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TwentyFour Global Investment Funds p.l.c.
Interim Report and Condensed Unaudited d Financial Statements
For the six months ended 30 June 2026
Page 2
Contents Page
TwentyFour Global Investment Funds p.l.c. Interim Report and Condensed Unaudited Financial Statements For the six months ended 30 June 2026
Management and Administration 1
Background to the Company 2
Investment Manager’s Report 4
Statement of Financial Position 8
Statement of Comprehensive Income 12
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 16
Statement of Cash Flows 18
Notes to the Financial Statements 22
Schedule of Investments 34
Schedule of Significant Portfolio Movements 51
Page 3
TwentyFour Global Investment Funds p.l.c. Interim Report and Condensed Unaudited Financial Statements For the six months ended 30 June 2026 Management and Administration
1
Directors Bronwyn Wright (Irish)* Helen Howell (British)** Aogán Foley (Irish)*
Investment Manager and Distributor TwentyFour Asset Management LLP 20 Fenchurch Street 4th Floor London EC3M 3BY United Kingdom
Manager Waystone Management Company (IE) Limited 35 Shelbourne Road Ballsbridge Dublin 4 D04 A4E0 Ireland
Administrator, Registrar and Transfer Agent Northern Trust International Fund Administration Services (Ireland) Limited Georges Court 54-62 Townsend Street Dublin 2 D02 R156 Ireland
Independent Auditor Grant Thornton Chartered Accountants and Statutory Audit Firm 13-18 City Quay Dublin 2 D02 ED70 Ireland
Legal Advisers Maples and Calder (Ireland) LLP 75 St. Stephen’s Green Dublin 2 D02 PR50 Ireland
Registered Office of the Company 32 Molesworth Street Dublin 2 D02 Y512 Ireland
Company Secretary MFD Secretaries Limited 32 Molesworth Street Dublin 2 D02 Y512 Ireland
Depositary Northern Trust Fiduciary Services (Ireland) Limited Georges Court 54-62 Townsend Street Dublin 2 D02 R156 Ireland
Registered number : 530181
* Non-executive Independent Director ** Non-executive Director
Page 4
TwentyFour Global Investment Funds p.l.c. Interim Report and Condensed Unaudited Financial Statements For the six months ended 30 June 2026 Background to the Company
2
TwentyFour Global Investment Funds p.l.c. (the “Company”) is an open-ended umbrella investment company with variable capital and segregated liability between Funds, incorporated in Ireland on 12 July 2013 under the Irish Companies Act 2014 (as amended) (the “Companies Act 2014”) with registration number 530181. The Company is authorised by the Central Bank of Ireland (the “Central Bank”) pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended) (the “UCITS Regulations”) and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48 (1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019 (the “Central Bank UCITS Regulations”).
The Company is structured as an umbrella Fund which may consist of different Sub-Funds, each comprising one or more classes of shares. As at the date of this interim report, the Company has two Sub-Funds in operation, the TwentyFour Corporate Bond Fund that launched on 15 January 2015 and TwentyFour Sustainable Global Corporate Bond Fund that launched on 19 September 2024, (collectively the “Funds’’).
Investment objective & policy
TwentyFour Corporate Bond Fund
The investment objective of the TwentyFour Corporate Bond Fund (the “Fund”) is to exceed the median return of the Investment Association (“IA”) £ Corporate Bond Sector over the medium to long term based on a combination of income and capital.
The Fund will seek to achieve its investment objective by investing primarily in investment grade GBP denominated bonds, or bonds denominated in currencies other than GBP but hedged to GBP, within the specifications set out for the IA £ Corporate Bond Sector.
While the Fund will primarily invest in investment grade bonds it may also invest a portion of its portfolio (which will not exceed 20% of the Net Asset Value of the Fund) in high yield issues (meaning such bonds would have a relatively higher risk of default and would have a lower credit rating than investment grade bonds) where, in the Investment Manager's opinion, the risk of investing in such issues is appropriate when balanced against the possible return.
The Fund may invest in fixed or floating rate bonds which may be rated or unrated.
The securities shall be listed and/or traded on the exchanges and markets set out in Appendix II of the Prospectus although up to 10% of the Net Asset Value of the Fund may be invested in unlisted securities.
As a result of its investment objective the Fund’s investments will be primarily focused on the United Kingdom (“UK”) however, from time to time, it is possible that a portion of the assets may be invested in securities from a particular geographic region outside of the UK (such as Dutch or German securities) where such exposure would assist the Investment Manager in meeting the investment objective or diversifying risk.
TwentyFour Sustainable Global Corporate Bond Fund
TwentyFour Sustainable Global Corporate Bond Fund (the “Fund”) has a Sustainable Investment objective within the meaning of Article 9 of SFDR as it will invest in securities of issuers that contribute towards the Paris Agreement’s goal of limiting the increase in the global average temperature to below 2°C above pre-industrial levels.
The Fund aims to outperform the Benchmark over the medium to long term based on a combination of income (meaning income received through holding investments - such as interest received on Bonds) and capital growth (meaning the growth in value/ price of investments held by the Fund) by investing in such Sustainable Investments that align with the ESG Framework, as described below.
The Fund will seek to achieve its investment objective by investing primarily in Investment Grade corporate Bonds, hedged to Base Currency, which are consistent with the Investment Manager's ESG framework.
The Fund’s allocation to corporate bonds will always exceed 80% of the Net Asset Value of the Fund, and the Fund’s allocation to high yield corporate bonds will not exceed 20% of the Net Asset Value of the Fund.
The Fund may deviate from these ranges temporarily for defensive or tactical purposes, or due to market conditions, but the Investment Manager will seek to rebalance the portfolio within the ranges as soon as practicable.
The Fund may invest in fixed or floating rate bonds which may be rated or unrated.
Page 5
TwentyFour Global Investment Funds p.l.c. Interim Report and Condensed Unaudited Financial Statements For the six months ended 30 June 2026 Background to the Company (continued)
3
The securities shall be listed and/or traded on the exchanges and markets set out in Appendix II of the Prospectus although up to 10% of the Net Asset Value of the Fund may be invested in unlisted securities.
Investment objective & policy (continued)
TwentyFour Sustainable Global Corporate Bond Fund (continued)
Page 6
TwentyFour Global Investment Funds p.l.c. Interim Report and Condensed Unaudited Financial Statements For the six months ended 30 June 2026 Investment Manager’s Report
4
TwentyFour Corporate Bond Fund
Market Commentary
The first half of 2026 was defined by the tension between resilient credit markets and a much more difficult macroeconomic backdrop. Investors began the year comfortable with stable corporate fundamentals but vulnerable to fluctuating expectations of central bank easing. As the period progressed, fixed income markets had to absorb a renewed inflation shock from the Middle East, a more hawkish central bank reaction function, rising fiscal concerns and bouts of political uncertainty. Credit spreads widened during the most acute phase of the Iran conflict but ultimately proved resilient, tightening again as oil prices fell and the prospect of de-escalation improved. Government bonds were more volatile, with rallies driven by weaker growth and lower oil prices repeatedly challenged by inflation risk, heavy issuance and fiscal concerns.
January began with credit markets in a constructive mood. All-in yields remained attractive, inflows into fixed income were supportive and primary markets were active, with new issues generally well absorbed. Markets still expected central banks to move gradually towards easier policy, but longer-dated yields remained sensitive to fiscal concerns and the need to absorb elevated government bond supply.
In February, the escalating US-Iran tensions and the start of the conflict, along with the associated pressure on energy markets, increasingly dominated fixed income sentiment. Higher oil and gas prices pointed to weaker consumption and pressure on corporate margins, but also created a new inflation problem. That made it difficult for central banks to provide the usual support investors might expect during a geopolitical growth shock.
This repricing intensified in March as attention moved to the Strait of Hormuz, energy security and the risk that a temporary oil shock could become a more persistent inflation impulse. Government bonds sold off as investors reduced their expectations of near-term interest rate cuts and began to price in a higher probability that some central banks might ultimately need to tighten monetary policy again. Credit spreads widened, but the move was relatively contained given the scale of the geopolitical shock, with investor demand for high-quality carry helping to stabilise the market.
April was dominated by the question of whether the energy shock would turn into a broader recessionary event. Oil prices remained elevated and uncertainty around the Strait of Hormuz continued to weigh on sentiment. Government bonds were volatile rather than providing a clean safe haven, because the shock was inflationary as well as geopolitical. Ultimately, however, credit proved resilient. Spreads recovered the widening seen in March, new issue markets remained open and investor demand for high-quality fixed income stayed strong.
Through May, the tone improved as US-Iran negotiations progressed and markets began to look through the worst of the energy disruption. Oil prices moved lower, reversing part of the inflation premium that had built into rates markets. Government bonds rallied at times, but remained vulnerable to fiscal concerns, particularly in the US where deficit worries and long-end Treasury supply remained a focus. In the UK, gilts were also affected by domestic political risk, although the political premium later faded as the Labour Party leadership frontrunner, Andy Burnham, reasserted his commitment to the government’s fiscal rules.
June delivered a more constructive backdrop for risk assets, although not a simple return to the pre-conflict environment. De escalation in the Middle East and the prospect of a reopening of the Strait of Hormuz helped oil prices fall sharply, removing much of the energy-led inflation premium that had built up earlier in the year. Government bonds rallied into month-end as the growth and inflation outlook became more balanced. However, central banks remained cautious. The European Central Bank raised interest rates, the Bank of England (“BoE”) held with dissent in favour of a hike and the Federal Reserve’s communication remained hawkish under its new chairman, Kevin Warsh.
There was some volatility in artificial intelligence (“AI”) and technology equities as investors questioned valuations and the scale of debt-funded capital expenditure (capex), but this did not develop into a broader credit event. Overall, the first half showed that credit markets could absorb a significant geopolitical and inflation shock.
Portfolio Commentary
Six-month performance was positive on both an absolute and a relative basis, with the Fund returning 1.41% against the IA Corporate Bond Sector’s 1.18%. While the period involved increased volatility, the Fund’s higher starting yield was an effective buffer against these gyrations.
Bank holdings made the largest contribution to the Fund, adding +0.45% of performance from an underlying +1.71% return. Similarly, insurers contributed +0.36% from a +1.91% return. Financials are one area of credit the managers continue to believe offers attractive value and they have retained an overweight position in the sector .
Page 7
TwentyFour Global Investment Funds p.l.c. Interim Report and Condensed Unaudited Financial Statements For the six months ended 30 June 2026 Investment Manager’s Report (continued)
5
In both subsectors of financials, it was the subordinated positions that performed best. While senior financials had spread tightening over the period, their lower-yielding nature did not match the total returns from subordinated positions.
The Fund’s allocation to government bonds detracted from relative performance, with gilts only returning 0.02%. However, this allowed the managers to focus more on shorter-dated credit positions while keeping overall duration within the desired range. It also allowed them to maintain liquidity and downside protection in the portfolio.
Within non-financials, corporate hybrids (returning +1.87%, contributing +0.22%) performed best relative to seniors (returning +0.69%, contributing +0.20%). The market’s overall willingness to add risk increased over the period, which was reflected in tighter credit spreads and benefited the higher-beta positions.
The Fund’s positioning began the period with above-average caution, which was expressed through a reduced beta (via lower credit spread duration) relative to the index. Having seen the resiliency of credit demand successfully tested once again and with strong underlying fundamentals, the managers felt confident to neutralise risk positions in the second quarter from their cautious basis. Allocations were made to attractive new issues and secondary opportunities in investment grade corporates, hybrids and financials. These were funded both by sales of government bonds and through rotations from lower-beta and shorter-dated senior debt.
Market Outlook and Strategy
With the US-Iran memorandum of understanding looking likely, if not certain, to lead to a lasting end to military hostilities, the market’s focus has shifted to other risks.
The managers are mindful of the renewed volatility in technology and AI-related equities. This is worth watching because equity market sell-offs can affect broader risk appetite, and concerns around AI valuations or capex plans can create pockets of pressure in credit. However, at this stage, the managers would not overstate the read-across. The volatility has been much more of an equity valuation story than a broad deterioration in corporate credit fundamentals. The additional supply that the large-scale data centre operators are expected to deliver to the fixed income market looks easily digestible given the strong technical picture. For fixed income, the more important point remains that company balance sheets are generally sound, demand for income is strong and new issue markets continue to function well.
Market expectations of policymakers will continue to be a key driver of sterling fixed income. The BoE has to navigate ensuring second-order impacts of higher oil prices do not embed in a rate of inflation (which although slowing, proved concerningly persistent even before the conflict) against a backdrop of a UK economy struggling for growth. Meanwhile, the government is constrained in offering any fiscal response.
While credit spreads have tightened over the past 12 months, a continued driver of absolute performance has been the high starting yields of bonds. Despite the geopolitical and rates uncertainty fixed income markets need to navigate, the managers believe that starting yields are high enough to predict attractive returns for the rest of this year. They intend to continue collecting high-quality carry while seeking to use duration management to mitigate political uncertainty on the gilt market.
TwentyFour Asset Management LLP July 2026
TwentyFour Corporate Bond Fund (continued)
Portfolio Commentary (continued)
Page 8
TwentyFour Global Investment Funds p.l.c. Interim Report and Condensed Unaudited Financial Statements For the six months ended 30 June 2026 Investment Manager’s Report (continued)
6
TwentyFour Sustainable Global Corporate Bond Fund
Market Commentary
The first half of 2026 was defined by the tension between resilient credit markets and a much more difficult macroeconomic backdrop. Investors began the year comfortable with stable corporate fundamentals but vulnerable to fluctuating expectations of central bank easing. As the period progressed, fixed income markets had to absorb a renewed inflation shock from the Middle East, a more hawkish central bank reaction function, rising fiscal concerns and bouts of political uncertainty. Credit spreads widened during the most acute phase of the Iran conflict but ultimately proved resilient, tightening again as oil prices fell and the prospect of de-escalation improved. Government bonds were more volatile, with rallies driven by weaker growth and lower oil prices repeatedly challenged by inflation risk, heavy issuance and fiscal concerns.
January began with credit markets in a constructive mood. All-in yields remained attractive, inflows into fixed income were supportive and primary markets were active, with new issues generally well absorbed. Markets still expected central banks to move gradually towards easier policy, but longer-dated yields remained sensitive to fiscal concerns and the need to absorb elevated government bond supply.
In February, the escalating US-Iran tensions and the start of the conflict, along with the associated pressure on energy markets, increasingly dominated fixed income sentiment. Higher oil and gas prices pointed to weaker consumption and pressure on corporate margins, but also created a new inflation problem. That made it difficult for central banks to provide the usual support investors might expect during a geopolitical growth shock.
This repricing intensified in March as attention moved to the Strait of Hormuz, energy security and the risk that a temporary oil shock could become a more persistent inflation impulse. Government bonds sold off as investors reduced their expectations of near-term interest rate cuts and began to price in a higher probability that some central banks might ultimately need to tighten monetary policy again. Credit spreads widened, but the move was relatively contained given the scale of the geopolitical shock, with investor demand for high-quality carry helping to stabilise the market.
April was dominated by the question of whether the energy shock would turn into a broader recessionary event. Oil prices remained elevated and uncertainty around the Strait of Hormuz continued to weigh on sentiment. Government bonds were volatile rather than providing a clean safe haven, because the shock was inflationary as well as geopolitical. Ultimately, however, credit proved resilient. Spreads recovered the widening seen in March, new issue markets remained open and investor demand for high-quality fixed income stayed strong.
Through May, the tone improved as US-Iran negotiations progressed and markets began to look through the worst of the energy disruption. Oil prices moved lower, reversing part of the inflation premium that had built into rates markets. Government bonds rallied at times, but remained vulnerable to fiscal concerns, particularly in the US where deficit worries and long-end Treasury supply remained a focus. In the UK, gilts were also affected by domestic political risk, although the political premium later faded as the Labour Party leadership frontrunner, Andy Burnham, reasserted his commitment to the government’s fiscal rules.
June delivered a more constructive backdrop for risk assets, although not a simple return to the pre-conflict environment. De escalation in the Middle East and the prospect of a reopening of the Strait of Hormuz helped oil prices fall sharply, removing much of the energy-led inflation premium that had built up earlier in the year. Government bonds rallied into month-end as the growth and inflation outlook became more balanced. However, central banks remained cautious. The European Central Bank raised interest rates, the Bank of England (“BoE”) held with dissent in favour of a hike and the Federal Reserve’s (“Fed”) communication remained hawkish under its new chairman, Kevin Warsh.
There was some volatility in artificial intelligence (“AI”) and technology equities as investors questioned valuations and the scale of debt-funded capital expenditure (capex), but this did not develop into a broader credit event. Overall, the first half showed that credit markets could absorb a significant geopolitical and inflation shock.
Portfolio Commentary
Six-month performance was positive on both an absolute basis but negative, with the Fund returning 1.18% against the sterling hedged performance of the ICE BofA Global Corporate Index, which returned 1.41%.
Page 9
TwentyFour Global Investment Funds p.l.c. Interim Report and Condensed Unaudited Financial Statements For the six months ended 30 June 2026 Investment Manager’s Report (continued)
7
The managers’ approach to taking more credit risk in shorter duration bonds than the index generally helps to minimise portfolio volatility. However, in the face of a hawkish pivot from central banks due to the Middle East oil shock, front-end positions were particularly impacted. The Fund’s overweight position in government bonds, taken as a precaution against the potential recessionary impact of the conflict, detracted from relative performance as credit spreads ultimately tightened. On an absolute basis, while the period involved increased volatility, the Fund’s higher starting yield was an effective buffer against these gyrations.
Bank holdings made the largest contribution to the Fund, adding +0.30% of performance from an underlying +1.34% return. Similarly, insurers contributed +0.25% from a +2.07% return. Financials are one area of credit the managers continue to believe offers attractive value and they have retained an overweight position in the sector . In both subsectors of financials, it was the subordinated positions that performed best. While senior financials had spread tightening over the period, their lower-yielding nature did not match the total returns from subordinated positions.
The government bond allocation detracted from performance with its 0.45% return. However, longer-dated German bunds, which returned 2.07%, helped to mitigate the cost of this cautionary allocation.
Within non-financials, corporate hybrids (returning +1.74%, contributing +0.19%) performed best relative to seniors (returning +0.75%, contributing +0.30%). The market’s overall willingness to add risk increased over the period, which was reflected in tighter credit spreads and benefited the higher-beta positions.
The Fund’s positioning began the period with above-average caution, which was expressed through a reduced beta (via lower credit spread duration) relative to the index. Having seen the resiliency of credit demand successfully tested once again and with strong underlying fundamentals, the managers felt confident to neutralise risk positions in the second quarter from their cautious basis. Allocations were made to attractive new issues and secondary opportunities in investment grade corporates, hybrids and financials. These were funded both by sales of government bonds and through rotations from lower-beta and shorter-dated senior debt.
Market Outlook and Strategy
With the US-Iran memorandum of understanding looking likely, if not certain, to lead to a lasting end to military hostilities, the market’s focus has shifted to other risks.
The managers are mindful of the renewed volatility in technology and AI-related equities. This is worth watching because equity market sell-offs can affect broader risk appetite, and concerns around AI valuations or capex plans can create pockets of pressure in credit. However, at this stage, the managers would not overstate the read-across. The volatility has been much more of an equity valuation story than a broad deterioration in corporate credit fundamentals. The additional supply that the large-scale data centre operators are expected to deliver to the fixed income market looks easily digestible given the strong technical picture. For fixed income, the more important point remains that company balance sheets are generally sound, demand for income is strong and new issue markets continue to function well.
Central banks will remain a key driver. The Fed’s new chairman might have been selected by President Donald Trump to cut interest rates, but he is a balance-sheet hawk. If the Fed under Warsh follows through on the risk of rate hikes and stays focused on the tight labour market, front-end yields could stay higher for longer. In the near term, this produces risks for the long end of yield curves. However, ultimately, the managers believe Warsh’s plan is to anchor longer-dated bonds, which should allow more allocations to these durations.
While credit spreads have tightened over the past 12 months, a continued driver of absolute performance has been the high starting yields of bonds. Despite the geopolitical and rates uncertainty fixed income markets need to navigate, the managers believe starting yields are high enough to predict attractive returns for the rest of the year. They intend to continue collecting high-quality carry and will seek to make gains from duration management when divergences between central bank policies provide opportunities.
TwentyFour Asset Management LLP July 2026
TwentyFour Sustainable Global Corporate Bond Fund (continued)
Portfolio Commentary (continued)
Page 10
TwentyFour Global Investment Funds p.l.c.
Interim Report and Condensed Unaudited Financial Statements
For the six months ended 30 June 2026
Statement of Financial Position
8
As at 30 June 2026
Notes
1.01 Total Company
30 June 2026 GBP
1.03 TwentyFour
Corporate Bond Fund
30 June 2026 GBP
1.04 TwentyFour Sustainable Global
Corporate Bond Fund
30 June 2026 GBP Assets – – – Financial assets at fair value through profit or loss: 1,063,069,141 1,033,981,333 28,931,121 - Transferable securities 3112, 3112 and 3112 2 1,062,428,616 1,033,536,189 28,892,427 - Financial derivative instruments 640,525 594,966 45,559 Cash and cash equivalents 1 15,724,445 14,891,452 832,993
Interest receivable 20,768,897 20,361,975 406,922
Receivable for securities sold 383,929 – 383,929
Receivable for shares sold 3,137,845 2,734,819 403,026
Other assets 158,945 104,520 54,425
Total assets 1,103,243,202 1,072,223,921 31,019,281
Liabilities
Financial liabilities at fair value through profit or loss: (457,877) (269,547) (188,330)
- Financial derivative instruments 2 (457,877) (269,547) (188,330)
Investment manager's fees payable 3 (642,387) (631,466) (10,921)
Manager's fees payable 3 (24,448) (23,939) (509)
Administrator fees payable 3 (167,236) (144,013) (23,223)
Transfer Agent fees payable 3 (156,687) (149,822) (6,865)
Depositary fees payable 3 (149,286) (143,272) (6,014)
Directors' fees payable 4 (890) (890) Audit fees payable (15,257) (11,279) (3,978)
Payable for securities purchased (1,564,696) – (1,564,696)
Distribution payable 12 (11,414,030) (11,398,532) (15,498)
Payable for shares redeemed (8,370,048) (8,346,080) (23,968) Other accrued expenses (88,437) (46,572) (41,865)
Total liabilities (excluding net assets attributable to holders of redeemable participating
shares) (23,051,279) (21,165,412) (1,885,867)
Page 11
TwentyFour Global Investment Funds p.l.c.
Interim Report and Condensed Unaudited Financial Statements
For the six months ended 30 June 2026
Statement of Financial Position (continued)
9
As at 30 June 2026
Notes
1.01 Total Company
30 June 2026 GBP
1.03 TwentyFour
Corporate Bond Fund
30 June 2026 GBP
1.04 TwentyFour Sustainable Global
Corporate Bond Fund
30 June 2026 GBP
Net assets attributable to holders of redeemable participating shares 1,080,191,923 1,051,058,509 29,133,414
Notes
1.03 TwentyFour
Corporate Bond Fund
30 June 2026 GBP
1.04
TwentyFour Sustainable Global
Corporate Bond Fund
30 June 2026 GBP
Number of redeemable participating shares outstanding: 6 GBP Class G Acc – 16,944
GBP Class I Inc 9,575,522 13,734
GBP Class I Acc 1,427,983 241,696
GBP Class Inc 289,807 GBP Class Acc 137,916 –
Net asset value per redeemable participating share: 7 GBP Class G Acc – 103.63
GBP Class I Inc 85.24 99.27
GBP Class I Acc 134.91 107.63
GBP Class Inc 83.59 GBP Class Acc 130.14 –
The accompanying notes form an integral part of these financial statements.
Page 12
TwentyFour Global Investment Funds p.l.c.
Interim Report and Condensed Unaudited Financial Statements
For the six months ended 30 June 2026
Statement of Financial Position (continued)
10
As at 31 December 2025
Notes
1.01
Total Company
31 December 2025 GBP
1.03 TwentyFour
Corporate Bond Fund
31 December 2025 GBP
1.04 TwentyFour Sustainable Global
Corporate Bond Fund
31 December 2025 GBP Assets – – – Financial assets at fair value through profit or loss: 1,153,739,546 1,135,840,650 17,846,028
- Transferable securities 3112, 3112 and 3112 2 1,152,767,523 1,134,970,242 17,797,281
- Financial derivative instruments 972,023 921,050 50,973
Cash and cash equivalents 1 7,214,494 6,857,269 357,225
Interest receivable 19,275,943 19,029,557 246,386
Receivable for shares sold 4,150,298 4,050,495 99,803
Other assets 169,465 143,381 26,084
Total assets 1,184,549,746 1,165,971,994 18,577,752
Liabilities Investment manager's fees payable 3 (1,014,520) (1,007,126) (7,394)
Manager's fees payable 3 (57,778) (49,579) (8,199)
Administrator fees payable 3 (74,197) (65,944) (8,253)
Transfer Agent fees payable 3 (52,868) (50,642) (2,226)
Depositary fees payable 3 (52,296) (48,818) (3,478)
Directors' fees payable 4 (46) (45) (1)
Audit fees payable (32,856) (21,487) (11,369)
Distribution payable 12 (11,548,361) (11,540,593) (7,768)
Payable for shares redeemed (2,610,035) (2,597,020) (13,015)
Other accrued expenses 221,592 261,679 (40,087)
Total liabilities (excluding net assets attributable to holders of redeemable participating shares) (15,221,365) (15,119,575) (101,790)
Net assets attributable to holders of redeemable participating shares 1,169,328,381 1,150,852,419 18,475,962
Page 13
TwentyFour Global Investment Funds p.l.c.
Interim Report and Condensed Unaudited Financial Statements
For the six months ended 30 June 2026
11
Statement of Financial Position (continued) As at 31 December 2025
Notes
1.03 TwentyFour
Corporate Bond Fund
31 December 2025 GBP
1.04 TwentyFour Sustainable Global
Corporate Bond Fund
31 December 2025 GBP
Number of redeemable participating shares outstanding: 6 GBP Class G A Acc – 218
GBP Class I Inc 9,679,484 6,634
GBP Class I A Acc 2,026,704 167,220
GBP Class Inc 300,629 GBP Class A Acc 154,714 –
Net asset value per redeemable participating share: 7 GBP Class G A Acc – 102.37
GBP Class I Inc 86.35 100.38
GBP Class I A Acc 133.04 106.37
GBP Class Inc 84.76 GBP Class Acc 128.46 –
The accompanying notes form an integral part of these financial statements.
Page 14
TwentyFour Global Investment Funds p.l.c.
Interim Report and Condensed Unaudited Financial Statements
For the six months ended 30 June 2026
Statement of Comprehensive Income
12
For the six months ended 30 June 2026
Notes
1.01 Total Company
30 June 2026 GBP
1.03 TwentyFour
Corporate Bond Fund
30 June 2026 GBP
1.04 TwentyFour Sustainable Global
Corporate Bond Fund
30 June 2026 GBP Income – – Net loss on financial assets and liabilities at fair value through profit or loss and foreign currencies (13,325,278) (13,145,380) (179,898)
Bank interest income 102,037 94,647 7,390
Income from financial assets at fair value through profit or loss 29,767,709 29,261,626 506,083
Net investment income 16,544,468 16,210,893 333,575
Expenses
Investment manager's fees 3 (1,439,553) (1,411,617) (27,936)
Manager's fees 3 (72,679) (78,458) 5,779
Administrator fees 3 (206,876) (183,162) (23,714)
Transfer Agent fees 3 (154,353) (147,408) (6,945)
Depositary fees 3 (151,744) (142,968) (8,776)
Directors' fees 4 (26,580) (26,216) (364)
Audit fees (16,024) (11,667) (4,357)
Legal fees (28,098) – (28,098)
Company secretarial fees (6,271) (6,146) (125)
Other expenses (100,961) (92,633) (8,328)
Total operating expenses (2,203,139) (2,100,275) (102,864)
Investment manager's fee rebate 3 182,320 123,704 58,616
Net operating expenses (2,020,819) (1,976,571) (44,248)
Operating profit 14,523,649 14,234,322 289,327
Finance costs
Bank interest expense (34) (34) Income equalisation (107,817) (112,186) 4,369 Distributions 12 (22,756,915) (22,726,269) (30,646)
(Decrease)/increase in net assets attributable to holders of redeemable participating shares from operations (8,341,117) (8,604,167) 263,050
Page 15
TwentyFour Global Investment Funds p.l.c.
Interim Report and Condensed Unaudited Financial Statements
For the six months ended 30 June 2026
Statement of Comprehensive Income (continued)
13
For the six months ended 30 June 2026
The Company had no recognised gains or losses in the six months other than those dealt with in the Statement of Comprehensive Income. Gains and losses arose solely from continuing operations.
The accompanying notes form an integral part of these financial statements.
Page 16
TwentyFour Global Investment Funds p.l.c.
Interim Report and Condensed Unaudited Financial Statements
For the six months ended 30 June 2026
Statement of Comprehensive Income (continued)
14
For the six months ended 30 June 2025
Notes
1.01
Total Company
30 June 2025 GBP
1.03 TwentyFour
Corporate Bond Fund
30 June 2025 GBP
1.04 TwentyFour Sustainable Global
Corporate Bond Fund
30 June 2025 GBP Income – – Net gain on financial assets and liabilities at fair value through profit or loss and foreign currencies 13,947,567 13,721,202 226,365
Bank interest income 199,467 198,178 1,289 Income from financial assets at fair value through profit or loss 28,355,275 27,997,646 357,629
Net investment income 42,502,309 41,917,026 585,283
Expenses
Investment manager's fees 3 (1,432,252) (1,412,707) (19,545)
Manager's fees 3 (93,326) (89,143) (4,183)
Administrator fees 3 (278,453) (261,813) (16,640)
Transfer Agent fees 3 (151,829) (148,612) (3,217)
Depositary fees 3 (151,041) (141,071) (9,970)
Directors' fees 4 (24,565) (24,248) (317)
Audit fees (17,996) (9,856) (8,140)
Legal fees (47,176) (20,961) (26,215)
Company secretarial fees (5,784) (5,660) (124)
Other expenses 234,201 239,451 (5,250)
Total operating expenses (1,968,221) (1,874,620) (93,601)
Investment manager's fee rebate 3 176,822 114,502 62,320
Net operating expenses (1,791,399) (1,760,118) (31,281)
Operating profit 40,710,910 40,156,908 554,002
Finance costs
Bank interest expense (11) (11) Income equalisation (110,391) (111,258) 867
Distributions 12 (21,519,315) (21,509,791) (9,524)
Increase in net assets attributable to holders of redeemable participating shares from operations 19,081,193 18,535,848 545,345
Page 17
TwentyFour Global Investment Funds p.l.c.
Interim Report and Condensed Unaudited Financial Statements
For the six months ended 30 June 2026
15
Statement of Comprehensive Income (continued) For the six months ended 30 June 2025
The Company had no recognised gains or losses in the six months other than those dealt with in the Statement of Comprehensive Income. Gains and losses arose solely from continuing operations.
The accompanying notes form an integral part of these financial statements.
Page 18
TwentyFour Global Investment Funds p.l.c.
Interim Report and Condensed Unaudited Financial Statements
For the six months ended 30 June 2026
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares
16
For the six months ended 30 June 2026
Notes
1.01 Total Company
30 June 2026 GBP
1.03 TwentyFour
Corporate Bond Fund
30 June 2026 GBP
1.04 TwentyFour Sustainable Global
Corporate Bond Fund
30 June 2026 GBP Net assets attributable to holders of redeemable participating shares at the beginning of
the financial period 1,169,328,381 1,150,852,419 18,475,962
Redeemable participating share transactions
Issue of redeemable participating shares during the financial period 6 118,545,207 105,715,932 12,829,275
Redemption of redeemable participating shares during the financial period 6 (199,340,548) (196,905,675) (2,434,873)
Net (decrease)/increase in net assets from redeemable participating share transactions (80,795,341) (91,189,743) 10,394,402
(Decrease)/increase in net assets attributable to holders of redeemable participating shares from operations (8,341,117) (8,604,167) 263,050
Net assets attributable to holders of redeemable participating shares at the end of the financial period 1,080,191,923 1,051,058,509 29,133,414
The accompanying notes form an integral part of these financial statements.
Page 19
TwentyFour Global Investment Funds p.l.c.
Interim Report and Condensed Unaudited Financial Statements
For the six months ended 30 June 2026
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares (continued)
17
For the six months ended 30 June 2025
Notes
1.01
Total Company
30 June 2025 GBP
1.03 TwentyFour
Corporate Bond Fund
30 June 2025 GBP
1.04 TwentyFour Sustainable Global
Corporate Bond Fund
30 June 2025 GBP Net assets attributable to holders of redeemable participating shares at the beginning of the financial period 1,144,134,160 1,130,529,776 13,604,384
Redeemable participating share transactions
Issue of redeemable participating shares during the financial period 6 255,660,536 249,961,821 5,698,715
Redemption of redeemable participating shares during the financial period 6 (260,496,442) (257,475,808) (3,020,634)
Net (decrease)/increase in net assets from redeemable participating share transactions (4,835,906) (7,513,987) 2,678,081
Increase in net assets attributable to holders of redeemable participating shares from
operations 19,081,193 18,535,848 545,345
Net assets attributable to holders of redeemable participating shares at the end of the financial period 1,158,379,447 1,141,551,637 16,827,810
The accompanying notes form an integral part of these financial statements.
Page 20
TwentyFour Global Investment Funds p.l.c.
Interim Report and Condensed Unaudited Financial Statements
For the six months ended 30 June 2026
Statement of Cash Flows
18
For the six months ended 30 June 2026
1.01 Total Company
30 June 2026 GBP
1.03 TwentyFour
Corporate Bond Fund
30 June 2026 GBP
1.04 TwentyFour Sustainable Global
Corporate Bond Fund
30 June 2026 GBP
Cash flows from operating activities – – (Decrease)/increase in net assets attributable to holders of redeemable participating shares from operations (8,341,117) (8,604,167) 263,050
Adjustment for:
Net loss on financial assets and liabilities at fair value through profit or loss and foreign currencies 13,325,278 13,145,380 179,898 Gain on forward foreign currency contracts and currencies 3,144,237 2,934,010 210,227 Amortisation of premium or discount investments (854,008) (828,387) (25,621)
Increase in operating receivables (1,482,434) (1,293,557) (188,877)
Increase in operating payables 47,328 27,230 20,098
Income equalisation 107,817 112,186 (4,369)
Exchange gain on cash and cash equivalents (990,148) (789,774) (200,374)
Payment on purchase of investments (148,087,273) (135,595,519) (12,491,754)
Proceeds from sale of investments 224,780,817 222,374,201 2,406,616
Net cash inflow/(outflow) from operating activities 81,650,497 91,481,603 (9,831,106)
Cash flows from financing activities
Proceeds from issue of redeemable participating shares 119,557,659 107,031,607 12,526,052
Payments for redemption of redeemable participating shares (193,580,536) (191,156,615) (2,423,921)
Income equalisation (107,817) (112,186) 4,369
Net cash (outflow)/inflow from financing activities (74,130,694) (84,237,194) 10,106,500
Net increase in cash and cash equivalents 7,519,803 7,244,409 275,394
Cash and cash equivalents at the beginning of the financial period 7,214,494 6,857,269 357,225
Exchange gain on cash and cash equivalents 990,148 789,774 200,374
Cash and cash equivalents at the end of the financial period 15,724,445 14,891,452 832,993
Page 21
TwentyFour Global Investment Funds p.l.c.
Interim Report and Condensed Unaudited Financial Statements
For the six months ended 30 June 2026
Statement of Cash Flows (continued)
19
For the six months ended 30 June 2026
1.01
Total Company
30 June 2026 GBP
1.03
TwentyFour
Corporate Bond Fund
30 June 2026 GBP
1.04 TwentyFour Sustainable Global
Corporate Bond Fund
30 June 2026 GBP
Supplementary cash flow information
Cash flows from operating activities include:
Cash received during the financial period for interest income 29,015,738 28,527,886 487,852
Cash paid during the financial period for interest expense (34) (34) Cash paid during the financial period for distributions (22,885,516) (22,862,600) (22,916)
6,130,188 5,665,252 464,936
The accompanying notes form an integral part of these financial statements.
Page 22
TwentyFour Global Investment Funds p.l.c.
Interim Report and Condensed Unaudited Financial Statements
For the six months ended 30 June 2026
Statement of Cash Flows (continued)
20
For the six months ended 30 June 2025
1.01 Total Company
30 June 2025 GBP
1.03 TwentyFour
Corporate Bond Fund
30 June 2025 GBP
1.04 TwentyFour Sustainable Global
Corporate Bond Fund
30 June 2025 GBP
Cash flows from operating activities – – Increase in net assets attributable to holders of redeemable participating shares from operations 19,081,193 18,535,848 545,345
Adjustment for:
Net gain on financial assets and liabilities at fair value through profit or loss and foreign currencies (13,947,567) (13,721,202) (226,365)
(Loss)/gain on forward foreign currency contracts and currencies (2,339,253) (2,553,867) 214,614
Amortisation of premium or discount investments (856,338) (826,258) (30,080)
Increase in operating receivables (4,466,377) (4,398,337) (68,040)
Increase in operating payables 514,029 484,174 29,855
Income equalisation 110,391 111,258 (867)
Exchange (loss)/gain on cash and cash equivalents (909,818) (1,040,946) 131,128
Payment on purchase of investments (328,825,823) (323,281,794) (5,544,029)
Proceeds from sale of investments 338,515,739 336,173,227 2,342,512
Net cash inflow/(outflow) from operating activities 6,876,176 9,482,103 (2,605,927)
Cash flows from financing activities
Proceeds from issue of redeemable participating shares 255,491,058 249,831,326 5,659,732
Payments for redemption of redeemable participating shares (265,560,855) (262,543,446) (3,017,409)
Income equalisation (110,391) (111,258) 867
Net cash (outflow)/inflow from financing activities (10,180,188) (12,823,378) 2,643,190
Net (decrease)/increase in cash and cash equivalents (3,304,012) (3,341,275) 37,263
Cash and cash equivalents at the beginning of the financial period 8,893,736 8,733,615 160,121
Exchange gain/(loss) on cash and cash equivalents 909,818 1,040,946 (131,128)
Cash and cash equivalents at the end of the financial period 6,499,542 6,433,286 66,256
Page 23
TwentyFour Global Investment Funds p.l.c.
Interim Report and Condensed Unaudited Financial Statements
For the six months ended 30 June 2026
21
Statement of Cash Flows (continued) For the six months ended 30 June 2025
1.01 Total Company
30 June 2025 GBP
1.03 TwentyFour
Corporate Bond Fund
30 June 2025 GBP
1.04 TwentyFour Sustainable Global
Corporate Bond Fund
30 June 2025 GBP
Supplementary cash flow information
Cash flows from operating activities include:
Cash received during the financial period for interest income 27,698,404 27,369,566 328,838
Cash paid during the financial period for interest expense (11) (11) Cash paid during the financial period for distributions (20,418,164) (20,411,118) (7,046)
7,280,229 6,958,437 321,792
The accompanying notes form an integral part of these financial statements.
Page 24
TwentyFour Global Investment Funds p.l.c. Interim Report and Condensed Unaudited Financial Statements For the six months ended 30 June 2026 Notes to the Financial Statements For the six months ended 30 June 2026
22
1. Material Accounting Policies
Basis of Preparation
The condensed interim financial statements for the six months ended 30 June 2026 have been prepared in accordance with IAS 34, 'Interim Financial Reporting', the UCITS Regulations and Central Bank UCITS Regulations.
The interim financial statements do not include all the information included in annual financial statements and should be read in conjunction with the annual financial statements for the year ended 31 December 2025.
The principal accounting policies applied in the preparation of these financial statements are consistent with the accounting policies applied in the preparation of the Audited Financial Statements for the financial year ended 31 December 2025. The financial statements of TwentyFour Global Investment Funds p.l.c (the “Company”) for the financial year ended 31 December 2025 were prepared in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the European Union (“EU”).
These financial statements are prepared on a going concern basis.
Functional currency and foreign currency translation
These condensed interim financial statements are prepared in Pound Sterling (“GBP”), which is the Company’s functional and presentation currency.
Assets and liabilities expressed in foreign currencies will be converted into the functional currency of the Company using the exchange rates prevailing as at the Statement of Financial Position date. Transactions in foreign currencies are translated into GBP at the average exchange rate for the period.
Critical accounting estimates and judgements
The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of policies and the reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about fair values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.
There were no critical judgements or estimates during the period to disclose or in the prior financial year/period.
Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks, monies held in Transfer Agent Investor Money Regulation (“IMR”) accounts of the Funds and other short term investments in an active market with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown in liabilities in the Statement of Financial Position.
All of the cash assets are held with The Northern Trust Company (“TNTC”). TNTC is a wholly owned subsidiary of Northern Trust Corporation (“NTC”). NTC has a long term credit rating of A+ (31 December 2025: A+) and TNTC has a long term credit rating of AA- (31 December 2025: AA-). In the event of insolvency of TNTC assets are guaranteed by the parent NTC.
2. Financial risk management
Fair value hierarchy
IFRS 13 ‘Fair Value Measurement’ requires the Company to classify fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements.
Page 25
TwentyFour Global Investment Funds p.l.c. Interim Report and Condensed Unaudited Financial Statements For the six months ended 30 June 2026 Notes to the Financial Statements (continued) For the six months ended 30 June 2026
23
The fair value hierarchy has the following levels:
- Level 1: inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date; - Level 2: inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and - Level 3: inputs are unobservable inputs for the asset or liability.
The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety.
If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement, considering factors specific to the asset or liability . The determination of what constitutes “observable” requires significant judgement by the Company. The Company considers observable data to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.
The following table analyses within the fair value hierarchy the Company’s financial assets and liabilities (by level) measured at fair value at 30 June 2026 and 31 December 2025:
TwentyFour Corporate Bond Fund
As at 30 June 2026 Level 1 Level 2 Level 3 Total GBP GBP GBP GBP Financial assets at fair value through profit and loss: Debt securities 106,210,978 927,325,211 – 1,033,536,189 Unrealised gain on forward currency contracts – 594,966 – 594,966 Financial liabilities at fair value through profit and loss: Unrealised loss on forward currency contracts – (269,547) – (269,547) Total 106,210,978 927,650,630 – 1,033,861,608
TwentyFour Sustainable Global Corporate Bond Fund
As at 30 June 2026 Level 1 Level 2 Level 3 Total GBP GBP GBP GBP Financial assets at fair value through profit and loss: Debt securities 3,063,317 25,829,110 – 28,892,427 Unrealised gain on forward currency contracts – 45,559 – 45,559 Financial liabilities at fair value through profit and loss: Unrealised loss on forward currency contracts – (188,330) – (188,330) Total 3,063,317 25,686,339 – 28,749,656
2. Financial risk management (continued)
Fair value hierarchy (continued)
Page 26
TwentyFour Global Investment Funds p.l.c. Interim Report and Condensed Unaudited Financial Statements For the six months ended 30 June 2026 Notes to the Financial Statements (continued) For the six months ended 30 June 2026
24
TwentyFour Corporate Bond Fund
As at 31 December 2025 Level 1 Level 2 Level 3 Total GBP GBP GBP GBP Financial assets at fair value through profit and loss: Debt securities 121,180,923 1,013,789,319 – 1,134,970,242 Unrealised gain on forward currency contracts – 921,050 – 921,050 Total 121,180,923 1,014,710,369 – 1,135,891,292
TwentyFour Sustainable Global Corporate Bond Fund
As at 31 December 2025 Level 1 Level 2 Level 3 Total GBP GBP GBP GBP Financial assets at fair value through profit and loss: Debt securities 1,803,774 15,993,507 – 17,797,281 Unrealised gain on forward currency contracts – 50,973 – 50,973 Total 1,803,774 16,044,480 – 17,848,254
Financial instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. These include Corporate Bonds and Forward Currency Contracts. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date.
There were no transfers between Levels of the fair value hierarchy for financial assets and financial liabilities which are recorded at fair value during the period.
For assets and liabilities carried at amortised cost, their carrying values are a reasonable approximation of fair value.
3. Fees and expenses
The Investment Manager shall be entitled to an annual Investment Management fee equal to 0.20% of the Net Asset Value of GBP Classes G, 0.25% of the Net Asset Value of GBP Classes I and 0.45% of the Net Asset Value of the remaining GBP Classes. Such fees shall be calculated and accrued at each Valuation Point and be payable monthly in arrears. Investment Management fees for the six months ended 30 June 2026 were GBP 1,439,553 (30 June 2025: GBP 1,432,252) of which GBP 642,387 (31 December 2025: GBP 1,014,520) remained payable at the period end.
The Investment Manager may from time to time, at its sole and absolute discretion, elect to waive its entitlement to some or all of the Investment Management fees and expenses in respect of one or more of the share classes. The Company received a rebate during the period from the Investment Manager in relation to the Administrator fee in order to reduce the Total Expense Ratio of the Company. During the period, TwentyFour Corporate Bond Fund received a rebate of GBP 123,704 (30 June 2025: GBP 114,502) of which GBP 53,147 (31 December 2025: GBP 94,241) remained receivable at the period end. During the period, TwentyFour Sustainable Global Corporate Bond Fund received a rebate of GBP 58,616 (30 June 2025: GBP 62,320) of which GBP 21,722 (31 December 2025: GBP 24,736) remained receivable at the period end.
The Manager will receive a monthly fee payable in arrears from the Company of up to a maximum of 0.0175% of the Net Asset Value of the Funds. The management fee is based on a sliding scale applied to the aggregate assets across all Funds, subject to an annual minimum fee of EUR 50,000 for the first Fund and an annual minimum fee of up to EUR 10,000 for each additional Fund. The Manager shall also be entitled to be reimbursed by the Company for all reasonable disbursements and out-of-pocket expenses incurred. Management fees for the six months ended 30 June 2026 were GBP 72,679 (30 June 2025: GBP 93,326) of which GBP 24,448 (31 December 2025: GBP 57,778) was payable at the period end.
2. Financial risk management (continued)
Fair value hierarchy (continued)
Page 27
TwentyFour Global Investment Funds p.l.c. Interim Report and Condensed Unaudited Financial Statements For the six months ended 30 June 2026 Notes to the Financial Statements (continued) For the six months ended 30 June 2026
25
The Administrator shall be entitled to receive a fee out of the assets of the Funds which shall be calculated and accrue at each Valuation Point and payable monthly in arrears. The fee shall not exceed 0.035% of the Net Asset Value of the Funds subject to a minimum annual fee of GBP 45,600 per Fund. Administrator fees for the six months ended 30 June 2026 were GBP 206,876 (30 June 2025: GBP 278,453) of which GBP 167,236 (31 December 2025: GBP 74,197) remained payable at the period end. Transfer Agent fees for the six months ended 30 June 2026 were GBP 154,353 (30 June 2025: GBP 151,829) of which GBP 156,687 (31 December 2025: GBP 52,868) remained payable at the period end.
The Depositary shall be entitled to receive a fee out of the assets of the Funds which shall be calculated and accrue at each Valuation Point and payable monthly in arrears. The fee shall not exceed 0.02% of the Net Asset Value of the Funds subject to a minimum annual fee of GBP 19,000 per Fund. Depositary fees for the six months ended 30 June 2026 were GBP 151,744 (30 June 2025: GBP 151,041) of which GBP 149,286 (31 December 2025: GBP 52,296) remained payable at the period end.
No performance fee will be payable to the Investment Manager (31 December 2025: GBP P Nil).
Transaction costs
The Funds’ transaction costs for the financial period ended 30 June 2026 and comparative period ended 30 June 2025 are included in the net gain/(loss) on financial assets and liabilities at fair value through profit or loss and foreign currencies under the Statement of Comprehensive Income. These transaction costs are not separately identifiable.
4. Related party transactions
Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operational decisions.
TwentyFour Asset Management LLP is the Investment Manager. Under the terms of the investment management agreement the Investment Manager is responsible, subject to the overall supervision and control of the Directors, for managing the assets and investments of the Funds in accordance with the investment objective and policies of the Funds. The Investment Manager is entitled to receive Investment Management fees and has elected to pay rebates as disclosed in note 3 Fees and Expenses. The Investment Manager may from time to time waive its entitlement to some or all of the Investment Manager’s fee and expenses.
Directors’ fees for the six months ended 30 June 2026 (excluding expenses) amounted to GBP 26,580 (30 June 2025: GBP 24,565) of which GBP 890 (31 December 2025: GBP 46) remained payable at the period end.
Waystone Management Company (IE) Limited (“WMC”), as Manager is considered a related party as it is considered to have significant influence in its role as Manager. Waystone Centralised Services (IE) Limited (“WCS”), which is part of the same economic group as WMC, provides ancillary services to the Company. Total WCS and WMC fees for the six months ended 30 June 2026 amounted to GBP 127,984 (30 June 2025: GBP 131,332) of which GBP 27,428 (31 December 2025: GBP 68,783) remained payable at the period end.
Helen Howell is an employee of TwentyFour Asset Management LLP and any Director fees for her role are waived.
None of the Directors had shareholdings in the Funds at 30 June 2026 (31 December 2025: Nil).
Staff and partners of TwentyFour Asset Management LLP held 3,215.37 shares in the funds of the Company as at 30 June 2026 (31 December 2025: 3,215.37).
5. Transactions with connected persons
Any transaction carried out with the Company by a management company or Depositary to the Company, the delegates or sub delegates of the management company or Depositary, and any associated or group companies of such a management company, depositary, delegate or sub-delegate (“connected persons”) must be carried out as if negotiated at arm’s length. Transactions must be in the best interests of the shareholders.
The Manager is satisfied that there are arrangements (evidenced by written procedures) in place, to ensure that the obligations set out above are applied to all transactions with connected persons, and are satisfied that transactions with connected persons entered into during the financial period complied with the obligations set out above.
3. Fees and expenses (continued)
Page 28
TwentyFour Global Investment Funds p.l.c. Interim Report and Condensed Unaudited Financial Statements For the six months ended 30 June 2026 Notes to the Financial Statements (continued) For the six months ended 30 June 2026
26
6. Share capital
The authorised share capital of the Company is 300,000 redeemable non-participating shares of no par value and 500,000,000,000 participating shares of no par value. Non-participating shares do not entitle the holders thereof to any dividend and on a winding up entitle the holders thereof to receive the consideration paid therefore but do not otherwise entitle them to participate in the assets of the Company. The Directors have the power to allot shares in the capital of the Company on such terms and in such manner as they may think fit.
The non-participating shares do not form part of the net assets of the Company and are disclosed by way of this note only. Holders are entitled to one vote per share held at meetings of shareholders and are not entitled to receive dividends.
Each participating share gives the holder one vote in relation to any matters relating to the Company which are submitted to shareholders for a vote by poll. Fractions of shares do not carry voting rights.
The shares issued in the Funds will rank pari passu with each other in all respects provided that they may differ as to certain matters including currency of denomination, hedging strategies if any applied to the currency of a particular class, dividend policy, voting rights, return of capital, the level of fees and expenses to be charged, subscription or redemption procedures or the minimum subscription, minimum holding and minimum transaction size applicable.
During the six months ended 30 June 2026 and the financial year ended 31 December 2025 the numbers of shares issued, redeemed and outstanding were as follows:
TwentyFour Corporate Bond Fund 30 June 2026 GBP Class I Inc GBP Class I Acc GBP Class Inc GBP Class Acc
Shares in issue at start of financial period 9,679,484 2,026,704 300,629 154,714 Shares subscribed 974,126 139,069 32,220 12,834 Shares redeemed (1,078,088) (737,790) (43,042) (29,632) Shares in issue at end of financial period 9,575,522 1,427,983 289,807 137,916
TwentyFour Corporate Bond Fund 30 June 2026 GBP Class I Inc GBP Class I Acc GBP Class Inc GBP Class Acc
Shares subscribed 82,878,805 18,494,617 2,695,319 1,647,191 Shares redeemed (91,745,501) (97,750,605) (3,597,981) (3,811,588) Net value of redemptions during the financial period (8,866,696) (79,255,988) (902,662) (2,164,397)
TwentyFour Sustainable Global Corporate Bond Fund 30 June 2026 GBP Class G Acc GBP Class I Inc GBP Class I Acc
Shares in issue at start of financial period 218 6,634 167,220 Shares subscribed 17,195 9,199 94,854 Shares redeemed (469) (2,099) (20,378) Shares in issue at end of financial period 16,944 13,734 241,696
TwentyFour Sustainable Global Corporate Bond Fund 30 June 2026 GBP Class G Acc GBP Class I Inc GBP Class I Acc
Shares subscribed 1,767,625 921,260 10,140,390 Shares redeemed (48,540 ) (208,906) (2,177,428) Net value of subscriptions during the financial period 1,719,08 5 712,354 7,962,962
Page 29
TwentyFour Global Investment Funds p.l.c. Interim Report and Condensed Unaudited Financial Statements For the six months ended 30 June 2026 Notes to the Financial Statements (continued) For the six months ended 30 June 2026
27
TwentyFour Corporate Bond Fund 31 December 2025 GBP Class I Inc GBP Class I Acc GBP Class Inc GBP Class Acc
Shares in issue at start of financial year 9,471,896 2,019,051 404,614 383,495 Shares subscribed 3,335,720 1,201,802 68,872 29,870 Shares redeemed (3,128,132) (1,194,149) (172,857) (258,651) Shares in issue at end of financial year 9,679,484 2,026,704 300,629 154,714
TwentyFour Corporate Bond Fund 31 December 2025 GBP Class I Inc GBP Class I Acc GBP Class Inc GBP Class Acc
Shares subscribed 284,002,426 152,643,894 5,754,099 3,664,235 Shares redeemed (266,635,616) (150,658,637) (14,447,213) (31,495,362) Net value of subscriptions/ (redemptions) during the financial year 17,366,810 1,985,257 (8,693,114) (27,831,127)
TwentyFour Sustainable Global Corporate Bond Fund 31 December 2025 GBP Class G Acc* GBP Class I Inc GBP Class I Acc
Shares in issue at start of financial year – 1,568 135,378 Shares subscribed 218 6,261 75,854 Shares redeemed – (1,195) (44,012) Shares in issue at end of financial year 218 6,634 167,220
TwentyFour Sustainable Global Corporate Bond Fund 31 December 2025 GBP Class G Acc* GBP Class I Inc GBP Class I Acc
Shares subscribed 22,242 620,673 7,737,074 Shares redeemed (12) (118,156) (4,492,767) Net value of subscriptions during the financial year 22,230 502,517 3,244,307
*TwentyFour Sustainable Global Corporate Bond Fund GBP Class G Acc launched on 2 September 2025.
7. Net Asset Value
TwentyFour Corporate Bond Fund 30 June 2026 1.01 GBP Class I Inc GBP 1.02 GBP Class I Acc GBP
Net assets attributable to holders of redeemable participating shares 816,235,359 192,650,207 Net asset value per redeemable participating share 85.24 134.91
TwentyFour Corporate Bond Fund 30 June 2026 1.03 GBP Class Inc GBP 1.04 GBP Class Acc GBP
Net assets attributable to holders of redeemable participating shares 24,224,471 17,948,472 Net asset value per redeemable participating share 83.59 130.14
6. Share capital (continued)
Page 30
TwentyFour Global Investment Funds p.l.c. Interim Report and Condensed Unaudited Financial Statements For the six months ended 30 June 2026 Notes to the Financial Statements (continued) For the six months ended 30 June 2026
28
TwentyFour Sustainable Global Corporate Bond Fund 30 June 2026 1.01 GBP Class G Acc GBP 1.02 GBP Class I Acc GBP
Net assets attributable to holders of redeemable participating shares 1,755,900 26,014,148 Net asset value per redeemable participating share 103.63 107.63
TwentyFour Sustainable Global Corporate Bond Fund 30 June 2026 1.02 GBP Class I Inc GBP
Net assets attributable to holders of redeemable participating shares 1,363,366 Net asset value per redeemable participating share 99.27
TwentyFour Corporate Bond Fund 31 December 2025 1.01 GBP Class I Inc GBP 1.02 GBP Class I Acc GBP
Net assets attributable to holders of redeemable participating shares 835,868,240 269,626,754 Net asset value per redeemable participating share 86.35 133.04
TwentyFour Corporate Bond Fund 31 December 2025 1.03 GBP Class Inc GBP 1.04 GBP Class Acc GBP
Net assets attributable to holders of redeemable participating shares 25,482,641 19,874,784 Net asset value per redeemable participating share 84.76 128.46
TwentyFour Sustainable Global Corporate Bond Fund 31 December 2025 1.01* GBP Class G Acc* GBP 1.02 GBP Class I Acc GBP
Net assets attributable to holders of redeemable participating shares 22,275 17,787,745 Net asset value per redeemable participating share 102.37 106.37
TwentyFour Sustainable Global Corporate Bond Fund 31 December 2025 1.02 GBP Class I Inc GBP
Net assets attributable to holders of redeemable participating shares 665,942 Net asset value per redeemable participating share 100.38
*TwentyFour Sustainable Global Corporate Bond Fund GBP Class G Acc launched on 2 September 2025.
7. Net Asset Value (continued)
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TwentyFour Global Investment Funds p.l.c. Interim Report and Condensed Unaudited Financial Statements For the six months ended 30 June 2026 Notes to the Financial Statements (continued) For the six months ended 30 June 2026
29
TwentyFour Corporate Bond Fund 31 December 2024 1.01 GBP Class I Inc GBP 1.02 GBP Class I Acc GBP
Net assets attributable to holders of redeemable participating shares 801,279,926 249,708,619 Net asset value per redeemable participating share 84.60 123.68
TwentyFour Corporate Bond Fund 31 December 2024 1.03 GBP Class Inc GBP 1.04 GBP Class Acc GBP
Net assets attributable to holders of redeemable participating shares 33,660,636 45,880,595 Net asset value per redeemable participating share 83.19 119.64
TwentyFour Sustainable Global Corporate Bond Fund 31 December 2024 1.02* GBP Class I Acc GBP 1.02** GBP Class I Inc GBP
Net assets attributable to holders of redeemable participating shares 13,450,470 153,915 Net asset value per redeemable participating share 99.36 98.16
8. Taxation
Under current Irish law and practice the Company qualifies as an investment undertaking as defined in Section 739B of the Taxes Consolidation Act, 1997, as amended (the “TCA”). On that basis, it is not chargeable to Irish tax on its income or gains.
However, Irish tax may arise if a "chargeable event" occurs. A chargeable event includes any distribution payments to shareholders or any encashment, redemption, cancellation, transfer or deemed disposal of shares for Irish tax purposes, arising as a result of holding shares in the Company for a period of eight years or more, or the appropriation or cancellation of shares by the Company for the purposes of meeting the amount of tax payable on a gain arising on a transfer.
No Irish tax will arise on the Company in respect of chargeable events in respect of:
(a) a shareholder who is neither Irish resident nor ordinarily resident in Ireland for tax purposes, at the time of the chargeable event, provided the appropriate valid declarations in accordance with Schedule 2B of the TCA, are held by the Company and the Company is not in possession of any information which would reasonably suggest that the information contained therein is no longer materially correct or the company has been authorised by the Irish Revenue Commissioners to make gross payments in the absence of appropriate declarations; or
(b) a shareholder who is an exempt Irish investor (as defined in Section 739D TCA), at the time of the chargeable event, provided the declarations in accordance with Schedule 2B of the TCA, are held by the Company and the Company is not in possession of any information which would reasonably suggest that the information contained therein is no longer materially correct or the Company has been authorised by the Irish Revenue Commissioners to make gross payments in the absence of appropriate declarations.
Dividends, interest and capital gains (if any) received on investments made by the Company may be subject to taxes imposed by the country from which the investment income/gains are received and such taxes may not be recoverable by the Company or its shareholders.
7. Net Asset Value (continued)
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TwentyFour Global Investment Funds p.l.c. Interim Report and Condensed Unaudited Financial Statements For the six months ended 30 June 2026 Notes to the Financial Statements (continued) For the six months ended 30 June 2026
30
9. Efficient portfolio management & use of financial derivative instruments
The Company may engage in transactions in financial derivative instruments for the purposes of efficient portfolio management and/or to protect against exchange risks, within the conditions and limits laid down by the Central Bank. Such instruments include currency swaps, futures and forward currency contracts. The Funds may use any such financial derivative instrument in order to hedge or gain certain exposures including exposures to currencies, interest rates, instruments, markets, reference rates or financial indices, provided that the Funds may not have an indirect exposure to an instrument, issuer or currency to which they cannot have a direct exposure.
During the six months period ended 30 June 2026 and financial year ended 31 December 2025, the Funds used forward currency contracts to hedge against currency risk that has resulted from assets held by the Funds that are not in the base currency. Risks associated with forward foreign currency contracts are the inability of counterparties to meet the terms of their contracts and movements in fair value and exchange rates.
The Investment Manager uses the commitment approach to calculate the exposure of the Funds to financial derivative instruments. Derivatives exposure will not exceed 100% of the Net Asset Value of the Funds on a permanent basis. The Funds may not be leveraged in excess of 100% of the Net Asset Value as a result of their investment in financial derivative instruments.
10. Soft commissions
The Investment Manager will pay its own research costs; these are not charged back to any of their clients.
11. Exchange rates
The exchange rates used to translate foreign currency balances and foreign currency-denominated assets and liabilities to GBP at 30 June 2026 and 31 December 2025 were as follows:
Exchange rate to GBP 30 June 2026 31 December 2025
Euro 1.16090 1.14530 US Dollar 1.32730 1.34510 Swiss Franc 1.07060 1.06560
12. Distributions
TwentyFour Corporate Bond Fund 30 June 2026
The following distributions were declared in respect of the GBP share classes:
Distribution Income available Share Class Currency Record date Ex-dividend date Pay date per share For Distribution GBP Class I Inc
GBP 30 March 2026 31 March 2026 30 April 2026 1.140961 £10,997,836
GBP Class Inc
GBP 30 March 2026 31 March 2026 30 April 2026 1.119673 £329,901
GBP Class I Inc
GBP 29 June 2026 30 June 2026 31 July 2026 1.150816 £11,071,145
GBP Class Inc
GBP 29 June 2026 30 June 2026 31 July 2026 1.128782 £381,786
Reinvested £6,090 Cash £22,720,178 TwentyFour Corporate Bond Fund Total £22,726,269
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TwentyFour Global Investment Funds p.l.c. Interim Report and Condensed Unaudited Financial Statements For the six months ended 30 June 2026 Notes to the Financial Statements (continued) For the six months ended 30 June 2026
31
TwentyFour Sustainable Global Corporate Bond Fund 30 June 2026
The following distributions were declared in respect of the GBP share classes:
Distribution Income available Share Class Currency Record date Ex-dividend date Pay date per share For Distribution GBP Class I Inc
GBP 30 March 2026 31 March 2026 30 April 2026 1.149823 £15,148
GBP Class I Inc
GBP 29 June 2026 30 June 2026 31 July 2026 1.128396 £15,498
Reinvested £0 Cash £30,646 TwentyFour Sustainable Global Corporate Bond Fund Total £30,646
TwentyFour Corporate Bond Fund 30 June 2025
The following distributions were declared in respect of the GBP share classes:
Distribution Income available Share Class Currency Record date Ex-dividend date Pay date per share For Distribution GBP Class I Inc
GBP 28 March 2025 31 March 2025 30 April 2025 1.093782 £9,774,334
GBP Class Inc
GBP 28 March 2025 31 March 2025 30 April 2025 1.075473 £389,808
GBP Class I Inc
GBP 27 June 2025 30 June 2025 31 July 2025 1.114895 £10,963,864
GBP Class Inc
GBP 27 June 2025 30 June 2025 31 July 2025 1.095750 £381,784
Reinvested £337,434 Cash £21,172,361 TwentyFour Corporate Bond Fund Total £21,509,791
TwentyFour Sustainable Global Corporate Bond Fund 30 June 2025
The following distributions were declared in respect of the GBP share classes:
Distribution Income available Share Class Currency Record date Ex-dividend date Pay date per share For Distribution GBP Class I Inc
GBP 28 March 2025 31 March 2025 30 April 2025 1.110899 £5,245
GBP Class I Inc
GBP 27 June 2025 30 June 2025 31 July 2025 1.123651 £4,279
Reinvested £0 Cash £9,524 TwentyFour Sustainable Global Corporate Bond Fund Total £9,524
12. Distributions (continued)
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TwentyFour Global Investment Funds p.l.c. Interim Report and Condensed Unaudited Financial Statements For the six months ended 30 June 2026 Notes to the Financial Statements (continued) For the six months ended 30 June 2026
32
13. Directors’ remuneration
Unless and until otherwise determined from time to time by the Company in a general meeting, the ordinary remuneration of each Director shall be determined from time to time by resolution of the Directors. Any Director who is appointed as an Executive Director (including for this purpose the office of chairman or deputy chairman) or who serves on any committee, or who otherwise performs services which in the opinion of the Directors are outside the scope of the ordinary duties of a Director, may be paid such extra remuneration by way of fees, commission or otherwise as the Directors may determine. The Directors may be paid all travelling, hotel and other out-of-pocket expenses properly incurred by them in connection with their attendance at meetings of the Directors or committees established by the Directors or general meetings or separate meetings of the holders of any class of shares of the Company or otherwise in connection with the discharge of their duties. For further detail please refer to note 4 related party transactions.
14. Significant events during the period
Distributions to shareholders of distributing shares were paid on 30 January 2026 and 30 April 2026.
The US-Iran conflict is being monitored closely by the Investment Manager. While the Company has no direct exposure to the region, the impact of higher oil prices to inflation, growth and central bank policy are the key potential drivers for the portfolio. Given the Investment Manager’s general caution on the tight levels credit spreads have reached, the portfolio is already positioned to be robust to any economic downturn and tilted towards quality. This is a good starting point to market stress but the Investment Manager will be alert to the need to reduce portfolio beta or increase liquidity as the situation develops.
On 14 April 2026, the Company issued an updated Prospectus and Supplements to indicate the liquidity management tools available and reflect other general updates.
There have been no other events during the period ended 30 June 2026 that require disclosure in these financial statements.
15. Subsequent events
Effective 15 July 2026, Waystone Financial Investments Limited, whose registered office is at 3rd Floor, 29 Wellington Street, Central Square, Leeds, UK, LS1 4DL, was appointed the UK Facilities A Agent.
As of 15 July 2026, the Sub-Funds of TwentyFour Global Investment Funds plc (namely, TwentyFour Corporate Bond Fund and TwentyFour Sustainable Global Corporate Bond Fund) were admitted to the FCA’s Overseas Fund Regime (“OFC”).
On 20 July 2026, TwentyFour Asset Management LLP changed its registered address to 20 Fenchurch Street, 4th Floor, London, UK, EC3M 3BY.
There have been no other subsequent events affecting the Company since 30 June 2026 that require recognition or disclosure in these financial statements.
16. Cyber security risk
Cyber security breaches may occur allowing an unauthorised party to gain access to assets of the Funds, Shareholder data, or proprietary information, or may cause the Company, the Manager, the Investment Manager, the Distributor, the Administrator or the Depositary to suffer data corruption or lose operational functionality . The Funds may be affected by intentional cyber security breaches which include unauthorised access to systems, networks, or devices (such as through “hacking” activity); infection from computer viruses or other malicious software code; and attacks that shut down, disable, slow, or otherwise disrupt operations, business processes, or website access or functionality. In addition, unintentional incidents can occur, such as the inadvertent release of confidential information (possibly resulting in the violation of applicable privacy laws). A cyber security breach could result in the loss or theft of Shareholder data or funds, the inability to access electronic systems, loss or theft of proprietary information or corporate data, physical damage to a computer or network system, or costs associated with system repairs.
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TwentyFour Global Investment Funds p.l.c. Interim Report and Condensed Unaudited Financial Statements For the six months ended 30 June 2026 Notes to the Financial Statements (continued) For the six months ended 30 June 2026
33
Such incidents could cause the Company, the Manager, the Investment Manager, the Distributor, the Administrator, the Depositary, or other service providers to incur regulatory penalties, reputational damage, additional compliance costs, or financial loss. Consequently, Shareholders may lose some or all of their invested capital. In addition, such incidents could affect issuers in which the Funds invest, and thereby cause the Funds’ investments to lose value, as a result of which investors, including the Funds and their Shareholders, could potentially lose all or a portion of their investment with that issuer.
17. Common Reporting Standard (“CRS”) data protection information notice
The Company hereby provides the following data protection information notice to all Shareholders in the Funds either as at 31 December 2015 or at any point of time since this date.
For the avoidance of doubt, this notice applies equally to any shareholders that have ceased to hold shares in the Funds since 1 January 2016. Furthermore, it should be noted that this notice may be applicable to Controlling Persons of certain shareholders. The Funds hereby confirm that they intend to take such steps as may be required to satisfy any obligations imposed by (i) the Organisation for Economic Co-operation and Development’s (“OECD’s”) Standard for Automatic Exchange of Financial Account Information in Tax Matters (the “Standard”), which therein contains the CRS, as applied in Ireland by means of the relevant international legal framework and Irish tax legislation and (ii) EU Council Directive 2014/107/EU, amending Directive 2011/16/EU as regards mandatory automatic exchange information in the field of taxation (“DAC2”), as applied in Ireland by means of the relevant Irish tax legislation, so as to ensure compliance or deemed compliance (as the case may be) with the Standard/CRS and the DAC2 from 1 January 2016.
In this regard, the Company on behalf of the Funds is obliged under Section 891F and Section 891G of the Irish Taxes Consolidation Act, 1997 (as amended) and regulations made pursuant to those sections to collect certain information about each shareholder’s tax arrangements (and also collect information in relation to relevant Controlling Persons of specific Shareholders).
In certain circumstances, the Company on behalf of the Funds may be legally obliged to share this information and other financial information with respect to a shareholder’s interests in the Funds with the Irish Revenue Commissioners (and, in particular situations, also share information in relation to relevant Controlling Persons of specific Shareholders). In turn, and to the extent the account has been identified as a Reportable Account, the Irish Revenue Commissioners will exchange this information with the country of residence of the Reportable Person(s) in respect of that Reportable Account.
In particular, information that may be reported in respect of a shareholder (and relevant Controlling Persons, if applicable) includes name, address, date of birth, place of birth, account number, account balance or value at period end (or, if the account was closed during such period, the balance or value at the date of closure of the account), any payments (including redemption and dividend/interest payments) made with respect to the account during the period, tax residency(ies) and tax identification number(s).
18. Approval of the Financial Statements
These financial statements were approved by the Directors on 18 August 2026.
16. Cyber security risk (continued)
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TwentyFour Global Investment Funds p.l.c. Interim Report and Condensed Unaudited Financial Statements For the six months ended 30 June 2026
Schedule of Investments
34
As at 30 June 2026
TwentyFour Corporate Bond Fund
Holdings Financial assets at fair value through profit or loss
Fair Value GBP
% of Net Assets
Bonds: 98.33% (31 Dec 2025: 98.62%)
Corporate Bonds - Long Positions : 86.39% ( 31 Dec 2025 : 86.24% )
Australia : 2.60% ( 31 Dec 2025 : 2.40% )
15,574,000 APA Infrastructure 2.50% 15/03/2036 11,894,866 1.13 7,800,000 APA Infrastructure 7.13% 09/11/2083 7,191,715 0.69 8,300,000 Australia & New Zealand Banking 5.15% 18/08/2036 8,217,029 0.78
Total Australia 27,303,610 2.60
Canada : 0.71% ( 31 Dec 2025 : 0.24% )
9,790,000 TELUS 6.63% 15/10/2055 7,485,537 0.71
Total Canada 7,485,537 0.71
France : 10.02% ( 31 Dec 2025 : 9.33% )
15,370,000 AXA FRN 5.50% 11/07/2043 14,418,059 1.37 17,500,000 BNP Paribas SA 6.32% 15/11/2035 18,020,040 1.71 11,400,000 BPCE FRN 5.25% 31/07/2032 11,373,450 1.08 10,800,000 Credit Agricole SA 5.38% 20/12/2037 10,554,683 1.00 8,000,000 Credit Agricole SA 6.00% 22/10/2035 8,132,785 0.77 6,300,000 Engie SA 4.63% 31/12/2049 5,366,110 0.51 5,800,000 Engie SA 6.13% 31/12/2049 5,854,371 0.56 12,600,000 Orange S.A. FRN 5.38% 31/12/2049 11,401,370 1.09 11,800,000 Societe Generale 5.64% 09/09/2032 11,943,180 1.14 9,500,000 TotalEnergies SE 4.13% 31/12/2049 8,277,685 0.79
Total France 105,341,733 10.02
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TwentyFour Global Investment Funds p.l.c. Interim Report and Condensed Unaudited Financial Statements For the six months ended 30 June 2026
Schedule of Investments (continued)
35
As at 30 June 2026
Holdings Financial assets at fair value through profit or loss (continued)
Fair Value GBP
% of Net Assets
Corporate Bonds - Long Positions: 86.39% (31 Dec 2025: 86.24%) (continued)
Ireland : 0.56% ( 31 Dec 2025 : 0.52% )
6,000,000 Zurich Finance Ireland Designated Activity 5.13% 23/11/2052 5,898,803 0.56
Total Ireland 5,898,803 0.56
Italy : 3.50% ( 31 Dec 2025 : 1.94% )
13,300,000 Enel SpA 4.13% 31/12/2049 11,338,351 1.08 10,000,000 Intesa Sanpaolo SpA 8.51% 20/09/2032 11,495,842 1.09 2,720,000 Intesa Sanpaolo SpA 9.13% 31/12/2049 2,674,198 0.26 11,200,000 UniCredit SpA 5.26% 22/10/2031 11,235,839 1.07
Total Italy 36,744,230 3.50
Jersey : 1.83% ( 31 Dec 2025 : 2.15% )
13,600,000 CPUK Finance CB 6.14% 28/08/2031 14,002,282 1.33 5,300,000 Porterbrook Rail Finance CB 4.63% 04/04/2029 5,265,349 0.50
Total Jersey 19,267,631 1.83
Luxembourg : 0.93% ( 31 Dec 2025 : 0.85% )
11,000,000 Prologis International Funding II CB 2.75% 22/02/2032 9,783,997 0.93
Total Luxembourg 9,783,997 0.93
Netherlands : 5.71% ( 31 Dec 2025 : 5.91% )
14,520,000 ASR Nederland FRN 7.00% 07/12/2043 14,716,113 1.40 12,750,000 E.ON International Finance CB 6.13% 06/07/2039 12,818,115 1.22 7,700,000 Enel Finance International NV 5.75% 14/09/2040 7,413,211 0.71
TwentyFour Corporate Bond Fund (continued)
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TwentyFour Global Investment Funds p.l.c. Interim Report and Condensed Unaudited Financial Statements For the six months ended 30 June 2026
Schedule of Investments (continued)
36
As at 30 June 2026
Holdings Financial assets at fair value through profit or loss (continued)
Fair Value GBP
% of Net Assets
Corporate Bonds - Long Positions: 86.39% (31 Dec 2025: 86.24%) (continued)
Netherlands: 5.71% (31 Dec 2025: 5.91%) (continued)
7,900,000 ING Groep FRN 6.25% 20/05/2033 8,046,163 0.77 12,000,000 NN Group FRN 6.00% 03/11/2043 11,509,017 1.09 6,000,000 Telefonica Europe CB 5.75% 31/12/2049 5,477,265 0.52
Total Netherlands 59,979,884 5.71
Portugal : 0.92% ( 31 Dec 2025 : 0.86% )
11,000,000 EDP SA 4.75% 29/05/2054 9,657,906 0.92
Total Portugal 9,657,906 0.92
Spain : 3.08% ( 31 Dec 2025 : 2.83% )
11,100,000 Banco Santander SA 5.50% 28/04/2033 11,137,494 1.06 10,000,000 CaixaBank 4.75% 29/11/2031 9,885,669 0.94 11,700,000 Iberdrola Finanzas SA 5.25% 31/10/2036 11,409,303 1.08
Total Spain 32,432,466 3.08
Sweden : 1.08% ( 31 Dec 2025 : 1.89% )
10,500,000 Vattenfall AB 6.88% 15/04/2039 11,398,111 1.08
Total Sweden 11,398,111 1.08
United Kingdom : 48.00% ( 31 Dec 2025 : 50.17% )
6,000,000 Aviva FRN 6.13% 12/09/2054 6,093,241 0.58 6,080,000 Aviva FRN 6.88% 31/12/2049 6,197,049 0.59 11,000,000 Aviva FRN 6.88% 20/05/2058 11,388,817 1.08
TwentyFour Corporate Bond Fund (continued)
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TwentyFour Global Investment Funds p.l.c. Interim Report and Condensed Unaudited Financial Statements For the six months ended 30 June 2026
Schedule of Investments (continued)
37
As at 30 June 2026
Holdings Financial assets at fair value through profit or loss (continued)
Fair Value GBP
% of Net Assets
Corporate Bonds - Long Positions: 86.39% (31 Dec 2025: 86.24%) (continued)
United Kingdom: 48.00% (31 Dec 2025: 50.17%) (continued)
4,950,000 Barclays PLC FRN 5.85% 21/03/2035 5,001,068 0.48 13,200,000 Barclays PLC FRN 6.17% 29/07/2036 13,403,505 1.28 5,200,000 Barclays PLC FRN 8.50% 31/12/2049 5,526,417 0.53 11,300,000 BP Capital Markets PLC CB 6.00% 31/12/2049 11,510,621 1.10 7,350,000 Bunzl Finance PLC CB 4.00% 31/12/2049 6,278,268 0.60 4,500,000 Bunzl Finance PLC CB 5.25% 18/03/2031 4,508,757 0.43 8,400,000 Bunzl Finance PLC CB 5.75% 18/03/2036 8,353,718 0.79 13,000,000 BUPA Finance PLC CB 4.13% 14/06/2035 11,391,576 1.08 19,026,000 Cadent Finance CB 2.63% 22/09/2038 13,437,501 1.28 10,400,000 Centrica PLC FRN 6.50% 21/05/2055 10,667,049 1.01 6,230,000 Chesnara PLC CB 4.75% 04/08/2032 5,880,570 0.56 9,200,000 Coventry Building Society FRN 5.88% 12/03/2030 9,414,813 0.90 6,000,000 Coventry Building Society FRN 8.75% 31/12/2049 6,325,234 0.60 13,000,000 Eastern Power Networks PLC CB 5.38% 02/10/2039 12,346,398 1.17 7,800,000 Experian Finance PLC CB 5.25% 17/08/2035 5,884,667 0.56 5,344,000 Grainger CB 3.38% 24/04/2028 5,192,428 0.49 13,880,000 GSK Consumer Healthcare CB 3.38% 29/03/2038 11,114,790 1.06 15,300,000 HSBC Holdings PLC FRN 8.20% 16/11/2034 16,506,992 1.57 11,300,000 J Sainsbury PLC 5.63% 29/01/2035 11,298,213 1.08 10,980,000 Leeds Building Society 5.50% 30/01/2031 11,145,922 1.06 16,910,000 Legal & General Group PLC 6.63% 01/04/2055 17,514,140 1.67 9,125,000 Lloyds Banking Group FRN 2.71% 03/12/2035 8,140,215 0.77 9,500,000 Lloyds Banking Group FRN 5.63% 16/09/2036 9,489,387 0.90 2,100,000 Lloyds Banking Group FRN 7.88% 31/12/2049 2,192,348 0.21
12,800,000
National Grid Electricity Distribution South Wales PLC 5.35% 10/07/2039 12,004,036 1.14 11,500,000 Nationwide Building Society CB 5.50% 14/07/2036 11,486,608 1.09 11,300,000 Nationwide Building Society CB 7.50% 31/12/2049 11,626,006 1.11 2,700,000 NatWest Group FRN 4.50% 31/12/2049 2,636,194 0.25 10,662,000 NatWest Group FRN 5.64% 17/10/2034 10,758,631 1.02 7,900,000 NIE Finance PLC CB 5.88% 03/09/2041 7,756,501 0.74 5,500,000 Pearson Funding PLC 5.38% 12/09/2034 5,385,394 0.51 4,370,000 Pearson Funding PLC 6.38% 28/04/2036 4,461,994 0.42 16,500,000 Pension Insurance CB 6.88% 15/11/2034 16,977,936 1.62 5,450,000 Pension Insurance CB 7.38% 31/12/2049 5,595,020 0.53 14,200,000 Phoenix Group Holdings PLC CB 7.75% 06/12/2053 15,465,177 1.47 11,706,000 Prudential FRN 5.63% 20/10/2051 11,637,409 1.11 14,550,000 Rl Finance Bonds No 4 PLC CB 4.88% 07/10/2049 12,222,815 1.16 8,650,000 Rothesay Life PLC CB 7.02% 10/12/2034 9,145,970 0.87 11,900,000 Rothesay Life PLC CB 7.73% 16/05/2033 13,011,234 1.24 11,250,000 Sage 5.63% 05/03/2037 10,734,548 1.02
TwentyFour Corporate Bond Fund (continued)
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TwentyFour Global Investment Funds p.l.c. Interim Report and Condensed Unaudited Financial Statements For the six months ended 30 June 2026
Schedule of Investments (continued)
38
As at 30 June 2026
Holdings Financial assets at fair value through profit or loss (continued)
Fair Value GBP
% of Net Assets
Corporate Bonds - Long Positions: 86.39% (31 Dec 2025: 86.24%) (continued)
United Kingdom: 48.00% (31 Dec 2025: 50.17%) (continued)
7,650,000 Severn Trent Utilities Finance PLC CB 4.63% 30/11/2034 7,177,399 0.68 4,000,000 Severn Trent Utilities Finance PLC CB 5.88% 31/07/2038 3,952,510 0.38 5,120,000 Skipton Building Society CB 6.25% 25/04/2029 5,247,341 0.50 12,050,000 SSE FRN 4.38% 31/12/2049 10,479,460 1.00 9,953,501 Telereal Secured Finance PLC CB 4.01% 10/12/2031 9,546,413 0.91 12,100,000 Telereal Securitisation PLC CB 5.63% 10/12/2031 12,187,365 1.16 9,500,000 Tesco Corporate Treasury Services PLC CB 5.13% 22/05/2034 9,237,117 0.88 12,259,000 Tesco Corporate Treasury Services PLC CB 6.15% 15/11/2037 9,466,230 0.90 11,409,000 UNITE Group PLC 5.63% 25/06/2032 11,476,212 1.09 9,900,000 Vodafone Group PLC CB 8.00% 30/08/2086 10,725,740 1.02 8,000,000 Yorkshire Building Society FRN 3.38% 13/09/2028 7,865,141 0.75
Total United Kingdom 504,470,105 48.00
United States : 7.45% ( 31 Dec 2025 : 7.15% )
12,550,000 AT&T CB 7.00% 30/04/2040 13,375,201 1.27 5,900,000 Citigroup 4.50% 03/03/2031 5,761,056 0.55 13,778,000 Digital Stout CB 3.75% 17/10/2030 13,048,674 1.24 14,400,000 Fiserv 3.00% 01/07/2031 12,825,912 1.22 6,000,000 General Motors Financial CB 5.50% 12/01/2030 6,093,939 0.58 6,465,000 Morgan Stanley 5.21% 24/10/2035 6,341,632 0.60 4,600,000 Southern Co Gas Capital FRN 6.05% 15/09/2056 3,472,457 0.33 10,800,000 Verizon Communications CB 3.38% 27/10/2036 8,791,499 0.84 8,610,000 Verizon Communications CB 5.75% 15/06/2056 8,577,011 0.82
Total United States 78,287,381 7.45
Total Corporate Bonds - Long Positions 908,051,394 86.39
TwentyFour Corporate Bond Fund (continued)
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TwentyFour Global Investment Funds p.l.c. Interim Report and Condensed Unaudited Financial Statements For the six months ended 30 June 2026
Schedule of Investments (continued)
39
As at 30 June 2026
Holdings Financial assets at fair value through profit or loss (continued)
Fair Value GBP
% of Net Assets
Government Bonds - Long Positions : 10.11% ( 31 Dec 2025 : 10.53% )
Supranational : 0.47% ( 31 Dec 2025 : 0.52% )
5,400,000 European Investment Bank Bds 3.88% 08/06/2037 4,925,048 0.47
Total Supranational 4,925,048 0.47
United Kingdom : 9.64% ( 31 Dec 2025 : 10.01% )
72,350,000 United Kingdom (Government of) Bds 1.75% 07/09/2037 52,897,251 5.03 18,900,000 United Kingdom (Government of) Bds 3.50% 22/01/2045 14,773,354 1.41 13,150,000 United Kingdom (Government of) Bds 3.75% 29/01/2038 11,738,535 1.12 19,895,000 United Kingdom (Government of) Bds 4.25% 07/03/2036 19,067,082 1.81 2,850,000 United Kingdom (Government of) Bds 4.50% 07/03/2035 2,809,708 0.27
Total United Kingdom 101,285,930 9.64
Total Government Bonds - Long Positions 106,210,978 10.11
Government Sponsored Agency Bonds - Long Positions : 1.83% ( 31 Dec 2025 : 1.85% )
Denmark : 0.54% ( 31 Dec 2025 : 0.50% )
6,000,000 Orsted FRN 5.13% 13/09/2034 5,711,053 0.54
Total Denmark 5,711,053 0.54
Germany : 1.00% ( 31 Dec 2025 : 0.93% )
10,200,000 Deutsche Bank A.G. 6.13% 12/12/2030 10,539,522 1.00
Total Germany 10,539,522 1.00
TwentyFour Corporate Bond Fund (continued)
Page 42
TwentyFour Global Investment Funds p.l.c. Interim Report and Condensed Unaudited Financial Statements For the six months ended 30 June 2026
Schedule of Investments (continued)
40
As at 30 June 2026
Holdings Financial assets at fair value through profit or loss (continued)
Fair Value GBP
% of Net Assets
Government Sponsored Agency Bonds - Long Positions: 1.83% (31 Dec 2025: 1.85%) (continued)
United Kingdom : 0.29% ( 31 Dec 2025 : 0.42% )
3,000,000 NIE Finance 5.75% 07/12/2035 3,023,242 0.29
Total United Kingdom 3,023,242 0.29
Total Government Sponsored Agency Bonds - Long Positions 19,273,817 1.83
Total Bonds 1,033,536,189 98.33
Financial Derivative Instruments : 0.06% ( 31 Dec 2025 : 0.08% )
Forward Currency Contracts : 0.06% ( 31 Dec 2025 : 0.08% )
Counterparty Currency Buys
Currency Sells
Currency Rate
Maturity Date
Unrealised Gain
% of Net Assets
Northern Trust GBP 114,172,704 EUR 131,799,884 0.8663 17/07/2026 578,734 0.06 Northern Trust GBP 1,203,864 EUR 1,387,260 0.8678 17/07/2026 8,231 Northern Trust GBP 1,213,512 USD 1,600,000 0.7584 17/07/2026 8,001 –
Total Fair Value Gains on Forward Currency Contracts 594,966 0.06
Total Financial Derivative Instruments 594,966 0.06
Total Financial assets at fair value through profit or loss 1,034,131,155 98.39
TwentyFour Corporate Bond Fund (continued)
Page 43
TwentyFour Global Investment Funds p.l.c. Interim Report and Condensed Unaudited Financial Statements For the six months ended 30 June 2026
Schedule of Investments (continued)
41
As at 30 June 2026
Financial liabilities at fair value through profit or loss
Financial Derivative Instruments : (0.03%) ( 31 Dec 2025 : 0.00% )
Forward Currency Contracts : (0.03%) ( 31 Dec 2025 : 0.00% )
Counterparty Currency Buys
Currency Sells
Currency Rate
Maturity Date
Unrealised Loss
% of Net Assets
Northern Trust GBP 25,156,539 USD 33,746,465 0.7455 17/07/2026 (269,547) (0.03)
Total Fair Value Losses on Forward Currency Contracts (269,547) (0.03)
Total Financial Derivative Instruments (269,547) (0.03)
Total Financial liabilities at fair value through profit or loss (269,547) (0.03)
Fair Value GBP
% of Net Assets
Total Value of Investments 1,033,861,608 98.36 Cash and cash equivalents 14,891,452 1.42 Other Net Assets 2,305,449 0.22 Net Assets Attributable to Holders of Redeemable Participating Shares 1,051,058,509 100.00
Portfolio Classification
% of Total Assets* Transferable securities admitted to official stock exchange listing or traded on a regulated market 96.39 Financial derivative instruments dealt in on the OTC market 0.06 Other assets 3.55 Total Assets 100.00
*This is a UCITS Regulations requirement.
TwentyFour Corporate Bond Fund (continued)
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TwentyFour Global Investment Funds p.l.c. Interim Report and Condensed Unaudited Financial Statements For the six months ended 30 June 2026
Schedule of Investments
42
As at 30 June 2026
TwentyFour Sustainable Global Corporate Bond Fund
Holdings Financial assets at fair value through profit or loss
Fair Value GBP
% of Net Assets
Bonds: 99.17% (31 Dec 2025: 96.33%)
Corporate Bonds - Long Positions : 84.24% ( 31 Dec 2025 : 82.68% )
Australia : 1.18% ( 31 Dec 2025 : 0.93% )
500,000 National Australia Bank CB 2.99% 21/05/2031 342,751 1.18
Total Australia 342,751 1.18
Belgium : 0.58% ( 31 Dec 2025 : 0.91% )
200,000 Ageas 3.88% 31/12/2049 168,868 0.58
Total Belgium 168,868 0.58
Bermuda : 1.05% ( 31 Dec 2025 : 0.00% )
350,000 Athora Holding Ltd 5.38% 16/12/2037 305,894 1.05
Total Bermuda 305,894 1.05
Canada : 2.92% ( 31 Dec 2025 : 0.82% )
380,000 Bell Canda 6.88% 15/09/2055 292,808 1.01 500,000 TELUS 3.40% 13/05/2032 343,049 1.18 280,000 TELUS 6.63% 15/10/2055 214,091 0.73
Total Canada 849,948 2.92
France : 8.75% ( 31 Dec 2025 : 12.54% )
200,000 AXA FRN 5.50% 11/07/2043 187,613 0.64 200,000 AXA FRN 5.75% 31/12/2049 178,390 0.61 300,000 BNP Paribas CB 5.91% 19/11/2035 230,645 0.79
Page 45
TwentyFour Global Investment Funds p.l.c. Interim Report and Condensed Unaudited Financial Statements For the six months ended 30 June 2026
Schedule of Investments (continued)
43
As at 30 June 2026
Holdings Financial assets at fair value through profit or loss (continued)
Fair Value GBP
% of Net Assets
Corporate Bonds - Long Positions: 84.24% (31 Dec 2025: 82.68%) (continued)
France: 8.75% (31 Dec 2025: 12.54%) (continued)
300,000 BPCE FRN 5.75% 01/06/2033 269,842 0.93 300,000 CNP Assurances SACA 5.25% 18/07/2053 275,819 0.95 300,000 Credit Agricole S.A. 4.38% 15/04/2036 263,881 0.91 300,000 Danone SA 3.20% 12/09/2031 258,126 0.89 200,000 Engie SA 4.63% 31/12/2049 170,353 0.58 300,000 Groupama Holding SA 4.38% 26/05/2035 262,720 0.90 200,000 Orange S.A. FRN 5.38% 31/12/2049 180,974 0.62 400,000 Societe Generale S.A. 2.89% 09/06/2032 271,569 0.93
Total France 2,549,932 8.75
Ireland : 0.93% ( 31 Dec 2025 : 0.00% )
400,000 Zurich Finance Ireland 3.00% 19/04/2051 272,068 0.93
Total Ireland 272,068 0.93
Italy : 3.26% ( 31 Dec 2025 : 2.13% )
210,000 Enel SpA 4.13% 31/12/2049 179,027 0.61 200,000 Generali 5.40% 20/04/2033 186,977 0.64 300,000 Intesa Sanpaolo SpA 4.20% 01/06/2032 213,443 0.73 200,000 Intesa Sanpaolo SpA 9.13% 31/12/2049 196,632 0.68 200,000 UniCredit 4.18% 24/06/2037 174,421 0.60
Total Italy 950,500 3.26
TwentyFour Sustainable Global Corporate Bond Fund (continued)
Page 46
TwentyFour Global Investment Funds p.l.c. Interim Report and Condensed Unaudited Financial Statements For the six months ended 30 June 2026
Schedule of Investments (continued)
44
As at 30 June 2026
Holdings Financial assets at fair value through profit or loss (continued)
Fair Value GBP
% of Net Assets
Corporate Bonds - Long Positions: 84.24% (31 Dec 2025: 82.68%) (continued)
Jersey : 0.60% ( 31 Dec 2025 : 0.96% )
170,000 CPUK Finance CB 6.14% 28/08/2031 175,029 0.60
Total Jersey 175,029 0.60
Mexico : 0.93% ( 31 Dec 2025 : 1.02% )
330,000 America Movil 6.38% 01/03/2035 269,624 0.93
Total Mexico 269,624 0.93
Netherlands : 7.31% ( 31 Dec 2025 : 8.77% )
300,000 ABN AMRO Bank CB 1.00% 02/06/2033 218,801 0.75 320,000 ASR Nederland FRN 7.00% 07/12/2043 324,322 1.11 300,000 Digital Dutch Finco 1.25% 01/02/2031 233,115 0.80 300,000 ING Groep N.V. 4.25% 26/08/2035 263,006 0.90 400,000 Koninklijke KPN N.V. 0.88% 14/12/2032 294,441 1.01 250,000 NN Group FRN 6.00% 03/11/2043 239,771 0.82 350,000 Siemens Energy Finance CB 2.88% 11/03/2041 197,999 0.68 200,000 Siemens Energy Finance CB 4.25% 05/04/2029 176,845 0.61 200,000 Telefonica Europe CB 5.75% 31/12/2049 182,575 0.63
Total Netherlands 2,130,875 7.31
New Zealand : 1.20% ( 31 Dec 2025 : 0.48% )
400,000 Chorus Ltd 3.63% 07/09/2029 348,249 1.20
Total New Zealand 348,249 1.20
TwentyFour Sustainable Global Corporate Bond Fund (continued)
Page 47
TwentyFour Global Investment Funds p.l.c. Interim Report and Condensed Unaudited Financial Statements For the six months ended 30 June 2026
Schedule of Investments (continued)
45
As at 30 June 2026
Holdings Financial assets at fair value through profit or loss (continued)
Fair Value GBP
% of Net Assets
Corporate Bonds - Long Positions: 84.24% (31 Dec 2025: 82.68%) (continued)
Portugal : 0.30% ( 31 Dec 2025 : 0.49% )
100,000 EDP SA 4.75% 29/05/2054 87,799 0.30
Total Portugal 87,799 0.30
Spain : 4.29% ( 31 Dec 2025 : 3.99% )
300,000 Banco de Sabadell SA 5.13% 27/06/2034 269,331 0.92 400,000 Banco Santander FRN 3.50% 02/10/2032 344,407 1.18 300,000 CaixaBank SA 4.00% 05/03/2037 259,669 0.89 210,000 EDP - Servicios Financieros Espana CB 3.50% 16/07/2030 182,655 0.63 200,000 Iberdrola Finanzas SA 5.25% 31/10/2036 195,031 0.67
Total Spain 1,251,093 4.29
Sweden : 0.59% ( 31 Dec 2025 : 0.96% )
200,000 Swedbank 3.50% 19/08/2035 171,263 0.59
Total Sweden 171,263 0.59
United Kingdom : 13.89% ( 31 Dec 2025 : 19.63% )
250,000 Aviva FRN 6.88% 20/05/2058 258,837 0.89 260,000 Barclays PLC 6.17% 29/07/2036 264,008 0.91 200,000 Bunzl Finance PLC CB 4.00% 31/12/2049 170,837 0.59 200,000 Coventry Building Society FRN 8.75% 31/12/2049 210,841 0.72 400,000 Experian Finance PLC CB 5.25% 17/08/2035 301,778 1.04 300,000 HSBC Holdings PLC FRN 4.19% 19/05/2036 261,766 0.90 220,000 J Sainsbury PLC 5.63% 29/01/2035 219,965 0.75 265,000 Legal & General Group PLC 6.63% 01/04/2055 274,468 0.94 340,000 Lloyds Banking Group FRN 2.71% 03/12/2035 303,307 1.04 200,000 Nationwide Building Society CB 7.50% 31/12/2049 205,770 0.71 360,000 NatWest Group PLC 3.72% 25/02/2035 310,043 1.06 100,000 NGG Finance PLC FRN 2.13% 05/09/2082 85,048 0.29
TwentyFour Sustainable Global Corporate Bond Fund (continued)
Page 48
TwentyFour Global Investment Funds p.l.c. Interim Report and Condensed Unaudited Financial Statements For the six months ended 30 June 2026
Schedule of Investments (continued)
46
As at 30 June 2026
Holdings Financial assets at fair value through profit or loss (continued)
Fair Value GBP
% of Net Assets
Corporate Bonds - Long Positions: 84.24% (31 Dec 2025: 82.68%) (continued)
United Kingdom: 13.89% (31 Dec 2025: 19.63%) (continued)
220,000 Rothesay Life PLC CB 7.02% 10/12/2034 232,614 0.80 300,000 SSE FRN 4.38% 31/12/2049 260,899 0.90 200,000 Telereal Securitisation PLC CB 5.63% 10/12/2031 201,444 0.69 250,000 Tesco Corporate Treasury Services PLC CB 6.15% 15/11/2037 193,047 0.66 350,000 Vodafone Group PLC CB 3.00% 27/08/2080 291,067 1.00
Total United Kingdom 4,045,739 13.89
United States : 36.46% ( 31 Dec 2025 : 29.05% )
500,000 Agilent Technologies 4.75% 09/09/2034 370,928 1.27 560,000 American Tower 5.35% 15/03/2035 424,842 1.46 400,000 Amgen 5.25% 02/03/2033 306,774 1.05 600,000 Aon PLC 2.05% 23/08/2031 394,604 1.35 200,000 AT&T 5.25% 30/10/2036 148,033 0.51 220,000 AT&T CB 5.20% 18/11/2033 217,330 0.75 400,000 Becton Dickinson 3.83% 07/06/2032 350,245 1.20 180,000 Boston Gas 3.76% 16/03/2032 126,826 0.43 640,000 Citigroup 2.56% 01/05/2032 433,588 1.49 400,000 Comcast 3.40% 01/04/2030 287,986 0.99 600,000 CVS Health 4.78% 25/03/2038 424,022 1.45 480,000 Dell International 8.10% 15/07/2036 430,346 1.48 350,000 Dominion Energy 6.00% 15/02/2056 264,915 0.91 410,000 Equinix Europe 2 Financing 5.50% 15/06/2034 313,399 1.08 550,000 Exelon 5.63% 15/06/2035 424,400 1.46 380,000 FedEx 0.95% 04/05/2033 270,281 0.93 350,000 General Mills 5.25% 30/01/2035 264,506 0.91 450,000 General Motors Financial 5.45% 08/01/2036 337,928 1.16 620,000 Goldman Sachs Group 2.60% 07/02/2030 434,414 1.49 300,000 Haleon US Capital 3.63% 24/03/2032 211,782 0.73 570,000 Hewlett Packard Enterprise 5.00% 15/10/2034 420,912 1.44 500,000 Johnson & Johnson 5.95% 15/08/2037 413,325 1.42 520,000 MetLife 5.70% 15/06/2035 407,634 1.40 375,000 Morgan Stanley 5.21% 24/10/2035 367,844 1.26 370,000 NextEra Energy Capital 6.38% 15/08/2055 284,053 0.97 350,000 Oracle 4.80% 26/09/2032 251,036 0.86 350,000 QUALCOMM 4.75% 20/05/2032 264,203 0.91 500,000 Stanley Black & Decker 3.00% 15/05/2032 339,563 1.17
TwentyFour Sustainable Global Corporate Bond Fund (continued)
Page 49
TwentyFour Global Investment Funds p.l.c. Interim Report and Condensed Unaudited Financial Statements For the six months ended 30 June 2026
Schedule of Investments (continued)
47
As at 30 June 2026
Holdings Financial assets at fair value through profit or loss (continued)
Fair Value GBP
% of Net Assets
Corporate Bonds - Long Positions: 84.24% (31 Dec 2025: 82.68%) (continued)
United States: 36.46% (31 Dec 2025: 29.05%) (continued)
500,000 Texas Instruments 4.85% 08/02/2034 378,120 1.30 500,000 The Campbell's 5.40% 21/03/2034 371,234 1.27 500,000 T-Mobile USA 4.38% 15/04/2040 332,478 1.14 250,000 Verizon Communications 5.25% 16/03/2037 186,314 0.64 170,000 Verizon Communications CB 5.75% 15/06/2056 169,349 0.58
Total United States 10,623,214 36.46
Total Corporate Bonds - Long Positions 24,542,846 84.24
Government Bonds - Long Positions : 10.51% ( 31 Dec 2025 : 9.76% )
Germany : 1.24% ( 31 Dec 2025 : 1.46% )
470,000 Bundesrepublik Deutschland Bundesanleihe 2.50% 04/07/2044 361,385 1.24
Total Germany 361,385 1.24
United States : 9.27% ( 31 Dec 2025 : 8.30% )
500,000 United States Treasury Note/Bond 2.75% 15/08/2032 346,037 1.18 260,000 United States Treasury Note/Bond 3.88% 15/08/2034 189,237 0.65 1,200,000 United States Treasury Note/Bond 4.38% 15/08/2043 850,460 2.92 1,050,000 United States Treasury Note/Bond 4.63% 15/02/2035 803,749 2.76 700,000 United States Treasury Note/Bond 4.75% 15/02/2056 512,449 1.76
Total United States 2,701,932 9.27
Total Government Bonds - Long Positions 3,063,317 10.51
TwentyFour Sustainable Global Corporate Bond Fund (continued)
Page 50
TwentyFour Global Investment Funds p.l.c. Interim Report and Condensed Unaudited Financial Statements For the six months ended 30 June 2026
Schedule of Investments (continued)
48
As at 30 June 2026
Holdings Financial assets at fair value through profit or loss (continued)
Fair Value GBP
% of Net Assets
Government Sponsored Agency Bonds - Long Positions : 4.42% ( 31 Dec 2025 : 3.89% )
Denmark : 1.19% ( 31 Dec 2025 : 0.95% )
400,000 Orsted 4.13% 01/03/2035 347,707 1.19
Total Denmark 347,707 1.19
Germany : 1.42% ( 31 Dec 2025 : 1.14% )
400,000 Deutsche Bank A.G. 6.13% 12/12/2030 413,315 1.42
Total Germany 413,315 1.42
Netherlands : 0.92% ( 31 Dec 2025 : 1.00% )
305,000 TenneT Holding B.V. 4.63% 31/12/2049 267,374 0.92
Total Netherlands 267,374 0.92
Sweden : 0.89% ( 31 Dec 2025 : 0.80% )
300,000 Vattenfall A.B. 3.00% 19/03/2077 257,868 0.89
Total Sweden 257,868 0.89
Total Government Sponsored Agency Bonds - Long Positions 1,286,264 4.42
Total Bonds 28,892,427 99.17
TwentyFour Sustainable Global Corporate Bond Fund (continued)
Page 51
TwentyFour Global Investment Funds p.l.c. Interim Report and Condensed Unaudited Financial Statements For the six months ended 30 June 2026
Schedule of Investments (continued)
49
As at 30 June 2026
Holdings Financial assets at fair value through profit or loss (continued)
Fair Value GBP
% of Net Assets
Financial Derivative Instruments : 0.16% ( 31 Dec 2025 : 0.27% )
Forward Currency Contracts : 0.16% ( 31 Dec 2025 : 0.27% )
Counterparty Currency Buys
Currency Sells
Currency Rate
Maturity Date
Unrealised Gain
% of Net Assets
Northern Trust GBP 9,322,272 EUR 10,781,593 0.8646 08/07/2026 33,420 0.12 Northern Trust GBP 607,995 USD 800,000 0.7600 08/07/2026 5,243 0.02 Northern Trust GBP 390,714 USD 515,000 0.7587 08/07/2026 2,692 0.01 Northern Trust GBP 259,704 USD 343,067 0.7570 08/07/2026 1,223 0.01 Northern Trust GBP 286,671 USD 379,152 0.7561 08/07/2026 1,003 Northern Trust GBP 312,006 EUR 361,162 0.8639 08/07/2026 848 Northern Trust GBP 431,510 EUR 500,000 0.8630 08/07/2026 737 Northern Trust USD 57,926 GBP 43,259 1.3391 08/07/2026 385 Northern Trust GBP 199,017 USD 264,134 0.7535 08/07/2026 8 –
Total Fair Value Gains on Forward Currency Contracts 45,559 0.16
Total Financial Derivative Instruments 45,559 0.16
Total Financial assets at fair value through profit or loss 28,937,986 99.33
Financial liabilities at fair value through profit or loss
Financial Derivative Instruments : (0.65%) ( 31 Dec 2025 : 0.00% )
Forward Currency Contracts : (0.65%) ( 31 Dec 2025 : 0.00% )
Counterparty Currency Buys
Currency Sells
Currency Rate
Maturity Date
Unrealised Loss
% of Net Assets
Northern Trust GBP 184,798 EUR 214,610 0.8611 08/07/2026 (98) Northern Trust EUR 150,000 GBP 129,826 1.1554 08/07/2026 (594) Northern Trust GBP 102,199 USD 137,342 0.7441 08/07/2026 (1,280) (0.01) Northern Trust GBP 351,186 USD 470,151 0.7470 08/07/2026 (3,044) (0.01) Northern Trust GBP 12,893,898 USD 17,356,682 0.7429 08/07/2026 (183,314) (0.63)
Total Fair Value Losses on Forward Currency Contracts (188,330) (0.65)
Total Financial Derivative Instruments (188,330) (0.65)
Total Financial liabilities at fair value through profit or loss (188,330) (0.65)
TwentyFour Sustainable Global Corporate Bond Fund (continued)
Page 52
TwentyFour Global Investment Funds p.l.c. Interim Report and Condensed Unaudited Financial Statements For the six months ended 30 June 2026
Schedule of Investments (continued)
50
As at 30 June 2026
Fair Value GBP
% of Net Assets
Total Value of Investments 28,749,656 98.68 Cash and cash equivalents 832,993 2.86 Other Net Liabilities (449,235) (1.54) Net Assets Attributable to Holders of Redeemable Participating Shares 29,133,414 100.00
Portfolio Classification
% of Total Assets* Transferable securities admitted to official stock exchange listing or traded on a regulated market 93.14 Financial derivative instruments dealt in on the OTC market 0.15 Other assets 6.71 Total Assets 100.00
*This is a UCITS Regulations requirement.
TwentyFour Sustainable Global Corporate Bond Fund (continued)
Page 53
TwentyFour Global Investment Funds p.l.c. Interim Report and Condensed Unaudited Financial Statements For the six months ended 30 June 2026
Schedule of Significant Portfolio Movements
51
For the six months ended 30 June 2026
TwentyFour Corporate Bond Fund
Largest Purchases Cost GBP Barclays PLC FRN 6.17% 29/07/2036 13,213,965 BPCE FRN 5.25% 31/07/2032 11,535,204 Enel SpA 4.13% 31/12/2049 11,492,973 UniCredit SpA 5.26% 22/10/2031 11,200,000 Banco Santander SA 5.50% 28/04/2033 11,040,964 Credit Agricole SA 5.38% 20/12/2037 10,744,056 SSE PLC 4.38% 31/12/2049 10,411,200 Lloyds Banking Group FRN 5.63% 16/09/2036 9,453,735 NIE Finance PLC CB 5.88% 03/09/2041 7,895,892 Engie SA 6.13% 31/12/2049 5,800,000 NatWest Group PLC 5.13% 31/12/2049 5,764,650 Barclays PLC FRN 8.50% 31/12/2049 5,622,500 TELUS 6.63% 15/10/2055 4,609,467 Pearson Funding PLC 6.38% 28/04/2036 4,352,607 Southern Co Gas Capital FRN 6.05% 15/09/2056 3,435,068 Intesa Sanpaolo SpA 9.13% 31/12/2049 2,746,314 NatWest Group PLC 4.50% 31/12/2049 2,617,110 Lloyds Banking Group FRN 7.88% 31/12/2049 2,237,700 Vodafone Group PLC CB 8.00% 30/08/2086 952,650 Pension Insurance CB 7.38% 31/12/2049 469,463
Page 54
TwentyFour Global Investment Funds p.l.c. Interim Report and Condensed Unaudited Financial Statements For the six months ended 30 June 2026
Schedule of Significant Portfolio Movements (continued)
52
For the six months ended 30 June 2026
Largest Sales Proceeds GBP Eversholt Funding PLC 2.74% 30/06/2040 13,568,282 Arqiva Financing CB 5.34% 30/06/2030 13,303,245 SSE PLC 4.00% 31/12/2049 11,649,003 BPCE FRN 5.38% 22/10/2031 11,317,671 NIE Finance PLC CB 5.88% 01/12/2032 11,024,054 Barclays PLC FRN 8.41% 14/11/2032 10,992,454 Banco Santander SA 5.63% 27/01/2031 10,699,057 Enel SpA 4.25% 31/12/2049 10,603,612 Swedbank 7.27% 15/11/2032 9,998,468 Lloyds Banking Group FRN 6.63% 02/06/2033 9,232,613 Credit Agricole SA 5.75% 09/11/2034 8,319,794 Pearson Funding PLC 5.38% 12/09/2034 8,143,557 Skipton Building Society CB 6.25% 25/04/2029 6,975,370 Paragon Banking Group 4.38% 25/09/2031 6,604,128 Southern Co Gas Capital FRN 1.88% 15/09/2081 6,332,724 HSBC Holdings PLC 5.88% 31/12/2049 6,033,000 NatWest Group PLC 4.50% 31/12/2049 5,708,598 United Kingdom (Government of) Bds 4.50% 07/03/2035 5,551,716 NatWest Group PLC 7.42% 06/06/2033 5,543,213 Barclays PLC FRN 9.25% 31/12/2049 5,533,500 Porterbrook Rail Finance CB 4.63% 04/04/2029 5,119,096 Engie SA 4.63% 31/12/2049 4,853,009 NatWest Group PLC 5.64% 17/10/2034 4,162,704 Enel Finance International NV 5.75% 14/09/2040 4,004,000 Lloyds Banking Group FRN 2.71% 03/12/2035 3,895,497 BNP Paribas SA 6.32% 15/11/2035 3,765,675 Yorkshire Building Society FRN 3.38% 13/09/2028 3,447,529 United Kingdom (Government of) Bds 4.25% 07/03/2036 2,922,600 ING Groep FRN 6.25% 20/05/2033 2,888,200 United Kingdom (Government of) Bds 3.50% 22/01/2045 2,652,300
TwentyFour Corporate Bond Fund (continued)
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TwentyFour Global Investment Funds p.l.c. Interim Report and Condensed Unaudited Financial Statements For the six months ended 30 June 2026
Schedule of Significant Portfolio Movements
53
For the six months ended 30 June 2026
TwentyFour Sustainable Global Corporate Bond Fund
Largest Purchases Cost GBP United States Treasury Note/Bond 4.63% 15/02/2035 771,772 United States Treasury Note/Bond 4.75% 15/02/2056 509,586 Dell International 8.10% 15/07/2036 427,599 CVS Health 4.78% 25/03/2038 427,089 American Tower 5.35% 15/03/2035 421,583 Hewlett Packard Enterprise 5.00% 15/10/2034 415,872 Johnson & Johnson 5.95% 15/08/2037 414,835 Agilent Technologies 4.75% 09/09/2034 374,488 Chorus Ltd 3.63% 07/09/2029 353,306 TELUS 3.40% 13/05/2032 340,602 General Motors Financial 5.45% 08/01/2036 332,351 T-Mobile USA 4.38% 15/04/2040 321,335 NatWest Group PLC 3.72% 25/02/2035 317,963 Athora Holding Ltd 5.38% 16/12/2037 304,613 Bell Canda 6.88% 15/09/2055 293,075 United States Treasury Note/Bond 4.38% 15/08/2043 279,192 Banco de Sabadell SA 5.13% 27/06/2034 275,357 Zurich Finance Ireland 3.00% 19/04/2051 271,276 Barclays PLC FRN 6.17% 29/07/2036 260,954 SSE PLC 4.38% 31/12/2049 259,200 Exelon 5.63% 15/06/2035 257,234 Goldman Sachs Group 2.60% 07/02/2030 244,582 Haleon US Capital 3.63% 24/03/2032 211,381 Citigroup 2.56% 01/05/2032 209,164 Deutsche Bank A.G. 6.13% 12/12/2030 206,760 Intesa Sanpaolo SpA 9.13% 31/12/2049 202,320 Siemens Energy Finance CB 2.88% 11/03/2041 197,310 Texas Instruments 4.85% 08/02/2034 190,313 Generali 5.40% 20/04/2033 185,860 Verizon Communications 5.25% 16/03/2037 183,301 Enel SpA 4.13% 31/12/2049 181,488 The Campbell's 5.40% 21/03/2034 180,762 BPCE FRN 5.75% 01/06/2033 179,918 UniCredit 4.18% 24/06/2037 179,733 Lloyds Banking Group FRN 2.71% 03/12/2035 175,210 Orsted 4.13% 01/03/2035 172,969 Swedbank 3.50% 19/08/2035 172,672 Banco Santander FRN 3.50% 02/10/2032 171,272 National Australia Bank CB 2.99% 21/05/2031 168,920 MetLife 5.70% 15/06/2035 157,417 Experian Finance PLC CB 5.25% 17/08/2035 152,017 Koninklijke KPN N.V. 0.88% 14/12/2032 147,490 AT&T 5.25% 30/10/2036 145,488
Page 56
TwentyFour Global Investment Funds p.l.c. Interim Report and Condensed Unaudited Financial Statements For the six months ended 30 June 2026
Schedule of Significant Portfolio Movements (continued)
54
For the six months ended 30 June 2026
All Sales Proceeds GBP United States Treasury Note/Bond 4.63% 15/02/2035 383,929 CVS Health 5.13% 21/02/2030 276,406 T-Mobile USA 3.88% 15/04/2030 266,389 Barclays PLC FRN 4.62% 26/03/2037 264,417 Bank of America 2.59% 29/04/2031 258,532 SSE PLC 4.00% 31/12/2049 210,783 NatWest Group PLC 5.13% 31/12/2049 200,120 American Tower 3.80% 15/08/2029 195,528 Enel SpA 4.75% 31/12/2049 179,528 Swedbank 3.63% 23/08/2032 174,210 Arqiva Financing CB 5.34% 30/06/2030 115,304 BPCE FRN 5.75% 01/06/2033 90,843 Chorus Ltd 3.63% 07/09/2029 87,977 Lloyds Banking Group FRN 2.71% 03/12/2035 86,567
TwentyFour Sustainable Global Corporate Bond Fund (continued)
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"text": "For the six months ended 30 June 2026"
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"text": "TwentyFour Global Investment Funds p.l.c. (the \u201cCompany\u201d) is an open-ended umbrella investment company with variable"
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"text": "capital and segregated liability between Funds, incorporated in Ireland on 12 July 2013 under the Irish Companies Act 2014 (as"
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"text": "amended) (the \u201cCompanies Act 2014\u201d) with registration number 530181. The Company is authorised by the Central Bank of"
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"text": "Securities) Regulations 2011 (as amended) (the \u201cUCITS Regulations\u201d) and the Central Bank (Supervision and Enforcement)"
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"text": "Act 2013 (Section 48 (1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019 (the \u201cCentral"
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"text": "Bank UCITS Regulations\u201d)."
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"text": "The Company is structured as an umbrella Fund which may consist of different Sub-Funds, each comprising one or more"
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"text": "classes of shares. As at the date of this interim report, the Company has two Sub-Funds in operation, the TwentyFour Corporate"
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"text": "Bond Fund that launched on 15 January 2015 and TwentyFour Sustainable Global Corporate Bond Fund that launched on 19"
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"text": "September 2024, (collectively the \u201cFunds\u2019\u2019)."
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"text": "Association (\u201cIA\u201d) \u00a3 Corporate Bond Sector over the medium to long term based on a combination of income and capital."
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"text": "While the Fund will primarily invest in investment grade bonds it may also invest a portion of its portfolio (which will not"
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"text": "exceed 20% of the Net Asset Value of the Fund) in high yield issues (meaning such bonds would have a relatively higher risk of"
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"text": "default and would have a lower credit rating than investment grade bonds) where, in the Investment Manager\u0027s opinion, the risk"
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"text": "of investing in such issues is appropriate when balanced against the possible return."
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"text": "The Fund may invest in fixed or floating rate bonds which may be rated or unrated."
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"text": "The securities shall be listed and/or traded on the exchanges and markets set out in Appendix II of the Prospectus although up to"
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"text": "10% of the Net Asset Value of the Fund may be invested in unlisted securities."
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"text": "As a result of its investment objective the Fund\u2019s investments will be primarily focused on the United Kingdom (\u201cUK\u201d) however,"
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"text": "from time to time, it is possible that a portion of the assets may be invested in securities from a particular geographic region"
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"text": "outside of the UK (such as Dutch or German securities) where such exposure would assist the Investment Manager in meeting"
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"text": "TwentyFour Sustainable Global Corporate Bond Fund"
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"text": "of Article 9 of SFDR as it will invest in securities of issuers that contribute towards the Paris Agreement\u2019s goal of limiting the"
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"text": "increase in the global average temperature to below 2\u00b0C above pre-industrial levels."
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"text": "The Fund aims to outperform the Benchmark over the medium to long term based on a combination of income (meaning income"
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"text": "received through holding investments - such as interest received on Bonds) and capital growth (meaning the growth in value/"
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"text": "price of investments held by the Fund) by investing in such Sustainable Investments that align with the ESG Framework, as"
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"text": "described below."
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"text": "The Fund will seek to achieve its investment objective by investing primarily in Investment Grade corporate Bonds, hedged to"
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"text": "Base Currency, which are consistent with the Investment Manager\u0027s ESG framework."
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"text": "The Fund\u2019s allocation to corporate bonds will always exceed 80% of the Net Asset Value of the Fund, and the Fund\u2019s allocation"
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"text": "to high yield corporate bonds will not exceed 20% of the Net Asset Value of the Fund."
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"text": "The Fund may deviate from these ranges temporarily for defensive or tactical purposes, or due to market conditions, but the"
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"text": "Investment Manager will seek to rebalance the portfolio within the ranges as soon as practicable."
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"text": "The Fund may invest in fixed or floating rate bonds which may be rated or unrated."
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"text": "TwentyFour Global Investment Funds p.l.c."
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"text": "Interim Report and Condensed Unaudited Financial Statements"
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"text": "For the six months ended 30 June 2026"
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"text": "Background to the Company"
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"text": "(continued)"
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"text": "3"
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"text": "The securities shall be listed and/or traded on the exchanges and markets set out in Appendix II of the Prospectus although up to"
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"text": "10% of the Net Asset Value of the Fund may be invested in unlisted securities."
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"text": "Investment objective \u0026 policy (continued)"
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"text": "TwentyFour Sustainable Global Corporate Bond Fund (continued)"
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"text": "TwentyFour Global Investment Funds p.l.c."
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"text": "Interim Report and Condensed Unaudited Financial Statements"
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"text": "For the six months ended 30 June 2026"
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"text": "Investment Manager\u2019s Report"
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"text": "4"
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"text": "TwentyFour Corporate Bond Fund"
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...