Report and Accounts – Half Year ended 30 June 2019

F&C Investment Trust PLC

Exchange House, Primrose Street, London EC2A 2NY
Telephone +44 (0)20 7628 8000 Facsimile +44 (0)20 7628 8188
fandcit.com
An investment company within the meaning of Section 833 of the Companies Act 2006
Registered in England and Wales, Company Registration No. 12901
Registered Office: Exchange House, Primrose Street, London EC2A 2NY





6 August 2019

F&C INVESTMENT TRUST PLC

LEI: 213800W6B18ZHTNG7371



Report and Accounts for the half year ended 30 June 2019


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



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



Name of contact and telephone number for enquiries:

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

---

F&C Investment
Trust PLC
Report and Accounts for
the half-year ended 30 June 2019
Formerly Foreign & Colonial
Investment Trust PLC
F&C Investment
Trust PLC
Report and Accounts for
the half-year ended 30 June 2019
Registered office:
Exchange House, Primrose Street, London EC2A 2NY
020 7628 8000 Fax: 020 7628 8188
fandcit.com
info@bmogam.com
Registrars:
Computershare Investor Services PLC
The Pavilions, Bridgwater Road
Bristol BS99 6ZZ
0800 923 1506 Fax: 0870 703 6143
computershare.com
web.queries@computershare.co.uk
© 2019 BMO Global Asset Management. All rights reserved. BMO Global Asset Management is a trading name of BMO Asset
Management Limited, which is authorised and regulated by the Financial Conduct Authority.

Interim Report 2019 | 1
The Company is registered in England and Wales with company registration number 12901
Legal Entity Identifi er: 213800W6B18ZHTNG7371
Potential investors are reminded that the value of investments and the income from dividends may go down
as well as up and investors may not receive back the full amount invested. Tax benefi ts may vary as a result of
statutory changes and their value will depend on individual circumstances.
Company Overview
Our objective is to secure long-term growth in capital and income through a policy of
investing primarily in an internationally diversified portfolio of publicly listed equities, as
well as unlisted securities and private equity, with the use of gearing.
F&C Investment Trust PLC (“FCIT” or the “Company”) was founded in 1868 as the first
ever investment trust, and continues to evolve; keeping pace with new investment
opportunities and maintaining its relevance in today’s world.
Our approach is designed to provide investors with the performance benefits of having
concentrated individual investment portfolios together with the diversification benefits
of lower risk and lower volatility that derive from being managed as part of a larger
combined portfolio. Offering investors a globally diversified portfolio, FCIT aims to be at
the core of an investor’s portfolio.
FCIT is suitable for retail investors in the UK, professionally advised private clients and
institutional investors who seek growth in capital and income from investment in global
markets and who understand and are willing to accept the risks, as well as the rewards,
of exposure to equities.
Visit our website atfandcit.com
Forward-looking statements
This document may contain forward-looking statements with respect to the financial condition,
results of operations and business of the Company. Such statements involve risk and uncertainty
because they relate to future events and circumstances that could cause actual results to differ
materially from those expressed or implied by forward-looking statements. The forward-looking
statements are based on the Directors’ current view and on information known to them at the date
of this document. Nothing should be construed as a profit forecast.
DIVIDEND
HERO

2 | F&C Investment Trust PLCInterim Report 2019 | 3
Financial Highlights for the half-yearChairman's Statement
Markets and performance
Over the first half of the year the markets fully
recovered from the sharp falls seen in the latter
part of 2018 and our total shareholder return,
although constrained by some pressure on the
discount, was 11.7%. Our Net Asset Value (“NAV”)
total return gained 14.4%, delivering the strongest
first half NAV returns for over twenty years, but
nevertheless lagged the exceptional returns from
the market indices.
Despite signs that the global economy and
earnings cycle were losing momentum and
fluctuating sentiment on growth prospects, global
equities were buoyed by rising expectations that
central banks, led by the US Federal Reserve,
would soon cut interest rates and suggestions the
European Central Bank could restart quantitative
easing. In addition, while concerns over trade
continued to weigh periodically on markets some
signs of progress between China and the US led
investors to the conclusion that tariffs would be
unlikely to materially dampen the overall outlook
for the global economy and corporate earnings.
Investors in equities continued to look to bond
markets for signs that the fragile growth backdrop
may be tipping over into a more marked downturn.
Interest rate expectations declined as the US
Federal Reserve gave a dovish assessment and as
inflationary pressures continued to prove elusive.
Yields on longer dated bonds fell heavily, leading
some to conclude that recession is likely in coming
quarters. Historically the yield curve, representing
the gap between long-term and short-term
interest rates, is a reasonably accurate predictor
of a future downturn. This warning sign, however,
was largely viewed as a less reliable indicator in
a world of low interest rates and investors chose
to regard the backdrop as benign, with moderate
growth and inflation and central bankers
seemingly willing and able to continue to supply
liquidity, supporting asset prices further.
The sharp recovery in the public equity markets
has yet to feed through to valuations in the
private equity market and therefore our Private
Equity portfolio returns of -1.4% were detrimental
to the relative returns of the total investment
portfolio. This was the single largest contributor
to the underperformance against the benchmark.
Private Equity has a strong record of delivering
higher returns than listed equities in our portfolio
and is expected to continue to enhance returns
over the long term. The ultimate test with our
Private Equity holdings has always been, and will
always be, the cash returns we earn from the cash
we invest.
Within our publicly listed equity portfolio in North
America, US growth stocks led performance,
beating cheaper ‘value’ stocks by a wide margin
once again. This theme of lowly priced stocks
lagging more highly rated companies was seen
both across and within sectors globally and
caused underperformance from a number of
our strategies where managers seek to identify
attractively valued stocks from a fundamental
perspective. Within our Global Strategies, our
Global Smaller Companies exposure performed
well, with returns in line with the market, but
our Global Income Strategy, which invests into
cheaper and higher yielding stocks, substantially
lagged the market as investors shunned income
Our net asset value total return
(1)
,
(2)
was 14.4% which
compares with 16.4% from our benchmark, the FTSE All-World
Index
14.4%
Our share price was 701.0 pence representing a total return
(1)

of 11.7%
11.7%
(1) Total return – return to shareholders calculated on a per share basis by adding dividends paid in the period to the increase or decrease
in the share price or Net Asset Value in the period*
(2) Including debt at market value. Represents the replacement value of debt, assuming repaid and re-negotiated under current market
conditions*
*See full details of the explanation and calculation of Alternative Performance Measures in the Report and Accounts as at 31 December
2018
The first interim dividend will be 2.9 pence per share while another above-
inflation rise is planned for the 2019 total dividend. This will mark the 49th
consecutive annual increase

4 | F&C Investment Trust PLCInterim Report 2019 | 5
Chairman's Statement (continued)
by asset sales to meet redemptions. Our share
capital structure gives us the flexibility to take a
longer term view and stay invested while taking
advantage of illiquidity throughout normal and
volatile markets. Shareholders can therefore
be assured that we will continue to adhere to
our strategy of holding concentrated individual
portfolios that are managed, as a whole and on a
sustainable basis, to provide global diversification,
lower volatility and lower risk. With this approach
to prudent risk taking across a diversified portfolio
of shares, the benefit of a varied range of debt
maturities at historically low rates and an Ongoing
Charges figure of 0.65, we are very well positioned
to seek and take opportunities as they arise and to
continue to deliver on our objective of achieving
long term growth in capital and income for
shareholders.
Simon Fraser
Chairman
26 July 2019
Outlook

By most metrics the past decade has seen the
longest uninterrupted economic expansion in US
history and the longest bull market ever. Equity
investors have enjoyed a period of extraordinary
returns following the Global Financial Crisis.
Looking forward, equity markets remain supported
by reasonable valuations and fundamentals.
Policymakers have shifted to a more
accommodative stance given still low inflation and
rising risks to growth. Investors have so far viewed
this move positively, considering the reduction of
interest rates as warranting higher valuations on
future earnings, despite the increased risks.
The political and economic backdrop can be
expected to remain uncertain, particularly for
the UK given the unclear outcome of the Brexit
negotiations. The risks are many but, as ever
for FCIT throughout its long history, so too will
there be opportunities. As a closed-ended listed
investment company, we are not constrained
*Debt at market value
Source: BMO GAM
We paid a third interim dividend of 2.8p per share
for the year ended 31 December 2018 in February
2019 and a final dividend of 2.8p in May. The first
interim dividend of 2.9p for 2019 will be paid on
1 August. It is the intention of the Board to deliver
another real rise in dividends for 2019. This will
mark the forty-ninth consecutive rise in annual
dividends from your Company.
Chairmanship
In May we announced that Beatrice Hollond
will succeed me as Chairman. Her in-depth
investment knowledge, expertise and experience
in asset management and her directorship and
chairmanship skills make her very well suited in
leading FCIT forward in the years ahead. Beatrice
will be appointed Chairman with immediate
effect upon my retirement from the Board on 31
December 2019.
related strategies, despite the sharp decline in
bond yields. Our European holdings produced the
strongest returns in absolute and relative terms
with a gain of 18.0%. Other areas of the portfolio
delivered strong absolute returns with gains of
7.4% from our Japanese and 11.8% from Emerging
Markets holdings.
Our discount widened from 1.5% to 4.0%, but for
much of the period our shares had traded at a
premium to NAV and we issued 1.4m shares from
Treasury during the first quarter. Towards the end
of the period we bought back a small number of
shares when the share price moved to a discount,
consistent with our policy of pursuing a sustainably
low deviation between the price and NAV per
share in normal market conditions.
During the first half of the year, we took
advantage of low interest rates to fix more of our
borrowings through long-term private placement
loans. At the end of June, we drew down £150m
in tranches of maturities ranging between 7 to
40 years. The blended rate of this latest issue of
debt is 2.2% and it takes the average rate on our
borrowings down below 2.5%. Our debt profile is
now highly diversified by maturity and we have
locked in borrowing at historically low rates of
interest. Our gearing level was 6.9% at the end of
the period and continues to contribute positively to
performance.
Income and Dividends
Our net revenue return per share made further
progress rising by 3.9%, to 8.08p, in comparison to
the equivalent six-month period of 2018. Sterling
fell on average against overseas currencies which
was modestly accretive for our income but special
dividends fell on the year to £2.3m, from £3.9m in
the first half of 2018.
Contributors to total return
in first half of 2019 (%)
Portfolio return13.8
Management fees(0.2)
Interest and
other expenses
(0.1)
Buybacks/issuance–
Change in value of debt(0.2)
Gearing1.1
Net asset value total return*14.4
Decrease in discount(2.7)
Share price total return11.7
FTSE All World Total Return16.4
Weightings, stock selection and performance in each investment portfolio strategy and
underlying geographic exposure versus index as at 30 June 2019
Investment
portfolio
strategy
Our portfolio
strategy
weighting %
Underlying
geographic
exposure*
Benchmark
weighting %
Our strategy
performance
in sterling %
Index
performance
in sterling %
North America
43.6
55.156.917. 518.9
Europe inc UK15.322.319.418.016.5
Japan7.68.87.77.47. 5
Emerging Markets10.311.611.911.810.7
Developed Pacific–2.24.1–18.1
Global Strategies16.512.916.4
Private Equity6.7(1.4)

*Represents the geographic exposure of the portfolio, including underlying exposures in private equity and fund holdings
Source: BMO GAM

6 | F&C Investment Trust PLCInterim Report 2019 | 7
Twenty Largest Listed Equity Holdings
30 Jun
2019
31 Dec
2018
% of total
investments
Value
£’000s
1(1)
Amazon
2.293,965
2(2)
Microsoft
2.085,116
3(12)
Facebook
1.354,583
4(3)
Alphabet
1.148,507
5(5)
Anthem
1.145,479
6(4)
UnitedHealth
1.042,432
7(13)
Comcast
0.937, 6 4 4
8(10)
Visa
0.835,580
9(14)
Dollar General
0.834,710
10(16)
Mastercard
0.832,298
30 Jun
2019
31 Dec
2018
% of total
investments
Value
£’000s
11(8)
JPMorgan Chase
0.832,257
12(15)
Chevron
0.730,961
13(7)
Boeing
0.730,502
14(11)
Lowe
0.730,237
15(27)
Alibaba
0.729,659
16(26)
SAP
0.729,445
17(34)
Air Products & Chemicals
0.728,972
18(17)
Apple
0.627,19 9
19(74)
Broadcom
0.624,974
20(-)
AstraZeneca
0.624,668
The value of the twenty largest listed equity holdings represents 18.8% (31 December 2018: 18.7%) of the Company’s total
investments. The figures in brackets denote the position at the previous year end.

8 | F&C Investment Trust PLCInterim Report 2019 | 9
Unaudited Condensed Income Statement
Notes
Half-year ended 30 June 2019Half-year ended 30 June 2018Year ended 31 December 2018
Revenue
£’000s
Capital
£’000s
Total
£’000s
Revenue
£’000s
Capital
£’000s
Total
£’000s
Revenue
£’000s
Capital
£’000s
Total
£’000s
Gains on investments and derivatives–482,028482,028–99,82299,822–(162,535)(162,535)
Exchange gains/(losses)444(3,521)(3,077)(77)(1,409)(1,486)199(5,557)(5,358)
3
Income53,306–53,30651,851–51,85187, 8 9 8-87, 8 9 8
4
Fees and other expenses(4,190)(6,264)(10,454)(4,280)(6,241)(10,521)(8,423)(12,874)(21,297)
Net return before finance costs and taxation49,560472,243521,80347,49492,17 2139,66679,674(180,966)(101,292)
4
Interest payable and similar charges(1,096)(3,289)(4,385)(1,004)(3,011)(4,015)(2,221)(6,664)(8,885)
Net return on ordinary activities before taxation48,464468,954517, 41846,49089,161135,6517 7,453(187, 63 0)(110,17 7 )
5
Taxation on ordinary activities(4,535)-(4,535)(4,333)–(4,333)(8,015)(29)(8,044)
6
Net return attributable to shareholders43,929468,954512,88342,15789,161131,31869,438(187, 659)(118,221)
6
Net return per share – basic (pence)8.0886.3094.387.7816.4424.2212.81(34.61)(21.80)

The total column is the profit and loss account of the Company.
All revenue and capital items in the above statement derive from continuing operations.

10 | F&C Investment Trust PLCInterim Report 2019 | 11
Unaudited Condensed Statement of Changes in Equity
NotesHalf-year ended 30 June 2019
Share
capital
£‘000s
Capital
redemption
reserve
£’000s
Capital
reserves
£’000s
Revenue
reserve
£’000s
Total
shareholders'
funds
£‘000s
Balance brought forward 31 December 2018140,455122,3073,126,949102,2023,491,913
Movements during the half-year ended 30 June 2019
11
Shares issued by the Company from treasury––9,325–9,325
11
Shares repurchased by the Company and held in treasury––(297)–(297)
7
Dividends paid–––(30,407)(30,407)
Return attributable to shareholders––468,95443,929512,883
Balance carried forward 30 June 2019140,455122,3073,604,931115,7243,983,417
Half–year ended 30 June 2018
Balance brought forward 31 December 2017140,455122,3073,313,94191,3203,668,023
Movements during the half-year ended 30 June 2018
7
Dividends paid–––(29,278)(29,278)
Return attributable to shareholders––89,16142,157131,318
Balance carried forward 30 June 2018140,455122,3073,403,10210 4,19 93,770,063
Year ended 31 December 2018
Balance brought forward 31 December 2017140,455122,3073,313,94191,3203,668,023
Movements during the year ended 31 December 2018
Shares issued by the Company from treasury––667–667
7
Dividends paid –––(58,556)(58,556)
Return attributable to shareholders––(187, 659)69,438(118,221)
Balance carried forward 31 December 2018140,455122,3073,126,949102,2023,491,913

12 | F&C Investment Trust PLCInterim Report 2019 | 13
Unaudited Balance Sheet
Notes
30 June
2019
£’000s
30 June
2018
£’000s
31 December
2018
£’000s
Fixed Assets
8
Investments4,254,4124,020,0173,717,610
Current assets
Debtors12,26025,07838,698
Cash and cash equivalents97, 57 27 3,17 296,439
Total current assets109,83298,250135,137
Creditors: amounts falling due within one year
9
Loans-(20,000)(110,047)
10
Other(14,246)(8,230)(35,587)
Total current liabilities(14,246)(28,230)(145,634)
Net current assets/(liabilities)95,58670,020(10,497)
Total assets less current assets/(liabilities)4,349,9984,090,0373,707,113
Creditors: amounts falling due after more than
one year
9
Loans(366,006)(319,399)(214,625)
9
Debenture(575)(575)(575)
(366,581)(319,974)(215,200)
Net assets3,983,4173,770,0633,491,913
Capital and reserves
11
Share capital140,455140,455140,455
Capital redemption reserve122,307122,307122,307
Capital reserves3,604,9313,403,1023,126,949
Revenue reserve115,72410 4,19 9102,202
12
Total shareholders’ funds3,983,4173,770,0633,491,913
12
Net asset value per ordinary share – prior charges
at nominal value (pence)
732.73695.35643.93
Notes
Half-year ended
30 June
2019
£’000s
Half-year ended
30 June
2018
£’000s
Year ended
31 December
2018
£’000s
13
Cash flows from operating activities before
dividends received and interest paid
(14,026)(14,140)(27,695)
Dividends received52,38449,84384,873
Interest paid(5,125)(3,848)(8,521)
Cash flows from operating activities33,23331,85548,657
Investing activities
Purchases of Investments(683,510)( 707, 6 05)(1,840,994)
Sales of Investments631,944700,7391,886,950
Other capital charges and credits(18)(34)(57)
Cash flows from investing activities(51,584)(6,900)45,899
Cash flows before financing activities(18,351)24,95594,556
Financing activities
Equity dividends paid(30,407)(29,278)(58,556)
14
Repayment of loans(103,435)(30,000)(50,000)
14
Drawdown of loans151,66675,00075,000
Cash flows from share issues9,325-667
Cash flows from share buybacks for treasury shares-(194)(194)
Cash flows from financing activities27,14915,528(33,083)
Net increase in cash and cash equivalents8,79840,48361,473
Cash and cash equivalents at the beginning of the period96,43931,13631,136
Effect of movement in foreign exchange( 7,6 65)1,5533,830
Cash and cash equivalents at the end of the period97, 57 27 3,17 296,439
Represented by:
Cash at bank38,0425,10327, 875
Short term deposits59,53068,06968,564
Cash and cash equivalents at the end of the period97, 57 27 3,17 296,439
Unaudited Condensed Statement of Cash Flows

14 | F&C Investment Trust PLCInterim Report 2019 | 15
Unaudited Notes to the Condensed Accounts
1. Results
The results for the six months to 30 June 2019 and 30 June 2018 constitute non-statutory accounts within the
meaning of Section 434 of the Companies Act 2006. The latest published accounts which have been delivered
to the Registrar of Companies are for the year ended 31 December 2018; the report of the Auditors thereon was
unqualified and did not contain a statement under section 498 of the Companies Act 2006. The condensed financial
statements shown for the year end 31 December 2018 are an extract from those accounts.
2. Accounting policies
These condensed financial statements have been prepared on a going concern basis in accordance with the
Companies Act 2006, FRS 102 (March 2018), Interim Financial Reporting (FRS 104) and the revised Statement of
Recommended Practice “Financial Statements of Investment Trust Companies and Venture Capital Trusts” (SORP),
issued by the AIC in November 2014 and updated in February 2018.
The accounting policies applied for the condensed set of financial statements are set out in the Company’s annual
report for the year ended 31 December 2018.
3. Income
Income comprises
Half-year
ended
30 June
2019
£’000s
Half-year
ended
30 June
2018
£’000s
Year
ended
31 December
2018
£’000s
UK dividends5,1986,01310,868
Overseas dividends47, 59245,36075,825
Rebate on management fees167289656
Interest on short-term deposits and withholding tax reclaims349184536
Underwriting commission-513
Income53,30651,85187, 8 9 8
Included within income is £2.3m (30 June 2018: £3.9m; 31 December 2018: £3.9m) of special dividends classified
as revenue in nature.
The value of special dividends treated as capital in nature is £0.4m (30 June 2018: £0.0m; 31 December 2018:
£0.6m).
4. Fees and other expenses and interest payable
Half-year
ended
30 June
2019
£’000s
Half-year
ended
30 June
2018
£’000s
Year
ended
31 December
2018
£’000s
Fees and other expenses10,45410,52121,297
Interest payable and similar charges4,3854,0158,885
Total14,83914,53630,182
Fees and other expenses comprise:
Allocated to Revenue Account
Management fees payable directly to the Manager*2,0822,0734,277
Other expenses2,1082,2074,14 6
4,1904,2808,423
Allocated to Capital Account
Management fees payable directly to the Manager*6,2446,22012,830
Other expenses202144
6,2646,24112,874
Interest payable and similar charges comprise:
Allocated to Revenue Account1,0961,0042,221
Allocated to Capital Account3,2893,0116,664

*including reimbursement in respect of services provided by sub-managers.
The primary related party transaction is with the Manager, BMO Investment Business Limited. With effect from
1 January 2019 the Manager receives remuneration of 0.35% per annum of the market capitalisation of the
Company up to £3.0 billion, 0.30% between £3.0 and £4.0 billion, and 0.25% above £4.0 billion calculated at
each month end date on a pro-rata basis. Prior to 1 January 2019, the fee was 0.365% per annum of the market
capitalisation of the Company. The fee is adjusted for fees earned by the Manager in respect of investment
holdings managed or advised by the Manager. Variable fees payable in respect of third party sub-managers
are also reimbursed. The services provided by the Manager remain unchanged from those disclosed within the
accounts for the year ended 31 December 2018. The level of variable fees payable in respect of third party sub-
managers and private equity managers remain unchanged since the year end.

16 | F&C Investment Trust PLCInterim Report 2019 | 17
5. Taxation
The taxation charge of £4,535,000 (30 June 2018: £4,333,000 and 31 December 2018: £8,044,000) relates to
irrecoverable overseas taxation.
6. Net return per share
Net return per ordinary share attributable to ordinary shareholders reflects the overall performance of the
Company in the period. Net revenue recognised in the first six months is not indicative of the total likely to be
received in the full accounting year.
Income comprises
Half-year
ended
30 June
2019
£’000s
Half-year
ended
30 June
2018
£’000s
Year
ended
31 December
2018
£’000s
Revenue return43,92942,15769,438
Capital return468,95489,161(187, 659)
Total return512,883131,318(118,221)
Weighted average ordinary shares in issue, excluding treasury
shares (see note 11)
543,437,152542,180,712542,191,397
Half-year
ended
30 June
2019
£’000s
Half-year
ended
30 June
2018
£’000s
Year
ended
31 December
2018
£’000s
Revenue return8.087.7812.81
Capital return86.3016.44(34.61)
Total return94.3824.22(21.80)
7. Dividends
Dividends paid and payable
on ordinary sharesRegister DatePayment date
Half-year
ended
30 June
2019
£’000s
Half-year
ended
30 June
2018
£’000s
Year
ended
31 December
2018
£’000s
2017 Third interim of 2.70p5-Jan-20181-Feb -2018–14,63914,639
2017 Final of 2.70p3-Apr-20181-May-2018–14,63914,639
2018 First interim of 2.70p6-Jul-20181-Aug-2018––14,639
2018 Second interim of 2.70p5-Oct-20181-Nov-2018––14,639
2018 Third interim of 2.80p4-Jan-20191-Feb -201915,18 4––
2018 Final of 2.80p5-A pr-20198-May-201915,223––
30,40729,27858,556

The Directors have declared a first interim dividend in respect of the year ending 31 December 2019 of 2.90p
per share, payable on 1 August 2019 to all shareholders on the register at close of business on 5 July 2019. The
amount of this dividend will be £15,765,000 based on 543,619,804 shares in issue at 4 July 2019. This amount
has not been accrued in the results for the half-year ended 30 June 2019.
8. Investments
Fair value hierarchy
The Company’s Investments as disclosed in the balance sheet are valued at fair value.
The fair value as at the reporting date has been estimated using the following fair value hierarchy:
Level 1 includes investments and derivatives listed on any recognised stock exchange or quoted on the AIM
market in the UK and quoted open-ended funds.
Level 2 includes investments for which the quoted price has been suspended, forward exchange contracts and
other derivative instruments.
Level 3 includes investments in private companies or securities, whether invested in directly or through pooled
Private Equity vehicles, for which observable market data is not specifically available.
The analysis of the valuation basis for financial instruments based on the hierarchy is as follows:
As at 30 June
2019
£’000s
As at 30 June
2018
£’000s
As at 31 December
2018
£’000s
Level 1 3,984,2693,772,7923,449,880
Level 3 270,143247, 2 2 5267,730
Total valuation of investments4,254,4124,020,0173,717,610

18 | F&C Investment Trust PLCInterim Report 2019 | 19
With respect specifically to investments in Private Equity, whether through funds or partnerships, the Directors
rely on the latest available unaudited quarterly valuations of the underlying unlisted investments as supplied
by the investment advisers or managers of those funds or partnerships. The Directors regularly review the
principles applied by the managers to those valuations to ensure they are in compliance with the principal
accounting policies as stated in the year end report and accounts.
There were no derivative investments held in the period (half-year ended 30 June 2018 and year ended 31
December 2018: same) and no investments held which are valued in accordance with level 2.
9. Loans and Debentures
30 June
2019
£’000s
30 June
2018
£’000s
31 December
2018
£’000s
Loans falling due within one year-20,000110,047
Loans falling due after more than one year366,006319,399214,625
Debenture falling due after more than one year575575575
Comprising:
Sterling denominated loan, falling due within one year-£20m-
US dollar denominated loan, falling due within one year--$80m
Yen denominated loan, falling due within one year--¥6.6bn
US dollar denominated loan, falling due after more than one year-$80m-
Yen denominated loan, falling due after more than one year-¥6.6bn-
Sterling denominated loan, falling due after more one year£264m£150m£150m
Euro denominated loan, falling due after more than one year€114m€72m€72m
4.25% perpetual debenture stock£0.575m£0.575m£0.575m
During the half year, the Yen and US denominated loans were repaid in full. In June 2019 the Company issued
fixed rate senior unsecured notes in tranches of EUR42 million, £57 million, £37 million and £20 million
expiring in June 2026, June 2042, June 2049 and June 2059 respectively. Interest rates applying to the notes
are commercially competitive and fixed until the expiry dates.
10. Other creditors falling due within one year
30 June
2019
£’000s
30 June
2018
£’000s
31 December
2018
£’000s
Cost of ordinary shares repurchased297–-
Investment creditors7, 3 4 64,68930,757
Management fees payable to the Manager1,9771,8421,858
Foreign exchange contracts3,186-878
Other accrued expenses1,4401,6992,094
14,2468,23035,587
11. Share capital
Equity share capital
Shares held in
treasury
Number
Shares entitled
to dividend
Number
Total shares
in issue
Number
Total shares in
issue nominal
£’000s
Ordinary shares of 25p each
Balance at 31 December 201819,538,304542,280,712561,819,016140,455
Shares sold from treasury(1,400,000)1,400,000--
Shares repurchased by the Company and
held in treasury
42,14 6(42,14 6)--
Balance at 30 June 201918,180,450543,638,566561,819,016140,455
1,400,000 shares were issued out of treasury raising proceeds of £9,325,000. 42,146 shares were repurchased
during the period at a cost of £297,000. Shares held in treasury have no voting rights and no right to dividend
distributions and are excluded from the calculations of earnings per share and net asset value per share.
12. Net asset value per ordinary share
30 June 201930 June 201831 December 2018
Net asset value per share – pence732.73695.35643.93
Net assets attributable at end of period – £’000s 3,983,4173,770,0633,491,913
Ordinary shares of 25p in issue at end of period
excluding shares held in treasury – number543,638,566542,180,712542,280,712
Net asset value per share (with debenture stock and long-term loans at market value) at 30 June 2019 was
730.00p (30 June 2018: 694.34p and 31 December 2018: 642.87p). The market value of debenture stock at 30
June 2019 was £429,000 (30 June 2018 and 31 December 2018: £429,000). The market value of the long-term
loans at 30 June 2019 was £380,982,000 (30 June 2018: £325,012,000 and 31 December 2018: £220,534,000)
based on the equivalent benchmark gilts or relevant commercially available current debt.

20 | F&C Investment Trust PLCInterim Report 2019 | 21
13. Reconciliation of net return before taxation to cash flows from operating activities
Half-year
ended
30 June 2019
£’000s
Half-year
ended
30 June 2018
£’000s
Year ended
31 December
2018
£’000s
Net return on ordinary activities before taxation517, 418135,651(110,17 7 )
Adjust for non-cash flow items, dividend income and interest
expense:
(Gains)/losses on Investments(482,028)(99,822)162,535
Exchange losses3,0771,4865,358
Non-operating expenses of a capital nature202144
(Increase)/decrease in other debtors(18)762782
Increase/(decrease) in creditors151(50)324
Dividends receivable(52,790)(51,373)(86,692)
Interest payable4,3854,0158,885
Tax on overseas income and Indian Capital Gains Tax(4,241)(4,830)(8,754)
(531,444)(149,791)82,482
Cash flows from operating activities (before dividends received
and interest paid)(14,026)(14,140)(27,695)
14. Analysis of changes in net debt
Bank Loans
£'000s
Debenture
£'000s
Total
£'000s
Opening net debt as at 31 December 2018324,672575325,247
Cash-flows:
Drawdown of bank loans151,666–151,666
Repayment of bank loans(103,435)–(103,435)
Non-cash:
Effect of foreign exchange movements(6,897)–(6,897)
Closing net debt as at 30 June 2019366,006575366,581
15. Going concern
The Company’s investment objective, strategy and policy are subject to a process of regular Board monitoring
and are designed to ensure that the Company is invested mainly in readily realisable, listed securities and
that the level of borrowings is restricted. The Company retains title to all assets held by the Custodian and
agreements cover its borrowing facilities. Cash is held with banks approved and regularly reviewed by the
Manager and the Board.
The Directors believe that: the Company’s objective and policy continue to be relevant to investors; the
Company operates within a robust regulatory environment; and the Company has sufficient resources and
arrangements to continue operating within its stated policy for the 12 month period commencing from the
date of this report. Accordingly, the financial statements have been drawn up on the basis that the Company
is a going concern.

By order of the Board
BMO Investment Business Limited, Secretary
Exchange House
Primrose Street
London EC2A 2NY
26 July 2019

22 | F&C Investment Trust PLCInterim Report 2019 | 23
Charges
Annual management charges and other charges apply
according to the type of plan.
Annual account charge
ISA: £60+VAT
GIA: £40+VAT
JISA/JIA/CTF: £25+VAT
You can pay the annual charge from your account, or by
direct debit (in addition to any annual subscription limits).
Dealing charges
ISA: 0.2%
GIA/JIA/JISA: postal instructions £12, online instruction
£8 per Trust.
Dealing charges apply when shares are bought or sold but
not on the reinvestment of dividends or the investment of
monthly direct debits for the GIA, JIA and JISA.
There are no dealing charges on a CTF but a switching
charge of £25 applies if more than 2 switches are carried
out in one year.
Government stamp duty of 0.5% also applies on the
purchase of shares (where applicable).
There may be additional charges made if you transfer a
plan to another provider or transfer the shares from your
plan.
The value of investments can go down as well as up
and you may not get back your original investment. Tax
benefits depend on your individual circumstances and tax
allowances and rules may change.
Please ensure you have read the full Terms and Conditions,
Privacy Policy and relevant Key Features documents
before investing. For regulatory purposes, please ensure
you have read the Pre-sales cost disclosures related to
the product you are applying for, and the relevant Key
Information Documents (KIDs) for the investment trusts
you are wanting to invest into.
One of the most convenient ways to invest in F&C Investment Trust PLC is through one of the savings
plans run by BMO.
BMO lnvestment Trust ISA
You can use your ISA allowance to make an annual tax-
efficient investment of up to £20,000 for the 2019/20 tax
year with a lump sum from £500 or regular savings from
£50 a month per Trust. You can also transfer any existing
ISAs to us whilst maintaining the tax benefits.
BMO General Investment Account (GIA)
This is a flexible way to invest in our range of Investment
Trusts. There are no maximum contributions, and
investments can be made from £500 lump sum or £50 a
month per Trust. You can also make additional lump sum
top-ups at any time from £250 per Trust.
BMO Child Trust Fund (“CTF”)*
If your child has a CTF you can invest up to £4,368 for the
2019/20 tax year, from £100 lump sum or £25 a month
per Trust, or a combination of both. You can also transfer
a CTF from another provider to a BMO CTF. Please note, the
CTF has been replaced by the JISA and is only available to
investors who already hold a CTF.
BMO Junior Investment Account (JIA)
This is a flexible way to save for a child in our range of
Investment Trusts. There are no maximum contributions,
and the plan can easily be set up under bare trust (where
the child is noted as the beneficial owner) or kept in your
name if you wish to retain control over the investment.
Investments can be made from a £250 lump sum or £25 a
month per Trust. You can also make additional lump sum
top-ups at any time from £100 per Trust.
BMO Junior ISA (“JISA”)*
You can invest up to £4,368 for the tax year 2019/20 from
£500 lump sum or £30 a month per Trust, or a combination
of both. Please note, if your child already has a Child Trust
Fund (CTF), then you cannot open a separate JISA, however
you can transfer the existing CTF (held either with BMO or
another provider) to a BMO JISA.
How to Invest
The Company’s principal risks and uncertainties are
described in detail under the heading “Principal
risks and future prospects” within the strategic
report in the Company’s annual report for the year
ended 31 December 2018. They include: having an
inappropriate strategy in relation to investor needs;
failure on the part of the Manager to continue
to operate effectively; unfavourable markets or
In accordance with Chapter 4 of the Disclosure
Guidance and Transparency Rules, the Directors
confirm that to the best of their knowledge:
• the condensed set of financial statements has
been prepared in accordance with applicable UK
Accounting Standards on a going concern basis, and
gives a true and fair view of the assets, liabilities,
financial position and net return of the Company;
• the half-yearly report includes a fair review of the
important events that have occurred during the first
six months of the financial year and their impact on
the financial statements;
inappropriate asset allocation, sector and stock
selection, currency exposure and use of gearing and
derivatives leading to investment underperformance;
and errors, fraud or control failures at service
providers, or loss of data through cyber-threats or
business continuity failure. In the view of the Board,
these risks and uncertainties are applicable to the
remainder of the financial year.
• the Directors’ Statement of Principal Risks and
Uncertainties shown above is a fair review of the
principal risks and uncertainties for the remainder of
the financial year; and
• the half-yearly report includes a fair review of the
related party transactions that have taken place in
the first six months of the financial year.
On behalf of the Board
Simon Fraser
Chairman
26 July 2019
Directors’ Statement of Principal Risks
Directors’ Statement of Responsibilities
in Respect of the Half-Yearly Financial Report

24 | F&C Investment Trust PLCInterim Report 2019 | 25
Availability of report and accounts
The Company’s report and accounts are available on the Internet at fandcit.com.
Printed copies may be obtained from the Company’s registered office,
Exchange House, Primrose Street, London EC2A 2NY
If you have trouble reading small print, please let us
know. We can provide literature in alternative formats,
for example large print or on audiotape. Please call
0345 600 3030**.
Warning to Shareholders – Beware of Share Fraud.
Fraudsters use persuasive and high-pressure tactics to lure investors into scams. They may offer
to sell shares that turn out to be worthless or non-existent, or to buy shares at an inflated price in
return for an upfront payment.
If you receive unsolicited investment advice or requests:
• Check the Financial Services Register from fca.org.uk to see if the person or firm contacting you is
authorised by the FCA
• Call the Financial Conduct Authority (“FCA”) on 0800 111 6768 if the firm does not have contact
details on the Register or you are told they are out of date
• Search the list of unauthorised firms to avoid at fca.org.uk/scams
• Consider that if you buy or sell shares from an unauthorised firm you will not have access to the
Financial Ombudsman Service or Financial Services Compensation Scheme
• Think about getting independent financial and professional advice
If you are approached by fraudsters please tell the FCA by using the share fraud reporting form
at fca.org.uk/scams where you can find out more about investment scams. You can also call the
FCA Consumer Helpline on 0800 111 6768. If you have already paid money to share fraudsters you
should contact Action Fraud on 0300 123 2040.
** Calls may be recorded or monitored for training and quality purposes.
New Customers:
Call: 0800 136 420**

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

(9:00am – 5:00pm, weekdays)
Email: investor.enquiries@bmogam.com
By post: BMO Administration Centre
PO Box 11114
Chelmsford CM99 2DG
How to Invest
To open a new BMO plan, apply online at bmogam.com/apply
Note, this is not available if you are transferring an existing plan with another provider to BMO, or if you are applying for
a new plan in more than one name.
BMO Asset Management Limited
© BMO Asset Management Limited 2019. Issued and approved by BMO Asset Management Limited which is authorised and regulated by
the Financial Conduct Authority. Registered Office: Exchange House, Primrose Street, London EC2A 2NY. Registered in England & Wales No
517895.
You can also invest in the trust through online dealing platforms for private investors that offer share dealing and ISAs.
Companies include: Alliance Trust Savings, Barclays Stockbrokers, Halifax, Hargreaves Lansdown, HSBC, Interactive Investor,
LLoyds Bank, Selftrade, The Share Centre
Notes
*The CTF and JISA accounts are opened in the child’s name and they can have access to the account at age 18.
**Calls may be recorded or monitored for training and quality purposes.