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R.C.S. Luxembourg B80092
PROTEA FUND
Société d'Investissement à Capital Variable incorporated in Luxembourg
Unaudited semi-annual report as at June 30, 2026
Page 3
1
PROTEA FUND
Société d'Investissement à Capital Variable incorporated in Luxembourg
Unaudited semi-annual report as at June 30, 2026
Page 4
PROTEA FUND
Unaudited semi-annual report as at June 30, 2026
No subscription can be received on the basis of these financial statements. Subscriptions are only valid if made on the basis of the current prospectus accompanied by the Key Information Documents ("KIDs"), the latest annual report, including audited financial statements, and the most recent unaudited semi-annual report, if published thereafter.
2
Page 5
PROTEA FUND
Table of contents
3
Organisation of the SICAV 6
General information 9
Distribution abroad 10
Financial statements
Statement of net assets 12
Statement of operations and changes in net assets 22
Number of shares outstanding and net asset value per share 31
Sub-fund : PROTEA FUND - ORION - Statement of investments and other net assets 34 - Geographical and industrial classification of investments 37
Sub-fund : PROTEA FUND - AC FUND BALANCED - Statement of investments and other net assets 38 - Geographical and industrial classification of investments 41
Sub-fund : PROTEA FUND - CROV - Statement of investments and other net assets 42 - Geographical and industrial classification of investments 43
Sub-fund : PROTEA FUND - BAM EUROPEAN FAMILY ENTERPRISES - Statement of investments and other net assets 44 - Geographical and industrial classification of investments 47
Sub-fund : PROTEA FUND - WEALTHEON WORLD EQUITY - Statement of investments and other net assets 48 - Geographical and industrial classification of investments 50
Sub-fund : PROTEA FUND - ORCADIA GSB - Statement of investments and other net assets 51 - Geographical and industrial classification of investments 60
Sub-fund : PROTEA FUND - DOGMA RENOVATIO CREDIT FUND - Statement of investments and other net assets 61 - Geographical and industrial classification of investments 63
Sub-fund : PROTEA FUND - ORCADIA EQUITIES EMU SRI EX-FOSSIL - Statement of investments and other net assets 64 - Geographical and industrial classification of investments 66
Sub-fund : PROTEA FUND - NAO EUROPEAN EQUITIES - Statement of investments and other net assets 67 - Geographical and industrial classification of investments 69
Page 6
PROTEA FUND
Table of contents (continued)
4
Sub-fund : PROTEA FUND - NAVERA CORE EQUITY WITH FIXED INCOME STRATEGY GBP - Statement of investments and other net assets 70 - Geographical and industrial classification of investments 74
Sub-fund : PROTEA FUND - NAVERA HIGH EQUITY STRATEGY GBP - Statement of investments and other net assets 75 - Geographical and industrial classification of investments 78
Sub-fund : PROTEA FUND - BAM SWISS FAMILY ENTERPRISES - Statement of investments and other net assets 79 - Geographical and industrial classification of investments 80
Sub-fund : PROTEA FUND - BAM GLOBAL EQUITIES - Statement of investments and other net assets 81 - Geographical and industrial classification of investments 85
Sub-fund : PROTEA FUND - BAM SWISS EQUITIES - Statement of investments and other net assets 86 - Geographical and industrial classification of investments 87
Sub-fund : PROTEA FUND - ORCADIA GSD - Statement of investments and other net assets 88 - Geographical and industrial classification of investments 94
Sub-fund : PROTEA FUND - VARIUS PATRIMOINE - Statement of investments and other net assets 95 - Geographical and industrial classification of investments 101
Sub-fund : PROTEA FUND - SECTORAL BIOTECH OPPORTUNITIES FUND - Statement of investments and other net assets 102 - Geographical and industrial classification of investments 104
Sub-fund : PROTEA FUND - SECTORAL HEALTHCARE OPPORTUNITIES FUND - Statement of investments and other net assets 105 - Geographical and industrial classification of investments 108
Sub-fund : PROTEA FUND - LAPIS GLOBAL TOP 50 DIVIDEND YIELD FUND - Statement of investments and other net assets 109 - Geographical and industrial classification of investments 111
Sub-fund : PROTEA FUND - NAVERA GLOBAL EQUITY STRATEGY - Statement of investments and other net assets 112 - Geographical and industrial classification of investments 114
Sub-fund : PROTEA FUND - LAPIS GLOBAL INNOVATION LEADERS 50 DIVIDEND YIELD FUND - Statement of investments and other net assets 115 - Geographical and industrial classification of investments 117
Page 7
PROTEA FUND
Table of contents (continued)
5
Sub-fund : PROTEA FUND - WEALTHEON HIGH CONVICTION WORLD EQUITY - Statement of investments and other net assets 118 - Geographical and industrial classification of investments 120
Sub-fund : PROTEA FUND - WEALTHEON VALUE WORLD EQUITY - Statement of investments and other net assets 121 - Geographical and industrial classification of investments 123
Sub-fund : PROTEA FUND - ABS SELECTION FUND (note 1) - Statement of investments and other net assets 124 - Geographical and industrial classification of investments 126
Sub-fund : PROTEA FUND - HYBRID BONDS FUND (note 1) - Statement of investments and other net assets 127 - Geographical and industrial classification of investments 129
Notes to the financial statements 130
Total Expense Ratio ("TER") 147
Performance 151
Other information to Shareholders 155
Page 8
PROTEA FUND
Organisation of the SICAV
6
REGISTERED OFFICE
15, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg
BOARD OF DIRECTORS OF THE SICAV
CHAIRMAN Mr Jean-François PIERRARD, Vice President, FundPartner Solutions (Europe) S.A., 15, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg
DIRECTORS Mr Rémy OBERMANN, Independent Director, 7, Hameau de Fossard, CH-1226 Thonex, Switzerland
Mrs Michèle BERGER, Independent Director, 31, Grand Rue, L-8372 Hobscheid, Grand Duchy of Luxembourg
MANAGEMENT COMPANY
FundPartner Solutions (Europe) S.A., 15, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg
BOARD OF DIRECTORS OF THE MANAGEMENT COMPANY
CHAIRMAN Mr Marc BRIOL, Chief Executive Officer, Pictet Asset Services, Banque Pictet & Cie SA, 60, route des Acacias, CH-1211 Geneva 73, Switzerland
MEMBERS Mr Dorian JACOB, Managing Director, Chief Executive Officer, FundPartner Solutions (Europe) S.A., 15, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg
Mr Geoffroy LINARD DE GUERTECHIN, Independent Director, 15, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg
Mrs Christel SCHAFF, Independent Director, 20, rue des Peupliers, L-2328 Luxembourg, Grand Duchy of Luxembourg
Mr Cédric VERMESSE, CFO, Pictet Asset Management, Banque Pictet & Cie S.A., Geneva, 60, route des Acacias, CH-1211 Geneva 73, Switzerland
Mr Pierre ETIENNE, Independent Director, 15, Avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg
Mr Dorian JACOB, Chief Executive Officer, FundPartner Solutions (Europe) S.A., 15, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg
CONDUCTING OFFICERS OF THE MANAGEMENT COMPANY Mr Abdellali KHOKHA, Conducting Officer in charge of Risk Management, Conducting Officer in charge of Compliance, FundPartner Solutions (Europe) S.A., 15, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg
Page 9
PROTEA FUND
Organisation of the SICAV (continued)
7
Mr Thomas LABAT, Conducting Officer in charge of the Portfolio Management FundPartner Solutions (Europe) S.A., 15, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg
Mrs Florence DENIS, Conducting Officer in charge of Fund Administration, FundPartner Solutions (Europe) S.A., 15, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg (since February 25, 2026)
DEPOSITARY BANK Bank Pictet & Cie (Europe) AG, succursale de Luxembourg , 15A, avenue J.-F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg
CENTRAL ADMINISTRATION
FundPartner Solutions (Europe) S.A., 15, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg
Banque Pictet & Cie SA, 60, route des Acacias, CH-1211 Geneva 73, Switzerland for the sub-fund:
• PROTEA FUND - ORION
Arfina Capital SA, Holbeinstrasse 22, CH-8008 Zurich, Switzerland for the sub-fund:
• PROTEA FUND - AC FUND BALANCED
Bruellan SA, 1, rue Pécolat, CH-1201 Genève, Switzerland for the sub-funds:
• PROTEA FUND - BAM EUROPEAN FAMILY ENTERPRISES • PROTEA FUND - BAM SWISS FAMILY ENTERPRISES • PROTEA FUND - BAM GLOBAL EQUITIES • PROTEA FUND - BAM SWISS EQUITIES
INVESTMENT MANAGERS APPOINTED BY THE MANAGEMENT COMPANY
Orcadia Asset Management S.A., 13, rue de l’Industrie, L-8399 Windhof, Grand Duchy of Luxembourg for the sub-funds:
• PROTEA FUND - ORCADIA GSB • PROTEA FUND - ORCADIA EQUITIES EMU SRI EX-FOSSIL • PROTEA FUND - ORCADIA GSD • PROTEA FUND - VARIUS PATRIMOINE
Wealtheon S.A., 1135, chaussée de Waterloo, B-1180, Brussels, Belgium for the sub-funds:
• PROTEA FUND - WEALTHEON WORLD EQUITY • PROTEA FUND - WEALTHEON HIGH CONVICTION WORLD EQUITY • PROTEA FUND - WEALTHEON VALUE WORLD EQUITY
Nao Asset Management E.S.G., SGIIC, S.A., Plaza del Ayuntamiento, n° 27, 7 planta, 46002 Valencia, Spain for the sub-fund:
• PROTEA FUND - NAO EUROPEAN EQUITIES
Page 10
PROTEA FUND
Organisation of the SICAV (continued)
8
Navera Investment Management Limited, Riverside House, 2a Southwark Bridge Road, London SE1 9HA, United Kingdom, for the sub-funds:
• PROTEA FUND - NAVERA CORE EQUITY WITH FIXED INCOME STRATEGY GBP • PROTEA FUND - NAVERA HIGH EQUITY STRATEGY GBP PROTEA FUND - NAVERA GLOBAL EQUITY STRATEGY
Sectoral Asset Management Inc., 1010 Sherbrooke St. West, suite 1610, H3A 2R7 Montreal, Quebec, Canada for the sub-funds:
• PROTEA FUND - SECTORAL BIOTECH OPPORTUNITIES FUND • PROTEA FUND - SECTORAL HEALTHCARE OPPORTUNITIES FUND
VALORI ASSET MANAGEMENT S.A., Viale Alessandro Volta 16, CH-6830 Chiasso, Switzerland, for the sub-funds:
• PROTEA FUND - LAPIS GLOBAL TOP 50 DIVIDEND YIELD FUND • PROTEA FUND - LAPIS GLOBAL INNOVATION LEADERS 50 DIVIDEND YIELD FUND • PROTEA FUND - DOGMA RENOVATIO CREDIT FUND
BANK VONTOBEL AG, Gotthardstrasse 43, CH-8002, Switzerland:
• PROTEA FUND - CROV
CROSSINVEST SA, Corso Elvezia 33, CH-6900, Switzerland
• PROTEA FUND - ABS SELECTION FUND (note 1) • PROTEA FUND - HYBRID BONDS FUND (note 1)
CABINET DE RÉVISION AGRÉÉ /AUDITOR
Deloitte Audit, Société à responsabilité limitée , 20, boulevard Kockelscheuer, L-1821 Luxembourg, Grand Duchy of Luxembourg
LEGAL ADVISOR Linklaters LLP, 35, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg
COUNTERPARTY ON FORWARD FOREIGN EXCHANGE CONTRACTS (note 9)
Bank Pictet & Cie (Europe) AG, succursale de Luxembourg
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PROTEA FUND
General information
9
PROTEA FUND (the "SICAV") publishes an annual report, including audited financial statements, within four months after the end of the financial year and an unaudited semi-annual report within two months after the end of the period to which it refers.
The reports include accounts of the SICAV and of each of its sub-funds.
All these reports are made available to the Shareholders at the registered office of the SICAV, the Depositary Bank, distributors and other establishments appointed by the Depositary Bank.
The net asset value ("NAV") per Share of each sub-fund’s class of shares as well as the issue and redemption prices are made available to the public at the offices of the Depositary Bank and the distributor.
Any amendments to the Articles of Incorporation are published in the " Recueil électronique des sociétés et associations" of the Grand Duchy of Luxembourg.
A detailed schedule of changes in the investments for the period ended June 30, 2026 for the different sub-funds is available free of charge upon request at the registered office of the SICAV.
Page 12
PROTEA FUND
Distribution abroad
10
1. OFFER IN SWITZERLAND
The SICAV has been authorised in Switzerland as a foreign investment fund.
Representative
The Swiss representative is FundPartner Solutions (Suisse) SA, 60, route des Acacias, CH-1211 Geneva 73, Switzerland.
Paying Agent
The paying agent in Switzerland is Banque Pictet & Cie SA, with registered office at 60, route des Acacias, CH-1211 Geneva 73, Switzerland.
Place of distribution of reference documents
The current prospectus, the key information documents, the articles of incorporation, the annual report including audited financial statements and unaudited semi-annual reports of the SICAV, and a breakdown of the purchases and sales of investments of the SICAV can be obtained free of charge from the registered office of the Representative in Switzerland.
Page 13
PROTEA FUND
Distribution abroad (continued)
11
2. ADDITIONAL INFORMATION FOR GERMAN INVESTORS
Information for Investors in Germany
No distribution notice has been filed in Germany for the below sub-funds pursuant to section 310 of the Investment Code; as a result, share classes of these sub-funds may not be distributed publicly to investors falling within the scope of the German Investment Code:
- PROTEA FUND - ORION - PROTEA FUND - AC FUND BALANCED - PROTEA FUND - CROV - PROTEA FUND - BAM EUROPEAN FAMILY ENTERPRISES - PROTEA FUND - DOGMA RENOVATIO CREDIT FUND - PROTEA FUND - ORCADIA EQUITIES EMU SRI EX-FOSSIL - PROTEA FUND - NAO EUROPEAN EQUITIES - PROTEA FUND - NAVERA CORE EQUITY WITH FIXED INCOME STRATEGY GBP - PROTEA FUND - NAVERA HIGH EQUITY STRATEGY GBP - PROTEA FUND - BAM SWISS FAMILY ENTERPRISES - PROTEA FUND - BAM GLOBAL EQUITIES - PROTEA FUND - BAM SWISS EQUITIES - PROTEA FUND - ORCADIA GSD - PROTEA FUND - VARIUS PATRIMOINE - PROTEA FUND - LAPIS GLOBAL TOP 50 DIVIDEND YIELD FUND - PROTEA FUND - NAVERA GLOBAL EQUITY STRATEGY - PROTEA FUND - LAPIS GLOBAL INNOVATION LEADERS 50 DIVIDEND YIELD FUND - PROTEA FUND - WEALTHEON HIGH CONVICTION WORLD EQUITY - PROTEA FUND - WEALTHEON VALUE WORLD EQUITY
Page 14
PROTEA FUND
Statement of net assets as at June 30, 2026
The accompanying notes form an integral part of these financial statements.
12
COMBINED PROTEA FUND - ORION PROTEA FUND - AC FUND BALANCED
EUR EUR EUR
ASSETS Investments in securities at acquisition cost (note 2.f) 3,184,131,498.79 11,756,961.72 24,974,186.13 Net unrealised gain/loss on investments 370,700,117.83 1,194,024.43 1,928,881.65 Investments in securities at market value (note 2.d) 3,554,831,616.62 12,950,986.15 26,903,067.78 Options at market value (notes 2.d, 2.m, 12) 515,864.29 0.00 349,772.24 Cash at banks (note 2.d) 79,029,255.02 44,066.79 783,634.43 Bank deposits (note 2.d) 1,018,980.09 0.00 0.00 Interest receivable, net 6,521,903.31 2,722.60 29,417.15 Formation expenses (note 2.g) 320,910.79 0.00 0.00 Net unrealised gain on forward foreign exchange contracts (notes 2.h, 10) 164,750.42 0.00 0.00 Other assets 20,587.88 0.00 0.00 3,642,423,868.42 12,997,775.54 28,065,891.60
LIABILITIES Bank overdraft (note 2.d) 220,508.24 0.00 0.00 Advisory and Management fees payable (note 4) 4,730,738.51 12,535.73 49,911.95 Performance fees payable (note 5) 3,507,203.02 0.00 0.00 Amounts payable on redemptions 0.03 0.00 0.00 "Taxe d’abonnement" payable (note 3) 381,230.51 1,365.80 3,511.73 Net unrealised loss on forward foreign exchange contracts (notes 2.h, 10) 341,159.58 0.00 83,183.27 Other fees payable (note 6) 3,936,017.14 30,843.09 44,931.11 Other liabilities 1,260,603.55 0.00 0.00 14,377,460.58 44,744.62 181,538.06
TOTAL NET ASSETS AS AT JUNE 30, 2026 3,628,046,407.84 12,953,030.92 27,884,353.54
TOTAL NET ASSETS AS AT DECEMBER 31, 2025 3,706,035,450.87 12,351,095.15 27,749,742.69
TOTAL NET ASSETS AS AT DECEMBER 31, 2024 3,791,469,050.52 11,733,772.50 33,909,555.74
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PROTEA FUND
Statement of net assets as at June 30, 2026 (continued)
The accompanying notes form an integral part of these financial statements.
13
PROTEA FUND - CROV PROTEA FUND - BAM EUROPEAN FAMILY ENTERPRISES
PROTEA FUND WEALTHEON WORLD EQUITY
EUR EUR EUR
ASSETS Investments in securities at acquisition cost (note 2.f) 11,496,645.97 62,419,072.72 75,351,586.00 Net unrealised gain/loss on investments 2,661,214.44 7,149,408.58 26,731,474.52 Investments in securities at market value (note 2.d) 14,157,860.41 69,568,481.30 102,083,060.52 Options at market value (notes 2.d, 2.m, 12) 0.00 0.00 0.00 Cash at banks (note 2.d) 291,885.45 1,370,332.66 942,149.70 Bank deposits (note 2.d) 0.00 0.00 0.00 Interest receivable, net 0.00 0.00 0.00 Formation expenses (note 2.g) 0.00 0.00 0.00 Net unrealised gain on forward foreign exchange contracts (notes 2.h, 10) 0.00 0.00 0.00 Other assets 0.00 0.00 0.00 14,449,745.86 70,938,813.96 103,025,210.22
LIABILITIES Bank overdraft (note 2.d) 0.00 0.00 0.00 Advisory and Management fees payable (note 4) 15,598.85 158,476.95 29,089.81 Performance fees payable (note 5) 0.00 0.00 0.00 Amounts payable on redemptions 0.00 0.00 0.00 "Taxe d’abonnement" payable (note 3) 1,743.13 4,118.47 2,289.40 Net unrealised loss on forward foreign exchange contracts (notes 2.h, 10) 0.00 0.00 0.00 Other fees payable (note 6) 56,847.34 71,454.51 50,819.24 Other liabilities 0.00 0.00 0.00 74,189.32 234,049.93 82,198.45
TOTAL NET ASSETS AS AT JUNE 30, 2026 14,375,556.54 70,704,764.03 102,943,011.77
TOTAL NET ASSETS AS AT DECEMBER 31, 2025 13,332,345.72 73,332,080.22 126,388,341.19
TOTAL NET ASSETS AS AT DECEMBER 31, 2024 11,919,028.07 62,495,947.04 138,497,216.37
Page 16
PROTEA FUND
Statement of net assets as at June 30, 2026 (continued)
The accompanying notes form an integral part of these financial statements.
14
PROTEA FUND ORCADIA GSB PROTEA FUND DOGMA RENOVATIO CREDIT FUND
PROTEA FUND ORCADIA EQUITIES EMU SRI EX-FOSSIL
EUR USD EUR
ASSETS Investments in securities at acquisition cost (note 2.f) 590,596,023.05 8,159,838.48 62,118,312.48 Net unrealised gain/loss on investments 71,898,190.91 -26,681.29 10,466,346.62 Investments in securities at market value (note 2.d) 662,494,213.96 8,133,157.19 72,584,659.10 Options at market value (notes 2.d, 2.m, 12) 107,808.31 0.00 0.00 Cash at banks (note 2.d) 9,580,720.66 84,819.90 183,341.50 Bank deposits (note 2.d) 0.00 0.00 0.00 Interest receivable, net 1,900,625.82 122,180.48 0.00 Formation expenses (note 2.g) 0.00 0.00 0.00 Net unrealised gain on forward foreign exchange contracts (notes 2.h, 10) 0.00 12,579.11 0.00 Other assets 0.00 0.00 0.00 674,083,368.75 8,352,736.68 72,768,000.60
LIABILITIES Bank overdraft (note 2.d) 0.00 0.00 0.00 Advisory and Management fees payable (note 4) 850,363.03 31,165.30 67,745.37 Performance fees payable (note 5) 2,380,257.80 4,269.85 0.00 Amounts payable on redemptions 0.00 0.00 0.00 "Taxe d’abonnement" payable (note 3) 76,097.54 1,044.66 9,091.34 Net unrealised loss on forward foreign exchange contracts (notes 2.h, 10) 0.00 0.00 0.00 Other fees payable (note 6) 265,457.74 65,015.35 42,217.03 Other liabilities 0.00 0.00 0.00 3,572,176.11 101,495.16 119,053.74
TOTAL NET ASSETS AS AT JUNE 30, 2026 670,511,192.64 8,251,241.52 72,648,946.86
TOTAL NET ASSETS AS AT DECEMBER 31, 2025 627,168,735.54 18,816,420.74 63,246,893.20
TOTAL NET ASSETS AS AT DECEMBER 31, 2024 632,951,565.85 17,327,762.02 52,012,222.40
Page 17
PROTEA FUND
Statement of net assets as at June 30, 2026 (continued)
The accompanying notes form an integral part of these financial statements.
15
PROTEA FUND - NAO EUROPEAN EQUITIES PROTEA FUND NAVERA CORE EQUITY WITH FIXED INCOME STRATEGY GBP
PROTEA FUND NAVERA HIGH EQUITY STRATEGY GBP
EUR GBP GBP
ASSETS Investments in securities at acquisition cost (note 2.f) 51,008,965.48 524,774,062.63 437,989,795.18 Net unrealised gain/loss on investments 17,924,376.82 51,726,618.85 53,410,275.87 Investments in securities at market value (note 2.d) 68,933,342.30 576,500,681.48 491,400,071.05 Options at market value (notes 2.d, 2.m, 12) 0.00 0.00 0.00 Cash at banks (note 2.d) 7,164,174.98 8,027,464.11 16,399,887.73 Bank deposits (note 2.d) 0.00 0.00 0.00 Interest receivable, net 0.00 1,300,914.79 269,199.91 Formation expenses (note 2.g) 0.00 0.00 0.00 Net unrealised gain on forward foreign exchange contracts (notes 2.h, 10) 0.00 0.00 0.00 Other assets 0.00 0.00 0.00 76,097,517.28 585,829,060.38 508,069,158.69
LIABILITIES Bank overdraft (note 2.d) 0.00 0.00 0.00 Advisory and Management fees payable (note 4) 59,436.75 899,952.26 782,671.79 Performance fees payable (note 5) 0.00 0.00 0.00 Amounts payable on redemptions 0.00 0.00 0.00 "Taxe d’abonnement" payable (note 3) 5,932.08 72,528.89 62,142.90 Net unrealised loss on forward foreign exchange contracts (notes 2.h, 10) 0.00 0.00 0.00 Other fees payable (note 6) 60,607.82 122,484.88 107,391.40 Other liabilities 0.00 582,054.95 503,835.74 125,976.65 1,677,020.98 1,456,041.83
TOTAL NET ASSETS AS AT JUNE 30, 2026 75,971,540.63 584,152,039.40 506,613,116.86
TOTAL NET ASSETS AS AT DECEMBER 31, 2025 71,208,511.54 677,795,432.34 651,721,629.34
TOTAL NET ASSETS AS AT DECEMBER 31, 2024 65,508,683.42 646,480,246.77 700,248,208.12
Page 18
PROTEA FUND
Statement of net assets as at June 30, 2026 (continued)
The accompanying notes form an integral part of these financial statements.
16
PROTEA FUND - BAM SWISS FAMILY ENTERPRISES
PROTEA FUND - BAM GLOBAL EQUITIES PROTEA FUND - BAM SWISS EQUITIES
CHF USD CHF
ASSETS Investments in securities at acquisition cost (note 2.f) 47,999,979.15 52,453,956.20 27,825,397.43 Net unrealised gain/loss on investments 8,063,786.85 8,234,947.47 5,483,690.57 Investments in securities at market value (note 2.d) 56,063,766.00 60,688,903.67 33,309,088.00 Options at market value (notes 2.d, 2.m, 12) 0.00 0.00 0.00 Cash at banks (note 2.d) 227,108.83 321,947.54 39,063.32 Bank deposits (note 2.d) 0.00 1,165,000.00 0.00 Interest receivable, net 0.00 0.00 0.00 Formation expenses (note 2.g) 0.00 0.00 0.00 Net unrealised gain on forward foreign exchange contracts (notes 2.h, 10) 0.00 134,296.06 0.00 Other assets 0.00 0.00 0.00 56,290,874.83 62,310,147.27 33,348,151.32
LIABILITIES Bank overdraft (note 2.d) 0.00 0.00 0.00 Advisory and Management fees payable (note 4) 113,364.47 140,548.61 60,263.27 Performance fees payable (note 5) 0.00 0.00 929.47 Amounts payable on redemptions 0.00 0.00 0.00 "Taxe d’abonnement" payable (note 3) 3,674.96 3,760.64 838.12 Net unrealised loss on forward foreign exchange contracts (notes 2.h, 10) 0.00 0.00 0.00 Other fees payable (note 6) 54,846.50 65,312.07 44,596.02 Other liabilities 0.00 0.00 0.00 171,885.93 209,621.32 106,626.88
TOTAL NET ASSETS AS AT JUNE 30, 2026 56,118,988.90 62,100,525.95 33,241,524.44
TOTAL NET ASSETS AS AT DECEMBER 31, 2025 59,232,653.76 57,203,974.76 29,395,316.99
TOTAL NET ASSETS AS AT DECEMBER 31, 2024 69,619,409.25 84,153,391.04 27,608,330.60
Page 19
PROTEA FUND
Statement of net assets as at June 30, 2026 (continued)
The accompanying notes form an integral part of these financial statements.
17
PROTEA FUND ORCADIA GSD PROTEA FUND VARIUS PATRIMOINE PROTEA FUND SECTORAL BIOTECH OPPORTUNITIES FUND
EUR EUR USD
ASSETS Investments in securities at acquisition cost (note 2.f) 155,140,929.76 80,514,767.91 21,203,192.98 Net unrealised gain/loss on investments 29,799,913.91 11,390,073.90 8,163,822.25 Investments in securities at market value (note 2.d) 184,940,843.67 91,904,841.81 29,367,015.23 Options at market value (notes 2.d, 2.m, 12) 42,845.41 15,438.33 0.00 Cash at banks (note 2.d) 4,380,571.23 2,673,276.94 1,032,984.85 Bank deposits (note 2.d) 0.00 0.00 0.00 Interest receivable, net 97,444.91 322,043.56 0.00 Formation expenses (note 2.g) 0.00 0.00 13,879.04 Net unrealised gain on forward foreign exchange contracts (notes 2.h, 10) 0.00 0.00 3,484.41 Other assets 0.00 0.00 0.00 189,461,705.22 94,915,600.64 30,417,363.53
LIABILITIES Bank overdraft (note 2.d) 0.00 0.00 0.00 Advisory and Management fees payable (note 4) 207,290.40 69,334.67 68,903.28 Performance fees payable (note 5) 963,839.86 0.00 0.00 Amounts payable on redemptions 0.00 0.00 0.00 "Taxe d’abonnement" payable (note 3) 19,924.07 11,021.17 1,033.87 Net unrealised loss on forward foreign exchange contracts (notes 2.h, 10) 0.00 0.00 0.00 Other fees payable (note 6) 85,252.91 47,997.45 23,616.93 Other liabilities 0.00 0.00 0.00 1,276,307.24 128,353.29 93,554.08
TOTAL NET ASSETS AS AT JUNE 30, 2026 188,185,397.98 94,787,247.35 30,323,809.45
TOTAL NET ASSETS AS AT DECEMBER 31, 2025 164,114,970.67 91,373,244.83 28,611,778.21
TOTAL NET ASSETS AS AT DECEMBER 31, 2024 155,152,319.87 91,561,383.96 24,257,999.93
Page 20
PROTEA FUND
Statement of net assets as at June 30, 2026 (continued)
The accompanying notes form an integral part of these financial statements.
18
PROTEA FUND SECTORAL HEALTHCARE OPPORTUNITIES FUND
PROTEA FUND - LAPIS GLOBAL TOP 50 DIVIDEND YIELD FUND
PROTEA FUND NAVERA GLOBAL EQUITY STRATEGY
USD USD USD
ASSETS Investments in securities at acquisition cost (note 2.f) 72,533,599.13 89,452,022.47 311,965,692.03 Net unrealised gain/loss on investments 10,191,629.95 19,620,437.20 8,710,070.14 Investments in securities at market value (note 2.d) 82,725,229.08 109,072,459.67 320,675,762.17 Options at market value (notes 2.d, 2.m, 12) 0.00 0.00 0.00 Cash at banks (note 2.d) 0.00 3,310,423.67 7,566,001.60 Bank deposits (note 2.d) 0.00 0.00 0.00 Interest receivable, net 0.00 0.00 0.00 Formation expenses (note 2.g) 13,879.04 0.00 12,584.42 Net unrealised gain on forward foreign exchange contracts (notes 2.h, 10) 37,999.58 0.00 0.00 Other assets 0.00 0.00 0.00 82,777,107.70 112,382,883.34 328,254,348.19
LIABILITIES Bank overdraft (note 2.d) 252,107.08 0.00 0.00 Advisory and Management fees payable (note 4) 232,282.37 58,389.47 481,631.46 Performance fees payable (note 5) 5,979.22 0.00 0.00 Amounts payable on redemptions 0.00 0.03 0.00 "Taxe d’abonnement" payable (note 3) 9,550.03 11,258.05 41,060.01 Net unrealised loss on forward foreign exchange contracts (notes 2.h, 10) 0.00 0.00 0.00 Other fees payable (note 6) 51,914.74 110,521.55 64,756.68 Other liabilities 0.00 0.00 0.00 551,833.44 180,169.10 587,448.15
TOTAL NET ASSETS AS AT JUNE 30, 2026 82,225,274.26 112,202,714.24 327,666,900.04
TOTAL NET ASSETS AS AT DECEMBER 31, 2025 79,706,472.85 185,305,898.76 368,981,257.98
TOTAL NET ASSETS AS AT DECEMBER 31, 2024 96,708,182.22 172,565,503.99 301,056,678.86
Page 21
PROTEA FUND
Statement of net assets as at June 30, 2026 (continued)
The accompanying notes form an integral part of these financial statements.
19
PROTEA FUND - LAPIS GLOBAL INNOVATION LEADERS 50 DIVIDEND YIELD FUND
PROTEA FUND WEALTHEON HIGH CONVICTION WORLD EQUITY
PROTEA FUND WEALTHEON VALUE WORLD EQUITY
USD EUR EUR
ASSETS Investments in securities at acquisition cost (note 2.f) 14,737,388.36 20,537,485.96 185,678,509.51 Net unrealised gain/loss on investments 1,163,774.66 2,134,962.11 3,855,327.62 Investments in securities at market value (note 2.d) 15,901,163.02 22,672,448.07 189,533,837.13 Options at market value (notes 2.d, 2.m, 12) 0.00 0.00 0.00 Cash at banks (note 2.d) 149,130.36 158,938.25 4,932,665.85 Bank deposits (note 2.d) 0.00 0.00 0.00 Interest receivable, net 0.00 0.00 0.00 Formation expenses (note 2.g) 44,965.92 41,496.83 84,507.80 Net unrealised gain on forward foreign exchange contracts (notes 2.h, 10) 0.00 0.00 0.00 Other assets 0.00 0.00 0.00 16,095,259.30 22,872,883.15 194,551,010.78
LIABILITIES Bank overdraft (note 2.d) 0.00 0.00 0.00 Advisory and Management fees payable (note 4) 6,011.91 8,628.37 70,465.67 Performance fees payable (note 5) 0.00 0.00 0.00 Amounts payable on redemptions 0.00 0.00 0.00 "Taxe d’abonnement" payable (note 3) 1,371.96 570.61 4,169.07 Net unrealised loss on forward foreign exchange contracts (notes 2.h, 10) 0.00 0.00 0.00 Other fees payable (note 6) 44,102.92 16,627.84 69,055.37 Other liabilities 0.00 0.00 0.00 51,486.79 25,826.82 143,690.11
TOTAL NET ASSETS AS AT JUNE 30, 2026 16,043,772.51 22,847,056.33 194,407,320.67
TOTAL NET ASSETS AS AT DECEMBER 31, 2025 18,884,453.45 24,685,674.61 148,198,085.03
TOTAL NET ASSETS AS AT DECEMBER 31, 2024 - - -
Page 22
PROTEA FUND
Statement of net assets as at June 30, 2026 (continued)
The accompanying notes form an integral part of these financial statements.
20
PROTEA FUND - ABS SELECTION FUND (note 1)
PROTEA FUND HYBRID BONDS FUND (note 1)
EUR EUR
ASSETS Investments in securities at acquisition cost (note 2.f) 40,638,275.94 113,015,851.40 Net unrealised gain/loss on investments -187,936.38 -2,020,342.10 Investments in securities at market value (note 2.d) 40,450,339.56 110,995,509.30 Options at market value (notes 2.d, 2.m, 12) 0.00 0.00 Cash at banks (note 2.d) 2,935,448.90 4,038,958.42 Bank deposits (note 2.d) 0.00 0.00 Interest receivable, net 671,347.91 1,568,698.75 Formation expenses (note 2.g) 66,504.20 53,786.01 Net unrealised gain on forward foreign exchange contracts (notes 2.h, 10) 0.00 0.00 Other assets 0.00 20,587.88 44,123,640.57 116,677,540.36
LIABILITIES Bank overdraft (note 2.d) 0.00 0.00 Advisory and Management fees payable (note 4) 28,355.85 70,670.37 Performance fees payable (note 5) 0.00 153,133.06 Amounts payable on redemptions 0.00 0.00 "Taxe d’abonnement" payable (note 3) 5,424.03 14,317.96 Net unrealised loss on forward foreign exchange contracts (notes 2.h, 10) 0.00 257,976.31 Other fees payable (note 6) 1,193,020.32 1,154,255.60 Other liabilities 0.00 0.00 1,226,800.20 1,650,353.30
TOTAL NET ASSETS AS AT JUNE 30, 2026 42,896,840.37 115,027,187.06
TOTAL NET ASSETS AS AT DECEMBER 31, 2025 - -
TOTAL NET ASSETS AS AT DECEMBER 31, 2024 - -
Page 23
PROTEA FUND
21
Page 24
PROTEA FUND
Statement of operations and changes in net assets for the period ended June 30, 2026
The accompanying notes form an integral part of these financial statements.
22
COMBINED PROTEA FUND - ORION PROTEA FUND - AC FUND BALANCED
EUR EUR EUR
NET ASSETS AT THE BEGINNING OF THE PERIOD 3,706,035,450.87 12,351,095.15 27,749,742.69
INCOME Dividends, net (note 2.k) 21,158,048.53 52,904.24 88,991.41 Interest on bonds, net (note 2.k) 5,954,016.61 1,859.59 59,104.73 Bank interest (note 2.k) 29,852.83 0.00 0.00 Other income 67,197.18 0.00 0.00 27,209,115.15 54,763.83 148,096.14
EXPENSES Amortization of formation expenses (note 2.g) 32,527.04 0.00 0.00 Advisory and Management fees (note 4) 10,534,743.41 24,889.98 101,532.28 Performance fees (note 5) 3,507,203.02 0.00 0.00 Depositary fees, bank charges and interest 778,108.07 7,481.47 14,789.44 Professional fees, audit fees and other expenses 2,297,190.32 28,124.77 63,339.61 Service fees 1,015,141.87 15,556.22 20,371.33 "Taxe d’abonnement" (note 3) 731,142.87 2,661.01 6,367.71 Transaction fees (note 2.l) 2,288,231.10 16,127.17 139,871.16 21,184,287.70 94,840.62 346,271.53
NET INVESTMENT INCOME/LOSS 6,024,827.45 -40,076.79 -198,175.39 Net realised gain/loss on sales of investments (note 2.e) 73,567,519.29 989,643.45 1,281,173.60 Net realised gain/loss on foreign exchange 676,706.78 7,820.52 -19,763.53 Net realised loss on option contracts -252,913.49 -34,182.03 -218,731.46 Net realised gain/loss on forward foreign exchange contracts -3,378,088.33 -8,608.81 -325,017.87 Net realised loss on futures contracts (note 2.j) -1,216,094.35 0.00 -821,383.38 NET REALISED GAIN/LOSS 75,421,957.35 914,596.34 -301,898.03
Change in net unrealised appreciation/depreciation: - on investments -20,345,256.47 -322,276.99 633,715.62 - on options contracts -676,079.77 9,616.42 128,552.31 - on forward foreign exchange contracts -33,018.45 0.00 -24,480.20 INCREASE/DECREASE IN NET ASSETS AS A RESULT OF OPERATIONS 54,367,602.66 601,935.77 435,889.70 Subscription/Redemption of shares concerning merger (note 1) 131,263,993.53 0.00 0.00 Proceeds from subscriptions of shares 292,087,742.54 0.00 0.00 Cost of shares redeemed -587,790,992.24 0.00 -304,658.97 Dividend distributed (note 15) -5,544,289.09 0.00 0.00 Revaluation difference* -1,580,365.55 0.00 3,380.12 Revaluation difference on the net assets at the beginning of the period** 39,207,265.12
NET ASSETS AT THE END OF THE PERIOD 3,628,046,407.84 12,953,030.92 27,884,353.54 * The difference mentioned above is the result of fluctuations in the exchange rates used to convert the different items related to share classes denominated in a currency other than the currency of the sub-funds into the currency of the related sub-funds between December 31, 2025 and June 30, 2026. ** The difference mentioned above results from the conversion of the net assets at the beginning of the period (for the sub-funds denominated in currencies other than Euro) at exchange rates applicable on December 31, 2025 and exchange rates applicable on June 30, 2026.
Page 25
PROTEA FUND
Statement of operations and changes in net assets for the period ended June 30, 2026 (continued)
The accompanying notes form an integral part of these financial statements.
23
PROTEA FUND - CROV PROTEA FUND - BAM EUROPEAN FAMILY ENTERPRISES
PROTEA FUND WEALTHEON WORLD EQUITY
EUR EUR EUR
NET ASSETS AT THE BEGINNING OF THE PERIOD 13,332,345.72 73,332,080.22 126,388,341.19
INCOME Dividends, net (note 2.k) 15,815.96 1,030,292.25 418,352.88 Interest on bonds, net (note 2.k) 0.00 0.00 0.00 Bank interest (note 2.k) 0.00 0.00 0.00 Other income 0.00 0.00 0.00 15,815.96 1,030,292.25 418,352.88
EXPENSES Amortization of formation expenses (note 2.g) 0.00 0.00 0.00 Advisory and Management fees (note 4) 30,720.43 322,710.60 191,571.02 Performance fees (note 5) 0.00 0.00 0.00 Depositary fees, bank charges and interest 23,970.22 35,975.94 30,573.52 Professional fees, audit fees and other expenses 34,008.07 91,544.24 53,605.86 Service fees 33,451.12 50,005.88 27,816.76 "Taxe d’abonnement" (note 3) 3,324.59 7,982.07 4,108.97 Transaction fees (note 2.l) 2,770.76 29,893.58 133,720.56 128,245.19 538,112.31 441,396.69
NET INVESTMENT INCOME/LOSS -112,429.23 492,179.94 -23,043.81 Net realised gain/loss on sales of investments (note 2.e) 138,742.00 598,589.10 1,333,705.71 Net realised gain/loss on foreign exchange -4,415.81 0.43 -18,335.64 Net realised loss on option contracts 0.00 0.00 0.00 Net realised gain/loss on forward foreign exchange contracts 0.00 0.00 4,816.45 Net realised loss on futures contracts (note 2.j) 0.00 0.00 0.00 NET REALISED GAIN/LOSS 21,896.96 1,090,769.47 1,297,142.71
Change in net unrealised appreciation/depreciation: - on investments 1,021,313.86 -1,012,541.85 2,900,198.16 - on options contracts 0.00 0.00 0.00 - on forward foreign exchange contracts 0.00 0.00 0.00 INCREASE/DECREASE IN NET ASSETS AS A RESULT OF OPERATIONS 1,043,210.82 78,227.62 4,197,340.87 Subscription/Redemption of shares concerning merger (note 1) 0.00 0.00 0.00 Proceeds from subscriptions of shares 0.00 3,273,039.26 1,285,796.24 Cost of shares redeemed 0.00 -5,978,583.07 -28,928,466.53 Dividend distributed (note 15) 0.00 0.00 0.00 Revaluation difference* 0.00 0.00 0.00
NET ASSETS AT THE END OF THE PERIOD 14,375,556.54 70,704,764.03 102,943,011.77 * The difference mentioned above is the result of fluctuations in the exchange rates used to convert the different items related to share classes denominated in a currency other than the currency of the sub-funds into the currency of the related sub-funds between December 31, 2025 and June 30, 2026.
Page 26
PROTEA FUND
Statement of operations and changes in net assets for the period ended June 30, 2026 (continued)
The accompanying notes form an integral part of these financial statements.
24
PROTEA FUND ORCADIA GSB PROTEA FUND DOGMA RENOVATIO CREDIT FUND
PROTEA FUND ORCADIA EQUITIES EMU SRI EX-FOSSIL
EUR USD EUR
NET ASSETS AT THE BEGINNING OF THE PERIOD 627,168,735.54 18,816,420.74 63,246,893.20
INCOME Dividends, net (note 2.k) 2,216,995.75 0.00 1,305,226.10 Interest on bonds, net (note 2.k) 2,332,222.85 447,008.97 0.00 Bank interest (note 2.k) 0.00 237.48 0.00 Other income 0.00 0.00 0.00 4,549,218.60 447,246.45 1,305,226.10
EXPENSES Amortization of formation expenses (note 2.g) 0.00 0.00 0.00 Advisory and Management fees (note 4) 1,674,816.12 65,615.24 131,696.31 Performance fees (note 5) 2,380,257.80 4,269.85 0.00 Depositary fees, bank charges and interest 174,035.20 15,771.48 20,138.82 Professional fees, audit fees and other expenses 220,533.62 69,816.77 46,537.99 Service fees 202,622.48 25,712.44 23,198.18 "Taxe d’abonnement" (note 3) 154,452.96 3,290.56 16,747.36 Transaction fees (note 2.l) 293,870.65 78,700.84 92,600.67 5,100,588.83 263,177.18 330,919.33
NET INVESTMENT INCOME/LOSS -551,370.23 184,069.27 974,306.77 Net realised gain/loss on sales of investments (note 2.e) 17,309,523.46 119,712.02 3,370,465.59 Net realised gain/loss on foreign exchange -12,619.23 18,379.88 116.65 Net realised loss on option contracts 0.00 0.00 0.00 Net realised gain/loss on forward foreign exchange contracts -1,256.37 -262,453.26 0.00 Net realised loss on futures contracts (note 2.j) -310,453.31 0.00 0.00 NET REALISED GAIN/LOSS 16,433,824.32 59,707.91 4,344,889.01
Change in net unrealised appreciation/depreciation: - on investments 29,324,604.64 -66,822.32 1,839,553.33 - on options contracts -526,997.01 0.00 0.00 - on forward foreign exchange contracts 0.00 24,925.01 0.00 INCREASE/DECREASE IN NET ASSETS AS A RESULT OF OPERATIONS 45,231,431.95 17,810.60 6,184,442.34 Subscription/Redemption of shares concerning merger (note 1) 0.00 0.00 0.00 Proceeds from subscriptions of shares 23,690,089.77 934,377.58 5,924,303.39 Cost of shares redeemed -24,945,078.92 -11,257,638.71 -2,706,692.07 Dividend distributed (note 15) -633,985.70 0.00 0.00 Revaluation difference* 0.00 -259,728.69 0.00
NET ASSETS AT THE END OF THE PERIOD 670,511,192.64 8,251,241.52 72,648,946.86 * The difference mentioned above is the result of fluctuations in the exchange rates used to convert the different items related to share classes denominated in a currency other than the currency of the sub-funds into the currency of the related sub-funds between December 31, 2025 and June 30, 2026.
Page 27
PROTEA FUND
Statement of operations and changes in net assets for the period ended June 30, 2026 (continued)
The accompanying notes form an integral part of these financial statements.
25
PROTEA FUND - NAO EUROPEAN EQUITIES PROTEA FUND NAVERA CORE EQUITY WITH FIXED INCOME STRATEGY GBP
PROTEA FUND NAVERA HIGH EQUITY STRATEGY GBP
EUR GBP GBP
NET ASSETS AT THE BEGINNING OF THE PERIOD 71,208,511.54 677,795,432.34 651,721,629.34
INCOME Dividends, net (note 2.k) 1,111,172.34 2,786,366.35 3,246,707.24 Interest on bonds, net (note 2.k) 0.00 1,643,770.92 330,899.33 Bank interest (note 2.k) 0.00 0.00 0.00 Other income 0.00 0.00 0.00 1,111,172.34 4,430,137.27 3,577,606.57
EXPENSES Amortization of formation expenses (note 2.g) 0.00 0.00 0.00 Advisory and Management fees (note 4) 350,417.54 1,858,673.00 1,661,872.16 Performance fees (note 5) 0.00 0.00 0.00 Depositary fees, bank charges and interest 25,386.39 56,726.63 50,968.77 Professional fees, audit fees and other expenses 61,785.42 166,146.43 158,637.04 Service fees 27,618.04 93,266.71 83,589.97 "Taxe d’abonnement" (note 3) 11,150.82 144,984.89 124,592.22 Transaction fees (note 2.l) 63,559.10 291,844.65 354,977.10 539,917.31 2,611,642.31 2,434,637.26
NET INVESTMENT INCOME/LOSS 571,255.03 1,818,494.96 1,142,969.31 Net realised gain/loss on sales of investments (note 2.e) 2,793,538.01 6,978,923.04 8,875,764.67 Net realised gain/loss on foreign exchange 28.23 205,948.50 267,181.48 Net realised loss on option contracts 0.00 0.00 0.00 Net realised gain/loss on forward foreign exchange contracts 0.00 -20,984.73 -23,073.37 Net realised loss on futures contracts (note 2.j) 0.00 0.00 0.00 NET REALISED GAIN/LOSS 3,364,821.27 8,982,381.77 10,262,842.09
Change in net unrealised appreciation/depreciation: - on investments 2,788,796.78 -25,002,953.32 -35,593,034.42 - on options contracts 0.00 0.00 0.00 - on forward foreign exchange contracts 0.00 0.00 0.00 INCREASE/DECREASE IN NET ASSETS AS A RESULT OF OPERATIONS 6,153,618.05 -16,020,571.55 -25,330,192.33 Subscription/Redemption of shares concerning merger (note 1) 0.00 0.00 0.00 Proceeds from subscriptions of shares 1,194,189.07 56,779,556.42 45,270,613.09 Cost of shares redeemed -2,584,778.03 -132,067,532.26 -163,615,246.53 Dividend distributed (note 15) 0.00 -2,334,845.55 -1,433,686.71 Revaluation difference* 0.00 0.00 0.00
NET ASSETS AT THE END OF THE PERIOD 75,971,540.63 584,152,039.40 506,613,116.86 * The difference mentioned above is the result of fluctuations in the exchange rates used to convert the different items related to share classes denominated in a currency other than the currency of the sub-funds into the currency of the related sub-funds between December 31, 2025 and June 30, 2026.
Page 28
PROTEA FUND
Statement of operations and changes in net assets for the period ended June 30, 2026 (continued)
The accompanying notes form an integral part of these financial statements.
26
PROTEA FUND - BAM SWISS FAMILY ENTERPRISES
PROTEA FUND - BAM GLOBAL EQUITIES PROTEA FUND - BAM SWISS EQUITIES
CHF USD CHF
NET ASSETS AT THE BEGINNING OF THE PERIOD 59,232,653.76 57,203,974.76 29,395,316.99
INCOME Dividends, net (note 2.k) 552,097.00 314,779.85 375,349.82 Interest on bonds, net (note 2.k) 0.00 0.00 0.00 Bank interest (note 2.k) 0.00 29,806.88 0.00 Other income 0.00 0.00 0.00 552,097.00 344,586.73 375,349.82
EXPENSES Amortization of formation expenses (note 2.g) 0.00 2,828.92 1,771.85 Advisory and Management fees (note 4) 232,125.76 272,142.60 118,551.38 Performance fees (note 5) 0.00 0.00 929.47 Depositary fees, bank charges and interest 28,453.34 33,108.84 15,157.27 Professional fees, audit fees and other expenses 60,578.57 132,585.96 47,437.60 Service fees 38,473.22 54,751.36 21,068.41 "Taxe d’abonnement" (note 3) 6,923.86 6,866.26 1,529.42 Transaction fees (note 2.l) 7,591.21 39,773.02 5,319.96 374,145.96 542,056.96 211,765.36
NET INVESTMENT INCOME/LOSS 177,951.04 -197,470.23 163,584.46 Net realised gain/loss on sales of investments (note 2.e) 1,178,430.32 4,239,046.90 924,471.12 Net realised gain/loss on foreign exchange 0.00 405,615.15 0.00 Net realised loss on option contracts 0.00 0.00 0.00 Net realised gain/loss on forward foreign exchange contracts 0.00 -2,522,232.59 0.00 Net realised loss on futures contracts (note 2.j) 0.00 0.00 0.00 NET REALISED GAIN/LOSS 1,356,381.36 1,924,959.23 1,088,055.58
Change in net unrealised appreciation/depreciation: - on investments 821,254.16 2,066,677.28 1,713,604.45 - on options contracts 0.00 0.00 0.00 - on forward foreign exchange contracts 0.00 205,105.75 0.00 INCREASE/DECREASE IN NET ASSETS AS A RESULT OF OPERATIONS 2,177,635.52 4,196,742.26 2,801,660.03 Subscription/Redemption of shares concerning merger (note 1) 0.00 0.00 0.00 Proceeds from subscriptions of shares 1,436,207.32 3,479,765.61 1,307,555.63 Cost of shares redeemed -6,727,507.70 -1,489,863.92 -263,008.21 Dividend distributed (note 15) 0.00 0.00 0.00 Revaluation difference* 0.00 -1,290,092.76 0.00
NET ASSETS AT THE END OF THE PERIOD 56,118,988.90 62,100,525.95 33,241,524.44 * The difference mentioned above is the result of fluctuations in the exchange rates used to convert the different items related to share classes denominated in a currency other than the currency of the sub-funds into the currency of the related sub-funds between December 31, 2025 and June 30, 2026.
Page 29
PROTEA FUND
Statement of operations and changes in net assets for the period ended June 30, 2026 (continued)
The accompanying notes form an integral part of these financial statements.
27
PROTEA FUND ORCADIA GSD PROTEA FUND VARIUS PATRIMOINE PROTEA FUND SECTORAL BIOTECH OPPORTUNITIES FUND
EUR EUR USD
NET ASSETS AT THE BEGINNING OF THE PERIOD 164,114,970.67 91,373,244.83 28,611,778.21
INCOME Dividends, net (note 2.k) 918,923.45 304,227.06 45,076.44 Interest on bonds, net (note 2.k) 103,203.40 352,559.26 0.00 Bank interest (note 2.k) 0.00 1,372.57 0.00 Other income 0.00 0.00 28,804.21 1,022,126.85 658,158.89 73,880.65
EXPENSES Amortization of formation expenses (note 2.g) 0.00 0.00 2,665.79 Advisory and Management fees (note 4) 401,797.56 137,413.26 138,744.27 Performance fees (note 5) 963,839.86 0.00 0.00 Depositary fees, bank charges and interest 52,074.29 27,911.79 7,076.33 Professional fees, audit fees and other expenses 72,777.02 141,685.46 95,017.87 Service fees 59,406.07 32,051.44 12,493.10 "Taxe d’abonnement" (note 3) 36,533.00 20,928.56 1,989.19 Transaction fees (note 2.l) 97,618.77 46,238.20 23,623.95 1,684,046.57 406,228.71 281,610.50
NET INVESTMENT INCOME/LOSS -661,919.72 251,930.18 -207,729.85 Net realised gain/loss on sales of investments (note 2.e) 4,429,759.45 2,202,666.10 2,549,737.87 Net realised gain/loss on foreign exchange -3,680.86 4,670.13 8,332.18 Net realised loss on option contracts 0.00 0.00 0.00 Net realised gain/loss on forward foreign exchange contracts 811.60 -307.62 -74,262.77 Net realised loss on futures contracts (note 2.j) -4,845.42 -79,412.24 0.00 NET REALISED GAIN/LOSS 3,760,125.05 2,379,546.55 2,276,077.43
Change in net unrealised appreciation/depreciation: - on investments 14,773,517.43 4,660,942.72 -193,565.55 - on options contracts -211,620.12 -75,631.37 0.00 - on forward foreign exchange contracts 0.00 0.00 5,178.32 INCREASE/DECREASE IN NET ASSETS AS A RESULT OF OPERATIONS 18,322,022.36 6,964,857.90 2,087,690.20 Subscription/Redemption of shares concerning merger (note 1) 0.00 0.00 0.00 Proceeds from subscriptions of shares 13,234,311.62 229,448.39 527,210.36 Cost of shares redeemed -7,473,572.77 -3,734,832.95 -873,021.89 Dividend distributed (note 15) -12,333.90 -45,470.82 0.00 Revaluation difference* 0.00 0.00 -29,847.43
NET ASSETS AT THE END OF THE PERIOD 188,185,397.98 94,787,247.35 30,323,809.45 * The difference mentioned above is the result of fluctuations in the exchange rates used to convert the different items related to share classes denominated in a currency other than the currency of the sub-funds into the currency of the related sub-funds between December 31, 2025 and June 30, 2026.
Page 30
PROTEA FUND
Statement of operations and changes in net assets for the period ended June 30, 2026 (continued)
The accompanying notes form an integral part of these financial statements.
28
PROTEA FUND SECTORAL HEALTHCARE OPPORTUNITIES FUND
PROTEA FUND - LAPIS GLOBAL TOP 50 DIVIDEND YIELD FUND
PROTEA FUND NAVERA GLOBAL EQUITY STRATEGY
USD USD USD
NET ASSETS AT THE BEGINNING OF THE PERIOD 79,706,472.85 185,305,898.76 368,981,257.98
INCOME Dividends, net (note 2.k) 471,395.96 2,159,304.55 2,218,423.43 Interest on bonds, net (note 2.k) 0.00 3,307.58 0.00 Bank interest (note 2.k) 0.00 2,517.12 0.00 Other income 48,022.33 0.00 0.00 519,418.29 2,165,129.25 2,218,423.43
EXPENSES Amortization of formation expenses (note 2.g) 2,662.12 0.00 2,522.46 Advisory and Management fees (note 4) 461,241.11 524,848.10 974,481.43 Performance fees (note 5) 5,979.22 0.00 0.00 Depositary fees, bank charges and interest 20,863.40 41,287.39 30,317.46 Professional fees, audit fees and other expenses 158,174.62 265,570.04 107,380.45 Service fees 31,496.07 45,589.02 49,832.89 "Taxe d’abonnement" (note 3) 18,318.27 21,716.68 78,121.56 Transaction fees (note 2.l) 122,847.00 91,264.70 230,258.90 821,581.81 990,275.93 1,472,915.15
NET INVESTMENT INCOME/LOSS -302,163.52 1,174,853.32 745,508.28 Net realised gain/loss on sales of investments (note 2.e) 4,170,475.08 19,673,603.22 -13,635,445.82 Net realised gain/loss on foreign exchange -17,037.53 -156,445.67 -83,845.84 Net realised loss on option contracts 0.00 0.00 0.00 Net realised gain/loss on forward foreign exchange contracts -457,365.64 -119,051.05 -6,571.67 Net realised loss on futures contracts (note 2.j) 0.00 0.00 0.00 NET REALISED GAIN/LOSS 3,393,908.39 20,572,959.82 -12,980,355.05
Change in net unrealised appreciation/depreciation: - on investments -3,459,412.35 -3,161,664.03 -7,202,354.86 - on options contracts 0.00 0.00 0.00 - on forward foreign exchange contracts 49,973.47 0.00 0.00 INCREASE/DECREASE IN NET ASSETS AS A RESULT OF OPERATIONS -15,530.49 17,411,295.79 -20,182,709.91 Subscription/Redemption of shares concerning merger (note 1) 0.00 0.00 0.00 Proceeds from subscriptions of shares 8,565,313.07 12,683,907.11 22,237,193.36 Cost of shares redeemed -5,799,953.52 -103,065,079.38 -42,959,071.13 Dividend distributed (note 15) 0.00 -133,308.04 -409,770.26 Revaluation difference* -231,027.65 0.00 0.00
NET ASSETS AT THE END OF THE PERIOD 82,225,274.26 112,202,714.24 327,666,900.04 * The difference mentioned above is the result of fluctuations in the exchange rates used to convert the different items related to share classes denominated in a currency other than the currency of the sub-funds into the currency of the related sub-funds between December 31, 2025 and June 30, 2026.
Page 31
PROTEA FUND
Statement of operations and changes in net assets for the period ended June 30, 2026 (continued)
The accompanying notes form an integral part of these financial statements.
29
PROTEA FUND - LAPIS GLOBAL INNOVATION LEADERS 50 DIVIDEND YIELD FUND
PROTEA FUND WEALTHEON HIGH CONVICTION WORLD EQUITY
PROTEA FUND WEALTHEON VALUE WORLD EQUITY
USD EUR EUR
NET ASSETS AT THE BEGINNING OF THE PERIOD 18,884,453.45 24,685,674.61 148,198,085.03
INCOME Dividends, net (note 2.k) 106,499.34 90,116.35 946,388.87 Interest on bonds, net (note 2.k) 0.00 0.00 0.00 Bank interest (note 2.k) 0.00 0.00 0.00 Other income 0.00 0.00 0.00 106,499.34 90,116.35 946,388.87
EXPENSES Amortization of formation expenses (note 2.g) 5,842.66 5,160.13 9,931.54 Advisory and Management fees (note 4) 38,228.55 55,828.50 380,051.93 Performance fees (note 5) 0.00 0.00 0.00 Depositary fees, bank charges and interest 7,114.52 8,356.03 44,738.19 Professional fees, audit fees and other expenses 164,100.48 32,307.10 73,410.53 Service fees 5,979.15 8,966.30 41,652.93 "Taxe d’abonnement" (note 3) 2,704.56 1,056.34 7,635.04 Transaction fees (note 2.l) 6,582.23 18,218.98 69,626.55 230,552.15 129,893.38 627,046.71
NET INVESTMENT INCOME/LOSS -124,052.81 -39,777.03 319,342.16 Net realised gain/loss on sales of investments (note 2.e) 1,241,921.58 -229,874.99 -430,882.12 Net realised gain/loss on foreign exchange -2,979.33 -5,031.48 40,870.32 Net realised loss on option contracts 0.00 0.00 0.00 Net realised gain/loss on forward foreign exchange contracts -1,063.80 -1,477.88 -2,626.39 Net realised loss on futures contracts (note 2.j) 0.00 0.00 0.00 NET REALISED GAIN/LOSS 1,113,825.64 -276,161.38 -73,296.03
Change in net unrealised appreciation/depreciation: - on investments -1,376,772.04 1,926,107.70 2,641,139.39 - on options contracts 0.00 0.00 0.00 - on forward foreign exchange contracts 0.00 0.00 0.00 INCREASE/DECREASE IN NET ASSETS AS A RESULT OF OPERATIONS -262,946.40 1,649,946.32 2,567,843.36 Subscription/Redemption of shares concerning merger (note 1) 0.00 0.00 0.00 Proceeds from subscriptions of shares 152,776.87 2,566,042.18 48,181,556.84 Cost of shares redeemed -2,727,511.08 -6,054,606.78 -4,540,164.56 Dividend distributed (note 15) -3,000.33 0.00 0.00 Revaluation difference* 0.00 0.00 0.00
NET ASSETS AT THE END OF THE PERIOD 16,043,772.51 22,847,056.33 194,407,320.67 * The difference mentioned above is the result of fluctuations in the exchange rates used to convert the different items related to share classes denominated in a currency other than the currency of the sub-funds into the currency of the related sub-funds between December 31, 2025 and June 30, 2026.
Page 32
PROTEA FUND
Statement of operations and changes in net assets for the period ended June 30, 2026 (continued)
The accompanying notes form an integral part of these financial statements.
30
PROTEA FUND - ABS SELECTION FUND (note 1)
PROTEA FUND HYBRID BONDS FUND (note 1)
EUR EUR
NET ASSETS AT THE BEGINNING OF THE PERIOD - INCOME Dividends, net (note 2.k) 0.00 0.00 Interest on bonds, net (note 2.k) 135,174.53 283,635.86 Bank interest (note 2.k) 0.00 0.00 Other income 0.00 0.00 135,174.53 283,635.86
EXPENSES Amortization of formation expenses (note 2.g) 587.56 475.46 Advisory and Management fees (note 4) 28,355.85 70,670.37 Performance fees (note 5) 0.00 153,133.06 Depositary fees, bank charges and interest 1,175.85 3,146.20 Professional fees, audit fees and other expenses 7,771.74 7,367.58 Service fees 1,175.75 3,830.11 "Taxe d’abonnement" (note 3) 5,424.03 14,317.96 Transaction fees (note 2.l) 150.00 355.69 44,640.78 253,296.43
NET INVESTMENT INCOME/LOSS 90,533.75 30,339.43 Net realised gain/loss on sales of investments (note 2.e) 72,749.99 2,963,965.10 Net realised gain/loss on foreign exchange 0.00 -12,664.69 Net realised loss on option contracts 0.00 0.00 Net realised gain/loss on forward foreign exchange contracts 0.00 18,183.90 Net realised loss on futures contracts (note 2.j) 0.00 0.00 NET REALISED GAIN/LOSS 163,283.74 2,999,823.74
Change in net unrealised appreciation/depreciation: - on investments -187,936.38 -2,020,342.10 - on options contracts 0.00 0.00 - on forward foreign exchange contracts 0.00 -257,976.31 INCREASE/DECREASE IN NET ASSETS AS A RESULT OF OPERATIONS -24,652.64 721,505.33 Subscription/Redemption of shares concerning merger (note 1) 43,085,396.17 88,178,597.36 Proceeds from subscriptions of shares 67,500.04 28,505,471.33 Cost of shares redeemed -231,403.20 -2,378,386.96 Dividend distributed (note 15) 0.00 0.00 Revaluation difference* 0.00 0.00
NET ASSETS AT THE END OF THE PERIOD 42,896,840.37 115,027,187.06 * The difference mentioned above is the result of fluctuations in the exchange rates used to convert the different items related to share classes denominated in a currency other than the currency of the sub-funds into the currency of the related sub-funds between December 31, 2025 and June 30, 2026.
Page 33
PROTEA FUND
Number of shares outstanding and net asset value per share
31
Sub-fund Class
Currency Number of shares outstanding
30.06.2026
Net asset value per share
30.06.2026
Net asset value per share
31.12.2025
Net asset value per share
31.12.2024 PROTEA FUND - ORION A EUR 83,640.53 154.87 147.67 140.29 PROTEA FUND - AC FUND BALANCED M EUR EUR 117,650.00 133.42 131.47 127.89 M CHF Hedged CHF 4,100.00 86.01 86.12 86.58 R EUR 4,670.00 113.22 111.84 109.35 C EUR 115,000.00 98.06 96.31 93.08 PROTEA FUND - CROV A EUR 88,630.00 162.20 150.43 134.48 PROTEA FUND - BAM EUROPEAN FAMILY ENTERPRISES I EUR 238,173.69 185.01 184.58 166.71 R EUR 133,089.84 175.86 175.83 159.50 S EUR EUR 30,000.00 107.80 107.12 PROTEA FUND - WEALTHEON WORLD EQUITY A EUR 3,890.87 117.04 111.27 115.22 B EUR 27,858.54 1,190.18 1,130.17 1,167.38 C EUR 7,634.00 1,201.37 1,140.23 1,176.59 G EUR 47,817.08 1,258.12 1,189.67 1,218.44 PROTEA FUND - ORCADIA GSB A Dis EUR 25,586.64 140.96 132.79 128.13 A Acc EUR 679,190.41 159.69 149.08 142.64 B Dis EUR 23,453.56 140.44 132.34 127.68 B Acc EUR 579,579.11 161.96 151.12 144.46 C Dis EUR 118,034.57 139.72 131.84 127.29 C Acc EUR 1,873,235.10 164.32 153.18 146.15 D Dis EUR 59,375.00 121.99 115.16 111.16 D Acc EUR 343,449.08 165.42 154.13 146.92 O Dis EUR 308,514.19 143.21 134.76 130.00 O Acc EUR 183,325.86 156.70 146.42 140.37 PROTEA FUND - DOGMA RENOVATIO CREDIT FUND E USD 2,341.00 1,066.94 1,064.10 1,026.05 E EUR 2,880.00 937.22 943.49 929.60 B EUR 518.65 914.55 920.66 907.11 G USD 385.00 1,127.06 1,121.63 1,077.20 G EUR 799.08 1,063.12 1,068.78 1,048.84 D USD 800.00 900.06 897.67 865.56 PROTEA FUND - ORCADIA EQUITIES EMU SRI EX-FOSSIL A Accumulation EUR 46,806.48 219.65 201.19 184.06 B Accumulation EUR 277,009.96 225.15 205.86 187.68 PROTEA FUND - NAO EUROPEAN EQUITIES Seed EUR 150,000.00 237.29 217.69 194.02 Discount EUR 17,787.69 235.06 215.85 192.74 Clean EUR 75,420.34 213.84 196.65 176.13 Rebate EUR 96,344.07 208.30 192.27 173.50 PROTEA FUND - NAVERA CORE EQUITY WITH FIXED INCOME STRATEGY GBP A (Dis) GBP 2,751,958.15 145.14 149.12 154.90 A (Acc) GBP 1,172,475.59 157.56 161.04 165.29
Page 34
PROTEA FUND
Number of shares outstanding and net asset value per share (continued)
32
Sub-fund Class
Currency Number of shares outstanding
30.06.2026
Net asset value per share
30.06.2026
Net asset value per share
31.12.2025
Net asset value per share
31.12.2024 PROTEA FUND - NAVERA HIGH EQUITY STRATEGY GBP A (Acc) GBP 1,346,627.47 175.51 181.98 193.73 A (Dis) GBP 1,656,386.49 163.17 169.89 182.50 PROTEA FUND - BAM SWISS FAMILY ENTERPRISES I CHF 88,587.29 129.90 124.57 115.57 R CHF 177,070.00 126.64 121.71 113.41 Z CHF 167,913.00 132.14 126.53 117.03 PROTEA FUND - BAM GLOBAL EQUITIES I EUR 323,216.36 108.54 100.98 93.42 I USD - - 144.99 130.41 R EUR 46,833.06 106.13 98.96 91.96 R CHF 83,218.85 98.76 93.10 88.24 R USD 45,420.09 134.78 124.04 112.07 PROTEA FUND - BAM SWISS EQUITIES I CHF 270,177.00 118.65 108.65 95.53 S CHF 11,000.00 107.84 - PROTEA FUND - ORCADIA GSD A Dis EUR 9,426.00 128.37 116.48 111.99 A Acc EUR 234,367.04 132.24 119.33 113.59 B Acc EUR 193,489.23 132.75 119.73 113.86 C Dis EUR 5,907.00 128.28 116.58 112.22 C Acc EUR 833,493.84 133.84 120.60 114.47 D Acc EUR 126,855.00 141.76 127.67 121.07 PROTEA FUND - VARIUS PATRIMOINE A Cap EUR 685,291.66 133.36 123.71 117.82 A Dis EUR 26,709.30 127.20 119.59 115.41 PROTEA FUND - SECTORAL BIOTECH OPPORTUNITIES FUND IF H CHF CHF 121,200.00 11.30 10.76 8.13 IF USD USD 1,672,193.90 13.62 12.66 9.10 IF EUR EUR 208,431.11 13.37 12.10 9.86 PF USD USD 139,774.17 12.26 11.45 8.31 PF EUR EUR 68,791.61 12.04 10.94 9.00 PROTEA FUND - SECTORAL HEALTHCARE OPPORTUNITIES FUND I USD USD 5,109.68 954.67 951.91 801.86 I EUR EUR 2,265.00 458.11 445.14 418.80 IF USD USD 81,787.61 39.89 39.81 32.98 P USD USD 43,656.19 858.30 858.53 724.25 P EUR EUR 12,953.59 402.51 392.12 370.53 PF USD USD 400,454.00 35.51 35.58 29.71 PH EUR Hedged EUR 46,267.81 270.88 274.12 234.57 N EUR EUR 50,293.91 15.95 15.50 14.57 PROTEA FUND - LAPIS GLOBAL TOP 50 DIVIDEND YIELD FUND A USD USD 16,568.53 160.27 143.23 128.31 B1 USD USD 51,516.36 194.27 172.05 150.98 B1 CHF CHF 20,717.78 146.91 127.78 128.27 B1 EUR EUR 60,991.96 175.00 150.87 150.17 C USD USD 128,349.46 209.58 184.90 160.99 C CHF CHF 2,435.80 127.33 110.33 109.88 C EUR EUR 10,653.00 187.86 161.34 159.32 Ca EUR EUR 1,275.00 131.90 114.47 115.69 Ca USD USD 250.00 140.25 125.03 111.46 CG EUR EUR 249,436.23 158.51 136.48 135.51 Na GBP GBP 42,834.30 150.59 132.79 127.85
Page 35
PROTEA FUND
Number of shares outstanding and net asset value per share (continued)
33
Sub-fund Class
Currency Number of shares outstanding
30.06.2026
Net asset value per share
30.06.2026
Net asset value per share
31.12.2025
Net asset value per share
31.12.2024 PROTEA FUND - NAVERA GLOBAL EQUITY STRATEGY A Dis USD 1,388,183.52 95.96 101.67 105.61 B Acc USD 1,120,703.55 101.40 107.26 110.10 C Dis EUR 11,856.73 91.96 95.02 111.73 E Dis GBP 364,558.92 92.26 96.62 107.59 F Acc GBP 287,257.69 91.60 95.60 105.39 PROTEA FUND - LAPIS GLOBAL INNOVATION LEADERS 50 DIVIDEND YIELD FUND B1 CHF CHF 4,120.00 100.27 99.83 B1 EUR EUR 34,238.17 119.43 117.87 B1 USD USD 32,138.87 123.81 125.52 C EUR EUR 24,784.66 125.91 123.78 C USD USD 21,841.37 130.57 131.86 Na GBP GBP 3,000.33 115.00 115.38 PROTEA FUND - WEALTHEON HIGH CONVICTION WORLD EQUITY B EUR EUR 3,504.00 111.38 - K EUR EUR 29,058.18 108.47 100.80 L EUR EUR 96,854.83 108.59 100.80 M EUR EUR 80,626.63 108.99 100.83 PROTEA FUND - WEALTHEON VALUE WORLD EQUITY B EUR EUR 340,991.23 101.95 100.80 C EUR EUR 328,283.84 102.00 100.80 D EUR EUR 795,676.16 102.19 100.82 G EUR EUR 437,953.23 102.41 100.83 PROTEA FUND - ABS SELECTION FUND (note 1) B EUR EUR 10.00 135.30 - C EUR EUR 10.00 147.80 - D EUR EUR 311,552.03 137.68 - PROTEA FUND - HYBRID BONDS FUND (note 1) B EUR EUR 7,989.81 177.81 - B CHF CHF 1,400.00 125.62 - B USD USD 2,752.00 201.44 - C EUR EUR 9,411.60 197.18 - C CHF CHF 10.00 131.54 - D EUR EUR 451,887.00 185.60 - D CHF CHF 167,474.40 128.29 - D USD USD 21,343.92 209.27 - -
Page 36
PROTEA FUND - ORION
Statement of investments and other net assets as at June 30, 2026 (expressed in EUR)
The accompanying notes form an integral part of these financial statements.
34
Description Currency Quantity Market value (note 2) % of net assets
I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
SHARES
FINLAND NORDEA BANK EUR 4,540.00 75,364.00 0.58 75,364.00 0.58 FRANCE TOTALENERGIES EUR 1,270.00 86,398.10 0.67 86,398.10 0.67 GERMANY HANNOVER RUECKVERSICHERUNGS REG. EUR 205.00 49,692.00 0.38 RHEINMETALL EUR 56.00 55,468.00 0.43 SAP EUR 390.00 52,260.00 0.40 SIEMENS EUR 335.00 94,185.25 0.73 251,605.25 1.94 IRELAND EATON CORPORATION -NPV- USD 185.00 68,951.45 0.53 LINDE USD 120.00 54,467.59 0.42 123,419.04 0.95 JAPAN SONY JPY 3,500.00 61,781.98 0.48 61,781.98 0.48 NETHERLANDS ASML HOLDING EUR 80.00 137,712.00 1.06 ING GROUP EUR 2,315.00 64,056.05 0.49 201,768.05 1.55 SPAIN CAIXABANK SA EUR 6,670.00 82,607.95 0.64 82,607.95 0.64 SWEDEN ASSA ABLOY 'B' SEK 2,170.00 67,149.21 0.52 67,149.21 0.52 SWITZERLAND COMPAGNIE FINANCIERE RICHEMONT CHF 480.00 97,093.72 0.75 NOVARTIS NOMINAL CHF 465.00 63,822.33 0.49 160,916.05 1.24
Page 37
PROTEA FUND - ORION
Statement of investments and other net assets as at June 30, 2026 (expressed in EUR) (continued)
The accompanying notes form an integral part of these financial statements.
35
Description Currency Quantity/Nominal Market value (note 2) % of net assets
TAIWAN TAIWAN SEMICONDUCTOR ADR -SPONS.- USD 215.00 89,808.05 0.69 89,808.05 0.69 UNITED KINGDOM RIO TINTO PLC GBP 825.00 68,210.05 0.53 68,210.05 0.53 UNITED STATES ABBVIE USD 445.00 97,944.37 0.76 ADVANCED MICRO DEVICES USD 95.00 48,269.44 0.37 ALPHABET 'A' USD 350.00 109,402.16 0.84 AMAZON.COM USD 490.00 102,148.69 0.79 BOSTON SCIENTIFIC USD 750.00 27,997.90 0.22 META PLATFORMS 'A' USD 120.00 59,122.54 0.46 MICROSOFT USD 235.00 76,672.52 0.59 NVIDIA USD 420.00 73,504.59 0.57 O REILLY AUTOMOTIVE USD 630.00 50,744.95 0.39 PHILIP MORRIS INTERNATIONAL USD 540.00 85,446.86 0.66 STRYKER USD 160.00 44,060.52 0.34 VISA 'A' USD 270.00 81,023.61 0.63 WELLS FARGO USD 775.00 56,018.54 0.43 912,356.69 7.05 TOTAL SHARES 2,181,384.42 16.84
BONDS
UNITED KINGDOM 1.25% INTERNATIONAL DISTRIBUTION SERVICES 19/26 -SR- EUR 300,000.00 298,758.11 2.31 298,758.11 2.31 TOTAL BONDS 298,758.11 2.31
STRUCTURED PRODUCTS
IRELAND PHYSICAL GOLD (INVESCO) -ETC- 31/12/2100 USD 1,160.00 393,423.92 3.04 393,423.92 3.04 TOTAL STRUCTURED PRODUCTS 393,423.92 3.04
TOTAL I. 2,873,566.45 22.19
Page 38
PROTEA FUND - ORION
Statement of investments and other net assets as at June 30, 2026 (expressed in EUR) (continued)
The accompanying notes form an integral part of these financial statements.
36
Description Currency Quantity Market value (note 2) % of net assets
II. UNITS OF INVESTMENT FUNDS
IRELAND BARINGS - GLOBAL H/Y BOND B EUR -ACC.- EUR 1,575.00 250,629.75 1.93 BLACKSTONE - GLOBAL INVESTMENT GRADE CORPORATE BOND FUND -ACC.- EUR 2,855.00 280,932.00 2.17 D&C WORLDWIDE - GLOBAL STOCK FUND USD -ACC.- USD 3,150.00 131,587.50 1.02 ISHARES III - CORE MSCI WORLD USD ETF USD 7,295.00 911,667.57 7.04 LAZARD GIF - EMERGING LOCAL DEBT P USD -ACC.- USD 2,360.00 258,373.03 1.99 LIONTRUST- PAN - EUROP. DYNA. A8 EUR -ACC.- EUR 11,945.00 165,059.59 1.27 SKYLINE - ARGA GLOBAL EQUITIES PA USD -ACC.- USD 122,015.00 230,913.88 1.78 SSGA SPDR EUROP.I - SPDR S&P 500 ETF USD 30,250.00 489,217.59 3.78 TT INTERNATIONAL - EMERGING MARKETS UNCONST. - P1 USD USD 9,395.00 202,880.39 1.57 UBS - MSCI WORLD A USD ETF USD 29,935.00 1,165,273.42 8.99 VANGUARD EURO CORPORATE BOND ETF EUR EUR 15,545.00 752,486.82 5.81 VANGUARD IS - EMERGING MARKETS STOCK INDEX INST+ USD ACC.- USD 655.00 129,821.13 1.00 VANGUARD IS - EUR. ST IND. INS. EUR PLUS EUR 3,505.00 1,005,978.46 7.77 5,974,821.13 46.12 LUXEMBOURG AMUNDI - EUR CORPORATE BOND - ETF DR EUR EUR 32,165.00 655,554.87 5.06 BLUEBAY - INVESTMENT GRADE BOND S EUR -ACC.- EUR 4,930.00 643,710.10 4.97 CHAHINE FUNDS - STARS EUROPE I EUR -ACC- EUR 770.00 206,929.80 1.60 ELEVA - EUROPEAN SELECTION I EUR -ACC- EUR 100.00 296,532.00 2.29 JP MORGAN - EUROPE EQUITY PLUS I EUR -ACC.- EUR 635.00 166,706.55 1.29 PICTET - EMERGING CORPORATE BONDS HI EUR EUR 2,055.00 201,739.35 1.56 SISF - EURO CORPORATE BOND Z EUR -ACC.- EUR 16,905.00 475,852.08 3.67 SSGA - GLOBAL TREASURY BOND IDX I EUR HGD -ACC,- EUR 68,740.00 730,513.73 5.64 UBS(LUX)FS - BLOOMBERG EUR TREASURY 1-10 ETF EUR 13,655.00 236,327.09 1.82 3,613,865.57 27.90 SWITZERLAND PICTET CH - SHORT-TERM MONEY MARKET EUR J DY EUR 510.00 488,733.00 3.77 488,733.00 3.77 TOTAL II. 10,077,419.70 77.79
TOTAL INVESTMENTS 12,950,986.15 99.98 CASH AT BANKS 44,066.79 0.34 OTHER NET LIABILITIES -42,022.02 -0.32
TOTAL NET ASSETS 12,953,030.92 100.00
Page 39
PROTEA FUND - ORION
The accompanying notes form an integral part of these financial statements.
37
Geographical and industrial classification of investments as at June 30, 2026
Geographical classification (in % of net assets) Ireland 50.11 Luxembourg 27.90 United States 7.05 Switzerland 5.01 United Kingdom 2.84 Germany 1.94 Netherlands 1.55 Taiwan 0.69 France 0.67 Spain 0.64 Finland 0.58 Sweden 0.52 Japan 0.48 99.98
Industrial classification (in % of net assets) Units of investment funds 77.79 Electronics and electrical equipment 3.90 Structured products 3.04 Holding and finance companies 2.51 Bonds issued by companies 2.31 Pharmaceuticals and cosmetics 1.81 Internet, software and IT services 1.70 Banks and credit institutions 1.07 Retail and supermarkets 0.79 Watch-making 0.75 Oil and gas 0.67 Tobacco and alcohol 0.66 Computer and office equipment 0.59 Miscellaneous 0.53 Metals and minings 0.53 Construction of machines and appliances 0.52 Automobiles 0.43 Insurance 0.38 99.98
Page 40
PROTEA FUND - AC FUND BALANCED
Statement of investments and other net assets as at June 30, 2026 (expressed in EUR)
The accompanying notes form an integral part of these financial statements.
38
Description Currency Quantity Market value (note 2) % of net assets
I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
SHARES
AUSTRALIA TELIX PHARMA -ADR- USD 30,000.00 302,545.25 1.09 302,545.25 1.09 BELGIUM U.C.B. EUR 1,875.00 491,250.00 1.76 491,250.00 1.76 BERMUDA CARNIVAL CORP USD 10,000.00 249,890.65 0.90 249,890.65 0.90 FRANCE HERMES INTERNATIONAL EUR 325.00 519,350.00 1.86 KERING EUR 2,250.00 556,425.00 2.00 LVMH MOET HENNESSY LOUIS VUITTON EUR 1,125.00 544,612.50 1.95 SCHNEIDER ELECTRIC S.A. EUR 1,750.00 499,450.00 1.79 2,119,837.50 7.60 GERMANY CONTINENTAL EUR 6,750.00 487,080.00 1.75 487,080.00 1.75
IRELAND JOHNSON CONTROLS INTERNATIONAL USD 2,250.00 287,542.62 1.03 287,542.62 1.03 NETHERLANDS AIRBUS EUR 2,500.00 486,350.00 1.74 AKZO NOBEL EUR 7,000.00 415,380.00 1.49 901,730.00 3.23 SWITZERLAND ACCELLERON INDUSTRIES AKTIE CHF 3,250.00 292,493.41 1.05 ALCON CHF 6,250.00 370,021.78 1.33 BACHEM HOLDING CHF 4,000.00 328,113.09 1.18 DORMAKABA HLDG CHF 7,500.00 424,508.51 1.52 GALDERMA GROUP 144A/S CHF 2,500.00 498,512.86 1.79 IDORSIA REG. CHF 75,000.00 558,285.61 2.00 POLYPEPTIDE GROUP CHF 7,000.00 357,118.46 1.28 SANDOZ GROUP CHF 5,750.00 455,888.52 1.63 SIEGFRIED HLDG CHF 6,500.00 499,000.81 1.79 SIG GROUP LTD CHF 30,000.00 440,122.61 1.58 SIKA CHF 2,600.00 470,103.87 1.69 4,694,169.53 16.84
Page 41
PROTEA FUND - AC FUND BALANCED
Statement of investments and other net assets as at June 30, 2026 (expressed in EUR) (continued)
The accompanying notes form an integral part of these financial statements.
39
Description Currency Quantity/Nominal Market value (note 2) % of net assets
UNITED KINGDOM ROLLS-ROYCE HOLDINGS GBP 32,000.00 536,648.61 1.92 536,648.61 1.92 UNITED STATES ESTEE LAUDER COMPANIES 'A' USD 6,750.00 466,117.79 1.67 GE AEROSPACE USD 1,650.00 539,363.65 1.93 HEICO USD 1,750.00 545,204.64 1.96 PALANTIR TECHNOLOGIES 'A' USD 5,000.00 510,233.50 1.83 PEPSICO USD 4,000.00 473,716.41 1.70 SOUTHWEST AIRLINES USD 6,500.00 292,337.95 1.05 TESLA USD 1,500.00 551,823.64 1.98 TRANSDIGM GROUP USD 400.00 466,033.38 1.67 3,844,830.96 13.79 TOTAL SHARES 13,915,525.12 49.91
BONDS
AUSTRALIA 1.50% CV TELIX PHARMACEUTICALS 26/31 -SR-S USD 400,000.00 382,998.47 1.37 382,998.47 1.37 CAYMAN ISLANDS 0.625% CV BILIBILI INC 25/30 -SR- USD 400,000.00 361,939.32 1.30 361,939.32 1.30 FRANCE 1.25% CV SCHNEIDER ELECTRIC 25/33 -SR- EUR 400,000.00 455,384.42 1.63 455,384.42 1.63
SOUTH KOREA 5.375% LG ENERGY SOLUTION 24/29 -SR- USD 200,000.00 176,858.15 0.63 176,858.15 0.63 UNITED STATES 2.565% OTIS WORLDWIDE 20/30 -SR- USD 200,000.00 162,601.83 0.58 4.125% PHILIP MORRIS 25/28 -SR- USD 200,000.00 174,048.31 0.62 4.25% MONDELEZ INTERNATIONAL 25/28 -SR- USD 200,000.00 174,244.84 0.62 4.351% AMERICAN EXPRESS 25/29 -SR- USD 200,000.00 174,048.46 0.62 4.40% H.P. 24/27 -SR- USD 200,000.00 174,595.29 0.63 4.50% STARBUCKS 25/28 -SR- USD 200,000.00 174,956.44 0.63 4.60% MARS 25/28 -SR-S USD 200,000.00 175,319.72 0.63
Page 42
PROTEA FUND - AC FUND BALANCED
Statement of investments and other net assets as at June 30, 2026 (expressed in EUR) (continued)
The accompanying notes form an integral part of these financial statements.
40
Description Currency Quantity/Nominal Market value (note 2) % of net assets
4.65% IBM 25/28 -SR- USD 200,000.00 175,413.59 0.63 4.875% GENERAL MILLS 24/30 -SR- USD 200,000.00 175,914.68 0.63 5.05% BMW US CAPITAL 25/30 -SR-S USD 200,000.00 176,123.76 0.63 1,737,266.92 6.22 TOTAL BONDS 3,114,447.28 11.15
TOTAL I. 17,029,972.40 61.06
II. OTHER TRANSFERABLE SECURITIES
STRUCTURED PRODUCTS
UNITED ARAB EMIRATES VONTOBEL 25/26 EUR 750,000.00 579,000.00 2.08 579,000.00 2.08 TOTAL II. 579,000.00 2.08
III. UNITS OF INVESTMENT FUNDS
LIECHTENSTEIN ARVY - EQUITY FUND USD -ACC.- USD 225,000.00 2,180,529.91 7.82 2,180,529.91 7.82 LUXEMBOURG ARFINA - BOND GLOBAL OPPORTUNITY M USD -ACC.- USD 20,000.00 1,751,421.22 6.28 1,751,421.22 6.28 SWITZERLAND ARFINA SELECTION SWISS S&M.CAP ESG M CHF CHF 40,000.00 5,362,144.25 19.24 5,362,144.25 19.24 TOTAL III. 9,294,095.38 33.34
TOTAL INVESTMENTS 26,903,067.78 96.48 CASH AT BANKS 783,634.43 2.81 OTHER NET ASSETS 197,651.33 0.71
TOTAL NET ASSETS 27,884,353.54 100.00
Page 43
PROTEA FUND - AC FUND BALANCED
The accompanying notes form an integral part of these financial statements.
41
Geographical and industrial classification of investments as at June 30, 2026
Geographical classification (in % of net assets) Switzerland 36.08 United States 20.01 France 9.23 Liechtenstein 7.82 Luxembourg 6.28 Netherlands 3.23 Australia 2.46 United Arab Emirates 2.08 United Kingdom 1.92 Belgium 1.76 Germany 1.75 Cayman Islands 1.30 Ireland 1.03 Bermuda 0.90 South Korea 0.63 96.48
Industrial classification (in % of net assets) Units of investment funds 33.34 Pharmaceuticals and cosmetics 11.73 Bonds issued by companies 11.15 Holding and finance companies 7.23 Aeronautics and astronautics 5.62 Electronics and electrical equipment 4.77 Textiles and clothing 3.81 Chemicals 3.18 Structured products 2.08 Retail and supermarkets 2.00 Automobiles 1.98 Internet, software and IT services 1.83 Tyres and rubber 1.75 Food and soft drinks 1.70 Healthcare & social services 1.33 Transport and freight 1.05 Miscellaneous consumer goods 1.03 Gastronomy 0.90 96.48
Page 44
PROTEA FUND - CROV
Statement of investments and other net assets as at June 30, 2026 (expressed in EUR)
The accompanying notes form an integral part of these financial statements.
42
Description Currency Quantity/Nominal Market value (note 2) % of net assets
I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
STRUCTURED PRODUCTS
IRELAND GOLD (ISHARES PHYSICAL METAL) 11/PERP -S- USD 11,556.00 790,261.35 5.50 790,261.35 5.50 TOTAL I. 790,261.35 5.50
II. UNITS OF INVESTMENT FUNDS
IRELAND BARINGS - GLOBAL H/Y BOND B EUR -ACC.- EUR 4,525.00 720,063.25 5.01 BLACKROCK - ISHARES EMERGING MARKETS INDEX INSTITIONAL USD USD 19,471.00 465,955.15 3.24 BLACKROCK - ISHS JAPAN INDEX FUND INSTITUTIONAL USD USD 8,697.00 247,118.62 1.72 HSBC ETFS - MSCI AC FAR EAST EX J. USD USD 5,595.00 463,631.83 3.23 INVESCO MARKETS - S&P 500 UCITS ETF USD USD 157,600.00 2,067,698.64 14.38 ISHARES VI - GLOBAL CORPORATE BOND EUR HGD ETF EUR 8,968.00 760,719.57 5.29 JPM ETFS - US RES. ENH. INDEX EQUITY ETF USD USD 31,395.00 2,042,473.51 14.21 NEUBERGER BERMAN - EMERGING MARKET DEBT - HARD CURRENCY P EUR EUR 24,495.00 283,897.05 1.97 TWELVE CAPITAL - CAT BOND SI3 EUR -ACC.- EUR 2,851.00 400,052.32 2.78 UBS (IRL) FS - CMCI COMPOSITE SF A USD ETF USD 2,420.00 279,274.71 1.94 7,730,884.65 53.77 LUXEMBOURG SCHRODER GAIA - CAT BOND Y2 EUR H -ACC.- EUR 274.00 398,176.80 2.77 UBS LUX FS II - MSCI EMU FB EUR -ACC.- EUR 7,853.00 2,185,646.96 15.21 UBS(LUX)FS - MSCI SWITZERLAND 20/35 ETF A CHF CHF 34,600.00 1,264,330.55 8.80 XTRACKERS II - GERMANY GOVERNMENT BOND ETF 1C EUR 10,110.00 1,788,560.10 12.44 5,636,714.41 39.22 TOTAL II. 13,367,599.06 92.99
TOTAL INVESTMENTS 14,157,860.41 98.49 CASH AT BANKS 291,885.45 2.03 OTHER NET LIABILITIES -74,189.32 -0.52
TOTAL NET ASSETS 14,375,556.54 100.00
Page 45
PROTEA FUND - CROV
The accompanying notes form an integral part of these financial statements.
43
Geographical and industrial classification of investments as at June 30, 2026
Geographical classification (in % of net assets) Ireland 59.27 Luxembourg 39.22 98.49
Industrial classification (in % of net assets) Units of investment funds 92.99 Structured products 5.50 98.49
Page 46
PROTEA FUND - BAM EUROPEAN FAMILY
ENTERPRISES
Statement of investments and other net assets as at June 30, 2026 (expressed in EUR)
The accompanying notes form an integral part of these financial statements.
44
Description Currency Quantity Market value (note 2) % of net assets
I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
SHARES
BELGIUM ACKERMANS & VAN HAAREN EUR 3,000.00 857,400.00 1.21 GROUPE BRUXELLES LAMBERT EUR 10,000.00 797,000.00 1.13 KBC GROUP EUR 17,692.00 2,110,655.60 2.99 3,765,055.60 5.33 DENMARK NOVO NORDISK 'B' DKK 21,000.00 883,838.41 1.25 NOVOZYMES 'B' DKK 35,819.00 1,978,578.10 2.80 2,862,416.51 4.05 FINLAND WAERTSILAE CORPORATION 'B' EUR 30,000.00 1,001,400.00 1.42 1,001,400.00 1.42 FRANCE BIOMERIEUX EUR 20,167.00 1,385,472.90 1.96 BUREAU VERITAS EUR 93,026.00 2,491,236.28 3.52 ESSILORLUXOTTICA EUR 11,905.00 1,953,015.25 2.76 HERMES INTERNATIONAL EUR 1,200.00 1,917,600.00 2.71 L'OREAL EUR 4,000.00 1,534,600.00 2.17 RUBIS EUR 20,000.00 614,000.00 0.87 9,895,924.43 13.99 GERMANY ALLIANZ EUR 2,000.00 828,200.00 1.17 IONOS GROUP 144A/S EUR 23,599.00 642,836.76 0.91 KNORR-BREMSE EUR 19,000.00 1,930,400.00 2.73 NEMETSCHEK EUR 22,858.00 1,213,759.80 1.72 RATIONAL EUR 1,200.00 768,600.00 1.09 SAP EUR 6,000.00 804,000.00 1.14 SPRINGER NATURE 144A/S EUR 78,181.00 1,513,584.16 2.14 7,701,380.72 10.90 IRELAND KINGSPAN GROUP EUR 31,456.00 2,514,907.20 3.56 2,514,907.20 3.56
ITALY ASSICURAZIONI GENERALI EUR 56,736.00 2,417,520.96 3.42 2,417,520.96 3.42
Page 47
PROTEA FUND - BAM EUROPEAN FAMILY
ENTERPRISES
Statement of investments and other net assets as at June 30, 2026 (expressed in EUR) (continued)
The accompanying notes form an integral part of these financial statements.
45
Description Currency Quantity Market value (note 2) % of net assets
NETHERLANDS ASML HOLDING EUR 1,900.00 3,270,660.00 4.63 CTP EUR 102,057.00 1,628,829.72 2.30 FERRARI EUR 5,000.00 1,621,750.00 2.29 FERROVIAL EUR 12,405.00 744,051.90 1.05 7,265,291.62 10.27 NORWAY WILH. WILHELMSEN HOLDING 'A' NOK 7,500.00 455,428.31 0.64 455,428.31 0.64 PORTUGAL GALP ENERGIA 'B' EUR 100,000.00 1,864,500.00 2.64 1,864,500.00 2.64 SPAIN BANKINTER EUR 120,000.00 1,756,800.00 2.48 INDITEX INDUSTRIA DE DISENO TEXTIL EUR 29,000.00 1,598,480.00 2.26 TECNICAS REUNIDAS EUR 20,000.00 578,000.00 0.82 3,933,280.00 5.56 SWEDEN ALFA LAVAL SEK 40,000.00 2,085,850.72 2.95 ATLAS COPCO 'A' SEK 90,000.00 1,595,431.79 2.26 INVESTOR SEK 65,000.00 2,364,724.80 3.34 SAAB REGISTERED 'B' SEK 27,018.00 1,227,710.26 1.74 SWECO 'B' SEK 110,000.00 1,263,530.28 1.79 TELE2 'B' SEK 116,500.00 1,775,659.50 2.51 10,312,907.35 14.59 SWITZERLAND BELIMO CHF 2,273.00 2,242,825.37 3.17 KARDEX HOLDING CHF 7,450.00 1,829,696.73 2.59 MEDACTA GROUP CHF 14,920.00 2,200,201.03 3.11 SWISSQUOTE GROUP HOLDING CHF 36,700.00 1,508,203.37 2.13 VZ HOLDING CHF 6,750.00 1,108,113.59 1.57 8,889,040.09 12.57
UNITED KINGDOM ANTOFAGASTA GBP 43,110.00 1,911,761.91 2.70 HSBC HOLDINGS GBP 109,839.00 1,824,433.00 2.58 WISE GROUP GBP 102,000.00 1,070,673.60 1.51 4,806,868.51 6.79 TOTAL I. 67,685,921.30 95.73
Page 48
PROTEA FUND - BAM EUROPEAN FAMILY
ENTERPRISES
Statement of investments and other net assets as at June 30, 2026 (expressed in EUR) (continued)
The accompanying notes form an integral part of these financial statements.
46
Description Currency Quantity Market value (note 2) % of net assets
II. UNITS OF INVESTMENT FUNDS
GERMANY ISHARES STOXX EUROPE 600 UTILITIES PART EUR 32,000.00 1,882,560.00 2.66 1,882,560.00 2.66 TOTAL II. 1,882,560.00 2.66
TOTAL INVESTMENTS 69,568,481.30 98.39 CASH AT BANKS 1,370,332.66 1.94 OTHER NET LIABILITIES -234,049.93 -0.33
TOTAL NET ASSETS 70,704,764.03 100.00
Page 49
PROTEA FUND - BAM EUROPEAN FAMILY
ENTERPRISES
The accompanying notes form an integral part of these financial statements.
47
Geographical and industrial classification of investments as at June 30, 2026
Geographical classification (in % of net assets) Sweden 14.59 France 13.99 Germany 13.56 Switzerland 12.57 Netherlands 10.27 United Kingdom 6.79 Spain 5.56 Belgium 5.33 Denmark 4.05 Ireland 3.56 Italy 3.42 Portugal 2.64 Finland 1.42 Norway 0.64 98.39
Industrial classification (in % of net assets) Holding and finance companies 13.79 Construction of machines and appliances 12.77 Banks and credit institutions 10.18 Electronics and electrical equipment 7.80 Internet, software and IT services 7.00 Pharmaceuticals and cosmetics 5.38 Construction and building materials 5.35 Aeronautics and astronautics 5.26 Insurance 4.59 Chemicals 2.80 Photography and optics 2.76 Textiles and clothing 2.71 Stainless steel 2.70 Units of investment funds 2.66 Oil 2.64 Communications 2.51 Miscellaneous 2.30 Automobiles 2.29 Retail and supermarkets 2.26 Transport and freight 0.64 98.39
Page 50
PROTEA FUND - WEALTHEON WORLD EQUITY
Statement of investments and other net assets as at June 30, 2026 (expressed in EUR)
The accompanying notes form an integral part of these financial statements.
48
Description Currency Quantity Market value (note 2) % of net assets
I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
SHARES
CANADA BROOKFIELD CORP CAD 67,241.00 2,504,849.14 2.43 2,504,849.14 2.43 CAYMAN ISLANDS TENCENT HOLDINGS HKD 33,800.00 1,620,289.84 1.57 1,620,289.84 1.57 DENMARK NOVO NORDISK 'B' DKK 26,660.00 1,122,053.90 1.09 1,122,053.90 1.09 FRANCE AIR LIQUIDE EUR 7,528.00 1,304,451.84 1.27 L'OREAL EUR 5,719.00 2,194,094.35 2.13 SAFRAN EUR 10,102.00 3,485,190.00 3.39 6,983,736.19 6.79 GERMANY SAP EUR 13,450.00 1,802,300.00 1.75 1,802,300.00 1.75 NETHERLANDS ASML HOLDING EUR 1,537.00 2,645,791.80 2.57 2,645,791.80 2.57 SWEDEN ASSA ABLOY 'B' SEK 45,136.00 1,396,703.57 1.36 ATLAS COPCO 'A' SEK 110,298.00 1,955,254.84 1.90 3,351,958.41 3.26 SWITZERLAND COMPAGNIE FINANCIERE RICHEMONT CHF 14,735.00 2,980,574.81 2.90 2,980,574.81 2.90 UNITED STATES ALPHABET 'A' USD 16,582.00 5,183,161.89 5.03 AMAZON.COM USD 13,895.00 2,896,644.89 2.81 APPLE USD 18,046.00 4,567,296.64 4.44 APPLIED MATERIALS USD 8,259.00 5,222,825.72 5.07 BROADCOM USD 2,701.00 892,419.04 0.87 ELI LILLY & CO USD 1,556.00 1,632,391.30 1.59 INTUITIVE SURGICAL USD 4,567.00 1,588,563.33 1.54 MASTERCARD 'A' USD 5,143.00 2,310,368.79 2.24 META PLATFORMS 'A' USD 5,802.00 2,858,574.64 2.78
Page 51
PROTEA FUND - WEALTHEON WORLD EQUITY
Statement of investments and other net assets as at June 30, 2026 (expressed in EUR) (continued)
The accompanying notes form an integral part of these financial statements.
49
Description Currency Quantity Market value (note 2) % of net assets
MICROSOFT USD 8,995.00 2,934,763.14 2.85 MSCI USD 2,978.00 1,458,758.87 1.42 NETFLIX USD 15,832.00 988,721.01 0.96 NVIDIA USD 22,746.00 3,980,798.45 3.87 S&P GLOBAL USD 7,027.00 2,503,118.91 2.43 STRYKER USD 3,639.00 1,002,101.54 0.97 SUNBELT RENTALS USD 19,586.00 1,281,578.39 1.24 SYNOPSYS USD 3,612.00 1,409,258.06 1.37 THERMO FISHER SCIENTIFIC USD 4,506.00 1,975,971.33 1.92 44,687,315.94 43.40 TOTAL I. 67,698,870.03 65.76
II. UNITS OF INVESTMENT FUNDS
IRELAND FIRST TRUST GF - NA. CL. ED. SM. G. IN. ETF EUR 19,444.00 1,131,835.24 1.10 POLAR CAPITAL - HEALTHC. OPP. I EUR -ACC.- EUR 188,804.00 3,808,176.68 3.70 SPDR WORLD FINANCIALS ETF USD EUR 42,642.00 3,647,170.26 3.54 SSGA SPDR EUROPE II - MSCI IND. ETF - EUR EUR 10,883.00 4,894,629.25 4.75 XTRACKERS - MSCI WORLD MATERIALS ETF 1C USD EUR 16,141.00 1,075,636.24 1.04 14,557,447.67 14.13 LUXEMBOURG ROBECO CAPITAL GROWTH - QI. EMERGING EIE I EUR -ACC.- EUR 59,185.00 11,417,970.20 11.10 XTRACKERS - NIKKEI 225 1D JPY -ETF EUR 104,127.00 4,130,197.46 4.01 15,548,167.66 15.11 UNITED KINGDOM SCOTTISH MORTGAGE INVESTMENT TRUST GBP GBP 250,635.00 4,278,575.16 4.16 4,278,575.16 4.16 TOTAL II. 34,384,190.49 33.40
TOTAL INVESTMENTS 102,083,060.52 99.16 CASH AT BANKS 942,149.70 0.92 OTHER NET LIABILITIES -82,198.45 -0.08
TOTAL NET ASSETS 102,943,011.77 100.00
Page 52
PROTEA FUND - WEALTHEON WORLD EQUITY
The accompanying notes form an integral part of these financial statements.
50
Geographical and industrial classification of investments as at June 30, 2026
Geographical classification (in % of net assets) United States 43.40 Luxembourg 15.11 Ireland 14.13 France 6.79 United Kingdom 4.16 Sweden 3.26 Switzerland 2.90 Netherlands 2.57 Canada 2.43 Germany 1.75 Cayman Islands 1.57 Denmark 1.09 99.16
Industrial classification (in % of net assets) Units of investment funds 33.40 Internet, software and IT services 13.46 Electronics and electrical equipment 11.75 Construction of machines and appliances 8.33 Computer and office equipment 8.16 Pharmaceuticals and cosmetics 5.73 Holding and finance companies 5.09 Watch-making 2.90 Chemicals 2.86 Retail and supermarkets 2.81 Publishing and graphic arts 2.43 Banks and credit institutions 2.24 99.16
Page 53
PROTEA FUND - ORCADIA GSB
Statement of investments and other net assets as at June 30, 2026 (expressed in EUR)
The accompanying notes form an integral part of these financial statements.
51
Description Currency Quantity Market value (note 2) % of net assets
I. TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
SHARES
AUSTRALIA COMMONWEALTH BANK OF AUSTRALIA AUD 9,147.00 912,449.49 0.14 CSL AUD 5,424.00 377,122.19 0.06 FORTESCUE METALS AUD 20,178.00 234,150.16 0.03 MACQUARIE GROUP AUD 3,593.00 544,939.48 0.08 QBE INSURANCE GROUP AUD 16,600.00 253,386.70 0.04 TRANSURBAN GROUP -STAPLED SECURITIES- AUD 38,200.00 332,866.28 0.05 2,654,914.30 0.40 BELGIUM KBC GROUP EUR 25,715.00 3,067,799.50 0.46 3,067,799.50 0.46 CANADA AGNICO EAGLE MINES CAD 4,241.00 576,149.28 0.09 BANK OF MONTREAL CAD 7,125.00 1,101,085.95 0.16 BANK OF NOVA SCOTIA CAD 10,477.00 796,211.29 0.12 CANADIAN IMPERIAL BANK COMMERCE USD 8,588.00 864,699.88 0.13 CANADIAN NATIONAL RAILWAY CAD 4,830.00 503,975.93 0.08 CELESTICA USD 841.00 268,343.20 0.04 DOLLARAMA CAD 3,125.00 361,462.41 0.05 FORTIS INC CAD 6,063.00 303,700.10 0.05 INTACT FINANCIAL CAD 2,030.00 366,325.87 0.05 KINROSS GOLD CORP CAD 8,695.00 180,004.88 0.03 LOBLAW COMPANIES CAD 7,200.00 285,592.99 0.04 NATIONAL BANK OF CANADA CAD 3,507.00 484,109.10 0.07 NUTRIEN CAD 5,200.00 286,438.83 0.04 SHOPIFY 'A' -SUB. VTG- USD 9,619.00 960,637.94 0.14 SUN LIFE FINANCIAL CAD 6,805.00 467,145.68 0.07 TORONTO - DOMINION BANK USD 10,451.00 1,111,040.40 0.17 WHEATON PRECIOUS METALS CAD 4,200.00 412,753.72 0.06 9,329,677.45 1.39 CAYMAN ISLANDS MEITUAN 'B' 144A/S HKD 38,429.00 293,602.16 0.04 293,602.16 0.04 CHINA PING AN INSURANCE 'H' HKD 52,258.00 297,548.75 0.04 297,548.75 0.04
Page 54
PROTEA FUND - ORCADIA GSB
Statement of investments and other net assets as at June 30, 2026 (expressed in EUR) (continued)
The accompanying notes form an integral part of these financial statements.
52
Description Currency Quantity Market value (note 2) % of net assets
DENMARK DE SAMMENSLUTTEDE VOGNMAEND DKK 3,549.00 735,448.51 0.11 GENMAB DKK 964.00 231,492.19 0.03 NOVO NORDISK 'B' DKK 68,467.00 2,881,607.82 0.43 NOVOZYMES 'B' DKK 6,063.00 334,909.38 0.05 VESTAS WIND SYSTEMS DKK 17,661.00 436,155.99 0.07 4,619,613.89 0.69 FRANCE AXA EUR 63,404.00 2,780,265.40 0.41 DANONE EUR 30,021.00 2,153,706.54 0.32 EIFFAGE EUR 9,886.00 1,276,282.60 0.19 HERMES INTERNATIONAL EUR 356.00 568,888.00 0.08 KERING EUR 5,683.00 1,405,405.90 0.21 L'OREAL EUR 5,437.00 2,085,905.05 0.31 MICHELIN EUR 59,850.00 2,019,937.50 0.30 SCHNEIDER ELECTRIC S.A. EUR 3,505.00 1,000,327.00 0.15 13,290,717.99 1.97 GERMANY BEIERSDORF EUR 3,338.00 251,484.92 0.04 HENKEL EUR 38,733.00 2,680,323.60 0.40 2,931,808.52 0.44 HONG KONG AIA GROUP HKD 86,510.00 689,410.89 0.10 HONG KONG EXCHANGES AND CLEARING HKD 13,000.00 526,331.76 0.08 1,215,742.65 0.18 IRELAND ACCENTURE 'A' USD 3,409.00 371,045.16 0.06 EATON CORPORATION -NPV- USD 1,090.00 406,254.50 0.06 JOHNSON CONTROLS INTERNATIONAL USD 1,655.00 211,503.57 0.03 LINDE USD 8,371.00 3,799,568.34 0.57 SEAGATE TECHNOLOGY USD 890.00 751,202.61 0.11 TRANE TECHNOLOGIES USD 600.00 257,759.10 0.04 5,797,333.28 0.87 NETHERLANDS AKZO NOBEL EUR 31,761.00 1,884,697.74 0.28 ASML HOLDING EUR 334.00 574,947.60 0.09 ING GROUP EUR 164,440.00 4,550,054.80 0.68 KONINKLIJKE AHOLD DELHAIZE EUR 37,444.00 1,318,777.68 0.20 NN GROUP EUR 28,714.00 2,201,215.24 0.33 NXP SEMICONDUCTORS USD 723.00 177,717.73 0.03 10,707,410.79 1.61
Page 55
PROTEA FUND - ORCADIA GSB
Statement of investments and other net assets as at June 30, 2026 (expressed in EUR) (continued)
The accompanying notes form an integral part of these financial statements.
53
Description Currency Quantity Market value (note 2) % of net assets
NORWAY DNB BANK NOK 16,591.00 432,170.10 0.06 NORSK HYDRO NOK 26,970.00 214,071.72 0.03 646,241.82 0.09 SWEDEN ALFA LAVAL SEK 6,015.00 313,659.80 0.05 ASSA ABLOY 'B' SEK 41,109.00 1,272,090.73 0.19 ATLAS COPCO 'A' SEK 49,423.00 876,122.50 0.13 ATLAS COPCO 'B' SEK 23,548.00 365,402.69 0.05 EPIROC 'A' SEK 12,645.00 303,867.74 0.05 EQT SEK 9,728.00 240,891.54 0.04 ESSITY 'B' SEK 10,276.00 254,740.10 0.04 SANDVIK SEK 20,383.00 736,659.73 0.11 SVENSKA HANDELSBANKEN 'A' SEK 27,433.00 353,541.38 0.05 VOLVO 'B' SEK 29,406.00 875,666.61 0.13 5,592,642.82 0.84 SWITZERLAND ABB CHF 31,427.00 2,984,437.57 0.45 ALCON CHF 9,024.00 534,252.25 0.08 GEBERIT CHF 554.00 324,262.91 0.05 GIVAUDAN CHF 161.00 597,044.38 0.09 JULIUS BAER GROUPE CHF 4,393.00 332,484.39 0.05 LOGITECH INTERNATIONAL CHF 5,511.00 452,595.62 0.07 LONZA GROUP CHF 1,244.00 736,221.58 0.11 NOVARTIS NOMINAL CHF 24,697.00 3,389,720.78 0.51 SGS CHF 2,743.00 278,748.62 0.04 SIKA CHF 2,650.00 479,144.33 0.07 SONOVA HOLDING NOMINAL CHF 1,389.00 289,323.86 0.04 SWISS LIFE HOLDING REG. CHF 506.00 488,090.02 0.07 SWISS RE REG. CHF 5,396.00 751,847.40 0.11 SWISSCOM CHF 409.00 276,512.26 0.04 VAT GROUP CHF 463.00 354,538.45 0.05 ZURICH INSURANCE GROUP NOMINAL CHF 6,293.00 4,084,595.71 0.61 16,353,820.13 2.44 UNITED KINGDOM 3I GROUP GBP 19,659.00 567,355.10 0.08 ANTOFAGASTA GBP 8,271.00 366,786.89 0.05 ASTRAZENECA GBP 20,135.00 3,295,817.57 0.49 AVIVA GBP 50,230.00 379,142.58 0.06 BT GROUP GBP 108,686.00 239,854.65 0.04 COCA-COLA EUROPEAN PARTNERS EUR 3,774.00 331,357.20 0.05 HSBC HOLDINGS GBP 210,934.00 3,503,627.59 0.52 LEGAL & GENERAL GROUP GBP 104,633.00 347,397.85 0.05 LLOYDS BANKING GROUP GBP 1,037,226.00 1,337,765.14 0.20 NATIONAL GRID GBP 97,422.00 1,411,445.28 0.21
Page 56
PROTEA FUND - ORCADIA GSB
Statement of investments and other net assets as at June 30, 2026 (expressed in EUR) (continued)
The accompanying notes form an integral part of these financial statements.
54
Description Currency Quantity Market value (note 2) % of net assets
PRUDENTIAL GBP 44,803.00 521,675.51 0.08 RECKITT BENCKISER GROUP GBP 11,811.00 673,362.65 0.10 RELX PLC EUR 36,659.00 1,006,903.32 0.15 RENTOKIL INITIAL GBP 53,666.00 265,774.01 0.04 SAGE GROUP GBP 36,533.00 346,073.16 0.05 SCOTTISH & SOUTHERN ENERGY GBP 20,197.00 571,158.40 0.09 UNILEVER GBP 54,350.00 2,856,606.54 0.43 VODAFONE GROUP GBP 326,065.00 377,012.67 0.06 18,399,116.11 2.75 UNITED STATES ADOBE USD 6,881.00 1,233,921.57 0.18 ADVANCED MICRO DEVICES USD 5,903.00 2,999,310.35 0.45 ALPHABET 'A' USD 6,562.00 2,051,134.26 0.31 ALPHABET 'C' USD 10,174.00 3,144,213.42 0.47 AMERICAN EXPRESS USD 1,540.00 455,615.30 0.07 AMERICAN TOWER USD 1,230.00 175,974.01 0.03 AMGEN USD 1,430.00 452,927.11 0.07 ANALOG DEVICES USD 2,261.00 785,446.79 0.12 APPLIED MATERIALS USD 3,484.00 2,203,211.62 0.33 AUTODESK USD 590.00 100,330.44 0.01 AUTOMATIC DATA PROCESSING USD 1,100.00 215,468.37 0.03 BANK OF NEW YORK MELLON USD 1,770.00 223,877.97 0.03 BLACKROCK USD 3,145.00 2,645,067.80 0.39 BOOKING HOLDINGS USD 2,250.00 350,774.05 0.05 CADENCE DESIGN SYSTEMS USD 1,320.00 433,326.66 0.06 CAPITAL ONE FINANCIAL USD 1,902.00 333,752.49 0.05 CATERPILLAR USD 1,031.00 960,300.74 0.14 CHARLES SCHWAB USD 4,190.00 338,153.83 0.05 COCA-COLA USD 8,408.00 597,671.76 0.09 COMCAST 'A' USD 27,262.00 585,394.96 0.09 CUMMINS USD 340.00 212,097.77 0.03 DANAHER USD 1,760.00 293,225.56 0.04 DEERE & CO USD 690.00 382,828.37 0.06 ELECTRONIC ARTS USD 1,881.00 337,339.47 0.05 ELEVANCE HEALTH USD 407.00 137,670.87 0.02 ELI LILLY & CO USD 1,889.00 1,981,739.82 0.30 EQUINIX USD 212.00 193,288.43 0.03 GILEAD SCIENCES USD 3,320.00 366,875.51 0.05 HOME DEPOT USD 2,098.00 647,181.49 0.10 IBM CORP USD 4,239.00 1,042,638.96 0.16 INTEL USD 16,500.00 2,015,127.14 0.30 INTERCONTINENTAL EXCHANGE GROUP USD 1,540.00 165,826.46 0.02 INTUIT USD 1,271.00 290,152.17 0.04 JOHNSON & JOHNSON USD 6,767.00 1,503,205.53 0.22 KEYSIGHT TECHNOLOGIES USD 838.00 256,589.38 0.04 LAM RESEARCH USD 4,940.00 1,872,343.28 0.28 LOWE'S COMPANIES USD 3,273.00 631,211.17 0.09 MARSH & MCLENNAN USD 1,264.00 184,265.61 0.03 MARVELL TECHNOLOGY USD 3,757.00 978,896.76 0.15
Page 57
PROTEA FUND - ORCADIA GSB
Statement of investments and other net assets as at June 30, 2026 (expressed in EUR) (continued)
The accompanying notes form an integral part of these financial statements.
55
Description Currency Quantity/Nominal Market value (note 2) % of net assets
MASTERCARD 'A' USD 1,842.00 827,474.10 0.12 MCDONALD'S USD 2,439.00 576,651.84 0.09 MERCADOLIBRE USD 120.00 178,156.90 0.03 MERCK & CO USD 3,838.00 431,367.94 0.06 MICROSOFT USD 17,010.00 5,549,785.55 0.83 MORGAN STANLEY USD 3,270.00 597,883.98 0.09 NEWMONT CORP USD 3,130.00 255,700.15 0.04 NVIDIA USD 43,490.00 7,611,225.03 1.14 O REILLY AUTOMOTIVE USD 2,534.00 204,107.45 0.03 OMNICOM GROUP USD 2,026.00 129,059.36 0.02 PALO ALTO NETWORKS USD 2,836.00 845,913.29 0.13 PEPSICO USD 27,983.00 3,314,001.55 0.49 PNC FINANCIAL SERVICES GROUP USD 957.00 206,098.60 0.03 PROCTER & GAMBLE USD 6,836.00 876,787.35 0.13 PROGRESSIVE USD 1,520.00 290,425.94 0.04 PROLOGIS USD 2,644.00 313,288.43 0.05 QUANTA SERVICES USD 307.00 193,345.81 0.03 S&P GLOBAL USD 820.00 292,095.85 0.04 SALESFORCE USD 5,923.00 811,595.49 0.12 SERVICENOW USD 4,765.00 413,775.19 0.06 SYNOPSYS USD 889.00 346,852.28 0.05 TAKE-TWO INTERACTIVE SOFTWARE USD 1,262.00 275,933.47 0.04 TEXAS INSTRUMENTS USD 4,081.00 1,063,958.36 0.16 TJX COS USD 3,060.00 405,484.10 0.06 UNITED PARCEL SERVICE 'B' USD 1,528.00 143,671.82 0.02 US BANCORP USD 2,753.00 145,439.68 0.02 VERIZON COMMUNICATIONS USD 30,094.00 1,114,475.54 0.17 VERTEX PHARMACEUTICALS USD 710.00 308,473.96 0.05 VISA 'A' USD 3,632.00 1,089,917.61 0.16 WALT DISNEY USD 12,978.00 1,092,567.50 0.16 WELLTOWER USD 1,676.00 332,722.56 0.05 WESTERN DIGITAL USD 1,193.00 666,485.54 0.10 ZOETIS 'A' USD 13,236.00 831,924.17 0.12 65,515,023.64 9.76 TOTAL SHARES 160,713,013.80 23.97
BONDS
AUSTRALIA 0.95% MACQUARIE GROUP 21/31 -SR- EUR 1,270,000.00 1,137,928.15 0.17 1,137,928.15 0.17 BELGIUM FRN COFINIMMO 20/28 -SR- EUR 1,000,000.00 996,219.97 0.15 0.282% GER-SP. COM. BE 21/27 -SR- EUR 5,000,000.00 4,819,739.50 0.72 0.375% FLEMISH COMMUNITY 20/30 -SR-S EUR 11,900,000.00 10,836,634.92 1.62 0.875% ALIAXIS FINANCE 21/28 -SR-S EUR 400,000.00 377,917.20 0.06 0.875% AQUAFIN NV 20/30 -SR-S EUR 1,500,000.00 1,377,186.74 0.21 1.50% VGP 21/29 -SR-S EUR 600,000.00 569,053.40 0.08
Page 58
PROTEA FUND - ORCADIA GSB
Statement of investments and other net assets as at June 30, 2026 (expressed in EUR) (continued)
The accompanying notes form an integral part of these financial statements.
56
Description Currency Nominal Market value (note 2) % of net assets
1.625% VGP 22/27 -SR- EUR 1,000,000.00 992,895.49 0.15 1.75% FLUXYS BELGIUM 17/27 -SR-S EUR 2,500,000.00 2,456,455.48 0.37 3.00% SUB. LORRAINE BAKERY 20/27 -S- EUR 1,500,000.00 1,460,395.88 0.22 3.243% AQUAFIN NV 26/32 -SR- EUR 3,750,000.00 3,764,314.28 0.56 3.40% ATENOR 21/27 -SR- EUR 1,000,000.00 973,908.86 0.15 3.50% FLUVIUS SYSTEMS 25/35 -SR-S EUR 1,300,000.00 1,280,307.38 0.19 3.75% ELIA TRANSMISSION BELGIUM 24/36 -SR- EUR 300,000.00 301,389.61 0.04 3.875% ATENOR 20/26 -SR- EUR 285,000.00 281,955.79 0.04 4.00% INFRABEL 12/27 -SR- EUR 1,000,000.00 1,001,207.20 0.15 4.25% COLRUYT 23/28 -SR-S EUR 1,490,000.00 1,513,969.56 0.23 4.25% SILFIN 25/32 -SR- EUR 600,000.00 603,938.11 0.09 4.625% ATENOR 22/28 -SR- EUR 140,000.00 135,575.27 0.02 5.021% DE PERSGROEP 24/30 -SR- EUR 2,000,000.00 1,991,682.90 0.30 5.10% WORXINVEST 24/30 -SR- EUR 950,000.00 990,310.02 0.15 5.50% FNG BENELUX HOLDING 16/23 -SR- -DEF- EUR 200,000.00 0.00 0.00 6.00% CRELAN 23/30 -SR- EUR 1,500,000.00 1,601,038.76 0.24 38,326,096.32 5.74 FINLAND 0.50% FINLAND 19/29 -SR-S EUR 825,000.00 771,340.34 0.12 771,340.34 0.12 FRANCE 0.375% BNP PARIBAS 20/27 -SR-S EUR 1,200,000.00 1,192,213.52 0.18 0.50% O.A.T. 19/29 EUR 3,500,000.00 3,283,200.76 0.49 0.60% FRANCE 23/34 -SR- EUR 15,250,000.00 16,353,857.30 2.44 0.70% O.A.T. (HICP) 13/30 -SR-S EUR 13,400,000.00 17,554,456.55 2.62 0.875% BPIFRANCE 18/28 -SR- EUR 1,500,000.00 1,435,859.15 0.21 1.625% TIKEHAU CAPITAL 21/29 -SR- EUR 700,000.00 660,986.35 0.10 2.00% FRANCE 22/32 -SR- EUR 13,400,000.00 12,498,782.06 1.86 3.125% SCHNEIDER ELECTRIC 23/29 -SR- EUR 1,100,000.00 1,104,435.55 0.16 54,083,791.24 8.06 GERMANY 0.00% GERMANY 20/30 -SR-S EUR 5,000,000.00 4,566,711.50 0.68 0.10% DORTMUND 19/29 -SR- EUR 2,700,000.00 2,457,131.81 0.37 0.50% GERMANY (HICP) 14/30 EUR 16,125,000.00 21,205,805.88 3.16 3.75% DEUTSCHE LUFTHANSA 21/28 -SR- EUR 1,600,000.00 1,611,341.81 0.24 29,840,991.00 4.45 IRELAND 1.10% IRELAND 19/29 EUR 2,900,000.00 2,783,438.56 0.42 2,783,438.56 0.42 ITALY 1.60% ITALY 22/30 -SR- EUR 9,750,000.00 9,863,077.60 1.47 2.45% ITALY (BTP) 17/33 -SR-S EUR 27,600,000.00 26,207,528.39 3.90 36,070,605.99 5.37
Page 59
PROTEA FUND - ORCADIA GSB
Statement of investments and other net assets as at June 30, 2026 (expressed in EUR) (continued)
The accompanying notes form an integral part of these financial statements.
57
Description Currency Nominal Market value (note 2) % of net assets
LUXEMBOURG FRN BIL 23/28 -SR- EUR 1,700,000.00 1,725,978.82 0.26 4.00% SHURGARD LUXEMBOURG 25/35 -SR-S EUR 800,000.00 792,611.10 0.12 2,518,589.92 0.38 NETHERLANDS 0.00% NETHERLANDS 20/30 -SR- 144A/S EUR 4,500,000.00 4,054,002.75 0.60 0.00% NETHERLANDS 21/29 -SR- EUR 4,550,000.00 4,269,486.13 0.64 0.625% RABOBANK 21/23 -SR- EUR 400,000.00 336,417.36 0.05 1.288% PROSUS 21/29 -SR- EUR 700,000.00 655,463.09 0.10 2.25% SUB. TRIODOS BANK 21/32 S EUR 1,000,000.00 992,817.69 0.15 4.375% SUEDZUCKER IF 26/31 -SR- EUR 2,200,000.00 2,205,764.00 0.33 12,513,951.02 1.87 SLOVAKIA 3.30% SLOVAKIA 25/29 -SR- EUR 1,947,000.00 1,977,382.76 0.29 1,977,382.76 0.29 SPAIN 0.60% SPAIN 19/29 -SR- EUR 13,450,000.00 12,575,280.86 1.88 1.45% SPAIN 19/29 -S- EUR 5,000,000.00 4,842,492.15 0.72 3.55% BONOS Y OBLIGACIONES 23/33 -SR- EUR 8,850,000.00 9,131,579.21 1.36 4.25% ACCIONA FINANCIACIÓN FILIALES S.A. UNIPERSONAL 17/30 -SR-S EUR 600,000.00 598,285.07 0.09 4.625% WERFEN 23/28 -SR- EUR 1,600,000.00 1,636,251.46 0.24 28,783,888.75 4.29 SUPRANATIONAL 0.75% EUROPEAN UNION 16/31 S76 -SR-S EUR 25,070,000.00 22,800,308.11 3.40 3.25% EUROPEAN UNION 23/34 -SR- EUR 14,700,000.00 14,876,280.05 2.22 37,676,588.16 5.62 UNITED KINGDOM 0.625% CADENT FINANCE 21/30 -SR- EUR 700,000.00 635,207.10 0.09 1.25% INFORMA (FR/RAT) 19/28 -SR-S EUR 1,700,000.00 1,644,812.36 0.25 2,280,019.46 0.34 UNITED STATES 0.50% WHIRLPOOL 20/28 -SR- EUR 700,000.00 655,182.61 0.10 655,182.61 0.10 TOTAL BONDS 249,419,794.28 37.22
TOTAL I. 410,132,808.08 61.19
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PROTEA FUND - ORCADIA GSB
Statement of investments and other net assets as at June 30, 2026 (expressed in EUR) (continued)
The accompanying notes form an integral part of these financial statements.
58
Description Currency Quantity/Nominal Market value (note 2) % of net assets
II. MONEY MARKET INSTRUMENTS
BELGIUM C.PAP. ASCENCIO 31/07/26 -SR- EUR 1,000,000.00 997,612.69 0.15 C.PAP. CARE PROP INV 31/07/26 -SR- EUR 1,000,000.00 997,698.39 0.15 C.PAP. CMB 22/07/26 -SR- EUR 500,000.00 499,090.18 0.07 C.PAP. CMB 31/07/26 -SR- EUR 750,000.00 748,145.24 0.11 C.PAP. NEXTENSA 27/07/26 -SR- EUR 250,000.00 249,496.46 0.04 C.PAP. WERE. BELGIUM 31/07/26 -SR- EUR 250,000.00 249,413.89 0.04 C.PAP. XIOR STUDENT 31/07/26 -SR- EUR 1,000,000.00 997,698.39 0.15 4,739,155.24 0.71 LUXEMBOURG C.PAP. CARMEUSE HOLDING 22/07/26 -SR- EUR 500,000.00 499,120.59 0.07 C.PAP. CARMEUSE HOLDING 27/07/26 -SR- EUR 250,000.00 249,468.47 0.04 C.PAP. CARMEUSE HOLDING 31/07/26 -SR- EUR 1,000,000.00 997,612.69 0.15 1,746,201.75 0.26 TOTAL II. 6,485,356.99 0.97
III. UNITS OF INVESTMENT FUNDS
IRELAND AMUNDI ETF - MSCI USA ESG SELECTI. EX.DR USD USD 130,466.00 2,447,164.53 0.36 AMUNDI ETF - MSCI USA ESG SELECTION USD USD 766,480.00 92,349,001.75 13.76 FEDERATED HERMES IF - GLOBAL EMERGING MARKETS EQUITY FUND USD USD 1,640,460.05 7,448,861.88 1.11 ISHARES IV - MSCI JAPAN SRI ETF USD USD 1,667,101.00 12,571,949.90 1.87 XTRACKERS - S&P500 EQUAL WEIGHT 1C ETF USD 726,712.00 37,584,604.21 5.60 152,401,582.27 22.70 LUXEMBOURG AMUNDI IS - MSCI EM. MA. ESG SEL. ETF DR EUR 211,582.00 15,434,906.90 2.30 BNP PARIBAS EASY - MSCI EUROPE SMALL CAPS SRI PAB TRACK CL. EUR 25,418.00 2,885,563.20 0.43 FFG GLOBAL EQUITY LOW CARBON I EUR -ACC.- EUR 995.00 12,915,826.35 1.93 LO FUNDS - SHORT-TERM MONEY MARKET FUND (EUR) N EUR ACC.- EUR 240,333.15 29,447,804.69 4.38 MULTI UN. AMU. MSCI EUR. ESG SELE. ETF EUR 40,537.00 1,733,159.44 0.26 PROTEA FUND - ORCADIA EQUITIES EMU SRI EX-FOSSIL B EUR * EUR 61,239.84 13,651,585.80 2.04 UBS (LUX) - MSCI EMU SOCIALLY RESPONSIBLE A EUR EUR 14,826.00 2,192,765.40 0.33 UBS (LUX) - MSCI JAPAN SOCIALLY RESPONSIBLE UCITS A JPY INC EUR 186,395.00 5,547,115.20 0.83 VONTOBEL - SUSTAINABLE E/M LEADERS I USD USD 38,432.36 9,665,739.64 1.44 93,474,466.62 13.94 TOTAL III. 245,876,048.89 36.64
* Refer to note 14
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PROTEA FUND - ORCADIA GSB
Statement of investments and other net assets as at June 30, 2026 (expressed in EUR) (continued)
The accompanying notes form an integral part of these financial statements.
59
Description Market value (note 2) % of net assets
TOTAL INVESTMENTS 662,494,213.96 98.80 CASH AT BANKS 9,580,720.66 1.43 OTHER NET LIABILITIES -1,563,741.98 -0.23
TOTAL NET ASSETS 670,511,192.64 100.00
Page 62
PROTEA FUND - ORCADIA GSB
The accompanying notes form an integral part of these financial statements.
60
Geographical and industrial classification of investments as at June 30, 2026
Geographical classification (in % of net assets) Ireland 23.99 Luxembourg 14.58 France 10.03 United States 9.86 Belgium 6.91 Supranational 5.62 Italy 5.37 Germany 4.89 Spain 4.29 Netherlands 3.48 United Kingdom 3.09 Switzerland 2.44 Canada 1.39 Sweden 0.84 Denmark 0.69 Australia 0.57 Slovakia 0.29 Hong Kong 0.18 Finland 0.12 Norway 0.09 Cayman Islands 0.04 China 0.04 98.80
Industrial classification (in % of net assets) Units of investment funds 36.64 Bonds issued by countries or cities 24.99 Bonds issued by companies 6.61 Bonds issued by supranational institutions 5.62 Electronics and electrical equipment 3.38 Banks and credit institutions 3.14 Pharmaceuticals and cosmetics 2.52 Insurance 2.06 Holding and finance companies 1.93 Computer and office equipment 1.58 Internet, software and IT services 1.50 Food and soft drinks 1.42 Construction of machines and appliances 1.11 Money market instruments 0.97 Chemicals 0.92 Retail and supermarkets 0.75 Miscellaneous consumer goods 0.53 Public utilities 0.42 Communications 0.40 Construction and building materials 0.40 Tyres and rubber 0.30 Publishing and graphic arts 0.21 Transport and freight 0.19 Leisure 0.16 Real Estate Shares 0.13 Metals and minings 0.13 Automobiles 0.13 Precious metals and stones 0.12 Healthcare & social services 0.10 Biotechnology 0.10 Textiles and clothing 0.08 Miscellaneous 0.06 Stainless steel 0.05 Consumer products 0.05 Miscellaneous trade 0.04 Utilities 0.04 Packaging 0.02 98.80
Page 63
PROTEA FUND - DOGMA RENOVATIO CREDIT FUND
Statement of investments and other net assets as at June 30, 2026 (expressed in USD)
The accompanying notes form an integral part of these financial statements.
61
Description Currency Nominal Market value (note 2) % of net assets
TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET
BONDS
CANADA 6.50% TRANSALTA 10/40 -SR- USD 400,000.00 394,767.60 4.78 394,767.60 4.78 CAYMAN ISLANDS 6.25% GACI FIRST INVESTMENT 26/56 -SR- USD 400,000.00 399,890.36 4.85 399,890.36 4.85 FRANCE FRN E.D.F. 25/30 -SR- USD 200,000.00 201,507.22 2.44 6.25% E.D.F. 26/66 -SR-S USD 200,000.00 197,282.29 2.39 398,789.51 4.83 KAZAKHSTAN 6.375% KAZMUNAYGAZ 18/48 -SR-S USD 200,000.00 201,984.95 2.45 201,984.95 2.45 LUXEMBOURG 6.462% GREEN PALM 26/46 -SR- USD 200,000.00 202,999.97 2.46 202,999.97 2.46 SOUTH KOREA FRN KOREA H&N POWER 25/30 -SR- USD 400,000.00 402,634.56 4.88 FRN LG ENERGY SOL 26/31 -SR-S USD 400,000.00 403,570.02 4.89 806,204.58 9.77 SPAIN 8.499% ENFRAGEN ENERGIA 25/32 -SR-S USD 400,000.00 418,848.22 5.08 418,848.22 5.08 UNITED ARAB EMIRATES 5.794% DHAFRAH PV2 26/53 -SR- USD 200,000.00 198,935.85 2.41 198,935.85 2.41 UNITED STATES FRN AMERICA HONDA 26/29 -SR- USD 400,000.00 400,230.44 4.85 FRN H.P. 26/28 -SR- USD 300,000.00 301,902.76 3.66 FRN HONEYW AEROSP 26/29 -SR-S USD 200,000.00 200,282.61 2.43 FRN HYUNDAI CAP. 26/31 -SR-S USD 400,000.00 401,102.98 4.86 FRN MERECEDES-BENZ INTERNATIONAL FINANCE 25/28 SR-S USD 200,000.00 201,004.30 2.44 6.00% HA SUSTAINABLE INFRASTRUCTURE 26/36 -SR- USD 400,000.00 394,999.26 4.79 6.125% FORD MOTOR 24/34 -SR- USD 250,000.00 251,795.48 3.05
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