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Annual Report and Financial Statements For the year ended 30 June 2026
VT INVESTOR FUNDS ICVC
(Sub-fund VT Tyndall European Unconstrained Fund (formerly VT Downing European Unconstrained Income Fund))
(formerly VT DOWNING INVESTOR FUNDS ICVC)
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CONTENTS
Page
Company Overview 1 Statement of the Authorised Fund Manager's (AFM's) Responsibilities 2 Statement of the Depositary's Responsibilities and Report of the Depositary to the Shareholders of VT Investor Funds ICVC 3
4 Accounting policies 7
VT Tyndall European Unconstrained Fund Sub-fund Overview 9 Investment Manager's Review 11 Performance Record 12 Portfolio Statement 16 Summary of Material Portfolio Changes 18 Statement of Total Return 19 Statement of Changes in Net Assets Attributable to Shareholders 19 Balance Sheet 20 Notes to the Financial Statements 21 Distribution Tables 28
Information for Investors 30 Corporate Directory 32
VT INVESTOR FUNDS ICVC For the year ended 30 June 2026
Independent Auditor's Report to the Shareholders of VT Investor Funds ICVC (Sub-fund VT Tyndall European Unconstrained Fund)
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COMPANY OVERVIEW
Type of Company VT Investor Funds ICVC (the Company) is an investment company with variable capital incorporated in England and Wales under the OEIC Regulations with registered number IC024590 and authorised by the Financial Conduct Authority (PRN: 921279) pursuant to an authorisation order dated 17 February 2020. The Company has an unlimited duration.
The Company is a UCITS scheme and is an umbrella company (as defined in the OEIC Regulations). Each Sub-fund would be a UCITS scheme if it had a separate authorisation order.
Shareholders are not liable for the debts of the Company.
Changes to the Company On 01 January 2026 the Company name changed from VT Downing Investor Funds ICVC to VT Investor Funds ICVC.
On 01 January 2026 the Sub-fund name changed from VT Downing European Unconstrained Income Fund to VT Tyndall European Unconstrained Fund.
On 15 May 2026, the Depositary and Custodian changed from NatWest Trustee and Depositary Services Limited (“NWTDS”) to The Bank of New York Mellon (International) Limited (“BNYM”).
VT INVESTOR FUNDS ICVC For the year ended 30 June 2026 1
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STATEMENT OF THE AUTHORISED FUND MANAGER'S (AFM's) RESPONSIBILITIES
The rules of the Financial Conduct Authority's Collective Investment Schemes Sourcebook require the Authorised Fund Manager to prepare financial statements for each accounting year which give a true and fair view of the financial position of the Company at the end of the financial year and its net revenue and net capital gains for the year. In preparing these financial statements the Authorised Fund Manager is required to: > comply with the Prospectus, the Statement of Recommended Practice for Authorised Funds issued by the Investment Association in May 2014 as amended June 2017, the Instrument of Incorporation, generally accepted accounting principles and applicable accounting standards, subject to any material departures which are required to be disclosed and explained in the financial statements. > select suitable accounting policies and then apply them consistently. > make judgements and estimates that are reasonable and prudent. > prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Company will continue in operation for the foreseeable future.
The Authorised Fund Manager is required to keep proper accounting records and to manage the Company in accordance with the COLL regulations, the Instrument of Incorporation, and the Prospectus. The Authorised Fund Manager is responsible for taking reasonable steps for the prevention and detection of fraud and other irregularities.
AUTHORISED FUND MANAGER'S STATEMENT
In accordance with the requirements of the Financial Conduct Authority's Collective Investment Scheme's Sourcebook, we hereby certify the annual report.
Jonathan M. Child CA
Jonathan W. Sim MA CA
On behalf of Valu-Trac Investment Management Limited Authorised Fund Manager
Date : 30 September 2026
VT INVESTOR FUNDS ICVC For the year ended 30 June 2026 2
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For the year ended 30 June 2026 The Depositary must ensure that the Company is managed in accordance with the Financial Conduct Authority’s Collective Investment Schemes Sourcebook, the Open-Ended Investment Companies Regulations 2001 (SI 2001/1228), as amended, the Financial Services and Markets Act 2000, as amended, (together “the Regulations”), the Company’s Instrument of Incorporation and Prospectus (together “the Scheme documents”) as detailed below.
The Depositary must in the context of its role act honestly, fairly, professionally, independently and in the interests of the Company and its investors.
The Depositary is responsible for the safekeeping of all custodial assets and maintaining a record of all other assets of the Company in accordance with the Regulations. The Depositary must ensure that:
• the Company’s cash flows are properly monitored and that cash of the Company is booked into the cash accounts in accordance with the Regulations; • the sale, issue, repurchase and cancellation of shares are carried out in accordance with the Regulations; • the value of shares of the Company are calculated in accordance with the Regulations; • any consideration relating to transactions in the Company’s assets is remitted to the Company within the usual time limits; • the Company’s income is applied in accordance with the Regulations; and • the instructions of the Authorised Fund Manager (“the AFM”), which is the UCITS Management Company, are carried out (unless they conflict with the Regulations).
The Depositary also has a duty to take reasonable care to ensure that Company is managed in accordance with the Scheme documents and the Regulations in relation to the investment and borrowing powers applicable to the Company.
Having carried out such procedures as we consider necessary to discharge our responsibilities as Depositary of the Company, it is our opinion, based on the information available to us and the explanations provided, that in all material respects the Company, acting through the AFM:
(i) has carried out the issue, sale, redemption and cancellation, and calculation of the price of the Company’s shares and the application of the Company’s income in accordance with the Regulations and the Scheme documents of the Company; and
(ii) has observed the investment and borrowing powers and restrictions applicable to the Company.
For and on behalf of The Bank of New York Mellon (International) Limited One Canada Square London E14 5AL 03 September 2026
VT INVESTOR FUNDS ICVC For the year ended 30 June 2026 3
STATEMENT OF THE DEPOSITARY'S RESPONSIBILITIES AND REPORT OF THE DEPOSITARY TO THE SHAREHOLDERS OF VT INVESTOR FUNDS ICVC
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INDEPENDENT AUDITOR'S REPORT TO THE SHAREHOLDERS OF VT INVESTOR FUNDS ICVC (SUB-FUND VT TYNDALL EUROPEAN UNCONSTRAINED FUND)
Opinion We have audited the financial statements of VT Investor Funds ICVC ("the Company") for the year ended 30 June 2026 which comprise the Statement of Total Return, Statement of Changes in Net Assets Attributable to Shareholders, Balance Sheet, the related Notes to the Financial Statement, including significant accounting policies and the Distribution Tables. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Generally Accepted Accounting Practice including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements: > Give a true and fair view of the financial position of the Company at 30 June 2026 and of the net revenue and the net capital gains on the scheme property of the Company for the year then ended; and > Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and > Have been prepared in accordance with the Investment Association Statement of Recommended Practice for Authorised Funds, the rules of the Collective Investment Schemes Sourcebook (COLL Rules) of the Financial Conduct Authority and the Instrument of Incorporation.
Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions Relating to Going Concern Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Authorised Fund Manager with respect to going concern are described in the relevant sections of this report.
Other Information The other information comprises the information included in the Annual Report and Financial Statements, other than the financial statements and our auditor’s report thereon. The Authorised Fund Manager is responsible for the other information contained within the Annual Report and Financial Statements. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
VT INVESTOR FUNDS ICVC For the year ended 30 June 2026 4
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INDEPENDENT AUDITOR'S REPORT TO THE SHAREHOLDERS OF VT INVESTOR FUNDS ICVC (SUB-FUND VT TYNDALL EUROPEAN UNCONSTRAINED FUND) (Continued)
Opinion on Other Matters Prescribed by the COLL Regulations In our opinion, based on the work undertaken in the course of the audit: > Proper accounting records for the Company have been kept and the accounts are in agreement with those records; > We have received all the information and explanations which, to the best of our knowledge and belief, are necessary for the purposes of our audit; and > The information given in the report of the Authorised Fund Manager for the year is consistent with the financial statements.
Responsibilities of the Authorised Fund Manager As explained more fully in the Authorised Fund Manager’s responsibilities statement set out on page 2, the Authorised Fund Manager is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Authorised Fund Manager determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Authorised Fund Manager is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Authorised Fund Manager either intends to wind up the Company or to cease operations, or has no realistic alternative but to do so.
Auditor Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Extent to which the audit was considered capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
We assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations by considering their experience, past performance and support available.
All engagement team members were briefed on relevant identified laws and regulations and potential fraud risks at the planning stage of the audit. Engagement team members were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and the sector in which it operates, focusing on those provisions that had a direct effect on the determination of material amounts and disclosures in the financial statements. The most relevant frameworks we identified include: > UK Generally Accepted Accounting Practice including Financial Reporting Standard 102 and the IA Statement of Recommended Practice for Authorised Funds; > the Financial Conduct Authority’s Collective Investment Schemes Sourcebook; and > the Company’s Prospectus.
We gained an understanding of how the Company is complying with these laws and regulations by making enquiries of the Authorised Fund Manager. We corroborated these enquiries through our review of submitted returns, external inspections, relevant correspondence with regulatory bodies and the Company’s breaches register.
VT INVESTOR FUNDS ICVC For the year ended 30 June 2026 5
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INDEPENDENT AUDITOR'S REPORT TO THE SHAREHOLDERS OF VT INVESTOR FUNDS ICVC (SUB-FUND VT TYNDALL EUROPEAN UNCONSTRAINED FUND) (Continued)
Auditor Responsibilities for the Audit of the Financial Statements (Continued)
Extent to which the audit was considered capable of detecting irregularities, including fraud (Continued)
We assessed the susceptibility of the financial statements to material misstatement, including how fraud might occur, by meeting with management and those charged with governance to understand where it was considered there was susceptibility to fraud. This evaluation also considered how the Authorised Fund Manager was remunerated and whether this provided an incentive for fraudulent activity. We considered the overall control environment and how the Authorised Fund Manager oversees the implementation and operation of controls. In areas of the financial statements where the risks were considered to be higher, we performed procedures to address each identified risk. We identified a heightened fraud risk in relation to:
> management override of controls; and > the completeness and classification of special dividends between revenue and capital.
In addition to the above, the following procedures were performed to provide reasonable assurance that the financial statements were free of material fraud or error: > Reviewing the level of and reasoning behind the Company’s procurement of legal and professional services; > Performing audit procedures over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business, review of a pre sign-off Net Asset Valuation (NAV) statement for any unexpected activity and assessing judgements made by the Authorised Fund Manager in its calculation of accounting estimates for potential management bias; > Using a third-party independent data source to assess the completeness of the special dividend population and determining whether special dividends recognised were revenue or capital in nature with reference to the underlying circumstances of the investee companies’ dividend payments; > Assessing the Company’s compliance with the key requirements of the Collective Investment Schemes Sourcebook and its Prospectus; > Completion of appropriate checklists and use of our experience to assess the Company’s compliance with the IA Statement of Recommended Practice for Authorised Funds; and > Agreement of the financial statement disclosures to supporting documentation.
Our audit procedures were designed to respond to the risk of material misstatements in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
Use of Our Report This report is made solely to the Company's shareholders, as a body, in accordance with Rule 4.5.12 of the COLL Rules issued by the Financial Conduct Authority under the Open-Ended Investment Companies Regulations 2001. Our audit work has been undertaken so that we might state to the Company’s shareholders those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Johnston Carmichael LLP Chartered Accountants Statutory Auditor Elgin
Date
VT INVESTOR FUNDS ICVC For the year ended 30 June 2026 6
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ACCOUNTING POLICIES
For the year ended 30 June 2026 The principal accounting policies, which have been applied in both the current and prior year, are set out below:
1 Accounting policies a) The financial statements have been prepared in accordance with FRS 102, the Statement of Recommended Practice for Authorised Funds ("SORP") issued by the Investment Association (IA) in May 2014 and the amendments to the SORP issued by the IA in June 2017. The functional currency is Sterling.
b) There are no material events that have been identified that may cast significant doubt about the Company's ability to continue as a going concern for at least the next twelve months from the date these financial statements are authorised for issue. The AFM believes that the Company has adequate resources to continue in operational existence for the foreseeable future and they continue to adopt the going concern basis in preparing the financial statements.
c) All expenses, other than those relating to the purchase and sale of investments, are charged to revenue on an accruals basis. All expenses are then reallocated to capital, net of any tax effect for distribution purposes.
d) Distributions on equities are recognised when the security is quoted ex-dividend. Interest on deposits is accounted for on an accruals basis. Rebates from the investment manager are allocated to revenue on an accruals basis. Rebates from the investment manager are then reallocated to capital, net of any tax effect for distribution purposes. Rebates from underlying holdings are recognised on an accruals basis and are allocated to revenue or capital being decided by the allocation of the expense in the underlying funds. All revenue is recognised at a gross amount that includes any withholding taxes. Gains and losses, including differences in valuation of investments held at the balance sheet date, including unrealised exchange differences, are treated as capital.
e) The ordinary element of stocks received in lieu of cash dividends is recognised as revenue of the Sub-fund, and where applicable is included in the distribution. In the case of an enhanced stock dividend the value of the enhancement is treated as capital.
f) Special dividends are treated as either revenue or a repayment of capital depending on the facts of each particular case. Where the receipt of a special dividend results in a significant reduction in the capital value or where the distribution arises from an underlying capital event such as a merger or disposal these would typically be deemed as capital so as to ensure that the matching principle is applied to gains and losses. Otherwise, the special dividend would typically be recognised as revenue. Where special dividends are treated as revenue, they are included in the amount available for distribution. The tax accounting treatment follows the principal amount.
g) The listed investments are stated at their fair value at the balance sheet date. In deciding fair value, the valuation point is 12pm on 30 June 2026 with reference to quoted bid prices from reliable external sources. Unlisted or suspended investments are valued by the AFM considering where appropriate, latest dealing prices, valuations from reliable sources, financial performance, and other relevant factors.
h) All transactions in foreign currencies are converted into Sterling at the rate of exchange ruling at the dates of such transactions. Foreign currency assets and liabilities at the end of the accounting period are translated at the exchange rates at 12 noon on 30 June 2026.
i) Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay less or receive more tax.
Deferred tax assets are recognised only to the extent that the AFM considers that it is more likely than not there will be taxable profits from which underlying timing differences can be deducted.
j) To 12 June 2026 In certain circumstances the AFM may charge a dilution levy on the sale or repurchase of shares. The levy, which is paid into the Sub-fund, is intended to cover dealing spread on assets bought and sold and certain charges such as applicable dealing taxes and brokers commission not included in the mid-market value of the Sub-fund used for Net Asset Value ("NAV") calculations, which could have a diluting effect on the performance of the Sub-fund.
From 12 June 2026 , the Sub-fund operates a dilution adjustment also known as swing pricing. This means that the daily price of the Sub-fund is swung up or down, depending on whether there are net inflows or outflows, respectively. This means that the costs of transactions in the underlying investments of the Sub-fund are borne by those entering or exiting, rather than affecting the returns of existing shareholders. The dilution adjustment will be calculated by reference to the costs of dealing in the underlying investments of that fund, including any dealing spreads, and these can vary with market conditions. Any dilution adjustment accrued is to the benefit of the fund rather than the AFM.
VT INVESTOR FUNDS ICVC For the year ended 30 June 2026 7
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ACCOUNTING POLICIES (Continued)
k) Tax is provided using tax rates and laws which have been enacted or substantively enacted at the balance sheet date.
l) The Sub-fund currently issues Accumulation & Income shares. The Sub-fund goes ex dividend quarterly. The Sub-fund pays any income available to the shareholder two months in arrears, as a dividend distribution. Any revenue deficit at the year end is funded from capital.
If a distribution remains unclaimed for a period of six years after it has become due, it will be forfeited and will revert to the relevant Sub-fund or if it no longer exists the AFM). Applications to claim distributions that have not been paid should be made to the AFM before this six year period has elapsed.
For the treatment of expenses revert to policy 'c' and special dividends revert to policy 'f'.
Equalisation applies only to shares purchased during the distribution period (Group 2 shares). It represents the accrued revenue included in the purchase price of the shares. 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.
VT INVESTOR FUNDS ICVC For the year ended 30 June 2026 8
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SUB-FUND OVERVIEW
Name of Sub-fund VT Tyndall European Unconstrained Fund
Size of Sub-fund £37,204,734
Launch date 5 November 2020
Investment Objective & Policy The investment objective of the Fund is to generate income and capital growth over the long term (5 years).
The Sub-fund will seek to achieve its objective by investing at least 75% in equities issued by companies based in developed European markets (being member states of the European Union, Norway, Switzerland or the United Kingdom). The Fund may also invest in emerging and frontier European markets including Turkey and Iceland.
The Sub-fund may also invest in government securities, fixed income, closed ended collective investment schemes/vehicles (which may include those managed and/or operated by the AFM and which will provide exposure to various asset classes including equities and bonds), real estate investment trusts, money market instruments, deposits, cash and near cash.
The Sub-fund will be actively managed.
Save as noted above, the Sub-fund will not have any particular industry or economic sector focus and as such weightings in these may vary as required.
Derivatives The Sub-fund may hold derivatives for Efficient Portfolio Management (EPM) purposes (including hedging). It is not intended that the use of derivatives for EPM purposes will increase the risk profile of the Fund.
Performance Comparator The Sub-fund is not managed to or constrained by a benchmark, and nor does the AFM use a benchmark in order to assess performance. However, many funds sold in the UK are grouped into sectors by the Investment Association (the “IA”) (the trade body that represents UK investment managers), to help investors to compare funds with broadly similar characteristics.
In order to assess the Sub-fund’s performance, investors may find it useful to compare the Sub-fund against the performance of the IA Europe (ex UK) Sector, which serves as a method of comparing the Sub-fund’s performance with other funds which have broadly similar characteristics. The IA Europe (excluding UK) has been chosen as a comparator rather than the IA Europe (including UK), as it is not the intention of the Sub-fund to have a large exposure to UK equities that generate their revenue in the UK.
Accounting date Final: 30 June Interim: 30 September, 31 December, 31 March
Income distribution/allocation dates
Final: By 31 August Interim: By 30 November; By last day of February; By 31 May
Share classes: Class A (Accumulation) Class A (Income) Class F (Accumulation)* Class F (Income)* Class Z (Accumulation) Class Z (Income)
* Class F shares are only available to those who invest at launch of the Sub-fund (or otherwise at the AFM's discretion).
Initial, redemption and switching charges*: Nil
VT INVESTOR FUNDS ICVC - VT TYNDALL EUROPEAN UNCONSTRAINED FUND For the year ended 30 June 2026 9
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SUB-FUND OVERVIEW (Continued)
Investment minima*
Lump sum subscription: Class A: £1,000 Class F: £1,000,000 Class Z: £10,000,000
Top-up: Class A: £100 Class F: £1,000 Class Z: £1,000 Holding: Class A: £1,000 Class F: £1,000,000 Class Z: £10,000,000
Regular saving: £100 per month
Redemption/Switching: N/A (provided minimum holding is maintained)
*The AFM may waive the minimum levels (and initial charge and redemption charge) at its discretion.
Annual management charges: £67,056.21^ per annum plus
up to £100 million Net Asset Value – 0.015% per annum; £100 million to £250 million Net Asset Value – 0.0075% per annum; £250 million to £500 million Net Asset Value – 0.005% per annum; above £500 million Net Asset Value – 0.0025% per annum; plus
Class A – 0.75% per annum; Class F – 0.55% per annum; Class Z – 0.35% per annum, the above percentages being percentages of the Net Asset Value of the Sub-fund attributable to the relevant Class (all amounts plus VAT if applicable).
VT INVESTOR FUNDS ICVC - VT TYNDALL EUROPEAN UNCONSTRAINED FUND For the year ended 30 June 2026 10
^The fixed element of the fee shall rise annually in line with the rate of inflation (calculated in accordance with the Consumer Prices Index) on 1 January each year (from 1 January 2026). In the event of negative inflation, this fee will remain unchanged. At 30 June 2026, the fixed element of the fee was £67,057.
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INVESTMENT MANAGER'S REVIEW
Performance overview Over the 12 months to 30 June 2026, the VT Tyndall European Unconstrained Fund (A Share Class, Accumulation) rose 13.84%^, compared with a 17.71% increase for the IA Europe Excluding UK sector. While the Fund underperformed the sector over the period, returns were driven by a broad range of holdings across sectors and themes.
The principal contributors to performance were AI-related and electrification names, including Prysmian, Infineon, Asta Energy, Friedrich Vorwerk and Munters, alongside financials such as Raiffeisen Bank International, Allfunds (subsequently acquired by Deutsche Börse), DWS, Bank of Ireland and Banca Monte dei Paschi di Siena. The Fund's lack of exposure to ASML, Europe's largest listed company, was the principal detractor relative to the comparator.
At the stock level, performance was held back by Talga Group, where limited progress on customer contracts and financing weighed on the shares despite more encouraging newsflow since the period end, and by Steyr Motors, amid broader weakness across the European defence sector and order delays. Bond-proxy holdings Infrastrutture Wireless Italiane, Cibus and Vonovia also detracted, as did Mowi and Salmar, reflecting weaker salmon prices.
Investment review Portfolio activity during the period reflected a series of thematic rotations, with the Fund continuing to focus on structural themes across primarily European small and mid-cap equities.
Following the escalation and subsequent de-escalation of the conflict involving Iran, we made a number of contrarian purchases in names we believe had become oversold, namely Ryanair, Befesa and Boliden. We also started new positions in companies we believe stand to benefit structurally from a more complex global oil and energy distribution landscape such as Royal Vopak and Capital Tankers.
We also built exposure to the structural obesity and wellness theme, initiating positions in Novo Nordisk, Laboratorios Rovi, Glanbia and Bachem. These are businesses we believe are well placed to benefit from continued growth in GLP-1 related demand and broader wellness trends.
Within the defence sector, we rotated into what we regard as more attractively valued names, adding Indra Sistemas and Steyr Motors, having sold out German defence holdings Renk and Hensoldt in the previous period following strong share price performances.
On the sales side, we exited three holdings following takeover approaches: Allfunds (acquired by Deutsche Börse), Inpost and Banca Monte dei Paschi di Siena. We also exited bond-proxy names, including Vonovia, Infrastrutture Wireless Italiane and Sveafastigheter, reflecting our view of rising interest rate risk, and took profits in several AI and electrification winners, including Siemens Energy, Prysmian, Schneider Electric and BE Semiconductor Industries, following strong gains. Finally, we exited several holdings for stock-specific reasons, including Eramet, Hexatronic, Alstom and BFF Bank, where company-specific developments led us to conclude that the original investment case no longer held.
Investment outlook The outlook for European equities entering the second half of the calendar year is improving. The de-escalation of tensions in the Middle East, and the accompanying fall in energy prices, has removed a significant source of uncertainty for the region. Recent downside surprises in inflation data also suggest the European Central Bank is unlikely to significantly raise interest rates this year, which we believe should prove supportive for both bonds and equities.
That said, market leadership remains narrowly concentrated in a small number of highly valued semiconductor and technology names, leaving the broader market vulnerable should sentiment towards the AI theme falter.
Against this backdrop, we remain focused on identifying quality businesses at sensible valuations, particularly domestically oriented small and mid-cap companies geared into the structural themes such as the rewiring of European supply chains, German fiscal expansion, European strategic autonomy, and the region's ongoing investment in defence and energy infrastructure.
Tyndall Investment Management Investment Manager to the Sub-fund 7 July 2026
^Performance is based on Dealing NAV (opening) to Dealing NAV (closing)
VT INVESTOR FUNDS ICVC - VT TYNDALL EUROPEAN UNCONSTRAINED FUND For the year ended 30 June 2026 11
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PERFORMANCE RECORD
Class A (Accumulation)
Year ended 30 June 2026
Year ended 30 June 2025
Year ended 30 June 2024
Changes in net assets per share GBp GBp GBp Opening net asset value per share** 139.3057 116.7489 108.6342 Return before operating charges 19.8730 23.8627 9.1853 Operating charges (note 1) (1.5145) (1.3059) (1.0706) Return after operating charges * 18.3585 22.5568 8.1147
Closing net asset value per share*** 157.6642 139.3057 116.7489 Retained distributions on accumulated shares 3.4944 4.3928 4.1644
*after direct transaction costs of: 0.4158 0.2689 0.2367
Performance Return after charges 13.18% 19.32% 7.47%
Other information Closing net asset value £2,268,653 £1,331,485 £424,260 Closing number of shares 1,426,021 630,231 363,396 Operating charges (note 2) 1.02% 1.02% 0.95% Direct transaction costs 0.28% 0.21% 0.21%
Prices Highest share price 166.2473 139.3057 122.8215 Lowest share price 137.1221 110.9986 95.7494
Class A (Income)
Year ended 30 June 2026
Year ended 30 June 2025
Year ended 30 June 2024
Changes in net assets per share GBp GBp GBp Opening net asset value per share** 114.5566 99.3041 95.7184 Return before operating charges 16.2523 20.0475 8.1590 Operating charges (note 1) (1.2307) (1.0907) (0.9264) Return after operating charges * 15.0216 18.9568 7.2326 Distribution on income shares (2.8194) (3.7043) (3.6469) Closing net asset value per share*** 126.7588 114.5566 99.3041
*after direct transaction costs of: 0.3378 0.2246 0.2048
Performance Return after charges 13.11% 19.09% 7.56%
Other information Closing net asset value £88,716 £447,706 £52,885 Closing number of shares 69,988 390,817 53,255 Operating charges (note 2) 1.02% 1.02% 0.95% Direct transaction costs 0.28% 0.21% 0.21%
Prices Highest share price 135.5816 116.7660 107.1948 Lowest share price 112.7832 93.4055 84.0761
**the opening net asset value per share reported is the official net asset value per share ***the closing net asset value per share aligned to the balance sheet total.
VT INVESTOR FUNDS ICVC - VT TYNDALL EUROPEAN UNCONSTRAINED FUND For the year ended 30 June 2026 12
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PERFORMANCE RECORD (Continued)
Class F (Accumulation)
Year ended 30 June 2026
Period from 28 October 2024 to 30 June 2025 1
Changes in net assets per share GBp GBp Opening net asset value per share** 120.1962 100.0000 Return before operating charges 17.1847 20.8170 Operating charges (note 1) (1.1156) (0.6208) Return after operating charges * 16.0691 20.1962
Closing net asset value per share*** 136.2653 120.1962 Retained distributions on accumulated shares 3.0251 3.2342
*after direct transaction costs of: 0.3590 0.2312
Performance Return after charges 13.37% 20.20%
Other information Closing net asset value £526,424 £161,017 Closing number of shares 386,323 133,962 Operating charges (note 2) 0.87% 0.84% Direct transaction costs 0.28% 0.21%
Prices Highest share price 143.6715 120.1962 Lowest share price 118.3686 95.7295
1 Share class relaunched 28 October 2024
Class F (Income)
Year ended 30 June 2026
Year ended 30 June 2025
Year ended 30 June 2024
Changes in net assets per share GBp GBp GBp Opening net asset value per share** 123.6497 106.9834 102.9110 Return before operating charges 17.6031 21.6312 8.7858 Operating charges (note 1) (1.1340) (0.9687) (0.7871) Return after operating charges * 16.4691 20.6625 7.9987 Distribution on income shares (3.0796) (3.9962) (3.9263) Closing net asset value per share*** 137.0392 123.6497 106.9834
*after direct transaction costs of: 0.3650 0.2422 0.2204
Performance Return after charges 13.32% 19.31% 7.77%
Other information Closing net asset value £21,230,975 £28,406,579 £31,239,073 Closing number of shares 15,492,631 22,973,428 29,199,923 Operating charges (note 2) 0.87% 0.84% 0.75% Direct transaction costs 0.28% 0.21% 0.21%
Prices Highest share price 146.5598 126.0217 115.4696 Lowest share price 121.7994 100.7754 90.4526
**the opening net asset value per share reported is the official net asset value per share ***the closing net asset value per share aligned to the balance sheet total.
VT INVESTOR FUNDS ICVC - VT TYNDALL EUROPEAN UNCONSTRAINED FUND For the year ended 30 June 2026 13
Page 16
PERFORMANCE RECORD (Continued)
Class Z (Accumulation)
Year ended 30 June 2026
Year ended 30 June 2025
Period 05 April 2024 to 30 June 2024 2
Changes in net assets per share GBp GBp GBp Opening net asset value per share** 124.2892 103.7638 100.0000 Return before operating charges 17.7911 21.2552 3.8958 Operating charges (note 1) (0.8894) (0.7298) (0.1320) Return after operating charges * 16.9017 20.5254 3.7638
Closing net asset value per share*** 141.1909 124.2892 103.7638 Retained distributions on accumulated shares 3.1190 3.9154 2.6219
*after direct transactions costs of: 0.3717 0.2395 0.2140
Performance Return after charges 13.60% 19.78% 3.76%
Other information Closing net asset value £611,683 £800,250 £6,598,914 Closing number of shares 433,231 643,861 6,359,552 Operating charges (note 2) 0.67% 0.64% 0.55% Direct transaction costs 0.28% 0.21% 0.21%
Prices Highest share price 148.8359 124.2892 109.1349 Lowest share price 122.4479 98.9442 98.0617
2 Share class launched 05 April 2024
Class Z (Income)
Year ended 30 June 2026
Year ended 30 June 2025
Period 08 April 2024 to 30 June 2024 3
Changes in net assets per share GBp GBp GBp Opening net asset value per share** 116.2759 100.3993 100.0000 Return before operating charges 16.5764 20.3261 3.1275 Operating charges (note 1) (0.8221) (0.6934) (0.1253) Return after operating charges * 15.7544 19.6327 3.0022 Distribution on income shares (2.9060) (3.7561) (2.6029) Closing net asset value per share*** 129.1243 116.2759 100.3993
*after direct transactions costs of: 0.3436 0.2275 0.2104
Performance Return after charges 13.55% 19.55% 3.00%
Other information Closing net asset value £12,478,283 £9,455,682 £2,810,480 Closing number of shares 9,663,777 8,132,110 2,799,303 Operating charges (note 2) 0.67% 0.64% 0.55% Direct transaction costs 0.28% 0.21% 0.21%
Prices Highest share price 138.0718 118.4942 108.3339 Lowest share price 114.5840 94.7214 97.3415
3 Share class launched 08 April 2024
**the opening net asset value per share reported is the official net asset value per share ***the closing net asset value per share aligned to the balance sheet total.
VT INVESTOR FUNDS ICVC - VT TYNDALL EUROPEAN UNCONSTRAINED FUND For the year ended 30 June 2026 14
Page 17
PERFORMANCE RECORD (Continued)
Risk Profile
VT INVESTOR FUNDS ICVC - VT TYNDALL EUROPEAN UNCONSTRAINED FUND For the year ended 30 June 2026 15
1. The operating charges per share figure is calculated by applying the operating charges percentage to the average net asset valuation per share throughout the period.
2. The operating charges percentage is based on the expenses incurred during the period annualised, as a proportion of the average net asset value of the Sub-fund.
Based on past data, the Sub-fund is ranked a '5' on the synthetic risk and reward indicator scale (of 1 to 7) as described fully in the Key Investor Information Document (KID) (2 January 2025: ranked 5). The Sub-fund is ranked 5 because monthly historical performance data indicates that relatively high rises and falls in market prices would have occurred historically.
Page 18
PORTFOLIO STATEMENT
As at 30 June 2026
Holding Value £ % of net assets Communications (30.06.2025: 1.85%) Stillfront Group AB (publ) 174,911 529,300 0.47% 0.47% 174,911
Consumer Discretionary (30.06.2025: 2.09%) 0.00% 0.00% Consumer Staples (30.06.2025: 1.97%) Glanbia PLC 1,751,666 84,375 4.71% Mowi ASA 353,639 25,563 0.95% Nestle SA 1,044,047 13,387 2.81% SalMar ASA 643,436 18,296 1.73% 10.20% 3,792,788
Energy (30.06.2025: 7.44%) Asta Energy Solutions AG 633,908 10,790 1.70% Capital Tankers Corp 784,896 82,408 2.11% Friedrich Vorwerk Group SE 1,529,387 25,527 4.11% Koninklijke Vopak NV 525,421 13,370 1.41% Red Electrica Corporacion SA 723,606 56,414 1.94% Snam SpA 383,297 70,404 1.03% 12.30% 4,580,515
Financials (30.06.2025: 23.31%) Bank of Ireland Group PLC 1,335,559 88,797 3.59% Deutsche Boerse AG 848,829 4,116 2.28% doValue SpA 1,559,693 849,242 4.19% DWS Group GmbH & Co KgaA 1,259,825 22,604 3.39% Flow Traders NV 407,708 18,416 1.10% KBC Ancora CVA 1,417,440 20,042 3.81% Raiffeisen Bank International AG 1,481,951 31,025 3.98% 22.34% 8,311,005
Health Care (30.06.2025: 3.42%) Bachem Holding AG 1,165,531 16,450 3.13% Fagron NV 1,238,841 59,673 3.33% Laboratorios Farmaceuticos ROVI SA 544,084 10,843 1.46% Novo Nordisk A/S 1,392,144 37,901 3.74% 11.66% 4,340,600
Industrials (30.06.2025: 25.59%) Aumann AG 1,264,744 95,337 3.40% Befesa SA 988,658 38,708 2.66% Cadeler A/S 1,017,597 243,182 2.74% Munters Group AB 401,447 30,287 1.08% Ryanair Holdings PLC 1,525,370 64,720 4.10% Steyr Motors AG 1,030,401 36,468 2.77% STRABAG SE 1,327,405 17,275 3.57% Teleperformance SE 349,586 8,765 0.94% 21.26% 7,905,208
Information Technology (30.06.2025: 11.00%) ams OSRAM AG 327,411 19,983 0.88% Indra Sistemas SA 1,018,820 24,686 2.74% Infineon Technologies AG 153,741 2,211 0.41% SAP SE 939,829 8,114 2.53% Worldline SA 363,976 40,433 0.98% 7.54% 2,803,777
VT INVESTOR FUNDS ICVC - VT TYNDALL EUROPEAN UNCONSTRAINED FUND For the year ended 30 June 2026 16
Page 19
PORTFOLIO STATEMENT (Continued)
As at 30 June 2026 Holding Value £ % of net assets Metals & Mining (30.06.2025: 0.00%) Boliden AB 578,662 13,587 1.56% 1.56% 578,662
Materials (30.06.2025: 5.59%) Alzchem Group AG 1,107,152 7,249 2.98% Talga Group Ltd 425,730 4,304,588 1.14% Talga Group Ltd (Options May25)^ - 191,667 0.00% voestalpine AG 680,926 19,374 1.83% Vulcan Energy Resources Ltd 604,817 382,209 1.63% 7.58% 2,818,625
Real Estate (30.06.2025: 11.63%) Cibus Nordic Real Estate AB (publ) 576,528 50,259 1.54% 1.54% 576,528
Portfolio of investments (30.06.2025: 93.89%) 35,882,619 96.45%
Net other assets (30.06.2025: 6.11%) 1,322,115 3.55%
100.00% 37,204,734
^ asset cannot be traded
VT INVESTOR FUNDS ICVC - VT TYNDALL EUROPEAN UNCONSTRAINED FUND For the year ended 30 June 2026 17
Page 20
SUMMARY OF MATERIAL PORTFOLIO CHANGES
Purchases (Note 14) £ Deutsche Boerse AG 3,242,702 Snam SpA 2,759,472 Red Electrica Corporacion SA 2,086,179 SalMar ASA 1,944,423 Glanbia PLC 1,865,613 Nestle SA 1,864,013 Banca Monte dei Paschi di Siena SpA 1,841,788 Alzchem Group AG 1,837,500 Prysmian SpA 1,773,790 Mowi ASA 1,664,060
Various other purchases 33,767,320 Total purchases for the year 54,646,860
Sales (Note 14) £ Snam SpA 3,640,682 Prysmian SpA 3,446,079 Infineon Technologies AG 3,218,839 Deutsche Boerse AG 2,486,186 Munters Group AB 2,210,807 SalMar ASA 2,201,394 Banca Monte dei Paschi di Siena SpA 1,909,575 BE Semiconductor Industries NV 1,704,763 Infrastrutture Wireless Italiane SpA 1,681,518 InPost SA 1,652,835
Various other sales 36,934,171 Total sales for the year 61,086,849
The above transactions represent all the purchases and sales during the year.
VT INVESTOR FUNDS ICVC - VT TYNDALL EUROPEAN UNCONSTRAINED FUND For the year ended 30 June 2026 18
Page 21
STATEMENT OF TOTAL RETURN
For the year ended 30 June 2026
Notes £ £ £ £ Income Net capital gains 2 6,068,135 4,294,048
Revenue 3 1,466,230 1,277,894
Expenses 4 (310,537) (309,099)
Interest payable and similar charges 6 (13,468) (13,865)
Net revenue before taxation 954,930 1,142,225
Taxation 5 (132,258) (318,777)
Net revenue after taxation 636,153 1,009,967
Total return before distributions 4,930,201 7,078,102
Finance costs: distributions 6 (1,343,855) (871,766)
Changes in net assets attributable to shareholders from investment activities 5,734,247 4,058,435
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERS
For the year ended 30 June 2026 2026 2025 £ £
Opening net assets attributable to shareholders 41,071,522 40,337,911
Amounts receivable on creation of shares 7,251,460 10,291,793
Amounts payable on cancellation of shares (14,511,068) (16,859,867)
Dividends reinvested 67,996 93,718
Dilution levies - 6,498
Changes in net assets attributable to shareholders from investment activities (see above) 4,058,435 5,734,247
Closing net assets attributable to shareholders 40,337,911 37,204,734
VT INVESTOR FUNDS ICVC - VT TYNDALL EUROPEAN UNCONSTRAINED FUND For the year ended 30 June 2026 19
2026 2025
Page 22
BALANCE SHEET
As at Notes £ £ £ £
ASSETS Investment assets 35,882,619 37,872,824
Current assets Debtors 7 718,692 1,723,764 Cash and bank balances 8 2,676,700 1,397,433 Total current assets 3,395,392 3,121,197
Total assets 41,268,216 39,003,816
LIABILITIES
Current liabilities Distribution payable on income shares (485,111) (882,228) Creditors 9 (48,077) (967,989) Bank overdraft 8 - (345,982)
Total current liabilities (1,799,082) (930,305)
Net assets attributable to shareholders 40,337,911 37,204,734
VT INVESTOR FUNDS ICVC - VT TYNDALL EUROPEAN UNCONSTRAINED FUND For the year ended 30 June 2026 20
30.06.2026 30.06.2025
Page 23
NOTES TO THE FINANCIAL STATEMENTS
1 Accounting policies The principal accounting policies, which have been applied in the current period are set out on page 7 and 8.
2 Net capital gains 2026 2025 £ £ The net capital gains comprise:
Non-derivative securities gains 3,993,755 6,077,513 Transaction charges (custodian) (11,244) (3,307) Foreign exchange gains/(losses) 311,537 (6,071) Total net capital gains 4,294,048 6,068,135
3 Revenue 2026 2025 £ £
Non-taxable dividends 1,189,419 1,382,007 Bank interest 87,245 83,423 Investment manager rebate 1,254 800 Rebates from underlying holdings (24) Total revenue 1,277,894 1,466,230
4 Expenses 2026 2025 £ £
Payable to the Authorised Fund Manager, associates of the Authorised Fund Manager, and agents of either of them: Annual management charge 258,841 271,082
Payable to the depositary, associates of the depositary, and agents of either of them: Depositary fee 17,901 18,074 Safe custody fee 2,449 4,031 20,350 22,105
Other expenses: Audit fee 11,541 11,453 Legal fee 10,188 Other expenses 8,179 5,897 29,908 17,350
Total expenses 309,099 310,537
VT INVESTOR FUNDS ICVC - VT TYNDALL EUROPEAN UNCONSTRAINED FUND For the year ended 30 June 2026 21
Page 24
NOTES TO THE FINANCIAL STATEMENTS (Continued)
5 Taxation 2026 2025 £ £
(a) Analysis of charge in the year Irrecoverable withholding tax 151,838 132,258 Withholding tax write off 166,939 Total tax charge for the year (note 5b) 318,777 132,258
(b) Factors affecting current tax charge for the year The tax assessed for the year is higher than the standard rate of corporation tax in the UK for an open-ended investment company 20.00% (2025: 20.00%). The differences are explained below: Net revenue before taxation 954,930 1,142,225 Corporation tax at 20.00% (2025: 20.00%) 190,986 228,445 Effects of: Revenue not subject to UK corporation tax (237,884) (276,400) Current year expenses not utilised 46,898 47,955 Withholding tax write off 166,939 Irrecoverable overseas withholding tax 151,838 132,258 Total tax charge for the year (note 5a) 318,777 132,258
(c) Provision for deferred taxation
6 Finance costs 2026 2025 £ £
Interim dividend distributions 320,885 413,797 Final dividend distribution 533,067 928,374 853,952 1,342,171
Add: Revenue deducted on cancellation of shares 33,194 47,639 Deduct: Revenue received on issue of shares (15,380) (45,955)
Net distribution for the year 871,766 1,343,855 Interest payable and similar charges 13,865 13,468 Total finance costs 885,631 1,357,323
Reconciliation of distributions Net revenue after taxation 636,153 1,009,967 Expenses paid from capital 307,845 309,737 Tax relief allocated to capital (14,679) (13,991) Balance brought forward (57,553) (19,412) Balance carried forward - 57,554 Net distribution for the year 871,766 1,343,855
VT INVESTOR FUNDS ICVC - VT TYNDALL EUROPEAN UNCONSTRAINED FUND For the year ended 30 June 2026 22
At 30 June 2026 there is a potential deferred tax asset in relation to surplus management expenses of £382,726 (30 June 2025: £335,827).
Page 25
NOTES TO THE FINANCIAL STATEMENTS (Continued)
7 Debtors 30.06.2026 30.06.2025 £ £
Amounts receivable on creation of shares 26,160 157,761 Amounts receivable on outstanding trades 1,307,125 -
Accrued revenue: Recoverable withholding tax 285,883 391,563 Non-taxable dividends receivable 100,453 169,341 Investment manager rebate 250 Bank interest receivable 3,893 -
Prepayments - 27 Total debtors 1,723,764 718,692
8 Cash and bank balances 30.06.2026 30.06.2025 £ £ Bank overdraft (345,982) Cash and bank balances 1,397,433 2,676,700
9 Creditors 30.06.2026 30.06.2025 £ £
Amounts payable on cancellation of shares 8,653 3 Amounts payable on outstanding trades 904,865 -
Payable to the Authorised Fund Manager, associates of the Authorised Fund Manager, and agents of either of them: Annual management charge 38,593 23,210
Payable to the depositary, associates of the depositary, and agents of either of them: Depositary fee 1,480 1,529 Safe custody and other custodian charges 683 5,318 2,163 6,847
Audit fee 11,541 11,400 Other accrued expenses 2,174 6,617
Total creditors 967,989 48,077
VT INVESTOR FUNDS ICVC - VT TYNDALL EUROPEAN UNCONSTRAINED FUND For the year ended 30 June 2026 23
Page 26
NOTES TO THE FINANCIAL STATEMENTS (Continued)
10 Risk management policies
Market price risk
Foreign currency risk
Net currency assets and liabilities consist of:
30.06.2026 30.06.2025 30.06.2026 30.06.2025 30.06.2026 30.06.2025 Sterling 43,528 2,288,245 - - 43,528 2,288,245 Australian Dollar - - 1,030,548 800,180 1,030,548 800,180 Swiss Franc (434,034) - 2,536,989 - 2,102,955 Euro 1,687,047 176,842 26,391,821 29,494,395 28,078,868 29,671,237 Danish Krone - - 1,392,144 741,317 1,392,144 741,317 Norwegian Krone 25,574 - 2,799,568 2,059,595 2,825,142 2,059,595 Swedish Krona - - 1,731,549 4,777,337 1,731,549 4,777,337 Total 1,322,115 2,465,087 35,882,619 37,872,824 37,204,734 40,337,911
VT INVESTOR FUNDS ICVC - VT TYNDALL EUROPEAN UNCONSTRAINED FUND For the year ended 30 June 2026 24
In pursuing its investment objective as stated on page 9, the Sub-fund holds a number of financial instruments. The Sub-fund's financial instruments comprise securities and other investments, cash balances, debtors and creditors that arise directly from its operations, for example, in respect of sales and purchases awaiting settlement, amounts receivable for issues and payable for redemptions and debtors for accrued revenue.
Adherence to investment guidelines and to investment and borrowing powers set out in the Instrument of Incorporation, the Prospectus and in the rules of the Financial Conduct Authority's Collective Investment Schemes Sourcebook mitigates the risk of excessive exposure to any particular type of security or issuer.
The Sub-fund's investment portfolio is invested in equities that are registered overseas and/or denominated in overseas currencies and the balance sheet can be affected by movements in foreign exchange rates. The AFM may seek to manage exposure to currency movements by using forward exchange contracts or by hedging the Sterling value of investments that are priced in other currencies. Revenue received in other currencies is converted to Sterling on or near the date of receipt.
If market prices at the balance sheet date had been 10% higher or lower while all other variables remained constant, the return attributable to ordinary shareholders and equity for the year ended 30 June 2026 would have increased/decreased by £3,588,262 (30 June 2025: £3,787,282).
Foreign currency risk is the risk that the value of the Sub-fund's investment holdings will fluctuate as a result of changes in foreign currency exchange rates.
The Sub-fund's investment portfolio is exposed to market price fluctuations, which are monitored by the AFM in pursuance of the investment objective and policy as set out in the Prospectus.
The main risks arising from the Sub-fund's financial instruments, those of its underlying holdings and the AFM's policies for managing these risks are summarised below. These policies have been applied throughout the year.
Market price risk is the risk that the value of the Sub-fund's investment holdings will fluctuate as a result of changes in market prices caused by factors other than interest rate or foreign currency movement. Market price risk arises mainly from uncertainty about future prices of financial instruments the Sub-fund holds. It represents the potential loss the Sub-fund might suffer through holding market positions in the face of price movements.
A portion of the net assets of the Sub-fund is denominated in currencies other than sterling with the effect that the balance sheet and total return can be affected by currency movements. If foreign exchange rates at the balance sheet date had been 10% higher or lower while all other variables remained constant, the return attributable to ordinary shareholders and equity for the year ended 30 June 2026 would have increased/decreased by £3,692,789 (30 June 2025: £3,804,967).
£
Net monetary assets and liabilities Non-monetary assets
Total net assets and liabilities £ £
Page 27
NOTES TO THE FINANCIAL STATEMENTS (Continued)
10 Risk management policies (Continued)
Interest rate risk
The table below details the interest rate risk profile at the balance sheet date:
30.06.2026 30.06.2025 £ £ Financial assets floating rate 1,397,433 2,676,700 Financial assets interest bearing instruments - Financial assets non-interest bearing instruments 37,606,383 38,591,516 Financial liabilities non-interest bearing instruments (1,799,082) (930,305) Financial liabilities floating rate - 37,204,734 40,337,911
Maturity of financial liabilities
Liquidity risk
Credit risk
VT INVESTOR FUNDS ICVC - VT TYNDALL EUROPEAN UNCONSTRAINED FUND For the year ended 30 June 2026 25
Certain transactions in securities that the Sub-fund enters into expose it to the risk that the counterparty will not deliver the investment for a purchase, or cash for a sale after the Sub-fund has fulfilled its responsibilities. The Sub-fund only buys and sells investments through brokers which have been approved by the AFM as acceptable counterparties and fund management companies. In addition, limits are set to the exposure to any individual broker that may exist at any time and changes in brokers' financial ratings are reviewed.
The financial liabilities of the Sub-fund as at 30 June 2026 are payable either within one year or on demand.
Interest rate risk is the risk to portfolio value due to changes in interest rates. The magnitude of the exposure from an adverse change in interest rates depends on the sensitivity of the instrument to changes in interest rates as well as the absolute change in interest rates. In general, values of long-term instruments are more sensitive to interest rate changes than the values of short term instruments.
The Sub-fund takes on interest rate risk when the investment manager believes the expected returns compensate for the risk, limited by the investment objective, policy and any prospectus rules. The investment manager monitors the level of interest rate risk in the Sub-fund on a regular basis. In addition any cash deposits in the Sub-fund are linked to SONIA, ensuring interest income increases as interest rates increase.
At 30 June 2026, if interest rates increased or decreased by 0.25%, with all other variables remaining constant, then the net assets attributable to shareholders of the Sub-fund would increase or decrease by approximately £2,628 (30 June 2025: £6,692).
The Sub-fund's assets comprise mainly of readily realisable securities. The main liability of the Sub-fund is the redemption of any shares that the investors wish to sell. Assets of the Sub-fund may need to be sold if insufficient cash is available to finance such redemptions.
Credit risk also arises on cash held within financial institutions. Credit risk on cash balances is mitigated by ensuring that cash is held with financial institutions that are at least investment grade credit related.
Page 28
NOTES TO THE FINANCIAL STATEMENTS (Continued)
10 Risk management policies (Continued)
Fair value disclosure
Level 1: Unadjusted quoted price in an active market for an identical instrument; Level 2: Valuation techniques using observable inputs other than quoted prices within level 1; Level 3: Valuation techniques using unobservable inputs.
Assets (£000's)
Liabilities (£000's)
Assets (£000's)
Liabilities (£000's)
35,883 - 37,873 -
- - - 35,883 - 37,873 -
^Talga Group Ltd (Options May25) - asset can not be traded and therefore valued at a nil price.
11 Shares held
Class A Accumulation Income Opening shares at 01.07.2025 630,231 390,817 Shares issued during the year 1,479,300 80,004 Shares cancelled during the year (683,510) (400,833) Shares converted during the year - Closing shares as at 30.06.2026 1,426,021 69,988
Class F Accumulation Income Opening shares at 01.07.2025 133,962 22,973,428 Shares issued during the year 551,714 427,927 Shares cancelled during the year (299,353) (7,908,724) Shares converted during the year - Closing shares as at 30.06.2026 386,323 15,492,631 Class Z Accumulation Income Opening shares at 01.07.2025 643,861 8,132,110 Shares issued during the year 354,611 2,310,772 Shares cancelled during the year (22,309) (1,362,645) Shares converted during the year (542,932) 583,540 Closing shares as at 30.06.2026 433,231 9,663,777
12 Contingent assets and liabilities
13 Post balance sheet events
Share class GBp GBp Class A (Accumulation) 157.6642p 161.8912p Class A (Income) 126.7588p 130.2812p Class F (Accumulation) 136.2653p 139.9854p Class F (Income) 137.0392p 140.7658p Class Z (Accumulation) 141.1909p 145.1136p Class Z (Income) 129.1243p 132.6991p
VT INVESTOR FUNDS ICVC - VT TYNDALL EUROPEAN UNCONSTRAINED FUND For the year ended 30 June 2026 26
30.06.2025
Total
As indicated in the accounting policies in Note 1, the investments have been valued at the closing valuation point on 30 June 2026. Since that date, the Sub-fund's quoted price has moved as follows: Price at 30 June 2026 Price at 29 September 2026
The fair value hierarchy is intended to prioritise the inputs that are used to measure the fair value of assets and liabilities. The highest priority is given to quoted prices and the lowest priority to un-observable inputs. The criteria applied to the fair values levels in these financial statements are as follows:
At 30 June 2026, the Sub-fund had no contingent liabilities or commitments (30 June 2025: £nil).
Valuation Technique Level 1: Unadjusted quoted price in an active market for an identical instrument
Level 3: Valuation techniques using unobservable inputs^
30.06.2026
Page 29
NOTES TO THE FINANCIAL STATEMENTS (Continued)
14 Direct transaction costs
£ % £ % Analysis of total purchase costs
54,568,319 46,668,045
Commissions 18,866 0.03% 16,786 0.04% Taxes & levies 59,675 0.11% 44,409 0.10%
Total purchase costs 78,541 0.14% 61,195 0.13%
Total purchases including transaction costs 54,646,860 46,729,240
Analysis of total sale costs £ % £ % Sales in the year before transaction costs 61,107,735 53,714,586
Commissions (20,878) (0.03%) (19,712) (0.04%) Taxes & levies (8) - (14) (0.00%)
Total sale costs (20,886) (0.03%) (19,726) (0.04%)
Total sales net of transaction costs 61,086,849 53,694,860
£ £value Commissions 39,744 0.11% 36,498 0.10% Taxes & Levies 59,683 0.17% 44,423 0.11% 99,427 0.28% 80,921 0.21%
15 Portfolio Dealing Spread The average portfolio dealing spread at 30 June 2026 is 0.31% (30 June 2025: 0.17%).
16 Related Party transactions
VT INVESTOR FUNDS ICVC - VT TYNDALL EUROPEAN UNCONSTRAINED FUND For the year ended 30 June 2026 27
Amounts paid to the AFM and its associates are disclosed in note 4. The amounts due to the AFM and its associates at the balance sheet date are disclosed in note 9. Amounts received from the AFM and its associates are disclosed in note 3. Amounts due from the AFM and its associates at the balance sheet date are disclosed in note 7.
2025
2025
2025 % of average net asset value
Valu-Trac Investment Management Limited, as AFM is a related party due to its ability to act in respect of the operations of the Sub-fund.
% of average net asset value
2026
2026
2026
Purchases in the year before transaction costs
The following represents the total of each type of transaction cost, expressed as a percentage of the Sub-fund's average net asset value in the year:
Page 30
DISTRIBUTION TABLES
For the year ended 30 June 2026 Q1 Interim distribution in pence per share Group 1: Shares purchased prior to 01 July 2025 Group 2: Shares purchased on or after 01 July 2025 on or before 30 September 2025 Class A (Accumulation) Net Revenue 28.11.2025
Equalisation Distribution 28.11.2025
Distribution 29.11.2024 Group 1 0.3154p - 0.3154p 0.5029p Group 2 0.1852p 0.1302p 0.3154p 0.5029p Class A (Income) Net Revenue 28.11.2025
Equalisation Distribution 28.11.2025
Distribution 29.11.2024 Group 1 0.2603p - 0.2603p 0.4278p Group 2 0.2017p 0.0585p 0.2603p 0.4278p
Class F (Accumulation) 1 Net Revenue 28.11.2025
Equalisation Distribution 28.11.2025
Distribution 29.11.2024 Group 1 0.2739p - 0.2739p N/A Group 2 0.1102p 0.1637p 0.2739p N/A Class F (Income) Net Revenue 28.11.2025
Equalisation Distribution 28.11.2025
Distribution 29.11.2024 Group 1 0.2809p - 0.2809p 0.4609p Group 2 0.1835p 0.0975p 0.2809p 0.4609p Class Z (Accumulation) Net Revenue 28.11.2025
Equalisation Distribution 28.11.2025
Distribution 29.11.2024 Group 1 0.2817p - 0.2817p 0.4472p Group 2 0.1732p 0.1085p 0.2817p 0.4472p Class Z (Income) Net Revenue 28.11.2025
Equalisation Distribution 28.11.2025
Distribution 29.11.2024 Group 1 0.2643p - 0.2643p 0.4327p Group 2 0.1173p 0.1470p 0.2643p 0.4327p Q2 Interim distribution in pence per share Group 1: Shares purchased prior to 01 October 2025 Group 2: Shares purchased on or after 01 October 2025 and on or before 31 December 2025 Class A (Accumulation) Net Revenue 27.02.2026
Equalisation Distribution 27.02.2026
Distribution 28.02.2025 Group 1 0.5282p - 0.5282p 0.3182p Group 2 0.0970p 0.4312p 0.5282p 0.3182p Class A (Income) Net Revenue 27.02.2026
Equalisation Distribution 27.02.2026
Distribution 28.02.2025 Group 1 0.4057p - 0.4057p 0.2695p Group 2 0.0000p 0.4057p 0.4057p 0.2695p Class F (Accumulation) Net Revenue 27.02.2026
Equalisation Distribution 27.02.2026
Distribution 28.02.2025 Group 1 0.4629p - 0.4629p 0.1600p Group 2 0.1727p 0.2902p 0.4629p 0.1600p Class F (Income) Net Revenue 27.02.2026
Equalisation Distribution 27.02.2026
Distribution 28.02.2025 Group 1 0.4649p - 0.4649p 0.2905p Group 2 0.4649p 0.0000p 0.4649p 0.2905p Class Z (Accumulation) Net Revenue 27.02.2026
Equalisation Distribution 27.02.2026
Distribution 28.02.2025 Group 1 0.4749p - 0.4749p 0.2832p Group 2 0.0226p 0.4523p 0.4749p 0.2832p Class Z (Income) Net Revenue 27.02.2026
Equalisation Distribution 27.02.2026
Distribution 28.02.2025 Group 1 0.4420p - 0.4420p 0.2728p Group 2 0.0020p 0.4399p 0.4420p 0.2728p 1 Share class relaunched 28 October 2024 VT INVESTOR FUNDS ICVC - VT TYNDALL EUROPEAN UNCONSTRAINED FUND For the year ended 30 June 2026 28
Page 31
DISTRIBUTION TABLES (Continued)
Q3 Interim distribution in pence per share Group 1: Shares purchased prior to 01 January 2026 Group 2: Shares purchased on or after 01 January 2026 and on or before 31 March 2026 Class A (Accumulation) Net Revenue 29.05.2026
Equalisation Distribution 29.05.2026
Distribution 31.05.2025 Group 1 0.4154p - 0.4154p 0.4360p Group 2 0.1783p 0.2371p 0.4154p 0.4360p Class A (Income) Net Revenue 29.05.2026
Equalisation Distribution 29.05.2026
Distribution 31.05.2025 Group 1 0.3397p - 0.3397p 0.3683p Group 2 0.1539p 0.1858p 0.3397p 0.3683p Class F (Accumulation) Net Revenue 29.05.2026
Equalisation Distribution 29.05.2026
Distribution 31.05.2025 Group 1 0.3588p - 0.3588p 0.3691p Group 2 0.1978p 0.1611p 0.3588p 0.3691p Class F (Income) Net Revenue 29.05.2026
Equalisation Distribution 29.05.2026
Distribution 31.05.2025 Group 1 0.3671p - 0.3671p 0.3972p Group 2 0.3671p 0.0000p 0.3671p 0.3972p Class Z (Accumulation) Net Revenue 29.05.2026
Equalisation Distribution 29.05.2026
Distribution 31.05.2025 Group 1 0.3716p - 0.3716p 0.3884p Group 2 0.2707p 0.1009p 0.3716p 0.3884p Class Z (Income) Net Revenue 29.05.2026
Equalisation Distribution 29.05.2026
Distribution 31.05.2025 Group 1 0.3457p - 0.3457p 0.3733p Group 2 0.1929p 0.1528p 0.3457p 0.3733p Final distribution in pence per share Group 1: Shares purchased prior to 01 April 2026 Group 2: Shares purchased on or after 01 April 2026 and on or before 30 June 2026 Class A (Accumulation) Net Revenue 28.08.2026
Equalisation Distribution 28.08.2026
Distribution 29.08.2025 Group 1 2.2354p - 2.2354p 3.1357p Group 2 1.2317p 1.0037p 2.2354p 3.1357p Class A (Income) Net Revenue 28.08.2026
Equalisation Distribution 28.08.2026
Distribution 29.08.2025 Group 1 1.8137p - 1.8137p 2.6387p Group 2 1.5532p 0.2605p 1.8137p 2.6387p Class F (Accumulation) Net Revenue 28.08.2026
Equalisation Distribution 28.08.2026
Distribution 29.08.2025 Group 1 1.9294p - 1.9294p 2.7051p Group 2 0.7166p 1.2128p 1.9294p 2.7051p Class F (Income) Net Revenue 28.08.2026
Equalisation Distribution 28.08.2026
Distribution 29.08.2025 Group 1 1.9666p - 1.9666p 2.8476p Group 2 1.9574p 0.0092p 1.9666p 2.8476p Class Z (Accumulation) Net Revenue 28.08.2026
Equalisation Distribution 28.08.2026
Distribution 29.08.2025 Group 1 1.9909p - 1.9909p 2.7966p Group 2 0.8162p 1.1747p 1.9909p 2.7966p Class Z (Income) Net Revenue 28.08.2026
Equalisation Distribution 28.08.2026
Distribution 29.08.2025 Group 1 1.8540p - 1.8540p 2.6773p Group 2 0.5184p 1.3356p 1.8540p 2.6773p
VT INVESTOR FUNDS ICVC - VT TYNDALL EUROPEAN UNCONSTRAINED FUND For the year ended 30 June 2026 29
Page 32
INFORMATION FOR INVESTORS
Individual Shareholders Income Tax: Tax-free annual dividend allowance now standing at £500 (2026/27). UK resident shareholders are now subject to new, higher rates of tax on dividend income in excess of the annual allowance. UK resident shareholders are subject to tax on dividend income in excess of the annual allowance.
Capital Gains Tax : Individual shareholders resident in the UK for tax purposes may be liable to capital gains tax on realisation of their shares as with other chargeable assets. However, the first £3,000 (2026/27) of gains each year are presently tax free for individuals. Gains in excess of that amount are charged at the rate of tax applicable to the individual tax payer.
Corporate shareholders Companies resident for tax purposes in the UK which hold shares should note that OEIC dividend distributions are streamed into both franked and unfranked income. The unfranked income element will be treated as an annual payment which has been subject to income tax at a rate of 20% and will be liable to tax accordingly. On realisation of their shares, UK resident companies may be liable to pay corporation tax on any capital gains.
The above information on taxation is only a general summary, and shareholders should consult their own tax advisors in relation to their own circumstances. Shareholders should also note that the position as outlined may change to reflect future changes in tax legislation.
Issue and redemption of shares Valu-Trac Investment Management Limited is the AFM and Registrar. Valu-Trac Investment Management Limited will receive requests for the purchase or sale of shares at any time during normal business hours (9:00am to 5:00pm). Instructions may be given by email (investorservices@valu-trac.com) or by sending an application form to the Registrar. Application forms are available from the Registrar.
The price of shares will be determined by reference to a valuation of the Company's net assets at 12 noon on each dealing day.
The AFM has the right to reject, on reasonable grounds relating to the circumstances of the applicant, any application for shares in whole or part, and in this event the AFM will return any money sent, or the balance of such monies, at the risk of the applicant. In addition the AFM may reject any application previously accepted in circumstances where the applicant has paid by cheque and that cheque subsequently fails to be cleared.
Any subscription monies remaining after a whole number of shares has been issued will not be returned to the applicant. Instead, smaller denomination shares will be issued in such circumstances.
A contract note giving details of the shares purchased and the price used will be issued by the Registrar by the end of the business day following the valuation point by reference to which the purchase price is determined.
Ownership of shares will be evidenced by an entry on the Company's Register of Shareholders. Certificates will not be issued. Statements in respect of periodic distributions of revenue will show the number of shares held by the recipient in respect of which the distribution is made. Individual statements of a shareholder's shares will also be issued at any time on request by the registered holder.
Where shares are redeemed, payment will be made not later than the close of business on the fourth business day following the next valuation point after receipt by the AFM of a request for redemption.
The most recent issue and redemption prices are available from the AFM.
Assessment of Value The AFM conducts an assessment of value for the Sub-fund each year. The assessment of value reports are available on the AFM’s website.
Task Force on Climate-related Financial Disclosures (“TCFD”) reports The AFM is required to prepare and publish a product TCFD report for the Sub-fund along with an entity level TCFD report. The latest reports can be obtained from https://www.valu-trac.com/administration-services/tcfd_reports.
VT INVESTOR FUNDS ICVC - VT TYNDALL EUROPEAN UNCONSTRAINED FUND For the year ended 30 June 2026 30
Page 33
INFORMATION FOR INVESTORS (Continued)
Remuneration Disclosure The AFM is subject to a remuneration policy which meets the requirements of the Undertakings for Collective Investment in Transferable Securities Directive (UCITS) as set out in SYSC 19E of the FCA Handbook. The policy is designed to ensure practices for employee remuneration are consistent with, and promote, sound and effective risk management. It does not encourage risk-taking which is inconsistent with the risk profiles, rules or instrument of incorporation of the funds managed, and does not impair the AFM compliance with its duty to act in the best interests of the funds it manages.
The AFM has reviewed the Remuneration Policy and its application in the last year which has resulted in no material changes to the policy or irregularities to process.
The AFM is required to disclose the total remuneration it pays to its staff during the financial year, split into fixed and variable remuneration, with separate aggregate disclosure for staff whose actions may have a material impact to the risk profile of a fund or the AFM itself. This includes executives, senior risk and compliance staff and certain senior managers.
Further information is available in the AFM’s Remuneration Policy document which can be obtained from www.valu-trac.com. A paper copy of the remuneration policy is available on request from the registered office of the Authorised Fund Manager free of charge.
VT INVESTOR FUNDS ICVC - VT TYNDALL EUROPEAN UNCONSTRAINED FUND For the year ended 30 June 2026 31
Page 34
CORPORATE DIRECTORY
Valu-Trac Investment Management Limited Orton Fochabers Moray IV32 7QE
Telephone: 01343 880344 Fax: 01343 880267 Email: investorservices@valu-trac.com
Authorised and regulated by the Financial Conduct Authority Registered in England No 2428648
Downing LLP St Magnus House 3 Lower Thames Street London EC3R 6HD
Authorised and regulated by the Financial Conduct Authority
Odd Asset Management Limited, trading as Tyndall Investment Management 5-8 The Sanctuary London SW1P 3JS
Authorised and regulated by the Financial Conduct Authority
NatWest Trustee and Depositary Services Limited House A Floor 0, 175 Glasgow Road Gogarburn Edinburgh EH12 1HQ
Authorised regulated by the Financial Conduct Authority
The Bank of New York Mellon (International) Limited 160 Queen Victoria Street London EC4V 4LA
Authorised and regulated by the Financial Conduct Authority
Johnston Carmichael LLP Strathlossie House Kirkhill Avenue Elgin IV30 8DE
VT INVESTOR FUNDS ICVC - VT TYNDALL EUROPEAN UNCONSTRAINED FUND For the year ended 30 June 2026 32
Authorised Fund Manager & Registrar
Depositary from 15 May 2026
Auditor
Investment Manager from 1 January 2026
Depositary to 14 May 2026
Investment Manager to 31 December 2025
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"text": "On 01 January 2026 the Company name changed from VT Downing Investor Funds"
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"text": "Unconstrained Income Fund to VT Tyndall European Unconstrained Fund."
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"text": "STATEMENT OF THE AUTHORISED FUND MANAGER\u0027S (AFM\u0027s) RESPONSIBILITIES"
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"text": "the COLL regulations, the Instrument of Incorporation, and the Prospectus. The Authorised Fund Manager is responsible for"
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"text": "STATEMENT OF THE DEPOSITARY\u0027S RESPONSIBILITIES AND REPORT OF THE DEPOSITARY TO THE"
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"text": "reporting framework that has been applied in their preparation is applicable law and United Kingdom Generally Accepted"
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"text": "Accounting...