MI Select Managers Fund

Annual Report 28 February 2021 MI Brewin Dolphin Select Managers Fund

Contents Page

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

MI Select Managers Bond Fund Investment Objective and Policy* ...... 12 Asset Allocation Manager’s Report ...... 12 Portfolio Statement* ...... 14 Comparative Tables ...... 37 Risk and Reward Profile* ...... 38 Statement of Total Return ...... 39 Statement of Change in Net Assets Attributable to Shareholders ...... 39 Balance Sheet ...... 40 Notes to the Financial Statements ...... 41 Distribution Tables ...... 50

MI Select Managers North American Equity Fund Investment Objective and Policy* ...... 51 Asset Allocation Manager’s Report ...... 51 Portfolio Statement* ...... 53 Comparative Tables ...... 59 Risk and Reward Profile* ...... 60 Statement of Total Return ...... 61 Statement of Change in Net Assets Attributable to Shareholders ...... 61 Balance Sheet ...... 62 Notes to the Financial Statements ...... 63 Distribution Tables ...... 71

MI Select Managers UK Equity Fund Investment Objective and Policy* ...... 72 Asset Allocation Manager’s Report ...... 72 Portfolio Statement* ...... 74 Comparative Tables ...... 84 Risk and Reward Profile* ...... 85 Statement of Total Return ...... 86 Statement of Change in Net Assets Attributable to Shareholders ...... 86 Balance Sheet ...... 87 Notes to the Financial Statements ...... 88 Distribution Tables ...... 97 MI Brewin Dolphin Select Managers Fund

Contents Page continued

MI Select Managers UK Equity Income Fund Investment Objective and Policy* ...... 98 Asset Allocation Manager’s Report ...... 98 Portfolio Statement* ...... 100 Comparative Tables ...... 106 Risk and Reward Profile* ...... 107 Statement of Total Return ...... 108 Statement of Change in Net Assets Attributable to Shareholders ...... 108 Balance Sheet ...... 109 Notes to the Financial Statements ...... 110 Distribution Tables ...... 119 General Information ...... 120

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

Directory

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

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

Directors of the Fund Manager C. Deptford (appointed 15 October 2020) P.J. Foley-Brickley C. O’Keeffe D. Phillips (Non-Executive Director) J. Thompson (Non-Executive Director)

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

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

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

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Statement of the Authorised Corporate Director’s Responsibilities

The Collective Investment Schemes sourcebook published by the FCA, (‘the COLL Rules’) requires the Authorised Corporate Director (‘ACD’) to prepare financial statements for each annual accounting period which give a true and fair view of the financial position of the Company and of the net revenue and net gains or losses on the property of the Company for the year. In preparing the financial statements the ACD is responsible for: • selecting suitable accounting policies and then apply them consistently; • making judgements and estimates that are reasonable and prudent; • following UK accounting standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland; • complying with the disclosure requirements of the Statement of Recommended Practice for UK Authorised Funds issued by the Investment Association in May 2014; • keeping proper accounting records which enable it to demonstrate that the financial statements as prepared comply with the above requirements; • assessing the Company and its Sub-funds’ ability to continue as a going concern, disclosing, as applicable, matters related to going concern; • using the going concern basis of accounting unless they either intend to liquidate the Company or terminate a Sub-fund or to cease operations, or have no realistic alternative but to do so; • such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; and • taking reasonable steps for the prevention and detection of fraud and irregularities. The ACD is responsible for the management of the Company in accordance with its Instrument of Incorporation, the Prospectus and the COLL Rules. The ACD is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial statements comply with the Sourcebook. The ACD is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the ACD is aware: • there is no relevant audit information of which the Company’s Auditor is unaware; and • the ACD has taken all steps that it ought to have taken to make itself aware of any relevant audit information and to establish that the Auditor is aware of that information.

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

C. O’Keeffe P.J. Foley-Brickley Directors Maitland Institutional Services Limited 30 June 2021 Maitland Institutional Services Limited operates as ACD and AIFM for the purposes of the AIFM directive 22 July 2013.

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Statement of the Depositary’s Responsibilities in Respect of the Scheme and Report of the Depositary to the Shareholders of the MI Brewin Dolphin Select Managers Fund (“the Company”) for the year ended 28 February 2021

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 Investment Fund 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) UK Trustee and Depositary Services 30 June 2021

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

Opinion We have audited the financial statements of MI Brewin Dolphin Select Managers Fund (the ‘Company’) for the year ended 28 February 2021. These financial statements comprise together the statement of accounting policies and risk management policies, and the individual financial statements of each of the following Sub-funds (the ‘Sub-funds’) of the Company: • MI Select Managers Bond Fund • MI Select Managers North American Equity Fund • MI Select Managers UK Equity Fund • MI Select Managers UK Equity Income Fund The individual financial statements for each of the Company’s Sub-funds comprise the statement of total return, the statement of change in net assets attributable to shareholders, the balance sheet, notes to the financial statements and the distribution tables. The financial reporting framework that has been applied in their preparation is applicable law and Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice) and the Statement of Recommended Practice ‘Financial Statements of UK Authorised Funds’ issued by the Investment Association in May 2014. In our opinion, the financial statements: • give a true and fair view of the financial position of the Company and each of the Sub-funds as at 28 February 2021 and of the net revenue and net capital gains/(losses) on the scheme property of the Company and each of the Sub-funds for the year then ended, and • have been properly prepared in accordance with the Statement of Recommended Practice ‘Financial Statements of UK Authorised Funds’ issued by the Investment Association in May 2014, the Collective Investment Schemes sourcebook, and the Company’s Instrument of Incorporation. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the ‘Auditor’s responsibilities for the audit of the financial statements’ section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern We are responsible for concluding on the appropriateness of the Authorised Corporate Director’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s and each of the Sub-fund’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify the auditor’s opinion. Our conclusions are based on the audit evidence obtained up to the date of our report. However, future events or conditions may cause the Company and each of the Sub-funds to cease to continue as a going concern. In our evaluation of the Authorised Corporate Director’s conclusions, we considered the inherent risks associated with the Company’s and each of the Sub-fund’s business model including effects arising from macro-economic uncertainties such as Brexit and Covid-19, we assessed and challenged the reasonableness of estimates made by the Authorised Corporate Director and the related disclosures and analysed how those risks might affect the Company’s and each of the Sub-fund’s financial resources or ability to continue operations over the going concern period. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company’s and each of the Sub-fund’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

In auditing the financial statements, we have concluded that the Authorised Corporate Director’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate. The responsibilities of the Authorised Corporate Director with respect to going concern are described in the ‘Responsibilities of the Authorised Corporate Director’ section of this report. Other information The Authorised Corporate Director is responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinion on other matters prescribed by the Collective Investment Schemes sourcebook In our opinion: • we have been given all the information and explanations, which, to the best of our knowledge and belief, are necessary for the purposes of our audit, and • the information given in the Authorised Corporate Director’s Report is consistent with the financial statements. Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Collective Investment Schemes sourcebook requires us to report to you if, in our opinion: • proper accounting records for the Company or a Sub-fund have not been kept, or • the financial statements are not in agreement with those accounting records. Responsibilities of the Authorised Corporate Director As explained more fully in the Statement of the Authorised Corporate Director’s Responsibilities on page 2, the Authorised Corporate Director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Authorised Corporate Director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Authorised Corporate Director is responsible for assessing the Company’s and each of the Sub-fund’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Authorised Corporate Director either intends to terminate a Sub-fund, wind up the Company or to cease operations, or has no realistic alternative but to do so. Auditor’s responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: • We obtained an understanding of the legal and regulatory frameworks applicable to the Company and industry in which it operates. We determined that the following laws and regulations were most significant: Collective Investment Schemes Sourcebook, Investment Association Statement of Recommended Practice and UK accounting standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. We enquired of management to obtain an understanding of how the Company is complying with those legal and regulatory frameworks and whether there were any instances of non-compliance with laws and regulations or whether they had any knowledge of actual or suspected fraud. We corroborated the results of our enquiries through our review of the breaches register. We did not identify any matters relating to non-compliance with laws and regulation or matters in relation to fraud. • In assessing the potential risks of material misstatement, we obtained an understanding of: - the Company’s operations, including the nature of its revenue sources, and of its objective to understand the classes of transactions, account balances, expected financial statement disclosures and business risks that may result in risks of material misstatement - the Company’s control environment, including the policies and procedures implemented to mitigate risks of fraud or non-compliance with the relevant laws and regulations • The engagement partner’s assessment of the appropriateness of the collective competence and capabilities of the engagement team included consideration of the engagement team’s: - understanding of, and practical experience with audit engagements of a similar nature and complexity through appropriate training and participation - knowledge of the industry in which the Company operates • We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included checking completeness of journal entries and identifying and testing journal entries, in particular manual journal entries processed at the year-end for financial statements preparation. We also reviewed the financial statements disclosures and the corresponding supporting documentation. These audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. However, detecting irregularities that result from fraud is inherently more difficult than detecting those that result from error, as those irregularities that result from fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations. Also, the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it. Use of our report This report is made solely to the Company’s shareholders, as a body, in accordance with regulation 67(2) of the Open-Ended Investment Companies Regulations 2001, and with Rule 4.5.12 of the Collective Investment Schemes sourcebook. Our audit work has been undertaken so that we might state to the Company’s shareholders those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s shareholders as a body, for our audit work, for this report, or for the opinions we have formed.

Grant Thornton UK LLP Statutory Auditor, Chartered Accountants London, United Kingdom 30 June 2021

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Accounting Policies and Risk Management Policies for the year ended 28 February 2021

The financial statements for MI Brewin Dolphin Select Managers Fund comprises the individual financial statements for each Sub-fund and the accounting policies and risk management policies below: 1. Accounting Policies (a) Basis of accounting The financial statements have been prepared under the historical cost basis, as modified by the revaluation of investments and in accordance with FRS 102 and the Statement of Recommended Practice (“SORP”) for Financial Statements of UK Authorised Funds issued by the Investment Association (IA) in May 2014. The financial statements have been prepared on the going concern basis. The authorised status and head office of the Company can be found within the general information starting on page 120. The Certification of the Annual Report by the Authorised Corporate Director can be found on page 2. (b) Recognition of revenue Revenue is included in the Statement of Total Return on the following basis: Dividends on quoted equities and preference shares are recognised when the securities are quoted ex-dividend. Distributions from collective investment schemes are recognised when the schemes are quoted ex-distribution. Equalisation returned with the distribution is deducted from the cost of the investment and does not form part of the distributable revenue. Any reported revenue from an offshore reporting fund is recognised as revenue no later than the date on which the reporting fund makes the information available. Interest on debt securities and bank and -term deposits is recognised on an accrual basis. In the case of debt securities any difference between acquisition cost and maturity value is recognised as revenue over the life of the security using the effective yield basis of calculating amortisation. returns have been treated as either revenue or capital depending on the motives and circumstances on acquisition. All revenue includes withholding taxes but excludes irrecoverable tax credits. (c) Treatment of stock and special dividends The ordinary element of stocks received in lieu of cash dividends is credited to capital in the first instance followed by a transfer to revenue of the cash equivalent being offered and this forms part of the distributable revenue. Special dividends are reviewed on a case by case basis in determining whether the dividend is to be treated as revenue or capital. Amounts recognised as revenue will form part of the distributable revenue. The tax accounting treatment follows the treatment of the principal amount. (d) Treatment of expenses All expenses, except for those relating to the purchase and sale of investments, are charged against revenue for the year on an accruals basis. (e) Allocation of revenue and expenses to multiple share classes Any revenue or expense not directly attributable to a particular Sub-fund will normally be allocated pro-rata to the net assets of the relevant share classes and Sub-funds on the day that the revenue or expense is recognised. All revenue and expenses are apportioned to the Sub-fund’s share classes pro-rata to the value of the net assets of the relevant 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.

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Accounting Policies and Risk Management Policies continued

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

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Accounting Policies and Risk Management Policies continued

2. Risk Management Policies In pursuing its investment objectives, the Sub-funds may hold a number of financial instruments. These financial instruments comprise securities and other investments, cash balances, debtors and creditors that arise directly from the Sub-Funds’ operations, for example, in respect of sales and purchases awaiting settlement, amounts receivable for creations and payable for redemptions and debtors for accrued revenue. In doing so, the ACD accepts market price risk and currency risk in relation to the investment portfolio and foreign cash positions. The Sub-funds may also enter into a range of derivative transactions for the purpose of meeting their investment objective and for efficient portfolio management (including hedging). In addition, the Sub-funds only execute derivative contracts where both the derivative instrument and the counterparty have been approved by the ACD. The use of derivatives and forward transactions for the purpose of meeting a Sub-fund’s investment objectives may increase the risk profile of that Sub-fund. The risks arising from financial instruments and the ACD’s policies for the monitoring and managing of these risks are stated below in accordance with the Risk Management Policy of the ACD. These policies have been consistent for both years through which these financial statements relate. Value at Risk (VaR) disclosure The ACD uses Value at Risk (VaR) to measure the risks relating to the financial assets in which the Sub-funds are invested. VaR is a statistical measurement. It intends to measure the maximum potential loss in the Sub-fund’s Net Asset Value under normal market conditions and is calculated for a given confidence level (probability) over a specific time period. The historical method has been used to calculate VaR. This measure cannot take into account all potential future trends, which may not follow historical patterns. A confidence level of 99% has been satisfied, with a data history of two years, and a holding period of one month (20 days). The Absolute VaR of a UCITS cannot be greater than 20% of its NAV, and therefore the VaR limit set during the financial year to 28 February 2021 was 20% (2020: 20%). The lowest, highest and average VaR, as well as utilisation of VaR with reference to the limit above, are calculated during the financial year end 28 February 2021. Market price risk Market price risk arises mainly from uncertainty about future prices of financial instruments held. It represents the potential loss the Sub-fund might suffer through holding market positions in the face of price movements. This means the value of an investor’s holding may go down as well as up and an investor may not recover the amount invested. Investors should consider the degree of exposure of the Sub-fund in the context of all their investments. The Sub-funds’ investment portfolio is exposed to market price fluctuations, which are monitored by the Company as per the policies as set out in the Prospectus. The investment guidelines and investment and borrowing powers set out in the Instrument of Incorporation, the Prospectus and in the Financial Conduct Authority’s Collective Investment Schemes Sourcebook describe the nature of the market risk to which the Sub-funds will be exposed. Currency risk Although the Sub-funds’ capital and income are denominated in sterling, a proportion of the Sub-funds’ investments may have currency exposure and, as a result, the income and capital value of the Sub-funds are affected by currency movements. Currency risk is the risk that the value of the Sub-funds’ investments will fluctuate as a result of changes in currency exchange rates. For Sub-funds where a proportion of the net assets of the Sub-fund is denominated in currencies other than sterling, the balance sheet can be affected by movements in exchange rates. The Company monitors the currency exposure of the Sub-funds and may seek to manage exposure to currency movements by using forward exchange contracts or by hedging the sterling value of investments that are priced in other currencies.

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Accounting Policies and Risk Management Policies continued

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

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Accounting Policies and Risk Management Policies continued

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

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

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

Asset Allocation Manager’s Report for the year ended 28 February 2021 Introduction This report covers the MI Brewin Dolphin Select Managers Funds and their underlying mandates for the 12 months to the end of February 2021. Market Review The twelve-month period to the end of February 2021 saw financial markets and economies disrupted by COVID-19 although all major equity markets have ultimately risen higher, with the FTSE World gaining c.19%. The COVID-19 pandemic peaked globally in March from which point we observed central and governments deploy measures to support the economy, simultaneously around the world. Governments implemented restrictions to help alleviate pressures on the health system. China and other Asian economies have generally been effective in restricting the spread of the disease while there have been a variety of approaches to lockdown in the West with varying degrees of success. As a result, the global economy took a huge hit with the travel & leisure, energy and bank sectors most negatively impacted. Downward pressure on energy prices was also compounded by Saudi Arabia’s decision to flood global markets with a supply of oil. In addition, Central Banks were quick to offer support, and this came in many forms: support for borrowers and currency markets; lower interest rates and an expansion of quantitative easing programs. During the peak phase of the crisis the US Federal Reserve was buying $1 million of bonds per second. Central bankers are signalling a “lower for longer” rates environment which is supportive for both bond and equity prices. The Democratic win in the US election, positive vaccine news and rising stock prices had made investors very bullish by the end of 2020. In addition, the UK managed to avoid a no-deal Brexit which was taken positively by the markets. However, more transmissible variants of the virus materialised and together with the slower than expected vaccine rollouts, this has caused delays to economies reopening fully. There is some positive news, however, as more vaccine producers have delivered positive trial results e.g. Johnson & Johnson vaccine, which is logistically less complex to administer and store.

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Asset Allocation Manager’s Report continued As the vaccine rolls-out have progressed we have seen defensive sectors of the global equity market sharply underperform. After the surge last November, value stocks settled into a range vs to their growth stock counterparts. In mid-February, value stocks rose, finally responding to the macro fundamentals that were moving in their favour. Performance Activity and Attribution The MI Select Managers Bond Fund has given a total return of 0.2% (Institutional Accumulation) over the year to the end of February 2021 based on published NAV provided by Maitland Institutional Services Limited. This was an outperformance of the MorningStar UK Gilt index which returned -4.3% but an underperformance compared to the MorningStar UK Corporate Bond index which returned 1.6%. The Insight UK Government All Maturities generated a return of -3.5% outperforming the Gilt Index, whilst the PIMCO UK Corporate Bond strategy generated a return of 0.4% which lagged the broader based UK Corporate Bond Index. In August, the DWS UK Index-Linked Gilt mandate was converted to a US Long-dated TIPS mandate to benefit from the lower breakevens and higher nominal yields in the region. The duration of the mandate remained largely unchanged. In January, the DWS mandate converted from a long-dated US TIPS index to an All Maturities US TIPS index which reduced the overall Sub-fund duration from c.9.8 years to c.8.9 years. The strategy remains hedged to GBP and continues to reflect our views on the US TIPS market. Over the 12 months, the DWS mandate returned -0.51% with the underperformance caused by the index linked gilt exposure earlier in the year and the recent underperformance of US TIPS. The overseas exposure in the Robeco Global Credits strategy helped performance within the Sub-fund however, generating a gain of 3.2%. Outlook A growth rotation is starting to play out in the two main engines of the global economy, the US and China. That said, given the 100 year centenary of the Chinese Communist party in July, the authorities have a strong incentive to maintain adequate policy support. The UK economy was hit very hard by the crisis given its high exposure to services, but optimism towards the economy is improving and it should be a beneficiary as lives begins to return to normal. Vaccines are being administered globally and in the developed world, the most vulnerable cohorts of society should be protected very soon. Given ample slack around the global economy, an imminent inflation problem is not likely. But risks appear to be skewed to the upside for a host of reasons, including globalization headwinds and large central bank financed government deficits. Although the recent pullback has taken some hot air out of the equity market, the dominant market emotion remains one of greed over fear. Equity and bond markets will be supported by the favourable profit and monetary policy backdrop. But high sentiment suggests that returns over the next six months will be much more restrained than they have been over the past six months.

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Portfolio Statement as at 28 February 2021 Market % of total value net assets Holding Security £ 2021 Canadian dollar denominated government debt securities 0.30% (0.00%) C$6,137,000 Canadian Government 1.5% 01.08.21 3,487,272 0.30 Euro denominated asset backed securities 0.47% (1.04%) €900,000 Bumper Series 10 A 190,960 0.01 €2,900,000 Cars Alliance Auto Leases France Series 20-1FRV ClA 2,550,696 0.22 €200,000 Newgate Funding Series 07-3X A2B 93,382 0.01 €1,400,000 Red & Black Auto Lease Germany Series 3 A 1,227,515 0.11 €1,600,000 Volkswagen Car Lease Series 32 A 1,398,642 0.12 5,461,195 0.47 Euro denominated corporate debt securities 12.74% (11.09%) €2,500,000 ABN Amro Bank 1.25% 28.05.25 2,268,567 0.20 €1,400,000 ABN Amro Bank 4.375% Variable Perpetual 1,281,611 0.11 €640,000 AIB 1.875% 19.11.29 558,443 0.05 €690,000 AIB 2.875% Variable 30.05.31 626,795 0.05 €370,000 American Honda Finance 1.95% 18.10.24 343,485 0.03 €800,000 American Tower 0.5% 15.01.28 687,684 0.06 €2,250,000 Anheuser-Busch Inbev SA 3.7% 02.04.40 2,610,492 0.23 €647,000 ASR Nederland 3.375% 02.05.49 623,365 0.05 €100,000 2.124% 01.10.30 91,027 0.01 €700,000 Atlantia Spa 1.875% 12.02.28 600,085 0.05 €200,000 Auchan 3.25% 23.07.27 200,461 0.02 €400,000 1.375% 13.09.27 345,304 0.03 €237,000 Ball 0.875% 15.03.24 206,100 0.02 €1,160,000 Ball 4.375% 15.12.23 1,110,612 0.10 €1,000,000 Banca Monte Dei Paschi 2.625% 28.04.25 898,175 0.08 €800,000 Banco Bilbao Vizcaya 6% Variable Perpetual 767,894 0.07 €800,000 Banco Bilbao Vizcaya 8.875% Variable Perpetual 699,467 0.06 €1,300,000 Banco Comercial Portugues 1.125% Variable 12.02.27 1,099,663 0.10 €400,000 Banco de Sabadell 1.125% 27.03.25 346,567 0.03 €200,000 Banco de Sabadell 1.125% Variable 11.03.27 177,524 0.02 €1,300,000 Banco de Sabadell 1.75% 10.05.24 1,151,857 0.10 €1,200,000 Banco de Sabadell 2% 17.01.30 1,011,289 0.09 €1,400,000 Banco de Sabadell 5.375% 12.12.28 1,322,861 0.11 €800,000 Banco de Sabadell 5.625% 06.05.26 814,474 0.07 €400,000 4.375% Variable Perpetual 346,716 0.03 €271,000 Bank of Ireland 0.75% 08.07.24 238,529 0.02 €880,000 Bank of Ireland 2.375% Variable 14.10.29 781,794 0.07 €600,000 Bankia 0.875% 25.03.24 532,715 0.05 €500,000 Bankia 1% 25.06.24 443,833 0.04 €2,200,000 Bankia 3.375% 15.03.27 1,962,122 0.17 €1,500,000 Bankia Variable 15.02.29 1,398,134 0.12 €1,100,000 Bankinter 0.625% 06.10.27 954,740 0.08 €1,300,000 Bankinter 0.875% 08.07.26 1,148,463 0.10 €336,000 Barclays 1.5% 03.09.23 303,056 0.03 €810,000 Barclays 2% Variable 07.02.28 719,303 0.06 €200,000 Becton Dickinson 1.213% 12.02.36 173,745 0.02

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Portfolio Statement continued Market % of total value net assets Holding Security £ 2021 Euro denominated corporate debt securities (continued) €1,206,000 Berkshire Hathaway 0.5% 15.01.41 950,149 0.08 €700,000 Bevco Lux Sarl 1.5% 16.09.27 641,507 0.06 €200,000 Blackstone Property Partners Europe 2.2% 24.07.25 185,609 0.02 €150,000 BMW Finance 0% 14.04.23 130,555 0.01 €3,420,000 BNG Bank 0.375% 14.01.22 2,997,147 0.26 €900,000 BPCE 0.625% 28.04.25 800,155 0.07 €7,018,000 Bundesobligation 0% 09.04.21 6,097,276 0.53 €200,000 CA Immobilien Anlagen 1% 27.10.25 173,065 0.01 €200,000 Caixabank 0.375% 18.11.26 172,447 0.01 €300,000 Caixabank 0.5% Variable 09.02.29 255,300 0.02 €300,000 Caixabank 1.125% 17.05.24 268,899 0.02 €1,700,000 Caixabank 1.375% 19.06.26 1,527,948 0.13 €900,000 Caixabank 2.25% 17.04.30 811,920 0.07 €900,000 Caixabank 2.75% 14.07.28 813,705 0.07 €3,160,000 Carnival 7.625% 01.03.26 2,930,756 0.25 €600,000 CBRE Global Investors Open-Ended Fund 0.5% 27.01.28 513,542 0.04 €200,000 Ceetrus 2.75% 26.11.26 186,345 0.02 €823,000 Celanese US 2.125% 01.03.27 766,529 0.07 €600,000 Cellnex Finance 2% 15.02.33 504,833 0.04 €2,600,000 Cellnex Telecom SA 1.75% 23.10.30 2,218,302 0.19 €700,000 Chanel Ceres 0.5% 31.07.26 611,847 0.05 €535,000 CNH Industrial 0% 01.04.24 462,859 0.04 €1,620,000 CNH Industrial 1.875% 19.01.26 1,508,479 0.13 €100,000 CNP Assurances 4.75% Variable Perpetual 97,714 0.01 €370,000 Coca-Cola European 1.5% 08.11.27 344,497 0.03 €1,237,000 Conti-Gummi Finance 1.125% 25.09.24 1,108,883 0.10 €600,000 Cooperative 4.375% Variable Perpetual 572,648 0.05 €1,300,000 CPI Property 1.5% 27.01.31 1,091,561 0.09 €900,000 CPI Property 1.625% 23.04.27 797,506 0.07 €2,200,000 Credit Agricole London 0.5% 24.06.24 1,936,439 0.17 €416,000 3.25% 02.04.26 404,193 0.03 €991,000 Crown Euro 0.75% 15.02.23 859,868 0.07 €597,000 Crown Euro 2.25% 01.02.23 531,861 0.05 €100,000 Cyrusone 1.45% 22.01.27 87,251 0.01 €956,000 Danske Bank 1.5% 02.09.30 843,551 0.07 €932,000 Danske Bank Variable 21.06.29 852,248 0.07 €700,000 1.375% Variable 17.02.32 604,309 0.05 €800,000 Deutsche Bank 1.625% 20.01.27 723,973 0.06 €400,000 Deutsche Bank 1.75% Variable 19.11.30 359,947 0.03 €900,000 Digital Intrepid 0.625% 15.07.31 750,077 0.06 €2,638,000 Dow Chemical 0.5% 15.03.27 2,279,960 0.20 €777,000 DP World 2.375% 25.09.26 714,314 0.06 €300,000 Eiffage 1.625% 14.01.27 273,454 0.02 €1,600,000 Electricite de France 5% Perpetual 1,551,434 0.13 €792,000 Elm (Helvetia Schweiz) 3.375% 29.09.47 770,845 0.07 €1,110,000 Emirates Telecom 2.75% 18.06.26 1,095,287 0.09

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Portfolio Statement continued Market % of total value net assets Holding Security £ 2021 Euro denominated corporate debt securities (continued) €700,000 Equinix 0.25% 15.03.27 603,004 0.05 €700,000 Erste Group Bank 1.625% Variable 08.09.31 627,621 0.05 €900,000 European Union 0% 04.11.25 798,657 0.07 €1,400,000 European Union 0% 04.10.30 1,226,043 0.11 €1,000,000 European Union 0% 04.07.35 842,923 0.07 €650,000 Fairfax Financial 2.75% 29.03.28 612,545 0.05 €900,000 FFP 1.875% 30.10.26 775,635 0.07 €670,000 Fomento Economico Mexicano 1.75% 20.03.23 599,355 0.05 €1,058,000 Fresenius Medical Care 0.25% 29.11.23 924,156 0.08 €1,470,000 General Motors 0.85% 26.02.26 1,295,169 0.11 €1,000,000 Global Switch Finance 1.375% 07.10.30 872,478 0.08 €200,000 Globalworth Real Estate 2.95% 29.07.26 184,725 0.02 €450,000 1.25% 01.05.25 404,236 0.03 €500,000 H Lundbeck A/S 0.875% 14.10.27 437,796 0.04 €500,000 Heathrow 1.5% 12.10.25 448,502 0.04 €1,020,000 Heineken 1.5% 03.10.29 968,815 0.08 €972,000 Heineken 1.75% 07.05.40 912,607 0.08 €700,000 Holding D’Infrastructure 0.625% 27.03.23 613,881 0.05 €800,000 Holding D’Infrastructure 1.625% 18.09.29 728,044 0.06 €1,100,000 Holding D’Infrastructure 2.5% 04.05.27 1,061,975 0.09 €630,000 HSBC Holdings Floating Rate Note 05.10.23 549,017 0.05 €910,000 Huntsman International 4.25% 01.04.25 887,957 0.08 €100,000 IHO Verwaltungs GMBH 3.75% 15.09.26 88,325 0.01 €100,000 IMCD 2.5% 26.03.25 89,910 0.01 €500,000 Immofinanz 2.5% 15.10.27 453,143 0.04 €500,000 Indigo SAS 1.625% 19.04.28 456,588 0.04 €100,000 Infineon Technologies 1.625% 24.06.29 93,376 0.01 €400,000 Informa 2.125% 06.10.25 365,356 0.03 €453,000 Intercontinental Hotels 2.125% 15.05.27 416,412 0.04 €600,000 JAB Holdings 2.25% 19.12.39 562,780 0.05 €2,920,000 Johnson & Johnson 0.65% 20.05.24 2,601,038 0.22 €200,000 Kennedy Wilson 3.25% 12.11.25 180,358 0.02 €200,000 LA Mondiale 2.125% 23.06.31 177,899 0.02 €979,000 Leaseplan 0.125% 13.09.23 849,921 0.07 €2,200,000 Leaseplan 0.25% 23.02.26 1,893,934 0.16 €720,000 Leaseplan 0.75% 03.10.22 632,374 0.05 €1,920,000 Leaseplan Variable Perpetual 1,804,270 0.16 €2,316,000 Lincoln Financing 3.625% 01.04.24 2,027,520 0.18 €900,000 Logicor Financing 3.25% 13.11.28 906,787 0.08 €700,000 LYB International Finance 0.875% 17.09.26 622,255 0.05 €100,000 Mohawk Capital Finance 1.75% 12.06.27 91,845 0.01 €1,003,000 Molson Coors Brewing 1.25% 15.07.24 898,534 0.08 €1,600,000 Natwest 0.78% Variable 26.02.30 1,386,518 0.12 €400,000 NE Property 3.375% 14.07.27 377,446 0.03 €500,000 Netflix 3.625% 15.06.30 509,898 0.04 €400,000 Netflix 3.875% 15.11.29 413,728 0.04

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Portfolio Statement continued Market % of total value net assets Holding Security £ 2021 Euro denominated corporate debt securities (continued) €100,000 Netflix 4.625% 15.05.29 107,680 0.01 €400,000 NIBC Bank 1% 24.01.28 372,091 0.03 €1,200,000 NIBC Bank 2% 09.04.24 1,088,101 0.09 €910,000 NIBC Bank 6% Variable Perpetual 799,846 0.07 €100,000 NN 4.5% Variable Perpetual 98,363 0.01 €100,000 NN 4.625% 13.03.48 103,106 0.01 €300,000 Nortegas Energia Distribucion 0.905% 22.01.31 260,523 0.02 €500,000 Nova Ljubljanska Banka 3.4% Variable 05.02.30 397,248 0.03 €1,400,000 Nykredit Realkredit AS 0.375% 17.01.28 1,196,527 0.10 €250,000 Parker-Hannifin 1.125% 01.03.25 225,600 0.02 €600,000 Permanent TSB 2.125% Variable 26.09.24 524,763 0.05 €1,000,000 Raiffeisen Bank 0.25% 22.01.25 875,380 0.08 €1,200,000 Raiffeisen Bank 6% Variable Perpetual 1,120,497 0.10 €400,000 Raiffeisen Bank Variable 12.03.30 349,644 0.03 €507,000 Relx Finance 0% 18.03.24 440,704 0.04 €400,000 Rolls-Royce 4.625% 16.02.26 371,375 0.03 €715,000 Royal Bank of 2.5% 22.03.23 652,455 0.06 €300,000 Sagax Euro MTN 0.75% 26/01/2028 257,369 0.02 €300,000 Samhallsbyggnadsbolaget 1% 12.08.27 259,469 0.02 €800,000 Sampo 3.375% Variable 23.05.49 794,001 0.07 €1,857,000 Santander UK Variable 28.02.25 1,618,468 0.14 €200,000 Sato Oyj 1.375% 24.02.28 177,835 0.02 €800,000 Schaeffler 1.875% 26.03.24 717,301 0.06 €300,000 Schaeffler 2.75% 12.10.25 275,863 0.02 €400,000 SEB 1.375% 16.06.25 356,993 0.03 €450,000 SGSP Australia Assets 2% 30.06.22 400,117 0.03 €333,000 Shinhan Bank 4% 23.04.29 265,369 0.02 €600,000 Sixt 1.75% 09.12.24 533,827 0.05 €490,000 Skandinaviska Enskilda 0.75% 15.11.27 451,537 0.04 €600,000 Societe Generale 0.875% Variable 22.09.28 529,602 0.05 €1,200,000 Societe Generale 1.25% 12.06.30 1,074,457 0.09 €376,000 SRLEV 9% Variable 15.04.41 328,378 0.03 €398,000 Svenska Handelsbanken 1% 15.04.25 361,016 0.03 €3,012,000 Swedbank AB 0.2% 12.01.28 2,568,239 0.22 €100,000 Sydney Airport Finance 1.75% 26.04.28 92,550 0.01 €300,000 Symrise 1.375% 01.07.27 273,231 0.02 €1,300,000 Syngenta Finance 1.25% 10.09.27 1,082,612 0.09 €2,650,000 Syngenta Finance 3.375% 16.04.26 2,428,668 0.21 €800,000 TDF Infrastructure 2.5% 07.04.26 756,724 0.07 €100,000 Telecom Italia Spa 2.5% 19.07.23 90,801 0.01 €473,000 Temasek Financial 1.5% 01.03.28 445,505 0.04 €1,170,000 Tesco Treasury 0.375% 27.07.29 997,526 0.09 €1,000,000 Tesco Treasury Services 1.375% 24.10.23 896,859 0.08 €558,000 Thermo Fisher Scientific 0.125% 01.03.25 485,532 0.04 €300,000 Tornator OYJ 1.25% 14.10.26 271,058 0.02 €900,000 Verizon Communications 2.875% 15.01.38 959,254 0.08

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Portfolio Statement continued Market % of total value net assets Holding Security £ 2021 Euro denominated corporate debt securities (continued) €807,000 Vodafone 3% 27.08.80 715,965 0.06 €400,000 Volkswagen Bank GMBH 2.5% 31.07.26 383,656 0.03 €740,000 Volkswagen Financial Services 1.5% 01.10.24 668,910 0.06 €1,700,000 Volkswagen International Finance 3.875% Variable Perpetual 1,565,511 0.14 €1,196,000 Westlake Chemical 1.625% 17.07.29 1,066,954 0.09 €200,000 ZF Capital 2.75% 27.04.23 178,885 0.02 €600,000 ZF Europe Finance 1.25% 23.10.23 518,336 0.04 €200,000 ZF Europe Finance 2.5% 23.10.27 174,181 0.02 €2,100,000 ZF Europe Finance 3% 23.10.29 1,864,001 0.16 €400,000 ZF Finance GMBH 3.75% 21.09.28 371,081 0.03 €4,190,000 Zimmer Biomet 1.164% 15.11.27 3,786,679 0.33 147,331,525 12.74 Euro denominated government debt securities 0.05% (1.16%) €600,000 Bundesrepublic Deutschland 0% 15.08.30 537,781 0.05 Collective Investment Scheme investments* 4.21% (3.75%) 22,935,233 Insight GBP Liquidity Fund 2 Accumulation** 22,935,233 1.98 630,000 Insight GFII Emerging Markets Debt Fund** 5,140,800 0.45 200,200 Pimco Sterling Short Maturity ETF GBP** 20,578,558 1.78 48,654,591 4.21 denominated asset backed securities 1.04% (0.69%) £600,000 Alba Series 06-2 A3A 197,360 0.02 £500,000 Atlas Funding Series 21-1 A 501,396 0.04 £1,000,000 Avon Finance Series 2X A 972,987 0.08 £1,200,000 Canada Square Funding Series 19-1 A 892,299 0.08 £300,000 Eurohome UK Mortgages Series 07-1 A 67,718 0.01 £200,000 EuroMaster Series 07-1V A2 76,468 0.01 £600,000 Finsbury Square Series 18-1 A 164,253 0.01 £500,000 Finsbury Square Series 18-2 A 301,511 0.03 £1,300,000 Gemgarto Series 21-1X A 1,300,738 0.11 £200,000 Gosforth Funding Series 18-1X A2 116,894 0.01 £200,000 Great Hall Mortgages Series 06-1 A2A 24,876 0.00 £2,500,000 Great Hall Mortgages Series 07-1 A2A 520,442 0.05 £100,000 Harben Finance Series 17-1X A 63,404 0.01 £600,000 Hawksmoor Mortgages Series 19-1X A 491,618 0.04 £500,000 Hops Hill Series 1 A 501,677 0.04 £800,000 Ludgate Funding Series 08-W1X A1 264,787 0.02 £500,000 Precise Mortgage Funding Series 17-1B A 325,101 0.03 £300,000 Precise Mortgage Funding Series 18-1B A 151,438 0.01 £900,000 Residential Mortgage Securities Series 32X A 858,657 0.07 £100,000 Ripon Mortgages Series 1X A1 63,370 0.01 £1,300,000 RMAC Series 18-1 A 935,280 0.08 £600,000 RMAC Series 18-2 A 451,967 0.04 £200,000 Silverstone Master Issuer Series 19-1X 2A 133,312 0.01 £900,000 Stratton Mortgage Funding Series 21-2X A 892,594 0.08

18 MI Select Managers Bond Fund MI Select Managers Bond Fund

Portfolio Statement continued Market % of total value net assets Holding Security £ 2021 Pound sterling denominated asset backed securities (continued) £700,000 Towd Point Mortgage Series 19-GR4X Cl A1 482,667 0.04 £200,000 Trinity Square Series 15-1X A 77,011 0.01 £1,100,000 Twin Bridges Series 21-1 A 1,100,000 0.10 11,929,825 1.04 Pound sterling denominated corporate debt securities 23.28% (24.06%) £1,100,000 3i 3.75% 05.06.40 1,210,827 0.10 £200,000 AA Bond 2.75% 31.07.23 201,518 0.02 £834,000 AA Bond 2.875% 31.01.22 838,987 0.07 £2,700,000 AA Bond 4.875% 31.07.24 2,865,321 0.25 £1,716,000 AA Bond 5.5% 31.07.27 1,899,476 0.16 £2,800,000 Abertis Infrastructure 3.375% 27.11.26 3,004,204 0.26 £1,760,000 Aeroporti di Roma Spa 5.441% 20.02.23 1,875,148 0.16 £500,000 American International 5% 26.04.23 544,547 0.05 £300,000 Amgen 4% 13.09.29 357,622 0.03 £400,000 Anglian Water Services Financing 2.75% 26.10.29 438,623 0.04 £1,800,000 Anheuser-Busch Inbev 2.85% 25.05.37 1,909,340 0.17 £600,000 Annington Funding 2.646% 12.07.25 632,382 0.05 £1,200,000 Annington Funding 3.184% 12.07.29 1,299,613 0.11 £400,000 Annington Funding 3.685% 12.07.34 459,108 0.04 £100,000 APT Pipelines 3.5% 22.03.30 111,457 0.01 £1,950,000 Aroundtown 3% 16.10.29 2,055,559 0.18 £100,000 Aroundtown 3.25% 18.07.27 107,756 0.01 £1,500,000 Aroundtown 3.625% 10.04.31 1,653,386 0.14 £500,000 Arqiva Financing 5.34% 30.06.30 607,945 0.05 £300,000 Assura Financing 3% 19.07.28 332,193 0.03 £4,500,000 AT&T 4.25% 01.06.43 5,300,495 0.46 £900,000 AT&T 4.375% 14.09.29 1,058,368 0.09 £200,000 AT&T 4.875% 01.06.44 255,920 0.02 £100,000 AT&T 5.2% 18.11.33 128,950 0.01 £400,000 AT&T 5.5% 15.03.27 488,798 0.04 £1,520,000 Aviva 6.125% Variable 14.11.36 1,828,728 0.16 £100,000 Aviva 6.625% Variable 03.06.41 101,464 0.01 £400,000 AXA 5.625% 16.01.54 501,054 0.04 £700,000 AXA Variable Perpetual 804,376 0.07 £700,000 Banco Bilbao 3.104% Variable 15.07.31 726,411 0.06 £400,000 2.3% 25.07.25 424,406 0.04 £500,000 Bank of America 4.25% 10.12.26 587,152 0.05 £140,000 Bank of Ireland 3.125% 19.09.27 142,486 0.01 £2,300,000 Banque Federative Credit Mutuel 0.875% 07.12.27 2,239,780 0.19 £400,000 Banque Federative Credit Mutuel 1.75% 19.12.24 413,900 0.04 £500,000 Barclays 1.7% 03.11.26 507,346 0.04 £200,000 Barclays 3.125% 17.01.24 211,231 0.02 £800,000 Barclays 3.25% 12.02.27 867,336 0.08 £900,000 Barclays 3.25% 17.01.33 988,091 0.09 £679,000 Barclays 6.375% Variable Perpetual 731,988 0.06

MI Select Managers Bond Fund 19 MI Select Managers Bond Fund

Portfolio Statement continued Market % of total value net assets Holding Security £ 2021 Pound sterling denominated corporate debt securities (continued) £250,000 Barclays 10% 21.05.21 255,055 0.02 £200,000 Barclays Variable Perpetual 222,660 0.02 £100,000 Becton Dickinson 3.02% 24.05.25 106,756 0.01 £1,500,000 Bellis Acquisition 3.25% 16.02.26 1,517,841 0.13 £1,100,000 Berkshire Hathaway 2.375% 19.06.39 1,179,035 0.10 £100,000 BMW 0.75% 08.03.24 100,040 0.01 £900,000 BMW 1.375% 01.10.24 916,965 0.08 £800,000 BNP Paribas 1.25% 13.07.31 743,437 0.06 £200,000 BP Capital Markets 2.274% 03.07.26 211,164 0.02 £500,000 BPCE 2.125% 16.12.22 514,665 0.04 £400,000 BPCE 5.25% 16.04.29 492,825 0.04 £1,100,000 British Land 2.375% 14.09.29 1,099,446 0.10 £1,100,000 British Telecommunications 3.125% 21.11.31 1,190,881 0.10 £400,000 Broadgate Financing 5.098% 05.04.33 411,896 0.04 £400,000 Bunzl Finance 1.5% 30.10.30 389,126 0.03 £500,000 Bunzl Finance 2.25% 11.06.25 524,500 0.05 £500,000 Burberry 1.125% 21.09.25 494,373 0.04 £1,050,000 Cadent Finance 2.125% 22.09.28 1,089,092 0.09 £1,600,000 Cadent Finance 2.75% 22.09.46 1,639,749 0.14 £600,000 Caisse D’Amort Dette 0.125% 15.12.25 587,540 0.05 £1,000,000 1.75% 23.10.26 1,023,650 0.09 £400,000 Citigroup 4.5% 03.03.31 485,577 0.04 £1,050,000 Citigroup 5.15% 21.05.26 1,256,209 0.11 £500,000 CK Hutchison 2% 17.10.27 507,516 0.04 £200,000 Clarion Funding 1.25% 13.11.32 189,884 0.02 £1,200,000 Clarion Funding 2.625% 18.01.29 1,300,080 0.11 £800,000 Clarion Housing 3.125% 19.04.48 935,000 0.08 £300,000 CNP Assurances Variable 30.09.41 310,893 0.03 £400,000 Comcast 1.875% 20.02.36 390,720 0.03 £100,000 Compass 2% 03.07.29 104,689 0.01 £1,200,000 Cooperative Rabobank 4.625% 23.05.29 1,428,254 0.12 £500,000 Cooperative Rabobank 5.25% 14.09.27 604,695 0.05 £100,000 CPI Property 2.75% 22.01.28 100,523 0.01 £700,000 Credit Suisse 2.125% 12.09.25 724,783 0.06 £1,500,000 Credit Suisse 2.25% Variable 09.06.28 1,549,520 0.13 £100,000 Credit Suisse 2.75% 08.08.25 106,791 0.01 £100,000 CRH Finance 4.125% 02.12.29 119,371 0.01 £1,100,000 CYBG Variable 25.09.26 1,192,708 0.10 £300,000 CYBG Variable 14.12.28 342,324 0.03 £700,000 Deutsch Bahn 1.875% 13.02.26 735,217 0.06 £700,000 Deutsche Bank 1.875% 22.12.28 687,002 0.06 £5,000,000 Deutsche Bank 2.625% 16.12.24 5,210,492 0.45 £600,000 Deutsche Telekom 2.5% 10.10.25 642,888 0.06 £400,000 Dexia Credit Local 1.625% 08.12.23 413,760 0.04 £500,000 Digital Stout 3.3% 19.07.29 550,109 0.05 £400,000 Direct Line 4% 05.06.32 441,256 0.04

20 MI Select Managers Bond Fund MI Select Managers Bond Fund

Portfolio Statement continued Market % of total value net assets Holding Security £ 2021 Pound sterling denominated corporate debt securities (continued) £100,000 Discovery Communications 2.5% 20.09.24 104,316 0.01 £1,050,000 E.On International Finance 5.875 % 30.10.37 1,539,549 0.13 £1,300,000 E.On International Finance 6.375% 07.06.32 1,853,210 0.16 £1,000,000 Eastern Power Networks 1.875% 01.06.35 986,230 0.09 £100,000 Eastern Power Networks 5.75% 08.03.24 114,880 0.01 £1,100,000 Electricite de France 5.5% 27.03.37 1,538,101 0.13 £2,300,000 Electricite de France 5.5% 17.10.41 3,294,752 0.28 £200,000 Electricite de France 6% 23.01.14 327,612 0.03 £1,400,000 Electricite de France 6% Variable Perpetual 1,562,666 0.14 £300,000 Electricite de France 6.125% 02.06.34 431,264 0.04 £1,300,000 Enel Finance 1% 20.10.27 1,272,545 0.11 £500,000 Enel Finance 5.75% 14.09.40 741,630 0.06 £2,050,000 European International Bank 4.5% 07.06.29 2,627,815 0.23 £100,000 European International Bank 6% 07.12.28 138,198 0.01 £1,900,000 European Investment Bank 3.75% 07.12.27 2,271,885 0.20 £2,300,000 European Investment Bank 5.625% 07.06.32 3,376,746 0.29 £1,000,000 Fidelity National Information Services 3.36% 21.05.31 1,115,011 0.10 £200,000 Fiserv 3% 01.07.31 216,782 0.02 £1,000,000 Ford Motor Credit 2.748% 14.06.24 1,008,520 0.09 £600,000 Ford Motor Credit 4.535% 06.03.25 640,224 0.06 £3,050,000 GE Capital UK Funding 5.875% 18.01.33 4,073,712 0.35 £550,000 General Electric 4.875% 18.09.37 624,443 0.05 £300,000 General Electric 5.25% 07.12.28 369,018 0.03 £1,327,000 General Electric 5.375% 18.12.40 1,755,581 0.15 £1,929,000 GlaxoSmithKline Capital 1.625% 12.05.35 1,844,959 0.16 £500,000 GlaxoSmithKline Capital 3.375% 20.12.27 571,660 0.05 £400,000 GlaxoSmithKline Capital 5.25% 19.12.33 560,193 0.05 £2,000,000 Goldman Sachs 3.125% 25.07.29 2,227,120 0.19 £800,000 Goldman Sachs 4.25% 29.01.26 916,911 0.08 £1,000,000 Grainger 3% 03.07.30 1,046,843 0.09 £1,500,000 Grainger 3.375% 24.04.28 1,620,305 0.14 £300,000 Greene King Finance 3.593% 15.03.35 300,524 0.03 £400,000 Greene King Finance 4.064% 15.03.35 340,526 0.03 £600,000 Greene King Finance 5.106% 15.03.34 670,332 0.06 £1,850,000 Greene King Finance 5.318% 15.09.31 1,323,568 0.11 £1,400,000 Heathrow Funding 2.75% 13.10.29 1,431,596 0.12 £700,000 Heathrow Funding 2.75% 09.08.49 660,727 0.06 £200,000 Heathrow Funding 4.625% 31.10.46 248,487 0.02 £300,000 Heathrow Funding 5.875% 13.05.41 415,905 0.04 £200,000 Heathrow Funding 6.45% 10.12.31 271,769 0.02 £200,000 Heathrow Funding 6.75% 03.12.26 250,921 0.02 £750,000 HSBC Bank 4.75% 24.03.46 1,014,758 0.09 £1,600,000 HSBC Bank 5.844% Variable Perpetual 2,260,608 0.20 £500,000 HSBC Holdings 2.625% 16.08.28 531,354 0.05 £1,800,000 HSBC Holdings Variable 22.07.28 1,935,879 0.17 £1,900,000 HSBC Variable 29.05.30 2,041,390 0.18

MI Select Managers Bond Fund 21 MI Select Managers Bond Fund

Portfolio Statement continued Market % of total value net assets Holding Security £ 2021 Pound sterling denominated corporate debt securities (continued) £1,400,000 Informa 3.125% 05.07.26 1,466,976 0.13 £2,100,000 ING Groep 1.125% 07.12.28 2,040,003 0.18 £1,000,000 ING Groep 3% 18.02.26 1,085,305 0.09 £3,300,000 Innogy Finance 4.75% 31.01.34 4,210,428 0.36 £500,000 Innogy Finance 6.125% 06.07.39 767,765 0.07 £535,000 Intercontinental Hotels 2.125% 24.08.26 532,972 0.05 £560,000 Intercontinental Hotels 3.375% 08.10.28 589,008 0.05 £200,000 Intercontinental Hotels 3.875% 28.11.22 208,889 0.02 £1,500,000 International Finance 0.75% 22.07.27 1,500,482 0.13 £200,000 Intesa Sanpaolo Spa 5.148% 10.06.30 226,617 0.02 £300,000 John Lewis 4.25% 18.12.34 296,061 0.03 £1,500,000 John Lewis 6.125% 21.01.25 1,677,317 0.15 £1,000,000 Kennedy Wilson 3.95% 30.06.22 1,011,710 0.09 £2,460,000 KFW 0.125% 30.12.26 2,391,205 0.21 £100,000 KFW 5.75% 07.06.32 148,242 0.01 £850,000 Kraft Heinz Foods 4.125% 01.07.27 943,347 0.08 £500,000 Land Securities 1.974% 08.02.24 512,663 0.04 £300,000 Land Securities 2.399% 08.02.29 312,347 0.03 £400,000 Land Securities 2.625% 22.09.37 417,742 0.04 £150,000 LCR Finance 4.5% 07.12.38 221,678 0.02 £1,100,000 Legal & General 5.375% 27.10.45 1,257,674 0.11 £400,000 Legal & General 5.5% 27.06.64 480,292 0.04 £400,000 Legal & General Group Variable 01.11.50 442,450 0.04 £1,600,000 Liberty Living Finance 3.375% 28.11.29 1,712,062 0.15 £1,171,000 Lloyds Bank 1.5% 23.06.23 1,193,450 0.10 £1,000,000 Lloyds Bank 4.875% 30.03.27 1,234,475 0.11 £1,700,000 Lloyds Banking 2.25% 16.10.24 1,766,912 0.15 £527,000 Lloyds Banking 2.707% 03.12.35 526,512 0.05 £1,420,000 Lloyds Banking Variable 5.125% Perpetual 1,457,656 0.13 £700,000 Logicor Financing 2.75% 15.01.30 726,845 0.06 £1,700,000 London & Quadrant Housing 2% 20.10.38 1,646,826 0.14 £100,000 London Power Networks 6.125% 07.06.27 128,634 0.01 £1,000,000 LVMH Moet Hennessy Louis Vuitton 1.125% 11.02.27 994,009 0.09 £390,000 M&G Variable 20.07.49 410,482 0.04 £1,700,000 M&G Variable 20.07.55 1,927,052 0.17 £400,000 Man Air Fund 2.875% 30.09.44 380,252 0.03 £600,000 Man Air Fund 4.75% 31.03.34 723,994 0.06 £100,000 Manchester Airport 2.875% 31.03.39 97,774 0.01 £800,000 Marks & Spencer 3.75% 19.05.26 820,834 0.07 £600,000 Marks & Spencer 4.75% 12.06.25 669,610 0.06 £800,000 Massmutual Global Funding 1.375% 15.12.26 816,086 0.07 £400,000 MetLife Global Funding 1.625% 21.09.29 405,934 0.04 £100,000 MetLife Global Funding 2.875% 11.01.23 104,420 0.01 £1,150,000 Mitchells & Butler 5.965% 15.12.23 207,326 0.02 £1,175,000 Mitchells & Butler 6.013% 15.12.28 1,008,902 0.09 £150,000 Mitchells & Butlers 6.469% 15.09.30 157,116 0.01

22 MI Select Managers Bond Fund MI Select Managers Bond Fund

Portfolio Statement continued Market % of total value net assets Holding Security £ 2021 Pound sterling denominated corporate debt securities (continued) £225,000 Mondelez International 4.5% 03.12.35 276,953 0.02 £2,600,000 Morhomes 3.4% 19.02.38 2,810,870 0.24 £1,100,000 Motability Operations 1.5% 20.01.41 1,007,184 0.09 £600,000 Motability Operations 2.375% 14.03.32 643,412 0.06 £400,000 Motability Operations 4.375% 08.02.27 475,353 0.04 £400,000 Motability Operations 6% 29.11.30 548,318 0.05 £1,700,000 MPT Operating Partnership 2.55% 05.12.23 1,725,957 0.15 £1,100,000 MPT Operating Partnership 3.692% 05.06.28 1,162,190 0.10 £300,000 2.375% 20.11.28 306,096 0.03 £600,000 National Express 2.5% 11.11.23 622,549 0.05 £900,000 National Grid 1.375% 16.09.26 912,956 0.08 £500,000 National Grid 1.375% 07.02.31 486,016 0.04 £300,000 National Grid 4% 08.06.27 349,122 0.03 £1,400,000 National Grid Electricity Transmission 1.125% 07.07.28 1,373,551 0.12 £1,680,000 Nationwide Building Society 1% 24.01.23 1,695,041 0.15 £400,000 Nationwide Building Society 5.75% Variable Perpetual 443,558 0.04 £219,000 Nationwide Building Society Variable Perpetual 239,518 0.02 £400,000 Natwest 5.125% Variable Perpetual 418,714 0.04 £2,440,000 Neder Waterschapsbank 0.25% 15.12.25 2,406,567 0.21 £700,000 Neder Waterschapsbank 5.375% 07.06.32 1,003,569 0.09 £800,000 Network Rail 4.75% 29.11.35 1,166,438 0.10 £500,000 New York Life Global 1.25% 17.12.26 506,124 0.04 £2,100,000 New York Life Global 1.625% 15.12.23 2,162,418 0.19 £300,000 Northern Powergrid 1.875% 16.06.62 278,469 0.02 £600,000 Northern Powergrid Yorkshire 4.375% 05.07.32 747,954 0.06 £100,000 Northumbrian Water Finance 2.375% 05.10.27 105,848 0.01 £400,000 Notting Hill Genesis 3.75% 20.12.32 472,867 0.04 £200,000 Notting Hill House Trust 3.25% 12.10.48 231,734 0.02 £200,000 Orange 3.25% 15.01.32 226,478 0.02 £500,000 Orange 5.625% 23.01.34 705,174 0.06 £700,000 Orsted 2.125% 17.05.27 734,745 0.06 £750,000 Orsted 2.5% 16.05.33 809,370 0.07 £100,000 Peabody Capital No.2 3.25% 14.09.48 117,624 0.01 £700,000 Pearson Funding 3.75% 04.06.30 759,570 0.07 £600,000 Petrobras Global Finance 5.375% 01.10.29 672,888 0.06 £1,100,000 Pfizer 2.735% 15.06.43 1,231,593 0.11 £900,000 Places for People 3.625% 22.11.28 1,024,155 0.09 £1,000,000 Places for People Home 5.875% 23.05.31 1,357,062 0.12 £1,400,000 Places for People Treasury 2.875% 17.08.26 1,517,359 0.13 £750,000 Prologis 2.25% 30.06.29 795,845 0.07 £100,000 Province of Alberta 1% 15.11.21 100,587 0.01 £400,000 Province of Quebec 1.5% 15.12.23 412,180 0.04 £300,000 Prudential 6.125% 19.12.31 403,720 0.03 £400,000 Quadgas Finance 3.375% 17.09.29 425,992 0.04 £300,000 RAC Bond 4.565% 06.05.23 310,083 0.03 £800,000 Realty Income 1.625% 15.12.30 792,352 0.07

MI Select Managers Bond Fund 23 MI Select Managers Bond Fund

Portfolio Statement continued Market % of total value net assets Holding Security £ 2021 Pound sterling denominated corporate debt securities (continued) £200,000 Riverside Finance 3.875% 05.12.44 258,900 0.02 £400,000 2.875% Variable 19.09.26 424,892 0.04 £800,000 Royal Bank of Scotland Variable 28.03.27 859,704 0.07 £789,000 RSA Insurance 1.625% 28.08.24 804,974 0.07 £1,400,000 Santander UK 2.92% 08.05.26 1,481,444 0.13 £200,000 Santander UK 3.625% 14.01.26 219,682 0.02 £400,000 Santander UK 6.75% Perpetual 430,532 0.04 £675,000 Santander UK 7.375% Variable Perpetual 700,859 0.06 £300,000 Scotland Gas Network 4.875% 21.12.34 399,073 0.03 £400,000 Shell International 1% 10.12.30 376,294 0.03 £900,000 Shell International 1.75% 10.09.52 749,952 0.06 £350,000 Sky 4% 26.11.29 417,996 0.04 £200,000 SLM Student Loan Trust 03-10 1.065963% 15.12.39 192,744 0.02 £100,000 SNCF Reseau 5% 11.03.52 167,521 0.01 £1,600,000 Societe Generale 1.875% 03.10.24 1,636,968 0.14 £600,000 Society of Lloyds 4.75% 30.10.24 666,439 0.06 £900,000 Society of Lloyds 4.875% Variable 07.02.47 1,027,451 0.09 £200,000 Sodexo 1.75% 26.06.28 201,760 0.02 £100,000 South Electric Power Networks 5.5% 05.06.26 122,019 0.01 £400,000 Southern Electric Power 4.625% 20.02.37 534,476 0.05 £500,000 Southern Electric Power 5.5% 07.06.32 690,851 0.06 £200,000 Southern Gas Network 3.1% 15.09.36 224,009 0.02 £300,000 Southern Gas Network 4.875% 21.03.29 375,128 0.03 £800,000 SP Transmission 2% 13.11.31 822,184 0.07 £200,000 Student Finance 2.6663% 30.09.24 200,134 0.02 £600,000 Telecom Italia 5.875% 19.05.23 655,032 0.06 £700,000 Telereal Secured Finance 4.01% 10.12.31 526,708 0.05 £1,200,000 Telereal Securitisation 1.3657% 10.12.31 1,199,664 0.10 £600,000 Telereal Securitisation 4.9741% 10.09.27 369,245 0.03 £1,250,000 Tesco Property Finance 5.4111% 13.07.24 1,506,074 0.13 £300,000 Tesco Property Finance 5.6611% 13.10.41 384,658 0.03 £480,000 Tesco Property Finance 5.744% 13.04.40 601,280 0.05 £1,900,000 Tesco Property Finance 5.8006% 13.10.40 2,427,042 0.21 £2,220,000 Tesco Property Finance 6.0517% 13.10.39 2,363,319 0.20 £200,000 Thames Water Utilities 3.5% 25.02.28 223,168 0.02 £400,000 Thames Water Utilities 4.375% 03.07.34 496,835 0.04 £200,000 Thames Water Utilities Cayman 2.625% 24.01.32 209,894 0.02 £2,000,000 Time Warner Cable 5.25% 15.07.42 2,549,560 0.22 £600,000 Total Capital International 1.405% 03.09.31 589,518 0.05 £800,000 TP Icap 5.25% 26.01.24 878,392 0.08 £800,000 TP Icap 5.25% 29.05.26 909,832 0.08 £300,000 Trafford Centre 4.75% 28.04.24 316,149 0.03 £600,000 Trafford Centre 7.03% 28.01.29 305,826 0.03 £1,500,000 4.5% 07.09.23 1,605,630 0.14 £3,900,000 Unique Pub Finance 5.659% 30.06.27 2,343,409 0.20 £200,000 Unique Pub Finance 7.395% 28.03.24 210,350 0.02

24 MI Select Managers Bond Fund MI Select Managers Bond Fund

Portfolio Statement continued Market % of total value net assets Holding Security £ 2021 Pound sterling denominated corporate debt securities (continued) £2,000,000 Unite 3.5% 15.10.28 2,180,080 0.19 £100,000 Verizon Communications 3.375% 27.10.36 113,865 0.01 £350,000 Verizon Communications 4.75% 17.02.34 452,828 0.04 £800,000 Virgin Media Secured Finance 4.25% 15.01.30 144A 810,532 0.07 £200,000 Virgin Money 3.125% 22.06.25 208,173 0.02 £100,000 Virgin Money 3.375% 24.04.26 105,278 0.01 £3,000,000 Virgin Money Variable 03.09.27 3,284,365 0.28 £230,000 Vodafone 3.375% 08.08.49 250,010 0.02 £1,400,000 Volkswagen Financial Services 0.875% 20.01.25 1,376,375 0.12 £1,500,000 Volkswagen Financial Services 1.125% 18.09.23 1,503,610 0.13 £2,300,000 & Co 2% 28.07.25 2,383,717 0.21 £600,000 Wells Fargo & Co 2.125% 20.12.23 621,174 0.05 £800,000 Wells Fargo & Co 2.125% 24.09.31 817,486 0.07 £1,400,000 Wells Fargo & Co 2.5% 02.05.29 1,479,478 0.13 £200,000 Wells Fargo & Co 4.625% 02.11.35 263,062 0.02 £550,000 Wells Fargo & Co 4.875% 29.11.13 713,328 0.06 £400,000 Wells Fargo Bank 5.25% 01.08.23 440,380 0.04 £500,000 Welltower 4.8% 20/11/2028 589,633 0.05 £1,100,000 Western Power Distributions 1.75% 20.11.28 1,095,309 0.09 £800,000 Western Power Distributions 2.375% 16.05.29 844,314 0.07 £300,000 Western Power South Wales 5.75% 23.03.40 456,680 0.04 £700,000 Westfield Stratford City 1.642% 04.08.26 691,725 0.06 £1,600,000 Westpac Banking 1% 30.06.22 1,616,684 0.14 £1,850,000 WPP Finance 3.75% 19.05.32 2,053,755 0.18 £100,000 Yorkshire Building Society Variable 18.04.25 105,461 0.01 £400,000 Yorkshire Housing Finance 4.125% 31.10.44 518,992 0.04 268,693,598 23.28 Pound sterling denominated government debt securities 26.39% (41.64%) £22,175,000 Treasury 0.125% 31.01.24 22,113,575 1.91 £13,051,500 Treasury 0.375% 22.10.30 12,486,501 1.08 £5,783,000 Treasury 0.5% 22.07.22 5,819,838 0.50 £5,969,718 Treasury 0.5% 22.10.61 4,464,155 0.39 £28,803,096 Treasury 0.625% 31.07.35 26,700,470 2.31 £12,225,000 Treasury 0.625% 22.10.50 9,987,825 0.86 £39,865,000 Treasury 0.875% 22.10.29 40,265,643 3.48 £1,610,000 Treasury 0.875% 31.01.46 1,436,329 0.13 £5,252,000 Treasury 1.25% 22.10.41 5,167,968 0.45 £15,657,000 Treasury 1.5% 22.07.47 16,117,316 1.40 £8,851,000 Treasury 1.625% 22.10.54 9,475,881 0.82 £79,394,267 Treasury 1.75% 07.09.37 85,547,323 7.40 £3,287,000 Treasury 1.75% 22.01.49 3,580,529 0.31 £8,559,000 Treasury 1.75% 22.07.57 9,586,080 0.83 £36,145,000 Treasury 2.25% 07.09.23 38,064,661 3.29 £2,234,000 Treasury 2.5% 22.07.65 3,142,568 0.27 £400,000 Treasury 3.25% 22.01.44 550,080 0.05

MI Select Managers Bond Fund 25 MI Select Managers Bond Fund

Portfolio Statement continued Market % of total value net assets Holding Security £ 2021 Pound sterling denominated government debt securities (continued) £300,000 Treasury 3.5% 22.01.45 431,340 0.04 £357,000 Treasury 3.5% 22.07.68 638,637 0.06 £6,900,000 Treasury 4.25% 07.12.27 8,599,608 0.74 £540,000 Treasury 4.25% 07.06.32 730,620 0.06 £100,000 Treasury 4.25% 07.12.46 162,710 0.01 305,069,657 26.39 United States dollar denominated corporate debt securities 16.70% (15.05%) $1,030,000 Abbvie 2.3% 21.11.22 760,543 0.07 $855,000 Abbvie 3.2% 21.11.29 659,481 0.06 $580,000 Abbvie 3.6% 14.05.25 455,023 0.04 $200,000 Abbvie 4.7% 14.05.45 172,740 0.01 $1,400,000 Aker BP ASA 3.75% 15.01.30 1,054,325 0.09 $2,540,000 Aker BP ASA 3.75% 15.01.30 1,912,847 0.17 $1,010,000 Aker BP ASA 4% 15.01.31 768,564 0.07 $1,970,000 Alabama Power 3.45% 01.10.49 1,511,878 0.13 $1,807,000 American Express 2.5% 30.07.24 1,370,873 0.12 $790,000 American Honda Finance 0.875% 07.07.23 570,621 0.05 $991,000 American Honda Finance 1.2% 08.07.25 713,318 0.06 $1,880,000 American Honda Finance 2.4% 27.06.24 1,422,122 0.12 $406,000 American International 2.5% 30.06.25 306,582 0.03 $625,000 American Tower 3.0% 15.06.23 471,560 0.04 $500,000 Amgen 4.563% 15.06.48 438,404 0.04 $910,000 Anheuser-Busch 3.65% 01.02.26 720,906 0.06 $930,000 Anheuser-Busch 4.7% 01.02.36 791,451 0.07 $1,144,000 Anheuser-Busch 4.6% 01.06.60 934,944 0.08 $550,000 Anheuser-Busch 4.9% 01.02.46 466,751 0.04 $801,000 ANZ New Zealand International 3.4% 19.03.24 619,845 0.05 $1,910,000 Apple 1.2% 08.02.28 1,335,468 0.12 $3,510,000 Apple 2.05% 11.09.26 2,625,159 0.23 $1,200,000 Aroundtown SA 5.375% 21.03.29 1,006,335 0.09 $400,000 Ashtead Capital 4% 01.05.28 303,026 0.03 $260,000 Ashtead Capital 4.375% 15.08.27 196,018 0.02 $820,000 AT&T 3.3% 01.02.52 528,655 0.05 $3,655,000 Ball 2.875% 15.08.30 2,542,370 0.22 $820,000 Ball 4% 15.11.23 622,434 0.05 $400,000 Banco Bilbao Vizcaya Variable Perpetual 307,297 0.03 $1,174,000 Banco Santander Mexico 5.375% 17.04.25 951,737 0.08 $600,000 Banco Santander Variable Perpetual 468,992 0.04 $2,200,000 Bank of America 2.676% Variable 19.06.41 1,485,602 0.13 $400,000 Bank of America 3.419% 20.12.28 314,701 0.03 $1,200,000 Bank of America Variable 15.03.25 926,311 0.08 $1,440,000 Bank of Ireland 4.125% Variable 19.09.27 1,058,600 0.09 $200,000 Barclays 4.375% 12.01.26 161,482 0.01 $464,000 Barclays 7.625% 21.11.22 366,733 0.03 $810,000 Barclays Variable 15.02.23 601,478 0.05

26 MI Select Managers Bond Fund MI Select Managers Bond Fund

Portfolio Statement continued Market % of total value net assets Holding Security £ 2021 United States dollar denominated corporate debt securities (continued) $500,000 Barclays Variable Perpetual 400,780 0.03 $1,422,000 Berkshire Hathaway Finance 2.5% 15.01.51 918,920 0.08 $580,000 Bharti Airtel International 5.35% 20.05.24 460,488 0.04 $1,630,000 BMW US Capital 3.4% 13.08.21 1,182,899 0.10 $1,234,000 BMW US Capital 3.45% 12.04.23 935,506 0.08 $510,000 BMW US Capital 3.625% 18.04.29 407,890 0.04 $1,256,000 BNP Paribas 1.323% Variable 13.01.27 889,512 0.08 $400,000 BNP Paribas 4.4% 14.08.28 329,865 0.03 $858,000 Booking 4.625% 13.04.30 731,851 0.06 $500,000 Boston Properties 3.4% 21.06.29 385,716 0.03 $370,000 BPCE 2.375% 14.01.25 275,870 0.02 $356,000 Braskem America Finance 7.125% 22.07.41 288,054 0.02 $1,176,000 Braskem Finance 6.45% 03.02.24 929,579 0.08 $390,000 Bristol Myers Squibb 4.125% 15.06.39 333,047 0.03 $380,000 Carnival 7.625% 01.03.26 286,067 0.02 $950,000 CCO 5% 01.02.28 711,035 0.06 $280,000 Celanese US 3.5% 08.05.24 215,567 0.02 $807,000 Cemex S.A.B De C.V. 3.875% 11.07.31 574,626 0.05 $250,000 Charter Communications 2.8% 01.04.31 180,879 0.02 $2,750,000 Charter Communications 3.7% 01.04.51 1,868,332 0.16 $300,000 Charter Communications 4.8% 01.03.50 235,677 0.02 $310,000 Charter Communications 5.75% 01.04.48 273,184 0.02 $100,000 Charter Communications 5.125% 01.07.49 81,934 0.01 $670,000 Cheniere Energy Partners 4.5% 01.10.29 504,381 0.04 $1,138,000 Chevron 2.236% 11.05.30 830,998 0.07 $1,168,000 Chevron Phillips 5.125% 01.04.25 966,343 0.08 $800,000 Chevron USA 0.687% 12.08.25 563,373 0.05 $510,000 Chevron USA 1.018% 12.08.27 355,344 0.03 $425,000 Citigroup 3.2% 21.10.26 331,351 0.03 $1,580,000 Citigroup 4.412% 31.03.31 1,310,221 0.11 $850,000 Citigroup Variable 01.06.24 655,473 0.06 $900,000 Citigroup Variable 24.04.25 694,867 0.06 $709,000 CNH Industrial 4.2% 15.01.24 554,887 0.05 $662,000 CNH Industrial Capital 1.95% 02.07.23 488,387 0.04 $1,535,000 Comcast 1.5% 15.02.31 1,037,091 0.09 $1,025,000 Comcast 3.55% 01.05.28 818,112 0.07 $160,000 Comcast 3.75% 01.04.40 129,007 0.01 $1,000,000 Credit Suisse 3.45% 16.04.21 718,155 0.06 $250,000 Credit Suisse 3.869% Variable 12.01.29 197,160 0.02 $650,000 Credit Suisse 4.194% Variable 01.04.31 528,618 0.05 $200,000 Credit Suisse 6.25% Variable Perpetual 157,368 0.01 $400,000 Credit Suisse 6.5% 08.08.23 144A 320,529 0.03 $800,000 Credit Suisse 6.5% 08.08.23 REGS 641,019 0.06 $1,400,000 Credit Suisse Funding 3.75% 26.03.25 1,096,851 0.09 $1,040,000 CVS Health 1.875% 28.02.31 716,036 0.06 $1,100,000 CVS Health 3.75% 01.04.30 880,368 0.08

MI Select Managers Bond Fund 27 MI Select Managers Bond Fund

Portfolio Statement continued Market % of total value net assets Holding Security £ 2021 United States dollar denominated corporate debt securities (continued) $920,000 CVS Health 4.25% 01.04.50 761,934 0.07 $2,570,000 Daimler Finance 2.125% 10.03.25 1,900,690 0.16 $1,120,000 Daimler Finance 3.4% 22.02.22 144A 824,551 0.07 $159,000 Daimler Finance 3.45% 06.01.27 125,267 0.01 $800,000 Dallas Area Rapid Transit 2.578% 01.12.35 586,613 0.05 $530,000 Danske Bank 3.244% Variable 20.12.25 144A 405,614 0.04 $1,190,000 Danske Bank 5% 12.01.23 881,286 0.08 $560,000 Dell International 4.9% 01.10.26 461,723 0.04 $710,000 Dell International 6.02% 15.06.26 608,005 0.05 $90,000 Dell International 6.2% 15.07.30 81,382 0.01 $1,500,000 Development Bank of Japan 1.875% 02.10.24 1,119,162 0.10 $200,000 Drax Finco 6.625% 01.11.25 148,645 0.01 $922,000 Duke Energy 2.45% 01.06.30 668,389 0.06 $1,062,000 Duke Energy Florida 1.75% 15.05.30 744,988 0.06 $430,000 Duke Energy Florida 3.8% 15.07.28 349,708 0.03 $330,000 Duke Energy Progress 3.45% 15.03.29 262,833 0.02 $700,000 Electricite de France 4.5% 21.09.28 583,743 0.05 $1,243,000 Emerson Electric Co 0.875% 15.10.26 872,616 0.08 $1,180,000 Emirates Telecom 3.5% 18.06.24 920,288 0.08 $2,442,000 Enbridge 3.125% 15.11.29 1,859,104 0.16 $611,000 Enbridge 3.7% 15.07.27 485,281 0.04 $1,310,000 Enbridge Energy 7.375% 15.10.45 1,370,427 0.12 $1,192,000 Enel Chile 4.875% 12.06.28 994,481 0.09 $980,000 Enel Finance International 2.65% 10.09.24 742,422 0.06 $3,475,000 Enel Finance International 2.65% 10.09.24 2,632,567 0.23 $1,800,000 Enel Finance International 3.625% 25.05.27 1,417,856 0.12 $200,000 Enel Finance International 4.625% 14.09.25 162,615 0.01 $770,000 Enn Energy 6% 13.05.21 555,911 0.05 $809,000 Enterprise Products 4.875% 16.08.77 548,264 0.05 $200,000 Ferguson Finance 3.25% 02.06.30 153,362 0.01 $360,000 FMG Resources 4.75% 15.05.22 264,579 0.02 $384,000 FMG Resources Aug 2006 4.5% 15.09.27 301,415 0.03 $465,000 FMG Resources Aug 2006 4.5% 15.09.27 (144A) 364,994 0.03 $640,000 FMG Resources Aug 2006 4.75% 15.05.22 470,362 0.04 $1,610,000 FMG Resources Aug 2006 5.125% 1505.24 1,246,567 0.11 $647,000 Fresenius Medical Care 2.375% 16.02.31 449,186 0.04 $725,000 Gap 8.875% 15.05.27 607,667 0.05 $500,000 Georgia Power 2.1% 30.07.23 371,289 0.03 $350,000 Georgia Power 3.7% 30.01.50 268,465 0.02 $839,000 Goldman Sachs 3.5% 01.04.25 655,903 0.06 $600,000 Greenko Solar Mauritius 5.55% 29.01.25 439,364 0.04 $600,000 Greenko Solar Mauritius 5.95% 29.07.26 464,434 0.04 $995,000 Hankook Tire 3.5% 30.01.23 745,549 0.06 $1,080,000 HCA 4.5% 15.02.27 883,131 0.08 $2,600,000 HCA 5.25% 15.06.49 2,329,285 0.20 $856,000 Home Depot 0.9% 15.03.28 592,938 0.05

28 MI Select Managers Bond Fund MI Select Managers Bond Fund

Portfolio Statement continued Market % of total value net assets Holding Security £ 2021 United States dollar denominated corporate debt securities (continued) $200,000 Host Hotels & Resorts 3.375% 15.12.29 143,522 0.01 $500,000 HSBC Holdings 3.033% Variable 22.11.23 373,291 0.03 $900,000 HSBC Holdings 3.9% 25.05.26 720,562 0.06 $940,000 HSBC Holdings 4.292% Variable 12.09.26 752,968 0.07 $200,000 HSBC Holdings 4.6% Variable Perpetual 144,138 0.01 $1,211,000 HSBC Holdings 4.95% 31.03.30 1,039,700 0.09 $800,000 HSBC Holdings Variable 19.06.29 658,026 0.06 $1,160,000 Hyundai Capital America 2.85% 01.11.22 858,394 0.07 $1,100,000 Hyundai Capital America 3.45% 12.03.21 787,471 0.07 $700,000 Industrial & Commercial Bank China 2.25% 16.09.22 511,666 0.04 $200,000 ING 3.15% 29.03.22 147,461 0.01 $400,000 ING 4.05% 09.04.29 327,486 0.03 $370,000 ING 4.625% 06.01.26 305,239 0.03 $2,130,000 Intel Corp 4.75% 25.03.50 1,977,053 0.17 $1,090,000 Itau Unibanco Variable 21.11.29 792,587 0.07 $1,675,000 JPMorgan Chase 1.045% Variable 19.11.26 1,184,542 0.10 $1,369,000 JP Morgan Chase 2.956% Variable 13.05.31 1,021,379 0.09 $500,000 JP Morgan Chase 3.54% 01.05.28 396,856 0.03 $970,000 JP Morgan Chase 3.625% 01.12.27 770,653 0.07 $300,000 JP Morgan Chase 4.203% 23.07.29 246,942 0.02 $240,000 Kinder Morgan 5% 01.10.21 174,227 0.02 $500,000 Klabin Austria GMBH 3.2% 12.01.31 354,098 0.03 $1,150,000 Komatsu Finance America 2.437% 11.09.22 845,842 0.07 $1,970,000 Kraft Heinz Foods 3% 01.06.26 1,492,542 0.13 $141,000 Kraft Heinz Foods 7.125% 01.08.39 144,621 0.01 $1,060,000 Kroger 1.7% 15.01.31 727,829 0.06 $1,020,000 Kroger 2.65% 15.10.26 781,611 0.07 $1,125,000 Kroger 3.7% 01.08.27 909,302 0.08 $600,000 Liberty Utilities Finance 2.05% 15.09.30 418,057 0.04 $691,000 Lloyds Banking 1.326% Variable 15.06.23 499,352 0.04 $200,000 Lloyds Banking 4.344% 09.01.48 163,928 0.01 $200,000 Lloyds Banking 4.582% 10.12.25 161,329 0.01 $1,718,000 LYB International Finance III 1.25% 01.10.25 1,225,167 0.11 $613,000 Magna International 2.45% 15.06.30 449,417 0.04 $290,000 Marriott International 4.65% 01.12.28 232,603 0.02 $2,960,000 Marriott International 5.75% 01.05.25 2,438,417 0.21 $1,040,000 Merck & Co 0.75% 24.02.26 735,232 0.06 $907,000 Met Life Global Funding 1.55% 07.01.31 622,649 0.05 $699,000 Metlife 4.125% 13.08.42 592,948 0.05 $800,000 Mitchells and Butlers Finance Floating Rate Note 15.12.30 277,973 0.02 $610,000 Molson Coors Brewing 2.1% 15.07.21 438,771 0.04 $1,880,000 Mondelez International 1.875% 15.10.32 1,290,718 0.11 $976,000 Mondelez International 2.25% 19.09.24 734,414 0.06 $188,000 Mondelez International 2.75% 13.04.30 140,575 0.01 $160,000 2.188% Variable 28.04.26 118,961 0.01 $338,000 Morgan Stanley 3.622% 01.04.31 268,565 0.02

MI Select Managers Bond Fund 29 MI Select Managers Bond Fund

Portfolio Statement continued Market % of total value net assets Holding Security £ 2021 United States dollar denominated corporate debt securities (continued) $200,000 National Fuel Gas 2.95% 01.03.31 140,515 0.01 $490,000 Nationwide Building Society 3.9% 21.07.25 390,527 0.03 $200,000 Nationwide Building Society 3.96% 18.07.30 160,596 0.01 $250,000 Nationwide Building Society 4% 14.09.26 197,961 0.02 $100,000 Netflix 4.875% 15.06.30 82,254 0.01 $2,903,000 New York Life Global Funding 0.4% 21.10.23 2,076,618 0.18 $2,080,000 New York Life Global Funding 0.95% 24.06.25 1,480,392 0.13 $5,240,000 Nextera Energy 2.25% 01.06.30 3,776,044 0.33 $2,870,000 Nvidia 2.85% 01.04.30 2,204,907 0.19 $1,790,000 Occidental Petroleum 5.875% 01.09.25 1,389,135 0.12 $1,150,000 Orbia Advance 4.875% 19.09.22 867,842 0.08 $490,000 Overseas-Chinese Banking 1.832% Variable 10.09.30 350,646 0.03 $3,730,000 Phillips 66 2.15% 15.12.30 2,592,228 0.22 $1,624,000 Praxair 1.1% 10.08.30 1,081,486 0.09 $241,000 Relx Capital 3% 22.05.30 184,231 0.02 $360,000 Relx Capital 3.5% 16.03.23 272,409 0.02 $2,200,000 Relx Capital 4% 18.03.29 1,782,077 0.15 $200,000 Renew Power PVT 5.875% 05.03.27 153,837 0.01 $500,000 Royal Bank of Scotland 4.8% 05.04.26 410,082 0.04 $100,000 Royal Bank of Scotland 6% 19.12.23 80,934 0.01 $1,900,000 Royal Bank of Scotland 8.625% Variable Perpetual 1,396,359 0.12 $500,000 Royal Bank of Scotland Variable 22.03.25 392,147 0.03 $800,000 Royal Bank of Scotland Variable 27.01.30 677,023 0.06 $200,000 Sands China 4.375% 18.06.30 156,567 0.01 $1,430,000 Sands China 5.4% 08.08.28 1,177,900 0.10 $400,000 Santander UK 4.75% 15.09.25 319,974 0.03 $2,100,000 Scottish Hydro Electric 2.25% 27.09.35 2,170,917 0.19 $994,000 Severn Trent Water 4.875% 24.01.42 1,433,364 0.12 $600,000 Singtel Group Treasury 3.875% 28.08.28 482,420 0.04 $200,000 SK Hynix 2.375% 19.01.31 139,260 0.01 $600,000 Societe Generale 3% 22.01.30 144A 443,418 0.04 $986,000 Societe Generale 3.875% 28.03.24 764,194 0.07 $100,000 Southern Cal Edison 6.65% 01.04.29 87,523 0.01 $1,760,000 Southern Gas Capital 1.75% 15.01.31 1,206,344 0.10 $1,520,000 Sprint 7.125% 15.06.24 1,252,869 0.11 $600,000 1.456% Variable 14.01.27 423,120 0.04 $1,000,000 Standard Chartered 3.885% 15.03.24 759,864 0.07 $528,000 Standard Chartered 4.644% Variable 01.04.31 437,310 0.04 $600,000 Standard Chartered 4.75% Variable Perpetual REGS 426,432 0.04 $550,000 Suzano Austria GMBH 5.75% 14.07.26 460,177 0.04 $290,000 Suzano Austria GMBH 7% 16.03.47 272,639 0.02 $1,748,000 Svenska Handelsbanken AB 0.625% 30.06.23 1,257,220 0.11 $866,000 Swedbank AB 1.3% 02.06.23 631,089 0.05 $620,000 Syngenta Finance 3.125% 28.03.22 449,993 0.04 $600,000 Syngenta Finance 4.441% 24.04.23 144A 449,362 0.04 $200,000 Syngenta Finance 4.441% 24.04.23 REGS 149,787 0.01 $500,000 Syngenta Finance 5.182% 24.04.28 391,643 0.03

30 MI Select Managers Bond Fund MI Select Managers Bond Fund

Portfolio Statement continued Market % of total value net assets Holding Security £ 2021 United States dollar denominated corporate debt securities (continued) $1,070,000 Syngenta Finance 5.676% 24.04.48 829,042 0.07 $430,000 Temasek Financial 5.375% 23.11.39 418,845 0.04 $660,000 Thermo Fisher 4.497% 25.03.30 560,318 0.05 $1,560,000 T-Mobile USA 2.05% 15.02.28 1,111,600 0.10 $820,000 T-Mobile USA 2.25% 15.11.31 567,649 0.05 $1,160,000 T-Mobile USA 3.6% 15.11.60 775,792 0.07 $1,100,000 T-Mobile USA 3.875% 15.04.30 866,241 0.07 $1,121,000 Toyota Motor Credit 0.5% 14.08.23 805,158 0.07 $394,000 Transcont Gas Pipe Line 3.25% 15.05.30 301,913 0.03 $250,000 Transelec 3.875% 12.01.29 199,828 0.02 $1,000,000 Transelec 4.25% 14.01.25 783,113 0.07 $952,000 TSMC Global 1% 28.09.27 REGS 660,823 0.06 $690,000 Turk Sise Ve Cam Fabrika 6.95% 14.03.26 546,507 0.05 $1,000,000 UBS 3.126% Variable 13.08.30 767,107 0.07 $200,000 UBS 4.375% Variable Perpetual 140,906 0.01 $1,600,000 UBS 5.125% 15.05.24 1,262,536 0.11 $300,000 UBS 5.125% Variable Perpetual 228,889 0.02 $200,000 UBS 7% Variable Perpetual 163,812 0.01 $850,000 UBS Stamford 7.625% 17.08.22 666,485 0.06 $3,100,000 Spa 7.83% 04.12.23 2,593,814 0.22 $800,000 United Overseas Bank 2.88% 08.03.27 581,441 0.05 $1,000,000 United Overseas Bank 3.2% 23.04.21 718,087 0.06 $200,000 Vanke Real Estate Hong Kong Floating Rate Note 25.05.23 143,181 0.01 $155,000 Verizon Communications 2.65% 20.11.40 103,327 0.01 $1,490,000 Verizon Communications 4.016% 03.12.29 1,218,326 0.11 $1,050,000 Verizon Communications 4.4% 01.11.34 888,659 0.08 $134,000 Verizon Communications 4.812% 15.03.39 118,098 0.01 $3,290,000 Visa 2.05% 15.04.30 2,406,535 0.21 $242,000 Volkswagen America 3.35% 13.05.25 187,411 0.02 $1,500,000 Walt Disney 4% 01.10.23 REG S 1,163,025 0.10 $1,250,000 Weichi International Hong Kong Energy 3.75% Variable Perpetual 906,847 0.08 $692,000 Wells Fargo 1.654% 02.06.24 506,539 0.04 $1,500,000 Wells Fargo 2.572% Variable 11.02.31 1,102,518 0.10 $450,000 Wells Fargo 2.625% 22.07.22 332,075 0.03 $2,170,000 Wells Fargo 4.3% 22.07.27 1,789,510 0.15 $1,420,000 Wells Fargo 5.013% 04.04.51 1,323,776 0.11 $200,000 Welltower 2.7% 15.02.27 152,441 0.01 $1,080,000 Williams Partners 4.5% 15.11.23 844,639 0.07 $1,200,000 Woodside Finance 4.5% 04.03.29 949,347 0.08 $989,000 Yili Holding Investment 1.625% 19.11.25 699,656 0.06 $780,000 Yingde Gases Investment 6.25% 19.01.23 572,411 0.05 $1,666,000 ZF NA Capital 4.75% 29.04.25 1,288,224 0.11 $652,000 Zimmer Biomet 3.55% 20.03.30 510,944 0.04 $600,000 Zurich Finance Ireland 3% Variable 19.04.51 422,180 0.04 193,465,543 16.70

MI Select Managers Bond Fund 31 MI Select Managers Bond Fund

Portfolio Statement continued Market % of total value net assets Holding Security £ 2021 United States dollar denominated government debt securities 8.54% (1.18%) $4,021,000 US Treasury 0.125% Index Linked 15.04.22 3,165,739 0.27 $3,769,000 US Treasury 0.125% Index Linked 15.07.22 3,174,569 0.27 $4,502,000 US Treasury 0.125% Index Linked 15.01.23 3,802,847 0.33 $4,051,000 US Treasury 0.125% Index Linked 15.07.24 3,431,448 0.30 $3,584,000 US Treasury 0.125% Index Linked 15.10.24 2,809,837 0.24 $3,029,000 US Treasury 0.125% Index Linked 15.04.25 2,361,666 0.20 $3,614,000 US Treasury 0.125% Index Linked 15.10.25 2,829,623 0.24 $3,256,000 US Treasury 0.125% Index Linked 15.07.26 2,775,378 0.24 $3,806,000 US Treasury 0.125% Index Linked 15.01.30 3,004,845 0.26 $4,134,000 US Treasury 0.125% Index Linked 15.07.30 3,285,708 0.28 $1,703,000 US Treasury 0.125% Index Linked 15.01.31 1,326,483 0.11 $1,018,000 US Treasury 0.125% Index Linked 15.02.51 744,295 0.06 $4,108,000 US Treasury 0.25% Index Linked 15.01.25 3,504,578 0.30 $3,198,000 US Treasury 0.25% Index Linked 15.07.29 2,577,909 0.22 $1,552,000 US Treasury 0.25% Index Linked 15.02.50 1,194,926 0.10 $4,427,000 US Treasury 0.375% Index Linked 15.07.23 3,786,833 0.33 $3,947,000 US Treasury 0.375% Index Linked 15.07.25 3,414,233 0.30 $3,276,000 US Treasury 0.375% Index Linked 15.01.27 2,798,572 0.24 $3,404,000 US Treasury 0.375% Index Linked 15.07.27 2,891,613 0.25 $2,620,000 US Treasury 0.5% Index Linked 15.04.24 2,090,918 0.18 $3,585,000 US Treasury 0.5% Index Linked 15.01.28 3,034,676 0.26 $4,042,000 US Treasury 0.625% Index Linked 15.04.23 3,219,676 0.28 $4,260,500 US Treasury 0.625% Index Linked 15.01.24 3,678,682 0.32 $3,400,000 US Treasury 0.625% Index Linked 15.01.26 2,970,685 0.26 $1,365,000 US Treasury 0.625% Index Linked 15.02.43 1,271,728 0.11 $3,192,000 US Treasury 0.75% Index Linked 15.07.28 2,716,988 0.24 $1,801,000 US Treasury 0.75% Index Linked 15.02.42 1,748,558 0.15 $2,135,000 US Treasury 0.75% Index Linked 15.02.45 2,003,544 0.17 $2,664,000 US Treasury 0.875% Index Linked 15.01.29 2,272,196 0.20 $1,390,500 US Treasury 0.875% Index Linked 15.02.47 1,313,511 0.11 $1,129,000 US Treasury 1% Index Linked 15.02.46 1,107,726 0.10 $1,135,000 US Treasury 1% Index Linked 15.02.48 1,084,832 0.09 $1,164,000 US Treasury 1% Index Linked 15.02.49 1,096,061 0.09 $1,927,000 US Treasury 1.375% Index Linked 15.02.44 2,047,125 0.18 $1,319,000 US Treasury 1.75% Index Linked 15.01.28 1,420,734 0.12 $1,515,000 US Treasury 2% Index Linked 15.01.26 1,685,233 0.15 $696,000 US Treasury 2.125% Index Linked 15.02.40 870,282 0.08 $1,025,000 US Treasury 2.125% Index Linked 15.02.41 1,278,669 0.11 $2,010,000 US Treasury 2.375% Index Linked 15.01.25 2,327,236 0.20 $1,263,000 US Treasury 2.375% Index Linked 15.01.27 1,436,307 0.12 $1,210,000 US Treasury 2.5% Index Linked 15.01.29 1,355,074 0.12 $442,000 US Treasury 3.375% Index Linked 15.04.32 684,912 0.06 $961,000 US Treasury 3.625% Index Linked 15.04.28 1,498,486 0.13 $1,200,000 US Treasury 3.875% Index Linked 15.04.29 1,923,079 0.17 99,018,020 8.54

32 MI Select Managers Bond Fund MI Select Managers Bond Fund

Portfolio Statement continued Market % of total value net assets Holding Security £ 2021 DERIVATIVES -0.10% (-0.36%) Forward currency contracts^ 0.29% (-0.37%) Bought $139,465,900 Sold £99,750,190 (02.03.21) 261,212 0.02 Sold $136,998,098 Bought £99,750,190 (02.03.21) 1,504,975 0.13 Bought CNY8,849,000 Sold $1,335,066 (17.03.21) 24,857 0.00 Bought IDR19,288,180 Sold $1,346,000 (17.03.21) 6,089 0.00 Bought $11,169,810 Sold £7,972,249 (17.03.21) 37,229 0.00 Bought $820,000 Sold £588,128 (17.03.21) (135) 0.00 Bought $1,346,282 Sold IDR19,288,180 (17.03.21) (5,887) 0.00 Sold CAD$6,621,820 Bought £3,760,998 (17.03.21) 25,903 0.00 Sold €139,403,565 Bought £121,835,998 (17.03.21) 1,053,879 0.09 Sold $236,044,869 Bought £169,869,092 (17.03.21) 610,402 0.05 Sold $6,580,000 Bought £4,661,826 (17.03.21) (56,255) 0.00 Sold $138,050,066 Bought £98,717,669 (06.04.21) (254,932) (0.02) Bought $3,333,000 Sold £2,430,550 (14.04.21) (41,010) 0.00 Sold €159,000 Bought £138,928 (19.04.21) 1,087 0.00 Sold €1,486,000 Bought £1,283,475 (30.04.21) (5,064) 0.00 Bought NOK12,165,000 Sold £1,029,668 (14.05.21) (21,649) 0.00 Bought AUD1,848,000 Sold £1,033,169 (17.05.21) (9,833) 0.00 Bought NZ$1,945,000 Sold £1,077,176 (17.05.21) 3,490 0.00 Bought $1,986,000 Sold £1,726,667 (17.05.21) (3,891) 0.00 Bought JPY140,200,000 Sold £953,415 (17.05.21) (10,122) 0.00 Bought SEK11,625,000 Sold £1,005,491 (17.05.21) (15,641) 0.00 Bought $3,122,000 Sold £2,243,436 (17.05.21) (5,352) 0.00 Sold €41,777,376 Bought £36,362,276 (17.05.21) 125,074 0.01 Sold €5,077,000 Bought £4,391,719 (17.05.21) (12,036) 0.00 Sold $63,003,924 Bought £45,329,264 (17.05.21) 164,345 0.01 3,376,735 0.29 Interest rate swap^^ -0.36% (-0.02%) $(1,900,000) IRS Fixed Leg Morgan Stanley 18.12.24 2.5% CME (1,487,860) (0.13) $1,900,000 IRS Floating Leg Morgan Stanley 18.12.24 CME 1,389,926 0.12 $(100,000) IRS Fixed Leg Morgan Stanley 10.03.30 2% CME (83,979) (0.01) $100,000 IRS Floating Leg Morgan Stanley 10.03.30 CME 80,464 0.01 $(200,000) IRS Fixed Leg Morgan Stanley 15.01.30 1.75% CME (164,497) (0.01) $200,000 IRS Floating Leg Morgan Stanley 15.01.30 CME 160,469 0.01 $(100,000) IRS Fixed Leg Morgan Stanley 16.01.50 1.625% CME (98,570) (0.01) $100,000 IRS Floating Leg Morgan Stanley 16.01.50 CME 104,121 0.01 $(200,000) IRS Fixed Leg Morgan Stanley 03.02.50 1.625% CME (197,198) (0.02) $200,000 IRS Floating Leg Morgan Stanley 03.02.50 CME 208,316 0.02 $(9,600,000) IRS Fixed Leg Morgan Stanley 18.12.24 1.5% CME (7,257,149) (0.63) $9,600,000 IRS Floating Leg Morgan Stanley 18.12.24 CME 7,022,785 0.61 €(900,000) IRS Fixed Leg Morgan Stanley 18.03.25 0.50% CME (797,468) (0.07) €900,000 IRS Floating Leg Morgan Stanley 18.03.2025 CME 792,846 0.07 $(3,800,000) IRS Fixed Leg Morgan Stanley 18.12.29 1.5% CME (3,064,494) (0.26) $3,800,000 IRS Floating Leg Morgan Stanley 18.12.29 CME 3,044,271 0.26 $(600,000) IRS Fixed Leg Morgan Stanley 17.06.50 1.5% CME (580,552) (0.05) $600,000 IRS Floating Leg Morgan Stanley 17.06.50 CME 626,849 0.05

MI Select Managers Bond Fund 33 MI Select Managers Bond Fund

Portfolio Statement continued Market % of total value net assets Holding Security £ 2021 Interest rate swap^^ (continued) $(1,900,000) IRS Fixed Leg Morgan Stanley 17.06.30 CME (1,510,892) (0.13) $1,900,000 IRS Floating Leg Morgan Stanley 17.06.30 CME 1,536,761 0.13 $(1,300,000) IRS Fixed Leg Morgan Stanley 16.12.30 CME (1,017,054) (0.09) $1,300,000 IRS Floating Leg Morgan Stanley 16.12.30 CME 1,061,511 0.09 €(1,100,000) IRS Fixed Leg Morgan Stanley 17.03.31 -0.25% LCH (979,311) (0.08) €1,100,000 IRS Floating Leg Morgan Stanley 17.03.31 LCH 959,161 0.08 £50,000,000 OIS Fixed Leg Morgan Stanley 16.06.23 0% LCH 50,000,000 4.32 £(50,000,000) OIS Floating Leg Morgan Stanley 16.06.23 LCH (50,082,617) (4.33) €(3,000,000) IRS Fixed Leg Morgan Stanley 16.06.51 0% LCH (2,604,619) (0.23) €3,000,000 IRS Floating Leg Morgan Stanley 16.06.51 LCH 2,896,457 0.25 €(7,100,000) IRS Fixed Leg Morgan Stanley 16.06.23 -0.5% LCH (6,226,544) (0.54) €7,100,000 IRS Floating Leg Morgan Stanley 16.06.23 LCH 6,219,468 0.54 £20,400,000 OIS Fixed Leg Morgan Stanley 16.06.51 0.5% LCH 23,077,422 2.00 £(20,400,000) OIS Floating Leg Morgan Stanley 16.06.51 LCH (25,233,767) (2.18) £15,700,000 OIS Fixed Leg Morgan Stanley 16.06.26 0% LCH 15,700,000 1.36 £(15,700,000) OIS Floating Leg Morgan Stanley 16.06.26 LCH (15,968,163) (1.38) €(8,500,000) IRS Fixed Leg Morgan Stanley 16.06.26 -0.5% LCH (7,567,273) (0.65) €8,500,000 IRS Floating Leg Morgan Stanley 16.06.26 LCH 7,476,905 0.65 €(300,000) IRS Fixed Leg Morgan Stanley 16.06.31 -0.25% LCH (267,085) (0.02) €300,000 IRS Floating Leg Morgan Stanley 16.06.31 LCH 262,361 0.02 £4,100,000 OIS Fixed Leg Morgan Stanley 17.03.51 0.25% LCH 4,369,682 0.38 £(4,100,000) OIS Floating Leg Morgan Stanley 17.03.51 LCH (5,066,017) (0.44) £9,000,000 OIS Fixed Leg Morgan Stanley 17.03.26 0% LCH 9,000,000 0.78 £(9,000,000) OIS Floating Leg Morgan Stanley 17.03.26 LCH (9,136,624) (0.79) £32,050,000 OIS Fixed Leg Morgan Stanley 17.03.23 0% LCH 32,050,000 2.77 £(32,050,000) OIS Floating Leg Morgan Stanley 17.03.23 LCH (32,087,850) (2.78) €(1,900,000) IRS Fixed Leg Morgan Stanley 19.06.29 1% (1,789,174) (0.15) €1,900,000 IRS Floating Leg Morgan Stanley 19.06.29 1,659,781 0.14 $(5,300,000) IRS Fixed Leg Morgan Stanley 20.06.23 2% LCH (3,966,276) (0.34) $5,300,000 IRS Floating Leg Morgan Stanley 20.06.23 LCH 3,837,321 0.33 $(6,400,000) IRS Fixed Leg Morgan Stanley 19.12.23 2.75% CME (4,931,154) (0.43) $6,400,000 IRS Floating Leg Morgan Stanley 19.12.23 CME 4,626,346 0.40 $(3,600,000) IRS Fixed Leg Morgan Stanley 19.06.24 3% CME (2,830,105) (0.24) $3,600,000 IRS Floating Leg Morgan Stanley 19.06.24 CME 2,624,731 0.23 (4,208,338) (0.36) Credit default index^^ 0.00% (0.06%) (1,500,000) CDX IG35 CDSI GEN 5Y 20.12.25 22,240 0.00 Credit default swap^^ -0.01% (0.00%) (150,000) ArcelorMittal CDS 20.06.23 12,418 0.00 (100,000) Auchan Holding CDS 20.12.27 (2,305) 0.00 (200,000) General Electric CDS 20.12.23 1,657 0.00 (1,700,000) Rolls-Royce CDS 20.06.24 (68,632) 0.00 300,000 Rolls-Royce CDS 20.12.24 15,134 0.00 (1,600,000) Rolls-Royce CDS 20.12.24 (79,508) (0.01) (121,236) (0.01)

34 MI Select Managers Bond Fund MI Select Managers Bond Fund

Portfolio Statement continued Market % of total value net assets Holding Security £ 2021 Swaptions 0.00% (0.00%) (2,300,000) Itraxx Call Swaption 0.375 EU34 5YR 21.04.21 BPS (998) 0.00 (7,100,000) Itraxx Call Swaption 0.40 EU34 5YR 17.03.21 BPS (4,007) 0.00 (4,600,000) Itraxx Call Swaption 0.40 EU34 5YR 17.03.21 GST (2,296) 0.00 (3,500,000) Itraxx Call Swaption 0.40 EU34 5YR 19.05.21 BPS (1,215) 0.00 (3,900,000) Itraxx Call Swaption 0.40 EU34 5YR 19.05.21 DUB (1,354) 0.00 (1,400,000) Itraxx Call Swaption 0.40 EU34 5YR 19.05.21 GST (425) 0.00 (2,500,000) Itraxx Call Swaption 0.425 EU34 5YR 17.03.21 BPS (1,519) 0.00 (1,300,000) Itraxx Put Swaption 0.70 EU34 5YR 17.03.21 BOA (1,354) 0.00 (3,700,000) Itraxx Put Swaption 0.70 EU34 5YR 17.03.21 BPS (3,534) 0.00 (3,500,000) Itraxx Put Swaption 0.70 EU34 5YR 19.05.21 BPS (2,735) 0.00 (3,900,000) Itraxx Put Swaption 0.70 EU34 5YR 19.05.21 DUB (3,047) 0.00 (1,400,000) Itraxx Put Swaption 0.70 EU34 5YR 19.05.21 GST (1,094) 0.00 (7,100,000) Itraxx Put Swaption 0.75 EU34 5YR 17.03.21 BPS (5,116) 0.00 (4,600,000) Itraxx Put Swaption 0.75 EU34 5YR 17.03.21 GST (3,594) 0.00 (1,500,000) Itraxx Put Swaption 0.75 EU34 5YR 21.04.21 BOA (1,498) 0.00 (2,300,000) Itraxx Put Swaption 0.75 EU34 5YR 21.04.21 BPS (2,416) 0.00 (3,800,000) Itraxx Put Swaption 0.75 EU34 5YR 21.04.21 DUB (3,134) 0.00 (5,600,000) Itraxx Put Swaption 0.75 EU34 5YR 19.05.21 BPS (4,230) 0.00 (1,900,000) Itraxx Put Swaption 0.80 EU34 5YR 19.05.21 DUB (2,062) 0.00 (2,000,000) Itraxx Put Swaption 0.75 EU34 5YR 19.05.21 DUB (1,415) 0.00 (3,000,000) Itraxx Put Swaption 0.75 EU34 5YR 19.05.21 GST (2,180) 0.00 (2,500,000) Itraxx Put Swaption 0.80 EU34 5YR 17.03.21 BPS (2,171) 0.00 (1,500,000) Itraxx Put Swaption 0.80 EU34 5YR 21.04.21 BOA (1,302) 0.00 (4,200,000) Itraxx Put Swaption 0.80 EU34 5YR 21.04.21 BPS (3,646) 0.00 (1,600,000) Itraxx Put Swaption 0.80 EU34 5YR 19.05.21 BPS (1,250) 0.00 (2,900,000) Itraxx Put Swaption 0.80 EU34 5YR 19.05.21 GST (2,140) 0.00 (1,100,000) Itraxx Put Swaption 0.90 EU34 5YR 19.05.21 MYC (955) 0.00 (60,687) 0.00 Futures -0.02% (-0.03%) (252) 10 Year US Treasury Note Futures 21.06.21 267,854 0.02 51 2 Year US Treasury Note Futures 30.06.21 (6,250) 0.00 188 5 Year US Treasury Note Futures 30.06.21 (118,353) (0.01) 6 Australia 10 Year Bond Future March 21 (32,835) 0.00 115 Canada 10 Year Bond Future 21.06.21 (159,718) (0.01) 157 CME Ultra Long Term Treasury Bond CBT 22.06.21 (142,046) (0.01) (296) Euro Bobl Future March 21 239,168 0.02 33 Euro Bund Future March 21 (33,585) 0.00 (12) Euro Buxl 30 Year Bond Future March 21 159,028 0.01 (10) Euro Schatz Future March 21 1,115 0.00 182 Long Gilt Future June 21 (219,640) (0.02) 39 Ultra 10 Year US Treasury Note Futures 22.06.21 35,293 0.00 294 US Treasury Long Bond Futures 21.06.21 (264,605) (0.02) (274,574) (0.02)

Investment assets 1,082,383,147 93.62 Net other assets 73,721,289 6.38 Net assets 1,156,104,436 100.00

MI Select Managers Bond Fund 35 MI Select Managers Bond Fund

Portfolio Statement continued All investments are ordinary shares or stock units on a regulated securities market unless otherwise stated. The percentages in brackets show the equivalent % holdings as at 29.02.20. *Collective Investment Schemes permitted under COLL, not listed on any exchange. **Represents investment into a related party of the Specialist Investment Manager to the Asset Allocation Manager (note 10). ^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 2021 the balance of the collateral account held at HSBC was £(40,000), Barclays was £(4,080,000), Societe Generale was £(290,000), Citibank £(670,000) and JP Morgan was £(360,000) reflecting the anticipated settlement of the positions held. Market % of total % of total value net assets net assets Analysis of bonds by credit rating £ 2021 2020 AAA credit rated bonds 160,022,448 13.84 3.07 AA+ credit rated bonds 5,855,816 0.51 1.12 AA credit rated bonds 3,609,238 0.30 42.91 AA- credit rated bonds 317,235,544 27.43 0.77 A+ credit rated bonds 53,321,517 4.60 2.28 A credit rated bonds 54,433,528 4.75 3.67 A- credit rated bonds 89,110,490 7.67 7.08 BBB+ credit rated bonds 83,154,932 7.15 8.66 BBB credit rated bonds 92,045,148 7.98 9.65 BBB- credit rated bonds 89,355,901 7.77 6.84 BB+ credit rated bonds 40,197,191 3.46 2.87 BB credit rated bonds 13,740,663 1.18 1.13 BB- credit rated bonds 6,531,718 0.58 0.97 B+ credit rated bonds 3,136,256 0.28 1.12 B credit rated bonds 4,871,855 0.42 – Unrated bonds 18,372,171 1.59 3.77 1,034,994,416 89.59 95.91

36 MI Select Managers Bond Fund MI Select Managers Bond Fund

Comparative Tables Change in net assets per share Institutional Income^ 28.02.21 29.02.20 28.02.19 p p p Opening net asset value per share 111.26 101.38 100.00† Return before operating charges^ 0.73 12.23 3.76 Operating charges -0.31 -0.29 -0.31 Return after operating charges^ 0.42 11.94 3.45 Distributions -1.76 -2.06 -2.07 Closing net asset value per share 109.92 111.26 101.38 ^After direct transaction costs of 0.01 0.00 0.17 Performance Return after charges 0.38% 11.78% 3.45% Other information Closing net asset value £1,149,769,314 £950,257,942 £539,821,328 Closing number of shares 1,046,019,169 854,073,746 532,492,036 Operating charges 0.28% 0.27% 0.31% Ongoing operating charges* 0.25% 0.25% 0.29% Direct transaction costs -0.01% 0.00% -0.17% Prices Highest share price 115.78 112.11 102.97 Lowest share price 99.99 101.73 98.71

Institutional Accumulation^^ 28.02.21 29.02.20 p p Opening net asset value per share 108.29 100.00† Return before operating charges^ 0.69 8.57 Operating charges -0.31 -0.28 Return after operating charges^ 0.38 8.29 Distributions -1.72 -1.53 Retained distributions on accumulation shares 1.72 1.53 Closing net asset value per share 108.67 108.29 ^After direct transaction costs of 0.01 0.00 Performance Return after charges 0.35% 8.29% Other information Closing net asset value £6,335,122 £4,255,488 Closing number of shares 5,829,639 3,929,764 Operating charges 0.28% 0.27% Ongoing operating charges* 0.25% 0.25% Direct transaction costs -0.01% 0.00% Prices Highest share price 114.06 108.63 Lowest share price 97.32 100.00 ^Institutional Income launched on 7 February 2018. ^^Institutional Accumulation launched on 22 May 2019. †Launch price *The net asset value of the Sub-fund has increased by more than 10% if compared to the average net asset values for the year. Taking an average of the daily Net Asset Values for the last month of the year has the effect of decreasing the operating charges by 0.03%. The ACD believes this to be more representative of the charges going forward. Operating charges include indirect costs incurred in the maintenance and running of the Sub-fund, as disclosed (but not limited to) the detailed expenses within the Statement of Total Return. The figures used within this table have been calculated against the average Net Asset Value for the accounting period.

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Comparative Tables continued The return after charges is calculated as the closing Net Asset Value per share plus the distributions on income shares minus the opening Net Asset Value per share as a % of the opening net asset value per share. The basis of valuation of investments used to calculate net asset value per share is described in notes to the Financial Statements 1h) and complies with requirements of the current Statement of Recommended Practice for UK Authorised Funds. This differs from the basis used to calculate daily published single prices, in which listed investments are valued at 12:00 mid prices. The Sub-fund invests in Collective Investment Schemes; the expenses incurred by these schemes in relation to the Sub-fund (synthetic ongoing charge) are included in the operating charge. Direct transaction costs include fees, commissions, transfer taxes and duties in the purchasing and selling of investments, which are offset (where applicable) against any dilution levies charged within the accounting year. Other type of investments such as bonds and CIS do not have separately identifiable direct transaction costs - these costs form part of the dealing spread. The figures used within the table have been calculated against the average Net Asset Value for the accounting year.

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

1 2 3 4 5 6 7

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

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

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

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

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

38 MI Select Managers Bond Fund MI Select Managers Bond Fund

Statement of Total Return for the year ended 28 February 2021 28.02.21 29.02.20 Note £ £ £ £ Income Net capital (losses)/gains 2 (21,096,731) 64,885,056 Revenue 3 17,928,823 16,227,504 Expenses 4 (2,500,591) (1,961,390) Interest payable and similar charges 4 (31,292) (12,608) Net revenue before taxation 15,396,940 14,253,506 Taxation 5 – – Net revenue after taxation 15,396,940 14,253,506 Total return before distributions (5,699,791) 79,138,562 Distributions 6 (15,394,621) (14,242,781) Change in net assets attributable to Shareholders from investment activities (21,094,412) 64,895,781

Statement of Change in Net Assets Attributable to Shareholders for the year ended 28 February 2021 28.02.21 29.02.20 £ £ £ £ Opening net assets attributable to Shareholders 954,513,430 539,821,328 Amounts receivable on issue of shares 548,415,451 492,774,905 Less: Amounts payable on cancellation of shares (326,025,051) (143,034,430) 222,390,400 349,740,475 Dilution levy 202,386 – Change in net assets attributable to Shareholders from investment activities (see Statement of Total Return above) (21,094,412) 64,895,781 Retained distributions on accumulation shares 92,632 55,846 Closing net assets attributable to Shareholders 1,156,104,436 954,513,430

The notes on pages 41 to 49 form an integral part of these Financial Statements.

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Balance Sheet as at 28 February 2021 28.02.21 29.02.20 Note £ £ £ £ ASSETS Fixed assets Investments 1,269,009,410 1,084,659,232 Current assets Debtors 7 87,393,835 27,880,659 Cash and bank balances 9 50,387,759 24,148,052 Total current assets 137,781,594 52,028,711 Total assets 1,406,791,004 1,136,687,943

LIABILITIES Investment liabilities (186,626,263) (136,840,498) Creditors Bank overdrafts 9 (35,192,043) (17,327,027) Distribution payable (4,079,475) (4,258,412) Other creditors 8 (24,788,787) (23,748,576) Total creditors (64,060,305) (45,334,015) Total liabilities (250,686,568) (182,174,513) Net assets attributable to Shareholders 1,156,104,436 954,513,430

The notes on pages 41 to 49 form an integral part of these Financial Statements.

40 MI Select Managers Bond Fund MI Select Managers Bond Fund

Notes to the Financial Statements for the year ended 28 February 2021

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

2. Net Capital (Losses)/Gains^ 28.02.21 Realised Unrealised Total £ £ £ Non-derivative securities 35,495,259 (67,492,615) (31,997,356) Derivative securities (10,180,379) (4,001,639) (14,182,018) Currency gains 12,150,878 – 12,150,878 Forward foreign exchange contracts gains 6,156,715 6,907,428 13,064,143 Transaction charges (132,378) – (132,378) Net capital gains/(losses) 43,490,095 (64,586,826) (21,096,731)

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

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

3. Revenue 28.02.21 29.02.20 £ £ Distributions from Regulated Collective Investment Schemes: Interest distributions 234,267 444,662 Interest on debt securities 18,113,616 15,276,528 Bank interest 2,904 43,417 Derivative revenue: Credit default index (20,424) 243,263 Credit default swap 90,923 160,844 Interest rate swaps (492,463) (4,792) Options – 63,582 Total revenue 17,928,823 16,227,504

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Notes to the Financial Statements continued

4. Expenses 28.02.21 29.02.20 £ £ Payable to the Authorised Corporate Director (ACD), associates of the ACD and agents of either of them: ACD’s fee 219,555 158,174 Administration fees 269,441 203,277 Registration fees 149,349 126,036 638,345 487,487 Payable to the Specialist Investment Managers, associates of the Specialist Investment Managers and agents of either of them: Specialist Investment Manager’s fee 1,611,043 1,259,210

Payable to the Depositary, associates of the Depositary and agents of either of them: Depositary’s fee (including VAT) 144,015 130,539 Safe custody and other bank charges 74,609 44,918 Bank charges 73 790 218,697 176,247 Auditors remuneration: Audit fee (including VAT) 15,315 14,832 Tax Compliance services (including VAT) 1,965 1,800 Tax Compliance services (including VAT) - predecessor tax advisor – 304 17,280 16,936 Other expenses: Legal fees 11,681 18,610 Printing costs 3,000 2,847 Derivative charges 545 53 15,226 21,510

Expenses 2,500,591 1,961,390 Interest payable and similar charges 31,292 12,608 Total 2,531,883 1,973,998

42 MI Select Managers Bond Fund MI Select Managers Bond Fund

Notes to the Financial Statements continued

5. Taxation 28.02.21 29.02.20 £ £ (a) Analysis of charge in the period: Total tax charge (note 5b) – –

(b) Factors affecting taxation charge for the period: Net revenue before taxation 15,396,940 14,253,506 Corporation tax at 20% 3,079,388 2,850,701 Effects of: Non-taxable income (46,853) (88,932) Interest distributions (3,032,535) (2,761,769) Total tax charge (note 5a) – –

(c) Deferred tax There was no liability to deferred tax at the balance sheet date (2020: nil).

6. Distributions The distributions take account of revenue received on the issue of shares and revenue deducted on the cancellation of shares, and comprise: 28.02.21 29.02.20 £ £ First interim distribution 31.05.20 4,394,218 3,309,844 Second interim distribution 31.08.20 3,363,003 3,685,430 Third interim distribution 30.11.20 3,985,154 3,748,892 Final distribution 28.02.21 4,101,837 4,277,408 15,844,212 15,021,574 Revenue deducted on cancellation of Shares 530,783 371,608 Revenue received on issue of Shares (980,374) (1,150,401) Distributions 15,394,621 14,242,781

Reconciliation of net revenue after taxation to net distributions: Net revenue after taxation per Statement of Total Return 15,396,940 14,253,506 Capital bank interest (2,669) (10,482) Undistributed revenue brought forward 482 239 Undistributed revenue carried forward (132) (482) Distributions 15,394,621 14,242,781

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Notes to the Financial Statements continued

7. Debtors 28.02.21 29.02.20 £ £ Amounts receivable on issues 6,092,581 6,506,905 Amounts held in collateral and margin accounts 18,033,444 10,854,850 Currency deals outstanding 1,913,060 2,914,069 Sales awaiting settlement 53,723,696 272,439 Accrued income: Interest on debt securities and derivatives 7,629,670 7,330,334 Dividends receivable 723 2,062 Prepaid expenses: Legal fee 661 – Total debtors 87,393,835 27,880,659

8. Other Creditors 28.02.21 29.02.20 £ £ Amounts payable on cancellations 2,280,368 2,695,707 Amounts due to collateral and margin accounts 8,827,778 1,219,951 Currency deals outstanding 1,906,671 2,908,787 Purchases awaiting settlement 11,401,596 16,429,337 Accrued expenses: Amounts payable to the Authorised Corporate Director (ACD), associates of the ACD and agents of either of them: ACD’s fee 18,542 15,256 Administration fee 22,378 18,821 Registration fees 14,504 11,314 55,424 45,391 Amounts payable to the Specialist Investment Managers, associates of the Specialist Investment Managers and agents of either of them: Specialist Investment Manager’s fee 231,625 357,321 Amounts payable to the Depositary, associates of the Depositary and agents of either of them: Depositary’s fee (including VAT) 37,685 48,679 Safe custody and other bank charges 19,820 14,279 57,505 62,958 Auditors remuneration: Audit fee (including VAT) 15,450 14,832 Audit fee (including VAT) - predecessor auditor fee 7,200 7,200 Tax Compliance services (including VAT) 3,770 1,800 Tax Compliance services (including VAT) - predecessor tax advisor – 2,104 26,420 25,936

44 MI Select Managers Bond Fund MI Select Managers Bond Fund

Notes to the Financial Statements continued

8. Other Creditors (continued) 28.02.21 29.02.20 £ £ Other expenses: Legal fees – 1,286 Printing costs 1,400 1,902 1,400 3,188

Total other creditors 24,788,787 23,748,576

9. Cash and Bank Balances 28.02.21 29.02.20 £ £ Cash and bank balances 50,387,759 24,148,052 Overdraft positions (35,192,043) (17,327,027) Cash and bank balances 15,195,716 6,821,025

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

11.Contingent Liabilities and Outstanding Commitments There were no contingent liabilities or outstanding commitments at the balance sheet date (2020: none).

MI Select Managers Bond Fund 45 MI Select Managers Bond 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 2 on pages 9 to 11. The Sub-fund may invest in derivatives for the purposes of hedging with the aim of reducing the risk profile of the Sub-fund in accordance with the principles of Efficient Portfolio Management. Derivatives may also be used for investment purposes. Derivatives can expose the Scheme Property to a higher degree of risk. Numerical disclosures relating to the Sub-fund are as follows: Disclosure of VaR limit The table below details the Sub-funds lowest, highest and average VaR, as well as utilisation of VaR calculated during the year: 28.02.21 Utilisation of 29.02.20 Utilisation of % of VaR VaR(*) 20% % of VaR VaR(*) 20% VaR at year end 3.88 19.39 5.92 29.6 Lowest 3.88 19.39 5.50 27.5 Highest 6.02 30.08 7.56 37.8 Average 4.84 24.22 6.26 31.3 *The VaR on the Sub-fund has been divided by its maximum limit. Currency risk The table below details the currency risk profile at the balance sheet date. Currency 28.02.21 29.02.20 Total Total £ £ Australian Dollar 1,052,971 177 Canadian dollar (85,748) 407,844 Chinese renminbi 979,775 – Euro (495,643) 129,411 Japanese yen 943,898 – New Zealand dollar 1,010,666 – Norwegian krone 1,008,428 – Pound sterling 1,156,937,756 960,310,117 Swedish krona 989,925 – United States dollar (6,237,592) (6,334,119) 1,156,104,436 954,513,430

46 MI Select Managers Bond Fund MI Select Managers Bond Fund

Notes to the Financial Statements continued

13.Portfolio Transaction Costs 28.02.21 Purchases Analysis Total before of purchases purchase Commissions Taxes transaction cost paid cost £ £ % £ % £ Bonds 4,462,886,385 16 0.00 – 0.00 4,463,778,566 Funds 100,765,556 551 0.00 – 0.00 100,765,005 Derivatives 319,854 7,107 2.22 – 0.00 312,747 Corporate actions (2,523,276) – 0.00 – 0.00 (2,523,276) Total purchases after commissions and tax 4,561,448,519 Sales Analysis Net before of sales sale Commissions Taxes transaction proceeds paid cost £ £ % £ % £ Bonds 4,305,889,552 – 0.00 – 0.00 4,305,889,552 Funds 87,697,848 58,741 0.07 – 0.00 87,756,589 Derivatives (9,114,088) 6,354 0.07 – 0.00 (9,107,734) Total sales after commissions and tax 4,384,473,312 Commission as a % of average net assets 0.01% Taxes as a % of the average net assets 0.00% 29.02.20 Purchases Analysis Total before of purchases purchase Commissions Taxes transaction cost paid cost £ £ % £ % £ Bonds 1,469,709,381 – 0.00 – 0.001,469,709,381 Funds 93,346,076 – 0.00 – 0.00 93,346,076 Derivatives 5,237,025 – 0.00 – 0.00 5,237,025 Corporate actions (3,172,905) – 0.00 – 0.00 (3,172,905) Total purchases after commissions and tax 1,565,119,577 Sales Analysis Net before of sales sale Commissions Taxes transaction proceeds paid cost £ £ % £ % £ Bonds 1,122,385,223 – 0.00 – 0.001,122,385,223 Funds 89,567,821 – 0.00 – 0.00 89,567,821 Derivatives 5,695,249 – 0.00 – 0.00 5,695,249 Total sales after commissions and tax 1,217,648,293 Commission as a % of average net assets 0.00% Taxes as a % of the average net assets 0.00%

MI Select Managers Bond Fund 47 MI Select Managers Bond Fund

Notes to the Financial Statements continued

13.Portfolio Transaction Costs (continued) Commissions and taxes as a % of the average net assets form part of the direct transaction costs stated within the comparative tables on page 37. 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 2021 is 0.34% (2020: 0.30%).

15.Events after the Balance Sheet date The table below denotes the movement in total share class Net Asset Value (NAV), total shares in issue per share class and NAV per share since the year end, calculated with reference to daily published single prices. Share Class 28.02.21 25.06.21 % p p Movement Institutional income Total share class NAV 1,153,927,626 1,320,540,266 14.44% Shares in Issue 1,044,806,136 1,183,887,605 13.31% NAV per Share 110.44 111.93* 1.35% Institutional accumulation Total share class NAV 6,331,664 6,372,272 0.64% Shares in Issue 5,819,307 5,758,356 -1.05% NAV per Share 108.80 110.66 1.71% *adjusted for income distribution for comparison purposes.

16.Fair Value Disclosure Valuation technique 28.02.21 29.02.20 Assets Liabilities Assets Liabilities £ £ £ £ Level 1^ 432,509,830 (441,807) 445,486,518 (3,659,995) Level 2^^ 836,499,580 (186,184,456) 639,172,714 (133,180,503) Level 3^^^ – – – – 1,269,901,607 (186,626,263) 1,084,659,232 (136,840,498)

^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.

48 MI Select Managers Bond Fund MI Select Managers Bond Fund

Notes to the Financial Statements continued

17.Shareholders Funds Institutional Institutional Income Accumulation Opening number of shares 854,073,746 3,929,764 Shares issued 482,172,868 4,010,260 Shares cancelled (290,227,445) (2,110,385) Closing number of Shares 1,046,019,169 5,829,639

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Distribution Tables for the year ended 28 February 2021 Income Share Distributions Share Distribution Shares Net Equalisation Distribution Distribution class revenue payable paid 2021 2020 p p p p Institutional First interim Group 1 0.5298 – 0.5298 0.5510 Income Group 2 0.2384 0.2914 0.5298 0.5510 Second interim Group 1 0.3959 – 0.3959 0.5368 Group 2 0.2536 0.1423 0.3959 0.5368 Third interim Group 1 0.4465 – 0.4465 0.4733 Group 2 0.2215 0.2250 0.4465 0.4733 Final Group 1 0.3900 – 0.3900 0.4986 Group 2 0.2098 0.1802 0.3900 0.4986

Accumulation Share Distributions Share Distribution Shares Net Equalisation Amount Amount class revenue reinvested reinvested 2021 2020 p p p p Institutional First interim Group 1 0.5155 – 0.5155 0.0772 Accumulation Group 2 0.3202 0.1953 0.5155 0.0772 Second interim Group 1 0.3870 – 0.3870 0.5177 Group 2 0.3537 0.0333 0.3870 0.5177 Third interim Group 1 0.4370 – 0.4370 0.4565 Group 2 0.1874 0.2496 0.4370 0.4565 Final Group 1 0.3836 – 0.3836 0.4834 Group 2 0.0650 0.3186 0.3836 0.4834

First interim period: 01.03.20 - 31.05.20 Second interim period: 01.06.20 - 31.08.20 Third interim period: 01.09.20 - 30.11.20 Final period: 01.12.20 - 28.02.21

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.

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

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

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

Asset Allocation Manager’s Report for the year ended 28 February 2021 Introduction This report covers the MI Brewin Dolphin Select Managers Funds and their underlying mandates for the 12 months to the end of February 2021. Market Review The twelve-month period to the end of February 2021 saw financial markets and economies disrupted by COVID-19 although all major equity markets have ultimately risen higher, with the FTSE World gaining c.19%. The COVID-19 pandemic peaked globally in March from which point we observed central banks and governments deploy measures to support the economy, simultaneously around the world. Governments implemented restrictions to help alleviate pressures on the health system. China and other Asian economies have generally been effective in restricting the spread of the disease while there have been a variety of approaches to lockdown in the West with varying degrees of success. As a result, the global economy took a huge hit with the travel & leisure, energy and bank sectors most negatively impacted. Downward pressure on energy prices was also compounded by Saudi Arabia’s decision to flood global markets with a supply of oil. In addition, central banks were quick to offer support, and this came in many forms: support for borrowers and currency markets; lower interest rates and an expansion of quantitative easing programs. During the peak phase of the crisis the US Federal Reserve was buying $1 million of bonds per second. Central bankers are signalling a “lower for longer” rates environment which is supportive for both bond and equity prices.

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Asset Allocation Manager’s Report continued The Democratic win in the US election, positive vaccine news and rising stock prices had made investors very bullish by the end of 2020. In addition, the UK managed to avoid a no-deal Brexit which was taken positively by the markets. However, more transmissible variants of the virus materialised and together with the slower than expected vaccine rollouts, this has caused delays to economies reopening fully. There is some positive news, however, as more vaccine producers have delivered positive trial results e.g. Johnson & Johnson vaccine, which is logistically less complex to administer and store. As the vaccine rolls-out have progressed we have seen defensive sectors of the global equity market sharply underperform. After the surge last November, value stocks settled into a range vs to their growth stock counterparts. In mid-February, value stocks rose, finally responding to the macro fundamentals that were moving in their favour. Performance Activity and Attribution The MI Select Managers North American Fund gave a total return of 50.9% (Institutional Accumulation) over the year to the end of February 2021 based on published NAV provided by Maitland Institutional Services Limited outperforming the broad measures of North American equity such as the MorningStar US Market index which returned 23.1%. The Baillie Gifford American strategy is a firmly growth-oriented strategy and holds a number of technology stocks (such as Amazon, Netflix and Alphabet). The tech focus has been an enormous beneficiary of the global pandemic, driving performance over the period with the mandate more than doubling with a return of 118.2%, well in excess of the benchmark. The JPM US Equity Income strategy takes a value-oriented approach and has a higher allocation to financials. This strategy was up over the period (10.4%) but caused a relative drag to performance. Despite the lower allocation to Baillie Gifford, the overall Sub-fund has reasonably high exposure to growth. We are comfortable with this tilt and believe that the Sub-fund is well-positioned to generate good returns for investors. A small holding of the Legg Mason Royce US Small Cap Opportunity Fund I Accumulation was introduced in the summer of 2020 to complement the existing mandates given its small cap value tilt. The allocation was built up over time to the current weighting of 5%. Since its introduction in the portfolio, the strategy has returned 58.2%. The allocation to the underlying strategies has changed from the 40:60 split between the Baillie Gifford American and JPM US Equity Income mandates to the following split between Baillie Gifford American, JPM US Equity Income and Legg Mason Royce US Small Cap Opportunity Fund I Accumulation as follows 40:55:5. Outlook A growth rotation is starting to play out in the two main engines of the global economy, the US and China. That said, given the 100 year centenary of the Chinese Communist party in July, the authorities have a strong incentive to maintain adequate policy support. The UK economy was hit very hard by the crisis given its high exposure to services, but optimism towards the economy is improving and it should be a beneficiary as lives begin to return to normal. Vaccines are being administered globally and in the developed world, the most vulnerable cohorts of society should be protected very soon. Given ample slack around the global economy, an imminent inflation problem is not likely. But risks appear to be skewed to the upside for a host of reasons, including globalization headwinds and large central bank financed government deficits. Although the recent pullback has taken some hot air out of the equity market, the dominant market emotion remains one of greed over fear. Equity and bond markets will be supported by the favourable profit and monetary policy backdrop. But high sentiment suggests that returns over the next six months will be much more restrained than they have been over the past six months.

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Portfolio Statement as at 28 February 2021 Market % of total value net assets Holding Security £ 2021 OIL & GAS 2.80% (3.51%) Oil & Gas Producers 2.80% (3.51%) 104,440 Chevron 7,463,415 0.82 290,565 ConocoPhillips 10,809,159 1.19 116,796 EOG Resources 5,392,448 0.60 30,537 Valero Energy 1,680,070 0.19 25,345,092 2.80 BASIC MATERIALS 1.51% (2.05%) Chemicals 1.51% (2.05%) 34,695 Air Products & Chemicals 6,341,931 0.70 75,608 PPG Industries 7,290,404 0.81 13,632,335 1.51 INDUSTRIALS 8.85% (12.73%) Construction & Materials 0.81% (0.72%) 26,110 Trane Technologies 2,859,569 0.32 25,653 Watsco 4,460,514 0.49 7,320,083 0.81 Aerospace & Defence 1.13% (1.27%) 27,543 Heico 2,278,538 0.25 153,757 Raytheon Technologies 7,917,149 0.88 10,195,687 1.13 General Industrials 2.00% (1.90%) 98,116 Eaton 9,135,785 1.01 9,595 Honeywell 1,388,224 0.15 36,965 Parker Hannifin 7,586,801 0.84 18,110,810 2.00 Industrial Engineering 2.28% (2.24%) 27,450 Deere 6,854,352 0.76 103,781 Dover 9,145,139 1.01 5,482 Otis Worldwide 249,731 0.03 35,009 Stanley Black & Decker 4,377,815 0.48 20,627,037 2.28 Industrial Transportation 0.88% (0.73%) 44,290 Norfolk Southern 7,980,817 0.88 Support Services 1.75% (5.87%) 16,211 Accenture 2,908,263 0.32 26,397 Automatic Data Processing 3,282,208 0.36 58,740 Fidelity National Information Services 5,793,333 0.64 60,336 Republic Services 3,844,742 0.43 15,828,546 1.75

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Portfolio Statement continued Market % of total value net assets Holding Security £ 2021 CONSUMER GOODS 6.20% (11.23%) Automobiles & Parts 1.74% (4.03%) 32,780 Tesla Motors 15,735,150 1.74 Beverages 1.05% (1.51%) 119,623 Coca Cola 4,190,784 0.46 57,922 Pepsico 5,348,495 0.59 9,539,279 1.05 Food Producers 0.75% (0.94%) 177,266 Mondelez International 6,738,923 0.75 Household Goods & Home Construction 0.45% (1.95%) 46,381 Procter & Gamble 4,097,027 0.45 Leisure Goods 0.46% (0.79%) 61,871 Hasbro 4,146,565 0.46 Personal Goods 0.37% (0.40%) 59,614 VF 3,373,621 0.37 Tobacco 1.38% (1.61%) 97,695 Altria 3,045,239 0.34 156,551 Philip Morris International 9,405,825 1.04 12,451,064 1.38 HEALTH CARE 13.40% (13.67%) Health Care Equipment & Services 5.60% (4.74%) 25,404 Abiomed 5,887,383 0.65 28,120 Becton Dickinson 4,849,247 0.54 71,258 Glaukos 4,812,884 0.53 113,455 Medtronic 9,489,613 1.05 65,381 Novocure 6,969,266 0.77 20,621 Penumbra 4,186,590 0.46 37,463 Teladoc Health 5,912,192 0.65 36,282 UnitedHealth 8,610,260 0.95 50,717,435 5.60 Pharmaceuticals & Biotechnology 7.80% (8.93%) 13,741 Abbott Laboratories 1,177,140 0.13 36,982 Alnylam Pharmaceuticals 3,896,587 0.43 15,350 Amgen 2,467,243 0.27 240,335 Bristol-Myers Squibb 10,539,260 1.17 100,528 Denali Therapeutics 5,150,433 0.57 43,791 Eli Lilly 6,410,632 0.71 36,054 Illumina 11,311,327 1.25 95,416 Johnson & Johnson 10,800,755 1.19 65,989 Merck 3,427,595 0.38 104,839 Moderna 11,608,702 1.28

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Portfolio Statement continued Market % of total value net assets Holding Security £ 2021 Pharmaceuticals & Biotechnology (continued) 108,642 Pfizer 2,601,627 0.29 53,088 Sana Biotechnology 1,158,132 0.13 70,549,433 7.80 CONSUMER SERVICES 22.02% (17.27%) Food & Drug Retailers 1.70% (0.42%) 49,585 AmerisourceBergen 3,588,449 0.40 91,608 CVS Health 4,464,096 0.49 127,939 Sysco 7,282,301 0.81 15,334,846 1.70 General Retailers 12.30% (10.84%) 11,791 Amazon 26,059,957 2.88 68,981 Best Buy 4,951,179 0.55 152,967 Chegg 10,561,408 1.17 36,952 Carvana 7,492,949 0.83 125,437 Chewy 9,110,130 1.01 10,657 DoorDash 1,291,935 0.14 44,100 Home Depot 8,147,507 0.90 30,108 Lyft 1,199,496 0.13 94,311 Stitch Fix 5,130,745 0.57 128,941 TJX Companies 6,085,063 0.67 202,486 Vroom 6,394,219 0.71 65,075 Wal-Mart Stores 6,044,840 0.67 90,530 Wayfair 18,703,662 2.07 111,173,090 12.30 Media 6.85% (3.93%) 353,710 Comcast 13,320,100 1.47 32,645 Netflix 12,566,726 1.39 58,519 Roku 16,552,828 1.83 33,875 The Trade Desk 19,504,596 2.16 61,944,250 6.85 Travel & Leisure 1.17% (2.08%) 47,666 McDonald’s 7,027,675 0.78 45,997 Starbucks 3,551,846 0.39 10,579,521 1.17 TELECOMMUNICATIONS 0.64% (1.66%) Fixed Line Telecommunications 0.64% (1.66%) 145,038 Verizon Communications 5,735,749 0.64

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Portfolio Statement continued Market % of total value net assets Holding Security £ 2021 UTILITIES 2.47% (3.60%) Electricity 2.47% (3.56%) 98,167 CMS Energy 3,797,204 0.42 27,965 Entergy 1,736,186 0.19 172,999 NextEra Energy 9,091,078 1.01 72,028 Public Service Enterprise 2,773,240 0.31 115,737 XCEL Energy 4,848,520 0.54 22,246,228 2.47 Gas, Water & Multiutilities 0.00% (0.04%) FINANCIALS 24.70% (23.96%) Banks 5.22% (7.16%) 443,420 Bank of America 10,999,074 1.22 127,380 Citigroup 6,000,463 0.66 72,273 First Republic Bank 8,516,542 0.94 95,835 PNC Financial Services 11,537,764 1.28 124,870 Truist Financial 5,086,436 0.56 142,541 US Bancorp 5,097,668 0.56 47,237,947 5.22 Non-life Insurance 2.49% (3.55%) 41,291 Arthur J Gallagher & Co 3,537,836 0.39 45,748 Chubb 5,319,870 0.59 54,160 Lemonade 4,872,889 0.54 18,319 Marsh & McLellan 1,508,261 0.17 111,080 The Hartford Financial Services 4,024,972 0.45 51,110 The Progressive Corporation 3,141,322 0.35 22,405,150 2.49 Life Insurance 0.50% (1.32%) 109,477 MetLife 4,510,318 0.50 Real Estate Investment & Services 2.11% (1.25%) 8,654 CoStar 5,094,229 0.56 153,065 Redfin 8,264,700 0.91 47,641 Zillow 5,779,892 0.64 19,138,821 2.11

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Portfolio Statement continued Market % of total value net assets Holding Security £ 2021 Real Estate Investment Trusts 1.22% (2.20%) 14,357 Alexandria Real Estate 1,639,744 0.18 26,242 AvalonBay Communities 3,297,471 0.36 19,587 Boston Properties 1,388,364 0.15 27,619 Prologis 1,955,910 0.22 17,862 Realty Income 769,749 0.09 39,071 Ventas 1,478,332 0.16 17,702 Vornado Realty Trust 543,683 0.06 11,073,253 1.22 Financial Services 7.91% (8.48%) 25,996 Affirm 1,729,224 0.19 79,795 American Express 7,716,389 0.85 23,254 Blackrock 11,545,833 1.28 48,740 Capital One Financial 4,189,667 0.46 73,583 CME 10,509,827 1.16 18,981 MarketAxess 7,537,959 0.83 30,448 Mastercard 7,699,875 0.85 157,912 Morgan Stanley 8,681,150 0.96 28,752 Northern Trust 1,955,120 0.22 126,825 Schwab (Charles) 5,597,862 0.62 38,381 T Rowe Price 4,446,991 0.49 71,609,897 7.91 Non-equity Investment Instruments 5.25% (0.00%) 159,040 Legg Mason Royce US Small Cap Opportunity Fund I Accumulation* 47,457,630 5.25 TECHNOLOGY 15.47% (9.02%) Software & Computer Services 12.29% (5.71%) 7,279 Alphabet 10,516,466 1.16 70,961 Appian 8,686,771 0.96 99,289 Cloudflare 5,253,134 0.58 49,624 Datadog 3,383,277 0.37 67,717 Eventbrite 961,919 0.11 43,058 IBM 3,662,748 0.41 44,516 Microsoft 7,392,694 0.82 32,863 Shopify 30,066,789 3.33 102,007 Slack Technologies 2,986,300 0.33 6,399 Snowflake 1,186,568 0.13 56,461 Twilio 15,859,641 1.75 36,001 Workday 6,299,467 0.70 121,184 Yext 1,466,586 0.16 49,949 Zoom Video 13,347,719 1.48 111,070,079 12.29

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Portfolio Statement continued Market % of total value net assets Holding Security £ 2021 Technology Hardware & Equipment 3.18% (3.31%) 95,233 Analog Devices 10,604,301 1.17 36,941 Apple 3,202,381 0.36 22,658 Intel 983,397 0.11 11,358 Nvidia 4,453,512 0.49 77,078 Texas Instruments 9,492,927 1.05 28,736,518 3.18

Investment assets 886,642,201 98.06 Net other assets 17,498,851 1.94 Net assets 904,141,052 100.00

All investments are ordinary shares or stock units on a regulated securities market unless otherwise stated. The percentages in brackets show the equivalent % holdings as at 29.02.20. *Collective Investment Schemes permitted under COLL, not listed on any exchange.

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Comparative Tables Change in net assets per share Institutional Income^ 28.02.21 29.02.20 28.02.19 p p p Opening net asset value per share 121.14 110.63 100.00† Return before operating charges^ 62.67 12.25 12.13 Operating charges -0.68 -0.60 -0.65 Return after operating charges^ 61.99 11.65 11.48 Distributions -1.39 -1.14 -0.85 Closing net asset value per share 181.74 121.14 110.63 ^After direct transaction costs of -0.03 -0.02 -0.01 Performance Return after charges 51.17% 10.53% 11.48% Other information Closing net asset value £868,765,876 £564,216,640 £342,255,639 Closing number of shares 478,032,033 465,736,778 309,366,732 Operating charges 0.45% 0.49% 0.61% Ongoing operating charges* 0.44% 0.45% 0.56% Direct transaction costs 0.02% 0.02% 0.01% Prices Highest share price 193.12 138.68 119.43 Lowest share price 99.88 110.02 91.62

Institutional Accumulation^^ 28.02.21 29.02.20 28.02.19 p p p Opening net asset value per share 104.65 94.68 100.00† Return before operating charges^ 54.23 10.48 -4.75 Operating charges -0.59 -0.51 -0.57 Return after operating charges^ 53.64 9.97 -5.32 Distributions -1.20 -0.98 -0.39 Retained distributions on accumulation shares 1.20 0.98 0.39 Closing net asset value per share 158.29 104.65 94.68 ^After direct transaction costs of -0.03 -0.02 -0.01 Performance Return after charges 51.26% 10.53% -5.32% Other information Closing net asset value £35,375,176 £19,327,288 £2,119,878 Closing number of shares 22,348,331 18,468,985 2,239,055 Operating charges 0.45% 0.49% 0.61% Ongoing operating charges* 0.44% 0.45% 0.56% Direct transaction costs 0.02% 0.02% 0.01% Prices Highest share price 167.55 119.18 101.88 Lowest share price 86.28 94.16 82.63 ^Institutional Income launched on 7 February 2018. ^^Institutional Accumulation launched on 29 August 2018. †Launch price *The net asset value of the Sub-fund has increased by more than 10% if compared to the average net asset values for the year. Taking an average of the daily Net Asset Values for the last month of the year has the effect of decreasing the operating charges by 0.01%. The ACD believes this to be more representative of the charges going forward.

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

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

1 2 3 4 5 6 7

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

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

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

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

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Statement of Total Return for the year ended 28 February 2021 28.02.21 29.02.20 Note £ £ £ £ Income Net capital gains 2 287,977,469 32,821,290 Revenue 3 11,134,483 8,219,610 Expenses 4 (2,993,487) (2,434,345) Interest payable and similar charges 4 (1,567) 10,847 Net revenue before taxation 8,139,429 5,796,112 Taxation 5 (1,535,533) (1,189,072) Net revenue after taxation 6,603,896 4,607,040 Total return before distributions 294,581,365 37,428,330 Distributions 6 (6,604,010) (4,607,022) Change in net assets attributable to Shareholders from investment activities 287,977,355 32,821,308

Statement of Change in Net Assets Attributable to Shareholders for the year ended 28 February 2021 28.02.21 29.02.20 £ £ £ £ Opening net assets attributable to Shareholders 583,543,928 344,375,517 Amounts receivable on issue of shares 318,350,258 342,791,590 Less: Amounts payable on cancellation of shares (285,979,758) (136,584,915) 32,370,500 206,206,675 Change in net assets attributable to Shareholders from investment activities (see Statement of Total Return above) 287,977,355 32,821,308 Retained distributions on accumulation shares 249,269 140,428 Closing net assets attributable to Shareholders 904,141,052 583,543,928

The notes on pages 63 to 70 form an integral part of these Financial Statements.

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Balance Sheet as at 28 February 2021 28.02.21 29.02.20 Note £ £ £ £ ASSETS Fixed Assets Investments 886,642,201 575,984,259 Current Assets Debtors 7 6,950,833 10,837,363 Cash and bank balances 9 35,380,047 18,271,069 Total current assets 42,330,880 29,108,432 Total assets 928,973,081 605,092,691

LIABILITIES Investment liabilities – – Creditors Bank overdrafts 9 (12,886,876) (10,901,638) Distribution payable (3,372,516) (2,892,225) Other creditors 8 (8,572,637) (7,754,900) Total creditors (24,832,029) (21,548,763) Total liabilities (24,832,029) (21,548,763) Net assets attributable to Shareholders 904,141,052 583,543,928

The notes on pages 63 to 70 form an integral part of these Financial Statements.

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Notes to the Financial Statements for the year ended 28 February 2021

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

2. Net Capital Gains^ 28.02.21 Realised Unrealised Total £ £ £ Non-derivative securities 99,158,018 189,425,501 288,583,519 Currency losses (564,740) – (564,740) Transaction charges (41,310) – (41,310) Net capital gains 98,551,968 189,425,501 287,977,469

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

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

3. Revenue 28.02.21 29.02.20 £ £ UK dividends: Ordinary – (445) Overseas dividends 10,720,961 7,827,411 Property income distributions 412,989 379,457 Bank interest 533 13,187 Total revenue 11,134,483 8,219,610

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Notes to the Financial Statements continued

4. Expenses 28.02.21 29.02.20 £ £ Payable to the Authorised Corporate Director (ACD), associates of the ACD and agents of either of them: ACD’s fee 169,224 110,299 Administration fees 219,109 151,505 Registration fees 132,451 118,181 520,784 379,985 Payable to the Specialist Investment Managers, associates of the Specialist Investment Managers and agents of either of them: Specialist Investment Manager’s fee 2,303,222 1,899,404 Payable to the Depositary, associates of the Depositary and agents of either of them: Depositary’s fee (including VAT) 110,505 99,217 Safe custody and other bank charges 35,227 23,787 145,732 123,004 Auditors remuneration: Audit fee (including VAT) 9,315 8,652 Tax Compliance service (including VAT) 1,970 1,800 Tax Compliance services (including VAT) - predecessor tax advisor – 300 11,285 10,752 Other expenses: Legal fees 9,274 18,610 Printing costs 3,190 2,590 12,464 21,200

Expenses 2,993,487 2,434,345 Interest payable and similar charges 1,567 (10,847) Total 2,995,054 2,423,498

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Notes to the Financial Statements continued

5. Taxation 28.02.21 29.02.20 £ £ (a) Analysis of charge in the period: Overseas tax 1,535,533 1,189,072 Total tax charge (note 5b) 1,535,533 1,189,072

(b) Factors affecting taxation charge for the period: Net revenue before taxation 8,139,429 5,796,112 Corporation tax at 20% 1,627,886 1,159,222 Effects of: UK dividends – 89 Movement in surplus management expenses 526,921 428,587 Adjustments in respect of prior periods 1,775 2,570 Overseas tax expensed 1,535,533 1,189,072 Double taxation relief (12,390) (24,986) Non-taxable overseas earnings (2,144,192) (1,565,482) Total tax charge (note 5a) 1,535,533 1,189,072

(c) Deferred tax At the year end there is a potential deferred tax asset of £1,230,688 (2020: £703,767) in relation to surplus management expenses. It is unlikely that the Sub-fund will generate sufficient taxable profits in the future to utilise these expenses and therefore no deferred tax asset has been recognised in the year.

6. Distributions The distributions take account of revenue received on the issue of shares and revenue deducted on the cancellation of shares, and comprise: 28.02.21 29.02.20 £ £ Interim distribution 31.08.20 3,163,401 2,023,942 Final distribution 28.02.21 3,509,310 2,990,979 6,672,711 5,014,921 Revenue deducted on cancellation of Shares 613,970 336,274 Revenue received on issue of Shares (682,671) (744,173) Distributions 6,604,010 4,607,022

Reconciliation of net revenue after taxation to net distributions: Net revenue after taxation per Statement of Total Return 6,603,896 4,607,040 Undistributed revenue brought forward 230 212 Undistributed revenue carried forward (116) (230) Distributions 6,604,010 4,607,022

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Notes to the Financial Statements continued

7. Debtors 28.02.21 29.02.20 £ £ Amounts receivable on issues 4,967,532 5,772,927 Currency deals outstanding 1,060,773 2,550,734 Sales awaiting settlement 118,044 1,678,734 Accrued income: Dividends receivable 803,824 834,968 Prepaid expenses: Legal fee 660 – Total debtors 6,950,833 10,837,363

8. Other Creditors 28.02.21 29.02.20 £ £ Amounts payable on cancellations 2,829,479 1,332,753 Currency deals outstanding 1,049,400 2,524,279 Purchases awaiting settlement 3,700,920 3,125,225 Accrued expenses: Amounts payable to the Authorised Corporate Director (ACD), associates of the ACD and agents of either of them: ACD’s fee 16,246 10,856 Administration fee 20,082 14,422 Registration fees 12,926 10,676 49,254 35,954 Amounts payable to the Specialist Investment Managers, associates of the Specialist Investment Managers and agents of either of them: Specialist Investment Managers fee 883,809 668,931 Amounts payable to the Depositary, associates of the Depositary and agents of either of them: Depositary’s fee (including VAT) 30,645 36,869 Safe custody and other bank charges 9,566 8,829 40,211 45,698 Auditors remuneration: Audit fee (including VAT) 9,270 8,652 Audit fee (including VAT) - predecessor auditor fee 7,200 7,200 Tax Compliance services (including VAT) 1,916 1,800 Tax Compliance services (including VAT) - predecessor tax advisor – 2,100 18,386 19,752

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Notes to the Financial Statements continued

8. Other Creditors (continued) 28.02.21 29.02.20 £ £ Other expenses: Legal fees – 1,285 Printing costs 1,178 1,023 1,178 2,308

Total other creditors 8,572,637 7,754,900

9. Cash and Bank Balances 28.02.21 29.02.20 £ £ Cash and bank balances 35,380,047 18,271,069 Overdraft positions (12,886,876) (10,901,638) Cash and bank balances 22,493,171 7,369,431

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

11.Contingent Liabilities and Outstanding Commitments There were no contingent liabilities or outstanding commitments at the balance sheet date (2020: none).

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Notes to the Financial Statements continued

12.Risk Management Policies and Disclosures The main risks arising from financial instruments and the ACD’s policies for managing these risks are disclosed in Note 2 on pages 9 to 11. Numerical disclosures relating to the Sub-fund are as follows: Disclosure of VaR Limit The table below details the Sub-fund’s lowest, highest and average VaR, as well as utilisation of VaR calculated during the year: 28.02.21 Utilisation of 29.02.20 Utilisation of % of VaR VaR(*) 20% % of VaR VaR(*) 20% VaR at year end 23.57 117.84 14.31 71.55 Lowest 14.31 71.56 7.80 39.00 Highest 24.02 120.08 14.36 71.80 Average 22.02 110.09 13.27 66.35 *The VaR on the Sub-fund has been divided by its maximum limit. Currency risk The table below details the currency risk profile at the balance sheet date. Currency 28.02.21 29.02.20 Total Total £ £ Pound sterling 50,250,848 2,795,611 United States dollar 853,890,204 580,748,317 904,141,052 583,543,928

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Notes to the Financial Statements continued

13.Portfolio Transaction Costs 28.02.21 Purchases Analysis Total before of purchases purchase Commissions Taxes transaction cost paid cost £ £ % £ % £ Equities 325,793,986 68,720 0.02 50 0.00 325,725,216 Corporate actions 33,261,815 – 0.00 – 0.00 33,261,815 Total purchases after commissions and tax 359,055,801 Sales Analysis Net before of sales sale Commissions Taxes transaction proceeds paid cost £ £ % £ % £ Equities 336,981,343 62,587 0.02 7,534 0.00 337,051,464 Total sales after commissions and tax 336,981,343 Commission as a % of average net assets 0.02% Taxes as a % of the average net assets 0.00% 29.02.20 Purchases Analysis Total before of purchases purchase Commissions Taxes transaction cost paid cost £ £ % £ % £ Equities 321,541,443 51,006 0.02 74 0.00 321,490,363 Corporate actions (50,303) – 0.00 – 0.00 (50,303) Total purchases after commissions and tax 321,491,140 Sales Analysis Net before of sales sale Commissions Taxes transaction proceeds paid cost £ £ % £ % £ Equities 120,344,797 22,792 0.02 2,533 0.00 120,370,122 Total sales after commissions and tax 120,344,797 Commission as a % of average net assets 0.02% Taxes as a % of the average net assets 0.00% Commissions and taxes as a % of the average net assets form part of the direct transaction costs stated within the comparative tables on page 59. The direct transaction costs within the comparative tables may differ due to the effect of dilution levies charged (where applicable).

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Notes to the Financial Statements continued

14.Portfolio Dealing Spread The average portfolio dealing spread at 28 February 2021 is 0.09% (2020: 0.12%).

15.Events after the Balance Sheet date The table below denotes the movement in the Net Asset Value since the year end, calculated with reference to the daily published single prices. Share Class 28.02.21 25.06.21 % p p Movement Institutional income Total share class NAV 871,927,549 1,062,919,661 21.90% Shares in Issue 477,626,509 533,943,636 11.79% NAV per Share 182.55 199.78* 9.43% Institutional accumulation Total share class NAV 35,362,035 48,668,892 37.63% Shares in Issue 22,326,477 28,071,767 25.73% NAV per Share 158.39 173.37 9.46% *adjusted for income distribution for comparison purposes.

16.Fair Value Disclosure Valuation technique 28.02.21 29.02.20 Assets Liabilities Assets Liabilities £ £ £ £ Level 1^ 839,184,571 – 575,984,259 – Level 2^^ 47,457,630 – – – Level 3^^^ – – – – 886,642,201 575,984,259 –

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

17.Shareholders Funds Institutional Institutional Income Accumulation Opening number of shares 465,736,778 18,468,985 Shares issued 202,081,837 8,496,233 Shares cancelled (189,786,582) (4,616,887) Closing number of shares 478,032,033 22,348,331

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Distribution Tables for the year ended 28 February 2021 Income Share Distributions Share Distribution Shares Net Equalisation Distribution Distribution class revenue payable paid 2021 2020 p p p p Institutional Interim Group 1 0.6821 – 0.6821 0.5198 Income Group 2 0.4142 0.2679 0.6821 0.5198 Final Group 1 0.7055 – 0.7055 0.6210 Group 2 0.3330 0.3725 0.7055 0.6210

Accumulation Share Distributions Share Distribution Shares Net Equalisation Amount Amount class revenue reinvested reinvested 2021 2020 p p p p Institutional Interim Group 1 0.5890 – 0.5890 0.4448 Accumulation Group 2 0.3555 0.2335 0.5890 0.4448 Final Group 1 0.6121 – 0.6121 0.5347 Group 2 0.2232 0.3889 0.6121 0.5347

Interim period: 01.03.20 - 31.08.20 Final period: 01.09.20 - 28.02.21

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

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

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

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

Asset Allocation Manager’s Report for the year ended 28 February 2021 Introduction This report covers the MI Brewin Dolphin Select Managers Funds and their underlying mandates for the 12 months to the end of February 2021. Market Review The twelve-month period to the end of February 2021 saw financial markets and economies disrupted by COVID-19 although all major equity markets have ultimately risen higher, with the FTSE World gaining c.19%. The COVID-19 pandemic peaked globally in March from which point we observed central banks and governments deploy measures to support the economy, simultaneously around the world. Governments implemented restrictions to help alleviate pressures on the health system. China and other Asian economies have generally been effective in restricting the spread of the disease while there have been a variety of approaches to lockdown in the West with varying degrees of success. As a result, the global economy took a huge hit with the travel & leisure, energy and bank sectors most negatively impacted. Downward pressure on energy prices was also compounded by Saudi Arabia’s decision to flood global markets with a supply of oil. In addition, central banks were quick to offer support, and this came in many forms: support for borrowers and currency markets; lower interest rates and an expansion of quantitative easing programs. During the peak phase of the crisis the US Federal Reserve was buying $1 million of bonds per second. Central bankers are signalling a “lower for longer” rates environment which is supportive for both bond and equity prices.

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Asset Allocation Manager’s Report continued The Democratic win in the US election, positive vaccine news and rising stock prices had made investors very bullish by the end of 2020. In addition, the UK managed to avoid a no-deal Brexit which was taken positively by the markets. However, more transmissible variants of the virus materialised and together with the slower than expected vaccine rollouts, this has caused delays to economies reopening fully. There is some positive news, however, as more vaccine producers have delivered positive trial results e.g. Johnson & Johnson vaccine, which is logistically less complex to administer and store. As the vaccine rolls-out have progressed we have seen defensive sectors of the global equity market sharply underperform. After the surge last November, value stocks settled into a range vs to their growth stock counterparts. In mid-February, value stocks rose, finally responding to the macro fundamentals that were moving in their favour. Performance Activity and Attribution The MI Select Managers UK Equity Fund gave a total return of 8.6% (Institutional Accumulation) over the year to the end of February 2021 based on published NAV provided by Maitland Institutional Services Limited which represents an outperformance relative to the MorningStar UK Market which was up 1.7%. The JPM UK Core strategy, which seeks to add value through an investment process that has exposure to a number of underlying investment styles, outperformed the broader index and returned 3.9%. The Lindsell Train strategy held up relatively well in the March drawdown and outperformed the broader UK market over the last 12 months, returning 6.1%. The mandate focuses on firms with strong, simple and defendable business models with a clear path to growing revenues. The Merian Mid-cap Crossover strategy gave a strong relative performance with returns of 16.4%. There was a notable pick- up in performance as markets rebounded from the March lows. The Miton UK Smaller Companies mandate was completely removed from the portfolio in March last year. In its place we have introduced the Teviot UK Smaller Companies mandate and have steadily built up the position in the Sub-fund. The strategy has delivered returns of 27.1% over the period. Following the departure of Alasdair Munday, manager of the Ninety One UK Special Situations fund since 2002, a review was conducted by our fund analysts. It was determined that the managers responsible for the RWC UK Equity Income fund had the most appropriate experience in the sector and with running value mandates. We transitioned the mandate to RWC UK Equity Income in November. The new mandate offers value exposure to UK equities and complements the Lindsell Train UK Equity in particular. The RWC strategy has performed well since its introduction. Outlook A growth rotation is starting to play out in the two main engines of the global economy, the US and China. That said, given the 100 year centenary of the Chinese Communist party in July, the authorities have a strong incentive to maintain adequate policy support. The UK economy was hit very hard by the crisis given its high exposure to services, but optimism towards the economy is improving and it should be a beneficiary as lives begins to return to normal. Vaccines are being administered globally and in the developed world, the most vulnerable cohorts of society should be protected very soon. Given ample slack around the global economy, an imminent inflation problem is not likely. But risks appear to be skewed to the upside for a host of reasons, including globalization headwinds and large central bank financed government deficits. Although the recent pullback has taken some hot air out of the equity market, the dominant market emotion remains one of greed over fear. Equity and bond markets will be supported by the favourable profit and monetary policy backdrop. But high sentiment suggests that returns over the next six months will be much more restrained than they have been over the past six months.

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Portfolio Statement as at 28 February 2021 Market % of total value net assets Holding Security £ 2021 OIL & GAS 5.87% (5.03%) Oil & Gas Producers 5.87% (5.03%) 4,923,664 BP 14,364,790 2.06 598,538 1,142,609 0.16 57,000 515,451 0.07 512,000 Gulf Keystone Petroleum 870,400 0.12 335,918 Royal Dutch Shell ‘A’ 4,853,343 0.70 944,207 Royal Dutch Shell ‘B’ 13,101,816 1.88 634,744 SDX Energy* 104,733 0.02 828,807 Serica Energy* 989,596 0.14 151,288 Total 5,039,869 0.72 40,982,607 5.87 BASIC MATERIALS 5.94% (3.44%) Chemicals 0.72% (0.25%) 4,579 Croda International 282,433 0.04 25,357 Johnson Matthey 774,656 0.11 12,608 RHI Magniesta 494,990 0.07 275,290 Scapa* 591,874 0.09 462,591 2,126,993 0.30 187,505 Zotefoams 778,146 0.11 5,049,092 0.72 Forestry & Paper 0.01% (0.14%) 4,125 James Cropper* 43,313 0.01 Industrial Metals & Mining 0.17% (0.00%) 107,535 Evraz 614,025 0.09 175,175 587,187 0.08 1,201,212 0.17 Mining 5.04% (3.05%) 490,824 Anglo American 13,605,641 1.95 603,126 Anglo Pacific 828,695 0.12 22,496 Antofagasta 400,766 0.06 264,500 Atalaya Mining* 872,850 0.12 185,291 Barrick Gold 2,473,021 0.35 180,253 BHP 4,090,842 0.58 242,986 Central Asia Metals* 585,596 0.08 94,225 Gem Diamonds 48,055 0.01 882,274 Glencore 2,564,771 0.37 73,377 Newmont 2,852,996 0.41 44,221 Polymetal 628,602 0.09 101,411 Rio Tinto 6,274,299 0.90 35,226,134 5.04

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Portfolio Statement continued Market % of total value net assets Holding Security £ 2021 INDUSTRIALS 12.06% (15.22%) Construction & Materials 1.38% (1.96%) 350,000 Alumasc* 595,000 0.08 159,429 439,067 0.06 72,327 CRH 2,238,521 0.32 1,340,430 Forterra 3,471,714 0.50 117,154 Keller 910,287 0.13 18,748 Marshalls 127,674 0.02 25,344 Morgan Sindall 416,655 0.06 58,834 Norcros 135,318 0.02 797,423 Severfield 601,257 0.09 211,958 715,358 0.10 9,650,851 1.38 Aerospace & Defence 0.38% (1.48%) 234,945 BAE Systems 1,136,899 0.16 67,218 284,399 0.04 230,320 Qinetiq 688,196 0.10 40,530 Rolls-Royce 43,631 0.01 24,411 466,738 0.07 2,619,863 0.38 General Industrials 1.67% (0.48%) 21,967 Bunzl 491,182 0.07 803,500 CK Hutchison 4,341,441 0.62 899,677 558,699 0.08 314,500 Hargreaves* 974,950 0.14 1,031,937 Macfarlane 939,063 0.14 918,035 Melrose Industries 1,522,561 0.22 69,655 Mondi 1,200,852 0.17 110,133 Smith (DS) 437,669 0.06 35,502 Smurfit Kappa 1,205,648 0.17 11,672,065 1.67 Electronic & Electrical Equipment 0.36% (0.21%) 30,259 Halma 685,669 0.10 197,926 Morgan Advanced Materials 613,571 0.09 27,298 489,180 0.07 367,690 TT Electronics 739,057 0.10 2,527,477 0.36 Industrial Engineering 0.74% (1.05%) 25,761 Hill & Smith 327,680 0.05 264,000 Pressure Technologies* 253,440 0.04 10,890 Spirax-Sarco Engineering 1,165,775 0.17 744,443 Trifast 967,776 0.14 61,962 Vesuvius 322,822 0.05

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Portfolio Statement continued Market % of total value net assets Holding Security £ 2021 Industrial Engineering (continued) 62,727 Vitec 599,670 0.09 39,234 Weir 777,618 0.11 471,855 Xaar 613,412 0.09 5,028,193 0.74 Industrial Transportation 2.04% (0.30%) 125,999 Braemar Shipping Services 277,198 0.04 12,722 Clarkson 323,139 0.05 46,000 Fisher (James) & Sons 543,720 0.08 42,250 Ocean Wilsons 346,450 0.05 2,815,346 Royal Mail 12,742,256 1.82 14,232,763 2.04 Support Services 5.49% (9.74%) 150,243 Ashtead 5,829,428 0.83 373,833 Augean* 747,666 0.11 9,301,459 4,207,050 0.60 700,725 Costain 430,946 0.06 8,873 DCC 511,972 0.07 1,242,249 De La Rue 2,154,060 0.31 625,000 Driver* 306,250 0.04 461,542 4,476,957 0.64 197,818 Euromoney 1,922,791 0.27 289,418 Experian 6,575,577 0.94 24,469 Ferguson 2,063,226 0.30 689,150 Fonix Mobile* 1,033,725 0.15 131,046 Grafton 1,296,045 0.19 110,801 Inchcape 785,579 0.11 4,882 Intertek 261,382 0.04 711,900 Mears 1,192,433 0.17 110,322 PageGroup 527,560 0.08 36,939 Paypoint 215,724 0.03 2,884,000 Renewi 1,248,772 0.18 65,008 Rentokil Initial 303,327 0.04 190,003 Ricardo 855,014 0.12 1,079,500 RPS 880,872 0.13 170,500 Science* 528,550 0.08 38,354,906 5.49 CONSUMER GOODS 20.32% (21.49%) Automobiles & Parts 0.88% (0.40%) 23,872 Continental 2,459,119 0.35 188,700 Honda Motor 3,687,784 0.53 6,146,903 0.88

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Portfolio Statement continued Market % of total value net assets Holding Security £ 2021 Beverages 7.25% (6.90%) 482,623 A.G. Barr 2,405,876 0.34 95,429 772,498 0.11 373,937 C&C Group 961,018 0.14 775,921 Diageo 21,822,778 3.13 240,500 Fevertree Drinks* 5,480,995 0.78 171,000 Heineken 10,570,585 1.51 63,000 Remy Cointreau 8,642,125 1.24 50,655,875 7.25 Food Producers 2.13% (2.51%) 5,952 Associated British Foods 140,884 0.02 209,113 Devro 365,530 0.05 544,538 823,886 0.12 305,300 Mondelez International 11,606,248 1.66 27,666 MP Evans* 164,613 0.02 1,218,828 1,100,602 0.16 97,561 Tate & Lyle 707,707 0.10 14,909,470 2.13 Household Goods & Home Construction 2.41% (3.26%) 510,129 Barratt Developments 3,388,277 0.49 66,501 1,867,348 0.27 11,842 Berkeley Group 479,956 0.07 292,177 1,360,376 0.19 13,143 Gleeson (M.J) 105,144 0.01 276,598 Headlam 1,095,328 0.16 256,445 IG Design* 1,241,194 0.18 36,472 Persimmon 944,625 0.14 45,032 Reckitt Benckiser 2,701,920 0.39 1,936,419 Taylor Wimpey 3,051,796 0.44 245,616 Watkin Jones* 492,460 0.07 16,728,424 2.41 Leisure Goods 0.23% (0.12%) 16,677 Character* 73,379 0.01 16,184 1,546,381 0.22 1,619,760 0.23 Personal Goods 6.51% (5.76%) 798,745 Burberry 14,501,215 2.08 270,751 Dr. Martens 1,335,885 0.19 180,307 Inspecs Group* 576,982 0.08 496,200 PZ Cussons 1,215,690 0.17 747,606 THG 5,293,050 0.76 587,175 Unilever 21,919,243 3.14 101,215 645,752 0.09 45,487,817 6.51

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Portfolio Statement continued Market % of total value net assets Holding Security £ 2021 Tobacco 0.91% (2.54%) 206,585 British American Tobacco 5,133,637 0.74 90,494 Imperial Brands 1,206,285 0.17 6,339,922 0.91 HEALTH CARE 2.95% (4.07%) Health Care Equipment & Services 0.37% (0.38%) 84,239 Caretech* 429,619 0.06 137,843 Convatec Group 259,558 0.04 39,131 Smith & Nephew 542,160 0.08 715,513 1,047,511 0.15 34,358 UDG Healthcare 265,072 0.04 2,543,920 0.37 Pharmaceuticals & Biotechnology 2.58% (3.69%) 2,621,764 Allergy Therapeutics* 471,918 0.07 114,649 AstraZeneca 7,960,080 1.14 365,500 Eco Animal Health* 1,169,600 0.17 597,509 GlaxoSmithKline 7,115,137 1.02 31,990 Hikma Pharmaceuticals 715,296 0.10 429,000 550,836 0.08 17,982,867 2.58 CONSUMER SERVICES 21.17% (17.21%) Food & Drug Retailers 1.39% (2.06%) 58,162 1,212,096 0.17 368,829 J Sainsbury 834,291 0.12 30,960 Ocado 681,120 0.10 1,764,034 Tesco 3,963,784 0.57 1,775,829 Wm Morrison Supermarkets 3,033,116 0.43 9,724,407 1.39 General Retailers 6.76% (4.38%) 73,132 ASOS* 4,095,392 0.59 171,262 B&M European Value Retail 935,776 0.13 1,787,647 boohoo.com* 6,022,583 0.86 1,486,317 Card Factory 685,935 0.10 136,804 Dignity 699,068 0.10 4,970,948 6,298,191 0.90 165,164 Dunelm 2,076,111 0.30 87,370 Howden Joinery 608,270 0.09 184,618 JD Sports Fashion 1,532,699 0.22 193,667 Joules* 362,157 0.05 3,004 Just Eat 207,697 0.03 2,484,869 Kingfisher 6,592,357 0.94 1,450,959 Lookers 596,344 0.09 5,607,733 Marks & Spencer 7,957,373 1.14

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Portfolio Statement continued Market % of total value net assets Holding Security £ 2021 General Retailers (continued) 21,883 98,474 0.01 6,328,431 Mothercare 870,159 0.13 16,801 Next 1,270,156 0.18 691,432 2,727,008 0.39 245,268 RM 512,610 0.07 429,733 Studio Retail 1,203,252 0.17 15,433 Travis Perkins 221,849 0.03 746,000 652,004 0.09 53,735 WH Smith 1,026,339 0.15 47,251,804 6.76 Media 8.63% (6.60%) 7,814 190,271 0.03 975,939 3,489,958 0.50 350,308 Auto Trader 1,927,395 0.28 482,000 Daily Mail & General Trust 4,338,000 0.62 600,000 Ebiquity* 152,400 0.02 191,448 Future 3,729,407 0.53 30,407 Informa 167,421 0.02 7,021,284 ITV 7,712,880 1.11 1,071,018 Pearson 8,041,203 1.15 1,181,845 Relx 19,996,817 2.86 552,316 S4 Capital 2,446,760 0.35 248,002 STV 793,606 0.11 461,375 Wilmington 899,681 0.13 753,158 WPP 6,428,957 0.92 60,314,756 8.63 Travel & Leisure 4.39% (4.17%) 199,562 592,699 0.08 317,175 Celtic* 317,175 0.05 113,411 Compass Group 1,650,130 0.24 242,422 Dart Group* 3,515,119 0.50 479,295 easyJet 4,723,932 0.68 1,052,000 FirstGroup 946,274 0.14 14,552 Flutter Entertainment 2,011,086 0.29 33,288 GVC 470,359 0.07 176,000 Hollywood Bowl 397,760 0.06 15,421 InterContinental Hotels 771,050 0.11 314,008 International Consolidated Airlines 602,267 0.09 17,010 Whitbread 577,490 0.08 200,773 Manchester United 2,708,375 0.39 831,065 Marston’s 794,498 0.11 118,772 Mitchells & Butlers 359,879 0.05 254,919 National Express 761,698 0.11 125,000 591,250 0.08 562,306 Rank 996,406 0.14 159,700 Saga 600,153 0.09

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Portfolio Statement continued Market % of total value net assets Holding Security £ 2021 Travel & Leisure (continued) 523,506 2,709,144 0.39 69,067 Holdings 3,667,458 0.52 59,710 Young & Co Brewery* 868,781 0.12 30,632,983 4.39 TELECOMMUNICATIONS 2.22% (1.50%) Fixed Line Telecommunications 0.84% (0.50%) 4,734,145 BT 5,837,201 0.84 Mobile Telecommunications 1.38% (1.00%) 70,806 Gamma Communications* 1,069,171 0.15 7,042,369 Vodafone 8,591,690 1.23 9,660,861 1.38 UTILITIES 1.86% (1.26%) Electricity 0.39% (0.37%) 372,500 Drax 1,422,950 0.20 97,791 SSE 1,294,753 0.19 2,717,703 0.39 Gas, Water & Multiutilities 1.47% (0.89%) 13,529,151 7,137,980 1.02 323,460 National Grid 2,608,381 0.37 25,074 Severn Trent 547,365 0.08 10,293,726 1.47 FINANCIALS 23.09% (24.91%) Banks 6.18% (6.98%) 6,589,664 Barclays 10,513,150 1.51 82,823 Citigroup 3,901,525 0.56 48,831 Close Brothers 759,322 0.11 1,596,069 HSBC 6,802,446 0.97 5,087,762 Lloyds Banking 1,984,227 0.28 5,374,010 Royal Bank of Scotland 9,896,239 1.42 2,013,788 Standard Chartered 9,305,714 1.33 43,162,623 6.18 Non-life Insurance 0.63% (0.83%) 8,943 Admiral 276,160 0.04 127,453 Beazley 440,478 0.06 196,748 Direct Line Insurance 630,774 0.09 71,638 Lancashire 439,857 0.06 832,917 Randall & Quilter Investment* 1,457,605 0.21 75,624 RSA Insurance 510,764 0.07 281,000 Sabre Insurance 681,425 0.10 4,437,063 0.63

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Portfolio Statement continued Market % of total value net assets Holding Security £ 2021 Life Insurance 1.96% (1.15%) 2,164,544 Aviva 7,833,485 1.12 707,719 Legal & General 1,834,408 0.26 111,774 Phoenix Group 793,595 0.11 232,400 Prudential 3,273,354 0.47 13,734,842 1.96 Real Estate Investment & Services 0.61% (0.65%) 407,221 Belvoir Lettings* 667,842 0.10 331,540 LSL Property Services 835,481 0.12 110,321 Rightmove 623,314 0.09 181,754 2,099,259 0.30 4,225,896 0.61 Real Estate Investment Trusts 1.44% (2.54%) 204,260 Big Yellow 2,318,351 0.33 58,003 British Land 283,925 0.04 10,000 331,000 0.05 47,238 Land Securities 314,133 0.04 56,448 Londonmetric Property 123,508 0.02 30,427 242,351 0.03 158,424 Segro 1,441,342 0.21 264,936 Unite 2,568,555 0.37 317,438 Workspace 2,428,401 0.35 10,051,566 1.44 Financial Services 9.27% (10.61%) 131,824 3i Group 1,459,292 0.21 650,000 Appreciate* 240,500 0.03 197,033 Brewin Dolphin 578,292 0.08 77,226 CMC Markets 313,538 0.04 113,643 Draper Esprit* 954,601 0.14 775,000 11,706,375 1.68 59,765 IG Group 465,569 0.07 249,540 Integrafin 1,245,205 0.18 101,354 Intermediate Capital Group 1,754,438 0.25 956,200 International Personal Finance 774,522 0.11 26,476 Liontrust Asset Management 333,598 0.05 208,899 London 20,091,906 2.88 513,633 M&G 944,314 0.14 280,547 420,540 0.06 1,042,000 Morses Club* 650,208 0.09 1,045,297 OSB Group 4,634,847 0.66 271,341 Premier Asset Management* 374,451 0.05 203,000 3,130,260 0.45 7,300 S & U 160,600 0.02

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Portfolio Statement continued Market % of total value net assets Holding Security £ 2021 Financial Services (continued) 343,500 12,032,805 1.72 518,139 Sigma Capital * 792,753 0.11 10,544 St James’s Place 123,734 0.02 14,554 45,219 0.01 514,192 TP ICAP 1,234,061 0.18 19,200 Volvere* 249,600 0.04 64,711,228 9.27 Equity Investment Instruments 0.20% (0.28%) 121,769 Scottish Mortgage 1,382,078 0.20 Non-equity Investment Instruments 2.80% (1.87%) 610,838 JPM UK Smaller Companies I Accumulation†** 8,118,037 1.16 11,480,983 JPM Sterling Liquidity Fund†** 11,480,983 1.64 19,599,020 2.80 TECHNOLOGY 3.19% (2.67%) Software & Computer Services 2.45% (2.48%) 147,802 Aptitude Software 931,153 0.13 21,533 Aveva 731,045 0.10 109,650 Blue Prism* 1,678,742 0.24 78,177 Bytes Technology 325,685 0.05 68,874 1,436,712 0.21 89,441 EMIS* 937,342 0.13 273,455 Funding Circle 380,102 0.05 676,454 Iqgeo* 649,396 0.09 280,359 Kin and Carta 399,512 0.06 1,295,000 Sage 7,233,870 1.04 42,950 628,788 0.09 93,591 Tracsis* 602,726 0.09 943,588 Tribal* 858,665 0.12 440,801 Vianet* 321,785 0.05 17,115,523 2.45 Technology Hardware & Equipment 0.74% (0.19%) 309,359 Amino Technologies* 460,945 0.07 203,202 HP 4,207,637 0.60 208,534 Communications 487,970 0.07 5,156,552 0.74

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Portfolio Statement continued Market % of total value net assets Holding Security £ 2021 DERIVATIVES -0.04% (-0.01%) Futures contracts -0.04% (-0.01%) 246 FTSE 100 Index Future 19.03.2021 (276,767) (0.04)

Investment assets 688,736,499 98.63 Net other assets 9,540,977 1.37 Net assets 698,277,476 100.00

All investments are ordinary shares or stock units on a regulated securities market unless otherwise stated. The percentages in brackets show the equivalent % holdings as at 29.02.20 *Quoted on AIM. **Collective Investment Schemes permitted under COLL, not listed on any exchange. †Represents investment into a related party of the Specialist Investment Manager to the Asset Allocation Manager (note 10).

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Comparative Tables Change in net assets per share Institutional Income^ 28.02.21 29.02.20 28.02.19 p p p Opening net asset value per share 97.96 99.67 100.00† Return before operating charges^ 8.16 1.79 3.38 Operating charges -0.43 -0.51 -0.53 Return after operating charges^ 7.73 1.28 2.85 Distributions -1.44 -2.99 -3.18 Closing net asset value per share 104.25 97.96 99.67 ^After direct transaction costs of -0.34 -0.26 -0.29 Performance Return after charges 7.89% 1.28% 2.85% Other information Closing net asset value 694,537,128 591,601,758 469,233,057 Closing number of shares 666,236,296 603,921,196 470,774,460 Operating charges 0.46% 0.48% 0.52% Ongoing operating charges* 0.46% 0.48% 0.49% Direct transaction costs 0.37% 0.24% 0.28% Prices Highest share price 107.43 113.30 109.34 Lowest share price 69.80 99.24 91.58

Institutional Accumulation^^ 28.02.21 29.02.20 28.02.19 p p p Opening net asset value per share 96.49 95.35 100.00† Return before operating charges^ 8.17 1.63 -4.15 Operating charges -0.42 -0.49 -0.50 Return after operating charges^ 7.75 1.14 -4.65 Distributions -1.42 -2.88 -1.63 Retained distributions on accumulation shares 1.42 -2.88 1.63 Closing net asset value per share 104.24 96.49 95.35 ^After direct transaction costs of -0.34 -0.25 -0.27 Performance Return after charges 8.03% 1.20% -4.65% Other information Closing net asset value 3,740,348 3,537,074 2,778,381 Closing number of shares 3,588,197 3,665,648 2,914,028 Operating charges 0.46% 0.48% 0.52% Ongoing operating charges* 0.46% 0.48% 0.49% Direct transaction costs 0.37% 0.24% 0.28% Prices Highest share price 106.83 110.39 101.47 Lowest share price 68.75 95.21 86.75 ^Institutional Income launched on 7 February 2018. ^^Institutional Accumulation launched on 4 June 2018. †Launch Price. Operating charges include indirect costs incurred in the maintenance and running of the Fund, as disclosed (but not limited to) the detailed expenses within the Statement of Total Return. The figures used within this table have been calculated against the average Net Asset Value for the accounting year.

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

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

1 2 3 4 5 6 7

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

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

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

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Statement of Total Return for the year ended 28 February 2021 28.02.21 29.02.20 Note £ £ £ £ Income Net capital gains/(losses) 2 70,837,941 (18,115,116) Revenue 3 13,620,733 18,565,716 Expenses 4 (3,014,665) (2,644,167) Interest payable and similar charges 4 (10,567) 16,549 Net revenue before taxation 10,595,501 15,938,098 Taxation 5 (201,147) (134,891) Net revenue after taxation 10,394,354 15,803,207 Total return before distributions 81,232,295 (2,311,909) Distributions 6 (10,398,210) (15,800,828) Change in net assets attributable to Shareholders from investment activities 70,834,085 (18,112,737)

Statement of Change in Net Assets Attributable to Shareholders for the year ended 28 February 2021 28.02.21 29.02.20 £ £ £ £ Opening net assets attributable to Shareholders 595,138,832 472,011,438 Amounts receivable on issue of shares 361,633,888 276,073,528 Less: Amounts payable on cancellation of shares (329,456,583) (134,933,641) 32,177,305 141,139,887 Dilution levy 73,913 – Change in net assets attributable to Shareholders from investment activities (see Statement of Total Return above) 70,834,085 (18,112,737) Retained distributions on accumulation shares 53,159 100,244 Compensation paid to the Fund 182 – Closing net assets attributable to Shareholders 698,277,476 595,138,832

The notes on pages 88 to 96 form an integral part of these Financial Statements.

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Balance Sheet as at 28 February 2021 28.02.21 29.02.20 Note £ £ £ £ ASSETS Fixed Assets Investments 689,013,266 576,549,587 Current Assets Debtors 7 7,217,109 11,154,693 Cash and bank balances 9 13,532,191 22,920,701 Total current assets 20,749,300 34,075,394 Total assets 709,762,566 610,624,981

LIABILITIES Investment liabilities (276,767) (530,454) Creditors Bank overdrafts 9 (1,808,678) (963,660) Distribution payable (3,826,861) (6,500,004) Other creditors 8 (5,572,784) (7,492,031) Total creditors (11,208,323) (14,955,695) Total liabilities (11,485,090) (15,486,149) Net assets attributable to Shareholders 698,277,476 595,138,832

The notes on pages 88 to 96 form an integral part of these Financial Statements.

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Notes to the Financial Statements for the year ended 28 February 2021

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

2. Net Capital Gains/(Losses)^ 28.02.21 Realised Unrealised Total £ £ £ Non-derivative securities (4,349,856) 73,991,494 69,641,638 Derivative securities 1,231,143 (196,975) 1,034,168 Currency gains 247,597 – 247,597 Transaction charges (85,462) – (85,462) Net capital (losses)/gains (2,956,578) 73,794,519 70,837,941

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

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

3. Revenue 28.02.21 29.02.20 £ £ UK dividends: Ordinary 11,114,402 15,599,674 Overseas dividends 2,229,592 2,413,213 Property income distributions 212,865 381,673 Distributions from Regulated Collective Investment Schemes: Franked investment income 44,998 115,784 Short term investment income 17,958 50,159 Bank interest 457 1,350 Underwriting commission 461 3,863 Total revenue 13,620,733 18,565,716

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Notes to the Financial Statements continued

4. Expenses 28.02.21 29.02.20 £ £ Payable to the Authorised Corporate Director (ACD), associates of the ACD and agents of either of them: ACD’s fee 155,161 125,290 Administration fees 205,039 170,237 Registration fees 103,754 91,640 463,954 387,167 Payable to the Specialist Investment Managers, associates of the Specialist Investment Managers and agents of either of them: Specialist Investment Manager’s fee 2,386,436 2,084,584 Payable to the Depositary, associates of the Depositary and agents of either of them: Depositary’s fee (including VAT) 105,912 109,747 Safe custody and other bank charges 34,702 30,754 140,614 140,501 Auditors remuneration: Audit fee (including VAT) 9,315 8,652 Tax compliance services (including VAT) 1,908 1,800 Tax compliance services (including VAT) - predecessor tax advisor – 300 11,223 10,752 Other expenses: Legal fee 9,631 18,610 Printing cost 2,807 2,553 12,438 21,163

Expenses 3,014,665 2,644,167 Interest payable and similar charges 10,567 (16,549) Total 3,025,232 2,627,618

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Notes to the Financial Statements continued

5. Taxation 28.02.21 29.02.20 £ £ (a) Analysis of charge in the period: Overseas tax 201,147 134,891 Total tax charge (note 5b) 201,147 134,891 (b) Factors affecting taxation charge for the period: Net revenue before taxation 10,595,501 15,938,098 Corporation tax at 20% 2,119,100 3,187,620 Effects of: UK dividends (2,231,880) (3,143,092) Adjustments in respect of prior periods (507) (740) Expenses not deductible for tax purposes – 2,101 Capital interest relief (42) (1,864) Movement in surplus management expenses 559,247 438,618 Overseas tax expensed 201,147 134,891 Non-taxable overseas earnings (445,918) (482,643) Total tax charge (note 5a) 201,147 134,891

(c) Deferred tax At the year end there is a potential deferred tax asset of £1,327,106 (2020: £767,859) in relation to surplus management expenses. It is unlikely that the Sub-fund will generate sufficient taxable profits in the future to utilise these expenses and therefore no deferred tax asset has been recognised in the year.

6. Distributions The distributions take account of revenue received on the issue of shares and revenue deducted on the cancellation of shares, and comprise: 28.02.21 29.02.20 £ £ Interim distribution 31.08.20 6,599,566 10,477,782 Final distribution 28.02.21 3,847,339 6,538,471 10,446,905 17,016,253 Revenue deducted on cancellation of Shares 1,066,142 778,059 Revenue received on issue of Shares (1,114,837) (1,993,484) Distributions 10,398,210 15,800,828

Reconciliation of net revenue after taxation to net distributions: Net revenue after tax 10,394,354 15,803,207 Tax relief on expenses allocated to capital – (2,611) Capital bank interest 4,336 – Undistributed revenue brought forward 178 410 Undistributed revenue carried forward (658) (178) Distributions 10,398,210 15,800,828

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Notes to the Financial Statements continued

7. Debtors 28.02.21 29.02.20 £ £ Amounts receivable on issues 3,143,447 4,873,668 Amounts held in collateral and margin accounts 1,848,532 1,906,557 Currency deals outstanding 127,345 111,289 Sales awaiting settlement 570,991 1,533,818 Accrued income: Dividends receivable 1,406,537 2,663,732 Overseas tax recoverable 119,597 65,629 Prepaid expenses: Legal fee 660 – Total debtors 7,217,109 11,154,693

8. Other Creditors 28.02.21 29.02.20 £ £ Amounts payable on cancellations 2,224,513 1,295,009 Amounts due to collateral and margin accounts 218,175 900,793 Currency deals outstanding 127,082 110,898 Purchases awaiting settlement 2,406,822 4,762,413 Accrued expenses: Amounts payable to the Authorised Corporate Director (ACD), associates of the ACD and agents of either of them: ACD’s fee 12,340 11,067 Administration fee 16,176 14,633 Registration fees 9,836 7,654 38,352 33,354 Amounts payable to the Specialist Investment Managers, associates of the Specialist Investment Managers and agents of either of them: Specialist Investment Manager’s fee 503,545 317,599 Amounts payable to the Depositary, associates of the Depositary and agents of either of them: Depositary’s fee (including VAT) 26,207 38,865 Safe custody and other bank charges 8,627 10,863 34,834 49,728 Auditors remuneration: Audit fee (including VAT) 9,270 8,652 Audit fee (including VAT) - predecessor auditor fee 7,200 7,200 Tax Compliance services (including VAT) 1,854 1,800 Tax Compliance services (including VAT) - predecessor tax advisor – 2,100 18,324 19,752

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Notes to the Financial Statements continued

8. Other Creditors (continued) 28.02.21 29.02.20 £ £ Other expenses: Legal fees – 1,285 Printing costs 1,137 1,200 1,137 2,485

Total other creditors 5,572,784 7,492,031

9. Cash and Bank Balances 28.02.21 29.02.20 £ £ Cash and bank balances 13,532,191 22,920,701 Overdraft positions (1,808,678) (963,660) Cash and bank balances 11,723,513 21,957,041

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

11.Contingent Liabilities and Outstanding Commitments There were no contingent liabilities or outstanding commitments at the balance sheet date (2020: none).

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Notes to the Financial Statements continued

12.Risk Management Policies and Disclosures The main risks arising from financial instruments and the ACD’s policies for managing these risks are disclosed in Note 2 on pages 9 to 11. Numerical disclosures relating to the Sub-fund are as follows: Disclosure of VaR Limit The table below details the Sub-fund’s lowest, highest and average VaR, as well as utilisation of VaR calculated during the year: 28.02.21 Utilisation of 29.02.20 Utilisation of % of VaR VaR(*) 20% % of VaR VaR(*) 20% VaR at year end: 18.36 91.80 9.91 49.55 Minimum VaR: 10.90 54.51 6.71 33.55 Maximum VaR: 22.80 114.02 10.90 54.50 Average VaR: 19.20 96.02 7.43 37.15 *The VaR on the Sub-fund has been divided by its maximum limit. Currency risk The table below details the currency risk profile at the balance sheet date. Currency 28.02.21 29.02.20 Total Total £ £ Euro 26,878,410 25,909,316 Hong Kong dollar 4,341,441 – Japanese yen 3,720,564 – Pound sterling 635,165,414 541,844,422 South African rand – 1,463,162 United States dollar 28,171,647 25,921,932 698,277,476 595,138,832

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Notes to the Financial Statements continued

13.Portfolio Transaction Costs 28.02.21 Purchases Analysis Total before of purchases purchase Commissions Taxes transaction cost paid cost £ £ % £ % £ Equities 518,005,619 306,133 0.06 1,981,123 0.38 515,718,363 Funds 83,383,254 – 0.00 – 0.00 83,383,254 Derivatives (1,056,412) – 0.00 – 0.00 (1,056,412) Corporate Actions 1,726,675 – 0.00 – 0.00 1,726,675 Total purchases after commissions and tax 602,059,136 Sales Analysis Net before of sales sale Commissions Taxes transaction proceeds paid cost £ £ % £ % £ Equities 482,929,238 295,837 0.06 3,214 0.00 483,228,289 Funds 76,807,440 – 0.00 – 0.00 76,807,440 Derivatives 181,410 – 0.00 – 0.00 181,410 Total sales after commissions and tax 559,918,088 Commission as a % of average net assets 0.09% Taxes as a % of the average net assets 0.30% 29.02.20 Purchases Analysis Total before of purchases purchase Commissions Taxes transaction cost paid cost £ £ % £ % £ Equities 259,677,496 197,949 0.08 1,119,085 0.43 258,360,462 Funds 55,128,320 – 0.00 – 0.00 55,128,320 Derivatives 930,948 – 0.00 – 0.00 930,948 Corporate Actions (484,110) – 0.00 – 0.00 (484,110) Total purchases after commissions and tax 315,252,654 Sales Analysis Net before of sales sale Commissions Taxes transaction proceeds paid cost £ £ % £ % £ Equities 128,899,661 101,625 0.08 1,530 0.00 129,002,816 Funds 57,729,990 – 0.00 – 0.00 57,729,990 Derivatives 352,611 – 0.00 – 0.00 352,611 Total sales after commissions and tax 186,982,262 Commission as a % of average net assets 0.05% Taxes as a % of the average net assets 0.19%

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Notes to the Financial Statements continued

13.Portfolio Transaction Costs (continued) Commissions and taxes as a % of the average net assets form part of the direct transaction costs stated within the comparative tables on pages 84 and 85. 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 2021 is 0.23% (2020: 0.17%).

15.Events after the Balance Sheet date The table below denotes the movement in the Net Asset Value since the year end, calculated with reference to the daily published single prices. Share Class 28.02.21 25.06.21 % p p Movement Institutional income Total share class NAV 703,616,592 801,917,749 13.97% Shares in Issue 666,140,156 687,552,937 3.21% NAV per Share 105.63 117.21* 10.97% Institutional accumulation Total share class NAV 3,769,029 4,354,307 15.53% Shares in Issue 3,588,197 3,733,735 4.06% NAV per Share 105.04 116.62 11.03% *adjusted for income distribution for comparison purposes.

16.Fair Value Disclosure Valuation technique 28.02.21 29.02.20 Assets Liabilities Assets Liabilities £ £ £ £ Level 1^ 669,414,246 – 564,950,954 – Level 2^^ 19,599,020 (276,767) 11,598,633 (530,454) Level 3^^^ – – – – 689,013,266 (276,767) 576,549,587 (530,454)

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

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Notes to the Financial Statements continued

17.Shareholders Funds Institutional Institutional Income Accumulation Opening number of shares 603,921,196 3,665,648 Shares issued 404,701,776 578,849 Shares cancelled (342,386,676) (656,300) Closing number of Shares 666,236,296 3,588,197

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Distribution Tables for the year ended 28 February 2021 Income Share Distributions Share Distribution Shares Net Equalisation Distribution Distribution class revenue payable paid 2021 2020 p p p p Institutional Interim Group 1 0.8629 – 0.8629 1.9190 Income Group 2 0.5759 0.2870 0.8629 1.9190 Final Group 1 0.5744 – 0.5744 1.0763 Group 2 0.3238 0.2506 0.5744 1.0763

Accumulation Share Distributions Share Distribution Shares Net Equalisation Amount Amount class revenue reinvested reinvested 2021 2020 p p p p Institutional Interim Group 1 0.8500 – 0.8500 1.8357 Accumulation Group 2 0.4342 0.4158 0.8500 1.8357 Final Group 1 0.5707 – 0.5707 1.0494 Group 2 0.3682 0.2025 0.5707 1.0494

Interim period: 01.03.20 - 31.08.20 Final period: 01.09.20 - 28.02.21

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

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

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

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

Asset Allocation Manager’s Report for the year ended 28 February 2021 Introduction This report covers the MI Brewin Dolphin Select Managers Funds and their underlying mandates for the 12 months to the end of February 2021. Market Review The twelve-month period to the end of February 2021 saw financial markets and economies disrupted by COVID-19 although all major equity markets have ultimately risen higher, with the FTSE World gaining c.19%. The COVID-19 pandemic peaked globally in March from which point we observed central banks and governments deploy measures to support the economy, simultaneously around the world. Governments implemented restrictions to help alleviate pressures on the health system. China and other Asian economies have generally been effective in restricting the spread of the disease while there have been a variety of approaches to lockdown in the West with varying degrees of success. As a result, the global economy took a huge hit with the travel & leisure, energy and bank sectors most negatively impacted. Downward pressure on energy prices was also compounded by Saudi Arabia’s decision to flood global markets with a supply of oil. In addition, central banks were quick to offer support, and this came in many forms: support for borrowers and currency markets; lower interest rates and an expansion of quantitative easing programs. During the peak phase of the crisis the US Federal Reserve was buying $1 million of bonds per second. Central bankers are signalling a “lower for longer” rates environment which is supportive for both bond and equity prices.

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Asset Allocation Manager’s Report continued The Democratic win in the US election, positive vaccine news and rising stock prices had made investors very bullish by the end of 2020. In addition, the UK managed to avoid a no-deal Brexit which was taken positively by the markets. However, more transmissible variants of the virus materialised and together with the slower than expected vaccine rollouts, this has caused delays to economies reopening fully. There is some positive news, however, as more vaccine producers have delivered positive trial results e.g. Johnson & Johnson vaccine, which is logistically less complex to administer and store. As the vaccine rolls-out have progressed we have seen defensive sectors of the global equity market sharply underperform. After the surge last November, value stocks settled into a range vs to their growth stock counterparts. In mid-February, value stocks rose, finally responding to the macro fundamentals that were moving in their favour. Performance Activity and Attribution The MI Select Managers UK Equity Income Fund gave a total return of 3.3% (Institutional Accumulation) over the year to the end of February 2021, which represents an outperformance relative to the MorningStar UK Market which was up 1.7% (source: Financial Express). The allocation is split equally between three managers; Ninety One UK Equity Income, Threadneedle UK Equity Income and Man GLG UK Equity Income. The Threadneedle mandate strongly outperformed during the period gaining 5.6% as did the Ninety One mandate which return 3.3%. The value oriented strategy of Man GLG, which currently has exposure to financials and basic materials stocks, underperformed the broad UK market with a return of 0.2% but performed better towards the end of the period. We continue to believe that this unique blend of managers will deliver excellent performance to investors over the long term. Outlook A growth rotation is starting to play out in the two main engines of the global economy, the US and China. That said, given the 100 year centenary of the Chinese Communist party in July, the authorities have a strong incentive to maintain adequate policy support. The UK economy was hit very hard by the crisis given its high exposure to services, but optimism towards the economy is improving and it should be a beneficiary as lives begins to return to normal. Vaccines are being administered globally and in the developed world, the most vulnerable cohorts of society should be protected very soon. Given ample slack around the global economy, an imminent inflation problem is not likely. But risks appear to be skewed to the upside for a host of reasons, including globalization headwinds and large central bank financed government deficits. Although the recent pullback has taken some hot air out of the equity market, the dominant market emotion remains one of greed over fear. Equity and bond markets will be supported by the favourable profit and monetary policy backdrop. But high sentiment suggests that returns over the next six months will be much more restrained than they have been over the past six months.

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Portfolio Statement as at 28 February 2021 Market % of total value net assets Holding Security £ 2021 OIL & GAS 3.28% (4.31%) Oil & Gas Producers 3.04% (4.08%) 695,205 BP 2,028,261 0.39 1,684,420 Diversified Gas & Oil* 2,095,418 0.41 172,284 Royal Dutch Shell ‘A’ 2,489,159 0.48 587,828 Royal Dutch Shell ‘B’ 8,156,701 1.59 26,797 Total 892,690 0.17 15,662,229 3.04 Oil Equipment, Services & Distribution 0.24% (0.23%) 498,665 Hunting 1,257,633 0.24 BASIC MATERIALS 5.08% (3.85%) Chemicals 1.43% (1.78%) 781,976 986,072 0.19 125,002 Johnson Matthey 3,818,811 0.74 121,815 2,575,169 0.50 7,380,052 1.43 Mining 3.65% (2.07%) 208,601 Anglo American 5,782,420 1.12 277,841 Anglo Pacific 381,754 0.08 213,704 BHP 4,850,012 0.94 1,496,239 1,511,950 0.29 491,516 Central Asia Metals* 1,184,554 0.23 82,252 Rio Tinto 5,088,931 0.99 18,799,621 3.65 INDUSTRIALS 19.39% (14.32%) Construction & Materials 0.59% (0.61%) 455,763 Balfour Beatty 1,255,171 0.24 108,052 Morgan Sindall 1,776,375 0.35 3,031,546 0.59 Aerospace & Defence 1.99% (2.15%) 993,059 BAE Systems 4,805,413 0.93 1,824,257 Qinetiq 5,450,880 1.06 10,256,293 1.99 General Industrials 2.91% (2.36%) 1,273,210 Melrose Industries 2,111,619 0.41 165,498 Mondi 2,853,186 0.56 933,637 Smith (DS) 3,710,273 0.72 428,839 Smiths 6,276,059 1.22 14,951,137 2.91

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Portfolio Statement continued Market % of total value net assets Holding Security £ 2021 Electronic & Electrical Equipment 0.87% (0.65%) 397,587 Morgan Advanced Materials 1,232,520 0.24 180,147 Oxford Instruments 3,228,234 0.63 4,460,754 0.87 Industrial Engineering 1.58% (0.81%) 183,262 IMI 2,398,900 0.47 57,455 Kone Oyj 3,282,288 0.64 28,444 RHI Magniesta 1,116,711 0.22 257,207 Vesuvius 1,340,048 0.25 8,137,947 1.58 Industrial Transportation 1.50% (1.16%) 113,256 Clarkson 2,876,702 0.56 426,874 Euronav 2,722,165 0.53 647,775 Wincanton 2,137,658 0.41 7,736,525 1.50 Support Services 9.95% (6.58%) 30,825 Automatic Data Processing 3,832,786 0.75 63,711 DCC 3,676,125 0.72 1,335,647 Electrocomponents 12,955,776 2.52 1,361,700 3,989,781 0.78 185,813 Experian 4,221,671 0.82 51,991 Ferguson 4,383,881 0.85 156,916 Grafton 1,551,899 0.30 3,458,191 Hays 5,263,367 1.02 399,985 PageGroup 1,912,728 0.37 1,810,457 Rentokil Initial 8,447,592 1.64 281,898 Sthree 941,539 0.18 51,177,145 9.95 CONSUMER GOODS 20.08% (21.12%) Beverages 2.33% (2.42%) 367,757 Diageo 10,343,166 2.01 72,166 Fevertree Drinks* 1,644,663 0.32 11,987,829 2.33 Food Producers 2.58% (2.71%) 77,948 Associated British Foods 1,845,029 0.36 336,325 Hilton Food 3,699,575 0.72 1,065,041 Tate & Lyle 7,725,807 1.50 13,270,411 2.58

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Portfolio Statement continued Market % of total value net assets Holding Security £ 2021 Household Goods & Home Construction 4.90% (5.77%) 538,622 Barratt Developments 3,577,527 0.69 122,038 Bellway 3,426,827 0.67 41,675 Berkeley Group 1,689,088 0.33 1,621,504 Cairn Homes 1,258,287 0.24 81,142 Persimmon 2,101,578 0.41 137,162 Reckitt Benckiser 8,229,720 1.60 421,782 Redrow 2,288,167 0.44 1,686,909 Taylor Wimpey 2,658,569 0.52 25,229,763 4.90 Leisure Goods 0.03% (0.02%) 32,657 Character* 143,691 0.03 Personal Goods 4.33% (4.49%) 881,800 PZ Cussons 2,160,410 0.42 538,412 Unilever 20,098,920 3.91 22,259,330 4.33 Tobacco 5.91% (5.71%) 527,622 British American Tobacco 13,111,407 2.55 910,701 Imperial Brands 12,139,644 2.36 86,021 Philip Morris International 5,168,274 1.00 30,419,325 5.91 HEALTH CARE 9.15% (10.74%) Health Care Equipment & Services 1.67% (0.92%) 1,865,795 Convatec Group 3,513,292 0.68 365,815 Smith & Nephew 5,068,367 0.99 8,581,659 1.67 Pharmaceuticals & Biotechnology 7.48% (9.82%) 227,525 AstraZeneca 15,797,061 3.07 1,907,534 GlaxoSmithKline 22,714,915 4.41 38,511,976 7.48 CONSUMER SERVICES 13.84% (15.70%) Food & Drug Retailers 3.19% (2.88%) 2,735,445 Tesco 6,146,545 1.19 6,019,427 Wm Morrison Supermarkets 10,281,181 2.00 16,427,726 3.19 General Retailers 1.74% (0.63%) 356,288 Howden Joinery 2,480,477 0.48 2,127,954 Marks & Spencer 3,019,567 0.59 45,614 Next 3,448,418 0.67 8,948,462 1.74

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Portfolio Statement continued Market % of total value net assets Holding Security £ 2021 Media 5.96% (6.92%) 396,041 Informa 2,180,602 0.42 3,285,446 ITV 3,609,062 0.70 1,326,534 Moneysupermarket.com 3,846,949 0.75 681,685 Pearson 5,118,091 1.00 940,708 Relx 15,916,779 3.09 30,671,483 5.96 Travel & Leisure 2.95% (5.27%) 502,988 888 Holdings 1,493,874 0.29 461,165 Compass Group 6,709,951 1.30 84,987 Go-Ahead 994,348 0.19 984,764 Rank 1,745,002 0.34 1,261,322 Stagecoach 1,162,939 0.23 248,287 Wetherspoon (J.D.) 3,066,344 0.60 15,172,458 2.95 TELECOMMUNICATIONS 0.99% (0.72%) Fixed Line Telecommunications 0.66% (0.72%) 2,742,642 BT 3,381,678 0.66 Mobile Telecommunications 0.33% (0.00%) 1,395,318 Vodafone 1,702,288 0.33 UTILITIES 1.95% (1.17%) Electricity 0.62% (0.00%) 242,170 SSE 3,206,331 0.62 Gas, Water & Multiutilities 1.33% (1.17%) 3,643,107 Centrica 1,922,103 0.37 217,467 National Grid 1,753,654 0.34 197,797 Pennon 1,728,350 0.34 167,234 United Utilities 1,436,875 0.28 6,840,982 1.33 FINANCIALS 21.70% (21.19%) Banks 2.95% (5.67%) 2,936,958 Barclays 4,685,623 0.91 149,873 Close Brothers 2,330,525 0.45 754,206 1,476,358 0.29 4,731,446 Lloyds Banking 1,845,264 0.36 1,089,980 Royal Bank of Scotland 2,007,198 0.39 607,692 Standard Chartered 2,808,145 0.55 15,153,113 2.95

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Portfolio Statement continued Market % of total value net assets Holding Security £ 2021 Non-life Insurance 1.31% (1.98%) 1,185,925 Direct Line Insurance 3,802,076 0.74 476,252 Lancashire 2,924,187 0.57 6,726,263 1.31 Life Insurance 4.15% (5.38%) 549,385 Aviva 1,988,224 0.39 511,781 Chesnara 1,381,809 0.27 3,145,872 Legal & General 8,154,100 1.58 1,384,349 Phoenix Group 9,828,878 1.91 21,353,011 4.15 Real Estate Investment & Services 0.25% (0.30%) 478,243 Grit Real Estate Income 234,339 0.04 1,143,586 1,056,673 0.21 1,291,012 0.25 Real Estate Investment Trusts 0.41% (0.26%) 594,008 PRS REIT 510,847 0.10 1,002,499 Regional REIT 763,904 0.15 575,510 Urban Logistics REIT* 840,245 0.16 2,114,996 0.41 Financial Services 12.57% (7.52%) 1,075,871 3i Group 11,909,892 2.31 1,224,188 AJ Bell 5,172,194 1.00 925,415 Ashmore 3,816,411 0.74 315,021 Brewin Dolphin 924,587 0.18 82,450 CMC Markets 334,747 0.07 1,715,265 Duke Royalty* 514,580 0.10 523,487 Hargreaves Lansdown 7,907,271 1.54 358,028 IG Group 2,789,038 0.54 52,280 Intermediate Capital Group 904,967 0.18 639,731 John Laing 1,929,429 0.37 930,110 2,747,545 0.53 1,085,464 OSB Group 4,812,947 0.94 400,383 Paragon Banking 1,797,720 0.35 130,361 1,782,035 0.35 86,826 Polar Capital* 573,052 0.11 1,139,839 Quilter 1,664,165 0.32 84,289 Schroders 1,909,146 0.37 151,418 Schwab (Charles) 6,683,359 1.30 1,522,155 Sherborne Investors - B 76,108 0.01 2,099,597 Sherborne Investors - C 923,823 0.18 361,793 St James’s Place 4,245,641 0.83 535,266 TP ICAP 1,284,638 0.25 64,703,295 12.57

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Portfolio Statement continued Market % of total value net assets Holding Security £ 2021 Equity Investment Instruments 0.06% (0.08%) 448,016 Tufton Oceanic Assets 310,833 0.06 TECHNOLOGY 2.90% (2.90%) Software & Computer Services 2.90% (2.90%) 50,643 Amadeus IT 2,528,193 0.49 62,400 Computacenter 1,301,664 0.25 14,763 Microsoft 2,451,665 0.48 1,548,313 Sage 8,648,876 1.68 14,930,398 2.90 OFFSHORE COLLECTIVE INVESTMENT SCHEMES 0.42% (0.40%) 17,930 Man GLG High Yield Opportunities ILU - GBP G Distribution Hedged†** 2,154,657 0.42 DERIVATIVES 0.01% (-0.02%) Forward Currency Contracts^ 0.01% (-0.02%) Sold €5,159,049 Bought £4,498,407 (18.03.21) 28,396 0.01

Investment assets 508,372,248 98.79 Net other assets 6,210,335 1.21 Net assets 514,582,583 100.00

All investments are ordinary shares or stock units on a regulated securities market unless otherwise stated. The percentages in brackets show the equivalent % holdings as at 29.02.20. *Quoted on AIM. **Collective Investment Schemes permitted under COLL, not listed on any exchange. †Represents investment into a related party of the Specialist Investment Manager to the Asset Allocation Manager. ^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.

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Comparative Tables Change in net assets per share Institutional Income^^ 28.02.21 29.02.20 28.02.19 p p p Opening net asset value per share 96.05 98.90 100.00† Return before operating charges^ 2.26 2.26 4.19 Operating charges -0.47 -0.56 -0.59 Return after operating charges^ 1.79 1.70 3.60 Distributions -3.12 -4.55 -4.70 Closing net asset value per share 94.72 96.05 98.90 ^After direct transaction costs of -0.24 -0.30 -0.26 Performance Return after charges 1.86% 1.72% 3.60% Other information Closing net asset value £507,367,033 £498,888,219 £397,559,381 Closing number of shares 535,651,381 519,420,012 401,979,557 Operating charges 0.52% 0.54% 0.58% Ongoing operating charges 0.52% 0.49% 0.55% Direct transaction costs 0.27% 0.29% 0.26% Prices Highest share price 100.39 109.98 108.97 Lowest share price 72.30 96.72 91.70

Institutional Accumulation^^^ 28.02.21 29.02.20 28.02.19 p p p Opening net asset value per share 96.11 94.61 100.00† Return before operating charges^ 2.41 2.05 -4.84 Operating charges -0.47 -0.55 -0.55 Return after operating charges^ 1.94 1.50 -5.39 Distributions -3.16 -4.42 -1.76 Retained distributions on accumulation shares 3.16 4.42 1.76 Closing net asset value per share 98.05 96.11 94.61 ^After direct transaction costs of -0.25 -0.29 -0.24 Performance Return after charges 2.02% 1.59% -5.39% Other information Closing net asset value £7,215,550 £8,280,992 £243,142 Closing number of shares 7,359,353 8,616,489 257,000 Operating charges 0.52% 0.54% 0.58% Ongoing operating charges 0.52% 0.49% 0.55% Direct transaction costs 0.27% 0.29% 0.26% Prices Highest share price 103.17 109.12 100.00 Lowest share price 72.35 94.95 87.01 ^^Institutional Income launched on 7 February 2018. ^^^Institutional Accumulation launched on 28 August 2018. †Launch Price. Operating charges include indirect costs incurred in the maintenance and running of the Sub-fund, as disclosed (but not limited to) the detailed expenses within the Statement of Total Return. The figures used within this table have been calculated against the average Net Asset Value for the accounting year.

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

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

1 2 3 4 5 6 7

Institutional Income 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. Typically lower rewards, Typically higher rewards, lower risk higher risk

1 2 3 4 5 6 7

Institutional Accumulation is ranked at 6 because funds of this type have experienced medium to high rises and falls in value in the past. During the period under review the category changed from 5 to 6; this is due to the price volatility of the Sub- fund. Please note that even the lowest risk class can lose you money and that extreme market circumstances can mean you suffer severe losses in all cases. The two indicators do not take into account the following risks of investing in this Sub-fund: • As this Sub-fund is focused on a single geographical region, it will have greater exposure to the market, political and economic risks of that region than if it was more diversified across several countries. • This Sub-fund can use derivatives in order to meet its investment objectives or to protect from price and currency movement. This may result in losses or gains that are greater than the original amount invested. • The level of income may go down as well as up and is not guaranteed. • For further risk information please see the Prospectus. Risk warning An investment in a non-UCITS Retail Scheme Open-Ended Investment Company should be regarded as a medium to long- term investment. Investors should be aware that the price of shares and the revenue from them can fall as well as rise and investors may not receive back the full amount invested. Past performance is not a guide to future performance. Investments denominated in currencies other than the base currency are subject to fluctuation in exchange rates, which can be favourable

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or unfavourable. Statement of Total Return for the year ended 28 February 2021 28.02.21 29.02.20 Note £ £ £ £ Income Net capital gains/(losses) 2 9,122,525 (19,164,184) Revenue 3 18,962,317 20,907,944 Expenses 4 (2,829,086) (2,524,290) Interest payable and similar charges 4 (8,396) 16,651 Net revenue before taxation 16,124,835 18,400,305 Taxation 5 (194,096) (200,650) Net revenue after taxation 15,930,739 18,199,655 Total return before distributions 25,053,264 (964,529) Distributions 6 (18,715,978) (20,614,882) Change in net assets attributable to Shareholders from investment activities 6,337,286 (21,579,411)

Statement of Change in Net Assets Attributable to Shareholders for the year ended 28 February 2021 28.02.21 29.02.20 £ £ £ £ Opening net assets attributable to Shareholders 507,169,211 397,802,523 Amounts receivable on issue of shares 271,933,827 282,873,409 Less: Amounts payable on cancellation of shares (271,190,218) (152,360,105) 743,609 130,513,304 Dilution levy 59,684 174,026 Change in net assets attributable to Shareholders from investment activities (see Statement of Total Return above) 6,337,286 (21,579,411) Retained distributions on accumulation shares 272,793 258,769 Closing net assets attributable to Shareholders 514,582,583 507,169,211

The notes on pages 110 to 118 form an integral part of these Financial Statements.

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Balance Sheet as at 28 February 2021 28.02.21 29.02.20 Note £ £ £ £ ASSETS Fixed Assets Investments 508,372,248 489,047,097 Current Assets Debtors 7 8,141,221 10,898,506 Cash and bank balances 9 14,931,110 20,190,515 Total current assets 23,072,331 31,089,021 Total assets 531,444,579 520,136,118

LIABILITIES Investment liabilities – (115,462) Creditors Bank overdrafts 9 (5,708,005) (3,274,147) Distribution payable (3,682,603) (4,221,326) Other creditors 8 (7,471,388) (5,355,972) Total creditors (16,861,996) (12,851,445) Total liabilities (16,861,996) (12,966,907) Net assets attributable to Shareholders 514,582,583 507,169,211

The notes on pages 110 to 118 form an integral part of these Financial Statements.

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Notes to the Financial Statements for the year ended 28 February 2021

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

2. Net Capital Gains/(Losses)^ 28.02.21 Realised Unrealised Total £ £ £ Non-derivative securities (15,586,021) 25,090,472 9,504,451 Currency losses (364,423) – (364,423) Forward foreign exchange contracts gains (109,224) 131,039 21,815 Transaction charges (39,318) – (39,318) Net capital (losses)/gains (16,098,986) 25,221,511 9,122,525

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

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

3. Revenue 28.02.21 29.02.20 £ £ UK dividends: Ordinary 16,086,958 17,935,398 Overseas dividends 2,647,513 2,444,810 Property income distributions 101,829 169,650 Distributions from Regulated Collective Investment Schemes: Interest distributions 110,091 81,582 Interest on debt securities 15,432 272,752 Bank interest 494 160 Underwriting commission – 3,592 Total revenue 18,962,317 20,907,944

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Notes to the Financial Statements continued

4. Expenses 28.02.21 29.02.20 £ £ Payable to the Authorised Corporate Director (ACD), associates of the ACD and agents of either of them: ACD’s fee 133,289 108,656 Administration fees 182,770 150,728 Registration fees 114,894 102,109 430,953 361,493 Payable to the Specialist Investment Managers, associates of the Specialist Investment Managers and agents of either of them: Specialist Investment Manager’s fee 2,255,254 2,006,538 Payable to the Depositary, associates of the Depositary and agents of either of them: Depositary’s fee (including VAT) 91,179 97,725 Safe custody and other bank charges 28,097 26,419 119,276 124,144 Auditors remuneration: Audit fee (including VAT) 9,315 8,652 Tax compliance services (including VAT) 1,908 1,800 Tax compliance services (including VAT) - predecessor tax advisor – 300 11,223 10,752 Other expenses: Legal fee 9,324 18,613 Printing cost 3,056 2,750 12,380 21,363

Expenses 2,829,086 2,524,290 Interest payable and similar charges 8,396 (16,651) Total 2,837,482 2,507,639

5. Taxation 28.02.21 29.02.20 £ £ (a) Analysis of charge in the period: Overseas tax 194,096 200,650 Total tax charge (note 5b) 194,096 200,650

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Notes to the Financial Statements continued

5. Taxation (continued) 28.02.21 29.02.20 £ £ (b) Factors affecting taxation charge for the period: Net revenue before taxation 16,124,835 18,400,305 Corporation tax at 20% 3,224,967 3,680,061 Effects of: UK dividends (3,217,392) (3,587,080) Adjustments in respect of prior periods 33,819 (44,556) Movement in surplus management expenses 488,109 440,537 Overseas tax expensed 194,096 200,650 Non-taxable overseas earnings (529,503) (488,962) Total tax charge (note 5a) 194,096 200,650

(c) Deferred tax At the year end there is a potential deferred tax asset of £1,227,225 (2020: £739,116) in relation to surplus management expenses. It is unlikely that the Sub-fund will generate sufficient taxable profits in the future to utilise these expenses and therefore no deferred tax asset has been recognised in the year.

6. Distributions The distributions take account of revenue received on the issue of shares and revenue deducted on the cancellation of shares, and comprise: 28.02.21 29.02.20 £ £ First interim distribution 31.05.20 5,102,363 6,280,779 Second interim distribution 31.08.20 5,550,073 5,791,167 Third interim distribution 30.11.20 4,396,805 4,995,811 Final distribution 28.02.21 3,734,553 4,290,810 18,783,794 21,358,567 Revenue deducted on cancellation of Shares 770,785 523,818 Revenue received on issue of Shares (838,601) (1,267,503) Distributions 18,715,978 20,614,882

Reconciliation of net revenue after taxation to net distributions: Net revenue after taxation per Statement of Total Return 15,930,739 18,199,655 Expenses allocated to capital 2,829,086 2,524,290 Tax relief on expenses allocated to capital (43,890) (108,879) Undistributed revenue brought forward 316 132 Undistributed revenue carried forward (273) (316) Distributions 18,715,978 20,614,882

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Notes to the Financial Statements continued

7. Debtors 28.02.21 29.02.20 £ £ Amounts receivable on issues 2,827,090 5,284,435 Currency deals outstanding 330,847 – Sales awaiting settlement 2,727,524 2,522,706 Accrued income: Dividends receivable 1,965,689 2,965,636 Overseas tax recoverable 289,411 125,729 Prepaid expenses: Legal fee 660 – Total debtors 8,141,221 10,898,506

8. Other Creditors 28.02.21 29.02.20 £ £ Amounts payable on cancellations 1,355,057 1,284,659 Currency deals outstanding 331,655 – Purchases awaiting settlement 5,330,900 3,470,987 Accrued expenses: Amounts payable to the Authorised Corporate Director (ACD), associates of the ACD and agents of either of them: ACD’s fee 10,054 9,568 Administration fee 13,890 13,133 Registration fees 11,114 9,116 35,058 31,817 Amounts payable to the Specialist Investment Managers, associates of the Specialist Investment Managers and agents of either of them: Specialist Investment Manager’s fee 370,271 501,605 Amounts payable to the Depositary, associates of the Depositary and agents of either of them: Depositary’s fee (including VAT) 21,632 34,792 Safe custody and other bank charges 7,323 9,872 28,955 44,664 Auditors remuneration: Audit fee (including VAT) 9,270 8,652 Audit fee (including VAT) - predecessor auditor fee 7,200 7,200 Tax compliance services (including VAT) 1,854 1,800 Tax compliance services (including VAT) - predecessor tax advisor – 2,100 18,324 19,752

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Notes to the Financial Statements continued

8. Other Creditors (continued) 28.02.21 29.02.20 £ £ Other expenses: Legal fees – 1,288 Printing costs 1,168 1,200 1,168 2,488

Total other creditors 7,471,388 5,355,972

9. Cash and Bank Balances 28.02.21 29.02.20 £ £ Cash and bank balances 14,931,110 20,190,515 Overdraft positions (5,708,005) (3,274,147) Cash and bank balances 9,223,105 16,916,368

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

11.Contingent Liabilities and Outstanding Commitments There were no contingent liabilities or outstanding commitments at the balance sheet date (2020: none).

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Notes to the Financial Statements continued

12.Risk Management Policies and Disclosures The main risks arising from financial instruments and the ACD’s policies for managing these risks are disclosed on pages 9 to 11. Numerical disclosures relating to the Sub-fund are as follows: Disclosure of VaR Limit The table below details the Sub-fund’s lowest, highest and average VaR, as well as utilisation of VaR calculated during the year: 28.02.21 Utilisation of 29.02.20 Utilisation of % of VaR VaR(*) 20% % of VaR VaR(*) 20% VaR at year end: 17.61 88.07 9.89 49.45 Lowest: 11.01 55.07 6.45 32.25 Highest: 17.90 89.50 11.06 55.30 Average: 16.35 81.76 7.57 37.85 *The VaR on the Sub-fund has been divided by its maximum limit. Currency risk The table below details the currency risk profile at the balance sheet date. Currency 28.02.21 29.02.20 Total Total £ £ Danish krone 53,881 2,814,023 Euro 5,492,182 2,597,210 Pound sterling 490,457,047 488,553,465 Swiss franc 86,294 73,627 United States dollar 18,493,179 13,130,886 514,582,583 507,169,211

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Notes to the Financial Statements continued

13.Portfolio Transaction Costs 28.02.21 Purchases Analysis Total before of purchases purchase Commissions Taxes transaction cost paid cost £ £ % £ % £ Equities 311,533,365 112,271 0.04 1,332,195 0.43 310,088,899 Bonds 717,900 – 0.00 – 0.00 717,900 Corporate Actions 1,012,140 – 0.00 – 0.00 1,012,140 Total purchases after commissions and tax 313,263,405 Sales Analysis Net before of sales sale Commissions Taxes transaction proceeds paid cost £ £ % £ % £ Equities 300,832,589 90,211 0.03 1,773 0.00 300,924,573 Bonds 814,909 – 0.00 – 0.00 814,909 Corporate Actions 1,790,543 – 0.00 – 0.00 1,790,543 Total sales after commissions and tax 303,438,041 Commission as a % of average net assets 0.04% Taxes as a % of the average net assets 0.25%

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

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Notes to the Financial Statements continued

13.Portfolio Transaction Costs (continued) Commissions and taxes as a % of the average net assets form part of the direct transaction costs stated within the comparative tables on pages 106 to 107. 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 2021 is 0.11% (29 February 2020: 0.12%).

15.Events after the Balance Sheet date The table below denotes the movement in the Net Asset Value since the year end, calculated with reference to the daily published single prices. Share Class 28.02.21 25.06.21 % p p Movement Institutional income Total share class NAV 516,119,803 580,799,998 12.53% Shares in Issue 535,316,298 552,078,431 3.13% NAV per Share 96.41 105.89* 9.83% Institutional accumulation Total share class NAV 7,299,426 7,397,398 1.34% Shares in Issue 7,367,067 6,709,806 -8.92% NAV per Share 99.08 110.25 11.27% *adjusted for income distribution for comparison purposes.

16.Fair Value Disclosure Valuation technique 28.02.21 29.02.20 Assets Liabilities Assets Liabilities £ £ £ £ Level 1^ 506,217,591 – 487,031,577 (115,462) Level 2^^ 2,154,657 – 2,015,520 – Level 3^^^ – – – – 508,372,248 – 489,047,097 (115,462)

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

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Notes to the Financial Statements continued

17.Shareholders Funds Institutional Institutional Income Accumulation Opening number of shares 519,420,012 8,616,489 Shares issued 305,208,787 2,403,428 Shares cancelled (288,977,418) (3,660,564) Closing number of Shares 535,651,381 7,359,353

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Distribution Tables for the year ended 28 February 2021 Income Share Distributions Share Distribution Shares Net Equalisation Distribution Distribution class revenue payable paid 2021 2020 p p p p Institutional First interim Group 1 0.8371 – 0.8371 1.5585 Income Group 2 0.5643 0.2728 0.8371 1.5585 Second interim Group 1 0.8871 – 0.8871 1.1579 Group 2 0.6052 0.2819 0.8871 1.1579 Third interim Group 1 0.7049 – 0.7049 1.0216 Group 2 0.4644 0.2405 0.7049 1.0216 Final Group 1 0.6875 – 0.6875 0.8127 Group 2 0.3981 0.2894 0.6875 0.8127

Accumulation Share Distributions Share Distribution Shares Net Equalisation Amount Amount class revenue reinvested reinvested 2021 2020 p p p p Institutional First interim Group 1 0.8377 – 0.8377 1.4902 Accumulation Group 2 0.6375 0.2002 0.8377 1.4902 Second interim Group 1 0.8964 – 0.8964 1.1219 Group 2 0.7330 0.1634 0.8964 1.1219 Third interim Group 1 0.7189 – 0.7189 1.0038 Group 2 – 0.7189 0.7189 1.0038 Final Group 1 0.7059 – 0.7059 0.8064 Group 2 0.2641 0.4418 0.7059 0.8064

First interim period: 01.03.20 - 31.05.20 Second interim period: 01.06.20 - 31.08.20 Third interim period: 01.09.20 - 30.11.20 Final period: 01.12.20 - 28.02.21

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

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

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General information

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

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General information continued

Buying, Redeeming and Switching of Shares The ACD will accept orders for the purchase, sale and switching of shares on normal business days between 08:30 and 16:30. Instructions to buy or sell shares may either be in writing to: Hamilton Centre, Rodney Way, Chelmsford, Essex CM1 3BY Or by telephone to: 0345 872 4982 The ACD has the right to establish facilities for recording telephone calls made or received on this telephone line. A contract note giving details of the shares purchased will be issued no later than the next business day after the business day on which an application to purchase shares is received and instrumented by the ACD. Certificates will not be issued in respect of shares. Ownership of shares will be evidenced by an entry on the register of shareholders. Pricing Basis There is a single price for buying, selling and switching shares in a Sub-fund which represents the Net Asset Value of the Sub-fund concerned. The share price is calculated on a forward pricing basis, that is at the next Valuation Point after the purchase or redemption is deemed to be accepted by the ACD. The prices of shares are published daily on www.maitlandgroup.com. Neither the ACD nor the Company can be held responsible for any errors in the publication of the prices. The shares in the Company 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 Limited 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 Company 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 Company, the details of which are given in the directory of this report. Shareholders who have complaints about the operation of the Company should in the first instance contact the ACD, or, following that, may make their complaint direct to the Financial Ombudsman Service, Exchange Tower, London E14 9SR. ACD Statement Regarding COVID-19 Notwithstanding the challenges arising from the impact of the COVID-19 virus, the ACD continues to operate, administer and price the Sub-fund in accordance with FCA regulatory requirements and in accordance with relevant accounting standards. At the time of writing, investment markets are experiencing high levels of daily volatility and it is likely that this volatility will continue for the foreseeable future. The ACD will continue to monitor fund liquidity and market volatility to ensure the Sub-fund is managed in the best interests of shareholders and to ensure that the Sub-fund remains a going concern. Where appropriate the ACD will value assets on a “fair value” basis in accordance with the Regulations. As stated in the Prospectus, the Sub-fund should be considered as a long-term investment and the ACD emphasises the importance for investors to seek professional advice when considering their investment in the Sub-fund. ACD Value Assessment The ACD is required to provide an annual statement for the Company, attesting that in the opinion of the ACD the services provided to the Company and any fees chargeable to the scheme property represent value for money, taking into account the following criteria as set out by the Regulator under COLL 6.6.20R: • Quality of Service • Performance • Economies of Scale • Comparable Services and Market Rates • Classes of Units

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General information continued

This statement references services provided directly by the ACD and those services delegated by the ACD to third parties such as, but not limited to, , depositary services, custody and settlement, audit provision, legal services, printing services, KIID production and maintenance, and other costs as may be set out or allowable in the scheme documentation. The ACD Value Assessment is published on the Maitland website. Specialist Investment Managers Fees The MI Brewin Dolphin Select Managers Fund is composed of a number of portfolios separately and discreetly managed to achieve an overall risk return profile as set out in the investment objective and policy for each sub-fund. The specialist investment managers are selected by Brewin Dolphin, acting in the role of “asset allocator”, and appointed by the ACD subject to due diligence, to manage assets using a specified style or strategy in which they have demonstrated excellence. One of the key benefits of the investment approach is that we can use the expertise of the leading investment managers at a lower cost than would be achievable through investment in other collective investment schemes. The fees of the Specialist Investment Managers represent the largest cost to each Sub-fund, are clearly set out within the scheme documentation, and are consistent with the market rates for other professional investment managers for hire providing comparable services. The Specialist Investment Management fees may vary by share class reflecting the size of the minimum investment into that share class, with the objective of providing economies of scale for larger investors. The majority of the Specialist Investment Managers have been appointed under tiered pricing structures that deliver increasing economies of scale as the Sub-funds increase in size. Remuneration of the Authorised Corporate Director The ACD is subject to a remuneration policy which meets the requirements of the Alternative Investment Fund Managers Directive(AIFMD) as out in 19B of the FCA Handbook. The policy is designed to ensure practices for employee remuneration are consistent with, and promote, sound and effective risk management. It does not encourage risk-taking which is inconsistent with the risk profiles, rules or instrument of incorporation of the funds managed, and does not impair the ACD’s compliance with its duty to act in the best interests of the funds it manages. The ACD has reviewed the Remuneration Policy and its application in the last year which has resulted in no material changes to the policy or irregularities to process. This disclosure does not include portfolio management activities as these are undertaken by various third party investment managers appointed by the ACD. The investment manager is required to make separate public disclosure as part of their obligations under the Capital Requirements Directive. The ACD is required to disclose the total remuneration it pays to its staff during the financial year of the fund, split into fixed and variable remuneration, with separate aggregate disclosure for staff whose actions may have a material impact to the risk profile of a fund or the ACD itself. This includes executives, senior risk and compliance staff and certain senior managers. As the ACD provides UCITS and non-UCITS services, the remuneration figures have been prorated by the net asset value of all the non-UCITS funds it manages as a percentage of the total .

28.02.21 Number Variable of Fixed Remuneration Beneficiaries Remuneration Paid Total Total remuneration paid by the ACD during the year 88 £5,826,080 – £5,826,080 Remuneration paid to employees of the ACD who 4 £878,697 – £878,697 have material impact on the risk profile of the Fund

Further information is available in the ACD’s Remuneration Policy Statement which can be obtained from www.maitlandgroup.com or, on request free of charge, by writing to the registered office of the ACD.

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General information continued

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 Brewin Dolphin Select Managers Fund 123 Maitland Institutional Services Limited

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