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7IM
INVESTMENT
FUNDS
Annual Report and Audited Financial Statements
for the year r ended 31 May 2026
7IM Moderately Cautious Fund
7IM Balanced Fund
7IM Moderately Adventurous Fund
7IM Adventurous Fund
7IM Responsible Balanced Fund
7IM AAP Moderately Cautious Fund
7IM AAP Balanced Fund
7IM AAP Moderately Adventurous Fund
7IM AAP Adventurous Fund
7IM AAP Cautious Fund
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7IM INVESTMENT FUNDS
7IM INVESTMENT FUNDS
DIRECTORY
Authorised Corporate Director (‘ACD’) Seven Investment Management LLP 4th Floor 1 Angel Court London EC2R 7HJ (Authorised and regulated by the Financial Conduct Authority) Address for correspondence: Seven Investment Management LLP Sunderland SR43 4BG
Members of the Board of Seven Investment Management LLP A. Grace (Non-executive Chair) D. Proctor (Executive) D. Walker (Executive) D. Young (Non-executive)
Sub-Investment Manager Ninety One UK Limited* (effective from 22 April 2026) 55 Gresham Street, London EC2V 7EL
FIL Pensions Management** (effective from 18 March 2026 for all listed sub-funds except Responsible Balanced Fund for which the effective date is 15 April 2026) Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey KT20 6RP
* Applicable for the 7IM Moderately Cautious Fund, 7IM Balanced Fund, 7IM Moderately Adventurous Fund and 7IM Adventurous Fund
** Applicable for the 7IM Moderately Cautious Fund, 7IM Balanced Fund, 7IM Moderately Adventurous Fund, 7IM Adventurous Fund, 7IM AAP Moderately Cautious Fund, 7IM AAP Balanced Fund, 7IM AAP Moderately Adventurous Fund, 7IM AAP Adventurous Fund, and 7IM AAP Cautious Fund
Depositary Northern Trust Investor Services Limited 50 Bank Street Canary Wharf London E14 5NT (Authorised and regulated by the Financial Conduct Authority)
Registrar & Administrator Northern Trust Global Services SE (UK Branch) 50 Bank Street London E14 5NT (principal place of business)
Independent Auditor BDO LLP 55 Baker Street London W1U 7EU
7IM INVESTMENT FUNDS
7IM INVESTMENT FUNDS
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7IM INVESTMENT FUNDS
1
CONTENTS
Authorised Status 4 Remuneration Disclosure 4 Sub-Fund Cross-Holdings 4 Director’s Statement 5 Statement of ACD’s Responsibilities in Relation to the Financial Statements 6 Statement of Depositary’s Responsibilities 7 Report of the Depositary 7 Independent Auditor’s Report to the Shareholders of 7IM Investment Funds 8 Notes to the Financial Statements 12
7IM Moderately Cautious Fund ACD’s Report - Investment Objective and Policy 17 - Investment Manager’s Report 17 Fund Information 20 Portfolio Statement 32 Statement of Total Return 37 Statement of Change in Net Assets Attributable to Shareholders 37 Balance Sheet 38 Notes to the Financial Statements 39 Distribution Tables 51
7IM Balanced Fund ACD’s Report - Investment Objective and Policy 54 - Investment Manager’s Report 54 Fund Information 57 Portfolio Statement 73 Statement of Total Return 78 Statement of Change in Net Assets Attributable to Shareholders 78 Balance Sheet 79 Notes to the Financial Statements 80 Distribution Tables 92
7IM Moderately Adventurous Fund ACD’s Report - Investment Objective and Policy 96 - Investment Manager’s Report 96 Fund Information 99 Portfolio Statement 117 Statement of Total Return 121 Statement of Change in Net Assets Attributable to Shareholders 121 Balance Sheet 122 Notes to the Financial Statements 123 Distribution Tables 136
7IM Adventurous Fund ACD’s Report - Investment Objective and Policy 140 - Investment Manager’s Report 140 Fund Information 143 Portfolio Statement 154 Statement of Total Return 158 Statement of Change in Net Assets Attributable to Shareholders 158 Balance Sheet 159 Statement of Cash Flow 160 Notes to the Financial Statements 161 Distribution Tables 174
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7IM INVESTMENT FUNDS
CONTENTS (continued)
7IM Responsible Balanced Fund ACD’s Report - Investment Objective and Policy 176 - Investment Manager’s Report 176 Fund Information 180 Portfolio Statement 191 Statement of Total Return 194 Statement of Change in Net Assets Attributable to Shareholders 194 Balance Sheet 195 Notes to the Financial Statements 196 Distribution Tables 208
7IM AAP Moderately Cautious Fund ACD’s Report - Investment Objective and Policy 210 - Investment Manager’s Report 210 Fund Information 213 Portfolio Statement 224 Statement of Total Return 226 Statement of Change in Net Assets Attributable to Shareholders 226 Balance Sheet 227 Notes to the Financial Statements 228 Distribution Tables 240
7IM AAP Balanced Fund ACD’s Report - Investment Objective and Policy 244 - Investment Manager’s Report 244 Fund Information 247 Portfolio Statement 258 Statement of Total Return 260 Statement of Change in Net Assets Attributable to Shareholders 260 Balance Sheet 261 Notes to the Financial Statements 262 Distribution Tables 273
7IM AAP Moderately Adventurous Fund ACD’s Report - Investment Objective and Policy 275 - Investment Manager’s Report 275 Fund Information 278 Portfolio Statement 289 Statement of Total Return 291 Statement of Change in Net Assets Attributable to Shareholders 291 Balance Sheet 292 Notes to the Financial Statements 293 Distribution Tables 304
7IM AAP Adventurous Fund ACD’s Report - Investment Objective and Policy 306 - Investment Manager’s Report 306 Fund Information 309 Portfolio Statement 320 Statement of Total Return 322 Statement of Change in Net Assets Attributable to Shareholders 322 Balance Sheet 323 Notes to the Financial Statements 324 Distribution Tables 335
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CONTENTS (continued)
7IM AAP Cautious Fund ACD’s Report - Investment Objective and Policy 337 - Investment Manager’s Report 337 Fund Information 340 Portfolio Statement 347 Statement of Total Return 349 Statement of Change in Net Assets Attributable to Shareholders 349 Balance Sheet 350 Notes to the Financial Statements 351 Distribution Tables 362
General Information (unaudited) 364
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7IM INVESTMENT FUNDS
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Authorised Status horised StatusAUTHORISED STATUS 7IM Investment Funds (‘the Company’) is an Open-Ended Investment Company with variable capital (“ICVC”) incorporated in England and Wales under registered number IC000278 and authorised by the Financial Conduct Authority with effect from 28 November 2003. The Company has an unlimited duration.
It is a ‘UCITS Scheme’ and the currency of the Company is Pounds Sterling.
Shareholders are not liable for the debts of the Company. Shareholders are not liable to make any further payment to the Company after they have paid the price on purchase of the shares.
Remuneration Disclosure ureREMUNERATION DISCLOSURE The provisions of the Undertaking in Collective Investments Schemes Directive (“UCITS V”) took effect on 18 March 2016. That legislation requires the Authorised Corporate Director (‘ACD’), Seven Investment Management LLP, to establish and maintain remuneration policies for its staff which are consisten t with and promote sound and effective risk management.
The ACD’s remuneration policies are the responsibility of a Remuneration Committee which includes the Non-Executive Chairman and all Non-Executives. The Remuneration Committee has established a remuneration policy which sets out a framework for determining the level of fixed and variable remuneration of staff, including maintaining an appropriate balance between the two.
Arrangements for variable remuneration are calculated primarily by reference to the performance of each individual. The policies are designed to reward high performance, to directly link to the ACD’s profitability, and to form part of overall compensation in relation to market competitors.
All staff are employed by the ACD with none employed directly by the ‘UCITS’ scheme.
The total remuneration of those individuals who are fully or partly involved in the activities of the ‘UCITS’ scheme for the financial year ending 31 December 2025, is analysed below:
Fixed Remuneration £3,986,505 Variable Remuneration £591,500
Total £4,578,005 FTE Number of staff: 32 Four of the staff members included in the total remuneration figures above are considered to be senior management whilst there are three staff members whose actions are considered to have a material impact on the risk profile of the Company. The table below provides an alternative analysis of the remuner ation data.
Aggregate remuneration of:
Senior management £1,484,625 Staff whose actions may have a material impact on the funds £723,808 Other £2,369,572
Total £4,578,005
The staff members included in the above analysis support all the UCITS funds managed by the ACD. It is not considered feasible or useful to attempt to apportion these figures to indi vidual funds.
The management has reviewed the general principles of the Remuneration Policy and its application in the last calendar year which has resulted in no material changes to the Policy.
Sub-Fund Cross-HoldingsS oss-HoldingsSUB-FUND CROSS-HOLDINGS No Sub-fund held shares in any other Sub-fund within the Compan y during the current period or prior year .
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NTAC:3NS - 20
7IM INVESTMENT FUNDS
Director’ s DS t a t e m e n DS t a t e m e n t IRECTOR’S STATEMENT This report has been prepared in accordance with the requirements of the Collective Investment Schemes Sourcebook as issued and amended by the Financial Conduct Authority.
D. Walker On behalf of Seven Investment Management LLP ACD of 7IM Investment Funds 29 September 2026
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Statement of ACD’s Responsibilities in Relation to the Financial Statements S ACD’s Responsibilities in Relation to the Financial Statements STATEMENT OF ACD’S RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS The Collective Investment Schemes sourcebook published by the FCA ('the COLL Rules') requires the Authorised Corporate Director ('ACD') to prepare financial statements for each annual accounting period which give a true and fair view of the financial position of the Company and of the net income and net gains or losses on the property of the Company for the period.
In preparing the financial statements the ACD is responsible for:
• selecting suitable accounting policies and then apply them consistently;
• making judgements and estimates that are reasonable and prudent;
• following UK accounting standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland;
• complying with the disclosure requirements of the Statement of Recommended Practice, as issued by the Investment Association in May 2014 (“SORP”) and amended in June 2017;
• keeping proper accounting records which enable it to demonstrate that the financial statements as prepared comply with the above requirements;
• assessing the Company and its sub-funds’ ability to continue as a going concern, disclosing, as applicable, matters related to going concern;
• using the going concern basis of accounting unless they either intend to liquidate the Company or its sub-funds or to cease operations, or have no realistic alternative but to do so;
• such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; and
• taking reasonable steps for the prevention and detection of fraud and irregularities.
The ACD is responsible for the management of the Company in accordance with its Instrument of Incorporation, the Prospectus and the COLL Rules.
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7IM INVESTMENT FUNDS
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STATEMENT OF THE DEPOSITARY’S RESPONSIBILITIES IN RESPECT OF THE SCHEME AND REPORT OF THE DEPOSITARY TO THE SHAREHOLDERS OF THE 7IM INVESTMENT FUNDS ("THE COMPANY") FOR THE Statement of Depositary’s Responsibilities YEAR ENDED 31 MAY 2026 The Depositary must ensure that the Company is managed in accordance with the Financial Conduct Authority’s Collective Investment Schemes Sourcebook (‘the COLL Rules’), the Open-Ended Investment Companies Regulations 2001 (SI 2001/1228), as amended, the Financial Services and Markets Act 2000, as amended, (together 'the Regulations'), the Company’s Instrument of Incorporation and Prospectus (together 'the Scheme documents') as detailed below.
The Depositary must in the context of its role act honestly, fairly, professionally, independently and in the interests of the Company and its investors.
The Depositary is responsible for the safekeeping of all custodial assets and maintaining a record of all other assets of the Company in accordance with the Regulations.
The Depositary must ensure that:
• the Company’s cash flows are properly monitored and that cash of the Company is booked into the cash accounts in accordance with the Regulations; • the sale, issue, repurchase, redemption and cancellation of shares are carried out in accordance with the Regulations; • the value of shares of the Company are calculated in accordance with the Regulations; • any consideration relating to transactions in the Company’s assets is remitted to the Company within the usual time limits; • the Company’s income is applied in accordance with the Regulations; and • the instructions of the Authorised Fund Manager ('the AFM'), which is the UCITS Management Company, are carried out (unless they conflict with the Regulations).
Report of the Depositary ryREPORT OF THE DEPOSITARY The Depositary also has a duty to take reasonable care to ensure that Company is managed in accordance with the Regulations and Scheme documents in relation to the investment and borrowing powers applicable to the Company.
Having carried out such procedures as we consider necessary to discharge our responsibilities as Depositary of the Company, it is our opinion, based on the information available to us and the explanations provided, that in all material respects the Company, acting through the AFM:
(i) has carried out the issue, sale, redemption and cancellation, and calculation of the price of the Company’s shares and the application of the Company’s income in accordance with the Regulations and the Scheme documents of the Company; and
(ii) has observed the investment and borrowing powers and restrictio ns applicable to the Company.
Northern Trust Investor Services Limited UK Trustee and Depositary Services 29 September 2026
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INDEPENDENT AUDITOR’S REPORT TO THE SHAREHOLDERS OF 7IM INVESTMENT FUNDS (‘THE COMPANY’)
t Auditor’s Report to the Shareholders of 7IM Investment Funds (
ndependent Auditor’s Report to the Shareholders of (
7IM Investment Funds Report on the audit of the financial statements Qualified opinion In our opinion, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:
• give a true and fair view of the financial position of each of the sub-funds as at 31 May 2026 , and of the net revenue and the net capital gains or losses on the scheme property attributable to each of the sub-funds for the year then ended; • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, the Instrument of Incorporation, the Statement of Recommended Practice for the Financial Statements of UK Authorised Funds’ issued by the Investment Association (the "SORP"), and the Collective Investment Schemes Sourcebook issued by the Financial Conduct Authority (“the COLL Rules”).
We have audited the financial statements of 7IM Investment Funds (‘the Company’) and its sub-funds for the year ended 31 May 2026 which comprise the following:
• Statements of Total Return • Statements of Change in Net Assets Attributable to Shareholders • Balance Sheet • Notes to the Financial Statements, including a summary of signi ficant accounting policies • Distribution Tables
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice), the SORP, the COLL Rules and the Instrument of Incorporation.
Basis for qualified opinion The following sub-fund recognised an investment in the Xenfin Se curitised Debt Fund (“Xenfin”) as at 31 May 2025 at the following amount, as valued by the Authorised Corporate Director (“ACD”) based on Xenfin’s last observable published price in June 2019, adjusted for subsequent distributions and expectations over the sale of property assets, recovery via third-party claims and recovery of costs, as explained in Note 15. We qualified our opinion on the financial statements of the Company and its 7IM Adventurous Fund sub-fund as at and for the year ended 31 May 2025 because we were unable to obtain sufficient appropriate audit evidence to support the valuation of Xenfin at 31 May 2025 because the ACD could not provide the information required. Consequently, we were unable to determine whether any adjustments to this comparative amount at 31 May 2025 were necessary or whether there was a consequential effect on the sub-fund’s Statement of Change in Net Assets for the years ended 31 May 2026 and 31 May 2025:
Sub-Fund Total Xenfin Securitised Debt Fund carrying value at 31 May 2025 (£)
% of Net Assets Value of the sub-fund at 31 May 2025 7IM Adventurous Fund 893,521 0.49%
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion for 7IM Adventurous Fund sub-fund and our unmodified opinion for 7IM Moderately Cautious Fund, 7IM Balanced Fund, 7IM Moderately Adventurous Fund, 7IM Responsible Balanced Fund, 7IM AAP Moderately Cautious Fund, 7IM AAP Balanced Fund, 7IM AAP Moderately Adventurous Fund, 7IM AAP Adventurous Fund and 7IM AAP Cautious Fund sub-funds.
Independence We remain independent of the Company and its sub-funds in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
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Conclusions relating to going concern In auditing the financial statements, we have concluded that the Authorised Corporate Director’s use of the going concern basis of accounting in the preparation of the financial statemen ts is appropriate for the Company and its sub-funds. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's or its sub-funds’ ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the Company’s and its sub-funds’ ability to continue as a going concern. Our responsibilities and the responsibilities of the Authorised Corporate Director with respect to going concern are described in the relevant sections of this report.
Other information The Authorised Corporate Director (“ACD”) is responsible for the other information. The other information comprises the information included in the Annual Report and Audited Financial Statements, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not exp ress any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the valuation of 7IM Adventurous Fund sub-fund’s investment in the Xenfin Securitised Debt Fund as at 31 May 2025 and whether there was any consequential effect on the changes in Net Assets attributable to shareholders for the years ended 31 May 2026 and 31 May 2025. We have concluded that where the other information refers to these, it may be materially misstated for the same reason.
Opinion on other matters prescribed by the COLL Rules Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion based on the work undertaken in the course of the audit, the information given in the ACD’s report for the financial year for which the financial statements are prepared is consistent with t he financial statements. Arising solely from the limitation on the scope of our work relating to the value of the 7IM Adventurous Fund sub-fund’s investment in the Xenfin Securitised Debt Fund at as 31 May 2025 referred to above: • we have not obtained all the information and explanations which to the best of our knowledge and belief, were necessary for the purposes of our audit; and • we were unable to determine whether adequate accounting records have been kept
We have nothing to report in respect of the following matters where the COLL Rules requires us to report to you if, in our opinion: • the financial statements are not in agreement with the accountin g records.
Responsibilities of the Authorised Corporate Director (“ACD”) As explained more fully in the Statement of ACD’s Responsibilities in relation to the financial statements, the ACD is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the ACD determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the ACD is responsible for assessing the Company and its sub-funds’ ability to continue as going concerns, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the ACD either intend to liquidate the Company or its sub-funds or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statem ents Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
INDEPENDENT AUDITOR’S REPORT TO THE SHAREHOLDERS OF 7IM INVESTMENT FUNDS (‘THE COMPANY’) ( continued )
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However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the Company and its sub-funds and management.
Extent to which the audit was capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregul arities, including fraud is detailed below:
Non-compliance with laws and regulations
Based on: • Our understanding of the Company and sub-funds and the industry y in which they operate; • Discussion with management and those charged with governance; a nd • Obtaining an understanding of the ACD’s policies and procedures regarding compliance with laws and regulations;
We considered the significant laws and regulations to be the industry practice represented by the SORP for Authorised Funds, the collective investment schemes sourcebook and the UK Accounting Standards.
We focused on laws and regulations that could give rise to a material misstatement Our procedures in respect of the above included: • obtaining an understanding of the control environment in monito ring compliance with laws and regulations; • enquiries of management of the ACD and those charged with governance relating to the existence of any non-compliance with laws and regulations; • agreement of the financial statement disclosures to underlying s upporting documentation; • review of minutes of board meetings throughout the period; and • review of correspondence with the regulator.
Fraud
We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included: • Enquiry with management and those charged with governance regar ding any known or suspected instances of fraud; • Obtaining an understanding of the ACD’s policies and procedures relating to: • Detecting and responding to the risks of fraud; and • Internal controls established to mitigate risks related to fraud. • Review of minutes of meetings of those charged with governance f for any known or suspected instances of fraud; • Discussion amongst the engagement team as to how and where frau d might occur in the financial statements; and • Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
Based on our risk assessment, we considered the opportunity and incentive for fraud to be low with the exception of the valuation of the investment in the Xenfin Securitised Debt Fund which is subject to significant judgement and estimates. Our procedures in respect of the above included: • Obtaining evidence to support the movement in the valuation of Xenfin (where possible) – refer to Basis for qualified opinion section of this report. • Challenging management on the subjective inputs and assumptions into the valuation; and • Consideration of the appropriateness of financial statement disc losures in respect of uncertainties that exist.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members who were all deemed to have appropriate competence and capabilities and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
INDEPENDENT AUDITOR’S REPORT TO THE SHAREHOLDERS OF 7IM INVESTMENT FUNDS (‘THE COMPANY’) ( continued )
Auditor's responsibilities for the audit of the financial statem ents ( continued )
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Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. In addition, the extent to which the audit was capable of detecting irregularities, including fraud was limited by the matter described in the basis for qualified opinion section of o ur report.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities . This description forms part of our auditor’s report.
Use of our report This report is made solely to the Company’s shareholders, as a body, in accordance with Rule 4.5.12R of the Collective Investment Schemes sourcebook issued by the Financial Conduct Authority (“the COLL Rules”). Our audit work has been undertaken so that we might state to the Company’s shareholders those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s shareholders as a body, for our audit work, for this report, or for the opinions we have formed.
BDO LLP, Statutory Auditor 30 Semple Street Edinburgh EH3 8BL United Kingdom 29 September 2026
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).
INDEPENDENT AUDITOR’S REPORT TO THE SHAREHOLDERS OF 7IM INVESTMENT FUNDS (‘THE COMPANY’) ( continued )
Extent to which the audit was capable of detecting irregularities, including fraud ( continued )
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7IM INVESTMENT FUNDS
NOTES TO THE FINANCIAL STATEMENTS for the year r ended 31 May 2026
1. Statement of Compliance
The financial statements have been prepared in compliance with UK Financial Reporting Standard 102 (FRS 102) and in accordance with the Statement of Recommended Practice for UK Authorised Funds issued by the Investment Association (“IA”) in May 2014 (the “SORP 2014”) and amended in June 2017, the Collective Investment Schemes Sourcebook (“the COLL Rules”) and the Instrument of Incorporation.
2. Summary of Significant Accounting Policies
(a) Basis of Preparation The financial statements have been prepared on a going concern basis, under the historical cost convention as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. Fair value is deemed to approximate the realisable value of the financial asse ts as at the reporting date. The financial statements for all Sub-funds have been prepared on a going concern basis.
The Company has adopted FRS 102 and the SORP 2014, as amended in June 2017. The principal accounting policies that have been applied consistently during the accounting perio d are set out below.
(b) Functional and Presentation Currency The functional and presentation currency of the Company is Pounds Sterling.
(c) Recognition of revenue Dividends on quoted equities and preference shares which are deemed as equity instruments are recognised when the securities are quoted ex-dividend.
Distributions from collective investment schemes are recognised when the schemes are quoted ex-distribution. Equalisation returned with the distribution is deducted from the cost of the investment in the scheme and does not form part of the distributable revenue.
Distributions from money market funds are recognised as interest income, as the funds invest primarily in fixed income and cash components.
Reportable income from funds with ‘Reporting Fund’ status for UK tax purposes is recognised when the information is made available by the reporting fund.
Revenue from unquoted equity investments is recognised when the dividend is declared.
Revenue on debt securities is accounted for on an effective interest basis. Premiums and discounts arising on the purchase of debt securities are amortised using the effective interest method over the expected life of the instrument and are included in interest income in the statement of total return. Amortisation is recognised from the settlement date of the bond purchase until maturity, disposal, or impairment. The carrying value of the bond is adjusted accordingly, and any gain or loss on disposal is determined based on the amortised cost.
The treatment of the returns from derivatives depends upon the nature of the transaction. Both motive and circumstances are used to determine whether returns should be treated as capi tal or revenue.
Rebates of annual management charges (AMC rebates) from underlying investments are accounted for on an accruals basis and are recognised as revenue or capital in line with the allocation of the annual management charge between the capital and revenue of the underlying investments.
Interest on bank and other cash deposits is recognised on an accruals basis.
Revenue is recognised gross of any withholding taxes but excludes attributable tax credits. All expenses, except for those relating to the purchase and sale of investments and stamp duty reserve tax, are charged initially against revenue.
(d) Treatment of stock and special dividends The ordinary element of stock received in lieu of cash dividends is credited to capital in the first instance followed by a transfer to revenue of the cash equivalent being offered and this forms part of the distributable revenue of the sub-fund.
Special dividends are reviewed on a case by case basis in determining whether the dividend is to be treated as revenue or capital. Amounts recognised as revenue will form part of the distributable revenue. Amounts recognised as capital are deducted from the cost of the investment. The tax accounting treatment follows the treatment of the principal amount.
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7IM INVESTMENT FUNDS
(e) Treatment of expenses All expenses, except for those relating to the purchase and sale of investments and stamp duty reserve tax, are charged initially against revenue for UK Corporation tax purposes, on an accruals basis.
Expenses incurred by tax transparent funds are recognised when the information is made available by the reporting fund.
(f) Capped expenses Other expenses (excluding the ACD's periodic charge and collective scheme costs) are limited to 0.20% of the net asset value of the of the 7IM AAP Moderately Cautious Fund, 7IM AAP Balanced Fund, 7IM AAP Moderately Adventurous Fund and 7IM AAP Adventurous Fund. Any such expenses incurred in excess of these limits are borne by the ACD and are not charged to the relevant Sub-Fund.
(g) Allocation of revenue and expenses to multiple share classes Any revenue or expense not directly attributable to a particular share class will normally be allocated pro-rata to the net assets of the relevant share classes unless a different allocati on method is more appropriate.
All share classes are ranked pari passu and have no particular rights or terms attached, including rights on winding up.
(h) Taxation Corporation tax is provided at 20% on taxable revenue, after de duction of allowable expenses.
Offshore income gains, from funds without reporting status, are liable to corporation tax at 20% and any resulting tax is charged against capital.
Where overseas tax has been deducted from overseas revenue that tax can, in some instances, be set off against the corporation tax payable by way of double tax relief and where t his is the case the offset is reflected in the tax charge.
Deferred tax is provided using the liability method on all timing differences arising on the treatment of certain items for taxation and accounting purposes, calculated at the rate at which it is anticipated the timing differences will reverse. Deferred tax assets are recognised only when, on the basis of available evidence, it is more likely than not that there will be taxable profits in the future against which the deferred tax asset can be offset.
Stamp duty reserve tax suffered on surrender of shares is deduct ed from capital.
(i) Basis of valuation of investments All investments are valued at their fair value as at 12 noon on 29 May 2026, being the last business day of the financial year. The fair value for non-derivative securities is bid market price, which is not considered to be materially different from the prices at which the securities could be transacted in an orderly market. The fair value for derivative instruments is the cost of closing out the contract at the balance sheet date.
Quoted investments are valued at fair value which generally is the bid price, excluding any accrued interest in the case of debt securities. Accrued interest on debt securities is included in revenue.
Collective investment schemes are valued at quoted bid prices for dual priced funds and at quoted prices for single priced funds, on the last business day of the accounting period.
Open forward currency contracts are valued based on the difference between the contract value and the market value adjusted by the prevailing spot rate and swap curve.
Structured products are valued at the fair value, where a price can only be obtained from the issuer the value is confirmed by an independent price provider by reference to the terms as defined in the term sheet of the structured product.
The market value of over the counter (OTC) derivatives is determined based on valuation pricing models which take into account relevant market inputs as well as the time values, liquidity and volatility factors underlying the positions.
For investments for which there is no quoted price or for which the quoted price is unreliable, fair value is determined by the ACD, taking into account, where appropriate, latest dealing prices, valuations from reliable sources, financial performance, maturity of the Company and other relevant factors.
NOTES TO THE FINANCIAL STATEMENTS (continued) for the year r ended 31 May 2026
2. Summary of Significant Accounting Policies (continued)
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(j) Exchange rates Transactions in foreign currencies are recorded in sterling at the rate ruling at the date of the transactions. Assets and liabilities expressed in foreign currencies at the end of the accounting period are translated into sterling at 12.00pm UK time on 29 May 2026 , being the last business day of the financial period.
(k) Dilution levy The ACD may require a dilution levy on the purchase and redemption of shares if, in its opinion, the existing shareholders (for purchases) or remaining shareholders (for redemptions) might otherwise be adversely affected. For example, the dilution levy may be charged in the following circumstances: where the scheme property of a sub-fund is in continual decline; where a sub-fund is experiencing large levels of net purchases relative to its size; on ‘large deals’ (typically being a purchase or redemption of shares to a size exceeding 5% of the Net Asset Value of the relevant sub-fund); in any case where the ACD is of the opinion that the interests of existing or remaining shareholders require the imposition of a dilution levy.
(l) Cash and cash equivalents Cash and cash equivalents are measured at amortised cost and comprise cash in hand and demand deposits. Cash equivalents are short-term highly liquid investments that are readily convertible to known amounts of cash and which are subject to insignificant risk of changes in value. This includes JPMorgan Liquidity Funds - GBP Liquidity LVNAV Fund, Morgan Stanley Liquidity Funds - Sterling Liquidity Fund, Deutsche Global Liquidity Managed Sterling Fund and Northern Trust Global Sterling Fund .
3. Distribution Policy
For the purpose of calculating the distribution, the ACD’s periodic charge is deducted from the sub-funds in the following proportions:
ACD's Periodic Charge
Capital %
Revenue %
7IM Moderately Cautious Fund 100 7IM Balanced Fund 50 50 7IM Moderately Adventurous Fund - 100 7IM Adventurous Fund - 100 7IM Responsible Balanced Fund 100 7IM AAP Moderately Cautious Fund 100 7IM AAP Balanced Fund 50 50 7IM AAP Moderately Adventurous Fund - 100 7IM AAP Adventurous Fund - 100 7IM AAP Cautious Fund 100 -
Where expenses are charged against revenue, this will decrease the amount of revenue available for distribution. For all sub-funds, the other expenses are charged against revenue with the exception of costs associated with the purchases and sales of investments and stamp duty reserve tax.
Where charges are transferred to capital, this will increase the amount of revenue available for distribution; however, will erode capital and constrain capital growth.
Interim distributions may be made at the ACD’s discretion. Final distributions are made in accordance with the COLL Sourcebook.
If at the end of the accounting period any share class within a sub-fund is in deficit, then funds will be transferred to cover the shortfall from capital.
NOTES TO THE FINANCIAL STATEMENTS (continued) for the year r ended 31 May 2026
2. Summary of Significant Accounting Policies (continued)
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Distributions which have remained unclaimed by shareholders for more than six years are credited to the capital property of the sub-fund.
4. Risk Management Policies In pursuing the investment objective, a number of financial instruments are held which may comprise securities and other investments, cash balances and debtors and creditors that arise directly from operations. Derivatives, such as futures or forward currency contracts, may be utilised for investment, efficient portfolio management and hedging purposes. The main risks from the sub-funds’ holding of financial instruments, together with the ACD’s policy for managing these risks, are set out below:
The ACD has put in place a Risk Management Process document (‘RMP’) that sets out the risks that may impact a sub-fund and how the ACD seeks, where appropriate, to manage, monitor and mitigate those risks, and in particular those risks associated with the use of derivatives. The RMP sets out both the framework and the risk mitigations operated by the ACD in managing the identified risks of the sub-fund.
(a) Credit risk Credit risk is the risk that a counterparty may be unable or unwilling to make a payment or fulfil contractual obligations. This may be in terms of an actual default or by deterioration in counterparty’s credit quality.
Certain transactions in securities that the sub-funds enter into expose them to the risk that the counterparty will not deliver the investment for a purchase, or cash for a sale after the sub-funds have fulfilled its obligations. As part of its due diligence process, the ACD undertakes a review of the controls, including initial and ongoing due diligence and business volumes placed with each counterparty. In cases which are dependent on the counterparty settling at the transaction’s maturity date, the ACD has policies in place which set out the minimum credit quality expected of a market counterparty or deposit taker at the outset of the transaction.
The bond investments held are exposed to credit risk which reflects the ability of the issuer to meet its obligations. All bonds in which the sub-funds invest are investment grade listed bonds or government securities which are generally lower risk. The sub-funds may be indirectly exposed to interest rate risk in respect of their investments in other collective investment schemes.
A sub-fund’s maximum exposure to credit risk, not taking account of the value of any collateral or other securities held, in the event that counterparties fail to perform their obligations as at the period end in relation to each class of recognised financial assets, is the carrying amount of these ass ets.
(b) Liquidity risk Liquidity risk is the risk that a sub-fund will be unable to meet its obligations as they fall due. The main liability of the sub-funds is the cancellation of any shares that investors want to sell. Investments may have to be sold to fund such cancellations should insufficient cash be held at the bank to mee t this obligation.
To reduce liquidity risk the Investment Manager will ensure that a substantial portion of the sub-funds’ assets consist of cash and readily realisable investments.
All financial liabilities are payable in one year or less, or on demand.
(c) Market risk Market risk is the risk that fair value or future cash flows of financial instruments will fluctuate due to changes in market variables such as interest rates, foreign exchange rates or market prices.
The sub-funds can be exposed to market risks by virtue of the financial instruments that the sub-funds invest in. The Investment Manager monitors the investments on a continuing basis on behalf of the sub-funds by adhering to investment guidelines and avoiding excessive exposure to one particular issuer can limit stock specific risk. Subject to compliance with the investment objective, spreading exposure across a broad range of global stocks can mitigate market risk.
NOTES TO THE FINANCIAL STATEMENTS (continued) for the year r ended 31 May 2026
3. Distribution Policy (continued)
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(d) Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates.
The value of fixed interest securities may be affected by changes in interest rates, either globally or locally. Changes in the rate of return in one asset class may influence the valuation basis of other classes. The amount of revenue receivable from floating rate investments and bank balances or payable on bank overdrafts will be affected by fluctuations in interest rates.
Investment in collective investment schemes exposes the sub-fund to indirect interest rate risk to the extent that they invest in interest bearing securities, the returns from which w ill be affected by fluctuations in interest rates.
The level of risk a sub-fund is exposed to is monitored on an ongoing basis. The risk function monitors a series of risk metrics including but not limited to: duration, key rate duration, sensitivity analysis and stress tests. This ensures the sub-fund is exposed to risks which are consistent with its mand ate set out in the Prospectus.
(e) Foreign currency risk Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates.
Assets denominated in currencies other than sterling will provide direct exposure to currency risk as a consequence of the movement in foreign exchange rates when calculating the s sterling equivalent value. Forward currency contracts are employed by the Investment Manager, where deemed appropriate, to mitigate the foreign exchange risk. Investment in collective investment schemes may provide indirect exposure to currency risk as a consequence of the movement in foreign exchange rates.
(f) Other price risk Other price risk is the risk that the price of a financial instrument will fluctuate due to changes in market conditions influencing, directly or indirectly, the value of the instrument.
The sub-funds’ investment portfolio is exposed to price fluctuations, which are monitored by the ACD in pursuance of the investment objective and policy. The risk is generally regarded as consisting of two elements – stock specific risk and market risk.
(g) Derivatives The Investment Manager may employ more sophisticated derivatives longer term in the pursuit of the investment objectives of a sub-fund and in accordance with its risk management policy. This means that the net asset value of a sub-fund may at times be highly volatile (in the absence of compensating investment techniques). However, it is the Investment Manager’s intention that the sub-fund owing to its portfolio composition, or the portfolio management techniques used, will not have volatility over and above the general market volatility of the markets of their underlying investments. The risk profile of a sub-fund may be higher than it would otherwise have been as a consequence of the use of derivatives as described above.
The Investment Manager may also employ derivatives for the purposes of hedging with the aim of reducing the risk profile of a sub-fund, or reducing costs, or generating additional capital or revenue, in accordance with Efficient Portfolio Management (‘EPM’).
To the extent that derivative instruments are utilised for hedging purposes, the risk of loss to a sub-fund may be increased where the value of the derivative instrument and the value of the security or position which it is hedging are insufficiently correlated.
NOTES TO THE FINANCIAL STATEMENTS (continued) for the year r ended 31 May 2026
4. Risk Management Policies (continued)
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ACD’S REPORT for the year r ended 31 May 2026
Investment Objective and Policy
ctive and Policy Investment Objective and Policy 7IM Moderately Cautious Fund (the ‘Sub-fund’) aims to provide a return by way of income with some capital growth.
The Sub-fund invests at least 80% of its assets in other funds managed both by the Manager and by selected third party managers, including open-ended and closed-ended funds and exchange traded funds (ETFs), and other transferable securities, including fixed income, equities, warrants and structured products. This exposure may also be achieved through the use of futures contracts which require cover to be held (typically in the form of money market funds and money market instruments).
Up to 20% of the Sub-Fund will be invested in assets such as cash, and deposits, and may also include the use of money market funds and money market instruments, for more general liquidity purposes. This is additional to the holding of such assets as cover for futures contracts as noted above.
Investment will be more focused on income generating assets such as corporate debt securities but there will be an allocation to growth generating assets such as global equities.
The Sub-fund will invest in derivatives for efficient portfolio management (EPM) (i.e. to reduce risk or cost and, or to generate extra income) as well as for investment purposes.
In extraordinary market conditions (such as political unrest, economic instability, war, the bankruptcy of large financial institutions or closure of a relevant market(s)), it may not be appropriate for the Sub-fund to be invested in funds and other assets as noted above and the Sub-fund may temporarily invest up to 100% of its total assets in deposits, cash, near cash, treasury bills, government bonds or short-term money market instruments. Examples of extraordinary market conditions include periods of heightened volatility caused by a sudden economic downturn or events such as political unrest, war or bankruptcy of large financial institutions.
Comparator Benchmark The Sub-fund’s performance may be compared to the IA Mixed Investment 0-35% Shares sector until 16 August 2022 and then from 17 August 2022 to the IA Mixed Investment 20-60% Shares sector.
Each has been chosen as being representative of the Sub-fund’s agreed risk profile and the type of assets in which it invests. They are therefore appropriate comparators for the Sub-fund’s performance.
Investment Manager’s Report
ager’s Report Investment Manager’s Report Performance Report In the reporting year, 1 June 2025 to 31 May 2026, the portfolio delivered a total return of 11.50% 1 . The Sub-fund underperformed its IA sector peer group comparator over the last year. The strategic allocation is underweight equity and the tactical asset allocation moved away from mega-cap US technology companies, which were trading on elevated valuations. Market leadership remained narrow, with dominance from the largest technology names. Also, manager selection was a modest headwind, particularly within UK equities. The 1 year, 3 year and 5 year relative performance to the benchmark was (2.2)%, (8.1)%, (8.5)% respect ively.
Investment Background Over the past 12 months, markets have shown a remarkable ability to look through political, economic and geopolitical uncertainty. What began with escalating tensions in the Middle East and concerns over global trade evolved into a year defined by resilience, strong corporate earnings and continued e nthusiasm for artificial intelligence.
During the second half of 2025, equity markets delivered robust returns despite events that would traditionally have unsettled investors. The conflict between Israel and Iran, tariff negotiations and political uncertainty across Europe failed to derail market momentum. Instead, investors increasingly adopted a “buy the dip” mentality, helping major indices such as the S&P 500 and FTSE 100 reach record highs. Supportive central bank policy, easing inflation and strong corporate earnings—particularly from large technology companies—further underpinned performance. Returns broadened beyond the US, with Asia, emerging markets and Latin America also posting strong gains, while AI-related investment remained a key driver of market leadership.
Bond markets experienced periods of volatility as investors balanced falling inflation against concerns surrounding government borrowing and economic growth. However, diversified fixed income exposure continued to deliver positive returns overall, with shorter-dated bonds and corporate credit generally outperforming longer-duration holdings.
1 Calculated using 7IM Moderately Cautious Fund C Acc shares, published prices. Source: NTRS.
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The positive momentum carried into early 2026, although the market environment became more challenging. Rising geopolitical tensions in the Middle East pushed energy prices higher and reignited inflation concerns, leading to a weaker first quarter for both equities and bonds. Market performance became more uneven, with clear distinctions between sectors benefiting from higher commodity prices and those more sensitive to interest rates. Traditional diversification was occasionally tested as asset classes moved in tandem.
Sentiment improved as the spring progressed. Strong corporate earnings, resilient consumer spending and continued investment in AI-related technologies helped shift the focus back to company fundamentals. US equities led the recovery, supported by robust profit growth and positive earnings surprises, while technology stocks once again outperformed. Although inflation, interest-rate expectations and geopolitical risks remain important considerations, the broader economic backdrop has stayed supportive.
As we move into the second half of the year, markets continue to be supported by healthy corporate earnings and stable economic conditions. While periods of volatility are likely to persist, the past year has highlighted the benefits of maintaining a diversified, long-term investment approach and focusing on underlying fundamentals rather than short-term market noise.
Portfolio Review In June 2025, we added JPM UK Equity Plus as a complementary strategy to sit alongside the existing managers in UK equities.
In July 2025, we reduced equity exposure slightly. Within our Sector Strategy Quantitative Sector Allocation Model (QSAM), we made a small increase to Utilities, reflecting changes in the economic and stock data for the sector.
We also purchased the Capital Group Emerging Markets Debt Fund.
In August 2025, we refreshed our Strategic Asset Allocation (SAA) in line with its annual schedule. We altered our fixed income allocations from index level duration to a split of long and short duration government bonds options to manage tactical positions. This was achieved by selling some government bonds. We also undertook some small adjustments to other asset classes.
Later in the month, we also replaced two existing tactical strategies with new fund structures. The funds are managed by JPMorgan with the underlying exposures specified by 7IM and allowed us to implement our existing Sector Strategy Quantitative Sector Allocation Model (QSAM) and Equity Protection Selling tactical strategies in a more efficient and cost-effective way.
Additionally, the Invesco S&P 500 Equal Weight Swap UCITS ETF replaced the existing allocation to the xTrackers S&P 500 Equal Weight UCITS ETF.
At the start of September 2025, we increased equities slightly and reduced bond exposure in line with our macroeconomic views. We also added Aviva Sterling Liquidity to earn a better return on our cash-like holdings.
In October 2025, we slightly reduced our exposure to bonds while keeping equity exposure unchanged. This adjustment reflected our cautious stance on interest rate risk as yields re mained volatile.
November 2025 was an active month with multiple changes. Early in the month, we reduced our holdings in mid-sized US companies and increased exposure to large US companies. By the end of November, we had increased bond exposure back to neutral while keeping equities unchanged. This was funded by reducing cash and UK equities.
The position in Premier Miton US Opportunities was also fully sold and we introduced Hermes MDT US Equity to enhance the US equity exposure.
Bond and equity exposure remained unchanged and neutral through December 2025 and January 2026.
In January, within our Sector Strategy, the Quantitative Sector Allocation Model (QSAM), we reduced our allocation to Financials and introduced Healthcare as a new sector.
In February 2026, we modestly increased overall equity exposure while maintaining a broadly neutral positioning. Bond exposure was reduced slightly over the month before returning t o neutral in March 2026.
ACD’S REPORT (continued) for the year r ended 31 May 2026
Investment Manager’s Report (continued) Investment Background (continued)
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March 2026 saw adjustments to our sector positioning, with Healthcare and Technology removed and capital reallocated to more ‘old economy’ sectors, including Energy, Materials, Utilities and Industrials.
In April 2026, we made a change to how part of the equity allocation is implemented within this fund. A portion of equities is now managed through two segregated mandates, where specialist third-party managers, Fidelity and Ninety-One have been appointed and, are responsible for stock selection.
We continue to oversee the overall portfolio, retaining full control of asset allocations, risk and manager oversight. This approach allows us to combine our in-house investment framework with the stock-picking expertise of leading managers, while also improving cost efficiency.
Positioning remained stable through April 2026, with both equity and bond exposures unchanged.
In May 2026, we reintroduced Technology within QSAM, funded by removing Utilities. Later in the month, we sold down Pictet Japanese Equity Selection and reallocated to our higher conviction holding. Man High Yield Opportunities was also added to portfolios.
Investment Outlook After several years in which a small number of companies and themes dominated market returns, the investment landscape has become broader. Diversification is once again being rewarded, with performance driven by a wider range of regions, sectors and asset classes rather than a single prevailing trade.
Looking ahead, we expect:
• Growth to remain positive, albeit at a more moderate pace, as the lingering effects of higher interest rates, elevated energy costs and political uncertainty weigh on confidence. While consumers and businesses are facing a more challenging environment, corporate balance sheets remain generally healthy and should help companies navigate ongoing trade tensions and economic headwinds.
• Markets to remain volatile in the near term as investors continue to assess geopolitical developments, inflation trends and the path of interest rates. However, recent market behaviour has demonstrated a willingness to look through short-term uncertainty and focus on underlying fundamentals. We also anticipate energy prices to stabilise as supply concerns ease, although they may remain elevated compared with recent history.
• Opportunities to continue emerging beyond the technology sector and beyond the United States. Strong returns from areas such as industrials, financials and utilities, combined with improving prospects in parts of Europe, Asia and emerging markets, highlight the benefits of maintaining broad ex posure across global markets.
For us, this reinforces the case for diversified portfolios and a flexible investment approach. Alongside core allocations to equities and bonds, we continue to utilise diversifying assets and selective tactical opportunities where fundamentals remain attractive. In a world where leadership is broadening and market conditions can change quickly, spreading risk remains one of the most effective ways to navigate uncertainty a nd capture long-term opportunities.
Seven Investment Management LLP Investment Manager September 2026
ACD’S REPORT (continued) for the year r ended 31 May 2026
Investment Manager’s Report (continued) Portfolio Review (continued)
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FUND INFORMATION The Comparative Tables on pages 21 to 29 give the performance of each active share class in the Sub-fund.
The ‘Return after charges’ disclosed in the Comparative Tables is calculated as the return after operating charges per share divided by the opening net asset value per share. It differs from the Sub-fund’s performance disclosed in the ACD's report, which is calculated based on the latest published price . Portfolio transaction costs are incurred when investments are bought or sold by a sub-fund in order to achieve the investment objective. These transaction costs affect an investor in different ways depending on whether they are joining, leaving or continuing with their investment in the sub-fund.
Direct transaction costs include broker commission and taxes. Broker commission includes the fee paid to a broker to execute the trades.
In addition, there are indirect portfolio transaction costs arising from the ‘dealing spread’ – the difference between the buying and selling prices of underlying investments in the portfolio. Unlike shares whereby broker commissions and stamp duty are paid by the sub-fund on each transaction, other types of investments (such as bonds, money market instruments, derivatives, collective investment schemes) do not have separately identifiable transaction costs; these costs form part of the dealing spread. Dealing spreads vary considerably depending on the transaction value and money market sentiment. Fund Information
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Comparative Tables
Class A Accumulation
31.05.24 1,2 (pence per share) Change in Net Asset Value Per Share Opening net asset value per share 180.48
Return before operating charges* 11.23 Operating charges (calculated on average price) (2.27)
Return after operating charges* 8.96
Distributions (3.74)
Retained distributions on accumulation shares 3.74
Last quoted share price 189.44
Closing net asset value per share * After direct transaction costs of: 3 0.00
Performance Return after charges 4 4.96%
Other Information Closing net asset value (£'000) Closing number of shares Operating charges 5 1.85% Direct transaction costs 0.00%
Prices Highest share price 187.73 Lowest share price 177.32 1 The accounting period end date was changed from 30 November to 31 May . 2 Share class closed on 12 December 2023. There were no units in issue for the period ended 30 November 2025 and year ended 31 May 2025 and 31 May 2024. 3 Direct transaction costs are stated after deducting the proportion of the amounts collected from dilution adjustments or dilution levies that relate to direct transaction costs. A negative transaction costs figure might arise where there is a timing difference between inflows and the settlement of the resultant purchases. 4 The return after charges is calculated as the return after operating charges per share divided by the opening net asset value per share. 5 Operating charges, otherwise known as the OCF is the ratio of the Sub-fund’s total disclosable costs (excluding securities lending fees and overdraft interest) to the average net assets of the Sub-fund. The OCF is intended to provide a reliable figure which gives the most accurate measure of what it costs to invest in a sub-fund and is calculated based on the last period's figures. Included within the OCF are synthetic costs which include the OCFs of the underlying funds, weighted on the basis of their investment proportion. A detailed breakdown of the OCF per share class is shown on page 30 .
FUND INFORMATION (continued)
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Class B Accumulation
31.05.26 (pence per share)
31.05.25 (pence per share)
31.05.24 1 (pence per share) Change in Net Asset Value Per Share Opening net asset value per share 203.08 196.11 187.78
Return before operating charges* 25.77 9.40 11.36 Operating charges (calculated on average price) (1.81) (2.43) (3.03)
Return after operating charges* 23.96 6.97 8.33
Distributions (4.80) (4.51) (5.65)
Retained distributions on accumulation shares 4.80 4.51 5.65
Closing net asset value per share 227.04 203.08 196.11
* After direct transaction costs of: 2 0.06 0.00 0.00
Performance Return after charges 3 11.80% 3.55% 4.44%
Other Information Closing net asset value (£'000) 19,828 19,974 20,113 Closing number of shares 8,733,250 9,835,378 10,256,079 Operating charges 4 0.84% 1.21% 1.60% Direct transaction costs 0.03% 0.00% 0.00%
Prices Highest share price 227.09 206.33 199.49 Lowest share price 203.02 192.65 179.79 1 The accounting period end date was changed from 30 November to 31 May . 2 Direct transaction costs are stated after deducting the proportion of the amounts collected from dilution adjustments or dilution levies that relate to direct transaction costs. A negative transaction costs figure might arise where there is a timing difference between inflows and the settlement of the resultant purchases. 3 The return after charges is calculated as the return after operating charges per share divided by the opening net asset value per share. 4 Operating charges, otherwise known as the OCF is the ratio of the Sub-fund’s total disclosable costs (excluding securities lending fees and overdraft interest) to the average net assets of the Sub-fund. The OCF is intended to provide a reliable figure which gives the most accurate measure of what it costs to invest in a sub-fund and is calculated based on the last period's figures. Included within the OCF are synthetic costs which include the OCFs of the underlying funds, weighted on the basis of their investment proportion. A detailed breakdown of the OCF per share class is shown on page 30 .
FUND INFORMATION (continued)
Comparative Tables (continued)
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Class C Income
31.05.26 (pence per share)
31.05.25 (pence per share)
31.05.24 1 (pence per share) Change in Net Asset Value Per Share Opening net asset value per share 140.89 139.24 136.98
Return before operating charges* 17.87 6.70 8.20 Operating charges (calculated on average price) (1.84) (1.86) (1.85)
Return after operating charges* 16.03 4.84 6.35
Distributions on income shares (3.31) (3.19) (4.09)
Closing net asset value per share 153.61 140.89 139.24
* After direct transaction costs of: 2 0.04 0.00 0.00
Performance Return after charges 3 11.38% 3.48% 4.64%
Other Information Closing net asset value (£'000) 18,598 19,126 22,446 Closing number of shares 12,106,869 13,575,036 16,120,637 Operating charges 4 1.24% 1.31% 1.35% Direct transaction costs 0.03% 0.00% 0.00%
Prices Highest share price 155.16 144.69 142.91 Lowest share price 140.84 134.83 130.66 1 The accounting period end date was changed from 30 November to 31 May . 2 Direct transaction costs are stated after deducting the proportion of the amounts collected from dilution adjustments or dilution levies that relate to direct transaction costs. A negative transaction costs figure might arise where there is a timing difference between inflows and the settlement of the resultant purchases. 3 The return after charges is calculated as the return after operating charges per share divided by the opening net asset value per share. 4 Operating charges, otherwise known as the OCF is the ratio of the Sub-fund’s total disclosable costs (excluding securities lending fees and overdraft interest) to the average net assets of the Sub-fund. The OCF is intended to provide a reliable figure which gives the most accurate measure of what it costs to invest in a sub-fund and is calculated based on the last period's figures. Included within the OCF are synthetic costs which include the OCFs of the underlying funds, weighted on the basis of their investment proportion. A detailed breakdown of the OCF per share class is shown on page 30 .
FUND INFORMATION (continued)
Comparative Tables (continued)
Page 26
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Class C Accumulation
31.05.26 (pence per share)
31.05.25 (pence per share)
31.05.24 1 (pence per share) Change in Net Asset Value Per Share Opening net asset value per share 211.79 204.68 195.40
Return before operating charges* 26.99 9.86 11.95 Operating charges (calculated on average price) (2.77) (2.75) (2.67)
Return after operating charges* 24.22 7.11 9.28
Distributions (5.00) (4.71) (5.89)
Retained distributions on accumulation shares 5.00 4.71 5.89
Closing net asset value per share 236.01 211.79 204.68
* After direct transaction costs of: 2 0.06 0.00 0.00
Performance Return after charges 3 11.44% 3.47% 4.75%
Other Information Closing net asset value (£'000) 40,179 43,029 55,839 Closing number of shares 17,023,863 20,317,146 27,281,221 Operating charges 4 1.24% 1.31% 1.35% Direct transaction costs 0.03% 0.00% 0.00%
Prices Highest share price 236.07 215.39 208.20 Lowest share price 211.71 201.00 187.43 1 The accounting period end date was changed from 30 November to 31 May . 2 Direct transaction costs are stated after deducting the proportion of the amounts collected from dilution adjustments or dilution levies that relate to direct transaction costs. A negative transaction costs figure might arise where there is a timing difference between inflows and the settlement of the resultant purchases. 3 The return after charges is calculated as the return after operating charges per share divided by the opening net asset value per share. 4 Operating charges, otherwise known as the OCF is the ratio of the Sub-fund’s total disclosable costs (excluding securities lending fees and overdraft interest) to the average net assets of the Sub-fund. The OCF is intended to provide a reliable figure which gives the most accurate measure of what it costs to invest in a sub-fund and is calculated based on the last period's figures. Included within the OCF are synthetic costs which include the OCFs of the underlying funds, weighted on the basis of their investment proportion. A detailed breakdown of the OCF per share class is shown on page 30 .
FUND INFORMATION (continued)
Comparative Tables (continued)
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Class D Income
31.05.26 (pence per share)
31.05.25 (pence per share)
31.05.24 1 (pence per share) Change in Net Asset Value Per Share Opening net asset value per share 129.34 128.33 126.96
Return before operating charges* 16.50 6.30 7.50 Operating charges (calculated on average price) (2.36) (2.36) (2.35)
Return after operating charges* 14.14 3.94 5.15
Distributions on income shares (3.03) (2.93) (3.78)
Closing net asset value per share 140.45 129.34 128.33
* After direct transaction costs of: 2 0.04 0.00 0.00
Performance Return after charges 3 10.93% 3.07% 4.06%
Other Information Closing net asset value (£'000) 27 25 31 Closing number of shares 19,095 19,625 24,294 Operating charges 4 1.74% 1.81% 1.85% Direct transaction costs 0.03% 0.00% 0.00%
Prices Highest share price 141.85 133.17 132.12 Lowest share price 129.26 123.82 120.67 1 The accounting period end date was changed from 30 November to 31 May . 2 Direct transaction costs are stated after deducting the proportion of the amounts collected from dilution adjustments or dilution levies that relate to direct transaction costs. A negative transaction costs figure might arise where there is a timing difference between inflows and the settlement of the resultant purchases. 3 The return after charges is calculated as the return after operating charges per share divided by the opening net asset value per share. 4 Operating charges, otherwise known as the OCF is the ratio of the Sub-fund’s total disclosable costs (excluding securities lending fees and overdraft interest) to the average net assets of the Sub-fund. The OCF is intended to provide a reliable figure which gives the most accurate measure of what it costs to invest in a sub-fund and is calculated based on the last period's figures. Included within the OCF are synthetic costs which include the OCFs of the underlying funds, weighted on the basis of their investment proportion. A detailed breakdown of the OCF per share class is shown on page 30 .
FUND INFORMATION (continued)
Comparative Tables (continued)
Page 28
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Class D Accumulation
31.05.26 (pence per share)
31.05.25 (pence per share)
31.05.24 1 (pence per share) Change in Net Asset Value Per Share Opening net asset value per share 193.16 187.43 180.00
Return before operating charges* 24.77 9.20 10.79 Operating charges (calculated on average price) (3.55) (3.47) (3.36)
Return after operating charges* 21.22 5.73 7.43
Distributions (4.55) (4.30) (5.40)
Retained distributions on accumulation shares 4.55 4.30 5.40
Closing net asset value per share 214.38 193.16 187.43
* After direct transaction costs of: 2 0.05 0.00 0.00
Performance Return after charges 3 10.99% 3.06% 4.13%
Other Information Closing net asset value (£'000) 8,405 6,301 5,828 Closing number of shares 3,920,612 3,261,971 3,109,726 Operating charges 4 1.74% 1.81% 1.85% Direct transaction costs 0.03% 0.00% 0.00%
Prices Highest share price 214.44 196.69 190.68 Lowest share price 193.09 183.43 172.04 1 The accounting period end date was changed from 30 November to 31 May . 2 Direct transaction costs are stated after deducting the proportion of the amounts collected from dilution adjustments or dilution levies that relate to direct transaction costs. A negative transaction costs figure might arise where there is a timing difference between inflows and the settlement of the resultant purchases. 3 The return after charges is calculated as the return after operating charges per share divided by the opening net asset value per share. 4 Operating charges, otherwise known as the OCF is the ratio of the Sub-fund’s total disclosable costs (excluding securities lending fees and overdraft interest) to the average net assets of the Sub-fund. The OCF is intended to provide a reliable figure which gives the most accurate measure of what it costs to invest in a sub-fund and is calculated based on the last period's figures. Included within the OCF are synthetic costs which include the OCFs of the underlying funds, weighted on the basis of their investment proportion. A detailed breakdown of the OCF per share class is shown on page 30 .
FUND INFORMATION (continued)
Comparative Tables (continued)
Page 29
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Class S Income
31.05.26 (pence per share)
31.05.25 (pence per share)
31.05.24 1 (pence per share) Change in Net Asset Value Per Share Opening net asset value per share 104.70 103.27 101.28
Return before operating charges* 13.24 4.92 6.14 Operating charges (calculated on average price) (1.09) (1.12) (1.12)
Return after operating charges* 12.15 3.80 5.02
Distributions on income shares (2.46) (2.37) (3.03)
Closing net asset value per share 114.39 104.70 103.27
* After direct transaction costs of: 2 0.03 0.00 0.00
Performance Return after charges 3 11.60% 3.68% 4.96%
Other Information Closing net asset value (£'000) 4,043 4,250 1,651 Closing number of shares 3,534,844 4,059,013 1,598,317 Operating charges 4 0.99% 1.06% 1.10% Direct transaction costs 0.03% 0.00% 0.00%
Prices Highest share price 115.54 107.38 105.98 Lowest share price 104.66 100.17 96.79 1 The accounting period end date was changed from 30 November to 31 May . 2 Direct transaction costs are stated after deducting the proportion of the amounts collected from dilution adjustments or dilution levies that relate to direct transaction costs. A negative transaction costs figure might arise where there is a timing difference between inflows and the settlement of the resultant purchases. 3 The return after charges is calculated as the return after operating charges per share divided by the opening net asset value per share. 4 Operating charges, otherwise known as the OCF is the ratio of the Sub-fund’s total disclosable costs (excluding securities lending fees and overdraft interest) to the average net assets of the Sub-fund. The OCF is intended to provide a reliable figure which gives the most accurate measure of what it costs to invest in a sub-fund and is calculated based on the last period's figures. Included within the OCF are synthetic costs which include the OCFs of the underlying funds, weighted on the basis of their investment proportion. A detailed breakdown of the OCF per share class is shown on page 30 .
FUND INFORMATION (continued)
Comparative Tables (continued)
Page 30
7IM MODERATELY CAUTIOUS FUND
28
Class S Accumulation
31.05.26 (pence per share)
31.05.25 (pence per share)
31.05.24 1 (pence per share) Change in Net Asset Value Per Share Opening net asset value per share 129.70 125.10 119.08
Return before operating charges* 16.49 5.96 7.34 Operating charges (calculated on average price) (1.36) (1.36) (1.32)
Return after operating charges* 15.13 4.60 6.02
Distributions (3.07) (2.88) (3.60)
Retained distributions on accumulation shares 3.07 2.88 3.60
Closing net asset value per share 144.83 129.70 125.10
* After direct transaction costs of: 2 0.04 0.00 0.00
Performance Return after charges 3 11.67% 3.68% 5.06%
Other Information Closing net asset value (£'000) 26,628 30,992 24,133 Closing number of shares 18,385,285 23,894,669 19,290,895 Operating charges 4 0.99% 1.06% 1.10% Direct transaction costs 0.03% 0.00% 0.00%
Prices Highest share price 144.86 131.83 127.25 Lowest share price 129.66 123.06 114.43 1 The accounting period end date was changed from 30 November to 31 May . 2 Direct transaction costs are stated after deducting the proportion of the amounts collected from dilution adjustments or dilution levies that relate to direct transaction costs. A negative transaction costs figure might arise where there is a timing difference between inflows and the settlement of the resultant purchases. 3 The return after charges is calculated as the return after operating charges per share divided by the opening net asset value per share. 4 Operating charges, otherwise known as the OCF is the ratio of the Sub-fund’s total disclosable costs (excluding securities lending fees and overdraft interest) to the average net assets of the Sub-fund. The OCF is intended to provide a reliable figure which gives the most accurate measure of what it costs to invest in a sub-fund and is calculated based on the last period's figures. Included within the OCF are synthetic costs which include the OCFs of the underlying funds, weighted on the basis of their investment proportion. A detailed breakdown of the OCF per share class is shown on page 30 .
FUND INFORMATION (continued)
Comparative Tables (continued)
Page 31
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Class X Accumulation
31.05.26 (pence per share)
31.05.25 (pence per share)
31.05.24 1,2 (pence per share) Change in Net Asset Value Per Share Opening net asset value per share 130.08 125.20 Return before operating charges* 16.44 5.70 125.40 Operating charges (calculated on average price) (0.81) (0.82) (0.20)
Return after operating charges* 15.63 4.88 125.20
Distributions (3.08) (2.90) (1.13)
Retained distributions on accumulation shares 3.08 2.90 1.13
Closing net asset value per share 145.71 130.08 125.20
* After direct transaction costs of: 3 0.04 0.00 0.00
Performance Return after charges 4 12.02% 3.90% –%
Other Information Closing net asset value (£'000) 11,187 9,993 4 Closing number of shares 7,677,648 7,682,330 2,833 Operating charges 5 0.59% 0.66% 0.70% Direct transaction costs 0.03% 0.00% 0.00%
Prices Highest share price 145.74 132.08 127.33 Lowest share price 130.04 123.36 114.43
1 The accounting period end date was changed from 30 November to 31 May . 2 Share class X Accumulation became inactive on 7 March 2022 and became active again on 11 March 2024. 3 Direct transaction costs are stated after deducting the proportion of the amounts collected from dilution adjustments or dilution levies that relate to direct transaction costs. A negative transaction costs figure might arise where there is a timing difference between inflows and the settlement of the resultant purchases. 4 The return after charges is calculated as the return after operating charges per share divided by the opening net asset value per share. 5 Operating charges, otherwise known as the OCF is the ratio of the Sub-fund’s total disclosable costs (excluding securities lending fees and overdraft interest) to the average net assets of the Sub-fund. The OCF is intended to provide a reliable figure which gives the most accurate measure of what it costs to invest in a sub-fund and is calculated based on the last period's figures. Included within the OCF are synthetic costs which include the OCFs of the underlying funds, weighted on the basis of their investment proportion. A detailed breakdown of the OCF per share class is shown on page 30 .
FUND INFORMATION (continued)
Comparative Tables (continued)
Page 32
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30
Ongoing Charges Figures As at 31 May 2026 OngoingChargesFigures Class B Class C Class D Class S Class X ACD’s periodic charge 0.50% 0.90% 1.40% 0.65% 0.25% Sub-Investment Manager Fees 0.01% 0.01% 0.01% 0.01% 0.01% Other expenses 0.08% 0.08% 0.08% 0.08% 0.08%
0.59% 0.99% 1.49% 0.74% 0.34% Collective investment scheme costs 0.25% 0.25% 0.25% 0.25% 0.25% Ongoing Charges Figure 0.84% 1.24% 1.74% 0.99% 0.59%
As at 31 May 2025
Class B Class C Class D Class S Class X ACD’s periodic charge 0.80% 0.90% 1.40% 0.65% 0.25% Other expenses 0.10% 0.10% 0.10% 0.10% 0.10% 0.90% 1.00% 1.50% 0.75% 0.35% Collective investment scheme costs 0.31% 0.31% 0.31% 0.31% 0.31% Ongoing Charges Figure 1.21% 1.31% 1.81% 1.06% 0.66%
The Ongoing Charges Figure (‘OCF’) represents the total operating expenses of the Sub-fund, expressed as a percentage of the average net assets during the accounting year.
The collective investment scheme costs represent the OCFs, or a reasonable substitute, of the underlying funds which are held as portfolio investments. Their inclusion has been calculated on a weighted basis against the Sub-fund’s net assets at the balance sheet date.
FUND INFORMATION (continued)
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31
Synthetic Risk and Reward Indicator
12 34 56 7
This indicator shows how much a sub-fund has risen and fallen in the past, and therefore how much a sub-fund’s returns have varied. It is a measure of a sub-fund’s volatility. The higher a sub-fund’s past volatility the higher the number on the scale and the greater the risk that investors in that sub-fund may have made losses as well as gains. The lowest number on the scale does not mean that a sub-fund is risk-free.
This indicator is based on historical data and may not be a reliable indication of the future risk profile of this Sub-fund. The risk and reward profile shown is not guaranteed to remain the sa me and may change over time.
The risk and reward indicator shown above is as at the date of publication of the annual report and financial statements, the risk and reward indicator as at the year end date 31 May 2026 was four. The risk and reward rating remains the same from the last reporting period.
Fund performance to 31 May 2026 (%) 1 year 3 years 5 years 7IM Moderately Cautious Fund 1 11.50% 21.50% 11.10%
1 Source: Bloomberg
The performance of the Sub-fund is based on the published price per ‘C’ Accumulation share which includes reinvested income.
Details of the distributions per share for the year are shown i n the Distribution Tables on pages 51 to 53.
FUND INFORMATION (continued)
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PORTFOLIO STATEMENT as at 31 May 2026
Holding Portfolio of Investment
Value £
31.05.26 % ALTERNATIVES 6.31% (6.07%) 1 Alternative Strategies 6.31% (6.07%) 1 4,580,000 JP Morgan Structured Products 0.00% 13/10/2026 2 3,089,516 2.40 1,689,000 SG Issuer 0.00% 22/11/2028 2 1,267,615 0.98 1,760,000 SG Issuer 0.00% 28/11/2028 2 1,325,230 1.03 28,149 UBS AG London 0.00% 20/10/2027 2 2,444,930 1.90 8,127,291 6.31
EQUITY 18.63% (3.21%) 1 Asia & Emerging Markets 1.61% (0.00%) 1 31,500 China Hongqiao 83,898 0.07 6,107 Contemporary Amperex Technology 285,199 0.22 3,198 HDFC Bank 56,440 0.04 20,517 Infosys 194,198 0.15 1,403 Kia 117,332 0.09 1,105,000 Medco Energi Internasional 55,533 0.04 87,300 PTT 71,972 0.06 1,625 Samsung Electronics 254,356 0.20 350 Samsung SDI 119,089 0.09 1,479 Taiwan Semiconductor Manufacturing 468,143 0.36 6,300 Tencent 256,008 0.20 9,500 WuXi AppTec 117,656 0.09 2,079,824 1.61
Europe 4.34% (0.00%) 1 5,307 ABN AMRO Bank 157,358 0.12 1,275 AerCap 131,980 0.10 1,239 Anheuser-Busch InBev 75,432 0.06 243 ASM International 191,126 0.15 76 ASML Holding 92,816 0.07 3,836 ASR Nederland 214,167 0.17 2,693 Banca Generali 127,241 0.10 23,097 Banco Santander 216,538 0.17 2,337 BNP Paribas 188,759 0.15 1,886 Bunge Global 173,834 0.14 3,056 Cie Financiere Richemont 493,643 0.38 2,086 Commerzbank 67,210 0.05 1,302 CRH 103,587 0.08 1,043 Elia 121,188 0.09 26,081 Enel 218,826 0.17 1,487 Erste Group Bank 133,163 0.10 3,783 Heineken 225,455 0.18 1,736 Indra Sistemas 84,479 0.07 2,757 Infineon Technologies 194,859 0.15 537 L'Oreal 183,666 0.14 1,156 Novartis 131,092 0.10 12,519 Orange 195,377 0.15 65 Rheinmetall 72,659 0.06 363 Roche 114,058 0.09 3,660 SBM Offshore 103,155 0.08 6,120 SCOR 163,779 0.13 2,745 Scout24 169,834 0.13 1,303 Siemens 306,187 0.24 751 Siemens Energy 106,654 0.08 43,458 Telia 173,176 0.13 4,129 TotalEnergies 270,117 0.21 304 Trane Technologies 102,507 0.08
Page 35
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Holding Portfolio of Investment
Value £
31.05.26 % EQUITY 18.63% (3.21%) 1 (continued) Europe 4.34% (0.00%) 1 (continued) 969 UCB 209,287 0.16 3,192 Volvo 'B' 83,565 0.06 5,596,774 4.34
Japan 1.78% (0.00%) 1 8,900 Asics 201,671 0.16 11,000 Hitachi 265,829 0.20 5,600 Kajima 154,773 0.12 20,200 Lion 153,016 0.12 4,600 Mitsubishi Estate 87,275 0.07 12,600 Mizuho Financial 424,112 0.33 6,600 Murata Manufacturing 297,194 0.23 12,300 Nichias 202,979 0.16 2,800 ORIX 81,697 0.06 14,500 Resona 138,333 0.11 7,000 Sompo 193,695 0.15 10,000 Suzuki Motor 92,314 0.07 2,292,888 1.78
Luxembourg 0.80% (1.17%) 1 8,489 Citigroup Global Markets 0.00% 18/10/2027 2 1,032,008 0.80
North America 6.69% (0.00%) 1 1,953 Allison Transmission 165,163 0.13 1,217 Alphabet 'A' 353,894 0.28 392 Alphabet 'C' 112,804 0.09 2,349 Amazon.com 479,604 0.37 1,112 Amphenol 122,384 0.10 1,228 Apollo Global Management 116,746 0.09 520 Apple 121,107 0.09 561 Applied Materials 187,937 0.15 810 Arista Networks 93,699 0.07 2,608 Barrick Mining 81,112 0.06 664 Boeing 113,198 0.09 2,449 Boston Scientific 89,619 0.07 5,162 Bristol-Myers Squibb 218,945 0.17 895 Cheniere Energy 153,179 0.12 690 Chevron 94,175 0.07 2,271 Citizens Financial Group 105,616 0.08 2,682 Colgate-Palmolive 183,217 0.14 1,175 Corteva 70,574 0.06 1,468 Dell Technologies 348,173 0.27 2,098 Delta Air Lines 129,015 0.10 2,136 DexCom 115,162 0.09 2,293 Edwards Lifesciences 146,902 0.11 285 FedEx 87,440 0.07 1,357 Fortinet 131,174 0.10 393 General Electric 93,957 0.07 120 Goldman Sachs Group 90,160 0.07 11,993 Hiscox 211,556 0.16 3,681 Interactive Brokers 227,979 0.18 810 Johnson & Johnson 139,362 0.11 3,230 Kinross Gold 69,886 0.05 820 Lam Research 194,337 0.15 871 MasterCard 320,396 0.25
PORTFOLIO STATEMENT (continued) as at 31 May 2026
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Holding Portfolio of Investment
Value £
31.05.26 % EQUITY 18.63% (3.21%) 1 (continued) North America 6.69% (0.00%) 1 (continued) 136 McKesson 76,747 0.06 480 Medpace 160,204 0.12 1,699 Microsoft 540,679 0.42 185 Monolithic Power Systems 225,084 0.18 2,901 Monster Beverage 190,243 0.15 1,794 Morgan Stanley 272,546 0.21 1,659 Netflix 106,742 0.08 5,745 NVIDIA 917,359 0.71 1,145 Quest Diagnostics 167,558 0.13 876 Reinsurance Group of America 133,448 0.10 757 RenaissanceRe Holdings 161,138 0.13 6,513 Samsara 153,196 0.12 516 Take-Two Interactive Software 83,764 0.07 866 TD Synnex 159,020 0.12 379 UnitedHealth 108,007 0.08 8,624,207 6.69
South America 0.04% (0.00%) 1 30,600 GPS Participacoes e Empreendimentos 56,122 0.04
United Kingdom 3.37% (2.04%) 1 4,394 3i Group 101,897 0.08 3,033 Anglo American 121,987 0.09 839 Anglogold Ashanti 58,967 0.05 1,407 Aptiv 66,766 0.05 2,032 AstraZeneca 282,285 0.22 35,226 Autotrader Group 157,496 0.12 27,162 BP 139,803 0.11 5,668 Coca-Cola HBC 245,991 0.19 10,642 Compass Group 256,185 0.20 8,673 GSK 165,047 0.13 3,825 IMI 106,488 0.08 353,652 Lloyds Banking Group 360,195 0.28 42,568 Man Group 116,296 0.09 39,699 Marks & Spencer 143,075 0.11 36,253 NatWest Group 215,488 0.17 22,252 Prudential 239,765 0.19 10,000 RELX 241,700 0.19 4,211 Rio Tinto 334,438 0.26 50,408 Rolls-Royce 672,846 0.52 2,593 Spirax Group 181,510 0.14 3,181 Unilever 135,431 0.10 4,343,656 3.37
FUTURES CONTRACTS 0.13% (0.05%) 1 United States 0.13% (0.05%) 1 5 S&P 500 CME Futures June 2026 169,545 0.13
FORWARD CURRENCY CONTRACTS -0.07% (1.05%) 1 ¥(173,800,000) Vs £828,924 Expiry 13.11.2026 4,252 US$(30,994,200) Vs £23,010,654 Expiry 17.07.2026 (91,113) (0.07) (86,861) (0.07)
PORTFOLIO STATEMENT (continued) as at 31 May 2026
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35
Holding Portfolio of Investment
Value £
31.05.26 % COLLECTIVE INVESTMENT SCHEMES 72.16% (87.45%) 1 Ireland 18.90% (19.11%) 1 0 Barings Emerging Markets Debt Blended Total Return – 634,930 Federated Hermes MDT US Equity Fund 773,091 0.60 11 Fidelity Institutional Liquidity Fund 173,255 0.13 1,098,430 HSBC Global Funds ICAV - Global Government Bond Index Fund 7,769,443 6.03 623,040 Invesco S&P 500 Equal Weight Swap UCITS ETF 2,663,808 2.07 394,164 iShares Global Inflation-Linked Bond Index 4,413,283 3.42 25,730 PassIM Structured Funds plc - Global Equity Premium Fund GBP 2,998,481 2.33 47,771 PassIM Structured Funds plc - Global Sector Strategy Fund GBP 5,424,029 4.21 12,075 State Street GBP Liquidity LVNAV Fund 137,371 0.11 24,352,761 18.90
Japan 0.32% (0.77%) 1 168,211 M&G Japan Fund Sterling 408,232 0.32
Luxembourg 30.02% (37.23%) 1 19,808 Amundi S&P 500 II UCITS ETF 1,150,112 0.89 274,884 Amundi US Treasury Bond Long Dated UCITS ETF 2,572,914 2.00 30,600 AQR - Managed Futures UCITS Fund 4,152,979 3.22 0 BlueBay Financial Capital Bond – 1,395 Candriam Absolute Return Equity Market Neutral 2,614,594 2.03 2,266 Candriam Bonds Global High Yield 3,918,380 3.04 287,989 Capital Group Emerging Markets Debt Fund (LUX) 4,576,035 3.55 3,682 Fulcrum Equity Dispersion Fund 623,680 0.48 31,781 Lyxor Core UK Government Bond (DR) UCITS ETF 3,207,021 2.49 0 Pictet-Japanese Equity Selection A3 – 116,407 Robeco Global Credits Acc 14,579,947 11.31 29,483 Schroder ISF Asian Opportunities 1,300,534 1.01 38,696,196 30.02
United Kingdom 22.92% (30.34%) 1 1,362,188 Fidelity Investment Funds ICVC - UK Select Fund 1,788,553 1.39 1,967,733 iShares Environment & Low Carbon Tilt Real Estate Index Fund UK 2,194,707 1.70 1,780,030 iShares US Equity ESG Index Fund 2,422,970 1.88 735,957 JP Morgan Emerging Markets Income Fund 1,245,239 0.96 874,884 JP Morgan UK Equity Plus Fund 1,911,621 1.48 653,502 JPM Europe Dynamic (ex-UK) 3,253,132 2.52 1,480,638 Man Fixed Interest ICVC - Man High Yield Opportunities Fund 2,600,000 2.02 322,950 Man GLG Income Fund 1,800,124 1.40 56,451 PFS TwentyFour Dynamic Bond 5,586,128 4.34 387,074 Premier Miton European Opportunities 1,598,228 1.24 0 Premier Miton US Opportunities Fund – 38,774 Vanguard UK Long Duration Gilt Index Fund 2,554,211 1.98 1,176,870 WS Lightman European Fund I Accumulation 2,590,408 2.01 29,545,321 22.92
Portfolio of investment 125,237,964 97.16 Net other assets 3,657,223 2.84 Net assets 128,895,187 100.00
All investments are listed on a regulated market unless stated otherwise. 1 Comparative figures shown in brackets relate to 31 May 2025. 2 Structured product.
PORTFOLIO STATEMENT (continued) as at 31 May 2026
Page 38
7IM MODERATELY CAUTIOUS FUND
36
Credit Quality
31.05.26 %
31.05.25 % Non-rated debt securities 6.31 6.07 Other investments 90.85 91.76 Net other assets 2.84 2.17 100.00 100.00
PORTFOLIO STATEMENT (continued) as at 31 May 2026
Page 39
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37
STATEMENT OF TOTAL RETURN for the year r ended 31 May 2026 Statement of Total Return 31.05.26 31.05.25 Notes £ £ £ £ Income Net capital gains 4 12,077,904 2,387,667 Revenue 5 3,505,725 3,732,308
Expenses 6 (1,091,251) (1,187,427) Interest payable and similar charges 8 (642) (2,531)
Net revenue before taxation for the year 2,413,832 2,542,350 Taxation 7 (336,770) (316,588)
Net revenue after taxation for the year 2,077,062 2,225,762
Total return before distributions 14,154,966 4,613,429
Distributions 8 (2,862,532) (3,081,845) Change in net assets attributable to shareholders from investment activities 11,292,434 1,531,584
STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERS for the year r ended 31 May 2026 Statement of Change in Net Assets Attributable to Shareholders 31.05.26 31.05.25 £ £ £ £ Opening net assets attributable to shareholders 133,690,206 130,045,174 Amounts received on creation of shares 1 12,320,099 21,928,848 Amounts receivable on in-specie transactions 2 – 27,035,905 Amounts paid on cancellation of shares 1 (30,708,519) (49,436,395)
(18,388,420) (471,642) Change in net assets attributable to shareholders from investment activities 11,292,434 1,531,584 Retained distribution on accumulation shares 2,300,967 2,585,090 Closing net assets attributable to shareholders 128,895,187 133,690,206
1 Stated at mid-market price. The mid-market price is calculated using the midpoint of the bid and offer rates. 2 The in-specie transaction pertains to the internal merger of 7IM Select Moderately Cautious Fund into 7IM Moderately Cautious Fund, which became effective on 22 November 2024.
The notes on pages 39 to 50 are an integral part of these financial statement s.
Page 40
7IM MODERATELY CAUTIOUS FUND
38
Balance Sheet BALANCE SHEET as at 31 May 2026
31.05.26 31.05.25 Notes £ £ ASSETS
Fixed assets:
Investments 125,329,077 131,248,345
Current assets:
Debtors 9 2,775,533 387,852 Cash and bank balances 10 4,252,588 3,649,400
Total assets 132,357,198 135,285,597
LIABILITIES
Investment liabilities (91,113) (456,322)
Creditors:
Cash pledged at clearing houses 10 (94,710) (32,305) Distribution payable 8 (223,264) (195,617) Other creditors 11 (3,052,924) (911,147)
Total liabilities (3,462,011) (1,595,391)
Net assets attributable to shareholders 128,895,187 133,690,206
The notes on pages 39 to 50 are an integral part of these finan cial statements.
Page 41
39
7IM MODERATELY CAUTIOUS FUND
NOTES TO THE FINANCIAL STATEMENTS for the year r ended 31 May 2026
1 Statement of Compliance
The Sub-fund’s Financial Statements have been prepared on the same basis as the Statement of Compliance disclosed on page 12 . 2 Summary of Significant Accounting Policies
The Sub-fund’s Financial Statements have been prepared on the same basis as the Summary of Significant Accounting Policies disclosed on pages 12 to 14 . 3 Risk Management Policies The Sub-fund’s Risk Management Policies are the same as the Risk Management Policies disclosed on pages 15 to 16 . 4 Net capital gains
31.05.26 31.05.25 £ £ The net capital gains during the year comprise: Non-derivative securities 11,751,079 1,436,263 Derivative contracts 331,853 (80,204) Forward currency contracts (187,782) 807,884 Currency gains 171,876 212,820 Transaction charges (3,398) (5,398) CSDR penalty reimbursement – 82 AMC rebates from underlying investments 14,276 16,220 Net capital gains 12,077,904 2,387,667
5 Revenue
31.05.26 31.05.25 £ £ Non-taxable dividends 779,793 914,854 Taxable dividends 2,591,136 2,702,904 Amortisation – (45,517) AMC rebates from underlying investments 71,479 68,450 Bank interest 63,317 91,617 Total revenue 3,505,725 3,732,308
Page 42
40
7IM MODERATELY CAUTIOUS FUND
6 Expenses
31.05.26 31.05.25 £ £ Payable to the ACD, associates of the ACD and agents of either of them:
ACD's periodic charge 978,247 1,066,058 Other expenses 11,561 10,590 989,808 1,076,648
Payable to the Depositary, associates of the Depositary and agents of either of them:
Depositary's fees 20,807 21,378 Safe custody and other bank charges 14,061 27,488 34,868 48,866
Other expenses: Audit fee 1 13,757 16,487 Dealing and exchange fees 9,712 10,671 FCA and other regulatory fees (573) 65 Sub-investment management fees 9,143 Legal and professional fees 1,906 585 Market data fees 6,445 5,192 Printing, postage and distribution costs 15,792 20,752 Risk analysis fees 10,393 8,161 66,575 61,913 Total expenses 1,091,251 1,187,427
1 The Audit fee is inclusive of 20% VAT and 5% support cost.
NOTES TO THE FINANCIAL STATEMENTS (continued) for the year r ended 31 May 2026
Page 43
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7IM MODERATELY CAUTIOUS FUND
7 Taxation
31.05.26 31.05.25 £ £ a) Analysis of charge for the year Corporation tax at 20% 329,903 328,743 Overseas tax 6,867 (12,155) Double taxation relief (7,932) Irrecoverable CIS income tax 7,932 Current tax charge (note 7 b) 336,770 316,588
Total taxation 336,770 316,588 b) Factors affecting current tax charge for the year The tax assessed for the year differs from the standard rate of corporation tax in the UK for an authorised fund (20%) (2025: 20%) for the reasons explained below. Net revenue before taxation 2,413,832 2,542,350
Corporation tax at 20% 482,766 508,470 Effects of: AMC rebates taken to capital 2,855 3,244 Double taxation relief expensed (7,932) Irrecoverable CIS income tax written off 7,932 Non-allowable expenses 240 Non-taxable dividends (155,958) (182,971) Overseas tax 6,867 (12,155) Total tax charge (note 7 a) 336,770 316,588
c) Deferred tax There is no deferred tax provision in the current year (2025: none). At the year end, there is no potential deferred tax asset (2025: none).
8 Distributions The distributions take account of revenue received on the issue of shares and revenue deducted on cancellation of shares, and comprise: 31.05.26 31.05.25 £ £ Interim 1,546,233 2,019,470 Final 1 1,258,662 1,109,578 2,804,895 3,129,048 Add: Revenue deducted on cancellation of shares 99,759 172,953 Deduct: Revenue received on issue of shares (42,122) (60,055) Deduct: Revenue received on in-specie transactions – (160,101) Net distributions for the year 2,862,532 3,081,845 Interest payable and similar charges 642 2,531 Total distribution 2,863,174 3,084,376
NOTES TO THE FINANCIAL STATEMENTS (continued) for the year r ended 31 May 2026
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Details of the distributions per share are set out in the table on pages 51 to 53 . 31.05.26 31.05.25 £ £ Distributions represented by: Net revenue after taxation 2,077,062 2,225,762 Allocations to capital: Capitalised income, net of tax relief2 f2 785,453 856,090 Equalisation on conversions 3 – 5 Net movement in revenue account 17 (12)
Net distributions for the year 2,862,532 3,081,845
1 Distribution payable at the year end of £223,264 (2025: £195,617) is disclosed in the Balance Sheet on page 38 . 2 Please refer to Note 3 Distribution Policy on page 14 for further details. 3 Where an investor converts to a class with a higher income yield, the investor will pay or receive an equalisation as if they had held the new class throughout the period from the last distribution to the conversion date. The yield differential at the point of conversion is an equalisation which will be offset by capital erosion for the converted investor.
9 Debtors
31.05.26 31.05.25 £ £ Amounts receivable for issue of shares 20,071 192,395 Sales awaiting settlement 2,518,636 Accrued revenue 170,876 136,467 AMC rebates from underlying investments 62,957 58,990 Withholding tax recoverable 2,925 Currency deals awaiting settlement 68 Total debtors 2,775,533 387,852
10 Cash and bank balances
31.05.26 31.05.25 £ £ Cash and bank balances 4,226,163 3,557,681 Cash held at clearing houses 26,425 91,719 Total cash and bank balances 4,252,588 3,649,400
Cash pledged at clearing houses (94,710) (32,305) Total cash pledged at clearing houses (94,710) (32,305)
11 Other creditors
31.05.26 31.05.25 £ £ Amounts payable for cancellation of shares 96,413 551,616 Purchases awaiting settlement 2,627,815 71,511 Accrued expenses 1 181,891 167,170 Corporation tax payable 146,805 120,850 Total other creditors 3,052,924 911,147
1 Amount includes ACD’s periodic charge payable. Please refer to note 12.
NOTES TO THE FINANCIAL STATEMENTS (continued) for the year r ended 31 May 2026
8 Distributions (continued)
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12 Related party transactions
ACD’s periodic charge and other expenses payable to 7IM (the ‘ACD’) are disclosed in note 6 . The balance due to the ACD at the year end in respect of management fees is £82,203 (2 025: £85,127). The amounts receivable from 7IM (the ‘ACD’) in respect of subsidy fee arrangements and other balances as at year end are £Nil (2025: £Nil). The amounts payable to 7IM (the ‘ACD’) in respect of subsidy fee arrangements and other balances as at year end are £Nil (2025: £Nil).
The aggregate monies received by the ACD through the issue of shares and paid on cancellation of shares are disclosed in the Statement of Change in Net Assets Attributable to Shareholders on page 37 . Amounts due from and to the ACD in respect of share transactions at the balance sheet date are £20,071 (2025: £192,395) and £96,413 (2025: £551,616), respectively.
A shareholder may be able to exercise significant influence over the financial and operating policies of the Sub-fund and as such is deemed to be a related party. At the balance sheet date, the following shareholder held in excess of 20% of the shares in issue of the Sub-fund:
Pershing Nominees Limited 57.60% (2025: 56.54%) The net value of creations and cancellations for Pershing Nominees Limited during the year totalled £69,970,445 (2025: £27,296,350). The distributions paid and payable to Pershing Nominees Limited during and as at the year end are £130,235 and £61,314 (2025: £130,738 and £52,921), respecti vely.
13 Classes of Shares
The Sub-fund has five share classes: 'B', 'C', 'D', 'S' and 'X'. The annual management charge on each class is as follows:
Class B 0.50% Class C 0.90% Class D 1.40% Class S 0.65% Class X 0.25%
The following table shows the shares in issue during the year:
Class
Opening Shares
Shares Created
Shares Liquidated
Shares Converted
Closing Shares Class B Accumulation 9,835,378 1,077,716 (2,179,844) – 8,733,250 Class C Income 13,575,036 728,935 (2,197,103) – 12,106,86 8 Class C Accumulation 20,317,146 1,874,060 (4,858,588) (308,755) 17,023,863 Class D Income 19,625 4 60 (990) – 19,09 5 Class D Accumulation 3,261,971 1,670,168 (1,011,527) – 3,920,612 Class S Income 4,059,013 23,616 (547,78 5 ) – 3,534,84 4 Class S Accumulation 23,894,669 941,178 (6,953,890) 503,328 18,385,285 Class X Accumulation 7,682,330 1 (4,683) – 7,677,648 14 Contingent liabilities and commitments
There are no contingent liabilities or unrecorded outstanding commitments at the balance sheet date ( 202 5 : none).
15 Risk Disclosures
The main risks from the Sub-fund’s holding of financial instruments, together with the ACD’s policy for managing these risks are detailed in note 4 on pages 15 to 16 . Further analysis and numeric disclosure of interest rate risk, foreign currency risk and derivatives are shown below.
NOTES TO THE FINANCIAL STATEMENTS (continued) for the year r ended 31 May 2026
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i. Interest rate risk The table below shows the direct interest rate risk profile: Interest rate exposure as at 31 May 2026
Floating Rate Financial Assets £
Fixed Rate Financial Assets £
Financial Assets not carrying interest £
Total £ Brazilian real – – 56,122 56,122 Canadian dollar 2,735 – 69,968 72,703 Chinese offshore – – 285,199 285,199 Euro 115 – 4,093,352 4,093,467 Hong Kong dollar 1,934 – 493,389 495,323 Indonesian rupiah – – 55,533 55,533 Japanese yen 113 – 2,300,013 2,300,126 South African rand – – 59,702 59,702 South Korean won – – 490,777 490,777 Swedish krona – – 256,741 256,741 Swiss franc 111 – 738,792 738,903 Thai baht – – 71,972 71,972 US dollar 28,394 8,127,291 23,727,971 31,883,656 Pound sterling 4,219,186 – 87,277,788 91,496,974
4,252,588 8,127,291 119,977,319 132,357,198
Floating Rate Financial Liabilities £
Fixed Rate Financial Liabilities £
Financial Liabilities not carrying interest £
Total £ Euro (82) – (21,436) (21,518) Swiss franc – – (1) (1) US dollar – – (91,113) (91,113) Pound sterling (94,628) – (3,254,751) (3,349,379)
(94,710) – (3,367,301) (3,462,011)
Interest rate exposure as at 31 May 2025
Floating Rate Financial Assets £
Fixed Rate Financial Assets £
Financial Assets not carrying interest £
Total £ US dollar 2,681,175 5,441,060 22,166,660 30,288,895 Pound sterling 3,649,400 – 101,347,302 104,996,702
6,330,575 5,441,060 123,513,962 135,285,597
NOTES TO THE FINANCIAL STATEMENTS (continued) for the year r ended 31 May 2026
15 Risk Disclosures (continued)
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Floating Rate Financial Liabilities £
Fixed Rate Financial Liabilities £
Financial Liabilities not carrying interest £
Total £ Euro (30,876) – – (30,876) Japanese yen – – (1,908) (1,908) US dollar (1,429) – (454,414) (455,843) Pound sterling – – (1,106,764) (1,106,764)
(32,305) – (1,563,086) (1,595,391)
The floating rate financial assets and liabilities comprise bank balances and bank overdraft positions which earn or pay interest at rates linked to the Bank of England base rate or its international equivalents, index-linked securities that earn interest at rates adjusted by changes in the UK Retail Prices Index (RPI) or its international equivalent and collective investment schemes that pay UK interest distributions. Fixed Rate Financial Assets Weighted average interest rate
Weighted average period for which rate is fixed Currency 31.05.26 31.05.25 31.05.26 31.05.25 % % Years Years US dollar (0.11) (5.28) 1 1
The average effective duration of the Sub-fund’s portfolio is a measure of the sensitivity of the fair value of the Sub fund’s bond portfolio (excludes all other investments) to changes in market interest rates. As at 31 May 2026 , the weighted average effective duration was 2.32 years ( 31 May 2025 : 2.86 years).
NOTES TO THE FINANCIAL STATEMENTS (continued) for the year r ended 31 May 2026
15 Risk Disclosures (continued)
i. Interest rate risk (continued)
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ii. Foreign currency risk The table below shows the direct foreign currency risk profile: Foreign currency risk exposure as at 31 May 2026
Currency
Monetary Exposure £
Non-Monetary Exposure £
Total £ Brazilian real – 56,122 56,122 Canadian dollar 2,817 69,886 72,703 Chinese offshore – 285,199 285,199 Euro (17,383) 4,089,332 4,071,949 Hong Kong dollar 37,761 457,562 495,323 Indonesian rupiah – 55,533 55,533 Japanese yen 7,238 2,292,888 2,300,126 South African rand 735 58,967 59,702 South Korean won – 490,777 490,777 Swedish krona – 256,741 256,741 Swiss franc 110 738,792 738,902 Thai baht – 71,972 71,972 US dollar 33,898 31,758,645 31,792,543
65,176 40,682,416 40,747,592
Pound sterling 3,592,047 84,555,548 88,147,595
Net assets 3,657,223 125,237,964 128,895,187
Foreign currency risk exposure as at 31 May 2025
Currency
Monetary Exposure £
Non-Monetary Exposure £
Total £ Euro (30,876) – (30,876) Japanese yen – (1,908) (1,908) US dollar (1,429) 29,834,481 29,833,052
(32,305) 29,832,573 29,800,268
Pound sterling 2,930,488 100,959,450 103,889,938
Net assets 2,898,183 130,792,023 133,690,206
iii. Derivatives The derivatives held by the Sub-fund during the year were for the purposes of meeting the investment objectives of the Sub-fund and for efficient portfolio management.
The Sub-fund must at any time, be capable of meeting all of its payment and delivery obligations incurred in respect of its financial derivative instrument transactions. The Investment Manager uses a risk management technique known as absolute value-at-risk (‘VaR’) to measure the Sub-fund's global exposure. VaR is an advanced risk measurement methodology used to assess the Sub-fund's global exposure as set out in the Sub-fund's Risk Management Process.
VaR will be used by the Sub-fund on a daily basis in accordance with the requirements of the Central Bank pursuant to which VaR of the Sub-fund's portfolio shall not exceed 2.3% of the Net Asset Value of the Sub-fund and the one-tailed confidence interval shall not be less than 99% with a one-day holding period. The historical observation period will be not less than 1 year.
NOTES TO THE FINANCIAL STATEMENTS (continued) for the year r ended 31 May 2026
15 Risk Disclosures (continued)
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The level of leverage of the Sub-fund (calculated using the sum of the notionals of the derivatives) under normal circumstances is expected to be around 40% of the Net Asset Value of the Sub-fund and is not expected to exceed 260%.
The lowest, highest and average leverage utilisation in the accounting year ended 31 May 2026 was 24%, 62% and 27% respectively (31 May 2025: 24%, 39% and 31% respectively).
VaR is calculated for the funds under the parametric method. The time horizon for the calculation is 1 day, using a 99% confidence level. The methodology is derived from Bloomberg PORT’s risk engine and blends the VaR produced from two different risk models, namely Multi-Asset Class Model (MAC): Long Term (LT) and Monthly (M). The former applies an infinite half-life (exponential weighting) for calculating volatilities and correlations; the latter applies a 2-3 month half life for volatilities and 10-15 month for correlations.
The reported VaR is calculated formulaically as follows: VaR = 0.5*VaRLT + 0.5*MAX(VaRLT, VaRM).
The Bloomberg PORT models map individual portfolio positions onto the Bloomberg set of risk factors to backfill for a time series of volatility. The VaR numbers calculated are derived from daily volatility numbers, multiplied by an appropriate 99% confidence interval scaling factor under the ass umption of a normal distribution.
The types of derivatives held at the balance sheet date were forward foreign currency contracts, futures contracts and structured products. Details of individual contracts are disclosed in the Portfolio Statement and the total position by counterparty at the balance sheet date was as follows:
Counterparty
31.05.26 £
31.05.25 £
Futures Contracts Eurex USA – 64,183 International Monetary Market 169,545 Structured Products JP Morgan 3,089,516 2,792,627 Societe General – 2,648,433 UBS AG London 2,444,930 Forward Currency Contracts Northern Trust (86,861) 1,398,232 Total net exposure 1 5,617,130 6,903,475
1 Net exposure represents the mark-to-market value of derivative contracts less any cash collateral held. Positive exposure represents the Sub fund's exposure to that counterparty. iv. Fair value
Investments are categorised into the following levels based on their fair value measurement:
Level 1 The unadjusted quoted price in an active market for identical instruments that the entity can access at the measurement date.
Level 2 Valuation techniques using observable inputs other than quoted market prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include: quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, for example interest rates and yield curves observable at commonly quoted intervals, implied volatilities, credit spreads, inputs that are derived principally from or corroborated by observable market data by correlation or other means ('market-corroborated inputs').
The Sub-fund may have corporate bonds which fall into this category as despite quoted prices being available, trading can be irregular and there are often significant lengths of time between traded arm’s length transactions.
NOTES TO THE FINANCIAL STATEMENTS (continued) for the year r ended 31 May 2026
15 Risk Disclosures (continued)
iii. Derivatives (continued)
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Level 3 Valuation techniques using unobservable inputs for the asset or liability. Unobservable inputs are used to measure fair value to the extent that relevant observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. An entity develops unobservable inputs using the best information available in the circumstances, which might include the entity's own data, taking into account all information about market participant assumptions that is reasonably available.
Where assets are subject to administration, liquidation or orderly realisation processes, the ACD may adjust the price to reflect what they consider a more realistic value in the circumstances. The rationale and pricing method is agreed with the Depositary and monitored frequently by the Fair Value Pricing Panel. sec.
31 May 2026
Level 1 £
Level 2 £
Level 3 £
Total £
Assets Bonds – 8,127,291 – 8,127,291 Collective Investment Schemes 9,593,855 83,408,655 – 93,002,510 Derivatives 169,545 4,252 – 173,797 Equities 24,025,479 – – 24,025,479 Total 33,788,879 91,540,198 – 125,329,077
Liabilities Derivatives – (91,113) – (91,113)
31 May 2025
Level 1 £
Level 2 £
Level 3 £
Total £
Assets Bonds – 8,122,235 – 8,122,235 Collective Investment Schemes 18,897,469 98,019,156 – 116,916,625 Derivatives 64,183 1,854,554 – 1,918,737 Equities 4,290,748 – – 4,290,748 Total 23,252,400 107,995,945 – 131,248,345
Liabilities Derivatives – (456,322) – (456,322)
NOTES TO THE FINANCIAL STATEMENTS (continued) for the year r ended 31 May 2026
15 Risk Disclosures (continued)
iv. Fair value (continued)
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16 Purchases, Sales and Transaction Costs
The following tables show portfolio transactions and their associated transaction costs. For more information about the nature of these costs please refer to the additional portfolio transaction cost information on page 20 . Analysis of direct transaction costs for the year ended 31 May 2026 :
Principal £'000
Commissions £'000
Taxes £'000
Total Transaction Costs £'000
Commissions % of principal
Taxes % of principal Purchases Bonds 3,613 – – – – Collective Investment Schemes 35,783 2 – 2 0.01 Equities 29,939 – – – – Total 69,335 2 – 2 0.01 –
Principal £'000
Commissions £'000
Taxes £'000
Total Transaction Costs £'000
Commissions % of principal
Taxes % of principal Sales Bonds 2,929 – – – – Collective Investment Schemes 61,904 (5) – (5) (0.01) Derivatives 3,733 – – – – Equities 19,059 – – – – Total 87,625 (5) – (5) (0.01) Total as a percentage of the average NAV 0.01% 0.00% 0.01%
Analysis of direct transaction costs for the year ended 3 1 May 2025 :
Principal £'000
Commissions £'000
Taxes £'000
Total Transaction Costs £'000
Commissions % of principal
Taxes % of principal Purchases Bonds 6,105 – – – – Collective Investment Schemes 70,238 – – – – Derivatives 2,989 – – – – Equities 20,805 – – – – Total 100,137 – – – – –
Principal £'000
Commissions £'000
Taxes £'000
Total Transaction Costs £'000
Commissions % of principal
Taxes % of principal Sales Bonds 7,304 – – – – Collective Investment Schemes 80,029 – – – – Derivatives 2,917 – – – – Equities 11,075 – – – – Total 101,325 – – – – Total as a percentage of the average NAV 0.00% 0.00% 0.00%
NOTES TO THE FINANCIAL STATEMENTS (continued) for the year r ended 31 May 2026
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Average portfolio dealing spread As at the balance sheet date, the average portfolio dealing spread was 0.04 % ( 202 5 : 0.03 %) based on close of business prices. This spread represents the difference between the values determined respectively by reference to the bid and offer prices of investments expressed as a percentage of f the value determined by reference to the offer price.
17 Post Balance Sheet Events
Market price movement
As at the balance sheet date, the Net Asset Value price per share of Class C Accumulation was 236.06p. The Net Asset Value price per share of Class C Accumulation for the Sub-fund on 21 September 2026 was 238.08p. This represents an increase of 0.86% from the year end value.
NOTES TO THE FINANCIAL STATEMENTS (continued) for the year r ended 31 May 2026
16 Purchases, Sales and Transaction Costs (continued)
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7IM MODERATELY CAUTIOUS FUND
51
DISTRIBUTION TABLES for the year ended 31 May 2026
Interim - in pence per share Group 1 - Shares purchased prior to 1 June 2025 Group 2 - Shares purchased on or after 1 June 2025 and on or before 30 November 2025
Net Revenue Equalisation
Allocated 30.01.26
Allocated 31.01.25 Class B Accumulation Group 1 2.5920 – 2.5920 2.8275 Group 2 1.9980 0.5940 2.5920 2.8275
Net Revenue Equalisation
Paid 30.01.26
Paid 31.01.25 Class C Income Group 1 1.7956 – 1.7956 2.0084 Group 2 1.6495 0.1461 1.7956 2.0084
Net Revenue Equalisation
Allocated 30.01.26
Allocated 31.01.25 Class C Accumulation Group 1 2.6995 – 2.6995 2.9511 Group 2 0.4061 2.2934 2.6995 2.9511
Net Revenue Equalisation
Paid 30.01.26
Paid 31.01.25 Class D Income Group 1 1.6472 – 1.6472 1.8485 Group 2 1.4743 0.1729 1.6472 1.8485
Net Revenue Equalisation
Allocated 30.01.26
Allocated 31.01.25 Class D Accumulation Group 1 2.4568 – 2.4568 2.6999 Group 2 1.9732 0.4836 2.4568 2.6999
Net Revenue Equalisation
Paid 30.01.26
Paid 31.01.25 Class S Income Group 1 1.3354 – 1.3354 1.4913 Group 2 – 1.3354 1.3354 1.4913
Net Revenue Equalisation
Allocated 30.01.26
Allocated 31.01.25 Class S Accumulation Group 1 1.6545 – 1.6545 1.8075 Group 2 1.5523 0.1022 1.6545 1.8075
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52
DISTRIBUTION TABLES (continued) for the year ended 31 May 2026
Net Revenue Equalisation
Allocated 30.01.26
Allocated 31.01.25 Class X Accumulation Group 1 1.6613 – 1.6613 1.8217 Group 2 1.6613 – 1.6613 1.8217
Final - in pence per share Group 1 - Shares purchased prior to 1 December 2025 Group 2 - Shares purchased on or after 1 December 2025 and on or before 31 May 2026
Net Revenue Equalisation
Allocated 31.07.26
Allocated 31.07.25 Class B Accumulation Group 1 2.2122 – 2.2122 1.6824 Group 2 1.3568 0.8554 2.2122 1.6824
Net Revenue Equalisation
Paid 31.07.26
Paid 31.07.25 Class C Income Group 1 1.5132 – 1.5132 1.1779 Group 2 0.9966 0.5166 1.5132 1.1779
Net Revenue Equalisation
Allocated 31.07.26
Allocated 31.07.25 Class C Accumulation Group 1 2.3010 – 2.3010 1.7566 Group 2 1.3467 0.9543 2.3010 1.7566
Net Revenue Equalisation
Paid 31.07.26
Paid 31.07.25 Class D Income Group 1 1.3850 – 1.3850 1.0823 Group 2 0.8675 0.5175 1.3850 1.0823
Net Revenue Equalisation
Allocated 31.07.26
Allocated 31.07.25 Class D Accumulation Group 1 2.0908 – 2.0908 1.6042 Group 2 1.2181 0.8727 2.0908 1.6042
Net Revenue Equalisation
Paid 31.07.26
Paid 31.07.25 Class S Income Group 1 1.1259 – 1.1259 0.8747 Group 2 0.4828 0.6431 1.1259 0.8747
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53
DISTRIBUTION TABLES (continued) for the year ended 31 May 2026
Net Revenue Equalisation
Allocated 31.07.26
Allocated 31.07.25 Class S Accumulation Group 1 1.4118 – 1.4118 1.0735 Group 2 0.5737 0.8381 1.4118 1.0735
Net Revenue Equalisation
Allocated 31.07.26
Allocated 31.07.25 Class X Accumulation Group 1 1.4190 – 1.4190 1.0773 Group 2 0.4190 1.0000 1.4190 1.0773
Equalisation Equalisation applies only to shares purchased during the distribution period (Group 2 shares). It represents the accrued revenue included in the purchase price of the shares. After averaging it is returned with the distribution as a capital repayment. It is not liable to Income Tax but must be deducted from the cost of the shares for Capital Gains Tax purposes.
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ACD’S REPORT for the year r ended 31 May 202 6
Investment Objective and Policy
ctive and Policy Investment Objective and Policy 7IM Balanced Fund (the ‘Sub-fund’) aims to provide a balance of f income and capital growth.
The Sub-fund invests at least 80% of its assets in other funds managed both by the Manager and by selected third party managers, including open-ended and closed-ended funds and exchange traded funds (ETFs), and other transferable securities including fixed income, equities, warrants and structured products. This exposure may also be achieved through the use of futures contracts which require cover to be held (typically in the form of money market funds and money market instruments).
Up to 20% of the Sub-fund will be invested in assets such as cash, and deposits, and may also include the use of money market funds and money market instruments, for more general liquidity purposes. This is additional to the holding of such assets as cover for futures contracts as noted above.
Investment will comprise a mixture of income generating assets such as corporate debt securities and growth generating assets such as global equities.
The Sub-fund will invest in derivatives for efficient portfolio management (EPM) (i.e. to reduce risk or cost and, or to generate extra income) as well as for investment purposes.
In extraordinary market conditions (such as political unrest, economic instability, war, the bankruptcy of large financial institutions or closure of a relevant market(s)), the Sub-fund may temporarily invest up to 100% of its total assets in deposits, cash, near cash, treasury bills, government bonds or short-term money market instruments.
Comparator Benchmark The Sub-fund’s performance may be compared to the IA Mixed Investment 20-60% Shares which has been chosen because it is representative of the Sub-fund’s agreed risk profile and the type of assets in which it invests. It is therefore an appropriate comparator for the Sub-fund’s performance.
Investment Manager’s Report
ager’s Report Investment Manager’s Report Performance Report In the reporting year, 1 June 2025 to 31 May 2026, the portfolio delivered a total return of 15.10% 1 . The Sub-fund outperformed its IA sector peer group comparator. The strategic asset allocation strongly benefitted from an overweight to equity risk assets which rebounded post US tariff volatility and was buoyed even further by optimism around AI growth. The tactical allocation detracted slightly due to tilting away from the large mega cap tech stocks. Also, manager selection was a modest headwind, particularly within UK equities. The 1 year, 3 year and 5 year relative performance to the benchmark was 1.5%, (2.2)%, (1.7)% respectively.
Investment Background Over the past 12 months, markets have shown a remarkable ability to look through political, economic and geopolitical uncertainty. What began with escalating tensions in the Middle East and concerns over global trade evolved into a year defined by resilience, strong corporate earnings and continued e nthusiasm for artificial intelligence.
During the second half of 2025, equity markets delivered robust returns despite events that would traditionally have unsettled investors. The conflict between Israel and Iran, tariff negotiations and political uncertainty across Europe failed to derail market momentum. Instead, investors increasingly adopted a “buy the dip” mentality, helping major indices such as the S&P 500 and FTSE 100 reach record highs. Supportive central bank policy, easing inflation and strong corporate earnings—particularly from large technology companies—further underpinned performance. Returns broadened beyond the US, with Asia, emerging markets and Latin America also posting strong gains, while AI-related investment remained a key driver of market leadership.
Bond markets experienced periods of volatility as investors balanced falling inflation against concerns surrounding government borrowing and economic growth. However, diversified fixed income exposure continued to deliver positive returns overall, with shorter-dated bonds and corporate credit generally outperforming longer-duration holdings.
The positive momentum carried into early 2026, although the market environment became more challenging. Rising geopolitical tensions in the Middle East pushed energy prices higher and reignited inflation concerns, leading to a weaker first quarter for both equities and bonds. Market performance became more uneven, with clear distinctions between sectors benefiting from higher commodity prices and those more sensitive to interest rates. Traditional diversification was occasionally tested as asset classes moved in tandem.
1 Calculated using 7IM Balanced Fund C Acc shares, published prices. Source: NTRS.
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55
Sentiment improved as the spring progressed. Strong corporate earnings, resilient consumer spending and continued investment in AI-related technologies helped shift the focus back to company fundamentals. US equities led the recovery, supported by robust profit growth and positive earnings surprises, while technology stocks once again outperformed. Although inflation, interest-rate expectations and geopolitical risks remain important considerations, the broader economic backdrop has stayed supportive.
As we move into the second half of the year, markets continue to be supported by healthy corporate earnings and stable economic conditions. While periods of volatility are likely to persist, the past year has highlighted the benefits of maintaining a diversified, long-term investment approach and focusing on underlying fundamentals rather than short-term market noise.
Portfolio Review In June 2025, we added JPM UK Equity Plus as a complementary strategy to sit alongside the existing managers in UK equities.
In July 2025, we reduced equity exposure slightly. Within our Sector Strategy Quantitative Sector Allocation Model (QSAM), we made a small increase to Utilities, reflecting changes in the economic and stock data for the sector.
We also purchased the Capital Group Emerging Markets Debt Fund.
In August 2025, we refreshed our strategic asset allocation (SAA) in line with its annual schedule. We altered our fixed income allocations from index level duration to a split of long and short duration government bonds options to manage tactical positions. This was achieved by selling some government bonds. We also undertook some small adjustments to other asset classes.
Later in the month, we also replaced two existing tactical strategies with new fund structures. The funds are managed by JPMorgan with the underlying exposures specified by 7IM and allowed us to implement our existing Sector Strategy (QSAM) and Equity Protection Selling tactical strategies in a m ore efficient and cost-effective way.
Additionally, the Invesco S&P 500 Equal Weight Swap UCITS ETF replaced the existing allocation to the xTrackers S&P 500 Equal Weight UCITS ETF.
At the start of September 2025, we increased equities slightly and reduced bond exposure in line with our macroeconomic views. We also added Aviva Sterling Liquidity to earn a better return on our cash-like holdings.
In October 2025, we slightly reduced our exposure to bonds while keeping equity exposure unchanged. This adjustment reflected our cautious stance on interest rate risk as yields re mained volatile.
November 2025 was an active month with multiple changes. Early in the month, we reduced our holdings in mid-sized US companies and increased exposure to large US companies. By the end of November, we had increased bond exposure back to neutral while keeping equities unchanged. This was funded by reducing cash and UK equities.
The position in Premier Miton US Opportunities was also fully sold and we introduced Hermes MDT US Equity to enhance the US equity exposure.
Bond and equity exposure remained unchanged and neutral through December 2025 and January 2026.
In January, within our Sector Strategy, (QSAM), we reduced our allocation to Financials and introduced Healthcare as a new sector.
In February 2026, we modestly increased overall equity exposure while maintaining a broadly neutral positioning. Bond exposure was reduced slightly over the month before returning t o neutral in March 2026.
March 2026 saw adjustments to our sector positioning, with Healthcare and Technology removed and capital reallocated to more ‘old economy’ sectors, including Energy, Materials, Utilities and Industrials.
In April 2026, we made a change to how part of the equity allocation is implemented within this fund. A portion of equities is now managed through a segregated mandate where specialist third-party managers, Fidelity and Ninety-One have been appointed and, are responsible for stock selection.
ACD’S REPORT (continued) for the year r ended 31 May 202 6
Investment Manager’s Report (continued) Investment Background (continued)
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We continue to oversee the overall portfolio, retaining full control of asset allocations, risk and manager oversight. This approach allows us to combine our in-house investment framework with the stock-picking expertise of leading managers, while also improving cost efficiency.
Positioning remained stable through April 2026, with both equity and bond exposures unchanged.
In May 2026, we reintroduced Technology within QSAM, funded by removing Utilities. Later in the month, we sold down Pictet Japanese Equity Selection and reallocated to our higher conviction holding. Man High Yield Opportunities was also added to portfolios.
Investment Outlook After several years in which a small number of companies and themes dominated market returns, the investment landscape has become broader. Diversification is once again being rewarded, with performance driven by a wider range of regions, sectors and asset classes rather than a single prevailing trade. Looking ahead, we expect:
• Growth to remain positive, albeit at a more moderate pace, as the lingering effects of higher interest rates, elevated energy costs and political uncertainty weigh on confidence. While consumers and businesses are facing a more challenging environment, corporate balance sheets remain generally healthy and should help companies navigate ongoing trade tensions and economic headwinds.
• Markets to remain volatile in the near term as investors continue to assess geopolitical developments, inflation trends and the path of interest rates. However, recent market behaviour has demonstrated a willingness to look through short-term uncertainty and focus on underlying fundamentals. We also anticipate energy prices to stabilise as supply concerns ease, although they may remain elevated compared with recent history.
• Opportunities to continue emerging beyond the technology sector and beyond the United States. Strong returns from areas such as industrials, financials and utilities, combined with improving prospects in parts of Europe, Asia and emerging markets, highlight the benefits of maintaining broad ex posure across global markets. For us, this reinforces the case for diversified portfolios and a flexible investment approach. Alongside core allocations to equities and bonds, we continue to utilise diversifying assets and selective tactical opportunities where fundamentals remain attractive. In a world where leadership is broadening and market conditions can change quickly, spreading risk remains one of the most effective ways to navigate uncertainty a nd capture long-term opportunities.
Seven Investment Management LLP Investment Manager September 2026
ACD’S REPORT (continued) for the year r ended 31 May 202 6
Investment Manager’s Report (continued) Portfolio Review (continued)
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FUND INFORMATION The Comparative Tables on pages 58 to 70 give the performance of each active share class in the Sub-fund.
The ‘Return after charges’ disclosed in the Comparative Tables is calculated as the return after operating charges per share divided by the opening net asset value per share. It differs from the Sub-fund’s performance disclosed in the ACD's report, which is calculated based on the latest published price . Portfolio transaction costs are incurred when investments are bought or sold by a Sub-fund in order to achieve the investment objective. These transaction costs affect an investor in different ways depending on whether they are joining, leaving or continuing with their investment in the Sub-fund.
Direct transaction costs include broker commission and taxes. Broker commission includes the fee paid to a broker to execute the trades.
In addition, there are indirect portfolio transaction costs arising from the ‘dealing spread’ – the difference between the buying and selling prices of underlying investments in the portfolio. Unlike shares whereby broker commissions and stamp duty are paid by the Sub-fund on each transaction, other types of investments (such as bonds, money market instruments, derivatives, collective investment schemes) do not have separately identifiable transaction costs; these costs form part of the dealing spread. Dealing spreads vary considerably depending on the transaction value and money market sentiment. Fund Information
Page 60
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Comparative Tables
Class A Accumulation
31.05.26 (pence per share)
31.05.25 (pence per share)
31.05.24 1 (pence per share) Change in Net Asset Value Per Share Opening net asset value per share 246.97 240.32 225.93
Return before operating charges* 40.69 10.98 18.51 Operating charges (calculated on average price) (4.42) (4.33) (4.12)
Return after operating charges* 36.27 6.65 14.39
Distributions (2.85) (4.26) (4.66)
Retained distributions on accumulation shares 2.85 4.26 4.66
Closing net asset value per share 283.24 246.97 240.32
* After direct transaction costs of: 2 0.11 0.00 0.00
Performance Return after charges 3 14.69% 2.77% 6.37%
Other Information Closing net asset value (£'000) 4,571 3,579 3,510 Closing number of shares 1,613,988 1,448,959 1,460,925 Operating charges 4 1.67% 1.76% 1.80% Direct transaction costs 0.04% 0.00% 0.00%
Prices Highest share price 283.26 254.71 244.93 Lowest share price 246.69 229.71 217.05 1 The accounting period end date was changed from 30 November to 31 May . 2 Direct transaction costs are stated after deducting the proportion of the amounts collected from dilution adjustments or dilution levies that relate to direct transaction costs. A negative transaction costs figure might arise where there is a timing difference between inflows and the settlement of the resultant purchases. 3 The return after charges is calculated as the return after operating charges per share divided by the opening net asset value per share. 4 Operating charges, otherwise known as the OCF is the ratio of the Sub-fund’s total disclosable costs (excluding securities lending fees and overdraft interest) to the average net assets of the Sub-fund. The OCF is intended to provide a reliable figure which gives the most accurate measure of what it costs to invest in a sub-fund and is calculated based on the last period's figures. Included within the OCF are synthetic costs which include the OCFs of the underlying funds, weighted on the basis of their investment proportion. A detailed breakdown of the OCF per share class is shown on page 71 .
FUND INFORMATION (continued)
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Class B Income
31.05.26 1 (pence per share) Change in Net Asset Value Per Share Opening net asset value per share 100.00
Return before operating charges* 7.72 Operating charges (calculated on average price) (0.31)
Return after operating charges* 7.41
Distributions on income shares (1.15)
Closing net asset value per share 106.26
* After direct transaction costs of: 2 0.04
Performance Return after charges 3 7.41%
Other Information Closing net asset value (£'000) 2,277 Closing number of shares 2,141,782 Operating charges 4 0.77% Direct transaction costs 0.04%
Prices Highest share price 107.07 Lowest share price 99.01 1 The share class launched on 24 October 2025. 2 Direct transaction costs are stated after deducting the proportion of the amounts collected from dilution adjustments or dilution levies that relate to direct transaction costs. A negative transaction costs figure might arise where there is a timing difference between inflows and the settlement of the resultant purchases. 3 The return after charges is calculated as the return after operating charges per share divided by the opening net asset value per share. 4 Operating charges, otherwise known as the OCF is the ratio of the Sub-fund’s total disclosable costs (excluding securities lending fees and overdraft interest) to the average net assets of the Sub-fund. The OCF is intended to provide a reliable figure which gives the most accurate measure of what it costs to invest in a sub-fund. Included within the OCF are synthetic costs which include the OCFs of the underlying funds, weighted on the basis of their investment proportion. A detailed breakdown of the OCF per share class is shown on page 71 .
FUND INFORMATION (continued)
Comparative Tables (continued)
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Class B Accumulation
31.05.26 (pence per share)
31.05.25 (pence per share)
31.05.24 1 (pence per share) Change in Net Asset Value Per Share Opening net asset value per share 259.94 251.74 235.95
Return before operating charges* 42.47 11.19 19.51 Operating charges (calculated on average price) (2.17) (2.99) (3.72)
Return after operating charges* 40.30 8.20 15.79
Distributions (4.01) (5.08) (5.24)
Retained distributions on accumulation shares 4.01 5.08 5.24
Closing net asset value per share 300.24 259.94 251.74
* After direct transaction costs of: 2 0.11 0.00 0.00
Performance Return after charges 3 15.50% 3.26% 6.69%
Other Information Closing net asset value (£'000) 78,880 43,768 47,916 Closing number of shares 26,271,805 16,837,629 19,033,500 Operating charges 4 0.77% 1.16% 1.55% Direct transaction costs 0.04% 0.00% 0.00%
Prices Highest share price 300.26 267.50 256.54 Lowest share price 259.68 241.53 227.10 1 The accounting period end date was changed from 30 November to 31 May . 2 Direct transaction costs are stated after deducting the proportion of the amounts collected from dilution adjustments or dilution levies that relate to direct transaction costs. A negative transaction costs figure might arise where there is a timing difference between inflows and the settlement of the resultant purchases. 3 The return after charges is calculated as the return after operating charges per share divided by the opening net asset value per share. 4 Operating charges, otherwise known as the OCF is the ratio of the Sub-fund’s total disclosable costs (excluding securities lending fees and overdraft interest) to the average net assets of the Sub-fund. The OCF is intended to provide a reliable figure which gives the most accurate measure of what it costs to invest in a sub-fund and is calculated based on the last period's figures. Included within the OCF are synthetic costs which include the OCFs of the underlying funds, weighted on the basis of their investment proportion. A detailed breakdown of the OCF per share class is shown on page 71 .
FUND INFORMATION (continued)
Comparative Tables (continued)
Page 63
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Class C Income
31.05.26 (pence per share)
31.05.25 (pence per share)
31.05.24 1 (pence per share) Change in Net Asset Value Per Share Opening net asset value per share 202.10 199.67 191.01
Return before operating charges* 33.07 8.92 15.68 Operating charges (calculated on average price) (2.53) (2.56) (2.51)
Return after operating charges* 30.54 6.36 13.17
Distributions on income shares (2.76) (3.93) (4.51)
Closing net asset value per share 229.88 202.10 199.67
* After direct transaction costs of: 2 0.09 0.00 0.00
Performance Return after charges 3 15.11% 3.19% 6.89%
Other Information Closing net asset value (£'000) 39,596 37,980 47,473 Closing number of shares 17,224,715 18,792,758 23,775,743 Operating charges 4 1.17% 1.26% 1.30% Direct transaction costs 0.04% 0.00% 0.00%
Prices Highest share price 231.47 209.65 204.81 Lowest share price 201.88 189.19 183.43 1 The accounting period end date was changed from 30 November to 31 May . 2 Direct transaction costs are stated after deducting the proportion of the amounts collected from dilution adjustments or dilution levies that relate to direct transaction costs. A negative transaction costs figure might arise where there is a timing difference between inflows and the settlement of the resultant purchases. 3 The return after charges is calculated as the return after operating charges per share divided by the opening net asset value per share. 4 Operating charges, otherwise known as the OCF is the ratio of the Sub-fund’s total disclosable costs (excluding securities lending fees and overdraft interest) to the average net assets of the Sub-fund. The OCF is intended to provide a reliable figure which gives the most accurate measure of what it costs to invest in a sub-fund and is calculated based on the last period's figures. Included within the OCF are synthetic costs which include the OCFs of the underlying funds, weighted on the basis of their investment proportion. A detailed breakdown of the OCF per share class is shown on page 71 .
FUND INFORMATION (continued)
Comparative Tables (continued)
Page 64
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Class C Accumulation
31.05.26 (pence per share)
31.05.25 (pence per share)
31.05.24 1 (pence per share) Change in Net Asset Value Per Share Opening net asset value per share 272.07 263.70 246.42
Return before operating charges* 44.61 11.77 20.54 Operating charges (calculated on average price) (3.41) (3.40) (3.26)
Return after operating charges* 41.20 8.37 17.28
Distributions (3.73) (5.21) (5.86)
Retained distributions on accumulation shares 3.73 5.21 5.86
Closing net asset value per share 313.27 272.07 263.70
* After direct transaction costs of: 2 0.12 0.00 0.00
Performance Return after charges 3 15.14% 3.17% 7.01%
Other Information Closing net asset value (£'000) 241,364 278,034 359,895 Closing number of shares 77,045,605 102,193,510 136,478,370 Operating charges 4 1.17% 1.26% 1.30% Direct transaction costs 0.04% 0.00% 0.00%
Prices Highest share price 313.29 280.26 268.71 Lowest share price 271.78 252.91 237.61 1 The accounting period end date was changed from 30 November to 31 May . 2 Direct transaction costs are stated after deducting the proportion of the amounts collected from dilution adjustments or dilution levies that relate to direct transaction costs. A negative transaction costs figure might arise where there is a timing difference between inflows and the settlement of the resultant purchases. 3 The return after charges is calculated as the return after operating charges per share divided by the opening net asset value per share. 4 Operating charges, otherwise known as the OCF is the ratio of the Sub-fund’s total disclosable costs (excluding securities lending fees and overdraft interest) to the average net assets of the Sub-fund. The OCF is intended to provide a reliable figure which gives the most accurate measure of what it costs to invest in a sub-fund and is calculated based on the last period's figures. Included within the OCF are synthetic costs which include the OCFs of the underlying funds, weighted on the basis of their investment proportion. A detailed breakdown of the OCF per share class is shown on page 71 .
FUND INFORMATION (continued)
Comparative Tables (continued)
Page 65
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Class D Income
31.05.26 (pence per share)
31.05.25 (pence per share)
31.05.24 1 (pence per share) Change in Net Asset Value Per Share Opening net asset value per share 192.36 190.43 182.70
Return before operating charges* 31.56 8.75 14.78 Operating charges (calculated on average price) (3.43) (3.41) (3.30)
Return after operating charges* 28.13 5.34 11.48
Distributions on income shares (2.20) (3.41) (3.75)
Closing net asset value per share 218.29 192.36 190.43
* After direct transaction costs of: 2 0.08 0.00 0.00
Performance Return after charges 3 14.62% 2.80% 6.28%
Other Information Closing net asset value (£'000) 45 39 38 Closing number of shares 20,413 20,183 19,905 Operating charges 4 1.67% 1.76% 1.80% Direct transaction costs 0.04% 0.00% 0.00%
Prices Highest share price 219.61 199.56 195.10 Lowest share price 192.11 179.97 175.02 1 The accounting period end date was changed from 30 November to 31 May . 2 Direct transaction costs are stated after deducting the proportion of the amounts collected from dilution adjustments or dilution levies that relate to direct transaction costs. A negative transaction costs figure might arise where there is a timing difference between inflows and the settlement of the resultant purchases. 3 The return after charges is calculated as the return after operating charges per share divided by the opening net asset value per share. 4 Operating charges, otherwise known as the OCF is the ratio of the Sub-fund’s total disclosable costs (excluding securities lending fees and overdraft interest) to the average net assets of the Sub-fund. The OCF is intended to provide a reliable figure which gives the most accurate measure of what it costs to invest in a sub-fund and is calculated based on the last period's figures. Included within the OCF are synthetic costs which include the OCFs of the underlying funds, weighted on the basis of their investment proportion. A detailed breakdown of the OCF per share class is shown on page 71 .
FUND INFORMATION (continued)
Comparative Tables (continued)
Page 66
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Class D Accumulation
31.05.26 (pence per share)
31.05.25 (pence per share)
31.05.24 1 (pence per share) Change in Net Asset Value Per Share Opening net asset value per share 247.01 240.37 225.98
Return before operating charges* 40.68 10.97 18.52 Operating charges (calculated on average price) (4.41) (4.33) (4.13)
Return after operating charges* 36.27 6.64 14.39
Distributions (2.84) (4.25) (4.66)
Retained distributions on accumulation shares 2.84 4.25 4.66
Closing net asset value per share 283.28 247.01 240.37
* After direct transaction costs of: 2 0.11 0.00 0.00
Performance Return after charges 3 14.68% 2.76% 6.37%
Other Information Closing net asset value (£'000) 16,203 15,464 15,372 Closing number of shares 5,719,755 6,260,575 6,394,999 Operating charges 4 1.67% 1.76% 1.80% Direct transaction costs 0.04% 0.00% 0.00%
Prices Highest share price 283.31 254.76 244.98 Lowest share price 246.74 229.75 217.10 1 The accounting period end date was changed from 30 November to 31 May . 2 Direct transaction costs are stated after deducting the proportion of the amounts collected from dilution adjustments or dilution levies that relate to direct transaction costs. A negative transaction costs figure might arise where there is a timing difference between inflows and the settlement of the resultant purchases. 3 The return after charges is calculated as the return after operating charges per share divided by the opening net asset value per share. 4 Operating charges, otherwise known as the OCF is the ratio of the Sub-fund’s total disclosable costs (excluding securities lending fees and overdraft interest) to the average net assets of the Sub-fund. The OCF is intended to provide a reliable figure which gives the most accurate measure of what it costs to invest in a sub-fund and is calculated based on the last period's figures. Included within the OCF are synthetic costs which include the OCFs of the underlying funds, weighted on the basis of their investment proportion. A detailed breakdown of the OCF per share class is shown on page 71 .
FUND INFORMATION (continued)
Comparative Tables (continued)
Page 67
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Class S Income
31.05.26 (pence per share)
31.05.25 (pence per share)
31.05.24 1 (pence per share) Change in Net Asset Value Per Share Opening net asset value per share 129.31 127.63 121.91
Return before operating charges* 21.14 5.63 10.08 Operating charges (calculated on average price) (1.26) (1.31) (1.29)
Return after operating charges* 19.88 4.32 8.79
Distributions on income shares (1.91) (2.64) (3.07)
Closing net asset value per share 147.28 129.31 127.63
* After direct transaction costs of: 2 0.06 0.00 0.00
Performance Return after charges 3 15.37% 3.38% 7.21%
Other Information Closing net asset value (£'000) 686 1,051 1,237 Closing number of shares 465,620 812,646 968,970 Operating charges 4 0.92% 1.01% 1.05% Direct transaction costs 0.04% 0.00% 0.00%
Prices Highest share price 148.34 134.12 130.96 Lowest share price 129.17 121.08 117.22 1 The accounting period end date was changed from 30 November to 31 May . 2 Direct transaction costs are stated after deducting the proportion of the amounts collected from dilution adjustments or dilution levies that relate to direct transaction costs. A negative transaction costs figure might arise where there is a timing difference between inflows and the settlement of the resultant purchases. 3 The return after charges is calculated as the return after operating charges per share divided by the opening net asset value per share. 4 Operating charges, otherwise known as the OCF is the ratio of the Sub-fund’s total disclosable costs (excluding securities lending fees and overdraft interest) to the average net assets of the Sub-fund. The OCF is intended to provide a reliable figure which gives the most accurate measure of what it costs to invest in a sub-fund and is calculated based on the last period's figures. Included within the OCF are synthetic costs which include the OCFs of the underlying funds, weighted on the basis of their investment proportion. A detailed breakdown of the OCF per share class is shown on page 71 .
FUND INFORMATION (continued)
Comparative Tables (continued)
Page 68
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Class S Accumulation
31.05.26 (pence per share)
31.05.25 (pence per share)
31.05.24 1 (pence per share) Change in Net Asset Value Per Share Opening net asset value per share 153.71 148.69 138.53
Return before operating charges* 25.15 6.56 11.64 Operating charges (calculated on average price) (1.52) (1.54) (1.48)
Return after operating charges* 23.63 5.02 10.16
Distributions (2.27) (3.09) (3.51)
Retained distributions on accumulation shares 2.27 3.09 3.51
Closing net asset value per share 177.34 153.71 148.69
* After direct transaction costs of: 2 0.07 0.00 0.00
Performance Return after charges 3 15.37% 3.38% 7.33%
Other Information Closing net asset value (£'000) 28,896 30,099 32,571 Closing number of shares 16,293,913 19,581,664 21,906,018 Operating charges 4 0.92% 1.01% 1.05% Direct transaction costs 0.04% 0.00% 0.00%
Prices Highest share price 177.35 158.24 151.50 Lowest share price 153.55 142.85 133.82 1 The accounting period end date was changed from 30 November to 31 May . 2 Direct transaction costs are stated after deducting the proportion of the amounts collected from dilution adjustments or dilution levies that relate to direct transaction costs. A negative transaction costs figure might arise where there is a timing difference between inflows and the settlement of the resultant purchases. 3 The return after charges is calculated as the return after operating charges per share divided by the opening net asset value per share. 4 Operating charges, otherwise known as the OCF is the ratio of the Sub-fund’s total disclosable costs (excluding securities lending fees and overdraft interest) to the average net assets of the Sub-fund. The OCF is intended to provide a reliable figure which gives the most accurate measure of what it costs to invest in a sub-fund and is calculated based on the last period's figures. Included within the OCF are synthetic costs which include the OCFs of the underlying funds, weighted on the basis of their investment proportion. A detailed breakdown of the OCF per share class is shown on page 71 .
FUND INFORMATION (continued)
Comparative Tables (continued)
Page 69
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Class W Income
31.05.26 1 (pence per share) Change in Net Asset Value Per Share Opening net asset value per share 100.00
Return before operating charges* 7.70 Operating charges (calculated on average price) (0.42)
Return after operating charges* 7.28
Distributions on income shares (1.09)
Closing net asset value per share 106.19
* After direct transaction costs of: 2 0.04
Performance Return after charges 3 7.28%
Other Information Closing net asset value (£'000) 8,247 Closing number of shares 7,766,405 Operating charges 4 1.02% Direct transaction costs 0.04%
Prices Highest share price 106.96 Lowest share price 98.94 1 The share class launched on 24 October 2025. 2 Direct transaction costs are stated after deducting the proportion of the amounts collected from dilution adjustments or dilution levies that relate to direct transaction costs. A negative transaction costs figure might arise where there is a timing difference between inflows and the settlement of the resultant purchases. 3 The return after charges is calculated as the return after operating charges per share divided by the opening net asset value per share. 4 Operating charges, otherwise known as the OCF is the ratio of the Sub-fund’s total disclosable costs (excluding securities lending fees and overdraft interest) to the average net assets of the Sub-fund. The OCF is intended to provide a reliable figure which gives the most accurate measure of what it costs to invest in a sub-fund. Included within the OCF are synthetic costs which include the OCFs of the underlying funds, weighted on the basis of their investment proportion. A detailed breakdown of the OCF per share class is shown on page 71 .
FUND INFORMATION (continued)
Comparative Tables (continued)
Page 70
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Class W Accumulation
31.05.26 1 (pence per share) Change in Net Asset Value Per Share Opening net asset value per share 100.00
Return before operating charges* 7.72 Operating charges (calculated on average price) (0.42)
Return after operating charges* 7.30
Distributions (1.09)
Retained distributions on accumulation shares 1.09
Closing net asset value per share 107.30
* After direct transaction costs of: 2 0.04
Performance Return after charges 3 7.30%
Other Information Closing net asset value (£'000) 177,624 Closing number of shares 165,532,754 Operating charges 4 1.02% Direct transaction costs 0.04%
Prices Highest share price 107.31 Lowest share price 99.23 1 The share class launched on 24 October 2025. 2 Direct transaction costs are stated after deducting the proportion of the amounts collected from dilution adjustments or dilution levies that relate to direct transaction costs. A negative transaction costs figure might arise where there is a timing difference between inflows and the settlement of the resultant purchases. 3 The return after charges is calculated as the return after operating charges per share divided by the opening net asset value per share. 4 Operating charges, otherwise known as the OCF is the ratio of the Sub-fund’s total disclosable costs (excluding securities lending fees and overdraft interest) to the average net assets of the Sub-fund. The OCF is intended to provide a reliable figure which gives the most accurate measure of what it costs to invest in a sub-fund. Included within the OCF are synthetic costs which include the OCFs of the underlying funds, weighted on the basis of their investment proportion. A detailed breakdown of the OCF per share class is shown on page 71 .
FUND INFORMATION (continued)
Comparative Tables (continued)
Page 71
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Class X Income
31.05.26 (pence per share)
31.05.25 (pence per share)
31.05.24 1 (pence per share) Change in Net Asset Value Per Share Opening net asset value per share 148.90 146.72 139.81
Return before operating charges* 24.20 6.37 11.69 Operating charges (calculated on average price) (0.82) (0.91) (0.92)
Return after operating charges* 23.38 5.46 10.77
Distributions on income shares (2.45) (3.28) (3.86)
Closing net asset value per share 169.83 148.90 146.72
* After direct transaction costs of: 2 0.06 0.00 0.00
Performance Return after charges 3 15.70% 3.72% 7.70%
Other Information Closing net asset value (£'000) 248 404 408 Closing number of shares 146,163 271,618 277,787 Operating charges 4 0.52% 0.61% 0.65% Direct transaction costs 0.04% 0.00% 0.00%
Prices Highest share price 171.21 154.41 150.66 Lowest share price 148.74 139.46 134.72 1 The accounting period end date was changed from 30 November to 31 May . 2 Direct transaction costs are stated after deducting the proportion of the amounts collected from dilution adjustments or dilution levies that relate to direct transaction costs. A negative transaction costs figure might arise where there is a timing difference between inflows and the settlement of the resultant purchases. 3 The return after charges is calculated as the return after operating charges per share divided by the opening net asset value per share. 4 Operating charges, otherwise known as the OCF is the ratio of the Sub-fund’s total disclosable costs (excluding securities lending fees and overdraft interest) to the average net assets of the Sub-fund. The OCF is intended to provide a reliable figure which gives the most accurate measure of what it costs to invest in a sub-fund and is calculated based on the last period's figures. Included within the OCF are synthetic costs which include the OCFs of the underlying funds, weighted on the basis of their investment proportion. A detailed breakdown of the OCF per share class is shown on page 71 .
FUND INFORMATION (continued)
Comparative Tables (continued)
Page 72
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70
Class X Accumulation
31.05.26 (pence per share)
31.05.25 (pence per share)
31.05.24 1 (pence per share) Change in Net Asset Value Per Share Opening net asset value per share 242.16 233.50 216.51
Return before operating charges* 39.48 10.12 18.43 Operating charges (calculated on average price) (1.35) (1.46) (1.44)
Return after operating charges* 38.13 8.66 16.99
Distributions (4.00) (5.25) (6.04)
Retained distributions on accumulation shares 4.00 5.25 6.04
Closing net asset value per share 280.29 242.16 233.50
* After direct transaction costs of: 2 0.11 0.00 0.00
Performance Return after charges 3 15.75% 3.71% 7.85%
Other Information Closing net asset value (£'000) 3,923 3,515 3,612 Closing number of shares 1,399,741 1,451,498 1,546,929 Operating charges 4 0.52% 0.61% 0.65% Direct transaction costs 0.04% 0.00% 0.00%
Prices Highest share price 280.30 249.06 237.89 Lowest share price 241.92 224.94 209.76 1 The accounting period end date was changed from 30 November to 31 May . 2 Direct transaction costs are stated after deducting the proportion of the amounts collected from dilution adjustments or dilution levies that relate to direct transaction costs. A negative transaction costs figure might arise where there is a timing difference between inflows and the settlement of the resultant purchases. 3 The return after charges is calculated as the return after operating charges per share divided by the opening net asset value per share. 4 Operating charges, otherwise known as the OCF is the ratio of the Sub-fund’s total disclosable costs (excluding securities lending fees and overdraft interest) to the average net assets of the Sub-fund. The OCF is intended to provide a reliable figure which gives the most accurate measure of what it costs to invest in a sub-fund and is calculated based on the last period's figures. Included within the OCF are synthetic costs which include the OCFs of the underlying funds, weighted on the basis of their investment proportion. A detailed breakdown of the OCF per share class is shown on page 71 .
FUND INFORMATION (continued)
Comparative Tables (continued)
Page 73
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71
Ongoing Charges Figures
Charges Figures O
Ongoing Charges Figures As at 31 May 202 6
Class A Class B Class C Class D Class S Class W 1 Class X ACD’s periodic charge 1.40% 0.50% 0.90% 1.40% 0.65% 0.75% 0.25% Sub-Investment Manager Fees 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% Other expenses 0.03% 0.03% 0.03% 0.03% 0.03% 0.03% 0.03% 1.44% 0.54% 0.94% 1.44% 0.69% 0.79% 0.29% Collective investment scheme costs 0.23% 0.23% 0.23% 0.23% 0.23% 0.23% 0.23% Ongoing Charges Figure 1.67% 0.77% 1.17% 1.67% 0.92% 1.02% 0.52%
As at 31 May 202 5
Class A Class B 2 Class C Class D Class S Class X ACD’s periodic charge 1.40% 0.80% 0.90% 1.40% 0.65% 0.25% Other expenses 0.04% 0.04% 0.04% 0.04% 0.04% 0.04% 1.44% 0.84% 0.94% 1.44% 0.69% 0.29% Collective investment scheme costs 0.32% 0.32% 0.32% 0.32% 0.32% 0.32% Ongoing Charges Figure 1.76% 1.16% 1.26% 1.76% 1.01% 0.61%
1 The share class launched on 24 October 2025. 2 On 15 November 2024, the AMC of the B share class was reduced from 1.15% to 0.50%.
The Ongoing Charges Figure (‘OCF’) represents the total operating expenses of the Sub-fund, expressed as a percentage of the average net assets during the accounting year.
The collective investment scheme costs represent the OCFs, or a reasonable substitute, of the underlying funds which are held as portfolio investments. Their inclusion has been calculated on a weighted basis against the Sub-fund’s net assets at the balance sheet date.
FUND INFORMATION (continued)
Page 74
7IM BALANCED FUND
72
Synthetic Risk and Reward Indicator
12 34 56 7
Truncated: This annotation is too large to fit.
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