MI Brewin Dolphin Select Managers Fund

Annual Report 29 February 2020 MI Brewin Dolphin Select Managers Fund

Contents Page

Directory* ...... 1 Statement of the Authorised Corporate Director’s Responsibilities ...... 2 Certification of Annual Report by the Authorised Corporate Director ...... 2 Statement of the Depositary’s Responsibilities to the Shareholders ...... 3 Independent Auditors’ Report to the Shareholders ...... 4 Accounting Policies and Risk Management Policies ...... 7

MI Select Managers Bond Fund Investment Objective and Policy* ...... 12 Asset Allocation Manager’s Report ...... 12 Portfolio Statement* ...... 14 Comparative Tables ...... 35 Risk and Reward Profile* ...... 36 Statement of Total Return ...... 37 Statement of Change in Net Assets Attributable to Shareholders ...... 37 Balance Sheet ...... 38 Notes to the Financial Statements ...... 39 Distribution Tables ...... 48

MI Select Managers North American Equity Fund Investment Objective and Policy* ...... 49 Asset Allocation Manager’s Report ...... 49 Portfolio Statement* ...... 51 Comparative Tables ...... 57 Risk and Reward Profile* ...... 58 Statement of Total Return ...... 59 Statement of Change in Net Assets Attributable to Shareholders ...... 59 Balance Sheet ...... 60 Notes to the Financial Statements ...... 61 Distribution Tables ...... 69

MI Select Managers UK Equity Fund Investment Objective and Policy* ...... 70 Asset Allocation Manager’s Report ...... 70 Portfolio Statement* ...... 72 Comparative Tables ...... 81 Risk and Reward Profile* ...... 82 Statement of Total Return ...... 83 Statement of Change in Net Assets Attributable to Shareholders ...... 83 Balance Sheet ...... 84 Notes to the Financial Statements ...... 85 Distribution Tables ...... 94 MI Brewin Dolphin Select Managers Fund

Contents Page continued

MI Select Managers UK Equity Income Fund Investment Objective and Policy* ...... 95 Asset Allocation Manager’s Report ...... 95 Portfolio Statement* ...... 97 Comparative Tables ...... 103 Risk and Reward Profile* ...... 104 Statement of Total Return ...... 105 Statement of Change in Net Assets Attributable to Shareholders ...... 105 Balance Sheet ...... 106 Notes to the Financial Statements ...... 107 Distribution Tables ...... 116 General Information ...... 117

*These collectively comprise the Authorised Corporate Director’s Report. MI Brewin Dolphin Select Managers Fund

Directory

Authorised Corporate Director (ACD) & Registrar Maitland Institutional Services Ltd Hamilton Centre, Rodney Way, Chelmsford, Essex CM1 3BY Telephone: 01245 398950 Fax: 01245 398951 Website: www.maitlandgroup.com (Authorised and regulated by the Financial Conduct Authority)

Customer Service Centre Hamilton Centre, Rodney Way, Chelmsford, Essex CM1 3BY Telephone: 0345 872 4982 Fax: 0845 299 2972 E-mail: [email protected]

Directors of the Alternative Investment Fund Manager R. Ackermann (retired 31 January 2020) P.J. Foley-Brickley D. Jones (retired 2 May 2019) G. Kok (retired 27 May 2019) C. O’Keeffe (appointed 28 January 2020) D. Phillips (Non-Executive Director appointed 18 December 2019) J. Thompson (Non-Executive Director appointed 18 December 2019)

Asset Allocation Manager Brewin Dolphin Limited 12 Smithfield Street, London EC1A 9BD (Authorised and regulated by the Financial Conduct Authority)

Depositary Northern Trust Global Services SE (UK Branch) 50 Bank Street, Canary Wharf, London E14 5NT (Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority)

Independent Auditor Grant Thornton UK LLP Statutory Auditors, Chartered Accountants 30 Finsbury Square, London EC2A 1AG

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Statement of the Authorised Corporate Director’s Responsibilities

The Collective Investment Schemes sourcebook published by the FCA, (‘the COLL Rules’) requires the Authorised Corporate Director (‘ACD’) to prepare financial statements for each annual accounting period which give a true and fair view of the financial position of the Company and of the net revenue and net gains or losses on the property of the Company for the period. In preparing the financial statements the ACD 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 Company and its Sub-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 Company or a Sub-fund or to cease operations, or have no realistic alternative but to do so; • 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 ACD is responsible for the management of the Company in accordance with its Instrument of Incorporation, the Prospectus and the COLL Rules. In so far as the ACD is aware: • there is no relevant audit information of which the Company’s Auditor is unaware; and • the ACD has taken all steps that it ought to have taken to make itself aware of any relevant audit information and to establish that the Auditors are aware of that information.

Certification of the Annual Report by the Authorised Corporate Director In accordance with the requirements of the Regulations and COLL Sourcebook, we hereby certify the Report on behalf of the Company, Maitland Institutional Services Ltd.

P.J. Foley-Brickley C. O’Keeffe Directors Maitland Institutional Services Ltd 30 June 2020

Maitland Institutional Services Ltd operates as ACD and AIFM for the purposes of the AIFM directive 22 July 2013.

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Statement of the Depositary’s Responsibilities in Respect of the Scheme and Report of the Depositary to the Shareholders of the MI Brewin Dolphin Select Managers Fund (“the Company”) for the year ended 29 February 2020

The Depositary must ensure that the Company is managed in accordance with the Financial Conduct Authority’s Collective Investment Schemes Sourcebook, the Open-Ended Investment Companies Regulations 2001 (SI 2001/1228), as amended, the Financial Services and Markets Act 2000, as amended, (together “the Regulations”), the Company’s Instrument of Incorporation and Prospectus (together “the Scheme documents”) as detailed below. The Depositary must in the context of its role act honestly, fairly, professionally, independently and in the interests of the Company and its investors. The Depositary is responsible for the safekeeping of all custodial assets and maintaining a record of all other assets of the Company in accordance with the Regulations. The Depositary must ensure that: • the Company’s cash flows are properly monitored and that cash of the Company is booked into the cash accounts in accordance with the Regulations; • the sale, issue, repurchase, redemption and cancellation of shares are carried out in accordance with the Regulations; • the value of shares of the Company are calculated in accordance with the Regulations; • any consideration relating to transactions in the Company’s assets is remitted to the Company within the usual time limits; • the Company’s income is applied in accordance with the Regulations; and • the instructions of the Authorised Fund Manager (“the AFM”), which is the UCITS Management Company, are carried out (unless they conflict with the Regulations). The Depositary also has a duty to take reasonable care to ensure that Company is managed in accordance with the Regulations and Scheme documents in relation to the investment and borrowing powers applicable to the Company. Having carried out such procedures as we consider necessary to discharge our responsibilities as depositary of the Company, it is our opinion, based on the information available to us and the explanations provided, that in all material respects the Company, acting through the AFM: (i) has carried out the issue, sale, redemption and cancellation, and calculation of the price of the Company’s shares and the application of the Company’s income in accordance with the Regulations and the Scheme documents of the Company, and (ii) has observed the investment and borrowing powers and restrictions applicable to the Company.

Northern Trust Global Services SE (UK Branch) UK Trustee and Depositary Services 30 June 2020

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Independent Auditor’s Report to the Shareholders of MI Brewin Dolphin Select Managers Fund

Opinion We have audited the financial statements of MI Brewin Dolphin Select Managers Fund (the ‘Company’) for the year ended 29 February 2020. These financial statements comprise together the statement of accounting policies, and risk management policies and the individual financial statements of each of the following sub-funds of the company: • MI Select Managers Bond Fund • MI Select Managers North American Equity Fund • MI Select Managers UK Equity Fund • MI Select Managers UK Equity Income Fund The individual financial statements for each of the Company’s Sub-funds comprise the Statement of Total Return, the Statement of Change in Net Assets Attributable to Shareholders, the Balance Sheet, Notes to the Financial Statements and the Distribution Tables. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice) and the Statement of Recommended Practice ‘Financial Statements of UK Authorised Funds’ issued by the Investment Association in May 2014. In our opinion, the financial statements: • give a true and fair view of the financial position of the Company and each of the Sub-funds as at 29 February 2020 and of the net revenue and net capital gains/(losses) on the scheme property of the Company and each of the Sub-funds for the year then ended, and • have been properly prepared in accordance with the Statement of Recommended Practice ‘Financial Statements of UK Authorised Funds’ issued by the Investment Association in May 2014, the Collective Investment Schemes sourcebook, and the Company’s Instrument of Incorporation. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the ‘Auditor’s responsibilities for the audit of the financial statements’ section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. The impact of macro-economic uncertainties on our audit Our audit of the financial statements requires us to obtain an understanding of all relevant uncertainties, including those arising as a consequence of the effects of macro-economic uncertainties such as COVID-19 and Brexit. All audits assess and challenge the reasonableness of estimates made by the Directors and the related disclosures and the appropriateness of the going concern basis of preparation of the financial statements. All of these depend on assessments of the future economic environment and the entity’s future prospects and performance. COVID-19 and Brexit are amongst the most significant economic events currently faced by the UK, and at the date of this report its effects are subject to unprecedented levels of uncertainty, with the full range of possible outcomes and their impacts unknown. We applied a standardised firm-wide approach in response to these uncertainties when assessing the Company’s and each of the Sub-fund’s future prospects and performance. However, no audit should be expected to predict the unknowable factors or all possible future implications for a company and each of the Sub-funds associated with these particular events.

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Independent Auditor’s Report to the Shareholders of MI Brewin Dolphin Select Managers Fund continued

Conclusions relating to going concern We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: • the Authorised Corporate Director’s use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or • the Authorised Corporate Director has not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Company or a Sub-fund’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. In our evaluation of the Authorised Corporate Director’s conclusions, we considered the risks associated with the Company and each of the Sub-fund’s business model, including effects arising from macro-economic uncertainties such as COVID- 19 and Brexit, and analysed how those risks might affect the Company’s and each of the Sub-fund’s financial resources or ability to continue operations over the period of at least twelve months from the date when the financial statements are authorised for issue. In accordance with the above, we have nothing to report in these respects. 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 Company and each of the Sub-funds will continue in operation. Other information The Authorised Corporate Director is responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinion on other matters prescribed by the Collective Investment Schemes sourcebook In our opinion: • we have been given all the information and explanations, which, to the best of our knowledge and belief, are necessary for the purposes of our audit, and • the information given in the Authorised Corporate Director’s Report is consistent with the financial statements. Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Collective Investment Schemes sourcebook requires us to report to you if, in our opinion: • proper accounting records for the Company or a Sub-fund have not been kept, or • the financial statements are not in agreement with those accounting records.

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Independent Auditor’s Report to the Shareholders of MI Brewin Dolphin Select Managers Fund continued

Responsibilities of the Authorised Corporate Director As explained more fully in the Statement of the Authorised Corporate Director’s Responsibilities on page 2, the Authorised Corporate Director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Authorised Corporate Director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Authorised Corporate Director is responsible for assessing the Company’s and each of the Sub-fund’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Authorised Corporate Director either intends to terminate a Sub-fund, wind up the Company or to cease operations, or has no realistic alternative but to do so. Auditor’s responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. Use of our report This report is made solely to the Company’s shareholders, as a body, in accordance with regulation 67(2) of the Open-Ended Investment Companies Regulations 2001, and with Rule 4.5.12 of the Collective Investment Schemes sourcebook. Our audit work has been undertaken so that we might state to the Company’s shareholders those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s shareholders as a body, for our audit work, for this report, or for the opinions we have formed.

Grant Thornton UK LLP Statutory Auditor, Chartered Accountants London, United Kingdom 30 June 2020

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Accounting Policies and Risk Management Policies for the year ended 29 February 2020

The financial statements for MI Brewin Dolphin Select Managers Fund comprises the individual financial statements for each Sub-fund and the accounting policies and risk management policies below: 1. Accounting Policies (a) Basis of accounting The financial statements have been prepared under the historical cost basis, as modified by the revaluation of investments and in accordance with FRS 102 and the Statement of Recommended Practice (“SORP”) for Financial Statements of UK Authorised Funds issued by the Investment Association (IA) in May 2014. The financial statements have been prepared on the going concern basis. The authorised status and head office of the Company can be found within the general information starting on page 117. The Certification of the Annual Report by the Authorised Corporate Director can be found on page 2. (b) Recognition of revenue Revenue is included in the Statement of Total Return on the following basis: Dividends on quoted equities and preference shares are recognised when the securities are quoted ex-dividend. Distributions from collective investment schemes are recognised when the schemes are quoted ex-distribution. Equalisation returned with the distribution is deducted from the cost of the investment and does not form part of the distributable revenue. Any reported revenue from an offshore reporting fund is recognised as revenue no later than the date on which the reporting fund makes the information available. Interest on debt securities and bank and short-term deposits is recognised on an accrual basis. In the case of debt securities any difference between acquisition cost and maturity value is recognised as revenue over the life of the security using the effective yield basis of calculating amortisation. Derivative returns have been treated as either revenue or capital depending on the motives and circumstances on acquisition. All revenue includes withholding taxes but excludes irrecoverable tax credits. (c) Treatment of stock and special dividends The ordinary element of stocks received in lieu of cash dividends is credited to capital in the first instance followed by a transfer to revenue of the cash equivalent being offered and this forms part of the distributable revenue. Special dividends are reviewed on a case by case basis in determining whether the dividend is to be treated as revenue or capital. Amounts recognised as revenue will form part of the distributable revenue. The tax accounting treatment follows the treatment of the principal amount. (d) Treatment of expenses All expenses, except for those relating to the purchase and sale of investments, are charged against revenue for the year on an accruals basis. (e) Allocation of revenue and expenses to multiple share classes Any revenue or expense not directly attributable to a particular Sub-fund will normally be allocated pro-rata to the net assets of the relevant share classes and Sub-funds on the day that the revenue or expense is recognised. With the exception of the Asset Allocation Managers’ fee which is directly attributable to individual share classes, all revenue and expenses are apportioned to the Sub-fund’s share classes pro-rata to the value of the net assets of the relevant shareclass on the day that the revenue or expense is recognised. (f) Taxation Corporation tax is provided at 20% on revenue, after deduction of expenses. Deferred tax is provided using the liability method on all timing differences arising on the treatment of certain items for taxation and accounting purposes, calculated at the rate at which it is anticipated the timing differences will reverse.

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Accounting Policies and Risk Management Policies continued

1. Accounting Policies (continued) Deferred tax assets are recognised only when, on the basis of available evidence, it is more likely than not that there will be taxable profits in the future against which the deferred tax asset can be offset. (g) Distribution policy The net revenue after taxation as disclosed in the financial statements, after adjustment for items of a capital nature, is distributable to Shareholders as dividend distributions. Any revenue deficit is funded from capital. Interim distributions may be made at the ACD’s discretion and the balance of revenue is distributed in accordance with the regulations. In the case of debt securities any difference between acquisition cost and maturity value is recognised as revenue over the life of the security using the effective yield basis of calculating amortisation. This may constrain the capital growth of the Sub-fund. For the purpose of enhancing revenue entitlement, all expenses on MI Select Managers UK Equity Income Fund (including those relating to the purchase and sale of investments) have been allocated to capital for the year on an accrual basis. This will reduce the capital growth of the Sub-fund. Distributions not claimed within a six year period will be forfeited and added back to the capital of the Sub-fund. (h) Basis of valuation of investments Listed investments are valued at close of business bid prices on the last business day of the accounting year excluding any accrued interest in the case of fixed and floating rate interest securities. Collective investment schemes are valued at quoted bid price for dual priced funds and at quoted price for single priced funds, on the last business day of the accounting year. Unlisted or suspended investments are valued by the ACD taking into account where appropriate, latest dealing prices, valuations from reliable sources, financial performance and other relevant factors. Derivative instruments are valued at the cost of closing out the contract at the balance sheet date. The fair value of open forward foreign currency contracts is calculated with reference to the changes in the spot rate,changes in interest rate differential and the reduced term left to maturity. Market value is defined by the SORP as fair value, which generally is the bid value of each security. Categorisation within the hierarchy has been determined on the basis of the lowest level input that is significant to the fair value measurement of the relevant asset as follows: • Level 1 – Unadjusted quoted price in an active market for identical instrument. • Level 2 – Valuation techniques using observable inputs other than quoted prices within Level 1. • Level 3 – Valuation techniques using unobservable inputs. (i) Exchange rates Transactions in foreign currencies are recorded in sterling at the rate ruling at the date of the transactions. Assets and liabilities expressed in foreign currencies at the end of the accounting year are translated into sterling at the closing exchange rates ruling on that date. (j) Dilution levy The Authorised Corporate Director may require a dilution levy on the purchase and redemption of shares if, in its opinion,the existing Shareholders (for purchases) or remaining Shareholders (for redemptions) might otherwise be adversely affected. For example, the dilution levy may be charged in the following circumstances: where the scheme property is in continual decline; on a Sub-fund experiencing large levels of net sales relative to its size; on ‘large deals’ (typically being a purchase of redemption of shares to a size exceeding 5% of the Net Asset Value of the Company); in any case where the Authorised Corporate Director is of the opinion that the interests of remaining Shareholders require the imposition of a dilution levy.

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Accounting Policies and Risk Management Policies continued

2. Risk Management Policies In pursuing its investment objectives, the Sub-funds may hold a number of financial instruments. These financial instruments comprise securities and other investments, cash balances, debtors and creditors that arise directly from the Sub-funds operations, for example, in respect of sales and purchases awaiting settlement, amounts receivable for creations and payable for redemptions and debtors for accrued revenue. In doing so, the ACD accepts market price risk and currency risk in relation to the investment portfolio and foreign cash positions. The Sub-funds may also enter into a range of derivative transactions for the purpose of meeting their investment objective and for efficient portfolio management (including hedging). In addition the Sub-funds only executes derivative contracts where both the derivative instrument and the counterparty have been approved by the ACD. The use of derivatives and forward transactions for the purpose of meeting a Sub-fund's investment objectives may increase the risk profile of that Sub-fund The risks arising from financial instruments and the ACD’s policies for the monitoring and managing of these risks are stated below in accordance with the Risk Management Policy of the ACD. These policies have been consistent for both years through which these financial statements relate. Value at Risk (VaR) disclosure The ACD uses Value at Risk (VaR) to measure the risks relating to the financial assets in which the Sub-funds are invested. VaR is a statistical measurement. It intends to measure the maximum potential loss in the Fund’s Net Asset Value under normal market conditions and is calculated for a given confidence level (probability) over a specific time period. The historical method has been used to calculate VaR. This measure cannot take into account all potential future trends, which may not follow historical patterns. The Absolute VaR of a UCITS cannot be greater than 20% of its NAV, and therefore the VaR limit set during the financial year to 29 February 2020 (2019: 28 February 2019) was 20%. The lowest, highest and average VaR, as well as utilisation of VaR with reference to the limit above, are calculated during the financial year end 29 February 2020. Market price risk Market price risk arises mainly from uncertainty about future prices of financial instruments held. It represents the potential loss the Sub-fund might suffer through holding market positions in the face of price movements. This means the value of an investor’s holding may go down as well as up and an investor may not recover the amount invested. Investors should consider the degree of exposure of the Sub-fund in the context of all their investments. The Sub-fund’s investment portfolio is exposed to market price fluctuations, which are monitored by the Company as per the policies as set out in the Prospectus. The investment guidelines and investment and borrowing powers set out in the Instrument of Incorporation, the Prospectus and in the Financial Conduct Authority’s Collective Investment Schemes sourcebook describe the nature of the market risk to which the Sub-fund will be exposed. Currency risk Although the Sub-fund’s capital and income are denominated in sterling, a proportion of the Sub-fund’s investments may have currency exposure and, as a result, the income and capital value of the Sub-funds are affected by currency movements. Currency risk is the risk that the value of the Sub-fund’s investments will fluctuate as a result of changes in currency exchange rates. For Sub-funds where a proportion of the net assets of the Sub-fund is denominated in currencies other than sterling, the balance sheet can be affected by movements in exchange rates. The Company monitors the currency exposure of the Sub-funds and may seek to manage exposure to currency movements by using forward exchange contracts or by hedging the sterling value of investments that are priced in other currencies.

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Accounting Policies and Risk Management Policies continued

2. Risk Management Policies (continued) Interest rate risk Interest rate risk is the risk that the value of the Sub-funds’ investments will fluctuate as a result of changes in interest rates. The Sub-funds may invest in fixed and floating rate securities or schemes that invest in fixed or floating rate securities.The revenue of these Sub-funds may be affected by changes in interest rates relevant to particular securities or as a result of the ACD being unable to secure similar returns on the expiry of contracts or sale of securities. The value of fixed interest securities may be affected by interest rate movements or the expectation of such movements in the future. The Company monitors the interest rate exposure of the Sub-fund’s and may seek to manage exposure to interest rate movements by using a range of derivative instruments. Interest receivable on bank deposits or payable on bank overdraft positions will be affected by fluctuations in interest rates. Stress testing and scenario analysis is carried out on a regular basis. A risk limit system is employed to monitor the risks related to the investment types, concentration and diversification of the Sub-funds’ portfolios. Credit risk Credit risk arises from two main sources. Firstly, the possibility that the issuer of a security will be unable to pay interest and principal in a timely manner. Secondly, there is the possibility of default of the issuer and default in the underlying assets of a Collective Investment Scheme, meaning that a Sub-fund may not receive back the full principal originally invested. Adhering to investment guidelines and avoiding excessive exposure to one particular issuer or scheme can limit credit risk. There are no net borrowings or unlisted securities. Liquidity risk Liquidity risk is the risk that the Sub-funds cannot raise sufficient cash to meet its liabilities when due. One of the key factors influencing this will be the ability to sell investments at, or close to, the fair value without a significant loss being realised. Under normal circumstances, the Sub-funds will remain close to fully invested. However, where circumstances require:either because a view of illiquid securities markets or high levels of redemptions in the Sub-funds, the Sub-funds may hold cash and/or more liquid assets. Temporary higher liquidity levels may also arise during the carrying out of a change in asset allocation policy, or following a large issue of shares. The ACD manages the Sub-funds’ cash to ensure they can meet their liabilities. In addition the ACD monitors market liquidity of all securities, seeking to ensure the Sub-funds maintain sufficient liquidity to meet known and potential redemption activity. The Sub-funds’ cash balances are monitored daily by the ACD and the Investment Advisor. All of the Sub-funds’ financial liabilities are payable on demand or in less than one year. MISL conducts regular monitoring to ensure the liquidity profile of the Sub-funds investments comply with their underlying obligations, particularly their ability to meet redemption requests. Stress tests are undertaken, under normal and exceptional liquidity conditions, in order to assess the liquidity risk of each Sub-fund. Counterparty risk The risk that the counterparty will not deliver the investments for a purchase or the cash for a sale after the Sub-fund has fulfilled its responsibilities which could result in the Sub-fund suffering a loss. The Investment Adviser minimises the risk by conducting trades through only the most reputable counter parties. Collateral risk The collateral Management Policy (where applicable) is subject to change and regular review. The policy defines collateral including any applicable haircuts and will generally be of high quality and liquid securities. It will also include any additional restrictions as imposed and deemed appropriate by the Asset Allocation Manager.

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Accounting Policies and Risk Management Policies continued

2. Risk Management Policies (continued) All collateral used to reduce counterparty risk will comply with the following criteria at all times: • It must be highly liquid and traded on a regulated market; • It must be valued at least daily; • It must be of high quality; • It will be held by a third party custodian subject to prudential supervision who is unrelated to the provider of the collateral; • It will be capable of being fully enforced by the Asset Allocation Manager at any time without reference or approval from the counterparty Permitted collateral includes (where applicable): • Cash • Government or other public securities • Certificates of deposit issued by “relevant institutions”, and • Bonds or commercial paper issued by “relevant institutions” The exposure to a counterparty will at all times meet the requirements of Article 52 of the UCITS Directive. Collateral will be subject to a haircut depending on the class of assets received. The haircut policy depends on the quality of the assets received, their price volatility, together with the outcome of any stress tests performed under normal and exceptional liquidity conditions. Where the Sub-fund reinvests cash collateral in one or more of the permitted types of investment above, there is a risk that the investment will earn less than the interest that is due to the counterparty in respect of that cash and that it will return less than the amount of cash that was invested. Derivatives The Company may utilise Financial Derivative Instruments for risk management purposes in order to (i) protect against possible changes in the market value of the Sub-fund’s investment portfolio resulting from fluctuations in the securities markets and changes in interest rates; (ii) protect the Sub-fund’s unrealised gains in the value of the Sub-fund’s investment portfolio;(iii) facilitate the sale of any such investments; (iv) enhance or preserve returns, spreads or gains on any investment in the Sub-fund’s portfolio; (v) hedge the interest rate or currency exchange rate on any securities the Company anticipates purchasing at a later date; or (vii) for any other reason that the Asset Allocation Manager deems appropriate. The success of the Company’s hedging strategy will depend, in part, upon the Asset Allocation Manager’s ability correctly to assess the degree of correlation between the performance of the instruments used in the hedging strategy and the performance of the portfolio investments being hedged. The Sub-funds may also enter into derivative contracts for Efficient Portfolio Management (EPM) purposes. The purposes of EPM must be to achieve reduction of risk, the reduction of cost, or the generation of additional income or capital with an acceptably low level of risk and the use of these instruments must not cause the Sub-fund to stray from its investment objectives. Any EPM transaction must be economically appropriate and the exposure fully covered. The ACD monitors the use of derivatives to ensure EPM rules are satisfied. In the opinion of the ACD there is no sophisticated derivative use within the Sub-funds and accordingly a sensitivity analysis is not presented. Fair value of financial assets and liabilities Investments disclosed as at the balance sheet date are at fair value. Current assets and liabilities disclosed in the balance sheet are at amortised cost which is approximate to fair value.

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Investment Objective The Sub-fund will aim to provide income along with an opportunity for capital growth.

Investment Policy The Sub-fund will be invested primarily in a range of global direct debt securities issued by governments and their agencies, state and provincial governmental entities and supranational organisations, corporate debt securities, asset-backed securities and mortgage-backed securities (including covered bonds) and currencies. The Sub-fund may invest in below investment grade and unrated debt securities. The Sub-fund may also invest in UCITS and other eligible collective investment schemes to achieve its objective. The Sub-fund may invest (at the Investment Managers’ discretion) in other transferable securities, money market instruments, depositary receipts, derivative instruments and forward transactions. The Sub-fund may invest in other Funds of the Company and, from time to time, in collective investment schemes which are managed or advised by the ACD. The Sub-fund may invest in derivatives for the purposes of hedging with the aim of reducing the risk profile of the Sub-fund in accordance with the principles of Efficient Portfolio Management. Derivatives may also be used for investment purposes. Derivatives can expose the Scheme Property to a higher degree of risk. The Sub-fund can use financial derivative instruments in accordance with the Rules for the purpose of achieving the investment objective. From time-to-time, as the Asset Allocation Manager considers appropriate, additional Specialist Investment Managers may be appointed to take advantage of specific mispricing in certain markets or securities.

Asset Allocation Manager’s Report for the year ended 29 February 2020 Introduction This report covers the MI Select Managers Funds and their underlying mandates for the 12 months from 28th February 2019 to the end of February 2020. Market Review The twelve-month period to the end of February 2020 saw a number of pressures and themes that persisted, some positive and many negative but ultimately markets rode higher over the year. News on the trade war between US and China oscillated between optimism and pessimism from week to week. By the end of the 2019, many tariffs remained but agreement on phase one of a deal was in place. Brexit and its associated machinations dominated headlines in the UK. A strong Conservative majority in the December election was met with positivity by markets as the threat of a hard left or an ERG dependent government receded. There is still significant uncertainty around the terms of a trade deal with the EU and the possibility of a hard Brexit remains if the UK exits the transition period without such a deal. In April the US yield curve flirted with inversion, a signal that has historically been a fairly reliable guide to a future recession. The US yield curve inverted briefly in Quarter 3. In response to the threat of a slowing economic backdrop and weakening inflation, the US Federal Reserve cut rates three times during the autumn. The ECB also cut rates and announced measures to stimulate the economy. China also implemented a number of policy adjustments to stimulate activity to offset the strains from the trade war. The last half of 2019 saw signs that the global economy was beginning to regain its composure. Stock indices hit all-time highs in January and the equity market was left vulnerable to any new bad news. In the new year, the spread of the coronavirus outbreak in China and beyond helped drive a decline in excess of 10% in global equity markets in the last weeks of February.

12 MI Select Managers Bond Fund MI Select Managers Bond Fund

Asset Allocation Manager’s Report continued Performance Activity and Attribution The MI Select Managers Bond Fund has given a total return of 11.8% (Institutional Income) over the period. This was a slight underperformance compared to the MorningStar UK Corporate Bond Index which returned 11.8% and below the MorningStar UK Gilt Index which returned 12.6%. UK sovereign bonds performed well over the period and the Insight UK Government All Maturities generated a return of 11.6% whilst the DWS UK Index-Linked Gilt mandate, a passive strategy holding inflation-linked UK treasury bonds, performed even better, returning 14.4% over the period. The corporate bond strategies have also been positive over the period and the PIMCO UK Corporate Bond strategy and Robeco Global Credits strategy have also generated positive returns in excess of 10% for the Fund. Outlook The strong market movements in recent weeks have been driven by updates on the Coronavirus story. Although we are going to see a sharp hit to growth, we feel that this in temporary and that markets will look through this after correcting so severely. Monetary and fiscal support will help to mitigate the pain and a silver lining of the crisis is that it has pushed US Treasury yields to new all-time lows, which will feed through to lower mortgage rates and support the all-important US housing market. COVID-19 Since the start of 2020, global financial markets have reacted sharply to a novel coronavirus known as COVID-19, with concerns regarding the economic impact that widely-implemented social distancing measures may have. The eventual impact on the global economy and markets will largely depend upon the scale and the duration of the outbreak. The Asset Allocation Manager and ACD will continue to monitor the situation closely.

MI Select Managers Bond Fund 13 MI Select Managers Bond Fund

Portfolio Statement as at 29 February 2020 Market % of total value net assets Holding Security £ 2020 Euro denominated asset backed securities 1.04% (1.16%) €2,000,000 Bavarian Sky Series 5A 1,291,904 0.13 €800,000 Bavarian Sky Series GER8 A 286,731 0.03 €900,000 Bumper Series 10 A 531,150 0.06 €3,000,000 Driver Espana Series 5 A 959,911 0.10 €1,600,000 Driver Espana Series 6 A 1,385,690 0.15 €1,400,000 Dutch Series 19 A 1,017,204 0.11 €700,000 E-Carat Series 10FR A 607,728 0.06 €1,400,000 FCT Credit Agricole Habitat Series 18-1 A 1,216,356 0.13 €200,000 Newgate Funding Series 07-3X A2B 102,175 0.01 €860,000 Saecure BV Series 16 A 684,932 0.07 €700,000 Storm BV Series 18-2 A 612,082 0.06 €1,400,000 Storm BV Series 18-GRN A 1,222,507 0.13 9,918,370 1.04 Euro denominated corporate debt securities 11.09% (10.75%) €200,000 ABN Amro Bank Variable Perpetual 175,261 0.02 €1,200,000 Accor SA 4.375% Variable Perpetual 1,052,936 0.11 €200,000 Aegon Bank 0.625% 21.06.2024 175,060 0.02 €1,032,000 AIB 5.25% Variable Perpetual 914,469 0.09 €100,000 Allergan Funding 1.5% 15.11.2023 90,365 0.01 €200,000 American Tower 1.95% 22.05.2026 187,210 0.02 €647,000 ASR Nederland 3.375% 02.05.2049 609,270 0.06 €100,000 Assicurazioni Generali 2.124% 01.10.2030 87,879 0.01 €400,000 Babcock International 1.375% 13.09.2027 356,789 0.04 €2,400,000 Banco Bilbao Vizcaya Argentaria 8.875% Variable Perpetual 2,210,010 0.23 €700,000 Banco de Sabadell 1.625% 07.03.2024 626,569 0.06 €1,400,000 Banco de Sabadell 5.375% 12.12.2028 1,315,380 0.14 €600,000 Banco de Sabadell 5.625% 06.05.2026 604,205 0.06 €600,000 Banco de Sabadell 6.5% Variable Perpetual 531,438 0.05 €800,000 Banco Santander 4.375% Variable Perpetual 678,170 0.07 €500,000 Banco Santander 6.25% Variable Perptual 453,736 0.05 €600,000 Bankia 0.875% 25.03.2024 527,369 0.05 €500,000 Bankia 1% 25.06.2024 434,470 0.05 €900,000 Bankia 3.375% 15.03.2027 805,949 0.08 €400,000 Bankia 6% Variable Perpetual 354,642 0.04 €400,000 Bankia Variable Perpetual 367,638 0.04 €1,100,000 Bankinter 0.625% 06.10.2027 935,861 0.10 €2,100,000 Bankinter 0.875% 08.07.2026 1,822,703 0.19 €100,000 Bank of America Variable 09.05.2030 90,957 0.01 €271,000 Bank of Ireland 0.75% 08.07.2024 232,997 0.02 €200,000 Bank of Ireland Variable Perpetual 173,388 0.02 €336,000 Barclays 1.5% 03.09.2023 300,389 0.03 €800,000 Barclays 8% Variable Perpetual 717,879 0.07 €1,500,000 Bayer 3.125% Variable 12.11.2079 1,321,633 0.14 €500,000 Bevco Lux SARL 1.75% 09.02.2023 449,673 0.05 €200,000 Blackstone Property Partners Europe 2.2% 24.07.2025 186,839 0.02

14 MI Select Managers Bond Fund MI Select Managers Bond Fund

Portfolio Statement continued Market % of total value net assets Holding Security £ 2020 Euro denominated corporate debt securities (continued) €150,000 BMW Finance 0% 14.04.2023 128,873 0.01 €4,700,000 Bonos Y Oblig Del Estado 0.5% 30.04.2030 4,127,779 0.43 €100,000 BPCE 0.625% 26.09.2023 87,960 0.01 €900,000 Caixabank 0.375% 03.02.2025 773,345 0.08 €300,000 Caixabank 1.125% 17.05.2024 267,204 0.03 €200,000 Caixabank 1.375% 19.06.2026 175,235 0.02 €900,000 Caixabank 2.75% 14.07.2028 811,902 0.08 €400,000 Caixabank 6.75% Variable Perpetual 382,302 0.04 €100,000 Castellum 2.125% 20.11.2023 92,229 0.01 €200,000 Ceetrus 2.75% 26.11.2026 185,425 0.02 €1,150,000 Celanese US 1.25% 11.02.2025 1,013,892 0.11 €303,000 Celanese US 2.125% 01.03.2027 277,407 0.03 €670,000 Centrica 3% 10.04.2076 583,785 0.06 €400,000 Ciaxa Geral De Dopositos 1.25% 25.11.2024 349,023 0.04 €232,000 CNH Industrial 1.875% 19.01.2026 210,145 0.02 €100,000 CNP Assurances 4.75% Variable Perpetual 93,459 0.01 €550,000 Coca-Cola European 1.5% 08.11.2027 514,771 0.05 €630,000 Coca-Cola European 2.375% 07.05.2025 601,400 0.06 €400,000 Commerzbank 7.75% 16.03.2021 370,464 0.04 €1,000,000 Cooperative Rabobank 0.25% 30.10.2026 857,491 0.09 €600,000 Cooperative Rabobank 0.875% 08.02.2028 562,444 0.06 €600,000 Cooperative Rabobank 6.625% Variable Perpetual 552,976 0.06 €200,000 CPI Property 1.45% 14.04.2022 176,061 0.02 €900,000 CPI Property 1.625% 23.04.2027 784,930 0.08 €100,000 CPI Property 2.125% 04.10.2024 90,751 0.01 €100,000 Credit Agricole London 0.75% 05.12.2023 88,517 0.01 €700,000 Credit Suisse Group 1% 24.06.2027 612,992 0.06 €1,010,000 Crown Euro 0.75% 15.02.2023 856,433 0.09 €100,000 Cyrusone 1.45% 22.01.2027 85,845 0.01 €932,000 Danske Bank Variable 21.06.2029 852,177 0.09 €1,150,000 De Volksbank 3.75% 05.11.2025 1,008,886 0.11 €1,200,000 Deutsche Bank 1.625% 20.01.2027 1,037,538 0.11 €100,000 Digital Euro Finco 1.125% 09.04.2028 87,233 0.01 €100,000 Digital Euro Finco 2.5% 16.01.2026 95,274 0.01 €1,770,000 DNB Bank 0.05% 14.11.2023 1,526,448 0.16 €868,000 Dow Chemical 0.5% 15.03.2027 737,753 0.08 €530,000 DP World 2.375% 25.09.2026 476,296 0.05 €700,000 EDF 2% 09.12.2049 640,842 0.07 €700,000 Electricite de France 4% Variable Perpetual 646,350 0.07 €792,000 Elm (Helvetia Schweiz) 3.375% 29.09.2047 753,787 0.08 €722,000 Emerson Electric 0.375% 22.05.2024 631,102 0.07 €650,000 Fairfax Financial 2.75% 29.03.2028 615,789 0.06 €909,000 FCA Bank Ireland 0.25% 28.02.2023 779,387 0.08 €600,000 FCE Bank 0.869% 13.09.2021 518,246 0.05 €480,000 FCE Bank 1.134% 10.02.2022 414,738 0.04 €900,000 FFP 1.875% 30.10.2026 788,793 0.08

MI Select Managers Bond Fund 15 MI Select Managers Bond Fund

Portfolio Statement continued Market % of total value net assets Holding Security £ 2020 Euro denominated corporate debt securities (continued) €670,000 Fomento Economico Mexicano 1.75% 20.03.2023 602,900 0.06 €1,058,000 Fresenius Medical Care 0.25% 29.11.2023 914,913 0.10 €61,000 GE Capital 6.025% 01.03.2038 84,135 0.01 €100,000 General Electric 0.375% 17.05.2022 86,298 0.01 €100,000 General Electric Floating Rate Note 28.05.2020 85,972 0.01 €720,000 General Mills 0.45% 15.01.2026 625,325 0.07 €450,000 Goldman Sachs 1.25% 01.05.2025 399,046 0.04 €700,000 Holding D’Infrastructure 0.625% 27.03.2023 602,319 0.06 €630,000 HSBC Holdings Floating Rate Note 05.10.2023 541,800 0.06 €910,000 Huntsman International 4.25% 01.04.2025 883,140 0.09 €100,000 IHO Verwaltungs GMBH 3.75% 15.09.2026 85,203 0.01 €100,000 IMCD 2.5% 26.03.2025 87,599 0.01 €800,000 ING 1.125% 14.02.2025 711,639 0.07 €400,000 ING Variable 22.03.2030 364,001 0.04 €200,000 Innogy Finance 0.75% 30.11.2022 175,578 0.02 €453,000 Intercontinental Hotels 2.125% 15.05.2027 413,990 0.04 €900,000 Intesa SanPaolo 7% Variable Perpetual 802,979 0.08 €200,000 JAB Holdings 1% 20.12.2027 175,088 0.02 €200,000 JAB Holdings 1.75% 25.06.2026 184,885 0.02 €600,000 JAB Holdings 2.25% 19.12.2039 552,616 0.06 €1,000,000 Jaguar Land Rover 5.875% 15.11.2024 822,024 0.09 €500,000 KBC Bank 0.75% 24.10.2027 463,339 0.05 €200,000 KBC 4.25% Variable Perpetual 176,404 0.02 €200,000 KBC 4.75% Variable Perpetual 182,448 0.02 €800,000 KBC Variable 18.09.2029 711,439 0.07 €200,000 Kennedy Wilson 3.25% 12.11.2025 182,680 0.02 €739,000 Kraft Heinz Foods 2.25% 25.05.2028 649,365 0.07 €500,000 La Banque Post Home Loan 0.875% 07.02.2028 467,738 0.05 €1,979,000 Leaseplan 0.125% 13.09.2023 1,685,572 0.18 €720,000 Leaseplan 0.75% 03.10.2022 629,662 0.06 €890,000 Leaseplan Variable Perpetual 864,257 0.09 €2,316,000 Lincoln Financing 3.625% 01.04.2024 1,933,001 0.20 €825,000 Lloyds Banking 1% 09.11.2023 726,508 0.08 €200,000 Lloyds Banking 6.375% Variable Perpetual 173,704 0.02 €1,300,000 Logicor Financing 1.625% 15.07.2027 1,169,563 0.12 €1,200,000 Logicor Financing 3.25% 13.11.2028 1,200,005 0.13 €100,000 Magna International 1.9% 24.11.2023 91,746 0.01 €300,000 Netflix 3.625% 15.06.2030 264,917 0.03 €400,000 NIBC Bank 1% 24.01.2028 374,321 0.04 €500,000 NIBC Bank 2% 09.04.2024 452,096 0.05 €910,000 NIBC Bank 6% Variable Perpetual 814,991 0.09 €100,000 NN 4.5% Variable Perpetual 95,554 0.01 €100,000 NN 4.625% 13.03.2048 100,645 0.01 €500,000 Nova Ljubljanska Banka 3.4% Variable 05.02.2030 436,920 0.05 €1,000,000 OTP Bank Variable 15.07.2029 886,343 0.09 €1,360,000 Paccar Financial Europe 0% 03.03.2023 1,174,351 0.12

16 MI Select Managers Bond Fund MI Select Managers Bond Fund

Portfolio Statement continued Market % of total value net assets Holding Security £ 2020 Euro denominated corporate debt securities (continued) €250,000 Parker-Hannifin 1.125% 01.03.2025 226,177 0.02 €600,000 Permanent TSB 2.125% Variable 26.09.2024 517,327 0.05 €100,000 Prosiebensat.1 Media 2.625% 15.04.2021 87,235 0.01 €220,000 PSA Banque France 0.5% 12.04.2022 191,068 0.02 €800,000 Rabobank 5.5% Variable Perpetual 695,333 0.07 €1,000,000 Raiffeisen Bank 0.25% 22.01.2025 861,339 0.09 €300,000 Raiffeisen Bank 0.375% 25.09.2026 258,622 0.03 €1,400,000 Raiffeisen Bank 6.125% Variable Perpetual 1,263,115 0.13 €400,000 Raiffeisen Bank Variable 12.03.2030 341,441 0.04 €300,000 RCI Banque 2.625% Variable 18.02.2030 253,563 0.03 €800,000 Republic of Chile 1.25% 29.01.2040 701,232 0.07 €715,000 Royal Bank of Scotland 2.5% 22.03.2023 654,995 0.07 €1,450,000 Royal Bank of Scotland Variable 04.03.2025 1,312,931 0.14 €300,000 Samhallsbyggnadsbolaget 1% 12.08.2027 259,420 0.03 €1,857,000 Santander UK Variable 28.02.2025 1,587,032 0.17 €412,000 Schaeffler 1.125% 26.03.2022 358,298 0.04 €800,000 Schaeffler 1.875% 26.03.2024 708,984 0.07 €450,000 SGSP Australia Assets 2% 30.06.2022 404,891 0.04 €300,000 Shinhan Bank 0.25% 16.10.2024 258,769 0.03 €333,000 Shinhan Bank 4% 23.04.2029 287,770 0.03 €490,000 Skandinaviska Enskilda 0.75% 15.11.2027 453,433 0.05 €100,000 Smurfit Kappa Treasury 1.5% 15.09.2027 86,026 0.01 €376,000 SRLEV 9% Variable 15.04.2041 347,672 0.04 €100,000 Standard Chartered 0.9% 02.07.2027 85,912 0.01 €300,000 Sumitomo Mitsui Financial 0.465% 30.05.2024 261,189 0.03 €100,000 Sydney Airport Finance 1.75% 26.04.2028 95,390 0.01 €1,300,000 Syngenta Finance 1.25% 10.09.2027 1,129,845 0.12 €100,000 Takeda Pharmaceutical 1.125% 21.11.2022 88,516 0.01 €800,000 TDF Infrastructure 2.5% 07.04.2026 736,532 0.08 €400,000 Telecom Italia 5.25% 17.03.2055 404,644 0.04 €100,000 Teleperformance 1.875% 02.07.2025 92,153 0.01 €900,000 Telstra 1.125% 14.04.2026 822,924 0.09 €879,000 Temasek Financial 0.5% 20.11.2031 786,587 0.08 €419,000 Tesco 5.125% 10.04.2047 523,898 0.05 €1,000,000 Tesco Treasury Services 1.375% 24.10.2023 894,982 0.09 €100,000 Teva Pharmaceuticals 1.25% 31.03.2023 78,690 0.01 €1,100,000 Teva Pharmaceutical Finance Netherlands 3.25% 15.04.2022 934,801 0.10 €570,000 Teva Pharmaceutical Finance Netherlands 4.5% 01.03.2025 483,760 0.05 €758,000 Thermo Fisher Scientific 0.125% 01.03.2025 647,275 0.07 €200,000 Thermo Fisher Scientific 0.5% 01.03.2028 171,357 0.02 €870,000 Thermo Fisher Scientific 1.875% 01.10.2049 720,299 0.07 €460,000 Thermo Fisher Scientific 2% 15.04.2025 428,000 0.04 €1,612,000 Toyota Motor Credit 0.25% 16.01.2026 1,388,792 0.14 €500,000 UBS 4.75% Variable 12.02.2026 446,877 0.05 €200,000 Unicredit 9.25% Variable Perpetual 194,513 0.02 €100,000 VF 0.25% 25.02.2028 86,143 0.01 €300,000 Volkswagen Bank GMBH 1.25% 01.08.2022 264,350 0.03 €400,000 Volkswagen Bank GMBH 2.5% 31.07.2026 376,996 0.04

MI Select Managers Bond Fund 17 MI Select Managers Bond Fund

Portfolio Statement continued Market % of total value net assets Holding Security £ 2020 Euro denominated corporate debt securities (continued) €700,000 Volkswagen Financial Services 0.625% 01.04.2022 607,024 0.06 €740,000 Volkswagen Financial Services 1.5% 01.10.2024 659,101 0.07 €900,000 Volkswagen International Finance 4.125% 16.11.2038 1,015,681 0.11 €1,920,000 Wells Fargo 0.625% 14.08.2030 1,613,801 0.17 €1,586,000 Westlake Chemical 1.625% 17.07.2029 1,383,668 0.14 €575,000 Westpac Banking 0.375% 05.03.2023 500,069 0.05 €400,000 Wintershall dea Finance 0.452% 25.09.2023 345,671 0.04 €500,000 Wintershall dea Finance 0.84% 25.09.2025 433,067 0.04 €1,000,000 WPC Eurobond 2.25% 09.04.2026 938,175 0.10 €200,000 ZF Capital 2.75% 27.04.2023 183,667 0.02 €1,200,000 ZF Europe Finance 3% 23.10.2029 1,054,386 0.11 €1,800,000 Zimmer Biomet 1.164% 15.11.2027 1,587,848 0.17 105,809,088 11.09 Euro denominated government debt securities 1.16% (0.98%) €6,493,000 Bundesschatzanweisungen 0% 12.06.2020 5,593,484 0.59 €3,105,000 France 0.75% 25.05.2052 2,888,147 0.30 €2,021,000 France 1.75% 25.05.2066 2,570,953 0.27 11,052,584 1.16 Collective Investment Scheme investments 3.75% (5.92%) 5,027,413 Insight GBP Liquidity Fund 2 Accumulation† 5,027,413 0.52 630,000 Insight GFII Emerging Markets Debt Fund† 5,241,096 0.55 249,200 Pimco Sterling Short Maturity ETF GBP† 25,567,920 2.68 35,836,429 3.75 Pound sterling denominated asset backed securities 0.69% (1.08%) £600,000 Alba Series 06-2 A3A 215,526 0.02 £1,200,000 Canada Square Funding Series 19-1 A 1,189,083 0.12 £200,000 EuroMastr Series 07-1V A2 83,029 0.01 £600,000 Finsbury Square Series 18-1 A 398,425 0.04 £600,000 Finsbury Square Series 18-2 A 462,549 0.05 £600,000 Gosforth Funding Series 18-1X A2 149,014 0.02 £600,000 Great Hall Mortgages Series 06-1 A2A 30,786 0.00 £600,000 Great Hall Mortgages Series 07-1 A2A 615,657 0.07 £600,000 Harben Finance Series 17-1X A 70,538 0.01 £600,000 Ludgate Funding Series 08-W1X A1 290,496 0.03 £500,000 Precise Mortgage Funding Series 17-1B A 380,337 0.04 £300,000 Precise Mortgage Funding Series 18-1B A 194,348 0.02 £100,000 Residential Mortgage Securities Series 28 A 20,531 0.00 £100,000 Ripon Mortgages Series 1X A1 70,742 0.01 £1,300,000 RMAC Series 18-1 A 1,045,358 0.11 £600,000 RMAC Series 18-2 A 516,956 0.05 £200,000 Silverstone Master Issuer Series 19-1X 2A 167,101 0.02 £700,000 Towd Point Mortgage Series 19-GR4X Cl A1 590,594 0.06 £200,000 Trinity Square Series 15-1X A 92,712 0.01 6,583,782 0.69

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Portfolio Statement continued Market % of total value net assets Holding Security £ 2020 Pound sterling denominated corporate debt securities 24.06% (24.56%) £100,000 AA Bond 2.75% 31.07.2023 97,287 0.01 £834,000 AA Bond 2.875% 31.01.2022 837,886 0.09 £337,000 AA Bond 4.2487% 31.07.2020 339,627 0.04 £1,000,000 AA Bond 4.875% 31.07.2024 1,027,200 0.11 £1,016,000 AA Bond 5.5% 31.07.2027 1,042,788 0.11 £1,460,000 Aeroporti di Roma 5.441% 20.02.2023 1,600,136 0.17 £500,000 American International 5% 26.04.2023 557,708 0.06 £2,800,000 Amgen 4% 13.09.2029 3,318,119 0.35 £1,000,000 Anglian Water Services Financing 1.625% 10.08.2025 1,018,424 0.11 £200,000 Anglian Water Services Financing 2.75% 26.10.2029 220,393 0.02 £1,200,000 Anheuser-Busch Inbev 2.25% 24.05.2029 1,246,457 0.13 £700,000 Anheuser-Busch Inbev 2.85% 25.05.2037 754,619 0.08 £600,000 Annington Funding 2.646% 12.07.2025 631,022 0.07 £500,000 Annington Funding 3.184% 12.07.2029 541,032 0.06 £400,000 Annington Funding 3.685% 12.07.2034 458,572 0.05 £100,000 AP Moller-Maersk 4% 04.04.2025 108,735 0.01 £100,000 APT Pipelines 3.5% 22.03.2030 111,866 0.01 £1,250,000 Aroundtown 3% 16.10.2029 1,329,376 0.14 £100,000 Aroundtown 3.25% 18.07.2027 108,390 0.01 £1,400,000 Aroundtown 3.625% 10.04.2031 1,546,563 0.16 £500,000 Arqiva Financing 5.34% 30.06.2030 620,935 0.07 £300,000 Assura Financing 3% 19.07.2028 331,740 0.03 £2,650,000 AT&T 4.25% 01.06.2043 3,097,703 0.32 £1,200,000 AT&T 4.375% 14.09.2029 1,418,859 0.15 £200,000 AT&T 4.875% 01.06.2043 253,779 0.03 £100,000 AT&T 5.2% 18.11.2033 129,312 0.01 £400,000 AT&T 5.5% 15.03.2027 494,659 0.05 £400,000 AXA 5.625% 16.01.2054 486,537 0.05 £700,000 AXA Variable Perpetual 790,509 0.08 £400,000 Bank of America 2.3% 25.07.2025 416,419 0.04 £500,000 Bank of America 4.25% 10.12.2026 586,014 0.06 £500,000 Bank of America 7% 31.07.2028 704,600 0.07 £140,000 Bank of Ireland 3.125% 19.09.2027 142,815 0.01 £800,000 Banque Federative Credit Mutuel 1.75% 19.12.2024 814,808 0.09 £400,000 Banque Federative Credit Mutuel 2.25% 18.12.2023 415,052 0.04 £250,000 Barclays 10% 21.05.2021 275,064 0.03 £1,000,000 Barclays 3.125% 17.01.2024 1,050,351 0.11 £800,000 Barclays 3.25% 12.02.2027 852,316 0.09 £1,200,000 Barclays 3.25% 17.01.2033 1,266,891 0.13 £659,000 Barclays 6.375% Variable Perpetual 693,479 0.07 £1,100,000 Barclays 7.25% Variable Perpetual 1,177,686 0.12 £200,000 Barclays Variable Perpetual 220,436 0.02 £1,100,000 Berkshire Hathaway 2.375% 19.06.2039 1,197,504 0.13 £1,200,000 BHP Billiton Finance 4.3% 25.09.2042 1,676,684 0.18 £900,000 BMW 1.375% 01.10.2024 898,938 0.09 £300,000 BNP Paribas 1.875% 14.12.2027 297,429 0.03

MI Select Managers Bond Fund 19 MI Select Managers Bond Fund

Portfolio Statement continued Market % of total value net assets Holding Security £ 2020 Pound sterling denominated corporate debt securities (continued) £1,400,000 BNP Paribas 3.375% 23.01.2026 1,523,046 0.16 £100,000 BNP Paribas 5.75% 24.01.2022 108,227 0.01 £500,000 BP Capital Markets 1.827% 08.09.2025 514,973 0.05 £200,000 BP Capital Markets 2.274% 03.07.2026 212,126 0.02 £500,000 BPCE 2.125% 16.12.2022 515,100 0.05 £400,000 BPCE 5.25% 16.04.2029 500,698 0.05 £1,400,000 British Land 2.375% 14.09.2029 1,470,223 0.15 £1,400,000 British Telecommunications 3.125% 21.11.2031 1,502,281 0.16 £400,000 Broadgate Financing 5.098% 05.04.2033 453,121 0.05 £500,000 Bunzl Finance 2.25% 11.06.2025 514,455 0.05 £1,350,000 Cadent Finance 2.125% 22.09.2028 1,394,942 0.15 £1,100,000 Cadent Finance 2.75% 22.09.2046 1,164,878 0.12 £280,000 Centrica 7% 19.09.2033 426,693 0.04 £1,000,000 Citigroup 1.75% 23.10.2026 1,006,350 0.11 £400,000 Citigroup 4.5% 03.03.2031 487,264 0.05 £1,350,000 Citigroup 5.15% 21.05.2026 1,633,384 0.17 £500,000 CK Hutchison 2% 17.10.2027 498,635 0.05 £1,100,000 Clarion Funding 2.625% 18.01.2029 FEB 1,212,123 0.13 £400,000 Clarion Funding 2.625% 18.01.2029 438,768 0.05 £800,000 Clarion Housing 3.125% 19.04.2048 989,600 0.10 £600,000 Comcast 1.5% 20.02.2029 598,202 0.06 £400,000 Comcast 1.875% 20.02.2036 398,932 0.04 £100,000 Compass 2% 03.07.2029 106,764 0.01 £500,000 Connect Plus Issuer 2.607% 31.03.2039 551,977 0.06 £400,000 Cooperative Rabobank 4.625% 23.05.2029 482,362 0.05 £500,000 Cooperative Rabobank 5.25% 14.09.2027 608,635 0.06 £100,000 CPI Property 2.75% 22.01.2028 100,769 0.01 £550,000 CPUK Finance 3.588% 28.08.2025 596,496 0.06 £200,000 Credit Agricole 7.5% Variable Perpetual 233,942 0.02 £700,000 Credit Suisse 2.125% 12.09.2025 713,368 0.07 £100,000 Credit Suisse 2.75% 08.08.2025 105,278 0.01 £100,000 CRH Finance 4.125% 02.12.2029 119,620 0.01 £2,200,000 CYBG Variable 03.09.2027 2,350,269 0.25 £300,000 CYBG Variable 14.12.2028 343,527 0.04 £1,400,000 CYBG Variable 25.09.2026 1,491,504 0.16 £700,000 Deutsch Bahn 1.875% 13.02.2026 733,481 0.08 £3,700,000 Deutsche Bank 2.625% 16.12.2024 3,750,805 0.39 £600,000 Deutsche Telekom 2.5% 10.10.2025 634,974 0.07 £400,000 Dexia Credit Local 1.625% 08.12.2023 412,116 0.04 £800,000 Digital Stout 4.25% 17.01.2025 901,883 0.09 £100,000 Discovery Communications 2.5% 20.09.2024 103,060 0.01 £300,000 Drax Finco 4.25% 01.05.2022 301,929 0.03 £100,000 Eastern Power Networks 5.75% 08.03.2024 117,939 0.01 £2,050,000 EIB 4.5% 07.06.2029 2,737,644 0.29 £100,000 EIB 6% 07.12.2028 144,529 0.02 £300,000 E.On International Finance 5.875 % 30.10.2037 450,696 0.05

20 MI Select Managers Bond Fund MI Select Managers Bond Fund

Portfolio Statement continued Market % of total value net assets Holding Security £ 2020 Pound sterling denominated corporate debt securities (continued) £800,000 E.On International Finance 6.375% 07.06.2032 1,167,606 0.12 £2,400,000 Electricite de France 5.5% 27.03.2037 3,440,750 0.36 £1,600,000 Electricite de France 5.5% 17.10.2041 2,368,112 0.25 £600,000 Electricite de France 6% Variable Perpetual 662,538 0.07 £300,000 Electricite de France 6.125% 02.06.2034 443,266 0.05 £500,000 Enel Finance 5.75% 14.09.2040 733,798 0.08 £1,900,000 European Investment Bank 3.75% 07.12.2027 2,335,216 0.24 £2,300,000 European Investment Bank 5.625% 07.06.2032 3,569,189 0.37 £600,000 Experian Finance 2.125% 27.09.2024 627,114 0.07 £700,000 Fidelity National Information Services 2.602% 21.05.2025 740,838 0.08 £100,000 First Abu Dhabi Bank 1.375% 19.02.2023 100,189 0.01 £1,100,000 Fiserv 2.25% 01.07.2025 1,141,706 0.12 £500,000 Fiserv 3% 01.07.2031 543,367 0.06 £600,000 Ford Motor Credit 4.535% 06.03.2025 633,330 0.07 £2,300,000 GE Capital UK Funding 5.875% 18.01.2033 3,090,231 0.32 £1,400,000 General Electric 5.25% 07.12.2028 1,749,622 0.18 £600,000 General Electric 5.375% 18.12.2040 811,842 0.09 £200,000 General Electric 6.25% 29.09.2020 205,329 0.02 £500,000 GlaxoSmithKline Capital 3.375% 20.12.2027 577,345 0.06 £400,000 GlaxoSmithKline Capital 5.25% 19.12.2033 573,970 0.06 £800,000 Glencore Finance Europe 3.125% 26.03.2026 829,981 0.09 £2,300,000 Goldman Sachs 3.125% 25.07.2029 2,498,582 0.26 £800,000 Goldman Sachs 4.25% 29.01.2026 907,058 0.10 £800,000 Grainger 3.375% 24.04.2028 875,831 0.09 £300,000 Greene King Finance 3.593% 15.03.2035 334,173 0.04 £400,000 Greene King Finance 4.064300% 15.03.2035 385,916 0.04 £600,000 Greene King Finance 5.106% 15.03.2034 730,140 0.08 £1,850,000 Greene King Finance 5.318% 15.09.2031 1,481,334 0.16 £200,000 Greene King Finance 5.702% 15.12.2034 185,856 0.02 £300,000 Hammerson 3.5% 27.10.2025 314,593 0.03 £500,000 Heathrow Funding 2.75% 09.08.2049 520,106 0.05 £500,000 Heathrow Finance 3.875% 01.03.2027 502,050 0.05 £1,000,000 Heathrow Finance 4.75% 01.03.2024 1,056,090 0.11 £300,000 Heathrow Funding 5.875% 13.05.2041 466,077 0.05 £200,000 Heathrow Funding 6.75% 03.12.2026 264,150 0.03 £800,000 Heathrow Funding 7.125% 14.02.2024 963,424 0.10 £750,000 HSBC Bank 4.75% 24.03.2046 967,830 0.10 £1,100,000 HSBC Bank 5.844% Variable Perpetual 1,524,402 0.16 £500,000 HSBC Holdings 2.625% 16.08.2028 527,739 0.06 £3,000,000 HSBC Holdings Variable 22.07.2028 3,199,126 0.34 £500,000 HSBC Holdings Variable Perpetual 538,750 0.06 £2,500,000 HSBC Variable 29.05.2030 2,673,223 0.28 £300,000 Informa 3.125% 05.07.2026 317,238 0.03 £1,000,000 ING Groep 3% 18.02.2026 1,070,084 0.11 £3,800,000 Innogy Finance 4.75% 31.01.2034 4,973,787 0.52 £500,000 Innogy Finance 6.125% 06.07.2039 791,166 0.08

MI Select Managers Bond Fund 21 MI Select Managers Bond Fund

Portfolio Statement continued Market % of total value net assets Holding Security £ 2020 Pound sterling denominated corporate debt securities (continued) £1,955,000 Intercontinental Hotels 2.125% 24.08.2026 1,963,144 0.21 £675,000 Intercontinental Hotels 3.875% 28.11.2022 719,417 0.08 £1,500,000 International Finance 0.75% 22.07.2027 1,509,359 0.16 £600,000 Jaguar Land Rover 3.875% 01.03.2023 555,785 0.06 £1,300,000 John Lewis 6.125% 21.01.2025 1,473,174 0.15 £1,000,000 Kennedy Wilson 3.95% 30.06.2022 1,037,850 0.11 £100,000 KFW 5.75% 07.06.2032 157,303 0.02 £300,000 Koninklijke KPN 5% 18.11.2026 350,793 0.04 £1,360,000 KPN 5.75% 17.09.2029 1,706,309 0.18 £850,000 Kraft Heinz Foods 4.125% 01.07.2027 919,615 0.10 £500,000 Land Securities 1.974% 08.02.2024 514,261 0.05 £300,000 Land Securities 2.399% 08.02.2029 322,197 0.03 £400,000 Land Securities 2.625% 22.09.2037 439,788 0.05 £150,000 LCR Finance 4.5% 07.12.2038 237,018 0.02 £1,100,000 Legal & General 5.375% 27.10.2045 1,245,717 0.13 £400,000 Legal & General 5.5% 27.06.2064 461,064 0.05 £600,000 Liberty Living Finance 3.375% 28.11.2029 655,560 0.07 £2,300,000 Lloyds Bank 1.75% 11.07.2024 2,320,401 0.24 £1,700,000 Lloyds Banking 2.25% 16.10.2024 1,741,463 0.18 £380,000 Lloyds Banking Variable 5.125% Perpetual 384,275 0.04 £369,000 Lloyds TSB 13% Perpetual 664,134 0.07 £700,000 Logicor Financing 2.75% 15.01.2030 712,992 0.07 £1,100,000 London Power Networks 2.625% 01.03.2029 1,186,196 0.13 £100,000 London Power Networks 6.125% 07.06.2027 131,023 0.01 £4,500,000 LVMH Moet Hennessy Vuitt 1.125% 11.02.2027 4,451,331 0.47 £100,000 M&G Variable 20.07.2055 110,897 0.01 £100,000 Manchester Airport Group Funding 2.875% 31.03.2039 106,960 0.01 £100,000 Manchester Airport Group Funding 4.125% 02.04.2024 111,492 0.01 £600,000 Marks & Spencer 4.75% 12.06.2025 668,372 0.07 £1,100,000 Massmutual Global Funding 1.375% 15.12.2026 1,112,118 0.12 £100,000 Met Life Global 2.875% 11.01.2023 105,172 0.01 £400,000 Met Life Global Fundway 1.625% 21.09.2029 405,764 0.04 £1,150,000 Mitchells & Butlers 5.965% 15.12.2023 277,051 0.03 £1,175,000 Mitchells & Butlers 6.013% 15.12.2028 1,125,333 0.12 £150,000 Mitchells & Butlers 6.469% 15.09.2030 179,609 0.02 £225,000 Mondelez International 4.5% 03.12.2035 283,975 0.03 £1,400,000 Morhomes 3.4% 19.02.2038 1,580,169 0.17 £600,000 Motability Operations 2.375% 14.03.2032 647,271 0.07 £400,000 Motability Operations 4.375% 08.02.2027 481,663 0.05 £400,000 Motability Operations 6% 29.11.2030 562,850 0.06 £1,700,000 MPT Operating Partnership 2.55% 05.12.2023 1,740,948 0.18 £600,000 MPT Operating Partnership 3.692% 05.06.2028 636,254 0.07 £600,000 National Express 2.5% 11.11.2023 621,791 0.07 £300,000 National Express 2.375% 20.11.2028 306,075 0.03 £500,000 National Grid 1.375% 07.02.2031 495,300 0.05 £1,200,000 National Grid 1.375% 16.09.2026 1,210,810 0.13

22 MI Select Managers Bond Fund MI Select Managers Bond Fund

Portfolio Statement continued Market % of total value net assets Holding Security £ 2020 Pound sterling denominated corporate debt securities (continued) £300,000 National Grid 4% 08.06.2027 356,255 0.04 £1,680,000 Nationwide Building Society 1% 24.01.2023 1,674,924 0.18 £219,000 Nationwide Building Society Variable Perpetual 232,131 0.02 £700,000 Neder Waterschapsbank 5.375% 07.06.2032 1,051,253 0.11 £800,000 Network Rail 4.75% 29.11.2035 1,242,380 0.13 £500,000 New York Life Global 1.25% 17.12.2026 504,345 0.05 £1,700,000 New York Life Global 1.625% 15.12.2023 1,737,497 0.18 £200,000 Next 3% 26.08.2025 211,184 0.02 £400,000 Next 3.625% 18.05.2028 436,075 0.05 £600,000 Northern Powergrid Yorkshire 4.375% 05.07.2032 778,104 0.08 £100,000 Northumbrian Water Finance 2.375% 05.10.2027 105,992 0.01 £100,000 Notting Hill House Trust 3.25% 12.10.2048 114,931 0.01 £200,000 Orange 3.25% 15.01.2032 225,776 0.02 £500,000 Orange 5.625% 23.01.2034 710,228 0.08 £700,000 Orsted 2.125% 17.05.2027 736,256 0.08 £100,000 Peabody Capital No Two 3.25% 14.09.2048 121,311 0.01 £600,000 Petrobras Global Finance 5.375% 01.10.2029 664,830 0.07 £900,000 Places for People 3.625% 22.11.2028 1,009,170 0.11 £1,700,000 Places for People Treasury 2.875% 17.08.2026 1,801,249 0.19 £500,000 Prologis 2.25% 30.06.2029 531,832 0.06 £100,000 Province of Alberta 1% 15.11.2021 100,369 0.01 £400,000 Province of Quebec 1.5% 15.12.2023 410,360 0.04 £300,000 Prudential 6.125% 19.12.2031 395,845 0.04 £400,000 Quadgas Finance 3.375% 17.09.2029 431,668 0.05 £300,000 RAC Bond 4.565% 06.05.2023 311,124 0.03 £200,000 Rio Tinto Finance 4% 11.12.2029 246,429 0.03 £200,000 Riverside Finance 3.875% 05.12.2044 270,581 0.03 £400,000 Royal Bank of Scotland 2.875% Variable 19.09.2026 417,671 0.04 £800,000 Royal Bank of Scotland Variable 28.03.2027 848,152 0.09 £789,000 RSA Insurance 1.625% 28.08.2024 799,567 0.08 £1,700,000 Santander UK 2.92% 08.05.2026 1,776,387 0.19 £200,000 Santander UK 3.625% 14.01.2026 218,441 0.02 £400,000 Santander UK 6.75% Perpetual 430,940 0.05 £1,015,000 Santander UK 7.375% Variable Perpetual 1,079,980 0.11 £300,000 Scotland Gas Network 4.875% 21.12.2034 415,704 0.04 £600,000 Severn Trent Water 2.75% 05.12.2031 673,912 0.07 £350,000 Sky 4% 26.11.2029 428,490 0.05 £300,000 Sky 6% 21.05.2027 394,345 0.04 £200,000 SLM Student Loan Trust 2003-10 1.065963% 15.12.2039 190,103 0.02 £100,000 SNCF Reseau 5% 11.03.2052 180,668 0.02 £1,600,000 Societe Generale 1.875% 03.10.2024 1,620,949 0.17 £200,000 Societe Generale 6.75% Variable Perpetual 180,232 0.02 £600,000 Society of Lloyds 4.75% 30.10.2024 664,579 0.07 £900,000 Society of Lloyds 4.875% Variable 07.02.2047 991,549 0.10 £200,000 Sodexo 1.75% 26.06.2028 210,406 0.02 £100,000 South Electric Power Networks 5.5% 05.06.2026 123,371 0.01

MI Select Managers Bond Fund 23 MI Select Managers Bond Fund

Portfolio Statement continued Market % of total value net assets Holding Security £ 2020 Pound sterling denominated corporate debt securities (continued) £500,000 Southern Electric Power 5.5% 07.06.2032 698,174 0.07 £200,000 Southern Gas Network 3.1% 15.09.2036 232,248 0.02 £300,000 Southern Gas Network 4.875% 21.03.2029 388,012 0.04 £800,000 SP Transmission 2% 13.11.2031 824,920 0.09 £200,000 Student Finance 2.6663% 30.09.2024 204,042 0.02 £600,000 Telefonica Emisiones 5.375% 02.02.2026 724,028 0.08 £700,000 Telereal Secured Finance 4.01% 10.12.2031 569,619 0.06 £600,000 Telereal Securitisation 4.9741% 10.09.2027 407,142 0.04 £600,000 Tesco Personal Finance 3.5% 25.07.2025 632,296 0.07 £500,000 Tesco Property Finance 5.4111% 13.07.2044 619,046 0.07 £300,000 Tesco Property Finance 5.6611% 13.10.2041 391,616 0.04 £950,000 Tesco Property Finance 5.744% 13.04.2040 1,213,435 0.13 £1,400,000 Tesco Property Finance 5.8006% 13.10.2040 1,831,130 0.19 £1,720,000 Tesco Property Finance 6.0517% 13.10.2039 1,918,643 0.20 £200,000 Thames Water Utilities 3.5% 25.02.2028 224,638 0.02 £400,000 Thames Water Utilities 4.375% 03.07.2034 506,044 0.05 £200,000 Thames Water Utilities Cayman 2.625% 24.01.2032 212,596 0.02 £1,600,000 Time Warner Cable 5.25% 15.07.2042 1,974,416 0.21 £600,000 Total Capital International 1.405% 03.09.2031 595,878 0.06 £800,000 TP ICAP 5.25% 26.01.2024 892,704 0.09 £800,000 TP ICAP 5.25% 29.05.2026 879,208 0.09 £300,000 Trafford Centre 4.75% 28.04.2024 324,579 0.03 £600,000 Trafford Centre 7.03% 28.01.2029 385,499 0.04 £1,150,000 Travis Perkins 4.375% 15.09.2021 1,182,051 0.12 £700,000 Travis Perkins 4.5% 07.09.2023 733,614 0.08 £3,900,000 Unique Pub Finance 5.659% 30.06.2027 2,759,544 0.29 £200,000 Unique Pub Finance 7.395% 28.03.2024 226,204 0.02 £1,000,000 Unite 3.5% 15.10.2028 1,111,240 0.12 £100,000 Verizon Communications 3.375% 27.10.2036 116,100 0.01 £200,000 Virgin Money 3.125% 22.06.2025 203,352 0.02 £100,000 Virgin Money 3.375% 24.04.2026 102,887 0.01 £900,000 Virgn Media 4.25% 15.01.2030 902,584 0.09 £1,100,000 Volkswagen Financial Services 1.625% 30.11.2022 1,103,056 0.12 £100,000 Volkswagen Financial Services 1.875% 07.09.2021 100,775 0.01 £2,300,000 Wells Fargo & Co 2% 28.07.2025 2,359,605 0.25 £600,000 Wells Fargo & Co 2.125% 20.12.2023 617,702 0.06 £200,000 Wells Fargo & Co 2.125% 24.09.2031 203,992 0.02 £400,000 Wells Fargo & Co 2.5% 02.05.2029 421,664 0.04 £200,000 Wells Fargo & Co 4.625% 02.11.2035 267,760 0.03 £300,000 Wells Fargo & Co 4.875% 29.11.2035 395,748 0.04 £400,000 Wells Fargo Bank 5.25% 01.08.2023 450,656 0.05 £100,000 Welltower 4.8% 20.11.2028 121,503 0.01 £1,400,000 Western Power Distributions 1.75% 09.09.2031 1,395,180 0.15 £800,000 Western Power Distributions 2.375% 16.05.2029 842,890 0.09 £300,000 Western Power South Wales 5.75% 23.03.2040 469,144 0.05 £200,000 Westfield America Management 2.625% 30.03.2025 213,595 0.02

24 MI Select Managers Bond Fund MI Select Managers Bond Fund

Portfolio Statement continued Market % of total value net assets Holding Security £ 2020 Pound sterling denominated corporate debt securities (continued) £1,000,000 Westfield Stratford City 1.642% 04.08.2026 1,029,679 0.11 £700,000 Whitbread 3.375% 16.10.2025 731,122 0.08 £337,000 WM Morrison Supermarkets 2.5% 01.10.2031 344,013 0.04 £100,000 Yorkshire Building Society Variable 18.04.2025 104,271 0.01 £400,000 Yorkshire Housing Finance 4.125% 31.10.2044 539,608 0.06 229,665,411 24.06 Pound sterling denominated government debt securities 41.64% (41.40%) £964,000 Treasury 0.125% Index Linked 10.08.2028 1,274,048 0.13 £1,048,000 Treasury 0.125% Index Linked 10.08.2041 1,791,354 0.19 £1,020,000 Treasury 0.125% Index Linked 10.08.2048 2,000,476 0.21 £1,557,000 Treasury 0.125% Index Linked 22.03.2024 2,078,571 0.22 £1,319,000 Treasury 0.125% Index Linked 22.03.2026 1,754,394 0.18 £1,414,000 Treasury 0.125% Index Linked 22.03.2029 2,228,178 0.23 £1,566,000 Treasury 0.125% Index Linked 22.03.2044 3,232,198 0.34 £1,331,000 Treasury 0.125% Index Linked 22.03.2046 2,668,856 0.28 £1,081,000 Treasury 0.125% Index Linked 22.03.2058 2,697,642 0.28 £1,275,000 Treasury 0.125% Index Linked 22.03.2068 3,990,638 0.42 £1,199,000 Treasury 0.125% Index Linked 22.11.2036 2,031,501 0.21 £598,000 Treasury 0.125% Index Linked 22.11.2056 1,415,479 0.15 £716,000 Treasury 0.125% Index Linked 22.11.2065 2,027,020 0.21 £1,223,000 Treasury 0.25% Index Linked 22.03.2052 2,996,451 0.31 £1,238,000 Treasury 0.375% Index Linked 22.03.2062 3,839,101 0.40 £4,962,000 Treasury 0.5% 22.07.2022 4,985,669 0.52 £1,221,000 Treasury 0.5% Index Linked 22.03.2050 3,439,101 0.36 £1,407,000 Treasury 0.625% Index Linked 22.03.2040 3,273,584 0.34 £1,255,000 Treasury 0.625% Index Linked 22.11.2042 3,162,045 0.33 £19,625,000 Treasury 0.75% 22.07.2023 19,916,824 2.09 £1,455,000 Treasury 0.75% Index Linked 22.03.2034 2,811,820 0.29 £1,161,000 Treasury 0.75% Index Linked 22.11.2047 3,374,261 0.35 £66,708,000 Treasury 0.875% 22.10.2029 69,600,459 7.29 £1,304,000 Treasury 1.125% Index Linked 22.11.2037 3,330,018 0.35 £1,406,000 Treasury 1.25% Index Linked 22.11.2027 2,829,456 0.30 £1,339,000 Treasury 1.25% Index Linked 22.11.2032 2,830,382 0.30 £1,010,000 Treasury 1.25% Index Linked 22.11.2055 4,165,548 0.44 £33,907,000 Treasury 1.5% 22.07.2047 38,548,868 4.04 £1,932,000 Treasury 1.625% 22.10.2071 2,611,871 0.27 £60,062,000 Treasury 1.75% 07.09.2037 69,227,461 7.25 £35,504,000 Treasury 1.75% 22.01.2049 42,817,824 4.49 £115,000 Treasury 1.75% 22.07.2057 148,166 0.02 £1,548,000 Treasury 1.875% Index Linked 22.11.2022 2,465,876 0.26 £901,000 Treasury 2% Index Linked 26.01.2035 2,667,411 0.28 £48,769,000 Treasury 2.25% 07.09.2023 52,086,755 5.46 £666,000 Treasury 2.5% Index Linked 16.04.2020 2,347,071 0.25 £675,000 Treasury 2.5% Index Linked 17.07.2024 2,443,358 0.26 £400,000 Treasury 3.25% 22.01.2044 598,080 0.06

MI Select Managers Bond Fund 25 MI Select Managers Bond Fund

Portfolio Statement continued Market % of total value net assets Holding Security £ 2020 Pound sterling denominated government debt securities (continued) £300,000 Treasury 3.5% 22.01.2045 470,730 0.05 £182,000 Treasury 3.5% 22.07.2068 375,866 0.04 £479,000 Treasury 4.125% Index Linked 22.07.2030 1,839,216 0.19 £6,900,000 Treasury 4.25% 07.12.2027 8,983,248 0.94 £100,000 Treasury 4.25% 07.12.2046 178,510 0.02 £3,633,000 Treasury 4.75% 07.03.2020 3,633,000 0.38 £4,337,000 Treasury 4.75% 07.12.2030 6,303,396 0.66 397,491,781 41.64 United States dollar denominated corporate debt securities 15.05% (13.67%) $855,000 Abbvie 3.2% 21.11.2029 707,817 0.07 $580,000 Abbvie 3.6% 14.05.2025 489,688 0.05 $200,000 Abbvie 4.7% 14.05.2045 184,276 0.02 $855,000 ABN Amro Bank 6.25% 27.04.2022 727,704 0.08 $550,000 Abu Dhabi 2.5% 11.10.2022 438,415 0.05 $540,000 Akbank TAS 5.125% 31.03.2025 402,425 0.04 $1,070,000 Aker BP 3.75% 15.01.2030 830,793 0.09 $2,540,000 Aker BP 3.75% 15.01.2030 1,972,164 0.21 $100,000 Ally Financial 4.125% 30.03.2020 78,341 0.01 $1,880,000 American Honda Finance 2.4% 27.06.2024 1,520,215 0.16 $625,000 American Tower 3.0% 15.06.2023 511,117 0.05 $500,000 Amgen 4.563% 15.06.2048 474,779 0.05 $801,000 ANZ New Zealand International 3.4% 19.03.2024 670,592 0.07 $340,000 Apache 5.25% 01.02.2042 270,340 0.03 $174,000 Apache 5.35% 01.07.2049 138,155 0.01 $1,000,000 Apple 2.05% 11.09.2026 802,691 0.08 $670,000 Ashtead Capital 4.375% 15.08.2027 540,453 0.06 $100,000 AT&T 3.48963% Floating Rate Note 12.06.2024 79,168 0.01 $460,000 AT&T 4.5% 09.03.2048 414,387 0.04 $400,000 Banco Bilbao Vizcaya Variable Perpetual 323,861 0.03 $1,140,000 Banco Santander Chile 2.5% 15.12.2020 891,124 0.09 $400,000 Bank of America 3.419% 20.12.2028 339,081 0.04 $1,200,000 Bank of America Variable 15.03.2025 1,000,195 0.10 $2,240,000 Bank of Ireland 4.125% Variable 19.09.2027 1,797,816 0.19 $810,000 Bank of Nova Scotia 2.35% 21.10.2020 637,881 0.07 $830,000 Bank of Nova Scotia 2.45% 22.03.2021 657,623 0.07 $985,000 Banque Federative Credit Mutuel 2.2% 20.07.2020 772,941 0.08 $200,000 Barclays 4.375% 12.01.2026 173,399 0.02 $200,000 Barclays 4.836% 09.05.2028 172,675 0.02 $2,700,000 Barclays 7.625% 21.11.2022 2,359,081 0.25 $400,000 Barclays 7.75% Variable Perpetual 335,279 0.04 $200,000 Barclays Floating Rate Note 16.05.2024 158,304 0.02 $1,010,000 Barclays Variable 15.02.2023 831,469 0.09 $200,000 Barclays Variable 16.05.2024 166,561 0.02 $500,000 Barclays Variable Perpetual 429,946 0.05 $580,000 Bharti Airtel International 5.35% 20.05.2024 497,852 0.05

26 MI Select Managers Bond Fund MI Select Managers Bond Fund

Portfolio Statement continued Market % of total value net assets Holding Security £ 2020 United States dollar denominated corporate debt securities (continued) $1,630,000 BMW US Capital 3.4% 13.08.2021 1,312,418 0.14 $1,234,000 BMW US Capital 3.45% 12.04.2023 1,016,988 0.11 $510,000 BMW US Capital 3.625% 18.04.2029 Reg S 445,841 0.05 $400,000 BNP Paribas 4.4% 14.08.2028 355,804 0.04 $200,000 BNP Paribas 6.75% Variable Perpetual 163,822 0.02 $500,000 Boston Properties 3.4% 21.06.2029 425,965 0.04 $1,000,000 BP Capital Markets 4.234% 06.11.2028 906,061 0.09 $370,000 BPCE 2.375% 14.01.2025 293,648 0.03 $2,230,000 BPCE 2.7% 01.10.2029 1,815,430 0.19 $356,000 Braskem America Finance 7.125% 22.07.2041 327,010 0.03 $670,000 Braskem Finance 6.45% 03.02.2024 573,594 0.06 $1,921,000 Braskem Idesa Sapi 7.45% 15.11.2029 1,497,923 0.16 $1,700,000 Bristol-Myers Squibb 3.2% 15.06.2026 1,453,609 0.15 $390,000 Bristol-Myers Squibb 4.125% 15.06.2039 373,280 0.04 $280,000 Celanese US 3.5% 08.05.2024 232,572 0.02 $50,000 Centene 4.25% 15.12.2027 144A 40,777 0.00 $75,000 Centene 4.75% 15.01.2025 144A 59,988 0.01 $430,000 Charter Communications 3.579% 23.07.2020 338,620 0.04 $200,000 Charter Communications 4.5% 01.02.2024 170,406 0.02 $200,000 Charter Communications 5.125% 01.07.2049 174,377 0.02 $1,390,000 Charter Communications 6.484% 23.10.2045 1,390,838 0.15 $520,000 Cheniere 5.875% 31.03.2025 456,611 0.05 $964,000 Cheniere Energy Partners 4.5% 01.10.2029 719,811 0.08 $425,000 Citigroup 3.2% 21.10.2026 357,202 0.04 $850,000 Citigroup Variable 01.06.2024 712,010 0.07 $900,000 Citigroup Variable 24.04.2025 745,923 0.08 $709,000 CNH Industrial 4.2% 15.01.2024 596,763 0.06 $860,000 Colbun 3.95% 11.10.2027 714,009 0.07 $1,270,000 Comcast 3.3% 01.02.2027 1,081,239 0.11 $1,025,000 Comcast 3.55% 01.05.2028 892,223 0.09 $200,000 Comcast 3.95% 15.10.2025 175,326 0.02 $1,000,000 Credit Suisse 3.45% 16.04.2021 798,591 0.08 $200,000 Credit Suisse Variable Perpetual 168,512 0.02 $200,000 Credit Suisse 6.25% Variable Perpetual 168,592 0.02 $400,000 Credit Suisse 6.5% 08.08.2023 144A 350,329 0.04 $800,000 Credit Suisse 6.5% 08.08.2023 REGS 700,139 0.07 $400,000 Credit Suisse 7.5% Variable Perpetual 337,023 0.04 $1,400,000 Credit Suisse Funding 3.75% 26.03.2025 1,183,027 0.12 $770,000 Daimler Finance 3.4% 22.02.2022 (Reg S) 621,661 0.06 $820,000 Daimler Finance 3.4% 22.02.2022 144A 662,246 0.07 $159,000 Daimler Finance 3.45% 06.01.2027 132,481 0.01 $189,000 Daimler Finance 4.3% 22.02.2029 169,507 0.02 $530,000 Danske Bank 3.244% Variable 20.12.2025 144a 432,768 0.04 $1,190,000 Danske Bank 5% 12.01.2022 986,108 0.10 $570,000 DBS 2.85% 16.04.2022 459,273 0.05 $1,110,000 Dell International 8.35% 15.07.2046 1,178,109 0.12

MI Select Managers Bond Fund 27 MI Select Managers Bond Fund

Portfolio Statement continued Market % of total value net assets Holding Security £ 2020 United States dollar denominated corporate debt securities (continued) $1,500,000 Development Bank of Japan 1.875% 02.10.2024 1,205,150 0.13 $938,000 DP World 5.625% 25.09.2048 823,645 0.09 $200,000 Drax Finco 6.625% 01.11.2025 162,759 0.02 $330,000 Dubai Electricity & Water 7.375% 21.10.2020 267,330 0.03 $430,000 Duke Energy Florida 3.8% 15.07.2028 382,686 0.04 $330,000 Duke Energy Progress 3.45% 15.03.2029 289,210 0.03 $700,000 Electricite de France 4.5% 21.09.2028 637,362 0.07 $129,000 Embraer Netherlands Finance 5.05% 15.06.2025 110,084 0.01 $1,180,000 Emirates Telecom 3.5% 18.06.2024 969,751 0.10 $1,572,000 Enbridge 3.125% 15.11.2029 1,278,495 0.13 $1,192,000 Enel Chile 4.875% 12.06.2028 1,055,081 0.11 $980,000 Enel Finance International 2.65% 10.09.2024 792,450 0.08 $3,475,000 Enel Finance International 2.65% 10.09.2024 2,809,964 0.29 $1,800,000 Enel Finance International 3.625% 25.05.2027 1,503,415 0.16 $200,000 Enel Finance International 4.625% 14.09.2025 175,775 0.02 $770,000 Enn Energy 6% 13.05.2021 629,477 0.06 $600,000 Enterprise Products 4.875% 16.08.2077 473,565 0.05 $600,000 Ertse Group Bank 5.5% 26.05.2025 472,842 0.05 $870,000 FMG Resources 4.75% 15.05.2022 692,193 0.07 $384,000 FMG Resources Aug 2006 4.5% 15.09.2027 296,080 0.03 $465,000 FMG Resources Aug 2006 4.5% 15.09.2027 (144A) 354,038 0.04 $640,000 FMG Resources Aug 2006 4.75% 15.05.2022 514,155 0.05 $790,000 FMG Resources Aug 2006 5.125% 15.05.2024 635,346 0.07 $1,063,000 Fomento Economico Mexicano 3.5% 16.01.2050 872,820 0.09 $400,000 General Electric 5.875% 14.01.2038 402,501 0.04 $650,000 General Electric 6.15% 07.08.2037 670,317 0.07 $500,000 Georgia Power 2.1% 30.07.2023 398,864 0.04 $640,000 Goldman Sachs 2.75% 15.09.2020 502,710 0.05 $600,000 Greenko Solar Mauritius 5.55% 29.01.2025 477,808 0.05 $564,000 Grupo Bimbo 3.875% 27.06.2024 476,890 0.05 $995,000 Hankook Tire 3.5% 30.01.2023 814,444 0.09 $200,000 HBSC Holdings 3.803% Variable 11.03.2025 167,404 0.02 $200,000 HCA 4.5% 15.02.2027 173,258 0.02 $200,000 Host Hotels & Resorts 3.375% 15.12.2029 166,946 0.02 $500,000 HSBC Holdings 3.033% Variable 22.11.2023 404,839 0.04 $900,000 HSBC Holdings 3.9% 25.05.2026 769,725 0.08 $940,000 HSBC Holdings 4.292% Variable 12.09.2026 810,481 0.08 $800,000 HSBC Holdings Variable 19.06.2029 708,717 0.07 $1,300,000 Hyundai Capital America 3.4% 20.06.2024 1,071,467 0.11 $1,100,000 Hyundai Capital America 3.45% 12.03.2021 875,520 0.09 $2,850,000 IBM 3% 15.05.2024 2,360,834 0.25 $700,000 Industrial & Commercial Bank China 2.25% 16.09.2022 556,551 0.06 $200,000 ING 3.15% 29.03.2022 161,539 0.02 $370,000 ING 4.625% 06.01.2026 331,035 0.03 $500,000 ING 4.875% Variable Perpetual 380,142 0.04 $200,000 ING 6.875% 16.04.22 Perpetual 164,212 0.02 $558,000 International Paper 4.8% 15.06.2044 497,945 0.05

28 MI Select Managers Bond Fund MI Select Managers Bond Fund

Portfolio Statement continued Market % of total value net assets Holding Security £ 2020 United States dollar denominated corporate debt securities (continued) $725,000 Intesa Sanpaolo 3.25% 23.09.2024 585,773 0.06 $1,504,000 Itau Uniban Variable 21.11.2029 1,179,356 0.12 $500,000 JP Morgan Chase 3.54% 01.05.2028 427,472 0.04 $970,000 JP Morgan Chase 3.625% 01.12.2027 824,528 0.09 $300,000 JP Morgan Chase 4.203% 23.07.2029 270,056 0.03 $1,240,000 JP Morgan Chase Variable 01.04.2023 1,003,494 0.11 $1,250,000 JP Morgan Chase Variable 25.04.2023 1,004,117 0.11 $240,000 Kinder Morgan 5% 01.10.2021 196,639 0.02 $1,150,000 Komatsu Finance America 2.437% 11.09.2022 915,624 0.09 $370,000 Kookmin Bank 2.25% 03.02.2021 291,715 0.03 $325,000 Korea Southern Power 3% 29.01.2021 257,823 0.03 $1,981,000 Kraft Heinz Foods 5% 04.06.2042 1,546,760 0.16 $141,000 Kraft Heinz Foods 7.125% 01.08.2039 134,586 0.01 $1,020,000 Kroger 2.65% 15.10.2026 830,957 0.09 $1,125,000 Kroger 3.7% 01.08.2027 973,852 0.10 $1,000,000 Lloyds Banking 3.574% 07.11.2028 836,831 0.09 $200,000 Lloyds Banking 4.344% 09.01.2048 176,356 0.02 $200,000 Lloyds Banking 4.582% 10.12.2025 171,051 0.02 $300,000 MidAmerican Energy 3.65% 15.04.2029 266,709 0.03 $200,000 Mitchells and Butlers Finance Floating Rate Note 15.12.2030 85,768 0.01 $500,000 Mitsubishi UFJ Finance 3.455% 02.03.2023 413,677 0.04 $610,000 Molson Coors Brewing 2.1% 15.07.2021 481,104 0.05 $976,000 Mondelez 2.25% 19.09.2024 785,824 0.08 $1,090,000 Morgan Stanley Variable 24.04.2024 904,189 0.09 $1,140,000 National Grid 2.375% 30.09.2020 895,521 0.09 $490,000 Nationwide Building Society 3.9% 21.07.2025 425,874 0.04 $200,000 Nationwide Building Society 3.96% 18.07.2030 172,720 0.02 $250,000 Nationwide Building Society 4% 14.09.2026 210,231 0.02 $880,000 Nemak 4.75% 23.01.2025 703,738 0.07 $100,000 Netflix 4.875% 15.06.2030 81,963 0.01 $918,000 Network I2I 5.65% Variable Perpetual 716,835 0.07 $690,000 Occidental Petroleum 4.1% 15.02.2047 486,415 0.05 $2,937,000 Occidental Petroleum 4.2% 15.03.2048 2,140,218 0.22 $644,000 Occidental Petroleum 4.4% 15.04.2046 473,952 0.05 $1,150,000 Orbia Advance 4.875% 19.09.2022 954,816 0.10 $700,000 Orbia Advance 5.875% 17.09.2044 629,688 0.06 $1,280,000 Paccar Financial 2.65% 10.05.2022 1,032,447 0.11 $31,000 Packaging Corporation of America 3.4% 15.12.2027 26,363 0.00 $1,705,000 Packaging Corporation of America 3.65% 15.09.2024 1,421,585 0.15 $442,000 Parker-Hannifin 2.7% 14.06.2024 360,960 0.04 $100,000 RBS 6% 19.12.2023 87,330 0.01 $360,000 Relx Capital 3.5% 16.03.2023 296,737 0.03 $1,200,000 Relx Capital 4% 18.03.2029 1,073,274 0.11 $200,000 Renew Power PVT 5.875% 05.03.2027 155,937 0.02 $1,000,000 Royal Bank of Scotland 3.498% 15.05.2023 808,432 0.08 $500,000 Royal Bank of Scotland 4.519% Variable 25.06.2024 421,557 0.04 $500,000 Royal Bank of Scotland 4.8% 05.04.2026 445,103 0.05

MI Select Managers Bond Fund 29 MI Select Managers Bond Fund

Portfolio Statement continued Market % of total value net assets Holding Security £ 2020 United States dollar denominated corporate debt securities (continued) $600,000 Royal Bank of Scotland 7.5% Variable Perpetual 474,528 0.05 $2,374,000 Royal Bank of Scotland 8.625% Variable Perpetual 1,974,622 0.21 $200,000 Royal Bank of Scotland Floating Rate Note 15.05.2023 158,097 0.02 $500,000 Royal Bank of Scotland Variable 22.03.2025 420,995 0.04 $800,000 Royal Bank of Scotland Variable 27.01.2030 741,491 0.08 $400,000 Santander UK 4.75% 15.09.2025 345,144 0.04 $200,000 Santander UK 5% 07.11.2023 172,662 0.02 $1,100,000 Scottish Hydro Electric 2.25% 27.09.2035 1,138,830 0.12 $490,000 Shimao Property 5.6% 15.07.2026 396,435 0.04 $600,000 Singtel Group Treasury 3.875% 28.08.2028 537,224 0.06 $986,000 Societe Generale 3.875% 28.03.2024 827,497 0.09 $100,000 Southern Cal Edison 6.65% 01.04.2029 99,931 0.01 $1,000,000 Standard Chartered 3.885% 15.03.2024 822,391 0.09 $550,000 Suzano Austria 5.75% 14.07.2026 485,002 0.05 $290,000 Suzano Austria 7% 16.03.2047 270,436 0.03 $1,236,000 Suzano Austria 7% 16.03.2047 Regs 1,145,475 0.12 $620,000 Syngenta Finance 3.125% 28.03.2022 489,166 0.05 $600,000 Syngenta Finance 4.441% 24.04.2023 144A 500,776 0.05 $200,000 Syngenta Finance 4.441% 24.04.2023 REGS 166,925 0.02 $500,000 Syngenta Finance 5.182% 24.04.2028 447,318 0.05 $1,070,000 Syngenta Finance 5.676% 24.04.2048 953,118 0.10 $350,000 Tencent 3.575% 11.04.2026 297,854 0.03 $200,000 Teva Pharmaceuticals 3.65% 10.11.2021 156,549 0.02 $850,000 Thermo Fisher Scientific 3% 15.04.2023 695,857 0.07 $250,000 Transelec 3.875% 12.01.2029 206,267 0.02 $1,000,000 Transelec 4.25% 14.01.2025 834,403 0.09 $940,000 Turk Sise Ve Cam Fabrika 6.95% 14.03.2026 770,608 0.08 $1,600,000 UBS 5.125% 15.05.2024 1,353,530 0.14 $850,000 UBS Stamford 7.625% 17.08.2022 746,282 0.08 $200,000 UBS 7% Variable Perpetual 174,122 0.02 $200,000 UBS 7.125% Variable Perpetual 163,864 0.02 $2,750,000 Unicredit 7.83% 04.12.2023 2,542,388 0.27 $800,000 United Overseas Bank 2.88% 08.03.2027 635,584 0.07 $1,000,000 United Overseas Bank 3.2% 23.04.2021 799,260 0.08 $200,000 Vanke Real Estate Hong Kong Floating Rate Note 25.05.2023 157,446 0.02 $750,000 Verizon Communications 4.4% 01.11.2034 712,515 0.07 $2,300,000 Vodafone 3.75% 16.01.2024 1,934,993 0.20 $2,000,000 Walt Disney 4% 01.10.2023 Reg S 1,692,382 0.18 $1,250,000 Weichi International Hong Kong Energy 3.75% Variable Perpetual 985,458 0.10 $1,800,000 Wells Fargo 2.572% Variable 11.02.2031 1,433,503 0.15 $450,000 Wells Fargo 2.625% 22.07.2022 361,039 0.04 $200,000 Welltower 2.7% 15.02.2027 162,538 0.02 $1,080,000 Williams Partners 4.5% 15.11.2023 922,240 0.10 $1,200,000 Woodside Finance 4.5% 04.03.2029 1,053,121 0.11 $780,000 Yingde Gases Investment 6.25% 19.01.2023 631,377 0.07 $1,666,000 ZF North America Capital 4.75% 29.04.2025 1,360,086 0.14 143,652,170 15.05

30 MI Select Managers Bond Fund MI Select Managers Bond Fund

Portfolio Statement continued Market % of total value net assets Holding Security £ 2020 United States dollar denominated government debt securities 1.18% (1.05%) $4,812,000 US Treasury 1% 15.02.2048 4,662,355 0.49 $6,484,000 US Treasury 1.375% 15.02.2044 6,582,576 0.69 11,244,931 1.18 DERIVATIVES -0.36% (0.78%) Forward currency contracts^ -0.37% (0.67%) Bought €3,137,000 Sold £2,620,766 (06.03.2020) 56,376 0.01 Sold €6,369,000 Bought £5,381,252 (06.03.2020) (53,981) (0.01) Sold $15,406,000 Bought £11,795,575 (06.03.2020) (158,322) (0.01) Bought C$300,000 Sold £174,427 (18.03.2020) (605) 0.00 Bought €580,000 Sold £486,685 (18.03.2020) 8,513 0.00 Bought $460,000 Sold £357,065 (18.03.2020) (259) 0.00 Bought $2,440,000 Sold £1,883,934 (18.03.2020) 8,685 0.00 Sold $137,429,449 Bought £105,99,406 (18.03.2020) (600,148) (0.06) Sold $1,354,420 Bought £1,059,870 (18.03.2020) 9,493 0.00 Sold €1,300,000 Bought £1,110,395 (18.03.2020) 600 0.00 Sold €105,213,105 Bought £88,417,654 (18.03.2020) (1,412,281) (0.15) Bought €1,838,000 Sold £1,532,089 (15.05.2020) 40,233 0.00 Bought $771,000 Sold £591,857 (15.05.2020) 5,402 0.00 Sold €39,954,000 Bought £33,311,034 (15.05.2020) (864,823) (0.09) Sold $60,906,000 Bought £46,605,225 (15.05.2020) (569,576) (0.06) (3,530,693) (0.37) Interest rate swap^^ -0.02% (0.11%) €(3,300,000) IRS Fixed Leg Morgan Stanley 17.06.2025 0.15% LCH (2,846,580) (0.30) €3,300,000 IRS Floating Leg Morgan Stanley 17.06.2025 LCH 2,862,848 0.30 €(500,000) IRS Fixed Leg Morgan Stanley 18.03.2050 0.25% LCH (462,736) (0.05) €500,000 IRS Floating Leg Morgan Stanley 18.03.2050 LCH 448,627 0.05 €(4,600,000) IRS Fixed Leg Morgan Stanley 17.06.2022 0.3% LCH (3,979,952) (0.42) €4,600,000 IRS Floating Leg Morgan Stanley 17.06.2022 LCH 3,990,636 0.42 €(3,300,000) IRS Fixed Leg Morgan Stanley 18.03.2022 -0.5% LCH (2,866,611) (0.30) €3,300,000 IRS Floating Leg Morgan Stanley 18.03.2022 LCH 2,862,512 0.30 €(900,000) IRS Fixed Leg Morgan Stanley 18.03.2025 0.5% CME (793,682) (0.08) €900,000 IRS Floating Leg Morgan Stanley 18.03.2025 CME 788,622 0.08 €(5,200,000) IRS Fixed Leg Morgan Stanley 18.03.2025 0.5% LCH (4,585,698) (0.48) €5,200,000 IRS Floating Leg Morgan Stanley 18.03.2025 LCH 4,557,210 0.48 €(1,900,000) IRS Fixed Leg Morgan Stanley 19.06.2029 1% (1,789,970) (0.19) €1,900,000 IRS Floating Leg Morgan Stanley 19.06.2029 1,673,584 0.18 £23,600,000 IRS Fixed Leg Morgan Stanley 18.03.2022 0.75% 23,951,822 2.51 £(23,600,000) IRS Floating Leg Morgan Stanley 18.03.2022 (23,861,426) (2.50) £32,400,000 IRS Fixed Leg Morgan Stanley 17.06.2022 0.75% LCH 32,882,790 3.44 £(32,400,000) IRS Floating Leg Morgan Stanley 17.06.2022 LCH (32,740,970) (3.43) £2,100,000 IRS Fixed Leg Morgan Stanley 18.03.2025 0.75% 2,177,936 0.23 £(2,100,000) IRS Floating Leg Morgan Stanley 18.03.2025 (2,157,930) (0.23) £10,700,000 IRS Fixed Leg Morgan Stanley 18.03.2050 0.75% 12,944,581 1.36 £(10,700,000) IRS Floating Leg Morgan Stanley 18.03.2050 (12,794,321) (1.34)

MI Select Managers Bond Fund 31 MI Select Managers Bond Fund

Portfolio Statement continued Market % of total value net assets Holding Security £ 2020 Interest rate swap^^ (continued) £9,400,000 IRS Fixed Leg Morgan Stanley 17.06.2050 1% LCH 12,026,159 1.26 £(9,400,000) IRS Floating Leg Morgan Stanley 17.06.2050 LCH (11,234,909) (1.18) $(1,900,000) IRS Fixed Leg Morgan Stanley 17.06.2030 1.25% CME (1,664,219) (0.17) $1,900,000 IRS Floating Leg Morgan Stanley 17.06.2030 CME 1,646,774 0.17 $(9,600,000) IRS Fixed Leg Morgan Stanley 18.12.2024 1.5% CME (8,045,175) (0.84) $9,600,000 IRS Floating Leg Morgan Stanley 18.12.2024 CME 7,867,830 0.82 $(6,600,000) IRS Fixed Leg Morgan Stanley 18.12.2029 1.5% CME (5,892,286) (0.62) $6,600,000 IRS Floating Leg Morgan Stanley 18.12.2029 CME 5,711,347 0.60 $(600,000) IRS Fixed Leg Morgan Stanley 17.06.2050 1.5% CME (648,094) (0.07) $600,000 IRS Floating Leg Morgan Stanley 17.06.2050 CME 624,541 0.07 $(100,000) IRS Fixed Leg Morgan Stanley 16.01.2050 1.625% CME (110,508) (0.01) $100,000 IRS Floating Leg Morgan Stanley 16.01.2050 CME 104,204 0.01 $(200,000) IRS Fixed Leg Morgan Stanley 03.02.2050 1.625% CME (221,088) (0.02) $200,000 IRS Floating Leg Morgan Stanley 03.02.2050 CME 208,463 0.02 $(200,000) IRS Fixed Leg Morgan Stanley 15.01.2030 1.75% CME (182,403) (0.02) $200,000 IRS Floating Leg Morgan Stanley 15.01.2030 CME 173,249 0.02 $(5,300,000) IRS Fixed Leg Morgan Stanley 20.06.2023 2% LCH (4,419,484) (0.46) $5,300,000 IRS Floating Leg Morgan Stanley 20.06.2023 LCH 4,306,948 0.44 $(100,000) IRS Fixed Leg Morgan Stanley 10.03.2030 2% CME (93,216) (0.01) $100,000 IRS Floating Leg Morgan Stanley 10.03.2030 CME 86,712 0.01 $(1,900,000) IRS Fixed Leg Morgan Stanley 18.12.2024 2.5% CME (1,662,115) (0.17) $1,900,000 IRS Floating Leg Morgan Stanley 18.12.2024 CME 1,557,175 0.16 $(6,400,000) IRS Fixed Leg Morgan Stanley 19.12.2023 2.75% CME (5,525,385) (0.58) $6,400,000 IRS Floating Leg Morgan Stanley 19.12.2023 CME 5,194,567 0.54 $(3,600,000) IRS Fixed Leg Morgan Stanley 19.06.2024 3% CME (3,175,104) (0.33) $3,600,000 IRS Floating Leg Morgan Stanley 19.06.2024 CME 2,942,370 0.31 (162,355) (0.02) Credit default index^^ 0.06% (0.02%) (500,000) CDX IG CDSI S31 5Y 20.12.2023 7,347 0.00 (4,000,000) CDX IG CDSI S32 5Y 20.06.2024 55,245 0.01 (50,700,000) CDX IG CDSI S33 5Y 20.12.2024 655,207 0.07 9,300,000 ITRX XOVER CDSI S32 5Y 20.12.2024 (138,314) (0.02) 579,485 0.06 Credit default swap 0.00% (0.00%) (150,000) ArcelorMittal CDS 20.06.2023 15,562 0.00 (200,000) General Electric CDS 20.12.2023 1,833 0.00 (100,000) Lincoln National CDS 20.06.2023 1,280 0.00 (1,700,000) Rolls-Royce CDS 20.06.2024 (4,348) 0.00 (400,000) Rolls-Royce CDS 20.12.2024 (3,160) 0.00 (1,600,000) Rolls-Royce CDS 20.12.2024 (12,340) 0.00 (700,000) Telefonica CDS 20.06.2023 10,273 0.00 (1,100,000) Vodafone CDS 20.06.2023 16,590 0.00 25,690 0.00

32 MI Select Managers Bond Fund MI Select Managers Bond Fund

Portfolio Statement continued Market % of total value net assets Holding Security £ 2020 Options 0.00% (0.00%) Swaptions 0.00% (0.00%) (2,800,000) Itraxx Call Swaption 0.425 EU32 5YR 18.03.2020 (1,445) 0.00 (6,600,000) Itraxx Call Swaption 0.45 EU32 5YR 18.03.2020 (4,056) 0.00 (800,000) Itraxx Call Swaption 0.475 IG33 5YR 15.04.2020 (301) 0.00 (2,800,000) Itraxx Put Swaption 0.70 EU32 5YR 18.03.2020 (2,324) 0.00 (800,000) Itraxx Put Swaption 0.70 IG33 5YR 15.04.2020 (532) 0.00 (6,600,000) Itraxx Put Swaption 0.80 EU32 5YR 18.03.2020 (6,392) 0.00 (15,050) 0.00 Futures -0.03% (-0.02%) 35 10 Year US Treasury Note Futures 19.06.2020 49,648 0.01 19 2 Year US Treasury Note Futures 30.06.2020 19,042 0.00 103 5 Year US Treasury Note Futures 30.06.2020 111,622 0.01 74 Canada 10 Year Bond Futures 19.06.2020 50,515 0.01 (120) Euro Bobl Future March 2020 (145,791) (0.01) (46) Euro Bund Future March 2020 (159,211) (0.02) (57) Euro Buxl 30Y Bond Future March 2020 (440,174) (0.05) (36) Euro OAT Future June 2020 (31,734) 0.00 (5) Euro Schatz Future March 2020 (774) 0.00 237 Long Gilt Future June 2020 202,510 0.02 (60) Ultra 10 Year US Treasury Note Futures 19.06.2020 (73,581) (0.01) 151 US Treasury Long Bond Futures 19.06.2020 487,203 0.05 (30) US Ultra Long Term Treasury Bond CBT 19.06.2020 (402,164) (0.04) (332,889) (0.03)

Investment assets 947,818,734 99.30 Net other assets 6,694,696 0.70 Net assets 954,513,430 100.00

All investments are ordinary shares or stock units on a regulated securities market unless otherwise stated. The percentages in brackets show the equivalent % holdings as at 28.02.19. †Represents investment into a related party of the Specialist Investment Manager to the Asset Allocation Manager (note 10). ^At the balance sheet date, all forward currency contracts were executed with one counterparty, Northern Trust Global Services SE (UK Branch) for the purpose of Effective Portfolio Management. Collateral obligations on losses or gains for each transaction would be met using cash held by the Custodian. ^^At the balance sheet date, all default swap contracts, credit swap option contracts and interest rate swap contracts were executed with one counterparty, Morgan Stanley. The net obligations on losses or gains for each transaction would be met by money held in the collateral account of the counterparty. As at 29 February 2020 the balance of the collateral account held at Royal Bank of Scotland was £(50,000), Barclays was £(280,000), Societe General was £330,000 and JP Morgan was £710,000 reflecting the anticipated settlement of the positions held.

MI Select Managers Bond Fund 33 MI Select Managers Bond Fund

Portfolio Statement continued Market % of total value net assets £ 2020 Analysis of bonds by credit rating AAA credit rated bonds 29,279,498 3.07 AA+ credit rated bonds 10,739,227 1.12 AA credit rated bonds 409,632,323 42.91 AA- credit rated bonds 7,511,981 0.77 A+ credit rated bonds 21,639,552 2.28 A credit rated bonds 34,857,735 3.67 A- credit rated bonds 67,807,016 7.08 BBB+ credit rated bonds 83,290,993 8.66 BBB credit rated bonds 91,880,643 9.65 BBB- credit rated bonds 65,118,428 6.84 BB+ credit rated bonds 27,386,215 2.87 BB credit rated bonds 10,584,393 1.13 BB- credit rated bonds 9,105,728 0.97 B+ credit rated bonds 10,635,341 1.12 Unrated bonds 35,949,044 3.77 915,418,117 95.91

34 MI Select Managers Bond Fund MI Select Managers Bond Fund

Comparative Table Change in net assets per share Institutional Institutional Income^ Accumulation^^ 29.02.20 28.02.19 29.02.20 p p p Opening net asset value per share 101.38 100.00† 100.00† Return before operating charges^ 12.23 3.76 8.57 Operating charges -0.29 -0.31 -0.28 Return after operating charges^ 11.94 3.45 8.29 Distributions -2.06 -2.07 -1.53 Retained distributions on accumulation shares n/a n/a 1.53 Closing net asset value per share 111.26 101.38 108.29 ^After direct transaction costs of 0.00 0.17 0.00 Performance Return after charges 11.78% 3.45% 8.29% Other information Closing net asset value £950,257,942 £539,821,328 £4,255,488 Closing number of shares 854,073,746 532,492,036 3,929,764 Operating charges 0.27% 0.31% 0.27% Ongoing operating charges 0.25% 0.29% 0.25% Direct transaction costs 0.00% -0.17% 0.00% Prices Highest share price 112.11 102.97 108.63 Lowest share price 101.73 98.71 100.00

^Institutional Income launched on 7 February 2018. ^^Institutional Accumulation launched on 22 May 2019. †Launch price *The net asset value of the Sub-fund has increased by more than 10% if compared to the average net asset values for the year. Taking an average of the daily Net Asset Values for the last month of the year has the effect of decreasing the operating charges by 0.02%. The ACD believes this to be more representative of the charges going forward. Operating charges include indirect costs incurred in the maintenance and running of the Sub-fund, as disclosed (but not limited to) the detailed expenses within the Statement of Total Return. The figures used within this table have been calculated against the average Net Asset Value for the accounting year. The return after charges is calculated as the closing Net Asset Value per share plus the distributions on income shares minus the opening Net Asset Value per share as a % of the opening net asset value per share. The basis of valuation of investments used to calculate net asset value per share is described in notes to the Financial Statements 1h), and complies with requirements of the current Statement of Recommended Practice for UK Authorised Funds. This differs from the basis used to calculate daily published single prices, in which listed investments are valued at 12:00 mid prices. The Sub-fund invests in Collective Investment Schemes; the expenses incurred by these schemes in relation to the Sub-fund (synthetic ongoing charge) are included in the operating charge. Direct transaction costs include fees, commissions, transfer taxes and duties in the purchasing and selling of investments, which are offset (where applicable) against any dilution levies charged within the accounting year. Other type of investments such as bonds and CIS do not have separately identifiable direct transaction costs - these costs form part of the dealing spread. The figures used within the table have been calculated against the average Net Asset Value for the accounting year.

MI Select Managers Bond Fund 35 MI Select Managers Bond Fund

Risk and reward profile The risk and reward indicator table demonstrates where the Sub-fund ranks in terms of its potential risk and reward. The higher the rank the greater the potential reward but the greater the risk of losing money. It is based on past data, may change over time and may not be a reliable indication of the future risk profile of the Sub-fund. The shaded area in the table below shows the Fund’s ranking on the risk and reward indicator. Typically lower rewards, Typically higher rewards, lower risk higher risk

1 2 3 4 5 6 7

The Sub-fund is ranked 4 because funds of this type have experienced average rises and falls in value in the past. Please note that even the lowest risk class can lose you money and that extreme market circumstances can mean you suffer severe losses in all cases. The indicator does not take into account the following risks of investing in this Sub-fund: • Bond values are affected by changes in interest rates, inflation and any decline in creditworthiness of the bond issuer. Bonds that produce a higher level of income usually also carry greater risk as such bond issuers may not be able to pay the bond income as promised or could fail to repay the capital amount used to purchase the bond. There may be cases where the organisation from which we buy a bond fails to carry out its obligations, which could cause losses to the Sub-fund.

• Investing overseas can bring additional returns and spread risk to different markets. There are risks, however, that changes in currency exchange rates may cause the value of your investment to decrease or increase.

• This Sub-fund can use derivatives in order to meet its investment objectives or to protect from price and currency movement. This may result in losses or gains that are greater than the original amount invested.

• The level of income may go down as well as up and is not guaranteed.

• For further risk information please see the Prospectus. Risk warning An investment in a non-UCITS Retail Scheme Open-Ended Investment Company should be regarded as a medium to long- term investment. Investors should be aware that the price of shares and the revenue from them can fall as well as rise and investors may not receive back the full amount invested. Past performance is not a guide to future performance. Investments denominated in currencies other than the base currency are subject to fluctuation in exchange rates, which can be favourable or unfavourable.

36 MI Select Managers Bond Fund MI Select Managers Bond Fund

Statement of Total Return for the year ended 29 February 2020 01.03.19 to 07.02.18 to 29.02.20 28.02.19 Note £ £ £ £ Income Net capital gains/(losses) 2 64,885,056 (242,691) Revenue 3 16,227,504 10,252,665 Expenses 4 (1,961,390) (1,241,685) Interest payable and similar charges 4 (12,608) (48,522) Net revenue before taxation 14,253,506 8,962,458 Taxation 5 – – Net revenue after taxation 14,253,506 8,962,458 Total return before distributions 79,138,562 8,719,767 Distributions 6 (14,242,781) (8,958,438) Change in net assets attributable to Shareholders from investment activities 64,895,781 (238,671)

Statement of Change in Net Assets Attributable to Shareholders for the year ended 29 February 2020 01.03.19 to 07.02.18 to 29.02.20 28.02.19 £ £ £ £ Opening net assets attributable to Shareholders 539,821,328 – Amounts receivable on issue of shares 492,774,905 644,552,614 Less: Amounts payable on cancellation of shares (143,034,430) (106,378,400) 349,740,475 538,174,214 Dilution levy – 729,490 Change in net assets attributable to Shareholders from investment activities (see Statement of Total Return above) 64,895,781 (238,671) Retained distributions on accumulation shares 55,846 – Compensation paid to the fund* – 1,156,295 Closing net assets attributable to Shareholders 954,513,430 539,821,328

The notes on pages 39 to 47 form an integral part of these Financial Statements. *The compensation due to the Sub-fund is in respect of an administrative error which occurred during the relevant reporting period.

MI Select Managers Bond Fund 37 MI Select Managers Bond Fund

Balance Sheet as at 29 February 2020 29.02.20 28.02.19 Note £ £ £ £ ASSETS Fixed assets Investments 1,084,659,232 623,417,768 Current assets Debtors 7 17,025,809 9,288,302 Cash and bank balances 9 33,782,951 15,308,962 Total current assets 50,808,760 24,597,264 Total assets 1,135,467,992 648,015,032

LIABILITIES Investment liabilities (136,840,498) (76,292,145) Creditors Bank overdrafts 9 (17,327,027) (6,305,841) Distribution payable (4,258,412) (2,558,624) Other creditors 8 (22,528,625) (23,037,094) Total creditors (44,114,064) (31,901,559) Total liabilities (180,954,562) (108,193,704) Net assets attributable to Shareholders 954,513,430 539,821,328

The notes on pages 39 to 47 form an integral part of these Financial Statements.

38 MI Select Managers Bond Fund MI Select Managers Bond Fund

Notes to the Financial Statements for the year ended 29 February 2020

1. Accounting Policies The Sub-fund’s Financial statements have been prepared on the same basis as the Accounting Policies stated on pages 7 to 8.

2. Net Capital Gains/(Losses)^ 01.03.19 to 29.02.20 Realised Unrealised Total £ £ £ Non-derivative securities 17,181,272 44,846,059 62,027,331 Derivative securities 4,473,093 (1,152,879) 3,320,214 Currency losses (2,919,132) – (2,919,132) Forward foreign exchange contracts gains/(losses) 9,725,886 (7,167,567) 2,558,319 Transaction charges (101,676) – (101,676) Net capital gains 28,359,443 36,525,613 64,885,056

07.02.18 to 28.02.19 Realised Unrealised Total £ £ £ Non-derivative securities 3,167,881 566,602 3,734,483 Derivative securities (476,100) 459,128 (16,972) Currency gains 700,060 – 700,060 Forward foreign exchange contracts gains/(losses) (8,209,209) 3,636,874 (4,572,335) Transaction charges (87,927) – (87,927) Net capital losses (4,905,295) 4,662,604 (242,691)

^Where realised gains/losses include gains/losses arising from prior years, a corresponding loss/gain is included within the unrealised gains/losses presented.

01.03.19 to 07.02.18 to 3. Revenue 29.02.20 28.02.19 £ £ Distributions from Regulated Collective Investment Schemes: Interest distributions 444,662 245,881 Interest on debt securities 15,276,528 9,734,691 Bank interest 43,417 18,542 Derivative revenue: Credit default index 243,263 20,919 Credit default swap 160,844 16,342 Interest rate swaps (4,792) 75,960 Options 63,582 140,330 Total revenue 16,227,504 10,252,665

MI Select Managers Bond Fund 39 MI Select Managers Bond Fund

Notes to the Financial Statements continued

01.03.19 to 07.02.18 to 4. Expenses 29.02.20 28.02.19 £ £ Payable to the Authorised Corporate Director (ACD), associates of the ACD and agents of either of them: ACD’s fee 158,174 91,949 Administration fees 203,277 127,690 Registration fees 126,036 92,784 487,487 312,423 Payable to the Specialist Investment Manager, associates of the Specialist Investment Manager and agents of either of them: Specialist Investment Manager’s fee 1,259,210 779,296

Payable to the Depositary, associates of the Depositary and agents of either of them: Depositary’s fee (including VAT) 130,539 93,044 Safe custody and other bank charges 44,918 30,224 Bank charges 790 – 176,247 123,268 Auditors remuneration: Audit fee (including VAT) 14,832 – Audit fee (including VAT) - predecessor fee – 7,200 Tax Compliance services (including VAT) 1,800 – Tax Compliance services (including VAT) - predecessor tax advisor 304 1,800 16,936 9,000 Other expenses: FCA fee – 49 Legal fees 18,610 6,214 Printing costs 2,847 3,544 Derivative charges 53 7,891 21,510 17,698

Expenses 1,961,390 1,241,685 Interest payable and similar charges 12,608 48,522 Total 1,973,998 1,290,207

40 MI Select Managers Bond Fund MI Select Managers Bond Fund

Notes to the Financial Statements continued

01.03.19 to 07.02.18 to 5. Taxation 29.02.20 28.02.19 £ £ (a) Analysis of charge in the period: Total tax charge (note 5b) – –

(b) Factors affecting taxation charge for the period: Net revenue before taxation 14,253,506 8,962,458 Corporation tax at 20% 2,850,701 1,792,492 Effects of: Non-taxable income (88,932) (49,176) Interest distributions (2,761,769) (1,743,316) Total tax charge (note 5a) – –

(c) Deferred tax There was no liability to deferred tax at the balance sheet date.

6. Distributions The distributions take account of revenue received on the issue of shares and revenue deducted on the cancellation of shares, and comprise: 01.03.19 to 07.02.18 to 29.02.20 28.02.19 £ £ First interim distribution 31.05.19 3,309,844 2,367,130 Second interim distribution 31.08.19 3,685,430 2,666,181 Third interim distribution 30.11.19 3,748,892 2,732,071 Final distribution 29.02.20 4,277,408 2,558,624 15,021,574 10,324,006 Revenue deducted on cancellation of Shares 371,608 277,365 Revenue received on issue of Shares (1,150,401) (1,642,933) Distributions 14,242,781 8,958,438

Reconciliation of net revenue after taxation to net distributions: Net revenue after taxation per Statement of Total Return 14,253,506 8,962,458 Expenses allocated to capital – 10 Capital bank interest (10,482) (4,030) Undistributed revenue brought forward 239 – Undistributed revenue carried forward (482) – Distributions 14,242,781 8,958,438

MI Select Managers Bond Fund 41 MI Select Managers Bond Fund

Notes to the Financial Statements continued

7. Debtors 29.02.20 28.02.19 £ £ Amounts receivable on issues 6,506,905 1,771,867 Currency deals outstanding 2,914,069 2,699,112 Sales awaiting settlement 272,439 681,317 Accrued income: Interest on debt securities 6,167,818 4,131,828 Dividends receivable 1,164,578 3,814 Prepaid expenses: Legal fee – 364 Total debtors 17,025,809 9,288,302

8. Other Creditors 29.02.20 28.02.19 £ £ Amounts payable on cancellations 2,695,707 1,319,096 Currency deals outstanding 2,908,787 2,697,342 Purchases awaiting settlement 16,429,337 18,726,234 Accrued expenses: Amounts payable to the Authorised Corporate Director (ACD), associates of the ACD and agents of either of them: ACD’s fee 15,256 8,136 Administration fee 18,821 11,205 Registration fees 11,314 7,489 45,391 26,830 Amounts payable to the Specialist Investment Manager, associates of the Specialist Investment Manager and agents of either of them: Specialist Investment Manager’s fee 357,321 223,088 Amounts payable to the Depositary, associates of the Depositary and agents of either of them: Depositary’s fee (including VAT) 48,679 25,483 Safe custody and other bank charges 14,279 8,021 62,958 33,504 Auditors remuneration: Audit fee (including VAT) 14,832 – Audit fee (including VAT) - predecessor fee 7,200 7,200 Tax Compliance services (including VAT) 1,800 – Tax Compliance services (including VAT) - predecessor tax advisor 2,104 1,800 25,936 9,000

42 MI Select Managers Bond Fund MI Select Managers Bond Fund

Notes to the Financial Statements continued

8. Other Creditors (continued) 29.02.20 28.02.19 £ £ Other expenses: Legal fees 1,286 – Printing costs 1,902 2,000 3,188 2,000

Total other creditors 22,528,625 23,037,094

9. Cash and Bank Balances 29.02.20 28.02.19 £ £ Cash and bank balances 24,148,052 14,935,257 Overdraft positions (17,327,027) (5,271,134) Margin cash 8,924,899 2,878,998 Collateral cash 710,000 (3,540,000) Cash and bank balances 16,455,924 9,003,121

10.Related Party Transactions Authorised Corporate Director and other fees payable to Maitland Institutional Services Ltd (the ACD) are disclosed in note 4 and amounts due at the year end are shown in note 8. Fees payable to Deutsche, Robeco & Insight Investment Management and Pimco Asset Management (the Specialist Investment Manager to the Asset Allocation Manager) are disclosed in note 4 and amounts due at the year end are shown in note 8. Amounts receivable on issue and payable on cancellation of shares and dilution levy are disclosed in the Statement of Change in Net Assets Attributable to Shareholders and in note 6, amounts due at the year end are shown in notes 7 and 8. At the year end the Sub-fund did not hold shares in any of the other Sub-funds within the MI Brewin Dolphin Select Managers Fund.

11.Contingent Liabilities and Outstanding Commitments There were no contingent liabilities or outstanding commitments at the balance sheet date (2019: none).

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Notes to the Financial Statements continued

12.Risk Management Policies and Disclosures The main risks arising from financial instruments and the ACD’s policies for managing these risks are disclosed in Note 2 on pages 9 to 11. Numerical disclosures relating to the Sub-fund are as follows: Disclosure of VaR limit The table below details the Sub-funds lowest, highest and average VaR, as well as utilisation of VaR calculated during the year: 29.02.20 Utilisation of 28.02.19 Utilisation of % of VaR VaR(*) 20% % of VaR VaR(*) 20% VaR at year end 5.92 29.60 6.25 31.25 Lowest 5.50 27.50 5.50 27.50 Highest 7.56 37.80 6.65 33.25 Average 6.26 31.30 6.19 30.95 *The VaR on the Sub-fund has been divided by its maximum limit. Currency risk The table below details the currency risk profile at the balance sheet date. Currency 29.02.20 28.02.19 Total Total £ £ Australian Dollar 177 15,369 Canadian dollar 407,844 102,286 Euro 129,411 381,435 Japanese yen – (39,161) Pound sterling 960,310,117 539,381,328 United States dollar (6,334,119) (19,929) 954,513,430 539,821,328

At the balance sheet date, if the value of sterling increased or decreased by 10%, with all other variables held constant, then the net assets attributable to Shareholders would increase or decrease by approximately £579,669 (2019: £44,000).

44 MI Select Managers Bond Fund MI Select Managers Bond Fund

Notes to the Financial Statements continued

13.Portfolio Transaction Costs 29.02.20 Purchases Analysis Gross before of purchases purchase Commissions Taxes transaction cost paid cost £ £ % £ % £ Bonds 1,469,709,381 – 0.00 – 0.001,469,709,381 Funds 93,346,076 – 0.00 – 0.00 93,346,076 Derivatives 5,237,025 – 0.00 – 0.00 5,237,025 Corporate actions (3,172,905) – 0.00 – 0.00 (3,172,905) Total purchases after commissions and tax 1,565,119,577 Sales Analysis Net before of sales sale Commissions Taxes transaction proceeds paid cost £ £ % £ % £ Bonds 1,122,385,223 – 0.00 – 0.001,122,385,223 Funds 89,567,821 – 0.00 – 0.00 89,567,821 Derivatives 5,695,249 – 0.00 – 0.00 5,695,249 Total sales after commissions and tax 1,217,648,293 Commission as a % of average net assets 0.00% Taxes as a % of the average net assets 0.00% 28.02.19 Purchases Analysis Gross before of purchases purchase Commissions Taxes transaction cost paid cost £ £ % £ % £ Bonds 824,067,171 – 0.00 – 0.00 824,067,171 Funds 115,296,215 1,354 0.00 1,394 0.00 115,293,467 Derivatives 5,320,465 – 0.00 – 0.00 5,320,465 Corporate actions 22,733 – 0.00 – 0.00 22,733 Total purchases after commissions and tax 944,706,584 Sales Analysis Net before of sales sale Commissions Taxes transaction proceeds paid cost £ £ % £ % £ Bonds 314,713,621 – 0.00 – 0.00 314,713,621 Funds 83,169,932 524 0.00 432 0.00 83,170,888 Derivatives 4,725,417 – 0.00 – 0.00 4,725,417 Corporate actions 1,370,118 – 0.00 – 0.00 1,370,118 Total sales after commissions and tax 403,979,088 Commission as a % of average net assets 0.00% Taxes as a % of the average net assets 0.00%

MI Select Managers Bond Fund 45 MI Select Managers Bond Fund

Notes to the Financial Statements continued

13.Portfolio Transaction Costs (continued) Commissions and taxes as a % of the average net assets form part of the direct transaction costs stated within the comparative tables on page 35. The direct transaction costs within the comparative tables may differ due to the effect of dilution levies charged (where applicable).

14.Portfolio Dealing Spread The average portfolio dealing spread at 29 February 2020 is 0.30% (2019: 0.30%).

15.Events after the Balance Sheet date The table below denotes the movement in the Net Asset Value since the year end, calculated with reference to the daily published single prices. Share Class 29.02.20 26.06.20 % p p Movement Institutional income 111.97 113.51* 1.38 Institutional accumulation 108.49 110.51 1.86

*adjusted for income distribution for comparison purposes. ACD Statement Regarding COVID-19 Notwithstanding the challenges arising from the impact of the COVID-19 virus, the ACD continues to operate, administer and price the Sub-fund in accordance with FCA regulatory requirements and in accordance with relevant accounting standards. At the time of writing, investment markets are experiencing high levels of daily volatility and it is likely that this volatility will continue for the foreseeable future. The ACD will continue to monitor fund liquidity and market volatility to ensure the Sub-fund is managed in the best interests of shareholders and to ensure that the Sub-fund remains a going concern. Where appropriate the ACD will value assets on a “fair value” basis in accordance with the Regulations. As stated in the Prospectus, the Sub-fund should be considered as a long-term investment and the ACD emphasises the importance for investors to seek professional advice when considering their investment in the Sub-fund.

16.Fair Value Disclosure Valuation technique 29.02.20 28.02.19 Assets Liabilities Assets Liabilities £ £ £ £ Level 1^ 445,486,518 (3,659,995) 327,065,043 (76,292,145) Level 2^^ 639,172,714 (133,180,503) 296,352,725 – Level 3^^^ – – – – 1,084,659,232 (136,840,498) 623,417,768 (76,292,145)

^Level 1: Unadjusted quoted price in an active market for an identical instrument. ^^Level 2: Valuation techniques using observable inputs other than quoted prices within level 1. ^^^Level 3: Valuation techniques using unobservable inputs.

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Notes to the Financial Statements continued

17.Shareholders Funds Institutional Institutional Income Accumulation Opening number of Shares 532,492,036 – Shares issued 460,329,914 4,271,984 Shares cancelled (138,748,204) (342,220) Closing number of Shares 854,073,746 3,929,764

MI Select Managers Bond Fund 47 MI Select Managers Bond Fund

Distribution Tables for the year ended 29 February 2020 Income Share Distributions Share Distribution Shares Net Equalisation Distribution Distribution class revenue payable paid 2020 2019 p p p p Institutional First interim Group 1 0.5510 – 0.5510 0.5101 Income Group 2 – 0.5510 0.5510 0.5101 Second interim Group 1 0.5368 – 0.5368 0.5360 Group 2 0.2741 0.2627 0.5368 0.5360 Third interim Group 1 0.4733 – 0.4733 0.5454 Group 2 0.2466 0.2267 0.4733 0.5454 Final Group 1 0.4986 – 0.4986 0.4805 Group 2 0.2474 0.2512 0.4986 0.4805

Accumulation Share Distributions Share Distribution Shares Net Equalisation Amount Amount class revenue reinvested reinvested 2020 2019 p p p p Institutional First interim Group 1 0.0772 – 0.0772 n/a Accumulation Group 2 0.0772 – 0.0772 n/a Second interim Group 1 0.5177 – 0.5177 n/a Group 2 0.4488 0.0689 0.5177 n/a Third interim Group 1 0.4565 – 0.4565 n/a Group 2 0.1569 0.2996 0.4565 n/a Final Group 1 0.4834 – 0.4834 n/a Group 2 0.2548 0.2286 0.4834 n/a

First interim period: 01.03.19 - 31.05.19 Second interim period: 01.06.19 - 31.08.19 Third interim period: 01.09.19 - 30.11.19 Final period: 01.12.19 - 29.02.20

Group 1: Shares purchased prior to a distribution period Group 2: Shares purchased during a distribution period

Equalisation Equalisation applies only to shares purchased during the distribution period (Group 2 shares). It represents accrued revenue included in the purchase price of the shares. After averaging, it is returned with the distribution as a capital repayment. It is not liable to income tax but must be deducted from the cost of the shares for capital gains tax purposes.

48 MI Select Managers Bond Fund MI Select Managers North American Equity Fund

Investment Objective The Sub-fund will aim to achieve long term capital growth and income.

Investment Policy The Sub-fund will primarily invest directly in a diverse range of North American listed equities and indirectly through investment funds targeted towards American equity. The Sub-fund may also invest a small proportion in non-North American investments with a correlation to the North American market in order to achieve its investment objective. North American listed equities are defined as those that are issued mainly by companies domiciled, incorporated or have a significant part of their business in the USA, but also in Canada and Mexico. It may include other North American related investments. The indirect exposure of the Sub-fund to the equities will be made via index-tracking instruments such as exchange traded funds, index tracking funds and other collective investment schemes. The Sub-fund may invest (at the Investment Managers’ discretion) in other transferable securities, money market instruments, depositary receipts, derivative instruments and forward transactions. The Sub-fund may invest in other Funds of the Company and, from time to time, in collective investment schemes which are managed or advised by the ACD. The Sub-fund may invest in derivatives for the purposes of hedging with the aim of reducing the risk profile of the Sub-fund in accordance with the principles of Efficient Portfolio Management. Derivatives may also be used for investment purposes. Derivatives can expose the Scheme Property to a higher degree of risk. The Sub-fund can use financial derivative instruments in accordance with the Rules for the purpose of achieving the investment objective. From time-to-time, as the Asset Allocation Manager considers appropriate, additional Specialist Investment Managers may be appointed to take advantage of specific mispricing in certain markets or securities.

Asset Allocation Manager’s Report for the year ended 29 February 2020 Introduction This report covers the MI Select Managers Funds and their underlying mandates for the 12 months from 28 February 2019 to the end of February 2020. Market Review The twelve-month period to the end of February 2020 saw a number of pressures and themes that persisted, some positive and many negative but ultimately markets rode higher over the year. News on the trade war between US and China oscillated between optimism and pessimism from week to week. By the end of the 2019, many tariffs remained but agreement on phase one of a deal was in place. Brexit and its associated machinations dominated headlines in the UK. A strong Conservative majority in the December election was met with positivity by markets as the threat of a hard left or an ERG dependent government receded. There is still significant uncertainty around the terms of a trade deal with the EU and the possibility of a hard Brexit remains if the UK exits the transition period without such a deal. In April the US yield curve flirted with inversion, a signal that has historically been a fairly reliable guide to a future recession. The US yield curve inverted briefly in Quarter 3. In response to the threat of a slowing economic backdrop and weakening inflation, the US Federal Reserve cut rates three times during the autumn. The ECB also cut rates and announced measures to stimulate the economy. China also implemented a number of policy adjustments to stimulate activity to offset the strains from the trade war. The last half of 2019 saw signs that the global economy was beginning to regain its composure. Stock indices hit all-time highs in January and the equity market was left vulnerable to any new bad news. In the new year, the spread of the coronavirus outbreak in China and beyond helped drive a decline in excess of 10% in global equity markets in the last weeks of February.

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Asset Allocation Manager’s Report continued Performance Activity and Attribution The MI Select Managers North American fund gave a total return of 10.5% (Institutional Income) over the year to the end of February 2020 but underperformed broad measures of North American Equity Fund such as the MorningStar US Market Index which returned 11.7%. The allocation to the underlying strategies is split 40:60 between the Baillie Gifford American and JPM US Equity Income mandates. The Baillie Gifford American strategy is a firmly growth-oriented strategy and holds a number of technology stocks (such as Amazon, Netflix and Alphabet). The strategy drove performance over the period with the mandate was up well in excess of the benchmark. The JPM US Equity Income strategy takes a value-oriented approach and has a higher allocation to financials. This strategy was up but caused a relative drag to performance as value stocks remained out of favour. Despite the lower weight to Baillie Gifford the Fund has reasonably high exposure to growth. We are comfortable with this tilt and believe that the Fund is well-positioned to generate good returns for investors. Outlook The strong market movements in recent weeks have been driven by updates on the Coronavirus story. Although we are going to see a sharp hit to growth, we feel that this in temporary and that markets will look through this after correcting so severely. Monetary and fiscal support will help to mitigate the pain and a silver lining of the crisis is that it has pushed US Treasury yields to new all-time lows, which will feed through to lower mortgage rates and support the all-important US housing market. COVID-19 Since the start of 2020, global financial markets have reacted sharply to a novel coronavirus known as COVID-19, with concerns regarding the economic impact that widely-implemented social distancing measures may have. The eventual impact on the global economy and markets will largely depend upon the scale and the duration of the outbreak. The Asset Allocation Manager and ACD will continue to monitor the situation closely.

50 MI Select Managers North American Equity Fund MI Select Managers North American Equity Fund

Portfolio Statement as at 29 February 2020 Market % of total value net assets Holding Security £ 2020 OIL & GAS 3.51% (4.88%) Oil & Gas Producers 3.51% (4.47%) 124,547 Chevron 9,101,399 1.56 173,906 ConocoPhillips 6,592,444 1.13 66,427 Exxon Mobil 2,674,658 0.46 40,173 Valero Energy 2,081,146 0.36 20,449,647 3.51 Oil Equipment, Services & Distribution 0.00% (0.41%) BASIC MATERIALS 2.05% (2.59%) Chemicals 2.05% (2.59%) 32,189 Air Products & Chemicals 5,527,547 0.95 39,604 DuPont de Nemours 1,330,159 0.23 46,247 PPG Industries 3,777,822 0.65 26,361 RPM International 1,323,106 0.22 11,958,634 2.05 INDUSTRIALS 12.73% (11.58%) Construction & Materials 0.72% (0.84%) 34,296 Watsco 4,214,974 0.72 Aerospace & Defence 1.27% (1.40%) 37,026 Heico 2,560,484 0.44 47,277 United Technologies 4,833,558 0.83 7,394,042 1.27 General Industrials 1.90% (2.10%) 12,153 Eaton 862,213 0.15 46,239 Fortive 2,502,908 0.43 22,201 Honeywell 2,803,934 0.48 33,999 Parker Hannifin 4,912,061 0.84 11,081,116 1.90 Industrial Engineering 2.24% (2.81%) 29,909 Deere 3,664,104 0.63 69,447 Dover 5,585,990 0.96 13,898 Illinois Tool Works 1,824,922 0.31 17,964 Stanley Black & Decker 2,021,003 0.34 13,096,019 2.24 Industrial Transportation 0.73% (0.63%) 30,020 Norfolk Southern 4,281,957 0.73

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Portfolio Statement continued Market % of total value net assets Holding Security £ 2020 Support Services 5.87% (3.80%) 14,584 Accenture 2,058,065 0.35 29,177 Automatic Data Processing 3,534,682 0.61 10,914 CoStar 5,703,597 0.98 34,195 Fidelity National Information Services 3,739,417 0.64 34,818 Republic Services 2,460,403 0.42 46,211 Shopify 16,744,930 2.87 34,241,094 5.87 CONSUMER GOODS 11.23% (10.07%) Automobiles & Parts 4.03% (2.72%) 44,977 Tesla Motors 23,501,213 4.03 Beverages 1.51% (1.05%) 109,941 Coca Cola 4,604,043 0.79 40,785 Pepsico 4,215,802 0.72 8,819,845 1.51 Food Producers 0.94% (0.72%) 132,470 Mondelez International 5,475,938 0.94 Household Goods & Home Construction 1.95% (3.30%) 61,431 Procter & Gamble 5,441,402 0.93 120,832 Wayfair 5,978,691 1.02 11,420,093 1.95 Leisure Goods 0.79% (0.68%) 38,978 Activision Blizzard 1,773,891 0.30 47,159 Hasbro 2,852,136 0.49 4,626,027 0.79 Personal Goods 0.40% (0.25%) 41,452 VF 2,336,279 0.40 Tobacco 1.61% (1.35%) 95,919 Altria 3,030,839 0.52 99,512 Philip Morris International 6,368,207 1.09 9,399,046 1.61 HEALTH CARE 13.67% (15.44%) Health Care Equipment & Services 4.74% (4.37%) 33,372 Abiomed 3,925,841 0.67 21,255 BD 3,957,460 0.68 91,479 Glaukos 3,149,089 0.54 65,742 Medtronic 5,180,920 0.89 26,470 Penumbra 3,432,831 0.59 34,797 Teladoc Health 3,400,424 0.58 23,274 UnitedHealth 4,645,689 0.79 27,692,254 4.74

52 MI Select Managers North American Equity Fund MI Select Managers North American Equity Fund

Portfolio Statement continued Market % of total value net assets Holding Security £ 2020 Pharmaceuticals & Biotechnology 8.93% (11.07%) 20,571 Abbott Labs 1,240,573 0.21 48,059 Alnylam Pharmaceuticals 4,414,971 0.75 187,727 Bristol-Myers Squibb 8,680,151 1.49 131,680 Denali Therapeutics 2,029,891 0.35 31,239 Eli Lilly 3,084,524 0.53 38,488 Gilead Sciences 2,089,977 0.36 36,557 Illumina 7,603,616 1.30 74,123 Johnson & Johnson 7,804,009 1.34 61,079 Merck 3,660,532 0.63 80,444 Moderna 1,632,434 0.28 90,899 Novocure 5,170,134 0.89 178,150 Pfizer 4,661,217 0.80 52,072,029 8.93 CONSUMER SERVICES 17.27% (17.44%) Food & Drug Retailers 0.42% (0.30%) 52,802 CVS Health 2,446,428 0.42 General Retailers 10.84% (12.03%) 16,404 Amazon 24,192,465 4.14 171,201 Chegg 5,254,114 0.90 144,660 Chewy 3,342,141 0.57 126,953 GrubHub 4,781,734 0.82 35,893 Home Depot 6,121,452 1.05 41,334 Lyft 1,233,257 0.21 43,012 Netflix 12,426,774 2.13 129,018 Stitch Fix 2,424,201 0.42 41,605 Wal-Mart Stores 3,507,419 0.60 63,283,557 10.84 Media 3.93% (3.39%) 221,164 Comcast 7,000,439 1.20 66,233 Roku 5,894,234 1.01 44,750 The Trade Desk 10,063,758 1.72 22,958,431 3.93 Travel & Leisure 2.08% (1.72%) 65,521 Las Vegas Sands 2,988,533 0.51 43,248 McDonald’s 6,574,387 1.13 17,368 Starbucks 1,066,447 0.18 37,676 Wyndham Hotels & Resorts 1,502,851 0.26 12,132,218 2.08

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Portfolio Statement continued Market % of total value net assets Holding Security £ 2020 TELECOMMUNICATIONS 1.66% (0.93%) Fixed Line Telecommunications 1.66% (0.93%) 139,748 Verizon Communications 5,925,587 1.02 45,406 Zoom Video 3,725,119 0.64 9,650,706 1.66 UTILITIES 3.60% (2.74%) Electricity 3.56% (2.35%) 78,615 CMS Energy 3,718,718 0.64 9,359 DTE Energy 818,226 0.14 21,875 Edison International 1,150,694 0.20 19,398 Entergy 1,775,480 0.30 32,330 NextEra Energy 6,390,066 1.10 58,249 Public Service Enterprise 2,339,445 0.40 93,604 XCEL Energy 4,566,978 0.78 20,759,607 3.56 Gas, Water & Multiutilities 0.04% (0.39%) 11,628 Nisource 245,979 0.04 FINANCIALS 23.96% (22.48%) Banks 7.16% (6.74%) 485,575 Bank of America 10,830,683 1.86 15,670 Cullen/Frost Bankers 961,571 0.16 81,839 First Republic Bank 6,443,708 1.10 6,825 M&T Bank 748,062 0.13 55,431 Morgan Stanley 1,954,167 0.33 76,762 PNC Financial Services 7,590,862 1.30 114,076 Truist Financial 4,120,776 0.71 99,528 US Bancorp 3,618,633 0.62 174,309 Wells Fargo 5,570,573 0.95 41,839,035 7.16 Non-life Insurance 3.55% (3.53%) 45,963 Arthur J Gallagher & Co 3,507,769 0.60 25,144 Chubb 2,854,955 0.49 8,698 Cincinnati Financial 634,934 0.11 2,312 Markel 2,138,776 0.37 19,342 Marsh & McLellan 1,583,188 0.27 96,399 The Hartford Financial Services 3,769,772 0.65 54,089 The Progressive Corporation 3,098,059 0.53 32,798 The Travelers Companies 3,076,433 0.53 20,663,886 3.55

54 MI Select Managers North American Equity Fund MI Select Managers North American Equity Fund

Portfolio Statement continued Market % of total value net assets Holding Security £ 2020 Life Insurance 1.32% (1.23%) 104,040 MetLife 3,478,046 0.60 71,604 Prudential Financial 4,229,081 0.72 7,707,127 1.32 Real Estate Investment & Services 1.25% (0.55%) 211,760 Redfin 4,479,570 0.77 64,012 Zillow 2,788,905 0.48 7,268,475 1.25 Real Estate Investment Trusts 2.20% (1.73%) 13,272 Alexandria Real Estate Equities 1,578,135 0.27 23,887 AvalonBay Communities 3,751,267 0.64 18,406 Boston Properties 1,855,731 0.32 20,409 Simon Property 1,966,601 0.34 40,277 Ventas 1,694,579 0.29 47,826 Vornado Realty Trust 2,006,198 0.34 12,852,511 2.20 Financial Services 8.48% (8.70%) 18,232 Blackrock 6,608,939 1.13 49,111 Capital One Financial 3,393,515 0.58 60,891 CME 9,478,078 1.62 61,240 Discover Financial Services 3,141,828 0.54 68,339 Interactive Brokers 2,733,988 0.47 40,428 MarketAxess 10,265,414 1.76 40,957 Mastercard 9,306,952 1.59 26,793 Northern Trust 1,840,878 0.32 29,603 T Rowe Price 2,735,027 0.47 49,504,619 8.48 TECHNOLOGY 9.02% (11.20%) Software & Computer Services 5.71% (8.13%) 55,980 2U 1,029,930 0.18 9,805 Alphabet 10,280,550 1.76 57,687 Appian 1,988,086 0.34 87,207 Eventbrite 996,807 0.17 37,623 Facebook 5,669,223 0.97 24,730 IBM 2,518,499 0.43 56,065 Microsoft 7,111,165 1.22 35,596 New Relic 1,566,191 0.27 180,435 Yext 2,135,894 0.37 33,296,345 5.71

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Portfolio Statement continued Market % of total value net assets Holding Security £ 2020 Technology Hardware & Equipment 3.31% (3.07%) 67,253 Analog Devices 5,741,752 0.98 18,710 Apple 4,004,201 0.69 14,529 Nvidia 3,071,872 0.53 72,709 Texas Instruments 6,497,303 1.11 19,315,128 3.31

Investment assets 575,984,259 98.70 Net other assets 7,559,669 1.30 Net assets 583,543,928 100.00

All investments are ordinary shares or stock units on a regulated securities market unless otherwise stated. The percentages in brackets show the equivalent % holdings as at 28.02.19.

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Comparative Tables Change in net assets per share Institutional Income^ 29.02.20 28.02.19 p p Opening net asset value per share 110.63 100.00† Return before operating charges^ 12.25 12.13 Operating charges -0.60 -0.65 Return after operating charges^ 11.65 11.48 Distributions -1.14 -0.85 Closing net asset value per share 121.14 110.63 ^After direct transaction costs of -0.02 -0.01 Performance Return after charges 10.53% 11.48% Other Information Closing net asset value £564,216,640 £342,255,639 Closing number of shares 465,736,778 309,366,732 Operating charges 0.49% 0.61% Ongoing operating charges* 0.45% 0.56% Direct transaction costs 0.02% 0.01% Prices Highest share price 138.68 119.43 Lowest share price 110.02 91.62

Institutional Accumulation^^ 29.02.20 28.02.19 p p Opening net asset value per share 94.68 100.00† Return before operating charges^ 10.48 -4.75 Operating charges -0.51 -0.57 Return after operating charges^ 9.97 -5.32 Distributions -0.98 -0.39 Retained distributions on accumulation shares 0.98 0.39 Closing net asset value per share 104.65 94.68 ^After direct transaction costs of -0.02 -0.01 Performance Return after charges 10.53% -5.32% Other Information Closing net asset value £19,327,288 £2,119,878 Closing number of shares 18,468,985 2,239,055 Operating charges 0.49% 0.61% Ongoing operating charges* 0.45% 0.56% Direct transaction costs 0.02% 0.01% Prices Highest share price 119.18 101.88 Lowest share price 94.16 82.63 ^Institutional Income launched on 7 February 2018. ^^Institutional Accumulation launched on 29 August 2018. †Launch price *The net asset value of the Sub-fund has increased by more than 10% if compared to the average net asset values for the year. Taking an average of the daily Net Asset Values for the last month of the year has the effect of decreasing the operating charges by 0.04%. The ACD believes this to be more representative of the charges going forward.

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Comparative Tables continued Operating charges include indirect costs incurred in the maintenance and running of the Sub-fund, as disclosed (but not limited to) the detailed expenses within the Statement of Total Return. The figures used within this table have been calculated against the average Net Asset Value for the accounting year. The return after charges is calculated as the closing net asset value per share plus the distributions on income shares minus the opening net asset value per share as a % of the opening net asset value per share. The basis of valuation of investments used to calculate net asset value per share is described in notes to the Financial Statements 1h), and complies with requirements of the current Statement of Recommended Practice for UK Authorised Funds. This differs from the basis used to calculate daily published single prices, in which listed investments are valued at 12:00 mid prices. Direct transaction costs include fees, commissions, transfer taxes and duties in the purchasing and selling of investments which are offset (where applicable) against any dilution levies charged within the accounting year.

Risk and reward profile The risk and reward indicator table demonstrates where the Sub-fund ranks in terms of its potential risk and reward. The higher the rank the greater the potential reward but the greater the risk of losing money. It is based on past data, may change over time and may not be a reliable indication of the future risk profile of the Sub-fund. The shaded area in the table below shows the Fund’s ranking on the risk and reward indicator. Typically lower rewards, Typically higher rewards, lower risk higher risk

1 2 3 4 5 6 7

The Sub-fund is ranked at 6 because funds of this type have experienced high rises and falls in value in the past. During the period under review the category changed from 5 to 6, this is due to the price volatility of the Sub-fund. Please note that even the lowest risk class can lose you money and that extreme market circumstances can mean you suffer severe losses in all cases. The indicator does not take into account the following risks of investing in this Sub-fund: • As this Fund is focused on a single geographical region, it will have greater exposure to the market, political and economic risks of that region than if it was more diversified across several countries.

• Investing overseas can bring additional returns and spread risk to different markets. There are risks, however, that changes in currency exchange rates may cause the value of your investment to decrease or increase.

• This Sub-fund can use derivatives in order to meet its investment objectives or to protect from price and currency movement. This may result in losses or gains that are greater than the original amount invested.

• For further risk information please see the Prospectus. Risk warning An investment in a non-UCITS Retail Scheme Open-Ended Investment Company should be regarded as a medium to long- term investment. Investors should be aware that the price of shares and the revenue from them can fall as well as rise and investors may not receive back the full amount invested. Past performance is not a guide to future performance. Investments denominated in currencies other than the base currency are subject to fluctuation in exchange rates, which can be favourable or unfavourable.

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Statement of Total Return for the year ended 29 February 2020 01.03.19 to 07.02.18 to 29.02.20 28.02.19 Note £ £ £ £ Income Net capital gains 2 32,821,290 31,735,216 Revenue 3 8,219,610 4,069,412 Expenses 4 (2,434,345) (1,493,446) Interest payable and similar charges 4 10,847 (16,437) Net revenue before taxation 5,796,112 2,559,529 Taxation 5 (1,189,072) (591,024) Net revenue after taxation 4,607,040 1,968,505 Total return before distributions 37,428,330 33,703,721 Distributions 6 (4,607,022) (1,968,293) Change in net assets attributable to Shareholders from investment activities 32,821,308 31,735,428

Statement of Change in Net Assets Attributable to Shareholders for the year ended 29 February 2020 01.03.19 to 07.02.18 to 29.02.20 28.02.19 £ £ £ £ Opening net assets attributable to Shareholders 344,375,517 – Amounts receivable on issue of shares 342,791,590 390,221,710 Less: Amounts payable on cancellation of shares (136,584,915) (77,704,041) 206,206,675 312,517,669 Dilution levy – 51,776 Change in net assets attributable to Shareholders from investment activities (see Statement of Total Return above) 32,821,308 31,735,428 Retained distributions on accumulation shares 140,428 8,207 Compensation paid to the Fund* – 62,437 Closing net assets attributable to Shareholders 583,543,928 344,375,517

The notes on pages 61 to 68 form an integral part of these Financial Statements. *The compensation due to the Sub-fund is in respect of an administrative error which occurred during the relevant reporting period.

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Balance Sheet as at 29 February 2020 29.02.20 28.02.19 Note £ £ £ £ ASSETS Fixed Assets Investments 575,984,259 342,130,615 Current Assets Debtors 7 10,837,363 3,276,937 Cash and bank balances 9 18,271,069 6,109,637 Total current assets 29,108,432 9,386,574 Total assets 605,092,691 351,517,189

LIABILITIES Investment liabilities – – Creditors Bank overdrafts 9 (10,901,638) (2,182,843) Distribution payable (2,892,225) (1,323,162) Other creditors 8 (7,754,900) (3,635,667) Total creditors (21,548,763) (7,141,672) Total liabilities (21,548,763) (7,141,672) Net assets attributable to Shareholders 583,543,928 344,375,517

The notes on pages 61 to 68 form an integral part of these Financial Statements.

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Notes to the Financial Statements for the year ended 29 February 2020

1. Accounting Policies The Sub-fund’s Financial statements have been prepared on the same basis as the Accounting Policies stated on pages 7 to 8.

2. Net Capital Gains^ 01.03.19 to 29.02.20 Realised Unrealised Total £ £ £ Non-derivative securities 14,991,679 17,813,398 32,805,077 Currency gains 57,643 – 57,643 Transaction charges (41,430) – (41,430) Net capital gains 15,007,892 17,813,398 32,821,290

^Where realised gains/losses include gains/losses arising from prior years, a corresponding loss/gain is included within the unrealised gains/losses presented. 07.02.18 to 28.02.19 Realised Unrealised Total £ £ £ Non-derivative securities 5,893,411 25,850,793 31,744,204 Currency gains 34,455 – 34,455 Transaction charges (43,443) – (43,443) Net capital gains 5,884,423 25,850,793 31,735,216

01.03.19 to 07.02.18 to 3. Revenue 29.02.20 28.02.19 £ £ UK dividends: Ordinary (445) 792 Overseas dividends 7,827,411 3,911,626 Property income distributions 379,457 153,404 Bank interest 13,187 3,590 Total revenue 8,219,610 4,069,412

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Notes to the Financial Statements continued

01.03.19 to 07.02.18 to 4. Expenses 29.02.20 28.02.19 £ £ Payable to the Authorised Corporate Director (ACD), associates of the ACD and agents of either of them: ACD’s fee 110,299 60,643 Administration fees 151,505 81,839 Registration fees 118,181 84,248 379,985 226,730 Payable to the Specialist Investment Manager, associates of the Specialist Investment Manager and agents of either of them: Specialist Investment Manager’s fee 1,899,404 1,169,563 Payable to the Depositary, associates of the Depositary and agents of either of them: Depositary’s fee (including VAT) 99,217 68,626 Safe custody and other bank charges 23,787 13,682 123,004 82,308 Auditors remuneration: Audit fee (including VAT) 8,652 – Audit fee (including VAT) - predecessor fee – 7,200 Tax Compliance service (including VAT) 1,800 – Tax Compliance services (including VAT) - predecessor tax advisor 300 1,800 10,752 9,000 Other expenses: Legal fees 18,610 3,348 Printing costs 2,590 2,497 21,200 5,845

Expenses 2,434,345 1,493,446 Interest payable and similar charges (10,847) 16,437 Total 2,423,498 1,509,883

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Notes to the Financial Statements continued

01.03.19 to 07.02.18 to 5. Taxation 29.02.20 28.02.19 £ £ (a) Analysis of charge in the period: Overseas tax 1,189,072 591,024 Total tax charge (note 5b) 1,189,072 591,024

(b) Factors affecting taxation charge for the period: Net revenue before taxation 5,796,112 2,559,529 Corporation tax at 20% 1,159,222 511,906 Effects of: UK dividends 89 (158) Movement in surplus management expenses 428,587 275,180 Adjustments in respect of prior periods 2,570 – Overseas tax expensed 1,189,072 591,024 Double taxation relief (24,986) (4,603) Non-taxable overseas earnings (1,565,482) (782,325) Total tax charge (note 5a) 1,189,072 591,024

(c) Deferred tax At the year end there is a potential deferred tax asset of £703,767 (2019: £275,180) in relation to surplus management expenses. It is unlikely that the Sub-fund will generate sufficient taxable profits in the future to utilise these expenses and therefore no deferred tax asset has been recognised in the year.

6. Distributions The distributions take account of revenue received on the issue of shares and revenue deducted on the cancellation of shares, and comprise: 01.03.19 to 07.02.18 to 29.02.20 28.02.19 £ £ Interim distribution 31.08.19 2,023,942 1,059,546 Final distribution 29.02.20 2,990,979 1,331,350 5,014,921 2,390,896 Revenue deducted on cancellation of Shares 336,274 194,480 Revenue received on issue of Shares (744,173) (617,083) Distributions 4,607,022 1,968,293

Reconciliation of net revenue after taxation to net distributions: Net revenue after taxation per Statement of Total Return 4,607,040 1,968,505 Undistributed revenue brought forward 212 – Undistributed revenue carried forward (230) (212) Distributions 4,607,022 1,968,293

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Notes to the Financial Statements continued

7. Debtors 29.02.20 28.02.19 £ £ Amounts receivable on issues 5,772,927 971,857 Currency deals outstanding 2,550,734 666,705 Sales awaiting settlement 1,678,734 1,219,498 Accrued income: Dividends receivable 834,968 418,512 Prepaid expenses: Legal fee – 365 Total debtors 10,837,363 3,276,937

8. Other Creditors 29.02.20 28.02.19 £ £ Amounts payable on cancellations 1,332,753 643,649 Currency deals outstanding 2,524,279 673,077 Purchases awaiting settlement 3,125,225 1,902,228 Accrued expenses: Amounts payable to the Authorised Corporate Director (ACD), associates of the ACD and agents of either of them: ACD’s fee 10,856 5,721 Administration fee 14,422 7,814 Registration fees 10,676 6,824 35,954 20,359 Amounts payable to the Specialist Investment Manager, associates of the Specialist Investment Manager and agents of either of them: Specialist Investment Managers fee 668,931 362,943 Amounts payable to the Depositary, associates of the Depositary and agents of either of them: Depositary’s fee (including VAT) 36,869 19,530 Safe custody and other bank charges 8,829 3,781 45,698 23,311 Auditors remuneration: Audit fee (including VAT) 8,652 – Audit fee (including VAT) - predecessor fee 7,200 7,200 Tax Compliance services (including VAT) 1,800 – Tax Compliance services (including VAT) - predecessor tax advisor 2,100 1,800 19,752 9,000

64 MI Select Managers North American Equity Fund MI Select Managers North American Equity Fund

Notes to the Financial Statements continued

8. Other Creditors (continued) 29.02.20 28.02.19 £ £ Other expenses: Legal fees 1,285 – Printing costs 1,023 1,100 2,308 1,100

Total other creditors 7,754,900 3,635,667

9. Cash and Bank Balances 29.02.20 28.02.19 £ £ Cash and bank balances 18,271,069 6,109,637 Overdraft positions (10,901,638) (2,182,843) Cash and bank balances 7,369,431 3,926,794

10.Related Party Transactions Authorised Corporate Director and other fees payable to Maitland Institutional Services Ltd (the ACD) are disclosed in note 4 and amounts due at the year end are shown in note 8. Fees payable to JPMorgan Asset Management (UK) Limited and Baillie Gifford & Co (the Specialist Investment Managers to the Asset Allocation Manager) are disclosed in note 4 and amounts due at the year end are shown in note 8. Amounts receivable on issue and payable on cancellation of shares and dilution levy are disclosed in the Statement of Change in Net Assets Attributable to Shareholders and in note 6, amounts due at the year end are shown in notes 7 and 8. At the year end the Sub-fund did not hold shares in any of the other Sub-funds within the MI Brewin Dolphin Select Managers Fund.

11.Contingent Liabilities and Outstanding Commitments There were no contingent liabilities or outstanding commitments at the balance sheet date (2019: none).

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Notes to the Financial Statements continued

12.Risk Management Policies and Disclosures The main risks arising from financial instruments and the ACD’s policies for managing these risks are disclosed in Note 2 on pages 9 to 11. Numerical disclosures relating to the Sub-fund are as follows: Disclosure of VaR Limit The table below details the Sub-funds lowest, highest and average VaR, as well as utilisation of VaR calculated during the year: 29.02.20 Utilisation of 28.02.19 Utilisation of % of VaR VaR(*) 20% % of VaR VaR(*) 20% VaR at year end 14.31 71.55 12.95 64.75 Lowest 7.80 39.00 11.83 59.15 Highest 14.36 71.80 12.95 64.75 Average 13.27 66.35 12.26 61.30 *The VaR on the Sub-fund has been divided by its maximum limit. Currency risk The table below details the currency risk profile at the balance sheet date. Currency 29.02.20 28.02.19 Total Total £ £ Pound sterling 2,795,611 (736,023) United States dollar 580,748,317 345,111,540 583,543,928 344,375,517

At the balance sheet date, if the value of sterling increased or decreased by 10%, with all other variables held constant, then the net assets attributable to Shareholders would increase or decrease by approximately £58,074,832 (2019: £34,511,154).

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Notes to the Financial Statements continued

13.Portfolio Transaction Costs 29.02.20 Purchases Analysis Gross before of purchases purchase Commissions Taxes transaction cost paid cost £ £ % £ % £ Equities 321,541,443 51,006 0.02 74 0.00 321,490,363 Corporate actions (50,303) – 0.00 – 0.00 (50,303) Total purchases after commissions and tax 321,491,140 Sales Analysis Net before of sales sale Commissions Taxes transaction proceeds paid cost £ £ % £ % £ Equities 120,344,797 22,792 0.02 2,533 0.00 120,370,122 Total sales after commissions and tax 120,344,797 Commission as a % of average net assets 0.02% Taxes as a % of the average net assets 0.00% 28.02.19 Purchases Analysis Gross before of purchases purchase Commissions Taxes transaction cost paid cost £ £ % £ % £ Equities 390,590,451 64,862 0.02 – – 390,525,589 Bonds 49,999 – – – – 49,999 Corporate actions (760,031) – – – – (760,031) Total purchases after commissions and tax 389,880,419 Sales Analysis Net before of sales sale Commissions Taxes transaction proceeds paid cost £ £ % £ % £ Equities 79,444,057 16,558 0.02 1,067 0.00 79,461,682 Bonds 50,791 – 0.00 – 0.00 50,791 Total sales after commissions and tax 79,494,848 Commission as a % of average net assets 0.03% Taxes as a % of the average net assets 0.00% Commissions and taxes as a % of the average net assets form part of the direct transactions costs stated within the comparative tables on page 57. The direct transaction costs within the comparative tables may differ due to the effect of dilution levies charged (where applicable).

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Notes to the Financial Statements continued

14.Portfolio Dealing Spread The average portfolio dealing spread at 29 February 2020 is 0.12% (2019: 0.04%).

15.Events after the Balance Sheet date The table below denotes the movement in the Net Asset Value since the year end, calculated with reference to the daily published single prices. Share Class 29.02.20 26.06.20 % p p Movement Institutional income 122.15 141.75* 16.05 Institutional accumulation 104.98 121.91 16.13

*adjusted for income distribution for comparison purposes. ACD Statement Regarding COVID-19 Notwithstanding the challenges arising from the impact of the COVID-19 virus, the ACD continues to operate, administer and price the Sub-fund in accordance with FCA regulatory requirements and in accordance with relevant accounting standards. At the time of writing, investment markets are experiencing high levels of daily volatility and it is likely that this volatility will continue for the foreseeable future. The ACD will continue to monitor fund liquidity and market volatility to ensure the Sub-fund is managed in the best interests of shareholders and to ensure that the Sub-fund remains a going concern. Where appropriate the ACD will value assets on a “fair value” basis in accordance with the Regulations. As stated in the Prospectus, the Sub-fund should be considered as a long-term investment and the ACD emphasises the importance for investors to seek professional advice when considering their investment in the Sub-fund.

16.Fair Value Disclosure Valuation technique 29.02.20 28.02.19 Assets Liabilities Assets Liabilities £ £ £ £ Level 1^ 575,984,259 – 342,130,615 – Level 2^^ – – – – Level 3^^^ – – – – 575,984,259 342,130,615 –

^Level 1: Unadjusted quoted price in an active market for an identical instrument. ^^Level 2: Valuation techniques using observable inputs other than quoted prices within level 1. ^^^Level 3: Valuation techniques using unobservable inputs.

17.Shareholders Funds Institutional Institutional Income Accumulation Opening number of Shares 309,366,732 2,239,055 Shares issued 265,460,322 17,428,689 Shares cancelled (109,090,276) (1,198,759) Closing number of Shares 465,736,778 18,468,985

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Distribution Tables for the year ended 29 February 2020 Income Share Distributions Share Distribution Shares Net Equalisation Distribution Distribution class revenue payable paid 2020 2019 p p p p Institutional Interim Group 1 0.5198 – 0.5198 0.4317 Income Group 2 0.2300 0.2898 0.5198 0.4317 Final Group 1 0.6210 – 0.6210 0.4277 Group 2 0.3762 0.2448 0.6210 0.4277

Accumulation Share Distributions Share Distribution Shares Net Equalisation Amount Amount class revenue reinvested reinvested 2020 2019 p p p p Institutional Interim Group 1 0.4448 – 0.4448 0.0255 Accumulation Group 2 0.1759 0.2689 0.4448 0.0255 Final Group 1 0.5347 – 0.5347 0.3657 Group 2 0.3136 0.2211 0.5347 0.3657

Interim period: 01.03.19 - 31.08.19 Final period: 01.09.19 - 29.02.20

Group 1: Shares purchased prior to a distribution period Group 2: Shares purchased during a distribution period

Equalisation Equalisation applies only to shares purchased during the distribution period (Group 2 shares). It represents accrued revenue included in the purchase price of the shares. After averaging, it is returned with the distribution as a capital repayment. It is not liable to income tax but must be deducted from the cost of the shares for capital gains tax purposes.

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Investment Objective The Sub-fund will aim to achieve long term capital growth and income.

Investment Policy The Sub-fund will primarily invest directly in a diverse range of UK listed equities and indirectly through investment Sub- funds targeted towards UK equity. The Sub-fund may also invest a small proportion in non-UK investments to achieve its investment objective. UK listed equities are defined as those that are issued by companies that are domiciled or listed in the UK, and may include small and micro-cap stocks which generally pose a higher investment risk than larger stocks. The indirect exposure of the Sub-fund to the equities will be made via index-tracking instruments such as exchange traded funds, index tracking funds and other collective investment schemes. The Sub-fund may invest in other Sub-funds of the Company and, from time to time, in collective investment schemes which are managed or advised by the ACD. The Sub-fund may invest (at the Investment Managers’ discretion) in other transferable securities, money market instruments, depositary receipts, derivative instruments and forward transactions. The Sub-fund may invest in derivatives for the purposes of hedging with the aim of reducing the risk profile of the Sub-fund in accordance with the principles of Efficient Portfolio Management. Derivatives may also be used for investment purposes. Derivatives can expose the Scheme Property to a higher degree of risk. The Sub-fund can use financial derivative instruments in accordance with the Rules for the purpose of achieving the investment objective. From time-to-time, as the Asset Allocation Manager considers appropriate, additional Specialist Investment Managers may be appointed to take advantage of specific mispricing in certain markets or securities.

Asset Allocation Manager’s Report for the year ended 29 February 2020 Introduction This report covers the MI Select Managers Funds and their underlying mandates for the 12 months from 28 February 2019 to the end of February 2020. Market Review The twelve-month period to the end of February 2020 saw a number of pressures and themes that persisted, some positive and many negative but ultimately markets rode higher over the year. News on the trade war between US and China oscillated between optimism and pessimism from week to week. By the end of the 2019, many tariffs remained but agreement on phase one of a deal was in place. Brexit and its associated machinations dominated headlines in the UK. A strong Conservative majority in the December election was met with positivity by markets as the threat of a hard left or an ERG dependent government receded. There is still significant uncertainty around the terms of a trade deal with the EU and the possibility of a hard Brexit remains if the UK exits the transition period without such a deal. In April the US yield curve flirted with inversion, a signal that has historically been a fairly reliable guide to a future recession. The US yield curve inverted briefly in Quarter 3. In response to the threat of a slowing economic backdrop and weakening inflation, the US Federal Reserve cut rates three times during the autumn. The ECB also cut rates and announced measures to stimulate the economy. China also implemented a number of policy adjustments to stimulate activity to offset the strains from the trade war. The last half of 2019 saw signs that the global economy was beginning to regain its composure. Stock indices hit all-time highs in January and the equity market was left vulnerable to any new bad news. In the new year, the spread of the coronavirus outbreak in China and beyond helped drive a decline in excess of 10% in global equity markets in the last weeks of February.

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Asset Allocation Manager’s Report continued Performance Activity and Attribution The MI Select Managers UK Equity Fund gave a total return of 1.5% over the twelve months to the end of February 2020 which represents an outperformance relative to the MorningStar UK Market which was down -2.2%. The Lindsell Train mandate performed well over the period. The mandate focuses on firms with strong, simple and defendable business models with a clear path to growing revenues. By contrast, the value-focused Investec UK Special Situations mandate has struggled relative to the broad UK market. The Merian Mid-cap Crossover strategy performed strongly with returns in excess of 10%. There was a pick-up in performance following the December general election which effectively reduced uncertainty surrounding the Brexit negotiations. JPM Core strategy, which seeks to add value through an investment process that has exposure to a number of underlying investment styles ended the period down -1.7%. We have taken the decision to remove the Miton UK Smaller Companies mandate following a prolonged period of underperformance which had not been helped by the commentary surrounding the Brexit negotiations. In its place we have introduced the Teviot UK Smaller Companies mandate and have steadily built up the position in the Fund. Outlook The strong market movements in recent weeks have been driven by updates on the Coronavirus story. Although we are going to see a sharp hit to growth, we feel that this in temporary and that markets will look through this after correcting so severely. Monetary and fiscal support will help to mitigate the pain and a silver lining of the crisis is that it has pushed US Treasury yields to new all-time lows, which will feed through to lower mortgage rates and support the all-important US housing market. COVID-19 Since the start of 2020, global financial markets have reacted sharply to a novel coronavirus known as COVID-19, with concerns regarding the economic impact that widely-implemented social distancing measures may have. The eventual impact on the global economy and markets will largely depend upon the scale and the duration of the outbreak. The Asset Allocation Manager and ACD will continue to monitor the situation closely.

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Portfolio Statement as at 29 February 2020 Market % of total value net assets Holding Security £ 2020 OIL & GAS 5.03% (7.44%) Oil & Gas Producers 5.03% (7.37%) 2,981,371 BP 11,806,229 1.98 307,000 Cairn Energy 427,037 0.07 195,000 Gulf Keystone Petroleum 288,990 0.05 775,473 Premier Oil 601,767 0.10 360,755 Royal Dutch Shell ‘A’ 5,993,584 1.01 646,259 Royal Dutch Shell ‘B’ 10,751,165 1.81 450,365 SDX Energy* 78,814 0.01 29,947,586 5.03 Oil Equipment, Services & Distribution 0.00% (0.03%) Alternative Energy 0.00% (0.04%) BASIC MATERIALS 3.44% (4.64%) Chemicals 0.25% (0.44%) 7,349 Johnson Matthey 184,460 0.03 457,189 Synthomer 1,287,444 0.22 1,471,904 0.25 Forestry & Paper 0.14% (0.15%) 53,620 Mondi 837,008 0.14 Industrial Metals & Mining 0.00% (0.14%) Mining 3.05% (3.91%) 132,601 Anglo American 2,375,680 0.40 449,626 Anglo Pacific 577,769 0.10 49,929 Antofagasta 375,466 0.06 196,500 Atalaya Mining* 314,400 0.05 194,803 BHP 2,763,086 0.46 128,986 Central Asia Metals* 237,334 0.04 150,446 Coeur d’Alene Mines 487,627 0.08 821,193 Glencore 1,586,216 0.27 414,336 Hochschild Mining 661,695 0.11 235,792 Impala Platinum 1,462,706 0.25 80,548 Pan American Silver 1,247,980 0.21 62,864 Polymetal 749,653 0.13 99,397 Rio Tinto 3,584,753 0.60 137,398 SSR Mining 1,700,667 0.29 18,125,032 3.05 INDUSTRIALS 15.22% (14.15%) Construction & Materials 1.96% (1.73%) 350,000 Alumasc* 360,500 0.06 290,000 Costain 480,820 0.08 205,149 CRH 5,413,882 0.91

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Portfolio Statement continued Market % of total value net assets Holding Security £ 2020 Construction & Materials (continued) 275,000 Eurocell 687,500 0.11 1,113,688 Forterra 3,630,623 0.61 165,560 Ibstock 453,303 0.08 81,000 Keller 525,690 0.09 50,958 Tyman 123,318 0.02 11,675,636 1.96 Aerospace & Defence 1.48% (0.91%) 16,197 Avon Rubber 442,178 0.07 143,673 Babcock International 637,190 0.11 318,462 BAE Systems 1,937,523 0.32 687,901 Chemring 1,657,841 0.28 229,374 Meggitt 1,240,913 0.21 154,973 Qinetiq 533,107 0.09 309,204 Rolls-Royce 1,916,446 0.32 23,568 Ultra Electronics 458,162 0.08 8,823,360 1.48 General Industrials 0.48% (0.29%) 398,935 Coats Group 236,967 0.04 87,500 Hargreaves* 231,000 0.04 487,657 Macfarlane 448,644 0.07 202,357 Smith (DS) 635,806 0.11 9,903 Smiths 151,813 0.03 38,187 Smurfit Kappa 992,098 0.17 34,429 Vesuvius 145,497 0.02 2,841,825 0.48 Electronic & Electrical Equipment 0.21% (0.16%) 5,797 Halma 111,824 0.02 142,661 Morgan Advanced Materials 396,598 0.07 27,928 Oxford Instruments 388,199 0.06 175,000 TT Electronics 348,250 0.06 1,244,871 0.21 Industrial Engineering 1.05% (0.57%) 259,797 Bodycote 1,983,550 0.34 80,781 Gea 1,663,138 0.28 5,230 Hill & Smith 69,925 0.01 252,376 Rotork 710,691 0.12 594,166 Severfield 493,158 0.08 13,135 Spirax-Sarco Engineering 1,102,683 0.19 153,298 Trifast 196,221 0.03 6,219,366 1.05

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Portfolio Statement continued Market % of total value net assets Holding Security £ 2020 Industrial Transportation 0.30% (0.11%) 8,851 Clarkson 219,947 0.04 32,000 Ocean Wilsons 268,800 0.05 275,261 Signature Aviation 769,354 0.13 189,828 Wincanton 499,248 0.08 1,757,349 0.30 Support Services 9.74% (10.38%) 443,909 Aggreko 3,006,152 0.50 190,048 Ashtead 4,540,247 0.76 213,333 Augean* 401,066 0.07 373,000 Boku* 212,610 0.04 1,489 Bunzl 27,844 0.00 8,399,828 Capita 10,856,778 1.82 30,103 DCC 1,665,298 0.28 487,965 De La Rue 677,295 0.11 550,000 Driver* 291,500 0.05 378,635 Electrocomponents 2,289,984 0.38 58,291 Experian 1,510,320 0.25 28,729 Ferguson 1,936,335 0.33 950,518 Grafton 8,188,713 1.38 178,113 Hays 246,330 0.04 248,000 Homeserve 2,933,840 0.49 141,886 Howden Joinery 902,395 0.15 3,674 Intertek 193,620 0.03 179,000 IWG 628,469 0.11 189,532 Kin and Carta 178,160 0.03 110,667 PageGroup 449,751 0.08 54,953 Paypoint 456,110 0.08 1,850,000 Renewi 666,000 0.11 420,894 Rentokil Initial 2,037,127 0.34 50,684 Ricardo 329,446 0.06 108,500 Science* 249,550 0.04 430,046 Serco 655,820 0.11 4,034,775 SIG 2,543,926 0.43 658,826 Travis Perkins 9,625,448 1.62 27,331 VP 272,217 0.05 57,972,351 9.74 CONSUMER GOODS 21.49% (19.94%) Automobiles & Parts 0.40% (0.50%) 191,954 Delphi Technologies 2,121,969 0.36 129,000 TI Fluid Systems 259,290 0.04 2,381,259 0.40

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Portfolio Statement continued Market % of total value net assets Holding Security £ 2020 Beverages 6.90% (7.10%) 456,500 A.G. Barr 2,437,710 0.41 87,194 Britvic 743,329 0.12 55,888 C&C Group 183,313 0.03 30,643 Coca-Cola HBC 758,108 0.13 753,813 Diageo 20,831,622 3.50 78,000 Fevertree Drinks* 984,360 0.17 121,500 Heineken 8,338,235 1.40 86,500 Remy Cointreau 6,788,033 1.14 41,064,710 6.90 Food Producers 2.51% (2.42%) 8,447 Associated British Foods 190,480 0.03 220,768 Bakkavor 243,286 0.04 87,343 Devro 131,015 0.02 280,005 Greencore 586,050 0.10 305,000 Mondelez International 12,607,845 2.12 52,000 MP Evans* 343,200 0.06 121,030 Tate & Lyle 853,988 0.14 14,955,864 2.51 Household Goods & Home Construction 3.26% (2.37%) 401,746 Barratt Developments 3,042,021 0.51 26,963 Bellway 1,003,563 0.17 21,648 Berkeley Group 1,029,146 0.17 255,133 Countryside Properties 1,197,084 0.20 60,543 Gleeson (M.J) 550,941 0.09 388,669 Headlam 1,958,892 0.33 101,358 IG Design* 731,805 0.12 2,565,659 McCarthy & Stone 3,437,983 0.58 11,491 Persimmon 326,115 0.06 46,504 Reckitt Benckiser 2,660,029 0.45 64,829 Redrow 483,624 0.08 1,230,000 Taylor Wimpey 2,487,060 0.42 37,440 Vistry 478,858 0.08 19,387,121 3.26 Leisure Goods 0.12% (0.07%) 11,765 Games Workshop 740,607 0.12 Personal Goods 5.76% (6.23%) 757,937 Burberry 12,490,802 2.10 154,800 Inspecs* 294,120 0.05 336,623 PZ Cussons 607,941 0.10 402,748 Superdry 1,246,908 0.21 467,803 Unilever 19,505,046 3.28 32,156 Watches of Switzerland 105,922 0.02 34,250,739 5.76

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Portfolio Statement continued Market % of total value net assets Holding Security £ 2020 Tobacco 2.54% (1.25%) 329,270 British American Tobacco 10,083,894 1.69 324,499 Imperial Brands 5,044,661 0.85 15,128,555 2.54 HEALTH CARE 4.07% (4.81%) Health Care Equipment & Services 0.38% (0.60%) 80,000 Caretech* 357,600 0.06 82,965 Smith & Nephew 1,442,761 0.24 422,013 Spire Healthcare 487,003 0.08 2,287,364 0.38 Pharmaceuticals & Biotechnology 3.69% (4.21%) 821,764 Allergy Therapeutics* 86,285 0.01 116,647 AstraZeneca 7,923,831 1.33 140,000 Eco Animal Health* 280,000 0.05 80,000 Ergomed* 296,000 0.05 820,726 GlaxoSmithKline 12,821,382 2.15 32,063 Hikma Pharmaceuticals 573,286 0.10 21,980,784 3.69 CONSUMER SERVICES 17.21% (16.75%) Food & Drug Retailers 2.06% (2.33%) 34,358 Greggs 718,082 0.12 774,497 J Sainsbury 1,516,078 0.26 38,702 Ocado 411,596 0.07 4,126,898 Tesco 9,429,962 1.58 97,403 Wm Morrison Supermarkets 166,705 0.03 12,242,423 2.06 General Retailers 4.38% (3.63%) 1,724,000 boohoo.com* 5,016,840 0.84 673,314 Dixons Carphone 819,423 0.14 99,074 Dunelm 1,077,925 0.18 122,075 Inchcape 703,762 0.12 513,386 JD Sports Fashion 3,781,601 0.64 1,879 Just Eat 127,396 0.02 2,032,886 Kingfisher 3,848,253 0.65 2,376,709 Marks & Spencer 3,764,707 0.63 2,828,431 Mothercare 356,382 0.06 45,487 Next 2,766,519 0.46 611,816 Pets at Home 1,574,814 0.26 194,523 Studio Retail 400,717 0.07 520,000 Topps Tiles 289,120 0.05 80,200 WH Smith 1,544,652 0.26 26,072,111 4.38

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Portfolio Statement continued Market % of total value net assets Holding Security £ 2020 Media 6.60% (6.92%) 15,130 4imprint 417,588 0.07 870,073 Ascential 2,972,169 0.50 481,353 Auto Trader 2,500,147 0.42 586,000 Daily Mail & General Trust 4,336,400 0.73 600,000 Ebiquity* 210,000 0.03 317,618 Euromoney Institutional Investor 3,423,922 0.57 95,956 Future 1,107,332 0.19 65,112 Informa 444,194 0.07 33,821 Moneysupermarket.com 104,947 0.02 387,400 Pearson 2,160,142 0.36 1,022,081 Relx 19,082,252 3.21 121,429 Rightmove 751,403 0.13 412,000 S4 Capital 729,240 0.12 70,000 STV 294,000 0.05 99,235 WPP 747,041 0.13 39,280,777 6.60 Travel & Leisure 4.17% (3.87%) 65,741 Carnival 1,600,136 0.27 317,175 Celtic* 428,186 0.07 125,582 Compass 2,145,568 0.36 30,000 Dart Group* 368,700 0.06 371,730 easyJet 4,090,889 0.69 3,447 Flutter Entertainment 284,791 0.05 31,367 Go-Ahead 611,343 0.10 320,727 GVC 2,532,460 0.42 8,299 InterContinental Hotels 357,023 0.06 192,498 International Consolidated Airlines 908,398 0.15 174,813 Manchester United 2,378,650 0.40 156,648 Mitchells & Butlers 523,988 0.09 166,896 National Express 705,636 0.12 1,893 PPHE Hotel 32,938 0.01 256,917 Rank 676,976 0.11 398,561 SSP 2,020,704 0.34 344,873 Trainline 1,598,486 0.27 37,436 Wetherspoon (J.D.) 502,765 0.08 60,504 Wizz Air Holdings 2,066,212 0.35 62,728 Young & Co Brewery* 1,003,648 0.17 24,837,497 4.17 TELECOMMUNICATIONS 1.50% (1.37%) Fixed Line Telecommunications 0.50% (0.83%) 2,107,044 BT 2,983,153 0.50 Mobile Telecommunications 1.00% (0.54%) 4,416,902 Vodafone 5,933,666 1.00

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Portfolio Statement continued Market % of total value net assets Holding Security £ 2020 UTILITIES 1.26% (0.96%) Electricity 0.37% (0.18%) 150,000 Drax 405,000 0.07 117,994 SSE 1,804,128 0.30 2,209,128 0.37 Gas, Water & Multiutilities 0.89% (0.78%) 327,563 National Grid 3,218,306 0.54 83,939 Pennon 904,862 0.15 37,113 Severn Trent 914,464 0.15 27,747 United Utilities 261,932 0.05 5,299,564 0.89 FINANCIALS 24.91% (25.23%) Banks 6.98% (8.50%) 5,959,169 Barclays 8,863,668 1.49 98,471 Citigroup 4,892,327 0.82 46,154 Close Brothers 592,156 0.10 1,716,657 HSBC 8,991,849 1.51 10,846,181 Lloyds Banking 5,444,783 0.91 3,581,424 Royal Bank of Scotland 6,398,214 1.08 936,431 Standard Chartered 5,268,361 0.88 726,950 Virgin Money 1,103,874 0.19 41,555,232 6.98 Non-life Insurance 0.83% (0.76%) 10,744 Admiral 226,913 0.04 233,000 Direct Line Insurance 715,077 0.12 289,581 Lancashire 2,098,014 0.35 357,548 Randall & Quilter Investment* 536,322 0.09 199,225 RSA Insurance 1,033,579 0.17 120,390 Sabre Insurance 337,092 0.06 4,946,997 0.83 Life Insurance 1.15% (1.52%) 259,977 Aviva 911,739 0.15 719,779 Legal & General 1,871,425 0.31 29,878 Phoenix Group 206,517 0.04 271,252 Prudential 3,435,407 0.58 43,153 St James’s Place 438,219 0.07 6,863,307 1.15

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Portfolio Statement continued Market % of total value net assets Holding Security £ 2020 Real Estate Investment & Services 0.65% (0.45%) 190,000 Belvoir Lettings* 250,800 0.04 225,828 Countrywide 684,259 0.11 81,324 Grainger 241,044 0.04 200,040 LSL Property Services 628,126 0.11 162,691 Savills 1,760,317 0.30 56,903 St. Modwen Properties 272,850 0.05 3,837,396 0.65 Real Estate Investment Trusts 2.54% (1.94%) 190,115 Big Yellow 2,026,626 0.34 69,683 British Land 348,972 0.06 19,191 Derwent London 752,287 0.13 84,461 Great Portland Estates 711,668 0.12 322,752 Land Securities 2,693,688 0.45 150,000 NewRiver REIT 233,400 0.04 46,110 Safestore 364,961 0.06 160,348 Segro 1,316,457 0.22 228,516 Tritax Big Box 297,071 0.05 231,354 Unite 2,621,241 0.44 329,000 Workspace 3,720,990 0.63 15,087,361 2.54 Financial Services 10.61% (9.34%) 137,512 3i Group 1,386,121 0.23 650,000 Appreciate* 357,500 0.06 88,675 Brewin Dolphin 269,395 0.04 10,531 Brooks Macdonald* 209,567 0.03 113,643 Draper Esprit* 586,398 0.10 707,881 Hargreaves Lansdown 10,819,961 1.82 111,937 Integrafin 536,178 0.09 224,907 Intermediate Capital 3,578,270 0.60 190,000 International Personal Finance 275,880 0.05 198,704 John Laing 668,440 0.11 247,412 London Stock Exchange 18,738,985 3.15 478,430 M&G 950,640 0.16 273,515 Man Group 400,973 0.07 171,788 Melrose Industries 359,724 0.06 322,000 Morses Club* 341,320 0.06 752,352 OneSavings Bank 3,021,446 0.51 192,000 Premier Asset Management* 241,920 0.04 250,000 Rathbone Brothers 4,145,000 0.70 15,000 S & U 330,000 0.05 408,000 Schroders 11,640,240 1.96 270,812 Sigma Capital* 270,812 0.04 19,491 Standard Life Aberdeen 53,834 0.01 1,093,685 TP ICAP 3,983,201 0.67 63,165,805 10.61

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Portfolio Statement continued Market % of total value net assets Holding Security £ 2020 Equity Investment Instruments 0.28% (0.08%) 1,226,813 Hipgnosis Songs Fund 1,275,886 0.22 62,334 Scottish Mortgage Investment Trust 348,447 0.06 1,624,333 0.28 Non-Equity Investment Instruments 1.87% (2.64%) 687,505 JPM UK Smaller Companies I Accumulation†** 7,500,680 1.26 3,647,291 JPM Sterling Liquidity Fund†** 3,647,291 0.61 11,147,971 1.87 TECHNOLOGY 2.67% (3.38%) Software & Computer Services 2.48% (3.02%) 409,575 Avast 1,612,906 0.27 17,628 Aveva 773,164 0.13 81,804 Blue Prism* 1,182,886 0.20 27,401 EMIS* 311,275 0.05 273,455 Funding Circle 205,365 0.03 371,647 Iqgeo* 219,272 0.04 1,429,801 Sage 9,748,383 1.64 62,582 Softcat 660,866 0.11 77,092 Tribal* 52,423 0.01 14,766,540 2.48 Technology Hardware & Equipment 0.19% (0.36%) 248,159 Amino Technologies* 312,680 0.05 302,765 Spirent Communications 634,293 0.11 158,000 Vianet* 205,400 0.03 1,152,373 0.19 DERIVATIVES -0.01% (-0.03%) Futures -0.01% (-0.03%) 96 FTSE 100 Index Future March 20.3.2020 (530,454) (0.09) (47) S&P 500 E-mini Index Future 20.3.2020 450,662 0.08 (79,792) (0.01)

Investment assets 576,019,133 96.79 Net other assets 19,119,699 3.21 Net assets 595,138,832 100.00

All investments are ordinary shares or stock units on a regulated securities market unless otherwise stated. The percentages in brackets show the equivalent % holdings as at 28.02.19. *Quoted on AIM. **Collective Investment Schemes permitted under COLL, not listed on any exchange. †Represents investment into a related party of the Specialist Investment Manager to the Asset Allocation Manager (note 10).

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Comparative Tables Change in net assets per share Institutional Income^ 29.02.20 28.02.19 p p Opening net asset value per share 99.67 100.00† Return before operating charges^ 1.79 3.38 Operating charges -0.51 -0.53 Return after operating charges^ 1.28 2.85 Distributions -2.99 -3.18 Closing net asset value per share 97.96 99.67 ^After direct transaction costs of -0.26 -0.29 Performance Return after charges 1.28% 2.85% Other Information Closing net asset value £591,601,758 £469,233,057 Closing number of shares 603,921,196 470,774,460 Operating charges 0.48% 0.52% Ongoing operating charges 0.48% 0.49% Direct transaction costs 0.24% 0.28% Prices Highest share price 113.30 109.34 Lowest share price 99.24 91.58

Institutional Accumulation^^ 29.02.20 28.02.19 p p Opening net asset value per share 95.35 100.00† Return before operating charges^ 1.63 -4.15 Operating charges -0.49 -0.50 Return after operating charges^ 1.14 -4.65 Distributions -2.88 -1.63 Retained distributions on accumulation shares 2.88 1.63 Closing net asset value per share 96.49 95.35 ^After direct transaction costs of -0.25 -0.27 Performance Return after charges 1.20% -4.65% Other Information Closing net asset value £3,537,074 £2,778,381 Closing number of shares 3,665,648 2,914,028 Operating charges 0.48% 0.52% Ongoing operating charges 0.48% 0.49% Direct transaction costs 0.24% 0.28% Prices Highest share price 110.39 101.47 Lowest share price 95.21 86.75 ^Institutional Income launched on 7 February 2018. ^^Institutional Accumulation launched on 4 June 2018. † Launch Price. Operating charges include indirect costs incurred in the maintenance and running of the Sub-fund, as disclosed (but not limited to) the detailed expenses within the Statement of Total Return. The figures used within this table have been calculated against the average Net Asset Value for the accounting year.

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Comparative Tables continued The return after charges is calculated as the closing Net Asset Value per share plus the distributions on income shares minus the opening Net Asset Value per share as a % of the opening net asset value per share. The basis of valuation of investments used to calculate net asset value per share is described in notes to the Financial Statements 1h), and complies with requirements of the current Statement of Recommended Practice for UK Authorised Funds. This differs from the basis used to calculate daily published single prices, in which listed investments are valued at 12:00 mid prices. The Sub-fund invests in Collective Investment Schemes; the expenses incurred by these schemes in relation to the Sub-fund (synthetic ongoing charge) are included in the operating charge. Direct transaction costs include fees, commissions, transfer taxes and duties in the purchasing and selling of investments, which are offset (where applicable) against any dilution levies charged within the accounting period. The figures used within the table have been calculated against the average Net Asset Value for the accounting year.

Risk and reward profile The risk and reward indicator table demonstrates where the Sub-fund ranks in terms of its potential risk and reward. The higher the rank the greater the potential reward but the greater the risk of losing money. It is based on past data, may change over time and may not be a reliable indication of the future risk profile of the Sub-fund. The shaded area in the table below shows the Fund’s ranking on the risk and reward indicator. Typically lower rewards, Typically higher rewards, lower risk higher risk

1 2 3 4 5 6 7

The Sub-fund is ranked 5 because funds of this type have experienced medium to high rises and falls in value in the past. Please note that even the lowest risk class can lose you money and that extreme market circumstances can mean you suffer severe losses in all cases. The indicator does not take into account the following risks of investing in this Sub-fund: • As this Sub-fund is focused on a single geographical region, it will have greater exposure to the market, political and economic risks of that region than if it was more diversified across several countries.

• This Sub-fund can use derivatives in order to meet its investment objectives or to protect from price and currency movement. This may result in losses or gains that are greater than the original amount invested.

• The level of income may go down as well as up and is not guaranteed.

• For further risk information please see the Prospectus. Risk warning An investment in a non-UCITS Retail Scheme Open-Ended Investment Company should be regarded as a medium to long- term investment. Investors should be aware that the price of shares and the revenue from them can fall as well as rise and investors may not receive back the full amount invested. Past performance is not a guide to future performance. Investments denominated in currencies other than the base currency are subject to fluctuation in exchange rates, which can be favourable or unfavourable.

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Statement of Total Return for the year ended 29 February 2020 01.03.19 to 07.02.18 to 29.02.20 28.02.19 Note £ £ £ £ Income Net capital losses 2 (18,115,116) (7,540,592) Revenue 3 18,565,716 12,674,187 Expenses 4 (2,644,167) (1,910,120) Interest payable and similar charges 4 16,549 (29,669) Net revenue before taxation 15,938,098 10,734,398 Taxation 5 (134,891) (102,640) Net revenue after taxation 15,803,207 10,631,758 Total return before distributions (2,311,909) 3,091,166 Distributions 6 (15,800,828) (10,635,048) Change in net assets attributable to Shareholders from investment activities (18,112,737) (7,543,882)

Statement of Change in Net Assets Attributable to Shareholders for the year ended 29 February 2020 01.03.19 to 07.02.18 to 29.02.20 28.02.19 £ £ £ £ Opening net assets attributable to Shareholders 472,011,438 – Amounts receivable on issue of shares 276,073,528 581,405,360 Less: Amounts payable on cancellation of shares (134,933,641) (103,699,687) 141,139,887 477,705,673 Dilution levy – 1,693,472 Stamp duty reserve tax – (1,940) Change in net assets attributable to Shareholders from investment activities (see Statement of Total Return above) (18,112,737) (7,543,882) Retained distributions on accumulation shares 100,244 27,990 Compensation paid to the Fund* – 130,125 Closing net assets attributable to Shareholders 595,138,832 472,011,438

The notes on pages 85 to 93 form an integral part of these Financial Statements. *The compensation due to the Sub-fund is in respect of an administrative error which occurred during the relevant reporting period.

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Balance Sheet as at 29 February 2020 29.02.20 28.02.19 Note £ £ £ £ ASSETS Fixed Assets Investments 576,549,587 465,827,473 Current Assets Debtors 7 9,248,136 3,854,698 Cash and bank balances 9 23,926,465 9,855,557 Total current assets 33,174,601 13,710,255 Total assets 609,724,188 479,537,728

LIABILITIES Investment liabilities (530,454) (253,842) Creditors Bank overdrafts 9 (963,660) (204,012) Distribution payable (6,500,004) (4,663,492) Other creditors 8 (6,591,238) (2,404,944) Total creditors (14,054,902) (7,272,448) Total liabilities (14,585,356) (7,526,290) Net assets attributable to Shareholders 595,138,832 472,011,438

The notes on pages 85 to 93 form an integral part of these Financial Statements.

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Notes to the Financial Statements for the year ended 29 February 2020

1. Accounting Policies The Sub-fund’s Financial statements have been prepared on the same basis as the Accounting Policies stated on pages 7 to 8.

2. Net Capital Losses^ 01.03.19 to 29.02.20 Realised Unrealised Total £ £ £ Non-derivative securities (316,802) (16,984,825) (17,301,627) Derivative securities (575,383) 53,716 (521,667) Currency losses (234,392) – (234,392) Transaction charges (57,430) – (57,430) Net capital losses (1,184,007) (16,931,109) (18,115,116)

07.02.18 to 28.02.19 Realised Unrealised Total £ £ £ Non-derivative securities (4,922,526) (2,098,074) (7,020,600) Derivative securities (855,098) (133,508) (988,606) Currency (losses)/gains 530,630 – 530,630 Transaction charges (62,016) – (62,016) Net capital losses (5,309,010) (2,231,582) (7,540,592)

^Where realised gains/losses include gains/losses arising from prior years, a corresponding loss/gain is included within the unrealised gains/losses presented.

01.03.19 to 07.02.18 to 3. Revenue 29.02.20 28.02.19 £ £ UK dividends: Ordinary 15,599,674 10,987,919 Overseas dividends 2,413,213 1,292,428 Property income distributions 381,673 255,753 Distributions from Regulated Collective Investment Schemes: Franked investment income 115,784 103,958 Short term investment income 50,159 33,636 Bank interest 1,350 493 Underwriting commission 3,863 – Total revenue 18,565,716 12,674,187

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Notes to the Financial Statements continued

01.03.19 to 07.02.18 to 4. Expenses 29.02.20 28.02.19 £ £ Payable to the Authorised Corporate Director (ACD), associates of the ACD and agents of either of them: ACD’s fee 125,290 84,891 Administration fees 170,237 117,637 Registration fees 91,640 80,658 387,167 283,186 Payable to the Specialist Investment Manager, associates of the Specialist Investment Manager and agents of either of them: Specialist Investment Manager’s fee 2,084,584 1,503,966 Payable to the Depositary, associates of the Depositary and agents of either of them: Depositary’s fee (including VAT) 109,747 85,366 Safe custody and other bank charges 30,754 22,592 140,501 107,958 Auditors remuneration: Audit fee (including VAT) 8,652 – Audit fee (including VAT) - predecessor fee – 7,200 Tax compliance services (including VAT) 1,800 – Tax compliance services (including VAT) - predecessor tax advisor 300 1,800 10,752 9,000 Other expenses: Legal fee 18,610 3,348 Printing cost 2,553 2,662 21,163 6,010

Total Ongoing charge (OCG) rebates accrued against expenses (3,450) (24,600)

Expenses 2,644,167 1,910,120 Interest payable and similar charges (16,549) 29,669 Total 2,627,618 1,939,789

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Notes to the Financial Statements continued

01.03.19 to 07.02.18 to 5. Taxation 29.02.20 28.02.19 £ £ (a) Analysis of charge in the period: Overseas tax 134,891 102,640 Total tax charge (note 5b) 134,891 102,640 (b) Factors affecting taxation charge for the period: Net revenue before taxation 15,938,098 10,734,398 Corporation tax at 20% 3,187,620 2,146,880 Effects of: UK dividends (3,143,092) (2,218,375) Adjustments in respect of prior periods (740) – Expenses not deductible for tax purposes 2,101 740 Capital interest relief (1,864) – Movement in surplus management expenses 438,618 329,241 Overseas tax expensed 134,891 102,640 Non-taxable overseas earnings (482,643) (258,486) Total tax charge (note 5a) 134,891 102,640

(c) Deferred tax At the year end there is a potential deferred tax asset of £767,859 (2019: £329,241) in relation to surplus management expenses. It is unlikely that the Sub-fund will generate sufficient taxable profits in the future to utilise these expenses and therefore no deferred tax asset has been recognised in the year.

6. Distributions The distributions take account of revenue received on the issue of shares and revenue deducted on the cancellation of shares, and comprise: 01.03.19 to 07.02.18 to 29.02.20 28.02.19 £ £ Interim distribution 31.08.19 10,477,782 9,579,224 Final distribution 29.02.20 6,538,471 4,690,858 17,016,253 14,270,082 Revenue deducted on cancellation of Shares 778,059 753,279 Revenue received on issue of Shares (1,993,484) (4,388,313) Distributions 15,800,828 10,635,048

Reconciliation of net revenue after taxation to net distributions: Net revenue after tax 15,803,207 10,631,758 Expenses allocated to capital – 3,700 Relief on expenses allocated to capital (2,611) – Undistributed revenue brought forward 410 – Undistributed revenue carried forward (178) (410) Distributions 15,800,828 10,635,048

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Notes to the Financial Statements continued

7. Debtors 29.02.20 28.02.19 £ £ Amounts receivable on issues 4,873,668 1,292,717 Currency deals outstanding 111,289 – Sales awaiting settlement 1,533,818 559,172 Accrued income: Dividends receivable 2,663,732 1,958,613 Overseas tax recoverable 65,629 19,714 UK income tax recoverable – 24,117 Prepaid expenses: Legal fee – 365 Total debtors 9,248,136 3,854,698

8. Other Creditors 29.02.20 28.02.19 £ £ Amounts payable on cancellations 1,295,009 791,552 Currency deals outstanding 110,898 – Purchases awaiting settlement 4,762,413 1,318,356 Accrued expenses: Amounts payable to the Authorised Corporate Director (ACD), associates of the ACD and agents of either of them: ACD’s fee 11,067 7,304 Administration fee 14,633 10,189 Registration fees 7,654 6,381 33,354 23,874 Amounts payable to the Specialist Investment Manager, associates of the Specialist Investment Manager and agents of either of them: Specialist Investment Manager’s fee 317,599 231,163 Amounts payable to the Depositary, associates of the Depositary and agents of either of them: Depositary’s fee (including VAT) 38,865 23,826 Safe custody and other bank charges 10,863 5,973 49,728 29,799 Auditors remuneration: Audit fee (including VAT) 8,652 – Audit fee (including VAT) - predecessor fee 7,200 7,200 Tax Compliance services (including VAT) 1,800 – Tax Compliance services (including VAT) - predecessor tax advisor 2,100 1,800 19,752 9,000

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Notes to the Financial Statements continued

8. Other Creditors (continued) 29.02.20 28.02.19 £ £ Other expenses: Legal fees 1,285 – Printing costs 1,200 1,200 2,485 1,200

Total other creditors 6,591,238 2,404,944

9. Cash and Bank Balances 29.02.20 28.02.19 £ £ Cash and bank balances 22,920,701 9,133,470 Overdraft positions (963,660) (204,012) Broker cash 1,005,764 722,087 Cash and bank balances 22,962,805 9,651,545

10.Related Party Transactions Authorised Corporate Director and other fees payable to Maitland Institutional Services Ltd (the ACD) are disclosed in note 4 and amounts due at the year end are shown in note 8. Fees payable to Investec Asset Management Limited, JPM Asset Management (UK) Limited, Old Mutual Global Investors (UK) Limited, Miton Asset Management Limited, Lindsell Train Limited and Teviot Partners (the Specialist Investment Managers to the Asset Allocation Manager) are disclosed in note 4 and amounts due at the year end are shown in note 8. Amounts receivable on issue and payable on cancellation of shares and dilution levy are disclosed in the Statement of Change in Net Assets Attributable to Shareholders and in note 6, amounts due at the year end are shown in notes 7 and 8. At the year end the Sub-fund did not hold shares in any of the other Sub-funds with the MI Brewin Dolphin Select Managers Fund.

11.Contingent Liabilities and Outstanding Commitments There were no contingent liabilities or outstanding commitments at the balance sheet date (2019: none).

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Notes to the Financial Statements continued

12.Risk Management Policies and Disclosures The main risks arising from financial instruments and the ACD’s policies for managing these risks are disclosed in Note 2 on pages 9 to 11. Numerical disclosures relating to the Sub-fund are as follows: Disclosure of VaR Limit The table below details the Sub-funds lowest, highest and average VaR, as well as utilisation of VaR calculated during the year: 29.02.20 Utilisation of 28.02.19 Utilisation of % of VaR VaR(*) 20% % of VaR VaR(*) 20% VaR at year end 9.91 49.55 6.97 34.85 Lowest 6.71 33.55 6.45 32.25 Highest 10.90 54.50 7.84 39.20 Average 7.43 37.15 6.99 34.95 *The VaR on the Sub-fund has been divided by its maximum limit. Currency risk The table below details the currency risk profile at the balance sheet date. Currency 29.02.20 28.02.19 Total Total £ £ Euro 25,909,316 12,350,318 Pound sterling 541,844,422 433,485,784 South African rand 1,463,162 3,313,467 United States dollar 25,921,932 22,861,869 595,138,832 472,011,438

At the balance sheet date, if the value of sterling increased or decreased by 10%, with all other variables held constant, then the net assets attributable to Shareholders would increase or decrease by approximately £5,329,441 (2019: £3,852,565).

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Notes to the Financial Statements continued

13.Portfolio Transaction Costs 29.02.20 Purchases Analysis Gross before of purchases purchase Commissions Taxes transaction cost paid cost £ £ % £ % £ Equities 259,677,496 197,949 0.08 1,119,085 0.43 258,360,462 Funds 55,128,320 – 0.00 – 0.00 55,128,320 Derivatives 930,948 – 0.00 – 0.00 930,948 Corporate Actions (484,110) – 0.00 – 0.00 (484,110) Total purchases after commissions and tax 315,252,654 Sales Analysis Net before of sales sale Commissions Taxes transaction proceeds paid cost £ £ % £ % £ Equities 128,899,661 101,625 0.08 1,530 0.00 129,002,816 Funds 57,729,990 – 0.00 – 0.00 57,729,990 Derivatives 352,611 – 0.00 – 0.00 352,611 Total sales after commissions and tax 186,982,262 Commission as a % of average net assets 0.05% Taxes as a % of the average net assets 0.19% 28.02.19 Purchases Analysis Gross before of purchases purchase Commissions Taxes transaction cost paid cost £ £ % £ % £ Equities 560,504,692 287,637 0.05 2,435,300 0.43 557,781,755 Funds 68,643,834 – 0.00 – 0.00 68,643,834 Derivatives 500,214 – 0.00 – 0.00 500,214 Corporate Actions 1,967,222 – 0.00 – 0.00 1,967,222 Total purchases after commissions and tax 631,615,962 Sales Analysis Net before of sales sale Commissions Taxes transaction proceeds paid cost £ £ % £ % £ Equities 102,577,843 71,151 0.07 987 0.00 102,649,981 Funds 55,813,994 – 0.00 – 0.00 55,813,994 Derivatives (359,875) – 0.00 – 0.00 (359,875) Total sales after commissions and tax 158,031,962 Commission as a % of average net assets 0.09% Taxes as a % of the average net assets 0.63%

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Notes to the Financial Statements continued

13.Portfolio Transaction Costs (continued) Commissions and taxes as a % of the average net assets form part of the direct transactions costs stated within the comparative tables on pages 81 and 82. The direct transaction costs within the comparative tables may differ due to the effect of dilution levies charged (where applicable).

14.Portfolio Dealing Spread The average portfolio dealing spread at 29 February 2020 is 0.17% (2019: 0.27%).

15.Events after the Balance Sheet date The table below denotes the movement in the Net Asset Value since the year end, calculated with reference to the daily published single prices. Share Class 29.02.20 26.06.20 % p p Movement Institutional income 99.24 93.11* (6.18) Institutional accumulation 96.69 90.65 (6.24)

*adjusted for income distribution for comparison purposes. ACD Statement Regarding COVID-19 Notwithstanding the challenges arising from the impact of the COVID-19 virus, the ACD continues to operate, administer and price the Sub-fund in accordance with FCA regulatory requirements and in accordance with relevant accounting standards. At the time of writing, investment markets are experiencing high levels of daily volatility and it is likely that this volatility will continue for the foreseeable future. The ACD will continue to monitor fund liquidity and market volatility to ensure the Sub-fund is managed in the best interests of shareholders and to ensure that the Sub-fund remains a going concern. Where appropriate the ACD will value assets on a “fair value” basis in accordance with the Regulations. As stated in the Prospectus, the Sub-fund should be considered as a long-term investment and the ACD emphasises the importance for investors to seek professional advice when considering their investment in the Sub-fund.

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Notes to the Financial Statements continued

16.Fair Value Disclosure Valuation technique 29.02.20 28.02.19 Assets Liabilities Assets Liabilities £ £ £ £ Level 1^ 564,950,954 – 453,329,468 (253,842) Level 2^^ 11,598,633 (530,454) 12,498,005 – Level 3^^^ – – – – 576,549,587 (530,454) 465,827,473 (253,842)

^Level 1: Unadjusted quoted price in an active market for an identical instrument. ^^Level 2: Valuation techniques using observable inputs other than quoted prices within level 1. ^^^Level 3: Valuation techniques using unobservable inputs. A reconciliation of fair value measurements in Level 3 is set out in the following table. 29.02.20 28.02.19 Opening Balance – – Purchases – 102,593 Sales – – Total gains or losses included in the net capital gains/(losses) in the Statement of Total Return: - on assets sold – – - on assets held at year end – (102,593) Closing Balance – –

17.Shareholders Funds Institutional Institutional Income Accumulation Opening number of shares 470,774,460 2,914,028 Shares issued 259,449,752 1,775,907 Shares cancelled (126,303,016) (1,024,287) Closing number of Shares 603,921,196 3,665,648

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Distribution Tables for the year ended 29 February 2020 Income Share Distributions Share Distribution Shares Net Equalisation Distribution Distribution class revenue payable paid 2020 2019 p p p p Institutional Interim Group 1 1.9190 – 1.9190 2.1942 Income Group 2 0.7653 1.1537 1.9190 2.1942 Final Group 1 1.0763 – 1.0763 0.9906 Group 2 0.5737 0.5026 1.0763 0.9906

Accumulation Share Distributions Share Distribution Shares Net Equalisation Amount Amount class revenue reinvested reinvested 2020 2019 p p p p Institutional Interim Group 1 1.8357 – 1.8357 0.6924 Accumulation Group 2 0.8691 0.9666 1.8357 0.6924 Final Group 1 1.0494 – 1.0494 0.9391 Group 2 0.7809 0.2685 1.0494 0.9391

Interim period: 01.03.19 - 31.08.19 Final period: 01.09.19 - 29.02.20

Group 1: Shares purchased prior to a distribution period Group 2: Shares purchased during a distribution period

Equalisation Equalisation applies only to shares purchased during the distribution period (Group 2 shares). It represents accrued revenue included in the purchase price of the shares. After averaging, it is returned with the distribution as a capital repayment. It is not liable to income tax but must be deducted from the cost of the shares for capital gains tax purposes.

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Investment Objective The Sub-fund will aim to provide income along with an opportunity for long term capital appreciation.

Investment Policy The Sub-fund will primarily invest directly in a diverse range of UK listed equities and indirectly through investment funds targeted towards UK equity with an emphasis on those which produce a sustainable dividend yield. The Sub-fund may also invest a small proportion in non-UK investments to achieve its investment objective. UK listed equities are defined as those that are issued by companies that are domiciled or listed in the UK, and may include small and micro-cap stocks which generally pose a higher investment risk than larger stocks. The indirect exposure of the Sub-fund to the equities will be made via index-tracking instruments such as exchange traded funds, index tracking funds and other collective investment schemes. The Sub-fund may invest (at the Investment Managers’ discretion) in other transferable securities, money market instruments, depositary receipts, derivative instruments and forward transactions. The Sub-fund may invest in other Funds of the Company and, from time to time, in collective investment schemes which are managed or advised by the ACD. The Sub-fund may invest in derivatives for the purposes of hedging with the aim of reducing the risk profile of the Sub-fund in accordance with the principles of Efficient Portfolio Management. Derivatives may also be used for investment purposes. Derivatives can expose the Scheme Property to a higher degree of risk. The Sub-fund can use financial derivative instruments in accordance with the Rules for the purpose of achieving the investment objective. From time-to-time, as the Asset Allocation Manager considers appropriate, additional Specialist Investment Managers may be appointed to take advantage of specific mispricing in certain markets or securities.

Asset Allocation Manager’s Report for the year ended 29 February 2020 Introduction This report covers the MI Select Managers Funds and their underlying mandates for the 12 months from 28 February 2019 to the end of February 2020. Market Review The twelve-month period to the end of February 2020 saw a number of pressures and themes that persisted, some positive and many negative but ultimately markets rode higher over the year. News on the trade war between US and China oscillated between optimism and pessimism from week to week. By the end of the 2019, many tariffs remained but agreement on phase one of a deal was in place. Brexit and its associated machinations dominated headlines in the UK. A strong Conservative majority in the December election was met with positivity by markets as the threat of a hard left or an European Research Group (ERG) dependent government receded. There is still significant uncertainty around the terms of a trade deal with the EU and the possibility of a hard Brexit remains if the UK exits the transition period without such a deal. In April the US yield curve flirted with inversion, a signal that has historically been a fairly reliable guide to a future recession. The US yield curve inverted briefly in Quarter 3. In response to the threat of a slowing economic backdrop and weakening inflation, the US Federal Reserve cut rates three times during the autumn. The European Central Bank (ECB) also cut rates and announced measures to stimulate the economy. China also implemented a number of policy adjustments to stimulate activity to offset the strains from the trade war. The last half of 2019 saw signs that the global economy was beginning to regain its composure. Stock indices hit all-time highs in January and the equity market was left vulnerable to any new bad news. In the new year, the spread of the coronavirus outbreak in China and beyond helped drive a decline in excess of 10% in global equity markets in the last weeks of February.

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Asset Allocation Manager’s Report continued Performance Activity and Attribution The MI Select Managers UK Equity Income Fund gave a total return of 1.7% (Institutional Income) over the period which represents an outperformance relative to the MorningStar UK Market which was down -2.2%. The allocation is currently split equally between three managers; Investec UK Equity Income, Threadneedle Equity Income and Man GLG. Man GLG which currently has exposure to financials and basic materials stocks, marginally underperformed the broad UK market. The Investec Equity Income mandate strongly outperformed during the period with a return in excess of 4.0% while the Threadneedle mandate gained 0.8%. We continue to believe that this unique blend of managers will deliver excellent performance to investors over the long term. Outlook The strong market movements in recent weeks have been driven by updates on the Coronavirus story. Although we are going to see a sharp hit to growth, we feel that this in temporary and that markets will look through this after correcting so severely. Monetary and fiscal support will help to mitigate the pain and a silver lining of the crisis is that it has pushed US Treasury yields to new all-time lows, which will feed through to lower mortgage rates and support the all-important US housing market. COVID-19 Since the start of 2020, global financial markets have reacted sharply to a novel coronavirus known as COVID-19, with concerns regarding the economic impact that widely-implemented social distancing measures may have. The eventual impact on the global economy and markets will largely depend upon the scale and the duration of the outbreak. The Asset Allocation Manager and ACD will continue to monitor the situation closely.

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Portfolio Statement as at 29 February 2020 Market % of total value net assets Holding Security £ 2020 OIL & GAS 4.31% (4.05%) Oil & Gas Producers 4.08% (4.05%) 1,135,750 BP 4,497,570 0.89 1,649,888 Diversified Gas & Oil* 1,310,011 0.26 278,774 Royal Dutch Shell ‘A’ 4,631,551 0.91 530,647 Royal Dutch Shell ‘B’ 8,827,843 1.74 43,338 Total 1,430,437 0.28 20,697,412 4.08 Oil Equipment, Services & Distribution 0.23% (0.00%) 369,545 Hunting 1,175,153 0.23 BASIC MATERIALS 3.85% (4.82%) Chemicals 1.78% (1.30%) 59,968 Croda International 2,729,743 0.54 726,534 Elementis 735,979 0.15 118,574 Johnson Matthey 2,976,207 0.59 121,781 Victrex 2,550,094 0.50 8,992,023 1.78 Mining 2.07% (3.52%) 282,015 Anglo American 5,052,581 1.00 162,685 Anglo Pacific 209,050 0.04 112,398 Rio Tinto 4,053,634 0.80 1,088,164 South32 1,190,016 0.23 10,505,281 2.07 INDUSTRIALS 14.32% (14.96%) Construction & Materials 0.61% (2.57%) 453,584 Costain 752,042 0.15 177,048 Forterra 577,176 0.11 100,168 Morgan Sindall 1,754,943 0.35 3,084,161 0.61 Aerospace & Defence 2.15% (2.75%) 783,227 BAE Systems 4,765,153 0.94 1,299,671 Qinetiq 4,470,868 0.88 266,235 Rolls-Royce 1,650,125 0.33 10,886,146 2.15 General Industrials 2.36% (1.28%) 907,436 Smith (DS) 2,851,164 0.56 523,974 Smiths 8,032,521 1.58 257,552 Vesuvius 1,088,415 0.22 11,972,100 2.36

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Portfolio Statement continued Market % of total value net assets Holding Security £ 2020 Electronic & Electrical Equipment 0.65% (0.52%) 340,824 Morgan Advanced Materials 947,491 0.19 169,905 Oxford Instruments 2,361,680 0.46 3,309,171 0.65 Industrial Engineering 0.81% (1.60%) 160,356 IMI 1,613,181 0.32 57,438 Kone Oyj 2,507,355 0.49 4,120,536 0.81 Industrial Transportation 1.16% (0.61%) 122,144 Clarkson 3,035,278 0.60 193,380 Euronav 1,366,199 0.27 560,560 Wincanton 1,474,273 0.29 5,875,750 1.16 Support Services 6.58% (5.63%) 1,323,938 Electrocomponents 8,007,177 1.58 796,050 Essentra 2,845,083 0.56 50,507 Ferguson 3,404,172 0.67 3,741,381 Hays 5,174,330 1.02 596,864 PageGroup 2,425,655 0.48 258,330 Paypoint 2,144,139 0.42 1,763,951 Rentokil Initial 8,537,523 1.68 269,079 Sthree 854,326 0.17 33,392,405 6.58 CONSUMER GOODS 21.12% (19.05%) Beverages 2.42% (2.45%) 366,510 Diageo 10,128,504 1.99 172,933 Fevertree Drinks* 2,182,414 0.43 12,310,918 2.42 Food Producers 2.71% (2.36%) 144,894 Associated British Foods 3,267,360 0.65 336,235 Hilton Food 3,469,945 0.68 993,569 Tate & Lyle 7,010,623 1.38 13,747,928 2.71 Household Goods & Home Construction 5.77% (4.24%) 518,364 Barratt Developments 3,925,052 0.77 130,640 Bellway 4,862,421 0.96 22,823 Berkeley Group 1,085,005 0.21 3,228,018 Cairn Homes 3,353,497 0.66 167,092 Reckitt Benckiser 9,557,662 1.89 705,952 Redrow 5,266,402 1.04 591,706 Taylor Wimpey 1,196,430 0.24 29,246,469 5.77

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Portfolio Statement continued Market % of total value net assets Holding Security £ 2020 Leisure Goods 0.02% (0.07%) 37,296 Character* 95,478 0.02 Personal Goods 4.49% (3.40%) 172,189 Burberry 2,837,675 0.56 478,611 Unilever 19,955,686 3.93 22,793,361 4.49 Tobacco 5.71% (6.53%) 395,027 British American Tobacco 12,097,702 2.39 786,224 Imperial Brands 12,222,638 2.41 72,419 Philip Morris International 4,634,408 0.91 28,954,748 5.71 HEALTH CARE 10.74% (9.38%) Health Care Equipment & Services 0.92% (0.62%) 26,590 Coloplast 2,768,638 0.55 926,502 ConvaTec Group 1,898,403 0.37 4,667,041 0.92 Pharmaceuticals & Biotechnology 9.82% (8.76%) 277,479 AstraZeneca 18,849,148 3.72 1,722,835 GlaxoSmithKline 26,914,128 5.31 25,571 Johnson & Johnson 2,692,232 0.53 2,719 Roche 681,069 0.13 738,058 Vectura 646,539 0.13 49,783,116 9.82 CONSUMER SERVICES 15.70% (15.45%) Food & Drug Retailers 2.88% (3.13%) 2,557,777 Tesco 5,844,520 1.15 5,116,222 Wm Morrison Supermarkets 8,756,414 1.73 14,600,934 2.88 General Retailers 0.63% (0.89%) 2,014,088 Marks & Spencer 3,190,315 0.63 Media 6.92% (6.90%) 295,089 Daily Mail & General Trust 2,183,659 0.43 599,784 Informa 4,091,726 0.81 3,917,437 ITV 4,555,979 0.90 1,326,164 Moneysupermarket.com 4,115,087 0.81 640,765 Pearson 3,572,906 0.70 888,344 Relx 16,585,382 3.27 35,104,739 6.92

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Portfolio Statement continued Market % of total value net assets Holding Security £ 2020 Travel & Leisure 5.27% (4.53%) 1,114,427 888 1,269,332 0.25 489,910 Compass 8,370,112 1.65 368,692 easyJet 4,057,455 0.80 78,689 Go-Ahead 1,533,649 0.30 228,859 Hollywood Bowl 540,107 0.11 1,048,686 International Consolidated Airlines 4,948,749 0.98 701,667 Rank 1,848,893 0.36 1,035,568 Stagecoach 1,347,274 0.27 88,358 TUI 529,971 0.10 171,596 Wetherspoon (J.D.) 2,304,534 0.45 26,750,076 5.27 TELECOMMUNICATIONS 0.72% (1.12%) Fixed Line Telecommunications 0.72% (1.12%) 2,595,904 BT 3,675,281 0.72 UTILITIES 1.17% (1.21%) Gas, Water & Multiutilities 1.17% (1.21%) 3,430,530 Centrica 2,474,098 0.49 179,653 Pennon 1,936,659 0.38 161,748 United Utilities 1,526,901 0.30 5,937,658 1.17 FINANCIALS 21.19% (21.43%) Banks 5.67% (4.65%) 98,401 Bank of Georgia 1,664,945 0.33 4,605,893 Barclays 6,850,805 1.35 375,358 Close Brothers 4,815,843 0.95 556,490 HSBC 2,914,895 0.57 14,165,343 Lloyds Banking 7,111,002 1.40 1,636,066 Royal Bank of Scotland 2,922,832 0.58 410,433 Standard Chartered 2,309,096 0.46 11,067 TBC Bank 143,207 0.03 28,732,625 5.67 Non-life Insurance 1.98% (2.87%) 488,473 Lancashire 3,538,987 0.70 1,257,165 RSA Insurance 6,522,172 1.28 10,061,159 1.98 Life Insurance 5.38% (5.23%) 636,845 Aviva 2,233,415 0.44 438,264 Chesnara 1,200,843 0.24 3,745,128 Legal & General 9,737,333 1.92 1,508,889 Phoenix Group 10,429,441 2.06 361,693 St James’s Place 3,672,992 0.72 27,274,024 5.38

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Portfolio Statement continued Market % of total value net assets Holding Security £ 2020 Real Estate Investment & Services 0.30% (0.36%) 524,283 Grit Real Estate Income 476,136 0.10 1,275,451 Sirius Real Estate 1,026,738 0.20 1,502,874 0.30 Real Estate Investment Trusts 0.26% (1.03%) 467,323 Regional REIT 525,271 0.10 575,367 Urban Logistics REIT* 794,006 0.16 1,319,277 0.26 Financial Services 7.52% (7.29%) 914,015 3i Group 9,213,271 1.82 1,922,415 AJ Bell 6,853,409 1.35 319,548 Ashmore 1,476,312 0.29 278,871 CMC Markets 418,307 0.08 1,698,380 Duke Royalty* 689,542 0.14 233,379 Hargreaves Lansdown 3,567,198 0.70 440,602 Integrafin 2,110,484 0.42 30,796 Intermediate Capital 489,964 0.10 528,310 Investec 2,070,975 0.41 1,212,577 Melrose Industries 2,539,136 0.50 571,643 OneSavings Bank 2,295,718 0.45 138,757 Plus500 1,317,636 0.26 112,452 Polar Capital* 528,524 0.10 84,263 Schroders 1,866,425 0.37 1,224,308 Sherborne Investors - B 104,066 0.02 1,741,800 Sherborne Investors - C 888,318 0.17 624,196 Standard Life Aberdeen 1,724,029 0.34 38,153,314 7.52 Equity Investment Instruments 0.08% (0.00%) 495,052 Tufton Oceanic Assets 406,956 0.08 TECHNOLOGY 2.90% (2.93%) Software & Computer Services 2.90% (2.93%) 58,823 Amadeus IT 3,212,298 0.63 168,341 Computacenter 2,782,677 0.55 28,006 Microsoft 3,552,221 0.70 755,813 Sage 5,153,133 1.02 14,700,329 2.90 OFFSHORE COLLECTIVE INVESTMENT SCHEMES 0.40% (0.46%) 17,930 Man GLG High Yield Opportunities ILU - GBP G Distribution Hedged†** 2,015,520 0.40

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Portfolio Statement continued Market % of total value net assets Holding Security £ 2020 DERIVATIVES -0.02% (0.00%) Forward currency contracts -0.02% (0.00%) Bought €1,486,000 Sold £1,272,129 (19.03.20) (3,351) 0.00 Bought €1,934,179 Sold £1,638,623 (19.03.20) 12,819 0.00 Sold CHF 1,768,000 Bought £1,400,973 (19.03.20) (15,940) 0.00 Sold €10,571,289 Bought £8,929,462 (19.03.20) (96,171) (0.02) (102,643) (0.02)

Investment assets 488,931,635 96.40 Net other assets 18,237,576 3.60 Net assets 507,169,211 100.00

All investments are ordinary shares or stock units on a regulated securities market unless otherwise stated. The percentages in brackets show the equivalent % holdings as at 28.02.19. *Quoted on AIM. **Collective Investment Schemes permitted under COLL, not listed on any exchange. †Represents investment into a related party of the Specialist Investment Manager to the Asset Allocation Manager (note 10).

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Comparative Tables Change in net assets per share Institutional Income^ 29.02.20 28.02.19 p p Opening net asset value per share 98.90 100.00† Return before operating charges^ 2.26 4.19 Operating charges -0.56 -0.59 Return after operating charges^ 1.70 3.60 Distributions -4.55 -4.70 Closing net asset value per share 96.05 98.90 ^After direct transaction costs of -0.30 -0.26 Performance Return after charges 1.72% 3.60% Other Information Closing net asset value £498,888,219 £397,559,381 Closing number of shares 519,420,012 401,979,557 Operating charges 0.54% 0.58% Ongoing operating charges* 0.49% 0.55% Direct transaction costs 0.29% 0.26% Prices Highest share price 109.98 108.97 Lowest share price 96.72 91.70

Institutional Accumulation^^ 29.02.20 28.02.19 p p Opening net asset value per share 94.61 100.00† Return before operating charges^ 2.05 -4.84 Operating charges -0.55 -0.55 Return after operating charges^ 1.50 -5.39 Distributions -4.42 -1.76 Retained distributions on accumulation shares 4.42 1.76 Closing net asset value per share 96.11 94.61 ^After direct transaction costs of -0.29 -0.24 Performance Return after charges 1.59% -5.39% Other Information Closing net asset value £8,280,992 £243,142 Closing number of shares 8,616,489 257,000 Operating charges 0.54% 0.58% Ongoing operating charges* 0.49% 0.55% Direct transaction costs 0.29% 0.26% Prices Highest share price 109.12 100.00 Lowest share price 94.95 87.01 ^Institutional Income launched on 7 February 2018. ^^Institutional Accumulation launched on 28 August 2018. † Launch Price. *The net asset value of the Sub-fund has increased by more than 10% if compared to the average net asset values for the year. Taking an average of the daily Net Asset Values for the last month of the year has the effect of decreasing the operating charges by 0.05%. The ACD believes this to be more representative of the charges going forward. Operating charges include indirect costs incurred in the maintenance and running of the Sub-fund, as disclosed (but not limited to) the detailed expenses within the Statement of Total Return. The figures used within this table have been calculated against the average Net Asset Value for the accounting year.

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Comparative Tables continued The return after charges is calculated as the closing Net Asset Value per share plus the distributions on income shares minus the opening Net Asset Value per share as a % of the opening net asset value per share. The basis of valuation of investments used to calculate net asset value per share is described in notes to the Financial Statements 1h), and complies with requirements of the current Statement of Recommended Practice for UK Authorised Funds. This differs from the basis used to calculate daily published single prices, in which listed investments are valued at 12:00 mid prices. The Sub-fund invests in Collective Investment Schemes; the expenses incurred by these schemes in relation to the Sub-fund (synthetic ongoing charge) are included in the operating charge. Direct transaction costs include fees, commissions, transfer taxes and duties in the purchasing and selling of investments, which are offset (where applicable) against any dilution levies charged within the accounting year. The figures used within the table have been calculated against the average Net Asset Value for the accounting year.

Risk and reward profile The risk and reward indicator table demonstrates where the Sub-fund ranks in terms of its potential risk and reward. The higher the rank the greater the potential reward but the greater the risk of losing money. It is based on past data, may change over time and may not be a reliable indication of the future risk profile of the Sub-fund. The shaded area in the table below shows the Sub-fund’s ranking on the risk and reward indicator. Typically lower rewards, Typically higher rewards, lower risk higher risk

1 2 3 4 5 6 7

The Sub-fund is ranked 5 because funds of this type have experienced medium to high rises and falls in value in the past. Please note that even the lowest risk class can lose you money and that extreme market circumstances can mean you suffer severe losses in all cases. The indicator does not take into account the following risks of investing in this Sub-fund: • As this Sub-fund is focused on a single geographical region, it will have greater exposure to the market, political and economic risks of that region than if it was more diversified across several countries.

• This Sub-fund can use derivatives in order to meet its investment objectives or to protect from price and currency movement. This may result in losses or gains that are greater than the original amount invested.

• The level of income may go down as well as up and is not guaranteed.

• For further risk information please see the Prospectus. Risk warning An investment in a non-UCITS Retail Scheme Open-Ended Investment Company should be regarded as a medium to long- term investment. Investors should be aware that the price of shares and the revenue from them can fall as well as rise and investors may not receive back the full amount invested. Past performance is not a guide to future performance. Investments denominated in currencies other than the base currency are subject to fluctuation in exchange rates, which can be favourable or unfavourable.

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Statement of Total Return for the year ended 29 February 2020 01.03.19 to 07.02.18 to 29.02.20 28.02.19 Note £ £ £ £ Income Net capital losses 2 (19,164,184) (8,062,909) Revenue 3 20,907,944 14,012,232 Expenses 4 (2,524,290) (1,849,448) Interest payable and similar charges 4 16,651 (24,624) Net revenue before taxation 18,400,305 12,138,160 Taxation 5 (200,650) (105,378) Net revenue after taxation 18,199,655 12,032,782 Total return before distributions (964,529) 3,969,873 Distributions 6 (20,614,882) (13,831,032) Change in net assets attributable to Shareholders from investment activities (21,579,411) (9,861,159)

Statement of Change in Net Assets Attributable to Shareholders for the year ended 29 February 2020 01.03.19 to 07.02.18 to 29.02.20 28.02.19 £ £ £ £ Opening net assets attributable to Shareholders 397,802,523 – Amounts receivable on issue of shares 282,873,409 482,181,711 Less: Amounts payable on cancellation of shares (152,360,105) (75,974,572) 130,513,304 406,207,139 Dilution levy 174,026 1,452,079 Change in net assets attributable to Shareholders from investment activities (see Statement of Total Return above) (21,579,411) (9,861,159) Retained distributions on accumulation shares 258,769 4,464 Closing net assets attributable to Shareholders 507,169,211 397,802,523

The notes on pages 107 to 115 form an integral part of these Financial Statements.

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Balance Sheet as at 29 February 2020 29.02.20 28.02.19 Note £ £ £ £ ASSETS Fixed Assets Investments 489,047,097 384,609,525 Current Assets Debtors 7 10,898,506 4,325,356 Cash and bank balances 9 20,190,515 17,293,663 Total current assets 31,089,021 21,619,019 Total assets 520,136,118 406,228,544

LIABILITIES Investment liabilities (115,462) – Creditors Bank overdrafts 9 (3,274,147) (883,732) Distribution payable (4,221,326) (3,215,436) Other creditors 8 (5,355,972) (4,326,853) Total creditors (12,851,445) (8,426,021) Total liabilities (12,966,907) (8,426,021) Net assets attributable to Shareholders 507,169,211 397,802,523

The notes on pages 107 to 115 form an integral part of these Financial Statements.

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Notes to the Financial Statements for the year ended 29 February 2020

1. Accounting Policies The Sub-fund’s Financial statements have been prepared on the same basis as the Accounting Policies stated on pages 7 to 8.

2. Net Capital Losses^ 01.03.19 to 29.02.20 Realised Unrealised Total £ £ £ Non-derivative securities 5,530,929 (24,578,478) (19,047,549) Currency losses (170,787) – (170,787) Forward foreign exchange contracts gains 188,108 (102,643) 85,465 Transaction charges (31,313) – (31,313) Net capital losses 5,516,937 (24,681,121) (19,164,184)

07.02.18 to 28.02.19 Realised Unrealised Total £ £ £ Non-derivative securities (3,400,462) (4,511,028) (7,911,490) Currency losses (529,835) 110 (529,725) Forward foreign exchange contracts gains 409,051 – 409,051 Transaction charges (30,745) – (30,745) Net capital losses (3,551,991) (4,510,918) (8,062,909)

^Where realised gains/losses include gains/losses arising from prior years, a corresponding loss/gain is included within the unrealised gains/losses presented.

01.03.19 to 07.02.18 to 3. Revenue 29.02.20 28.02.19 £ £ UK dividends: Ordinary 17,935,398 12,584,272 Overseas dividends 2,444,810 1,046,786 Property income distributions 169,650 101,226 Distributions from Regulated Collective Investment Schemes: Interest distributions 81,582 – Interest on debt securities 272,752 275,911 Bank interest 160 409 Underwriting commission 3,592 3,628 Total revenue 20,907,944 14,012,232

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Notes to the Financial Statements continued

01.03.19 to 07.02.18 to 4. Expenses 29.02.20 28.02.19 £ £ Payable to the Authorised Corporate Director (ACD), associates of the ACD and agents of either of them: ACD’s fee 108,656 73,119 Administration fees 150,728 100,228 Registration fees 102,109 82,156 361,493 255,503 Payable to the Specialist Investment Manager, associates of the Specialist Investment Manager and agents of either of them: Specialist Investment Manager’s fee 2,006,538 1,477,562 Payable to the Depositary, associates of the Depositary and agents of either of them: Depositary’s fee (including VAT) 97,725 82,402 Safe custody and other bank charges 26,419 19,003 124,144 101,405 Auditors remuneration: Audit fee (including VAT) 8,652 – Audit fee (including VAT) - predecessor fee – 7,200 Tax compliance services (including VAT) 1,800 – Tax compliance services (including VAT) - predecessor tax advisor 300 1,800 10,752 9,000 Other expenses: Legal fee 18,613 3,348 Printing cost 2,750 2,630 21,363 5,978

Expenses 2,524,290 1,849,448 Interest payable and similar charges (16,651) 24,624 Total 2,507,639 1,874,072

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Notes to the Financial Statements continued

01.03.19 to 07.02.18 to 5. Taxation 29.02.20 28.02.19 £ £ (a) Analysis of charge in the period: Income tax deducted at source – 10,678 Overseas tax 200,650 94,700 Total tax charge (note 5b) 200,650 105,378

(b) Factors affecting taxation charge for the period: Net revenue before taxation 18,400,305 12,138,160 Corporation tax at 20% 3,680,061 2,427,632 Effects of: UK dividends (3,587,080) (2,516,854) Adjustments in respect of prior periods (44,556) – Movement in surplus management expenses 440,537 298,579 Overseas tax expensed 200,650 94,700 Double taxation relief – 10,678 Non-taxable overseas earnings (488,962) (209,357) Total tax charge (note 5a) 200,650 105,378

(c) Deferred tax At the year end there is a potential deferred tax asset of £739,116 (2019: £298,579) in relation to surplus management expenses. It is unlikely that the Sub-fund will generate sufficient taxable profits in the future to utilise these expenses and therefore no deferred tax asset has been recognised in the year.

6. Distributions The distributions take account of revenue received on the issue of shares and revenue deducted on the cancellation of shares, and comprise: 01.03.19 to 07.02.18 to 29.02.20 28.02.19 £ £ First interim distribution 31.05.19 6,280,779 6,459,389 Second interim distribution 31.08.19 5,791,167 3,746,496 Third interim distribution 30.11.19 4,995,811 3,856,829 Final distribution 29.02.20 4,290,810 3,217,387 21,358,567 17,280,101 Revenue deducted on cancellation of Shares 523,818 358,850 Revenue received on issue of Shares (1,267,503) (3,807,919) Distributions 20,614,882 13,831,032

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Notes to the Financial Statements continued

6. Distributions (continued) 01.03.19 to 07.02.18 to 29.02.20 28.02.19 £ £ Reconciliation of net revenue after taxation to net distributions: Net revenue after taxation per Statement of Total Return 18,199,655 12,032,782 Expenses allocated to capital 2,524,290 1,849,448 Relief on expenses allocated to capital (108,879) (51,066) Undistributed revenue brought forward 132 – Undistributed revenue carried forward (316) (132) Distributions 20,614,882 13,831,032

7. Debtors 29.02.20 28.02.19 £ £ Amounts receivable on issues 5,284,435 1,134,233 Currency deals outstanding – 268,488 Sales awaiting settlement 2,522,706 685,214 Accrued income: Interest on debt securities – 155,440 Dividends receivable 2,965,636 2,043,321 Overseas tax recoverable 125,729 38,296 Prepaid expenses: Legal fee – 364 Total debtors 10,898,506 4,325,356

8. Other Creditors 29.02.20 28.02.19 £ £ Amounts payable on cancellations 1,284,659 1,137,079 Currency deals outstanding – 268,379 Purchases awaiting settlement 3,470,987 2,563,947 Accrued expenses: Amounts payable to the Authorised Corporate Director (ACD), associates of the ACD and agents of either of them: ACD’s fee 9,568 6,426 Administration fee 13,133 8,871 Registration fees 9,116 6,654 31,817 21,951 Amounts payable to the Specialist Investment Manager, associates of the Specialist Investment Manager and agents of either of them: Specialist Investment Manager’s fee 501,605 297,725

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Notes to the Financial Statements continued

8. Other Creditors (continued) 29.02.20 28.02.19 £ £ Amounts payable to the Depositary, associates of the Depositary and agents of either of them: Depositary’s fee (including VAT) 34,792 22,596 Safe custody and other bank charges 9,872 4,976 44,664 27,572 Auditors remuneration: Audit fee (including VAT) 8,652 – Audit fee (including VAT) - predecessor fee 7,200 7,200 Tax compliance services (including VAT) 1,800 – Tax compliance services (including VAT) - predecessor tax advisor 2,100 1,800 19,752 9,000 Other expenses: Legal fees 1,288 – Printing costs 1,200 1,200 2,488 1,200

Total other creditors 5,355,972 4,326,853

9. Cash and Bank Balances 29.02.20 28.02.19 £ £ Cash and bank balances 20,190,515 17,293,663 Overdraft positions (3,274,147) (883,732) Cash and bank balances 16,916,368 16,409,931

10.Related Party Transactions Authorised Corporate Director and other fees payable to Maitland Institutional Services Ltd (the ACD) are disclosed in note 4 and amounts due at the year end are shown in note 8. Fees payable to Investec Asset Management, Man GLG and Columbia Threadneedle Asset Management (the Specialist Investment Managers to the Asset Allocation Manager) are disclosed in note 4 and amounts due at the year end are shown in note 8. Amounts receivable on issue and payable on cancellation of shares and dilution levy are disclosed in the Statement of Change in Net Assets Attributable to Shareholders and in note 6, amounts due at the year end are shown in notes 7 and 8. At the year end the Sub-fund did not hold shares in any of the other Sub-funds within the MI Brewin Dolphin Select Managers Fund.

11.Contingent Liabilities and Outstanding Commitments There were no contingent liabilities or outstanding commitments at the balance sheet date (2019: none).

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Notes to the Financial Statements continued

12.Risk Management Policies and Disclosures The main risks arising from financial instruments and the ACD’s policies for managing these risks are disclosed in Note 2 on pages 9 to 11. Numerical disclosures relating to the Sub-fund are as follows: Disclosure of VaR Limit The table below details the Sub-funds lowest, highest and average VaR, as well as utilisation of VaR calculated during the year: 29.02.20 Utilisation of 28.02.19 Utilisation of % of VaR VaR(*) 20% % of VaR VaR(*) 20% VaR at year end 9.89 49.45 6.64 33.20 Lowest 6.45 32.25 6.61 33.05 Highest 11.06 55.30 8.22 41.10 Average 7.57 37.85 7.08 35.40 *The VaR on the Sub-fund has been divided by its maximum limit. Currency risk The table below details the currency risk profile at the balance sheet date. Currency 29.02.20 28.02.19 Total Total £ £ Euro 2,597,210 14,676,307 Danish krone 2,814,023 – Pound sterling 488,553,465 369,842,211 Swiss franc 73,627 19,504 United States dollar 13,130,886 13,264,501 507,169,211 397,802,523

At the balance sheet date, if the value of sterling increased or decreased by 10%, with all other variables held constant, then the net assets attributable to Shareholders would increase or decrease by approximately £1,861,575 (2019: £2,796,031).

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Notes to the Financial Statements continued

13.Portfolio Transaction Costs 29.02.20 Purchases Analysis Gross before of purchases purchase Commissions Taxes transaction cost paid cost £ £ % £ % £ Equities 307,728,590 87,723 0.03 1,395,061 0.45 306,245,806 Bonds 1,076,649 – 0.00 – 0.00 1,076,649 Corporate actions (98,644) – 0.00 – 0.00 (98,644) Total purchases after commissions and tax 308,706,595 Sales Analysis Net before of sales sale Commissions Taxes transaction proceeds paid cost £ £ % £ % £ Equities 177,486,433 62,006 0.03 1,067 0.00 177,549,506 Bonds 7,849,250 – 0.00 – 0.00 7,849,250 Total sales after commissions and tax 185,335,683 Commission as a % of average net assets 0.03% Taxes as a % of the average net assets 0.29%

28.02.19 Purchases Analysis Gross before of purchases purchase Commissions Taxes transaction cost paid cost £ £ % £ % £ Equities 485,193,805 116,360 0.02 2,127,023 0.44 482,950,422 Bonds 9,322,547 – 0.00 – 0.00 9,322,547 Funds 1,849,999 – 0.00 – 0.00 1,849,999 Corporate actions 210,831 – 0.00 – 0.00 210,831 Total purchases after commissions and tax 496,577,182 Sales Analysis Net before of sales sale Commissions Taxes transaction proceeds paid cost £ £ % £ % £ Equities 101,874,112 34,124 0.03 1,027 0.00 101,909,263 Bonds 2,126,187 – 0.00 – 0.00 2,126,187 Funds 50,288 – 0.00 – 0.00 50,288 Total sales after commissions and tax 104,050,587 Commission as a % of average net assets 0.05% Taxes as a % of the average net assets 0.66%

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Notes to the Financial Statements continued

13.Portfolio Transaction Costs (continued) Commissions and taxes as a % of the average net assets form part of the direct transactions costs stated within the comparative tables on pages 103 to 104. The direct transaction costs within the comparative tables may differ due to the effect of dilution levies charged (where applicable).

14.Portfolio Dealing Spread The average portfolio dealing spread at 29 February 2020 is 0.12% (2019: 0.17%).

15.Events after the Balance Sheet date The table below denotes the movement in the Net Asset Value since the year end, calculated with reference to the daily published single prices. Share Class 29.02.20 26.06.20 % p p Movement Institutional income 96.72 91.73* (5.16) Institutional accumulation 95.97 91.82 (4.32)

*adjusted for income distribution for comparison purposes. ACD Statement Regarding COVID-19 Notwithstanding the challenges arising from the impact of the COVID-19 virus, the ACD continues to operate, administer and price the Sub-fund in accordance with FCA regulatory requirements and in accordance with relevant accounting standards. At the time of writing, investment markets are experiencing high levels of daily volatility and it is likely that this volatility will continue for the foreseeable future. The ACD will continue to monitor fund liquidity and market volatility to ensure the Sub-fund is managed in the best interests of shareholders and to ensure that the Sub-fund remains a going concern. Where appropriate the ACD will value assets on a “fair value” basis in accordance with the Regulations. As stated in the Prospectus, the Sub-fund should be considered as a long-term investment and the ACD emphasises the importance for investors to seek professional advice when considering their investment in the Sub-fund.

16.Fair Value Disclosure Valuation technique 29.02.20 28.02.19 Assets Liabilities Assets Liabilities £ £ £ £ Level 1^ 487,031,577 (115,462) 375,572,482 – Level 2^^ 2,015,520 – 9,037,043 – Level 3^^^ – – – – 489,047,097 (115,462) 384,609,525 –

^Level 1: Unadjusted quoted price in an active market for an identical instrument. ^^Level 2: Valuation techniques using observable inputs other than quoted prices within level 1. ^^^Level 3: Valuation techniques using unobservable inputs.

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Notes to the Financial Statements continued

17.Shareholders Funds Institutional Institutional Income Accumulation Opening number of Shares 401,979,757 257,000 Shares issued 264,688,289 9,139,508 Shares cancelled (147,248,034) (780,019) Closing number of Shares 519,420,012 8,616,489

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Distribution Tables for the year ended 29 February 2020 Income Share Distributions Share Distribution Shares Net Equalisation Distribution Distribution class revenue payable paid 2020 2019 p p p p Institutional First interim Group 1 1.5585 – 1.5585 1.8603 Income Group 2 0.7867 0.7718 1.5585 1.8603 Second interim Group 1 1.1579 – 1.1579 1.0216 Group 2 0.6394 0.5185 1.1579 1.0216 Third interim Group 1 1.0216 – 1.0216 1.0184 Group 2 0.5780 0.4436 1.0216 1.0184 Final Group 1 0.8127 – 0.8127 0.7999 Group 2 0.5362 0.2765 0.8127 0.7999

Accumulation Share Distributions Share Distribution Shares Net Equalisation Amount Amount class revenue reinvested reinvested 2020 2019 p p p p Institutional First interim Group 1 1.4902 – 1.4902 – Accumulation Group 2 1.4575 0.0327 1.4902 – Second interim Group 1 1.1219 – 1.1219 0.0379 Group 2 1.0620 0.0599 1.1219 0.0379 Third interim Group 1 1.0038 – 1.0038 0.9662 Group 2 0.6912 0.3126 1.0038 0.9662 Final Group 1 0.8064 – 0.8064 0.7590 Group 2 0.5952 0.2112 0.8064 0.7590

First interim period: 01.03.19 - 31.05.19 Second interim period: 01.06.19 - 31.08.19 Third interim period: 01.09.19 - 30.11.19 Final period: 01.12.19 - 29.02.20

Group 1: Shares purchased prior to a distribution period Group 2: Shares purchased during a distribution period

Equalisation Equalisation applies only to shares purchased during the distribution period (Group 2 shares). It represents accrued revenue included in the purchase price of the shares. After averaging, it is returned with the distribution as a capital repayment. It is not liable to income tax but must be deducted from the cost of the shares for capital gains tax purposes.

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General information

Authorised Status MI Brewin Dolphin Select Managers Fund (the “Company”) is structured as an Investment Company with Variable Capital (“ICVC”), under regulation 12 (Authorisation) of the OEIC Regulations (Open-Ended Investment Companies Regulations 2001 (SI 2001/1228)). The Company does not intend to have an interest in immovable property. The Company is authorised and regulated in the UK by the Financial Conduct Authority (“FCA”) as a non-UCITS Retail Scheme under the COLL Sourcebook. The Company was incorporated in England and Wales on 21 December 2017 under registration number IC001104. The Shareholders are not liable for the debts of the Company. The Company currently has 4 Sub-funds, which are detailed below: MI Select Managers Bond Fund MI Select Managers North American Equity Fund MI Select Managers UK Equity Fund MI Select Managers UK Equity Income Fund Head Office Hamilton Centre, Rodney Way, Chelmsford, Essex CM1 3BY Address for Service The Head Office is the address in the United Kingdom for service on the Company of notices or other documents required or authorised to be served on it. Base Currency The base currency of the Company is Pounds Sterling. Share Capital The minimum share capital of the Company is £1 and the maximum is £100,000,000,000. Shares in the Company have no par value. The share capital of the Company at all times equals the sum of the net asset values of each of the Sub-funds. Classes of Shares The Sub-funds currently have the following classes of shares available for investment: Institutional Accumulation Institutional Income The Company may issue both Income and Accumulation Shares. Holders of Income shares are entitled to be paid the revenue attributable to such shares in respect of each annual accounting period in the currency of the relevant share class. Holders of Accumulation shares are not entitled to be paid the revenue attributable to such shares, but that revenue is retained and accumulated for the benefit of shareholders and is reflected in the price of shares. Valuation Point The scheme property of the Company and each Sub-funds will normally be valued at 12:00 on each dealing day for the purpose of calculating the price at which shares in the Company may be issued, sold, repurchased or redeemed. For the purpose of the pricing of shares, a business day is defined as a day on which the dealing office of the ACD is open for the buying and selling of shares. The ACD may at any time during a business day carry out an additional valuation of the property of the Company or any Sub-fund if the ACD considers it desirable to do so, with the Depositary’s approval.

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General information continued

Buying, Redeeming and Switching of Shares The ACD will accept orders for the purchase, sale and switching of shares on normal business days between 08:30 and 16:30. Instructions to buy or sell shares may either be in writing to: Hamilton Centre, Rodney Way, Chelmsford, Essex CM1 3BY Or by telephone to: 0345 872 4982 The ACD has the right to establish facilities for recording telephone calls made or received on this telephone line. A contract note giving details of the shares purchased will be issued no later than the next business day after the business day on which an application to purchase shares is received and instrumented by the ACD. Certificates will not be issued in respect of shares. Ownership of shares will be evidenced by an entry on the register of shareholders. Pricing Basis There is a single price for buying, selling and switching shares in a Sub-fund which represents the Net Asset Value of the Sub-fund concerned. The share price is calculated on a forward pricing basis, that is at the next Valuation Point after the purchase or redemption is deemed to be accepted by the ACD. The prices of shares are published daily on www.maitlandgroup.com. Neither the ACD nor the Company can be held responsible for any errors in the publication of the prices. The shares in each Sub-fund will be issued and redeemed on a forward pricing basis which means that the price will not necessarily be the same as the published price. Other Information Under the Alternative Investment Fund Directive (AIFMD), acting as the Authorised Corporate Director (ACD), Maitland Institutional Services Ltd are required to disclose how those whose actions have a material impact on the Fund are remunerated. The Instrument of Incorporation, Prospectus, Key Investor Information Document and the most recent interim and annual reports may be inspected at the office of the which is also the Head Office of the Company. Copies may be obtained free of charge upon application. They are also available from the website of the ACD, the details of which are given in the directory of this report. Shareholders who have complaints about the operation of the Company should in the first instance contact the ACD, or, following that, may make their complaint direct to the Financial Ombudsman Service, Exchange Tower, London E14 9SR. ACD Value Assessment The ACD is required to provide an annual statement for the Company, attesting that in the opinion of the ACD the services provided to the Company and any fees chargeable to the scheme property represent value for money, taking into account the following criteria as set out by the Regulator under COLL 6.6.20R: • Quality of Service • Performance • Economies of Scale • Comparable Services and Market Rates • Classes of Units This statement references services provided directly by the ACD and those services delegated by the ACD to third parties such as, but not limited to, investment management, depositary services, custody and settlement, audit provision, legal services, printing services, KIID production and maintenance, and other costs as may be set out or allowable in the scheme documentation. Specialist Investment Managers Fees The MI Brewin Dolphin Select Managers Fund is composed of a number of portfolios separately and discreetly managed to achieve an overall risk return profile as set out in the investment objective and policy for each sub-fund. The specialist investment managers are selected by Brewin Dolphin, acting in the role of “asset allocator”, and appointed by the ACD subject to due diligence, to manage assets using a specified style or strategy in which they have demonstrated excellence. One of the key benefits of the investment approach is that we can use the expertise of the leading investment managers at a lower cost than would be achievable through investment in other collective investment schemes.

118 MI Brewin Dolphin Select Managers Fund MI Brewin Dolphin Select Managers Fund

General information continued

The fees of the Specialist Investment Managers represent the largest cost to each Sub-fund, are clearly set out within the scheme documentation, and are consistent with the market rates for other professional investment managers for hire providing comparable services. The specialist investment management fees may vary by share class reflecting the size of the minimum investment into that share class, with the objective of providing economies of scale for larger investors. The majority of the specialist investment managers have been appointed under tiered pricing structures that deliver increasing economies of scale as the Sub-funds increase in size. Services Provided by the ACD The ACD fees are regularly reviewed against prevalent market rates for a professional ACD for hire taking into account the complexity and risk profile of each Sub-fund. The ACD’s fees are clearly set out in the scheme documentation and are tiered based on the overall value of each Sub-fund to reflect economies of scale. Services Delegated by the ACD Services delegated by the ACD are provided by professional entities for hire appointed on an arm’s length basis. Delegates are appointed under competitive tender and their services are regularly reviewed and benchmarked by the ACD to ensure that they are consistent with services provided by other similar professional entities for hire. When appointing or reviewing delegates the ACD takes into account the quality of the services provided, the performance of the appointed entity over a period of time and, that the costs of the service provided take into account any economies of scale that may be available to funds of a similar size or complexity. Summary It is the opinion of the ACD that the fees charged to the scheme property of the Company represent value for money for investors taking into account the criteria set out by the Regulator. Remuneration of the Authorised Corporate Director The ACD is subject to a remuneration policy which meets the requirements of the Alternative Investment Fund Managers Directive (AIFMD) as out in 19B of the FCA Handbook. The policy is designed to ensure practices for employee remuneration are consistent with, and promote, sound and effective risk management. It does not encourage risk-taking which is inconsistent with the risk profiles, rules or instrument of incorporation of the funds managed, and does not impair the ACD’s compliance with its duty to act in the best interests of the funds it manages. The ACD has reviewed the Remuneration Policy and its application in the last year which has resulted in no material changes to the policy or irregularities to process. This disclosure does not include portfolio management activities as these are undertaken by various third party investment managers appointed by the ACD. The investment manager is required to make separate public disclosure as part of their obligations under the Capital Requirements Directive. The ACD is required to disclose the total remuneration it pays to its staff during the financial year of the fund, split into fixed and variable remuneration, with separate aggregate disclosure for staff whose actions may have a material impact to the risk profile of a fund or the ACD itself. This includes executives, senior risk and compliance staff and certain senior managers. As the ACD provides UCITS and non-UCITS services, the remuneration figures have been prorated by the net asset value of all the non-UCITS funds it manages as a percentage of the total assets under management.

29.02.20 Number Variable of Fixed Remuneration Beneficiaries Remuneration Paid Total Total remuneration paid by the ACD during the year 85 £5,527,795 £42,920 £5,570,715 Remuneration paid to employees of the ACD who 4 £917,425 £2,500 £929,925 have material impact on the risk profile of the Fund

MI Brewin Dolphin Select Managers Fund 119 MI Brewin Dolphin Select Managers Fund

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Further information is available in the ACD’s Remuneration Policy Statement which can be obtained from www.maitlandgroup.com or, on request free of charge, by writing to the registered office of the ACD. Risk Warning An investment in a non-UCITS Retail Scheme Open-Ended Investment Company should be regarded as a medium to long- term investment. Investors should be aware that the price of shares and the revenue from them can fall as well as rise and investors may not receive back the full amount invested. Past performance is not a guide to future performance. Investments denominated in currencies other than the base currency are subject to fluctuation in exchange rates, which can be favourable or unfavourable.

120 MI Brewin Dolphin Select Managers Fund Maitland Institutional Services Limited

Registered in England No 6252939. Authorised and regulated by the Financial Conduct Authority.