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MI Chelverton Equity Fund

Interim Report 30 June 2026

Page 2

Contents Page

Directory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Basis of Accounting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Adoption of IA SORP 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Certification of the Interim Report by the Authorised Corporate Director . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

MI Chelverton UK Equity Income Fund Investment Objective and Policy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Investment Manager’s Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Portfolio Statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Net Asset Value and Shares in Issue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Risk and Reward Profile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Statement of Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Statement of Change in Net Assets Attributable to Shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

MI Chelverton UK Equity Growth Fund Investment Objective and Policy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Investment Manager’s Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Portfolio Statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Net Asset Value and Shares in Issue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Risk and Reward Profile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Statement of Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Statement of Change in Net Assets Attributable to Shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22

MI Chelverton European Select Fund Investment Objective and Policy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 Investment Manager’s Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 Portfolio Statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 Net Asset Value and Shares in Issue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 Risk and Reward Profile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 Statement of Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 Statement of Change in Net Assets Attributable to Shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30

MI Chelverton UK Opportunities Fund Investment Objective and Policy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 Investment Manager’s Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 Portfolio Statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 Net Asset Value and Shares in Issue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36 Risk and Reward Profile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36 Statement of Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37 Statement of Change in Net Assets Attributable to Shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37 Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38

General Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39

MI Chelverton Equity Fund

Page 3

Directory

Authorised Corporate Director (‘ACD’) & Registrar Apex Fundrock Limited Hamilton Centre, Rodney Way, Chelmsford, Essex CM1 3BY Telephone: 01245 398950 Website: www.fundrock.com (Authorised and regulated by the Financial Conduct Authority)

Customer Service Centre Hamilton Centre, Rodney Way, Chelmsford, Essex CM1 3BY Telephone: 0345 305 4217 Fax: 0845 280 0188 E-mail: chelverton@apexgroup.com

Directors of the Authorised Corporate Director A.C. Deptford P.J. Foley-Brickley S.J. Gunson E.M.C. Personne (Non-Executive Director) D.J. Phillips (Non-Executive Director) L.A. Poynter J.F.D. Thompson (Non-Executive Director)

Investment Manager Chelverton Asset Management Limited 11 Laura Place, Bath BA2 4BL (Authorised and regulated by the Financial Conduct Authority)

Fund Managers James Baker Edward Booth Henry Botting Julie Dean David Horner Oliver Knott Dale Robertson Gareth Rudd David Taylor

Depositary Northern Trust Investor Services Limited (‘NTISL’) 50 Bank Street, London E14 5NT (Authorised and regulated by the Financial Conduct Authority)

Independent Auditors Grant Thornton UK LLP Statutory Auditors, Chartered Accountants 8 Finsbury Circus, London EC2M 7EA

MI Chelverton Equity Fund

Page 4

Basis of Accounting

The interim financial statements for each Sub-fund have been prepared on the same basis as the audited financial statements for the year ended 31 December 2025. They are in accordance with the historical cost basis, as modified by the revaluation of investmen ts and in accordance with UK Financial Reporting Standard 104 (‘FRS 104’) and the Statement of Recommended Practice (‘SORP’) for Financial Statements of UK Authorised Funds issued by the Investment Association (‘IA’) in October 2025 (the ‘IA SORP 2025’).

Adoption of IA SORP 2025

Changes in accounting policies Following the adoption of the IA SORP 2025, investments are now valued using quoted mid-market prices. Comparative figures for the prior year have not been restated, as permitted by paragraph 1.12 of the SORP and remain valued at bid market prices in accorda nce with the previous accounting policy.

Changes in presentation Following the adoption of the IA SORP 2025, certain presentation and disclosure requirements have changed. As a result, the for mat and content of these financial statements differ from those presented in the previous period.

The principal changes include:

n Amendments to the descriptions and labelling of certain line items within the financial statements;

n Removal of distribution tables;

n Inclusion of a going concern assessment;

n Inclusion of significant related party transactions; and n Inclusion of fair value hierarchy of the portfolio.

Going concern The financial statements have been prepared on the going concern basis.

The ACD has undertaken a detailed assessment of the Sub-funds' ability to meet its liabilities as they fall due, including liqu idity, declines in global capital markets and investor redemption levels.

Based on this assessment, the Sub-funds continue to be open for trading and the ACD is satisfied the Sub-funds have adequate fi nancial resources to continue in operation for the foreseeable future, being at least 12 months from the date of approval, and accordin gly it is appropriate to adopt the going concern basis in preparing the financial statements.

Related party transactions Apex Fundrock Limited (‘AFL’) is regarded as a related party by virtue of having the ability to act in respect of the operation s of the Sub fund in its capacity as the Authorised Corporate Director (‘ACD’).

During the period, amounts payable to AFL in respect of its services as ACD were charged to the Sub-funds. Amounts payable to C helverton Asset Management Limited (the ‘Investment Manager’) were also charged during the period in accordance with the Prospectus.

Amounts received from the issue of shares and paid on the cancellation of shares are undertaken in the ordinary course of busin ess. At the period end none of the Sub-funds held shares in any of the other Sub-funds within the MI Chelverton Equity Funds.

Significant Shareholdings AFL, as the ACD for MI Chelverton European Select Fund, wishes to disclose to the Sub-fund's Shareholders that nil% of the Sub- fund's shares in issue are under the control of a single nominee and their related parties in both periods.

AFL, as the ACD for MI Chelverton UK Equity Growth Fund, wishes to disclose to the Sub-fund’s Shareholders that nil% of the Sub fund’s shares in issue are under the control of a single nominee and their related parties (2025: 21.00% a single nominee and t heir related parties).

AFL, as the ACD for MI Chelverton UK Equity Income Fund, wishes to disclose to the Sub-fund’s Shareholders that nil% of the Sub fund’s shares in issue are under the control of a single nominee and their related parties (2025: 21.54% a single nominee and t heir related parties).

AFL, as the ACD for MI Chelverton UK Opportunities Fund, wishes to disclose to the Sub-fund’s Shareholders that 93.94% of the S ub fund’s shares in issue are under the control of a single nominee and their related parties (2025: 95.45% a single nominee and t heir related parties).

MI Chelverton Equity Fund

Page 5

Certification of the Interim Report by the Authorised Corporate Director

This report has been prepared in accordance with the requirements of the Financial Conduct Authority’s Collective Investment Sc hemes Sourcebook (‘the COLL Sourcebook’) and the Statement of Recommended Practice for Financial Statements of UK Authorised Funds issued by the IA.

A.C. Deptford P.J. Foley-Brickley S.J. Gunson L.A. Poynter Directors Apex Fundrock Limited 28 August 2026

MI Chelverton Equity Fund

Page 6

Investment Objective and Policy

The objective of the Sub-fund is to provide a progressive income stream and achieve long-term capital growth by investing prima rily in a portfolio of fully listed and AIM traded UK equities.

The Sub-fund will invest primarily in UK companies which aim to provide a high initial dividend; progressive dividend payments, and long-term capital appreciation. The asset classes in which the Sub-fund is permitted to invest includes transferable securitie s, money market instruments, cash and near cash and deposits as permitted for UCITS schemes under COLL and in accordance with the Sub fund's investment powers as summarised in Appendix 2 of the Prospectus.

Investment Manager’s Report for the period ended 30 June 2026 (unaudited)

In the six months to 30 June 2026 the Sub-fund returned 7.24% against 6.02% for the IA Equity Income sector as a whole (Source: Morningstar, NAV to NAV, B Shares Accumulation, Total Return).

We had a positive first two months of the year as UK investors were looking forward to a period of falling interest rates and e xpectations were for two cuts in the year. Trump tariffs and his rhetoric with regard to NATO, whilst unwelcome, were largely priced into s hare prices. The gradual shift towards a more ‘risk on’ sentiment came to an abrupt end at the end of February however with the US airstrikes on Iran. The inflationary implications of a rapidly rising oil price quickly led to a ‘risk off’ attitude by investo rs and expectations for the direction of travel for domestic interest rates switched to two increases through 2026. The top-down optic was also und ermined as commentators started to theorise about physical shortages of oil and the negative effect on products such as fertilizer, alu minium and LNG.

At home, investor and consumer confidence continued at a low ebb and valuations within our investment universe were still suffe ring from the effects of the first Labour budget at the end of the previous year and the gloomy economic ‘black hole’ rhetoric that preceded it. On top of this it became increasingly apparent that there was to be yet another change of prime minister and indeed Sir Kei r stepped down in July.

While the “risk off” trading environment persists and we believe our UK small and mid-cap universe continues to be undervalued, we have taken the opportunity to add 8 new companies with quality earnings to our portfolio, all on prospective dividend yields of at least 4%. Aberdeen Group is a wealth and investment management company. Breedon Group is a vertically integrated construction materia ls company with operations in the UK, Ireland and the USA. Genuit Group is the UK’s largest provider of sustainable water, climate , and ventilation products for the built environment. Hikma Pharmaceuticals is a global pharmaceutical company that manufactures high quality generic medicines. Kainos Group is a global IT and digital transformation company. Nichols is the soft drinks company k nown primarily for producing Vimto. Tatton Asset Management is a discretionary fund manager, and Wilmington provides education, trai ning, and data solutions for professionals in regulated industries around the world.

Given current levels of valuation within our investable universe it’s unsurprising that we saw corporate activity continue in t he first half of this year, with Kitwave Group announcing a recommended cash acquisition by Kite UK Bidco Limited in January, which comp leted in March. Alongside Kitwave Group, our shares in Bakkavor Group were acquired by Greencore in January, as announced in our full year report. We sold out of a further 11 positions on valuation grounds, exiting Bytes Technology Group, Headlam Group, Inchcap e, Keller Group, Mortgage Advice Bureau, Marston’s, Midwich Group, Pharos Energy, Somero Enterprises, Vanquis Banking Group and Watkin Jones.

There was no single theme to our top performers in the first half of this year. Halfords Group had a good run after demonstrati ng signs of recovery in both its Motoring and Cycle divisions. As a trading provider, IG Group Holdings’ share price performed well, ben efitting from increased market volatility. Polar Capital Holdings has seen sustained market share gains as its Tech funds’ strong inflow s and positive performance continued, thanks to their high-conviction positioning in Artificial Intelligence and broader technology infrastructure. Finally, Sabre Insurance Group performed well on the back of delivering strong insurance premium growth during the first four months of the year.

In terms of detractors, Dunelm Group’s share price fell following a disappointing trading update in January, partly due to furn iture stocking issues over the Christmas and post-Christmas trading period. Michael Page (previously PageGroup) has suffered on the b ack of continued weakness across hiring markets, particularly in France and Germany. Telecom Plus delivered in line results for the full year, but their recent change in strategy has caused downgrades to future earnings forecasts and corresponding share price eros ion, and Wickes Plc’s share price suffered after reporting a slower start to FY’26, driven by wet weather impacting outdoor product demand.

MI Chelverton UK Equity Income Fund

Page 7

Investment Manager’s Report (continued) for the period ended 30 June 2026 (unaudited)

We have repeatedly referred to the relationship between economic visibility and underlying equity valuations and we are current ly in a very uncertain world. Globally the situation with respect to Iran continues to weigh heavily on oil prices and market volatil ity is relatively high as there are continuing shifts as to whether or not the Strait of Hormuz remains open or closed for shipping. Unfortunately, this manifests itself at home with higher energy prices and we already have some of the highest energy prices of the developed economies. The domestic political situation remains ‘fluid’ as we welcome yet another prime minister to No. 10, with little idea of his new economic policies. Importantly though, he has gone on record as saying he will stick to the existing fiscal rul es, which should hopefully go some way to keeping the bond markets calm. The ‘raw material’ remains in place to attract investors into UK small and mid-caps. Company balance sheets are relatively strong, and Boards continue to retire equity through share buybacks. Divide nd payments and therefore cash flows remain robust. The strength of the UK savings ratio is healthy. The disconnect between the underlying cash flow valuations of the stocks that we invest in and their share prices will ultimately be bridged by improved i nvestor confidence, the timing of which remains uncertain.

MI Chelverton UK Equity Income Fund

Page 8

Portfolio Statement as at 30 June 2026 (unaudited)

Market % of total value net assets Holding Security £ 2026

TECHNOLOGY 3.75% (3.54%)

Software and Computer Services 3.75% (3.54%) 970,010 FDM 1,014,630 0.87 125,000 Kainos Group 968,125 0.83 1,275,000 MONY Group 2,379,150 2.05

4,361,905 3.75

HEALTH CARE 2.30% (1.07%)

Health Care Providers 0.93% (0.83%) 270,000 Tristel* 1,075,950 0.93

Pharmaceuticals and Biotechnology 1.37% (0.24%) 17,500 Bioventix* 293,125 0.25 85,000 Hikma Pharmaceuticals 1,304,750 1.12

1,597,875 1.37

FINANCIALS 32.90% (30.95%) Banks 0.36% (0.81%) 100,000 Close Brothers 422,100 0.36

Finance and Credit Services 3.05% (3.53%) 4,796,276 Duke Capital* 1,271,013 1.10 210,000 OSB 1,099,875 0.95 150,000 Paragon Banking 1,163,250 1.00

3,534,138 3.05 Investment Banking and Brokerage Services 16.39% (15.57%) 350,000 Aberdeen Group 837,550 0.72 1,150,000 Ashmore 2,327,600 2.01 390,000 Foresight 1,707,225 1.47 70,000 IG Group 1,286,600 1.11 394,066 Jupiter Fund Management 651,785 0.56 525,000 Man Group 1,544,025 1.33 465,000 Polar Capital* 4,092,000 3.53 2,700,000 Premier Miton* 1,039,500 0.90 99,924 Rathbone Brothers 1,606,778 1.39 1,565,357 Sancus Lending* 18,784 0.02 135,000 Tatton Asset Management* 1,013,850 0.87 475,000 TP ICAP 1,620,700 1.40 400,000 XPS Pensions 1,254,000 1.08

19,000,397 16.39

Life Insurance 6.97% (5.82%) 1,075,000 Chesnara 3,590,500 3.10 1,800,000 Hansard Global 908,100 0.78 430,000 Standard Life 3,587,275 3.09

8,085,875 6.97

MI Chelverton UK Equity Income Fund

Page 9

Portfolio Statement (continued) as at 30 June 2026 (unaudited)

Market % of total value net assets Holding Security £ 2026

Nonlife Insurance 6.13% (5.22%) 425,000 Conduit 2,012,375 1.73 100,000 Lancashire 647,000 0.56 525,000 Personal Group* 2,021,250 1.74 1,400,000 Sabre Insurance 2,430,400 2.10

7,111,025 6.13

REAL ESTATE 5.59% (6.12%)

Real Estate Investment and Services Development 5.59% (6.12%) 285,000 British Land 1,187,880 1.02 2,585,756 Primary Health 2,484,912 2.14 1,100,000 Regional REIT 1,016,950 0.88 2,050,000 Supermarket Income REIT 1,800,925 1.55

6,490,667 5.59

CONSUMER DISCRETIONARY 17.08% (16.97%)

Consumer Services 1.49% (1.64%) 550,000 Pets at Home 993,300 0.86 800,000 RM 726,400 0.63

1,719,700 1.49 Household Goods and Home Construction 1.05% (1.25%) 1,500,000 Taylor Wimpey 1,219,350 1.05

Media 4.59% (3.49%) 25,000 4imprint 933,750 0.81 2,800,000 ITV 2,277,100 1.96 1,008,500 STV 985,305 0.85 418,189 Wilmington 1,127,019 0.97

5,323,174 4.59

Retailers 8.58% (9.24%) 600,000 B&M European Value Retail 1,182,300 1.02 1,845,625 Card Factory 1,253,179 1.08 625,304 DFS Furniture 872,299 0.75 220,000 Dunelm 1,760,000 1.52 1,230,000 Halfords 2,899,725 2.50 1,050,000 Wickes 1,978,200 1.71 9,945,703 8.58

Travel and Leisure 1.37% (1.35%) 575,000 Hollywood Bowl 1,592,750 1.37

CONSUMER STAPLES 1.91% (2.40%)

Beverages 0.42% (0.00%) 50,000 Nichols* 483,500 0.42

Food Producers 1.49% (1.65%) 335,000 Hilton Food 1,733,625 1.49

MI Chelverton UK Equity Income Fund

Page 10

Portfolio Statement (continued) as at 30 June 2026 (unaudited)

Market % of total value net assets Holding Security £ 2026

Personal Care, Drug and Grocery Stores 0.00% (0.75%)

INDUSTRIALS 26.25% (26.83%)

Construction and Materials 4.57% (5.29%) 225,000 Alumasc* 540,000 0.47 75,000 Breedon Group 223,200 0.19 700,000 Eurocell 770,000 0.66 250,000 Genuit Group 700,000 0.60 350,000 Marshalls 531,300 0.46 25,000 Morgan Sindall 1,230,250 1.06 3,780,107 Severfield 1,305,082 1.13

5,299,832 4.57

Electronic and Electrical Equipment 3.45% (2.98%) 350,000 Luceco 955,500 0.82 600,000 Morgan Advanced Materials 1,279,500 1.10 300,000 RS Group 1,775,250 1.53

4,010,250 3.45 General Industrials 1.86% (1.69%) 265,000 Hargreaves Services* 2,162,400 1.86

Industrial Engineering 3.26% (3.90%) 260,000 Bodycote 1,769,300 1.54 440,000 Vesuvius 1,990,120 1.72

3,759,420 3.26

Industrial Support Services 8.53% (9.21%) 947,500 Gattaca* 1,397,563 1.20 200,000 Grafton 1,820,600 1.57 750,000 Michael Page 801,000 0.69 420,000 PayPoint 2,454,900 2.12 213,193 Robert Walters 178,869 0.15 1,300,000 RWS* 938,600 0.81 2,450,000 Smiths News 1,739,500 1.50 362,000 Sthree 571,598 0.49

9,902,630 8.53

Industrial Transportation 4.58% (3.76%) 750,000 Redde Northgate 3,435,000 2.97 365,000 VP 1,857,850 1.61

5,292,850 4.58

BASIC MATERIALS 2.57% (2.85%)

Chemicals 2.57% (2.85%) 87,500 Johnson Matthey 1,685,250 1.45 225,000 Victrex 1,297,125 1.12

2,982,375 2.57

MI Chelverton UK Equity Income Fund

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Portfolio Statement (continued) as at 30 June 2026 (unaudited)

Market % of total value net assets Holding Security £ 2026

ENERGY 3.39% (3.95%)

Oil, Gas and Coal 3.39% (3.95%) 225,000 Diversified Energy 2,288,250 1.97 750,000 Serica Energy* 1,646,250 1.42

3,934,500 3.39

UTILITIES 0.99% (1.96%) Electricity 0.99% (1.96%) 150,000 Telecom Plus 1,153,500 0.99

Investment assets 112,195,491 96.73 Net other assets 3,797,157 3.27

Net assets 115,992,648 100.00

All investments are ordinary shares or stock units on a regulated securities market unless otherwise stated. The percentages in brackets show the equivalent % holdings as at 31.12.25.

*Quoted on AIM.

Total purchases for the period: £8,580,064 Total sales for the period: £32,478,167

Fair Value Disclosure

Valuation technique 30.06.26 31.12.25 Assets Liabilities Assets Liabilities £ £ £ £ Level 1^ 112,195,491 – 130,823,587 Level 2^^ – – – Level 3^^^ – – – 112,195,491 – 130,823,587 ^Level 1: Unadjusted quoted price in an active market for an identical instrument.

^^Level 2: Valuation techniques using observable inputs other than quoted prices within level 1.

^^^Level 3: Valuation techniques using unobservable inputs.

MI Chelverton UK Equity Income Fund

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Net Asset Value and Shares in Issue

Class Net Asset Value Shares in Net Asset Value Operating Charge issue per share Figure* B Income £72,973,140 69,258,572 105.36 0.95% B Accumulation £43,019,508 14,237,820 302.15 0.95%

*Operating charges include indirect costs incurred in the maintenance and running of the Sub-fund, as disclosed (but not limite d to) the detailed expenses within the Statement of Total Return. The figures used within this table have been calculated by annualis ing the expenses incurred against the average Net Asset Value for the accounting period.

Risk and Reward Profile

The risk and reward indicator table demonstrates where the Sub-fund ranks in terms of its potential risk and reward. The higher the rank the greater the potential reward but the greater the risk of losing money. It is based on past data, may change over time and may not be a reliable indication of the future risk profile of the Sub-fund. The shaded area in the table below shows the Sub-fund’ s ranking on the risk and reward indicator.

Typically lower rewards, Typically higher rewards, lower risk higher risk

This Sub-fund is ranked at 5 because funds of this type have experienced medium to high rises and falls in value in the past. P lease note that even the lowest risk class can lose you money and that extreme market circumstances can mean you suffer severe losses in all cases. The indicator does not take into account the following risks of investing in this Sub-fund:

n This Sub-fund’s strategy may cause its volatility to be higher than its peers.

n Smaller company shares can be more difficult to buy and sell as they may trade infrequently, in small volumes and their share price may fluctuate more than that of a larger company.

n In difficult market conditions, the value of some investments may be less predictable than normal and the Sub-fund may not be able to buy and sell these investments at the best time or at a fair price. This could affect the Sub-fund’s performance, poten tially reducing your returns.

n The level of targeted income is not guaranteed and may not be achieved.

n For further risk information please see the Prospectus.

Risk Warning An investment in an Open-Ended Investment Company should be regarded as a medium to long-term investment. Investors should be aware that the price of shares and the revenue from them can fall as well as rise and investors may not receive back the ful l amount invested. Past performance is not a guide to future performance. Investments denominated in currencies other than the base curr ency are subject to fluctuation in exchange rates, which can be favourable or unfavourable.

MI Chelverton UK Equity Income Fund

1 2 3 4 5 6 7

Page 13

Statement of Total Return for the period ended 30 June 2026 (unaudited)

30.06.26 30.06.25 £ £ £ £ Income Net capital gains 5,504,907 3,375,677 Revenue 4,125,545 6,291,614 Expenses (589,907) (839,599)

Net revenue before taxation 3,535,638 5,452,015

Taxation (15,692) (43,050)

Net revenue after taxation 3,519,946 5,408,965

Total return before distributions 9,024,853 8,784,642

Distributions (4,040,533) (6,097,369)

Change in net assets attributable to Shareholders from investment activities 4,984,320 2,687,273

Statement of Change in Net Assets Attributable to Shareholders for the period ended 30 June 2026 (unaudited) 30.06.26 30.06.25 £ £ £ £ Opening net assets attributable to Shareholders 135,373,598 200,869,635

Issue of shares 3,703,214 6,211,292

Cancellation of shares (29,432,318) (47,713,967)

(25,729,104) (41,502,675)

Change in net assets attributable to Shareholders from investment activities (see Statement of Total Return above) 4,984,320 2,687,273

Retained distribution on accumulation shares 1,363,829 1,786,104

Unclaimed distributions 5 5

Closing net assets attributable to Shareholders 115,992,648 163,840,342

The opening net assets attributable to shareholders for the current period do not equal the closing net assets attributable to shareholders for the comparative period as they are not consecutive periods.

MI Chelverton UK Equity Income Fund

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Balance Sheet as at 30 June 2026 (unaudited)

30.06.26 31.12.25 £ £ £ £ Assets

Investments 112,195,491 130,823,587 Amounts Receivable 722,389 519,595 Cash and Cash equivalents 4,983,201 5,379,436

Total current assets 5,705,590 5,899,031

Total assets 117,901,081 136,722,618

Liabilities

Distribution payable (1,515,308) (1,016,431) Other amounts payable (393,125) (332,589)

Total liabilities (1,908,433) (1,349,020)

Net assets attributable to Shareholders 115,992,648 135,373,598

MI Chelverton UK Equity Income Fund

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Investment Objective and Policy

The objective of the Sub-fund is to achieve long-term capital growth by investing primarily in a portfolio of fully listed and AIM traded UK small and medium sized market capitalised companies’ equities.

The asset classes in which the Sub-fund is permitted to invest includes transferable securities, money market instruments, warr ants, convertibles, cash and near cash and deposits as permitted for UCITS schemes under COLL and in accordance with the Sub-fund’s investment powers as summarised in Appendix 2 of the Prospectus.

Investment Manager’s Report for the period ended 30 June 2026 (unaudited)

In the 6 months to 30 June 2026 the Sub-fund returned -1.40% compared to 5.03% for the IA UK All Companies sector.

Source: Morningstar, NAV to NAV, B Shares Acc, Total Return to 30.06.2026.

The first half of 2026 was very much a game of two quarters for the Sub-fund, with a poor first quarter from both an absolute r eturn and relative performance perspective followed by a much better second quarter.

The Sub-fund enjoyed a promising start in January, as UK mid and small caps, where it invests, rallied as the delayed autumn bu dget turned out to be more benign than expected (the market having been led to believe that there’d be another round of fiscal tight ening), PMIs improved and inflation continued to fall. However, in February, the Sub-fund’s performance deteriorated markedly on the ba ck of an indiscriminate AI related sell-off in the Technology and Media sectors, prompted by the release of new tools, notably by Anthropic, which threatened to commoditise areas such as SaaS software and Research. The Sub-fund’s overweight position in these two secto rs severely impacted its relative performance in the month. Then in March the whole market fell sharply following the attacks on I ran and subsequent closure of The Straits of Hormuz, the transit route for roughly 20% of the world’s oil and LNG supplies. The con sequent supply chain shock and inflationary pressure removed the prospect of interest rate cuts that the market had been anticipating, instead raising the prospect of higher rates. Whilst these events caused a sharp sell-off across all equity markets, as ever UK small a nd mid caps fared worse than their larger peers in a risk-off environment.

In the second quarter the Sub-fund enjoyed much improved absolute and relative performance, with its Technology and Media holdi ngs recovering some of their earlier losses as the market became more sanguine about which businesses might be impacted by AI, and indeed which ones could benefit from it. UK inflation data proved to be more benign than expected with the Bank of England reco gnising that underlying inflation and wage growth was relatively subdued, negating the need for rate rises in response to a supply chai n shock. Trump’s appointee as Federal Reserve Board initially reassured global markets by stressing the need for “price stability” at hi s first Federal Open Markets Committee meeting in June. Finally global industrial sentiment, notwithstanding the difficult macro back-d rop, started to improve as the post Covid inventory boom finally unwound and ordering returned to more normal levels. The improving PMI data was borne out by news flow from holdings like RS Group and DiscoverIE.

At the sector level, Technology and Media holdings were the main detractors from the Sub-fund's returns in the first half with LBG Media, dotDigital, Future, GB Group, Globaldata, Alfa Financial Software, Celebrus Technology, Boku and Craneware all victims o f the AI sell-off, and weighing on the Sub-fund’s performance. Another theme was the poor performance by the Sub-fund’s holdings in U K property market related shares, with Mortgage Advice Bureau and LSL Property Services both falling, as higher wholesale market interest rates and reduced consumer confidence stalled activity in the residential property sector. Other notable fallers were Telecom Plus, the combined utility provider, which trades as Utility Warehouse. Rather than proving to be a safe haven in a risk-off en vironment as we’d hoped, it fell sharply when the legacy utility providers cut prices in response to Octopus’ market share gains, leading management at Telecom Plus to invest about a third of its annual profits going forwards in price incentives to stimulate custom er growth. Everplay, the online video games business fell back initially in response to higher-than-expected capital spend on new games, with this poor share price performance then compounded by a delay to the launch of a key franchise title, “Hell Let Loose – Vie tnam”, after poor customer reviews of its pre-release test version of the game. Finally, Public Policy Holdings, the US lobbying group , fell back when it dual listed on the US market issuing new shares at a material discount to their UK market price. This initial fall was then compounded by US hedge funds shorting the company’s shares on the misconception that it was a consultancy business at risk of A I disintermediation, not appreciating that the business is founded on high level personal political access and relationships.

There were no identifiable macro themes driving the Sub-fund’s positive contributors. Luceco, a UK building materials supplier, defied its gloomy sector’s performance generating exceptional returns as its underlying business benefitted from an end to a de-stocki ng cycle and, more importantly, thanks to the success of its rapidly growing EV charging business. Both Auction Technologies and B ig Technologies rallied after management change, with both companies appointing well regarded public company Chief Executives afte r

MI Chelverton UK Equity Growth Fund

Page 16

Investment Manager’s Report (continued) for the period ended 30 June 2026 (unaudited)

periods of poor performance. Advanced Medical Solutions shares rose after announcing a recommended offer for the business. Othe r meaningful contributors were Premier Foods, by just maintaining its steady progress a feature of the last few years, and Eagle Eye Solutions, the loyalty software provider to leading retailers and brands, which saw its shares rebound after falls caused by th e loss of a significant US client as it won new business, both through its own salesforce and via its integration with a major global ent erprise software vendor. Ashtead Technology, an equipment hire business serving the offshore energy market, saw its shares rebound from an earlier sell-off caused by tariffs and the 2025 Gulf conflict.

From a trading perspective, as managers we added selectively to the Sub-fund’s Technology holdings where we felt they’d been unreasonably treated in the AI sell-off, because of the inherent strength of their business models and their access to valuable proprietary data. We downsized holdings where we are still reasonably confident of their relevance in an AI world but acknowledge there may be a risk to some parts of their business, like dotDigital and Globaldata. Finally, we materially reduced holdings where their bus iness models are materially challenged by AI, most notably Future and LBG Media in the Media sector, which both relied on converting Search Engine Optimisation (SEO) traffic from Google into advertising revenue, with SEO now very much disrupted by Google’s AI overview. We trimmed a number of holdings such as Big Technologies, Premier Foods, Man Group and Luceco taking advantage of strong share price performance. We continued to use JTC as a source of liquidity after the agreed offer for the company last au tumn, whilst managing the Sub-fund’s position size in Gamma Communications its largest holding, after it received a number of bid app roaches in the second quarter. The depressed outlook for UK construction led us to reduce the Sub-fund’s exposure to a number of buildi ng related stocks, namely Stelrad, Eurocell and VP. We also reduced the holding in Conduit, a Bermudan reinsurer, which though sti ll cheap in our view, lacks a catalyst for outperformance in the absence of corporate activity now insurance rates are softening. During the period we exited holdings in Bytes, over its short-term profits outlook, and Inchcape, where we were worried that the Weste rn automotive brands it represents in developing markets are likely to lose share to Chinese EV manufacturers.

During the period we added a number of new holdings to the Sub-fund, starting positions in Avon Technologies, a leading defence manufacturer of gas masks and helmets, as its valuation came down to a palatable level, Integrafin, owner of the Transact inves tment platform, which is winning share in what is already a growing market, and MONY Group, the leading UK price comparison site, aft er a period of share price weakness. We replaced Bytes with Softcat, another IT reseller, which in our view had much better growth p rospects given its exposure to the AI driven boom in datacentre investment. We also started a holding in RS Group as industrial markets started to pick-up, whilst topping up the Sub-fund’s holding in DiscoverIE on short-term share price weakness, to play the same trend. We also added to Tatton Asset Management and Mortgage Advice Bureau on weakness.

MI Chelverton UK Equity Growth Fund

Page 17

Portfolio Statement as at 30 June 2026 (unaudited)

Market % of total value net assets Holding Security £ 2026

TECHNOLOGY 21.77% (20.77%) Software and Computer Services 20.85% (19.52%) 700,000 Accesso Technology* 2,262,750 1.02 775,598 AdvancedAdvT* 1,182,787 0.53 2,225,000 Alfa Financial Software 3,486,575 1.57 1,182,250 Auction Technology 4,882,693 2.20 4,157,500 Big Technologies* 3,891,420 1.75 13,936,819 Blackbird* 250,863 0.11 1,551,549 Celebrus Technologies* 1,171,420 0.53 146,100 Cerillion* 1,592,490 0.72 2,712,765 Checkit* 583,244 0.26 7,800,000 dotDigital* 3,301,350 1.49 676,000 Eagle Eye Solutions* 3,042,000 1.37 276,349 FDM 289,061 0.13 2,652,500 GB 5,273,170 2.37 1,452,862 Made Tech* 581,145 0.26 675,000 MONY Group 1,259,550 0.57 1,680,861 Oxford Metrics* 658,057 0.30 573,975 Pinewood Technologies 1,575,561 0.71 6,007,775 Pulsar* 2,312,993 1.04 4,922,518 Redcentric* 6,153,147 2.77 109,850 Softcat 2,018,494 0.91 1,173,888 Team Internet* 534,119 0.24

46,302,889 20.85 Technology Hardware and Equipment 0.92% (1.25%) 47,250,000 Seeing Machines* 2,049,469 0.92

TELECOMMUNICATIONS 2.39% (2.65%) Telecommunications Equipment 0.00% (0.01%) Telecommunications Service Providers 2.39% (2.64%) 631,750 Gamma Communications 5,308,279 2.39

HEALTH CARE 7.02% (5.49%) Health Care Providers 1.88% (1.64%) 158,903 Craneware* 2,181,738 0.98 500,000 Tristel* 1,992,500 0.90

4,174,238 1.88 Medical Equipment and Services 2.93% (2.17%) 2,000,000 Advanced Medical Solutions* 5,595,000 2.52 6,166,666 Creo Medical* 901,875 0.41

6,496,875 2.93

Pharmaceuticals and Biotechnology 2.21% (1.68%) 2,507,000 Eco Animal Health* 2,218,695 1.00 2,727,273 Immupharma Warrants 23.12.31 46,364 0.02 700,000 MaxCyte 658,455 0.30 3,250,000 Oncimmune** – 12,893,099 Ondine Biomedical* 1,933,965 0.87 52,620,370 Oxford Biodynamics* 55,251 0.02

4,912,730 2.21

MI Chelverton UK Equity Growth Fund

Page 18

Portfolio Statement (continued) as at 30 June 2026 (unaudited)

Market % of total value net assets Holding Security £ 2026

FINANCIALS 11.22% (11.97%)

Finance and Credit Services 1.70% (1.10%) 1,500,000 Lendinvest* 367,500 0.17 657,500 Mortgage Advice Bureau 3,395,988 1.53

3,763,488 1.70 Investment Banking and Brokerage Services 8.24% (9.30%) 295,000 AJ Bell 1,763,363 0.79 225,000 Brooks Macdonald 2,874,375 1.29 743,655 Foresight 3,255,350 1.47 472,500 IntegraFin Holdings 1,691,550 0.76 75,000 JTC 992,625 0.45 1,082,425 Man Group 3,183,412 1.43 8,495,985 Mercia Asset Management* 2,293,916 1.03 302,500 Tatton Asset Management* 2,271,775 1.02

18,326,366 8.24 Nonlife Insurance 1.28% (1.57%) 600,000 Conduit 2,841,000 1.28

REAL ESTATE 2.20% (1.60%)

Real Estate Investment and Services Development 2.20% (1.60%) 11,199,000 Inland Homes** – 1,557,500 LSL Property Services 3,387,563 1.52 320,000 Property Franchise* 1,520,000 0.68

4,907,563 2.20

CONSUMER DISCRETIONARY 15.08% (16.96%) Automobiles and Parts 0.27% (0.26%) 56,395 Ab Dynamics* 599,479 0.27

Leisure Goods 1.25% (2.06%) 2,155,225 Devolver Digital* 387,941 0.17 1,034,500 Everplay* 2,410,385 1.08

2,798,326 1.25

Personal Goods 0.00% (0.55%)

Media 7.42% (7.71%) 17,850 4imprint 666,698 0.30 558,000 Bloomsbury Publishing 3,476,340 1.56 6,250,000 Ebiquity* 662,500 0.30 336,175 Future 1,028,359 0.46 5,400,000 LBG Media* 1,768,500 0.80 607,313 Next Fifteen Communications* 1,542,575 0.69 3,602,500 Pebble* 2,125,475 0.96 254,401 System1* 793,731 0.36 1,277,500 Wilmington 3,442,863 1.54 466,500 Yougov* 1,003,908 0.45

16,510,949 7.42

MI Chelverton UK Equity Growth Fund

Page 19

Portfolio Statement (continued) as at 30 June 2026 (unaudited)

Market % of total value net assets Holding Security £ 2026

Retailers 4.52% (5.30%) 1,776,370 DFS Furniture 2,478,036 1.12 1,375,000 Moonpig 3,345,375 1.51 6,525,925 Topps Tiles 2,277,548 1.03 1,015,500 Wickes 1,913,202 0.86

10,014,161 4.52

Travel and Leisure 1.62% (1.08%) 1,957,725 Hostelworld 2,202,441 0.99 487,425 On The Beach Group 852,018 0.38 4,133,873 Safestay* 558,073 0.25

3,612,532 1.62

CONSUMER STAPLES 2.14% (2.05%)

Food Producers 2.14% (2.05%) 2,319,750 Premier Foods 4,762,447 2.14

INDUSTRIALS 27.76% (28.58%)

Construction and Materials 9.79% (10.53%) 97,000 Balfour Beatty 845,355 0.38 675,000 Breedon 2,008,799 0.90 1,750,500 Eurocell 1,925,550 0.87 1,435,000 Genuit 4,018,000 1.81 1,245,397 Norcros 3,717,510 1.67 25,000 Quanex Building Products 343,395 0.15 7,155,000 Severfield 2,470,264 1.11 3,250,000 SigmaRoc* 4,197,375 1.89 1,495,000 Stelrad 2,235,025 1.01

21,761,273 9.79

Aerospace and Defense 1.09% (0.00%) 137,500 Avon Technologies 2,413,125 1.09 Electronic and Electrical Equipment 3.40% (3.32%) 527,500 discoverIE 3,592,275 1.62 1,208,000 Luceco 3,297,840 1.48 197,250 Rosebank Industries 660,788 0.30

7,550,903 3.40

General Industrials 1.77% (2.04%) 5,000,000 Coats 3,932,500 1.77 Industrial Engineering 1.54% (3.57%) 400,000 Somero Enterprises* 760,000 0.34 588,835 Vesuvius 2,663,301 1.20

3,423,301 1.54

Industrial Goods and Services 0.08% (0.00%) 60,000 Rotork 177,300 0.08

Industrial Support Services 8.86% (7.40%) 2,075,000 Boku* 3,112,500 1.40 539,250 Bodycote 3,669,596 1.65 1,230,658 Essentra 991,910 0.45

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Page 20

Portfolio Statement (continued) as at 30 June 2026 (unaudited)

Market % of total value net assets Holding Security £ 2026

Industrial Support Services (continued) 3,896,882 Globaldata 3,057,104 1.38 235,000 Public Policy* 1,398,250 0.63 1,907,500 Restore* 5,083,487 2.29 147,500 RS Group 872,831 0.39 1,100,000 RWS* 794,200 0.36 442,986 Sthree 699,474 0.31

19,679,352 8.86 Industrial Transportation 1.23% (1.72%) 35,390 Clarkson 1,509,384 0.68 240,000 VP 1,221,600 0.55

2,730,984 1.23

BASIC MATERIALS 1.88% (1.75%)

Industrial Metals and Mining 0.50% (0.46%) 17,500,000 Savannah Resources* 1,111,250 0.50

Chemicals 1.38% (1.29%) 950,000 Elementis 1,485,800 0.67 273,250 Victrex 1,575,286 0.71

3,061,086 1.38

ENERGY 2.07% (1.86%)

Oil, Gas and Coal 1.67% (1.55%) 465,000 Ashtead Technologies 1,934,400 0.87 437,459 Reabold Resources* 354,342 0.16 650,000 Serica Energy* 1,426,750 0.64

3,715,492 1.67 Alternative Energy 0.40% (0.31%) 7,500,000 H-Power* 879,000 0.40

UTILITIES 0.40% (1.34%)

Electricity 0.40% (1.34%) 114,883 Telecom Plus 883,450 0.40

Investment assets 208,699,807 93.93 Net other assets 13,475,127 6.07

Net assets 222,174,934 100.00

All investments are ordinary shares or stock units on a regulated securities market unless otherwise stated. The percentages in brackets show the equivalent % holdings as at 31.12.25.

*Quoted on AIM.

**These are suspended securities and have been valued at the Managers best assessment of their fair value.

Total Purchases for the period: £19,166,214 Total Sales for the period: £115,792,343

MI Chelverton UK Equity Growth Fund

Page 21

Portfolio Statement (continued) as at 30 June 2026 (unaudited)

Fair Value Disclosure

Valuation technique 30.06.26 31.12.25 Assets Liabilities Assets Liabilities £ £ £ £ Level 1^ 208,653,443 – 313,228,248 Level 2^^ – – – Level 3^^^ 46,364 – 111,273 208,699,807 – 313,339,521 –

^Level 1: Unadjusted quoted price in an active market for an identical instrument.

^^Level 2: Valuation techniques using observable inputs other than quoted prices within level 1.

^^^Level 3: Valuation techniques using unobservable inputs.

A reconciliation of fair value measurements in Level 3 is set out in the following table. 30.06.26 31.12.25 Opening Balance 111,273 Total gains or losses included in the net capital gains/(losses) in the Statement of Total Return: - on assets sold – - on assets held at year end (64,909) 111,273

Closing Balance 46,364 111,273

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Net Asset Value and Shares in Issue

Class Net Asset Value Shares in Net Asset Value Operating Charge issue per share Figure* A Accumulation £530,941 245,400 216.36p 1.64% B Income £32,077,086 11,802,564 271.78p 0.89% B Accumulation £189,566,907 61,834,201 306.57p 0.89%

Risk and Reward Profile

Typically lower rewards, Typically higher rewards, lower risk higher risk

n Smaller company shares can be more difficult to buy and sell as they may trade infrequently, in small volumes and their share price may fluctuate more than that of a larger company.

n The level of targeted income is not guaranteed and may not be achieved.

n For further risk information please see the Prospectus.

Risk Warning An investment in an Open-Ended Investment Company should be regarded as a medium to long-term investment. Investors should be aware that the price of shares and the revenue from them can fall as well as rise and investors may not receive back the full a mount invested. Past performance is not a guide to future performance. Investments denominated in currencies other than the base curr ency are subject to fluctuation in exchange rates, which can be favourable or unfavourable.

MI Chelverton UK Equity Growth Fund

1 2 3 4 5 6 7

Page 23

Statement of Total Return for the period ended 30 June 2026 (unaudited)

30.06.26 30.06.25 £ £ £ £ Income Net capital losses (6,529,689) (21,643,644) Revenue 4,354,927 7,407,808 Expenses (1,246,826) (2,146,031)

Interest payable and similar charges (354) (7)

Net revenue before taxation 3,107,747 5,261,770

Taxation (33,358) (118,882)

Net revenue after taxation 3,074,389 5,142,888

Total return before distributions (3,455,300) (16,500,756)

Distributions (505,654) (379,575)

Change in net assets attributable to Shareholders from investment activities (3,960,954) (16,880,331)

Amounts receivable on issue of shares 9,769,230 29,568,846

Less: Amounts payable on cancellation of shares (113,356,586) (129,168,979)

(103,587,356) (99,600,133)

Change in net assets attributable to Shareholders from investment activities (see Statement of Total Return above) (3,960,954) (16,880,331)

Closing net assets attributable to Shareholders 222,174,934 453,381,909

MI Chelverton UK Equity Growth Fund

Page 24

Balance Sheet as at 30 June 2026 (unaudited)

30.06.26 31.12.25 £ £ £ £ Assets

Investments 208,699,807 313,339,521 Amounts Receivable 1,353,514 659,781 Cash and Cash equivalents 16,480,768 17,305,474

Total current assets 18,195,155 17,965,255

Total assets 226,894,963 331,304,776

Liabilities

Distribution payable – (824,471) Other amounts payable (4,720,029) (757,061)

Total liabilities (4,720,029) (1,581,532)

Net assets attributable to Shareholders 222,174,934 329,723,244

MI Chelverton UK Equity Growth Fund

Page 25

Investment Objective and Policy

The objective of the Sub-fund is to achieve long-term capital growth.

The Sub-fund will invest primarily in a portfolio of fully listed companies that trade on Continental European stock exchanges.

The policy will be to select a focused portfolio across all ranges of capitalisation, business sectors and countries of Europe.

The asset classes in which the Sub-fund may invest includes transferable securities, money market instruments, warrants, conver tibles, cash and near cash and deposits as permitted for UCITS schemes under COLL and in accordance with the Sub-fund’s investment powe rs as summarised in Appendix 2 of the Prospectus.

Investment Manager’s Report for the period ended 30 June 2026 (unaudited)

The fund posted a return of +0.6% in the first half of 2026. The index of most relevance to us, the MSCI Europe Ex-UK Small Cap returned +5.0%. At the broader level, the MSCI Europe Ex-UK was +10.4% and the IA sector ex UK average +8.7%.

Source: Morningstar, Lipper as at 30/6/2026, all returns in GBP

In H1 2026, the dominant global event was the war centred around Iran. The medium to long term implications of the war and its attendant effect on interest rates and economies are not clear at this stage.

The most relevant event for the portfolio however was the rapid development of new AI models. This caused a significant sell-off ff in software and a range of sectors perceived to be casualties of these innovations. The cost to the fund from its primarily softwa re, but also IT services exposure was c.6% in H1 2026.

Software Exposure Hurt Performance At the start of the year, we held five software companies plus Kinnevik, a holding company investing primarily in software comp anies. As at 31/12/25, these six holdings represented 16.3% of the portfolio.

As we acknowledged in our February Loupe entry AI and Its Impact, we had too much exposure to companies at risk of technologica l disruption and have for risk management reasons and notwithstanding the falls, reduced our exposure here. The equivalent exposu re at 30/6/26 was 6.0%. We sold two holdings, Kinnevik and Planisware, reduced position sizes elsewhere, and for now, expect to se ttle around a software cluster of four holdings with most of the intended reduction now achieved.

Blank Sheet of Paper One way of addressing a difficult investment situation is to invert the situation and ask the question: if we did not own any s oftware companies, would we own any now? We believe if we were coming to the software sector afresh:

n We would see companies with a wide range of desirable (albeit historic) attributes such as asset light models, high recurring revenues, very good returns on capital, consistent cash conversion, and strong balance sheets.

n We would see the recent sharp derating (i.e. not downgrades yet) and the market questioning the future economics of their model s.

n We would understand why the market was questioning the future economics, but we would analyse individual companies and realise the niches they are in and the specialisms they have, make them just as likely to be beneficiaries as casualties.

So, the answer to this question, for us and for now, is yes: if we did not have any exposure we would be seeking exposure from a risk reward perspective. This is why we decided, for now, to settle around a mid-single digit percentage sector exposure, diversifie d across four companies.

Different Sources of Resilience We place resilience high on our list of priorities at both the company and portfolio level. Previously we had considered softwa re companies as operationally and financially resilient. Having now reduced our sector exposure here, we relied on our Buy List to provide us with replacements for the divestments noted. Two examples are as follows:

n Bravida is a Scandinavian technical services provider – ‘bringing buildings to life’ via electrical, heating, plumbing and HVAC work conducted by their plumbers and electricians. Resilience comes from the high level of recurring service work which accounts for most of the annual cash flow. Organic growth is moderate but is typically boosted by small acquisitions and the hope of infrastructure spending. A 7% FCFY should allow for solid returns going forward.

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Investment Manager’s Report (continued) for the period ended 30 June 2026 (unaudited)

n Jungheinrich is a market leader in electric warehouse trucks. The company is valued more like an auto manufacturer (FCFY 10.2%, PE 9x, ev/ebitda 2.6x) and yet has a sizeable service business close to half of profits, a high-quality warehouse automation bu siness as well as a solid balance sheet. There is a disconnect between this valuation and management ambitions to grow organically at 10% pa and increase margins – an asymmetric situation we are happy to exploit.

AI Impact Much investor attention remains focused on AI. Over the last six months we have seen some evidence of some of this frothiness i n our universe. Companies in the technology sector with less battle-hardened business models have started appearing at the top of the leader boards. We have reviewed companies of this nature and whilst they are enjoying their moment in the sun, we aren’t convin ced the economics and therefore valuations they are currently experiencing will be sustainable long-term.

In our view, markets that reward excitement whilst neglecting resilient cash-generative companies are good conditions for us to continue build an attractive portfolio.

BESI & ASMI Lead the Way Our most direct exposure to the AI capex boom continues to be through our two semiconductor capital equipment suppliers, BE Semiconductor and ASM International. We have owned these companies since near fund inception. We have viewed them, and continue to view them, as pick and shovel plays on technological improvement. Semi-capex is a growth cyclical industry and in every hist oric cycle, both these companies have lifted their economic returns at both tops and bottoms of the cycle – an impressive achievemen t. This however has not gone unnoticed, and the companies have both been rerated over time.

The challenge at this juncture is that valuations need continued upgrades or the risk reward tilts materially to the downside. It is balancing these considerations that has led us to continually top slice into strength. Would it be that we were good enough to ignore valuations and cycles, you would have been better off as long-term investors in the fund had we sat on our hands for eight year s. However, we have a portfolio valuation discipline to follow and a requirement to sleep for a recommended minimum number of hour s. As at 30/6/26 these two companies comprise a combined 4.0% of the portfolio. Their combined value/growth equation is a 2.0% FCF Y for a >30% revenue (and cash flow) cagr. It’s a very different equation from the portfolio average: a 6%+ FCFY for c.10% revenu e and cash flow growth. As seen in the attached attribution, BESI & ASMI occupy slots one and two in the YTD performance tables.

AI – Second Order Beneficiaries We see tentacles of the AI capex boom reaching into our portfolio companies. Some recent examples:

n Arcadis (engineering consultant) strengthened its account coverage and execution capacity in global data centre projects, build ing on over 280 projects they have won in the last 12 months. Arcadis supports its clients in site selection and investment due dil igence through to permitting, design, construction oversight and operational readiness

n Admicom (Finnish software company) announced ‘change negotiations’ over 63 out of 313 roles in the company citing rapid advancements in AI amongst other factors

n Swissquote, an online bank (during results call) talked of 90% of their code being AI generated. They expect 30% of client inte ractions to be AI handled in 2026, rising to 90% over next couple years

We mention this selection of items, not necessarily because of materiality, but as a reminder that ‘run of the mill’ but forwar d-thinking companies on moderate valuations stand to benefit from either their direct involvement in capex projects or as AI adopters enha ncing corporate productivity and/or competitive positioning. We believe the market should get round to rewarding these companies, alt hough the timing and extent of any market recognition remain difficult to predict.

A More Concentrated Portfolio The underperformance of our asset class in recent years has allowed us to express ourselves via higher conviction, i.e. a short er list of holdings. This trend has continued YTD, with holdings reducing from 44 at year end to 41 at 30/6/26. When we look at our recent detractors from performance, we by and large see the market taking a short-term view in companies we believe can deliver attrac tive long-term returns for the portfolio. A such we are considering reducing the number of holdings further by disinvesting from the companies where we have least conviction and increasing position sizes where we have most conviction, whilst seeking to retain an appropriate spread of risk.

Unchanged Outlook Our outlook is unchanged. Our process has always relied on patiently owning companies capable of compounding cash flows whilst purchasing them at valuations that embed an attractive margin of safety. The conditions today to construct an attractive portfo lio with these fundamental attributes are favourable.

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Portfolio Statement as at 30 June 2026 (unaudited)

Market % of total value net assets Holding Security £ 2026

TECHNOLOGY 19.90% (28.23%) Software and Computer Services 12.40% (21.94%) 112,000 Admicom 2,460,266 1.04 1,482,000 Bouvet 4,854,415 2.05 154,400 Infotel 5,104,105 2.16 115,154 Mensch und Maschine Software 3,546,329 1.50 405,966 Serviceware 4,624,973 1.96 2,990,000 Smartcraft 3,511,223 1.49 43,000 Sopra Steria 5,191,411 2.20

29,292,722 12.40 Technology Hardware and Equipment 7.50% (6.29%) 5,600 ASM International 4,793,177 2.03 18,000 BE Semiconductor Industries 4,428,479 1.87 75,000 Cicor Technologies 8,498,368 3.60

17,720,024 7.50

TELECOMMUNICATIONS 2.43% (2.28%) Telecommunications Equipment 2.43% (2.28%) 454,460 Huddly 1,108,456 0.47 115,739 INIT Innovation in Traffic Systems 4,631,155 1.96

5,739,611 2.43

HEALTH CARE 9.90% (8.25%) Medical Equipment and Services 5.92% (4.98%) 416,000 Fagron 8,654,348 3.66 102,000 SKAN 5,335,824 2.26

13,990,172 5.92 Pharmaceuticals and Biotechnology 3.98% (3.27%) 8,022 Limes Schlosskliniken 3,748,921 1.59 19,400 Virbac 5,640,264 2.39 9,389,185 3.98

FINANCIALS 10.28% (12.87%) Investment Banking and Brokerage Services 10.28% (12.87%) 68,000 Groupe Bruxelles Lambert 4,681,828 1.98 266,000 JDC 5,098,419 2.16 221,000 Nordnet 6,344,711 2.69 230,000 Swissquote 8,149,369 3.45 24,274,327 10.28

CONSUMER DISCRETIONARY 12.53% (14.02%) Household Goods and Home Construction 4.30% (2.92%) 251,000 De' Longhi 7,954,766 3.37 104,961 Kaufman & Broad 2,201,663 0.93 10,156,429 4.30

Leisure Goods 5.17% (5.52%) 330,000 Technogym 4,339,450 1.84 64,000 Trigano 7,856,312 3.33

12,195,762 5.17

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Portfolio Statement (continued) as at 30 June 2026 (unaudited)

Market % of total value net assets Holding Security £ 2026

Media 3.06% (5.58%) 492,000 Havas 7,236,852 3.06 INDUSTRIALS 34.34% (24.88%)

Construction and Materials 11.49% (7.90%) 24,000 Ackermans & Van Haaren 5,931,516 2.51 217,000 Arcadis 6,196,795 2.62 740,000 Bravida 7,145,799 3.02 182,000 Spie 7,901,796 3.34 27,175,906 11.49

Aerospace and Defense 5.06% (4.22%) 28,000 Dassault Aviation 6,886,333 2.91 357,000 Mildef 5,086,425 2.15

11,972,758 5.06

Electronic and Electrical Equipment 5.07% (2.49%) 1,515,000 Capsol Technologies 512,129 0.22 444,000 Norbit 5,793,747 2.45 436,000 OEM International 5,665,594 2.40

11,971,470 5.07 Industrial Engineering 5.27% (5.33%) 157,000 Danieli & C Officine 6,244,295 2.64 29,000 Kardex 6,203,643 2.63

12,447,938 5.27

Industrial Support Services 7.45% (4.94%) 138,000 DKSH 8,031,200 3.40 330,000 Jungheinrich 6,561,054 2.78 80,000 Loomis 2,992,461 1.27

17,584,715 7.45

BASIC MATERIALS 5.91% (6.95%)

Industrial Metals and Mining 3.25% (3.95%) 433,000 Vallourec 7,674,527 3.25

Chemicals 2.66% (3.00%) 9,000 Robertet 6,326,399 2.66

DERIVATIVES 0.00% (0.00%)

Forward Currency Contracts^ 0.00% (0.00%) Sold €1,089 Bought £937 (02.07.26) (1) Sold €26,450 Bought £22,755 (01.07.26) (31) Sold €87,633 Bought £75,389 (01.07.26) (101) Sold €39,142 Bought £33,673 (01.07.26) (45) (178) –

Investment assets 225,148,619 95.29 Net other assets 11,129,868 4.71

Net assets 236,278,487 100.00

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Portfolio Statement (continued) as at 30 June 2026 (unaudited)

All investments are ordinary shares or stock units on a regulated securities market unless otherwise stated. The percentages in brackets show the equivalent % holdings as at 31.12.25.

*Collective Investment Schemes permitted under COLL, not listed on any exchange.

Total purchases for the period: £45,419,573 Total sales for the period: £77,301,095

Fair Value Disclosure

Valuation technique 30.06.26 31.12.25 Assets Liabilities Assets Liabilities £ £ £ £ Level 1^ 225,148,797 – 257,246,980 Level 2^^ – – – Level 3^^^ – – – 225,148,797 – 257,246,980 –

^Level 1: Unadjusted quoted price in an active market for an identical instrument.

^^Level 2: Valuation techniques using observable inputs other than quoted prices within level 1.

^^^Level 3: Valuation techniques using unobservable inputs.

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Net Asset Value and Shares in Issue

Class Net Asset Value Shares in Net Asset Value Operating Charge issue per share Figure* A Income £5,978,123 3,143,272 190.19p 0.47% A Accumulation £77,048,665 50,564,638 152.38p 0.47% B Income £6,315,303 3,844,798 164.26p 0.92% B Accumulation £99,832,180 51,877,129 192.44p 0.92% C Income £5,432,180 5,467,075 99.36p 0.82% C Accumulation £41,672,036 30,807,593 135.27p 0.82%

*The Investment Manager currently rebates the Sub-fund’s operating charges on A Income and A Accumulation, excluding the Investment Manager’s fee in order for them not to exceed 0.20% of the Net Asset Value of the share class.

Operating charges include indirect costs incurred in the maintenance and running of the Sub-fund, as disclosed (but not limited to) the detailed expenses within the Statement of Total Return. The figures used within this table have been calculated by annualis ing the expenses incurred against the average Net Asset Value for the accounting period.

Risk and Reward Profile

Typically lower rewards, Typically higher rewards, lower risk higher risk

n Investing overseas can bring additional returns and spread risk to different markets. There are risks, however, that changes in currency exchange rates may cause the value of the investment to decrease or increase.

n For further risk information please see the Prospectus.

Risk Warning An investment in an Open-Ended Investment Company should be regarded as a medium to long-term investment. Investors should be aware that the price of shares and the revenue from them can fall as well as rise and investors may not receive back the full a mount invested. Past performance is not a guide to future performance. Investments denominated in currencies other than the base curr ency are subject to fluctuation in exchange rates, which can be favourable or unfavourable.

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Statement of Total Return for the period ended 30 June 2026 (unaudited)

30.06.26 30.06.25 £ £ £ £ Income Net capital (losses)/gains (108,259) 41,440,492 Revenue 5,122,764 4,838,439 Expenses (949,075) (776,524)

Interest payable and similar charges – (504)

Net revenue before taxation 4,173,689 4,061,411

Taxation (398,321) (316,674)

Net revenue after taxation 3,775,368 3,744,737

Total return before distributions 3,667,109 45,185,229

Distributions (3,775,283) (3,744,776)

Change in net assets attributable to Shareholders from investment activities (108,174) 41,440,453

Amounts receivable on issue of shares 29,580,973 39,959,186

Less: Amounts payable on cancellation of shares (60,280,635) (28,048,712)

(30,699,662) 11,910,474

Change in net assets attributable to Shareholders from investment activities (see Statement of Total Return above) (108,174) 41,440,453

Retained distribution on accumulation shares 3,191,291 3,081,133

Closing net assets attributable to Shareholders 236,278,487 246,648,947

The opening net assets attributable to Shareholders for the current period do not equal the closing net assets attributable to Shareholders for the comparative period as they are not consecutive periods.

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Balance Sheet as at 30 June 2026 (unaudited)

30.06.26 31.12.25 £ £ £ £ Assets

Investments 225,148,797 257,246,980 Amounts Receivable 2,405,546 1,525,284 Cash and Cash equivalents 9,544,133 5,443,981

Total current assets 12,081,496 6,969,265

Total assets 237,098,476 264,216,245

Liabilities

Investment Liabilites (178) Distribution payable (260,447) Other amounts payable (559,364) (321,213)

Total liabilities (819,989) (321,213)

Net assets attributable to Shareholders 236,278,487 263,895,032

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Investment Objective and Policy

The Sub-fund aims to provide capital growth, over a rolling 5 year period.

The Sub-fund is actively managed and will invest at least 80% of the value of its property in equities listed on the London Sto ck Exchange or on the UK Alternative Investment Market (AIM) and which are domiciled, incorporated or have a significant part of their busi ness in the UK. Investment can be in companies of any size and in any business sectors. The Sub-fund may also invest up to 20% in other transferable securities, money market instruments, warrants, convertibles, cash and near cash and deposits. The Sub-fund may us e derivatives but only for the purpose of efficient portfolio management to reduce risk and cost in the Sub-fund.

Investment Manager’s Report for the period ended 30 June 2026 (unaudited)

The first half of 2026 was a challenging six months for the Chelverton UK Opportunities Fund from a relative performance perspe ctive, despite delivering a positive absolute return. The Fund rose 2.86% over the six months to the end of June, compared with a rise of 7.11% for the benchmark. The shortfall was concentrated overwhelmingly in a single month: the US invasion of Iran in March prod uced a sharp, broad-based de-rating of UK equities that hit the Fund's overweight domestic and industrial cyclical positioning disproportionately hard, and while the Fund recovered strongly as the conflict eased over the following three months, this was not enough to close the gap to the benchmark opened in March by the period end.

The UK market started the year constructively, with positive UK equity performance broadening beyond large cap into medium size d businesses on the back of easing inflation and improving real income dynamics. This constructive backdrop was abruptly reversed in March when the US invasion of Iran produced a severe supply and expected inflation shock: oil prices surged beyond $100 a barre l, and swap markets briefly priced multiple interest rate hikes from the Bank of England, reversing months of accumulated rate-cut expectations in a matter of days. A ceasefire announced on 8 April triggered an equally sharp reversal, and the remainder of th e period was characterised by a fragile but holding peace, punctuated by UK political upheaval — Sir Keir Starmer survived a leadership challenge in May before resigning in June, with Andy Burnham seen then as his likely successor — and, in June, a hawkish shift in US Fede ral Reserve communication under new chair Kevin Warsh that pushed market expectations towards a US rate rise later in the year.

Financials was again the Fund's largest sector position and its biggest source of absolute return over the period, with Barclay s, Lloyds, Standard Chartered, Man Group, Legal & General and Standard Life all contributing strongly and Schroders the standout single-st ock performer after US asset manager Nuveen agreed to acquire the business at a substantial premium. Elsewhere, stock selection in consumer staples, where Unilever and Marks & Spencer both performed well despite the Fund's structural underweight to the secto r, was a valuable source of relative outperformance in the portfolio. Small and mid-cap growth recoveries in Luceco, Softcat, Auct ion Technology Group and Bloomsbury Publishing also added meaningfully, the latter benefiting from renewed publishing momentum.

The most persistent headwind came from the Fund's overweight exposure to mid-cap domestic and industrial cyclical stocks, which had been built on the view — correct until March — that easing UK inflation would support a further round of Bank of England ra te cuts. Barratt Redrow was the single largest detractor, falling sharply as the market abruptly repriced from expecting rate cuts to fearing hikes in the wake of the Iran shock; Taylor Wimpey suffered similarly. Melrose Industries and Prudential also detracted materia lly — Melrose as confidence in its aerospace division's cash flow delivery wavered amid the broader industrial sell-off, and Prudenti al on tighter capital controls announced by Beijing late in the period. Communication services and technology names exposed to the re curring narrative of AI-driven disintermediation, including Autotrader, Gamma Communications and Pinewood Technologies, were a further source of weakness, though several — Autotrader in particular — later recovered as an activist stake underlined the value the m arket had been overlooking, in our view.

As in prior periods, corporate activity provided a partial offset and underlined the value on offer in UK-listed equities. In a ddition to Schroders' agreed takeover, Bodycote and Gamma Communications both attracted competing bid interest during the period, though the parties involved in Bodycote walked away; London Stock Exchange Group benefited from an activist stake taken by Elliott Management alongside a £3 billion buyback, and easyJet drew successive approaches from Castlelake and Cinven. All this activity reinforces our view that the disconnect between public market valuations and private market appetite for good UK businesses remains wide.

As the period progressed the macro backdrop improved. The ceasefire between the US and Iran held and was extended in June via a further memorandum of understanding covering 60 days of negotiation; oil prices fell back sharply as a result, easing the infla tionary pressure that had driven the March shock. UK gilt yields eased in tandem, and by June core inflation had cooled sufficiently th at the Bank of England's governor, Andrew Bailey, expressed frustration that the 2% target had not already been reached. The change of UK Prime Minister in June introduced a fresh source of political uncertainty, though its economic implications remain unclear.

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Investment Manager’s Report (continued) for the period ended 30 June 2026 (unaudited)

Looking ahead, we believe the conditions that drove the Fund's underperformance in H1 — an acute, geopolitically-driven shock t o a portfolio positioned for a benign rate-cutting environment — are unlikely to recur in the same form, though further volatility around the Middle East ceasefire cannot be ruled out. Valuations across the portfolio's domestic cyclical holdings remain undemanding following the March de-rating, and we retain a pro-cyclical stance with a preference for growth and industrial/commodity cyclic als over domestic cyclicals, while recognising the deep value now on offer in housebuilders and retail. As the geopolitical picture stab ilises and interest rate expectations reassert themselves, we believe the portfolio remains well placed to deliver attractive returns.

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Portfolio Statement as at 30 June 2026 (unaudited)

Market % of total value net assets Holding Security £ 2026

TECHNOLOGY 8.67% (8.04%)

Software and Computer Services 8.67% (7.09%) 168,000 Alfa Financial Software 263,256 1.02 57,500 Auction Technology 237,475 0.92 132,000 Autotrader 661,716 2.56 255,000 dotDigital* 107,929 0.42 154,000 GB 306,152 1.19 48,000 Pinewood Technologies 131,760 0.51 25,000 Sage 206,325 0.80 17,500 Softcat 321,563 1.25

2,236,176 8.67

Technology Hardware and Equipment 0.00% (0.95%)

TELECOMMUNICATIONS 2.00% (1.82%)

Telecommunications Service Providers 2.00% (1.82%) 61,529 Gamma Communications 516,997 2.00

HEALTH CARE 6.09% (4.31%)

Medical Equipment and Services 3.26% (3.29%) 74,000 Smith & Nephew 841,750 3.26 Pharmaceuticals and Biotechnology 2.83% (1.02%) 8,700 Genus 188,181 0.73 85,000 Hikma Pharmaceuticals 541,855 2.10

730,036 2.83

FINANCIALS 38.39% (40.97%)

Banks 14.49% (16.73%) 277,000 Barclays 1,417,547 5.49 920,000 Lloyds Banking 1,024,650 3.97 63,000 Standard Chartered 1,297,485 5.03

3,739,682 14.49

Finance and Credit Services 5.45% (5.85%) 350,000 Funding Circle 518,350 2.01 7,700 London Stock Exchange 633,248 2.45 49,200 Mortgage Advice Bureau 254,118 0.99

1,405,716 5.45 Investment Banking and Brokerage Services 7.68% (9.60%) 211,000 Ashmore 427,064 1.66 219,000 Man Group 644,079 2.50 74,700 St. James's Place 909,099 3.52

1,980,242 7.68

Life Insurance 10.77% (8.79%) 301,000 Legal & General 866,729 3.36 110,000 Standard Life 917,675 3.56 98,300 Prudential 993,567 3.85

2,777,971 10.77

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Portfolio Statement (continued) as at 30 June 2026 (unaudited)

Market % of total value net assets Holding Security £ 2026

REAL ESTATE 0.98% (0.00%)

Real Estate Investment and Services Development 0.98% (0.00%) 29,400 Savills 253,134 0.98

CONSUMER DISCRETIONARY 10.79% (20.60%)

Household Goods and Home Construction 1.09% (5.91%) 100,000 Barratt Redrow 280,850 1.09 Leisure Goods 0.84% (1.04%) 93,387 Everplay* 217,592 0.84

Personal Goods 0.00% (0.03%)

Media 5.04% (6.83%) 88,000 Bloomsbury Publishing 548,240 2.12 83,000 Informa 754,802 2.92

1,303,042 5.04

Retailers 0.95% (1.24%) 28,700 Howden Joinery 245,098 0.95 Travel and Leisure 2.87% (5.55%) 50,000 easyJet 289,700 1.12 100,000 On The Beach Group 174,800 0.68 145,000 SSP 276,297 1.07

740,797 2.87

CONSUMER STAPLES 12.44% (4.90%)

Beverages 3.20% (1.37%) 39,500 Diageo 612,151 2.37 27,000 Fevertree Drinks* 215,393 0.83

827,544 3.20 Tobacco 1.47% (0.00%) 13,500 Imperial Brands 380,093 1.47

Personal Care, Drug and Grocery Stores 7.77% (3.53%) 289,000 Marks & Spencer 1,096,033 4.25 19,900 Unilever 909,679 3.52

2,005,712 7.77

INDUSTRIALS 16.26% (13.71%) Aerospace and Defense 6.85% (4.06%) 22,000 Avon Technologies 386,100 1.50 63,000 Babcock International 598,500 2.32 165,600 Melrose Industries 782,129 3.03

1,766,729 6.85

Electronic and Electrical Equipment 3.85% (3.90%) 25,500 discoverIE 173,655 0.67 125,976 Luceco 343,914 1.33 9,300 Renishaw 477,323 1.85

994,892 3.85

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Portfolio Statement (continued) as at 30 June 2026 (unaudited)

Market % of total value net assets Holding Security £ 2026

Industrial Engineering 1.29% (1.69%) 49,000 Bodycote 333,445 1.29 Industrial Support Services 4.27% (4.06%) 110,000 Boku* 165,000 0.64 14,500 Experian 370,330 1.44 215,000 Globaldata 168,667 0.65 67,300 RS Group 398,248 1.54 1,102,245 4.27 BASIC MATERIALS 3.12% (2.94%)

Industrial Metals and Mining 2.00% (0.00%) 98,000 Glencore 515,186 2.00 Chemicals 1.12% (2.94%) 50,000 Victrex 288,250 1.12

ENERGY 0.45% (1.14%)

Oil, Gas and Coal 0.45% (1.14%) 53,000 Serica Energy* 116,335 0.45

UTILITIES 0.00% (0.72%)

Electricity 0.00% (0.72%)

Investment assets 25,599,514 99.19 Net other assets 208,457 0.81

Net assets 25,807,971 100.00

All investments are ordinary shares or stock units on a regulated securities market unless otherwise stated. The percentages in brackets show the equivalent % holdings as at 31.12.25.

*Quoted on AIM.

Total purchases for the period: £16,592,518 Total sales for the period: £22,126,602

Fair Value Disclosure

Valuation technique 30.06.26 31.12.25 Assets Liabilities Assets Liabilities £ £ £ £ Level 1^ 25,599,514 – 31,003,912 Level 2^^ – – – Level 3^^^ – – – 25,599,514 – 31,003,912 –

^Level 1: Unadjusted quoted price in an active market for an identical instrument.

^^Level 2: Valuation techniques using observable inputs other than quoted prices within level 1.

^^^Level 3: Valuation techniques using unobservable inputs.

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Net Asset Value and Shares in Issue

Class Net Asset Value Shares in Net Asset Value Operating Charge issue per share Figure* A Income £24,536,830 22,579,769 108.67p 0.68% A Accumulation £46,143 41,613 110.89p 0.68% B Income £1,051 1,000 105.10p 1.03% B Accumulation £1,223,947 1,054,388 116.08p 1.03%

Risk and Reward Profile

Typically lower rewards, Typically higher rewards, lower risk higher risk

n As this Sub-fund is principally focused on a single geographical region, it will have greater exposure to the market, political and economic risks of that region than if it was more diversified across several countries.

n The Sub-fund may invest in smaller companies in accordance with its investment objective. These investments may be less liquid than investment in larger companies; as a result, their share price may be more volatile and offering a higher level of risk to investors.

n The Sub-fund may hold a limited number of investments. If one of these investment falls in value this can have a greater impact on the Sub-fund's value than if it held a larger number of investments.

n For further risk information please see the Prospectus.

Risk Warning An investment in an Open-Ended Investment Company with Variable Capital should be regarded as a medium to long-term investment. Investors should be aware that the price of shares and the revenue from them can fall as well as rise and investors may not rec eive back the full amount invested. Past performance is not a guide to future performance. Investments denominated in currencies oth er than the base currency are subject to fluctuation in exchange rates, which can be favourable or unfavourable.

MI Chelverton UK Opportunities Fund

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Statement of Total Return for the period ended 30 June 2026 (unaudited)

30.06.26 30.06.25 £ £ Income Net capital gains 129,684 569,542 Revenue 599,067 761,719 Expenses (106,802) (112,418)

Interest payable and similar charges (5) Net revenue before taxation 492,260 649,301

Taxation – (8,303)

Net revenue after taxation 492,260 640,998

Total return before distributions 621,944 1,210,540

Distributions (492,262) (641,015)

Change in net assets attributable to Shareholders from investment activities 129,682 569,525

Statement of Change in Net Assets Attributable to Shareholders for the period ended 30 June 2026 (unaudited) 30.06.26 30.06.25 £ £ Opening net assets attributable to Shareholders 31,270,289 30,519,686

Amounts receivable on issue of shares 10,682 4,229,999

Less: Amounts payable on cancellation of shares (5,620,581) (2,789,105)

Dilution adjustment – 5,635

(5,609,899) 1,446,529

Change in net assets attributable to Shareholders from investment activities (see Statement of Total Return above) 129,682 569,525

Retained distribution on accumulation shares 17,899 18,408

Closing net assets attributable to Shareholders 25,807,971 32,554,148

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Balance Sheet as at 30 June 2026 (unaudited)

30.06.26 31.12.25 £ £ £ £ Assets

Investments 25,599,514 31,003,912 Amounts Receivable 310,825 35,095 Cash and Cash equivalents 595,679 569,406

Total current assets 906,504 604,501

Total assets 26,506,018 31,608,413

Liabilities

Distribution payable (392,655) (306,670) Other amounts payable (305,392) (31,454)

Total liabilities (698,047) (338,124)

Net assets attributable to Shareholders 25,807,971 31,270,289

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MI Chelverton Equity Fund

General Information

Authorised status and structure of the Company MI Chelverton Equity Fund (the ‘Company’) is structured as an Investment Company with Variable Capital (‘ICVC’), under regulati on 12 (Authorisation) of the OEIC Regulations (Open-Ended Investment Companies Regulations 2001 (SI 2001/1228)).

The Company does not intend to have an interest in immovable property.

The Company is authorised and regulated in the UK by the Financial Conduct Authority (‘FCA’) as a UK UCITS scheme and ‘Umbrella Company’ under the COLL Sourcebook.

The Company was incorporated in England and Wales on 04 April 2006 under registration number IC000431. The Shareholders are not liable for the debts of the Company.

The Company currently has 4 Sub-funds, which are detailed below:

MI Chelverton UK Equity Income Fund MI Chelverton UK Equity Growth Fund MI Chelverton European Select Fund MI Chelverton UK Opportunities Fund

Head Office Hamilton Centre, Rodney Way, Chelmsford, Essex CM1 3BY

Address for Service The Head Office is the address in the United Kingdom for service on the Company of notices or other documents required or autho rised to be served on it.

Base Currency The base currency of the Company is pounds sterling.

Share Capital The minimum share capital of the Company is £1 and the maximum is £100,000,000,000. Shares in the Company have no par value. The share capital of the Company at all times equals the sum of the Net Asset Value of the Sub-fund.

Classes of Shares The Instrument of Incorporation allows the Company to issue different classes of shares in respect of any Sub-fund.

The Sub-funds currently have the following classes of shares available for investment:

Share Class

A B C Sub-funds Inc Acc Inc Acc Inc Acc MI Chelverton UK Equity Income Fund 4 * 4 ** 4 4 – MI Chelverton UK Equity Growth Fund – 4 4 4 – MI Chelverton European Select Fund 4 4 4 4 4 *** 4 MI Chelverton UK Opportunities Fund 4 ~ – – 4 ^ – *A Income share class closed 23 January 2024. **A Accumulation share class closed 8 April 2024. ***C Income share class currently not invested. ~A Income Share launched on 29 October 2024. ^B Accumulation Share launched on 29 October 2024.

The Company may issue both Income and Accumulation shares.

Holders of Income shares are entitled to be paid the revenue attributable to such shares in respect of each annual accounting p eriod in the currency of the relevant share class.

Holders of Accumulation shares are not entitled to be paid the revenue attributable to such shares, but that revenue is retaine d and accumulated for the benefit of Shareholders and is reflected in the price of shares.

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General Information (continued)

Valuation Point The scheme property of the Company and each Sub-fund will normally be valued at 12:00 on each dealing day for the purpose of calculating the price at which shares in the Company may be issued, sold, repurchased or redeemed.

For the purpose of the pricing of shares, a business day is defined as a day on which the dealing office of the ACD is open for the buying and selling of shares. The ACD may at any time during a business day carry out an additional valuation of the property of a Sub -fund if the ACD considers it desirable to do so, with the Depositary’s approval.

Buying, Redeeming and Switching of Shares The ACD will accept orders for the purchase, sale and switching of shares on normal business days between 08:30 and 16:30. Inst ructions to buy or sell shares may either be in writing to:

Hamilton Centre, Rodney Way, Chelmsford, Essex CM1 3BY Or by telephone to: 0345 305 4217

The ACD has the right to establish facilities for recording telephone calls made or received on this telephone line.

A contract note giving details of the shares purchased will be issued no later than the next business day after the business da y on which an application to purchase shares is received and instrumented by the ACD. Certificates will not be issued in respect of shares. Ownership of shares will be evidenced by an entry on the register of Shareholders.

Pricing Basis There is a single price for buying, selling and switching shares for each share class in a Sub-fund which represents the Net As set Value of the share class concerned. The share price is calculated on a forward pricing basis, that is at the next Valuation Point aft er the purchase or redemption is deemed to be accepted by the ACD.

The prices of shares are published daily on www.fundrock.com. Neither the Company nor the ACD can be held responsible for any errors in the publication of the prices. The shares in the Company will be issued and redeemed on a forward pricing basis which means that the price will not necessarily be the same as the published price.

Report The annual report of the Company will be published no later than four months from the end of each annual accounting period and the interim report will be published within two months of each interim accounting period.

Interim Financial Statements period end: 30 June

Annual Financial Statements year end: 31 December

Distribution Payment Dates Interim: 31 May / 31 August / 30 November for MI Chelverton UK Equity Income Fund 31 August for MI Chelverton European Select Fund and MI Chelverton UK Opportunities Fund

Annual: Last day of February for all Funds - MI Chelverton UK Equity Growth Fund only pays annually

Other Information The Instrument of Incorporation, Prospectus, Key Investor Information Document and the most recent interim and annual reports m ay be inspected at the office of the Company which is also the Head Office of the Company. Copies may be obtained free of charge u pon application. They are also available from the website of the Company, the details of which are given in the directory of this r eport.

Shareholders who have complaints about the operation of the Company should in the first instance contact the ACD, or, following that, may make their complaint direct to the Financial Ombudsman Service, Exchange Tower, London E14 9SR.

Significant Information The ACD has assessed implications of current world geopolitical tensions and conflicts. The current crises have and will have a wider impact in terms of market performance.

MI Chelverton Equity Fund

Page 43

General Information (continued)

Task Force on Climate-Related Financial Disclosures (‘TCFD’) The ACD is required to publish a public TCFD product report in respect of each Sub-fund. The report is designed to provide inve stors with transparency into their portfolios’ climate-related risks and opportunities according to the recommendations from the TCFD and aims to help investors understand their exposure to these risks and opportunities.

Reports for each Sub-fund are published on www.fundrock.com/mi-funds/ and can be found under Task Force on Climate-Related Financial Disclosures (‘TCFD’) by selecting the relevant Fund Manager and Sub-fund.

Data Protection Policy The way in which we may use personal information of individuals (“personal data”) is governed by the “Data Protection Requireme nts” which means all applicable data protection laws and regulations including, without limitation, (a) the General Data Protection Regulation (EU) 2016/679 (“GDPR”), (b) UK GDPR (as that term is defined by the Data Protection, Privacy and Electronic Communications (Amendments etc.) (EU Exit) Regulations 2019) and the Data Protection Act 2018, and (c) any legislation that supplements or rep laces the foregoing in the UK. The Data Protection Requirements are designed to strengthen data protection for all individuals.

All personal information provided by you and any other information relating to your investment will be treated in confidence by us and will not be disclosed to any third parties outside of the Apex Group, except to our service providers, appropriate authorit ies or where legally compelled or permitted by law or where your prior consent has been received. We will use your information to open , administer and when appropriate, close your account. We may record and use any information held about you in the course of our relationship with you for these purposes. The Law gives you the right to know what information we hold about you. In addition, the Law sets out rules to make sure that this information is handled properly.

A copy of our privacy policy and your rights as a data subject can be found on our website at https://www.apexgroup.com/privacy policy/. Apex Fundrock Ltd is a registered Data Controller. If you have any queries about the use of your personal information, please c ontact us via e-mail at DPO@apexfs.com or by post to Hamilton Centre, Rodney Way, Chelmsford, Essex, CM1 3BY.

MI Chelverton Equity Fund

Page 44

Apex Fundrock Limited Registered in England No 6252939. Authorised and regulated by the Financial Conduct Authority.

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