Report and Accounts for the half year ended 30 June 2020

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




27 July 2020

F&C INVESTMENT TRUST PLC

LEI: 213800W6B18ZHTNG7371



Report and Accounts for the half year ended 30 June 2020


A copy of the above document has been submitted to the National Storage Mechanism and will
shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism



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 2020
F&C Investment
Trust PLC
Report and Accounts for
the half-year ended 30 June 2020
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
© 2020 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 2020 | 1
The Company is registered in England and Wales with company registration number 12901
Legal Entity Identifier: 213800W6B18ZHTNG7371
Potential investors are reminded that the value of investments and the income from dividends may go down
as well as up and investors may not receive back the full amount invested. Tax benefits may vary as a result of
statutory changes and their value will depend on individual circumstances.
Company Overview
F&C Investment Trust PLC (“FCIT” or the “Company”) was founded in 1868 as the first
ever investment trust with the purpose of providing the investor of more moderate
means access to the same opportunities and advantages as the very largest investors.
Our purpose today is essentially unchanged and is to provide a diversified, convenient
and cost effective global investment choice to meet the longer term investment needs
of investors large or small.
Our objective is to achieve 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, combined with the use of gearing.
Our approach is designed to obtain the investment performance benefits from a range
of individually concentrated global and regional portfolios alongside the diversification
benefits of lower risk and lower volatility achieved by managing these portfolios in
combination. Offering a globally diversified portfolio of growth assets, FCIT aims to be a
core investment choice through all available channels.
FCIT continues to evolve, allowing it to keep pace with new investment opportunities
and maintain its relevance in today’s world. 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 at fandcit.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 2020 | 3
Financial Highlights for the half-yearChairman's Statement
Markets and performance
The market shock and extreme volatility triggered
by Covid-19 in March saw global share prices fall
substantially followed by a remarkably sharp
rebound. In amongst the fear and uncertainty
that had developed, investment trust discounts
widened with your Company’s shares moving
from a 1.5% premium to a discount of 7.7% by
the period end. The overall outcome for our total
shareholder return was a decline of 10.0% and a
decline of 0.9% for our Net Asset Value (“NAV”)
total return. Our benchmark, the FTSE All-World
Index, net of withholding tax, managed to achieve
a small gain of 0.4%. Shareholders might well
have been expecting a more severe outcome as
during the market lows the share price had fallen
by as much as 40%, but by the period end had
recovered strongly to 683.0 pence.
The NAV per share closed at 740.27 pence by
comparison with 753.90 pence at the end of 2019.
In aggregate, our investment portfolio delivered a
positive return of 0.7% during the first half of the
year which was ahead of the 0.4% return of our
benchmark. The difference between this and our
NAV total return of minus 0.9% was largely due
to the impact of borrowings, with the repricing of
the fair value of our debt detracting 0.9% from our
returns. Having started the year at 9.9% gearing,
we modestly reduced this as markets recovered
strongly from their lows and ended the period at
8.1%.
Our private equity holdings represented 8.4%
of the portfolio as at 30 June 2020 and posted
positive returns. A feature of these unlisted
holdings is the timing lag in the receipt of
underlying valuation reports. The Board has
scrutinised valuations as at the end of June and
any adjustments in pricing, as a result of economic
disruption going forward, are not expected to be
material to this part of the portfolio.
Buyback policy
Buying back the Company’s shares enhances
shareholder value and helps moderate discount
volatility. The shares were not immune to the
sharp widening of discounts that took place across
the sector during the steep market falls and we
bought back a total of 742,000 shares. We remain
committed to our policy of buying back shares
to enhance shareholder value and in pursuit of a
sustainably low deviation between the share price
and NAV per share.
Income and Dividends
We paid a third interim dividend of 2.9 pence per
share for the year ended 31 December 2019 in
February 2020 and a final dividend of 2.9 pence
in May. These payments were fully covered by
earnings.
Many corporates have been cutting or passing
dividend payments and as a result our net
revenue return per share declined by 29% to
5.74 pence in the first six months of 2020, by
comparison to the equivalent period last year.
While sterling’s weakness helped our income by
the sum of £0.5m, this was down from £1.6m in
the first half of 2019 while special dividends were
lower at £0.7m, down from £2.3m.
We recognise the importance of a steadily rising
income stream for our Shareholders. One of
our strengths is the ability to build revenue and
capital reserves that we can call on in difficult
Our Net Asset Value total return
(1),(2)
was minus 0.9% which
compares with a 0.4% gain from our benchmark, the FTSE All-
World Index
-0.9%
Our share price total return
(1)
was minus 10.0% largely
attributable to the move from a small premium to a discount
of 7.7% in a period of extreme volatility for markets
-10.0%
(1) Total return – return to shareholders calculated on a per share basis by adding dividends paid in the period to the increase or decrease
in the share price or Net Asset Value in the period*
(2) Including debt at market value. Represents the replacement value of debt, assuming repaid and re-negotiated under current market
conditions*
*See full details of the explanation and calculation of Alternative Performance Measures in the Report and Accounts as at 31 December
2019
Our revenue reserve alone exceeds one year’s worth of dividends and
Shareholders can expect an increased dividend for 2020 that will not
only mark 50 consecutive years of increases, but also 152 years of annual
dividend payments. The first interim dividend of 2.9 pence for 2020 will be
paid on 3 August.

4 | F&C Investment Trust PLCInterim Report 2020 | 5
Chairman's Statement (continued)
four weeks, was extraordinary, reflecting both
tremendous uncertainty and the challenge facing
the global economy. Apart from the impact of
Covid-19, separately the collapse of the oil price
and increased tensions between the US and China
added to the volatility.
Markets, however, are forward looking and,
having fallen precipitously and troughing on
the day that Prime Minister Johnson announced
a lockdown in the UK, equities began a sharp
recovery towards the end of March driven by an
expectation that growth was likely to return later
in the year. Markets rallied by over 40% from the
lows with an acceptance of near-term recession
while hopeful that infection rates and fatalities
would diminish, and that policy action would not
only speed the recovery but alleviate some of the
lasting damage from the downturn.
‘Growth’ stocks, such as technology companies,
which tend to be more highly priced on the
expectation of growth in future earnings,
delivered outperformance into the market
downturn as well as through the recovery seen
to date. In contrast, and in general terms, those
companies trading on lower multiples but with
greater sensitivity to short-term fluctuations in the
economy underperformed markedly coming into
the crisis and, unusually, also underperformed
as economic prospects improved. Ahead of the
setback in markets we reduced exposure to higher
yielding value stocks, such as Chevron, as well as
trimming European exposure which reduced our
exposure to, amongst other stocks, Shell. These
moves funded new allocations in our Global
Strategy component.
We entered 2020 with the expectation that the
US economy would further extend a record
long expansion and that equity markets would
continue to be aided by solid growth in corporate
earnings and a supportive policy backdrop. Indeed,
early in the period equity markets reached new
record highs buoyed by an environment of benign
inflation and modest, but robust, growth.
There were some concerns early in the period
that Covid-19 would disrupt the Chinese economy,
but markets quickly adjusted expectations to
the wider reality that we were facing a global
pandemic with profound implications for growth.
Indeed, the actions of governments globally, with
the prospect of rising domestic infection rates,
was to enforce a shutdown of large segments of
the economy leading to a simultaneous shock to
both supply and demand.
While government action to protect the health
of their citizens rapidly created the sharpest and
deepest downturn in the global economy for
generations, policymakers sought to cushion
the blow by enacting huge monetary and fiscal
stimulus. Indeed, the scale of packages unveiled
and the speed of response surpassed those seen
over a decade ago in response to the Global
Financial Crisis. The unprecedented scale of
stimulus, however, was commensurate with the
magnitude of the downturn.
As markets grappled with the severity of the
economic collapse and contemplated the prospect
of widespread corporate failures as a result of the
ensuing recession, share prices fell sharply with
declines of 30-40% in many major indices. The
pace of the sell-off, which occurred in a little over
times to help sustain annual dividend payments
to Shareholders. This is such a time and we are
pleased to report that our revenue reserve alone
exceeds one year’s worth of dividends. This leaves
us with plenty of scope to deliver yet another
increased dividend this year despite the fall in
earnings. Shareholders can therefore expect an
increased dividend for 2020 that will not only
mark 50 consecutive years of increases but also
152 years of annual dividend payments. The first
interim dividend of 2.9 pence for 2020 will be paid
on 3 August.
Outlook
All companies will be reassessing the impact on
their business and the risks and uncertainties
arising from Covid-19 and their status as going
concerns. We outline in this report how we have
assessed your Company’s own standing in the
midst of the pandemic. It remains strong and
well positioned. In recent years we have built up
a substantial revenue reserve and Shareholders
can expect a higher dividend this year despite
the ongoing uncertainty. Importantly, our level
of diversification, closed end capital structure
and low interest costs on fixed rate borrowings
give us a strong advantage as we navigate our
way through the current economic crisis and
market uncertainty. As we have throughout our
long history, please be assured that we remain
watchful to the risks that we all face and the
opportunities that will arise for the longer-term
prosperity of our Shareholders.
Beatrice Hollond
Chairman
24 July 2020
Fund Manager's Review

6 | F&C Investment Trust PLCInterim Report 2020 | 7
Fund Manager's Review (continued)
Our investment portfolio produced a return of
0.7%, which was ahead of the market benchmark
(0.4%) and our North American holdings produced
positive gains of 4.5%. Our US growth manager,
T Rowe Price, delivered exceptional returns of
18.5%, materially extending their outperformance
relative to ‘value’ stocks, where our holdings fell
by 11.6% over the six-month period. Despite the
challenges, a number of our North American
holdings produced strong returns, benefiting from
an acceleration in prevailing trends brought about
by the crisis. Amazon and Microsoft, our two
largest listed holdings, rose by around 50% and
30%, respectively.
Outside the US, Japan was a relatively strong area
for the portfolio in absolute and relative terms
with a gain of 4.0%. Early in the year we decided
to focus our exposure in this area, selecting the
best twenty stocks available, and this strategy
paid off with strong performance from stock
selection. Here, Keyence was a beneficiary of
anticipated rises in automation investment and
posted gains of 17%.
Despite a loss (-2.4%), Europe was an area of
relative strength for the portfolio over the first
half. Here, limited exposure to the banking sector,
which performed poorly, and some strong stock
selection in companies such as Delivery Hero, the
online food delivery platform whose business
models were robust to the effects of pandemic,
helped our relative returns.
Emerging Markets produced disappointing returns
(-8.9%) over the period with banking stocks in
India and Indonesia detracting from returns.
Within our Global Strategies (-3.3%), our Global
Smaller Companies exposure and Global Income
Strategy, which invests into cheaper and higher
yielding stocks, both lagged global market returns.
In contrast, our allocation to a new Sustainable
Opportunities strategy, focusing on high quality
and sustainable business models, produced strong
returns against a challenging backdrop.
Our private equity portfolio posted positive returns
of 7.1%, helped by weakness in sterling over the
period, as the currency fell by more than 6%
against both the US dollar and the Euro.
In aggregate, our investment portfolio delivered a
small positive return of 0.7% during the first half
of the year. The difference between this and our
NAV total return of minus 0.9% was largely due
to the impact of borrowings, with the repricing of
the fair value of our debt detracting 0.9% from our
returns. Having started the year at 9.9% gearing,
we modestly reduced this as markets recovered
strongly from their lows and ended the period at
8.1%.
Current Market Perspective
Having seen one of the sharpest downturns in
history we have now witnessed the fastest and
steepest recovery in equity markets. These events
Contributors to total return
in first half of 2020 (%)
Portfolio return0.7
Management fees(0.2)
Interest and other expenses(0.2)
Buybacks0.0
Change in value of debt(0.9)
Gearing/other(0.3)
Net asset value total return*(0.9)
Decrease in discount(9.1)
Share price total return(10.0)
FTSE All-World total return0.4
*Debt at market value
Source: BMO GAM
Weightings, stock selection and performance in each investment portfolio strategy and
underlying geographic exposure versus index as at 30 June 2020
Investment portfolio
strategy
Our portfolio
strategy
weighting %
Underlying
geographic
exposure*
Benchmark
weighting %
Our strategy
performance
in sterling %
Index
performance
in sterling %
North America44.9%58.0% 58.8%4.5%4.0%
Europe inc UK9.9%21.9%17.7% -2.4%-6.3%
Japan4.6%6.5%7.6%4.0%-0.3%
Emerging Markets8.5%10.8%11.0%-8.9%-3.9%
Developed Pacific2.8%4.9%-4.5%
Global Strategies23.7%-3.3%0.4%
Private Equity8.4%7.1%
*Represents the geographic exposure of the portfolio, including underlying exposures in private equity and fund holdings
Source: BMO GAM
correspond to the deepest recession of modern
times and the largest stimulus packages ever
deployed by governments and central banks
across the world. Over the near-term there
will undoubtedly be testing times in terms
of economic, corporate and Covid-related
newsflow. Longer term, markets are looking
forward to better growth with recent data
suggesting a decent upturn in activity that
should accelerate into 2021.
The recent crisis has fundamentally benefited
many of the large technology related companies
in our portfolio as, in common with prior
recessions, we have seen a rapid acceleration
of many pre-existing corporate and consumer
trends. This will likely be one of the lasting
impacts of Covid-19.
Paul Niven
Fund Manager
24 July 2020

8 | F&C Investment Trust PLCInterim Report 2020 | 9
Twenty Largest Listed Equity Holdings
30 Jun
2020
31 Dec
2019
% of total
investments
Value
£’000s
1(1)
Amazon
3.3144,168
2(2)
Microsoft
2.6115,133
3(3)
Alphabet
1.98 4,191
4(4)
Facebook
1.983,242
5(5)
Apple
1.879,533
6(11)
Mastercard
1.149,665
7(7)
Alibaba
1.044,520
8(55)
Paypal
1.043,788
9(10)
Visa
1.042,637
10(6)
UnitedHealth
0.937, 5 43
30 Jun
2020
31 Dec
2019
% of total
investments
Value
£’000s
11(65)
Servicenow
0.833,239
12(14)
Broadcom
0.731,962
13–
Taiwan Semiconductor Manufacturing Company
0.730,694
14(40)
Tencent
0.730,490
15(25)
SAP
0.628,479
16(118)
Netflix
0.628,14 8
17(141)
Thermo Fisher Scientific
0.626,267
18(45)
Salesforce
0.626,078
19(9)
Dollar General
0.624,873
20(76)
Vertex Pharmaceuticals
0.624,301
The value of the twenty largest listed equity holdings represents 23.0% (31 December 2019: 18.7%) of the Company’s total
investments. The figures in brackets denote the position at the previous year end.
These are the largest listed equity holdings excluding collective investment schemes. If the whole portfolio was considered
then PE Investment Holdings 2018 LP (£132.8m), Inflexion Strategic Partners (£40.0m) and Syncona (£24.9m) would have been
included in the list.

10 | F&C Investment Trust PLCInterim Report 2020 | 11
Unaudited Condensed Income Statement
Notes
Half-year ended 30 June 2020Half-year ended 30 June 2019Year ended 31 December 2019
Revenue
£’000s
Capital
£’000s
Total
£’000s
Revenue
£’000s
Capital
£’000s
Total
£’000s
Revenue
£’000s
Capital
£’000s
Total
£’000s
(Losses)/gains on investments and derivatives–(21,955)(21,955)–482,028482,028–622,989622,989
Exchange gains/(losses)302(8,717)(8,415)444(3,521)(3,077)502,8172,867
3
Income39,815–39,81553,306–53,30689,376–89,376
4
Fees and other expenses(3,681)(6,214)(9,895)(4,190)(6,264)(10,454)(8,220)(12,931)(21,151)
Net return before finance costs and taxation36,436(36,886)(450)49,560472,243521,80381,206612,875694,081
4
Interest payable and similar charges(1,201)(3,602)(4,803)(1,096)(3,289)(4,385)(2,245)(6,736)(8,981)
Net return on ordinary activities before taxation35,235(40,488)(5,253)48,464468,954517,41878,961606,1396 85,10 0
5
Taxation on ordinary activities(4,106)–(4,106)(4,535)–(4,535)(8,024)–(8,024)
6
Net return attributable to shareholders31,129(40,488)(9,359)43,929468,954512,88370,937606,13967 7,076
6
Net return per share – basic (pence)5.74(7.4 6)(1.72)8.0886.3094.3813.06111.61124.67

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.

12 | F&C Investment Trust PLCInterim Report 2020 | 13
Unaudited Condensed Statement of Changes in Equity
NotesHalf-year ended 30 June 2020
Share
capital
£‘000s
Capital
redemption
reserve
£’000s
Capital
reserves
£’000s
Revenue
reserve
£’000s
Total
shareholders'
funds
£‘000s
Balance brought forward 31 December 2019140,455122,3073,735,063111,2244,109,049
Movements during the half-year ended 30 June 2020
11
Shares repurchased by the Company and held in treasury––(4,515)–(4,515)
7
Dividends paid–––(31,461)(31,461)
Return attributable to shareholders––(40,488)31,129(9,359)
Balance carried forward 30 June 2020140,455122,3073,690,060110,8924,063,714
Half–year ended 30 June 2019
Balance brought forward 31 December 2018140,455122,3073,126,949102,2023,491,913
Movements during the half-year ended 30 June 2019
Shares issued by the Company from treasury––9,325–9,325
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
Year ended 31 December 2019
Balance brought forward 31 December 2018140,455122,3073,126,949102,2023,491,913
Movements during the year ended 31 December 2019
Shares issued by the Company from treasury––11,251–11,251
Shares repurchased by the Company––(9,276)–(9,276)
7
Dividends paid –––(61,915)(61,915)
Return attributable to shareholders––606,13970,93767 7,076
Balance carried forward 31 December 2019140,455122,3073,735,063111,2244,109,049

14 | F&C Investment Trust PLCInterim Report 2020 | 15
Unaudited Balance Sheet
Notes
30 June
2020
£’000s
30 June
2019
£’000s
31 December
2019
£’000s
Fixed Assets
8
Investments4,385,8564,254,4124,512,321
Current assets
Debtors14,61412,26020,563
14
Cash and cash equivalents43,78397, 57 228,196
Total current assets58,397109,83248,759
Creditors: amounts falling due within one year
9, 14
Loans––(75,000)
10
Other(12,339)(14,246)(15,861)
Total current liabilities(12,339)(14,246)(90,861)
Net current assets/(liabilities)46,05895,586(42,102)
Total assets less current assets/(liabilities)4,431,9144,349,9984,470,219
Creditors: amounts falling due after more than
one year
9, 14
Loans(367,625)(366,006)(360,595)
9, 14
Debenture(575)(575)(575)
(368,200)(366,581)(361,170)
Net assets4,063,7143,983,4174,109,049
Capital and reserves
11
Share capital140,455140,455140,455
Capital redemption reserve122,307122,307122,307
Capital reserves3,690,0603,604,9313,735,063
Revenue reserve110,892115,724111,224
12
Total shareholders’ funds4,063,7143,983,4174,109,049
12
Net asset value per ordinary share – prior charges
at nominal value (pence)
749.93732.73757. 26
Notes
Half-year ended
30 June
2020
£’000s
Half-year ended
30 June
2019
£’000s
Year ended
31 December
2019
£’000s
13
Cash flows from operating activities before
dividends received and interest paid
(17,094)(14,026)(28,991)
Dividends received39,09652,38490,240
Interest paid(4,849)(5,125)(9,585)
Cash flows from operating activities17,15333,23351,664
Investing activities
Purchases of Investments(1,562,212)(683,510)(1,609,187)
Sales of Investments1,670,481631,9441,437,402
Other capital charges and credits(43)(18)(42)
Cash flows from investing activities108,226(51,584)(171,827)
Cash flows before financing activities125,379(18,351)(120,163)
Financing activities
Equity dividends paid(31,461)(30,407)(61,915)
14
Repayment of loans(75,000)(103,435)(208,884)
14
Drawdown of loans–151,666325,090
Cash flows from share issues1,9319,3259,321
Cash flows from share buybacks for treasury shares(3,877)–(9,276)
Cash flows from financing activities(108,407)27,14954,336
14
Net increase in cash and cash equivalents16,9728,798(65,827)
Cash and cash equivalents at the beginning of the period28,19696,43996,439
14
Effect of movement in foreign exchange(1,385)( 7, 6 65)(2,416)
Cash and cash equivalents at the end of the period43,78397, 57 228,196
Represented by:
Cash at bank17,69 938,04214,727
Short term deposits26,08459,53013,469
Cash and cash equivalents at the end of the period43,78397, 57 228,196
Unaudited Condensed Statement of Cash Flows

16 | F&C Investment Trust PLCInterim Report 2020 | 17
Unaudited Notes to the Condensed Accounts
1. Results
The results for the six months to 30 June 2020 and 30 June 2019 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 2019; 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 2019 are an extract from those accounts.
2. Accounting policies
(a) Basis of preparation
These condensed financial statements have been prepared on a going concern basis in accordance with the
Companies Act 2006, 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
October 2019.
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 2019.
(b) Use of judgements, estimates and assumptions
The presentation of the financial statements in accordance with accounting standards requires the Board to make
judgements, estimates and assumptions that affect the accounting policies and reported amounts of assets,
liabilities, income and expenses. Estimates and judgements are continually evaluated and are based on perceived
risks, historical experience, expectations of plausible future events and other factors. Actual results may differ from
these estimates.
The area requiring the most significant judgement and estimation in the preparation of the financial statements is
accounting for the value of unquoted investments.
The policy for valuation of unquoted securities is set out in note 8 and further information on Board procedures is
contained in the Report of the Audit Committee and note 26(d) of the Report and Accounts as at 31 December 2019.
The fair value of unquoted (Level 3) investments, as disclosed in note 8, represented 7.9% of total investments
at 30 June 2020. Under foreseeable market conditions the collective value of such investments may rise or fall in
the short term by more than 25%, in the opinion of the Directors. A fall of 25% in the value of the unlisted (Level
3) portfolio at the half-year would equate to £86m or 2.0% of net assets and a similar percentage rise should be
construed accordingly.

3. Income
Income comprises
Half-year
ended
30 June
2020
£’000s
Half-year
ended
30 June
2019
£’000s
Year
ended
31 December
2019
£’000s
UK dividends3,9325,1989,415
Overseas dividends35,77547,59279,331
Rebate on management fees6167137
Interest on short-term deposits and withholding tax reclaims102349493
Income39,81553,30689,376
Included within income is £0.7m (30 June 2019: £2.3m; 31 December 2019: £3.7m) of special dividends classified as
revenue in nature.
The value of special dividends treated as capital in nature is £0.0m (30 June 2019: £0.4m; 31 December 2019: £0.4m).
4. Fees and other expenses and interest payable
Half-year
ended
30 June
2020
£’000s
Half-year
ended
30 June
2019
£’000s
Year
ended
31 December
2019
£’000s
Fees and other expenses9,89510,45421,151
Interest payable and similar charges4,8034,3858,981
Total14,69814,83930,132
Fees and other expenses comprise:
Allocated to Revenue Account
Management fees payable directly to the Manager*2,0572,0824,294
Other expenses1,6242,1083,926
3,6814,19 08,220
Allocated to Capital Account
Management fees payable directly to the Manager*6,17 26,24412,882
Other expenses422049
6,2146,26412,931
Interest payable and similar charges comprise:
Allocated to Revenue Account1,2011,0962,245
Allocated to Capital Account3,6023,2896,736

*including reimbursement in respect of services provided by sub-managers.

18 | F&C Investment Trust PLCInterim Report 2020 | 19
The primary related party transaction is with the Manager, BMO Investment Business Limited. The Manager's
remuneration is based on a fee 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 2019. The level of variable fees payable in respect of third party sub-managers and private
equity managers remain unchanged since the year end.
5. Taxation
The taxation charge of £4,106,000 (30 June 2019: £4,535,000 and 31 December 2019: £8,024,000) 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
2020
£’000s
Half-year
ended
30 June
2019
£’000s
Year
ended
31 December
2019
£’000s
Revenue return31,12943,92970,937
Capital return(40,488)468,954606,139
Total return(9,359)512,88367 7,076
Weighted average ordinary shares in issue, excluding treasury
shares (see note 11)
542,406,495543,437,152543,106,069
Half-year
ended
30 June
2020
pence
Half-year
ended
30 June
2019
pence
Year
ended
31 December
2019
pence
Revenue return5.748.0813.06
Capital return(7.4 6)86.30111.61
Total return(1.72)94.38124.67
7. Dividends
Dividends paid
on ordinary sharesRegister DatePayment date
Half-year
ended
30 June
2020
£’000s
Half-year
ended
30 June
2019
£’000s
Year
ended
31 December
2019
£’000s
2018 Third interim of 2.80p4-Jan-20191-Feb -2019–15,18 415,18 4
2018 Final of 2.80p5-A pr-20198-May-2019–15,22315,223
2019 First interim of 2.90p5-Jul-20191-Aug-2019––15,767
2019 Second interim of 2.90p4-Oct-20191-Nov-2019––15,741
2019 Third interim of 2.90p3-Jan-202031-Jan-202015,736––
2019 Final of 2.90p17-Apr-202013-May-202015,725––
31,46130,40761,915

The Directors have declared a first interim dividend in respect of the year ending 31 December 2020 of 2.90p
per share, payable on 3 August 2020 to all shareholders on the register at close of business on 17 July 2020. The
amount of this dividend will be £15,702,000 based on 541,463,452 shares in issue at 16 July 2020. This amount
has not been accrued in the results for the half-year ended 30 June 2020.
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
2020
£’000s
As at 30 June
2019
£’000s
As at 31 December
2019
£’000s
Level 1 4,041,1813,984,2694,186,253
Level 3 344,675270,143326,068
Total valuation of investments4,385,8564,254,4124,512,321

20 | F&C Investment Trust PLCInterim Report 2020 | 21
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 2019 and year ended 31
December 2019: same) and no investments held which are valued in accordance with level 2.
9. Loans and Debentures
30 June
2020
£’000s
30 June
2019
£’000s
31 December
2019
£’000s
Loans falling due within one year––75,000
Loans falling due after more than one year367,62 5366,006360,595
Debenture falling due after more than one year575575575
Comprising:
Sterling denominated loan, falling due within one year––£75m
Sterling denominated loan, falling due after more one year£264m£264m£264m
Euro denominated loan, falling due after more than one year€114m€114m€114m
4.25% perpetual debenture stock£0.575m£0.575m£0.575m
10. Other creditors falling due within one year
30 June
2020
£’000s
30 June
2019
£’000s
31 December
2019
£’000s
Cost of ordinary shares repurchased638297–
Investment creditors8,4547, 3 4 612,349
Management fees payable to the Manager1,9501,9771,983
Foreign exchange contracts–3,18 6–
Other accrued expenses1,2971,4401,529
12,33914,24615,861
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 201919,197,772542,621,244561,819,016140,455
Shares repurchased by the Company and
held in treasury
741,820(741,820)––
Balance at 30 June 202019,939,592541,879,424561,819,016140,455
741,820 shares were repurchased during the period at a cost of £4,515,000. 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
6 months to
30 June 2020
6 months to
30 June 2019
Year ended
31 December 2019
Net asset value per share – pence749.93732.73757. 26
Net assets attributable at end of period – £’000s 4,063,7143,983,4174,109,049
Ordinary shares of 25p in issue at end of period
excluding shares held in treasury – number541,879,424543,638,566542,621,244
Net asset value per share (with debenture stock and long-term loans at market value) at 30 June 2020 was
740.27p (30 June 2019: 730.00p and 31 December 2019: 753.90p). The market value of debenture stock at 30
June 2020 was £429,000 (30 June 2019 and 31 December 2019: £429,000). The market value of the long-term
loans at 30 June 2020 was £420,090,000 (30 June 2019: £380,982,000 and 31 December 2019: £378,969,000)
based on the equivalent benchmark gilts or relevant commercially available current debt.

22 | F&C Investment Trust PLCInterim Report 2020 | 23
13. Reconciliation of net return before taxation to cash flows from operating activities
Half-year
ended
30 June 2020
£’000s
Half-year
ended
30 June 2019
£’000s
Year ended
31 December
2020
£’000s
Net return on ordinary activities before taxation(5,253)517,4186 85,10 0
Adjust for non-cash flow items, dividend income and interest
expense:
Losses/(gains) on Investments21,955(482,028)(622,989)
Exchange losses/(gains)8,4153,077(2,867)
Non-operating expenses of a capital nature422049
Decrease/(increase) in other debtors9(18)(8)
(Decrease)/increase in creditors(219)151(688)
Dividends receivable(39,707)(52,790)(88,746)
Interest payable4,8034,3858,981
Tax on overseas income and Indian Capital Gains Tax( 7,139)(4,241)( 7, 82 3)
(11,841)(531,444)(714,091)
Cash flows from operating activities (before dividends received
and interest paid)(17,094)(14,026)(28,991)
14. Analysis of changes in net debt
Cash
£'000s
Short term
loans
£'000s
Long term
loans
£'000s
Debenture
£'000s
Total
£'000s
Opening net debt as at 31 December 201928,196(75,000)(360,595)(575)(4 07,974)
Cash-flows:
Repayment of bank loans–75,000––75,000
Net movement in cash and cash equivalents16,972–––16,972
Non-cash:
Effect of foreign exchange movements(1,385)–( 7,03 0)–(8,415)
Closing net debt as at 30 June 202043,783–(367,625)(575)(324,417)
15. Going concern
In assessing the going concern basis of accounting the Directors have had regard to the guidance issued by
the Financial Reporting Council. They have also considered the Company’s objective, strategy and policy, the
current cash position of the Company, the availability of the loan facility and compliance with its covenants
and the operational resilience of the Company and its service providers.
The global economy continues to suffer considerable disruption due to the effects of the COVID-19 pandemic
and the Directors have given serious consideration to the consequences for this Company. The Company has
a number of private placement and banking covenants and at present the Company’s financial position does
not suggest that any of these are close to being breached.
The Company experienced a very substantial decrease in its Net Asset Value during a short period of
volatility as a result of the market shock. The Directors have considered the remedial measures that are open
to the Company in the event of a recurrence to the extent that a covenant breach could occur. As at 22 July
2020, the last practicable date before publication of this report, borrowings amounted to £368 million. This is
in comparison to a Net Asset Value of £4,152 million. In accordance with its investment policy the Company is
mainly invested in readily realisable, globally listed securities.
The Company operates within a robust regulatory environment. The Company retains title to all assets held
by the Custodian. Cash is held with banks approved and regularly reviewed by BMO GAM and the Board. The
Directors have noted that home working arrangements have been implemented at BMO GAM and many of
the Company’s key suppliers without any noticeable impact upon service delivery and operations.
Based on this information the Directors believe that the Company has the ability to meet its financial
obligations as they fall due for a period of at least twelve months from the date of approval of these financial
statements. Accordingly, these financial statements have been prepared on a going concern basis.

By order of the Board
BMO Investment Business Limited, Secretary
Exchange House
Primrose Street
London EC2A 2NY
24 July 2020

24 | F&C Investment Trust PLCInterim Report 2020 | 25
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 2019. They include:
• • failure to access the targeted market or meet
investor needs or expectations, including ESG and
climate change in particular, leading to significant
pressure on the share price;
• • unfavourable markets or inappropriate asset
allocation, sector and stock selection, currency
exposure and use of gearing and derivatives may
give rise to investment underperformance as well
as impacting capacity to pay dividends to investors.
Political risk factors could impact performance
as could near term market shocks such as those
experienced in relation to coronavirus (COVID-19);
• • failure of BMO GAM to continue to operate
effectively through loss of key staff, inadequate
investment and support capability, systems or
resource; and
• • errors, fraud or control failures at service providers,
or loss of data through business continuity failure or
cyber-threats could damage reputation or investors'
interests or result in loss while cyber risks remain
heightened.
Since the beginning of 2020 the global economy has
suffered considerable disruption due to the effects of
the COVID-19 pandemic. The Directors have reviewed
the key risk register for the Company which
identifies the risks that the Company is exposed to,
the controls in place and the actions being taken to
mitigate them.
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;
• • the Directors’ Statement of Principal Risks and
Uncertainties shown on the previous page 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
Beatrice Hollond
Chairman
24 July 2020
The Board considers that with the spread of the
pandemic the threat from the principal risks has
increased and have considered this in relation to
going concern, see page 23.

It is noted that:
• • While the Company's shares are currently trading at
a wider discount than at the beginning of the period,
there has been a significant recovery in the share
price indicating that the strategy of the Company
remains in investor demand and continues to meet
expectations.
• • Performance has been robust during a period
of extreme volatility and a strong recovery in
markets while the intention is to once again pay
an increased dividend for the year, as is referenced
within the Chairman's Statement.
• • In addition, the Board had sought and received
assurance on the robustness of the home working
arrangements implemented by BMO GAM and
underlying suppliers. The implementation and
operation of their business continuity arrangements,
with strong lines of defence in the mitigation
of cyber risk, has been without incident or any
noticeable impact upon service delivery.
Directors’ Statement of Principal Risks
Directors’ Statement of Responsibilities
in Respect of the Half-Yearly Financial Report

26 | F&C Investment Trust PLCInterim Report 2020 | 27
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 2020/21 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 £9,000 for the
2020/21 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 £9,000 for the tax year 2020/21 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
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
0345 600 3030, 9.00am – 5.00pm, weekdays, calls may be recorded or monitored for training and quality purposes.
BMO Asset Management Limited is authorised and regulated by the Financial Conduct Authority and is a member of BMO Global Asset Management
EMEA of which the ultimate parent company is the Bank of Montreal. 737510_G19-1804_L56_04/20_UK
You can also invest in the trust through online dealing platforms for private investors that offer share dealing and ISAs.
Companies include: Barclays Stockbrokers, EQi, Halifax, Hargreaves Lansdown, HSBC, Interactive Investor, LLoyds Bank,
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.

28 | F&C Investment Trust PLC
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.