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Ninety One

Funds Series ii

Interim Report

and Accounts

For the period ended 30 June 2026

Report & Accounts

Page 2

American Franchise Fund* 3-6

Emerging Markets Leaders Fund* 7-10

Global Strategic Equity Fund* 11-15

Global Total Return Credit Fund* 16-19

Portfolio Statements per Fund* 20-32

Authorised Corporate Director’s Report* 33-34

Comparative tables 35-39

Financial statements 40-48

Securities Financing Transactions (‘SFT’s’) 49

Climate related disclosures 50

Other information 51

Glossary 52-55

Directory 56

* The above information collectively forms the Authorised Corporate Director’s Report

Contents

Page 3

Summary of the Fund’s investment objective and policy The Fund aims to provide capital growth (to grow the value of your investment) over at least 5 years.

The Fund invests primarily (at least two-thirds) in the shares of USA companies (those incorporated in, domiciled in, or that have significant economic exposure to, the USA) and in related derivatives (financial contracts whose value is linked to the price of the shares of such USA companies).

The Fund focuses on investing in companies believed to be of high quality, which are typically associated with strong brands or franchises.

Investment opportunities are identified using in-depth analysis and research on individual companies.

The Fund may at times invest in a relatively small number of companies. These companies may be of any size and in any industry sector.

The Fund may also invest in other transferable securities, money market instruments, cash or near cash, deposits, up to 10% in units or shares in other funds (which may be managed by a Ninety One group company, or a third party) and derivatives.

Derivatives (financial contracts whose value is linked to the price of an underlying asset) may be used in order to achieve the Fund’s investment objectives or with the aim of either managing the Fund risks or reducing the costs of managing the Fund.

The Fund is actively managed. This means the Investment Manager is free to select investments with the aim of achieving the Fund’s objectives.

The S&P 500 Net Return Index is used for performance comparison. The Fund does not seek to replicate the index.

The IA North America Sector (a peer group of broadly similar funds) average is an additional measure by which you can compare the Fund’s performance.

Performance record

6 months (%)

American Franchise Fund ‘I’ accumulation shares (4.34)*

Performance comparison index 11.49* Peer group sector average 10.56**

Past performance is not a reliable indicator of future results, losses may be made.

American Franchise Fund

Page 4

Performance

The Fund delivered a negative return over the period and lagged its benchmark and peer group sector average.

Factors helping performance

Stock selection in communication services was the biggest contributor at the sector level.

Turning to individual stocks, lithography equipment maker ASML has had a strong run, supported by strong results over the period. The company reported solid first quarter 2026 results in April, with revenues coming in at the top end of guidance and the full-year outlook upgraded, as AI-related demand remained strong. Micron ’ s record earnings announced in June further reinforced confidence in the heavy AI-driven capital expenditure, which further boosted semiconductor equipment stocks.

Texas Instruments was supported by continued AI sentiment alongside strong results over the period. The latest first quarter results showed revenues grew 18% year-on-year, driven by an accelerating industrial recovery and continued data centre strength. Second quarter guidance came in ahead of expectations, and management noted that industrial demand was broad-based across verticals (where industry segments with specialised needs are targeted), geographies, and customer size.

West Pharmaceutical Services contributed meaningfully after strong first quarter results strengthened the view that growth extends beyond injectable GLP-1s. Revenues grew 15% organically, adjusted operating margins expanded, EPS (earnings per share) grew meaningfully, and guidance was upgraded.

Not holding Meta added to relative returns.

US energy drinks company Monster Beverage also contributed following solid first quarter earnings in which organic growth came in well ahead of market expectations, notably in international markets. The business continues to gain market share in the global energy drinks category, with strong demand across geographies and new product launches landing well.

Factors hindering performance

Stock selection in IT and health care were the biggest detractors at the sector level.

Turning to individual stocks, commercial real estate information provider CoStar Group detracted, as softer first quarter bookings reflected a combination of seasonality, activist pressures, and a less experienced salesforce at Homes.com, alongside AI disruption fears. Management expressed confidence that bookings should ramp through the year as Homes.com productivity imp roves and the salesforce matures. The core business continues to grow robustly, the full-year financial outlook was largely unchanged, and management has begun demonstrating AI benefits across its businesses.

Software company Intuit detracted amid the sharp sell-off in software and information services businesses triggered by AI disruption concerns. We believe the market is overlooking the distinction between software coding and system-of-record advantage (the benefit of being the central platform where businesses store and manage critical data), and retain conviction in the holding. Intuit ’ s competitive advantage is built on proprietary data, embedded workflows and customer relationships, which are not easily displaced by AI tools alone. In fact, we believe AI is more likely to imp rove pr oduct functionality than displace it. Overall, third quarter 2026 results released in May were robust.

Animal drug company Zoetis weighed on returns following softer first quarter 2026 results. Apoquel (its dermatology drug) faced stronger-than-expected competition, while vet channels

American Franchise Fund (continued)

Page 5

remained soft, and consumer pressures persisted. That said, the Librela franchise stabilised sequentially, Livestock growth came in at +12%, management plans to increase direct-to-consumer advertising, and approval is expected this year for a longer-acting three-month version of Cytopoint (its injectable dermatology drug). The valuation is considered compelling relative to the company ’ s quality, with potential for a re-rating once companion animal growth recovers.

Computer-aided design software business Autodesk faced similar AI disruption concerns, compounded by investor unease over its $3.6 billion acquisition of MaintainX, a maintenance and operations software platform. This was despite strong first quarter 2027 results, where revenues grew 18% and financial forecast guidance was raised, highlighting strong end-market demand for core products. We retain conviction in the business, with strong competitive positioning and fundamental performance being overshadowed by other factors in the short-term.

Not owning Micron Technology weighed on relative returns.

Portfolio activity

We initiated a new position in online car auction company Copart in February. This is a strong franchise, but growth has slowed for several quarters, largely due to cyclical pressure on insurance claims volumes (meaning fewer damaged cars in the system). Some of the slowdown has been put down to Copart losing business to rivals, however we think this is due to fewer claims industry wide. Moderating auto insurance pricing should support a stabilisation in claims.

We exited our position in O ’ Reilly. The stock has been a strong performer over time, and we have maintained a small residual position despite its increasingly stretched valuation relative to slowing growth. Given the fading tailwinds of tariff-driven pricing support and buyback-driven earnings growth, we think the balance of risk and reward is now more attractive in Copart.

Outlook

As we move into the second half of 2026, markets remain turbulent and volatility elevated. Following a sharp rally in April and May, the AI infrastructure trade began to wobble in June, with strong results in some chip names failing to meet increasingly demanding expectations, triggering a broader pullback in that crowded leadership.

In this environment, the strategy ’ s resilient quality characteristics have shown signs of reasserting themselves. We see this as a potential early sign of heightened market concentration and valuation risk unwinding which, combined with macroeconomic and geopolitical uncertainty, should benefit the relative performance of a differentiated, high-conviction, resilient quality strategy such as American Franchise. The strategy is the most attractively valued it has been since inception, while still maintaining strong profitability, growth and resilience. We firmly believe the recent de-rating particularly in areas of the market such as software – reflects sentiment rather than any deterioration in fundamentals (measures of company health), and we remain confident about the long-term opportunity ahead.

We believe that the core principles underpinning our fundamental quality approach – a focus on enduring business quality, balance sheet strength, pricing power and sustainable cash generation are as relevant today as they have ever been. While this approach may lag in short bursts of momentum-driven exuberance, we believe it is well positioned to deliver resilient outcomes across a full market cycle, particularly as fundamentals reassert themselves as the primary driver of returns.

American Franchise Fund (continued)

*Source: Morningstar, total return, income reinvested, no initial charge, accumulation (acc) share class, net of fees in GBP. **Benchmark (S&P 500 NDR Index) and peer group sector average (Investment Association North America sector) shown for performance comparison purposes only. The opinions expressed herein are as at end of June 2026.

Page 6

Risk and reward profile*

Lower risk Higher risk Potentially lower rewards Potentially higher rewards

This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund. The risk and reward category shown is not guaranteed to remain unchanged and may shift over time. The lowest category does not mean ‘risk free’.

The value of your investment and any income from it can fall as well as rise and you are not certain of making profits; losses may be made.

Environmental, social or governance related risk events or factors, if they occur, could cause a negative impact on the value of the investments made by the Fund.

The Fund appears towards the middle of the Risk and Reward Indicator scale. This is because the mix of assets it invests in tends to produce returns which fluctuate more than those of cash funds but less than those of funds which solely invest in the shares of companies.

The following risks may not be fully captured by the Risk and Reward Indicator:

Concentrated portfolio: The portfolio invests in a relatively small number of individual holdings. This may result in wider fluctuations in value than more broadly invested portfolios.

Currency exchange: Changes in the relative values of different currencies may adversely affect the value of investments and any related income.

Derivatives: The use of derivatives is not intended to increase the overall level of risk. However, t he us e of derivatives may still lead to large changes in value and includes the potential for large financial loss. A counterparty to a derivative transaction may fail to meet its obligations which may also lead to a financial loss.

Equity investment: The value of equities (e.g. shares) and equity-related investments may vary according to company profits and future prospects as well as more general market factors. In the event of a company default (e.g. insolvency), the owners of their equity rank last in terms of any financial payment from that company.

Geographic / Sector: Investments may be primarily concentrated in specific countries, geographical regions and/or industry sectors. This may result in wider fluctuations in the value of the portfolio compared to more broadly invested portfolios.

Style Bias: The use of a specific investment style or philosophy can result in particular portfolio characteristics that are different to more broadly-invested portfolios. These differences may mean that, in certain market conditions, the value of the portfolio may decrease while more broadly - invested portfolios might grow.

*The Risk and Reward profile is taken from the Key Investor Information Document. Please note that, the Risk and Reward profile section is based on Sterling ‘I’ Class Accumulation shares. The full list of the Fund’s risks are contained in Appendix VI of the Ninety One Funds Series Omnibus prospectus.

American Franchise Fund (continued)

1 2 3 4 5 6 7

Page 7

Emerging Markets Leaders

Fund

Summary of the Fund’s investment objective and policy

The Fund aims to provide capital growth (to grow the value of your investment) over at least 5 years.

The Fund invests primarily (at least two-thirds) in the shares of companies based in, registered in, or wi th major business activities in emerging markets (countries that have less developed economies) which the Investment Manager considers to be leaders in their respective markets.

These are companies that typically show leadership through:

- structural growth;

- competitive advantages and a strong financial position; and

- sustainability considerations (as described in the Sustainability approach in the Prospectus).

Structural growth typically means the company shows above-average revenue growth over at least 5 years, through offering products and/or services that benefit from transformations (e.g. in technology, consumption, decarbonisation, healthcare) in their market or region.

Investment opportunities are identified using in-depth analysis and research on individual companies.

The Fund may at times invest in a relatively small number of companies (i.e. have a concentrated portfolio). These companies may be of any size and in any industry sector.

The Fund is actively managed. This means the Investment Manager is free to select investments with the aim of achieving the Fund’s objectives.

The MSCI Emerging Markets Net Return Index is used for performance comparison. The Fund does not seek to replicate the index.

The IA Global Emerging Markets Sector (a peer group of broadly similar funds) average is an additional measure by which you can compare the Fund’s performance.

Performance record

6 months (%)

Emerging Markets Leaders Fund ‘I’ accumulation shares 28.88* Performance comparison index 25.51**

Peer group sector average 25.37**

Past performance is not a reliable indicator of future results, losses may be made.

Page 8

Performance

The Fund delivered a strong positive return over the period, outperforming its benchmark and peer group.

Factors helping performance

Stock selection in the technology and industrial sectors was the main driver, while stock selection in the consumer discretionary sector was less successful.

The largest gains came from the fund ’ s South Korean and Taiwanese technology holdings. Our positions in SK Hynix, a South Korean semiconductor manufacturer specialising in flash memory, and its peer Samsung Electronics were among the largest contributors to relative returns. Both stocks crossed the US$1 trillion market capitalisation threshold during the period, driven by acute supply constraints, underpinning pricing power and margin visibility. Among the Taiwanese names, Chroma ATE, a testing equipment manufacturer for semiconductors and electric vehicles, rallied on strong order momentum for semiconductor test equipment supported by AI infrastructure demand, as well as positive management commentary on growth drivers for the semiconductor segment in 2026. Silergy, a Taiwan-based microchip designer focused on power management chips, rose as analogue power management IC demand recovered, with the Chinese semiconductor supply chain restocking and data centre power delivery requirements expanding. LS Electric, a South Korean electrical equipment manufacturer producing transformers and power infrastructure, also contributed to returns over the period.

Factors hurting performance

Turning to the detractors, Kingdee International Software Group, a Chinese enterprise software company, was the primary drag on relative performance as Chinese software companies faced a challenging spending environment. Two further Chinese holdings also detracted: JD Health International, an online healthcare platform, fell amid regulatory uncertainty around online pharmacy margins and reimbursement policy, alongside weak consumer sentiment in discretionary health spending categories, and Meituan, an internet platform, underperformed as concerns about the pace of Chinese consumer recovery weighed on domestic platform companies, with competition in food delivery and local services remaining intense. Gold Fields, a South African miner with operations in South Africa, Australia, and the Americas, underperformed amid a broader sector sell-off, compounded by cost pressures at South Deep and integration challenges at Salares Norte that led to guidance revisions.

Portfolio activity

Significant purchases

There were no significant purchases over the period.

Significant Sales

Eastroc Beverage: Food Beverage & Tobacco. The central pillar of the investment case, regional catch-up, is proceeding too slowly to support upside to consensus revenue expectations. Additionally, disclosure changes around regional reporting has reduced comparability over time, which limits our ability to track the catch-up thesis with precision - is itself a reason for caution.

Emerging Markets Leaders Fund (continued)

Page 9

Outlook

In a mining boom often the best business to be in is the supply of picks and shovels to the miners; i t tur ns out that in an AI boom one of the best businesses to be in is the manufacturing of the hardware integral to the AI build-out such as semiconductors and related services, printed circuit boards, network and switching equipment, and power supply and cooling equipment for datacentres. The global centre of manufacturing for these industries is north-east Asia, which has driven an explosive rally in emerging markets year-to-date.

The debate rages over whether this is a “bubble” or the birth of an era-defining new technology. For us the answer is clear – it is both – and it was ever thus. If we look at the birth of transformational technologies such as canals, railways, the Internet or indeed AI the emergence of these technologies is accompanied by a frenzy of investment. This drives the rapid roll-out of the technology but also often leads to poor allocation of capital into projects that fail to meet the enthusiastic expectations of their promoters. So the real-world impact of new technologies is immense over time, but stock market investors often see a period of very poor returns after the initial boom has passed, as it becomes obvious that animal spirits have driven many investments that will never generate attractive returns.

Our concern is that, in the short-term, market euphoria has untethered market participants from more rational expectations of longer-term returns from the new technology. For an investor this is potentially a difficult time as market expectations will eventually reset to less lofty heights. It is also worth noting that the bubble manifests itself in different ways in different regions. In the US valuations of certain stocks have clearly become extreme; in Asia the bubble manifests itself in white-hot semiconductor markets pumped up by spiralling hyper-scaler capital expenditure. While semiconductor markets remain extremely tight though, it is unclear what punctures the bubble in the near term, given that new semiconductor supply is clearly lagging demand by an order of magnitude. A related and connected issue is the explosive retail investment mania in South Korea, centred around its semiconductor manufacturers.

Our priority is to effectively manage the risks as the market transitions over time from its current euphoria to more rational expectations. We are comforted in this by much lower valuations in emerging markets and a diversified market landscape with many markets singularly untouched by AI mania and thus providing a relative ‘ safe haven ’ (such as India, the Middle East and South America). In short, despite emerging markets providing roughly double the return of developed markets over the past 18 months, we believe that emerging market expectations remain anchored, in stark contrast to the elevated expectations evident in developed markets.

Emerging Markets Leaders Fund (continued)

*Source: Morningstar, total return, income reinvested, no initial charge, accumulation (acc) share class, net of fees in GBP. **Benchmark (***MSCI disclaimer: MSCI Emerging Markets NR ) and peer group sector average (Investment Association Global Emerging Markets Sector ) shown for performance comparison purposes only. ***Source: MSCI. The MSCI data is comprised of a custom index calculated by MSCI for, and as requested by, Ninety One UK Limite d. The MSCI data is for internal use only and may not be redistributed or used in connection with creating or offering any securiti es, financial products or indices. Neither MSCI nor any other third party involved in or related to compiling, computing or creating the MSCI data (the "MSCI Parties") makes any express or implied warranties or representations with respect to such data (or the res ults to be obtained by the use thereof), and the MSCI Parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to such data. Without limiting any of the foregoi ng, in no event shall any of the MSCI Parties have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. The opinions expressed herein are as at end of June 2026.

Page 10

Risk and reward profile*

Lower risk Higher risk Potentially lower rewards Potentially higher rewards

The value of your investment and any income from it can fall as well as rise and you are not certain of making profits; losses may be made.

Environmental, social or governance related risk events or factors, if they occur, could cause a negative impact on the value of the investments made by the Fund.

The Fund appears towards the higher end of the Risk and Reward Indicator scale. This is because the Fund invests in the shares of companies, whose values tend to fluctuate widely.

The following risks may not be fully captured by the Risk and Reward Indicator:

Concentrated portfolio: The portfolio invests in a relatively small number of individual holdings. This may result in wider fluctuations in value than more broadly invested portfolios.

Currency exchange: Changes in the relative values of different currencies may adversely affect the value of investments and any related income.

Derivatives: The use of derivatives is not intended to increase the overall level of risk. However, t he u se of derivatives may still lead to large changes in value and includes the potential for large financial loss. A counterparty to a derivative transaction may fail to meet its obligations which may also lead to a financial loss.

Emerging market: These markets carry a higher risk of financial loss than more developed markets as they may have less developed legal, political, economic or other systems.

Style Bias: The use of a specific investment style or philosophy can result in particular portfolio characteristics that are different to more broadly-invested portfolios. These differences may me an t hat, in certain market conditions, the value of the portfolio may decrease while more broadly - invested portfolios might grow.

Emerging Markets Leaders Fund (continued)

1 2 3 4 5 6 7

Page 11

Summary of the Fund’s investment objective and policy

The Fund aims to provide capital growth (to grow the value of your investment) over at least 5 years.

The Fund invests primarily (at least two-thirds) in the shares of companies around the world and in related derivatives (financial contracts whose value is linked to the price of the shares of such companies).

The Fund focuses on investing in companies expected to become more profitable due to operational and/or structural imp rovements.

Investment opportunities are identified using in-depth analysis and research on individual companies.

These companies may be of any size and in any industry sector.

The Fund may also invests in other transferable securities, money market instruments, cash or near cash, deposits, up to 10% in units or shares in other funds (which may be managed by a Ninety One group company, or a third party) and derivatives.

The Fund is actively managed. This means the Investment Manager is free to select investments with the aim of achieving the Fund’s objectives.

The MSCI AC World Net Return Index is used for performance comparison and risk management. T he Fu nd does not seek to replicate the index.

The Investment Association Global Sector (a peer group of broadly similar funds) average is an additional measure by which you can compare the Fund’s performance.

Performance record

6 months (%)

Global Strategic Equity Fund ‘I’ accumulation shares 11.45* Performance comparison index 12.74**

Peer group sector average 9.94**

Past performance is not a reliable indicator of future results, losses may be made.

Global Strategic Equity Fund

Page 12

Performance

The fund marginally underperformed its benchmark over the first half of 2026. Good stock selection in the financial and industrial sectors was offset by poor stock selection in technology.

Factors helping performance

Positive contributors included owning Dell Technologies, which was supported by continued strong demand for the company ’ s AI server products and improving profitability in the storage business, and from IT distribution company TD Synnex. The fund also benefited from a takeover bid for its holding in insurer Beazley. Japan ’ s Mizuho Financial Group also did well as a result of an improving outlook for the Japanese economy and monetary policy. Generac, the US manufacturer of power generation equipment, outperformed following strong results, with revenue growth, margin expansion and earnings beating expectations. Momentum in commercial and industrial demand, particularly linked to data centres, alongside a growing backlog and upgraded outlook supported the share price. Our holdings in gold miners provided diversification benefits and gains, with Newmont Corp outperforming on higher prices of bullion and the prospects for future strong cash flow generation.

Factors hindering performance

Performance over the period was dominated by technology stocks, especially in South Korea, which benefited from the boom in AI-related demand and investment. Not owning Samsung Electronics and SK Hynix were key relative detractors, as was not owning Micron Technology and Advanced Micro Devices. The position in Microsoft was another detractor as the market grew concerned about the rate of AI capex spending and how this may feed through to profit margins. German defence business Rheinmetall held back performance after weaker full-year results and softer financial forecast guidance. In addition, the German government scrapped a major warship programme in which the company had been expected to be lead contractor, raising doubts about how much of the promised defence spending will translate into orders.

Portfolio activity

Significant purchases

Rolls-Royce Holdings plc: Capital Goods. Rolls-Royce makes jet engines and power systems, earning a large share of its revenue from servicing engines already in use. We are positive because widebody aircraft flying activity is recovering strongly, management has laid out a credible medium-term earnings and cash flow plan, and the pathway to returning capital to shareholders is becoming clearer.

ASM International N.V.: Semiconductors & Semiconductor Equipment. ASM International makes highly specialised equipment used to manufacture the world ’ s most advanced computer chips. Our investment case rests on the company ’ s leadership in a chip-deposition technology that becomes more valuable as chips get smaller and more complex, which should support resilient profit margins as the industry moves to next-generation chip designs.

Global Strategic Equity Fund (continued)

Page 13

Significant Sales

Beazley Plc: Insurance. We completed the exit in Beazley following continued pricing weakness and reduced analyst conviction. Switched some of the proceeds into Interactive Brokers.

Anglo American plc: Materials. Completing full exit to reflect lower analyst conviction and switching exposure to preferred diversified miner in Glencore.

Outlook

With the Iran ceasefire in place, the conflict premium continues to be priced out. Oil, inflation expectations and bond yields are rever sing their second quarter ’ s up moves, and our read of the conflict as a tactical interruption rather than a thesis break has thus far p roved directionally correct.

Beneath the noise, a genuinely reflationary environment has taken hold. Global growth momentum is improving, the credit impulse has turned positive, bank lending is picking up, and MSCI ACWI forward earnings expectations have risen by around 14% year-to-date. US jobs reports are surprising to the upside. Against this, Kevin Warsh ’ s debut as US Fed Chair was materially more hawkish than markets had expected, with nine of the eighteen Federal Open Market Committee members now expecting at least one hike this year.

Regionally, we believe Europe remains cheap, under-owned and increasingly supported by the German fiscal multiplier, worth around 1% of German GDP in each of 2026 and 2027, while earnings per share (EPS) revisions are moving up as positioning and sentiment lag. The UK broadly mirrors Europe, with global franchises offering internationally diversified earnings at reasonable multiples (company valuation metrics). Japan continues to combine rising real wages with governance reform and additional fiscal stimulus. China has meaningful insulation from the oil shock via its stockpiles, a stabilising Sino-US relationship and a credible domestic AI-cloud story that has roughly doubled leading digital platforms over the past year, although property remains an overhang, with new home prices down for a 35th consecutive month. Emerging markets more broadly benefit from a weaker dollar and high real rates (adjusted to remove inflation).

On the AI front, the character of the trade is changing. Combined 2026 hyperscaler (large cloud computing companies) capital expenditure now sits around US$700–725bn, up roughly 70% year - on-year, with cash capex on track to overtake operating cash flow. This does not break the AI t hesis, but it does change the free cash flow profile and shifts the risk toward names most dependent on external financing. We remain selective, retaining conviction in enablement while treating the software derating as a mean- rever sion opportunity.

At the factor level, momentum (targeting assets with strong recent performance) has had a historic run, but is now supported almost entirely by AI. Consistent with the 4Factor process, we have been taking profit in momentum and redeploying into a broader set of quality, value and low-volatility names. Sector-wise we retain structural longs (buying assets to seek to benefit from an increase in value) in banks, infrastructure and capex beneficiaries, and are finding more opportunity in reasonably priced quality and value across rate-sensitive healthcare, industrials, materials, gold and gold miners (a structural bull market despite the recent correction), and copper (tight supply, direct AI-and-electrification play).

Global Strategic Equity Fund (continued)

Page 14

Overall, we see rising breadth, increasing single-stock dispersion and ongoing factor rotation. This is a market where dispersion (how much individual asset returns within a group or index vary from one another) will keep increasing and style rotation will remain a permanent feature – a favourable set-up for stock-pickers and for following our 4Factor investment process.

*Source: Morningstar, total return, income reinvested, no initial charge, accumulation share class, net of fees in GBP. **Benchmark (MSCI*** All Countries World NDR Index) and peer group sector average (Investment Association Global sector) shown for performance comparison purposes only. ***Source: MSCI. The MSCI data is comprised of a custom index calculated by MSCI for, and as requested by, Ninety One UK Limite d. The MSCI data is for internal use only and may not be redistributed or used in connection with creating or offering any securiti es, financial products or indices. Neither MSCI nor any other third party involved in or related to compiling, computing or creating the MSCI data (the "MSCI Parties") makes any express or implied warranties or representations with respect to such data (or the res ults to be obtained by the use thereof), and the MSCI Parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to such data. Without limiting any of the foregoi ng, in no event shall any of the MSCI Parties have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. The opinions expressed herein are as at end of June 2026.

Global Strategic Equity Fund (continued)

Page 15

Risk and reward profile*

Lower risk Higher risk Potentially lower rewards Potentially higher rewards

The value of your investment and any income from it can fall as well as rise and you are not certain of making profits; losses may be made.

Environmental, social or governance related risk events or factors, if they occur, could cause a negative impact on the value of the investments made by the Fund.

The Fund appears towards the middle of the Risk and Reward Indicator scale. This is because the Fund invests in the shares of companies, whose values tend to fluctuate widely.

The following risks may not be fully captured by the Risk and Reward Indicator:

Currency exchange: Changes in the relative values of different currencies may adversely affect the value of investments and any related income.

Derivatives: The use of derivatives is not intended to increase the overall level of risk. However, the us e of derivatives may still lead to large changes in value and includes the potential for large financial loss. A counterparty to a derivative transaction may fail to meet its obligations which may also lead to a financial loss.

Emerging market: These markets carry a higher risk of financial loss than more developed markets as they may have less developed legal, political, economic or other systems.

1 2 3 4 5 6 7

Global Strategic Equity Fund (continued)

Page 16

Summary of the Fund’s investment objective and policy

The Fund aims to provide total returns comprised of income and capital growth (to grow the value of your investment) over at least a full credit cycle (this objective may be measured over at least 5 years).

The Fund targets a positive return of Overnight SONIA +4% before fees over a full credit cycle (which may be measured over 5-year rolling periods).

While the Fund aims to achieve a positive return and its performance target, there is no guarantee that either will be achieved over the full credit cycle, or over any period of time, and there is a risk of loss.

A credit cycle means the economic conditions over which the cost of borrowing initially increases, then decreases and then stabilises. Credit cycles can vary in length and typically last between 3 and 7 years.

The Fund invests primarily (at least two-thirds) in bonds (or similar debt-based assets) issued by borrowers around the world (including but not limited to emerging markets) and in related derivatives (financial contracts whose value is linked to the price of such bonds (or similar debt – based assets)).

These bonds (or similar debt-based assets) may be denominated in any currency, have any credit rating or be unrated, and may be issued by any borrower e.g. governments or companies. They may also have a fixed or floating rate and/or coupon, and may be of any duration (measures the sensitivity of the value of bonds (or similar debt-based assets) to change in interest rates).

The Fund may invest up to 20% of its assets in structured credit instruments (assets whose value and level of income payments depend on the underlying assets held by/for the business that issues them).

The Fund is actively managed. This means the Investment Manager is free to select investments with the aim of achieving the Fund’s objectives.

The Fund cannot replicate the target benchmark index. The benchmark index is not investable and therefore cannot be replicated.

The Investment Association £ Strategic Bond Sector (a peer group of broadly similar funds) average is an additional measure by which you can compare the Fund’s performance.

Global Total Return

Credit Fund

Page 17

Performance record

6 months (%)

Global Total Return Credit Fund ‘I’ accumulation shares 1.89*

Performance comparison index 3.80**

Peer group sector average 1.76**

Past performance is not a reliable indicator of future results, losses may be made.

Performance

The Fund delivered a positive return over the period, underperforming its ‘ cash-plus ’ benchmark but outperforming its peer group sector average.

Factors helping performance

Short-duration high-yield debt helped returns, as spreads tightened given the imp roved sentiment towards the conflict in the Middle East.

Structured credit exposure was a further boost to performance. This market comprises collateralised loan obligations* (CLOs) which were supported by spread tightening in both Europe and the US, while US CLOs offered protection from the rising US Treasury yields, due to its floating - rate coupon payments (a variable interest payment that changes in line with short-term interest rates).

Bank capital (AT1) exposure also added, with the bonds continued to rebound as spreads tightened following the spike in late March.

Factors hindering performance

From an asset class perspective, emerging market investment-grade holdings weighed on performance. These were impacted both by the rise in sovereign bond yields and wider spreads (the amount of compensation investors require for taking on credit risk).

From a sector perspective, exposure to bonds issued by companies in the energy sector was the main laggard.

Portfolio activity

I n the opportunities that arose from the software and private market disruption, our first move was in the insurance sector. Insurers own a lot of private assets, but their balance sheets (solvency) are very robust, and we have been able to buy bonds with A ratings but spreads comparable to B B b onds from companies where we have high confidence in risk management and capital strength.

Business development company (BDC) bonds are an emerging opportunity: the structures are resilient and able to stay current and pay back in scenarios that incorporate default rates much worse than 2008. We have made a first investment in this area, and with spreads for investment - grade rated structures comparable to low BB or high B-rated corporates, again we are well compensated for risk.

*Collateralised loan obligations are bonds that are backed by pools of (typically sub-investment grade) corporate loans. Severa l bonds of varying risk and return characteristics are usually issued against each pool of loans. Lower-risk, ‘senior’ tranches h ave higher priority claims on the cash flows from the loans but offer a lower yield than the lower-rated ‘junior’ tranches, which are the first to suffer losses if the underlying loans underperform.

Global Total Return Credit Fund (continued)

Page 18

We made two primary changes as the conflict began. The first was to raise cash from under 5% t o c.10% across our portfolio ’ s by selling assets that saw spreads compress or remained resilient as rates markets reset. This included reducing exposure to corporate perpetual bonds, floating rate bonds and sterling denominated high yield. We have also reduced exposure to companies that are directly exposed to a tightening supply of a key input.

The second was to tilt the fund from Europe to the US, mainly using synthetic products. Europe is much more economically sensitive to the supply shock caused by the Iran war, and as such with no real change in relative spreads, we reduced the European bias in our funds meaningfully.

We took advantage of tight spreads and low volatility to add selective hedges at relatively low cost.

Outlook

After a strong 2025, the world ’ s largest credit markets have already faced a number of challenges this year, and the environment favours careful, bottom-up investing across a wide investment universe.

The portfolio was defensively positioned ahead of the recent Middle East escalation and our bias towards higher quality parts of the market helped protect performance over March. We subsequently rotated into riskier parts of the market to take advantage of the repricing of credit markets, allowing us to capture a significant portion of the market rally. Our tilt towards Europe relative to the US (based on relatively attractive valuations of the former) offset this somewhat, although we added European hedges at the start of the conflict to protect the portfolio against a potential prolonged escalation, and have since meaningfully rotated our regional positioning towards the US.

As our investment approach focuses on generating returns via income and credit spread moves, rather than duration (sensitivity to interest rate changes), the portfolio is well positioned relative to traditional fixed income markets, where the spike in oil prices and associated impact on inflation is driving up volatility in government bond yields.

While headline market valuations have not adjusted meaningfully, the rise in volatility has increased the level of dispersion across credit markets, creating attractively valued bottom-up opportunities for us to capitalise on. In addition, dispersion within credit markets such as high yield is at historically high levels – this offers opportunities for active, bottom-up investors to capitalise on. Differing technicals (supply/demand dynamics) across credit markets have allowed us to increase credit quality without materially sacrificing yield, which leaves the portfolio well positioned should volatility persist.

AI disruption is a further key theme driving markets, with lower quality parts of the market and the technology/software sector most likely to be impacted. We have had very limited exposure to AI - exposed sectors, but we have rotated into areas such as business development companies (BDCs) which offer an attractive spread pickup vs US investment-grade credit. Furthermore, our significant exposure to the European banking sector, which is likely to be resilient to this theme given high asset quality and robust capitalisation, positions the portfolio well in this context.

*Source: Morningstar, total return, income reinvested, no initial charge, accumulation (acc) share class, net of fees in GBP. **Overnight SONIA +4% (pre 30 November 2022, benchmark was LIBOR 3 Month GBP +4%) and peer group sector average (Investment Association £ Strategic Bond) shown for performance comparison purposes only. The opinions expressed herein are as at end of June 2026.

Global Total Return Credit Fund (continued)

Page 19

Risk and reward profile*

Lower risk Higher risk Potentially lower rewards Potentially higher rewards

The value of your investment and any income from it can fall as well as rise and you are not certain of making profits; losses may be made.

Environmental, social or governance related risk events or factors, if they occur, could cause a negative impact on the value of the investments made by the Fund.

The following risks may not be fully captured by the Risk and Reward Indicator:

Default: There is a risk that the issuers of fixed income investments (e.g. bonds) may not be able to meet interest payments nor repay the money they have borrowed. The worse the credit quality of the issuer, the greater the risk of default and therefore investment loss.

Derivatives: The use of derivatives may increase overall risk by magnifying the effect of both gains and losses leading to large changes in value and potentially large financial loss. A counterparty to a derivative transaction may fail to meet its obligations which may also lead to a financial loss.

Government securities exposure: The Fund may invest more than 35% of its assets in securities issued or guaranteed by a permitted sovereign entity, as defined in the definitions section of the Fund’s prospectus.

Interest rate: The value of fixed income investments (e.g. bonds) tends to decrease when interest rates rise.

Liquidity: There may be insufficient buyers or sellers of particular investments giving rise to delays in trading and the ability to settle trades, and/or large fluctuations in value. This may lead to larger financial losses than might be anticipated.

1 2 3 4 5 6 7

Global Total Return Credit Fund (continued)

Page 20

American Franchise Fund

Portfolio statement

As at 30 June 2026 Market Percentage of value net assets Asset Holding (£’000) (%) Collective investment schemes 1.01% (31.12.25: 0.00%) State Street USD Liquidity LVNAV Fund 464,397 4,218 1.01 Consumer discretionary 12.08% (31.12.25: 10.78%) Consumer services Copart, Inc. 188,572 4,004 0.96 Retailers Amazon.com, Inc. 191,204 34,685 8.29 Travel & leisure Booking Holdings, Inc. 85,819 11,826 2.83 Consumer staples 5.18% (31.12.25: 5.24%) Beverages Monster Beverage Corp. 181,549 13,392 3.20 Diageo PLC 534,559 8,282 1.98 21,674 5.18 Financials 12.45% (31.12.25: 12.58%) Finance and credit services S&P Global, Inc. 26,876 8,299 1.98 FactSet Research Systems, Inc. 45,559 8,041 1.92 16,340 3.90 Investment banking & brokerage Charles Schwab Corp. 248,941 17,028 4.07 Tradeweb Markets, Inc. 96,938 6,747 1.61 23,775 5.68 Non-life insurance Marsh & McLennan Cos., Inc. 95,333 12,004 2.87 Health care 20.59% (31.12.25: 20.20%) Health care providers Veeva Systems, Inc. 54,880 7,303 1.74 Medical equipment and services West Pharmaceutical Services, Inc. 77,951 20,887 4.99 Edwards Lifesciences Corp. 227,583 15,678 3.75 Align Technology, Inc. 76,600 10,040 2.40 Stryker Corp. 39,202 9,785 2.34 Alcon AG 159,645 8,156 1.95 IDEXX Laboratories, Inc. 15,552 6,296 1.50 70,842 16.93 Pharmaceuticals and biotechnology Zoetis, Inc. 145,162 8,032 1.92 Industrials 5.97% (31.12.25: 6.02%) Industrial support services Visa, Inc. 56,109 14,483 3.46 Automatic Data Processing, Inc. 61,880 10,520 2.51 25,003 5.97

Page 21

Portfolio statement (continued) As at 30 June 2026

Real estate 1.81% (31.12.25: 2.75%) Real estate investment and services CoStar Group, Inc. 341,514 7,564 1.81 Technology 41.08% (31.12.25: 42.31%) Software and computer services Alphabet, Inc. 138,005 36,857 8.81 Microsoft Corp. 92,449 25,740 6.15 Autodesk, Inc. 71,543 10,555 2.52 Dolby Laboratories, Inc. 260,451 10,257 2.45 Cadence Design Systems, Inc. 36,119 10,165 2.43 CCC Intelligent Solutions Holdings, Inc. 2,700,900 9,969 2.38 Adobe, Inc. 38,186 5,957 1.42 Intuit, Inc. 23,230 4,675 1.12 114,175 27.28 Technology hardware and equipment ASML Holding NV 24,477 34,792 8.31 Texas Instruments, Inc. 106,509 22,975 5.49 57,767 13.80 Portfolio of investments 419,212 100.17 Net other liabilities* (703) (0.17) Net assets 418,509 100.00

Market Percentage of value net assets Asset Holding (£’000) (%)

*The net other assets figure includes any bank or short term cash deposits. Unless otherwise stated the above securities are ordinary shares or common stock and admitted to official stock exchange listin gs.

Page 22

Emerging Markets Leaders Fund

Portfolio statement

As at 30 June 2026 Market Percentage of value net assets Asset Holding (£’000) (%) Collective investment schemes 0.66% (31.12.25: 0.16%) State Street USD Liquidity LVNAV Fund 84,996 772 0.66 Equity 99.22% (31.12.25: 99.95%) Brazil 3.21% (31.12.25: 4.87%) WEG SA 353,338 2,413 2.07 Raia Drogasil SA 531,656 1,331 1.14 3,744 3.21 Cayman Islands 25.89% (31.12.25: 25.42%) Sea Ltd. ADR 81,694 5,733 4.93 Silergy Corp. 304,000 4,315 3.71 Tencent Holdings Ltd. 87,800 3,637 3.12 Alibaba Group Holding Ltd. 353,044 3,161 2.72 Meituan 459,960 3,037 2.61 NU Holdings Ltd. 259,962 2,578 2.21 Kingdee International Software Group Co. Ltd. 4,149,000 2,369 2.03 JD Health International, Inc. 665,550 2,106 1.81 Innovent Biologics, Inc. 271,000 2,079 1.79 XP, Inc. 90,469 1,115 0.96 30,130 25.89 China 2.11% (31.12.25: 6.47%) Ping An Insurance Group Co. of China Ltd. 497,500 2,451 2.11 Hong Kong 2.49% (31.12.25: 3.98%) AIA Group Ltd. 289,000 1,989 1.71 Hong Kong Exchanges & Clearing Ltd. 26,100 913 0.78 Real Gold Mining Ltd.‡ 1,507,000 – 2,902 2.49 Hungary 2.21% (31.12.25: 2.30%) OTP Bank Nyrt 23,153 2,567 2.21 India 9.72% (31.12.25: 11.28%) HDFC Bank Ltd. 371,495 2,373 2.04 Max Healthcare Institute Ltd. 243,790 2,197 1.89 ABB India Ltd. 37,964 2,128 1.83 FSN E-Commerce Ventures Ltd. 812,736 2,026 1.74 ICICI Lombard General Insurance Co. Ltd. 82,763 1,146 0.98 HDFC Life Insurance Co. Ltd. 211,105 969 0.83 HDFC Bank Ltd. ADR 24,278 475 0.41 11,314 9.72 Mauritius 3.32% (31.12.25: 2.77%) MakeMyTrip Ltd. 94,998 3,866 3.32 Mexico 1.96% (31.12.25: 1.75%) BBB Foods, Inc. 72,884 2,286 1.96 South Africa 3.53% (31.12.25: 2.26%) Capitec Bank Holdings Ltd. 9,738 2,122 1.82 Gold Fields Ltd. 78,216 1,990 1.71 4,112 3.53

Page 23

Portfolio statement (continued) As at 30 June 2026

South Korea 20.44% (31.12.25: 15.17%) Samsung Electronics Co. Ltd. 67,174 10,933 9.39 SK Hynix, Inc. 8,223 10,629 9.13 LS Electric Co. Ltd. 19,281 2,235 1.92 23,797 20.44 Taiwan 18.11% (31.12.25: 17.58%) Taiwan Semiconductor Manufacturing Co. Ltd. 198,357 11,349 9.75 Delta Electronics, Inc. 95,429 4,419 3.80 ASPEED Technology, Inc. 7,000 2,737 2.35 Chroma ATE, Inc. 50,000 2,567 2.21 21,072 18.11 United Kingdom 2.61% (31.12.25: 2.77%) Antofagasta PLC 77,774 3,034 2.61 United States 2.94% (31.12.25: 1.44%) MercadoLibre, Inc. 2,685 3,416 2.94 Vietnam 0.68% (31.12.25: 1.89%) FPT Corp. 390,460 788 0.68 Portfolio of investments 116,251 99.88 Net other assets* 141 0.12 Net assets 116,392 100.00

*The net other assets figure includes any bank or short term cash deposits. ‡ Suspended Security. Stocks shown as ADRs represent American Depositary Receipts. Unless otherwise stated the above securities are ordinary shares or common stock and admitted to official stock exchange listin gs.

Market Percentage of value net assets Asset Holding (£’000) (%)

Page 24

Global Strategic Equity Fund

Portfolio statement

As at 30 June 2026 Market Percentage of value net assets Asset Holding (£’000) (%) Collective investment schemes 0.78% (31.12.25: 0.81%) State Street USD Liquidity LVNAV Fund 352,842 3,205 0.78 Equity 93.32% (31.12.25: 98.87%) Australia 0.00% (31.12.25: 1.83%) Austria 1.33% (31.12.25: 0.97%) Erste Group Bank AG 54,660 5,497 1.33 Belgium 0.00% (31.12.25: 1.11%) Bermuda 2.43% (31.12.25: 0.00%) Hiscox Ltd. 269,899 5,035 1.22 Viking Holdings Ltd. 62,776 4,978 1.21 10,013 2.43 Canada 1.72% (31.12.25: 1.60%) Kinross Gold Corp. 202,293 3,621 0.88 Barrick Mining Corp. 124,100 3,463 0.84 7,084 1.72 Cayman Islands 0.91% (31.12.25: 2.71%) Tencent Holdings Ltd. 90,400 3,744 0.91 China 2.93% (31.12.25: 2.42%) Contemporary Amperex Technology Co. Ltd. 214,943 9,400 2.28 WuXi AppTec Co. Ltd. 180,400 2,674 0.65 12,074 2.93 France 2.99% (31.12.25: 0.00%) L'Oreal SA 23,749 7,860 1.91 Orange SA 308,518 4,447 1.08 12,307 2.99 Germany 2.34% (31.12.25: 7.78%) SAP SE 62,073 7,190 1.75 Siemens Energy AG 16,968 2,423 0.59 9,613 2.34 Hong Kong 0.00% (31.12.25: 1.79%) India 0.00% (31.12.25: 0.68%) Ireland 3.40% (31.12.25: 0.00%) Linde PLC 18,556 7,164 1.74 Trane Technologies PLC 18,849 6,841 1.66 14,005 3.40 Italy 1.89% (31.12.25: 1.25%) Enel SpA 891,094 7,794 1.89 Japan 2.40% (31.12.25: 3.32%) Sompo Holdings, Inc. 199,900 5,808 1.41 Mizuho Financial Group, Inc. 112,700 4,062 0.99 9,870 2.40 Jersey 1.58% (31.12.25: 0.00%) Glencore PLC 689,488 3,625 0.88 Aptiv PLC 64,117 2,870 0.70 6,495 1.58

Page 25

Portfolio statement (continued) As at 30 June 2026

Netherlands 4.25% (31.12.25: 0.74%) ASM International NV 10,595 9,079 2.20 ABN AMRO Bank NV 135,925 4,305 1.05 Ferrari NV 14,701 4,104 1.00 17,488 4.25 Portugal 1.36% (31.12.25: 1.25%) Galp Energia SGPS SA 351,033 5,594 1.36 Spain 3.20% (31.12.25: 0.00%) Banco Santander SA 1,034,751 10,683 2.59 Indra Sistemas SA 60,931 2,517 0.61 13,200 3.20 Sweden 0.00% (31.12.25: 1.69%) Switzerland 1.82% (31.12.25: 1.25%) Cie Financiere Richemont SA 42,546 7,493 1.82 Taiwan 1.82% (31.12.25: 2.43%) Taiwan Semiconductor Manufacturing Co. Ltd. ADR 21,834 7,508 1.82 United Kingdom 4.03% (31.12.25: 6.58%) Rolls-Royce Holdings PLC 738,777 10,717 2.60 Unilever PLC 66,080 3,021 0.73 RELX PLC 120,984 2,876 0.70 16,614 4.03 United States 52.92% (31.12.25: 59.47%) NVIDIA Corp. 163,731 24,109 5.85 Apple, Inc. 87,007 18,514 4.49 Alphabet, Inc. 68,060 18,177 4.41 Microsoft Corp. 49,361 13,743 3.34 Eli Lilly & Co. 12,222 11,350 2.75 Dell Technologies, Inc. 31,565 9,880 2.40 Colgate-Palmolive Co. 134,967 9,419 2.29 TD SYNNEX Corp. 39,144 7,983 1.94 Interactive Brokers Group, Inc. 117,380 7,823 1.90 Monster Beverage Corp. 103,554 7,639 1.85 UnitedHealth Group, Inc. 23,208 7,356 1.79 Delta Air Lines, Inc. 104,312 7,341 1.78 Citizens Financial Group, Inc. 134,088 7,134 1.73 Automatic Data Processing, Inc. 41,052 6,979 1.69 Take-Two Interactive Software, Inc. 36,774 6,867 1.67 Fortinet, Inc. 56,308 6,614 1.61 Cheniere Energy, Inc. 34,550 6,366 1.55 Boeing Co. 39,041 6,332 1.54 Amazon.com, Inc. 33,656 6,105 1.48 Edwards Lifesciences Corp. 87,973 6,061 1.47 Johnson & Johnson 25,619 5,002 1.21 Chevron Corp. 31,502 4,009 0.97 TKO Group Holdings, Inc. 25,034 4,000 0.97 FedEx Corp. 14,661 3,603 0.87 NextEra Energy, Inc. 47,170 3,158 0.77 Generac Holdings, Inc. 11,555 2,478 0.60 218,042 52.92 Portfolio of investments 387,640 94.10 Net other assets* 24,285 5.90 Net assets 411,925 100.00

*The net other assets figure includes any bank or short term cash deposits. Stocks shown as ADRs represent American Depositary Receipts. Unless otherwise stated the above securities are ordinary shares or common stock and admitted to official stock exchange listin gs.

Market Percentage of value net assets Asset Holding (£’000) (%)

Page 26

Global Total Return Credit Fund

Portfolio statement

As at 30 June 2026 Market Percentage of value net assets Asset Holding (£’000) (%) Collective investment schemes 4.98% (31.12.25: 9.06%) iShares Broad USD High Yield Corp Bond UCITS ETF 7,090,788 25,308 2.74 Xtrackers II EUR High Yield Corporate Bond UCITS ETF 983,695 20,673 2.24 45,981 4.98 Equity 0.10% (31.12.25: 0.13%) LUXCO3 SHARES 63,847 969 0.10 Bonds 89.53% (31.12.25: 85.17%) Collateralised loan obligations 11.82% (31.12.25: 0.00%) Ares European CLO XVI DAC FRN 4.992% 15/04/2038 EUR 6,074,000 5,243 0.57 Arbour CLO III DAC FRN 1% 15/08/2040 EUR 5,500,000 4,740 0.51 Fernhill Park CLO DAC FRN 5.13% 15/07/2039 EUR 5,500,000 4,740 0.51 Aqueduct European CLO 5-2020 DAC FRN 1% 15/07/2039 EUR 5,000,000 4,309 0.47 Neuberger Berman Loan Advisers Euro CLO 6 DAC FRN 5.004% 15/07/2039 EUR 4,653,000 4,016 0.44 Madison Park Euro Funding XI Designated Activity Co FRN 1% 15/08/2039 EUR 4,500,800 3,879 0.42 Invesco Euro CLO I DAC FRN 6.196% 15/04/2039 EUR 4,000,000 3,465 0.38 Arbour ClO XIII DAC FRN 5.283% 15/08/2038 EUR 4,000,000 3,448 0.37 Voya Euro CLO VI DAC FRN 5.704% 15/10/2038 EUR 3,767,000 3,277 0.35 CVC Cordatus Loan Fund XVI DAC 4.74% 17/03/2039 EUR 3,800,000 3,266 0.35 Capital Four CLO VII DAC FRN 4.772% 25/04/2039 EUR 3,800,000 3,265 0.35 Ballyrock CLO 24 Ltd. FRN 6.623% 15/07/2038 USD 3,700,000 2,807 0.30 CVC Cordatus Loan Fund XXIX DAC 5.533% 15/08/2038 EUR 3,200,000 2,784 0.30 Aqueduct European ClO 7-2022 DAC FRN 5.601% 15/08/2037 EUR 3,227,000 2,780 0.30 CVC Cordatus Loan Fund XXXVIII DAC 5.36% 15/07/2040 EUR 2,960,000 2,547 0.28 Voya Euro Clo IX DAC FRN 5.204% 15/10/2038 EUR 2,775,000 2,406 0.26 Contego CLO III BV FRN 5.504% 15/04/2038 EUR 2,750,000 2,380 0.26 CVC Cordatus Loan Fund XI DAC 5.304% 15/10/2039 EUR 2,720,000 2,362 0.26 Anchorage Capital Europe CLO 2 DAC FRN 5.604% 30/03/2038 EUR 2,700,000 2,349 0.25 Jubilee CLO 2023-27 DAC FRN 5.654% 21/08/2038 EUR 2,695,000 2,306 0.25 St Paul's CLO III-R DAC FRN 4.604% 15/01/2032 EUR 2,650,000 2,286 0.25 Barings Euro CLO 2025-1 DAC FRN 5.666% 15/08/2039 EUR 2,500,000 2,169 0.23 Dunedin Park CLO DAC FRN 4.469% 20/11/2034 EUR 2,500,000 2,159 0.23 Ares European CLO XII DAC FRN 3.088% 20/04/2032 EUR 2,471,349 2,130 0.23 Anchorage Capital Europe ClO 11 DAC FRN 5.468% 23/07/2039 EUR 2,411,000 2,095 0.23 CVC Cordatus Loan Fund XXX DAC 5.683% 15/05/2037 EUR 2,400,000 2,077 0.23 St Paul's CLO VIII DAC FRN 6.84% 17/07/2030 EUR 2,325,000 2,010 0.22 Sculptor European CLO IV DAC FRN 5.915% 27/04/2038 EUR 2,000,000 1,742 0.19 Aurium CLO IV DAC FRN 4.543% 16/01/2031 EUR 2,000,000 1,728 0.19 AlbaCore EURO CLO FRN 5.601% 15/12/2034 EUR 2,000,000 1,727 0.19 Carlyle Global Market Strategies Euro CLO 2016-2 DAC FRN 4.604% 15/04/2034 EUR 1,954,000 1,688 0.18 Cairn CLO XVII DAC FRN 5.738% 18/01/2039 EUR 1,867,000 1,620 0.18 Bain Capital Euro CLO 2018-2 DAC FRN 4.688% 20/01/2032 EUR 1,825,000 1,579 0.17 Goldentree Loan Management Eur ClO 7 DAC FRN 4.838% 20/07/2037 EUR 1,730,000 1,486 0.16 Aurium CLO XI DAC FRN 5.638% 18/04/2038 EUR 1,500,000 1,302 0.14 Avoca CLO XXVIII DAC FRN 5.304% 15/10/2037 EUR 1,500,000 1,300 0.14 Cairn CLO XIII DAC FRN 5.638% 20/10/2033 EUR 1,500,000 1,296 0.14

Page 27

Portfolio statement (continued) As at 30 June 2026

Bonds 89.53% (31.12.25: 85.17%) (continued) Collateralised loan obligations 11.82% (31.12.25: 0.00%) (continued) Bushy Park CLO DAC FRN 5.204% 15/04/2036 EUR 1,280,000 1,103 0.12 CVC Cordatus Loan Fund XII DAC 5.38% 23/01/2039 EUR 1,250,000 1,086 0.12 Arbour CLO XI DAC FRN 6.083% 15/05/2038 EUR 1,225,000 1,064 0.12 Cumulus Static CLO 2024-1 DAC FRN 5.983% 15/11/2033 EUR 1,125,000 979 0.11 Jubilee CLO 2021-XXV DAC FRN 5.404% 15/10/2035 EUR 1,100,000 946 0.10 Arbour CLO II DAC FRN 5.204% 15/04/2034 EUR 1,000,000 863 0.09 Beckett Park CLO DAC FRN 5.204% 15/10/2038 EUR 975,000 844 0.09 Avoca CLO XV DAC FRN 5.354% 15/07/2038 EUR 954,000 829 0.09 Jubilee CLO 2017-XIX DAC FRN 5.715% 25/04/2038 EUR 950,000 813 0.09 Arbour CLO VI DAC FRN 5.483% 15/11/2037 EUR 900,000 781 0.08 AlbaCore Euro CLO IV DAC FRN 5.304% 15/07/2035 EUR 818,000 708 0.08 Avoca CLO XXXI DAC FRN 5.304% 15/07/2038 EUR 740,000 639 0.07 Contego CLO XIII DAC FRN 5.604% 15/10/2037 EUR 735,000 635 0.07 Clarinda Park CLO DAC FRN 5.583% 15/02/2034 EUR 400,000 347 0.04 Ares European CLO VIII DAC FRN 4.59% 17/04/2032 EUR 400,000 345 0.04 Arbour CLO VI DAC FRN 8.293% 15/11/2037 EUR 320,000 277 0.03 109,022 11.82 Corporate bonds 77.71% (31.12.25: 0.00%) Telenet Finance Luxembourg Notes Sarl 5.5% 01/03/2028 USD 20,000,000 15,011 1.63 Cogent Communications Group LLC / Cogent Finance Inc 6.5% 01/07/2032 USD 17,346,000 11,787 1.28 Clear Channel Outdoor Holdings Inc 7.75% 15/04/2028 USD 14,590,000 11,055 1.20 Banco Bilbao Vizcaya Argentaria SA 6.125% 1Perpetual USD 14,000,000 10,645 1.15 Nationwide Building Society 5.75% Perpetual GBP 10,100,000 10,129 1.10 Rothesay Life PLC 4.875% Perpetual USD 12,524,000 9,401 1.02 Neptune Bidco US Inc 9.29% 15/04/2029 USD 11,819,000 9,108 0.99 Morgan Stanley Bank NA 5.504% 26/05/2028 USD 10,646,000 8,117 0.88 ABN AMRO Bank NV 4.75% Perpetual EUR 9,100,000 7,914 0.86 Danske Bank A/S 2.25% 14/01/2028 GBP 7,996,000 7,901 0.86 Celsa Opco SA 8.25% 15/12/2030 EUR 8,470,000 7,772 0.84 ContourGlobal Power Holdings SA 5% 28/02/2030 EUR 8,406,000 7,336 0.79 Techem Verwaltungsgesellschaft 675 mbH 5.15% 15/07/2032 EUR 8,209,000 7,120 0.77 NatWest Group PLC 5.125% Perpetual GBP 7,100,000 7,073 0.77 Banijay Entertainment SAS 8.125% 01/05/2029 USD 8,938,000 6,965 0.75 BNP Paribas SA 4.625% Perpetual USD 9,097,000 6,848 0.74 Viasat Inc 6.5% 15/07/2028 USD 9,035,000 6,817 0.74 HSBC Holdings PLC 4.711% 12/05/2030 USD 8,985,000 6,770 0.73 1261229 BC 10% 15/04/2032 USD 8,683,000 6,672 0.72 Fannie Mae Pool 5.5% 01/07/2053 USD 8,576,433 6,556 0.71 Ephios Subco 3 Sarl 7.875% 31/01/2031 EUR 7,171,000 6,519 0.71 United Group BV 5.533% 31/01/2033 EUR 7,500,000 6,490 0.70 Apollo Debt Solutions BDC 6.9% 13/04/2029 USD 7,889,000 6,125 0.66 CaixaBank SA 3.625% Perpetual EUR 7,200,000 6,094 0.66 HSBC Holdings PLC 8.201% 16/11/2034 GBP 5,540,000 5,986 0.65 Vmed O2 UK Financing I PLC 4% 31/01/2029 GBP 6,270,000 5,941 0.64 ContourGlobal Power Holdings SA 6.75% 28/02/2030 USD 7,667,000 5,903 0.64 VZ Secured Financing BV 5% 15/01/2032 USD 8,870,000 5,884 0.64 Vodafone Group PLC 4.125% 12/09/2055 EUR 6,700,000 5,707 0.62 Cimpress PLC 7.375% 15/09/2032 USD 7,296,000 5,575 0.60 Virgin Media Secured Finance PLC 5.5% 15/05/2029 USD 7,617,000 5,519 0.60 Barclays PLC 4.375% Perpetual USD 7,445,000 5,466 0.59 Open Text Corp 6.9% 01/12/2027 USD 6,903,000 5,329 0.58 Amber Finco PLC 6.625% 15/07/2029 EUR 5,747,000 5,129 0.56 CoreWeave Inc 8.5% 15/07/2032 EUR 5,948,000 5,059 0.55 Viasat Inc 7.5% 30/05/2031 USD 6,627,000 5,053 0.55 CD&R Firefly Bidco PLC 8.625% 30/04/2029 GBP 4,810,000 4,960 0.54 Hiscox Ltd. 7% 11/06/2036 USD 6,191,000 4,952 0.54 HT Troplast GmbH 9.375% 15/07/2028 EUR 5,532,000 4,902 0.53 Heimstaden Bostad AB 2.625% Perpetual EUR 5,706,000 4,859 0.53 Societe Generale SA 8.125% Perpetual USD 5,970,000 4,736 0.51 Lloyds Banking Group PLC 7.5% Perpetual GBP 4,575,000 4,718 0.51 Ares Strategic Income Fund 5.55% 15/04/2031 USD 6,350,000 4,667 0.51 Coventry Building Society 8.75% Perpetual GBP 4,419,000 4,654 0.50 Mauser Packaging Solutions Holding Co 7.875% 15/04/2030 USD 5,974,000 4,626 0.50

Market Percentage of value net assets Asset Holding (£’000) (%)

Page 28

Portfolio statement (continued) As at 30 June 2026

Corporate bonds 77.71% (31.12.25: 0.00%) (continued) Societe Generale SA 10% Perpetual USD 5,580,000 4,598 0.50 Gatwick Airport Finance PLC 6% 21/11/2030 GBP 4,595,000 4,574 0.50 Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl 4.875% 01/06/2028 GBP 4,530,000 4,502 0.49 Open Text Corp 3.875% 15/02/2028 USD 6,097,000 4,487 0.49 Credit Agricole SA 7.25% Perpetual EUR 4,900,000 4,487 0.49 Verizon Communications Inc 5.743% 15/08/2056 GBP 4,528,000 4,456 0.48 HSBC Holdings PLC 5.875% Perpetual GBP 4,340,000 4,347 0.47 Iceland Bondco PLC 10.875% 15/12/2027 GBP 4,100,000 4,252 0.46 Heathrow Finance PLC 4.125% 01/09/2029 GBP 4,489,000 4,219 0.46 Societe Generale SA 6.75% Perpetual USD 5,500,000 4,197 0.45 Mehilainen Yhtiot Oy 5.666% 30/06/2032 EUR 4,791,000 4,163 0.45 VZ Vendor Financing II BV 2.875% 15/01/2029 EUR 4,982,000 4,157 0.45 Sword Purchaser LLC 7.25% 15/04/2033 EUR 4,528,000 4,089 0.44 Blue Owl Credit Income Corp 6.55% 15/10/2031 USD 5,310,000 4,006 0.43 Bausch + Lomb Corp 8.375% 01/10/2028 USD 5,120,000 3,984 0.43 SGL Group ApS 6.445% 24/02/2031 EUR 4,654,000 3,937 0.43 Banijay Entertainment SAS 7% 01/05/2029 EUR 4,374,000 3,885 0.42 Nationwide Building Society 7.875%Perpetual GBP 3,696,000 3,863 0.42 CCO Holdings LLC / CCO Holdings Capital Corp 4.5% 01/05/2032 USD 5,676,000 3,806 0.41 Deutsche Bank AG 4.5% Perpetual EUR 4,400,000 3,797 0.41 INEOS Finance PLC 7.875% 15/11/2031 EUR 4,568,000 3,792 0.41 Fannie Mae Pool 5% 01/05/2055 USD 5,069,155 3,783 0.41 Eramet SA 6.5% 30/11/2029 EUR 4,400,000 3,767 0.41 BPCE SA 2.25% 02/03/2032 EUR 4,400,000 3,766 0.41 Pacific Life Global Funding II 3.125% 18/06/2031 EUR 4,386,000 3,746 0.41 Fannie Mae Pool 5% 01/02/2054 USD 4,986,140 3,746 0.41 UBS Group AG 6.625% Perpetual USD 4,941,000 3,744 0.41 BCP V Modular Services Finance II PLC 6.5% 10/07/2031 EUR 4,975,000 3,734 0.40 Athene Global Funding 5.543% 22/08/2035 USD 4,945,000 3,706 0.40 CCO Holdings LLC / CCO Holdings Capital Corp 5% 01/02/2028 USD 4,950,000 3,699 0.40 Volkswagen International Finance NV 3.875% Perpetual EUR 4,200,000 3,618 0.39 Fannie Mae Pool 5.5% 01/09/2054 USD 4,726,117 3,605 0.39 Intesa Sanpaolo SpA 7.2% 28/11/2033 USD 4,180,000 3,565 0.39 Everforth Inc 4.625% 15/05/2028 USD 5,055,000 3,563 0.39 Barclays PLC 8.375% Perpetual GBP 3,320,000 3,541 0.38 Sirius XM Radio LLC 4% 15/07/2028 USD 4,801,000 3,535 0.38 Altice France SA 6.5% 15/04/2032 USD 4,725,192 3,447 0.37 Avantor Funding Inc 4.625% 15/07/2028 USD 4,569,000 3,425 0.37 Ziggo Bond Co BV 5.125% 28/02/2030 USD 5,092,000 3,384 0.37 Rothesay Life PLC 6.875% Perpetual GBP 3,300,000 3,369 0.36 BAWAG Group AG 7.25% Perpetual EUR 3,600,000 3,305 0.36 GA Global Funding Trust 5.9% 13/01/2035 USD 4,270,000 3,274 0.35 Blue Owl Credit Income Corp 5.8% 15/03/2030 USD 4,430,000 3,268 0.35 Electricite de France SA 2.875% Perpetual EUR 3,800,000 3,259 0.35 Belron UK Finance PLC 5.75% 15/10/2029 USD 4,261,000 3,240 0.35 Fannie Mae Pool 5% 01/10/2054 USD 4,320,379 3,233 0.35 Fannie Mae Pool 4.5% 01/06/2053 USD 4,359,061 3,192 0.35 NatWest Group PLC 2.105% 28/11/2031 GBP 3,180,000 3,167 0.34 SCIL IV LLC / SCIL USA Holdings LLC 9.5% 15/07/2028 EUR 3,550,000 3,157 0.34 Deutsche Bank AG 7.125% Perpetual EUR 3,400,000 3,132 0.34 SoftBank Group Corp 7.625% 22/10/2029 USD 3,943,000 3,061 0.33 Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl 4.625% 01/06/2028 USD 4,076,000 3,041 0.33 Blackstone Secured Lending Fund 5.9% 21/05/2031 USD 4,043,000 3,021 0.33 Fibercop SpA 7.2% 18/07/2036 USD 3,831,000 2,992 0.32 TeamSystem SpA 5.454% 01/07/2032 EUR 3,508,000 2,974 0.32 Blackstone Private Credit Fund 7.3% 27/11/2028 USD 3,790,000 2,956 0.32 Prime Healthcare Services Inc 9.375% 01/09/2029 USD 3,734,000 2,952 0.32 Barclays PLC 9.25% Perpetual GBP 2,773,000 2,945 0.32 SoftBank Group Corp 8.25% 22/10/2031 USD 3,708,000 2,891 0.31 Eutelsat Communications SACA 5.75% 15/03/2031 EUR 3,260,000 2,877 0.31 Albion Financing 1 SARL / Aggreko Holdings Inc 7% 21/05/2030 USD 3,673,000 2,876 0.31 Whirlpool Corp 7.5% 01/07/2031 USD 3,685,000 2,817 0.31 Bond US Bidco 1 Inc/Bidco 2/Bidco 3/German Bidco 1 GmbH/German Bidco 2 6.5% 15/06/2033 EUR 3,225,000 2,806 0.30

Market Percentage of value net assets Asset Holding (£’000) (%)

Page 29

Portfolio statement (continued) As at 30 June 2026

Corporate bonds 77.71% (31.12.25: 0.00%) (continued) Erste Group Bank AG 4.25% Perpetual EUR 3,200,000 2,774 0.30 CPI Property Group SA 8.5% Perpetual EUR 3,341,000 2,770 0.30 Iron Mountain Inc 4.875% 15/09/2027 USD 3,617,000 2,730 0.30 CPI Property Group SA 6% 27/01/2032 EUR 3,153,000 2,689 0.29 Clydesdale Acquisition Holdings Inc 6.875% 15/01/2030 USD 3,528,000 2,669 0.29 Deutsche Bank AG 10% Perpetual EUR 2,800,000 2,602 0.28 Kapla Holding SAS 5.199% 30/04/2033 EUR 2,968,000 2,589 0.28 Nidda Healthcare Holding GmbH 5.533% 15/10/2032 EUR 2,981,000 2,581 0.28 Luna 1.5 Sarl 12% 01/07/2032 USD 3,160,000 2,562 0.28 Blue Owl Credit Income Corp 4.25% 31/01/2031 EUR 3,023,000 2,522 0.27 CCO Holdings LLC / CCO Holdings Capital Corp 4.5% 01/06/2033 USD 3,740,000 2,469 0.27 Stellantis Finance US Inc 5.75% 18/03/2030 USD 3,110,000 2,357 0.26 Iceland Bondco PLC 4.375% 15/05/2028 GBP 2,379,000 2,350 0.25 Dexko Global Inc 7.5% 15/04/2032 USD 3,625,600 2,333 0.25 CoreWeave Inc 9.25% 01/06/2030 USD 3,060,000 2,321 0.25 Stellantis NV 8.25% Perpetual GBP 2,367,000 2,314 0.25 Zurich Finance Ireland II DAC 5.875% 23/10/2056 USD 3,035,000 2,298 0.25 Shift4 Payments LLC / Shift4 Payments Finance Sub Inc 5.5% 15/05/2033 EUR 2,715,000 2,286 0.25 CPI Property Group SA 3.75% Perpetual EUR 2,860,000 2,282 0.25 Vodafone Group PLC 7% 04/04/2079 USD 2,910,000 2,281 0.25 Bellis Acquisition Co PLC 8.125% 14/05/2030 GBP 2,418,000 2,276 0.25 American Axle & Manufacturing Inc 5% 01/10/2029 USD 3,086,000 2,273 0.25 Ziggo BV 4.875% 15/01/2030 USD 3,190,000 2,269 0.25 GA Global Funding Trust 3.75% 20/06/2032 EUR 2,678,000 2,269 0.25 Goldman Sachs Private Credit Corp 6.25% 06/05/2030 USD 2,950,000 2,262 0.25 SoftBank Group Corp 4.625% 06/07/2028 USD 3,060,000 2,262 0.24 Stellantis NV 6.25% Perpetual EUR 2,663,000 2,255 0.24 Svenska Handelsbanken AB 4.375% Perpetual USD 3,000,000 2,253 0.24 Bausch + Lomb Netherlands BV and Bausch & Lomb Inc 6.079% 15/01/2031 EUR 2,577,000 2,241 0.24 Credit Agricole SA 5.365% 11/03/2034 USD 2,860,000 2,222 0.24 UBS Group AG 6.6% Perpetual USD 2,880,000 2,195 0.24 HSBC Holdings PLC 6.5% Perpetual USD 2,820,000 2,160 0.23 UBS Group AG 4.875% Perpetual USD 2,770,000 2,087 0.23 Apollo Debt Solutions BDC 5.2% 08/12/2028 USD 2,779,000 2,070 0.22 Samhallsbyggnadsbolaget I Norden Holding AB 2.25% 12/07/2027 EUR 2,440,000 2,038 0.22 INEOS Finance PLC 6.375% 15/04/2029 EUR 2,400,000 2,037 0.22 UBS Group AG 9.25% Perpetual USD 2,488,000 2,023 0.22 Gg12 SpA 6.163% 28/04/2033 EUR 2,297,000 2,012 0.22 CCO Holdings LLC / CCO Holdings Capital Corp 7% 01/02/2033 USD 2,665,000 1,988 0.22 American Axle & Manufacturing Inc 7.75% 15/10/2033 USD 2,575,000 1,927 0.21 Heathrow Finance PLC 6.625% 01/03/2031 GBP 1,900,000 1,906 0.21 Mineral Resources Ltd. 9.25% 01/10/2028 USD 2,333,000 1,825 0.20 Blue Owl Capital Corp 6.3% 15/08/2031 USD 2,369,000 1,784 0.19 Credit Agricole SA 1.874% 09/12/2031 GBP 1,800,000 1,777 0.19 NatWest Group PLC 4.5% Perpetual GBP 1,810,000 1,767 0.19 Mineral Resources Ltd. 8.5% 01/05/2030 USD 2,254,000 1,758 0.19 Dolcetto Holdco SpA 6.026% 14/07/2032 EUR 1,956,000 1,699 0.18 UBS Group AG 7% Perpetual USD 2,170,000 1,668 0.18 JPMorgan Chase & Co 5.35% 01/06/2034 USD 2,120,000 1,636 0.18 ING Groep NV 3.875% Perpetual USD 2,200,000 1,634 0.18 HPS Corporate Lending Fund 5.45% 14/01/2028 USD 2,140,000 1,612 0.17 Samhallsbyggnadsbolaget I Norden Holding AB 1.125% 26/09/2029 EUR 2,235,000 1,609 0.17 BP Capital Markets PLC 4.25% Perpetual GBP 1,590,000 1,580 0.17 Verizon Communications Inc 3.375% 27/10/2036 GBP 1,930,000 1,578 0.17 Olympus Water US Holding Corp 5.375% 01/10/2029 EUR 1,860,000 1,567 0.17 Intesa Sanpaolo SpA 4.198% 01/06/2032 USD 2,130,000 1,524 0.17 Trivium Packaging Finance BV 6.625% 15/07/2030 EUR 1,650,000 1,490 0.16 INEOS Finance PLC 7.5% 15/04/2029 USD 1,990,000 1,472 0.16 Alphabet Inc 4.625% 13/11/2032 GBP 1,472,000 1,454 0.16 Adient Global Holdings Ltd. 7% 15/04/2028 USD 1,857,000 1,429 0.15 Blue Owl Capital Corp 2.875% 11/06/2028 USD 1,968,000 1,408 0.15 KBC Group NV 6.324% 21/09/2034 USD 1,720,000 1,395 0.15 MassMutual Global Funding II 3.25% 11/06/2032 EUR 1,630,000 1,382 0.15 Banco Santander SA 6.938% 07/11/2033 USD 1,600,000 1,355 0.15

Market Percentage of value net assets Asset Holding (£’000) (%)

Page 30

Portfolio statement (continued) As at 30 June 2026

Corporate bonds 77.71% (31.12.25: 0.00%) (continued) INEOS Quattro Finance 2 Plc 8.5% 15/03/2029 EUR 1,700,000 1,347 0.15 Fibercop SpA 7.721% 04/06/2038 USD 1,700,000 1,343 0.15 Barclays PLC 8.875% Perpetual GBP 1,280,000 1,327 0.14 ING Groep NV 4.125% 20/05/2036 EUR 1,500,000 1,310 0.14 Apollo Debt Solutions BDC 5.7% 23/01/2031 USD 1,750,000 1,299 0.14 United Group BV 6.5% 31/10/2031 EUR 1,440,000 1,282 0.14 Fannie Mae Pool 5% 01/10/2053 USD 1,659,346 1,246 0.13 TransDigm Inc 6.75% 15/08/2028 USD 1,595,000 1,220 0.13 TeamSystem SpA 5.704% 31/07/2031 EUR 1,425,000 1,218 0.13 INEOS Quattro Finance 2 Plc 6.75% 15/04/2030 EUR 1,679,000 1,217 0.13 Erste Group Bank AG 3.375% Perpetual EUR 1,400,000 1,206 0.13 Stellantis Finance US Inc 6.45% 18/03/2035 USD 1,606,000 1,206 0.13 Sword Purchaser LLC 10.5% 15/04/2034 USD 1,485,000 1,175 0.13 Pension Insurance Corp PLC 8% 13/11/2033 GBP 1,070,000 1,174 0.13 INEOS Finance PLC 7.25% 31/03/2031 EUR 1,424,000 1,170 0.13 Eutelsat Communications SACA 6.25% 15/03/2033 EUR 1,310,000 1,161 0.13 HSBC Holdings PLC 5.279% 10/03/2037 USD 1,535,000 1,152 0.12 Blue Owl Capital Corp 5.95% 15/03/2029 USD 1,513,000 1,143 0.12 Altice France SA 6.5% 15/10/2031 USD 1,517,531 1,114 0.12 Samhallsbyggnadsbolaget I Norden Holding AB 2.375% 04/08/2026 EUR 1,290,000 1,109 0.12 Olympus Water US Holding Corp 6.125% 15/02/2033 EUR 1,240,000 1,079 0.12 Barclays PLC 6.174% 29/07/2036 GBP 1,061,000 1,078 0.12 Cooperatieve Rabobank UA/NY 4.348% 05/03/2027 USD 1,390,000 1,053 0.11 Goldman Sachs Group Inc/The 4.188% 22/04/2036 EUR 1,179,000 1,025 0.11 United Group BV 6.75% 15/02/2031 EUR 1,131,000 1,014 0.11 JPMorgan Chase & Co 4.457% 13/11/2031 EUR 1,107,000 997 0.11 HSBC Holdings PLC 4.191% 19/05/2036 EUR 1,117,000 975 0.11 Verizon Communications Inc 5.742% 15/06/2056 GBP 938,000 934 0.10 Cidron Atrium SE 5.908% 15/02/2033 EUR 1,060,000 920 0.10 Altice France SA 6.875% 15/07/2032 USD 1,254,230 918 0.10 BP Capital Markets PLC 6% Perpetual GBP 900,000 917 0.10 Credit Agricole SA 6% 22/10/2035 GBP 900,000 917 0.10 Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl 4.625% 01/06/2028 USD 1,160,000 863 0.09 HSBC Holdings PLC 6.254% 09/03/2034 USD 1,070,000 860 0.09 Morgan Stanley 5.148% 25/01/2034 EUR 890,000 834 0.09 Luna 1.5 Sarl 10.5% 01/07/2032 EUR 900,000 825 0.09 DNB Bank ASA 7.375% Perpetual USD 1,050,000 823 0.09 Stellantis NV 6.875% Perpetual EUR 956,000 806 0.09 Lloyds Banking Group PLC 1.985% 15/12/2031 GBP 760,000 756 0.08 JPMorgan Chase & Co 6.254% 23/10/2034 USD 895,000 727 0.08 Deutsche Bank AG 4.625% Perpetual EUR 800,000 688 0.07 IHO Verwaltungs GmbH 8% 15/11/2032 USD 815,373 641 0.07 Nationwide Building Society 7.5% Perpetual GBP 613,000 631 0.07 British Telecommunications Ltd. 8.375% 20/12/2083 GBP 595,000 630 0.07 Carnival Corp Ltd. 4% 01/08/2028 USD 844,000 627 0.07 Credit Agricole SA 5.514% 05/07/2033 USD 780,000 611 0.07 CPUK Finance Ltd. 7.875% 28/08/2029 GBP 588,000 607 0.07 ING Groep NV 5.198% 11/09/2027 USD 784,000 594 0.06 Fannie Mae Pool 6% 01/08/2053 USD 736,672 571 0.06 Adient Global Holdings Ltd. 7.5% 15/02/2033 USD 729,000 569 0.06 Banco Santander SA 4.75% 30/08/2028 GBP 500,000 500 0.05 HSBC Holdings PLC 2.625% 16/08/2028 GBP 500,000 480 0.05 TotalEnergies SE 1.625% Perpetual EUR 540,000 453 0.05 Citigroup Inc 4.112% 22/09/2033 EUR 500,000 446 0.05 Altice France Lux 3 / Altice Holdings 1 10% 15/01/2033 USD 546,400 407 0.04 Heimstaden Bostad AB 3% Perpetual EUR 483,000 405 0.04 Nationwide Building Society 4% 14/09/2026 USD 530,000 400 0.04 Ford Motor Credit Co LLC 5.8% 05/03/2027 USD 500,000 380 0.04 CCO Holdings LLC / CCO Holdings Capital Corp 5.125% 01/05/2027 USD 378,000 285 0.03 NatWest Group PLC 3.723% 25/02/2035 EUR 300,000 258 0.03 Lloyds Banking Group PLC 6.625% 02/06/2033 GBP 250,000 256 0.03 British Telecommunications Ltd. 4.25% 23/11/2081 USD 300,000 226 0.02 Altice France Lux 3 / Altice Holdings 1 10% 15/01/2033 USD 126,057 94 0.01 Shimao Group Holdings Ltd. 5.95% 21/07/2031 USD 2,751,595 68 0.01 Shimao Group Holdings Ltd. 2% 21/07/2033 USD 744,465 12 Shimao Group Holdings Ltd. 2% 21/01/2034 USD 744,465 9 Shimao Group Holdings Ltd. 2% 21/07/2032 USD 496,310 9 –

Market Percentage of value net assets Asset Holding (£’000) (%)

Page 31

Portfolio statement (continued) As at 30 June 2026

Corporate bonds 77.71% (31.12.25: 0.00%) (continued) Zhenro Properties Group Ltd. 0% 07/01/2026 USD 3,250,000 8 Zhenro Properties Group Ltd. 0% 14/04/2024** USD 670,000 2 Altice Luxemburg FR SA 0% Perpetual‡ EUR 2,284 – Altice Luxemburg FR SA REGS 0% Perpetual‡ EUR 527 – 717,441 77.71 Derivatives - futures 0.01% (31.12.25: (0.04%)) US Treasury Note 5 Year Futures September 2026 661 92 0.01 Derivatives - credit default swaptions 0.04% (31.12.25: (0.0 2%)) Citibank 796232649 INVESTEC 16/09/2026 (Strike Price EUR 0.0262) 38,657,914 231 0.03 Citibank 798280078 INVESTEC 16/09/2026 (Strike Price EUR 0.0262) 38,657,914 231 0.03 Citibank 796232607 INVESTEC 16/09/2026 (Strike Price EUR 0.0325) (38,657,914) (87) (0.01) Citibank 798280090 INVESTEC 16/09/2026 (Strike Price EUR 0.0325) (38,657,914) (87) (0.01) 288 0.04 Derivatives - credit default swaps (0.03%) (31.12.25: (0.18%)) Citigroup Credit Default Swap CDX.NA.HY.46 21/12/2030 58,608,000 3,604 0.39 J.P. Morgan Credit Default Swap 5.25% 15/02/2029 1,825,000 277 0.03 Goldman Sachs Credit Default Swap 5.375% 21/05/2030 2,225,000 237 0.03 J.P. Morgan Credit Default Swap 5.5% 31/03/2032 2,225,000 227 0.02 J.P. Morgan Credit Default Swap 5.25% 15/02/2029 1,140,000 173 0.02 Goldman Sachs Credit Default Swap 4.75% 15/10/2030 1,792,000 151 0.02 Goldman Sachs Credit Default Swap 3.625% 15/02/2028 1,540,000 134 0.01 J.P. Morgan Credit Default Swap 5.375% 21/05/2030 1,140,000 122 0.01 J.P. Morgan Credit Default Swap 5.375% 21/05/2030 1,118,170 119 0.01 J.P. Morgan Credit Default Swap 5.375% 21/05/2030 1,118,170 119 0.01 Goldman Sachs Credit Default Swap 3.625% 15/02/2028 950,000 83 0.01 J.P. Morgan Credit Default Swap 3.5% 15/02/2028 965,566 44 J.P. Morgan Credit Default Swap 2.375% 12/10/2027 1,474,000 (44) J.P. Morgan Credit Default Swap 2.375% 12/10/2027 1,800,000 (53) (0.01) Citigroup Credit Default Swap Markit iTraxx Europe Subordinated Financials 21/12/2030 18,935,000 (85) (0.01) Citigroup Credit Default Swap Markit iTraxx Europe Crossover 20/06/2031 55,755,977 (5,253) (0.57) (145) (0.03) Forward foreign exchange contracts (0.49%) (31.12.25: 0.36%) Forward currency contracts For settlement date 29/07/2026 Buy EUR 38,052,987 for GBP 32,931,369 (115) (0.01) Buy USD 18,895,285 for GBP 14,106,611 170 0.02 Sold EUR 426,726,211 for GBP (369,516,326) 1,509 0.16 Sold USD 569,154,482 for GBP (423,941,318) (6,089) (0.66) (4,525) (0.49) Portfolio of investments^ 869,123 94.14 Net other assets* 54,063 5.86 Net assets 923,186 100.00

^ Including derivative liabilities. *The net other assets figure includes any bank or short term cash deposits. **Bond still trading. ‡The market value of the holdings is below £500 and is therefore rounded down to £0. Securities shown as FRNs represent Floating Rate Notes – debt instruments that pay a floating rate of interest, usually based o n an accepted market benchmark rate such as SONIA. Fixed interest securities are traded on a regulated market, unless otherwise stated. The collective investment schemes investments, credit default swaps and the forward foreign exchange contracts are not listed.

Market Percentage of value net assets Asset Holding (£’000) (%)

Page 32

Portfolio analysis

As at 30 June 2026

Portfolio analysis

30.06.26 31.12.25 Market Percentage of Market Percentage of value net assets value net assets Asset (£’000) (%) (£’000) (%) Bonds 826,463 89.53 521,918 85.17 Collective investment schemes 45,981 4.98 55,468 9.06 Derivatives 235 0.02 (1,379) (0.24) Equities 969 0.10 829 0.13 Forward foreign exchange contracts (4,525) (0.49) 2,180 0.36 Net other assets 54,063 5.86 33,808 5.52 Net assets 923,186 100.00 612,824 100.00

Credit breakdown* 30.06.26 31.12.25 Market Percentage of Market Percentage of value net assets value net assets Asset (£’000) (%) (£’000) (%) AAA 3,709 0.40 3,802 0.62 AA 35,145 3.82 43,536 7.10 A 54,779 5.92 29,071 4.75 BBB 257,512 27.90 163,116 26.62 BB 226,182 24.50 130,638 21.35 B 216,223 23.43 125,765 20.50 CCC 32,805 3.55 25,872 4.22 C 108 0.01 118 0.01 Total bonds 826,463 89.53 521,918 85.17

*Bond ratings are Ninety One approximations.

Page 33

Authorised Corporate Director’s report The Authorised Corporate Director (the “ACD”) of Ninety One Funds Series ii (the “Company”) is Ninety One Fund Managers UK Limited. The ACD is the sole director of the Company.

Authorised status The Company is an investment company with variable capital incorporated in England and Wales under registered number IC125 and authorised by the Financial Conduct Authority (the “FCA”) with effect from 7 September 2001.

The Company is structured as an umbrella company in that different sub-funds (the “Funds”) may be established from time to time by the ACD with the approval of the FCA. The Company currently comprises four Funds.

The Company (and therefore the Funds) has been certified by the FCA as complying with the FCA Collective Investment Scheme (“COLL”) Sourcebook and the Collective Investment Schemes (Amendment etc) (EU Exit) Regulations 2019 No.325 including any amendments or updates made in relation ther eto. The Company has an unlimited duration.

The assets of each Fund will be treated as separate from those of every other Fund and will be invested in accordance with the investment objective and policy applicable to that Fund. Investment of the assets of each of the Funds must comply with the investment objective and policy of the relevant Fund.

Under English law, the Funds are segregated portfolios of assets and the assets of a Fund belong exclusively to that Fund. The assets of a Fund shall not be used or made available to discharge (directly or indirectly) the liabilities of, or claims against, any other person or body, including the Company and any other Fund and shall not be available for any such purpose.

Subject to the above, each Fund will be charged with the liabilities, expenses, costs and charges of the Company attributable to that Fund, and within each Fund charges will be allocated between share classes in accordance with their terms of issue. Any assets, liabilities, expenses, costs or charges not attributable to a particular Fund may be allocated by the ACD in a manner which it believes is fair to the shareholders generally. This will normally be pro rata to the net asset value of the relevant Funds. Shareholders are not liable for the debts of the Company.

Accounting period covered by these accounts The accounting period covered in these accounts is from 1 January 2026 to 30 June 2026.

Changes during the accounting period Changes made following required notice: There were no fundamental changes to the Funds that required shareholder approval and nor were there any significant changes to the Funds requiring pre-notification.

Share class launches Global Total Return Credit Fund, M, Accumulation , GBP launched on 23 March 2026.

Global Total Return Credit Fund, M, Income, GBP launched on 23 March 2026.

Authorised Corporate

Director’s Report

Page 34

Other changes made: On 23 January 2026, the prospectus was updated to reflect:

a. the insertion of a new "Contractual Scheme Documents" section defining the Instrument of Incorporation, Prospectus and Supplementary Information Document (where applicable) as the complete terms governing Shareholders' interests’; and

b. other general updates, including to Appendix VI ‘Risk Factors’ and other minor changes.

On 23 March 2026, the prospectus was updated to reflect:

a. other general updates and minor changes.

S. Welthagen K. McFarland Director of the ACD Director of the ACD

28 August 2026

Authorised Corporate Director’s Report (continued)

Page 35

Comparative tables

As at 30 June 2026 Net Asset Value and Ongoing Charges Figure

‘A’ Class (Accumulation shares) ‘A’ Class (GBP Hedged Accumulation shares) 30.06.26 31.12.25 31.12.24 31.12.23 30.06.26 31.12.25 31.12.24 31.12.23 (p) (p) (p) (p) (p) (p) (p) (p) Closing net asset value (£’000) 105,986 124,684 152,666 148,411 603 730 810 818 Closing number of shares 12,922,378 14,489,505 18,001,233 19,076,579 123,644 140,742 168,411 182,992 Closing net asset value per share (p) 820.17 860.51 848.09 777.98 487.73 518.92 480.86 446.90 Operating charges 1.62% 1.62% 1.59% 1.60% 1.64% 1.65% 1.63% 1.63%

‘A’ Class (USD Accumulation shares) ‘B’ Class (Accumulation shares) 30.06.26 31.12.25 31.12.24 31.12.23 30.06.26 31.12.25 31.12.24 31.12.23 (c) (c) (c) (c) (p) (p) (p) (p) Closing net asset value (USD’000)/(£’000) 10,655 73,182 124,367 116,756 2,604 2,935 4,808 4,890 Closing number of shares 981,031 6,316,048 11,685,160 11,766,870 300,413 323,146 538,465 598,497 Closing net asset value per share (c)/(p) 1,086.08 1,158.67 1,064.31 992.24 866.78 908.29 892.89 817.03 Operating charges 1.62% 1.62% 1.59% 1.60% 1.37% 1.37% 1.34% 1.35%

‘I’ Class (Accumulation shares) ‘J’ Class (Accumulation shares) 30.06.26 31.12.25 31.12.24 31.12.23 30.06.26 31.12.25 31.12.24 31.12.23 (p) (p) (p) (p) (p) (p) (p) (p) Closing net asset value (£’000) 137,397 152,813 259,315 328,348 11 11 11 10 Closing number of shares 23,649,278 25,163,405 43,653,336 60,709,073 10,000 10,000 10,000 10,000 Closing net asset value per share (p) 580.98 607.28 594.03 540.86 109.24 114.10 111.44 101.31 Operating charges 0.86% 0.87% 0.84% 0.85% 0.71% 0.72% 0.69% 0.72%

‘M’ Class (Accumulation shares) ‘R’ Class (Accumulation shares) 30.06.26 31.12.25 31.12.24 31.12.23 30.06.26 31.12.25 31.12.24 31.12.23 (p) (p) (p) (p) (p) (p) (p) (p) Closing net asset value (£’000) 146,043 160,588 137,573 10 9,859 10,720 9,859 9,640 Closing number of shares 133,183,751 140,311,762 123,242,086 10,000 1,718,020 1,784,900 1,673,973 1,793,128 Closing net asset value per share (p) 109.66 114.45 111.63 101.32 573.85 600.58 588.97 537.58 Operating charges 0.56% 0.57% 0.53% 0.55% 1.12% 1.12% 1.09% 1.10%

‘S’ Class (Accumulation shares) 30.06.26 31.12.25 31.12.24 31.12.23 (p) (p) (p) (p) Closing net asset value (£’000) 7,956 10,020 12,122 11,889 Closing number of shares 1,066,020 1,289,194 1,606,452 1,743,472 Closing net asset value per share (p) 746.34 777.25 754.61 681.92 Operating charges 0.11% 0.12% 0.09% 0.10%

American Franchise Fund

Page 36

Comparative tables

As at 30 June 2026 Net Asset Value and Ongoing Charges Figure

‘A’ Class (Accumulation shares) ‘B’ Class (Accumulation shares) 30.06.26 31.12.25 31.12.24 31.12.23 30.06.26 31.12.25 31.12.24 31.12.23 (p) (p) (p) (p) (p) (p) (p) (p) Closing net asset value (£’000) 21,586 17,216 24,339 25,322 3,302 2,574 2,401 2,204 Closing number of shares 1,711,497 1,753,856 3,010,259 3,602,448 25,037 25,117 28,512 30,176 Closing net asset value per share (p) 1,261.25 981.60 808.52 702.89 13,186.18 10,249.86 8,421.34 7,302.84 Operating charges 1.71% 1.70% 1.61% 1.65% 1.46% 1.46% 1.36% 1.40%

‘I’ Class (Accumulation shares) ‘J’ Class (Accumulation shares) 30.06.26 31.12.25 31.12.24 31.12.23 30.06.26 31.12.25 31.12.24 31.12.23 (p) (p) (p) (p) (p) (p) (p) (p) Closing net asset value (£’000) 68,828 55,253 59,388 78,080 1,316 1,174 4,615 25,477 Closing number of shares 10,295,828 10,659,125 14,014,535 21,353,513 729,787 840,223 4,042,864 25,890,193 Closing net asset value per share (p) 668.51 518.36 423.77 365.66 180.34 139.77 114.15 98.40 Operating charges 0.96% 0.96% 0.87% 0.90% 0.86% 0.84% 0.78% 0.80%

‘R’ Class (Accumulation shares) 30.06.26 31.12.25 31.12.24 31.12.23 (p) (p) (p) (p) Closing net asset value (£’000) 21,360 17,388 15,115 14,349 Closing number of shares 5,628,809 5,902,183 6,260,095 6,870,449 Closing net asset value per share (c) 379.47 294.60 241.44 208.85 Operating charges 1.21% 1.21% 1.11% 1.15%

Emerging Markets Leaders

Fund

Page 37

Comparative tables

As at 30 June 2026 Net Asset Value and Ongoing Charges Figure

‘A’ Class (Accumulation shares) ‘A’ Class (USD Accumulation shares) 30.06.26 31.12.25 31.12.24 31.12.23 30.06.26 31.12.25 31.12.24 31.12.23 (p) (p) (p) (p) (c) (c) (c) (c) Closing net asset value (£’000)/(USD'000) 115,691 108,269 99,242 93,936 2,715 2,485 1,990 1,730 Closing number of shares 5,614,227 5,836,155 6,346,746 7,124,632 99,657 99,657 101,625 103,102 Closing net asset value per share (p)/(c) 2,060.68 1,855.15 1,563.67 1,318.46 2,724.09 2,493.15 1,958.51 1,678.36 Operating charges 1.62% 1.63% 1.60% 1.62% 1.62% 1.63% 1.60% 1.62%

'I' Class (Accumulation shares) 'R' Class (Accumulation shares) 30.06.26 31.12.25 31.12.24 31.12.23 30.06.26 31.12.25 31.12.24 31.12.23 (p) (p) (p) (p) (p) (p) (p) (p) Closing net asset value (£’000) 239,017 192,005 170,693 159,007 48,340 44,061 36,462 32,329 Closing number of shares 42,679,476 38,225,155 40,620,648 45,213,622 9,496,760 9,638,897 9,510,838 10,051,198 Closing net asset value per share (p) 560.03 502.30 420.21 351.68 509.02 457.11 383.37 321.65 Operating charges 0.87% 0.88% 0.85% 0.87% 1.12% 1.13% 1.10% 1.12%

‘S’ Class (Accumulation shares) 30.06.26 31.12.25 31.12.24 31.12.23 (p) (p) (p) (p) Closing net asset value (£’000) 6,826 6,638 6,157 6,224 Closing number of shares 926,023 1,007,732 1,125,784 1,369,887 Closing net asset value per share (p) 737.09 658.66 546.91 454.30 Operating charges 0.12% 0.13% 0.10% 0.12%

Global Strategic Equity Fund

Page 38

Comparative tables

As at 30 June 2026 Net Asset Value and Ongoing Charges Figure

‘A’ Class (Accumulation shares) ‘A’ Class (Income-2 shares) 30.06.26 31.12.25 31.12.24 31.12.23 30.06.26 31.12.25 31.12.24 31.12.23 (p) (p) (p) (p) (p) (p) (p) (p) Closing net asset value (£’000) 1,416 1,567 4,738 5,439 2,093 2,174 2,870 3,055 Closing number of shares 1,320,640 1,486,172 4,769,108 5,833,306 2,561,251 2,633,669 3,486,439 3,725,778 Closing net asset value per share (p) 107.24 105.43 99.35 93.24 81.72 82.55 82.33 82.00 Operating charges 1.37% 1.40% 1.36% 1.36% 1.37% 1.40% 1.36% 1.36%

‘B’ Class (Accumulation shares) ‘B’ Class (Income-2 shares) 30.06.26 31.12.25 31.12.24 31.12.23 30.06.26 31.12.25 31.12.24 31.12.23 (p) (p) (p) (p) (p) (p) (p) (p) Closing net asset value (£’000) 44,526 10 – – 3,562 10 – Closing number of shares 43,152,688 10,000 – – 3,597,371 10,045 – Closing net asset value per share (p) 103.18 101.04 – – 99.01 99.64 – Operating charges 0.59% 0.65% – – 0.59% 0.65% – –

‘I’ Class (Accumulation shares) ‘I’ Class (Income-2 shares) 30.06.26 31.12.25 31.12.24 31.12.23 30.06.26 31.12.25 31.12.24 31.12.23 (p) (p) (p) (p) (p) (p) (p) (p) Closing net asset value (£’000) 414,495 259,825 190,690 165,151 34,244 35,819 40,920 40,018 Closing number of shares 323,578,580 206,950,403 162,163,015 150,552,642 39,783,627 41,314,847 47,614,429 47,033,359 Closing net asset value per share (p) 128.10 125.55 117.59 109.70 86.07 86.70 85.94 85.09 Operating charges 0.77% 0.80% 0.76% 0.76% 0.77% 0.80% 0.76% 0.76%

'K' Class (Accumulation shares) 'K' Class (Income-2 shares) 30.06.26 31.12.25 31.12.24 31.12.23 30.06.26 31.12.25 31.12.24 31.12.23 (p) (p) (p) (p) (p) (p) (p) (p) Closing net asset value (£’000) 9,834 3,615 4,893 7,276 21,118 18,841 15,841 14,533 Closing number of shares 7,538,716 2,830,231 4,098,109 6,545,056 24,098,080 21,367,684 18,159,562 16,861,284 Closing net asset value per share (p) 130.45 127.73 119.40 111.16 87.63 88.18 87.23 86.19 Operating charges 0.57% 0.60% 0.56% 0.56% 0.57% 0.60% 0.56% 0.56%

'M' Class (Accumulation shares) 'M' Class (Income shares) 30.06.26 31.12.25 31.12.24 31.12.23 30.06.26 31.12.25 31.12.24 31.12.23 (p) (p) (p) (p) (p) (p) (p) (p) Closing net asset value (£’000) 15,370 – – – 17,350 – – Closing number of shares 14,927,080 – – – 17,155,111 – – Closing net asset value per share (p) 102.96 – – – 101.13 – – Operating charges 0.35% – – – 0.35% – – –

Global Total Return Credit Fund

Page 39

Comparative tables

As at 30 June 2026 Net Asset Value and Ongoing Charges Figure

'R' Class (Accumulation shares) 'R' Class (Income-2 shares) 30.06.26 31.12.25 31.12.24 31.12.23 30.06.26 31.12.25 31.12.24 31.12.23 (p) (p) (p) (p) (p) (p) (p) (p) Closing net asset value (£’000) 247 240 182 229 4,905 5,049 4,809 5,014 Closing number of shares 225,203 222,751 180,290 242,558 5,818,664 5,943,593 5,704,578 6,002,279 Closing net asset value per share (p) 109.83 107.70 100.97 94.29 84.30 84.95 84.30 83.54 Operating charges 0.87% 0.90% 0.86% 0.86% 0.87% 0.90% 0.86% 0.86%

'S' Class (Accumulation shares) 30.06.26 31.12.25 31.12.24 31.12.23 (p) (p) (p) (p) Closing net asset value (£’000) 354,026 285,674 234,163 192,722 Closing number of shares 311,130,124 256,978,059 226,359,273 201,007,986 Closing net asset value per share (p) 113.79 111.17 103.45 95.88 Operating charges 0.12% 0.15% 0.11% 0.11%

Page 40

Notes to the Aggregated Financial Statements

For the period ended 30 June 2026 1. Accounting policies (a) Basis of accounting The semi-annual financial statements for each sub-fund have been prepared on the same basis as the audited financial statements for the year ended 31 December 2025. They are in accordance with the historical cost basis, as modified by the revaluation of investments, and in accordance with UK Financial Reporting Standard 104 (FRS 104) and the Statement of Recommended Practice (SORP) for Financial Statements of Authorised Funds issued by the Investment Association (IA) in October 2025 (the IA SORP 2025). (b) Adoption of IA SORP 2025 Changes in accounting policies The following changes have been made to the accounting policies as detailed in the audited financial statements for the year ended 31 December 2025.

- In accordance with the 2025 SORP mid-market prices are an appropriate valuation basis for investments. A restatement of the prior year comparatives is not required by the IA SORP (paragraph 1.12), the value of investments for the prior year is shown at bid market value, in li ne with the previous accounting policy.

Changes in presentation The presentation of these financial statements has been changed from the previous period to comply with the requirements of IA SORP 2025.

These changes include:

- Amendments to labelling of line items within the financial statements;

- Removal of distribution tables;

- The inclusion of a going concern assessment;

- The inclusion of significant related party transactions;

- The inclusion of the fair value hierarchy of the portfolio. 2. Going concern The financial statements are prepared on the going concern basis. In applying this basis of preparation, the assets and liabilities of this sub-funds continue to be stated at their fair values which materially equate to their residual values. No adjustments were necessary in the financial statements to reduce assets to their realisable values and to reclassify long term liabilities as current liabilities except for reclassifying fixed assets as current assets.

The ACD has undertaken a detailed assessment of each of the remaining sub-fund’s ability to meet its liabilities as they fall due, including liquidity, declines in global capital markets and investor redemption levels. Based on this assessment, the sub-funds continue to be open for trading and the ACD is satisfied the sub-funds have adequate financial resources to continue in operation for the foreseeable future, being at least 12 months from the date of approval, and accordingly it is appropriate to adopt the going concern basis in preparing the financial statements.

S. Welthagen K. McFarland Director of the ACD Director of the ACD

2 8 August 2026

Page 41

Statement of total return

For the period ended 30 June 2026 01.01.26 to 30.06.26 01.01.25 to 30.06.25 £’000 £’000 £’000 £’000 Income Net capital losses (22,449) (16,864) Revenue 1,716 2,229 Expenses (2,140) (3,181) Interest payable and similar exp e nses (7) (1) Net expense before taxation (431) (953) Taxation (238) (295) Net expense after taxation (669) (1,248) Total return before distributions (23,118) (18,112) Distributions (4) 6 Change in net assets attributable to shareholders from investment activities (23,122) (18,106)

Statement of change in net assets attributable to shareholders

For the period ended 30 June 2026 01.01.26 to 30.06.26 01.01.25 to 30.06.25 £’000 £’000 £’000 £’000 Opening net assets attributable to shareholders 516,890 676,337 Issue of shares 24,768 32,099 Cancellation of shares (100,023) (149,714) (75,255) (117,615) Change in net assets attributable to shareholders from investment activities (23,122) (18,106) Retained distributions on accumulation shares (4) Closing net assets attributable to shareholders 418,509 540,616

Balance sheet

As at 30 June 2026 30.06.26 31.12.25 £’000 £’000 £’000 £’000 Assets Investments 419,212 516,266 Amounts receivable 668 480 Cash and cash equivalents 519 1,064 Total other assets 1,187 1,544 Total assets 420,399 517,810 Liabilities Other amounts payable 1,890 920 Total liabilities 1,890 920 Net assets attributable to shareholders 418,509 516,890

All items within the Balance Sheet are deemed current.

American Franchise Fund

Page 42

American Franchise Fund

Notes to the Financial Statements

For the period ended 30 June 2026

1. Related party transactions Ninety One Fund Managers UK Limited, as Authorised Corporate Director (ACD), is a related party, and acts as a principal in respect of all transactions of shares in the Company. The aggregate monies received through issues, and paid on cancellation of shares are disclosed in the Statement of Change in Net Assets Attributable to Shareholders. In accordance with the prospectus the ACD collects from the Fund, a general administration charge (GAC), ACD fees and safe custody fees. The ACD and its associates held 0.5 3 % of the sub-fund at period end date (31.12.25: 0.53%). 2. Fair value 30.06.26 Level 1 Level 2 Level 3 Total £’000 £’000 £’000 £’000 Assets Equities 414,994 – – 414,994 Collective investment schemes – 4,218 – 4,218 Total Assets 414,994 4,218 – 419,212

31.12.25 Level 1 Level 2 Level 3 Total £’000 £’000 £’000 £’000 Assets Equities 516,266 – – 516,266 Total Assets 516,266 – – 516,266

The three levels of the fair value hierarchy under FRS 102 are as follows: Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly (that i s, as prices) or indirectly (that is, derived from prices); Level 3 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).

Page 43

Statement of total return

For the period ended 30 June 2026 01.01.26 to 30.06.26 01.01.25 to 30.06.25 £’000 £’000 £’000 £’000 Income Net capital gains 26,283 3,875 Revenue 742 769 Expenses (569) (522) Interest payable and similar expenses (4) (1) Net revenue before taxation 169 246 Taxation (169) (440) Net revenue/(expense) after taxation – (194) Total return before distributions 26,283 3,681 Distributions 1 (5) Change in net assets attributable to shareholders from investment activities 26,284 3,676

Statement of change in net assets attributable to shareholders

For the period ended 30 June 2026 01.01.26 to 30.06.26 01.01.25 to 30.06.25 £’000 £’000 £’000 £’000 Opening net assets attributable to shareholders 93,605 105,858 Issue of shares 8,022 1,576 Cancellation of shares (11,519) (19,615) (3,497) (18,039) Change in net assets attributable to shareholders from investment activities 26,284 3,676 Retained distributions on accumulation shares – Closing net assets attributable to shareholders 116,392 91,495

Balance sheet

As at 30 June 2026 30.06.26 31.12.25 £’000 £’000 £’000 £’000 Assets Investments 116,251 93,707 Amounts receivable 491 163 Cash and cash equivalents 283 248 Total other assets 774 411 Total assets 117,025 94,118 Liabilities Investments – Provisions 387 287 Other amounts payable 246 226 Total other liabilities 246 226 Total liabilities 633 513 Net assets attributable to shareholders 116,392 93,605

All items within the Balance Sheet are deemed current.

Emerging Markets Leaders Fund

Page 44

1. Related party transactions Ninety One Fund Managers UK Limited, as Authorised Corporate Director (ACD), is a related party, and acts as a principal in respect of all transactions of shares in the Company. The aggregate monies received through issues, and paid on cancellation of shares are disclosed in the Statement of Change in Net Assets Attributable to Shareholders. In accordance with the prospectus the ACD collects from the Fund, a general administration charge (GAC), ACD fees and safe custody fees. The ACD and its associates held 0.0 5 % of the sub-fund at period end date (31.12.25: 0.04%). 2. Fair value 30.06.26 Level 1 Level 2 Level 3 Total £’000 £’000 £’000 £’000 Assets Equities 115,479 – – 115,479 Collective investment schemes – 772 – 772 Total Assets 115,479 772 – 116,251

31.12.25 Level 1 Level 2 Level 3 Total £’000 £’000 £’000 £’000 Assets Equities 93,556 – – 93,556 Collective investment schemes 151 – – 151 Total Assets 93,707 – – 93,707

The three levels of the fair value hierarchy under FRS 102 are as follows: Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly (that is, as price s) or indirectly (that is, derived from prices); Level 3 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).

Emerging Markets Leaders Fund

Notes to the Financial Statements

For the period ended 30 June 2026

Page 45

Statement of total return

For the period ended 30 June 2026 01.01.26 to 30.06.26 01.01.25 to 30.06.25 £’000 £’000 £’000 £’000 Income Net capital gains 39,047 16,337 Revenue 2,984 3,247 Expenses (2,012) (1,718) Interest payable and similar expenses (1) (1) Net revenue before taxation 971 1,528 Taxation (297) (265) Net revenue after taxation 674 1,263 Total return before distributions 39,721 17,600 Distributions 64 14 Change in net assets attributable to shareholders from investment activities 39,785 17,614

Statement of change in net assets attributable to shareholders

For the period ended 30 June 2026 01.01.26 to 30.06.26 01.01.25 to 30.06.25 £’000 £’000 £’000 £’000 Opening net assets attributable to shareholders 352,818 314,141 Issue of shares 34,259 20,434 Cancellation of shares (14,937) (26,366) 19,322 (5,932) Change in net assets attributable to shareholders from investment activities 39,785 17,614 Closing net assets attributable to shareholders 411,925 325,823

Balance sheet

As at 30 June 2026 30.06.26 31.12.25 £’000 £’000 £’000 £’000 Assets Investments 387,640 351,678 Amounts receivable 25,400 460 Cash and cash equivalents 357 1,136 Total other assets 25,757 1,596 Total assets 413,397 353,274 Liabilities Bank overdrafts 743 Other amounts payable 729 456 Total other liabilities 1,472 456 Total liabilities 1,472 456 Net assets attributable to shareholders 411,925 352,818

All items within the Balance Sheet are deemed current.

Global Strategic Equity Fund

Page 46

Global Strategic Equity Fund

Notes to the Financial Statements

For the period ended 30 June 2026

1. Related party transactions Ninety One Fund Managers UK Limited, as Authorised Corporate Director (ACD), is a related party, and acts as a principal in respect of all transactions of shares in the Company. The aggregate monies received through issues, and paid on cancellation of shares are disclosed in the Statement of Change in Net Assets Attributable to Shareholders. In accordance with the prospectus the ACD collects from the Fund, a general administration charge (GAC), ACD fees and safe custody fees. The ACD and its associates held 0.0 8 % of the sub-fund at period end date (31.12.25: 0.12%). 2. Fair value 30.06.26 Level 1 Level 2 Level 3 Total £’000 £’000 £’000 £’000 Assets Equities 384,435 – – 384,435 Collective investment schemes – 3,205 – 3,205 Total Assets 384,435 3,205 – 387,640

31.12.25 Level 1 Level 2 Level 3 Total £’000 £’000 £’000 £’000 Assets Equities 348,823 – – 348,823 Collective investment schemes – 2,855 – 2,855 Total Assets 348,823 2,855 – 351,678

The three levels of the fair value hierarchy under FRS 102 are as follows: Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly (that is, as prices) or indirectly (that is, derived from prices); Level 3 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).

Page 47

Statement of total return

For the period ended 30 June 2026 01.01.26 to 30.06.26 01.01.25 to 30.06.25 £’000 £’000 £’000 £’000 Income Net capital (losses)/gains (3,886) 5,230 Revenue 22,909 14,452 Expenses (2,009) (1,213) Interest payable and similar expenses (101) (86) Net revenue before taxation 20,799 13,153 Taxation – Net revenue after taxation 20,799 13,153 Total return before distributions 16,913 18,383 Distributions (19,900) (13,361) Change in net assets attributable to shareholders from investment activities (2,987) 5,022

Statement of change in net assets attributable to shareholders

For the period ended 30 June 2026 01.01.26 to 30.06.26 01.01.25 to 30.06.25 £’000 £’000 £’000 £’000 Opening net assets attributable to shareholders 612,824 499,106 In-specie transfer* 15,831 Issue of shares 348,659 65,085 Cancellation of shares (69,989) (39,111) 278,670 25,974 Dilution adjustment 242 Change in net assets attributable to shareholders from investment activities (2,987) 5,022 Retained distributions on accumulation shares 18,605 11,709 Unclaimed distributions 1 1 Closing net assets attributable to shareholders 923,186 541,812

Balance sheet

As at 30 June 2026 30.06.26 31.12.25 £’000 £’000 £’000 £’000 Assets Investments 880,936 581,465 Amounts receivable 60,215 7,862 Cash and cash equivalents 56,941 30,939 Total other assets 117,156 38,801 Total assets 998,092 620,266 Liabilities Investments 11,813 2,449 Bank overdrafts 3,581 Distribution payable 1,109 604 Other amounts payable 58,403 4,389 Total other liabilities 63,093 4,993 Total liabilities 74,906 7,442 Net assets attributable to shareholders 923,186 612,824 All items within the Balance Sheet are deemed current. * SVS Sanlam Fixed Interest Fund merged into Global Total Return Credit Fund on 7 March 2026.

Global Total Return Credit Fund

Page 48

Global Total Return Credit Fund

Notes to the Financial Statements

For the period ended 30 June 2026

1. Related party transactions Ninety One Fund Managers UK Limited, as Authorised Corporate Director (ACD), is a related party, and acts as a principal in respect of all transactions of shares in the Company. The aggregate monies received through issues, and paid on cancellation of shares are disclosed in the Statement of Change in Net Assets Attributable to Shareholders. In accordance with the prospectus the ACD collects from the Fund, a general administration charge (GAC), ACD fees and safe custody fees. The ACD and its associates held 0.0 3 % of the sub-fund at period end date (31.12.25: 0.03%). 2. Fair value 30.06.26 Level 1 Level 2 Level 3 Total £’000 £’000 £’000 £’000 Assets Equities – 969 – 969 Debt instruments – 826,463 – 826,463 Collective investment schemes 45,981 – – 45,981 Derivatives – 7,523 – 7,523 Total Assets 45,981 834,955 – 880,936

Liabilities Derivatives – (11,813) – (11,813) Total Liabilities – (11,813) – (11,813)

31.12.25 Level 1 Level 2 Level 3 Total £’000 £’000 £’000 £’000 Assets Equities – 829 – 829 Debt instruments – 521,918 – 521,918 Collective investment schemes 36,824 18,644 – 55,468 Derivatives – 3,250 – 3,250 Total Assets 36,824 544,641 – 581,465

Liabilities Derivatives (256) (2,193) – (2,449) Total Liabilities (256) (2,193) – (2,449)

The three levels of the fair value hierarchy under FRS 102 are as follows: Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly (t hat is , as prices) or indirectly (that is, derived from prices); Level 3 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).

Page 49

The funds did not hold any total return swaps as at 30 June 2026. The funds did not engage in securities lending, repurchase agreement and reverse r epurchase agreement tran s ac tions during the financial period.

Securities Financing Transactions (‘SFT’s’)

As at 30 June 2026

Page 50

Climate related disclosures

Taskforce for Climate-Related Disclosures (TCFD) framework and recommended disclosures can be found in Ninety One's Integrated Annual Report where it is explained how Ninety One at a firm level aligns to the recommended TCFD requirements. The report can be found here https://ninetyone.com/-/media/documents/investor-relations/2026/91-ninety-one-integrated annual-report-2026.pdf .

Page 51

Other information

ISA status

During the period under review, the shares of the funds met the requirements for eligibility to be held in a stocks and shares ISA as determined by the regulations which govern ISAs.

Ninety One Fund Managers Limited offer the ‘A’ shares of the funds through its own ISA plan.

Distributions

Where a distribution is to be paid, it has been calculated as at 30 June 2026 and will be distributed to shareholders, where applicable, on 31 August 2026. For accumulatio n shares income distribution payments are deemed to be paid on 31 August 2026.

Telephone calls

Telephone calls may be recorded for training and quality assurance purposes.

Cross holding table

There were no cross holdings between sub-funds in Ninety One Funds Series ii as at 30 June 2026.

Page 52

Active management

An active investment approach is one where a portfolio manager aims to beat the market through research, analysis and his/her judgement. (See also passive management).

Asset allocation

A fund’s allotment to different asset classes.

Asset class

The main types of investment available. The traditional asset classes are equities, bonds and cash.

Bear market

A market where prices fall consistently over a long period of time. Investors are referred to as ‘bearish’ if they believe prices are going to fall.

Benchmark

A comparative performance index.

Bond

A form of loan issued by a government or company. Typically, an investor should receive a regular coupon and the return of the principal originally lent when the bond matures. Note: Not all bonds are interest bearing (see zero coupon bond), and not all bonds are fixed rate (e.g. index linked, floating rate and stepped rate bonds).

Bottom-up investing

An investment approach that concentrates on the analysis of individual companies and considers the company’s history, management and potential as more important than macroeconomic trends.

Bull market

A market where prices rise consistently over a long period of time. Investors are referred to as ‘bullish’ if they believe prices are going to rise.

Carbon footprint

This figure is derived by taking the sum of the ‘financed emissions’ based on the percentage held of each assessable security’s enterprise value. This is normalised by dividing by the total amount of dollars invested in the securities to give a comparable footprint.

Carbon ‘scope’: Scope 1 & 2 emissions are a proxy for how efficiently a company is managing its carbon emissions; the upstream part of Scope 3 provides an indicator of the carbon emissions in a company’s supply chain; and the downstream part of Scope 3 is representative of the carbon emissions of a company’s products as they are used during their life-cycle.

– Scope 1 relates to the direct emissions from owned or controlled sources, for example fuel burned on site and company owned vehicles.

– Scope 2 relates to the indirect emissions from the generation of purchased energy, steam, heating and cooling for the company’s own use.

– Scope 3 There are 15 separate categories of Scope 3 emissions including eight that relate to the supply chain and seven that relate to the emissions of the products once they are sold/used.

Carbon intensity

This measures the carbon emissions of a given entity per US$ million of products or services sold ( revenue). At the portfolio or index level, the figure takes the weighted average carbon intensity of each assessable security in the portfolio/index to determine an overall carbon intensity.

Glossary

Page 53

Cash

The most liquid form in which to store capital. While it is regarded as a safe asset class, over time the purchasing power of cash tends to be eroded by inflation.

ccs Carbon Capture and Storage is the process of capturing carbon dioxide before it enters the atmosphere, transporting it. and storing it. usually from the source, say a biomass power plant. in an underground geological formation.

Central bank base rate

The basic rate of interest set by a central bank that determines the cost of borrowing.

Commodities

An asset class which comprises physical assets such as oil, base and precious metals and agricultural produce.

Credit rating agency

An institution that assigns credit ratings to debt issuers, such as companies and governments. Standard & Poor’s and Moody’s are well-known examples.

Credit risk

The risk that a bond issuer or borrower will be unable to meet their contractual obligations.

Credit spread

The differences in yield between ‘risk-free’ bonds, such as gilts or US treasuries, and non - treasury (or gilt) bonds, which are identical in all respects except for the quality of their rating. Corporate bonds tend to offer additional yield to compensate investors for the potential risk of default.

Currency risk

The risk of incurring losses of foreign assets due to adverse movements in exchange rates between domestic and foreign currencies.

Deflation

As opposed to inflation, it describes conditions in which there is a widespread, consistent decline in prices. It conveys the rarer occurrence of the money in one’s pocket

actually increasing in buying power, rather than the more usual opposite.

Derivatives

An instrument whose value depends on the performance of an underlying security or rate which requires no initial exchange of principal. Options, futures and swaps are all examples of derivatives.

Developed markets

Refers to industrialised countries with relatively high levels of economic productivity, high standards of living and stable economies.

Disinflation

Refers to a slowing down in price growth, as opposed to deflation where prices are already falling.

Diversification

Holding a range of assets to reduce risk.

Dividend

The portion of company net profits paid out to shareholders.

Dividend yield

The annual dividend per share divided by the current share price.

Duration

A measure of a bond investment’s sensitivity to changes in interest rates. The longer the duration, the more sensitive it is. Calculating ‘duration’ for a fixed income investment such as a bond is a complicated sum. It takes into account the current value of the bond, the coupon or interest payment, the book cost, and the number of years the bond has left to run. Put simply, the higher the duration number the higher the potential return (and the greater the risk).

Emerging markets

Countries in the process of industrialising which tend to have rapidly growing economies.

Emerging market debt

Debt issued by governments and corporates in emerging markets.

Glossary (continued)

Page 54

Equity

Refers to shares. A share in a company provides an investor with part ownership of that company. Fixed income

An investment that provides a return in the form of fixed periodic payments and the eventual return of principal at maturity.

Future

An obligation to buy or sell an asset on a specific date in the future at an agreed price.

GHG

Greenhouse Gas.

Gilt

A bond that is issued by the British government which is generally considered low risk. Bonds issued by South African and Irish governments are also referred to as gilts.

Hedging

A technique seeking to offset or minimise the exposure to specific risk by entering an opposing position.

High yield bond

A below investment grade rated bond, providing the investor with greater returns due to its higher default risk. (See Junk bond).

Index-linked bonds

Bonds whose coupons and principal payment are linked to movements in inflation.

Inflation

Describes conditions in which there have been a consistent rise in prices.

Initial public offering (IPO)

The first public sale of a company’s equity resulting in a quoted stock price on a stock exchange.

Interest

The return earned on funds which have been deposited, loaned, or invested.

Investment grade bonds

Bonds considered of the highest quality by credit rating agencies. The threshold credit rating for Standard & Poor’s is BBB and Baa3 for Moody’s.

Liabilities

Financial obligations that must be met.

Liquidity

The ease with which an asset can be sold at a reasonable price for cash.

Long dated bond

A bond with usually 15 years or more remaining before redemption, at which point the principal is paid to the holder.

Long-term investment

Holding an asset for an extended period of time. Depending on the security, a long-term asset can be held for as little as one year or for as long as 30 years.

Macroeconomic

Refers to the big trends in an economy as a whole, such as inflation and unemployment, while microeconomic forces refer to the factors affecting individual situations or companies.

Market capitalisation

The total value of a company’s equity, calculated by the number of shares multiplied by their market price.

Maturity

With regards to bonds, maturity refers to the time at which the principal of the bond is repayable and it ceases to exist. In terms of a pension fund, it conveys the average age of the membership and the time until benefits are payable.

Outperformance

The return of a fund in excess of the comparative performance index.

Overweight

When a fund has greater exposure to an asset than the comparative performance index.

Glossary (continued)

Page 55

Peer group

A group of funds that can be compared with one another for performance purposes. A peer group will usually be based on the funds’ investment scope, for example UK equities.

Performance

The results of an investment over a given period.

Portfolio

A grouping of financial assets, such as equities, bonds and cash equivalents. Portfolios are held directly by investors and/or managed by financial professionals.

Rally

A swift rise.

Real estate

An asset class comprising buildings and land.

Risk premium

The extra return expected by an investor in compensation for holding a risky asset.

SBTi

Science Based Targets initiative defines and promotes best practices in emissions reductions and net-zero targets in line with climate science. Provides target setting methods and guidance to companies to set science-based targets in line with the latest climate science.

Security

A general term for a tradable financial instrument.

Short-term investment

Investments that are held for or mature in 12 months or less.

Standard deviation

A measure of risk, deriving from the historic volatility of a particular asset.

Top-down investing

Contrasting with bottom-up analysis, a t op - down approach to investment analysis begins with an assessment of macroeconomic

factors, then business cycles before moving on to look at individual sectors and companies.

Treasuries

Debt securities issued by the US government. Treasuries fall under three categories: treasury bills (T-bills), treasury notes (T-notes) and treasury bonds (T-bonds).

Underweight

When a fund has less exposure to an asset than the benchmark.

Volatility

Price movements. Standard deviation is a measure of an asset’s historic volatility.

Year-to-date (YTD)

Refers to the period extending from the beginning of the current calendar year to the present date.

Yield

A measure of the income return earned on an investment. In the case of a share the yield expresses the annual dividend payment as the percentage of the market price of the share. I n t he case of a property, it is the rental income as a percentage of the capital value. In the case of a bond the running yield (or flat or current yield) is the annual interest payable as a percentage of the current market price. The redemption yield (or yield to maturity) allows for any gain or loss of capital which will be realised at the maturity date.

Yield curve

A graphical representation off all the yields of bonds of the same quality with maturities ranging from the shortest to the longest available.

Yield spread

The difference in yield between different bonds.

Yield to maturity

The annualised return (internal rate of return) that would be earned on a bond if held to maturity.

Glossary (continued)

Page 56

Authorised Corporate Director (ACD)

Ninety One Fund Managers UK Limited Contact address PO Box 9042, Chelmsford CM99 2XL Telephone T+44 (0)20 3938 1900 Free phone 0800 389 2299 Email ninetyoneenquiries@uk.sscinc.com Indicator online valuation service https://indicator.ninetyone.com

Registered address 55 Gresham Street London EC2V 7EL

Investment manager

Ninety One UK Limited 55 Gresham Street London EC2V 7EL

Registered number for Ninety One Funds Series ii

IC125 England and Wales

Registrar

SS&C Financial Services Europe Limited SS&C St. Nicholas Lane Basildon Essex SS15 5FS

Depositary

State Street Trustees Limited 20 Churchill Place London E14 5HJ

Fund accounting

State Street Bank and Trust Company Limited 20 Churchill Place London E14 5HJ

Independent auditors

PricewaterhouseCoopers LLP 7 More London Riverside London SE1 2RT United Kingdom

Issued by Ninety One Fund Managers UK Limited, August 2026. Authorised and regulated by the Financial Conduct Authority.

Directory

Page 57

Perivan.com 274212

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