open/document-extraction
View Schema
Added by Kamaji
Added: 2026-10-05 17:17
Edited: 2026-10-05 17:17
Views:
5
Model:
dorsalhub/pdf-extractor
This view of the annotation often reflects the precision of the extraction model or annotator, as well as the complexity of the document.
Luxembourg R.C.S. B132741
FULCRUM UCITS SICAV
Société d’Investissement à Capital Variable
Semi-Annual Report and Unaudited Financial
Statements as at 30 June 2026
Subscriptions cannot be received on the basis of this report. Subscriptions can only be accepted on the basis of the current prospectus accompanied by the key information document, supplemented by the latest annual report and semi-annual report if published thereafter.
Page 2
2
FULCRUM UCITS SICAV
TABLE OF CONTENTS
DIRECTORS AND ADMINISTRATION 3
GENERAL INFORMATION 4
STATEMENT OF NET ASSETS 5
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS 8
STATISTICAL INFORMATION 12
SCHEDULE OF INVESTMENTS ....................................................................................................................................................... 14
FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND 14
FULCRUM MULTI ASSET TREND FUND 40
FULCRUM EQUITY DISPERSION FUND 46
FULCRUM CLIMATE CHANGE FUND 49
FULCRUM THEMATIC EQUITY MARKET NEUTRAL FUND 56
FULCRUM INCOME FUND 64
FULCRUM ARTIFICIAL INTELLIGENCE AND INNOVATION FUND 86
NOTES TO THE FINANCIAL STATEMENTS 88
APPENDIX I – RISK MANAGEMENT 101
APPENDIX II – PERFORMANCE SUMMARY 102
APPENDIX III – REMUNERATION POLICY OF THE MANAGEMENT COMPANY 104
APPENDIX IV – SECURITIES FINANCING TRANSACTIONS 106
Page 3
3
FULCRUM UCITS SICAV
DIRECTORS AND ADMINISTRATION
REGISTERED OFFICE 6h, route de Trèves L - 2633 Senningerberg Grand Duchy of Luxembourg
BOARD OF DIRECTORS Chairman Mr. Richard N. B. Goddard Independent Director
Members Ms. Frédérique Bouchet Independent Director
Mr. Sean Onyett Head of Operational Risk Fulcrum Asset Management LLP, London
DEPOSITARY BANK, PAYING AND DOMICILIARY AGENT AND CENTRAL ADMINISTRATION AGENT J.P. MORGAN SE, Luxembourg Branch 6, route de Trèves L - 2633 Senningerberg Grand Duchy of Luxembourg
MANAGEMENT COMPANY ONE fund management S.A. 4, rue Peternelchen L - 2370 Howald
INVESTMENT MANAGER, PRINCIPAL DISTRIBUTOR, SPONSOR AND FACILITIES AGENT FULCRUM ASSET MANAGEMENT LLP Marble Arch House, 66 Seymour Street London, W1H 5BT United Kingdom
OTC BROKERS JPMORGAN CHASE BANK, N.A. 25 Bank Street, Canary Wharf London, E14 5JP United Kingdom
JPMORGAN SECURITIES PLC 25 Bank Street, Canary Wharf London, E14 5JP United Kingdom
GOLDMAN SACHS INTERNATIONAL Peterborough Court 133 Fleet Street London EC4A 2BB United Kingdom
MORGAN STANLEY & CO INTERNATIONAL PLC 25 Cabot Square London E14 4QA United Kingdom
MACQUARIE BANK LTD 50 Martin Place Sydney, NSW 2000 Australia
BARCLAYS BANK PLC One Churchill Place, London, E14 5HP United Kingdom CITIBANK N.A. - London Branch 33 Canada Square Canary Wharf London E14 5LB
HSBC BANK PLC 8 Canada Square, London, E14 5HQ United Kingdom
MERRILL LYNCH INTERNATIONAL 2 King Edward Street, London, EC1A 1HQ United Kingdom UBS AG - London Branch 5 Broadgate, London EC2M 2QS
BNP Paribas - London Branch 10 Harewood Avenue, London NW1 6AA
INDEPENDENT AUDITOR ERNST & YOUNG 35E, Avenue John F. Kennedy L-1855 Luxembourg Grand Duchy of Luxembourg
LEGAL ADVISER MARJAC AVOCATS 4-6, rue du Fort Bourbon, L-1249 Luxembourg
Page 4
4
FULCRUM UCITS SICAV
GENERAL INFORMATION
INFORMATION TO THE SHAREHOLDERS
Annual reports and semi-annual reports are at the disposal of the Shareholders with the administrative agent. The financial statements are available free of charge at the regis tered office of the SICAV.
The periodical reports contain financial information regarding the FULCRUM UCITS SICAV (the “SICAV”) and each of its Sub-Funds (the “Sub-Funds”), the composition and evolution of its assets and its combined situation. The list of movements that took place in the composition of the securities portfolio is available for free at the registered office of the SICAV.
The Shares of the Sub-Funds are not listed on the Luxem bourg Stock Exchange or any other recognised stock exchanges.
NET ASSET VALUE PER SHARE
The Net Asset Value per Share of the Sub-Funds, FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND, FULCRUM MULTI ASSET TREND FUND, FULCRUM CLIMATE CHANGE FUND, FULCRUM THEMATIC EQUITY MARKET NEUTRAL FUND, FULCRUM INCOME FUND and FULCRUM ARTIFICIAL INTEL LIGENCE AND INNOVATION FUND is determined on each Business Day (the “Valuation Day”). If any such Valuation Day falls on a day which is not a Business Day, the Net Asset Value per Share of the Sub-Fund will be determined on the following Business Day.
The Net Asset Value per Share of the Sub-Fund FULCRUM EQUITY DISPERSION FUND is determined on each Thursday of every week based on Wednesday’s closing prices or, if such Thursday is not a Business Day, the Net Asset Value per Share of the Sub-Fund will be determined on the following Business Day provided the day does not fall in the same week as a Monthly Redemption Date. The Net Asset Value per Share of the Sub-Fund is also determined on the last Business Day of each calendar month.
Page 5
5
FULCRUM UCITS SICAV
STATEMENT OF NET ASSETS
As at 30 June 2026
The accompanying notes are an integral part of these financial statements
FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND USD
FULCRUM MULTI ASSET TREND FUND USD
FULCRUM EQUITY DISPERSION FUND USD Assets Investments in securities at cost 1,306,501,389 81,033,819 529,918,057 Unrealised gain/(loss) 33,241,481 (1,623,441) (11,391,501) Investments in securities at market value 1,339,742,870 79,410,378 518,526,556 Cash at bank and at brokers 216,657,455 26,389,167 833,174 Receivables on subscriptions 63,281,954 20,094 Receivables on investments sold 145,357 – Dividends receivable 23,409 – Interest receivable 1,047,267 – Tax reclaims receivable 339,867 – Fee waiver receivable – – Options purchased contracts at fair value 88,051,769 – Unrealised gain on financial futures contracts 5,014,026 1,712,000 Unrealised gain on forward currency exchange contracts 28,979,385 2,955,681 17,423,422 Contracts for difference at fair value 1,874,121 47,458 Swap contracts at fair value 15,214,555 2,943,901 76,772,715 Other assets 10,188 22 21,846 Total assets 1,760,382,223 113,478,701 613,577,713
Liabilities Bank overdrafts 585,031 265,762 136 Due to brokers 5,592,984 1,532,128 1 Payables on redemptions 892,574 – Payables on investments purchased 101,240,598 137,002 24,880,905 Dividends payable on contracts for difference 209,336 39,083 Management fees payable 876,191 23,225 317,362 Performance fees payable – 3 4,793,093 Options written contracts at fair value 8,000,674 – Unrealised loss on financial futures contracts 2,740,896 928,524 Unrealised loss on forward currency exchange contracts 4,791,507 357,336 222,193 Contracts for difference at fair value 2,141,303 – Swap contracts at fair value 19,063,069 3,455,130 Other liabilities 2,043,735 144,884 529,172 Total liabilities 148,177,898 6,883,077 30,742,862 Total net assets 1,612,204,325 106,595,624 582,834,851
Page 6
6
FULCRUM UCITS SICAV
STATEMENT OF NET ASSETS (c ont i n u e d)
As at 30 June 2026
The accompanying notes are an integral part of these financial statements
FULCRUM CLIMATE CHANGE FUND USD
FULCRUM THEMATIC EQUITY MARKET NEUTRAL FUND USD
FULCRUM INCOME FUND GBP Assets Investments in securities at cost 99,096,707 438,080,673 114,576,031 Unrealised gain/(loss) 22,195,410 (9,758,927) 1,205,108 Investments in securities at market value 121,292,117 428,321,746 115,781,139 Cash at bank and at brokers 3,511,557 86,450,531 26,889,111 Receivables on subscriptions – 6,346 2,511,583 Receivables on investments sold – 362,772 67,887 Dividends receivable 20,578 995 1,924 Interest receivable – – Tax reclaims receivable 312,495 20,879 25,157 Fee waiver receivable 1 – Options purchased contracts at fair value – 479,325 5,549,540 Unrealised gain on financial futures contracts – 814,807 336,426 Unrealised gain on forward currency exchange contracts 82 12,376,295 1,519,665 Contracts for difference at fair value – 5,652,144 450,302 Swap contracts at fair value – – 590,418 Other assets 116 1,836 61 Total assets 125,136,946 534,487,676 153,723,213
Liabilities Bank overdrafts – – 47,893 Due to brokers – 261,643 1,489,725 Payables on redemptions – 4,914 22,205 Payables on investments purchased – 12,075,220 4,150,387 Dividends payable on contracts for difference – 177,695 11,552 Management fees payable 11 31,427 40,509 Performance fees payable – 282,751 Options written contracts at fair value – – 100,979 Unrealised loss on financial futures contracts 45,463 142,805 294,199 Unrealised loss on forward currency exchange contracts – 55,168 486,003 Contracts for difference at fair value – 2,992,477 320,025 Swap contracts at fair value – – 1,111,141 Other liabilities 15,120 98,694 93,336 Total liabilities 60,594 16,122,794 8,167,954 Total net assets 125,076,352 518,364,882 145,555,259
Page 7
7
FULCRUM UCITS SICAV
STATEMENT OF NET ASSETS (c ont i n u e d)
As at 30 June 2026
The accompanying notes are an integral part of these financial statements
FULCRUM ARTIFICIAL INTELLIGENCE AND INNOVATION FUND USD
Combined USD Assets Investments in securities at cost 31,593,201 2,637,870,952 Unrealised gain/(loss) 13,775,937 48,033,980 Investments in securities at market value 45,369,138 2,685,904,932 Cash at bank and at brokers 14,150,660 383,581,627 Receivables on subscriptions – 66,632,600 Receivables on investments sold – 597,981 Dividends receivable 7,338 54,867 Interest receivable – 1,047,267 Tax reclaims receivable – 706,538 Fee waiver receivable – 1 Options purchased contracts at fair value – 95,876,188 Unrealised gain on financial futures contracts – 7,986,110 Unrealised gain on forward currency exchange contracts 62,469 63,808,687 Contracts for difference at fair value 2,557,864 10,727,584 Swap contracts at fair value – 95,712,619 Other assets – 34,086 Total assets 62,147,469 3,412,671,087
Liabilities Bank overdrafts 3,332,978 4,247,296 Due to brokers – 9,358,482 Payables on redemptions – 926,877 Payables on investments purchased – 143,826,970 Dividends payable on contracts for difference 40,895 482,299 Management fees payable 20 1,301,852 Performance fees payable – 5,075,847 Options written contracts at fair value – 8,134,325 Unrealised loss on financial futures contracts – 4,247,075 Unrealised loss on forward currency exchange contracts 6,411 6,075,864 Contracts for difference at fair value 179,549 5,736,898 Swap contracts at fair value – 23,988,850 Other liabilities 5,821 2,960,959 Total liabilities 3,565,674 216,363,594 Total net assets 58,581,795 3,196,307,493
Page 8
8
FULCRUM UCITS SICAV
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS
Period ended 30 June 2026
The accompanying notes are an integral part of these financial statements
FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND USD
FULCRUM MULTI ASSET TREND FUND USD
FULCRUM EQUITY DISPERSION FUND USD
FULCRUM CLIMATE CHANGE FUND USD Net assets at the beginning of the period 1,313,071,397 113,355,984 574,356,201 119,376,072
Income Dividend income, net of withholding taxes 745,716 – – 690,137 Interest income from investments, net of withholding taxes 7,342,421 636,330 3,377,487 Dividend income on contracts for difference 27,960 – – Interest on swap contracts 368,476 486,969 – Bank interest 2,016,070 176,831 632,140 33,194 Total income 10,500,643 1,300,130 4,009,627 723,331
Expenses Management fees 4,536,851 145,935 1,780,054 60 Performance fees – – 4,793,093 Depositary fees 268,437 44,706 154,037 22,309 Administration and other expenses 344,460 53,275 486,220 49,405 Taxe d’abonnement 80,044 5,916 29,530 6,114 Dividend expense on contracts for difference 607,664 152,415 – Bank and other interest expenses 52,630 7,861 25,606 493 Interest on swap contracts 1,112,612 – – Less: Fee waiver – – – (7) Total expenses 7,002,698 410,108 7,268,540 78,374
Net investment income/(loss) 3,497,945 890,022 (3,258,913) 644,957
Net realised gain/(loss) on: Sale of investments 15,110,692 (4,260,703) (17,178,048) 11,682,464 Options contracts (30,391,597) – (4,466,009) Financial futures contracts 19,480,286 6,663,203 (261,152) 220,694 Forward currency exchange contracts (2,070,141) 12,048,390 25,651,314 1,290 Contracts for difference 9,085,758 394,431 – Swaps contracts 7,272,389 596,452 20,902,990 Currency exchange 1,600,466 80,954 (2,326,817) 10,685 Net realised gain/(loss) for the period 20,087,853 15,522,727 22,322,278 11,915,133
Net change in unrealised appreciation/(depreciation) on: Investments 4,620,403 696,449 223,012 (6,648,487) Options contracts (1,691,053) – – Financial futures contracts 1,783,280 17,548 – (82,743) Forward currency exchange contracts (12,556,775) (4,810,691) (10,216,130) (2,465) Contracts for difference (474,347) (24,995) – –
Page 9
9
FULCRUM UCITS SICAV
STATEMENT OF OPERAT I ONS AN D C HANGES I N NET ASSETS (c ont i n u e d)
Period ended 30 June 2026
The accompanying notes are an integral part of these financial statements
FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND USD
FULCRUM MULTI ASSET TREND FUND USD
FULCRUM EQUITY DISPERSION FUND USD
FULCRUM CLIMATE CHANGE FUND USD Swaps contracts (1,359,172) (4,369,593) 77,723,295 Currency exchange (1,328,168) (167,401) (58,717) (45,275) Net change in unrealised appreciation/(depreciation) for the period (11,005,832) (8,658,683) 67,671,460 (6,778,970)
Increase/(decrease) in net assets as a result of operations 12,579,966 7,754,066 86,734,825 5,781,120
Subscriptions 372,889,605 521,581 33,500,108 Redemptions (84,565,994) (15,036,007) (111,756,283) (80,840) Increase/(decrease) in net assets as a result of movements in share capital 288,323,611 (14,514,426) (78,256,175) (80,840) Dividend distributions (1,770,649) – – Foreign currency translation difference – – – Net assets at the end of the period 1,612,204,325 106,595,624 582,834,851 125,076,352
Page 10
10
FULCRUM UCITS SICAV
STATEMENT OF OPERAT I ONS AN D C HANGES I N NET ASSETS (c ont i n u e d)
Period ended 30 June 2026
FULCRUM THEMATIC EQUITY MARKET NEUTRAL FUND USD
FULCRUM INCOME FUND GBP
FULCRUM ARTIFICIAL INTELLIGENCE AND INNOVATION FUND USD
Combined USD Net assets at the beginning of the period 445,682,412 102,607,390 40,809,252 2,744,714,693
Income Dividend income, net of withholding taxes 81,351 61,702 63,629 1,662,499 Interest income from investments, net of withholding taxes 3,669,006 640,337 40,199 15,912,961 Dividend income on contracts for difference 98,624 22,806 – 156,769 Interest on swap contracts – 29,486 – 894,471 Bank interest 840,506 244,120 21,999 4,043,845 Total income 4,689,487 998,451 125,827 22,670,545
Expenses Management fees 160,542 193,464 96 6,879,597 Performance fees 263,344 – – 5,056,437 Depositary fees 118,866 48,211 7,078 679,243 Administration and other expenses 297,207 23,155 16,181 1,277,395 Taxe d’abonnement 25,298 6,001 2,403 157,247 Dividend expense on contracts for difference 778,531 77,246 163,779 1,804,628 Bank and other interest expenses 35,258 12,848 49 138,902 Interest on swap contracts – 66,316 – 1,200,385 Less: Fee waiver – – – (7) Total expenses 1,679,046 427,241 189,586 17,193,827
Net investment income/(loss) 3,010,441 571,210 (63,759) 5,476,718
Net realised gain/(loss) on: Sale of investments (4,947,435) 1,332,008 1,102,172 3,272,121 Options contracts (3,978,040) (2,201,902) – (41,749,973) Financial futures contracts 6,344,664 1,861,288 – 34,911,203 Forward currency exchange contracts 18,324,723 1,385,059 35,762 55,824,533 Contracts for difference 10,854,957 1,395,764 7,240,741 29,423,250 Swaps contracts (1,668) 486,764 – 29,414,419 Currency exchange 1,300,385 423,118 (2,818) 1,222,873 Net realised gain/(loss) for the period 27,897,586 4,682,099 8,375,857 112,318,426
Net change in unrealised appreciation/(depreciation) on: Investments (8,529,213) (279,922) 7,805,352 (2,202,975) Options contracts 251,179 (472,904) – (2,065,786) Financial futures contracts 645,754 (3,610) – 2,359,061 Forward currency exchange contracts (4,943,964) (698,044) 56,454 (33,397,467) Contracts for difference 1,850,910 80,074 1,456,615 2,914,165
The accompanying notes are an integral part of these financial statements
Page 11
11
FULCRUM UCITS SICAV
STATEMENT OF OPERAT I ONS AN D C HANGES I N NET ASSETS (c ont i n u e d)
Period ended 30 June 2026
FULCRUM THEMATIC EQUITY MARKET NEUTRAL FUND USD
FULCRUM INCOME FUND GBP
FULCRUM ARTIFICIAL INTELLIGENCE AND INNOVATION FUND USD
Combined USD Swaps contracts – (469,245) – 71,373,461 Currency exchange 5,229,624 87,075 42,024 3,787,335 Net change in unrealised appreciation/(depreciation) for the period (5,495,710) (1,756,576) 9,360,445 42,767,794
Increase/(decrease) in net assets as a result of operations 25,412,317 3,496,733 17,672,543 160,562,938
Subscriptions 56,343,680 44,946,771 100,000 522,844,273 Redemptions (9,073,527) (951,516) – (221,772,030) Increase/(decrease) in net assets as a result of movements in share capital 47,270,153 43,995,255 100,000 301,072,243 Dividend distributions – (4,544,119) – (7,785,018) Foreign currency translation difference – – – (2,257,363) Net assets at the end of the period 518,364,882 145,555,259 58,581,795 3,196,307,493
The accompanying notes are an integral part of these financial statements
Page 12
12
FULCRUM UCITS SICAV
STATISTICAL INFORMATION
NET ASSET VALUE PER SHARE AND TOTAL NET ASSETS
*Please refer to Activities during the period section of Note 1 for details of significant events during the period.
Shares outstanding as at 30 June 2026
NAV per Share as at 30 June 2026
NAV per Share as at 31 December 2025
NAV per Share as at 31 December 2024 FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND Class A (cap) (EUR) 202,522 122.18 119.27 111.11 Class A (cap) (USD)* 100 97.40 – Class A (dis) (EUR) 13,194 116.20 115.28 109.63 Class F (cap) (EUR) 1,148 119.63 116.23 107.20 Class F (cap) (GBP) 2,150,237 149.76 144.37 130.52 Class F (cap) (USD) 807,121 162.01 155.99 140.70 Class F (dis) (EUR) 134,744 127.41 125.81 118.54 Class I (cap) (EUR) 1,006,291 131.77 128.13 118.33 Class I (cap) (GBP) 616,387 146.98 141.77 128.45 Class I (cap) (JPY) 3,122,195 10,634.00 10,409.00 9,813.00 Class I (cap) (USD) 1,377,539 159.07 153.29 138.50 Class I (dis) (EUR) 206,474 125.28 123.79 116.80 Class I (dis) (GBP) 454,046 137.53 134.86 124.53 Class I (dis) (USD) 32,406 145.86 142.91 131.61 Class R (cap) (EUR) 792 124.99 121.54 112.46 Class R (cap) (USD)* 100 97.45 – Class Y (cap) (GBP)* 4,000 101.48 – Class Y (cap) (USD) 18,627 115.83 111.23 Class Z (cap) (EUR) 1,163,886 142.24 137.77 126.32 Class Z (cap) (USD) 17,800 132.45 127.11 113.91
Total net assets in USD 1,612,204,325 1,313,071,397 751,673,454
FULCRUM MULTI ASSET TREND FUND Class C (EUR)* – – 107.97 99.97 Class C (GBP) 9,671 128.05 121.79 110.51 Class C (USD) 200,995 136.48 129.58 117.22 Class Z (AUD) 644,863 157.07 149.01 134.89 Class Z (GBP) 40,703 143.74 136.23 122.66
Total net assets in USD 106,595,624 113,355,984 102,655,680
FULCRUM EQUITY DISPERSION FUND Class F (cap) (GBP) 56,220 175.56 149.16 144.78 Class I (cap) (AUD) 15,530 116.51 100.47 Class I (cap) (EUR) 764,034 153.70 133.61 132.56 Class I (cap) (GBP) 716,035 164.67 142.02 138.43 Class I (cap) (JPY) 575,113 11,737.00 10,263.00 10,391.00 Class I (cap) (USD) 88,019 151.71 130.83 127.48 Class Y (cap) (GBP) 2,246 157.36 133.15 128.35 Class Z (AUD) 265,626 179.90 152.19 146.92 Class Z (GBP) 493,846 183.84 155.57 149.88 Class Z (USD) 320,696 188.09 159.05 153.16
Total net assets in USD 582,834,851 574,356,201 461,033,697
Page 13
13
FULCRUM UCITS SICAV
STAT I ST IC AL I NFORMAT I ON (c ont i n u e d)
NET ASSET VALUE PER SHARE AND TOTAL NET ASSETS
* Please refer to Activities during the period section of Note 1 for details of significant events during the period.
Shares outstanding as at 30 June 2026
NAV per Share as at 30 June 2026
NAV per Share as at 31 December 2025
NAV per Share as at 31 December 2024 FULCRUM CLIMATE CHANGE FUND Class F (cap) (USD) 58 210.69 201.17 165.17 Class I (cap) (USD) 100 166.56 159.23 133.41 Class Y (cap) (USD) 54 156.02 148.84 124.14 Class Z (cap) (GBP) 60 198.45 189.65 158.98 Class Z (cap) (USD) 596,923 209.45 199.76 166.54
Total net assets in USD 125,076,352 119,376,072 199,385,277
FULCRUM THEMATIC EQUITY MARKET NEUTRAL FUND Class A (cap) (EUR) 100 101.18 97.10 Class A (cap) (USD) 100 102.89 98.37 Class F (cap) (EUR) 86 100.75 96.25 92.96 Class F (cap) (GBP) 338,432 108.16 103.12 97.98 Class F (cap) (USD) 94 111.19 106.04 100.93 Class I (cap) (EUR) 106 96.50 92.52 89.96 Class I (cap) (GBP) 913 103.70 99.15 94.64 Class I (cap) (USD) 100 102.91 98.39 Class Y (USD) 215 117.84 111.22 104.17 Class Z (AUD) 1,631,101 112.10 105.60 99.35 Class Z (GBP) 1,946,778 114.27 107.80 101.21 Class Z (USD) 425,038 115.95 109.42 102.44
Total net assets in USD 518,364,882 445,682,412 487,053,739
FULCRUM INCOME FUND Class F (cap) (GBP) 60,935 113.80 109.66 Class F (cap) (EUR)* 100 98.04 – Class F (dis) (EUR) 6,117 94.21 94.54 92.10 Class F (dis) (GBP) 1,332,197 98.56 98.77 95.14 Class F (dis) (USD) 90,115 99.70 99.88 96.19 Class I (dis) (EUR) 103 100.92 100.92 Class I (dis) (GBP) 103 101.21 100.96 Class I (dis) (USD) 103 101.23 100.96 –
Total net assets in GBP 145,555,259 102,607,390 22,271,690
FULCRUM ARTIFICIAL INTELLIGENCE AND INNOVATION FUND Class F (cap) (USD) 100 175.63 122.93 Class I (cap) (USD) 100 203.46 142.60 Class Y (cap) (USD) 1,702 154.49 107.84 Class Z (cap) (USD) 223,462 260.81 182.02 –
Total net assets in USD 58,581,795 40,809,252 –
Page 14
14
FULCRUM UCITS SICAV FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND
The accompanying notes are an integral part of these financial statements
FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND
SCHEDULE OF INVESTMENTS
As at 30 June 2026
Investments Currency
Quantity/ Nominal Value
Market Value USD
% of Net Assets Transferable securities and money market instruments admitted to an official exchange listing Bonds France France Treasury Bill BTF, Reg. S 0% 01/07/2026 EUR 37,200,000 42,413,581 2.63 France Treasury Bill BTF, Reg. S 0% 15/07/2026 EUR 26,200,000 29,847,679 1.85 France Treasury Bill BTF, Reg. S 0% 26/08/2026 EUR 30,200,000 34,311,701 2.13 France Treasury Bill BTF, Reg. S 0% 09/09/2026 EUR 53,900,000 61,184,588 3.80 France Treasury Bill BTF, Reg. S 0% 23/09/2026 EUR 61,700,000 69,971,373 4.34 France Treasury Bill BTF, Reg. S 0% 07/10/2026 EUR 43,400,000 49,167,212 3.05 France Treasury Bill BTF, Reg. S 0% 21/10/2026 EUR 60,300,000 68,250,203 4.23 355,146,337 22.03 Ireland iShares Physical Gold ETC USD 754,972 59,012,386 3.66 59,012,386 3.66 Jersey WisdomTree Brent Crude Oil USD 972,574 66,203,112 4.11 66,203,112 4.11 Mexico Mexican Bonos Desarr Fixed Rate 8.5% 02/03/2028 MXN 6,617,400 38,584,914 2.39 38,584,914 2.39 Netherlands BNP Paribas Issuance BV 0% 10/02/2027 JPY 1,244,876,332 7,919,047 0.49 BNP Paribas Issuance BV 0% 12/02/2027 EUR 16,073,247 18,294,759 1.13 BNP Paribas Issuance BV 0% 16/03/2027 USD 12,720,000 12,975,672 0.81 39,189,478 2.43 United States of America JPMorgan Chase & Co. 0% 28/01/2041 ZAR 78,400,000 1,200,456 0.08 US Treasury Bill 0% 09/07/2026 USD 7,000,000 6,993,674 0.43 US Treasury Bill 0% 03/09/2026 USD 76,000,000 75,499,139 4.68 83,693,269 5.19 Total Bonds 641,829,496 39.81 Equities Australia Coles Group Ltd. AUD 58,832 987,772 0.06 CSL Ltd. AUD 453 35,810 Goodman Group, REIT AUD 1,227 26,315 Westpac Banking Corp. AUD 37,754 915,834 0.06 1,965,731 0.12 Austria Erste Group Bank AG EUR 232 30,869 30,869 Belgium Elia Group SA EUR 5,496 877,904 0.06 Groupe Bruxelles Lambert NV EUR 2,526 230,257 0.01
Page 15
FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND
15
S C HE DU LE OF I NVESTMENTS (c ont i n u e d)
As at 30 June 2026
FULCRUM UCITS SICAV
The accompanying notes are an integral part of these financial statements
Investments Currency
Quantity/ Nominal Value
Market Value USD
% of Net Assets KBC Group NV EUR 200 27,079 1,135,240 0.07 Bermuda Arch Capital Group Ltd. USD 289 28,339 28,339 Brazil Cosan SA BRL 25,275 18,123 18,123 Canada Bank of Nova Scotia (The) CAD 1,259 108,769 0.01 Boralex, Inc. 'A' CAD 10,079 261,899 0.01 Dollarama, Inc. CAD 6,967 936,113 0.06 Loblaw Cos. Ltd. CAD 22,009 998,884 0.06 Novanta, Inc. USD 2,060 324,955 0.02 Shopify, Inc. 'A' CAD 10,139 1,156,422 0.07 TELUS Corp. CAD 2,158 23,246 Waste Connections, Inc. CAD 3,622 603,153 0.04 WSP Global, Inc. CAD 4,763 587,363 0.04 5,000,804 0.31 Curacao Schlumberger Ltd. USD 20,680 959,139 0.06 959,139 0.06 Denmark Danske Bank A/S DKK 530 28,272 DSV A/S DKK 4,271 1,028,399 0.07 Novo Nordisk A/S 'B' DKK 2,858 138,985 0.01 1,195,656 0.08 Faroe Islands Bakkafrost P/F NOK 3,798 153,647 0.01 153,647 0.01 France Dassault Aviation SA EUR 1,580 514,130 0.03 Engie SA EUR 843 26,585 Gaztransport Et Technigaz SA EUR 111 23,413 Hermes International SCA EUR 564 1,030,479 0.07 Safran SA EUR 2,935 1,150,807 0.07 Sanofi SA EUR 1,249 107,957 0.01 Schneider Electric SE EUR 576 188,316 0.01 SCOR SE EUR 741 26,900 Veolia Environnement SA EUR 6,409 265,472 0.02 3,334,059 0.21 Germany Bayer AG EUR 1,824 98,200 0.01 Deutsche Boerse AG EUR 3,732 1,018,231 0.06 E.ON SE EUR 51,412 1,058,630 0.07 Rheinmetall AG EUR 49 54,823 RWE AG EUR 7,143 459,001 0.03 SAP SE EUR 4,212 645,431 0.04
Page 16
16
FULCRUM UCITS SICAV FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND
S C HE DU LE OF I NVESTMENTS (c ont i n u e d)
As at 30 June 2026
The accompanying notes are an integral part of these financial statements
Investments Currency
Quantity/ Nominal Value
Market Value USD
% of Net Assets Siemens AG EUR 741 237,572 0.01 3,571,888 0.22 Hong Kong AIA Group Ltd. HKD 11,008 100,299 0.01 100,299 0.01 Ireland Aon plc 'A' USD 3,595 1,177,614 0.07 Bank of Ireland Group plc EUR 1,373 27,646 Kingspan Group plc EUR 6,827 631,267 0.04 nVent Electric plc USD 161 26,299 Seagate Technology Holdings plc USD 247 239,227 0.02 Trane Technologies plc USD 2,026 973,189 0.06 3,075,242 0.19 Italy Brunello Cucinelli SpA EUR 6,140 576,423 0.03 Enel SpA EUR 8,313 96,259 0.01 Prysmian SpA EUR 164 27,468 Terna - Rete Elettrica Nazionale EUR 2,275 26,743 UniCredit SpA EUR 1,311 116,410 0.01 843,303 0.05 Japan Advantest Corp. JPY 1,375 273,941 0.02 Capcom Co. Ltd. JPY 1,257 23,324 Daiichi Sankyo Co. Ltd. JPY 23,573 378,809 0.02 Daikin Industries Ltd. JPY 6,316 960,483 0.06 Disco Corp. JPY 56 28,034 Fast Retailing Co. Ltd. JPY 2,422 1,235,582 0.08 Hitachi Ltd. JPY 11,092 305,513 0.02 Ibiden Co. Ltd. JPY 10,641 1,561,161 0.10 ITOCHU Corp. JPY 6,440 73,555 0.01 Itochu Enex Co. Ltd. JPY 16,311 200,465 0.01 KDDI Corp. JPY 3,349 56,633 MS&AD Insurance Group Holdings, Inc. JPY 1,036 27,061 Nintendo Co. Ltd. JPY 1,141 47,903 Niterra Co. Ltd. JPY 9 593 Panasonic Holdings Corp. JPY 1,926 53,417 Recruit Holdings Co. Ltd. JPY 10 698 Sompo Holdings, Inc. JPY 24,241 931,559 0.06 Sony Financial Group, Inc. JPY 12 10 Sony Group Corp. JPY 57,839 1,168,717 0.07 Sumitomo Mitsui Financial Group, Inc. JPY 9,967 389,654 0.03 Tohoku Electric Power Co., Inc. JPY 3,995 26,198 Tokio Marine Holdings, Inc. JPY 25,177 1,117,048 0.07 Tokyo Electron Ltd. JPY 609 289,446 0.02 Toyota Tsusho Corp. JPY 639 23,533 Unicharm Corp. JPY 106,843 621,081 0.04 9,794,418 0.61 Jersey
Page 17
FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND
17
S C HE DU LE OF I NVESTMENTS (c ont i n u e d)
As at 30 June 2026
FULCRUM UCITS SICAV
The accompanying notes are an integral part of these financial statements
Investments Currency
Quantity/ Nominal Value
Market Value USD
% of Net Assets Experian plc GBP 732 24,744 24,744 Luxembourg Spotify Technology SA USD 2,143 990,688 0.06 990,688 0.06 Netherlands ASM International NV EUR 40 45,314 ASML Holding NV EUR 550 1,049,736 0.07 BE Semiconductor Industries NV EUR 91 29,632 NXP Semiconductors NV USD 1,165 324,301 0.02 SBM Offshore NV EUR 639 22,221 1,471,204 0.09 Norway Aker BP ASA NOK 734 22,311 Aker Solutions ASA NOK 5,776 25,942 0.01 Equinor ASA NOK 718 22,563 Kongsberg Gruppen ASA NOK 772 23,248 Mowi ASA NOK 1,253 22,956 Salmar ASA NOK 462 21,515 TOMRA Systems ASA NOK 2,633 25,288 163,823 0.01 Spain Amadeus IT Group SA EUR 452 26,716 EDP Renewables SA EUR 39,213 627,710 0.04 Iberdrola SA EUR 21,265 534,609 0.04 1,189,035 0.08 Sweden Assa Abloy AB 'B' SEK 24,396 863,762 0.05 Atlas Copco AB 'B' SEK 1,540 27,373 Saab AB 'B' SEK 14,414 745,939 0.05 1,637,074 0.10 Switzerland Kuehne + Nagel International AG CHF 117 28,490 Novartis AG CHF 1,931 304,978 0.02 Schindler Holding AG CHF 154 51,143 Swiss Re AG CHF 165 26,409 Zurich Insurance Group AG CHF 154 113,786 0.01 524,806 0.03 Taiwan Taiwan Semiconductor Manufacturing Co. Ltd. TWD 678 51,292 0.01 51,292 0.01 United Kingdom 3i Group plc GBP 735 24,204 AstraZeneca plc GBP 8,037 1,543,163 0.10 Barclays plc GBP 13,475 91,234 0.01 BP plc GBP 16,318 101,764 0.01 Compass Group plc USD 904 29,443 –
Page 18
18
FULCRUM UCITS SICAV FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND
S C HE DU LE OF I NVESTMENTS (c ont i n u e d)
As at 30 June 2026
The accompanying notes are an integral part of these financial statements
Investments Currency
Quantity/ Nominal Value
Market Value USD
% of Net Assets Computacenter plc GBP 515 29,310 Future plc GBP 6,152 24,932 HSBC Holdings plc GBP 32,664 625,876 0.04 ICG plc GBP 1,037 23,237 Lloyds Banking Group plc GBP 60,384 88,952 0.01 London Stock Exchange Group plc GBP 4,198 456,836 0.03 NatWest Group plc GBP 8,725 77,083 Rio Tinto plc GBP 1,188 113,862 0.01 Savills plc GBP 2,370 26,977 Segro plc, REIT GBP 2,811 32,990 Softcat plc GBP 1,389 33,790 SSE plc GBP 1,990 64,806 Standard Chartered plc GBP 41,782 1,138,915 0.07 Unilever plc GBP 2,520 152,467 0.01 UNITE Group plc (The), REIT GBP 4,208 28,683 4,708,524 0.29 United States of America Abbott Laboratories USD 13,754 1,275,133 0.08 AbbVie, Inc. USD 1,785 453,943 0.03 Adobe, Inc. USD 693 143,056 0.01 Advanced Micro Devices, Inc. USD 2,301 1,241,366 0.08 Airbnb, Inc. 'A' USD 4,388 645,782 0.04 Allstate Corp. (The) USD 249 60,104 Alphabet, Inc. 'A' USD 8,278 2,927,515 0.18 Alphabet, Inc. 'C' USD 6,843 2,403,809 0.15 Amazon.com, Inc. USD 15,042 3,612,186 0.22 American Express Co. USD 4,097 1,396,585 0.09 American Water Works Co., Inc. USD 216 28,620 AMETEK, Inc. USD 4,241 1,008,171 0.06 Amgen, Inc. USD 579 208,758 0.01 Analog Devices, Inc. USD 707 276,988 0.02 Apple, Inc. USD 25,554 7,199,584 0.45 Applied Materials, Inc. USD 829 575,857 0.04 Arista Networks, Inc. USD 1,521 249,596 0.02 Arthur J Gallagher & Co. USD 5,362 1,217,817 0.08 AT&T, Inc. USD 7,365 160,704 0.01 Autodesk, Inc. USD 109 21,281 Automatic Data Processing, Inc. USD 388 87,288 0.01 AutoZone, Inc. USD 165 520,347 0.03 Baker Hughes Co. 'A' USD 16,684 939,476 0.06 Bank of America Corp. USD 19,237 1,113,438 0.07 BlackRock, Inc. USD 974 925,466 0.06 Booz Allen Hamilton Holding Corp. 'A' USD 357 22,145 Boston Scientific Corp. USD 10,222 444,453 0.03 Bristol-Myers Squibb Co. USD 2,153 126,080 0.01 Broadcom, Inc. USD 6,631 2,469,716 0.15 Builders FirstSource, Inc. USD 365 33,036 –
Page 19
FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND
19
S C HE DU LE OF I NVESTMENTS (c ont i n u e d)
As at 30 June 2026
FULCRUM UCITS SICAV
The accompanying notes are an integral part of these financial statements
Investments Currency
Quantity/ Nominal Value
Market Value USD
% of Net Assets Cadence Design Systems, Inc. USD 77 28,699 Cardinal Health, Inc. USD 761 179,763 0.01 Carrier Global Corp. USD 849 62,342 Caterpillar, Inc. USD 648 669,507 0.04 Celsius Holdings, Inc. USD 813 24,219 Cencora, Inc. USD 3,652 1,028,586 0.06 Centene Corp. USD 514 33,174 CF Industries Holdings, Inc. USD 213 22,450 Chevron Corp. USD 2,900 488,563 0.03 Chipotle Mexican Grill, Inc. 'A' USD 26,988 889,794 0.06 Cigna Group (The) USD 1,433 399,434 0.03 Cisco Systems, Inc. USD 3,901 459,148 0.03 CME Group, Inc. USD 380 83,060 0.01 CNX Resources Corp. USD 717 23,869 Colgate-Palmolive Co. USD 2,999 277,108 0.02 Comcast Corp. 'A' USD 4,119 99,762 0.01 Corpay, Inc. USD 179 60,026 Corteva, Inc. USD 13,154 1,096,649 0.07 CVS Health Corp. USD 1,351 139,937 0.01 D.R. Horton, Inc. USD 186 30,547 Danaher Corp. USD 3,589 691,887 0.04 Deckers Outdoor Corp. USD 6,498 658,117 0.04 Devon Energy Corp. USD 802 33,676 Diamondback Energy, Inc. USD 198 35,747 Edwards Lifesciences Corp. USD 1,643 149,809 0.01 Elevance Health, Inc. USD 221 85,755 0.01 Eli Lilly & Co. USD 1,447 1,779,709 0.11 Emerson Electric Co. USD 591 84,407 0.01 Equifax, Inc. USD 160 25,371 Estee Lauder Cos., Inc. (The) 'A' USD 329 26,113 Eversource Energy USD 395 29,139 Exxon Mobil Corp. USD 6,334 861,804 0.05 FactSet Research Systems, Inc. USD 124 28,969 Fair Isaac Corp. USD 26 30,616 FirstEnergy Corp. USD 594 28,548 Fiserv, Inc. USD 1,189 58,059 Fortinet, Inc. USD 12,273 1,907,470 0.12 Goldman Sachs Group, Inc. (The) USD 311 317,285 0.02 Halliburton Co. USD 1,306 44,522 Hecla Mining Co. USD 11,187 172,280 0.01 HubSpot, Inc. USD 111 20,476 Humana, Inc. USD 114 44,335 Illumina, Inc. USD 196 35,496 Ingersoll Rand, Inc. USD 12,399 1,004,071 0.06 Insulet Corp . USD 2,277 359,174 0.02 Intel Corp. USD 5,417 713,527 0.04 Interactive Brokers Group, Inc. 'A' USD 12,827 1,131,341 0.07
Page 20
20
FULCRUM UCITS SICAV FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND
S C HE DU LE OF I NVESTMENTS (c ont i n u e d)
As at 30 June 2026
The accompanying notes are an integral part of these financial statements
Investments Currency
Quantity/ Nominal Value
Market Value USD
% of Net Assets Intuit, Inc. USD 274 72,994 0.01 Johnson & Johnson USD 4,530 1,171,050 0.07 JPMorgan Chase & Co. USD 3,303 1,087,975 0.07 KB Home USD 563 35,266 KLA Corp. USD 1,570 437,072 0.03 Kroger Co. (The) USD 5,293 295,932 0.02 Lam Research Corp. USD 593 243,670 0.02 Lennar Corp. 'A' USD 316 28,709 Lowe's Cos., Inc. USD 665 146,067 0.01 Marsh & McLennan Cos., Inc. USD 570 95,025 0.01 Marvell Technology, Inc. USD 1,130 313,858 0.02 Masco Corp. USD 581 46,770 Mastercard, Inc. 'A' USD 2,056 1,047,820 0.07 McDonald's Corp. USD 764 204,126 0.01 McKesson Corp. USD 1,480 1,106,344 0.07 Merck & Co., Inc. USD 2,649 342,728 0.02 Meta Platforms, Inc. 'A' USD 4,707 2,648,158 0.16 Mettler-Toledo International, Inc. USD 711 895,021 0.06 Microchip Technology, Inc. USD 692 61,630 Micron Technology, Inc. USD 1,426 1,633,169 0.10 Microsoft Corp. USD 9,704 3,576,603 0.22 Monster Beverage Corp. USD 14,739 1,439,116 0.09 Morgan Stanley USD 5,975 1,265,027 0.08 Mosaic Co. (The) USD 1,172 26,300 MSCI, Inc. 'A' USD 399 222,642 0.01 Netflix, Inc. USD 4,651 343,151 0.02 Newmont Corp. USD 5,249 496,083 0.03 NVIDIA Corp. USD 40,909 7,976,028 0.50 NVR, Inc. USD 5 34,105 Oceaneering International, Inc. USD 7,236 286,039 0.02 Okta, Inc. 'A' USD 8,061 1,058,490 0.07 Omnicom Group, Inc. USD 351 25,949 Oracle Corp. USD 1,691 249,862 0.02 Palantir Technologies, Inc. 'A' USD 2,506 289,944 0.02 Palo Alto Networks, Inc. USD 1,333 442,556 0.03 PayPal Holdings, Inc. USD 586 26,007 PepsiCo, Inc . USD 176 24,408 Phillips 66 USD 378 65,791 Procter & Gamble Co. (The) USD 2,539 376,915 0.02 Progressive Corp. (The) USD 620 136,313 0.01 Prologis, Inc., REIT USD 8,450 1,173,620 0.07 PTC, Inc. USD 1,783 203,066 0.01 PulteGroup, Inc. USD 231 31,864 QUALCOMM, Inc. USD 876 165,319 0.01 Quanta Services, Inc. USD 1,483 1,059,529 0.07 Republic Services, Inc. 'A' USD 4,812 1,033,040 0.06 ROBLOX Corp. 'A' USD 619 33,636 –
Page 21
FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND
21
S C HE DU LE OF I NVESTMENTS (c ont i n u e d)
As at 30 June 2026
FULCRUM UCITS SICAV
The accompanying notes are an integral part of these financial statements
Investments Currency
Quantity/ Nominal Value
Market Value USD
% of Net Assets Royal Gold, Inc. USD 3,920 792,310 0.05 RTX Corp. USD 1,419 265,821 0.02 S&P Global, Inc. USD 1,543 630,408 0.04 Salesforce, Inc. USD 146 23,058 Sempra USD 722 67,803 Starbucks Corp. USD 1,428 148,598 0.01 Sunbelt Rentals Holdings, Inc. GBP 7,981 587,528 0.04 Sunococorp LLC USD 401 27,436 Super Micro Computer, Inc. USD 979 27,559 Synopsys, Inc. USD 1,220 545,657 0.03 Take-Two Interactive Software, Inc. USD 2,137 528,160 0.03 Teledyne Technologies, Inc . USD 388 248,793 0.02 Tesla, Inc. USD 4,339 1,786,974 0.11 Texas Instruments, Inc. USD 1,309 373,693 0.02 Texas Pacific Land Corp. USD 253 106,255 0.01 Thermo Fisher Scientific, Inc. USD 409 207,126 0.01 TJX Cos., Inc. (The) USD 6,067 917,512 0.06 T-Mobile US, Inc. USD 4,347 756,248 0.05 Trade Desk, Inc. (The) 'A' USD 12,733 237,470 0.02 Travelers Cos., Inc. (The) USD 3,391 1,125,405 0.07 Tyler Technologies, Inc. USD 83 24,132 Uber Technologies, Inc. USD 7,844 592,222 0.04 UnitedHealth Group, Inc. USD 936 392,952 0.02 Verizon Communications, Inc. USD 4,317 190,380 0.01 Versant Media Group, Inc. USD 667 23,992 Visa, Inc. 'A' USD 3,173 1,084,055 0.07 Voya Financial, Inc. USD 328 29,802 Walmart, Inc. USD 14,688 1,683,245 0.11 Waste Management, Inc. USD 971 216,892 0.01 Western Digital Corp. USD 439 286,175 0.02 WEX, Inc. USD 1,851 253,087 0.02 96,398,175 5.98 Total Equities 138,366,122 8.59 Warrants Netherlands BNP Paribas Issuance BV 23/09/2026 EUR 1,007 27,498 27,498 Total Warrants 27,498 Total Transferable securities and money market instruments admitted to an official exchange listing 780,223,116 48.40 Transferable securities and money market instruments dealt in on another regulated market Bonds Cayman Islands Willow No. 2 Cayman Ltd. 0% 28/08/2099 USD 88,605,374 91,393,710 5.67 91,393,710 5.67 Ireland Willow No. 2 Ireland plc 0% 31/12/2049 USD 88,605,374 91,393,710 5.67 91,393,710 5.67
Page 22
22
FULCRUM UCITS SICAV FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND
S C HE DU LE OF I NVESTMENTS (c ont i n u e d)
As at 30 June 2026
The accompanying notes are an integral part of these financial statements
Investments Currency
Quantity/ Nominal Value
Market Value USD
% of Net Assets Japan Japan Treasury Bill 0% 10/07/2026 JPY 6,350,000,000 39,110,386 2.43 Japan Treasury Bill 0% 20/10/2026 JPY 11,660,000,000 71,629,537 4.44 Japan Treasury Bill 0% 10/12/2026 JPY 10,700,000,000 65,633,427 4.07 Japan Treasury Bill 0% 21/12/2026 JPY 10,000,000,000 61,318,725 3.80 Japan Treasury Bill (Issue date 22/09/2025) 0% 24/09/2026 JPY 3,100,000,000 19,057,370 1.18 256,749,445 15.92 Total Bonds 439,536,865 27.26 Total Transferable securities and money market instruments dealt in on another regulated market 439,536,865 27.26 U nits of authorised UCI TS or other collective investment undertakings C ollective I nvestment Schemes - UCI TS Luxembourg Fulcrum Artificial Intelligence and Innovation Fund - Class Z USD† USD 50,000 12,636,310 0.78 Fulcrum Climate Change Fund - Class Z USD† USD 29,230 6,075,504 0.38 Fulcrum Equity Dispersion Fund - Class Z USD† USD 275,431 52,270,094 3.24 Fulcrum Thematic Equity Market Neutral Fund - Class Z USD† USD 424,948 49,000,981 3.04 119,982,889 7.44 Total C ollective I nvestment Schemes - UCI TS 119,982,889 7.44 Total U nits of authorised UCI TS or other collective investment undertakings 119,982,889 7.44
Total Investments 1,339,742,870 83.10 Cash 210,479,440 13.06 Other assets/(liabilities) 61,982,015 3.84 Total net assets 1,612,204,325 100.00
Financial Futures Contracts
Security D escription
Number of Contracts Currency
Unrealised Gain/(Loss) USD
% of Net Assets AEX Index, 17/07/2026 20 EUR 1,562 Australia 10 Year Bond, 15/09/2026 384 AUD 183,465 0.01 Australia 3 Year Bond, 15/09/2026 246 AUD 69,035 Canada 10 Year Bond, 18/09/2026 131 CAD 66,046 CBOE Volatility Index, 19/08/2026 (143) USD 200,055 0.01 CBOE Volatility Index, 16/09/2026 (115) USD 128,385 0.01 CBOE Volatility Index, 21/10/2026 (153) USD 244,375 0.01 DAX Index, 18/09/2026 30 EUR 23 DJIA CBOT Emini Index, 18/09/2026 15 USD 39,085 Euro-BTP, 08/09/2026 131 EUR 155,693 0.01 Euro-Bund, 08/09/2026 173 EUR 122,470 0.01 Euro-Buxl, 08/09/2026 137 EUR 87,940 0.01 Euro-OAT, 08/09/2026 144 EUR 110,047 0.01 EURO STOXX 50 Index, 18/09/2026 33 EUR 34,134 EURO STOXX 50 Volatility Index, 22/07/2026 (133) EUR 16,632 Foreign Exchange AUD/USD, 14/09/2026 (551) USD 12,563 Foreign Exchange CAD/USD, 15/09/2026 (176) USD 141,279 0.01 † Cross Investments. Refer to Note 16.
Page 23
FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND
23
S C HE DU LE OF I NVESTMENTS (c ont i n u e d)
As at 30 June 2026
FULCRUM UCITS SICAV
The accompanying notes are an integral part of these financial statements
Financial Futures Contracts
Security D escription
Number of Contracts Currency
Unrealised Gain/(Loss) USD
% of Net Assets Foreign Exchange CHF/USD, 14/09/2026 (103) USD 21,202 Foreign Exchange MXN/USD, 14/09/2026 514 USD 4,462 Foreign Exchange NOK/USD, 14/09/2026 (40) USD 11,477 Foreign Exchange NZD/USD, 14/09/2026 39 USD 2,184 Foreign Exchange SEK/USD, 14/09/2026 39 USD 4,800 FTSE 100 Index, 18/09/2026 89 GBP 124,930 0.01 Hang Seng China Enterprises Index, 30/07/2026 (33) HKD 6,316 IBEX 35 Index, 17/07/2026 18 EUR 90,060 0.01 Japan 10 Year Bond, 14/09/2026 98 JPY 91,303 0.01 MSCI Emerging Markets Index, 18/09/2026 (7) USD 32,076 NASDAQ 100 Emini Index, 18/09/2026 (9) USD 87,947 0.01 Nikkei 225 Mini Index, 10/09/2026 313 JPY 302,125 0.02 OMXS30 Index, 17/07/2026 151 SEK 94,764 0.01 Russell 2000 Emini Index, 18/09/2026 24 USD 35,370 S&P 500 Emini Index, 18/09/2026 86 USD 310,662 0.02 Swiss Market Index, 18/09/2026 29 CHF 178,969 0.01 TOPIX Index, 10/09/2026 8 JPY 3,861 US 10 Year Note, 21/09/2026 1,245 USD 709,758 0.04 US 10 Year Ultra Bond, 21/09/2026 103 USD 5,729 US Long Bond, 21/09/2026 640 USD 416,742 0.03 US Ultra Bond, 21/09/2026 425 USD 866,500 0.05 Total U nrealised Gain on Financial Futures C ontracts - Assets 5,014,026 0.31 CAC 40 10 Euro Index, 17/07/2026 75 EUR (19,633) CBOE Volatility Index, 22/07/2026 79 USD (71,507) (0.01) Euro-Bobl, 08/09/2026 (105) EUR (19,616) Euro-Schatz, 08/09/2026 (1,260) EUR (44,833) EURO STOXX Banks Dividend Index, 17/12/2027 (191) EUR (60,975) EURO STOXX Banks Dividend Index, 15/12/2028 (196) EUR (196,653) (0.01) EURO STOXX Dividend Index, 17/12/2027 (67) EUR (75,626) (0.01) EURO STOXX Dividend Index, 15/12/2028 (214) EUR (520,524) (0.03) Foreign Exchange EUR/USD, 14/09/2026 (346) USD (27,046) Foreign Exchange GBP/USD, 14/09/2026 (379) USD (56,692) Foreign Exchange JPY/USD, 14/09/2026 1,875 USD (764,475) (0.05) FTSE/JSE Top 40 Index, 17/09/2026 16 ZAR (59,343) FTSE/MIB Index, 18/09/2026 13 EUR (49,408) Hang Seng Index, 30/07/2026 97 HKD (109,043) (0.01) Korea 10 Year Bond, 15/09/2026 (29) KRW (21,285) Korea 3 Year Bond, 15/09/2026 (300) KRW (79,016) (0.01) KOSPI 200 Index, 10/09/2026 5 KRW (112,667) (0.01) Long Gilt, 28/09/2026 (183) GBP (85,886) (0.01) MSCI Singapore Index, 30/07/2026 91 SGD (17,436) NIFTY 50 Index, 28/07/2026 (297) USD (2,640) S&P/TSX 60 Index, 17/09/2026 46 CAD (46,111) SPI 200 Index, 17/09/2026 25 AUD (54,582) US 2 Year Note, 30/09/2026 (615) USD (134,844) (0.01) US 5 Year Note, 30/09/2026 (194) USD (111,055) (0.01) Total U nrealised Loss on Financial Futures C ontracts - Liabilities (2,740,896) (0.17) Net U nrealised Gain on Financial Futures C ontracts - Assets 2,273,130 0.14
Page 24
24
FULCRUM UCITS SICAV FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND
S C HE DU LE OF I NVESTMENTS (c ont i n u e d)
As at 30 June 2026
The accompanying notes are an integral part of these financial statements
Forward Currency Exchange Contracts
Currency Purchased
Amount Purchased Currency Sold Amount Sold Maturity Date Counterparty
Unrealised Gain/(Loss) USD
% of Net Assets USD 65,637,304 EUR 54,500,000 01/07/2026 J.P. Morgan 3,499,128 0.22 USD 55,591,587 JPY 9,000,000,000 01/07/2026 J.P. Morgan 147,263 0.01 USD 177,259 EUR 155,436 02/07/2026 J.P. Morgan 39 USD 465,868 EUR 408,477 03/07/2026 J.P. Morgan 124 USD 40,610,784 JPY 6,350,000,000 10/07/2026 J.P. Morgan 1,466,990 0.09 USD 30,800,875 EUR 26,200,000 15/07/2026 J.P. Morgan 912,566 0.06 EUR 3,780,000 HUF 1,345,237,759 31/07/2026 J.P. Morgan 17,541 USD 7,722,364 JPY 1,244,876,331 31/07/2026 J.P. Morgan 34,628 USD 1,025,000 PLN 3,853,793 31/07/2026 J.P. Morgan 2,622 USD 307,000 SEK 2,969,754 31/07/2026 J.P. Morgan 1,008 ZAR 275,506,635 USD 16,700,970 31/07/2026 J.P. Morgan 91,316 0.01 USD 35,398,414 EUR 30,200,000 26/08/2026 J.P. Morgan 884,625 0.05 USD 62,697,834 EUR 53,900,000 09/09/2026 J.P. Morgan 1,062,380 0.07 BRL 161,548,661 USD 30,513,348 16/09/2026 J.P. Morgan 139,367 0.01 COP 28,055,398,529 USD 7,706,130 16/09/2026 J.P. Morgan 273,274 0.02 EGP 1,827,198,840 USD 33,480,551 16/09/2026 J.P. Morgan 2,467,984 0.15 IDR 6,630,662,400 USD 367,000 16/09/2026 J.P. Morgan 1,446 INR 1,142,313,097 USD 11,896,823 16/09/2026 J.P. Morgan 85,817 0.01 NGN 5,860,480,000 USD 4,074,000 16/09/2026 J.P. Morgan 49,035 PHP 8,697,726 USD 141,000 16/09/2026 J.P. Morgan 365 TRY 1,437,491,284 USD 26,871,145 16/09/2026 J.P. Morgan 2,115,161 0.13 TWD 5,498,043 USD 172,000 16/09/2026 J.P. Morgan 114 USD 7,261,000 BRL 37,926,156 16/09/2026 J.P. Morgan 64,780 USD 19,022,836 CLP 17,109,470,896 16/09/2026 J.P. Morgan 461,439 0.03 USD 2,980,000 COP 10,470,455,440 16/09/2026 J.P. Morgan 2,035 USD 588,000 IDR 10,549,703,541 16/09/2026 J.P. Morgan 1,785 USD 4,528,000 INR 431,131,483 16/09/2026 J.P. Morgan 5,515 USD 29,929,053 KRW 45,596,989,127 16/09/2026 J.P. Morgan 487,123 0.03 USD 119,000 PHP 7,266,021 16/09/2026 J.P. Morgan 905 USD 31,162,771 TWD 986,680,031 16/09/2026 J.P. Morgan 275,189 0.02 TRY 127,422,000 USD 2,364,343 17/09/2026 J.P. Morgan 203,050 0.01 USD 72,530,198 EUR 61,700,000 23/09/2026 J.P. Morgan 1,933,779 0.12 USD 19,616,840 JPY 3,099,999,999 24/09/2026 J.P. Morgan 386,548 0.02 USD 51,493,757 EUR 43,400,000 07/10/2026 J.P. Morgan 1,805,415 0.11 USD 74,543,744 JPY 11,659,999,999 20/10/2026 J.P. Morgan 2,048,184 0.13 USD 70,525,541 EUR 60,300,000 21/10/2026 J.P. Morgan 1,444,175 0.09 USD 67,342,957 JPY 10,700,000,000 10/12/2026 J.P. Morgan 514,641 0.03 NGN 5,055,826,070 USD 3,109,000 16/12/2026 J.P. Morgan 339,200 0.02 USD 62,760,633 JPY 9,999,999,999 21/12/2026 J.P. Morgan 243,483 0.02 TRY 204,336,000 USD 2,831,178 27/09/2027 J.P. Morgan 187,018 0.01 Unrealised Gain on Forward Currency Exchange Contracts 23,657,057 1.47 EUR Hedged Share Class EUR 371,841,651 USD 422,393,072 31/07/2026 J.P. Morgan 2,095,215 0.13 USD 432,777 EUR 379,038 31/07/2026 J.P. Morgan 74 –
Page 25
FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND
25
S C HE DU LE OF I NVESTMENTS (c ont i n u e d)
As at 30 June 2026
FULCRUM UCITS SICAV
The accompanying notes are an integral part of these financial statements
Forward Currency Exchange Contracts
Currency Purchased
Amount Purchased Currency Sold Amount Sold Maturity Date Counterparty
Unrealised Gain/(Loss) USD
% of Net Assets GBP Hedged Share Class GBP 477,977,466 USD 629,385,662 31/07/2026 J.P. Morgan 3,227,039 0.20 Unrealised Gain on NAV Hedged Share Classes Forward Currency Exchange Contracts 5,322,328 0.33 Total Unrealised Gain on Forward Currency Exchange Contracts 28,979,385 1.80 EUR 17,300,000 USD 20,101,974 01/07/2026 J.P. Morgan (377,379) (0.03) USD 154,602 EUR 136,273 01/07/2026 J.P. Morgan (771) USD 975,497 GBP 740,837 01/07/2026 J.P. Morgan (5,037) USD 2,663,285 GBP 2,014,360 02/07/2026 J.P. Morgan (2,820) USD 1,139,027 GBP 861,366 03/07/2026 J.P. Morgan (1,033) EUR 3,776,000 PLN 16,250,429 31/07/2026 J.P. Morgan (477) HUF 5,413,388,712 USD 17,421,822 31/07/2026 J.P. Morgan (127,614) (0.01) NOK 162,478,075 USD 16,406,256 31/07/2026 J.P. Morgan (21,513) PLN 28,126,873 USD 7,478,520 31/07/2026 J.P. Morgan (16,708) SEK 8,023,122 USD 828,084 31/07/2026 J.P. Morgan (1,413) SGD 957,773 USD 741,854 31/07/2026 J.P. Morgan (384) TRY 201,464,000 USD 4,214,012 31/07/2026 J.P. Morgan (1,250) USD 25,492,491 CNH 173,069,364 31/07/2026 J.P. Morgan (45,925) USD 18,421,497 EUR 16,140,011 31/07/2026 J.P. Morgan (3,673) USD 809,218 GBP 612,253 31/07/2026 J.P. Morgan (1,112) USD 38,252,991 MXN 670,463,451 31/07/2026 J.P. Morgan (59,565) (0.01) USD 61,000 NOK 607,017 31/07/2026 J.P. Morgan (213) USD 553,000 SEK 5,371,306 31/07/2026 J.P. Morgan (438) BRL 86,425,025 USD 16,443,778 16/09/2026 J.P. Morgan (45,240) CLP 28,026,813,229 USD 30,804,478 16/09/2026 J.P. Morgan (399,281) (0.04) COP 43,142,908,092 USD 12,365,151 16/09/2026 J.P. Morgan (94,618) IDR 71,464,975,756 USD 4,014,451 16/09/2026 J.P. Morgan (43,357) INR 830,172,265 USD 8,735,000 16/09/2026 J.P. Morgan (26,656) KRW 42,266,186,096 USD 27,846,000 16/09/2026 J.P. Morgan (554,764) (0.04) PHP 443,816,133 USD 7,319,133 16/09/2026 J.P. Morgan (105,738) TWD 507,222,335 USD 16,016,826 16/09/2026 J.P. Morgan (138,456) (0.01) USD 9,777,000 BRL 51,793,539 16/09/2026 J.P. Morgan (50,457) USD 20,000 CLP 18,443,200 16/09/2026 J.P. Morgan (8) USD 9,277,207 COP 32,723,189,244 16/09/2026 J.P. Morgan (29,791) USD 17,821,079 EGP 913,716,703 16/09/2026 J.P. Morgan (155,498) USD 13,888,238 IDR 249,976,240,844 16/09/2026 J.P. Morgan (2,190) USD 15,667,988 INR 1,510,999,244 16/09/2026 J.P. Morgan (182,098) (0.01) USD 3,842,811 NGN 5,860,479,999 16/09/2026 J.P. Morgan (280,224) (0.02) USD 12,110,542 PHP 746,053,431 16/09/2026 J.P. Morgan (15,153) USD 27,947,130 TRY 1,437,491,285 16/09/2026 J.P. Morgan (1,039,177) (0.07) USD 2,478,723 TRY 127,422,000 17/09/2026 J.P. Morgan (88,670) (0.01) USD 3,311,704 NGN 5,055,826,074 16/12/2026 J.P. Morgan (136,495) USD 2,838,000 TRY 204,336,000 27/09/2027 J.P. Morgan (180,195) (0.01) Unrealised Loss on Forward Currency Exchange Contracts (4,235,391) (0.26) EUR Hedged Share Class EUR 563,913 USD 643,880 31/07/2026 J.P. Morgan (126) USD 51,550 EUR 45,381 31/07/2026 J.P. Morgan (257) –
Page 26
26
FULCRUM UCITS SICAV FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND
S C HE DU LE OF I NVESTMENTS (c ont i n u e d)
As at 30 June 2026
The accompanying notes are an integral part of these financial statements
Credit Default Swap Contracts Nominal Amount Currency Counterparty Reference Entity
Buy/ Sell
Interest(Paid)/ Received Rate Maturity Date
Fair Value USD
% of Net Assets 5,217,000 USD J.P. Morgan CDX.NA.HY.46-V2.Jun.2031 Sell 5.00% 20/06/2031 428,701 0.03 29,873,000 USD J.P. Morgan CDX.NA.IG.46-V1.Jun.2031 Sell 1.00% 20/06/2031 668,761 0.04
5,824,000 EUR J.P. Morgan
ITRAXX.EUROPE. CROSSOVER.45-V1.Jun.2031 Sell 5.00% 20/06/2031 741,133 0.05
21,252,000 EUR J.P. Morgan
ITRAXX.EUROPE.MAIN.45-V1. Jun.2031 Sell 1.00% 20/06/2031 552,239 0.03 Total C redit D efault Swap C ontracts at Fair Value - Assets 2,390,834 0.15 23,162,000 USD J.P. Morgan CDX.NA.EM.45-V1.Jun.2031 Sell 1.00% 20/06/2031 (407,658) (0.03) Total C redit D efault Swap C ontracts at Fair Value - Liabilities (407,658) (0.03) Net C redit D efault Swap C ontracts at Fair Value - Assets 1,983,176 0.12
Interest Rate Swap Contracts
Nominal Amount Currency Counterparty Security D escription Maturity Date
Fair Value USD
% of Net Assets 318,800 JPY J.P. Morgan Pay fixed 2.558% Receive floating TONAR 1 day 16/09/2036 2 350,899,900 NOK J.P. Morgan Pay fixed 4.808% Receive floating NIBOR 6 month 16/09/2028 9,890 179,335,300 MXN J.P. Morgan Pay floating TIIEOIS 1 day Receive fixed 7.706% 11/09/2031 11,217 1,135,000 SGD J.P. Morgan Pay floating SORA 1 day Receive fixed 2.306% 16/09/2036 16,297 4,947,337,400 HUF J.P. Morgan Pay floating BUBOR 6 month Receive fixed 5.091%
16/09/2028 35,850 –
11,103,400 CHF J.P. Morgan Pay floating SARON 1 day Receive fixed 0.258% 16/09/2028 43,302 3,814,000 PLN J.P. Morgan Pay floating WIBOR 6 month Receive fixed 4.874% 16/09/2036 48,050 39,363,000 ILS J.P. Morgan Pay floating SHIRON 1 day Receive fixed 3.509% 16/09/2036 75,307 0.01 1,146,412,000 JPY J.P. Morgan Pay fixed 3.374% Receive floating TONAR 1 day 16/09/2066 78,337 0.01 1,029,232,000 HUF J.P. Morgan Pay floating BUBOR 6 month Receive fixed 5.16% 16/09/2036 125,079 0.01 963,942,900 BRL J.P. Morgan Pay fixed 14.6% Receive floating CDI 1 day 01/07/2026 139,293 0.01 147,955,300 MXN J.P. Morgan Pay floating TIIEOIS 1 day Receive fixed 8.339% 04/09/2036 140,595 0.01 17,088,499,900 COP J.P. Morgan Pay floating IBR 1 day Receive fixed 10.809% 16/09/2036 264,945 0.02 131,826,301,100 COP J.P. Morgan Pay floating IBR 1 day Receive fixed 11.349% 16/09/2028 337,605 0.02 9,523,528,500 HUF J.P. Morgan Pay floating BUBOR 6 month Receive fixed 4.941%
11/06/2036 339,952 0.02
29,705,000 NZD J.P. Morgan Pay floating BBR 3 month Receive fixed 4.31% 16/09/2036 370,475 0.02 227,688,800 ZAR J.P. Morgan Pay floating JIBAR 3 month Receive fixed 8.303% 16/09/2036 476,588 0.03
Forward Currency Exchange Contracts
Currency Purchased
Amount Purchased Currency Sold Amount Sold Maturity Date Counterparty
Unrealised Gain/(Loss) USD
% of Net Assets GBP Hedged Share Class USD 559,836 GBP 423,993 31/07/2026 J.P. Morgan (1,326) JPY Hedged Share Class JPY 33,529,498,105 USD 207,615,890 31/07/2026 J.P. Morgan (554,407) (0.04) Unrealised Loss on NAV Hedged Share Classes Forward Currency Exchange Contracts (556,116) (0.04) Total Unrealised Loss on Forward Currency Exchange Contracts (4,791,507) (0.30) Net Unrealised Gain on Forward Currency Exchange Contracts 24,187,878 1.50
Page 27
FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND
27
S C HE DU LE OF I NVESTMENTS (c ont i n u e d)
As at 30 June 2026
FULCRUM UCITS SICAV
The accompanying notes are an integral part of these financial statements
Interest Rate Swap Contracts
Nominal Amount Currency Counterparty Security D escription Maturity Date
Fair Value USD
% of Net Assets 9,050,712,800 HUF J.P. Morgan Pay floating BUBOR 6 month Receive fixed 5.211%
16/09/2031 639,503 0.04
600,108,600 ZAR J.P. Morgan Pay floating JIBAR 3 month Receive fixed 7.839% 16/09/2031 658,989 0.04 155,352,500 GBP J.P. Morgan Pay floating SONIA 1 day Receive fixed 4.315% 16/09/2028 1,185,486 0.07 Total I nterest Rate Swap C ontracts at Fair Value - Assets 4,996,762 0.31 455,337,100 BRL J.P. Morgan Pay floating CDI 1 day Receive fixed 13.26% 02/01/2031 (2,438,262) (0.15) 32,187,900 USD J.P. Morgan Pay fixed 4.335% Receive floating SOFR 1 day 15/11/2052 (950,507) (0.06) 191,911,200 BRL J.P. Morgan Pay floating CDI 1 day Receive fixed 13.17% 02/01/2037 (855,251) (0.05) 531,442,000 TWD J.P. Morgan Pay fixed 2.409% Receive floating TWCPBA 3 month
16/09/2031 (203,602) (0.01)
152,099,000 NOK J.P. Morgan Pay fixed 4.391% Receive floating NIBOR 6 month 16/09/2036 (166,371) (0.01) 1,177,303,000 INR J.P. Morgan Pay fixed 6.547% Receive floating MIBOR 1 day 16/09/2031 (166,180) (0.01) 252,710,000 THB J.P. Morgan Pay fixed 1.929% Receive floating THOR 1 day 16/09/2031 (136,388) (0.01) 2,498,800 EUR J.P. Morgan Pay fixed 2.892% Receive floating ESTR 1 day 16/09/2076 (124,854) (0.01) 2,324,850,200 JPY J.P. Morgan Pay floating TONAR 1 day Receive fixed 3.369% 16/09/2056 (115,745) (0.01) 3,898,800 CHF J.P. Morgan Pay fixed 0.711% Receive floating SARON 1 day 16/09/2036 (80,830) (0.01) 22,595,134,200 JPY J.P. Morgan Pay fixed 1.533% Receive floating TONAR 1 day 16/09/2028 (68,703) (0.01) 1,958,000 AUD J.P. Morgan Pay fixed 5.092% Receive floating BBR 6 month 16/09/2056 (33,141) 551,000 USD J.P. Morgan Pay fixed 4.042% Receive floating SOFR 1 day 16/09/2076 (23,316) 103,943,500 BRL J.P. Morgan Pay fixed 13.993% Receive floating CDI 1 day 02/01/2035 (22,245) 501,000 GBP J.P. Morgan Pay fixed 4.938% Receive floating SONIA 1 day 16/09/2056 (21,788) 20,607,000 HKD J.P. Morgan Pay fixed 3.565% Receive floating HIBOR 3 month 16/09/2036 (19,198) 352,399,000 CLP J.P. Morgan Pay fixed 5.319% Receive floating CLICP 1 day 16/09/2036 (4,892) 1,232,000 SEK J.P. Morgan Pay fixed 3.021% Receive floating STIBOR 3 month
16/09/2036 (2,939) –
Total I nterest Rate Swap C ontracts at Fair Value – Liabilities (5,434,212) (0.34) Net I nterest Rate Swap C ontracts at Fair Value – Liabilities (437,450) (0.03)
Page 28
28
FULCRUM UCITS SICAV FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND
S C HE DU LE OF I NVESTMENTS (c ont i n u e d)
As at 30 June 2026
The accompanying notes are an integral part of these financial statements
Commodity Index Swap Contracts
Nominal Amount Currency Counterparty Security D escription
Maturity Date
Fair Value USD
% of Net Assets 28,902,595 USD Morgan Stanley Receive Spread of 0.00% on Notional Pay USMSBXPM0.CI 09/07/2026 1,871,994 0.12 31,830,434 USD Morgan Stanley Receive Spread of 0.00% on Notional Pay USMSBXINP0.CI 09/07/2026 1,720,358 0.11 25,632,154 USD Morgan Stanley Receive Spread of 0.00% on Notional Pay USMSBXEN0.CI 09/07/2026 1,341,726 0.11 13,219,310 USD Morgan Stanley Receive Spread of 0.00% on Notional Pay USMSBXINS0.CI 09/07/2026 866,227 0.05 7,377,652 USD Morgan Stanley Receive Spread of 0.00% on Notional Pay USMSDXNG0.CI 09/07/2026 218,815 0.02 23,888,255 USD Citibank Receive CIND_CIEQMUT1 Pay Spread of 0.00% on Notional 09/07/2026 152,516 0.01 6,062,613 USD Morgan Stanley Receive Spread of 0.00% on Notional Pay USMSDXLL0.CI 09/07/2026 224,682 0.01 77,277,630 USD Goldman Sachs Receive CIND_GSISI268 Pay Spread of 0.00% on Notional 09/07/2026 141,161 0.01 3,339,064 USD Morgan Stanley Receive Spread of 0.00% on Notional Pay USMSDXLA0.CI 09/07/2026 189,527 0.02 6,141,076 USD Morgan Stanley Receive Spread of 0.00% on Notional Pay USMSDXGC0.CI 09/07/2026 256,050 0.01 3,453,093 USD Morgan Stanley Receive Spread of 0.00% on Notional Pay USMSDXLX0.CI 09/07/2026 143,749 0.01 2,071,173 USD J.P. Morgan Receive Spread of 0.00% on Notional Pay CIND_DJUBXALC_ER
09/07/2026 92,968 0.01
1,196,288 USD Morgan Stanley Receive Spread of 0.00% on Notional Pay USMSDXSI0.CI 09/07/2026 82,249 4,972,091 USD Morgan Stanley Receive Spread of 0.00% on Notional Pay USMSDXLN0.CI 09/07/2026 189,229 3,717,696 USD Morgan Stanley Receive Spread of 0.00% on Notional Pay USMSDXPL0.CI 09/07/2026 176,738 2,236,706 USD Morgan Stanley Receive Spread of 0.00% on Notional Pay USMSDXPA0.CI 09/07/2026 101,776 10,719,490 USD Citibank Receive CIND_CIEQMUL1 Pay Spread of 0.00% on Notional 09/07/2026 21,209 497,418 USD Morgan Stanley Receive Spread of 0.00% on Notional Pay USMSDXHG0.CI 09/07/2026 9,999 972,213 USD Morgan Stanley Receive Spread of 0.00% on Notional Pay USMSDXXB0.CI 09/07/2026 13,664 331,213 USD Morgan Stanley Receive Spread of 0.00% on Notional Pay USMSDXLP0.CI 09/07/2026 4,359 273,502 USD Morgan Stanley Receive USMSDXQS0.CI Pay Spread of 0.00% on Notional 09/07/2026 2,240 395,334 USD Morgan Stanley Receive Spread of 0.00% on Notional Pay USMSDXCL0.CI 09/07/2026 2,590 462,995 USD Morgan Stanley Receive Spread of 0.00% on Notional Pay USMSDXCO0.CI 09/07/2026 2,034 92,430 USD J.P. Morgan Receive CIND_DJUBXALC_ER Pay Spread of 0.00% on Notional
09/07/2026 872 –
24,924 USD Morgan Stanley Receive USMSDXHO0.CI Pay Spread of 0.00% on Notional 09/07/2026 227 Total Market Value on C ommodity I ndex Swap C ontracts - Assets 7,826,959 0.49 8,543,507 USD Morgan Stanley Receive USMSBXPM0.CI Pay Spread of 0.00% on Notional 09/07/2026 (339,166) (0.02) 3,724,703 USD Morgan Stanley Receive USMSBXINP0.CI Pay Spread of 0.00% on Notional 09/07/2026 (147,716) (0.01) 905,037 USD Morgan Stanley Receive Spread of 0.00% on Notional Pay USMSBXEN0.CI 09/07/2026 (4,994) 4,189,896 USD Morgan Stanley Receive USMSBXINS0.CI Pay Spread of 0.00% on Notional 09/07/2026 (158,150) (0.01) 2,118,617 USD Morgan Stanley Receive USMSDXNG0.CI Pay Spread of 0.00% on Notional 09/07/2026 (74,092) 708,991 USD Morgan Stanley Receive Spread of 0.00% on Notional Pay USMSDXLL0.CI 09/07/2026 (4,487) 24,452,734 USD Morgan Stanley Receive USMSDXLA0.CI Pay Spread of 0.00% on Notional 09/07/2026 (1,633,992) (0.11) 16,572,171 USD Morgan Stanley Receive Spread of 0.00% on Notional Pay USMSDXGC0.CI 09/07/2026 (871,500) (0.06) 21,499,774 USD Morgan Stanley Receive USMSDXLX0.CI Pay Spread of 0.00% on Notional 09/07/2026 (1,022,579) (0.06) 48,955,313 USD J.P. Morgan Receive CIND_DJUBXALC_ER Pay Spread of 0.00% on Notional
09/07/2026 (2,806,369) (0.17)
11,539,579 USD Morgan Stanley Receive USMSDXSI0.CI Pay Spread of 0.00% on Notional 09/07/2026 (796,913) (0.05) 8,896,894 USD Morgan Stanley Receive USMSDXLN0.CI Pay Spread of 0.00% on Notional 09/07/2026 (569,830) (0.04) 8,369,985 USD Morgan Stanley Receive Spread of 0.00% on Notional Pay USMSDXPL0.CI 09/07/2026 (499,381) (0.03) 4,077,172 USD Morgan Stanley Receive Spread of 0.00% on Notional Pay USMSDXPA0.CI 09/07/2026 (214,294) (0.02) 4,881,301 USD Morgan Stanley Receive USMSDXHG0.CI Pay Spread of 0.00% on Notional 09/07/2026 (227,733) (0.01) 10,486,700 USD Morgan Stanley Receive USMSDXXB0.CI Pay Spread of 0.00% on Notional 09/07/2026 (486,590) (0.03) 8,757,624 USD Morgan Stanley Receive USMSDXLP0.CI Pay Spread of 0.00% on Notional 09/07/2026 (378,557) (0.02)
Page 29
FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND
29
S C HE DU LE OF I NVESTMENTS (c ont i n u e d)
As at 30 June 2026
FULCRUM UCITS SICAV
The accompanying notes are an integral part of these financial statements
Commodity Index Swap Contracts
Nominal Amount Currency Counterparty Security D escription
Maturity Date
Fair Value USD
% of Net Assets 7,462,013 USD Morgan Stanley Receive USMSDXQS0.CI Pay Spread of 0.00% on Notional 09/07/2026 (491,750) (0.03) 7,653,248 USD Morgan Stanley Receive USMSDXCL0.CI Pay Spread of 0.00% on Notional 09/07/2026 (640,920) (0.04) 8,398,035 USD Morgan Stanley Receive USMSDXCO0.CI Pay Spread of 0.00% on Notional 09/07/2026 (674,356) (0.04) 8,569,689 USD Morgan Stanley Receive USMSDXHO0.CI Pay Spread of 0.00% on Notional 09/07/2026 (463,148) (0.03) 815,896 USD Morgan Stanley Receive USMSBXINS0.CI Pay Spread of 0.00% on Notional 09/07/2026 – 529,081 USD Morgan Stanley Receive USMSDXLA0.CI Pay Spread of 0.00% on Notional 09/07/2026 – 313,922 USD Morgan Stanley Receive Spread of 0.00% on Notional Pay USMSDXGC0.CI 09/07/2026 – 155,549 USD Morgan Stanley Receive Spread of 0.00% on Notional Pay USMSDXCO0.CI 09/07/2026 – 221,636 USD Morgan Stanley Receive Spread of 0.00% on Notional Pay USMSDXSI0.CI 09/07/2026 – 115,336 USD Morgan Stanley Receive USMSDXNG0.CI Pay Spread of 0.00% on Notional 09/07/2026 – 1,246,586 USD Morgan Stanley Receive Spread of 0.00% on Notional Pay USMSDXLL0.CI 09/07/2026 – 33,968 USD Morgan Stanley Receive Spread of 0.00% on Notional Pay USMSDXHG0.CI 09/07/2026 – 149,699 USD Morgan Stanley Receive Spread of 0.00% on Notional Pay USMSDXCL0.CI 09/07/2026 – 100,039 USD Morgan Stanley Receive USMSDXLX0.CI Pay Spread of 0.00% on Notional 09/07/2026 – 376,470 USD Morgan Stanley Receive Spread of 0.00% on Notional Pay USMSDXPL0.CI 09/07/2026 – 58,822 USD Morgan Stanley Receive Spread of 0.00% on Notional Pay USMSBXINP0.CI 09/07/2026 – 281,799 USD Morgan Stanley Receive USMSDXHO0.CI Pay Spread of 0.00% on Notional 09/07/2026 – 165,835 USD Morgan Stanley Receive USMSDXLP0.CI Pay Spread of 0.00% on Notional 09/07/2026 – 853,562 USD Morgan Stanley Receive USMSBXPM0.CI Pay Spread of 0.00% on Notional 09/07/2026 – 527,960 USD Morgan Stanley Receive Spread of 0.00% on Notional Pay USMSBXEN0.CI 09/07/2026 – 574,767 USD Morgan Stanley Receive Spread of 0.00% on Notional Pay USMSDXLN0.CI 09/07/2026 – 321,128 USD Morgan Stanley Receive USMSDXXB0.CI Pay Spread of 0.00% on Notional 09/07/2026 – 255,149 USD Morgan Stanley Receive Spread of 0.00% on Notional Pay USMSDXPA0.CI 09/07/2026 – 340,547 USD Morgan Stanley Receive USMSDXQS0.CI Pay Spread of 0.00% on Notional 09/07/2026 – 77,101,189 USD J.P. Morgan Receive CIND_XRJPFLC3 Pay Spread of 0.00% on Notional 09/07/2026 (192,772) (0.01) 79,174,145 USD UBS Receive CIND_UBCSFLC3 Pay Spread of 0.00% on Notional 09/07/2026 (205,791) (0.01) 38,317,599 USD Goldman Sachs Receive CIND_GSIIFUEG Pay Spread of 0.00% on Notional 09/07/2026 (316,119) (0.02) Total Market Value on C ommodity I ndex Swap C ontracts - Liabilities (13,221,199) (0.82) Net Market Value on C ommodity I ndex Swap C ontracts - Liabilities (5,394,240) (0.33)
Total swap contracts
Fair Value USD Total swap contracts at fair value - Assets 15,214,555 Total swap contracts at fair value - Liabilities (19,063,069)
Page 30
30
FULCRUM UCITS SICAV FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND
S C HE DU LE OF I NVESTMENTS (c ont i n u e d)
As at 30 June 2026
The accompanying notes are an integral part of these financial statements
C ontracts for D ifference
Country Security D escription Currency Holdings
Global Exposure USD
Fair Value USD
% of Net Assets Brazil JPFJBRL1 Index BRL 129,139 2,919,452 53,240 Brazil JPFJBRL2 Index BRL 8,411 189,465 15,617 European Union GSSBDEFE Index EUR (215) (2,147,935) 85,327 0.01 Japan BEFSFULN Index JPY 4,806,190 4,208,310 100,675 0.01 South Korea BEFSFULK Index KRW 100,655,822 7,056,640 20,697 Taiwan BEFSFULT Index TWD 891,276 4,217,346 27,698 United States of America BEFSAMDI Index USD 3,180 716,829 541 United States of America BEFSAVGI Index USD 9,456 684,619 1,662 United States of America BEFSFUL1 Index USD 5,573 1,588,818 48,872 United States of America BEFSFUL2 Index USD 3,815 721,934 9,007 United States of America BEFSMSTI Index USD 25,985 2,398,816 43,252 United States of America CGFCMEMO Index USD 20,069 4,223,922 797,439 0.05 United States of America GSMBCHC1 Index USD 46,925 5,211,960 147,226 0.01 United States of America GSMBCROS Index USD 28,881 3,381,388 108,938 0.01 United States of America GSMEGTOP Index USD 15,447 4,313,884 53,827 United States of America J.P.Morgan Equity BE Index USD 807,242 82,863,391 290,607 0.02 United States of America JPFUKCPX Index USD 13,134 1,353,327 64,943 United States of America MSVXTRV5 Index USD 30,745 3,987,012 4,553 Total C ontracts for D ifference at Fair Value - Assets 1,874,121 0.11 Canada Constellation Software, Inc. USD 60 – – European Union BCIISHDF Index EUR 7,901 2,217,102 (151,703) (0.01) European Union Portfolio Swap Gsxechnx EUR (27,632) (2,865,346) (24,199) Hong Kong BEFSFULH Index HKD 197,457 4,072,964 (49,489) United States of America GS US Uranium USD 5,636 891,390 (45,646) United States of America GSCBBZAR Index USD 1,276 163,137 (5,601) United States of America GSMBCWOS Index USD 6,221 1,228,399 (30,319) United States of America GSTMTDAT Index USD 8,963 3,783,461 (218,594) (0.02) United States of America GSXGMEMO Index USD 1,106 295,755 (18,895) United States of America JP1XCRIT Index USD 1,824 250,326 (21,471) United States of America JPFURU1 Index USD 555 – (1) United States of America JPLNFUI1 Index USD 194,305 19,311,974 (267,494) (0.02) United States of America MSFDRLUX Index USD 189,000 46,675,440 (982,217) (0.06) United States of America RCXTSOFE Index USD 456,307 44,428,240 (108,784) (0.01) United States of America S&P 500 Energy Index USD 26,056 21,264,588 (216,890) (0.01) Total C ontracts for D ifference at Fair Value - Liabilities (2,141,303) (0.13) Net C ontracts for D ifference at Fair Value - Liabilities (267,182) (0.02)
Counterparty
Fair Value USD Barclays 51,212 Citibank 797,439 Goldman Sachs (56,720) J.P. Morgan (81,449) Morgan Stanley (977,664) (267,182)
Page 31
FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND
31
S C HE DU LE OF I NVESTMENTS (c ont i n u e d)
As at 30 June 2026
FULCRUM UCITS SICAV
The accompanying notes are an integral part of these financial statements
Option Purchased C ontracts
Quantity Security D escription Currency Counterparty
Global Exposure USD
Fair Value USD
% of Net Assets 1,820 CBOE Volatility Index, Call, 60.000, 16/09/2026 USD J.P. Morgan 10,920,000 78,260 0.01 2,380 CBOE Volatility Index, Call, 60.000, 22/07/2026 USD Bank of America 14,280,000 15,470 4,040 CBOE Volatility Index, Call, 65.000, 21/10/2026 USD Bank of America 26,260,000 191,900 0.01 3,790 CBOE Volatility Index, Call, 65.000, 16/09/2026 USD J.P. Morgan 24,635,000 144,020 0.01 2,890 CBOE Volatility Index, Call, 65.000, 19/08/2026 USD Barclays 18,785,000 67,915 2,380 CBOE Volatility Index, Call, 65.000, 22/07/2026 USD Bank of America 15,470,000 13,090 4,040 CBOE Volatility Index, Call, 70.000, 21/10/2026 USD Bank of America 28,280,000 171,700 0.01 3,790 CBOE Volatility Index, Call, 70.000, 16/09/2026 USD J.P. Morgan 26,530,000 128,860 0.01 2,890 CBOE Volatility Index, Call, 70.000, 19/08/2026 USD Barclays 20,230,000 57,800 2,380 CBOE Volatility Index, Call, 70.000, 22/07/2026 USD Bank of America 16,660,000 10,710 3,790 CBOE Volatility Index, Call, 75.000, 16/09/2026 USD J.P. Morgan 28,425,000 111,805 0.01 2,890 CBOE Volatility Index, Call, 75.000, 19/08/2026 USD Barclays 21,675,000 49,130 3,740 CBOE Volatility Index, Call, 75.000, 22/07/2026 USD Barclays 28,050,000 16,830 4,040 CBOE Volatility Index, Call, 80.000, 21/10/2026 USD Bank of America 32,320,000 143,420 0.01 2,870 CBOE Volatility Index, Call, 80.000, 16/09/2026 USD J.P. Morgan 22,960,000 74,620 2,890 CBOE Volatility Index, Call, 80.000, 19/08/2026 USD Barclays 23,120,000 44,795 2,490 CBOE Volatility Index, Call, 80.000, 22/07/2026 USD Barclays 19,920,000 7,470 4,040 CBOE Volatility Index, Call, 85.000, 21/10/2026 USD Bank of America 34,340,000 121,200 0.01 2,890 CBOE Volatility Index, Call, 85.000, 19/08/2026 USD Barclays 24,565,000 40,460 3,740 CBOE Volatility Index, Call, 85.000, 22/07/2026 USD Barclays 31,790,000 11,220 2,900 CBOE Volatility Index, Call, 90.000, 16/09/2026 USD J.P. Morgan 26,100,000 63,800 2,890 CBOE Volatility Index, Call, 90.000, 19/08/2026 USD Barclays 26,010,000 37,570 4,040 CBOE Volatility Index, Call, 95.000, 21/10/2026 USD Bank of America 38,380,000 103,020 0.01 3,790 CBOE Volatility Index, Call, 95.000, 16/09/2026 USD J.P. Morgan 36,005,000 75,800 0.01 1,360 CBOE Volatility Index, Call, 95.000, 22/07/2026 USD Barclays 12,920,000 2,720 4,040 CBOE Volatility Index, Call, 100.000, 21/10/2026 USD Bank of America 40,400,000 92,920 0.01 1,360 CBOE Volatility Index, Call, 100.000, 22/07/2026 USD Barclays 13,600,000 1,360 1,360 CBOE Volatility Index, Call, 120.000, 22/07/2026 USD Barclays 16,320,000 4,080 2,555,000 Equity Option Hybrid, Call, 1,459.250, 10/06/2027 USD J.P. Morgan 3,728,383,750 223,147 0.01 1,769,000 Equity Option Hybrid, Put, 1.000, 09/10/2028 EUR Citibank 2,016,925 395,879 0.02 1,583,000 Equity Option Hybrid, Put, 1.000, 06/10/2028 EUR Morgan Stanley 1,804,857 253,664 0.02 2,229,000 Equity Option Hybrid, Put, 1.000, 17/12/2027 USD Bank of America 2,229,000 436,992 0.03 1,696,000 Equity Option Hybrid, Put, 1.000, 10/12/2027 USD Morgan Stanley 1,696,000 258,229 0.02 2,010,000 Equity Option Hybrid, Put, 1.000, 29/09/2027 USD J.P. Morgan 2,010,000 437,771 0.03 1,994,000 Equity Option Hybrid, Put, 1.000, 27/09/2027 USD Bank of America 1,994,000 384,484 0.02 4,217,000 Equity Option Hybrid, Put, 1.000, 16/07/2027 USD Citibank 4,217,000 646,957 0.04 4,217,000 Equity Option Hybrid, Put, 1.000, 17/06/2027 USD Citibank 4,217,000 686,181 0.04 2,550,000 Equity Option Hybrid, Put, 1.000, 10/06/2027 USD Morgan Stanley 2,550,000 477,779 0.03 2,548,000 Equity Option Hybrid, Put, 1.000, 10/06/2027 USD J.P. Morgan 2,548,000 161,993 0.01 4,217,000 Equity Option Hybrid, Put, 1.000, 21/05/2027 USD Citibank 4,217,000 720,886 0.05 4,217,000 Equity Option Hybrid, Put, 1.000, 16/04/2027 USD Citibank 4,217,000 740,808 0.05 3,683,000 Equity Option Hybrid, Put, 1.000, 16/04/2027 USD Goldman Sachs 3,683,000 440,983 0.03 4,217,000 Equity Option Hybrid, Put, 1.000, 19/03/2027 USD Citibank 4,217,000 788,743 0.05 3,683,000 Equity Option Hybrid, Put, 1.000, 19/03/2027 USD Goldman Sachs 3,683,000 454,794 0.03 1,941,000 Equity Option Hybrid, Put, 1.000, 12/03/2027 USD Morgan Stanley 1,941,000 328,377 0.02 1,170,000 Equity Option Hybrid, Put, 1.000, 11/03/2027 EUR Goldman Sachs 1,333,975 381,876 0.02 1,170,000 Equity Option Hybrid, Put, 1.000, 11/03/2027 EUR Morgan Stanley 1,333,976 98,615 0.01 4,217,000 Equity Option Hybrid, Put, 1.000, 19/02/2027 USD Citibank 4,217,000 909,640 0.06
Page 32
32
FULCRUM UCITS SICAV FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND
S C HE DU LE OF I NVESTMENTS (c ont i n u e d)
As at 30 June 2026
The accompanying notes are an integral part of these financial statements
Option Purchased C ontracts
Quantity Security D escription Currency Counterparty
Global Exposure USD
Fair Value USD
% of Net Assets 3,683,000 Equity Option Hybrid, Put, 1.000, 19/02/2027 USD Goldman Sachs 3,683,000 462,174 0.03 2,019,000 Equity Option Hybrid, Put, 1.000, 18/02/2027 EUR Morgan Stanley 2,301,963 65,543 4,217,000 Equity Option Hybrid, Put, 1.000, 15/01/2027 USD Citibank 4,217,000 959,971 0.06 3,683,000 Equity Option Hybrid, Put, 1.000, 15/01/2027 USD Goldman Sachs 3,683,000 459,009 0.03 5,586,000 Equity Option Hybrid, Put, 1.000, 23/12/2026 USD Citibank 5,586,000 6,522 1,811,000 Equity Option Hybrid, Put, 1.000, 18/12/2026 GBP J.P. Morgan 2,396,949 1,101,361 0.07 3,683,000 Equity Option Hybrid, Put, 1.000, 18/12/2026 USD Goldman Sachs 3,683,000 478,169 0.03 2,901,000 Equity Option Hybrid, Put, 1.000, 18/12/2026 EUR Citibank 3,307,575 346,591 0.02 2,377,000 Equity Option Hybrid, Put, 1.000, 18/12/2026 USD Morgan Stanley 2,377,000 285 5,587,000 Equity Option Hybrid, Put, 1.000, 16/12/2026 USD Citibank 5,587,000 5,945 2,964,000 Equity Option Hybrid, Put, 1.000, 11/12/2026 USD Morgan Stanley 2,964,000 1,670,693 0.10 4,553,000 Equity Option Hybrid, Put, 1.000, 10/12/2026 USD Morgan Stanley 4,553,000 625,380 0.04 1,170,000 Equity Option Hybrid, Put, 1.000, 10/12/2026 EUR Morgan Stanley 1,333,976 29,174 3,683,000 Equity Option Hybrid, Put, 1.000, 20/11/2026 USD Goldman Sachs 3,683,000 547,233 0.03 2,016,000 Equity Option Hybrid, Put, 1.000, 12/11/2026 USD Morgan Stanley 2,016,000 330,718 0.02 5,807,000 Equity Option Hybrid, Put, 1.000, 16/10/2026 GBP Goldman Sachs 7,685,855 840,671 0.05 3,683,000 Equity Option Hybrid, Put, 1.000, 16/10/2026 USD Goldman Sachs 3,683,000 531,631 0.03 5,807,000 Equity Option Hybrid, Put, 1.000, 18/09/2026 GBP Goldman Sachs 7,685,855 663,323 0.04 2,040,000 Equity Option Hybrid, Put, 1.000, 18/09/2026 USD Bank of America 2,040,000 648,845 0.04 4,225,000 Equity Option Hybrid, Put, 1.000, 18/09/2026 USD Goldman Sachs 4,225,000 1,047 5,553,000 Equity Option Hybrid, Put, 1.000, 21/08/2026 EUR Goldman Sachs 6,331,253 820 4,225,000 Equity Option Hybrid, Put, 1.000, 21/08/2026 USD Goldman Sachs 4,225,000 42 4,225,000 Equity Option Hybrid, Put, 1.000, 17/07/2026 USD Goldman Sachs 4,225,000 – 5,551,000 Equity Option Hybrid, Put, 1.000, 17/07/2026 EUR Goldman Sachs 6,328,973 – 1,163 EURO STOXX 50 Index, Put, 5,800.000, 18/12/2026 EUR UBS 76,907,679 1,607,768 0.10 83,605,000 Foreign Exchange BRL/USD, Put, 4.900, 11/03/2027 USD J.P. Morgan 79,176,757 723,255 0.05 83,605,000 Foreign Exchange BRL/USD, Put, 5.100, 11/03/2027 USD J.P. Morgan 82,408,461 1,500,138 0.09 41,082,000 Foreign Exchange EUR/GBP, Call, 0.900, 11/11/2026 EUR J.P. Morgan 95,776,316 91,403 0.01 21,877,000 Foreign Exchange EUR/HUF, Call, 370.000, 23/07/2026 EUR J.P. Morgan 50,839,749 28,844 1,475,000 Foreign Exchange Exotic AUD/CAD, Call, 0.958, 08/10/2027 AUD J.P. Morgan 2,008,586 510,444 0.03 5,207,000 Foreign Exchange Exotic AUD/CAD, Call, 1.049, 08/01/2027 AUD J.P. Morgan 7,424,696 153,373 0.01 8,587,000 Foreign Exchange Exotic AUD/GBP, Put, 1.600, 11/03/2027 GBP J.P. Morgan 20,830,946 171,639 0.01 29,579,000 Foreign Exchange Exotic AUD/NZD, Call, 1.360, 28/06/2027 AUD Barclays 43,157,240 764,620 0.05 2,467,000 Foreign Exchange Exotic AUD/SEK, Call, 7.150, 28/04/2028 AUD J.P. Morgan 3,514,067 214,104 0.01 1,900,383 Foreign Exchange Exotic AUD/USD, Call, 0.710, 11/08/2026 AUD J.P. Morgan 929,581 150,070 0.01 10,846,000 Foreign Exchange Exotic AUD/USD, Call, 0.840, 29/01/2027 AUD J.P. Morgan 6,276,775 77,699 0.01 2,760,000 Foreign Exchange Exotic BRL/CAD, Put, 3.900, 17/12/2027 CAD J.P. Morgan 4,019,742 649,082 0.04 1,670,000 Foreign Exchange Exotic BRL/CHF, Put, 6.650, 22/02/2028 CHF J.P. Morgan 4,211,172 386,666 0.02 1,065,000 Foreign Exchange Exotic BRL/EUR, Put, 5.510, 12/11/2026 EUR J.P. Morgan 2,348,410 108,178 0.01 1,160,000 Foreign Exchange Exotic BRL/USD, Put, 4.550, 17/09/2027 USD J.P. Morgan 1,020,091 189,222 0.01 1,679,000 Foreign Exchange Exotic BRL/USD, Put, 4.760, 19/10/2027 USD J.P. Morgan 1,544,639 547,877 0.03 3,435,000 Foreign Exchange Exotic BRL/USD, Put, 4.820, 12/04/2028 USD J.P. Morgan 3,199,950 361,742 0.02 1,389,000 Foreign Exchange Exotic BRL/USD, Put, 4.820, 23/09/2027 USD J.P. Morgan 1,293,953 550,604 0.03 668,000 Foreign Exchange Exotic BRL/USD, Put, 4.870, 16/06/2027 USD J.P. Morgan 628,745 95,273 0.01 1,192,000 Foreign Exchange Exotic BRL/USD, Put, 5.035, 08/12/2027 USD J.P. Morgan 1,159,966 216,099 0.01 253,000 Foreign Exchange Exotic BRL/USD, Put, 5.160, 18/12/2026 USD J.P. Morgan 252,313 91,787 0.01 1,619,000 Foreign Exchange Exotic BRL/USD, Put, 5.600, 11/08/2026 USD J.P. Morgan 1,752,283 1,506,646 0.09 1,213,000 Foreign Exchange Exotic CNH/USD, Put, 6.570, 26/02/2027 USD J.P. Morgan 1,174,744 269,698 0.02
Page 33
FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND
33
S C HE DU LE OF I NVESTMENTS (c ont i n u e d)
As at 30 June 2026
FULCRUM UCITS SICAV
The accompanying notes are an integral part of these financial statements
Option Purchased C ontracts
Quantity Security D escription Currency Counterparty
Global Exposure USD
Fair Value USD
% of Net Assets 20,503,000 Foreign Exchange Exotic CNH/USD, Put, 6.650, 27/07/2026 USD J.P. Morgan 20,098,150 205,352 0.01 1,314,000 Foreign Exchange Exotic COP/EUR, Put, 4,028.000, 21/10/2026
EUR J.P. Morgan 3,031,411 715,739 0.04
1,588,000 Foreign Exchange Exotic COP/EUR, Put, 4,058.000, 26/02/2027
EUR J.P. Morgan 3,677,332 659,751 0.04
4,011,000 Foreign Exchange Exotic COP/USD, Put, 3,010.000, 20/05/2027
USD J.P. Morgan 3,497,425 398,099 0.03
3,950,000 Foreign Exchange Exotic COP/USD, Put, 3,270.000, 20/10/2026
USD J.P. Morgan 3,741,744 463,163 0.03
2,309,957 Foreign Exchange Exotic COP/USD, Put, 3,321.000, 12/11/2026
USD J.P. Morgan 2,222,296 395,967 0.02
8,780,000 Foreign Exchange Exotic COP/USD, Put, 3,400.000, 17/05/2027
USD J.P. Morgan 8,647,740 1,868,470 0.12
1,817,000 Foreign Exchange Exotic COP/USD, Put, 3,408.000, 18/12/2026
USD J.P. Morgan 1,793,840 498,500 0.03
1,761,000 Foreign Exchange Exotic COP/USD, Put, 3,425.000, 12/01/2027
USD J.P. Morgan 1,747,226 502,406 0.03
1,525,000 Foreign Exchange Exotic COP/USD, Put, 3,428.000, 08/10/2026
USD J.P. Morgan 1,514,397 515,855 0.03
2,382,000 Foreign Exchange Exotic COP/USD, Put, 3,450.000, 18/02/2027
USD J.P. Morgan 2,380,620 700,641 0.04
2,113,000 Foreign Exchange Exotic COP/USD, Put, 3,515.000, 28/01/2027
USD J.P. Morgan 2,151,563 813,017 0.05
798,000 Foreign Exchange Exotic COP/USD, Put, 3,855.000, 17/12/2027
USD J.P. Morgan 891,162 366,796 0.02
466,000 Foreign Exchange Exotic COP/USD, Put, 4,025.000, 01/09/2026
USD J.P. Morgan 543,352 449,845 0.03
863,000 Foreign Exchange Exotic EUR/GBP, Call, 0.869, 11/12/2026 EUR J.P. Morgan 1,976,999 397,581 0.03 2,539,000 Foreign Exchange Exotic EUR/GBP, Call, 0.890, 16/07/2026 EUR J.P. Morgan 5,885,680 9,814 2,279,000 Foreign Exchange Exotic EUR/HUF, Call, 388.000, 28/01/2027
EUR J.P. Morgan 5,427,388 321,931 0.02
2,117,000 Foreign Exchange Exotic EUR/HUF, Call, 505.000, 31/03/2028
EUR J.P. Morgan 5,834,019 67,373 –
4,562,000 Foreign Exchange Exotic EUR/USD, Call, 1.425, 03/07/2026 EUR J.P. Morgan 7,411,944 – 1,431,000 Foreign Exchange Exotic GBP/USD, Call, 1.575, 14/09/2026 GBP J.P. Morgan 2,983,050 847 1,922,000 Foreign Exchange Exotic HUF/EUR, Put, 325.000, 14/06/2028
EUR J.P. Morgan 4,189,810 434,652 0.03
2,770,000 Foreign Exchange Exotic HUF/EUR, Put, 330.000, 05/11/2026
EUR J.P. Morgan 6,082,694 77,570 0.01
1,153,000 Foreign Exchange Exotic HUF/EUR, Put, 338.000, 08/10/2026
EUR J.P. Morgan 2,561,404 93,741 0.01
3,650,000 Foreign Exchange Exotic HUF/EUR, Put, 339.000, 30/11/2027
EUR J.P. Morgan 8,120,199 760,643 0.05
2,404,000 Foreign Exchange Exotic HUF/EUR, Put, 339.000, 25/05/2027
EUR J.P. Morgan 5,348,208 431,970 0.03
1,081,000 Foreign Exchange Exotic HUF/EUR, Put, 342.000, 28/08/2026
EUR J.P. Morgan 2,415,289 47,550 –
1,081,000 Foreign Exchange Exotic HUF/EUR, Put, 342.000, 12/08/2026
EUR J.P. Morgan 2,415,289 22,555 –
Page 34
34
FULCRUM UCITS SICAV FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND
S C HE DU LE OF I NVESTMENTS (c ont i n u e d)
As at 30 June 2026
The accompanying notes are an integral part of these financial statements
Option Purchased C ontracts
Quantity Security D escription Currency Counterparty
Global Exposure USD
Fair Value USD
% of Net Assets 36,123,000 Foreign Exchange Exotic HUF/EUR, Put, 347.000, 26/05/2027
EUR J.P. Morgan 81,287,821 62,785 –
2,117,000 Foreign Exchange Exotic HUF/EUR, Put, 350.000, 31/03/2028
EUR J.P. Morgan 4,784,218 756,890 0.05
36,116,000 Foreign Exchange Exotic HUF/EUR, Put, 350.000, 24/02/2027
EUR J.P. Morgan 81,618,707 89,293 0.01
35,187,000 Foreign Exchange Exotic HUF/EUR, Put, 350.000, 11/12/2026
EUR J.P. Morgan 79,519,255 49,396 –
2,520,000 Foreign Exchange Exotic HUF/EUR, Put, 350.000, 15/10/2026
EUR J.P. Morgan 5,694,959 790,947 0.05
796,000 Foreign Exchange Exotic HUF/EUR, Put, 350.000, 13/08/2026
EUR J.P. Morgan 1,798,884 172,272 0.01
3,223,000 Foreign Exchange Exotic HUF/EUR, Put, 351.000, 18/12/2026
EUR J.P. Morgan 7,293,983 1,226,038 0.08
1,395,000 Foreign Exchange Exotic HUF/EUR, Put, 353.000, 06/03/2028
EUR J.P. Morgan 3,165,956
Truncated: This annotation is too large to fit.
View the raw JSON.
{
"annotation_id": "8c465aa8-481f-416f-9c52-de1ef8ebf1fe",
"date_created": "2026-10-05T17:17:27.964000Z",
"date_modified": "2026-10-05T17:17:37.426000Z",
"file_hash": "424343eff4f397d2b058a9e82b4f4e467a36849c3a1250cca775ffc4fd7e6576",
"private": false,
"record": {
"attributes": {
"chunk_type": "page_range",
"end_page": 108,
"start_page": 1
},
"blocks": [
{
"block_type": "box",
"box": {
"height": 8,
"width": 150,
"x": 71,
"y": 909
},
"id": "0949dd95-5763-4a05-9e15-793f6de57201",
"page_number": 1,
"text": "Luxembourg R.C.S. B132741"
},
{
"block_type": "box",
"box": {
"height": 23,
"width": 503,
"x": 387,
"y": 326
},
"id": "4f8c8849-2991-4f39-918c-0a41700d494c",
"page_number": 1,
"text": "FULCRUM UCITS SICAV"
},
{
"block_type": "box",
"box": {
"height": 15,
"width": 433,
"x": 384,
"y": 365
},
"id": "febfbcb0-fe4a-4e56-b19e-c4275f385c10",
"page_number": 1,
"text": "Soci\u00e9t\u00e9 d\u2019Investissement \u00e0 Capital Variable"
},
{
"block_type": "box",
"box": {
"height": 15,
"width": 456,
"x": 384,
"y": 420
},
"id": "583a043d-157a-42c5-ab14-6351cbefc96a",
"page_number": 1,
"text": "Semi-Annual Report and Unaudited Financial"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 308,
"x": 384,
"y": 442
},
"id": "35b620cc-e40c-4b5f-b847-96ed585bfdc7",
"page_number": 1,
"text": "Statements as at 30 June 2026"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 879,
"x": 60,
"y": 926
},
"id": "7f27cd11-f653-4ee1-a2e2-edb587c0fe8b",
"page_number": 1,
"text": "Subscriptions cannot be received on the basis of this report. Subscriptions can only be accepted on the basis of the current prospectus accompanied by the key"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 613,
"x": 61,
"y": 938
},
"id": "fd2c1210-0efd-434c-8a0c-e6fcde94428f",
"page_number": 1,
"text": "information document, supplemented by the latest annual report and semi-annual report if published thereafter."
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 7,
"x": 496,
"y": 934
},
"id": "87d05fe0-db5d-460a-b620-2cdb22ea9374",
"page_number": 2,
"text": "2"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 201,
"x": 73,
"y": 52
},
"id": "f5423ee5-eb18-4487-9ddc-ae3ccbc784ae",
"page_number": 2,
"text": "FULCRUM UCITS SICAV"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 200,
"x": 399,
"y": 102
},
"id": "f0bb3c83-eceb-4323-bb3d-3a40de38a1bb",
"page_number": 2,
"text": "TABLE OF CONTENTS"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 234,
"x": 72,
"y": 161
},
"id": "f9e95a49-6240-4782-9016-5988626a1897",
"page_number": 2,
"text": "DIRECTORS AND ADMINISTRATION"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 7,
"x": 920,
"y": 161
},
"id": "71586038-92e5-4e5e-bcdc-38595153451f",
"page_number": 2,
"text": "3"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 165,
"x": 72,
"y": 186
},
"id": "7929d753-4f6f-4798-af56-663f768097b2",
"page_number": 2,
"text": "GENERAL INFORMATION"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 8,
"x": 920,
"y": 186
},
"id": "55e11d9d-89fe-4501-ac8f-655f6ffac548",
"page_number": 2,
"text": "4"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 186,
"x": 72,
"y": 211
},
"id": "e80c981a-d6a4-45d1-acc7-7ed6e0a99e59",
"page_number": 2,
"text": "STATEMENT OF NET ASSETS"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 7,
"x": 920,
"y": 211
},
"id": "8770567b-868a-4ecb-b516-dca2213fbe1d",
"page_number": 2,
"text": "5"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 401,
"x": 72,
"y": 236
},
"id": "7b248bb1-41fb-42f0-b6e2-c646c076f273",
"page_number": 2,
"text": "STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 7,
"x": 920,
"y": 236
},
"id": "aac853ed-b3c2-4a91-a71c-0b8e0b33f4e8",
"page_number": 2,
"text": "8"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 182,
"x": 72,
"y": 261
},
"id": "94c0cb9f-050c-4a40-a110-182dcaf21707",
"page_number": 2,
"text": "STATISTICAL INFORMATION"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 15,
"x": 912,
"y": 261
},
"id": "3a2308a3-7584-4bb4-83e1-d93f772ef5aa",
"page_number": 2,
"text": "12"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 194,
"x": 72,
"y": 286
},
"id": "28ae5c0c-66c5-42e4-a58d-69ebd80b81fc",
"page_number": 2,
"text": "SCHEDULE OF INVESTMENTS"
},
{
"block_type": "box",
"box": {
"height": 1,
"width": 637,
"x": 271,
"y": 292
},
"id": "d72ead15-ce52-4412-90c2-61d5e6678a2d",
"page_number": 2,
"text": "......................................................................................................................................................."
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 16,
"x": 912,
"y": 286
},
"id": "62ef4295-d50f-4dc7-8856-6250f275ec80",
"page_number": 2,
"text": "14"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 356,
"x": 120,
"y": 311
},
"id": "5f06ac5f-1456-452b-befc-9033b4498b4a",
"page_number": 2,
"text": "FULCRUM DIVERSIFIED ABSOLUTE RETURN FUND"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 15,
"x": 913,
"y": 311
},
"id": "f0402fa2-0664-4762-ab04-a756959684cf",
"page_number": 2,
"text": "14"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 270,
"x": 120,
"y": 336
},
"id": "7681f3fe-852f-4b31-a0bc-df23fe6139ba",
"page_number": 2,
"text": "FULCRUM MULTI ASSET TREND FUND"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 16,
"x": 912,
"y": 336
},
"id": "a40654c2-0359-4e81-8a45-37d95210ac99",
"page_number": 2,
"text": "40"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 267,
"x": 120,
"y": 361
},
"id": "2fc9d228-96d3-4a53-b8ac-bfedb9b44cdb",
"page_number": 2,
"text": "FULCRUM EQUITY DISPERSION FUND"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 16,
"x": 912,
"y": 361
},
"id": "65498ea6-c39f-411a-ac22-8e636292ed62",
"page_number": 2,
"text": "46"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 251,
"x": 120,
"y": 386
},
"id": "edbe3396-feff-4599-bd87-004043751111",
"page_number": 2,
"text": "FULCRUM CLIMATE CHANGE FUND"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 16,
"x": 912,
"y": 386
},
"id": "2bb5d9ea-e3c8-4563-b405-cd33b2f4bfc0",
"page_number": 2,
"text": "49"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 394,
"x": 120,
"y": 411
},
"id": "5b16b0b2-801e-4849-a8ad-69123838ce26",
"page_number": 2,
"text": "FULCRUM THEMATIC EQUITY MARKET NEUTRAL FUND"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 16,
"x": 912,
"y": 411
},
"id": "bc7eb3c9-1075-4fe6-b0f9-e06f4f7da361",
"page_number": 2,
"text": "56"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 182,
"x": 120,
"y": 436
},
"id": "085d6c6d-7714-4cd3-847c-2216efe227b6",
"page_number": 2,
"text": "FULCRUM INCOME FUND"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 16,
"x": 912,
"y": 436
},
"id": "ddc21d38-01c8-42e6-9f34-3cc256cdfaf1",
"page_number": 2,
"text": "64"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 444,
"x": 120,
"y": 461
},
"id": "9be37e0b-b035-473f-9d13-a3c7812f39e3",
"page_number": 2,
"text": "FULCRUM ARTIFICIAL INTELLIGENCE AND INNOVATION FUND"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 16,
"x": 912,
"y": 461
},
"id": "5aa4aa9c-2a85-4434-a008-358b45ad18e4",
"page_number": 2,
"text": "86"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 266,
"x": 72,
"y": 486
},
"id": "c3237c07-d3cd-4448-868f-a0515f1781c2",
"page_number": 2,
"text": "NOTES TO THE FINANCIAL STATEMENTS"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 15,
"x": 912,
"y": 486
},
"id": "f8740c71-b727-44e6-9af9-0902a0385f9c",
"page_number": 2,
"text": "88"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 232,
"x": 71,
"y": 511
},
"id": "1be3f003-3b66-4e72-a338-df07a01abd8c",
"page_number": 2,
"text": "APPENDIX I \u2013 RISK MANAGEMENT"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 23,
"x": 904,
"y": 511
},
"id": "7c4e014f-3ae5-401e-b686-695c35a63e80",
"page_number": 2,
"text": "101"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 281,
"x": 71,
"y": 536
},
"id": "f9d0232c-1624-486a-a94f-39764c3c1ed8",
"page_number": 2,
"text": "APPENDIX II \u2013 PERFORMANCE SUMMARY"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 23,
"x": 904,
"y": 536
},
"id": "3a1ee094-29ed-4c43-9009-9795ee0289fe",
"page_number": 2,
"text": "102"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 503,
"x": 71,
"y": 561
},
"id": "420f9f3c-ed2a-4ac2-9e40-ae06c8cb2c04",
"page_number": 2,
"text": "APPENDIX III \u2013 REMUNERATION POLICY OF THE MANAGEMENT COMPANY"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 24,
"x": 904,
"y": 561
},
"id": "a272b6e5-0ddd-49ec-a8f4-c51043a27c2f",
"page_number": 2,
"text": "104"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 371,
"x": 71,
"y": 586
},
"id": "532169ac-226b-4f5c-8987-224253673205",
"page_number": 2,
"text": "APPENDIX IV \u2013 SECURITIES FINANCING TRANSACTIONS"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 23,
"x": 904,
"y": 586
},
"id": "caa7c2a7-b17f-49a8-ad2d-9400d9d7d377",
"page_number": 2,
"text": "106"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 8,
"x": 495,
"y": 934
},
"id": "4c570240-4e5b-427b-8912-5c3fbd67c75c",
"page_number": 3,
"text": "3"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 200,
"x": 727,
"y": 52
},
"id": "3c048ac0-61ac-4cc3-af16-b7cd974154ab",
"page_number": 3,
"text": "FULCRUM UCITS SICAV"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 337,
"x": 331,
"y": 102
},
"id": "0ce48d21-4f3c-4908-adba-aad81490c0be",
"page_number": 3,
"text": "DIRECTORS AND ADMINISTRATION"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 153,
"x": 72,
"y": 159
},
"id": "063ef255-7c70-418b-8308-d38981469eac",
"page_number": 3,
"text": "REGISTERED OFFICE"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 129,
"x": 72,
"y": 178
},
"id": "5ddb0f9b-ef7f-4aee-8b6f-99bc6b1dac1d",
"page_number": 3,
"text": "6h, route de Tr\u00e8ves"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 155,
"x": 72,
"y": 191
},
"id": "46ce1f6f-1402-4862-93fb-271025b2a0ca",
"page_number": 3,
"text": "L - 2633 Senningerberg"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 193,
"x": 72,
"y": 205
},
"id": "df06a3ef-2078-4fed-8bec-e395fde23c1e",
"page_number": 3,
"text": "Grand Duchy of Luxembourg"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 172,
"x": 72,
"y": 230
},
"id": "acac500e-7f70-4a56-8ecf-f78c4e9b01fc",
"page_number": 3,
"text": "BOARD OF DIRECTORS"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 64,
"x": 72,
"y": 249
},
"id": "56dd46bf-5caf-4cec-92a4-05b3d8567de0",
"page_number": 3,
"text": "Chairman"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 175,
"x": 72,
"y": 262
},
"id": "49e91874-5c40-4ddf-95a9-8f8e79efa6ea",
"page_number": 3,
"text": "Mr. Richard N. B. Goddard"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 146,
"x": 72,
"y": 276
},
"id": "85759e00-8951-4292-b226-9b8a5bd1c807",
"page_number": 3,
"text": "Independent Director"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 64,
"x": 72,
"y": 297
},
"id": "42ed32b3-3f93-48a0-8047-85ba228796d1",
"page_number": 3,
"text": "Members"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 162,
"x": 72,
"y": 310
},
"id": "ffa124d0-e3c9-4148-8e08-07acbb018f3c",
"page_number": 3,
"text": "Ms. Fr\u00e9d\u00e9rique Bouchet"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 146,
"x": 72,
"y": 324
},
"id": "df0ca687-ea8f-4fe4-abf3-939a6a048000",
"page_number": 3,
"text": "Independent Director"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 108,
"x": 72,
"y": 345
},
"id": "105a0e24-0bed-4add-9bc8-1c8ce26b7553",
"page_number": 3,
"text": "Mr. Sean Onyett"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 167,
"x": 72,
"y": 358
},
"id": "6cc78982-31ea-442a-a6fa-90b44da1b482",
"page_number": 3,
"text": "Head of Operational Risk"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 273,
"x": 72,
"y": 371
},
"id": "192d1519-6099-457e-aeb9-44932e5c0847",
"page_number": 3,
"text": "Fulcrum Asset Management LLP, London"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 255,
"x": 72,
"y": 397
},
"id": "e23f68b7-3279-48e5-a27b-75a2b54d2291",
"page_number": 3,
"text": "DEPOSITARY BANK, PAYING AND"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 282,
"x": 72,
"y": 412
},
"id": "dcdc004a-ebe7-4c16-9764-59cd5b139a4e",
"page_number": 3,
"text": "DOMICILIARY AGENT AND CENTRAL"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 199,
"x": 71,
"y": 427
},
"id": "3a88eae7-30c2-49d0-a72f-97f2b796a53d",
"page_number": 3,
"text": "ADMINISTRATION AGENT"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 252,
"x": 71,
"y": 445
},
"id": "2d36686d-e4b9-45c5-b4fa-63e8ba6d6bb7",
"page_number": 3,
"text": "J.P. MORGAN SE, Luxembourg Branch"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 120,
"x": 72,
"y": 459
},
"id": "0a4607e3-90c1-4bea-bf5e-25c7feca5c87",
"page_number": 3,
"text": "6, route de Tr\u00e8ves"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 155,
"x": 72,
"y": 472
},
"id": "dc31cd8c-cd90-4a81-bc48-4d0f651d8dee",
"page_number": 3,
"text": "L - 2633 Senningerberg"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 193,
"x": 72,
"y": 486
},
"id": "6a81c542-2ed1-493c-a3a6-d7cd1f745ddc",
"page_number": 3,
"text": "Grand Duchy of Luxembourg"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 203,
"x": 72,
"y": 511
},
"id": "b19d22f2-cd58-4ec1-aed9-81bc8628307e",
"page_number": 3,
"text": "MANAGEMENT COMPANY"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 188,
"x": 72,
"y": 530
},
"id": "189ea4b2-7a51-4c81-8ea8-b990d1137deb",
"page_number": 3,
"text": "ONE fund management S.A."
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 132,
"x": 71,
"y": 544
},
"id": "daddca87-7160-41a6-af26-7646e5dcbe0d",
"page_number": 3,
"text": "4, rue Peternelchen"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 107,
"x": 72,
"y": 557
},
"id": "5709cfe7-0155-42b3-ab52-1a4293c54779",
"page_number": 3,
"text": "L - 2370 Howald"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 284,
"x": 72,
"y": 582
},
"id": "b85ceb61-878d-4bce-b2b8-0ecae808a602",
"page_number": 3,
"text": "INVESTMENT MANAGER, PRINCIPAL"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 314,
"x": 72,
"y": 597
},
"id": "35d55a44-c0bb-4ff2-8853-6c1e9f8666ea",
"page_number": 3,
"text": "DISTRIBUTOR, SPONSOR AND FACILITIES"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 54,
"x": 71,
"y": 612
},
"id": "71f1905a-d022-42f5-a018-c3607dd88ee1",
"page_number": 3,
"text": "AGENT"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 247,
"x": 72,
"y": 631
},
"id": "e5ff153f-f2d0-488e-baa0-6271b7e75ce0",
"page_number": 3,
"text": "FULCRUM ASSET MANAGEMENT LLP"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 264,
"x": 72,
"y": 645
},
"id": "7a4d8236-1c6c-4747-9c0a-ad70746a6ca7",
"page_number": 3,
"text": "Marble Arch House, 66 Seymour Street"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 121,
"x": 72,
"y": 658
},
"id": "3dbf36ef-e5a2-4094-9e36-32dfdb10e2f1",
"page_number": 3,
"text": "London, W1H 5BT"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 108,
"x": 72,
"y": 672
},
"id": "442e5f9c-cca8-4906-a350-5d170deceabc",
"page_number": 3,
"text": "United Kingdom"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 106,
"x": 72,
"y": 697
},
"id": "afb13969-7dc1-4632-8cc5-3dd1203c36d6",
"page_number": 3,
"text": "OTC BROKERS"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 206,
"x": 71,
"y": 716
},
"id": "7a960db0-148a-41ab-991e-9327c01e93e7",
"page_number": 3,
"text": "JPMORGAN CHASE BANK, N.A."
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 201,
"x": 72,
"y": 729
},
"id": "9cc6fe78-c905-420f-a8b8-292170bd5886",
"page_number": 3,
"text": "25 Bank Street, Canary Wharf"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 109,
"x": 72,
"y": 743
},
"id": "b79b0039-1d91-4773-b1be-3a6c7bab13be",
"page_number": 3,
"text": "London, E14 5JP"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 108,
"x": 72,
"y": 757
},
"id": "7ca7739c-d0e5-44d9-a73d-861f642e2916",
"page_number": 3,
"text": "United Kingdom"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 188,
"x": 71,
"y": 778
},
"id": "ebfe9399-3965-4edd-a91b-137f8dd4bced",
"page_number": 3,
"text": "JPMORGAN SECURITIES PLC"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 201,
"x": 72,
"y": 791
},
"id": "aa10010c-2d6b-44da-a64e-fd1697cf78bf",
"page_number": 3,
"text": "25 Bank Street, Canary Wharf"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 109,
"x": 72,
"y": 804
},
"id": "afd3aa23-06ec-4cfe-931f-99098c949eda",
"page_number": 3,
"text": "London, E14 5JP"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 108,
"x": 72,
"y": 818
},
"id": "323ba18a-8f2d-473a-ba06-af128f41784d",
"page_number": 3,
"text": "United Kingdom"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 236,
"x": 529,
"y": 159
},
"id": "8675eb0b-79f8-4552-84fa-be6463820b45",
"page_number": 3,
"text": "GOLDMAN SACHS INTERNATIONAL"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 246,
"x": 529,
"y": 172
},
"id": "5f33be70-b387-4ad4-ad0f-a30b6d91b6b1",
"page_number": 3,
"text": "Peterborough Court 133 Fleet Street"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 119,
"x": 529,
"y": 186
},
"id": "f0128206-0038-4922-8c1f-8dffd9d0f9b5",
"page_number": 3,
"text": "London EC4A 2BB"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 108,
"x": 529,
"y": 199
},
"id": "3cfc6d58-306b-4379-9e0c-6ed88d395335",
"page_number": 3,
"text": "United Kingdom"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 313,
"x": 529,
"y": 220
},
"id": "9ae95595-1221-492d-ad20-caef62263d92",
"page_number": 3,
"text": "MORGAN STANLEY \u0026 CO INTERNATIONAL PLC"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 115,
"x": 529,
"y": 233
},
"id": "8db0a156-556a-4d3e-a83b-79ea2eadef9e",
"page_number": 3,
"text": "25 Cabot Square"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 116,
"x": 529,
"y": 247
},
"id": "a7fb256a-2eb2-42c7-9ee5-3c89d6833e43",
"page_number": 3,
"text": "London E14 4QA"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 108,
"x": 529,
"y": 261
},
"id": "957f27f0-2acf-4ac2-8e50-b8181687fd53",
"page_number": 3,
"text": "United Kingdom"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 154,
"x": 529,
"y": 282
},
"id": "d50b9345-3cc7-4f86-8bd2-a777c164a940",
"page_number": 3,
"text": "MACQUARIE BANK LTD"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 110,
"x": 529,
"y": 295
},
"id": "e0965ea7-681b-40fc-9eb7-3a9a26e3c593",
"page_number": 3,
"text": "50 Martin Place"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 129,
"x": 529,
"y": 309
},
"id": "eabba0b3-b33e-4e82-a582-0cc5842a76fc",
"page_number": 3,
"text": "Sydney, NSW 2000"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 59,
"x": 528,
"y": 322
},
"id": "54a3a7b3-026f-4dcc-832f-b57a6427e253",
"page_number": 3,
"text": "Australia"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 137,
"x": 529,
"y": 343
},
"id": "54dd446a-08ac-4f6b-a9bb-1f45a13e2c89",
"page_number": 3,
"text": "BARCLAYS BANK PLC"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 134,
"x": 529,
"y": 356
},
"id": "b363ccfd-4c8a-4364-99fa-551a216da512",
"page_number": 3,
"text": "One Churchill Place,"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 119,
"x": 529,
"y": 370
},
"id": "dad512de-4dcf-4a25-bc98-69091068ec45",
"page_number": 3,
"text": "London, E14 5HP"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 108,
"x": 529,
"y": 384
},
"id": "b492d2ec-a9bd-4590-8586-d40b1004ef9b",
"page_number": 3,
"text": "United Kingdom"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 210,
"x": 529,
"y": 404
},
"id": "49ba8bfd-2976-4676-96c1-63fec893b7de",
"page_number": 3,
"text": "CITIBANK N.A. - London Branch"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 121,
"x": 529,
"y": 418
},
"id": "e9c917ed-3679-4816-891d-9f132dec396a",
"page_number": 3,
"text": "33 Canada Square"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 93,
"x": 529,
"y": 431
},
"id": "c5e66239-dc32-4b4a-8583-8d39f0ca0cbd",
"page_number": 3,
"text": "Canary Wharf"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 107,
"x": 529,
"y": 445
},
"id": "6f1c37ca-81c4-402c-bd39-0c8b94a2e834",
"page_number": 3,
"text": "London E14 5LB"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 105,
"x": 529,
"y": 466
},
"id": "61e8ab0c-678a-4e47-bbac-bce2909e1488",
"page_number": 3,
"text": "HSBC BANK PLC"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 121,
"x": 529,
"y": 479
},
"id": "d1ed6253-b4a8-4a5a-84b8-6358bf6b1465",
"page_number": 3,
"text": "8 Canada Square,"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 118,
"x": 529,
"y": 493
},
"id": "7720a921-2a1c-4829-b9ee-0b6bec395c38",
"page_number": 3,
"text": "London, E14 5HQ"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 108,
"x": 529,
"y": 506
},
"id": "2561de41-fd5a-44e9-bf96-1571842e7873",
"page_number": 3,
"text": "United Kingdom"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 221,
"x": 529,
"y": 527
},
"id": "c71db59d-ea7d-4659-b56a-24a329410229",
"page_number": 3,
"text": "MERRILL LYNCH INTERNATIONAL"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 144,
"x": 529,
"y": 540
},
"id": "dc9d534e-9fe5-4adc-bbd0-b741eadbb927",
"page_number": 3,
"text": "2 King Edward Street,"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 131,
"x": 529,
"y": 554
},
"id": "16cc26bd-eaa9-4739-a565-c77097036e79",
"page_number": 3,
"text": "London, EC1A 1HQ"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 108,
"x": 529,
"y": 568
},
"id": "13016bc7-c46b-46b7-a291-7804dd011530",
"page_number": 3,
"text": "United Kingdom"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 165,
"x": 529,
"y": 588
},
"id": "c8953f8d-532e-407d-b355-9045339af878",
"page_number": 3,
"text": "UBS AG - London Branch"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 84,
"x": 529,
"y": 602
},
"id": "05ae909d-ecb2-42f2-aa14-401e7c38ed1f",
"page_number": 3,
"text": "5 Broadgate,"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 125,
"x": 529,
"y": 615
},
"id": "5c3cfaf5-21d1-425b-ac3e-ac3085175a40",
"page_number": 3,
"text": "London EC2M 2QS"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 195,
"x": 529,
"y": 636
},
"id": "b7a077d8-3b20-4ef2-9042-bf21ec0becad",
"page_number": 3,
"text": "BNP Paribas - London Branch"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 149,
"x": 529,
"y": 649
},
"id": "bc1850d0-5f82-4e2f-b22c-b1321f352348",
"page_number": 3,
"text": "10 Harewood Avenue,"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 120,
"x": 529,
"y": 663
},
"id": "eebce07e-5dee-4fdc-b496-0b0aeb230d4f",
"page_number": 3,
"text": "London NW1 6AA"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 187,
"x": 530,
"y": 688
},
"id": "ab1ad165-41d4-4578-8c3c-c5f334cbb46d",
"page_number": 3,
"text": "INDEPENDENT AUDITOR"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 112,
"x": 529,
"y": 707
},
"id": "3878869f-10a2-43c6-9d93-017964fa50d7",
"page_number": 3,
"text": "ERNST \u0026 YOUNG"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 196,
"x": 529,
"y": 721
},
"id": "a9e972dd-ac3e-4cfa-8c6d-e1c63ecaf153",
"page_number": 3,
"text": "35E, Avenue John F. Kennedy"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 133,
"x": 529,
"y": 734
},
"id": "64c996b1-1481-4e46-953b-de849a0b4603",
"page_number": 3,
"text": "L-1855 Luxembourg"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 193,
"x": 529,
"y": 748
},
"id": "cc43358c-b683-40d2-b344-92f1278ec8e1",
"page_number": 3,
"text": "Grand Duchy of Luxembourg"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 118,
"x": 530,
"y": 773
},
"id": "60dca0a2-fa8e-4b64-8838-20682621f4b7",
"page_number": 3,
"text": "LEGAL ADVISER"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 122,
"x": 529,
"y": 792
},
"id": "b1ee590a-0848-496d-82f3-4e16e2fe1493",
"page_number": 3,
"text": "MARJAC AVOCATS"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 172,
"x": 528,
"y": 805
},
"id": "a9576723-5535-4c7e-ab19-933ddbf05eec",
"page_number": 3,
"text": "4-6, rue du Fort Bourbon,"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 133,
"x": 529,
"y": 819
},
"id": "0f2b9e8d-dd40-4c02-b45b-228830e2ddb5",
"page_number": 3,
"text": "L-1249 Luxembourg"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 9,
"x": 495,
"y": 934
},
"id": "1ad2fd9f-4cc5-4c37-824c-4cf37224d31f",
"page_number": 4,
"text": "4"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 201,
"x": 73,
"y": 52
},
"id": "2e3018d7-aa84-40cf-bbda-72c51084e522",
"page_number": 4,
"text": "FULCRUM UCITS SICAV"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 238,
"x": 380,
"y": 102
},
"id": "0f0a8e62-67d1-4b62-a185-80f18d2de821",
"page_number": 4,
"text": "GENERAL INFORMATION"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 317,
"x": 113,
"y": 159
},
"id": "2bd6154f-fd6f-4ba1-b9b9-7f0959b699ce",
"page_number": 4,
"text": "INFORMATION TO THE SHAREHOLDERS"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 404,
"x": 71,
"y": 186
},
"id": "bbfc0d90-6119-4147-8d89-93f85a527290",
"page_number": 4,
"text": "Annual reports and semi-annual reports are at the disposal"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 403,
"x": 72,
"y": 200
},
"id": "f8225784-0e6a-45ff-abda-98361637f626",
"page_number": 4,
"text": "of the Shareholders with the administrative agent. The"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 394,
"x": 71,
"y": 214
},
"id": "a19bbaa5-460f-4999-80ff-f715a43e57e2",
"page_number": 4,
"text": "financial statements are available free of charge at the regis"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 165,
"x": 71,
"y": 227
},
"id": "f898cad0-5eea-4386-be38-c5659d19537d",
"page_number": 4,
"text": "tered office of the SICAV."
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 404,
"x": 71,
"y": 248
},
"id": "ea8a318d-3de8-49ea-8e08-96a38e79e23a",
"page_number": 4,
"text": "The periodical reports contain financial information"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 403,
"x": 72,
"y": 261
},
"id": "d40d1890-71b6-42f1-818d-12c7adb9f3c4",
"page_number": 4,
"text": "regarding the FULCRUM UCITS SICAV (the \u201cSICAV\u201d) and"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 403,
"x": 72,
"y": 275
},
"id": "21292452-84f9-4946-bc9b-3e546c4adb7e",
"page_number": 4,
"text": "each of its Sub-Funds (the \u201cSub-Funds\u201d), the composition"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 359,
"x": 72,
"y": 289
},
"id": "e0f21343-4332-49c0-bb99-9837660cabcf",
"page_number": 4,
"text": "and evolution of its assets and its combined situation."
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 404,
"x": 71,
"y": 309
},
"id": "59c40e56-d3c5-49f5-bfed-5c91ea506b81",
"page_number": 4,
"text": "The list of movements that took place in the composition of"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 404,
"x": 71,
"y": 323
},
"id": "654a0279-bb97-47d6-b9c8-b8ebc01c5e0e",
"page_number": 4,
"text": "the securities portfolio is available for free at the registered"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 124,
"x": 72,
"y": 336
},
"id": "8a998d7b-b2be-47de-b5fe-6e27bdd1d5fb",
"page_number": 4,
"text": "office of the SICAV."
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 394,
"x": 71,
"y": 357
},
"id": "6265f80b-c5d7-4d14-90a9-87abf133b454",
"page_number": 4,
"text": "The Shares of the Sub-Funds are not listed on the Luxem"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 403,
"x": 72,
"y": 371
},
"id": "40330edd-77ef-471a-884a-a971e1af558a",
"page_number": 4,
"text": "bourg Stock Exchange or any other recognised stock"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 72,
"x": 72,
"y": 384
},
"id": "33b7595b-01be-41b3-835c-780213208163",
"page_number": 4,
"text": "exchanges."
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 236,
"x": 610,
"y": 159
},
"id": "907bf9a4-1c39-481f-b058-c8400677dadf",
"page_number": 4,
"text": "NET ASSET VALUE PER SHARE"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 404,
"x": 528,
"y": 186
},
"id": "8d64f846-b1e0-430d-8529-3f7aebae5f55",
"page_number": 4,
"text": "The Net Asset Value per Share of the Sub-Funds, FULCRUM"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 403,
"x": 529,
"y": 201
},
"id": "ee8a3720-f6f4-4f10-b9ca-5d1490eaf559",
"page_number": 4,
"text": "DIVERSIFIED ABSOLUTE RETURN FUND, FULCRUM MULTI"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 404,
"x": 528,
"y": 214
},
"id": "d1201b9a-015d-4c7f-a47d-4a3af4be4b3c",
"page_number": 4,
"text": "ASSET TREND FUND, FULCRUM CLIMATE CHANGE FUND,"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 403,
"x": 529,
"y": 228
},
"id": "86763d9e-682f-42e9-a1ae-5251db6e9c45",
"page_number": 4,
"text": "FULCRUM THEMATIC EQUITY MARKET NEUTRAL FUND,"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 394,
"x": 529,
"y": 241
},
"id": "58f9d212-8c4d-4e24-a93d-457ed301036b",
"page_number": 4,
"text": "FULCRUM INCOME FUND and FULCRUM ARTIFICIAL INTEL"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 403,
"x": 529,
"y": 255
},
"id": "17bedfe5-a922-483f-a205-2caa2efdf0ac",
"page_number": 4,
"text": "LIGENCE AND INNOVATION FUND is determined on each"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 403,
"x": 529,
"y": 268
},
"id": "43ce96a2-6c98-4d39-9aff-59d35a90497c",
"page_number": 4,
"text": "Business Day (the \u201cValuation Day\u201d). If any such Valuation"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 403,
"x": 529,
"y": 282
},
"id": "b4e2c973-51cd-4d3c-9577-985d987a1182",
"page_number": 4,
"text": "Day falls on a day which is not a Business Day, the Net Asset"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 404,
"x": 528,
"y": 296
},
"id": "69d2bfee-defa-49ab-943d-8c1c1ef28849",
"page_number": 4,
"text": "Value per Share of the Sub-Fund will be determined on the"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 155,
"x": 528,
"y": 309
},
"id": "1e32089c-fdb8-4461-995f-4eaa1a3e9040",
"page_number": 4,
"text": "following Business Day."
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 404,
"x": 528,
"y": 330
},
"id": "f754038d-08ae-4ec0-a3ca-fddba94a8955",
"page_number": 4,
"text": "The Net Asset Value per Share of the Sub-Fund FULCRUM"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 403,
"x": 529,
"y": 343
},
"id": "41d62354-be4f-4abb-b673-ba7a81c55887",
"page_number": 4,
"text": "EQUITY DISPERSION FUND is determined on each Thursday"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 403,
"x": 529,
"y": 357
},
"id": "146477a4-8ae3-49be-a9de-5b441ca6acd3",
"page_number": 4,
"text": "of every week based on Wednesday\u2019s closing prices or, if"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 403,
"x": 529,
"y": 371
},
"id": "67b23d51-39db-4d54-9518-7ac6d72f9de2",
"page_number": 4,
"text": "such Thursday is not a Business Day, the Net Asset Value per"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 403,
"x": 529,
"y": 384
},
"id": "d195be2c-4465-44ff-91c3-882cde76ee66",
"page_number": 4,
"text": "Share of the Sub-Fund will be determined on the following"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 403,
"x": 529,
"y": 398
},
"id": "7c4460be-8d88-41b3-976b-6c44f2fbbd59",
"page_number": 4,
"text": "Business Day provided the day does not fall in the same"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 403,
"x": 529,
"y": 412
},
"id": "c4a6ed34-8a31-41ac-a2f5-b95ed70e5c36",
"page_number": 4,
"text": "week as a Monthly Redemption Date. The Net Asset Value"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 403,
"x": 529,
"y": 425
},
"id": "ae19ee62-5ddb-4838-81a3-79db46c7b773",
"page_number": 4,
"text": "per Share of the Sub-Fund is also determined on the last"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 253,
"x": 529,
"y": 439
},
"id": "053aae8c-c210-4f72-a39b-81679b587d8a",
"page_number": 4,
"text": "Business Day of each calendar month."
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 8,
"x": 495,
"y": 934
},
"id": "b0ad3281-8e8c-4897-b223-a81c82dacb02",
"page_number": 5,
"text": "5"
},
{
"block_type":...