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GemCap Investment Funds (Ireland) Plc

Condensed Interim Report and Unaudited Financial Statements

For the six months ended 30 th June 202 6

CI Better World Growth Fund (CIBWGF) Atlantic House Balanced Return Fund (ABRF) Atlantic House Defined Returns Fund (AHFM) Atlantic House Dynamic Duration Fund (ADDF) Atlantic House Global Defined Returns Fund (AGDR) Atlantic House Uncorrelated Strategies Fund (AUSF) Calamos Global Convertible Fund (CGCF) Calamos Growth And Income Fund (CGIF) Causeway Dynamic Growth Fund (CDGF) GSI Global Aware Focused Value Fund (GSFVF) GSI Global Aware Value Fund (GSI) Latin America Opp ortu nities Fund (LAOF) London & Capital Global Balanced Fund (L&CGB) London & Capital Global Bond Fund (L&CGBF) London & Capital Global Credit Opportunities Fund (L&CGCOF) London & Capital Global Equity Opportunities Fund (L&CGEO) London & Capital Global Growth Fund (L&CGG) London & Capital Global Star Equity Fund (L&CGSE) Medalist Partners Total Return Fund (MPTRF) Third Avenue Global Value Fund (TAGVF) Third Avenue Real Estate Value Fund (TAREVF) Vert Global Sustainable Real Estate Fund (VGSREF)

Registered Number: 485081

Page 2

GemCap Investment Funds (Ireland) Plc

Condensed Interim Report and Una udited Financial Statements

For the six month s ended 30 th June 202 6 (Stated in US Dollars)

Pages

Directors, Management and Administration 8 - 11

CI Better World Growth Fund 12 - 21

• Investment Manager’s Report 12 - 13 • Condensed Statement of Financial Position 14 • Condensed Statement of Comprehensive Income 15 • Condensed Statement of Changes in Net Assets attributable to Holders of Redeemable Participating Shares 16 • Condensed Statement of Cash Flows 17 • Schedule of Investments 18 - 20 • Significant Portfolio Movements 21

Atlantic House Balanced Return Fund (Migrated out as at 18 th September 2025) 22 - 25

• Condensed Statement of Financial Position 22 • Condensed Statement of Comprehensive Income 23 • Condensed Statement of Changes in Net Assets attributable to Holders of Redeemable Participating Shares 24 • Condensed Statement of Cash Flows 25

Atlantic House Defined Returns Fund (Migrated out as at 18 th September 2025) 26 - 29

• Condensed Statement of Financial Position 26 • Condensed Statement of Comprehensive Income 27 • Condensed Statement of Changes in Net Assets attributable to Holders of Redeemable Participating Shares 28 • Condensed Statement of Cash Flows 29 • Atlantic House Dynamic Duration Fund (Migrated out as at 18 th September 2025) 30 - 33 • • Condensed Statement of Financial Position 30 • Condensed Statement of Comprehensive Income 31 • Condensed Statement of Changes in Net Assets attributable to Holders of Redeemable Participating Shares 32 • Condensed Statement of Cash Flows 33

Page 3

GemCap Investment Funds (Ireland) Plc

Condensed Interim Report and Unaudited Financial Statements

For the six month s ended 30 th June 2026 (Stated in US Dollars)

Pages

Atlantic House Global Defined Returns Fund ( Migrated out as at 18 th September 2025) 34 - 37

• Condensed Statement of Financial Position 34 • Condensed Statement of Comprehensive Income 35 • Condensed Statement of Changes in Net Assets attributable to Holders of Redeemable Participating Shares 36 • Condensed Statement of Cash Flows 37

Atlantic House Uncorrelated Strategies Fund ( Migrated out as at 18 th September 2025) 38 - 41

• Condensed Statement of Financial Position 38 • Condensed Statement of Comprehensive Income 39 • Condensed Statement of Changes in Net Assets attributable to Holders of Redeemable Participating Shares 40 • Condensed Statement of Cash Flows 41

Calamos Global Convertible Fund 42 - 5 6

• Investment Manager’s Report 42 - 4 3 • Condensed Statement of Financial Position 4 4 • Condensed Statement of Comprehensive Income 4 5 • Condensed Statement of Changes in Net Assets attributable to Holders of Redeemable Participating Shares 4 6 • Condensed Statement of Cash Flows 4 7 • Schedule of Investments 4 8 - 5 4 • Significant Portfolio Movements 5 5 - 5 6

Calamos Growth A nd Income Fund 5 7 - 7 1

• Investment Manager’s Report 5 7 - 5 8 • Condensed Statement of Financial Position 59 • Condensed Statement of Comprehensive Income 6 0 • Condensed Statement of Changes in Net Assets attributable to Holders of Redeemable Participating Shares 6 1 • Condensed Statement of Cash Flows 6 2 • Schedule of Investments 6 3 - 69 • Significant Portfolio Movements 7 0 - 7 1

Page 4

GemCap Investment Funds (Ireland) Plc

Condensed Interim Report and Unaudited Financial Statements

For the six month s ended 30 th June 2026 (Stated in US Dollars)

Pages

Causeway Dynamic Growth Fund 7 2 - 8 2

• Investment Manager’s Report 7 2 • Condensed Statement of Financial Position 7 3 • Condensed Statement of Comprehensive Income 7 4 • Condensed Statement of Changes in Net Assets attributable to Holders of Redeemable Participating Shares 7 5 • Condensed Statement of Cash Flows 7 6 • Schedule of Investments 7 7 - 8 1 • Significant Portfolio Movements 8 2

GSI Global Aware Focused Value Fund 8 3 - 11 0

• Investment Manager’s Report 8 3 - 8 6 • Condensed Statement of Financial Position 8 7 • Condensed Statement of Comprehensive Income 8 8 • Condensed Statement of Changes in Net Assets attributable to Holders of Redeemable Participating Shares 89 • Condensed Statement of Cash Flows 90 • Schedule of Investments 9 1 - 10 8 • Significant Portfolio Movements 1 09 - 11 0

GSI Global Aware Value Fund 11 1 - 14 8

• Investment Manager’s Report 11 1 - 11 4 • Condensed Statement of Financial Position 11 5 • Condensed Statement of Comprehensive Income 11 6 • Condensed Statement of Changes in Net Assets attributable to Holders of Redeemable Participating Shares 11 7 • Condensed Statement of Cash Flows 11 8 • Schedule of Investments 1 19 - 1 46 • Significant Portfolio Movements 14 7 - 14 8

Latin America Opportunities (Launched 9 th July 2025) 1 49 - 16 1

• Investment Manager’s Report 1 49 • Condensed Statement of Financial Position 1 50 • Condensed Statement of Comprehensive Income 15 1 • Condensed Statement of Changes in Net Assets attributable to Holders of Redeemable Participating Shares 15 2 • Condensed Statement of Cash Flows 15 3 • Schedule of Investments 15 4 - 1 59 • Significant Portfolio Movements 16 0 - 16 1

Page 5

GemCap Investment Funds (Ireland) Plc

Condensed Interim Report and Unaudited Financial Statements

For the six month s ended 30 th June 2026 (Stated in US Dollars)

Pages

London & Capital Global Balanced Fund ( Migrated out as at 15 th December 2025) 16 2 - 16 5

• Condensed Statement of Financial Position 16 2 • Condensed Statement of Comprehensive Income 16 3 • Condensed Statement of Changes in Net Assets attributable to Holders of Redeemable Participating Shares 16 4 • Condensed Statement of Cash Flows 16 5

London & Capital Global Bond Fund ( Migrated out as at 15 th December 2025) 16 6 - 1 69

• Condensed Statement of Financial Position 16 6 • Condensed Statement of Comprehensive Income 16 7 • Condensed Statement of Changes in Net Assets attributable to Holders of Redeemable Participating Shares 16 8 • Condensed Statement of Cash Flows 1 69

London & Capital Global Credit Opportunities Fund ( Migrated out as at 6 th February 202 6 ) 17 0 - 17 5

• Investment Manager’s Report 17 0 • Condensed Statement of Financial Position 17 1 • Condensed Statement of Comprehensive Income 17 2 • Condensed Statement of Changes in Net Assets attributable to Holders of Redeemable Participating Shares 17 3 • Condensed Statement of Cash Flows 17 4 • Significant Portfolio Movements 17 5

London & Capital Global Equity Opportunities Fund (Migrated out as at 15 th December 2025) 17 6 - 1 79

• Condensed Statement of Financial Position 17 6 • Condensed Statement of Comprehensive Income 17 7 • Condensed Statement of Changes in Net Assets attributable to Holders of Redeemable Participating Shares 17 8 • Condensed Statement of Cash Flows 1 79

London & Capital Global Growth Fund (Migrated out as at 15 th December 2025) 18 0 - 18 3

• Condensed Statement of Financial Position 18 0 • Condensed Statement of Comprehensive Income 18 1 • Condensed Statement of Changes in Net Assets attributable to Holders of Redeemable Participating Shares 18 2 • Condensed Statement of Cash Flows 18 3

Page 6

GemCap Investment Funds (Ireland) Plc

Condensed Interim Report and Unaudited Financial Statements

For the six month s ended 30 th June 2026 (Stated in US Dollars)

Pages

London & Capital Global Star Equity Fund ( Migrated out a as at 15 th December 2025) 18 4 - 18 7

• Condensed Statement of Financial Position 18 4 • Condensed Statement of Comprehensive Income 18 5 • Condensed Statement of Changes in Net Assets attributable to Holders of Redeemable Participating Shares 18 6 • Condensed Statement of Cash Flows 18 7

Medalist Partners Total Return Fund (Terminated on 28 th November 2025) 18 8 - 19 1

• Condensed Statement of Financial Position 18 8 • Condensed Statement of Comprehensive Income 1 89 • Condensed Statement of Changes in Net Assets attributable to Holders of Redeemable Participating Shares 19 0 • Condensed Statement of Cash Flows 19 1

Third Avenue Global Value Fund 19 2 - 20 7

• Investment Manager’s Report 19 2 - 19 8 • Condensed Statement of Financial Position 199 • Condensed Statement of Comprehensive Income 20 0 • Condensed Statement of Changes in Net Assets attributable to Holders of Redeemable Participating Shares 20 1 • Condensed Statement of Cash Flows 20 2 • Schedule of Investments 20 3 - 20 5 • Significant Portfolio Movements 20 6 - 20 7

Third Avenue Real Estate Value Fund 20 8 - 22 2

• Investment Manager’s Report 20 8 - 21 3 • Condensed Statement of Financial Position 21 4 • Condensed Statement of Comprehensive Income 21 5 • Condensed Statement of Changes in Net Assets attributable to Holders of Redeemable Participating Shares 21 6 • Condensed Statement of Cash Flows 21 7 • Schedule of Investments 21 8 - 22 0 • Significant Portfolio Movements 22 1 - 22 2

Page 7

GemCap Investment Funds (Ireland) Plc

Condensed Interim Report and Unaudited Financial Statements

For the six month s ended 30 th June 2026 (Stated in US Dollars)

Pages

Vert Global Sustainable Real Estate Fund (Launched on 30 th September 2025) 22 3 - 23 6

• Investment Manager’s Report 22 3 • Condensed Statement of Financial Position 22 4 • Condensed Statement of Comprehensive Income 22 5 • Condensed Statement of Changes in Net Assets attributable to Holders of Redeemable Participating Shares 22 6 • Condensed Statement of Cash Flows 22 7 • Schedule of Investments 22 8 - 23 4 • Significant Portfolio Movements 23 5 - 23 6

Condensed Combined Statement of Financial Position 23 7

Condensed Combined Statement of Comprehensive Income 23 8

Condensed Combined Statement of Changes in Net Assets attributable to Holders of Redeemable Participating Shares 2 39

Condensed Combined Statement of Cash Flows 2 40 - 24 1

Notes forming part of the Financial Statements 24 2 - 31 6

Page 8

GemCap Investment Funds (Ireland) Plc

Directors, Management and Administration

DIRECTORS DEPOSITARY Conor Hoey (Irish) CACEIS Bank, Ireland Branch Orla Quigley (Irish) 9th Floor Stuart Alexander (British) One George's Quay Plaza Sinead Sheehan (Irish) George's Quay Siobhan Moloney (Chairperson) (Irish) 1 Dublin 2 , D02 E440 Ireland 1 Independent Director All Directors are non - executive.

REGISTERED OFFICE MANAGER AND GLOBAL DISTRIBUTOR 7 th Floor, Block A Ascender Fund Partners (Ireland) Limited One Park Place (rebranded f from Gemini Capital Management Upper Hatch Street (Ireland) Limited effective 9 th February 2026, Dublin 2 , D02 E762 CRO name change effective 23 rd January 2026) Ireland 7 th Floor, Block A One Park Place Upper Hatch Street Dublin 2 , D02 E762 Ireland

ADMINISTRATOR AND TRANSFER AGENT RISK MANAGEMENT CONSULTANTS CACEIS Ireland Limited Maraging Funds Limited (trading as RiskSystem) 9th Floor 14 Merrion Square North One George's Quay Plaza Dublin 2 , D02 ED66 George's Quay Ireland Dublin 2 , D02 E440 Ireland

INDEPENDENT AUDITORS LEGAL ADVISERS AND LISTING AGENT Grant Thornton Ireland Dillon Eustace Chartered Accountants and Statutory Audit Firm 33 Sir John Rogerson’s Quay 13 - 18 City Quay Dublin 2 , D02 XK09 Dublin 2 , D02 ED70 Ireland Ireland

COMPANY SECRETARY JERSEY LEGAL ADVISER Gravitas TCSP (Ireland) Limited (for CI Better World Growth Fund ) 7 th Floor, Block A Collas Crill One P ark Place Gaspe House Upper Hatch Street 66 - 72 Esplanade Dublin 2 , D02 E762 St Helier , JE1 4XD Ireland Jersey

GUERNSEY LEGAL ADVISER (for CI Better World Growth Fund ) Collas Crill Glategny Court PO Box 140 St Peter Port , GY1 4EW Guernsey

Page 9

GemCap Investment Funds (Ireland) Plc

D irectors, Management and Administration (Continued)

UK FACILITIES AGENT FACILITY AGENT IN GERMANY Ascender Fund Partners (UK) Limited GerFIS – – German Fund Information (Name change f from GemCap UK Limited Service GmbH effective 13 th February 2026) Zum Eichhagen 4 33 Turner Street 21382 Brietlingen C/O Brierley Coleman & Co Germany Manchester M4 1DW United Kingdom

LOCAL AGENT IN GIBRALTAR REPRESENTATIVE IN SPAIN Hassans International Law Firm Seleccion E Inversion De Capital Global, PO Box 199 Agencia De Valores, S.A. Madison Building, C. del Sil, 50 Midtown, Queensway, Chamartin Gibraltar 28002 Madrid Spain

REPRESENTATIVE IN SWITZERLAND PAYING AGENT IN GREECE A colin Fund Services AG Piraeus Bank S.A. Maintower 4, Amerikis Str. Thurgauerstrasse 36/38 105 64 Athens 8050 Zurich Greece Switzerland

PAYING AGENT IN SWITZERLAND PAYING AGENT IN SWEDEN Banque Cantonale Vaudoise Skandinaviska Enskilda Banken AB Place St - François 14 (publ) 1003 Lausanne Kungsträdgårdsgatan 8 Switzerland S - 106 40 Stockholm Sweden

REPRESENTATIVE AND REPRESENTATIVE IN SINGAPORE PAYING AGENT IN FRANCE (Causeway D ynamic Growth Fund only) Societe Generale IQ EQ Regulatory Compliance (Singapore) Pte. Ltd 29 Boulevard Haussmann 8 Cross Street # 20 - 01 75009 Paris Manulife Tower France Singapore 048424

REPRESENTATIVE AND REPRESENTATIVE IN SOUTH AFRICA PAYING AGENT IN LUXEMBOURG (Causeway D ynamic Growth Fund only) CACEIS Bank, Luxembourg Branch Prescient Management Company (RF) (Pty) Ltd 5, Allée Scheffer Prescient House L - 2520 Westlake Business Park, Otto Close Luxembourg Grand Duchy of Luxembourg Cape Town , ZA - WC 7945 South Africa

Page 10

GemCap Investment Funds (Ireland) Plc

Directors, Management and Administration (Continued)

INVESTMENT MANAGERS CI Better World Growth Fund Capital International Jersey Limited First Floor, 27 Esplanade St Helier Jersey

Calamos Global Convertible Fund Calamos Growth a nd Income Fund Calamos Advisors LLC 2020 Calamos Court Naperville Illinois 60563 United States

Causeway D ynamic Growth Fund Causeway Securities Limited 60 Cannon Street London EC4N 6NP United Kingdom

GSI Global Aware Focused Value Fund GSI Global Aware Value Fund Global Systematic Investors LLP 75 King William Street London EC4N 7BE United Kingdom

Latin America Opportunities Fund Mirabella Financial Services LLP 11 Strand London WC2N 5HR United Kingdom

London & Capital Global Credit Opportunities Fund W1M Asset Management Limited 1 16 Babmaes Street London SW1Y 6AH United Kingdom

1 Appointment as Investment Manager terminated upon effective date of merger of sub - fund on 6 th February 2026 .

Third Avenue Global Value Fund Third Avenue Real Estate Value Fund Third Avenue Management LLC 666 Third Avenue , 6 Grand Central Suite 1040 New York NY 10017 United States

Page 11

GemCap Investment Funds (Ireland) Plc

Directors, Management and Administration (Continued)

INVESTMENT MANAGERS (Continued) Vert Global Sustainable Real Estate Fund Vert Asset Management LLC 85 Liberty Ship Way Suite 201 Sausalito California United States

SUB - INVESTMENT MANAGER Vert Global Sustainable Real Estate Fund Dimensional Fund Advisors Ltd 20 Triton Street Regent’s Place London NW1 3BF United Kingdom

INVESTMENT ADVISER GSI Global Aware Focused Value Fund GSI Global Aware Value Fund Vident Advisory LLC 1125 Sanctuary Parkway Suite 515 Alpharetta, GA 30009 United States

Third Avenue Global Value Fund Third Avenue Real Estate Value Fund Third Avenue Management LLC 675 Third Avenue Suite 2900 - 05 New York NY 10017 United States

Page 12

GemCap Investment Funds (Ireland) Plc

Investment Manager’s Report

CI Better World Growth Fund

Market review

The first half of 2026 was characterised by significant volatility, but ultimately proved rewarding for investors willing to look beyond headline risks. Markets entered the year with improving sentiment and growing optimism around AI - led growth, electrific ation and infrastructure investment. However, this progress was interrupted in March when the outbreak of conflict between the US and Iran, and the effective closure of the Strait of Hormuz, triggered a sharp correction across global financ ial markets.

Despite this setback, risk assets rebounded strongly during the second quarter as geopolitical tensions eased and concerns around energy supplies moderated. Major equity indices recovered losses and many moved to new highs, supported by continued investmen t into AI - related infrastructure and power systems. Beneath the surface, market leadership remained unusually narrow, with semiconductor and data - centre - related businesses driving a disproportionate share of returns.

For sustainable investing, the backdrop continued to improve. Energy security, electrification and decarbonisation increasingly became complementary objectives rather than competing priorities, strengthening the long - term investment case for many of the th emes represented within the portfolio.

Performance & portfolio

The CI Better World Growth Fund delivered a strong return of 10.12% in the first half of 2026, benefiting from exposure to several powerful structural themes. Holdings linked to electrification, energy infrastructure, renewable energy and AI - related power demand were among the most significant contributors to performance.

Particularly pleasing was the recovery and strong performance of areas that had endured a difficult period in recent years, including energy transition and environmental solutions strategies. Polar Capital Smart Energy was the standout contributor, benefit ing from growing recognition of the substantial power requirements associated with AI and data - centre expansion. Other allocations focused on electrification, resource efficiency and transition infrastructure also performed strongly.

The first quarter was challenging, with geopolitical events weighing heavily on investor sentiment. However, the portfolio proved resilient and participated strongly in the broad recovery seen during the second quarter, resulting in robust year - to date ret urns.

From a portfolio management perspective, we used the strong performance of several holdings to take profits and rebalance the strategy. Most notably, we reduced exposure to some of the strongest - performing energy transition positions and introduced additio nal healthcare exposure. We believe healthcare offers attractive long - term opportunities, supported by demographic trends, improving valuations and increasing focus on health and wellbeing globally.

Outlook

Even as we have seen markets have recovered strongly, the investment backdrop remains complex. Geopolitical tensions have eased but remain unresolved, while central banks continue to balance moderating growth against inflation that remains above target in many economies.

While the US - Iran conflict created considerable uncertainty during the first half of the year, particularly around global energy supplies and the potential closure of key shipping routes, it also reinforced one of our high conviction investment themes: ene rgy security. The disruption highlighted how dependent many economies remain on globally traded fossil fuels and the vulnerability this creates during periods of geopolitical stress. As a result, governments and businesses have renewed their focus on secur ing reliable domestic sources of energy, alongside investments in transmission networks, storage and broader electricity infrastructure.

Importantly, energy security and the energy transition are increasingly becoming aligned objectives rather than competing priorities. Renewable energy assets, once constructed, rely far less on imported fuel commodities and can provide decades of locally g enerated power. Combined with advances in energy storage, grid modernisation and electrification, this can reduce exposure to volatile global energy markets and improve long - term resilience. We believe recent events have strengthened, and potentially accel erated, this trend, providing an additional tailwind for many of the portfolio's underlying investments and contributing positively to the strategy's outlook.

Page 13

GemCap Investment Funds (Ireland) Plc

Investment Manager’s Report (Continued)

CI Better World Growth Fund (Continued)

Outlook (continued)

The other dominant market theme this year has of course been the artificial intelligence build - out. We remain constructive on AI’s long - term potential but recognise that returns in 2026 have been concentrated in a narrow segment of AI hardware companies. W e continue to research, analyse and debate which companies will be the key beneficiaries over the long - term, which will depend on a multitude of cross currents within the AI ecosystem. Broadly, as the technology matures, we expect investment opportunities to widen out beyond hardware suppliers and into businesses supporting the wider deployment of AI throughout the economy, and also those utilising the technology effectively.

Closing thoughts

With respect to the strategy, our outlook remains positive. The need for energy security, grid investment, electrification an d resource efficiency continues to grow, supported by rising electricity demand from AI, digitalisation and the transition towards cleaner energy systems. These themes remain central to the portfolio and, in our view, offer attractive long - term opportunities regardless of short - term market noise.

Having navigated a volatile first half successfully, we believe the fund remains well positioned to deliver attractive return s while continuing to invest in solutions that contribute towards a better world.

Capital International Jersey Limited

Date: 27 th July 2026

Page 14

GemCap Investment Funds (Ireland) Plc

Condensed S tatement of Financial Position

as at 30 th June 2026 and 31 st December 2025

CI Better World Growth Fund

CIBWGF CIBWGF 3 0 Jun 202 6 31 Dec 2025 Note £ £

ASSETS Financial Assets at Fair Value through Profit or Loss: Investments in Transferable Securities 3 11,570,405 10,966,327 Cash at bank 4 640,342 618,201 Dividends and interest receivable 7,153 20,793 Receivable from Investment Manager 68,221 19,696 Other receivables 12,648 8,356 TOTAL ASSETS 12,298,769 11,633,373

LIABILITIES Investment management fees payable 6, 8 34,365 4,852 Management fee payable 6 12,923 6,255 Administration fees payable 6 20,477 10,917 Transfer agency fees payable 6 2,342 2,229 Directors’ fees payable 6 1,382 819 Depositary and depositary oversight fees payable 6 7,204 7,291 Audit fees payable 6 5,571 9,767 Other fees payable 11,300 11,486 TOTAL LIABILITIES (excluding net assets attributable to holders of redeemable participating shares) 95,564 53,616

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES 12,203,205 11,579,757

The accompanying notes and schedules form an integral part of these condensed financial statements

Page 15

GemCap Investment Funds (Ireland) Plc

Condensed S tatement of Comprehensive Income

for the Six Months Ended 30 th June 2026 and 2025

CI Better World Growth Fund

CIBWGF CIBWGF Financial Period Ended

Financial Period Ended 30 Jun 2026 30 Jun 2025 Note £ £

INCOME Dividend income 19,485 23,332 Net gain/(loss) on financial assets and liabilities at fair value through profit or loss 7 1,206, 58 2 (57,359) Bank interest 7,795 15,005 Expense reimbursement from Investment Manager 6, 8 48,526 Other income - 3,919 TOTAL INVESTMENT INCOME /(EXPENSES) 1, 282,388 (15,103)

EXPENSES Investment management fees 6, 8 29,513 42,527 Management fees 6 36,145 21,370 Administration fees 6 15,571 18,200 Directors’ fees 6 7,372 4,422 Depositary and depositary oversight fees 6 4,922 1,885 Audit fees 6 4,000 3,885 Transfer agency fees 6 2,676 1,773 Bank interest expenses - 12,920 Other fees and expenses 6 26,308 32,854 TOTAL OPERATING EXPENSES 126,507 139,836

Operating Profit/(Loss) 1,155,881 (154,939)

Increase/(decrease) in net assets attributable to holders of redeemable participating shares from operations 1,155,881 (154,939)

The accompanying notes and schedules form an integral part of these condensed financial statements. All of the results for the financial period relate to continuing operations. There were no other gains or losses other than those dealt with in the Condensed Statement of Comprehensive Income.

Page 16

GemCap Investment Funds (Ireland) Plc

Condensed S tatement of Changes in Net Assets attributable to Holders

of Redeemable Participating Shares

for the Six Months Ended 30 th June 2026 and 2025

CI Better World Growth Fund

The accompanying notes and schedules form an integral part of these condensed financial statements.

CIBWGF CIBWGF Financial Period Ended

Financial Period Ended 30 Jun 2026 30 Jun 2025 £ £

Net Assets attributable to holders of Redeemable Participating Shares at the beginning of the financial period 11,579,757 20,895,054

Increase /( d ecrease) in Net Assets attributable to Holders of Redeemable Participating Shares from operations 1,155,881 (154,939)

Capital transactions Issue of redeemable shares during the financial period 99,640 3,010 Redemption of redeemable shares during the financial period (632,073) (7,407,427)

Net Assets attributable to Holders of Redeemable Participating Shares at the end of the financial period 12,203,205 13,335,698

Page 17

GemCap Investment Funds (Ireland) Plc

Condensed Statement of Cash Flows

for the Six Months Ended 30 th June 2026 and 2025

CI Better World Growth Fund

CIBWGF CIBWGF 30 Jun 202 6 30 Jun 202 5 Note £ £ Cash flows from operating activities Increase/(decrease) in Net Assets attributable to Holders of Redeemable Participating Shares from operations 1,155,881 (154,939)

Adjustment to reconcile decrease in net assets attributable to holders of redeemable participating shares from operations to net cash provided by operating activities Dividend income (19,485) (23,332)

Operating gain/(loss) before working capital changes 1,136,396 (178,271) Changes in operating assets and liabilities Net (increase)/decrease in financial assets and liabilities at fair value 3 (604,078) 7,597,198 Increase in other receivables (52,817) (779,661) Increase/(decrease) in payables 41,948 (437)

Cash provided by operating activities 521,449 6,638,829

Dividend received 33,125 37,335 - Net cash provided by operating activities 554,574 6,676,164

Cash flows from financing activities Proceeds from issue of redeemable participating shares 99,640 3,010 Payment on redemptions of redeemable participating shares (632,073) (6,407,426)

Net cash used in financing activities (532,433) (6,404,416)

Net increase in cash 22,141 271,748

Net Cash at the start of the financial period 4 618,201 1,416,266

Net Cash at the end of the financial period 4 640,342 1,688,014

Analysis of Cash Cash at the start of the financial period 4 618,201 1,416,266 Cash held as collateral at the start of the financial period 4 - Overdraft at the start of the financial period 4 - Collateral due to brokers at the start of the financial period 4 - -

Cash at the end of the financial period 4 640,342 1,688,014 Cash held as collateral at the end of the financial period 4 - Overdraft at the end of the financial period 4 - Collateral due to brokers at the end of the financial period 4 - The accompanying notes and schedules form an integral part of thes e condensed financial statements.

Page 18

GemCap Investment Funds (Ireland) Plc

Schedule of Investments As at 30 th June 202 6

CI Better World Growth Fund

(expressed in GBP) Acquisition Fair % net Description Quantity Currency cost Value assets

1) INVESTMENTS

A) TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING

1) LISTED SECURITIES : BONDS

IRELAND Royal Mint Physical Gold Etc Securities 0.00% 31/12/2099 16,054 GBP 386,845 480,175 3.93 386,845 480,175 3.93

TOTAL LISTED SECURITIES : BONDS 386,845 480,175 3.93

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING 386,845 480,175 3.93

B) OTHER TRANSFERABLE SECURITIES DEALT ON ANOTHER REGULATED MARKET

1) OTHER ORGANISED MARKET : INVESTMENT FUNDS

IRELAND Aikya Global Emerging Markets Fund UCITS 93,632 GBP 893,319 876,063 7.18 Emerging Market Stars Fund 46,007 GBP 431,421 718,167 5.89 Federated Hermes Sustainable Global Equity Fund 448,400 GBP 482,014 649,777 5.32 Healthcare Opportunities Fund 8,686 USD 595,467 634,490 5.20 ICS - GBP LIQ - Heritag 800,000 GBP 800,000 800,000 6.56 Pimco Climate Bond Fund 97,725 GBP 877,917 1,033,930 8.47 Smart Energy Fund 32,974 GBP 238,076 618,931 5.07 4,318,214 5,331,358 43.69

LUXEMBOURG Bluebay Impact - Aligned Bond Fund 6,474 GBP 547,430 562,058 4.61 Blueorchard Emerging Markets Impact Bond 7,948 GBP 776,795 929,710 7.62 Global Alternative Energy 6,114 GBP 580,643 673,347 5.52 Global Sustainable Value 4,424 GBP 580,643 625,344 5.12 IGS Global Environment Fund 18,926 USD 530,448 637,872 5.23 LOF Targetnetzero Europe Equity 26,420 GBP 519,122 640,141 5.25 Vontobel Fund - Transition Resources 4,168 EUR 608,942 584,209 4.79 Vontobel Fund Clean Technology 4,087 GBP 688,123 1,106,191 9.06 4,832,146 5,758,872 47.20

TOTAL OTHER ORGANISED MARKET : INVESTMENT FUNDS 9,150,360 11,090,230 90.89

TOTAL OTHER TRANSFERABLE SECURITIES DEALT ON ANOTHER REGULATED MARKET 9,150,360 11,090,230 90.89

Page 19

GemCap Investment Funds (Ireland) Plc

Schedule of Investments (Continued) As at 30 th June 2026

CI Better World Growth Fund

(expressed in GBP) Acquisition Fair % net Description Quantity Currency cost Value assets

TOTAL INVESTMENT 11,570,405 94.82

OTHER ASSETS 728,364 5.96

OTHER LIABILITIES (95,564) (0.78)

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES 12,203,205 100.00

Page 20

GemCap Investment Funds (Ireland) Plc

Schedule of Investments (Continued) As at 30 th June 2026

CI Better World Growth Fund

% of Total Assets Assets Investments in Transferable Securities 94.08 Cash at Bank 5.21 Other Assets 0.71 Total Assets 100.00

Page 21

GemCap Investment Funds (Ireland) Plc

Significant Portfolio Movements

30 th June 202 6

CI Better World Growth Fund

Purchases Security Name Quantity Cost % of £ Total Purchases ICS - GBP LIQ - Heritag 800,000 800,000 39.91 Vontobel Fund - Transition Resources 4,168 608,942 30.38 Healthcare Opportunities Fund 8,686 595,467 29.71

Sales Security Name Quantity Proceed s % of £ Total Sales Smart Energy Fund 52,490 867,137 33.24 T. Rowe Price Funds 52,554 560,749 21.50 HSBC Global Investment 58,269 526,756 20.19 IGS Global Environment Fund 11,275 366,710 14.06 Federated Hermes Sustainable Global Equity Fund 218,533 287,064 11.01

The tables above show a breakdown of material purchases and sales of the Portfolios in accordance with Central Bank UCITS Reg ulations 79(2) requirements. All purchases and sales of investments exceeding 1% of the total value of each purc hases and sales respectively, a minimum of 20 of each such purchases and sales, are disclosed. As there were less than 20 of each such purchases and sales during the period , all purchases and sales are disclosed in the above tables.

Page 22

GemCap Investment Funds (Ireland) Plc

Condensed S tatement of Financial Position

as at 30 th June 2026 and 31 st December 20 25

Atlantic House Balanced Return Fund 1

ABRF ABRF 30 Jun 202 6 31 Dec 202 5 Note £ £

ASSETS Cash at bank 4 - 13 Dividends and interest receivable - 13,796 Receivable from Investment Manager 6, 8 - 17,511 Other receivables - 44,798 TOTAL ASSETS - 76,118

LIABILITIES Bank overdraft 4 - 177 Investment management fees payable 6, 8 - 38,527 Manage ment fee payable 6 - 2,283 Administration fees payable 6 - 5,321 Transfer agency fees payable 6 - 6,138 Directors ’ fees payable 6 - 2,290 Depositary and depositary oversight fees payable 6 - 4,743 Audit fees payable 6 - 8,734 Other fees payable - 7,905 TOTAL LIABILITIES (excluding net assets attributable to holders of redeemable participating shares) - 76,118

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES - 1 The Atlantic House sub - funds were migrated out of the Fund via a merger by transfer of full assets and liabilities effective 18 th Sep tember 2025 (the “Merger Date”) and thus no longer sub - funds of the Fund. Hence the funds are included here only for comparison purposes and to note cash flows during the current period, see note 13 for more detail.

The accompanying notes and schedules form an integral part of these condensed financial statements.

Page 23

GemCap Investment Funds (Ireland) Plc

Condensed Statement of Comprehensive Income

for the Six Months Ended 30 th June 202 6 and 2025

Atlantic House Balanced Return Fund 1

ABRF ABRF Financial Period Ended

Financial Period Ended 3 0 Jun 20 26 30 Jun 202 5 Note £ £

INCOME Net loss on financial assets and liabilities at fair value through profit or loss 7 - (1,659,3 95 ) Bank interest - 18,795 Expense reimbursement from Investment Manager 6, 8 - 21,714 Swap interest income - 2,290,135 Other income - 2,464 TOTAL INVESTMENT INCOME - 673,71 3

EXPENSES Investment management fees 6, 8 - 136,842 Management fees 6 - 7,097 Administration fees 6 - 5,292 Directors’ fees 6 - 4,212 Depositary and depositary oversight fees 6 - 6,641 Audit fees 6 - 4,676 Transfer agency fees 6 - 7,038 Bank interest expenses - 5,868 Other fees and expenses 6 - 21,109 TOTAL OPERATING EXPENSES - 198,775

Operating Profit - 474,938

Increase in net assets attributable to holders of redeemable participating shares from operations - 474,938

1 The Atlantic House sub - funds were migrated out of the Fund via a merger by transfer of full assets and liabilities effective 18 th Sep tember 2025 (the “Merger Date”) and thus no longer sub - funds of the Fund. Hence the funds are included here only for comparison purposes and to note cash flows during the current period, see note 13 for more detail.

Page 24

GemCap Investment Funds (Ireland) Plc

Condensed S tatement of Changes in Net Assets attributable to Holders

of Redeemable Participating Shares

for the Six Months Ended 30 th June 2026 and 2025

Atlantic House Balanced Return Fund 1

The accompanying notes and schedules form an integral part of these condensed financial statements.

ABRF ABRF Financial Period Ended

Financial Period Ended 3 0 Jun 20 26 30 Jun 202 5 £ £

Net Assets attributable to holders of Redeemable Participating Shares at the beginning of the financial period - 45,229,094

Increase in Net Assets attributable to Holders of Redeemable Participating Shares from operations - 474,938

Capital transactions Issue of redeemable shares during the financial period - 8,243,501 Redemption of redeemable shares during the financial period - (7,242,693)

Net Assets attributable to Holders of Redeemable Participating Shares at the end of the financial period - 46,704,840

Page 25

GemCap Investment Funds (Ireland) Plc

Condensed S tatement of Cash Flows

for the Six Months Ended 30 th June 2026 and 2025

Atlantic House Balanced Return Fund 1

ABRF ABRF 3 0 Jun 20 26 30 Jun 202 5 Note £ £ Cash flows from operating activities Increase in Net Assets attributable to Holders of Redeemable Participating Shares from operations - 474,938

Operating profit before working capital changes - 474,938 Changes in operating assets and liabilities Net decrease in financial assets and liabilities at fair value 3 - 1,255,050 Decrease/( Increase ) in other receivables 62,309 (8,992) Decrease in payables (75,941) (288,081)

Cash (used in)/ provided by operating activities (13,632) 1,432,915

Interest received/( paid ) 2 13,796 (1,919,747)

Net cash provided by/( used in ) operating activities 164 (486,832)

Cash flows from financing activities Proceeds from issue of redeemable participating shares - 8,245,687 Payment on redemptions of redeemable participating shares - (7,270,073)

Net cash used in financing activities - 975,614

Net in crease in cash 164 488,782

Net Cash at the start of the financial period 4 (164) 773,570

Net Cash at the end of the financial period 4 - 1,262,352

Analysis of Cash Cash at the start of the financial period 4 13 773,570 Cash held as collateral at the start of the financial period 4 - 45,845 Overdraft at the start of the financial period 4 (177) Collateral due to brokers at the start of the financial period 4 - (45,845)

Cash at the end of the financial period 4 - 1,325,594 Cash held as collateral at the end of the financial period 4 - Overdraft at the end of the financial period 4 - (63,242) Collateral due to brokers at the end of the financial period 4 - 1 The Atlantic House sub - funds were migrated out of the Fund via a merger by transfer of full assets and liabilities effective 18 th Sep tember 2025 (the “Merger Date”) and thus no longer sub - funds of the Fund. Hence the funds are included here only for comparison purposes and to note cash flows during the current period, see note 13 for more detail.

2 This amount excludes bond interest income disclosed in Note 7 for the period to 30 th June 2025 only . The accompanying notes and schedules form an integral part of these condensed financial statements.

Page 26

GemCap Investment Funds (Ireland) Plc

Condensed S tatement of Financial Position

as at 30 th June 2026 and 31 st December 2025

Atlantic House Defined Returns Fund 1

AHFM AHFM 30 Jun 202 6 31 Dec 202 5 Note £ £

ASSETS Cash at bank 4 - 1,395 Dividends and interest receivable - 40,072 Other receivables - 2,142,146 TOTAL ASSETS - 2,183,613

LIABILITIES Investment management fees payable 6, 8 - 1,744,720 Manage ment fee payable 6 - 165,025 Administration fees payable 6 - 53,757 Transfer agency fees payable 6 - 143,561 Directors’ fees payable 6 - 4,553 Depositary and depositary oversight fees payable 6 - 45,426 Audit fees payable 6 - 8,789 Other fees payable - 17,782 TOTAL LIABILITIES (excluding net assets attributable to holders of redeemable participating shares) - 2,183,613

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES - -

The accompanying notes and schedules form an integral part of these condensed financial statements.

Page 27

GemCap Investment Funds (Ireland) Plc

Condensed Statement of Comprehensive Income

for the Six Months Ended 30 th June 202 6 and 2025

Atlantic House Defined Returns Fund 1

AHFM AHFM Financial Period Ended

Financial Period Ended 3 0 Jun 20 26 30 Jun 202 5 Note £ £

INCOME Net gain on financial assets and liabilities at fair value through profit or loss 7 - 82,940,34 0 Bank interest - 1,225,101 Swap interest income - 35,925,976 Other income - 7,652 TOTAL INVESTMENT INCOME - 120,099,069

EXPENSES Investment management fees 6 - 6,617,396 Management fees 6 - 718,699 Administration fees 6 - 28,660 Directors’ fees 6 - 8,425 Depositary and depositary oversight fees 6 - 101,749 Audit fees 6 - 4,676 Transfer agency fees 6 - 139,929 Bank interest expenses - 379,171 Other fees and expenses 6 - 120,825 TOTAL OPERATING EXPENSES - 8,119,530

Operating Profit - 111,979,539

Increase in net assets attributable to holders of redeemable participating shares from operations - 111,979,539

Page 28

GemCap Investment Funds (Ireland) Plc

Condensed S tatement of Changes in Net Assets attributable to Holders

of Redeemable Participating Shares

for the Six Months Ended 30 th June 2026 and 2025

Atlantic House Defined Returns Fund 1

The accompanying notes and schedules form an integral part of these condensed financial statements.

AHFM AHFM Financial Period Ended

Financial Period Ended 3 0 Jun 20 26 30 Jun 202 5 Note £ £ Net Assets attributable to holders of Redeemable Participating Shares at the beginning of the financial period - 2,428,423,598 Increase in Net Assets attributable to Holders of Redeemable Participating Shares from operations - 111,979,539

Capital transactions Issue of redeemable shares during the financial period - 397,275,784 Redemption of redeemable shares during the financial period - (459,291,200) Dividends to holders of redeemable participating shares 1 2 - (7,025,397)

Net Assets attributable to Holders of Redeemable Participating Shares at the end of the financial period - 2,471,362,324

Page 29

GemCap Investment Funds (Ireland) Plc

Condensed S tatement of Cash Flows

for the Six Months Ended 30 th June 2026 and 2025

Atlantic House Defined Returns Fund 1

AHFM AHFM 3 0 Jun 20 26 30 Jun 202 5 Note £ £ Cash flows from operating activities Increase in Net Assets attributable to Holders of Redeemable Participating Shares from operations - 111,979,539

Operating profit before working capital changes - 111,979,539

Changes in operating assets and liabilities Net decrease in financial assets and liabilities at fair value 3 - 7,150,091 Decrease/( Increase ) in other receivables 2,142,146 (2,582,075) Decrease in payables (2,183,613) (68,798,890) Cash (used in)/ provided by operating activities (41,467) 47,748,665

Interest received/( paid ) 2 40,072 (36,210,554)

Net cash (used in)/ provided by operating activities (1,395) 11,538,111

Cash flows from financing activities Proceeds from issue of redeemable participating shares - 395,713,552 Payment on redemptions of redeemable participating shares - (455,703,645) Dividends to holders of redeemable participating shares 1 2 - (7,025,397) Net cash used in by financing activities - (67,015,490)

Net decrease in cash (1,395) (55,477,379)

Net Cash at the start of the financial period 4 1,395 150,653,564

Net Cash at the end of the financial period 4 - 95,176,185

Analysis of Cash Cash at the start of the financial period 4 1,395 136,807,533 Cash held as collateral at the start of the financial period 4 - 16,949,769 Overdraft at the start of the financial period 4 - (3,969) Collateral due to brokers at the start of the financial period 4 - (3,099,769)

Cash at the end of the financial period 4 - 86,365,156 Cash held as collateral at the end of the financial period 4 - 8,825,000 Overdraft at the end of the financial period 4 - (13,971) Collateral due to brokers at the end of the financial period 4 - 1 The Atlantic House sub - funds were migrated out of the Fund via a merger by transfer of full assets and liabilities effective 18 th Sep tember 2025 (the “Merger Date”) and thus no longer sub - funds of the Fund. Hence the funds are included here only for comparison purposes and to note cash flows during the current period, see note 13 for more detail.

Page 30

GemCap Investment Funds (Ireland) Plc

Condensed S tatement of Financial Position

as at 30 th June 2026 and 31 st December 2025

Atlantic House Dynamic Duration Fund 1

ADDF ADDF 30 Jun 202 6 31 Dec 202 5 Note £ £ ASSETS Dividends and interest receivable - 12,072 Receivable from Investment Manager 6, 8 - 33,391 Other receivables - 4,482 TOTAL ASSETS - 49,945

LIABILITIES Investment management fees payable 6, 8 - 256 Manage ment fee payable 6 - 195 Administration fees payable 6 - 13,996 Transfer agency fees payable 6 - 12,550 Directors ’ fees payable 6 - 2,290 Depositary and depositary oversight fees payable 6 - 786 Audit fees payable 6 - 8,387 Other fees payable - 11,485 TOTAL LIABILITIES (excluding net assets attributable to holders of redeemable participating shares) - 49,945

The accompanying notes and schedules form an integral part of these condensed financial statements.

Page 31

GemCap Investment Funds (Ireland) Plc

Condensed Statement of Comprehensive Income

for the Six Months Ended 30 th June 202 6 and 2025

Atlantic House Dynamic Duration Fund 1

ADDF ADDF Financial Period Ended

Financial Period Ended 3 0 Jun 20 26 30 Jun 202 5 Note £ £ INCOME Net gain on financial assets and liabilities at fair value through profit or loss 7 - 1,365,832 Bank Interest - 70,801 Expense reimbursement from Investment Manager 6, 8 - 61,767 Other income - 2,623 TOTAL INVESTMENT INCOME - 1,501,023

EXPENSES Investment management fees 6, 8 - 50,433 Management fees 6 - 2,968 Administration fees 6 - 5,546 Directors’ fees 6 - 4,212 Depositary and depositary oversight fees 6 - 6,271 Audit fees 6 - 4,609 Transfer agency fee s 6 - 15,201 Swap interest expenses - 466,814 Bank interest expenses - 327 Other fees and expenses 6 - 22,521 TOTAL OPERATING EXPENSES - 578,902

Operating Profit - 922,121

Finance Costs Dividends to holders of redeemable participating shares 1 2 - 99,013

Increase in net assets attributable to holders of redeemable participating shares from operations - 823,108

Page 32

GemCap Investment Funds (Ireland) Plc

Condensed S tatement of Changes in Net Assets attributable to Holders

of Redeemable Participating Shares

for the Six Months Ended 30 th June 2026 and 2025

Atlantic House Dynamic Duration Fund 1

The accompanying notes and schedules form an integral part of these condensed financial statements.

ADDF ADDF Financial Period Ended

Financial Period Ended 3 0 Jun 20 26 30 Jun 202 5 £ £ Net Assets attributable to holders of Redeemable Participating Shares at the beginning of the financial period - 43,161,560 Increase Net Assets attributable to Holders of Redeemable Participating Shares from operations - 823,108

Capital transactions Issue of redeemable shares during the financial period - 5,342,105 Redemption of redeemable shares during the financial period - (26,645,941)

Net Assets attributable to Holders of Redeemable Participating Shares at the end of the financial period - 22,680,832

Page 33

GemCap Investment Funds (Ireland) Plc

Condensed S tatement of Cash Flows

for the Six Months Ended 30 th June 2026 and 2025

Atlantic House Dynamic Duration Fund 1

ADDF ADDF 3 0 Jun 20 26 30 Jun 202 5 Note £ £ Cash flows from operating activities Increase in Net Assets attributable to Holders of Redeemable Participating Shares from operations - 823,108

Dividends to holders of redeemable participating shares 1 2 - 99,013

Operating profit before working capital changes - 922,121

Changes in operating assets and liabilities Net decrease in financial assets and liabilities at fair value 3 - 19,149,050 D ecrease /(Increase) in other receivables 37,873 (45,339) ( Decrease )/Increase in payables (49,945) 37,807 Cash (used in)/ provided by operating activities (12,072) 20,063,639

Interest received 2 12,072 270,466

Net cash provided by operating activities - 20,334,105

Cash flows from financing activities Proceeds from issue of redeemable participating shares - 5,363,387 Payment on redemptions of redeemable participating shares - (26,658,665) Dividends to holders of redeemable participating shares 1 2 - (99,013) Net cash (used in) by financing activities - (21,394,291)

Net decrease in cash - (1,060,186)

Net Cash at the start of the financial period 4 - 1,569,476

Net Cash at the end of the financial period 4 - 509,290

Analysis of Cash Cash at the start of the financial period 4 - 1,569,476 Cash held as collateral at the start of the financial period 4 - 1,601 Overdraft at the start of the financial period 4 - Collateral due to brokers at the start of the financial period 4 - (1,601)

Cash at the end of the financial period 4 - 541,866 Cash held as collateral at the end of the financial period 4 - Overdraft at the end of the financial period 4 - (32,576) Collateral due to brokers at the end of the financial period 4 - 1 The Atlantic House sub - funds were migrated out of the Fund via a merger by transfer of full assets and liabilities effective 18 th Sep tember 2025 (the “Merger Date”) and thus no longer sub - funds of the Fund. Hence the funds are included here only for comparison purposes and to note cash flows during the current period, see note 13 for more detail.

Page 34

GemCap Investment Funds (Ireland) Plc

Condensed S tatement of Financial Position

as at 30 th June 2026 and 31 st December 2025

Atlantic House Global Defined Returns Fund 1

AGDR AGDR 30 Jun 202 6 31 Dec 202 5 Note $ $

ASSETS Cash at bank 4 - 1,280 Other receivables - 206,650 TOTAL ASSETS - 207,930

LIABILITIES Investment management fees payable 6, 8 - 144,123 Administration fee payable 6 - 10,698 Transfer agency fees payable 6 - 9,214 Directors’ fees payable 6 - 3,254 Depositary and depositary oversight fees payable 6 - 1,057 Audit fees payable 6 - 8,159 Other fees payable - 31,425 TOTAL LIABILITIES (excluding net assets attributable to holders of redeemable participating shares) - 207,930

The accompanying notes and schedules form an integral part of these condensed financial statements.

Page 35

GemCap Investment Funds (Ireland) Plc

Condensed Statement of Comprehensive Income

for the Six Months Ended 30 th June 202 6 and 2025

Atlantic House Global Defined Returns Fund 1

AGDR AGDR Financial Period Ended

Financial Period Ended 3 0 Jun 20 26 30 Jun 202 5 Note $ $

INCOME Net gain on financial assets and liabilities at fair value through profit or loss 7 - 13,789,864 Bank interest - 120,351 Other income - 2,789 TOTAL INVESTMENT INCOME - 13,913,004

EXPENSES Investment management fees 6, 8 - 245,883 Management fees 6 - 12,373 Administration fees 6 - 9,413 Directors’ fees 6 - 5,744 Depositary and depositary oversight fees 6 - 10,097 Audit fees 6 - 5,990 Transfer agency fees 6 - 10,137 Swap interest expenses - 1,277,991 Other fees and expenses 6 - 26,779 TOTAL OPERATING EXPENSES - 1,604,407

Operating profit - 12,308,597

Finance Costs Dividends to holders of redeemable participating shares 1 2 - 58,214

Profit Before Tax - 12,250,383

Withholding tax - 2,003

Increase in net assets attributable to holders of redeemable participating shares from operations - 12,248,380

Page 36

GemCap Investment Funds (Ireland) Plc

Condensed S tatement of Changes in Net Assets attributable to Holders

of Redeemable Participating Shares

for the Six Months Ended 30 th June 2026 and 2025

Atlantic House Global Defined Returns Fund 1

The accompanying notes and schedules form an integral part of these condensed financial statements.

AGDR AGDR Financial Period Ended

Financial Period Ended 3 0 Jun 20 26 30 Jun 202 5 $ $

Net Assets attributable to holders of Redeemable Participating Shares at the beginning of the financial period - 80,340,136

Increase in Net Assets attributable to Holders of Redeemable Participating Shares from operations - 12,248,380

Capital transactions Issue of redeemable shares during the financial period - 13,362,197 Redemption of redeemable shares during the financial period - (3,285,782)

Net Assets attributable to Holders of Redeemable Participating Shares at the end of the financial period - 102,664,931

Page 37

GemCap Investment Funds (Ireland) Plc

Condensed S tatement of Cash Flows

for the Six Months Ended 30 th June 2026 and 2025

Atlantic House Global Defined Returns Fund 1

AGDR AGDR 3 0 Jun 20 26 30 Jun 202 5 Note $ $ Cash flows from operating activities Increase in Net Assets attributable to Holders of Redeemable Participating Shares from operations - 12,248,380

Tax expense - 2,003 Dividends to holders of redeemable participating shares 1 2 - 58,214

Operatin g profit before working capital changes - 12,308,597

Changes in operating assets and liabilities Net increase in financial assets and liabilities at fair value 3 - (10,497,567) Decrease in other receivables 206,650 26,826 (Decrease)/ Increase in payables (207,930) 9,398

Cash (used in)/ provided by operating activities (1,280) 1,847,254

Interest paid 2 - (1,261,077) Taxation paid - (2,003)

Net cash (used in)/ provided by operating activities (1,280) 584,174

Cash flows from financing activities Proceeds from issue of redeemable participating shares - 13,339,810 Payment on redemptions of redeemable participating shares - (3,195,512) Dividends to holders of redeemable participating shares 1 2 - (58,214)

Net cash provided by financing activities - 10,086,084

Net (decrease)/ in crease in cash (1,280) 10,670,258

Net Cash at the start of the financial period 4 1,280 2,540,072

Net Cash at the end of the financial period 4 - 13,210,330

Analysis of Cash Cash at the start of the financial period 4 1,280 4,319,851 Cash held as collateral at the start of the financial period 4 - 80,000 Overdraft at the start of the financial period 4 - (19,779) Collateral due to brokers at the start of the financial period 4 - (1,840,000)

Cash at the end of the financial period 4 - 11,100,330 Cash held as collateral at the end of the financial period 4 - 2,110,000 Overdraft at the end of the financial period 4 - Collateral due to brokers at the end of the financial period 4 - 1 The Atlantic House sub - funds were migrated out of the Fund via a merger by transfer of full assets and liabilities effective 18 th Sep tember 2025 (the “Merger Date”) and thus no longer sub - funds of the Fund. Hence the funds are included here only for comparison purposes and to note cash flows during the current period, see note 13 for more detail.

Page 38

GemCap Investment Funds (Ireland) Plc

Condensed S tatement of Financial Position

as at 30 th June 2026 and 31 st December 2025

Atlantic House Uncorrelated Strategies Fund 1

AUSF AUSF 30 Jun 202 6 31 Dec 202 5 Note $ $ ASSETS Cash at bank 4 - 2,599 Receivable from Investment Manager 6, 8 - 47,608 Other receivables - 368,782 TOTAL ASSETS - 418,989

LIABILITIES Bank overdraft 4 - 1,267 Investment management fees payable 6, 8 - 283,346 Manage ment fee payable 6 - 16,279 Administration fees payable 6 - 11,367 Transfer agency fees payable 6 - 61,659 Directors’ fees payable 6 - 3,188 Depositary and depositary oversight fees payable 6 - 1,908 Audit fees payable 6 - 9,320 Performance fee payable 6 - 361 Other fees payable - 30,294 TOTAL LIABILITIES (excluding net assets attributable to holders of redeemable participating shares) - 418,989

The accompanying notes and schedules form an integral part of these condensed financial statements.

Page 39

GemCap Investment Funds (Ireland) Plc

Condensed Statement of Comprehensive Income

for the Six Months Ended 30 th June 202 6 and 2025

Atlantic House Uncorrelated Strategies Fund 1

AUSF AUSF Financial Period Ended

Financial Period Ended 3 0 Jun 20 26 30 Jun 202 5 Note $ $ INCOME Net gain on financial assets and liabilities at fair value through profit or loss 7 - 31,397,434 Bank Interest - 517,625 Other income - 7,276 TOTAL INVESTMENT INCOME - 31,922,335

EXPENSES Investment management fees 6, 8 - 1,188,807 Management fees 6 - 55,674 Administratio n fees 6 - 21,140 Directors’ fees 6 - 5,470 Depositary and depositary oversight fees 6 - 37,439 Audit fees 6 - 6,072 Transfer agency fees 6 - 48,451 Swap interest expenses - 16,168,643 Bank interest expenses - 53,552 Other fees and expenses 6 - 100,217 TOTAL OPERATING EXPENSES - 17,685,465

Operating Profit - 14,236,870

Finance Costs Dividends to holders of redeemable participating shares 1 2 - 1,922,338

Profit Before Tax - 12,314,532

Withholding tax - 7,207

Increase in net assets attributable to holders of redeemable participating shares from operations - 12,307,325

Page 40

GemCap Investment Funds (Ireland) Plc

Condensed S tatement of Changes in Net Assets attributable to Holders

of Redeemable Participating Shares

for the Six Months Ended 30 th June 2026 and 2025

Atlantic House Uncorrelated Strategies Fund 1

The accompanying notes and schedules form an integral part of these condensed financial statements.

AUSF AUSF Financial Period Ended

Financial Period Ended 3 0 Jun 20 26 30 Jun 202 5 $ $ Net Assets attributable to holders of Redeemable Participating Shares at the beginning of the financial period - 371,891,294 Increase/(Decrease) in Net Assets attributable to Holders of Redeemable Participating Shares from operations - 12,307,325

Capital transactions Issue of redeemable shares during the financial period - 61,254,616 Redemption of redeemable shares during the financial period - (124,921,705)

Net Assets attributable to Holders of Redeemable Participating Shares at the end of the financial period - 320,531,530

Page 41

GemCap Investment Funds (Ireland) Plc

Condensed S tatement of Cash Flows

for the Six Months Ended 30 th June 2026 and 2025

Atlantic House Uncorrelated Strategies Fund 1

AUSF AUSF 3 0 Jun 20 26 30 Jun 202 5 Note $ $ Cash flows from operating activities Increase in Net Assets attributable to Holders of Redeemable Participating Shares from operations - 12,307,325

Tax expense - 7,207 Dividends to holders of redeemable participating shares 1 2 - 1,922,338

Operating profit before working capital changes - 14,236,870

Changes in operating assets and liabilities Net decrease in financial assets and liabilities at fair value 3 - 24,105,328 Decrease/( Increase ) in other receivables 416,390 (16,048) (Decrease)/ Increase in payables (417,722) 14,747,585 Cash (used in)/ provided by operating activities (1,332) 53,073,735

Interest pai d 2 - (750,799) Taxation paid - (7,207)

Net cash (used in)/ provided by operating activities (1,332) 52,315,729

Cash flows from financing activities Proceeds from issue of redeemable participating shares - 61,490,141 Payment on redemptions of redeemable participating shares - (124,420,670) Dividends to holders of redeemable participating shares 1 2 - (1,922,338) Net cash used in financing activities - (64,852,867)

Net decrease in cash (1,332) (12,537,138)

Net Cash at the start of the financial period 4 1,332 43,026,684

Net Cash at the end of the financial period 4 - 30,489,546

Analysis of Cash Cash at the start of the financial period 4 2,599 40,226,684 Cash held as collateral at the start of the financial period 4 - 2,800,000 Overdraft at the start of the financial period 4 (1,267) Collateral due to brokers at the start of the financial period 4 - -

Cash at the end of the financial period 4 - 24,450,472 Cash held as collateral at the end of the financial period 4 - 6,070,000 Overdraft at the end of the financial period 4 - (30,926) Collateral due to brokers at the end of the financial period 4 - 1 The Atlantic House sub - funds were migrated out of the Fund via a merger by transfer of full assets and liabilities effective 18 th Sep tember 2025 (the “Merger Date”) and thus no longer sub - funds of the Fund. Hence the funds are included here only for comparison purposes and to note cash flows during the current period, see note 13 for more detail.

Page 42

GemCap Investment Funds (Ireland) Plc

Investment Manager’s Report

Calamos Global Convertible Fund

Market Review

The semiannual period ending 30 June 2026 was largely a tale of two quarters. During the first quarter, global markets navigated elevated geopolitical uncertainties centered on the war in Iran, as the closing of the Strait of Hormuz led to spik ing commodit y prices and renewed inflation fears. Anxiety about the impact of AI on the job market and corporate earnings, a government shutdown, and fading expectations of U.S. Fed rate cuts further unsettled market participants.

After this challenging first quarter, markets came back strong in the second quarter, as market participants cheered corporat e earnings and guidance revisions, AI capex, moderating energy prices, and signs that tensions were easing in the Middle East. Whil e AI - linked names were especially favored, the rally was broad - based and underpinned by exceptional earnings strength and meaningfully higher forward - looking earnings estimates.

Against this backdrop, the global equity and convertible markets posted strong gains for the first half of the year. The MSCI World Index returned 9.94%, and the FTSE Global Convertible Index advanced 16.10%. During the semiannual period, the convertible m arket’s unusually strong outperformance was driven largely by AI - linked names. (As we have noted in our previous reports, the convertible market does not typically capture more than 100% of such strong equity moves.) Global convertible issuance totaled $137.5 billion through the first half of the year, on track to shatter last year’s record issuance of $167.1 billion. Through the first half of the year, US companies once again led, with $90.0 billion, followed by Asia ex Japan at $25.9 billion, Europe at $15.2 billion, and Japan at $6.4 billion.

Companies across the AI ecosystem made significant contributions to a remarkably strong issuance environment. This included the single largest deal on record, as Alphabet entered the convertible market with a $19.3 billion mandatory convertible issue. This deal was notable not only for its record - breaking size but also because of Alphabet’s bellwether status in the global economy. Historically, “follow - the - leader” trends have often shaped convertible market issuance, and Alphabet’s entry, along with Oracle’ s convertible issue earlier in 2026, may provide a catalyst for other large - cap companies to follow suit, further enhancing the diversity of the convertible market as a whole.

Performance Review

Because convertible securities vary in their levels of equity and fixed - income sensitivity, they can be used to support different investment goals. The most equity - sensitive convertibles offer higher levels of upside but also greater exposure to downside. In contrast, more pronounced fixed - income characteristics provide a greater cushion against downside in exchange for less upside opportunity. In Calamos Global Convertible Fund, our goal is lower - volatility participation in the global equity market over th e long term. We position the portfolio with the aim of capturing the majority of equity upside while still maintaining downside resilience.

Over the reporting period, the Fund was positioned to participate in equity upside, while we maintained our emphasis on risk management. For the six - month reporting period ended 30 June 2026, the Calamos Global Convertible Fund gained 14.47% (Accumulating Class I shares, USD), surpassing the MSCI World Index and capturing nearly 90% of the gains of the FTSE Global Convertible Index.

Our focus on risk mitigation contributed to our modest underperformance relative to the FTSE Global Convertible Index. As 2026 began, a narrow group of equity - sensitive names that had already appreciated significantly led the global convertible market. Co nsistent with our risk - management philosophy, we remained attentive to concentration risk in deep - in - the - money convertibles. This vigilance, combined with an increasingly challenging market environment, contributed to an essentially flat return ( - 0.62%) fo for the Fund over the first quarter. Although this result demonstrated significant resilience versus the MSCI World Index’s - 3.47% return, it trailed the FTSE Global Convertible Index’s 2% gain. However, the Fund picked up steam as the period progressed, ga ining 15.18% during the second quarter, outperforming both the FTSE Global Convertible Index and the MSCI World Index, up 13.82% and 13.90%, respectively.

For the semiannual period, the Fund's average underweight to financials contributed positively to performance relative to the FTSE Global Convertible Index. As we have noted in the past, a significant percentage of financial issues in the index presen ts an unappealing combination of lower participation in equity upside and higher interest - rate risk. The Fund’s positioning in the communication services sector also contributed favorably, as security selection and an average underweight position benefited rela tive performance. In contrast, security selection and an average overweight allocation within the consumer discretionary and energy sectors detracted from relative performance.

Page 43

GemCap Investment Funds (Ireland) Plc

Investment Manager’s Report (Continued)

Calamos Global Convertible Fund (Continued)

Positioning Discussion

We continually seek opportunities to enhance the risk - reward skew of the portfolio. During the reporting period, this included leaning into the new issuance market to sell in - the - money paper and buy at - the - money paper. While the new issuance market offers access to many exciting companies, we’re also being selective and conscious of position size. For example, mandatory convertibles — like Alphabet’s — tend to be more equity - like, and we factor this into our overall portfolio construction process.

From a region - of- f- risk perspective, US convertibles represented about two - thirds of the Fund, followed by Asia/Pacific issues, representing a bit more than one - fifth of the Fund. Both of these allocations are slight overweights versus the FTSE Global Conver tible Index. The Fund maintains its underweight to Europe. We continue to find few bottom - up ideas in the European convertible market that meet our growth - oriented criteria.

As they did at the start of the reporting period, the information technology, consumer discretionary, and industrials sectors represented the largest allocations within the Fund as of the end of the reporting period. The Fund’s smaller allocations include consumer staples, real estate, materials, and financials. The Fund remains notably overweight in the consumer discretionary sector, reflecting the opportunities we’ve identified in Chinese online retailers, and underweight in financial s and utilities.

Our team employs a disciplined investment process that strives for the best possible return outcomes consistent with the Fund’s investment guidelines. As part of our fundamental research process, we evaluate environmental, social and governance (ESG) infor mation, although we do not exclude investments solely based on ESG criteria nor do we target a certain average ESG rating for the portfolio. When the Fund adopted an Article 8 SFDR Classification on 1 December 2022, it specifically committed to seeking to promote a reduction in Greenhouse Gas (GHG) emissions, with at least 10% of its portfolio invested in companies with GHG outputs lower than the average output of the FTSE Global Convertible Index. Per the updated Supplement of the 2 nd of June 2026, - ( https://www.geminicapital.ie/wp - content/uploads/2021/08/Supplement Calamos - Global - Convertible - Fund - 2 - June - 2026 - 1.pdf) f) , the Fund now commits to a minimum of 50% of the portfolio being invested in companies with GHG emissions lower than the average of the benchmark. Throughout the reporting period, the Fund remained well above that threshold. As of the end of the reporting period, 90.7% of the portfolio holdings are invested in issuers that met this requirement, based on the currently available infor mation. At the end of the reporting period, 88.2% of the Fund’s portfolio was in issuers with lower - than - average emissions compared to the FTSE Global Convertible Index while also meeting the Do No Significant Harm criteria and following Good Governance pr actices.

In Conclusion

We are excited about the opportunities that convertibles provide for accessing high - growth companies with less potential risk than direct equity exposure would entail. Our team is optimistic about the issuance momentum in the market and many of the convert ible structures in the market today. However, our optimism is guided by prudence, put into practice through our selective approach that considers the potential for downside equity market moves as well as upside. We may already be in a late - cycle environme nt, and it’s essential to have the right risk - reward ahead of a turn.

We believe our approach will serve shareholders well given the many potential catalysts for volatility — including the war in Iran, US midterm election results, and a newsfeed that is likely to continue whipsawing markets.

Calamos Advisors LLC

Date: 4 th August 2026

Page 44

GemCap Investment Funds (Ireland) Plc

Condensed S tatement of Financial Position

as at 30 th June 2026 and 31 st December 2025

Calamos Global Convertible Fund

CGCF CGCF 30 Jun 202 6 31 Dec 202 5 Note $ $

ASSETS Financial Assets at Fair Value through Profit or Loss: Investments in Transferable Securities 3 536,936,754 567,315,747 Investment s in Financial Derivative Instruments 3 373,920 2,481,436 Cash at bank 4 3,617,576 1,577,342 Cash held as collateral 4 4,590,000 800,000 Dividends and interest receivable 1,488,993 1,757,764 Amount receivable on subscriptions 633,046 348,985 Amount receivable on sale of securities - 542,156 Receivable from Investment Manager 6, 8 1,576 1,576 Other receivables 5,167 5,167 TOTAL ASSETS 547,647,032 574,830,173

LIABILITIES Financial Liabilities at Fair Value through Profit or Loss: Investment s in Financial Derivative Instruments 3 79 407,659 Bank overdraft 4 3,473,815 2,187,985 Collateral due to broker 4 3,790,297 306 Amount payable on purchase of securities 540,670 Investment management fees payable 6, 8 1,083,732 397,520 Manage ment fee payable 6 164,758 46,132 Administration fees payable 6 33,326 35,355 Transfer agency fees payable 6 98,392 66,631 Directors ’ fees payable 6 8,423 1,705 Depositary and depositary oversight fees payable 6 92,800 69,531 Audit fees payable 6 6,534 13,344 Redemptions payable 331,044 263,911 Distributions payable 10,867 Other fees payable 563,191 233,962 TOTAL LIABILITIES (excluding net assets attributable to holders of redeemable participating shares) 10,197,928 3,724,041

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES 537,449,104 571,106,132

The accompanying notes and schedules form an integral part of these condensed financial statements.

Page 45

GemCap Investment Funds (Ireland) Plc

Condensed Statement of Comprehensive Income

for the Six Months Ended 30 th June 202 6 and 2025

Calamos Global Convertible Fund

CGCF CGCF Financial Period Ended

Financial Period Ended 30 Jun 2026 30 Jun 2025 Note $ $

INCOME Dividend income 1,354,718 717,042 Net gain on financial assets and liabilities at fair value through profit or loss 7 68,196,817 69,333,950 Bank interest 22,093 111,153 Other income 2,366 552 TOTAL INVESTMENT INCOME 69,575,994 70,162,697

EXPENSES Investment management fees 6, 8 2,156,572 2,159,580 Management fees 6 199,187 206,251 Administration fees 6 22,119 35,072 Directors’ fees 6 9,762 12,521 Depositary and depositary oversight fees 6 45,428 49,469 Audit fees 6 6,478 6,070 Transfer agency fees 6 101,377 160,074 Bank interest expenses 79,155 61,966 Transaction cost 1,013 Other fees and expenses 6 361,660 373,073 TOTAL OPERATING EXPENSES 2,982,751 3,064,076

Operating Profit 66,593,243 67,098,621

Finance Costs Dividends to holders of redeemable participating shares 12 10,822 8,859

Profit Before Tax 66,582,421 67,089,762

Withholding tax 331,761 257,073

Increase in net assets attributable to holders of redeemable participating shares from operations 66,250,660 66,832,689

Page 46

GemCap Investment Funds (Ireland) Plc

Condensed S tatement of Changes in Net Assets attributable to Holders

of Redeemable Participating Shares

for the Six Months Ended 30 th June 2026 and 2025

Calamos Global Convertible Fund

The accompanying notes and schedules form an integral part of these condensed financial statements.

CGCF CGCF Financial Period Ended

Financial Period Ended 30 Jun 2026 30 Jun 2025 $ $

Net Assets attributable to holders of Redeemable Participating Shares at the beginning of the financial period 571,106,132 530,448,762

Increase in Net Assets attributable to Holders of Redeemable Participating Shares from operations 66,250,660 66,832,689

Capital transactions Issue of redeemable shares during the financial period 46,233,882 53,539,561 Redemption of redeemable shares during the financial period (146,141,570) (82,209,445)

Net Assets attributable to Holders of Redeemable Participating Shares at the end of the financial period 537,449,104 568,611,567

Page 47

GemCap Investment Funds (Ireland) Plc

Condensed S tatement of Cash Flows

for the Six Months Ended 30 th June 2026 and 2025

Calamos Global Convertible Fund

CGCF CGCF 30 Jun 2026 30 Jun 2025 Note $ $ Cash flows from operating activities Increase in Net Assets attributable to Holders of Redeemable Participating Shares from operations 66,250,660 66,832,689

Adjustment to reconcile increase in net assets attributable to holders of redeemable participating shares from operations to net cash provided by operating activities Dividend income (1,354,718) (717,042) Bond interest income (2,397,885) Dividends to holders of redeemable participating shares 12 10,822 8,859 Tax expense 331,761 257,073

Operating profit before working capital changes 62,840,640 66,381,579 Changes in operating assets and liabilities Net decrease/(increase) in financial assets and liabilities at fair value 3 32,078,929 (12,414,848) Decrease in other receivables 542,156 143,801 Increase/( d ecrease) in payables 1,738,513 (914,343)

Cash provided by operating activities 97,200,238 53,196,189

Interest received/( paid ) 1 2,640,298 (206,146) Dividend received 1,381,076 858,409 Taxation paid (331,761) (257,073)

Net cash provided by operating activities 100,889,851 53,591,379

Cash flows from financing activities Proceeds from issue of redeemable participating shares 45,949,821 41,212,820 Payment on redemptions of redeemable participating shares (146,074,437) (82,955,130) Dividends to holders of redeemable participating shares 12 (10,822) (8,859)

Net cash used in financing activities (100,135,438) (41,751,169)

Net increase in cash 754,413 11,840,210

Net Cash at the start of the financial period 4 189,051 1,501,295

Net Cash at the end of the financial period 4 943,464 13,341,505

Analysis of Cash Cash at the start of the financial period 4 1,577,342 1,267,142 Cash held as collateral at the start of the financial period 4 800,000 14,630,000 Overdraft at the start of the financial period 4 (2,187,985) (14,395,847) Collateral due to brokers at the start of the financial period 4 (306) -

Cash at the end of the financial period 4 3,617,576 27,176,776 Cash held as collateral at the end of the financial period 4 4,590,000 13,740,000 Overdraft at the end of the financial period 4 (3,473,815) (14,634,964) Collateral due to brokers at the end of the financial period 4 (3,790,297) (12,940,307)

1 This amount excludes bond interest income disclosed in Note 7 for the period to 30 th June 2025 only .

The accompanying notes and schedules form an integral part of these condensed financial statements.

Page 48

GemCap Investment Funds (Ireland) Plc

Schedule of Investments As at 30 th June 202 6

Calamos Global Convertible Fund

(expressed in USD) Acquisition Fair % net Description Quantity Currency cost Value assets

1) INVESTMENTS

A) TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING

1) LISTED SECURITIES : EQUITIES

UNITED STATES (U.S.A.) Alphabet Inc / Preference 253,585 USD 12,755,869 12,904,941 2.40 Alphabet Inc / Preference 253,585 USD 12,756,090 12,755,326 2.37 Apollo Global Management Inc / Preference 105,073 USD 5,501,956 6,401,047 1.19 Boeing Co / Preference 259,506 USD 13,756,761 17,464,754 3.25 Hewlett Packard Enterprise Co / Preference 53,335 USD 2,666,750 6,168,726 1.15 Oracle Corp / Preference 268,134 USD 13,245,545 12,052,623 2.24 60,682,971 67,747,417 12.60

TOTAL LISTED SECURITIES : EQUITIES 60,682,971 67,747,417 12.60

2) LISTED SECURITIES : BONDS

AUSTRALIA IREN Ltd 0.00% 01/07/2031 1,851,000 USD 1,851,000 1,617,356 0.30 IREN Ltd 1.00% 01/12/2033 5,463,000 USD 5,463,000 4,765,894 0.89 7,314,000 6,383,250 1.19

BERMUDA ISLANDS NCL Corp Ltd 0.75% 15/09/2030 5,496,000 USD 5,625,651 5,339,760 0.99 5,625,651 5,339,760 0.99

CANADA Imax Corp 0.75% 15/11/2030 4,271,000 USD 4,318,228 4,862,312 0.90 4,318,228 4,862,312 0.90

CAYMAN ISLANDS Alibaba Group Holding Ltd 0.50% 01/06/2031 12,426,000 USD 12,475,008 14,672,339 2.73 Farfetch Ltd 3.75% 01/05/2027 4,301,000 USD 4,806,643 37,472 0.01 Grab Holdings Ltd 0.00% 15/06/2030 5,000,000 USD 5,000,000 4,863,727 0.90 JD.com Inc 0.25% 01/06/2029 16,826,000 USD 17,327,189 16,581,729 3.09 NIO Inc 4.63% 15/10/2030 2,344,000 USD 2,350,062 2,340,449 0.44 Seagate HDD Cayman 3.50% 01/06/2028 810,000 USD 818,337 9,513,733 1.77 Trip Com Group Ltd 0.75% 15/06/2029 9,248,000 USD 9,315,307 9,123,879 1.70 Wynn Macau Ltd 4.50% 07/03/2029 5,134,000 USD 5,297,659 5,111,990 0.95 57,390,205 62,245,318 11.59

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GemCap Investment Funds (Ireland) Plc

Schedule of Investments (Continued) As at 30 th June 202 6

Calamos Global Convertible Fund

(expressed in USD) Acquisition Fair % net Description Quantity Currency cost Value assets

2) LISTED SECURITIES : BONDS (continued)

FRANCE Accor SA 0.70% 07/12/2027 83,318 EUR 4,610,648 5,748,320 1.07 SPIE SA 2.00% 17/01/2028 2,000,000 EUR 2,290,552 3,584,186 0.67 Vinci SA 0.70% 18/02/2030 4,200,000 EUR 5,308,454 5,191,580 0.97 12,209,654 14,524,086 2.71

GERMANY Aixtron SE 0.00% 23/04/2031 100,000 EUR 117,810 154,334 0.03 117,810 154,334 0.03

HONG KONG Jinkai Investment Holdings Ltd 0.00% 05/02/2031 5,500,000 USD 5,457,430 4,988,853 0.93 Lenovo Group Ltd 0.00% 25/06/2033 5,518,000 USD 5,481,033 5,326,569 0.99 10,938,463 10,315,422 1.92

ISRAEL Check Point Software Technologies Ltd 0.00% 15/12/2030 5,422,000 USD 5,422,000 5,043,262 0.94 Cyberark Software Ltd 0.00% 15/06/2030 4,917,000 USD 4,971,250 8,196,190 1.53 Wix.Com Ltd 0.00% 15/09/2030 4,122,000 USD 4,125,913 3,150,733 0.59 14,519,163 16,390,185 3.06

ITALY Eni SpA 2.95% 14/09/2030 7,900,000 EUR 8,615,579 11,264,509 2.10 8,615,579 11,264,509 2.10

JAPAN Advantest Corp 0.00% 28/03/2031 660,000,000 JPY 4,923,546 5,204,396 0.97 Cyber Agent Ltd 0.00% 16/11/2029 770,000,000 JPY 5,456,141 5,290,114 0.98 Kansai Paint Co Ltd 0.00% 07/03/2031 730,000,000 JPY 4,762,638 4,896,720 0.91 Kansai Paint Co Ltd 0.00% 08/03/2029 730,000,000 JPY 4,831,022 4,894,813 0.91 Sanrio Co.Ltd 0.00% 14/12/2028 640,000,000 JPY 4,766,033 8,588,999 1.59 24,739,380 28,875,042 5.36

KOREA L&F Co Ltd 2.50% 26/04/2030 2,800,000 USD 2,498,188 2,471,366 0.46 2,498,188 2,471,366 0.46

MAURITIUS ISLANDS MakeMyTrip Ltd 0.00% 01/07/2030 5,898,000 USD 6,096,127 5,377,517 1.00 MakeMyTrip Ltd 0.00% 15/02/2028 4,192,000 USD 5,177,260 6,418,364 1.19 11,273,387 11,795,881 2.19

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GemCap Investment Funds (Ireland) Plc

Schedule of Investments (Continued) As at 30 th June 2026

Calamos Global Convertible Fund

(expressed in USD) Acquisition Fair % net Description Quantity Currency cost Value assets

2) LISTED SECURITIES : BONDS (continued)

NETHERLANDS Davide Campari Milano SpA 2.38% 17/01/2029 2,000,000 EUR 2,204,066 2,226,327 0.41 Nebius Group NV 2.75% 15/09/2032 4,565,000 USD 4,682,425 9,771,937 1.81 6,886,491 11,998,264 2.22

TAIWAN Giga Byte Technology Co Ltd 0.00% 27/07/2028 2,000,000 USD 2,037,000 2,143,515 0.40 2,037,000 2,143,515 0.40

UNITED STATES (U.S.A.) Adaptive Biotechnologies Corporation 0.00% 01/07/2031 757,000 USD 757,000 885,064 0.16 Advanced Energy Industries Inc 0.00% 15/05/2031 2,059,000 USD 2,086,195 2,257,099 0.42 Aerovironment Inc 0.00% 15/07/2030 5,457,000 USD 5,548,305 5,133,578 0.96 Akamai Technologies Inc 0.00% 15/05/2032 5,370,000 USD 5,373,050 4,943,956 0.92 Akamai Technologies Inc 0.25% 15/05/2033 2,437,000 USD 2,437,000 3,563,033 0.66 Akamai Technologies Inc 1.13% 15/02/2029 3,594,000 USD 3,595,938 4,289,756 0.80 Alnylam Pharmaceuticals Inc 0.00% 15/09/2028 5,526,000 USD 5,526,644 5,089,486 0.95 Amkor Technology Inc Westchester Pa 0.00% 15/07/2031 989,000 USD 989,000 1,180,691 0.22 Amyris Inc 1.50 % 15/11/2026 3,835,000 USD 3,835,000 16,403 Bloom Energy 0.00% 15/11/2030 3,142,000 USD 3,193,058 5,759,750 1.07 Bridgebio Pharma Inc 0.75% 01/02/2033 357,000 USD 357,000 353,292 0.07 Bwx Technologies Inc 0.00% 01/11/2030 5,661,000 USD 5,712,925 5,814,942 1.08 Centrus Energy Corp 0.00% 15/08/2032 5,396,000 USD 5,536,027 5,584,391 1.04 Ciena Corp 0.00% 15/09/2031 5,455,000 USD 5,515,508 5,753,475 1.07 CMS Energy Corp 3.38% 01/05/2028 2,470,000 USD 2,482,000 2,760,252 0.51 Coinbase Global Inc 0.00% 01/10/2032 2,667,000 USD 2,680,720 2,074,735 0.39 Compass Inc 0.25% 15/04/2031 2,711,000 USD 2,766,858 2,948,108 0.55 CONMED Corp 2.25% 15/06/2027 2,736,000 USD 2,746,499 2,668,987 0.50 Crescent Energy Company 2.75% 15/03/2031 906,000 USD 906,000 894,576 0.17 Datadog Inc 0.00% 01/12/2029 5,134,000 USD 5,162,713 7,288,936 1.36 Dexcom Inc 0.38% 15/05/2028 2,470,000 USD 2,470,160 2,309,782 0.43 Doordash Inc 0.00% 15/05/2030 9,683,000 USD 9,693,776 9,518,147 1.77 Dropbox Inc 0.00% 01/03/2028 4,351,000 USD 4,369,658 4,397,765 0.82 Duke Energy Corp 3.00% 15/03/2029 5,002,000 USD 5,015,440 4,963,097 0.92 Etsy Inc 1.00% 15/06/2030 4,966,000 USD 5,004,221 5,776,581 1.07 Global Payments 1.50% 01/03/2031 2,279,000 USD 2,300,083 2,050,152 0.38 Guidewire Software Inc 1.25% 01/11/2029 2,516,000 USD 2,565,294 2,423,088 0.45

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GemCap Investment Funds (Ireland) Plc

Schedule of Investments (Continued) As at 30 th June 2026

Calamos Global Convertible Fund

(expressed in USD) Acquisition Fair % net Description Quantity Currency cost Value assets

2) LISTED SECURITIES : BONDS (continued)

UNITED STATES (U.S.A.) (continued) Halozyme Therapeutics Inc 0.00% 15/02/2031 965,000 USD 965,000 1,038,673 0.19 Halozyme Therapeutics Inc 0.25% 01/03/2027 3,976,000 USD 3,943,011 4,436,520 0.83 Halozyme Therapeutics Inc 0.88% 15/11/2032 965,000 USD 965,000 1,062,953 0.20 Halozyme Therapeutics Inc 1.00% 15/08/2028 791,000 USD 786,428 1,158,947 0.22 Ionis Pharmaceuticals 0.00% 01/12/2030 5,674,000 USD 5,703,070 6,076,220 1.13 Joby Aviation Inc 0.75% 15/02/2032 828,000 USD 828,000 753,637 0.14 KKR & Co Inc 6.25% 01/03/2028 113,657 USD 5,019,090 4,477,220 0.83 Lantheus Holding Inc 2.63% 15/12/2027 1,691,000 USD 1,691,000 2,470,694 0.46 Liberty Energy Inc 0.00% 01/03/2031 1,001,000 USD 1,001,000 1,033,670 0.19 Ligand Pharmaceutical Inc 0.00% 15/09/2031 5,431,000 USD 5,583,855 6,157,055 1.15 LivePerson Inc 10.00% 15/12/2029 881,013 USD 671,415 563,848 0.10 Lucid Group Inc 5.00% 01/04/2030 3,588,000 USD 3,588,000 1,704,610 0.32 Lyft Inc 0.00% 15/09/2030 5,463,000 USD 5,590,882 5,356,911 1.00 Microchip Technology Inc 0.00% 15/02/2030 2,745,000 USD 2,803,151 3,175,101 0.59 Microchip Technology Inc 0.75% 01/06/2030 6,230,000 USD 6,231,752 6,866,463 1.27 NeoGenomics Inc 0.25% 15/01/2028 466,000 USD 476,765 436,882 0.08 Northern Oil & Gas Inc 3.63% 15/04/2029 6,142,000 USD 6,457,118 5,881,987 1.09 Nutanix Inc 0.50% 15/12/2029 7,901,000 USD 8,250,452 7,785,875 1.45 Oaktree Acquisition Corp 0.00% 01/06/2032 2,703,000 USD 2,711,390 3,767,585 0.70 ON Semiconductor 0.00% 01/05/2031 7,977,000 USD 8,164,500 7,940,647 1.48 ON Semiconductor 0.50% 01/03/2029 5,018,000 USD 4,989,386 6,058,547 1.13 Onto Innovation Inc 0.00% 01/06/2031 2,703,000 USD 2,706,203 3,572,008 0.66 Parsons Corp 2.63% 01/03/2029 2,272,000 USD 2,415,042 2,243,049 0.42 PPL Capital Funding Inc 2.88% 15/03/2028 5,303,000 USD 5,375,827 6,020,699 1.12 Propetro Holding Corp 0.00% 15/11/2031 5,157,000 USD 5,220,016 4,866,140 0.91 Revolution Medicines Inc 0.50% 01/05/2033 1,105,000 USD 1,105,000 1,395,504 0.26 Rexford Industrial Realty LP 4.13% 15/03/2029 7,019,000 USD 6,806,749 6,898,535 1.28 Rivian Automotive Inc 4.63% 15/03/2029 9,694,000 USD 9,667,508 11,492,402 2.14 Rubrik Inc 0.00% 15/06/2030 5,096,000 USD 5,166,299 5,199,528 0.97 Southern Company 3.25% 15/06/2028 2,795,000 USD 2,796,038 2,826,540 0.53 Strategy Incorporation 0.00% 01/03/2030 8,529,000 USD 8,251,270 7,578,486 1.41 Strategy Incorporation 0.00% 01/12/2029 1,127,000 USD 1,092,428 975,023 0.18 Transmedics Group Inc 1.50% 01/06/2028 2,477,000 USD 2,531,596 2,690,650 0.50 Travere Therapeutics Inc 0.50% 15/05/2032 942,000 USD 942,000 1,110,858 0.21

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GemCap Investment Funds (Ireland) Plc

Schedule of Investments (Continued) As at 30 th June 2026

Calamos Global Convertible Fund

(expressed in USD) Acquisition Fair % net Description Quantity Currency cost Value assets

2) LISTED SECURITIES : BONDS (continued)

UNITED STATES (U.S.A.) (continued) Uber Technologies Inc 0.00% 15/05/2028 2,160,000 USD 2,160,000 2,499,810 0.47 Uber Technologies Inc 0.88% 01/12/2028 4,392,000 USD 4,419,817 5,267,164 0.98 Ultra Clean Holdings Inc 0.00% 15/03/2031 2,739,000 USD 2,783,316 5,158,162 0.96 Unity Software Inc 0.00% 15/03/2030 5,096,000 USD 5,199,569 5,775,747 1.07 Unum Therapeutics Inc 1.63% 15/11/2031 353,000 USD 353,000 434,833 0.08 Varonis Systems Inc 1.00% 15/09/2029 4,681,000 USD 4,771,507 4,556,044 0.85 Wayfair Inc 3.50% 15/11/2028 843,000 USD 862,489 1,708,182 0.32 Workiva Inc 1.13% 15/08/2026 497,000 USD 611,432 494,789 0.09 Workiva Inc 1.25% 15/08/2028 3,600,000 USD 3,598,928 3,381,586 0.63 Zoetis Inc 0.25% 15/06/2029 2,660,000 USD 2,671,603 2,419,018 0.45 256,553,974 267,467,924 49.78

TOTAL LISTED SECURITIES : BONDS 425,037,173 456,231,168 84.90

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING 485,720,144 523,978,585 97.50

B) OTHER TRANSFERABLE SECURITIES DEALT ON ANOTHER REGULATED MARKET

1) LISTED SECURITIES : INVESTMENT FUNDS

IRELAND Goldman Sachs U S Liquid Reserves Fund 12,958,169 USD 12,958,169 12,958,169 2.41 12,958,169 12,958,169 2.41

TOTAL LISTED SECURITIES : INVESTMENT FUNDS 12,958,169 12,958,169 2.41

TOTAL OTHER TRANSFERABLE SECURITIES DEALT ON ANOTHER REGULATED MARKET 12,958,169 12,958,169 2.41

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GemCap Investment Funds (Ireland) Plc

Schedule of Investments (Continued) As at 30 th June 2026

Calamos Global Convertible Fund

C) DERIVATIVE INSTRUMENTS

FORWARD CURRENCY EXCHANGE CONTRACTS

Unrealised

Maturity Currency Bought Currency Sold Counterparty

(Depreciation) / Appreciation

% net assets 30/09/2026 GBP 2,218,951 USD (2,929,488) CACEIS Bank 12,881 0.00 30/09/2026 GBP 20,974 USD (27,690) CACEIS Bank 122 0.00 30/09/2026 GBP 127,140 USD (167,851) CACEIS Bank 738 0.00 30/09/2026 CHF 8,080,007 USD (10,090,813) CACEIS Bank 6,151 0.00 30/09/2026 EUR 78,308,940 USD (89,598,349) CACEIS Bank 190,003 0.04 30/09/2026 EUR 1,870,744 USD (2,140,440) CACEIS Bank 4,539 0.00 30/09/2026 EUR 58,913,732 USD (67,407,030) CACEIS Bank 142,943 0.03 30/09/2026 EUR 130,822 USD (149,682) CACEIS Bank 317 0.00 30/09/2026 EUR 6,512,104 USD (7,450,922) CACEIS Bank 15,801 0.00 01/07/2026 GBP 5 USD (7) CACEIS Bank - 0.00 01/07/2026 GBP 11,952 USD (15,782) CACEIS Bank 67 0.00 30/09/2026 USD 443 GBP (335) CACEIS Bank (2) 0.00 30/09/2026 USD 15,772 GBP (11,952) CACEIS Bank (77) 0.00 01/07/2026 EUR 10,837 USD (12,346) CACEIS Bank 32 0.00 01/07/2026 EUR 109,979 USD (125,303) CACEIS Bank 326 0.00 373,841 0.07

TOTAL FORWARD CURRENCY EXCHANGE CONTRACTS 373,841 0.07

TOTAL DERIVATIVE INSTRUMENTS 373,841 0.07

TOTAL INVESTMENT 537,310,595 99.98

OTHER ASSETS 10,336,358 1.92

OTHER LIABILITIES (10,197,849) (1.90)

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES 537,449,104 100.00

Page 54

GemCap Investment Funds (Ireland) Plc

Schedule of Investments (Continued) As at 30 th June 202 6

Calamos Global Convertible Fund

% of Total Assets Assets Investment in Transferable Securities 98.04 Investment in Financial Derivative Instruments 0.07 Cash at Bank 0.66 Cash held as Collateral 0.84 Other Assets 0.39 Total Assets 100.00

Page 55

GemCap Investment Funds (Ireland) Plc

Significant Portfolio Movements

30 th June 202 6

Calamos Global Convertible Fund

Purchases Security Name Quantity Cost % of $ Total Purchases Goldman Sachs U S Liquid Reserves Fund 509,656,911 509,656,911 76.39 Lumentum Holdings Inc 15,833 13,503,372 2.02 Oracle Corp / Preference 268,134 13,245,545 1.99 Alphabet Inc / Preference 253,585 12,756,090 1.91 Alphabet Inc / Preference 253,585 12,755,869 1.91 Strategy Incorporation 0.00% 01/03/2030 8,529,000 8,251,270 1.24 ON Semiconductor 0.00% 01/05/2031 7,977,000 8,164,500 1.22 Ligand Pharmaceutical Inc 0.00% 15/09/2031 5,431,000 5,583,855 0.84 Ciena Corp 0.00% 15/09/2031 5,455,000 5,515,508 0.83 Lenovo Group Ltd 0.00% 25/06/2033 5,518,000 5,481,033 0.82 IREN Ltd 1.00% 01/12/2033 5,463,000 5,463,000 0.82 STMicroelectronics NV 0.00% 04/08/2027 4,600,000 5,461,114 0.82 Jinkai Investment Holdings Ltd 0.00% 05/02/2031 5,500,000 5,457,430 0.82 Akamai Technologies Inc 0.00% 15/05/2032 5,370,000 5,373,050 0.81 Propetro Holding Corp 0.00% 15/11/2031 5,157,000 5,220,016 0.78 MakeMyTrip Ltd 0.00% 15/02/2028 4,192,000 5,177,260 0.78 Duke Energy Corp 3.00% 15/03/2029 5,002,000 5,015,440 0.75 Advantest Corp 0.00% 28/03/2031 660,000,000 4,923,546 0.74 Aerovironment Inc 0.00% 15/07/2030 4,135,000 4,226,305 0.63 Compass Inc 0.25% 15/04/2031 2,921,000 2,986,249 0.45

Page 56

GemCap Investment Funds (Ireland) Plc

Significant Portfolio Movements (continued)

30 th June 202 6

Calamos Global Convertible Fund

Sales Security Name Quantity Proceed % of $ Total Sales Goldman Sachs U S Liquid Reserves Fund 505,002,925 505,002,925 65.78 Lumentum Holdings Inc 1.50% 15/12/2029 1,787,000 19,688,483 2.56 Seagate HDD Cayman 3.50% 01/06/2028 1,936,000 17,016,512 2.22 SK Hynix Inc 1.75% 11/04/2030 1,600,000 16,159,484 2.10 Strategy Incorporation 0.00% 01/12/2029 16,946,000 15,446,123 2.01 Lumentum Holdings Inc 15,833 13,545,823 1.76 DigitalOcean Holdings Inc 0.00% 15/08/2030 2,882,000 12,509,063 1.63 Bloom Energy 0.00% 15/11/2030 6,081,000 10,177,638 1.33 Gold Pole Capital Co Ltd 1.00% 25/06/2029 4,800,000 8,854,420 1.15 Jazz Investments I Ltd 2.00% 15/06/2026 5,488,000 7,771,356 1.01 STMicroelectronics NV 0.00% 04/08/2027 4,600,000 7,746,400 1.01 Nebius Group NV 1.00% 15/09/2030 5,976,000 7,726,421 1.01 Meritage Homes Corp 1.75% 15/05/2028 7,196,000 7,047,114 0.92 Hewlett Packard Enterprise Co / Preference 47,117 6,382,662 0.83 Citigroup Global Markets Funding 0.00% 15/03/2028 5,200,000 6,324,527 0.82 Duke Energy Corp 4.13% 15/04/2026 5,577,000 6,009,043 0.78 MKS Inc 1.25% 01/06/2030 2,509,000 5,197,818 0.68 Bill Holdings Inc 0.00% 01/04/2030 5,497,000 5,041,794 0.66 Enovis Corp 3.88% 15/10/2028 4,808,000 4,707,059 0.61 Xero Investments Ltd 1.63% 12/06/2031 5,000,000 4,601,503 0.60

The tables above show a breakdown of material purchases and sales of the Portfolios in accordance with Central Bank UCITS Reg ulations 79(2) requirements. All purchases and sales of investments exceeding 1% of the total value of each purchases and sales res pectively, a minimum of 20 of each such purchases and sales, are disclosed.

Page 57

GemCap Investment Funds (Ireland) Plc

Investment Manager’s Report

Calamos Growth And Income Fund

The semiannual period was largely a tale of two distinct quarters. During the first quarter, US equity markets navigated elevated geopolitical uncertainties centered on the war in Iran, as the closing of the Strait of Hormuz led to spiking commod ity prices and renewed inflation fears. Anxiety about the impact of AI on the job market and corporate earnings, a government shutdown, and fading expectations of Fed rate cuts further unsettled market participants.

However, after a challenging first quarter, equity markets came back strong in the second quarter, as market participants cheered corporate earnings and guidance revisions, AI capex, moderating energy prices, and signs that tensions were easing in the Midd le East. The rally was refreshingly broad - based and underpinned by exceptional earnings strength and forward looking earnings estimates revised meaningfully higher across nearly every sector, evidence that this rally is being driven b y fundamentals.

The S&P 500 Index returned 10.21% for the six - month period. Convertible securities, which blend attributes of equities and traditional bonds, returned 23.08% as measured by the ICE BofA All US Convertibles ex Mandatory Index; this unusually robust return r eflected investor enthusiasm for convertible issuers supported by AI tailwinds. The environment was less hospitable for bonds. The investment - grade Bloomberg US Aggregate Bond Index was essentially flat with a 0.62% return, while the ICE BofA US High Yiel d Index rose just 1.89%.

Performance Review

Calamos Growth and Income Fund can invest in equities, convertible securities, options, and bonds. This multi - asset - class strategy is designed to enhance performance across full market cycles and mitigate exposure to downward moves in the stock market. We believe this multi - asset - class approach provides significant advantages over “balanced” strategies that invest more exclusively in stocks and traditional fixed income, and this proved the case during the semiannual period.

For the six - month reporting period ended 30 June 2026, the Fund posted a gain of 10.84% (US Accumulating I shares), performing in line with the all - equity index’s return, while maintaining its lower - volatility approach to equity participation. Additionally , the Fund outpaced the 6.37% return of a 60%/40% allocation to the S&P 500 Index and the Bloomberg US Aggregate Bond Index, respectively (a proxy for a traditional balanced strategy).

The Fund’s returns relative to the S&P 500 Index benefited from security selection in the information technology sector. Holdings in the technology hardware, storage, and peripherals industry made particularly notable contributions to relative performance, while our decision to avoid IT consulting and service companies also proved advantageous. Favorable security selection and an average overweight stance in industrials, specifically in the heavy electrical equipment and rail transporta tion industries, furt her contributed to performance. In contrast, security selection and an average underweight stance within the real estate sector hindered relative performance, with our positioning in data center REITs and retail REITs industries detracting. Security select ion in health care, specifically in the life sciences tools and services industry and biotechnology industry, lagged on a relative basis.

Outlook and Positioning Implications

We continue to believe the US economy is in a mid - cycle expansionary phase. We assign the highest probability to a base case in which the expansion persists near a 2% pace, inflation steadily moderates, and market leadership broadens as earnings widen beyo nd AI infrastructure. The upside case sees faster disinflation, accelerating AI monetization, and a benign resolution of the rate path, producing a rally with cyclical and non - AI participation. The downside case sees inflation proving sticky and the Federa l Reserve pushed toward hikes with a spike in term premium, or the AI capital spending cycle stalling as hyperscaler financing tightens, political backlash builds, and demand proves less durable than spending.

Page 58

GemCap Investment Funds (Ireland) Plc

Investment Manager’s Report (Continued)

Calamos Growth And Income Fund (Continued)

Outlook and Positioning Implications (continued)

The catalysts that will determine which path materializes are the second - quarter earnings season and the breadth of growth beyond AI infrastructure, the trajectory of inflation and the Fed’s response, and the stability of oil and the Strait of Horm uz. An e xtended re - acceleration in inflation that forces the Fed toward hikes, a downward revision to hyperscaler spending or return - on - investment evidence, or a decisive break in labor market data would prompt us to de - risk through the convertible and options sle eves; faster disinflation and clearer AI monetization would prompt us to add. The cycle persisted through the disruption. We expect it now to broaden, and we are positioned to participate as leadership widens. Entering the second half of the year, we maint ain a positive and constructive risk posture. We’ve maintained our core exposure to AI infrastructure, semiconductors, and semiconductor equipment, where we continue to see real growth tailwinds and improving returns on capital, but we hold that exposure w ith more risk awareness.

Fundamental momentum has been the market’s dominant factor, which gives us cause for optimism, but the recent rise in volatility makes us more cautious. This has led us to trim the most extended names, and participate in the AI theme increasingly through c onvertible securities and lower - multiple semiconductor holdings.

We have used the market's strength during the second quarter to build a more balanced portfolio, adding financials as beneficiaries of the rate and regulatory environment, industrials tied to electrification, transport, and reshoring, and heal th care and b iotech, where returns on capital are improving. Several of these areas have been negatively correlated with the AI leadership this year, and we added them in part to stabilize the portfolio against a reversal in that narrow leadership. We lowered energy ex posure as oil normalized.

As of the end of the reporting period, approximately three - quarters of the Fund’s portfolio was invested in common stocks. Investments in convertible securities (a bit more than a fifth of the portfolio at the end of the reporting period) provide e quity pa rticipation and potentially mitigate equity risk.

The Fund’s largest portfolio weights at the end of the reporting period are in the information technology, industrials, and financials sectors, followed by consumer discretionary and health care. Information technology and financials are slightly underweig hted relative to the S&P 500 Index; consumer discretionary and health care are in line with the index, while industrials is modestly overweight.

Conclusion

Markets never move in a straight line, even when trending upward over time. We are prepared for choppiness as market participants grapple with the path of interest rates under a less - transparent Federal Reserve and a potential resurgence of geopolitical te nsions in the Middle East, both of which have significant implications for inflation. Finally, we are mindful of the risks associated with uneven consumer strength and a potential slowdown in AI capex.

Against this backdrop, we believe that more balanced positioning makes sense and that our multi - asset approach will serve the portfolio well.

Calamos Advisors LLC

Date: 29 th July 2026

Page 59

GemCap Investment Funds (Ireland) Plc

Condensed S tatement of Financial Position

as at 30 th June 2026 and 31 st December 2025

Calamos Growth And Income Fund

CGIF CGIF 30 Jun 202 6 31 Dec 202 5 Note $ $

ASSETS Financial Assets at Fair Value through Profit or Loss: Investments in Transferable Securities 3 360,863,465 272,373,454 Investment s in Financial Derivative Instruments 3 1,058,540 524,885 Cash at bank 4 12,174,929 11,518,886 Cash held as collateral 4 490,422 490,422 Dividends and interest receivable 329,432 271,855 Amount receivable on subscriptions 1,388,670 690,880 Amount receivable on sale of securities - 60,823 Receivable from Investment Manager 6, 8 83,824 83,070 Other receivables 12,120 2,346 TOTAL ASSETS 376,401,402 286,016,621

LIABILITIES Financial Liabilities at Fair Value through Profit or Loss: Investment s in Financial Derivative Instruments 3 - 162,716 Bank overdraft 4 172 1,334 Amount payable on purchase of securities 21,287 238,012 Investment management fees payable 6, 8 1,153,651 311,562 Manage ment fee payable 6 110,081 21,992 Administration fees payable 6 20,707 15,901 Transfer agency fees payable 6 25,248 23,810 Directors ’ fees payable 6 10,969 4,158 Deposita ry and depositary oversight fees payable 6 155,974 87,135 Audit fees payable 6 12,916 11,326 Redemptions payable 1,732,238 1,762,051 Distributions payable 12 188,956 49,573 Other fees payable 591,653 221,846 TOTAL LIABILITIES (excluding net assets attributable to holders of redeemable participating shares) 4,023,852 2,911,416

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES 372,377,550 283,105,205

The accompanying notes and schedules form an integral part of these condensed financial statements.

Page 60

GemCap Investment Funds (Ireland) Plc

Condensed Statement of Comprehensive Income

for the Six Months Ended 30 th June 202 6 and 2025

Calamos Growth And Income Fund

CGIF CGIF Financial Period Ended

Financial Period Ended 30 Jun 2026 30 Jun 2025 Note $ $

INCOME Dividend income 1,413,574 930,875 Net gain on financial assets and liabilities at fair value through profit or loss 7 34,955,151 13,763,769 Bank interest 136,482 128,283 Expense reimbursement from Investment Manager 6, 8 754 65,260 Other income - 7,958 TOTAL INVESTMENT INCOME 36,505,961 14,896,145

EXPENSES Investment management fees 6, 8 2,132,144 1,337,612 Management fees 6 167,315 95,545 Administration fees 6 12,969 85,352 Directors’ fees 6 9,921 9,635 Depositary and depositary oversight fees 6 79,224 95,543 Audit fees 6 5,384 5,125 Transfer agency fees 6 39,316 50,132 Bank interest expenses 199 522 Transaction cost 12,359 Other fees and expenses 6 801,397 633,620 TOTAL OPERATING EXPENSES 3,260,228 2,313,086

Operating Profit 33,245,733 12,583,059

Finance Costs Dividends to holders of redeemable participating shares 12 301,598 -

Profit Before Tax 32,944,135 12,583,059

Withholding tax 400,487 274,840

Increase in net assets attributable to holders of redeemable participating shares from operations 32,543,648 12,308,219

Page 61

GemCap Investment Funds (Ireland) Plc

Condensed S tatement of Changes in Net Assets attributable to Holders

of Redeemable Participating Shares

for the Six Months Ended 30 th June 2026 and 2025

Calamos Growth And Income Fund

The accompanying notes and schedules form an integral part of these condensed financial statements.

CGIF CGIF Financial Period Ended

Financial Period Ended 3 0 Jun 20 26 30 Jun 202 5 $ $

Net Assets attributable to holders of Redeemable Participating Shares at the beginning of the financial period 283,105,205 201,746,724

Increase in Net Assets attributable to Holders of Redeemable Participating Shares from operations 32,543,648 12,308,219

Capital transactions Issue of redeemable shares during the financial period 92,553,407 36,264,955 Redemption of redeemable shares during the financial period (35,824,710) (22,959,768)

Net Assets attributable to Holders of Redeemable Participating Shares at the end of the financial period 372,377,550 227,360,130

Page 62

GemCap Investment Funds (Ireland) Plc

Condensed S tatement of Cash Flows

for the Six Months Ended 30 th June 2026 and 2025

Calamos Growth And Income Fund

CGIF CGIF 30 Jun 2026 30 Jun 2025 Note $ $ Cash flows from operating activities Increase in Net Assets attributable to Holders of Redeemable Participating Shares from operations 32,543,648 12,308,219

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