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Granahan Funds p lc
(the "Company")
The Company is an open - ended umbrella investment company with variable capital and segregated liability between its sub - fu funds and is organised under the laws of Ireland as a public limited company pursuant to the Companies Act 201 4 , as amended . The Company is authorised by the Central Bank of Ireland pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended) (the “UCITS Regulations”) and Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 20 26 (the “ Central Bank UCITS Regulati ons ”). The Company was incorporated on October 3, 2013 under registration number 533587.
INTERIM REPORT AND UN AUDITED FINANCIAL STATEMENTS
For the financial period ended June 30 , 202 6
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CONTENTS Page No
Investment Manager Commentary 3 Schedule of I nv estments 4 - 6 Statement of Assets and Liabilities 7 - 1 0 Statement of Operations 1 1 - 1 4 Statement of Changes in Net Assets 1 5 - 19 Financial Highlights 2 0 - 29 Notes to the Financial Statements 3 0 - 5 1 Schedule of Material Portfolio Changes 5 2 - 5 3 Appendix 1 : Information concerning SFT (Securities Financing Transactions) & SFDR (Sustainable Financial Disclosure Regulation) 5 4 Directory 5 5 - 5 6
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Granahan US Focused Growth Fund (GUSFGAA) Interim Report – June 30, 202 6 Investment Manager Commentary
The first half of 2026 marked a meaningful recovery for small - cap growth equities following the volatility experienced early in the year. As investor confidence improved and capital returned to companies demonstrating accelerating fundamentals, the Russell 2000 Growth Index advanced 22.2% . The Fund also generated a strong absolute return of 21.6% , essentially matching the benchmark despite maintaining a highly differentiated portfolio and a disciplined focus on long - term value creation rather than benchmark replication.
Sector performance demonstrated the advantages of our emphasis on companies benefiting from powerful secular trends. Financials, Basic Materials, Industrials and Technology were the largest positive contributors. Our Financials exposure benefited from hold ings disrupting traditional banking and financial services through technology - enabled business models. Basic Materials performance was driven primarily by companies leveraged to aerospace, defense and advanced manufacturing. Industrials benefited from cont inued investment in electrical infrastructure, reshoring initiatives and increasing demand for power generation to support AI - related data center expansion. Technology holdings continued to participate in the rapid build - out of AI infrastructure, particula rly companies involved in semiconductor equipment, storage, connectivity and embedded intellectual property.
These gains were partially offset by weakness in Consumer Discretionary and selected Real Estate holdings. Consumer - oriented businesses experienced greater volatility as investors remained sensitive to concerns regarding consumer spending and valuation fol lowing exceptionally strong performance in prior periods. While these positions detracted from relative results during the first half, we believe the underlying investment theses remain intact, and several continue to report operating results that exceed market expectations.
The portfolio remains intentionally concentrated in businesses where we believe the market is underestimating long term earnings power. Rather than pursuing benchmark - like diversification, we continue to allocate capital toward our highest - conviction ideas . This approach inevitably produces periods of short - term relative variability but has historically created the opportunity for superior long - term returns.
Looking ahead, we remain encouraged by several favorable developments. Small - cap valuations continue to trade at attractive discounts relative to large - cap equities despite improving earnings trends. Capital markets have begun to reopen, IPO activity has a ccelerated, and acquisition activity is increasing across several industries. We continue to find compelling opportunities among companies benefiting from artificial intelligence infrastructure spending, industrial reshoring, healthcare innovation and busi ness transformation. While market volatility is likely to persist, we believe the portfolio is well positioned to benefit as investors increasingly reward businesses with improving fundamentals, durable competitive advantages and significant long - term grow th potential.
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GRA RANAHAN US FOCUSED GROWTH FUND SCHEDULE OF INVESTMENTS June 30, 202 6
(expressed in $) % Net Description Quantity Currency Fair Value assets
A) TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING
1) LISTED SECURITIES : SHARES
GREAT BRITAIN Genius Sports Ltd 1,113,550 USD 6,748,113 2.98 Marex Group Plc 168,488 USD 10,269,344 4.54 17,017,457 7.52
ISRAEL Cellebrite Di Ltd 117,537 USD 1,716,040 0.76 Global - E Online Ltd 84,890 USD 2,948,230 1.31 Kornit - Digital Ltd 294,896 USD 4,792,060 2.12 9,456,330 4.19
TAIWAN Silicon Motion Technology Corp* 40,300 USD 13,433,199 5.94 13,433,199 5.94
UNITED STATES (U.S.A.) AeroVironment Inc 12,941 USD 2,136,171 0.95 Axon Enterprise Inc 14,260 USD 7,994,299 3.53 Beta Technologies Inc 54,692 USD 916,092 0.41 Carpenter Technology Corp 14,016 USD 8,645,629 3.83 Casella Waste Systems Inc 28,300 USD 2,744,251 1.21 Cava Group Inc 36,749 USD 2,884,062 1.28 Figure Technology Solutions Inc 104,048 USD 3,195,314 1.41 First Watch Restaurant Group Inc 176,407 USD 2,273,886 1.01 Forgent Power Solutions Inc* 226,553 USD 12,655,251 5.60 FTAI Aviation Ltd* 43,423 USD 11,747,224 5.19 Generac Holding Inc 14,553 USD 4,261,264 1.88 GRAIL Inc 25,300 USD 1,727,231 0.76 Indie Semiconductor Inc 1,868,461 USD 8,389,390 3.71 JFrog Ltd 17,500 USD 1,590,400 0.70 Kura Sushi Usa Inc 101,613 USD 5,848,844 2.59
* Securities represent more than 5% of the total Net Asset Value, therefore exposed to concentration risk.
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GRA RANAHAN US FOCUSED GROWTH FUND SCHEDULE OF INVESTMENTS - continued June 30, 202 6
(expressed in $) % Net Description Quantity Currency Fair Value assets
A) TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING (continued)
1) LISTED SECURITIES : SHARES (continued)
UNITED STATES (U.S.A.) (continued) Life Time Group Holdings Inc 123,587 USD 5,047,293 2.23 Ligand Pharmaceutical Inc 14,700 USD 4,646,523 2.05 Modine Manufacturing Co 28,624 USD 7,643,180 3.38 Evolv Technologies Holdings Inc 159,562 USD 925,460 0.41 Nextpower Inc 54,750 USD 6,522,915 2.88 nLIGHT Inc 36,176 USD 2,518,573 1.11 Onto Innovation Inc 13,961 USD 5,283,540 2.34 Porch Group Inc* 1,400,460 USD 21,062,918 9.31 Quantinuum Inc 21,726 USD 1,775,883 0.79 Repligen Corp 32,300 USD 4,407,012 1.95 Rubicon Project Inc 182,432 USD 3,462,559 1.53 Silversun Technologies 302,552 USD 5,228,099 2.31 Toast Inc 81,733 USD 2,273,812 1.01 TTM Technologies Inc 42,345 USD 7,919,362 3.50 Twist Bioscience Corp 38,400 USD 3,950,592 1.75 Unusual Machines Inc 71,205 USD 1,587,159 0.70 Victory Capital Holdings* 156,807 USD 13,181,196 5.83 York Space Systems Inc 68,427 USD 1,684,673 0.74 Zeta Global Holdings Corp 238,447 USD 4,692,637 2.07 180,822,694 79.95
TOTAL LISTED SECURITIES : SHARES 220,729,680 97.60
TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING 220,729,680 97.60
TOTAL INVESTMENT 220,729,680 97.60
OTHER ASSETS 8,874,103 3.92
OTHER LIABILITIES (3,428,292) (1.52)
NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES 226,175,491 100.00
* Securities represent more than 5% of the total Net Asset Value, therefore exposed to concentration risk.
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GRA RANAHAN US FOCUSED GROWTH FUND SCHEDULE OF INVESTMENTS - continued June 30, 202 6
At June 30, 202 6 sector diversification of the Fund was as follows:
% of Net Assets Fair Value Common stock Diversified Financials Services 21.09 47,708,772 Aerospace & Defense 14.65 33,124,088 Semiconductors & Semiconductor Equipment 12.78 28,882,012 Electrical Equipment 11.06 25,026,589 Hotels Restaurants & Leisure 7.86 17,754,905 Software 5.85 13,221,119 Electronic Equipment Instruments & Components 5.02 11,363,395 Building Products 3.38 7,643,180 Biotechnology 2.51 5,677,823 Trading Companies & Distributors 2.31 5,228,099 Diversified Consumer Services 2.23 5,047,293 Machinery 2.12 4,792,060 Pharmaceuticals 2.05 4,646,523 Life Sciences Tools & Services 1.95 4,407,012 Media 1.53 3,462,559 Commercial Services & Supplies 1.21 2,744,251 TOTAL INVESTMENTS 97.60 220,729,680 Other Assets and Cash in Excess of Liabilities 2.4 0 5,445,811 TOTAL NET ASSETS 100.00 226,175,491
Analysis of Total Assets % of Total Assets
Transferable Securities Admitted to An Official Stock Exchange or traded on a regulated market 96.14 Current Assets 3.86 TOTAL 100.00
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STATEMENT OF ASSETS AND LIABILITIES As of June 30, 202 6
Granahan US Focused Growth Fund
Granahan US Focused Growth Fund * $ $ June 30, 202 6 December 31 , 20 2 5 Assets Investments, at identified cost 165,828,600 206,949,854 Investments in securities, at fair value (See note 9) 220,729,680 233,762,110 Cash and cash equivalents (See note 10 ) 8,637,937 4,790,080 Receivable for subscriptions 78,912 28,498 Receivable for securities sold - 349,148 Prepaid expenses and other assets 4 88 1,248 Receivable from Investment Manager (See note 5 ) 156,766 47,131 Total assets 229,603,783 238,978,215 Liabilities Bank overdrafts 10,398 Payable for securities purchased 975,584 602,685 Payable for redemptions 1,697,629 395,669 Payable to Investment Manager (See note 5 ) 503,546 599,058 Director’s fees payable 6,162 Manager fees payable (See note 5 ) 11,069 4,184 Auditor fees payable 20,133 18,790 Other accrued expenses 203,771 216,573 Total liabilities 3,428,292 1,836,959 Net assets 226,175,491 237,141,256
Total net assets for shareholding dealing 226,175,491 237,141,256
Net assets consist of Paid in capital (35,054,326) 17,349,585 Undistributed net investment loss (38,095,720) (37,068,832) Accumulated net realized gain on investments and foreign currency related transactions 242,833,275 228,457,064 Net unrealized appreciation on investments and foreign currency related transactions 56,492,262 28,403,439 Net assets 226,175,491 237,141,256
* Granahan US SMID Select Fund was merged into Granahan US Focused Growth Fund on September 30, 2025 with Net Asset transferred amount to USD 12,098,743 .
The accompanying notes are an integral part of these financial statements.
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STATEMENT OF ASSETS AND LIABILITIES – continued As of June 30, 202 6
Granahan US Focused Growth Fund
Granahan US Focused Growth Fund June 30, 202 6 December 31 , 20 2 5 Class A EUR Accumulating Closing number of shares (See note 3) 164.29 164.29 Net asset value per share €11.23 €8.98
Class A GBP Accumulating Closing number of shares (See note 3) 216,402.78 982,313.72 Net asset value per share £19.52 £15.79
Class A USD Accumulating Closing number of shares (See note 3 ) 98,141.54 110,992.36 Net asset value per share $603.26 $496.06
Class A USD Distributing Closing number of shares (See note 3 ) 5,898.06 12,683.06 Net asset value per share $239.72 $197.12
Class F EUR Accumulating Closing number of shares (See note 3) 20,204.85 43,674.85 Net asset value per share €21.60 €17.29
Class I GBP Accumulating Closing number of shares (See note 3) 63,491.09 122,577.22 Net asset value per share £18.85 £15.22
Class I GBP Distributing Closing number of shares (See note 3) 549,545.51 577,845.66 Net asset value per share £11.11 £8.97
Class I USD Accumulating Closing number of shares (See note 3) 3,851,762.43 4,249,839.40 Net asset value per share $27.96 $22.95
Class I USD Distributing Closing number of shares (See note 3) 1,506,346.54 2,214,748.04 Net asset value per share $27.93 $22.92
The accompanying notes are an integral part of these financial statements.
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STATEMENT OF ASSETS AND LIABILITIES – continued As of June 30, 202 6
Granahan Future Pathways Fund * $ December 31 , 20 25 Assets Cash and cash equivalents (See note 10) 107,069 Total assets 107,069 Liabilities Other accrued expenses 107,069 Total liabilities 107,069 Net assets Net assets consist of Paid in capital 695,722 Undistributed net investment loss (139,167) Accumulated net realized loss on investments and foreign currency related transactions (578,477) Net unrealized appreciation on investments and foreign currency related transactions 21,922
Net assets -
*Granahan Future Pathways Fund was terminated on February 27, 2025.
The accompanying notes are an integral par t of these financial statements.
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STATEMENT OF ASSETS AND LIABILITIES – continued As of June 30, 202 6
Total Total $ $ June 30, 202 6 December 31 , 20 2 5 Assets Investments, at identified cost 165,828,600 206,949,854 Investments in securities, at fair value 220,729,680 233,762,110 Cash and cash equivalents 8,637,937 4,897,149 Receivable for subscriptions 78,912 28,498 Receivable for securities sold - 349,148 Prepaid expenses and other assets 4 88 1,248 Receivable from Investment Manager 156,766 47,131 Total assets 229,603,783 239,085,284 Liabilities Bank overdrafts 10,398 Payable for securities purchased 975,584 602,685 Payable for redemptions 1,697,629 395,669 Payable to Investment Manager (See note 5 ) 503,546 599,058 Manager fees payable (See note 5 ) 11,069 4,184 Director ’ s fe fees payable 6,162 Auditor fees payable 20,133 18,790 Other accrued expenses 203,771 323,642 Total liabilities 3,428,292 1,944,028 Net assets 226,175,491 237,141,256
Total net assets for shareholding dealing 226,175,491 237,141,256
Net assets consist of Paid in capital (35,054,326) 19,229,215 Undistributed net investment loss (38,095,720) (54,921,769) Accumulated net realized gain on investments and foreign currency related transactions 242,833,275 242,396,608 Net unrealized appreciation on investments and foreign currency related transactions 56,492,262 30,437,202 Net assets 226,175,491 237,141,256
The accompanying notes are an integral part of these financial statements
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STATEMENT OF OPERATIONS For the financial period ended June 30, 202 6
Granahan US Focused Growth Fund
Granahan US Focused Growth Fund $ $ Financial period ended Financial period ended June 30, 202 6 June 30, 202 5 Investment income Dividends 298,186 380,373 Dividend withholding tax (59,874) (79,921) Other income 62,072 257,692 Total investment income 300,384 558,144
Expenses Investment Management fees (See note 5) 1,025,026 1,225,499 Administration fees (See note 5) 71,776 44,769 Manager fees (See note 5) 40,846 35,718 Audit fees (See note 5) 15,133 11,295 Depositary fees (See note 5) 68,442 42,966 Directors’ fees (See note 5) 43,436 31,443 Legal fees 47,245 74,159 Transaction costs (See note 7) 186,015 115,563 Other expenses (See note 8) 134,056 94,411 Total expenses 1,631,975 1,675,823 Expense reimbursement from Investment Manager (See note 5) (304,703) (210,566) Net expenses 1,327,272 1,465,257 Net investment loss (1,026,888) (907,113)
Realized and unrealized gain / (loss) on investments Net realized gain /(los s ) on: Investments 14,377,519 5,561,580 Foreign currency related transactions (1,308) 15,643 Net change in unrealiz ed appreciation /(depreciation) on: Investments 28,088,823 29,050,117 F oreign currency related transactions - (19,396) Net realized and unrealized gain on investments 42, 465 ,034 34,607,944 Net increase in net assets resulting from operations 41,438,146 33,700,831
For the financial period ended June 30, 202 6 , there are no other gains or losses other than those included in th e Statement of Operations. All income and gains arises from continuing operations of Granahan US Focused Growth Fund .
The accompanying notes are an integral part of these financial statements .
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STATEMENT OF OPERATIONS – continued For the financial period ended June 30, 202 6
Granahan US SMID Select Fund $ Financial period ended June 30, 2025 Investment income Dividends 6,662 Dividend withholding tax (963) Other income 12,613 Total investment income 18,312
Expenses Investment Manager fees (See note 5) 76,083 Administration fees (See note 5) 22,472 Manager fess (See note 5) 2,278 Audit fees (See note 5) 736 Depositary fees (See note 5) 17,026 Directors’ fees (See note 5) 2,046 Legal fees 4,832 Transaction costs (See note 7) 50,887 Other expenses (See note 8) 13,774 Total expenses 190,134 Expense reimbursement from Investment Manager (See note 5) (63,281) Net expenses 126, 853 Net investment loss (108,541)
Realized and unrealized ( loss )/gain on investments Net realized loss on: Investments (1,717,943) Foreign currency related transactions (5,058) Net change in unrealized appreciation /(depreciation) on : Investments 1,854,883 Foreign currency related transactions (961) Net realized and unrealized gain on investments 130,921
Net i ncrease in net assets resulting from operati ons 22,380
For the financial period ended June 30, 2026, there are no other gains or losses other than those included in th e Statement of Operations. Granahan US SMID Select Fund w as merged with US Focused Growth Fund on September 30,2025, therefore no current period end balances are presented , comparative information for the prior period is included for reference and relates to the period before the merger.
The accompanying notes are an integral part of these financial statements .
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STATEMENT OF OPERATIONS – continued For the financial period ended June 30, 202 6
Granahan Future Pathways Fund * $ Financial period ended January 1, 2025 to February 27, 2025 Investment income Dividends 841 Dividend withholding tax (206) Other income 1,015 Total investment income 1,650
Expenses Investment Manager fees (See note 5) 6,715 Administration fees (See note 5) 9,693 Manager fess (See note 5) 900 Audit fees (See note 5) 1,397 Depositary fees (See note 5) 18,390 Directors’ fees (See note 5) 290 Legal fees 1,386 Liquidation fees 51,750 Transaction costs (See note 7) 11,737 Other expenses (See note 8) 1,644 Total expenses 103,902 Expense reimbursement from Investment Manager (See note 5) (80,915) Net expenses 22,987 Net investment loss (21,337)
Realized and unrealized ( loss )/gain on investments Net realized ( loss )/gain on: Investments (517,214) Foreign currency related transactions 3,624 Net change in unrealized appreciation on: Investments 31,864 Foreign currency related transactions Net realized and unrealized loss on investments (481,726) Net decrease in net assets resulting from operations (503,063)
* Granahan Future Pathways Fund was terminated o n February 27, 202 5.
For the financial period ended June 30, 2026, there are no other gains or losses other than those included in the Statement of Operations. Granahan Future Pathways Fund was liquidated on February 27, 2025 , therefore no current period end balances are presented, comparative information for the prior period is included for reference and are from discontinued operations from the prior period . The accompanying notes are an integral part of these financial statements .
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STATEMENT OF OPERATIONS – continued For the financial period ended June 30, 202 6
Total Total $ $ Financial period ended Financial period ended June 30, 202 6 June 30, 202 5 Investment income Dividends 298,186 387,876 Dividend withholding tax (59,874) (81,090) Other income 62,072 271,320 Total investment income 300,384 578,106
Expenses Investment Management fees (See note 5) 1,025,026 1,308,297 Administration fees (See note 5) 71,776 68,964 Manager fees (See note 5) 40,846 38,896 Audit fees (See note 5) 15,133 13,428 Depositary fees (See note 5) 68,442 78,382 Directors’ fees (See note 5) 43,436 33,779 Legal fees 47,245 80,377 Liquidation fees - 51,750 Transaction costs (See note 7) 186,015 178,187 Other expenses (See note 8) 134,056 117,799 Total expenses 1,631,975 1,969,859 Expense reimbursement from Investment Manager (See note 5) (304,703) (354,762) Net expenses 1,327,272 1,615,097 Net investment loss (1,026,888) (1,036,991)
Realized and unrealized gain/(loss) on investments
Net realized gain /(loss) on: Investments 14,377,519 3,326,423 Foreign currency related transactions (1,308) 12,769 Net change in unrealized appreciation /(depreciation) on: Investments 28,088,823 30,936,864 Foreign currency related transactions - (18,917) Net realized and unrealized gain on investments 42,465,034 34,257,139 Net increase in net assets resulting from operations 41,438,146 33,220,148
All income and gains for the June 30,2026 arises from continuing operations of Granahan US Focused Growth Fund. All income and gains for June 30,2025 includes Granahan US Focused Growth Fund , Granahan US SMID Select Fund which merge d into Granahan US Focused Growth Fund on September 20,2025 and Granahan Future Pathways Fund which was liquidated on February 27, 2025 . The accompanying notes are an integral part of these financial statements .
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STATEMENT OF CHANGES IN NET ASSETS For the financial period ended June 30, 202 6
Granahan US Focused Growth Fund
Granahan US Focused Growth Fund $ $ Financial period ended Financial period ended June 30, 202 6 June 30, 202 5 Operations Net investment loss (1,026,888) (907,113) Net realized gain on investments and foreign currency related transactions 14,376,211 5,577,223 Net change in unrealized appreciation on investments and foreign currency transactions 28,088,823 29,030,721 Net increase in net assets resulting from operations 41,438,146 33,700,831
Capital Share Transactions (See note 3) Proceeds from shares sold Class A GBP Accumulating 443,136 2,428,914 Class A USD Accum ula ting 2,446,041 1,106,943 Class A USD Distributing - 9,647 Class I GBP Accumulating 121,372 186,653 Class I GBP Distributing 551,041 Class I USD Accumulating 6,884,788 7,865,583 Class I USD Distributing 5,204,086 6,164,096 Cost of shares redeemed Class A GBP Accumulating (16,806,324) (2,532,124) Class A USD Accumulating (9,013,867) (10,869,726) Class A USD Distributing (1,258,485) (309,477) Class F EUR Accumulating (509,248) (41,911) Class I EUR Accumulating - (1,270,409) Class I GBP Accumulating (1,389,076) (8,034,877) Class I GBP Distributing (884,475) Class I USD Accumulating (16,923,796) (23,202,351) Class I USD Distributing (21,269,104) (5,171,044)
T he accompanying notes are an integral part of these financial statements.
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STATEMENT OF CHANGES IN NET ASSETS – continued For the financial period ended June 30, 202 6
Granahan US Focused Growth Fund
Granahan US Focused Growth Fund $ $ Financial period ended Financial period ended June 30, 202 6 June 30, 202 5 Net decrease in net assets from capital share transactions (52,403,911) (33,670,083)
Distributions to Shareholders Total distributions - Total ( decrease )/increase in net assets (10,965,765) 30,748 Net assets beginning of financial period 237,141,256 272,758,336 Net assets e nd of financial period 226,175,491 272,789,084
The accompanying notes are an integral part of these financial statements.
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STATEMENT OF CHANGES IN NET ASSETS – continued For the financial period ended June 30, 202 6
Granahan US SMID Select Fund * $ Financial period ended June 30, 2025 Operations Net investment loss (108,541) Net realized loss on investments and foreign currency related transactions (1,723,001) Net change in unrealized appreciation on investments and foreign currency transactions 1,853,922 Net increase in net assets resulting from operations 22,380
Capital Share Transactions (See note 3) Proceeds from shares sold Class A GBP Accumulating 258,351 Class A USD Accumulating 141,920 Class I GBP Accumulating 14,614 Class I GBP Distributing 207,475 Class I USD Accumulating Class I USD Distributing 1,421 Cost of shares redeemed Class A GBP Accumulating (189,554) Class A USD Accumulating (6,367,915) Class I GBP Accumulating (956,184) Class I GBP Distributing (6,721,491) Class I USD Accumulating Class I USD Distributing (3,839,972) Net decrease in net assets from capital share transactions (17,451,335)
Distributions to Shareholders Total distributions Total decrease in net assets (17,428,955) Net assets beginning of financial period 29,731,668 Net assets end of financial period 12,302,713
*Granahan US SMID Select Fund was merged into Granahan US Focused Growth Fund on September 30, 2025.
The accompanying notes are an integral part of these financial statements.
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STATEMENT OF CHANGES IN NET ASSETS – continued For the financial period ended June 30, 202 6
Granahan Future Pathways Fund * $ Financial period ended February 27,2025 Operations Net investment loss (21,337) Net realized loss on investments and foreign currency related transactions (515,030) Net change in unrealiz ed appreciation on i nvestments and foreign currency transactions 33,304 Net decrease in net assets resulting from operations (503,063)
Capital Share Transactions (See note 3) Proceeds from shares sold Class Founder GBP Accumulating Cost of shares redeemed Class Founder GBP Accumulating (8,156,064) Net decrease in net assets from capital share transactions (8,156,064)
Total decrease in net assets (8,659,127) Net assets beginning of financial period 8,659,127 Net assets end of financial period -
*Granahan Future Pathways Fund was terminated on February 27, 2025.
The accompanying notes are an integral part of these financial statements.
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STATEMENT OF CHANGES IN NET ASSETS – continued For the financial period ended June 30, 202 6
Tot al Total $ $ Financial period ended Financial period ended June 30, 202 6 June 30, 202 5 Operations Net investment loss (1,026,888) (1,036,991) Net realized gain on investments and foreign currency related transactions 14,376,211 3,339,192 Net change in unrealized appreciation on investments and foreign currency transactions 28,088,823 30,917,947 Net increase in net assets resulting from operations 41,438,146 33,220,148 Capital Share Transactions (See note 3) Proceeds from shares sold 15,650,464 18,385,617 Cost of shares redeemed (68,054,375) (77,663,099)
Net decrease in net assets from capital share (52,403,911) (59,277,482) Distributions to Shareholders Total distributions - Total d ecrease in net assets (10,965,765) (26,057,334) Net assets beginning of financial period 237,141,256 311,149,131 Net assets end of financial period 226,175,491 285,091,797
The accompanying notes are an integral part of these financial statements
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FINANCIAL HIGHLIGHTS For a share outstanding throughout the financial period ended June 30, 202 6 and comparatives for the financial year ended December 31, 202 5
Granahan US Focused Growth Fund
Class A EUR Accumulating* June 202 6 December 202 5 € € Net Asset Value – Beginning of Financial period Income from Investment Operations 8.98 9.93 Net investment los s (0.06) Net realized and unrealized gain /(loss) on investments 2.31 (0.95) Total from investment operations 2.25 (0.95)
Net Asset Value – End of Financial period 11.23 8.98 Total Return ** 25.06% ( 9.57 ) % Ratios and Supplemental Data Net assets, end of financial period (thousands) 2 1 Ratio of expenses to average net assets: After expense reimbursement 1.59% 0.44% Before expense reimbursement 1.59% 0.44% Ratio of net investment income to average net assets: After expense reimbursement (1.15)% Before expense reimbursement (1.15)% -
Class A GBP Accumulating June 202 6 December 202 5 $ $ Net Asset Value – Beginning of Financial period 15.79 16.67 Income from Investment Operations Net investment loss (0.14) (0.20) Net realized and unrealized gain /( loss) on investments 3.87 (0.68) Total from investment operations 3.73 0.88
Net Asset Value – End of Financial period 19.52 15.79 Total Return 23.62% (5.28)% Ratios and Supplemental Data Net assets, end of financial period (thousands) 4,224 15,513 Ratio of expenses to average net assets: After expense reimbursement 1.49% 1.36% Before expense reimbursement 1.51% 1.36% Ratio of net investment income to average net assets: After expense reimbursement (1.27)% (0.92)% Before expense reimbursement (1.29)% (0.92)%
*This share class was launched on September 30, 2025. **Total return is annualized for the period.
The accompanying notes are an integral part of these financial statements.
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FINANCIAL HIGHLIGHTS – continued For a share outstanding throughout the financial period ended June 30, 202 6 and comparatives for the financial year ended December 31, 202 5
Granahan US Focused Growth Fund
Class A USD Accumulating June 202 6 December 202 5 $ $ Net Asset Value – Beginning of Financial period 496.06 486.52 Income from Investment Operations Net investment los s (2.92) (5.34) Net realized and unrealized gain on investments 110.12 14.88 Total from investment operations 107.20 9.54
Net Asset Value – End of Financial period 603.26 496.06 Total Return 21.61% 1.96% Ratios and Supplemental Data Net assets, end of financial period (thousands) 59,205 55,059 Ratio of expenses to average net assets: After expense reimbursement 1.41% 1.28% Before expense reimbursement 1.45% 1.28% Ratio of net investment income to average net assets: After expense reimbursement (1.17)% (1.05)% Before expense reimbursement (1.21)% (1.05)%
Class A USD Distributing June 2026 December 2025 £ £ Net Asset Value – Beginning of Financial period 197.12 193.33 Income from Investment Operations Net investment loss (1.16) (2.11) Net realized and unrealized gain on investments 43.76 5.90 Total from investment operations 42.60 3.79
Net Asset Value – End of Financial period 239.72 197.12 Total Return 21.61% 1.96% Ratios and Supplemental Data Net assets, end of financial period (thousands) 1,414 2,500 Ratio of expenses to average net assets: After expense reimbursement 1.43% 1.28% Before expense reimbursement 1.47% 1.28% Ratio of net investment income to average net assets: After expense reimbursement (1.17)% (1.04)% Before expense reimbursement (1.21)% (1.04)%
The accompanying notes are an integral part of these financial statements.
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FINANCIAL HIGHLIGHTS – continued For a share outstanding throughout the financial period ended June 30, 202 6 and comparatives for the financial year ended December 31, 202 5
Granahan US Focused Growth Fund
Class F EUR Accumulating June 202 6 December 202 5 € € Net Asset Value – Beginning of Financial period 17.29 19.28 Income from Investment Operations Net investment loss (0.15) (0.25) Net realized and unrealized gain / loss on investments 4.46 (1.74) Total from investment operations 4.31 (1.99)
Net Asset Value – End of Financial period 21.60 17.29 Total Return 24.93% (10.32)% Ratios and Supplemental Data Net assets, end of financial period (thousands) 436 755 Ratio of expenses to average net assets: After expense reimbursement 1.77% 1.61% Before expense reimbursement 1.81% 1.61% Ratio of net investment income to average net assets: After expense reimbursement (1.51)% (1.18)% Before expense reimbursement (1.55)% (1.18)%
Class I EUR Accumulating * December 2025 € Net Asset Value – Beginning of Financial period 10.09 Income from Investment Operations Net investment loss (0.08) Net realized and unrealized loss on investments (10.01) Total from investment operations (10.09)
Net Asset Value – End of Financial period Total Return Ratios and Supplemental Data N et assets, end of financial period (thousands) Ratio of expenses to average net assets: After expense reimbursement 2.16% Before expense reimbursement 2.73% Ratio of net investment income to average net assets: After expense reimbursement (1.60)% Before expense reimbursement (2.19)%
*This shareclass was terminated on June 17, 2025.
The accompanying notes are an integral part of these financial statements.
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FINANCIAL HIGHLIGHTS – continued For a share outstanding throughout the financial period ended June 30, 202 6 and comparatives for the financial year ended December 31, 202 5
Granahan US Focused Growth Fund
Class I GBP Accumulating June 202 6 December 202 5 $ $ Net Asset Value – Beginning of Financial period 15.22 16.02 Income from Investment Operations Net investment l oss (0.09) (0.14) Net realized and unrealized gain /(loss) on investments 3.72 (0.66) Total from investment operations 3.63 (0.80)
Net Asset Value – End of Financial period 18.85 15.22 Total Return 23.85% (4.99)% Ratios and Supplemental Data Net assets, end of financial period (thousands) 1,197 1,866 Ratio of expenses to average net assets: After expense reimbursement 1.13% 1.03% Before expense reimbursement 1.53% 1.30% Ratio of net investment income to average net assets: After expense reimbursement (0.85)% (0.69)% Before expense reimbursement (1.25)% (0.95)%
Class I GBP Distributing* June 202 6 December 202 5 $ $ Net Asset Value – Beginning of Financial period - Net Asset Value – Issued 8.97 9.90 Income from Investment Operations Net investment los s (0.06) Net realized and unrealized gain/ loss on investments 2.20 (0.93) Total from investment operations 2.14 (0.93) Net Asset Value – End of Financial period 11.11 8.97 Total Return* n** 23.86% (9.39)% Ratios and Supplemental Data Net assets, end of financial period (thousands) 6,105 5,184 Ratio of expenses to average net assets: After expense reimbursement 1.33% 0.39% Before expense reimbursement 1.73% 0.42% Ratio of net investment income to average net assets: After expense reimbursement (0.95)% 0.01% Before expense reimbursement (1.35)% (0.02)%
*This share class was launched on September 30, 2025. **Total return is annualized for the period.
The accompanying notes are an integral part of these financial statements.
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FINANCIAL HIGHLIGHTS – continued For a share outstanding throughout the financial period ended June 30, 202 6 and comparatives for the financial year ended December 31, 202 5
Granahan US Focused Growth Fund
Class I USD Accumulating June 202 6 December 202 5 $ $ Net Asset Value – Beginning of Financial period 22.95 22.44 Income from Investment Operations Net investment los s (0.10) (0.15) Net realized and unrealized gai n on investments 5.11 0.66 Total from investment operations 5.01 0.51
Net Asset Value – End of Financial period 27.96 22.95 Total Return 21.83% 2.27% Ratios and Supplemental Data Net assets, end of financial period (thousands) 107,704 97,525 Ratio of expenses to average net assets: After expense reimbursement 1.17% 1.06% Before expense reimbursement 1.57% 1.30% Ratio of net investment income to average net assets: After expense reimbursement (0.85)% (0.65)% Before expense reimbursement (1.25)% (0.89)%
Class I USD Distributing June 202 6 December 202 5 $ $ Net Asset Value – Beginning of Financial period 22.92 22.41 Income from Investment Operations Net investment loss (0.10) (0.15) Net realized and unrealized gain on investments 5.11 0.66 Total from investment operations 5.01 0.51
Net Asset Value – End of Financial period 27.93 22.92 Total Return 21.86% 2.28% Ratios and Supplemental Data Net assets, end of financial period (thousands) 42,068 50,759 Ratio of expenses to average net assets: After expense reimbursement 1.17% 1.06% Before expense reimbursement 1.55% 1.30% Ratio of net investment income to average net assets: After expense reimbursement (0.89)% (0.65)% Before expense reimbursement (1.27)% (0.89)%
The accompanying notes are an integral part of these financial statements.
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FINANCIAL HIGHLIGHTS – continued For a share outstanding throughout the financial period ended June 30, 202 6 and comparatives for the financial year ended December 3 1 , 202 5
Granahan US SMID Select Fund *
Class A EUR Accumulating ** Septem ber 2025 € Net Asset Value – Beginning of Financial period 96.30 Income from Investment Operations Net investment loss (0.33) Net realized and unrealized gain on investments 13.56 Total from investment operations 13.23
Net Asset Value – End of Financial period 109.53 Total Return 13.74% Ratios and Supplemental Data Net assets, end of financial period (thousands) 2 Ratio of expenses to average net assets: After expense reimbursement 1.10% Before expense reimbursement 2.45% Ratio of net investment income to average net assets: After expense reimbursement (0.43)% Before expense reimbursement (1.78)%
Class A GBP Accumulating ** Septem ber 2025 £ Net Asset Value – Beginning of Financial period 75.82 Income from Investment Operations Net investment loss (0.27) Net realized and unrealized gain on investments 15.44 Total from investment operations 15.17
Net Asset Value – End of Financial period 90.99 Total Return 20.01% Ratios and Supplemental Data Net assets, end of financial period (thousands) 297 Ratio of expenses to average net assets: After expense reimbursement 1.16% Before expense reimbursement 2.78% Ratio of net investment income to average net assets: After expense reimbursement (0.33)% Before expense reimbursement (1.95)%
*Granahan US SMID Select Fund was merged into Granahan US Focused Growth Fund on September 30, 2025 . * * This share class was merged on September 30 , 2025.
The accompanying notes are an integral part of these financial statements.
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FINANCIAL HIGHLIGHTS – continued For a share outstanding throughout the financial period ended June 30, 202 6 and comparatives for the financial year ended December 3 1 , 202 5
Granahan US SMID Select Fund *
Class A USD Accumulating ** September 2025 $ Net Asset Value – Beginning of Financial period 69.87 Income from Investment Operations Net investment l oss (0.31) Net realized and unrealized gain on investments 20.60 Total from investment operations 20.29
Net Asset Value – End of Financial period 90.16 Total Return 29.04% Ratios and Supplemental Data Net assets, end of financial period (thousands) 2,122 Ratio of expenses to average net assets: After expense reimbursement 1.24% Before expense reimbursement 2.39% Ratio of net investment income to average net assets: After expense reimbursement (0.56)% Before expense reimbursement (1.70)%
Class I GBP Accumulating ** September 2025 £ Net Asset Value – Beginning of Financial period 164.09 Income from Investment Operations Net investment loss (0.72) Net realized and unrealized gain on investments 34.21 Total from investment operations 33.49
Net Asset Value – End of Financial period 197.58 Total Return 20.41% Ratios and Supplemental Data Net assets, end of financial period (thousands) 981 Ratio of expenses to average net assets: After expense reimbursement 0.72% Before expense reimbursement 2.26% Ratio of net investment income to average net assets: After expense reimbursement (0.45)% Before expense reimbursement (1.99)%
*Granahan US SMID Select Fund was merged into Granahan US Focused Growth Fund on September 30, 2025 . * * This share class was merged on September 30 , 2025.
The accompanying notes are an integral part of these financial statements.
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FINANCIAL HIGHLIGHTS – continued For a share outstanding throughout the financial period ended June 30, 202 6 and comparatives for the financial year ended December 3 1 , 2025
Granahan US SMID Select Fund *
Class I GBP Distributing ** September 2025 £ Net Asset Value – Beginning of Financial period 91.10 Income from Investment Operations Net investment loss (0.37) Net realized and unrealized gain on investments 18.95 Total from investment operations 18.58
Net Asset Value – End of Financial period 109.68 Total Return 20.40% Ratios and Supplemental Data Net assets, end of financial period (thousands) 5,782 Ratio of expenses to average net assets: After expense reimbursement 0.86% Before expense reimbursement 2.29% Ratio of net investment income to average net assets: After expense reimbursement (0.41)% Before expense reimbursement (1.86)%
Class I USD Accumulating ** September 2025 $ Net Asset Value – Beginning of Financial period 81.79 Income from Investment Operations Net investment loss (0.08) Net realized and unrealized gain on investments 24.09 Total from investment operations 24.01
Net Asset Value – End of Financial period 105.80 Total Return 29.36% Ratios and Supplemental Data N et assets, end of financial period (thousands) 625 Ratio of expenses to average net assets: After expense reimbursement 0.90% Before expense reimbursement 2.63% Ratio of net investment income to average net assets: After expense reimbursement (0.12)% Before expense reimbursement (1.86)%
*Granahan US SMID Select Fund was merged into Granahan US Focused Growth Fund on September 30, 2025 . * * This share class was merged on September 30 , 2025.
The accompanying notes are an integral part of these financial statements.
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FINANCIAL HIGHLIGHTS – continued For a share outstanding throughout the financial period ended June 30, 202 6 and comparatives for the financial year ended December 3 1 , 2025
Granahan US SMID Select Fund * *
Class I USD Distributing* September 2025 $ Net Asset Value – Beginning of Financial period 82.03 Income from Investment Operations Net investment loss (0.43) Net realized and unrealized gain on investments 24.63 Total from investment operations 24.20
Net Asset Value – End of Financial period 106.23 Total Return 29.50% Ratios and Supplemental Data Net assets, end of financial period (thousands) 158 Ratio of expenses to average net assets: After expense reimbursement 0.86% Before expense reimbursement 1.66% Ratio of net investment income to average net assets: After expense reimbursement (0.74)% Before expense reimbursement (1.54)%
*Granahan US SMID Select Fund was merged into Granahan US Focused Growth Fund on September 30, 2025 . * * This share class was merged on September 30 , 2025.
The accompanying notes are an integral part of these financial statements.
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FINANCIAL HIGHLIGHTS – continued For a share outstanding throughout the financial period ended June 30, 202 6 and comparatives for the financial year ended December 31 , 202 5
Granahan Future Pathways Fund *
Class Founder GBP Accumulating ** February 2025 £ Net Asset Value – Beginning of Financial period 93.06 Income from Investment Operations Net investment gain 0.59 Net realized and unrealized loss on investments (8.13) Total from investment operations (7.54)
Net Asset Value – End of Financial period 85.52 Total Return (8.10)% Ratios and Supplemental Data N et assets, end of financial period (thousands) 3,952 Ratio of expenses to average net assets: After expense reimbursement (3.02)% Before expense reimbursement 3.02% Ratio of net investment income to average net assets: After expense reimbursement 3.15% Before expense reimbursement (2.89)%
* Granahan Future Pathways Fund was terminated on February 27, 2025. * * This shareclass was terminated on February 27, 2025.
The accompanying notes are an integral part of these financial statements.
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N O TES T O THE FI N ANCIAL S TA TAT ATEMENTS For the financial period ended June 30, 202 6
1. O r ganization
The Company is an open - ended umbrella investment company with variable capital and segregated liability between its sub - funds and is organised under the laws of Ireland as a public limited company pursuant to the Companies Act 2014 ( as amended ) . The Company is authorised by the Central Bank of Ireland pursuant to the UCITS Regulations and the Central Bank UCITS Regulations .
The Company was incorporated on October 3, 2013 under registration number 533587.
The Directors have established four sub - funds (the “Funds”, each a “Fund”) at the time of incorporation. Currently, there is only one active sub - fund (Granahan US Focused Growth Fund) as at June 30 , 2026.
- Granahan US Focused Growth Fund - Granahan US SMID Select Fund (Merged with US Focused Growth Fund on September 30, 2025) - Granahan Future Pathways Fund (Terminated on February 27, 2025) - Granahan US Small Cap Discoveries Fund (Terminated on May 16, 2024)
Granahan US Focused Growth Fund commenced o perations on April 11, 2014, Granahan US Small Cap Discoveries Fund commen ced operations on June 30, 2017 , Granahan US SMID Select Fund commenced operations on January 23, 2020 and Granahan Future Pathways Fund commenced operations on April 14, 2023 . Granahan US Small Cap D iscoveries Fund has ceased operations on May 16, 2024 upon the Direct ors’ decision to close the Fund after F und assets remained below an economically viable level since the end of 2023 . Granahan US SMID Select Fund was merged into Granahan US Focused Growth Fund on September 30, 2025.
As at June 30, 2026, there was only 1 active Fund which was Granahan US Focused Growth Fund . The Company intends to provide investors with a choice of Funds offering an array of investment objectives. Granahan US Focused Growth Fund aims to achieve its investment objectives while spreading investment risks through investment in transferable securities or liquid financial assets or collective investment schemes or other permitted investments in accordance with the Regulations .
A separate portfolio of assets is maintained for the Granahan US Focused Growth Fund and is invested in accordance with its investment objectives and policies.
2. Signi fi ficant Accounting P olicies
The foll o wing is a summary of signi fi ficant accounting policies consistently foll o wed by the Company in the preparation of its fi financial statements. These policies are in conformity with U.S. Generally Accepted Accounting Principles (“US GAAP”).
a) Valuation of Securities – Securities that are primarily traded on an an official stock exchange are valued at the last traded price (or if no last traded price is available the latest mid - market price) on the exchange on which they are primarily traded on the day of valuation. Any securities or other assets for which market quotations are n ot readily available are valued at such value as shall be certified with care and good faith as the probable realization value by a competent person, appointed for such purpose by the Directors in consultation with the Investment Manager and approved by the Depositary. The values for foreign securities are reported in local currency and converted to US Dollar ( “ $ ” ) using currency exchange rates at the time of valuation. Exchange rates are provided daily by recognized independent pricing agents.
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N O TES T O THE FI N ANCIAL S TA TAT ATEMENTS – continued For the financial period ended June 30, 202 6
2. Signi fi ficant Accounting P olicies (continued)
b) Distributions to Shareholders – For all accumulating classes of shares, the Directors intend to accumulate and to automatically reinvest all earnings, dividends and other distributions of whatever kind pursuant to the investment objectives and policies of the relevant fund for the benefi t of Shareholders in the relevant fund. The Directors intend to declare a quarterly dividend in respect of the distributing classes for the net income earned in the period (interest plus dividends, less fund expenses). To date, none of the distributing sha re classes have accumulated net income in any period. Any change to the distribution policy of a fund will be notified in advance to Shareholders and will be noted in an addendum or a revision to the Prospectus.
c) Basis of preparation – The accompanying financial statements have been prepared in conformity with US GAAP. The accompanying financial statements have been prepared under a going concern basis except for Granahan Future Pathway Funds which was terminated on February 27, 2025 respectively and thus the financial statements have been prepared on a non - going concern basis .
d) Use of Estimates – The preparation of the financial statements in conformity with US GAAP requires Directors to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Directors believe that the e stimates utilized in preparing its financial statements are reasonable and prudent; however, actual results could differ from these estimates.
e) Guarantees and Indemnification – In the normal course of business, the Company enters into contracts with service providers that contain general indemnification clauses. The Company’s maximum exposure under these arrangements is unknown as this would invol ve future claims that may be made against the Company that have not yet occurred. Based on experience, however, the Company expects the risk of loss to be remote.
f) Other – Investment and Shareholder transactions are recorded on trade date. The Company determines the gain or loss realized from the investment transactions by comparing the original cost of the security sold with the net sales proceeds on a high cost bas is. Within the Funds, dividend income is recognized on the ex - dividend date or as soon as information is available and interest income is recognized on an accrual basis.
g) Functional and Presentation Currency – Items included in the financial statements are measured using the currency of the primary economic environment in which it operates (the “Functional Currency”). The Company’s Functional and presentation currency is US Dollar ( “ $ ” ) .
h) Transaction Costs – Transaction costs are incremental costs that are directly attributable to the acquisition, issue or disposal of a financial asset or financial liability. An incremental cost is one that would not have been incurred if the entity had not acquired, issued or disposed of the financial instrument. Only transaction costs which are separately identifiable are disclosed. These include transaction costs paid to depositaries and sub - custodians, identifiable brokerage charges and commissions. Thes e requirements are disclosed in note 7 .
i) Expenses - are recognized in the statement of operations on an accruals basis.
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N O TES T O THE FI N ANCIAL S TA TAT ATEMENTS – continued For the financial period ended June 30, 202 6
2. Significant Accounting Policies (continued)
j) Income - Dividend income is recorded gross of any non - reclaimable withholding taxes suffered on an ex - date. Interest revenue is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the r ate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset’s net carrying amount basis.
k) Recent Accounting Pronouncements – A number of new standards, amendments to standards and interpretations in issue are not yet effective, and have not been applied in preparing these financial statements. None of these are currently expected to have a material effect on the financial statements of the Company .
l) Recognition/Derecognition – The Company recognizes financial assets or financial liabilities at fair value through profit or loss on the trade date, which is the date on which the Company becomes a party to the contractual provisions of the instrument. Other financial assets and fina ncial liabilities are recognized on the date on which they originated. Financial instruments are measured initially at fair value (transaction price) on trade date with transaction costs recognized immediately in the Statement of Operations directly. In ca ses where a financial asset or financial liability is not measured at fair value through profit or loss, transaction costs that are directly attributable to the acquisition or issue of the financial asset or financial liability are recognized in the Statem ent of Operations. Subsequent to initial recognition, all instruments classified at fair value through profit of loss are measured at fair value with changes in their fair value recognized in the Statement of Operations. Financial liabilities, other than those at fair value through profit or loss, are measured at amortized cost. Financial liabilities arising from the redeemable shares issued by each Fund are carried at the redemption amount representing the investors’ right to a residual interest in each Fund’s assets.
m) Realized gains and losses - The Company records investment transactions on a trade date basis, matching the cost of investments for the purpose of calculating realized gains and losses on an average cost basis. The Company records an unrealized gain or los s to the extent of the difference between the cost and the fair value of the position at any particular point in time. The Company records a realized gain or loss when the position is sold or closed. Realized gains and losses and the movement in unrealized gains and losses are recorded in the Statement of Operations within "Net realized and unrealized gain/ (loss ) on investments”.
n) Uncertain tax positions - Accounting Standards Codification 740, Accounting for Uncertainty in Income Taxes ("ASC 740") clarifies the accounting for uncertainty in income taxes recognized in the Company's financial statements. ASC 740 prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC 740 requires that the C ompany determines whether it is more likely than not that a tax position will be sustained upon examination including resolution of any related appeals or litigation processes based on the technical merit position. In evaluating whether a tax position has met the more likely than not recognition threshold, the Company should presume that the position will be examined by the appropriate taxing authority that has full knowledge of all relevant information.
A tax position that meets the more - likely - than - not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. The tax position is measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon settlement.
o) Merger Transaction – During the financial year ended 31 December 2025, Granahan US SMID Select Fund was merged with Granahan US Focused Growth Fund with legal effect from 30 September 2025. Following the merger, the Granahan US SMID Select Fund ceased its operations. The merger was approved by the Board of Directors of the Fund in accordance with the Fund’s constitutional documents and applicable regulatory requirements.
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N O TES T O THE FI N ANCIAL S TA TAT ATEMENTS – continued For the financial period ended June 30, 202 6
3. Share Capital
The authorised share capital of the Company at the date of prospectus (the “Prospectus”) is 500,000,000,000 Shares of no par value and 300,002 redeemable Non - Participating Shares of €1.00 each. Non - Participating Shares do not entitle the holders thereof to any dividend. On a winding up, the Non - Participating Shares entitle the holders thereof to receive the amount paid up there on but do not otherwise entitle them to participate in the assets of the Company. The Non - Participating Shares are held on behalf of the Granahan Investment Management LLC (“ Investment Manager ”) and in trust for the benefit of Investment Manager.
The Company intends to provide investors with a choice of funds offering different investment objectives. The Fund s aim to achieve their investment objective s while spreading investment risks through investment in transferable securities or liquid financial assets or collective investment schemes or other permitted investments in accordance with the UCITS Regulations.
The Company may compulsorily redeem all of the Shares of the Company if the net asset value of the Company is less than $ 30,000,000 or compulsorily redeem all of the Shares of a Fund if the net asset value of that Fund is less than $30,000,000.
The Company has the right at any time compulsorily to redeem or transfer Shares if in the reasonable belief of the Directors such Shares are acquired or held directly or beneficially by: (i) any person in breach of the law or requirements of any country or governmental authority by virtue of which such person is not qualified to hold Shares including without limitation any exchange control regulations; (ii) by any person who holds less than the minimum holding for the relevant Class (if any) or who does not supply any information or declaration required under the Constitution or the Application Form; (iii) where the continued ownership of such Shares by the Shareholder is deemed to be harmful or injurious to the business or reputation of the Company or a Fun d; or (iv) by any person or persons in circumstances (whether directly or indirectly affecting such person or persons and whether taken alone or in conjunction with any other person or persons, connected or not, or any other circumstance appearing to the D irectors to be relevant) which in the opinion of the Directors might result in the Company or Fund or the Shareholders as a whole or of any Fund or Class incurring any liability to taxation or suffering legal, pecuniary, regulatory or material administrati ve disadvantage which the Company or Fund or the Shareholders as a whole or of any Class might not otherwis e have incurred or suffered.
None of the active share classes were hedged during the period .
Share transactions for the financial period ended June 30, 202 6 and the financial year ended December 31, 202 5 were as follows:
Granahan US Focused Growth Fund
Granahan US Focused Growth Fund June 30, 202 6 December 31, 202 5 Class A EUR Accumulating* Opening number of shares 164.29 Shares sold - 164.29 Shares redeemed - Closing number of shares 164.29 164.29
* Th is share class w as launched on September 30, 202 5.
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N O TES T O THE FI N ANCIAL S TA TAT ATEMENTS – continued For the financial period ended June 30, 202 6
3. Share Capital (continued)
Granahan US Focused Growth Fund
Granahan US Focused Growth Fund
June 30, 202 6 December 31, 202 5 Class A GBP Accumulating Opening number of shares 982,313.72 865,871.94 Shares sold 20,760.43 407,396.45 Shares redeemed (786,671.37) (290,954.67) Closing number of shares 216,402.78 982,313.72
Class A USD Accumulating Opening number of shares 110,992.36 159,369.96 Shares sold 4,885.07 10,584.45 Shares redeemed (17,735.89) (58,962.05) Closing number of shares 98,141.54 110,992.36
Class A USD Distributing Opening number of shares 12,683.06 15,963.67 Shares sold - 50.00 Shares redeemed (6,785.00) (3,330.61) Closing number of shares 5,898.06 12,683.06
Class F EUR Accumulating Opening number of shares 43,674.85 46,091.64 Shares sold - 2,538.07 Shares redeemed (23,470.00) (4,954.86) Closing number of shares 20,204.85 43,674.85
Class I EUR Accumulating* Opening number of shares - 116,059.76 Shares sold - Shares redeemed - (116,059.76) Closing number of shares - -
Class I GBP Distributing ** Opening number of shares 577,845.66 Shares sold 46,355.27 591,729.20 Shares redeemed (74,655.42) (13,883.54) Closing number of shares 549,545.51 577,845.66
Class I GBP Accumulating Opening number of shares
Opening number of shares Shares issued
Shares sold Shares redeemed
Shares redeemed
Opening number of shar
Opening number of shares 122,577.22 456,926.41 Shares issu
Shares sold 6,020.83 6,020.83
5,106.96)
127,821.03 Shares redeemed
Shares redeemed 6,020.83
(65,106.96) (65,106.96)
63,491.09
(462,170.22) Closing number of shares 65,106.96)
63,491.09 63,491.09
122,577.22 *This share class was liquidated on June 17, 2025. ** Th is share class w as launched on September 30, 202 5.
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N O TES T O THE FI N ANCIAL S TA TAT ATEMENTS – continued For the financial period ended June 30, 202 6
3. Share Capital (continued)
Granahan US Focused Growth Fund
Granahan US Focused Growth Fund
June 30, 202 6 December 31, 202 5 Class I USD Accumulating Opening number of shares 4,249,839.40 5,081,663.12 Shares sold 301,457.28 1,209,925.59 Shares redeemed (699,534.25) (2,041,749.31) Closing number of shares 3,851,762.43 4,249,839.40
Class I USD Distributing Opening number of shares 2,214,748.04 2,173,289.04 Shares sold 229,155.00 403,036.48 Shares redeemed (937,556.50) (361,577.48) Closing number of shares 1,506,346.54 2,214,748.04
Granahan US S MID Select Fund * December 31, 2025 Class A EUR Accumulating Opening number of shares 15.00 Shares sold Shares redeemed (15.00) Closing number of shares ( - 15.00))-
Class A GBP Accumulating Opening number of shares 2,717.20 Shares sold 3,360.62 Shares redeemed (6,077.82) Closing number of shares -
Class A USD Accumulating Opening number of shares 110,075.15 Shares sold 2,000.00 Shares redeemed (112,075.15) Closing number of shares -
*Granahan US SMID Select Fund was merged into Granahan US Focused Growth Fund on September 30, 2025
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N O TES T O THE FI N ANCIAL S TA TAT ATEMENTS – continued For the financial period ended June 30, 202 6
3. Share Capital (continued)
Granahan US S MID Select Fund * December 31, 2025 Class I GBP Accumulating Opening number of shares 11,218.65 Shares sold 75.00 Shares redeemed (11,293.65) Closing number of shares -
Class I GBP Distributing Opening number of shares 124,726.23 Shares sold 2,134.88 Shares redeemed (126,861.11) Closing number of shares -
Class I USD Accumulating Opening number of shares 5,909.26 Shares sold Shares redeemed (5,909.26) Closing number of shares -
Class I USD Distributing Opening number of shares 58,015.50 Shares sold 20.00 Shares redeemed (58,035.50) Closing number of shares -
*Granahan US SMID Select Fund was merged into Granahan US Focused Growth Fund on September 30, 2025
Granahan Future Pathways Fund** December 31, 2025 Class Founder GBP Accumulating * Opening number of shares 74,326.24 Shares sold Shares redeemed (74,326.24) Closing number of shares -
* * Granahan Future Pathways Fund was terminated on February 27, 2025.
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N O TES T O THE FI N ANCIAL S TA TAT ATEMENTS – continued For the financial period ended June 30, 202 6
4. Taxation
The Company intends to conduct its affairs so that it is resident in Ireland for tax purposes. On the basis that the Company is Irish tax resident, the Company qualifies as an ‘investment undertaking’, as defined in Section 739B (1) of the Taxes Acts and, consequently, is exempt from Irish corporation tax on its income and gains.
However, tax can arise on the happening of a “chargeable event” in the Company. A chargeable event includes any distribution payments to Shareholders or any encashment, redemption, cancellation or transfer of Shares or appropriation or cancellation of Shar es of a Shareholder by the Company for the purposes of meeting the amount of the tax payable on a gain arising on a transfer of an entitlement to a Share. It also includes “Eighth Anniversary Events” regardless of whether the Shares have been encashed, red eemed, cancelled or transferred.
No tax will arise on the Company in respect of chargeable events in respect of a Shareholder who is neither Irish resident nor Irish ordinarily resident at the time of the chargeable event provided that a Relevant Declaration is in place and the Company is not in possession of any information which would reasonably suggest that the information contained therein is not or is no longer materially correct, or provided a written notice of approval from the Revenue Commissioners of Ireland (the “Revenue Commissi oners”) to the effect that a Relevant Declaration is deemed to be in place has been provided to the Company and not withdrawn. In the absence of a Relevant Declaration, or a written notice of approval from the Revenue Commissioners, there is a presumption that the investor is Irish resident or Irish ordinarily resident.
A chargeable event does not include:
1. an exchange by a Shareholder, effected by way of an arm’s length bargain of Shares in the Company for other Shares in the Company;
2. any transactions (which might otherwise be a chargeable event) in relation to Shares held in a recognized clearing system as designated by order of the Irish Revenue Commissioners;
3. a transfer by a Shareholder of the entitlement to a Share where the transfer is between spouses and former spouses, subject to certain conditions;
4. an exchange of Shares arising on a qualifying amalgamation or reconstruction of the Company with another investment undertaking (within the meaning of Section 739H or Section 739HA of the Taxes Act);
5. any transaction in relation to, or in respect of, relevant Shares in an investment undertaking which transaction only arises by virtue of a change of court funds manager for that undertaking.
If the Company becomes liable to account for tax where a chargeable event occurs, the Company shall be required to deduct from the payment arising on a chargeable event an amount equal to the appropriate tax and/or where applicable, to appropriate or cance l such number of Shares held by the Shareholder or the beneficial owner of the Shares as are required to meet the amount of tax. The relevant Shareholder shall indemnify and keep the Company indemnified against loss arising to the Company by reason of the Company becoming liable to account for tax on the happening of a chargeable event if no such deduction, appropriation or cancellation has been made.
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5. Fees and Expenses
Manager fees
Waystone Management Company (IE) Limited (the “Manager”) has been appointed as manager for the Company pursuant to the management agreement. Under the terms of the management agreement, the Manager has responsibility for the management and administration of the Company's affairs, subject to the overall supervision and control of the Directors.
The Manager shall be entitled to receive out of the assets of the relevant Fund, an annual fee, accrued on each Dealing Day and payable quarterly in arrears, at an annual rate of up to and not exceeding 0.01% of the net asset value of the Company subject t o a minimum fee of up to €50,000 per annum for the initial Fund and €10,000 for each incremental Fund thereafter. The Manager is also entitled to be reimbursed out of the assets of each Fund for the reasonable out off- pocket costs and expenses incurred by the Manager in the performance of its duties (plus VAT thereon, if any).
The Manager earned fees of $ 40,846 for the financial period ended June 30, 202 6 ( June 30, 202 5 : $38,896 ) . Manager fees payable as at June 30, 202 6 amounted to $ 11,069 (December 31, 202 5 : $4,184 ).
Investment Manager fees
The Company has appointed the Investment Manager as the discretionary investment manager for the Company pursuant to an investment management agreement. The Investment Manager is a registered investment adviser regulated by the Securities and Exchange Comm ission (“SEC”).
Under the investment management agreement, the Company will pay to the Investment Manager a maximum fee at an annual rate equal to the percentage of the average daily net asset value of the relevant class of each Fund as set out in the supplement to the Pr ospectus with the exception of Class X shares which are set out in a separate agreement. The investment management fee shall accrue and be calculated daily and shall be payable monthly in arrears.
In addition, the Investment Manager shall be entitled to be reimbursed its reasonable vouched out - of- f- pocket expenses.
For Granahan US Focused Growth Fund, t he Investment Manager earned fees of $ 1,025,026 ( June 30, 202 5 : $1,225,499 ) for the financial period ended June 30, 202 6 with fees payable as at June 30, 202 6 amounting to $ 503,546 ( December 31, 202 5 : $599,058 ).
For Granahan US SMID Select Fund, the Investment Manager earned fees of $ Nil ( June 30, 202 5 : $76,083 ) fo for the financial period ended June 30, 202 6 with fees payable as at June 30, 202 6 amounting to $ Nil ( December 31, 202 5 : N il ).
For Granahan Future Pathways Fund, the Investment Manager earned fees of $ Nil ( June 30, 202 5 : $6,715 ) fo for the financial period ended June 30, 202 6 with fees payable as at June 30, 202 6 amounting to $ Nil ( December 31, 202 5 : N il ) . The Investment Manager earned fees of $ 1,025,026 for the financial period ended June 30, 202 6 ( June 30, 202 5 : $1,308,297 ). Investment Manager fees payable as at June 30, 202 6 amounted to $ 503,546 ( December 31, 202 5 : $599,058 ).
For the financial period ended June 30, 202 6 the expense reimbursement from the Investment Manager back to the Granahan US Focused Growth Fund in relation to the total expense limitation of 1.35% of the annual net asset value of the funds amounted to $ 304,703 ( June 30, 202 5 : $ 210,566 ), and the related receivable amounted to $ 156,766 ( December 31, 202 5 : $ 47,131 ).
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5. Fees and Expenses (continued)
Investment Manager fees (continued)
For the financial period ended June 30, 202 6 the expense reimbursement from the Investment Manager back to the Granahan US SMID Select Fund in relation to the total expense limitation of 1.25% of the annual net asset value of the funds amounted to N il ( June 30, 202 5 : $ 63,281 ) , and the related receivable amounted to $ Nil ( December 31, 202 5 : $ Nil ).
For the financial period ended June 30, 202 6 the expense reimbursement from the Investment Manager back to the Granahan Future Pathways Fund in relation to the total expense limitation of 0.05 % of the annual net asset value of the funds amounted to $ Nil ( June 30, 202 5 : $ 80,915 ) , and the related receivable amounted to $ Nil ( December 31, 202 5 : $ Nil ) . For the financial period ended June 30, 202 6 the total expense reimbursement from the Investment Manager amounted $ Nil ( June 30, 202 5 : $354,762 ) , and the total related receivable amounted to $ Nil ( December 31, 202 5 : $47,131 ) . Administration fees
CACEIS Ireland Limited * (the “Administrator”) serves as the Company’s administrator. The Administrator is entitled to receive out of the assets of the Fund an annual fee of up to 2.5 bps of the net asset value of the Fund which will be accrued and payable monthly in arrears, subj ect to a monthly minimum fee for the Fund of $ 2,530 per Fund. The Administrator may also receive out of the assets of the relevant Fund such additional charges as agreed at normal commercial rates. The Administrator shall be reimbursed out of the assets of the relevant Fund for all reasonable and vouc hed out - off- pocket expenses incurred by it.
The Administrator earned fees of $ 71,776 for the financial period ended June 30, 202 6 ( June 30, 202 5 : $68,964 ) . Administrator fees payable as at June 30, 202 6 amounted to $ 10 6,420 ( December 31, 202 5 : $134,745 ).
Depositary fees
CACEIS Bank, Ireland Branch serves as the Company’s depositary (the “Depositary”). The Depositary shall be entitled to receive an annual oversight fee, accrued on each Dealing Day and calculated and payable monthly in arrears, at an annual rate of up to 2.5 bps of the net asset value of the Fund (plus VAT thereon, if any), subject to a monthly minimum of $ 1,167 per Fund (plus VAT, if any).
In addition, the Depositary shall also be entitled to receive, in respect of cash - flow monitoring and reconciliation, a monthly fee of $ 550 per Fund (plus VAT, if any).
The combined Depositary fees accrue and are calculated on each Dealing Day and are payable monthly in arrears.
The Depositary shall also be entitled to receive out of the assets of the relevant Fund all agreed sub - custodian fees, transaction charges (which will be charged at normal commercial rates) together with reasonable out - off- pocket expenses (plus VAT thereon, if any) incurred by the Depositary in the performance of its duties under the Depositary Agreement.
The Depositary earned fees of $ 68,442 for the financial period ended June 30, 202 6 ( June 30, 202 5 : $ 78,382 ). Depositary fees payable as at June 30, 202 6 amounted to $ 57,436 ( December 31, 202 5 : $ 27,724 ).
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5. Fees and Expenses (continued)
Director fees
The Constitution provides that the Directors shall be entitled to a fee by way of remuneration for their services at a rate to be determined from time to time by the Directors. Directors affiliated with the Investment Manager are not entitled to a fee. The aggregate amount of Directors’ remuneration in any one year shall not exceed €100,000 without the approval of the Directors. All Directors will be entitled to reimbursement by the Company of expenses properly incurred in connection with the business of th e Company or the discharge of their duties.
The Directors earned fees of $ 43,436 for the financial period ended June 30, 202 6 ( June 30, 202 5 : $ 33,779 ). Directors’ fees payable as at June 30, 202 6 amounted to $ 6,162 ( December 31, 202 5 : $ Nil ).
The Manager assists the Company with payroll compliance services.
Audit fees
Remuneration charged by the Company’s audit firm for the period was as follows:
Total Total June 30, 202 6 $
June 30, 202 5 $
- Audit of statutory financial statements 15,133 13,428 15,133 13,428
6. Efficient Portfolio Management
The Company does not currently use Financial Derivative Instruments (“FDIs”) for efficient portfolio management or for investment purposes. The Company may, however, in conjunction with its investment in transferable securities, liquid financial assets, co llective investment schemes or other permitted investments in accordance with the UCITS Regulations, indirectly acquire warrants and rights which are issued to such permitted investments.
7. Transaction Costs
Transaction costs on the purchase and sale of investments are expensed through the Statement of Operations as incurred. The total amount for the financial period ended June 30, 202 6 and June 30, 202 5 are shown below :
Granahan US Focused Growth Fund
Granahan US Focused Growth Fund
Granahan US SMID Select Fund *
Granahan US SMID Select Fund June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 $ $ $ $ Total transaction costs on purchases 55,097 50,471 - 12,937
Total transaction costs on sales 130,918 65,092 - 37,950
Total transaction costs 186,015 115,563 - 50,887
* Granahan US SMID Select Fund was merged into Granahan US Focused Growth Fund on September 30, 2025.
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7. Transaction Costs (continued)
Granahan Future Pathways Fund*
Granahan Future Pathways Fund June 30, 2026 February 27, 2025 $ $ Total transaction costs on purchases - 1,392 Total transaction costs on sales - 10,345 Total transaction costs - 11,737
Total Total June 30, 202 6 June 30, 202 5 $ $ Total transaction costs on purchases 55,097 64,800 Total transaction costs on sales 130,918 113,387 Total transaction costs 186,015 178,187
* Granahan Future Pathways Fund was terminated on February 27, 2025.
8. Other expenses and expense reimbursement
The Company pays the general costs and expenses incurred in its operation. Other expenses paid during the financial period as per the Statement of Operations are shown below :
Granahan US Focused Growth Fund
Granahan US Focused Growth Fund June 30, 202 6 June 30, 202 5 $ $ Bank Interests 8 Consulting fees - 5,391 Correspondence / Secretarial fees 37,199 5,904 Miscellaneous expenses 9,096 75,929 Registration fees 87,753 7,187 Total Other Expenses 134,056 94,411
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8. Other expenses and expense reimbursement (continued)
Granahan US SMID Select Fund *
Granahan US SMID Select Fund June 30, 202 6 June 30, 202 5 $ $ Bank Interests - 131 Consulting fe fees - 351 Correspond ence / Secretarial fe fee s - 385 Miscellaneous fees - 11,927 Oher expenses - 512 Registration fee s - 468 Total Other Expenses - 13, 774
* Granahan US SMID Select Fund was merged into Granahan US Focused Growth Fund on September 30, 2025.
Granahan Future Pathways Fund *
Granahan Future Pathways Fund June 30, 202 6 February 27, 2025 $ $ Bank Interests - 6 Miscellaneous fees - 9,608 Total Other Expenses - 9,614
*Granahan Future Pathways Fund was terminated on February 27, 2025.
An expense reimbursement was paid to the Company during the financial period from the Investment Manager for each Fund as outlined in n ote 5 .
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9. Financial Instruments and Associated Risks
The securities and instruments in which the Company invests are subject to normal market fluctuations and other risks inherent in investing in such investments and there can be no assurance that any appreciation in value will occur.
The Company’s activities expose it to a variety of financial risks: market, liquidity and credit risk. The Investment Manager seeks to minimize these risks through diversification of the investment portfolio in accordance with the specific investment policies and restrictions set out in the Prospectus and Supplement for each Fund. The nature and extent of the financial instruments outstanding at the Statement of Assets and Liabilities date and the risk management policies employed by the Company are discussed below.
Market Risk
Market risk arises mainly from uncertainty about future prices of financial instruments held. It represents the potential loss the Company might suffer through holding market positions in the face of price movements.
The Company is exposed, particularly in its equity assets, to market risk. The Company invests in securities traded on global markets and market risk is a risk to which exposure is unavoidable.
Market risk comprises of market price risk, currency risk and interest rate risk . (i) Market price risk
Market price risk is the risk that the value of a financial instrument will fluctuate as a result of changes in market prices, whether caused by factors specific to an individual investment, its issuer or all factors affecting equity instruments traded in the market.
As the majority of the Company’s investments are carried at fair value with fair value changes recognized in the Statement of Operations, all changes in market conditions will directly affect net income. The risk is mitigated through diversification of the portfolio in investments in various geographic zones and industries.
The investment strategy of the Company is not to replicate a market index and therefore correlation between the return from the Company and any market index is likely to vary. As a result, it is appropriate to use the financial period end portfolio as a risk variable in any market sensitivity analysis. To illustrate the sensitivity of the portfolio based on a reasonably possible estimate of market price movements for a financial year, if the price of each of the equity securities to whi ch the Company had exposure had increased by 5% there would have been the fo llowing approximate increases i n net assets .
June 30, 202 6 $
December 31, 202 5 $ Granahan US Focused Growth Fund 11,036,484 11,688,106
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9. Financial Instruments and Associated Risks
Market Risk (continued)
(ii) Currency Risk
Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. As the Company mainly enters into transactions denominated in USD (" $ " ) , the Company’s exposure to foreign currency risk is minimal.
(i i i) Interest Rate Risk
Interest rate risk is the risk that the value of a financial instrument will fluctuate because of changes in market interest rates. Interest rate risk arises when the Company invests in interest bearing financial instruments. At the financial period ended end, the Company held no interest bearing financial instruments and interest rate risk in relation to cash and cash equivalents is not regarded a material risk.
Liquidity Risk
Liquidity risk is the risk that the Company will encounter difficulty in meeting obligations associated with financial liabilities.
The main liquidity risk to the Company arises from the redemption requests of investors. The Company’s Shareholders may redeem their Shares on each dealing day for cash equal to a proportionate share of the relevant Fund’s net asset value and it is therefo re potentially exposed to the liquidity risk of meeting the daily redemptions by its Shareholders. In order for the Company to meet these requests, the Company may need to dispose of the underlying assets at an inopportune time.
To help manage this risk, if the number of Shares to be redeemed on any dealing day equals 10% or more of the total number of Shares of the Fund in issue on that day the Directors or their delegate may at their discretion refuse to redeem any Shares in exc ess of 10% of the total number of Shares in issue. If the Directors so refuse, the requests for redemption on such dealing day shall be reduced pro - rata and Shares which are not redeemed by reason of such refusal shall be treated as if a request for redemp tion had been made in respect of each subsequent dealing day until all Shares to which the original request related have been redeemed.
Each Fund’s listed securities are considered readily realizable, as they are quoted on reputable stock exchanges. The Investment Manager monitors the liquidity position on a daily basis.
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9. Financial Instruments and Associated Risks (continued)
Liquidity Risk (continued)
The tables below show the analysis for the Funds’ financial liabilities by relevant maturity groupings based on the remaining financial period ended to the contractual maturity date.
Granahan US Focused Growth Fund
June 30, 202 6
Less than 1 month
1 - 3 months
3 - 12 months
More than 1 year Total $ $ $ $ $ Bank overdrafts 10,398 - - - 10,398 Payable for securities purchased 975,584 - - - 975,584 Payable for redemptions 1,697,629 - - - 1,697,629 Payable to Investment Manager 503,546 - - - 503,546 Manager fees payable 11,069 - - - 11,069 Director’s fees payable 6,162 - - - 6,162 Auditor fees payable 20,133 - - - 20,133 Other accrued expenses 203,771 - - - 203,771 Total 3,428,292 - - - 3,428,292
December 31 , 202 5
Less than 1 month
1 - 3 months
3 - 12 months
More than 1 year Total $ $ $ $ $ Payable for securities purchased 602,685 - - - 602,685 Payable for redemptions 395,669 - - - 395,669 Payable to Investment Manager 599,058 - - - 599,058 Manager fees payable 4,184 - - - 4,184 Auditor fees payable 18,790 - - - 18,790 Other accrued expenses 216,573 - - - 216,573 Total 1,836,959 - - - 1,836,959
Granahan Future Pathways Fund *
December 31, 2025
Less than 1 month
1 - 3 months
3 - 12 months
More than 1 year Total $ $ $ $ $ Other accrued expenses 107,069 - - - 107,069 Total 107,069 - - - 107,069
*Granahan Future Pathways Fund was terminated on February 27, 2025.
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9. Financial Instruments and Associated Risks (continued)
Credit Risk
Credit risk is the risk that the Company may incur a loss if other parties fail to perform their obligations under the financial instruments which comprise the F und’s investment portfolio. The Company assumes credit risk on parties with whom it trades and it will also bear the risk of settlement default. The Company has a credit risk exposure in relation to its transactions with counterparties such as brokers, ban ks and other financial intermediaries.
As at June 30, 202 6 , substantially all of the assets of the Company including investments and cash at bank as noted in the Statement of Assets and Liabilities are held in custody with the Depositary . The Company monitors its risk by monitoring the credit quality and financial positions of the Depositary . Depending on the requirements of the jurisdictions in which the investments of the Fund s are issued, the Depositary may use the services of one or more sub - custodians. As at June 30, 202 6 , c ash deposits are held with CACEIS Bank, Ireland Branch and CACEIS Bank which are a part of CACEIS Bank Group, which is rated A+ by Standard & Poor’s (December 31 , 202 5 : A+ ).
The total credit risk for the Fund s arising from recognized financial instruments is limited to the value of t he Fund’s investments shown on the Statements of Assets and Liabilities on pages 7 to 1 0 .
Fair Value of Financial Instruments
A SC 820 establishes a three - tier fair value hierarchy that prioritises the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities ( L evel 1 measurement) and the lowest priority to unobservable inputs ( L evel 3 measurements). The three levels of the fair value hierarchy under ASC 820 are described below. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1 – quoted prices in active markets for identical securities.
Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, credit risk, prepayment speeds, etc.).
Level 3 – significant unobservable inputs (including the Company’s own assumptions in determining the fair value of investments).
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9. Financial Instruments and Associated Risks (continued)
Fair Value of Financial Instruments (continued)
The following is a summary of the inputs used as of June 30, 202 6 and December 31, 202 5 in valuing the Fund’s assets/liabilities carried at fair value:
Granahan US Focused Growth Fund June 30, 202 6 Level 1 Level 2 Level 3 Total $ $ $ $ Financial asset at fair value through profit and loss Investment in securities
- Shares 220,729,680 - - 220,729,680 Total 220,729,680 - - 220,729,680
Granahan US Focused Growth Fund December 31 , 202 5 Level 1 Level 2 Level 3 Total $ $ $ $ Financial asset at fair value through profit and loss Investment in securities
- Shares 233,762,110 - - 233,762,110 Total 233,762,110 - - 233,762,110
The Funds invest in listed transferable securities whose values are based on quoted prices in active markets. Consequently, these investments are categorized as Level 1.
There were no transfers between levels during the period ended June 30, 202 6 other than disclosed in the above tables.
Global Exposure
Per the Central Bank UCITS Regulations , and as part of the risk management and reporting requirements, the Fund s must be monitored and measured in accordance with the regulatory requirements. In accordance with the regulatory requirements, global exposure can be calculated in two ways, either Commitment Approach or Value at Risk ("VaR").
The Commitment approach is used by the Funds to calculate global exposure. The Funds held no financial derivative position at any point during the period but, in the event that it does in the future, it would convert the Funds’ financial derivative position into an equivalent position of the underlying asset based on the market value of the underlying asset.
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10 . Cash and cash equivalents
Cash comprises current deposits with banks. Cash equivalents are short - term highly liquid investments that are readily convertible to known amounts of cash, are subject to an insignificant risk of change in value and are held for the purpose of meeting sho rt - term cash commitments rather than for investment or other purposes. The cash held on current account s with the Depositary at June 30, 202 6 represented 3.82 % ( December 31, 202 5 : 2.07 % ) of the net asset value of the Fund s .
11. Related Parties
The Directors are all non - executive Directors. Jane M. White is co - founder and President and CEO of Granahan Investment Management , LLC , as well as a Managing Director. Brian S. Granahan is Chief Operating Officer and Chief Compliance Officer of Granahan Investment Management, LLC , as well as a Managing Director. Vincent Dodd is the Chairman of the Company and is an Independent Director . Lisa Martensson is an Independent Director. During the financial period ended June 30, 202 6 , manager fees of $ 40,846 ( June 30, 202 5 : $ 38,896 ) were charged to the Company. The Directors who are employees of the Investment Manager are not entitled to any remuneration for their services, as disclosed in n ote 5 , for the life of the Company. Directors’ remuneration for the period ended June 30, 202 6 amounted to $ 43,436 ( June 30, 202 5 : $ 33,779 ) .
No other Directors or any connected person, had any interest in the Shares of the Company, nor have been granted any options in respect of Shares of the Company.
The Investment Manager is deemed to be a related party of the Company. During the financial period ended June 30, 202 6 , investment manager fees of $ 1,025,026 ( June 30, 202 5 : $ 1,346,625 ) were charged to the Company.
Connected Persons
The Board of Directors are satisfied that there are arrangements (evidenced by written procedures) in place, to ensure that the obligations set out in Regulation 4 6 (1) of the Central Bank UCITS Regulations are applied to all transactions with Connected Persons; and the Board of Directors are satisfied that transactions with Connected Persons entered into during the financial period complied with the obligations set out in Regulation 4 6 (1).
During the period, transactions with connected persons were conducted in accordance with the requirements applicable at the relevant time under Regulations 42 and 43 of the Central Bank UCITS Regulations 2019, including that such transactions were conducte d at arm’s length and in the best interests of shareholders.
With effect from July 10, 2026, the 2019 Regulations were repealed and replaced by the Central Bank UCITS Regulations 2026. The corresponding requirements are now set out in Regulations 45 and 46 and apply to transactions involving connected parties.
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1 2 . Statement of Net Assets for the financial period
Granahan US Focused Growth Fund
June 30, 202 6 Net Assets at class level
NAV per share Class A EUR Accumulating € 1,844.98 € 11.23 Class A GBP Accumulating £ 4,223,724.59 £ 19.52 Class A USD Accumulating $ 59,204,750.90 $ 603.26 Class A USD Distributing $ 1,413,869.65 $ 239.72 Class F EUR Accumulating € 436,366.61 € 21.60 Class I GBP Accumulating £ 1,197,121.58 £ 18.85 Class I GBP Distributing £ 6,105,383.99 £ 11.11 Class I USD Accumulating $ 107,704,359.50 $ 27.96 Class I USD Distributing $ 42,068,106.29 $ 27.93
December 31, 2025 Net Assets at class level
NAV per share Class A GBP Accumulating £15,513,133 £15.79 Class A EUR Accumulating ** €1,475 €8.98 Class A USD Accumulating $55,059,130 $496.06 Class A USD Distributi ng $2,500,119 $197.12 Class F EUR Accumulating €754,951 €17.29 Class I GBP Accumulating £1,866,133 £15.22 Class I USD Accumulating $97,524,931 $22.95 Class I USD Distributi ng $50,759,243 $22.92 Class I GBP Distributing ** £5,183,555 £8.97
December 3 1 , 2024 Net Assets at class level
NAV per share Class A GBP Accumulating £14,437,701 £16.67 Class A USD Accumulating $77,536,294 $486.52 Class A USD Distributi ng $3,086,307 $193.33 Class F EUR Accumulating €888,683 €19.28 Class I EUR Accumulating * €1,170,953 €10.09 Class I GBP Accumulating £7,321,144 £16.02 Class I USD Accumulating $114,047,323 $22.44 Class I USD Distributi ng $48,713,976 $22.41
*This share class was liquidated on June 17, 2025. **These share classes were launched on September 30, 2025.
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1 2 . Statement of Net Assets for the financial period (continued)
Granahan US SMID Select Fund *
December 3 1 , 2024 Net Assets at class level
NAV per share Class A EUR Accumulating €1,44 5 €96. 30 Class A GBP Accumulating £206,0 85 £75.82 Class A USD Accumulating $ 7,693,468 $69.87 Class I GBP Accumulating £ 1,841,392 £164.09 Class I GBP Distributing £ 11,365,997 £91.10 Class I USD Accumulating $ 483,434 $81.79 Class I USD Distributing $ 4,760,283 $82.03
December 31, 2023 Net Assets at class level
NAV per share Class A EUR Accumulating € 1,251 € 83.43 Class A GBP Accumulating £349,119 £68.87 Class A USD Accumulating $12,277,707 $64.62 Class I GBP Accumulating £ 87,013,338 £148.97 Class I GBP Distributing £ 14,033,135 £82.49 Class I USD Accumulating $17,488,877 $75.54 Class I USD Distributing $4,554,234 $75.60
* Granahan US SMID Select Fund was merged into Granahan US Focused Growth Fund on September 30, 2025.
Granahan Future Pathways Fund*
December 31, 2024 Net Assets at class level
NAV per share Class Founder GBP Accumulating ** £6,916,518 £93.06
December 31, 2023 Net Assets at class level
NAV per share Class Founder GBP Accumulating £11,504,595 £100.47
*Granahan Future Pathways Fund was terminated on February 27, 2025. ** This shareclass was terminated on February 27, 2025.
13 . Contingent Liabilities
The Directors are not aware of any material contingent liabilities a s at June 30, 202 6 .
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14 . Soft Commissions
For the period ended June 30, 202 6 , the Investment Manager received soft commissions from brokers/dealers in consideration for trade execution services for investments of the Fund s . These soft commissions were in the form of goods and services such as subscriptions to r esearch s ervices which are of demonstrable benefit to the S hareholders. Examples of these services include: Factset Research Systems, a market data, news and analysis tool for equities research; Bloomberg, market data, news and analysis; William O'Neil, analytical research and tools; Insider Score, analysis of trading activity by insiders; Mackey, tools managing proprietary research. During 202 6 , commissions paid by the Funds for soft goods and services approximated 48 % of total fund trading commissions for Granahan US Focused Growth Fund .
1 5. Significant Investors
For the Granahan US Focused Growth Fund, there are three significant investor s who hold 19 % and 20 % respectively of the total Shares as at June 30, 202 6 (December 31, 202 5 : three significant investor s who hold 16 %, 14 %, and 12% ).
16. Significant Events during the financial period
T he company received post period end subscriptions and paid redemption s of the below amounts :
Sub - Fund CCY Subscriptions Redemptions Granahan US Focused Growth Fund USD 4,277,832 9,312,487
There were no other significant events to note during the financial period end . 1 7 . Subsequent E v ents
There were no subsequent events to note after the financial period end.
1 8 . Exchange Rates
The following exchange rates were used to translate assets and liabilities into one $:
June 30, 202 6 December 31, 202 5 Euro 0.874661 0.850991 Great British Pound 0.753433 0.741979
19 . Approval of Financial Statements
The financial statements were approved by the Directors on 26 August , 202 6 .
Page 52
GRANAHAN FUNDS PLC
52
SCHEDULE OF MATERIAL PORTFOLIO CHANGES For the financial period ended June 30, 202 6
Material portfolio changes are defined as the aggregate purchases of a security exceeding one per cent of the total value of purchases for the period and aggregate sales of a security exceeding one per cent of the total value of sales for the period . At a minimum, the 20 largest purchases and 20 largest sales are to be disclosed.
GRANAHAN US FOCUSED GROWTH FUND
Purchases Security Quantity Cost (in $) Silicon Motion Technology Corp 42,600 11,185,319 Forgent Power Solutions Inc 307,617 9,956,569 FTAI Aviation Ltd 26,217 6,947,416 York Space Systems Inc 155,969 4,905,644 Repligen Corp 32,500 4,308,007 Generac Holding Inc 14,753 4,288,261 Ligand Pharmaceutical Inc 14,800 4,043,729 Silversun Technologies 201,701 4,024,140 Modine Manufacturing Co 20,548 3,859,755 Axon Enterprise Inc 6,800 3,469,436 Ethos Technologies Inc 157,388 2,990,372 Twist Bioscience Corp 39,000 2,965,843 Credo Technology Group Holding Ltd 19,800 2,949,689 Costar Group Inc 46,645 2,943,357 AeroVironment Inc 14,541 2,938,979 nLIGHT Inc 55,698 2,796,193 Casella Waste Systems Inc 30,900 2,455,581 Nextpower Inc 22,493 2,425,561 Oddity Tech Ltd 73,793 2,408,145 Zeta Global Holdings Corp 116,605 2,255,990 Kura Sushi Usa Inc 32,511 1,890,894 Rubicon Project Inc 102,786 1,878,022 Genius Sports Ltd 300,129 1,864,291 TTM Technologies Inc 17,864 1,830,208 Nova Ltd 3,596 1,661,464 Navan Inc 88,418 1,569,077 GRAIL Inc 25,400 1,553,065 JFrog Ltd 18,200 1,548,142 Figure Technology Solutions Inc 48,989 1,520,787 Universal Technical Institute Inc 42,204 1,451,259 Cava Group Inc 20,800 1,435,924 Quantinuum Inc 22,426 1,396,134 Onto Innovation Inc 5,861 1,384,913 Toast Inc 51,565 1,277,805 Global - E Online Ltd 39,200 1,206,980
Page 53
GRANAHAN FUNDS PLC
53
SCHEDULE OF MATERIAL PORTFOLIO CHANGES – continued For the financial period ended June 30, 202 6
GRANAHAN US FOCUSED GROWTH FUND (CONTINUED)
Sales Security Quantity Proceeds (in $) Carpenter Technology Corp 20,700 9,679,306 Comfort Systems Usa Inc 4,798 9,003,108 Semtech Corp 67,116 8,698,915 Modine Manufacturing Co 26,974 6,629,277 Zeta Global Holdings Corp 348,070 5,853,363 FTAI Aviation Ltd 19,900 5,201,426 Compass Inc 558,542 5,007,308 Credo Technology Group Holding Ltd 19,800 4,866,179 Global - E Online Ltd 138,432 4,818,688 Rambus Inc 39,886 4,624,117 Phreesia Inc 454,290 4,497,191 Genius Sports Ltd 645,978 4,486,792 Cellebrite Di Ltd 307,879 4,427,029 Victory Capital Holdings 57,488 4,411,321 Kura Sushi Usa Inc 65,697 4,380,473 Toast Inc 148,345 4,283,928 Oddity Tech Ltd 302,006 4,252,663 Onto Innovation Inc 16,200 4,191,736 Forgent Power Solutions Inc 81,064 4,038,168 Marex Group Plc 81,914 3,846,262 Life Time Group Holdings Inc 128,994 3,809,714 TTM Technologies Inc 21,200 3,486,862 Sportradar Group AG 226,141 3,205,483 Costar Group Inc 65,714 3,105,491 Ethos Technologies Inc 157,388 2,985,539 HubSpot Inc 7,634 2,842,736 Ameresco Inc 95,963 2,782,667 Cava Group Inc 34,951 2,748,216 York Space Systems Inc 87,542 2,551,508 Axon Enterprise Inc 5,772 2,463,830 Stepstone Group Inc 49,759 2,425,341 Kornit - Digital Ltd 154,235 2,421,943 Enovix Corp 401,369 2,318,557 Wealthfront Corp 242,100 2,196,722 Figure Technology Solutions Inc 49,200 2,010,104 Transcat Inc 33,048 1,937,315 Rubicon Project Inc 155,819 1,832,460 Nova Ltd 3,596 1,736,811
Page 54
GRANAHAN FUNDS PLC
54
A ppendix 1 : Information concerning SFT (Securities Financing Transactions) & SFDR (Sustainable Finance Disclosure Regulation)
A Securities Financing Transaction (“SFT”) is defined as per Article 3(11) of the Securities Financing Transactions Regulations as: · a repurchase transaction; · securities or commodities lending and securities or commodities borrowing; · a buy - sell back transaction or sell - buy back transaction; or · a margin lending transaction.
UCITS are required to disclose the use of SFTs and Total Return Swa ps . For the financial period ended June 30, 202 6 , Granahan Fund did not trade in any SFTs or Total Return Swaps.
In the frame of the SFDR regulation, the sub - fund of the structure is subject to the article 8 of the regulation, information about the environmental and/or social characteristics of this sub - fund is set out in detail in the periodic disclosures of the yea r end financial statements.
Page 55
GRANAHAN FUNDS PLC
55
DIRECTORY
DIRECTORS Jane M. White * (U.S. Resident) Brian S. Granahan * (U.S. Resident) Vincent Dodd* ^ (Irish Resident) Lisa Martensson * ^ (Irish Resident)
* Non - executive Director ^ Independent Director
REGISTERED OFFICE 35 Shelbourne Road 4 th Floor, Ballsbridge Dublin, D04 A4E 0 Ireland
INVESTMENT MANAGER AND PROMO T ER Granahan Investment Management , LLC . 404 Wyman Street Suite 460 Waltham Massachusetts 02451 U.S.A
INDEPENDENT AUDITOR Deloitte Ireland LLP Chartered Accountants & Statutory Audit Firm Deloitte & Touche House Earlsfort Terrace Dublin 2 D02 A Y 28 Ireland
LEGAL COUNSEL Simmon & Simmons (Ireland) LLP 4th Floor, One Molesworth Street, Dublin 2 D02 RF29 Ireland
Page 56
GRANAHAN FUNDS PLC
56
DIRECTORY - c ontinued
COMPANY SECRETARY Waystone Centralised Services (IE) Limited 35 Shelbourne Road 4 th Floor, Ballsbridge Dublin, D04 A4E 0 Ireland
DEPOSITARY CACEIS Bank, Ireland Branch 9th Floor One George’s Quay Plaza George’s Quay Dublin 2, D02 E440 Ireland
ADMINISTR AT AT OR, REGISTRAR AND TRANSFER AGENT CACEIS Ireland Limited 9th Floor One George’s Quay Plaza George’s Quay Dublin 2, D02 E440 Ireland
MANAGER Waystone Management Compa ny (IE) Limited 35 Shelbourne Road 4 th Floor, Ballsbridge Dublin, D04 A4E 0 Ireland
GERMAN INFORMATION AGENT GerFis - German Fund Information Service UG (Haftungsbeschränkt) Zum Eichhagen 4 21382 Brietlingen Germany
The Prospectus, the Key Investor Information Documents, the Constitution , the annual and semi - annual reports, a list of changes in the composition of the portfolios as well as the issue and redemption prices are available free of charge pursuant to Sec. 297(1) of the German Capital Investment Code from the office of the German information agent (GerFIS - German Fund Information Service UG (Haftungsbeschränkt), Zum Eichagen 4, 21383 Britlingen, Germany.)
Page 57
INFORMATION FOR INVESTORS IN SWITZERLAND
1) The state of the origin of the fund is Ireland.
2) The representative is 1741 Fund Solutions Ltd, Burggraben 16, CH-9000 St.Gallen.
3) The paying agent is Tellco Bank Ltd, Bahnhofstrasse 4, 6430 Schwyz.
4) The prospectus, the KIDs or PRIIP-KIDs, articles of association, the list of purchases and sales as well as the annual and semi-annual reports may be obtained free of charge from the representative.
5) The total expense ratio (TER) was calculated based on the version currently applicable of the “Guidelines on the calculation and disclosure of the Total Expense Ratio (TER) of collective investment schemes” of the Asset Management Association Switzerland (AMAS). TER information for June 2026:
FUND_NAME
SHARE CLASS
Annualised TER Rate GRANAHAN US FOCUSED GROWTH FUND C1 135.00 GRANAHAN US FOCUSED GROWTH FUND D2 135.00 GRANAHAN US FOCUSED GROWTH FUND C2 118.50 GRANAHAN US FOCUSED GROWTH FUND D3 95.00 GRANAHAN US FOCUSED GROWTH FUND C3 135.00 GRANAHAN US FOCUSED GROWTH FUND C5 160.00 GRANAHAN US FOCUSED GROWTH FUND CA 95.00 GRANAHAN US FOCUSED GROWTH FUND CB 95.00 GRANAHAN US FOCUSED GROWTH FUND D4 95.00
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