Aberdeen Standard Investment Trusts Monthly Reports to 31 August 2021

Aberdeen Standard Investment Trusts Monthly Reports To 31 August 2021

Contents

United Kingdom

UK Equity Income Aberdeen Standard Equity Income Trust plc 4 Dunedin Income Growth Investment Trust PLC 8 Murray Income Trust PLC 11 Shires Income PLC 15

UK Smaller Companies Aberdeen Smaller Companies Income Trust PLC 19 Standard Life UK Smaller Companies Trust plc 23

Asia Pacific Asia Pacific excluding Japan Aberdeen Asian Income Fund Limited 27 Aberdeen New Dawn Investment Trust PLC 31 Aberdeen Standard Asia Focus PLC 35 Asia Dragon Trust plc 39

Country Specialists: Asia Pacific Aberdeen New India Investment Trust PLC 43 Aberdeen New Thai Investment Trust PLC 47

Emerging Markets Global Aberdeen Emerging Markets Investment Company Limited 50

Latin American Aberdeen Latin American Income Fund Limited 54

Global Global Equity Income Murray International Trust PLC 57

Japan Aberdeen Japan Investment Trust PLC 61

Multi-asset Aberdeen Diversified Income and Growth Trust plc 65

North America The North American Income Trust plc 69 Aberdeen Standard Equity Income Trust plc Equity income using an index-agnostic approach focusing on our best ideas from the full UK market cap spectrum Investment Trust Performance Data and Analytics to 31 August 2021

Investment objective Morningstar Analyst RatingTM To provide shareholders with an above average income from their equity investment while also providing real growth in capital and income. Benchmark FTSE All-Share Index. Features of the Trust B Morningstar Analyst Rating™ Morningstar analysts assign the ratings globally on a Objective of increasing the dividend in real terms. five-tier scale with three positive ratings of Gold, Silver and Bronze. Cumulative performance (%) Morningstar RatingTM as at 31/08/21 1 month 3 months 6 months 1 year 3 years 5 years Share Price 359.0p 1.4 (1.6) 15.0 44.7 (11.0) 12.6 NAV 391.9p 2.3 1.3 15.9 38.4 (4.8) 15.2 B Morningstar RatingTM for Funds Morningstar rates funds from one to five stars based FTSE All-Share Index 2.7 3.4 13.3 26.9 11.4 33.3 on how well they’ve performed (after adjusting for risk FTSE 350 Higher Yield Index 1.5 0.5 9.3 31.9 (0.3) 17.4 and accounting for all sales charges) in comparison to similar funds. Discrete performance (%) Twenty largest equity holdings (%) 31/08/21 31/08/20 31/08/19 31/08/18 31/08/17 BHP 4.0 Rio Tinto 3.8 Share Price 44.7 (20.0) (23.1) 7.7 17.6 CMC Markets 3.5 NAV 38.4 (19.0) (15.1) 4.4 15.8 Close Brothers 3.5 FTSE All-Share Index 26.9 (12.6) 0.4 4.7 14.3 Vistry 3.1 FTSE 350 Higher Yield Index 31.9 (22.3) (2.7) 4.2 13.1 SSE 2.9 Source: Aberdeen Standard Investments, total returns. The percentage growth figures are calculated over periods on a mid to BP 2.8 mid basis. Past performance is not a guide to future results. Royal Dutch Shell 2.8 Glencore 2.7 1 year Premium/(Discount) Chart (%) Premier Miton 2.7 % Diversified Energy 2.4 0 British American Tobacco 2.3 Tyman 2.3 -5 Entain 2.2 OSB Group 2.1 DFS Furniture 2.0 -10 Chesnara 1.9 Randall & Quilter 1.9 -15 River & Mercantile 1.7 Legal & General 1.7 -20 Total 52.3 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Aug-21 Sector allocation (%) Financials 38.3 Any data contained herein which is attributed to a third party (“Third Party Data”) is the property of (a) third party Basic Materials 13.3 supplier(s) (the “Owner”) and is licensed for use by abrdnA. Third Party Data may not be copied or distributed. Third Party Data is provided “as is” and is not warranted to be accurate, complete or timely. To the extent permitted by applicable law, none Consumer Goods 12.1 A of the Owner, abrdn or any other third party (including any third party involved in providing and/or compiling Third Party Industrials 10.2 Data) shall have any liability for Third Party Data or for any use made of Third Party Data. Past performance is no guarantee of future results. Neither the Owner nor any other third party sponsors, endorses or promotes the fund or product to which Consumer Services 9.6 Third Party Data relates. Oil & Gas 8.0 Utilities 4.7 A abrdn means the relevant member of the abrdn group, being abrdn plc together with its subsidiaries, subsidiary undertakings Telecommunications 2.6 and associated companies (whether direct or indirect) from time to time. B © 2021 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its Health Care 1.3 content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Cash & Other (0.1) Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For more detailed information about Morningstar’s Analyst Rating, Total 100.0 including its methodology, please go to: http://corporate.morningstar.com/us/documents/MethodologyDocuments/ AnalystRatingforFundsMethodology.pdf All sources (unless indicated): The Morningstar Analyst Rating for Funds is a forward-looking analysis of a fund. Morningstar has identified five key areas Aberdeen Standard Investments: 31 August 2021. crucial to predicting the future success of a fund: People, Parent, Process, Performance, and Price. The pillars are used in determining the Morningstar Analyst Rating for a fund. Morningstar Analyst Ratings are assigned on a five-tier scale running Private investors 0808 500 0040 from Gold to Negative. The top three ratings, Gold, Silver, and Bronze, all indicate that our analysts think highly of a fund; the difference between them corresponds to differences in the level of analyst conviction in a fund’s ability to outperform its Institutional investors benchmark and peers through time, within the context of the level of risk taken over the long term. Neutral represents funds in which our analysts don’t have a strong positive or negative conviction over the long term and Negative represents funds InvestmentTrustInvestorRelations-UK that possess at least one flaw that our analysts believe is likely to significantly hamper future performance over the long term. Long term is defined as a full market cycle or at least five years. Past performance of a security may or may not be sustained in @aberdeenstandard.com future and is no indication of future performance. For detailed information about the Morningstar Analyst Rating for Funds, +44 (0)20 7463 5971 | +44 (0)13 1222 1863 please visit http://global.morningstar.com/managerdisclosures.

Page 4 of 73 Aberdeen Standard Equity Income Trust plc Equity income using an index-agnostic approach focusing on our best ideas from the full UK market cap spectrum

Ten largest positions relative to the benchmark (%) Key information Overweight Stocks Portfolio Benchmark Relative Calendar CMC Markets 3.5 0.0 3.5 Launch Date 14 Nov 1991 Close Brothers 3.5 0.1 3.4 Accounts Published December Vistry 3.1 0.1 3.0 Annual General Meeting February Premier Miton 2.7 – 2.7 Dividends Paid March, June, Tyman 2.4 0.0 2.4 September, December Diversified Energy 2.3 0.0 2.3 Trust information SSE 2.8 0.7 2.1 DFS Furniture 2.1 0.0 2.1 Trust Managers Aberdeen Standard Investments OSB Group 2.0 0.1 1.9 Fund Manager Thomas Moore Randall & Quilter 1.9 – 1.9 Gross Assets £214.5 million Fund managers’ report Borrowing £25.0 million Yield (Net) 5.7% Market review Current Annual Dividend 20.6p UK equities advanced strongly over August, with the FTSE All-Share Index rising by 2.7%. In Rate (Per Share) a month of relatively quiet news flow, UK stocks performed well, helped by company Market Capitalisation £173.5 million earnings and further easing of restrictions. However, Covid-19, the resulting ‘pingdemic’ (Discount)/Premium (8.4)% and Brexit have caused staff shortages and supply chain issues that peaked in August, 12 Month High (2.0)% hindering the UK hospitality and retail sectors. 12 Month Low (15.3)% Current Equity Net 11.6% Small and mid-sized companies once again beat larger companies, as supply chain Gearing disruption across the UK and Europe affected the share prices of blue-chip firms. Software Potential Gearing 5% to 25% and technology hardware companies outperformed, due to their sensitivity to changes in Trust Annual 0.65% per annum of Management Fee net assets up to £175 the economy. Insurance companies also did well, following a rise in bond yields over million, 0.55% per August. By contrast, the materials, banks and consumer staples sectors underperformed. annum of net assets above £175 million Performance Ongoing ChargesC 0.87% The Trust delivered a NAV total return of 2.3%, compared with the FTSE All-Share Index Active Share 84.8% total return of 2.7%. Over the financial year to date, performance is almost 10% ahead of percentageB the index return. Composition by market capitalisation Despite waning economic optimism, many of our holdings reported positive results and (Ex Cash) (%) gave confident outlook statements. FTSE 100 43.1 Holding Litigation Capital Management weighed on returns, retracing recent gains despite FTSE 250 31.0 no new company-specific news. Elsewhere, our holdings in mining companies Rio Tinto and FTSE AIM 8.3 BHP also held back performance, as both declined on weaker iron-ore pricing concerns. Other 17.7 Total 100.0 On the upside, we benefited from holding thermal coal exporter Thungela Resources, which rallied on good results and continued commodity price strength. Pension and life insurance business Chesnara also outperformed after investors responded positively to its results. Management gave a confident outlook statement, supporting investor confidence in its ability to make accretive acquisitions while continuing to grow the dividend. Lastly, not owning Unilever helped relative returns, as it underperformed on concern that input cost pressures would drag on its earnings.

Fund managers’ report continues overleaf Receive the factsheet by email as soon as it is available by registering at B The ‘Active Share’ percentage is a measure used to describe what portion of the Trust’s holdings differ from the benchmark index holdings. www.invtrusts.co.uk/ITemail C Expressed as a percentage of average daily net assets for the year ended 31 January 2021. The Ongoing Charges Figure (OCF) is the overall cost shown as a percentage of the value of the assets of the Company. It is made up of the Annual Management www.aberdeenstandardequity Fee and other charges. It does not include any costs associated with buying shares in the Company or the cost of buying and incometrust.com selling stocks within the Company. The OCF can help you compare the annual operating expenses of different Companies.

Page 5 of 73 Aberdeen Standard Equity Income Trust plc Equity income using an index-agnostic approach focusing on our best ideas from the full UK market cap spectrum

Fund managers’ report – continued AIFMD Leverage Limits Activity Gross Notional 3x We started a new holding in alcoholic drinks business Diageo. The company is well placed Commitment 2x to deliver earnings upgrades as lockdowns ease and from increasing on-trade volumes. The pricing power of the business sets it apart from other defensive stocks. Meanwhile, Capital structure we topped up wealth management group Quilter, where earnings dilution from the Ordinary shares 48,327,960 divestment of its international division is obscuring positive operational momentum. The Treasury shares 850,807 firm is seeing mid-single digit growth in organic net fund-flow. On sales, we reduced National Express as our conviction levels are relatively low. Lastly, we also reduced our Allocation of management fees and exposure to motor insurer Sabre Insurance Group, which is suffering from a difficult finance costs trading backdrop. Recent results indicated a slow recovery in motor insurance pricing and Capital 70% new driver numbers. Revenue 30%

Outlook and strategy Trading details We are encouraged by the strength of recent company results, which we expect to act as a Reuters/Epic/: ASEI.L catalyst for the recognition of the robust fundamentals and low valuations of our holdings. Bloomberg code: ASEI:LN Our proprietary screening tool Matrix shows that the Trust is heavily weighted towards ISIN code GB0006039597 earnings momentum and low valuation. Given that earnings drive dividends, we expect Sedol code 0603959 high earnings momentum to accelerate dividend growth, while low valuations should Stockbrokers J.P. Morgan Cazenove provide scope for share prices to rise via compression of dividend yields. Market makers CENK, JPMS, NUMS, PEEL, WINS By sector, we continue to favour financials, resources and consumer cyclicals. These sectors stand out as opportunities given the market’s scepticism over the recovery. We continue to see the market backdrop as supportive of our Focus-on-Change investment process, which tends to perform best in the long sweeps of stable market conditions when bottom-up analysis is rewarded. While the economic recovery will not be a straight line, we remain highly confident in our holdings given the strength of their corporate fundamentals. We expect many of our holdings to emerge from the crisis with increased market share, enhancing their dividend and capital prospects. The reinstatement of dividends underlined the increased confidence of management teams in their capital position and profit outlook. After a long period of economic turmoil, the recovery in sentiment can be prolonged as good news is gradually absorbed. Corporate earnings are a key driver of portfolio performance, allowing investors to shift their focus away from top-down geopolitical concerns. We are convinced that many of our holdings are materially mispriced and do not reflect their robust fundamentals. There are echoes with the period following the 2008 global financial crisis when economic recovery was the catalyst for very strong performance of our holdings. All of this bodes well for future performance.

Receive the factsheet by email as soon as it is available by registering at www.invtrusts.co.uk/ITemail www.aberdeenstandardequity incometrust.com Important information overleaf

Page 6 of 73 Aberdeen Standard Equity Income Trust plc Equity income using an index-agnostic approach focusing on our best ideas from the full UK market cap spectrum

Important information Risk factors you should consider prior to investing: • The value of investments and the income from them can fall and investors may get back less than the amount invested.

• Past performance is not a guide to future results.

• Investment in the Company may not be appropriate for investors who plan to withdraw their money within 5 years.

• There is no guarantee that the market price of the Company’s shares will fully reflect their underlying Net Asset Value.

• As with all stock exchange investments the value of the Company’s shares purchased will immediately fall by the difference between the buying and selling prices, the bid-offer spread. If trading volumes fall, the bid-offer spread can widen.

• The Company may borrow to finance further investment (gearing). The use of gearing is likely to lead to volatility in the Net Asset Value (NAV) meaning that any movement in the value of the company’s assets will result in a magnified movement in the NAV.

• The Company may accumulate investment positions which represent more than normal trading volumes which may make it difficult to realise investments and may lead to volatility in the market price of the Company’s shares.

• Yields are estimated figures and may fluctuate, there are no guarantees that future dividends will match or exceed historic dividends and certain investors may be subject to further tax on dividends.

• The Company may charge expenses to capital which may erode the capital value of the investment.

• The Alternative Investment Market (AIM) is a flexible, international market that offers small and growing companies the benefits of trading on a world-class public market within a regulatory environment designed specifically for them. AIM is owned and operated by the London Stock Exchange. Companies that trade on AIM may be harder to buy and sell than larger companies and their share prices may move up and down very sharply because they have lower trading volumes and also because of the nature of the companies themselves. In times of economic difficulty, companies listed on AIM could fail altogether and you could lose all your money.

• The Company invests in the securities of smaller companies which are likely to carry a higher degree of risk than larger companies.

Other important information: An investment trust should be considered only as part of a balanced portfolio. The information contained in this document should not be considered as an offer, solicitation or investment recommendation to deal in the shares of any securities or financial instruments. It is not intended for distribution or use by any person or entity who is a citizen or resident of or located in any jurisdiction where such distribution, publication or use would be prohibited. Nothing herein constitutes investment, legal, tax or other advice and is not to be relied upon in making an investment or other decision. No recommendation is made, positive or otherwise, regarding individual securities mentioned. This is not an invitation to subscribe for shares and is by way of information only. Subscriptions will only be received and shares issued on the basis of the current Key Information Document (KID). These can be obtained free of charge from Aberdeen Asset Managers Limited, PO Box 11020, Chelmsford, Essex, CM99 2DB or available on www.invtrusts.co.uk. Any data contained herein which is attributed to a third party (“Third Party Data”) is the property of (a) third party supplier(s) (the “Owner”) and is licensed for use by abrdn*. Third Party Data may not be copied or distributed. Third Party Data is provided “as is” and is not warranted to be accurate, complete or timely. To the extent permitted by applicable law, none of the Owner, abrdn* or any other third party (including any third party involved in providing and/or compiling Third Party Data) shall have any liability for Third Party Data or for any use made of Third Party Data. Neither the Owner nor any other third party sponsors, endorses or promotes the fund or product to which Third Party Data relates. * abrdn means the relevant member of abrdn group, being abrdn PLC together with its subsidiaries, subsidiary undertakings and associated companies (whether direct or indirect) from time to time. Issued by Aberdeen Standard Fund Managers Limited, registered in England and Wales (740118) at Bow Bells House, 1 Bread Street, London, EC4M 9HH. Aberdeen Asset Managers Limited, registered in Scotland (No. 108419), 10 Queen’s Terrace, Aberdeen AB10 1XL. Both companies are authorised and regulated by the Financial Conduct Authority in the UK. FTSE International Limited (‘FTSE’) © FTSE 2021. ‘FTSE®’ is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. RAFI® is a registered trademark of Research Affiliates, LLC. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Page 7 of 73 Dunedin Income Growth Investment Trust PLC A diverse portfolio of high-quality UK and overseas companies seeking to deliver a resilient quarterly income and long-term capital growth Investment Trust Performance Data and Analytics to 31 August 2021

Investment objective Morningstar Sustainability RatingTM To achieve growth of income and capital from a portfolio invested mainly in companies listed or quoted in the United Kingdom that meet the Company’s Sustainable and Responsible investing criteria as set by the Board. Morningstar RatingTM

Benchmark FTSE All-Share Index total return. B Morningstar RatingTM for Funds Morningstar rates funds from one to five stars based on how well they’ve performed (after adjusting for risk Cumulative performance (%) and accounting for all sales charges) in comparison to similar funds. as at 31/08/21 1 month 3 months 6 months 1 year 3 years 5 years Twenty largest equity holdings (%) Share Price 332.0p 6.1 6.1 17.8 36.5 50.3 68.1 NAVA 333.8p 4.1 5.7 14.8 26.5 33.0 53.9 AstraZeneca 5.1 Diageo 4.8 FTSE All-Share 2.7 3.4 13.3 26.9 11.4 33.3 SSE 4.7 Prudential 3.7 Discrete performance (%) RELX 3.3 Year ending 31/08/21 31/08/20 31/08/19 31/08/18 31/08/17 Coca-Cola 3.1 Share Price 36.5 (0.6) 10.8 2.7 8.9 Rio Tinto 3.1 NAVA 26.5 (0.6) 5.7 3.8 11.5 Intermediate Capital 3.1 FTSE All-Share 26.9 (12.6) 0.4 4.7 14.3 TotalEnergies 3.0 Chesnara 3.0 Total return; NAV to NAV, net income reinvested, GBP. Share price total return is on a mid-to-mid basis. Dividend calculations are to reinvest as at the ex-dividend date. NAV returns based on NAVs with debt valued at fair value. Direct Line 3.0 Source: Aberdeen Asset Managers Limited, Lipper and Morningstar. Ashmore 2.9 Past performance is not a guide to future results. Close Brothers 2.9 1 Year Premium/Discount Chart (%) Aveva 2.9 Assura 2.8 % 0 Weir 2.8 ASML 2.7 -2 Persimmon 2.7 -4 Morgan Sindall 2.7

-6 GlaxoSmithKline 2.6 Total 64.9 -8 Based on equity holdings only. -10 Total number of investments 43 -12 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Aug-21 Sector allocation (%) Financials 26.0 Health Care 15.0 Industrials 12.3 Consumer Discretionary 10.7 Consumer Staples 9.2 Technology 6.6 Basic Materials 5.6 Real Estate 5.4 Utilities 4.7

A Including current year revenue. Energy 3.0 B © 2021 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its Telecommunications 0.3 content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Cash 1.2 Past performance is no guarantee of future results. For more detailed information about Morningstar’s Analyst Rating, Total 100.0 including its methodology, please go to: http://corporate.morningstar.com/us/documents/MethodologyDocuments/ AnalystRatingforFundsMethodology.pdf All sources (unless indicated): The Morningstar Analyst Rating for Funds is a forward-looking analysis of a fund. Morningstar has identified five key areas Aberdeen Asset Managers Limited 31 August 2021. crucial to predicting the future success of a fund: People, Parent, Process, Performance, and Price. The pillars are used in determining the Morningstar Analyst Rating for a fund. Morningstar Analyst Ratings are assigned on a five-tier scale running from Gold to Negative. The top three ratings, Gold, Silver, and Bronze, all indicate that our analysts think highly of a fund; the Private investors 0808 500 0040 difference between them corresponds to differences in the level of analyst conviction in a fund’s ability to outperform its Institutional investors benchmark and peers through time, within the context of the level of risk taken over the long term. Neutral represents funds in which our analysts don’t have a strong positive or negative conviction over the long term and Negative represents funds InvestmentTrustInvestorRelations-UK that possess at least one flaw that our analysts believe is likely to significantly hamper future performance over the long term. Long term is defined as a full market cycle or at least five years. Past performance of a security may or may not be sustained @aberdeenstandard.com in future and is no indication of future performance. For detailed information about the Morningstar Analyst Rating for +44 (0)20 7463 5971 | +44 (0)13 1222 1863 Funds, please visit http://global.morningstar.com/managerdisclosures.

Page 8 of 73 Dunedin Income Growth Investment Trust PLC A diverse portfolio of high-quality UK and overseas companies seeking to deliver a resilient quarterly income and long-term capital growth

Fund managers’ report Key information The FTSE All-Share Index continued to move higher in August, up nearly 3%, continuing its Calendar very positive trend in 2021. Performance within the market was again fairly mixed with Year end 31 January stock specific impacts driving share prices, as we concluded the interim reporting period Accounts published March and investors perhaps anticipating a more extended period of monetary support for Annual General Meeting May Dividend paid February, May, markets. We also continued to see a number of bids for UK listed companies as a August, November combination of improving economics, reasonable valuations and abundant financing Established 1873 supported takeover activity from both private equity and listed players. In general Fund managers Ben Ritchie Georgina Cooper economic data globally continues to indicate a strong recovery, as does the domestic Ongoing chargesC 0.67% picture in the UK, though we have seen some weaker releases over the past few months Annual management fee 0.45% on the first particularly in China, and more recently in the United States as concerns over the spread £225m, 0.35% on the next £200m and of the “Delta” strain of the virus grow. 0.25% over £425m per annum of the This was generally a positive period for company-specific news. The most notable net assets of the developments being life insurer Prudential moving closer to finalising the demerger of Company. Jackson National, their US subsidiary, which was welcomed by investors alongside Premium/(Discount) with Debt at Par (2.0)% producing good interim results. Construction materials group Marshalls reported strong Premium/(Discount) trading and a restored dividend at their interim results while Morgan Sindall also with Debt at fair value (0.5)% D enhanced their dividend policy resulting in a large increase due to continued strong Yield 3.9% Active shareE 75.9% earnings growth. Novo Nordisk too upgraded their full year guidance amidst very strong demand for their new obesity product Wegovy and London Stock Exchange’s results were Gearing (%) F well received as they showed progress with the delivery of their revenue and cost Net gearing 7.2 Net gearing with Debt at market valueF 8.7 synergies post the Refinitiv deal. Assets/Debt £’000 % In terms of changes to the portfolio we exited two of our smaller holdings in WH Smith and Gross assets Heineken to further concentrate the portfolio and reflect both companies’ relative lack of Equities - UK 446,110 88.9 yield and preferences for other existing investments. We took advantage of an equity - Overseas 88,223 17.6 placing in online card and gifting retailer Moonpig to modestly add to our existing position. Total investments 534,333 106.5 Alongside this we wrote some call options over part of our stake in Croda to generate Cash & cash equivalents 7,199 1.4 Other net assets 3,779 0.8 additional income. Short-term borrowings (13,381) (2.7) Our outlook remains consistent with past months. As we progress through 2021 we are 3.99% Senior Secured Note 2045 (30,000) (6.0) seeing a strong rebound in global aggregate demand and corporate earnings as we lap the Net assets 501,930 100.0 very weak figures of early 2020. However, we are seeing increasing signs that investors are AIFMD Leverage Limits becoming more cautious on the prospects ahead given a combination of slowing rates of Gross Notional 2.5x growth from current very high levels and the impact of new strains of the virus. As a result Commitment 2x we remain happy to keep a balance to our overall positioning giving ourselves the Capital structure potential to perform in a range of market environments: looking to protect capital on the Ordinary shares 148,164,670 downside while aiming to participate in any upside that may develop. Treasury shares 5,513,265 Allocation of management fees and finance costs Capital 60% Revenue 40% Trading details Reuters/Epic/ Bloomberg code DIG The risk outlined overleaf relating to gearing is particularly relevant to this trust, ISIN code GB0003406096 Sedol code 0340609 but should be read in conjunction with all warnings and comments given. Stockbrokers J.P. Morgan Cazenove Important information overleaf Market makers SETSmm

C Expressed as a percentage of average daily net assets for the year ended 31 January 2021. The Ongoing Charges Figure (OCF) is the overall cost shown as a percentage of the value of the assets of the Company. It is made up of the Annual Management Receive the factsheet by email as soon as Fee and other charges. It does not include any costs associated with buying shares in the Company or the cost of buying and selling stocks within the Company. The OCF can help you compare the annual operating expenses of different Companies. it is available by registering at D Calculated using the Company’s historic net dividends and month end share price. E The ‘Active Share’ percentage is a measure used to describe what proportion of the Company’s holdings differ from the www.invtrusts.co.uk/ITemail benchmark index holdings. www.dunedinincomegrowth.co.uk F Net gearing is defined as a percentage, with net debt (total debt less cash/cash equivalents) divided by shareholders’ funds.

Page 9 of 73 Dunedin Income Growth Investment Trust PLC A diverse portfolio of high-quality UK and overseas companies seeking to deliver a resilient quarterly income and long-term capital growth

Page 10 of 73 Murray Income Trust PLC

Murray Income Trust PLC An investment trust founded in 1923 aiming for high and growing income with capital growth Investment Trust Performance Data and Analytics to 31 August 2021

Investment objective Morningstar Sustainability RatingTM To achieve a high and growing income combined with capital growth through investment in a portfolio principally of UK equities. Morningstar RatingTM Benchmark FTSE All-Share Index.

B Morningstar RatingTM for Funds Cumulative performance (%) Morningstar rates funds from one to five stars based on how well they’ve performed (after adjusting for risk as at 31/08/21 1 month 3 months 6 months 1 year 3 years 5 years and accounting for all sales charges) in comparison to Share Price 935.0p 4.3 3.7 16.0 28.6 38.8 60.9 similar funds. NAVA 989.9p 3.6 7.3 19.7 28.7 31.2 53.1 FTSE All-Share 2.7 3.4 13.3 26.9 11.4 33.3

Discrete performance (%) Year ending 31/08/21 31/08/20 31/08/19 31/08/18 31/08/17 Share Price 28.6 (3.8) 12.2 2.8 12.8 NAVA 28.7 (4.5) 6.7 4.6 11.6 FTSE All-Share 26.9 (12.6) 0.4 4.7 14.3

Five year dividend table (p) Financial year 2021 2020 2019 2018 2017 Total dividend (p) 34.50 34.25 34.00 33.25 32.75

Total return; NAV to NAV, net income reinvested, GBP. Share price total return is on a mid-to-mid basis. Dividend calculations are to reinvest as at the ex-dividend date. NAV returns based on NAVs with debt valued at fair value. Source: Aberdeen Asset Managers Limited, Lipper and Morningstar. Twenty largest equity holdings (%) Past performance is not a guide to future results. AstraZeneca 4.8 Diageo 4.6 1 Year Premium/Discount Chart (%) RELX 3.7 BHP 3.6 % 4 Rio Tinto 3.3 National Grid 2.7 SSE 2.7 0 Coca-Cola 2.6 Close Brothers 2.6 -4 Unilever 2.5 Aveva 2.5 Inchcape 2.4 -8 Standard Chartered 2.4 Safestore 2.3 -12 Croda 2.3 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Aug-21 TotalEnergies 2.2 Countryside 2.0 Marshalls 1.9 Howden Joinery 1.9 Prudential 1.8 Total 54.8

A Including current year revenue. Total number of investments 61 B © 2021 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For more detailed information about Morningstar’s Analyst Rating, including its methodology, please go to: http://corporate.morningstar.com/us/documents/MethodologyDocuments/ All sources (unless indicated): AnalystRatingforFundsMethodology.pdf The Morningstar Analyst Rating for Funds is a forward-looking analysis of a Aberdeen Asset Managers Limited 31 August 2021. fund. Morningstar has identified five key areas crucial to predicting the future success of a fund: People, Parent, Process, Performance, and Price. The pillars are used in determining the Morningstar Analyst Rating for a fund. Morningstar Analyst Ratings are assigned on a five-tier scale running from Gold to Negative. The top three ratings, Gold, Silver, and Bronze, all Private investors 0808 500 0040 indicate that our analysts think highly of a fund; the difference between them corresponds to differences in the level of Institutional investors analyst conviction in a fund’s ability to outperform its benchmark and peers through time, within the context of the level of risk taken over the long term. Neutral represents funds in which our analysts don’t have a strong positive or negative InvestmentTrustInvestorRelations-UK conviction over the long term and Negative represents funds that possess at least one flaw that our analysts believe is likely to significantly hamper future performance over the long term. Long term is defined as a full market cycle or at least five years. @aberdeenstandard.com Past performance of a security may or may not be sustained in future and is no indication of future performance. For detailed +44 (0)20 7463 5971 | +44 (0)13 1222 1863 information about the Morningstar Analyst Rating for Funds, please visit http://global.morningstar.com/managerdisclosures.

Page 11 of 73 Murray Income Trust PLC An investment trust founded in 1923 aiming for high and growing income with capital growth

Fund managers’ report Sector allocation (%) Market commentary Industrials 17.6 The UK equity market performed well in August, helped by company earnings and easing Financials 15.9 lockdown restrictions. The FTSE All-Share Index returned approximately 2.7% over the Consumer Staples 12.3 Health Care 11.1 month. Small and mid-sized UK firms outperformed the FTSE 100. Global equity markets Basic Materials 10.4 also posted strong gains in August, brushing off concerns about rising cases of the Consumer Discretionary 9.6 Covid-19 Delta variant. Corporate results were upbeat and central bank comments Real Estate 6.6 Utilities 5.4 supportive, which boosted sentiment. The MSCI World Index returned 3.6% (in sterling Technology 4.4 terms) in August and reached a record high at month-end. Commodity prices finished the Energy 3.5 month lower, with falls in energy and most metals. Telecommunications 2.1 Cash 1.1 Government bond prices generally fell (yields rose) in August, amid concerns about a Total 100.0 withdrawal of central bank support. However, there was a careful tone to speeches at the Figures may not add up to 100 due to rounding. Jackson Hole meeting of global central bankers and the Bank of England voted unanimously for no change at its August meeting, leaving interest rates at 0.1% and Key information maintaining targets for bond purchases. Calendar Data from the Organisation for Economic Co-operation and Development indicated that Year end 30 June global growth is moderating. Second-quarter statistics showed strong growth for the UK Accounts published September economy due to easing of restrictions, however the economy is still smaller than before Annual General Meeting November the pandemic began. Employment figures also remain strong, however staff shortages Dividend paid March, June, September and and supply chain issues as a result of the pandemic and Brexit have hindered the UK December hospitality and retail sectors. Anticipation of a resurgence in travel and tourism helped Established 1923 sentiment, with data from Heathrow Airport showing passenger numbers have returned Fund manager Charles Luke to March 2020 levels. Ongoing chargesC 0.46% Annual management feeD 0.55% per annum on Performance the first £350m of The portfolio outperformed the benchmark by approximately 0.7% in August on a total net assets, 0.45% on the next £100m and return basis. At a sector level, the portfolio’s exposure to the Industrials and Utilities 0.25% on the excess sectors contributed most positively to performance, whereas the exposure to the over £450m. Consumer Staples sector detracted. At the stock level, the positions in Genuit, SSE and Premium/(Discount) (5.5)% Safestore had the largest positive contributions. Genuit rose on strong results. SSE shares YieldE 3.7% responded positively to rumours of an activist buying a stake in the company. Safestore Net gearingF 8.9% G performed well in line with other listed self-storage stocks as demand continues to be Active share 70.7% strong. The holdings in Coca-Cola HBC, M&G and BHP contributed most negatively this month. Coca-Cola HBC fell despite reporting encouraging results. M&G reported mixed AIFMD Leverage Limits results but the capital position remains strong. BHP underperformed in line with Gross Notional 2.5x weakness in the iron ore price. Not holding Meggitt which was bid for negatively impacted Commitment 2x performance. Assets/Debt (£m) Trading Trading in the month related to managing existing holdings. We added to Marshalls after Gross 1,276.2 an encouraging meeting with the company. They are seeing strong growth and are Debt 118.3 Cash & cash equivalents 15.8 managing cost inflation. We participated in a placing of Moonpig shares, adding to this relatively new holding where we expect continued growth. Intermediate Capital and OSB Capital structure Ordinary shares 117,046,487 Fund managers’ report continues overleaf Treasury shares 2,483,045

C Expressed as a percentage of average daily net assets for the year ended 30 June 2021. The Ongoing Charges Figure (OCF) is the overall cost shown as a percentage of the value of the assets of the Company. It is made up of the Annual Management Fee and other charges. It does not include any costs associated with buying shares in the Company or the cost of buying and selling stocks within the Company. The OCF can help you compare the annual operating expenses of different companies. Receive the factsheet by email as soon D The management fee is 0.55% per annum on net assets up to £350m, 0.45% per annum on net assets between £350m and £450m, and 0.25% per annum on net assets above £450m. as it is available by registering at E Calculated using the Company’s historic net dividends and month end share price. F Net gearing is defined as a percentage, with net debt (total debt less cash/cash equivalents) divided by shareholders’ funds. www.invtrusts.co.uk/ITemail G The ‘Active Share’ percentage is a measure used to describe what proportion of the Company’s holdings differ from the www.murray-income.co.uk benchmark index holdings.

Page 12 of 73 Murray Income Trust PLC An investment trust founded in 1923 aiming for high and growing income with capital growth

Fund managers’ report – continued Allocation of management fees and Group were also added to and the holdings in Dechra Pharmaceuticals and Unilever were finance costs reduced to fund these top ups, reflecting our relative preferences. We continued to write Capital 70% options to gently increase the income available to the fund including calls in Diageo, Revenue 30% Unilever, Inchcape, National Grid and Croda. Outlook Trading details We expect that the global economy will experience several years of above-trend growth as Reuters/Epic/ it emerges from the pandemic, aided by the vaccine rollouts and accommodative fiscal Bloomberg code MUT and monetary policy settings. However, divergence and asynchronous recoveries are likely ISIN code GB0006111123 Sedol code 0611112 to characterise this future period with disparities reflecting early and late vaccinators, Stockbrokers Investec developed and emerging economies, and manufacturing and services industries. For the Market makers SETSmm UK, in particular, the backdrop both economically and politically is supportive with significant pent-up demand, a stable government, a fast vaccine rollout and Brexit concerns now in the rear view mirror. Given this generally supportive backdrop, we are increasingly sanguine about the potential for the holdings in the portfolio to perform well while continuing to deliver an appealing and sustainable income stream. Moreover, valuations of UK-listed companies remain attractive on a relative basis. As an example, the dividend yield of the UK market remains at an appealing premium to other regional equity markets let alone other asset classes. Indeed, we believe that in many cases the attractiveness of our holdings is not reflected in their share prices, particularly given the underlying strengths of the businesses. This view is reflected in the bids for holdings John Laing and Sanne that we have witnessed recently. We think a fair proportion of the portfolio may be vulnerable to corporate activity and it is noteworthy that private equity purchasers often look for attractive quality characteristics in potential acquisitions that dovetail with our investment criteria. Furthermore, international investors remain underweight the UK providing a further underpin. Therefore, we feel very comfortable maintaining our investments in high quality companies capable of growing their earnings and hence their dividends over the long term.

Receive the factsheet by email as soon as it is available by registering at The risk outlined overleaf relating to gearing is particularly relevant to this trust, but www.invtrusts.co.uk/ITemail should be read in conjunction with all warnings and comments given. www.murray-income.co.uk Important information overleaf

Page 13 of 73 Murray Income Trust PLC An investment trust founded in 1923 aiming for high and growing income with capital growth

Page 14 of 73 Shires Income PLC

Shires Income PLC Looking for high-quality investments for a high, regular income Investment Trust Performance Data and Analytics to 31 August 2021

Investment objective Morningstar RatingTM The Company’s investment objective is to provide shareholders with a high level of income, together with the potential for growth of both income and capital from a B TM diversified portfolio substantially invested in UK equities but also in preference shares, Morningstar Rating for Funds Morningstar rates funds from one to five stars based convertibles and other fixed income securities. on how well they’ve performed (after adjusting for risk and accounting for all sales charges) in comparison to similar funds. Benchmark FTSE All-Share Index total return. Ten largest equity holdings (%) Cumulative performance (%) Aberdeen Smaller Companies Income 10.7 as at 31/08/21 1 month 3 months 6 months 1 year 3 years 5 years AstraZeneca 3.3 Share Price 277.5p 1.8 6.6 22.6 37.3 26.8 59.5 BHP 2.5 NAVA 287.8p 3.2 5.2 15.8 30.7 22.6 43.4 Diversified Energy 2.3 FTSE All-Share 2.7 3.4 13.3 26.9 11.4 33.3 Diageo 2.3 Prudential 2.2 SSE 2.1 Discrete performance (%) British American Tobacco 1.9 Year ending 31/08/21 31/08/20 31/08/19 31/08/18 31/08/17 GlaxoSmithKline 1.9 Share Price 37.3 (13.8) 7.1 (0.3) 26.1 Standard Chartered 1.9 NAVA 30.7 (6.7) 0.6 1.9 14.7 Total 31.1 FTSE All-Share 26.9 (12.6) 0.4 4.7 14.3 Fixed income holdings (%) Total return; NAV to NAV, net income reinvested, GBP. Share price total return is on a mid-to-mid basis. Dividend calculations are to reinvest as at the ex-dividend date. NAV returns based on NAVs with debt valued at fair value. Ecclesiastical Insurance 8.875% 6.6 Source: Aberdeen Asset Managers Limited, Lipper and Morningstar. Past performance is not a guide to future results. Royal & Sun Alliance 7.375% 5.2 Santander 10.375% 4.6 1 Year Premium/Discount Chart (%) General Accident 7.875% 4.6 Standard Chartered 8.25% 3.9 % 8 Rea Holdings 9% 0.7 Total 25.6 4

0 Sector allocation (%) Financials 42.4 -4 Consumer Discretionary 9.0 -8 Industrials 8.8 Consumer Staples 8.2 -12 Energy 8.0 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Aug-21 Health Care 5.6 Basic Materials 5.2 Utilities 4.6 Real Estate 3.4 Telecommunications 3.2 Technology 1.6 Total 100.0 Figures may not add up to 100 due to rounding.

A Including current year revenue. Total number of investments 56 B © 2021 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For more detailed information about Morningstar’s Analyst Rating, including its methodology, please go to: http://corporate.morningstar.com/us/documents/MethodologyDocuments/ All sources (unless indicated): AnalystRatingforFundsMethodology.pdf The Morningstar Analyst Rating for Funds is a forward-looking analysis of a Aberdeen Asset Managers Limited 31 August 2021. fund. Morningstar has identified five key areas crucial to predicting the future success of a fund: People, Parent, Process, Performance, and Price. The pillars are used in determining the Morningstar Analyst Rating for a fund. Morningstar Analyst Ratings are assigned on a five-tier scale running from Gold to Negative. The top three ratings, Gold, Silver, and Bronze, all Private investors 0808 500 0040 indicate that our analysts think highly of a fund; the difference between them corresponds to differences in the level of Institutional investors analyst conviction in a fund’s ability to outperform its benchmark and peers through time, within the context of the level of risk taken over the long term. Neutral represents funds in which our analysts don’t have a strong positive or negative InvestmentTrustInvestorRelations-UK conviction over the long term and Negative represents funds that possess at least one flaw that our analysts believe is likely to significantly hamper future performance over the long term. Long term is defined as a full market cycle or at least five years. @aberdeenstandard.com Past performance of a security may or may not be sustained in future and is no indication of future performance. For detailed +44 (0)20 7463 5971 | +44 (0)13 1222 1863 information about the Morningstar Analyst Rating for Funds, please visit http://global.morningstar.com/ managerdisclosures.

Page 15 of 73 Shires Income PLC Looking for high-quality investments for a high, regular income

Fund managers’ report Key information Market commentary Calendar Global equity markets posted strong gains in August, brushing off concerns about rising Year end 31 March cases of the Covid-19 Delta variant. Corporate results were upbeat and central bank Accounts pub)lished June comments supportive, which boosted sentiment. The MSCI World Index returned 3.6% (in Annual General Meeting July sterling terms) in August and reached a record high at month-end. Dividend paid January, April, July, October The UK market was also positive over August, helped by company earnings and easing Established 1929 lockdown restrictions. The FTSE All-Share Index returned approximately 2.7% over the Fund manager Iain Pyle month. Small and mid-sized UK firms outperformed the FTSE 100. Commodity prices Ongoing chargesC 1.21% finished the month lower, with falls in energy and most metals. Annual management fee 0.45% up to £100m and 0.4% over Government bond prices generally fell (yields rose) in August, amid concerns about a £100m on net withdrawal of central bank support. However, there was a careful tone to speeches at the assets and long term borrowings Jackson Hole meeting of global central bankers and the Bank of England voted Premium/(Discount) (3.6)% unanimously for no change at its August meeting, leaving interest rates at 0.1% and YieldD 4.8% maintaining targets for bond purchases. Active shareE 64.7% Data from the Organisation for Economic Co-operation and Development indicated that Gearing (%) global growth is moderating. Second-quarter statistics showed strong growth for the UK F economy due to easing of restrictions, however the economy is still smaller than before Equities (11.6) Total net G 19.8 the pandemic began. Employment figures also remain strong, however staff shortages and supply chain issues as a result of the pandemic and Brexit have hindered the UK AIFMD Leverage Limits hospitality and retail sectors. Anticipation of a resurgence in travel and tourism helped Gross Notional 2.5x sentiment, with data from Heathrow Airport showing passenger numbers have returned Commitment 2x to March 2020 levels. Assets/Debt £’000 % Performance The NAV of the Company rose by 3.2% in the month, ahead of the benchmark which Equities (inc. Cnv's) 78,385 88.4 increased by 2.7%. The equity portfolio increased in value by 4.0%, with the preference Fixed Income 27,520 31.0 Total investments 105,905 119.4 share holdings decreasing by 0.7% over the month. On an individual stock basis, the Cash & cash equivalents 1,438 1.6 largest contributor to performance was the holding in Aberdeen Smaller Companies Other net assets 373 0.4 Income Trust. The company also benefited from owning SSE which was strong over the Debt (18,999) (21.4) month following rumours of an activist taking a stake in the company. On the negative Net Assets 88,717 100.0 side, performance was impacted by not owning Meggitt which received a takeover bid and holding M&G which reported mixed results. Capital structure Trading Ordinary shares 30,819,580 It was a quiet month for trading with the only activity being the writing of a couple of 3.5% Cumulative Preference shares 50,000 options to gently increase the income available to the fund being calls in Inchcape and Allocation of management fees and Close Brothers. finance costs Capital 50% Revenue 50%

Trading details Reuters/Epic/ Fund managers’ report continues overleaf Bloomberg code SHRS ISIN code GB0008052507 Sedol code 0805250 Stockbrokers J.P. Morgan Cazenove Market makers CFEP, JPMS,NITE, WINS, INV C Expressed as a percentage of average daily net assets for the year ended 31 March 2021. The Ongoing Charges Figure (OCF) is the overall cost shown as a percentage of the value of the assets of the Company. It is made up of the Annual Management Fee and other charges. It does not include any costs associated with buying shares in the Company or the cost of buying and Receive the factsheet by email as soon selling stocks within the Company. The OCF can help you compare the annual operating expenses of different Companies. D Calculated using the Company’s historic net dividends and month end share price. as it is available by registering at E The ‘Active Share’ percentage is a measure used to describe what proportion of the Company’s holdings differ from the benchmark index holdings. www.invtrusts.co.uk/ITemail F Expressed as a percentage of total equities held divided by shareholders’ funds. www.shiresincome.co.uk G Net gearing is defined as a percentage, with net debt (total debt less cash/cash equivalents) divided by shareholders’ funds.

Page 16 of 73 Shires Income PLC Looking for high-quality investments for a high, regular income

Fund managers’ report – continued Outlook We are increasingly sanguine about the potential for the portfolio to perform well on both a relative and absolute basis while continuing to deliver an appealing and sustainable income stream. The backdrop both economically and politically is highly supportive and valuations of UK-listed companies are cheap with international investors considerably underweight. We believe that the attractiveness of our holdings is not reflected in their share prices, particularly given the underlying strengths of the businesses. As a reflection of this we have recently seen bids or potential bids for holdings John Laing and Avast and we think a fair proportion of the portfolio is vulnerable to corporate activity. Therefore, we feel very comfortable maintaining our investments in good quality companies capable of growing their earnings and hence their dividends over the long term.

Receive the factsheet by email as soon as it is available by registering at The risk outlined overleaf relating to gearing is particularly relevant to this trust, www.invtrusts.co.uk/ITemail but should be read in conjunction with all warnings and comments given. www.shiresincome.co.uk Important information overleaf

Page 17 of 73 Shires Income PLC Looking for high-quality investments for a high, regular income

Page 18 of 73 Aberdeen Smaller Companies Income Trust PLC Hunting smaller companies for a stronger income Investment Trust Performance Data and Analytics to 31 August 2021

Investment objective Morningstar Sustainability RatingTM To provide a high and growing dividend and capital growth from a portfolio invested principally in the ordinary shares of small companies and UK fixed income securities. Morningstar RatingTM Benchmark Numis Smaller Companies ex Investment Trusts Index (from 1 January 2020).

FTSE SmallCap (ex Investment Companies) Index total return (up to 31 December 2019). B Morningstar RatingTM for Funds Morningstar rates funds from one to five stars based Cumulative performance (%) on how well they’ve performed (after adjusting for risk and accounting for all sales charges) in comparison to as at 31/08/21 1 month 3 months 6 months 1 year 3 years 5 years similar funds. Share Price 375.0p 5.2 6.3 23.0 46.0 48.2 118.7 NAVA 449.8p 4.5 11.8 29.2 42.4 43.6 99.5 Ten largest equity holdings (%) Benchmark 5.4 4.6 17.9 49.3 23.5 48.6 Morgan Sindall 4.1 Liontrust 4.1 Discrete performance (%) DiscoverIE 4.0 Sirius Real Estate 3.5 Year ending 31/08/21 31/08/20 31/08/19 31/08/18 31/08/17 Softcat 3.5 Share Price 46.0 (0.6) 2.0 12.3 31.4 Games Workshop 3.1 NAVA 42.4 5.9 (4.8) 9.8 26.6 Intermediate Capital 3.0 Benchmark 49.3 (7.6) (10.5) 1.9 18.1 Strix 3.0 Total return; NAV to NAV, net income reinvested, GBP. Share price total return is on a mid-to-mid basis. Ultra Electronic 2.8 Dividend calculations are to reinvest as at the ex-dividend date. NAV returns based on NAVs with debt valued at fair value. Kesko 2.7 Source: Aberdeen Asset Managers Limited, Lipper and Morningstar. Past performance is not a guide to future results. Total 33.8

1 Year Premium/Discount Chart (%) Fixed income, Convertibles and

% Preference share holdings (%) -5 NGG Finance 5.625% 0.4 Barclays Bank 9% 0.3 -10 Heathrow Funding 5.225% 0.3 SSE 3.625% 0.3 -15 HSBC 6.5% 0.2 Total 1.5 -20 Sector allocation (%) -25 Industrials 28.6 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Aug-21 Financials 23.5 Real Estate 11.5 Technology 11.5 Consumer Discretionary 11.4 Consumer Staples 7.5 Basic Materials 4.0 Telecommunications 2.0 Total 100.0 Figures may not add up due to rounding.

A Including current year revenue. Total number of investments 52 B © 2021 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For more detailed information about Morningstar’s Analyst Rating, including its methodology, please go to: http://corporate.morningstar.com/us/documents/MethodologyDocuments/ All sources (unless indicated): AnalystRatingforFundsMethodology.pdf The Morningstar Analyst Rating for Funds is a forward-looking analysis of a Aberdeen Asset Managers Limited 31 August 2021. fund. Morningstar has identified five key areas crucial to predicting the future success of a fund: People, Parent, Process, Performance, and Price. The pillars are used in determining the Morningstar Analyst Rating for a fund. Morningstar Analyst Ratings are assigned on a five-tier scale running from Gold to Negative. The top three ratings, Gold, Silver, and Bronze, all Private investors 0808 500 0040 indicate that our analysts think highly of a fund; the difference between them corresponds to differences in the level of Institutional investors analyst conviction in a fund’s ability to outperform its benchmark and peers through time, within the context of the level of risk taken over the long term. Neutral represents funds in which our analysts don’t have a strong positive or negative InvestmentTrustInvestorRelations-UK conviction over the long term and Negative represents funds that possess at least one flaw that our analysts believe is likely to significantly hamper future performance over the long term. Long term is defined as a full market cycle or at least five years. @aberdeenstandard.com Past performance of a security may or may not be sustained in future and is no indication of future performance. For detailed +44 (0)20 7463 5971 | +44 (0)13 1222 1863 information about the Morningstar Analyst Rating for Funds, please visit http://global.morningstar.com/managerdisclosures.

Page 19 of 73 Aberdeen Smaller Companies Income Trust PLC Hunting smaller companies for a stronger income

Fund managers’ report Key information Market review Calendar UK equities advanced strongly over August, with the FTSE All-Share Index rising by 2.7%. In Year end 31 December a month of relatively quiet news flow, UK stocks performed well, helped by company Accounts published March earnings and further easing of restrictions. However, Covid-19, the resulting ‘pingdemic’ Annual General Meeting April and Brexit have caused staff shortages and supply chain issues that peaked in August, Dividend paid January, April, hindering the UK hospitality and retail sectors. July, October Established 1992 Small and mid-sized companies once again beat larger companies, as supply chain Fund manager Abby Glennie disruption across the UK and Europe affected the share prices of blue-chip firms. Software Ongoing chargesC 1.35% and technology hardware companies outperformed, due to their sensitivity to changes in Annual management feeD 0.75% of net assets the economy. Insurance companies also did well, following a rise in bond yields over Premium/(Discount) (16.6)% August. By contrast, the materials, banks and consumer staples sectors underperformed. YieldE 2.2% Active shareF 86.8% Performance The Trust delivered a net asset value total return of 4.5%, underperforming the Numis Gearing (%) Smaller Companies (ex investment trusts) Index total return of 5.4%. EquitiesG 3.2 Holdings in food retailer and building trade supplier Kesko and discoverIE, the electronics Total netH 5.2 components manufacturer, weighed the most on returns this month. Both stocks have posted impressive returns this year, with some investors not surprisingly booking a profit. AIFMD Leverage Limits The investment case for each holding remains in place, and we see the recent share price Gross Notional 2.5x moves more as a pause for breath. Not holding engineering firm Babcock also detracted Commitment 2x from relative performance. Assets/Debt £’000 % Meanwhile, our holding in vodka distiller Stock Spirits Group rallied sharply after the Equities 102,718 103.2 company became a takeover target. Liontrust, the investment manager, also did well. Fixed Income 1,656 1.7 Continued robust growth in assets under management are driving the shares higher. Total investments 104,374 104.9 Lastly, a lack of exposure to Avon Protection helped relative returns when its shares Cash & cash equivalents 1,800 1.7 weakened after a recent trading update highlighted supply chain disruptions and delays in Other net assets 396 0.4 the receipt of orders. Debt (6,993) (7.0) Net assets 99,577 100.0 Activity There was no strategic trading in August. Capital structure Outlook Ordinary shares 22,109,765 We feel positive about the outlook for the rest of this year and beyond. Small- and mid-cap stocks tend to lead a market recovery. Companies in our portfolio are reporting strong Allocation of management fees and results, which is driving earnings upgrades. finance costs Capital Performance in recent months has been encouraging, with the value rally feeling a long 70% Revenue 30% way behind us now. While it has been a busy year for initial public offerings, this summer season has been quieter for listings but we expect this to accelerate later in the year. Trading details Mergers and acquisitions are topical at the moment in the UK, and while many of these Reuters/Epic/ bids are for recovery stocks and somewhat opportunistic, we have had some interest. Bloomberg code ASCI ISIN code GB0008063728 Sedol code 0806372 Stockbrokers WINS Investment Trusts Market makers CFEP, INV, JPMS, WINS Fund managers’ report continues overleaf

C Expressed as a percentage of average daily net assets for the year ended 31 December 2020. The Ongoing Charges Figure (OCF) is the overall cost shown as a percentage of the value of the assets of the Company. It is made up of the Annual Management Fee and other charges. It does not include any costs associated with buying shares in the Company or the cost of buying and selling stocks within the Company. The OCF can help you compare the annual operating expenses of different Companies. Receive the factsheet by email as soon D 0.75% per annum of the value of the Company’s net assets. E Calculated using the Company’s historic net dividends and month end share price. as it is available by registering at F The ‘Active Share’ percentage is a measure used to describe what proportion of the Company’s holdings differ from the benchmark index holdings. www.invtrusts.co.uk/ITemail G Expressed as a percentage of total equities held divided by shareholders’ funds. www.aberdeensmallercompanies.co.uk H Net gearing is defined as a percentage, with net debt (total debt less cash/cash equivalents) divided by shareholders’ funds.

Page 20 of 73 Aberdeen Smaller Companies Income Trust PLC Hunting smaller companies for a stronger income

Fund managers’ report – continued While bids are coming heavily from cash-rich private equity firms, there are also trade buyers; UK assets are attractive relative to other regions, with Sterling weakness helping to attract international buyers. Company engagement remains the key to our ability to identify the quality-growth- momentum businesses we like to back. While we are in the quieter summer season for company results and meetings, we look forward to the next reporting period with optimism that our holdings will see further earnings upgrades. Encouragingly, balance sheets are healthy and we are seeing dividend growth coming through. We believe that we are well on the way to a more normal dividend situation across the portfolio.

Receive the factsheet by email as soon The risks outlined overleaf relating to gearing and smaller companies are particularly as it is available by registering at relevant to this trust but should be read in conjunction with all warnings and www.invtrusts.co.uk/ITemail comments given. www.aberdeensmallercompanies.co.uk Important information overleaf

Page 21 of 73 Aberdeen Smaller Companies Income Trust PLC Hunting smaller companies for a stronger income

Important information Risk factors you should consider prior to investing: • The value of investments and the income from them can fall and investors may get back less than the amount invested. • Past performance is not a guide to future results. • Investment in the Company may not be appropriate for investors who plan to withdraw their money within 5 years. • The Company may borrow to finance further investment (gearing). The use of gearing is likely to lead to volatility in the Net Asset Value (NAV) meaning that any movement in the value of the company’s assets will result in a magnified movement in the NAV. • The Company may accumulate investment positions which represent more than normal trading volumes which may make it difficult to realise investments and may lead to volatility in the market price of the Company’s shares. • The Company may charge expenses to capital which may erode the capital value of the investment. • The Company invests in the securities of smaller companies which are likely to carry a higher degree of risk than larger companies. • Derivatives may be used, subject to restrictions set out for the Company, in order to manage risk and generate income. The market in derivatives can be volatile and there is a higher than average risk of loss. • There is no guarantee that the market price of the Company’s shares will fully reflect their underlying Net Asset Value. • As with all stock exchange investments the value of the Company’s shares purchased will immediately fall by the difference between the buying and selling prices, the bid-offer spread. If trading volumes fall, the bid-offer spread can widen. • Certain trusts may seek to invest in higher yielding securities such as bonds, which are subject to credit risk, market price risk and interest rate risk. Unlike income from a single bond, the level of income from an investment trust is not fixed and may fluctuate. • With funds investing in bonds there is a risk that interest rate fluctuations could affect the capital value of investments. Where long term interest rates rise, the capital value of shares is likely to fall, and vice versa. In addition to the interest rate risk, bond investments are also exposed to credit risk reflecting the ability of the borrower (i.e. bond issuer) to meet its obligations (i.e. pay the interest on a bond and return the capital on the redemption date). The risk of this happening is usually higher with bonds classified as ‘sub- investment grade’. These may produce a higher level of income but at a higher risk than investments in ‘investment grade’ bonds. In turn, this may have an adverse impact on funds that invest in such bonds. • Specialist funds which invest in small markets or sectors of industry are likely to be more volatile than more diversified trusts. • Yields are estimated figures and may fluctuate, there are no guarantees that future dividends will match or exceed historic dividends and certain investors may be subject to further tax on dividends. Other important information: An investment trust should be considered only as part of a balanced portfolio. The information contained in this document should not be considered as an offer, solicitation or investment recommendation to deal in the shares of any securities or financial instruments. It is not intended for distribution or use by any person or entity who is a citizen or resident of or located in any jurisdiction where such distribution, publication or use would be prohibited. Nothing herein constitutes investment, legal, tax or other advice and is not to be relied upon in making an investment or other decision. No recommendation is made, positive or otherwise, regarding individual securities mentioned. This is not an invitation to subscribe for shares and is by way of information only. Subscriptions will only be received and shares issued on the basis of the current Key Information Document (KID). These can be obtained free of charge from Aberdeen Asset Managers Limited, PO Box 11020, Chelmsford, Essex, CM99 2DB or available on www.invtrusts.co.uk. Any data contained herein which is attributed to a third party (“Third Party Data”) is the property of (a) third party supplier(s) (the “Owner”) and is licensed for use by abrdn*. Third Party Data may not be copied or distributed. Third Party Data is provided “as is” and is not warranted to be accurate, complete or timely. To the extent permitted by applicable law, none of the Owner, abrdn* or any other third party (including any third party involved in providing and/or compiling Third Party Data) shall have any liability for Third Party Data or for any use made of Third Party Data. Neither the Owner nor any other third party sponsors, endorses or promotes the fund or product to which Third Party Data relates. * abrdn means the relevant member of abrdn group, being abrdn PLC together with its subsidiaries, subsidiary undertakings and associated companies (whether direct or indirect) from time to time. Issued by Aberdeen Standard Fund Managers Limited, registered in England and Wales (740118) at Bow Bells House, 1 Bread Street, London, EC4M 9HH. Aberdeen Asset Managers Limited, registered in Scotland (No. 108419), 10 Queen’s Terrace, Aberdeen AB10 1XL. Both companies are authorised and regulated by the Financial Conduct Authority in the UK. FTSE International Limited (‘FTSE’) © FTSE 2021. ‘FTSE®’ is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. RAFI® is a registered trademark of Research Affiliates, LLC. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Page 22 of 73 Standard Life UK Smaller Companies Trust plc Capturing the growth potential of UK smaller companies Investment Trust Performance Data and Analytics to 31 August 2021

Investment objective Morningstar Analyst RatingTM To achieve long term capital growth by investment in UK quoted smaller companies. Benchmark The Numis Smaller Companies plus AIM (excluding Investment Companies) Index. Features of the Trust B Morningstar Analyst Rating™ The Company invests in an actively-managed portfolio of smaller and mid-sized Morningstar analysts assign the ratings globally on a companies in the UK equity market and is designed to produce long term capital growth. five-tier scale with three positive ratings of Gold, Silver and Bronze. The portfolio will normally comprise around 50 individual holdings representing the Morningstar RatingTM Investment Manager’s highest conviction investment ideas. Cumulative performance (%)

B TM as at 31/08/21 1 month 3 months 6 months 1 year 3 years 5 years Morningstar Rating for Funds Morningstar rates funds from one to five stars based Share Price 773.0p 8.3 13.7 30.6 45.3 49.8 119.6 on how well they’ve performed (after adjusting for risk NAV 826.8p 6.1 14.0 30.1 44.4 46.9 116.5 and accounting for all sales charges) in comparison to similar funds. Reference IndexA 4.2 3.7 15.4 45.2 24.8 50.0 Twenty largest equity holdings (%) Discrete performance (%) Kainos 4.7 Future 4.6 Year ending 31/08/21 31/08/20 31/08/19 31/08/18 31/08/17 Gamma Communications 4.2 Share Price 45.3 12.2 (8.1) 16.6 25.7 XP Power 3.1 NAV 44.4 11.5 (8.7) 16.7 26.2 Focusrite 2.8 Reference Index 45.2 (2.3) (12.1) 1.9 18.1 Safestore 2.8 Source: Thomson Reuters Datastream, capital returns. The percentage growth figures above are calculated over periods on a mid to mid basis. Impax Asset Mgmt 2.7 Past performance is not a guide to future results. Hilton Food Group 2.6 1 Year Premium/Discount Chart (%) Auction Technology Group 2.5 Mortgage Advice Bureau 2.5 % Watches of Switzerland 2.3 0 Marshalls 2.3 -2 Diploma 2.3 -4 Cranswick 2.3 Team17 2.2 -6 Bytes Technology Group 2.2 -8 Games Workshop 2.2 -10 Alpha Financial Markets 2.1 Discoverie 2.1 -12 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Aug-21 Ergomed 2.1 Total 54.6

Sector allocation (%) Any data contained herein which is attributed to a third party (“Third Party Data”) is the property of (a) third party supplier(s) (the “Owner”) and is licensed for use by abrdnA. Third Party Data may not be copied or distributed. Industrials 24.1 Third Party Data is provided “as is” and is not warranted to be accurate, complete or timely. To the extent permitted by Financials 20.1 applicable law, none of the Owner, abrdnA or any other third party (including any third party involved in providing and/ or compiling Third Party Data) shall have any liability for Third Party Data or for any use made of Third Party Data. Past Consumer Goods 17.4 performance is no guarantee of future results. Neither the Owner nor any other third party sponsors, endorses or promotes the fund or product to which Third Party Data relates. Consumer Services 17.2 Technology 11.6

A abrdn means the relevant member of the abrdn group, being abrdn plc together with its subsidiaries, subsidiary undertakings Telecoms 5.2 and associated companies (whether direct or indirect) from time to time. Healthcare 2.1 Note: Reference Index is the Numis Smaller Companies (ex Investment Companies) Index up to 31 December 2017, and the Numis Smaller Companies plus AIM (excluding Investment Companies) Index thereafter. Basic Materials 1.3 B © 2021 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its Cash & Other 1.0 content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Total 100.0 Past performance is no guarantee of future results. For more detailed information about Morningstar’s Analyst Rating, including its methodology, please go to: http://corporate.morningstar.com/us/documents/MethodologyDocuments/ All sources (unless indicated): AnalystRatingforFundsMethodology.pdf The Morningstar Analyst Rating for Funds is a forward-looking analysis of a Aberdeen Standard Investments: 31 August 2021. fund. Morningstar has identified five key areas crucial to predicting the future success of a fund: People, Parent, Process, Performance, and Price. The pillars are used in determining the Morningstar Analyst Rating for a fund. Morningstar Analyst Private investors 0808 500 0040 Ratings are assigned on a five-tier scale running from Gold to Negative. The top three ratings, Gold, Silver, and Bronze, all indicate that our analysts think highly of a fund; the difference between them corresponds to differences in the level of Institutional investors analyst conviction in a fund’s ability to outperform its benchmark and peers through time, within the context of the level of risk taken over the long term. Neutral represents funds in which our analysts don’t have a strong positive or negative InvestmentTrustInvestorRelations-UK conviction over the long term and Negative represents funds that possess at least one flaw that our analysts believe is likely to @aberdeenstandard.com significantly hamper future performance over the long term. Long term is defined as a full market cycle or at least five years. Past performance of a security may or may not be sustained in future and is no indication of future performance. For detailed +44 (0)20 7463 5971 | +44 (0)13 1222 1863 information about the Morningstar Analyst Rating for Funds, please visit http://global.morningstar.com/managerdisclosures.

Page 23 of 73 Standard Life UK Smaller Companies Trust plc Capturing the growth potential of UK smaller companies

Ten largest positions relative to the reference index (%) Key information Overweight Stocks Portfolio Benchmark Relative Calendar Kainos 4.7 - 4.7 Accounts Published August Future 4.6 - 4.6 Annual General Meeting October Gamma Communications 4.2 - 4.2 Launch Date 1993 Safestore 2.8 - 2.8 Dividends Paid April/October XP Power 3.1 0.4 2.7 Auction Technology 2.5 - 2.5 Trust information Focusrite 2.8 0.4 2.4 Fund Manager Harry Nimmo Cranswick 2.3 - 2.3 Gross Assets £876.5 million Marshalls 2.3 - 2.3 Borrowing £65.0 million Market Capitalisation £758.1 million 5 year trust performance - price indexed Share Price 774.5p C % Net Asset Value 827.4p 240 (Discount)/Premium (6.5)% 220 12 Month High (0.5)% 200 12 Month Low (9.2)% 180 Net yield 1.0% 160 Current Equity Net 7.2% 140 Gearing The levels of 120 gearing and yield change 100 on a daily basis. 80 Trust Annual 0.85% on Net Assets Management Fee up to £250m, 60 Aug-16 Aug-17 Aug-18 Aug-19 Aug-20 Aug-21 0.65% on Net Assets between £250m Standard Life UK Smaller Companies Share Price and £550m and 0.55% on Net Assets H Standard Life UK Smaller Companies - NAV (DIL) Reference Index over £550m Ongoing ChargesD 0.88% Source: Thomson Reuters Datastream. Active Share 93.8% percentageE Fund managers’ report Market review Composition by market capitalisation UK equities advanced strongly over August, with the FTSE All-Share Index rising by 2.7%. In (Ex Cash) (%) a month of relatively quiet news flow, UK stocks performed well, helped by company Numis Smaller Companies plus AIM earnings and further easing of restrictions. However, Covid-19, the resulting ‘pingdemic’ (ex investment companies) 58.0 F and Brexit have caused staff shortages and supply chain issues that peaked in August, FTSE 250 29.4 G hindering the UK hospitality and retail sectors. FTSE AIM 9.0 FTSE 100 1.6 Small and mid-sized companies once again beat larger companies, as supply chain Other 2.0 disruption across the UK and Europe affected the share prices of blue-chip firms. Software Total 100.0 and technology hardware companies outperformed, due to their sensitivity to changes in the economy. Insurance companies also did well, following a rise in bond yields over August. By contrast, the materials, banks and consumer staples sectors underperformed.

Fund managers’ report continues overleaf

C Net Asset Value including income. D Expressed as a percentage of average daily net assets for the year ended 30 June 2021. The Ongoing Charges Figure (OCF) is the overall cost shown as a percentage of the value of the assets of the Company. It is made up of the Annual Management Fee and other charges. It does not include any costs associated with buying shares in the Company or the cost of buying and Receive the factsheet by email as soon as selling stocks within the Company. The OCF can help you compare the annual operating expenses of different Companies. E The ‘Active Share’ percentage is a measure used to describe what portion of the portfolio’s holdings differ from the reference it is available by registering at index holdings. www.invtrusts.co.uk/ITemail F FTSE 250 are mid cap holdings that are above the threshold for Numis Smaller Companies holdings. G AIM holdings that are not included in the Numis Smaller Companies plus AIM index. www.standardlifeuksmallercompanies H Reference Index is the Numis Smaller Companies (ex Investment Companies) Index up to 31 December 2017, and the Numis trust.co.uk Smaller Companies plus AIM (excluding Investment Companies) Index thereafter.

Page 24 of 73 Standard Life UK Smaller Companies Trust plc Capturing the growth potential of UK smaller companies

Fund managers’ report – continued AIFMD Leverage Limits Performance Gross Notional 3x The Trust delivered a NAV total return of 6.1%, outperforming the Numis Smaller Commitment 2x Companies plus AIM (excluding Investment Companies) Index total return of 4.4%. Capital structure Kainos Group continued to outperform, with the company sustaining progress by investing for growth alongside revenue upgrades. While cost pressures have emerged, Ordinary shares 97,883,658 Treasury shares 6,280,764 these have not affected earnings forecasts. The company recently announced a doubling of profit in its latest annual report. A leading IT solutions provider in the UK, with a growing Allocation of management fees and market share internationally, it has a strong presence in government-related services. finance costs Music recording equipment business Focusrite also added value. Recent trading updates Capital 75% have been positive on continued solid trading, with scope, we believe, for further earnings Revenue 25% upgrades. Meanwhile, with market share gains Auction Technology Group’s share price has climbed. The online auction operator has the opportunity for further expansion with Trading details its latest acquisition of US competitor LiveAuctioneers. Reuters/Epic/: SLS.L By contrast, video-games developer Team 17 Group weighed on returns. Despite giving a Bloomberg code: SLS:LN solid trading update, it looks as if the share price may have been weakened by a ISIN code GB0002959582 sector-wide drag from negative environmental, social and governance news. While data Sedol code 0295958 Stockbrokers WINS Investment Trusts analytics business GlobalData’s share price took a breather, we have nevertheless seen Market makers INV, JPMS, NUMS, small earnings upgrades. Similarly, alternative investment manager Impax Asset PEEL, WINS Management’s shares paused for breath after a stellar run driven by impressive growth in assets under management and fund performance. Activity There was no significant trading in August. Outlook We feel positive about the outlook for the rest of this year and beyond. Small- and mid-cap stocks tend to lead a market recovery. Companies in our portfolio are reporting strong results, which is driving earnings upgrades. Performance in recent months has been encouraging, with the value rally feeling a long way behind us now. While it has been a busy year for initial public offerings, this summer season has been quieter for listings but we expect this to accelerate later in the year. Merger and acquisitions are topical at the moment in the UK, and while many of these bids are for recovery stocks and somewhat opportunistic, we have had some interest. While bids are coming heavily from cash-rich private equity firms, there are also trade buyers; UK assets are attractive relative to other regions, with sterling weakness helping to attract international buyers. Company engagement remains the key to our ability to identify the quality-growth- momentum businesses we like to back. While we are in the quieter summer season for company results and meetings, we look forward to the next reporting period with optimism that our holdings will see further earnings upgrades. Encouragingly, balance sheets are healthy and we are seeing dividend growth coming through. We believe that we are well on the way to a more normal dividend situation across the portfolio.

Receive the factsheet by email as soon as it is available by registering at www.invtrusts.co.uk/ITemail www.standardlifeuksmallercompanies trust.co.uk Important information overleaf

Page 25 of 73 Standard Life UK Smaller Companies Trust plc Capturing the growth potential of UK smaller companies

Important information Risk factors you should consider prior to investing: • The value of investments and the income from them can fall and investors may get back less than the amount invested.

• Past performance is not a guide to future results.

• Investment in the Company may not be appropriate for investors who plan to withdraw their money within 5 years.

• There is no guarantee that the market price of the Company’s shares will fully reflect their underlying Net Asset Value.

• As with all stock exchange investments the value of the Trust shares purchased will immediately fall by the difference between the buying and selling prices, the bid-offer spread. If trading volumes fall, the bid-offer spread can widen.

• The Company may charge expenses to capital which may erode the capital value of the investment.

• The Company invests in the securities of smaller companies which are likely to carry a higher degree of risk than larger companies.

• Specialist funds which invest in small markets or sectors of industry are likely to be more volatile than more diversified trusts.

Page 26 of 73 Aberdeen Asian Income Fund Limited Targeting the income and growth potential of Asia’s most compelling and sustainable companies Investment Company Performance Data and Analytics to 31 August 2021

Investment objective Morningstar Sustainability RatingTM To provide investors with a total return primarily through investing in Asia Pacific securities, including those with an above average yield. Within its overall investment objective, the Company aims to grow its dividends over time.

Benchmark Morningstar RatingTM The Company’s portfolio is constructed without reference to the composition of any stock market index or benchmark. It is likely, therefore, that there will be periods when its B Morningstar RatingTM for Funds performance will be quite unlike that of any index or benchmark and there can be no Morningstar rates funds from one to five stars based assurance that such divergence will be wholly or even primarily to the Company’s on how well they’ve performed (after adjusting for risk and accounting for all sales charges) in comparison to advantage. The Manager utilises two general regional indices, the MSCI AC Asia Pacific similar funds. ex Japan Index (currency adjusted) and the MSCI AC Asia Pacific ex Japan High Dividend Yield Index (currency adjusted) for Board reporting. Ten largest holdings (%) Cumulative performance (%) TSMC Taiwan 8.7 Samsung Electronics Korea 7.3 as at 31/08/21 1 month 3 months 6 months 1 year 3 years 5 years Momo.com Taiwan 4.1 Share Price 227.0p 1.3 1.5 2.9 25.2 27.3 45.2 Oversea-Chinese Banking Singapore 3.4 NAVA 256.8p 2.9 3.8 5.6 26.4 27.7 51.0 Corp. MSCI AC Asia Pacific ex Japan 3.3 (1.6) (1.1) 15.8 27.2 63.7 Venture Corporation Singapore 3.3 MSCI AC Asia Pacific ex Japan HDY 1.9 (0.0) 3.5 16.7 10.2 33.8 BHP Australia 3.0 DBS Group Singapore 2.9 Discrete performance (%) AusNet Australia 2.8 Infosys India 2.3 Year ending 31/08/21 31/08/20 31/08/19 31/08/18 31/08/17 LG Chem Korea 2.2 Share Price 25.2 (6.9) 9.2 (3.7) 18.5 Total 40.0 NAVA 26.4 (5.1) 6.4 0.0 18.3 MSCI AC Asia Pacific ex Japan 15.8 7.9 1.9 2.5 25.5 MSCI AC Asia Pacific ex Japan HDY 16.7 (7.7) 2.3 (0.0) 21.4 Country allocation (%) Total return; NAV to NAV, net income reinvested, GBP. Share price total return is on a mid-to-mid basis. Month’s Dividend calculations are to reinvest as at the ex-dividend date. NAV returns based on NAVs with debt valued at fair value. Regional market Source: Aberdeen Asset Managers Limited, Lipper and Morningstar. Trust Index change Past performance is not a guide to future results. Taiwan 21.3 14.5 5.7 1 Year Premium/Discount Chart (%) Australia 17.8 14.5 2.5 Singapore 16.0 2.1 (0.2) % China 10.3 33.1 1.0 -6 Korea 9.5 12.8 (0.5) -8 Thailand 6.6 1.7 12.7 India 6.5 11.4 12.1 -10 New Zealand 4.4 0.5 5.5 Hong Kong 4.0 6.3 0.3 -12 Japan 1.8 – – Indonesia 0.8 1.2 9.0 -14 Malaysia 0.1 1.3 9.5 Philippines – 0.6 12.6 -16 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Aug-21 Cash 0.9 – – Total 100.0 100.0 Month’s market change represents the individual country returns calculated using the MSCI Index series

A (£). Market change is Total Return in GBP. Including current year revenue. Index may not add up to 100 due to rounding. B © 2021 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its Source: Aberdeen Asset Managers Limited and MSCI. content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For more detailed information about Morningstar’s Analyst Rating, including its methodology, please go to: http://corporate.morningstar.com/us/documents/MethodologyDocuments/ All sources (unless indicated): AnalystRatingforFundsMethodology.pdf The Morningstar Analyst Rating for Funds is a forward-looking analysis of a Aberdeen Asset Managers Limited 31 August 2021. fund. Morningstar has identified five key areas crucial to predicting the future success of a fund: People, Parent, Process, Performance, and Price. The pillars are used in determining the Morningstar Analyst Rating for a fund. Morningstar Analyst Ratings are assigned on a five-tier scale running from Gold to Negative. The top three ratings, Gold, Silver, and Bronze, all Private investors 0808 500 0040 indicate that our analysts think highly of a fund; the difference between them corresponds to differences in the level of Institutional investors analyst conviction in a fund’s ability to outperform its benchmark and peers through time, within the context of the level of risk taken over the long term. Neutral represents funds in which our analysts don’t have a strong positive or negative InvestmentTrustInvestorRelations-UK conviction over the long term and Negative represents funds that possess at least one flaw that our analysts believe is likely to significantly hamper future performance over the long term. Long term is defined as a full market cycle or at least five years. @aberdeenstandard.com Past performance of a security may or may not be sustained in future and is no indication of future performance. For detailed +44 (0)20 7463 5971 | +44 (0)13 1222 1863 information about the Morningstar Analyst Rating for Funds, please visit http://global.morningstar.com/managerdisclosures.

Page 27 of 73 Aberdeen Asian Income Fund Limited Targeting the income and growth potential of Asia’s most compelling and sustainable companies

Fund managers’ report Total number of investments 60 Market and portfolio review Despite a volatile August, Asian markets, as represented by MSCI AC Asia Pacific Ex Japan, Fund risk statistics finished higher in sterling terms. Performance was diverse with emerging Asian markets 3 Years 5 Years such as India, Indonesia, Malaysia, the Philippines and Thailand, staging a rebound despite Annualised Standard challenging Covid-19 situations. In particular, the Thailand stock market reached its highest Deviation of Fund 13.42 11.68 level in two years on accelerated vaccinations and easing social distancing restrictions. Beta 0.85 0.82 Sharpe Ratio 0.58 0.72 Meanwhile, China ended flat despite heightened volatility on the back of continued Annualised Tracking Error 6.12 5.46 regulatory announcements from the government. The Fund’s light exposure to China Annualised Information Ratio 0.15 (0.29) relative to the benchmark should bode well. In contrast, their developed counterparts R-Squared 0.82 0.82 took a breather. Source: Aberdeen Asset Management, BPSS & Datastream, Basis: Total Return, Gross of Fees, GBP. Singapore banks resumed pre-pandemic dividend payouts after the central bank rolled Please note that risk analytics figures are calculated on back the dividend cap. Their underlying earnings were solid as well. While DBS’ interest gross returns whereas the performance figures are based on net asset value(NAV) returns. In addition, the risk income moderated from the first quarter, this was mitigated by good loan momentum, analytics figures lag the performance figures by a month. with the lender raising its full-year targets. OCBC Bank and United Overseas Bank posted Key information steady loan growth as well. In addition, all three notched up improved fee income from a Calendar year ago, and set aside smaller provisions for bad debt. Year end 31 December Elsewhere, semiconductors remain in short supply globally because of the high demand Accounts published April for electronic products. Chipmaker Taiwan Semiconductor Manufacturing Co plans to Annual General Meeting May raise its prices. Samsung Group announced its plan to invest US$206 billion over the next Dividend paid February, May, three years, with semiconductors one of the key areas of expenditure. August, November Launch date December 2005 We had several ESG-related engagements in August. We wrote to the board of the Chinese Fund manager Asian Equities Team property developer China Vanke recently, encouraging it to be more proactive in returning Ongoing chargesC 1.10% capital to shareholders, via either dividends or share buybacks, as sentiment around Annual management feeD 0.85% (tiered) China’s real estate sector remained challenging. We also proposed that it consider a partial Premium/(Discount) (11.6)% distribution-in-specie for any upcoming property management spin-offs. While AIA Group YieldE 4.1% is at an early stage of planning its net-zero carbon emissions strategy, we recently met Net gearingF 7.8% with management to discuss its progress and suggested that the company join the Science Active shareG 79.4% Based Targets initiative. Elsewhere, we discussed ESG risks with the Commonwealth Bank AIFMD Leverage Limits of Australia, focusing on its approach to cybersecurity, especially with regards to ransomware attacks, alongside other issues such as financial crime and privacy. While the Gross Notional 2.5x Commitment 2x bank continues to invest resources on these fronts we will remain vigilant in monitoring developments related to these material risks. Assets/Debt (£m) There were no major portfolio changes in August. Equities 483.0 Fixed Income 3.8 Outlook Debt 39.9 Despite renewed outbreaks of Covid-19, regulatory pressures in China, inflation concerns Cash & cash equivalents 4.8 and rising rates, we see reasons to be optimistic about Asian equities. Meanwhile, US-China geopolitical tensions will continue to drive Beijing’s push for self-sufficiency, Capital structure which could present investment opportunities, whether in the domestic consumption Ordinary shares 175,528,506 sector, or in technology. We continue to position your Company’s portfolio to take Treasury Shares 19,404,883 advantage of structural growth themes such as these that should be able to weather the Allocation of management fees and near-term uncertainties. finance costs Fund managers’ report continues overleaf Capital 60% Revenue 40%

C Expressed as a percentage of average daily net assets for the year ended 31 December 2020. The Ongoing Charges Figure (OCF) is the overall cost shown as a percentage of the value of the assets of the Company. It is made up of the Annual Management Fee and other charges. It does not include any costs associated with buying shares in the Company or the cost of buying and selling stocks within the Company. The OCF can help you compare the annual operating expenses of different Companies. Receive the factsheet by email as soon D With effect from 1 January 2020 the management fee was moved to a tiered basis: 0.85% of the average value of net assets up to £350 million and 0.65% of the average value of net assets in excess of £350 million. as it is available by registering at E Calculated using the Company’s historic net dividends and month end share price. www.invtrusts.co.uk/ITemail F Net gearing is defined as a percentage, with net debt (total debt less cash/cash equivalents) divided by shareholders’ funds. G The ‘Active Share’ percentage is a measure used to describe what proportion of the Company’s holdings differ from the www.asian-income.co.uk benchmark index holdings.

Page 28 of 73 Aberdeen Asian Income Fund Limited Targeting the income and growth potential of Asia’s most compelling and sustainable companies

Fund managers’ report – continued Borrowing policy Moreover, despite coronavirus-related disruptions, corporate earnings growth across Asia Up to 25% of net assets (measured at the time remains likely to maintain its current trajectory and rebound this year, led in particular by any borrowings are drawn down). the robust tech sector, which could consequently boost dividend payouts. Vaccination Trading details rates are now accelerating across the region and should gradually lead to easing restrictions and further economic reopening. This would help mitigate inflationary Reuters/Epic/ Bloomberg code AAIF pressures tied to near-term supply chain bottlenecks. As stock-pickers, we remain focused ISIN code GB00B0P6J834 on companies with pricing power and the ability to pass through cost pressures. We also Sedol code B0P6J83 maintain our preference for companies with robust balance sheets and healthy cash levels Stockbrokers Stifel Nicolaus Europe Limited to underpin dividends. Market makers SETSmm

Receive the factsheet by email as soon The risks outlined overleaf relating to gearing, emerging markets, exchange rate as it is available by registering at movements and warrants are particularly relevant to this investment company but www.invtrusts.co.uk/ITemail should be read in conjunction with all warnings and comments given. www.asian-income.co.uk Important information overleaf

Page 29 of 73 Aberdeen Asian Income Fund Limited Targeting the income and growth potential of Asia’s most compelling and sustainable companies

Other important information: An investment trust should be considered only as part of a balanced portfolio. The information contained in this document should not be considered as an offer, solicitation or investment recommendation to deal in the shares of any securities or financial instruments. It is not intended for distribution or use by any person or entity who is a citizen or resident of or located in any jurisdiction where such distribution, publication or use would be prohibited. Nothing herein constitutes investment, legal, tax or other advice and is not to be relied upon in making an investment or other decision. No recommendation is made, positive or otherwise, regarding individual securities mentioned. This is not an invitation to subscribe for shares and is by way of information only. Subscriptions will only be received and shares issued on the basis of the current Key Information Document (KID). These can be obtained free of charge from Aberdeen Asset Managers Limited, PO Box 11020, Chelmsford, Essex, CM99 2DB or available on www.invtrusts.co.uk. Any data contained herein which is attributed to a third party (“Third Party Data”) is the property of (a) third party supplier(s) (the “Owner”) and is licensed for use by abrdn*. Third Party Data may not be copied or distributed. Third Party Data is provided “as is” and is not warranted to be accurate, complete or timely. To the extent permitted by applicable law, none of the Owner, abrdn* or any other third party (including any third party involved in providing and/or compiling Third Party Data) shall have any liability for Third Party Data or for any use made of Third Party Data. Neither the Owner nor any other third party sponsors, endorses or promotes the fund or product to which Third Party Data relates. * abrdn means the relevant member of abrdn group, being abrdn PLC together with its subsidiaries, subsidiary undertakings and associated companies (whether direct or indirect) from time to time. Issued by Aberdeen Standard Fund Managers Limited, registered in England and Wales (740118) at Bow Bells House, 1 Bread Street, London, EC4M 9HH. Aberdeen Asset Managers Limited, registered in Scotland (No. 108419), 10 Queen’s Terrace, Aberdeen AB10 1XL. Both companies are authorised and regulated by the Financial Conduct Authority in the UK. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis, should not be taken as an indication or guarantee of any future performance analysis forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI” Parties) expressly disclaims all warranties (including without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages (www.msci.com).

Page 30 of 73 Aberdeen New Dawn Investment Trust PLC Aberdeen New Dawn Investment Trust PLC Investing in locally chosen, high quality, Asia-Pacific companies Investment Trust Performance Data and Analytics to 31 August 2021

Investment objective Morningstar Analyst RatingTM To provide shareholders with a high level of capital growth through equity investment in the Asia Pacific countries excluding Japan.

Benchmark

MSCI AC Asia Pacific ex Japan. This benchmark includes Australia and New Zealand. B Morningstar Analyst Rating™ Morningstar analysts assign the ratings globally on a five-tier scale with three positive ratings of Gold, Silver Cumulative performance (%) and Bronze. TM as at 31/08/21 1 month 3 months 6 months 1 year 3 years 5 years Morningstar Sustainability Rating Share Price 324.0p 5.6 0.1 2.1 26.3 49.1 92.8 NAVA 363.4p 3.5 0.1 1.6 23.2 41.9 84.3 TM MSCI AC Asia Pacific ex Japan 3.3 (1.6) (1.1) 15.8 27.2 63.7 Morningstar Rating

B Morningstar RatingTM for Funds Discrete performance (%) Morningstar rates funds from one to five stars based on how well they’ve performed (after adjusting for risk Year ending 31/08/21 31/08/20 31/08/19 31/08/18 31/08/17 and accounting for all sales charges) in comparison to Share Price 26.3 7.9 9.4 0.4 28.7 similar funds. Ten largest equity holdings (%) NAVA 23.2 7.9 6.7 2.5 26.6 MSCI AC Asia Pacific ex Japan 15.8 7.9 1.9 2.5 25.5 Aberdeen Standard SICAV I - India 10.9 Indian EquityC Total return; NAV to NAV, net income reinvested, GBP. Share price total return is on a mid-to-mid basis. TSMC Taiwan 9.3 Dividend calculations are to reinvest as at the ex-dividend date. NAV returns based on NAVs with debt valued at fair value. Samsung Electronics Pref Korea 8.4 Source: Aberdeen Asset Managers Limited, Lipper and Morningstar. Tencent China 6.8 Past performance is not a guide to future results. AIA Group Hong Kong 4.7 CSL Australia 3.0 1 Year Premium/Discount Chart (%) BHP Australia 2.5 ASML Holding Netherlands 2.2 % Alibaba China 2.2 -6 Yunnan Energy New Material China 2.1 Total 52.1 Country allocation (%) -9 Month’s Regional market -12 Trust Index change China 26.7 33.1 1.0 India 12.8 11.4 12.1 Korea 12.2 12.8 (0.5) -15 Australia 10.6 14.5 2.5 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Aug-21 Taiwan 9.3 14.5 5.7 Hong Kong 9.1 6.3 0.3 Singapore 5.5 2.1 (0.2) New Zealand 2.6 0.5 5.5 Netherlands 2.2 – – Indonesia 2.0 1.2 9.0 United Kingdom 1.7 – – Philippines 1.5 0.6 12.6 Vietnam 1.5 – – Thailand 1.0 1.7 12.7 Sri Lanka 0.6 – – Malaysia – 1.3 9.5 Cash 0.7 – – A Including current year revenue. Total 100.0 100.0 B © 2021 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its Month’s market change represents the individual country content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither total return calculated using the MSCI Index series Capital Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. GBP. Figures may not add up to 100 due to rounding. Past performance is no guarantee of future results. For more detailed information about Morningstar’s Analyst Rating, Source: Aberdeen Asset Managers Limited and MSCI. including its methodology, please go to: http://corporate.morningstar.com/us/documents/MethodologyDocuments/ AnalystRatingforFundsMethodology.pdf The Morningstar Analyst Rating for Funds is a forward-looking analysis of a fund. Morningstar has identified five key areas crucial to predicting the future success of a fund: People, Parent, Process, All sources (unless indicated): Aberdeen Asset Managers Limited 31 August 2021. Performance, and Price. The pillars are used in determining the Morningstar Analyst Rating for a fund. Morningstar Analyst Ratings are assigned on a five-tier scale running from Gold to Negative. The top three ratings, Gold, Silver, and Bronze, all indicate that our analysts think highly of a fund; the difference between them corresponds to differences in the level of Private investors 0808 500 0040 analyst conviction in a fund’s ability to outperform its benchmark and peers through time, within the context of the level Institutional investors of risk taken over the long term. Neutral represents funds in which our analysts don’t have a strong positive or negative conviction over the long term and Negative represents funds that possess at least one flaw that our analysts believe is likely to InvestmentTrustInvestorRelations-UK significantly hamper future performance over the long term. Long term is defined as a full market cycle or at least five years. Past performance of a security may or may not be sustained in future and is no indication of future performance. For detailed @aberdeenstandard.com information about the Morningstar Analyst Rating for Funds, please visit http://global.morningstar.com/managerdisclosures. +44 (0)20 7463 5971 | +44 (0)13 1222 1863 C Excluded for the purposes of calculating the investment management fee.

Page 31 of 73 Aberdeen New Dawn Investment Trust PLC Investing in locally chosen, high quality, Asia-Pacific companies

Fund managers’ report Total number of investments 56 Market and portfolio review Asian markets ended higher in August, despite volatility caused by the pandemic and Fund risk statistics Chinese regulatory concerns. Within that, we continued to see a divergence in 3 Years 5 Years performance, with emerging Asia – including India, Indonesia, Malaysia, the Philippines Annualised Standard and Thailand – staging a strong rebound as challenging Covid-19 situations showed signs Deviation of Fund 13.99 12.53 of peaking. On the other hand, the more developed parts of Asia took a breather. Chinese Beta 0.96 0.95 markets, meanwhile, ended flat for the month, as sentiment remained subdued owing to Sharpe Ratio 0.80 0.99 more regulatory announcements from the government. Annualised Tracking Error 2.74 2.99 Annualised Information Ratio 1.50 0.74 China’s regulatory clampdown also continued to weigh on mainland markets, particularly R-Squared 0.96 0.95 the technology sector. In particular, internet giant Alibaba was weak despite a decent Source: Aberdeen Asset Management, BPSS & Datastream, first-half result which boasted solid revenue growth. Its profits largely met consensus Basis: Total Return, Gross of Fees, GBP. Please note that risk analytics figures are calculated on expectations despite weakness due to ongoing investment in new growth engines. We gross returns whereas the performance figures are based believe that investors have indiscriminately sold off the market and extrapolated potential on net asset value(NAV) returns. In addition, the risk analytics figures lag the performance figures by a month. effects unnecessarily to other sectors. For instance, baijiu producers, including our holding in Kweichow Moutai, have also been sold down but we believe they present low Key information regulatory risk as the baijiu market is competitive and available in a wide range of price Calendar points for consumers. We also expect prospective regulation to be favourable for the large Year end incumbent premium producers like Moutai. 30 April Accounts published July Semiconductors remain in short supply globally because of the high demand for electronic Annual General Meeting August products. Chipmaker Taiwan Semiconductor Manufacturing Company (TSMC) has raised Dividend paid January, September its prices and Samsung Group announced its plan to invest US$206 billion over the next Launch date May 1989 three years, with semiconductors one of the key areas of expenditure. Fund manager Asian Equities Team Ongoing chargesD 1.09% On the engagement front, we asked pan-Asian insurer AIA Group in a recent meeting Annual management fee 0.85% of net assets whether it planned to commit to net-zero carbon emissions and would consider joining the Premium/(Discount) (10.8)% Science Based Targets initiative. While it is clear the company is at an early stage on these YieldE 1.3% issues, we will continue to encourage the group to move quickly. Net gearingF 7.6% G We bought Shenzhen Mindray Bio-Medical Electronics, China’s largest medical equipment Active share 67.9% maker, for the Trust. The company is positioned as a premium player on account of its heavy focus on research and development, and its ability to offer lower pricing has AIFMD Leverage Limits enabled it to build substantial market share overseas. Gross Notional 2.5x Commitment 2x Outlook Despite renewed outbreaks of Covid-19, regulatory pressures, particularly in China, and Assets/Debt (£m) niggling worries over inflation and rising rates, we see reasons to be optimistic about Asian equities. While regulatory risks persist in China, we believe the authorities want to Gross Assets 427.9 Debt 32.7 strike a good balance between promoting innovation and achieving its political goals. In Cash & cash equivalents 2.5 particular, we prefer high-quality companies that have strong links to domestic consumption. Being in line with the strategic aims of Chinese authorities, the sector Capital structure should be better positioned to withstand regulatory headwinds. Ordinary shares 108,569,348 Treasury shares 8,529,701

Fund managers’ report continues overleaf

D Expressed as a percentage of average daily net assets for the year ended 30 April 2021. The Ongoing Charges Figure (OCF) is the overall cost shown as a percentage of the value of the assets of the Company. It is made up of the Annual Management Receive the factsheet by email as soon Fee and other charges. It does not include any costs associated with buying shares in the Company or the cost of buying and selling stocks within the Company. The OCF can help you compare the annual operating expenses of different Companies. as it is available by registering at E Calculated using the Company’s historic net dividends and month end share price. F Net gearing is defined as a percentage, with net debt (total debt less cash/cash equivalents) divided by shareholders’ funds. www.invtrusts.co.uk/ITemail G The ‘Active Share’ percentage is a measure used to describe what proportion of the Company’s holdings differ from the www.newdawn-trust.co.uk benchmark index holdings.

Page 32 of 73 Aberdeen New Dawn Investment Trust PLC Investing in locally chosen, high quality, Asia-Pacific companies

Fund managers’ report – continued Allocation of management fees and Meanwhile, US-China geopolitical tensions will continue to drive China’s push for finance costs self-sufficiency, which in turn presents investment opportunities, whether in the domestic Capital 50% consumption sector, tech, or green energy. We continue to position our portfolio around Revenue 50% structural growth themes such as these that will weather the near-term uncertainties. Lastly, despite coronavirus-related disruptions, corporate earnings growth across Asia Trading details remains likely to rebound this year, led in particular by the robust tech hardware sector. Reuters/Epic/ Vaccination rates are now accelerating across the region and should gradually lead to Bloomberg code ABD easing restrictions and further economic reopening. This would help mitigate inflationary ISIN code GB00BBM56V29 Sedol code BBM56V2 pressures tied to near-term supply chain bottlenecks. As stock-pickers, we remain focused Stockbrokers Panmure Gordon on companies with pricing power and the ability to pass through cost pressures. Market makers SETSmm

Receive the factsheet by email as soon The risks outlined overleaf relating to gearing, emerging markets and exchange rate as it is available by registering at movements are particularly relevant to this trust but should be read in conjunction www.invtrusts.co.uk/ITemail with all warnings and comments given. www.newdawn-trust.co.uk Important information overleaf

Page 33 of 73 Aberdeen New Dawn Investment Trust PLC Investing in locally chosen, high quality, Asia-Pacific companies

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis, should not be taken as an indication or guarantee of any future performance analysis forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI” Parties) expressly disclaims all warranties (including without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages (www.msci.com).

Page 34 of 73 Aberdeen Standard Asia Focus PLC A fundamental, high conviction portfolio of well-researched Asian small caps Investment Trust Performance Data and Analytics to 31 August 2021

Investment objective Morningstar RatingTM The Company aims to maximise total return to shareholders over the long term from a portfolio made up predominantly of smaller quoted companies (with a market B TM capitalisation of up to approximately US$1.5 billion at the time of investment) in Morningstar Rating for Funds Morningstar rates funds from one to five stars based the economies of Asia and Australasia, excluding Japan by following the investment on how well they’ve performed (after adjusting for risk and accounting for all sales charges) in comparison to policy described in detail in the Annual Report. When it is in shareholders’ interests similar funds. to do so, the Company reserves the right to participate in the rights issue of an investee company notwithstanding that the market capitalisation of that investee Ten largest equity holdings (%) may exceed the stated ceiling. Momo.com Taiwan 6.6 Pacific Basin Shipping Hong Kong 5.0 Comparative benchmark Park Systems Korea 3.6 The Company does not have a benchmark. The Manager utilises two general regional Affle India India 3.6 Cyient India 3.1 indices, the MSCI AC Asia Pacific ex Japan Index (currency adjusted) and the MSCI AC Asia Nam Long Vietnam 2.7 Pacific ex Japan Small Cap Index (currency adjusted), as well as peer group comparisons AEM Holdings Singapore 2.7 for Board reporting. It is likely that performance will diverge, possibly quite dramatically in Hana Microelectronics Thailand 2.4 either direction, from these or any other indices. The Manager seeks to minimise risk by Bank OCBC NISP Indonesia 2.4 using in depth research and does not see divergence from an index as risk. Mega Lifesciences Thailand 2.4 Total 34.5 Cumulative performance (%) Country allocation (%) as at 31/08/21 1 month 3 months 6 months 1 year 3 years 5 years Share Price 1385.0p 4.1 9.1 17.4 41.1 37.8 57.0 MSCI Asia Month’s Small ExJ market Diluted NAVA 1580.8p 2.5 9.0 14.9 38.7 34.1 54.8 Trust Index change MSCI AC Asia Pacific ex Japan 3.3 (1.6) (1.1) 15.8 27.2 63.7 India 15.6 16.6 3.4 MSCI AC Asia Pacific ex Japan Small Cap 2.6 5.8 12.3 34.6 36.4 61.8 Taiwan 14.7 18.4 (0.4) Thailand 8.2 3.0 7.8 Discrete performance (%) Singapore 8.2 4.5 1.4 Indonesia 7.9 1.3 4.8 Year ending 31/08/21 31/08/20 31/08/19 31/08/18 31/08/17 Hong Kong 7.9 4.9 1.9 Share Price 41.1 (6.6) 4.6 0.8 13.0 Malaysia 6.1 2.6 6.1 Diluted NAVA 38.7 (5.2) 2.0 2.3 12.8 Korea 5.7 15.4 0.5 MSCI AC Asia Pacific ex Japan 15.8 7.9 1.9 2.5 25.5 Vietnam 5.0 – – MSCI AC Asia Pacific ex Japan Small Cap 34.6 6.1 (4.6) 2.9 15.3 Philippines 3.9 0.8 6.7 China 3.1 8.4 4.5 Total return; NAV to NAV, net income reinvested, GBP. Share price total return is on a mid-to-mid basis. Dividend calculations are to reinvest as at the ex-dividend date. NAV returns based on NAVs with debt valued at fair value. New Zealand 3.0 2.3 6.6 Source: Aberdeen Asset Managers Limited and Morningstar. Sri Lanka 2.3 – – Past performance is not a guide to future results. United Kingdom 2.1 – – Denmark 1.8 – – Australia 1.0 21.8 4.2 Myanmar 0.9 – – Cash 2.6 – – Total 100.0 100.0 MSCI AC Asia Pacific ex Japan Small Cap. Month’s market change represents the individual country returns calculated using the MSCI Index series (£). Market change is Total Return in GBP. Index may not add up to 100 due to rounding. Source: Aberdeen Asset Managers Limited and MSCI. A Including current year revenue. B © 2021 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its Total number of investments 63 content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For more detailed information about Morningstar’s Analyst Rating, including its methodology, please go to: http://corporate.morningstar.com/us/documents/MethodologyDocuments/ All sources (unless indicated): AnalystRatingforFundsMethodology.pdf The Morningstar Analyst Rating for Funds is a forward-looking analysis of a Aberdeen Asset Managers Limited 31 August 2021. fund. Morningstar has identified five key areas crucial to predicting the future success of a fund: People, Parent, Process, Performance, and Price. The pillars are used in determining the Morningstar Analyst Rating for a fund. Morningstar Analyst Ratings are assigned on a five-tier scale running from Gold to Negative. The top three ratings, Gold, Silver, and Bronze, all Private investors 0808 500 0040 indicate that our analysts think highly of a fund; the difference between them corresponds to differences in the level of Institutional investors analyst conviction in a fund’s ability to outperform its benchmark and peers through time, within the context of the level of risk taken over the long term. Neutral represents funds in which our analysts don’t have a strong positive or negative InvestmentTrustInvestorRelations-UK conviction over the long term and Negative represents funds that possess at least one flaw that our analysts believe is likely to significantly hamper future performance over the long term. Long term is defined as a full market cycle or at least five years. @aberdeenstandard.com Past performance of a security may or may not be sustained in future and is no indication of future performance. For detailed +44 (0)20 7463 5971 | +44 (0)13 1222 1863 information about the Morningstar Analyst Rating for Funds, please visit http://global.morningstar.com/managerdisclosures.

Page 35 of 73 Aberdeen Standard Asia Focus PLC A fundamental, high conviction portfolio of well-researched Asian small caps

1 Year Premium/Discount Chart (%) Fund risk statistics

% 3 Years 5 Years -6 Annualised Standard -8 Deviation of Fund 16.11 14.06 -10 Beta 0.79 0.79 -12 Sharpe Ratio 0.53 0.64 -14 Annualised Tracking Error 7.36 7.23 -16 Annualised Information Ratio (0.18) (0.12) R-Squared 0.85 0.79 -18 -20 Source: Aberdeen Asset Management, BPSS & Datastream. Basis: Total Return, Gross of Fees, GBP. -22 Please note that risk analytics figures are calculated on Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Aug-21 gross returns whereas the performance figures are based on net asset value(NAV) returns. In addition, the risk analytics figures lag the performance figures by a month.

Fund managers’ report Key information Market review Calendar Asian small-cap stocks rose in sterling terms but lagged their large-cap peers in August. Year end 31 July We saw a divergence in performance with emerging Asia staging a robust rebound as Accounts published November Covid infections showed signs of peaking. Stock markets in Thailand, the Philippines, Annual General Meeting December Malaysia and Indonesia led the gains. Conversely, small caps in the more developed parts Dividend paid December Launch date of Asia, such as Taiwan, South Korea, Singapore and Hong Kong, lagged. October 1995 Fund manager Hugh Young In policy matters, investors welcomed India’s move to align the country’s initial public Ongoing chargesC 1.09% offering (IPO) process to global practices. Founders and pre-IPO investors will have a Annual management feeD 0.96% shorter wait before being allowed to dilute their shareholdings. Disclosure requirements Premium/(Discount) will also be simplified. Elsewhere, South Korea raised its benchmark interest rate amid with debt at fair value (12.4)% YieldE 1.4% worries over excessive consumer debt and house prices. In Thailand, Covid restrictions for Net gearing with debt bricks-and-mortar consumer services were eased in Bangkok and high-risk provinces. at parF 10.4% G At the corporate level, investors continued to favour shipping companies, which have been Active share 98.2% profiting from supply-chain disruptions and elevated freight rates. This included Pacific Basin, one of the portfolio’s largest positions. In the utilities sector, share prices were AIFMD Leverage Limits buoyed by firm demand for clean energy. This was positive for our holding in Absolute Gross Notional 2.5x Clean Energy, a leading renewable power producer in the ASEAN region. Commitment 2x Meanwhile, the results season continued into August with a decent recovery among a Assets/Debt (£m) good number of our holdings from the trough of a year ago. In Thailand, Mega Lifesciences’ second-quarter earnings rose sharply, with robust growth across Southeast Gross Assets 566.5 Asian markets significantly surpassing expectations. In Hong Kong, Dah Sing Financial’s Debt (CULS + bank loan) at nominal value 66.5 Cash & cash equivalents 14.6 profits were ahead of consensus estimates, supported by net interest margin expansion and much lower credit costs. Capital structure Ordinary shares 31,389,684 Treasury shares 10,348,918 Convertible Unsecured Loan Stock 2025 (CULS) at nominal value £36,657,755

Fund managers’ report continues overleaf

C Expressed as a percentage of average daily net assets for the year ended 31 July 2020. The Ongoing Charges Figure (OCF) is the overall cost shown as a percentage of the value of the assets of the Company. It is made up of the Annual Management Fee and other charges. It does not include any costs associated with buying shares in the Company or the cost of buying and selling stocks within the Company. The Ongoing Charges figure can help you compare the annual operating expenses of different Companies. Receive the factsheet by email as soon D 0.96% pa of the Company’s market capitalisation, based on the closing Ordinary share price quoted on the London Stock Exchange multiplied by the number of Ordinary Shares in issue (excluding those held in treasury), valued monthly. as it is available by registering at E Calculated using the Company’s historic net dividends and month end share price. F Net gearing is defined as a percentage, with net debt (total debt less cash/cash equivalents) divided by shareholders’ funds. www.invtrusts.co.uk/ITemail G The ‘Active Share’ percentage is a measure used to describe what proportion of the Company’s holdings differ from the www.asia-focus.co.uk benchmark index holdings.

Page 36 of 73 Aberdeen Standard Asia Focus PLC A fundamental, high conviction portfolio of well-researched Asian small caps

Fund managers’ report – continued Allocation of management fees and In India, gaming company Nazara Technologies posted good results with strong margin finance costs improvement. We are positive on its foray into the Middle East and North Africa via the Capital 0% acquisition of a majority stake in Turkey’s leading mobile game publishing agency. Revenue 100% Separately, consumer marketing technology company Affle India reported healthy volume growth and pricing improvements. Trading details On the other hand, the results of Singapore’s Nanofilm disappointed as key clients were Reuters/Epic/Bloomberg affected by the semiconductor chip shortages and postponed some projects. That said, we code AAS believe that the company’s long-term competitiveness and growth prospects remain intact. ISIN code GB0000100767 Sedol code 0010076 On the environmental, social and governance (ESG) front, we engaged with Momo.com Stockbrokers Panmure Gordon on its labour practices and customer data security, and were reassured by the Market makers SETSmm Taiwanese e-commerce company’s robust internal policies. We also noted its efforts to reduce the environmental impact of its commercial activities. This ranged from reducing the use of packaging disposables to promoting public awareness about sustainable consumption. Momo.com is a core holding with an impressive share price performance that was underpinned by the accelerated shift to online spending and its investments in logistics facilities. In key portfolio changes, we initiated Australian intellectual property services provider IPH for its steady performance and attractive valuation. Against this, we exited Ujjivan Financial Services and AEON Thana Sinsap in light of their challenging outlooks. We also sold the small position in ORIX Leasing Pakistan. Outlook The resurgence of coronavirus infections in some parts of Asia has given rise to caution and is likely to delay economic recovery. That said, optimism around a wider economic recovery remains firm, largely due to the prospect of greater US federal spending. Also, we believe China remains pro-innovation despite tougher domestic regulatory oversight, and this will continue to support regional export growth. More broadly, Asia remains the powerhouse of global growth, with huge potential for wealth creation over the coming decades. The portfolio offers exposure to sectors supplying hardware, software and platforms for the latest consumer electronics, artificial intelligence and the Internet of Things. Moreover, it is also positioned in more traditional sectors, addressing the region’s increasing urbanisation and infrastructure needs, as well as rising demand for healthcare and more aspirational consumer goods. Our focus remains on quality businesses that are well-placed to benefit from these trends and the overall growth in the region.

Receive the factsheet by email as soon The risks outlined overleaf relating to gearing, emerging markets, small companies and as it is available by registering at exchange rate movements are particularly relevant to this trust but should be read in www.invtrusts.co.uk/ITemail conjunction with all warnings and comments given. www.asia-focus.co.uk Important information overleaf

Page 37 of 73 Aberdeen Standard Asia Focus PLC A fundamental, high conviction portfolio of well-researched Asian small caps

Issued by Aberdeen Standard Fund Managers Limited, registered in England and Wales (740118) at Bow Bells House, 1 Bread Street, London, EC4M 9HH. Aberdeen Asset Managers Limited, registered in Scotland (No. 108419), 10 Queen’s Terrace, Aberdeen AB10 1XL. Both companies are authorised and regulated by the Financial Conduct Authority in the UK.

Page 38 of 73 Asia Dragon Trust plc

Asia Dragon Trust plc (formerly Edinburgh Dragon Trust plc) Capturing growth from world-class Asian companies Investment Trust Performance Data and Analytics to 31 August 2021

Investment objective Morningstar Analyst RatingTM To achieve long term capital growth through investment in Asia. The company’s benchmark is the MSCI AC Asia ex Japan Index. Investments are made mainly in stock markets in the region, with the exception of Japan and Australasia, principally in large companies. When appropriate, the trust will utilise gearing to maximise long term returns. B Morningstar Analyst Rating™ Morningstar analysts assign the ratings globally on a Benchmark five-tier scale with three positive ratings of Gold, Silver MSCI AC Asia ex Japan Index. This benchmark excludes Japan, Australia, New Zealand and and Bronze. Morningstar Sustainability RatingTM Sri Lanka. Cumulative performance (%) as at 31/08/21 1 month 3 months 6 months 1 year 3 years 5 years Morningstar RatingTM Share Price 512.0p 3.6 (3.0) (2.3) 24.3 43.0 78.7 NAVA 566.4p 3.2 (2.9) (2.8) 20.5 38.4 70.2 B TM MSCI AC Asia ex Japan 3.4 (2.3) (2.8) 14.7 27.6 65.8 Morningstar Rating for Funds Morningstar rates funds from one to five stars based on how well they’ve performed (after adjusting for risk and accounting for all sales charges) in comparison to Discrete performance (%) similar funds. Year ending 31/08/21 31/08/20 31/08/19 31/08/18 31/08/17 Ten largest equity holdings (%) Share Price 24.3 4.6 10.0 3.4 20.8 TSMC Taiwan 10.4 NAVA 20.5 4.7 9.7 2.3 20.2 Samsung Electronics Pref. Korea 8.6 MSCI AC Asia ex Japan 14.7 10.9 0.3 2.2 27.2 Tencent China 7.0 AIA Hong Kong 5.1 Total return; NAV to NAV, net income reinvested, GBP. Share price total return is on a mid-to-mid basis. Housing Development Finance India 4.1 Dividend calculations are to reinvest as at the ex-dividend date. NAV returns based on NAVs with debt valued at fair value. Alibaba China 4.0 Source: Aberdeen Asset Managers Limited, Lipper and Morningstar. Past performance is not a guide to future results. Tata Consultancy Services India 2.3 Bank Central Asia Indonesia 2.2 1 Year Premium/Discount Chart (%) Hon Hai Precision Taiwan 2.0 Oversea-Chinese Banking Corp Singapore 2.0 % -6 Total 47.7

-8 Country allocation (%)

-10 Month’s Regional market -12 Trust Index changeC China 35.9 39.0 1.0 -14 Taiwan 17.4 17.0 5.7 -16 India 13.1 13.4 12.1 Korea 12.9 14.9 (0.5) -18 Hong Kong 9.5 7.5 0.3 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Aug-21 Singapore 3.6 2.5 (0.2) Indonesia 2.2 1.4 9.0 Philippines 1.9 0.7 12.6 Vietnam 1.8 – – Thailand 0.7 2.0 12.7 Malaysia – 1.6 9.5 Cash 1.0 – –

A Including current year revenue. Total 100.0 100.0 B © 2021 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its Source: Aberdeen Asset Managers Limited and MSCI. content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Figures may not add up to 100 due to rounding. Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For more detailed information about Morningstar’s Analyst Rating, Total number of investments 66 including its methodology, please go to: http://corporate.morningstar.com/us/documents/MethodologyDocuments/ AnalystRatingforFundsMethodology.pdf The Morningstar Analyst Rating for Funds is a forward-looking analysis of a All sources (unless indicated): fund. Morningstar has identified five key areas crucial to predicting the future success of a fund: People, Parent, Process, Aberdeen Asset Managers Limited 31 August 2021. Performance, and Price. The pillars are used in determining the Morningstar Analyst Rating for a fund. Morningstar Analyst Ratings are assigned on a five-tier scale running from Gold to Negative. The top three ratings, Gold, Silver, and Bronze, all indicate that our analysts think highly of a fund; the difference between them corresponds to differences in the level of Private investors 0808 500 0040 analyst conviction in a fund’s ability to outperform its benchmark and peers through time, within the context of the level Institutional investors of risk taken over the long term. Neutral represents funds in which our analysts don’t have a strong positive or negative conviction over the long term and Negative represents funds that possess at least one flaw that our analysts believe is likely to InvestmentTrustInvestorRelations-UK significantly hamper future performance over the long term. Long term is defined as a full market cycle or at least five years. Past performance of a security may or may not be sustained in future and is no indication of future performance. For detailed @aberdeenstandard.com information about the Morningstar Analyst Rating for Funds, please visit http://global.morningstar.com/managerdisclosures. +44 (0)20 7463 5971 | +44 (0)13 1222 1863 C Represents the individual country returns calculated using the MSCI Index Series (£). Market change is total return in GBP.

Page 39 of 73 Asia Dragon Trust plc (formerly Edinburgh Dragon Trust plc) Capturing growth from world-class Asian companies

Fund managers’ report Fund risk statistics Market and portfolio review 3 Years 5 Years Asian markets ended higher in August, despite volatility caused by the pandemic and Annualised Standard Chinese regulatory concerns. Within that, we continued to see a divergence in Deviation of Fund 15.33 13.65 performance, with emerging Asia – including India, Indonesia, Malaysia, the Philippines Beta 1.03 0.99 and Thailand – staging a strong rebound as challenging Covid-19 situations showed signs Sharpe Ratio 0.63 0.84 Annualised Tracking Error 4.18 3.87 of peaking. On the other hand, the more developed parts of Asia took a breather. Chinese Annualised Information Ratio 0.68 0.25 markets, meanwhile, ended flat for the month, as sentiment remained subdued owing to R-Squared 0.93 0.92 more regulatory announcements from the government. Source: Aberdeen Asset Management, BPSS & Datastream, China’s regulatory clampdown also continued to weigh on mainland markets, particularly Basis: Total Return, Gross of Fees, GBP. Please note that risk analytics figures are calculated on the technology sector. In particular, internet giant Alibaba was weak despite a decent gross returns whereas the performance figures are based on net asset value(NAV) returns. In addition, the risk first-half result which boasted solid revenue growth. Its profits largely met consensus analytics figures lag the performance figures by a month. expectations despite weakness due to ongoing investment in new growth engines. We Key information believe that investors have indiscriminately sold off the market and extrapolated potential Calendar effects unnecessarily to other sectors. For instance, baijiu producers, including our Year end 31 August holding in Kweichow Moutai, have also been sold down but we believe they present low Accounts published November regulatory risk as the baijiu market is competitive and available in a wide range of price Annual General Meeting December points for consumers. We also expect prospective regulation to be favourable for the large Dividend paid December incumbent premium producers like Moutai. Launch date 1987 Semiconductors remain in short supply globally because of the high demand for electronic Fund manager Adrian Lim Ongoing chargesD 0.89% products. Chipmaker Taiwan Semiconductor Manufacturing Company (TSMC) has raised Annual management fee 0.85% on net assets its prices and Samsung Group announced its plan to invest US$206 billion over the next up to £350m; three years, with semiconductors one of the key areas of expenditure. 0.5% on net assets above £350m On the engagement front, we asked pan-Asian insurer AIA Group in a recent meeting Premium/(Discount) whether it planned to commit to net-zero carbon emissions and would consider joining the with debt at fair value (9.6)% Science Based Targets initiative. The company was very receptive to our questions and YieldE 0.9% recognized the importance of exploring these topics further. We will continue our dialogue Net gearing with debt at parF 7.9% with the group and monitor its progress on these topics. Active shareG 63.3% We bought Shenzhen Mindray Bio-Medical Electronics, China’s largest medical equipment maker, for the Trust. The company is positioned as a premium player on account of its AIFMD Leverage Limits heavy focus on research and development, and its ability to offer lower pricing has Gross Notional 2.5x enabled it to build substantial market share overseas. Commitment 2x

Outlook Assets/Debt (£m) Despite renewed outbreaks of Covid-19, regulatory pressures, particularly in China, and GrossH 771.7 niggling worries over inflation and rising rates, we see reasons to be optimistic about Debt 65.0 Asian equities. While regulatory risks persist in China, we believe the authorities want to Cash & cash equivalents 9.3 strike a good balance between promoting innovation and achieving its political goals. In particular, we prefer high-quality companies that have strong links to domestic Capital structure consumption. Being in line with the strategic aims of Chinese authorities, the sector Ordinary shares 124,766,350 should be better positioned to withstand regulatory headwinds. Treasury shares 34,845,327

Allocation of management fees and finance costs Fund managers’ report continues overleaf Capital 75% Revenue 25%

D Expressed as a percentage of average daily net assets for the year ended 31 August 2020. The Ongoing Charges Figure (OCF) is the overall cost shown as a percentage of the value of the assets of the Company. It is made up of the Annual Management Fee and other charges. It does not include any costs associated with buying shares in the Company or the cost of buying and Receive the factsheet by email as soon selling stocks within the Company. The OCF can help you compare the annual operating expenses of different Companies. E Calculated using the Company’s historic net dividends and month end share price. as it is available by registering at F Net gearing is defined as a percentage, with net debt (total debt less cash/cash equivalents) divided by shareholders’ funds. G The ‘Active Share’ percentage is a measure used to describe what proportion of the Company’s holdings differ from the www.invtrusts.co.uk/ITemail benchmark index holdings. www.asiadragontrust.co.uk H Includes current year revenue.

Page 40 of 73 Asia Dragon Trust plc (formerly Edinburgh Dragon Trust plc) Capturing growth from world-class Asian companies

Fund managers’ report – continued Trading details Meanwhile, US-China geopolitical tensions will continue to drive China’s push for Reuters/Epic/ self-sufficiency, which in turn presents investment opportunities, whether in the domestic Bloomberg code DGN consumption sector, tech, or green energy. We continue to position our portfolio around ISIN code GB0002945029 structural growth themes such as these that will weather the near-term uncertainties. Sedol code 0294502 Stockbrokers WINS Investment Trusts Lastly, despite coronavirus-related disruptions, corporate earnings growth across Asia Market makers SETSmm remains likely to rebound this year, led in particular by the robust tech hardware sector. Vaccination rates are now accelerating across the region and should gradually lead to easing restrictions and further economic reopening. This would help mitigate inflationary pressures tied to near-term supply chain bottlenecks. As stock-pickers, we remain focused on companies with pricing power and the ability to pass through cost pressures.

Receive the factsheet by email as soon The risks outlined overleaf relating to gearing, exchange rate movements and emerging as it is available by registering at markets are particularly relevant to this trust but should be read in conjunction with all www.invtrusts.co.uk/ITemail warnings and comments made. www.asiadragontrust.co.uk Important information overleaf

Page 41 of 73 Asia Dragon Trust plc (formerly Edinburgh Dragon Trust plc) Capturing growth from world-class Asian companies

Important information Risk factors you should consider prior to investing: • The value of investments and the income from them can fall and investors may get back less than the amount invested. • Past performance is not a guide to future results. • Investment in the Company may not be appropriate for investors who plan to withdraw their money within 5 years. • The Company may borrow to finance further investment (gearing). The use of gearing is likely to lead to volatility in the Net Asset Value (NAV) meaning that any movement in the value of the company’s assets will result in a magnified movement in the NAV. • The Company may accumulate investment positions which represent more than normal trading volumes which may make it difficult to realise investments and may lead to volatility in the market price of the Company’s shares. • Movements in exchange rates will impact on both the level of income received and the capital value of your investment. • There is no guarantee that the market price of the Company’s shares will fully reflect their underlying Net Asset Value. • As with all stock exchange investments the value of the Company’s shares purchased will immediately fall by the difference between the buying and selling prices, the bid-offer spread. If trading volumes fall, the bid-offer spread can widen. • The Company invests in emerging markets which tend to be more volatile than mature markets and the value of your investment could move sharply up or down. • Yields are estimated figures and may fluctuate, there are no guarantees that future dividends will match or exceed historic dividends and certain investors may be subject to further tax on dividends. Other important information: An investment trust should be considered only as part of a balanced portfolio. The information contained in this document should not be considered as an offer, solicitation or investment recommendation to deal in the shares of any securities or financial instruments. It is not intended for distribution or use by any person or entity who is a citizen or resident of or located in any jurisdiction where such distribution, publication or use would be prohibited. Nothing herein constitutes investment, legal, tax or other advice and is not to be relied upon in making an investment or other decision. No recommendation is made, positive or otherwise, regarding individual securities mentioned. This is not an invitation to subscribe for shares and is by way of information only. Subscriptions will only be received and shares issued on the basis of the current Key Information Document (KID). These can be obtained free of charge from Aberdeen Asset Managers Limited, PO Box 11020, Chelmsford, Essex, CM99 2DB or available on www.invtrusts.co.uk. Any data contained herein which is attributed to a third party (“Third Party Data”) is the property of (a) third party supplier(s) (the “Owner”) and is licensed for use by abrdn*. Third Party Data may not be copied or distributed. Third Party Data is provided “as is” and is not warranted to be accurate, complete or timely. To the extent permitted by applicable law, none of the Owner, abrdn* or any other third party (including any third party involved in providing and/or compiling Third Party Data) shall have any liability for Third Party Data or for any use made of Third Party Data. Neither the Owner nor any other third party sponsors, endorses or promotes the fund or product to which Third Party Data relates. * abrdn means the relevant member of abrdn group, being abrdn PLC together with its subsidiaries, subsidiary undertakings and associated companies (whether direct or indirect) from time to time. Issued by Aberdeen Standard Fund Managers Limited, registered in England and Wales (740118) at Bow Bells House, 1 Bread Street, London, EC4M 9HH. Aberdeen Asset Managers Limited, registered in Scotland (No. 108419), 10 Queen’s Terrace, Aberdeen AB10 1XL. Both companies are authorised and regulated by the Financial Conduct Authority in the UK. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis, should not be taken as an indication or guarantee of any future performance analysis forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI” Parties) expressly disclaims all warranties (including without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages (www.msci.com).

Page 42 of 73 Aberdeen New India Investment Trust PLC Seeking world-class, well governed companies at the heart of India’s growth Investment Trust Performance Data and Analytics to 31 August 2021

Investment objective Morningstar Sustainability RatingTM To achieve long-term capital appreciation by investing in companies which are incorporated in India or which derive significant revenue or profit from India, with dividend yield from the company being of secondary importance. Morningstar RatingTM Benchmark The Company compares its performance to the MSCI India Index (sterling adjusted).

However, the Company’s portfolio is constructed without reference to the composition of B Morningstar RatingTM for Funds any stock market index or benchmark. It is likely, therefore, that there will be periods when Morningstar rates funds from one to five stars based on how well they’ve performed (after adjusting for risk its performance may vary significantly from the benchmark. and accounting for all sales charges) in comparison to similar funds. Cumulative performance (%) as at 31/08/21 1 month 3 months 6 months 1 year 3 years 5 years 10 years Ten largest equity holdings (%) Share Price 634.0p 11.2 16.1 23.8 50.9 31.6 63.8 178.7 Infosys 9.8 A NAV 732.6p 11.3 16.3 24.1 49.6 30.1 64.7 203.6 Housing Development Finance 9.7 MSCI India 12.1 14.9 24.5 49.5 38.3 75.4 166.2 Tata Consultancy Services 8.8 Hindustan Unilever 6.6 Discrete performance (%) Ultratech Cement 4.4 Kotak Mahindra Bank 3.9 Year ending 31/08/21 31/08/20 31/08/19 31/08/18 31/08/17 HDFC Bank 3.6 Share Price 50.9 (10.8) (2.3) 4.0 19.7 Asian Paints 3.3 NAVA 49.6 (11.8) (1.4) 6.2 19.2 SBI Life Insurance 3.0 MSCI India 49.5 (6.2) (1.4) 6.2 19.4 Axis Bank 2.9 Total return; NAV to NAV, net income reinvested, GBP. Share price total return is on a mid-to-mid basis. Total 56.0 Dividend calculations are to reinvest as at the ex-dividend date. NAV returns based on NAVs with debt valued at fair value. Source: Aberdeen Asset Managers Limited, Lipper and Morningstar. Past performance is not a guide to future results. Sector allocation (%) 1 Year Premium/Discount Chart (%) Trust Benchmark Financials 26.0 26.2 % Information Technology 21.0 18.2 -10 Consumer Staples 14.1 9.5 Materials 8.4 10.0 Health Care 5.6 5.4 Communication Services 5.1 3.2 -15 Consumer Discretionary 4.6 7.5 Utilities 4.6 4.0 Industrials 4.2 4.3 Real Estate 3.6 0.3 -20 Energy 1.3 11.4 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Aug-21 Cash 1.5 – Total 100.0 100.0 Source: Aberdeen Asset Managers Limited and Bloomberg. Figures may not add up to 100 due to rounding.

Total number of investments 40

A Including current year revenue. B © 2021 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For more detailed information about Morningstar’s Analyst Rating, including its methodology, please go to: http://corporate.morningstar.com/us/documents/MethodologyDocuments/ All sources (unless indicated): AnalystRatingforFundsMethodology.pdf The Morningstar Analyst Rating for Funds is a forward-looking analysis of a Aberdeen Asset Managers Limited 31 August 2021. fund. Morningstar has identified five key areas crucial to predicting the future success of a fund: People, Parent, Process, Performance, and Price. The pillars are used in determining the Morningstar Analyst Rating for a fund. Morningstar Analyst Ratings are assigned on a five-tier scale running from Gold to Negative. The top three ratings, Gold, Silver, and Bronze, all Private investors 0808 500 0040 indicate that our analysts think highly of a fund; the difference between them corresponds to differences in the level of Institutional investors analyst conviction in a fund’s ability to outperform its benchmark and peers through time, within the context of the level of risk taken over the long term. Neutral represents funds in which our analysts don’t have a strong positive or negative InvestmentTrustInvestorRelations-UK conviction over the long term and Negative represents funds that possess at least one flaw that our analysts believe is likely to significantly hamper future performance over the long term. Long term is defined as a full market cycle or at least five years. @aberdeenstandard.com Past performance of a security may or may not be sustained in future and is no indication of future performance. For detailed +44 (0)20 7463 5971 | +44 (0)13 1222 1863 information about the Morningstar Analyst Rating for Funds, please visit http://global.morningstar.com/managerdisclosures.

Page 43 of 73 Aberdeen New India Investment Trust PLC Seeking world-class, well governed companies at the heart of India’s growth

Fund managers’ report Fund risk statistics Market review 3 Years 5 Years Indian equities rose in August, outperforming the region amid uncertainty arising from Annualised Standard the surge in Covid-19 Delta variant cases worldwide, which dimmed the global growth Deviation of Fund 21.03 19.03 outlook. Notably, the large-cap segment benefited from retail interest as investors Beta 0.95 0.94 switched out of mid- and small-cap ones, which faltered under selling pressure. Sharpe Ratio 0.34 0.52 Annualised Tracking Error 5.65 5.15 Enthusiasm towards initial public offers also waned after the muted gains by new listings Annualised Information Ratio (0.07) 0.07 recently, alongside the increased scrutiny as the authorities sought to tighten local rules to R-Squared 0.93 0.93 match global standards. Investors also started to price in a potential policy tapering by the Source: Aberdeen Asset Management, BPSS & Datastream, US Federal Reserve ahead of the Jackson Hole meeting. Basis: Total Return, Gross of Fees, GBP. Please note that risk analytics figures are calculated on Meanwhile, the Covid-19 situation continued to stabilise, with daily cases ebbing. However, gross returns whereas the performance figures are based on net asset value(NAV) returns. In addition, the risk the surge in global cases caused by the Delta variant raised the spectre of a third wave, analytics figures lag the performance figures by a month. particularly as the pace of economic re-opening quickened, and the potential for the upcoming festival season to be superspreader events. Key information Calendar In July data, leading indicators for the services sector suggested further contraction, albeit by a smaller degree. Business confidence was dented by pandemic-induced uncertainty, Year end 31 March alongside concerns over inflationary worries. Accounts published July Annual General Meeting September On the policy front, New Delhi unveiled a larger-than-expected National Monetisation Dividend paid n/a Pipeline that focused on the sale of existing infrastructure assets. The proceeds would not only go towards financing the National Infra Pipeline, but also improve asset performance. Launch date The scheme is likely to benefit infrastructure developers, such as our holding, Larsen and Original trust February 1994 Toubro. Elsewhere, HDFC Bank is likely to benefit from the central bank’s reported Name change/ reconstruction relaxation of a ban on issuing credit cards, both in terms of its share-price performance, as December 2004 Fund manager Asian Equities Team well as its bottom line and overall growth. Ongoing chargesC 1.16% Portfolio changes Annual management feeD 0.9% (tiered) We initiated a position in Aptus Value Housing Finance, an affordable housing company with Premium/(Discount) (13.5)% a firm foothold in South India, after its IPO. The segment has ample opportunity for growth YieldE 0.2% and Aptus has superior metrics relative to its peers, in terms of asset quality, loan yields and Gearing 4.7% F return ratios. Management is conservative and has kept a strong balance sheet throughout Active share 58.0% its history. We also introduced ReNew, which offers exposure to a globally-attractive theme AIFMD Leverage Limits that is still in a nascent stage in the country. The company generates electricity from Gross Notional 2.5x renewable sources domestically, from a mix of wind, solar, and more recently hydro. Our Commitment 2x research concluded that it has both scale and clarity around its pipeline, and importantly is funded fully for its capacity build-out. We also like that management has shown discipline in Assets/Debt (£m) bidding at renewable energy auctions. Against this, we exited Clean Science & Technology Gross Assets 455.6 following strong share price performance after its IPO. Debt 28.0 Corporate news Cash & cash equivalents 7.9 Company earnings dominated newsflow, with our holdings posting mostly decent results Capital structure that met our expectations. In particular, InfoEdge posted steady growth, backed by a robust outlook; Affle continued to deliver good results although this was not reflected in Ordinary shares 58,365,328 its share price; Maruti Suzuki’s results relayed mixed messages, with solid end demand Treasury shares 704,812 Allocation of management fees and finance costs Fund managers’ report continues overleaf Revenue 100%

C Expressed as a percentage of average daily net assets for the year ended 31 March 2021. The Ongoing Charges Figure (OCF) is the overall cost shown as a percentage of the value of the assets of the Company. It is made up of the Annual Management Fee and other charges. It does not include any costs associated with buying shares in the Company or the cost of buying and Receive the factsheet by email as soon selling stocks within the Company. The OCF can help you compare the annual operating expenses of different Companies. D With effect from 1 April 2021, the management fee is 0.85% per annum of total assets less current liabilities up to £350m and as it is available by registering at 0.70% per annum of total assets less current liabilities above £350m. E Calculated using the Company’s historic net dividends and month end share price. www.invtrusts.co.uk/ITemail F The ‘Active Share’ percentage is a measure used to describe what proportion of the Company’s holdings differ from the www.aberdeen-newindia.co.uk benchmark index holdings.

Page 44 of 73 Aberdeen New India Investment Trust PLC Seeking world-class, well governed companies at the heart of India’s growth

Fund managers’ report – continued Trading details counterbalanced by higher input costs; Zomato maintained its good growth momentum Reuters/Epic/ and robust operating performance; Nestle India appeared to have just missed consensus Bloomberg code ANII estimates due to cost inflation and stalled demand growth because of extended ISIN code GB0006048770 lockdowns; Fortis posted good results that exceeded expectations across its hospitals, Sedol code 0604877 along with a jump in diagnostics; and Container Corp’s robust results comfortably beat Stockbrokers WINS Investment Trusts expectations, albeit due to low base effects. Market makers CFEP, INV, JPMS, NITE, PEEL, STFL, WINS, WEST In our regular engagement with UltraTech Cement, we raised the issue of carbon emissions, a key challenge for the sector. The company has taken the initiative in approaching the issue using science-based targets, which reflects its forward thinking. These verifiable goals allow the company to determine its carbon trajectory and align it with global efforts to limit global warming to under two degrees Celsius by 2100. Management had promised better disclosure and it delivered after it divulged these targets externally. Outlook India is starting to re-open in spite of the spectre of a potential third wave from variants of the Delta strain. While there has been a pick up in the pace of vaccinations, it seems slow relative to the experience elsewhere. Nevertheless, we expect a diminishing impact from each subsequent wave, given how businesses and the authorities have learnt to adapt to each outbreak. We also hope that the government would be able to boost the country’s healthcare infrastructure so that it is able to better handle future surges. For now, any disruption, coupled with sustained inflationary pressure, could put a speedbump in the path to an earnings recovery. This makes us circumspect about valuation multiples and growth expectations currently priced in by the Indian stock market. However, this does not change our view that India remains an attractive market to invest in for the long term. The domestic market benefits from a rapidly growing middle-class that is increasingly affluent. Digital adoption has accelerated and we expected to see more listed investment opportunities in the new-economy space. Ultimately, India is home to many of Asia’s most successful companies that have been tested by prior economic crises. As ever, we remain highly selective in our portfolio positioning, preferring high-quality companies with robust balance sheets and led by good management that helps them weather storms better than most. We remain focused on identifying companies with clear prospects for earnings growth, a secure competitive position, and prudent capital management. These companies should deliver sustainable returns over time.

Receive the factsheet by email as soon The risks outlined overleaf relating to gearing, warrants, emerging markets, small as it is available by registering at companies and exchange rate movements are particularly relevant to this trust but www.invtrusts.co.uk/ITemail should be read in conjunction with all warnings and comments given. www.aberdeen-newindia.co.uk Important information overleaf

Page 45 of 73 Aberdeen New India Investment Trust PLC Seeking world-class, well governed companies at the heart of India’s growth

Important information Risk factors you should consider prior to investing: • The value of investments and the income from them can fall and investors may get back less than the amount invested.

• Past performance is not a guide to future results.

• Investment in the Company may not be appropriate for investors who plan to withdraw their money within 5 years.

• Movements in exchange rates will impact on both the level of income received and the capital value of your investment.

• There is no guarantee that the market price of the Company’s shares will fully reflect their underlying Net Asset Value.

• The Company invests in emerging markets which tend to be more volatile than mature markets and the value of your investment could move sharply up or down.

Other important information: An investment trust should be considered only as part of a balanced portfolio. The information contained in this document should not be considered as an offer, solicitation or investment recommendation to deal in the shares of any securities or financial instruments. It is not intended for distribution or use by any person or entity who is a citizen or resident of or located in any jurisdiction where such distribution, publication or use would be prohibited. Nothing herein constitutes investment, legal, tax or other advice and is not to be relied upon in making an investment or other decision. No recommendation is made, positive or otherwise, regarding individual securities mentioned. This is not an invitation to subscribe for shares and is by way of information only. Subscriptions will only be received and shares issued on the basis of the current Key Information Document (KID). These can be obtained free of charge from Aberdeen Asset Managers Limited, PO Box 11020, Chelmsford, Essex, CM99 2DB or available on www.invtrusts.co.uk. Any data contained herein which is attributed to a third party (“Third Party Data”) is the property of (a) third party supplier(s) (the “Owner”) and is licensed for use by abrdn*. Third Party Data may not be copied or distributed. Third Party Data is provided “as is” and is not warranted to be accurate, complete or timely. To the extent permitted by applicable law, none of the Owner, abrdn* or any other third party (including any third party involved in providing and/or compiling Third Party Data) shall have any liability for Third Party Data or for any use made of Third Party Data. Neither the Owner nor any other third party sponsors, endorses or promotes the fund or product to which Third Party Data relates. * abrdn means the relevant member of abrdn group, being abrdn PLC together with its subsidiaries, subsidiary undertakings and associated companies (whether direct or indirect) from time to time. Issued by Aberdeen Standard Fund Managers Limited, registered in England and Wales (740118) at Bow Bells House, 1 Bread Street, London, EC4M 9HH. Aberdeen Asset Managers Limited, registered in Scotland (No. 108419), 10 Queen’s Terrace, Aberdeen AB10 1XL. Both companies are authorised and regulated by the Financial Conduct Authority in the UK. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis, should not be taken as an indication or guarantee of any future performance analysis forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI” Parties) expressly disclaims all warranties (including without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages (www.msci.com).

Page 46 of 73 Aberdeen New Thai Investment Trust PLC Aberdeen New Thai Investment Trust PLC Selecting quality companies from the dynamic Thai market Investment Trust Performance Data and Analytics to 31 August 2021

Investment objective Morningstar RatingTM To provide a high level of long-term, above-average capital growth through investment in Thailand. B Morningstar RatingTM for Funds Morningstar rates funds from one to five stars based Benchmark on how well they’ve performed (after adjusting for risk Stock Exchange of Thailand Index (currency adjusted). and accounting for all sales charges) in comparison to similar funds. Cumulative performance (%) as at 31/08/21 1 month 3 months 6 months 1 year 3 years 5 years Ordinary share price 436.0p 5.3 3.6 3.3 9.1 (15.6) 6.8 NAVA 503.6p 12.3 4.0 1.8 9.2 (18.0) 1.7 SET Index 11.5 3.5 6.1 20.5 0.2 26.1 Ten largest equity holdings (%) PTT Public Company 7.8 Discrete performance (%) CP ALL 6.9 Year ending 31/08/21 31/08/20 31/08/19 31/08/18 31/08/17 Bangkok Dusit Medical Service 6.5 Ordinary share price 9.1 (29.7) 10.2 11.7 13.3 PTT Exploration and Production 6.3 NAVA 9.2 (31.4) 9.5 8.6 14.2 Airports of Thailand 5.3 SET Index 20.5 (26.7) 13.3 10.2 14.2 Tisco Financial 5.0 Siam Cement 4.9 Total return; NAV to NAV, net income reinvested, GBP. Share price total return is on a mid-to-mid basis. Dividend calculations are to reinvest as at the ex-dividend date. NAV returns based on NAVs with debt valued at fair value. Central Pattana 4.3 Source: Aberdeen Asset Managers Limited, Lipper and Morningstar. Advanced Info Service 4.1 Past performance is not a guide to future results. Home Product Center 3.9 1 Year Premium/Discount Chart (%) Total 55.0

% Sector allocation (%) -2 Trust Benchmark -6 Energy & Utilities 23.6 21.8 Commerce 16.3 9.4 -10 Banking 9.4 8.4 Property Development 7.0 5.4 -14 Construction Materials 6.8 4.4 Health Care Services 6.5 4.4 -18 Transportation & Logistics 6.0 8.2 -22 Food & Beverages 5.4 6.6 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Aug-21 Electronic Components 4.5 5.1 Finance & Securities 4.2 4.6 Information & 4.1 7.9 Communications Technology Packaging 3.0 2.0 Automotive 0.8 0.4 Insurance 0.7 1.0 Media & Publishing – 1.1 Property Fund – 1.9 Other – 7.4 Cash 1.7 – Total 100.0 100.0 A Including current year revenue. Source: Aberdeen Asset Managers Ltd and Bloomberg. B © 2021 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its Figures may not add up to 100 due to rounding. content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Total number of investments 32 Past performance is no guarantee of future results. For more detailed information about Morningstar’s Analyst Rating, including its methodology, please go to: http://corporate.morningstar.com/us/documents/MethodologyDocuments/ All sources (unless indicated): AnalystRatingforFundsMethodology.pdf The Morningstar Analyst Rating for Funds is a forward-looking analysis of a Aberdeen Asset Managers Limited 31 August 2021. fund. Morningstar has identified five key areas crucial to predicting the future success of a fund: People, Parent, Process, Performance, and Price. The pillars are used in determining the Morningstar Analyst Rating for a fund. Morningstar Analyst Ratings are assigned on a five-tier scale running from Gold to Negative. The top three ratings, Gold, Silver, and Bronze, all Private investors 0808 500 0040 indicate that our analysts think highly of a fund; the difference between them corresponds to differences in the level of Institutional investors analyst conviction in a fund’s ability to outperform its benchmark and peers through time, within the context of the level of risk taken over the long term. Neutral represents funds in which our analysts don’t have a strong positive or negative InvestmentTrustInvestorRelations-UK conviction over the long term and Negative represents funds that possess at least one flaw that our analysts believe is likely to significantly hamper future performance over the long term. Long term is defined as a full market cycle or at least five years. @aberdeenstandard.com Past performance of a security may or may not be sustained in future and is no indication of future performance. For detailed +44 (0)20 7463 5971 | +44 (0)13 1222 1863 information about the Morningstar Analyst Rating for Funds, please visit http://global.morningstar.com/managerdisclosures.

Page 47 of 73 Aberdeen New Thai Investment Trust PLC Selecting quality companies from the dynamic Thai market

Fund managers’ report Fund risk statistics Market review 3 Years 5 Years Thai equities rebounded in August, rallying to a two-year high in sterling terms. Share Annualised Standard prices were lifted by an acceleration in the kingdom’s Covid-19 vaccine rollout and the Deviation of Fund 21.68 18.50 peaking of infections that allowed mobility restrictions to be eased from September. Beta 0.97 0.94 Sharpe Ratio (0.33) (0.02) Cyclical industries outperformed; namely banks, petrochemicals and energy. Stocks in Annualised Tracking Error 3.63 4.33 transportation, property and commerce that benefited from the re-opening economy also Annualised Information Ratio (1.32) (0.76) did well. Conversely, electronics, health care, packaging and food & beverage names lagged. R-Squared 0.97 0.95 In economic news, Thailand’s second-quarter GDP recovery exceeded expectations. Source: Aberdeen Asset Management, BPSS & Datastream, Basis: Total Return, Gross of Fees, GBP. However, exporters were negatively affected by the baht’s strength. Please note that risk analytics figures are calculated on gross returns whereas the performance figures are based In policy matters, the kingdom relaxed restrictions on the import of liquefied natural gas, on net asset value(NAV) returns. In addition, the risk analytics figures lag the performance figures by a month. allowing independent power companies to enter the market. Several portfolio holdings, including Gulf Energy, B.Grimm Power, Electricity Generating Co and Siam Cement, were Key information allowed to import liquefied natural gas (LNG). In a related move, B.Grimm is partnering Calendar with the state-owned PTT to procure and supply LNG. Investor sentiment on Absolute Clean Energy was also buoyed by the firm demand for clean energy. Year end 28 February Accounts published May Against this backdrop, the Trust posted healthy double-digit gains but trailed the Annual General Meeting June benchmark. Stock selection in property and construction, as well as industrials and Dividend paid June, November technology, detracted. Conversely, resources, agro and food industries supported Launch date December 1989 performance. Fund manager Asian Equities Team Ongoing chargesC 1.27% Among our construction materials holdings, TOA Paints was weighed down by restrictions Annual management feeD 0.9% to retail and construction activity to control the spread of Covid-19 in its key markets in Premium/(Discount) (13.4)% Thailand, Vietnam and Myanmar. Separately, sentiment on Hana Microelectronics was YieldE 4.4% dampened by disruptions to the supply chain caused by coronavirus outbreaks. Net gearingF 11.6% G On a positive note, we continued to see second-quarter earnings rebounding from the Active share 82.3% trough of a year ago though the third Covid-19 wave, which started in April, moderated the recovery. Among our healthcare holdings, Mega Lifesciences’ earnings rose sharply, with AIFMD Leverage Limits robust growth across Southeast Asian markets significantly surpassing expectations. Gross Notional 2.5x Commitment 2x Elsewhere, the market was positive on Central Pattana’s acquisition of Siam Future Development. The deal will help propel Central Pattana to become the kingdom’s largest Assets/Debt (£m) shopping mall developer. Gross Assets 90.5 In key portfolio changes, we exited Bangkok Insurance, Central Retail Corp, Lotus Retail, Debt 10.0 Haad Thip, Thai Stanley Electric and Eastern Water. Cash & cash equivalents 0.7

Fund managers’ report continues overleaf Capital structure Ordinary shares 15,986,569

Allocation of management fees and The risks outlined overleaf relating to gearing, exchange rate movements and emerging finance costs markets are particularly relevant to this investment company but should be read in Capital 75% conjunction with all warnings and comments given. Revenue 25% Important information overleaf

C Expressed as a percentage of average daily net assets for the year ended 28 February 2021. The Ongoing Charges Figure (OCF) is the overall cost shown as a percentage of the value of the assets of the Company. It is made up of the Annual Management Fee and other charges. It does not include any costs associated with buying shares in the Company or the cost of buying and selling stocks within the Company. The Ongoing Charges figure can help you compare the annual operating expenses of different Companies. D 0.9% pa of the Company’s market capitalisation, based on the closing Ordinary share price quoted on the London Stock Receive the factsheet by email as soon Exchange multiplied by the number of Ordinary Shares in issue (excluding those held in treasury), valued monthly. There is an annual cap which is equivalent to 1.15% of the Company’s net asset value. as it is available by registering at E Calculated using the Company’s historic net dividends and month end share price. www.invtrusts.co.uk/ITemail F Net gearing is defined as a percentage, with net debt (total debt less cash/cash equivalents) divided by shareholders’ funds. G The ‘Active Share’ percentage is a measure used to describe what proportion of the Company’s holdings differ from the www.newthai-trust.co.uk benchmark index holdings.

Page 48 of 73 Aberdeen New Thai Investment Trust PLC Selecting quality companies from the dynamic Thai market

Fund managers’ report – continued Trading details Outlook Reuters/Epic/Bloomberg code ANW We are cautious about the near-term outlook for Thai equities, given the elevated number ISIN code GB0000059971 of Covid-19 cases. That said, we are encouraged as investors have been returning to riskier Sedol code 0005997 assets despite the virus not yet being fully under control. Additionally, we believe export Market makers CFEP, INV, demand will be supported by the massive US stimulus and China’s pro-innovation stance WINS, NUMS despite its tougher regulatory oversight. Stockbrokers Numis Securities At the corporate level, we believe that Thai-listed companies are resilient and we expect that when the turnaround occurs, the Trust’s fundamentally robust holdings will recover, and sustainably so. As long-term investors, we remain confident that the portfolio’s high-quality underlying holdings, with steady credit lines, robust balance sheets, good cash flow and prudent management will stand the Trust in good stead beyond the current crisis.

Page 49 of 73 Aberdeen Emerging Markets Investment Company Limited Looking for the best-of-breed emerging market funds Investment Company Performance Data and Analytics to 31 August 2021

Investment objective Morningstar RatingTM To achieve consistent returns for shareholders in excess of the MSCI Emerging Markets Net Total Return Index in sterling terms. B Morningstar RatingTM for Funds Morningstar rates funds from one to five stars based on how Benchmark well they’ve performed (after adjusting for risk and accounting for all sales charges) in comparison to similar funds. MSCI Emerging Markets Net Total Return Index in sterling terms. Ten largest holdings (%) Cumulative performance (%) Neuberger Berman - China Equity Fund 7.9 Schroder Taiwanese Equity Fund 5.6 as at 31/08/21 1 month 3 months 6 months 1 year 3 years 5 years Schroder AsiaPacific Fund 5.4 Share Price 723.0p (1.3) 2.8 5.3 34.0 44.9 77.2 Weiss Korea Opportunity Fund 5.4 NAVA 820.1p 1.9 0.1 3.0 26.3 39.2 63.1 Aberdeen Standard China A Share Fund 5.2 Korea Value Strategy Fund 4.8 MSCI Emerging Markets 3.7 (1.0) 0.6 17.8 25.2 56.1 iShares MSCI Emerging Markets 4.6 iShares MSCI China 4.6 Halcyon Ethical Russian Growth Fund 4.5 Discrete performance (%) Neuberger Berman - China Bond Fund 4.1 Year ending 31/08/21 31/08/20 31/08/19 31/08/18 31/08/17 Total 52.0 Share Price 34.0 1.2 6.8 (5.8) 29.9 Asset allocation (%) A NAV 26.3 2.9 7.1 (5.1) 23.4 Fund Benchmark MSCI Emerging Markets 17.8 4.1 2.1 (1.5) 26.6 Asia 73.1 78.4 China 34.8 33.9 Total return; NAV to NAV, gross income reinvested, GBP. Share price total return is on a mid-to-mid basis. Korea 12.7 13.0 Dividend calculations are to reinvest as at the ex-dividend date. NAV returns based on NAVs with debt valued at fair value. Taiwan 9.2 14.8 Source: Aberdeen Asset Managers Limited, Lipper and Morningstar. India 8.4 11.7 Past performance is not a guide to future results. Thailand 3.3 1.7 Singapore 1.2 – 1 Year Premium/Discount Chart (%) Indonesia 0.8 1.2 Vietnam 0.5 – % Malaysia 0.2 1.3 -8 Philippines 0.2 0.6 -10 Pakistan 0.0 0.0 Other 1.8 – -12 EMEA 19.7 13.7 Russia 6.7 3.6 -14 Saudi Arabia 2.6 3.2 South Africa 1.7 3.2 -16 Egypt 1.0 0.1 -18 Qatar 1.0 0.7 UAE 1.0 0.8 -20 Poland 0.9 0.8 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Aug-21 Hungary 0.7 0.3 Romania 0.6 – Greece 0.5 0.2 Turkey 0.4 0.3 Czech Rep 0.3 0.1 Kuwait 0.2 0.6 Other 2.3 – Latin America 4.5 7.9 Brazil 3.7 5.0 Mexico 0.4 2.0 Chile 0.2 0.5 Peru 0.1 0.2 Argentina 0.0 0.2 Colombia 0.0 0.2 Other 0.1 – A NAV performance is adjusted for the impact of subscription shares. Non-specified 1.1 – B © 2021 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Cash in underlying portfolio 1.0 – Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Cash 0.6 – Past performance is no guarantee of future results. For more detailed information about Morningstar’s Analyst Rating, Total 100.0 100.0 including its methodology, please go to: http://corporate.morningstar.com/us/documents/MethodologyDocuments/ All sources (unless indicated): AnalystRatingforFundsMethodology.pdf The Morningstar Analyst Rating for Funds is a forward-looking analysis of a Aberdeen Asset Managers Limited 31 August 2021. fund. Morningstar has identified five key areas crucial to predicting the future success of a fund: People, Parent, Process, Performance, and Price. The pillars are used in determining the Morningstar Analyst Rating for a fund. Morningstar Analyst Ratings are assigned on a five-tier scale running from Gold to Negative. The top three ratings, Gold, Silver, and Bronze, all Private investors 0808 500 0040 indicate that our analysts think highly of a fund; the difference between them corresponds to differences in the level of Institutional investors analyst conviction in a fund’s ability to outperform its benchmark and peers through time, within the context of the level of risk taken over the long term. Neutral represents funds in which our analysts don’t have a strong positive or negative InvestmentTrustInvestorRelations-UK conviction over the long term and Negative represents funds that possess at least one flaw that our analysts believe is likely to significantly hamper future performance over the long term. Long term is defined as a full market cycle or at least five years. @aberdeenstandard.com Past performance of a security may or may not be sustained in future and is no indication of future performance. For detailed +44 (0)20 7463 5971 | +44 (0)13 1222 1863 information about the Morningstar Analyst Rating for Funds, please visit http://global.morningstar.com/managerdisclosures.

Page 50 of 73 Aberdeen Emerging Markets Investment Company Limited Looking for the best-of-breed emerging market funds

Fund managers’ report Total number of investments 30 Corporate update On 30 July the Board of Aberdeen Emerging Markets Investment Company Limited Fund risk statistics announced a comprehensive set of proposals which it believes will be to the future benefit 5 Years of the Company’s shareholders. The proposals include a change of investment policy from Return (Fund) p.a. as at 31/08/2021 10.27 investing in emerging markets on a fund of funds basis to investing directly in the equities Return (Benchmark) p.a. as at of Chinese companies, a merger with Aberdeen New Thai Investment Trust (“New Thai”), a 31/08/2021 9.31 Annualised Tracking Error 4.15 lower management fee structure, a tender offer for up to 15% of the Company’s shares Alpha 0.07 and a conditional tender offer for up to 25% of the Company’s shares if the Company’s Beta 1.02 NAV total return over five years ending December 2026 does not exceed the total return of Correlation 0.96 the MSCI China All Shares Index (in Sterling terms). Source: Aberdeen Asset Management, BPSS & Datastream, Basis: Total Return, Net of Fees, GBP. Implementation of the proposals is subject to the approval, inter alia, of the shareholders Please note that risk analytics figures are calculated of the Company as well as regulatory and tax approvals and, as regards the combination on net asset value(NAV) returns. In addition, the risk analytics figures lag the performance figures. with New Thai, the approval of that company’s shareholders. A circular providing further details of the proposals and convening a general meeting to seek the necessary Key information shareholder approvals, together with a prospectus in respect of the issue and admission Calendar of new shares in connection with the combination with New Thai, will be published by the Year end October Company as soon as practicable. It is anticipated that the proposals will be implemented Accounts published January in the final quarter of 2021. Annual General Meeting April Market review Dividend paid Quarterly Launch date 21 Jun 1998 The MSCI Emerging Markets Index rose 3.7% in August, buoyed over the final days of the (redomiciled on month by reassuring comments from the Chair of the US Federal Reserve. In Asia, the 6 Nov 2009) regional index gained 3.7%, led by India (12.1%) which benefitted from strong performance Fund manager Andrew Lister and Bernard Moody from financial and technology stocks and the central bank’s decision to leave interest rates Annual management fee 0.8% of NAV unchanged. South East Asian markets also performed strongly on expectations that Ongoing chargesC 1.02% current Covid restrictions might soon be eased (Thailand 12.6%, Philippines 12.5%, Net assets £377.0m Malaysia 9.5%, Indonesia 9.0%). Chinese equities underperformed, gaining just 1.0% as the Premium/(Discount) (11.8)% ongoing regulatory crackdown affected more sectors. Elsewhere in the region, Taiwan YieldD 3.1% (5.5%) benefitted from the rally in semiconductor stocks towards month-end while South Net GearingE Nil Korea (-0.6%) was impacted by selling from foreign institutional investors. AIFMD Leverage Limits The regional index for Europe, Middle East and Africa recorded a gain of 4.5%. Turkey was Gross Notional 1.15x the best performing market, with a 10.3% gain supported by a recovery in the Lira. Central Commitment 1.15x European markets all performed well with Hungary, Czech Republic and Poland gaining 11.4%, 9.0% and 6.7% respectively. Markets across the Middle East alongside Russia, while Capital structure still positive, made lesser gains amidst a backdrop of volatile oil prices. South Africa was Ordinary shares 45,965,159 the weakest market in the region, rising by 1.8% as index heavyweight Naspers’ weak Treasury shares 8,653,348 showing held back performance. Trading details Latin American equities gained 1.9% with strong gains in Argentina (31.8%) and Colombia (11.7%) offset by weakness in Brazil where worsening investor sentiment amidst rising Reuters/Epic/ Bloomberg code AEMC rates, fiscal concerns and weaker commodity prices contributed to a loss of 1.3%. ISIN code GG00B45L2K95 Sedol code B45L2K9 Stockbroker Shore Capital

Fund managers’ report continues overleaf

C Expressed as a percentage of average daily net assets for the year ended 31 October 2020. The Ongoing Charges Figure Receive the factsheet by email as soon (OCF) is the overall cost shown as a percentage of the value of the assets of the Company. It is made up of the Annual Management Fee and other charges. It does not include any costs associated with buying shares in the Company or the cost as it is available by registering at of buying and selling stocks within the Company. The OCF can help you compare the annual operating expenses of different Companies. www.invtrusts.co.uk/ITemail D Calculated using the Company’s historic net dividends and month end share price. www.aberdeenemergingmarkets.co.uk E Net gearing is defined as a percentage, with net debt (total debt less cash/cash equivalents) divided by shareholders’ funds.

Page 51 of 73 Aberdeen Emerging Markets Investment Company Limited Looking for the best-of-breed emerging market funds

Fund managers’ report – continued Performance commentary Aberdeen Emerging Markets Investment Company’s net asset value total return was 1.9% compared with a benchmark return of 3.7%. Attribution analysis indicates that Manager Selection was responsible for the majority of the underperformance with Aberdeen Standard China-A Share Fund, Schroder Taiwanese Equity Fund and Naspers the largest detractors. Discount movements were also negative, notably in Fidelity China Special Situations and Weiss Korea Opportunity Fund. The Company’s share price total return for the month was -1.3% as the discount to net asset value at which shares trade widened to 11.8%. The Company’s shares traded ex a 5.75p dividend on 26 August which will be paid on 24 September. The trailing dividend yield is 3.1% based on the share price at the end of August. Portfolio activity During the month we added to holdings in exchange traded funds providing liquid exposure to emerging markets. Such investments now account for 15.7% of the Company’s NAV. Those purchases were funded by exits from Asia Dragon Trust and BlackRock Latin American Investment Trust as well as reductions in a number of other closed end fund positions. We also participated in an exchange offer from Naspers which saw approximately two thirds of the Company’s position converted into shares in Prosus NV which is listed in Amsterdam but derives the majority of its value from a holding in Chinese internet company Tencent.

Receive the factsheet by email as soon The risks outlined overleaf relating to gearing, exchange rate movements and emerging as it is available by registering at markets are particularly relevant to this investment company but should be read in www.invtrusts.co.uk/ITemail conjunction with all warnings and comments given. www.aberdeenemergingmarkets.co.uk Important information overleaf

Page 52 of 73 Important information Risk factors you should consider prior to investing: • The value of investments and the income from them can fall and investors may get back less than the amount invested. • Past performance is not a guide to future results. • Investment in the Company may not be appropriate for investors who plan to withdraw their money within 5 years. • The Company may borrow to finance further investment (gearing). The use of gearing is likely to lead to volatility in the Net Asset Value (NAV) meaning that any movement in the value of the company’s assets will result in a magnified movement in the NAV. • Emerging markets or less developed countries may face more political, economic or structural challenges than developed countries. This may mean your money is at greater risk. • Investing globally can bring additional returns and diversify risk. However, currency exchange rate fluctuations may have a positive or negative impact on the value of your investment. • Derivatives may be used, subject to restrictions set out for the Company, in order to manage risk and generate income. The market in derivatives can be volatile and there is a higher than average risk of loss. • This Fund may invest through non-regulated markets which are subject to increased risk relating to ownership and custody of investments. • This Fund invests into other funds which themselves invest in assets such as bonds, company shares, cash and currencies. The objectives and risk profiles of these underlying funds may not be fully in line with those of this Fund.

Other important information: The Company is a Closed-ended investment scheme registered pursuant to the Protection of Investors (Bailiwick of Guernsey) Law 1987, as amended and the Registered Collective Investment Scheme Rules 2008 issued by the Guernsey Financial Services Commission. An investment trust should be considered only as part of a balanced portfolio. The information contained in this document should not be considered as an offer, solicitation or investment recommendation to deal in the shares of any securities or financial instruments. It is not intended for distribution or use by any person or entity who is a citizen or resident of or located in any jurisdiction where such distribution, publication or use would be prohibited. Nothing herein constitutes investment, legal, tax or other advice and is not to be relied upon in making an investment or other decision. No recommendation is made, positive or otherwise, regarding individual securities mentioned. This is not an invitation to subscribe for shares and is by way of information only. Subscriptions will only be received and shares issued on the basis of the current Key Information Document (KID). These can be obtained free of charge from Aberdeen Asset Managers Limited, PO Box 11020, Chelmsford, Essex, CM99 2DB or available on www.invtrusts.co.uk. Any data contained herein which is attributed to a third party (“Third Party Data”) is the property of (a) third party supplier(s) (the “Owner”) and is licensed for use by abrdn*. Third Party Data may not be copied or distributed. Third Party Data is provided “as is” and is not warranted to be accurate, complete or timely. To the extent permitted by applicable law, none of the Owner, abrdn* or any other third party (including any third party involved in providing and/or compiling Third Party Data) shall have any liability for Third Party Data or for any use made of Third Party Data. Neither the Owner nor any other third party sponsors, endorses or promotes the fund or product to which Third Party Data relates. * abrdn means the relevant member of abrdn group, being abrdn PLC together with its subsidiaries, subsidiary undertakings and associated companies (whether direct or indirect) from time to time. Issued by Aberdeen Standard Fund Managers Limited, registered in England and Wales (740118) at Bow Bells House, 1 Bread Street, London, EC4M 9HH. Aberdeen Asset Managers Limited, registered in Scotland (No. 108419), 10 Queen’s Terrace, Aberdeen AB10 1XL. Both companies are authorised and regulated by the Financial Conduct Authority in the UK. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis, should not be taken as an indication or guarantee of any future performance analysis forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI” Parties) expressly disclaims all warranties (including without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages (www.msci.com).

Page 53 of 73 Aberdeen Latin American Income Fund Limited Capturing the powerful income potential of Latin American equities and bonds Investment Company Performance Data and Analytics to 31 August 2021

Investment objective Morningstar RatingTM To provide ordinary shareholders with a total return, with an above average yield, primarily through investing in Latin America through a diversified portfolio of equities B TM and fixed income investments. Morningstar Rating for Funds Morningstar rates funds from one to five stars based on how well they’ve performed (after adjusting for risk Benchmark and accounting for all sales charges) in comparison to similar funds. 60% MSCI EM Latin American 10/40 Index and 40% JP Morgan GBI EM Global Diversified (Latin America carve out). Given that the Manager does not adopt a benchmark approach, Ten largest equity holdings (%) performance can vary widely from the benchmark. Banco BradescoC 3.5 Bradespar 3.4 Cumulative performance (%) Walmart de Mexico 3.4 as at 31/08/21 1 month 3 months 6 months 1 year 3 years 5 years B3 - Brasil Bolsa Balcao 3.4 Share Price 55.8p 0.0 3.4 6.1 20.9 9.5 10.5 Vale 3.3 NAVA 62.9p 0.3 0.8 9.6 17.4 4.2 5.8 FEMSA ADR 3.1 Composite Benchmark 1.8 2.4 11.0 17.5 6.4 15.0 Grupo Financiero Banorte 2.9 Petrobras 2.5 Grupo Mexico 2.5 Discrete performance (%) Rumo 2.4 Year ending 31/08/21 31/08/20 31/08/19 31/08/18 31/08/17 Total 30.4 Share Price 20.9 (24.4) 19.9 (18.5) 23.7 NAVA 17.4 (27.5) 22.4 (18.8) 25.1 Ten largest fixed income holdings (%) Composite Benchmark 17.5 (22.9) 17.4 (10.9) 21.4 Brazil (Fed Rep of) 10% 01/01/25 5.4 Colombia (Rep of) 9.85% 28/06/27 5.3 Total return; NAV to NAV, net income reinvested, GBP. Share price total return is on a mid-to-mid basis. Dividend calculations are to reinvest as at the ex-dividend date. NAV returns based on NAVs with debt valued at fair value. Uruguay (Rep of) 4.375% 15/12/28 3.9 Source: Aberdeen Asset Managers Limited, Lipper and Morningstar. Mex Bonos Desarr Fix Rt 10% 20/11/36 2.7 Past performance is not a guide to future results. Mex Bonos Desarr Fix Rt 8.5% 18/11/38 2.6 1 Year Premium/Discount Chart (%) Uruguay (Rep of) 4.25% 05/04/27 1.8 Petroleos Mexicanos 7.47% 12/11/26 1.8 % Brazil (Fed Rep of) 10% 01/01/23 1.7 0 Brazil (Fed Rep of) 10% 01/01/27 1.7 Secretaria Tesouro 10% 01/01/31 1.5 -5 Total 28.4 As at 31 August 2021 the equity exposure within total -10 investments was 64.76% and fixed income exposure 35.24% -15 Geographic breakdown (%) Brazil 49.6 -20 Mexico 25.9 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Aug-21 Colombia 7.8 Uruguay 5.8 Argentina 4.0 Chile 3.6 Peru 2.4 Cash 0.9 Total 100.0 A Including current year revenue. Figures may not add up to 100 due to rounding. B © 2021 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Total number of investments 61 Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For more detailed information about Morningstar’s Analyst Rating, including its methodology, please go to: http://corporate.morningstar.com/us/documents/MethodologyDocuments/ AnalystRatingforFundsMethodology.pdf The Morningstar Analyst Rating for Funds is a forward-looking analysis of a All sources (unless indicated): fund. Morningstar has identified five key areas crucial to predicting the future success of a fund: People, Parent, Process, Aberdeen Asset Managers Limited 31 August 2021. Performance, and Price. The pillars are used in determining the Morningstar Analyst Rating for a fund. Morningstar Analyst Ratings are assigned on a five-tier scale running from Gold to Negative. The top three ratings, Gold, Silver, and Bronze, all indicate that our analysts think highly of a fund; the difference between them corresponds to differences in the level of Private investors 0808 500 0040 analyst conviction in a fund’s ability to outperform its benchmark and peers through time, within the context of the level Institutional investors of risk taken over the long term. Neutral represents funds in which our analysts don’t have a strong positive or negative conviction over the long term and Negative represents funds that possess at least one flaw that our analysts believe is likely to InvestmentTrustInvestorRelations-UK significantly hamper future performance over the long term. Long term is defined as a full market cycle or at least five years. Past performance of a security may or may not be sustained in future and is no indication of future performance. For detailed @aberdeenstandard.com information about the Morningstar Analyst Rating for Funds, please visit http://global.morningstar.com/managerdisclosures. +44 (0)20 7463 5971 | +44 (0)13 1222 1863 C Consolidates all equity holdings from same issuer.

Page 54 of 73 Aberdeen Latin American Income Fund Limited Capturing the powerful income potential of Latin American equities and bonds

Fund managers’ report Key information Latin American markets ended higher in August. Supportive comments from central Calendar banks boosted sentiment, with US Federal Reserve chair Jay Powell signalling that there Year end 31 August was no rush to raise interest rates. This helped investors shrug off worries about rising Accounts published November Covid-19 cases worldwide and softer economic data from the US and China. That said, Annual General Meeting December falling commodity prices capped gains on resource-dependent markets. Dividend paid January, May, July, In fixed income, the JP Morgan GBI-EM Global Diversified (Latin America) Index (unhedged October in sterling terms) returned 0.94% in August, and the index yield increased by 19 basis Launch date August 2010 points to end the month at 7.04%. Local-currency bonds experienced negative Fund manager Emerging Market performance, while Latin American currencies appreciated (on aggregate) against sterling. Equity Team Emerging Market On a country basis, Uruguay and Colombia were the positive performers, while Brazil and Debt Team Peru posted negative returns. Ongoing chargesC 2.00% Across equity markets, Brazil fell due to ongoing concerns about the country’s stretched Annual management feeD 1.0% fiscal position. That said, the government and the Supreme Court agreed to stagger Premium/(Discount) (11.4)% court-ordered judicial payments and avoid breaching a spending cap. Investors were also YieldE 6.3% concerned about hydrology risks, which increases the odds of power rationing and added Active shareF 58.5% to inflation worries. Separately, the central bank raised interest rates by 1%, and flagged Net gearing (%) more hikes ahead to counter surging inflation. TotalG 14.5 In Mexico, shares scaled fresh highs as the country posted solid domestic demand and external sector data. The finance minister’s assurances that there would not be tax AIFMD Leverage Limits increases in the upcoming Budget further lifted sentiment. The country will also receive Gross Notional 2.5x about US$12.1 billion in Special Drawing Rights (SDRs) from the International Monetary Commitment 2x Fund (IMF), which should supplement its foreign reserves. Smaller markets fared well too. Chile rebounded on healthy economic data and a stabilising political backdrop with Assets/Debt (£m) presidential elections starting to shape up. Colombia rose on the back of healthy Equities 26.6 second-quarter GDP growth and upward revisions to full-year forecasts. Similarly, Fixed income 14.5 Argentina posted double-digit returns on better-than-expected economic activity and Total investments 41.1 confirmation that it is eligible for another US4.3 billion in IMF SDRs. Cash & cash equivalents 0.3 By sector, information technology and tech-linked names enjoyed a good month. Other net assets 0.0 Argentina-based software company Globant rallied on excellent results, with sales rising Debt (5.5) by 67%. Management also raised its full-year target on the back of projections of robust Net assets 35.9 demand and greater visibility on the company’s project pipeline. Similarly, Brazil’s Totvs Capital structure posted solid growth across its business units, with increasing adoption of its products expected to drive margin expansion. E-commerce major Mercado Libre also fared well, Ordinary shares 57,113,324 with revenues nearly doubling from a year ago. Treasury shares 6,107,500 In contrast, consumer discretionary stocks weakened amid concerns about the Delta Allocation of management fees and variant, as well as rising competitive pressures within the e-commerce subsector. finance costs Materials also traded lower as a correction in iron ore prices pressured Vale. Capital 60% In August, we participated in the initial public offering of Raizen. This gives us exposure to Revenue 40% a high-quality energy play with a range of assets, including best-in-class sugar and ethanol Trading details production, fuel distribution and renewable fuels. Against this, we took advantage of liquidity events to exit residual positions, namely Peruvian company Aenza and Mexico’s Reuters/Epic/ Bloomberg code ALAI Hoteles City. ISIN code JE00B44ZTP62 The risks outlined overleaf relating to gearing, emerging market exposure and Sedol code B44ZTP6 exchange rate movements are particularly relevant to this trust but should be read in Stockbroker N+1 Singer Market makers CFEP, INV, JPMS, NUMS, conjunction with all warnings and comments given. PEEL, STFL, WINS Important information overleaf

C Expressed as a percentage of average daily net assets for the year ended 31 August 2020. The Ongoing Charges Figure (OCF) is the overall cost shown as a percentage of the value of the assets of the Company. It is made up of the Annual Management Fee and other charges. It does not include any costs associated with buying shares in the Company or the cost of buying and selling stocks within the Company. The OCF can help you compare the annual operating expenses of different Companies. Receive the factsheet by email as soon D 1% per annum of the value of the Company’s net assets. E Calculated using the Company’s historic net dividends and month end share price. as it is available by registering at F The ‘Active Share’ percentage is a measure used to describe what proportion of the Company’s holdings differ from the benchmark index holdings. For Aberdeen Latin American Income Fund this relates purely to the equity element of the www.invtrusts.co.uk/ITemail portfolio. www.latamincome.co.uk G Net gearing is defined as a percentage, with net debt (total debt less cash/cash equivalents) divided by shareholders’ funds.

Page 55 of 73 Aberdeen Latin American Income Fund Limited Capturing the powerful income potential of Latin American equities and bonds

Important information Risk factors you should consider prior to investing: • The value of investments and the income from them can fall and investors may get back less than the amount invested. • Past performance is not a guide to future results. • Investment in the Company may not be appropriate for investors who plan to withdraw their money within 5 years. • The Company may borrow to finance further investment (gearing). The use of gearing is likely to lead to volatility in the Net Asset Value (NAV) meaning that any movement in the value of the company’s assets will result in a magnified movement in the NAV. • The Company may accumulate investment positions which represent more than normal trading volumes which may make it difficult to realise investments and may lead to volatility in the market price of the Company’s shares. • The Company may charge expenses to capital which may erode the capital value of the investment. • Derivatives may be used, subject to restrictions set out for the Company, in order to manage risk and generate income. The market in derivatives can be volatile and there is a higher than average risk of loss. • Movements in exchange rates will impact on both the level of income received and the capital value of your investment. • There is no guarantee that the market price of the Company’s shares will fully reflect their underlying Net Asset Value. • As with all stock exchange investments the value of the Company’s shares purchased will immediately fall by the difference between the buying and selling prices, the bid-offer spread. If trading volumes fall, the bid-offer spread can widen. • The Company invests in emerging markets which tend to be more volatile than mature markets and the value of your investment could move sharply up or down. • Certain trusts may seek to invest in higher yielding securities such as bonds, which are subject to credit risk, market price risk and interest rate risk. Unlike income from a single bond, the level of income from an investment trust is not fixed and may fluctuate. • With funds investing in bonds there is a risk that interest rate fluctuations could affect the capital value of investments. Where long term interest rates rise, the capital value of shares is likely to fall, and vice versa. In addition to the interest rate risk, bond investments are also exposed to credit risk reflecting the ability of the borrower (i.e. bond issuer) to meet its obligations (i.e. pay the interest on a bond and return the capital on the redemption date). The risk of this happening is usually higher with bonds classified as ‘sub- investment grade’. These may produce a higher level of income but at a higher risk than investments in ‘investment grade’ bonds. In turn, this may have an adverse impact on funds that invest in such bonds. • Yields are estimated figures and may fluctuate, there are no guarantees that future dividends will match or exceed historic dividends and certain investors may be subject to further tax on dividends. Other important information: An investment trust should be considered only as part of a balanced portfolio. The information contained in this document should not be considered as an offer, solicitation or investment recommendation to deal in the shares of any securities or financial instruments. It is not intended for distribution or use by any person or entity who is a citizen or resident of or located in any jurisdiction where such distribution, publication or use would be prohibited. Nothing herein constitutes investment, legal, tax or other advice and is not to be relied upon in making an investment or other decision. No recommendation is made, positive or otherwise, regarding individual securities mentioned. This is not an invitation to subscribe for shares and is by way of information only. Subscriptions will only be received and shares issued on the basis of the current Key Information Document (KID). These can be obtained free of charge from Aberdeen Asset Managers Limited, PO Box 11020, Chelmsford, Essex, CM99 2DB or available on www.invtrusts.co.uk. Any data contained herein which is attributed to a third party (“Third Party Data”) is the property of (a) third party supplier(s) (the “Owner”) and is licensed for use by abrdn*. Third Party Data may not be copied or distributed. Third Party Data is provided “as is” and is not warranted to be accurate, complete or timely. To the extent permitted by applicable law, none of the Owner, abrdn* or any other third party (including any third party involved in providing and/or compiling Third Party Data) shall have any liability for Third Party Data or for any use made of Third Party Data. Neither the Owner nor any other third party sponsors, endorses or promotes the fund or product to which Third Party Data relates. * abrdn means the relevant member of abrdn group, being abrdn PLC together with its subsidiaries, subsidiary undertakings and associated companies (whether direct or indirect) from time to time. Issued by Aberdeen Standard Fund Managers Limited, registered in England and Wales (740118) at Bow Bells House, 1 Bread Street, London, EC4M 9HH. Aberdeen Asset Managers Limited, registered in Scotland (No. 108419), 10 Queen’s Terrace, Aberdeen AB10 1XL. Both companies are authorised and regulated by the Financial Conduct Authority in the UK. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis, should not be taken as an indication or guarantee of any future performance analysis forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI” Parties) expressly disclaims all warranties (including without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages (www.msci.com).

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Murray International Trust PLC A high conviction global portfolio designed to grow capital and to deliver a strong and rising income Investment Trust Performance Data and Analytics to 31 August 2021

Investment objective Morningstar RatingTM The aim of the Company is to achieve an above average dividend yield, with long term growth in dividends and capital ahead of inflation, by investing principally in B Morningstar RatingTM for Funds global equities Morningstar rates funds from one to five stars based on how well they’ve performed (after adjusting for risk and accounting for all sales charges) in comparison to Reference Index similar funds. FTSE All-World TR Index. Team Awards Cumulative performance (%) as at 31/08/21 1 month 3 months 6 months 1 year 3 years 5 years Share Price 1138.0p 1.4 (3.4) 7.3 25.6 16.1 29.1 NAVA 1197.3p 2.8 3.6 8.9 28.0 20.9 36.2 Reference Index 3.6 7.9 15.8 25.6 34.6 72.0 Twenty largest equity holdings (%) Taiwan Semiconductor 4.6 Discrete performance (%) GlobalWafers 4.0 Grupo Aeroportuario 3.5 Year ending 31/08/21 31/08/20 31/08/19 31/08/18 31/08/17 Philip Morris 3.0 Share Price 25.6 (13.6) 7.0 (8.9) 22.0 CME 2.9 NAVA 28.0 (12.7) 8.2 (5.9) 19.7 Samsung Electronic 2.5 Reference Index 25.6 2.1 5.0 8.8 17.4 Broadcom 2.5

Total return; NAV to NAV, net income reinvested, GBP. Share price total return is on a mid-to-mid basis. Verizon Communications 2.3 Dividend calculations are to reinvest as at the ex-dividend date. NAV returns based on NAVs with debt valued at fair value. AbbVie 2.3 Source: Aberdeen Asset Managers Limited, Lipper and Morningstar. Past performance is not a guide to future results. Sociedad Quimica Y Minera De Chile 2.2 Oversea-Chinese Banking 2.1 1 Year Premium/Discount Chart (%) Vale 2.1 Tryg 2.0 % 4 Cisco Systems 2.0 Telus 1.9 0 TotalEnergies 1.9 Epiroc 1.8 -4 BHP 1.8 Atlas Copco 1.8 Taiwan Mobile 1.8 -8 Total 49.0

-12 Ten largest fixed income holdings (%) Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Aug-21 South Africa (Rep of) 7% 28/02/31 1.0 Indonesia (Rep of) 6.125% 15/05/28 0.9 America Movil Sab De 6.45% 05/12/22 0.8 Mexico (United Mexican States) 5.75% 0.8 05/03/26 Petroleos Mexicanos 6.75% 21/09/47 0.7 Dominican (Rep of) 6.85% 27/01/45 0.7 Indonesia (Rep of) 8.375% 15/03/34 0.7 HDFC BANK 7.95% 21/09/26 0.5

A Including current year revenue. Power Finance Corp 7.63% 14/08/26 0.5 B © 2021 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its Petroleos Mexicanos 5.5% 27/06/44 0.4 content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Total 7.0 Past performance is no guarantee of future results. For more detailed information about Morningstar’s Analyst Rating, including its methodology, please go to: http://corporate.morningstar.com/us/documents/MethodologyDocuments/ AnalystRatingforFundsMethodology.pdf The Morningstar Analyst Rating for Funds is a forward-looking analysis of a All sources (unless indicated): fund. Morningstar has identified five key areas crucial to predicting the future success of a fund: People, Parent, Process, Aberdeen Asset Managers Limited 31 August 2021. Performance, and Price. The pillars are used in determining the Morningstar Analyst Rating for a fund. Morningstar Analyst Ratings are assigned on a five-tier scale running from Gold to Negative. The top three ratings, Gold, Silver, and Bronze, all indicate that our analysts think highly of a fund; the difference between them corresponds to differences in the level of Private investors 0808 500 0040 analyst conviction in a fund’s ability to outperform its Reference Index and peers through time, within the context of the Institutional investors level of risk taken over the long term. Neutral represents funds in which our analysts don’t have a strong positive or negative conviction over the long term and Negative represents funds that possess at least one flaw that our analysts believe is likely to InvestmentTrustInvestorRelations-UK significantly hamper future performance over the long term. Long term is defined as a full market cycle or at least five years. Past performance of a security may or may not be sustained in future and is no indication of future performance. For detailed @aberdeenstandard.com information about the Morningstar Analyst Rating for Funds, please visit http://global.morningstar.com/managerdisclosures. +44 (0)20 7463 5971 | +44 (0)13 1222 1863 C Consolidates all equity holdings from same issuer.

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Murray International Trust PLC A high conviction global portfolio designed to grow capital and to deliver a strong and rising income

Fund managers’ report Total number of investments Background Total Equity Holdings in Portfolio 52 Strong corporate earnings and renewed commitments by Governments to provide Total Fixed Income Holdings in Portfolio 23 supportive monetary and fiscal policies continued to outweigh the negatives of surging Total 75 Covid cases and escalating inflation concerns over the month. Despite vaccinations rates Portfolio analysis (%) in Emerging Economies trending well below those witnessed in the Developed world, the Equities Delta-driven surge in cases appear to have run their course in densely populated nations Asia Pacific ex Japan 28.6 such as India and Indonesia, offering the possibility of sharply higher growth recoveries as North America 26.2 economic activity gathers momentum. For the most part, the general global investment Europe ex UK 16.0 backdrop continues to improve. Latin America & Emerging Markets 11.6 United Kingdom 5.8 Performance Africa 0.8 Global equity markets maintained their upward trajectory over the period, with the United Fixed Income States and Japan recording the strongest capital performance. Low-yielding Technology Asia Pacific ex Japan 3.9 stocks once again dominated the list of top performing assets, although rising bond yields Latin America & Emerging Markets 3.9 also translated into stronger performance from financials as markets anticipated Africa 1.0 improved profitability ahead for this sector. Regionally Asia continued to be held back by Europe ex UK 0.6 uncertainty over China, where recent government initiatives focused on increasing the United Kingdom 0.5 redistribution of prosperity, although Taiwan proved a noticeable exception to such overall Cash 1.1 underperformance as Semiconductor manufacturing companies continued to prosper Total 100.0 from supply shortages and price increases. Both Energy and Commodity sectors, which Key information have proven so consistently strong over the recent past, were noticeably weak as Calendar momentum and investor interest began to moderate. Year end 31 December Activity Accounts published March There was no meaningful transaction activity over the period. Annual General Meeting April Dividend paid February, May, Outlook August, November Like the concept of perpetual motion or a limitless credit card, the fallacy of belief that Established 1907 equity markets must always rise enters the investor psyche from time to time, usually with Fund manager Bruce Stout painful consequences. The very long term trend may indicate otherwise, but the Ongoing chargesC 0.68% year-to-year oscillations of most stock-market indices suggest the risk to capital loss is Annual management feeD 0.5% (tiered) never far away. Such risks come in various guises, from unrealistic expectations to Premium/(Discount) (4.9)% YieldE 4.8% irrational exuberance and a raft of unpredictable outcomes in between. So as the world Net gearingF 11.7% emerges from the Pandemic along an unfamiliar economic path littered with punitive debt Active shareG 93.4% burdens, rising inflationary pressures and unpredictable political change, great caution is warranted. Against such an emerging backdrop, our investment strategy remains Assets/Debt £’m % diversified, differentiated, and income focused with a bias towards quality businesses Equities 1,536.2 99.7 delivering sustainable cash flows. Fixed Income 172.1 11.2 1,708.3 110.9 Cash & cash equivalents 19.4 1.3 Other Assets/(Liabilities) 12.4 0.8 Gross Assets 1,740.1 113.0 Debt (199.8) (13.0) Net Assets 1,540.3 100.0 AIFMD Leverage Limits Gross Notional 2.4x Commitment 2x

C Expressed as a percentage of total costs divided by average daily net assets for the year ended 31 December 2020. The Ongoing Charges Figure (OCF) is the overall cost shown as a percentage of the value of the assets of the Company. It is made up of the Annual Management Fee and other charges. It does not include any costs associated with buying shares in the Company or the cost of buying and selling stocks within the Company. The OCF can help you compare the annual operating expenses of different Companies. Receive the factsheet by email as soon D The annual fee is charged at 0.5% of net assets (ie excluding gearing) up to £1,200 million, and 0.425% of Net Assets above £1,200 million. as it is available by registering at E Calculated using the Company’s historic net dividends and month end share price. F Net gearing is defined as a percentage, with net debt (total debt less cash/cash equivalents) divided by shareholders’ funds. www.invtrusts.co.uk/ITemail G The ‘Active Share’ percentage is a measure used to describe what proportion of the Company’s holdings differ from the www.murray-intl.co.uk Reference Index index holdings.

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Murray International Trust PLC A high conviction global portfolio designed to grow capital and to deliver a strong and rising income

Capital structure Ordinary shares 128,368,953 Treasury shares 1,043,050

Allocation of management fees and finance costs Capital 70% Revenue 30%

Trading details Reuters/Epic/ Bloomberg code MYI ISIN code GB0006111909 Sedol code 0611190 Stockbrokers Stifel Nicolaus Europe Ltd Market makers SETSmm

Receive the factsheet by email as soon The risks outlined overleaf relating to gearing, exchange rate movements and emerging as it is available by registering at markets are particularly relevant to this trust but should be read in conjunction with all www.invtrusts.co.uk/ITemail warnings and comments given. www.murray-intl.co.uk Important information overleaf

Page 59 of 73

Murray International Trust PLC A high conviction global portfolio designed to grow capital and to deliver a strong and rising income

Other important information: An investment trust should be considered only as part of a balanced portfolio. The information contained in this document should not be considered as an offer, solicitation or investment recommendation to deal in the shares of any securities or financial instruments. It is not intended for distribution or use by any person or entity who is a citizen or resident of or located in any jurisdiction where such distribution, publication or use would be prohibited. Nothing herein constitutes investment, legal, tax or other advice and is not to be relied upon in making an investment or other decision. No recommendation is made, positive or otherwise, regarding individual securities mentioned. This is not an invitation to subscribe for shares and is by way of information only. Subscriptions will only be received and shares issued on the basis of the current Key Information Document (KID). These can be obtained free of charge from Aberdeen Asset Managers Limited, PO Box 11020, Chelmsford, Essex, CM99 2DB or available on www.invtrusts.co.uk. Any data contained herein which is attributed to a third party (“Third Party Data”) is the property of (a) third party supplier(s) (the “Owner”) and is licensed for use by abrdn*. Third Party Data may not be copied or distributed. Third Party Data is provided “as is” and is not warranted to be accurate, complete or timely. To the extent permitted by applicable law, none of the Owner, abrdn* or any other third party (including any third party involved in providing and/or compiling Third Party Data) shall have any liability for Third Party Data or for any use made of Third Party Data. Neither the Owner nor any other third party sponsors, endorses or promotes the fund or product to which Third Party Data relates. * abrdn means the relevant member of abrdn group, being abrdn PLC together with its subsidiaries, subsidiary undertakings and associated companies (whether direct or indirect) from time to time. Issued by Aberdeen Standard Fund Managers Limited, registered in England and Wales (740118) at Bow Bells House, 1 Bread Street, London, EC4M 9HH. Aberdeen Asset Managers Limited, registered in Scotland (No. 108419), 10 Queen’s Terrace, Aberdeen AB10 1XL. Both companies are authorised and regulated by the Financial Conduct Authority in the UK. FTSE International Limited (‘FTSE’) © FTSE 2021. ‘FTSE®’ is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. RAFI® is a registered trademark of Research Affiliates, LLC. All rights in the FTSE indices and/ or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Page 60 of 73

Aberdeen Japan Investment Trust PLC Japan specialists identifying exceptional companies Investment Trust Performance Data and Analytics to 31 August 2021

Investment objective Morningstar Sustainability RatingTM To achieve long-term capital growth principally through investment in listed Japanese companies which are believed by the Investment Manager to have above average prospects for growth. Morningstar Analyst RatingTM

Benchmark Topix Index (in sterling terms).

B Morningstar Analyst Rating™ Cumulative performance (%) Morningstar analysts assign the ratings globally on a five-tier scale with three positive ratings of Gold, Silver as at 31/08/21 1 month 3 months 6 months 1 year 3 years 5 years and Bronze. Share Price 730.0p 3.5 5.3 4.9 23.7 30.6 61.6 Morningstar RatingTM NAVA 842.1p 7.2 9.5 8.5 20.5 31.3 60.0 Benchmark 4.1 5.0 4.8 16.2 15.6 48.0 B Morningstar RatingTM for Funds Morningstar rates funds from one to five stars based on how well they’ve performed (after adjusting for risk Discrete performance (%) and accounting for all sales charges) in comparison to Year ending 31/08/21 31/08/20 31/08/19 31/08/18 31/08/17 similar funds. Share Price 23.7 6.8 (1.2) 5.0 17.8 Ten largest equity holdings (%) NAVA 20.5 10.0 (1.0) 5.6 15.4 Toyota Motor 4.3 Benchmark 16.2 (0.1) (0.5) 7.8 18.7 Tokio Marine 3.6

Total return; NAV to NAV, net income reinvested, GBP. Share price total return is on a mid-to-mid basis. Sony 3.6 Dividend calculations are to reinvest as at the ex-dividend date. NAV returns based on NAVs with debt valued at fair value. Asahi Group 3.5 Source: Aberdeen Asset Managers Limited, Lipper and Morningstar. Past performance is not a guide to future results. Shin-Etsu Chemical 3.5 Recruit 3.3 1 Year Premium/Discount Chart (%) Misumi 3.1 Nippon Sanso 3.1 % Keyence 3.0 -4 Amada 2.9 -6 Total 33.9 -8 -10 Sector allocation (%) -12 Trust Benchmark -14 Consumer Discretionary 25.1 22.5 -16 Industrials 23.3 26.1 -18 Technology 13.2 12.2 -20 Financials 9.3 9.2 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Aug-21 Health Care 8.8 9.3 Basic Materials 7.3 6.0 Consumer Staples 5.0 6.1 Real Estate 3.9 1.9 Telecommunications 3.8 4.8 Energy – 0.6 Utilities – 1.3 Cash 0.3 – Total 100.0 100.0 A Including current year revenue. B © 2021 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Total number of investments 67 Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For more detailed information about Morningstar’s Analyst Rating, including its methodology, please go to: http://corporate.morningstar.com/us/documents/MethodologyDocuments/ All sources (unless indicated): AnalystRatingforFundsMethodology.pdf The Morningstar Analyst Rating for Funds is a forward-looking analysis of a Aberdeen Asset Managers Limited 31 August 2021. fund. Morningstar has identified five key areas crucial to predicting the future success of a fund: People, Parent, Process, Performance, and Price. The pillars are used in determining the Morningstar Analyst Rating for a fund. Morningstar Analyst Ratings are assigned on a five-tier scale running from Gold to Negative. The top three ratings, Gold, Silver, and Bronze, all Private investors 0808 500 0040 indicate that our analysts think highly of a fund; the difference between them corresponds to differences in the level of Institutional investors analyst conviction in a fund’s ability to outperform its benchmark and peers through time, within the context of the level of risk taken over the long term. Neutral represents funds in which our analysts don’t have a strong positive or negative InvestmentTrustInvestorRelations-UK conviction over the long term and Negative represents funds that possess at least one flaw that our analysts believe is likely to significantly hamper future performance over the long term. Long term is defined as a full market cycle or at least five years. @aberdeenstandard.com Past performance of a security may or may not be sustained in future and is no indication of future performance. For detailed +44 (0)20 7463 5971 | +44 (0)13 1222 1863 information about the Morningstar Analyst Rating for Funds, please visit http://global.morningstar.com/managerdisclosures.

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Aberdeen Japan Investment Trust PLC Japan specialists identifying exceptional companies

Fund managers’ report Fund risk statistics Japan was one of the strongest major developed markets in August. The June end-quarter 3 Years 5 Years earnings season wrapped up on a positive note. As a result, the MSCI Japan Index and Annualised Standard MSCI Japan Small Cap Index closed up 3.2% and 2.8% (in yen terms), respectively, Deviation of Fund 14.53 12.38 in August. Beta 1.05 0.96 Sharpe Ratio 0.41 0.61 The 2020 Summer Olympics drew to a close in August, and the Paralympic competition Annualised Tracking Error 4.91 4.89 began late in the period. However, public opinion of the games has been mixed. Holding Annualised Information Ratio 0.55 0.11 a major international event in the shadow of Covid-19 was contentious and infections of R-Squared 0.89 0.85 the contagious Delta variant surged after the event finished. The state of emergency in Source: Aberdeen Asset Management, BPSS & Datastream, Tokyo and other prefectures was extended. This fourth lockdown was originally intended Basis: Total Return, Gross of Fees, GBP. Please note that risk analytics figures are calculated on to expire at the end of August, but officials chose to lengthen and extend the restrictions. gross returns whereas the performance figures are based on net asset value(NAV) returns. In addition, the risk That said, around half of Japan’s population have now received two doses of a analytics figures lag the performance figures by a month. Covid-19 vaccine. Key information Prime Minister Yoshihide Suga effectively relinquished his role as prime minister after less Calendar than a year on the job. Suga announced his decision not to run for the upcoming ruling party leadership race, effectively resigning from his current post when his term ends at Year end 31 March the end of September. Suga’s decision opens the door to several possible candidates, Accounts published June including Fumio Kishida, the ruling party’s policy research chief who has called for a Annual General Meeting July Dividend paid December and July sizeable stimulus package to revive the economy and vowed to reduce the number of Launch dateC October 1998 people without access to Covid-19 medical care to zero, Taro Kono, the current Fund manager Japanese Equities Team administration’s vaccine czar, former internal affairs minister Sanae Takaichi, and the Ongoing chargesD 1.04% ruling party’s executive acting secretary-general Seiko Noda. We do not expect major Annual management fee 0.75% of the lower of policy shifts as a result of the elections. net assets and market capitalisation Economic data was marginally positive – second-quarter GDP figures showed 1.3% Premium/(Discount) (13.3)% (annualised) growth after a 3.7% contraction in the first quarter. Japanese firms boosted Historic yield 2.6% investments for a second straight quarter, a sign that corporates are looking past the Net gearingE 9.8% Covid-19 crisis. Private consumption rose 0.8% quarter-on-quarter, overshooting Active shareF 74.4% economists’ expectation of flattish numbers. AIFMD Leverage Limits June-end quarterly results were encouraging, with most companies reporting strong Gross Notional 2.5x recoveries from the lows of early last year. Many companies trended ahead of Commitment 2x management guidance, but most only raised their guidance by small amounts, or left guidance untouched, citing uncertainties about the outlook, given supply chain Assets/Debt (£m) disruptions and higher raw material prices. Gross Assets 121.2 Portfolio moves Debt 11.2 There were no significant portfolio changes over the month. Cash & cash equivalents 0.4

Outlook Capital structure Prospects for Japanese equities are looking up amid a global economic recovery. In Japan, Ordinary shares 13,063,229 a ramp-up in vaccinations and the reopening of economies in North America and Europe Treasury shares 2,758,343 should benefit Japanese corporates with local as well as overseas operations. We believe the portfolio is poised to reap the benefits of these developments, and that valuations Allocation of management fees and remain reasonable against the improving outlook of our holdings finance costs Capital 60% Revenue 40%

C Previously managed by Gartmore Investment Limited. D Expressed as a percentage of average daily net assets for the year ended 31 March 2021. The Ongoing Charges Figure (OCF) Receive the factsheet by email as soon is the overall cost shown as a percentage of the value of the assets of the Company. It is made up of the Annual Management Fee and other charges. It does not include any costs associated with buying shares in the Company or the cost of buying and as it is available by registering at selling stocks within the Company. The OCF can help you compare the annual operating expenses of different Companies. E Net gearing is defined as a percentage, with net debt (total debt less cash/cash equivalents) divided by shareholders’ funds. www.invtrusts.co.uk/ITemail F The ‘Active Share’ percentage is a measure used to describe what proportion of the Company’s holdings differ from the www.aberdeenjapan.co.uk benchmark index holdings.

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Aberdeen Japan Investment Trust PLC Japan specialists identifying exceptional companies

Trading details Reuters/Epic/ Bloomberg code AJIT ISIN code GB0003920757 Sedol code 0392075 Stockbrokers Shore Capital Market makers CFEP, INV, JPMS, STFL, SCAP, WINS

Receive the factsheet by email as soon The risk outlined overleaf relating to gearing and exchange rate movements are as it is available by registering at particularly relevant to this trust but should be read in conjunction with all warnings www.invtrusts.co.uk/ITemail and comments given. www.aberdeenjapan.co.uk Important information overleaf

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Aberdeen Japan Investment Trust PLC Japan specialists identifying exceptional companies

Important information Risk factors you should consider prior to investing: • The value of investments and the income from them can fall and investors may get back less than the amount invested.

• Past performance is not a guide to future results.

• Investment in the Company may not be appropriate for investors who plan to withdraw their money within 5 years.

• The Company may charge expenses to capital which may erode the capital value of the investment.

• Derivatives may be used, subject to restrictions set out for the Company, in order to manage risk and generate income. The market in derivatives can be volatile and there is a higher than average risk of loss.

• Movements in exchange rates will impact on both the level of income received and the capital value of your investment.

• There is no guarantee that the market price of the Company’s shares will fully reflect their underlying Net Asset Value.

Page 64 of 73 Aberdeen Diversified Income and Growth Trust plc Investing across asset classes aiming to deliver reliable income and growth Investment Trust Performance Data and Analytics to 31 August 2021

Investment objective Morningstar RatingTM (effective from AGM date of 23 February 2021) The Company seeks to provide income and capital appreciation over the long term B Morningstar RatingTM for Funds through investment in a globally diversified multi-asset portfolio. Morningstar rates funds from one to five stars based on how well they’ve performed (after adjusting for risk and accounting for all sales charges) in comparison to Performance measure similar funds. NAV total return (defined as change in NAV plus dividends reinvested) of 6% per annum Ten largest holdings (%) over a rolling five year period. TwentyFour Asset Backed Opportunities Prior to 23 February 2021 the investment objective was: Fund 6.7 Aberdeen Standard Global Private Markets To target a total portfolio return of LIBOR (London Interbank Offered Rate) plus 5.5 per cent. Fund 4.2 per annum (net of fees) over rolling five-year periods. Aberdeen Global Infrastructure Partners IIC 3.9 Neuberger Berman CLO Income Fund I2 Cumulative performance (%) GBP Dis 3.9 C Since SL Capital Infrastructure II 3.5 change Aberdeen Property Secondaries Partners IIC 3.2 as at 31/08/21 1 month 3 months 6 months 1 year 3 years of policy 5 years Burford Opportunity FundC 3.0 Share Price 99.2p 0.2 3.0 6.3 12.9 (6.7) 6.1 14.1 Aberdeen European Residential Opportunities FundC 3.0 NAVA 121.5p 1.6 4.2 9.0 14.9 13.2 19.4 24.2 HealthCare Royalty Partners IV 2.9 ASI UK Mid-Cap Equity Fund 2.9 Discrete performance (%) Total 37.2 Year ending 31/08/21 31/08/20 31/08/19 31/08/18 31/08/17 Share Price 12.9 (8.5) (9.7) 8.1 13.1 Total number of investments 645 NAVA 14.9 (1.4) (0.1) 1.6 8.0 Total return; NAV to NAV, net income reinvested, GBP. Share price total return is on a mid-to-mid basis. Dividend calculations are to reinvest as at the ex-dividend date. NAV returns based on NAVs with debt valued at fair value. Source: Morningstar. For Information only. Performance prior to 11th February 2017 does not relate to management by Aberdeen Standard Investments. Past performance is not a guide to future results. 1 Year Premium/Discount Chart (%)

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A Including current year revenue. B © 2021 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For more detailed information about Morningstar’s Analyst Rating, including its methodology, please go to: http://corporate.morningstar.com/us/documents/MethodologyDocuments/ AnalystRatingforFundsMethodology.pdf The Morningstar Analyst Rating for Funds is a forward-looking analysis of a fund. Morningstar has identified five key areas crucial to predicting the future success of a fund: People, Parent, Process, All sources (unless indicated): Performance, and Price. The pillars are used in determining the Morningstar Analyst Rating for a fund. Morningstar Analyst Aberdeen Asset Managers Limited 31 August 2021. Ratings are assigned on a five-tier scale running from Gold to Negative. The top three ratings, Gold, Silver, and Bronze, all indicate that our analysts think highly of a fund; the difference between them corresponds to differences in the level of Private investors 0808 500 0040 analyst conviction in a fund’s ability to outperform its benchmark and peers through time, within the context of the level Institutional investors of risk taken over the long term. Neutral represents funds in which our analysts don’t have a strong positive or negative conviction over the long term and Negative represents funds that possess at least one flaw that our analysts believe is likely to InvestmentTrustInvestorRelations-UK significantly hamper future performance over the long term. Long term is defined as a full market cycle or at least five years. Past performance of a security may or may not be sustained in future and is no indication of future performance. For detailed @aberdeenstandard.com information about the Morningstar Analyst Rating for Funds, please visit http://global.morningstar.com/managerdisclosures. +44 (0)20 7463 5971 | +44 (0)13 1222 1863 C Denotes a private markets (unlisted) investment.

Page 65 of 73 Aberdeen Diversified Income and Growth Trust plc Investing across asset classes aiming to deliver reliable income and growth

Fund managers’ report Key information The portfolio delivered a NAV return of 1.6% in August. The share price total return of 0.2% Calendar meant the discount widened to -18.3% at month end. Year end 30 September Global equities produced a positive return over the month, leading to a seventh Accounts published January Annual General Meeting consecutive month of gains, despite bouts of heightened volatility. Investors continued to February Dividend paid January, March, July consider the growth and inflation outlook as well as the impact of rising cases of the and October Covid-19 Delta variant globally. In the second half of the month, the market reacted to the Established 1898 US Federal Reserve’s latest policy meeting minutes, which showed that most members of Fund managers Nalaka De Silva the Federal Open Market Committee believed tapering of the central bank’s bond Ongoing chargesE 0.84% purchase programme could begin before the end of the year. Equities initially fell on the Annual management fee 0.5% pa on net news before recovering into the month end. assets up to £300m and 0.45% pa Our sustainable core equity allocation performed broadly in line with global equities while thereafter Premium/(Discount) (18.3)% our equity satellites were positive as our European green infrastructure equity satellite, YieldF 5.5% and to a lesser extent our UK mid-cap satellite, outperformed global equities Net gearingG nil Local currency emerging market bonds produced a modest positive return during the Net gearing with debt at H month driven by income generation and currency gains (measured against our funding market value 1.1% basket), offset by slightly lower bond prices. AIFMD Leverage Limits Within the listed alternatives space - several renewable infrastructure companies reported Gross Notional 3.5x Q2 NAVs during the month. Foresight Solar produced a NAV total return of 8.5% primarily Commitment 2.5x driven by upward revisions to UK power price forecasts. Conversely, Aquila European Assets/Debt £’000 % Renewables produced a NAV total return of -0.3%, primarily due to a weaker power price Private Markets 155,946 40.8 forecast in the Nordic region. These highlight the meaningful diversification within our Fixed Income and Credit 98,313 25.7 renewable infrastructure exposure. Listed Alternatives 79,478 20.8 In relation to our social housing exposure, the Regulator of Social Housing issued a Equities 43,457 11.4 377,194 98.7 judgement this month resulting in Auckland Home Solutions being deemed non-compliant Total investments Cash & cash equivalents 17,675 4.6 on elements of the Governance and Financial Viability Standard. This judgement follows Other net assets 2,896 0.8 their announcement back in March that Auckland was under review. Whilst Auckland 6.25% Debenture 2031 (15,659) (4.1) currently represents 16.9% of Civitas Social Housing’s rent roll and 5.1% of Triple Point Net assets 382,106 100.0 Social Housing’s rent roll, both companies note that Auckland remains up to date with all rent payable under its leases. To date, the non-complaint regulatory judgements have not Capital structure had a material impact on asset valuations. Triple Point commented that its valuer has Ordinary shares 309,478,738 confirmed that the announcement will not have a material impact on the valuation of the Treasury shares 28,273,068 portfolio. We continue to monitor the situation closely. Allocation of management fees and We received a number of manager Q2 valuation updates from private market investments finance costs during the month. There was strong performance within Private Equity, with Maj IV and V Capital 60% up 32% and 26% respectively over the quarter due to strong revaluation gains for portfolio Revenue 40% Trading details Reuters/Epic/ Fund managers’ report continues overleaf Bloomberg code ADIG.L / ADIG LN ISIN code GB0001297562 Sedol code 0129756 D Performance data (sourced from Bloomberg) is preliminary and subject to confirmation. Discount based on cum income / debt at fair value NAV. Stockbroker Cenkos Securities E Expressed as a percentage of total costs divided by average daily net assets for the year ended 30 September 2020. Market makers SETSmm The Ongoing Charges Figure (OCF) is the overall cost shown as a percentage of the value of the assets of the Company. It is made up of the Annual Management Fee and other charges. It does not include any costs associated with buying shares in the Company or the cost of buying and selling stocks within the Company. The OCF can help you compare the annual operating expenses of different Companies. F Calculated using the Company’s historic net dividends and month end share price. G Net gearing is defined as a percentage, with net debt (total debt less cash/cash equivalents) divided by shareholders’ funds. H Performance data (sourced from Bloomberg) is preliminary and subject to confirmation. Discount based on cum income / debt at fair value NAV. Receive the factsheet by email as soon I As part of a strategic review the Company undertook a public tender in October 2020 to redeem up to 75% of its legacy debt: £60 million 6.25% Bonds due 2031 (the “Bonds”). The Company received tenders from investors owning 73.2% of its Bonds as it is available by registering at which were duly repurchased and cancelled on 2 November 2020 leaving £16,096,000 nominal of the Bonds outstanding. The Company’s structural gearing was substantially reduced and cash flow increased as the repurchase immediately reduced the www.invtrusts.co.uk/ITemail annual interest cost payable by the Company. The repurchase also provides the Company with more flexibility in respect of www.aberdeendiversified.co.uk discount management, including share buybacks.

Page 66 of 73 Aberdeen Diversified Income and Growth Trust plc Investing across asset classes aiming to deliver reliable income and growth

Fund managers’ report – continued companies, and HIPEP V was up 18% for the same reason. Within Infrastructure, the Pan European Infrastructure fund was up a further 3%, while BlackRock Renewable Income UK was down 3%. The Agricultural Capital Management II fund was down 1%, while SLCI II was up 2%. Cheyne Property was down 3% vs previous quarter. The diversified ASI Global Private Markets Fund valuation was up 2%, driven mainly by strong performance in the venture capital space. Portfolio changes Within the public markets, we trimmed the position in TwentyFour Asset Backed Securities to partially fund the drawdown into PIMCO (noted below). There were several drawdowns and distributions within the private market investments: • A $10m drawdown from the PIMCO Private Income Fund was received to fund ADIG’s full commitment in one hit (scheduled for 1st September)

• A distribution of $2.8m was received from HCR IV, of which c$1.5m was income (the rest return of capital). The majority of the income related to Chiasma, which markets MYCAPSSA, a treatment for acromegaly.

• A distribution of $0.4m was received from the Andean Social Infrastructure Fund paid from income from the Uruguayan custodial facility and the low sulphur oil refinery in Mexico.

• A distribution of $0.2m of was received from Mesirow III and IV from the disposal of underlying portfolio companies

Page 67 of 73 Aberdeen Diversified Income and Growth Trust plc Investing across asset classes aiming to deliver reliable income and growth

Important information Risk factors you should consider prior to investing: • The value of investments and the income from them can fall and investors may get back less than the amount invested. The investment places capital at risk and there is no guarantee that the performance target will be achieved over any time period. • Past performance is not a guide to future results. • Investment in the Company may not be appropriate for investors who plan to withdraw their money within 5 years. • The Company may borrow to finance further investment (gearing). The use of gearing is likely to lead to volatility in the Net Asset Value (NAV) meaning that any movement in the value of the company’s assets will result in a magnified movement in the NAV. • The Company may accumulate investment positions which represent more than normal trading volumes which may make it difficult to realise investments and may lead to volatility in the market price of the Company’s shares. • There is no guarantee that the market price of the Company’s shares will fully reflect their underlying Net Asset Value. • As with all stock exchange investments the value of the Company’s shares purchased will immediately fall by the difference between the buying and selling prices, the bid offer spread. If trading volumes fall, the bid-offer spread can widen. • Yields are estimated figures and may fluctuate, there are no guarantees that future dividends will match or exceed historic dividends and certain investors may be subject to further tax on dividends. • Derivatives may be used, subject to restrictions set out for the Company, in order to manage risk and generate income. The market in derivatives can be volatile and there is a higher than average risk of loss. • The Company may invest in alternative investments (including direct lending, commercial property, renewable energy and mortgage strategies). Such investments may be relatively illiquid and it may be difficult for the Company to realise these investments over a short time period, which may make it difficult to realise investments and may lead to volatility in the market price of the Company’s shares. • Investing globally can bring additional returns and diversify risk. However, currency exchange rate fluctuations may have a positive or negative impact on the value of investments.

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The North American Income Trust plc Leading US companies picked for their higher income potential Investment Trust Performance Data and Analytics to 31 August 2021

Investment objective Morningstar RatingTM To provide investors with above average dividend income and long term capital growth through active management of a portfolio consisting predominantly of B TM S&P 500 US equities. Morningstar Rating for Funds Morningstar rates funds from one to five stars based on how well they’ve performed (after adjusting for risk and accounting for all sales charges) in comparison to Reference benchmark similar funds. Russell Value 1000 Index. Ten largest equity holdings (%) Cumulative performance (%) AbbVie 5.0 Citigroup 4.4 as at 31/08/21 1 month 3 months 6 months 1 year 3 years 5 years Comcast 4.2 Share Price 282.0p 4.4 6.0 24.2 30.7 13.9 54.6 Bristol-Myers Squibb 4.1 NAVA 308.7p 3.2 5.0 18.3 28.1 15.7 52.7 Philip Morris 3.9 Russell 1000 Value 3.0 5.0 16.3 32.7 30.7 65.3 Cisco Systems 3.4 Medtronic 3.3 Discrete performance (%) Gilead Sciences 3.3 Year ending 31/08/21 31/08/20 31/08/19 31/08/18 31/08/17 Gaming and Leisure Properties 3.2 Share Price 30.7 (19.8) 8.7 18.6 14.5 Hanesbrands 3.1 NAVA 28.1 (11.9) 2.5 14.6 15.2 Total 37.9 Russell 1000 Value 32.7 (8.3) 7.4 11.5 13.4 Sector allocation (%) Total return; NAV to NAV, net income reinvested, GBP. Share price total return is on a mid-to-mid basis. Dividend calculations are to reinvest as at the ex-dividend date. NAV returns based on NAVs with debt valued at fair value. Financials 23.0 Source: Aberdeen Asset Managers Limited, Lipper and Morningstar. Past performance is not a guide to future results. Health Care 16.4 Consumer Discretionary 9.2 Five year dividend table (p) Industrials 8.6 Energy 7.6 Financial year 2021 2020 2019 2018 2017 Consumer Staples 7.3 Total dividend (p) 10.00 9.50 8.50 7.80 7.20 Real Estate 7.0 Communication Services 6.9 1 Year Premium/Discount Chart (%) Information Technology 6.2 Materials 5.3 % -5 Utilities 2.5 Total 100.0

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The North American Income Trust plc Leading US companies picked for their higher income potential

Fund managers’ report Geographic breakdown (%) Major US equity indices moved higher in August 2021.The Russell 1000 Value Index, the USA 88.2 Trust’s benchmark, returned 3.0% in sterling terms for the month. The financials, Canada 7.6 communication services and utilities sectors led the upturn. Conversely, energy was the Cash available for investment 3.7 lone sector to record a negative return, while industrials and materials also lagged the Other cashD 0.5 overall market during the month. Total 100.0 On the economic front, the Department of Commerce reported that US GDP expanded by Total number of investments 6.6% in the second quarter of 2021, up marginally from the government’s initial estimate Total number of equity investments 42 of 6.5%, and a 0.3-percentage-point increase from the 6.3% growth rate in the first Total number of fixed income investments 2 quarter. The slightly higher growth rate was attributable to upward revisions to Total 44 nonresidential fixed investment, exports, and consumer spending, as well as a decrease in Key information imports. These gains were partially offset by downward revisions to private inventory Calendar investment, residential fixed investment, state and local government spending, and Year end 31 January federal government spending. According to the Department of Labor, US payrolls grew by Accounts published April a lower-than-expected total of 235,000 in August, and the unemployment rate dipped 0.2 Annual General Meeting June percentage point to 5.2%. There were notable job gains in professional and business Dividend paid February, June, July, services, and transportation and warehousing. Conversely, employment in retail trade October declined during the month. There were continued signs of inflation in July, with the Established 1902 Consumer Price Index (CPI) rising 5.4% year over year. However, core inflation, as Fund managers Fran Radano Ralph Bassett measured by the CPI for all items less food and energy, rose by a more modest 4.3% for Ongoing chargesD 1.01% the month. Annual management fee 0.75% of net assets In portfolio-related corporate news, multi-lines insurer MetLife posted better-than- up to £250m; 0.6% of net assets between expected results for the second quarter of its 2021 fiscal year. The company saw heathy £250m; and £500m; year-over-year revenue and earnings growth, bolstered by notable strength in its 0.5% of net assets above £500m Retirement and Income Solutions unit. Also, U.S. Diversified media company Comcast Premium/(Discount) (8.7)% Corp. (a Trust holding) and ViacomCBS (which the Trust does not own) announced a joint YieldE 3.6% venture partnership to launch “SkyShowtime,” a subscription video-on-demand (SVOD) Net gearingF 3.8% service, in more than 20 European countries. The service is expected to launch sometime Net gearingFG 4.4% in 2022. Active shareH 89.0% One Trust holding announced a notable dividend action in August. Internet services provider Cogent Communications Holdings raised its quarterly payout by 3.1%, AIFMD Leverage Limits representing an annualised yield of 4.6% at the stock’s closing price on 31 August. Gross Notional 2.5x Commitment 2x During the month, we initiated holdings in oilfield services company Baker Hughes Co., and specialty apparel maker VF Corp. We added to the Trust’s positions in defence Assets/Debt (£m) contractor Lockheed Martin Corp.; internet services provider Cogent Communications Holdings; and specialty apparel maker Hanesbrands. We did not exit any positions in Gross 477.9 August. We trimmed holdings in alternative asset manager Blackstone Inc.; oil and gas Debt 36.3 company ConocoPhillips; and Networking equipment maker Cisco Systems. Cash & cash equivalents 19.3

Assets % £m Equities 99.6 457.2 Fixed Income 0.4 1.7 Total 100.0 458.9

Fund managers’ report continues overleaf

C Represents cash being used as collateral against open equity options positions, and therefore not available for investment. D Expressed as a percentage of average daily net assets for the year ended 31 January 2021. The Ongoing Charges Figure (OCF) is the overall cost shown as a percentage of the value of the assets of the Company. It is made up of the Annual Management Fee and other charges. It does not include any costs associated with buying shares in the Company or the cost of buying and Receive the factsheet by email as soon selling stocks within the Company. The OCF can help you compare the annual operating expenses of different Companies. E Calculated using the Company’s historic net dividends and month end share price. as it is available by registering at F Net gearing is defined as a percentage, with net debt (total debt less cash/cash equivalents) divided by shareholders’ funds. G Excludes cash being used as collateral against open option positions from cash/cash equivalents. www.invtrusts.co.uk/ITemail H The ‘Active Share’ percentage is a measure used to describe what proportion of the Company’s holdings differ from the www.northamericanincome.co.uk benchmark index holdings.

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Fund managers’ report – continued Options Outlook Number of open options positions 3 Concerns over the spread of the Delta variant continue to drive both uncertainty over the Equity sleeve optionisedI 2.91% pace of economic recovery and thus market volatility in August. While Delta may disrupt some of the most Covid-19-sensitive areas of the economy (mainly travel), we remain Capital structure optimistic that this will not meaningfully derail the recovery in growth nor completely Ordinary shares 141,061,484 reverse the full reopening seen in the vast majority of US states. In the wake of disappointing consumer sentiment surveys in mid-August, retailers in Allocation of management fees and general did a good job in reminding investors about the strength and resilience of the US finance costs consumer. So far this year, spending has rebounded strongly, although savings rates are Capital 70% coming off historic highs as effects of earlier stimulus checks and extended Revenue 30% unemployment benefits fade. We view that consumer financial health remains robust following a prolonged period of household debt reduction and increased savings through Trading details the pandemic. We believe the current financial state of consumer balance sheets implies Reuters/Epic/ further spending and investment, though short-term confidence appears dented by the Bloomberg code NAIT recent wave of Delta variant cases and the dream of returning to pre-pandemic normal life ISIN code GB00BJ00Z303 Sedol code appears delayed. BJ00Z30 Stockbrokers WINS Investment Trusts Despite the array of US Federal Reserve (Fed) officials lining up to say that the time for Market makers SETSmm tapering the quantitative easing (QE) program is drawing close, Fed Chair Jerome Powell continued to keep his options open on the precise timing. He acknowledged that, in his opinion, “the substantial progress test had been met for inflation,” though he remained more ambiguous about the employment test. There remains uncertainty whether the taper will begin this year. Through second-quarter earnings, companies generally emphasised continued strong demand and confidence in their ability to push prices while highlighting notable inflation in labour and transportation costs, and continued pressures from supply chains. The impact of rising input costs has been a major question mark for investors, but thus far the evidence is that increases in some costs are being more than outweighed by strong operational gearing to volume growth as sales recover. If anything, companies are raising their margin outlooks, helping to nudge earnings growth expectations for 2021 further upwards. Beyond this year, we expect the market’s focus to shift towards sustainability of growth as the cycle normalises.

The risks outlined overleaf relating to exchange rate movements is particularly relevant Receive the factsheet by email as soon to this trust, but should be read in conjunction with all warnings and comments given. as it is available by registering at Important information overleaf www.invtrusts.co.uk/ITemail www.northamericanincome.co.uk I Calculated as notional principal of outstanding divided by gross equity assets.

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