open/document-extraction

Added by Kamaji | Added: 2026-10-23 22:34 | Edited: 2026-10-23 22:34 | Views: 8 | Model: dorsalhub/pdf-extractor

This view of the annotation often reflects the precision of the extraction model or annotator, as well as the complexity of the document.

MGTS Progeny Fund

Interim Financial Statements

For the six - months ended 30 June 202 6 (Unaudited )

Docusign Envelope ID: CA63F131-1B15-802D-82D1-B410875B6B41

Page 2

MGTS Progeny Fund - fo for the p period ended 30 June 2026

i Margetts Fund Management Limited

ACD Margetts Fund Management Limited 1 Sovereign Court Graham Street Birmingham B1 3JR Tel: 0121 236 2380 Fax: 0121 236 2330 Company Registration No: 4158249 VAT No: (GB) 795 0415 16 (Authorised and regulated by the Financial Conduct Authority)

Directors of the ACD T J Ricketts M D Jealous A Ogunnowo A Denny (non - exec) – – appointed 7 January 2026 J Harris (non - exec) L R Scott (non - exec)

Depositary The Bank of New York Mellon (International) Limited 160 Queen Victoria Street London EC4V 4LA (A (Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority )

Administrator and Registrar Margetts Fund Management Limited 1 Sovereign Court Graham Street Birmingham B1 3JR Tel: 0121 236 2380 Fax: 0121 236 2330 (Authorised and regulated by the Financial Conduct Authority)

Auditors Moore Kingston Smith LLP 6th Floor, 9 Appold Street London EC2A 2AP

Investment Managers Progeny Asset Management Limited 1A Tower Square Leeds LS1 4DL (Authorised and regulated by the Financial Conduct Authority)

Docusign Envelope ID: CA63F131-1B15-802D-82D1-B410875B6B41

Page 3

MGTS Progeny Fund - fo for the p period ended 30 June 2026

ii Margetts Fund Management Limited

Contents

Authorised Status ................................ ................................ ................................ ................................ ...................... 1 Certification of Accounts by Directors of the ACD ................................ ................................ ................................ ....... 1 Value for Money Assessment ................................ ................................ ................................ ................................ ..... 1 Task Force on Climate - related Financial Disclosures (‘TCFD’) ................................ ................................ ...................... 2 MGTS Progeny Dynamic Equity Fund Report & Accounts ................................ ................................ ............................ 3 Investment Manager’s Report ................................ ................................ ................................ ............................... 3 Portfolio Statement ................................ ................................ ................................ ................................ .............. 5 Financial Statements ................................ ................................ ................................ ................................ ............. 6 Fair Value Hierarchy of Investments ................................ ................................ ................................ ...................... 8 Distribution Table ................................ ................................ ................................ ................................ ................. 9 Net Asset Value per Share and Comparative Tables ................................ ................................ ............................. 10 MGTS Progeny Dynamic Bond Fund Report & Accounts ................................ ................................ ........................... 12 Investment Manager’s Report ................................ ................................ ................................ ............................. 12 Portfolio Statement ................................ ................................ ................................ ................................ ............ 14 Financial Statements ................................ ................................ ................................ ................................ ........... 15 Fair Value Hierarchy of Investments ................................ ................................ ................................ .................... 17 Distribution Table ................................ ................................ ................................ ................................ ............... 18 Net Asset Value per Share and Comparative Tables ................................ ................................ ............................. 19 MGTS Progeny Systematic Equity Fund Report & Accounts ................................ ................................ ...................... 21 Investment Manager’s Report ................................ ................................ ................................ ............................. 21 Portfolio Statement ................................ ................................ ................................ ................................ ............ 24 Financial Statements ................................ ................................ ................................ ................................ ........... 25 Fair Value Hierarchy of Investments ................................ ................................ ................................ .................... 27 Distribution Table ................................ ................................ ................................ ................................ ............... 28 Net Asset Value per Share and Comparative Tables ................................ ................................ ............................. 29 MGTS Progeny Systematic Bond Fund Report & Accounts ................................ ................................ ........................ 31 Investment Manager’s Report ................................ ................................ ................................ ............................. 31 Portfolio Statement ................................ ................................ ................................ ................................ ............ 34 Financial Statements ................................ ................................ ................................ ................................ ........... 35 Fair Value Hierarchy of Investments ................................ ................................ ................................ .................... 37 Distribution Table ................................ ................................ ................................ ................................ ............... 38 Net Asset Value per Share and Comparative Tables ................................ ................................ ............................. 39 General Information ................................ ................................ ................................ ................................ ................ 41 Remuneration ................................ ................................ ................................ ................................ ......................... 42

Docusign Envelope ID: CA63F131-1B15-802D-82D1-B410875B6B41

Page 4

MGTS Progeny Fund - fo for the p period ended 30 June 2026

1 Margetts Fund Management Limited

Authorised Status

MGTS Progeny Dynamic Equity Fund, MGTS Progeny Dynamic Bond Fund, MGTS Progeny Systematic Equity Fund and MGTS Progeny Systematic Bond Fund, are Sub - funds of the MGTS Progeny Fund, which is an open - ended investment company with variable capital incorporated in England and Wales under registration number IC065130 , authorised and regulated by the Financial Conduct Authority with effect from 1 February 2022 .

The Fund is classed as a Non - UCITS Retail Scheme, which complies with the requirements of the FCA FUND and COLL handbooks. Shareholders are not liable for the debts of the Fund.

Certification of Accounts by Directors of the ACD

This report is signed in accordance with the requirements of the Collective Investment Schemes Sourcebook (COLL) as issued and amended by the Financial Conduct Authority.

M D Jealous A Ogunnowo

Margetts Fund Management Limited 26 August 2026

Value for Money Assessment

Under rules set out within the Collective Investment Schemes sourcebook (COLL), we are required to carry out an Assessment of Value (AoV) at least annually on each Sub - fund and report publicly on our conclusions.

The AoV review covers the 7 pillars defined within the sourcebook: Performance, Quality of Service, AFM Costs, Economies of Scale, Comparable Market Rates, Comparable Services and Classes of Units. Each Sub - fund within the range is assessed independently a gainst each of the pillars.

We conducted our latest assessment as at 31 December 2025, accounting year - end date of the Fund.

MGTS Progeny Dynamic Bond Fund We have concluded that the Sub - fund is delivering overall value to investors across all seven pillars of the AoV assessment. We assess the performance of the Sub - fund over multiple time periods. Despite some performance being observed that was lower relative to the comparator benchmark, the assessment concluded that value is still being delivered for the Performance pillar.

We believe that charges are justified based on the assessment and no remedial action has been identified at this time.

MGTS Progeny Dynamic Equity Fund We believe that the Sub - fund is delivering overall value to investors across all assessed pillars. Performance was not assessed due to limited available performance history.

We believe that charges are justified based on the assessment and no remedial action has been identified at this time.

MGTS Progeny Systematic Bond Fund We have concluded that the Sub - fund is delivering overall value to investors across all seven pillars of the AoV assessment. We assess the performance of the Sub - fund over multiple time periods. Despite some performance being observed that was lower relative to the comparator benchmark, the assessment concluded that value is still being delivered for the Performance pillar.

We believe that charges are justified based on the assessment and no remedial action has been identified at this time.

MGTS Progeny Systematic Equity Fund We believe that the Sub - fund is delivering overall value to investors across all assessed pillars. Performance was not assessed due to limited available performance history.

We believe that charges are justified based on the assessment and no remedial action has been identified at this time.

Docusign Envelope ID: CA63F131-1B15-802D-82D1-B410875B6B41

Page 5

MGTS Progeny Fund - fo for the p period ended 30 June 2026

2 Margetts Fund Management Limited

Task Force on Climate - related Financial Disclosures (‘TCFD’)

In accordance with current Financial Conduct Authority rules, the ACD is required to publish its own TCFD report and that of each S ub - fund. The report can be found by visiting our website https://investors.mgtsfunds.com/disclosures . The TCFD disclosure of each S ub - fund is reviewed on an annual basis and may not include Sub - funds that were launched or transferred to Margetts after the review.

Docusign Envelope ID: CA63F131-1B15-802D-82D1-B410875B6B41

Page 6

MGTS Progeny Fund - MGTS Progeny Dynamic Equity Fund - fo for the period ended 30 June 2026

3 Margetts Fund Management Limited

MGTS Progeny Dynamic Equity Fund Report & Accounts

Investment Manager ’s Report

For the p period ended 30 June 2026

Investment Objective The objective of the Sub - fund is to provide capital growth, with the potential for income, over any 7 - year period.

Investment Policy A dynamic approach is used to provide exposure to shares across any economic sector and geographic area. The dynamic approach is defined as using judgement to forecast future opportunities or threats and make periodic adjustments to the asset allocation and underlying investment selections.

To provide the above exposure, a minimum of 70% of the Sub - fund will be invested in active and/or passively managed collective investment schemes (which may include schemes operated by the ACD, associates or controllers of the ACD). The Sub - fund may also invest directly (maximum of 30%) in transferable securities, such as shares and investment trusts.

The Sub - fund will be fully invested except for a cash amount to enable ready settlement of liabilities (including redemption of units) and efficient management of the Sub - fund both generally and in relation to its investment objective. This amount will vary depending upon prevailing circumstances and would not normally exceed 10% of the total value of the Sub - fund .

The use of derivatives and/or hedging transactions are permitted in connection with the efficient portfolio management (managing the Fund in a way that is designed to reduce risk or cost and/or generate extra income or growth or both). The Sub fund may hold assets which embed derivatives that are used for investment purposes and efficient portfolio management, although this would not materially affect the risk exposure of the Sub - fund .

The Sub - fund will be actively managed. This means that the manager will use their expertise to select investments, rather than tracking a stock exchange or index.

Performance Comparison There are three types of benchmarks which can be used:

1. A target - an index or similar factor that is part of a target a fund manager has set for a fund’s performance to match or exceed, which includes anything used for performance fee calculation

2. A constraint - an index or similar factor that fund managers use to limit or constrain how they construct a fund’s portfolio

3. A comparator - an index or similar factor against which a fund manager invites investors to compare a fund’s performance

The Sub - fund does not have a performance target and is not constrained by any index, IA sector or similar factor.

The IA (Investment Association) Global Sector is used as the comparator. This is considered appropriate for investors to use when comparing performance as the strategy results in the Sub - Fund meeting the definition of this sector. The sector is not constru cted as an Index, therefore as funds enter or leave the sector composition can change, but it is considered that the sector remains a useful and relevant comparator for investors to assess performance within a relevant peer group.

Docusign Envelope ID: CA63F131-1B15-802D-82D1-B410875B6B41

Page 7

MGTS Progeny Fund - MGTS Progeny Dynamic Equity Fund - fo for the period ended 30 June 2026

4 Margetts Fund Management Limited

Investment Manager’s Report (continued)

Investment Review

Source: Morningstar. Performance is bid to bid with income reinvested

Benchmarks IA Global 9.86%

Source: Morningstar. Performance is bid to bid with income reinvested.

The reporting period witnessed a dynamic mix of market narratives and geopolitical events. In January and February, the market became increasingly focused on the efficacy of Artificial Intelligence (AI) and the potential effect on business models which were previously considered robust and highly cash flow generative. These concerns were particular ly focused on software companies, who suffered material de - rating as a result, often from elevated levels, which created volatility and rotation within the market. At the end of February, the United States joined Israel's military campaign against Iran. During March, attention increasingl y focused on Iran's response, including disruption to shipping through the Strait of Hormuz, a key route for global commodity trade , and retaliatory strikes against Gulf countries.

The combined effect of these events led the Head of the International Energy Agency (IEA) to warn of the ‘largest supply disruption in the history of the global oil market’ , but the immediate effects on inflation have been more moderate than this statement implies. However, there is significant potential for a longer lasting lagged effect, given the nature of commodity markets, and after the end of the reporting period, the resumption of hostilities also speaks to the ongoing geopolitical ten sion. Markets soon disregarded these events and again focused on AI and the significant boost to earnings for companies in the AI value chain. The so - called ‘picks and shovels’ trade led to remarkable performance for several sub - industries, but the highest profi le were the semi - conductor companies.

The effect on earnings has been material. In the US, Q1 year on year (YoY) profit (EPS) growth was 21.7%, compared to initial estimates of 12 - 13%. At the time of writing, estimates for Q2 are 37.9% - significantly above the long - term average of 12.5%. The effect was even greater in emerging and Asian markets where three companies (SK Hynix, TSMC and Samsung Electronics) produced exceptional returns, resulting in these companies accounting for around 30% of the two indices. This market dynamic started to unwind in Asian and emerging markets through June and continued into US and global markets after the reporting period.

Against this backdrop, the reporting period proved positive for equity indices. Global equities rose 13.4% across the period, led by the US (13.8%), Asia (23.8%) and Emerging Markets (23.1%). In contrast, areas with a lower technology exposure lagged, the best example being the UK (4%) .

In both US and emerging market equities, our blend of Active managers is valuation sensitive. Consequently, we maintained an underweight position in technology and AI - related companies during the period. Despite weakness in the River Road US Value Select f und, our US blend outperformed the broad market index, supported by our allocation to smaller companies. Our emerging markets exposure (Invesco Emerging Markets) lagged the benchmark materially (15.5% versus 23.1%), reflecting the strong performance of a small number of stocks with similar characteristics. The team remained disciplined in applying it s valuati on - sensitive approach, which benefited performance in the months that followed.

Our UK fund selection was in line with the broad benchmark. Strong performance from JOHCM UK Equity Income was driven in part by its allocation to the f financial sector. During the period, following sustained weak performance, we sold Evenlode Income. Despite recent returns, this was not a straightforward decision given that the ‘quality’ stocks in which Evenlode invest are cheap. However, we felt that there had b een too many questionable stock decisions. We partially recycled the capital into Clearbridge UK Rising Dividends, who share a similar investment approach.

Progeny Asset Management Limited Investment Manager 05 August 2026

MGTS Progeny Dynamic Equity Fund R Acc 11.41%

Docusign Envelope ID: CA63F131-1B15-802D-82D1-B410875B6B41

Page 8

MGTS Progeny Fund - MGTS Progeny Dynamic Equity Fund - fo for the period ended 30 June 2026

5 Margetts Fund Management Limited

Portfolio S tatement As at 30 June 2026 % OF NET ASSETS HOLDING INVESTMENT VALUE (£) 30.06.2026 31.12.2025 COLLECTIVE INVESTMENT SCHEMES ASIA PACIFIC EXCLUDING JAPAN 2,039,376 JUPITER MERIAN ASIA PACIFIC I GBP ACC 10,896,387 4.73 TOTAL ASIA PACIFIC EXCLUDING JAPAN 10,896,387 4.73 4.98

EUROPE EXCLUDING UK 2,800,731 BLACKROCK EUROPEAN DYNAMIC FUND FX ACC 10,215,666 4.44 670,942 L&G QUALITY EQUITY DIVIDENDS ESG EXCLUSIONS EUROPE EX UK UCITS ETF

10,051,417 4.36

TOTAL EUROPE EXCLUDING UK 20,267,083 8.80 8.9 0

GLOBAL EMERGING MARKETS 4,663,803 INVESCO GLOBAL EMERGING MARKETS FUND UK M ACC 17,486,931 7.59 TOTAL GLOBAL EMERGING MARKETS 17,486,931 7.59 8.11

JAPAN 3,566,882 FIDELITY INDEX JAPAN P ACC 11,354,455 4.93 TOTAL JAPAN 11,354,455 4.93 4.91

NORTH AMERICA 10,969,985 CG RIVER ROAD US LARGE CAP VALUE SELECT FUND F GBP ACC 10,323,853 4.48 6,707,153 FIDELITY INDEX US FUND P ACC 40,780,833 17. 69 1,122,675 HSBC US MULTI - FACTOR EQUITY FUND INSTITUTIONAL A ACC 12,557,227 5.45 58,346 INVESCO RUSSELL 2000 UCITS ETF ACC 6,791,525 2.95 127,744 LAZARD BAYLIGHT US LARGE CAP FUND CLASS EA GBP ACC 15,955,481 6.93 38,253 VANGUARD U.S. EQUITY INDEX FUND INSTITUTIONAL PLUS GBP ACC

19,971,235 8.67

TOTAL NORTH AMERICA 106,380,154 46.1 7 44.9 3

UK ALL COMPANIES 2,366,748 FTF FRANKLIN UK RISING DIVIDENDS FUND W ACC 7,746,368 3.36 6,417,966 INVESCO UK ENHANCED INDEX FUND UK M ACC 21,753,053 9.4 5 6,218,863 INVESCO UK OPPORTUNITIES FUND (UK) M ACC 20,153,468 8.7 5 TOTAL UK ALL COMPANIES 49,652,889 21.56 21. 68

UK EQUITY INCOME 1,661,473 JOHCM UK EQUITY INCOME A GBP ACC 12,341,425 5.36 TOTAL UK EQUITY INCOME 12,341,425 5.36 5.6 1

PORTFOLIO OF INVESTMENTS 228,379,324 99.14 99.12 NET CURRENT ASSETS 1,972,135 0.86 0.88 TOTAL NET ASSETS 230,351,459 100.00 100.00

Docusign Envelope ID: CA63F131-1B15-802D-82D1-B410875B6B41

Page 9

MGTS Progeny Fund - MGTS Progeny Dynamic Equity Fund - fo for the period ended 30 June 2026

6 Margetts Fund Management Limited

Financial Statement s

Statement of Total Return

For the period ended 30 June 2026 01.01.2026 to 01.01.2025 to 30.06.2026 30.06.2025 Income £ £ £ £ Net capital gains 23,249,407 1,763,683 Revenue 2,273,654 2,488,583 Expenses (584,415) (719,846) Finance costs: Interest - (6,783) Net revenue before taxation 1,689,239 1,761,954 Net revenue after taxation 1,689,239 1,761,954 Total return before distributions 24,938,646 3,525,637 Finance costs: Distribution (1,690,504) (1,761,851) Change in net assets attributable to shareholders from investment activities

23,248,142 1,763,786

Statement of Change in Net Asset Attributable to Shareholders

For the period ended 30 June 2026 01.01.2026 to 01.01.2025 to 30.06.2026 30.06.2025 £ £ £ £ Opening net assets attributable to shareholders 243,985,577 303,607,452

Amounts receivable on issue of shares 911,614 9,221,529 Amounts payable on cancellation of shares (39,327,143) (50,347,091)

Dilution adjustment (2,473) 3,851 (38,418,002) (41,121,711) Change in net assets attributable to shareholders from investment activities

23,248,142 1,763,786

Retained distribution on accumulation shares 1,535,742 1,650,256

Closing net assets attributable to shareholders 230,351,459 265,899,783

Docusign Envelope ID: CA63F131-1B15-802D-82D1-B410875B6B41

Page 10

MGTS Progeny Fund - MGTS Progeny Dynamic Equity Fund - fo for the period ended 30 June 2026

7 Margetts Fund Management Limited

Balance Sheet

As at 30 June 2026 30.06.2026 3 1 . 12 .202 5 Assets £ £ £ £ Investment assets 228,379,324 241,831,797 Debtors 21,249,533 120,406 Bank balances 1,716,766 3,116,228 Total other assets 22,966,299 3,236,634 Total assets 251,345,623 245,068,431

Liabilities Creditors 20,991,680 1,080,963 Distribution payable on income shares 2,484 1,891 Total other liabilities 20,994,164 1,082,854 Net assets attributable to shareholders 230,351,459 243,985,577

Docusign Envelope ID: CA63F131-1B15-802D-82D1-B410875B6B41

Page 11

MGTS Progeny Fund - MGTS Progeny Dynamic Equity Fund - fo for the period ended 30 June 2026

8 Margetts Fund Management Limited

Fair Value Hierarchy of Investments

As at 30 June 2026

Basis of Valuation Level 1: Quoted Prices

Level 2: Observable M arket D ata

Level 3: Unobservable D ata Assets Liabilities Assets Liabilities Assets Liabilities £ £ £ £ £ £ Collective Investment Schemes 16,842,944 - 211,536,380 - - 16,842,944 - 211,536,380 - - -

In accordance with FRS 102, investments are classified using a fair value hierarchy that reflects the significance of the inputs used in determining fair value. Level 1 investments are valued using unadjusted quoted prices in active markets for identical instruments. Level 2 investments are valued using observable market inputs other than quoted prices included within Level 1. Level 3 investments are valued using valuation techniques that use significant unobservable inputs.

Docusign Envelope ID: CA63F131-1B15-802D-82D1-B410875B6B41

Page 12

MGTS Progeny Fund - MGTS Progeny Dynamic Equity Fund - fo for the period ended 30 June 2026

9 Margetts Fund Management Limited

Distribution Table

For the period ended 30 June 2026 – in pence per share

Interim payment/allocation date 31 August 2026 Group 1 – – shares purchased prior to 01.01.2026 Group 2 – – shares purchased on or after 01.01.2026

MGTS Progeny Dynamic Equity Fund R Acc Shares Shares Net Income Equalisation Allocating 31.08.2026 Allocat ed 31.08.2025 Group 1 1.0857 - 1.0857 0.8055 Group 2 0.9384 0.1473 1.0857 0.8055

MGTS Progeny Dynamic Equity Fund R Inc Shares Shares Net Income Equalisation Payable 31.08.2026 Pa id 31.08.2025 Group 1 1.0487 - 1.0487 0.7874 Group 2 0.3667 0. 6820 1.0487 0.7874

Equalisation only applies to shares purchased during the distribution period (group 2 shares). It represents the accrued inco me included in the purchase price of the shares. After averaging it is returned with the distribution as a capital repayment. It is not liable to income tax but must be deducted from the cost of the shares for capital gains tax purposes.

Docusign Envelope ID: CA63F131-1B15-802D-82D1-B410875B6B41

Page 13

MGTS Progeny Fund - MGTS Progeny Dynamic Equity Fund - fo for the period ended 30 June 2026

10 Margetts Fund Management Limited

Net Asset Value per Share and Comparative Tables

R Accumulation 01.01.2026 to 01.01.2025 to 01.01.2024 to 01.01.2023 to Change in net assets per share 30.06.2026 31.12.2025 31.12.2024 31.12.2023 Opening net asset value per share 145.9741 128.0732 111.6787 101.5512 Return before operating charges * 16.9928 18.5709 17.0145 10.6375 Operating charges (0.3800) (0.6700) (0.6200) (0.5100) Return after operating charges 16.6128 17.9009 16.3945 10.1275 Distribution (1.0857) (1.6168) (1.4303) (1.1883) Retained distribution on acc shares 1.0857 1.6168 1.4303 1.1883 Closing net asset value per share 162.5869 145.9741 128.0732 111.6787 * After direct transaction costs of 0.0072 0.0137 0.0048 0.0027

Performance Return after charges 11.38% 13.98% 14.68% 9.97%

Other Information Closing net asset value (£) 229,982,184 243,647,165 303,567,536 312,092,876 Closing number of shares 141,451,827 166,911,219 237,026,525 279,456,022 OCF ^ 0.81% ^ 0.82% 0.91% 0.93% Direct transaction costs 0.00% 0.01% 0.00% 0.00%

Prices Highest share price (pence) 163.06 147.03 131.15 111.39 Lowest share price (pence) 142.73 110.18 109.33 100.40

R Income 01.01.2026 to 01.01.2025 to 01.01.2024 to 01.01.2023 to Change in net assets per share 30.06.2026 31.12.2025 31.12.2024 31.12.2023 Opening net asset value per share 140.9324 125.1148 110.3538 101.3468 Return before operating charges * 16.4100 18.0426 16.7808 10.6564 Operating charges (0.3700) (0.6500) (0.6100) (0.5100) Return after operating charges 16.0400 17.3926 16.1708 10.1464 Distribution (1.0487) (1.5750) (1.4098) (1.1394) Closing net asset value per share 155.9237 140.9324 125.1148 110.3538 * After direct transaction costs of 0.0069 0.0140 0.0042 0.0033

Performance Return after charges 11.38% 13.90% 14.65% 10.01%

Other Information Closing net asset value (£) 369,275 338,412 39,916 34,863 Closing number of shares 236,831 240,124 31,903 31,592 OCF ^ 0.81 % ^ 0.82% 0.91% 0.93% Direct transaction costs 0.00% 0.01% 0.00% 0.00%

Prices Highest share price (pence) 157.43 142.75 128.75 110.52 Lowest share price (pence) 137.80 107.64 108.03 100.23

^The OCF stated for the period ended 30 June 2026 and 31 December 2025 does not include costs incurred by underlying closed ended funds. Where prior year OCFs included such costs, those figures may not be directly comparable year on year.

Docusign Envelope ID: CA63F131-1B15-802D-82D1-B410875B6B41

Page 14

MGTS Progeny Fund - MGTS Progeny Dynamic Equity Fund - fo for the period ended 30 June 2026

11 Margetts Fund Management Limited

Risk Warning An investment in an open - ended investment company (OEIC) should be regarded as a medium to long term investment. Investors should be aware that the price of shares and the income from them can fall as well as rise and investors may not receive back the ful l amount invested. Past performance is not a guide to future performance.

Fund Performance The performance of the Sub - fund is shown in the Investment Manager’s Report.

Synthetic Risk and Reward Indicator

The risk and reward score is based on past performance and calculated in accordance with European legislation. It may not be a reliable indication of the future risk profile.

Docusign Envelope ID: CA63F131-1B15-802D-82D1-B410875B6B41

Page 15

MGTS Progeny Fund - MGTS Progeny Dynamic Bond Fund - fo for the p period ended 30 June 2026

12 Margetts Fund Management Limited

MGTS Progeny Dynamic Bond Fund Report & Accounts

Investment Manager ’s Report

For the p period ended 30 June 2026

Investment Objective The objective of the Sub - fund is to provide income.

Investment Policy A dynamic approach is used to provide exposure to a range of global bonds across any economic sector and geographic area. The dynamic approach is defined as using judgement to forecast future opportunities or threats and make periodic adjustments to the asset allocation and underlying investme nt selections.

To provide the above exposure, a minimum of 70% of the Sub - fund will be invested in active and/or passively managed collective investment schemes (which may include schemes operated by the ACD, associates or controllers of the ACD).The Sub - fund may also invest directly (maximum of 30%) in transferable securities, such as bonds and investment trusts.

Overall exposure to Sterling Denominated (or hedged back to Sterling) bonds, held either directly or indirectly through other assets such as collective investment schemes, will be a minimum of 80%.

The use of derivatives and/or hedging transactions are permitted in connection with efficient portfolio management (managing the Fund in a way that is designed to reduce risk or cost and/or generate extra income or growth or both). The Sub - fund may hold assets which embed derivatives that are used for investment purposes and efficient portfolio management, although this would not materially affect the risk exposure of the Sub - fund .

Eligible expenses will be charged to the Sub - fund ’s capital account. This will increase the distributable income by that amount and reduce the capital by a similar amount. This may constrain capital growth.

The Sub - fund will be actively managed. This means that the manager will use their expertise to select investments, rather than tracking a stock exchange or index.

Performance Comparison There are three types of benchmarks which can be used:

1. A target - an index or similar factor that is part of a target a fund manager has set for a fund’s performance to match or exceed, which includes anything used for performance fee calculation

2. A constraint - an index or similar factor that fund managers use to limit or constrain how they construct a fund’s portfolio

3. A comparator - an index or similar factor against which a fund manager invites investors to compare a fund’s performance

The S ub - fund does not have a performance target and is not constrained by any index, IA sector or similar factor.

The IA (Investment Association) Sterling Strategic Bond Sector is used as the comparator. This is considered appropriate for investors to use when comparing performance as the sector is made up of funds with a similar asset allocation as defined by t he IA. The sector is not constructed as an Index, therefore as funds enter or leave the sector composition can change, but it is considered that the sector remains a useful and relevant comparator for investors to assess performance within a relevant pee r group.

Docusign Envelope ID: CA63F131-1B15-802D-82D1-B410875B6B41

Page 16

MGTS Progeny Fund - MGTS Progeny Dynamic Bond Fund - fo for the p period ended 30 June 2026

13 Margetts Fund Management Limited

Investment Manager’s Report (continued)

Investment Review

Source: Morningstar. Performance is bid to bid with income reinvested. Benchmarks IA £ Strategic Bond 1.63%

Source: Morningstar. Performance is bid to bid with income reinvested.

The reporting period w witnessed a dynamic mix of market narratives and geopolitical events. In January and February, the market became increasingly focused on the efficacy of Artificial Intelligence (AI) and the potential effect on business models which were previously consider ed robust and highly cash flow generative. These concerns were particularly focused on software companies, who suffered material de - rating as a result, often from elevated levels, which created volatility and rotation within the market. At the end of February, the United States joined Israel's military campaign against Iran. During March, attention increasingl y focused on Iran's response, including disruption to shipping through the Strait of Hormuz, a key route for global commodity trade , and retaliatory strikes against Gulf countries.

The combined effect of these events led the Head of the International Energy Agency (IEA) to warn of the ‘largest supply disruption in the history of the global oil market’ , but the immediate effects on inflation have been more moderate than this statement implies. However, there is significant potential for a longer lasting lagged effect, given the nature of commodity markets, and after the end of the reporting period, the resumption of hostilities also speaks to the o ngoing geopolitical tension. Markets soon disregarded these events and again focused on AI and the significant boost to earnings for companies in the AI value chain. The so - called ‘picks and shovels’ trade led to remarkable performance for several sub - industries, but the highest profi le were the semi - conductor companies .

During the final quarter of 2025, we made significant changes to the strategy. The purpose was to introduce more diversificat ion, including adding a meaningful allocation to inflation linked bonds, and reduce duration. Given the strength of the global econ omy, as well as the hostilities in the Middle East, bond yields and inflation expectations rose across the period.

Progeny Asset Management Limited Investment Manager 05 August 2026

MGTS Progeny Dynamic Bond Fund R Acc 1.57%

Docusign Envelope ID: CA63F131-1B15-802D-82D1-B410875B6B41

Page 17

MGTS Progeny Fund - MGTS Progeny Dynamic Bond Fund - fo for the p period ended 30 June 2026

14 Margetts Fund Management Limited

Portfolio S tatement As at 30 June 2026 % OF NET ASSETS HOLDING INVESTMENT VALUE (£) 30.06.2026 31.12.2025 COLLECTIVE INVESTMENT SCHEMES £ CORPORATE BOND 8,919,824 M&G STRATEGIC CORPORATE BOND FUND M ACC 9,529,940 8.03 6,507,315 MAN GLG STERLING CORPORATE BOND FUND INSTITUTIONAL ACC F

9,526,709 8.03

5,988,581 ROYAL LONDON INV GRADE SD CREDIT Z ACC 6,886,869 5.81 TOTAL £ CORPORATE BOND 25,943,518 21.87 21.8 0

GLOBAL CORPORATE BONDS 70,392 VANGUARD GLOBAL CORPORATE BOND INDEX FUND INSTITUTIONAL PLUS GBP HEDGED ACC

8,218,792 6.93

TOTAL GLOBAL CORPORATE BONDS 8,218,792 6.93 6.94

GLOBAL GOVERNMENT BOND 11,361,452 FIDELITY INDEX GLOBAL GOVERNMENT BOND FUND S ACC SHARES HEDGED

12,791,859 10.78

14,134,378 IFSL ARBION SOVEREIGN OPPORTS Z GBP ACC 14,303,990 12.06 TOTAL GLOBAL GOVERNMENT BOND 27,095,849 22.84 22.72

GLOBAL INFLATION LINKED BOND 17,893,586 ROYAL LONDON SHORT DURATION GLOBAL INDEX LINKED FUND INC Z

19,897,667 16.77

TOTAL GLOBAL INFLATION LINKED BOND 19,897,667 16.77 16.82

TARGETED ABSOLUTE RETURN 16,149,725 ROYAL LONDON ABSOLUTE RETURN GOVERNMENT BOND FUND CLASS Z GBP ACC

21,202,974 17.87

TOTAL TARGETED ABSOLUTE RETURN 21,202,974 17.87 13.89

UK GILTS 136,909 VANGUARD UK S/T GILT IDX INS PL GBP ACC 14,148,101 11.93 TOTAL UK GILTS 14,148,101 11.93 15.9 4

PORTFOLIO OF INVESTMENTS 116,506,901 98.21 98.11 NET CURRENT ASSETS 2,128,93 7 1.79 1.89 TOTAL NET ASSETS 118,635,83 8 100.00 100.00

Docusign Envelope ID: CA63F131-1B15-802D-82D1-B410875B6B41

Page 18

MGTS Progeny Fund - MGTS Progeny Dynamic Bond Fund - fo for the p period ended 30 June 2026

15 Margetts Fund Management Limited

Financial Statement s

Statement of Total Return

For the period ended 30 June 2026 01.01.2026 to 01.01.2025 to 30.06.2026 30.06.2025 Income £ £ £ £ Net capital gains 266,612 1,764,080 Revenue 1,782,041 3,335,655 Expenses (150,932) (191,040) Finance costs: Interest - (3,489) Net revenue before taxation 1,631,109 3,141,126 Net revenue after taxation 1,631,109 3,141,126 Total return before distributions 1,897,721 4,905,206 Finance costs: Distribution (1,782,047) 3,332,078 Change in net assets attributable to shareholders from investment activities

115,674 1,573,128

Statement of Change in Net Asset Attributable to Shareholders

For the period ended 30 June 2026 01.01.2026 to 01.01.2025 to 30.06.2026 30.06.2025 £ £ £ £ Opening net assets attributable to shareholders 134,681,624 176,929,175

Amounts receivable on issue of shares 2,938,678 4,586,647 Amounts payable on cancellation of shares (20,745,313) (39,558,265) Dilution adjustment - 4 (17,806,635) (34,971,614) Change in net assets attributable to shareholders from investment activities 115,674 1,573,128

Retained distribution on accumulation shares 1,645,175 2,765,272

Closing net assets attributable to shareholders 118,635,838 146,295,961

Docusign Envelope ID: CA63F131-1B15-802D-82D1-B410875B6B41

Page 19

MGTS Progeny Fund - MGTS Progeny Dynamic Bond Fund - fo for the p period ended 30 June 2026

16 Margetts Fund Management Limited

Balance Sheet

As at 30 June 2026 30.06.2026 31.12.2025 Assets £ £ £ £ Investment assets 116,506,901 132,136,972 Debtors 2,178,053 715,501 Bank balances 712,974 2,880,152 Total other assets 2,891,027 3,595,653 Total assets 119,397,928 135,732,625

Liabilities Creditors 759,147 1,048,460 Distribution payable on income shares 2,943 2,541 Total other liabilities 762,090 1,051,001 Net assets attributable to shareholders 118,635,838 134,681,624

Docusign Envelope ID: CA63F131-1B15-802D-82D1-B410875B6B41

Page 20

MGTS Progeny Fund - MGTS Progeny Dynamic Bond Fund - fo for the p period ended 30 June 2026

17 Margetts Fund Management Limited

Fair Value Hierarchy of Investments

As at 30 June 2026

Basis of Valuation Level 1: Quoted Prices

Level 2: Observable M arket D ata

Level 3: Unobservable D ata Assets Liabilities Assets Liabilities Assets Liabilities £ £ £ £ £ £ Collective Investment Schemes - - 116,506,9 0 1 - - - - 116,506,901 - - -

In accordance with FRS 102, investments are classified using a fair value hierarchy that reflects the significance of the inp uts used in determining fair value. Level 1 investments are valued using unadjusted quoted prices in active markets for identical instruments. Level 2 investments are valued using observable market inputs other than quoted prices included within Level 1. Level 3 investments are valued using valuation techniques that use significant unobservable inputs.

Docusign Envelope ID: CA63F131-1B15-802D-82D1-B410875B6B41

Page 21

MGTS Progeny Fund - MGTS Progeny Dynamic Bond Fund - fo for the p period ended 30 June 2026

18 Margetts Fund Management Limited

Distribution Table

For the period ended 30 June 2026 – in pence per share

Interim payment/allocation date 31 August 2026 Group 1 – – shares purchased prior to 01.01.2026 Group 2 – – shares purchased on or after 01.01.2026

MGTS Progeny Dynamic Bond Fund R Acc Shares Shares Net Income Equalisation Allocating 31.08.2026 Allocat ed 31.08.2025 Group 1 1.4167 - 1.4167 1.8575 Group 2 0.7634 0.6533 1.4167 1.8575

MGTS Progeny Dynamic Bond Fund R Inc Shares Shares Net Income Equalisation Payable 31.08.2026 Pa id 31.08.2025 Group 1 1.2583 - 1.2583 1.6986 Group 2 1.2583 - 1.2583 1.6986

Docusign Envelope ID: CA63F131-1B15-802D-82D1-B410875B6B41

Page 22

MGTS Progeny Fund - MGTS Progeny Dynamic Bond Fund - fo for the p period ended 30 June 2026

19 Margetts Fund Management Limited

Net Asset V Value per Share and Comparative Tables

R Accumulation 01.01.2026 to 01.01.2025 to 01.01.2024 to 01.01.2023 to Change in net assets per share 30.06.2026 31.12.2025 31.12.2024 31.12.2023 Opening net asset value per share 100.4168 95.1988 92.7455 86.1420 Return before operating charges * 1.6836 5.4580 2.6733 6.8036 Operating charges (0.1200) (0.2400) (0.2200) (0.2000) Return after operating charges 1.5636 5.2180 2.4533 6.6036 Distribution (1.4167) (3.0392) (3.7964) (3.1824) Retained distribution on acc shares 1.4167 3.0392 3.7964 3.1824 Closing net asset value per share 101.9804 100.4168 95.1988 92.7455 * After direct transaction costs of 0.0021 0.0045 0.0015 0.0014

Performance Return after charges 1.56% 5.48% 2.65% 7.67%

Other Information Closing net asset value (£) 118,427,101 134,468,202 176,928,304 189,989,567 Closing number of shares 116,127,294 133,910,069 185,851,308 204,850,371 OCF ^ 0.41% ^ 0.41% 0.48% 0.52% Direct transaction costs 0.00% 0.00% 0.00% 0.00%

Prices Highest share price (pence) 101.98 100.41 97.18 93.07 Lowest share price (pence) 99.51 94.05 91.34 85.24

R Income 01.01.2026 to 01.01.2025 to 01.01.2024 to 01.01.2023 to Change in net assets per share 30.06.2026 31.12.2025 31.12.2024 31.12.2023 Opening net asset value per share 89.1097 87.1000 88.5530 85.2037 Return before operating charges * 1.4945 4.9894 2.4660 6.6413 Operating charges (0.1100) (0.2200) (0.3300) (0.1700) Return after operating charges 1.3845 4.7694 2.1360 6.4713 Distribution (1.2583) (2.7597) (3.5890) (3.1220) Closing net asset value per share 89.2359 89.1097 87.1000 88.5530 * After direct transaction costs of 0.0019 0.0044 0.0000 0.0000

Performance Return after charges 1.55% 5.48% 2.41% 7.60%

Other Information Closing net asset value (£) 208,737 213,422 871 886 Closing number of shares 233,916 239,505 1,000 1,000 OCF ^ 0.41% ^ 0.41% 0.48% 0.52% Direct transaction costs 0.00% 0.00% 0.00% 0.00%

Prices Highest share price (pence) 90.49 90.17 90.73 90.15 Lowest share price (pence) 88.30 86.07 86.83 82.59

Docusign Envelope ID: CA63F131-1B15-802D-82D1-B410875B6B41

Page 23

MGTS Progeny Fund - MGTS Progeny Dynamic Bond Fund - fo for the p period ended 30 June 2026

20 Margetts Fund Management Limited

Fund Performance The performance of the Sub - fund is shown in the Investment Manager’s Report.

Synthetic Risk and Reward Indicator

The risk and reward score is based on past performance and calculated in accordance with European legislation. It may not be a reliable indication of the future risk profile.

Docusign Envelope ID: CA63F131-1B15-802D-82D1-B410875B6B41

Page 24

MGTS Progeny Fund - MGTS Progeny Systematic Equity Fund - fo for the p period ended 30 June 2026

21 Margetts Fund Management Limited

MGTS Progeny Systematic Equity Fund Report & Accounts

Investment Manager ’s Report

For the p period ended 30 June 2026

Investment Objective The objective of the Sub - fund is to provide capital growth, with the potential for income, over any 7 - year period.

Investment Policy A systematic approach is used to provide exposure to shares across any economic sector and geographic area. The systematic approach is defined as using a methodical rule - based investment process to create the asset allocation and underlying investment sele ctions.

The Sub - fund will be actively managed. This means that the manager will use their expertise to select investments, rather than tracking a stock exchange or index.

Performance Comparison There are three types of benchmarks which can be used:

1. A target - an index or similar factor that is part of a target a fund manager has set for a fund’s performance to match or exceed, which includes anything used for performance fee calculation.

2. A constraint - an index or similar factor that fund managers use to limit or constrain how they construct a fund’s portfolio .

3. A comparator - an index or similar factor against which a fund manager invites investors to compare a fund’s performance

The Sub - fund does not have a performance target and is not constrained by any index, IA sector or similar factor.

The IA (Investment Association) Global Sector is used as the comparator. This is considered appropriate for investors to use when comparing performance as the strategy results in the Sub - fund meeting the definition of this sector. The sector is not constructed as an Index, therefore as funds enter or leave the sector composition can change, but it is considered that the s ector remains a useful and relevant comparator for investors to assess pe rformance within a relevant peer group.

Docusign Envelope ID: CA63F131-1B15-802D-82D1-B410875B6B41

Page 25

MGTS Progeny Fund - MGTS Progeny Systematic Equity Fund - fo for the p period ended 30 June 2026

22 Margetts Fund Management Limited

Investment Manager’s Report (continued)

Investment Review

Source: Morningstar. Performance is bid to bid with income reinvested.

Benchmarks IA Global 9.86%

Source: Morningstar. Performance is bid to bid with income reinvested .

During the first half of 2026, global markets continued to contend with a challenging combination of political, economic and financial pressures. Geopolitical instability, high levels of government borrowing and changing expectations for central bank policy all contributed to a less settled environment for investors. Despite these pressures, the market has been resilient an d the re have been strong returns across all regions.

From an economic perspective, global momentum softened as higher energy prices, tariffs, and policy uncertainty weighed on activity. Growth expectations were lowered across several regions. The general environment remained one of deceleration rather than o utright recession, with most regions now expecting no interest rate cuts before the end of the year.

The most significant geopolitical development for markets has been the war in Iran which started on the 27th of February and has continued through various ceasefires. Following military strikes against Iran and a wider regional escalation, Iran moved to cl ose the Strait of Hormuz, a critical route for global energy shipments with 20 million barrels per day travelling through in 2025. This raised concerns about a substantial disruption to the oil and liquified natural gas (LNG) supply, drove sharp moves in e nergy prices at points, and increased fears that inflation could prove more persistent as Brent crude spiked from the low $70s to a peak of around $126 a barrel in March.

Initially, the USA market returns started on a downward trajectory reaching - 6.21% at the lowest point in March but markets recovered as ceasefire expectations improved with returns since the start of the war at 10.46%. This incident has underlined the con tinuing importance of energy security and geopolitical risk for bond yields and central bank expectations as 10 Year US treasury yields have increased by 60bps since the start of war. These yields are generally used as benchmarks for mortgage ra tes and con sumer inflation expectations.

The US economy remained resilient, although policy uncertainty and persistent inflationary pressures continued to pose meaningful headwinds. Markets were pricing further rate cuts across most major economies at the start of the year but the inflationary co nsequences of the war in Iran have reshaped the rate outlook completely. US headline CPI rose to 3.3% in March and PCE inflation forecasts for the year were revised up to 3.6%. Europe and Asia also remained firmly in focus, with regiona l policy choices and currency movements, particularly the Japanese Yen, shaping returns. Against this backdrop, markets were volatile but ultimately resilient.

In the US, economic growth has stayed positive but remained below the pace seen during stronger stages of the cycle. Consumer spending has become more selective; business investment continues to be shaped by artificial intelligence (AI) related spending . Europe has continued to attract close investor attention. Growth has been modest and differed across countries, but markets were supported by improving confidence in selected sectors such as raw materials and infrastructure. Eurozone inflation decreased to 2.8% in June 2026 from 3.2% in May 2026. There have also been favourable policy developments with the UK and a stronger contribution from domestic businesses. UK inflation remained steady at 2.8% in May 2026, unchanged from April. In the UK, political tensions in Westminster increased as Keir Starmer outlined a timetable for his departure. However, with a leadership contest avoided, the impact on markets and policymaking has been minimal. Growth remained muted but positive as the ma rket was helped by its defensive qualities, appealing valuations, and exposure to areas such as financials, energy, and consumer staples.

In Asia, China and the broader emerging market universe benefited from improving sentiment, policy support, and renewed demand for non - US equities. The devaluing of the US Dollar (USD) has also allowed for strong returns in emerging markets.

The MGTS Progeny Systematic Equity Fund produced a positive return of 1 3 . 13 % over H1 2026, more than the return of 9.86 % from the IA sector. The F und was helped by broad - based gains across global equity markets and ongoing contributions from the multi - factor funds held within the portfolio.

MGTS Progeny Systematic Equity Fund R Acc 13.13%

Docusign Envelope ID: CA63F131-1B15-802D-82D1-B410875B6B41

Page 26

MGTS Progeny Fund - MGTS Progeny Systematic Equity Fund - fo for the p period ended 30 June 2026

23 Margetts Fund Management Limited

Investment Manager’s Report (continued)

Emerging Markets were one of the strongest areas of performance, with the Dimensional Emerging Markets Core Equity fund returning 22.33% over the six - month period. Asia was the standout region supported by stronger risk appetite, policy support, and renewed investor interest in markets outside the US, with the abrdn Asia Pacific Equity Enhanced Index fund returning 25.43% over 6 months.

Japan also delivered strong performance, with the abrdn Japan Equity Fund returning 16.13% over the first half of 2026, compared with a return of 17.33% for the benchmark index. The market continued to benefit from corporate reform momentum, improving shareholder distributions, and supportive investor sentimen t, making it one of the better - performing developed markets during the period.

North American equities delivered positive returns over the period, with the HSBC US Multi - factor Equity Fund returning 12.56% and the Schroder US Core Fund returning 11.54%.

Within the US allocation, returns were influenced by the balance between larger growth companies and exposure to small - cap and value - focused stocks. The market environment continued to favour companies with clear AI earnings, while higher bond yields and p olicy uncertainty created challenges for some more rate - sensitive areas.

European equity performance was supported by better sentiment towards selected cyclical and value - oriented areas of the market, with the abrdn European Equity Enhanced I ndex fund returning 11.33% over 6 months.

The UK market continued to offer attractive valuations and income characteristics, with sector exposure providing support.

The best performing factor over the first half of 2026 was global momentum at 42.24%, with global small caps following at 17.67%, then global quality at 13.43%. Global value returned 13.36% and growth 12.07%, both delivering strong double - digit performance . Portfolio performance was shaped by both regional allocation and the way factor tilts interacted within each market.

Progeny Asset Management Limited Investment Manager 08 August 2026

Docusign Envelope ID: CA63F131-1B15-802D-82D1-B410875B6B41

Page 27

MGTS Progeny Fund - MGTS Progeny Systematic Equity Fund - fo for the p period ended 30 June 2026

24 Margetts Fund Management Limited

Portfolio Statement

As at 30 June 2026 % OF NET ASSETS HOLDING INVESTMENT VALUE (£) 30.06.2026 31.12.2025 COLLECTIVE INVESTMENT SCHEMES ASIA PACIFIC EXCLUDING JAPAN 1,638,103 ABRDN ASIA PACIFIC EQUITY ENHANCED INDEX FUND N ACC 3,288,164 0.38 13,960 VANGUARD PACIFIC EX - JAPAN STOCK INDEX FUND INSTITUTIONAL PLUS GBP ACC

3,024,545 0.35

TOTAL ASIA PACIFIC EXCLUDING JAPAN 6,312,709 0.73 0.81

EUROPE EXCLUDING UK 11,201,264 ABRDN EUROPEAN EQUITY ENHANCED INDEX FUND N ACC 23,346,794 2.70 8,887,256 FIDELITY INDEX EUROPE EX UK P ACC 26,678,655 3.09 TOTAL EUROPE EXCLUDING UK 50,025,449 5.79 5.4 2

GLOBAL 230,518 VANGUARD GLOBAL SMALL - CAP INDEX FUND INSTITUTIONAL PLUS GBP ACC

78,813,035 9.12

TOTAL GLOBAL 78,813,035 9.12 9.0 3

GLOBAL EMERGING MARKETS 472,650 DIMENSIONAL EMERGING MARKETS CORE EQUITY FUND GBP ACC

43,105,668 4.99

196,710 VANGUARD EMERGING MARKETS STOCK INDEX FUND INSTITUTIONAL PLUS GBP ACC

50,176,333 5.81

TOTAL GLOBAL EMERGING MARKETS 93,282,001 10.80 9.5 3

GLOBAL EQUITY 2,724,878 DIMENSIONAL GLOBAL VALUE FUND GBP ACC 77,713,519 8.99 TOTAL GLOBAL EQUITY 77,713,519 8.99 9.38

JAPAN 5,110,149 ABRDN JAPAN EQUITY ENHANCED INDEX FUND N ACC 9,892,227 1.14 3,597,109 FIDELITY INDEX JAPAN P ACC 11,450,679 1.33 TOTAL JAPAN 21,342,906 2.47 2.46

NORTH AMERICA 13,428,765 FIDELITY INDEX US FUND P ACC 81,649,578 9.45 4,278,845 HSBC US MULTI - FACTOR EQUITY FUND INSTITUTIONAL A ACC 47,859,309 5.54 20,316,679 INVESCO US ENHANCED INDEX FUND (UK) F ACC 47,918,920 5.55 942,544 SCHRODER QEP US CORE FUND I ACC GBP 48,107,450 5.57 157,157 VANGUARD U.S. EQUITY INDEX FUND INSTITUTIONAL PLUS GBP ACC

82,047,811 9.4 8

TOTAL NORTH AMERICA 307,583,068 35.59 35.1 8

PROPERTY OTHER 47,527,750 LEGAL & GENERAL GLOBAL REAL ESTATE DIVIDEND INDEX C GBP ACC

41,482,221 4.80

TOTAL PROPERTY OTHER 41,482,221 4.80 4.78

UK ALL COMPANIES 417,010 DIMENSIONAL UK VALUE FUND GBP ACC 22,360,102 2.59 29,312,833 FIDELITY INDEX UK FUND P ACC 71,734,365 8.30 18,434,114 INVESCO UK ENHANCED INDEX FUND UK M ACC 62,480,587 7.23 TOTAL UK ALL COMPANIES 156,575,054 18.12 19.83

UK SMALLER COMPANIES 360,235 DIMENSIONAL UK SMALL COMPANIES FUND GBP ACC 22,741,635 2.63 TOTAL UK SMALLER COMPANIES 22,741,635 2.63 2.75

PORTFOLIO OF INVESTMENTS 855,871,597 99.04 99.17 NET CURRENT ASSETS 8,262,064 0.96 0.83 TOTAL NET ASSETS 864,133,661 100.00 100.00

Docusign Envelope ID: CA63F131-1B15-802D-82D1-B410875B6B41

Page 28

MGTS Progeny Fund - MGTS Progeny Systematic Equity Fund - fo for the p period ended 30 June 2026

25 Margetts Fund Management Limited

Financial Statements

Statement of Total Return

01.01.2026 to 01.01.2025 to 30.06.2026 30.06.2025 Income £ £ £ £ Net capital gains 97,465,278 15,241,479 Revenue 7,037,104 8,536,812 Expenses (881,987) (841,106) Net revenue before taxation 6,155,117 7,695,706 Net revenue after taxation 6,155,117 7,695,706 Total return before distributions 103,620,395 22,937,185 Finance costs: Distribution (6,159,607) (7,696,077) Change in net assets attributable to shareholders from investment activities

97,460,788 15,241,108

Statement of Change in Net Asset Attributable to Shareholders

For the period ended 30 June 2026 01.01.2026 to 01.01.2025 to 30.06.2026 30.06.2025 £ £ £ £ Opening net assets attributable to shareholders 830,981,052 868,048,435

Amounts receivable on issue of shares 11,630,879 40,491,528 Amounts payable on cancellation of shares (81,568,399) (85,014,684) Dilution adjustment (85,497) (27,380) (70,023,017) (44,550,536) Change in net assets attributable to shareholders from investment activities 97,460,788 15,241,108

Retained distribution on accumulation shares 5,714,838 7,356,411 Closing net assets attributable to shareholders 864,133,661 846,095,418

Docusign Envelope ID: CA63F131-1B15-802D-82D1-B410875B6B41

Page 29

MGTS Progeny Fund - MGTS Progeny Systematic Equity Fund - fo for the p period ended 30 June 2026

26 Margetts Fund Management Limited

Balance Sheet

As at 30 June 2026 30.06.2026 31 . 12 .202 5 Assets £ £ £ £ Investment assets 855,871,597 824,115,165 Debtors 247,896 2,152,624 Bank balances 9,704,630 5,064,829 Total other assets 9,952,526 7,217,453 Total assets 865,824,123 831,332,618

Liabilities Creditors 1,584,122 239,324 Distribution payable on income shares 106,340 112,242 Total liabilities 1,690,462 351,566 Net assets attributable to shareholders 864,133,661 830,981,052

Docusign Envelope ID: CA63F131-1B15-802D-82D1-B410875B6B41

Page 30

MGTS Progeny Fund - MGTS Progeny Systematic Equity Fund - fo for the p period ended 30 June 2026

27 Margetts Fund Management Limited

Fair Value Hierarchy of Investments

As at 30 June 2026

Basis of Valuation Level 1: Quoted Prices

Level 2: Observable M arket D ata

Level 3: Unobservable D ata Assets Liabilities Assets Liabilities Assets Liabilities £ £ £ £ £ £ Collective Investment Schemes - - 855,871,597 - - - - 855,871,597 - - -

In accordance with FRS 102, investments are classified using a fair value hierarchy that reflects the significance of the inp uts used in determining fair value. Level 1 investments are valued using unadjusted quoted prices in active markets for identical instruments. Level 2 investments are valued using observable market inputs other than quoted prices included within Level 1. Level 3 investments are valued using valuation techniques that use significant unobservable inputs.

Docusign Envelope ID: CA63F131-1B15-802D-82D1-B410875B6B41

Page 31

MGTS Progeny Fund - MGTS Progeny Systematic Equity Fund - fo for the p period ended 30 June 2026

28 Margetts Fund Management Limited

Distribution Table

For the period ended 30 June 2026 – in pence per share

Interim payment/allocation date 31 August 2026 Group 1 – – shares purchased prior to 01.01.2026 Group 2 – – shares purchased on or after 01.01.2026

MGTS Progeny Systematic Equity Fund R Acc Shares Shares Net Income Equalisation Allocating 31.08.2026 Allocat ed 31.08.2025 Group 1 1.1518 - 1.1518 1.1774 Group 2 0 . 9671 0.1847 1.1518 1.1774

MGTS Progeny Systematic Equity Fund R Inc Shares Shares Net Income Equalisation Payable 31.08.2026 Pa id 31.08.2025 Group 1 1.0771 - 1.0771 1.1333 Group 2 0.2096 0.8675 1.0771 1.1333

Equalisation only applies to shares purchased during the distribution period (group 2 shares). It represents the accrued income included in the purchase price of the shares. After averaging it is returned with the distribution as a capital repayment. It is not liable to income tax but must be deducted from the cost of the shares for capital gains tax purposes.

Docusign Envelope ID: CA63F131-1B15-802D-82D1-B410875B6B41

Page 32

MGTS Progeny Fund - MGTS Progeny Systematic Equity Fund - fo for the p period ended 30 June 2026

29 Margetts Fund Management Limited

Net Asset Value per Share and Comparative Tables

R Accumulation 01.01.2026 to 01.01.2025 to 01.01.2024 to 01.01.2023 to Change in net assets per share 30.06.2026 31.12.2025 31.12.2024 31.12.2023 Opening net asset value per share 151.0174 129.8606 113.7470 102.5538 Return before operating charges * 20.1157 21.4468 16.3336 11.4032 Operating charges (0.1700) (0.2900) (0.2200) (0.2100) Return after operating charges 19.9457 21.1568 16.1136 11.1932 Distribution (1.1518) (2.3169) (1.7956) (1.8859) Retained distribution on acc shares 1.1518 2.3169 1.7956 1.8859 Closing net asset value per share 170.9631 151.0174 129.8606 113.7470 * After direct transaction costs of 0.0020 0.0037 0.0088 0.0039

Performance Return after charges 13.21% 16.29% 14.17% 10.91%

Other Information Closing net asset value (£) 848,260,465 816,219,012 852,717,055 529,440,949 Closing number of shares 496,165,747 540,480,083 656,640,246 465,454,891 OCF ^ 0.36% ^ 0. 37 % 0.35% 0.37% Direct transaction costs 0.00% 0.00% 0.01% 0.00%

Prices Highest share price (pence) 171.47 152.12 133.11 113.67 Lowest share price (pence) 149.82 113.79 110.94 100.66

R Income 01.01.2026 to 01.01.2025 to 01.01.2024 to 01.01.2023 to Change in net assets per share 30.06.2026 31.12.2025 31.12.2024 31.12.2023 Opening net asset value per share 142.9888 124.9979 111.0577 101.8731 Return before operating charges * 19.0256 20.4914 15.9071 11.2589 Operating charges (0.1600) (0.2800) (0.2200) (0.2100) Return after operating charges 18.8656 20.2114 15.6871 11.0489 Distribution (1.0771) (2.2205) (1.7469) (1.8644) Closing net asset value per share 160.7773 142.9888 124.9979 111.0577 * After direct transaction costs of 0.0018 0.0036 0.0087 0.0039

Performance Return after charges 13.19% 16.17% 14.13% 10.85%

Other Information Closing net asset value (£) 15,873,196 14,762,040 15,331,380 13,828,743 Closing number of shares 9,872,784 10,323,916 12,265,307 12,451,855 OCF ^ 0.36% ^ 0. 37 % 0.35% 0.37% Direct transaction costs 0.00% 0.00% 0.01% 0.00%

Prices Highest share price (pence) 162.34 145.13 128.85 111.85 Lowest share price (pence) 141.84 109.53 108.31 99.99

Docusign Envelope ID: CA63F131-1B15-802D-82D1-B410875B6B41

Page 33

MGTS Progeny Fund - MGTS Progeny Systematic Equity Fund - fo for the p period ended 30 June 2026

30 Margetts Fund Management Limited

Fund Performance The performance of the Sub - fund is shown in the Investment Manager’s Report.

Synthetic Risk and Reward Indicator

The risk and reward score is based on past performance and calculated in accordance with European legislation. It may not be a reliable indication of the future risk profile.

Docusign Envelope ID: CA63F131-1B15-802D-82D1-B410875B6B41

Page 34

MGTS Progeny Fund - MGTS Progeny Systematic Bond Fund - fo for the p period ended 30 June 2026

31 Margetts Fund Management Limited

MGTS Progeny Systematic Bond Fund Report & Accounts

Investment Manager ’s Report

For the p period ended 30 June 2026

Investment Objective The objective of the S ub - fund is to provide income.

Investment Policy A systematic approach is used to provide exposure to a range of global bonds across any economic sector and geographic area. The systematic approach is defined as using a methodical rule - based investment process to create the asset allocation and underlying investment selections.

Overall exposure to Sterling Denominated (or hedged back to Sterling) bonds, either held directly or indirectly through other assets such as collective investment schemes, will be a minimum of 80%.

The Sub - fund will be actively managed. This means that the manager will use their expertise to select investments, rather than tracking a stock exchange or index.

Performance Comparison There are three types of benchmarks which can be used:

1. A target - an index or similar factor that is part of a target a fund manager has set for a fund’s performance to match or exceed, which includes anything used for performance fee calculation

2. A constraint - an index or similar factor that fund managers use to limit or constrain how they construct a fund’s portfolio .

3. A comparator - an index or similar factor against which a fund manager invites investors to compare a fund’s performance .

The Sub - fund does not have a performance target and is not constrained by any index, IA sector or similar factor.

Docusign Envelope ID: CA63F131-1B15-802D-82D1-B410875B6B41

Page 35

MGTS Progeny Fund - MGTS Progeny Systematic Bond Fund - fo for the p period ended 30 June 2026

32 Margetts Fund Management Limited

Investment Manager’s Report (continued)

Investment Review

Source: Morningstar. Performance is bid to bid with income reinvested.

Benchmarks IA £ Strategic Bond 1.63%

Source: Morningstar. Performance is bid to bid with income reinvested.

In the UK, political tensions in Westminster increased as Keir Starmer outlined a timetable for his departure. However, with a leadership contest avoided, the impact on markets and policymaking has been minimal. Growth remained muted but positive as the ma rket was helped by its defensive qualities, appealing valuations, and exposure to areas such as financials, energy, and consumer staples. The Bank of England kept Bank Rate unchanged at 3.75% throughout the first half of the year, reflecting caution amid a n already complex inflation environment.

Across the globe, inflationary pressures have become more uneven. The earlier disinflation trend has stalled as higher energy costs and supply disruption have offset softer demand in some areas. Therefore, central banks face a difficult balancing act: keep ing inflation expectations anchored while avoiding an unnecessary slowdown in growth. This policy tension is likely to remain a key market driver in the second half of the year.

MGTS Progeny Systematic Bond Fund R Acc 1.13%

Docusign Envelope ID: CA63F131-1B15-802D-82D1-B410875B6B41

Page 36

MGTS Progeny Fund - MGTS Progeny Systematic Bond Fund - fo for the p period ended 30 June 2026

33 Margetts Fund Management Limited

Investment Manager’s Report (continued)

The MGTS Progeny Systematic Bond Fund delivered a positive return of 1.1 3 % over the first half of 2026, supported by the income generated from the underlying bond funds. Across fixed income, returns over the first half of the year were modest but positive, reflecting the benefit of higher starting yields despite volatility in i nterest - rate expectations and the inflationary impact of the war in Iran.

Global corporate bonds were the strongest of the fixed income segments listed on the ICE BofA Global Corporate index returnin g 1.41%. Corporate bonds benefited from resilient company earnings, contained default expectations, and investor demand for higher - yielding credit. Credit spreads experienced some temporary pressure during periods of geopolitical stress but overall remained well supported.

The Dimensional Global Core Fixed Income Fund returned 1.60%, broadly in line with global fixed income peers, with corporate bond exposure helping returns during periods when credit markets were well supported. Its diversified approach remained helpful in a period marked by shifting interest - rate expectations and uneven regional performance.

Within the UK bond market, sterling corporate bonds returned 0.90%, supported by higher yields and broadly resilient credit fundamentals. UK inflation linked bonds returned 2.57% and UK gilts returned 0.49%, with the geopolitical shocks and inflationary ou tlook driving performance down.

Overall, the figures show that fixed income delivered positive but measured returns over the first half of 2026. Credit gener ally outperformed government bonds, supported by higher yield and resilient fundamentals. The main headwinds were uncertainty aroun d inflation, central - bank policy, and the economic consequences of the war in Iran.

Progeny Asset Management Limited Investment Manager 08 August 2026

Docusign Envelope ID: CA63F131-1B15-802D-82D1-B410875B6B41

Page 37

MGTS Progeny Fund - MGTS Progeny Systematic Bond Fund - fo for the p period ended 30 June 2026

34 Margetts Fund Management Limited

Portfolio S tatement As at 30 June 2026 % OF NET ASSETS HOLDING INVESTMENT VALUE (£) 30.06.2026 31.12.2025 COLLECTIVE INVESTMENT SCHEMES £ CORPORATE BOND 55,615,754 FIDELITY INDEX STERLING CORPORATE BOND FUND P GBP ACC 54,175,306 11.74 TOTAL £ CORPORATE BOND 54,175,306 11.74 12.2 2

GLOBAL CORPORATE BONDS 897,230 VANGUARD GLOBAL CORPORATE BOND INDEX FUND INSTITUTIONAL PLUS GBP HEDGED ACC

104,758,563 22.70

TOTAL GLOBAL CORPORATE BONDS 104,758,563 22.70 23.2 7

GLOBAL GOVERNMENT BOND 85,285,380 FIDELITY INDEX GLOBAL GOVERNMENT BOND FUND S ACC SHARES HEDGED

96,022,809 20.81

TOTAL GLOBAL GOVERNMENT BOND 96,022,809 20.81 19.5 5

GLOBAL MIXED BOND 9,522,289 DIMENSIONAL GLOBAL CORE FIXED INCOME FUND GBP HEDGED ACC

108,649,318 23.55

TOTAL GLOBAL MIXED BOND 108,649,318 23.55 23.0 1

UK GILTS 59,807,910 FIDELITY INDEX UK GILT FUND S GBP ACC 49,503,007 10.73 TOTAL UK GILTS 49,503,007 10.73 10.26

UK INDEX LINKED BONDS 40,576,952 ISHARES UP TO 10 YEARS INDEX LINKED GILT INDEX FUND (UK) S GBP ACC

45,389,378 9.84

TOTAL UK INDEX LINKED BONDS 45,389,378 9.84 9.76

PORTFOLIO OF INVESTMENTS 458,498,381 99.37 98.07 NET CURRENT ASSETS 2,918,26 9 0.63 1.93 TOTAL NET ASSETS 461,416,6 50 100.00 100.00

Docusign Envelope ID: CA63F131-1B15-802D-82D1-B410875B6B41

Page 38

MGTS Progeny Fund - MGTS Progeny Systematic Bond Fund - fo for the p period ended 30 June 2026

35 Margetts Fund Management Limited

Financial Statements

Statement of Total Return

For the period ended 30 June 2026 01.01.2026 to 01.01.2025 to 30.06.2026 30.06.2025 Income £ £ £ £ Net capital (losses)/ gains (8,421,471) 5,391,285 Revenue 14,267,483 9,082,735 Expenses (450,782) (475,075) Net revenue before taxation 13,816,701 8,607,660 Net revenue after taxation 13,816,701 8,607,660 Total return before distributions 5,395,230 13,998,945 Finance costs: Distribution (14,267,774) (9,083,011) Change in net assets attributable to shareholders from investment activities

(8,872,544) 4,915,934

Statement of Change in Net Asset Attributable to Shareholders

For the period ended 30 June 2026 01.01.2026 to 01.01.2025 to 30.06.2026 30.06.2025 £ £ £ £ Opening net assets attributable to shareholders 480,338,289 526,875,217

Amounts receivable on issue of shares 14,360,867 19,956,362 Amounts payable on cancellation of shares (38,060,485) (76,235,624) (23,699,618) (56,279,262) Change in net assets attributable to shareholders from investment activities (8,872,544) 4,915,934

Retained distribution on accumulation shares 13,650,523 7,680,649 Closing net assets attributable to shareholders 461,416,650 483,192,538

Docusign Envelope ID: CA63F131-1B15-802D-82D1-B410875B6B41

Page 39

MGTS Progeny Fund - MGTS Progeny Systematic Bond Fund - fo for the p period ended 30 June 2026

36 Margetts Fund Management Limited

Balance Sheet

As at 30 June 2026 30.06.2026 31.12.2025 Assets £ £ £ £ Investment assets 458,498,381 471,077,002 Debtors 4,780 39,815 Bank balances 4,491,726 9,513,849 Total other assets 4,496,506 9,553,664 Total assets 462,994,887 480,630,666

Liabilities Creditors 1,318,199 219,369 Distribution payable on income shares 260,038 73,008 Total other liabilities 1,578,237 292,377 Net assets attributable to shareholders 461,416,650 480,338,289

Docusign Envelope ID: CA63F131-1B15-802D-82D1-B410875B6B41

Page 40

MGTS Progeny Fund - MGTS Progeny Systematic Bond Fund - fo for the p period ended 30 June 2026

37 Margetts Fund Management Limited

Fair Value Hierarchy of Investments

As at 30 June 2026

Basis of Valuation Level 1: Quoted Prices

Level 2: Observable M arket D ata

Level 3: Unobservable D ata Assets Liabilities Assets Liabilities Assets Liabilities £ £ £ £ £ £ Collective Investment Schemes - - 458,498,381 - - - - 458,498,381 - - -

Docusign Envelope ID: CA63F131-1B15-802D-82D1-B410875B6B41

Page 41

MGTS Progeny Fund - MGTS Progeny Systematic Bond Fund - fo for the p period ended 30 June 2026

38 Margetts Fund Management Limited

Distribution Table

For the p period ended 30 June 2026 – in pence per share

Interim payment/allocation date 31 August 2026 Group 1 – – shares purchased prior to 01.01.2026 Group 2 – – shares purchased on or after 01.01.2026

MGTS Progeny Systematic Bond Fund R Acc Shares Shares Net Income Equalisation Allocating 31.08.2026 Allocat ed 31.08.2025 Group 1 2.9390 - 2.939 0 1.5254 Group 2 2.5591 0. 3799 2.9390 1.5254

MGTS Progeny Systematic Bond Fund R Inc Shares Shares Net Income Equalisation Payable 31.08.2026 Pa id 31.08.2025 Group 1 2.6914 - 2.6914 1.4350 Group 2 1.537 6 1.1538 2.6914 1.4350

Docusign Envelope ID: CA63F131-1B15-802D-82D1-B410875B6B41

Page 42

MGTS Progeny Fund - MGTS Progeny Systematic Bond Fund - fo for the p period ended 30 June 2026

39 Margetts Fund Management Limited

Net Asset Value per Share and Comparative Tables

R Accumulation 01.01.2026 to 01.01.2025 to 01.01.2024 to 01.01.2023 to Change in net assets per share 30.06.2026 31.12.2025 31.12.2024 31.12.2023 Opening net asset value per share 96.4177 91.7851 91.3128 86.1430 Return before operating charges * 1.2102 4.8126 0.6323 5.3398 Operating charges (0.0900) (0.1800) (0.1600) (0.1700) Return after operating charges 1.1202 4.6326 0.4723 5.1698 Distribution (2.9390) (2.3103) (2.6826) (2.1800) Retained distribution on acc shares 2.9390 2.3103 2.6826 2.1800 Closing net asset value per share 97.5379 96.4177 91.7851 91.3128 * After direct transaction costs of 0.0002 0.0006 0.0005 0.0018

Performance Return after charges 1.16% 5.05% 0.52% 6.00%

Other Information Closing net asset value (£) 453,026,122 471,443,596 518,247,042 372,707,115 Closing number of shares 464,461,517 488,959,673 564,630,913 408,165,263 OCF ^ 0.28% ^0.28 % 0.25% 0.28% Direct transaction costs 0.00% 0.00% 0.00% 0.00%

Prices Highest share price (pence) 98.07 96.72 94.18 91.70 Lowest share price (pence) 95.16 90.77 89.10 84.33

R Income 01.01.2026 to 01.01.2025 to 01.01.2024 to 01.01.2023 to Change in net assets per share 30.06.2026 31.12.2025 31.12.2024 31.12.2023 Opening net asset value per share 88.5111 86.3449 88.4897 85.5870 Return before operating charges * 1.1024 4.4977 0.5965 5.2259 Operating charges (0.0800) (0.1700) (0.1600) (0.1700) Return after operating charges 1.0224 4.3277 0.4365 5.0559 Distribution (2.6914) (2.1615) (2.5813) (2.1532) Closing net asset value per share 86.8421 88.5111 86.3449 88.4897 * After direct transaction costs of 0.0002 0.0006 0.0005 0.0017

Performance Return after charges 1.16% 5.01% 0.49% 5.91%

Other Information Closing net asset value (£) 8,390,528 8,894,693 8,628,175 8,961,227 Closing number of shares 9,661,822 10,049,244 9,992,684 10,126,863 OCF ^ 0.28% ^0.28% 0.25% 0.28% Direct transaction costs 0.00% 0.00% 0.00% 0.00%

Prices Highest share price (pence) 90.02 89.52 89.64 89.65 Lowest share price (pence) 86.85 85.39 85.93 82.44

Docusign Envelope ID: CA63F131-1B15-802D-82D1-B410875B6B41

Page 43

MGTS Progeny Fund - MGTS Progeny Systematic Bond Fund - fo for the p period ended 30 June 2026

40 Margetts Fund Management Limited

Fund Performance The performance of the S ub - fund is shown in the Investment Manager’s Report.

Synthetic Risk and Reward Indicator

The risk and reward score is based on past performance and calculated in accordance with European legislation. It may not be a reliable indication of the future risk profile.

Docusign Envelope ID: CA63F131-1B15-802D-82D1-B410875B6B41

Page 44

MGTS Progeny Fund - fo for the p period ended 30 June 2026

41 Margetts Fund Management Limited

General Information

Valuation Point The Valuation Point of the Fund is at 08:30 each business day. Valuations may be made at other times with the Depositary’s approval.

Buying and Selling of Shares The ACD will accept orders to buy or sell shares on normal business days between 9.00am and 5.00pm and transactions will be effected at prices determined by the following valuation. Instructions to buy or sell shares may be made either in writing to : Marge tts Fund Management Limited, PO Box 17067, Birmingham, B2 2HL or by telephone on 0345 607 6808. A contract note will be issued by close of business on the next business day after the dealing date to confirm the transaction.

Prices The most recent prices of shares are published on the Margetts website at https://investors.mgtsfunds.com/ , selecting the Literature and Prices tab.

Other Information The Instrument of Incorporation, Prospectus, Key Investor Information Document, Supplementary Information Document and the latest annual and interim reports may be inspected at the offices of the ACD, with a copy available, free of charge, on w ritten reque st.

The register of shareholders can be inspected by shareholders during normal business hours at the offices of the Administrato r.

The Head Office of the Company is at 1 Sovereign Court, Graham Street, Birmingham B1 3JR and is also the address of the place in the United Kingdom for service on the Company of notices or other documents required or authorised to be served on it.

The base currency of the Company is pounds (£) sterling.

The maximum share capital of the Company is currently £10,000,000,000 and the minimum is £1,000. Shares in the Company have no par value and therefore the share capital of the Company at all times equals the Company’s current net asset value.

Shareholders who have any complaints about the operation of the Fund should contact the ACD or the Depositary in the first instance. In the event that a shareholder finds the response unsatisfactory, they may make their complaint direct to the Financial Ombudsman Service at Exchange Tower, London E14 9SR or email to: complaint.info@financial - ombudsman.org.uk or by telephone to 0800 023 4567.

Docusign Envelope ID: CA63F131-1B15-802D-82D1-B410875B6B41

Page 45

MGTS Progeny Fund - fo for the p period ended 30 June 2026

42 Margetts Fund Management Limited

Remuneration

In accordance with the requirements of FUND 3.3.5(5) the total amount of remuneration paid by the ACD to its staff for the financial year ended 30 September 2025 is: £ Fixed Remuneration 4,885,437 Variable Remuneration 1,644,132

Total 6,529,569

Full Time Equivalent number of staff 86

Analysis of senior management £ Senior management 2,093,525 Staff whose actions may have a material impact on the funds Other -

The remuneration for senior management has been calculated in accordance with the Remuneration Policy and is reviewed annually. The remuneration policy and, where required by the FCA, how benefits are calculated together with details of the remuneration co mmittee can be found on the website: www.margetts.com . A paper copy of this is available free of charge upon request by writing to the compliance officer at 1 Sovereign Court, Graham Street, Birmingham B1 3JR. No material changes were made to the Policy or irregularities reported at the last review.

Docusign Envelope ID: CA63F131-1B15-802D-82D1-B410875B6B41

Truncated: This annotation is too large to fit. View the raw JSON.

{
  "annotation_id": "56733201-cb90-4fa6-b41c-9bf5b04ef263",
  "date_created": "2026-10-23T22:34:23.172000Z",
  "date_modified": "2026-10-23T22:34:24.167000Z",
  "file_hash": "57a9644a40e70c893fd6d697bc7aac8eefec8dfa15768dda99ca329e5cc71ce1",
  "private": false,
  "record": {
    "attributes": {
      "chunk_type": "page_range",
      "end_page": 45,
      "start_page": 1
    },
    "blocks": [
      {
        "block_type": "box",
        "box": {
          "height": 21,
          "width": 278,
          "x": 367,
          "y": 277
        },
        "id": "40152be5-2335-431d-8758-4dd0183dbb8e",
        "page_number": 1,
        "text": "MGTS Progeny Fund"
      },
      {
        "block_type": "box",
        "box": {
          "height": 14,
          "width": 89,
          "x": 327,
          "y": 364
        },
        "id": "035abe44-2c56-463e-b0d7-72b7777a40ca",
        "page_number": 1,
        "text": "Interim"
      },
      {
        "block_type": "box",
        "box": {
          "height": 14,
          "width": 266,
          "x": 427,
          "y": 364
        },
        "id": "8a4cd469-d5d3-4fe2-bef8-b55f4e4f7fce",
        "page_number": 1,
        "text": "Financial Statements"
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 82,
          "x": 295,
          "y": 417
        },
        "id": "68db9be2-6b05-49e6-9b11-d39e1a1ddf9a",
        "page_number": 1,
        "text": "For the six"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 5,
          "x": 378,
          "y": 422
        },
        "id": "65f2e287-eb30-40df-9483-cdd65d68bba8",
        "page_number": 1,
        "text": "-"
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 219,
          "x": 385,
          "y": 417
        },
        "id": "708e82c4-7f2c-4fd5-9daf-4f9df5a9d7fa",
        "page_number": 1,
        "text": "months ended 30 June 202"
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 8,
          "x": 606,
          "y": 417
        },
        "id": "360c636a-d58d-4ca2-889f-2abba3a30c51",
        "page_number": 1,
        "text": "6"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 90,
          "x": 621,
          "y": 416
        },
        "id": "c97674ce-3fd6-4a99-a013-875733d3db08",
        "page_number": 1,
        "text": "(Unaudited"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 3,
          "x": 714,
          "y": 416
        },
        "id": "33e83e10-aab3-45d4-8dd5-67913d19a73f",
        "page_number": 1,
        "text": ")"
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 409,
          "x": 29,
          "y": 13
        },
        "id": "6af9cdf5-c530-488d-bc90-875affd375b7",
        "page_number": 1,
        "text": "Docusign Envelope ID: CA63F131-1B15-802D-82D1-B410875B6B41"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 138,
          "x": 315,
          "y": 45
        },
        "id": "30c89ff4-e72a-4c1b-95f6-4bd351c290c8",
        "page_number": 2,
        "text": "MGTS Progeny Fund"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 4,
          "x": 457,
          "y": 50
        },
        "id": "65b693db-d980-4338-9601-5888fd8f555d",
        "page_number": 2,
        "text": "-"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 8,
          "x": 464,
          "y": 45
        },
        "id": "b1f62c9e-2305-46e8-b606-0f010181041f",
        "page_number": 2,
        "text": "fo"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 44,
          "x": 471,
          "y": 45
        },
        "id": "36bdc498-4b86-45b8-8429-1ff8bf41363f",
        "page_number": 2,
        "text": "for the p"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 44,
          "x": 514,
          "y": 45
        },
        "id": "3a9e98c1-d2a9-4b2d-a489-bafe743296f6",
        "page_number": 2,
        "text": "period"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 45,
          "x": 563,
          "y": 45
        },
        "id": "8c24ac7f-6231-4398-96c2-6501bf3b0bf5",
        "page_number": 2,
        "text": "ended"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 89,
          "x": 608,
          "y": 45
        },
        "id": "ed4af23c-2982-43b4-ba1a-071d8b6b1d2d",
        "page_number": 2,
        "text": "30 June 2026"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 4,
          "x": 107,
          "y": 957
        },
        "id": "c95200a9-bb5e-4af6-81b5-7f684108b918",
        "page_number": 2,
        "text": "i"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 251,
          "x": 115,
          "y": 957
        },
        "id": "1acce90d-4af5-426a-8c02-c7ff4f61f30b",
        "page_number": 2,
        "text": "Margetts Fund Management Limited"
      },
      {
        "block_type": "box",
        "box": {
          "height": 11,
          "width": 40,
          "x": 485,
          "y": 68
        },
        "id": "5322818e-f4a1-4e47-a302-96b4c3b97a1b",
        "page_number": 2,
        "text": "ACD"
      },
      {
        "block_type": "box",
        "box": {
          "height": 11,
          "width": 218,
          "x": 369,
          "y": 88
        },
        "id": "f0109179-026e-43c8-9750-df32e28febb6",
        "page_number": 2,
        "text": "Margetts Fund Management"
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 53,
          "x": 589,
          "y": 88
        },
        "id": "ee744995-30bf-4051-8719-e14f4997722d",
        "page_number": 2,
        "text": "Limited"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 132,
          "x": 440,
          "y": 104
        },
        "id": "46402c5c-c13b-4e39-86e7-d36858a525c6",
        "page_number": 2,
        "text": "1 Sovereign Court"
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 108,
          "x": 452,
          "y": 119
        },
        "id": "f24fd4ba-d228-49fb-b43b-4abee872ec21",
        "page_number": 2,
        "text": "Graham Street"
      },
      {
        "block_type": "box",
        "box": {
          "height": 11,
          "width": 88,
          "x": 462,
          "y": 135
        },
        "id": "25ce9041-ebb6-4d60-b1d1-c4b5babc0bc5",
        "page_number": 2,
        "text": "Birmingham"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 46,
          "x": 483,
          "y": 152
        },
        "id": "fbd2bad5-7e5d-4cb8-8c6f-aaa1a926f5d0",
        "page_number": 2,
        "text": "B1 3JR"
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 142,
          "x": 434,
          "y": 167
        },
        "id": "fb51ff9e-f24a-41e9-8b79-e3cd61987db0",
        "page_number": 2,
        "text": "Tel: 0121 236 2380"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 144,
          "x": 434,
          "y": 184
        },
        "id": "4fa6b5b8-87f8-4cf5-826c-d817f12f9ad5",
        "page_number": 2,
        "text": "Fax: 0121 236 2330"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 75,
          "x": 373,
          "y": 200
        },
        "id": "6daacc60-9cda-48e7-ac96-b745d50a651c",
        "page_number": 2,
        "text": "Company"
      },
      {
        "block_type": "box",
        "box": {
          "height": 11,
          "width": 189,
          "x": 449,
          "y": 199
        },
        "id": "5cc92cfc-ce09-4b84-ae6a-b085b58f5206",
        "page_number": 2,
        "text": "Registration No: 4158249"
      },
      {
        "block_type": "box",
        "box": {
          "height": 11,
          "width": 193,
          "x": 409,
          "y": 215
        },
        "id": "393f5905-5d94-44c8-b33b-34c972636796",
        "page_number": 2,
        "text": "VAT No: (GB) 795 0415 16"
      },
      {
        "block_type": "box",
        "box": {
          "height": 11,
          "width": 461,
          "x": 275,
          "y": 231
        },
        "id": "37f4e969-8d74-4133-8243-ebb504b69d8c",
        "page_number": 2,
        "text": "(Authorised and regulated by the Financial Conduct Authority)"
      },
      {
        "block_type": "box",
        "box": {
          "height": 11,
          "width": 196,
          "x": 408,
          "y": 268
        },
        "id": "5898ee6b-a0da-4e3e-800e-a182a7d3c0b7",
        "page_number": 2,
        "text": "Directors of the ACD"
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 81,
          "x": 465,
          "y": 287
        },
        "id": "173baca8-5976-40fd-a3b0-94db76f34d12",
        "page_number": 2,
        "text": "T J Ricketts"
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 88,
          "x": 462,
          "y": 303
        },
        "id": "9aa5b2a0-635a-4826-8ede-767775af5fac",
        "page_number": 2,
        "text": "M D Jealous"
      },
      {
        "block_type": "box",
        "box": {
          "height": 11,
          "width": 102,
          "x": 457,
          "y": 320
        },
        "id": "45a583b7-9685-4222-97c0-0086234785f4",
        "page_number": 2,
        "text": "A Ogunnowo"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 101,
          "x": 326,
          "y": 335
        },
        "id": "83404589-abcc-40d4-ac4f-8ef2650af499",
        "page_number": 2,
        "text": "A Denny (non"
      },
      {
        "block_type": "box",
        "box": {
          "height": 0,
          "width": 4,
          "x": 429,
          "y": 341
        },
        "id": "b7467577-1ab2-4c83-9a00-5d7e2c66f324",
        "page_number": 2,
        "text": "-"
      },
      {
        "block_type": "box",
        "box": {
          "height": 11,
          "width": 43,
          "x": 435,
          "y": 335
        },
        "id": "f20335c4-866b-4b01-8f21-306998074165",
        "page_number": 2,
        "text": "exec) \u2013"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 9,
          "x": 478,
          "y": 340
        },
        "id": "fd5975be-afa6-4810-9744-d0798c72ad6d",
        "page_number": 2,
        "text": "\u2013"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 192,
          "x": 492,
          "y": 335
        },
        "id": "fff0de5a-75c3-46e8-8b62-646b5f2423cd",
        "page_number": 2,
        "text": "appointed 7 January 2026"
      },
      {
        "block_type": "box",
        "box": {
          "height": 11,
          "width": 92,
          "x": 438,
          "y": 351
        },
        "id": "bf70642b-8ead-44d6-bc3c-483319d55ef2",
        "page_number": 2,
        "text": "J Harris (non"
      },
      {
        "block_type": "box",
        "box": {
          "height": 0,
          "width": 5,
          "x": 532,
          "y": 357
        },
        "id": "d96c1dda-f849-4f90-9a7f-3e343a5827f4",
        "page_number": 2,
        "text": "-"
      },
      {
        "block_type": "box",
        "box": {
          "height": 11,
          "width": 38,
          "x": 538,
          "y": 351
        },
        "id": "d6b7e8c7-0246-46f7-ad7c-156aee9c4468",
        "page_number": 2,
        "text": "exec)"
      },
      {
        "block_type": "box",
        "box": {
          "height": 11,
          "width": 100,
          "x": 433,
          "y": 367
        },
        "id": "7b1227cf-2e4f-4e5f-bae5-2885182ac5d6",
        "page_number": 2,
        "text": "L R Scott (non"
      },
      {
        "block_type": "box",
        "box": {
          "height": 0,
          "width": 5,
          "x": 535,
          "y": 373
        },
        "id": "737121e1-14aa-4a8b-8b1f-ff91a0ecc5be",
        "page_number": 2,
        "text": "-"
      },
      {
        "block_type": "box",
        "box": {
          "height": 11,
          "width": 38,
          "x": 541,
          "y": 367
        },
        "id": "1eb061d4-dca3-42ac-bafa-1537890c1fe9",
        "page_number": 2,
        "text": "exec)"
      },
      {
        "block_type": "box",
        "box": {
          "height": 14,
          "width": 104,
          "x": 454,
          "y": 400
        },
        "id": "4a8bef4b-5eb1-4c63-8a15-539a9281c6d4",
        "page_number": 2,
        "text": "Depositary"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 394,
          "x": 308,
          "y": 419
        },
        "id": "9284a253-4b4a-46bb-a453-1254d4f82c47",
        "page_number": 2,
        "text": "The Bank of New York Mellon (International) Limited"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 192,
          "x": 410,
          "y": 436
        },
        "id": "0c417929-63f1-46e5-af6f-c795b5e010bc",
        "page_number": 2,
        "text": "160 Queen Victoria Street"
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 53,
          "x": 479,
          "y": 451
        },
        "id": "276215e7-e8f6-41a5-9383-6078c692f5c0",
        "page_number": 2,
        "text": "London"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 69,
          "x": 472,
          "y": 468
        },
        "id": "00bf6ca6-926d-4e7c-9e08-5dace1490b3f",
        "page_number": 2,
        "text": "EC4V 4LA"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 6,
          "x": 116,
          "y": 483
        },
        "id": "0878675c-3134-413d-8c59-41c914192b5b",
        "page_number": 2,
        "text": "(A"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 374,
          "x": 119,
          "y": 483
        },
        "id": "735f0801-12dc-4b2c-8194-98e856b2141e",
        "page_number": 2,
        "text": "(Authorised by the Prudential Regulation Authority"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 403,
          "x": 498,
          "y": 483
        },
        "id": "e33397a9-6301-43fb-afca-57459e121948",
        "page_number": 2,
        "text": "and regulated by the Financial Conduct Authority and"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 264,
          "x": 371,
          "y": 499
        },
        "id": "3af3dba4-a28e-45ea-b1d1-8bb35a879b17",
        "page_number": 2,
        "text": "the Prudential Regulation Authority"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 6,
          "x": 636,
          "y": 499
        },
        "id": "031bd8eb-5dff-473a-b34c-529b0217cc06",
        "page_number": 2,
        "text": ")"
      },
      {
        "block_type": "box",
        "box": {
          "height": 14,
          "width": 271,
          "x": 370,
          "y": 531
        },
        "id": "d6a7b50c-e68a-414e-a8c4-de84afa866b1",
        "page_number": 2,
        "text": "Administrator and Registrar"
      },
      {
        "block_type": "box",
        "box": {
          "height": 11,
          "width": 218,
          "x": 369,
          "y": 550
        },
        "id": "525963ce-52af-453c-a5cb-7c421efc27ba",
        "page_number": 2,
        "text": "Margetts Fund Management"
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 53,
          "x": 589,
          "y": 550
        },
        "id": "c77a909c-ff38-4db8-8983-6e76925a8649",
        "page_number": 2,
        "text": "Limited"
      },
      {
        "block_type": "box",
        "box": {
          "height": 11,
          "width": 132,
          "x": 440,
          "y": 566
        },
        "id": "a36e7e2b-a4f7-4b99-8947-d5c64388b871",
        "page_number": 2,
        "text": "1 Sovereign Court"
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 108,
          "x": 452,
          "y": 582
        },
        "id": "1b2f2ff2-fcf2-48ed-bd76-e55ad200731b",
        "page_number": 2,
        "text": "Graham Street"
      },
      {
        "block_type": "box",
        "box": {
          "height": 11,
          "width": 88,
          "x": 462,
          "y": 598
        },
        "id": "9bc081fd-bcfc-40f5-a826-1c61132a1af2",
        "page_number": 2,
        "text": "Birmingham"
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 46,
          "x": 483,
          "y": 614
        },
        "id": "cb74578a-59c6-43e0-89d5-5b5ebbb6a628",
        "page_number": 2,
        "text": "B1 3JR"
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 142,
          "x": 434,
          "y": 630
        },
        "id": "db8f3caa-e692-4630-9fbf-84a580f3b293",
        "page_number": 2,
        "text": "Tel: 0121 236 2380"
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 144,
          "x": 434,
          "y": 646
        },
        "id": "6904ebe0-890b-4b82-9834-d6957ab1e239",
        "page_number": 2,
        "text": "Fax: 0121 236 2330"
      },
      {
        "block_type": "box",
        "box": {
          "height": 11,
          "width": 461,
          "x": 275,
          "y": 662
        },
        "id": "d1a6dcc6-eb9b-42e3-a90a-50be14b2e5b1",
        "page_number": 2,
        "text": "(Authorised and regulated by the Financial Conduct Authority)"
      },
      {
        "block_type": "box",
        "box": {
          "height": 11,
          "width": 82,
          "x": 464,
          "y": 695
        },
        "id": "39bc4d1f-6148-40d9-bea1-b1185721a7f5",
        "page_number": 2,
        "text": "Auditors"
      },
      {
        "block_type": "box",
        "box": {
          "height": 11,
          "width": 194,
          "x": 409,
          "y": 714
        },
        "id": "418ff177-1ec3-477e-b03a-169434c7c1b2",
        "page_number": 2,
        "text": "Moore Kingston Smith LLP"
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 28,
          "x": 410,
          "y": 730
        },
        "id": "cf3ae042-39db-46ef-bbf5-06e69fdb41b3",
        "page_number": 2,
        "text": "6th"
      },
      {
        "block_type": "box",
        "box": {
          "height": 11,
          "width": 163,
          "x": 439,
          "y": 730
        },
        "id": "f78ee9f3-dcff-4b92-9fdd-96b60c4aabc2",
        "page_number": 2,
        "text": "Floor, 9 Appold Street"
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 59,
          "x": 479,
          "y": 746
        },
        "id": "13c0efc0-7418-4e42-b197-a784119d3259",
        "page_number": 2,
        "text": "London"
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 70,
          "x": 471,
          "y": 762
        },
        "id": "0b54de60-a840-4731-8e83-bf9a5cbc2348",
        "page_number": 2,
        "text": "EC2A 2AP"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 211,
          "x": 400,
          "y": 794
        },
        "id": "96d4702e-5da2-4682-a7af-828c385aa82e",
        "page_number": 2,
        "text": "Investment Managers"
      },
      {
        "block_type": "box",
        "box": {
          "height": 11,
          "width": 269,
          "x": 371,
          "y": 813
        },
        "id": "5f20358f-1b5c-4ff6-bb72-ccf95d323b98",
        "page_number": 2,
        "text": "Progeny Asset Management Limited"
      },
      {
        "block_type": "box",
        "box": {
          "height": 11,
          "width": 126,
          "x": 443,
          "y": 829
        },
        "id": "7d107960-a675-4ee9-9f89-c1be93f39073",
        "page_number": 2,
        "text": "1A Tower Square"
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 41,
          "x": 486,
          "y": 845
        },
        "id": "8d060921-493d-471a-b825-7d411175ec12",
        "page_number": 2,
        "text": "Leeds"
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 57,
          "x": 478,
          "y": 861
        },
        "id": "8a55bd78-a92a-4c0e-9ba3-87f5cd627760",
        "page_number": 2,
        "text": "LS1 4DL"
      },
      {
        "block_type": "box",
        "box": {
          "height": 11,
          "width": 461,
          "x": 275,
          "y": 876
        },
        "id": "aeccceab-8ca0-4031-b80d-ca03474eb757",
        "page_number": 2,
        "text": "(Authorised and regulated by the Financial Conduct Authority)"
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 409,
          "x": 29,
          "y": 13
        },
        "id": "252b024b-2a11-4f30-a870-f6f22cce9e21",
        "page_number": 2,
        "text": "Docusign Envelope ID: CA63F131-1B15-802D-82D1-B410875B6B41"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 138,
          "x": 315,
          "y": 45
        },
        "id": "44b15590-4fdd-4531-877c-f22022281109",
        "page_number": 3,
        "text": "MGTS Progeny Fund"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 4,
          "x": 457,
          "y": 50
        },
        "id": "9462042d-3783-49a3-8ffb-6e2cc2367596",
        "page_number": 3,
        "text": "-"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 8,
          "x": 464,
          "y": 45
        },
        "id": "f89f70d7-4bf7-4847-8995-ff641698b2bc",
        "page_number": 3,
        "text": "fo"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 44,
          "x": 471,
          "y": 45
        },
        "id": "cf771092-1020-4a95-b725-213246a566f3",
        "page_number": 3,
        "text": "for the p"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 44,
          "x": 514,
          "y": 45
        },
        "id": "6dbacf61-28d5-49ad-9be4-23b0e0d18c86",
        "page_number": 3,
        "text": "period"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 45,
          "x": 563,
          "y": 45
        },
        "id": "f6f613ec-9d33-422d-ae86-32ace5365939",
        "page_number": 3,
        "text": "ended"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 89,
          "x": 608,
          "y": 45
        },
        "id": "a12f594d-e337-4b16-9e77-e9eaf8d642b2",
        "page_number": 3,
        "text": "30 June 2026"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 8,
          "x": 107,
          "y": 957
        },
        "id": "e7824ad9-0f0d-42f5-8d22-fb12638f4afd",
        "page_number": 3,
        "text": "ii"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 250,
          "x": 119,
          "y": 957
        },
        "id": "3a00a099-2e39-40b7-956f-57c3da14fe13",
        "page_number": 3,
        "text": "Margetts Fund Management Limited"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 96,
          "x": 108,
          "y": 69
        },
        "id": "b23cfd62-48de-4d95-ae50-c9d80172a14e",
        "page_number": 3,
        "text": "Contents"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 121,
          "x": 107,
          "y": 92
        },
        "id": "70b286e7-57a7-4844-8e59-1d2ef16dd348",
        "page_number": 3,
        "text": "Authorised Status"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 140,
          "x": 231,
          "y": 99
        },
        "id": "b896abf4-6209-4eef-9bbb-fc3e405e573a",
        "page_number": 3,
        "text": "................................"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 140,
          "x": 373,
          "y": 99
        },
        "id": "1abf75dd-13eb-4c09-8022-f394d80faa4c",
        "page_number": 3,
        "text": "................................"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 139,
          "x": 515,
          "y": 99
        },
        "id": "0d43d6db-06d4-472a-be37-021ba981a80b",
        "page_number": 3,
        "text": "................................"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 139,
          "x": 657,
          "y": 99
        },
        "id": "d0d92e23-ea07-4acd-850b-957927db2887",
        "page_number": 3,
        "text": "................................"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 95,
          "x": 799,
          "y": 99
        },
        "id": "e85da775-e393-45db-83da-0a7d0e99944e",
        "page_number": 3,
        "text": "......................"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 6,
          "x": 898,
          "y": 92
        },
        "id": "456f2726-e7ce-4153-9d64-2d2a91d44029",
        "page_number": 3,
        "text": "1"
      },
      {
        "block_type": "box",
        "box": {
          "height": 11,
          "width": 275,
          "x": 108,
          "y": 106
        },
        "id": "cfd189c8-34b4-4be6-9aa1-42bf1cb547c3",
        "page_number": 3,
        "text": "Certification of Accounts by Directors of"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 54,
          "x": 384,
          "y": 106
        },
        "id": "ebc63fbf-3deb-4e39-b2e5-8869fc87e680",
        "page_number": 3,
        "text": "the ACD"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 139,
          "x": 440,
          "y": 113
        },
        "id": "d7ecebde-4e98-4c1c-b2c6-73534782cec8",
        "page_number": 3,
        "text": "................................"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 139,
          "x": 582,
          "y": 113
        },
        "id": "9c4f128d-2fcb-48da-b2c6-08d2f1da597e",
        "page_number": 3,
        "text": "................................"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 139,
          "x": 724,
          "y": 113
        },
        "id": "10ff6e8c-4b04-451f-8eed-39de83591e14",
        "page_number": 3,
        "text": "................................"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 28,
          "x": 866,
          "y": 113
        },
        "id": "53ede669-ec4f-4879-bba3-0650617e26d7",
        "page_number": 3,
        "text": "......."
      },
      {
        "block_type": "box",
        "box": {
          "height": 7,
          "width": 6,
          "x": 898,
          "y": 107
        },
        "id": "93f71275-dd09-4094-b531-63eb93c81960",
        "page_number": 3,
        "text": "1"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 198,
          "x": 107,
          "y": 121
        },
        "id": "8be11958-7890-4ac6-90e6-d377714e621e",
        "page_number": 3,
        "text": "Value for Money Assessment"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 139,
          "x": 307,
          "y": 128
        },
        "id": "03a56b1e-6668-44de-842c-8d38b99ed39d",
        "page_number": 3,
        "text": "................................"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 139,
          "x": 449,
          "y": 128
        },
        "id": "8d5d4dda-f1b2-4065-9f9e-5363611dffaf",
        "page_number": 3,
        "text": "................................"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 139,
          "x": 591,
          "y": 128
        },
        "id": "9bcd1326-ed65-46c2-92d9-0039c6e25f1a",
        "page_number": 3,
        "text": "................................"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 139,
          "x": 733,
          "y": 128
        },
        "id": "351f5309-6553-4d34-b940-ffe1146012c4",
        "page_number": 3,
        "text": "................................"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 19,
          "x": 875,
          "y": 128
        },
        "id": "fa3b8fa8-bb97-42bf-8542-5523c63bd6f3",
        "page_number": 3,
        "text": "....."
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 6,
          "x": 898,
          "y": 121
        },
        "id": "034a6751-452b-415d-b78f-51187b20c115",
        "page_number": 3,
        "text": "1"
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 149,
          "x": 107,
          "y": 135
        },
        "id": "bfe64fa6-b4aa-45ce-b0fb-3eeba1a01b05",
        "page_number": 3,
        "text": "Task Force on Climate"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 4,
          "x": 257,
          "y": 140
        },
        "id": "86f4ed9b-fdc7-4204-9cf0-0fa3cd3895ff",
        "page_number": 3,
        "text": "-"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 248,
          "x": 263,
          "y": 135
        },
        "id": "000f43aa-ef89-4d18-8a6a-729315faeba2",
        "page_number": 3,
        "text": "related Financial Disclosures (\u2018TCFD\u2019)"
      },
      {
        "block_type": "box",
        "box": {
          "height": 2,
          "width": 139,
          "x": 515,
          "y": 142
        },
        "id": "2760b1fd-85a9-4ce1-b345-1db1825dcb26",
        "page_number": 3,
        "text": "................................"
      },
      {
        "block_type": "box",
        "box": {
          "height": 2,
          "width": 139,
          "x": 657,
          "y": 142
        },
        "id": "e5eea53a-9359-4f56-b1cd-5693a78f4f86",
        "page_number": 3,
        "text": "................................"
      },
      {
        "block_type": "box",
        "box": {
          "height": 2,
          "width": 95,
          "x": 799,
          "y": 142
        },
        "id": "b4a60fb2-a999-4169-b4bb-1c59b03377c0",
        "page_number": 3,
        "text": "......................"
      },
      {
        "block_type": "box",
        "box": {
          "height": 7,
          "width": 7,
          "x": 897,
          "y": 136
        },
        "id": "ed02a39d-7475-4c01-a19d-5c08960058fa",
        "page_number": 3,
        "text": "2"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 379,
          "x": 108,
          "y": 150
        },
        "id": "ffa7ad05-8882-4681-8f71-beaf79cfe429",
        "page_number": 3,
        "text": "MGTS Progeny Dynamic Equity Fund Report \u0026 Accounts"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 139,
          "x": 489,
          "y": 157
        },
        "id": "b65328fe-9e42-4c6a-bb5e-6b90b4b1dce3",
        "page_number": 3,
        "text": "................................"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 139,
          "x": 631,
          "y": 157
        },
        "id": "3549df5f-cf8f-4172-a255-914b345b1144",
        "page_number": 3,
        "text": "................................"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 121,
          "x": 773,
          "y": 157
        },
        "id": "326ad97e-f373-4306-a798-5ae68eacf9dd",
        "page_number": 3,
        "text": "............................"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 7,
          "x": 897,
          "y": 150
        },
        "id": "a86e0909-d670-4b9c-8b94-fb68f3e5e07c",
        "page_number": 3,
        "text": "3"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 203,
          "x": 128,
          "y": 164
        },
        "id": "5c550949-39be-4cc2-89be-625e7c7bde82",
        "page_number": 3,
        "text": "Investment Manager\u2019s Report"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 140,
          "x": 333,
          "y": 171
        },
        "id": "fa08e9f7-e85c-4999-be87-43ad0fd05114",
        "page_number": 3,
        "text": "................................"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 140,
          "x": 475,
          "y": 171
        },
        "id": "28e251fc-55cd-4041-a997-cf2609ac8a75",
        "page_number": 3,
        "text": "................................"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 140,
          "x": 617,
          "y": 171
        },
        "id": "210771bc-d1ed-4093-a2b9-d2d07f98ce7e",
        "page_number": 3,
        "text": "................................"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 135,
          "x": 759,
          "y": 171
        },
        "id": "5db7291a-7538-4547-ae41-ef8b852834d0",
        "page_number": 3,
        "text": "..............................."
      },
      {
        "block_type": "box",
        "box": {
          "height": 7,
          "width": 7,
          "x": 897,
          "y": 165
        },
        "id": "3071eb78-0d00-4851-89b3-6ec9e0cdabc7",
        "page_number": 3,
        "text": "3"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 134,
          "x": 128,
          "y": 179
        },
        "id": "872d4338-83e2-48e3-b7c6-0b87b4ffdcd1",
        "page_number": 3,
        "text": "Portfolio Statement"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 139,
          "x": 267,
          "y": 186
        },
        "id": "e63dc6ab-52be-467d-9d40-e61fa3a6bffd",
        "page_number": 3,
        "text": "................................"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 139,
          "x": 409,
          "y": 186
        },
        "id": "f29eefd4-ac1a-4872-984c-f455f2dac08e",
        "page_number": 3,
        "text": "................................"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 139,
          "x": 551,
          "y": 186
        },
        "id": "1b2ca739-1f38-4a82-845e-8141da8fbdeb",
        "page_number": 3,
        "text": "................................"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 139,
          "x": 693,
          "y": 186
        },
        "id": "c389e8ea-f46b-496a-9814-837f662ea5dc",
        "page_number": 3,
        "text": "................................"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 59,
          "x": 835,
          "y": 186
        },
        "id": "61f1322c-4d6a-4a37-b8e5-f9664c564873",
        "page_number": 3,
        "text": ".............."
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 7,
          "x": 897,
          "y": 179
        },
        "id": "21d3fe98-5f81-4fe1-b6f6-76af23fee2d2",
        "page_number": 3,
        "text": "5"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 141,
          "x": 128,
          "y": 193
        },
        "id": "e1e7bede-94ee-4310-beeb-34eb34782a0d",
        "page_number": 3,
        "text": "Financial Statements"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 140,
          "x": 271,
          "y": 200
        },
        "id": "515e9301-b5a0-4e93-896c-02e74e281c65",
        "page_number": 3,
        "text": "................................"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 139,
          "x": 413,
          "y": 200
        },
        "id": "920e62c0-f9a0-49e0-9e16-cec17a61e3bf",
        "page_number": 3,
        "text": "................................"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 139,
          "x": 555,
          "y": 200
        },
        "id": "eab66375-2770-4fbc-90b7-06c5bf95947a",
        "page_number": 3,
        "text": "................................"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 139,
          "x": 697,
          "y": 200
        },
        "id": "f557eeec-0fdf-4e8d-8889-2223cf3727b8",
        "page_number": 3,
        "text": "................................"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 55,
          "x": 839,
          "y": 200
        },
        "id": "09c46b2b-78f7-4b48-bf10-202300de0e4c",
        "page_number": 3,
        "text": "............."
      },
      {
        "block_type": "box",
        "box": {
          "height": 7,
          "width": 7,
          "x": 897,
          "y": 194
        },
        "id": "9d341ce2-1598-474a-a875-f19992fb6d33",
        "page_number": 3,
        "text": "6"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 242,
          "x": 128,
          "y": 208
        },
        "id": "69bcb6cf-299a-40a1-81c4-681fc06a5a92",
        "page_number": 3,
        "text": "Fair Value Hierarchy of Investments"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 140,
          "x": 373,
          "y": 215
        },
        "id": "1259e1fd-7173-4f40-a82a-fe86c4b3e72b",
        "page_number": 3,
        "text": "................................"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 139,
          "x": 515,
          "y": 215
        },
        "id": "9fcbc9f3-a596-4798-b7ed-30d0ee6e5345",
        "page_number": 3,
        "text": "................................"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 139,
          "x": 657,
          "y": 215
        },
        "id": "5b5f2c6f-ce97-4445-9ff0-90aeff71947b",
        "page_number": 3,
        "text": "................................"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 95,
          "x": 799,
          "y": 215
        },
        "id": "57456e0b-b275-40f2-b89f-1afc94aa406a",
        "page_number": 3,
        "text": "......................"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 7,
          "x": 897,
          "y": 208
        },
        "id": "24fd05e2-f7a5-4b8a-b35b-436dd8877fb9",
        "page_number": 3,
        "text": "8"
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 120,
          "x": 128,
          "y": 222
        },
        "id": "f931235d-2016-431f-990f-72d437ad438e",
        "page_number": 3,
        "text": "Distribution Table"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 139,
          "x": 254,
          "y": 229
        },
        "id": "fb8cae0c-fb08-462a-ac98-612bdba3656f",
        "page_number": 3,
        "text": "................................"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 139,
          "x": 396,
          "y": 229
        },
        "id": "a57fb150-ff94-415e-b5af-733c83d6cf15",
        "page_number": 3,
        "text": "................................"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 140,
          "x": 537,
          "y": 229
        },
        "id": "9dd77e6b-2404-4774-a3da-08b756f4f295",
        "page_number": 3,
        "text": "................................"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 140,
          "x": 679,
          "y": 229
        },
        "id": "225122dd-7f35-4bd0-9fff-bc3b88e8d1f2",
        "page_number": 3,
        "text": "................................"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 73,
          "x": 821,
          "y": 229
        },
        "id": "f390a526-0faa-4012-88ad-6233c81529a0",
        "page_number": 3,
        "text": "................."
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 7,
          "x": 897,
          "y": 223
        },
        "id": "28dd656a-c946-411b-a733-6f088a68dafd",
        "page_number": 3,
        "text": "9"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 344,
          "x": 128,
          "y": 237
        },
        "id": "0fdf4c95-ad9b-4a6a-9b60-c08cd9d93ce4",
        "page_number": 3,
        "text": "Net Asset Value per Share and Comparative Tables"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 140,
          "x": 475,
          "y": 244
        },
        "id": "6745e306-e3d1-49ef-a96f-9f5cfa232c7f",
        "page_number": 3,
        "text": "................................"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 140,
          "x": 617,
          "y": 244
        },
        "id": "a132f00a-c8f0-453b-b33f-9891adf40ed6",
        "page_number": 3,
        "text": "................................"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 126,
          "x": 759,
          "y": 244
        },
        "id": "c2114045-4266-4e60-a05d-42d41ef724c6",
        "page_number": 3,
        "text": "............................."
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 15,
          "x": 889,
          "y": 237
        },
        "id": "5ea4650b-070f-42ef-8e23-a3a316655c99",
        "page_number": 3,
        "text": "10"
      },
      {
        "block_type": "box",
        "box": {
          "height": 11,
          "width": 372,
          "x": 108,
          "y": 251
        },
        "id": "977bb585-d17c-4788-8acc-899d391a4f3a",
        "page_number": 3,
        "text": "MGTS Progeny Dynamic Bond Fund Report \u0026 Accounts"
      },
      {
        "block_type": "box",
        "box": {
          "height": 2,
          "width": 139,
          "x": 484,
          "y": 258
        },
        "id": "9af05617-7fd2-42ef-8a0b-324154b9075f",
        "page_number": 3,
        "text": "................................"
      },
      {
        "block_type": "box",
        "box": {
          "height": 2,
          "width": 139,
          "x": 626,
          "y": 258
        },
        "id": "37f877f6-dd13-4b84-b536-9a6ca3fb8551",
        "page_number": 3,
        "text": "................................"
      },
      {
        "block_type": "box",
        "box": {
          "height": 2,
          "width": 117,
          "x": 768,
          "y": 258
        },
        "id": "9450fd64-bf66-4741-83f3-f373b8f1c1d3",
        "page_number": 3,
        "text": "..........................."
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 15,
          "x": 889,
          "y": 252
        },
        "id": "f42040d7-eaea-490d-92ef-fad4e52f5177",
        "page_number": 3,
        "text": "12"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 203,
          "x": 128,
          "y": 266
        },
        "id": "5b067641-c401-43c4-9098-e5d617ee8ffc",
        "page_number": 3,
        "text": "Investment Manager\u2019s Report"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 140,
          "x": 333,
          "y": 273
        },
        "id": "418a95c7-599c-4b05-b4ea-061365567cf7",
        "page_number": 3,
        "text": "................................"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 140,
          "x": 475,
          "y": 273
        },
        "id": "cad69fc9-7326-4444-b85d-4666f36460dd",
        "page_number": 3,
        "text": "................................"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 140,
          "x": 617,
          "y": 273
        },
        "id": "813c74ac-becb-4bf6-9d47-9528b27508ba",
        "page_number": 3,
        "text": "................................"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 126,
          "x": 759,
          "y": 273
        },
        "id": "b8eecb4f-cca5-43e7-b4d7-ae76834a86a0",
        "page_number": 3,
        "text": "............................."
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 15,
          "x": 889,
          "y": 266
        },
        "id": "a2a16db1-b6ab-467c-abcb-51777c3d2d92",
        "page_number": 3,
        "text": "12"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 134,
          "x": 128,
          "y": 280
        },
        "id": "dbcda310-a2a5-4215-8c74-9db060757fe6",
        "page_number": 3,
        "text": "Portfolio Statement"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 139,
          "x": 267,
          "y": 287
        },
        "id": "a4b5c24b-e6fd-45f7-a6b4-1d344cb3a74b",
        "page_number": 3,
        "text": "................................"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 139,
          "x": 409,
          "y": 287
        },
        "id": "b1193f96-4adf-4e48-8743-98e6a07f7466",
        "page_number": 3,
        "text": "................................"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 139,
          "x": 551,
          "y": 287
        },
        "id": "1fc0501c-f030-4a13-830d-1bf9e28510fd",
        "page_number": 3,
        "text": "................................"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 139,
          "x": 693,
          "y": 287
        },
        "id": "d0c00e9a-4a1d-4d1b-897c-e04be9f40b6f",
        "page_number": 3,
        "text": "................................"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 50,
          "x": 835,
          "y": 287
        },
        "id": "652d0563-2c15-4af5-8370-99f9f1e28fab",
       ...