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MGTS Progeny ProFolio Model Fund
Annual Financial Statements
For the period ended 31 March 2026
Docusign Envelope ID: 22733F7D-C525-8D78-834E-1F498A161B7E
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MGTS Progeny ProFolio Model Fund - fo for the p period ended 31 March 2026
i Margetts Fund Management Limited
ACD Margetts Fund Management Limited 1 Sovereign Court Graham Street Birmingham B1 3JR Tel: 0121 236 2380 Fax: 0121 236 2330 Company Registration No: 4158249 VAT No: (GB) 795 0415 16 (Authorised and regulated by the Financial Conduct Authority)
Directors of the ACD T J Ricketts M D Jealous A Ogunnowo A Denny (non - exec) – – appointed on 7 January 2026 J M Vessey (non - exec) – – resigned on 7 June 2025 J Harris (non - exec) L R Scott (non - exec)
Depositary The Bank of New York Mellon (International) Limited 160 Queen Victoria Street London EC4V 4LA (A (Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority )
Administrator and Registrar Margetts Fund Management Limited 1 Sovereign Court Graham Street Birmingham B1 3JR Tel: 0121 236 2380 Fax: 0121 236 2330 (Authorised and regulated by the Financial Conduct Authority)
Auditors Moore Kingston Smith LLP 6 th Floor, 9 Appold Street London EC2A 2AP
Investment Manager s Progeny Asset Management Limited 1A Tower Square Leeds LS1 4DL (Authorised and regulated by the Financial Conduct Authority)
Docusign Envelope ID: 22733F7D-C525-8D78-834E-1F498A161B7E
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Contents
Investment Manager’s Report ................................ ................................ ................................ ................................ ... 3 Statement of Authorised Corporate Director’s Responsibilities ................................ ................................ .................. 6 Statement of Depositary’s Responsibilities and Depositary Report to Shareholders ................................ .................... 7 Authorised Status ................................ ................................ ................................ ................................ ...................... 8 Certification of Accounts by Directors of the ACD ................................ ................................ ................................ ....... 8 Value for Money Assessment ................................ ................................ ................................ ................................ ..... 8 Task Force on Climate - related Financial Disclosures (‘TCFD’) ................................ ................................ ...................... 9 Investor Notification ................................ ................................ ................................ ................................ .................. 9 Independent Auditor’s Report ................................ ................................ ................................ ................................ . 10 Notes to all Sub - fund’s Financial Statements ................................ ................................ ................................ ............ 13 MGTS Progeny ProFolio Model 30 - 50% Shares Fund Report & Accounts ................................ ................................ .. 18 Investment Manager’s Report ................................ ................................ ................................ ............................. 18 Portfolio Statement ................................ ................................ ................................ ................................ ............ 20 Financial Statements ................................ ................................ ................................ ................................ ........... 22 Notes to the Financial Statements ................................ ................................ ................................ ....................... 24 Distribution Table ................................ ................................ ................................ ................................ ............... 30 Net Asset Value per Share and Comparative Tables ................................ ................................ ............................. 31 MGTS Progeny ProFolio Model 50 - 70% Shares Fund Report & Accounts ................................ ................................ .. 33 Investment Manager’s Report ................................ ................................ ................................ ............................. 33 Portfolio Statement ................................ ................................ ................................ ................................ ............ 35 Financial Statements ................................ ................................ ................................ ................................ ........... 37 Notes to the Financial Statements ................................ ................................ ................................ ....................... 39 Distribution Table ................................ ................................ ................................ ................................ ............... 45 Net Asset Value per Share and Comparative Tables ................................ ................................ ............................. 46 MGTS Progeny ProFolio Model 70 - 90% Shares Fund Report & Accounts ................................ ................................ .. 48 Investment Manager’s Report ................................ ................................ ................................ ............................. 48 Portfolio Statement ................................ ................................ ................................ ................................ ............ 50 Financial Statements ................................ ................................ ................................ ................................ ........... 52 Notes to the Financial Statements ................................ ................................ ................................ ....................... 54 Distribution Table ................................ ................................ ................................ ................................ ............... 60 Net Asset Value per Share and Comparative Tables ................................ ................................ ............................. 61 MGTS Progeny Income ProFolio 30 - 50% Shares Fund Report & Accounts ................................ ................................ . 63 Investment Manager’s Report ................................ ................................ ................................ ............................. 63 Portfolio Statement ................................ ................................ ................................ ................................ ............ 65 Financial Statements ................................ ................................ ................................ ................................ ........... 67 Notes to the Financial Statements ................................ ................................ ................................ ....................... 69 Distribution Table ................................ ................................ ................................ ................................ ............... 74 Net Asset Value per Share and Comparative Tables ................................ ................................ ............................. 76 MGTS Progeny Income ProFolio 50 - 70% Shares Fund Report & Accounts ................................ ................................ . 77 Investment Manager’s Report ................................ ................................ ................................ ............................. 77 Portfolio Statement ................................ ................................ ................................ ................................ ............ 79 Financial Statements ................................ ................................ ................................ ................................ ........... 81 Notes to the Financial Statements ................................ ................................ ................................ ....................... 83 Distribution Table ................................ ................................ ................................ ................................ ............... 88 Net Asset Value per Share and Comparative Tables ................................ ................................ ............................. 90 General Information ................................ ................................ ................................ ................................ ................ 91 Remuneration ................................ ................................ ................................ ................................ ......................... 92
Docusign Envelope ID: 22733F7D-C525-8D78-834E-1F498A161B7E
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3 Margetts Fund Management Limited
Investment Manager ’s Report
For the p period ended 31 March 2026
The start of 2025 was dominated by geopolitics, as the new US administration sought to establish its view on the world. Whils t the headlines remained frequent and dramatic, the market narrative tended to focus on earnings , specifically those of large cap US Tech related companies (the so - called Mag7).
The implementation of broad trade tariffs by the incoming US administration at the start of April caused a significant period of risk aversion. Equity markets gyrated wildly, as markets struggled to rationalise this unprecedented event in modern financia l history. Following the announcement, Global equity markets experienced more than a 17% decline in only a matter of days, with US indices experiencing significantly greater declines. These developments also caused the US Dollar to be materially devalued aga inst most major currencies, including by 12.33% against Sterling. For unhedged investors in US equities, this led to losses unrelated to the standalone performance of equities.
The third quarter itself was characterised by three interesting phases, as it relates directly to AI (Artificial Intelligence ) & US tech, which are an interesting case study of the sector and broader market at present.
Concerns about the effect of the newly imposed tariffs, and their effect on inflation, were overwhelmed by 11.9% Q2 Earnings Per Share (EPS) growth compared to Q2 2024, which was significantly above consensus expectations. US earnings provided a positive e nvironment for risk at the start of the quarter.
The quarter was also characterised by concerns related to AI, specifically the level of capital expenditure, the ability of c ompanies to monetise the technology as well as several company announcements and cross funding agreements between companies in the AI ecosystem, including mega deals announced by Oracle, OpenAI, Nvidia amongst others.
Nevertheless, despite these smouldering concerns, the strength of US earnings rewarded equity investors, with the largest 500 companies rising 10.1% with the North American Technology index rising 15.2%. Asian & Emerging Market indices marginally outperfor med their US counterparts, but this was also driven by technology , with the Hang Seng Tech index rising 25.4% (all returns stated in GBP, unhedged).
Following these strong returns, technology stocks paused in Q4, although returns were still positive at 2.7% for the largest US companies, 3.7% & 4.7% for Asian and Emerging Market indices respectively. Instead, leadership pivoted towards Japan where the n ew Government’s promise of higher fiscal spending helped drive returns of 9.6% in final quarter of the year.
Broad UK stock indices also produced strong positive returns (6.9%) but lagged given the relative absence of technology companies. Across the year, it should be noted that UK stocks significantly outperformed Global indices.
MGTS Progeny ProFolio Model 30 - 50% Shares Fund – Performance : 7 . 52 % * . Benchmark IA Mixed Investment 20 - 60% Shares : 9.84 % * . MGTS Progeny ProFolio Model 50 - 70% Shares Fund – Performance : 9 . 2 7 % * . Benchmark IA Mixed Investment 40 - 85% Shares : 1 0 . 71 % * . MGTS Progeny ProFolio Model 70 - 90% Shares Fund – Performance : 1 0 . 88 % * . Benchmark IA Mixed Investment 40 - 85% Shares : 1 0 . 71 % * . * From 01 /0 1 /2 02 5 to 31/03/2 02 6
Over the reporting period, the new portfolio management team evolved the investment strategy to reflect the way in which they intend to manage the funds going forwards. These changes affected the asset allocation approach, the blend of alternativ e assets as fixed income exposure amongst others. The implementation of these changes began in June 2025 a nd completed mid March 2026.
This evolution of the strategy falls substantially within the individual Sub - funds’ investment parameters, as defined in the prospectus or respective Sub - funds ’ fact finds. However, the combined effect we hope will be meaningful, with the intention to improve the returns experienced by investors.
Across the period , the performance of our Active equity blends was strong. We consistently produced 1st and 2nd quartile performance, except for Asia Pacific ex Japan (APAC ex Jap) which was 60th percentile.
Broadly, 2025 was a flat period for f ixed Income, with moderating (although still above target) inflation across most developed economies allowing central banks to cut interest rates. In the US the Federal Reserve cut interest rates three times from 4.2 5 to 3.5% during the review period.
Docusign Envelope ID: 22733F7D-C525-8D78-834E-1F498A161B7E
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Investment Manager’s R eport (continued)
In the fourth quarter we made structural changes in the fixed income component of the Sub - fund s , largely reflecting the preferences of the new management team. Firstly, we have removed all Global Aggregate Bond exposure, so that we can clearly & accurately allocate between Government Bonds and Investment Grade Credit. This entailed the divestment of the Vanguard Global Bond fund.
Second ly , we also removed the majority of our Gilt exposure in preference for Globally diversified indices. UK Government Bonds have consistently proved to be a poor diversifier, and we want the Government Bond exposure to be a diversifier. The insecure position o f the current Labour Government is also a concern for longer dated Gilts.
Within our Global Government Bond exposure, we have also increased the allocation to Index - Linked bonds, increasing the allocation to 20% through both the Royal London Global Index - Linked and Royal London Short Duration Global Index - Linked funds. Our view is that inflation is likely to remain at or above target due over the long term, with the potential for bouts of higher inflation due to increased geopolitical risk. With r eal y ields meaningfully positive the opportunity to lock in an inflation premium in addition to this favourable starting point has clear attractions to us.
We also switched the PIMCO Low Average Duration fund for the Royal London Absolute Return Government Bond fund, with the latter offering a more diverse set of Global alpha opportunities. The Manager, Paul Rayner, is a high conviction Active manager with whom we have extensive experience.
The final change was to evolve the position within Investment Grade Bonds. We increased the allocation to Sterling Investment Grade, as we believe that the alpha opportunities are greater than within Global Investment Grade. We reflected this view by alloc ating to Global Investment Grade passively, through the Vanguard Global Corporate Bond fund.
The upshot of all these changes is that our duration exposure has been reduced from 5.7yrs to 5.2yrs, reflecting our secular view. These changes also had the net effect of reducing the underlying cost to investors, whilst enhancing the active exposur e.
During the 1 st quarter of 2026 the new allocation within fixed income proved to be beneficial to investors. On the 27 th of February the US & Israel bombed Iran whose response was to attack their regional neighbours with the effect that shipping through the Strait of Hormuz was suddenly brought to a halt. The prices of various commodities, in particular Oil & Natural G as, incr eased in a volatile manner which had the effect of increasing inflation expectations.
On a relative basis, this benefitted the shorter duration approach within our fixed income blend as well as the significant reduction to UK Government Bonds. Given that the UK is a significant net energy importer, the expectations for UK headline inflation materially worsened on both a standalone and relative basis compared to other developed markets.
At the point at which the bombing began, we were in the process of implementing our new neutral asset allocation starting point, which had the net effect of increasing our equity exposure. This change is predicated on our belief that, over the lon g run, eq uities are the key growth asset s that build portfolio values in real term. Consequently, we believe that the exposure to equities since launch has been too low.
We proceeded with the second and final tranche of this increased equity allocation in mid - March. Given the subsequent performance of equities (both during the remainder of the reporting period and subsequent to it), as well as the poor performance of fixed income (from which this addition was funded), this change had an immediate benefit on performance.
Within Alternatives, our new fund blend produced a strong return in its first 9 months. The blend returned 5.9%, ahead of the Cash + 3% hurdle which we have set ourselves which produced 5.4% as well as Global Aggregate Bonds which returned 1.9% in GBP. During the reporting period, we increased our allocation to Alternatives, reflecting our conviction in the blend.
MGTS Progeny Income ProFolio 30 - 50% Shares Fund - Performance : 8 . 31 % ** . Benchmark IA Mixed Investment 20 - 60% Shares: 9 . 38 % ** . MGTS Progeny Income ProFolio 50 - 70% Shares Fund - Performance: 10.91%**. Benchmark IA Mixed Investment 40 - 85% Shares: 11.36%**. ** The performance figures shown are for the period from 19 March 2025 (first live price) to 31 March 2026.
Across the period, the performance of our equity blends was strong. We consistently produced above average performance.
Docusign Envelope ID: 22733F7D-C525-8D78-834E-1F498A161B7E
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5 Margetts Fund Management Limited
Investment Manager’s R eport (continued)
Broadly, 2025 was a flat period for f ixed i ncome, with moderating (although still above target) inflation across most developed economies allowing central banks to cut interest rates. In the US the Federal Reserve cut interest rates three times from 4.2 5 to 3.5% during the review period.
In the fourth quarter we made structural changes in the fixed income component of the Sub - fund s , largely reflecting the preferences of the new management team. Firstly, we have removed all Global Aggregate Bond exposure, so that we can clearly & accurately allocate between Government Bonds and Investment Grade Credit. This entailed the divestment of the Vanguard Global Bond fund.
Second ly , we also removed the majority of our Gilt exposure in preference for Globally diversified indices. UK Government Bonds have consistently proved to be a poor diversifier, and we want the Government Bond exposure to be a diversifier. The insecure position o f the current Labour Government is also a concern for longer dated Gilts.
Within our Global Government Bond exposure, we have also increased the allocation to Index - Linked bonds, increasing the allocation to 20% through both the Royal London Global Index - Linked and Royal London Short Duration Global Index - Linked funds. Our view is that inflation is likely to remain at or above target due over the long term, with the potential for bouts of higher inflation due to increased geopolitical risk. With r eal y ields meaningfully positive the opportunity to lock in an inflation premium in addition to this favourable starting point has clear attractions to us.
The final change was to evolve the position within Investment Grade Bonds. We increased the allocation to Sterling Investment Grade, as we believe that the alpha opportunities are greater than within Global Investment Grade. We reflected this view by alloc ating to Global Investment Grade passively, through the Vanguard Global Corporate Bond fund.
The upshot of all these changes is that our duration exposure has been reduced by around half a year, reflecting our secular view. These changes also had the net effect of reducing the underlying cost to investors, whilst enhancing the active exposur e.
During the 1st quarter of 2026 the new allocation within fixed income proved to be beneficial to investors. On the 27 th of February the US & Israel bombed Iran whose response was to attack their regional neighbours with the effect that shipping through the Strait of Hormuz was suddenly brought to a halt. The prices of various commodities, in particular Oil & Natural G as, incre ased in a volatile manner which had the effect of increasing inflation expectations.
On a relative basis, this benefitted the shorter duration approach within our fixed income blend as well as the significant reduction to UK Government Bonds. Given that the UK is a significant net energy importer, the expectations for UK headline inflation materially worsened on both a standalone and relative basis compared to other developed markets.
At the point at which the bombing began, we were in the process of implementing our new neutral asset allocation starting point, which had the net effect of increasing our equity exposure. This change is predicated on our belief that, over the lon g run, equities are the key growth asset s that build portfolio value in real term s . Consequently, we believe that the exposure to equities since launch has been too low.
We proceeded with the second and final tranche of this increased equity allocation in mid - March. Given the subsequent performance of equities (both during the remainder of the reporting period and subsequent to it), as well as the poor performance of fixed income (from which this addition was funded), this change had an immediate benefit on performance.
Within Alternatives, our new fund blend produced a strong return as the blend contributed very little volatility and approach ed double - digit growth too, well ahead of the Cash + 3% hurdle which we have set ourselves. During the reporting period, we increas ed our allocation to Alternatives, reflecting our conviction in these assets and our lack of it in f ixed i ncome.
Progeny Asset Management Limited Investment Manager 10 June 2026
Docusign Envelope ID: 22733F7D-C525-8D78-834E-1F498A161B7E
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Statement of Authorised Corporate Director’s Responsibilities
The Alternative Investment Fund Manager (AIFM) is responsible for preparing the Financial Statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.
The Financial Conduct Authority’s Collective Investment Schemes Sourcebook (“COLL”) and FUND sourcebook requires the AIFM to ensure that the Financial Statements for each accounting period give a true and fair view of the financial affairs of the Scheme and of the net income / expenses and of the net gains / losses on the property of the Scheme for that year.
In preparing the Financial Statements the AIFM is required to:
• select suitable accounting policies and apply them consistently;
• make judgments and estimates that are reasonable and prudent;
• comply with the Prospectus, generally accepted accounting principles and applicable accounting standards subject to any material departures which are required to be disclosed and explained in the Financial Statements;
• comply with the disclosure requirements of the Statement of Recommended Practice for Financial Statements and Authorised Funds;
• keep proper accounting records which enable it to demonstrate that the accounts as prepared comply with the above requirements;
• prepare the Financial Statements on the going concern basis unless it is inappropriate to presume that the Scheme will continue in operation; and
• manage the Fund (Alternative Investment Fund [AIF]) and undertake risk management for the Fund in accordance with the AIFM directive, the Alternative Investment Fund Managers Regulations 2013, and the FCA rules.
The AIFM is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financi al position of the Scheme and to enable them to ensure that the Financial Statements comply with the COLL and FUND Sourcebooks. The AIFM is also responsible for safeguarding the assets of the Scheme and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. This function is performed by the ACD, and references to the ACD include the AIFM as applicable.
In so far as the AIFM is aware:
• There is no relevant audit information of which the Scheme’s auditors are unaware; and
• The AIFM has taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
Docusign Envelope ID: 22733F7D-C525-8D78-834E-1F498A161B7E
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Statement of Depositary’s Responsibilities and Depositary Report to Shareholders
For the p period ended 31 March 2026
The Depositary must ensure that the MGTS Progeny ProFolio Model Fund (the “Company”) is managed in accordance with the Financial Conduct Authority’s Collective Investment Schemes Sourcebook, and, from the 22 nd July 2014 the Investment Funds Sourcebook, the Open - Ended Investment Companies Regulations 2001 (SI 2001/1228), as amended, the Financial Services and Markets Act 2000, as amended, (together “the Regulations”), the Company’s Instrument of Incorporation an d Prospectus (together “the Scheme documents”) as detailed below.
The Depositary must in the context of its role act honestly, fairly, professionally, independently and in the interests of th e Company and its investors.
The Depositary is responsible for the safekeeping of all custodial assets and maintaining a record of all other assets of the Company in accordance with the Regulations.
The Depositary must ensure that:
• the Company’s cash flows are properly monitored and that cash of the Company is booked into the cash accounts in accordance with the Regulations;
• the sale, issue, repurchase and cancellation of shares are carried out in accordance with the Regulations;
• the value of shares of the Company are calculated in accordance with the Regulations;
• any consideration relating to transactions in the Company’s assets is remitted to the Company within the usual time limits;
• the Company’s income is applied in accordance with the Regulations; and
• the instructions of the Alternative Investment Fund Manager (“the AIFM”) are carried out (unless they conflict with the Regulations).
The Depositary also has a duty to take reasonable care to ensure that the Company is managed in accordance with the Scheme documents and the Regulations in relation to the investment and borrowing powers applicable to the Company.
Having carried out such procedures as we consider necessary to discharge our responsibilities as Depositary of the Company, i t is our opinion, based on the information available to us and the explanations provided, that in all material respects the Com pany , acting through the AIFM:
i. has carried out the issue, sale, redemption and cancellation, and calculation of the price of the Company’s shares and the application of the Company’s income in accordance with the Regulations and the Scheme documents of the Company; and
ii. has observed the investment and borrowing powers and restrictions applicable to the Company in accordance with the Regulations and Scheme documents of the Company.
For and on behalf of The Bank of New York Mellon (International) Limited 160 Queen Victoria Street London EC4V 4LA
Manager 30 July 2026
Docusign Envelope ID: 22733F7D-C525-8D78-834E-1F498A161B7E
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Authorised Status
MGTS Progeny ProFolio Model 30 - 50% Shares Fund, MGTS Progeny ProFolio Model 50 - 70% Shares Fund, MGTS Progeny ProFolio Model 70 - 90% Shares Fund, MGTS Progeny Income ProFolio 30 - 50% Shares Fund and MGTS Progeny Income ProFolio 50 - 70% Shares Fund, are Sub - funds of the MGTS Progeny ProFolio Model Fund, which is an open - ended investment company with variable capital incorporated in England and Wales under registration number IC 114762 , authorised and regulated by the Financial Conduct Authority with effect from 11 November 20 22 .
The Fund is classed as a UCITS, which complies with the requirements of the FCA FUND and COLL handbooks. Shareholders are not liable for the debts of the Fund.
Certification of Accounts by Directors of the ACD
This report is signed in accordance with the requirements of the Collective Investment Schemes Sourcebook (COLL) as issued and amended by the Financial Conduct Authority.
M D Jealous T J Ricketts
Margetts Fund Management Limited 30 July 2026
Value for Money Assessment
Under rules set out within the Collective Investment Schemes sourcebook (COLL), we are required to conduct an Assessment of Value ( AoV ) at least annually on each fund and report publicly on our conclusions. The AoV review covers the 7 pillars defined within the sourcebook: Performance, Quality of Service, AFM Costs, Economies of Scale, Comparable Market Rates, Comparable Services and Clas ses of Units. Each Sub - fund within the range is assessed independently against each of the pillars.
We conducted our latest assessment as at the accounting year - end date of the F und.
MGTS Progeny ProFolio Model 30 - 50% Shares Fund We have concluded that the Sub - fund is delivering overall value to investors across all seven pillars of the AoV assessment.
We assess the performance of the Sub - fund over multiple time periods. Despite some performance being observed that was lower relative to the comparator benchmark, the assessment concluded that value is still being delivered for the Performance pillar.
We believe that charges are justified based on the assessment and no remedial action has been identified at this time.
MGTS Progeny ProFolio Model 50 - 70% Shares Fund We have concluded that the Sub - fund is delivering overall value to investors across all seven pillars of the AoV assessment.
We assess the performance of the Sub - fund over multiple time periods. Despite some performance being observed that was lower relative to the comparator benchmark, the assessment concluded that value is still being delivered for the Performance pillar.
We believe that charges are justified based on the assessment and no remedial action has been identified at this time.
MGTS Progeny ProFolio Model 70 - 90% Shares Fund We believe that the Sub - fund is delivering overall value to investors across all assessed pillars.
We believe that charges are justified based on the assessment and no remedial action has been identified at this time.
Docusign Envelope ID: 22733F7D-C525-8D78-834E-1F498A161B7E
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Value for Money Assessment (continued)
MGTS Progeny Income ProFolio 30 - 50% Shares Fund We believe that the Sub - fund is delivering overall value to investors across all assessed pillars. Performance was not assessed due to limited available performance history.
We believe that charges are justified based on the assessment and no remedial action has been identified at this time.
MGTS Progeny Income ProFolio 50 - 70% Shares Fund We believe that the Sub - fund is delivering overall value to investors across all assessed pillars. Performance was not assessed due to limited available performance history.
We believe that charges are justified based on the assessment and no remedial action has been identified at this time.
Task Force on Climate - related Financial Disclosures (‘TCFD’)
In accordance with current Financial Conduct Authority rules, the ACD is required to publish its own TCFD report and that of each Sub - fund. The report can be found by visiting our website https://investors.mgtsfunds.com/disclosures . The TCFD disclosure of each Sub - fund is reviewed on an annual basis and may not include Sub - funds that were launched or transferred to Margetts after the review.
Investor Notification
• Two new Sub - funds MGTS Progeny Income Profolio 30 - 50% Shares Fund and MGTS Progeny Income Profolio 50 - 70% Shares Fund were launched on 10 March 2025.
• Moore Kingston Smith LLP, formerly Shipleys LLP, was appointed as auditor to the Fund by the ACD with effect from 6 May 2025 .
• The annual management charge (“AMC”) has changed as set out in the table below. In addition, the Depositary, Custodian, Transfer Agency and Audit fees, which were previously charged separately, from 1 st July 2025 will be paid from within the AMC.
Sub - fund AMC to 30 th June 2025 AMC from 1 st July 2025 MGTS Progeny ProFolio Model 30 - 50% Shares Fund 0.50% 0.47% MGTS Progeny ProFolio Model 50 - 70% Shares Fund 0.50% 0.44% MGTS Progeny ProFolio Model 70 - 90% Shares Fund 0.50% 0.46%
• The financial year - end date has been changed from 31 December to 31 March for all five Sub - funds, with effect from 31 October 2025. As a result, this annual report covers an extended 15 - month reporting period from 1 January 2025 to 31 March 2026.
Docusign Envelope ID: 22733F7D-C525-8D78-834E-1F498A161B7E
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Independent Auditor’s Report
To the shareholders of MGTS Progeny ProFolio Model Fund
Opinion
We have audited the financial statements of the MGTS Progeny ProFolio Model Fund (‘the Fund’), and its Sub - funds for the period ending 31 March 2026 which comprise the Statement of Change in Net Assets Attributable to Shareholders, the Balance Sheet, the Statement of Total Return, the related notes including significant accounting policies and the Distribution Tables. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting S tandard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice) and the Statement of Recommended Practice ‘Financial Statements of Authorised Funds’ issued by the Investment Association (the ‘Statement of Recomm ended Practice for Authorised Funds’).
In our opinion the financial statements:
• give a true and fair view of the financial position of the Fund ’s and it’s Sub - funds ’ as at 31 March 2026 and of the net revenue and net capital gains on the property of the Fund for the period then ended;
• have been properly prepared in accordance with the Statement of Recommended Practice relating to Authorised Funds, the rules of the Collective Investment Schemes Sourcebook issued by the Financial Conduct Authority, the Prospectus, and United Kingdom Gener ally Accepted Accounting Practice;
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of the financial statements section of our report. We are independent of the fund in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other eth ical responsibi lities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Authorised Corporate Director’s (ACD’s) use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the fund’s ability to continue as a going concern for a period of at l east twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the ACD with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The ACD is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our re port, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Authorised Corporate Director’s Report
In our opinion, the information given in the Authorised Corporate Director’s Report for the financial year for which the fina ncial statements are prepared is consistent with the financial statements.
Docusign Envelope ID: 22733F7D-C525-8D78-834E-1F498A161B7E
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Independent Auditor’s Report (continued)
Opinion on matters required by the Collective Investment Schemes Sourcebook
In our opinion, we have obtained all the information and explanations we consider necessary for the purpose of the audit.
Collective Investment Schemes Sourcebook Exception Reporting
Under the Collective Investment Schemes sourcebook we are also required to report to you if, in our opinion: • proper accounting records have not been kept; or
• the financial statements are not in agreement with the accounting records.
We have no exceptions to report arising from this responsibility.
Responsibilities of the ACD
As explained more fully in the ACD’s responsibilities statement, the ACD is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the ACD determines i s nece ssary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the ACD is responsible for assessing the fund’s ability to continue as a going concern , disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the ACD ei ther intends to liquidate the fund or to cease operations, or have no realistic alternative but to do so.
Auditor’s Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a hi gh level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individuall y or in agg regate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basi s for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the fund’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the ACD.
• Conclude on the appropriateness of the ACD’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the fund’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opini on. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the fund to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
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Independent Auditor’s Report (continued)
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non - compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
• The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and de tection of fraud rests with both management and those charged with governance of the fund.
Our approach was as follows: • We obtained an understanding of the legal and regulatory requirements applicable to the fund and considered that the most significant are the Collective Investment Scheme Sourcebook, UK financial reporting standards as issued by the Financial Reporting Cou ncil, UK taxation legislation, and the Prospectus.
• We obtained an understanding of how the fund complies with these requirements by discussions with management and those charged with governance.
• We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
• We inquired of management and those charged with governance as to any known instances of non - compliance or suspected non - compliance with laws and regulations.
• Based on this understanding, we designed specific appropriate audit procedures to identify instances of non compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corrob orative evidence as required.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of no n compliance with laws and regulations that are not closely related to events and transactions reflected in the financial state ment s. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting f rom error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through co llusion.
Use of our report
This report is made solely to the shareholders of the Fund, as a body, in accordance with Rule 4.5.12 of the Collective Inves tment Scheme Sourcebook (COLL) of the Financial Conduct Authority (FCA). Our audit work has been undertaken so that we might state to the Fund’s shareholders those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Fund and the Fund' s member s as a body, for our audit work, for this report, or for the opinions we have formed.
Robert Wood (Senior Statutory Auditor) For and on behalf of Moore Kingston Smith LLP Chartered Accountant and Statutory Auditor 6 th Floor, 9 Appold Street London EC2A 2AP 30 July 2026
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Notes to all Sub - fund ’s Financial Statements
As at 31 March 2026
1 Accounting Policies
a) Basis of Preparation
The Financial Statements have been prepared in accordance with the following: (i) FRS 102 “The Financial Reporting Standards Applicable in the UK and Republic of Ireland” (ii) The Statement of Recommended Practice (“SORP”) for Financial Statements of UK Authorised Funds issued by the Investment Association in May 2014 and amended in June 2017 (iii) The Open - Ended Investment Companies Regulations 2001 (''the OEIC Regulations'') (iv) The FCA's Collective Investment Schemes Sourcebook (''COLL'') (v) The FCA's Investment Funds Sourcebook (''FUND'') (vi) The Fund's Instrument of Incorporation
The Financial Statements have been prepared under the historical cost basis, as modified by the revaluation of investments and certain financial instruments at fair value.
b) Valuation of investments
Listed investments are valued at bid market value on the Balance Sheet date net of any accrued interest which is included in the Balance Sheet as an income related item.
Collective investment schemes are valued at quoted bid prices for dual priced funds and at quoted prices for single priced funds, on the last business day of the accounting period.
Delisted instruments are valued by the ACD considering, where appropriate, latest dealing prices, valuations from reliable sources, financial performance, and other relevant factors.
Equities and bonds are valued at bid value on the balance sheet date using publicly available pricing information.
Structured products are initially recognised at transaction price and subsequently at fair value. This is determined using observable market inputs where available, including quoted prices for identical or similar instruments.
Cash and cash equivalents comprise cash at bank, demand deposits and other short - term highly liquid investments that are readily convertible to known amounts of cash, and which are subject to an insignificant risk of changes in value. This may include inve stments in money market funds where these are held for the purpose of meeting short - term cash commitments and meet the definition of cash equivalents. Money market funds held for investment purposes are classified as investments.
c) Functional and Presentation Currency
Items included in the Financial Statements are measured using the currency of the primary economic environment in which the Fund operates (the "functional currency"). The Financial Statements are presented in Pounds sterling, which is the Fund's functional and presentation currency.
d) Realised and Unreali s ed Gains and Losses
Realised gains and losses are calculated as the proceeds from disposal less book cost. Unrealised gains and losses are calculated with reference to the original recorded value of the asset or liability, and only the element of gains or loss within the acco unting period is recorded in the Financial Statements. All unrealised and realised gains and losses are capital in nature and do not form part of the Fund’s distributable income.
e) Foreign Exchange Rates
Transactions in foreign currencies are recorded in Pound Sterling at the rate ruling at the date of the transactions. Assets and liabilities expressed in foreign currencies at the end of the accounting period are translated into Pound Sterling at the closi ng middle exchange rates ruling on that date.
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1 Accounting Policies (continued)
f) Recognition of Revenue
(i) Dividends from quoted equity and non - equity shares are recorded net of any attributable tax credits when the security is quoted ex - dividend. Overseas dividends, received after deduction of withholding tax, are presented gross of taxation, with the related tax impact reflected within the tax charge. Special dividends are classified as either revenue or capital based on the nature and circumstances of the dividend received.
(ii) Property Income Distribution is recognised gross.
(iii) Distributions from collective investment schemes are recognised when the schemes are quoted ex distributions. Equalisation returned with the distribution is deducted from the cost of investment and does not form part of the distributable revenue. Accumulat ion of revenue relating to accumulation units or shares held in collective investment schemes is recognised as revenue and included in the amount available for distribution. Reportable income from funds with ‘Reporting Fund’ status for UK tax purposes is r ecognised when the information is made available by the Reporting Fund.
(iv) Interest on debt securities is recognised on an accrual basis, reflecting the effective yield of the investment and classified as revenue. Under the effective yield method, any discount or premium on the purchase price is amortised or accreted over the rem aining life of the investment, based on estimated future cash flows. Interest on bank and other cash deposits is recognised on an accrual basis.
(v) Rebates of annual management charges on underlying investments are recognised as income when the entitlement to the rebate arises and the amount can be measured reliably.
(vi) Special dividends are reviewed on a case - by - case basis in determining whether the amount is revenue or capital in nature. Where there is evidence to treat all or some of such receipts as revenue, such amounts are recognised as dividend revenue of the Fund . Any tax treatment would follow the accounting treatment of the principal amount.
(vii) Returns from derivative contracts and structured products are accounted for in accordance with the motives and circumstances of the transaction. The net distributions or dividends from the underlying instrument attached to total return swaps are recognized as revenue. The net interest receivable or payable on interest rate swaps is accounted for on an accruals basis and is included within revenue.
g) Treatment of Expenses
Annual Management Charge is deducted from Income for all Sub - Funds, unless otherwise stated in the Fund prospectus. All other expenses are charged against Income except for costs associated with the purchase and sale of investments which are charged agains t Capital.
The majority of expenses are recorded on an accrual basis; however, the Fund may incur additional allowable expenses which are charged as and when they are incurred.
h) Allocation of Revenue and Expense to Multiple Share Classes
Any revenue or expense not directly attributable to a particular share class will be allocated pro - rata to the net assets of the relevant share classes unless a different allocation method is more appropriate.
All share classes are ranked side by side and have no particular right or terms attached, including on winding up.
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1 Accounting Policies (continued)
i) Taxation
(i) The Fund is treated as a corporate shareholder with respect to its underlying holdings and its income is subject to streaming into franked and unfranked income .
(ii) Corporation tax is provided at 20% on income, other than the franked portion of distributions from collective investment schemes, after deduction of deductible expenses.
(iii) Deferred tax is provided in respect of timing differences that have originated but have not been reversed at the Balance Sheet date. Deferred tax assets are recognised only to the extent that they are more likely than not to be recoverable. Deferred tax assets and liabilities are not discounted to reflect the time value of money.
j) Financial Derivative Instrument
(i) Currency contracts Realised gains or losses, equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed, are recorded upon delivery or receipt of the currency or, if a spot or forward curren cy contract is offset by entering another spot or forward currency contract with the same broker, upon settlement of the net gain or loss.
(ii) Futures and Options contracts - Futures and Options contracts are marked to market daily and an appropriate gain or loss for the change in value (‘variation margin’) is recorded by the Fund as realised.
(iii) Efficient portfolio management Where appropriate, certain permitted transactions such as derivatives or forward currency transactions are used for efficient management. Where such transactions are used to protect or enhance revenue, the revenue and expenses derived therefrom are included in ‘Revenue’ or ‘Expenses’ in the statement of total return. Where such transactions are used to protect or enhance capital, the gains and losses derived therefrom are included in ‘Net capital gains’ in the statement of total return. Any positions on such transactions open at the period end are reflected in the Balance Sheet at their mark to market value.
k) Going Concern
The ACD is of the opinion that it is appropriate to continue to adopt a going concern basis in the preparation of the accounts as the assets of the Fund consist predominantly of securities which are readily realisable and, accordingly, the Fund has adequat e financial resources to continue in operational existence for the foreseeable future.
l) Use of Estimates and Judgements
In the application of the Fund’s accounting policies as detailed above, management is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily available from other sources. The estimat es and associated assumptions are based on historical experience and other factors considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.
No critical judgements have been made by management in applying the accounting policies of the Fund. Furthermore, there are no significant areas of estimation uncertainty affecting the carrying amounts of assets and liabilities as at reporting date.
m) Dilution Adjustment
The ACD may require a dilution adjustment on the purchase and redemption of shares if, in its opinion, the existing shareholders (for purchases) or remaining shareholders (for redemptions) might otherwise be adversely affected. For example, the dilution ad justment may be charged in the following circumstances: where the scheme property of the Fund is in continual decline; where the Fund is experiencing large levels of net purchases relative to its size; on ‘large deals’; in any case where the ACD is of the opinion that the interests of existing or remaining shareholders require the imposition of a dilution adjustment.
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16 Margetts Fund Management Limited
1 Accounting Policies (continued)
n) Cash Flow Statement
The Fund is exempt from the requirement to produce a Cash Flow Statement in accordance with Section 7 of FRS 102.
2 Distribution Policy
Basis of Distribution
The Fund will distribute all revenue disclosed in the Financial Statements (less expenses and taxation) subject to an adjustment for other expenses deemed to be of a capital nature. Should expenses and taxation exceed revenue, there will be no distribution, and the shortfall will be met from Capital.
Income earned in an interim accounting period may not all be distributed immediately but retained and used to ensure that distributions paid throughout the year are broadly similar. This policy of 'smoothing' may be used. Interim distributions may be made at the ACD’s discretion.
Equalisation
Equalisation applies only to units purchased during the distribution period. It is the average amount of income included in the purchase price of all group 2 units and is refunded to holders of these units as a return of capital. Being capital, it is not l iable to UK income tax and must be deducted from the cost of the units for UK capital gain tax purposes.
Unclaimed Distributions
All distributions unclaimed for a period of six years after having become due for payment shall be forfeited and shall revert to the capital of the Fund in accordance with COLL.
3 Risk Management Policies
In pursuing its investment objective, the Fund holds a number of financial instruments. The Funds’ financial instruments comprise securities held in accordance with the investment objectives and policies together with cash balances, debtors and creditors t hat arise directly from its operations, for example, in respect of sales and purchases awaiting settlement, amounts receivable for issues and payable for redemptions and debtors for accrued income.
The main risks arising from the Fund’s financial instruments and the ACD’s policies for managing these risks are summarised below. These polic i es have been applied throughout the year.
The Fund is managed according to COLL 5 ‘Investment and Borrowing Powers’ which ensures the Fund achieves the statutory objective of protecting consumers by laying down the minimum standards for the investments that may be held by an authorised fund. In pa rticular: (a) the proportion of transferable securities and derivatives that may be held by an authorised fund is restricted if those transferable securities and derivatives are not listed on an eligible market the intention of this is to restrict the tran sferable securities and derivatives that cannot be accurately valued and readily disposed of; and (b) the authorised funds are required to comply with a number of investment rules that require the spreading of risk.
The main risks from the Fund’s holding of financial instruments with the ACD’s policy for managing these risks are set out below:
(i) Credit and Counterparty Risk – Certain transaction s in securities that the Fund enters into expose it to the risk that the counterparty will not deliver the investment for a purchase, or cash for a sale after the Fund has fulfilled its responsibilities. Adhering to investment guidelines and avoiding excessive exposure to one particular issuer can limit credit risk. The Fund only buys and sells investment through brokers which have been approved by the ACD as an acceptable counterparty.
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3 Risk Management Policies (continued)
(ii) Interest Rate Risk – The risk that the value of the Fund’s investments will fluctuate because of interest rate changes. The value of fixed interest securities may be affected by changes in the interest rate environment, either globally or locally. Changes in the rate of return in one asset class may influence the valuation basis of other classes. The amount of income receivable from fixed interest securities and bank balances, or payable on bank overdrafts will be affected by fluctuations in interest rates. Numerical disclosure of the interest rate risk profile is made within Note 16 of the Financial Statements .
(iii) Foreign Currency Risk – A portion of the Fund’s assets and income are denominated in currencies other than Pounds sterling, which is the currency of shares in the Fund. The income and capital value of the Fund’s investments can be significantly affected by foreign currency trans lation movements. The principal area where foreign currency risk could impact the Fund is movement in exchange rates affecting the value of investments. The ACD has the responsibility for monitoring the foreign currency risk of the Fund and does this by reviewing the underlying exposure to foreign currencies on the security holdings and cash positions. Where it is considered necessary the manager will use forward foreign currency contracts to reduce the risk to this underlying foreign cu rrency exposure. The purpose of any forward foreign currency contract is to manage the currency risk arising from the Fund’s investment activities. Open positions, which are all covered, are included in the net current assets attributable to shareholders a s shown in the Balance Sheet. Numerical disclosure of the foreign currency risk profile is made within Note 16 of the Financial Statements .
(iv) Liquidity Risk – The main liability of the Fund is the cancellation of any shares that investors want to sell. Securities may have to be sold to fund such cancellations should insufficient cash be held at the bank to meet this obligation.
In addition, certain listed securities, and instruments, particularly securities and instruments of smaller capitalised or less seasoned issuers, may from time to time lack an active secondary market and may be subject to more abrupt or erratic price movem ents than securities of larger, more established companies or stock market averages in general. In the absence of an active secondary market the Fund’s ability to purchase or sell such securities at a fair price may be impaired or delayed.
(v) Market Price Risk – Market price is the risk that the value of the Fund’s investment holding will fluctuate because of changes in market prices caused by factors other than interest rate or foreign currency movement. Market price risk arises mainly from uncertainty about the future prices of financial instruments the Fund holds. It represents the potential loss the Fund might suffer through holding market positions in the face of price movements.
The Fund’s investment portfolio is exposed to market price fluctuations which are monitored by the Investment Manager in pursuance of the investment objective and policy as set out in the Prospectus.
Investment limits set out in the Instrument of Incorporation , Prospectus and in the rules contained in Collective Investment Schemes Sourcebook mitigate the risk of excessive exposure to any particular security or issuer.
(vi) Fair Value of Financial Assets and Financial Liabilities – There is no material difference between the value of the financial assets and liabilities, as shown in the Balance Sheet, and their fair value.
(vii) Leverage – In accordance with the Alternative Investment Fund Managers Directive (“AIFMD”) and the IA SORP issued in May 2014 and amended in June 2017 , as ACD we are required to disclose any leverage of the Fund. Leverage is defined as any method by which the Fund increases its exposure through borrowing or the use of derivatives (calculated in accordance with the commitment method approach (AIFMR artic le 8)) divided by the net asset value.
The Fund’s exposure is defined with reference to the ‘Commitment’ method. Commitment method exposure is calculated as the sum of all positions of the Fund, including derivative after accounting for netting and hedging positions and is disclosed within Note 18 of the Financial Statements.
(viii) Operational risk – – Operational risk is the risk of loss arising from systems failure, human error, fraud or external events. When controls fail to perform, operational risks can cause damage to reputation, have legal or regulatory implications, or lead to financial loss. The Fund cannot eliminate operational risks but, through the continual review and assessment of its control environment, by monitoring and responding to potential risks, they can be managed.
High level controls include effective segregation of duties, trade confirmation checking and reconciliation procedures, incident reporting and oversight of delegated functions .
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MGTS Progeny ProFolio Model 30 - 50% Shares Fund Report & Accounts
Investment Manager ’s Report
For the p period ended 31 March 2026
Investment Objective The objective of the Sub - fund is to provide capital growth, with the potential for income, over any 4 - year period.
Investment Policy This Sub - fund provides exposure to shares that can vary between 30% and 50%. Exposure to shares may be to any economic sector or geographical area. It is expected that under normal circumstances that UK shares (defined as domiciled, incorporate d or carryin g out a significant part of their business in the UK) will represent a greater proportion of the shares than the UK stock market’s proportion of the global stock market (e.g. FTSE World).
The Sub - fund may also provide exposure to alternative asset classes, such as property and commodities, which are intended to improve the overall risk reward profile of the Sub - fund. Exposure to alternative asset classes will be limited to 30%.
The balance of exposure will be to bonds (which may include government, corporate, sub investment grade and inflation linked) and cash.
Exposure to bonds may be to any economic sector or geographical area. It is expected under normal circumstances that the majority of exposure will be held in UK bonds or in bonds where the currency exposure is hedged to GBP (reducing currency ris k for a UK based investor). Exposure will be based on long - term expectations and may change without notice.
Exposure to cash will vary depending upon prevailing circumstances and although it would normally not exceed 10% of the total value of the Sub - fund, there may be times when the Investment Manager considers stock markets around the world to be overpriced or that a period of instability exists which presents unusual risks. In such cases or during such periods, a higher level of liquidity may be maintained and, if considered prudent, the exposure to cash or near cash instruments held would be increased. Unless market conditions were deemed unusually risky, the increased exposure and period would not be expected to exceed 30% and six months respectively.
To provide the above exposure, a minimum of 70% of the Sub - fund will be invested in active and/or passively managed collective investment schemes (which may include schemes operated by the ACD, associates or controllers of the ACD). The Sub - fund may also i nvest directly (maximum of 30%) in transferable securities, such as shares, bonds, investment trusts or structured products.
In providing the above exposure the Sub - fund may hold a mixture of investment strategies that are selected to help reduce volatility or improve returns in normal markets, such as funds of structured products. These strategies may have features tha t alter t he returns from an underlying basket of assets (typically equity indices – e.g. FTSE 100, S&P 500), with the objective of delivering returns within a defined range as a result of foregoing higher growth and protecting from falls in value. At times this ran ge may not be achieved, in which case the structure may provide a loss that will be similar to investing directly in the underlying asset. For these purposes, defined range means a return based on certain scenarios and providing certain condition s are met, that is agreed in advance between the parties.
A look through of collective investment schemes and transferable securities will be used when calculating and monitoring adherence to the exposure limits set out above. This process involves considering the underlying exposure to allocate between shares, a lternatives and bonds.
The use of derivatives and/or hedging transactions are permitted in connection with efficient portfolio management (managing the Sub - fund in a way that is designed to reduce risk or cost and/or generate extra income or growth or both). The Sub - fund may hol d assets which embed derivatives that are used for investment purposes and efficient portfolio management, although this would not materially affect the risk exposure of the Sub - fund.
The Sub - fund will be actively managed. This means that the Investment Manager will use their expertise to select investments, rather than tracking a stock exchange or index.
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Investment Manager’s Report (continued)
Performance Comparison There are three types of benchmarks which can be used:
1. A target - an index or similar factor that is part of a target a fund manager has set for a fund’s performance to match or exceed, which includes anything used for performance fee calculation
2. A constraint - an index or similar factor that fund managers use to limit or constrain how they construct a fund’s portfolio
3. A comparator - an index or similar factor against which a fund manager invites investors to compare a fund’s performance
The Sub - fund does not have a performance target and is not constrained by any index, IA sector or similar factor.
The IA (Investment Association) Mixed Investment 20 - 60% Share Sector can be used as a comparator. The sector is considered appropriate for investors to use when comparing performance, as the asset allocation of the Sub - fund is similar to the asset allocation of other funds in this sector. The sector is n ot constructed as an index, therefore as funds enter or leave the sector the composition can change.
Investment Review
Source: Morningstar. Performance is bid to bid with income reinvested.
Benchmarks IA Mixed Investment 20 - 60% Shares 9 . 84 % *
Source: Morningstar. Performance is bid to bid with income reinvested.
* From 01 /0 1 /2 02 5 to 31/03/2 02 6
Progeny Asset Management Limited Investment Manager 10 June 2026
MGTS Progeny ProFolio Model 30 - 50% Shares Fund Acc 7. 52 % *
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Portfolio S tatement As at 31 March 2026 % OF NET ASSETS HOLDING INVESTMENT VALUE (£) 31.03.2026 31.12.2024 CLOSED - ENDED FUNDS TOTAL PROPERTY - - 0.57
TOTAL SPECIALIST - - 1.18
COLLECTIVE INVESTMENT SCHEMES £ CORPORATE BOND 4,381,207 M&G STRATEGIC CORPORATE BOND FUND M ACC 4,521,406 3.1 8 3,192,261 MAN GLG STERLING CORPORATE BOND FUND INSTITUTIONAL ACC F
4,504,281 3.17
2,920,196 ROYAL LONDON INV GRADE SD CREDIT Z ACC 3,273,5 39 2.30 TOTAL £ CORPORATE BOND 12,299,226 8.6 5 14.7 4
ASIA PACIFIC EXCLUDING JAPAN 628,725 JUPITER MERIAN ASIA PACIFIC I GBP ACC 2,670,322 1.88 TOTAL ASIA PACIFIC EXCLUDING JAPAN 2,670,322 1.88 1.72
EUROPE EXCLUDING UK 816,896 BLACKROCK EUROPEAN DYNAMIC FUND FX ACC 2,506,810 1.76 175,726 L&G QUALITY EQUITY DIVIDENDS ESG EXCLUSIONS EUROPE EX UK UCITS ETF 1
2,586,660 1.82
TOTAL EUROPE EXCLUDING UK 5,093,470 3.58 2.4 0
FINANCIALS AND FINANCIAL INNOVATION 204,043 POLAR CAPITAL GLOBAL INSURANCE FUND I ACC 2,724,306 1.92 TOTAL FINANCIALS AND FINANCIAL INNOVATION 2,724,306 1.92 -
FLEXIBLE INVESTMENT 512,458 TROY TROJAN O ACC 2,275,260 1.60 TOTAL FLEXIBLE INVESTMENT 2,275,260 1.60 1.55
TOTAL GLOBAL - - 0.78
GLOBAL CORPORATE BONDS 34,408 VANGUARD GLOBAL CORPORATE BOND INDEX FUND INSTITUTIONAL PLUS GBP HEDGED ACC
3,946,364 2.78
TOTAL GLOBAL CORPORATE BONDS 3,946,364 2.78 11.6 8
GLOBAL EMERGING MARKETS 1,341,281 INVESCO GLOBAL EMERGING MARKETS FUND UK M ACC 4,352,323 3.06 TOTAL GLOBAL EMERGING MARKETS 4,352,323 3.06 2.7 7
GLOBAL GOVERNMENT BOND 7,398,239 FIDELITY INDEX GLOBAL GOVERNMENT BOND FUND S ACC SHARES HEDGED
8,232,021 5.79
4,779,031 IFSL ARBION SOVEREIGN OPPORTS Z GBP ACC 4,719,293 3.32 TOTAL GLOBAL GOVERNMENT BOND 12,951,314 9.11 -
GLOBAL INFLATION LINKED BOND 8,677,120 ROYAL LONDON SHORT DURATION GLOBAL INDEX LINKED FUND INC Z
9,596,895 6.75
TOTAL GLOBAL INFLATION LINKED BOND 9,596,895 6.75 -
TOTAL GLOBAL MIXED BOND - - 12.9 8
JAPAN 1,009,773 FIDELITY INDEX JAPAN P ACC 2,829,485 1.99 TOTAL JAPAN 2,829,485 1.99 1.75
NORTH AMERICA 2,785,862 CG RIVER ROAD US LARGE CAP VALUE SELECT FUND F GBP ACC 2,516,469 1.77 1,901,257 FIDELITY INDEX US FUND P ACC 9,935,780 6.99 317,301 HSBC US MULTI - FACTOR EQUITY FUND INSTITUTIONAL A ACC 3,017,250 2.12 17,587 INVESCO RUSSELL 2000 UCITS ETF ACC 1 1,706,915 1.20
Docusign Envelope ID: 22733F7D-C525-8D78-834E-1F498A161B7E
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21 Margetts Fund Management Limited
% OF NET ASSETS HOLDING INVESTMENT VALUE (£) 31.03.2026 31.12.2024 19,704 VANGUARD U.S. EQUITY INDEX FUND INSTITUTIONAL PLUS GBP ACC
8,950,335 6.29
TOTAL NORTH AMERICA 26,126,749 18.37 13. 89
TOTAL NORTH AMERICAN SMALLER COMPANIES - - 1.97
PROPERTY 401,709 ISHARES UK PROPERTY UCITS ETF GBP (DIST) 1 1,572,892 1.11 TOTAL PROPERTY 1,572,892 1.11 -
SPECIALIST 203,295 POLAR CAPITAL GLOBAL INSURANCE FUND I HEDGED GBP DIST 2,682,559 1.89 TOTAL SPECIALIST 2,682,559 1.89 1.54
TARGETED ABSOLUTE RETURN 2,035,189 HENDERSON UK ABSOLUTE RETURN FUND I ACC 4,518,119 3.18 2,110,375 JUPITER MERIAN GLOBAL EQUITY ABSOLUTE RETURN FUND I GBP HEDGED ACC
5,393,275 3.79
31,795 POLAR GLOBAL ABSOLUTE RETURN - S GBP HEDGED ACC 5,338,952 3. 7 5 7,823,064 ROYAL LONDON ABSOLUTE RETURN GOVERNMENT BOND FUND CLASS Z GBP ACC
10,079,324 7.09
35,782 TM FULCRUM INCOME FUND F GBP ACC 5,404,131 3.80 TOTAL TARGETED ABSOLUTE RETURN 30,733,801 2 1.61 5. 39
UK ALL COMPANIES 369,812 FTF FRANKLIN UK RISING DIVIDENDS FUND W ACC 1,157,142 0.81 1,436,196 INVESCO UK ENHANCED INDEX FUND UK M ACC 4,642,216 3.2 7 1,626,763 INVESCO UK OPPORTUNITIES FUND (UK) M ACC 5,038,08 4 3.54 TOTAL UK ALL COMPANIES 10,837,442 7.6 2 7.88
UK EQUITY INCOME 461,297 JOHCM UK EQUITY INCOME A GBP ACC 3,072,701 2.16 TOTAL UK EQUITY INCOME 3,072,701 2.16 1.97
UK GILTS 66,223 VANGUARD UK S/T GILT IDX INS PL GBP ACC 6,736,675 4.74 TOTAL UK GILTS 6,736,675 4.74 8.9 3
TOTAL UK INDEX LINKED BONDS - - 4.02
REITS TOTAL PROPERTY OTHER - - 0.58
PORTFOLIO OF INVESTMENTS 140,501,784 9 8 . 8 0 98. 29 NET CURRENT ASSETS 1,707,572 1.20 1. 71 TOTAL NET ASSETS 142,209, 356 100.00 100.00 The investments have been valued in accordance with note 1(b). The investments are not traded on any regulated securities market unless stated otherwise . 1 Exchange traded fund s
Docusign Envelope ID: 22733F7D-C525-8D78-834E-1F498A161B7E
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22 Margetts Fund Management Limited
Financial Statements
Statement of Total Return
For the p period ended 31 March 2026
Notes 01. 01.2025 to 31.03.2026
01.01.2024 to 3 1. 12 .202 4 Income £ £ £ £ Net capital gains 4 8,555,27 7 6,316,352 Revenue 6 5,361,184 4,210,604 Expenses 7 (980,62 0 ) (773,397) Net revenue before taxation 4,380,56 4 3,437,207 Taxation 8 (468,299) (467,715) Net revenue after taxation 3,912,26 5 2,969,492 Total return before distributions 12,467,542 9,285,844 Finance costs: Distribution 9 (3,912,318) (2,969,393) Change in net assets attributable to shareholders from investment activities 8,555,224 6,316,451
Statement of Change in Net Asset Attributable to Shareholders
For the p period ended 31 March 2026
Notes 01.01.2025 to 31.03.2026
01.01.2024 to 31. 12 .202 4 £ £ £ £ Opening net assets attributable to shareholders 175,024,559 117,085,586
Amounts receivable on issue of shares 13,126,909 64,376,405
Amounts payable on cancellation of shares (58,109,460) (16,073,155)
Dilution adjustment (13,626) 13,037 (44,996,177) 48,316,287 Change in net assets attributable to shareholders from investment activities 8,555,224 6,316,451
Retained distribution on accumulation shares 3,625,750 3,306,235 Closing net assets attributable to shareholders 142,209,356 175,024,559
Docusign Envelope ID: 22733F7D-C525-8D78-834E-1F498A161B7E
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23 Margetts Fund Management Limited
Balance Sheet
As at 31 March 2026 Notes 31.03.2026 31. 12 .202 4 Assets £ £ £ £ Investment assets 1 40 , 501 ,7 8 4 172,037,091 Debtors 10 9,709,918 1,045,463 Bank balances 2,093,587 2,831,958 Total other assets 11,803,505 3,877,421 Total assets 15 2 , 305 ,2 8 9 175,914,512
Liabilities Creditors 11 10 ,0 93 , 12 1 876,014 Distribution payable on income shares 2,812 13,939 Total liabilities 10 ,0 95 , 93 3 889,953 Net assets attributable to shareholders 142,209,356 175,024,559
Docusign Envelope ID: 22733F7D-C525-8D78-834E-1F498A161B7E
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24 Margetts Fund Management Limited
Notes to the Financial Statements
As at 31 March 2026
4 Net Capital Gains 01.01.2025 to 01.01.2024 to 31.03.2026 31. 12 .202 4 £ £ Proceeds from sales of investments during the period 221,087,243 59,596,860 Original cost of investments sold during the period (214, 554 , 906 ) (56,573,945) Gains realised on investments sold during the period 6, 532 , 337 3,022,915 Net appreciation thereon already recognised in prior periods (3,616,616) (1,844,576) Net realised appreciation for the period 2,9 15,721 1,178,339 Net unrealised appreciation for the period 5, 638 , 916 5,138,013 Net gains on non - derivative securities 8,554,637 6,316,352 Net gains on currencies 64 0 Net capital gains on investments 8,555,27 7 6,316,352
5 Purchases, Sales and Transaction Costs 01.01.2025 to 31.03. 20 26
01.01.2024 to 31.12. 20 24 £ £ Closed - Ended Funds Purchases excluding transaction costs 285,583 1,487,781 Commissions and charges: 0.05% [0.05%] 143 794 Stamp duty and other charges: 0.31% [0.35%] 875 5,217 Trustee transaction charges: 0.01% [0.01%] 38 221 Purchases including transaction costs 286,639 1,494,013
Sales excluding transaction costs 3,284,955 846,111 Commissions and charges: 0.05% [0.05%] (1,642) (423) Stamp duty and other charges: 0.00% [0.00%] (27) (7) Trustee transaction charges: 0.00% [0.01%] (115) (79) Sales including transaction costs 3,283,171 845,602
Collective Investment Schemes Purchases excluding transaction costs 175,964,386 105,254,291 Commissions and charges: 0.00% [0.01%] 3,898 9,436 Trustee transaction charges: 0.00% [0.00%] 1,069 3,074 Purchases including transaction costs 175,969,353 105,266,801
Sales excluding transaction costs 216,714,374 58,541,619 Commissions and charges: 0.01% [0.00%] (10,910) (2,654) Trustee transaction charges: 0.00% [0.00%] (6,1 2 9) (1,280) Sales including transaction costs 216,697,3 3 5 58,537,685
REIT Purchases excluding transaction costs 17,129 468,643 Commissions and charges: 0.05% [0.05%] 9 234 Stamp duty and other charges: 0.51% [0.50%] 87 2,354 Trustee transaction charges: 0.04% [0.02%] 6 71 Purchases including transaction costs 17,231 471,302
Sales excluding transaction costs 1,135,366 293,176 Commissions and charges: 0.05% [0.05%] (568) (147) Stamp duty and other charges: 0.00% [0.00%] (9) (3) Trustee transaction charges: 0.00% [0.01%] (38) (29) Sales including transaction costs 1,134,751 292,997
Docusign Envelope ID: 22733F7D-C525-8D78-834E-1F498A161B7E
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25 Margetts Fund Management Limited
5 Purchases, Sales and Transaction Costs (continued)
01.01.2025 to 31.03. 20 26
01.01.2024 to 31.12. 20 24 £ £ Trustee transaction charges have been deducted in determining net capital Transaction charges are displayed as percentage of purchase/sale
Total commissions and charges: 0.01% [0.01%] 17,170 13,688 Total stamp duty and other charges: 0.00% [0.00%] 998 7,581 Total trustee transaction charges: 0.00% [0.00%] 7,39 5 4,754
Total charges displayed as percentage of average net asset value
Average portfolio dealing spread: 0.01% [0.02%]
6 Revenue 0 1 .01.2025 to 0 1 .01.202 4 to 31.03.2026 31. 12 .202 4 £ £ UK franked income 1,789,44 2 1,049,377 UK unfranked income 600,794 539,994 Bond interest 2,634,268 2,464,066 Overseas franked income 249,629 49,258 Overseas unfranked income - 73,355 Rebate of annual management charges 63,401 11,011 Money m arket fund i nterest - 5,737 Bank interest 23,650 17,806 Total revenue 5,361,184 4,210,604
7 Expenses 0 1 .01.2025 to 0 1 .01.202 4 to 31.03.2026 31. 12 .202 4 £ £ Payable to the ACD, associates of the ACD and agents of either: ACD's periodic charge 986 ,7 4 0 778,502 Registration fees 53 0 Transfer agency fee 24,938 18,259 Distribution costs 2,338 1,0 1 4 , 54 6 796,761 Payable to the Depositary associates of the Depositary and agents of either: Depositary's fee 46,44 3 57,073 Safe custody 11,407 10,879 57,850 67,952 Other expenses: Audit fee 9,175 7,200 Printing & publication fee 1,234 502 Professional fee - 104 License f ee 80 OCF reduction (102,265) (99,122) Total expenses 980,62 0 7 7 3 , 397
Docusign Envelope ID: 22733F7D-C525-8D78-834E-1F498A161B7E
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26 Margetts Fund Management Limited
8 Taxation 0 1 .01.2025 to 0 1 .01.202 4 to 31.03.2026 31. 12 .202 4 £ £ a) Analysis of the tax charge for the period : UK Corporation tax 468,299 467,715 Current tax charge (note 8b) 468,299 467,715 Total tax charge 468,299 467,715
b) Factors affecting the tax charge for the period : Net income before taxation 4,380,56 4 3,437,207 Corporation tax at 20% 876,113 687,442 Effects of: Franked dividends (407,814) (219,727) Corporation tax charge 468,299 467,715 Current tax charge for the period (note 8a) 468,299 467,715
c) Provision for deferred taxation: No provision for deferred taxation has been made in the current or prior accounting period .
9 Finance Costs 0 1 .01.2025 to 0 1 .01.202 4 to 31.03.2026 31. 12 .202 4 £ £ Distributions Interim 2,963,846 1,590,611 Final 690,355 1,743,290 3,654,201 3,333,901 Amounts deducted on cancellation of shares 315,871 107,898 Amounts received on issue of shares (57,754) (472,406) Finance costs: Distributions 3,912,318 2,969,393 Total finance costs 3,912,318 2,969,393
Represented by: Net revenue after taxation 3,912,26 5 2,969,492 Balance of revenue brought forward 130 31 Balance of revenue carried forward (7 7 ) (130) Finance costs: Distributions 3,912,318 2,969,393
10 Debtors 31.03.2026 31. 12 .202 4 £ £ Amounts receivable for issue of shares 17,787 968,217 Amounts receivable for investment securities sold 9,682,873 -
Accrued income: UK franked income - 15,295 Bond interest - 56,706 - 72,001 Prepayments 1,658 535 Other receivables - 133 Taxation recoverable 7,600 4,577 Total debtors 9,709,918 1,045,463
Docusign Envelope ID: 22733F7D-C525-8D78-834E-1F498A161B7E
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27 Margetts Fund Management Limited
11 Creditors 31.03.2026 31. 12 .202 4 £ £ Amounts payable for cancellation of shares 110,527 208,066 Amounts payable for investment securities purchased 9 ,7 57 ,8 9 3 Accrued expenses: Amounts payable to the ACD, associates and agents: ACD's periodic charge 113,81 5 60,373 Transfer agency fee 3,985 2,722 117,80 0 63,095 Amounts payable to the Depositary, associates and agents: Depositary's fees 8,450 33,383 Transaction charges 5,921 2,772 Safe custody fee 3,271 3,608 17,642 39,763 Other expenses 9,429 7,200 Corporation tax 79,830 557,890 Total creditors 10,093,121 876,014
12 Contingent Liabilities and Commitments
There were no contingent liabilities or outstanding commitments at the Balance Sheet date.
1 3 Related Party Transactions
Margetts Fund Management Limited as ACD, is a related party, and acts as principal in respect of all transactions of shares in the Company. The aggregate monies received through issues and paid on cancellations are disclosed in the statement of change in net assets attributable to shareh olders and N ote 9 .
Amounts paid to Margetts Fund Management Limited in respect of management services are disclosed in N ote 7 and amounts due at the end of the period in N ote 11 .
1 4 Shareholders’ Funds Acc Inc Opening number of shares 152,178,025 1,254,999 Shares issued 17,652,509 339,935 Shares redeemed (54,412,991) (1,097,260) Closing number of shares 115,417,543 497,674
1 5 Post Balance Sheet Events
There were no material post Balance Sheet events which have a bearing on the understanding of the Financial Statements.
Docusign Envelope ID: 22733F7D-C525-8D78-834E-1F498A161B7E
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1 6 Risk Disclosures
Debt securities may be held by the underlying investments of the Sub - f und. The Interest Rate Risk of these securities is managed by the relevant manager. The table below shows the Interest Rate Risk profile at the Balance Sheet date:
i. Interest risk 31.03.2026 31. 12 .202 4 £ £ Floating rate assets (Pounds sterling): 63,107 , 516 2,831,958
Assets on which interest is not earned (Pounds sterling): 84 , 8 81 , 7 2 1 173,082,554 Assets on which interest is not earned (US dollar): 1,729,392 Assets on which interest is not earned (E uro ): 2,586,660 -
Liabilities on which interest is not paid (Pounds sterling): ( 10 ,0 95 , 93 3) (889,953)
Net Assets 142,209,356 175,024,559
The floating rate financial assets and liabilities comprise bank balances, which earn or pay interest at rates linked to the UK base rate and collective investment schemes that pay interest distributions.
There are no material amounts of non - interest - bearing financial assets and liabilities, other than collective investment schemes, which do not have maturity dates.
ii. Currency risk 31.03.2026 31. 12 .202 4 £ £ Pounds S terling 13 7 , 893 , 304 175,024,559 US Dollar 1,729,392 Euro 2,586,660 Net Assets 142,209,356 175,024,559
1 7 Fair Value Techniques
Basis of Valuation 31.03.2026 31.03.2026 31. 12 .202 4 31. 12 .202 4 Assets Liabilities Assets Liabilities £ £ £ £ Level 1: Quoted Prices 5,866,466 - 4,073,450 Level 2: Observable market data 13 4 ,6 35 , 318 - 167,963,641 Level 3: Unobservable data - - - 1 40 , 501 ,7 8 4 - 172,037,091 -
Docusign Envelope ID: 22733F7D-C525-8D78-834E-1F498A161B7E
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1 8 Periodic Disclosure
The risk characteristics of the Sub - f und are explained in the Prospectus.
In order to assess the sensitivity of the Sub - f und’s portfolio to the risks to which the Sub - f und is or could be exposed, Margetts Fund Management Limited monitors relative value at risk, commitment, gross leverage and the results of stress tests.
The ACD has set limits considered appropriate to the risk profile of the Sub - f und. Any breaches of these limits are investigated by the Margetts risk committee and appropriate action taken if necessary.
Leverage is limited to overdraft use and the gross exposure from EPM techniques. Although the ACD may use derivatives for EPM, no collateral arrangements are currently in place and no asset re - use arrangements are in place.
The S ub - fund uses the Commitment Approach Method to calculate Global Exposure and has a limit of 100% of the Net Asset Value.
As the S ub - fund has not traded derivatives at any point throughout the period, there is no significant exposure to leverage. As at the Balance Sheet date, the S ub - fund’s leverage in respect of derivatives was 0.00%.
1 9 Securities Financing Transactions (SFT) and Total Return Swaps (TRS)
The Sub - fund does not engage in securities financing transactions or loan securities or commodities to third parties.
There have been no arrangements made by the Depositary to discharge itself of contractual liability.
As at the Balance Sheet date, the amount of securities and commodities on loan as a proportion of total lendable assets is 0. 00%
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30 Margetts Fund Management Limited
Distribution Table
For the p period ended 31 March 2026 – in pence per share
Final payment/allocation date 31 May 2026 Group 1 – – shares purchased prior to 01. 01 .202 6 Group 2 – – shares purchased on or after 01. 01 .202 6
MGTS Progeny ProFolio Model 30 - 50% Shares Fund Acc Shares Shares Net Income Equalisation Allocat ed 31.05.2026 Group 1 0.5957 - 0.5957 Group 2 0.3999 0.1958 0.5957
MGTS Progeny ProFolio Model 30 - 50% Shares Fund Inc Shares Shares Net Income Equalisation Pa id 31.05.2026 Group 1 0.5651 - 0.5651 Group 2 0.5651 - 0.5651
Interim payment/allocation date 28 February 2026 Group 1 – – shares purchased prior to 0 1.0 7 .202 5 Group 2 – – shares purchased on or after 0 1.0 7 .202 5
MGTS Progeny ProFolio Model 30 - 50% Shares Fund Acc Shares Shares Net Income Equalisation Allocated 28.02.2026 Allocated 28.02.2025 Group 1 0.9325 - 0.9325 1.1364 Group 2 0.6891 0.2434 0.9325 1.1364
MGTS Progeny ProFolio Model 30 - 50% Shares Fund Inc Shares Shares Net Income Equalisation Paid 28.02.2026 Paid 28.02.2025 Group 1 0.8926 - 0.8926 1.1107 Group 2 0.7391 0.1535 0.8926 1.1107
Interim payment/allocation date 31 August 2025 Group 1 – – shares purchased prior to 0 1. 0 1.2025 Group 2 – – shares purchased on or after 0 1. 0 1.2025
MGTS Progeny ProFolio Model 30 - 50% Shares Fund Acc Shares Shares Net Income Equalisation Allocated 31.08.2025 Allocated 31.08.2024 Group 1 1.2527 - 1.2527 1.0655 Group 2 0.8487 0.4040 1.2527 1.0655
MGTS Progeny ProFolio Model 30 - 50% Shares Fund Inc Shares Shares Net Income Equalisation Paid 31.08.2025 Paid 31.08.2024 Group 1 1.2121 - 1.2121 1.0514 Group 2 1.1660 0.0461 1.2121 1.0514
Equalisation only applies to shares purchased during the distribution period (group 2 shares). It represents the accrued inco me included in the purchase price of the shares. After averaging it is returned with the distribution as a capital repayment. It is not liable to income tax but must be deducted from the cost of the shares for capital gains tax purposes.
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31 Margetts Fund Management Limited
Net Asset Value per Share and Comparative Tables
Accumulation 01.0 1 .2025 to 01.01.2024 to 0 3 .01.2023 to Change in net assets per share 31.03.2026 31.12.2024 31.12.2023 Opening net asset value per share 114.1025 107.5073 100.0000 Return before operating charges * 9.3102 7.1452 7.8773 Operating charges (0.7000) (0.5500) (0.3700) Return after operating charges 8.6102 6.5952 7.5073 Distribution (2.7809) (2.2019) (1.3559) Retained distribution on acc shares 2.7809 2.2019 1.3559 Closing net asset value per share 122.7127 114.1025 107.5073 * After direct transaction costs of 0.0184 0.0186 0.0651
Performance Return after charges 7.55% 6.13% 7.51%
Other Information Closing net asset value (£) 141,631,972 173,638,958 115,623,157 Closing number of shares 115,417,543 152,178,025 107,549,170 OCF ^ 0. 8 0% 0.87% 0.90% Direct transaction costs 0.0 2 % 0.02% 0.09%
Prices Highest share price (pence) 127.91 115.91 107.69 Lowest share price (pence) 109.27 105.74 99.83
Income 01.0 1 .2025 to 01.01.2024 to 0 3 .01.2023 to Change in net assets per share 31.03.2026 31.12.2024 31.12.2023 Opening net asset value per share 110.4066 106.0881 100.0000 Return before operating charges * 8.9598 7.0206 7.7392 Operating charges (0.6800) (0.5400) (0.3000) Return after operating charges 8.2798 6.4806 7.4392 Distribution (2.6698) (2.1621) (1.3511) Closing net asset value per share 116.0166 110.4066 106.0881 * After direct transaction costs of 0.0177 0.0198 0.0447
Performance Return after charges 7.50% 6.11% 7.44%
Other Information Closing net asset value (£) 577,384 1,385,601 1,462,429 Closing number of shares 497,674 1,254,999 1,378,504 OCF ^ 0. 8 0% 0.87% 0.90% Direct transaction costs 0.0 2 % 0.02% 0.06%
Prices Highest share price (pence) 121.52 113.29 107.02 Lowest share price (pence) 105.73 104.34 99.20
^The OCF stated for the period ended 31 March 202 6 does not include costs incurred by underlying closed ‑e ‑ended funds. Where prior ‑y ‑year OCFs included such costs, those figures may not be directly comparable year ‑o ‑on ‑y ‑year. Cost associated with investments in closed - ended funds were 0. 00 %
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32 Margetts Fund Management Limited
Risk Warning An investment in an open - ended investment company (OEIC) should be regarded as a medium to long term investment. Investors should be aware that the price of shares and the income from them can fall as well as rise and investors may not receive back the ful l amount invested. Past performance is not a guide to future performance.
Fund Performance The performance of the Sub - fund is shown in the Investment Manager’s Report.
Synthetic Risk and Reward Indicator
The risk and reward score is based on past performance and calculated in accordance with European legislation. It may not be a reliable indication of the future risk profile.
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MGTS Progeny ProFolio Model 50 - 70% Shares Fund Report & Accounts
Investment Manager’s Report
For the p period ended 31 March 2026
Investment Objective The objective of the Sub - fund is to provide capital growth, with the potential for income, over any 5 - year period.
Investment Policy This Sub - fund provides exposure to shares that can vary between 50% and 70%. Exposure to shares may be to any economic sector or geographical area. It is expected under normal circumstances that UK shares (defined as domiciled, incorporated or carrying out a significant part of their business in the UK) will represent a greater proportion of the shares than the UK stock market’s proportion of the global stock market (e.g. FTSE World).
The Sub - fund may also provide exposure to alternative asset classes, such as property and commodities, which are intended to improve the overall risk reward profile of the Sub - fund. Exposure to alternative asset classes will be limited to 30%.
The balance of exposure will be to bonds (which may include government, corporate, sub investment grade and inflation linked) and cash.
Exposure to bonds may be to any economic sector or geographical area. It is expected under normal circumstances that the majority of exposure will be held in UK bonds or in bonds where the currency exposure is hedged to GBP (reducing currency ris k for a UK based investor). Exposure will be based on long - term expectations and may change without notice.
Exposure to cash will vary depending upon prevailing circumstances and although it would normally not exceed 10% of the total value of the Sub - fund, there may be times when the Investment Manager considers stock markets around the world to be overpriced or that a period of instability exists which presents unusual risks. In such cases or during such periods, a higher level of liquidity may be maintained and, if considered prudent, the exposure to cash or near cash instruments held would be increased. Unless market conditions were deemed unusually risky, the increased exposure and period would not be expected to exceed 30% and six months respectively.
To provide the above exposure, a minimum of 70% of the Sub - fund will be invested in active and/or passively managed collective investment schemes (which may include schemes operated by the ACD, associates or controllers of the ACD). The Sub - fund may also i nvest directly (maximum of 30%) in transferable securities, such as shares, bonds, investment trusts or structured products.
In providing the above exposure the Sub - fund may hold a mixture of investment strategies that are selected to help reduce volatility or improve returns in normal markets, such as funds of structured products. These strategies may have features tha t alter t he returns from an underlying basket of assets (typically equity indices – e.g. FTSE 100, S&P 500), with the objective of delivering returns within a defined range as a result of foregoing higher growth and protecting from falls in value. At times this ran ge may not be achieved, in which case the structure may provide a loss that will be similar to investing directly in the underlying asset. For these purposes, defined range means a return based on certain scenarios and providing certain condition s are met, that is agreed in advance between the parties.
A look through of collective investment schemes and transferable securities will be used when calculating and monitoring adherence to the exposure limits set out above. This process involves considering the underlying exposure to allocate between shares, alternatives and bo nds.
The use of derivatives and/or hedging transactions are permitted in connection with efficient portfolio management (managing the Sub - fund in a way that is designed to reduce risk or cost and/or generate extra income or growth or both). The Sub - fund may hol d assets which embed derivatives that are used for investment purposes and efficient portfolio management, although this would not materially affect the risk exposure of the Sub - fund.
The Sub - fund will be actively managed. This means that the Investment Manager will use their expertise to select investments, rather than tracking a stock exchange or index.
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Investment Manager’s Report (continued)
Performance Comparison There are three types of benchmarks which can be used:
1. A target - an index or similar factor that is part of a target a fund manager has set for a fund’s performance to match or exceed, which includes anything used for performance fee calculation.
2. A constraint - an index or similar factor that fund managers use to limit or constrain how they construct a fund’s portfolio.
3. A comparator - an index or similar factor against which a fund manager invites investors to compare a fund’s performance.
The Sub - fund does not have a performance target and is not constrained by any index, IA sector or similar factor.
The IA (Investment Association) Mixed Investment 40 - 85% Share Sector can be used as a comparator. The sector is considered appropriate for investors to use when comparing performance, as the asset allocation of Sub - fund is similar to the asset allocation of other funds in this sector. The sector is not constructed as an index, therefore as funds enter or leave the sector the composition can change.
Investment Review
Source: Morningstar. Performance is bid to bid with income reinvested.
Benchmarks IA Mixed Investment 40 - 85% Shares 1 0 . 71 % *
Source: Morningstar. Performance is bid to bid with income reinvested.
* From 01 /0 1 /2 02 5 to 31/03/2 02 6
Progeny Asset Management Limited Investment Manager 10 June 2026
MGTS Progeny ProFolio Model 50 - 70% Shares Fund Acc 9. 2 7% *
Docusign Envelope ID: 22733F7D-C525-8D78-834E-1F498A161B7E
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35 Margetts Fund Management Limited
Portfolio S tatement As at 31 March 2026 % OF NET ASSETS HOLDING INVESTMENT VALUE (£) 31.03.2026 31.12.2024 CLOSED - ENDED FUNDS TOTAL PROPERTY - - 0.42
TOTAL SPECIALIST - - 0. 88
COLLECTIVE INVESTMENT SCHEMES £ CORPORATE BOND 11,686,108 M&G STRATEGIC CORPORATE BOND FUND M ACC 12,060,06 4 1.83 8,514,465 MAN GLG STERLING CORPORATE BOND FUND INSTITUTIONAL ACC F
12,013,909 1.82
7,788,611 ROYAL LONDON INV GRADE SD CREDIT Z ACC 8,731,033 1.32 TOTAL £ CORPORATE BOND 32,805,006 4.97 9.8 6
ASIA PACIFIC EXCLUDING JAPAN 4,373,462 JUPITER MERIAN ASIA PACIFIC I GBP ACC 18,574,966 2.81 TOTAL ASIA PACIFIC EXCLUDING JAPAN 18,574,966 2.81 2.7 7
EUROPE EXCLUDING UK 5,684,304 BLACKROCK EUROPEAN DYNAMIC FUND FX ACC 17,443,425 2.64 1,222,896 L&G QUALITY EQUITY DIVIDENDS ESG EXCLUSIONS EUROPE EX UK UCITS ETF 1
18,000,841 2.73
TOTAL EUROPE EXCLUDING UK 35,444,266 5.37 3.89
FINANCIALS AND FINANCIAL INNOVATION 797,355 POLAR CAPITAL GLOBAL INSURANCE FUND I ACC 10,645,965 1.61 TOTAL FINANCIALS AND FINANCIAL INNOVATION 10,645,965 1.61 -
FLEXIBLE INVESTMENT 2,020,283 TROY TROJAN O ACC 8,969,854 1.36 TOTAL FLEXIBLE INVESTMENT 8,969,854 1.36 1.15
TOTAL GLOBAL - - 0.58
GLOBAL CORPORATE BONDS 91,774 VANGUARD GLOBAL CORPORATE BOND INDEX FUND INSTITUTIONAL PLUS GBP HEDGED ACC
10,525,991 1.59
TOTAL GLOBAL CORPORATE BONDS 10,525,991 1.59 7.8 1
GLOBAL EMERGING MARKETS 9,331,866 INVESCO GLOBAL EMERGING MARKETS FUND UK M ACC 30,280,973 4.58 TOTAL GLOBAL EMERGING MARKETS 30,280,973 4.58 4.48
GLOBAL GOVERNMENT BOND 19,732,811 FIDELITY INDEX GLOBAL GOVERNMENT BOND FUND S ACC SHARES HEDGED
21,956,699 3.32
12,745,973 IFSL ARBION SOVEREIGN OPPORTS Z GBP ACC 12,586,649 1.91 TOTAL GLOBAL GOVERNMENT BOND 34,543,34 8 5.23 -
GLOBAL INFLATION LINKED BOND 23,143,647 ROYAL LONDON SHORT DURATION GLOBAL INDEX LINKED FUND INC Z
25,596,873 3.88
TOTAL GLOBAL INFLATION LINKED BOND 25,596,873 3.88 -
TOTAL GLOBAL MIXED BOND - - 8.6 8
JAPAN 7,025,369 FIDELITY INDEX JAPAN P ACC 19,685,786 2.98 TOTAL JAPAN 19,685,786 2.98 2.82
NORTH AMERICA 19,279,539 CG RIVER ROAD US LARGE CAP VALUE SELECT FUND F GBP ACC 17,415,207 2.64 13,227,169 FIDELITY INDEX US FUND P ACC 69,123,860 10.4 6 2,207,308 HSBC US MULTI - FACTOR EQUITY FUND INSTITUTIONAL A ACC 20,989,511 3.18 122,358 INVESCO RUSSELL 2000 UCITS ETF ACC 1 11,875,517 1.80
Docusign Envelope ID: 22733F7D-C525-8D78-834E-1F498A161B7E
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36 Margetts Fund Management Limited
% OF NET ASSETS HOLDING INVESTMENT VALUE (£) 31.03.2026 31.12.2024 137,133 VANGUARD U.S. EQUITY INDEX FUND INSTITUTIONAL PLUS GBP ACC
62,289,928 9.43
TOTAL NORTH AMERICA 181,694,023 27.51 22.4 1
TOTAL NORTH AMERICAN SMALLER COMPANIES - - 3.18
PROPERTY 2,789,714 ISHARES UK PROPERTY UCITS ETF GBP (DIST) 1 10,923,125 1.65 TOTAL PROPERTY 10,923,125 1.65 -
SPECIALIST 796,549 POLAR CAPITAL GLOBAL INSURANCE FUND I HEDGED GBP DIST 10,510,786 1.59 TOTAL SPECIALIST 10,510,786 1.59 1.15
TARGETED ABSOLUTE RETURN 8,024,030 HENDERSON UK ABSOLUTE RETURN FUND I ACC 17,813,347 2.70 8,320,042 JUPITER MERIAN GLOBAL EQUITY ABSOLUTE RETURN FUND I GBP HEDGED ACC
21,262,699 3.22
125,368 POLAR GLOBAL ABSOLUTE RETURN - S GBP HEDGED ACC 21,051,731 3.18 20,864,681 ROYAL LONDON ABSOLUTE RETURN GOVERNMENT BOND FUND CLASS Z GBP ACC
26,882,179 4.07
141,052 TM FULCRUM INCOME FUND F GBP ACC 21,303,037 3.23 TOTAL TARGETED ABSOLUTE RETURN 108,312,993 1 6.40 4.02
UK ALL COMPANIES 2,565,741 FTF FRANKLIN UK RISING DIVIDENDS FUND W ACC 8,028,203 1.22 9,994,337 INVESCO UK ENHANCED INDEX FUND UK M ACC 32,304,694 4.89 11,320,574 INVESCO UK OPPORTUNITIES FUND (UK) M ACC 35,059,81 9 5.31 TOTAL UK ALL COMPANIES 75,392,716 11.42 12.7 1
UK EQUITY INCOME 3,209,705 JOHCM UK EQUITY INCOME A GBP ACC 21,379,846 3.24 TOTAL UK EQUITY INCOME 21,379,846 3.24 3.18
UK GILTS 176,625 VANGUARD UK S/T GILT IDX INS PL GBP ACC 17,967,506 2.72 TOTAL UK GILTS 17,967,506 2.72 5.9 7
TOTAL UK INDEX LINKED BONDS - - 2.69
REITS TOTAL PROPERTY OTHER - - 0.43
PORTFOLIO OF INVESTMENTS 653,254,023 98.91 99.08 NET CURRENT ASSETS 7,196,665 1.09 0.92 TOTAL NET ASSETS 660,45 0 , 688 100.00 100.00 The investments have been valued in accordance with note 1(b). The investments are not traded on any regulated securities market unless stated otherwise 1 Exchange traded fund s
Docusign Envelope ID: 22733F7D-C525-8D78-834E-1F498A161B7E
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MGTS Progeny ProFolio Model Fund - MGTS Progeny ProFolio Model 5 0 - 7 0% Shares Fund - fo for the period ended 31 March 2026
37 Margetts Fund Management Limited
Financial Statements
Statement of Total Return
For the p period ended 31 March 2026
Notes 01.01.2025 to 31.03.2026
01.01.2024 to 31.03.2025 Income £ £ £ £ Net capital gains 4 55,704,301 54,767,198 Revenue 6 23,168,960 18,343,197 Expenses 7 (4,412,897) (3,493,082) Net revenue before taxation 18,756,063 14,850,115 Taxation 8 (1,219,656) (1,456,822) Net revenue after taxation 17,536,407 13,393,293 Total return before distributions 73,240,708 68,160,491 Finance costs: Distribution 9 (17,536,171) (13,393,686) Change in net assets attributable to shareholders from investment activities 55,704,537 54,766,805
Statement of Change in Net Asset Attributable to Shareholders
For the p period ended 31 March 2026 0 1 .01.2025 to 0 1 .01.202 4 to Notes 31.03.2026 31. 12 .202 4 £ £ £ £ Opening net assets attributable to shareholders 889,599,012 601,452,045
Amounts receivable on issue of shares 17,569,883 282,013,421
Amounts payable on cancellation of shares (318,457,138) (63,577,021)
Dilution adjustment 12,01 7 58,011 (300,875,23 8 ) 218,494,411 Change in net assets attributable to shareholders from investment activities 55,704,537 54,766,805
Retained distribution on accumulation shares 16,022,377 14,885,751 Closing net assets attributable to shareholders 660,450,68 8 889,599,012
Docusign Envelope ID: 22733F7D-C525-8D78-834E-1F498A161B7E
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MGTS Progeny ProFolio Model Fund - MGTS Progeny ProFolio Model 5 0 - 7 0% Shares Fund - fo for the period ended 31 March 2026
38 Margetts Fund Management Limited
Balance Sheet
As at 31 March 2026 Notes 31.03.2026 31. 12 .202 4 Assets £ £ £ £ Investment assets 6 53 , 254 , 02 3 881,435,278 Debtors 10 34,753,087 1,241,349 Bank balances 8,566,060 11,067,447 Total other assets 43,319,147 12,308,796 Total assets 696,573,170 893,744,074
Liabilities Creditors 11 36 , 097 , 38 7 4,132,374 Distribution payable on income shares 25,095 12,688 Total liabilities 36 , 122 , 482 4,145,062 Net assets attributable to shareholders 660,450,688 889,599,012
Docusign Envelope ID: 22733F7D-C525-8D78-834E-1F498A161B7E
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39 Margetts Fund Management Limited
Notes to the Financial Statements
As at 31 March 2026
4 Net Capital Gains 0 1 .01.2025 to 0 1 .01.202 4 to 31.03.2026 31. 12 .202 4 £ £ Proceeds from sales of investments during the period 1,022,581,872 362,221,128 Original cost of investments sold during the period (976, 680 , 542 ) (338,009,184) Gains realised on investments sold during the period 4 5 , 901 ,3 30 24,211,944 Net appreciation thereon already recognised in prior periods (29,908,696) (13,275,288) Net realised appreciation for the period 1 5 , 992 ,6 34 10,936,656 Net unrealised appreciation for the period 39, 7 09,88 5 43,830,542 Net gains on non - derivative securities 55,702,519 54,767,198 Net gains on currencies 1,782 Net capital gains on investments 55,704,301 54,767,198
5 Purchases, Sales and Transaction Costs 01.01.2025 to 31.03.2026
01.01.2024 to 31.12.2024 £ £ Closed - Ended Funds Purchases excluding transaction costs 730,307 6,508,362 Commissions and charges: 0.05% [0.05%] 365 3,254 Stamp duty and other charges: 0.30% [0.35%] 2,188 23,036 Trustee transaction charges: 0.00% [0.00%] 21 200 Purchases including transaction costs 732,881 6,534,852
Sales excluding transaction costs 12,058,408 4,621,209 Commissions and charges: 0.05% [0.05%] (6,029) (2,311) Stamp duty and other charges: 0.00% [0.00%] (38) (13) Trustee transaction charges: 0.00% [0.00%] (107) (87) Sales including transaction costs 12,052,234 4,618,798
Collective Investment Schemes Purchases excluding transaction costs 717,562,723 582,193,515 Commissions and charges: 0.00% [0.00%] 16,316 5,584 Trustee transaction charges: 0.00% [0.00%] 7 57 2,617 Purchases including transaction costs 717,579,796 582,201,716
Sales excluding transaction costs 1,006,594,724 356,434,919 Commissions and charges: 0.00% [0.00%] (25,156) (2,890) Trustee transaction charges: 0.00% [0.00%] (6,7 74 ) (1,495) Sales including transaction costs 1,006,562,794 356,430,534 REIT Purchases excluding transaction costs 4,116 1,979,073 Commissions and charges: 0.05% [0.05%] 2 990 Stamp duty and other charges: 0.51% [0.50%] 21 9,909 Trustee transaction charges: 0.10% [0.00%] 4 53 Purchases including transaction costs 4,143 1,990,025
Sales excluding transaction costs 4,222,471 1,500,608 Commissions and charges: 0.05% [0.05%] (2,111) (750) Stamp duty and other charges: 0.00% [0.00%] (12) (4) Trustee transaction charges: 0.00% [0.00%] (34) (27) Sales including transaction costs 4,220,314 1,499,827
Docusign Envelope ID: 22733F7D-C525-8D78-834E-1F498A161B7E
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40 Margetts Fund Management Limited
5 Purchases, Sales and Transaction Costs 01.01.2025 to 31.03.2026 £
01.01.2024 to 31.12.2024 £ Trustee transaction charges have been deducted in determining net capital Transaction charges are displayed as percentage of purchase/sale
Total commissions and charges: 0.0 1 % [0.00%] 49,979 15,779 Total stamp duty and other charges: 0.00% [0.00%] 2,259 32,962 Total trustee transaction charges: 0.00% [0.00%] 7,69 7 4,4 79
Total charges displayed as percentage of average net asset value
Average portfolio dealing spread: 0.02% [0.03%]
6 Revenue 0 1 .01.2025 to 0 1 .01.202 4 to 31.03.2026 31. 12 .202 4 £ £ UK franked income 11,287,476 7,323,352 UK unfranked income 1,760,278 1,929,102 Bond interest 8,320,256 8,422,404 Overseas franked income 1,370,311 242,655 Overseas unfranked income - 244,311 Rebate of annual management charges 381,264 51,456 Money m arket fund Interest - 46,639 Bank interest 49,375 83,278 Total revenue 23,168,960 18,343,197
7 Expenses 0 1 .01.2025 to 0 1 .01.202 4 to 31.03.2026 31. 12 .202 4 £ £ Payable to the ACD, associates of the ACD and agents of either: ACD's periodic charge 4, 55 9, 8 2 6 4,042,493 Registration fees 565 Transfer agency fee 47,360 28,243 Distribution costs 2,338 4, 610 , 0 8 9 4,070,736 Payable to the Depositary associates of the Depositary and agents of either: Depositary's fee 98,76 4 135,128 Safe custody 54,006 55,782 152,77 0 190,910 Other expenses: Audit fee 9,175 7,200 Printing & publication fee 1,244 992 Professional fee - 104 OCF reduction (360,401) (776,860) License f ee 20 Total expenses 4,412,897 3,49 3 , 0 8 2
Docusign Envelope ID: 22733F7D-C525-8D78-834E-1F498A161B7E
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41 Margetts Fund Management Limited
8 Taxation 0 1 .01.2025 to 0 1 .01.202 4 to 31.03.2026 31. 12 .202 4 £ £ a) Analysis of the tax charge for the period : UK Corporation tax 1,219,656 1,456,822 Current tax charge (note 8b) 1,219,656 1,456,822 Total tax charge 1,219,656 1,456,822
b) Factors affecting the tax charge for the period : Net income before taxation 18,756,063 14,850, 1 1 5 Corporation tax at 20% 3,751,213 2,970,0 23 Effects of: Franked dividends (2,531,557) (1,513,201) Corporation tax charge 1,219,656 1,456,822 Current tax charge for the period (note 8a) 1,219,656 1,456,822
c) Provision for deferred taxation: No provision for deferred taxation has been made in the current or prior accounting period .
9 Finance Costs 0 1 .01.2025 to 0 1 .01.202 4 to 31.03.2026 31. 12 .202 4 £ £ Distributions Interim 12,652,459 7,268,729 Final 3,462,340 7,650,889 16,114,799 14,919,618 Amounts deducted on cancellation of shares 1,499,584 367,151 Amounts received on issue of shares (78,212) (1,893,083) Finance costs: Distributions 17,536,171 13,393,686 Total finance costs 17,536,171 13,393,686
Represented by: Net revenue after taxation 17,536,407 13,393,293 Balance of revenue brought forward 119 512 Balance of revenue carried forward (355) (119) Finance costs: Distributions 17,536,171 13,393,686
10 Debtors 31.03.2026 31. 12 .202 4 £ £ Amounts receivable for issue of shares 223,871 967,217 Amounts receivable for investment securities sold 34,495,499 -
Accrued income: UK franked income - 58,155 Bond interest - 195,269 - 253,424 Prepayments 3,218 1,231 Taxation recoverable 30,499 19,477 Total debtors 34,753,087 1,241,349
Docusign Envelope ID: 22733F7D-C525-8D78-834E-1F498A161B7E
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42 Margetts Fund Management Limited
11 Creditors 31.03.2026 31. 12 .202 4 £ £ Amounts payable for cancellation of shares 4,321,416 1,968,786 Amounts payable for investment securities purchased 31 , 030 , 737 Accrued expenses: Amounts payable to the ACD, associates and agents: ACD's periodic charge 532,448 309,941 Transfer agency fee 6,810 1,160 539,258 311,101 Amounts payable to the Depositary, associates and agents: Depositary's fees 16,390 84,086 Transaction charges 5,830 5,332 Safe custody fee 15,533 18,258 37,75 3 107,676 Other expenses 9,430 7,303 Corporation tax 158,793 1,737,508 Total creditors 36 , 097 , 387 4,132,374
12 Contingent Liabilities and Commitments
There were no contingent liabilities or outstanding commitments at the Balance Sheet date.
1 3 Related Party Transactions
Margetts Fund Management Limited as ACD, is a related party, and acts as principal in respect of all transactions of shares in the Company. The aggregate monies received through issues and paid on cancellations are disclosed in the statement of change in net assets attributable to shareh olders and N ote 9 .
Amounts paid to Margetts Fund Management Limited in respect of management services are disclosed in N ote 7 and amounts due at the end of the period in N ote 11 .
1 4 Shareholders’ Funds Acc Inc Opening number of shares 760,928,543 1,290,083 Shares issued 50,004,755 3,599,047 Shares redeemed (296,914,293) (962,506) Closing number of shares 514,019,005 3,926,624
1 5 Post Balance Sheet Events
There were no material post Balance Sheet events which have a bearing on the understanding of the Financial Statements.
Docusign Envelope ID: 22733F7D-C525-8D78-834E-1F498A161B7E
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43 Margetts Fund Management Limited
1 6 Risk Disclosures
Debt securities may be held by the underlying investments of the Sub - f und. The Interest Rate Risk of these securities is managed by the relevant manager. The table below shows the Interest Rate Risk profile at the Balance Sheet date:
i. Interest risk 31.03.2026 31. 12 .202 4 £ £ Floating rate assets (Pounds sterling): 1 78 , 190 , 000 11,067,447
Assets on which interest is not earned (Pounds sterling): 488 , 235 , 4 9 5 882,676,627 Assets on which interest is not earned (US dollar): 1 2 , 14 6 , 834 Assets on which interest is not earned (Euro): 18,000,841 -
Liabilities on which interest is not paid (Pounds sterling): (36,122,482) (4,145,062)
Net Assets 660,450,688 889,599,012
The floating rate financial assets and liabilities comprise bank balances, which earn or pay interest at rates linked to the UK base rate and collective investment schemes that pay interest distributions.
There are no material amounts of non - interest - bearing financial assets and liabilities, other than collective investment schemes, which do not have maturity dates.
ii. Currency risk 31.03.2026 31. 12 .202 4 £ £ Pounds S terling 630, 303 , 013 889,599,012 US D ollar 1 2 , 146 , 834 Euro 18,000,841 Net Assets 660,450,688 889,599,012
1 7 Fair Value Techniques
Basis of Valuation 31.03.2026 31.03.2026 31. 12 .202 4 31. 12 .202 4 Assets Liabilities Assets Liabilities £ £ £ £ Level 1: Quoted Prices 40,799,483 - 15,430,215 Level 2: Observable market data 6 12 , 454 , 540 - 866,005,063 Level 3: Unobservable data - - - 6 53 , 254 , 023 - 881,435,278 -
Docusign Envelope ID: 22733F7D-C525-8D78-834E-1F498A161B7E
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44 Margetts Fund Management Limited
1 8 Periodic Disclosure
The risk characteristics of the Sub - f und are explained in the Prospectus.
In order to assess the sensitivity of the Sub - f und’s portfolio to the risks to which the Sub - f und is or could be exposed, Margetts Fund Management Limited monitors relative value at risk, commitment, gross leverage and the results of stress tests.
The ACD has set limits considered appropriate to the risk profile of the Sub - f und. Any breaches of these limits are investigated by the Margetts risk committee and appropriate action taken if necessary.
Leverage is limited to overdraft use and the gross exposure from EPM techniques. Although the ACD may use derivatives for EPM, no collateral arrangements are currently in place and no asset re - use arrangements are in place.
The S ub - fund uses the Commitment Approach Method to calculate Global Exposure and has a limit of 100% of the Net Asset Value.
As the S ub - fund has not traded derivatives at any point throughout the period, there is no significant exposure to leverage. As at the Balance Sheet date, the S ub - fund’s leverage in respect of derivatives was 0.00%.
1 9 Securities Financing Transactions (SFT) and Total Return Swaps (TRS)
The Sub - fund does not engage in securities financing transactions or loan securities or commodities to third parties.
There have been no arrangements made by the Depositary to discharge itself of contractual liability.
As at the Balance Sheet date, the amount of securities and commodities on loan as a proportion of total lendable assets is 0. 00%
Docusign Envelope ID: 22733F7D-C525-8D78-834E-1F498A161B7E
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MGTS Progeny ProFolio Model Fund - MGTS Progeny ProFolio Model 5 0 - 7 0% Shares Fund - fo for the period ended 31 March 2026
45 Margetts Fund Management Limited
Distribution Table
For the p period ended 31 March 2026 – in pence per share
Final payment/allocation date 31 May 2026 Group 1 – – shares purchased prior to 01. 01 .202 6 Group 2 – – shares purchased on or after 01. 01 .202 6
MGTS Progeny ProFolio Model 50 - 70% Shares Fund Acc Shares Shares Net Income Equalisation Allocat ed 31.05.2026 Group 1 0.6687 - 0.6687 Group 2 0.5302 0.1385 0.6687
MGTS Progeny ProFolio Model 50 - 70% Shares Fund Inc Shares Shares Net Income Equalisation Pa id 31.05.2026 Group 1 0.6391 - 0.6391 Group 2 0. 2283 0.4108 0.6391
Interim payment/allocation date 28 February 2026 Group 1 – – shares purchased prior to 0 1.0 7 .202 5 Group 2 – – shares purchased on or after 0 1.0 7 .202 5
MGTS Progeny ProFolio Model 50 - 70% Shares Fund Acc Shares Shares Net Income Equalisation Allocated 28.02.2026 Allocated 28.02.2025 Group 1 0.8991 - 0.8991 1.0038 Group 2 0.8002 0.0989 0.8991 1 .00 38
MGTS Progeny ProFolio Model 50 - 70% Shares Fund Inc Shares Shares Net Income Equalisation Paid 28.02.2026 Paid 28.02.2025 Group 1 0.8653 - 0.8653 0. 9835 Group 2 0.4668 0.3985 0.8653 0. 9835
Interim payment/allocation date 31 August 2025 Group 1 – – shares purchased prior to 0 1. 0 1.2025 Group 2 – – shares purchased on or after 0 1. 0 1.2025
MGTS Progeny ProFolio Model 50 - 70% Shares Fund Acc Shares Shares Net Income Equalisation Allocated 31.08.2025 Allocated 31.08.2024 Group 1 1.1141 - 1.1141 0. 9339 Group 2 0.9467 0.1674 1.1141 0. 9339
MGTS Progeny ProFolio Model 50 - 70% Shares Fund Inc Shares Shares Net Income Equalisation Paid 31.08.2025 Paid 31.08.2024 Group 1 1.0819 - 1.0819 0. 9228 Group 2 1.0215 0.0604 1.0819 0. 9228
Equalisation only applies to shares purchased during the distribution period (group 2 shares). It represents the accrued inco me included in the purchase price of the shares. After averaging it is returned with the distribution as a capital repayment. It is not liable to income tax but must be deducted from the cost of the shares for capital gains tax purposes.
Docusign Envelope ID: 22733F7D-C525-8D78-834E-1F498A161B7E
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46 Margetts Fund Management Limited
Net Asset Value per Share and Comparative Tables
Accumulation 01.0 1 .2025 to 01.01.2024 to 0 3 .01.2023 to Change in net assets per share 31.03.2026 31.12.2024 31.12.2023 Opening net asset value per share 116.7174 107.2205 100.0000 Return before operating charges * 11.5238 9.9869 7.6705 Operating charges (0.6800) (0.4900) (0.4500) Return after operating charges 10.8438 9.4969 7.2205 Distribution (2.6819) (1.9377) (1.1868) Retained distribution on acc shares 2.6819 1.9377 1.1868 Closing net asset value per share 127.5612 116.7174 107.2205 * After direct transaction costs of 0.00 9 2 0.0074 0.0370
Performance Return after charges 9.29% 8.86% 7.22%
Other Information Closing net asset value (£) 655,688,725 888,136,216 599,229,380 Closing number of shares 514,019,005 760,928,543 558,875,685 OCF ^ 0. 78 % 0.82% 0.86% Direct transaction costs 0.0 1 % 0.01% 0.04%
Prices Highest share price (pence) 134.31 118.85 107.27 Lowest share price (pence) 108.09 105.30 99.25
Income 01.0 1 .2025 to 01.01.2024 to 0 3 .01.2023 to Change in net assets per share 31.03.2026 31.12.2024 31.12.2023 Opening net asset value per share 113.3877 105.9471 100.0000 Return before operating charges * 11.1323 9.8369 7.5792 Operating charges (0.6600) (0.4900) (0.4500) Return after operating charges 10.4723 9.3469 7.1292 Distribution (2.5863) (1.9063) (1.1821) Closing net asset value per share 121.2737 113.3877 105.9471 * After direct transaction costs of 0.00 90 0.0074 0.0354
Performance Return after charges 9.24% 8.82% 7.13%
Other Information Closing net asset value (£) 4,761,963 1,462,796 2,222,665 Closing number of shares 3,926,624 1,290,083 2,097,900 OCF ^ 0. 78 % 0.82% 0.86% Direct transaction costs 0.0 1 % 0.01% 0.03%
Prices Highest share price (pence) 128.36 116.46 106.61 Lowest share price (pence) 105.01 104.05 98.65
^The OCF stated for the period ended 31 March 202 6 does not include costs incurred by underlying closed - ended funds. Where prior - year OCFs included such costs, those figures may not be directly comparable year - on - year. Cost associated with investments in closed - ended funds were 0. 00 %
Docusign Envelope ID: 22733F7D-C525-8D78-834E-1F498A161B7E
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47 Margetts Fund Management Limited
Risk Warning An investment in an open - ended investment company (OEIC) should be regarded as a medium to long term investment. Investors should be aware that the price of shares and the income from them can fall as well as rise and investors may not receive back the ful l amount invested. Past performance is not a guide to future performance.
Fund Performance The performance of the Sub - fund is shown in the Investment Manager’s Report.
Synthetic Risk and Reward Indicator
The risk and reward score is based on past performance and calculated in accordance with European legislation. It may not be a reliable indication of the future risk profile.
Docusign Envelope ID: 22733F7D-C525-8D78-834E-1F498A161B7E
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48 Margetts Fund Management Limited
MGTS Progeny ProFolio Model 70 - 90% Shares Fund Report & Accounts
Investment Manager ’s Report
For the p period ended 31 March 2026
Investment Objective The objective of the Sub - fund is to provide capital growth, with the potential for income, over any 6 - year period.
Investment Policy This Sub - fund provides exposure to shares that can vary between 70% and 90%. Exposure to shares may be to any economic sector or geographical area. It is expected under normal circumstances that UK shares (defined as domiciled, incorporated or carrying out a significant part of their business in the UK) will represent a gr eater proportion of the shares than the UK stock market’s proportion of the global stock market (e.g. FTSE World).
The Sub - fund may also provide exposure to alternative asset classes, such as property and commodities, which are intended to improve the overall risk reward profile of the Sub - fund. Exposure to alternative asset classes will be limited to 30%.
The balance of exposure will be to bonds (which may include government, corporate, sub - investment grade and inflation linked) and cash.
Exposure to bonds may be to any economic sector or geographical area. It is expected under normal circumstances that the majority of exposure will be held in UK bonds or in bonds where the currency exposure is hedged to GBP (reducing currency ris k for a UK based inves tor). Exposure will be based on long term expectations and may change without notice.
Exposure to cash will vary depending upon prevailing circumstances and although it would normally not exceed 10% of the total value of the Sub - fund, there may be times when the Investment Manager considers stock markets around the world to be overpriced or that a period of instability exists which presents unusual risks. In such cases or during such periods, a higher level of liquidity may be maintained and, if considered prudent, the exposure to cash or near cash instruments held would be increased. Unless market conditions were deemed unusually risky, the increased exposure and period would not be expected to exceed 30% and six months respectively.
To provide the above exposure, a minimum of 70% of the Sub - fund will be invested in active and/or passively managed collective investment schemes (which may include schemes operated by the ACD, associates or controllers of the ACD). The Sub - fund may also i nvest directly (maximum of 30%) in transferable securities, such as shares, bonds, investment trusts or structured products.
In providing the above exposure the Sub - fund may hold a mixture of investment strategies that are selected to help reduce volatility or improve returns in normal markets, such as funds of structured products. These strategies may have features tha t alter t he returns from an underlying basket of assets (typically equity indices – e.g. FTSE 100, S&P 500), with the objective of delivering returns within a defined range as a result of foregoing higher growth and protecting from falls in value. At times this ran ge may not be achieved, in which case the structure may provide a loss that will be similar to investing directly in the underlying asset. For these purposes, defined range means a return based on certain scenarios and providing certain condition s are met, that is agreed in advance between the parties.
A look through of collective investment schemes and transferable securities will be used when calculating and monitoring adherence to the exposure limits set out above. This process involves considering the underlying exposure to allocate between shares, a lternatives and bonds.
The use of derivatives and/or hedging transactions are permitted in connection with efficient portfolio management (managing the Sub - fund in a way that is designed to reduce risk or cost and/or generate extra income or growth or both). The Sub - fund may hol d assets which embed derivatives that are used for investment purposes and efficient portfolio management, although this would not materially affect the risk exposure of the Sub - fund.
The Sub - fund will be actively managed. This means that the Investment Manager will use their expertise to select investments, rather than tracking a stock exchange or index.
Docusign Envelope ID: 22733F7D-C525-8D78-834E-1F498A161B7E
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49 Margetts Fund Management Limited
Investment Manager’s Report (continued)
Performance Comparison There are three types of benchmarks which can be used:
1. A target - an index or similar factor that is part of a target a fund manager has set for a fund’s performance to match or exceed, which includes anything used for performance fee calculation
2. A constraint - an index or similar factor that fund managers use to limit or constrain how they construct a fund’s portfolio
3. A comparator - an index or similar factor against which a fund manager invites investors to compare a fund’s performance
The Sub - fund does not have a performance target and is not constrained by any index, IA sector or similar factor.
The IA (Investment Association) Mixed Investment 40 - 85% Share Sector can be used as a comparator. This is considered appropriate for investors to use when comparing performance as the asset allocation of the Sub - fund is similar to the asset allocation of other funds in this sector. The sector is not constructed as an index, therefore as funds enter or leave the se ctor the composition can change.
Investment Review
Source: Morningstar. Performance is bid to bid with income reinvested.
Benchmarks IA Mixed Investment 40 - 85% Shares 1 0 . 71 % *
Source: Morningstar. Performance is bid to bid with income reinvested.
* From 01 /0 1 /2 02 5 to 31/03/2 02 6
Progeny Asset Management Limited Investment Manager 10 June 2026
MGTS Progeny ProFolio Model 70 - 90% Shares Fund Acc 10. 88 % *
Docusign Envelope ID: 22733F7D-C525-8D78-834E-1F498A161B7E
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50 Margetts Fund Management Limited
Portfolio S tatement As at 31 March 2026 % OF NET ASSETS HOLDING INVESTMENT VALUE (£) 31.03.2026 31.12.2024 CLOSED - ENDED FUNDS TOTAL PROPERTY - - 0.28
TOTAL SPECIALIST - - 0.58
COLLECTIVE INVESTMENT SCHEMES £ CORPORATE BOND 962,907 M&G STRATEGIC CORPORATE BOND FUND M ACC 993,720 0.48 708,200 MAN GLG STERLING CORPORATE BOND FUND INSTITUTIONAL ACC F
999,271 0.48
654,274 ROYAL LONDON INV GRADE SD CREDIT Z ACC 733,441 0.35 TOTAL £ CORPORATE BOND 2,726,432 1.31 4.86
ASIA PACIFIC EXCLUDING JAPAN 1,834,751 JUPITER MERIAN ASIA PACIFIC I GBP ACC 7,792,554 3.7 4 TOTAL ASIA PACIFIC EXCLUDING JAPAN 7,792,554 3.7 4 3.82
EUROPE EXCLUDING UK 2,384,510 BLACKROCK EUROPEAN DYNAMIC FUND FX ACC 7,317,347 3.52 512,976 L&G QUALITY EQUITY DIVIDENDS ESG EXCLUSIONS EUROPE EX UK UCITS ETF 1
7,550,928 3.63
TOTAL EUROPE EXCLUDING UK 14,868,275 7.15 5.34
FINANCIALS AND FINANCIAL INNOVATION 200,358 POLAR CAPITAL GLOBAL INSURANCE FUND I ACC 2,675,094 1.29 TOTAL FINANCIALS AND FINANCIAL INNOVATION 2,675,094 1.29 -
FLEXIBLE INVESTMENT 523,308 TROY TROJAN O ACC 2,323,435 1.12 TOTAL FLEXIBLE INVESTMENT 2,323,435 1.12 0.74
TOTAL GLOBAL - - 0.38
GLOBAL CORPORATE BONDS 7,533 VANGUARD GLOBAL CORPORATE BOND INDEX FUND INSTITUTIONAL PLUS GBP HEDGED ACC
863,935 0.4 1
TOTAL GLOBAL CORPORATE BONDS 863,935 0.4 1 3.85
GLOBAL EMERGING MARKETS 3,914,732 INVESCO GLOBAL EMERGING MARKETS FUND UK M ACC 12,702,913 6.11 TOTAL GLOBAL EMERGING MARKETS 12,702,913 6.11 6.15
GLOBAL GOVERNMENT BOND 1,619,524 FIDELITY INDEX GLOBAL GOVERNMENT BOND FUND S ACC SHARES HEDGED
1,802,044 0.8 6
1,046,151 IFSL ARBION SOVEREIGN OPPORTS Z GBP ACC 1,033,074 0.50 TOTAL GLOBAL GOVERNMENT BOND 2,835,118 1.36 -
GLOBAL INFLATION LINKED BOND 1,899,577 ROYAL LONDON SHORT DURATION GLOBAL INDEX LINKED FUND INC Z
2,100,932 1.01
TOTAL GLOBAL INFLATION LINKED BOND 2,100,932 1.01 -
TOTAL GLOBAL MIXED BOND - - 4.28
JAPAN 2,947,156 FIDELITY INDEX JAPAN P ACC 8,258,225 3.97 TOTAL JAPAN 8,258,225 3.97 3.87
NORTH AMERICA 8,204,469 CG RIVER ROAD US LARGE CAP VALUE SELECT FUND F GBP ACC 7,411,097 3.56 5,548,876 FIDELITY INDEX US FUND P ACC 28,997,86 8 13. 9 4 925,997 HSBC US MULTI - FACTOR EQUITY FUND INSTITUTIONAL A ACC 8,805,400 4.23 51,328 INVESCO RUSSELL 2000 UCITS ETF ACC 1 4,981,665 2.39
Docusign Envelope ID: 22733F7D-C525-8D78-834E-1F498A161B7E
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51 Margetts Fund Management Limited
% OF NET ASSETS HOLDING INVESTMENT VALUE (£) 31.03.2026 31.12.2024 57,524 VANGUARD U.S. EQUITY INDEX FUND INSTITUTIONAL PLUS GBP ACC
26,129,006 12.56
TOTAL NORTH AMERICA 76,325,036 36.68 30.78
TOTAL NORTH AMERICAN SMALLER COMPANIES - - 4.37
PROPERTY 1,169,818 ISHARES UK PROPERTY UCITS ETF GBP (DIST) 1 4,580,422 2.20 TOTAL PROPERTY 4,580,422 2.20 -
SPECIALIST 200,303 POLAR CAPITAL GLOBAL INSURANCE FUND I HEDGED GBP DIST 2,643,076 1.27 TOTAL SPECIALIST 2,643,076 1.27 0.74
TARGETED ABSOLUTE RETURN 2,079,110 HENDERSON UK ABSOLUTE RETURN FUND I ACC 4,615,623 2.22 2,155,464 JUPITER MERIAN GLOBAL EQUITY ABSOLUTE RETURN FUND I GBP HEDGED ACC
5,508,505 2.65
32,492 POLAR GLOBAL ABSOLUTE RETURN - S GBP HEDGED ACC 5,456,215 2. 62 1,550,858 ROYAL LONDON ABSOLUTE RETURN GOVERNMENT BOND FUND CLASS Z GBP ACC
1,997,970 0.96
36,532 TM FULCRUM INCOME FUND F GBP ACC 5,517,477 2.65 TOTAL TARGETED ABSOLUTE RETURN 23,095,790 11.1 2.60
UK ALL COMPANIES 1,079,589 FTF FRANKLIN UK RISING DIVIDENDS FUND W ACC 3,378,035 1.62 4,192,461 INVESCO UK ENHANCED INDEX FUND UK M ACC 13,551,291 6.51 4,748,769 INVESCO UK OPPORTUNITIES FUND (UK) M ACC 14,706,936 7.0 8 TOTAL UK ALL COMPANIES 31,636,262 15.21 17.46
UK EQUITY INCOME 1,346,492 JOHCM UK EQUITY INCOME A GBP ACC 8,968,981 4.31 TOTAL UK EQUITY INCOME 8,968,981 4.31 4.37
UK GILTS 14,497 VANGUARD UK S/T GILT IDX INS PL GBP ACC 1,474,713 0.71 TOTAL UK GILTS 1,474,713 0.71 2.95
TOTAL UK INDEX LINKED BONDS - - 1.32
REITS TOTAL PROPERTY OTHER - - 0.28
PORTFOLIO OF INVESTMENTS 205,871,193 98. 95 99.02 NET CURRENT ASSETS 2,184,944 1. 05 0.98 TOTAL NET ASSETS 208,056,137 100.00 100.00 The investments have been valued in accordance with note 1(b). The investments are not traded on any regulated securities market unless stated otherwise 1 Exchange traded fund s
Docusign Envelope ID: 22733F7D-C525-8D78-834E-1F498A161B7E
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MGTS Progeny ProFolio Model Fund - MGTS Progeny ProFolio Model 7 0 - 9 0% Shares Fund - fo for the period ended 31 March 2026
52 Margetts Fund Management Limited
Financial Statements
Statement of Total Return
For the p period ended 31 March 2026 0 1 .01.2025 to 0 1 .01.202 4 to Notes 31.03.2026 31. 12 .202 4 Income £ £ £ £ Net capital gains 4 20,699,813 16,758,182 Revenue 6 5,967,439 3,171,355 Expenses 7 (1,400,23 0 ) (886,040) Net revenue before taxation 4,567,20 9 2,285,315 Taxation 8 (18,218) (61,959) Net revenue after taxation 4,548,99 1 2,223,356 Total return before distributions 25,248,80 4 18,981,538 Finance costs: Distribution 9 (4,548,981) (2,223,244) Change in net assets attributable to shareholders from investment activities 20,699,82 3 16,758,294
Statement of Change in Net Asset Attributable to Shareholders
For the p period ended 31 March 2026 0 1 .01.2025 to 0 1 .01.202 4 to Notes 31.03.2026 31. 12 .202 4 £ £ £ £ Opening net assets attributable to shareholders 255,331,461 99,080,069
Amounts receivable on issue of shares 13,806,200 144,253,230
Amounts payable on cancellation of shares (86,021,014) (7,908,776)
Dilution adjustment (9,23 7 ) 23,241 (72,224,05 1 ) 136,367,695 Change in net assets attributable to shareholders from investment activities 20,699,82 3 16,758,294
Retained distribution on accumulation shares 4,248,904 3,125,403 Closing net assets attributable to shareholders 208,056,137 255,331,461
Docusign Envelope ID: 22733F7D-C525-8D78-834E-1F498A161B7E
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MGTS Progeny ProFolio Model Fund - MGTS Progeny ProFolio Model 7 0 - 9 0% Shares Fund - fo for the period ended 31 March 2026
53 Margetts Fund Management Limited
Balance Sheet
As at 31 March 2026 Notes 31.03.2026 31. 12 .202 4 Assets £ £ £ £ Investment assets 20 5 , 871 ,1 93 252,823,268 Debtors 10 7,546,676 132,165 Bank balances 2,294,732 2,682,906 Total other assets 9,841,408 2,815,071 Total assets 21 5 , 712 , 601 255,638,339
Liabilities Creditors 11 7 , 652 , 624 306,378 Distribution payable on income shares
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