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Interim Report and Condensed Unaudited
Financial Statements
for the six months ended 30 June 2026
COLUMBIA THREADNEEDLE
(IRL) PLC
(an investment company with variable capital incorporated with limited liability in Ireland with registered number 435779 and operating as an umbrella fund with segregated liability between sub-funds pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended) and the Central Bank of Ireland (Supervision & Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019)
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COLUMBIA THREADNEEDLE (IRL) PLC
Contents
Page
Directory 1
General Information 2
Investment Manager’s Report 3
Condensed Unaudited Financial Statements: Condensed Statement of Financial Position 7 Condensed Statement of Comprehensive Income 9 Condensed Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 11 Condensed Statement of Cash Flows 13
Notes to the Condensed Unaudited Financial Statements 15
Schedule of Investments: Pyrford Global Total Return (Sterling) Fund 37 Pyrford Global Equity (US$) Fund 42 Pyrford International (EAFE) Equity Fund 46 Pyrford Global Equity (Sterling) Fund 50
Statement of Significant Portfolio Changes 54
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BOARD OF DIRECTORS Eimear Cowhey (Irish)* Liam Miley (Irish)* Drew Newman (British) (Chairperson) Charles Porter (British)*
All Directors are non-executive.
REGISTERED OFFICE 78 Sir John Rogerson’s Quay Dublin 2 Ireland
INVESTMENT MANAGER Pyrford International Limited Cannon Place 78 Cannon Street London EC4N 6AG United Kingdom
MANAGEMENT COMPANY Waystone Management Company (IE) Limited 35 Shelbourne Road 4th Floor, Ballsbridge Dublin 4 Ireland
REGISTRATION NUMBER 435779
DISTRIBUTOR Threadneedle Management Luxembourg S.A. 6E, route de Trèves L-2633 Senningerberg Luxembourg
ADMINISTRATOR State Street Fund Services (Ireland) Limited 78 Sir John Rogerson’s Quay Dublin 2 Ireland
DEPOSITARY State Street Custodial Services (Ireland) Limited 78 Sir John Rogerson’s Quay Dublin 2 Ireland
INDEPENDENT AUDITOR PricewaterhouseCoopers 1 Spencer Dock North Wall Quay Dublin 1 Ireland
LEGAL ADVISOR Arthur Cox LLP 10 Earlsfort Terrace Dublin 2 Ireland
COMPANY SECRETARY Bradwell Limited 10 Earlsfort Terrace Dublin 2 Ireland
*Independent Directors
COLUMBIA THREADNEEDLE (IRL) PLC
Directory
1
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The following information is derived from and should be read in conjunction with the full text and definitions section of the Prospectus of Columbia Threadneedle (Irl) plc (the “Company”) dated 1 April 2025 (the “Prospectus”).
References to statutes, regulations and laws shall include any amendments thereto.
The Company was incorporated on 5 March 2007 under registration number 435779 and operates in Ireland as an open-ended investment company with variable capital and organised as a public limited company pursuant to the Companies Act 2014 (the “Companies Act”), the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended) (the “UCITS Regulations”) and the Central Bank of Ireland (Supervision & Enforcement) Act 2013 (Section 48(I)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2026 (the “Central Bank UCITS Regulations”).
The Company is organised in the form of an umbrella fund with segregated liability between sub-funds (each a “Sub Fund”, collectively the “Sub-Funds”). The Company may offer separate classes of shares, each representing interests in a Sub-Fund. The Company may create additional Sub-Funds and issue multiple classes of shares in respect of each Sub-Fund provided they are effected in accordance with the requirements of the Central Bank of Ireland.
As at 30 June 2026, four Sub-Funds are open for subscriptions: Sub-Funds Benchmark Pyrford Global Total Return (Sterling) Fund RPI (UK) Pyrford Global Equity (US$) Fund MSCI ACWI (USD) Pyrford International (EAFE) Equity Fund MSCI EAFE Index SM Pyrford Global Equity (Sterling) Fund MSCI ACWI (GBP)
References to benchmarks are for illustrative purposes only. There is no guarantee that a Sub-Fund will outperform its benchmark.
Note 3 of these financial statements provides details of the share classes in each of these Sub-Funds which were active during the financial period ended 30 June 2026 and comparative financial periods.
Reporting to investors – UK Reporting Fund Regime
Certain share classes of the Pyrford Global Total Return (Sterling) Fund and Pyrford Global Equity (Sterling) Fund continue to meet their annual obligations to be a reporting fund, as defined in the Offshore Funds (Tax) Regulations 2009 (SI 2009 No. 3001). The Sub-Funds will report income to investors via the Company’s website at www.columbiathreadneedle.com/en/pyrford-international and this is to be made available to investors by 30 June in each financial year.
COLUMBIA THREADNEEDLE (IRL) PLC
General Information
2
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Macro-Economic Backdrop
The global economy continued to operate under broadly supportive financial conditions, although policy uncertainty and geopolitical tensions remained key overhangs. Central Bank of Ireland actions became more nuanced, with some developed market central banks beginning to ease policy at the margin while others, notably the Federal Reserve, remained cautious as inflation proved stickier than expected. Energy markets stayed volatile, with Middle East risks sustaining upside pressure on inflation and contributing to a more cautious investor backdrop.
Growth dynamics diverged, with the US remaining relatively resilient while Europe faced softer momentum amid structural challenges and weaker external demand. Emerging markets were broadly stable but continued to show sensitivity to currency pressures. Equity markets remained supported by the AI-driven investment theme, though valuations appear increasingly stretched, while bond markets adjusted to persistent inflation risks and evolving central bank guidance, leading to a further repricing and delay of expected rate cuts.
Portfolio Positioning
Pyrford Global Total Return (Sterling) Fund (GBP)
The Sub-Fund returned 4.90% over the 6-month period to 30 June 2026 (gross of fees). The aim of the Sub-Fund is to provide a stable stream of real total returns over the long term with low absolute volatility and significant downside protection. The model allocation is 68% bonds, 30% equities and 2% cash. An allocation to Norwegian bonds was introduced, funded by a reduction in UK bonds, reflecting more attractive real yields, a weaker currency, and Norway’s strong fiscal position relative to other markets. Within the fixed income allocation, Pyrford adopts a defensive stance by owning shorter duration securities to minimise the impact on the portfolio from interest rate rises. At the end of the period, the modified duration of the fixed income portfolio stood at around 6.0 years. The bond portfolio remains highly liquid, invested solely in sovereign debt. 30.6% of the model portfolio is invested in overseas bonds, with 6.8% in the US, 3.4% in Norway and 20.4% in Australia. 37.4% of the portfolio is invested in UK government debt.
Within the equity portfolio we remain constructive on the Asia ex-Japan region compared to the US as we view the US market as overvalued. The portfolio has a bias to defensive names, which we would expect to perform well during volatile periods. Our focus remains on finding companies with balance sheet strength, enduring profitability, earnings visibility, and value. Over one third of equities are held in the UK which remains a cheap market relative to other markets in our investment universe. The European portfolio holds several names that are global leaders in niche industries. In Switzerland we allocate to global leaders in industries such as healthcare and to companies with strong positions in more niche industries. In Asia, we prefer the Southeast Asian markets over Japan. The potential growth rate in Japan remains low given the poor demographics and low productivity growth. Economies in Southeast Asia offer sustainable economic growth supported by increased labour output or productivity growth and trade at more reasonable valuations.
Finally, there was no change to our hedging program. The portfolio has approximately 38% exposure to unhedged non-Sterling assets. In our view Sterling is a cheap currency over the medium to long term and we expect the currency to appreciate over time. In line with Pyrford’s purchasing power parity analysis, the US Dollar and Euro are fully hedged, insulating the portfolio against rises in Sterling against these currencies.
Performance to 30 June 2026 (periods longer than one year are annualised): 6 Months 1 Year rolling 3 Years rolling 5 Years rolling Since Inception * The Sub-Fund 4.90% 9.84% 8.37% 5.76% 5.45% RPI (United Kingdom) (GBP) 4.40% 8.03% 8.57% 11.78% 9.19%
* Inception date: 21 January 2009
Pyrford International Limited July 2026
COLUMBIA THREADNEEDLE (IRL) PLC
Investment Manager’s Report
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Pyrford Global Equity (US$) Fund (USD)
The Sub-Fund returned 12.35%, versus the MSCI All Country World Index return of 11.49% over the 6-month period to 30 June 2026 (gross of fees). The portfolio remains overweight the Asia ex-Japan region and underweight the US. We are underweight the US as we view the market as overvalued. The companies we do hold are defensive names, which we would expect to perform well during volatile periods. The European portfolio holds several names that are global leaders in niche industries. In Switzerland we allocate to global leaders in industries such as healthcare and to companies with strong positions in more niche industries. In Asia, we prefer the Southeast Asian markets over Japan. The potential growth rate in Japan remains low given the poor demographics and low productivity growth. Economies in Southeast Asia offer sustainable economic growth supported by increased labour output or productivity growth and trade at more reasonable valuations. The portfolio currently has no currency hedges in place.
Performance to 30 June 2026 (periods longer than one year are annualised): 6 Months 1 Year rolling 3 Years rolling 5 Years rolling Since Inception * The Sub-Fund 12.35% 23.49% 16.99% 11.28% 10.09% MSCI ACWI (USD) 11.49% 24.16% 20.22% 11.49% 11.40%
* Inception date: 31 December 2014
Pyrford International Limited July 2026
COLUMBIA THREADNEEDLE (IRL) PLC
Investment Manager’s Reports cont/d
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Pyrford International (EAFE) Equity Fund (USD)
The Sub-Fund returned 6.98%, versus the MSCI EAFE Index return of 9.84% over the 6-month period to 30 June 2026 (gross of fees). The portfolio remains defensively positioned with an underweight to the Eurozone and overweight to the Southeast Asian markets. The European portfolio is concentrated in the UK, Switzerland and the relatively healthy economies of core Europe. Economies in Southeast Asia offer sustainable economic growth supported by increased labour output or productivity growth and trade at more reasonable valuations. We remain underweight to Japan as the potential economic growth rate remains low given the poor demographics and low productivity growth. In terms of sectors, we have limited exposure to more cyclical sectors such as financials and consumer discretionary. Overweight positions are held in defensive sectors such as consumer staples and communications. These sectors offer predictable revenue streams and attractive valuations. The focus of the portfolio is on balance sheet strength, profitability, earnings visibility and value. The portfolio currently has no currency hedges in place.
Performance to 30 June 2026 (periods longer than one year are annualised): 6 Months 1 Year rolling 3 Years rolling 5 Years rolling Since Inception * The Sub-Fund 6.98% 14.52% 13.30% 8.46% 7.95% MSCI EAFE (USD) 9.84% 20.80% 17.02% 9.60% 7.81%
* Inception date: 8 April 2010
Pyrford International Limited July 2026
COLUMBIA THREADNEEDLE (IRL) PLC
Investment Manager’s Reports cont/d
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Pyrford Global Equity (Sterling) Fund (GBP)
The Sub-Fund returned 13.44%, versus the MSCI All Country World Index return of 12.98% over the 6-month period to 30 June 2026 (gross of fees). The portfolio remains overweight the Asia ex-Japan region and underweight the US. We are underweight the US as we view the market as overvalued. The companies we do hold are defensive names, which we would expect to perform well during volatile periods. The European portfolio holds several names that are global leaders in niche industries. In Switzerland we allocate to global leaders in industries such as healthcare and to companies with strong positions in more niche industries. In Asia, we prefer the Southeast Asian markets over Japan. The potential growth rate in Japan remains low given the poor demographics and low productivity growth. Economies in Southeast Asia offer sustainable economic growth supported by increased labour output or productivity growth and trade at more reasonable valuations. In terms of sectors, the portfolio is very defensively positioned with overweight exposure to the consumer staples, industrials and communications sectors which offer high dividend yields and visible earnings streams. In line with our purchasing power parity analysis, the Euro exposure within the portfolio is hedged.
Performance to 30 June 2026 (periods longer than one year are annualised): 6 Months 1 Year rolling 3 Years rolling 5 Years rolling Since Inception * The Sub-Fund 13.44% 27.43% 15.80% 12.30% 10.82% MSCI ACWI (GBP) 12.98% 28.19% 18.51% 12.38% 12.67%
* Inception date: 19 March 2015
Investment Outlook
We expect moderating but uneven growth, ongoing geopolitical uncertainty, and a continued adjustment in asset valuations following the tightening cycle. Energy markets remain sensitive to Middle East dynamics, sustaining inflation risks and keeping central banks cautious, with policy paths diverging across regions and reinforcing a higher rate environment. A value and quality approach remains well supported, with companies exhibiting strong balance sheets, pricing power, and resilient earnings better positioned to navigate elevated costs and softer growth, while valuation discipline remains crucial.
Pyrford International Limited July 2026
COLUMBIA THREADNEEDLE (IRL) PLC
Investment Manager’s Reports cont/d
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As at 30 June 2026
Note
Company Total USD
Pyrford Global Total Return (Sterling) Fund GBP
Pyrford Global Equity (US$) Fund USD
Pyrford International (EAFE) Equity Fund USD
Pyrford Global Equity (Sterling) Fund GBP
Current assets
Financial assets at fair value through profit
or loss:
Transferable securities 829,797,988 593,799,435 5,523,585 33,658,830 3,510,631 Financial derivative instruments 85,156 63,195 - - 1,140 Cash and cash equivalents 5 12,310,057 8,786,733 94,795 543,355 31,393 Other receivables 7,134,739 5,183,253 19,033 238,418 12,538 Total current assets 849,327,940 607,832,616 5,637,413 34,440,603 3,555,702
Current liabilities
Financial liabilities at fair value through profit
or loss:
Financial derivative instruments (783,817) (592,174) - - - Other payables (2,035,439) (1,406,589) (40,111) (67,916) (49,571)
Total current liabilities excluding net
assets attributable to holders of
redeemable participating shares (2,819,256) (1,998,763) (40,111) (67,916) (49,571)
Net assets attributable to holders of
redeemable participating shares 846,508,684 605,833,853 5,597,302 34,372,687 3,506,131
The accompanying notes form an integral part of these condensed unaudited financial statements.
COLUMBIA THREADNEEDLE (IRL) PLC
Condensed Statement of Financial Position
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As at 31 December 2025
Note
Company Total USD
Pyrford Global Total Return (Sterling) Fund GBP
Pyrford Global Equity (US$) Fund USD
Pyrford International (EAFE) Equity Fund USD
Pyrford Global Equity (Sterling) Fund GBP
Current assets
Financial assets at fair value through profit
or loss:
Transferable securities 825,280,304 583,377,387 4,967,951 31,582,848 2,806,381 Financial derivative instruments 2,376,837 1,765,564 - - 901 Cash and cash equivalents 5 11,707,758 8,025,863 113,723 682,591 83,522 Other receivables 5,894,936 4,239,425 13,252 165,605 8,766 Total current assets 845,259,835 597,408,239 5,094,926 32,431,044 2,899,570
Current liabilities
Financial liabilities at fair value through profit
or loss:
Financial derivative instruments (3,297,400) (2,449,808) - - (820) Other payables (5,026,069) (3,614,345) (42,989) (73,092) (34,758)
Total current liabilities excluding net
assets attributable to holders of
redeemable participating shares (8,323,469) (6,064,153) (42,989) (73,092) (35,578)
Net assets attributable to holders of
redeemable participating shares 836,936,366 591,344,086 5,051,937 32,357,952 2,863,992
The accompanying notes form an integral part of these condensed unaudited financial statements.
COLUMBIA THREADNEEDLE (IRL) PLC Condensed Statement of Financial Position cont/d
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For the six months ended 30 June 2026
Note
Company Total USD
Pyrford Global Total Return (Sterling) Fund GBP
Pyrford Global Equity (US$) Fund USD
Pyrford International (EAFE) Equity Fund USD
Pyrford Global Equity (Sterling) Fund GBP
Income
Investment income 4 7,219,049 4,627,909 95,877 826,539 55,541 Other income 17,112 11,696 164 1,164 44 Net gain on investment activities 36,456,605 25,277,792 502,877 1,507,708 343,238 Total income 43,692,766 29,917,397 598,918 2,335,411 398,823
Expenses
Operating expenses 4 (4,313,962) (2,958,892) (58,676) (239,396) (28,136) Investment management fee reimbursement 7 76,764 27,164 21,286 - 14,100 Net income 39,455,568 26,985,669 561,528 2,096,015 384,787
Finance costs
Distributions 13 (696,685) (493,069) (31,028) - (2,048)
Net increase in net assets attributable to holders of
redeemable participating shares before tax
38,758,883 26,492,600 530,500 2,096,015 382,739
Taxation
Withholding tax 2 (554,920) (330,750) (16,162) (81,280) (9,523)
Net increase in net assets attributable to holders of
redeemable participating shares resulting from
operations 38,203,963 26,161,850 514,338 2,014,735 373,216
There are no recognised gains or losses in the financial period other than those dealt within the Condensed Statement of Comprehensive Income. All res
ults are from continuing operations.
The accompanying notes form an integral part of these condensed unaudited financial statements.
COLUMBIA THREADNEEDLE (IRL) PLC
Condensed Statement of Comprehensive Income
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For the six months ended 30 June 2025
Note
Company Total USD
Pyrford Global Total Return (Sterling) Fund GBP
Pyrford Global Equity (US$) Fund USD
Pyrford International (EAFE) Equity Fund USD
Pyrford Global Equity (Sterling) Fund GBP
Income
Investment income 4 7,895,464 5,464,688 114,734 642,121 44,032 Other income 24,677 18,169 171 900 47 Net gain on investment activities 42,628,465 29,798,250 623,033 3,345,259 35,022 Total income 50,548,606 35,281,107 737,938 3,988,280 79,101
Expenses
Operating expenses 4 (4,352,136) (3,108,781) (72,904) (197,946) (40,665) Investment management fee reimbursement 7 111,326 29,871 33,148 - 30,457 Net income 46,307,796 32,202,197 698,182 3,790,334 68,893
Finance costs
Distributions 13 (677,241) (494,964) (33,307) - (1,947)
Net increase in net assets attributable to holders of
redeemable participating shares before tax
45,630,555 31,707,233 664,875 3,790,334 66,946
Taxation
Withholding tax 2 (569,676) (368,536) (18,007) (65,568) (6,578)
Net increase in net assets attributable to holders of
redeemable participating shares resulting from
operations 45,060,879 31,338,697 646,868 3,724,766 60,368
There are no recognised gains or losses in the financial period other than those dealt within the Condensed Statement of Comprehensive Income. All res
ults are from continuing operations.
The accompanying notes form an integral part of these condensed unaudited financial statements.
COLUMBIA THREADNEEDLE (IRL) PLC
Condensed Statement of Comprehensive Income cont/d
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For the six months ended 30 June 2026
Note
Company Total USD
Pyrford Global Total Return (Sterling) Fund GBP
Pyrford Global Equity (US$) Fund USD
Pyrford International (EAFE) Equity Fund USD
Pyrford Global Equity (Sterling) Fund GBP
Net assets attributable to holders of redeemable
participating shares at beginning of financial period 836,936,366 591,344,086 5,051,937 32,357,952 2,863,992
Net movement in net assets attributable to redeemable
participating shareholders resulting from operations 38,203,963 26,161,850 514,338 2,014,735 373,216
Issue of redeemable participating shares during the
financial period 50,480,645 36,903,306 31,027 - 621,237
Redemption of redeemable participating shares during
the financial period (65,780,519) (48,575,389) - - (352,314)
Movement in net assets resulting from share
transactions 3 (15,299,874) (11,672,083) 31,027 - 268,923 Foreign currency translation (13,331,771) - - - -
Net assets attributable to holders of redeemable
participating shares at end of financial period 846,508,684 605,833,853 5,597,302 34,372,687 3,506,131
The accompanying notes form an integral part of these condensed unaudited financial statements.
COLUMBIA THREADNEEDLE (IRL) PLC
Condensed Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares
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For the six months ended 30 June 2025
Note
Company Total USD
Pyrford Global Total Return (Sterling) Fund GBP
Pyrford Global Equity (US$) Fund USD
Pyrford International (EAFE) Equity Fund USD
Pyrford Global Equity (Sterling) Fund GBP
Net assets attributable to holders of redeemable
participating shares at beginning of financial period 915,633,910 705,005,788 5,473,602 23,230,141 2,246,518
Net movement in net assets attributable to redeemable
participating shareholders resulting from operations 45,060,879 31,338,697 646,868 3,724,766 60,368
Issue of redeemable participating shares during the
financial period 48,365,133 34,124,080 33,307 3,600,000 394,563
Redemption of redeemable participating shares during
the financial period (128,892,570) (99,082,134) - - (381,649)
Movement in net assets resulting from share
transactions 3 (80,527,437) (64,958,054) 33,307 3,600,000 12,914 Foreign currency translation 79,679,494 - - - -
Net assets attributable to holders of redeemable
participating shares at end of financial period 959,846,846 671,386,431 6,153,777 30,554,907 2,319,800
The accompanying notes form an integral part of these condensed unaudited financial statements.
COLUMBIA THREADNEEDLE (IRL) PLC
Condensed Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares cont/d
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For the six months ended 30 June 2026
Company Total USD
Pyrford Global Total Return (Sterling) Fund GBP
Pyrford Global Equity (US$) Fund USD
Pyrford International (EAFE) Equity Fund USD
Pyrford Global Equity (Sterling) Fund GBP
Cash flows from operating activities
Net increase in net assets attributable to holders of redeemable
participating shares, before distributions
38,900,648 26,654,919 545,366 2,014,735 375,264
Adjustments for:
Movement in financial assets at fair value through profit or loss (18,103,953) (10,764,966) (561,169) (2,120,262) (706,341) Unrealised movement on derivative assets and liabilities (210,169) (155,265) - - (1,059) Operating cash flows before movements in working capital 20,586,526 15,734,688 (15,803) (105,527) (332,136) Movement in receivables (500,562) (350,646) (246) (28,533) (267) Movement in payables 33,863 30,682 (2,879) (5,176) 497 Cash (outflow)/inflow from operations (466,699) (319,964) (3,125) (33,709) 230 Net cash inflow/(outflow) from operating activities 20,119,827 15,414,724 (18,928) (139,236) (331,906)
Cash flows from financing activities
Proceeds from subscriptions 50,111,251 36,653,042 -* - 619,823 Payment of redemptions (68,770,725) (50,813,827) - - (337,998) Distributions paid (665,657) (493,069) -* - (2,048) Net cash (outflow)/inflow from financing activities (19,325,131) (14,653,854) - - 279,777 Net increase/(decrease) in cash and cash equivalents 794,696 760,870 (18,928) (139,236) (52,129) Cash and cash equivalents at the start of the financial period 11,707,758 8,025,863 113,723 682,591 83,522 Foreign Currency Translation Adjustment (192,397) - - - - Cash and cash equivalents at the end of the financial period 12,310,057 8,786,733 94,795 543,355 31,393
Cash flows from operating activities include:
Taxation paid
(533,978) (317,950) (15,443) (78,885) (9,063)
Interest received
34,084 21,717 593 4,067 169 Dividends received 6,988,722 4,476,861 92,378 805,680 53,389
*Excludes non-cash distribution of USD 31,028.
The accompanying notes form an integral part of these condensed unaudited financial statements.
COLUMBIA THREADNEEDLE (IRL) PLC
Condensed Statement of Cash Flows
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For the six months ended 30 June 2025
Company Total USD
Pyrford Global Total Return (Sterling) Fund GBP
Pyrford Global Equity (US$) Fund USD
Pyrford International (EAFE) Equity Fund USD
Pyrford Global Equity (Sterling) Fund GBP
Cash flows from operating activities
Net increase in net assets attributable to holders of redeemable
participating shares, before distributions
45,738,120 31,833,661 680,175 3,724,766 62,315
Adjustments for:
Movement in financial assets at fair value through profit or loss 47,832,335 42,980,099 (683,779) (7,108,883) (55,417) Unrealised movement on derivative assets and liabilities (7,826,279) (6,044,976) - - 5,595 Operating cash flows before movements in working capital 85,744,176 68,768,784 (3,604) (3,384,117) 12,493 Movement in receivables 549,332 455,733 1,575 (39,949) (2,212) Movement in payables (53,356) (56,819) 7,615 7,534 3,955 Cash inflow/(outflow) from operations 495,976 398,914 9,190 (32,415) 1,743 Net cash inflow/(outflow) from operating activities 86,240,152 69,167,698 5,586 (3,416,532) 14,236
Cash flows from financing activities
Proceeds from subscriptions 49,184,592 34,758,149 33,307 3,600,000 392,854 Payment of redemptions (129,742,276) (99,739,419) - - (380,065) Distributions paid (677,241) (494,964) (33,307) - (1,947) Net cash (outflow)/inflow from financing activities (81,234,925) (65,476,234) - 3,600,000 10,842 Net increase in cash and cash equivalents 5,005,227 3,691,464 5,586 183,468 25,078 Cash and cash equivalents at the start of the financial period 11,400,339 8,510,598 138,218 529,797 47,529 Foreign Currency Translation Adjustment 1,270,726 - - - - Cash and cash equivalents at the end of the financial period 17,676,292 12,202,062 143,804 713,265 72,607
Cash flows from operating activities include:
Taxation paid
(598,942) (390,196) (18,456) (66,019) (6,808)
Interest received
36,984 24,910 813 3,740 116 Dividends received 7,770,906 5,381,077 115,695 623,912 44,834
The accompanying notes form an integral part of these condensed unaudited financial statements.
COLUMBIA THREADNEEDLE (IRL) PLC
Condensed Statement of Cash Flows cont/d
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1. Material Accounting Policies
The material accounting policies adopted by Columbia Threadneedle (Irl) plc (the “Company”) for the six months ended 30 June 2026 are set out below.
a) Basis of Preparation
These Condensed Unaudited Financial Statements for the financial period ended 30 June 2026 have been prepared in accordance with IAS 34, ‘Interim Financial Reporting’ (“IAS 34”) issued by the Financial Reporting Council and in accordance with the UCITS Regulations. These Condensed Unaudited Financial Statements should be read in conjunction with the annual audited financial statements of the Company for the financial year ended 31 December 2025, which have been prepared under International Financial Reporting Standards (“IFRS”) as adopted by the European Union (“EU”). The auditor s report in the audited financial statements for the year ended 31 December 2025 was unqualified.
The accounting policies, presentation and methods of calculation applied are consistent with those of the previous financial year.
The Condensed Unaudited Financial Statements have been prepared on a going concern basis. The Company is not subject to seasonal or cyclical changes.
Basis of Accounting The Condensed Unaudited Financial Statements have been prepared on a historical cost basis except for those financial assets and financial liabilities that have been measured at fair value.
In preparing these Condensed Unaudited Financial Statements, the significant judgements made by management in applying the Company’s accounting policies and the key sources of estimation uncertainty were the same as those applied to the audited financial statements for the financial year ended 31 December 2025.
b) Functional and Presentation Currency
In accordance with IAS 21 “The Effects of Changes in Foreign Exchange Rates”, items included in the condensed financial statements are measured using the currency of the primary economic environment in which it operates (“functional currency”).
Transactions which occurred during the financial period are translated into reporting currency at the rate prevailing on the transaction date. Assets and liabilities in foreign currencies are translated into the reporting currency at the rates prevailing at the financial period end date. The exchange differences on translation are reflected in the Condensed Statement of Comprehensive Income.
The functional currency of the Company is US Dollar (“USD”). The financial statements of the Company are presented in USD. Items included in the financial statements are measured using the currency of the primary economic environment in which the respective Sub-Funds operate. If indicators of the primary economic environment are mixed then management uses its judgement to determine the functional currency that most faithfully represents the economic effects of the underlying transactions, events and conditions. The majority of each Sub-Fund’s investments and transactions are denominated in USD or Pound Sterling (“GBP”). Investor subscriptions and redemptions are determined based on the Net Asset Value (“NAV”), and received and paid in USD and GBP. The functional currency of the Sub-Funds (which is either the USD or GBP) is shown in the Condensed Statement of Financial Position of these Sub-Funds. The Company has also adopted these functional currencies as the presentation currency of each Sub-Fund.
For the purpose of producing the combined Condensed Statement of Financial Position, financial period end exchange rates are used. For the purpose of producing the combined Condensed Statement of Comprehensive Income, Condensed Statement of Changes and Condensed Statement of Cash Flows, the average exchange rates for the financial period are used.
COLUMBIA THREADNEEDLE (IRL) PLC
Notes to the Condensed Unaudited Financial Statements for the six months ended 30 June 2026
15
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1. Material Accounting Policies cont/d
c) Accounting Standards
New accounting standards and interpretations issued and effective for the financial period beginning 1 January 2026
There are a number of standards, amendments to standards or interpretations that are effective for financial periods beginning on 1 January 2026.
The following new and amended standards and interpretations are not expected to have a significant impact on the Fund’s financial statements: Standard: Narrative: Effective Date: Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates
Lack of Exchangeability 1 January 2026
New accounting standards and interpretations issued but not effective for the financial period beginning 1 January 2026 and not early adopted
A number of new standards, amendments to standards and interpretations are effective for annual periods beginning after 1 January 2026, and have not been early adopted in preparing these financial statements. None of these are expected to have a material effect on the financial statements of the Company.
IFRS 18 “Presentation and Disclosure in Financial Statements” was issued in April 2024 and applies to an annual reporting period beginning on or after 1 January 2027. IFRS 18 replaces IAS 1 “Presentation of Financial Statements”. IFRS 18 aims to improve financial reporting by requiring additional defined subtotals in the statement of profit or loss, requiring disclosures about management-defined performance measures and adding new principles for grouping (aggregation and disaggregation) of information.
The following new and amended standards and interpretations are not expected to have a significant impact on the Fund’s financial statements: Standard: Narrative: Effective Date: Amendment to IFRS 9 and IFRS 7 Classification and Measurement of Financial Instruments 1 January 2027
Amendment to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7
Annual Improvements to IFRS Accounting Standards 1 January 2027
Amendment to IFRS 9 and IFRS 7 Contracts Referencing Nature-dependent Electricity 1 January 2027
IFRS 19 Subsidiaries without Public Accountability: Disclosures 1 January 2027 The third edition of IFRS IFRS for SMEs Accounting Standard 1 January 2027
Amendment to IAS 21 The Effects of Changes in Foreign Exchange Rates 1 January 2027
There are no other new standards, interpretations or amendments to existing standards that are not yet effective that would be expected to have a material impact on the Company.
2. Taxation
Under current law and practice, the Company qualifies as an investment undertaking as defined in Section 739B of the Taxes Consolidation Act, 1997 (the “Taxes Consolidation Act”). The Company will not be liable to Irish tax in respect of its income and gains, other than on the occurrence of a “chargeable event”. A “chargeable event” includes any distribution payments to shareholders or any encashment, redemption, cancellation or transfer of shares and the holding of shares at the end of a “Relevant Period”. A “Relevant Period” being an eight year period beginning with the acquisition of the shares by the shareholder and each subsequent period of eight years beginning immediately after the preceding “Relevant Period”.
COLUMBIA THREADNEEDLE (IRL) PLC
Notes to the Condensed Unaudited Financial Statements for the six months ended 30 June 2026 cont/d
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2. Taxation cont/d
A gain on a chargeable event does not arise in respect of:
(i) a shareholder who is not Irish resident and not ordinarily resident in Ireland at the time of the chargeable event, provided the necessary signed statutory declarations are held by the Company; or
(ii) certain exempted Irish resident investors who have provided the Company with the necessary signed statutory declarations; or
(iii) any transactions in relation to shares held in a recognised clearing system as designated by the order of the Revenue Commissioners of Ireland; or
(iv) an exchange of shares representing one Sub-Fund for another Sub-Fund of the Company; or
(v) an exchange of shares arising on a qualifying amalgamation or reconstruction of the Company with another company; or
(vi) certain exchanges of shares between spouses and former spouses.
In the absence of an appropriate declaration, the Company will be liable to Irish tax on the occurrence of a chargeable event.
There were no chargeable events during the financial period under review.
The Company is exposed to tax risks with regard to the imposition of taxes in the jurisdictions in which it invests (including but not limited to capital gains tax and withholding tax), and has put in place a process for the identification of its obligations in this regard including periodic updates to its tax database and external, third party validation of this database at regular intervals. The foreign tax expense, if any, is recorded on an accrual basis and is included in withholding tax in the Condensed Statement of Comprehensive Income.
Dividends, interest and capital gains received may be subject to withholding taxes imposed by the country of origin and such taxes may not be recoverable by the Company or its shareholders. The dividend withholding tax charge for the financial period ending 30 June 2026 was USD 554,920 (30 June 2025: USD 569,676).
3. Share Capital
Authorised The issued share capital of the Company shall not be less than EUR 2 represented by two subscriber shares of no par value and the maximum issued share capital shall be not more than EUR 500 billion divided into an unspecified number of participating shares of no par value.
Redeemable Participating Shares Each of the shares (other than subscriber shares) entitles the holder to participate equally on a pro rata basis in the dividends (save in the case of dividends declared prior to becoming a shareholder) and net assets of the Company attributable to such shares. Each of the shares entitles the holder to attend and vote at meetings of the Company and of the Sub-Fund represented by those shares. No class of shares confers on the holder thereof any preferential or pre-emptive rights or any rights to participate in the profits and dividends of any other class of shares or any voting rights in relation to matters relating solely to any other class of shares. The Company had initial capital of EUR 300,000 (USD 342,045) upon launch.
Subscriber Shares As at financial period end, two subscriber shares of EUR 1 each were in issue. These subscriber shares were issued for the purpose of the incorporation of the Company, and are legally and beneficially held by Paul Simons and Daniel McDonagh, both Directors of the Investment Manager. The subscriber shares do not form part of the NAV of the Company and are thus disclosed in the financial statements by way of this note only. The subscriber shares do not entitle the shareholders (detailed in Note 11) thereof to any dividend and on a winding up entitle the holders thereof to receive the amount paid up thereon but do not otherwise entitle them to participate in the assets of the Company.
Share Rights Every shareholder or holder of non-participating shares present in person or by proxy who votes on a show of hands shall be entitled to one vote.
COLUMBIA THREADNEEDLE (IRL) PLC
Notes to the Condensed Unaudited Financial Statements for the six months ended 30 June 2026 cont/d
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3. Share Capital cont/d
Share Rights cont/d
The rights attaching to the shares issued in any class or Sub-Fund may, whether or not the Company is being wound up, be varied or abrogated with the consent in writing of the shareholders of three-quarters of the issued shares of that class or Sub-Fund, or with the sanction of an ordinary resolution passed at a general meeting of the shareholders of that class or Sub-Fund.
A resolution in writing signed by all the shareholders for the time being entitled to attend and vote on such resolution at a general meeting of the Company shall be as valid and effective for all purposes as if the resolution had been passed at a general meeting of the Company duly convened and held and if described as a special resolution shall be deemed to be a special resolution.
The rights attaching to the shares shall not, unless otherwise expressly provided by the terms of issue of the shares of that class or a Sub-Fund, be deemed to be varied by the creation, allotment or issue of any further shares ranking pari passu with shares already in issue.
Redemption of Shares As detailed in the Prospectus, requests for a redemption received prior to the Dealing Deadline for any Dealing Day will be processed on that Dealing Day (save during any period when the calculation of the NAV is suspended). Requests for a redemption received after the Dealing Deadline for any Dealing Day will be processed on the next Dealing Day, unless the Company, in its absolute discretion, determines otherwise.
Anti-Dilution Levy Where the Company deems there to be large net subscriptions or net redemptions and to prevent any adverse effect on the value of the assets of a Sub-Fund, the Company may charge an anti-dilution levy for retention as part of the assets of the relevant Sub-Fund. The anti-dilution levy will be calculated to cover the dealing costs that would be incurred in purchasing additional portfolio securities/selling additional portfolio securities to meet such requests and thus to preserve the value of the underlying investments of the Sub-Fund as a result of net subscriptions/redemptions on any Dealing Day. Such costs will include any dealing spreads, commissions, transfer taxes and in the case of selling securities to meet breaking deposits at a penalty or realising investments at a discount in order to provide monies to meet such redemption requests or, in the event that a Sub-Fund borrows funds, to meet the costs of such borrowings. As the costs of dealing can vary with market conditions, the level of the Anti-Dilution Levy may also vary but shall not exceed 1% of the NAV per Share. Such Anti-Dilution Levy shall be added/deducted from the subscription amount and the redemption proceeds, respectively.
Hedged Share Classes The hedged share classes in operation during the financial period ended 30 June 2026 and prior financial year/period are identified by the naming convention of the share class and presented in the share transaction tables overleaf.
COLUMBIA THREADNEEDLE (IRL) PLC
Notes to the Condensed Unaudited Financial Statements for the six months ended 30 June 2026 cont/d
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3. Share Capital cont/d
Share transactions during the six months ended 30 June 2026
Pyrford Global Total Return (Sterling) Fund Class A Stg£ Accumulating 30 June 2026
Pyrford Global Total Return (Sterling) Fund Class A Stg£ Distributing 30 June 2026
Pyrford Global Total Return (Sterling) Fund Class B Stg£ Accumulating 30 June 2026
Pyrford Global Total Return (Sterling) Fund Class B Stg£ Distributing 30 June 2026
Pyrford Global Total Return (Sterling) Fund Class C Stg£ Accumulating 30 June 2026 Pyrford Global Total Return (Sterling) Fund Class C Stg£ Distributing 30 June 2026 Pyrford Global Total Return (Sterling) Fund Class C US$ Hedged Distributing 30 June 2026
Shares
Shares in issue at beginning of
financial period 16,151,840 524,223 4,548,356 874,706 10,224,228 1,517,165 8,175 Shares issued 56,292 1,695 741,828 116,955 1,195,544 194,882 - Shares redeemed (500,771) (269) (948,153) (197,083) (1,114,013) (150,085) - Shares transferred - - 39,267 16,927 (41,792) (12,633) -
Shares in issue at end of financial
period 15,707,361 525,649 4,381,298 811,505 10,263,967 1,549,329 8,175 NAV GBP 325,256,166 GBP 5,995,197 GBP 68,031,117 GBP 8,809,914 GBP 160,625,933 GBP 17,136,546 USD 94,380 NAV per Share GBP 20.71 GBP 11.41 GBP 15.53 GBP 10.86 GBP 15.65 GBP 11.06 USD 11.54
2026 GBP
2026 GBP
2026 GBP
2026 GBP
2026 GBP 2026 GBP 2026 GBP
Capital
Subscriptions during the financial
period 1,148,866 19,145 11,354,963 1,260,168 18,439,536 2,131,424 -
Redemptions during the financial
period (10,292,859) (3,000) (14,600,633) (2,122,780) (17,146,460) (1,642,733) -
COLUMBIA THREADNEEDLE (IRL) PLC
Notes to the Condensed Unaudited Financial Statements for the six months ended 30 June 2026 cont/d
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3. Share Capital cont/d
Share transactions during the six months ended 30 June 2026 cont/d
Pyrford Global Total Return (Sterling) Fund Class D Stg£ Accumulating 30 June 2026
Pyrford Global Total Return (Sterling) Fund Class I
EUR
€
Hedged Accumulating 30 June 2026
Pyrford Global Total Return (Sterling) Fund Class S
EUR
€
Hedged Accumulating 30 June 2026
Pyrford Global Total Return (Sterling) Fund Class W
EUR
€
Hedged Accumulating 30 June 2026
Pyrford Global Equity (US$) Fund Class A US$ Distributing 30 June 2026 Pyrford International (EAFE) Equity Fund Class A US$ Accumulating 30 June 2026 Pyrford Global Equity (Sterling) Fund Class B Stg£ Accumulating 30 June 2026
Shares
Shares in issue at beginning of
financial period 560,100 343,873 25,142 802,746 293,547 1,334,767 121,366 Shares issued 13 496 6,114 247,178 1,781 - 27,084 Shares redeemed (922) (29) - (276,599) - - (14,850)
Shares in issue at end of financial
period 559,191 344,340 31,256 773,325 295,328 1,334,767 133,600 NAV GBP 8,183,614 EUR 4,251,835 EUR 384,758 EUR 8,973,352 USD 5,597,302 USD 34,372,687 GBP 3,030,730 NAV per Share GBP 14.63 EUR 12.35 EUR 12.31 EUR 11.60 USD 18.95 USD 25.75 GBP 22.69
2026 GBP
2026 GBP
2026 GBP
2026 GBP
2026 USD 2026 USD 2026 GBP
Capital
Subscriptions during the financial
period 187 5,254 64,646 2,479,117 31,027 - 583,394
Redemptions during the financial
period (13,295) (306) - (2,753,323) - - (320,754)
COLUMBIA THREADNEEDLE (IRL) PLC
Notes to the Condensed Unaudited Financial Statements for the six months ended 30 June 2026 cont/d
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3. Share Capital cont/d
Share transactions during the six months ended 30 June 2026 cont/d
Pyrford Global Equity (Sterling) Fund Class B Stg£ Distributing 30 June 2026
Shares
Shares in issue at beginning of
financial period 24,232 Shares issued 2,089 Shares redeemed (1,804)
Shares in issue at end of financial
period 24,517 NAV GBP 475,401 NAV per Share GBP 19.39 2026 GBP
Capital
Subscriptions during the financial
period 37,843
Redemptions during the financial
period (31,560)
COLUMBIA THREADNEEDLE (IRL) PLC
Notes to the Condensed Unaudited Financial Statements for the six months ended 30 June 2026 cont/d
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3. Share Capital cont/d
Share transactions during the financial year ended 31 December 2025
Pyrford Global Total Return (Sterling) Fund Class A Stg£ Accumulating 31 December 2025
Pyrford Global Total Return (Sterling) Fund Class A Stg£ Distributing 31 December 2025
Pyrford Global Total Return (Sterling) Fund Class B Stg£ Accumulating 31 December 2025
Pyrford Global Total Return (Sterling) Fund Class B Stg£ Distributing 31 December 2025
Pyrford Global Total Return (Sterling) Fund Class C Stg£ Accumulating 31 December 2025 Pyrford Global Total Return (Sterling) Fund Class C Stg£ Distributing 31 December 2025 Pyrford Global Total Return (Sterling) Fund Class C US$ Hedged Distributing 31 December 2025
Shares
Shares in issue at beginning of
financial year 19,938,264 524,818 3,774,436 1,441,583 9,424,334 1,503,200 9,521 Shares issued 248,133 3,394 2,151,140 473,010 2,453,508 332,182 - Shares redeemed (4,034,557) (3,989) (1,420,050) (1,046,012) (1,610,934) (312,303) (1,346) Shares transferred - - 42,830 6,125 (42,680) (5,914) -
Shares in issue at end of financial
year 16,151,840 524,223 4,548,356 874,706 10,224,228 1,517,165 8,175 NAV GBP 320,128,008 GBP 5,796,599 GBP 67,513,568 GBP 9,245,828 GBP 152,805,925 GBP 16,270,784 USD 91,577 NAV per Share GBP 19.82 GBP 11.06 GBP 14.84 GBP 10.57 GBP 14.95 GBP 10.72 USD 11.20
2025 GBP
2025 GBP
2025 GBP
2025 GBP
2025 GBP 2025 GBP 2025 GBP
Capital
Subscriptions during the financial
year 4,676,967 36,507 31,227,792 4,926,005 35,563,473 3,470,800 -
Redemptions during the financial
year (75,844,816) (44,041) (20,186,481) (10,943,205) (23,691,895) (3,303,681) (11,427)
COLUMBIA THREADNEEDLE (IRL) PLC
Notes to the Condensed Unaudited Financial Statements for the six months ended 30 June 2026 cont/d
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3. Share Capital cont/d
Share transactions during the financial year ended 31 December 2025 cont/d
Pyrford Global Total Return (Sterling) Fund Class D Stg£ Accumulating 31 December 2025
Pyrford Global Total Return (Sterling) Fund Class I
EUR
€
Hedged Accumulating 31 December 2025
Pyrford Global Total Return (Sterling) Fund Class I
EUR
€
Hedged Distributing* 31 December 2025
Pyrford Global Total Return (Sterling) Fund Class S
EUR
€
Hedged Accumulating 31 December 2025
Pyrford Global Total Return (Sterling) Fund Class W EUR
€ Hedged Accumulating 31 December 2025 Pyrford Global Equity (US$) Fund Class A US$ Distributing 31 December 2025 Pyrford International (EAFE) Equity Fund Class A US$ Accumulating 31 December 2025
Shares
Shares in issue at beginning of
financial year 8,693,286 825,335 756 17,556 909,504 385,945 1,176,664 Shares issued 31 2,455 3 10,599 198,490 5,984 158,103 Shares redeemed (8,133,217) (483,917) (759) (3,013) (305,248) (98,382) -
Shares in issue at end of financial
year 560,100 343,873 - 25,142 802,746 293,547 1,334,767 NAV GBP 7,806,850 EUR 4,094,916 - EUR 298,477 EUR 9,017,388 USD 5,051,937 USD 32,357,952 NAV per Share GBP 13.94 EUR 11.91 - EUR 11.87 EUR 11.23 USD 17.21 USD 24.24
2025 GBP
2025 GBP
2025 GBP
2025 GBP
2025 GBP 2025 USD 2025 USD
Capital
Subscriptions during the financial
year 420 23,891 21 105,131 1,846,195 90,427 3,600,000
Redemptions during the financial
year (112,724,800) (4,835,910) (5,383) (31,278) (2,861,115) (1,650,000) -
* The Share Class closed to investment on 2 April 2025.
COLUMBIA THREADNEEDLE (IRL) PLC
Notes to the Condensed Unaudited Financial Statements for the six months ended 30 June 2026 cont/d
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3. Share Capital cont/d
Share transactions during the financial year ended 31 December 2025 cont/d
Pyrford Global Equity (Sterling) Fund Class B Stg£ Accumulating 31 December 2025
Pyrford Global Equity (Sterling) Fund Class B Stg£ Distributing 31 December 2025
Shares
Shares in issue at beginning of
financial year 114,012 17,185 Shares issued 33,893 11,537 Shares redeemed (26,539) (4,490)
Shares in issue at end of financial
year 121,366 24,232 NAV GBP 2,444,720 GBP 419,272 NAV per Share GBP 20.14 GBP 17.30
2025 GBP
2025 GBP
Capital
Subscriptions during the financial
year 613,668 195,358
Redemptions during the financial
year (469,363) (66,064)
COLUMBIA THREADNEEDLE (IRL) PLC
Notes to the Condensed Unaudited Financial Statements for the six months ended 30 June 2026 cont/d
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3. Share Capital cont/d
Share transactions during the six months ended 30 June 2025
Pyrford Global Total Return (Sterling) Fund Class A Stg£ Accumulating 30 June 2025
Pyrford Global Total Return (Sterling) Fund Class A Stg£ Distributing 30 June 2025
Pyrford Global Total Return (Sterling) Fund Class B Stg£ Accumulating 30 June 2025
Pyrford Global Total Return (Sterling) Fund Class B Stg£ Distributing 30 June 2025
Pyrford Global Total Return (Sterling) Fund Class C Stg£ Accumulating 30 June 2025 Pyrford Global Total Return (Sterling) Fund Class C Stg£ Distributing 30 June 2025 Pyrford Global Total Return (Sterling) Fund Class C US$ Hedged Distributing 30 June 2025
Shares
Shares in issue at beginning of
financial period 19,938,264 524,818 3,774,436 1,441,583 9,424,334 1,503,200 9,521 Shares issued 195,651 1,692 986,048 186,835 830,072 136,812 - Shares redeemed (3,843,323) - (759,661) (178,402) (718,395) (152,995) - Shares transferred - - 32,617 5,992 (37,833) 1,301 -
Shares in issue at end of financial
period 16,290,592 526,510 4,033,440 1,456,008 9,498,178 1,488,318 9,521 NAV GBP 310,074,151 GBP 5,689,273 GBP 57,424,344 GBP 15,029,957 GBP 136,017,132 GBP 15,598,750 USD 104,183 NAV per Share GBP 19.03 GBP 10.81 GBP 14.24 GBP 10.32 GBP 14.32 GBP 10.48 USD 10.94
2025 GBP
2025 GBP
2025 GBP
2025 GBP
2025 GBP 2025 GBP 2025 GBP
Capital
Subscriptions during the financial
period 3,653,649 17,927 14,198,667 1,948,405 11,645,685 1,406,419 -
Redemptions during the financial
period (72,142,227) - (10,543,653) (1,815,204) (10,587,090) (1,622,060) -
COLUMBIA THREADNEEDLE (IRL) PLC
Notes to the Condensed Unaudited Financial Statements for the six months ended 30 June 2026 cont/d
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3. Share Capital cont/d
Share transactions during the six months ended 30 June 2025 cont/d
Pyrford Global Total Return (Sterling) Fund Class D Stg£ Accumulating 30 June 2025
Pyrford Global Total Return (Sterling) Fund Class I
EUR
€
Hedged Accumulating 30 June 2025
Pyrford Global Total Return (Sterling) Fund Class I
EUR
€
Hedged Distributing* 30 June 2025
Pyrford Global Total Return (Sterling) Fund Class S
EUR
€
Hedged Accumulating 30 June 2025
Pyrford Global Total Return (Sterling) Fund Class W EUR
€ Hedged Accumulating 30 June 2025 Pyrford Global Equity (US$) Fund Class A US$ Distributing 30 June 2025 Pyrford International (EAFE) Equity Fund Class A US$ Accumulating 30 June 2025
Shares
Shares in issue at beginning of
financial period 8,693,286 825,335 756 17,556 909,504 385,945 1,176,664 Shares issued 17 1,835 3 5,552 130,403 2,363 158,103 Shares redeemed (23,915) (51,168) (759) (176) (171,828) - -
Shares in issue at end of financial
period 8,669,388 776,002 - 22,932 868,079 388,308 1,334,767 NAV GBP 115,461,382 EUR 8,961,434 - EUR 263,974 EUR 9,490,302 USD 6,153,777 USD 30,554,907 NAV per Share GBP 13.32 EUR 11.55 - EUR 11.51 EUR 10.93 USD 15.85 USD 22.89
2025 GBP
2025 GBP
2025 GBP
2025 GBP
2025 GBP 2025 USD 2025 USD
Capital
Subscriptions during the financial
period 222 17,560 21 52,771 1,182,754 33,307 3,600,000
Redemptions during the financial
period (310,113) (486,510) (5,383) (1,682) (1,568,212) - -
* The Share Class closed to investment on 2 April 2025.
COLUMBIA THREADNEEDLE (IRL) PLC
Notes to the Condensed Unaudited Financial Statements for the six months ended 30 June 2026 cont/d
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3. Share Capital cont/d
Share transactions during the six months ended 30 June 2025 cont/d
Pyrford Global Equity (Sterling) Fund Class B Stg£ Accumulating 30 June 2025
Pyrford Global Equity (Sterling) Fund Class B Stg£ Distributing 30 June 2025
Shares
Shares in issue at beginning of
financial period 114,012 17,185 Shares issued 21,064 2,031 Shares redeemed (19,412) (3,519)
Shares in issue at end of financial
period 115,664 15,697 NAV GBP 2,074,991 GBP 244,808 NAV per Share GBP 17.94 GBP 15.60
2025 GBP
2025 GBP
Capital
Subscriptions during the financial
period 363,465 31,098
Redemptions during the financial
period (330,918) (50,731)
COLUMBIA THREADNEEDLE (IRL) PLC
Notes to the Condensed Unaudited Financial Statements for the six months ended 30 June 2026 cont/d
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4. Operating Expenses and Investment Income
For the financial period ended 30 June 2026, the Sub-Funds incurred the following operating expenses and earned the following investment income:
Expenses
Company Total USD
Pyrford Global Total Return (Sterling) Fund GBP Pyrford Global Equity (US$) Fund USD Pyrford International (EAFE) Equity Fund USD Pyrford Global Equity (Sterling) Fund GBP
Administration fees
(164,803) (117,769) (791) (5,053) (465)
Compliance and monitoring fees
(34,034) (24,275) (220) (1,054) (92)
Depositary and sub-custodian fees
(123,926) (85,784) (1,064) (6,788) (552)
Investment Management fees
(3,614,071) (2,495,095) (33,385) (210,445) (11,698)
Management Company fees
(46,086) (32,905) (210) (1,470) (124)
Legal and Professional fees
(98,353) (70,418) (791) (2,500) (289)
Transaction fees
(38,914) (12,075) (14,221) - (6,292)
Other expenses
(193,775) (120,571) (7,994) (12,086) (8,624)
Operating expenses
(4,313,962) (2,958,892) (58,676) (239,396) (28,136)
Investment income
Dividend income
7,184,965 4,606,192 95,284 822,472 55,372
Interest income
34,084 21,717 593 4,067 169
Total Investment income
7,219,049 4,627,909 95,877 826,539 55,541
COLUMBIA THREADNEEDLE (IRL) PLC
Notes to the Condensed Unaudited Financial Statements for the six months ended 30 June 2026 cont/d
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4. Operating Expenses and Investment Income cont/d
For the financial period ended 30 June 2025, the Sub-Funds incurred the following operating expenses and earned the following investment income:
Expenses
Company Total USD
Pyrford Global Total Return (Sterling) Fund GBP Pyrford Global Equity (US$) Fund USD Pyrford International (EAFE) Equity Fund USD Pyrford Global Equity (Sterling) Fund GBP
Administration fees
(203,300) (134,454) (9,683) (9,703) (7,469)
Compliance and monitoring fees
(39,291) (29,500) (184) (769) (85)
Depositary and sub-custodian fees
(225,060) (162,391) (4,018) (6,953) (2,817)
Investment Management fees
(3,440,536) (2,497,806) (35,498) (157,170) (8,507)
Management Company fees
(41,284) (30,706) (257) (1,104) (102)
Legal and Professional fees
(89,606) (67,438) (764) (1,249) (156)
Transaction fees
(71,040) (31,616) (4,866) (15,478) (7,505)
Other expenses
(242,019) (154,870) (17,634) (5,520) (14,024)
Operating expenses
(4,352,136) (3,108,781) (72,904) (197,946) (40,665)
Investment income
Dividend income
7,858,482 5,439,778 113,921 638,381 43,917
Interest income
36,982 24,910 813 3,740 115
Total Investment income
7,895,464 5,464,688 114,734 642,121 44,032
COLUMBIA THREADNEEDLE (IRL) PLC
Notes to the Condensed Unaudited Financial Statements for the six months ended 30 June 2026 cont/d
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5. Cash and Cash Equivalents
All cash, cash equivalents and bank overdrafts are held by State Street Bank and Trust Company, a bank rated Aa2 by Moody’s Investor Services as of 30 June 2026 (31 December 2025: Aa2).
6. Use of Derivatives
The Sub-Funds may utilise financial instruments such as forward foreign currency exchange contracts to hedge against fluctuations in the non-functional exposure of the underlying securities relative to their functional currency.
As at the financial period end 30 June 2026, Pyrford Global Total Return (Sterling) Fund and Pyrford Global Equity (Sterling) Fund held forward foreign currency exchange contracts which are recognised at fair value on the date on which a contract is entered into and are subsequently re-measured at their fair value. All forwards are carried as assets when fair value is positive and as liabilities when fair value is negative. The unrealised gain or loss on open forward foreign currency exchange contracts is calculated as the difference between the contract price and the spot price as at period end. Any changes in fair value are recognised in the Condensed Statement of Comprehensive Income.
Details of counterparties to the derivative contracts are disclosed at the foot of the relevant Schedule of Investments.
7. Fees
(i) Directors’ Fees The Company’s Constitution authorises that the Directors shall be entitled to a fee by way of remuneration for their services at a rate to be determined from time to time by the Directors. In addition, the Directors shall be entitled to recover from the Company out-of-pocket expenses including, but not limited to, all travelling, hotel and other expenses properly incurred by them in relation to the performance of their obligations.
Only independent Directors are entitled to receive a fee.
The Directors’ fees incurred by the Company during the financial period ended 30 June 2026 amounted to USD 68,956 (financial period ended 30 June 2025: USD 60,873) and the Directors’ fees payable by the Company at the financial period ended 30 June 2026 were USD 32,020 (as at 31 December 2025: USD Nil).
(ii) Administrator’s Fees The Administrator will be entitled to receive out of the assets of each Sub-Fund an annual fee that will not exceed 1.75% of the NAV of the Sub-Fund (together with value added tax, if any) together with transaction charges at normal commercial rates and reasonable out-of-pocket expenses incurred by the Administrator in the performance of its duties.
These fees accrue and are calculated on each Dealing Day and are payable monthly in arrears. Administrator’s fees incurred by the Company during the financial period ended 30 June 2026 amounted to USD 164,803 (financial period ended 30 June 2025: USD 203,300). Administrator’s fees payable by the Company at the financial period end were USD 91,953 (financial year ended 31 December 2025: USD 125,796).
Each Sub-Fund is subject to a monthly minimum fee of EUR 1,500 (USD 1,710).
(iii) Depositary’s Fees The Depositary is entitled to receive out of the assets of the Sub-Funds an annual fee that will not exceed 0.25% per annum of the NAV of each Sub-Fund (together with value added tax, if any). This fee accrues daily and is calculated on each Dealing Day and is payable monthly in arrears. The Depositary is also entitled to receive out of the assets of the Sub-Funds all agreed transaction charges (which will be charged at normal commercial rates). The Depositary is authorised to deduct sub-custodian fees and its remuneration, reasonable and properly vouched expenses and disbursements on account of the Company. Depositary fees incurred by the Company during the financial period ended 30 June 2026 amounted to USD 123,926 (financial period ended 30 June 2025: USD 225,060). Depositary fees payable by the Company at the financial period ended 30 June 2026 were USD 81,148 (financial year ended 31 December 2025: USD 52,305).
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7. Fees cont/d
(iv) Investment Management Fees The Investment Manager is entitled to receive the following annual maximum investment management fees, out of the assets of the relevant Sub-Fund pursuant to the Prospectus.
Sub-Fund Share Class Annual Fee
Pyrford Global Total Return (Sterling) Fund Class A Stg£ Accumulating Shares 2.00% Pyrford Global Total Return (Sterling) Fund Class A Stg£ Distributing Shares 2.00% Pyrford Global Total Return (Sterling) Fund Class B Stg£ Accumulating Shares 0.75% Pyrford Global Total Return (Sterling) Fund Class B Stg£ Distributing Shares 0.75% Pyrford Global Total Return (Sterling) Fund Class C Stg£ Accumulating Shares 0.55% Pyrford Global Total Return (Sterling) Fund Class C Stg£ Distributing Shares 0.55% Pyrford Global Total Return (Sterling) Fund Class C US$ Hedged Distributing Shares 0.55% Pyrford Global Total Return (Sterling) Fund Class D Stg£ Accumulating Shares 0.00% Pyrford Global Total Return (Sterling) Fund Class I EUR € Hedged Accumulating Shares 0.75% Pyrford Global Total Return (Sterling) Fund Class S EUR € Hedged Accumulating Shares 0.75% Pyrford Global Total Return (Sterling) Fund Class W EUR € Hedged Accumulating Shares 1.50% Pyrford Global Equity (US$) Fund Class A US$ Distributing Shares 2.00% Pyrford International (EAFE) Equity Fund Class A US$ Accumulating Shares 2.00% Pyrford Global Equity (Sterling) Fund Class B Stg£ Accumulating Shares 0.75% Pyrford Global Equity (Sterling) Fund Class B Stg£ Distributing Shares 0.75%
Investment Management Fees incurred by the Company during the financial period end 30 June 2026 amounted to USD 3,614,071 (financial period end 30 June 2025: USD 3,440,536). Investment Management fees payable by the Company at the financial period ended 30 June 2026 were USD 592,281 (as at 31 December 2025: USD 605,982).
The Investment Manager may from time to time, and at its sole discretion, and out of its own resources, decide to rebate to distributors and/or shareholders part or all of the investment management fee. The Investment Manager may from time to time, and at its sole discretion, voluntarily decide to waive all or a portion of its investment management fee payable in respect of a Sub-Fund/Class so as to limit the total fees and expenses attributable to a Sub-Fund/Class. If applicable, the waived management fees are shown as Investment management fee reimbursements on the Statement of Comprehensive Income. The Investment Manager paid fee reimbursement of USD 76,764 during the financial period (30 June 2025: USD 111,326).
The Total Expense Ratio rate, excluding the Investment Management fee, applicable as at 30 June 2026 and 31 December 2025 is capped at 0.15% for all Sub-Funds with the exception of Pyrford International (EAFE) Equity Fund and all Sterling share classes of the Pyrford Global Total Return (Sterling) Fund for which no Total Expense Ratio rate cap applies.
(v) Management Company Fees The Manager is entitled to receive an annual fee out of the assets of the Sub-Funds which will not exceed 0.006% of the NAV of the Sub-Funds (plus any applicable taxes), subject to a minimum annual fee of EUR 50,000 covering the Company and one Sub-Fund plus EUR 5,000 for each additional Sub-Fund, other than terminating Sub-Funds. This fee accrues and shall be payable monthly in arrears at the end of each calendar month.
The Manager is also entitled to be reimbursed its reasonable and vouched out-of-pocket costs and expenses incurred in the proper performance of its duties.
The fees charged by the Manager for services provided since 1 January 2026 and charged to the Company during the financial period ended 30 June 2026 amounted to USD 46,086 (financial period ended 30 June 2025: USD 41,284). These fees are included in Operating expenses in the Statement of Comprehensive Income. The outstanding Manager fees payable by the Company at the financial period end 30 June 2026 were USD 11,157 (financial year end 31 December 2025: USD 10,313).
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8. Soft Commissions and Direct Brokerage Arrangements
Neither the Investment Manager nor the Sub-Investment Managers entered into any soft commission or direct brokerage arrangements during the financial period ended 30 June 2026 or the financial year ended 31 December 2025.
9. Risks Associated with Financial Instruments
The activities of each Sub-Fund expose the Company to various financial risks such as market risk (including price risk, interest rate risk and currency risk), credit or default risk and liquidity risk. The Company’s overall risk management process seeks to minimise potential adverse effects on the Sub-Funds’ financial performance. The policies documented are standard operational practices and are reviewed on a continuous basis. Please refer to the Prospectus for a list of material risks affecting the Company.
The Company’s policies for managing risks associated with the use of financial instruments applied during the period under review are consistent with those disclosed in the Company’s audited financial statements as at and for the year ended 31 December 2025.
10. Fair Valuation Hierarchy
IFRS 13 ‘Fair Value Measurement’, requires the Company to classify fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements.
The fair value hierarchy is as follows:
• Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices). • Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
Investments, the values of which are based on quoted market prices in active markets, and therefore classified within Level 1, include investments in equity securities. The Company does not adjust the quoted price for these instruments. Bonds are classified as Level 2. Forward foreign currency exchange contracts which are not traded on a market are therefore classified as Level 2.
Cash and cash equivalents include deposits held with banks and other short-term investments in an active market and they are categorised as Level 1.
Receivable for investments sold and other receivables include the contractual amounts for settlement of trades and other obligations due to the Company. Payable for investments purchased and other payables represent the contractual amounts and obligations due by the Company for settlement of trades and expenses. All receivable and payable balances are categorised as Level 2.
The puttable value of redeemable shares is calculated based on the net difference between total assets and all other liabilities of each Sub-Fund within the Company in accordance with the Prospectus. A demand feature is attached to these shares, as they are redeemable at the holders’ option and can be put back to the Sub-Funds at any dealing date for cash equal to a proportionate share of the Sub-Fund’s NAV attributable to the share class. The fair value is based on the amount payable on demand. As such, Level 2 is deemed to be the most appropriate categorisation for net assets attributable to holders of redeemable shares.
Transfers between levels of the fair value hierarchy are deemed to have occurred at the end of the period and are deemed to have occurred when the pricing source or methodology used to price an investment has changed which triggers a change in level as defined under IFRS 13.
There were no movements of financial instruments between Levels 1 and 2 during the financial period ended 30 June 2026 and year ended 31 December 2025.
There were no investments classified as Level 3 as at 30 June 2026 or as at 31 December 2025.
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11. Related Party Transactions
Transactions with key management personnel
Pyrford International Limited is the Investment Manager of the Company and a wholly-owned subsidiary of Columbia Threadneedle Investments. The Investment Manager’s fees charged and the Investment Manager’s fees reimbursed during the financial periods ended 30 June 2026 and 30 June 2025 are disclosed in Note 7.
Waystone Management Company (IE) Limited was appointed as Manager to the Company on 17 December 2021. The fees charged by Waystone Management Company (IE) Limited for services provided since 1 January 2026 to 30 June 2026 and charged to the Company during the financial period ended 30 June 2026 amounted to USD 46,086 (30 June 2025: USD 41,284).
Waystone Centralised Services (IE) Limited ( WCS ), which is in the same economic group as the Manager, charged consultancy fees to the Company in relation to the Money Laundering Reporting Officer services provided and beneficial ownership fees. The fees charged by WCS for services provided since 1 January 2026 to 30 June 2026 and charged to the Company during the financial period ended 30 June 2026 amounted to USD 3,615 (30 June 2025: USD 7,428).
The interests of the Directors in related parties are as follows:
Directors who are also employees of the Investment Manager are not entitled to Directors’ fees.
Paul Simons and Daniel McDonagh, both directors of the Investment Manager, are the holders of the two subscriber shares.
Drew Newman, Charles Porter, Liam Miley and Eimear Cowhey are also Directors of affiliated Columbia Threadneedle Investments entities.
12. Exchange Rates
The exchange rates as at 30 June 2026 were:
Currency
Vs. USD Rate
Vs. GBP Rate
Vs. EUR Rate Australian Dollar 1.4515 1.9211 1.6549 British Pound 0.7555 1.0000 0.8614 Canadian Dollar 1.4232 1.8836 1.6226 Euro 0.8771 1.1609 1.0000 Hong Kong Dollar 7.8418 10.3789 8.9408 Indonesian Rupiah 17,880.0000 23,665.0678 20,385.8722 Japanese Yen 162.3250 214.8452 185.0748 Malaysian Ringgit 4.0775 5.3968 4.6490 Norwegian Krone 9.9123 13.1194 11.3015 Philippine Peso 61.3700 81.2262 69.9710 Singapore Dollar 1.2945 1.7133 1.4759 Swedish Krona 9.7216 12.8670 11.0840 Swiss Franc 0.8088 1.0705 0.9222 Taiwan Dollar 31.8565 42.1637 36.3212 United States Dollar 1.0000 1.3235 1.1401
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12. Exchange Rates cont/d
The Administrator used average exchange rates at financial period ended 30 June 2026 of GBP 0.7438 (31 December 2025: 0.7593) and EUR 0.8574 (31 December 2025: 0.8867).
The exchange rates as at 31 December 2025 were:
Currency
Vs. USD Rate
Vs. GBP Rate
Vs. EUR Rate Australian Dollar 1.4956 2.0123 1.7569 British Pound 0.7432 1.0000 0.8731 Canadian Dollar 1.3704 1.8439 1.6098 Euro 0.8512 1.1454 1.0000 Hong Kong Dollar 7.7843 10.4742 9.1446 Indonesian Rupiah 16,675.0000 22,437.0317 19,588.9550 Japanese Yen 156.6000 210.7130 183.9658 Malaysian Ringgit 4.0580 5.4602 4.7671 Norwegian Krone 10.0592 13.5351 11.8170 Singapore Dollar 1.2854 1.7295 1.5100 Swedish Krona 9.1930 12.3696 10.7995 Swiss Franc 0.7925 1.0663 0.9309 Taiwan Dollar 31.4205 42.2778 36.9112 United States Dollar 1.0000 1.3455 1.1747
13. Distribution Policy
The Company may issue either or both Distributing Share Classes and Accumulating Share Classes. In the case of Sub-Funds with Distributing Share Classes, the Company intends to distribute net income attributable to such classes.
In the case of the Pyrford Global Total Return (Sterling) Fund, the Company may distribute net income attributable to Distributing Share Classes quarterly, on 31 March, 30 June, 30 September and 31 December of each year or such other intervals as the Directors may determine and notify in advance to shareholders.
In the case of all other active Sub-Funds with Distributing Share Classes, the Company may distribute net income attributable to such classes semi-annually, on 30 June and 31 December of each year or such other intervals as the Directors may determine and notify in advance to shareholders.
In the case of the Accumulating Share Classes, the Company will accumulate or retain net income and gains attributable to such classes as retained earnings. These will be included in the calculation of the relevant NAV per share. No distributions will be declared in respect of the accumulating class of shares. Shareholders will be notified in advance of any change in distribution policy for the accumulating Share Classes and full details will be provided in an updated Prospectus or supplemental Prospectus.
The following distributions were declared during the financial period ended 30 June 2026:
Pyrford Global Total Return (Sterling) Fund Value GBP
Per Share GBP Ex-date Class A Stg£ Distributing Shares 34,179 0.07 2 January 2026 Class B Stg£ Distributing Shares 100,417 0.11 2 January 2026 Class C Stg£ Distributing Shares 112,764 0.07 2 January 2026 Class C US$ Hedged Distributing Shares 535 0.07 2 January 2026
Class A Stg£ Distributing Shares 40,744 0.08 1 April 2026 Class B Stg£ Distributing Shares 70,441 0.08 1 April 2026
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13. Distribution Policy cont/d
Pyrford Global Total Return (Sterling) Fund cont/d Value GBP
Per Share GBP Ex-date Class C Stg£ Distributing Shares 133,436 0.09 1 April 2026 Class C US$ Hedged Distributing Shares 553 0.07 1 April 2026
Total 493,069
Pyrford Global Equity (US$) Fund Value USD
Per Share USD Ex-date Class A US$ Distributing Shares 31,028 0.11 2 January 2026
Total 31,028
Pyrford Global Equity (Sterling) Fund Value GBP
Per Share GBP Ex-date Class B Stg£ Distributing Shares 2,048 0.08 2 January 2026
Total 2,048
The following distributions were declared during the financial period ended 30 June 2025:
Pyrford Global Total Return (Sterling) Fund Value GBP
Per Share GBP Ex-date Class A Stg£ Distributing Shares 33,168 0.06 2 January 2025 Class B Stg£ Distributing Shares 93,965 0.07 2 January 2025 Class C Stg£ Distributing Shares 110,087 0.07 2 January 2025 Class C US$ Hedged Distributing Shares 568 0.06 2 January 2025 Class I EUR € Hedged Distributing Shares* 45 0.06 2 January 2025
Class A Stg£ Distributing Shares 36,112 0.07 1 April 2025 Class B Stg£ Distributing Shares 103,840 0.07 1 April 2025 Class C Stg£ Distributing Shares 116,528 0.08 1 April 2025 Class C US$ Hedged Distributing Shares 619 0.07 1 April 2025 Class I EUR € Hedged Distributing Shares* 32 0.06 1 April 2025
Total 494,964
*The Share Class closed to investment on 2 April 2025. Pyrford Global Equity (US$) Fund Value USD
Per Share USD Ex-date Class A US$ Distributing Shares 33,307 0.09 2 January 2025
Total 33,307
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13. Distribution Policy cont/d
Pyrford Global Equity (Sterling) Fund Value GBP
Per Share GBP Ex-date Class B Stg£ Distributing Shares 1,947 0.11 2 January 2025
Total 1,947
No other distributions were declared in respect of the Distributing Classes during the financial periods ended 30 June 2026 and 30 June 2025. No distributions were paid from capital.
14. Significant events during the financial period
Geopolitical tensions in the Middle East have increased following the escalation of the Iran conflict beginning on 28 February 2026. The conflict has resulted in increased volatility in global markets, disruptions to shipping activity in the Strait of Hormuz and related movements in oil and gas prices.
These developments have resulted in a period of heightened uncertainty in global financial markets. The Directors continue to monitor the situation closely and assess any implications for the Sub-Funds.
There were no other significant events affecting the Company during the financial period.
15. Significant events since financial period end
There were no significant events affecting the Company since the financial period end.
16. Approval of the Condensed Unaudited Financial Statements
The Condensed Unaudited Financial Statements were approved by the Board of Directors on 17 August 2026 for filling with the Central Bank of Ireland and for circulation to shareholders.
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Holding
Fair Value GBP
% of Sub-Fund Transferable Securities (98.02%) (Dec 2025: 98.65%) Equities (30.13%) (Dec 2025: 30.53%) Australia (1.85%) (Dec 2025: 1.79%) 223,060 Brambles Ltd. 2,261,821 0.37 156,602 Computershare Ltd. 3,120,447 0.52 436,330 Endeavour Group Ltd. 738,152 0.12 141,736 Woodside Energy Group Ltd. 2,081,281 0.34 145,233 Woolworths Group Ltd. 3,026,205 0.50
11,227,906 1.85
Bermuda (0.20%) (Dec 2025: 0.41%) 247,440 VTech Holdings Ltd. 1,226,598 0.20
Canada (1.29%) (Dec 2025: 1.65%) 27,194 Canadian National Railway Co. 2,466,302 0.40 16,967 Imperial Oil Ltd. 1,447,448 0.24 56,445 Metro, Inc. 2,726,643 0.45 9,809 Toromont Industries Ltd. 1,197,529 0.20
7,837,922 1.29
Cayman Islands (0.40%) (Dec 2025: 0.31%) 105,361 ASMPT Ltd. 2,424,158 0.40
China (0.18%) (Dec 2025: Nil) 224,000 Fuyao Glass Industry Group Co. Ltd. 1,105,006 0.18
France (0.67%) (Dec 2025: 0.64%) 18,356 Air Liquide SA 2,744,095 0.45 20,339 Sanofi SA 1,328,244 0.22
4,072,339 0.67
Germany (0.79%) (Dec 2025: 0.91%) 40,332 Deutsche Post AG 1,842,091 0.31 46,055 FUCHS SE 1,525,041 0.25 12,173 SAP SE 1,409,978 0.23
4,777,110 0.79
Hong Kong (1.10%) (Dec 2025: 1.14%) 645,200 AIA Group Ltd. 4,441,640 0.74 398,555 Power Assets Holdings Ltd. 2,192,659 0.36
6,634,299 1.10
Indonesia (0.79%) (Dec 2025: 0.85%) 25,571,500 Bank Rakyat Indonesia Persero Tbk. PT 2,949,926 0.49 18,645,900 Telkom Indonesia Persero Tbk. PT 1,851,584 0.30
4,801,510 0.79
Japan (1.78%) (Dec 2025: 1.78%) 138,500 ABC-Mart, Inc. 1,805,343 0.30 86,805 Japan Tobacco, Inc. 2,429,059 0.40 189,200 KDDI Corp. 2,417,340 0.40
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Holding
Fair Value GBP
% of Sub-Fund Transferable Securities (98.02%) (Dec 2025: 98.65%) cont/d Equities (30.13%) (Dec 2025: 30.53%) cont/d Japan (1.78%) (Dec 2025: 1.78%) cont/d 71,400 Mitsubishi Electric Corp. 1,952,785 0.32 55,500 Nissan Chemical Corp. 2,188,792 0.36
10,793,319 1.78
Malaysia (1.29%) (Dec 2025: 1.33%) 3,255,687 Axiata Group Bhd. 1,272,890 0.21 2,682,254 Malayan Banking Bhd. 5,357,775 0.89 839,500 Telekom Malaysia Bhd. 1,157,336 0.19
7,788,001 1.29
Netherlands (Nil) (Dec 2025: 0.02%)
Norway (0.71%) (Dec 2025: 0.85%) 392,975 Telenor ASA 4,283,377 0.71
Philippines (0.30%) (Dec 2025: Nil) 1,240,320 BDO Unibank, Inc. 1,809,488 0.30
Singapore (2.70%) (Dec 2025: 2.64%) 2,173,600 ComfortDelGro Corp. Ltd. 1,699,974 0.28 428,700 Singapore Technologies Engineering Ltd. 2,599,721 0.43 1,002,704 Singapore Telecommunications Ltd. 2,580,887 0.43 252,365 United Overseas Bank Ltd. 5,856,433 0.97 360,800 Venture Corp. Ltd. 3,603,083 0.59
16,340,098 2.70
Sweden (0.89%) (Dec 2025: 0.90%) 55,366 Assa Abloy AB 1,481,079 0.24 120,818 Atlas Copco AB 1,845,094 0.31 97,330 Essity AB 2,072,629 0.34
5,398,802 0.89
Switzerland (1.97%) (Dec 2025: 1.90%) 41,578 Nestle SA 3,241,997 0.53 27,013 Novartis AG 3,223,431 0.53 9,606 Roche Holding AG 3,028,552 0.50 15,573 SGS SA 1,371,546 0.23 1,905 Zurich Insurance Group AG 1,063,467 0.18
11,928,993 1.97
Taiwan (1.12%) (Dec 2025: 1.10%) 169,785 Advantech Co. Ltd. 1,981,190 0.33 638,040 Chunghwa Telecom Co. Ltd. 2,141,243 0.35 47,000 Taiwan Semiconductor Manufacturing Co. Ltd. 2,686,437 0.44
6,808,870 1.12
United Kingdom (10.82%) (Dec 2025: 11.00%) 964,129 BP PLC 4,542,976 0.75 156,758 British American Tobacco PLC 7,447,573 1.23
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Holding
Fair Value GBP
% of Sub-Fund Transferable Securities (98.02%) (Dec 2025: 98.65%) cont/d Equities (30.13%) (Dec 2025: 30.53%) cont/d United Kingdom (10.82%) (Dec 2025: 11.00%) cont/d 191,204 Bunzl PLC 5,082,202 0.84 136,914 Croda International PLC 4,156,709 0.69 423,369 GSK PLC 8,471,614 1.40 129,224 IMI PLC 3,825,030 0.63 173,833 Imperial Brands PLC 4,898,614 0.81 2,870,048 Legal & General Group PLC 8,265,738 1.36 604,892 National Grid PLC 7,591,395 1.25 97,629 Reckitt Benckiser Group PLC 4,829,707 0.80 53,988 Unilever PLC 2,469,989 0.41 3,854,298 Vodafone Group PLC 3,950,655 0.65
65,532,202 10.82
United States (1.28%) (Dec 2025: 1.31%) 29,371 Altria Group, Inc. 1,643,250 0.27 2,853 American Express Co. 734,790 0.12 282 AutoZone, Inc. 671,921 0.11 3,548 Intel Corp. 353,098 0.06 3,154 S&P Global, Inc. 973,593 0.16 19,441 T. Rowe Price Group, Inc. 1,680,074 0.28 7,858 Texas Instruments, Inc. 1,694,913 0.28
7,751,639 1.28
Total Equities (Dec 2025: 30.53%) 182,541,637 30.13
Principal Amount
Fair Value GBP
% of Sub-Fund Bonds (67.89%) (Dec 2025: 68.12%) Australia (21.25%) (Dec 2025: 20.56%) AUD 79,278,000 Australia Government Bonds 1.000% due 21/11/2031 34,554,707 5.71 AUD 97,217,000 Australia Government Bonds 1.750% due 21/11/2032 42,907,107 7.08 AUD 109,184,000 Australia Government Bonds 3.000% due 21/11/2033 51,245,311 8.46
128,707,125 21.25
Norway (3.25%) (Dec 2025: Nil) NOK 300,003,000 Norway Government Bonds 1.250% due 17/09/2031 19,691,996 3.25
United Kingdom (36.75%) (Dec 2025: 40.74%) GBP 29,527,000 U.K. Gilts 0.375% due 22/10/2030 25,169,504 4.16 GBP 35,878,000 U.K. Gilts 0.250% due 31/07/2031 29,452,430 4.86 GBP 57,670,000 U.K. Gilts 1.000% due 31/01/2032 48,233,169 7.96 GBP 51,262,000 U.K. Gilts 3.250% due 31/01/2033 47,838,980 7.90 GBP 61,633,000 U.K. Gilts 0.875% due 31/07/2033 48,247,545 7.96 GBP 24,261,000 U.K. Gilts 4.250% due 31/07/2034 23,715,370 3.91
222,656,998 36.75
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Principal Amount
Fair Value GBP
% of Sub-Fund Transferable Securities (98.02%) (Dec 2025: 98.65%) cont/d Bonds (67.89%) (2025: 68.12%) cont/d United States (6.64%) (Dec 2025: 6.82%) USD 53,491,000 U.S. Treasury Notes 4.125% due 15/11/2032 40,201,679 6.64
Total Bonds (Dec 2025: 68.12%) 411,257,798 67.89
Transferable Securities (Dec 2025: 98.65%) 593,799,435 98.02
Financial Derivative Instruments ((0.09%)) (Dec 2025: (0.11%)) Forward Currency Contracts ((0.09%)) (Dec 2025: (0.11%))
Settlement Date
Currency Bought
Amount Bought
Currency Sold
Amount Sold
Unrealised Gain/(Loss) GBP
% of Sub Fund 31/07/2026 EUR 385,149 GBP 332,291 (113) (0.00) 31/07/2026 EUR 4,256,193 GBP 3,672,073 (1,245) (0.00) 31/07/2026 EUR 8,985,942 GBP 7,752,711 (2,629) (0.00) 20/08/2026 GBP 11,209,602 EUR 12,913,000 63,181 0.01 31/07/2026 GBP 31,727 EUR 36,775 10 0.00 31/07/2026 GBP 14,650 EUR 16,981 4 0.00 31/07/2026 GBP 1,323 EUR 1,534 0 0.00 20/08/2026 GBP 47,235,438 USD 63,295,000 (587,819) (0.10) 31/07/2026 USD 2,101 GBP 1,596 (8) (0.00) 31/07/2026 USD 92,102 GBP 69,948 (360) (0.00)
Unrealised gain on open forward foreign currency exchange contracts 63,195 0.01
Unrealised (loss) on open forward foreign currency exchange contracts (592,174) (0.10)
Net unrealised (loss) on open forward foreign currency exchange contracts (528,979) (0.09)
Fair Value GBP
% of Sub Fund
Cash and cash equivalents (Dec 2025: 1.36%) 8,786,733 1.45 Other Net Assets (Dec 2025: 0.10%) 3,776,664 0.62
Net Assets Attributable to Redeemable Participating Shareholders 605,833,853 100.00
The counterparties for the open forward currency exchange contracts are HSBC Bank PLC and State Street Bank and Trust Company.
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Pyrford Global Total Return (Sterling) Fund
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Analysis of Total Assets (unaudited)
% of Total Assets
Transferable securities admitted to an official stock exchange listing 97.69 Over-the-counter financial derivative instruments 0.01 Deposits with credit institutions 1.45 Other current assets 0.85
Total Assets 100.00
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Holding
Fair Value USD
% of Sub-Fund Transferable Securities (98.68%) (Dec 2025: 98.34%) Equities (98.68%) (Dec 2025: 98.34%) Australia (7.95%) (Dec 2025: 8.08%) 7,298 Brambles Ltd. 97,945 1.75 3,027 Computershare Ltd. 79,831 1.43 12,978 Endeavour Group Ltd. 29,059 0.52 3,719 QBE Insurance Group Ltd. 64,542 1.15 356 Rio Tinto Ltd. 42,311 0.76 2,602 Woodside Energy Group Ltd. 50,570 0.90 2,920 Woolworths Group Ltd. 80,530 1.44
444,788 7.95
Bermuda (0.85%) (Dec 2025: 1.15%) 7,250 VTech Holdings Ltd. 47,567 0.85
Canada (3.87%) (Dec 2025: 3.80%) 588 Canadian National Railway Co. 70,581 1.26 396 Imperial Oil Ltd. 44,713 0.80 969 Metro, Inc. 61,954 1.11 244 Toromont Industries Ltd. 39,427 0.70
216,675 3.87
Cayman Islands (1.16%) (Dec 2025: 0.99%) 2,140 ASMPT Ltd. 65,168 1.16
China (0.65%) (Dec 2025: Nil) 5,600 Fuyao Glass Industry Group Co. Ltd. 36,563 0.65
France (1.76%) (Dec 2025: 1.85%) 334 Air Liquide SA 66,086 1.18 374 Sanofi SA 32,326 0.58
98,412 1.76
Germany (2.75%) (Dec 2025: 2.94%) 820 Deutsche Post AG 49,570 0.89 993 FUCHS SE 43,520 0.78 396 SAP SE 60,709 1.08
153,799 2.75
Hong Kong (3.96%) (Dec 2025: 3.22%) 15,800 AIA Group Ltd. 143,961 2.57 10,663 Power Assets Holdings Ltd. 77,643 1.39
221,604 3.96
Indonesia (2.39%) (Dec 2025: 2.68%) 538,500 Bank Rakyat Indonesia Persero Tbk. PT 82,221 1.47 392,600 Telkom Indonesia Persero Tbk. PT 51,600 0.92
133,821 2.39
Japan (4.19%) (Dec 2025: 4.51%) 1,100 ABC-Mart, Inc. 18,978 0.34
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Holding
Fair Value USD
% of Sub-Fund Transferable Securities (98.68%) (Dec 2025: 98.34%) cont/d Equities (98.68%) (Dec 2025: 98.34%) cont/d Japan (4.19%) (Dec 2025: 4.51%) cont/d 1,060 Japan Tobacco, Inc. 39,259 0.70 2,100 KDDI Corp. 35,512 0.64 1,028 Mitsubishi Electric Corp. 37,213 0.67 800 Nabtesco Corp. 25,337 0.45 3,200 Nihon Kohden Corp. 28,151 0.50 700 Nissan Chemical Corp. 36,538 0.65 1,066 Sumitomo Rubber Industries Ltd. 13,679 0.24
234,667 4.19
Malaysia (2.88%) (Dec 2025: 4.20%) 56,752 Axiata Group Bhd. 29,368 0.53 41,578 Malayan Banking Bhd. 109,923 1.96 11,900 Telekom Malaysia Bhd. 21,713 0.39
161,004 2.88
Netherlands (Nil) (Dec 2025: 0.06%)
Norway (0.99%) (Dec 2025: 1.36%) 3,835 Telenor ASA 55,326 0.99
Philippines (0.87%) (Dec 2025: Nil) 16,190 BDO Unibank, Inc. 31,261 0.56 8,030 Jollibee Foods Corp. 17,599 0.31
48,860 0.87
Singapore (4.74%) (Dec 2025: 5.94%) 27,486 ComfortDelGro Corp. Ltd. 28,452 0.51 5,228 Singapore Technologies Engineering Ltd. 41,961 0.75 10,885 Singapore Telecommunications Ltd. 37,082 0.66 3,120 United Overseas Bank Ltd. 95,830 1.71 4,700 Venture Corp. Ltd. 62,122 1.11
265,447 4.74
Sweden (1.91%) (Dec 2025: 2.12%) 771 Assa Abloy AB 27,298 0.49 1,736 Atlas Copco AB 35,090 0.63 1,577 Essity AB 44,447 0.79
106,835 1.91
Switzerland (6.82%) (Dec 2025: 7.09%) 1,071 Nestle SA 110,530 1.97 628 Novartis AG 99,185 1.77 251 Roche Holding AG 104,738 1.87 281 SGS SA 32,756 0.59 47 Zurich Insurance Group AG 34,727 0.62
381,936 6.82
Taiwan (2.60%) (Dec 2025: 2.19%) 2,507 Advantech Co. Ltd. 38,719 0.69
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Holding
Fair Value USD
% of Sub-Fund Transferable Securities (98.68%) (Dec 2025: 98.34%) cont/d Equities (98.68%) (Dec 2025: 98.34%) cont/d Taiwan (2.60%) (Dec 2025: 2.19%) cont/d 7,036 Chunghwa Telecom Co. Ltd. 31,252 0.56 1,000 Taiwan Semiconductor Manufacturing Co. Ltd. 75,652 1.35
145,623 2.60
United Kingdom (4.07%) (Dec 2025: 4.21%) 2,533 BP PLC 15,797 0.28 491 British American Tobacco PLC 30,875 0.55 967 GSK PLC 25,610 0.46 8,593 Legal & General Group PLC 32,755 0.59 1,924 National Grid PLC 31,959 0.57 284 Reckitt Benckiser Group PLC 18,595 0.33 1,191 Unilever PLC 72,119 1.29
227,710 4.07
United States (44.27%) (Dec 2025: 41.95%) 267 Adobe, Inc. 55,117 0.99 626 Alphabet, Inc. 221,385 3.96 2,318 Altria Group, Inc. 171,648 3.07 527 American Express Co. 179,644 3.21 820 Amphenol Corp. 136,464 2.44 583 Automatic Data Processing, Inc. 131,157 2.34 37 AutoZone, Inc. 116,684 2.08 130 HCA Healthcare, Inc. 51,003 0.91 563 Hershey Co. 102,230 1.83 302 Home Depot, Inc. 105,945 1.89 657 Intel Corp. 86,540 1.55 600 KLA Corp. 167,034 2.98 229 Lockheed Martin Corp. 114,974 2.05 519 Lowe’s Cos., Inc. 113,998 2.04 1,151 NIKE, Inc. 47,743 0.85 347 S&P Global, Inc. 141,770 2.53 509 Steel Dynamics, Inc. 119,218 2.13 1,948 T. Rowe Price Group, Inc. 222,812 3.98 674 Texas Instruments, Inc. 192,414 3.44
2,477,780 44.27
Total Equities (Dec 2025: 98.34%) 5,523,585 98.68
Transferable Securities (Dec 2025: 98.34%) 5,523,585 98.68
Cash and cash equivalents (Dec 2025: 2.25%) 94,795 1.69 Other Net Liabilities (Dec 2025: (0.59%)) (21,078) (0.37)
Net Assets Attributable to Redeemable Participating Shareholders 5,597,302 100.00
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Analysis of Total Assets (unaudited)
% of Total Assets
Transferable securities admitted to an official stock exchange listing 97.98 Deposits with credit institutions 1.68 Other current assets 0.34
Total Assets 100.00
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Holding
Fair Value USD
% of Sub-Fund Transferable Securities (97.92%) (Dec 2025: 97.60%) Equities (97.92%) (Dec 2025: 97.60%) Australia (10.18%) (Dec 2025: 10.00%) 58,164 Brambles Ltd. 780,604 2.27 23,898 Computershare Ltd. 630,262 1.83 91,657 Endeavour Group Ltd. 205,228 0.60 30,034 QBE Insurance Group Ltd. 521,230 1.52 2,533 Rio Tinto Ltd. 301,049 0.88 21,117 Woodside Energy Group Ltd. 410,415 1.19 23,571 Woolworths Group Ltd. 650,057 1.89
3,498,845 10.18
Bermuda (0.61%) (Dec 2025: 1.06%) 31,900 VTech Holdings Ltd. 209,297 0.61
Cayman Islands (1.02%) (Dec 2025: 0.79%) 11,527 ASMPT Ltd. 351,025 1.02
China (0.46%) (Dec 2025: Nil) 24,400 Fuyao Glass Industry Group Co. Ltd. 159,311 0.46
Finland (2.65%) (Dec 2025: 3.09%) 4,939 Kone OYJ 280,997 0.82 60,303 Sampo OYJ 630,478 1.83
911,475 2.65
France (8.40%) (Dec 2025: 8.34%) 3,689 Air Liquide SA 729,911 2.12 11,905 Bureau Veritas SA 361,869 1.05 16,019 Dassault Systemes SE 328,388 0.96 3,107 Legrand SA 522,688 1.52 741 L’Oreal SA 324,549 0.94 7,202 Rubis SCA 254,223 0.74 4,239 Sanofi SA 366,397 1.07
2,888,025 8.40
Germany (11.49%) (Dec 2025: 10.26%) 4,946 Brenntag SE 300,343 0.87 5,058 Daimler Truck Holding AG 239,787 0.70 10,466 Deutsche Post AG 632,677 1.84 12,779 FUCHS SE 560,070 1.63 8,883 Infineon Technologies AG 818,034 2.38 3,011 Merck KGaA 503,963 1.47 3,989 Nemetschek SE 240,365 0.70 4,261 SAP SE 653,230 1.90
3,948,469 11.49
Hong Kong (2.81%) (Dec 2025: 2.87%) 70,200 AIA Group Ltd. 639,626 1.86 44,845 Power Assets Holdings Ltd. 326,541 0.95
966,167 2.81
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Pyrford International (EAFE) Equity Fund
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Holding
Fair Value USD
% of Sub-Fund Transferable Securities (97.92%) (Dec 2025: 97.60%) cont/d Equities (97.92%) (Dec 2025: 97.60%) cont/d Indonesia (2.41%) (Dec 2025: 2.76%) 3,337,000 Bank Rakyat Indonesia Persero Tbk. PT 509,508 1.48 2,433,200 Telkom Indonesia Persero Tbk. PT 319,800 0.93
829,308 2.41
Japan (13.66%) (Dec 2025: 13.73%) 25,500 ABC-Mart, Inc. 439,937 1.28 22,996 Japan Tobacco, Inc. 851,699 2.48 45,300 KDDI Corp. 766,047 2.23 18,600 Mitsubishi Electric Corp. 673,301 1.96 14,700 Nabtesco Corp. 465,564 1.35 61,600 Nihon Kohden Corp. 541,905 1.58 12,900 Nissan Chemical Corp. 673,351 1.96 22,100 Sumitomo Rubber Industries Ltd. 283,593 0.82
4,695,397 13.66
Malaysia (2.80%) (Dec 2025: 3.06%) 290,363 Axiata Group Bhd. 150,256 0.44 252,695 Malayan Banking Bhd. 668,069 1.94 79,200 Telekom Malaysia Bhd. 144,512 0.42
962,837 2.80
Netherlands (2.17%) (Dec 2025: 2.29%) 13,895 Koninklijke Philips NV 377,999 1.10 5,669 Wolters Kluwer NV 366,739 1.07
744,738 2.17
Norway (1.79%) (Dec 2025: 1.92%) 42,688 Telenor ASA 615,839 1.79
Philippines (0.89%) (Dec 2025: Nil) 101,520 BDO Unibank, Inc. 196,026 0.57 50,340 Jollibee Foods Corp. 110,326 0.32
306,352 0.89
Singapore (6.90%) (Dec 2025: 6.75%) 239,400 ComfortDelGro Corp. Ltd. 247,814 0.72 48,000 Singapore Technologies Engineering Ltd. 385,261 1.12 94,300 Singapore Telecommunications Ltd. 321,254 0.93 28,163 United Overseas Bank Ltd. 865,014 2.52 41,800 Venture Corp. Ltd. 552,490 1.61
2,371,833 6.90
Sweden (2.28%) (Dec 2025: 2.42%) 6,133 Assa Abloy AB 217,144 0.63 13,149 Atlas Copco AB 265,779 0.78 10,629 Essity AB 299,576 0.87
782,499 2.28
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Holding
Fair Value USD
% of Sub-Fund Transferable Securities (97.92%) (Dec 2025: 97.60%) cont/d Equities (97.92%) (Dec 2025: 97.60%) cont/d Switzerland (10.27%) (Dec 2025: 11.09%) 236 Geberit AG 158,034 0.46 32 Givaudan SA 134,837 0.39 8,896 Nestle SA 918,087 2.67 4,772 Novartis AG 753,679 2.19 1,987 Roche Holding AG 829,145 2.41 526 Schindler Holding AG 174,553 0.51 2,411 SGS SA 281,045 0.82 382 Zurich Insurance Group AG 282,249 0.82
3,531,629 10.27
Taiwan (2.63%) (Dec 2025: 2.90%) 17,262 Advantech Co. Ltd. 266,599 0.78 58,000 Chunghwa Telecom Co. Ltd. 257,624 0.75 5,000 Taiwan Semiconductor Manufacturing Co. Ltd. 378,259 1.10
902,482 2.63
United Kingdom (14.50%) (Dec 2025: 14.27%) 42,136 BP PLC 262,784 0.76 7,762 British American Tobacco PLC 488,089 1.42 8,358 Bunzl PLC 294,034 0.86 5,786 Croda International PLC 232,499 0.68 17,828 GSK PLC 472,161 1.37 6,753 IMI PLC 264,563 0.77 8,450 Imperial Brands PLC 315,165 0.92 142,197 Legal & General Group PLC 542,030 1.58 30,909 National Grid PLC 513,415 1.49 5,120 Reckitt Benckiser Group PLC 335,237 0.97 7,208 Shell PLC 277,785 0.81 12,828 Unilever PLC 776,778 2.26 153,882 Vodafone Group PLC 208,762 0.61
4,983,302 14.50
Total Equities (Dec 2025: 97.60%) 33,658,830 97.92
Transferable Securities (Dec 2025: 97.60%) 33,658,830 97.92
Cash and cash equivalents (Dec 2025: 2.11%) 543,355 1.58 Other Net Assets (Dec 2025: 0.29%) 170,502 0.50
Net Assets Attributable to Redeemable Participating Shareholders 34,372,687 100.00
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Pyrford International (EAFE) Equity Fund
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Analysis of Total Assets (unaudited)
% of Total Assets
Transferable securities admitted to an official stock exchange listing 97.73 Deposits with credit institutions 1.58 Other current assets 0.69
Total Assets 100.00
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Holding
Fair Value GBP
% of Sub-Fund Transferable Securities (100.13%) (Dec 2025: 97.99%) Equities (100.13%) (Dec 2025: 97.99%) Australia (7.76%) (Dec 2025: 8.28%) 5,814 Brambles Ltd. 58,954 1.68 2,638 Computershare Ltd. 52,565 1.50 13,130 Endeavour Group Ltd. 22,212 0.63 2,998 QBE Insurance Group Ltd. 39,310 1.12 253 Rio Tinto Ltd. 22,719 0.65 2,046 Woodside Energy Group Ltd. 30,044 0.86 2,222 Woolworths Group Ltd. 46,299 1.32
272,103 7.76
Bermuda (0.80%) (Dec 2025: 1.22%) 5,675 VTech Holdings Ltd. 28,132 0.80
Canada (3.59%) (Dec 2025: 3.71%) 421 Canadian National Railway Co. 38,181 1.09 265 Imperial Oil Ltd. 22,607 0.65 845 Metro, Inc. 40,819 1.16 198 Toromont Industries Ltd. 24,173 0.69
125,780 3.59
Cayman Islands (1.15%) (Dec 2025: 0.92%) 1,750 ASMPT Ltd. 40,264 1.15
China (0.62%) (Dec 2025: Nil) 4,400 Fuyao Glass Industry Group Co. Ltd. 21,706 0.62
France (1.90%) (Dec 2025: 2.01%) 283 Air Liquide SA 42,307 1.21 374 Sanofi SA 24,424 0.69
66,731 1.90
Germany (2.64%) (Dec 2025: 2.98%) 613 Deutsche Post AG 27,998 0.80 858 FUCHS SE 28,411 0.81 313 SAP SE 36,254 1.03
92,663 2.64
Hong Kong (3.82%) (Dec 2025: 3.44%) 12,600 AIA Group Ltd. 86,740 2.48 8,543 Power Assets Holdings Ltd. 47,000 1.34
133,740 3.82
Indonesia (2.49%) (Dec 2025: 2.91%) 489,300 Bank Rakyat Indonesia Persero Tbk. PT 56,445 1.61 311,300 Telkom Indonesia Persero Tbk. PT 30,913 0.88
87,358 2.49
Japan (4.04%) (Dec 2025: 4.43%) 900 ABC-Mart, Inc. 11,731 0.34
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Holding
Fair Value GBP
% of Sub-Fund Transferable Securities (100.13%) (Dec 2025: 97.99%) cont/d Equities (100.13%) (Dec 2025: 97.99%) cont/d Japan (4.04%) (Dec 2025: 4.43%) cont/d 1,000 Japan Tobacco, Inc. 27,983 0.80 1,900 KDDI Corp. 24,276 0.69 736 Mitsubishi Electric Corp. 20,129 0.57 600 Nabtesco Corp. 14,357 0.41 2,500 Nihon Kohden Corp. 16,617 0.47 500 Nissan Chemical Corp. 19,719 0.56 717 Sumitomo Rubber Industries Ltd. 6,952 0.20
141,764 4.04
Malaysia (2.76%) (Dec 2025: 4.05%) 44,752 Axiata Group Bhd. 17,497 0.50 33,276 Malayan Banking Bhd. 66,468 1.89 9,400 Telekom Malaysia Bhd. 12,959 0.37
96,924 2.76
Netherlands (Nil) (Dec 2025: 0.06%)
Norway (1.11%) (Dec 2025: 1.22%) 3,580 Telenor ASA 39,022 1.11
Philippines (0.83%) (Dec 2025: Nil) 12,700 BDO Unibank, Inc. 18,528 0.53 6,300 Jollibee Foods Corp. 10,432 0.30
28,960 0.83
Singapore (4.66%) (Dec 2025: 5.93%) 21,907 ComfortDelGro Corp. Ltd. 17,133 0.49 4,086 Singapore Technologies Engineering Ltd. 24,778 0.71 8,560 Singapore Telecommunications Ltd. 22,033 0.63 2,693 United Overseas Bank Ltd. 62,494 1.78 3,700 Venture Corp. Ltd. 36,950 1.05
163,388 4.66
Sweden (1.86%) (Dec 2025: 1.85%) 760 Assa Abloy AB 20,331 0.58 1,246 Atlas Copco AB 19,028 0.54 1,220 Essity AB 25,980 0.74
65,339 1.86
Switzerland (7.14%) (Dec 2025: 6.72%) 941 Nestle SA 73,373 2.09 528 Novartis AG 63,006 1.80 216 Roche Holding AG 68,100 1.94 267 SGS SA 23,515 0.67 40 Zurich Insurance Group AG 22,330 0.64
250,324 7.14
Taiwan (2.23%) (Dec 2025: 2.11%) 1,787 Advantech Co. Ltd. 20,852 0.60
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Holding
Fair Value GBP
% of Sub-Fund Transferable Securities (100.13%) (Dec 2025: 97.99%) cont/d Equities (100.13%) (Dec 2025: 97.99%) cont/d Taiwan (2.23%) (Dec 2025: 2.11%) cont/d 5,135 Chunghwa Telecom Co. Ltd. 17,233 0.49 700 Taiwan Semiconductor Manufacturing Co. Ltd. 40,011 1.14
78,096 2.23
United Kingdom (4.01%) (Dec 2025: 4.18%) 1,974 BP PLC 9,302 0.27 373 British American Tobacco PLC 17,721 0.51 736 GSK PLC 14,727 0.42 6,541 Legal & General Group PLC 18,838 0.54 1,613 National Grid PLC 20,243 0.58 336 Reckitt Benckiser Group PLC 16,622 0.47 939 Unilever PLC 42,960 1.22
140,413 4.01
United States (46.72%) (Dec 2025: 41.97%) 296 Adobe, Inc. 46,166 1.32 472 Alphabet, Inc. 126,117 3.60 1,855 Altria Group, Inc. 103,784 2.96 415 American Express Co. 106,883 3.05 821 Amphenol Corp. 103,231 2.94 477 Automatic Data Processing, Inc. 81,078 2.31 39 AutoZone, Inc. 92,925 2.65 161 HCA Healthcare, Inc. 47,724 1.36 572 Hershey Co. 78,474 2.24 298 Home Depot, Inc. 78,986 2.25 521 Intel Corp. 51,850 1.48 380 KLA Corp. 79,928 2.28 204 Lockheed Martin Corp. 77,384 2.21 561 Lowe’s Cos., Inc. 93,101 2.66 1,503 NIKE, Inc. 47,104 1.34 303 S&P Global, Inc. 93,531 2.67 389 Steel Dynamics, Inc. 68,839 1.96 1,543 T. Rowe Price Group, Inc. 133,345 3.80 591 Texas Instruments, Inc. 127,474 3.64
1,637,924 46.72
Total Equities (Dec 2025: 97.99%) 3,510,631 100.13
Transferable Securities (Dec 2025: 97.99%) 3,510,631 100.13
Financial Derivative Instruments (0.03%) (Dec 2025: 0.00%) Forward Currency Contracts (0.03%) (Dec 2025: 0.00%)
Settlement Date
Currency Bought
Amount Bought
Currency Sold
Amount Sold
Unrealised Gain/(Loss) GBP
% of Sub Fund 20/08/2026 GBP 202,264 EUR 233,000 1,140 0.03
Unrealised gain on open forward foreign currency exchange contracts 1,140 0.03
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Fair Value GBP
% of Sub Fund
Cash and cash equivalents (Dec 2025: 2.92%) 31,393 0.90 Other Net Liabilities (Dec 2025: (0.91%)) (37,033) (1.06)
Net Assets Attributable to Redeemable Participating Shareholders 3,506,131 100.00
The counterparty for the open forward currency exchange contracts is HSBC Bank PLC.
Analysis of Total Assets (unaudited)
% of Total Assets
Transferable securities admitted to an official stock exchange listing 98.74 Over-the-counter financial derivative instruments 0.03 Deposits with credit institutions 0.88 Other current assets 0.35
Total Assets 100.00
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Portfolio Securities
Acquisition Cost GBP Norway Government Bonds 1.250% due 17/09/2031 20,482,418 BDO Unibank, Inc. 1,719,402 Bank Rakyat Indonesia Persero Tbk. PT 1,520,624 Fuyao Glass Industry Group Co. Ltd. 1,339,846 AIA Group Ltd. 945,159 U.K. Gilts 0.375% due 22/10/2030 665,343 ComfortDelGro Corp. Ltd. 277,279 T. Rowe Price Group, Inc. 253,677 Telkom Indonesia Persero Tbk. PT 245,760
Portfolio Securities
Disposal Proceeds GBP U.K. Gilts 0.250% due 31/07/2031 (18,530,729) ASMPT Ltd. (1,953,587) Taiwan Semiconductor Manufacturing Co. Ltd. (1,415,701) Imperial Oil Ltd. (1,389,416) Texas Instruments, Inc. (1,218,986) Toromont Industries Ltd. (1,132,527) National Grid PLC (1,027,693) Advantech Co. Ltd. (996,948) British American Tobacco PLC (965,071) VTech Holdings Ltd. (943,813) Telenor ASA (941,452) Bunzl PLC (882,005) Legal & General Group PLC (826,522) Mitsubishi Electric Corp. (789,907) Nissan Chemical Corp. (587,722) Woodside Energy Group Ltd. (572,245) Woolworths Group Ltd. (564,141) Venture Corp. Ltd. (495,972) Intel Corp. (491,779) AIA Group Ltd. (435,857) Singapore Technologies Engineering Ltd. (416,467) Metro, Inc. (410,875)
Significant portfolio changes are defined as the aggregate purchases of a security exceeding one per cent of the total value of purchases for the financial period and aggregate sales of a security exceeding one per cent of the total value of sales for the financial period. At a minimum, the 20 largest purchases and 20 largest sales are to be disclosed.
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Pyrford Global Total Return (Sterling) Fund
Statement of Significant Changes on Composition of Portfolio
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Portfolio Securities
Acquisition Cost USD Adobe, Inc. 69,905 HCA Healthcare, Inc. 69,412 AIA Group Ltd. 55,558 Bank Rakyat Indonesia Persero Tbk. PT 45,541 American Express Co. 45,438 Fuyao Glass Industry Group Co. Ltd. 44,188 S&P Global, Inc. 39,859 Automatic Data Processing, Inc. 38,236 BDO Unibank, Inc. 30,367 SAP SE 28,947 Brambles Ltd. 23,014 Alphabet, Inc. 21,487 Power Assets Holdings Ltd. 21,474 Jollibee Foods Corp. 20,445 Malayan Banking Bhd. 18,253 VTech Holdings Ltd. 17,460 Nestle SA 17,339 Unilever PLC 17,002 Roche Holding AG 14,678 NIKE, Inc. 11,869 Telkom Indonesia Persero Tbk. PT 10,880 Novartis AG 10,814
Portfolio Securities
Disposal Proceeds USD Intel Corp. (91,051) Texas Instruments, Inc. (81,759) Abbott Laboratories (75,427) Malayan Banking Bhd. (60,828) ASMPT Ltd. (50,181) Woolworths Group Ltd. (23,986) United Overseas Bank Ltd. (20,619) VTech Holdings Ltd. (20,271) Roche Holding AG (18,451) Singapore Technologies Engineering Ltd. (17,672) Telenor ASA (16,069) Venture Corp. Ltd. (15,860) Advantech Co. Ltd. (14,662) Nabtesco Corp. (14,079) Rio Tinto Ltd. (13,638) Mitsubishi Electric Corp. (11,952) Novartis AG (11,751) Nestle SA (11,023) Telekom Malaysia Bhd. (10,845) Singapore Telecommunications Ltd. (9,860) Woodside Energy Group Ltd. (9,453) T. Rowe Price Group, Inc. (7,881)
Significant portfolio changes are defined as the aggregate purchases of a security exceeding one per cent of the total value of purchases for the financial period and aggregate sales of a security exceeding one per cent of the total value of sales for the financial period. At a minimum, the 20 largest purchases and 20 largest sales are to be disclosed.
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Pyrford Global Equity (US$) Fund
Statement of Significant Changes on Composition of Portfolio
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Portfolio Securities
Acquisition Cost USD SAP SE 273,353 Bank Rakyat Indonesia Persero Tbk. PT 239,158 Unilever PLC 231,793 Brambles Ltd. 229,763 Fuyao Glass Industry Group Co. Ltd. 197,475 Wolters Kluwer NV 193,881 BDO Unibank, Inc. 190,413 Nemetschek SE 129,270 Jollibee Foods Corp. 128,167 ABC-Mart, Inc. 112,647 AIA Group Ltd. 109,770 Dassault Systemes SE 109,107 Nihon Kohden Corp. 103,376 FUCHS SE 94,609 Roche Holding AG 86,028 Japan Tobacco, Inc. 83,688 Sanofi SA 78,925 Sampo OYJ 72,915 KDDI Corp. 66,619 Telkom Indonesia Persero Tbk. PT 59,480 ComfortDelGro Corp. Ltd. 51,264 United Overseas Bank Ltd. 45,391 VTech Holdings Ltd. 39,110
Portfolio Securities
Disposal Proceeds USD Taiwan Semiconductor Manufacturing Co. Ltd. (355,367) ASMPT Ltd. (303,213) Rio Tinto Ltd. (242,734) Mitsubishi Electric Corp. (230,444) Nabtesco Corp. (227,853) Roche Holding AG (165,545) Woolworths Group Ltd. (152,065) VTech Holdings Ltd. (135,607) Nissan Chemical Corp. (117,524) Woodside Energy Group Ltd. (84,112) Novartis AG (81,518) Advantech Co. Ltd. (73,309) Venture Corp. Ltd. (64,433) Singapore Technologies Engineering Ltd. (52,811) QBE Insurance Group Ltd. (52,505) Magnum Ice Cream Co. NV (33,896)
Significant portfolio changes are defined as the aggregate purchases of a security exceeding one per cent of the total value of purchases for the financial period and aggregate sales of a security exceeding one per cent of the total value of sales for the financial period. At a minimum, the 20 largest purchases and 20 largest sales are to be disclosed.
COLUMBIA THREADNEEDLE (IRL) PLC
Pyrford International (EAFE) Equity Fund
Statement of Significant Changes on Composition of Portfolio
56
Page 59
Portfolio Securities
Acquisition Cost GBP HCA Healthcare, Inc. 57,458 Adobe, Inc. 54,518 AIA Group Ltd. 37,107 Automatic Data Processing, Inc. 35,537 S&P Global, Inc. 34,729 Bank Rakyat Indonesia Persero Tbk. PT 31,851 American Express Co. 29,726 Lowe’s Cos., Inc. 28,451 Amphenol Corp. 27,891 Hershey Co. 27,502 AutoZone, Inc. 27,354 NIKE, Inc. 25,892 Fuyao Glass Industry Group Co. Ltd. 25,529 Lockheed Martin Corp. 21,393 Alphabet, Inc. 19,461 Home Depot, Inc. 18,040 BDO Unibank, Inc. 17,606 Brambles Ltd. 17,220 Novartis AG 16,311 Power Assets Holdings Ltd. 16,242 SAP SE 15,027 Roche Holding AG 14,674 Nestle SA 12,551 Texas Instruments, Inc. 11,974 Jollibee Foods Corp. 11,849 Malayan Banking Bhd. 11,804 Unilever PLC 11,543 Abbott Laboratories 11,425 VTech Holdings Ltd. 10,170 T. Rowe Price Group, Inc. 10,081 Metro, Inc. 8,120
Portfolio Securities
Disposal Proceeds GBP Abbott Laboratories (54,555) Intel Corp. (50,272) Texas Instruments, Inc. (41,727) Malayan Banking Bhd. (28,018) ASMPT Ltd. (24,743) VTech Holdings Ltd. (13,148) Woolworths Group Ltd. (12,522) Lockheed Martin Corp. (11,137) United Overseas Bank Ltd. (10,920) Advantech Co. Ltd. (10,851) Nabtesco Corp. (10,534) Rio Tinto Ltd. (10,494) T. Rowe Price Group, Inc. (9,792) Amphenol Corp. (9,656) Singapore Technologies Engineering Ltd. (9,318) Hershey Co. (9,318) KLA Corp. (9,118) Automatic Data Processing, Inc. (8,678) Alphabet, Inc. (8,191) Woodside Energy Group Ltd. (8,092) Venture Corp. Ltd. (7,840) Imperial Oil Ltd. (7,183) Novartis AG (6,994) Roche Holding AG (6,929) AIA Group Ltd. (6,409) Power Assets Holdings Ltd. (6,006) Mitsubishi Electric Corp. (5,991) Singapore Telecommunications Ltd. (4,972)
Significant portfolio changes are defined as the aggregate purchases of a security exceeding one per cent of the total value of purchases for the financial period and aggregate sales of a security exceeding one per cent of the total value of sales for the financial period. At a minimum, the 20 largest purchases and 20 largest sales are to be disclosed.
COLUMBIA THREADNEEDLE (IRL) PLC
Pyrford Global Equity (Sterling) Fund
Statement of Significant Changes on Composition of Portfolio
57
Page 60
© 2026 Columbia Threadneedle Investments. Columbia Threadneedle Investments is the global brand name of the Columbia and Threadneedle group of companies. Issued by Columbia Threadneedle (Irl) plc.
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"text": "developed market central banks beginning to ease policy at the margin while others, notably the Federal Reserve,"
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"text": "remained cautious as inflation proved stickier than expected. Energy markets stayed volatile, with Middle East risks"
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"text": "sustaining upside pressure on inflation and contributing to a more cautious investor backdrop."
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"text": "Growth dynamics diverged, with the US remaining relatively resilient while Europe faced softer momentum amid"
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"text": "structural challenges and weaker external demand. Emerging markets were broadly stable but continued to show"
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"text": "sensitivity to currency pressures. Equity markets remained supported by the AI-driven investment theme, though"
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"text": "valuations appear increasingly stretched, while bond markets adjusted to persistent inflation risks and evolving central"
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"text": "bank guidance, leading to a further repricing and delay of expected rate cuts."
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"text": "Portfolio Positioning"
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"text": "Pyrford Global Total Return (Sterling) Fund (GBP)"
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"text": "The Sub-Fund returned 4.90% over the 6-month period to 30 June 2026 (gross of fees). The aim of the Sub-Fund is to"
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"text": "provide a stable stream of real total returns over the long term with low absolute volatility and significant downside"
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"text": "protection. The model allocation is 68% bonds, 30% equities and 2% cash. An allocation to Norwegian bonds was"
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"text": "introduced, funded by a reduction in UK bonds, reflecting more attractive real yields, a weaker currency, and Norway\u2019s"
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"text": "strong fiscal position relative to other markets. Within the fixed income allocation, Pyrford adopts a defensive stance by"
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"text": "owning shorter duration securities to minimise the impact on the portfolio from interest rate rises. At the end of the period,"
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"text": "the modified duration of the fixed income portfolio stood at around 6.0 years. The bond portfolio remains highly liquid,"
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"text": "invested solely in sovereign debt. 30.6% of the model portfolio is invested in overseas bonds, with 6.8% in the US, 3.4%"
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"text": "in Norway and 20.4% in Australia. 37.4% of the portfolio is invested in UK government debt."
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"text": "Within the equity portfolio we remain constructive on the Asia ex-Japan region compared to the US as we view the US"
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"text": "market as overvalued. The portfolio has a bias to defensive names, which we would expect to perform well during volatile"
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"text": "periods. Our focus remains on finding companies with balance sheet strength, enduring profitability, earnings visibility,"
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"text": "and value. Over one third of equities are held in the UK which remains a cheap market relative to other markets in our"
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"text": "investment universe. The European portfolio holds several names that are global leaders in niche industries. In"
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"text": "Switzerland we allocate to global leaders in industries such as healthcare and to companies with strong positions in more"
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...