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Mirabaud
Société d’Investissement à Capital Variable (SICAV),
Luxembourg
UNAUDITED SEMI-ANNUAL REPORT As at June 30, 2026
R.C.S. Luxembourg B99093
Page 2
No subscription can be received on the basis of this report. Subscriptions are only valid if made on the basis of the current prospectus accompanied by the Key Information Documents ("KIDs"), the latest annual report, including audited financial statements, and the most recent unaudited semi-annual report, if published thereafter.
For the following sub-funds of Mirabaud (the "Company") no notification for distribution in the Federal Republic of Germany was submitted and Shares in these sub-funds may NOT be offered to investors within the scope of the German Investment Code. As a consequence, the following sub-funds are NOT available to investors in Germany:
- Mirabaud - Global Short Duration - Mirabaud - Global Diversified Credit Fund - Mirabaud - Discovery Convertibles Global - Mirabaud - Emerging Market 2024 Fixed Maturity - Mirabaud - Emerging Market 2025 Fixed Maturity Euro - Mirabaud - DM Fixed Maturity 2026 - Mirabaud - DM Fixed Maturity 2029 - Mirabaud - DM Fixed Maturity 2031
Page 3
Mirabaud
Table of Contents
2
Organisation of the Company 5
General Information 12
Information for Shareholders 13
Financial Statements 14
Statement of Net Assets 14
Statement of Operations and Changes in Net Assets 20
Number of Shares Outstanding and Net Asset Value per Share 26
Sub-fund: Mirabaud - Discovery Europe 31
Statement of Investments and Other Net Assets 31
Country and Asset Type Allocations of Investments 33
Sub-fund: Mirabaud - Equities Swiss Small and Mid 34
Statement of Investments and Other Net Assets 34
Country and Asset Type Allocations of Investments 36
Sub-fund: Mirabaud - Global High Yield Bonds 37
Statement of Investments and Other Net Assets 37
Country and Asset Type Allocations of Investments 44
Sub-fund: Mirabaud - Convertibles Global 45
Statement of Investments and Other Net Assets 45
Country and Asset Type Allocations of Investments 48
Sub-fund: Mirabaud - Global Strategic Bond Fund 49
Statement of Investments and Other Net Assets 49
Country and Asset Type Allocations of Investments 57
Sub-fund: Mirabaud - Global Dividend 58
Statement of Investments and Other Net Assets 58
Country and Asset Type Allocations of Investments 61
Page 4
Mirabaud
Table of Contents (continued)
3
Sub-fund: Mirabaud - Global Focus 62
Statement of Investments and Other Net Assets 62
Country and Asset Type Allocations of Investments 65
Sub-fund: Mirabaud - Global Short Duration 66
Statement of Investments and Other Net Assets 66
Country and Asset Type Allocations of Investments 71
Sub-fund: Mirabaud - Discovery Europe Ex-UK 72
Statement of Investments and Other Net Assets 72
Country and Asset Type Allocations of Investments 74
Sub-fund: Mirabaud - Global Emerging Market Bond Fund 75
Statement of Investments and Other Net Assets 75
Country and Asset Type Allocations of Investments 81
Sub-fund: Mirabaud - Global Climate Bond Fund 83
Statement of Investments and Other Net Assets 83
Country and Asset Type Allocations of Investments 86
Sub-fund: Mirabaud - Global Diversified Credit Fund 87
Statement of Investments and Other Net Assets 87
Country and Asset Type Allocations of Investments 90
Sub-fund: Mirabaud - Discovery Convertibles Global 91
Statement of Investments and Other Net Assets 91
Country and Asset Type Allocations of Investments 94
Sub-fund: Mirabaud - DM Fixed Maturity 2026 95
Statement of Investments and Other Net Assets 95
Country and Asset Type Allocations of Investments 97
Page 5
Mirabaud
Table of Contents (continued)
4
Sub-fund: Mirabaud - DM Fixed Maturity 2029 98
Statement of Investments and Other Net Assets 98
Country and Asset Type Allocations of Investments 102
Sub-fund: Mirabaud - DM Fixed Maturity 2031 103
Statement of Investments and Other Net Assets 103
Country and Asset Type Allocations of Investments 108
Notes to the Financial Statements 109
Performance 148
Other Information to Shareholders 154
Additional information for investors in the Federal Republic of Germany 155
Page 6
Mirabaud
Organisation of the Company
5
Registered Office
15, avenue J.F. Kennedy L-1855 Luxembourg Grand Duchy of Luxembourg
Board of Directors of the Company
Directors
Mr François LEYSS COO Group Mirabaud & Cie Ltd 29, boulevard Georges-Favon CH-1204 Geneva Switzerland
Mr Kim DO DUC General Group Counsel Mirabaud & Cie Ltd 29, boulevard Georges-Favon CH-1204 Geneva Switzerland
Mr Dorian JACOB CEO FundPartner Solutions (Europe) S.A. 15, avenue J.F. Kennedy L-1855 Luxembourg Grand Duchy of Luxembourg
Mr Jérôme WIGNY Partner Elvinger Hoss Prussen, société anonyme 2, place Winston Churchill L-1340 Luxembourg Grand Duchy of Luxembourg (since April 21, 2026)
Mr Raphaël DUCRET Chief Operating Officer Mirabaud & Cie Ltd 29, boulevard Georges-Favon CH-1204 Geneva Switzerland (since June 4, 2026)
Page 7
Mirabaud
Organisation of the Company
6
Management Company
Mirabaud Asset Management (Europe) S.A. 6B, rue du Fort Niedergruenewald L-2226 Luxembourg Grand Duchy of Luxembourg (Until March 31, 2026)
FundPartner Solutions (Europe) S.A. 15, avenue J.F. Kennedy L-1855 Luxembourg Grand Duchy of Luxembourg (Since April 1, 2026)
Board of Directors of the Management Company
Mr Lionel AESCHLIMANN Senior Partner Mirabaud Asset Management (Switzerland) Ltd 29, boulevard Georges-Favon CH-1204 Geneva Switzerland (Until March 31, 2026)
Mr Jérôme WIGNY Partner Elvinger Hoss Prussen, société anonyme 2, place Winston Churchill L-1340 Luxembourg Grand Duchy of Luxembourg (Until March 31, 2026)
Mr François LEYSS COO Group Mirabaud & Cie Ltd 29, boulevard Georges-Favon CH-1204 Geneva Switzerland (Until March 31, 2026)
Mr Pascal LECLERC Independent Director SAGICAP 2, place de Paris L-2314 Luxembourg Grand Duchy of Luxembourg (Until March 31, 2026)
Page 8
Mirabaud
Organisation of the Company
7
Mr Marc BRIOL Chairman, Chief Executive Officer Pictet Asset Services Banque Pictet & Cie SA 60, route des Acacias CH-1211 Geneva 73 Switzerland (Since April 1, 2026)
Mr Dorian JACOB Managing Director, Chief Executive Officer FundPartner Solutions (Europe) S.A. 15, avenue J.F. Kennedy L-1855 Luxembourg Grand Duchy of Luxembourg (Since April 1, 2026)
Mr Geoffroy LINARD DE GUERTECHIN Independent Director 15, avenue J.F. Kennedy L-1855 Luxembourg Grand Duchy of Luxembourg (Since April 1, 2026)
Mrs Christel SCHAFF Independent Director 20, rue des Peupliers L-2328 Luxembourg Grand Duchy of Luxembourg (Since April 1, 2026)
Mr Cédric VERMESSE Chief Financial Officer Pictet Asset Management Banque Pictet & Cie SA 60, route des Acacias CH-1211 Geneva 73 Switzerland (Since April 1, 2026)
Mr Pierre ETIENNE Independent Director 15, avenue J.F. Kennedy L-1855 Luxembourg, Grand Duchy of Luxembourg (Since April 1, 2026)
Page 9
Mirabaud
Organisation of the Company
8
Conducting Officers of the Management Company
Mr Pascal LECLERC SAGICAP 2, place de Paris L-2314 Luxembourg Grand Duchy of Luxembourg (Until March 31, 2026)
Mr Arnaud BOUTEILLER Mirabaud Asset Management (Europe) S.A. 6B, rue du Fort Niedergruenewald L-2226 Luxembourg Grand Duchy of Luxembourg (Until March 31, 2026)
Mr Nicolas THOMAS Mirabaud Asset Management (Europe) S.A. 6B, rue du Fort Niedergruenewald L-2226 Luxembourg Grand Duchy of Luxembourg (Until March 31, 2026)
Mrs Aurélie VIDEIRA Mirabaud Asset Management (Europe) S.A. 6B, rue du Fort Niedergruenewald L-2226 Luxembourg Grand Duchy of Luxembourg (Until March 31, 2026)
Mr Dorian JACOB Chief Executive Officer FundPartner Solutions (Europe) S.A. 15, avenue J.F. Kennedy, L-1855 Luxembourg Grand Duchy of Luxembourg (Since April 1, 2026)
Mr Abdellali KHOKHA Conducting Officer in charge of Risk Management, Conducting Officer in charge of Compliance FundPartner Solutions (Europe) S.A. 15, avenue J.F. Kennedy L-1855 Luxembourg Grand Duchy of Luxembourg (Since April 1, 2026)
Page 10
Mirabaud
Organisation of the Company
9
Mr Thomas LABAT Conducting Officer in charge of the Portfolio Management FundPartner Solutions (Europe) S.A. 15, avenue J.F. Kennedy L-1855 Luxembourg Grand Duchy of Luxembourg (Since April 1, 2026)
Mrs Florence DENIS Conducting Officer in charge of Fund Administration FundPartner Solutions (Europe) S.A. 15, avenue J.F. Kennedy L-1855 Luxembourg Grand Duchy of Luxembourg (Since April 1, 2026)
Investment Manager
Mirabaud Asset Management Ltd 5 Floor, 10 Bressenden Place SW1E5DH, London United Kingdom for the following sub-funds: - Mirabaud - Discovery Europe - Mirabaud - Global High Yield Bonds - Mirabaud - Global Strategic Bond Fund - Mirabaud - Global Dividend - Mirabaud - Global Focus - Mirabaud - Global Short Duration - Mirabaud - Discovery Europe Ex-UK - Mirabaud - Global Emerging Market Bond Fund - Mirabaud - Emerging Market 2025 Fixed Maturity Euro (until February 2, 2026) - Mirabaud - Global Climate Bond Fund - Mirabaud - Global Diversified Credit Fund - Mirabaud - DM Fixed Maturity 2026 - Mirabaud - DM Fixed Maturity 2029 - Mirabaud - DM Fixed Maturity 2031
Mirabaud Asset Management (France) S.A.S. 13, avenue Hoche F-75008 Paris, France for the following sub-funds: - Mirabaud - Convertibles Global - Mirabaud - Discovery Convertibles Global
Page 11
Mirabaud
Organisation of the Company
10
Mirabaud Asset Management (Switzerland) Ltd 29, boulevard Georges-Favon CH-1204 Geneva Switzerland for the following sub-fund: - Mirabaud - Equities Swiss Small and Mid
Depositary Bank
Bank Pictet & Cie (Europe) AG, Luxembourg branch 15A, avenue J.F. Kennedy L-1855 Luxembourg Grand Duchy of Luxembourg
Administrative Agent, Paying Agent, Transfer and Register Agent and Domiciliary Agent
FundPartner Solutions (Europe) S.A. 15, avenue J.F. Kennedy L-1855 Luxembourg Grand Duchy of Luxembourg
Representative Agent in Switzerland
Mirabaud Asset Management (Switzerland) Ltd 29, boulevard Georges-Favon CH-1204 Geneva Switzerland
Paying Agent in Switzerland
Mirabaud & Cie Ltd 29, boulevard Georges-Favon CH-1204 Geneva Switzerland
Representative and Paying Agent in Spain
Mirabaud & Cie (Europe) S.A. Sucursal en España Calle Fortuny 6, 2da planta E-28010 Madrid Spain
Centralising Agent in France
Crédit Industriel et Commercial (CIC) 6, avenue de Provence F-75009, Paris France
Page 12
Mirabaud
Organisation of the Company
11
Cabinet de révision agréé
Deloitte Audit, société à responsabilité limitée 20, boulevard de Kockelscheuer L-1821 Luxembourg Grand Duchy of Luxembourg
Legal Advisor
Elvinger Hoss Prussen, société anonyme 2, place Winston Churchill L-1340 Luxembourg Grand Duchy of Luxembourg
Counterparty on Foreign Forward Exchange Contracts (note 11)
Bank Pictet & Cie (Europe) AG Goldman Sachs International London
Counterparty on Credit Default Swaps (note 14)
Goldman Sachs New York
Page 13
Mirabaud
General Information
12
Mirabaud (the "Company") is a société d’investissement à capital variable (SICAV - open ended investment company) incorporated as a public limited company (société anonyme) under Luxembourg law on February 11, 2004, in accordance with the law of August 10, 1915 on commercial companies, as amended, as well as with Part I of the law of December 17, 2010, as amended (the "Law").
The Company is registered in the Luxembourg Trade and Companies Register under number B99093.
It has been established for an indefinite period. Its articles of incorporation were last amended by notarial deed on October 21, 2011, and published in the Mémorial of the Grand Duchy of Luxembourg on December 19, 2011. The consolidated articles have been filed with the Luxembourg Trade and Companies Register where copies thereof may be obtained.
The financial statements of each sub-fund are established in the base currency of the sub-fund.
The combined financial statements are expressed in EUR.
All annual reports, including audited financial statements, as at December 31, and unaudited semi-annual reports as at June 30, together with the articles of incorporation, the full prospectus and the Key Information Document ("KIDs") are available to Shareholders free of charge at the registered office of the Management Company, the Depositary Bank, as well as at the premises of the Representative.
A detailed schedule of changes in the securities portfolios is available to Shareholders free of charge at the Depositary Bank, at the Company’s registered office as well as at the premises of the Company’s Representative.
The Company’s financial year begins on January 1 and ends on December 31 of each year.
Annual reports are made available within four months of the end of the financial year while semi-annual reports are available within two months of the end of the six-month period.
Page 14
Mirabaud
Information for Shareholders
13
a) Net Asset Value ("NAV")
The NAVs per share are available each business day in Luxembourg at the registered office of the Company. The Board of Directors may subsequently decide to publish such NAVs in newspapers in the countries where the shares of the Company are offered or sold. They may also be obtained at the registered office of the Administrative Agent.
b) Subscription and redemption prices
Subscription and redemption prices of the Company’s shares are published daily at the premises of the Depositary Bank or any other entity that it has appointed.
Page 15
Mirabaud
Statement of Net Assets as at June 30, 2026
The accompanying notes form an integral part of these financial statements. 14
Notes COMBINED Mirabaud - Discovery Europe Mirabaud - Equities Swiss Small and Mid EUR EUR CHF ASSETS Investments in securities at acquisition cost 2,170,719,720.02 93,615,437.02 241,775,365.62 Net unrealised gain/(loss) on investments 103,692,035.06 18,168,601.37 46,326,300.38 Investments in securities at market value 3.c 2,274,411,755.08 111,784,038.39 288,101,666.00
Cash at banks 3.c 39,169,539.19 601,016.99 3,094,108.77 Interest receivable, net 13,383,832.38 0.00 0.00 Formation expenses 3.k 5,850.00 0.00 0.00 Net unrealised gain on forward foreign exchange contracts
3.g, 11 4,544,722.85 0.00 0.00
Other assets 16,013.94 0.00 0.00 TOTAL ASSETS 2,331,531,713.44 112,385,055.38 291,195,774.77
LIABILITIES Management fees payable 4 -1,430,635.68 -93,390.01 -243,212.40 Flat fees payable 5 -600,812.56 -39,570.06 -75,737.68 Interest payable on credit default swaps -1,666.67 0.00 0.00 "Taxe d’abonnement" payable 6 -165,640.85 -8,730.36 -28,214.20 Net unrealised loss on credit default swaps 3.h, 14 -143,427.47 0.00 0.00 Net unrealised loss on forward foreign exchange contracts 3.g, 11 -123,899.84 0.00 0.00
Other liabilities -20,066.22 -1,246.67 -1,145.79 TOTAL LIABILITIES -2,486,149.29 -142,937.10 -348,310.07
TOTAL NET ASSETS AS AT JUNE 30, 2026 2,329,045,564.15 112,242,118.28 290,847,464.70
TOTAL NET ASSETS AS AT DECEMBER 31, 2025 2,427,873,950.49 125,832,187.94 342,359,220.88
TOTAL NET ASSETS AS AT DECEMBER 31, 2024 2,303,358,294.66 58,283,895.12 282,830,552.29
Page 16
Mirabaud
Statement of Net Assets as at June 30, 2026 (continued)
The accompanying notes form an integral part of these financial statements. 15
Notes Mirabaud - Global High Yield Bonds Mirabaud - Convertibles Global Mirabaud - Global Strategic Bond Fund USD USD USD ASSETS Investments in securities at acquisition cost 147,772,509.63 768,773,833.53 345,345,269.65 Net unrealised gain/(loss) on investments 926,877.24 -11,522,185.18 -3,788,592.31 Investments in securities at market value 3.c 148,699,386.87 757,251,648.35 341,556,677.34
Cash at banks 3.c 1,478,197.09 7,633,258.84 9,581,200.82 Interest receivable, net 2,675,233.81 1,877,633.96 5,168,515.43 Formation expenses 3.k 0.00 0.00 0.00 Net unrealised gain on forward foreign exchange contracts
3.g, 11 861,810.40 1,478,019.80 2,412,983.62
Other assets 0.00 0.00 0.00 TOTAL ASSETS 153,714,628.17 768,240,560.95 358,719,377.21
LIABILITIES Management fees payable 4 -104,691.03 -390,795.44 -224,562.06 Flat fees payable 5 -51,422.07 -160,713.33 -94,426.86 Interest payable on credit default swaps 0.00 0.00 0.00 "Taxe d’abonnement" payable 6 -14,485.85 -27,467.93 -29,038.36 Net unrealised loss on credit default swaps 3.h, 14 0.00 0.00 0.00 Net unrealised loss on forward foreign exchange contracts 3.g, 11 0.00 0.00 0.00
Other liabilities -1,439.42 -1,429.74 -1,432.28 TOTAL LIABILITIES -172,038.37 -580,406.44 -349,459.56
TOTAL NET ASSETS AS AT JUNE 30, 2026 153,542,589.80 767,660,154.51 358,369,917.65
TOTAL NET ASSETS AS AT DECEMBER 31, 2025 171,935,126.12 710,495,095.92 396,704,380.86
TOTAL NET ASSETS AS AT DECEMBER 31, 2024 206,779,699.45 543,711,479.71 417,762,982.64
Page 17
Mirabaud
Statement of Net Assets as at June 30, 2026 (continued)
The accompanying notes form an integral part of these financial statements. 16
Notes Mirabaud - Global Dividend Mirabaud - Global Focus Mirabaud - Global Short Duration USD USD USD ASSETS Investments in securities at acquisition cost 50,668,554.05 122,431,734.22 48,812,504.86 Net unrealised gain/(loss) on investments 4,211,140.38 13,505,022.78 -256,344.64 Investments in securities at market value 3.c 54,879,694.43 135,936,757.00 48,556,160.22
Cash at banks 3.c 670,935.95 834,931.73 2,363,050.66 Interest receivable, net 0.00 0.00 667,234.40 Formation expenses 3.k 0.00 0.00 0.00 Net unrealised gain on forward foreign exchange contracts
3.g, 11 0.00 4,574.07 310,667.78
Other assets 0.00 0.00 0.00 TOTAL ASSETS 55,550,630.38 136,776,262.80 51,897,113.06
LIABILITIES Management fees payable 4 -47,731.44 -124,625.26 -23,378.68 Flat fees payable 5 -26,488.19 -51,911.46 -20,301.33 Interest payable on credit default swaps 0.00 0.00 0.00 "Taxe d’abonnement" payable 6 -6,020.68 -12,641.58 -6,141.18 Net unrealised loss on credit default swaps 3.h, 14 0.00 0.00 0.00 Net unrealised loss on forward foreign exchange contracts 3.g, 11 0.00 0.00 0.00
Other liabilities -1,449.78 -1,449.69 -1,440.70 TOTAL LIABILITIES -81,690.09 -190,627.99 -51,261.89
TOTAL NET ASSETS AS AT JUNE 30, 2026 55,468,940.29 136,585,634.81 51,845,851.17
TOTAL NET ASSETS AS AT DECEMBER 31, 2025 63,644,051.39 202,608,169.21 57,488,412.79
TOTAL NET ASSETS AS AT DECEMBER 31, 2024 73,407,024.05 213,768,735.36 59,373,921.53
Page 18
Mirabaud
Statement of Net Assets as at June 30, 2026 (continued)
The accompanying notes form an integral part of these financial statements. 17
Notes Mirabaud - Discovery Europe Ex-UK Mirabaud - Global Emerging Market Bond Fund
Mirabaud - Global Climate Bond Fund
EUR USD EUR ASSETS Investments in securities at acquisition cost 233,705,511.08 71,306,675.10 16,748,508.20 Net unrealised gain/(loss) on investments 38,436,739.35 -4,684,471.20 -485,292.47 Investments in securities at market value 3.c 272,142,250.43 66,622,203.90 16,263,215.73
Cash at banks 3.c 8,290,033.61 351,223.99 148,645.95 Interest receivable, net 0.00 1,496,908.82 219,697.94 Formation expenses 3.k 0.00 0.00 0.00 Net unrealised gain on forward foreign exchange contracts
3.g, 11 21,349.08 64,782.95 0.00
Other assets 0.00 0.00 0.00 TOTAL ASSETS 280,453,633.12 68,535,119.66 16,631,559.62
LIABILITIES Management fees payable 4 -124,189.62 -25,758.87 -10,052.32 Flat fees payable 5 -42,472.76 -17,426.64 -1,140.82 Interest payable on credit default swaps 0.00 0.00 -1,666.67 "Taxe d’abonnement" payable 6 -16,574.37 -4,384.91 -1,730.82 Net unrealised loss on credit default swaps 3.h, 14 0.00 0.00 -143,427.47 Net unrealised loss on forward foreign exchange contracts 3.g, 11 0.00 0.00 -32,675.15
Other liabilities -1,247.12 -1,441.31 -1,248.80 TOTAL LIABILITIES -184,483.87 -49,011.73 -191,942.05
TOTAL NET ASSETS AS AT JUNE 30, 2026 280,269,149.25 68,486,107.93 16,439,617.57
TOTAL NET ASSETS AS AT DECEMBER 31, 2025 252,553,713.26 63,260,666.66 37,631,942.45
TOTAL NET ASSETS AS AT DECEMBER 31, 2024 66,639,677.00 49,805,295.38 48,182,852.81
Page 19
Mirabaud
Statement of Net Assets as at June 30, 2026 (continued)
The accompanying notes form an integral part of these financial statements. 18
Notes Mirabaud - Global Diversified Credit Fund Mirabaud - Discovery Convertibles Global Mirabaud - DM Fixed Maturity 2026 EUR USD EUR ASSETS Investments in securities at acquisition cost 8,870,361.04 40,235,803.66 45,802,027.65 Net unrealised gain/(loss) on investments -128,401.54 140,925.41 1,523,291.84 Investments in securities at market value 3.c 8,741,959.50 40,376,729.07 47,325,319.49
Cash at banks 3.c 1,398,046.41 1,431,379.77 2,993,916.29 Interest receivable, net 119,390.60 189,460.62 552,587.10 Formation expenses 3.k 0.00 0.00 0.00 Net unrealised gain on forward foreign exchange contracts
3.g, 11 0.00 38,734.90 0.00
Other assets 16,013.94 0.00 0.00 TOTAL ASSETS 10,275,410.45 42,036,304.36 50,871,822.88
LIABILITIES Management fees payable 4 -7,099.12 -30,592.16 -26,391.14 Flat fees payable 5 -7,406.92 -10,782.92 -15,865.80 Interest payable on credit default swaps 0.00 0.00 0.00 "Taxe d’abonnement" payable 6 -811.04 -1,280.63 -6,194.27 Net unrealised loss on credit default swaps 3.h, 14 0.00 0.00 0.00 Net unrealised loss on forward foreign exchange contracts 3.g, 11 -66,564.96 0.00 -24,659.73
Other liabilities -1,261.76 -1,440.93 -1,246.67 TOTAL LIABILITIES -83,143.80 -44,096.64 -74,357.61
TOTAL NET ASSETS AS AT JUNE 30, 2026 10,192,266.65 41,992,207.72 50,797,465.27
TOTAL NET ASSETS AS AT DECEMBER 31, 2025 9,892,160.77 35,789,927.00 55,144,946.27
TOTAL NET ASSETS AS AT DECEMBER 31, 2024 15,554,304.40 31,738,396.69 61,434,212.05
Page 20
Mirabaud
Statement of Net Assets as at June 30, 2026 (continued)
The accompanying notes form an integral part of these financial statements. 19
Notes Mirabaud - DM Fixed Maturity 2029 Mirabaud - DM Fixed Maturity 2031 EUR EUR ASSETS Investments in securities at acquisition cost 71,741,825.72 42,688,163.20 Net unrealised gain/(loss) on investments -2,466,385.17 -305,047.77 Investments in securities at market value 3.c 69,275,440.55 42,383,115.43
Cash at banks 3.c 356,992.60 733,000.92 Interest receivable, net 1,289,461.87 641,174.39 Formation expenses 3.k 0.00 5,850.00 Net unrealised gain on forward foreign exchange contracts
3.g, 11 0.00 0.00
Other assets 0.00 0.00 TOTAL ASSETS 70,921,895.02 43,763,140.74
LIABILITIES Management fees payable 4 -34,299.26 -21,207.32 Flat fees payable 5 -20,807.01 -12,284.08 Interest payable on credit default swaps 0.00 0.00 "Taxe d’abonnement" payable 6 -6,802.92 -5,459.96 Net unrealised loss on credit default swaps 3.h, 14 0.00 0.00 Net unrealised loss on forward foreign exchange contracts 3.g, 11 0.00 0.00
Other liabilities -1,246.67 -1,246.67 TOTAL LIABILITIES -63,155.86 -40,198.03
TOTAL NET ASSETS AS AT JUNE 30, 2026 70,858,739.16 43,722,942.71
TOTAL NET ASSETS AS AT DECEMBER 31, 2025 46,945,487.74 35,507,080.96
TOTAL NET ASSETS AS AT DECEMBER 31, 2024 43,596,794.00 0.00
Page 21
Mirabaud
Statement of Operations and Changes in Net Assets for the period
ended June 30, 2026
The accompanying notes form an integral part of these financial statements. 20
Notes COMBINED Mirabaud - Discovery Europe
Mirabaud - Equities Swiss Small and Mid EUR EUR CHF NET ASSETS AT THE BEGINNING OF THE PERIOD 2,427,873,950.49 125,832,187.94 342,359,220.88
INCOME Dividends, net 3.i 12,663,821.38 1,811,874.94 4,812,601.43 Interest on bonds, net 3.i 22,271,914.98 0.00 0.00 Interest on swaps 458.43 0.00 0.00 Bank interest 35,466.66 0.00 0.00 TOTAL INCOME 34,971,661.45 1,811,874.94 4,812,601.43
EXPENSES Management fees 4 -8,061,918.44 -556,337.88 -1,501,321.84 Flat fees 5 -2,563,506.62 -175,106.80 -425,762.07 Administration fees -20,064.11 -1,246.67 -1,145.79 Bank interest paid -3,716.81 0.00 0.00 Transaction fees 3.j -650,291.11 -141,091.18 -73,034.66 Interest paid on credit default swaps -51,563.70 0.00 0.00 Other expenses -3,772.09 0.00 0.00 TOTAL EXPENSES -11,354,832.88 -873,782.53 -2,001,264.36
NET INVESTMENT GAIN/LOSS 23,616,828.57 938,092.41 2,811,337.07 Net realised gain/(loss) on sales of investments 82,854,765.79 6,321,523.81 -5,664,577.13 Net realised gain/(loss) on foreign exchange 20,622,793.40 -285.99 -1,806.59 Net realised gain/(loss) on forward foreign exchange contracts -17,525,434.40 -4.56 -2.36
Net realised gain/(loss) on futures contracts -143,710.52 0.00 0.00 Net realised gain/(loss) on credit default swaps -119,481.15 0.00 0.00 NET REALISED GAIN/LOSS 109,305,761.69 7,259,325.67 -2,855,049.01
Change in net unrealised appreciation/(depreciation): - on investments -6,249,444.14 1,954,480.79 19,244,554.50 - on forward foreign exchange contracts -3,974,569.33 0.00 0.00 - on credit default swaps 112,200.32 0.00 0.00 NET UNREALISED GAIN/LOSS -10,111,813.15 1,954,480.79 19,244,554.50
INCREASE/DECREASE IN NET ASSETS AS A RESULT OF OPERATIONS 99,193,948.54 9,213,806.46 16,389,505.49
Proceeds from subscriptions of shares 311,769,682.04 20,037,747.55 23,882,664.82 Cost of shares redeemed -529,895,891.16 -42,841,623.67 -91,783,926.49 Dividend distributed 16 -4,999,172.67 0.00 0.00 Revaluation difference* -17,656,818.61 0.00 0.00 Revaluation difference on the net assets at the beginning of the year** 42,759,865.52
NET ASSETS AT THE END OF THE PERIOD 2,329,045,564.15 112,242,118.28 290,847,464.70 * The difference mentioned above is the result of fluctuations in the exchange rates used to convert the different items related to share classes denominated in a currency other than the currency of the sub-funds into the currency of the related sub-funds between December 31, 2025, and June 30, 2026. ** The difference mentioned above results from the conversion of the net assets at the beginning of the period (for the sub-funds denominated in currencies other than Euro) at exchange rates applicable on December 31, 2025 and exchange rates applicable on June 30, 2026.
Page 22
Mirabaud
Statement of Operations and Changes in Net Assets for the period
ended June 30, 2026 (continued)
The accompanying notes form an integral part of these financial statements. 21
Notes Mirabaud - Global High Yield Bonds Mirabaud - Convertibles Global Mirabaud - Global Strategic Bond Fund USD USD USD NET ASSETS AT THE BEGINNING OF THE PERIOD 171,935,126.12 710,495,095.92 396,704,380.86
INCOME Dividends, net 3.i 0.00 0.00 0.00 Interest on bonds, net 3.i 5,220,191.50 3,260,570.93 9,372,719.42 Interest on swaps 0.00 0.00 0.00 Bank interest 7,946.87 175.82 21,136.35 TOTAL INCOME 5,228,138.37 3,260,746.75 9,393,855.77
EXPENSES Management fees 4 -594,252.42 -2,001,783.15 -1,251,804.92 Flat fees 5 -179,960.39 -615,276.32 -404,250.91 Administration fees -1,439.42 -1,429.74 -1,432.28 Bank interest paid -119.60 0.00 -371.19 Transaction fees 3.j -2,217.12 -11,829.46 -2,859.85 Interest paid on credit default swaps 0.00 0.00 0.00 Other expenses 0.00 0.00 0.00 TOTAL EXPENSES -777,988.95 -2,630,318.67 -1,660,719.15
NET INVESTMENT GAIN/LOSS 4,450,149.42 630,428.08 7,733,136.62 Net realised gain/(loss) on sales of investments 1,619,464.49 38,976,409.75 1,518,899.29 Net realised gain/(loss) on foreign exchange 1,855,868.71 14,898,942.37 5,241,469.61 Net realised gain/(loss) on forward foreign exchange contracts -1,539,599.52 -12,060,632.57 -5,423,953.60
Net realised gain/(loss) on futures contracts -27,279.21 0.00 164,119.32 Net realised gain/(loss) on credit default swaps 0.00 0.00 0.00 NET REALISED GAIN/LOSS 6,358,603.89 42,445,147.63 9,233,671.24
Change in net unrealised appreciation/(depreciation): - on investments -4,647,284.46 -134,099.92 -7,836,711.59 - on forward foreign exchange contracts 262,912.79 -4,572,526.55 298,991.60 - on credit default swaps 0.00 0.00 0.00 NET UNREALISED GAIN/LOSS -4,384,371.67 -4,706,626.47 -7,537,719.99
INCREASE/DECREASE IN NET ASSETS AS A RESULT OF OPERATIONS 1,974,232.22 37,738,521.16 1,695,951.25
Proceeds from subscriptions of shares 4,590,434.99 74,696,750.37 53,374,769.64 Cost of shares redeemed -21,195,994.65 -42,683,771.78 -85,528,415.06 Dividend distributed 16 -2,028,370.89 -528,541.81 -2,276,625.23 Revaluation difference* -1,732,837.99 -12,057,899.35 -5,600,143.81 Revaluation difference on the net assets at the beginning of the year** NET ASSETS AT THE END OF THE PERIOD 153,542,589.80 767,660,154.51 358,369,917.65 * The difference mentioned above is the result of fluctuations in the exchange rates used to convert the different items related to share classes denominated in a currency other than the currency of the sub-funds into the currency of the related sub-funds between December 31, 2025, and June 30, 2026. ** The difference mentioned above results from the conversion of the net assets at the beginning of the period (for the sub-funds denominated in currencies other than Euro) at exchange rates applicable on December 31, 2025 and exchange rates applicable on June 30, 2026.
Page 23
Mirabaud
Statement of Operations and Changes in Net Assets for the period
ended June 30, 2026 (continued)
The accompanying notes form an integral part of these financial statements. 22
Notes Mirabaud - Global Dividend Mirabaud - Global Focus Mirabaud - Global Short Duration USD USD USD NET ASSETS AT THE BEGINNING OF THE PERIOD 63,644,051.39 202,608,169.21 57,488,412.79
INCOME Dividends, net 3.i 724,447.38 1,217,843.75 0.00 Interest on bonds, net 3.i 0.00 0.00 1,143,509.54 Interest on swaps 0.00 0.00 0.00 Bank interest 0.00 0.00 1,467.05 TOTAL INCOME 724,447.38 1,217,843.75 1,144,976.59
EXPENSES Management fees 4 -282,494.03 -789,565.98 -123,298.65 Flat fees 5 -88,300.65 -230,675.16 -64,277.51 Administration fees -1,449.78 -1,449.69 -1,440.70 Bank interest paid 0.00 0.00 -1,554.30 Transaction fees 3.j -65,829.01 -205,054.49 -793.11 Interest paid on credit default swaps 0.00 0.00 -15,765.75 Other expenses -3,523.68 -788.95 0.00 TOTAL EXPENSES -441,597.15 -1,227,534.27 -207,130.02
NET INVESTMENT GAIN/LOSS 282,850.23 -9,690.52 937,846.57 Net realised gain/(loss) on sales of investments 8,515,721.50 28,035,047.81 -688,979.00 Net realised gain/(loss) on foreign exchange -8,875.29 55,852.89 539,891.03 Net realised gain/(loss) on forward foreign exchange contracts -45.84 1,581.40 -355,384.69
Net realised gain/(loss) on futures contracts 0.00 0.00 0.00 Net realised gain/(loss) on credit default swaps 0.00 0.00 -111,734.81 NET REALISED GAIN/LOSS 8,789,650.60 28,082,791.58 321,639.10
Change in net unrealised appreciation/(depreciation): - on investments -5,824,905.18 -25,699,126.18 9,790.08 - on forward foreign exchange contracts 0.00 -23,152.66 126,929.14 - on credit default swaps 0.00 0.00 129,727.74 NET UNREALISED GAIN/LOSS -5,824,905.18 -25,722,278.84 266,446.96
INCREASE/DECREASE IN NET ASSETS AS A RESULT OF OPERATIONS 2,964,745.42 2,360,512.74 588,086.06
Proceeds from subscriptions of shares 2,750,423.35 863,693.13 1,767,677.81 Cost of shares redeemed -13,697,340.56 -69,230,909.96 -7,148,451.69 Dividend distributed 16 -192,939.31 0.00 -372,573.22 Revaluation difference* 0.00 -15,830.31 -477,300.58 Revaluation difference on the net assets at the beginning of the year** NET ASSETS AT THE END OF THE PERIOD 55,468,940.29 136,585,634.81 51,845,851.17 * The difference mentioned above is the result of fluctuations in the exchange rates used to convert the different items related to share classes denominated in a currency other than the currency of the sub-funds into the currency of the related sub-funds between December 31, 2025, and June 30, 2026. ** The difference mentioned above results from the conversion of the net assets at the beginning of the period (for the sub-funds denominated in currencies other than Euro) at exchange rates applicable on December 31, 2025 and exchange rates applicable on June 30, 2026.
Page 24
Mirabaud
Statement of Operations and Changes in Net Assets for the period
ended June 30, 2026 (continued)
The accompanying notes form an integral part of these financial statements. 23
Notes Mirabaud - Discovery Europe Ex-UK Mirabaud - Global Emerging Market Bond Fund
Mirabaud - Emerging Market 2025 Fixed Maturity Euro (note 1) EUR USD EUR NET ASSETS AT THE BEGINNING OF THE PERIOD 252,553,713.26 63,260,666.66 47,293,587.76
INCOME Dividends, net 3.i 3,934,734.19 0.00 0.00 Interest on bonds, net 3.i 0.00 2,236,082.91 87,044.74 Interest on swaps 0.00 0.00 0.00 Bank interest 0.00 5,255.48 0.00 TOTAL INCOME 3,934,734.19 2,241,338.39 87,044.74
EXPENSES Management fees 4 -630,536.96 -162,546.40 -14,627.80 Flat fees 5 -225,733.09 -61,152.26 -6,999.41 Administration fees -1,247.12 -1,438.90 0.00 Bank interest paid 0.00 -103.63 0.00 Transaction fees 3.j -164,504.77 -4,077.25 -58.03 Interest paid on credit default swaps 0.00 0.00 0.00 Other expenses 0.00 0.00 0.00 TOTAL EXPENSES -1,022,021.94 -229,318.44 -21,685.24
NET INVESTMENT GAIN/LOSS 2,912,712.25 2,012,019.95 65,359.50 Net realised gain/(loss) on sales of investments 9,893,149.09 736,879.06 -3,725,201.38 Net realised gain/(loss) on foreign exchange -193,700.47 1,312,782.10 -36,106.02 Net realised gain/(loss) on forward foreign exchange contracts 440,426.92 -1,166,730.01 32,464.59
Net realised gain/(loss) on futures contracts 0.00 -210,632.32 0.00 Net realised gain/(loss) on credit default swaps 0.00 0.00 0.00 NET REALISED GAIN/LOSS 13,052,587.79 2,684,318.78 -3,663,483.31
Change in net unrealised appreciation/(depreciation): - on investments 10,586,598.37 -1,548,165.19 3,719,038.08 - on forward foreign exchange contracts -134,500.26 -438,798.13 -5,015.62 - on credit default swaps 0.00 0.00 0.00 NET UNREALISED GAIN/LOSS 10,452,098.11 -1,986,963.32 3,714,022.46
INCREASE/DECREASE IN NET ASSETS AS A RESULT OF OPERATIONS 23,504,685.90 697,355.46 50,539.15
Proceeds from subscriptions of shares 63,828,171.04 37,824,443.89 0.00 Cost of shares redeemed -59,827,852.62 -32,415,665.40 -47,377,573.68 Dividend distributed 16 0.00 -149,357.30 0.00 Revaluation difference* 210,431.67 -731,335.38 33,446.77 Revaluation difference on the net assets at the beginning of the year** NET ASSETS AT THE END OF THE PERIOD 280,269,149.25 68,486,107.93 0.00 * The difference mentioned above is the result of fluctuations in the exchange rates used to convert the different items related to share classes denominated in a currency other than the currency of the sub-funds into the currency of the related sub-funds between December 31, 2025, and June 30, 2026. ** The difference mentioned above results from the conversion of the net assets at the beginning of the period (for the sub-funds denominated in currencies other than Euro) at exchange rates applicable on December 31, 2025 and exchange rates applicable on June 30, 2026.
Page 25
Mirabaud
Statement of Operations and Changes in Net Assets for the period
ended June 30, 2026 (continued)
The accompanying notes form an integral part of these financial statements. 24
Notes Mirabaud - Global Climate Bond Fund Mirabaud - Global Diversified Credit Fund Mirabaud - Discovery Convertibles Global EUR EUR USD NET ASSETS AT THE BEGINNING OF THE PERIOD 37,631,942.45 9,892,160.77 35,789,927.00
INCOME Dividends, net 3.i 0.00 0.00 0.00 Interest on bonds, net 3.i 552,096.78 216,682.13 316,761.86 Interest on swaps 458.43 0.00 0.00 Bank interest 3,000.93 994.05 0.00 TOTAL INCOME 555,556.14 217,676.18 316,761.86
EXPENSES Management fees 4 -79,911.09 -38,908.45 -159,583.04 Flat fees 5 -30,409.87 -8,499.09 -33,562.50 Administration fees -1,248.80 -1,261.76 -1,440.93 Bank interest paid -1,837.41 0.00 0.00 Transaction fees 3.j -880.25 -250.22 -4,712.61 Interest paid on credit default swaps -37,774.01 0.00 0.00 Other expenses 0.00 0.00 0.00 TOTAL EXPENSES -152,061.43 -48,919.52 -199,299.08
NET INVESTMENT GAIN/LOSS 403,494.71 168,756.66 117,462.78 Net realised gain/(loss) on sales of investments -1,153,687.88 -12,276.50 6,026,602.58 Net realised gain/(loss) on foreign exchange -140,861.35 -217,806.07 357,944.53 Net realised gain/(loss) on forward foreign exchange contracts -120,022.79 227,139.79 -152,565.41
Net realised gain/(loss) on futures contracts -78,229.58 -937.77 0.00 Net realised gain/(loss) on credit default swaps -21,751.07 0.00 0.00 NET REALISED GAIN/LOSS -1,111,057.96 164,876.11 6,349,444.48
Change in net unrealised appreciation/(depreciation): - on investments 960,671.95 45,717.23 -275,212.89 - on forward foreign exchange contracts 25,819.83 -31,537.58 987.32 - on credit default swaps -1,267.48 0.00 0.00 NET UNREALISED GAIN/LOSS 985,224.30 14,179.65 -274,225.57
INCREASE/DECREASE IN NET ASSETS AS A RESULT OF OPERATIONS -125,833.66 179,055.76 6,075,218.91
Proceeds from subscriptions of shares 216,911.42 0.00 2,324,290.71 Cost of shares redeemed -21,407,977.15 -79,342.95 -1,965,629.28 Dividend distributed 16 -5,011.68 -3,335.65 0.00 Revaluation difference* 129,586.19 203,728.72 -231,599.62 Revaluation difference on the net assets at the beginning of the year** NET ASSETS AT THE END OF THE PERIOD 16,439,617.57 10,192,266.65 41,992,207.72 * The difference mentioned above is the result of fluctuations in the exchange rates used to convert the different items related to share classes denominated in a currency other than the currency of the sub-funds into the currency of the related sub-funds between December 31, 2025, and June 30, 2026. ** The difference mentioned above results from the conversion of the net assets at the beginning of the period (for the sub-funds denominated in currencies other than Euro) at exchange rates applicable on December 31, 2025 and exchange rates applicable on June 30, 2026.
Page 26
Mirabaud
Statement of Operations and Changes in Net Assets for the period
ended June 30, 2026 (continued)
The accompanying notes form an integral part of these financial statements. 25
Notes Mirabaud - DM Fixed Maturity 2026 Mirabaud - DM Fixed Maturity 2029 Mirabaud - DM Fixed Maturity 2031 EUR EUR EUR NET ASSETS AT THE BEGINNING OF THE PERIOD 55,144,946.27 46,945,487.74 35,507,080.96
INCOME Dividends, net 3.i 0.00 0.00 0.00 Interest on bonds, net 3.i 543,238.25 1,312,714.06 711,337.34 Interest on swaps 0.00 0.00 0.00 Bank interest 0.00 0.00 0.00 TOTAL INCOME 543,238.25 1,312,714.06 711,337.34
EXPENSES Management fees 4 -144,163.39 -172,785.88 -103,900.54 Flat fees 5 -64,018.15 -76,385.14 -47,490.64 Administration fees -1,246.67 -1,246.67 -1,246.67 Bank interest paid 0.00 0.00 0.00 Transaction fees 3.j -901.00 -2,496.75 -816.00 Interest paid on credit default swaps 0.00 0.00 0.00 Other expenses 0.00 0.00 0.00 TOTAL EXPENSES -210,329.21 -252,914.44 -153,453.85
NET INVESTMENT GAIN/LOSS 332,909.04 1,059,799.62 557,883.49 Net realised gain/(loss) on sales of investments 838,865.38 2,747,245.42 -31,492.60 Net realised gain/(loss) on foreign exchange 191.69 -599.36 0.00 Net realised gain/(loss) on forward foreign exchange contracts -2,287.81 0.00 0.00
Net realised gain/(loss) on futures contracts 0.00 0.00 0.00 Net realised gain/(loss) on credit default swaps 0.00 0.00 0.00 NET REALISED GAIN/LOSS 1,169,678.30 3,806,445.68 526,390.89
Change in net unrealised appreciation/(depreciation): - on investments -683,381.90 -3,359,876.10 -144,138.80 - on forward foreign exchange contracts -29,234.02 0.00 0.00 - on credit default swaps 0.00 0.00 0.00 NET UNREALISED GAIN/LOSS -712,615.92 -3,359,876.10 -144,138.80
INCREASE/DECREASE IN NET ASSETS AS A RESULT OF OPERATIONS 457,062.38 446,569.58 382,252.09
Proceeds from subscriptions of shares 0.00 33,386,802.55 12,545,747.74 Cost of shares redeemed -4,792,643.45 -9,811,176.79 -4,695,132.58 Dividend distributed 16 -11,899.93 -108,943.92 -17,005.50 Revaluation difference* 0.00 0.00 0.00 Revaluation difference on the net assets at the beginning of the year** NET ASSETS AT THE END OF THE PERIOD 50,797,465.27 70,858,739.16 43,722,942.71 * The difference mentioned above is the result of fluctuations in the exchange rates used to convert the different items related to share classes denominated in a currency other than the currency of the sub-funds into the currency of the related sub-funds between December 31, 2025, and June 30, 2026. ** The difference mentioned above results from the conversion of the net assets at the beginning of the period (for the sub-funds denominated in currencies other than Euro) at exchange rates applicable on December 31, 2025 and exchange rates applicable on June 30, 2026.
Page 27
Mirabaud
Number of Shares Outstanding and Net Asset Value per Share
26
Sub-fund Class Currency Number of shares outstanding Net asset value per share Net asset value per share Net asset value per share 30.06.2026 30.06.2026 31.12.2025 31.12.2024 Mirabaud - Discovery Europe A Cap-EUR EUR 70,275.13 238.21 221.33 178.89 A Cap-GBP GBP 19,084.84 157.54 148.38 113.56 D Cap-GBP GBP 7,821.95 268.32 251.78 191.25 G Cap-GBP GBP 2,884.18 116.56 109.20 I Cap-EUR EUR 192,960.96 270.82 250.61 200.89 I Cap-GBP GBP 5,126.22 160.88 150.89 114.54 N Cap-EUR EUR 210,197.34 171.12 158.40 127.07 Mirabaud - Equities Swiss Small and Mid A Cap-CHF CHF 125,317.39 614.93 581.61 507.00 A Cap-EUR EUR 1,073.36 118.65 111.22 96.14 D Cap-CHF CHF 51,455.91 161.46 152.15 131.64 D Cap-GBP GBP 2,299.63 337.44 319.47 259.51 D Dist-CHF CHF 1,127.65 132.28 124.64 109.16 I Cap-CHF CHF 74,762.86 726.45 684.36 591.81 I Cap-EUR EUR 113,763.89 243.37 227.24 194.85 I Dist-CHF CHF 20,526.30 194.52 183.24 160.54 N Cap-CHF CHF 816,040.19 137.50 129.57 112.10 N Cap-EUR EUR 28,756.17 177.32 165.61 142.07 N Dist-CHF CHF 27,679.00 131.31 123.73 108.38 Mirabaud - Global High Yield Bonds A Cap-USD USD 67,198.39 161.59 159.38 149.12 A Dist-USD USD 143,603.72 89.48 90.52 89.10 AH Cap-CHF CHF 3,502.05 115.57 116.32 113.75 AH Cap-EUR EUR 47,190.71 130.02 129.42 123.74 AH Cap-GBP GBP 645.00 148.66 146.69 137.47 AH Dist-CHF CHF 6,449.07 64.11 66.18 68.13 AH Dist-EUR EUR 38,570.00 73.43 74.97 75.43 AH Dist-GBP GBP 1,570.00 83.09 84.09 82.92 DH Cap-GBP GBP 4,860.62 148.86 146.45 136.43 DH Dist-GBP GBP 166,757.24 80.59 81.56 80.42 E Dist-USD USD - - 84.85 83.53 I Cap-USD USD 135,017.99 174.20 171.24 159.12 I Dist-USD USD 209,126.65 84.60 85.58 84.25 IH Cap-EUR EUR 1,829.51 128.55 127.53 121.10 IH Dist-CHF CHF 225.00 65.50 67.62 69.61 IH Dist-EUR EUR 60,000.00 103.69 105.86 106.52 N Cap-USD USD 87,404.07 137.89 135.60 126.11 N Dist-USD USD 93,679.80 92.33 93.41 91.96 NH Cap-CHF CHF 55,260.48 105.51 105.88 102.92 NH Cap-EUR EUR 143,339.61 115.49 114.62 108.93 NH Dist-CHF CHF 12,817.08 74.74 77.17 79.43 NH Dist-EUR EUR 31,417.65 78.38 80.02 80.52 Mirabaud - Convertibles Global A Cap-USD USD 70,050.14 199.76 188.51 166.20 A Dist USD USD 5,446.61 180.06 169.92 149.81 A1H Cap-EUR EUR 170.92 134.02 127.78 115.29 AH Cap-CHF CHF 26,259.05 125.47 120.96 111.49 AH Cap-EUR EUR 46,291.11 159.96 152.51 137.60 AH Cap-GBP GBP 1,640.00 163.94 155.00 137.20
Page 28
Mirabaud
Number of Shares Outstanding and Net Asset Value per Share
(continued)
27
Sub-fund Class
Currency Number of shares outstanding Net asset value per share
Net asset value per share
Net asset value per share 30.06.2026 30.06.2026 31.12.2025 31.12.2024 AH Dist-EUR EUR - - 113.59 102.48 CH Cap-EUR EUR 367,848.00 102.90 97.60 DH Cap-GBP GBP 6,941.72 176.84 166.62 146.46 I Cap-USD USD 202,184.84 200.34 188.33 164.75 I1H Cap-EUR EUR 259,880.42 140.55 133.49 119.50 IH Cap-CHF CHF 433,956.06 131.24 126.03 115.26 IH Cap-EUR EUR 1,033,168.39 161.35 153.24 137.18 IH Dist-EUR EUR 50,000.00 109.42 104.10 93.66 N Cap-USD USD 67,244.65 169.28 159.20 139.38 NH Cap-CHF CHF 64,317.45 132.61 127.40 116.60 NH Cap-EUR EUR 178,460.12 141.08 134.04 120.09 P Dist-USD USD 726,052.40 117.93 111.19 Z Cap-USD USD 361,856.96 118.02 110.50 95.90 Z1H Cap-CHF CHF 620,000.00 119.68 114.42 103.70 ZH Cap-CHF CHF 445,774.40 122.91 117.56 106.66 ZH Cap-EUR EUR 50,000.00 107.63 101.82 90.42 Mirabaud - Global Strategic Bond Fund A Cap-USD USD 137,747.77 135.79 134.28 128.37 A Dist-USD USD 105,604.08 97.37 97.97 96.87 AH Cap-CHF CHF 8,466.23 97.54 98.45 98.40 AH Cap-EUR EUR 42,799.94 109.82 109.59 107.08 AH Cap-GBP GBP 1,334.00 125.84 124.49 119.20 AH Dist-CHF CHF 406,805.43 69.93 71.82 74.26 AH Dist-EUR EUR 7,072.63 78.81 80.03 80.88 DH Cap-GBP GBP 13,645.57 127.64 125.90 119.82 DH Dist-GBP GBP 142,379.42 94.04 94.67 93.74 GH Cap-GBP GBP 254.86 104.72 103.11 I Cap-USD USD 505,252.23 139.08 137.06 130.15 IH Cap-CHF CHF 280,481.47 106.24 106.87 106.09 IH Cap-EUR EUR 194,265.92 113.50 112.88 109.54 IH Dist-EUR EUR - - 87.44 88.37 N Cap-USD USD 280,998.34 124.72 122.96 116.85 N Dist-USD USD 102,358.03 95.59 96.18 95.10 NH Cap-CAD CAD 28,890.00 106.62 105.96 102.52 NH Cap-CHF CHF 85,494.89 96.16 96.77 96.14 NH Cap-EUR EUR 327,046.53 105.23 104.70 101.68 NH Dist-CHF CHF 18,855.15 74.85 76.88 79.50 NH Dist-EUR EUR 80,335.18 80.57 81.81 82.69 ZH Dist-EUR EUR 300,000.00 83.49 84.79 85.69 Mirabaud - Global Dividend A Cap-CHF CHF 2,312.00 180.51 169.01 169.00 A Cap-EUR EUR 36,820.29 238.71 221.53 219.63 A Cap-USD USD 6,951.64 212.63 202.71 177.19 A Dist-EUR EUR 1,568.58 170.49 159.72 162.01 A Dist-GBP GBP 2,271.00 180.29 171.14 164.41 A Dist-USD USD 14,719.97 142.72 137.32 122.79 D Cap-GBP GBP 1,690.60 284.33 266.38 247.83 D Dist-GBP GBP 2,283.18 175.95 166.40 158.42 G Cap-GBP GBP 48.89 114.28 106.78 I Cap-USD USD 36,682.50 235.24 223.34 193.63
Page 29
Mirabaud
Number of Shares Outstanding and Net Asset Value per Share
(continued)
28
Sub-fund Class
Currency Number of shares outstanding Net asset value per share
Net asset value per share
Net asset value per share 30.06.2026 30.06.2026 31.12.2025 31.12.2024 I Dist-GBP GBP 2,913.36 198.45 187.67 178.82 N Cap-CHF CHF 1,601.53 117.56 109.66 108.83 N Cap-EUR EUR 16,003.16 207.85 192.18 189.10 N Cap-USD USD 58,097.69 192.48 182.81 158.60 N Dist-CHF CHF 20,105.92 131.92 124.21 126.18 N Dist-EUR EUR 4,385.29 163.45 152.54 153.58 N Dist-USD USD 67,848.23 155.83 149.38 132.57 Mirabaud - Global Focus A Cap-CHF CHF 3,691.71 227.18 217.65 225.53 A Cap-EUR EUR 29,561.09 306.45 291.00 298.97 A Cap-GBP GBP 14.35 111.76 107.59 A Cap-USD USD 205,981.79 203.98 198.97 180.24 C Cap-EUR EUR 249,800.16 129.50 122.38 124.52 D Cap-GBP GBP 2,408.43 272.58 261.30 251.94 DH Dist-GBP GBP 8,371.70 110.91 108.06 97.55 G Cap-GBP GBP 20.96 111.70 106.78 I Cap-EUR EUR 16,193.06 347.07 328.25 334.49 I Cap-GBP GBP 252.43 273.49 262.18 252.99 I Cap-USD USD 3,563.06 256.73 249.39 224.07 N Cap-CHF CHF 6,602.00 135.00 128.86 132.53 N Cap-EUR EUR 14,604.64 190.33 180.06 183.61 N Cap-USD USD 182,543.98 177.29 172.30 154.91 N Dist-USD USD - - 162.52 146.12 Mirabaud - Global Short Duration A Cap-USD USD 39,676.63 125.10 123.63 118.44 A Dist-USD USD 5,641.73 92.81 93.23 92.47 AH Cap-CHF CHF 1,700.00 91.65 92.40 92.55 AH Cap-EUR EUR 8,356.93 102.37 102.08 99.93 AH Dist-EUR EUR 157.70 89.32 90.52 91.75 DH Dist-GBP GBP 79,723.72 86.19 86.57 85.95 I Cap-USD USD 9,238.12 132.29 130.43 124.35 I Dist-USD USD 28,850.00 93.08 93.50 92.74 IH Cap-CHF CHF 1,500.00 97.51 98.08 97.77 N Cap-USD USD 126,604.71 122.94 121.26 115.70 N Dist-USD USD 63,347.00 96.06 96.48 95.69 NH Cap-CHF CHF 5,608.82 97.13 97.73 97.50 NH Cap-EUR EUR 65,489.25 105.51 105.00 102.38 NH Dist-CHF CHF 4,937.00 89.48 91.68 95.10 NH Dist-EUR EUR 12,649.58 82.23 83.33 84.47 Mirabaud - Discovery Europe Ex-UK A Cap-EUR EUR 48,814.07 244.46 224.50 174.80 D Cap-GBP GBP 40,393.72 340.88 316.13 231.34 DH Cap-GBP GBP 40,393.14 304.56 276.40 209.98 DH Cap-USD USD 246.72 349.30 316.36 239.21 G Cap-GBP GBP 168,582.37 121.37 112.37 I Cap-GBP GBP 35,975.27 343.36 318.33 232.78 IH Cap-GBP GBP 575.94 306.72 278.26 211.24 IH Cap-USD USD 700.00 351.71 318.44 240.62 J Cap-GBP GBP 967,064.90 151.43 139.92 101.63 N Cap-EUR EUR 141,369.59 208.50 190.77 147.43
Page 30
Mirabaud
Number of Shares Outstanding and Net Asset Value per Share
(continued)
29
Sub-fund Class
Currency Number of shares outstanding Net asset value per share
Net asset value per share
Net asset value per share 30.06.2026 30.06.2026 31.12.2025 31.12.2024 Mirabaud - Global Emerging Market Bond Fund A Cap-USD USD 18,111.99 117.29 115.09 100.56 A Dist-USD USD 7,217.32 73.45 73.78 69.38 AH Cap-CHF CHF 2,497.00 88.05 88.34 80.80 AH Cap-EUR EUR 44,362.43 96.81 96.02 85.90 AH Dist-CHF CHF 640.00 54.70 56.49 55.63 AH Dist-EUR EUR 1,423.09 60.54 61.46 59.18 D Cap-USD USD 5,675.00 123.80 121.11 105.20 DH Cap-GBP GBP 809.42 113.89 111.73 97.36 DH Dist-GBP GBP 3,740.05 67.63 68.06 64.21 I Cap-USD USD 3,063.08 124.39 121.64 105.57 IH Cap-CHF CHF 625.50 93.39 93.37 84.82 IH Cap-EUR EUR 8,159.14 102.67 101.48 90.17 L1H Cap-GBP GBP 236,473.00 101.86 - L2 Cap-USD USD 85,000.00 105.03 102.66 N Cap-USD USD 46,135.42 123.54 120.86 104.97 N Dist-USD USD 48,523.72 72.93 73.82 69.42 NH Cap-CHF CHF 20,352.12 92.58 92.61 84.19 NH Cap-EUR EUR 43,498.92 101.95 100.82 89.65 NH Dist-CHF CHF 920.00 54.59 56.51 55.67 NH Dist-EUR EUR 4,826.03 60.09 61.49 59.21 Mirabaud - Emerging Market 2025 Fixed Maturity Euro (note 1) A Cap-EUR EUR - - 100.64 99.12 A Dist-EUR EUR - - 79.11 80.56 I Cap-EUR EUR - - 103.68 101.61 I-Dist-EUR EUR - - 79.14 80.60 IH-Dist-CHF CHF - - 73.26 76.52 N Cap-EUR EUR - - 103.18 101.21 N Dist-EUR EUR - - 79.14 80.60 Mirabaud - Global Climate Bond Fund I Cap-EUR EUR 11,110.27 96.00 95.63 93.27 IH Cap-CHF CHF 15,270.00 87.95 88.64 88.50 IH Cap-GBP GBP 6,815.84 103.30 102.03 97.57 IH Cap-USD USD 100.00 105.45 104.11 99.40 N Cap-EUR EUR 83,650.31 95.61 95.29 93.02 N Dist-EUR EUR 8,720.00 87.03 87.27 87.28 NH Cap-CHF CHF 12,215.00 87.61 88.33 88.27 NH Cap-USD USD 33,513.00 105.03 103.74 99.13 S1 Cap-EUR EUR 962.00 98.00 97.49 94.81 S2 Cap-EUR EUR - - 97.25 94.48 Mirabaud - Global Diversified Credit Fund A Cap-USD USD 45,768.00 120.93 118.91 114.44 AH Cap-EUR EUR 4,723.13 105.38 104.54 102.78 DH Cap-GBP GBP 973.14 120.68 118.34 113.36 I Cap USD USD 4,912.05 127.04 124.50 119.00 IH Cap-EUR EUR 4,780.89 110.79 109.54 106.92 IH Cap-GBP GBP 4,820.25 121.39 118.98 113.89 IH Dist-CHF CHF 4,523.95 74.58 75.25 78.38 Z1 Cap-USD USD 9,899.41 133.59 130.47 123.85 Z1H Cap-GBP GBP 9,715.15 127.65 124.70 118.54
Page 31
Mirabaud
Number of Shares Outstanding and Net Asset Value per Share
(continued)
30
Sub-fund Class
Currency Number of shares outstanding Net asset value per share
Net asset value per share
Net asset value per share 30.06.2026 30.06.2026 31.12.2025 31.12.2024 Mirabaud - Discovery Convertibles Global A Cap-USD USD 1,200.00 123.16 105.07 89.11 AH Cap-EUR EUR 7,900.00 111.44 96.05 83.33 I Cap-USD USD 230,140.63 127.63 108.46 91.27 IH Cap-CHF CHF 68,400.00 106.60 92.53 81.40 IH Cap-EUR EUR 10,364.65 115.43 99.11 85.31 IH Cap-GBP GBP 100.00 124.04 105.62 89.19 N Cap-USD USD 500.00 127.16 108.11 91.04 NH Cap-EUR EUR 7,438.00 115.06 98.83 85.14 Mirabaud - DM Fixed Maturity 2026 A Cap-EUR EUR 30,053.45 109.85 109.15 106.83 A Dist-EUR EUR 4,503.25 106.74 106.53 105.58 I Cap-EUR EUR 12,955.28 111.68 110.66 107.68 I Dist-EUR EUR 7,399.60 106.19 105.98 105.04 N Cap-EUR EUR 396,579.96 111.42 110.44 107.55 N Dist-EUR EUR 5,596.85 106.30 106.09 105.15 Mirabaud - DM Fixed Maturity 2029 A Cap-EUR EUR 65,949.88 108.13 107.47 104.70 A Dist-EUR EUR 13,142.76 102.47 103.29 103.51 I Cap-EUR EUR 73,178.52 109.25 108.32 105.02 I Dist-EUR EUR 133,071.80 99.85 - N Cap-EUR EUR 359,028.92 109.07 108.18 104.98 N Dist-EUR EUR 18,905.58 102.60 103.40 103.63 Mirabaud - DM Fixed Maturity 2031 A Cap-EUR EUR 71,315.85 101.05 100.33 A Dist-EUR EUR 2,554.09 99.44 99.96 I Cap-EUR EUR 6,400.00 101.49 100.53 N Cap-EUR EUR 337,544.72 101.42 100.49 N Dist-EUR EUR 13,871.68 99.53 100.06 -
Page 32
Mirabaud - Discovery Europe
Statement of Investments and Other Net Assets
as at June 30, 2026 (expressed in sub-fund currency)
The accompanying notes form an integral part of these financial statements. 31
Currency Quantity/Nominal Description Market value (note 3.c) EUR
% of Net Assets
Transferable securities admitted to an official stock exchange listing/or dealt in another regulated market Shares Banks and credit institutions EUR 310,406.00 Credito Emiliano 5,280,006.06 4.70 NOK 252,171.00 Spare Norge 4,142,250.50 3.69 CHF 46,247.00 Swissquote Group Holding 1,900,541.72 1.69 11,322,798.28 10.08 Chemicals EUR 75,896.00 Lanxess 1,150,583.36 1.03 1,150,583.36 1.03 Communications SEK 632,464.00 Modern Times Group 'B' 6,996,239.16 6.23 NOK 717,730.00 Smartoptics Group 3,171,999.61 2.83 10,168,238.77 9.06 Computer and office equipment GBP 673,327.00 Boku -Reg.S 1,160,766.60 1.03 1,160,766.60 1.03 Construction and building materials EUR 295,623.00 Koninklijke Bam Groep 3,627,294.21 3.23 GBP 56,097.00 Morgan Sindall 3,201,429.40 2.85 6,828,723.61 6.08 Construction of machines and appliances SEK 163,255.00 Alligo 'B' 1,965,251.49 1.75 GBP 243,104.00 Bodycote 1,873,926.71 1.67 EUR 2,616.00 KSB SE &Co PFD -NVTG- 2,247,144.00 2.00 EUR 339,938.00 Norma Group 5,962,512.52 5.31 12,048,834.72 10.73 Electronics and electrical equipment EUR 72,624.00 Alfen 1,141,649.28 1.02 SEK 1,723,487.00 Instalco 5,956,255.43 5.31 EUR 91,154.00 Jenoptik 4,278,768.76 3.81 NOK 231,105.00 Kitron 2,179,594.90 1.94 EUR 13,056.00 Semiconductor 2,355,302.40 2.10 EUR 11,804.00 Suess Microtec 1,098,362.20 0.98 17,009,932.97 15.16 Healthcare & social services SEK 371,789.00 Ambea 5,023,254.10 4.48 5,023,254.10 4.48 Holding and finance companies GBP 593,966.00 Knights Group Holdings 1,292,871.24 1.15 GBP 891,027.00 Metro Bank Holdings PLC 1,694,326.80 1.51 GBP 2,387,960.00 Sigmaroc 3,545,602.22 3.16 EUR 428,986.00 Tonies 'A' 144A/S 5,422,383.04 4.83 11,955,183.30 10.65 Insurance EUR 61,470.00 Revo Insurance 1,616,661.00 1.44
Page 33
Mirabaud - Discovery Europe
Statement of Investments and Other Net Assets
as at June 30, 2026 (expressed in sub-fund currency) (continued)
The accompanying notes form an integral part of these financial statements. 32
Currency Quantity/Nominal Description Market value (note 3.c) EUR
% of Net Assets
1,616,661.00 1.44 Internet, software and IT services GBP 99,346.00 Craneware 1,554,650.23 1.39 CHF 164,069.00 Softwareone 1,387,636.66 1.24 2,942,286.89 2.63 Lodging, catering industries and leisure facilities EUR 21,034.00 Do & Co AG 4,564,378.00 4.07 4,564,378.00 4.07 Mining and steelworks EUR 97,423.00 Salzgitter 4,409,364.98 3.93 4,409,364.98 3.93 Miscellaneous consumer goods EUR 31,138.00 Einhell Ger PFD 2,154,749.60 1.92 2,154,749.60 1.92 Miscellaneous trade EUR 37,710.00 Thermador Groupe 2,964,006.00 2.64 2,964,006.00 2.64 Real estate EUR 779,451.00 Glenveagh Properties 1,952,524.76 1.74 EUR 123,803.00 Neinor Homes 2,036,559.35 1.81 3,989,084.11 3.55 Retail and supermarkets GBP 491,060.00 Wickes Group 1,070,588.48 0.95 1,070,588.48 0.95 Utilities SEK 699,357.00 Academedia 6,370,989.32 5.68 EUR 27,077.00 Gaztransport & Technigaz 5,033,614.30 4.48 11,404,603.62 10.16 Total Transferable securities admitted to an official stock exchange listing/or dealt in another regulated market 111,784,038.39 99.59 Total Investments (Cost EUR 93,615,437.02) 111,784,038.39 99.59 Cash at Banks 601,016.99 0.54 Other Net Liabilities -142,937.10 -0.13 Total Net Assets 112,242,118.28 100.00
Page 34
Mirabaud - Discovery Europe
Country and Asset Type Allocations of Investments
as at June 30, 2026
33
Asset Type Allocation % of the Portfolio % of Net Assets Shares 100.00 99.59 100.00 99.59
Country Allocation % of the Portfolio % of Net Assets Sweden 23.54 23.45 Germany 21.16 21.08 United Kingdom 12.74 12.68 Norway 8.50 8.46 France 7.15 7.12 Italy 6.17 6.14 Luxembourg 4.85 4.83 Netherlands 4.26 4.25 Austria 4.08 4.07 Switzerland 2.94 2.93 Spain 1.82 1.81 Ireland 1.75 1.74 United States 1.04 1.03 100.00 99.59
Top Ten Holdings Rate Maturity Market Value EUR % of Net Assets Modern Times Group 'B' Communications 6,996,239.16 6.23 Academedia Utilities 6,370,989.32 5.68 Norma Group Construction of machines and appliances 5,962,512.52 5.31 Instalco Electronics and electrical equipment 5,956,255.43 5.31 Tonies 'A' 144A/S Holding and finance companies 5,422,383.04 4.83 Credito Emiliano Banks and credit institutions 5,280,006.06 4.70 Gaztransport & Technigaz Utilities 5,033,614.30 4.48 Ambea Healthcare & social services 5,023,254.10 4.48 Do & Co AG Lodging, catering industries and leisure facilities 4,564,378.00 4.07
Salzgitter Mining and steelworks 4,409,364.98 3.93
Page 35
Mirabaud - Equities Swiss Small and Mid
Statement of Investments and Other Net Assets
as at June 30, 2026 (expressed in sub-fund currency)
The accompanying notes form an integral part of these financial statements. 34
Currency Quantity/Nominal Description Market value (note 3.c) CHF
% of Net Assets
Transferable securities admitted to an official stock exchange listing/or dealt in another regulated market Shares Automobiles CHF 14,700.00 Bucher Industries AG - Reg. 4,674,600.00 1.61 4,674,600.00 1.61 Banks and credit institutions CHF 83,000.00 Cembra Money Bank-Reg. 7,851,800.00 2.70 CHF 290,000.00 EFG International 4,703,800.00 1.62 CHF 113,800.00 Julius Baer Groupe 7,943,240.00 2.73 CHF 225,000.00 Swissquote Group Holding 8,527,500.00 2.93 CHF 37,100.00 Vontobel Holding AG 2,723,140.00 0.94 31,749,480.00 10.92 Biotechnology CHF 105,000.00 BB Biotech 5,118,750.00 1.76 5,118,750.00 1.76 Chemicals CHF 100,000.00 DSM Firmenich 7,670,000.00 2.64 CHF 4,900.00 EMS - Chemie Holding 3,395,700.00 1.17 11,065,700.00 3.81 Construction and building materials CHF 2,650.00 Forbo Holding 1,971,600.00 0.68 CHF 60,000.00 Implenia AG 4,278,000.00 1.47 6,249,600.00 2.15 Construction of machines and appliances CHF 127,600.00 Georg Fischer 5,346,440.00 1.84 CHF 4,700.00 Kardex 1,064,550.00 0.37 CHF 34,200.00 Schindler Holding 'B' 9,165,600.00 3.15 CHF 31,000.00 Schindler Holding Nominal 7,967,000.00 2.74 CHF 21,900.00 Sulzer AG - Reg. 2,938,980.00 1.01 26,482,570.00 9.11 Electronics and electrical equipment CHF 47,700.00 Accelleron Industries Aktie 3,959,100.00 1.36 CHF 9,490.00 Also Holding 1,825,876.00 0.63 CHF 7,400.00 Belimo 6,734,000.00 2.32 CHF 17,600.00 Inficon Holding 3,206,720.00 1.10 CHF 19,200.00 VAT Group 13,559,040.00 4.66 29,284,736.00 10.07 Food and soft drinks CHF 5,300.00 Emmi 4,669,300.00 1.61 CHF 30.00 Lindt & Spruengli AG 2,880,000.00 0.99 CHF 1,880.00 Lindt & Spruengli AG - Reg. 17,672,000.00 6.08 25,221,300.00 8.68 Holding and finance companies CHF 17,100.00 SFS Group 2,277,720.00 0.78 CHF 275,500.00 Sig Combibloc Group 3,727,515.00 1.28 CHF 35,200.00 Skan Group 1,946,560.00 0.67 CHF 15,000.00 Stadler Rail 348,600.00 0.12
Page 36
Mirabaud - Equities Swiss Small and Mid
Statement of Investments and Other Net Assets
as at June 30, 2026 (expressed in sub-fund currency) (continued)
The accompanying notes form an integral part of these financial statements. 35
Currency Quantity/Nominal Description Market value (note 3.c) CHF
% of Net Assets
CHF 25,400.00 VZ Holding 3,845,560.00 1.32 12,145,955.00 4.17 Insurance CHF 43,400.00 Helvetia Holding 9,053,240.00 3.11 9,053,240.00 3.11 Internet, software and IT services CHF 135,300.00 Temenos Group AG - Reg. 8,943,330.00 3.07 8,943,330.00 3.07 Miscellaneous trade CHF 19,000.00 Bossard Holding AG 3,705,000.00 1.27 3,705,000.00 1.27 Pharmaceuticals and cosmetics CHF 142,300.00 Galderma Group 26,168,970.00 9.01 CHF 29,800.00 Galenica 2,512,140.00 0.86 CHF 51,970.00 Medmix 410,563.00 0.14 CHF 16,200.00 Roche Holding 5,495,040.00 1.89 CHF 204,200.00 Sandoz Group 14,931,104.00 5.13 CHF 73,200.00 Sonova Holding AG - Reg. 14,061,720.00 4.83 CHF 173,400.00 Straumann Holding 18,449,760.00 6.34 CHF 44,300.00 Tecan Group AG - Reg. 7,167,740.00 2.46 89,197,037.00 30.66 Utilities CHF 135,000.00 DKSH Holding - Reg. 8,397,000.00 2.89 CHF 179,400.00 SGS 16,813,368.00 5.78 25,210,368.00 8.67 Total Transferable securities admitted to an official stock exchange listing/or dealt in another regulated market 288,101,666.00 99.06 Total Investments (Cost CHF 241,775,365.62) 288,101,666.00 99.06 Cash at Banks 3,094,108.77 1.06 Other Net Liabilities -348,310.07 -0.12 Total Net Assets 290,847,464.70 100.00
Page 37
Mirabaud - Equities Swiss Small and Mid
Country and Asset Type Allocations of Investments
as at June 30, 2026
36
Asset Type Allocation % of the Portfolio % of Net Assets Shares 100.00 99.06 100.00 99.06
Country Allocation % of the Portfolio % of Net Assets Switzerland 100.00 99.06 100.00 99.06
Top Ten Holdings Rate Maturity Market Value CHF % of Net Assets Galderma Group Pharmaceuticals and cosmetics 26,168,970.00 9.01 Straumann Holding Pharmaceuticals and cosmetics 18,449,760.00 6.34 Lindt & Spruengli AG - Reg. Food and soft drinks 17,672,000.00 6.08 SGS Utilities 16,813,368.00 5.78 Sandoz Group Pharmaceuticals and cosmetics 14,931,104.00 5.13 Sonova Holding AG - Reg. Pharmaceuticals and cosmetics 14,061,720.00 4.83 VAT Group Electronics and electrical equipment 13,559,040.00 4.66 Schindler Holding 'B' Construction of machines and appliances 9,165,600.00 3.15 Helvetia Holding Insurance 9,053,240.00 3.11 Temenos Group AG - Reg. Internet, software and IT services 8,943,330.00 3.07
Page 38
Mirabaud - Global High Yield Bonds
Statement of Investments and Other Net Assets
as at June 30, 2026 (expressed in sub-fund currency)
The accompanying notes form an integral part of these financial statements. 37
Currency Quantity/Nominal Description Rate Maturity Market value (note 3.c) USD
% of Net Assets
Transferable securities admitted to an official stock exchange listing/or dealt in another regulated market Bonds Aeronautics and astronautics USD 1,500,000.00 Sub. Transdigm -SR- 6.750 31/01/2034 1,540,115.01 1.00 1,540,115.01 1.00 Airlines USD 3,321,000.00 United Airlines -SR-S 3.500 01/05/2028 951,391.54 0.62 951,391.54 0.62 Automobiles USD 1,425,000.00 American Axle & Manufacturing -SR- 7.750 15/10/2033 1,409,490.44 0.92 USD 950,000.00 Nissan Motor 25/35 -SR- 144A 8.125 17/07/2035 1,012,999.33 0.66 EUR 1,125,000.00 Sub. Stellantis 26/PERP -SR- 6.875 Perp 1,256,488.30 0.82 3,678,978.07 2.40 Banks and credit institutions USD 1,000,000.00 Banco Do Brasil -SR-S 6.250 18/04/2030 1,021,193.11 0.67 USD 1,500,000.00 BNP Paribas -S- 5.125 Perp 1,485,993.72 0.97 USD 500,000.00 CV Sub. Stand 22/PERP -JR-S 7.750 Perp 513,650.99 0.33 USD 500,000.00 Sub Societe Generale -JR- 8.125 Perp 525,083.85 0.34 EUR 400,000.00 Sub. Banca Transilvania 25/PERP -JR- 7.125 Perp 473,602.36 0.31 EUR 400,000.00 Sub. Banco Comercial Português -JR- 8.125 Perp 500,434.51 0.33 EUR 200,000.00 Sub. Banco Sabadell -JR- 6.500 Perp 241,531.45 0.16 USD 1,200,000.00 Sub. Banco Santander -JR- 8.000 Perp 1,297,901.65 0.85 GBP 1,100,000.00 Sub. Barclays -JR- 8.500 Perp 1,551,910.09 1.01 USD 200,000.00 Sub. BBVA 26/PERP -JR- 7.125 Perp 202,664.06 0.13 EUR 1,000,000.00 Sub. BBVA -JR- 6.875 Perp 1,233,401.45 0.80 USD 200,000.00 Sub. BBVA -JR- 7.750 Perp 210,557.99 0.14 EUR 500,000.00 Sub. BCP 8.750 05/03/2033 613,784.85 0.40 EUR 600,000.00 Sub. Belfius -JR- 6.125 Perp 712,836.39 0.46 USD 1,000,000.00 Sub. BNP Paribas -JR- 8.000 Perp 1,071,608.81 0.70 EUR 200,000.00 Sub. Caixabank -JR- 6.250 Perp 241,537.73 0.16 EUR 400,000.00 Sub. Commerzbank 25/PERP -JR-S 6.625 Perp 490,968.81 0.32 GBP 500,000.00 Sub. Coven Soc -JR- 8.750 Perp 698,971.97 0.46 USD 800,000.00 Sub. Credit Agricole -JR- 7.125 Perp 825,902.26 0.54 EUR 500,000.00 Sub. Intesa (Cobo) -JR- 6.375 Perp 606,669.18 0.40 EUR 800,000.00 Sub. KBC Group -JR- 6.250 Perp 963,857.22 0.63 GBP 1,000,000.00 Sub. Nationwide Building Society -JR- 7.500 Perp 1,364,609.43 0.89 USD 1,250,000.00 Sub. Natwest -JR- 4.600 Perp 1,155,013.85 0.75 USD 1,000,000.00 Sub. Natwest -JR- 7.300 Perp 1,041,607.58 0.68 USD 250,000.00 Sub. Nordea Bank -JR- 6.750 Perp 252,541.15 0.16 USD 1,150,000.00 Unicredit Roma -SR- 5.459 30/06/2035 1,157,659.53 0.75 20,455,493.99 13.34 Chemicals USD 550,000.00 Methanex -SR- 5.250 15/12/2029 546,942.26 0.36 USD 700,000.00 Methanex -SR- 5.650 01/12/2044 633,921.90 0.41 EUR 500,000.00 Olympus Water US Holding Corp. -SR- 6.125 15/02/2033 576,921.47 0.38 USD 700,000.00 Windsor Holdings -SR- 144A 8.500 15/06/2030 729,837.18 0.48 2,487,622.81 1.63
Page 39
Mirabaud - Global High Yield Bonds
Statement of Investments and Other Net Assets
as at June 30, 2026 (expressed in sub-fund currency) (continued)
The accompanying notes form an integral part of these financial statements. 38
Currency Quantity/Nominal Description Rate Maturity Market value (note 3.c) USD
% of Net Assets
Communications USD 2,250,000.00 CCO Holdings -SR- 144A 7.375 01/03/2031 2,259,009.32 1.48 USD 1,456,000.00 Digicel Group -SR- 144A 8.250 Perp 0.00 0.00 USD 1,450,000.00 IHS Holding -SR- 6.250 29/11/2028 1,445,556.08 0.94 EUR 400,000.00 Infrastrutture Wireless -SR- 1.750 19/04/2031 419,136.62 0.27 USD 650,000.00 Level 3 Financing Inc. 25/36 8.500 15/01/2036 699,030.03 0.46 USD 700,000.00 Level 3 Financing -SR- 144A 7.000 31/03/2034 722,022.70 0.47 EUR 600,000.00 Sub. Telefonica Europe -JR- 5.752 Perp 726,281.38 0.47 GBP 200,000.00 Sub. Vodafone -SR- 8.000 30/08/2086 287,434.29 0.19 USD 1,000,000.00 Univision Communications -SR- 144A 9.375 01/08/2032 1,017,168.66 0.66 USD 1,600,000.00 Vodafone 7.000 04/04/2079 1,659,942.51 1.08 9,235,581.59 6.02 Computer and office equipment USD 1,100,000.00 Seagate Data Storage Technology -SR- 8.500 15/07/2031 1,150,205.71 0.75 1,150,205.71 0.75 Construction and building materials GBP 900,000.00 Kier -SR- 9.000 15/02/2029 1,247,747.03 0.81 USD 1,500,000.00 Owens Brockway -SR- 144A 7.250 15/05/2031 1,483,711.32 0.97 USD 1,000,000.00 Sub. Cemex -SR- 7.200 Perp 1,041,470.15 0.68 3,772,928.50 2.46 Construction of machines and appliances USD 1,250,000.00 Bombardier -SR- 144A 7.000 01/06/2032 1,297,173.14 0.84 1,297,173.14 0.84 Electronics and electrical equipment EUR 500,000.00 AMS 26/32 -SR- 7.250 31/05/2032 589,524.52 0.38 USD 1,500,000.00 Iron Mountain -SR- 144A 5.250 15/07/2030 1,477,816.61 0.96 USD 1,100,000.00 Vistra Operations -SR- 144A 7.750 15/10/2031 1,152,557.51 0.75 USD 500,000.00 Wesco Distribution -SR- 6.375 15/03/2033 513,392.17 0.33 3,733,290.81 2.42 Environmental services & recycling USD 619,000.00 Clean Harbors -SR- 144A 6.375 01/02/2031 627,762.42 0.41 627,762.42 0.41 Food and soft drinks USD 1,000,000.00 Albertsons Corporate -SR- 6.250 15/03/2033 992,324.23 0.65 USD 1,250,000.00 US Foods -SR- 144A 7.250 15/01/2032 1,297,853.66 0.85 2,290,177.89 1.50 Healthcare & social services USD 361,000.00 Community Health Systems -SR- 10.875 15/01/2032 389,548.89 0.25 USD 1,000,000.00 Iqvia -SR- 144A 6.500 15/05/2030 1,021,196.79 0.67 USD 500,000.00 Service Corporation -SR- 5.750 15/10/2032 502,363.66 0.33 USD 1,000,000.00 Tenet Healthcare -SR- 6.875 15/11/2031 1,066,324.98 0.69 2,979,434.32 1.94 Holding and finance companies GBP 962,000.00 Iceland -SR- 10.875 15/12/2027 1,324,756.26 0.86 USD 1,000,000.00 Adient Global 25/33 -SR- 144A 7.500 15/02/2033 1,032,692.69 0.67 USD 500,000.00 Adient Global Holdings -SR- 7.000 15/04/2028 508,688.07 0.33 USD 500,000.00 Adient Global Holdings -SR- 8.250 15/04/2031 522,761.78 0.34
Page 40
Mirabaud - Global High Yield Bonds
Statement of Investments and Other Net Assets
as at June 30, 2026 (expressed in sub-fund currency) (continued)
The accompanying notes form an integral part of these financial statements. 39
Currency Quantity/Nominal Description Rate Maturity Market value (note 3.c) USD
% of Net Assets
USD 500,000.00 Allied Universal -SR- 144A 6.000 01/06/2029 497,912.95 0.32 USD 500,000.00 Allied University -SR- 144A 7.875 15/02/2031 522,931.31 0.34 USD 750,000.00 Archrock Partners -SR- 144A 6.625 01/09/2032 765,417.79 0.50 USD 500,000.00 Ascent Ressources Utica Holdings -SR- 144A 6.625 15/10/2032 507,258.93 0.33 USD 1,050,000.00 Burford -SR- 144A 6.875 15/04/2030 1,000,575.39 0.65 USD 250,000.00 Channel Out HGS -SR- 144A 7.750 15/04/2028 250,604.20 0.16 USD 250,000.00 Clear Channel -SR- 144A 7.500 01/06/2029 250,349.58 0.16 USD 500,000.00 Clear Channel -SR- 144A 7.875 01/04/2030 521,032.71 0.34 USD 750,000.00 Clydesdade Acquisition -SR- 144A 8.750 15/04/2030 740,545.53 0.48 USD 250,000.00 Constellium -SR- 144A 6.375 15/08/2032 254,587.74 0.17 USD 1,000,000.00 Constellium -SR- 144A 5.625 15/06/2028 1,000,490.35 0.65 USD 1,500,000.00 Coty HTC Prestige -SR- 144A 6.625 15/07/2030 1,501,670.70 0.98 EUR 1,750,000.00 Dana Financing Luxembourg -SR- 8.500 15/07/2031 2,107,202.25 1.37 USD 1,100,000.00 Emerald -SR- 144A 6.625 15/12/2030 1,125,509.40 0.73 USD 1,000,000.00 Ford Motor Credit -SR- 7.122 07/11/2033 1,064,371.84 0.69 USD 900,000.00 Gray Escrow -SR- 144A 5.375 15/11/2031 604,895.20 0.39 USD 1,000,000.00 Herc Holding -SR- 144A 7.250 15/06/2033 1,043,675.72 0.68 USD 950,000.00 Hilcorp Energy -SR- 144A 7.250 15/02/2035 935,925.14 0.61 USD 1,000,000.00 Hilton Domestic -SR- 144A 4.000 01/05/2031 945,581.04 0.62 EUR 1,000,000.00 IHO -SR-PIK- 7.000 15/11/2031 1,222,311.96 0.80 EUR 800,000.00 Ineos Finance 26/31 -SR- 7.875 15/11/2031 880,913.39 0.57 EUR 300,000.00 Ineos Finance -SR- 7.250 31/03/2031 327,055.41 0.21 EUR 750,000.00 Ion Platform Finance -SR- 6.875 30/09/2032 638,011.64 0.42 USD 750,000.00 Iris Escrow -SR- 144A 10.000 15/12/2028 647,533.55 0.42 USD 500,000.00 Jefferies Finance -SR- 144A 5.000 15/08/2028 483,188.47 0.31 USD 500,000.00 Kinetik Holdings -SR- 5.875 15/06/2030 502,676.71 0.33 USD 500,000.00 LSF9 Atlantis -SR- 8.750 15/09/2029 516,622.27 0.34 USD 500,000.00 Macy's Retail Holdings -SR- 144A 6.125 15/03/2032 502,851.19 0.33 EUR 500,000.00 Matterhorn 25/30 -SR- 3.875 15/10/2030 569,193.29 0.37 USD 600,000.00 MAV Acquisition -SR- 144A 8.000 01/08/2029 601,576.84 0.39 USD 1,000,000.00 Maxim Crane Works Holding -SR- 144A 11.500 01/09/2028 1,041,187.04 0.68 USD 400,000.00 Melco Resorts -SR- 7.625 17/04/2032 410,761.77 0.27 USD 500,000.00 Minerva Luxembourg -SR-S 8.875 13/09/2033 519,650.51 0.34 USD 950,000.00 NBM US Holdings -SR- S 6.625 06/08/2029 950,449.70 0.62 USD 758,919.00 Park River -SR- 144A 8.750 31/12/2030 739,776.26 0.48 EUR 500,000.00 PCC GLB -SR- 8.250 15/11/2030 458,255.66 0.30 EUR 800,000.00 Picard Group -SR- 6.375 01/07/2029 945,379.64 0.62 GBP 1,000,000.00 Pinancle Bidco -SR- 10.000 11/10/2028 1,378,694.96 0.90 USD 500,000.00 Rand Parent -SR- 8.500 15/02/2030 518,179.52 0.34 GBP 400,000.00 Sherwood Financing -SR- 9.625 15/12/2029 540,155.88 0.35 USD 650,000.00 Sub. Phoenix Group -JR- 8.500 Perp 691,971.09 0.45 EUR 500,000.00 Sub. Piraeus Finance 5.375 18/09/2035 597,792.38 0.39 EUR 562,000.00 United Group 26/33 -SR- 6.375 14/05/2033 656,514.68 0.43 USD 1,000,000.00 United Rentals -SR- 144A 6.125 15/03/2034 1,027,030.07 0.67 USD 500,000.00 Uniti Group -SR- 144A 6.500 15/02/2029 496,555.59 0.32 USD 1,560,000.00 USA Compression Partners -SR- 7.125 15/03/2029 1,599,384.03 1.04 EUR 1,450,000.00 VZ Secured Financing -SR- 3.500 15/01/2032 1,548,552.91 1.01 USD 700,000.00 Windstream -SR- 144A 8.250 01/10/2031 738,808.42 0.48 USD 276,788.00 Zayo Group -PIK- 6.250 09/03/2030 277,201.30 0.18 USD 411,233.00 Zayo -SR-PIK- 9.000 09/09/2030 406,053.99 0.26
Page 41
Mirabaud - Global High Yield Bonds
Statement of Investments and Other Net Assets
as at June 30, 2026 (expressed in sub-fund currency) (continued)
The accompanying notes form an integral part of these financial statements. 40
Currency Quantity/Nominal Description Rate Maturity Market value (note 3.c) USD
% of Net Assets
USD 800,000.00 Zegona Finance -SR- 144A 8.625 15/07/2029 836,430.94 0.54 EUR 800,000.00 ZF Europe Finance -SR- 7.000 12/06/2030 973,471.59 0.63 EUR 250,000.00 Ziggo Bond -SR- 6.125 15/11/2032 259,243.35 0.17 43,532,872.57 28.33 Insurance GBP 400,000.00 Sub. Chesnara 25/PERP -JR- 8.500 Perp 546,903.59 0.36 EUR 1,000,000.00 Sub. Fideliade -JR- 7.750 Perp 1,242,618.84 0.81 1,789,522.43 1.17 Internet, software and IT services EUR 614,000.00 Almaviva -SR- 5.000 30/10/2030 686,038.22 0.45 USD 250,000.00 Cloud Soft -SR- 8.250 30/06/2032 234,265.46 0.15 USD 750,000.00 Cloud Soft -SR- 144A 9.000 30/09/2029 728,524.06 0.47 USD 2,150,000.00 Scientific Games -SR- 144A 7.250 15/11/2029 2,191,716.24 1.44 3,840,543.98 2.51 Lodging, catering industries and leisure facilities USD 500,000.00 Carnival -SR- 6.650 15/01/2028 510,549.04 0.33 USD 0.00 MGM Resorts International -SR- 6.500 15/04/2032 0.00 0.00 EUR 500,000.00 Olympus Water US -SR- 5.375 01/10/2029 558,838.25 0.36 1,069,387.29 0.69 Mining and steelworks USD 50,000.00 ATI Inc 26/33 -SR- 5.875 15/06/2033 50,735.36 0.03 USD 1,450,000.00 Cleveland-Cliffs -SR- 144A 4.875 01/03/2031 1,327,809.67 0.86 USD 500,000.00 Cleveland-Cliffs -SR- 144A 6.750 15/04/2030 500,281.35 0.33 1,878,826.38 1.22 Miscellaneous USD 500,000.00 Block -SR- 6.500 15/05/2032 510,932.46 0.33 USD 1,750,000.00 UPC Broadband -SR- 144A 4.875 15/07/2031 1,656,288.74 1.08 2,167,221.20 1.41 Miscellaneous trade EUR 1,050,000.00 Optics Bidco -SR- 7.750 24/01/2033 1,395,544.22 0.91 USD 700,000.00 Optics Bidco -SR- 6.375 15/11/2033 703,637.40 0.46 2,099,181.62 1.37 Oil USD 1,000,000.00 Civitas Resources -SR- 8.750 01/07/2031 1,044,781.91 0.68 USD 700,000.00 Comstock Resources -SR- 144A 6.750 01/03/2029 689,501.20 0.45 USD 850,000.00 Crescent Energy -SR- 144A 8.375 15/01/2034 876,148.25 0.57 USD 500,000.00 Ecopetrol -SR- 8.875 13/01/2033 548,097.10 0.36 USD 700,000.00 Genesis Energy -SR- 8.000 15/05/2033 729,287.35 0.47 USD 750,000.00 Gulfport Energy Corporation -SR- 6.750 01/09/2029 766,339.66 0.50 USD 657,000.00 Kodiak Gas Services -SR- 6.750 01/10/2035 674,365.55 0.44 USD 500,000.00 Murphy Oil -SR- 6.000 01/10/2032 498,245.57 0.32 USD 1,000,000.00 Murphy Old USA -SR- 4.750 15/09/2029 984,788.58 0.64 USD 500,000.00 Pemex 16/47 -SR- 6.750 21/09/2047 427,702.83 0.28 USD 750,000.00 Pemex 23/33 -SR- 10.000 07/02/2033 883,866.41 0.58 USD 750,000.00 Permian Ressources -SR- 6.250 01/02/2033 766,320.24 0.50 GBP 500,000.00 Petrobras Global Finance -SR- 5.375 01/10/2029 661,426.32 0.43 USD 750,000.00 Petrobras Global Finance -SR- 6.875 20/01/2040 765,632.45 0.50 USD 500,000.00 Petrobras Global Finance -SR- 7.250 17/03/2044 517,844.88 0.34
Page 42
Mirabaud - Global High Yield Bonds
Statement of Investments and Other Net Assets
as at June 30, 2026 (expressed in sub-fund currency) (continued)
The accompanying notes form an integral part of these financial statements. 41
Currency Quantity/Nominal Description Rate Maturity Market value (note 3.c) USD
% of Net Assets
USD 1,000,000.00 SM Energy- SR- 7.000 01/08/2032 1,009,790.31 0.66 USD 500,000.00 Sub. Energy Transfer 24/54 -JR- 7.125 01/10/2054 515,291.30 0.34 USD 400,000.00 Sunoco -SR- 144A 6.625 15/08/2032 407,032.46 0.27 USD 1,000,000.00 Venture Global -SR- 144A 7.000 15/01/2030 1,020,629.99 0.66 13,787,092.36 8.99 Pharmaceuticals and cosmetics USD 1,000,000.00 Kevlar -SR- 144A 6.500 01/09/2029 990,778.04 0.65 990,778.04 0.65 Public utilities USD 400,000.00 Darling Ingredients -SR- 144A 5.250 15/04/2027 400,018.27 0.26 USD 1,000,000.00 Sub. EDF -JR- 9.125 Perp 1,162,028.53 0.76 1,562,046.80 1.02 Publishing and graphic arts USD 1,000,000.00 Deluxe -SR- 144A 8.000 01/06/2029 1,008,020.99 0.66 USD 500,000.00 Deluxe -SR- 144A 8.125 15/09/2029 518,560.55 0.34 USD 405,000.00 Gray Television -SR- 144A 10.500 15/07/2029 427,777.47 0.28 1,954,359.01 1.28 Real estate EUR 1,000,000.00 CPI Property Group -SR- 6.000 27/01/2032 1,124,012.81 0.73 EUR 750,000.00 Iron Mountain -SR- 4.750 15/01/2034 853,133.09 0.56 USD 167,000.00 Iron Mountain -SR- 144A 6.250 15/01/2033 168,789.80 0.11 EUR 300,000.00 Samhallsbygna -SR- 2.375 04/08/2026 342,202.70 0.22 2,488,138.40 1.62 Retail and supermarkets USD 396,000.00 Bed Bath & Beyond -SR- 3.749 Perp 1,980.37 0.00 USD 1,000,000.00 Champ Acquisition Corp. -SR- 8.375 01/12/2031 1,051,052.06 0.68 USD 400,000.00 Rakuten -SR- 144A 9.750 15/04/2029 435,231.42 0.28 USD 500,000.00 Sub. Rakuten 8.125 Perp 513,875.35 0.33 2,002,139.20 1.29 Stainless steel USD 500,000.00 Century Aluminium 25/32 -SR- 6.875 01/08/2032 514,186.15 0.33 514,186.15 0.33 Transport and freight USD 500,000.00 Carriage -SR- 144A 7.875 15/10/2029 499,412.43 0.33 GBP 500,000.00 Heathrow Finance -S- 4.125 01/09/2029 623,800.06 0.41 GBP 500,000.00 Heathrow Finance -SR- 6.625 01/03/2031 665,823.87 0.43 USD 800,000.00 Star Leasing -SR- 144A 7.625 15/02/2030 789,212.76 0.51 USD 250,000.00 Transocean Inc 6.800 15/03/2038 232,212.53 0.15 USD 500,000.00 Transocean -SR- 144A 8.500 15/05/2031 519,304.74 0.34 3,329,766.39 2.17
Page 43
Mirabaud - Global High Yield Bonds
Statement of Investments and Other Net Assets
as at June 30, 2026 (expressed in sub-fund currency) (continued)
The accompanying notes form an integral part of these financial statements. 42
Currency Quantity/Nominal Description Rate Maturity Market value (note 3.c) USD
% of Net Assets
Utilities USD 1,500,000.00 VMED O2 UK -SR- 144A 7.750 15/04/2032 1,356,867.47 0.88 Total Bonds 1,356,867.47 0.88 Warrants 138,563,085.09 90.26
GBP 35,000.00 Avation Capital 11,613.44 0.01 11,613.44 0.01 Total Warrants 11,613.44 0.01 Total Transferable securities admitted to an official stock exchange listing/or dealt in another regulated market 138,574,698.53 90.27 Other transferable securities Bonds Construction of machines and appliances USD 750,000.00 Columbus Mckinnon 26/33 -SR- 144A 7.125 01/02/2033 751,415.72 0.49 751,415.72 0.49 Electronics and electrical equipment USD 400,000.00 Vistra Oper. 26/36 -SR- 144A 5.550 30/04/2036 398,195.47 0.26 398,195.47 0.26 Food and soft drinks USD 1,150,000.00 Post Holdings 25/36 -SR- 144A 6.500 15/03/2036 1,137,705.49 0.74 1,137,705.49 0.74 Healthcare & social services USD 300,000.00 CHS/Community Health Systems 25/34 -SR- 144A 9.750 15/01/2034 313,331.40 0.20 313,331.40 0.20 Holding and finance companies USD 500,000.00 Clear Channel 24/30 -SR- 7.875 01/04/2030 0.00 0.00 USD 500,000.00 Clydesdale Acquisition 25/32 -SR- 6.750 15/04/2032 485,664.01 0.32 USD 500,000.00 Oak-Eagle 26/34 -SR- 144A 8.750 01/07/2034 531,093.89 0.35 USD 500,000.00 USA Compression Partners 25/33 -SR- 144A 6.250 01/10/2033 496,324.66 0.32 USD 400,000.00 Viking Baked 24/31 -SR- 144A 8.625 01/11/2031 405,082.28 0.26 1,918,164.84 1.25 Mining and steelworks USD 750,000.00 First Quantum Minerals 26/36 -SR- 144A 6.375 15/02/2036 736,929.84 0.48 736,929.84 0.48 Miscellaneous consumer goods USD 900,000.00 Energizer 25/33 -SR- 6.000 15/09/2033 866,902.71 0.56 866,902.71 0.56 Miscellaneous trade USD 900,000.00 Petco Health & Wellness 26/31 -SR- 144A 8.250 01/02/2031 907,674.58 0.59 907,674.58 0.59 Mortgage and funding institutions USD 500,000.00 Borr IHC Fin. 26/32 -SR- 144A 8.750 15/01/2032 489,495.99 0.32 489,495.99 0.32 Oil USD 500,000.00 Sub. Altagas 24/54 -JR- 144A 7.200 15/10/2054 523,972.53 0.34 USD 500,000.00 Weatherford 25/33 -SR- 6.750 15/10/2033 510,754.71 0.33 1,034,727.24 0.67
Page 44
Mirabaud - Global High Yield Bonds
Statement of Investments and Other Net Assets
as at June 30, 2026 (expressed in sub-fund currency) (continued)
The accompanying notes form an integral part of these financial statements. 43
Currency Quantity/Nominal Description Rate Maturity Market value (note 3.c) USD
% of Net Assets
Public utilities USD 1,550,000.00 NRG Energy 24/34 -SR- 144A 6.250 01/11/2034 1,570,145.06 1.02 1,570,145.06 1.02 Total Other transferable securities 10,124,688.34 6.58 Total Investments (Cost USD 147,772,509.63) 148,699,386.87 96.85 Cash at Banks 1,478,197.09 0.96 Other Net Assets 3,365,005.84 2.19 Total Net Assets 153,542,589.80 100.00
Page 45
Mirabaud - Global High Yield Bonds
Country and Asset Type Allocations of Investments
as at June 30, 2026
44
Asset Type Allocation % of the Portfolio % of Net Assets Bonds 99.99 96.84 Warrants 0.01 0.01 100.00 96.85
Country Allocation % of the Portfolio % of Net Assets United States 50.10 48.47 United Kingdom 12.89 12.47 Netherlands 5.38 5.25 France 4.89 4.75 Italy 4.01 3.89 Luxembourg 3.33 3.23 Canada 2.52 2.43 Cayman Islands 2.45 2.37 Spain 2.30 2.24 Germany 1.80 1.75 Portugal 1.59 1.54 Mexico 1.58 1.54 Jersey 1.38 1.34 Japan 1.32 1.27 Belgium 1.13 1.09 Singapore 0.77 0.75 Bermuda 0.67 0.65 Greece 0.40 0.39 Austria 0.40 0.38 Colombia 0.37 0.36 Romania 0.32 0.31 Sweden 0.23 0.22 Finland 0.17 0.16 100.00 96.85
Top Ten Holdings Rate Maturity Market Value USD
% of Net Assets CCO Holdings -SR- 144A Communications 7.375 01/03/2031 2,259,009.32 1.48 Scientific Games -SR- 144A Internet, software and IT services 7.250 15/11/2029 2,191,716.24 1.44 Dana Financing Luxembourg -SR- Holding and finance companies 8.500 15/07/2031 2,107,202.25 1.37 Vodafone Communications 7.000 04/04/2079 1,659,942.51 1.08 UPC Broadband -SR- 144A Miscellaneous 4.875 15/07/2031 1,656,288.74 1.08 USA Compression Partners -SR- Holding and finance companies 7.125 15/03/2029 1,599,384.03 1.04 NRG Energy 24/34 -SR- 144A Public utilities 6.250 01/11/2034 1,570,145.06 1.02 Sub. Barclays -JR- Banks and credit institutions 8.500 Perp 1,551,910.09 1.01 VZ Secured Financing -SR- Holding and finance companies 3.500 15/01/2032 1,548,552.91 1.01 Sub. Transdigm -SR- Aeronautics and astronautics 6.750 31/01/2034 1,540,115.01 1.00
Page 46
Mirabaud - Convertibles Global
Statement of Investments and Other Net Assets
as at June 30, 2026 (expressed in sub-fund currency)
The accompanying notes form an integral part of these financial statements. 45
Currency Quantity/Nominal Description Rate Maturity Market value (note 3.c) USD
% of Net Assets
Transferable securities admitted to an official stock exchange listing/or dealt in another regulated market Bonds Automobiles JPY 1,040,000,000.00 CV Nissan Motor 25/31 -SR- 1.000 15/07/2031 6,746,734.77 0.88 USD 10,500,000.00 CV Rivian Automotive -SR- 3.625 15/10/2030 11,261,541.59 1.47 18,008,276.36 2.35 Biotechnology USD 4,600,000.00 CV Cytokinetics -SR- 3.500 01/07/2027 7,843,589.26 1.02 USD 20,900,000.00 CV Halozyme Therapeutics -SR- 144A 0.875 15/11/2032 23,021,472.27 3.00 CNY 74,000,000.00 CV Wuxi Apptec 26/27 -SR-S 0.000 22/05/2027 12,160,093.48 1.58 43,025,155.01 5.60 Computer and office equipment USD 21,470,000.00 CV Mirion Technologies Bonds -SR- 144A 0.250 01/06/2030 22,969,960.97 2.99 22,969,960.97 2.99 Electronics and electrical equipment USD 24,480,000.00 CV Itron 26/32 -SR- 144A 0.000 15/03/2032 23,207,194.47 3.02 USD 7,400,000.00 CV ON Semiconductor 26/31 -SR- 144A 0.000 01/05/2031 7,366,276.28 0.96 EUR 9,700,000.00 CV Rexel 26/31 -SR- 1.000 13/05/2031 11,484,035.74 1.50 EUR 17,900,000.00 CV Schneider Electric -SR- 1.250 23/09/2033 23,298,686.67 3.04 65,356,193.16 8.52 Healthcare & social services USD 10,600,000.00 CV Irhytm Technologies 24/29 -SR- 1.500 01/09/2029 11,709,778.45 1.53 11,709,778.45 1.53 Insurance HKD 165,000,000.00 CV Ping An Insurance 25/30 -SR-S 0.000 11/06/2030 22,807,922.30 2.97 22,807,922.30 2.97 Internet, software and IT services USD 19,000,000.00 CV Alibaba 25/31 -SR- 0.500 01/06/2031 22,434,768.51 2.92 USD 8,800,000.00 CV Coinbase Global -SR- 144A 0.000 01/10/2032 6,845,768.95 0.89 USD 19,500,000.00 CV Coreweave -SR- 1.750 01/12/2031 23,292,821.57 3.03 USD 13,200,000.00 CV Iren 25/31 -SR- 144A 0.000 01/07/2031 11,533,816.54 1.50 USD 20,300,000.00 CV Nutanix -SR- 0.250 01/10/2027 22,958,557.22 2.99 USD 7,300,000.00 CV Strategy Inc 24/32 -SR- 2.250 15/06/2032 7,100,656.64 0.92 USD 23,300,000.00 CV Tyler Tech. 26/31 -SR- 144A 0.500 15/07/2031 23,158,037.29 3.02 USD 18,800,000.00 CV Uber Technologies -SR- 0.875 01/12/2028 22,546,146.47 2.94 139,870,573.19 18.21 Pharmaceuticals and cosmetics USD 10,700,000.00 CV Ionis Pharma. 25/30 -SR- 144A 0.000 01/12/2030 11,458,504.92 1.49 JPY 1,740,000,000.00 CV Rohto Pharmaceutical -SR- 0.000 15/03/2032 11,365,385.52 1.48 USD 21,500,000.00 CV Telix Pharmaceuticals 26/31 -SR-S 1.500 22/04/2031 23,536,167.18 3.07 46,360,057.62 6.04 Precious metals and stones USD 22,500,000.00 CV Endeav Silver -SR- 144A 0.250 15/01/2031 23,300,831.03 3.04 USD 20,200,000.00 CV Fst Maj Silv -SR- 0.125 15/01/2031 22,879,046.41 2.98 46,179,877.44 6.02
Page 47
Mirabaud - Convertibles Global
Statement of Investments and Other Net Assets
as at June 30, 2026 (expressed in sub-fund currency) (continued)
The accompanying notes form an integral part of these financial statements. 46
Currency Quantity/Nominal Description Rate Maturity Market value (note 3.c) USD
% of Net Assets
Public utilities USD 8,600,000.00 CV Nextera Energy Capital Holdings -SR- 3.000 01/03/2027 11,305,059.48 1.47 11,305,059.48 1.47 Publishing and graphic arts USD 9,500,000.00 Liberty Media -SR- 2.250 15/08/2027 11,737,593.05 1.53 11,737,593.05 1.53 Real estate USD 11,000,000.00 CV Realty Income 26/29 -SR- 3.500 15/01/2029 11,327,144.51 1.48 EUR 9,300,000.00 CV Tag Immobilien -SR- 0.625 11/03/2031 11,476,049.18 1.49 22,803,193.69 2.97 Transport and freight JPY 3,250,000,000.00 CV ANA Holdings -SR- 0.000 10/12/2031 22,858,256.61 2.98 AUD 17,600,000.00 Cv Flight Centre 2.500 03/09/2032 11,807,308.33 1.54 JPY 1,790,000,000.00 CV Tokyu Corp -SR- 0.000 30/09/2030 11,226,035.29 1.46 USD 23,300,000.00 CV ZTO Exp CY 26/31 -SR-S 0.925 01/03/2031 22,722,392.07 2.96 68,613,992.30 8.94 Total Bonds 530,747,633.02 69.14 Warrants Internet, software and IT services USD 31,822.00 Gamestop 88,783.38 0.01 88,783.38 0.01 Total Warrants 88,783.38 0.01 Total Transferable securities admitted to an official stock exchange listing/or dealt in another regulated market 530,836,416.40 69.15 Other transferable securities Bonds Communications USD 7,500,000.00 CV Ciena 26/31 -SR- 144A 0.000 15/09/2031 7,910,368.80 1.03 7,910,368.80 1.03 Construction and building materials USD 20,500,000.00 CV LCI Industries 25/30 -SR- 3.000 01/03/2030 23,063,935.41 3.00 23,063,935.41 3.00 Electronics and electrical equipment USD 9,400,000.00 CV Microchip 26/30 -SR- 144A 0.000 15/02/2030 10,872,841.54 1.42 USD 5,700,000.00 CV Onto Innovation 26/31 -SR- 144A 0.000 01/06/2031 7,532,535.86 0.98 USD 7,000,000.00 CV Super Micro Computer 25/28 -SR- 2.250 15/07/2028 6,853,483.28 0.89 25,258,860.68 3.29 Food and soft drinks HKD 172,000,000.00 CV Guming Hldg 26/27 -SR- 0.000 30/06/2027 22,878,920.35 2.98 22,878,920.35 2.98 Holding and finance companies EUR 17,300,000.00 CV Cara Obligation 25/30 -SR- 1.500 01/12/2030 22,717,229.68 2.96 USD 10,140,000.00 CV Tanger Prop. 26/31 -SR- 144A 2.375 15/01/2031 10,891,668.47 1.42 33,608,898.15 4.38 Internet, software and IT services USD 9,800,000.00 CV Akamai Technologies 23/29 -SR- 1.125 15/02/2029 11,697,163.38 1.52 USD 9,000,000.00 CV Cloudflare 25/30 -SR- 0.000 15/06/2030 11,416,628.79 1.49
Page 48
Mirabaud - Convertibles Global
Statement of Investments and Other Net Assets
as at June 30, 2026 (expressed in sub-fund currency) (continued)
The accompanying notes form an integral part of these financial statements. 47
Currency Quantity/Nominal Description Rate Maturity Market value (note 3.c) USD
% of Net Assets
USD 7,000,000.00 CV Unity Soft 25/30 -SR- 0.000 15/03/2030 7,933,718.66 1.03 USD 20,380,000.00 CV Upstart 24/29 -SR- 2.000 01/10/2029 23,335,462.56 3.04 USD 11,200,000.00 CV Vnet Group 25/30 -SR- 2.500 01/04/2030 11,547,052.05 1.50 65,930,025.44 8.58 Lodging, catering industries and leisure facilities USD 7,200,000.00 CV NCL 25/30 -SR- 0.875 15/04/2030 8,042,112.58 1.05 8,042,112.58 1.05 Pharmaceuticals and cosmetics USD 10,850,000.00 CV Merit Medical Systems 23/29 -SR- 3.000 01/02/2029 11,685,357.99 1.52 11,685,357.99 1.52 Publishing and graphic arts USD 22,300,000.00 CV Bilibili Inc 25/30 -SR- 0.625 01/06/2030 23,069,642.80 3.01 23,069,642.80 3.01 Real estate USD 5,000,000.00 CV Kite Realty 26/32 -SR- 3.250 15/04/2032 4,967,109.75 0.65 4,967,109.75 0.65 Total Other transferable securities 226,415,231.95 29.49 Total Investments (Cost USD 768,773,833.53) 757,251,648.35 98.64 Cash at Banks 7,633,258.84 0.99 Other Net Assets 2,775,247.32 0.36 Total Net Assets 767,660,154.51 100.00
Page 49
Mirabaud - Convertibles Global
Country and Asset Type Allocations of Investments
as at June 30, 2026
48
Asset Type Allocation % of the Portfolio % of Net Assets Bonds 99.99 98.63 Warrants 0.01 0.01 100.00 98.64
Country Allocation % of the Portfolio % of Net Assets United States 52.48 51.75 Cayman Islands 13.55 13.37 France 7.60 7.50 Japan 6.89 6.80 Australia 6.18 6.11 Canada 6.10 6.02 China 4.62 4.55 Germany 1.52 1.49 Bermuda 1.06 1.05 100.00 98.64
Top Ten Holdings Rate Maturity Market Value USD % of Net Assets CV Telix Pharmaceuticals 26/31 -SR-S Pharmaceuticals and cosmetics 1.500 22/04/2031 23,536,167.18 3.07 CV Upstart 24/29 -SR- Internet, software and IT services 2.000 01/10/2029 23,335,462.56 3.04 CV Endeav Silver -SR- 144A Precious metals and stones 0.250 15/01/2031 23,300,831.03 3.04 CV Schneider Electric -SR- Electronics and electrical equipment 1.250 23/09/2033 23,298,686.67 3.04 CV Coreweave -SR- Internet, software and IT services 1.750 01/12/2031 23,292,821.57 3.03 CV Itron 26/32 -SR- 144A Electronics and electrical equipment 0.000 15/03/2032 23,207,194.47 3.02 CV Tyler Tech. 26/31 -SR- 144A Internet, software and IT services 0.500 15/07/2031 23,158,037.29 3.02 CV Bilibili Inc 25/30 -SR- Publishing and graphic arts 0.625 01/06/2030 23,069,642.80 3.01 CV LCI Industries 25/30 -SR- Construction and building materials 3.000 01/03/2030 23,063,935.41 3.00 CV Halozyme Therapeutics -SR- 144A Biotechnology 0.875 15/11/2032 23,021,472.27 3.00
Page 50
Mirabaud - Global Strategic Bond Fund
Statement of Investments and Other Net Assets
as at June 30, 2026 (expressed in sub-fund currency)
The accompanying notes form an integral part of these financial statements. 49
Currency Quantity/Nominal Description Rate Maturity Market value (note 3.c) USD
% of Net Assets
Transferable securities admitted to an official stock exchange listing/or dealt in another regulated market Bonds Aeronautics and astronautics USD 1,750,000.00 Sub. Transdigm -SR- 6.750 31/01/2034 1,796,800.85 0.50 1,796,800.85 0.50 Agriculture and fisheries USD 1,000,000.00 Pilgrim Pride 23/34 -SR- 6.875 15/05/2034 1,080,776.35 0.30 1,080,776.35 0.30 Airlines USD 1,122,000.00 Delta Air Lines -SR- 3.750 28/10/2029 1,083,545.07 0.30 EUR 1,300,000.00 Lufthansa -SR- 2.875 16/05/2027 1,483,618.00 0.41 USD 1,889,000.00 United Airlines -SR- 3.700 01/03/2030 1,113,301.57 0.31 USD 732,000.00 United Airlines -SR- 144A 4.625 15/04/2029 721,898.30 0.20 4,402,362.94 1.22 Automobiles USD 1,700,000.00 American Axle & Manufacturing -SR- 7.750 15/10/2033 1,681,497.37 0.47 USD 1,000,000.00 General Motors 26/36 -SR- 5.450 08/01/2036 996,760.15 0.28 USD 750,000.00 Nissan Motor 25/35 -SR- 144A 8.125 17/07/2035 799,736.31 0.22 USD 1,300,000.00 Nissan Motor -SR-S 4.810 17/09/2030 1,211,561.47 0.34 USD 2,000,000.00 Rolls-Royce -SR- 144A 5.750 15/10/2027 2,024,937.34 0.57 EUR 1,875,000.00 Sub. Stellantis 26/PERP -SR- 6.875 Perp 2,094,147.16 0.58 EUR 2,500,000.00 Sub. Volkswagen -SR- 3.875 Perp 2,805,926.93 0.78 11,614,566.73 3.24 Banks and credit institutions USD 5,600,000.00 BNP Paribas -S- 5.125 Perp 5,547,709.89 1.55 USD 1,150,000.00 HSBC Holdings -JR- 6.000 Perp 1,155,620.52 0.32 GBP 1,500,000.00 Lloyds Banking 6.000 Perp 1,867,327.64 0.52 GBP 1,800,000.00 Nationwide -JR- 5.750 Perp 2,395,184.18 0.67 USD 1,500,000.00 Nordea Bank -JR- 3.750 Perp 1,411,018.74 0.39 EUR 150,000.00 Piraeus Bank S.A. -SR- 5.000 16/04/2030 178,941.36 0.05 USD 1,500,000.00 Sub Societe Generale -JR- 8.125 Perp 1,575,251.54 0.44 EUR 2,100,000.00 Sub. Banco Commercial Portugues 4.750 20/03/2037 2,493,562.81 0.70 EUR 1,200,000.00 Sub. Banco Santander 25/PERP -JR-S 6.000 Perp 1,428,405.53 0.40 USD 200,000.00 Sub. BBVA 26/PERP -JR- 7.125 Perp 202,664.06 0.06 USD 400,000.00 Sub. BBVA -JR- 7.750 Perp 421,115.99 0.12 EUR 400,000.00 Sub. BCP 8.750 05/03/2033 491,027.87 0.14 EUR 2,400,000.00 Sub. Belfius -JR- 6.125 Perp 2,851,345.54 0.80 EUR 2,000,000.00 Sub. Bfcm 5.125 13/01/2033 2,437,748.59 0.68 EUR 1,200,000.00 Sub. Caixabank -JR- 6.250 Perp 1,449,226.40 0.40 EUR 1,000,000.00 Sub. Commerzbank 25/PERP -JR-S 6.625 Perp 1,227,422.02 0.34 GBP 1,200,000.00 Sub. Coven Soc -JR- 8.750 Perp 1,677,532.71 0.47 USD 1,500,000.00 Sub. Credit Agricole -JR- 7.125 Perp 1,548,566.75 0.43 USD 2,000,000.00 Sub. Credit Agricole -JR- 144A 4.750 Perp 1,941,795.78 0.54 EUR 900,000.00 Sub. Intesa (Cobo) -JR- 6.375 Perp 1,092,004.52 0.30 EUR 1,000,000.00 Sub. KBC Group -JR- 6.250 Perp 1,204,821.53 0.34 USD 1,500,000.00 Sub. Lloyds Bank 25/PERP -JR- 6.625 Perp 1,488,624.12 0.42 USD 2,550,000.00 Sub. Natwest -JR- 4.600 Perp 2,356,228.25 0.66 USD 1,550,000.00 Sub. Nordea Bank -JR- 6.750 Perp 1,565,755.15 0.44
Page 51
Mirabaud - Global Strategic Bond Fund
Statement of Investments and Other Net Assets
as at June 30, 2026 (expressed in sub-fund currency) (continued)
The accompanying notes form an integral part of these financial statements. 50
Currency Quantity/Nominal Description Rate Maturity Market value (note 3.c) USD
% of Net Assets
EUR 2,000,000.00 Sub. Piraeus -JR- 6.125 Perp 2,297,988.09 0.64 USD 1,000,000.00 Sub. Stand Chartered 4.750 Perp 941,155.22 0.26 USD 900,000.00 Unicredit Roma -SR- 5.459 30/06/2035 905,994.41 0.25 44,154,039.21 12.33 Biotechnology USD 1,500,000.00 Gilead -SR- 5.250 15/10/2033 1,542,758.81 0.43 1,542,758.81 0.43 Bonds issued by countries or cities EUR 2,000,000.00 Germany 26/31 -SR- 2.500 16/04/2031 2,276,323.08 0.64 EUR 3,500,000.00 Germany 26/36 -SR- 2.900 15/02/2036 4,013,862.25 1.12 EUR 12,000,000.00 Germany -SR- 2.500 15/02/2035 13,400,096.15 3.75 EUR 750,000.00 Italy -SR- 1.500 30/04/2045 563,315.48 0.16 GBP 2,000,000.00 United Kingdom 4.375 31/07/2054 2,231,197.27 0.62 USD 7,750,000.00 United States 26/36 -SR- 4.125 15/02/2036 7,564,121.13 2.12 USD 8,250,000.00 United States 26/31 -SR- 3.875 30/04/2031 8,132,695.31 2.28 USD 6,500,000.00 United States 26/56 -SR- 4.750 15/02/2056 6,316,679.72 1.77 44,498,290.39 12.46 Chemicals EUR 700,000.00 Olympus Water US Holding Corp. -SR- 6.125 15/02/2033 807,690.06 0.23 807,690.06 0.23 Communications GBP 1,500,000.00 America Movil -SR- 4.375 07/08/2041 1,658,915.92 0.46 USD 1,000,000.00 America Movil -SR- 3.625 22/04/2029 971,455.31 0.27 USD 1,500,000.00 AT&T -SR- 2.750 01/06/2031 1,364,221.77 0.38
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