Aberdeen Standard Unit Trust I

Annual Long Report For the year ended 31 October 2020 02 Aberdeen Standard Unit Trust I

Contents

Report of the Authorised Fund Manager 03 Statement of the Authorised Fund Manager’s Responsibilities 06 Authorised Fund Manager’s Statement 06 Statement of Trustee’s responsibilities and report of the Trustee to the unitholders of Aberdeen Standard Unit Trust I 07 Independent auditor’s report to the unitholders of Aberdeen Standard Unit Trust I 08 Notes to the financial statements of Aberdeen Standard Unit Trust I 10 ASI Diversified Growth Fund 15 ASI Diversified-Core Adventurous Fund (closed) 69 ASI Diversified-Core Cautious Fund (closed) 86 ASI Diversified-Core Conservative Fund (closed) 101 ASI Diversified-Core Growth Fund 115 ASI Multi-Manager Balanced Managed Portfolio 162 ASI Multi-Manager Cautious Managed Portfolio 181 ASI Multi-Manager Equity Managed Portfolio 202 ASI Multi-Manager Ethical Portfolio 221 ASI Multi-Manager Multi-Asset Distribution Portfolio 239 Remuneration (unaudited) 261 Further Information 266 Aberdeen Standard Unit Trust I 03

Report of the Authorised Fund Manager

Aberdeen Standard Unit Trust I (the “Trust”) is an authorised unit trust scheme which is structured as an umbrella scheme under the Financial Services and Markets Act 2000 (“the Act”). The effective date of the authorisation order made by the Financial Conduct Authority (the “FCA”) was 5 July 2001. The Trust’s FCA Product Reference Number (“PRN”) is 195716. The Trust was established by Trust Deed entered into on 3 July 2001. The Trust consists of a number of funds, each of which would be categorised as non-UCITS retail scheme if it were each subject of a separate authorisation by the FCA. Appointments Authorised Fund Manager Aberdeen Standard Fund Managers Limited Registered office Correspondence address Bow Bells House PO Box 12233 1 Bread Street Chelmsford London Essex EC4M 9HH CM99 2EE Investment Adviser Aberdeen Asset Managers Limited Registered office Correspondence address 10 Queen’s Terrace Bow Bells House Aberdeen 1 Bread Street AB10 1XL London EC4M 9HH Trustee and Depositary Citibank Europe plc, acting through its UK Branch Registered office UK Branch Office 1 North Wall Quay Citigroup Centre Dublin Canada Square Ireland Canary Wharf London E14 5LB Registrar SS&C Financial Services Europe Limited SS&C House St Nicholas Lane Basildon Essex SS15 5FS Independent auditor KPMG LLP St Vincent Plaza 319 St Vincent Street Glasgow G2 5AS Note: The Authorised Fund Manager and Aberdeen Asset Managers Limited are wholly owned subsidiaries of Standard Life Aberdeen PLC, and are accordingly associates. The Investment Advisers have the authority of the Authorised Fund Manager to make decisions on its behalf in all aspects of the investment management of the investments and other property of the Trust. The main terms of the agreement with each investment adviser are that it should have the authority of the Authorised Fund Manager to make decisions on its behalf in all aspects of the investment management of the investments and other property of the Trust, including the Trust’s powers to enter into hedging transactions relating to efficient portfolio management. The adviser’s powers extend to all of the property of the Trust except any part which the Authorised Fund Manager excludes from the adviser’s powers. The adviser is to report details of each transaction to the Authorised Fund Manager and to confer with the Authorised Fund Manager when required by it. The Authorised Fund Manager will notify the adviser of additional cash available for the investment. 04 Aberdeen Standard Unit Trust I

The Authorised Fund Manager of Aberdeen Standard Unit Trust I is Aberdeen Standard Fund Managers Limited, a private company limited by shares which was incorporated in England and Wales on 7 November 1962. Its ultimate holding company is Standard Life Aberdeen plc, which is incorporated in Scotland. Each fund has an individual investment objective and policy and each differs in regard to the extent to which they concentrate on achieving income or capital growth. There may be funds added to the umbrella of Aberdeen Standard Unit Trust I (with consent of the FCA and the Trustee) in the future. The funds are valued on a mid-price basis and dealt at a single price regardless of whether a purchase or sale is being affected. The daily price for each fund appears on the Aberdeen Standard Investments website at aberdeenstandard.com. The funds are segregated portfolios of assets and, accordingly, the assets of a fund belong exclusively to that fund and shall not be used to discharge directly or indirectly the liabilities of, or claims against, any other person or body, including the Trust, or any other fund, and shall not be available for any such purpose. Unitholders are not liable for the debts of Aberdeen Standard Unit Trust I. All fees charged by the Investment Adviser will be borne by the Authorised Fund Manager. Financial details and fund managers’ reviews of the individual funds for the year ended 31 October 2020 are given in the following pages of this report. Where performance comparisons are made, the unit valuations used are at close of business of the final day of the year under review. Cross holding information There were no cross holdings between funds in Aberdeen Standard Unit Trust I as at 31 October 2020 (2019: nil). Developments and Prospectus updates since 1 November 2019 • On 16 March 2020 a specific risk was added to ASI Diversified-Core Growth Fund in relation to the use of Bond Connect for accessing the Chinese Bond market. This change does not impact the risk profile of the fund.

• On 31 March 2020 the Transfer Agent of the fund changed it’s name from DST Financial Services Europe Limited to SS&C Financial Services Europe Limited and updated it’s mailing address as a result of this. There was no impact to the fund as a result of this change.

• On 22 May 2020 additional specific “equity risk” warnings were added to the prospectus in relation to ASI Diversified-Core Growth Fund and ASI Diversified Growth Fund.

• On 22 May 2020 ASI Diversified-Core Adventurous Fund, ASI Diversified-Core Cautious Fund and ASI Diversified-Core Conservative Fund were closed.

• On 31 August 2020, minor amendments were made to the suspension of dealing wording to recognise the requirements of the Financial Conduct Authorities (FCA’s) Policy Statement in relation to Inherently Illiquid Assets.

• The list of funds managed by the Manager was updated, where appropriate;

• Performance and dilution figures were refreshed, where appropriate;

• The list of eligible markets was refreshed, where appropriate;

• The list of sub-custodians was refreshed, where appropriate.

Significant Events Investors will be aware of the COVID-19 outbreak and that the outlook for many capital markets has been volatile since 31 October 2020, the year end of Aberdeen Standard Unit Trust I. Whilst the impact of COVID-19 was reflected in fund operations and global markets at year end, the continued efforts to mitigate the pandemic through global lockdowns and government interventions have resulted in prolonged market uncertainty. As a result, the NAVs of certain funds have fluctuated since the year-end. The subsequent events note within the funds financial statements provides a quantification of this fluctuation in NAV. The Management Company has delegated various tasks to Aberdeen Standard Investments Investor Protection Committee (IPC). The IPC is responsible for ensuring the fair treatment of investors. The IPC undertakes daily reviews of the following: • Market liquidity across each asset class and fund

• Asset class bid-offer spread monitoring

• Review of fund level dilution rate appropriateness

• Review of daily subscriptions / redemptions to anticipate any potential concerns to meet redemption proceeds

• Any requirement to gate or defer redemptions

• Any requirement to suspend a fund(s)

• Any fair value price adjustments at a fund level Aberdeen Standard Unit Trust I 05

The Management Company has also evaluated, and will continue to evaluate, the operational resilience of all service providers. As at 22 February 2021, no Aberdeen Standard Unit Trust I funds have been suspended and based on the Manager’s assessment of the factors noted above, has adequate financial resources to continue in operation. Assessment of Value In 2017 the Financial Conduct Authority (FCA) published the final Asset Management Market Study. This introduced (among other reforms) new governance rules with the aim of enhancing duty of care and ensuring the industry acts in investors’ best interests. The rules were outlined in the FCA policy statement PS18/8 and came into effect from 30 September 2019. As a result, Aberdeen Standard Fund Managers Limited is required to perform a detailed assessment on whether our funds are “providing value to investors”. The resulting findings will be published within 4 months of the fund year end date and can be found on the ‘Fund Centre’ pages of our website. Investment review Globally, stock markets rose over the past 12 months, but with considerable divergence by country. While US and Chinese stocks performed well, markets in many other countries recorded sharp falls. Shares in the UK and Latin America, in particular, fared badly. In late 2019, political and economic issues weighed heavily on markets. Covid-19 was the dominant factor in 2020, negatively affecting markets in the first quarter. However, markets have broadly been recovering since April. In bond markets, returns were positive over the period, largely fuelled by falling government bond yields across developed markets. Investment-grade issues saw solid returns, while the high-yield sector was more turbulent. Covid-19 hit economies and companies in 2020, leading to fears over the creditworthiness of the high-yield sector. Interest-rate cuts and stimulus measures to combat economic weakness as a result of the pandemic were also prevalent. The US Federal Reserve reduced the main rate three times, with the final cut taking the main US rate to near zero. This was a level last seen in the aftermath of the 2008 global financial crisis. The European Central Bank announced a stimulus plan worth €1.35 trillion to counter the economic effects of coronavirus and, in October, signalled a strong possibility of further stimulus. The first quarter of 2020 was a torrid time for share prices around the world. Concerns about the virus dominated investor sentiment. Investors sold stocks in favour of assets that they considered to be less risky, such as government bonds. But decisive action by governments and central banks to limit economic damage supported investor sentiment and markets began to recover in April. Technology stocks have been strong performers globally, especially in the US. The oil-price collapse in March negatively affected energy companies, which have not yet recovered. The recovery stalled in September and October, reversing some recent gains. 06 Aberdeen Standard Unit Trust I

Statement of the Authorised Fund Manager’s Responsibilities

The Collective Investment Schemes sourcebook published by the FCA, (“the COLL Rules”) require the Authorised Fund Manager to prepare financial statements for each annual accounting period which give a true and fair view of the financial position of the Trust and of the net income and net gains on the property of the Trust for the period. In preparing the financial statements the Authorised Fund Manager is responsible for: • selecting suitable accounting policies and then apply them consistently;

• making judgements and estimates that are reasonable and prudent;

• following UK accounting standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland;

• complying with the disclosure requirements of the Statement of Recommended Practice for UK Authorised Funds issued by the Investment Management Association in May 2014;

• keeping proper accounting records which enable it to demonstrate that the financial statements as prepared comply with the above requirements;

• assessing the Trust and its funds’ ability to continue as a going concern, disclosing, as applicable, matters related to going concern;

• using the going concern basis of accounting unless they either intend to liquidate the Trust or its funds or to cease operations, or have no realistic alternative but to do so (as explained in note 1(a), the directors do not believe that it is appropriate to prepare the financial statements of ASI Diversified-Core Adventurous Fund, ASI Diversified-Core Cautious Fund and ASI Diversified-Core Conservative Fund on a going concern basis);

• such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; and

• taking reasonable steps for the prevention and detection of fraud and irregularities.

The Authorised Fund Manager is responsible for the management of the Trust in accordance with its Instrument of Incorporation, the Prospectus and the COLL Rules.

Authorised Fund Manager’s Statement

In accordance with the requirements of the COLL sourcebook as issued and amended by the Financial Conduct Authority, we hereby certify the report on behalf of Aberdeen Standard Fund Managers Limited, the Authorised Fund Manager.

Gary Marshall Aron Mitchell Director Director Aberdeen Standard Fund Managers Limited Aberdeen Standard Fund Managers Limited 22 February 2021 22 February 2021 Aberdeen Standard Unit Trust I 07

Statement of Trustee’s responsibilities and report of the Trustee to the unitholders of Aberdeen Standard Unit Trust I

The Trustee is responsible for the safekeeping of all property of the Trust which is entrusted to it and ensuring proper registration of tangible moveable property, and for the collection of income arising from all such scheme property. It is the duty of the Trustee to take reasonable care to ensure that the Trust is managed and operated in accordance with the Financial Conduct Authority’s Collective Investment Schemes Sourcebook (“the Sourcebook”), the Financial Services and Markets Act 2000, as amended, and the Trust Deed and the Prospectus of the Trust, concerning: the pricing of and dealing in Trust Units; the application of income of the scheme; and the Trust investment portfolio and borrowing activities. Having carried out procedures and enquiries considered duly necessary to discharge our responsibilities as Trustee of the scheme, based on information and explanations provided to us, we believe that, in all material respects, the Manager: (i) has carried out the issue, sale, redemption and cancellation, and calculation of the price of the scheme’s units and the application of the scheme’s income in accordance with the Sourcebook, the Trust Deed and Prospectus; (ii) has, observed the investment and borrowing powers and restrictions applicable to the scheme; and (iii) has, otherwise, ensured the proper operation of the Trust.

Citibank Europe plc UK Branch, London 22 February 2021 08 Aberdeen Standard Unit Trust I

Independent auditor’s report to the unitholders of Aberdeen Standard Unit Trust I

Opinion We have audited the financial statements of the Trust for the year ended 31 October 2020 which comprise the Statements of Total Return, the Statements of Changes in Net Assets Attributable to Unitholders, the Balance Sheets, the Related Notes and Distribution Tables for each of the Trust’s sub-funds listed on page 2 and the accounting policies set out on pages 10 to 12. In our opinion the financial statements: • give a true and fair view, in accordance with UK accounting standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, of the financial position of each of the sub-funds as at 31 October 2020 and of the net revenue and the net capital gains/net capital losses on the property of each of the sub-funds for the year then ended; and

• have been properly prepared in accordance with the Trust Deed, the Statement of Recommended Practice relating to Authorised Funds, and the COLL Rules.

Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities are described below. We have fulfilled our ethical responsibilities under, and are independent of the Trust in accordance with, UK ethical requirements including the FRC Ethical Standard. We have received all the information and explanations which we consider necessary for the purposes of our audit and we believe that the audit evidence we have obtained is a sufficient and appropriate basis for our opinion. Emphasis of matter – non going concern basis of preparation In respect of ASI Diversified-Core Adventurous Fund, ASI Diversified-Core Cautious Fund and ASI Diversified-Core Conservative Fund we draw attention to the disclosure made in accounting policy (a) “Basis of preparation” to the financial statements which explains that the financial statements of the sub-funds have not been prepared on going concern basis for the reason set out in that note. Our opinion is not modified in respect of this matter. Going concern The Manager has prepared the financial statements on the going concern basis as they do not intend to liquidate the Trust or its sub-funds or to cease their operations, and as they have concluded that the Trust and its sub-funds’ financial position means that this is realistic except for ASI Diversified-Core Adventurous Fund, ASI Diversified-Core Cautious Fund and ASI Diversified-Core Conservative Fund. They have also concluded that there are no material uncertainties in the remaining sub-funds that could have cast significant doubt over their ability to continue as a going concern for at least a year from the date of approval of the financial statements (“the going concern period”). We are required to report to you if we have concluded that the use of the going concern basis of accounting is inappropriate or there is an undisclosed material uncertainty that may cast significant doubt over the use of that basis for a period of at least a year from the date of approval of the financial statements. In our evaluation of the Manager’s conclusions, we considered the inherent risks to the Trust’s and its sub-funds’ business model and analysed how those risks might affect the Trust’s and its sub-funds’ financial resources or ability to continue operations over the going concern period. We have nothing to report in these respects for the Trust and its sub-funds except for ASI Diversified-Core Adventurous Fund, ASI Diversified-Core Cautious Fund and ASI Diversified-Core Conservative Fund. However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the absence of reference to a material uncertainty in this auditor’s report is not a guarantee that the Trust or its sub-funds will continue in operation. Other information The Manager is responsible for the other information presented in the Annual Report together with the financial statements. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except as explicitly stated below, any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether, based on our financial statements audit work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge. Based solely on that work: • we have not identified material misstatements in the other information; and

• in our opinion the information given in the Manager’s Report is consistent with the financial statements. Aberdeen Standard Unit Trust I 09

Matters on which we are required to report by exception We have nothing to report in respect of the following matters where under the COLL Rules we are required to report to you if, in our opinion: • proper accounting records for the Trust have not been kept; or

• the financial statements are not in agreement with the accounting records.

Manager’s (Aberdeen Standard Fund Managers Limited) responsibilities As explained more fully in their statement set out on page 6 the Manager is responsible for: the preparation of financial statements which give a true and fair view; such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; assessing the Trust and its sub-funds’ ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and using the going concern basis of accounting unless they either intend to liquidate the Trust or its sub-funds or to cease operations, or have no realistic alternative but to do so. As explained in accounting policy (a), the Manager does not believe that it is appropriate to prepare the financial statements of the following sub-funds on a going concern basis: • ASI Diversified-Core Adventurous Fund

• ASI Diversified-Core Cautious Fund

• ASI Diversified-Core Conservative Fund

Auditor’s responsibilities 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 our opinion in an auditor’s report. Reasonable assurance is a high level of assurance, but does not 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements. A fuller description of our responsibilities is provided on the FRC’s website at www.frc.org.uk/auditorsresponsibilities. The purpose of our audit work and to whom we owe our responsibilities This report is made solely to the Trust’s unitholders, as a body, in accordance with Rule 4.5.12 of the Collective Investment Schemes sourcebook (‘the COLL Rules’) issued by the Financial Conduct Authority under the Open-Ended Investment Companies Regulations 2001. Our audit work has been undertaken so that we might state to the Trust’s unitholders 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 Trust and the Trust’s unitholders as a body, for our audit work, for this report, or for the opinions we have formed.

Grant Archer for and on behalf of KPMG LLP Statutory Auditor Chartered Accountants St Vincent Plaza 319 St Vincent Street Glasgow G2 5AS 22 February 2021 10 Aberdeen Standard Unit Trust I

Notes to the financial statements of Aberdeen Standard Unit Trust I

For the year ended 31 October 2020 1. Accounting Policies for all Funds a. Basis of preparation The financial statements for each of the funds have been prepared under the historical cost basis, as modified by the revaluation of investments, and in accordance with the Statement of Recommended Practice (SORP) for Financial Statements of Authorised Funds issued by the Investment Management Association in May 2014 (IMA SORP 2014), Financial Reporting Standard (FRS) 102 and United Kingdom Generally Accepted Accounting Practice. The financial statements have been prepared on a going concern basis, with the exception of the ASI Diversified-Core Adventurous Fund, ASI Diversified-Core Cautious Fund and ASI Diversified-Core Conservative Fund which have been prepared on a break up basis. The Manager has considered the impact of the emergence and spread of COVID-19 and potential implications on future operations of the funds of reasonably plausible downside scenarios. The Manager has undertaken a detailed assessment, and continues to monitor, the funds’ ability to meet its liabilities as they fall due, including liquidity, declines in global capital markets and investor redemption levels. Based on this assessment, the funds continue to be open for trading and the Manager is satisfied the funds have adequate financial resources to continue in operation and accordingly it is appropriate to adopt the going concern basis in preparing the financial statements. b. Valuation of investments Listed investments have been valued at fair value as at the close of business on 31 October 2020. The SORP defines fair value as the market value of each security, in an active market, this is generally the quoted bid price. Unlisted, unapproved, illiquid or suspended securities are valued at the Managers’ best estimate of the amount that would be received from an immediate transfer at arm’s length. The Manager has appointed a FVP committee to review valuations. Collective Investment Schemes are valued by reference to their net asset value. Dual priced funds have been valued at the bid price. Single priced funds have been valued using the single price Any open positions in derivative contracts or forward foreign currency transactions at the year-end are included in the Balance Sheet at their mark to market value. c. Foreign Exchange Assets and liabilities denominated in foreign currencies are translated into Sterling at the prevailing exchange rates as at the close of business on the reporting date. Foreign currency transactions are translated at the rates of exchange ruling on the date of such transactions. Exchange differences on such transactions follow the same treatment as the principal amounts. d. Dilution In certain circumstances (as detailed in the Prospectus) the Manager may apply a dilution adjustment on the issue or cancellation of units, which is applied to the capital of the fund on an accruals basis. The adjustment is intended to protect existing investors from the costs of buying or selling underlying investments as a result of large inflows or outflows from the fund. e. Revenue Overseas dividends are grossed up at the appropriate rate of withholding tax and the tax consequences are shown within the tax charge. Revenue from collective investment schemes is recognised when the investments are quoted ex dividend. Accumulation distributions from shares held in collective investment schemes are reflected as revenue and form part of the distribution. Equalisation received from distributions or accumulations on units or shares in underlying investments is treated as capital and deducted from the cost of the investment. Revenue from offshore Funds is recognised when income is reported by the offshore fund operator. Interest on bank deposits is recognised on an accruals basis. Interest from short-term deposits is recognised on an accruals basis. Interest on debt securities is recognised on an accruals basis. Aberdeen Standard Unit Trust I 11

Interest from debt securities is recognised as revenue using the effective interest method. The purchase price of the asset, the yield expectation and scheduling of payments, are all part of this calculation. Callable bonds are calculated on a yield to worst expectation generally, which may not match other calculations. Convertible bonds are excluded from a true effective interest calculation owing to the unavailability of option values for the conversion rate. Stock dividends are recognised as revenue when they are quoted ex dividend. In the case of enhanced stock dividends, the value of the enhancement is recognised as capital. Special dividends may be treated as repayments of capital or as revenue dependent on the facts of the particular case. Where receipt of a special dividend results in a significant reduction in the capital value of the holding, then the special dividend will be recognised as capital so as to ensure that the matching principle is applied to gains and losses. Otherwise, the special dividends are recognised as revenue. Underwriting commission is taken to revenue and recognised when the issue takes place, except where the fund is required to take up all or some of the shares underwritten in which case an appropriate proportion of the commission received is deducted from the cost of the relevant shares. Distributions from Brazilian corporations may take the form of interest on capital as an alternative to making dividend distributions. Interest on capital distributions are recognised on an accruals basis. Management fee rebates from collective investment schemes are recognised as revenue or capital on a consistent basis to how the underlying scheme accounts for the management fee. Where such rebates are revenue in nature, the income forms part of the distribution. For dividends received from US Real Estate Investment Trusts (“REITs”), on receipt of the capital/revenue split from the REITs, the allocation of the dividend is adjusted within the financial statements. f. Expenses All expenses other than those relating to the purchase and sale of investments are charged against revenue on an accruals basis in the Statement of Total Return. Where a fund has an objective of maximising income returned to investors the expenses may be deducted from capital in line with the distribution policy. Details of any deduction from capital for distribution purposes would be disclosed in the distribution notes of the relevant fund. Expenses relating to the purchases of investments are charged to the cost of investment and expenses relating to the sales of investments are deducted from the proceeds on sales. g. Taxation Provision is made for corporation tax at the current rate on the excess of taxable income over allowable expenses. UK dividends are disclosed net of any related tax credit. Overseas dividends are disclosed gross of any foreign tax suffered and the tax element is separately disclosed in the taxation note. The tax accounting treatment follows that of the principal amount, with charges or reliefs allocated using the marginal basis regardless of any alternative treatment that may be permitted in determining the distribution. Any windfall overseas tax reclaims received are netted off against irrecoverable overseas tax and therefore the irrecoverable overseas tax line in the taxation note may be negative. Deferred taxation is provided on all timing differences that have originated but not reversed by the balance sheet date other than those differences regarded as permanent. Any liability to deferred tax is provided at the average rate of tax expected to apply. Deferred tax assets and liabilities are not discounted to reflect the time value of money. Deferred tax assets are only recognised to the extent that it is regarded more likely than not that there will be taxable profits against which the reversal of underlying timing differences can be offset. h. Distributions All of the net revenue available for distribution at the year end will be distributed. Where a fund has accumulation unitholders, this will be reinvested. Where a fund has income unitholders, this will be paid. Where the Manager has discretion about the extent to which revenue and expenses are recognised within the distributable income property of the fund, the approach adopted, at all times, will be governed by the aim of maximising the total return to unitholders through limiting avoidable taxation costs. Further details with regards to the distribution policy and deductions from capital can be found in the fund distribution note where it applies. 12 Aberdeen Standard Unit Trust I

Gains and losses on non-derivative investments and currencies, whether realised or unrealised, are taken to capital and are not available for distribution. Cash flows associated with derivative transactions are allocated between the revenue and capital property of the funds according to the motives and circumstances of the particular derivative strategy. The investment manager articulates the motives and circumstances underlying the derivative strategy and the Manager assesses these in association with financial reporting constraints enshrined within the SORP to allocate the cash flows accordingly. i. Equalisation Equalisation appears within the fund’s reports as part of the distribution. This represents the net revenue in the funds unit price attached to the issue and cancellation of units. It will form part of any distributions at the period end attributable to unitholders. j. Derivatives Funds with strategies that permit it, can make use of derivatives. Derivatives can be used to reduce risk or cost, or to generate additional capital or income consistent with the risk profile of the fund (often referred to as “Efficient Portfolio Management”). Some strategies may permit use of derivatives with a higher or lower frequency or for investment purposes. The accounting for each derivative is applied consistently in line with the derivative type; the valuation policy and market convention. Market convention for derivatives is often based on total return; however where a Fund strategy or derivative type is defined with revenue in mind the accounting treatment can have a revenue element, forming part of the distribution, highlighted in the distribution policy. The Statement of Total Return captures all realised and unrealised gains regardless of nature. The Portfolio Statement will show the individual derivative contracts as net position in line with the valuation policy. There are three broad transaction types: derivatives create a future asset or liability recognised as unrealised profit or loss until the date of maturity where cash is exchanged; swaps realise amounts of profit or loss in line with an agreed schedule until maturity; options recognise a premium paid or received, with the right or obligation to buy “call” or sell “put” an asset, exercised when the option owner is in the money. These transaction types break into three broad strategies. Funds with strategies spanning multiple currencies can make use of the following transactions in line with their policy: forward currency exchange contracts (a derivative of the exchange rate); cross currency swaps; currency options and other currency derivatives. These transactions relate to the future expectations of foreign exchange rates. The future expectation is based on the current interest rates projected to a forward date. Currency derivatives exchange one currency for another currency at a future date. Funds with strategies in debt instruments (bonds) can make use of the following transactions in line with their policy: bond future contracts (a derivative of the bond market or asset); credit default swaps; interest rate swaps; overnight index swaps; inflation swaps; interest rate options; swaptions; total return bond swaps and other bond related derivatives. These transactions relate to the future expectations on debt assets. The future expectations can be based on a an individual asset or a market. Bond derivatives can relate to the future credit expectations; interest rate expectations; inflation expectations or a combination of these. Funds with strategies in equity instruments (shares) can make use of the following transactions in line with their policy: equity future contracts (a derivative of the equity market or asset); variance swaps (differences in volatility between two assets); equity options; total return equity swaps and other equity related derivatives. These transactions relate to the future expectations on equity assets. The future expectations can be based on a an individual asset or a market. Equity derivatives relate to the future expectations in equity markets. Equity markets are subject to the variables found in bond markets, however there is not an explicit relationship to derive a price. k. Collateral and margin Funds undertaking derivative transactions, stock lending or (reverse) repurchase and sale transactions exchange investment assets based on legal agreements. In line with collective investment scheme rules and ASI policy collateral or margin must be exchanged to limit the exposure to investors should an agreement fail. Collateral is exchanged at an agreement level on a net basis following ASI policy at a counterparty level within a fund. Collateral is monitored and where required exchanged daily, it is recognised on a receipts basis in the report and accounts, which may be subject to timing differences. Collateral is bilateral in nature exchanged between the two counterparties in a transaction. Margin is similar to collateral limiting the risk for investors. The main difference is the exchange of initial margin, required before a contract is opened. Once opened the exchange of variation margin is monitored and where required exchanged daily. It is also recognised on a receipts basis. Both collateral and margin do not affect the valuation of the asset they are protecting or the fund unless re-hypothecated (used to buy) into another investment asset. All funds do not re-hypothecate but may use liquidity collective investments to manage cash effectively. 2. Risk management policies Generic risks that the Aberdeen Standard Investments (ASI) range are exposed to and the risk management techniques employed are disclosed below. Numerical disclosures and specific risks, where relevant, are disclosed within the financial statements. The Financial Conduct Authority (FCA) Collective Investment Schemes Sourcebook (COLL) and FCA Funds Sourcebook (FUND) rules require the Management Company to establish, implement and maintain an adequate and documented Risk Management Process (RMP) for identifying the risks they manage, or might be, exposed to. The RMP must comprise of such procedures as are necessary to enable ASI to assess the exposure of each fund it manages to market risk, liquidity risk, counterparty risk, operational risk and all other risks that might be material. Aberdeen Standard Unit Trust I 13

ASI functionally and hierarchically separates the functions of risk management from the operating units and portfolio management functions, to ensure independence and avoid any potential or actual conflicts of interest. The risk management function has the necessary authority, access to all relevant information, staff and regular contact with senior management and the Board of Directors of the Company. The management of investment risk within ASI is organised across distinct functions, aligned to the well-established ‘three lines of defence’ model. 1. Risk ownership, management and control. 2. Oversight of risk, compliance and conduct frameworks. 3. Independent assurance, challenge and advice. The risk management process involves monitoring funds on a regular and systematic basis to identify, measure and monitor risk and where necessary escalate appropriately, including to the relevant Board, any concerns and proposed mitigating actions. The risk team, in line with client expectations and the investment process, develops the risk profiles for the funds in order to set appropriate risk limits. Regulatory limits as well as those agreed, are strictly enforced to ensure that ASI does not inadvertently (or deliberately) breach them and add additional risk exposure. In addition, there is an early warnings system of potential changes in the portfolio risk monitoring triggers. Where possible, these are coded into the front office dealing system, in a pre-trade capacity, preventing exposures or breaching limits before the trade is actually executed. Risk Definitions & Risk Management Processes i) Market Risk is the risk that economic, market or idiosyncratic events cause a change in the market value of Client assets. Market Risk can be broadly separated into two types: (1) Systematic risk stems from any factor that causes a change in the valuation of groups of assets. These factors may emerge from a number of sources, including but not limited to economic conditions, political events or actions, the actions of central banks or policy makers, industry events or, indeed, investor behaviour and risk appetite. (2) Specific or Idiosyncratic Risk, which is the part of risk directly associated with a particular asset, outside the realms of, and not captured by Systematic Risk. In other words, it is the component of risk that is peculiar to a specific asset, and may manifest itself in various guises, for example: corporate actions, fraud or bankruptcy. Portfolios are subject to many sub-categories of market risk. Many of these risks are interlinked and not mutually exclusive. Examples of these types of investment risk include: Country risk; Sector risk; Asset-class risk; Inflation/deflation risk; Interest rate risk; Currency risk; Derivatives risk; Concentration risk; and Default risk. Factors that cause changes in market risks include: future perceived prospects (i.e. changes in perception regarding the future economic position of countries, companies, sectors, etc.); shifts in demand and supply of products and services; political turmoil, changes in interest rate/inflation/taxation policies; major natural disasters; recessions; and terrorist attacks. There are several ways in which to review and measure investment risk. The risk team recognises that each method is different and has its own unique insights and limits, and applies the following measurements for each Fund, where relevant: • Leverage: has the effect of gearing a Fund’s expected performance by allowing it to gain greater exposure to underlying investment opportunities (gains and losses). The higher the leverage the greater the risk (potential loss).

• Value-at-Risk (VaR) and Conditional VaR (CVaR): VaR measures with a degree of confidence the maximum the Fund could expect to lose in any given time frame. Assuming a normal (Gaussian) distribution, this is a function of the volatility of the Fund’s returns. The higher the volatility, the higher the VaR, the greater the risk. CVaR calculates the expected tail loss, under the assumption that the VaR has been reached.

• Volatility, Tracking Error (TE): Volatility measures the size of variation in returns that a Fund is likely to expect. The higher the volatility the higher the risk. TE measures the expected magnitude of divergence of returns between the Fund and benchmark over a given time.

• Risk Decomposition: Volatility, tracking error and VaR may be broken down to show contribution from market related factors (“Systematic” Risk) and instrument specific (Idiosyncratic Risk). This is not a different measure as such, but is intended to highlight the sources of volatility and VaR.

• Concentration Risk: By grouping the portfolio into various different exposures (e.g. country, sector, issuer, asset, etc.), we are able to see where, if any, concentration risk exists.

• Stress Tests and Scenario Analysis: This captures how much the current portfolio will make or lose if certain market conditions occur.

• Back Testing: This process helps to assess the adequacy of the VaR model and is carried out in line with UCITS regulatory requirements (FCA COLL 6.12). Excessive levels of overshoots and the reasons behind them are reported to the Board. 14 Aberdeen Standard Unit Trust I

To generate these risk analytics the risk team relies on third party calculation engines, such as APT, Bloomberg PORT+, RiskMetrics, UBS Delta and Axioma. Once the data has been processed, it is analysed by the risk team, generally reviewing absolute and relative risks, change on month and internal peer analysis. Any issues or concerns that are raised through the analysis prompt further investigation and escalation if required. Breaches of hard limits are also escalated immediately. All client mandated and regulatory risk limits are monitored on a daily basis. Stress tests are intended to highlight those areas in which a portfolio would be exposed to risk if the current economic conditions were likely to change. An economic event may be a simple change in the direction of interest rates or return expectations, or may take the form of a more extreme market event such as one caused through military conflict. The stress test itself is intended to highlight any weakness in the current portfolio construction that might deliver unnecessary systematic exposure if the market were to move abruptly. Stress testing is performed on a regular basis using relevant historical and hypothetical scenarios. ii) Liquidity risk is defined as the risk that a portfolio may need to raise cash or reduce derivative positions on a timely basis either in reaction to market events or to meet client redemption requests and may be obliged to sell long term assets at a price lower than their market value. Liquidity is also an important consideration in the management of portfolios: Portfolio Managers need to pay attention to market liquidity when sizing, entering and exiting trading positions. Measuring liquidity risk is subject to three main dimensions: • Asset Liquidity Risk – how quickly can assets be sold.

• Liability Risk - managing redemptions as well as all other obligations arising from the liabilities side of the balance sheet.

• Contingency Arrangements or Liquidity Buffers – utilising credit facilities etc.

Liquidity Risk Management Framework ASI has a liquidity risk management framework in place applicable to the funds and set out in accordance with its overall Risk Management Process, relative to the size, scope and complexity of the funds. Liquidity assessment and liquidity stress testing is typically performed monthly, monitoring both the asset and liability sides. Asset side stressed scenarios are considered based on the nature of different asset classes and their liquidity risks to demonstrate the effects of a market stress on the ability to sell-down a fund. Liability side analysis includes stress scenarios on the investor profile as well as liabilities on the balance sheet. Any particular concerns noted or liquidity risk limit breaches are escalated to the relevant Committees and Boards, if material. iii) Counterparty credit risk is the risk of loss resulting from the fact that the counterparty to a transaction may default on its obligations prior to the final settlement of the transaction’s cash flow. Credit risk falls into both market risk and specific risk categories. Credit risk is the risk that an underlying issuer may be unable (or unwilling) to make a payment or to fulfil their contractual obligations. This may materialise as an actual default or, or to a lesser extent, by a weakening in a counterparty’s credit quality. The actual default will result in an immediate loss whereas, the lower credit quality will more likely lead to mark-to-market adjustment. Transactions involving derivatives are only entered into with counterparties having an appropriate internal credit rating that has been validated by the credit research team and approved by the relevant credit committee. Appropriate counterparty exposure limits will be set and agreed by these committees and the existing credit exposures will be assessed against these limits. iv) Operational Risk Operational risk can be defined as the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events. Operational risk also includes the breakdown of processes to comply with laws, regulations or directives. Operational Risk Management An Operational Risk Management Framework is in place to identify, manage and monitor appropriate operational risks, including professional liability risks, to which the Management Company and the Funds are or could be reasonably exposed. The operational risk management activities are performed independently as part of one of the functions of the Risk Division. The Group’s Risk Management Framework is based upon the Basel II definition of operational risk which is “the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events”. The Group’s management of operational risk is therefore aimed at identifying risks in existing processes and improving existing controls to reduce their likelihood of failure and the impact of losses. The Group has developed a framework that embodies continuous improvement to internal controls and ensures that the management of risk is embedded in the culture of the Group. The identification, management, monitoring and resolution of events, risks and controls are facilitated via the Group’s risk management system, Shield. The system is designed to facilitate the convergence of governance, risk and compliance programmes and automate a comprehensive review and assessment of operational risks. ASI Diversified Growth Fund 15

ASI Diversified Growth Fund

For the year ended 31 October 2020

Investment objective Derivatives and techniques To generate a positive return through capital growth and some • The fund may use derivatives to reduce risk, reduce cost income over the long term (5 years or more) by investing in a and/or generate additional income or growth consistent with globally diversified portfolio of assets whilst reducing the risk of the risk profile of the fund (often referred to as “Efficient losses. Invested capital is however at risk and there is no guarantee Portfolio Management”). that this will be attained over any time period. • Where derivatives are used, this would typically be to maintain Performance target: To exceed the return on cash deposits allocations following a significant inflow into the fund or (as currently measured by a benchmark of 1 Month GBP LIBOR) derivatives to manage currency risk. by 5% per annum over rolling five year periods (before charges). • Some underlying funds invested in by the fund may use The Performance Target is the level of performance the derivatives more extensively. Derivatives may be used within management team hopes to achieve for the fund. There is underlying funds to generate growth if market prices are however no certainty or promise that they will achieve the expected to rise (“long positions”) or fall (“short positions”). Performance Target. The Performance Target has been chosen as a proxy for the return Performance review on cash deposits. For the year ended 31 October 2020, the value of ASI Diversified Growth Fund - R Accumulation Units decreased by 3.8%, Investment policy compared to an increase of 5.3% for our performance target Portfolio securities (1 Month GBP LIBOR +5%). • The fund invests directly in a broad range of assets from across Fund Return - Source: Lipper, Basis: total return, published NAV to NAV, net of annual charges, the global investment universe, derivatives, money-market UK net income reinvested, GBP. instruments and cash. Performance Target return - Source: Lipper, BPSS, Basis: close of business return, revenue reinvested, gross of expenses, GBP. • The fund may also invest in other funds (including those Please remember that past performance is not a guide to managed by Aberdeen Standard Investments) to gain future returns. The price of shares and the revenue from them exposure to a broad mix of assets from across the global may fall as well as rise. Investors may not get back the amount investment universe. originally invested. • Asset classes that the fund invests in may include listed equities Market review (company shares), private equity, property, infrastructure, The period under review was incredibly turbulent. Towards the high yield bonds, loans, emerging market debt, asset backed start of the period most asset classes responded positively to the securities, alternative risk premia, insurance linked securities, improving macroeconomic backdrop. However, the impact of the litigation finance, peer-to-peer lending, aircraft leasing and Covid-19 pandemic came to dominate our lives shortly thereafter. healthcare royalties. This was widely reflected in financial markets with equities and • Asset classes such as infrastructure, property or private equity several other asset classes delivering significant negative returns will typically be accessed through investment routes such as amidst extreme levels of market volatility. Central banks and listed equities. governments responded quickly to the evolving crisis by providing a wide range of monetary and fiscal stimulus measures in an Management process attempt to limit the long-term economic damage of the pandemic. • The management team use their discretion (active management) Markets responded positively to this, and to news of the progress to identify a diverse mix of investments which they believe are made in suppressing the virus in a number of countries, and risk most appropriate for the investment objective. As a result of this sentiment turned sharply positive again in April. Volatility did diversification, and during extreme equity market falls, however remain high as markets responded to spikes in Covid-19 we expect losses to be below those of conventional global equity cases, new economic activity data and comments surrounding the markets, with a volatility (a measure of the size of changes in the long-term impact of Covid-19 on economic growth. The latter value of an investment) typically less than two thirds of equities. two months of the period largely brought negative returns for • The team’s primary focus is to identify asset classes which are risk assets with the upcoming US election; rising global each expected to produce positive returns as a consequence of a coronavirus cases and renewed lockdown measures; and the final range of different factors. Whilst the portfolio is diversified round of Brexit talks, some of the reasons cited as weighing on across a range of asset classes it will typically obtain exposure to investor sentiment. these asset classes via listed equities. As such, the fund is Portfolio review expected to have better performance when equities and other In March we materially reduced our EMD position. It had economically sensitive assets have positive returns than when performed relatively well but we believed it could suffer more they have negative returns. significant falls as the Covid-19 crisis deepened. We also reduced • The team separately conduct extensive research to identify the our exposure to listed equity, reflecting concern over the risk of most appropriate type of investment for each asset class. further price declines. 16 ASI Diversified Growth Fund

In late March we made an allocation to US corporate credit, predominately investment grade credit. We subsequently increased this allocation in April and reduced it in September, as spreads tightened significantly across all credit ratings. The allocation was tilted towards high yield credit over time. In May we introduced a new core-satellite approach to our equity allocation. The core targets global equity returns with a focus on sustainability and limited tracking error. The satellites, which aim to add value, include a green infrastructure equity sub-portfolio, the ASI UK-Mid Cap Equity Fund and EuroStoxx dividend futures. In August we increased our exposure to private equity via a listed private capital sub-portfolio. Towards the end of the period we reduced our exposure to absolute return via a reduction in the ASI Dimension Fund. Over the period as a whole we increased our allocation to infrastructure and property. We also increased our allocation to asset backed securities through our internally managed sub-portfolio and external ABS managers. Outlook Both the short-term and long-term outlook for economies is particularly uncertain at the moment. In the near-term much depends on the ongoing impact of Covid-19. Our base case is that economic growth will gradually improve albeit on a jagged path as countries ease and tighten restrictions to control the spread of the virus. The Covid-19 crisis has led to unprecedented fiscal and monetary stimulus. Over the longer term there are a range of scenarios for how this is withdrawn and government debts are ultimately reduced. A number of these scenarios entail potentially extreme economic conditions and subsequently extreme market returns. Valuations also play a key role in determining potential returns. With bond yields at extremely low levels we expect low returns from government and corporate bonds. Equity valuations also look stretched and suggest modest returns across most scenarios, with the risk of significant losses in some. We see better return prospects in a number of alternative asset classes. Our portfolio positioning reflects these views with significant exposure to these more attractive asset classes whilst maintaining a diversified portfolio. We believe the portfolio is positioned to deliver a highly attractive medium-term return delivered in a relatively smooth fashion. Diversified Assets Team November 2020 ASI Diversified Growth Fund 17

Risk and reward profile This indicator reflects the volatility of the fund’s unit price over the last five years which in turn reflects the volatility of the underlying assets in which the fund invests. Historical data may not be a reliable indication for the future. The current rating is not guaranteed and may change if the volatility of the assets in which the fund invests changes. The lowest rating does not mean risk free. Typically lower rewards, lower risk Typically higher rewards, higher risk

1 2 3 4 5 6 7

Risk and reward indicator table as at 31 October 2020. The fund is rated as 3 because of the extent to which the following risk factors apply: • Investing in China A shares involves special considerations and risks, including greater price volatility, a less developed regulatory and legal framework, exchange rate risk/controls, settlement, tax, quota, liquidity and regulatory risks.

• The fund invests in securities which are subject to the risk that the issuer may default on interest or capital payments.

• The use of derivatives carries the risk of reduced liquidity, substantial loss and increased volatility in adverse market conditions, such as a failure amongst market participants. The use of derivatives may result in the fund being leveraged (where market exposure and thus the potential for loss by the fund exceeds the amount it has invested) and in these market conditions the effect of leverage will be to magnify losses.

• The fund invests in emerging market equities and/or bonds. Investing in emerging markets involves a greater risk of loss than investing in more developed markets due to, among other factors, greater political, tax, economic, foreign exchange, liquidity and regulatory risks.

• The fund price can go up or down daily for a variety of reasons including changes in interest rates, inflation expectations or the perceived credit quality of individual countries or securities.

• The fund employs a single swinging pricing methodology to protect against the dilution impact of transaction costs. Due to the high transaction charges associated with the fund’s assets, a change in the pricing basis will result in a significant movement in the fund’s published price.

• Commercial property is less liquid than other asset classes such as bonds or equities. Selling property can be a lengthy process so investors in the fund should be aware that they may not be able to sell their investment when they want to.

• Commercial property transaction charges are higher than those which apply in other asset classes. Investors should be aware that a high volume of transactions would have a material impact on fund returns.

• Property valuation is a matter of judgment by an independent valuer and is therefore a matter of the valuer’s opinion rather than fact.

All investment involves risk. This fund offers no guarantee against loss or that the fund’s objective will be attained. The price of assets and the income from them may go down as well as up and cannot be guaranteed; an investor may receive back less than their original investment. Inflation reduces the buying power of your investment and income. The value of assets held in the fund may rise and fall as a result of exchange rate fluctuations. The fund could lose money if an entity (counterparty) with which it does business becomes unwilling or unable to honour its obligations to the fund. In extreme market conditions some securities may become hard to value or sell at a desired price. This could affect the fund’s ability to meet redemptions in a timely manner. The fund could lose money as the result of a failure or delay in operational processes and systems including but not limited to third party providers failing or going into administration. 18 ASI Diversified Growth Fund

Comparative tables 2020 2019 2018 I Accumulation units pence per unit pence per unit pence per unit Change in net assets per unit Opening net asset value per unit 135.84 132.53 132.04 Return before operating charges* (3.77) 4.18 1.42 Operating charges (0.85) (0.87) (0.93) Return after operating charges* (4.62) 3.31 0.49 Distributions (4.22) (4.78) (5.24) Retained distributions on accumulation units 4.22 4.78 5.24 Closing net asset value per unit 131.22 135.84 132.53 * after direct transaction costs of: 0.16 0.06 -

Performance Return after charges (3.40%) 2.50% 0.37%

Other information Closing net asset value (£’000) 255,065 259,067 61,405 Closing number of units 194,378,113 190,716,070 46,333,771 Operating charges 0.65% 0.66% 0.70% Direct transaction costs 0.12% 0.05% -

Prices Highest unit price 141.0 137.1 136.1 Lowest unit price 111.3 128.0 130.6

The closing net asset value (£’000) divided by the closing number of units may not calculate to the closing net asset value per unit (p) due to rounding differences. The published closing net asset value per unit (p) is based on unrounded values and represents the actual price. The return after charges figures are based on the accounting NAV, as the financial statements are produced at a valuation point that is different from the published daily NAV. Operating charges are expenses associated with the maintenance and administration of the fund on a day to day basis that are actually borne by the unit class. Highest and Lowest prices are based on official published daily NAVs. ASI Diversified Growth Fund 19

2020 2019 2018 I Income units pence per unit pence per unit pence per unit Change in net assets per unit Opening net asset value per unit 102.35 103.54 107.41 Return before operating charges* (2.83) 3.28 1.15 Operating charges (0.64) (0.68) (0.76) Return after operating charges* (3.47) 2.60 0.39 Distributions (3.18) (3.79) (4.26) Closing net asset value per unit 95.70 102.35 103.54 * after direct transaction costs of: 0.12 0.05 -

Performance Return after charges (3.39%) 2.51% 0.36%

Other information Closing net asset value (£’000) 17,364 21,018 20,385 Closing number of units 18,144,189 20,534,328 19,688,628 Operating charges 0.65% 0.66% 0.70% Direct transaction costs 0.12% 0.05% -

Prices Highest unit price 106.2 107.0 110.7 Lowest unit price 83.89 99.96 106.2

2020 2019 M Accumulation unitsA pence per unit pence per unit Change in net assets per unit Opening net asset value per unit 103.85 100.00B Return before operating charges* (2.80) 4.57 Operating charges (0.68) (0.72) Return after operating charges* (3.48) 3.85 Distributions (3.27) (3.56) Retained distributions on accumulation units 3.27 3.56 Closing net asset value per unit 100.37 103.85 * after direct transaction costs of: 0.12 0.05

Performance Return after charges (3.35%) 3.85%

Other information Closing net asset value (£’000) 31 1 Closing number of units 31,068 960 Operating charges 0.70% 0.71% Direct transaction costs 0.12% 0.05%

Prices Highest unit price 107.8 104.8 Lowest unit price 85.14 97.79

2020 2019 M Income unitsA pence per unit pence per unit Change in net assets per unit Opening net asset value per unit 100.30 100.00B Return before operating charges* (2.77) 4.58 Operating charges (0.65) (0.72) Return after operating charges* (3.42) 3.86 Distributions (2.94) (3.56) Closing net asset value per unit 93.94 100.30 * after direct transaction costs of: 0.11 0.05

Performance Return after charges (3.41%) 3.86%

Other information Closing net asset value (£’000) 1 1 Closing number of units 960 960 Operating charges 0.70% 0.71% Direct transaction costs 0.12% 0.05%

Prices Highest unit price 104.1 104.8 Lowest unit price 82.23 97.79

2020 2019 2018 R Accumulation units pence per unit pence per unit pence per unit Change in net assets per unit Opening net asset value per unit 117.24 114.81 115.08 Return before operating charges* (3.15) 3.73 1.41 Operating charges (1.24) (1.30) (1.68) Return after operating charges* (4.39) 2.43 (0.27) Distributions (3.23) (3.71) (3.86) Retained distributions on accumulation units 3.23 3.71 3.86 Closing net asset value per unit 112.85 117.24 114.81 * after direct transaction costs of: 0.14 0.06 -

Performance Return after charges (3.74%) 2.12% (0.23%)

Other information Closing net asset value (£’000) 16,364 17,693 17,259 Closing number of units 14,500,753 15,091,685 15,031,909 Operating charges 1.10% 1.13% 1.45% Direct transaction costs 0.12% 0.05% -

Prices Highest unit price 121.6 118.2 118.1 Lowest unit price 95.95 110.7 113.5

2020 2019 2018 R Income units pence per unit pence per unit pence per unit Change in net assets per unit Opening net asset value per unit 104.60 105.79 109.73 Return before operating charges* (2.80) 3.44 1.34 Operating charges (1.11) (1.20) (1.60) Return after operating charges* (3.91) 2.24 (0.26) Distributions (2.88) (3.43) (3.68) Closing net asset value per unit 97.81 104.60 105.79 * after direct transaction costs of: 0.12 0.05 -

Performance Return after charges (3.74%) 2.12% (0.24%)

Other information Closing net asset value (£’000) 2,779 3,098 3,201 Closing number of units 2,841,168 2,961,855 3,025,919 Operating charges 1.10% 1.13% 1.45% Direct transaction costs 0.12% 0.05% -

Prices Highest unit price 108.5 108.9 112.6 Lowest unit price 85.61 102.0 108.2

2020 2019 2018 Z Accumulation units pence per unit pence per unit pence per unit Change in net assets per unit Opening net asset value per unit 148.17 143.98 142.87 Return before operating charges* (4.25) 4.42 1.40 Operating charges (0.21) (0.23) (0.29) Return after operating charges* (4.46) 4.19 1.11 Distributions (5.19) (5.88) (6.26) Retained distributions on accumulation units 5.19 5.88 6.26 Closing net asset value per unit 143.71 148.17 143.98 * after direct transaction costs of: 0.17 0.07 -

Performance Return after charges (3.02%) 2.91% 0.78%

Other information Closing net asset value (£’000) 395,140 427,602 365,436 Closing number of units 274,966,608 288,594,259 253,803,996 Operating charges 0.15% 0.16% 0.20% Direct transaction costs 0.12% 0.05% -

Prices Highest unit price 154.0 149.5 147.8 Lowest unit price 121.6 139.1 141.5

Portfolio statement As at 31 October 2020 Percentage Market Value of total Holding Investment £’000 net assets Bonds (23.07%) 149,377 21.75 Brazilian Real Denominated Bonds (2.36%) 5,674 0.83 Government Bonds (2.36%) 5,674 0.83

less than 5 years to maturity 7,469,000 Brazil (Fed Rep of) 10% 2025 1,153 0.17 2,400,000 Nota Do Tesouro 10% 2021 337 0.05

between 5 and 10 years to maturity 21,370,000 Nota Do Tesouro 10% 2027 3,313 0.48

between 10 and 15 years to maturity 5,550,000 Brazil Notas do Tesouro Nacional Series F 10% 2031 871 0.13

Chilean Peso Denominated Bonds (0.45%) 1,652 0.24 Government Bonds (0.45%) 1,652 0.24

less than 5 years to maturity 165,000,000 Chile (Republic of) 6% 2022 179 0.03

between 5 and 10 years to maturity 740,000,000 Chile (Republic of) 4.5% 2026 852 0.12 525,000,000 Chile (Republic of) 4.7% 2030 621 0.09

Colombian Peso Denominated Bonds (1.60%) 4,663 0.68 Government Bonds (1.60%) 4,663 0.68

less than 5 years to maturity 10,567,000,000 Colombia (Republic of) 10% 2024 2,581 0.38

between 5 and 10 years to maturity 1,518,700,000 Colombia (Republic of) 6% 2028 318 0.05

between 10 and 15 years to maturity 7,248,400,000 Colombia (Republic of) 7% 2032 1,549 0.22 1,000,000,000 Colombian TES 7.25% 2034 215 0.03 26 ASI Diversified Growth Fund

Percentage Market Value of total Holding Investment £’000 net assets Czech Koruna Denominated Bonds (0.40%) 1,281 0.19 Government Bonds (0.40%) 1,281 0.19

between 10 and 15 years to maturity 24,380,000 Czech Republic (Govt of) 2% 2033 891 0.13

between 15 and 25 years to maturity 8,200,000 Czech Republic (Govt of) 4.2% 2036 390 0.06

Euro Denominated Bonds (0.04%) 14,620 2.11 Corporate Bonds (0.04%) 14,620 2.11

between 5 and 10 years to maturity 188,000 CVC Cordatus Loan Fund V FRN 2030 165 0.02 1,176,000 Fair Oaks Loan Funding I FRN 2030 ‘E’ 1,019 0.15 482,000 Taurus 2018-1 IT SRL FRN 2030 370 0.05

between 10 and 15 years to maturity 539,000 ALME Loan Funding II FRN 2031 480 0.07 250,000 ALME Loan Funding IV FRN 2032 221 0.03 362,000 ALME Loan Funding V FRN 2031 325 0.05 526,000 Aqueduct European CLO 3 FRN 2032 ‘E’ 440 0.06 296,000 Aqueduct European CLO 4 FRN 2032 ‘C’ 262 0.04 604,000 Aqueduct European CLO 4 FRN 2032 ‘E’ 488 0.07 688,000 Aqueduct European CLO 5 FRN 2032 ‘D’ 610 0.09 541,000 Aqueduct European CLO 5 FRN 2032 ‘E’ 450 0.07 327,000 Arbour CLO VIII FRN 2033 ‘DNVE’ 291 0.04 606,000 Arbour CLO VIII FRN 2033 ‘EV’ 506 0.07 462,000 Contego CLO VII FRN 2032 ‘E’ 388 0.06 486,000 CVC Cordatus Loan Fund XV FRN 2032 428 0.06 1,562,000 Fair Oaks Loan Funding III FRN 2033 ‘D’ 1,407 0.20 1,674,000 Fair Oaks Loan Funding III FRN 2033 ‘E’ 1,448 0.21 862,000 Invesco Euro CLO I FRN 2031 ‘C’ 767 0.11 2,025,000 Invesco Euro CLO IV FRN 2033 1,751 0.25 567,000 Invesco FRN 2033 471 0.07 1,388,000 Providus CLO II FRN 2031 1,238 0.18 127,000 River Green Finance FRN 2032 111 0.02 1,100,000 Taurus 2019-4 Fin FRN 2031 984 0.14 ASI Diversified Growth Fund 27

Percentage Market Value of total Holding Investment £’000 net assets Hungarian Forint Denominated Bonds (0.00%) 1,185 0.17 Government Bonds (0.00%) 1,185 0.17 between 15 and 25 years to maturity 448,500,000 Hungary (Govt of) 3% 2038 1,185 0.17

Indonesian Rupiah Denominated Bonds (3.41%) 7,873 1.15 Government Bonds (3.41%) 7,873 1.15 less than 5 years to maturity 49,437,000,000 Indonesia (Republic of) 7% 2022 2,729 0.40 26,240,000,000 Indonesia (Republic of) 8.125% 2024 1,515 0.22 between 5 and 10 years to maturity 14,000,000,000 Indonesia (Republic of) 6.125% 2028 723 0.11 19,200,000,000 Indonesia (Republic of) 9% 2029 1,167 0.17 between 10 and 15 years to maturity 19,300,000,000 Indonesia (Republic of) 8.375% 2034 1,119 0.16 between 15 and 25 years to maturity 10,850,000,000 Indonesia (Republic of) 8.25% 2036 620 0.09

Malaysian Ringgit Denominated Bonds (1.26%) 3,036 0.44 Government Bonds (1.26%) 3,036 0.44 less than 5 years to maturity 1,800,000 Malaysia (Govt of) 3.62% 2021 343 0.05 between 5 and 10 years to maturity 200,000 Malaysia (Govt of) 4.498% 2030 43 0.01 between 10 and 15 years to maturity 5,752,000 Malaysia (Govt of) 3.828% 2034 1,154 0.17 4,650,000 Malaysia (Govt of) 4.232% 2031 976 0.14 2,600,000 Malaysian (Govt of) 3.844% 2033 520 0.07

Mexican Peso Denominated Bonds (2.72%) 8,205 1.19 Corporate Bonds (0.13%) 258 0.04 less than 5 years to maturity 8,242,400 Petroleos Mexicanos 7.19% 2024 258 0.04 28 ASI Diversified Growth Fund

Percentage Market Value of total Holding Investment £’000 net assets Government Bonds (2.59%) 7,947 1.15

less than 5 years to maturity 16,111,000 Mexico (United Mexican States) 10% 2024 692 0.10 110,157,000 Mexico (United Mexican States) 6.5% 2022 4,126 0.60

between 15 and 25 years to maturity 19,846,400 Mexico (United Mexican States) 7.75% 2042 773 0.11 56,100,000 Mexico (United Mexican States) 8.5% 2038 2,356 0.34

Peruvian Sol Denominated Bonds (0.85%) 2,507 0.37 Government Bonds (0.85%) 2,507 0.37

less than 5 years to maturity 3,903,000 Peru (Republic of) 5.7% 2024 981 0.15

between 10 and 15 years to maturity 5,782,000 Peru (Republic of) 6.95% 2031 1,526 0.22

Philippine Peso Denominated Bonds (0.41%) - - Government Bonds (0.41%) - -

Polish Zloty Denominated Bonds (1.48%) 3,019 0.44 Government Bonds (1.48%) 3,019 0.44

less than 5 years to maturity 14,651,000 Poland (Republic of) 5.75% 2021 3,019 0.44

Romanian Leu Denominated Bonds (0.00%) 599 0.09 Government Bonds (0.00%) 599 0.09

less than 5 years to maturity 3,170,000 Romania (Republic of) 3.65% 2025 599 0.09

Russian Ruble Denominated Bonds (1.85%) 5,173 0.75 Government Bonds (1.85%) 5,173 0.75

less than 5 years to maturity 145,600,000 Russia (Govt of) 7.6% 2021 1,437 0.21

between 5 and 10 years to maturity 238,911,000 Russia (Govt of) 6.9% 2029 2,468 0.36 ASI Diversified Growth Fund 29

Percentage Market Value of total Holding Investment £’000 net assets between 10 and 15 years to maturity 116,900,000 Russia (Govt of) 7.7% 2033 1,268 0.18

South African Rand Denominated Bonds (1.95%) 5,774 0.86 Government Bonds (1.95%) 5,774 0.86 between 5 and 10 years to maturity 33,000,000 South Africa (Republic of) 10.5% 2026 1,829 0.27 37,421,219 South Africa (Republic of) 8% 2030 1,643 0.24 between 15 and 25 years to maturity 73,544,906 South Africa (Republic of) 6.25% 2036 2,302 0.35

Sterling Denominated Bonds (1.75%) 13,008 1.89 Corporate Bonds (1.75%) 13,008 1.89 less than 5 years to maturity 2,102,000 PCL Funding IV FRN 2024 ‘B’ 2,102 0.31 1,411,000 PCL Funding IV FRN 2024 ‘C’ 1,411 0.20 between 5 and 10 years to maturity 1,388,000 Cold Finance FRN 2029 1,371 0.20 658,000 Newday Funding 2018 FRN 2026 655 0.09 1,670,000 Taurus 2019-3 Dac FRN 2029 1,574 0.23 1,085,000 Taurus 2020-2 UK DAC FRN 2030 ‘B’ 1,086 0.16 greater than 25 years to maturity 586,000 Finsbury Square 2018-2 FRN 2068 584 0.09 400,000 Precise Mortgage Funding FRN 2056 391 0.06 100,000 Ripon Mortgages FRN 2056 99 0.01 2,597,000 Stratton Mortgage 2020 -1 FRN 2052 ‘C’ 2,534 0.37 1,350,000 Stratton Mortgage Funding FRN 2051 1,201 0.17

Thai Baht Denominated Bonds (0.89%) 2,063 0.30 Government Bonds (0.89%) 2,063 0.30 less than 5 years to maturity 13,200,000 Thailand (Kingdom of) 3.625% 2023 353 0.05 between 10 and 15 years to maturity 55,483,000 Thailand (Kingdom of) 3.775% 2032 1,710 0.25 30 ASI Diversified Growth Fund

Percentage Market Value of total Holding Investment £’000 net assets Turkish Lira Denominated Bonds (1.23%) - - Government Bonds (1.23%) - -

Uruguayan Peso Denominated Bonds (0.42%) 1,284 0.19 Government Bonds (0.42%) 1,284 0.19

less than 5 years to maturity 9,850,000 Uruguay (Republic of) 9.875% 2022 183 0.03

between 5 and 10 years to maturity 58,345,000 Uruguay (Republic of) 8.5% 2028 1,101 0.16

US Dollar Denominated Bonds (0.00%) 67,761 9.86 Corporate Bonds (0.00%) 62,853 9.15

less than 5 years to maturity 1,230,000 Boeing 4.875% 2025 1,031 0.15 850,000 Central Bank of Tunisia 5.75% 2025 556 0.08 1,050,000 DISH DBS 5% 2023 818 0.12 583,000 EQM Midstream Partners 6% 2025 462 0.07 446,000 Ford Motor 8.5% 2023 381 0.06 289,000 Ford Motor 9% 2025 263 0.04 449,000 Ford Motor Credit 3.37% 2023 344 0.05 1,222,000 Ford Motor Credit 4.687% 2025 966 0.14 400,000 Ford Motor Credit 5.125% 2025 322 0.05 1,777,000 General Motors 6.125% 2025 1,611 0.23 745,000 Goodyear Tire & Rubber 9.5% 2025 633 0.09 2,304,000 HCA 5.375% 2025 1,976 0.29 777,000 Howmet Aerospace 6.875% 2025 669 0.10 1,634,000 Lennar 4.5% 2024 1,362 0.20 2,150,000 MGM Resorts International 6.75% 2025 1,749 0.26 1,693,000 Navient 5.5% 2023 1,304 0.19 1,045,000 Netflix 3.625% 2025 839 0.12 715,000 Occidental Petroleum 3.5% 2025 445 0.06 196,000 Occidental Petroleum 5.875% 2025 133 0.02 685,000 Parsley Energy 5.375% 2025 541 0.08 1,905,000 Plains All American Pipeline 4.65% 2025 1,570 0.23 683,000 Rattler Midstream 5.625% 2025 545 0.08 660,000 Six Flags Theme Parks 7% 2025 540 0.08 1,635,000 Teva Pharmaceutical 3.65% 2021 1,248 0.18 1,823,000 Valeant Pharmaceuticals 7% 2024 1,461 0.21 374,000 Wolverine World Wide 6.375% 2025 307 0.04 ASI Diversified Growth Fund 31

Percentage Market Value of total Holding Investment £’000 net assets between 5 and 10 years to maturity 736,000 Academy 6% 2027 571 0.08 495,000 ASGN 4.625% 2028 393 0.06 1,720,000 Athene 6.15% 2030 1,589 0.23 1,049,000 Berry Global Escrow 4.875% 2026 850 0.12 255,000 Boeing 5.04% 2027 216 0.03 1,320,000 Brighthouse Financial 5.625% 2030 1,202 0.18 895,000 Broadcom 5% 2030 817 0.12 1,943,000 Canadian Natural Resources 3.85% 2027 1,586 0.23 2,049,000 CCO 5.875% 2027 1,655 0.24 271,000 Cheniere Energy 4.625% 2028 216 0.03 314,000 Clean Harbors 5.125% 2029 262 0.04 1,075,000 CSC Holdings 6.5% 2029 922 0.13 1,330,000 Dell International 4.9% 2026 1,171 0.17 283,000 Enviva Partners 6.5% 2026 230 0.03 304,000 EQM Midstream Partners 6.5% 2027 248 0.04 725,000 ESH Hospitality 4.625% 2027 549 0.08 855,000 Fair Isaac 4% 2028 684 0.10 28,000 Ford Motor 9.625% 2030 29 - 200,000 Ford Motor Credit 4.125% 2027 152 0.02 1,061,000 Gartner 4.5% 2028 857 0.12 703,000 GCI 4.75% 2028 564 0.08 106,000 Iron Mountain 5% 2028 83 0.01 1,665,000 Iron Mountain 5.25% 2028 1,319 0.19 297,000 Iron Mountain 5.25% 2030 235 0.03 720,000 Ivory Coast (Govt of) 6.375% 2028 583 0.08 1,679,000 JBS Investments II 5.75% 2028 1,361 0.20 1,210,000 Kraft Heinz 3% 2026 954 0.14 393,000 Marriott Ownership Resorts 4.75% 2028 291 0.04 523,000 MDC 3.85% 2030 428 0.06 626,000 Minerals Technologies 5% 2028 499 0.07 1,005,000 Netflix 5.875% 2028 930 0.14 815,000 Nexstar Broadcasting 4.75% 2028 635 0.09 671,000 Nielsen Finance 5.625% 2028 537 0.08 99,000 Nielsen Finance 5.875% 2030 80 0.01 2,101,000 Nissan Motor 4.345% 2027 1,633 0.24 960,000 Novelis 5.875% 2026 766 0.11 537,000 NRG Energy 5.25% 2029 450 0.07 1,755,000 NRG Energy 7.25% 2026 1,432 0.21 460,000 Occidental Petroleum 6.375% 2028 309 0.05 196,000 Occidental Petroleum 6.625% 2030 133 0.02 835,000 Post Holdings 5% 2026 668 0.10 32 ASI Diversified Growth Fund

Percentage Market Value of total Holding Investment £’000 net assets 1,395,000 Sabine Pass Liquefaction 4.5% 2030 1,208 0.18 1,478,000 Sprint Capital 6.875% 2028 1,446 0.21 1,592,000 Teck Resources 3.9% 2030 1,276 0.19 1,700,000 Valero Energy 4% 2029 1,366 0.20 200,000 Vertical US Newco 5.25% 2027 159 0.02 770,000 Vistra Operations 5.625% 2027 622 0.09 975,000 Western Gas Partners 4.75% 2028 696 0.10 595,000 WPX Energy 4.5% 2030 442 0.06 180,000 Wyndham Destinations 6.625% 2026 148 0.02 870,000 Wyndham Worldwide 4.5% 2027 695 0.10

between 10 and 15 years to maturity 231,000 Cable One 4% 2030 181 0.03 368,000 CCO 4.25% 2031 291 0.04 353,000 CSC Holdings 3.375% 2031 262 0.04 1,236,000 CSC Holdings 4.625% 2030 957 0.14 338,000 Encompass Health 4.625% 2031 269 0.04 1,177,000 GLP Capital 4% 2031 945 0.14 570,000 Seagate HDD Cayman 4.125% 2031 476 0.07

between 15 and 25 years to maturity 107,000 MDC 6% 2043 104 0.02

greater than 25 years to maturity 380,000 Occidental Petroleum 4.4% 2049 194 0.03

Perpetual 588,000 BP Capital Markets 4.375% fixed to floating Perpetual 472 0.07 588,000 BP Capital Markets 4.875% fixed to floating Perpetual 479 0.07

Government Bonds (0.00%) 4,908 0.71

less than 5 years to maturity 1,120,000 Belarus (Republic of) 6.875% 2023 855 0.12 13,900,000 Egypt (Arab Republic of) 0% 2021 627 0.09 24,200,000 Egypt (Arab Republic of) 16.3% 2024 1,250 0.18

between 5 and 10 years to maturity 785,000 Egypt (Arab Republic of) 6.588% 2028 611 0.09 600,000 El Salvador (Republic of) 8.625% 2029 404 0.06 800,000 Ghana (Republic of) 7.625% 2029 572 0.08 700,000 Ukraine (Republic of) 9.75% 2028 589 0.09 ASI Diversified Growth Fund 33

Percentage Market Value of total Holding Investment £’000 net assets Equities (51.50%) 377,257 54.94 Africa Equities (0.00%) 211 0.03 South Africa (0.00%) 211 0.03

562 Anglo American Platinum 29 - 1,701 AngloGold Ashanti 30 - 5,306 Gold Fields 44 0.01 719 Naspers 108 0.02

Emerging Market Equities (2.39%) 351 0.06 Argentina (0.00%) 85 0.01

90 MercadoLibre 85 0.01

Brazil (2.36%) 194 0.04

28,600 AmBev 47 0.01 20,200 Banco Bradesco (Preference) 55 0.01 17,500 Itaú Unibanco 55 0.01 7,300 Lojas Renner 37 0.01

Colombia (0.00%) 34 -

1,723 Bancolombia ADR 34 -

Russia (0.03%) 38 0.01

953 LUKOIL 38 0.01

European Equities (3.58%) 49,789 7.26 Austria (0.00%) 93 0.01

2,586 Erste 41 0.01 1,364 OMV 24 - 638 Verbund 28 -

Belgium (0.09%) 3,516 0.52

32,586 Cofinimmo 3,423 0.50 1,244 KBC 47 0.01 605 UCB 46 0.01 34 ASI Diversified Growth Fund

Percentage Market Value of total Holding Investment £’000 net assets Cyprus (0.00%) 36 0.01

2,176 Polymetal 36 0.01

Czech Republic (0.04%) - -

Denmark (0.04%) 4,535 0.66

628 Christian Hansen 49 0.01 712 Coloplast 80 0.01 3,609 Novo Nordisk 180 0.03 18,491 Ørsted 2,267 0.33 14,840 Vestas Wind Systems 1,959 0.28

Finland (0.27%) 2,981 0.43

72,190 Fortum 1,051 0.15 113,000 Kojamo 1,792 0.26 1,586 Neste 64 0.01 11,039 Nokia 29 - 2,047 UPM-Kymmene 45 0.01

France (0.33%) 4,818 0.70

44,058 Alstom 1,527 0.22 10,263 AXA 128 0.02 323 BioMerieux 37 - 2,719 Bureau Veritas 46 0.01 2,431 Danone 104 0.01 5,329 EDF 48 0.01 424 Gecina REIT 41 0.01 4,073 Getlink 42 0.01 186 Kering 87 0.01 651 Legrand 37 0.01 634 L’Oreal 159 0.02 453 LVMH 164 0.02 3,011 Orange 26 - 394 Pernod Ricard 49 0.01 3,460 Peugeot 48 0.01 1,165 Sanofi 81 0.01 20,084 Schneider Electric 1,885 0.27 3,239 Suez 46 0.01 ASI Diversified Growth Fund 35

Percentage Market Value of total Holding Investment £’000 net assets 6,999 TOTAL 163 0.02 2,120 Valeo 50 0.01 866 Worldline 50 0.01

Germany (0.51%) 11,225 1.64

219 Adidas 50 0.01 1,072 Allianz 146 0.02 308,000 Alstria Office REIT 3,024 0.44 1,158 Brenntag 57 0.01 546 Continental 45 0.01 1,090 Covestro 40 0.01 1,909 Deutsche Post 66 0.01 11,147 Deutsche Telekom 131 0.02 9,712 E.ON 78 0.01 1,530 Henkel 115 0.02 47,846 Infineon Technology 1,031 0.15 955 Munich Re 173 0.02 82,340 RWE 2,363 0.34 1,616 SAP 133 0.02 1,720 Siemens 156 0.02 860 Siemens Energy 14 - 2,250,000 Sirius Real Estate 1,652 0.24 1,206 Symrise 115 0.02 73,000 TAG Immobilien 1,660 0.24 2,649 Vonovia 131 0.02 617 Zalando 45 0.01

Hungary (0.04%) - -

Ireland (1.07%) 7,024 1.02

2,108 Accenture 354 0.05 2,485 Aptiv 185 0.03 4,840,921 Greencoat Renewables++ 5,015 0.73 15,120 Kingspan 1,016 0.15 2,963 Medtronic 230 0.03 2,185 Trane Technologies 224 0.03 36 ASI Diversified Growth Fund

Percentage Market Value of total Holding Investment £’000 net assets Italy (0.17%) 2,570 0.37

10,177 Assicurazioni Generali 106 0.01 352,746 Enel 2,172 0.32 17,048 ENI 92 0.01 46,916 Intesa Sanpaolo 60 0.01 19,090 SNAM 72 0.01 13,024 Terna 68 0.01

Luxembourg (0.00%) 3,741 0.54

2,165,000 BBGI SICAV 3,741 0.54

Netherlands (0.28%) 1,248 0.18

1,776 Akzo Nobel 132 0.02 929 ASML 261 0.04 16,634 ING 88 0.01 1,104 Koninklijke Ahold Delhaize 23 - 1,593 Koninklijke DSM 197 0.03 28,483 Koninklijke KPN 60 0.01 2,525 NN Group 68 0.01 1,017 NXP Semiconductors 106 0.01 5,380 Philips Electronics 193 0.03 564 Prosus 44 0.01 1,739 Unilever 76 0.01

Norway (0.00%) 3,294 0.48

8,777 DNB Bank 91 0.01 318,000 Entra 3,203 0.47

Spain (0.48%) 1,935 0.29

873 Cellnex Telecom 43 0.01 2,592 Enagas 43 0.01 2,820 Grupo ACS 52 0.01 166,095 Iberdrola 1,515 0.22 4,562 Inditex 87 0.01 2,733 Naturgy Energy 39 0.01 4,057 Red Electrica 55 0.01 13,771 Repsol 66 0.01 13,937 Telefonica 35 - ASI Diversified Growth Fund 37

Percentage Market Value of total Holding Investment £’000 net assets Sweden (0.00%) 596 0.09

2,527 Assa Abloy 42 0.01 2,479 Atlas Copco ‘A’ 84 0.01 768 Autoliv 45 0.01 2,385 Boliden 50 0.01 6,457 Ericsson ‘B’ 56 0.01 4,637 Essity 105 0.01 1,720 Lundin Petroleum 25 - 4,843 Sandvik 67 0.01 9,258 SEB ‘A’ 61 0.01 9,728 Svenska Handelsbanken 61 0.01

Switzerland (0.26%) 2,177 0.32

8,176 ABB 153 0.02 25 Barry Callebaut 40 0.01 1,866 Clariant 25 - 1,843 Coca-Cola HBC 32 - 305 Geberit 134 0.02 33 Givaudan 104 0.02 1,494 Logitech International 97 0.01 4,435 Nestle 386 0.06 1,206 Richemont (Cie Fin) Series ‘A’ 59 0.01 1,540 Roche 383 0.06 56 SGS 108 0.02 216 Sika 41 0.01 506 Sonova 93 0.01 3,118 STMicroelectronics 73 0.01 2,388 Swiss Re 132 0.02 223 Swisscom 88 0.01 1,126 TE Connectivity 84 0.01 564 Zurich 145 0.02

Japanese Equities (4.67%) 4,077 0.59

900 Advantest 40 0.01 3,000 Aeon 59 0.01 12,000 Astellas Pharmaceuticals 127 0.02 2,900 Bridgestone 73 0.01 2,300 Dai Nippon Printing 33 - 2,100 Daiichi Sankyo 43 0.01 38 ASI Diversified Growth Fund

Percentage Market Value of total Holding Investment £’000 net assets 1,300 Daikin Industries 187 0.03 4,500 Daiwa House Industry 91 0.01 600 Eisai 36 0.01 200 Fast Retailing 107 0.02 1,400 Fujifilm 55 0.01 1,200 Fujitsu 108 0.02 9,500 Inpex 35 - 6,100 ITOCHU 113 0.02 3,000 Kao 165 0.02 6,100 KDDI 126 0.02 3,300 Komatsu 57 0.01 5,000 Kubota 67 0.01 1,800 Lion 28 - 1,400 Murata Manufacturing 75 0.01 1,100 Nabtesco 32 - 2,300 NEC 89 0.01 2,100 Nidec 163 0.02 20 Nippon Prologis REIT 51 0.01 7,600 Nippon Telegraph & Telephone 123 0.02 1,600 Nitto Denko 86 0.01 10,300 Nomura 35 - 3,200 Nomura Research Institute 73 0.01 7,400 NTT DOCOMO 213 0.03 6,700 Obayashi 43 0.01 4,100 Olympus 60 0.01 1,300 Omron 72 0.01 7,700 Panasonic 55 0.01 2,000 Recruit 59 0.01 5,800 Sekisui House 74 0.01 6,100 Seven & I 143 0.02 900 Shin-Etsu Chemical 92 0.01 1,900 Shionogi 69 0.01 900 Shiseido 43 0.01 2,000 Softbank 101 0.01 1,600 Sompo 46 0.01 2,600 Sony 167 0.02 3,200 Sumitomo Mitsui Trust 66 0.01 900 Sysmex 65 0.01 3,200 Takeda Pharmaceutical 77 0.01 500 Tokyo Electron 103 0.02 ASI Diversified Growth Fund 39

Percentage Market Value of total Holding Investment £’000 net assets 3,500 Tokyo Gas 61 0.01 3,200 Toyota Motor 161 0.02 1,000 Welcia 30 -

Middle East Equities (0.14%) - - Turkey (0.14%) - -

North American Equities (10.21%) 55,488 8.08 Bermuda (0.92%) 2,481 0.36

4,682,826 Blue Capital Alternative Income Fund 149 0.02 206,162 Blue Capital Reinsurance 51 0.01 5,162,719 CATCo Reinsurance Opportunities 759 0.11 5,044,522 CATCo Reinsurance Opportunities ‘New C’ 1,522 0.22

Canada (1.25%) 5,099 0.75

1,068 Agnico Eagle Mines 65 0.01 5,891 Bank of Montreal 271 0.04 80,732 Brookfield Asset Management 1,853 0.27 998 Canadian National Railway 76 0.01 171 Canadian Pacific Railway 39 0.01 9,477 Cenovus Energy 24 - 2,135 Enbridge 45 0.01 424 Franco-Nevada 45 0.01 3,401 Hydro One 57 0.01 7,176 Kinross Gold 44 - 190 Lululemon Athletica 47 0.01 8,538 Manulife Financial 89 0.01 44,748 Onex 1,493 0.22 4,952 Pembina Pipeline 80 0.01 6,233 Royal Bank of Canada 336 0.05 171 Shopify ‘A’ 122 0.02 9,921 Suncor Energy 86 0.01 4,400 Teck Resources ‘B’ 45 0.01 8,282 Toronto-Dominion Bank 282 0.04

Mexico (0.03%) 151 0.02

17,600 Grupo Financiero Banorte 60 0.01 49,100 Wal-Mart de Mexico 91 0.01 40 ASI Diversified Growth Fund

Percentage Market Value of total Holding Investment £’000 net assets United States (8.01%) 47,757 6.95

971 3M 120 0.02 4,053 Abbott Laboratories 329 0.05 3,720 Abbvie 245 0.03 1,604 Activision Blizzard 94 0.01 954 Adobe 330 0.05 2,153 Advanced Micro Devices 125 0.02 1,470 Agilent Technologies 116 0.02 460 Alexion Pharmaceuticals 41 0.01 515 Allstate 35 - 649 Alphabet ‘A’ 811 0.12 640 Amazon.com 1,503 0.22 1,066 American Water Works 124 0.02 366 Ameriprise Financial 46 0.01 674 AmerisourceBergen ‘A’ 50 0.01 1,366 Amgen 229 0.03 963 Analog Devices 88 0.01 555 Anthem 117 0.02 36,279 Apollo Global Management 1,034 0.15 28,987 Apple 2,441 0.35 2,497 Applied Materials 114 0.02 192,173 Ares Capital 2,054 0.30 11,178 AT&T 234 0.03 424 Autodesk 77 0.01 42 AutoZone 37 - 1,150 AvalonBay Communications REIT 124 0.02 771 Avery Dennison 83 0.01 1,958 Axalta Coating Systems 38 - 4,910 Baker Hughes 56 0.01 1,539 Ball 106 0.01 14,595 Bank of America 268 0.04 1,527 Bank of New York Mellon 41 0.01 1,301 Baxter International 78 0.01 745 Becton Dickinson 133 0.02 75 Berkshire Hathaway 12 - 691 Best Buy 60 0.01 417 Biogen 81 0.01 496 BlackRock 230 0.03 724 Boston Properties REIT 41 0.01 5,337 Boston Scientific 141 0.02 5,603 Bristol-Myers Squibb 253 0.04 ASI Diversified Growth Fund 41

Percentage Market Value of total Holding Investment £’000 net assets 533 Broadcom 144 0.02 856 Cadence Design Systems 72 0.01 1,697 Campbell Soup 61 0.01 811 Cardinal Health 29 - 1,271 Catalent 86 0.01 556 Caterpillar 68 0.01 3,087 CBRE 120 0.02 837 Celanese 73 0.01 96 Charter Communications 45 0.01 2,879 Chevron 155 0.02 48 Chipotle Mexican Grill 45 0.01 686 Church & Dwight 47 0.01 780 Cigna 101 0.01 10,151 Cisco Systems 282 0.04 4,150 Citigroup 133 0.02 315 Citrix Systems 28 - 494 Clorox 79 0.01 1,615 CMS Energy 79 0.01 3,577 Coca-Cola 133 0.02 2,618 Colgate Palmolive 160 0.02 4,191 Comcast 137 0.02 5,108 ConocoPhillips 113 0.02 282 Costco Wholesale 78 0.01 1,313 CSX 80 0.01 591 Cummins 101 0.01 2,657 CVS Health 115 0.02 865 Danaher 153 0.02 365 Deere & Co 64 0.01 1,473 Dell Technologies 69 0.01 228 DexCom 56 0.01 263 Docusign 41 0.01 990 Dow 35 - 1,402 DuPont de Nemours 62 0.01 1,259 Eastman Chemical 79 0.01 2,129 Eaton 171 0.02 3,693 eBay 136 0.02 1,316 Ecolab 187 0.03 1,096 Edison International 48 0.01 2,392 Edwards Lifesciences 133 0.02 582 Electronic Arts 54 0.01 1,180 Eli Lilly 119 0.02 2,083 Equinix REIT 1,175 0.17 42 ASI Diversified Growth Fund

Percentage Market Value of total Holding Investment £’000 net assets 949 Essential Utilities 30 - 510 Estee Lauder 87 0.01 3,054 Eversource Energy 206 0.03 9,066 Exelon 280 0.04 7,742 Exxon Mobil 196 0.03 3,835 Facebook 781 0.11 353 Fedex 71 0.01 7,460 Ford 45 0.01 12,306 General Electric 71 0.01 3,041 General Mills 139 0.02 2,665 General Motors 71 0.01 2,683 Gilead Sciences 121 0.02 1,095 Goldman Sachs 160 0.02 2,033 Hartford Financial Services Group 61 0.01 3,172 Healthpeak Properties REIT 66 0.01 231,995 Hercules Capital 2,010 0.29 1,540 Hess 44 0.01 6,283 Hewlett Packard Enterprise 42 0.01 1,131 Hilton Worldwide 77 0.01 2,230 Home Depot 460 0.07 1,030 Honeywell International 131 0.02 11,462 HP 159 0.02 319 Humana 99 0.01 1,924 IBM 166 0.02 1,416 Illinois Tool Works 215 0.03 434 Illumina 98 0.01 8,694 Intel 298 0.04 791 International Flavors & Fragrances 63 0.01 877 Intuit 213 0.03 137 Intuitive Surgical 71 0.01 4,503 Johnson & Johnson 478 0.07 7,067 Johnson Controls International 231 0.03 477 Jones Lang LaSalle 42 0.01 7,555 JPMorgan Chase 573 0.08 1,443 Kellogg 70 0.01 1,501 Keysight Technologies 122 0.02 1,465 Kimberly-Clark 150 0.02 6,463 Kinder Morgan 59 0.01 75,425 KKR 1,992 0.29 2,335 Kroger 58 0.01 397 Lam Research 105 0.02 2,561 Las Vegas Sands 95 0.01 ASI Diversified Growth Fund 43

Percentage Market Value of total Holding Investment £’000 net assets 532 Lear 50 0.01 331 Lockheed Martin 90 0.01 1,547 Lowe’s 189 0.03 2,589 Marathon Petroleum 59 0.01 546 Marriott International 39 0.01 1,270 Marsh & McLennan 102 0.01 1,471 Mastercard 329 0.05 1,516 Maxim Integrated Products 82 0.01 336 McCormick & Company 47 0.01 1,054 McDonald’s 174 0.03 5,307 Merck & Co 309 0.04 214 Mettler-Toledo 165 0.02 1,907 Micron Technology 74 0.01 11,984 Microsoft 1,877 0.27 3,098 Mondelez 127 0.02 909 Moody’s 185 0.03 4,366 Morgan Stanley 163 0.02 583 Motorola Solutions 71 0.01 411 MSCI 111 0.02 628 Netflix 231 0.03 3,961 Newmont Mining 193 0.03 25,360 NextEra Energy 1,437 0.21 2,441 NIKE 227 0.03 1,084 Northern Trust 66 0.01 177 Northrop Grumman 40 0.01 2,787 NortonLifeLock 44 0.01 1,091 NVIDIA 424 0.06 269,473 Oaktree Specialty Lending 948 0.14 3,805 ON Semiconductor 74 0.01 4,067 ONEOK 91 0.01 4,531 Oracle 197 0.03 1,002 Owens Corning 51 0.01 111,429 Owl Rock Capital 981 0.14 311 Palo Alto Networks 53 0.01 1,907 PayPal 275 0.04 3,624 PepsiCo 374 0.05 8,720 Pfizer 239 0.03 732 Phillips 66 26 - 958 Pinnacle West Capital 61 0.01 572 PNC Financial Services 50 0.01 1,147 PPG Industries 115 0.02 3,472 Procter & Gamble 368 0.05 44 ASI Diversified Growth Fund

Percentage Market Value of total Holding Investment £’000 net assets 16,105 Prologis REIT 1,236 0.18 1,891 Prudential Financial 94 0.01 1,941 Qualcomm 185 0.03 184 Regeneron Pharmaceuticals 77 0.01 464 ResMed 69 0.01 806 S&P Global 201 0.03 1,967 Salesforce.com 353 0.05 5,077 Schlumberger 59 0.01 2,165 Seagate Technology 80 0.01 809 Sempra Energy 78 0.01 191 ServiceNow 74 0.01 154,686 Sixth Street Specialty Lending 1,969 0.29 354 Skyworks Solutions 39 0.01 315 Splunk 48 0.01 697 Square ‘A’ 83 0.01 662 Stanley Black & Decker 85 0.01 2,786 Starbucks 187 0.03 1,601 State Street 73 0.01 1,357 Sysco 58 0.01 1,321 T Rowe Price 129 0.02 1,062 Target 125 0.02 281 Teladoc health 43 0.01 242 Teleflex 60 0.01 1,280 Tesla 384 0.06 2,063 Texas Instruments 231 0.03 739 Thermo Fisher Scientific 271 0.04 879 TJX 35 0.01 426 Tractor Supply 44 0.01 233 Twilio ‘A’ 50 0.01 1,402 Uber Technologies 36 0.01 1,795 UDR REIT 43 0.01 1,429 Union Pacific 196 0.03 1,752 United Health 413 0.06 645 United Parcel Services 78 0.01 365 Varian Medical Systems 49 0.01 270 Veeva Systems 56 0.01 8,363 Verizon Communications 369 0.05 405 Vertex Pharmaceuticals 65 0.01 1,267 VF 66 0.01 2,668 Visa 375 0.05 1,691 Vornado Realty REIT 40 0.01 1,225 Voya Financial 45 0.01 ASI Diversified Growth Fund 45

Percentage Market Value of total Holding Investment £’000 net assets 243 W.W. Grainger 66 0.01 744 Walgreens Boots Alliance 20 - 2,464 Walt Disney 231 0.03 2,722 Waste Management 227 0.03 515 Workday ‘A’ 84 0.01 1,668 Xylem 112 0.02 668 Yum Brands 48 0.01 370 Zimmer Biomet 38 0.01 227 Zoom Video Communications ‘A’ 81 0.01

Pacific Basin Equities (2.94%) 7,301 1.04 Australia (0.50%) 1,544 0.21

11,912 Australia & New Zealand Bank 122 0.02 14,224 Brambles 74 0.01 4,821 Commonwealth Bank of Australia 181 0.02 753 CSL 118 0.02 10,149 Dexus Property REIT 47 0.01 6,148 Fortescue Metals 58 0.01 12,365 Goodman REIT 123 0.02 18,031 GPT REIT 39 - 36,414 Mirvac REIT 42 0.01 16,667 National Australia Bank 168 0.02 2,189 Newcrest Mining 35 - 18,265 Oil Search 25 - 48,645 Scentre REIT 55 0.01 22,070 Stockland Trust 46 0.01 11,672 Suncorp 52 0.01 12,392 Sydney Airport 37 - 14,008 Transurban 102 0.01 36,082 Vicinity Centres REIT 24 - 20,171 Westpac Banking 196 0.03

China (0.07%) 1,862 0.27

2,882 Alibaba ADR 679 0.10 454 Baidu ADR 47 0.01 1,131 JD.com ADR 71 0.01 68,000 Lenovo 33 - 5,600 Meituan Dianping ‘B’ 161 0.02 670 NetEase ADR 45 0.01 2,037 NIO ADR 48 0.01 46 ASI Diversified Growth Fund

Percentage Market Value of total Holding Investment £’000 net assets 23,500 Ping An Insurance ‘H’ 186 0.03 17,000 Semiconductor Manufacturing International 38 - 9,400 Tencent 554 0.08

Hong Kong (0.58%) 915 0.13

36,400 AIA 265 0.04 35,000 China Mobile 165 0.02 19,000 Hang Lung Properties 36 - 6,700 Hang Seng Bank 80 0.01 99,000 Hong Kong & China Gas 110 0.02 4,200 Hong Kong Exchanges & Clearing 155 0.02 14,000 MTR 53 0.01 14,000 New World Development 51 0.01

Indonesia (0.00%) 29 -

70,600 Unilever Indonesia 29 -

Macau (0.00%) 61 0.01

22,400 Sands China 61 0.01

Malaysia (0.04%) - -

New Zealand (0.08%) 105 0.02

3,878 Fisher & Paykel Healthcare 69 0.01 13,346 Meridian Energy 36 0.01

Singapore (0.06%) 194 0.03

23,700 Capitaland 34 0.01 8,600 DBS 99 0.01 53,400 Singapore Telecommunications 61 0.01

South Korea (0.98%) 831 0.12

487 Hyundai Mobis 75 0.01 997 LG Electronics 57 0.01 97 LG Household & Health Care 99 0.01 11,016 Samsung Electronics 424 0.06 ASI Diversified Growth Fund 47

Percentage Market Value of total Holding Investment £’000 net assets 221 Samsung SDI 67 0.01 1,190 SK Hynix 65 0.01 513 SK Innovation 44 0.01

Taiwan (0.30%) 1,655 0.24

8,000 Asustek Computer 52 0.01 81,000 AU Optronics 25 - 73,000 Cathay Financial 76 0.01 162,000 Chinatrust Financial 79 0.01 36,000 Chunghwa Telecom 104 0.02 104,005 E.Sun Financial 68 0.01 61,000 Fubon Financial 67 0.01 58,000 Hon Hai Precision 122 0.02 5,000 Mediatek 92 0.01 6,000 Novatek Microelectronics 43 0.01 20,000 Pegatron 33 - 30,000 Quanta Computer 58 0.01 57,000 Taiwan Semiconductors Manufacturing 666 0.10 45,000 Uni-President Enterprises 74 0.01 116,000 United Microelectronics 96 0.01

Thailand (0.33%) 105 0.01

99,800 PTT (Alien Market) 77 0.01 14,400 PTT Exploration & Production (Alien Market) 28 -

UK Equities (29.93%) 260,040 37.88 Basic Materials (0.00%) 369 0.06

3,871 Anglo American 70 0.01 1,193 Croda 72 0.01 681 Linde 116 0.02 3,945 Mondi 58 0.01 1,214 Rio Tinto 53 0.01

Consumer Goods (0.29%) 483 0.07

9,426 Barratt Developments 45 0.01 2,914 Burberry 40 - 1,900 Coca-Cola European Partners 53 0.01 5,703 Diageo 142 0.02 48 ASI Diversified Growth Fund

Percentage Market Value of total Holding Investment £’000 net assets 1,651 Reckitt Benckiser 112 0.02 2,065 Unilever 91 0.01

Consumer Services (0.05%) 324 0.05

7,187 Compass 76 0.01 12,792 Kingfisher 37 0.01 4,299 Liberty Global 62 0.01 7,611 RELX 116 0.02 1,519 Whitbread 33 -

Financials (28.95%) 256,347 37.33

225,009 3i 2,162 0.32 5,999,259 3i Infrastructure 17,668 2.57 8,715,864 Aberdeen Diversified Income and Growth Trust+ 8,088 1.18 3,770,000 Aberdeen Standard European Logistics Income+ 3,940 0.57 5,415,723 Aquila European Renewables Income Fund 5,025 0.73 4,300,000 Assura REIT 3,272 0.48 36,302 Aviva 93 0.01 19,757,308 BioPharma Credit 15,219 2.22 2,948,000 Blackstone GSO Loan Financing 1,540 0.22 8,149 British Land REIT 28 - 1,749,160 Burford Capital++ 11,492 1.67 6,081,088 Civitas Social Housing REIT 6,312 0.92 4,020,000 CVC Credit Partners European Opportunities 3,755 0.55 14,318 Direct Line 38 0.01 7,953,637 Fair Oaks Income 3,137 0.46 5,103,030 Foresight Solar Fund 5,154 0.75 8,140,822 GCP Asset Backed Income Fund 6,887 1.00 3,000,000 GCP Infrastructure 3,294 0.48 5,372,886 GCP Student Living REIT 6,007 0.87 12,975,035 Greencoat UK Wind 17,464 2.54 1,465,000 Gresham House Energy Storage 1,619 0.24 300,842 HgCapital Trust 892 0.13 8,180,037 HICL Infrastructure 14,364 2.09 2,849,020 Hipgnosis Songs 3,319 0.48 1,750,000 Home REIT 1,737 0.25 571,323 Honeycomb Investment Trust 5,313 0.77 82,436 HSBC 268 0.04 1,106 IHS Markit 69 0.01 ASI Diversified Growth Fund 49

Percentage Market Value of total Holding Investment £’000 net assets 167,216 Intermediate Capital 1,956 0.28 6,068,139 International Public Partnerships 10,182 1.48 4,751,587 John Laing 13,361 1.95 6,520 Land Securities REIT 33 - 40,206 Legal & General 74 0.01 151,111 Lloyds Banking Group 42 0.01 1,763,694 Marble Point Loan 689 0.10 6,792,801 NextEnergy Solar Fund 7,282 1.06 1,674,445 P2P Global Investments 14,501 2.11 65,000 Princess Private Equity 574 0.08 9,622,589 PRS REIT 6,861 1.00 5,993,000 Residential Secure Income REIT 5,322 0.78 8,307,051 Sequoia Economic Infrastructure Income 8,673 1.26 1,184,542 SME Credit Realisation Fund 705 0.10 4,919,478 SQN Asset Finance Income Fund 649 0.10 4,053,959 SQN Asset Finance Income Fund ‘C’ 1,350 0.20 9,851,500 Supermarket Income REIT 10,098 1.47 1,767,500 Triple Point Energy Efficiency 1,822 0.27 820,027 Triple Point Social Housing (Rights) - - 6,580,166 Triple Point Social Housing REIT 6,909 1.01 1,086,136 Tritax Big Box REIT 1,700 0.25 4,917,033 Tufton Oceanic Assets 3,347 0.49 3,479,277 TwentyFour Income Fund 3,584 0.52 598,562 Unite REIT 4,983 0.73 4,610,000 US Solar 3,494 0.51

Health Care (0.05%) 291 0.04

1,930 AstraZeneca 150 0.02 10,901 GlaxoSmithKline 141 0.02

Industrials (0.48%) 1,992 0.29

1,913,334 Amedeo Air Four Plus 622 0.09 9,472 CNH Industrial 57 0.01 739,131 Doric Nimrod Air Three (Preference) 283 0.04 1,326,076 Doric Nimrod Air Two 961 0.14 838,208 DP Aircraft I 26 - 380 Spirax-Sarco Engineering 43 0.01 50 ASI Diversified Growth Fund

Percentage Market Value of total Holding Investment £’000 net assets Oil & Gas (0.00%) 62 0.01

31,591 BP 62 0.01

Technology (0.05%) - -

Telecommunications (0.00%) 64 0.01

62,530 Vodafone 64 0.01

Utilities (0.06%) 108 0.02

2,203 Severn Trent 54 0.01 6,312 United Utilities 54 0.01

Collective Investment Schemes (18.74%) 141,657 20.63 Bond Funds (6.91%) 33,691 4.91

155,038 Aberdeen Standard SICAV I - Indian Bond Fund Z Acc+ 1,641 0.24 23,125 Alpha UCITS SICAV - Fair Oaks Dynamic Credit Fund 21,313 3.10 1,428,359 NB Global Floating Rate Income Fund 1,097 0.16 1,149,022 Neuberger Berman CLO Income Fund I2 Inc 9,640 1.41

Equity Funds (8.91%) 85,555 12.46

6,218,688 ASI UK Mid-Cap Equity Fund Z Acc 20,841 3.03 31,546,996 MI Twentyfour Asset Backed Opportunities Fund 30,541 4.45 337,655 Prytania Diversified Asset-Backed Securities Fund 29,022 4.23 619,056 SLI Global SICAV Macro Systematic Dimens Z Acc+ 5,151 0.75

Money Market Funds (2.92%) 22,411 3.26

22,081 Aberdeen Standard Liquidity Fund (Lux) - Sterling Fund Z1 Inc+ 22,081 3.21 330 Aberdeen Standard Liquidity Fund (Lux) - Sterling Fund Z3 Inc+ 330 0.05

Derivatives (2.42%) (15,006) (2.19) Forward Currency Contracts (2.30%) (3,612) (0.53)

Buy EUR 333,000 Sell GBP 301,918 09/12/2020 (2) - Buy EUR 409,000 Sell GBP 375,285 09/12/2020 (7) - Buy EUR 482,000 Sell GBP 436,725 09/12/2020 (2) - Buy EUR 685,000 Sell GBP 619,282 09/12/2020 (2) - ASI Diversified Growth Fund 51

Percentage Market Value of total Holding Investment £’000 net assets Buy EUR 859,000 Sell GBP 791,744 09/12/2020 (17) - Buy EUR 2,478,000 Sell GBP 2,276,025 09/12/2020 (42) (0.01) Buy EUR 8,451,000 Sell GBP 7,623,447 09/12/2020 (5) - Buy GBP 2,315,262 Sell AUD 4,180,000 09/12/2020 45 0.01 Buy GBP 19,707,430 Sell AUD 35,857,000 09/12/2020 235 0.03 Buy GBP 2,571,024 Sell CAD 4,424,000 09/12/2020 5 - Buy GBP 17,913,876 Sell CAD 31,164,000 09/12/2020 (160) (0.02) Buy GBP 414,171 Sell EUR 455,000 09/12/2020 4 - Buy GBP 448,699 Sell EUR 496,000 09/12/2020 2 - Buy GBP 598,982 Sell EUR 661,000 09/12/2020 3 - Buy GBP 886,239 Sell EUR 977,000 09/12/2020 6 - Buy GBP 1,154,767 Sell EUR 1,273,000 09/12/2020 7 - Buy GBP 1,342,937 Sell EUR 1,474,000 09/12/2020 14 - Buy GBP 1,903,274 Sell EUR 2,107,000 09/12/2020 4 - Buy GBP 2,873,027 Sell EUR 3,171,000 09/12/2020 14 - Buy GBP 72,975,591 Sell EUR 81,740,000 09/12/2020 (710) (0.10) Buy GBP 2,037,850 Sell JPY 276,030,000 09/12/2020 (5) - Buy GBP 3,429,092 Sell NOK 41,596,000 09/12/2020 65 0.01 Buy GBP 17,861,268 Sell NOK 211,203,000 09/12/2020 781 0.11 Buy GBP 3,004,258 Sell NZD 5,869,000 09/12/2020 5 - Buy GBP 17,643,723 Sell NZD 34,821,000 09/12/2020 (150) (0.02) Buy GBP 3,298,593 Sell SEK 38,095,000 09/12/2020 (12) - Buy GBP 17,494,491 Sell SEK 202,741,000 09/12/2020 (125) (0.02) Buy GBP 206,520 Sell USD 264,000 09/12/2020 2 - Buy GBP 243,342 Sell USD 310,000 09/12/2020 4 - Buy GBP 244,202 Sell USD 317,000 09/12/2020 (1) - Buy GBP 262,070 Sell USD 343,000 09/12/2020 (3) - Buy GBP 281,412 Sell USD 364,000 09/12/2020 - - Buy GBP 310,267 Sell USD 400,000 09/12/2020 1 - Buy GBP 326,163 Sell USD 430,000 09/12/2020 (6) - Buy GBP 337,240 Sell USD 432,000 09/12/2020 3 - Buy GBP 354,127 Sell USD 460,000 09/12/2020 (2) - Buy GBP 360,734 Sell USD 470,000 09/12/2020 (3) - Buy GBP 379,320 Sell USD 490,000 09/12/2020 - - Buy GBP 434,913 Sell USD 559,000 09/12/2020 3 - Buy GBP 452,086 Sell USD 587,000 09/12/2020 (2) - Buy GBP 462,238 Sell USD 600,000 09/12/2020 (2) - Buy GBP 670,643 Sell USD 871,000 09/12/2020 (3) - Buy GBP 856,619 Sell USD 1,120,000 09/12/2020 (9) - Buy GBP 909,447 Sell USD 1,210,000 09/12/2020 (26) - Buy GBP 979,246 Sell USD 1,275,000 09/12/2020 (7) - Buy GBP 1,089,750 Sell USD 1,415,000 09/12/2020 (4) - 52 ASI Diversified Growth Fund

Percentage Market Value of total Holding Investment £’000 net assets Buy GBP 1,220,500 Sell USD 1,580,000 09/12/2020 (1) - Buy GBP 1,234,188 Sell USD 1,593,000 09/12/2020 3 - Buy GBP 1,595,278 Sell USD 2,065,000 09/12/2020 (1) - Buy GBP 183,324,102 Sell USD 243,294,000 09/12/2020 (4,785) (0.70) Buy JPY 2,329,620,000 Sell GBP 17,170,419 09/12/2020 69 0.01 Buy JPY 4,401,846,000 Sell GBP 31,170,317 09/12/2020 1,403 0.20 Buy USD 346,000 Sell GBP 269,215 09/12/2020 (2) - Buy USD 362,000 Sell GBP 278,652 09/12/2020 1 - Buy USD 379,000 Sell GBP 290,169 09/12/2020 3 - Buy USD 381,000 Sell GBP 296,163 09/12/2020 (2) - Buy USD 649,000 Sell GBP 501,319 09/12/2020 1 - Buy USD 807,000 Sell GBP 623,792 09/12/2020 - - Buy USD 832,000 Sell GBP 636,969 09/12/2020 6 - Buy USD 1,800,000 Sell GBP 1,400,360 09/12/2020 (9) - Buy USD 3,840,000 Sell GBP 2,984,849 09/12/2020 (16) - Buy USD 3,845,000 Sell GBP 2,973,289 09/12/2020 - - Buy USD 5,131,000 Sell GBP 3,963,368 09/12/2020 4 - Buy USD 5,901,000 Sell GBP 4,552,903 09/12/2020 10 - Buy USD 28,886,000 Sell GBP 22,525,632 09/12/2020 (192) (0.03)

Futures (0.12%) (11,394) (1.66)

827 Long Dividend Index Future 15/12/2023 (2,466) (0.36) 1,713 Long Dividend Index Future 16/12/2022 (6,414) (0.93) 898 Long Dividend Index Future 17/12/2021 (3,505) (0.51) 215 Long Euro Stoxx 50 Future 18/12/2020 (665) (0.10) 71 Long FTSE 100 Index Future 18/12/2020 (329) (0.05) 80 Long S&P 500 E-mini Future 18/12/2020 (235) (0.03) 43 Long S&P 500 Index E-mini Future 18/12/2020 (11) - (898) Short Dividend Index Future 17/12/2021 1,650 0.24 (590) Short FTSE 250 Index Future 18/12/2020 394 0.06 (97) Short US 10 Year Note Future 21/12/2020 56 0.01 (70) Short US 10 Year Ultra Future 21/12/2020 102 0.01 (52) Short US 2 Year Note (CBT) Future 31/12/2020 - - (208) Short US 5 Year Note 31/12/2020 29 -

Total investment assets and liabilities 653,285 95.13 Net other assets 33,459 4.87 Total Net Assets 686,744 100.00

All investments (excluding OTC derivatives) are listed on recognised stock exchanges and are approved securities, regulated collective investment schemes or approved derivatives within the meaning of the FCA rules. The percentage figures in brackets show the comparative holding as at 31 October 2019. + Managed by subsidiaries of Standard Life Aberdeen plc. ++ AIM Listing. ASI Diversified Growth Fund 53

Statement of total return For the year ended 31 October 2020 2020 2019 Notes £’000 £’000 £’000 £’000 Income: Net capital losses 1 (55,103) (4,873) Revenue 2 31,499 29,749 Expenses 3 (1,775) (1,343) Interest payable and similar charges 4 (104) (21) Net revenue before taxation 29,620 28,385 Taxation 5 (3,882) (4,153) Net revenue after taxation 25,738 24,232 Total return before distributions (29,365) 19,359 Distributions 6 (25,338) (24,192) Change in net assets attributable to unitholders from investment activities (54,703) (4,833)

Statement of change in net assets attributable to unitholders For the year ended 31 October 2020 2020 2019 £’000 £’000 £’000 £’000 Opening net assets attributable to unitholders 728,480 467,686 Amounts receivable on the issue of units 170,871 304,501 Amounts payable on the cancellation of units (181,361) (66,660) (10,490) 237,841 Dilution levy 528 1,144 Change in net assets attributable to unitholders from investment activities (see above) (54,703) (4,833) Retained distribution on accumulation units 22,928 26,642 Unclaimed distributions 1 - Closing net assets attributable to unitholders 686,744 728,480 54 ASI Diversified Growth Fund

Balance sheet As at 31 October 2020 2020 2019 Notes £’000 £’000 £’000 £’000 Assets: Fixed assets: Investment assets 650,814 676,983 Current assets: Debtors 7 6,321 28,438 Cash and bank balances 8 29,258 12,794 Cash equivalents 8 22,411 21,287 57,990 62,519 Total assets 708,804 739,502

Liabilities: Investment liabilities (19,940) (913) Provisions for liabilities 9 (16) (475) Creditors 10 (1,445) (8,755) Distribution payable (659) (879) (2,104) (9,634) Total liabilities (22,060) (11,022) Net assets attributable to unitholders 686,744 728,480 ASI Diversified Growth Fund 55

Notes to the financial statements For the year ended 31 October 2020 1. Net Capital Losses 2020 2019 £’000 £’000 Non-derivative securities* (37,092) (11,813) Derivative contracts* (16,730) (947) Forward currency contracts* (1,285) 4,770 Other gains* 116 3,185 Transaction charges (112) (68) Net capital losses* (55,103) (4,873)

* Includes net realised gains of £9,537,000 and net unrealised losses of £64,528,000 (2019: net realised losses of £10,062,000 and net unrealised gains of £5,257,000). Where realised gains/(losses) include gains/(losses) arising in previous periods, a corresponding (loss)/gain is included in unrealised gains/(losses).

2. Revenue 2020 2019 £’000 £’000 Management fee rebate on collective investment scheme holdings 42 58 Bank and margin interest 320 17 Income from Overseas Collective Investment Schemes Franked income 129 73 Unfranked income 5,525 3,778 Income from UK Collective Investment Schemes Franked income 42 - Interest income 1,443 963 Interest on debt securities 10,875 13,538 Overseas dividends 3,377 5,488 Overseas REIT 66 - UK dividends 8,058 4,580 UK REIT 1,622 1,254 Total revenue 31,499 29,749 56 ASI Diversified Growth Fund

3. Expenses 2020 2019 £’000 £’000 Payable to the Manager, associates of the Manager and agents of either of them: Manager’s periodic charge 1,598 1,141 Registration fees 15 18 1,613 1,159 Payable to the Trustee or associates of the Trustee, and agents of either of them: Safe custody fee 86 114 Trustee fees 68 54 154 168 Other: Audit fee 10 9 Printing fees (3) 4 Professional fees 1 3 8 16 Total expenses 1,775 1,343

Irrecoverable VAT is included in the above expenses where relevant.

4. Interest Payable and Similar Charges 2020 2019 £’000 £’000 Derivative expense 99 19 Interest payable 5 2 Total interest payable & similar charges 104 21

5. Taxation 2020 2019 £’000 £’000 (a) Analysis of charge in year Corporation tax 3,610 3,658 Double taxation relief (178) (221) Adjustments in respect of prior periods - (40) Overseas taxes 850 802 Total current tax 4,282 4,199 Deferred tax (note 5c) (400) (46) Total taxation (note 5b) 3,882 4,153 ASI Diversified Growth Fund 57

2020 2019 £’000 £’000 (b) Factors affecting current tax charge for the year The tax assessed for the year is less than the standard rate of corporation tax in the UK for authorised Unit Trusts (20%). The differences are explained below: Net revenue before taxation 29,620 28,385 Corporation tax at 20% (2019: 20%) 5,924 5,677 Effects of: Revenue not subject to taxation (2,314) (2,025) Overseas taxes 850 802 Double taxation relief (178) (221) Adjustments in respect of prior periods - (39) Overseas capital gains tax in capital (400) (1) Adjustment to Unrealised offshore funds - (40) Total tax charge for year (note 5a) 3,882 4,153

(c) Deferred tax Deferred tax charge at the start of the year* 416 46 Deferred tax charge in statement of total return for year (note 5a) (400) (46) Provision at the end of the year 16 -

* Opening balance restated to include potential overseas capital gains tax liability. Authorised Unit Trusts are exempt from tax on capital gains in the UK. Therefore, any capital gain is not included in the above reconciliation. (d) Factors that may affect future tax charge At the year end there are no surplus expenses and therefore no deferred tax asset in the current or prior year.

6. Distributions (including the movement between net revenue and distributions) 2020 2019 £’000 £’000 Distribution 23,586 27,521 Add: Income deducted on cancellation of units 3,617 1,566 Deduct: Income received on issue of units (1,865) (4,895) Net distribution for the year 25,338 24,192

Movement between net revenue and distributions Net revenue after taxation 25,738 24,232 Transaction CGT (400) - Adjustment to unrealised offshore funds - (40) Total distributions 25,338 24,192

Details of the distribution per unit are set out in this fund’s distribution table. 58 ASI Diversified Growth Fund

7. Debtors 2020 2019 £’000 £’000 Accrued revenue 2,695 3,944 Amounts receivable from the Manager for the issue of units 2,407 123 Corporation tax recoverable 16 - Overseas withholding tax recoverable 137 188 Sales awaiting settlement 1,010 24,178 Management fee rebate receivable 56 5 Total debtors 6,321 28,438

8. Liquidity 2020 2019 £’000 £’000 Cash and bank balances Cash at bank 9,251 7,703 Cash at broker 20,007 5,091 29,258 12,794 Cash equivalents Aberdeen Standard Liquidity Fund (Lux) - Sterling Fund 22,411 21,287 Total cash equivalents 22,411 21,287 Net liquidity 51,669 34,081

9. Provisions for liabilities 2020 2019 £’000 £’000 The provisions for liabilities comprise: CGT liability 16 475 16 475

10. Creditors 2020 2019 £’000 £’000 Accrued expenses payable to the Manager 139 146 Accrued expenses payable to the Trustee or associates of the Trustee 23 5 Amounts payable to the Manager for cancellation of units 407 25 Corporation tax payable - 1,558 Other accrued expenses 66 38 Purchases awaiting settlement 810 6,738 Other creditors - 245 Total creditors 1,445 8,755 ASI Diversified Growth Fund 59

11. Related Party Transactions Aberdeen Standard Fund Managers Limited, as Manager, is a related party and acts as principal in respect of all transactions of units in the fund. The aggregate monies received through issue and paid on cancellation of units are disclosed in the statement of change in net assets attributable to unitholders. Any amounts due from or due to Aberdeen Standard Fund Managers Limited at the end of the accounting year are disclosed in notes 7 and 10. Amounts payable to Aberdeen Standard Fund Managers Limited, in respect of periodic charge and registration services, are disclosed in note 3 and any amounts due at the year end in note 10.

12. Portfolio Transaction Costs There are no transaction costs associated with the purchases or sales of bonds, collective investment schemes and derivatives during the year, or in the prior year. Bonds are dealt on a spread agreed between buyer and seller with reference to the expected cashflows and current credit profiles. Collective investments operate within the terms of the offer document or prospectus. Typically we do not invest into funds that require an initial charge to be made. The underlying price may contain an estimation of cost known as a dilution levy which is applied from time to time. Derivatives are dealt on a spread agreed between buyer and seller with reference to the underlying investment. Purchases Sales

2020 2019 2020 2019 Trades in the year £’000 £’000 £’000 £’000 Bonds 225,595 135,862 232,563 92,101 Equities 400,862 469,787 377,656 327,179 Collective investment schemes 535,648 197,572 519,224 139,150 Corporate actions 595 465 9,521 1,262 Trades in the year before transaction costs 1,162,700 803,686 1,138,964 559,692

Commissions Equities 194 231 (184) (72) Collective investment schemes 8 2 (5) (4) Total commissions 202 233 (189) (76)

Taxes Bonds - 18 (39) (4) Equities 382 173 (58) (7) Collective investment schemes 7 5 - - Total taxes 389 196 (97) (11)

Total transaction costs 591 429 (286) (87) Total net trades in the year after transaction costs 1,163,291 804,115 1,138,678 559,605 60 ASI Diversified Growth Fund

Purchases Sales

Total transaction costs expressed as 2020 2019 2020 2019 a percentage of asset type cost % % % % Commissions Equities 0.05 0.05 0.05 0.02 Taxes Bonds - 0.01 0.02 - Equities 0.10 0.04 0.02 -

Total transaction costs expressed as 2020 2019 a percentage of net asset value % % Commissions 0.05 0.05 Taxes 0.07 0.03

At the balance sheet date the average portfolio dealing spread (i.e. the spread between bid and offer prices expressed as a percentage of the offer price) was 0.67% (2019: 0.42%), this is representative of the average spread on the assets held during the year.

13. Units in issue reconciliation

Opening Creations Cancellations Conversions Closing units during during during units 2019 the year the year the year 2020 I Accumulation units 190,716,070 38,354,578 (34,692,535) - 194,378,113 I Income units 20,534,328 633,836 (3,023,975) - 18,144,189 M Accumulation units 960 19,591 (19,699) 30,216 31,068 M Income units 960 - (23,675) 23,675 960 R Accumulation units 15,091,685 1,152,770 (1,716,894) (26,808) 14,500,753 R Income units 2,961,855 81,541 (179,499) (22,729) 2,841,168 Z Accumulation units 288,594,259 81,328,021 (94,955,672) - 274,966,608

14. Fair Value Hierarchy The three levels of the fair value hierarchy under FRS 102 are described below: Level 1: Unadjusted quoted market prices in active markets that are accessible at the measurement date for the identical unrestricted assets or liabilities. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices). Level 3: Inputs for asset or liability that are not based on observable market data (unobservable inputs). 2020 2020 2020 2019 2019 2019 £’000 £’000 £’000 £’000 £’000 £’000 Fair value of investment assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Bonds - 149,377 - - 168,065 - Equities 377,257 - - 375,041 - - Collective Investment Schemes - 141,657 - - 136,578 - Derivatives 2,231 2,703 - 982 17,604 - Total investment assets 379,488 293,737 - 376,023 322,247 -

Fair value of investment liabilities Derivatives (13,625) (6,315) - (75) (838) - Total investment liabilities (13,625) (6,315) - (75) (838) - ASI Diversified Growth Fund 61

15. Risk Management Policies and Disclosures The risks inherent in the fund’s investment portfolio are as follows: Foreign currency risk Fluctuations in the foreign exchange rates can adversely affect the value of a portfolio. The following table details the net exposure to the principal foreign currencies that the fund is exposed to including any instruments used to hedge against foreign currencies, if applicable. Net foreign Net foreign currency exposure currency exposure 2020 2019 Currency £’000 £’000 Australian Dollar (20,198) (40,645) Brazilian Real 5,866 20,998 Canadian Dollar (15,574) (30,109) Chilean Peso 1,653 3,282 Colombian Peso 4,765 14,652 Czech Koruna 1,292 3,248 Danish Krone 4,540 279 Egyptian Pound 10 - Euro (13,076) (4,253) Hong Kong Dollar 1,950 4,696 Hungarian Forint 1,185 277 Indonesian Rupiah 8,066 24,859 Japanese Yen 51,883 754 Malaysian Ringgit 3,066 9,452 Mexican Peso 8,576 25,305 New Zealand Dollar (20,687) (40,132) Norwegian Krone (17,149) (40,472) Peruvian New Sol 2,539 6,255 Philippines Peso - 2,973 Polish Zloty 3,119 13,368 Romanian Leu 604 - Russian Ruble 5,322 13,778 Singapore Dollar 196 449 South Africa Rand 6,098 17,186 South Korean Won 833 7,172 Swedish Krona (20,375) (39,904) Swiss Franc 1,988 1,853 Taiwan Dollar 1,656 2,183 Thai Baht 2,187 8,966 Turkish Lira - 12,096 Uruguay Peso 1,301 3,842 US Dollar (10,279) 30,767 Total 1,357 33,175

Interest rate risk Interest rate risk is an unfavourable change in interest rates that can affect the price of a security, which in turn results in the portfolio experiencing a loss. Interest rate changes not only affect fixed income products but have material impacts on funding arrangements and other asset types. The following table shows separately the value of investments at fixed interest rates, at variable rates and those that are non-interest bearing instruments. The interest rate risk profile of the fund’s investments at the year end consists of: Floating rate Fixed rate Financial assets/ financial financial (liabilities) not assets assets carrying interest Total 2020 £’000 £’000 £’000 £’000 Currency UK Sterling 48,206 - 637,183 685,389 Australian Dollar 2 - (20,200) (20,198) Brazilian Real - 5,673 193 5,866 Canadian Dollar 1 - (15,575) (15,574) Chilean Peso - 1,653 - 1,653 Colombian Peso - 4,663 102 4,765 Czech Koruna - 1,281 11 1,292 Danish Krone - - 4,540 4,540 Egyptian Pound - - 10 10 Euro 29,554 - (42,630) (13,076) Hong Kong Dollar 2 - 1,948 1,950 Hungarian Forint - 1,185 - 1,185 Indonesian Rupiah - 7,872 194 8,066 Japanese Yen - - 51,883 51,883 Malaysian Ringgit - 3,035 31 3,066 Mexican Peso - 8,205 371 8,576 New Zealand Dollar 1 - (20,688) (20,687) Norwegian Krone - - (17,149) (17,149) Peruvian New Sol - 2,507 32 2,539 Polish Zloty - 3,019 100 3,119 Romanian Leu - 598 6 604 Russian Ruble - 5,172 150 5,322 Singapore Dollar 1 - 195 196 South Africa Rand - 5,774 324 6,098 South Korean Won - - 833 833 Swedish Krona 1 - (20,376) (20,375) Swiss Franc - - 1,988 1,988 Taiwan Dollar - - 1,656 1,656 Thai Baht - 2,063 124 2,187 Uruguay Peso - 1,284 17 1,301 US Dollar 1,531 67,763 (79,573) (10,279) Total 79,299 121,747 485,700 686,746 ASI Diversified Growth Fund 63

Floating rate Fixed rate Financial assets/ financial financial (liabilities) not assets assets carrying interest Total 2019 £’000 £’000 £’000 £’000 Currency UK Sterling 42,205 - 653,100 695,305 Australian Dollar 827 - (41,472) (40,645) Brazilian Real - 17,185 3,813 20,998 Canadian Dollar 7 - (30,116) (30,109) Chilean Peso - 3,282 - 3,282 Colombian Peso 11,650 3,002 14,652 Czech Koruna - 2,957 291 3,248 Danish Krone - - 279 279 Euro 2,979 - (7,232) (4,253) Hong Kong Dollar - - 4,696 4,696 Hungarian Forint - - 277 277 Indonesian Rupiah - 24,813 46 24,859 Japanese Yen 295 - 459 754 Malaysian Ringgit - 9,146 306 9,452 Mexican Peso - 19,839 5,466 25,305 New Zealand Dollar - - (40,132) (40,132) Norwegian Krone - - (40,472) (40,472) Peruvian New Sol - 6,180 75 6,255 Philippines Peso - 2,967 6 2,973 Polish Zloty - 10,778 2,590 13,368 Russian Ruble 1 13,471 306 13,778 Singapore Dollar 4 445 449 South Africa Rand - 14,219 2,967 17,186 South Korean Won - - 7,172 7,172 Swedish Krona - - (39,904) (39,904) Swiss Franc - - 1,853 1,853 Taiwan Dollar - - 2,183 2,183 Thai Baht - 6,514 2,452 8,966 Turkish Lira - 8,923 3,173 12,096 Uruguay Peso - 3,088 754 3,842 US Dollar 821 - 29,946 30,767 Total 47,139 155,012 526,329 728,480

Other price risk The sensitivity analysis of the fund’s financial asset and liability positions is monitored by the Investment Manager using VaR analysis. VaR analysis reflects the interdependencies between risk variables, unlike a traditional sensitivity analysis. VaR represents the potential losses from adverse changes in market factors for a specified time period and confidence level. The table below indicates the VaR of the fund’s financial instruments, measured as the potential 5 day loss in value from adverse changes in equity prices, interest rates, inflation rates and foreign currency exchange rates, with a 99 percent confidence level. Calculated on this basis, the table indicates that the net value of the fund’s financial assets and liabilities could be expected to change by more than the stated amount on only two days out of 200, in response to either price, interest rate, inflation or foreign currency exchange rate changes. 64 ASI Diversified Growth Fund

The VAR measures of the fund are detailed below: 2020 2019 % % Minimum VaR 0.75% 0.96% Maximum VaR 2.97% 1.28% Average VaR 1.98% 1.13%

VaR Table Contribution from FX risk Interest rate risk Inflation risk credit risk Overall VaR 31 October 2020 (0.07)% 2.47% - 0.46% 2.86% 31 October 2019 0.07% 0.45% - 0.52% 1.04%

The Manager must calculate the global exposure of any fund it manages either as: 1) the incremental exposure and leverage generated through the use of derivatives and forward transactions, which may not exceed 100% of the net value of the scheme property. This is known as the Commitment Approach and is a measure of leverage or; 2) the market risk of the scheme property by way of the value at risk (VaR) approach. Although, the sensitivity analysis of the fund’s financial asset and liability positions described above uses VaR analysis, the global exposure calculations for funds may be calculated on the Commitment Basis. The Prospectus provides further details on which method is used to calculate Global Exposure for each fund. Counterparty risk Credit quality of debt security investment assets The following table shows the credit quality of the part of the investment portfolio that is invested in debt securities, reflecting the impact of derivative positions. Percentage of total Market value net assets 2020 £’000 % Investment grade securities 77,862 11.33% Below investment grade securities 63,087 9.19% Unrated securities 8,428 1.23% Total Value of Securities 149,377 21.75%

Percentage of total Market value net assets 2019 £’000 % Investment grade securities 25,675 18.32% Below investment grade securities 133,487 3.52% Unrated securities 8,903 1.22% Total Value of Securities 168,065 23.06%

Investment grade information used in the above table is based on credit ratings issued by market vendors. Financial derivatives instrument risk These types of transaction can introduce market exposure greater than the market value of the instrument. These transactions exchange benefits with a third party at a future date creating both counterparty and concentration risk. The Investment Adviser’s policies for managing these risks are outlined in the fund’s prospectus. At the year end the Fund held derivatives for the purposes of efficient portfolio management or to meet the Fund’s investment objectives. These types of transaction can introduce market exposure greater than the market value of the instrument. These transactions exchange benefits with a third party at a future date creating both counterparty and concentration risk. The Investment Adviser’s policies for managing these risks are outlined in the Fund’s prospectus. ASI Diversified Growth Fund 65

At the balance sheet date the fund had the following exposures: 2020 2019 Market Market Market Market Exposure Value Exposure Value Leveraged Instruments £’000 £’000 £’000 £’000 Forward Currency Contracts 494,480 (3,612) 385,136 16,766 Futures 116,794 (11,394) 60,688 907 Total Market Exposure 611,274 (15,006) 445,824 17,673

The total market exposure is the sum of the notional derivative contracts on a gross basis with no offsetting.

The fund uses the commitment method to calculate global exposure. Leverage is not significant in this context.

Counterparty Exposure Derivative instruments involve an agreement to exchange a benefit at a future date. This introduces counterparty risk where an agreement is bilateral (between two parties) and concentration risk where a clearing broker operates on an exchange. Where the counterparty or clearing broker is not solvent the market exposure obtained would be lost.

Stock Market Cash collateral value of 2020 (held)/posted (held)/posted derivatives Broker concentrations £’000 £’000 £’000 Bank of America Merrill Lynch 20,007 - (11,394) 20,007 - (11,394)

Stock Market Cash collateral value of 2019 (held)/posted (held)/posted derivatives Broker concentrations £’000 £’000 £’000 Bank of America Merrill Lynch 5,091 - 907 5,091 - 907 66 ASI Diversified Growth Fund

Counterparty Table At the balance sheet date the fund had the following exposures: Bi-lateral Net forwards exposure 2020 £’000 £’000 Counterparties Bank of America Merrill Lynch 2 2 BNP Paribas 658 658 Citigroup (4,756) (4,756) Credit Agricole 11 11 Deutsche Bank 132 132 Goldman Sachs (12) (12) Morgan Stanley 4 4 RBC Dominion Securities (15) (15) Royal Bank of Scotland 18 18 Societe Generale 4 4 Standard Chartered (52) (52) State Street 1,174 1,174 UBS (780) (780) Total (3,612) (3,612)

Bi-lateral Net forwards exposure 2019 £’000 £’000 Counterparties Bank of America Merrill Lynch 12 12 Barclays 3,054 3,054 BNP Paribas 232 232 Citigroup 249 249 Deutsche Bank 85 85 Goldman Sachs 3,383 3,383 HSBC 2,788 2,788 JP Morgan (3) (3) Morgan Stanley 4,496 4,496 RBC Dominion Securities 27 27 StateStreet 2,241 2,241 UBS 202 202 Total 16,766 16,766

Stock collateral is of an appropriate quality and date for the fund. ASI Diversified Growth Fund 67

Liquidity risk The following table provides a maturity analysis of the fund’s financial liabilities on a contractual basis. Over one year Up to but not more On demand one year than five years Over five years Total 2020 £’000 £’000 £’000 £’000 £’000 Derivatives Investment liabilities - (7,555) (12,385) - (19,940)

Non-derivatives Provisions for liabilities - (16) - - (16) Other creditors - (1,443) - - (1,443) Distribution payable - (659) - - (659) Total financial liabilities - (9,673) (12,385) - (22,058)

Over one year Up to but not more On demand one year than five years Over five years Total 2019 £’000 £’000 £’000 £’000 £’000 Derivatives Investment liabilities - (875) (38) - (913)

Non-derivatives Other creditors - (9,230) - - (9,230) Distribution payable - (879) - - (879) Total financial liabilities - (10,984) (38) - (11,022)

16. Subsequent Events Since the year end, markets and operations have continued to be disrupted by the effects of the COVID-19 pandemic. Since the year end the NAV per unit has increased by 8.90% (to 15 February 2021). Contingency plans at the Manager and key service suppliers have proven effective in mitigating the effects on management of the portfolio and on all supporting operations. 68 ASI Diversified Growth Fund

Distribution table For the year ended 31 October 2020 (in pence per unit) Group 1 - units purchased prior to 1 November 2019 Group 2 - units purchased between 1 November 2019 and 31 October 2020 Distribution paid Distribution paid Revenue Equalisation 31/12/20 31/12/19 I Accumulation units Group 1 4.2198 - 4.2198 4.7803 Group 2 2.5526 1.6672 4.2198 4.7803

I Income units Group 1 3.1787 - 3.1787 3.7861 Group 2 2.0345 1.1442 3.1787 3.7861

M Accumulation units Group 1 3.2683 - 3.2683 3.5621 Group 2 1.7971 1.4712 3.2683 3.5621

M Income units Group 1 2.9403 - 2.9403 3.5621 Group 2 2.9403 - 2.9403 3.5621

R Accumulation units Group 1 3.2285 - 3.2285 3.7142 Group 2 1.6640 1.5645 3.2285 3.7142

R Income units Group 1 2.8804 - 2.8804 3.4294 Group 2 2.2765 0.6039 2.8804 3.4294

Z Accumulation units Group 1 5.1847 - 5.1847 5.8785 Group 2 3.6560 1.5287 5.1847 5.8785

Equalisation This applies only to units purchased during the distribution period (group 2 units). It is the average amount of revenue included in the purchase price of group 2 units and is refunded to the holders of these units as a return of capital. Being capital it is not liable to income tax but must be deducted from the cost of units for capital gains tax purposes. ASI Diversified-Core Adventurous Fund 69

ASI Diversified-Core Adventurous Fund

For the year ended 31 October 2020

• Their primary focus is to use research techniques to select funds which align with their views regarding future economic and business conditions. 70 ASI Diversified-Core Adventurous Fund

1 2 3 4 5 6 7

Risk and reward indicator table as at 22 May 2020. The fund is rated as 4 because of the extent to which the following risk factors apply: • Investing in China A unit involves special considerations and risks, including greater price volatility, a less developed regulatory and legal framework, exchange rate risk/controls, settlement, tax, quota, liquidity and regulatory risks.

• The fund invests in securities which are subject to the risk that the issuer may default on interest or capital payments.

• The fund price can go up or down daily for a variety of reasons including changes in interest rates, inflation expectations or the perceived credit quality of individual countries or securities.

• Property valuation is a matter of judgment by an independent valuer and is therefore a matter of the valuer’s opinion rather than fact.

Comparative table 2020 2019 2018 I Accumulation unitsA pence per unit pence per unit pence per unit Change in net assets per unit Opening net asset value per unit 132.03 124.86 128.21 Return before operating charges* (11.07) 7.74 (2.76) Operating charges (0.58) (0.57) (0.59) Return after operating charges* (11.65) 7.17 (3.35) Distributions - (3.98) (2.66) Retained distributions on accumulation units - 3.98 2.66 Redemption value as at 22 May 2020 (120.38) - - Closing net asset value per unit - 132.03 124.86 * after direct transaction costs of: 0.05 0.04 0.01

Performance Return after charges (8.82%) 5.74% (2.61%)

Other information Closing net asset value (£’000) - 5,463 5,591 Closing number of units - 4,137,606 4,478,137 Operating charges 0.45% 0.45% 0.45% Direct transaction costs 0.04% 0.03% -

Prices Highest unit price 138.8 132.8 136.0 Lowest unit price 107.8 119.1 123.4

2020 2019 M Accumulation unitsA pence per unit pence per unit Change in net assets per unit Opening net asset value per unit 107.29 100.00B Return before operating charges* (8.96) 7.77 Operating charges (0.52) (0.48) Return after operating charges* (9.48) 7.29 Distributions - (3.45) Retained distributions on accumulation units - 3.45 Redemption value as at 22 May 2020 (97.81) - Closing net asset value per unit - 107.29 * after direct transaction costs of: 0.04 0.03

Performance Return after charges (8.84%) 7.29%

Other information Closing net asset value (£’000) - 1 Closing number of units - 936 Operating charges 0.50% 0.50% Direct transaction costs 0.04% 0.03%

Prices Highest unit price 112.8 107.9 Lowest unit price 87.58 96.56

2020 2019 2018 R Accumulation unitsA pence per unit pence per unit pence per unit Change in net assets per unit Opening net asset value per unit 129.70 123.18 126.98 Return before operating charges* (10.47) 7.77 (2.51) Operating charges (1.26) (1.25) (1.29) Return after operating charges* (11.73) 6.52 (3.80) Distributions - (3.38) (2.06) Retained distributions on accumulation units - 3.38 2.06 Redemption value as at 22 May 2020 (117.97) - - Closing net asset value per unit - 129.70 123.18 * after direct transaction costs of: 0.05 0.04 0.01

Performance Return after charges (9.04%) 5.29% (2.99%)

Other information Closing net asset value (£’000) - 1,345 1,291 Closing number of units - 1,036,994 1,047,743 Operating charges 1.00% 1.00% 1.00% Direct transaction costs 0.04% 0.03% -

Prices Highest unit price 136.2 130.5 134.6 Lowest unit price 105.7 117.4 121.7

2020 2019 2018 Z Accumulation unitsA pence per unit pence per unit pence per unit Change in net assets per unit Opening net asset value per unit 133.47 125.98 129.10 Return before operating charges* (11.37) 7.75 (2.86) Operating charges (0.26) (0.26) (0.26) Return after operating charges* (11.63) 7.49 (3.12) Distributions - (4.27) (2.94) Retained distributions on accumulation units - 4.27 2.94 Redemption value as at 22 May 2020 (121.84) - - Closing net asset value per unit - 133.47 125.98 * after direct transaction costs of: 0.05 0.04 0.01

Performance Return after charges (8.71%) 5.95% (2.42%)

Other information Closing net asset value (£’000) - 6,480 5,580 Closing number of units - 4,854,521 4,429,558 Operating charges 0.20% 0.20% 0.20% Direct transaction costs 0.04% 0.03% -

Prices Highest unit price 140.5 134.3 137.0 Lowest unit price 109.1 120.2 124.5

Portfolio statement As at 31 October 2020 The fund has not held any investments since 22 May 2020. 76 ASI Diversified-Core Adventurous Fund

Statement of total return For the year ended 31 October 2020 2020 2019 Notes £’000 £’000 £’000 £’000 Income: Net capital (losses)/gains 1 (1,491) 322 Revenue 2 440 532 Expenses 3 (6) (26) Net revenue before taxation 434 506 Taxation 4 (90) (89) Net revenue after taxation 344 417 Total return before equalisation (1,147) 739 Distribution 5 (347) (416) Change in net assets attributable to unitholders from investment activities (1,494) 323

Statement of change in net assets attributable to unitholders For the year ended 31 October 2020 2020 2019 £’000 £’000 £’000 £’000 Opening net assets attributable to unitholders 13,289 12,462 Amounts receivable on the issue of units 579 2,128 Amounts payable on the cancellation of units (12,381) (2,032) (11,802) 96 Dilution levy 4 1 Change in net assets attributable to unitholders from investment activities (see above) (1,494) 323 Change in provision for fund closure 3 407 Closing net assets attributable to unitholders - 13,289 ASI Diversified-Core Adventurous Fund 77

Balance sheet As at 31 October 2020 2020 2019 Notes £’000 £’000 £’000 £’000 Assets: Fixed assets: Investment assets - 13,107 Current assets: Debtors 6 (3) 60 Cash and bank balances 7 - 243 (3) 303 Total assets (3) 13,410

Liabilities: Investment liabilities - (16) Creditors 8 3 (105) 3 (105) Total liabilities 3 (121) Net assets attributable to unitholders - 13,289 78 ASI Diversified-Core Adventurous Fund

Notes to the financial statements For the year ended 31 October 2020 1. Net Capital (Losses)/Gains 2020 2019 £’000 £’000 Non-derivative securities* (1,002) 129 Derivative contracts* (91) 41 Forward currency contracts* (396) 5 Other gains* 19 163 Transaction charges (21) (16) Net capital (losses)/gains* (1,491) 322

* Includes net realised losses of £747,000 and net unrealised losses of £723,000 (2019: net realised losses of £669,000 and net unrealised gains of £991,000). Where realised gains/(losses) include gains/(losses) arising in previous periods, a corresponding (loss)/gain is included in unrealised gains/(losses).

2. Revenue 2020 2019 £’000 £’000 Bank and margin interest - 2 Income from Overseas Collective Investment Schemes Unfranked income 332 300 Overseas dividends 104 217 Overseas REIT 2 - UK dividends 2 13 Total revenue 440 532

3. Expenses 2020 2019 £’000 £’000 Payable to the Manager, associates of the Manager and agents of either of them: Manager’s periodic charge 17 32 Registration fees 1 2 18 34 Payable to the Trustee or associates of the Trustee, and agents of either of them: Safe custody fee 1 2 Trustee fees 2 2 3 4 Other: Audit fee 6 9 Legal fees - 3 Printing fees 1 - Professional fees 1 - Expense cap refunded by Authorised Fund Manager (23) (24) (15) (12) Total expenses 6 26

Irrecoverable VAT is included in the above expenses where relevant. ASI Diversified-Core Adventurous Fund 79

4. Taxation 2020 2019 £’000 £’000 (a) Analysis of charge in year Corporation tax 65 55 Adjustments in respect of prior periods - 2 Overseas taxes 25 32 Total taxation 90 89

(b) Factors affecting current tax charge for the year The tax assessed for the year is the greater than the standard rate of corporation tax in the UK for authorised Unit Trusts (20%). The differences are explained below: Net revenue before taxation 434 506 Corporation tax at 20% (2019: 20%) 87 101 Effects of: Revenue not subject to taxation (21) (46) Overseas taxes 24 32 Adjustments in respect of prior periods - 2 Total tax charge for year (note 4a) 90 89

5. Distributions The distributions takes account of income received on the creation of units and income deducted on the cancellation of units and comprise: 2020 2019 £’000 £’000 Distribution - 407 Add: Income deducted on cancellation of units 348 21 Deduct: Income received on issue of units (1) (12) Net distribution for the year 347 416

Movement between net revenue and distributions Net revenue after taxation 344 417 Undistributed revenue carried forward 3 - Total distributions 347 417

Details of the distribution per unit are set out in this fund’s distribution tables. 80 ASI Diversified-Core Adventurous Fund

6. Debtors 2020 2019 £’000 £’000 Accrued revenue (6) 30 Amounts receivable from the Manager for the issue of units - 4 Corporation tax recoverable 3 - Overseas withholding tax recoverable - 3 Expense rebate due from Authorised Fund Manager - 23 Total debtors (3) 60

7. Liquidity 2020 2019 £’000 £’000 Cash and bank balances Cash at bank - 196 Cash at broker - 47 - 243 Net liquidity - 243

8. Creditors 2020 2019 £’000 £’000 Accrued expenses payable to the Manager 3 4 Amounts payable to the Manager for cancellation of units - 36 Corporation tax payable - 55 Other accrued expenses - 10 Total creditors 3 105

9. Related Party Transactions Aberdeen Standard Fund Managers Limited, as Manager, is a related party and acts as principal in respect of all transactions of units in the fund. The aggregate monies received through issue and paid on cancellation of units are disclosed in the statement of change in net assets attributable to unitholders. Any amounts due from or due to Aberdeen Standard Fund Managers Limited at the end of the accounting year are disclosed in notes 6 and 8. Amounts payable to Aberdeen Standard Fund Managers Limited, in respect of periodic charge and registration services, are disclosed in note 3 and any amounts due at the year end in note 8.

10. Portfolio Transaction Costs There are no transaction costs associated with the purchases or sales of collective investment schemes during the year, or in the prior year. Collective investments operate within the terms of the offer document or prospectus. Typically we do not invest into funds that require an initial charge to be made. The underlying price may contain an estimation of cost known as a dilution levy which is applied from time to time. ASI Diversified-Core Adventurous Fund 81

Purchases Sales

2020 2019 2020 2019 Trades in the year £’000 £’000 £’000 £’000 Equities 3,782 5,636 10,866 4,543 Collective investment schemes 232 1,058 4,927 1,277 Corporate actions 4 - 76 11 Trades in the year before transaction costs 4,018 6,694 15,869 5,831

Commissions Equities - 1 (1) - Total commissions - 1 (1) -

Taxes Equities 1 1 (3) - Total taxes 1 1 (3) -

Total transaction costs 1 2 (4) - Total net trades in the year after transaction costs 4,019 6,696 15,865 5,831

Purchases Sales

Total transaction costs expressed as 2020 2019 2020 2019 a percentage of asset type cost % % % % Commissions Equities 0.01 0.01 0.01 0.01 Taxes Equities 0.02 0.01 0.02 0.01

Total transaction costs expressed as 2020 2019 a percentage of net asset value % % Commissions 0.01 0.01 Taxes 0.03 0.01

At the balance sheet date the average portfolio dealing spread (i.e. the spread between bid and offer prices expressed as a percentage of the offer price) was 0.00% (2019: 0.08%), this is representative of the average spread on the assets held during the year.

11. Units in issue reconciliation

Opening Creations Cancellations Closing units during during units 2019 the year the year 2020 I Accumulation units 4,137,606 191,145 (4,328,751) - M Accumulation units 936 - (936) - R Accumulation units 1,036,994 8,303 (1,045,297) - Z Accumulation units 4,854,521 257,151 (5,111,672) - 82 ASI Diversified-Core Adventurous Fund

12. Fair Value Hierarchy The three levels of the fair value hierarchy under FRS 102 are described below: Level 1: Unadjusted quoted market prices in active markets that are accessible at the measurement date for the identical unrestricted assets or liabilities. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices). Level 3: Inputs for asset or liability that are not based on observable market data (unobservable inputs). 2020 2020 2020 2019 2019 2019 £’000 £’000 £’000 £’000 £’000 £’000 Fair value of investment assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Equities - - - 7,488 - - Collective Investment Schemes - - - - 5,044 - Derivatives - - - - 575 - Total investment assets - - - 7,488 5,619 -

Fair value of investment liabilities Derivatives - - - - (16) - Total investment liabilities - - - - (16) -

13. Risk Management Policies and Disclosures The risks inherent in the fund’s investment portfolio are as follows: Foreign currency risk Fluctuations in the foreign exchange rates can adversely affect the value of a portfolio. The following table details the net exposure to the principal foreign currencies that the fund is exposed to including any instruments used to hedge against foreign currencies, if applicable. Net foreign Net foreign currency exposure currency exposure 2020 2019 Currency £’000 £’000 Australian Dollar - (943) Canadian Dollar - (771) Czech Koruna - 31 Danish Krone - 15 Euro - (1) Hong Kong Dollar - 260 Hungarian Forint - 16 Japanese Yen - 47 Malaysian Ringgit - 16 Mexican Peso - 14 New Zealand Dollar - (910) Norwegian Krone - (933) Singapore Dollar - 26 South Korean Won - 426 Swedish Krona - (937) Swiss Franc - 114 Taiwan Dollar - 128 Thai Baht - 141 ASI Diversified-Core Adventurous Fund 83

Net foreign Net foreign currency exposure currency exposure 2020 2019 Currency £’000 £’000 Turkish Lira - 64 US Dollar - 4,189 Total - 992

Interest rate risk The majority of the fund’s financial assets are in non-interest bearing assets. Therefore, the fund’s exposure to interest rate risk is considered insignificant. This is consistent with the exposure during the prior year. Other price risk The fund invests principally in equities. The value of equities is not fixed and may go down as well as up. This may be the result of a specific factor affecting the value of an individual equity or be caused by general market factors (such as government policy or the health of the underlying economy) which can affect the entire portfolio. The Investment Adviser seeks to minimise these risks by holding a diversified portfolio of investments spread across all market sectors in line with the fund objectives. In addition, the management of the fund complies with the Financial Conduct Authority’s COLL sourcebook, which includes rules limiting the size of investment in any particular holding. As at 31 Oct 2020, if the prices of investments held by the fund increased or decreased by 5%, with all other variables remaining constant, then net assets attributable to the unitholders would increase or decrease by approximately £Nil (2019: £655,000). Financial derivatives instrument risk These types of transaction can introduce market exposure greater than the market value of the instrument. These transactions exchange benefits with a third party at a future date creating both counterparty and concentration risk. The Investment Adviser’s policies for managing these risks are outlined in the fund’s prospectus. At the balance sheet date the fund had the following exposures: 2020 Nil Bi-lateral Net forwards exposure 2019 £’000 £’000 Counterparties Bank of America Merrill Lynch 6 6 Barclays 6 6 BNP Paribas (1) (1) Citigroup 155 155 Deutsche Bank 3 3 Goldman Sachs 38 38 HSBC 113 113 Morgan Stanley 115 115 Royal Bank of Canada 4 4 StateStreet 118 118 UBS 2 2 Total 559 559 84 ASI Diversified-Core Adventurous Fund

Liquidity risk The following table provides a maturity analysis of the fund’s financial liabilities on a contractual basis. 2020 Nil Over one year Up to but not more On demand one year than five years Over five years Total 2019 £’000 £’000 £’000 £’000 £’000 Derivatives Investment liabilities - (16) - - (16)

Non-derivatives Other creditors (105) - - - (105) Total financial liabilities (105) (16) - - (121) ASI Diversified-Core Adventurous Fund 85

Distribution table For the year ended 31 October 2020 (in pence per unit) Group 1 - units purchased prior to 1 November 2019 Group 2 - units purchased between 1 November 2019 and 31 October 2020 Distribution paid Distribution paid Revenue Equalisation 31/10/20 31/10/19 I Accumulation units Group 1 - - 3.9822 Group 2 - 3.9822

M Accumulation units Group 1 - - 3.4474 Group 2 - 3.4474

R Accumulation units Group 1 - - 3.3837 Group 2 - 3.3837

Z Accumulation units Group 1 - - 4.2680 Group 2 - 4.2680

ASI Diversified-Core Cautious Fund

For the year ended 31 October 2020

1 2 3 4 5 6 7

Risk and reward indicator table as at 22 May 2020. The fund is rated as 3 because of the extent to which the following risk factors apply: • The fund invests in securities which are subject to the risk that the issuer may default on interest or capital payments.

• The fund price can go up or down daily for a variety of reasons including changes in interest rates, inflation expectations or the perceived credit quality of individual countries or securities.

• Dividend payment policies of the REITs in which the fund invests are not representative of the dividend payment policy of the fund.

Comparative table 2020 2019 2018 I Accumulation unitsA pence per unit pence per unit pence per unit Change in net assets per unit Opening net asset value per unit 116.04 110.12 113.81 Return before operating charges* (3.86) 6.43 (3.18) Operating charges (0.52) (0.51) (0.51) Return after operating charges* (4.38) 5.92 (3.69) Distributions - (2.75) (2.23) Retained distributions on accumulation units - 2.75 2.23 Redemption value as at 22 May 2020 (111.66) - - Closing net asset value per unit - 116.04 110.12 * after direct transaction costs of: - - -

Performance Return after charges (3.77%) 5.38% (3.24%)

Other information Closing net asset value (£’000) - 4,404 4,374 Closing number of units - 3,794,740 3,972,139 Operating charges 0.45% 0.45% 0.45% Direct transaction costs - - -

Prices Highest unit price 118.4 116.2 115.4 Lowest unit price 106.5 109.1 109.9

2020 2019 M Accumulation unitsA pence per unit pence per unit Change in net assets per unit Opening net asset value per unit 106.21 100B Return before operating charges* (3.52) 6.69 Operating charges (0.53) (0.48) Return after operating charges* (4.05) 6.21 Distributions - (2.76) Retained distributions on accumulation units - 2.76 Redemption value as at 22 May 2020 (102.16) - Closing net asset value per unit - 106.21 * after direct transaction costs of: - -

Performance Return after charges (3.82%) 6.21%

Other information Closing net asset value (£’000) - 1 Closing number of units - 947 Operating charges 0.50% 0.50% Direct transaction costs - -

Prices Highest unit price 108.4 106.4 Lowest unit price 97.45 99.65

2020 2019 2018 R Accumulation unitsA pence per unit pence per unit pence per unit Change in net assets per unit Opening net asset value per unit 113.88 108.55 112.67 Return before operating charges* (3.43) 6.44 (3.00) Operating charges (1.13) (1.11) (1.12) Return after operating charges* (4.56) 5.33 (4.12) Distributions - (2.17) (1.71) Retained distributions on accumulation units - 2.17 1.71 Redemption value as at 22 May 2020 (109.32) - - Closing net asset value per unit - 113.88 108.55 * after direct transaction costs of: - - -

Performance Return after charges (4.01%) 4.91% (3.66%)

Other information Closing net asset value (£’000) - 1,254 1,188 Closing number of units - 1,101,400 1,094,744 Operating charges 1.00% 1.00% 1.00% Direct transaction costs - - -

Prices Highest unit price 116.1 114.1 114.1 Lowest unit price 104.3 107.5 108.4

2020 2019 2018 Z Accumulation unitsA pence per unit pence per unit pence per unit Change in net assets per unit Opening net asset value per unit 117.26 111.06 114.55 Return before operating charges* (4.06) 6.43 (3.26) Operating charges (0.23) (0.23) (0.23) Return after operating charges* (4.29) 6.20 (3.49) Distributions - (3.02) (2.48) Retained distributions on accumulation units - 3.02 2.48 Redemption value as at 22 May 2020 (112.97) - - Closing net asset value per unit - 117.26 111.06 * after direct transaction costs of: - - -

Performance Return after charges (3.66%) 5.58% (3.05%)

Other information Closing net asset value (£’000) - 3,651 3,305 Closing number of units - 3,113,548 2,975,541 Operating charges 0.20% 0.20% 0.20% Direct transaction costs - - -

Prices Highest unit price 119.7 117.4 116.2 Lowest unit price 107.7 110.1 110.8

Portfolio statement As at 31 October 2020 The fund has not held any investments since 22 May 2020. ASI Diversified-Core Cautious Fund 93

Statement of total return For the year ended 31 October 2020 2020 2019 Notes £’000 £’000 £’000 £’000 Income: Net capital (losses)/gains 1 (494) 267 Revenue 2 215 305 Expenses 3 (12) (27) Net revenue before taxation 203 278 Taxation 4 (40) (54) Net revenue after taxation 163 224 Total return before equalisation (331) 491 Distribution 5 (159) (224) Change in net assets attributable to unitholders from investment activities (490) 267

Statement of change in net assets attributable to unitholders For the year ended 31 October 2020 2020 2019 £’000 £’000 £’000 £’000 Opening net assets attributable to unitholders 9,310 8,867 Amounts receivable on the issue of units 99 644 Amounts payable on the cancellation of units (8,923) (690) (8,824) (46) Dilution levy 4 - Change in net assets attributable to unitholders from investment activities (see above) (490) 267 Retained distribution on accumulation units - 222 Closing net assets attributable to unitholders - 9,310 94 ASI Diversified-Core Cautious Fund

Balance sheet As at 31 October 2020 2020 2019 Notes £’000 £’000 £’000 £’000 Assets: Fixed assets: Investment assets - 9,099 Current assets: Debtors 6 - 21 Cash and bank balances - 257 - 278 Total assets - 9,377

Liabilities: Creditors 7 - (67) - (67) Total liabilities - (67) Net assets attributable to unitholders - 9,310 ASI Diversified-Core Cautious Fund 95

Notes to the financial statements For the year ended 31 October 2020 1. Net Capital (Losses)/Gains 2020 2019 £’000 £’000 Non-derivative securities* (462) 195 Forward currency contracts* (33) 12 Other gains* 5 63 Transaction charges (4) (3) Net capital (losses)/gains* (494) 267

* Includes net realised losses of £258,000 and net unrealised losses of £232,000 (2019: net realised losses of £252,000 and net unrealised gains of £519,000). Where realised gains/(losses) include gains/(losses) arising in previous periods, a corresponding (loss)/gain is included in unrealised gains/(losses).

2. Revenue 2020 2019 £’000 £’000 Management fee rebate on collective investment scheme holdings 1 1 Bank and margin interest - 1 Income from Overseas Collective Investment Schemes Unfranked income 171 155 Income from UK Collective Investment Schemes Franked income 4 10 Interest income 39 138 Total revenue 215 305

3. Expenses 2020 2019 £’000 £’000 Payable to the Manager, associates of the Manager and agents of either of them: Manager’s periodic charge 15 28 Registration fees 1 1 16 29 Payable to the Trustee or associates of the Trustee, and agents of either of them: Safe custody fee 1 1 Trustee fees - 1 1 2 Other: Audit fee - 9 Printing fees 1 1 Professional fees 2 - Expense cap refunded by Authorised Fund Manager (8) (14) (5) (4) Total expenses 12 27

Irrecoverable VAT is included in the above expenses where relevant. 96 ASI Diversified-Core Cautious Fund

4. Taxation 2020 2019 £’000 £’000 (a) Analysis of charge in year Corporation tax 40 54 Total taxation 40 54

(b) Factors affecting current tax charge for the year The tax assessed for the year is less than the standard rate of corporation tax in the UK for authorised Unit Trusts (20%). The differences are explained below: Net revenue before taxation 203 278 Corporation tax at 20% (2019: 20%) 41 56 Effects of: Revenue not subject to taxation (1) (2) Total tax charge for year (note 4a) 40 54

5. Distributions (including the movement between net reveune and distributions) 2020 2019 £’000 £’000 Distribution - 222 Add: Income deducted on cancellation of units 159 5 Deduct: Income received on issue of units - (3) Net distribution for the year 159 224

Movement between net revenue and distributions Net revenue after taxation 163 224 Undistributed revenue carried forward (4) - Total distributions 159 224

Details of the distribution per unit are set out in this fund’s distribution table.

6. Debtors 2020 2019 £’000 £’000 Amounts receivable from the Manager for the issue of units - 1 Expenses reimbursement receivable from the Manager 18 14 United Kingdom income tax recoverable - 6 ASI Diversified-Core Cautious Fund 97

2020 2019 £’000 £’000 Total debtors 18 21

7. Creditors 2020 2019 £’000 £’000 Accrued expenses payable to the Manager - 3 Corporation tax payable - 54 Other accrued expenses - 10 Total creditors - 67

8. Related Party Transactions Aberdeen Standard Fund Managers Limited, as Manager, is a related party and acts as principal in respect of all transactions of units in the fund. The aggregate monies received through issue and paid on cancellation of units are disclosed in the statement of change in net assets attributable to unitholders. Any amounts due from or due to Aberdeen Standard Fund Managers Limited at the end of the accounting year are disclosed in notes 6 and 7. Amounts payable to Aberdeen Standard Fund Managers Limited, in respect of periodic charge and registration services, are disclosed in note 3 and any amounts due at the year end in note 7.

9. Portfolio Transaction Costs There are no transaction costs associated with the purchases or sales of collective investment schemes during the year, or in the prior year. Collective investments operate within the terms of the offer document or prospectus. Typically we do not invest into funds that require an initial charge to be made. The underlying price may contain an estimation of cost known as a dilution levy which is applied from time to time. Purchases Sales

2020 2019 2020 2019 Trades in the year £’000 £’000 £’000 £’000 Collective investment schemes 75 1,581 8,811 1,371 Trades in the year before transaction costs 75 1,581 8,811 1,371

Total net trades in the year after transaction costs 75 1,581 8,811 1,371

At the balance sheet date the average portfolio dealing spread (i.e. the spread between bid and offer prices expressed as a percentage of the offer price) was 0.00% (2019: 0.15%), this is representative of the average spread on the assets held during the year.

10. Units in issue reconciliation

Opening Creations Cancellations Closing units during during units 2019 the year the year 2020 I Accumulation units 3,794,740 47,464 (3,842,204) - 98 ASI Diversified-Core Cautious Fund

Opening Creations Cancellations Closing units during during units 2019 the year the year 2020 M Accumulation units 947 - (947) - R Accumulation units 1,101,400 875 (1,102,275) - Z Accumulation units 3,113,548 36,069 (3,149,617) -

11. Fair Value Hierarchy The three levels of the fair value hierarchy under FRS 102 are described below: Level 1: Unadjusted quoted market prices in active markets that are accessible at the measurement date for the identical unrestricted assets or liabilities. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices). Level 3: Inputs for asset or liability that are not based on observable market data (unobservable inputs). 2020 2020 2020 2019 2019 2019 £’000 £’000 £’000 £’000 £’000 £’000 Fair value of investment assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Collective Investment Schemes - - - - 8,984 - Derivatives - - - - 115 - Total investment assets - - - - 9,099 -

12. Risk Management Policies and Disclosures The risks inherent in the fund’s investment portfolio are as follows: Foreign currency risk Fluctuations in the foreign exchange rates can adversely affect the value of a portfolio. The following table details the net exposure to the principal foreign currencies that the fund is exposed to including any instruments used to hedge against foreign currencies, if applicable. Net foreign Net foreign currency exposure currency exposure 2020 2019 Currency £’000 £’000 Australian Dollar - (394) Canadian Dollar - (369) Euro - (51) Japanese Yen - (47) New Zealand Dollar - (398) Norwegian Krone - (395) Swedish Krona - (397) US Dollar - 2,029 Total - (22)

The fund invests principally in equities. The value of equities is not fixed and may go down as well as up. This may be the result of a specific factor affecting the value of an individual equity or be caused by general market factors (such as government policy or the health of the underlying economy) which can affect the entire portfolio. The Investment Adviser seeks to minimise these risks by holding a diversified portfolio of investments spread across all market sectors in line with the fund objectives. In addition, the management of the fund complies with the Financial Conduct Authority’s COLL sourcebook, which includes rules limiting the size of investment in any particular holding. As at 31 Oct 2020, if the prices of investments held by the fund increased or decreased by 5%, with all other variables remaining constant, then net assets attributable to the unitholders would increase or decrease by approximately £Nil (2019: £455,000). Financial derivatives instrument risk These types of transaction can introduce market exposure greater than the market value of the instrument. These transactions exchange benefits with a third party at a future date creating both counterparty and concentration risk. The Investment Adviser’s policies for managing these risks are outlined in the fund’s prospectus. At the balance sheet date the fund had the following exposures: 2020 Nil Bi-lateral Net forwards exposure 2019 £’000 £’000 Counterparties Citigroup 16 16 Goldman Sachs 18 18 HSBC 35 35 Morgan Stanley 43 43 StateStreet 3 3 Total 115 115

Liquidity risk All of the fund’s financial liabilities are payable on demand or in less than one year, 2020 £Nil (2019:£67,000). 100 ASI Diversified-Core Cautious Fund

Distribution table For the year ended 31 October 2020 (in pence per unit) Group 1 - units purchased prior to 1 November 2019 Group 2 - units purchased between 1 November 2019 and 31 October 2020 Distribution paid Distribution paid Revenue Equalisation 31/10/20 31/10/19 I Accumulation units Group 1 - - - 2.7485 Group 2 - - - 2.7485

M Accumulation units Group 1 - - - 2.7551 Group 2 - - - 2.7551

R Accumulation units Group 1 - - - 2.1710 Group 2 - - - 2.1710

Z Accumulation units Group 1 - - - 3.0237 Group 2 - - - 3.0237

ASI Diversified-Core Conservative Fund

For the year ended 31 October 2020

Management process • The management team use their discretion (active management) to identify investments, focusing on using research techniques to select funds which align with their views regarding future economic and business conditions. 102 ASI Diversified-Core Conservative Fund

1 2 3 4 5 6 7

Risk and reward indicator table as at 22 May 2020. The fund is rated as 2 because of the extent to which the following risk factors apply: • The fund invests in securities which are subject to the risk that the issuer may default on interest or capital payments.

• The fund price can go up or down daily for a variety of reasons including changes in interest rates, inflation expectations or the perceived credit quality of individual countries or securities.

• Property valuation is a matter of judgment by an independent valuer and is therefore a matter of the valuer’s opinion rather than fact.

Comparative tables 2020 2019 2018 I Accumulation unitsA pence per unit pence per unit pence per unit Change in net assets per unit Opening net asset value per unit 106.54 103.79 103.29 Return before operating charges* 0.03 3.06 0.81 Operating charges (0.32) (0.31) (0.31) Return after operating charges* (0.29) 2.75 0.50 Distributions (0.45) (1.16) (0.82) Retained distributions on accumulation units 0.45 1.16 0.82 Redemption value as at 22 May 2020 (106.25) - - Closing net asset value per unit - 106.54 103.79 * after direct transaction costs of: - - -

Performance Return after charges (0.27%) 2.65% 0.48%

Other information Closing net asset value (£’000) - 4,038 4,138 Closing number of units - 3,790,290 3,986,971 Operating charges 0.30% 0.30% 0.30% Direct transaction costs - - -

Prices Highest unit price 107.6 106.8 104.3 Lowest unit price 103.4 103.1 103.0

2020 2019 M Accumulation unitsA pence per unit pence per unit Change in net assets per unit Opening net asset value per unit 103.09 100.00 Return before operating charges* 0.01 3.42 Operating charges (0.36) (0.33) Return after operating charges* (0.35) 3.09 Distributions (0.36) (1.22) Retained distributions on accumulation units 0.36 1.22 Redemption value as at 22 May 2020 (102.74) - Closing net asset value per unit - 103.09 * after direct transaction costs of: - -

Performance Return after charges (0.34%) 3.09%

Other information Closing net asset value (£’000) - 1 Closing number of units - 973 Operating charges 0.35% 0.35% Direct transaction costs - -

Prices Highest unit price 104.0 103.3 Lowest unit price 100.0 99.59

2020 2019 2018 R Accumulation unitsA pence per unit pence per unit pence per unit Change in net assets per unit Opening net asset value per unit 105.20 102.80 102.59 Return before operating charges* 0.18 3.02 0.83 Operating charges (0.63) (0.62) (0.62) Return after operating charges* (0.45) 2.40 0.21 Distributions (0.27) (0.84) (0.51) Retained distributions on accumulation units 0.27 0.84 0.51 Redemption value as at 22 May 2020 (104.75) - - Closing net asset value per unit - 105.20 102.80 * after direct transaction costs of: - - -

Performance Return after charges (0.43%) 2.33% 0.20%

Other information Closing net asset value (£’000) - 1,058 1,034 Closing number of units - 1,006,265 1,005,310 Operating charges 0.60% 0.60% 0.60% Direct transaction costs - - -

Prices Highest unit price 106.1 105.5 103.4 Lowest unit price 102.0 102.0 102.2

2020 2019 2018 Z Accumulation unitsA pence per unit pence per unit pence per unit Change in net assets per unit Opening net asset value per unit 107.31 104.44 103.81 Return before operating charges* (0.01) 3.08 0.84 Operating charges (0.21) (0.21) (0.21) Return after operating charges* (0.22) 2.87 0.63 Distributions (0.51) (1.28) (0.94) Retained distributions on accumulation units 0.51 1.28 0.94 Redemption value as at 22 May 2020 (107.09) - - Closing net asset value per unit - 107.31 104.44 * after direct transaction costs of: - - -

Performance Return after charges (0.21%) 2.75% 0.61%

Other information Closing net asset value (£’000) - 2,789 2,719 Closing number of units - 2,598,780 2,603,849 Operating charges 0.20% 0.20% 0.20% Direct transaction costs - - -

Prices Highest unit price 108.4 107.5 105.0 Lowest unit price 104.2 103.7 103.6

Portfolio Statement As at 31 October 2020 Percentage Market Value of total Holding Investment £’000 net assets Collective Investment Schemes (99.91%) 65 100.00 Bond Funds (74.46%) - -

Equity Funds (6.48%) - -

Money Market Funds (18.06%) - -

Property Funds (0.91%) 65 100.00

49,807 Aberdeen UK Property Z Acc+ * 65 100.00

Total investment assets 65 100.00 Net other liabilities (65) (100.00) Total Net Assets - -

All investments are regulated collective investment schemes within the meaning of the FCA rules. The percentage figures in brackets show the comparative holding as at 31 October 2019. + Managed by subsidiaries of Standard Life Aberdeen plc. * Suspended 108 ASI Diversified-Core Conservative Fund

Statement of total return For the year ended 31 October 2020 2020 2019 Notes £’000 £’000 £’000 £’000 Income: Net capital (losses)/gains 1 (72) 120 Revenue 2 42 106 Expenses 3 (6) (18) Net revenue before taxation 36 88 Taxation 4 (3) - Net revenue after taxation 33 88 Total return before equalisation (39) 208 Distribution 5 (31) (88) Change in net assets attributable to unitholders from investment activities (70) 120

Statement of change in net assets attributable to unitholders For the year ended 31 October 2020 2020 2019 £’000 £’000 £’000 £’000 Opening net assets attributable to unitholders 7,886 7,891 Amounts receivable on the issue of units 162 541 Amounts payable on the cancellation of units (8,003) (752) (7,841) (211) Dilution levy 2 - Change in net assets attributable to unitholders from investment activities (see above) (70) 120 Retained distribution on accumulation units 23 86 Closing net assets attributable to unitholders - 7,886 ASI Diversified-Core Conservative Fund 109

Balance sheet As at 31 October 2020 2020 2019 Notes £’000 £’000 £’000 £’000 Assets: Fixed assets: Investment assets 65 7,879 Current assets: Debtors 6 - 11 Cash and bank balances 4 19 4 30 Total assets 69 7,909

Liabilities: Creditors 7 (69) (23) (69) (23) Total liabilities (69) (23) Net assets attributable to unitholders - 7,886 110 ASI Diversified-Core Conservative Fund

Notes to the financial statements For the year ended 31 October 2020 1. Net Capital (Losses)/Gains 2020 2019 £’000 £’000 Non-derivative securities* (71) 121 Transaction charges (1) (1) Net capital (losses)/gains* (72) 120

* Includes net realised gains of £55,000 and net unrealised losses of £126,000 (2019: net realised gains of £16,000 and net unrealised gains of £104,000). Where realised gains/(losses) include gains/(losses) arising in previous periods, a corresponding (loss)/gain is included in unrealised gains/(losses).

2. Revenue 2020 2019 £’000 £’000 Bank and margin interest - 4 Income from UK Collective Investment Schemes Franked income 10 20 Interest income 30 79 Property income 2 3 Total revenue 42 106

3. Expenses 2020 2019 £’000 £’000 Payable to the Manager, associates of the Manager and agents of either of them: Manager’s periodic charge 7 13 Registration fees - 1 7 14 Payable to the Trustee or associates of the Trustee, and agents of either of them: Safe custody fee 1 1 Trustee fees - 1 1 2 Other: Printing fees 1 1 Audit fee - 9 Professional fees 1 - Expense cap refunded by Authorised Fund Manager (4) (8) 1 2 Total expenses 6 18

Irrecoverable VAT is included in the above expenses where relevant. ASI Diversified-Core Conservative Fund 111

4. Taxation 2020 2019 £’000 £’000 (a) Analysis of charge in year Corporation tax 1 - Adjustments in respect of prior periods 2 - Total taxation 3 -

(b) Factors affecting current tax charge for the year The tax assessed for the year is less than the standard rate of corporation tax in the UK for authorised Unit Trusts (20%). The differences are explained below: Net revenue before taxation 33 88 Corporation tax at 20% (2019: 20%) 7 18 Effects of: Revenue not subject to taxation (2) (5) Distributions treated as tax deductible (4) (13) Adjustments in respect of prior periods 2 - Total tax charge for year (note 4a) 3 -

5. Distributions 2020 2019 £’000 £’000 Interim Distribution 23 - Distribution - 86 Add: Income deducted on cancellation of units 9 5 Deduct: Income received on issue of units (1) (3) Net distribution for the year 31 88

Details of the distribution per unit are set out in this fund’s distribution tables.

6. Debtors 2020 2019 £’000 £’000 Amounts receivable from the Manager for the issue of units - 1 Expenses reimbursement receivable from the Manager - 8 United Kingdom income tax recoverable - 2 Total debtors - 11 112 ASI Diversified-Core Conservative Fund

7. Creditors 2020 2019 £’000 £’000 Accrued expenses payable to the Manager - 2 Amounts due to the Manager towards ongoing fund closure 69 - Amounts payable to the Manager for cancellation of units - 10 Other accrued expenses - 11 Total creditors 69 23

2020 2019 2020 2019 Trades in the year £’000 £’000 £’000 £’000 Collective investment schemes 950 1,362 8,735 1,036 Trades in the year before transaction costs 950 1,362 8,735 1,036

Total net trades in the year after transaction costs 950 1,362 8,735 1,036

At the balance sheet date the average portfolio dealing spread (i.e. the spread between bid and offer prices expressed as a percentage of the offer price) was 0.00% (2019: 0.00%), this is representative of the average spread on the assets held during the year.

10. Units in issue reconciliation

Opening Creations Cancellations Closing units during during units 2019 the year the year 2020 I Accumulation units 3,790,290 105,034 (3,895,324) - M Accumulation units 973 - (973) - R Accumulation units 1,006,265 - (1,006,265) - Z Accumulation units 2,598,780 47,262 (2,646,042) - ASI Diversified-Core Conservative Fund 113

11. Fair Value Hierarchy The three levels of the fair value hierarchy under FRS 102 are described below: Level 1: Unadjusted quoted market prices in active markets that are accessible at the measurement date for the identical unrestricted assets or liabilities. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices). Level 3: Inputs for asset or liability that are not based on observable market data (unobservable inputs). 2020 2020 2020 2019 2019 2019 £’000 £’000 £’000 £’000 £’000 £’000 Fair value of investment assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Collective Investment Schemes - - 65 - 7,879 - Total investment assets - - 65 - 7,879 -

12. Risk Management Policies and Disclosures The risks inherent in the fund’s investment portfolio are as follows: Foreign currency risk The income and capital value of the fund’s investments are mainly denominated in Sterling, the fund’s functional currency; therefore, the financial statements are not subject to any significant risk of currency movements. This is consistent with the exposure during the prior year. Interest rate risk The majority of the Fund’s financial assets are open ended investment funds and other investments which neither pay interest nor have a maturity date. Therefore, the Fund’s exposure to interest rate risk is considered insignificant. This is consistent with the exposure during the prior year. Other price risk As at 31 Oct 2020, if the prices of investments held by the fund increased or decreased by 5%, with all other variables remaining constant, then net assets attributable to the unitholders would increase or decrease by approximately £3,000 (2019: £394,000). Financial derivatives instrument risk The fund had no exposure to derivatives as at 31 October 2020 (2019: Nil). Liquidity risk All of the fund’s financial liabilities are payable on demand or in less than one year, 2020 £Nil (2019: £23,000). 114 ASI Diversified-Core Conservative Fund

Distribution tables For the period ended 22 May 2020 (in pence per unit) Group 1 - units purchased prior to 1 November 2019 Group 2 - units purchased between 1 November 2019 and 21 May 2020 Distribution paid Revenue Equalisation 21/07/20 I Accumulation units Group 1 0.4496 - 0.4496 Group 2 0.1298 0.3198 0.4496

M Accumulation units Group 1 0.3598 - 0.3598 Group 2 0.3598 - 0.3598

R Accumulation units Group 1 0.2696 - 0.2696 Group 2 0.2696 - 0.2696

Z Accumulation units Group 1 0.5136 - 0.5136 Group 2 0.5136 - 0.5136

ASI Diversified-Core Growth Fund

For the year ended 31 October 2020

Investment objective Performance review To generate a positive return through capital growth and For the year ended 31 October 2020, the value of ASI some income over the long term (a period of 5 years or more) Diversified-Core Growth - R Accumulation Units decreased by 3.1%, by investing in a globally diversified portfolio of assets. compared to an increase of 4.8% for our performance target Invested capital is however at risk and there is no guarantee (1 Month GBP LIBOR +4.5%). that the objective will be attained over any time period. Source: Lipper, Basis: total return, published NAV to NAV, net of annual charges, UK net income reinvested, GBP. Performance target: To exceed the return on cash deposits Performance Target Return - Source: Lipper, BPSS, Basis: close of business return, (as currently measured by 1 Month GBP LIBOR) by 4.5% per annum revenue reinvested, gross of expenses, GBP. over rolling five year periods (before charges). The Performance Please remember that past performance is not a guide to future Target is the level of performance the management team hopes to returns. The price of unit and the revenue from them may achieve for the fund. There is however no certainty or promise that fall as well as rise. Investors may not get back the amount they will achieve the Performance Target. originally invested. The Performance Target has been chosen as a proxy for the return Market review on cash deposits. The period under review was incredibly turbulent. Towards the Investment policy start of the period most asset classes responded positively to the Portfolio securities improving macroeconomic backdrop. However, the impact of the • The fund will invest in funds, including those managed by Covid-19 pandemic came to dominate our lives shortly thereafter. Aberdeen Standard Investments, to obtain broad exposure to a This was widely reflected in financial markets with equities and range of diversified investments from across the global several other asset classes delivering significant negative returns investment universe. amidst extreme levels of market volatility. Central banks and governments responded quickly to the evolving crisis by providing • The fund may also invest directly in equities (company shares), a wide range of monetary and fiscal stimulus measures in an bonds (loans to governments, companies or other institutions), attempt to limit the long-term economic damage of the pandemic. money market instruments and cash. Markets responded positively to this, and to news of the progress • Typically, at least 50% of the assets will be invested in equities made in suppressing the virus in a number of countries, and risk and/or bonds. sentiment turned sharply positive again in April. Volatility did however remain high as markets responded to spikes in Covid-19 • The rest of the fund may be invested in commercial property, cases, new economic activity data and comments surrounding the commodities, infrastructure, money market instruments long-term impact of Covid-19 on economic growth. The latter and cash. two months of the period largely brought negative returns for risk Management process assets with the upcoming US election; rising global coronavirus • The management team use their discretion (active management) cases and renewed lockdown measures; and the final round to identify investments, focusing on using research techniques of Brexit talks, some of the reasons cited as weighing on to select funds which align with their views regarding future investor sentiment. economic and business conditions. Portfolio review Derivatives and techniques Towards the start of the period we reduced our exposure to EMD • The fund may use derivatives to reduce risk, reduce cost to fund the introduction of a global REITs position and increase our and/or generate additional income or growth consistent allocation to asset backed securities. In March we further reduced with the risk profile of the fund (often referred to as our EMD position. It had performed relatively well but we felt could “Efficient Portfolio Management”). suffer more significant falls as the crisis deepened. We also reduced our exposure to equities, reflecting concern over the risk • It may invest in other funds which use derivatives more extensively. of further price declines. • Derivative usage in the fund is expected to be limited. At the start of April we initiated a position in investment grade Where derivatives are used, this would typically be to maintain credit. Spreads across most credit ratings widened dramatically allocations following a significant inflow into the fund or during March, with bond prices factoring in a significant level of derivatives to manage currency risk. defaults. We subsequently introduced an allocation to high yield credit and reduced our allocation to investment grade. 116 ASI Diversified-Core Growth Fund

In May we introduced a new core-satellite approach to our equity allocation. The core targets global equity returns with a focus on sustainability and limited tracking error. The satellite, which aims to add value, is a green infrastructure equity sub-portfolio. Lastly, we reduced our exposure to absolute return via a reduction in the ASI Dimension Fund given our view there were more compelling investment opportunities on offer elsewhere. The proceeds from this sale were invested in ABS, global REITs and high yield. Outlook Both the short-term and long-term outlook for economies is particularly uncertain at the moment. In the near-term much depends on the ongoing impact of Covid-19. Our base case is that economic growth will gradually improve albeit on a jagged path as countries ease and tighten restrictions to control the spread of the virus. Our central expectation is that at least one vaccine is approved by the end of this year which should gradually help economies return to normal over 2021. The Covid-19 crisis has led to unprecedented fiscal and monetary stimulus. Over the longer term there are a range of scenarios for how this is withdrawn and government debts are ultimately reduced. A number of these scenarios entail potentially extreme economic conditions and subsequently extreme market returns. For example, it is possible that we see a deflationary slump or very high inflation. We carefully consider this full range of scenarios as we think about likely returns from different asset classes and how to position the portfolio. We believe the portfolio is positioned to deliver an attractive medium-term return delivered in a relatively smooth fashion. Diversified Assets Team November 2020 ASI Diversified-Core Growth Fund 117

1 2 3 4 5 6 7

Risk and reward indicator table as at 31 October 2020. The fund is rated as 4 because of the extent to which the following risk factors apply: • The fund invests in equity and equity related securities. These are sensitive to variations in the stock markets which can be volatile and change substantially in short periods of time.

• The fund invests in securities which are subject to the risk that the issuer may default on interest or capital payments.

• The fund price can go up or down daily for a variety of reasons including changes in interest rates, inflation expectations or the perceived credit quality of individual countries or securities.

• Investing in China A shares involves special considerations and risks, including greater price volatility, a less developed regulatory and legal framework, exchange rate risk/controls, settlement, tax, quota, liquidity and regulatory risks.

• Investing via Bond Connect involves special considerations and risks, including without limitation a less developed regulatory and legal framework, operational, title and regulatory risks.

Comparative tables 2020 2019 2018 I Accumulation units pence per unit pence per unit pence per unit Change in net assets per unit Opening net asset value per unit 121.23 115.91 119.64 Return before operating charges* (2.89) 5.85 (3.19) Operating charges (0.54) (0.53) (0.54) Return after operating charges* (3.43) 5.32 (3.73) Distributions (1.98) (2.99) (2.70) Retained distributions on accumulation units 1.98 2.99 2.70 Closing net asset value per unit 117.80 121.23 115.91 * after direct transaction costs of: 0.05 0.01 0.01

Performance Return after charges (2.83%) 4.59% (3.12%)

Other information Closing net asset value (£’000) 122,168 138,007 147,908 Closing number of units 103,705,333 113,839,238 127,601,374 Operating charges 0.45% 0.45% 0.45% Direct transaction costs 0.04% 0.01% 0.01%

Prices Highest unit price 124.9 121.8 124.4 Lowest unit price 107.3 112.7 115.2

2020 2019 M Accumulation unitsA pence per unit pence per unit Change in net assets per unit Opening net asset value per unit 105.75 100.00B Return before operating charges* (2.41) 6.27 Operating charges (0.57) (0.52) Return after operating charges* (2.98) 5.75 Distributions (1.75) (2.57) Retained distributions on accumulation units 1.75 2.57 Closing net asset value per unit 102.77 105.75 * after direct transaction costs of: 0.04 0.01

Performance Return after charges (2.82%) 5.75%

Other information Closing net asset value (£’000) 5 1 Closing number of units 4,687 949 Operating charges 0.50% 0.50% Direct transaction costs 0.04% 0.01%

Prices Highest unit price 109.0 106.3 Lowest unit price 93.61 97.95

2020 2019 2018 R Accumulation units pence per unit pence per unit pence per unit Change in net assets per unit Opening net asset value per unit 119.10 114.24 118.33 Return before operating charges* (2.76) 5.90 (3.02) Operating charges (1.08) (1.04) (1.07) Return after operating charges* (3.84) 4.86 (4.09) Distributions (1.53) (2.54) (2.24) Retained distributions on accumulation units 1.53 2.54 2.24 Closing net asset value per unit 115.26 119.10 114.24 * after direct transaction costs of: 0.05 0.01 0.01

Performance Return after charges (3.22%) 4.25% (3.46%)

Other information Closing net asset value (£’000) 52 75 92 Closing number of units 45,045 63,123 80,651 Operating charges 0.93% 0.90% 0.90% Direct transaction costs 0.04% 0.01% 0.01%

Prices Highest unit price 122.6 119.6 123.0 Lowest unit price 105.2 111.0 113.5

2020 2019 2018 Z Accumulation units pence per unit pence per unit pence per unit Change in net assets per unit Opening net asset value per unit 122.77 117.08 120.50 Return before operating charges* (2.99) 5.81 (3.30) Operating charges (0.15) (0.12) (0.12) Return after operating charges* (3.14) 5.69 (3.42) Distributions (2.36) (3.36) (3.06) Retained distributions on accumulation units 2.36 3.36 3.06 Closing net asset value per unit 119.63 122.77 117.08 * after direct transaction costs of: 0.05 0.01 0.01

Performance Return after charges (2.56%) 4.86% (2.84%)

Other information Closing net asset value (£’000) 6,191 7,601 6,739 Closing number of units 5,175,087 6,191,218 5,755,974 Operating charges 0.12% 0.10% 0.10% Direct transaction costs 0.04% 0.01% 0.01%

Prices Highest unit price 126.6 123.4 125.4 Lowest unit price 108.8 113.8 116.3

Portfolio statement As at 31 October 2020 Percentage Market Value of total Holding Investment £’000 net assets Bonds (40.04%) 36,438 28.37 Argentine Peso Denominated Bonds (0.05%) - - Government Bonds (0.05%) - -

Brazilian Real Denominated Bonds (3.29%) 1,710 1.33 Government Bonds (3.29%) 1,710 1.33

less than 5 years to maturity 1,976,000 Letra Tesouro Nacional 0% 2022 246 0.19 5,230,000 Letra Tesouro Nacional 0% 2023 603 0.47 2,244,000 Nota Do Tesouro Nacional 10% 2023 340 0.26

between 5 and 10 years to maturity 3,360,000 Nota Do Tesouro 10% 2027 521 0.41

Chinese Yuan Denominated Bonds (0.00%) 1,622 1.26 Government Bonds (0.00%) 1,622 1.26

less than 5 years to maturity 4,530,000 China (Govt of) 3.19% 2024 527 0.41

between 5 and 10 years to maturity 4,240,000 China (Govt of) 3.13% 2029 488 0.38 5,210,000 China (Govt of) 3.25% 2026 607 0.47

Chilean Peso Denominated Bonds (0.97%) 548 0.43 Government Bonds (0.97%) 548 0.43

between 5 and 10 years to maturity 250,000,000 Chile (Republic of) 4.5% 2026 288 0.23

between 10 and 15 years to maturity 140,000,000 Chile (Republic of) 5% 2035 169 0.13

between 15 and 25 years to maturity 65,000,000 Chile (Republic of) 6% 2043 91 0.07 ASI Diversified-Core Growth Fund 123

Percentage Market Value of total Holding Investment £’000 net assets Colombian Peso Denominated Bonds (2.08%) 1,080 0.83 Government Bonds (2.08%) 1,080 0.83 less than 5 years to maturity 435,300,000 Colombia (Republic of) 7% 2022 93 0.07 731,300,000 Colombia (Republic of) 10% 2024 179 0.14 between 5 and 10 years to maturity 1,927,900,000 Colombia (Republic of) 7.5% 2026 442 0.34 between 10 and 15 years to maturity 1,583,400,000 Colombia (Republic of) 7% 2032 338 0.26 greater than 25 years to maturity 137,200,000 Colombia (Republic of)7.25% 2050 28 0.02

Czech Koruna Denominated Bonds (1.28%) 823 0.64 Government Bonds (1.28%) 823 0.64 less than 5 years to maturity 3,930,000 Czech Republic (Govt of) 4.7% 2022 141 0.11 between 5 and 10 years to maturity 9,960,000 Czech Republic (Govt of) 0.95% 2030 328 0.25 10,530,000 Czech Republic (Govt of) 1% 2026 354 0.28

Euro Denominated Bonds (0.13%) 6,965 5.42 Corporate Bond (0.13%) 6,965 5.42 between 5 and 10 years to maturity 100,000 Avoca CLO XI FRN 2030 87 0.07 158,000 CVC Cordatus Loan Fund V FRN 2030 139 0.11 564,000 Fair Oaks Loan Funding I FRN 2030 ‘E’ 489 0.38 230,000 Taurus 2018-1 IT SRL FRN 2030 177 0.14 between 10 and 15 years to maturity 226,000 ALME Loan Funding IV FRN 2032 199 0.15 290,000 ALME Loan Funding V FRN 2031 260 0.20 313,000 Aqueduct European CLO 3 FRN 2032 ‘E’ 262 0.20 361,000 Aqueduct European CLO 4 FRN 2032 ‘E’ 292 0.23 417,000 Aqueduct European CLO 5 FRN 2032 ‘D’ 370 0.29 124 ASI Diversified-Core Growth Fund

Percentage Market Value of total Holding Investment £’000 net assets 329,000 Aqueduct European CLO 5 FRN 2032 ‘E’ 274 0.21 199,000 Arbour CLO VIII FRN 2033 ‘DNVE’ 177 0.14 368,000 Arbour CLO VIII FRN 2033 ‘EV’ 307 0.24 100,000 Avoca CLO XVII FRN 2032 89 0.07 274,000 Contego CLO VII FRN 2032 ‘E’ 230 0.18 938,000 Fair Oaks Loan Funding III FRN 2033 ‘D’ 845 0.66 996,000 Fair Oaks Loan Funding III FRN 2033 ‘E’ 861 0.67 197,000 Invesco Euro CLO IV FRN 2033 170 0.13 549,000 Invesco FRN 2033 456 0.35 339,000 River Green Finance FRN 2032 297 0.23 1,100,000 Taurus 2019-4 Fin FRN 2031 984 0.77

Hungarian Forint Denominated Bonds (1.39%) 779 0.61 Government Bonds (1.39%) 779 0.61

less than 5 years to maturity 86,850,000 Hungary (Govt of) 7% 2022 235 0.18

between 5 and 10 years to maturity 198,610,000 Hungary (Govt of) 3% 2027 526 0.41

between 15 and 25 years to maturity 6,990,000 Hungary (Govt of) 3% 2038 18 0.02

Indonesian Rupiah Denominated Bonds (3.25%) 1,934 1.51 Government Bonds (3.25%) 1,934 1.51

less than 5 years to maturity 9,156,000,000 Indonesia (Republic of) 8.375% 2024 530 0.41

between 5 and 10 years to maturity 15,789,000,000 Indonesia (Republic of) 9% 2029 959 0.75

between 15 and 25 years to maturity 7,784,000,000 Indonesia (Republic of) 8.25% 2036 445 0.35

Malaysian Ringgit Denominated Bonds (1.99%) 1,428 1.11 Government Bonds (1.99%) 1,428 1.11

less than 5 years to maturity 2,802,000 Malaysian (Govt of) 4.094% 2023 555 0.43 ASI Diversified-Core Growth Fund 125

Percentage Market Value of total Holding Investment £’000 net assets between 5 and 10 years to maturity 3,575,000 Malaysia (Govt of) 3.899% 2027 727 0.57 between 10 and 15 years to maturity 709,000 Malaysia (Govt of) 4.254% 2035 146 0.11

Mexican Peso Denominated Bonds (3.22%) 1,894 1.47 Government Bonds (3.22%) 1,894 1.47 less than 5 years to maturity 11,147,000 Mexico (United Mexican States) 6.5% 2022 418 0.32 8,264,000 Mexico (United Mexican States) 10% 2024 355 0.28 between 5 and 10 years to maturity 14,934,000 Mexico (United Mexican States) 7.5% 2027 597 0.46 between 15 and 25 years to maturity 6,648,000 Mexico (United Mexican States) 7.75% 2042 259 0.20 5,557,000 Mexico (United Mexican States) 10% 2036 265 0.21

Peruvian Sol Denominated Bonds (1.24%) 605 0.47 Government Bonds (1.24%) 605 0.47 between 5 and 10 years to maturity 697,000 Peru (Republic of) 8.2% 2026 200 0.16 between 10 and 15 years to maturity 826,000 Peru (Republic of) 6.95% 2031 218 0.17 between 15 and 25 years to maturity 739,000 Peru (Republic of) 6.9% 2037 187 0.14

Philippine Peso Denominated Bonds (0.13%) - - Government Bonds (0.13%) - -

Polish Zloty Denominated Bonds (2.88%) 1,643 1.28 Government Bonds (2.88%) 1,643 1.28 less than 5 years to maturity 564,000 Poland (Republic of) 2.5% 2024 119 0.09 2,835,000 Poland (Republic of) 5.75% 2022 613 0.48 126 ASI Diversified-Core Growth Fund

Percentage Market Value of total Holding Investment £’000 net assets between 5 and 10 years to maturity 205,000 Poland (Republic of) 1.25% 2030 40 0.03 4,018,000 Poland (Republic of) 2.5% 2027 871 0.68

Romanian Leu Denominated Bonds (0.91%) 635 0.50 Government Bonds (0.91%) 635 0.50

less than 5 years to maturity 1,355,000 Romania (Republic of) 3.4% 2022 253 0.20

between 5 and 10 years to maturity 1,790,000 Romania (Republic of) 5.8 % 2027 382 0.30

Russian Ruble Denominated Bonds (2.73%) 1,593 1.24 Government Bonds (2.73%) 1,593 1.24

less than 5 years to maturity 40,340,000 Russia (Govt of) 7.4% 2022 414 0.32

between 5 and 10 years to maturity 66,005,000 Russia (Govt of) 7.75% 2026 713 0.56

between 10 and 15 years to maturity 32,717,000 Russia (Govt of) 8.5% 2031 374 0.29

between 15 and 25 years to maturity 8,291,000 Russian (Govt. of) 7.7% 2039 92 0.07

South African Rand Denominated Bonds (2.66%) 1,449 1.13 Government Bonds (2.66%) 1,449 1.13

between 5 and 10 years to maturity 9,609,000 South Africa (Republic of) 10.5% 2026 532 0.42

between 10 and 15 years to maturity 11,313,000 South Africa (Republic of) 8.875% 2035 451 0.35

between 15 and 25 years to maturity 12,771,000 South Africa (Republic of) 8.75% 2044 466 0.36 ASI Diversified-Core Growth Fund 127

Percentage Market Value of total Holding Investment £’000 net assets Sterling Denominated Bonds (7.51%) 9,501 7.40 Corporate Bonds (7.51%) 9,501 7.40 less than 5 years to maturity 625,000 PCL Funding IV FRN 2024 ‘B’ 625 0.49 419,000 PCL Funding IV FRN 2024 ‘C’ 419 0.33 between 5 and 10 years to maturity 657,000 Taurus 2020-2 UK DAC FRN 2030 ‘B’ 658 0.51 1,300,000 Cold Finance FRN 2029 1,284 1.00 672,000 Newday Funding 2018 FRN 2026 669 0.52 100,000 NewDay Funding FRN 2027 100 0.08 100,000 Newday Partnership Funding FRN 2027 99 0.08 1,193,000 Taurus 2019-3 Dac FRN 2029 1,125 0.87 greater than 25 years to maturity 598,000 Finsbury Square 2018-2 FRN 2068 596 0.46 1,200,000 Precise Mortgage Funding 2018-1B FRN 2054 629 0.49 400,000 Precise Mortgage Funding FRN 2056 391 0.30 100,000 Ripon Mortgages FRN 2056 99 0.08 611,000 RMAC No 2 FRN 2046 475 0.37 1,245,000 Stratton Mortgage 2020 -1 FRN 2052 ‘C’ 1,215 0.95 1,256,000 Stratton Mortgage Funding FRN 2051 1,117 0.87

Thai Baht Denominated Bonds (3.01%) 1,799 1.40 Government Bonds (3.01%) 1,799 1.40 less than 5 years to maturity 24,052,000 Thailand (Kingdom of) 3.625% 2023 643 0.50 between 5 and 10 years to maturity 20,431,000 Thailand (Kingdom of) 4.875% 2029 654 0.51 between 15 and 25 years to maturity 12,780,000 Thailand (Kingdom of) 3.4% 2036 391 0.30 greater than 25 years to maturity 3,881,000 Thailand (Kingdom of) 2.875% 2046 111 0.09 128 ASI Diversified-Core Growth Fund

Percentage Market Value of total Holding Investment £’000 net assets Turkish Lira Denominated Bonds (1.26%) 392 0.31 Government Bonds (1.26%) 392 0.31

less than 5 years to maturity 1,417,000 Turkey (Republic of) 9.5% 2022 123 0.10 1,418,000 Turkey (Republic of) 10.4% 2024 117 0.09

between 5 and 10 years to maturity 1,890,000 Turkey (Republic of) 11% 2027 152 0.12

Uruguayan Peso Denominated Bonds (0.06%) 38 0.03 Government Bonds (0.06%) 38 0.03

between 5 and 10 years to maturity 1,992,000 Uruguay (Republic of) 8.5% 2028 38 0.03

Equities (29.41%) 37,577 29.26 Africa Equities (0.00%) 113 0.09 South Africa (0.00%) 113 0.09

306 Anglo American Platinum 16 0.01 926 AngloGold Ashanti 16 0.01 2,716 Gold Fields 22 0.02 392 Naspers 59 0.05

Emerging Market Equities (0.30%) 185 0.14 Argentina (0.00%) 46 0.04

49 MercadoLibre 46 0.04

Colombia (0.00%) 18 0.01

940 Bancolombia ADR 18 0.01

Brazil (0.06%) 103 0.08

15,600 AmBev 25 0.02 11,000 Banco Bradesco (Preference) 30 0.02 8,900 Itaú Unibanco 28 0.02 4,000 Lojas Renner 20 0.02 ASI Diversified-Core Growth Fund 129

Percentage Market Value of total Holding Investment £’000 net assets Russia (0.24%) 18 0.01

451 LUKOIL 18 0.01

European Equities (3.14%) 10,503 8.18 Austria (0.00%) 50 0.04

1,408 Erste 22 0.02 742 OMV 13 0.01 327 Verbund 15 0.01

Belgium (0.15%) 50 0.04

677 KBC 26 0.02 310 UCB 24 0.02

Cyprus (0.00%) 19 0.01

1,185 Polymetal 19 0.01

Czech Repiblic (0.07%) - -

Denmark (0.06%) 1,545 1.20

342 Christian Hansen 27 0.02 388 Coloplast 44 0.04 1,870 Novo Nordisk 93 0.07 6,095 Ørsted 747 0.58 4,799 Vestas Wind Systems 634 0.49

Finland (0.00%) 405 0.32

22,650 Fortum 330 0.26 864 Neste 35 0.03 6,011 Nokia 16 0.01 1,115 UPM-Kymmene 24 0.02

France (0.57%) 1,884 1.47

14,228 Alstom 493 0.38 5,362 AXA 67 0.05 176 BioMerieux 20 0.02 130 ASI Diversified-Core Growth Fund

Percentage Market Value of total Holding Investment £’000 net assets 1,481 Bureau Veritas 25 0.02 1,324 Danone 56 0.04 2,902 EDF 26 0.02 231 Gecina REIT 22 0.02 2,218 Getlink 23 0.02 101 Kering 47 0.04 354 Legrand 20 0.02 345 L’Oreal 86 0.07 233 LVMH 84 0.06 1,640 Orange 14 0.01 215 Pernod Ricard 27 0.02 1,771 Peugeot 25 0.02 634 Sanofi 44 0.03 6,859 Schneider Electric 644 0.50 1,658 Suez 23 0.02 3,627 TOTAL 84 0.07 1,154 Valeo 27 0.02 472 Worldline 27 0.02

Germany (0.00%) 1,886 1.47

120 Adidas 28 0.02 583 Allianz 79 0.06 630 Brenntag 31 0.02 297 Continental 24 0.02 558 Covestro 21 0.02 1,040 Deutsche Post 36 0.03 6,070 Deutsche Telekom 71 0.05 5,288 E.ON 43 0.03 833 Henkel 63 0.05 15,988 Infineon Technology 344 0.27 495 Munich Re 90 0.07 25,940 RWE 745 0.58 837 SAP 69 0.05 936 Siemens 85 0.07 468 Siemens Energy 8 0.01 617 Symrise 59 0.05 1,356 Vonovia 67 0.05 316 Zalando 23 0.02

Hungary (0.07%) - - ASI Diversified-Core Growth Fund 131

Percentage Market Value of total Holding Investment £’000 net assets Ireland (0.14%) 838 0.65

1,092 Accenture 183 0.14 1,353 Aptiv 101 0.08 4,720 Kingspan 317 0.25 1,535 Medtronic 119 0.09 1,147 Trane Technologies 118 0.09

Italy (0.30%) 911 0.71

5,208 Assicurazioni Generali 54 0.04 114,259 Enel 703 0.55 8,724 ENI 47 0.04 25,548 Intesa Sanpaolo 33 0.02 9,769 SNAM 37 0.03 7,092 Terna 37 0.03

Netherlands (0.49%) 661 0.51

967 Akzo Nobel 72 0.06 482 ASML 135 0.10 9,058 ING 48 0.04 565 Koninklijke Ahold Delhaize 12 0.01 825 Koninklijke DSM 102 0.08 15,510 Koninklijke KPN 32 0.02 1,360 NN Group 37 0.03 554 NXP Semiconductors 58 0.04 2,788 Philips Electronics 100 0.08 307 Prosus 24 0.02 947 Unilever 41 0.03

Norway (0.00%) 50 0.04

4,779 DNB Bank 50 0.04

Spain (0.85%) 731 0.57

473 Cellnex Telecom 23 0.02 1,411 Enagas 24 0.02 1,443 Grupo ACS 27 0.02 55,469 Iberdrola 506 0.39 2,484 Inditex 47 0.04 1,488 Naturgy Energy 21 0.02 132 ASI Diversified-Core Growth Fund

Percentage Market Value of total Holding Investment £’000 net assets 2,076 Red Electrica 28 0.02 7,499 Repsol 36 0.03 7,589 Telefonica 19 0.01

Sweden (0.00%) 318 0.25

1,376 Assa Abloy 23 0.02 1,350 Atlas Copco ‘A’ 46 0.04 418 Autoliv 25 0.02 1,298 Boliden 27 0.02 3,516 Ericsson ‘B’ 30 0.02 2,440 Essity 55 0.04 937 Lundin Petroleum 14 0.01 2,479 Sandvik 34 0.03 5,041 SEB ‘A’ 33 0.03 4,979 Svenska Handelsbanken 31 0.02

Switzerland (0.44%) 1,155 0.90

4,249 ABB 80 0.06 14 Barry Callebaut 22 0.02 955 Clariant 13 0.01 1,003 Coca-Cola HBC 18 0.01 166 Geberit 73 0.06 17 Givaudan 54 0.04 813 Logitech International 53 0.04 2,298 Nestle 200 0.16 657 Richemont (Cie Fin) Series ‘A’ 32 0.02 788 Roche 196 0.15 31 SGS 60 0.05 118 Sika 22 0.02 276 Sonova 51 0.04 1,698 STMicroelectronics 40 0.03 1,222 Swiss Re 68 0.05 121 Swisscom 48 0.04 613 TE Connectivity 46 0.04 307 Zurich 79 0.06

Japanese Equities (8.08%) 2,149 1.67

500 Advantest 22 0.02 1,600 Aeon 32 0.03 ASI Diversified-Core Growth Fund 133

Percentage Market Value of total Holding Investment £’000 net assets 6,100 Astellas Pharmaceuticals 65 0.05 1,600 Bridgestone 40 0.03 1,200 Dai Nippon Printing 17 0.01 1,200 Daiichi Sankyo 24 0.02 700 Daikin Industries 101 0.08 2,500 Daiwa House Industry 51 0.04 300 Eisai 18 0.01 100 Fast Retailing 54 0.04 800 Fujifilm 31 0.02 600 Fujitsu 54 0.04 5,200 Inpex 19 0.01 3,100 ITOCHU 57 0.04 1,500 Kao 82 0.06 3,100 KDDI 64 0.05 1,800 Komatsu 31 0.02 2,500 Kubota 33 0.03 1,000 Lion 16 0.01 700 Murata Manufacturing 38 0.03 500 Nabtesco 14 0.01 1,200 NEC 47 0.04 1,100 Nidec 85 0.07 11 Nippon Prologis REIT 28 0.02 3,900 Nippon Telegraph & Telephone 63 0.05 800 Nitto Denko 43 0.03 5,300 Nomura 18 0.01 1,700 Nomura Research Institute 39 0.03 3,800 NTT DOCOMO 109 0.09 3,700 Obayashi 24 0.02 2,200 Olympus 32 0.03 700 Omron 39 0.03 4,200 Panasonic 30 0.02 1,100 Recruit 32 0.03 3,000 Sekisui House 38 0.03 3,300 Seven & I 78 0.06 500 Shin-Etsu Chemical 51 0.04 1,000 Shionogi 36 0.03 500 Shiseido 24 0.02 1,100 Softbank 55 0.04 900 Sompo 26 0.02 1,400 Sony 90 0.07 1,600 Sumitomo Mitsui Trust 33 0.03 400 Sysmex 29 0.02 134 ASI Diversified-Core Growth Fund

Percentage Market Value of total Holding Investment £’000 net assets 1,600 Takeda Pharmaceutical 38 0.03 300 Tokyo Electron 62 0.05 1,900 Tokyo Gas 33 0.03 1,700 Toyota Motor 86 0.07 600 Welcia 18 0.01

North American Equities (11.87%) 19,461 15.15 Canada (0.55%) 928 0.72

600 Agnico Eagle Mines 37 0.03 3,100 Bank of Montreal 143 0.11 500 Canadian National Railway 38 0.03 100 Canadian Pacific Railway 23 0.02 5,200 Cenovus Energy 13 0.01 1,100 Enbridge 23 0.02 211 Franco-Nevada 22 0.02 1,864 Hydro One 31 0.02 3,709 Kinross Gold 23 0.02 104 Lululemon Athletica 26 0.02 4,600 Manulife Financial 48 0.04 2,700 Pembina Pipeline 44 0.03 3,200 Royal Bank of Canada 173 0.13 100 Shopify ‘A’ 71 0.06 5,000 Suncor Energy 43 0.03 2,300 Teck Resources ‘B’ 23 0.02 4,300 Toronto-Dominion Bank 147 0.11

Mexico (0.06%) 80 0.06

9,600 Grupo Financiero Banorte 33 0.02 25,100 Wal-Mart de Mexico 47 0.04

United States (11.26%) 18,453 14.37

529 3M 65 0.05 2,101 Abbott Laboratories 171 0.13 1,928 Abbvie 127 0.10 821 Activision Blizzard 48 0.04 489 Adobe 169 0.13 1,102 Advanced Micro Devices 64 0.05 801 Agilent Technologies 63 0.05 235 Alexion Pharmaceuticals 21 0.02 ASI Diversified-Core Growth Fund 135

Percentage Market Value of total Holding Investment £’000 net assets 264 Allstate 18 0.01 332 Alphabet ‘A’ 415 0.32 327 Amazon.com 768 0.60 580 American Water Works 68 0.05 187 Ameriprise Financial 23 0.02 367 AmerisourceBergen ‘A’ 27 0.02 699 Amgen 117 0.09 524 Analog Devices 48 0.04 302 Anthem 64 0.05 625 Apollo Global Management 18 0.01 14,834 Apple 1,249 0.97 1,360 Applied Materials 62 0.05 5,793 AT&T 121 0.09 231 Autodesk 42 0.03 21 AutoZone 18 0.01 626 AvalonBay Communications REIT 67 0.05 420 Avery Dennison 45 0.04 1,066 Axalta Coating Systems 21 0.02 2,674 Baker Hughes 31 0.02 838 Ball 58 0.05 7,564 Bank of America 139 0.11 831 Bank of New York Mellon 22 0.02 708 Baxter International 42 0.03 372 Becton Dickinson 66 0.05 38 Berkshire Hathaway 6 - 354 Best Buy 31 0.02 213 Biogen 42 0.03 254 BlackRock 118 0.09 394 Boston Properties REIT 22 0.02 2,906 Boston Scientific 77 0.06 2,904 Bristol-Myers Squibb 131 0.10 290 Broadcom 78 0.06 438 Cadence Design Systems 37 0.03 868 Campbell Soup 31 0.02 442 Cardinal Health 16 0.01 651 Catalent 44 0.03 303 Caterpillar 37 0.03 1,681 CBRE 65 0.05 456 Celanese 40 0.03 52 Charter Communications 24 0.02 1,568 Chevron 84 0.07 26 Chipotle Mexican Grill 24 0.02 136 ASI Diversified-Core Growth Fund

Percentage Market Value of total Holding Investment £’000 net assets 373 Church & Dwight 25 0.02 440 Cigna 57 0.04 5,261 Cisco Systems 146 0.11 2,260 Citigroup 72 0.06 161 Citrix Systems 14 0.01 246 Clorox 39 0.03 879 CMS Energy 43 0.03 1,947 Coca-Cola 72 0.06 1,425 Colgate Palmolive 87 0.07 2,282 Comcast 75 0.06 2,438 ConocoPhillips 54 0.04 153 Costco Wholesale 42 0.03 715 CSX 44 0.03 322 Cummins 55 0.04 1,360 CVS Health 59 0.05 471 Danaher 84 0.07 199 Deere & Co 35 0.03 802 Dell Technologies 37 0.03 117 DexCom 29 0.02 135 Docusign 21 0.02 539 Dow 19 0.01 764 DuPont de Nemours 34 0.03 685 Eastman Chemical 43 0.03 1,159 Eaton 93 0.07 1,890 eBay 70 0.05 682 Ecolab 97 0.08 597 Edison International 26 0.02 1,303 Edwards Lifesciences 72 0.06 298 Electronic Arts 28 0.02 604 Eli Lilly 61 0.05 665 Equinix REIT 375 0.29 517 Essential Utilities 16 0.01 277 Estee Lauder 47 0.04 1,585 Eversource Energy 107 0.08 4,640 Exelon 143 0.11 4,012 Exxon Mobil 101 0.08 1,963 Facebook 400 0.31 192 Fedex 39 0.03 4,062 Ford 24 0.02 6,701 General Electric 38 0.03 1,556 General Mills 71 0.06 1,451 General Motors 39 0.03 ASI Diversified-Core Growth Fund 137

Percentage Market Value of total Holding Investment £’000 net assets 1,373 Gilead Sciences 62 0.05 557 Goldman Sachs 81 0.06 1,107 Hartford Financial Services Group 33 0.03 1,727 Healthpeak Properties REIT 36 0.03 839 Hess 24 0.02 3,421 Hewlett Packard Enterprise 23 0.02 616 Hilton Worldwide 42 0.03 1,141 Home Depot 235 0.18 561 Honeywell International 72 0.06 5,866 HP 81 0.06 163 Humana 50 0.04 1,048 IBM 90 0.07 734 Illinois Tool Works 111 0.09 236 Illumina 53 0.04 4,505 Intel 154 0.12 431 International Flavors & Fragrances 34 0.03 439 Intuit 107 0.08 70 Intuitive Surgical 36 0.03 2,304 Johnson & Johnson 244 0.19 3,568 Johnson Controls International 116 0.09 260 Jones Lang LaSalle 23 0.02 3,866 JPMorgan Chase 293 0.23 786 Kellogg 38 0.03 768 Keysight Technologies 62 0.05 798 Kimberly-Clark 82 0.06 3,520 Kinder Morgan 32 0.03 1,195 Kroger 30 0.02 203 Lam Research 54 0.04 1,311 Las Vegas Sands 49 0.04 290 Lear 27 0.02 169 Lockheed Martin 46 0.04 802 Lowe’s 98 0.08 1,220 Marathon Petroleum 28 0.02 297 Marriott International 21 0.02 692 Marsh & McLennan 55 0.04 763 Mastercard 171 0.13 826 Maxim Integrated Products 45 0.04 183 McCormick & Company 26 0.02 574 McDonald’s 95 0.07 2,716 Merck & Co 158 0.12 117 Mettler-Toledo 90 0.07 1,038 Micron Technology 40 0.03 138 ASI Diversified-Core Growth Fund

Percentage Market Value of total Holding Investment £’000 net assets 6,133 Microsoft 961 0.75 1,687 Mondelez 69 0.05 495 Moody’s 101 0.08 2,377 Morgan Stanley 88 0.07 318 Motorola Solutions 39 0.03 210 MSCI 57 0.04 325 Netflix 120 0.09 2,035 Newmont Mining 99 0.08 7,960 NextEra Energy 451 0.35 1,265 NIKE 118 0.09 590 Northern Trust 36 0.03 91 Northrop Grumman 20 0.02 1,517 NortonLifeLock 24 0.02 566 NVIDIA 220 0.17 2,072 ON Semiconductor 40 0.03 2,214 ONEOK 50 0.04 2,319 Oracle 101 0.08 546 Owens Corning 28 0.02 159 Palo Alto Networks 27 0.02 948 PayPal 137 0.11 1,878 PepsiCo 194 0.15 4,519 Pfizer 124 0.10 399 Phillips 66 14 0.01 490 Pinnacle West Capital 31 0.02 311 PNC Financial Services 27 0.02 624 PPG Industries 63 0.05 1,800 Procter & Gamble 191 0.15 5,680 Prologis REIT 436 0.34 1,030 Prudential Financial 51 0.04 1,057 Qualcomm 101 0.08 100 Regeneron Pharmaceuticals 42 0.03 204 ResMed 30 0.02 439 S&P Global 110 0.09 1,006 Salesforce.com 181 0.14 2,764 Schlumberger 32 0.02 1,108 Seagate Technology 41 0.03 440 Sempra Energy 43 0.03 104 ServiceNow 40 0.03 193 Skyworks Solutions 21 0.02 171 Splunk 26 0.02 380 Square ‘A’ 46 0.04 360 Stanley Black & Decker 46 0.04 ASI Diversified-Core Growth Fund 139

Percentage Market Value of total Holding Investment £’000 net assets 1,517 Starbucks 102 0.08 872 State Street 40 0.03 739 Sysco 32 0.02 676 T Rowe Price 66 0.05 532 Target 63 0.05 144 Teladoc health 22 0.02 132 Teleflex 32 0.03 661 Tesla 198 0.15 1,069 Texas Instruments 120 0.09 383 Thermo Fisher Scientific 140 0.11 479 TJX 19 0.01 218 Tractor Supply 22 0.02 119 Twilio ‘A’ 26 0.02 764 Uber Technologies 20 0.02 977 UDR REIT 24 0.02 731 Union Pacific 100 0.08 897 United Health 212 0.17 351 United Parcel Services 43 0.03 198 Varian Medical Systems 26 0.02 128 Veeva Systems 27 0.02 4,280 Verizon Communications 189 0.15 208 Vertex Pharmaceuticals 34 0.03 690 VF 36 0.03 1,383 Visa 194 0.15 921 Vornado Realty REIT 22 0.02 667 Voya Financial 25 0.02 132 W.W. Grainger 36 0.03 381 Walgreens Boots Alliance 10 0.01 1,277 Walt Disney 120 0.09 1,436 Waste Management 120 0.09 280 Workday ‘A’ 46 0.04 908 Xylem 61 0.05 364 Yum Brands 26 0.02 189 Zimmer Biomet 19 0.02 116 Zoom Video Communications ‘A’ 41 0.03

Pacific Basin Equities (5.05%) 3,807 2.97 Australia (0.85%) 813 0.63

6,487 Australia & New Zealand Bank 66 0.05 7,279 Brambles 38 0.03 2,625 Commonwealth Bank of Australia 98 0.08 140 ASI Diversified-Core Growth Fund

Percentage Market Value of total Holding Investment £’000 net assets 386 CSL 60 0.05 5,527 Dexus Property REIT 26 0.02 3,146 Fortescue Metals 30 0.02 6,328 Goodman REIT 63 0.05 9,818 GPT REIT 21 0.02 19,829 Mirvac REIT 23 0.02 9,076 National Australia Bank 92 0.07 1,120 Newcrest Mining 18 0.01 9,946 Oil Search 14 0.01 24,894 Scentre REIT 28 0.02 12,018 Stockland Trust 25 0.02 6,356 Suncorp 28 0.02 5,581 Sydney Airport 17 0.01 7,117 Transurban 52 0.04 18,465 Vicinity Centres REIT 12 0.01 10,453 Westpac Banking 102 0.08

China (0.11%) 955 0.74

1,475 Alibaba ADR 348 0.27 247 Baidu ADR 25 0.02 579 JD.com ADR 37 0.03 34,000 Lenovo 16 0.01 2,800 Meituan Dianping ‘B’ 80 0.06 340 NetEase ADR 23 0.02 1,042 NIO ADR 25 0.02 12,000 Ping An Insurance ‘H’ 95 0.07 7,500 Semiconductor Manufacturing International 17 0.01 4,900 Tencent 289 0.23

Hong Kong (0.99%) 474 0.37

18,600 AIA 136 0.11 18,000 China Mobile 85 0.07 10,000 Hang Lung Properties 19 0.01 3,600 Hang Seng Bank 43 0.03 54,000 Hong Kong & China Gas 60 0.05 2,000 Hong Kong Exchanges & Clearing 74 0.06 8,000 MTR 31 0.02 7,000 New World Development 26 0.02 ASI Diversified-Core Growth Fund 141

Percentage Market Value of total Holding Investment £’000 net assets Indonesia (0.00%) 16 0.01

38,500 Unilever Indonesia 16 0.01

Malaysia (0.06%) - -

Macau (0.00%) 34 0.03

12,400 Sands China 34 0.03

New Zealand (0.13%) 58 0.05

2,112 Fisher & Paykel Healthcare 38 0.03 7,267 Meridian Energy 20 0.02

Singapore (0.11%) 102 0.08

12,900 Capitaland 19 0.01 4,300 DBS 50 0.04 29,100 Singapore Telecommunications 33 0.03

South korea (1.71%) 433 0.34

249 Hyundai Mobis 38 0.03 510 LG Electronics 29 0.02 53 LG Household & Health Care 54 0.04 5,637 Samsung Electronics 217 0.17 121 Samsung SDI 36 0.03 648 SK Hynix 35 0.03 280 SK Innovation 24 0.02

Taiwan (0.52%) 868 0.68

4,000 Asustek Computer 26 0.02 42,000 AU Optronics 13 0.01 40,000 Cathay Financial 41 0.03 88,000 Chinatrust Financial 43 0.03 18,000 Chunghwa Telecom 52 0.04 57,223 E.Sun Financial 38 0.03 34,000 Fubon Financial 37 0.03 142 ASI Diversified-Core Growth Fund

Percentage Market Value of total Holding Investment £’000 net assets 30,000 Hon Hai Precision 63 0.05 3,000 Mediatek 55 0.04 3,000 Novatek Microelectronics 22 0.02 11,000 Pegatron 18 0.01 16,000 Quanta Computer 31 0.03 29,000 Taiwan Semiconductors Manufacturing 339 0.27 23,000 Uni-President Enterprises 38 0.03 63,000 United Microelectronics 52 0.04

Thailand (0.57%) 54 0.04

51,100 PTT (Alien Market) 39 0.03 7,900 PTT Exploration & Production (Alien Market) 15 0.01

UK Equities (0.97%) 1,359 1.06 Basic Materials (0.00%) 200 0.16

2,108 Anglo American 38 0.03 650 Croda 39 0.03 371 Linde 63 0.05 2,149 Mondi 31 0.03 661 Rio Tinto 29 0.02

Consumer Goods (0.50%) 264 0.21

5,133 Barratt Developments 25 0.02 1,587 Burberry 22 0.02 1,035 Coca-Cola European Partners 29 0.02 3,105 Diageo 78 0.06 899 Reckitt Benckiser 61 0.05 1,124 Unilever 49 0.04

Consumer Services (0.10%) 173 0.13

3,913 Compass 41 0.03 6,546 Kingfisher 19 0.01 2,200 Liberty Global 32 0.03 4,144 RELX 63 0.05 827 Whitbread 18 0.01 ASI Diversified-Core Growth Fund 143

Percentage Market Value of total Holding Investment £’000 net assets Financials (0.09%) 388 0.30

4,905 3i 47 0.04 19,768 Aviva 51 0.04 4,437 British Land REIT 15 0.01 7,797 Direct Line 21 0.02 41,666 HSBC 135 0.10 602 IHS Markit 38 0.03 3,550 Land Securities REIT 18 0.01 21,894 Legal & General 40 0.03 82,286 Lloyds Banking Group 23 0.02

Health Care (0.08%) 154 0.12

997 AstraZeneca 77 0.06 5,936 GlaxoSmithKline 77 0.06

Industrials (0.00%) 54 0.04

5,158 CNH Industrial 31 0.02 207 Spirax-Sarco Engineering 23 0.02

Oil & Gas (0.00%) 32 0.02

16,167 BP 32 0.02

Technology (0.09%) - -

Telecommunications (0.00%) 35 0.03 34,050 Vodafone 35 0.03

Utilities (0.11%) 59 0.05

1,199 Severn Trent 29 0.02 3,437 United Utilities 30 0.03

Collective Investment Schemes (23.87%) 56,807 44.24 Bond Funds (14.85%) 40,407 31.47

4,134,492 ASI Corporate Bond Fund Z Acc+ 9,954 7.75 14,529,394 ASI Target Return Bond Z Acc+ 20,514 15.98 673,527 SLI Global High Yield Bond SICAV Z Acc Hdg+ 9,939 7.74 144 ASI Diversified-Core Growth Fund

Percentage Market Value of total Holding Investment £’000 net assets Equity Funds (9.02%) 3,016 2.35

362,464 SLI Global SICAV Macro Systematic Dimens Z Acc+ 3,016 2.35

Money Market Funds (0.00%) 3,967 3.09

3,967 Aberdeen Standard Liquidity Fund (Lux) - Sterling Fund Z1 Inc+ 3,967 3.09

Property Funds (0.00%) 9,417 7.33

11,677,902 ASI Global REIT Tracker Fund X Acc+ 9,417 7.33

Derivatives (2.87%) (337) (0.26) Forward Currency Contracts (2.82%) (353) (0.27)

Buy EUR 100,000 Sell GBP 90,664 09/12/2020 (2) - Buy EUR 206,000 Sell GBP 186,183 09/12/2020 - - Buy GBP 369,444 Sell AUD 667,000 09/12/2020 7 0.01 Buy GBP 5,713,764 Sell AUD 10,396,000 09/12/2020 68 0.05 Buy GBP 706,101 Sell CAD 1,215,000 09/12/2020 2 - Buy GBP 4,897,517 Sell CAD 8,520,000 09/12/2020 (44) (0.03) Buy GBP 245,761 Sell EUR 270,000 09/12/2020 2 - Buy GBP 266,864 Sell EUR 295,000 09/12/2020 1 - Buy GBP 275,804 Sell EUR 304,000 09/12/2020 2 - Buy GBP 1,716,081 Sell EUR 1,894,000 09/12/2020 9 0.01 Buy GBP 13,422,285 Sell EUR 15,035,000 09/12/2020 (131) (0.10) Buy GBP 921,657 Sell NOK 11,180,000 09/12/2020 18 0.01 Buy GBP 4,899,009 Sell NOK 57,929,000 09/12/2020 214 0.17 Buy GBP 801,613 Sell NZD 1,566,000 09/12/2020 1 - Buy GBP 4,827,816 Sell NZD 9,528,000 09/12/2020 (41) (0.03) Buy GBP 10,109 Sell PLN 51,869 04/11/2020 - - Buy GBP 897,837 Sell SEK 10,369,000 09/12/2020 (3) - Buy GBP 4,795,817 Sell SEK 55,578,000 09/12/2020 (34) (0.03) Buy GBP 139,662 Sell USD 180,948 04/11/2020 - - Buy GBP 143,888 Sell USD 186,000 09/12/2020 - - Buy GBP 22,603,748 Sell USD 29,998,000 09/12/2020 (590) (0.46) Buy GBP 45,146 Sell ZAR 953,626 04/11/2020 - - Buy HUF 7,552,419 Sell GBP 18,516 04/11/2020 - - Buy JPY 465,259,000 Sell GBP 3,294,588 09/12/2020 148 0.12 ASI Diversified-Core Growth Fund 145

Percentage Market Value of total Holding Investment £’000 net assets Buy JPY 539,430,000 Sell GBP 3,975,858 09/12/2020 16 0.01 Buy USD 116,000 Sell GBP 88,802 09/12/2020 1 - Buy USD 889,000 Sell GBP 684,113 09/12/2020 3 -

Futures (0.05%) 16 0.01

22 Long S&P 500 Index E-mini Future 18/12/2020 (7) (0.01) (67) Short Long Gilt Future 29/12/2020 23 0.02

Total investment assets 130,485 101.61 Net other liabilities (2,069) (1.61) Total Net Assets 128,416 100.00

Statement of total return For the year ended 31 October 2020 2020 2019 Notes £’000 £’000 £’000 £’000 Income: Net capital (losses)/gains 1 (5,988) 2,715 Revenue 2 3,322 5,180 Expenses 3 (523) (565) Interest payable and similar charges 4 (3) (1) Net revenue before taxation 2,796 4,614 Taxation 5 (472) (883) Net revenue after taxation 2,324 3,731 Total return before distributions (3,664) 6,446 Distributions 6 (2,278) (3,731) Change in net assets attributable to unitholders from investment activities (5,942) 2,715

Statement of change in net assets attributable to unitholders For the year ended 31 October 2020 2020 2019 £’000 £’000 £’000 £’000 Opening net assets attributable to unitholders 145,684 154,739 Amounts receivable on the issue of units 3,909 4,553 Amounts payable on the cancellation of units (17,414) (19,951) (13,505) (15,398) Dilution levy - 11 Change in net assets attributable to unitholders from investment activities (see above) (5,942) 2,715 Retained distribution on accumulation units 2,179 3,617 Closing net assets attributable to unitholders 128,416 145,684 ASI Diversified-Core Growth Fund 147

Balance sheet As at 31 October 2020 2020 2019 Notes £’000 £’000 £’000 £’000 Assets: Fixed assets: Investment assets 127,370 140,200 Current assets: Debtors 7 1,092 1,654 Cash and bank balances 8 390 5,086 Cash equivalents 8 3,967 - 5,449 6,740 Total assets 132,819 146,940

Liabilities: Investment liabilities (852) (78) Provisions for liabilities 9 (7) (53) Creditors 10 (1,136) (1,125) Bank overdrafts 8 (2,408) - (3,544) (1,125) Total liabilities (4,403) (1,256) Net assets attributable to unitholders 128,416 145,684 148 ASI Diversified-Core Growth Fund

Notes to the financial statements For the year ended 31 October 2020 1. Net Capital (Losses)/Gains 2020 2019 £’000 £’000 Non-derivative securities* (4,467) 2,681 Derivative contracts* (768) (509) Forward currency contracts* (698) (542) Other (losses)/gains* (22) 1,130 Management fee rebate on collective investment scheme holdings 38 - Transaction charges (71) (45) Net capital (losses)/gains* (5,988) 2,715

* Includes net realised gains of £2,267,000 and net unrealised losses of £8,222,000 (2019: net realised losses of £5,844,000 and net unrealised gains of £8,559,000). Where realised gains/(losses) include gains/(losses) arising in previous periods, a corresponding (loss)/gain is included in unrealised gains/(losses).

2. Revenue 2020 2019 £’000 £’000 Bank and margin interest 15 27 Income from Overseas Collective Investment Schemes Unfranked income 157 - Income from UK Collective Investment Schemes Franked income 33 - Unfranked income 107 - Interest income 412 651 Interest on debt securities 1,644 3,460 Overseas dividends 905 940 Overseas REIT 23 - UK dividends 26 102 Total revenue 3,322 5,180 ASI Diversified-Core Growth Fund 149

3. Expenses 2020 2019 £’000 £’000 Payable to the Manager, associates of the Manager and agents of either of them: Manager’s periodic charge 512 554 Registration fees 1 2 513 556 Payable to the Trustee or associates of the Trustee, and agents of either of them: Safe custody fee 30 40 Trustee fees 15 17 45 57 Other: Audit fee 10 9 Printing fees - 2 Professional fees 2 4 Expense cap refunded by Authorised Fund Manager (47) (63) (35) (48) Total expenses 523 565

Irrecoverable VAT is included in the above expenses where relevant.

4. Interest Payable and Similar Charges 2020 2019 £’000 £’000 Derivative expense 2 - Interest payable 1 1 Total interest payable & similar charges 3 1

5. Taxation 2020 2019 £’000 £’000 (a) Analysis of charge in year Corporation tax 367 715 Double taxation relief (60) (75) Adjustments in respect of prior periods - (18) Overseas taxes 211 261 Total current tax 518 883 Deferred tax (note 5(c) (46) - Total taxation (note 5b) 472 883 150 ASI Diversified-Core Growth Fund

2020 2019 £’000 £’000

(b) Factors affecting current tax charge for the year The tax assessed for the year is less than the standard rate of corporation tax in the UK for authorised Unit Trusts (20%). The differences are explained below: Net revenue before taxation 2,796 4,614 Corporation tax at 20% (2019: 20%) 559 923 Effects of: Revenue not subject to taxation (192) (208) Overseas taxes 211 261 Double taxation relief (60) (75) Adjustments in respect of prior periods - (18) Overseas capital gains tax in capital (46) (53) Total tax charge for year (note 5a) 472 883

(c) Deferred tax Deferred tax charge at the start of the year 53 - Deferred tax charge in statement of total return for year (note 5a) (46) 53 Provision at the end of the year 7 53

Authorised Unit Trusts are exempt from tax on capital gains in the UK. Therefore, any capital gain is not included in the above reconciliation. (d) Factors that may affect future tax charge At the year end there are no surplus expenses and therefore no deferred tax asset in the current or prior year.

6. Distributions (including the movement between net revenue and distributions)

2020 2019 £’000 £’000 Distribution 2,179 3,617 Add: Income deducted on cancellation of units 125 167 Deduct: Income received on issue of units (26) (53) Net distribution for the year 2,278 3,731

Movement between net revenue and distributions Net revenue after taxation 2,324 3,731 Transaction CGT (46) - Total distributions 2,278 3,731 ASI Diversified-Core Growth Fund 151

Details of the distribution per unit are set out in this fund’s distribution table.

7. Debtors 2020 2019 £’000 £’000 Accrued revenue 356 828 Amounts receivable from the Manager for the issue of units - 1 Expenses reimbursement receivable from the Manager 154 63 Overseas withholding tax recoverable 63 90 Sales awaiting settlement 519 672 Total debtors 1,092 1,654

8. Liquidity 2020 2019 £’000 £’000 Cash and bank balances Cash at bank 38 4,263 Cash at broker 352 823 390 5,086 Bank overdrafts Overdraft at bank (2,408) - (2,408) - Cash equivalents Aberdeen Standard Liquidity Fund (Lux) - Sterling Fund 3,967 - Total cash equivalents 3,967 - Net liquidity 1,949 5,086

9. Provisions for liabilities 2020 2019 £’000 £’000 The provisions for liabilities comprise: CGT liability 7 53 7 53

10. Creditors 2020 2019 £’000 £’000 Accrued expenses payable to the Manager 43 48 Accrued expenses payable to the Trustee or associates of the Trustee 10 2 Amounts payable to the Manager for cancellation of units 242 10 Corporation tax payable 124 279 Other accrued expenses 81 16 Purchases awaiting settlement 636 770 152 ASI Diversified-Core Growth Fund

2020 2019 £’000 £’000 Total creditors 1,136 1,125

2020 2019 2020 2019 Trades in the year £’000 £’000 £’000 £’000 Bonds 25,191 27,860 44,119 28,557 Equities 58,175 28,406 64,007 38,386 Collective investment schemes 73,913 14,128 50,163 8,807 Corporate actions 26 - 368 1,210 Trades in the year before transaction costs 157,305 70,394 158,657 76,960

Commissions Equities 9 9 (6) (4) Total commissions 9 9 (6) (4)

Taxes Equities 23 6 (17) (3) Total taxes 23 6 (17) (3)

Total transaction costs 32 15 (23) (7) Total net trades in the year after transaction costs 157,337 70,409 158,634 76,953 ASI Diversified-Core Growth Fund 153

Purchases Sales

2020 2019 2020 2019 % % % % Total transaction costs expressed as a percentage of asset type cost Commissions Equities 0.01 0.03 0.01 0.01 Taxes Equities 0.04 0.02 0.03 0.02

2020 2019 % % Total transaction costs expressed as a percentage of net asset value Commissions 0.01 - Taxes 0.03 -

At the balance sheet date the average portfolio dealing spread (i.e. the spread between bid and offer prices expressed as a percentage of the offer price) was 0.38% (2019: 0.16%), this is representative of the average spread on the assets held during the year.

13. Units in issue reconciliation

Opening Creations Cancellations Conversions Closing units during during during units 2019 the year the year the year 2020 I Accumulation units 113,839,238 3,059,423 (13,193,328) - 103,705,333 M Accumulation units 949 - (11) 3,749 4,687 R Accumulation units 63,123 256 (15,000) (3,334) 45,045 Z Accumulation units 6,191,218 438,448 (1,454,579) - 5,175,087

14. Fair Value Hierarchy

The three levels of the fair value hierarchy under FRS 102 are described below: Level 1: Unadjusted quoted market prices in active markets that are accessible at the measurement date for the identical unrestricted assets or liabilities. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices). Level 3: Inputs for asset or liability that are not based on observable market data (unobservable inputs). 2020 2020 2020 2019 2019 2019 £’000 £’000 £’000 £’000 £’000 £’000 Fair value of investment assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Bonds - 36,438 - - 58,343 - Equities 37,577 - - 42,829 - - Collective Investment Schemes - 56,807 - - 34,779 - Derivatives 23 492 - 67 4,182 - Total investment assets 37,600 93,737 - 42,896 97,304 -

Fair value of investment liabilities Derivatives (7) (845) - (8) (70) - Total investment liabilities (7) (845) - (8) (70) - 154 ASI Diversified-Core Growth Fund

15. Risk Management Policies and Disclosures The risks inherent in the fund’s investment portfolio are as follows: Foreign currency risk Fluctuations in the foreign exchange rates can adversely affect the value of a portfolio. The following table details the net exposure to the principal foreign currencies that the fund is exposed to including any instruments used to hedge against foreign currencies, if applicable. Net foreign Net foreign currency exposure currency exposure 2020 2019 Currency £’000 £’000 Argentina Peso 12 86 Australian Dollar (5,195) (10,134) Brazilian Real 1,793 4,993 Canadian Dollar (4,738) (9,356) Chilean Peso 548 1,413 China Renminbi 1,268 - Colombian Peso 1,135 3,102 Czech Koruna 826 1,973 Danish Krone 1,545 95 Euro (1,856) (39) Hong Kong Dollar 1,004 1,612 Hungarian Forint 785 2,151 Indonesian Rupiah 1,970 4,763 Japanese Yen 9,604 241 Malaysian Ringgit 1,411 2,901 Mexican Peso 2,107 4,915 New Zealand Dollar (5,611) (10,018) Norwegian Krone (5,539) (10,300) Peruvian New Sol 644 1,832 Philippines Peso - 186 Polish Zloty 1,695 4,284 Romanian Leu 645 1,351 Russian Ruble 1,650 4,014 Singapore Dollar 102 154 South Africa Rand 1,601 3,980 South Korean Won 435 2,495 Swedish Krona (5,435) (10,353) Swiss Franc 1,049 639 Taiwan Dollar 869 750 Thai Baht 1,883 5,260 Turkish Lira 401 2,218 Uruguay Peso 38 82 US Dollar (2,694) 5,387 Total 3,952 10,677

Interest rate risk Interest rate risk is an unfavourable change in interest rates that can affect the price of a security, which in turn results in the portfolio experiencing a loss. Interest rate changes not only affect fixed income products but have material impacts on funding arrangements and other asset types. The following table shows separately the value of investments at fixed interest rates, at variable rates and those that are non-interest bearing instruments. The interest rate risk profile of the fund’s investments at the year end consists of: Floating rate Fixed rate Financial assets/ financial financial (liabilities) not assets assets carrying interest Total 2020 £’000 £’000 £’000 £’000 Currency UK Sterling 7,422 - 117,042 124,464 Argentina Peso 12 - - 12 Australian Dollar 1 - (5,196) (5,195) Brazilian Real - 1,710 83 1,793 Canadian Dollar - - (4,738) (4,738) Chilean Peso - 548 - 548 China Renminbi - 1,621 (353) 1,268 Colombian Peso - 1,081 54 1,135 Czech Koruna - 822 4 826 Danish Krone - - 1,545 1,545 Euro 6,967 - (8,823) (1,856) Hong Kong Dollar 1 - 1,003 1,004 Hungarian Forint - 779 6 785 Indonesian Rupiah - 1,934 36 1,970 Japanese Yen - - 9,604 9,604 Malaysian Ringgit - 1,429 (18) 1,411 Mexican Peso - 1,893 214 2,107 New Zealand Dollar - - (5,611) (5,611) Norwegian Krone - - (5,539) (5,539) Peruvian New Sol 6 605 33 644 Polish Zloty - 1,643 52 1,695 Romanian Leu - 635 10 645 Russian Ruble - 1,594 56 1,650 Singapore Dollar - - 102 102 South Africa Rand - 1,449 152 1,601 South Korean Won - - 435 435 Swedish Krona - - (5,435) (5,435) Swiss Franc - - 1,049 1,049 Taiwan Dollar - - 869 869 Thai Baht - 1,799 84 1,883 Turkish Lira - 393 8 401 Uruguay Peso - 38 - 38 US Dollar 37 - (2,731) (2,694) Total 14,446 19,973 93,997 128,416 156 ASI Diversified-Core Growth Fund

Floating rate Fixed rate Financial assets/ financial financial (liabilities) not assets assets carrying interest Total 2019 £’000 £’000 £’000 £’000 Currency UK Sterling 15,287 - 119,720 135,007 Argentina Peso 15 71 - 86 Australian Dollar 168 - (10,302) (10,134) Brazilian Real - 4,791 202 4,993 Canadian Dollar - - (9,356) (9,356) Chilean Peso - 1,413 - 1,413 Colombian Peso - 3,046 56 3,102 Czech Koruna - 1,866 107 1,973 Danish Krone - - 95 95 Euro 488 - (527) (39) Hong Kong Dollar - - 1,612 1,612 Hungarian Forint - 2,031 120 2,151 Indonesian Rupiah - 4,741 22 4,763 Japanese Yen 59 - 182 241 Malaysian Ringgit - 2,895 6 2,901 Mexican Peso - 4,685 230 4,915 New Zealand Dollar - - (10,018) (10,018) Norwegian Krone - - (10,300) (10,300) Peruvian New Sol - 1,801 31 1,832 Philippines Peso - 184 2 186 Polish Zloty - 4,198 86 4,284 Romanian Leu - 1,326 25 1,351 Russian Ruble - 3,979 35 4,014 Singapore Dollar 1 - 153 154 South Africa Rand - 3,875 105 3,980 South Korean Won - - 2,495 2,495 Swedish Krona - - (10,353) (10,353) Swiss Franc - - 639 639 Taiwan Dollar - - 750 750 Thai Baht - 4,388 872 5,260 Turkish Lira - 1,830 388 2,218 Uruguay Peso - 81 1 82 US Dollar 211 - 5,176 5,387 Total 16,229 47,201 82,254 145,684

Other price risk The fund invests principally in equities. The value of equities is not fixed and may go down as well as up. This may be the result of a specific factor affecting the value of an individual equity or be caused by general market factors (such as government policy or the health of the underlying economy) which can affect the entire portfolio. The Investment Adviser seeks to minimise these risks by holding a diversified portfolio of investments spread across all market sectors in line with the fund objectives. In addition, the management of the fund complies with the Financial Conduct Authority’s COLL sourcebook, which includes rules limiting the size of investment in any particular holding. ASI Diversified-Core Growth Fund 157

As at 31 Oct 2020, if the prices of investments held by the fund increased or decreased by 5%, with all other variables remaining constant, then net assets attributable to the unitholders would increase or decrease by approximately £6,326,000 (2019: £7,006,000). The sensitivity analysis of the fund’s financial asset and liability positions is monitored by the Investment Manager using VaR analysis. VaR analysis reflects the interdependencies between risk variables, unlike a traditional sensitivity analysis. VaR represents the potential losses from adverse changes in market factors for a specified time period and confidence level. The table below indicates the VaR of the fund’s financial instruments, measured as the potential 5 day loss in value from adverse changes in equity prices, interest rates, inflation rates and foreign currency exchange rates, with a 99 percent confidence level. Calculated on this basis, the table indicates that the net value of the fund’s financial assets and liabilities could be expected to change by more than the stated amount on only two days out of 200, in response to either price, interest rate, inflation or foreign currency exchange rate changes. The VAR measures of the fund are detailed below: 2020 2019 % % Minimum VaR 0.83% 1.19% Maximum VaR 2.48% 1.58% Average VaR 1.72% 1.38%

VaR Table Contribution from FX risk Interest rate risk Inflation risk credit risk Overall VaR

31 October 2020 (0.17%) 1.59% - 0.76% 2.18% 31 October 2019 0.06% 0.49% - 0.82% 1.37%

The Manager must calculate the global exposure of any fund it manages either as: 1) the incremental exposure and leverage generated through the use of derivatives and forward transactions, which may not exceed 100% of the net value of the scheme property. This is known as the Commitment Approach and is a measure of leverage or; 2) the market risk of the scheme property by way of the value at risk (VaR) approach. Although, the sensitivity analysis of the fund’s financial asset and liability positions described above uses VaR analysis, the global exposure calculations for funds may be calculated on the Commitment Basis. The Prospectus provides further details on which method is used to calculate Global Exposure for each fund. Counterparty risk Credit quality of debt security investment assets The following table shows the credit quality of the part of the investment portfolio that is invested in debt securities, reflecting the impact of derivative positions. Percentage of Market value total net assets 2020 £’000 % Investment grade securities 29,448 22.93% Below investment grade securities 6,114 4.76% Unrated securities 876 0.68% Total Value of Securities 36,438 28.37%

Percentage of Market value total net assets 2019 £’000 % Investment grade securities 40,800 28.00% Below investment grade securities 4,862 3.34% Unrated securities 12,681 8.70% Total Value of Securities 58,343 40.04%

Investment grade information used in the above table is based on credit ratings issued by market vendors. 158 ASI Diversified-Core Growth Fund

Financial derivatives instrument risk These types of transaction can introduce market exposure greater than the market value of the instrument. These transactions exchange benefits with a third party at a future date creating both counterparty and concentration risk. The Investment Adviser’s policies for managing these risks are outlined in the fund’s prospectus. At the balance sheet date the fund had the following exposures: 2020 2019 Market Market Market Market Exposure Value Exposure Value Leveraged Instruments £’000 £’000 £’000 £’000 Forward Currency Contracts 76,727 (353) 82,990 4,112 Futures 9,368 16 7,243 59 Total Market Exposure 86,095 (337) 90,233 4,171

The total market exposure is the sum of the notional derivative contracts on a gross basis with no offsetting.

The fund uses the commitment method to calculate global exposure. Leverage is not significant in this context.

Stock Market Cash collateral value of 2020 (held)/posted (held)/posted derivatives Broker concentrations £’000 £’000 £’000 Bank of America Merrill Lynch 352 0 16 352 0 16

Stock Market Cash collateral value of 2019 (held)/posted (held)/posted derivatives Broker concentrations £’000 £’000 £’000 Bank of America Merrill Lynch 823 0 59 823 0 59 ASI Diversified-Core Growth Fund 159

Counterparty Table At the balance sheet date the fund had the following exposures: Bi-lateral Net forwards exposure 2020 £’000 £’000 Counterparties BNP Paribas 183 183 Citigroup (583) (583) Credit Agricole 9 9 Deutsche Bank 34 34 Goldman Sachs (2) (2) Morgan Stanley 4 4 Royal Bank of Scotland 2 2 StateStreet 149 149 UBS (149) (149) Total (353) (353)

Bi-lateral Net forwards exposure 2019 £’000 £’000 Counterparties Bank of America Merrill Lynch 7 7 BNP Paribas (4) (4) Citigroup 526 526 Deutsche Bank (4) (4) Goldman Sachs 483 483 HSBC 1,100 1,100 Morgan Stanley 1,281 1,281 Royal Bank of Canada 11 11 StateStreet 712 712 Total 4,112 4,112

Non-derivatives Provisions for liabilities - (7) - - (7) Bank overdrafts (2,408) - - - (2,408) Other creditors - (1,136) - - (1,136) Total financial liabilities (2,408) (1,995) - - (4,403) 160 ASI Diversified-Core Growth Fund

Over one year Up to but not more On demand one year than five years Over five years Total 2019 £’000 £’000 £’000 £’000 £’000 Derivatives Investment liabilities - (78) - - (78)

Non-derivatives Provisions for liabilities - (53) - - (53) Other creditors - (1,125) - - (1,125) Total financial liabilities - (1,256) - - (1,256)

16. Subsequent Events Since the year end, markets and operations have continued to be disrupted by the effects of the COVID-19 pandemic. Since the year end the NAV per unit has increased by 8.24% (to 15 February 2021). Contingency plans at the Manager and key service suppliers have proven effective in mitigating the effects on management of the portfolio and on all supporting operations. ASI Diversified-Core Growth Fund 161

Distribution table For the year ended 31 October 2020 (in pence per unit) Group 1 - units purchased prior to 1 November 2019 Group 2 - units purchased between 1 November 2019 and 31 October 2020 Distribution paid Distribution paid Revenue Equalisation 31/12/20 31/12/19 I Accumulation units Group 1 1.9832 - 1.9832 2.9936 Group 2 1.2533 0.7299 1.9832 2.9936

M Accumulation units Group 1 1.7461 - 1.7461 2.5682 Group 2 1.7461 - 1.7461 2.5682

R Accumulation units Group 1 1.5324 - 1.5324 2.5433 Group 2 1.1723 0.3601 1.5324 2.5433

Z Accumulation units Group 1 2.3582 - 2.3582 3.3587 Group 2 1.4358 0.9224 2.3582 3.3587

ASI Multi-Manager Balanced Managed Portfolio

For the year ended 31 October 2020

Investment objective Market review To generate growth over the long term (5 years or more) Globally, stock markets rose over the past 12 months, but with by investing in a diversified range of actively managed funds. considerable divergence by country. While US and Chinese stocks performed well, markets in many other countries recorded sharp Performance target: To exceed the IA Mixed Investment falls. Shares in the UK and Latin America, in particular, fared badly. 40-85% Shares Sector Average return over one year (after charges). In late 2019, political and economic issues weighed heavily on The Performance Target is the level of performance the management markets. Covid-19 was the dominant factor in 2020, negatively team hopes to achieve for the fund. There is however no certainty or affecting markets in the first quarter. However, markets have promise that they will achieve the Performance Target. broadly been recovering since April. The Manager believes that this is an appropriate target for the fund In bond markets, returns were positive over the period, based on the investment policy of the fund. largely fuelled by falling government bond yields across developed Investment policy markets. Investment-grade issues saw solid returns, while the Portfolio securities: high-yield sector was more turbulent. Covid-19 hit economies and • The fund will invest at least 60% in actively managed funds, companies in 2020, leading to fears over the creditworthiness of to obtain broad exposure to a range of diversified investments the high-yield sector. from a range of managers. Interest-rate cuts and stimulus measures to combat economic • It may invest up to 40% in passively managed funds from a range weakness as a result of the pandemic were also prevalent. The US of managers. Federal Reserve reduced the main rate three times, with the final • At least 40% of the fund will be invested in equities cut taking the main US rate to near zero. This was a level last seen (company shares). in the aftermath of the 2008 global financial crisis. The European Central Bank announced a stimulus plan worth €1.35 trillion to • The rest of the fund may be invested in a selection of other counter the economic effects of coronavirus and, in October, assets such as equities (company shares including property signalled a strong possibility of further stimulus. shares), commercial property and funds that can use a The first quarter of 2020 was a torrid time for share prices around combination of traditional assets (such as equities and bonds) the world. Concerns about the virus dominated investor and investment strategies based on derivatives. sentiment. Investors sold stocks in favour of assets that they Management process considered to be less risky, such as government bonds. • The management team use their discretion (active management) But decisive action by governments and central banks to limit to identify investments, focusing on selecting funds within each economic damage supported investor sentiment and markets asset class and ensuring that the asset allocation meets the began to recover in April. Technology stocks have been strong fund’s objectives. performers globally, especially in the US. The oil-price collapse in March negatively affected energy companies, which have not yet • The fund will be subject to constraints which are intended to recovered. The recovery stalled in September and October, manage risk such as the fund must not hold more than 85% of its reversing some recent gains. assets in equities. Due to the active nature of the management process, the fund’s performance profile may deviate significantly Portfolio review from the Sector Average of the IA Mixed Investment 40-85% The fund fell by 5.0% over the review period. This left it in the Shares Sector Average. third quartile, due to its overweight position (versus the sector benchmark) in equities and underweight exposure to bonds. Derivatives and techniques • The fund is not expected to invest in derivatives directly however it The past few years, and 2020 in particular, have not been kind may invest in other funds which use derivatives more extensively. to funds with a balanced approach and diversity in terms of investment style. In equities, managers with a large cap and Performance review growth or quality style fared much better than managers who For the year ended 31 October 2020, the value of ASI adopted a value or smaller-company approach. For example, Multi-Manager Balanced Managed Portfolio - R Accumulation Units during the review period, the MSCI AC World Growth Index decreased by 5.0%, compared to a decrease of 0.7% for our appreciated by 23.5%, while the equivalent value index fell by performance target (the IA Mixed Investment 40-85% Shares 11.5%. It was a similar story in fixed income, where higher-quality Sector Average). bonds tended to outperform. Source: Lipper, Basis: total return, published NAV to NAV, net of annual charges, UK net income reinvested, GBP. In the UK, returns were mixed and reflected the different Please remember that past performance is not a guide to future management styles. The standout performer relative to the FTSE returns. The price of shares and the revenue from them may All-Share Index, which fell by 18.6%, was the Lindsell Train UK fall as well as rise. Investors may not get back the amount Equity Fund. This fund fell by 10.6%, helped by its quality bias. originally invested. The JOHCM UK Dynamic Fund and Jupiter UK Special Situations ASI Multi-Manager Balanced Managed Portfolio 163

Fund performed relatively poorly. They returned -31% and -27%, Outlook respectively, due to their value approach. The JOHCM fund was Stock markets have enjoyed a strong rebound from the low point also hurt by a relatively large exposure to smaller companies. in March, despite recent weakness in September and October. This has been driven by a recovery in earnings expectations for In the US, the Findlay Park American Fund appreciated by 9%, 2021, leading to elevated company valuations. The result is future only marginally behind the S&P 500 Index, which rose by 9.8%. equity market returns are likely to be modest in the coming Meanwhile, the ASI American Tracker Fund returned 10%. The BNY quarters. While low interest rates are supportive for equities, Mellon US Equity Income Fund, due to its value style, returned spikes in market volatility are likely from Covid-19 news flow, -15.4%, and the Hermes SMID Fund, on account of its developments around a vaccine, political events and government smaller-company approach, fell by 4.4%. fiscal action. In Europe, the BlackRock European Dynamic Fund returned 18%, The coronavirus pandemic, economic factors and politics will while the FTSE World Europe (excluding UK) Index fell -4.2%. continue to dominate fixed income markets. Some areas of the The BlackRock fund’s growth and quality approach proved hugely world seem to be seeing second waves of Covid-19 infections. beneficial. The Lazard European Smaller Companies Fund returned In particular, Europe has seen rising infection rates and mortalities. 0.3%, while the Invesco European Equity Fund returned -18%, Despite improved virus control capabilities, notably better testing due to its value bias. and tracing, lockdown restrictions have been reintroduced in Over the year, Japan’s Topix index returned 0.4%. The Pictet Fund several countries, including the UK, Germany and France. performed in line with the Topix index, while the Morant Wright However, largely improving economic data and expectations for a Fund underperformed the benchmark, returning -11%, hurt by its viable coronavirus vaccine in coming months continue to support value bias. In Asia, the First State Asia Focus Fund rose by 7.8% and investor sentiment. On the political front, the upcoming US the Hermes Asia (excluding Japan) Fund appreciated by 2.1%. presidential election is widely seen as a key risk factor. However, the MSCI Asia Pacific (excluding Japan) Index grew by 12.2%. This was primarily driven by China, which appreciated by Portfolio Management - Manager Selection Team November 2020 29% over the year. In emerging markets, the Artemis Emerging Markets Fund fell by 8.1%, underperforming the MSCI Emerging Markets Index return of 8.7%. This was disappointing, but to provide some context, the MSCI Emerging Markets Growth Index appreciated by 26% over the year and the value index fell by 8%. We clearly have work to do to get a better balance in this area. We invested in the First Sentier Infrastructure Fund for its defensive qualities. However, the infrastructure sector was hurt by the lack of dividends being paid out by companies due to Covid-19. Fixed income was similar to equities in that higher-quality bonds were the best performers, notably government bonds followed by investment-grade credit and high yield. All four of our bond managers delivered positive returns, ranging from 3.6% to 9.2%. The M&G Global Macro Bond Fund returned 9.2%, due to its flexible approach. Management protected capital with government bond holdings at the start of the Covid-19 crisis and then switched into credit to take advantage of the recovery in investment grade-credit after stimulus measures were introduced. In terms of activity, we continued to position the Fund’s asset allocation relative to the Fund’s sector average, as defined by the Investment Association, and maintained active positions in line with our house view. We therefore reduced our exposure to Japanese and emerging market equities, absolute return and cash, and increased our exposure to the UK, US and Asian market equities and fixed income. At the underlying fund level, we sold our holdings in the Majedie UK Equity Fund, Threadneedle UK Extended Alpha and JOHCM Continental European Fund. We opened new positions in Jupiter UK Special Situations, Ninety One UK Alpha and Edgewood US Select Growth. 164 ASI Multi-Manager Balanced Managed Portfolio

1 2 3 4 5 6 7

Risk and reward indicator table as at 31 October 2020. The fund is rated as 4 because of the extent to which the following risk factors apply: • The fund invests in securities which are subject to the risk that the issuer may default on interest or capital payments.

• The fund invests in equity and equity related securities. These are sensitive to variations in the stock markets which can be volatile and change substantially in short periods of time.

• The fund invests in high yielding bonds which carry a greater risk of default than those with lower yields.

• The fund price can go up or down daily for a variety of reasons including changes in interest rates, inflation expectations or the perceived credit quality of individual countries or securities.

• The fund may hold money-market instruments, the value of which may be subject to adverse movements in extreme market conditions.

• Property valuation is a matter of judgment by an independent valuer and is therefore a matter of the valuer’s opinion rather than fact.

Comparative table 2020 2019 2018 I Accumulation units pence per unit pence per unit pence per unit Change in net assets per unit Opening net asset value per unit 169.52 156.37 160.17 Return before operating charges* (5.95) 15.26 (1.55) Operating charges (2.13) (2.11) (2.25) Return after operating charges* (8.08) 13.15 (3.80) Distributions (2.69) (2.56) (2.01) Retained distributions on accumulation units 2.69 2.56 2.01 Closing net asset value per unit 161.44 169.52 156.37 * after direct transaction costs of: - - -

Performance Return after charges (4.77%) 8.41% (2.37%)

Other information Closing net asset value (£’000) 15,584 18,709 18,947 Closing number of units 9,653,478 11,036,162 12,116,946 Operating charges 1.29% 1.29% 1.40% Direct transaction costs - - -

Prices Highest unit price 177.0 173.3 166.0 Lowest unit price 138.2 149.9 153.1

2020 2019 2018 I Income units pence per unit pence per unit pence per unit Change in net assets per unit Opening net asset value per unit 156.49 146.58 152.07 Return before operating charges* (5.57) 14.27 (1.46) Operating charges (1.95) (1.97) (2.13) Return after operating charges* (7.52) 12.30 (3.59) Distributions (2.47) (2.39) (1.90) Closing net asset value per unit 146.50 156.49 146.58 * after direct transaction costs of: - - -

Performance Return after charges (4.81%) 8.39% (2.36%)

Other information Closing net asset value (£’000) 3,082 3,712 4,145 Closing number of units 2,103,457 2,372,021 2,828,109 Operating charges 1.29% 1.29% 1.40% Direct transaction costs - - -

Prices Highest unit price 163.4 161.2 156.7 Lowest unit price 127.6 140.5 145.3

2020 2019 M Accumulation unitsA pence per unit pence per unit Change in net assets per unit Opening net asset value per unit 108.52 100.00B Return before operating charges* (3.71) 9.82 Operating charges (1.41) (1.30) Return after operating charges* (5.12) 8.52 Distributions (1.77) (1.71) Retained distributions on accumulation units 1.77 1.71 Closing net asset value per unit 103.40 108.52 * after direct transaction costs of: - -

Performance Return after charges (4.72%) 8.52%

Other information Closing net asset value (£’000) 1 1 Closing number of units 928 928 Operating charges 1.34% 1.34% Direct transaction costs - -

Prices Highest unit price 113.3 110.9 Lowest unit price 88.47 95.72

2020 2019 M Income unitsA pence per unit pence per unit Change in net assets per unit Opening net asset value per unit 106.74 100.00B Return before operating charges* (3.71) 9.74 Operating charges (1.38) (1.29) Return after operating charges* (5.09) 8.45 Distributions (1.72) (1.71) Closing net asset value per unit 99.93 106.74 * after direct transaction costs of: - -

Performance Return after charges (4.77%) 8.45%

Other information Closing net asset value (£’000) 1 1 Closing number of units 934 934 Operating charges 1.34% 1.34% Direct transaction costs - -

Prices Highest unit price 111.4 110.1 Lowest unit price 87.01 95.72

2020 2019 2018 R Accumulation units pence per unit pence per unit pence per unit Change in net assets per unit Opening net asset value per unit 133.44 123.70 127.98 Return before operating charges* (4.68) 12.04 (1.22) Operating charges (2.25) (2.30) (3.06) Return after operating charges* (6.93) 9.74 (4.28) Distributions (1.53) (1.39) (0.32) Retained distributions on accumulation units 1.53 1.39 0.32 Closing net asset value per unit 126.51 133.44 123.70 * after direct transaction costs of: - - -

Performance Return after charges (5.19%) 7.87% (3.34%)

Other information Closing net asset value (£’000) 2,851 3,531 4,386 Closing number of units 2,253,328 2,646,374 3,545,556 Operating charges 1.74% 1.79% 2.40% Direct transaction costs - - -

Prices Highest unit price 139.2 136.6 131.7 Lowest unit price 108.6 118.4 121.8

2020 2019 2018 R Income units pence per unit pence per unit pence per unit Change in net assets per unit Opening net asset value per unit 126.76 118.75 123.18 Return before operating charges* (4.49) 11.54 (1.17) Operating charges (2.13) (2.20) (2.95) Return after operating charges* (6.62) 9.34 (4.12) Distributions (1.45) (1.33) (0.31) Closing net asset value per unit 118.69 126.76 118.75 * after direct transaction costs of: - - -

Performance Return after charges (5.22%) 7.87% (3.34%)

Other information Closing net asset value (£’000) 1,916 2,245 2,399 Closing number of units 1,614,798 1,770,756 2,020,193 Operating charges 1.74% 1.79% 2.40% Direct transaction costs - - -

Prices Highest unit price 132.2 130.4 126.6 Lowest unit price 103.1 113.7 117.1

Portfolio Statement As at 31 October 2020 Percentage Market Value of total Holding Investment £’000 net assets Collective Investment Schemes (96.42%) 22,210 94.77 Bond Funds (19.09%) 5,045 21.52

2,388,229 Jupiter Strategic Bond I Inc 1,598 6.82 1,123,598 M&G Global Macro Bond I Inc 1,580 6.74 5,507 New Capital Wealthy Nations Bond S Inc 575 2.45 899,266 Royal London Sterling Credit Z Inc 1,292 5.51

Equity Funds (73.74%) 17,165 73.25

371,773 Artemis Global Emerging Markets I Acc 482 2.06 634,415 ASI American Equity Tracker Fund X Acc+ 772 3.29 846,638 BlackRock European Dynamic Fund FD Acc 1,853 7.91 521,228 BNY Mellon US Equity Income F Acc 482 2.06 1,914 Edgewood L Select Growth I GBP D Cap 757 3.23 18,007 Findlay Park American F Inc 1,976 8.43 389,212 First State Asia Focus Fund B Acc 823 3.51 247,994 First State Global Listed Infrastructure B Acc 725 3.09 246,065 Hermes Asia ex Japan Equity F Acc 641 2.74 204,807 Hermes US SMID Equity F Acc 538 2.29 396,428 Invesco European Equity Acc 660 2.81 969,542 Investec UK Alpha I Acc 1,833 7.82 1,358,014 JO Hambro UK Dynamic Y Inc 1,116 4.76 622,013 Jupiter UK Special Situations GBP Acc 1,145 4.89 74,565 Lazard European Smaller Companies A Acc 481 2.05 626,760 LF Lindsell Train UK Equity Fund I Inc 1,843 7.88 121,487 LF Morant Wright Nippon Yield B Inc 366 1.56 8,003 Pictet Japanese Equity Opportunities I Acc 672 2.87

Property Funds (3.59%) - -

Total investment assets 22,210 94.77 Net other assets 1,225 5.23 Total Net Assets 23,435 100.00

Statement of total return For the year ended 31 October 2020 2020 2019 Notes £’000 £’000 £’000 £’000 Income: Net capital (losses)/gains 1 (1,648) 1,906 Revenue 2 589 639 Expenses 3 (181) (203) Net revenue before taxation 408 436 Taxation 4 - - Net revenue after taxation 408 436 Total return before distributions (1,240) 2,342 Distributions 5 (408) (436) Change in net assets attributable to unitholders from investment activities (1,648) 1,906

Statement of change in net assets attributable to unitholders For the year ended 31 October 2020 2020 2019 £’000 £’000 £’000 £’000 Opening net assets attributable to unitholders 28,199 29,877 Amounts receivable on the issue of units 7,107 2,751 Amounts payable on the cancellation of units (10,532) (6,665) (3,425) (3,914) Dilution levy (1) - Change in net assets attributable to unitholders from investment activities (see above) (1,648) 1,906 Retained distribution on accumulation units 310 330 Closing net assets attributable to unitholders 23,435 28,199 ASI Multi-Manager Balanced Managed Portfolio 173

Balance sheet As at 31 October 2020 2020 2019 Notes £’000 £’000 £’000 £’000 Assets: Fixed assets: Investment assets 22,210 27,189 Current assets: Debtors 6 33 612 Cash and bank balances 1,313 1,789 1,346 2,401 Total assets 23,556 29,590

Liabilities: Creditors 7 (94) (1,350) Distribution payable (27) (41) (121) (1,391) Total liabilities (121) (1,391) Net assets attributable to unitholders 23,435 28,199 174 ASI Multi-Manager Balanced Managed Portfolio

Notes to the financial statements For the year ended 31 October 2020 1. Net Capital (Losses)/Gains 2020 2019 £’000 £’000 Non-derivative securities* (1,641) 1,854 Management fee rebate on collective investment scheme holdings 2 - Other (losses)/gains* (7) 54 Transaction charges (2) (2) Net capital (losses)/gains* (1,648) 1,906

* Includes net realised gains of £2,148,000 and net unrealised losses of £3,796,000 (2019: net realised gains of £2,411,000 and net unrealised losses of £505,000). Where realised gains/(losses) include gains/(losses) arising in previous periods, a corresponding (loss)/gain is included in unrealised gains/(losses).

2. Revenue 2020 2019 £’000 £’000 Management fee rebate on collective investment scheme holdings 29 53 Bank and margin interest - 5 Income from Overseas Collective Investment Schemes Franked income 48 59 Unfranked income 21 23 Income from UK Collective Investment Schemes Franked income 340 301 Interest income 143 177 Property income 8 21 Total revenue 589 639

3. Expenses 2020 2019 £’000 £’000 Payable to the Manager, associates of the Manager and agents of either of them: Manager’s periodic charge 153 178 Registration fees 7 9 160 187 Payable to the Trustee or associates of the Trustee, and agents of either of them: Safe custody fee 4 3 Trustee fees 3 3 7 6 Other: Audit fee 10 10 Printing fees 2 - Professional fees 2 - 14 10 Total expenses 181 203

Irrecoverable VAT is included in the above expenses where relevant. ASI Multi-Manager Balanced Managed Portfolio 175

4. Taxation 2020 2019 £’000 £’000 (a) Analysis of charge in year Total taxation - -

(b) Factors affecting current tax charge for the year The tax assessed for the year is less than the standard rate of corporation tax in the UK for authorised Unit Trusts (20%). The differences are explained below: Net revenue before taxation 408 436 Corporation tax at 20% (2019: 20%) 82 87 Effects of: Revenue not subject to taxation (78) (72) Excess allowable expenses (4) (15) Total tax charge for year (note 4a) - -

Authorised Unit Trusts are exempt from tax on capital gains in the UK. Therefore, any capital gain is not included in the above reconciliation. (c) Factors that may affect future tax charge At the year end, after offset against revenue taxable on receipt, there is a potential deferred tax asset of £294,000 (2019: £298,000) due to surplus expenses. It is unlikely that the fund will generate sufficient taxable profits to utilise these amounts and therefore no deferred tax asset has been recognised in the current or prior year.

5. Distributions 2020 2019 £’000 £’000 Interim distribution 255 212 Final distribution 135 202 390 414 Add: Income deducted on cancellation of units 55 37 Deduct: Income received on issue of units (37) (15) Net distribution for the year 408 436

Details of the distribution per unit are set out in this fund’s distribution tables.

6. Debtors 2020 2019 £’000 £’000 Amounts receivable from the Manager for the issue of units 4 2 Sales awaiting settlement - 595 United Kingdom income tax recoverable 3 - Management fee rebate receivable 26 15 Total debtors 33 612 176 ASI Multi-Manager Balanced Managed Portfolio

7. Creditors 2020 2019 £’000 £’000 Accrued expenses payable to the Manager 15 21 Accrued expenses payable to the Trustee or associates of the Trustee 1 - Amounts payable to the Manager for cancellation of units 67 46 Other accrued expenses 11 10 Purchases awaiting settlement - 1,273 Total creditors 94 1,350

2020 2019 2020 2019 Trades in the year £’000 £’000 £’000 £’000 Collective investment schemes 8,438 7,422 11,991 10,656 Trades in the year before transaction costs 8,438 7,422 11,991 10,656

Total net trades in the year after transaction costs 8,438 7,422 11,991 10,656

At the balance sheet date the average portfolio dealing spread (i.e. the spread between bid and offer prices expressed as a percentage of the offer price) was 0.43% (2019: 0.47%), this is representative of the average spread on the assets held during the year.

10. Units in issue reconciliation

Opening Creations Cancellations Conversions Closing units during during during units 2019 the year the year the year 2020 I Accumulation units 11,036,162 4,086,627 (5,472,483) 3,172 9,653,478 I Income units 2,372,021 127,363 (395,927) - 2,103,457 M Accumulation units 928 - - - 928 M Income units 934 - - - 934 R Accumulation units 2,646,374 253,733 (642,733) (4,046) 2,253,328 R Income units 1,770,756 22,107 (178,065) - 1,614,798 ASI Multi-Manager Balanced Managed Portfolio 177

11. Fair Value Hierarchy The three levels of the fair value hierarchy under FRS 102 are described below: Level 1: Unadjusted quoted market prices in active markets that are accessible at the measurement date for the identical unrestricted assets or liabilities. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices). Level 3: Inputs for asset or liability that are not based on observable market data (unobservable inputs). 2020 2020 2020 2019 2019 2019 £’000 £’000 £’000 £’000 £’000 £’000 Fair value of investment assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Collective Investment Schemes - 22,210 - - 27,189 - Total investment assets - 22,210 - - 27,189 -

12. Risk Management Policies and Disclosures The risks inherent in the fund’s investment portfolio are as follows: Foreign currency risk The income and capital value of the fund’s investments are mainly denominated in Sterling, the fund’s functional currency; therefore, the financial statements are not subject to any significant risk of currency movements. This is consistent with the exposure during the prior year. Interest rate risk The majority of the fund’s financial assets are open ended investment funds and other investments which neither pay interest nor have a maturity date. Therefore, the fund’s exposure to interest rate risk is considered insignificant. This is consistent with the exposure during the prior year. Other price risk The sensitivity analysis of the fund’s financial asset and liability positions is monitored by the Investment Manager using VaR analysis. VaR analysis reflects the interdependencies between risk variables, unlike a traditional sensitivity analysis. VaR represents the potential losses from adverse changes in market factors for a specified time period and confidence level. The table below indicates the VaR of the fund’s financial instruments, measured as the potential 5 day loss in value from adverse changes in equity prices, interest rates, inflation rates and foreign currency exchange rates, with a 99 percent confidence level. Calculated on this basis, the table indicates that the net value of the fund’s financial assets and liabilities could be expected to change by more than the stated amount on only two days out of 200, in response to either price, interest rate, inflation or foreign currency exchange rate changes. The VAR measures of the fund are detailed below: 2020 2019 % % Minimum VaR 1.71% 1.79% Maximum VaR 3.12% 2.30% Average VaR 2.50% 2.04%

VaR Table Contribution from FX risk Interest rate risk Inflation risk credit risk Overall VaR 31 October 2020 (0.09)% 2.19% - 0.84% 2.94% 31 October 2019 0.01% 0.99% - 0.94% 1.94%

Counterparty risk Financial derivatives instrument risk The fund had no exposure to derivatives as at 31 October 2020 (2019: Nil). Liquidity risk All of the fund’s financial liabilities are payable on demand or in less than one year, 2020 £121,000 (2019: £1,391,000).

13. Subsequent Events Since the year end, markets and operations have continued to be disrupted by the effects of the COVID-19 pandemic. Since the year end the NAV per unit has increased by 12.56% (to 15 February 2021). Contingency plans at the Manager and key service suppliers have proven effective in mitigating the effects on management of the portfolio and on all supporting operations. ASI Multi-Manager Balanced Managed Portfolio 179

Distribution tables For the year ended 31 October 2020 (in pence per unit) Interim dividend distribution Group 1 - units purchased prior to 1 November 2019 Group 2 - units purchased between 1 November 2019 and 30 April 2020 Distribution paid Distribution paid Revenue Equalisation 30/06/20 30/06/19 I Accumulation units Group 1 1.6884 - 1.6884 1.2676 Group 2 0.5217 1.1667 1.6884 1.2676

I Income units Group 1 1.5589 - 1.5589 1.1883 Group 2 0.2365 1.3224 1.5589 1.1883

M Accumulation units Group 1 1.1026 - 1.1026 0.7600 Group 2 1.1026 - 1.1026 0.7600

M Income units Group 1 1.0780 - 1.0780 0.7600 Group 2 1.0780 - 1.0780 0.7600

R Accumulation units Group 1 1.0368 - 1.0368 0.6686 Group 2 0.0755 0.9613 1.0368 0.6686

R Income units Group 1 0.9850 - 0.9850 0.6419 Group 2 0.6453 0.3397 0.9850 0.6419 180 ASI Multi-Manager Balanced Managed Portfolio

Final dividend distribution Group 1 - units purchased prior to 1 May 2020 Group 2 - units purchased between 1 May 2020 and 31 October 2020 Distribution paid Distribution paid Revenue Equalisation 31/12/20 31/12/19 I Accumulation units Group 1 1.0004 - 1.0004 1.2925 Group 2 0.4066 0.5938 1.0004 1.2925

I Income units Group 1 0.9138 - 0.9138 1.2015 Group 2 0.3884 0.5254 0.9138 1.2015

M Accumulation units Group 1 0.6693 - 0.6693 0.9539 Group 2 0.6693 - 0.6693 0.9539

M Income units Group 1 0.6455 - 0.6455 0.9527 Group 2 0.6455 - 0.6455 0.9527

R Accumulation units Group 1 0.4958 - 0.4958 0.7184 Group 2 0.2495 0.2463 0.4958 0.7184

R Income units Group 1 0.4669 - 0.4669 0.6856 Group 2 0.3080 0.1589 0.4669 0.6856

ASI Multi-Manager Cautious Managed Portfolio

For the year ended 31 October 2020

Investment objective Performance review To generate growth over the long term (5 years or more) by For the year ended 31 October 2020, the value of ASI investing in a diversified range of actively managed funds. Multi-Manager Cautious Managed Portfolio - R Accumulation Units decreased by 2.2%, compared to a decrease of 1.8% for our Performance target: To exceed the IA Mixed Investment 20-60% performance target (the IA Mixed Investment 20-60% Shares Shares Sector Average return over one year (after charges). Sector Average). The Performance Target is the level of performance the Source: Lipper, Basis: total return, published NAV to NAV, net of annual charges, UK net management team hopes to achieve for the fund. There is income reinvested, GBP. however no certainty or promise that they will achieve the Please remember that past performance is not a guide to Performance Target. future returns. The price of shares and the revenue from them The Manager believes this is an appropriate target for the fund may fall as well as rise. Investors may not get back the amount based on the investment policy of the fund. originally invested. Investment policy Market review Portfolio securities Globally, stock markets rose over the past 12 months, but with • The fund will invest at least 60% in actively managed funds, considerable divergence by country. While US and Chinese stocks to obtain broad exposure to a range of diversified investments performed well, markets in many other countries recorded sharp from a range of managers. falls. Shares in the UK and Latin America, in particular, fared badly. In late 2019, political and economic issues weighed heavily on • It may invest up to 40% in passively managed funds from a range markets. Covid-19 was the dominant factor in 2020, negatively of managers. affecting markets in the first quarter. However, markets have • At least 30% of the fund will be invested in bonds broadly been recovering since April. (loans to a company or government) and cash or money In bond markets, returns were positive over the period, largely market instruments. fuelled by falling government bond yields across developed • The rest of the fund may be invested in a selection of other markets. Investment-grade issues saw solid returns, while the assets such as equities (company shares including property high-yield sector was more turbulent. Covid-19 hit economies and shares), commercial property and funds that can use a companies in 2020, leading to fears over the creditworthiness of combination of traditional assets (such as equities and bonds) the high-yield sector. and investment strategies based on derivatives. Interest-rate cuts and stimulus measures to combat economic Management process weakness as a result of the pandemic were also prevalent. The US • The management team use their discretion (active management) Federal Reserve reduced the main rate three times, with the final to identify investments, focusing on selecting funds within each cut taking the main US rate to near zero. This was a level last seen asset class and ensuring that the asset allocation meets the in the aftermath of the 2008 global financial crisis. The European fund’s objectives. Central Bank announced a stimulus plan worth €1.35 trillion to counter the economic effects of coronavirus and, in October, • The fund will be subject to constraints which are intended to signalled a strong possibility of further stimulus. manage risk such as the fund must not hold more than 60% of its The first quarter of 2020 was a torrid time for share prices around assets in equities. Due to the active nature of the management the world. Concerns about the virus dominated investor process, the fund’s performance profile may deviate significantly sentiment. Investors sold stocks in favour of assets that they from that of the IA Mixed Investment 20-60% Shares considered to be less risky, such as government bonds. But Sector Average. decisive action by governments and central banks to limit Derivatives and techniques economic damage supported investor sentiment and markets • The fund is not expected to invest in derivatives directly began to recover in April. Technology stocks have been strong however it may invest in other funds which use derivatives performers globally, especially in the US. The oil-price collapse in more extensively. March negatively affected energy companies, which have not yet recovered. The recovery stalled in September and October, reversing some recent gains. 182 ASI Multi-Manager Cautious Managed Portfolio

Portfolio review In terms of activity, we continued to position the Fund’s asset The Fund fell by 2.2% over the review period, which was a allocation relative to the Fund’s sector average, as defined by the second-quartile return. The past few years, and 2020 in particular, Investment Association, and maintained active positions in line have not been kind to funds with a balanced approach and with our house view. In this regard, we reduced our exposure to UK diversity in terms of investment style. For example, during the equities, absolute return and cash, and increased our exposure to review period, the MSCI AC World Growth Index appreciated by US and emerging market equities and fixed income. At the 23.5%, while the equivalent value index fell by 11.5%. underlying fund level, we sold our holdings in the Majedie UK Equity Fund, Threadneedle UK Extended Alpha and JOHCM In equities, managers with a large cap and growth or quality style Continental European Fund. We invested in Jupiter UK Special fared much better than managers who adopted a value or Situations, Ninety One UK Alpha, Invesco European Fund, smaller-company approach. It was a similar story in fixed income, Edgewood US Select Growth, Lazard European Smaller Companies where higher-quality bonds tended to outperform. Fund and First Sentier Global Listed Infrastructure. In the UK, returns were mixed and reflected the different management styles. The standout performer relative to the Outlook Stock markets have enjoyed a strong rebound from the low point FTSE All-Share Index, which fell by 18.6%, was the Lindsell Train in March, despite recent weakness in September and October. UK Equity Fund. This fell by 10.6%, helped by its quality bias. This has been driven by a recovery in earnings expectations for The JOHCM UK Dynamic Fund and Jupiter UK Special Situations 2021, leading to elevated company valuations. The result is future Fund performed relatively poorly. They returned -31% and -27%, equity market returns are likely to be modest in the coming respectively, due to their value approach. The JOHCM fund was quarters. While low interest rates are supportive for equities, also hurt by a relatively large exposure to smaller companies. spikes in market volatility are likely from Covid-19 news flow, In the US, the Findlay Park American Fund appreciated by 9%, developments around a vaccine, political events and government only marginally behind the S&P 500 Index, which rose by 9.8%. fiscal action. In Europe, the BlackRock European Dynamic Fund returned 18%, The coronavirus pandemic, economic factors and politics will while the FTSE World Europe (excluding UK) Index fell -4.2%. continue to dominate fixed income markets. Some areas of the The BlackRock fund’s growth and quality approach proved hugely world seem to be seeing second waves of Covid-19 infections. beneficial. The Lazard European Smaller Companies Fund returned In particular, Europe has seen rising infection rates and mortalities. 0.3%, while the Invesco European Equity Fund returned -18%, Despite improved virus control capabilities, notably better testing due to its value bias. and tracing, lockdown restrictions have been reintroduced in Over the year, Japan’s Topix index returned 0.4%. The Pictet Fund several countries, including the UK, Germany and France. performed in line with the Topix index, while the Morant Wright However, largely improving economic data and expectations for a Fund underperformed the benchmark, returning -11%, hurt by its viable coronavirus vaccine in coming months continue to support value bias. In Asia, the First State Asia Focus Fund rose by 7.8% and investor sentiment. On the political front, the upcoming US the Hermes Asia (excluding Japan) Fund appreciated by 2.1%. presidential election is widely seen as a key risk factor. However, the MSCI Asia Pacific (excluding Japan) Index grew by 12.2%. This was primarily driven by China, which appreciated by Portfolio Management - Manager Selection November 2020 29% over the year. In emerging markets, the Artemis Emerging Markets Fund fell 8.1%, underperforming the MSCI Emerging Markets Index return of 8.7%. This was disappointing, but to provide some context, the MSCI Emerging Markets Growth Index appreciated by 26% over the year and the value index fell by 8%. We clearly have work to do to get a better balance in this area. We invested in the First Sentier Infrastructure Fund for its defensive qualities. However, the infrastructure sector was hurt by the lack of dividends being paid out by companies due to Covid-19. Fixed income was similar to equities in that higher-quality bonds were the best performers, notably government bonds followed by investment-grade credit and high yield. Five of our six bond managers made positive returns ranging from 0.5% to 9.2%. The M&G Global Macro Bond Fund, returned 9.2%, due to its flexible approach. Management protected capital with government bond holdings at the start of the Covid-19 crisis and then switched into credit to take advantage of the recovery in investment-grade credit after stimulus measures were introduced. Meanwhile, the UBAM Global High Yield Fund fell 5.4%. This was because it invests in the most equity-like parts of the fixed income market. ASI Multi-Manager Cautious Managed Portfolio 183

1 2 3 4 5 6 7

• The fund invests in emerging market equities and / or bonds. Investing in emerging markets involves a greater risk of loss than investing in more developed markets due to, among other factors, greater political, tax, economic, foreign exchange, liquidity and regulatory risks.

• The fund invests in equity and equity related securities. These are sensitive to variations in the stock markets which can be volatile and change substantially in short periods of time.

• The fund invests in high yielding bonds which carry a greater risk of default than those with lower yields.

• The fund price can go up or down daily for a variety of reasons including changes in interest rates, inflation expectations or the perceived credit quality of individual countries or securities.

• The fund may hold money-market instruments, the value of which may be subject to adverse movements in extreme market conditions.

• Property valuation is a matter of judgment by an independent valuer and is therefore a matter of the valuer’s opinion rather than fact.

Comparative table 2020 2019 2018 I Accumulation units pence per unit pence per unit pence per unit Change in net assets per unit Opening net asset value per unit 154.13 142.14 145.93 Return before operating charges* (1.42) 13.85 (1.89) Operating charges (1.87) (1.86) (1.90) Return after operating charges* (3.29) 11.99 (3.79) Distributions (3.35) (3.17) (2.66) Retained distributions on accumulation units 3.35 3.17 2.66 Closing net asset value per unit 150.84 154.13 142.44 * after direct transaction costs of: - - -

Performance Return after charges (2.13%) 8.44% (2.60%)

Other information Closing net asset value (£’000) 36,317 41,574 44,299 Closing number of units 24,076,129 26,972,362 31,166,687 Operating charges 1.23% 1.26% 1.31% Direct transaction costs - - -

Prices Highest unit price 159.7 156.6 148.7 Lowest unit price 132.2 138.2 140.4

2020 2019 2018 I Income units pence per unit pence per unit pence per unit Change in net assets per unit Opening net asset value per unit 134.57 126.73 132.56 Return before operating charges* (1.32) 12.30 (1.70) Operating charges (1.62) (1.65) (1.72) Return after operating charges* (2.94) 10.65 (3.42) Distributions (2.90) (2.81) (2.41) Closing net asset value per unit 128.73 134.57 126.73 * after direct transaction costs of: - - -

Performance Return after charges (2.18%) 8.40% (2.58%)

Other information Closing net asset value (£’000) 16,567 20,473 22,369 Closing number of units 12,869,527 15,213,602 17,651,023 Operating charges 1.23% 1.26% 1.31% Direct transaction costs - - -

Prices Highest unit price 139.4 138.1 134.7 Lowest unit price 115.4 123.2 126.6

2020 2019 2018 K Accumulation units pence per unit pence per unit pence per unit Change in net assets per unit Opening net asset value per unit 122.35 112.75 115.66 Return before operating charges* (1.15) 10.96 (1.52) Operating charges (1.36) (1.36) (1.39) Return after operating charges* (2.51) 9.60 (2.91) Distributions (2.66) (2.51) (2.11) Retained distributions on accumulation units 2.66 2.51 2.11 Closing net asset value per unit 119.84 122.35 112.75 * after direct transaction costs of: - - -

Performance Return after charges (2.05%) 8.51% (2.52%)

Other information Closing net asset value (£’000) 35,042 38,066 47,231 Closing number of units 29,241,309 31,111,980 41,891,783 Operating charges 1.13% 1.16% 1.21% Direct transaction costs - - -

Prices Highest unit price 126.8 124.3 117.9 Lowest unit price 105.0 109.6 111.3

2020 2019 M Accumulation unitsA pence per unit pence per unit Change in net assets per unit Opening net asset value per unit 108.63 100.00B Return before operating charges* (0.88) 9.89 Operating charges (1.37) (1.26) Return after operating charges* (2.25) 8.63 Distributions (2.37) (1.93) Retained distributions on accumulation units 2.37 1.93 Closing net asset value per unit 106.38 108.63 * after direct transaction costs of: - -

Performance Return after charges (2.07%) 8.63%

Other information Closing net asset value (£’000) 1 1 Closing number of units 929 929 Operating charges 1.28% 1.31% Direct transaction costs - -

Prices Highest unit price 112.6 110.3 Lowest unit price 93.22 97.18

2020 2019 M Income unitsA pence per unit pence per unit Change in net assets per unit Opening net asset value per unit 106.67 100.00B Return before operating charges* (0.90) 9.84 Operating charges (1.34) (1.26) Return after operating charges* (2.24) 8.58 Distributions (2.32) (1.91) Closing net asset value per unit 102.11 106.67 * after direct transaction costs of: - -

Performance Return after charges (2.10%) 8.58%

Other information Closing net asset value (£’000) 1 1 Closing number of units 936 936 Operating charges 1.28% 1.31% Direct transaction costs - -

Prices Highest unit price 110.5 109.4 Lowest unit price 91.54 97.18

2020 2019 2018 P Accumulation units pence per unit pence per unit pence per unit Change in net assets per unit Opening net asset value per unit 150.14 139.00 143.27 Return before operating charges* (1.24) 13.68 (1.69) Operating charges (2.55) (2.54) (2.58) Return after operating charges* (3.79) 11.14 (4.27) Distributions (3.25) (3.05) (2.59) Retained distributions on accumulation units 3.25 3.05 2.59 Closing net asset value per unit 146.35 150.14 139.00 * after direct transaction costs of: - - -

Performance Return after charges (2.52%) 8.01% (2.98%)

Other information Closing net asset value (£’000) 45 47 43 Closing number of units 31,019 31,019 31,019 Operating charges 1.73% 1.76% 1.81% Direct transaction costs - - -

Prices Highest unit price 155.4 152.7 145.5 Lowest unit price 128.6 135.0 137.6

2020 2019 2018 R Accumulation units pence per unit pence per unit pence per unit Change in net assets per unit Opening net asset value per unit 229.92 212.84 220.28 Return before operating charges* (1.92) 20.98 (2.39) Operating charges (3.80) (3.90) (5.05) Return after operating charges* (5.72) 17.08 (7.4 4) Distributions (4.98) (4.66) (4.05) Retained distributions on accumulation units 4.98 4.66 4.05 Closing net asset value per unit 224.20 229.92 212.84 * after direct transaction costs of: - - -

Performance Return after charges (2.49%) 8.02% (3.38%)

Other information Closing net asset value (£’000) 21,641 25,053 35,530 Closing number of units 9,652,729 10,896,430 16,693,304 Operating charges 1.68% 1.76% 2.31% Direct transaction costs - - -

Prices Highest unit price 237.9 233.8 223.5 Lowest unit price 197.0 206.7 210.7

2020 2019 2018 R Income units pence per unit pence per unit pence per unit Change in net assets per unit Opening net asset value per unit 148.67 140.51 148.20 Return before operating charges* (1.32) 13.78 (1.60) Operating charges (2.44) (2.55) (3.38) Return after operating charges* (3.76) 11.23 (4.98) Distributions (3.20) (3.07) (2.71) Closing net asset value per unit 141.71 148.67 140.51 * after direct transaction costs of: - - -

Performance Return after charges (2.53%) 7.99% (3.36%)

Other information Closing net asset value (£’000) 12,946 14,553 15,882 Closing number of units 9,135,780 9,788,743 11,302,939 Operating charges 1.68% 1.76% 2.31% Direct transaction costs - - -

Prices Highest unit price 153.9 152.6 150.4 Lowest unit price 127.4 136.5 140.4

Portfolio statement As at 31 October 2020 Percentage Market Value of total Holding Investment £’000 net assets Collective Investment Schemes (96.17%) 114,463 93.39 Absolute Return Funds (0.00%) 3,287 2.68

288,897 Payden Absolute Return Bond Acc 3,287 2.68

Bond Funds (39.96%) 50,574 41.26

17,690,965 Jupiter Strategic Bond I Inc 11,841 9.66 8,238,948 M&G Global Macro Bond I Inc 11,582 9.45 51,835 New Capital Wealthy Nations Bond S Inc 5,413 4.42 692,234 PIMCO GIS Global Investment Grade Credit Inst Inc 9,636 7.86 6,787,176 Royal London Sterling Credit Z Inc 9,753 7.95 23,731 UBAM Global High Yield Solution IH Inc 2,349 1.92

Equity Funds (56.21%) 60,602 49.45

987,933 Artemis Global Emerging Markets I Acc 1,280 1.04 3,302,792 BlackRock European Dynamic Fund FD Acc 7,230 5.90 4,863 Edgewood L Select Growth I GBP D Cap 1,922 1.57 113,956 Findlay Park American F Inc 12,504 10.20 1,401,197 First State Asia Focus Fund B Acc 2,963 2.42 1,260,918 First State Global Listed Infrastructure B Acc 3,686 3.01 796,570 Hermes Asia Ex Japan Equity F Acc 2,076 1.69 1,342,860 Invesco European Equity Acc (no trail) 2,234 1.82 2,427,484 Investec UK Alpha I Acc 4,590 3.74 5,668,387 JO Hambro UK Dynamic Y Inc 4,659 3.80 2,141,262 Jupiter UK Special Situations I GBP Acc 3,941 3.22 398,053 Lazard European Smaller Companies A Acc 2,568 2.10 2,414,925 LF Lindsell Train UK Equity Fund I Inc 7,103 5.80 589,189 LF Morant Wright Nippon Yield B Inc 1,772 1.45 24,693 Pictet Japanese Equity Opportunities I Acc 2,074 1.69

Total investment assets 114,463 93.39 Net other assets 8,097 6.61 Total Net Assets 122,560 100.00

Statement of total return For the year ended 31 October 2020 2020 2019 Notes £’000 £’000 £’000 £’000 Income: Net capital (losses)/gains 1 (5,175) 10,310 Revenue 2 3,357 4,033 Expenses 3 (855) (1,063) Interest payable and similar charges - (1) Net revenue before taxation 2,502 2,969 Taxation 4 (251) (343) Net revenue after taxation 2,251 2,626 Total return before distributions (2,924) 12,936 Distributions 5 (2,873) (3,410) Change in net assets attributable to unitholders from investment activities (5,797) 9,526

Statement of change in net assets attributable to unitholders For the year ended 31 October 2020 2020 2019 £’000 £’000 £’000 £’000 Opening net assets attributable to unitholders 139,768 165,354 Amounts receivable on the issue of units 6,525 5,723 Amounts payable on the cancellation of units (20,038) (43,230) (13,513) (37,507) Change in net assets attributable to unitholders from investment activities (see above) (5,797) 9,526 Retained distribution on accumulation units 2,102 2,395 Closing net assets attributable to unitholders 122,560 139,768 194 ASI Multi-Manager Cautious Managed Portfolio

Balance sheet As at 31 October 2020 2020 2019 Notes £’000 £’000 £’000 £’000 Assets: Fixed assets: Investment assets 114,463 134,412 Current assets: Debtors 6 618 231 Cash and bank balances 8,139 7,653 8,757 7,884 Total assets 123,220 142,296

Liabilities: Creditors 7 (358) (2,191) Distribution payable (302) (337) (660) (2,528) Total liabilities (660) (2,528) Net assets attributable to unitholders 122,560 139,768 ASI Multi-Manager Cautious Managed Portfolio 195

Notes to the financial statements For the year ended 31 October 2020 1. Net Capital (Losses)/Gains 2020 2019 £’000 £’000 Non-derivative securities* (5,191) 10,230 Management fee rebate on collective investment scheme holdings 6 1 Other gains* 12 85 Transaction charges (2) (6) Net capital (losses)/gains* (5,175) 10,310

* Includes net realised gains of £9,738,000 and net unrealised losses of £14,917,000 (2019: net realised gains of £8,179,000 and net unrealised gains of £2,131,000). Where realised gains/(losses) include gains/(losses) arising in previous periods, a corresponding (loss)/gain is included in unrealised gains/(losses).

2. Revenue 2020 2019 £’000 £’000 Management fee rebate on collective investment scheme holdings 113 211 Bank and margin interest 1 32 Income from Overseas Collective Investment Schemes Franked income 202 244 Unfranked income 946 928 Income from UK Collective Investment Schemes Franked income 1,048 1,012 Interest income 1,047 1,606 Total revenue 3,357 4,033

3. Expenses 2020 2019 £’000 £’000 Payable to the Manager, associates of the Manager and agents of either of them: Manager’s periodic charge 776 980 Registration fees 33 40 809 1,020 Payable to the Trustee or associates of the Trustee, and agents of either of them: Safe custody fee 19 13 Trustee fees 15 19 34 32 Other: Audit fee 10 9 Printing fees - 2 Professional fees 2 - 12 11 Total expenses 855 1,063

Irrecoverable VAT is included in the above expenses where relevant. 196 ASI Multi-Manager Cautious Managed Portfolio

4. Taxation 2020 2019 £’000 £’000 (a) Analysis of charge in year Corporation tax 251 343 Total taxation 251 343

(b) Factors affecting current tax charge for the year The tax assessed for the year is less than the standard rate of corporation tax in the UK for authorised Unit Trusts (20%). The differences are explained below: Net revenue before taxation 2,502 2,969 Corporation tax at 20% (2019: 20%) 500 594 Effects of: Revenue not subject to taxation (250) (251) Capitalised revenue subject to taxation 1 - Total tax charge for year (note 4a) 251 343

5. Distributions (including the movement between net revenue and distributions) 2020 2019 £’000 £’000 Interim distribution 1,547 1,800 Final distribution 1,246 1,349 2,793 3,149 Add: Income deducted on cancellation of units 124 305 Deduct: Income received on issue of units (44) (44) Net distribution for the year 2,873 3,410

Movement between net revenue and distributions Net revenue after taxation 2,251 2,626 Expenses charged to capital 776 980 Tax charge on capital management fee (154) (196) Total distributions 2,873 3,410

Details of the distribution per unit are set out in this fund’s distribution tables.

6. Debtors 2020 2019 £’000 £’000 Amounts receivable from the Manager for the issue of units 506 157 Management fee rebate receivable 112 74 Total debtors 618 231 ASI Multi-Manager Cautious Managed Portfolio 197

7. Creditors 2020 2019 £’000 £’000 Accrued expenses payable to the Manager 75 102 Accrued expenses payable to the Trustee or associates of the Trustee 3 2 Amounts payable to the Manager for cancellation of units 172 500 Corporation tax payable 96 174 Other accrued expenses 12 13 Purchases awaiting settlement - 1,400 Total creditors 358 2,191

2020 2019 2020 2019 Trades in the year £’000 £’000 £’000 £’000 Collective investment schemes 39,380 11,967 55,003 38,745 Trades in the year before transaction costs 39,380 11,967 55,003 38,745

Total net trades in the year after transaction costs 39,380 11,967 55,003 38,745

At the balance sheet date the average portfolio dealing spread (i.e. the spread between bid and offer prices expressed as a percentage of the offer price) was 0.33% (2019: 0.30%), this is representative of the average spread on the assets held during the year. 198 ASI Multi-Manager Cautious Managed Portfolio

10. Units in issue reconciliation

Opening Creations Cancellations Conversions Closing units during during during units 2019 the year the year the year 2020 I Accumulation units 26,972,362 753,425 (3,650,698) 1,040 24,076,129 I Income units 15,213,602 206,685 (2,566,181) 15,421 12,869,527 K Accumulation units 31,111,980 2,133,631 (4,004,302) - 29,241,309 M Accumulation units 929 - - - 929 M Income units 936 - - - 936 P Accumulation units 31,019 - - - 31,019 R Accumulation units 10,896,430 996,909 (2,239,910) (700) 9,652,729 R Income units 9,788,743 227,095 (866,053) (14,005) 9,135,780

11. Fair Value Hierarchy The three levels of the fair value hierarchy under FRS 102 are described below: Level 1: Unadjusted quoted market prices in active markets that are accessible at the measurement date for the identical unrestricted assets or liabilities. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices). Level 3: Inputs for asset or liability that are not based on observable market data (unobservable inputs). 2020 2020 2020 2019 2019 2019 £’000 £’000 £’000 £’000 £’000 £’000 Fair value of investment assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Collective Investment Schemes - 114,463 - - 134,412 - Total investment assets - 114,463 - - 134,412 -

The table below indicates the VaR of the fund’s financial instruments, measured as the potential 5 day loss in value from adverse changes in equity prices, interest rates, inflation rates and foreign currency exchange rates, with a 99 percent confidence level. Calculated on this basis, the table indicates that the net value of the fund’s financial assets and liabilities could be expected to change by more than the stated amount on only two days out of 200, in response to either price, interest rate, inflation or foreign currency exchange rate changes. The VAR measures of the fund are detailed below: 2020 2019 % % Minimum VaR 1.21% 1.44% Maximum VaR 2.26% 1.71% Average VaR 1.84% 1.58%

VaR Table Contribution from FX risk Interest rate risk Inflation risk credit risk Overall VaR 31 October 2020 (0.12%) 1.61% - 0.63% 2.12% 31 October 2019 0.02% 0.77% - 0.71% 1.50%

The Manager must calculate the global exposure of any fund it manages either as: 1) the incremental exposure and leverage generated through the use of derivatives and forward transactions, which may not exceed 100% of the net value of the scheme property. This is known as the Commitment Approach and is a measure of leverage or; 2) the market risk of the scheme property by way of the value at risk (VaR) approach. Although, the sensitivity analysis of the fund’s financial asset and liability positions described above uses VaR analysis, the global exposure calculations for funds may be calculated on the Commitment Basis. The Prospectus provides further details on which method is used to calculate Global Exposure for each fund. Counterparty risk Financial derivatives instrument risk The fund had no exposure to derivatives as at 31 October 2020 (2019: Nil). Liquidity risk All of the fund’s financial liabilities are payable on demand or in less than one year, 2020 £660,000 (2019: £2,528,000).

13. Subsequent Events Since the year end, markets and operations have continued to be disrupted by the effects of the COVID-19 pandemic. Since the year end the NAV per unit has increased by 8.48% (to 15 February 2021). Contingency plans at the Manager and key service suppliers have proven effective in mitigating the effects on management of the portfolio and on all supporting operations. 200 ASI Multi-Manager Cautious Managed Portfolio

Distribution tables For the year ended 31 October 2020 (in pence per unit) Interim dividend distribution Group 1 - units purchased prior to 1 November 2019 Group 2 - units purchased between 1 November 2019 and 30 April 2020 Distribution paid Distribution paid Revenue Equalisation 30/06/20 30/06/19 I Accumulation units Group 1 1.8170 - 1.8170 1.6660 Group 2 0.7637 1.0533 1.8170 1.6660

I Income units Group 1 1.5866 - 1.5866 1.4843 Group 2 0.8731 0.7135 1.5866 1.4843

K Accumulation units Group 1 1.4426 - 1.4426 1.3083 Group 2 0.3203 1.1223 1.4426 1.3083

M Accumulation units Group 1 1.2875 - 1.2875 0.8400 Group 2 1.2875 - 1.2875 0.8400

M Income units Group 1 1.2653 - 1.2653 0.8400 Group 2 1.2653 - 1.2653 0.8400

P Accumulation units Group 1 1.7683 - 1.7683 1.6451 Group 2 1.7683 - 1.7683 1.6451

R Accumulation units Group 1 2.7083 - 2.7083 2.5459 Group 2 1.2060 1.5023 2.7083 2.5459

R Income units Group 1 1.7517 - 1.7517 1.6848 Group 2 0.7130 1.0387 1.7517 1.6848 ASI Multi-Manager Cautious Managed Portfolio 201

Final dividend distribution Group 1 - units purchased prior to 1 May 2020 Group 2 - units purchased between 1 May 2020 and 31 October 2020 Distribution paid Distribution paid Revenue Equalisation 31/12/20 31/12/19 I Accumulation units Group 1 1.5293 - 1.5293 1.5065 Group 2 0.8184 0.7109 1.5293 1.5065

I Income units Group 1 1.3177 - 1.3177 1.3252 Group 2 0.7364 0.5813 1.3177 1.3252

K Accumulation units Group 1 1.2146 - 1.2146 1.2061 Group 2 0.2542 0.9604 1.2146 1.2061

M Accumulation units Group 1 1.0862 - 1.0862 1.0916 Group 2 1.0862 - 1.0862 1.0916

M Income units Group 1 1.0537 - 1.0537 1.0697 Group 2 1.0537 - 1.0537 1.0697

P Accumulation units Group 1 1.4845 - 1.4845 1.4061 Group 2 1.4845 - 1.4845 1.4061

R Accumulation units Group 1 2.2754 - 2.2754 2.1101 Group 2 1.2827 0.9927 2.2754 2.1101

R Income units Group 1 1.4519 - 1.4519 1.3829 Group 2 0.9413 0.5106 1.4519 1.3829

ASI Multi-Manager Equity Managed Portfolio

For the year ended 31 October 2020

Investment objective Performance review To generate growth over the long term (5 years or more) For the year ended 31 October 2020, the value of ASI by investing in a diversified range of funds. Multi-Manager Equity Managed Portfolio - R Accumulation Units decreased by 5.7%, compared to an increase of 0.7% for our Performance target: To exceed the IA Flexible Investment Sector performance target (the IA Flexible Investment Sector Average). Average return over one year (after charges). The Performance Source: Lipper, Basis: total return, published NAV to NAV, net of annual charges, UK net Target is the level of performance the management team hopes to income reinvested, GBP. achieve for the fund. There is however no certainty or promise that Please remember that past performance is not a guide to they will achieve the Performance Target. future returns. The price of shares and the revenue from them The Manager believes this is an appropriate target for the fund may fall as well as rise. Investors may not get back the amount based on the investment policy of the fund. originally invested. Investment policy Market review Portfolio securities: Globally, stock markets rose over the past 12 months, but with • The fund will invest at least 60% in actively managed funds, considerable divergence by country. While US and Chinese stocks to obtain broad exposure to a range of diversified investments performed well, markets in many other countries recorded sharp from a range of managers. falls. Shares in the UK and Latin America, in particular, fared badly. In late 2019, political and economic issues weighed heavily on • It may invest up to 40% in passively managed funds from a range markets. Covid-19 was the dominant factor in 2020, negatively of managers. affecting markets in the first quarter. However, markets have • At least 70% of the fund will be invested in equities broadly been recovering since April. (company shares). In bond markets, returns were positive over the period, largely • The rest of the fund may be invested in a selection of other fuelled by falling government bond yields across developed assets such as equities (company shares including property markets. Investment-grade issues saw solid returns, while the shares), commercial property and funds that can use a high-yield sector was more turbulent. Covid-19 hit economies and combination of traditional assets (such as equities and bonds) companies in 2020, leading to fears over the creditworthiness of and investment strategies based on derivatives. the high-yield sector.

Management process Interest-rate cuts and stimulus measures to combat economic • The management team use their discretion (active management) weakness as a result of the pandemic were also prevalent. The US to identify investments, focusing on selecting funds within each Federal Reserve reduced the main rate three times, with the final asset class and ensuring that the asset allocation meets the cut taking the main US rate to near zero. This was a level last seen fund’s objectives. in the aftermath of the 2008 global financial crisis. The European Central Bank announced a stimulus plan worth €1.35 trillion to • The fund will be subject to constraints which are intended to counter the economic effects of coronavirus and, in October, manage risk such as the fund must not hold more than 30% of its signalled a strong possibility of further stimulus. assets in bonds, cash and money markets instruments. Due to The first quarter of 2020 was a torrid time for share prices around the active nature of the management process, the fund’s the world. Concerns about the virus dominated investor performance profile may deviate significantly from that of the sentiment. Investors sold stocks in favour of assets that they IA Flexible Investment Sector Average. considered to be less risky, such as government bonds. But Derivatives and techniques decisive action by governments and central banks to limit • The fund is not expected to invest in derivatives directly economic damage supported investor sentiment and markets however it may invest in other funds which use derivatives began to recover in April. Technology stocks have been strong more extensively. performers globally, especially in the US. The oil-price collapse in March negatively affected energy companies, which have not yet recovered. The recovery stalled in September and October, reversing some recent gains. ASI Multi-Manager Equity Managed Portfolio 203

Portfolio review In terms of activity, we continued to position the Fund’s asset The Fund fell 5.7% in value over the review period. This constituted allocation relative to the Fund’s sector average, as defined by the a fourth-quartile return, due to our overweight position (versus the Investment Association, and maintained active positions in line sector benchmark) in equities. with our house view. In this regard, we reduced our exposure to UK, Japanese and Asian equities, and cash. We increased our The past few years, and 2020 in particular, have not been kind to exposure to European equities, US equities and infrastructure. funds with a balanced approach and diversity in terms of At the underlying fund level, we sold our holdings in the Majedie investment style. In equities, managers with a large cap and UK Equity Fund, Threadneedle UK Extended Alpha and JOHCM growth or quality style fared much better than managers who Continental European Fund. Lastly, we invested in Jupiter UK adopted a value or smaller-company approach. For example, Special Situations, Ninety One UK Alpha and Edgewood US during the review period, the MSCI AC World Growth Index Select Growth. appreciated by 23.5%, while the equivalent value index fell by 11.5%. Outlook Stock markets have enjoyed a strong rebound from the low point In the UK, returns were mixed and reflected the different in March, despite recent weakness in September and October. management styles. The standout performer relative to the FTSE This has been driven by a recovery in earnings expectations for All-Share Index, which fell by 18.6%, was the Lindsell Train UK 2021, leading to elevated company valuations. The result is future Equity Fund. This fund fell by 10.6%, helped by its quality bias. equity market returns are likely to be modest in the coming The JOHCM UK Dynamic Fund and Jupiter UK Special Situations quarters. While low interest rates are supportive for equities, Fund performed relatively poorly. They returned -31% and -27%, spikes in market volatility are likely from Covid-19 news flow, respectively, due to their value approach. The JOHCM fund was developments around a vaccine, political events and government also hurt by a relatively large exposure to smaller companies. fiscal action. In the US, the Findlay Park American Fund appreciated by 9%, The coronavirus pandemic, economic factors and politics will just behind the S&P 500 Index, which rose by 9.8%, while the ASI continue to dominate fixed income markets. Some areas of the American Tracker Fund returned 10%. Elsewhere, the BNY Mellon world seem to be seeing second waves of Covid-19 infections. US Equity Income Fund, with its value style, returned -15.4%, In particular, Europe has seen rising infection rates and mortalities. and the Hermes SMID Fund, with its smaller-company approach, Despite improved virus control capabilities, notably better testing fell by 4.4%. and tracing, lockdown restrictions have been reintroduced in In Europe, the BlackRock European Dynamic Fund returned 18%, several countries, including the UK, Germany and France. while the FTSE World Europe (excluding UK) Index fell -4.2%. However, largely improving economic data and expectations for a The BlackRock fund’s growth and quality approach proved hugely viable coronavirus vaccine in coming months continue to support beneficial. The Lazard European Smaller Companies Fund returned investor sentiment. On the political front, the upcoming US 0.3%, while the Invesco European Equity Fund returned -18%, presidential election is widely seen as a key risk factor. due to its value bias. Portfolio Management - Manager Selection Team Over the year, Japan’s Topix index returned 0.4%. The Pictet Fund November 2020 performed in line with the Topix index, while the Morant Wright Fund underperformed the benchmark, returning -11%, hurt by its value bias. In Asia, the First State Asia Focus Fund rose by 7.8% and the Hermes Asia (excluding Japan) Fund appreciated by 2.1%. However, the MSCI Asia Pacific (excluding Japan) Index grew by 12.2%. This was primarily driven by China, which appreciated by 29% over the year. In emerging markets, the Artemis Emerging Markets Fund fell 8.1%, underperforming the MSCI Emerging Markets Index return of 8.7%. This was disappointing, but to provide some context, the MSCI Emerging Markets Growth Index appreciated by 26% over the year and the value index fell by 8%. We clearly have work to do to get a better balance in this area. We invested in the First Sentier Infrastructure Fund for its defensive qualities. However, the infrastructure sector was hurt by the lack of dividends being paid out by companies due to Covid-19. 204 ASI Multi-Manager Equity Managed Portfolio

1 2 3 4 5 6 7

Risk and reward indicator table as at 31 October 2020. The fund is rated as 5 because of the extent to which the following risk factors apply: • The fund invests in securities which are subject to the risk that the issuer may default on interest or capital payments.

• The fund invests in equity and equity related securities. These are sensitive to variations in the stock markets which can be volatile and change substantially in short periods of time.

• The fund invests in high yielding bonds which carry a greater risk of default than those with lower yields.

• The fund price can go up or down daily for a variety of reasons including changes in interest rates, inflation expectations or the perceived credit quality of individual countries or securities.

• The fund may hold money-market instruments, the value of which may be subject to adverse movements in extreme market conditions.

Comparative tables 2020 2019 2018 I Accumulation units pence per unit pence per unit pence per unit Change in net assets per unit Opening net asset value per unit 184.89 169.24 174.18 Return before operating charges* (7.90) 17.92 (2.33) Operating charges (2.24) (2.27) (2.61) Return after operating charges* (10.14) 15.65 (4.94) Distributions (2.18) (2.11) (1.32) Retained distributions on accumulation units 2.18 2.11 1.32 Closing net asset value per unit 174.75 184.89 169.24 * after direct transaction costs of: - - -

Performance Return after charges (5.48%) 9.25% (2.84%)

Other information Closing net asset value (£’000) 34,215 41,945 44,375 Closing number of units 19,579,245 22,686,800 26,219,826 Operating charges 1.26% 1.29% 1.49% Direct transaction costs - - -

Prices Highest unit price 195.2 190.2 182.3 Lowest unit price 144.2 160.2 165.5

2020 2019 2018 I Income units pence per unit pence per unit pence per unit Change in net assets per unit Opening net asset value per unit 175.36 162.37 168.43 Return before operating charges* (7.47) 17.20 (2.26) Operating charges (2.13) (2.18) (2.52) Return after operating charges* (9.60) 15.02 (4.78) Distributions (2.07) (2.03) (1.28) Closing net asset value per unit 163.69 175.36 162.37 * after direct transaction costs of: - - -

Performance Return after charges (5.47%) 9.25% (2.84%)

Other information Closing net asset value (£’000) 14,657 17,365 17,620 Closing number of units 8,954,022 9,902,544 10,851,771 Operating charges 1.26% 1.29% 1.49% Direct transaction costs - - -

Prices Highest unit price 185.1 182.5 176.3 Lowest unit price 136.8 153.7 160.0

2020 2019 M Accumulation unitsA pence per unit pence per unit Change in net assets per unit Opening net asset value per unit 109.19 100.00B Return before operating charges* (4.55) 10.48 Operating charges (1.37) (1.29) Return after operating charges* (5.92) 9.19 Distributions (1.35) (1.46) Retained distributions on accumulation units 1.35 1.46 Closing net asset value per unit 103.27 109.19 * after direct transaction costs of: - -

Performance Return after charges (5.42%) 9.19%

Other information Closing net asset value (£’000) 1 1 Closing number of units 924 924 Operating charges 1.31% 1.34% Direct transaction costs - -

Prices Highest unit price 115.3 112.3 Lowest unit price 85.19 94.35

2020 2019 M Income unitsA pence per unit pence per unit Change in net assets per unit Opening net asset value per unit 107.73 100.00B Return before operating charges* (4.49) 10.48 Operating charges (1.35) (1.29) Return after operating charges* (5.84) 9.19 Distributions (1.34) (1.46) Closing net asset value per unit 100.55 107.73 * after direct transaction costs of: - -

Performance Return after charges (5.42%) 9.19%

Other information Closing net asset value (£’000) 1 1 Closing number of units 924 924 Operating charges 1.31% 1.34% Direct transaction costs - -

Prices Highest unit price 113.8 112.3 Lowest unit price 84.05 94.35

2020 2019 2018 R Accumulation units pence per unit pence per unit pence per unit Change in net assets per unit Opening net asset value per unit 274.10 252.15 262.12 Return before operating charges* (11.69) 26.63 (3.45) Operating charges (4.50) (4.68) (6.52) Return after operating charges* (16.19) 21.95 (9.97) Distributions (2.04) (1.85) - Retained distributions on accumulation units 2.04 1.85 - Closing net asset value per unit 257.91 274.10 252.15 * after direct transaction costs of: -

Performance Return after charges (5.91%) 8.71% (3.80%)

Other information Closing net asset value (£’000) 19,644 22,895 24,266 Closing number of units 7,616,710 8,352,628 9,623,499 Operating charges 1.71% 1.79% 2.49% Direct transaction costs - - -

Prices Highest unit price 289.1 282.3 272.3 Lowest unit price 213.4 238.4 247.5

2020 2019 2018 R Income units pence per unit pence per unit pence per unit Change in net assets per unit Opening net asset value per unit 272.26 252.15 262.12 Return before operating charges* (11.59) 26.64 (3.45) Operating charges (4.47) (4.68) (6.52) Return after operating charges* (16.06) 21.96 (9.97) Distributions (2.03) (1.85) - Closing net asset value per unit 254.17 272.26 252.15 * after direct transaction costs of: - - -

Performance Return after charges (5.90%) 8.71% (3.80%)

Other information Closing net asset value (£’000) 26,794 30,572 31,453 Closing number of units 10,542,008 11,229,372 12,473,788 Operating charges 1.71% 1.79% 2.49% Direct transaction costs - - -

Prices Highest unit price 287.2 282.3 272.3 Lowest unit price 212.0 238.4 247.5

2020 2019 2018 Z Accumulation units pence per unit pence per unit pence per unit Change in net assets per unit Opening net asset value per unit 150.00 136.62 139.91 Return before operating charges* (6.41) 14.51 (1.90) Operating charges (1.10) (1.13) (1.39) Return after operating charges* (7.51) 13.38 (3.29) Distributions (2.49) (2.43) 1.77 Retained distributions on accumulation units 2.49 2.43 1.77 Closing net asset value per unit 142.49 150.00 136.62 * after direct transaction costs of: - - -

Performance Return after charges (5.01%) 9.79% (2.35%)

Other information Closing net asset value (£’000) 3,234 3,201 3,766 Closing number of units 2,269,370 2,133,827 2,756,453 Operating charges 0.76% 0.79% 0.99% Direct transaction costs - - -

Prices Highest unit price 158.5 154.1 147.0 Lowest unit price 117.2 129.4 133.2

Portfolio statement As at 31 October 2020 Percentage Market Value of total Holding Investment £’000 net assets Collective Investment Schemes (96.31%) 94,114 95.50 Equity Funds (96.31%) 94,114 95.50

2,469,833 Artemis Global Emerging Markets I Acc 3,201 3.25 5,123,680 ASI American Equity Tracker Fund X Acc+ 6,234 6.32 4,440,177 BlackRock European Dynamic Fund FD Acc 9,719 9.86 3,319,652 BNY Mellon US Equity Income F Acc 3,073 3.12 14,205 Edgewood L Select US Select Growth I GBP D Cap 5,615 5.70 93,081 Findlay Park American F Inc 10,214 10.36 3,027,948 First State Asia Focus Fund B Acc 6,403 6.50 2,631,087 First State Global Listed Infrastructure B Acc 7,691 7.80 2,015,716 Hermes Asia Ex Japan Equity F Acc 5,253 5.33 1,429,018 Hermes US SMID Equity-F Acc 3,753 3.81 2,888,441 Invesco European Equity Acc 4,806 4.88 2,025,295 Investec UK Alpha I Acc 3,830 3.89 5,301,346 JO Hambro UK Dynamic Y Inc 4,358 4.42 2,087,818 Jupiter UK Special Situations I GBP Acc 3,843 3.90 393,858 Lazard European Smaller Companies A Acc 2,541 2.58 2,291,356 LF Lindsell Train UK Equity Fund I Inc 6,739 6.84 964,647 LF Morant Wright Nippon Yield B Inc 2,902 2.94 46,908 Pictet Japanese Equity Opportunities I Acc 3,939 4.00

Total investment assets 94,114 95.50 Net other assets 4,432 4.50 Total Net Assets 98,546 100.00

Statement of total return For the year ended 31 October 2020 2020 2019 Notes £’000 £’000 £’000 £’000 Income: Net capital (losses)/gains 1 (6,687) 9,252 Revenue 2 1,970 2,133 Expenses 3 (839) (937) Interest payable and similar charges - (3) Net revenue before taxation 1,131 1,193 Taxation 4 - - Net revenue after taxation 1,131 1,193 Total return before distributions (5,556) 10,445 Distributions 5 (1,135) (1,193) Change in net assets attributable to unitholders from investment activities (6,691) 9,252

Statement of change in net assets attributable to unitholders For the year ended 31 October 2020 2020 2019 £’000 £’000 £’000 £’000 Opening net assets attributable to unitholders 115,980 121,480 Amounts receivable on the issue of units 39,056 16,703 Amounts payable on the cancellation of units (50,438) (32,141) (11,382) (15,438) Change in net assets attributable to unitholders from investment activities (see above) (6,691) 9,252 Retained distribution on accumulation units 639 686 Closing net assets attributable to unitholders 98,546 115,980 214 ASI Multi-Manager Equity Managed Portfolio

Balance sheet As at 31 October 2020 2020 2019 Notes £’000 £’000 £’000 £’000 Assets: Fixed assets: Investment assets 94,114 111,700 Current assets: Debtors 6 44 71 Cash and bank balances 5,477 8,402 5,521 8,473 Total assets 99,635 120,173

Liabilities: Creditors 7 (690) (3,785) Distribution payable (399) (408) (1,089) (4,193) Total liabilities (1,089) (4,193) Net assets attributable to unitholders 98,546 115,980 ASI Multi-Manager Equity Managed Portfolio 215

Notes to the financial statements For the year ended 31 October 2020 1. Net Capital (Losses)/Gains 2020 2019 £’000 £’000 Non-derivative securities* (6,736) 9,256 Forward currency contracts* - (18) Management fee rebate on collective investment scheme holdings 18 4 Other gains* 33 16 Transaction charges (2) (6) Net capital (losses)/gains* (6,687) 9,252

* Includes net realised gains of £9,359,000 and net unrealised losses of £16,062,000 (2019: net realised gains of £15,842,000 and net unrealised gains of £6,590,000). Where realised gains/(losses) include gains/(losses) arising in previous periods, a corresponding (loss)/gain is included in unrealised gains/(losses).

2. Revenue 2020 2019 £’000 £’000 Management fee rebate on collective investment scheme holdings 138 243 Bank and margin interest 3 21 Income from Overseas Collective Investment Schemes Franked income 309 574 Income from UK Collective Investment Schemes Franked income 1,517 1,295 Unfranked income 3 - Total revenue 1,970 2,133

3. Expenses 2020 2019 £’000 £’000 Payable to the Manager, associates of the Manager and agents of either of them: Manager’s periodic charge 753 851 Registration fees 44 53 797 904 Payable to the Trustee or associates of the Trustee, and agents of either of them: Safe custody fee 17 9 Trustee fees 13 14 30 23 Other: Audit fee 10 9 Printing fees 1 1 Professional fees 1 - 12 10 Total expenses 839 937

Irrecoverable VAT is included in the above expenses where relevant. 216 ASI Multi-Manager Equity Managed Portfolio

4. Taxation 2020 2019 £’000 £’000 (a) Analysis of charge in year Total taxation - -

(b) Factors affecting current tax charge for the year The tax assessed for the year is less than the standard rate of corporation tax in the UK for authorised Unit Trusts (20%). The differences are explained below: Net revenue before taxation 1,131 1,193 Corporation tax at 20% (2019: 20%) 226 238 Effects of: Revenue not subject to taxation (365) (373) Excess allowable expenses 135 134 Capitalised revenue subject to taxation 4 1 Total tax charge for year (note 4a) - -

Authorised Unit Trusts are exempt from tax on capital gains in the UK. Therefore, any capital gain is not included in the above reconciliation. (c) Factors that may affect future tax charge At the year end, after offset against revenue taxable on receipt, there is a potential deferred tax asset of £2,548,000 (2019: £2,413,000) due to surplus expenses. It is unlikely that the fund will generate sufficient taxable profits to utilise these amounts and therefore no deferred tax asset has been recognised in the current or prior year.

5. Distributions (including the movement between net revenue and distributions) 2020 2019 £’000 £’000 Distribution 1,038 1,094 Add: Income deducted on cancellation of units 406 183 Deduct: Income received on issue of units (309) (84) Net distribution for the year 1,135 1,193

Movement between net revenue and distributions Net revenue after taxation 1,131 1,193 Tax charge on capital management fee rebate 4 - Total distributions 1,135 1,193

Details of the distribution per unit are set out in this fund’s distribution table.

6. Debtors 2020 2019 £’000 £’000 Amounts receivable from the Manager for the issue of units - 31 United Kingdom income tax recoverable 1 - Accrued Management Fee Rebate 43 40 Total debtors 44 71 ASI Multi-Manager Equity Managed Portfolio 217

7. Creditors 2020 2019 £’000 £’000 Accrued expenses payable to the Manager 78 109 Accrued expenses payable to the Trustee or associates of the Trustee 3 2 Amounts payable to the Manager for cancellation of units 597 162 Other accrued expenses 12 12 Purchases awaiting settlement - 3,500 Total creditors 690 3,785

2020 2019 2020 2019 Trades in the year £’000 £’000 £’000 £’000 Collective investment schemes 36,509 50,742 48,537 62,799 Trades in the year before transaction costs 36,509 50,742 48,537 62,799

Total net trades in the year after transaction costs 36,509 50,742 48,537 62,799

At the balance sheet date the average portfolio dealing spread (i.e. the spread between bid and offer prices expressed as a percentage of the offer price) was 0.54% (2019: 0.02%), this is representative of the average spread on the assets held during the year.

10. Units in issue reconciliation

Opening Creations Cancellations Conversions Closing units during during during units 2019 the year the year the year 2020 I Accumulation units 22,686,800 14,211,114 (17,368,396) 49,727 19,579,245 I Income units 9,902,544 737,311 (1,818,762) 132,929 8,954,022 M Accumulation units 924 - - 924 M Income units 924 - - 924 R Accumulation units 8,352,628 2,507,623 (3,209,894) (33,647) 7,616,710 R Income units 11,229,372 2,594,472 (3,195,879) (85,957) 10,542,008 Z Accumulation units 2,133,827 334,667 (199,124) 2,269,370 218 ASI Multi-Manager Equity Managed Portfolio

11. Fair Value Hierarchy The three levels of the fair value hierarchy under FRS 102 are described below: Level 1: Unadjusted quoted market prices in active markets that are accessible at the measurement date for the identical unrestricted assets or liabilities. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices). Level 3: Inputs for asset or liability that are not based on observable market data (unobservable inputs). 2020 2020 2020 2019 2019 2019 £’000 £’000 £’000 £’000 £’000 £’000 Fair value of investment assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Collective Investment Schemes - 94,114 - - 111,700 - Total investment assets - 94,114 - - 111,700 -

At 31 October 2020, if the value of Sterling increased or decreased by 5% against all other currencies, with all other variables remaining constant, then the change in net assets attributable to unitholders from investment activities will increase or decrease by approximately £511,000 (2019: £585,000). Interest rate risk The majority of the fund’s financial assets are open ended investment funds and other investments which neither pay interest nor have a maturity date. Therefore, the fund’s exposure to interest rate risk is considered insignificant. This is consistent with the exposure during the prior year. Other price risk The sensitivity analysis of the fund’s financial asset and liability positions is monitored by the Investment Manager using VaR analysis. VaR analysis reflects the interdependencies between risk variables, unlike a traditional sensitivity analysis. VaR represents the potential losses from adverse changes in market factors for a specified time period and confidence level. The table below indicates the VaR of the fund’s financial instruments, measured as the potential 5 day loss in value from adverse changes in equity prices, interest rates, inflation rates and foreign currency exchange rates, with a 99 percent confidence level. Calculated on this basis, the table indicates that the net value of the fund’s financial assets and liabilities could be expected to change by more than the stated amount on only two days out of 200, in response to either price, interest rate, inflation or foreign currency exchange rate changes. The VAR measures of the fund are detailed below: 2020 2019 % % Minimum VaR 2.26% 2.17% Maximum VaR 3.64% 2.82% Average VaR 3.03% 2.52% ASI Multi-Manager Equity Managed Portfolio 219

VaR Table Contribution from FX risk Interest rate risk Inflation risk credit risk Overall VaR 31 October 2020 (0.10)% 1.09% - 2.58% 3.57% 31 October 2019 0.02% 1.24% - 1.21% 2.47%

The Manager must calculate the global exposure of any fund it manages either as: 1) the incremental exposure and leverage generated through the use of derivatives and forward transactions, which may not exceed 100% of the net value of the scheme property. This is known as the Commitment Approach and is a measure of leverage or; 2) the market risk of the scheme property by way of the value at risk (VaR) approach. Although, the sensitivity analysis of the fund’s financial asset and liability positions described above uses VaR analysis, the global exposure calculations for funds may be calculated on the Commitment Basis. The Prospectus provides further details on which method is used to calculate Global Exposure for each fund. Financial derivatives instrument risk The fund had no exposure to derivatives as at 31 October 2020 (2019: Nil). Liquidity risk All of the fund’s financial liabilities are payable on demand or in less than one year, 2020 £1,089,000 (2019: £4,193,000).

13. Subsequent Events Since the year end, markets and operations have continued to be disrupted by the effects of the COVID-19 pandemic. Since the year end the NAV per unit has increased by 15.37% (to 15 February 2021). Contingency plans at the Manager and key service suppliers have proven effective in mitigating the effects on management of the portfolio and on all supporting operations. 220 ASI Multi-Manager Equity Managed Portfolio

Distribution table For the year ended 31 October 2020 (in pence per unit) Group 1 - units purchased prior to 1 November 2019 Group 2 - units purchased between 1 November 2019 and 31 October 2020 Distribution paid Distribution paid Revenue Equalisation 31/12/20 31/12/19 I Accumulation units Group 1 2.1790 - 2.1790 2.1147 Group 2 0.6615 1.5175 2.1790 2.1147

I Income units Group 1 2.0672 - 2.0672 2.0263 Group 2 0.8039 1.2633 2.0672 2.0263

M Accumulation units Group 1 1.3545 - 1.3545 1.4573 Group 2 1.3545 - 1.3545 1.4573

M Income units Group 1 1.3361 - 1.3361 1.4563 Group 2 1.3361 - 1.3361 1.4563

R Accumulation units Group 1 2.0434 - 2.0434 1.8483 Group 2 0.5026 1.5408 2.0434 1.8483

R Income units Group 1 2.0299 - 2.0299 1.8463 Group 2 0.6474 1.3825 2.0299 1.8463

Z Accumulation units Group 1 2.4931 - 2.4931 2.4259 Group 2 0.7620 1.7311 2.4931 2.4259

ASI Multi-Manager Ethical Portfolio

For the year ended 31 October 2020

Investment objective Performance review To generate growth over the long term (5 years or more) For the year ended 31 October 2020, the value of ASI by investing in a diversified range of funds which meet Multi-Manager Ethical Portfolio - R Accumulation Units increased ethical criteria. by 6.9%, compared to an increase of 5.0% for our performance target (the MSCI World Index). Performance target: To achieve a return in excess of that of Source: Lipper, Basis: total return, published NAV to NAV, net of annual charges, UK net global stock markets as represented by the MSCI World Index over income reinvested, GBP. three years (before charges). The Performance Target is the level of The MSCI information may only be used for your internal use, may not be reproduced or performance the management team hopes to achieve for the fund. redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to There is however no certainty or promise that they will achieve the constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis Performance Target. should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of The Manager believes this is an appropriate target for the fund this information assumes the entire risk of any use made of this information. MSCI, each of based on the investment policy of the fund. its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, Investment policy timeliness, non-infringement, merchantability and fitness for a particular purpose) with Portfolio securities respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential • The fund will invest at least 60% in actively managed funds, (including, without limitation, lost profits) any other damages. (www.msci.com) to obtain broad exposure to a range of diversified investments Please remember that past performance is not a guide to from a range of managers. future returns. The price of units and the revenue from them • It may invest up to 40% in passively managed funds from a range may fall as well as rise. Investors may not get back the amount of managers. originally invested.

• The manager selects funds which have ethical, Market review socially responsible or environmental considerations in Globally, stock markets rose over the past 12 months, but with their investment process. considerable divergence by country. While US and Chinese stocks performed well, markets in many other countries recorded sharp • At least 70% of the fund will be invested in equities falls. Shares in the UK and Latin America, in particular, fared badly. (company shares). In late 2019, political and economic issues weighed heavily on • The rest of the fund may be invested in a selection of other markets. Covid-19 was the dominant factor in 2020, negatively assets such as equities (company shares including property affecting markets in the first quarter. However, markets have shares), commercial property and funds that can use a broadly been recovering since April. combination of traditional assets (such as equities and bonds) In bond markets, returns were positive over the period, largely and investment strategies based on derivatives. fuelled by falling government bond yields across developed Management process markets. Investment-grade issues saw solid returns, while the • The management team use their discretion (active management) high-yield sector was more turbulent. Covid-19 hit economies and to identify investments, focusing on selecting funds within each companies in 2020, leading to fears over the creditworthiness of asset class and ensure that the asset allocation meets the the high-yield sector. fund’s objectives. Interest-rate cuts and stimulus measures to combat economic • The fund will be subject to constraints which are intended to weakness as a result of the pandemic were also prevalent. The US manage risk such as the fund must not hold more than 30% of its Federal Reserve reduced the main rate three times, with the final assets in bonds and money markets. Due to the active nature of cut taking the main US rate to near zero. This was a level last seen the management process, the fund’s performance profile may in the aftermath of the 2008 global financial crisis. The European deviate significantly from MSCI World Index. Central Bank announced a stimulus plan worth €1.35 trillion to counter the economic effects of coronavirus and, in October, Derivatives and techniques signalled a strong possibility of further stimulus. • The fund is not expected to invest in derivatives directly however it may invest in other funds which use derivatives more extensively. 222 ASI Multi-Manager Ethical Portfolio

The first quarter of 2020 was a torrid time for share prices Outlook around the world. Concerns about the virus dominated investor Stock markets have enjoyed a strong rebound from the low point sentiment. Investors sold stocks in favour of assets that they in March, despite recent weakness in September and October. considered to be less risky, such as government bonds. This has been driven by a recovery in earnings expectations for But decisive action by governments and central banks to limit 2021, leading to elevated company valuations. The result is future economic damage supported investor sentiment and markets equity market returns are likely to be modest in the coming began to recover in April. Technology stocks have been strong quarters. While low interest rates are supportive for equities, performers globally, especially in the US. The oil-price collapse in spikes in market volatility are likely from Covid-19 news flow, March negatively affected energy companies, which have not yet developments around a vaccine, political events and government recovered. The recovery stalled in September and October, fiscal action. reversing some recent gains. The coronavirus pandemic, economic factors and politics will Portfolio review continue to dominate fixed income markets. Some areas of the The Fund appreciated by 6.9% over the review period – a first world seem to be seeing second waves of Covid-19 infections. quartile return – which was ahead of the MSCI World Index return In particular, Europe has seen rising infection rates and mortalities. of 4.4%. It is worth noting, however, that neither the sector nor the Despite improved virus control capabilities, notably better testing benchmark are particularly relevant comparators for the Fund. and tracing, lockdown restrictions have been reintroduced in Despite the volatility of equity markets over the past year, the type several countries, including the UK, Germany and France. of equities we have held and, importantly, did not hold, have However, largely improving economic data and expectations for a added value. We held 11 funds in the Fund for the entire review viable coronavirus vaccine in coming months continue to support period and only two produced negative returns. Although AEGON investor sentiment. On the political front, the upcoming US Ethical Equity Fund fell by 4.8%, the relative performance was presidential election is widely seen as a key risk factor. positive, especially when we consider that the fund invests in the Portfolio Management - Manager Selection Team UK market and that the FTSE ALL-Share fell by 18.6%. Meanwhile, November 2020 the Sparinvest Ethical Global Value Fund fell by 7.9% due to its value bias. However, the MSCI Global Value Index fell by 11.5% so, again, the performance was relatively good. The key drivers of returns for the other nine funds were sector positioning and a quality bias. Most of these funds had meaningful exposure to the outperforming health care and technology-related sectors. Meanwhile, their underweight exposure to the underperforming energy sector also added relative value. In terms of activity, we continued to position the Fund’s asset allocation relative to the Fund’s sector average, as defined by the Investment Association. However, it should be noted that the specialist-investment sector that the Fund resides in is an ‘eclectic mix’. ASI Multi-Manager Ethical Portfolio 223

1 2 3 4 5 6 7

• The fund invests in equity and equity related securities. These are sensitive to variations in the stock markets which can be volatile and change substantially in short periods of time.

• The fund invests in high yielding bonds which carry a greater risk of default than those with lower yields.

• The fund price can go up or down daily for a variety of reasons including changes in interest rates, inflation expectations or the perceived credit quality of individual countries or securities.

• The fund may hold money-market instruments, the value of which may be subject to adverse movements in extreme market conditions.

Comparative tables 2020 2019 2018 I Accumulation units pence per unit pence per unit pence per unit Change in net assets per unit Opening net asset value per unit 208.18 186.95 194.27 Return before operating charges* 18.17 24.30 (4.19) Operating charges (3.23) (3.07) (3.13) Return after operating charges* 14.94 21.23 (7.32) Distributions (0.26) (0.48) (0.22) Retained distributions on accumulation units 0.26 0.48 0.22 Closing net asset value per unit 223.12 208.18 186.95 * after direct transaction costs of: - - -

Performance Return after charges 7.18% 11.36% (3.77%)

Other information Closing net asset value (£’000) 42,346 40,859 37,046 Closing number of units 18,979,165 19,627,059 19,816,241 Operating charges 1.53% 1.55% 1.60% Direct transaction costs - - -

Prices Highest unit price 234.8 215.8 206.6 Lowest unit price 169.4 177.3 183.7

2020 2019 2018 I Income units pence per unit pence per unit pence per unit Change in net assets per unit Opening net asset value per unit 205.52 184.99 192.47 Return before operating charges* 17.95 24.05 (4.16) Operating charges (3.19) (3.04) (3.10) Return after operating charges* 14.76 21.01 (7.26) Distributions (0.26) (0.48) (0.22) Closing net asset value per unit 220.02 205.52 184.99 * after direct transaction costs of: - - -

Performance Return after charges 7.18% 11.36% (3.77%)

Other information Closing net asset value (£’000) 5,682 5,314 4,891 Closing number of units 2,582,634 2,585,879 2,643,934 Operating charges 1.53% 1.55% 1.60% Direct transaction costs - - -

Prices Highest unit price 231.8 213.5 204.7 Lowest unit price 167.3 175.5 182.0

2020 2019 M Accumulation unitsA pence per unit pence per unit Change in net assets per unit Opening net asset value per unit 108.49 100.00B Return before operating charges* 9.74 10.01 Operating charges (1.74) (1.52) Return after operating charges* 8.00 8.49 Distributions (0.33) (0.41) Retained distributions on accumulation units 0.33 0.41 Closing net asset value per unit 116.49 108.49 * after direct transaction costs of: - -

Performance Return after charges 7.37% 8.49%

Other information Closing net asset value (£’000) 1 1 Closing number of units 929 929 Operating charges 1.58% 1.60% Direct transaction costs - -

Prices Highest unit price 122.6 112.3 Lowest unit price 88.36 92.23

2020 2019 M Income unitsA pence per unit pence per unit Change in net assets per unit Opening net asset value per unit 108.09 100.00B Return before operating charges* 9.71 10.02 Operating charges (1.74) (1.52) Return after operating charges* 7.97 8.50 Distributions (0.33) (0.41) Closing net asset value per unit 115.73 108.09 * after direct transaction costs of: - -

Performance Return after charges 7.37% 8.50%

Other information Closing net asset value (£’000) 1 1 Closing number of units 929 929 Operating charges 1.58% 1.60% Direct transaction costs - -

Prices Highest unit price 122.1 112.3 Lowest unit price 88.03 92.23

2020 2019 2018 R Accumulation units pence per unit pence per unit pence per unit Change in net assets per unit Opening net asset value per unit 128.55 116.02 121.77 Return before operating charges* 11.19 14.98 (2.58) Operating charges (2.58) (2.45) (3.17) Return after operating charges* 8.61 12.53 (5.75) Closing net asset value per unit 137.16 128.55 116.02 * after direct transaction costs of: - - -

Performance Return after charges 6.70% 10.80% (4.72%)

Other information Closing net asset value (£’000) 13,112 12,807 14,666 Closing number of units 9,559,168 9,962,053 12,641,804 Operating charges 1.98% 2.00% 2.60% Direct transaction costs - - -

Prices Highest unit price 144.4 133.4 128.4 Lowest unit price 104.4 109.9 114.0

2020 2019 2018 R Income units pence per unit pence per unit pence per unit Change in net assets per unit Opening net asset value per unit 128.20 115.69 121.43 Return before operating charges* 11.15 14.95 (2.58) Operating charges (2.57) (2.44) (3.16) Return after operating charges* 8.58 12.51 (5.74) Closing net asset value per unit 136.78 128.20 115.69 * after direct transaction costs of: - - -

Performance Return after charges 6.69% 10.81% (4.73%)

Other information Closing net asset value (£’000) 2,424 2,497 2,708 Closing number of units 1,772,515 1,947,800 2,340,409 Operating charges 1.98% 2.00% 2.60% Direct transaction costs - - -

Prices Highest unit price 144.0 133.0 128.1 Lowest unit price 104.1 109.6 113.7

Portfolio statement As at 31 October 2020 Percentage Market Value of total Holding Investment £’000 net assets Collective Investment Schemes (101.55%) 62,598 98.48 Equity Funds (101.55%) 62,598 98.48

196,596 Allianz Global Sustainability A Inc 5,345 8.41 2,226,978 FP WHEB Sustainability C Acc 5,679 8.93 1,398,532 Impax Environmental Markets A Acc 6,074 9.56 1,210,743 Jupiter Ecology Inc 5,305 8.35 2,077,107 Kames Ethical Equity B Inst ACC 4,488 7.06 38,971 Legg Mason ClearBridge US Equity Sustainability Leaders S USD Acc 4,425 6.96 16,584 Multipartner Sicav-RobecoSAM Smart Materials C EUR 4,654 7.32 23,898 Pictet-Global Environmental Opportunities I Acc 5,882 9.25 65,369 Sparinvest Ethical Global Value R Inc 9,242 14.54 891,184 Stewart Investors Asia Pacific Sustainability B Acc 6,070 9.55 2,070,789 Stewart Investors Worldwide Sustainability B Acc 5,434 8.55

Total investment assets 62,598 98.48 Net other assets 968 1.52 Total Net Assets 63,566 100.00

Statement of total return For the year ended 31 October 2020 2020 2019 Notes £’000 £’000 £’000 £’000 Income: Net capital gains 1 4,508 6,497 Revenue 2 419 487 Expenses 3 (414) (421) Net revenue before taxation 5 66 Taxation 4 - - Net revenue after taxation 5 66 Total return before distributions 4,513 6,563 Distributions 5 (55) (109) Change in net assets attributable to unitholders from investment activities 4,458 6,454

Statement of change in net assets attributable to unitholders For the year ended 31 October 2020 2020 2019 £’000 £’000 £’000 £’000 Opening net assets attributable to unitholders 61,479 59,311 Amounts receivable on the issue of units 15,252 9,222 Amounts payable on the cancellation of units (17,673) (13,603) (2,421) (4,381) Change in net assets attributable to unitholders from investment activities (see above) 4,458 6,454 Retained distribution on accumulation units 50 95 Closing net assets attributable to unitholders 63,566 61,479 232 ASI Multi-Manager Ethical Portfolio

Balance sheet As at 31 October 2020 2020 2019 Notes £’000 £’000 £’000 £’000 Assets: Fixed assets: Investment assets 62,598 62,434 Current assets: Debtors 6 36 41 Cash and bank balances 1,397 876 1,433 917 Total assets 64,031 63,351

Liabilities: Creditors 7 (458) (1,859) Distribution payable (7) (13) (465) (1,872) Total liabilities (465) (1,872) Net assets attributable to unitholders 63,566 61,479 ASI Multi-Manager Ethical Portfolio 233

Notes to the financial statements For the year ended 31 October 2020 1. Net Capital Gains 2020 2019 £’000 £’000 Non-derivative securities* 4,507 6,509 Other gains/(losses)* 2 (9) Transaction charges (1) (3) Net capital gains* 4,508 6,497

*Includes net realised gains of £481,000 and net unrealised gains of £4,028,000 (2019: net realised gains of £1,693,000 and net unrealised gains of £4,804,000). Where realised gains/(losses) include gains/(losses) arising in previous periods, a corresponding (loss)/gain is included in unrealised gains/(losses).

2. Revenue 2020 2019 £’000 £’000 Management fee rebate on collective investment scheme holdings 163 175 Bank and margin interest - 2 Income from Overseas Collective Investment Schemes Franked income 143 69 Income from UK Collective Investment Schemes Franked income 113 241 Total revenue 419 487

3. Expenses 2020 2019 £’000 £’000 Payable to the Manager, associates of the Manager and agents of either of them: Manager’s periodic charge 377 391 Registration fees 7 8 384 399 Payable to the Trustee or associates of the Trustee, and agents of either of them: Safe custody fee 10 5 Trustee fees 7 7 17 12 Other: Printing fees 2 1 Audit fee 10 9 Professional fees 1 - 13 10 Total expenses 414 421

Irrecoverable VAT is included in the above expenses where relevant. 234 ASI Multi-Manager Ethical Portfolio

4. Taxation 2020 2019 £’000 £’000 (a) Analysis of charge in year Total taxation - -

(b) Factors affecting current tax charge for the year The tax assessed for the year is less than the standard rate of corporation tax in the UK for authorised Unit Trusts (20%). The differences are explained below: Net revenue before taxation 5 66 Corporation tax at 20% (2019: 20%) 1 13 Effects of: Revenue not subject to taxation (51) (62) Excess allowable expenses 50 49 Total tax charge for year (note 4a) - -

Authorised Unit Trusts are exempt from tax on capital gains in the UK. Therefore, any capital gain is not included in the above reconciliation. (c) Factors that may affect future tax charge At the year end, after offset against revenue taxable on receipt, there is a potential deferred tax asset of £823,000 (2019: £773,000) due to surplus expenses. It is unlikely that the fund will generate sufficient taxable profits to utilise these amounts and therefore no deferred tax asset has been recognised in the current or prior year.

5. Distributions (including the movement between net revenue and distributions) 2020 2019 £’000 £’000 Distribution 56 107 Add: Income deducted on cancellation of units 5 6 Deduct: Income received on issue of units (6) (4) Net distribution for the year 55 109

Movement between net revenue and distributions Net revenue after taxation 5 66 Shortfall transfer from capital to revenue 50 43 Total distributions 55 109

Details of the distribution per unit are set out in this fund’s distribution table.

6. Debtors 2020 2019 £’000 £’000 Accrued revenue - 9 Amounts receivable from the Manager for the issue of units 21 2 Management fee rebate receivable 15 30 Total debtors 36 41 ASI Multi-Manager Ethical Portfolio 235

7. Creditors 2020 2019 £’000 £’000 Accrued expenses payable to the Manager 37 38 Accrued expenses payable to the Trustee or associates of the Trustee 1 1 Amounts payable to the Manager for cancellation of units 408 70 Other accrued expenses 12 10 Purchases awaiting settlement - 1,740 Total creditors 458 1,859

8. Related Party Transactions Aberdeen Standard Fund Managers, as Manager, is a related party and acts as principal in respect of all transactions of units in the fund. The aggregate monies received through issue and paid on cancellation of units are disclosed in the statement of change in net assets attributable to unitholders. Any amounts due from or due to Aberdeen Standard Fund Managers at the end of the accounting year are disclosed in notes 6 and 7. Amounts payable to Aberdeen Standard Fund Managers, in respect of periodic charge and registration services, are disclosed in note 3 and any amounts due at the year end in note 7.

2020 2019 2020 2019 Trades in the year £’000 £’000 £’000 £’000 Collective investment schemes 1,931 1,889 6,514 4,832 Trades in the year before transaction costs 1,931 1,889 6,514 4,832

Total net trades in the year after transaction costs 1,931 1,889 6,514 4,832

10. Units in issue reconciliation

Opening Creations Cancellations Conversions Closing units during during during units 2019 the year the year the year 2020 I Accumulation units 19,627,059 6,607,132 (7,267,052) 12,026 18,979,165 I Income units 2,585,879 615,550 (618,795) - 2,582,634 M Accumulation units 929 - - - 929 M Income units 929 - - - 929 R Accumulation units 9,962,053 121,621 (505,007) (19,499) 9,559,168 R Income units 1,947,800 62,158 (237,443) - 1,772,515 236 ASI Multi-Manager Ethical Portfolio

11. Fair Value Hierarchy The three levels of the fair value hierarchy under FRS 102 are described below: Level 1: Unadjusted quoted market prices in active markets that are accessible at the measurement date for the identical unrestricted assets or liabilities. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices). Level 3: Inputs for asset or liability that are not based on observable market data (unobservable inputs). 2020 2020 2020 2019 2019 2019 £’000 £’000 £’000 £’000 £’000 £’000 Fair value of investment assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Collective Investment Schemes - 62,598 - - 62,434 - Total investment assets - 62,598 - - 62,434 -

12. Risk Management Policies and Disclosures The risks inherent in the fund’s investment portfolio are as follows: Foreign currency risk Fluctuations in the foreign exchange rates can adversely affect the value of a portfolio. The following table details the net exposure to the principal foreign currencies that the fund is exposed to including any instruments used to hedge against foreign currencies, if applicable. Net foreign Net foreign currency exposure currency exposure 2020 2019 Currency £’000 £’000 Euro 15,881 13,365 US Dollar 4,425 3,608 Total 20,306 16,973

At 31 October 2020, if the value of Sterling increased or decreased by 5% against all other currencies, with all other variables remaining constant, then the change in net assets attributable to unitholders from investment activities will increase or decrease by approximately £1,015,000 (2019: £849,000). Interest rate risk The majority of the fund’s financial assets are open ended investment funds and other investments which neither pay interest nor have a maturity date. Therefore, the fund’s exposure to interest rate risk is considered insignificant. This is consistent with the exposure during the prior year. Other price risk The sensitivity analysis of the fund’s financial asset and liability positions is monitored by the Investment Manager using VaR analysis. VaR analysis reflects the interdependencies between risk variables, unlike a traditional sensitivity analysis. VaR represents the potential losses from adverse changes in market factors for a specified time period and confidence level. The table below indicates the VaR of the fund’s financial instruments, measured as the potential 5 day loss in value from adverse changes in equity prices, interest rates, inflation rates and foreign currency exchange rates, with a 99 percent confidence level. Calculated on this basis, the table indicates that the net value of the fund’s financial assets and liabilities could be expected to change by more than the stated amount on only two days out of 200, in response to either price, interest rate, inflation or foreign currency exchange rate changes. The VAR measures of the fund are detailed below: 2020 2019 % % Minimum VaR 2.59% 2.75% Maximum VaR 3.55% 3.00% Average VaR 3.13% 2.85% ASI Multi-Manager Ethical Portfolio 237

VaR Table Contribution from FX risk Interest rate risk Inflation risk credit risk Overall VaR 31 October 2020 -0.26% 2.30% - 1.44% 3.48% 31 October 2019 - 1.42% - 1.46% 2.88%

The Manager must calculate the global exposure of any fund it manages either as: 1) the incremental exposure and leverage generated through the use of derivatives and forward transactions, which may not exceed 100% of the net value of the scheme property. This is known as the Commitment Approach and is a measure of leverage or; 2) the market risk of the scheme property by way of the value at risk (VaR) approach. Although, the sensitivity analysis of the fund’s financial asset and liability positions described above uses VaR analysis, the global exposure calculations for funds may be calculated on the Commitment Basis. The Prospectus provides further details on which method is used to calculate Global Exposure for each fund. Counterparty risk Financial derivatives instrument risk The fund had no exposure to derivatives as at 31 October 2020 (2019: Nil). Liquidity risk All of the fund’s financial liabilities are payable on demand or in less than one year, 2020 £465,000 (2019: £1,872,000).

13. Subsequent Events Since the year end, markets and operations have continued to be disrupted by the effects of the COVID-19 pandemic. Since the year end the NAV per unit has increased by 17.26% (to 15 February 2021). Contingency plans at the Manager and key service suppliers have proven effective in mitigating the effects on management of the portfolio and on all supporting operations. 238 ASI Multi-Manager Ethical Portfolio

Distribution table For the year ended 31 October 2020 (in pence per unit) Group 1 - units purchased prior to 1 November 2019 Group 2 - units purchased between 1 November 2019 and 31 October 2020 Distribution paid Distribution paid Revenue Equalisation 31/12/20 31/12/19 I Accumulation units Group 1 0.2613 - 0.2613 0.4837 Group 2 0.1809 0.0804 0.2613 0.4837

I Income units Group 1 0.2560 - 0.2560 0.4834 Group 2 0.1193 0.1367 0.2560 0.4834

M Accumulation units Group 1 0.3270 - 0.3270 0.4077 Group 2 0.3270 - 0.3270 0.4077

M Income units Group 1 0.3259 - 0.3259 0.4077 Group 2 0.3259 - 0.3259 0.4077

R Accumulation units Group 1 - - 0.0000 - Group 2 - - 0.0000 -

R Income units Group 1 - - 0.0000 - Group 2 - - 0.0000 -

ASI Multi-Manager Multi-Asset Distribution Portfolio

For the year ended 31 October 2020

Investment objective Performance review To generate income and some growth over the long term For the year ended 31 October 2020, the value of ASI (5 years or more) by investing in a diversified range of actively Multi-Manager Multi Asset Distribution Portfolio - R Accumulation managed funds. Units decreased by 8.2%, compared to a decrease of 1.8% for our performance target (the IA Mixed Investment 20-60% Shares Performance target: To exceed the IA Mixed Investment Sector Average). 20-60% Shares Sector Average return over one year (after charges). Source: Lipper, Basis: total return, published NAV to NAV, net of annual charges, UK net The fund also targets a yield in excess of the income that would be income reinvested, GBP. delivered by a representative basket of assets (composed 22.5% The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any FTSE All-Share, 22.5% MSCI World ex UK Index and 55% ICE financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) BoFAML Sterling Non-Gilts Index. The Performance Target is the any kind of investment decision and may not be relied on as such. Historical data and analysis level of performance the management team hopes to achieve for should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of the fund. There is however no certainty or promise that they will this information assumes the entire risk of any use made of this information. MSCI, each of achieve the Performance Target. its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, The Manager believes this is an appropriate target/comparator for timeliness, non-infringement, merchantability and fitness for a particular purpose) with the fund based on the investment policy of the fund. respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential Investment policy (including, without limitation, lost profits) any other damages. (www.msci.com) Portfolio securities: Please remember that past performance is not a guide to future • The fund will invest at least 60% in actively managed funds, returns. The price of shares and the revenue from them may to obtain broad exposure to a range of diversified investments fall as well as rise. Investors may not get back the amount from a range of managers. originally invested. • It may invest up to 40% in passively managed funds from a range Market review of managers. Globally, stock markets rose over the past 12 months, but with considerable divergence by country. While US and Chinese stocks • At least 30% of the fund will be invested in bonds (loans to a performed well, markets in many other countries recorded sharp company or government) and cash or money market instruments. falls. Shares in the UK and Latin America, in particular, fared badly. • The rest of the fund will be invested in a selection of other assets In late 2019, political and economic issues weighed heavily on such as equities (company shares including property shares), markets. Covid-19 was the dominant factor in 2020, commercial property and funds that can use a combination of negatively affecting markets in the first quarter. However, traditional assets (such as equities and bonds) and investment markets have broadly been recovering since April. strategies based on derivatives. In bond markets, returns were positive over the period, Management process: largely fuelled by falling government bond yields across developed • The management team use their discretion (active management) markets. Investment-grade issues saw solid returns, while the to identify investments, focusing on selecting funds within each high-yield sector was more turbulent. Covid-19 hit economies and asset class and ensuring that the asset allocation meets the companies in 2020, leading to fears over the creditworthiness of fund’s objectives. the high-yield sector.

• The fund will be subject to constraints which are intended to Interest-rate cuts and stimulus measures to combat economic manage risk such as the fund must not hold more than 60% of weakness as a result of the pandemic were also prevalent. The US its assets in equities. Due to the active nature of the Federal Reserve reduced the main rate three times, with the final management process, fund’s performance profile may deviate cut taking the main US rate to near zero. This was a level last seen significantly from that of the IA Mixed Investment 20-60% Shares in the aftermath of the 2008 global financial crisis. The European Sector Average. Central Bank announced a stimulus plan worth €1.35 trillion to counter the economic effects of coronavirus and, in October, Derivatives and techniques: signalled a strong possibility of further stimulus. • The fund is not expected to invest in derivatives directly however it may invest in other funds which use derivatives more extensively. 240 ASI Multi-Manager Multi-Asset Distribution Portfolio

The first quarter of 2020 was a torrid time for share prices around In Japan, the Topix index was flat. Our investment in the CC Japan the world. Concerns about the virus dominated investor Income & Growth Fund performed poorly due to its income bias sentiment. Investors sold stocks in favour of assets that they and property exposure. It fell by 16%. In Asia, the Prusik Asian considered to be less risky, such as government bonds. Income Fund returned -16.7% against a FTSE World Asia Pacific But decisive action by governments and central banks to limit (excluding Japan) Index return of 12.2%. A lack of exposure to the economic damage supported investor sentiment and markets Chinese market, which appreciated by 29%, and an overweight to began to recover in April. Technology stocks have been strong the underperforming India market also detracted from performers globally, especially in the US. The oil-price collapse in performance. In emerging markets, the JP Morgan Emerging March negatively affected energy companies, which have not yet Markets Income Fund fell 1.2%, behind the MSCI Emerging Markets recovered. The recovery stalled in September and October, Index return of 8.7%. reversing some recent gains. Fixed income was similar to equities in that higher-quality bonds Portfolio review were the best performers, notably government bonds followed by The Fund fell 8.2% in value over the review period. This constituted investment-grade credit and high yield. Returns from four of our a fourth-quartile return, due to our overweight position (versus the bond managers ranged from 1.7% to 4.9%, but there was one sector benchmark) in equities, notably UK equities. The past few outlier. The UBAM Global High Yield Fund fell 5.4% because it years, and 2020 in particular, have not been kind to funds with a invests in the most equity-like parts of the fixed income market. balanced approach and diversity in terms of investment style. In terms of activity, we continued to position the Fund’s asset For example, during the review period, the MSCI AC World Growth allocation relative to the Fund’s sector average, as defined by the Index appreciated by 23.5%, while the equivalent value index fell Investment Association, and maintained active positions in line by 11.5%. with our house view. We did not make any changes to the asset In equities, managers with a large cap and growth or quality style allocation or the underlying funds during the period under review. fared much better than managers who adopted a value or Outlook smaller-company approach. The market environment was even Stock markets have enjoyed a strong rebound from the low point more unforgiving for managers with an income objective as many in March, despite recent weakness in September and October. companies cancelled dividend payments. Similarly, higher-quality This has been driven by a recovery in earnings expectations for bonds tended to perform better. 2021, leading to elevated company valuations. The result is future Returns in the UK were poor but in line with appropriate income/ equity market returns are likely to be modest in the coming value benchmarks. The MSCI UK Value Index and the FTSE 350 quarters. While low interest rates are supportive for equities, Higher Yield Index both fell by 30%. The Threadneedle UK Equity spikes in market volatility are likely from Covid-19 news flow, Income Fund (-18.4%) and the Artemis Income Fund (-18.3%) developments around a vaccine, political events and government both fell in line with the FTSE All-Share Index return of -18.6%. fiscal action. However, the Royal London UK Equity Income Fund, which fell by The coronavirus pandemic, economic factors and politics will 22.5%, was particularly hurt by its economic sensitivity. The JOHCM continue to dominate fixed income markets. Some areas of the UK Equity Income Fund, which adopts more of a value approach, world seem to be seeing second waves of Covid-19 infections. targets a higher yield and is the most economically sensitive, In particular, Europe has seen rising infection rates and mortalities. fell by 31.2%. Despite improved virus control capabilities, notably better testing In the US, the Threadneedle US Equity Income Fund returned 2.9%, and tracing, lockdown restrictions have been reintroduced in thanks to its growth and quality approach, but the BNY Mellon US several countries, including the UK, Germany and France. Equity Income Fund, with its value style, returned -15.4%. However, largely improving economic data and expectations for a viable coronavirus vaccine in coming months continue to support In international equities, the Fidelity Global Dividend Fund fell investor sentiment. On the political front, the upcoming US by 2.7%, which is a credible performance given the income presidential election is widely seen as a key risk factor. requirement. The First Sentier Global Infrastructure Fund fell by 9%, hurt by the lack of dividend payments due to Covid-19. Portfolio Management - Manager Selection Team November 2020 In Europe, the growth bias of the BlackRock Continental European Fund was helpful – the fund returned 1% against a FTSE World Europe (excluding UK) Index return of -4.2%. The Invesco European Income Fund fell by 10.7%, due to its value style. ASI Multi-Manager Multi-Asset Distribution Portfolio 241

1 2 3 4 5 6 7

• The fund invests in equity and equity related securities. These are sensitive to variations in the stock markets which can be volatile and change substantially in short periods of time.

• The fund invests in high yielding bonds which carry a greater risk of default than those with lower yields.

• The fund price can go up or down daily for a variety of reasons including changes in interest rates, inflation expectations or the perceived credit quality of individual countries or securities.

• The fund may hold money-market instruments, the value of which may be subject to adverse movements in extreme market conditions.

• Property valuation is a matter of judgment by an independent valuer and is therefore a matter of the valuer’s opinion rather than fact.

Comparative tables 2020 2019 2018 B Income units pence per unit pence per unit pence per unit Change in net assets per unit Opening net asset value per unit 103.59 99.66 106.31 Return before operating charges* (6.95) 9.28 (1.22) Operating charges (1.48) (1.55) (1.75) Return after operating charges* (8.43) 7.73 (2.97) Distributions (3.22) (3.80) (3.68) Closing net asset value per unit 91.94 103.59 99.66 * after direct transaction costs of: - - -

Performance Return after charges (8.14%) 7.76% (2.79%)

Other information Closing net asset value (£’000) 1,952 2,191 2,099 Closing number of units 2,123,421 2,114,853 2,106,318 Operating charges 1.51% 1.53% 1.68% Direct transaction costs - - -

Prices Highest unit price 107.5 106.4 108.5 Lowest unit price 82.15 95.19 99.04

2020 2019 2018 I Accumulation units pence per unit pence per unit pence per unit Change in net assets per unit Opening net asset value per unit 153.00 141.62 145.53 Return before operating charges* (10.43) 13.25 (1.83) Operating charges (1.84) (1.87) (2.08) Return after operating charges* (12.27) 11.38 (3.91) Distributions (4.82) (5.48) (5.11) Retained distributions on accumulation units 4.82 5.48 5.11 Closing net asset value per unit 140.73 153.00 141.62 * after direct transaction costs of: - - -

Performance Return after charges (8.02%) 8.04% (2.69%)

Other information Closing net asset value (£’000) 9,487 11,851 13,134 Closing number of units 6,741,392 7,745,279 9,274,249 Operating charges 1.26% 1.28% 1.43% Direct transaction costs - - -

Prices Highest unit price 158.9 154.2 148.7 Lowest unit price 122.3 135.3 139.7

2020 2019 2018 I Income units pence per unit pence per unit pence per unit Change in net assets per unit Opening net asset value per unit 117.55 112.88 120.17 Return before operating charges* (7.95) 10.44 (1.43) Operating charges (1.40) (1.47) (1.69) Return after operating charges* (9.35) 8.97 (3.12) Distributions (3.66) (4.30) (4.17) Closing net asset value per unit 104.54 117.55 112.88 * after direct transaction costs of: - - -

Performance Return after charges (7.95%) 7.95% (2.60%)

Other information Closing net asset value (£’000) 5,650 7,389 8,350 Closing number of units 5,404,348 6,286,232 7,397,029 Operating charges 1.26% 1.28% 1.43% Direct transaction costs - - -

Prices Highest unit price 122.1 120.6 122.7 Lowest unit price 93.29 107.9 112.2

2020 2019 M Accumulation unitsA pence per unit pence per unit Change in net assets per unit Opening net asset value per unit 108.53 100.00B Return before operating charges* (7.26) 9.80 Operating charges (1.35) (1.27) Return after operating charges* (8.61) 8.53 Distributions (3.46) (3.43) Retained distributions on accumulation units 3.46 3.43 Closing net asset value per unit 99.92 108.53 * after direct transaction costs of: - -

Performance Return after charges (7.93%) 8.53%

Other information Closing net asset value (£’000) 1 1 Closing number of units 929 929 Operating charges 1.31% 1.33% Direct transaction costs - -

Prices Highest unit price 112.7 109.3 Lowest unit price 86.76 95.60

2020 2019 M Income unitsA pence per unit pence per unit Change in net assets per unit Opening net asset value per unit 105.11 100.00B Return before operating charges* (6.89) 9.75 Operating charges (1.30) (1.26) Return after operating charges* (8.28) 8.49 Distributions (3.31) (3.38) Closing net asset value per unit 93.52 105.11 * after direct transaction costs of: - -

Performance Return after charges (7.88%) 8.49%

Other information Closing net asset value (£’000) 1 1 Closing number of units 947 947 Operating charges 1.31% 1.33% Direct transaction costs - -

Prices Highest unit price 109.2 107.8 Lowest unit price 83.46 95.60

2020 2019 2018 R Accumulation units pence per unit pence per unit pence per unit Change in net assets per unit Opening net asset value per unit 87.93 81.69 84.62 Return before operating charges* (5.91) 7.69 (0.89) Operating charges (1.43) (1.45) (2.04) Return after operating charges* (7.34) 6.24 (2.93) Distributions (2.77) (3.13) (2.96) Retained distributions on accumulation units 2.77 3.13 2.96 Closing net asset value per unit 80.59 87.93 81.69 * after direct transaction costs of: - - -

Performance Return after charges (8.35%) 7.64% (3.46%)

Other information Closing net asset value (£’000) 3,524 4,553 5,659 Closing number of units 4,372,404 5,177,978 6,927,421 Operating charges 1.71% 1.73% 2.43% Direct transaction costs - - -

Prices Highest unit price 91.24 88.60 86.30 Lowest unit price 70.15 78.00 80.59

2020 2019 2018 R Income units pence per unit pence per unit pence per unit Change in net assets per unit Opening net asset value per unit 44.43 42.82 45.95 Return before operating charges* (2.97) 3.98 (0.45) Operating charges (0.71) (0.75) (1.09) Return after operating charges* (3.68) 3.23 (1.54) Distributions (1.38) (1.62) (1.59) Closing net asset value per unit 39.37 44.43 42.82 * after direct transaction costs of: - - -

Performance Return after charges (8.28%) 7.54% (3.35%)

Other information Closing net asset value (£’000) 6,553 7,801 8,248 Closing number of units 16,643,850 17,558,517 19,263,009 Operating charges 1.71% 1.73% 2.43% Direct transaction costs - - -

Prices Highest unit price 46.10 45.60 46.86 Lowest unit price 35.21 40.90 42.55

Portfolio statement As at 31 October 2020 Percentage Market Value of total Holding Investment £’000 net assets Equities (0.00%) - - UK Equities (0.00%) - - Financials (0.00%) - -

1,973,000 Develica Deutschland* - -

Collective Investment Schemes (98.99%) 27,001 99.39 Bond Funds (40.00%) 11,411 42.01

3,843,240 Jupiter Strategic Bond I Inc 2,572 9.47 17,336 New Capital Wealthy Nations Bond S Inc 1,810 6.66 183,572 PIMCO GIS Global Investment Grade Credit Inst Inc 2,555 9.41 1,898,019 Royal London Sterling Credit Z Inc 2,728 10.04 17,638 UBAM Global High Yield Solution IH Inc 1,746 6.43

Equity Funds (58.99%) 15,590 57.38

690,078 Artemis Income I Inc 1,348 4.96 991,890 Blackrock Continental European Income A Inc 1,438 5.29 1,542,809 BNY Mellon US Equity Income Fund F Inc 1,449 5.33 60,515 CC Japan Income & Growth S Inc 898 3.31 624,964 Fidelity Global Dividend W Inc 1,158 4.26 541,260 First State Global Listed Infrastructure B Inc 1,068 3.93 446,683 Invesco European Equity Income Z Inc 1,317 4.85 1,150,621 JO Hambro UK Equity Income B Inc 1,328 4.89 941,487 JPMorgan Emerging Markets Income C Net Inc 568 2.09 9,380 Prusik Asian Equity Income B inc 1,116 4.11 1,667,294 Royal London UK Equity Income Z Inc 1,509 5.55 1,225,248 Threadneedle UK Equity Income Z Inc 1,387 5.11 396,272 Threadneedle US Equity Income L Inc 1,006 3.70

Total investment assets 27,001 99.39 Net other assets 167 0.61 Total Net Assets 27,168 100.00

All investments are listed on recognised stock exchanges and are approved securities or regulated collective investment schemes within the meaning of the FCA rules, unless otherwise stated. The percentage figures in brackets show the comparative holding as at 30 April 2019. * Unapproved/unquoted security. 250 ASI Multi-Manager Multi-Asset Distribution Portfolio

Statement of total return For the year ended 31 October 2020 2020 2019 Notes £’000 £’000 £’000 £’000 Income: Net capital (losses)/gains 1 (3,492) 1,565 Revenue 2 1,157 1,481 Expenses 3 (240) (285) Net revenue before taxation 917 1,196 Taxation 4 (73) (70) Net revenue after taxation 844 1,126 Total return before distributions (2,648) 2,691 Distributions 5 (1,012) (1,329) Change in net assets attributable to unitholders from investment activities (3,660) 1,362

Statement of change in net assets attributable to unitholders For the year ended 31 October 2020 2020 2019 £’000 £’000 £’000 £’000 Opening net assets attributable to unitholders 33,787 37,490 Amounts receivable on the issue of units 1,131 2,775 Amounts payable on the cancellation of units (4,567) (8,478) (3,436) (5,703) Change in net assets attributable to unitholders from investment activities (see above) (3,660) 1,362 Retained distribution on accumulation units 474 635 Unclaimed distributions 3 3 Closing net assets attributable to unitholders 27,168 33,787 ASI Multi-Manager Multi-Asset Distribution Portfolio 251

Balance sheet As at 31 October 2020 2020 2019 Notes £’000 £’000 £’000 £’000 Assets: Fixed assets: Investment assets 27,001 33,430 Current assets: Debtors 6 73 100 Cash and bank balances 532 555 605 655 Total assets 27,606 34,085

Liabilities: Creditors 7 (311) (147) Distribution payable (127) (151) (438) (298) Total liabilities (438) (298) Net assets attributable to unitholders 27,168 33,787 252 ASI Multi-Manager Multi-Asset Distribution Portfolio

Notes to the financial statements For the year ended 31 October 2020 1. Net Capital (Losses)/Gains 2020 2019 £’000 £’000 Non-derivative securities* (3,513) 1,572 Management fee rebate on collective investment scheme holdings 22 27 Other losses* - (31) Transaction charges (1) (3) Net capital (losses)/gains* (3,492) 1,565

* Includes net realised gains of £71,000 and net unrealised losses of £3,584,000 (2019: net realised gains of £1,937,000 and net unrealised losses of £372,000). Where realised gains/(losses) include gains/(losses) arising in previous periods, a corresponding (loss)/gain is included in unrealised gains/(losses).

2. Revenue 2020 2019 £’000 £’000 Management fee rebate on collective investment scheme holdings 16 22 Bank and margin interest - 2 Income from Overseas Collective Investment Schemes Franked income 88 199 Unfranked income 355 342 Income from UK Collective Investment Schemes Franked income 484 671 Unfranked income 19 - Interest income 195 245 Total revenue 1,157 1,481

3. Expenses 2020 2019 £’000 £’000 Payable to the Manager, associates of the Manager and agents of either of them: Manager’s periodic charge 205 248 Registration fees 13 20 218 268 Payable to the Trustee or associates of the Trustee, and agents of either of them: Safe custody fee 5 3 Trustee fees 4 4 9 7 Other: Audit fee 10 10 Printing fees 2 - Professional fees 1 - 13 10 Total expenses 240 285

Irrecoverable VAT is included in the above expenses where relevant. ASI Multi-Manager Multi-Asset Distribution Portfolio 253

4. Taxation 2020 2019 £’000 £’000 (a) Analysis of charge in year Corporation tax 73 70 Total taxation 73 70

(b) Factors affecting current tax charge for the year The tax assessed for the year is less than the standard rate of corporation tax in the UK for authorised Unit Trusts (20%). The differences are explained below: Net revenue before taxation 917 1,196 Corporation tax at 20% (2019: 20%) 183 239 Effects of: Revenue not subject to taxation (114) (174) Capitalised revenue subject to taxation 4 5 Total tax charge for year (note 4a) 73 70

5. Distributions The distributions takes account of income received on the creation of units and income deducted on the cancellation of units and comprise: 2020 2019 £’000 £’000 First interim distribution 228 300 Second interim distribution 292 308 Third interim distribution 231 394 Final distribution 244 295 995 1,297 Add: Income deducted on cancellation of units 22 49 Deduct: Income received on issue of units (5) (17) Net distribution for the year 1,012 1,329

Movement between net revenue and distributions Net revenue after taxation 844 1,126 Capitalised fees 205 248 Tax charge on capital management fee (37) (45) Total distributions 1,012 1,329

Details of the distribution per unit are set out in this fund’s distribution tables. 254 ASI Multi-Manager Multi-Asset Distribution Portfolio

6. Debtors 2020 2019 £’000 £’000 Accrued revenue 53 82 Amounts receivable from the Manager for the issue of units 7 10 Management fee rebate receivable 13 8 Total debtors 73 100

7. Creditors 2020 2019 £’000 £’000 Accrued expenses payable to the Manager 21 36 Accrued expenses payable to the Trustee or associates of the Trustee 1 1 Amounts payable to the Manager for cancellation of units 208 63 Corporation tax payable 70 37 Other accrued expenses 11 10 Total creditors 311 147

2020 2019 2020 2019 Trades in the year £’000 £’000 £’000 £’000 Collective investment schemes 192 6,923 3,165 12,090 Trades in the year before transaction costs 192 6,923 3,165 12,090

Total net trades in the year after transaction costs 192 6,923 3,165 12,090

At the balance sheet date the average portfolio dealing spread (i.e. the spread between bid and offer prices expressed as a percentage of the offer price) was 0.01% (2019: 0.01%), this is representative of the average spread on the assets held during the year. ASI Multi-Manager Multi-Asset Distribution Portfolio 255

10. Units in issue reconciliation

Opening Creations Cancellations Conversions Closing units during during during units 2019 the year the year the year 2020 B Income units 2,114,853 8,568 - - 2,123,421 I Accumulation units 7,745,279 215,708 (1,219,595) - 6,741,392 I Income units 6,286,232 374,903 (1,266,614) 9,827 5,404,348 M Accumulation units 929 - - - 929 M Income units 947 - - - 947 R Accumulation units 5,177,978 196,289 (1,001,863) - 4,372,404 R Income units 17,558,517 552,152 (1,440,776) (26,043) 16,643,850

11. Fair Value Hierarchy The three levels of the fair value hierarchy under FRS 102 are described below: Level 1: Unadjusted quoted market prices in active markets that are accessible at the measurement date for the identical unrestricted assets or liabilities. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices). Level 3: Inputs for asset or liability that are not based on observable market data (unobservable inputs). 2020 2020 2020 2019 2019 2019 £’000 £’000 £’000 £’000 £’000 £’000 Fair value of investment assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Collective Investment Schemes - 27,001 - - 33,430 - Total investment assets - 27,001 - - 33,430 -

12. Risk Management Policies and Disclosures The risks inherent in the fund’s investment portfolio are as follows: Foreign currency risk The income and capital value of the fund’s investments are mainly denominated in Sterling, the fund’s functional currency; therefore, the financial statements are not subject to any significant risk of currency movements. This is consistent with the exposure during the prior year. Interest rate risk The majority of the fund’s financial assets are open ended investment funds and other investments which neither pay interest nor have a maturity date. Therefore, the Fund’s exposure to interest rate risk is considered insignificant. This is consistent with the exposure during the prior year. Other price risk The sensitivity analysis of the fund’s financial asset and liability positions is monitored by the Investment Manager using VaR analysis. VaR analysis reflects the interdependencies between risk variables, unlike a traditional sensitivity analysis. VaR represents the potential losses from adverse changes in market factors for a specified time period and confidence level. The table below indicates the VaR of the fund’s financial instruments, measured as the potential 5 day loss in value from adverse changes in equity prices, interest rates, inflation rates and foreign currency exchange rates, with a 99 percent confidence level. Calculated on this basis, the table indicates that the net value of the fund’s financial assets and liabilities could be expected to change by more than the stated amount on only two days out of 200, in response to either price, interest rate, inflation or foreign currency exchange rate changes. 256 ASI Multi-Manager Multi-Asset Distribution Portfolio

The VAR measures of the fund are detailed below: 2020 2019 % % Minimum VaR 1.29% 1.46% Maximum VaR 2.85% 1.97% Average VaR 2.23% 1.74%

VaR Table Contribution FX risk Interest rate risk Inflation risk from credit risk Overall VaR 31 October 2020 (0.06)% 2.25% - 0.61% 2.80% 31 October 2019 (0.01)% 0.73% - 0.81% 1.53%

The Manager must calculate the global exposure of any fund it manages either as: 1) the incremental exposure and leverage generated through the use of derivatives and forward transactions, which may not exceed 100% of the net value of the scheme property. This is known as the Commitment Approach and is a measure of leverage or; 2) the market risk of the scheme property by way of the value at risk (VaR) approach. Although, the sensitivity analysis of the fund’s financial asset and liability positions described above uses VaR analysis, the global exposure calculations for funds may be calculated on the Commitment Basis. The Prospectus provides further details on which method is used to calculate Global Exposure for each fund. Financial derivatives instrument risk The fund had no exposure to derivatives as at 31 October 2020 (2019: Nil). Liquidity risk All of the fund’s financial liabilities are payable on demand or in less than one year, 2020 £438,000 (2019: £298,000).

13. Subsequent Events Since the year end, markets and operations have continued to be disrupted by the effects of the COVID-19 pandemic. Since the year end the NAV per unit has increased by 11.33% (to 15 February 2021). Contingency plans at the Manager and key service suppliers have proven effective in mitigating the effects on management of the portfolio and on all supporting operations. ASI Multi-Manager Multi-Asset Distribution Portfolio 257

Distribution tables For the year to 31 October 2020 (pence per unit) First interim dividend distribution Group 1 - units purchased prior to 1 November 2019 Group 2 - units purchased between 1 November 2019 and 31 January 2020 Distribution paid Distribution paid Revenue Equalisation 31/03/20 31/03/19 B Income units Group 1 0.7109 - 0.7109 0.8234 Group 2 0.2005 0.5104 0.7109 0.8234

I Accumulation units Group 1 1.0488 - 1.0488 1.1699 Group 2 0.3123 0.7365 1.0488 1.1699

I Income units Group 1 0.8067 - 0.8067 0.9325 Group 2 0.1341 0.6726 0.8067 0.9325

M Accumulation units Group 1 0.7525 - 0.7525 0.3650 Group 2 0.7525 - 0.7525 0.3650

M Income units Group 1 0.7314 - 0.7314 0.3650 Group 2 0.7314 - 0.7314 0.3650

R Accumulation units Group 1 0.6027 - 0.6027 0.6747 Group 2 0.0040 0.5987 0.6027 0.6747

R Income units Group 1 0.3048 - 0.3048 0.3536 Group 2 0.0830 0.2218 0.3048 0.3536 258 ASI Multi-Manager Multi-Asset Distribution Portfolio

Second interim dividend distribution Group 1 - units purchased prior to 1 February 2020 Group 2 - units purchased between 1 February 2020 and 30 April 2020 Distribution paid Distribution paid Revenue Equalisation 30/06/20 30/06/19 B Income units Group 1 0.9277 - 0.9277 0.8793 Group 2 0.4930 0.4347 0.9277 0.8793

I Accumulation units Group 1 1.3806 - 1.3806 1.2304 Group 2 0.6219 0.7587 1.3806 1.2304

I Income units Group 1 1.0536 - 1.0536 0.9727 Group 2 0.5996 0.4540 1.0536 0.9727

M Accumulation units Group 1 0.9904 - 0.9904 0.7900 Group 2 0.9904 - 0.9904 0.7900

M Income units Group 1 0.9520 - 0.9520 0.7800 Group 2 0.9520 - 0.9520 0.7800

R Accumulation units Group 1 0.7922 - 0.7922 0.7457 Group 2 0.5946 0.1976 0.7922 0.7457

R Income units Group 1 0.3977 - 0.3977 0.3796 Group 2 0.2091 0.1886 0.3977 0.3796 ASI Multi-Manager Multi-Asset Distribution Portfolio 259

Third interim dividend distribution Group 1 - units purchased prior to 1 May 2020 Group 2 - units purchased between 1 May 2020 and 31 July 2020 Distribution paid Distribution paid Revenue Equalisation 30/09/20 30/09/19 B Income units Group 1 0.7559 - 0.7559 1.1832 Group 2 0.2430 0.5129 0.7559 1.1832

I Accumulation units Group 1 1.1366 - 1.1366 1.7022 Group 2 0.5481 0.5885 1.1366 1.7022

I Income units Group 1 0.8586 - 0.8586 1.3282 Group 2 0.3834 0.4752 0.8586 1.3282

M Accumulation units Group 1 0.8160 - 0.8160 1.2100 Group 2 0.8160 - 0.8160 1.2100

M Income units Group 1 0.7768 - 0.7768 1.1900 Group 2 0.7768 - 0.7768 1.1900

R Accumulation units Group 1 0.6519 - 0.6519 0.9961 Group 2 0.2472 0.4047 0.6519 0.9961

R Income units Group 1 0.3238 - 0.3238 0.5123 Group 2 0.1075 0.2163 0.3238 0.5123 260 ASI Multi-Manager Multi-Asset Distribution Portfolio

Final dividend distribution Group 1 - units purchased prior to 1 August 2020 Group 2 - units purchased between 1 August 2020 and 31 October 2020 Distribution paid Distribution paid Revenue Equalisation 31/12/20 31/12/19 B Income units Group 1 0.8281 - 0.8281 0.9101 Group 2 0.3649 0.4632 0.8281 0.9101

I Accumulation units Group 1 1.2579 - 1.2579 1.3786 Group 2 0.5510 0.7069 1.2579 1.3786

I Income units Group 1 0.9412 - 0.9412 1.0666 Group 2 0.2606 0.6806 0.9412 1.0666

M Accumulation units Group 1 0.9010 - 0.9010 1.0690 Group 2 0.9010 - 0.9010 1.0690

M Income units Group 1 0.8496 - 0.8496 1.0406 Group 2 0.8496 - 0.8496 1.0406

R Accumulation units Group 1 0.7207 - 0.7207 0.7095 Group 2 0.3963 0.3244 0.7207 0.7095

R Income units Group 1 0.3547 - 0.3547 0.3710 Group 2 0.2118 0.1429 0.3547 0.3710

Remuneration (unaudited)

Remuneration Policy The Standard Life Aberdeen plc Remuneration Policy applies with effect from 1 January 2018. The purpose of the Standard Life Aberdeen plc Remuneration Policy (the “Policy”) is to document clearly the remuneration policies, practices and procedures of Standard Life Aberdeen. It has been approved by the Standard Life Aberdeen plc Remuneration Committee and is subject to the Remuneration Committee’s annual review. The Policy applies to employees of the Standard Life Aberdeen group of companies (“SLA”). The AIFM, Aberdeen Standard Fund Managers Limited is authorised and regulated in the United Kingdom by the Financial Conduct Authority (“FCA”) and is a wholly owned subsidiary of Standard Life Aberdeen plc. The Remuneration Committee of Standard Life Aberdeen plc adopted an AIFM Remuneration Policy to ensure that the requirements of the Alternative Investment Fund Managers Directive (AIFMD) are fully adhered to by the group. This policy applies to Aberdeen Standard Fund Managers Limited and the Alternative Investment Funds (AIFs) it manages. This policy is available on request. Remuneration Principles SLA applies Group wide principles for remuneration policies, procedures and practices ensuring that remuneration design and the basis for awards will be clear, transparent and fair, in line with business strategy, objectives, culture, values and long term interests of SLA. Remuneration policies, procedures and practices should be consistent with and promote good conduct which includes sound and effective risk management and not encourage risk taking that exceeds the level of tolerated risk of SLA. Total variable remuneration will be funded through pre-agreed distribution metrics. Where SLA’s financial performance is subdued or negative, total variable remuneration should generally be contracted, taking into account both current remuneration and reductions in pay-outs of amounts previously granted and having regard for SLA’s long term economic viability. In addition to applying the SLA wide principles above, Aberdeen Standard Investments (“ASI”) applies a number of additional principles including the following, when determining remuneration for employees: a) Remuneration should be competitive and reflect both financial, non-financial and personal performance; b) Our remuneration design will align the interests of employees, shareholders and importantly our clients/customers; c) Our remuneration structure will reward delivery of results over appropriate time horizons and will include deferred variable compensation at an appropriate level for the employee’s role; d) We will provide an appropriate level of fixed remuneration to balance risk and reward. Governance and Regulatory Compliance The Remuneration Committee is made up of independent non-executive directors and makes recommendations to the Board of Standard Life Aberdeen plc (the ”Board”) to assist it with its remuneration related duties. The Chief People Officer of Standard Life Aberdeen is responsible for ensuring the implementation of the Policy in consultation with the Remuneration Committee as well as other members of the Executive Committee (“Executive Body”) (as defined by the Board), if appropriate. Financial and non-financial criteria Variable remuneration is based on a rounded assessment of Group, Divisional and individual performance. When assessing individual performance, financial as well as non-financial criteria are taken into account. Individual performance is based on the individual’s appraisal, which includes an employee’s compliance with controls and applicable company standards including the Group’s Code of Ethics, including Treating Customers Fairly and Conduct Risk. Conflicts of interest The Conflicts of Interest Policy is designed to avoid conflicts of interest between SLA and its clients. This Policy prohibits any employee from being involved in decisions on their own remuneration. Furthermore, all employees are required to adhere to SLA’s Global Code of Conduct, which encompasses conflicts of interest. The Policy should, at all times, adhere to local legislation, regulations or other provisions. In circumstances or in jurisdictions where there is any conflict between the Policy and local legislation, regulations or other provisions, then the latter will prevail. Remuneration Framework Employee remuneration is composed principally of fixed and variable elements of reward as follows: a) Fixed reward (fixed remuneration: salary (and cash allowances, if appropriate); and Benefits (including pension). b) Variable reward (bonus, a proportion of which may be subject to retention or deferral depending on role and regulatory requirements) and senior employees may also be awarded a long-term incentive award). 262 Aberdeen Standard Unit Trust I

Appropriate ratios of fixed: variable remuneration will be set to as to ensure that: a) Fixed and variable components of total remuneration are appropriately balanced and b) The fixed component is a sufficiently high proportion of total remuneration to allow Standard Life Aberdeen to operate a fully flexible policy on variable remuneration components, including paying no variable remuneration component.

Fixed Remuneration Base salary provides a core reward for undertaking the role, where appropriate, and depending on the role, geographical or business market variances or other indicators, additional fixed cash allowances may make up a portion of fixed remuneration. Benefits Benefits are made up of: core benefits, which are provided to all employees; and extra voluntary benefits that may be chosen by certain employees and which may require contribution through salary sacrifice or other arrangements. Extra voluntary benefits are designed to support the health and wellbeing of employees through enabling individual selection based on lifestyle choices. Standard Life Aberdeen will ensure that the core and voluntary employee benefits policies are in line with relevant market practice, its views on managing its business risk objectives, culture and values and long-term interests and local requirements. Pension Standard Life Aberdeen’s pension policies (which consist of defined contribution plans and legacy defined benefit plans) are in line with legislative requirements, governance structures and market practice, and reflect Standard Life Aberdeen’s long-term views on risk and financial volatility, its business objectives, culture and values and long-term interests and local requirements. In certain circumstances, SLA may offer a cash allowance in lieu of any pension arrangement. Annual Performance Employees who have been employed during a performance year (1 January to 31 December) may be Bonus Awards eligible to be considered for an annual bonus in respect of that year. Eligibility criteria for an annual bonus are set out in the rules of the relevant bonus plan and/or contract of employment, as appropriate. The bonus plan in place is designed to reward performance in line with the business strategy, objectives, culture and values, long term interests and risk appetite of SLA. All Executive Directors are awarded bonuses under a SLA bonus plan as detailed in the Directors’ Remuneration Report. Other variable Pay Plans Selected employees may participate in other variable pay plans, for example, performance fee share arrangements, where it is appropriate for their role or business unit. These plans operate under the overarching remuneration principles that apply across the group and, where appropriate, are also subject to specific principles governing incentives and are compliant with the requirements of any applicable regulatory standards. Clawback/Malus A clawback/malus principle applies to the variable pay plan. This enables the Remuneration Committee to seek to recoup the deferred amount of any unvested variable pay, in the exceptional event of misstatement or misleading representation of performance; a significant failure of risk management and control; or serious misconduct by an individual. Guaranteed Variable Remuneration Guaranteed variable remuneration is exceptional, occurs only in the context of hiring new staff and is limited to the first year of service. AIFMD Identified Staff Staff considered AIFMD Identified Staff are those categories of staff whose professional activities have a material impact on the risk profiles of the AIFM or the AIFs that the AIFM manages. AIFMD identified staff will include; Senior Management; Risk takers, Staff engaged in control functions; and any employees receiving total remuneration that takes them into the same remuneration bracket as senior management and risk takers, and whose professional activities have a material impact on the risk profiles of the Company or the Funds that the Company manages. Control Functions SLA adheres to the principles and guidelines of regulations that apply to SLA in defining control functions. control functions include, but are not necessarily limited to, Risk, Compliance, Internal Audit and Actuarial functions or roles. SLA will ensure that, as appropriate, senior employees engaged in a control function: a) Are independent from the Business Units they oversee; b) Have appropriate authority, and c) Their remuneration is directly overseen by the Remuneration Committee. This is achieved by the main control functions being outside the business, and a material proportion of their annual incentives being subject to a scorecard based on the performance of the control function. Performance against the scorecard is reviewed by the relevant independent governing committee (either Risk & Capital Committee, or Audit Committee). SLA’s People Function reviews the remuneration of employees in control functions and benchmarks with the external market to ensure that it is market competitive and adequately reflects employees’ skills and experience. Aberdeen Standard Unit Trust I 263

Personal Hedging AIFMD Identified Staff are not permitted to undermine the risk alignment effects of the AIFMD Remuneration Code. Personal hedging strategies; or remuneration-related insurance; or liability-related insurance is not permissible on remuneration. Employee Remuneration Disclosure The table below provides an overview of the following: • Aggregate total remuneration paid by Aberdeen Standard Fund Managers Limited to its entire staff; and

• Aggregate total remuneration paid by Aberdeen Standard Fund Managers Limited to its ‘Identified Staff’.

The ‘Identified Staff’ of Aberdeen Standard Fund Managers Limited are those employees who could have a material impact on the risk profile of Aberdeen Standard Fund Managers Limited or the AIFs it manages, including the following AIFMD funds: ASI Diversified-Core Adventurous Fund ASI Diversified-Core Cautious Fund ASI Diversified-Core Conservative Fund ASI Diversified-Core Growth Fund ASI Diversified Growth Fund ASI Multi-Manager Balanced Managed Portfolio ASI Multi-Manager Cautious Managed Portfolio ASI Multi-Manager Equity Managed Portfolio ASI Multi-Manager Ethical Portfolio ASI Multi-Manager Multi-Asset Distribution Portfolio This broadly includes senior management, risk takers and control functions. For the purposes of this disclosure, ‘Identified Staff’ includes employees of entities to which activities have been delegated. Amounts shown reflect payments made during the financial reporting period in question. The reporting period runs from 1 January 2019 to 31 December 2019 inclusive.

Total Remuneration AIF proportion ASI Diversified-Core Adventurous Fund Headcount £’000 £’000⁴ Aberdeen Standard Fund Managers Limited staff1 134 14,351 17 of which Fixed remuneration 9,946 12 Variable remuneration 4,405 5 Carried Interest NIL Aberdeen Standard Fund Managers Limited ‘Identified Staff’2 164 6,559 8 of which Senior Management3 16 432 1 Other ‘Identified Staff’ 148 6,127 7

Total Remuneration AIF proportion ASI Diversified-Core Cautious Fund Headcount £’000 £’000⁴ Aberdeen Standard Fund Managers Limited staff1 134 14,351 12 of which Fixed remuneration 9,946 8 Variable remuneration 4,405 4 Carried Interest NIL Aberdeen Standard Fund Managers Limited ‘Identified Staff’2 164 6,559 6 of which Senior Management3 16 432 1 Other ‘Identified Staff’ 148 6,127 5 264 Aberdeen Standard Unit Trust I

Total Remuneration AIF proportion ASI Diversified-Core Conservative Fund Headcount £’000 £’000⁴ Aberdeen Standard Fund Managers Limited staff1 134 14,351 10 of which Fixed remuneration 9,946 7 Variable remuneration 4,405 3 Carried Interest NIL Aberdeen Standard Fund Managers Limited ‘Identified Staff’2 164 6,559 5 of which Senior Management3 16 432 1 Other ‘Identified Staff’ 148 6,127 4

Total Remuneration AIF proportion ASI Diversified-Core Growth Fund Headcount £’000 £’000⁴ Aberdeen Standard Fund Managers Limited staff1 134 14,351 188 of which Fixed remuneration 9,946 130 Variable remuneration 4,405 58 Carried Interest NIL Aberdeen Standard Fund Managers Limited ‘Identified Staff’2 164 6,559 86 of which Senior Management3 16 432 6 Other ‘Identified Staff’ 148 6,127 80

Total Remuneration AIF proportion ASI Diversified Growth Fund Headcount £’000 £’000⁴ Aberdeen Standard Fund Managers Limited staff1 134 14,351 406 of which Fixed remuneration 9,946 281 Variable remuneration 4,405 125 Carried Interest NIL Aberdeen Standard Fund Managers Limited ‘Identified Staff’2 164 6,559 186 of which Senior Management3 16 432 13 Other ‘Identified Staff’ 148 6,127 173

Total Remuneration AIF proportion ASI Multi-Manager Balanced Managed Portfolio Headcount £’000 £’000⁴ Aberdeen Standard Fund Managers Limited staff1 134 14,351 38 of which Fixed remuneration 9,946 26 Variable remuneration 4,405 12 Carried Interest NIL Aberdeen Standard Fund Managers Limited ‘Identified Staff’2 164 6,559 17 of which Senior Management3 16 432 1 Other ‘Identified Staff’ 148 6,127 16 Aberdeen Standard Unit Trust I 265

Total Remuneration AIF proportion ASI Multi-Manager Cautious Managed Portfolio Headcount £’000 £’000⁴ Aberdeen Standard Fund Managers Limited staff1 134 14,351 196 of which Fixed remuneration 9,946 136 Variable remuneration 4,405 60 Carried Interest NIL Aberdeen Standard Fund Managers Limited ‘Identified Staff’2 164 6,559 90 of which Senior Management3 16 432 6 Other ‘Identified Staff’ 148 6,127 84

Total Remuneration AIF proportion ASI Multi-Manager Ethical Portfolio Headcount £’000 £’000⁴ Aberdeen Standard Fund Managers Limited staff1 134 14,351 82 of which Fixed remuneration 9,946 57 Variable remuneration 4,405 25 Carried Interest NIL Aberdeen Standard Fund Managers Limited ‘Identified Staff’2 164 6,559 37 of which Senior Management3 16 432 2 Other ‘Identified Staff’ 148 6,127 35

Total Remuneration AIF proportion ASI Multi-Manager Equity Managed Portfolio Headcount £’000 £’000⁴ Aberdeen Standard Fund Managers Limited staff1 134 14,351 157 of which Fixed remuneration 9,946 109 Variable remuneration 4,405 48 Carried Interest NIL Aberdeen Standard Fund Managers Limited ‘Identified Staff’2 164 6,559 72 of which Senior Management3 16 432 5 Other ‘Identified Staff’ 148 6,127 67

Total Remuneration AIF proportion ASI Multi-Manager Multi-Asset Distribution Portfolio Headcount £’000 £’000⁴ Aberdeen Standard Fund Managers Limited staff1 134 14,351 46 of which Fixed remuneration 9,946 32 Variable remuneration 4,405 14 Carried Interest NIL Aberdeen Standard Fund Managers Limited ‘Identified Staff’2 164 6,559 21 of which Senior Management3 16 432 1 Other ‘Identified Staff’ 148 6,127 20 1 As there are a number of individuals indirectly and directly employed by Aberdeen Standard Fund Managers Limited this figure represents an apportioned amount of SLA’s total remuneration fixed and variable pay, apportioned to the relevant AIF on an AUM basis, plus any carried interest paid by the AIF. The Headcount figure provided reflects the number of beneficiaries calculated on a Full Time Equivalent basis. 2 The Identified Staff disclosure represents total compensation of those staff of the AIFM who are fully or partly involved in the activities of the AIFM, apportioned to the estimated time relevant to the AIFM, based on their time in role during the reporting period and the AIFM’s proportion of SLA’s total AUM. Across the ‘Identified Staff’, the average percentage of AUM allocation per individual based on work undertaken for Aberdeen Standard Fund Managers Limited as an AIFM was 13.25%. 3 Senior management are defined in this table as AIFM Directors and members of the Standard Life Aberdeen plc Board, together with its Executive Committee, Investment Management Committee and Group Product Committee. 4 This figure represents an apportioned amount of the total remuneration of the ‘Identified staff’ attributable to the AIF allocated on an AUM basis. 266 Aberdeen Standard Unit Trust I

Further Information

Constitution Aberdeen Standard Unit Trust I is an authorised unit trust scheme under the FCA regulations. Consumers’ rights and protections, including any derived from EU legislation, are currently unaffected by the result of the UK referendum to leave the European Union and will remain unchanged unless and until the UK Government changes the applicable legislation. Documentation and Prices Copies of the current Prospectus and Key Investor Information Documents (KIIDs) for the Aberdeen Standard Unit Trust I, daily prices, together with the latest Annual (and if issued later the interim) Report and Accounts for any fund, are available to download at aberdeenstandard.com. A paper copy of the Report and Accounts is available on request from the Manager. Notices/Correspondence Please send any notices to Aberdeen Standard Fund Managers Limited, PO Box 12233, Chelmsford, Essex, CM99 2EE. Any notice to the Manager will only be effective when actually received by the Manager. All notices will be sent to the investor at the address set out in the Application form or the latest address which the investor has notified to the Manager, and will be deemed to have been received three days after posting. Events detailed in these terms and conditions will be carried out on the dates specified, unless the dates are a non-business day, when they will be carried out on the next business day. Complaints and Compensation If you need to complain about any aspect of our service, you should write to the Complaints Team, Aberdeen Standard Investments, 10 Queen’s Terrace, Aberdeen, AB10 1XL, who will initiate our formal complaints procedure. If you prefer, you may call the Complaints Team on 01224 404490 or email [email protected] in the first instance. Alternatively if you have a complaint about the Trust or funds you can contact the Trustee directly. A leaflet detailing our complaints procedure is available on request. We will endeavour to response your complaint as soon as possible and will notify you of our outcome within 8 weeks. If the complaint is not resolved by us to your satisfaction then you may have the right take your complaint to the Financial Ombudsman Service (FOS). To contact the FOS Service you should write to The Financial Ombudsman Service, Exchange Tower, London, E14 9SR, email complaint. [email protected] or telephone 0800 023 4567 (free for landlines and mobiles) or 0300 123 9123 (calls cost no more than calls to 01 and 02 numbers) or +44 20 7964 0500 (available from outside the UK – calls will be charged). We are covered by the Financial Services Compensation Scheme, which means if we become insolvent, you may be entitled to compensation. The level of compensation will depend on the type of business and the circumstances of your claim. Investments are covered up to £85,000 for claims against firms that fail on or after 1 April 2019. Details are available from the FSCS Helpline on 0800 678 1100 or 020 7741 4100 and on the FSCS website: www.fscs.org.uk. Aberdeen Standard Unit Trust I 267

The above document is strictly for information purposes only and should not be considered as an offer, investment recommendation or solicitation, to deal in any of the investments or funds mentioned herein and does not constitute investment research as defined under EU Directive 2003/125/EC. Aberdeen Asset Managers Limited (“Aberdeen”) does not warrant the accuracy, adequacy or completeness of the information and materials contained in this document and expressly disclaims liability for errors or omissions in such information and materials. Any research or analysis used in the preparation of this document has been procured by Aberdeen for its own use and may have been acted on for its own purpose. The results thus obtained are made available only coincidentally and the information is not guaranteed as to its accuracy. Some of the information in this document may contain projections or other forward looking statements regarding future events or future financial performance of countries, markets or companies. These statements are only predictions and actual events or results may differ materially. The reader must make their own assessment of the relevance, accuracy and adequacy of the information contained in this document and make such independent investigations, as they may consider necessary or appropriate for the purpose of such assessment. Any opinion or estimate contained in this document is made on a general basis and is not to be relied on by the reader as advice. Neither Aberdeen nor any of its employees, associated group companies or agents have given any consideration to nor have they or any of them made any investigation of the investment objectives, financial situation or particular need of the reader, any specific person or group of persons. Accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of the reader, any person or group of persons acting on any information, opinion or estimate contained in this document. Aberdeen reserves the right to make changes and corrections to any information in this document at any time, without notice. Issued by Aberdeen Standard Fund Managers Limited. Authorised and regulated by the Financial Conduct Authority in the United Kingdom.

Important Information Aberdeen Standard Investments is a brand of the investment businesses of Aberdeen Asset Management and Standard Life Investments. Unless otherwise indicated, this document refers only to the investment products, teams, processes and opinions of Aberdeen Asset Management /Standard Life Investments as at the date of publication. Visit us online aberdeenstandard.com 121043651