MI Select Managers Fund

Annual Report 28 February 2019 MI Brewin Dolphin Select Managers Fund

Contents Page

Directory* ...... 1 Statement of the Authorised Corporate Director’s Responsibilities ...... 2 Certification of the Annual Report by the Authorised Corporate Director ...... 2 Statement of the Depositary’s Responsibilities ...... 3 Independent Auditor’s Report to the Shareholders ...... 4 MI Select Managers Fund Investment Objective and Policy* ...... 6 Investment Adviser's Report* ...... 6 Portfolio Statement* ...... 8 Comparative Table* ...... 24 Statement of Total Return ...... 26 Statement of Change in Net Assets Attributable to Shareholders ...... 26 Balance Sheet ...... 27 Notes to the Financial Statements ...... 28 Distribution Table ...... 40 MI Select Managers North American Equity Fund Investment Objective and Policy* ...... 41 Investment Adviser's Report* ...... 41 Portfolio Statement* ...... 43 Comparative Tables* ...... 49 Statement of Total Return ...... 51 Statement of Change in Net Assets Attributable to Shareholders ...... 51 Balance Sheet ...... 52 Notes to the Financial Statements ...... 53 Distribution Tables ...... 60 MI Select Managers UK Equity Fund Investment Objective and Policy* ...... 61 Investment Adviser's Report* ...... 61 Portfolio Statement* ...... 63 Comparative Tables* ...... 72 Statement of Total Return ...... 74 Statement of Change in Net Assets Attributable to Shareholders ...... 74 Balance Sheet ...... 75 Notes to the Financial Statements ...... 76 Distribution Tables ...... 83 MI Select Managers UK Equity Income Fund Investment Objective and Policy* ...... 84 Investment Adviser's Report* ...... 84 Portfolio Statement* ...... 86 Comparative Tables* ...... 92 Statement of Total Return ...... 94 Statement of Change in Net Assets Attributable to Shareholders ...... 94 Balance Sheet ...... 95 Notes to the Financial Statements ...... 96 Distribution Tables ...... 103 General Information* ...... 104

*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] (Authorised and regulated by the Financial Conduct Authority)

Directors of the Authorised Corporate Director R. Ackermann J. Clark (retired 27 November 2018) P.J. Foley-Brickley S. Georgala (retired 27 November 2018) D. Jones G. Kok

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

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

Independent Auditor KPMG LLP, Statutory Auditor Chartered Accountants 15 Canada Square, Canary Wharf, London E14 5GL

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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 of the Company and of the net income 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 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 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 its Funds 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.

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.

R. Ackermann P.J. Foley-Brickley Directors Maitland Institutional Services Ltd 27 June 2019

Maitland Institutional Services Ltd operates as ACD and AIFM for the purposes of the AIFM directive 22 July 2014.

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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 period ended 28 February 2019

The Depositary must ensure that the Company is managed in accordance with the Financial Conduct Authority’s Collective Investment Schemes Sourcebook, and, from 22 July 2014 the Investment Funds Sourcebook, the Open-Ended Investment Companies Regulations 2001 (SI 2001/1228), as amended, the 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 Alternative Manager (“the AIFM”) 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 Scheme documents and the Regulations 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 AIFM: (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) 27 June 2019

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Independent Auditor's Report to the Shareholders of MI Brewin Dolphin Select Mangers Fund ('the Company')

Opinion We have audited the financial statements of the Company for the period ended 28 February 2019 which comprise the Statements of Total Return, the Statements of Changes in Net Assets Attributable to Shareholders, the Balance Sheets, the Related Notes and Distribution Tables for each of the Company’s Funds listed on the contents page and the accounting policies set out on pages 28 and 29. In our opinion the financial statements: • give a true and fair view, in accordance with UK accounting standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, of the financial position of each of the Funds as at 28 February 2019 and of the net revenue and the net capital gains/net capital losses on the property of each of the Funds for the period then ended; and • have been properly prepared in accordance with the Instrument of Incorporation, the Statement of Recommended Practice relating to Authorised Funds, and the COLL Rules. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities are described below. We have fulfilled our ethical responsibilities under, and are independent of the Company in accordance with, UK ethical requirements including the FRC Ethical Standard. We have received all the information and explanations which we consider necessary for the purposes of our audit and we believe that the audit evidence we have obtained is a sufficient and appropriate basis for our opinion. Other Matter – the impact of uncertainties due to UK exiting the European Union on our audit Uncertainties related to the effects of Brexit are relevant to understanding our audit of the financial statements. All audits assess and challenge the reasonableness of estimates made by the directors, and 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 Company’s future prospects and performance. Brexit is one of the most significant economic events for the UK, and at the date of this report its effects are subject to unprecedented levels of uncertainty of outcomes, with the full range of possible effects unknown. We applied a standardized firm-wide approach in response to that uncertainty when assessing the Company’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 this is particularly the case in relation to Brexit. Going concern The Authorised Corporate Director has prepared the financial statements on the going concern basis as they do not intend to liquidate the Company or its Funds or to cease their operations, and as they have concluded that the Company and its Funds’ financial position means that this is realistic. They have also concluded that there are no material uncertainties that could have cast significant doubt over their ability to continue as a going concern for at least a year from the date of approval of the financial statements (“the going concern period”). We are required to report to you if we have concluded that the use of the going concern basis of accounting is inappropriate or there is an undisclosed material uncertainty that may cast significant doubt over the use of that basis for a period of at least a year from the date of approval of the financial statements. In our evaluation of the Authorised Corporate Director’s conclusions, we considered the inherent risks to the company’s and its Funds’ business model, including the impact of Brexit, and analysed how those risks might affect the company’s and its Funds’ financial resources or ability to continue operations over the going concern period. 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 or its Funds will continue in operation.

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Independent Auditor's Report to the Shareholders of MI Brewin Dolphin Select Mangers Fund ('the Company') continued

Other information The Authorised Corporate Director is responsible for the other information, which comprises the Authorised Corporate Director’s Report. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except as explicitly stated below, any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether, based on our financial statements audit work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge. Based solely on that work: • we have not identified material misstatements in the other information; and • in our opinion the information given in the 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 under the COLL Rules we are required to report to you if, in our opinion: • proper accounting records for the Company have not been kept; or • the financial statements are not in agreement with the accounting records. Authorised Corporate Director’s responsibilities As explained more fully in their statement set out on page 2 the Authorised Corporate Director is responsible for: the preparation of financial statements which give a true and fair view; such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; assessing the Company and its Funds’ ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and using the going concern basis of accounting unless they either intend to liquidate the Company or its Funds or to cease operations, or have no realistic alternative but to do so. Auditor’s responsibilities Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue our opinion in an auditor’s report. Reasonable assurance is a high level of assurance, but does not guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements. A fuller description of our responsibilities is provided on the FRC’s website at www.frc.org.uk/auditorsresponsibilities. The purpose of our audit work and to whom we owe our responsibilities This report is made solely to the Company’s shareholders, as a body, in accordance with Rule 4.5.12 of the Collective Investment Schemes sourcebook (‘the COLL Rules’) issued by the Financial Conduct Authority under the Open-Ended Investment Companies Regulations 2001. Our audit work has been undertaken so that we might state to the 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.

Ravi Lamba for and on behalf of KPMG LLP, Statutory Auditor Chartered Accountants 15 Canada Square, London E14 5GL 27 June 2019

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

Investment Policy The 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 Fund may invest in below investment grade and unrated debt securities. The Fund may also invest in UCITS and other eligible collective investment schemes to achieve its objective. The Fund may invest (at the Investment Managers’ discretion) in other transferable securities, money market instruments, depositary receipts, derivative instruments and forward transactions. The 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 Fund may invest in derivatives for the purposes of hedging with the aim of reducing the risk profile of the 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 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 period ended 28 February 2019 Introduction This report covers the MI Brewin Dolphin Select Managers Fund and their underlying mandates for the twelve months from fund inception (7 February 2018) to the end of February 2019. Market Review Up until the end of August 2018, equity markets had performed very strongly, and bond yields had risen in response to the large volume of US bond issuance and indications of further rate hikes to come. During September, the global trade war rhetoric between the US and stepped up whilst the raised interest rates. Monetary policy was on a path to being tightened through almost all major markets. The UK government was deadlocked on Brexit. October 2018 saw a marked pick-up in equity market volatility which persisted into November and accelerated in December. Economic data from major markets was generally poor and companies were reporting upward pressure on input and output costs. The oil price dropped at the prospect of lower economic growth and bond yields also came down in response. Growth stocks, which had done so well during 2018 up to the end of August, were hit hard in the sell-off. The US mid-term elections delivered a result that was broadly expected by forecasters; the Democrats took the House of Representatives but failed to take the Senate. This will hamper President Trump’s ability to enact policy. By early January 2019 however, the tone from central bankers eased and in China the prospect of supportive measures was raised. As such, January was a strong month for equity markets. The weaker oil price was positive in so far as it will restrict inflation over the coming months, however the underlying drivers of inflation are still robust. Labour markets in the developed market are tight and tightening further. This is putting company margins under pressure. By February, despite some signs of weakness in economic data the overall picture was pretty robust with the US consumer enjoying wage growth and lower costs.

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Asset Allocation Manager’s Report continued Performance Activity and Attribution The MI Select Managers Bond Fund has given a total return of 3.9% over the period from inception to the end of February 2019. This was an outperformance compared to measures of the UK Investment Grade and UK gilt markets. It was, however, a little behind very broad measures of global investment grade and sovereign bonds. Corporate bonds have performed well over the period and so the PIMCO UK Corporate Bond strategy and Robeco Global Credits strategy have generated positive returns for the Fund. UK government bonds have also been positive over the period and the Insight UK Government All Maturities strategy has therefore been helpful. The DWS UK Index-Linked Gilt mandate, a passive strategy holding inflation-linked UK treasury bonds, has also performed well. Outlook European activity remains weak but the declines slowed in most markets with increasingly standing out as the main area of weakness. Tailwinds for from fiscal policy, energy prices and Chinese stimulus are starting to build. The main challenge for markets are monetary policy and inflation. Inflation threatens margins. Monetary policy has tightened but remains loose creating ambiguity about its next direction. The recent shift in the position on Brexit has given the market confidence that no deal will be avoided but is far from a decisive end to uncertainty. Aside from Brexit though the UK economy is reasonably robust. Overall recessionary risks have risen but remain modest. We continue to believe that long term investors will be rewarded for their time in the market.

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Portfolio Statement as at 28 February 2019 Market % of total value net assets Holding Security £ 2019 Euro denominated asset backed securities 1.16% €800,000 Bavarian Sky SA Series GER8 A 505,620 0.10 €900,000 Bumper Series 10 A 770,602 0.14 €1,400,000 Dutch Series 19 A 1,147,027 0.21 €1,400,000 FCT Credit Agricole Habitat Series 18-1 A 1,205,107 0.22 €200,000 Newgate Funding Series 07-3X A2B 109,518 0.02 €860,000 Saecure BV Series 16 A 721,516 0.13 €700,000 Storm BV Series 18-2 A 606,938 0.11 €1,400,000 Storm BV Series 18-GRN A 1,212,313 0.23 6,278,641 1.16 Euro denominated corporate debt securities 10.75% €100,000 Adler Real Estate 1.875% 27.04.2023 84,581 0.02 €690,000 AIB 2.25% 03.07.2025 598,011 0.11 €100,000 Allergan Funding 1.5% 15.11.2023 86,670 0.02 €325,000 American International 1.875% 21.06.2027 275,350 0.05 €300,000 American Movil 6.375% 06.09.2073 296,248 0.05 €600,000 American Tower 1.95% 22.05.2026 519,603 0.10 €1,135,000 ASR Nederland 5.125% Variable 29.09.2045 1,068,426 0.20 €100,000 Atrium European Real Estate 3% 11.09.2025 86,930 0.02 €600,000 Aviva 3.375% Variable 04.12.2045 520,113 0.10 €400,000 Banco Bilbao Vizcaya Argentaria 6.75% Variable Perpetual 352,938 0.07 €1,600,000 Banco Bilbao Vizcaya Argentaria 8.875% Variable Perpetual 1,542,504 0.28 €200,000 Banco Bilbao Vizcaya Argentaria Variable 22.02.2029 173,298 0.03 €700,000 Banco de Sabadell 1.625% 07.03.2024 587,027 0.11 €1,100,000 Banco de Sabadell 5.375% 12.12.2028 963,659 0.18 €600,000 Banco de Sabadell 5.625% 06.05.2026 537,807 0.10 €500,000 6.25% Variable Perptual 440,598 0.08 €590,000 Bank of Ireland 1.375% 29.08.2023 500,765 0.09 €200,000 Bank of Ireland Variable Perpetual 182,029 0.03 €1,300,000 Bankia 3.375% 15.03.2027 1,130,179 0.21 €400,000 Bankia 6% Variable Perpetual 336,273 0.06 €336,000 1.5% 03.09.2023 288,932 0.05 €1,225,000 Barclays 2% Variable 07.02.2028 998,189 0.18 €200,000 Barclays 8% Variable Perpetual 187,254 0.02 €200,000 Barclays Variable Perpetual 173,444 0.03 €500,000 Bevco Lux SARL 1.75% 09.02.2023 429,137 0.08 €400,000 Blackstone Property Partners Europe 2.2% 24.07.2025 340,354 0.06 €100,000 BPCE 0.625% 26.09.2023 86,007 0.02 €925,000 British Telecom 1.5% 23.06.2027 775,910 0.14 €300,000 Caixabank 1.125% 17.05.2024 257,412 0.05 €400,000 Caixabank 2.25% 17.04.2030 321,439 0.06 €900,000 Caixabank 2.75% 14.07.2028 772,226 0.14 €400,000 Caixabank 5.25% Variable Perpetual 301,248 0.05 €100,000 Castellum 2.125% 20.11.2023 87,330 0.02 €1,150,000 Celanese US 1.25% 11.02.2025 954,926 0.18 €670,000 3% 10.04.2076 572,010 0.10

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Portfolio Statement continued Market % of total value net assets Holding Security £ 2019 Euro denominated corporate debt securities (continued) €200,000 0.5% 29.01.2022 172,204 0.03 €300,000 Citigroup 1.5% 24.07.2026 Variable Perpetual 260,567 0.05 €370,000 CNH Industrial 1.875% 19.01.2026 315,883 0.06 €100,000 CNP Assurances 4.75% Variable Perpetual 85,389 0.02 €550,000 Coca-Cola European 1.5% 08.11.2027 481,237 0.09 €630,000 Coca-Cola European 2.375% 07.05.2025 584,226 0.11 €400,000 Commerzbank 7.75% 16.03.2021 387,100 0.07 €1,000,000 Commonwealth Bank Australia 0.375% 24.04.2023 861,425 0.16 €600,000 Cooperative 0.875% 08.02.2028 524,036 0.10 €200,000 Cooperative Rabobank 6.625% Variable Perpetual 189,123 0.03 €200,000 CPI Property 1.45% 14.04.2022 171,128 0.03 €100,000 CPI Property 2.125% 04.10.2024 84,456 0.02 €100,000 Credit Agricole London 0.75% 05.12.2023 86,699 0.02 €1,150,000 De Volksbank 3.75% 05.11.2025 1,027,071 0.19 €425,000 Demeter () 4.375% Variable Perpetual 391,263 0.07 €900,000 0.375% 18.01.2021 755,239 0.14 €200,000 Deutsche Bank 5% 24.06.2020 178,932 0.03 €100,000 Digital Euro Finco 2.5% 16.01.2026 87,795 0.02 €500,000 Electricite de France 5% Perpetual 445,735 0.08 €300,000 Electricite de France 5.375% Variable Perpetual 276,923 0.05 €500,000 Equinix 2.875% 15.3.2024 440,185 0.08 €350,000 Fairfax Financial 2.75% 29.03.2028 306,059 0.06 €1,000,000 FCA Bank Ireland 1% 15.11.2021 855,276 0.16 €600,000 FCE Bank 0.869% 13.09.2021 499,660 0.09 €480,000 FCE Bank 1.134% 10.02.2022 399,979 0.07 €670,000 Fomento Economico Mexicano 1.75% 20.03.2023 593,037 0.11 €915,000 G4S International Finance 1.875% 24.05.2025 769,788 0.14 €100,000 GE Capital European Funding Floating Rate Note 17.05.2021 84,488 0.02 €100,000 General Electric Floating Rate Note 28.05.2020 85,240 0.02 €450,000 1.25% 01.05.2025 384,729 0.07 €700,000 Holding D’Infrastructure 0.625% 27.03.2023 585,962 0.11 €630,000 HSBC Floating Rate Note 05.10.2023 533,269 0.10 €300,000 Iberdrola International 3.25% Perpetual 262,497 0.05 €100,000 IHO Verwaltungs GMBH 3.75% 15.9.2026 85,007 0.02 €100,000 IMCD 2.5% 26.03.2025 84,326 0.02 €800,000 Immofinanz 2.625% 27.01.2023 699,392 0.13 €100,000 Ineos Finance 4% 01.05.2023 86,751 0.02 €800,000 ING 1.125% 14.02.2025 684,736 0.13 €100,000 ING 2.5% 15.11.2030 90,575 0.02 €400,000 ING Variable 22.03.2030 338,845 0.06 €200,000 Innogy Finance 0.75% 30.11.2022 173,454 0.03 €200,000 JAB Holdings 1.75% 25.06.2026 170,410 0.03 €500,000 KBC Bank 0.75% 24.10.2027 431,356 0.08 €800,000 KBC 4.25% Variable Perpetual 637,418 0.12 €200,000 KBC 4.75% Variable Perpetual 171,571 0.03 €900,000 Koninklijke Ahold 1.125% 19.03.2026 769,450 0.14

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Portfolio Statement continued Market % of total value net assets Holding Security £ 2019 Euro denominated corporate debt securities (continued) €500,000 La Banque Post Home Loan 0.875% 07.02.2028 434,176 0.08 €1,300,000 La Banque Postale 1% 16.10.2024 1,104,093 0.20 €900,000 LeasePlan 1% 24.05.2021 777,724 0.14 €825,000 Lloyds Bank 1% 09.11.2023 700,109 0.13 €760,000 1.5% 12.09.2027 641,288 0.12 €300,000 Logicor Financing 1.5% 14.11.2022 257,064 0.05 €300,000 Logicor Financing 2.25% 13.05.2025 255,271 0.05 €100,000 Magna International 1.9% 24.11.2023 90,123 0.02 €710,000 Nationwide Building Society 2% Variable 25.07.2029 586,380 0.11 €360,000 Nationwide Building Society Variable 08.03.2026 305,264 0.06 €1,050,000 Nemak 3.25% 15.03.2024 904,217 0.17 €400,000 NIBC Bank 1% 24.01.2028 347,753 0.06 €910,000 NIBC Bank 6% Variable Perpetual 739,626 0.14 €100,000 NN 4.5% Variable Perpetual 90,975 0.02 €100,000 NN 4.625% 13.03.2048 92,415 0.02 €600,000 Orange 1.125% 15.07.2024 524,441 0.10 €250,000 Parker-Hannifin 1.125% 01.03.2025 215,648 0.04 €100,000 ProSiebenSat.1 Media 2.625% 15.04.2021 88,019 0.02 €200,000 Rabobank 5.5% Variable Perpetual 179,368 0.03 €200,000 Raiffeisen Bank International 4.5% 21.02.2025 177,032 0.03 €200,000 Raiffeisen Bank International 4.5% Variable Perpetual 146,075 0.03 €805,000 RCI Banque 1% 17.05.2023 685,580 0.13 €400,000 RCI Banque 1.25% 08.06.2022 347,719 0.06 €283,000 RCI Banque 1.625% 11.04.2025 240,365 0.04 €1,450,000 Royal Bank of 2% Variable 04.03.2025 1,257,929 0.23 €715,000 2.5% 22.03.2023 638,647 0.12 €1,013,000 Santander UK Floating Rate Note 27.03.2024 838,709 0.16 €450,000 SGSP Australia Assets 2% 30.06.2022 402,629 0.07 €660,000 Sigma Alimentos 2.625% 07.02.2024 588,259 0.11 €490,000 Skandinaviska Enskilda 0.75% 15.11.2027 422,533 0.08 €450,000 Southern Power 1% 20.06.2022 390,885 0.07 €376,000 SRLEV 9% Variable 15.04.2041 365,916 0.07 €300,000 Airport Finance 1.75% 26.04.2028 262,588 0.05 €800,000 Syngenta Finance 1.25% 10.09.2027 612,146 0.11 €300,000 Takeda Pharmaceutical 1.125% 21.11.2022 260,033 0.05 €500,000 TDF Infrastructure 2.5% 07.04.2026 422,581 0.08 €300,000 Telefonica Europe Variable Perpetual 265,611 0.05 €100,000 Teleperformance 1.875% 02.07.2025 86,152 0.02 €900,000 Telstra 1.125% 14.04.2026 774,223 0.14 €100,000 Teollisuuden Voima 2% 08.05.2024 85,952 0.02 €100,000 Teva Pharmaceutical Finance Netherlands 1.25% 31.03.2023 80,015 0.01 €700,000 Teva Pharmaceutical Finance Netherlands 3.25% 15.04.2022 612,424 0.11 €460,000 Thermo Fisher Scientific 2% 15.04.2025 415,938 0.08 €490,000 0.5% 16.01.2025 419,442 0.08 €925,000 Vodafone 1.125% 20.11.2025 783,023 0.14 €300,000 Volkswagen Bank GMBH 1.25% 01.08.2022 258,635 0.05

10 MI Select Managers Bond Fund MI Select Managers Bond Fund

Portfolio Statement continued Market % of total value net assets Holding Security £ 2019 Euro denominated corporate debt securities (continued) €400,000 Volkswagen Bank GMBH 2.5% 31.07.2026 349,113 0.06 €120,000 Volkswagen Financial Services 0.875% 12.04.2023 101,485 0.02 €300,000 Volkswagen International Finance 4.625% Variable Perpetual 253,894 0.05 €1,175,000 Volkswagen Leasing 1.125% 04.04.2024 988,870 0.18 €575,000 Westpac Banking 0.375% 05.03.2023 490,117 0.09 €800,000 WPC Eurobond 2.25% 09.04.2026 689,010 0.13 €600,000 ZF Capital 2.75% 27.04.2023 534,158 0.10 58,000,360 10.75 Euro denominated government debt security 0.98% €6,310,000 France 1.75% 25.05.2066 5,309,724 0.98 Collective Investment Scheme investments 5.92% 9,164,176 Insight GBP Liquidity Fund 2 Accumulation† 9,164,176 1.70 630,000 Insight GFII Emerging Markets Debt Fund† 5,383,035 1.00 171,000 Pimco Sterling Short Maturity ETF GBP† 17,402,670 3.22 31,949,881 5.92 denominated asset backed securities 1.08% £600,000 Alba Series 06-2 A3A 232,791 0.04 £200,000 EuroMastr Series 07-1V A2 91,451 0.02 £600,000 Finsbury Square Series 18-1 A 570,072 0.11 £500,000 Finsbury Square Series 18-2 A 499,219 0.09 £200,000 Gosforth Funding Series 18-1X A2 185,513 0.04 £2,500,000 Great Hall Mortgages Series 2007-1 A2A 748,518 0.14 £100,000 Harben Finance Series 17-1X A 80,133 0.01 £800,000 Ludgate Funding Series 08-W1X A1 310,358 0.06 £500,000 Precise Mortgage Funding Series 17-1B A 451,749 0.08 £300,000 Precise Mortgage Funding Series 18-1B A 268,599 0.05 £100,000 Residential Mortgage Securities Series 28 A 37,563 0.01 £100,000 Ripon Mortgages Series 1X A1 80,164 0.01 £1,300,000 RMAC Series 18-1 A 1,174,218 0.22 £600,000 RMAC Series 18-2 A 595,752 0.11 £100,000 Thrones Series 14-1 A 45,189 0.01 £400,000 Towd Point Mortgage Series 17-A11X A1 343,761 0.06 £200,000 Trinity Square Series 15-1X A 113,205 0.02 5,828,255 1.08 Pound sterling denominated corporate debt securities 24.56% £100,000 AA Bond 2.75% 31.07.2023 89,349 0.02 £1,050,000 AA Bond 2.875% 31.01.2022 985,005 0.18 £337,000 AA Bond 4.2487% 31.07.2020 341,128 0.06 £1,000,000 AA Bond 4.875% 31.07.2024 964,300 0.18 £500,000 American International 5% 26.04.2023 550,498 0.10 £1,500,000 Amgen 4% 13.09.2029 1,652,492 0.31 £600,000 Anglian Water Services Financing 1.625% 10.08.2025 579,440 0.11 £100,000 Anglian Water Services Financing 2.75% 26.10.2029 101,529 0.02

MI Select Managers Bond Fund 11 MI Select Managers Bond Fund

Portfolio Statement continued Market % of total value net assets Holding Security £ 2019 Pound sterling denominated corporate debt securities (continued) £800,000 Anheuser Busch Inbev 2.25% 24.05.2029 752,018 0.14 £700,000 Anheuser-Busch Inbev 2.85% 25.05.2037 643,313 0.12 £600,000 Annington Funding 2.646% 12.07.2025 589,163 0.11 £500,000 Annington Funding 3.184% 12.07.2029 494,498 0.09 £400,000 Annington Funding 3.685% 12.07.2034 400,524 0.07 £500,000 AP Moller-Maersk 4% 04.04.2025 507,363 0.09 £100,000 APT Pipelines 3.5% 22.03.2030 103,371 0.02 £1,450,000 Aroundtown 3% 16.10.2029 1,359,175 0.25 £100,000 Aroundtown 3.25% 18.07.2027 97,897 0.02 £500,000 Arqiva Financing 5.34% 30.06.2030 578,396 0.11 £300,000 Assura Financing 3% 19.07.2028 301,455 0.06 £650,000 AT&T 4.25% 01.06.2043 668,454 0.12 £800,000 AT&T 4.375% 14.09.2029 865,017 0.16 £100,000 AT&T 5.2% 18.11.2033 116,349 0.02 £400,000 5.625% 16.01.2054 441,812 0.08 £400,000 Bank of America 2.3% 25.07.2025 399,575 0.07 £500,000 Bank of America 4.25% 10.12.2026 564,347 0.10 £140,000 Bank of Ireland 3.125% 19.09.2027 132,304 0.02 £400,000 Banque Federative du Credit Mutuel 2.25% 18.12.2023 401,280 0.07 £600,000 Barclays 3.125% 17.01.2024 602,206 0.11 £500,000 Barclays 3.25% 12.02.2027 491,062 0.09 £1,400,000 Barclays 7.25% Variable Perpetual 1,455,266 0.27 £200,000 Barclays 7.875% Variable Perpetual 208,648 0.04 £150,000 Barclays 10% 21.05.2021 172,659 0.03 £600,000 BAT International Finance 2.25% 09.09.2052 393,546 0.07 £400,000 BAT International Finance 4% 04.09.2026 420,528 0.08 £800,000 BHP Billiton Finance 4.3% 25.09.2042 1,012,413 0.19 £1,100,000 BNP Paribas 3.375% 23.01.2026 1,133,407 0.21 £200,000 BP Capital Markets 2.274% 03.07.2026 200,228 0.04 £500,000 BPCE 2.125% 16.12.2022 502,180 0.09 £400,000 BPCE 5.25% 16.04.2029 463,233 0.09 £1,000,000 British Land 2.375% 14.09.2029 951,895 0.18 £1,000,000 British Telecommunications 3.125% 21.11.2031 982,138 0.18 £400,000 Broadgate Financing 5.098% 05.04.2033 424,647 0.08 £500,000 Bunzl Finance 2.25% 11.06.2025 485,865 0.09 £950,000 Cadent Finance 2.125% 22.09.2028 904,182 0.17 £900,000 Cadent Finance 2.75% 22.09.2046 809,543 0.15 £400,000 Citigroup 4.5% 03.03.2031 447,471 0.08 £1,200,000 Citigroup 5.15% 21.05.2026 1,411,228 0.26 £400,000 Clarion Funding 2.625% 18.01.2029 397,488 0.07 £800,000 Clarion Housing 3.125% 19.04.2048 780,936 0.14 £100,000 Compass 2% 03.07.2029 97,659 0.02 £500,000 Connect Plus Issuer 2.607% 31.03.2039 503,019 0.09 £200,000 Co-Op Group 6.25% 08.07.2026 222,120 0.04 £400,000 Cooperative Rabobank 4.625% 23.05.2029 443,309 0.08 £700,000 Cooperative Rabobank 5.25% 14.09.2027 804,258 0.15

12 MI Select Managers Bond Fund MI Select Managers Bond Fund

Portfolio Statement continued Market % of total value net assets Holding Security £ 2019 Pound sterling denominated corporate debt securities (continued) £750,000 CPUK Finance 3.588% 28.08.2025 782,163 0.14 £100,000 CRH Finance 4.125% 02.12.2029 110,363 0.02 £600,000 CYBG Variable 25.09.2026 582,618 0.11 £200,000 CYBG Variable 14.12.2028 211,348 0.04 £700,000 Deutsch Bahn 1.875% 13.02.2026 696,360 0.13 £1,600,000 Deutsche Bank 3.875% 12.02.2024 1,599,698 0.30 £600,000 Deutsche Telekom 2.5% 10.10.2025 601,746 0.11 £244,000 Deutsche Telekom 3.125% 06.02.2034 241,646 0.04 £400,000 Dexia Credit Local 1.625% 08.12.2023 399,816 0.07 £400,000 Digital Stout 4.75% 13.10.2023 435,806 0.08 £100,000 Discovery Communications 2.5% 20.09.2024 97,587 0.02 £1,621,000 DP World 4.25% 25.09.2030 1,648,379 0.31 £300,000 Drax Finco 4.25% 01.05.2022 301,134 0.06 £800,000 E.On International Finance 6% 30.10.2019 823,246 0.15 £300,000 E.On International Finance 5.875 % 30.10.2037 403,141 0.07 £600,000 E.On International Finance 6.375% 07.06.2032 810,864 0.15 £1,600,000 Electricite de France SA 5.5% 27.03.2037 2,066,436 0.38 £1,200,000 Electricite de France SA 5.5% 17.10.2041 1,570,848 0.29 £1,900,000 European Investment Bank 3.75% 07.12.2027 2,228,084 0.41 £2,050,000 European Investment Bank 4.5% 07.06.2029 2,581,779 0.48 £2,300,000 European Investment Bank 5.625% 07.06.2032 3,306,259 0.61 £600,000 Experian Finance 2.125% 27.09.2024 601,764 0.11 £900,000 Ford Motor Credit 4.535% 06.03.2025 900,000 0.17 £1,200,000 GE Capital UK Funding 5.875% 04.11.2020 1,275,661 0.24 £800,000 GE Capital UK Funding 5.875% 18.01.2033 972,475 0.18 £500,000 General Electric 5.25% 07.12.2028 570,615 0.11 £600,000 General Electric 5.375% 18.12.2040 708,042 0.13 £200,000 General Electric 6.25% 29.09.2020 212,799 0.04 £500,000 GlaxoSmithKline Capital 3.375% 20.12.2027 547,945 0.10 £400,000 GlaxoSmithKline Capital 5.25% 19.12.2033 521,576 0.10 £1,000,000 Goldman Sachs 3.125% 25.07.2029 1,002,530 0.19 £600,000 Goldman Sachs 4.25% 29.01.2026 655,130 0.12 £800,000 Grainger 3.375% 24.04.2028 792,153 0.15 £300,000 Greene Finance 3.593% 15.03.2035 298,668 0.06 £400,000 Greene King Finance 4.0643% 15.03.2035 375,239 0.07 £600,000 Greene King Finance 5.106% 15.03.2034 677,514 0.13 £700,000 Greene King Finance 5.318% 15.09.2031 550,122 0.10 £200,000 Greene King Finance 5.702% 15.12.2034 177,458 0.03 £300,000 Greene King Finance Floating Rate Note 15.03.2036 245,763 0.05 £300,000 3.5% 27.10.2025 297,546 0.06 £500,000 Heathrow Finance 3.875% 01.03.2027 471,477 0.09 £1,000,000 Heathrow Finance 4.75% 01.03.2024 1,023,920 0.19 £500,000 Heathrow Funding 2.75% 09.08.2049 455,025 0.08 £300,000 Heathrow Funding 5.875% 13.05.2041 425,820 0.08 £200,000 Heathrow Funding 6.75% 03.12.2026 260,006 0.05 £950,000 HSBC Bank 4.75% 24.03.2046 1,092,899 0.20

MI Select Managers Bond Fund 13 MI Select Managers Bond Fund

Portfolio Statement continued Market % of total value net assets Holding Security £ 2019 Pound sterling denominated corporate debt securities (continued) £900,000 HSBC Bank 5.375% 04.11.2030 1,025,910 0.19 £550,000 HSBC Bank 5.844% Variable Perpetual 695,561 0.13 £500,000 HSBC Holdings 2.625% 16.08.2028 493,025 0.09 £400,000 HSBC Holdings 5.75% 20.12.2027 474,228 0.09 £300,000 HSBC Holdings Variable Perpetual 302,125 0.06 £400,000 Imperial Tobacco Finance 5.5% 28.09.2026 457,056 0.08 £300,000 Informa 3.125% 05.07.2026 301,794 0.06 £700,000 ING Groep 3% 18.02.2026 708,181 0.13 £900,000 Innogy Finance 4.75% 31.01.2034 1,059,280 0.20 £500,000 Innogy Finance 6.125% 06.07.2039 698,505 0.13 £3,087,000 Inter-American Development Bank 1.375% 15.12.2024 3,081,828 0.57 £1,255,000 Intercontinental Hotels 2.125% 24.08.2026 1,174,975 0.22 £475,000 Intercontinental Hotels 3.875% 28.11.2022 502,434 0.09 £100,000 Intu (SGS) Finance 3.875% 17.03.2028 96,861 0.02 £500,000 John Lewis 6.125% 21.01.2025 545,907 0.10 £700,000 Kennedy Wilson 3.95% 30.06.2022 702,170 0.13 £1,800,000 KFW 0.375% 15.12.2020 1,778,876 0.33 £1,860,000 KFW 1.375% 09.12.2024 1,856,408 0.34 £1,500,000 KFW 1.625% 05.06.2020 1,512,128 0.28 £1,850,000 Kommunalbanken 1.125% 30.11.2022 1,838,533 0.34 £300,000 Koninklijke KPN 5% 18.11.2026 321,170 0.06 £600,000 Kraft Heinz Foods 4.125% 01.07.2027 622,686 0.12 £500,000 Land Securities 1.974% 08.02.2024 499,398 0.09 £300,000 Land Securities 2.399% 08.02.2029 300,695 0.06 £400,000 Land Securities 2.625% 22.09.2037 388,133 0.07 £150,000 LCR Finance 4.5% 07.12.2038 210,901 0.04 £400,000 Legal & General 5.5% 27.06.2064 406,280 0.08 £325,000 Liberty Living Finance 3.375% 28.11.2029 318,790 0.06 £1,700,000 Lloyds Banking Group 2.25% 16.10.2024 1,658,333 0.31 £1,000,000 Lloyds Banking Group 7% Variable Perpetual 1,005,630 0.19 £369,000 Lloyds TSB 13% Perpetual 617,614 0.11 £800,000 London Power Networks 2.625% 01.03.2029 797,360 0.15 £100,000 London Power Networks 6.125% 07.06.2027 126,035 0.02 £100,000 Manchester Airport Group Funding 2.875% 31.03.2039 95,673 0.02 £100,000 Manchester Airport Group Funding 4.125% 02.04.2024 109,386 0.02 £600,000 Marks & Spencer 4.75% 12.06.2025 639,372 0.12 £400,000 Met Life Global Funding I 1.625% 09.06.2022 398,460 0.07 £1,000,000 Mitchells & Butler 5.965% 15.12.2023 297,648 0.06 £775,000 Mitchells & Butler 6.013% 15.12.2028 765,832 0.14 £150,000 Mitchells & Butler 6.469% 15.09.2030 162,927 0.03 £225,000 Mondelez International 4.5% 03.12.2035 248,300 0.05 £400,000 Motability Operations 2.375% 14.03.2032 392,555 0.07 £400,000 Motability Operations 4.375% 08.02.2027 462,783 0.09 £400,000 Motability Operations 6% 29.11.2030 529,895 0.10 £600,000 2.5% 11.11.2023 591,135 0.11 £200,000 Nationwide 6.875% Variable Perpetual 201,628 0.04

14 MI Select Managers Bond Fund MI Select Managers Bond Fund

Portfolio Statement continued Market % of total value net assets Holding Security £ 2019 Pound sterling denominated corporate debt securities (continued) £300,000 National Grid Electricity Transmission 4% 08.06.2027 339,794 0.06 £300,000 Neder Waterschapsbank 5.375% 07.06.2032 415,209 0.08 £800,000 Network Rail 4.75% 29.11.2035 1,117,534 0.21 £400,000 Next 3.625% 18.05.2028 397,661 0.07 £600,000 Northern Powergrid Yorkshire 4.375% 05.07.2032 706,932 0.13 £100,000 Northumbrian Water Finance 2.375% 05.10.2027 97,803 0.02 £100,000 Notting Hill House Trust 3.25% 12.10.2048 94,387 0.02 £400,000 Orange 3.25% 15.01.2032 408,044 0.08 £500,000 Orange 5.625% 23.01.2034 647,344 0.12 £100,000 Peabody Capital No Two 3.25% 14.09.2048 97,621 0.02 £700,000 Places for People 3.625% 22.11.2028 700,973 0.13 £800,000 Places for People Treasury 2.875% 17.08.2026 777,596 0.14 £500,000 Prologis 2.25% 30.06.2029 481,140 0.09 £100,000 Province of Alberta 1% 15.11.2021 99,094 0.02 £400,000 Province of Quebec 1.5% 15.12.2023 399,244 0.07 £100,000 Prudential 5% 20.07.2055 105,416 0.02 £400,000 Prudential 5.7% 19.12.2063 457,288 0.08 £600,000 Quadgas Finance 3.375% 17.09.2029 594,114 0.11 £100,000 Rabobank 5.556% Variable Perpetual 102,489 0.02 £800,000 RAC Bond 4.565% 06.05.2023 783,404 0.15 £500,000 Rio Tinto Finance 4% 11.12.2029 579,528 0.11 £400,000 Royal Bank of Scotland 2.875% Variable 19.09.2026 395,612 0.07 £300,000 Santander UK 2.92% 08.05.2026 295,388 0.05 £200,000 Santander UK 3.625% 14.01.2026 206,078 0.04 £400,000 Santander UK 6.75% Perpetual 404,052 0.07 £675,000 Santander UK 7.375% Variable Perpetual 696,566 0.13 £300,000 Scotland Gas Network 4.875% 21.12.2034 367,770 0.07 £600,000 Severn Trent Water 2.75% 05.12.2031 593,854 0.11 £350,000 Sky 4% 26.11.2029 397,323 0.07 £300,000 Sky 6% 21.05.2027 380,859 0.07 £200,000 SLM Student Loan Trust 2003-10 1.065963% 15.12.2039 190,036 0.04 £100,000 SNCF Reseau 5% 11.03.2052 155,090 0.03 £600,000 Society of Lloyds 4.75% 30.10.2024 639,688 0.12 £100,000 Southern Electric Power Networks 5.5% 05.06.2026 119,684 0.02 £500,000 Southern Electric Power 5.5% 07.06.2032 629,851 0.12 £200,000 Southern Gas Network 3.1% 15.09.2036 200,193 0.04 £300,000 Southern Gas Network 4.875% 21.03.2029 358,603 0.07 £900,000 Spirit Issuer 6.582% 28.12.2027 404,324 0.07 £200,000 Student Finance 2.6663% 30.09.2024 194,650 0.03 £600,000 Telefonica Emisiones 5.375% 02.02.2026 696,569 0.13 £700,000 Telereal Secured Finance 4.01% 10.12.2031 572,285 0.11 £600,000 Telereal Securitisation 4.9741% 10.9.2027 433,839 0.08 £700,000 Tesco Property Finance 5.4111% 13.07.2044 768,011 0.14 £380,000 Tesco Property Finance 5.744% 13.04.2040 431,437 0.08 £400,000 Tesco Property Finance 5.8006% 13.10.2040 460,624 0.09 £1,120,000 Tesco Property Finance 6.0517% 13.10.2039 1,147,489 0.21

MI Select Managers Bond Fund 15 MI Select Managers Bond Fund

Portfolio Statement continued Market % of total value net assets Holding Security £ 2019 Pound sterling denominated corporate debt securities (continued) £200,000 Thames Water Utilities 3.5% 25.02.2028 208,586 0.04 £400,000 Thames Water Utilities 4.375% 03.07.2034 450,393 0.08 £200,000 Thames Water Utilities Cayman 2.625% 24.01.2032 187,829 0.03 £600,000 Time Warner Cable 5.25% 15.07.2042 662,557 0.12 £400,000 TP ICAP 5.25% 26.01.2024 391,717 0.07 £300,000 Trafford Centre 4.75% 28.04.2024 319,725 0.06 £600,000 Trafford Centre 7.03% 28.01.2029 408,115 0.08 £500,000 4.5% 07.09.2023 505,985 0.09 £200,000 Travis Perkins 4.375% 15.09.2021 204,802 0.04 £2,700,000 Unique Pub Finance 5.659% 30.06.2027 2,118,934 0.39 £200,000 Unique Pub Finance 7.395% 28.03.2024 216,676 0.04 £600,000 Unite 3.5% 15.10.2028 603,084 0.11 £100,000 Verizon Communications 3.375% 27.10.2036 101,864 0.02 £500,000 Receivable 5.5% 15.09.2024 500,250 0.09 £200,000 Virgin Money 3.375% 24.04.2026 187,414 0.03 £300,000 Virgin Money 8.75% Variable Perpetual 319,050 0.06 £400,000 Vodafone Group 3.375% 08.08.2049 354,978 0.07 £100,000 Volkswagen Financial Services 1.875% 07.09.2021 99,135 0.02 £500,000 Volkswagen International 3.375% 16.11.2026 502,905 0.09 £50,000 Wellcome Trust Finance 4.625% 25.07.2036 66,657 0.01 £500,000 & Co 2% 28.07.2025 492,046 0.09 £300,000 Wells Fargo & Co 4.875% 29.11.2013 365,379 0.07 £400,000 Wells Fargo Bank 5.25% 01.08.2023 449,228 0.08 £200,000 Welltower 4.8% 20.11.2028 226,091 0.04 £300,000 Western Power Distribution South Wales 5.75% 23.03.2040 412,141 0.08 £800,000 Western Power Distribution South West 2.375% 16.05.2029 775,099 0.14 £600,000 Westfield America Management 2.625% 30.03.2025 588,610 0.11 £400,000 Whitbread Group 3.375% 16.10.2025 404,464 0.07 £400,000 Yorkshire Housing Finance 4.125% 31.10.2044 450,196 0.08 132,603,458 24.56 Pound sterling denominated government debt securities 41.40% £575,000 Treasury 0.125% Index Linked 22.11.2019 668,605 0.12 £1,112,000 Treasury 0.125% Index Linked 22.03.2024 1,455,419 0.27 £977,000 Treasury 0.125% Index Linked 22.03.2026 1,245,058 0.23 £330,000 Treasury 0.125% Index Linked 10.08.2028 407,290 0.08 £1,018,000 Treasury 0.125% Index Linked 22.03.2029 1,485,356 0.28 £764,000 Treasury 0.125% Index Linked 22.11.2036 1,153,533 0.21 £411,000 Treasury 0.125% Index Linked 10.08.2041 615,425 0.11 £1,125,000 Treasury 0.125% Index Linked 22.03.2044 2,002,650 0.37 £965,000 Treasury 0.125% Index Linked 22.03.2046 1,658,288 0.31 £611,000 Treasury 0.125% Index Linked 10.08.2048 1,022,271 0.19 £428,000 Treasury 0.125% Index Linked 22.11.2056 839,274 0.16 £783,000 Treasury 0.125% Index Linked 22.03.2058 1,612,795 0.30 £519,000 Treasury 0.125% Index Linked 22.11.2065 1,190,170 0.22 £901,000 Treasury 0.125% Index Linked 22.03.2068 2,255,672 0.42

16 MI Select Managers Bond Fund MI Select Managers Bond Fund

Portfolio Statement continued Market % of total value net assets Holding Security £ 2019 Pound sterling denominated government debt securities (continued) £884,000 Treasury 0.25% Index Linked 22.03.2052 1,829,380 0.34 £916,000 Treasury 0.375% Index Linked 22.03.2062 2,345,038 0.43 £9,820,000 Treasury 0.5% 22.07.2022 9,698,527 1.80 £874,000 Treasury 0.5% Index Linked 22.03.2050 2,104,141 0.39 £1,008,000 Treasury 0.625% Index Linked 22.03.2040 2,080,278 0.38 £925,000 Treasury 0.625% Index Linked 22.11.2042 2,043,663 0.38 £27,280,000 Treasury 0.75% 22.07.2023 27,031,206 5.01 £1,042,000 Treasury 0.75% Index Linked 22.03.2034 1,827,926 0.34 £836,000 Treasury 0.75% Index Linked 22.11.2047 2,092,402 0.39 £935,000 Treasury 1.125% Index Linked 22.11.2037 2,138,609 0.40 £1,029,000 Treasury 1.25% Index Linked 22.11.2027 1,969,534 0.36 £963,000 Treasury 1.25% Index Linked 22.11.2032 1,867,453 0.34 £742,000 Treasury 1.25% Index Linked 22.11.2055 2,586,327 0.48 £3,011,000 Treasury 1.5% 22.01.2021 3,049,390 0.56 £13,500,000 Treasury 1.5% 22.07.2047 12,538,800 2.32 £21,090,000 Treasury 1.625% 22.10.2028 21,703,508 4.02 £6,555,076 Treasury 1.625% 22.10.2071 6,407,586 1.19 £8,020,000 Treasury 1.75% 22.07.2019 8,050,476 1.49 £1,980,000 Treasury 1.75% 22.07.2027 1,988,039 0.37 £14,510,000 Treasury 1.75% 07.09.2037 14,504,196 2.69 £23,270,000 Treasury 1.75% 22.01.2049 22,888,372 4.24 £3,000,000 Treasury 1.75% 22.07.2057 3,023,100 0.56 £1,146,000 Treasury 1.875% Index Linked 22.11.2022 1,838,804 0.34 £667,000 Treasury 2% Index Linked 26.01.2035 1,813,240 0.33 £471,000 Treasury 2.5% Index Linked 16.04.2020 1,685,130 0.31 £488,000 Treasury 2.5% Index Linked 17.07.2024 1,760,240 0.33 £579,427 Treasury 3.25% 22.01.2044 743,637 0.14 £300,000 Treasury 3.5% 22.01.2045 402,900 0.07 £356,000 Treasury 4.125% Index Linked 22.07.2030 1,298,190 0.24 £6,900,000 Treasury 4.25% 07.12.2027 8,662,536 1.60 £4,670,000 Treasury 4.25% 07.06.2032 6,198,024 1.15 £100,000 Treasury 4.25% 07.12.2046 152,650 0.03 £19,340,000 Treasury 4.75% 07.12.2030 26,335,278 4.88 £1,230,000 UK Treasury Bill 0% 15.07.2019 1,226,428 0.23 223,496,814 41.40 United States dollar denominated corporate debt securities 13.67% $580,000 Abbvie 3.6% 14.05.2025 428,923 0.08 $200,000 Abbvie 4.7% 14.05.2045 137,169 0.03 $855,000 ABN Amro Bank 6.25% 27.04.2022 686,441 0.13 $550,000 Abu Dhabi 2.5% 11.10.2022 406,599 0.08 $100,000 Ally Financial 4.125% 30.03.2020 75,506 0.01 $800,000 Altice Financing 6.625% 15.02.2023 614,853 0.11 $625,000 American Tower 3.0% 15.06.2023 458,532 0.08 $500,000 Amgen 4.563% 15.06.2048 355,443 0.07 $760,000 Anheuser-Busch Inbev 5.55% 23.01.2049 599,841 0.11

MI Select Managers Bond Fund 17 MI Select Managers Bond Fund

Portfolio Statement continued Market % of total value net assets Holding Security £ 2019 United States dollar denominated corporate debt securities (continued) $670,000 Ashtead Capital 4.375% 15.08.2027 484,137 0.09 $208,000 Ashtead Capital 5.25% 01.08.2026 158,229 0.03 $400,000 AT&T 3.49% Variable 12.06.2024 297,084 0.06 $670,000 AT&T 4.8% 15.06.2044 470,395 0.09 $390,000 AT&T 5.45% 01.03.2047 297,943 0.06 $1,140,000 Banco Santander Chile 2.5% 15.12.2020 844,539 0.16 $800,000 Banco Santander Variable Perpetual 601,080 0.11 $400,000 Bank of America 3.419% 20.12.2028 288,796 0.05 $700,000 Bank of Ireland 4.125% Variable 19.09.2027 490,826 0.09 $810,000 Bank of Nova Scotia 2.35% 21.10.2020 603,173 0.11 $830,000 Bank of Nova Scotia 2.45% 22.03.2021 618,271 0.11 $985,000 Banque Federative Credit Mutuel 2.2% 20.07.2020 730,989 0.14 $800,000 Barclays 7.75% Variable Perpetual 598,776 0.11 $1,600,000 Barclays Bank 7.625% 21.11.2022 1,299,102 0.24 $810,000 Barclays Variable 15.02.2023 616,426 0.11 $200,000 BAT Capital 3.557% 15.08.2027 137,197 0.03 $340,000 Bayer US Finance II 4.25% 15.12.2025 255,681 0.05 $1,234,000 BMW US Capital 3.45% 12.04.2023 932,826 0.17 $400,000 BNP Paribas 4.4% 14.08.2028 301,517 0.06 $1,000,000 BP Capital Markets 4.234% 06.11.2028 789,844 0.15 $430,000 Charter Communications 3.579% 23.07.2020 324,632 0.06 $100,000 Charter Communications 4.5% 01.02.2024 76,837 0.01 $740,000 Charter Communications 6.484% 23.10.2045 595,166 0.11 $425,000 Citigroup 3.2% 21.10.2026 306,112 0.06 $928,000 CNH Industrial 4.2% 15.01.2024 695,529 0.13 $860,000 Colbun 3.95% 11.10.2027 624,533 0.12 $1,270,000 Comcast 3.3% 01.02.2027 933,492 0.17 $1,025,000 Comcast 3.55% 01.05.2028 762,814 0.14 $200,000 Comcast 3.95% 15.10.2025 154,723 0.03 $1,000,000 3.45% 16.04.2021 753,338 0.14 $1,150,000 Credit Suisse 3.75% 26.03.2025 850,303 0.16 $200,000 Credit Suisse 6.5% 08.08.2023 160,492 0.03 $800,000 Credit Suisse 6.5% 08.08.2023 642,135 0.12 $200,000 Credit Suisse 7.5% Variable Perpetual 154,280 0.03 $500,000 CVS Health 4.1% 25.03.2025 379,949 0.07 $770,000 Daimler Finance 3.4% 22.02.2022 (Reg S) 577,590 0.11 $820,000 Daimler Finance 3.4% 22.02.2022 144A 615,416 0.11 $1,190,000 Danske Bank 5% 12.01.2022 912,412 0.17 $330,000 Dubai Electricity & Water 7.375% 21.10.2020 263,452 0.05 $1,870,000 Duke Energy 2.65% 01.09.2026 1,307,215 0.24 $430,000 Duke Energy Florida 3.8% 15.07.2028 330,093 0.06 $700,000 Electricite De France 4.5% 21.09.2028 534,067 0.10 $1,180,000 Emirates Telecom 3.5% 18.06.2024 886,160 0.16 $442,000 Enel Chile 4.875% 12.06.2028 343,070 0.06 $1,400,000 Enel Finance International 3.625% 25.05.2027 967,790 0.18 $770,000 Enn Energy Holdings 6% 13.05.2021 604,606 0.11

18 MI Select Managers Bond Fund MI Select Managers Bond Fund

Portfolio Statement continued Market % of total value net assets Holding Security £ 2019 United States dollar denominated corporate debt securities (continued) $1,390,000 Enterprise Products 4.875% 16.08.2077 957,053 0.18 $600,000 Ertse Group Bank 5.5% 26.05.2025 458,232 0.08 $640,000 FMG Resources Aug 2006 4.75% 15.05.2022 479,295 0.09 $790,000 FMG Resources Aug 2006 5.125% 15.05.2024 589,314 0.11 $375,000 Ford Motor Credit 3.664% 08.09.2024 255,213 0.05 $1,110,000 General Mills 3.7% 17.10.2023 841,943 0.16 $535,000 General Mills 4.15% 15.02.2043 347,289 0.06 $105,000 General Mills 5.4% 15.06.2040 80,655 0.01 $150,000 General Motors Financial 3.15% 15.01.2020 112,750 0.02 $640,000 Goldman Sachs 2.75% 15.09.2020 478,702 0.09 $564,000 Grupo Bimbo 3.875% 27.06.2024 422,109 0.08 $200,000 Grupo Bimbo 5.95% Variable Perpetual 150,032 0.03 $995,000 Hankook Tire 3.5% 30.01.2023 743,425 0.14 $500,000 HCA 4.5% 15.02.2027 378,851 0.07 $500,000 HSBC Holdings 3.033% Variable 22.11.2023 369,129 0.07 $1,100,000 Hyundai Capital America 3.45% 12.03.2021 823,849 0.15 $1,265,000 IBM Credit 2.65% 05.02.2021 945,935 0.18 $200,000 ING 3.15% 29.03.2022 149,273 0.03 $370,000 ING 4.625% 06.01.2026 286,759 0.05 $316,000 International Paper 4.75% 15.02.2022 247,103 0.05 $558,000 International Paper 4.8% 15.06.2044 399,590 0.07 $500,000 JP Morgan Chase 3.54% 01.05.2028 368,044 0.07 $1,250,000 JP Morgan Chase Variable 25.04.2023 928,596 0.17 $300,000 JP Morgan Chase 4.203% 23.07.2029 230,471 0.04 $1,480,000 Kinder Morgan Energy Partners 4.3% 01.05.2024 1,141,217 0.21 $240,000 Kinder Morgan Energy Partners 5% 01.10.2021 187,280 0.03 $710,000 Kinder Morgan Energy Partners 6.375% 01.03.2041 597,231 0.11 $1,150,000 Komatsu Finance America 2.437% 11.09.2022 838,927 0.16 $370,000 Kookmin Bank 2.25% 03.02.2021 273,214 0.05 $325,000 Korea Southern Power 3% 29.01.2021 243,606 0.05 $1,020,000 Kroger 2.65% 15.10.2026 689,335 0.13 $1,125,000 Kroger 3.7% 01.08.2027 810,540 0.15 $1,000,000 Lloyds Banking 3.574 7.11.2028 708,208 0.13 $200,000 Lloyds Banking 4.344% 09.01.2048 128,455 0.02 $1,275,000 McDonald’s 3.7% 30.01.2026 965,296 0.18 $510,000 MetLife Globe Funding 2.4% 08.01.2021 378,752 0.07 $1,150,000 Mexichem 4.875% 19.09.2022 891,468 0.17 $300,000 MidAmerican Energy 3.65% 15.04.2029 227,642 0.04 $200,000 Mitchells and Butlers Finance 15.12.2030 139,317 0.03 $500,000 Mitsubishi UFJ Financial 3.455% 02.03.2023 376,299 0.07 $610,000 Molson Coors Brewing 2.1% 15.07.2021 446,164 0.08 $1,000,000 Molson Coors Brewing 3% 15.07.2026 690,906 0.13 $214,000 Mondelez International 3.625% 13.02.2026 158,495 0.03 $1,090,000 Variable 24.04.2024 825,912 0.15 $450,000 Morgan Stanley Variable 24.01.2029 332,944 0.06 $1,140,000 National Grid 2.375% 30.09.2020 844,290 0.16

MI Select Managers Bond Fund 19 MI Select Managers Bond Fund

Portfolio Statement continued Market % of total value net assets Holding Security £ 2019 United States dollar denominated corporate debt securities (continued) $490,000 Nationwide Building Society 3.9% 21.07.2025 370,342 0.07 $250,000 Nationwide Building Society 4% 14.09.2026 175,449 0.03 $270,000 Nemak 4.75% 23.01.2025 195,737 0.04 $1,705,000 Packaging Corp of America 3.65% 15.09.2024 1,261,977 0.23 $360,000 Relx Capital 3.5% 16.03.2023 269,560 0.05 $1,000,000 Royal Bank Scotland 3.498% 15.05.2023 741,233 0.14 $300,000 Royal Bank of Scotland 4.519% Variable 25.06.2024 227,207 0.04 $300,000 Royal Bank of Scotland 4.8% 05.04.2026 228,662 0.04 $200,000 Royal Bank Of Scotland 8.625% Variable Perpetual 160,003 0.03 $400,000 Royal Bank of Scotland Variable 27.01.2030 308,139 0.06 $1,440,000 Sabine Pass Liquefaction 5.875% 30.06.2026 1,176,662 0.22 $400,000 Santander UK 4.75% 15.09.2025 292,357 0.05 $890,000 Schlumberger 2.65% 20.11.2022 660,519 0.12 $260,000 Sigma Finance 4.875% 27.03.2028 193,349 0.04 $600,000 Singtel Group Treasury 3.875% 28.08.2028 461,582 0.08 $1,000,000 3.885% 15.03.2024 744,162 0.14 $620,000 Syngenta Finance 3.125% 28.03.2022 453,316 0.08 $600,000 Syngenta Finance 4.441% 24.04.2023 451,550 0.08 $200,000 Syngenta Finance 4.441% 24.04.2023 150,983 0.03 $1,500,000 Telecom Italia 5.303% 30.05.2024 1,091,140 0.20 $800,000 Telefonica Emisiones 5.52% 01.03.2049 601,410 0.11 $200,000 Teva Pharmaceuticals 3.65% 10.11.2021 147,242 0.03 $850,000 Thermo Fisher Scientific 3% 15.04.2023 629,193 0.12 $825,000 Tianqi Finco 3.75% 28.11.2022 553,447 0.10 $200,000 Time Warner 3.875% 15.01.2026 147,947 0.03 $980,000 Time Warner 4.05% 15.12.2023 755,111 0.14 $200,000 Time Warner 4.7% 15.01.2021 155,143 0.03 $500,000 Transcanada Trust 5.3% 15.03.2077 348,384 0.06 $250,000 Transelec 3.875% 12.01.2029 178,173 0.03 $1,600,000 UBS 5.125% 15.05.2024 1,223,270 0.23 $1,300,000 7.83% 04.12.2023 1,057,026 0.19 $800,000 United Overseas Bank 2.88% 08.03.2027 583,986 0.11 $1,000,000 United Overseas Bank 3.2% 23.04.2021 753,588 0.14 $200,000 Vanke Real Estate Hong Variable 25.05.2023 149,338 0.03 $750,000 Verizon Communications 4.4% 01.11.2034 564,104 0.10 $1,020,000 Vodafone Variable 03.10.2078 735,388 0.14 $850,000 Weichi International Hong Kong Energy 3.75% Variable Perpetual 600,464 0.11 $450,000 Wells Fargo 2.625% 22.07.2022 331,770 0.06 $1,080,000 Williams Partners 4.5% 15.11.2023 837,806 0.15 $1,200,000 Woodside Finance 4.5% 04.03.2029 896,305 0.17 $480,000 Yingde Gases Investment 6.25% 19.01.2023 354,094 0.06 $400,000 ZF NA Capital 4.75% 29.04.2025 292,504 0.05 73,785,076 13.67 United States dollar denominated government debt securities 1.05% $7,675,000 US Treasury 0.75% Index Linked 15.02.2045 5,646,557 1.05

20 MI Select Managers Bond Fund MI Select Managers Bond Fund

Portfolio Statement continued Market % of total value net assets Holding Security £ 2019 DERIVATIVES 0.78% Forward currency contracts 0.67%^ Bought €1,240,000 Sold £1,066,451 (20.03.2019) (1,973) 0.00 Bought €440,000 Sold £377,455 (20.03.2019) 263 0.00 Bought $960,000 Sold £728,049 (20.03.2019) (4,974) 0.00 Sold €63,264,734 Bought £55,482,899 (20.03.2019) 1,171,418 0.22 Sold €467,165 Bought £400,000 (20.03.2019) (1,025) 0.00 Sold $2,680,000 Bought £2,013,224 (20.03.2019) (5,315) 0.00 Sold $76,280,916 Bought £59,005,322 (20.03.2019) 1,548,484 0.28 Bought A$667,000 Sold £364,851 (11.04.2019) (8,385) 0.00 Sold €5,119,000 Bought £4,459,660 (15.04.2019) 61,374 0.01 Sold $675,000 Bought £522,345 (26.04.2019) 14,908 0.00 Sold $6,702,000 Bought £5,062,328 (10.05.2019) 27,559 0.01 Sold ¥15,200,000 Bought £106,983 (15.05.2019) 3,833 0.00 Sold €13,812,000 Bought £12,161,770 (15.05.2019) 281,598 0.05 Sold $21,785,000 Bought £16,910,236 (15.05.2019) 549,109 0.10 3,636,874 0.67 Interest rate swap 0.11% ^^ ¥(250,000,000) IRS Fixed Leg Morgan Stanley 18.06.2028 0.38% (1,748,260) (0.32) ¥250,000,000 IRS Floating Leg Morgan Stanley 18.06.2028 1,709,464 0.32 €(4,600,000) IRS Fixed Leg Morgan Stanley 19.06.2021 0% (3,938,019) (0.73) €4,600,000 IRS Floating Leg Morgan Stanley 19.06.2021 4,224,775 0.78 £8,000,000 IRS Fixed Leg Morgan Stanley 19.06.2021 1.25% 8,197,907 1.52 £(8,000,000) IRS Floating Leg Morgan Stanley 19.06.2021 (8,184,221) (1.52) £9,900,000 IRS Fixed Leg Morgan Stanley 19.06.2024 10,620,892 1.97 £(9,900,000) IRS Floating Leg Morgan Stanley 19.06.2024 (10,541,180) (1.95) £4,800,000 IRS Fixed Leg Morgan Stanley 19.06.2049 1.75% 6,863,149 1.27 £(4,800,000) IRS Floating Leg Morgan Stanley 19.06.2049 (6,732,676) (1.25) $(6,400,000) IRS Fixed Leg Morgan Stanley 19.12.2023 2.75% CME (5,410,754) (1.00) $6,400,000 IRS Floating Leg Morgan Stanley 19.12.2023 (CME) 5,365,006 0.99 $1,600,000 IRS Fixed Leg Morgan Stanley 19.12.2028 3.00% CME 1,517,634 0.28 $(1,600,000) IRS Floating Leg Morgan Stanley 19.12.2028 CME (1,482,930) (0.27) £19,200,000 IRS Fixed Leg Morgan Stanley 20.03.2021 1% 19,580,984 3.63 £(19,200,000) IRS Floating Leg Morgan Stanley 20.03.2021 (19,629,593) (3.64) €(2,600,000) IRS Fixed Leg Morgan Stanley 20.03.2024 0.5% (2,281,678) (0.42) €2,600,000 IRS Floating Leg Morgan Stanley 20.03.2024 2,239,108 0.41 £3,100,000 IRS Fixed Leg Morgan Stanley 20.03.2024 1.25% 3,288,653 0.61 £(3,100,000) IRS Floating Leg Morgan Stanley 20.03.2024 (3,297,144) (0.61) £3,200,000 IRS Fixed Leg Morgan Stanley 20.03.2049 1.75% 4,580,174 0.85 £(3,200,000) IRS Floating Leg Morgan Stanley 20.03.2049 (4,488,163) (0.83) $(5,300,000) IRS Fixed Leg Morgan Stanley 20.06.2023 2% (LCH) (4,309,923) (0.80) $5,300,000 IRS Floating Leg Morgan Stanley 20.06.2023 (LCH) 4,431,508 0.82 $(700,000) IRS Fixed Leg Morgan Stanley 20.06.2048 2.5% (797,401) (0.15) $700,000 IRS Floating Leg Morgan Stanley 20.06.2048 861,184 0.16 ¥(450,000,000) IRS Fixed Leg Morgan Stanley 20.09.2027 0.3% (3,117,430) (0.58) ¥450,000,000 IRS Floating Leg Morgan Stanley 20.09.2027 3,066,606 0.57 587,672 0.11

MI Select Managers Bond Fund 21 MI Select Managers Bond Fund

Portfolio Statement continued Market % of total value net assets Holding Security £ 2019 Credit default index 0.02% ^^ (6,900,000) CDX IG CDSI S31 5Y 20.12.2023 93,854 0.02 Credit default swap 0.00% ^^ (150,000) ArcelorMittal CDS 20.06.2023 19,468 0.00 (200,000) General Electric CDS 20.12.2023 1,133 0.00 (100,000) Lincoln National CDS 20.06.2023 553 0.00 (200,000) Rolls-Royce CDS 20.06.2023 2,327 0.00 (800,000) Rolls-Royce CDS 20.12.2023 7,926 0.00 200,000 Swedbank CDS 20.12.2023 (4,233) 0.00 (1,000,000) Telefonica CDS 20.06.2023 11,968 0.00 (1,100,000) Vodafone Group CDS 20.06.2023 9,095 0.00 48,237 0.00 Options 0.00% ^^ (18) Euro Bund Future 22.03.2019 Call @ 164 (2,620) 0.00 (18) Euro Bund Future 22.03.2019 Put @ 159.5 (616) 0.00 (14) Euro Bund Future 22.03.2019 Call @ 164.50 (1,079) 0.00 (14) Euro Bund Future 22.03.2019 Put @ 161 (1,558) 0.00 (10) Euro Bund Future 26.04.2019 Call @ 165.50 (1,455) 0.00 (10) Euro Bund Future 26.04.2019 Put @ 162 (5,736) 0.00 (13,064) 0.00 Futures -0.02% 45 10 Year US Treasury Note Futures 19.06.2019 (3,424) 0.00 15 2 Year US Treasury Note Futures 28.06.2019 132 0.00 (16) 5 Year US Treasury Note Futures 28.06.2019 (47) 0.00 43 CAN 10 Year Bond Future 19.06.2019 (2,122) 0.00 (195) Euro Bobl Future March 2019 (59,706) (0.01) 31 Euro Bund Future March 2019 16,424 0.00 (24) Euro Buxl 30Y Bond Future March 2019 (170,809) (0.03) 5 Euro Schatz Future March 2019 (332) 0.00 (25) Euro-BTP Italian Government Bond Future March 2019 30,364 0.01 (86) Long Gilt Future June 2019 76,733 0.01 22 Ultra 10yr US Treasury Note Future 19.06.2019 (2,960) 0.00 147 US Treasury Long Bond Futures 19.06.2019 (54,404) (0.01) (45) US Ultra Long Term Treasury Bond CBT 19.06.2019 43,435 0.01 (126,716) (0.02)

Investment assets 547,125,623 101.35 Net other assets (7,304,295) (1.35) Net assets 539,821,328 100.00

All investments are ordinary shares or stock units on a regulated securities market unless otherwise stated. This is the first accounting period for this Fund, and therefore there are no comparatives. † Represents investment into a related party of the Investment Adviser to the Asset Allocation Manager (note 10).

22 MI Select Managers Bond Fund MI Select Managers Bond Fund

Portfolio Statement continued ^ 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 28 February the balance of the collateral held at Bank of America was £(280,000), JP Morgan £(1,685,179) and Morgan Stanley £1,304,177, reflecting the anticipated settlement of the positions held. Market % of total value net assets £ 2019 Analysis of bonds by credit rating AAA credit rated bonds 40,090,394 7.43 AA+ credit rated bonds 408,115 0.08 AA credit rated bonds 200,872,720 37.21 AA- credit rated bonds 7,970,569 1.46 A+ credit rated bonds 16,001,394 2.96 A credit rated bonds 29,654,112 5.52 A- credit rated bonds 30,090,279 5.57 B+ credit rated bonds 1,331,779 0.24 BB+ credit rated bonds 14,791,192 2.75 BB credit rated bonds 7,446,144 1.35 BB- credit rated bonds 1,766,302 0.32 BBB+ credit rated bonds 34,067,830 6.33 BBB credit rated bonds 49,301,303 9.11 BBB- credit rated bonds 33,738,505 6.26 Unrated bonds 43,418,247 8.06 510,948,885 94.65

MI Select Managers Bond Fund 23 MI Select Managers Bond Fund

Comparative Table Change in net assets per share Institutional^ Income 28.02.19 p Opening per share 100.00† Return before operating charges^ 3.76 Operating charges -0.31 Return after operating charges^ 3.45 Distributions -2.07 Closing net asset value per share 101.38 ^After direct transaction costs of 0.17 Performance Return after charges 3.45% Other information Closing net asset value £539,821,328 Closing number of shares 532,492,036 Operating charges 0.31% Ongoing operating charges* 0.29% Direct transaction costs -0.17% Prices Highest share price 102.97 Lowest share price 98.71

^Institutional Income launched on 7 February 2018. †Launch price. *There has been substantial growth of the Fund since launch. Taking an average of the daily net asset values for the last month 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 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 by annualising the expenses incurred against the average Net Asset Value for the accounting period. 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. 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 period.

24 MI Select Managers Bond Fund MI Select Managers Bond Fund

Comparative Table continued Risk and reward profile The risk and reward indicator table demonstrates where the 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 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 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 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 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 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.

MI Select Managers Bond Fund 25 MI Select Managers Bond Fund

Statement of Total Return for the period ended 28 February 2019 07.02.18 to 28.02.19 Note £ £ Income Net capital losses 2 (242,691) Revenue 3 10,252,665 Expenses 4 (1,241,685) Interest payable and similar charges 4 (48,522) Net revenue before taxation 8,962,458 Taxation 5 – Net revenue after taxation 8,962,458 Total return before distributions 8,719,767 Distributions 6 (8,958,438) Change in net assets attributable to Shareholders from investment activities (238,671)

Statement of Change in Net Assets Attributable to Shareholders for the period ended 28 February 2019 07.02.18 to 28.02.19 £ £ Opening net assets attributable to Shareholders – Amounts receivable on issue of shares 644,552,614 Less: Amounts payable on cancellation of shares (106,378,400) 538,174,214 Dilution levy 729,490 Change in net assets attributable to Shareholders from investment activities (see Statement of Total Return above) (238,671) Compensation paid to the Fund* 1,156,295 Closing net assets attributable to Shareholders 539,821,328

The notes on pages 28 to 39 form an integral part of these Financial Statements. *The compensation due to the Fund is in respect of an administrative error which occured during the reporting period. This is the first accounting period for this Fund, and therefore there are no comparatives.

26 MI Select Managers Bond Fund MI Select Managers Bond Fund

Balance Sheet as at 28 February 2019 28.02.19 Note £ £ ASSETS Fixed assets Investments 623,417,768 Current assets Debtors 7 9,310,094 Cash and bank balances 9 15,308,962 Total current assets 24,619,056 Total assets 648,036,824

LIABILITIES Investment liabilities (76,292,145) Creditors Bank overdrafts 9 (6,305,841) Distribution payable 6 (2,558,624) Other creditors 8 (23,058,886) Total creditors (31,923,351) Total liabilities (108,215,496) Net assets attributable to Shareholders 539,821,328

The notes on pages 28 to 39 form an integral part of these Financial Statements. This is the first accounting period for this Fund, and therefore there are no comparatives.

MI Select Managers Bond Fund 27 MI Select Managers Bond Fund

Notes to the Financial Statements for the period ended 28 February 2019

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 Fund can be found within the general information starting on page 104. The Certification of the Interim 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. Interest on bank and short-term deposits is recognised on an earned 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. 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 and stamp duty reserve tax, are charged against revenue for the period on an accruals basis. (e) Allocation of revenue and expenses to multiple share classes Any revenue or expense not directly attributable to a particular Fund will normally be allocated pro-rata to the net assets of the relevant share classes and Funds on the day that the revenue or expense is recognised. With the exception of the Investment Manager’s fee which is directly attributable to individual share classes, all revenue and expenses are apportioned to the Fund’s share classes pro-rata to the value of the net assets of the relevant share class 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. 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. Stamp duty reserve tax suffered on surrender of shares is deducted from capital.

28 MI Select Managers Bond Fund MI Select Managers Bond Fund

(Notes to the Financial Statements continued 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. At the period end, there were no items of a capital nature. Interim distributions may be made at the Investment Adviser’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 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 and stamp duty reserve tax) have been allocated to capital on an accruals basis. This will reduce the capital growth of the Fund. Distributions not claimed within a six year period will be forfeited and added back to the capital of the 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 period 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 period. Unlisted or suspended investments are valued by the Investment Adviser 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 period are translated into sterling at the closing exchange rates ruling on that date. (j) Dilution levy The Fund Manager 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 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 Alternative Investment Fund Manager is of the opinion that the interests of remaining shareholders require the imposition of a dilution levy.

MI Select Managers Bond Fund 29 MI Select Managers Bond Fund

Notes to the Financial Statements continued

2. Net Capital Losses 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 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)

07.02.18 to 3. Revenue 28.02.19 £ Distributions from Regulated Collective Investment Schemes: Interest distributions 245,881 Interest on debt securities 9,774,470 Bank interest 18,542 Option Revenue 140,330 IRS interest 73,442 Total revenue 10,252,665

07.02.18 to 4. Expenses 28.02.19 £ Payable to the Authorised Corporate Director (ACD), associates of the ACD and agents of either of them: ACD’s fee 91,949 Administration fees 127,690 Registration fees 92,784 312,423 Payable to the Asset Allocation Manager, associates of the Asset Allocation Manager and agents of either of them: Asset Allocation Manager’s fee 779,296 Payable to the Depositary, associates of the Depositary and agents of either of them: Depositary’s fee (including VAT) 93,044 Safe custody and other bank charges 30,224 123,268

30 MI Select Managers Bond Fund MI Select Managers Bond Fund

Notes to the Financial Statements continued

07.02.18 to 4. Expenses (continued) 28.02.19 £ Other expenses: Audit fee (including VAT) 7,200 Audit fee (including VAT): taxation services 1,800 FCA fee 49 Legal fees 6,214 Printing costs 3,544 Derivative charges 7,891 26,698

Expenses 1,241,685 Interest payable and similar charges 48,522 Total 1,290,207

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

(b) Factors affecting taxation charge for the period: Net revenue before taxation 8,962,458 Corporation tax at 20% 1,792,492 Effects of: UK dividends (49,176) Interest distributions (1,743,316) Total tax charge (note 5a) –

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

MI Select Managers Bond Fund 31 MI Select Managers Bond Fund

Notes to the Financial Statements continued

6. Distributions The distributions take account of revenue received on the issue of shares and revenue deducted on the cancellation of shares, and comprise: 07.02.18 to 28.02.19 £ First interim distribution 31.05.18 2,367,130 Second interim distribution 31.08.18 2,666,181 Third interim distribution 30.11.18 2,732,071 Final distribution 28.02.19 2,558,624 10,324,006 Revenue deducted on cancellation of Shares 277,365 Revenue received on issue of Shares (1,642,933) Distributions 8,958,438

Reconciliation of net revenue after taxation to net distributions: Net revenue after taxation per Statement of Total Return 8,962,458 Expenses allocated to capital 10 Capital bank interest (4,030) Distributions 8,958,438

7. Debtors 28.02.19 £ Amounts receivable on issues 1,771,867 Currency deals outstanding 2,699,112 Sales awaiting settlement 681,317 Accrued income: Interest on debt securities 4,131,828 Dividends receivable 3,814 Management fee rebates accrued 21,792 Prepaid expenses: Legal fee 364 Total debtors 9,310,094

32 MI Select Managers Bond Fund MI Select Managers Bond Fund

Notes to the Financial Statements continued

8. Other Creditors 28.02.19 £ Amounts payable on cancellations 1,319,096 Currency deals outstanding 2,697,342 Purchases awaiting settlement 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 8,136 Administration fee 11,205 Registration fees 7,489 26,830 Amounts payable to the Asset Allocation Manager, associates of the Asset Allocation Manager and agents of either of them: Asset Allocation Manager’s fee 244,880 Amounts payable to the Depositary, associates of the Depositary and agents of either of them: Depositary’s fee (including VAT) 25,483 Safe custody and other bank charges 8,021 33,504 Other expenses: Audit fee (including VAT) 7,200 Audit fee (including VAT): taxation services 1,800 Printing costs 2,000 11,000

Total other creditors 23,058,886

9. Cash and Bank Balances 28.02.19 £ Cash and bank balances 14,935,257 Overdraft positions (5,271,134) Broker overdraft positions (1,034,707) Broker cash 373,705 Cash and bank balances 9,003,121

MI Select Managers Bond Fund 33 MI Select Managers Bond Fund

Notes to the Financial Statements continued

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 period end are shown in note 8. Fees payable to Deutsche, Robeco Management and Pimco (the Investment Advisers to the Asset Allocation Manager) are disclosed in note 4 and amounts due at the period 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 period end are shown in notes 7 and 8. At the period end the Fund did not hold shares in any of the other 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.

12.Risk Management Policies and Disclosures In pursuing its investment objectives, the Fund 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 Fund’s 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 Fund may also enter into a range of derivative transactions whose purpose is efficient portfolio management. In addition the Fund only executes derivative contracts where both the derivative instrument and the counterparty have been approved by the ACD. 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 applied throughout the period under review. Value at Risk (VaR) disclosure The ACD uses Value at Risk (VaR) to measure the risks relating to the financial assets in which the Fund is 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 absolute VaR is calculated on a 99% confidence level with a 1 month horizon and 2 years of history. As at 28 February 2019 the table below details the Fund's lowest, highest and average VaR in the period. % VaR at period end: 6.25 Minimum VaR: 5.50 Maximum VaR: 6.65 Average VaR: 6.19

34 MI Select Managers Bond Fund MI Select Managers Bond Fund

Notes to the Financial Statements continued

12.Risk Management Policies and Disclosures (continued) Market price risk Market price risk arises mainly from uncertainty about future prices of financial instruments held. It represents the potential loss the 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 Fund in the context of all their investments. The Fund’s investment portfolio is exposed to market price fluctuations, which are monitored 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 Fund will be exposed. At the balance sheet date, if the price of the investments held by the Fund increased or decreased by 10%, with all other variables held constant, the net assets attributable to Shareholders would increase or decrease by approximately £54,712,562. Currency risk Although the Fund’s capital and income are denominated in sterling, a proportion of the Fund’s investments may have currency exposure and, as a result, the income and capital value of the Fund are affected by currency movements. Currency risk is the risk that the value of the Fund’s investments will fluctuate as a result of changes in currency exchange rates. For Funds where a proportion of the net assets of the Fund is denominated in currencies other than sterling, the balance sheet can be affected by movements in exchange rates. The monitors the currency exposure of the Fund 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. The table below details the currency risk profile at the balance sheet date. 28.02.19 Monetary Non-monetary Currency exposures exposures Total £ £ £ Australian Dollar (341,097) 356,466 15,369 Canadian dollar 102,286 – 102,286 Euro (77,210,943) 77,592,378 381,435 Japanese yen (4,815,231) 4,776,070 (39,161) Pound sterling (63,830,339) 603,211,667 539,381,328 United States dollar (92,489,076) 92,469,147 (19,929) (238,584,400) 778,405,728 539,821,328 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 £44,000.

Interest rate risk Interest rate risk is the risk that the value of the Fund’s investments will fluctuate as a result of changes in interest rates. The Fund may invest in fixed and floating rate securities. The revenue of these 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. Interest receivable on bank deposits are payable on bank overdraft positions will be affected by fluctuations in interest rates.

MI Select Managers Bond Fund 35 MI Select Managers Bond Fund

Notes to the Financial Statements continued

12.Risk Management Policies and Disclosures (continued) Interest rate risk (continued) The table below details the interest rate risk profile at the balance sheet date: 28.02.19 Floating rate Fixed rate Financial Foreign financial financial assets not currency Currency assets assets carrying interest hedging position Total £ £ £ £ £ Australian Dollar 178,159 – – 356,466 534,625 Canadian dollar 104,408 – – – 104,408 Euro 21,427,586 48,850,026 7,951,861 1,442,198 79,671,671 Japanese yen 158,692 – 4,771,079 – 4,929,771 Pound sterling 37,706,990 336,491,803 90,602,070 156,124,767 620,925,630 United States dollar 9,446,388 71,893,794 14,795,421 723,075 96,858,678 69,022,223 457,235,623 118,120,431 158,646,506 803,024,783

Floating rate Financial Foreign financial liabilities not currency Currency liabilities carrying interest hedging position Total £ £ £ £ Australian Dollar 519,256 – – 519,256 Canadian dollar – 2,122 – 2,122 Euro 941,096 7,358,176 70,990,964 79,290,236 Japanese yen 92 4,865,690 103,150 4,968,932 Pound sterling 3,264,349 75,743,146 2,536,807 81,544,302 United States dollar 1,581,047 13,918,850 81,378,710 96,878,607 6,305,840 101,887,984 155,009,631 263,203,455 Floating rate interest-bearing assets at the balance sheet date consist of bank balances, on which interest is calculated at a variable rate by reference to sterling bank deposit rates or the international equivalent; and floating rate notes, on which interest is calculated at a variable rate by reference to the London Interbank Offered Rate () or the Euro Interbank Offered Rate (EURIBOR). At the balance sheet date, if interest rates increased or decreased by 10%, with all other variables held constant, the net assets attributable to Shareholders would increase or decrease by approximately £52,358,888. Weighted average gross interest rate Weighted average period for which of fixed interest-bearing assets interest rates are fixed^ 28.02.19 28.02.19 % years Euro 2.27 8.48 Pound Sterling 1.57 14.35 United States dollar 3.95 5.80

^ Assuming the earliest maturity date for those assets with variable maturity dates. Credit risk Credit risk arises from the possibility that the issuer of a security will be unable to pay interest and principal in a timely manner. Adhering to investment guidelines and avoiding excessive exposure to one particular issuer can limit credit risk. There are no net borrowings or unlisted securities and the ACD considers that the Fund has little exposure to credit risk.

36 MI Select Managers Bond Fund MI Select Managers Bond Fund

Notes to the Financial Statements continued

12.Risk Management Policies and Disclosures (continued) Liquidity risk Liquidity risk is the risk that a Fund 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, a Fund 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 Fund, the Fund 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 Fund’s cash to ensure they can meet their liabilities. In addition the Asset Allocation Manager monitors market liquidity of all securities, seeking to ensure the Brewin Dolphin Limited maintains sufficient liquidity to meet known and potential redemption activity. Brewin Dolphin Limited cash balances are monitored daily by the ACD and the Asset Allocation Manager. All of the Brewin Dolphin Limited’s financial liabilities are payable on demand or in less than one year. Counterparty risk The risk that the counterparty will not deliver the investments for a purchase or the cash for a sale after the Fund has fulfilled it’s responsibilities which could result in the fund suffering a loss. The Asset Allocation Manager 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. 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 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 Fund’s investment portfolio resulting from fluctuations in the securities markets and changes in interest rates; (ii) protect the Fund’s unrealised gains in the value of the 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 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.

MI Select Managers Bond Fund 37 MI Select Managers Bond Fund

Notes to the Financial Statements continued

12.Risk Management Policies and Disclosures (continued) Derivatives (continued) 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 Fund may 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 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 Fund 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.

13.Portfolio Transaction Costs 28.02.19 Purchases Analysis Net 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% Commissions and taxes as a % of the average net assets form part of the direct transactions costs stated within the comparative table on page 24. The direct transaction costs within the comparative tables may differ due to the effect of dilution levies charged (where applicable).

38 MI Select Managers Bond Fund MI Select Managers Bond Fund

Notes to the Financial Statements continued

14.Portfolio Dealing Spread The average portfolio dealing spread at 28 February 2019 is 0.30%.

15.Fair Value Disclosure Valuation technique 28.02.19 Assets Liabilities £ £ Level 1^ 327,065,043 (76,292,145) Level 2^^ 296,352,725 – Level 3^^^ – – 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.

16.Shareholders Funds Institutional Income Opening number of Shares – Shares issued 637,902,498 Shares cancelled (105,410,462) Closing number of Shares 532,492,036

MI Select Managers Bond Fund 39 MI Select Managers Bond Fund

Distribution Table for the year ended 28 February 2019 Income Share Distributions Share Distribution Shares Net Equalisation Distribution class revenue paid/payable 2019 p p p Institutional First interim Group 1 0.5101 – 0.5101 Income Group 2 0.2519 0.2582 0.5101 Second interim Group 1 0.5360 – 0.5360 Group 2 0.2634 0.2726 0.5360 Third interim Group 1 0.5454 – 0.5454 Group 2 0.2730 0.2724 0.5454 Final Group 1 0.4805 – 0.4805 Group 2 0.1988 0.2817 0.4805

First interim period: 07.02.18 - 31.05.18 Second interim period: 01.06.18 - 31.08.18 Third interim period: 01.09.18 - 30.11.18 Final period: 01.12.18 - 28.02.19

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.

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

Investment Objective The Fund will aim to achieve long term capital growth and income.

Investment Policy The Fund will primarily invest directly in a diverse range of North American listed equities and indirectly through investment funds targeted towards American equity. 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 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 Fund may invest (at the Investment Managers’ discretion) in other transferable securities, money market instruments, depositary receipts, derivative instruments and forward transactions. The 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 Fund may invest in derivatives for the purposes of hedging with the aim of reducing the risk profile of the 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 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 period ended 28 February 2019 Introduction This report covers the MI Brewin Dolphin Select Managers Fund and their underlying mandates for the twelve months from fund inception (7 February 2018) to the end of February 2019. Market Review Up until the end of August 2018, equity markets had performed very strongly, and bond yields had risen in response to the large volume of US bond issuance and indications of further rate hikes to come. During September, the global trade war rhetoric between the US and China stepped up whilst the Federal Reserve raised interest rates. Monetary policy was on a path to being tightened through almost all major markets. The UK government was deadlocked on Brexit. October 2018 saw a marked pick-up in equity market volatility which persisted into November and accelerated in December. Economic data from major markets was generally poor and companies were reporting upward pressure on input and output costs. The oil price dropped at the prospect of lower economic growth and bond yields also came down in response. Growth stocks, which had done so well during 2018 up to the end of August, were hit hard in the sell-off. The US mid-term elections delivered a result that was broadly expected by forecasters; the Democrats took the House of Representatives but failed to take the Senate. This will hamper President Trump’s ability to enact policy. By early January 2019 however, the tone from central bankers eased and in China the prospect of supportive measures was raised. As such, January was a strong month for equity markets. The weaker oil price was positive in so far as it will restrict inflation over the coming months however the underlying drivers of inflation are still robust. Labour markets in the developed market are tight and tightening further. This is putting company margins under pressure. By February, despite some signs of weakness in economic data the overall picture was pretty robust with the US consumer enjoying wage growth and lower costs.

MI Select Managers North American Equity Fund 41 MI Select Managers North American Equity Fund

Asset Allocation Manager’s Report continued Performance Activity and Attribution The MI Select Managers North American Fund gave a total return of 11.4% over the period from inception to the end of February 2019 and outperformed broad measures of North American equity market performance. Over the period the allocation to the underlying strategies has moved from being split roughly equally between Baillie Gifford American and JPM US Equity Income to be closer to 45% in the Baillie Gifford mandate. The Baillie Gifford American strategy is a firmly growth-oriented strategy and holds a number of technology stocks (such as Amazon, Netflix and Alphabet) and biotech (e.g. Abiomed and Illumina). The mandate struggled over the period and in the sell-off over Q4 in particular. The mandate has rallied strongly in early 2019. The JPM US Equity Income strategy takes a firmly value-oriented approach. This strategy was more defensive during the difficult Q4 period and has performed reasonably well year-to-date. We are comfortable with the fund’s tilt towards growth-oriented stocks and believe that the fund is well-positioned to generate good returns for investors. Outlook European activity remains weak but the declines slowed in most markets with Germany increasingly standing out as the main area of weakness. Tailwinds for Europe from fiscal policy, energy prices and Chinese stimulus are starting to build. The main challenge for markets are monetary policy and inflation. Inflation threatens margins. Monetary policy has tightened but remains loose creating ambiguity about its next direction. The recent shift in the position on Brexit has given the market confidence that no deal will be avoided but is far from a decisive end to uncertainty. Aside from Brexit though the UK economy is reasonably robust. Overall recessionary risks have risen but remain modest. We continue to believe that long term investors will be rewarded for their time in the market.

42 MI Select Managers North American Equity Fund MI Select Managers North American Equity Fund

Portfolio Statement as at 28 February 2019 Market % of total value net assets Holding Security £ 2019 OIL & GAS 4.88% Oil & Gas Producers 4.47% 69,037 Chevron 6,206,115 1.80 77,011 ConocoPhillips 3,928,424 1.14 19,778 Exxon Mobil 1,175,141 0.34 62,581 Occidental Petroleum 3,111,406 0.90 16,054 Valero Energy 984,410 0.29 15,405,496 4.47 Oil Equipment, Services & Distribution 0.41% 128,890 Now 1,397,334 0.41 BASIC MATERIALS 2.59% Chemicals 2.59% 24,702 Air Products & Chemicals 3,364,605 0.98 64,553 DowDuPont 2,582,897 0.75 27,464 PPG Industries 2,311,552 0.67 15,382 RPM International 669,009 0.19 8,928,063 2.59 INDUSTRIALS 11.58% Construction & Materials 0.84% 26,590 Watsco 2,876,502 0.84 Aerospace & Defence 1.40% 24,041 General Dynamics 3,076,294 0.90 28,781 Heico 1,728,894 0.50 4,805,188 1.40 General Industrials 2.10% 9,100 3M 1,418,878 0.41 36,813 Fortive 2,257,048 0.66 15,622 Honeywell 1,809,197 0.53 13,087 Parker Hannifin 1,732,962 0.50 7,218,085 2.10 Industrial Engineering 2.81% 5,722 Deere 705,517 0.20 40,814 Dover 2,777,291 0.81 23,065 Illinois Tool Works 2,497,942 0.73 20,531 Stanley Black & Decker 2,043,993 0.59 29,766 Wabtec 1,639,469 0.48 9,664,212 2.81 Industrial Transportation 0.63% 16,112 Norfolk Southern 2,171,928 0.63

MI Select Managers North American Equity Fund 43 MI Select Managers North American Equity Fund

Portfolio Statement continued Market % of total value net assets Holding Security £ 2019 Support Services 3.80% 10,807 Accenture 1,311,205 0.38 12,232 Automatic Data Processing 1,407,218 0.41 8,472 CoStar 2,914,213 0.84 22,785 Fidelity National Information Services 1,852,470 0.54 24,334 Republic Services 1,434,500 0.42 29,376 Shopify 4,177,483 1.21 13,097,089 3.80 CONSUMER GOODS 10.07% Automobiles & Parts 2.72% 10,455 Genuine Parts 854,887 0.25 35,345 Tesla Motors 8,498,372 2.47 9,353,259 2.72 Beverages 1.05% 65,181 Coca Cola 2,221,868 0.64 16,177 Pepsico 1,406,442 0.41 3,628,310 1.05 Food Producers 0.72% 70,069 Mondelez International 2,484,365 0.72 Household Goods & Home Construction 3.30% 23,866 Procter & Gamble 1,767,566 0.51 76,986 Wayfair 9,589,535 2.79 11,357,101 3.30 Leisure Goods 0.68% 32,172 Activision Blizzard 1,019,268 0.29 20,838 Hasbro 1,330,085 0.39 2,349,353 0.68 Personal Goods 0.25% 274 Under Armour 4,134 0.00 12,886 VF 846,149 0.25 850,283 0.25 Tobacco 1.35% 71,332 Altria 2,810,699 0.82 28,208 Philip Morris International 1,843,774 0.53 4,654,473 1.35

44 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 £ 2019 HEALTH CARE 15.44% Health Care Equipment & Services 4.37% 25,800 Abiomed 6,485,788 1.88 11,863 BD 2,218,928 0.65 44,980 Glaukos 2,507,869 0.73 25,904 Medtronic 1,762,508 0.51 20,620 Penumbra 2,072,077 0.60 15,047,170 4.37 Pharmaceuticals & Biotechnology 11.07% 17,273 Abbott Labs 1,007,732 0.29 24,437 Agios Pharmaceuticals 1,191,811 0.35 32,807 Alnylam Pharmaceuticals 2,094,310 0.61 58,673 Bristol-Myers Squibb 2,278,370 0.66 94,092 Denali Therapeutics 1,537,192 0.45 38,717 Eli Lilly 3,676,092 1.07 31,163 Gilead Sciences 1,523,124 0.44 28,555 Illumina 6,714,644 1.95 26,260 Johnson & Johnson 2,697,667 0.78 96,820 Merck 5,917,223 1.72 59,915 Moderna 1,015,325 0.29 84,837 Novocure 3,425,754 0.99 108,613 Pfizer 3,537,415 1.03 10,708 Vortex Pharmaceuticals 1,519,536 0.44 38,136,195 11.07 CONSUMER SERVICES 17.44% Food & Drug Retailers 0.30% 23,431 CVS Health 1,018,555 0.30 General Retailers 12.03% 12,886 Amazon 15,886,275 4.61 83,347 Chegg 2,483,303 0.72 98,343 GrubHub 6,030,265 1.74 19,316 Home Depot 2,688,207 0.78 31,427 Netflix 8,456,535 2.46 101,794 Stitch Fix 2,129,095 0.62 21,256 Target 1,160,842 0.34 17,242 Tiffany 1,231,997 0.36 18,297 Wal-Mart Stores 1,361,442 0.40 41,427,961 12.03 Media 3.39% 135,812 Comcast 3,948,463 1.15 51,485 Roku 2,564,380 0.74 34,768 The Trade Desk 5,163,313 1.50 11,676,156 3.39

MI Select Managers North American Equity Fund 45 MI Select Managers North American Equity Fund

Portfolio Statement continued Market % of total value net assets Holding Security £ 2019 Travel & Leisure 1.72% 24,819 Las Vegas Sands 1,146,253 0.33 23,225 McDonald’s 3,209,349 0.93 15,926 Starbucks 841,261 0.25 18,107 Wyndham Hotels & Resorts 715,649 0.21 5,912,512 1.72 TELECOMMUNICATIONS 0.93% Fixed Line Telecommunications 0.93% 74,925 Verizon Communications 3,205,760 0.93 UTILITIES 2.74% Electricity 2.35% 41,044 CMS Energy 1,678,357 0.49 3,991 DTE Energy 370,655 0.11 18,988 NextEra Energy 2,679,676 0.78 29,770 Public Service Enterprise 1,316,048 0.38 49,389 XCEL Energy 2,036,679 0.59 8,081,415 2.35 Gas, Water & Multiutilities 0.39% 66,951 Nisource 1,358,047 0.39 FINANCIALS 22.48% 6.74% 264,366 Bank of America 5,779,839 1.68 52,069 BB&T 1,994,523 0.58 14,168 Cullen/Frost Bankers 1,104,275 0.32 63,479 First Republic Bank 5,009,691 1.45 5,859 M&T Bank 762,229 0.22 41,075 PNC Financial Services 3,891,023 1.13 52,403 US Bancorp 2,035,684 0.59 70,456 Wells Fargo 2,642,166 0.77 23,219,430 6.74 Non-life Insurance 3.53% 23,757 Arthur J Gallagher & Co 1,433,529 0.42 16,582 Chubb 1,669,171 0.48 7,354 Cincinnati Financial 480,020 0.14 1,837 Markel 1,386,389 0.40 6,454 Marsh & McLellan 451,309 0.13 75,112 The Hartford Financial Services 2,786,841 0.81 19,068 The Progressive Corporation 1,045,077 0.31 29,022 The Travelers Companies 2,899,800 0.84 12,152,136 3.53

46 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 £ 2019 Life Insurance 1.23% 55,975 MetLife 1,901,744 0.55 32,671 Prudential Financial 2,354,100 0.68 4,255,844 1.23 Real Estate Investment & Services 0.55% 125,681 Redfin 1,885,073 0.55 Real Estate Investment Trusts 1.73% 6,344 Alexandria Real Estate Equities 648,089 0.19 12,517 AvalonBay Communities 1,831,579 0.53 9,071 Boston Properties 904,918 0.26 10,510 Simon Property 1,431,465 0.42 22,232 Vornado Realty Trust 1,124,888 0.33 5,940,939 1.73 Financial Services 8.70% 11,647 Blackrock 3,880,786 1.13 25,467 Capital One Financial 1,599,897 0.46 36,009 CME 4,923,387 1.43 26,115 Discover Financial Services 1,405,785 0.41 55,136 Interactive Brokers 2,289,423 0.66 39,929 MarketAxess 7,320,867 2.13 32,009 Mastercard 5,408,392 1.57 17,597 Northern Trust 1,232,888 0.36 25,285 T Rowe Price 1,909,159 0.55 29,970,584 8.70 TECHNOLOGY 11.20% Software & Computer Services 8.13% 40,989 2U 2,270,250 0.66 7,664 Alphabet 6,491,150 1.88 32,166 Ellie Mae 2,405,014 0.70 44,902 Eventbrite 998,572 0.29 45,158 Facebook 5,481,362 1.59 53,706 Microsoft 4,523,482 1.31 28,562 New Relic 2,269,971 0.66 35,857 Tableau Software 3,553,889 1.03 2,495 Yext 34,834 0.01 28,028,524 8.13

MI Select Managers North American Equity Fund 47 MI Select Managers North American Equity Fund

Portfolio Statement continued Market % of total value net assets Holding Security £ 2019 Technology Hardware & Equipment 3.07% 43,322 Analog Devices 3,483,739 1.01 17,534 Apple 2,282,544 0.66 11,715 Nvidia 1,358,662 0.40 43,360 Texas Instruments 3,448,328 1.00 10,573,273 3.07

Investment assets 342,130,615 99.35 Net other assets 2,244,902 0.65 Net assets 344,375,517 100.00

All investments are ordinary shares or stock units on a regulated securities market unless otherwise stated. This is the first accounting period for this Fund, and therefore there are no comparatives.

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

Comparative Tables Change in net assets per share Institutional^ Income 28.02.19 p Opening net asset value per share 100.00† Return before operating charges^ 12.13 Operating charges -0.65 Return after operating charges^ 11.48 Distributions -0.85 Closing net asset value per share 110.63 ^After direct transaction costs of -0.01 Performance Return after charges 11.48% Other Information Closing net asset value £342,255,639 Closing number of shares 309,366,732 Operating charges 0.61% Ongoing operating charges* 0.56% Direct transaction costs 0.01% Prices Highest share price 119.43 Lowest share price 91.62

Institutional^^ Accumulation 28.02.19 p Opening net asset value per share 100.00† Return before operating charges^ -4.75 Operating charges -0.57 Return after operating charges^ -5.32 Distributions -0.39 Retained distributions on accumulation shares 0.39 Closing net asset value per share 94.68 ^After direct transaction costs of -0.01 Performance Return after charges -5.32% Other Information Closing net asset value £2,119,878 Closing number of shares 2,239,055 Operating charges 0.61% Ongoing operating charges* 0.56% Direct transaction costs 0.01% Prices Highest share price 101.88 Lowest share price 82.63 ^Institutional Income launched on 7 February 2018. ^^Institutional Accumulation launched on 29 August 2018. † Launch Price. *There has been substantial growth of the Fund since launch. Taking an average of the daily net asset values for the last month has the effect of decreasing the operating charges by 0.05%. The ACD believes this to be more representative of the charges going forward.

MI Select Managers North American Equity Fund 49 MI Select Managers North American Equity Fund

Comparative Tables continued Operating charges include indirect costs incurred in the maintenance and running of the 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 period. 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. 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 period.

Risk and reward profile The risk and reward indicator table demonstrates where the 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 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 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 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 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.

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

Statement of Total Return for the period ended 28 February 2019 07.02.18 to 28.02.19 Note £ £ Income Net capital gains 2 31,735,216 Revenue 3 4,069,412 Expenses 4 (1,493,446) Interest payable and similar charges 4 (16,437) Net revenue before taxation 2,559,529 Taxation 5 (591,024) Net revenue after taxation 1,968,505 Total return before distributions 33,703,721 Distributions 6 (1,968,293) Change in net assets attributable to Shareholders from investment activities 31,735,428

Statement of Change in Net Assets Attributable to Shareholders for the period ended 28 February 2019 07.02.18 to 28.02.19 £ £ Opening net assets attributable to Shareholders – Amounts receivable on issue of shares 390,221,710 Less: Amounts payable on cancellation of shares (77,704,041) 312,517,669 Dilution levy 51,776 Change in net assets attributable to Shareholders from investment activities (see Statement of Total Return above) 31,735,428 Retained distributions on accumulation shares 8,207 Compensation paid to the Fund* 62,437 Closing net assets attributable to Shareholders 344,375,517

The notes on pages 53 to 59 form an integral part of these Financial Statements. *The compensation due to the Fund is in respect of an administrative error which occured during the reporting period. This is the first accounting period for this Fund, and therefore there are no comparatives.

MI Select Managers North American Equity Fund 51 MI Select Managers North American Equity Fund

Balance Sheet as at 28 February 2019 28.02.19 Note £ £ ASSETS Fixed Assets Investments 342,130,615 Current Assets Debtors 7 3,276,937 Cash and bank balances 9 6,109,637 Total current assets 9,386,574 Total assets 351,517,189

LIABILITIES Investment liabilities – Creditors Bank overdrafts 9 (2,182,843) Distribution payable (1,323,162) Other creditors 8 (3,635,667) Total creditors (7,141,672) Total liabilities (7,141,672) Net assets attributable to Shareholders 344,375,517

The notes on pages 53 to 59 form an integral part of these Financial Statements. This is the first accounting period for this Fund, and therefore there are no comparatives.

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

Notes to the Financial Statements for the period ended 28 February 2019

1. Accounting Policies The Fund’s Financial statements have been prepared on the same basis as the Accounting Policies stated on pages 28 to 29.

2. Net Capital Gains 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

07.02.18 to 3. Revenue 28.02.19 £ UK dividends: Ordinary 792 Overseas dividends 3,911,626 Property income distributions 153,404 Bank interest 3,590 Total revenue 4,069,412

07.02.18 to 4. Expenses 28.02.19 £ Payable to the Authorised Corporate Director (ACD), associates of the ACD and agents of either of them: ACD’s fee 60,643 Administration fees 81,839 Registration fees 84,248 226,730 Payable to the Asset Allocation Manager, associates of the Asset Allocation Manager and agents of either of them: Asset Allocation Manager’s fee 1,169,563 Payable to the Depositary, associates of the Depositary and agents of either of them: Depositary’s fee (including VAT) 68,626 Safe custody and other bank charges 13,682 82,308

MI Select Managers North American Equity Fund 53 MI Select Managers North American Equity Fund

Notes to the Financial Statements continued

07.02.18 to 4. Expenses (continued) 28.02.19 £ Other expenses: Audit fee (including VAT) 7,200 Audit fee (including VAT): taxation services 1,800 Legal fee 3,348 Printing cost 2,497 14,845

Expenses 1,493,446 Interest payable and similar charges 16,437 Total 1,509,883

07.02.18 to 5. Taxation 28.02.19 £ (a) Analysis of charge in the year: Overseas tax 591,024 Total tax charge (note 5b) 591,024

(b) Factors affecting taxation charge for the period: Net revenue before taxation 2,559,529 Corporation tax at 20% 511,906 Effects of: UK dividends (158) Movement in surplus management expenses 275,180 Overseas tax expensed 591,024 Double taxation relief (4,603) Non-taxable overseas earnings (782,325) Total tax charge (note 5a) 591,024

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

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

Notes to the Financial Statements continued

6. Distributions The distributions take account of revenue received on the issue of shares and revenue deducted on the cancellation of shares, and comprise: 07.02.18 to 28.02.19 £ Interim distribution 31.08.18 1,059,546 Final distribution 28.02.19 1,331,350 2,390,896 Revenue deducted on cancellation of Shares 194,480 Revenue received on issue of Shares (617,083) Distributions 1,968,293

Reconciliation of net revenue after taxation to net distributions: Net revenue after taxation per Statement of Total Return 1,968,505 Undistributed revenue carried forward (212) Distributions 1,968,293

7. Debtors 28.02.19 £ Amounts receivable on issues 971,857 Currency deals outstanding 666,705 Sales awaiting settlement 1,219,498 Accrued income: Dividends receivable 418,512 Prepaid expenses: Legal fee 365 Total debtors 3,276,937

8. Other Creditors 28.02.19 £ Amounts payable on cancellations 643,649 Currency deals outstanding 673,077 Purchases awaiting settlement 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 5,721 Administration fee 7,814 Registration fees 6,824 20,359

MI Select Managers North American Equity Fund 55 MI Select Managers North American Equity Fund

Notes to the Financial Statements continued

8. Other Creditors (continued) 28.02.19 £ Amounts payable to the Asset Allocation Manager, associates of the Asset Allocation Manager and agents of either of them: Asset Allocation Manager’s fee 362,943 Amounts payable to the Depositary, associates of the Depositary and agents of either of them: Depositary’s fee (including VAT) 19,530 Safe custody and other bank charges 3,781 23,311 Other expenses: Audit fee (including VAT) 7,200 Audit fee (including VAT): taxation services 1,800 Printing costs 1,100 10,100

Total other creditors 3,635,667

9. Cash and Bank Balances 28.02.19 £ Cash and bank balances 6,109,637 Overdraft positions (2,182,843) Cash and bank balances 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 period end are shown in note 8. Fees payable to JPMorgan Asset Management (UK) Limited and Baillie Gifford & Co (the Investment Advisers to the Asset Allocation Manager) are disclosed in note 4 and amounts due at the period 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 period end are shown in notes 7 and 8. At the period end the Fund did not hold shares in any of the other 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.

56 MI Select Managers North American Equity Fund MI Select Managers North American Equity Fund

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 12 on pages 34 to 38. Numerical disclosures relating to the Fund are as follows: Value at Risk (VaR) disclosure As at 28 February 2019 the table below details the Fund’s lowest, highest and average VaR in the period. % VaR at period end: 12.95 Minimum VaR: 11.83 Maximum VaR: 12.95 Average VaR: 12.26 Market price risk At the balance sheet date, if the price of the investments held by the Fund increased or decreased by 10%, with all other variables held constant, the net assets attributable to Shareholders would increase or decrease by approximately £34,213,062. Currency risk The table below details the currency risk profile at the balance sheet date. 28.02.19 Currency Total £ Pound sterling (736,023) United States dollar 345,111,540 344,375,517 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 £34,511,154.

Interest rate risk The table below details the interest rate risk profile at the balance sheet date: 28.02.19 Floating rate Financial financial assets not Currency assets carrying interest Total £ £ £ Pound sterling 2,924,039 972,222 3,896,261 United States dollar 3,185,598 344,435,330 347,620,928 6,109,637 345,407,552 351,517,189

Floating rate Financial financial liabilities not Currency liabilities carrying interest Total £ £ £ Pound sterling 1,894,736 2,737,548 4,632,284 United States dollar 288,107 2,221,281 2,509,388 2,182,843 4,958,829 7,141,672

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Notes to the Financial Statements continued

13.Portfolio Transaction Costs 28.02.19 Purchases Analysis Net 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 49. 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 28 February 2019 is 0.04%.

15.Fair Value Disclosure Valuation technique 28.02.19 Assets Liabilities £ £ Level 1^ 342,130,615 – Level 2^^ – – Level 3^^^ – – 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.

58 MI Select Managers North American Equity Fund MI Select Managers North American Equity Fund

Notes to the Financial Statements continued

16.Shareholders Funds Institutional Institutional Income Accumulation Opening number of Shares – – Shares issued 381,282,012 2,239,347 Shares cancelled (71,915,280) (292) Closing number of Shares 309,366,732 2,239,055

MI Select Managers North American Equity Fund 59 MI Select Managers North American Equity Fund

Distribution Tables for the period ended 28 February 2019 Income Share Distribution Share Distribution Shares Net Equalisation Distribution class revenue paid/payable 2019 p p p Institutional Interim Group 1 0.4317 – 0.4317 Income Group 2 – 0.4317 0.4317 Final Group 1 0.4277 – 0.4277 Group 2 0.2408 0.1869 0.4277

Accumulation Share Distribution Share Distribution Shares Net Equalisation Amount class revenue reinvested 2019 p p p Institutional Interim Group 1 0.0255 – 0.0255 Accumulation Group 2 – 0.0255 0.0255 Final Group 1 0.3657 – 0.3657 Group 2 0.2478 0.1179 0.3657

Interim period: 07.02.18 - 31.08.18 Final period: 01.09.18 - 28.02.19

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.

60 MI Select Managers North American Equity Fund MI Select Managers UK Equity Fund

Investment Objective The Fund will aim to achieve long term capital growth and income.

Investment Policy The Fund will primarily invest directly in a diverse range of UK listed equities and indirectly through investment funds targeted towards UK equity. UK listed equities are defined as those that are issued by companies that are domiciled, incorporated or have a significant part of their business in the UK. The indirect exposure of the 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 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 Fund may invest (at the Investment Managers’ discretion) in other transferable securities, money market instruments, depositary receipts, derivative instruments and forward transactions. The Fund may invest in derivatives for the purposes of hedging with the aim of reducing the risk profile of the 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 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 period ended 28 February 2019 Introduction This report covers the MI Brewin Dolphin Select Managers Fund and their underlying mandates for the twelve months from fund inception (7 February 2018) to the end of February 2019. Market Review Up until the end of August 2018, equity markets had performed very strongly, and bond yields had risen in response to the large volume of US bond issuance and indications of further rate hikes to come. During September, the global trade war rhetoric between the US and China stepped up whilst the Federal Reserve raised interest rates. Monetary policy was on a path to being tightened through almost all major markets. The UK government was deadlocked on Brexit. October 2018 saw a marked pick-up in equity market volatility which persisted into November and accelerated in December. Economic data from major markets was generally poor and companies were reporting upward pressure on input and output costs. The oil price dropped at the prospect of lower economic growth and bond yields also came down in response. Growth stocks, which had done so well during 2018 up to the end of August, were hit hard in the sell-off. The US mid-term elections delivered a result that was broadly expected by forecasters; the Democrats took the House of Representatives but failed to take the Senate. This will hamper President Trump’s ability to enact policy. By early January 2019 however, the tone from central bankers eased and in China the prospect of supportive measures was raised. As such, January was a strong month for equity markets. The weaker oil price was positive in so far as it will restrict inflation over the coming months however the underlying drivers of inflation are still robust. Labour markets in the developed market are tight and tightening further. This is putting company margins under pressure. By February, despite some signs of weakness in economic data the overall picture was pretty robust with the US consumer enjoying wage growth and lower costs.

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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 2.6% over the period from inception to the end of February 2019 which represents an performance relative to broad UK market indices. The value-focused Special Situations mandate has performed very well relative to broad UK market indices. JPM Core struggled with volatility in Q4 2018 and have lagged somewhat, whereas Lindsell Train has outperformed. As globalisation and the political backdrop increases in complexity, our managers are increasingly finding complementary opportunities overseas. Over the period these have detracted slightly but since inception these have contributed positively despite the small weighting. We have retained a lower than anticipated weight to the Merian and Miton strategies which have exposure to small/microcap firms where liquidity can be poor. Strong stock selection in this part of the market is key and top names in the Miton strategy include Aortech International (a firm specialising in medical polymers) and Nanoco Group (which specialises in production of nanoparticles for a variety of industrial uses). Again, these have struggled in the recent volatility and, arguably, the ongoing challenges around Brexit have weighed on this part of the equity market. Outlook European activity remains weak but the declines slowed in most markets with Germany increasingly standing out as the main area of weakness. Tailwinds for Europe from fiscal policy, energy prices and Chinese stimulus are starting to build. The main challenge for markets are monetary policy and inflation. Inflation threatens margins. Monetary policy has tightened but remains loose creating ambiguity about its next direction. The recent shift in the position on Brexit has given the market confidence that no deal will be avoided but is far from a decisive end to uncertainty. Aside from Brexit though the UK economy is reasonably robust. Overall recessionary risks have risen but remain modest. We continue to believe that long term investors will be rewarded for their time in the market.

62 MI Select Managers UK Equity Fund MI Select Managers UK Equity Fund

Portfolio Statement as at 28 February 2019 Market % of total value net assets Holding Security £ 2019 OIL & GAS 7.44% Oil & Gas Producers 7.37% 2,280,694 Anglo African Oil & Gas* 228,069 0.05 1,538,955 Block Energy* 55,402 0.01 2,402,664 BP 12,839,837 2.72 243,790 Diversified Gas & Oil* 273,045 0.06 224,168 Eland Oil & Gas* 280,210 0.06 1,462,557 Europa Oil & Gas* 45,339 0.01 454,315 Hurricane Energy* 195,355 0.04 181,822 i3 Energy* 78,729 0.02 315,422 Royal Dutch Shell ‘A’ 7,410,840 1.57 528,445 Royal Dutch Shell ‘B’ 12,495,082 2.65 2,001,020 Savannah Petroleum* 540,275 0.11 854,294 Serinus Energy* 102,515 0.02 110,833 244,276 0.05 34,788,974 7.37 Oil Equipment, Services & Distribution 0.03% 14,222 John Wood 73,926 0.02 55,943 Tekmar* 55,943 0.01 129,869 0.03 Alternative Energy 0.04% 271,248 Hydrodec* 184,449 0.04 BASIC MATERIALS 4.64% Chemicals 0.44% 1,493 Croda International 71,828 0.02 1,774 Johnson Matthey 54,870 0.01 265,720 1,009,736 0.21 17,503 409,920 0.09 84,269 Zotefoams 517,412 0.11 2,063,766 0.44 Forestry & Paper 0.15% 41,940 Mondi 724,933 0.15 Industrial Metals & Mining 0.14% 3,551,898 AfriTin Mining* 131,420 0.03 95,623 Evraz 539,696 0.11 671,116 0.14 Mining 3.91% 2,364,066 Altus Strategies Warrants April 2023^ – 0.00 2,364,066 Altus Strategies* 70,922 0.02 81,097 Anglo American 1,624,778 0.34 195,571 Avesoro Resources* 332,471 0.07 156,851 BHP 2,738,618 0.58

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Portfolio Statement continued Market % of total value net assets Holding Security £ 2019 Mining (continued) 73,762 Caledonia Mining* 280,296 0.06 36,930 33,688 0.01 143,930 Coeur d’Alene Mines 517,243 0.11 3,636,708 Galantas Gold Corporation* 181,835 0.04 647,859 Glencore 1,969,167 0.42 324,512 Griffin Mining* 321,267 0.07 1,365,176 Harvest Minerals* 184,299 0.04 390,669 775,087 0.16 1,029,315 Impala Platinum Holdings 3,313,393 0.70 7,514,011 Jubilee Metals* 180,336 0.04 72,515 Pan American Silver 727,276 0.15 22,238 Polymetal International 192,715 0.04 82,643 Rio Tinto 3,583,400 0.76 1,058,916 Savannah Resources* 54,005 0.01 789,405 Shanta Gold* 37,891 0.01 121,714 SSR Mining 1,271,038 0.27 14,858,928 W Resources* 63,893 0.01 18,453,618 3.91 INDUSTRIALS 14.15% Construction & Materials 1.73% 170,696 CRH 4,064,272 0.86 1,042,111 Forterra 2,938,753 0.62 165,665 Ibstock 417,476 0.09 124,645 Melrose Industries 216,695 0.04 67,105 Polypipe 278,486 0.06 426,921 Van Elle Holding* 264,691 0.06 8,180,373 1.73 Aerospace & Defense 0.91% 88,072 476,293 0.10 255,028 BAE Systems 1,188,430 0.25 494,314 Chemring 739,494 0.16 115,682 623,526 0.13 70,402 Qinetiq 215,853 0.05 75,279 Rolls-Royce 718,764 0.15 5,000,000 TP* 315,000 0.07 4,277,360 0.91 General Industrials 0.29% 2,500,000 Coral Products* 287,500 0.06 4,356 Smiths 62,313 0.01 28,715 Smurfit Kappa 614,501 0.13 66,215 Vesuvius 402,256 0.09 1,366,570 0.29

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Portfolio Statement continued Market % of total value net assets Holding Security £ 2019 Electronic & Electrical Equipment 0.16% 4,647 Halma 72,121 0.01 120,488 Morgan Advanced Materials 310,618 0.07 129,954 TrackWise Designs* 127,355 0.03 303,706 Volex* 258,150 0.05 768,244 0.16 Industrial Engineering 0.57% 172,658 1,306,158 0.28 139,423 Chamberlin* 66,923 0.01 9,837 RHI Magniesta 436,960 0.09 27,440 78,067 0.02 8,961 Spirax-Sarco Engineering 596,803 0.13 1,283,155 The 600* 186,057 0.04 2,670,968 0.57 Industrial Transportation 0.11% 86,976 BBA Aviation 211,700 0.04 13,469,837 Mercantile Ports and Logistics* 309,806 0.07 521,506 0.11 Support Services 10.38% 458,159 3,283,168 0.70 1,612,076 Argo Blockchain 56,423 0.01 172,284 Ashtead 3,449,126 0.73 256,400 Bilby* 161,532 0.03 8,814 Bunzl 208,980 0.04 6,364,408 7,888,684 1.67 2,094,142 CPP* 127,743 0.03 15,580 DCC 1,016,595 0.22 16,671 Diploma 225,059 0.05 333,480 1,846,145 0.39 77,160 Experian 1,515,037 0.32 21,388 Ferguson 1,116,667 0.24 334,500 Frontier IP* 287,670 0.06 835,260 Grafton 6,640,317 1.41 790,031 Hays 1,198,477 0.25 252,000 2,401,560 0.51 106,326 Howden Joinery 523,868 0.11 2,455,131 Inspired Energy* 437,013 0.09 3,939 Intertek 200,259 0.04 191,816 Mind Gym* 268,542 0.06 248,385 Norish* 153,999 0.03 75,372 PageGroup 339,475 0.07 577,160 Rentokil Initial 2,025,832 0.43 426,764 Rosenblatt* 362,749 0.08 51,777 SafeCharge International * 141,351 0.03 3,850,988 SIG 4,821,437 1.02 20,000 Staffline* 134,000 0.03 568,183 Travis Perkins 8,150,585 1.73 48,982,293 10.38

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Portfolio Statement continued Market % of total value net assets Holding Security £ 2019 CONSUMER GOODS 19.94% Automobiles & Parts 0.50% 72,000 Lagonda Global 777,600 0.16 97,907 Delphi Technologies 1,604,671 0.34 2,382,271 0.50 Beverages 7.10% 246,000 A.G. Barr 1,881,900 0.40 53,239 489,266 0.10 2,362 Coca-Cola HBC 59,829 0.01 603,957 Diageo 17,596,288 3.73 43,802 Fevertree Drinks* 1,172,580 0.25 107,500 Heineken 7,822,532 1.66 46,000 Remy Cointreau 4,509,032 0.95 33,531,427 7.10 Food Producers 2.42% 9,847 Associated British Foods 220,868 0.05 989,000 DekelOil Public* 29,670 0.01 205,764 403,195 0.08 291,500 Mondelez International 10,335,418 2.19 205,185 Patisserie Holding Placing^ – 0.00 456,844 Science in Sport* 232,990 0.05 26,697 Tate & Lyle 185,384 0.04 11,407,525 2.42 Household Goods & Home Construction 2.37% 212,895 Barratt Developments 1,274,389 0.27 19,209 581,072 0.12 4,102 Berkeley 161,865 0.04 26,523 Bovis Homes 286,448 0.06 134,807 438,932 0.09 335,850 Headlam 1,410,570 0.30 26,500 IG Design* 146,280 0.03 1,932,760 McCarthy & Stone 2,388,891 0.51 52,968 Persimmon 1,288,182 0.27 40,667 Reckitt Benckiser 2,345,266 0.50 446,080 Taylor Wimpey 808,520 0.17 7,500,000 Wheelsure Holdings 41,250 0.01 11,171,665 2.37 Leisure Goods 0.07% 10,364 323,875 0.07 Personal Goods 6.23% 573,841 Avon Products 1,333,109 0.28 7,301,697 Bagir* 102,224 0.02 579,386 Burberry 10,944,602 2.32

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Portfolio Statement continued Market % of total value net assets Holding Security £ 2019 Personal Goods (continued) 58,266 InnovaDerma 54,187 0.01 368,485 Superdry 1,903,225 0.40 376,096 Unilever 15,073,928 3.20 29,411,275 6.23 Tobacco 1.25% 144,807 British American Tobacco 3,994,501 0.85 75,180 Imperial Brands 1,887,018 0.40 5,881,519 1.25 HEALTH CARE 4.81% Health Care Equipment & Services 0.60% 862,071 Aortech International* 560,346 0.12 2,049,000 Kromek* 542,985 0.11 80,807 Smith & Nephew 1,160,793 0.25 1,250,000 Venture Life* 512,500 0.11 8,333,333 Widecells 40,833 0.01 2,817,457 0.60 Pharmaceuticals & Biotechnology 4.21% 90,019 AstraZeneca 5,525,366 1.17 924,340 GlaxoSmithKline 13,841,067 2.93 20,031 Hikma Pharmaceuticals 334,117 0.07 54,333 58,218 0.01 91,000 Oxford BioDynamics* 137,410 0.03 19,896,178 4.21 CONSUMER SERVICES 16.75% Food & Drug Retailers 2.33% 19,007 340,035 0.07 96,812 Ocado 1,001,520 0.21 3,488,273 Tesco 7,883,497 1.67 775,243 Wm Morrison Supermarkets 1,783,834 0.38 11,008,886 2.33 General Retailers 3.63% 6,893,125 7digital* 62,038 0.01 1,541,000 boohoo.com* 2,699,062 0.57 677,378 898,881 0.19 50,250 Dunelm 420,341 0.09 681,408 Game Digital 185,343 0.04 27,376 Inchcape 154,674 0.03 422,061 JD Sports Fashion 1,965,538 0.42 831,088 Kingfisher 2,012,064 0.43 1,391,676 Marks & Spencer 3,795,100 0.80 61,973 Next 3,153,186 0.67

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Portfolio Statement continued Market % of total value net assets Holding Security £ 2019 General Retailers (continued) 260,816 393,832 0.08 356,888 Saga 432,191 0.09 46,000 WH Smith 964,160 0.21 17,136,410 3.63 Media 6.92% 616,000 2,263,184 0.48 420,937 Auto 2,001,976 0.42 12,887,100 Catenae Innovation Warrants 05.03.2022 – 0.00 65,127,513 Catenae Innovation* 58,615 0.01 1,037,800 Daily Mail & General Trust 6,626,353 1.40 103,147 1,314,092 0.28 33,846 Informa 238,682 0.05 671,430 Live Company* 402,858 0.09 449,813 Pearson 3,805,418 0.81 878,217 Relx 15,184,372 3.22 70,773 Rightmove 341,197 0.07 49,098 WPP 405,451 0.09 32,642,198 6.92 Travel & Leisure 3.87% 144,904 888 256,190 0.05 18,047 Carnival 760,501 0.16 317,175 Celtic* 507,480 0.11 192,848 538,046 0.11 120,328 Compass 2,002,258 0.42 191,943 easyJet 2,354,181 0.50 73,160 Go-Ahead 1,491,001 0.32 74,750 Greene King 493,051 0.10 242,732 GVC 1,593,535 0.34 4,527 InterContinental Hotels 204,145 0.04 130,175 International Consolidated Airlines 779,748 0.17 148,210 Manchester United 2,240,811 0.47 107,594 National Express 456,629 0.10 854 Paddy Power Betfair 51,496 0.01 483,825 Safestay* 174,177 0.04 451,586 SSP 2,998,531 0.64 17,089 Wetherspoon (J.D.) 223,866 0.05 7,349 Whitbread 356,500 0.08 14,948 Holdings 454,569 0.10 20,000 Young & Co Brewery* 304,000 0.06 18,240,715 3.87 TELECOMMUNICATIONS 1.37% Fixed Line Telecommunications 0.83% 1,793,818 BT 3,850,431 0.82 4,783 67,632 0.01 3,918,063 0.83

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Portfolio Statement continued Market % of total value net assets Holding Security £ 2019 Mobile Telecommunications 0.54% 1,901,970 Vodafone 2,553,965 0.54 UTILITIES 0.96% Electricity 0.18% 26,506 Drax 96,641 0.02 1,183,680 Simec Atlantis Energy* 224,899 0.05 43,710 SSE 519,275 0.11 840,815 0.18 Gas, Water & Multiutilities 0.78% 487,167 Centrica 606,523 0.13 227,671 National Grid 1,930,422 0.41 70,894 Pennon 550,988 0.12 3,761 Severn Trent 75,935 0.02 52,834 United Utilities 443,911 0.09 50,032 Yu* 57,537 0.01 3,665,316 0.78 FINANCIALS 25.23% Banks 8.50% 20,250 Bank of Georgia 339,147 0.07 4,965,437 Barclays 8,150,268 1.73 89,148 Citigroup 4,286,825 0.91 17,533 Close Brothers 264,222 0.05 688,360 CYBG 1,351,251 0.28 1,285,648 HSBC 7,879,737 1.67 9,801,419 Lloyds Banking 6,224,882 1.32 2,788,653 Royal Bank of Scotland 7,406,662 1.57 674,467 Standard Chartered 4,057,594 0.86 11,662 TBC Bank 175,396 0.04 40,135,984 8.50 Non-life Insurance 0.76% 28,039 Admiral 611,531 0.13 493,282 Direct Line Insurance 1,755,591 0.37 37,582 Lancashire 248,605 0.05 298,287 Randall & Quilter Investment* 477,259 0.10 10,653 Randall & Quilter Open Offer Entitlement 746 0.00 57,369 RSA Insurance 293,156 0.06 81,971 Sabre Insurance 219,682 0.05 3,606,570 0.76 Life Insurance 1.52% 262,124 Aviva 1,109,309 0.23 463,159 Legal & General 1,299,624 0.28 189,566 Prudential 3,014,099 0.64 179,530 St James’s Place 1,745,391 0.37 7,168,423 1.52

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Portfolio Statement continued Market % of total value net assets Holding Security £ 2019 Real Estate Investment & Services 0.45% 87,931 CLS Holdings 206,198 0.04 2,815,636 Countrywide 303,526 0.06 93,000 828,630 0.18 48,901 St. Modwen Properties 198,831 0.04 387,902 The Conygar Investment Company* 589,611 0.13 2,126,796 0.45 Real Estate Investment Trusts 1.94% 122,115 Big Yellow 1,196,727 0.25 88,311 British Land 533,575 0.11 292,398 Land Securities 2,629,827 0.56 18,301 112,094 0.03 123,972 Segro 818,215 0.17 38,987 Shaftesbury 343,281 0.07 124,444 Unite 1,139,285 0.24 243,895 Workspace 2,392,610 0.51 9,165,614 1.94 Financial Services 9.34% 99,089 3i Group 937,184 0.20 63,818 Alpha FX* 395,672 0.08 106,623 Aquis Exchange* 570,433 0.12 130,971 Burford Capital* 2,315,567 0.49 103,688 Charter Court Financial Services 320,603 0.07 73,643 Draper Esprit* 386,626 0.08 577,332 Hargreaves Lansdown 10,034,030 2.13 59,104 IG 333,642 0.07 50,700 Intermediate Capital 528,801 0.11 119,904 John Laing 460,431 0.10 192,295 8,666,736 1.84 102,664 OneSavings Bank 402,648 0.09 195,129 4,487,967 0.95 30,300,227 Reabold Resources* 212,102 0.04 76,944,552 Riverfort Global Opportunities* 71,558 0.02 1,242,212 Sativa Investments 59,005 0.01 395,800 10,825,130 2.29 50,000 Share* 12,000 0.00 44,789 110,494 0.02 750,057 STM* 360,027 0.08 769,213 TP ICAP 2,440,713 0.52 311,042 Tungsten* 143,701 0.03 44,075,070 9.34 Equity Investment Instruments 2.72% 626,133 JPM UK Smaller Companies I Accumulation†** 5,680,905 1.20 6,817,100 JPMorgan Sterling Liquidity† 6,817,100 1.44 90,232 KRM22* 92,939 0.02 52,646 Scottish Mortgage 259,650 0.06 12,850,594 2.72

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Portfolio Statement continued Market % of total value net assets Holding Security £ 2019 TECHNOLOGY 3.38% Software & Computer Services 3.02% 12,677 Aveva 381,578 0.08 565,000 Blancco Technology* 621,500 0.13 80,000 Blue Prism* 1,158,400 0.25 415,143 CentralNic* 199,269 0.04 9,874 109,404 0.02 7,543,613 Corero Network Security* 678,925 0.14 25,447 FDM 213,500 0.04 214,455 Funding Circle 735,581 0.16 70,000 Ingenta* 51,100 0.01 373,000 Kape Technologies* 402,840 0.09 32,357 International 605,076 0.13 43,617 Proactis* 20,936 0.00 1,327,490 Sage 8,772,054 1.86 42,719 322,956 0.07 14,273,119 3.02 Technology Hardware & Equipment 0.36% 148,646 Amino Technologies* 123,376 0.03 533,175 BATM Advanced Communications 252,725 0.05 216,221 IQE* 195,572 0.04 741,288 MTI Wireless Edge* 140,845 0.03 1,331,420 Nanoco 687,013 0.15 194,819 Communications 291,839 0.06 1,691,370 0.36 DERIVATIVES -0.03% Futures contracts -0.03% 93 FTSE 100 Index Future March 2019 120,334 0.02 (37) S&P 500 E-mini Index Future 15.3.2019 (253,842) (0.05) (133,508) (0.03)

Investment assets 465,573,631 98.64 Net other assets 6,437,807 1.36 Net assets 472,011,438 100.00

All investments are ordinary shares or stock units on a regulated securities market unless otherwise stated. This is the first accounting period for this Fund, and therefore there are no comparatives. * Quoted on AIM. ** Collective Investment Schemes permitted under COLL, not listed on any exchange. † Represents investment into a related party of the Investment Adviser to the Asset Allocation Manager (note 10). ^These are delisted securities and have been valued at the Investment Adviser to the Asset Allocation Manager’s best assessment of their fair value.

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Comparative Tables Change in net assets per share Institutional^ Income 28.02.19 p Opening net asset value per share 100.00† Return before operating charges^ 3.38 Operating charges -0.53 Return after operating charges^ 2.85 Distributions -3.18 Closing net asset value per share 99.67 ^After direct transaction costs of -0.29 Performance Return after charges 2.85% Other Information Closing net asset value £469,233,057 Closing number of shares 470,774,460 Operating charges 0.52% Ongoing operating charges* 0.49% Direct transaction costs 0.28% Prices Highest share price 109.34 Lowest share price 91.58

Institutional^^ Accumulation 28.02.19 p Opening net asset value per share 100.00† Return before operating charges^ -4.15 Operating charges -0.50 Return after operating charges^ -4.65 Distributions -1.63 Retained distributions on accumulation shares 1.63 Closing net asset value per share 95.35 ^After direct transaction costs of -0.27 Performance Return after charges -4.65% Other Information Closing net asset value £2,778,381 Closing number of shares 2,914,028 Operating charges 0.52% Ongoing operating charges* 0.49% Direct transaction costs 0.28% Prices Highest share price 101.47 Lowest share price 86.75 ^Institutional Income launched on 7 February 2018. ^^Institutional Accumulation launched on 4 June 2018. † Launch Price. *There has been substantial growth of the Fund since launch. Taking an average of the daily net asset values for the last month has the effect of decreasing the operating charges by 0.03% 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 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 by annualising the expenses incurred against the average Net Asset Value for the accounting period. 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. 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 period.

Risk and reward profile The risk and reward indicator table demonstrates where the 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 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 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 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.

• This 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 period ended 28 February 2019 07.02.18 to 28.02.19 Note £ £ Income Net capital losses 2 (7,540,592) Revenue 3 12,674,187 Expenses 4 (1,910,120) Interest payable and similar charges 4 (29,669) Net revenue before taxation 10,734,398 Taxation 5 (102,640) Net revenue after taxation 10,631,758 Total return before distributions 3,091,166 Distributions 6 (10,635,048) Change in net assets attributable to Shareholders from investment activities (7,543,882)

Statement of Change in Net Assets Attributable to Shareholders for the period ended 28 February 2019 07.02.18 to 28.02.19 £ £ Opening net assets attributable to Shareholders – Amounts receivable on issue of shares 581,405,360 Less: Amounts payable on cancellation of shares (103,699,687) 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) (7,543,882) Retained distributions on accumulation shares 27,990 Compensation paid to the Fund* 130,125 Closing net assets attributable to Shareholders 472,011,438

The notes on pages 76 to 82 form an integral part of these Financial Statements. *The compensation due to the Fund is in respect of an administrative error which occured during the reporting period. This is the first accounting period for this Fund, and therefore there are no comparatives.

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Balance Sheet as at 28 February 2019 28.02.19 Note £ £ ASSETS Fixed Assets Investments 465,827,473 Current Assets Debtors 7 3,854,698 Cash and bank balances 9 9,855,557 Total current assets 13,710,255 Total assets 479,537,728

LIABILITIES Investment liabilities (253,842) Creditors Bank overdrafts 9 (204,012) Distribution payable (4,663,492) Other creditors 8 (2,404,944) Total creditors (7,272,448) Total liabilities (7,526,290) Net assets attributable to Shareholders 472,011,438

The notes on pages 76 to 82 form an integral part of these Financial Statements. This is the first accounting period for this Fund, and therefore there are no comparatives.

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Notes to the Financial Statements for the period ended 28 February 2019

1. Accounting Policies The Fund’s Financial statements have been prepared on the same basis as the Accounting Policies stated on pages 28 to 29.

2. Net Capital Losses 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 gains 530,630 – 530,630 Transaction charges (62,016) – (62,016) Net capital losses (5,309,010) (2,231,582) (7,540,592)

07.02.18 to 3. Revenue 28.02.19 £ UK dividends: Ordinary 10,987,919 Overseas dividends 1,292,428 Property income distributions 255,753 Distributions from Regulated Collective Investment Schemes: Franked investment income 103,958 Bank interest 493 Short term investment income 33,636 Total revenue 12,674,187

07.02.18 to 4. Expenses 28.02.19 £ Payable to the Authorised Corporate Director (ACD), associates of the ACD and agents of either of them: ACD’s fee 84,891 Administration fees 117,637 Registration fees 80,658 283,186 Payable to the Asset Allocation Manager, associates of the Asset Allocation Manager and agents of either of them: Asset Allocation Manager’s fee 1,528,566 Payable to the Depositary, associates of the Depositary and agents of either of them: Depositary’s fee (including VAT) 85,366 Safe custody and other bank charges 22,592 107,958

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Notes to the Financial Statements continued

07.02.18 to 4. Expenses (continued) 28.02.19 £ Other expenses: Audit fee (including VAT) 7,200 Audit fee (including VAT): taxation services 1,800 Legal fee 3,348 Printing cost 2,662 15,010

Manager’s fee rebates from underlying holdings (24,600)

Expenses 1,910,120 Interest payable and similar charges 29,669 Total 1,939,789

07.02.18 to 5. Taxation 28.02.19 £ (a) Analysis of charge in the period: Overseas tax 102,640 Total tax charge (note 5b) 102,640

(b) Factors affecting taxation charge for the period: Net revenue before taxation 10,734,398 Corporation tax at 20% 2,146,880 Effects of: UK dividends (2,218,375) Expenses not deductible for tax purposes 740 Movement in surplus management expenses 329,241 Overseas tax expensed 102,640 Non-taxable overseas earnings (258,486) Total tax charge (note 5a) 102,640

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

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Notes to the Financial Statements continued

6. Distributions The distributions take account of revenue received on the issue of shares and revenue deducted on the cancellation of shares, and comprise: 07.02.18 to 28.02.19 £ Interim distribution 31.08.18 9,579,224 Final distribution 28.02.19 4,690,858 14,270,082 Revenue deducted on cancellation of Shares 753,279 Revenue received on issue of Shares (4,388,313) Distributions 10,635,048

Reconciliation of net revenue after taxation to net distributions: Net revenue after taxation per Statement of Total Return 10,631,758 Expenses allocated to capital 3,700 Undistributed revenue carried forward (410) Distributions 10,635,048

7. Debtors 28.02.19 £ Amounts receivable on issues 1,292,717 Sales awaiting settlement 559,172 Accrued income: Dividends receivable 1,958,613 Overseas tax recoverable 19,714 UK income tax recoverable 24,117 Prepaid expenses: Legal fee 365 Total debtors 3,854,698

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Notes to the Financial Statements continued

8. Other Creditors 28.02.19 £ Amounts payable on cancellations 791,552 Purchases awaiting settlement 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 7,304 Administration fee 10,189 Registration fees 6,381 23,874 Amounts payable to the Asset Allocation Manager, associates of the Asset Allocation Manager and agents of either of them: Asset Allocation Manager’s fee 231,163 Amounts payable to the Depositary, associates of the Depositary and agents of either of them: Depositary’s fee (including VAT) 23,826 Safe custody and other bank charges 5,973 29,799 Other expenses: Audit fee (including VAT) 7,200 Audit fee (including VAT): taxation services 1,800 Printing costs 1,200 10,200

Total other creditors 2,404,944

9. Cash and Bank Balances 28.02.19 £ Cash and bank balances 9,133,470 Overdraft positions (204,012) Broker cash 722,087 Cash and bank balances 9,651,545

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Notes to the Financial Statements continued

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 period end are shown in note 8. Fees payable to Investec Asset Management Limited, JPMorgan Asset Management (UK) Limited, Old Mutual Global Investors (UK) Limited, Miton Asset Management Limited and Lindsell Train Limited (the Investment Advisers to the Asset Allocation Manager) are disclosed in note 4 and amounts due at the period 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 period end are shown in notes 7 and 8. At the period end the Fund did not hold shares in any of the other 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.

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 12 on pages 34 to 38. Numerical disclosures relating to the Fund are as follows: Value at Risk (VaR) disclosure As at 28 February 2019 the table below details the Fund’s lowest, highest and average VaR in the period. % VaR at period end: 6.97 Minimum VaR: 6.45 Maximum VaR: 7.84 Average VaR: 6.99 Market price risk At the balance sheet date, if the price of the investments held by the Fund increased or decreased by 10%, with all other variables held constant, the net assets attributable to Shareholders would increase or decrease by approximately £46,557,363. Currency risk The table below details the currency risk profile at the balance sheet date. 28.02.19 Currency Total £ Euro 12,350,318 Pound sterling 433,485,784 South African rand 3,313,467 United States dollar 22,861,869 472,011,438

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 £3,852,565.

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Notes to the Financial Statements continued

12.Risk Management Policies and Disclosures (continued) Interest rate risk The table below details the interest rate risk profile at the balance sheet date: 28.02.19 Floating rate Financial Foreign financial assets not currency Currency assets carrying interest hedging position Total £ £ £ £ Euro 119,066 12,350,323 – 12,469,389 Pound sterling 9,548,000 430,885,886 120,334 440,554,220 South African rand 74 3,313,393 – 3,313,467 United States dollar 188,417 23,012,235 – 23,200,652 9,855,557 469,561,837 120,334 479,537,728

Floating rate Financial Foreign financial liabilities not currency Currency liabilities carrying interest hedging position Total £ £ £ £ Euro 119,071 – – 119,071 Pound sterling – 7,068,436 – 7,068,436 United States dollar 84,941 – 253,842 338,783 204,012 7,068,436 253,842 7,526,290

13.Portfolio Transaction Costs 28.02.19 Purchases Analysis Net 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

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Notes to the Financial Statements continued

13.Portfolio Transaction Costs (continued) Commission as a % of average net assets 0.09% Taxes as a % of the average net assets 0.63% Commissions and taxes as a % of the average net assets form part of the direct transactions costs stated within the comparative tables on page 72. 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 28 February 2019 is 0.27%.

15.Fair Value Disclosure Valuation technique 28.02.19 Assets Liabilities £ £ Level 1^ 453,329,468 (253,842) Level 2^^ 12,498,005 – Level 3^^^ – – 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. 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) –

16.Shareholders Funds Institutional Institutional Income Accumulation Opening number of Shares – – Shares issued 575,596,589 2,914,028 Shares cancelled (104,822,129) – Closing number of Shares 470,774,460 2,914,028

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Distribution Tables for the period ended 28 February 2019 Income Share Distribution Share Distribution Shares Net Equalisation Distribution class revenue payable 2019 p p p Institutional Interim Group 1 2.1942 – 2.1942 Income Group 2 1.2999 0.8943 2.1942 Final Group 1 0.9906 – 0.9906 Group 2 0.5685 0.4221 0.9906

Accumulation Share Distribution Share Distribution Shares Net Equalisation Amount class revenue reinvested 2019 p p p Institutional Interim Group 1 0.6924 – 0.6924 Accumulation Group 2 0.1235 0.5689 0.6924 Final Group 1 0.9391 – 0.9391 Group 2 0.6929 0.2462 0.9391

Interim period: 07.02.18 - 31.08.18 Final period: 01.09.18 - 28.02.19

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 Fund will aim to provide income along with an opportunity for long term capital appreciation.

Investment Policy The 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. UK equities are defined as those that are issued by companies domiciled, incorporated or have a significant part of their business in the UK. The indirect exposure of the 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 Fund may invest (at the Investment Managers’ discretion) in other transferable securities, money market instruments, depositary receipts, derivative instruments and forward transactions. The 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 Fund may invest in derivatives for the purposes of hedging with the aim of reducing the risk profile of the 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 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 period ended 28 February 2019 Introduction This report covers the MI Brewin Dolphin Select Managers Fund and their underlying mandates for the twelve months from fund inception (7 February 2018) to the end of February 2019. Market Review Up until the end of August 2018, equity markets had performed very strongly, and bond yields had risen in response to the large volume of US bond issuance and indications of further rate hikes to come. During September, the global trade war rhetoric between the US and China stepped up whilst the Federal Reserve raised interest rates. Monetary policy was on a path to being tightened through almost all major markets. The UK government was deadlocked on Brexit. October 2018 saw a marked pick-up in equity market volatility which persisted into November and accelerated in December. Economic data from major markets was generally poor and companies were reporting upward pressure on input and output costs. The oil price dropped at the prospect of lower economic growth and bond yields also came down in response. Growth stocks, which had done so well during 2018 up to the end of August, were hit hard in the sell-off. The US mid-term elections delivered a result that was broadly expected by forecasters; the Democrats took the House of Representatives but failed to take the Senate. This will hamper President Trump’s ability to enact policy. By early January 2019 however, the tone from central bankers eased and in China the prospect of supportive measures was raised. As such, January was a strong month for equity markets. The weaker oil price was positive in so far as it will restrict inflation over the coming months however the underlying drivers of inflation are still robust. Labour markets in the developed market are tight and tightening further. This is putting company margins under pressure. By February, despite some signs of weakness in economic data the overall picture was pretty robust with the US consumer enjoying wage growth and lower costs.

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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 3.3% over the period from inception to the end of February 2019 which represents an performance relative to broad UK market indices. 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, underperformed broad UK market indices over the period along with the Threadneedle mandate. The Investec Special Situations mandate outperformed during the period. We continue to believe that this unique blend of managers will deliver excellent performance to investors over the long term. Outlook European activity remains weak but the declines slowed in most markets with Germany increasingly standing out as the main area of weakness. Tailwinds for Europe from fiscal policy, energy prices and Chinese stimulus are starting to build. The main challenge for markets are monetary policy and inflation. Inflation threatens margins. Monetary policy has tightened but remains loose creating ambiguity about its next direction. The recent shift in the position on Brexit has given the market confidence that no deal will be avoided but is far from a decisive end to uncertainty. Aside from Brexit though the UK economy is reasonably robust. Overall recessionary risks have risen but remain modest. We continue to believe that long term investors will be rewarded for their time in the market.

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Portfolio Statement as at 28 February 2019 Market % of total value net assets Holding Security £ 2019 OIL & GAS 4.05% Oil & Gas Producers 4.05% 263,233 BP 1,406,717 0.35 1,815,769 Diversified Gas & Oil* 2,033,661 0.51 168,859 Royal Dutch Shell ‘A’ 3,967,342 1.00 368,533 Royal Dutch Shell ‘B’ 8,713,962 2.19 16,121,682 4.05 BASIC MATERIALS 4.82% Chemicals 1.30% 541,879 972,131 0.24 91,057 Johnson Matthey 2,816,393 0.71 59,122 Victrex 1,384,637 0.35 5,173,161 1.30 Mining 3.52% 70,803 Anglo American 1,418,538 0.36 226,271 Anglo Pacific 368,822 0.09 226,350 BHP 3,952,071 0.99 622,802 Glencore 1,893,007 0.48 113,791 Rio Tinto 4,933,978 1.24 676,892 South32 1,426,888 0.36 13,993,304 3.52 INDUSTRIALS 14.96% Construction & Materials 2.57% 461,694 Costain 1,717,502 0.43 652,045 Forterra 1,838,767 0.46 653,385 Ibstock 1,646,530 0.41 2,212,748 Melrose Industries 3,846,862 0.97 80,389 Morgan Sindall 1,059,527 0.27 69,571 Volution 104,704 0.03 10,213,892 2.57 Aerospace & Defence 2.75% 586,387 BAE Systems 2,732,563 0.69 2,140,554 Cobham 2,517,292 0.63 823,732 Qinetiq 2,525,562 0.64 334,695 Rolls-Royce 3,195,668 0.80 10,971,085 2.76 General Industrials 1.28% 718,303 Smith (DS) 2,409,907 0.61 187,293 Smiths 2,679,226 0.67 5,089,133 1.28

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Portfolio Statement continued Market % of total value net assets Holding Security £ 2019 Electronic & Electrical Equipment 0.52% 270,472 Morgan Advanced Materials 697,277 0.17 136,031 1,373,913 0.35 2,071,190 0.52 Industrial Engineering 1.60% 74,830 IMI 707,518 0.18 99,343 Kone Oyj 3,641,698 0.92 433,389 Rotork 1,232,992 0.31 1,149,783 Severfield 758,857 0.19 6,341,065 1.60 Industrial Transportation 0.61% 55,463 Clarkson 1,381,029 0.35 449,192 Wincanton 1,046,617 0.26 2,427,646 0.61 Support Services 5.63% 1,015,933 Electrocomponents 5,624,205 1.41 750,834 2,823,136 0.71 40,028 Ferguson 2,089,862 0.52 2,201,772 Hays 3,340,088 0.84 519,553 PageGroup 2,340,067 0.59 1,392,170 Rentokil Initial 4,886,517 1.23 410,143 Sthree 1,300,153 0.33 22,404,028 5.63 CONSUMER GOODS 19.05% Beverages 2.45% 24,320 Anheuser-Busch 1,427,220 0.36 285,359 Diageo 8,313,934 2.09 9,741,154 2.45 Food Producers 2.36% 65,544 Associated British Foods 1,470,152 0.37 266,588 Hilton Food 2,468,605 0.62 782,417 Tate & Lyle 5,433,104 1.37 9,371,861 2.36

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Portfolio Statement continued Market % of total value net assets Holding Security £ 2019 Household Goods & Home Construction 4.24% 115,153 Bellway 3,483,378 0.88 1,669,457 Cairn Homes 1,926,571 0.48 61,060 Persimmon 1,484,979 0.37 99,210 Reckitt Benckiser 5,721,441 1.44 132,681 Redrow 825,276 0.21 903,779 Taylor Wimpey 1,638,099 0.41 829,250 Watkin Jones* 1,803,619 0.45 16,883,363 4.24 Leisure Goods 0.07% 50,465 Character* 269,483 0.07 Personal Goods 3.40% 71,590 Burberry 1,352,335 0.34 303,238 Unilever 12,153,779 3.06 13,506,114 3.40 Tobacco 6.53% 306,132 British American Tobacco 8,444,651 2.12 555,800 Imperial Brands 13,950,579 3.51 55,023 Philip Morris International 3,596,496 0.90 25,991,726 6.53 HEALTH CARE 9.38% Health Care Equipment & Services 0.62% 33,064 Coloplast ‘B’ 2,480,379 0.62 Pharmaceuticals & Biotechnology 8.76% 228,112 AstraZeneca 14,001,514 3.52 1,069,903 GlaxoSmithKline 16,020,728 4.03 26,063 Johnson & Johnson 2,677,429 0.67 10,304 Roche 2,156,289 0.54 34,855,960 8.76 CONSUMER SERVICES 15.45% Food & Drug Retailers 3.13% 3,017,975 Tesco 6,820,623 1.72 2,444,890 Wm Morrison Supermarkets 5,625,692 1.41 12,446,315 3.13 General Retailers 0.89% 1,292,276 Marks & Spencer 3,524,037 0.89

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Portfolio Statement continued Market % of total value net assets Holding Security £ 2019 Media 6.90% 463,766 Daily Mail & General Trust 2,961,146 0.75 486,043 Informa 3,427,575 0.86 2,776,702 ITV 3,637,480 0.91 1,036,748 Moneysupermarket.com 3,572,634 0.90 442,813 Pearson 3,746,198 0.94 585,029 Relx 10,115,151 2.54 27,460,184 6.90 Travel & Leisure 4.53% 387,888 888 685,786 0.17 437,551 Compass 7,280,848 1.83 269,645 easyJet 3,307,196 0.83 62,919 Go-Ahead 1,282,289 0.32 689,335 Hollywood Bowl 1,502,750 0.38 556,754 Rank 907,509 0.23 795,739 Stagecoach 1,267,612 0.32 136,183 Wetherspoon (J.D.) 1,783,997 0.45 18,017,987 4.53 TELECOMMUNICATIONS 1.12% Fixed Line Telecommunications 1.12% 2,073,900 BT 4,451,626 1.12 UTILITIES 1.21% Gas, Water & Multiutilities 1.21% 2,127,121 Centrica 2,648,266 0.67 137,755 Pennon 1,070,632 0.27 128,027 United Utilities 1,075,683 0.27 4,794,581 1.21 FINANCIALS 21.43% Banks 4.65% 86,730 Bank of Georgia 1,452,554 0.36 802,608 Barclays 1,317,401 0.33 233,255 Close Brothers 3,515,152 0.88 856,205 HSBC 5,247,680 1.32 5,044,390 Lloyds Banking 3,203,692 0.81 673,870 Royal Bank of Scotland 1,789,799 0.45 329,308 Standard Chartered 1,981,117 0.50 18,507,395 4.65

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Portfolio Statement continued Market % of total value net assets Holding Security £ 2019 Non-life Insurance 2.87% 584,669 Direct Line Insurance 2,080,837 0.52 323,097 Lancashire 2,137,287 0.54 882,057 RSA Insurance 4,507,311 1.13 36,334 Swiss Reinsurance 2,709,626 0.68 11,435,061 2.87 Life Insurance 5.23% 617,247 Aviva 2,612,189 0.66 349,517 Chesnara 1,240,785 0.31 2,400,128 Legal & General 6,734,759 1.69 1,058,629 Phoenix Group 7,395,583 1.86 289,508 St James’s Place 2,814,597 0.71 20,797,913 5.23 Real Estate Investment & Services 0.36% 2,376,543 1,425,926 0.36 Real Estate Investment Trusts 1.03% 1,616,744 Green REIT 2,040,134 0.51 1,376,946 Hansteen 1,349,407 0.34 618,257 Urban Logistics REIT* 729,543 0.18 4,119,084 1.03 Financial Services 7.29% 751,168 3i Group 7,104,547 1.78 1,329,183 AJ Bell 3,861,941 0.97 1,352,998 Duke Royalty* 557,435 0.14 141,013 Hargreaves Lansdown 2,450,806 0.62 637,469 Integrafin 2,265,246 0.57 249,649 Intermediate Capital 2,603,839 0.65 566,424 John Laing 2,175,068 0.55 362,281 1,227,046 0.31 133,989 Numis* 344,352 0.09 377,715 OneSavings Bank 1,481,398 0.37 219,842 Polar Capital* 1,059,638 0.27 71,094 Schroders Non-Voting 1,492,974 0.37 1,127,249 Sherborne Investors Guernsey B 101,452 0.02 1,342,935 Sherborne Investors Guernsey C 792,332 0.20 402,126 Standard Life Aberdeen 992,045 0.25 139 TP ICAP 441 0.00 813,968 Urban Exposure* 504,660 0.13 29,015,220 7.29

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Portfolio Statement continued Market % of total value net assets Holding Security £ 2019 TECHNOLOGY 2.93% Software & Computer Services 2.93% 35,961 Facebook 3,028,878 0.76 306,301 FDM 2,569,865 0.64 918,914 Sage 6,072,184 1.53 11,670,927 2.93 OFFSHORE COLLECTIVE INVESTMENT SCHEMES 0.46% 17,930 Man GLG High Yield Opportunities ILU - GBP G Distribution Hedged†** 1,816,496 0.46 DEBT SECURITIES 1.81% Euro denominated corporate debt securities 0.51% € 1,475,000 International Personal Finance 5.75% 07.04.2021 1,158,155 0.29 € 1,245,000 Thomas Cook 6.25% 15.06.2022 864,402 0.22 2,022,557 0.51 Pound sterling denominated corporate debt securities 0.42% £2,070,000 Phoenix 5.75% Variable Perpetual 1,681,204 0.42 United States dollar denominated corporate debt securities 0.88% $1,570,000 HSBC 6% Variable Perpetual 1,147,973 0.29 $1,540,000 Phoenix 5.375% 06.07.2027 1,048,356 0.26 $2,000,000 Prudential 4.375% Perpetual 1,320,457 0.33 3,516,786 0.88

Investment assets 384,609,525 96.68 Net other assets 13,192,998 3.32 Net assets 397,802,523 100.00

All investments are ordinary shares or stock units on a regulated securities market unless otherwise stated. This is the first accounting period for this Fund, and therefore there are no comparatives. * Quoted on AIM. ** Collective Investment Schemes permitted under COLL, not listed on any exchange. † Represents investment into a related party of the Investment Adviser to the Asset Allocation Manager (note 10).

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Comparative Tables Change in net assets per share Institutional^ Income 28.02.19 p Opening net asset value per share 100.00† Return before operating charges^ 4.19 Operating charges -0.59 Return after operating charges^ 3.60 Distributions -4.70 Closing net asset value per share 98.90 ^After direct transaction costs of -0.26 Performance Return after charges 3.60% Other information Closing net asset value 397,559,381 Closing number of shares 401,979,757 Operating charges 0.58% Ongoing operating charges* 0.55% Direct transaction costs 0.26% Prices Highest share price 108.97 Lowest share price 91.70

Institutional^^ Accumulation 28.02.19 p Opening net asset value per share 100.00† Return before operating charges^ -4.84 Operating charges -0.55 Return after operating charges^ -5.39 Distributions -1.76 Retained distributions on accumulation shares 1.76 Closing net asset value per share 94.61 ^After direct transaction costs of -0.24 Performance Return after charges -5.39% Other information Closing net asset value 243,142 Closing number of shares 257,000 Operating charges 0.58% Ongoing operating charges* 0.55% Direct transaction costs 0.26% Prices Highest share price 100.00 Lowest share price 87.01 ^Institutional Income launched on 7 February 2018. ^^Institutional Accumulation launched on 28 August 2018. †Launch Price. *There has been substantial growth of the Fund since launch. Taking an average of the daily net asset values for the last month has the effect of decreasing the operating charges by 0.03% 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 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 period. 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. 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 period.

Risk and reward profile The risk and reward indicator table demonstrates where the 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 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 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 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.

• This 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.

MI Select Managers UK Equity Income Fund 93 MI Select Managers UK Equity Income Fund

Statement of Total Return for the period ended 28 February 2019 07.02.18 to 28.02.19 Note £ £ Income Net capital losses 2 (8,062,909) Revenue 3 14,012,232 Expenses 4 (1,849,448) Interest payable and similar charges 4 (24,624) Net revenue before taxation 12,138,160 Taxation 5 (105,378) Net revenue after taxation 12,032,782 Total return before distributions 3,969,873 Distributions 6 (13,831,032) Change in net assets attributable to Shareholders from investment activities (9,861,159)

Statement of Change in Net Assets Attributable to Shareholders for the period ended 28 February 2019 07.02.18 to 28.02.19 £ £ Opening net assets attributable to Shareholders – Amounts receivable on issue of shares 482,181,711 Less: Amounts payable on cancellation of shares (75,974,572) 406,207,139 Dilution levy 1,452,079 Change in net assets attributable to Shareholders from investment activities (see Statement of Total Return above) (9,861,159) Retained distributions on accumulation shares 4,464 Closing net assets attributable to Shareholders 397,802,523

The notes on pages 96 to 102 form an integral part of these Financial Statements. This is the first accounting period for this Fund, and therefore there are no comparatives.

94 MI Select Managers UK Equity Income Fund MI Select Managers UK Equity Income Fund

Balance Sheet as at 28 February 2019 28.02.19 Note £ £ ASSETS Fixed Assets Investments 384,609,525 Current Assets Debtors 7 4,325,356 Cash and bank balances 9 17,293,663 Total current assets 21,619,019 Total assets 406,228,544

LIABILITIES Investment liabilities – Creditors Bank overdrafts 9 (883,732) Distribution payable (3,215,436) Other creditors 8 (4,326,853) Total creditors (8,426,021) Total liabilities (8,426,021) Net assets attributable to Shareholders 397,802,523

The notes on pages 96 to 102 form an integral part of these Financial Statements. This is the first accounting period for this Fund, and therefore there are no comparatives.

MI Select Managers UK Equity Income Fund 95 MI Select Managers UK Equity Income Fund

Notes to the Financial Statements for the period ended 28 February 2019

1. Accounting Policies The Fund’s Financial statements have been prepared on the same basis as the Accounting Policies stated on pages 28 to 29.

2. Net Capital Losses 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)

07.02.18 to 3. Revenue 28.02.19 £ UK dividends: Ordinary 12,584,272 Overseas dividends 1,046,786 Property income distributions 101,226 Interest on debt securities 275,911 Bank interest 409 Underwriting commission 3,628 Total revenue 14,012,232

07.02.18 to 4. Expenses 28.02.19 £ Payable to the Authorised Corporate Director (ACD), associates of the ACD and agents of either of them: ACD’s fee 73,119 Administration fees 100,228 Registration fees 82,156 255,503 Payable to the Asset Allocation Manager, associates of the Asset Allocation Manager and agents of either of them: Asset Allocation Manager’s fee 1,477,562 Payable to the Depositary, associates of the Depositary and agents of either of them: Depositary’s fee (including VAT) 82,402 Safe custody and other bank charges 19,003 101,405

96 MI Select Managers UK Equity Income Fund MI Select Managers UK Equity Income Fund

Notes to the Financial Statements continued

07.02.18 to 4. Expenses (continued) 28.02.19 £ Other expenses: Audit fee (including VAT) 7,200 Audit fee (including VAT): taxation services 1,800 Legal fee 3,348 Printing cost 2,630 14,978

Expenses 1,849,448 Interest payable and similar charges 24,624 Total 1,874,072

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

(b) Factors affecting taxation charge for the period: Net revenue before taxation 12,138,160 Corporation tax at 20% 2,427,632 Effects of: UK dividends (2,516,854) Movement in surplus management expenses 298,579 Overseas tax expensed 94,700 Double taxation relief 10,678 Non-taxable overseas earnings (209,357) Total tax charge (note 5a) 105,378

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

MI Select Managers UK Equity Income Fund 97 MI Select Managers UK Equity Income Fund

Notes to the Financial Statements continued

6. Distributions The distributions take account of revenue received on the issue of shares and revenue deducted on the cancellation of shares, and comprise: 07.02.18 to 28.02.19 £ First interim distribution 31.05.18 6,459,389 Second interim distribution 31.08.18 3,746,496 Third interim distribution 30.11.18 3,856,829 Final distribution 28.02.19 3,217,387 17,280,101 Revenue deducted on cancellation of Shares 358,850 Revenue received on issue of Shares (3,807,919) Distributions 13,831,032

Reconciliation of net revenue after taxation to net distributions: Net revenue after taxation per Statement of Total Return 12,032,782 Expenses allocated to capital 1,849,448 Relief on expenses allocated to capital (51,066) Undistributed revenue carried forward (132) Distributions 13,831,032

7. Debtors 28.02.19 £ Amounts receivable on issues 1,134,233 Currency deals outstanding 268,488 Sales awaiting settlement 685,214 Accrued income: Interest on debt securities 155,440 Dividends receivable 2,043,321 Overseas tax recoverable 38,296 Prepaid expenses: Legal fee 364 Total debtors 4,325,356

98 MI Select Managers UK Equity Income Fund MI Select Managers UK Equity Income Fund

Notes to the Financial Statements continued

8. Other Creditors 28.02.19 £ Amounts payable on cancellations 1,137,079 Currency deals outstanding 268,379 Purchases awaiting settlement 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 6,426 Administration fee 8,871 Registration fees 6,654 21,951 Amounts payable to the Asset Allocation Manager, associates of the Asset Allocation Manager and agents of either of them: Asset Allocation Manager’s fee 297,725 Amounts payable to the Depositary, associates of the Depositary and agents of either of them: Depositary’s fee (including VAT) 22,596 Safe custody and other bank charges 4,976 27,572 Other expenses: Audit fee (including VAT) 7,200 Audit fee (including VAT): taxation services 1,800 Printing costs 1,200 10,200

Total other creditors 4,326,853

9. Cash and Bank Balances 28.02.19 £ Cash and bank balances 17,293,663 Overdraft positions (883,732) Cash and bank balances 16,409,931

MI Select Managers UK Equity Income Fund 99 MI Select Managers UK Equity Income Fund

Notes to the Financial Statements continued

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 period end are shown in note 8. Fees payable to Investec Asset Management, Man GLG and Columbia Threadneedle Asset Management (the Investment Advisers to the Asset Allocation Manager) are disclosed in note 4 and amounts due at the period 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 period end are shown in notes 7 and 8. At the period end the Fund did not hold shares in any of the other 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.

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 12 on pages 34 to 38. Numerical disclosures relating to the Fund are as follows: Value at Risk (VaR) disclosure As at 28 February 2019 the table below details the Fund's lowest, highest and average VaR in the period. % VaR at period end: 6.64 Minimum VaR: 6.61 Maximum VaR: 8.22 Average VaR: 7.08 Market price risk At the balance sheet date, if the price of the investments held by the Fund increased or decreased by 10%, with all other variables held constant, the net assets attributable to Shareholders would increase or decrease by approximately £38,460,953. Currency risk The table below details the currency risk profile at the balance sheet date. 28.02.19 Currency Total £ Euro 14,676,307 Pound sterling 369,842,211 19,504 United States dollar 13,264,501 397,802,523

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 £2,796,031.

100 MI Select Managers UK Equity Income Fund MI Select Managers UK Equity Income Fund

Notes to the Financial Statements continued

12.Risk Management Policies and Disclosures (continued) Interest rate risk The table below details the interest rate risk profile at the balance sheet date: 28.02.19 Floating rate Fixed rate Financial financial financial assets not Currency assets assets carrying interest Total £ £ £ £ Euro 424,854 2,022,557 12,784,472 15,231,883 Pound sterling 16,404,141 1,681,204 359,041,345 377,126,690 Swiss franc 63,174 – 19,504 82,678 United States dollar 401,494 3,516,786 9,879,691 13,797,971 17,293,663 7,220,547 381,725,012 406,239,222

Floating rate Financial financial liabilities not Currency liabilities carrying interest Total £ £ £ Euro 424,854 130,722 555,576 Pound sterling – 7,284,479 7,284,479 Swiss franc 63,174 – 63,174 United States dollar 395,704 137,766 533,470 883,732 7,552,967 8,436,699

13.Portfolio Transaction Costs 28.02.19 Purchases Analysis Net 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

MI Select Managers UK Equity Income Fund 101 MI Select Managers UK Equity Income Fund

Notes to the Financial Statements continued

13.Portfolio Transaction Costs (continued) Commission as a % of average net assets 0.05% Taxes as a % of the average net assets 0.66% Commissions and taxes as a % of the average net assets form part of the direct transactions costs stated within the comparative tables on page 92. 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 28 February 2019 is 0.17%.

15.Fair Value Disclosure Valuation technique 28.02.19 Assets Liabilities £ £ Level 1^ 375,572,482 – Level 2^^ 9,037,043 – Level 3^^^ – – 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.

16.Shareholders Funds Institutional Institutional Income Accumulation Opening number of Shares – – Shares issued 477,798,364 268,363 Shares cancelled (75,818,607) (11,363) Closing number of Shares 401,979,757 257,000

102 MI Select Managers UK Equity Income Fund MI Select Managers UK Equity Income Fund

Distribution Tables for the period ended 28 February 2019 Income Share Distribution Share Distribution Shares Net Equalisation Distribution class revenue paid/payable 2019 p p p Institutional First interim Group 1 1.8603 – 1.8603 Income Group 2 0.8871 0.9732 1.8603 Second interim Group 1 1.0216 – 1.0216 Group 2 0.6028 0.4188 1.0216 Third interim Group 1 1.0184 – 1.0184 Group 2 0.5239 0.4945 1.0184 Final Group 1 0.7999 – 0.7999 Group 2 0.6152 0.1847 0.7999

Accumulation Share Distribution Share Distribution Shares Net Equalisation Amount class revenue reinvested 2019 p p p Institutional First interim Group 1 – – – Accumulation Group 2 – – – Second interim Group 1 0.0379 – 0.0379 Group 2 0.0379 – 0.0379 Third interim Group 1 0.9662 – 0.9662 Group 2 0.7114 0.2548 0.9662 Final Group 1 0.7590 – 0.7590 Group 2 0.3990 0.3600 0.7590

This is the first accounting period for this Fund, and therefore there are no comparatives.

First interim period: 07.02.18 - 31.05.18 Second interim period: 01.06.18 - 31.08.18 Third interim period: 01.09.18 - 30.11.18 Final period: 01.12.18 - 28.02.19

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.

MI Select Managers UK Equity Income Fund 103 MI Brewin Dolphin Select Managers Fund

General information

Authorised Status MI Brewin Dolphin Select Mangers 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 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 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 value of the Fund. Classes of Shares The 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 Fund 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 Fund if the ACD considers it desirable to do so, with the Depositary's approval.

104 MI Brewin Dolphin Select Managers Fund MI Brewin Dolphin Select Managers Fund

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 Fund which represents the Net Asset Value of the 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 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. Remuneration of the Authorised Corporate Director The remuneration strategy across Maitland Institutional Services Ltd is governed by the Remuneration Committee, a committee appointed by the Maitland Institutional Services Ltd Board. The Remuneration Committee has established an ACD Remuneration Policy designed to ensure the ACD Remuneration Code in the UK Financial Authority handbook is met proportionately for all ACD Remuneration Code Staff. Maitland Institutional Services Ltd considers its activities as non complex due to the fact that regulation limits the AIF strategies conducted and the scope of investment in such a way that investor risk is mitigated. The discretion of Maitland Institutional Services Ltd and the Asset Allocation manager is strictly controlled within certain pre-defined parameters as determined in the prospectus of each Alternative Investment Fund. In its role as an ACD, Maitland Institutional Services Ltd deems themselves as lower risk due to the nature of the activities it conducts. Maitland Institutional Services Ltd does not pay any form of variable remuneration currently. Therefore Maitland Institutional Services Ltd have provided a basic overview of how staff whose actions have a material impact on the Fund are remunerated.

28.02.19 Number of Total Remuneration Fixed Beneficiaries Paid Remuneration Total remuneration paid by the ACD during the year 86 £737,996 £737,996 Remuneration paid to employees of the ACD who have material impact on the risk profile of the AIF 6 £91,733 £91,733

MI Brewin Dolphin Select Managers Fund 105 MI Brewin Dolphin Select Managers Fund

General information continued

Due to the size and structure of Maitland Institutional Services Ltd, it is determined that employees of the ACD who have a material impact on the risk profile of the AIF include the Board and the compliance officer. The delegated Asset Allocation Manager is subject to regulatory requirements on remuneration that Maitland Institutional Services Ltd deem to be equally as effective as those detailed in the Alternative Investment Fund Managers Directive, which would include the Capital Requirements Directive or Markets in Financial Instruments Directive. Significant Information Until 25 February 2019 the address for the Authorised Corporate Director, Registrar, Head Office and Customer service centre was Springfield Lodge, Colchester Road, Chelmsford Essex CM2 5PW. From 25 February 2019 the address for the Authorised Corporate Director, Registrar, Head Office and Customer service centre is Hamilton Centre, Rodney Way, Chelmsford, Essex CM1 3BY. 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.

106 MI Brewin Dolphin Select Managers Fund Registered in England No 6252939. Authorised and regulated by the Financial Conduct Authority.