UNIT TRUST– June 2015 Aberdeen Multi-Manager Cautious Managed Portfolio Class R - Acc Performance Data and Analytics to 31 May 2015 Top ten holdings Summary investment objective To achieve income and capital growth by adopting a cautious investment approach and investing mostly in shares of other investment funds. Performance (%) Annualised Fund Sector average Sector ranking Quartile 1 month 3 months 6 months 1 year 3 years 5 years Launch 0.73 0.61 58/144 2 2.36 1.93 45/141 2 4.67 4.77 69/140 2 5.64 7.48 106/137 4 9.20 8.73 65/118 3 6.73 6.45 56/96 3 5.30 4.33 10/17 3 Discrete annual returns (%) - year ended 31/05 Fund 2015 2014 2013 2011 2010 5.64 4.48 17.98 -3.84 10.64 Sector % Bonds Bonds Bonds Bonds Europe United States Europe Absolute Return United Kingdom 8.2 8.2 8.1 7.1 6.6 6.1 5.1 4.9 4.2 Absolute Return 4.1 62.6 Total number of holdings 23 Asset allocation % Calendar year performance (%) Fund Sector average Sector ranking Quartile Jupiter Strategic Bond II M&G Global Macro Bd GLG Inv Strat Bond Prof Invesco IP Gbl Finl Cap Henderson Eur Focus Findlay Park American JO Hambro European Morgan Stanley Div Alpha Majedie UK Equity Absolute Equity Market Neutral Total Year to date 2014 2013 2012 2011 5.38 5.14 60/141 2 1.66 4.77 126/135 4 12.20 8.87 24/133 1 10.94 8.24 38/135 2 -5.30 -2.06 102/134 4 Performance Data: Share Class R acc. Source: Lipper, Basis: Total Return, NAV to NAV, UK Net Income Reinvested. These figures do not include the initial charge; if this is paid it will reduce performance from that shown. Past performance is not a guide to future results. Bonds United Kingdom Europe Absolute Return United States Japan Asia Pacific Property Emerging Markets Cash Total 34.3 19.2 11.7 9.0 7.1 4.5 3.3 3.1 1.0 6.8 100.0 Fund manager's report Key information May was a mixed month for equity markets in sterling terms. Benchmark IA Mixed Asset 20-60% Shares Sector IA Mixed Asset 20-60% Shares Fund size £ 236.1 m The UK stock market started the month on the front foot, as investors took cheer from the result of the UK general election. The US equity market as measured by the S&P 500 index appreciated by 2.0% in May, reaching a record high in the third week of the month. Returns were boosted by a better-than-expected first-quarter earnings season, which drew to a close during the month. According to FactSet, 71% of the companies that reported earnings by the end of May had exceeded analysts' expectations. Share Class Performance Launch 10 August 2001 Date Investment team Multi Manager Team Fund advisory company Aberdeen Asset Managers Limited Equity markets in the Eurozone were slightly up in local currency terms over May but fell by 0.2% in sterling terms. Equities were boosted by the European Central Bank's announcement that it would increase its asset purchases in May and June to provide a boost to the economy over the summer. As a result, the euro weakened against the US dollar. Japanese equities outpaced their developed-market peers over May, with the Topix index appreciating by 2.1%. The strongest performances at the sector level came from steel & non-ferrous metals and electric power & gas. In contrast, the returns from pharmaceuticals and real estate companies were among the weakest over the month. Elsewhere in Asia, mainland China's stock exchanges were volatile over the final days of May. First, the Chinese government said it would secure $300 billion in private funding for public infrastructure projects, providing a boost for equities. Later, the Shanghai Composite Index recorded its biggest fall since January. That fall was partly a reaction to news that rules on lending to stock investors are to be tightened by many of the country's brokerages. As a group, emerging markets were down over the month. At the country level, Brazil and Russia were among the worst performers. In contrast, India and Vietnam did well. Brazil's economy contracted by less than expected, boosted by support from exports because of the weaker currency. Fund managers’ report continues overleaf Please see the risks outlined overleaf. These should be read along with all comments given in the prospectus. IMPORTANT INFORMATION OVERLEAF www.aberdeen-asset.co.uk UNIT TRUST– June 2015 Aberdeen Multi-Manager Cautious Managed Portfolio Fund managers’ report – continued May was volatile for government bonds. However, in a pattern that has become all too familiar recently, benchmark 10-year yields weathered the intra-month volatility to close the month not too far removed from their starting point. Much of the focus has been on the Eurozone, and in particular, on German bunds. At one stage, the 10-year yield had moved as high as 0.8% before settling down to end the month at 0.5%. Ten-year US Treasury yields also exhibited a see-saw pattern, albeit not so dramatic as in Europe. A renewal of concerns that US economic recovery lacks momentum pushed yields lower and prices higher. Commodity prices resumed their downward path during May, although there was a good deal of volatility within the various asset classes. The rising US dollar was responsible for much of the weakness. In general, the prices of commodities tend to move in the opposite direction to the dollar, as most commodities are priced in dollars, making them more expensive during times of dollar appreciation. The UK commercial property market was marginally weaker during April (the latest data available) as the rate of growth appeared to slow slightly. Investor sentiment remains surprisingly strong, though, given signs of overpricing in key markets. At an all-property level, UK commercial property is still around 25% lower than its 2007 peak, but some sectors of the market, such as offices in the West End of London, are well ahead of their previous highs. The Aberdeen Multi-Manager Cautious Managed Portfolio appreciated by 0.7% in May, placing it second quartile within the IMA Mixed Investment 20-60% sector. During May, we slightly reduced our exposure to bonds, Europe and the US in favour of cash. An overweight position to equities helped performance but was partially offset by disappointing returns from our alternatives exposure. Codes (Class R - Acc) SEDOL 3067251 ISIN GB0030672512 BLOOMBERG CSMBALA LN REUTERS LP60058646 VALOREN 1277239 Additional information Fund type Non-UCITS Retail Scheme Domicile United Kingdom Currency GBP Registered for sale Please refer to www.aberdeen-asset.com Minimum investment £1000 Charges Current initial 0.00% Ongoing Charges Figure (OCF)B 2.29% Price as at 31/05/15 195.43p Deal closing time 12:00:00 GMT Daily valuation point 12:00:00 GMT Historic YieldA 1.50% Share Class R Acc Units Inc & Acc Source: Ex-post Ongoing charges Aberdeen Asset Managers Limited as at 31 October 2014 A The Historic Yield reflects distributions declared over the past twelve months as a percentage of the mid-market unit price, as at the date shown. It does not include any preliminary charge and investors may be subject to tax on their distributions. The fund charges 100% of the annual management charge to capital. This has the effect of increasing distributions for the year and constraining the fund’s capital performance to an equivalent extent. B The Ongoing Charge Figure (OCF), is the overall cost shown as a percentage of the value of the assets of the Funds. It is made up of the Annual Management Charge (AMC) of 1.50% and other charges. It does not include any initial charges or the cost of buying and selling stocks for the Funds. The Ongoing Charges figure can help you compare the annual operating expenses of different Funds. Multi-Manager Portfolio daily fund prices are available at www. aberdeen-asset.co.uk _____________________________________________________________________________________________________________________________________________ Important information Risk factors you should consider before investing: l The value of units and the income from them can go down as well as up and you may get back less than the amount invested. l Bonds are affected by changes in interest rates, inflation and any decline in creditworthiness of the bond issuer. Bonds that produce a higher level of income usually also carry greater risk as such bond issuers may not be able to pay the bond income as promised or could fail to repay the capital amount used to purchase the bond. l 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. l This Fund can use derivatives in order to meet its investment objectives. This may result in gains or losses that are greater than the original amount invested. l A full list of risks applicable to this Fund can be found in the Prospectus. Other important information: The manager is Aberdeen Fund Managers Limited (AFML). 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 units in the Fund and is by way of information only. Subscriptions will only be received and units issued on the basis of the current Prospectus, relevant Key Investor Information Document (KIID) and Supplementary Information Document for the Fund. These can be obtained free of charge from Aberdeen Fund Managers Limited (AFML), 10 Queen’s Terrace, Aberdeen AB10 1YG. Issued by Aberdeen Asset Managers Limited which is authorised and regulated by the Financial Conduct Authority in the United Kingdom. Aberdeen Asset Managers Limited reserves the right to make changes and corrections to any information in this document at any time, without notice. Broker desk 0800 592 487 Customer services 0845 300 2890 Dealing 0800 833 580 All sources (unless indicated): Aberdeen Fund Managers Limited 31 May 2015. www.aberdeen-asset.co.uk