
and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the
primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.
49
The Bankers Investment Trust PLC Annual Report 2018

Independent Auditor’s Report to the Members of
The Bankers Investment Trust PLC
(continued)
Our approach was as follows:
• We obtained an understanding of the legal and regulatory
frameworks that are applicable to the Company and determined
that the most significant are the Companies Act 2006, the Listing
Rules, the UK Corporate Governance Code and section 1158 of
the Corporation Tax Act 2010.
• We understood how The Bankers Investment Trust PLC is
complying with those frameworks through discussions with the
Audit Committee and Corporate Secretary and review of the
Company’s documented policies and procedures.
• We assessed the susceptibility of the Company’s financial
statements to material misstatement, including how fraud might
occur, by considering the key risks impacting the financial
statements. We identified a fraud risk with respect to
management override in relation to inappropriate revenue
journals. We noted no issues in agreeing a sample of revenue
journal entries back to the audited income report or through to
the corresponding announcements prepared by the Company.
• Based on this understanding we designed our audit procedures
to identify non-compliance with such laws and regulations. Our
procedures involved review of the reporting to the Directors with
respect to the application of the documented policies and
procedures and review of the financial statements to ensure
compliance with the reporting requirements of the Company.
• We have reviewed that the Company’s control environment and
determined that it is adequate for the size and operating model of
such a listed investment Company.
A further description of our responsibilities for the audit of the
financial statements is located on the Financial Reporting Council’s
website at https://www.frc.org.uk/auditorsresponsibilities.
This description forms part of our auditor’s report.
Other matters we are required to address
• We were appointed by the Company on 17 November 2016 to
audit the financial statements for the year ending 31 October 2016
and subsequent financial periods. We were re-appointed to audit
the financial statements on 25 July 2018.
The period of total uninterrupted engagement including previous
renewals and re-appointments is three years, covering the years
ending 31 October 2016 to 31 October 2018.
• The non-audit services prohibited by the FRC’s Ethical Standard
were not provided to the Company and we remain independent
of the Company in conducting the audit.
• The audit opinion is consistent with the additional report to the
Audit Committee
Use of our report
This report is made solely to the Company’s members, as a body, in
accordance with Chapter 3 of Part 16 of the Companies Act 2006.
Our audit work has been undertaken so that we might state to the
Company’s members those matters we are required to state to them
in an auditor’s report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to
anyone other than the Company and the Company’s members as
a body, for our audit work, for this report, or for the opinions we
have formed.
Matthew Price (Senior statutory auditor)
for and on behalf of Ernst & Young LLP
Statutory Auditor
London
15 January 2019
50
The Bankers Investment Trust PLC Annual Report 2018

Statement of Comprehensive Income
The notes on pages 55 to 72 form part of these financial statements
Year ended 31 October 2018Year ended 31 October 2017
Notes
Revenue
return
£’000
Capital
return
£’000
Total
return
£’000
Revenue
return
£’000
Capital
return
£’000
Total
return
£’000
2(Losses)/gains on investments
held at fair value through profit
or loss–(12,611)(12,611)–152,388152,388
3Investment income30,321–30,32129,445–29,445
4Other operating income226–226189–189
Total income30,547(12,611)17,93629,634152,388182,022
Expenses
5Management fees(1,344)(3,136)(4,480)(1,012)(2,362)(3,374)
6Other expenses(990)–(990)(963)–(963)
Profit/(loss) before finance
costs and taxation28,213(15,747)12,46627,659150,026177,685
7Finance costs(917)(2,141)(3,058)(916)(2,137)(3,053)
Profit/(loss) before taxation27,296(17,888)9,40826,743147,889174,632
8Taxation(1,823)–(1,823)(1,624)–(1,624)
Profit/(loss) for the year and
total comprehensive income25,473(17,888)7,58525,119147,889173,008
9
Earnings per ordinary
share – basic and diluted20.78p (14.59p)6.19p 20.49p 120.62p 141.11p
The total columns of this statement represent the Statement of Comprehensive Income, prepared in accordance with IFRSs as adopted by
the European Union. The revenue return and capital return columns are supplementary to this and are prepared under guidance published
by the Association of Investment Companies.
51
The Bankers Investment Trust PLC Annual Report 2018

Statement of Changes in Equity
The notes on pages 55 to 72 form part of these financial statements
Year ended 31 October 2018
Notes
Called up
share
capital
£’000
Share
premium
account
£’000
Capital
redemption
reserve
£’000
Other
capital
reserves
£’000
Revenue
reserve
£’000
Total
£’000
Total equity at 1 November 201730,98678,54112,489915,20640,3411,077,563
Total comprehensive income:
(Loss)/profit for the year
–––(17,888)25,4737,585
10 Ordinary dividends paid––––(23,565)(23,565)
Total equity at 31 October 201830,98678,54112,489897,31842,2491,061,583
Year ended 31 October 2017
Notes
Called up
share
capital
£’000
Share
premium
account
£’000
Capital
redemption
reserve
£’000
Other
capital
reserves
£’000
Revenue
reserve
£’000
Total
£’000
Total equity at 1 November 201630,98678,54112,489767,31737,405926,738
Total comprehensive income:
Profit for the year–––147,88925,119173,008
10 Ordinary dividends paid––––(22,183)(22,183)
Total equity at 31 October 201730,98678,54112,489915,20640,3411,077,563
52
The Bankers Investment Trust PLC Annual Report 2018

Statement of Financial Position
The notes on pages 55 to 72 form part of these financial statements
Notes
At 31 October
2018
£’000
At 31 October
2017
£’000
Non-current assets
11Investments held at fair value through profit or loss1,087,0331,101,816
Current assets
12Investments held at fair value through profit or loss18,00523,252
13Other receivables4,6672,660
Cash and cash equivalents20,07524,102
42,74750,014
Total assets1,129,7801,151,830
Current liabilities
14Other payables(3,370)(9,451)
(3,370)(9,451)
Total assets less current liabilities1,126,4101,142,379
Non-current liabilities
15Debenture stock(15,000)(15,000)
15Unsecured loan notes(49,827)(49,816)
(64,827)(64,816)
Net assets1,061,5831,077,563
Equity attributable to equity shareholders
18Share capital30,98630,986
19Share premium account78,54178,541
20Capital redemption reserve12,48912,489
Retained earnings:
20Other capital reserves897,318915,206
21Revenue reserves42,24940,341
Total equity1,061,5831,077,563
17Net asset value per ordinary share865.8p 878.9p
The principal risks and viability statement and the financial statements on pages 51 to 72 were approved by the Board of Directors on 15 January
2019 and signed on its behalf by:

Richard Killingbeck
Chairman
53
The Bankers Investment Trust PLC Annual Report 2018