Aberdeen Multi-Asset Growth 2 Portfolio

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1 Aberdeen Multi-Asset Growth 2 Portfolio Annual short report for the year ended 31 October 2016 Investment objective and policy To achieve long term total return. The Portfolio aims to achieve long term total return through a portfolio typically taking a diversified approach to lower and higher risk assets. The Portfolio will primarily be exposed to bonds and equities, with the remainder exposed to property and cash. The Portfolio will be exposed to these asset classes indirectly through investment in collective investment schemes, including but not limited to collective investment schemes managed by the Investment Manager and/or its associated group companies, and investment in ETFs, and directly through investment in the asset classes themselves. The Portfolio may also invest in transferable securities, money market instruments, cash equivalents and deposits. The Portfolio may also invest in derivatives for efficient portfolio management, including hedging. Note: The term total return means a combination of income and capital growth and no positive return is implied. Performance review For the year ended 31 October 2016, the value of Multi- Asset Growth 2 - R Accumulation Units increased by 12.84%. Source: Lipper, Total Return, published NAV to NAV, UK net income reinvested, GBP. Please remember that past performance is not a guide to future returns. The price of shares and the revenue from them may fall as well as rise. Investors may not get back the amount originally invested. Market review UK equity markets did well in sterling terms over the reporting period. At the sector level, basic materials and technology were key contributors, while consumer services and financials lagged. Despite the uncertainty surrounding the UK s decision to leave the European Union, some of the country s largest companies benefited from sterling s decline. Macroeconomic data released in October beat estimates and seemed to show that the UK economy fared well in the aftermath of the Brexit, whereas growth climbed higher than expected between July and September. Earlier in the period, UK government bonds traded in a narrow range, lifted by Eurozone quantitative easing, which helped quell market jitters. However, the 10-year UK gilt yield moved sharply lower in the wake of the Brexit vote.

2 Towards the end of the reporting period, the Bank of England (BoE) cut interest rates to 0.25% and launched its biggest stimulus package since the onset of the financial crisis. This proved the catalyst for a strong recovery in corporate bonds, where more than half the sector s earnings are non-sterling. The weaker pound also boosted overseas revenues. Elsewhere, commercial property returns were positive, despite initial panic post-referendum. While concerns over Brexit continue to worry investors, a need for income-generating investments has assured that property returned to favour fairly quickly. Portfolio review Over the reporting period, we maintained a benchmark A weight to equities and an underweight to bonds and property. This was balanced by holding cash as we took a more defensive stance. Within equities, emerging markets and our overweight to Japan added relative value to the portfolio. However, these gains were overshadowed by our underweight exposure to Asia, as well as and negative stock selection in North America. Within fixed income, while global government, corporate and emerging market bonds did well, our global high-yield fund detracted from performance. Elsewhere, our property holding fell, as the Aberdeen UK Property Fund changed its pricing basis at the start of the year from offer to bid, and saw fair value adjustments applied post Brexit. During the period, we increased our equity positions in Japan and emerging markets, on the back of attractive valuations, while paring our exposure in Europe ahead of the Brexit vote as markets became increasingly volatile. We also added to corporate bonds, which still showed signs of adding value to the portfolio. The BoE s announcement of further quantitative easing saw an upgrade in our outlook for gilts. Subsequently, we trimmed our exposure to world government bonds and re-invested the proceeds in the sterling government-bond fund. Outlook Looking ahead, political uncertainty, which dominated the global economy over the course of the year, looks set to continue into We believe global growth will moderate to a slower pace, given the debt burdens in developed economies, ageing populations in key countries and lower productivity growth. On a positive note, inflation in the UK has picked up, while domestic consumption remained robust, helped by upbeat household spending. The BoE s latest survey also showed a recovery in business sentiment post referendum, whereas populist politicians gaining ground in Europe could result in a more difficult economic environment. Against this backdrop, we believe that a well-diversified portfolio will help mitigate the impact of rising political uncertainty. A Benchmark is for comparison purpose only. This fund is not managed against a specific benchmark. 2 Aberdeen Multi-Asset Growth 2 Portfolio

3 Portfolio breakdown Portfolio of investments As at 31 October 2016 % As at 31 October 2015 % UK Equities UK Fixed Interest Property Global Fixed Interest North American Equities Japanese Equities European Equities Emerging Markets Fixed Interest Emerging Markets Equities Asia Pacific Equities Total investments Other net assets Total net assets Fund facts Interim/annual accounting dates Income payment date 30 April, 31 October 31 December Ongoing charges figure % as at 31 October 2016 Ongoing charges figure % as at 31 October 2015 I Units R Units Z Units The Ongoing Charges Figure is based on an estimate of the future charges. It excludes the costs of buying or selling assets for the Fund (unless these assets are shares of another fund). Where the Fund invests in a collective investment which is operated or managed by the Authorised Fund Manager or an associate of the Authorised Fund Manager, no additional annual management charge will be incurred by the Fund on such an investment. It is inclusive of the Aberdeen annual management charge, other operating expenses and any synthetic element to incorporate the ongoing charges of any underlying fund investments. Distribution summary Total distribution (p) for the year to 31 October 2016 Total distribution (p) from 1 Apr 15 to 31 Oct 15 I Accumulation R Accumulation Z Accumulation aberdeen-asset.co.uk 3

4 Performance summary Net asset value as at 31/10/2016 pence per unit Net asset value as at 31/10/2015 pence per unit Net asset value % change I Accumulation R Accumulation Z Accumulation Net of tax and expenses. Performance record Accounting year/ period ended Highest price pence per unit Lowest price pence per unit 2015 A I Accumulation A R Accumulation A Z Accumulation I Accumulation R Accumulation Z Accumulation A Fund launched on 1 April Risk profile The Risk and Reward Indicator table demonstrates where the Fund ranks in terms of its potential risk and reward. The higher the rank the greater the potential reward but the greater the risk of losing money. It is based on past data, may change over time and may not be a reliable indication of the future risk profile of the Fund. The shaded area in the table below shows the Fund s ranking on the Risk and Reward Indicator. Typically lower rewards, lower risk Typically higher rewards, higher risk Risk and reward indicator table as at 31 October This Fund is ranked at 4 because funds of this type have experienced average rises and falls in value in the past. Please note that even the lowest risk class can lose you money and that extreme market circumstances can mean you suffer severe losses in all cases. The indicator does not take into account the following risks of investing in this Fund: 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. 4 Aberdeen Multi-Asset Growth 2 Portfolio

5 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. Derivatives: The Fund can use derivatives in order to meet its investment objectives or to protect from price and currency movements. This may result in gains or losses that are greater than the original amount invested. 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. Where a bond market has a low number of buyers and/or a high number of sellers, it may be harder to sell particular bonds at an anticipated price and/or in a timely manner. 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. Property investments can be significantly harder to buy and sell than other investments, such as bonds and company shares. If properties have to be sold quickly this could result in lower prices being obtained for them. Property values can go up and down dramatically, particularly in extreme market conditions. Investment in commodities can be significantly affected by commodity prices, world events, competition, government regulation and economic conditions, which may result in increased price volatility. A full list of risks applicable to this Fund can be found in the Prospectus. The latest risk and reward profile can be found on the Key Investor Information Document (KIID) for this Fund which is available on our website at aberdeen-asset.co.uk Other information Consumers rights and protections, including any derived from EU legislation, are currently unaffected by the result of the UK referendum to leave the European Union, and will remain unchanged unless and until the UK Government changes the applicable legislation. What if I have a complaint? If you need to complain about any aspect of our service, you should write to the Complaints Team, Aberdeen Fund Managers Limited, 10 Queen s Terrace, Aberdeen, AB10 1YG, who will initiate our formal complaints procedure. If you prefer, you may call the Complaints Team on or in the first instance. A leaflet detailing our complaints procedure is available on request. If the complaint is not resolved by us to your satisfaction then you may take your complaint to the Financial Ombudsman Service. In order to contact the Financial Ombudsman Service or obtain details of the compensation scheme you should write to The Financial Ombudsman Service, Exchange Tower, London, E14 9SR or telephone or aberdeen-asset.co.uk 5

6 Literature and Fund information Our website contains a wealth of information on our funds and investment approach, including Key Investor Information Documents (KIIDs) for all of the funds available for investment. We also publish a Supplementary Information Document which contains Application forms and additional information, such as Terms and Conditions. You can invest online and access fund performance and pricing information. Please visit: aberdeen-asset.co.uk Alternatively please contact our Customer Services Team on: Tel: Report and accounts Copies of the annual and half-yearly long report and accounts for this Fund are available free of charge on request to Aberdeen Fund Managers Limited. Significant events since October 2015 Change to Annual Management Charge (AMC) and Ongoing Charges Figure (OCF) On 1 October 2016 the following AMC and OCF changes were made: AMC / OCF To 30 September 2016 From 1 October 2016 I Class Units: 0.40% / 0.60% I Class Units: 0.40% / 0.45% R Class Units: 0.80% / 1.00% R Class Units: No change Z Class Units: 0.00% / 0.20% Z Class Units: No change From 1 November 2016, the Portfolio changed its name from Aberdeen Multi-Asset Growth 2 Portfolio to Aberdeen Diversified- Core Growth Fund. Aberdeen Multi-Asset Growth 2 Portfolio is a sub-fund of Aberdeen Funds, an authorised unit trust scheme classified as a non-ucits retail scheme and structured as an umbrella scheme under the COLL Sourcebook and was established by a trust deed entered into between the Manager and the Trustee dated 3 July 2001 (as amended) ( the Trust Deed ) and was authorised by the FSA (replaced by the Financial Conduct Authority on 1 April 2013) on 5 July Aberdeen Multi-Asset Growth 2 Portfolio

7 Appointments Authorised Fund Manager Aberdeen Fund Managers Limited Bow Bells House 1 Bread Street London EC4M 9HH (authorised and regulated by the Financial Conduct Authority in the United Kingdom) Trustee BNP Paribas Securities Services 10 Harewood Avenue London NW1 6AA Investment Adviser Aberdeen Asset Managers Limited 10 Queens Terrace Aberdeen AB10 1YG Contact us Phone (Lines are open 9:00am to 5:00pm, Mondays to Fridays, excluding bank holidays) Dealing Customer Services Broker Desk Post All enquiries Aberdeen Fund Managers Limited, PO Box 9029, Chelmsford, CM99 2WJ For more information on Aberdeen Asset Management PLC and our product range please visit aberdeen-asset.com Registrar International Financial Data Services (UK) Limited IFDS House St Nicholas Lane Basildon Essex SS15 5FS Auditors KPMG LLP 15 Canada Square Canary Wharf London E14 5GL

8 Important Information The above document is strictly for information purposes only and should not be considered as an offer, investment recommendation or solicitation, to deal in any of the investments or funds mentioned herein and does not constitute investment research as defined under EU Directive 2003/125/EC. Aberdeen Asset Managers Limited ( Aberdeen ) does not warrant the accuracy, adequacy or completeness of the information and materials contained in this document and expressly disclaims liability for errors or omissions in such information and materials. Any research or analysis used in the preparation of this document has been procured by Aberdeen for its own use and may have been acted on for its own purpose. The results thus obtained are made available only coincidentally and the information is not guaranteed as to its accuracy. Some of the information in this document may contain projections or other forward looking statements regarding future events or future financial performance of countries, markets or companies. These statements are only predictions and actual events or results may differ materially. The reader must make their own assessment of the relevance, accuracy and adequacy of the information contained in this document and make such independent investigations, as they may consider necessary or appropriate for the purpose of such assessment. Any opinion or estimate contained in this document is made on a general basis and is not to be relied on by the reader as advice. Neither Aberdeen nor any of its employees, associated group companies or agents have given any consideration to nor have they or any of them made any investigation of the investment objectives, financial situation or particular need of the reader, any specific person or group of persons. Accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of the reader, any person or group of persons acting on any information, opinion or estimate contained in this document. Aberdeen reserves the right to make changes and corrections to any information in this document at any time, without notice. The naming of specific investments is not a recommendation to deal in them. The views expressed are those of Aberdeen Fund Managers Limited and should not be construed as advice either to buy, retain, or sell a particular investment. Investment in the Funds should generally be viewed as a long-term investment. Aberdeen Fund Managers Limited only provides information about its own products and will not give individual financial advice. If you are in any doubt about the suitability of a product to meet your financial needs, then you should seek the advice of a Financial Adviser. Issued by Aberdeen Fund Managers Limited, authorised and regulated by the Financial Conduct Authority in the United Kingdom. A member of the Aberdeen Asset Management group of Companies /17

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