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R.C.S. Luxembourg B152898

PARETO SICAV

Société d'investissement à capital variable de droit luxembourgeois (open-ended investment company under Luxembourg law)

Unaudited semi-annual report as at June 30, 2026

Page 3

PARETO SICAV

Société d'investissement à capital variable de droit luxembourgeois (open-ended investment company under Luxembourg law)

Unaudited semi-annual report as at June 30, 2026

Page 4

PARETO SICAV

Unaudited semi-annual report as at June 30, 2026

No subscription can be received on the basis of these financial statements. 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.

Page 5

PARETO SICAV

Table of contents

Organisation of the SICAV 4

General information 6

Financial statements

Statement of net assets 8

Statement of operations and changes in net assets 10

Number of Shares Outstanding and Net Asset Value per Share 12

Sub-fund : PARETO SICAV - PARETO NORDIC CORPORATE BOND - Statement of investments and other net assets 15 - Geographical and industrial classification of investments 21

Sub-fund : PARETO SICAV - PARETO ESG GLOBAL CORPORATE BOND - Statement of investments and other net assets 22 - Geographical and industrial classification of investments 27

Sub-fund : PARETO SICAV - PARETO NORDIC EQUITY - Statement of investments and other net assets 28 - Geographical and industrial classification of investments 29

Sub-fund : PARETO SICAV - PARETO NORDIC CROSS CREDIT - Statement of investments and other net assets 30 - Geographical and industrial classification of investments 37

Notes to the financial statements 38

Other information to Shareholders 48

Page 6

PARETO SICAV

Organisation of the SICAV

Registered Office 15, avenue J.F. Kennedy, L-1855, Luxembourg, Grand Duchy of Luxembourg

Board of Directors of the Fund

Chairperson Mrs Florence STAINIER, Independent Director

Directors Mr Jacques DINEUR, Independent Director

Mr Espen OTTERSEN, Chief Compliance Officer Pareto Asset Management AS

Management Company FundPartner Solutions (Europe) S.A., 15, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg

Board of Directors of FundPartner Solutions (Europe) S.A.

Chairman Mr Marc BRIOL, Chief Executive Officer Pictet Asset Services, Banque Pictet & Cie SA, Geneva, 60, route des Acacias, CH-1211 Geneva 73, Switzerland

Members 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

Mr Geoffroy LINARD DE GUERTECHIN, Independent Director, 15, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg

Mrs Christel SCHAFF, Independent Director, 20, rue des Peupliers, L-2328 Luxembourg, Grand Duchy of Luxembourg

Mr Cédric Vermesse, Chief Financial Officer, Pictet Asset Management, Banque Pictet & Cie S.A., Geneva, 60, route des Acacias, CH-1211 Geneva 73, Switzerland

Mr Pierre Etienne, Independent Director, 15, Avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg

Mr Dorian JACOB, Chief Executive Officer, FundPartner Solutions (Europe) S.A., 15, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg

Conducting Officers of FundPartner Solutions (Europe) S.A. 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

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

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PARETO SICAV

Organisation of the SICAV (continued)

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 February 25, 2026)

Depositary Bank Pictet & Cie (Europe) AG, Succursale de Luxembourg , 15A, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg

UCI Administrator FundPartner Solutions (Europe) S.A., 15, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg

Pareto Asset Management AS, Dronning Mauds gate 3, P.O. Box 1810 Vika, NO - 0123 Oslo, Norway

Investment Manager and Global Distributor

Pareto Asset Management AS, filial Sverige, Regeringsgatan 48, Box 2165, SE-103 14 Stockholm, Sweden

Cabinet de révision agréé

Deloitte Audit, Société à responsabilité limitée , 20, boulevard de Kockelscheuer, L-1821 Luxembourg, Grand Duchy of Luxembourg

Page 8

PARETO SICAV

General information

PARETO SICAV (the "Fund") publishes an audited annual report, including audited financial statements within 4 months after the end of the financial year and an unaudited semi-annual report within 2 months after the end of the period to which it refers.

The annual report, including audited financial statements, includes accounts of the Fund and of each sub-fund.

All these reports are made (free of charge) available to the Shareholders upon request at the registered office of the Fund, the Depositary Bank and other establishments appointed by the Depositary Bank.

The net asset value per share of each sub-fund as well as the issue and redemption prices are made public at the offices of the Depositary Bank.

Any amendments to the Articles of Incorporation are published in the Recueil électronique des sociétés et associations of the Grand Duchy of Luxembourg.

Page 10

PARETO SICAV

Statement of net assets as at June 30, 2026

The accompanying notes form an integral part of these financial statements.

COMBINED PARETO SICAV PARETO NORDIC CORPORATE BOND

PARETO SICAV PARETO ESG GLOBAL CORPORATE BOND

EUR NOK SEK

ASSETS Investments in securities at acquisition cost 3,738,396,603.16 21,402,566,877.02 1,753,034,978.07 Net unrealised gain/loss on investments 21,739,790.61 -30,894,013.13 -36,919,648.33 Investments in securities at market value (note 2.b) 3,760,136,393.77 21,371,672,863.89 1,716,115,329.74 Cash at banks (note 2.d) 3,310,600.67 0.00 28,114,804.00 Bank deposits (note 2.d) 246,502,226.89 1,552,386,303.27 29,950,382.32 Interest and dividend receivable, net 34,879,929.64 223,828,748.53 22,287,139.49 Net unrealised gain on forward foreign exchange contracts (notes 2.f, 10) 34,432,669.80 142,323,458.54 0.00 Other assets 161,525.54 0.00 0.00 4,079,423,346.31 23,290,211,374.23 1,796,467,655.55

LIABILITIES Bank overdraft 63,376,021.20 342,366,068.53 0.00 Management and distribution fees payable (note 4) 1,772,145.56 10,425,513.64 1,009,929.59 Interest payable on swaps 202,111.18 0.00 1,956,062.33 "Taxe d’abonnement" payable (note 3) 328,685.02 1,882,159.17 202,079.61 Net unrealised loss on swaps (notes 2.g, 11) 166,625.35 0.00 1,612,625.13 Net unrealised loss on forward foreign exchange contracts (notes 2.f, 10) 4,371,086.06 0.00 42,304,027.51 Other fees payable (note 8) 554,727.09 2,490,032.19 583,993.36 70,771,401.46 357,163,773.53 47,668,717.53

TOTAL NET ASSETS AS AT JUNE 30, 2026 4,008,651,944.85 22,933,047,600.70 1,748,798,938.02

TOTAL NET ASSETS AS AT DECEMBER 31, 2025 3,012,809,788.94 19,995,329,510.61 1,927,586,515.49

TOTAL NET ASSETS AS AT DECEMBER 31, 2024 2,625,099,046.65 18,682,303,748.13 2,476,503,394.73

Page 11

PARETO SICAV

Statement of net assets as at June 30, 2026 (continued)

The accompanying notes form an integral part of these financial statements.

PARETO SICAV PARETO NORDIC EQUITY

PARETO SICAV PARETO NORDIC CROSS CREDIT

NOK NOK

ASSETS Investments in securities at acquisition cost 1,756,931,042.27 12,041,403,352.46 Net unrealised gain/loss on investments 291,316,348.78 -7,547,441.95 Investments in securities at market value (note 2.b) 2,048,247,391.05 12,033,855,910.51 Cash at banks (note 2.d) 4,013,849.02 0.00 Bank deposits (note 2.d) 122,579,689.42 733,673,924.84 Interest and dividend receivable, net 0.00 98,537,953.76 Net unrealised gain on forward foreign exchange contracts (notes 2.f, 10) 0.00 198,405,044.22 Other assets 0.00 1,598,376.07 2,174,840,929.49 13,066,071,209.40

LIABILITIES Bank overdraft 0.00 284,771,383.88 Management and distribution fees payable (note 4) 1,882,957.15 4,195,186.18 Interest payable on swaps 0.00 0.00 "Taxe d’abonnement" payable (note 3) 237,275.75 926,450.00 Net unrealised loss on swaps (notes 2.g, 11) 0.00 0.00 Net unrealised loss on forward foreign exchange contracts (notes 2.f, 10) 0.00 0.00 Other fees payable (note 8) 612,542.97 1,789,618.48 2,732,775.87 291,682,638.54

TOTAL NET ASSETS AS AT JUNE 30, 2026 2,172,108,153.62 12,774,388,570.86

TOTAL NET ASSETS AS AT DECEMBER 31, 2025 2,293,467,680.06 11,293,363,368.88

TOTAL NET ASSETS AS AT DECEMBER 31, 2024 1,743,452,254.37 7,908,533,654.07

Page 12

PARETO SICAV

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.

COMBINED PARETO SICAV PARETO NORDIC CORPORATE BOND

PARETO SICAV PARETO ESG GLOBAL CORPORATE BOND

EUR NOK SEK

NET ASSETS AT THE BEGINNING OF THE PERIOD 3,012,809,788.94 19,995,329,510.61 1,927,586,515.49

INCOME Dividends, net (note 2.c) 4,096,116.50 136,102.04 0.00 Interest on bonds, net (note 2.c) 98,922,996.92 646,573,130.64 47,512,944.52 Interest on swaps 306,619.89 0.00 2,967,513.32 Bank interest 2,998,241.66 17,558,151.65 882,465.88 Other income 161,525.54 0.00 0.00 106,485,500.51 664,267,384.33 51,362,923.72 EXPENSES Management and distribution fees (note 4) 10,093,837.91 57,024,700.76 6,405,842.45 Depositary fees, bank charges and interest (note 7) 833,063.96 3,901,232.63 648,639.25 Professional fees, audit fees and other expenses 1,010,347.32 4,228,253.04 1,646,374.05 Central Administration Agent fees 327,586.76 1,390,993.39 353,918.51 "Taxe d’abonnement" (note 3) 597,126.86 3,320,099.39 401,807.13 Transaction fees (note 2.i) 89,727.24 305,445.72 102,325.67 Interest paid on swaps 264,703.92 0.00 2,561,844.30 13,216,393.97 70,170,724.93 12,120,751.36

NET INVESTMENT INCOME 93,269,106.54 594,096,659.40 39,242,172.36 Net realised gain/loss on sales of investments (note 2.e) -2,574,082.04 16,745,681.84 -7,668,956.84 Net realised loss on foreign exchange -9,458,544.84 -68,930,072.24 -6,281,649.64 Net realised gain/loss on forward foreign exchange contracts -67,366,417.86 -398,637,417.74 59,789,798.51 NET REALISED GAIN/LOSS 13,870,061.80 143,274,851.26 85,081,364.39

Change in net unrealised appreciation/depreciation: - on investments -70,117,002.93 -344,581,733.40 49,323,557.61 - on forward foreign exchange contracts 45,304,902.70 203,065,324.20 -67,670,534.44 - on swaps -260,901.56 0.00 -2,525,044.44 INCREASE/DECREASE IN NET ASSETS AS A RESULT OF OPERATIONS -11,202,939.99 1,758,442.06 64,209,343.12 Subscription of shares 1,357,847,579.73 7,824,668,177.79 249,925,235.67 Redemption of shares -927,814,678.28 -4,867,212,672.78 -490,122,868.74 Dividends paid (note 14) -3,026,739.91 -21,495,856.98 -2,799,287.52 Revaluation difference on the net assets at the beginning of the period* 580,038,934.36

NET ASSETS AT THE END OF THE PERIOD 4,008,651,944.85 22,933,047,600.70 1,748,798,938.02 * 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 13

PARETO SICAV

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.

PARETO SICAV PARETO NORDIC EQUITY

PARETO SICAV PARETO NORDIC CROSS CREDIT

NOK NOK

NET ASSETS AT THE BEGINNING OF THE PERIOD 2,293,467,680.06 11,293,363,368.88

INCOME Dividends, net (note 2.c) 40,397,021.01 0.00 Interest on bonds, net (note 2.c) 0.00 283,739,456.78 Interest on swaps 0.00 0.00 Bank interest 909,088.39 10,299,577.78 Other income 0.00 1,598,376.07 41,306,109.40 295,637,410.63 EXPENSES Management and distribution fees (note 4) 11,745,923.29 24,563,250.68 Depositary fees, bank charges and interest (note 7) 295,971.70 3,383,174.22 Professional fees, audit fees and other expenses 768,613.24 3,317,678.17 Central Administration Agent fees 406,988.68 1,081,786.09 "Taxe d’abonnement" (note 3) 457,182.17 1,720,756.71 Transaction fees (note 2.i) 449,845.51 27,981.08 Interest paid on swaps 0.00 0.00 14,124,524.59 34,094,626.95

NET INVESTMENT INCOME 27,181,584.81 261,542,783.68 Net realised gain/loss on sales of investments (note 2.e) -34,202,688.97 -173,638.05 Net realised loss on foreign exchange -5,172,535.11 -13,071,706.36 Net realised gain/loss on forward foreign exchange contracts 0.00 -329,119,555.14 NET REALISED GAIN/LOSS -12,193,639.27 -80,822,115.87

Change in net unrealised appreciation/depreciation: - on investments -39,478,675.94 -360,213,689.51 - on forward foreign exchange contracts 0.00 314,439,633.53 - on swaps 0.00 0.00 INCREASE/DECREASE IN NET ASSETS AS A RESULT OF OPERATIONS -51,672,315.21 -126,596,171.85 Subscription of shares 241,139,336.02 5,115,235,935.97 Redemption of shares -310,826,547.25 -3,502,021,466.17 Dividends paid (note 14) 0.00 -5,593,095.97

NET ASSETS AT THE END OF THE PERIOD 2,172,108,153.62 12,774,388,570.86

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PARETO SICAV

Number of Shares Outstanding and Net Asset Value per Share

Sub-fund Share class

Currency Number of shares outstanding

30.06.2026

Net asset value per share

30.06.2026

Net asset value per share

31.12.2025

Net asset value per share

31.12.2024 PARETO SICAV - PARETO NORDIC CORPORATE BOND A NOK 522,685.79 1,608.0213 1,555.1926 1,442.9621 A EUR EUR 2,139,749.23 138.9541 135.7206 128.4455 A USD USD 410,618.81 127.8645 123.8500 114.9012 B NOK 456,398.26 1,768.8320 1,706.9089 1,576.6276 C SEK 298,480.61 1,356.0208 1,325.5848 1,257.1175 D SEK 10,344,732.88 142.5686 139.1457 131.4735 H CHF CHF 401,336.80 123.2911 121.5113 117.1047 H DIS EUR EUR 48,865.18 105.2630 103.9064 H DIS USD USD 400,584.50 103.6400 103.6079 102.4900 H EUR EUR 2,201,386.73 146.6625 142.9018 134.6646 H GBP GBP 23,991.65 161.0423 155.5779 143.7713 H USD USD 358,314.08 175.0585 169.1419 156.1722 H DIS GBP GBP 3,809.15 102.1600 - H SGD SGD 10.00 100.9813 - I DIS EUR EUR 37,860.31 1,005.6329 1,004.6273 997.7729 I EUR EUR 4,903,853.89 142.9958 139.2271 130.9707 I NOK NOK 1,035,513.59 1,652.0034 1,592.6542 1,468.2863 I SEK SEK 10.12 1,418.2094 1,382.1910 1,303.3800 PARETO SICAV - PARETO ESG GLOBAL CORPORATE BOND A SEK 3,937,542.84 121.3468 120.4000 116.0390 A DIS SEK SEK 12,549.69 86.6125 87.1869 86.8815 A DIS USD USD 14.06 96.9952 97.7263 96.9454 A EUR EUR 24,392.98 122.4508 121.3741 116.7770 B SEK 3,683,689.74 127.7316 126.4521 121.3278 B DIS SEK SEK 135.44 89.2020 89.7726 89.4448 C NOK 671,341.87 136.6682 134.1953 126.6577 D NOK 1,681,699.42 143.8642 140.9453 132.4156 H DIS GBP GBP 63,387.15 96.5439 97.2179 96.5651 H EUR EUR 10.54 119.2952 117.2007 112.2438 H GBP GBP 36,920.38 127.3266 124.8735 117.2572 H USD USD 86,467.38 134.3807 131.7044 123.4838 I EUR EUR 10.00 111.3450 110.0194 105.1660 I GBP GBP 130,942.17 112.0375 109.7640 102.8800 I NOK NOK 100.00 117.9957 115.4843 108.2900 I SEK SEK 98.92 122.2331 120.8935 115.7634 PARETO SICAV - PARETO NORDIC EQUITY B EUR EUR 65,644.21 166.4053 162.5914 149.6406 B NOK NOK 345,494.54 1,894.9427 1,938.6239 1,771.6520 B SEK SEK 182.09 1,705.6000 1,630.6607 1,586.1547 C NOK NOK 157,291.80 1,946.5760 1,988.1037 1,810.5853 D EUR EUR 1,678.77 177.5767 172.7760 157.6646 D NOK NOK 362,284.79 2,022.6950 2,060.7239 1,867.3260 D SEK SEK 348.83 1,229.7831 1,170.7979 1,129.1914 I NOK NOK 169,579.73 2,068.2371 2,104.1071 1,901.0871 PARETO SICAV - PARETO NORDIC CROSS CREDIT A DIS EUR EUR 62,671.51 105.3138 105.8727 104.2318 A DIS SEK SEK 10.10 1,031.3706 1,027.8964 A NOK NOK 775,098.70 1,334.6877 1,302.2891 1,219.6164 A SEK SEK 17,661.55 1,251.0337 1,234.3389 1,182.2759 A EUR EUR 584,848.70 130.0577 128.2259 122.5690 H CHF CHF 28,839.07 107.8469 107.3918 104.8307 H EUR EUR 297,288.70 120.1189 118.2539 112.8624 H NOK NOK 753,203.00 1,348.0227 1,314.3227 1,229.0394 H SEK SEK 1,034,362.48 1,204.9677 1,187.6921 1,136.1370 H USD USD 265,158.37 138.6143 135.3500 126.5565 H-I DIS EUR EUR 203,983.37 102.5845 103.1490 102.8841 H-I EUR EUR 2,045,687.26 124.5523 122.6586 117.0317

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PARETO SICAV

Number of Shares Outstanding and Net Asset Value per Share (continued)

Sub-fund Share class

Currency Number of shares outstanding

30.06.2026

Net asset value per share

30.06.2026

Net asset value per share

31.12.2025

Net asset value per share

31.12.2024 PARETO SICAV - PARETO NORDIC CROSS CREDIT (continued) H-I NOK NOK 192,662.64 1,351.5726 1,317.5182 1,231.5288 H-I GBP GBP 7.32 102.6662 100.1954 I EUR EUR 1,323,146.55 111.8469 110.0460 104.8661 I NOK NOK 1,289,670.60 1,360.4415 1,325.5059 1,237.7617 R EUR EUR 465,660.60 120.7610 119.1114 114.0227 R NOK NOK 176,211.02 1,295.5446 1,265.0365 1,186.5160 R SEK SEK 10,793.80 1,214.5400 1,199.1564 1,150.7585

Sub-fund and Share Class Shares outstanding beginning of year

Shares issued Shares redeemed Shares outstanding end of year PARETO SICAV - PARETO SICAV - PARETO NORDIC CORPORATE BOND A 553,574.1052 51,316.9200 -82,205.2354 522,685.7900 A EUR 1,521,283.5462 755,273.5124 -136,807.8262 2,139,749.2324 A USD 435,645.0893 51,786.3283 -76,812.6032 410,618.8144 B 447,525.0015 69,167.8800 -60,294.6206 456,398.2609 C 156,002.6900 325,858.1019 -183,380.1836 298,480.6079 D 12,709,023.9488 12,634,961.9675 -1,499,9253.0350 10,344,732.8813 H CHF 363,829.2280 51,690.2000 -14,182.6275 401,336.8009 H DIS EUR 13,526.0000 35,339.1759 - 48,865.1759 H DIS USD 282,220.3949 164,035.5800 -45,671.4800 400,584.4954 H EUR 1,462,692.3355 1,077,959.2393 -339,264.8441 2,201,386.7307 H GBP 20,223.1269 4,567.4864 -798.9657 23,991.6476 H USD 356,444.8473 49,420.4461 -47,551.2110 358,314.0824 H DIS GBP - 3,809.1481 - 3,809.1481 H SGD - 10.0000 - 10.0000 I DIS EUR 33,749.3866 4,110.9187 - 37,860.3053 I EUR 3,936,976.9200 1,233,859.8937 -266,982.9200 4,903,853.8937 I NOK 1,458,303.4873 20,788.2389 -443,578.1331 1,035,513.5931 I SEK 10.1200 - - 10.1200

PARETO SICAV - PARETO SICAV - PARETO ESG GLOBAL CORPORATE BOND A 4,922,016.3100 377,841.9335 -1,362,315.4018 3,937,542.8422 A DIS SEK 18,123.5900 263.6842 -5,837.5806 12,549.6931 A DIS USD 13.7200 0.3410 - 14.0600 A EUR 20,942.1836 5,027.0000 -1,576.1990 24,392.9846 B 3,724,684.8836 1,012,937.8676 -1,053,933.0076 3,683,689.7436 B DIS SEK 133.2300 2.2075 - 135.4371 C 790,356.1092 25,608.7655 -144,623.0065 671,341.8682 D 1,662,144.5445 143,942.8800 -124,388.0081 1681,699.4166 H DIS GBP 94,913.1426 2,216.1171 -33,742.1137 63,387.1460 H EUR 2,458.9486 - -2,448.4040 10.5446 H GBP 49,494.9822 16,737.4412 -29,312.0400 36,920.3829 H USD 126,619.6410 - -40,152.2573 86,467.3837 I EUR 10.0000 - - 10.0000 I GBP 129,215.6000 12,630.4100 -10,903.8439 130,942.1670 I NOK 100.0000 - - 100.0000 I SEK 98.9173 - - 98.9173

PARETO SICAV - PARETO SICAV - PARETO NORDIC EQUITY B EUR 71,492.3752 7,436.7830 -13,284.9531 65,644.2051 B NOK 375,711.6207 21,997.3400 -52,214.4183 345,494.5421 B SEK 180.0689 67.7700 -65.7479 182.0908 C NOK 146,915.4632 31,556.0988 -21,179.7574 157,291.8046 D EUR 2,381.7690 246.0000 -949.0000 1,678.7685

Page 16

PARETO SICAV

Number of Shares Outstanding and Net Asset Value per Share (continued)

Sub-fund and Share Class Shares outstanding beginning of year

Shares issued Shares redeemed Shares outstanding end of year PARETO SICAV - PARETO SICAV - PARETO NORDIC EQUITY (continued) D NOK 412,425.2169 17,434.8292 -67,575.2575 362,284.7886 D SEK 348.8250 - - 348.8250 I NOK 132,968.0814 42,375.7493 -5,764.1041 169,579.7266 PARETO SICAV - PARETO SICAV - PARETO NORDIC CROSS CREDIT A DIS EUR 25,119.3016 38,398.2070 -846.0000 62,671.5086 A DIS SEK 10.0000 0.1000 - 10.1000 A NOK 830,544.1782 60,249.4761 -115,694.9523 775,098.7020 A SEK 17,661.5545 - - 176,61.5545 A EUR 420,587.8553 220,030.7400 -55,769.8922 584,848.7033 H CHF 27,996.9542 842.1135 - 28,839.0677 H EUR 242,740.9713 64,160.2808 -9,612.5500 297,288.7020 H NOK 751,566.2252 249,086.1982 -247,449.4272 753,202.9962 H SEK 819,842.0352 807,777.1062 -593,256.6647 1,034,362.4767 H USD 262,544.0953 113,745.2675 -111,130.9980 265,158.3648 H-I DIS EUR 199,913.6264 4,069.7412 - 203,983.3676 H-I EUR 2,093,975.7711 842,606.2058 -890,894.7248 2,045,687.2521 H-I NOK 187,379.297 8,109.0494 -2,825.7106 192,662.6358 H-I GBP 7.3200 - - 7.3200 I EUR 1,155,392.16 659,513.3985 -491,759.0115 1,323,146.5468 I NOK 768,985.1379 605,690.3757 -85,004.9183 1,289,670.5953 R EUR 300,005.10 205,592.5918 -39,937.0926 465,660.6000 R NOK 186,096.541 13,039.7632 -22,925.2840 176,211.0200 R SEK 7,140.1800 10,774.3809 -7,120.7648 10,793.7960

Page 17

PARETO SICAV - PARETO NORDIC CORPORATE

BOND

Statement of investments and other net assets as at June 30, 2026 (expressed in NOK)

The accompanying notes form an integral part of these financial statements.

Description Currency Quantity/Nominal Market value (note 2) % of net assets

I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

NORWAY MORELD NOK 147,937.00 2,796,009.30 0.01 2,796,009.30 0.01 SWEDEN DESENIO GROUP SEK 123,637,944.00 9,658,074.03 0.04 9,658,074.03 0.04 TOTAL SHARES 12,454,083.33 0.05

BONDS

BERMUDA FRN BW OFFSHORE 23/28 -SR- NOK 100,000,000.00 104,622,020.00 0.46 FRN ODJFELL TECHNOLOGY 24/28 -SR- NOK 61,250,000.00 63,051,478.88 0.27 FRN SUB. SIRIUS INTERNATIONAL 17/47 -S- SEK 175,000,000.00 179,852,197.47 0.78 7.50% GOLAR LNG 25/30 -SR- USD 8,000,000.00 80,499,893.58 0.35 7.75% GOLAR LNG 24/29 -SR- USD 30,000,000.00 302,802,304.06 1.32 7.75% SFL CORP 25/30 -SR- USD 10,000,000.00 102,357,846.12 0.45 8.25% SFL CORPORATION 24/28 -SR- USD 11,200,000.00 114,729,418.09 0.50 8.875% SFL CORPORATION 23/27 -SR- USD 14,900,000.00 148,640,925.96 0.65 9.50% PARATUS ENERGY 24/29 -SR- USD 20,000,000.00 205,743,933.66 0.90 9.75% FLOATEL INTERNATIO LTD 24/29 -SR- USD 125,000.00 1,244,668.38 0.01 1,303,544,686.20 5.69 CANADA 7.50% INTERNATIONAL PETROLEUM CA 25/30 -SR- USD 16,000,000.00 161,098,742.16 0.70 12.00% ACERTA ENERGY 26/31 -SR- USD 5,100,000.00 50,719,385.93 0.22 211,818,128.09 0.92 DENMARK FRN DLR KREDIT 25/29 -SR-S SEK 78,000,000.00 81,865,927.06 0.36 FRN G&O MARITIME 24/28 -SR- EUR 8,200,000.00 93,698,622.14 0.41 FRN SUB. SAXO BANK 24/30 -SR- NOK 140,000,000.00 140,205,100.00 0.61 FRN SUB. TRYG FORSIK 21/51 SEK 30,000,000.00 30,681,402.76 0.13 FRN SUB. TRYG FORSIKRING 23/PERP-JR- NOK 30,000,000.00 30,926,460.00 0.13 FRN TRESU INVESTMENT 17/27 -SR-S EUR 5,740,000.00 47,930.09 0.00 8.00% TDC 26/31 -SR-S EUR 1,000,000.00 11,474,406.47 0.05 388,899,848.52 1.69 FINLAND FRN FORTACO GROUP 22/27 -PIK- EUR 11,083,611.00 110,660,841.28 0.48 FRN HKSCAN 24/27 -SR- EUR 4,960,000.00 58,923,273.09 0.26 FRN SUB. NORDEA BANK (COCO) 24/PERP -JR- NOK 198,000,000.00 202,991,520.60 0.89 FRN SUB. NORDEA BANK (COCO) 25/PERP-JR NOK 152,000,000.00 154,679,516.80 0.67 FRN YIT 25/28 -SR- EUR 300,000.00 3,478,200.56 0.02

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Statement of investments and other net assets as at June 30, 2026 (expressed in NOK) (continued)

The accompanying notes form an integral part of these financial statements.

Description Currency Nominal Market value (note 2) % of net assets

FRN YIT 26/30 -SR- EUR 9,600,000.00 109,967,342.16 0.48 1.00% BALDER FINLAND 22/27 -SR- EUR 2,925,000.00 32,747,353.36 0.14 2.00% BALDER FINLAND 22/31 -SR-S EUR 500,000.00 5,239,322.16 0.02 3.625% AHLSTROM 21/28 -SR-S EUR 16,000,000.00 180,337,604.07 0.79 3.75% NORDEA BANK (COCO) 21/PERP -JR- USD 5,600,000.00 52,125,932.32 0.23 911,150,906.40 3.98 GERMANY FRN BOS GMBH. KG 25/29 -SR- EUR 15,000,000.00 170,551,404.10 0.74 170,551,404.10 0.74

ICELAND FRN ARION BANK 25/27 -SR-S SEK 46,000,000.00 47,449,950.93 0.21 FRN SUB. ARION BANK 24/34 -SR- SEK 80,000,000.00 83,632,959.10 0.36 FRN SUB. ISLANDSBANKI (COBO)21/PERP -JR- SEK 64,000,000.00 66,183,285.11 0.29 8.125% SUB. ARION BANK (COCO) 24/PERP -JR- USD 12,500,000.00 125,679,122.96 0.55 8.125% SUB. LANDESBANKEN (COBO)25/PERP -JR- USD 4,600,000.00 47,350,167.04 0.21 370,295,485.14 1.62 LUXEMBOURG FRN SUB. ADVANZIA BANK 24/34 EUR 2,600,000.00 31,952,225.74 0.14 FRN SUB. ADVANZIA BANK 25/35 EUR 4,000,000.00 47,856,214.88 0.21 FRN SUB. ADVANZIA BANK 25/PERP -JR- NOK 13,800,000.00 14,569,497.66 0.06 6.25% EURONAV LUX 21/26 -SR- USD 20,000,000.00 198,404,777.66 0.87 7.00% ADVANZIA BANK 24/28 -SR- EUR 17,000,000.00 200,525,697.40 0.87 7.25% STENA INTERNATIONAL 24/31 -SR-S USD 39,850,000.00 404,654,143.79 1.76 7.625% STENA INTERNATIONAL 24/31 -SR-S USD 15,000,000.00 153,503,950.76 0.67 1,051,466,507.89 4.58 MARSHALL ISLANDS 7.125% INTERNATIONAL SEAWAY 25/30 -SR- USD 25,000,000.00 250,834,551.31 1.09 7.25% NAVIGATOR HOLDINGS 24/29 -SR- USD 14,000,000.00 139,518,301.00 0.61 7.50% SCORPIO TANKERS 25/30 -SR- USD 20,000,000.00 204,809,363.05 0.89 9.875% PERFORMANCE SHIPPING 25/29 -SR- USD 15,000,000.00 153,813,180.19 0.67 748,975,395.55 3.26 NETHERLANDS FRN BOSTON BIDCO 26/30 -SR- EUR 32,500,000.00 380,558,730.04 1.66 FRN NEXUS NEWCO B.V. 25/30 -SR- EUR 22,500,000.00 266,645,665.36 1.16 8.625% SIGMA HOLDCO 25/31 -SR- EUR 25,500,000.00 243,056,963.70 1.06 890,261,359.10 3.88 NORWAY FRN AKER 22/27 -SR- NOK 85,000,000.00 87,113,678.00 0.38 FRN AUSTEVOLL 23/28 -SR- NOK 20,000,000.00 20,158,914.00 0.09 FRN AX VII 25/30 -SR- NOK 22,500,000.00 22,050,000.00 0.10 FRN AXACTOR 23/27 -SR- NOK 336,700,000.00 351,585,507.00 1.53 FRN B2 IMPACT 24/29 -SR- EUR 10,375,000.00 121,239,562.68 0.53 FRN B2 IMPACT 25/30 -SR- EUR 17,100,000.00 200,209,262.83 0.87 FRN BONHEUR 21/26 -SR- NOK 1,500,000.00 1,501,136.25 0.01

Page 19

PARETO SICAV - PARETO NORDIC CORPORATE

BOND

Statement of investments and other net assets as at June 30, 2026 (expressed in NOK) (continued)

The accompanying notes form an integral part of these financial statements.

Description Currency Nominal Market value (note 2) % of net assets

FRN BONHEUR 23/28 -SR- 144A NOK 97,500,000.00 100,156,875.00 0.44 FRN BONHEUR 25/30 -SR- NOK 72,000,000.00 72,496,800.00 0.32 FRN CHIP BIDCO AS 24/27 -SR- NOK 117,500,000.00 118,960,536.75 0.52 FRN COLOR GROUP 23/26 -SR- NOK 145,000,000.00 145,834,475.00 0.64 FRN DNB BOLIGKREDIT 23/27 -SR- NOK 242,000,000.00 243,208,427.00 1.06 FRN GLX HOLDINGS 26/31 -SR- EUR 22,500,000.00 255,025,387.27 1.11 FRN HOFSETH INTERNATIONAL 25/30 -SR- EUR 30,000,000.00 289,258,575.41 1.26 FRN HOSPITALITY INVEST 25/29 -SR- NOK 99,000,000.00 100,847,359.80 0.44 FRN KISTEFOS 22/26 -SR- NOK 102,300,000.00 102,491,812.50 0.45 FRN KISTEFOS 23/27 -SR- NOK 11,200,000.00 11,394,250.56 0.05 FRN KLAVENESS 23/28 -SR- NOK 24,000,000.00 24,720,000.00 0.11 FRN KONGSBRG AUTO 24/28 -SR- EUR 3,300,000.00 37,976,324.77 0.17 FRN LINK MOBILITY 25/30 -SR- EUR 1,000,000.00 11,432,209.39 0.05 FRN NORDEA EIEND. 24/29 -SR- NOK 400,000,000.00 402,827,040.00 1.76 FRN NORGESGRUPPEN 26/29 -SR- NOK 90,000,000.00 90,193,284.00 0.39 FRN NORLANDIA HEALTH & CARE GROUP 24/28 -SR- NOK 78,000,000.00 80,049,941.40 0.35 FRN NORLANDIA HEALTH & CARE GROUP 24/28 -SR- SEK 104,500,000.00 109,798,485.23 0.48 FRN NORSKE SKOG 24/29 -SR- NOK 109,000,000.00 111,452,500.00 0.49 FRN NORTURA 23/29 -SR- NOK 55,000,000.00 58,217,560.50 0.25 FRN NORTURA 24/30 -SR- NOK 74,000,000.00 76,828,679.60 0.34 FRN OBOS EIENDOM 23/28 -SR- NOK 90,000,000.00 91,936,683.00 0.40 FRN OCEAN YIELD 23/28 -SR- NOK 69,000,000.00 70,638,750.00 0.31 FRN OCEAN YIELD 24/29 -SR- NOK 51,000,000.00 52,097,662.80 0.23 FRN OCEAN YIELD 25/30 -SR- USD 14,000,000.00 140,312,007.20 0.61 FRN ODFJELL 25/30 -SR- NOK 82,000,000.00 82,820,000.00 0.36 FRN PELAGIA 24/29 -SR- NOK 96,000,000.00 93,286,156.80 0.41 FRN PELAGIA 25/30 -SR- NOK 100,000,000.00 95,218,750.00 0.42 FRN REACH SUBSEA 25/28 -SR- 144A/S NOK 37,500,000.00 38,677,065.00 0.17 FRN SCATEC ASA 23/27 -SR- NOK 30,000,000.00 30,684,375.00 0.13 FRN SCATEC ASA 24/28 -SR- NOK 110,000,000.00 114,257,583.00 0.50 FRN SPAREBANK 1 BOLIGKREDITT 23/28 -SR-S NOK 450,000,000.00 454,443,885.00 1.98 FRN SPAREBANKEN 1 BOLIGKREDIT 22/27 -SR-S NOK 600,000,000.00 603,865,140.00 2.64 FRN SPAREBANKEN 21/27 -SR- NOK 150,000,000.00 151,271,805.00 0.66 FRN SPAREBANKEN NORGE 24/29 -SR- NOK 60,000,000.00 60,761,466.00 0.26 FRN STOREBRAND BANK 23/28 -SR- NOK 176,000,000.00 177,203,804.80 0.77 FRN STOREBRAND BK 25/29 -SR- NOK 300,000,000.00 302,118,300.00 1.32 FRN SUB. DNB BANK (COBO) 22/PERP -JR- NOK 214,000,000.00 219,329,541.60 0.96 FRN SUB. DNB BANK (COBO) 23/PERP -JR- NOK 188,000,000.00 193,342,922.40 0.84 FRN SUB. DNB BANK (COBO) 23/PERP -JR- NOK 14,000,000.00 14,512,916.60 0.06 FRN SUB. GJENSID FORS (COBO) 25/PERP-JR NOK 53,000,000.00 53,183,417.10 0.23 FRN SUB. GJENSID FORSIKR 24/PERP-JR- NOK 53,000,000.00 54,405,416.90 0.24 FRN SUB. GJENSID FORSIKRING 24/54 NOK 53,000,000.00 54,041,810.40 0.24 FRN SUB. GJENSIDIGE FORSIKRIN 21/51 NOK 49,000,000.00 49,097,211.10 0.21 FRN SUB. GJENSIDIGE FORSIKRIN ASA 23/53 144A/S NOK 62,000,000.00 63,786,368.80 0.28 FRN SUB. NORDEA EIEND. 22/27 -SR- NOK 500,000,000.00 501,154,900.00 2.19 FRN SUB. OCEAN YIELD 24/PERP -JR- USD 6,800,000.00 70,065,088.69 0.31 FRN SUB. PROTECTOR FORSIK 25/55 -S- NOK 33,000,000.00 34,197,853.80 0.15 FRN SUB. PROTECTOR FORSIKRING 22/52 NOK 34,000,000.00 34,605,757.60 0.15 FRN SUB. SPAREBANKEN NORGE 24/35 NOK 60,000,000.00 61,054,482.00 0.27 FRN SUB. SPAREBANKEN NORGE 25/35 NOK 54,500,000.00 55,302,294.50 0.24 FRN SUB. STOREBRAND LIVSFORSIKRING 22/53 NOK 81,000,000.00 84,274,676.10 0.37 FRN VEND MARKETPLACES 23/28 -SR- NOK 60,000,000.00 61,125,672.00 0.27

Page 20

PARETO SICAV - PARETO NORDIC CORPORATE

BOND

Statement of investments and other net assets as at June 30, 2026 (expressed in NOK) (continued)

The accompanying notes form an integral part of these financial statements.

Description Currency Nominal Market value (note 2) % of net assets

FRN WALLS WILHELM 22/27 -SR- NOK 62,500,000.00 64,453,125.00 0.28 FRN WALLS WILHELM 23/28 -SR- NOK 65,000,000.00 67,376,835.50 0.29 2.00% SBANKEN 21/27 -SR- NOK 100,000,000.00 99,479,160.00 0.43 7.375% MPC CONTAINER 24/29 -SR- USD 7,800,000.00 78,197,952.86 0.34 7.50% TS SHIPPING INVEST 25/30 -SR- USD 9,800,000.00 98,614,124.90 0.43 7.56% NORD SEMICONDUCTOR (FR/RAT) 23/28 -SR- NOK 87,000,000.00 90,534,227.10 0.39 8.00% NES FIRCROFT BONDCO 24/29 -SR- USD 33,625,000.00 340,381,038.87 1.48 8.50% DNO 25/30 -SR- USD 30,000,000.00 308,739,604.14 1.35 9.25% DNO ASA 24/29 -SR- USD 13,500,000.00 141,548,940.26 0.62 9.50% ARCHER NORGE 25/30 -SR- USD 29,470,588.00 311,498,113.05 1.36 9.50% SHEARWATER GEOSERVICES 24/29 -SR- USD 30,000,000.00 282,269,131.39 1.23 9.75% KRISTOS ENER 23/25 -SR- -PIK- USD 7,108,381.00 70,560,800.70 0.31 10.00% AIRSWIFT GLOBAL 24/29 -SR- USD 19,800,000.00 200,339,347.94 0.87 10.25% KRISTOS ENERGY 21/26 -SR- USD 7,058,529.00 73,689,296.81 0.32 9,637,784,046.65 42.07 SINGAPORE 9.625% YINS PRODUCTION FINANCIAL SERVICES 24/29 -SR- USD 15,000,000.00 156,596,289.60 0.68 156,596,289.60 0.68 SWEDEN FRN AFRY AB 21/26 -SR- SEK 22,000,000.00 22,612,606.60 0.10 FRN BILIA 23/28 -SR- SEK 56,000,000.00 58,594,276.87 0.26 FRN BOLIDEN 22/28 -SR- SEK 126,000,000.00 132,730,260.52 0.58 FRN BOLIDEN 23/30 -SR- NOK 60,000,000.00 62,918,694.00 0.27 FRN COOR SERV. MG 26/31 -SR- SEK 55,000,000.00 56,947,679.32 0.25 FRN COOR SERVICES MANAGEMENT BONDS 24/29 -SR- SEK 22,500,000.00 23,335,944.43 0.10 FRN FASHION GROUP NORDIC 19/28 -SR- SEK 75,000,000.00 79,320,359.86 0.35 FRN FASTIGHETS 21/28 -SR- NOK 100,000,000.00 101,069,340.00 0.44 FRN FASTIGHETS 22/27 -SR- NOK 50,000,000.00 50,550,155.00 0.22 FRN HEDIN MOBILITY GROUP 23/27 -SR- SEK 100,000,000.00 100,623,672.22 0.44 FRN LOOMIS 23/27 -SR- SEK 120,000,000.00 124,436,383.36 0.54 FRN NOBA BANK GROUP 25/28 -SR- NOK 76,000,000.00 76,668,678.40 0.33 FRN NOBA BANK GROUP 26/29 -SR- NOK 40,000,000.00 39,984,188.00 0.17 FRN STENA METALL FIN 25/30 -SR- SEK 45,000,000.00 46,859,188.82 0.20 FRN STILLFRONT 24/28 -SR- SEK 40,000,000.00 41,354,328.62 0.18 FRN STILLFRONT 24/29 -SR- SEK 122,500,000.00 126,060,203.82 0.55 FRN STORSKGOGEN 25/29 -SR- SEK 95,000,000.00 99,708,384.35 0.43 FRN SUB. NOBA BANK (COBO) 21/PERP -JR- SEK 71,250,000.00 73,559,132.81 0.32 FRN SUB. NOBA BANK GROUP (COBO) 24/PERP-JR- SEK 42,000,000.00 49,545,749.37 0.22 FRN SUB. NOBA BANK GROUP 23/33 SEK 36,000,000.00 40,030,449.02 0.17 FRN SUB. NOBA BANK GROUP 23/33 NOK 199,500,000.00 216,944,339.85 0.95 FRN SUB. SBAB BANK (COBO) 22/PERP -JR- SEK 124,000,000.00 128,431,968.94 0.56 FRN SUB. SEB (COCO) 24/PERP -JR- SEK 146,000,000.00 153,590,908.97 0.67 FRN SUB. SEB 25/35 SEK 112,000,000.00 116,621,840.56 0.51 FRN TAGEHUS 24/27 -SR- SEK 47,500,000.00 49,478,829.51 0.22 FRN VERVE GROUP 25/29 -SR- EUR 16,000,000.00 166,607,979.58 0.73 FRN VNV GLOBAL 24/27 -SR- SEK 42,500,000.00 44,595,136.46 0.19 4.00% CAYBON 21/25 -SR- -PIK- SEK 6,177,875.00 700,701.01 0.00 4.00% SUB. SWEDBANK (COBO) 21/PERP -JR-S USD 5,400,000.00 50,496,737.18 0.22 4.375% SUB. SVENSKA HANDELSBANKEN (COCO) 20/PERP JR USD 4,000,000.00 39,433,568.03 0.17

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PARETO SICAV - PARETO NORDIC CORPORATE

BOND

Statement of investments and other net assets as at June 30, 2026 (expressed in NOK) (continued)

The accompanying notes form an integral part of these financial statements.

Description Currency Quantity/Nominal Market value (note 2) % of net assets

7.00% CAYBON 24/29 -SR- SEK 2,358,108.00 2,104,252.09 0.01 11.75% NYNAS AB 25/28 -SR- USD 27,750,000.00 293,478,887.53 1.28 12.50% DESENIO GROUP AB 25/29 -PIK- SEK 26,560,800.00 25,247,422.46 0.11 15.00% CAYBON HOLDING 25/28 -PIK- SEK 14,790,584.00 15,543,092.49 0.07 2,710,185,340.05 11.81 UNITED KINGDOM 5.50% ITHACA ENERGY 25/31 -SR- EUR 12,000,000.00 135,517,529.56 0.59 7.875% SERICA ENERGY 26/31 -SR- USD 30,000,000.00 301,446,610.65 1.31 8.125% ITHACA ENERGY 24/29 -SR- USD 20,000,000.00 205,258,955.20 0.90 8.25% TORM 24/29 -SR- USD 12,800,000.00 132,219,714.57 0.58 9.875% ENQUEST 26/31 -SR- USD 31,500,000.00 318,856,581.70 1.39 1,093,299,391.68 4.77 UNITED STATES 9.125% TIDEWATER 25/30 -SR- USD 2,000,000.00 21,213,478.41 0.09 9.125% TIDEWATER 25/30 -SR-S USD 15,000,000.00 159,101,088.07 0.69 180,314,566.48 0.78 TOTAL BONDS 19,825,143,355.45 86.47

TOTAL I. 19,837,597,438.78 86.52

II. OTHER TRANSFERABLE SECURITIES

SWEDEN CAYBON HOLDING SEK 9,180,714.00 0.00 0.00 DESENIO GROUP PFD SEK 170,181,850.00 13,293,887.40 0.06 ELLOS HOLDING SEK 1,983,316.00 117,615,702.27 0.51 130,909,589.67 0.57 TOTAL SHARES 130,909,589.67 0.57

BONDS

BERMUDA 7.75% SFL CORP 26/30 -SR- USD 12,000,000.00 122,551,609.08 0.53 122,551,609.08 0.53 DENMARK 0.00% TRESU INT. CLAIM 29/06/26/PERP -SR- EUR 5,740,000.00 47,930.09 0.00 0.00% TRESU INV 17/PERP -SR- EUR 5,740,000.00 46,867.30 0.00 0.00% TRESU INV 17/PERP -SR- EUR 5,740,000.00 60,257.99 0.00 0.00% TRESU INV 17/PERP -SR- EUR 5,740,000.00 59,939.17 0.00 0.00% TRESU INV 17/PERP -SR- EUR 5,740,000.00 60,337.75 0.00 0.00% TRESU INV 17/PERP -SR- EUR 5,740,000.00 59,221.78 0.00 0.00% TRESU INV 17/PERP -SR- EUR 5,740,000.00 56,033.52 0.00 0.00% TRESU INV 17/PERP -SR- EUR 5,740,000.00 51,251.18 0.00

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PARETO SICAV - PARETO NORDIC CORPORATE

BOND

Statement of investments and other net assets as at June 30, 2026 (expressed in NOK) (continued)

The accompanying notes form an integral part of these financial statements.

Description Currency Nominal Market value (note 2) % of net assets

0.00% TRESU INV 17/PERP -SR- EUR 5,740,000.00 49,949.33 0.00 0.00% TRESU INV. 17/PERP -SR- EUR 5,740,000.00 46,867.30 0.00 0.00% TRESU INV. 17/PERP -SR- EUR 5,740,000.00 47,133.05 0.00 585,788.46 0.00 FINLAND FRN JS BIDCO OYJ 25/31 -SR- EUR 6,400,000.00 76,623,770.85 0.33 76,623,770.85 0.33 MARSHALL ISLANDS 7.75% NAVIOS MARIT 25/30 -SR- USD 12,200,000.00 123,592,322.78 0.54 123,592,322.78 0.54 NORWAY FRN JOTUN A/S 24/29 -SR- NOK 60,000,000.00 60,886,344.00 0.27 FRN MOWI ASA 26/31 -SR- NOK 90,000,000.00 90,084,276.00 0.39 FRN NO PROPERTY 26/29 -SR- NOK 40,000,000.00 40,014,512.00 0.17 FRN NORWEGIAN PR. 26/29 -SR- NOK 69,000,000.00 69,086,429.40 0.30 FRN SALMAR 26/29 -SR- NOK 120,000,000.00 120,011,172.00 0.52 FRN SUB. GRIEG SEAFOOD 26/PERP NOK 47,200,000.00 47,583,500.00 0.21 0.00% GRONTVEDT 26/29 -SR- NOK 23,250,000.00 15,112,500.00 0.07 0.00% GRONTVEDT 26/29 -SR- NOK 11,625,000.00 2,325,000.00 0.01 2.00% OCV RECOVERY AS 14/26 -PIK- NOK 142,670.00 378,075.50 0.00 445,481,808.90 1.94 SWEDEN FRN THULE GR 26/29 -SR- SEK 30,000,000.00 30,787,125.92 0.13 7.75% DESENIO MIDCO 25/27 -SR- SEK 15,000,100.00 14,822,998.42 0.06 45,610,124.34 0.19 UNITED KINGDOM 6.625% NEO NEXT PLUS ENERGY 26/31 -SR- USD 60,000,000.00 588,720,411.03 2.57 588,720,411.03 2.57 TOTAL BONDS 1,403,165,835.44 6.10

TOTAL II. 1,534,075,425.11 6.67

TOTAL INVESTMENTS 21,371,672,863.89 93.19 BANK DEPOSITS 1,552,386,303.27 6.77 BANK OVERDRAFT -342,366,068.53 -1.49 OTHER NET ASSETS 351,354,502.07 1.53

TOTAL NET ASSETS 22,933,047,600.70 100.00

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PARETO SICAV - PARETO NORDIC CORPORATE BOND

The accompanying notes form an integral part of these financial statements.

Geographical and industrial classification of investments as at June 30, 2026

Geographical classification* (in % of net assets) Norway 44.02 Sweden 12.61 United Kingdom 7.34 Bermuda 6.22 Luxembourg 4.58 Finland 4.31 Netherlands 3.88 Marshall Islands 3.80 Denmark 1.69 Iceland 1.62 Canada 0.92 United States 0.78 Germany 0.74 Singapore 0.68 93.19

Industrial classification (in % of net assets) Bonds issued by companies 92.57 Shares (Miscellaneous) 0.51 Shares (Publishing and graphic arts) 0.10 Shares (Holding and finance companies) 0.01 93.19

*The countries disclosed correspond to the issuer country of the security

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PARETO SICAV - PARETO ESG GLOBAL CORPORATE

BOND

Statement of investments and other net assets as at June 30, 2026 (expressed in SEK)

The accompanying notes form an integral part of these financial statements.

Description Currency Nominal Market value (note 2) % of net assets

I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

BONDS

AUSTRIA 4.50% SAPPI PAPIER 25/32 -SR- EUR 750,000.00 6,992,856.63 0.40 7.50% SAPPI PAPIER 02/32 -SR-S USD 1,852,000.00 17,515,445.83 1.00 24,508,302.46 1.40 BELGIUM 4.125% AZELIS FINANCE 26/31 -SR-S EUR 500,000.00 5,532,215.73 0.32 4.75% AZELIS FINANCE 24/29 -SR-S EUR 1,500,000.00 16,921,684.54 0.97 5.25% ONTEX GROUP 25/30 -SR-S EUR 2,000,000.00 20,142,382.93 1.15 42,596,283.20 2.44 CANADA 6.90% OPEN TEXT 22/27 -SR- USD 2,500,000.00 24,727,221.26 1.41 24,727,221.26 1.41 DENMARK FRN TRESU INVESTMENT 17/27 -SR-S EUR 4,600,000.00 2,082,438.91 0.12 3.625% SUB. JYSKE BANK 21/PERP-JR-S EUR 2,000,000.00 21,258,688.18 1.22 4.75% SUB. JYSKE BANK 17/PERP-JR-S EUR 900,000.00 9,925,850.75 0.57 5.00% TDC NET 25/32 -SR- EUR 1,200,000.00 13,763,816.36 0.79 5.056% TDC NET 22/28 -SR-S EUR 1,500,000.00 17,071,155.38 0.98 5.125% SUB. ORSTED 24/24 EUR 900,000.00 10,170,145.36 0.58 5.25% ORSTED A/S 22/PERP EUR 1,395,000.00 15,786,996.95 0.90 90,059,091.89 5.16

FINLAND FRN CAPNOR WEASEL BIDCO 24/29 -SR- 144A EUR 1,200,000.00 13,543,328.06 0.77 5.125% NOKIAN RENKAAT 23/28 -SR- EUR 1,000,000.00 11,184,485.48 0.64 5.625% SUB. STORA ENSO 26/PERP -JR-S EUR 1,200,000.00 13,546,938.57 0.77 7.25% STORA ENSO 06/36 -SR- 144A USD 1,235,000.00 12,933,935.40 0.74 7.25% STORA ENSO 06/36 -SR-S USD 1,100,000.00 11,520,104.40 0.66 7.45% UPM-KYMMENE 97/27 -SR-S USD 2,000,000.00 20,060,803.65 1.15 82,789,595.56 4.73 FRANCE 2.25% SECHE ENVIRONNEMENT 21/28 -SR- EUR 600,000.00 6,430,509.47 0.37 3.75% FORVIA 20/28 -SR- EUR 1,000,000.00 7,898,920.67 0.45 3.75% SPIE 25/30 -SR- EUR 1,000,000.00 11,084,979.33 0.63 3.875% HOLDING D'INFRASTRUCTURES 25/31 -SR- EUR 500,000.00 5,498,216.77 0.31 3.95% SPIE 26/31 -SR-S EUR 1,500,000.00 16,548,857.44 0.95 4.125% GETLINK 25/30 -SR- EUR 2,000,000.00 22,470,272.86 1.28 4.25% LOXAM 25/30 -SR- EUR 500,000.00 5,551,645.81 0.32 4.50% CROWN EUROPEAN HOLDINGS 24/30 -SR-S EUR 500,000.00 5,679,226.27 0.32 4.50% SECHE ENVIROMENT 25/30 -SR- EUR 1,900,000.00 21,252,633.40 1.22 4.75% OVH GROUPE 25/31 -SR- EUR 2,500,000.00 27,800,640.20 1.59 4.875% HLDG INFRASTRUCTURE 24/29 -SR- EUR 2,000,000.00 22,691,795.64 1.30

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Statement of investments and other net assets as at June 30, 2026 (expressed in SEK) (continued)

The accompanying notes form an integral part of these financial statements.

Description Currency Nominal Market value (note 2) % of net assets

5.125% FORVIA 24/29 -SR- EUR 1,000,000.00 11,342,999.78 0.65 5.25% REXEL 23/30 -SR- EUR 2,000,000.00 22,796,945.51 1.30 5.375% FORVIA 25/31 -SR- EUR 500,000.00 5,660,918.95 0.32 5.50% OPAL BIDCO 25/32 -SR- EUR 2,500,000.00 28,521,189.18 1.64 5.625% ELIOR GROUP 25/30 -SR- EUR 2,000,000.00 21,783,591.06 1.25 5.87% SUB. SECHE ENVIRONNEMENT 25/PERP EUR 200,000.00 2,222,778.12 0.13 6.375% LOXAM 23/29 -SR- EUR 1,500,000.00 15,393,649.09 0.88 6.375% PICARD GROUP 24/29 -SR- EUR 1,000,000.00 11,436,907.58 0.65 7.375% SUB. BNP PARIBAS 23/PERP-JR-S EUR 1,800,000.00 21,811,028.68 1.25 293,877,705.81 16.81 GERMANY 3.375% SCHAEFFLER 20/28 -SR- EUR 500,000.00 5,501,700.26 0.31 4.625% GRUENENTHAL 24/31 -SR-S EUR 2,500,000.00 27,870,584.47 1.59 4.625% SUB. DEUTSCHE BANK (COBO) 21/PERP -JR- EUR 1,600,000.00 17,673,258.08 1.01 4.75% SCHAEFFLER 24/29 -SR- EUR 500,000.00 5,656,818.47 0.32 4.75% ZF EUROPE FINANCE 24/29 -SR- EUR 1,000,000.00 11,092,627.26 0.63 5.37% SCHAEFFLER 25/31 -SR- EUR 1,000,000.00 11,570,169.04 0.66 5.375% PROGROUP 24/31 -SR- EUR 2,000,000.00 22,621,271.34 1.29 5.375% TECHEM VERWALTUNGSGESELLSCHAFT 24/29 -SR-S EUR 2,500,000.00 28,383,886.55 1.62 7.625% HT TROPLAST 26/31 -SR- EUR 500,000.00 5,619,178.56 0.32 9.375% HT TROPLAST 23/28 -SR- EUR 800,000.00 9,092,253.69 0.52 145,081,747.72 8.27

ITALY FRN FIBER BIDCO 24/30 -SR- EUR 1,000,000.00 11,178,727.90 0.64 4.75% FIBERCOP 25/30 -SR- EUR 1,500,000.00 16,929,993.60 0.97 5.375% FIBERCOP 26/31 -SR- EUR 500,000.00 5,740,380.58 0.33 6.125% FEDRIGONI 24/31 -SR-S EUR 500,000.00 5,624,769.39 0.32 39,473,871.47 2.26 LUXEMBOURG 4.375% ARAMARK INTERNATIONAL 25/33 -SR- EUR 2,000,000.00 21,920,976.90 1.25 5.00% SUB SWISS RE FINANCE 19/49 USD 400,000.00 3,864,632.91 0.22 5.50% LUNA 2.5 25/32 -SR- EUR 1,500,000.00 16,848,394.98 0.96 5.75% SUB. EUROFINS SCIENTIFIC 25/PERP EUR 1,200,000.00 13,946,183.76 0.80 5.90% PENTAIR 22/32 -SR- USD 2,500,000.00 25,136,485.55 1.44 7.875% EPHIOS SUBCO 23/31 -SR-S EUR 2,000,000.00 23,352,483.91 1.34 105,069,158.01 6.01 NETHERLANDS 3.50% ENERGIZER 21/29 -SR- EUR 1,000,000.00 10,832,138.53 0.62 4.50% DARLING GLOBAL 25/32 -SR- EUR 1,500,000.00 16,781,506.88 0.96 4.75% OI EUROPEAN 21/30 -SR-S USD 2,000,000.00 18,391,657.24 1.05 4.85% SUB. ROYAL FRIESLAND CAMPINA 24/PERP -JR- EUR 2,000,000.00 22,245,913.89 1.27 5.25% OI EUROPEAN 24/29 -SR- EUR 1,000,000.00 11,254,268.97 0.64 5.75% BOELS TOPHOLDING 24/30 -SR- EUR 2,500,000.00 28,428,743.29 1.63 107,934,228.80 6.17

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PARETO SICAV - PARETO ESG GLOBAL CORPORATE

BOND

Statement of investments and other net assets as at June 30, 2026 (expressed in SEK) (continued)

The accompanying notes form an integral part of these financial statements.

Description Currency Nominal Market value (note 2) % of net assets

NORWAY FRN BEWI 25/29 -SR- EUR 1,500,000.00 16,995,193.40 0.97 FRN SCATEC ASA 24/28 -SR- NOK 13,000,000.00 13,206,578.07 0.76 FRN SCATEC ASA 25/29 -SR- NOK 11,000,000.00 11,033,014.15 0.63 FRN SMAKRAFT 23/28 -SR- EUR 1,800,000.00 20,329,708.79 1.16 61,564,494.41 3.52 SPAIN 3.625% SUB. BANCO SANTANDER (COCO) 21/PERP -JR- EUR 2,200,000.00 23,610,932.13 1.35 6.125% SUB. BBVA (COCO) 17/PERP -JR- USD 2,400,000.00 23,374,585.98 1.34 46,985,518.11 2.69 SWEDEN 4.125% VERISURE HOLDING 26/32 -SR- EUR 700,000.00 7,801,340.50 0.45 5.50% VERISURE HOLDING 24/30 -SR- EUR 1,500,000.00 17,074,723.85 0.98 6.75% SUB. SEB (COCO) 24/PERP -JR- USD 1,800,000.00 17,943,290.23 1.03 42,819,354.58 2.46 UNITED KINGDOM 4.75% BCP MODULAR SERVICES 21/28 -SR- EUR 500,000.00 5,239,844.78 0.30 4.75% VMED O2 UK 21/31 -SR-S USD 2,500,000.00 19,922,242.84 1.14 4.875% MOBICO 23/31 -SR- EUR 2,000,000.00 17,760,386.12 1.02 5.625% VMED O2 UK 24/32 -SR- EUR 1,000,000.00 9,769,764.01 0.56 6.125% BCP V MODULAR 21/28 -SR-S GBP 1,500,000.00 18,199,091.70 1.04 70,891,329.45 4.06 UNITED STATES 3.375% SUB. BELDEN 21/31 -SR- EUR 800,000.00 8,518,570.19 0.49 3.625% TOPBUILD 21/29 -SR- 144A USD 1,000,000.00 9,678,150.07 0.55 3.75% DAVITA 20/31 -SR- 144A USD 500,000.00 4,494,457.21 0.26 4.00% 1ST STUDENT 21/29 -SR- 144A USD 3,000,000.00 27,933,885.73 1.60 4.00% PTC 20/28 -SR- 144A USD 1,000,000.00 9,499,393.38 0.54 4.00% PTC 20/28 -SR-S USD 250,000.00 2,374,848.37 0.14 4.125% ORGANON 21/28 -SR- 144A USD 1,500,000.00 14,317,159.16 0.82 4.25% CENTENE 20/27 -SR- USD 814,000.00 7,832,504.40 0.45 4.25% MKS 26/34 -SR- EUR 2,000,000.00 21,897,692.98 1.25 4.25% SUB. BELDEN 26/33 -SR-S EUR 2,500,000.00 27,134,395.41 1.55 4.50% PATTERN ENERGY 20/28 -SR- 144A USD 2,114,000.00 20,080,057.56 1.15 4.625% DAVITA 20/30 -SR- 144A USD 2,000,000.00 18,766,951.90 1.07 4.625% IQVIA 26/33 -SR-S EUR 1,000,000.00 11,231,513.96 0.64 4.75% ENERGIZER 20/28 -SR- 144A USD 2,000,000.00 19,200,281.58 1.10 4.75% IRON MOUNTAIN 25/34 -SR- EUR 1,500,000.00 16,513,500.13 0.94 4.875% REWORLD HOLDING CORP. 21/29 -SR- 144A USD 2,000,000.00 18,572,956.28 1.06 5.00% CELANESE US 25/31 -SR- EUR 500,000.00 5,537,431.67 0.32 5.25% DARLING INGREDIENTS 19/27 -SR- 144A USD 1,000,000.00 9,678,724.66 0.55 5.50% TENET HEALTHCARE 25/32 -SR- 144A USD 2,000,000.00 19,270,782.26 1.10 5.55% ASHTEAD CAPITAL 23/33 -SR- 144A USD 2,000,000.00 19,597,117.48 1.12 5.70% IQVIA 24/28 -SR- USD 500,000.00 4,919,426.52 0.28 5.80% BERRY GLOBAL 25/31 -SR- USD 2,500,000.00 25,126,029.76 1.44 6.00% DARLING INGREDIENTS 22/30 -SR- USD 1,000,000.00 9,747,274.13 0.56

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PARETO SICAV - PARETO ESG GLOBAL CORPORATE

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Statement of investments and other net assets as at June 30, 2026 (expressed in SEK) (continued)

The accompanying notes form an integral part of these financial statements.

Description Currency Nominal Market value (note 2) % of net assets

6.125% JH NORTH AMERICA 25/32 -SR- 144A USD 1,100,000.00 10,746,311.62 0.61 6.15% HA SUSTAINABLE INFRASTRUCTURE 25/31 -SR- USD 1,500,000.00 14,889,288.71 0.85 6.25% GEN DIGITAL 25/33 -SR- USD 2,100,000.00 20,053,460.55 1.15 6.25% ZAYO GROUP 25/30 SR -PIK- USD 1,328,724.00 12,880,600.18 0.74 6.50% CELANESE US 25/30 -SR- USD 1,500,000.00 14,815,678.54 0.85 6.50% IQVIA 23/30 -SR- 144A USD 1,450,000.00 14,331,191.70 0.82 6.75% INVERSION ESCROW ISSUER 25/32 -SR- 144A USD 700,000.00 6,612,022.70 0.38 6.75% ORGANON FOREIGN DEBT 24/34 -SR- 144A USD 1,500,000.00 15,339,168.32 0.88 7.00% IRON MOUNTAIN 23/29 -SR- 144A USD 1,000,000.00 9,875,864.13 0.56 7.25% NEXTERA ENERGY OPERATING 23/29 -SR- 144A USD 1,500,000.00 15,035,662.41 0.86 7.50% ZF NORTH AMERICA CAPITAL 25/31 -SR- USD 2,000,000.00 19,518,727.18 1.12 486,021,080.83 27.80

TOTAL I. 1,664,398,983.56 95.19

II. OTHER TRANSFERABLE SECURITIES

BONDS

AUSTRIA 6.25% CONSTANTIA FL 26/32 -SR- EUR 300,000.00 3,373,154.48 0.19 3,373,154.48 0.19 DENMARK 0.00% TRESU INT. CLAIM 29/06/26/PERP -SR- EUR 4,600,000.00 37,567.21 0.00 0.00% TRESU INV 17/PERP -SR- EUR 4,600,000.00 47,229.75 0.00 0.00% TRESU INV 17/PERP -SR- EUR 4,600,000.00 46,979.79 0.00 0.00% TRESU INV 17/PERP -SR- EUR 4,600,000.00 47,292.16 0.00 0.00% TRESU INV 17/PERP -SR- EUR 4,600,000.00 39,149.85 0.00 0.00% TRESU INV 17/PERP -SR- EUR 4,600,000.00 36,734.24 0.00 0.00% TRESU INV 17/PERP -SR- EUR 4,600,000.00 46,417.58 0.00 0.00% TRESU INV 17/PERP -SR- EUR 4,600,000.00 43,918.65 0.00 0.00% TRESU INV 17/PERP -SR- EUR 4,600,000.00 40,170.26 0.00 0.00% TRESU INV. 17/PERP -SR- EUR 4,600,000.00 36,942.48 0.00 0.00% TRESU INV. 17/PERP -SR- EUR 4,600,000.00 36,734.24 0.00 459,136.21 0.00 FRANCE 5.125% EGIS 26/31 -SR- EUR 1,500,000.00 16,893,704.28 0.97 16,893,704.28 0.97 UNITED KINGDOM 5.50% NEOEN 26/31 -SR- EUR 800,000.00 9,034,133.74 0.52 9,034,133.74 0.52

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PARETO SICAV - PARETO ESG GLOBAL CORPORATE

BOND

Statement of investments and other net assets as at June 30, 2026 (expressed in SEK) (continued)

The accompanying notes form an integral part of these financial statements.

Description Currency Nominal Market value (note 2) % of net assets

UNITED STATES 5.25% WESCO DISTRI. 26/31 -SR- 144A USD 750,000.00 7,214,031.61 0.41 5.875% CROWN AMERICAS 26/33 -SR-S USD 1,000,000.00 9,748,775.01 0.56 6.625% WESCO DISTRI. 24/32 -SR- USD 500,000.00 4,993,410.85 0.29 21,956,217.47 1.26 TOTAL II. 51,716,346.18 2.94

TOTAL INVESTMENTS 1,716,115,329.74 98.13 CASH AT BANKS 28,114,804.00 1.61 BANK DEPOSITS 29,950,382.32 1.71 OTHER NET LIABILITIES -25,381,578.04 -1.45

TOTAL NET ASSETS 1,748,798,938.02 100.00

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PARETO SICAV - PARETO ESG GLOBAL CORPORATE

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The accompanying notes form an integral part of these financial statements.

Geographical and industrial classification of investments as at June 30, 2026

Geographical classification* (in % of net assets) United States 29.06 France 17.78 Germany 8.27 Netherlands 6.17 Luxembourg 6.01 Denmark 5.16 Finland 4.73 United Kingdom 4.58 Norway 3.52 Spain 2.69 Sweden 2.46 Belgium 2.44 Italy 2.26 Austria 1.59 Canada 1.41 98.13

Industrial classification (in % of net assets) Bonds issued by companies 98.13 98.13

*The countries disclosed correspond to the issuer country of the security

Page 30

PARETO SICAV - PARETO NORDIC EQUITY

Statement of investments and other net assets as at June 30, 2026 (expressed in NOK)

The accompanying notes form an integral part of these financial statements.

Description Currency Quantity Market value (note 2) % of net assets

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

DENMARK NOVO NORDISK 'B' DKK 220,000.00 104,754,873.09 4.82 NOVOZYMES 'B' DKK 118,000.00 73,742,817.40 3.39 ROCKWOOL 'B' DKK 346,000.00 109,554,599.35 5.04 ROYAL UNIBREW DKK 74,000.00 48,317,526.82 2.22 336,369,816.66 15.47 FINLAND KEMIRA EUR 235,000.00 43,628,915.90 2.01 KESKO 'B' EUR 425,000.00 94,049,341.44 4.33 KONECRANES EUR 293,500.00 89,255,574.22 4.11 SAMPO 'A' EUR 855,000.00 88,934,156.94 4.09 STORA ENSO 'R' EUR EUR 840,000.00 88,628,352.34 4.08 VALMET CORPORATION EUR 283,000.00 67,620,492.22 3.11 472,116,833.06 21.73

NORWAY STOREBRAND NOK 683,560.00 127,005,448.00 5.85 127,005,448.00 5.85 SWEDEN AAK SEK 200,000.00 46,828,567.74 2.16 AFRY 'B' SEK 140,000.00 14,944,243.36 0.69 ALFA LAVAL SEK 179,000.00 105,602,510.08 4.86 ASSA ABLOY 'B' SEK 270,000.00 94,524,179.70 4.35 ATLAS COPCO 'B' SEK 629,294.00 110,476,341.32 5.09 BRAVIDA HOLDING SEK 761,805.00 96,273,705.21 4.43 EPIROC 'B' SEK 428,000.00 98,375,164.80 4.53 INVESTOR SEK 450,000.00 185,215,676.29 8.54 SECURITAS 'B' SEK 772,697.00 125,775,973.23 5.79 VOLVO 'B' SEK 299,000.00 100,733,054.76 4.64 978,749,416.49 45.08 SWITZERLAND ABB CHF 125,000.00 134,005,876.84 6.17 134,005,876.84 6.17 TOTAL INVESTMENTS 2,048,247,391.05 94.30 CASH AT BANKS 4,013,849.02 0.18 BANK DEPOSITS 122,579,689.42 5.64 OTHER NET LIABILITIES -2,732,775.87 -0.12

TOTAL NET ASSETS 2,172,108,153.62 100.00

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PARETO SICAV - PARETO NORDIC EQUITY

The accompanying notes form an integral part of these financial statements.

Geographical and industrial classification of investments as at June 30, 2026

Geographical classification* (in % of net assets) Sweden 45.08 Finland 21.73 Denmark 15.47 Switzerland 6.17 Norway 5.85 94.30

Industrial classification (in % of net assets) Shares (Construction of machines and appliances) 19.52 Shares (Insurance) 9.94 Shares (Construction and building materials) 9.47 Shares (Automobiles) 8.75 Shares (Holding and finance companies) 8.54 Shares (Paper and forest products) 7.19 Shares (Electronics and electrical equipment) 6.17 Shares (Utilities) 5.79 Shares (Chemicals) 5.40 Shares (Pharmaceuticals and cosmetics) 4.82 Shares (Retail and supermarkets) 4.33 Shares (Tobacco and alcohol) 2.22 Shares (Food and soft drinks) 2.16 94.30

*The countries disclosed correspond to the issuer country of the security

Page 32

PARETO SICAV - PARETO NORDIC CROSS CREDIT

Statement of investments and other net assets as at June 30, 2026 (expressed in NOK)

The accompanying notes form an integral part of these financial statements.

Description Currency Quantity/Nominal Market value (note 2) % of net assets

I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

SWEDEN VIAPLAY GROUP SEK 4,700,000.00 5,872,384.19 0.05 5,872,384.19 0.05 TOTAL SHARES 5,872,384.19 0.05

BONDS

BERMUDA FRN SUB. SIRIUS INTERNATIONAL 17/47 -S- SEK 27,000,000.00 27,748,624.75 0.22 27,748,624.75 0.22 DENMARK FRN ARLA FOODS A. 24/27 -SR- SEK 40,000,000.00 41,141,972.31 0.32 FRN DFDS 24/27 -SR- NOK 100,000,000.00 100,517,080.00 0.79 FRN DLR KREDIT 25/29 -SR-S SEK 92,000,000.00 96,559,811.40 0.76 FRN G&O MARITIME 24/28 -SR- EUR 4,400,000.00 50,277,309.44 0.39 FRN NYKREDIT BANK 23/29 -SR- NOK 36,000,000.00 37,410,015.60 0.29 FRN RINGKJ. LANDBOBANK 24/30 -SR- NOK 50,000,000.00 51,064,540.00 0.40 FRN SUB. DANSKE BANK 24/34 -SR- SEK 53,000,000.00 55,348,748.86 0.43 FRN SUB. DLR KREDIT 24/35 SEK 58,000,000.00 61,719,132.07 0.48 FRN SUB. NYKREDIT REALKREDIT 22/32 -S- NOK 28,000,000.00 28,982,514.40 0.23 FRN SUB. RINGKJOEBING LANDBOBANK 25/35 -SR- SEK 50,000,000.00 51,905,070.77 0.41 FRN SUB. RINGKJOEBING LANDBOBANK 25/36 -SR- SEK 30,000,000.00 31,047,723.83 0.24 FRN SUB. TRYG FORSIK (COBO) 23/PERP -JR- SEK 24,000,000.00 25,209,085.86 0.20 FRN SUB. TRYG FORSIK 21/51 SEK 30,000,000.00 30,681,402.76 0.24 FRN SUB. TRYG FORSIKRING -JR- NOK 52,000,000.00 52,322,228.40 0.41 3.25% NOVONESIS 26/30 -SR-S EUR 4,000,000.00 45,381,959.42 0.36 5.00% TDC NET 25/32 -SR- EUR 800,000.00 9,381,947.66 0.07 5.186% TDC NET 24/29 -SR- EUR 4,100,000.00 48,326,687.86 0.38 817,277,230.64 6.40 FINLAND FRN NORDEA BANK 22/27 -SR- NOK 42,000,000.00 42,400,012.20 0.33 FRN SUB. ALAND (COBO) 23/43 SEK 18,000,000.00 18,962,866.35 0.15 FRN SUB. ALAND 21/41 SEK 14,000,000.00 14,358,224.33 0.11 FRN SUB. NORDEA BANK (COCO) 24/PERP -JR- NOK 78,000,000.00 79,966,356.60 0.63 FRN SUB. NORDEA BANK (COCO) 24/PERP -JR- SEK 20,000,000.00 21,041,157.25 0.16 FRN YIT 25/28 -SR- EUR 7,400,000.00 85,795,613.78 0.67 FRN YIT 26/30 -SR- EUR 1,100,000.00 12,600,424.62 0.10 1.625% Y-SAATIO 21/26 -SR- EUR 2,400,000.00 27,015,827.87 0.21 3.75% NORDEA BANK (COCO) 21/PERP -JR- USD 8,000,000.00 74,465,617.60 0.58 3.90% NORDEA BANK 22/27 -SR-S NOK 102,000,000.00 100,939,536.60 0.79 5.01% NORDEA BANK 23/28 -SR-S NOK 28,000,000.00 27,962,950.40 0.22 5.625% SUB. STORA ENSO 26/PERP -JR-S EUR 6,000,000.00 69,255,866.02 0.54 574,764,453.62 4.49

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PARETO SICAV - PARETO NORDIC CROSS CREDIT

Statement of investments and other net assets as at June 30, 2026 (expressed in NOK) (continued)

The accompanying notes form an integral part of these financial statements.

Description Currency Nominal Market value (note 2) % of net assets

ICELAND FRN ISLANDSBANKI 24/27 -SR- NOK 18,000,000.00 18,202,681.80 0.14 FRN ISLANDSBANKI 26/29 -SR- NOK 50,000,000.00 49,994,545.00 0.39 FRN LANDSBANKINN 24/28 -SR- NOK 38,000,000.00 38,462,984.40 0.30 FRN SUB. ARION BANK 24/34 -SR- SEK 80,000,000.00 83,632,959.10 0.65 3.75% LANDSBANKINN 24/29 -SR- EUR 5,000,000.00 56,893,838.43 0.45 8.125% SUB. ARION BANK (COCO) 24/PERP -JR- USD 7,500,000.00 75,407,473.78 0.59 8.125% SUB. LANDESBANKEN (COBO)25/PERP -JR- USD 4,600,000.00 47,350,167.04 0.37 369,944,649.55 2.89 LUXEMBOURG FRN SUB. ADVANZIA BANK 24/34 EUR 1,200,000.00 14,747,181.11 0.12 FRN SUB. ADVANZIA BANK 25/35 EUR 2,000,000.00 23,928,107.44 0.19 FRN SUB. ADVANZIA BANK 25/PERP -JR- NOK 13,000,000.00 13,724,889.10 0.11 3.205% TRATON FINANCE LUXEMBOURG 25/27 -SR- SEK 60,000,000.00 61,562,411.78 0.48 7.00% ADVANZIA BANK 24/28 -SR- EUR 4,000,000.00 47,182,517.04 0.37 161,145,106.47 1.27 NETHERLANDS FRN VW FINL SERVICES 24/27 -SR- NOK 62,000,000.00 62,210,738.00 0.49 62,210,738.00 0.49 NORWAY FRN A ENERGI 24/29 -SR- NOK 80,000,000.00 81,081,800.00 0.63 FRN AUSTEVOLL 23/28 -SR- NOK 23,500,000.00 23,686,723.95 0.19 FRN BONHEUR 21/26 -SR- NOK 10,000,000.00 10,007,575.00 0.08 FRN BONHEUR 23/28 -SR- 144A NOK 58,000,000.00 59,580,500.00 0.47 FRN COLOR GROUP 23/26 -SR- NOK 31,500,000.00 31,681,282.50 0.25 FRN ELOPAK 24/27 -SR- NOK 92,000,000.00 92,560,086.80 0.72 FRN ENTRA 21/26 -SR- NOK 49,000,000.00 48,992,454.00 0.38 FRN ENTRA 21/29 -SR- NOK 30,000,000.00 29,692,707.00 0.23 FRN ENTRA 25/28 -SR- NOK 15,000,000.00 15,133,890.00 0.12 FRN FELLESKJOPET 22/27 -SR- NOK 55,000,000.00 55,638,401.50 0.44 FRN FELLESKJOPET 24/31 -SR- NOK 160,000,000.00 163,728,720.00 1.29 FRN GLX HOLDINGS 26/31 -SR- EUR 9,000,000.00 102,010,154.91 0.80 FRN HAUGALA KRAFT 22/27 -SR- NOK 22,000,000.00 22,056,537.80 0.17 FRN HAUGALA KRAFT 24/29 -SR- NOK 57,000,000.00 57,935,945.70 0.45 FRN HOFSETH INTERNATIONAL 25/30 -SR- EUR 13,000,000.00 125,345,382.68 0.98 FRN HOSPITALITY INVEST 25/29 -SR- NOK 62,500,000.00 63,666,262.50 0.50 FRN KISTEFOS 22/26 -SR- NOK 20,000,000.00 20,037,500.00 0.16 FRN KLP BOLIGKREDIT 21/27 -SR- NOK 87,000,000.00 87,178,541.40 0.68 FRN LEROY SEAFOOD 21/26 -SR- NOK 50,000,000.00 50,066,802.00 0.39 FRN LEROY SEAFOOD 23/28 -SR- NOK 22,000,000.00 22,324,643.00 0.17 FRN LEROY SEAFOOD 25/29 -SR- NOK 8,000,000.00 8,014,096.80 0.06 FRN LYSE 24/27 -SR- NOK 75,000,000.00 75,365,707.50 0.59 FRN MOWI ASA 25/30 -SR- NOK 239,000,000.00 239,926,172.80 1.89 FRN NORD TROND. ELEK. 25/28 -SR- NOK 90,000,000.00 90,358,290.00 0.71 FRN NORGESGRUPPEN 26/29 -SR- NOK 60,000,000.00 60,128,856.00 0.47 FRN NORSKE SKOG 24/29 -SR- NOK 45,000,000.00 46,012,500.00 0.36 FRN NORTURA 21/26 -SR- NOK 31,000,000.00 31,035,042.40 0.24

Page 34

PARETO SICAV - PARETO NORDIC CROSS CREDIT

Statement of investments and other net assets as at June 30, 2026 (expressed in NOK) (continued)

The accompanying notes form an integral part of these financial statements.

Description Currency Nominal Market value (note 2) % of net assets

FRN NORTURA 22/28 -SR- NOK 3,000,000.00 3,007,708.20 0.02 FRN NORTURA 23/29 -SR- NOK 29,000,000.00 30,696,531.90 0.24 FRN NORTURA 24/30 -SR- NOK 12,000,000.00 12,458,704.80 0.10 FRN NRC GROUP 23/27 -SR- NOK 20,000,000.00 20,387,378.00 0.16 FRN OBOS BBL 21/28 -SR- NOK 18,000,000.00 18,109,085.40 0.14 FRN OBOS BBL 24/29 -SR- NOK 117,000,000.00 121,468,358.70 0.95 FRN OBOS EIENDOM 21/27 -SR- NOK 54,000,000.00 54,157,982.40 0.42 FRN OMDA 23/28 -SR- NOK 11,000,000.00 11,646,250.00 0.09 FRN PELAGIA 24/29 -SR- NOK 44,000,000.00 42,756,155.20 0.33 FRN PELAGIA 25/30 -SR- NOK 36,000,000.00 34,278,750.00 0.27 FRN POSTEN NORGE 23/28 -SR- NOK 24,000,000.00 24,337,022.40 0.19 FRN PUBLIC PROPERTY 25/28 -SR- SEK 74,000,000.00 76,789,239.99 0.60 FRN ROGALAND SPAREBANKEN BOLIGKREDIT 24/29 -SR- NOK 100,000,000.00 101,144,140.00 0.79 FRN SALMAR 21/27 -SR- NOK 28,000,000.00 28,147,263.20 0.22 FRN SALMAR 25/30 -SR- NOK 188,000,000.00 189,079,364.40 1.49 FRN SCATEC ASA 23/27 -SR- NOK 2,000,000.00 2,045,625.00 0.02 FRN SCATEC ASA 24/28 -SR- NOK 12,500,000.00 12,983,816.25 0.10 FRN SCATEC ASA 25/29 -SR- NOK 30,000,000.00 30,765,795.00 0.24 FRN SUB. BN BANK (COBO) 24/PERP -JR- NOK 31,000,000.00 32,009,905.60 0.25 FRN SUB. BN BANK 24/35 NOK 30,000,000.00 30,573,165.00 0.24 FRN SUB. BRAGE FINANS (COBO)24/PERP -JR- NOK 36,000,000.00 38,088,367.20 0.30 FRN SUB. DNB BANK (COBO) 22/PERP -JR- NOK 120,000,000.00 122,988,528.00 0.96 FRN SUB. DNB BANK (COBO) 23/PERP -JR- NOK 234,000,000.00 240,650,233.20 1.89 FRN SUB. DNB BANK 21/32 NOK 38,000,000.00 38,092,932.80 0.30 FRN SUB. DNB BANK 22/32 NOK 8,000,000.00 8,025,998.40 0.06 FRN SUB. FRENDE SKADEFORSIKRIN 23/54 NOK 31,000,000.00 32,037,179.40 0.25 FRN SUB. GJENSID FORSIKR 24/PERP-JR- NOK 30,000,000.00 30,795,519.00 0.24 FRN SUB. GJENSIDIGE FORSIKRIN 21/51 NOK 48,000,000.00 48,095,227.20 0.38 FRN SUB. MORROW BANK 25/PERP -JR- NOK 18,000,000.00 19,627,887.60 0.15 FRN SUB. NORDEA EIEND. 22/27 -SR- NOK 150,000,000.00 150,346,470.00 1.19 FRN SUB. NORTURA 22/47 -JR- NOK 42,000,000.00 42,892,500.00 0.34 FRN SUB. NORTURA 25/50 -JR- NOK 27,000,000.00 27,987,049.80 0.22 FRN SUB. PROTECTOR FORSIK 25/55 -S- NOK 30,000,000.00 31,088,958.00 0.24 FRN SUB. PROTECTOR FORSIKRING 22/52 NOK 20,000,000.00 20,356,328.00 0.16 FRN SUB. ROGAL SPAREBANK (COBO) 23/PERP -JR- NOK 4,000,000.00 4,162,844.80 0.03 FRN SUB. ROGALAND SPAREBANK (COBO) 24/PERP -JR- NOK 19,000,000.00 19,508,134.10 0.15 FRN SUB. SPAREBANK (COBO) 23/PERP -JR- NOK 20,000,000.00 20,427,398.00 0.16 FRN SUB. SPAREBANK 1 BOLIGKREDIT 23/34 NOK 60,000,000.00 61,940,778.00 0.48 FRN SUB. SPAREBANK 1 SMN 23/33 NOK 43,000,000.00 44,479,234.40 0.35 FRN SUB. SPAREBANK 1 SOROST - NORGE 23/33 NOK 15,000,000.00 15,408,457.50 0.12 FRN SUB. SPAREBANK 1 SOROST-NORGE 23/PERP -JR- NOK 10,000,000.00 10,242,693.00 0.08 FRN SUB. SPAREBANK 1 SOROST-NORGE -SR- 24/35 NOK 48,000,000.00 48,858,273.60 0.38 FRN SUB. SPAREBANK. (COBO) 22/PERP-JR NOK 22,000,000.00 22,533,583.60 0.18 FRN SUB. SPAREBANKEN NOR 21/31 NOK 13,600,000.00 13,656,902.40 0.11 FRN SUB. SPAREBANKEN NORGE (COBO) 21/PERP -JR- NOK 60,000,000.00 60,046,194.00 0.47 FRN SUB. SPAREBANKEN NORGE (COBO) 23/PERP -JR- NOK 10,000,000.00 10,400,801.00 0.08 FRN SUB. SPAREBANKEN NORGE 23/33 NOK 14,500,000.00 14,785,249.80 0.12 FRN SUB. SPAREBANKEN NORGE 23/33 NOK 40,000,000.00 41,347,772.00 0.32 FRN SUB. SPAREBANKEN NORGE 24/35 NOK 50,000,000.00 50,878,735.00 0.40 FRN SUB. SPAREBANKEN NORGE 25/35 NOK 36,500,000.00 37,037,316.50 0.29 FRN SUB. SPAREBANKEN OST 23/33 NOK 22,000,000.00 22,587,756.40 0.18 FRN SUB. SPAREBANKEN SG 22/PERP -JR- NOK 20,000,000.00 20,138,774.00 0.16

Page 35

PARETO SICAV - PARETO NORDIC CROSS CREDIT

Statement of investments and other net assets as at June 30, 2026 (expressed in NOK) (continued)

The accompanying notes form an integral part of these financial statements.

Description Currency Nominal Market value (note 2) % of net assets

FRN SUB. STOREBRAND BANK 21/31 NOK 30,000,000.00 30,035,700.00 0.24 FRN SUB. STOREBRAND BANK ASA 22/32 NOK 22,500,000.00 22,613,593.50 0.18 FRN SUB. STOREBRAND LIVSFORSIKRING 22/52 NOK 14,000,000.00 14,253,215.20 0.11 FRN SUB. STOREBRAND LIVSFORSIKRING 22/53 NOK 65,000,000.00 67,627,826.50 0.53 FRN TOMRA SYSTEMS 25/30 -SR- NOK 100,000,000.00 100,284,100.00 0.79 FRN WALLS WILHELM 23/28 -SR- NOK 33,000,000.00 34,206,701.10 0.27 1.375% NORWAY 20/30 -SR- 144A NOK 100,000,000.00 88,901,500.00 0.70 1.97% SPAREBANK 1 21/27 -SR- NOK 70,000,000.00 68,374,628.00 0.54 2.00% SBANKEN 21/27 -SR- NOK 75,000,000.00 74,609,370.00 0.58 2.10% SPAREBANK 1 BOLIGKREDITT 16/26 -SR- NOK 118,000,000.00 116,771,608.20 0.91 2.20% KURSE SPAREBANK 1 SOR - NORGE -SR- 21/28 -SR- NOK 60,000,000.00 57,131,754.00 0.45 3.97% SPAREBK 1 SMN 22/27 -SR- NOK 155,000,000.00 153,472,289.00 1.21 5.80% SPAREBANKEN NORWAY 23/27 -SR- NOK 35,000,000.00 35,314,727.00 0.28 6.888% SUB. DNB BANK(COBO)23/PERP -JR- SEK 12,000,000.00 12,980,166.12 0.10 7.56% NORD SEMICONDUCTOR (FR/RAT) 23/28 -SR- NOK 34,000,000.00 35,381,192.20 0.28 7.75% SUB. DNB BANK(COBO)22/PERP -JR- NOK 22,000,000.00 22,365,160.40 0.18 4,893,926,425.60 38.37 SWEDEN FRN AFRY AB 21/26 -SR- SEK 20,000,000.00 20,556,915.09 0.16 FRN AFRY AB 24/28 -SR- SEK 24,000,000.00 24,831,089.75 0.19 FRN AFRY AB 24/29 -SR- SEK 16,000,000.00 16,750,730.00 0.13 FRN ASTRA FASTIGHETER 24/28 -SR- SEK 11,250,000.00 11,618,970.93 0.09 FRN BEIJER REF 25/28 -SR- SEK 56,000,000.00 57,613,132.90 0.45 FRN BILIA 23/28 -SR- SEK 82,000,000.00 85,798,762.57 0.67 FRN BOLIDEN 22/28 -SR- SEK 42,000,000.00 44,243,420.17 0.35 FRN BOLIDEN 25/30 -SR- SEK 28,000,000.00 28,645,432.01 0.22 FRN CASTELLUM 25/28 -SR- SEK 66,000,000.00 67,874,806.80 0.53 FRN CATELLA 24/28 -SR- SEK 26,250,000.00 27,299,144.27 0.21 FRN CATELLA 24/29 -SR- SEK 37,500,000.00 39,695,646.43 0.31 FRN CATENA 24/28 -SR- SEK 14,000,000.00 14,567,072.99 0.11 FRN CATENA 25/28 -SR- SEK 24,000,000.00 24,746,656.00 0.19 FRN COOR SERVICES MANAGEMENT BONDS 24/29 -SR- SEK 6,250,000.00 6,482,206.79 0.05 FRN DIOS FAST 24/26 -SR- SEK 40,000,000.00 41,056,920.18 0.32 FRN DIOS FAST 24/28 -SR- SEK 12,500,000.00 13,031,436.96 0.10 FRN ELECTROLUX 24/26 -SR- SEK 7,500,000.00 7,676,269.95 0.06 FRN ELECTROLUX 24/27 -SR- SEK 25,000,000.00 25,745,756.07 0.20 FRN ELECTROLUX 24/27 -SR- NOK 120,000,000.00 120,566,880.00 0.94 FRN ELECTROLUX 24/27 -SR- SEK 26,000,000.00 26,794,141.88 0.21 FRN EMILSHUS 24/27 -SR- SEK 27,500,000.00 28,420,368.44 0.22 FRN EMILSHUS 25/28 -SR- SEK 23,750,000.00 24,502,996.69 0.19 FRN FASHION GROUP NORDIC 19/28 -SR- SEK 16,500,000.00 17,450,479.17 0.14 FRN FASTIGHETS 21/28 -SR- NOK 20,000,000.00 20,213,868.00 0.16 FRN FASTPARTNER 22/27 -SR- SEK 50,000,000.00 51,226,235.47 0.40 FRN FASTPARTNER 25/28 -SR- SEK 86,250,000.00 89,438,324.25 0.70 FRN GETINGE 24/27 -SR- SEK 24,000,000.00 24,677,078.16 0.19 FRN GRANGES 25/30 -SR- SEK 16,000,000.00 16,565,791.11 0.13 FRN HEXAGON 24/27 -SR- SEK 34,000,000.00 34,935,071.62 0.27 FRN HEXAGON 24/27 -SR- SEK 26,000,000.00 26,706,032.19 0.21 FRN HOIST FINANCE 24/28 -SR- SEK 17,500,000.00 18,186,591.28 0.14 FRN HOIST FINANCE 24/29 -SR-S SEK 51,250,000.00 53,565,574.21 0.42 FRN HOIST FINANCE 26/28 -SR- SEK 33,750,000.00 34,861,219.37 0.27

Page 36

PARETO SICAV - PARETO NORDIC CROSS CREDIT

Statement of investments and other net assets as at June 30, 2026 (expressed in NOK) (continued)

The accompanying notes form an integral part of these financial statements.

Description Currency Nominal Market value (note 2) % of net assets

FRN HUSQVARNA 24/27 -SR- SEK 38,000,000.00 38,990,386.12 0.31 FRN ICA 23/28 -SR- SEK 24,000,000.00 25,176,387.66 0.20 FRN KLARNA 25/28 -SR- SEK 68,000,000.00 70,104,720.83 0.55 FRN LANSFORSAKRINGAR BANK 25/29 -SR- SEK 100,000,000.00 102,747,357.99 0.80 FRN LOOMIS 21/26 -SR- SEK 30,000,000.00 30,812,394.94 0.24 FRN LOOMIS 23/27 -SR- SEK 18,000,000.00 18,665,457.50 0.15 FRN LSTH SVEN HAN 26/29 -SR- SEK 100,000,000.00 102,310,318.62 0.80 FRN MUTERS GROUP 25/28 -SR- SEK 32,500,000.00 33,515,841.90 0.26 FRN MUTERS GROUP 25/29 -SR-S SEK 30,000,000.00 30,900,713.83 0.24 FRN NCC TREASURY 24/27 -SR- SEK 12,000,000.00 12,398,162.68 0.10 FRN NIBE INDUS 24/29 -SR- SEK 30,000,000.00 31,317,588.28 0.25 FRN NIBE INDUSTRIER 23/28 -SR- SEK 44,000,000.00 45,849,185.26 0.36 FRN NIVIKA FASTIG 24/28 -SR- SEK 76,250,000.00 79,328,488.79 0.62 FRN NP3 24/27 -SR- SEK 16,250,000.00 16,858,348.29 0.13 FRN NP3 26/29 -SR- SEK 70,000,000.00 71,661,690.75 0.56 FRN PEAB FINANS 24/28 -SR- SEK 22,500,000.00 23,889,281.73 0.19 FRN PLATZER FAST 21/26 -SR- SEK 20,000,000.00 20,493,050.33 0.16 FRN PLATZER FAST 24/27 -SR- SEK 50,000,000.00 51,574,433.47 0.40 FRN PLATZER FAST 25/29 -SR- SEK 50,000,000.00 51,699,198.89 0.40 FRN PRISMA PROP 25/29 -SR- SEK 26,250,000.00 27,120,213.27 0.21 FRN QFLOW GR 24/28 -SR- SEK 10,000,000.00 10,419,776.55 0.08 FRN RESURS BANK 25/28 -SR- NOK 80,000,000.00 80,300,808.00 0.63 FRN SBAB BANK 25/29 -SR-S SEK 94,000,000.00 96,516,334.45 0.76 FRN SDIPTECH 23/27 -SR- 144A SEK 78,750,000.00 82,028,275.47 0.64 FRN SEB 22/26 -SR-S SEK 18,000,000.00 18,432,978.82 0.14 FRN SENSYS GATSO 24/28 -SR- EUR 2,900,000.00 33,840,450.51 0.26 FRN SFFAB 25/27 -SR- SEK 44,000,000.00 45,094,545.14 0.35 FRN SINCH 24/27 -SR- SEK 20,000,000.00 20,542,443.22 0.16 FRN SSAB 25/30 -SR- SEK 55,000,000.00 56,409,103.76 0.44 FRN STENA METALL FIN 25/30 -SR- SEK 45,000,000.00 46,859,188.82 0.37 FRN STENDORREN 25/28 -SR- SEK 72,500,000.00 75,377,251.31 0.59 FRN STENDORREN 25/29 -SR- SEK 30,000,000.00 30,920,811.26 0.24 FRN STILLFRONT 24/28 -SR- SEK 43,750,000.00 45,231,296.93 0.35 FRN STILLFRONT 24/29 -SR- SEK 56,250,000.00 57,884,787.47 0.45 FRN STORSKGOGEN 24/27 -SR- SEK 43,750,000.00 45,594,525.06 0.36 FRN STORSKGOGEN 25/29 -SR- SEK 60,000,000.00 62,973,716.43 0.49 FRN STORSKGOGEN GROUP AB 24/28 -SR- SEK 20,000,000.00 20,897,350.60 0.16 FRN SUB. NOBA BANK (COBO) 21/PERP -JR- SEK 46,250,000.00 47,748,910.78 0.37 FRN SUB. NOBA BANK GROUP (COBO) 24/PERP-JR- SEK 24,000,000.00 28,311,856.78 0.22 FRN SUB. NOBA BANK GROUP 23/33 SEK 60,000,000.00 66,717,415.03 0.52 FRN SUB. NOBA BANK GROUP 23/33 NOK 57,000,000.00 61,984,097.10 0.49 FRN SUB. NORDNET 21/PERP -JR- SEK 74,000,000.00 76,531,989.60 0.60 FRN SUB. SEB 25/35 SEK 45,000,000.00 46,856,989.51 0.37 FRN SUB. SWEDAVIA 23/PERP -JR- SEK 100,000,000.00 105,274,638.53 0.82 FRN SUB. SWEDBANK 23/33 -SR- SEK 14,000,000.00 14,854,394.68 0.12 FRN SVEAFASTIGHETER AB 25/31 -SR- SEK 47,500,000.00 48,941,836.71 0.38 FRN SWED ORPHAN 24/30 -SR- SEK 53,750,000.00 56,405,787.68 0.44 FRN TAGEHUS 24/27 -SR- SEK 48,750,000.00 50,780,903.97 0.40 FRN VIAPLAY GROUP 19/28 -SR-S SEK 21,200,000.00 21,379,240.49 0.17 FRN VITEC SOFT 25/29 -SR- SEK 32,500,000.00 33,179,535.59 0.26 FRN VNV GLOBAL 24/27 -SR- SEK 19,375,000.00 20,330,135.74 0.16 FRN XPART SAMHALL 25/29 -SR- SEK 42,500,000.00 43,889,001.53 0.34

Page 37

PARETO SICAV - PARETO NORDIC CROSS CREDIT

Statement of investments and other net assets as at June 30, 2026 (expressed in NOK) (continued)

The accompanying notes form an integral part of these financial statements.

Description Currency Quantity/Nominal Market value (note 2) % of net assets

FRN AFRN&TAB;Y AB 26/30 -SR- SEK 46,000,000.00 47,224,803.68 0.37 1.25% FASTIGHETS AB BALDER 20/28 -SR-S EUR 1,000,000.00 10,980,832.51 0.09 2.48% VASAKRONAN AB 20/27 -SR-S NOK 120,000,000.00 118,340,472.00 0.93 2.50% STADSHYPOTEK 22/27 -SR- SEK 100,000,000.00 102,568,029.12 0.80 3.57% CATENA 26/29 -SR- SEK 68,000,000.00 70,501,887.61 0.55 3.768% SUB. ELLEVIO AB 24/28 -SR- SEK 106,000,000.00 109,379,395.41 0.86 4.00% SUB. SWEDBANK (COBO) 21/PERP -JR-S USD 2,000,000.00 18,702,495.25 0.15 4.50% LANSFORS. BANK 22/27 -SR- NOK 20,000,000.00 19,862,486.00 0.16 5.53% BOLIDEN 22/27 -SR- SEK 80,000,000.00 84,510,726.86 0.66 5.573% SUB. SWEDAVIA 23/PERP -JR- SEK 100,000,000.00 107,170,622.95 0.84 6.625% SUB HOIST FINANCE 22/32 -SR- EUR 6,250,000.00 72,144,997.53 0.56 7.75% SUB. SWEDBANK 24/PERP-JR-S USD 2,000,000.00 20,940,307.19 0.16 4,366,595,676.46 34.12 TOTAL BONDS 11,273,612,905.09 88.25

TOTAL I. 11,279,485,289.28 88.30

II. OTHER TRANSFERABLE SECURITIES

SWEDEN ELLOS HLDG SEK 185,110.00 10,977,495.59 0.09 10,977,495.59 0.09 TOTAL SHARES 10,977,495.59 0.09

BONDS

DENMARK FRN DLR KREDIT 26/30 -SR- SEK 40,000,000.00 40,926,327.78 0.32 FRN SYDBANK 26/30 -SR- SEK 60,000,000.00 61,364,645.94 0.48 102,290,973.72 0.80 LUXEMBOURG 2.915% TRATON FINANCE LUXEMBOURG 26/28 -SR- SEK 50,000,000.00 51,168,006.49 0.40 51,168,006.49 0.40 NORWAY FRN JOTUN A/S 24/29 -SR- NOK 40,000,000.00 40,590,896.00 0.32 FRN NORWEGIAN PR. 26/29 -SR- NOK 46,000,000.00 46,057,619.60 0.36 FRN SALMAR 26/29 -SR- NOK 55,000,000.00 55,005,120.50 0.43 FRN SUB. GRIEG SEAFOOD 26/PERP NOK 39,000,000.00 39,316,875.00 0.31 0.00% GRONTVEDT 26/29 -SR- NOK 13,500,000.00 8,775,000.00 0.07 0.00% GRONTVEDT 26/29 -SR- NOK 6,750,000.00 1,350,000.00 0.01 6.725% ANDOYA SPACE 26/31 -SR- NOK 20,600,000.00 20,774,070.00 0.16 211,869,581.10 1.66

Page 38

PARETO SICAV - PARETO NORDIC CROSS CREDIT

Statement of investments and other net assets as at June 30, 2026 (expressed in NOK) (continued)

The accompanying notes form an integral part of these financial statements.

Description Currency Nominal Market value (note 2) % of net assets

SWEDEN FRN BONAVA 26/29 -SR- SEK 45,000,000.00 46,240,645.29 0.36 FRN NYFOSA 26/29 -SR- SEK 27,500,000.00 28,427,023.87 0.22 FRN PRISMA PROP 26/30 -SR- SEK 75,000,000.00 77,135,109.35 0.60 FRN RESURS BANK 26/29 -SR- SEK 18,000,000.00 18,475,893.83 0.14 FRN SUB. SVEA BANK 26/36 SEK 25,000,000.00 25,561,445.27 0.20 2.843% BEIJER REF 26/28 -SR- SEK 100,000,000.00 102,281,822.72 0.80 298,121,940.33 2.32 TOTAL BONDS 663,450,501.64 5.18

TOTAL II. 674,427,997.23 5.27

III. MONEY MARKET INSTRUMENTS

NORWAY CD BORREGAARD 26/10/26 -SR- NOK 80,000,000.00 79,942,624.00 0.63 79,942,624.00 0.63 TOTAL III. 79,942,624.00 0.63

TOTAL INVESTMENTS 12,033,855,910.51 94.20 BANK DEPOSITS 733,673,924.84 5.74 BANK OVERDRAFT -284,771,383.88 -2.23 OTHER NET ASSETS 291,630,119.39 2.29

TOTAL NET ASSETS 12,774,388,570.86 100.00

Page 39

PARETO SICAV - PARETO NORDIC CROSS CREDIT

The accompanying notes form an integral part of these financial statements.

Geographical and industrial classification of investments as at June 30, 2026

Geographical classification* (in % of net assets) Norway 40.66 Sweden 36.58 Denmark 7.20 Finland 4.49 Iceland 2.89 Luxembourg 1.67 Netherlands 0.49 Bermuda 0.22 94.20

Industrial classification (in % of net assets) Bonds issued by companies 92.73 Bonds issued by countries or cities 0.70 Money market instruments 0.63 Shares (Miscellaneous) 0.09 Shares (Miscellaneous consumer goods) 0.05 94.20

*The countries disclosed correspond to the issuer country of the security

Page 40

PARETO SICAV

Notes to the financial statements as at June 30, 2026

NOTE 1 GENERAL

PARETO SICAV (the "Fund") was incorporated as an open-ended investment company (Société d’Investissement à Capital Variable) with multiple sub-funds on 5th May 2010 for an unlimited period. The Fund is registered under Part I of the amended Law of 17th December 2010 relating to Undertakings for Collective Investment in Transferable Securities which implements Directive 2009/65/EC into Luxembourg law.

The Articles of Incorporation were published in the Mémorial C, Recueil des Sociétés et Associations on 21st May 2010. The latest amendment of the Articles of Incorporation took place on 6th February 2019 and was published on 19th February 2019. Publications are available on the platform called RESA (Recueil Electronique des Sociétés et Associations) accessible through the website of the RCS (Registre du Commerce et des Sociétés).

The Net Asset Value per Share of each sub-fund is calculated on each Bank Business Day (the "Valuation Day"). Bank Business Day is a day on which banks are normally open for business in Luxembourg, Norway and Sweden, except for 24th December in each year.

The financial year of the Fund starts on 1st January and ends on 31st December in each year. The annual reports including audited financial statements and the unaudited semi-annual reports comprise consolidated financial statements of the Fund expressed in EUR, being the reference currency of the Fund and financial information on each sub-fund expressed in the reference currency of each sub-fund.

FundPartner Solutions (Europe) S.A. with registered office at 15, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg was appointed Management Company of the Fund as of November 28, 2025 and replaced FundRock Management Company S.A.. It is a Management Company within the meaning of Chapter 15 of the 2010 Law.

a) Sub-funds in activity

As at June 30, 2026, the following sub-funds are active:

• PARETO SICAV - PARETO NORDIC CORPORATE BOND denominated in NOK, • PARETO SICAV - PARETO ESG GLOBAL CORPORATE BOND denominated in SEK • PARETO SICAV - PARETO NORDIC EQUITY denominated in NOK, • PARETO SICAV - PARETO NORDIC CROSS CREDIT denominated in NOK.

The Fund is allowed to issue, for each sub-fund, share classes denominated in currencies other than the sub-fund’s base currency. Such share classes can be hedged against exchange rates fluctuations (as defined below).

b) Significant events and material changes

No significant event occurred during the period ended.

Page 41

PARETO SICAV

Notes to the financial statements as at June 30, 2026 (continued)

c) Share classes

Hedged shares seek to hedge most of the exchange-rate risk of these shares against a given currency. Shareholders of hedged share classes should note that returns of hedged share classes may be significantly different over time than those of unhedged classes. The costs of currency-hedging and gains/losses from hedging transactions are borne by the relevant hedged share class.

NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES

a) General

The financial statements are presented in accordance with the legal reporting requirements and generally accepted accounting principles in Luxembourg of the Fund are established in accordance with the Luxembourg legal and regulatory requirements concerning Undertakings for Collective Investment and with generally accepted accounting principles in Luxembourg.

The Fund's Combined financial statements are expressed in euro and correspond to the difference between the total assets and the total liabilities of the Company.

b) Valuation of investments

a) Securities and/or financial derivative instruments listed on Regulated Markets, which operate regularly and are recognised and open to the public, are valued at the last available price; in the event that there should be several such markets, on the basis of the last available price of the main market for the relevant security. Should the last available price for a given security not truly reflect its fair market value, then that security shall be valued on the basis of the probable sales prices, which Pareto Asset Management, by delegation of the Board of Directors of the Fund, deems is prudent to assume;

b) Securities and/or financial derivative instruments not listed on Regulated Markets, which operate regularly and are recognised and open to the public, are valued on the basis of their last available price. Should the last available price for a given security not truly reflect its fair market value, then that security will be valued by the Board of Directors of the Fund on the basis of the probable sales price which Pareto Asset Management, by delegation of the Board of Directors of the Fund, deems is prudent to assume;

c) Interest Rate and Cross Currency Swaps (CCIRS Swaps) are valued on a daily mark-to market basis by calculating the present-value difference between the paying and the receiving legs. The calculation is performed with the help of the appropriate market conventions that are pertaining to the currencies traded in the Interest Rates and Cross Currency Swaps. The unrealised gains or losses are disclosed in the statement of net assets. The net variation of the unrealised gain/(loss) and net realised gain/(loss) are disclosed in the statement of operations and other changes in net assets;

d) Liquid assets are valued at nominal value plus any accrued interest or on an amortised cost basis. All other assets, where practice allows, are valued in the same manner. Short-term investments that have a remaining maturity of one year or less are valued (i) at market value, or (ii) where market value is not available or not representative, at amortised cost;

Page 42

PARETO SICAV

Notes to the financial statements as at June 30, 2026 (continued)

e) The value of any cash on hand or on deposit, bills and demand notes and accounts receivable, prepaid expenses, cash dividends and interest declared or accrued as aforesaid, and not yet received is deemed to be the full amount thereof, unless, however, the same is unlikely to be paid or received in full, in which case the value thereof is determined after making such discount as Pareto Asset Management, by delegation of the Board of Directors of the Fund, may consider appropriate in such case to reflect the true value thereof.

c) Income

Dividends are shown net of withholding tax (deducted at source), and are recorded at ex-date. Interest is recorded on an accrual basis net of any witholding tax.

d) Foreign exchange translation for each sub-fund

Cash at banks, other net assets as well as the market value of the investment portfolio in currencies other than the currency of the sub-fund are translated into the currency of the sub-fund at the exchange rate prevailing at the closing date.

Income and expenses in currencies other than the currency of the sub-fund are translated into the currency of the sub-fund at the exchange rate prevailing at the payment date.

Resulting realised and unrealised foreign exchange gains and losses are included in the statement of operations and changes in net assets.

e) Net realised gains/losses on investments

Realised gains or losses on the sales of securities are calculated on the basis of weighted average cost disclosed in the statement of operations and net assets.

f) Forward foreign exchange contracts

The unrealised gains or losses resulting from outstanding forward foreign exchange contracts, if any, are determined on the basis of the forward rates applicable at the period-end and are recorded in the statement of net assets.

g) Valuation of Interest Rate Swaps ("IRS")

For the Interest Rate Swaps ("IRS"), expected future cash flows receivable and payable on swap contracts are valued at their present value.

h) Payable and receivable

In relation to transactions related both to capital activity (subscriptions and redemptions) and for the purchase or sale of securities on markets where delivery of securities is made against payment of cash, the Depositary may, in its absolute discretion, provide actual settlement. The Depositary reserves the right to reverse at any time any transaction if the relevant transaction has not been settled or if it appears that such transaction will not be settled. The transactions are booked in accounting based on an automated feed from the depositary system. Consequently no payable or receivable are booked on these transactions.

Page 43

PARETO SICAV

Notes to the financial statements as at June 30, 2026 (continued)

i) Transaction fees

The transaction fees represent the costs incurred by each sub-fund in connection with purchases and sales of investments.

They have been defined as brokerage fees, bank commissions, foreign tax, depositary fees and other transaction fees relating to purchases or sales of transferable securities, money market instruments, derivatives or other eligible assets.

NOTE 3 "TAXE D’ABONNEMENT"

In accordance with Luxembourg legislation currently in force (which, is therefore, subject to any future changes), the Company is not subject to any tax on income, capital gains tax or wealth tax.

The Company's net assets are subject to a subscription tax of 0.05% per annum payable at the end of each calendar quarter and calculated on the basis of the Company's total net assets at the end of the relevant quarter; such tax is reduced to 0.01% per annum in respect of Share Classes comprising institutional investors only (as per article 174 of the Law), as well as in respect of liquidity funds. This tax is not applicable for the portion of the assets of a sub-fund invested in other Luxembourg undertakings for collective investment already subject to "taxe d’abonnement".

NOTE 4 MANAGEMENT COMPANY FEES

The Management Company shall be entitled to receive a percentage remuneration on a quarterly basis. This remuneration, calculated on the basis of the average value of the net assets of the sub-fund during the quarter concerned, is of maximum of 0.06% p.a. with a minimum annual fee for each sub-fund as follows:

Sub-fund Minimum annual fee (in EUR) PARETO SICAV - PARETO NORDIC CORPORATE BOND 50,000.00 PARETO SICAV - PARETO ESG GLOBAL CORPORATE BOND 25,000.00 PARETO SICAV - PARETO NORDIC EQUITY 10,000.00 PARETO SICAV - PARETO NORDIC CROSS CREDIT 40,000.00

Page 44

PARETO SICAV

Notes to the financial statements as at June 30, 2026 (continued)

NOTE 5 INVESTMENT MANAGEMENT FEES

The Investment Manager is entitled to receive from the Fund a management fee, payable out of the assets of the relevant sub-fund on a monthly basis as presented in the table below:

Sub-fund Share Class Rate p.a. (Max.) PARETO SICAV - PARETO NORDIC CORPORATE BOND A 1.00% A EUR 1.00% A USD 1.00% B 0.55% C 1.00% D 0.55% H CHF 0.55% H DIS EUR 0.55% H DIS USD 0.55% H EUR 0.55% H GBP 0.55% H USD 0.55% H DIS GBP (launched on March 13, 2026)

0.55%

H SGD (launched on April 17, 2026)

0.55%

I DIS EUR 0.40% I EUR 0.40% I NOK 0.40% I SEK 0.40% PARETO SICAV - PARETO ESG GLOBAL CORPORATE BOND A 1.00% A DIS SEK 1.00% A DIS USD 1.00% A EUR 1.00% B 0.55% B DIS SEK 0.55% C 1.00% D 0.55% H DIS GBP 0.55% H EUR 0.55% H GBP 0.55% H USD 0.55% I EUR 0.40% I GBP 0.40% I NOK 0.40% I SEK 0.40% PARETO SICAV - PARETO NORDIC EQUITY B EUR 1.60% B NOK 1.60% B SEK 1.60% C NOK 1.25% D EUR 0.75% D NOK 0.75% D SEK 0.75% I NOK 0.50%

Page 45

PARETO SICAV

Notes to the financial statements as at June 30, 2026 (continued)

Sub-fund Share Class Rate p.a. (Max.) PARETO SICAV - PARETO NORDIC CROSS CREDIT A DIS EUR 0.55% A DIS SEK 0.55% A NOK 0.55% A SEK 0.55% A EUR 0.55% H CHF 0.40% H EUR 0.40% H NOK 0.40% H SEK 0.40% H USD 0.40% H-I DIS EUR 0.40% H-I EUR 0.40% H-I NOK 0.40% H-I GBP 0.40% I EUR 0.30% I NOK 0.30% R EUR 0.70% R NOK 0.70% R SEK 0.70%

NOTE 6 PERFORMANCE FEES

The Investment Manager is entitled to a Performance Fee where an overall positive return has been achieved on the sub-fund PARETO SICAV - PARETO NORDIC EQUITY.

The Performance Fee is calculated as follows: it will be equal to the number of shares in respectfully the A Class of Shares and N Class of Shares multiplied by the Performance Fee Rate, which corresponds to 15% multiplied by the appreciation of the Net Asset Value per share in excess of the performance of the VINX Benchmark Cap Net Index recorded that Valuation Day regardless if the absolute return is negative or positive.

The Fund did not pay any performance fee during the period ended June 30, 2026.

NOTE 7 DEPOSITARY FEES

Bank Pictet & Cie (Europe) AG shall be entitled to receive percentage remuneration for services rendered on a quarterly basis as follows:

Sub-fund Depositary fees max % Min fee PARETO NORDIC CORPORATE BOND 0.025% EUR 50,000 PARETO ESG GLOBAL CORPORATE BOND 0.035% EUR 20,000 PARETO NORDIC EQUITY 0.025% EUR 10,000 PARETO NORDIC CROSS CREDIT 0.025% EUR 25,000

NOTE 8 OTHER FEES PAYABLE

As at June 30, 2026, the other fees payable included mainly management company, administration, depositary and audit fees.

Page 46

PARETO SICAV

Notes to the financial statements as at June 30, 2026 (continued)

NOTE 9 EXCHANGE RATE

The EUR exchange rate used in drawing up the Fund’s combined statements as at June 30, 2026 is as follows:

1 EUR = 11.84650011 NOK 1 EUR = 10.82701913 SEK

NOTE 10 FORWARD FOREIGN EXCHANGE CONTRACTS

The following forward foreign exchange contracts were outstanding as at June 30, 2026:

PARETO SICAV - PARETO NORDIC CORPORATE BOND

Currency Purchase Currency Sale Maturity date CHF 49,954,995.26 NOK 596,161,665.40 13/07/2026 EUR 1,366,377,639.85 NOK 15,020,871,255.08 13/07/2026 GBP 4,238,818.80 NOK 53,913,658.24 13/07/2026 NOK 6,423,575.16 CHF 533,326.27 13/07/2026 NOK 3,424,832,629.96 EUR 310,690,354.15 08/10/2026 NOK 3,433.27 GBP 266.69 13/07/2026 NOK 2,461,120,688.72 SEK 2,440,000,464.58 08/10/2026 NOK 7,332,061,329.91 USD 768,333,668.24 08/10/2026 SEK 1,978,478,801.21 NOK 1,984,942,654.92 13/07/2026 SGD 1,007.70 NOK 7,449.17 13/07/2026 USD 156,590,278.03 NOK 1,487,864,112.37 13/07/2026

The net unrealised gain on these contracts as at June 30, 2026 was NOK 142,323,458.54 and is included in the statement of net assets.

PARETO SICAV - PARETO ESG GLOBAL CORPORATE BOND

Currency Purchase Currency Sale Maturity date EUR 7,180,134.67 SEK 78,891,625.03 26/08/2026 GBP 26,867,066.45 SEK 340,775,827.66 26/08/2026 NOK 368,616,745.20 SEK 367,761,181.91 26/08/2026 SEK 967,974,319.65 EUR 89,097,338.75 17/09/2026 SEK 37,981,976.29 GBP 3,027,403.59 26/08/2026 SEK 104,782,497.58 NOK 104,970,469.01 17/09/2026 SEK 653,359,283.45 USD 70,500,000.00 17/09/2026 USD 17,044,966.07 SEK 161,458,624.23 26/08/2026

The net unrealised loss on these contracts as at June 30, 2026 was SEK 42,304,027.51 and is included in the statement of net assets.

PARETO SICAV - PARETO NORDIC CROSS CREDIT

Currency Purchase Currency Sale Maturity date CHF 3,106,060.93 NOK 37,081,520.29 13/07/2026 EUR 599,275,581.11 NOK 6,588,317,604.88 13/07/2026 GBP 748.94 NOK 9,525.79 13/07/2026 NOK 865,452,240.72 EUR 77,602,259.42 15/09/2026 NOK 5,029,184,548.29 SEK 4,913,307,384.01 24/11/2026

Page 47

PARETO SICAV

Notes to the financial statements as at June 30, 2026 (continued)

PARETO SICAV - PARETO NORDIC CROSS CREDIT (continued)

Currency Purchase Currency Sale Maturity date NOK 384,599,901.84 USD 39,505,455.62 18/08/2026 SEK 1,310,783,935.70 NOK 1,315,107,614.80 13/07/2026 USD 51,929,513.52 NOK 496,780,125.68 13/07/2026

The net unrealised gain on these contracts as at June 30, 2026 was NOK 198,405,044.22 and is included in the statement of net assets.

NOTE 11 INTEREST RATE SWAPS

As at June 30, 2026, the Fund had the following Interest Rate Swaps:

PARETO SICAV - PARETO ESG GLOBAL CORPORATE BOND

Currency Nominal value Rate payable Rate receivable

Start date of interest flows Maturity date

SEK 32,183,700 3.63% STIBOR 3M + 1.755 07/09/2022 07/12/2029 SEK 21,210,000 3.38% STIBOR 3M + 4.05 10/05/2022 12/07/2028 SEK 31,584,000 5.06% STIBOR 3M + 3.83 25/05/2022 28/02/2028 SEK 37,376,500 4.00% STIBOR 3M + 2.225 22/06/2022 06/07/2027

The net unrealised loss on these Interest Rate Swap contracts as at June 30, 2026, was SEK 1,612,625.13 and is included in the statement of net assets.

NOTE 12 SWING PRICING

All of the sub-funds of the Fund may suffer a reduction in value as a result of the transaction costs incurred in the purchase and sale of its underlying investments and of the spread between the buying and selling prices of such investments caused by subscriptions, redemptions and/or switches in and out of the sub-funds. In order to counter this and to protect Shareholders' interests, the Board of Directors of the Fund ("Directors") may apply "swing pricing" as part of its daily valuation policy. This will mean that in certain circumstances the Directors may make adjustments in the calculations of the Net Asset Values per Share, to counter the impact of dealing and other costs on occasions when these are deemed to be significant in case net subscriptions or redemptions exceed a certain threshold as determined by the Directors. The Directors have delegated some of these powers to the Management Company of the Fund. The adjustment of the Net Asset Value per Share shall not exceed 1% of the unadjusted Net Asset Value as of the relevant Valuation Day. The adjustments to the Net Asset Value per Share applicable on any Valuation Day shall be identical for all subscriptions dealt with as of such day in the relevant sub-fund.

For the avoidance of doubt, performance fees, if any, will be calculated on the basis of the unadjusted Net Asset Value.

During the period ended June 30, 2026, the following sub-funds used the swing pricing mechanism:

• PARETO SICAV - PARETO NORDIC CORPORATE BOND • PARETO SICAV - PARETO NORDIC CROSS CREDIT

Page 48

PARETO SICAV

Notes to the financial statements as at June 30, 2026 (continued)

The other sub-funds did not apply the swing pricing mechanism during the period.

NOTE 13 COLLATERAL ON OTC DERIVATIVES PRODUCTS

In the framework of their transactions on OTC derivatives products, the sub-funds of the Company may receive cash collateral from the various counterparties with which they deal. As at June 30, 2026 none of the sub-funds had collateral on OTC derivatives products.

NOTE 14 DIVIDENDS DISTRIBUTION

During the period ended June 30, 2026 the following dividends have been distributed:

PARETO SICAV - Share class Currency Payment date Amount per share (in share class currency) PARETO ESG GLOBAL CORPORATE BOND H DIS GBP GBP 09/01/2026 1.3081 PARETO NORDIC CORPORATE BOND H DIS USD USD 09/01/2026 1.7598 PARETO NORDIC CROSS CREDIT H-I DIS EUR EUR 09/01/2026 1.0658 PARETO NORDIC CROSS CREDIT A DIS EUR EUR 09/01/2026 1.0423 PARETO ESG GLOBAL CORPORATE BOND A DIS USD USD 09/01/2026 1.1939 PARETO NORDIC CORPORATE BOND I DIS EUR 09/01/2026 12.7669 PARETO ESG GLOBAL CORPORATE BOND B DIS SEK SEK 09/01/2026 0.7512 PARETO ESG GLOBAL CORPORATE BOND A DIS SEK SEK 09/01/2026 0.6445 PARETO ESG GLOBAL CORPORATE BOND H DIS GBP GBP 13/04/2026 1.2948 PARETO NORDIC CORPORATE BOND H DIS USD USD 13/04/2026 1.7187 PARETO NORDIC CORPORATE BOND H DIS EUR EUR 13/04/2026 1.3508 PARETO NORDIC CROSS CREDIT HI DIS EUR EUR 13/04/2026 1.0719 PARETO NORDIC CROSS CREDIT A DIS EUR EUR 13/04/2026 1.0483 PARETO NORDIC CROSS CREDIT A DIS SEK SEK 13/04/2026 10.279 PARETO ESG GLOBAL CORPORATE BOND A DIS USD USD 13/04/2026 1.1825 PARETO NORDIC CORPORATE BOND I DIS EUR EUR 13/04/2026 12.8942 PARETO ESG GLOBAL CORPORATE BOND B DIS SEK SEK 13/04/2026 0.7122 PARETO ESG GLOBAL CORPORATE BOND A DIS SEK SEK 13/04/2026 0.6058

NOTE 15 INVESTMENT MANAGER COMPENSATION

The Investment Manager commits to refund the sub-fund PARETO SICAV - PARETO NORDIC EQUITY an estimate of the sub-fund's average transaction costs in relation to large subscriptions and redemptions. On Valuation Days where the net subscription/redemption is above a certain threshold, the Investment Manager compensates the sub-fund. The threshold and compensation factor are determined by the Investment Manager according to the Investment Manager's internal procedures and may change over time.

The threshold currently applied is 0.75% of the sub-fund's net assets and the compensation factor currently applied is 0.06% of the net subscription/redemption on the relevant day.

The Investment Manager compensation was applied 2 times for an amount of NOK 40,112.65 during the reporting period, not on June 30, 2026.

Page 49

PARETO SICAV

Notes to the financial statements as at June 30, 2026 (continued)

NOTE 16 DIRECTORS FEES

As per the agreements, an amount of 30, 000 EUR is paid annually to Ms Stainier and EUR 25,000 to Mr Dineur.

NOTE 17 SUBSEQUENT EVENT

No significant event occurred after the period end.

Page 50

PARETO SICAV

Other information to Shareholders

Securities Financing Transactions Regulation ("SFTR")

As at June 30, 2026, the Company is in the scope of the requirements of the Regulation (EU) 2015/2365 on transparency of securities financing transactions and of reuse. Nevertheless, no corresponding transactions were carried out during the period referring to the financial statements.

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        "text": "Mr Abdellali KHOKHA, Conducting Officer in charge of Risk Management, Conducting Officer in"
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        "text": "charge of Compliance, FundPartner Solutions (Europe) S.A., 15, avenue J.F. Kennedy, L-1855"
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        "text": "Organisation"
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        "text": "Mrs Florence DENIS, Conducting Officer in charge of Fund Administration, FundPartner Solutions"
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        "text": "(Europe) S.A., 15, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg (since"
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        "text": "February 25, 2026)"
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        "text": "Bank Pictet \u0026 Cie (Europe) AG,"
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        "text": "FundPartner Solutions (Europe) S.A., 15, avenue J.F. Kennedy, L-1855 Luxembourg,"
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        "text": "Pareto Asset Management AS, Dronning Mauds gate 3, P.O. Box 1810 Vika, NO - 0123 Oslo,"
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        "text": "Pareto Asset Management AS, filial Sverige, Regeringsgatan 48, Box 2165, SE-103 14"
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        "text": "3,738,396,603.16"
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        "text": "Net unrealised gain/loss on investments"
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        "page_number": 10,
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        "text": "Investments in securities at market value (note 2.b)"
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        "page_number": 10,
        "text": "3,760,136,393.77"
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        "text": "21,371,672,863.89"
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        "page_number": 10,
        "text": "1,716,115,329.74"
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          "y": 361
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        "page_number": 10,
        "text": "Cash at banks (note 2.d)"
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        "page_number": 10,
        "text": "3,310,600.67"
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        "page_number": 10,
        "text": "0.00"
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          "x": 826,
          "y": 361
        },
        "id": "bc638faa-1246-4255-856b-2a4a6476123d",
        "page_number": 10,
        "text": "28,114,804.00"
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          "x": 97,
          "y": 374
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        "page_number": 10,
        "text": "Bank deposits (note 2.d)"
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        "page_number": 10,
        "text": "246,502,226.89"
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        "page_number": 10,
        "text": "1,552,386,303.27"
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          "x": 826,
         ...