Performance Latest performance Past performance is not a guide to future returns. Source: Martin Currie. The NAV basis used is cum-income in £. Please note prior to July 2017 the NAV basis used was ex-income NAV in £. Ex-income NAVs exclude current-year income, while cum-income NAVs include current-year income. These figures do not include the cost of buying and selling shares in an investment trust. If these were included, performance figures would be reduced. Investment trusts may borrow money in order to make further investments. This is known as ‘gearing’ and can enhance shareholder returns in rising markets but, conversely, can reduce them in falling markets ^On 1 June 2016 Securities Trust of Scotland changed from benchmarking performance against the MSCI World High Dividend Yield index to an unconstrained strategy measured against the performance of the median of the peer group described below. Performance is shown in the table above against this new peer group across various time periods for illustrative purposes only. Prior to adopting a global mandate on 1 August 2011 the company’s benchmark was the FTSE All-Share index. The peer group consists of the AIC Global Equity Income sector combined with actively managed ICVC, SICAV or OEIC funds from Lipper Global – Global Equity Income sector. Performance is measured against the median of this peer group.